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INVENTORIES
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Mar. 31, 2014
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| INVENTORIES |
4. INVENTORIES ÌýÌýÌýÌýÌýÌýÌýÌýInventories are stated at the lower of cost or market, with cost determined using last-in first-out ("LIFO"), first-in first-out, and average costs methods for different components of inventory. Inventories consisted of the following (dollars in millions):
ÌýÌýÌýÌýÌýÌýÌýÌýFor both MarchÌý31, 2014 and DecemberÌý31, 2013, approximately 11% of inventories were recorded using the LIFO cost method. |
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- Details
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- Definition
The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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