Concept shown: us-gaap:InventoryPolicyTextBlock

Concept shown: us-gaap:InventoryPolicyTextBlock
(1) 3M CO (SEC Filing, XBRL), Form: 10-K; Filing date: 2/16/2011; SIC code:3841 (SURGICAL & MEDICAL INSTRUMENTS & APPARATUS)
Network: http://www.mmm.com/role/DisclosureSignificantAccountingPoliciesPolicies
[Table]:

Inventories: Inventories are stated at the lower of cost or market, with cost generally determined on a first-in, first-out basis.

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(2) ABBOTT LABORATORIES (SEC Filing, XBRL), Form: 10-K; Filing date: 2/18/2011; SIC code:2834 (PHARMACEUTICAL PREPARATIONS)
Network: http://www.abbott.com/role/DisclosureSummaryOfSignificantAccountingPoliciesPolicies
[Table]:

        INVENTORIES — Inventories are stated at the lower of cost (first-in, first-out basis) or market. Cost includes material and conversion costs.

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(3) Activision Blizzard, Inc. (SEC Filing, XBRL), Form: 10-K; Filing date: 2/25/2011; SIC code:7372 (SERVICES-PREPACKAGED SOFTWARE)
Network: http://www.activisionblizzard.com/role/DisclosureSummaryOfSignificantAccountingPoliciesPolicies
[Table]:

Inventories

Inventories consist of materials (including manufacturing royalties paid to console manufacturers), labor and freight-in and are stated at the lower of cost (weighted average method) or market value.

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(4) AES CORP (SEC Filing, XBRL), Form: 10-K; Filing date: 2/28/2011; SIC code:4991 (COGENERATION SERVICES & SMALL POWER PRODUCERS)
Network: http://www.aes.com/role/DisclosureSignificantAccountingPoliciesPolicies
[Table]:

INVENTORY—Inventory primarily consists of coal, fuel oil and other raw materials used to generate power, and spare parts and supplies used to maintain power generation and distribution facilities. Inventory is carried at lower of cost or market. Cost is the sum of the purchase price and incidental expenditures and charges incurred to bring the inventory to its existing condition or location. Cost is determined under the first-in, first-out (“FIFO”), average cost or specific identification method. Generally, cost is reduced to market value if the market value of inventory has declined and it is probable that the utility of inventory, in its disposal in the ordinary course of business, will not be recovered through revenue earned from the generation of power.

 

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(5) AGILENT TECHNOLOGIES INC (SEC Filing, XBRL), Form: 10-K; Filing date: 12/20/2010; SIC code:3825 (INSTRUMENTS FOR MEAS & TESTING OF ELECTRICITY & ELEC SIGNALS)
Network: http://agilent.com/role/OverviewBasisOfPresentationAndSummaryOfSignificantAccountingPoliciesPolicies
[Table]:

        Inventory.    Inventory is valued at standard cost, which approximates actual cost computed on a first-in, first-out basis, not in excess of market value. We assess the valuation of our inventory on a periodic basis and make adjustments to the value for estimated excess and obsolete inventory based on estimates about future demand. The excess balance determined by this analysis becomes the basis for our excess inventory charge. Our excess inventory review process includes analysis of sales forecasts, managing product rollovers and working with manufacturing to maximize recovery of excess inventory.

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(6) ALCOA INC (SEC Filing, XBRL), Form: 10-K; Filing date: 2/17/2011; SIC code:3350 (ROLLING DRAWING & EXTRUDING OF NONFERROUS METALS)
Network: http://www.alcoa.com/taxonomy/role/DisclosureSummaryOfSignificantAccountingPoliciesPolicy
[Table]: us-gaap:StatementTable

Inventory Valuation. Inventories are carried at the lower of cost or market, with cost for a substantial portion of U.S. and Canadian inventories determined under the last-in, first-out (LIFO) method. The cost of other inventories is principally determined under the average-cost method.

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(7) ALLEGHENY TECHNOLOGIES INCORPORATED (SEC Filing, XBRL), Form: 10-K; Filing date: 2/28/2011; SIC code:3317 (STEEL PIPE & TUBES)
Network: http://www.ATImetals.com/role/DisclosureSignificantAccountingPoliciesPolicies
[Table]:

Inventories

 

Inventories are stated at the lower of cost (last-in, first-out (LIFO), first-in, first-out (FIFO), and average cost methods) or market, less progress payments. Costs include direct material, direct labor and applicable manufacturing and engineering overhead, and other direct costs. Most of the Company's inventory is valued utilizing the LIFO costing methodology. Inventory of the Company's non-U.S. operations is valued using average cost or FIFO methods.

 

The Company evaluates product lines on a quarterly basis to identify inventory values that exceed estimated net realizable value. The calculation of a resulting reserve, if any, is recognized as an expense in the period that the need for the reserve is identified. It is the Company's general policy to write-down to scrap value any inventory that is identified as obsolete and any inventory that has aged or has not moved in more than twelve months. In some instances this criterion is up to twenty-four months.

 

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(8) ALTERA CORP (SEC Filing, XBRL), Form: 10-K; Filing date: 2/16/2011; SIC code:3674 (SEMICONDUCTORS & RELATED DEVICES)
Network: http://www.altera.com/role/Note2SignificantAccountingPoliciesPolicies
[Table]:
INVENTORIES  |  Inventories are recorded at the lower of actual cost (approximated by standard cost) determined on a first-in-first-out basis or market. We establish provisions for inventory if it is in excess of projected customer demand, and the creation of such provisions results in a write-down of inventory to net realizable value and a charge to cost of goods sold.
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(9) ALTRIA GROUP, INC. (SEC Filing, XBRL), Form: 10-K; Filing date: 2/25/2011; SIC code:2111 (CIGARETTES)
Network: http://www.altria.com/taxonomy/role/DisclosureSummaryOfSignificantAccountingPoliciesPolicy
[Table]: us-gaap:StatementTable

n     Inventories: Inventories are stated at the lower of cost or market. The last-in, first-out ("LIFO") method is used to cost substantially all tobacco inventories. The cost of the remaining inventories is determined using the first-in, first-out ("FIFO") and average cost methods. It is a generally recognized industry practice to classify leaf tobacco and wine inventories as current assets although part of such inventory, because of the duration of the curing and aging process, ordinarily would not be utilized within one year.

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(10) AMAZON COM INC (SEC Filing, XBRL), Form: 10-K; Filing date: 1/28/2011; SIC code:5961 (RETAIL-CATALOG & MAIL-ORDER HOUSES)
Network: http://www.amazon.com/taxonomy/role/NotesToFinancialStatementsSignificantAccountingPoliciesTextBlockPolicies
[Table]: us-gaap:StatementTable

Inventories

Inventories, consisting of products available for sale, are accounted for using primarily the FIFO method, and are valued at the lower of cost or market value. This valuation requires us to make judgments, based on currently-available information, about the likely method of disposition, such as through sales to individual customers, returns to product vendors, or liquidations, and expected recoverable values of each disposition category.

We provide fulfillment-related services in connection with certain of our sellers’ programs. Third party sellers maintain ownership of their inventory, regardless of whether fulfillment is provided by us or the third party sellers, and therefore these products are not included in our inventories.

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(11) AMEREN CORP (SEC Filing, XBRL), Form: 10-K; Filing date: 2/24/2011; SIC code:4931 (ELECTRIC & OTHER SERVICES COMBINED)
Network: http://www.ameren.com/taxonomy/role/DisclosureSummaryOfSignificantAccountingPoliciesPolicy
[Table]: us-gaap:StatementTable

Materials and Supplies

Materials and supplies are recorded at the lower of cost or market. Cost is determined using the average-cost method. Materials and supplies are capitalized as inventory when purchased and then expensed or capitalized as plant assets when installed, as appropriate. The following table presents a breakdown of materials and supplies for each of the Ameren Companies at December 31, 2010 and 2009:

 

       Ameren(a)        UE        AIC        Genco  

2010:

                                           

Fuel(b)

     $         255         $         152         $ -         $ 81   

Gas stored underground

       175           22           152           -   

Other materials and supplies

       277           167           46           49   
       $ 707         $ 341         $         198         $         130   

2009:

                                           

Fuel(b)

     $ 315         $ 154         $ -         $ 123   

Gas stored underground

       183           22           161           -   

Other materials and supplies

       284           170           51           47   
       $ 782         $ 346         $ 212         $ 170   

 

(a) Includes amounts for Ameren registrant and nonregistrant subsidiaries.
(b) Consists of coal, oil, paint, propane, and tire chips.
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(12) AMERICAN ELECTRIC POWER CO INC (SEC Filing, XBRL), Form: 10-K; Filing date: 2/25/2011; SIC code:4911 (ELECTRIC SERVICES)
Network: http://www.aep.com/role/DisclosureOrganizationAndSummaryOfSignificantAccountingPoliciesPolicies
[Table]:

Inventory

 

Fossil fuel inventories are generally carried at average cost. Materials and supplies inventories are carried at average cost.

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(13) AMETEK INC/ (SEC Filing, XBRL), Form: 10-K; Filing date: 2/24/2011; SIC code:3621 (MOTORS & GENERATORS)
Network: http://ametek.com/role/SignificantAccountingPoliciesPolicies
[Table]:
 
Inventories
 
The Company uses the first-in, first-out (“FIFO”) method of accounting, which approximates current replacement cost, for 69% of its inventories at December 31, 2010. The last-in, first-out (“LIFO”) method of accounting is used to determine cost for the remaining 31% of the Company’s inventory at December 31, 2010. For inventories where cost is determined by the LIFO method, the excess of the FIFO value over the LIFO value was $23.9 million and $20.8 million at December 31, 2010 and 2009, respectively. The Company provides estimated inventory reserves for slow-moving and obsolete inventory based on current assessments about future demand, market conditions, customers who may be experiencing financial difficulties and related management initiatives.
 
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(14) AMGEN INC (SEC Filing, XBRL), Form: 10-K; Filing date: 2/25/2011; SIC code:2836 (BIOLOGICAL PRODUCTS, (NO DISGNOSTIC SUBSTANCES))
Network: http://amgen.com/role/SummaryOfSignificantAccountingPoliciesPolicies
[Table]:
 
Inventories
 
Inventories are stated at the lower of cost or market. Cost, which includes amounts related to materials, labor and overhead, is determined in a manner which approximates the first-in, first-out method. The Company capitalizes inventories produced in preparation for product launches when the related product candidates are considered to have a high probability of regulatory approval and the related costs are expected to be recoverable through the commercialization of the product. See Note 11, Inventories.
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(15) AMPHENOL CORP /DE/ (SEC Filing, XBRL), Form: 10-K; Filing date: 2/28/2011; SIC code:3678 (ELECTRONIC CONNECTORS)
Network: http://www.amphenol.com/role/DisclosureSummaryOfSignificantAccountingPoliciesPolicies
[Table]:

Inventories

 

Inventories are stated at the lower of standard cost, which approximates average cost, or market. The principal components of cost included in inventories are materials, direct labor and manufacturing overhead. The Company regularly reviews inventory quantities on hand and evaluates the realizability of inventories and adjusts the carrying value as necessary based on forecasted product demand.

 

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(16) ANADARKO PETROLEUM CORP (SEC Filing, XBRL), Form: 10-K; Filing date: 2/23/2011; SIC code:1311 (CRUDE PETROLEUM & NATURAL GAS)
Network: http://www.anadarko.com/role/DisclosureSummaryOfSignificantAccountingPoliciesPolicies
[Table]: us-gaap:StatementTable

Inventories   Commodity inventories are stated at the lower of average cost or market.

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(17) APACHE CORP (SEC Filing, XBRL), Form: 10-K; Filing date: 2/28/2011; SIC code:1311 (CRUDE PETROLEUM & NATURAL GAS)
Network: http://apachecorp.com/role/SummaryOfSignificantAccountingPoliciesPolicies
[Table]:
Inventories
 
Inventories consist principally of tubular goods and equipment, stated at the weighted-average cost, and oil produced but not sold, stated at the lower of cost or market.
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(18) AVON PRODUCTS INC (SEC Filing, XBRL), Form: 10-K; Filing date: 2/24/2011; SIC code:2844 (PERFUMES, COSMETICS & OTHER TOILET PREPARATIONS)
Network: http://www.avon.com/taxonomy/role/DisclosureDescriptionOfBusinessAndSummaryOfSignificantAccountingPoliciesPolicy
[Table]: us-gaap:StatementTable

Inventories

Inventories are stated at the lower of cost or market. Cost is determined using the first-in, first-out ("FIFO") method. We classify inventory into various categories based upon their stage in the product life cycle, future marketing sales plans and disposition process. We assign a degree of obsolescence risk to products based on this classification to determine the level of obsolescence provision.

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(19) BAKER HUGHES INC (SEC Filing, XBRL), Form: 10-K; Filing date: 2/25/2011; SIC code:3533 (OIL & GAS FIELD MACHINERY & EQUIPMENT)
Network: http://bakerhughes.com/role/SummaryOfSignificantAccountingPoliciesPolicies
[Table]:
Inventories
     Inventories are stated at the lower of cost or market. Cost is determined using the first-in, first-out (“FIFO”) method or the average cost method, which approximates FIFO, and includes the cost of materials, labor and manufacturing overhead.
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(20) BARD C R INC /NJ/ (SEC Filing, XBRL), Form: 10-K; Filing date: 2/24/2011; SIC code:3841 (SURGICAL & MEDICAL INSTRUMENTS & APPARATUS)
Network: http://www.crbard.com/taxonomy/role/DisclosureSignificantAccountingPoliciesPolicy
[Table]:

Inventories - Inventories are stated at the lower of cost or market. For most domestic businesses, cost is determined using the last-in-first-out ("LIFO") method. For all other inventories, cost is determined using the first-in-first-out ("FIFO") method. The difference between the inventory valuation under the LIFO method and the FIFO method is not significant.

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(21) BAXTER INTERNATIONAL INC (SEC Filing, XBRL), Form: 10-K; Filing date: 2/23/2011; SIC code:3841 (SURGICAL & MEDICAL INSTRUMENTS & APPARATUS)
Network: http://baxter.com/role/SummaryOfSignificantAccountingPoliciesDetails
[Table]:
 
Inventories
 
                 
as of December 31 (in millions)   2010     2009  
   
 
Raw materials
  $ 536     $ 598  
Work in process
    787       842  
Finished goods
    1,048       1,117  
 
 
Inventories
  $ 2,371     $ 2,557  
 
 
 
Inventories are stated at the lower of cost (first-in, first-out method) or market value. Market value for raw materials is based on replacement costs, and market value for work in process and finished goods is based on net realizable value. The inventory amounts above are stated net of reserves for excess and obsolete inventory, which totaled $359 million at December 31, 2010 and $273 million at December 31, 2009. The increase in inventory reserves in 2010 was principally driven by excess vaccine inventory in the BioScience segment.
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(22) BERKSHIRE HATHAWAY INC (SEC Filing, XBRL), Form: 10-K; Filing date: 2/28/2011; SIC code:6331 (FIRE, MARINE & CASUALTY INSURANCE)
Network: http://www.berkshirehathaway.com/2010-12-31/role/SignificantAccountingPoliciesPolicies
[Table]: brka:SignificantAccountingPoliciesTable
 
(h)
Inventories
 
Inventories consist of manufactured goods and goods acquired for resale. Manufactured inventory costs include raw materials, direct and indirect labor and factory overhead. Inventories are stated at the lower of cost or market. As of December 31, 2010, approximately 39% of the total inventory cost was determined using the last-in-first-out (“LIFO”) method, 32% using the first-in-first-out (“FIFO”) method, with the remainder using the specific identification method or average cost methods. With respect to inventories carried at LIFO cost, the aggregate difference in value between LIFO cost and cost determined under FIFO methods was $637 million and $575 million as of December 31, 2010 and 2009, respectively.
 
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(23) BIOGEN IDEC INC. (SEC Filing, XBRL), Form: 10-K; Filing date: 2/4/2011; SIC code:2836 (BIOLOGICAL PRODUCTS, (NO DISGNOSTIC SUBSTANCES))
Network: http://biogenidec.com/role/SummaryOfSignificantAccountingPoliciesPolicies
[Table]:
 
Inventories are stated at the lower of cost or market with cost determined under the first-in, first-out (FIFO) method. Included in inventory are raw materials used in the production of pre-clinical and clinical products, which are expensed as research and development costs when consumed.
 
Capitalization of Inventory Costs
 
We capitalize inventory costs associated with our products prior to regulatory approval, when, based on management’s judgment, future commercialization is considered probable and the future economic benefit is expected to be realized. We consider numerous attributes in evaluating whether the costs to manufacture a particular product should be capitalized as an asset. We assess the regulatory approval process and where the particular product stands in relation to that approval process, including any known safety or efficacy concerns, potential labeling restrictions and other impediments to approval. We evaluate our anticipated research and development initiatives and constraints relating to the product and the indication in which it will be used. We consider our manufacturing environment including our supply chain in determining logistical constraints that could hamper approval or commercialization. We consider the shelf life of the product in relation to the expected timeline for approval and we consider patent related or contract issues that may prevent or delay commercialization. We also base our judgment on the viability of commercialization, trends in the marketplace and market acceptance criteria. Finally, we consider the reimbursement strategies that may prevail with respect to the product and assess the economic benefit that we are likely to realize.
 
We expense previously capitalized costs related to pre-approval inventory upon a change in such judgment, due to, among other potential factors, a denial or delay of approval by necessary regulatory bodies. As of December 31, 2010 and 2009, the carrying value of our inventory did not include any costs associated with products that had not yet received regulatory approval.
 
Obsolescence and Unmarketable Inventory
 
We periodically review our inventories for excess or obsolete inventory and write-down obsolete or otherwise unmarketable inventory to its estimated net realizable value. If the actual net realizable value is less than that estimated by us, or if it is determined that inventory utilization will further diminish based on estimates of demand, additional inventory write-downs may be required. Additionally, our products are subject to strict quality control and monitoring which we perform throughout the manufacturing process. In the event that certain batches or units of product no longer meet quality specifications or become obsolete due to expiration, we will record a charge to cost of sales to write-down any obsolete or otherwise unmarketable inventory to its estimated net realizable value. In all cases product inventory is carried at the lower of cost or its estimated net realizable value. Amounts written-down to unmarketable inventory are charged to cost of sales, excluding amortization of acquired intangible assets.
 
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(24) BOEING CO (SEC Filing, XBRL), Form: 10-K; Filing date: 2/9/2011; SIC code:3721 (AIRCRAFT)
Network: http://www.boeing.com/taxonomy/role/DisclosureSummaryOfSignificantAccountingPoliciesPolicy
[Table]:
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(25) BORGWARNER INC. (SEC Filing, XBRL), Form: 10-K; Filing date: 2/10/2011; SIC code:3714 (MOTOR VEHICLE PARTS & ACCESSORIES)
Network: http://borgwarner.com/role/SummaryOfSignificantAccountingPoliciesPolicies
[Table]:
 
Inventories Inventories are valued at the lower of cost or market. Cost of U.S. inventories is determined by the last-in, first-out (“LIFO”) method, while the foreign operations use the first-in, first-out (“FIFO”) or average-cost methods. Inventory held by U.S. operations was $100.1 million and $81.2 million at December 31, 2010 and 2009, respectively. Such inventories, if valued at current cost instead of LIFO, would have been greater by $13.2 million in 2010 and $11.6 million in 2009.
 
See Note 5 to the Consolidated Financial Statements for more information on inventories.
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(26) BRISTOL MYERS SQUIBB CO (SEC Filing, XBRL), Form: 10-K; Filing date: 2/18/2011; SIC code:2834 (PHARMACEUTICAL PREPARATIONS)
Network: http://www.bms.com/taxonomy/role/DisclosureAccountingPoliciesPolicy
[Table]:

Inventory Valuation

Inventories are stated at the lower of average cost or market.

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(27) BROADCOM CORP (SEC Filing, XBRL), Form: 10-K; Filing date: 2/2/2011; SIC code:3674 (SEMICONDUCTORS & RELATED DEVICES)
Network: http://broadcom.com/role/SummaryOfSignificantAccountingPoliciesPolicies
[Table]:
 
Inventory
 
Inventory consists of work in process and finished goods and is stated at the lower of cost (first-in, first-out) or market. We write down the carrying value of our inventory to net realizable value for estimated obsolescence or unmarketable inventory in an amount equal to the difference between the cost of inventory and its estimated realizable value based upon assumptions about future demand and market conditions, among other factors. Shipping and handling costs are classified as a component of cost of product revenue in the consolidated statements of income. Inventory acquired through business combinations is recorded at its acquisition date fair value which is the net realizable value less a normal profit margin depending on the stage of inventory completion.
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(28) CAMERON INTERNATIONAL CORP (SEC Filing, XBRL), Form: 10-K; Filing date: 2/28/2011; SIC code:3533 (OIL & GAS FIELD MACHINERY & EQUIPMENT)
Network: http://c-a-m.com/role/SummaryOfMajorAccountingPoliciesPolicies
[Table]:
Inventories — Aggregate inventories are carried at cost or, if lower, net realizable value. On the basis of current costs, 46% of inventories at December 31, 2010 and 48% at December 31, 2009 are carried on the last-in, first-out (LIFO) method. For these locations, the use of LIFO results in a better matching of costs and revenues. The remaining inventories, which are generally located outside the United States and Canada, are carried on the first-in, first-out (FIFO) method. The Company provides a reserve for estimated inventory obsolescence or excess quantities on hand equal to the difference between the cost of the inventory and its estimated realizable value.
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(29) CARNIVAL CORP (SEC Filing, XBRL), Form: 10-K; Filing date: 1/31/2011; SIC code:4400 (WATER TRANSPORTATION)
Network: http://www.carnival.com/taxonomy/role/NotesToFinancialStatementsSignificantAccountingPoliciesTextBlockPolicies
[Table]: us-gaap:StatementTable

Inventories

Inventories consist primarily of food and beverage provisions, hotel and restaurant products and supplies, gift shop and art merchandise held for resale and fuel, which are all carried at the lower of cost or market. Cost is determined using the weighted-average or first-in, first-out methods.

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(30) CATERPILLAR INC (SEC Filing, XBRL), Form: 10-K; Filing date: 2/22/2011; SIC code:3531 (CONSTRUCTION MACHINERY & EQUIP)
Network: http://www.cat.com/role/DisclosureOperationsAndSummaryOfSignificantAccountingPoliciesPolicies
[Table]:

D.         Inventories

 

Inventories are stated at the lower of cost or market. Cost is principally determined using the last-in, first-out (LIFO) method. The value of inventories on the LIFO basis represented about 70% of total inventories at December 31, 2010, 2009 and 2008.

 

If the FIFO (first-in, first-out) method had been in use, inventories would have been $2,575 million, $3,022 million and $3,216 million higher than reported at December 31, 2010, 2009 and 2008, respectively.

 

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(31) CBS Corporation (SEC Filing, XBRL), Form: 10-K; Filing date: 2/25/2011; SIC code:4833 (TELEVISION BROADCASTING STATIONS)
Network: http://www.cbscorporation.com/role/DisclosureBasisOfPresentationAndSummaryOfSignificantAccountingPoliciesPolicies
[Table]:

Programming Inventory—The Company acquires rights to programming and produces programming to exhibit on its broadcast and cable networks, broadcast television and radio stations, and in theaters. The costs incurred in acquiring and producing programs and theatrical films are capitalized and amortized over the license period or projected useful life of the programming. Program rights and the related liabilities are recorded at the gross amount of the liabilities when the license period has begun, the cost of the program is determinable, and the program is accepted and available for airing.

 

Television and theatrical film production costs (which include direct production costs, production overhead and acquisition costs) are stated at the lower of amortized cost or net realizable value. The Company then estimates total revenues to be earned and costs to be incurred throughout the life of each television program or theatrical film. For television programming, estimates for remaining total lifetime revenues are limited to the amount of revenue contracted for each episode in the initial market. Accordingly, television programming costs and participation costs incurred in excess of the amount of revenue contracted for each episode in the initial market are expensed as incurred on an episode by episode basis. Once it can be demonstrated that a program can be successfully licensed in the secondary market, estimates for all secondary market revenues such as domestic and foreign syndication, basic cable, home entertainment and merchandising are included in the estimated lifetime revenues of such television programming. Television programming costs incurred subsequent to the establishment of the secondary market are initially capitalized and amortized, and estimated liabilities for participations are accrued, based on the proportion that current period revenues bear to the estimated remaining total lifetime revenues. The costs incurred in acquiring television programs are capitalized when the program is accepted and available for airing and expensed over the period in which an economic benefit is expected to be derived. Lifetime revenues estimates for internally produced television programming and theatrical films, and the estimated economic benefit for the acquired programming are periodically reviewed and adjustments, if any, will result in changes to amortization rates and estimated accruals for participations.

 

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(32) CITRIX SYSTEMS INC (SEC Filing, XBRL), Form: 10-K; Filing date: 2/24/2011; SIC code:7372 (SERVICES-PREPACKAGED SOFTWARE)
Network: http://www.citrix.com/taxonomy/role/DisclosureSignificantAccountingPoliciesPolicy
[Table]:

Inventory

Inventories are stated at the lower of cost or market on a standard cost basis, which approximates actual cost. The Company's inventories primarily consist of finished goods as of December 31, 2010 and 2009.

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(33) CLIFFS NATURAL RESOURCES INC. (SEC Filing, XBRL), Form: 10-K; Filing date: 2/17/2011; SIC code:1000 (METAL MINING)
Network: http://cliffsnaturalresources.com/taxonomy/role/DisclosureBusinessSummaryAndSignificantAccountingPoliciesPolicy
[Table]:

Inventories

The following table presents the detail of our Inventories on the Statements of Consolidated Financial Position at December 31, 2010 and 2009:

 

     (In Millions)  
     2010      2009  

Segment

   Finished
Goods
     Work-in
Process
     Total
Inventory
     Finished
Goods
     Work-In
Process
     Total
Inventory
 

North American Iron Ore

   $ 144.6       $ 30.9       $ 175.5       $ 172.7       $ 18.4       $ 191.1   

North American Coal

     16.1         19.8         35.9         14.9         1.4         16.3   

Asia Pacific Iron Ore

     34.7         20.4         55.1         28.6         31.7         60.3   

Other

     2.6         0.1         2.7         1.6         3.2         4.8   
                                                     

Total

   $ 198.0       $ 71.2       $ 269.2       $ 217.8       $ 54.7       $ 272.5   
                                                     

North American Iron Ore

North American Iron Ore product inventories are stated at the lower of cost or market. Cost of iron ore inventories is determined using the LIFO method. The excess of current cost over LIFO cost of iron ore inventories was $112.4 million and $81.4 million at December 31, 2010 and 2009, respectively. As of December 31, 2010, the product inventory balance for North American Iron Ore declined to $144.6 million, resulting in liquidation of LIFO layers in 2010. The effect of the inventory reduction was a decrease in Cost of good sold and operating expenses of $4.6 million in the Statements of Consolidated Operations for the year ended December 31, 2010. As of December 31, 2009, the product inventory balance for North American Iron Ore increased to $172.7 million, resulting in an additional LIFO layer being added during the year.

We had approximately 0.8 million tons and 1.2 million tons of finished goods stored at ports and customer facilities on the lower Great Lakes to service customers at December 31, 2010 and 2009, respectively. We maintain ownership of the inventories until title has transferred to the customer, usually when payment is made. Maintaining ownership of the iron ore products at ports on the lower Great Lakes reduces risk of non-payment by customers, as we retain title to the product until payment is received from the customer. We track the movement of the inventory and verify the quantities on hand.

North American Coal

North American Coal product inventories are stated at the lower of cost or market. Cost of coal inventories includes labor, supplies and operating overhead and related costs and is calculated using the average production cost. We maintain ownership until coal is loaded into rail cars at the mine for domestic sales and until loaded in the vessels at the terminal for export sales. We recorded lower-of-cost-or-market inventory charges of $26.1 million in Cost of good sold and operating expenses on the Statements of Consolidated Operations for the year ended December 31, 2010. These charges were a result of operational and geological issues at our Pinnacle and Oak Grove mines during the year.

Asia Pacific Iron Ore

Asia Pacific Iron Ore product inventories are stated at the lower of cost or market. Costs, including an appropriate portion of fixed and variable overhead expenses, are assigned to the inventory on hand by the method most appropriate to each particular class of inventory, with the majority being valued on a weighted average basis. We maintain ownership of the inventories until title has transferred to the customer at the F.O.B. point, which is generally when the product is loaded into the vessel.

*
(34) COCA COLA CO (SEC Filing, XBRL), Form: 10-K; Filing date: 2/28/2011; SIC code:2080 (BEVERAGES)
Network: http://www.coca-cola.com/role/DisclosureBusinessAndSummaryOfSignificantAccountingPoliciesPolicies
[Table]:

Inventories

Inventories consist primarily of raw materials and packaging (which includes ingredients and supplies) and finished goods (which include concentrates and syrups in our concentrate operations, and finished beverages in our finished products operations). Inventories are valued at the lower of cost or market. We determine cost on the basis of the average cost or first-in, first-out methods. Refer to Note 4.

*
(35) COCA-COLA ENTERPRISES, INC. (SEC Filing, XBRL), Form: 10-K; Filing date: 2/14/2011; SIC code:2086 (BOTTLED & CANNED SOFT DRINKS & CARBONATED WATERS)
Network: http://www.cokecce.com/taxonomy/role/DisclosureBusinessAndSummaryOfSignificantAccountingPoliciesPolicy
[Table]:

 

 Inventories

 

We value our inventories at the lower of cost or market. Cost is determined using the first-in, first-out (FIFO) method. The following table summarizes our inventories as of December 31, 2010 and 2009 (in millions):

 

                 
     2010

    2009

 

Finished goods

   $ 230      $ 193   

Raw materials and supplies

     137        95   
    


 


Total inventories

   $ 367      $ 288   
    


 


 

*
(36) COLGATE PALMOLIVE CO (SEC Filing, XBRL), Form: 10-K; Filing date: 2/24/2011; SIC code:2844 (PERFUMES, COSMETICS & OTHER TOILET PREPARATIONS)
Network: http://colgate.com/role/SummaryOfSignificantAccountingPoliciesPolicies
[Table]:
Inventories

Inventories are stated at the lower of cost or market. The cost of approximately 79% of inventories is determined using the first-in, first-out (FIFO) method. The cost of all other inventories, predominantly in the U.S. and Mexico, is determined using the last-in, first-out (LIFO) method.
*
(37) CONOCOPHILLIPS (SEC Filing, XBRL), Form: 10-K; Filing date: 2/23/2011; SIC code:2911 (PETROLEUM REFINING)
Network: http://conocophillips.com/role/AccountingPoliciesPolicies
[Table]:
n   Inventories—We have several valuation methods for our various types of inventories and consistently use the following methods for each type of inventory. Crude oil and petroleum products inventories are valued at the lower of cost or market in the aggregate, primarily on the last-in, first-out (LIFO) basis. Any necessary lower-of-cost-or-market write-downs at year end are recorded as permanent adjustments to the LIFO cost basis. LIFO is used to better match current inventory costs with current revenues and to meet tax-conformity requirements. Costs include both direct and indirect expenditures incurred in bringing an item or product to its existing condition and location, but not unusual/nonrecurring costs or research and development costs. Materials, supplies and other miscellaneous inventories, such as tubular goods and well equipment, are valued under various methods, including the weighted-average-cost method, and the first-in, first-out (FIFO) method, consistent with industry practice.
*
(38) CONSOL Energy Inc (SEC Filing, XBRL), Form: 10-K; Filing date: 2/10/2011; SIC code:1221 (BITUMINOUS COAL & LIGNITE SURFACE MINING)
Network: http://www.consolenergy.com/taxonomy/role/NotesToFinancialStatementsSignificantAccountingPoliciesTextBlockPolicies
[Table]: us-gaap:StatementTable

Inventories:

Inventories are stated at the lower of cost or market. The cost of coal inventories is determined by the first-in, first-out (FIFO) method. Coal inventory costs include labor, supplies, equipment costs, operating overhead and other related costs. The cost of merchandise for resale is determined by the last-in, first-out (LIFO) method and includes industrial maintenance, repair and operating supplies for sale to third parties. The cost of supplies inventory is determined by the average cost method and includes operating and maintenance supplies to be used in our coal and gas operations.

*
(39) Cooper Industries plc (SEC Filing, XBRL), Form: 10-K; Filing date: 2/22/2011; SIC code:3640 (ELECTRIC LIGHTING & WIRING EQUIPMENT)
Network: http://cooperindustries.com/role/AccountingPoliciesPolicies
[Table]:
Inventories: Inventories are carried at cost or, if lower, net realizable value. On the basis of current costs, 46% and 46% of inventories at December 31, 2010 and 2009, respectively, were carried on the last-in, first-out (LIFO) method. The remaining inventories are carried on the first-in, first-out (FIFO) method. Allowances for excess and obsolete inventory are provided based on current assessments about future demands, market conditions and related management initiatives. If market conditions are less favorable than those projected by management, additional inventory allowances may be required.
*
(40) CORNING INC /NY (SEC Filing, XBRL), Form: 10-K; Filing date: 2/10/2011; SIC code:3357 (DRAWING & INSULATING OF NONFERROUS WIRE)
Network: http://www.corning.com/role/DisclosureSummaryOfSignificantAccountingPoliciesPolicy
[Table]:

Inventories

 

Inventories are stated at the lower of cost (first-in, first-out basis) or market.

*
(41) CUMMINS INC (SEC Filing, XBRL), Form: 10-K; Filing date: 2/24/2011; SIC code:3510 (ENGINES & TURBINES)
Network: http://www.cummins.com/role/DisclosureSummaryOfSignificantAccountingPoliciesPolicies
[Table]:

Inventories

        Our inventories are stated at the lower of cost or net realizable value. For the years ended December 31, 2010 and 2009, approximately 16 percent of our consolidated inventories (primarily heavy-duty and high-horsepower engines and parts) were valued using the last-in, first-out (LIFO) cost method. The cost of other inventories is generally valued using the first-in, first-out (FIFO) cost method. Our inventories at interim and year-end reporting dates include estimates for adjustments related to annual physical inventory results and for inventory cost changes under the LIFO cost method. Due to significant movements of partially-manufactured components and parts between manufacturing plants, we do not internally measure, nor do our accounting systems provide, a meaningful segregation between raw materials and work-in-process.

*
(42) CVS CAREMARK CORP (SEC Filing, XBRL), Form: 10-K; Filing date: 2/18/2011; SIC code:5912 (RETAIL-DRUG STORES AND PROPRIETARY STORES)
Network: http://www.info.cvscaremark.com/taxonomy/role/DisclosureSignificantAccountingPoliciesPolicies
[Table]:

Inventories - Inventories are stated at the lower of cost or market on a first-in, first-out basis using the retail method of accounting to determine cost of sales and inventory in the Company's CVS/pharmacy stores, weighted average cost to determine cost of sales and inventory in the Company's mail service and specialty pharmacies and the cost method of accounting on a first-in, first-out basis to determine inventory in the Company's distribution centers. Physical inventory counts are taken on a regular basis in each store and a continuous cycle count process is the primary procedure used to validate the inventory balances on hand in each distribution center and mail facility to ensure that the amounts reflected in the accompanying consolidated financial statements are properly stated. During the interim period between physical inventory counts, the Company accrues for anticipated physical inventory losses on a location-by-location basis based on historical results and current trends.

*
(43) DANAHER CORP /DE/ (SEC Filing, XBRL), Form: 10-K; Filing date: 2/24/2011; SIC code:3823 (INDUSTRIAL INSTRUMENTS FOR MEASUREMENT, DISPLAY, AND CONTROL)
Network: http://www.danaher.com/taxonomy/role/DisclosureBusinessAndSummaryOfSignificantAccountingPoliciesPolicy
[Table]:

Inventory Valuation—Inventories include the costs of material, labor and overhead. Domestic inventories are primarily stated at either the lower of cost or market using the first-in, first-out (FIFO) method with certain businesses applying the last-in, first-out method (LIFO) to value inventory. Inventories held outside the United States are primarily stated at the lower of cost or market using the FIFO method.

*
(44) DAVITA INC (SEC Filing, XBRL), Form: 10-K; Filing date: 2/25/2011; SIC code:8090 (SERVICES-MISC HEALTH & ALLIED SERVICES, NEC)
Network: http://www.davita.com/taxonomy/role/NotesToFinancialStatementsOrganizationConsolidationPresentationOfFinancialStatementsAndSignificantAccountingPoliciesDisclosureTextBlockPolicies
[Table]: us-gaap:StatementTable

Inventories

Inventories are stated at the lower of cost (first-in, first-out) or market and consist principally of pharmaceuticals and dialysis-related supplies. Rebates related to inventory purchases are recorded when earned and are based on certain qualification requirements based upon a variety of factors including process improvement targets, patient outcome targets and data submission.

*
(45) DENTSPLY INTERNATIONAL INC /DE/ (SEC Filing, XBRL), Form: 10-K; Filing date: 2/18/2011; SIC code:3843 (DENTAL EQUIPMENT & SUPPLIES)
Network: http://www.DENTSPLY.com/taxonomy/role/NotesToFinancialStatementsSignificantAccountingPoliciesTextBlockPolicies
[Table]: us-gaap:StatementTable
Inventories

Inventories are stated at the lower of cost or market.  At December 31, 2010 and 2009, the cost of $6.9 million, or 2.2%, and $7.8 million, or 2.7%, respectively, of inventories was determined by the last in, first-out (“LIFO”) method.  The cost of other inventories was determined by the first-in, first-out (“FIFO”) or average cost methods.  The Company establishes reserves for inventory estimated to be obsolete or unmarketable equal to the difference between the cost of inventory and estimated market value based upon assumptions about future demand and market conditions.

If the FIFO method had been used to determine the cost of LIFO inventories, the amounts at which net inventories are stated would be higher than reported at December 31, 2010 and 2009 by $4.9 million and $4.0 million, respectively.
*
(46) DIODES INC /DEL/ (SEC Filing, XBRL), Form: 10-K; Filing date: 2/28/2011; SIC code:3674 (SEMICONDUCTORS & RELATED DEVICES)
Network: http://www.diodes.com/role/DisclosureSummaryOfOperationsAndSignificantAccountingPolicies
[Table]:

Inventories Inventories are stated at the lower of cost or market value. Cost is determined principally by the first-in, first-out method. Cost includes materials, labor, and manufacturing overhead related to the purchase and production of inventories. Any write-down of inventory to the lower of cost or market at the close of a fiscal period creates a new cost basis that subsequently would not be marked up based on changes in underlying facts and circumstances. On an on-going basis, the Company evaluates inventory for obsolescence and slow-moving items. This evaluation includes analysis of sales levels, sales projections, and purchases by item, as well as raw material usage related to the Company's manufacturing facilities. If the Company's review indicates a reduction in utility below carrying value, it reduces inventory to a new cost basis. If future demand or market conditions are different than the Company's current estimates, an inventory adjustment may be required, and would be reflected in cost of goods sold in the period the revision is made.

*
(47) DIRECTV (SEC Filing, XBRL), Form: 10-K; Filing date: 2/28/2011; SIC code:4899 (COMMUNICATIONS SERVICES, NEC)
Network: http://www.directv.com/role/DisclosureBasisOfPresentationAndSummaryOfSignificantAccountingPoliciesPolicy
[Table]: us-gaap:StatementTable
*
(48) DIRECTV HOLDINGS LLC (SEC Filing, XBRL), Form: 10-K; Filing date: 2/28/2011; SIC code:4841 (CABLE & OTHER PAY TELEVISION SERVICES)
Network: http://www.directv.com/role/DisclosureBasisOfPresentationAndSummaryOfSignificantAccountingPoliciesPolicy
[Table]: us-gaap:StatementTable

Inventories

We state inventories at the lower of average cost or market. Inventories consist of finished goods for DIRECTV System equipment and DIRECTV System access cards.

*
(49) DOMINION RESOURCES INC /VA/ (SEC Filing, XBRL), Form: 10-K; Filing date: 2/28/2011; SIC code:4911 (ELECTRIC SERVICES)
Network: http://www.dom.com/taxonomy/role/DisclosureSignificantAccountingPoliciesPolicy
[Table]: us-gaap:StatementTable

Inventories

Materials and supplies and fossil fuel inventories are valued primarily using the weighted-average cost method. Stored gas inventory used in Dominion's Ohio gas distribution operations is valued using the LIFO method. Under the LIFO method, stored gas inventory was valued at $48 million and $30 million at December 31, 2010 and 2009, respectively. Based on the average price of gas purchased during 2010 and 2009, the cost of replacing the current portion of stored gas inventory exceeded the amount stated on a LIFO basis by approximately $107 million and $172 million, respectively. Stored gas inventory held by certain nonregulated gas operations is valued using the weighted-average cost method.

*
(50) DOVER CORP (SEC Filing, XBRL), Form: 10-K; Filing date: 2/11/2011; SIC code:3530 (CONSTRUCTION, MINING & MATERIALS HANDLING MACHINERY & EQUIP)
Network: http://dovercorporation.com/role/DescriptionOfBusinessAndSummaryOfSignificantAccountingPoliciesPolicies
[Table]:
 
Inventories — Inventories for the majority of the Company’s subsidiaries, including all international subsidiaries, are stated at the lower of cost, determined on the first-in, first-out (FIFO) basis, or market. Other domestic inventory is stated at cost, determined on the last-in, first-out (LIFO) basis, which is less than market value.
*
(51) DOW CHEMICAL CO /DE/ (SEC Filing, XBRL), Form: 10-K; Filing date: 2/18/2011; SIC code:2821 (PLASTIC MATERIALS, SYNTH RESINS & NONVULCAN ELASTOMERS)
Network: http://dow.com/role/DisclosureSummaryOfSignificantAccountingPoliciesPolicy
[Table]:
*
(52) Dr Pepper Snapple Group, Inc. (SEC Filing, XBRL), Form: 10-K; Filing date: 2/22/2011; SIC code:2080 (BEVERAGES)
Network: http://www.drpepper.com/role/SignificantAccountingPoliciesPolicies
[Table]:
Inventories
Inventories are stated at the lower of cost or market value. Cost is determined for inventories of the Company`s subsidiaries in the U.S. substantially by the last-in, first-out (`LIFO`) valuation method and for inventories of the Company`s international subsidiaries by the first-in, first-out (`FIFO`) valuation method. The costs of finished goods inventories include raw materials, direct labor and indirect production and overhead costs. Reserves for excess and obsolete inventories are based on an assessment of slow-moving and obsolete inventories, determined by historical usage and demand. Excess and obsolete inventory reserves were $4 million and $9 million as of December 31, 2010 and 2009, respectively. Refer to Note 4 for further information.
*
(53) DTE ENERGY CO (SEC Filing, XBRL), Form: 10-K; Filing date: 2/18/2011; SIC code:4911 (ELECTRIC SERVICES)
Network: http://dteenergy.com/role/SignificantAccountingPoliciesPolicies
[Table]:
 
Inventories
 
The Company generally values inventory at average cost.
 
Gas inventory of $43 million and $44 million as of December 31, 2010 and 2009, respectively, at MichCon is determined using the last-in, first-out (LIFO) method. At December 31, 2010, the replacement cost of gas remaining in storage exceeded the LIFO cost by $147 million. At December 31, 2009, the replacement cost of gas remaining in storage exceeded the LIFO cost by $218 million.
*
(54) Duke Energy CORP (SEC Filing, XBRL), Form: 10-K; Filing date: 2/25/2011; SIC code:4931 (ELECTRIC & OTHER SERVICES COMBINED)
Network: http://www.duke-energy.com/taxonomy/role/DisclosureSummaryOfSignificantAccountingPoliciesPolicy
[Table]: us-gaap:StatementTable
*
(55) DUPONT E I DE NEMOURS & CO (SEC Filing, XBRL), Form: 10-K; Filing date: 2/8/2011; SIC code:2820 (PLASTIC MATERIAL, SYNTH RESIN/RUBBER, CELLULOS (NO GLASS))
Network: http://www.dupont.com/role/DisclosureSummaryOfSignificantAccountingPoliciesPolicy
[Table]:

Inventories

The majority of the company's inventories are valued at cost, as determined by the last-in, first-out (LIFO) method; in the aggregate, such valuations are not in excess of market. Seed inventories are valued at the lower of cost, as determined by the first-in, first-out (FIFO) method, or market.

Elements of cost in inventories include raw materials, direct labor and manufacturing overhead. Stores and supplies are valued at cost or market, whichever is lower; cost is generally determined by the average cost method.
*
(56) ECOLAB INC (SEC Filing, XBRL), Form: 10-K; Filing date: 2/25/2011; SIC code:2840 (SOAP, DETERGENTS, CLEANG PREPARATIONS, PERFUMES, COSMETICS)
Network: http://www.ecolab.com/role/DisclosureSignificantAccountingPoliciesPolicies
[Table]:

Inventory Valuations

Inventories are valued at the lower of cost or market. U.S. chemical inventory costs are determined on a last-in, first-out (LIFO) basis. LIFO inventories represented 22% of consolidated inventories as of December 31, 2010 and 2009. All other inventory costs are determined on a first-in, first-out (FIFO) basis.

*
(57) EDISON INTERNATIONAL (SEC Filing, XBRL), Form: 10-K; Filing date: 2/28/2011; SIC code:4911 (ELECTRIC SERVICES)
Network: http://www.edison.com/role/DisclosureSummaryOfSignificantAccountingPoliciesPolicies
[Table]:

Inventory

Inventory is stated at the lower of cost or market, cost being determined by the weighted-average cost method for fuel, and the average cost method for materials and supplies. Inventory consisted of the following:

 
  December 31,
 
 
     
(in millions)
  2010
  2009
 
   

Coal, gas, fuel oil and other raw materials

  $ 184   $ 158  

Spare parts, materials and supplies

    384     375  
       

Total inventory

  $ 568   $ 533  
   
*
(58) Edwards Lifesciences Corp (SEC Filing, XBRL), Form: 10-K; Filing date: 2/28/2011; SIC code:3842 (ORTHOPEDIC, PROSTHETIC & SURGICAL APPLIANCES & SUPPLIES)
Network: http://www.edwards.com/role/DisclosureSummaryOfSignificantAccountingPoliciesPolicies
[Table]:

Inventories

        Inventories are stated at the lower of cost (first-in, first-out method) or market value. Market value for raw materials is based on replacement costs, and for other inventory classifications is based on net realizable value.

        A write-down for excess or inactive inventory is recorded for inventory which is obsolete, nearing its expiration date (generally triggered at six months prior to expiration), is damaged or slow moving (defined as quantities in excess of a two year supply). The allowance for excess and obsolete inventory was $11.2 million and $10.9 million at December 31, 2010 and 2009, respectively.

        The Company allocates general and administrative costs to inventory that are related to the production process. These costs include insurance, manufacturing accounting personnel, human resources and information technology. During the years ended December 31, 2010, 2009 and 2008, the Company allocated $23.4 million, $20.9 million and $21.3 million, respectively, of general and administrative costs to inventory. General and administrative costs included in inventory at December 31, 2010 and 2009 were $12.0 million and $10.3 million, respectively.

*
(59) EMC CORP (SEC Filing, XBRL), Form: 10-K; Filing date: 2/28/2011; SIC code:3572 (COMPUTER STORAGE DEVICES)
Network: http://www.EMC.com/role/DisclosureSummaryOfSignificantAccountingPoliciesPolicies
[Table]: us-gaap:StatementTable

Inventories

 

Inventories are stated at the lower of cost (first-in, first-out) or market, not in excess of net realizable value.

 

*
(60) Energy Transfer Partners, L.P. (SEC Filing, XBRL), Form: 10-K; Filing date: 2/28/2011; SIC code:4922 (NATURAL GAS TRANSMISSION)
Network: http://www.energytransfer.com/role/DisclosureEstimatesSignificantAccountingPoliciesAndBalanceSheetDetailPolicy
[Table]:
*
(61) EQT Corp (SEC Filing, XBRL), Form: 10-K; Filing date: 2/24/2011; SIC code:4923 (NATURAL GAS TRANSMISISON & DISTRIBUTION)
Network: http://www.eqt.com/role/DisclosureSummaryOfSignificantAccountingPoliciesPolicies
[Table]:
Inventories:  Generally, the Company’s inventory balance consists of natural gas stored underground or in pipelines and materials and supplies recorded at the lower of average cost or market.  Included in the inventory balance at December 31, 2010 and 2009 is $11.7 million and $10.9 million, respectively, of lower of cost or market adjustments due to market natural gas prices being lower than the carrying value of natural gas stored underground.  For hedged inventory the Company reclassifies unrealized hedge gains deferred in accumulated other comprehensive income into earnings in the same period as the lower of cost or market adjustment. The recording of the lower of cost or market adjustment had an immaterial impact to the Company’s 2010, 2009 and 2008 earnings.
*
(62) EXELON CORP (SEC Filing, XBRL), Form: 10-K; Filing date: 2/10/2011; SIC code:4911 (ELECTRIC SERVICES)
Network: http://exeloncorp.com/role/DisclosureSignificantAccountingPoliciesPolicies
[Table]:

Inventories (Exelon, Generation, ComEd and PECO)

 

Inventory is recorded at the lower of cost or market. Provisions are recorded for excess and obsolete inventory.

 

Fossil Fuel. Fossil fuel inventory includes the weighted average costs of stored natural gas, propane, coal and oil. The costs of natural gas, propane, coal and oil are generally included in inventory when purchased and charged to fuel expense when used or sold.

 

Materials and Supplies. Materials and supplies inventory generally includes the average costs of transmission, distribution and generating plant materials. Materials are generally charged to inventory when purchased and expensed or capitalized to property, plant and equipment, as appropriate, when installed or used.

 

Emission Allowances. Emission allowances are included in inventory and other deferred debits and are carried at the lower of weighted average cost or market and charged to fuel expense as they are used in operations.

 

*
(63) EXPRESS SCRIPTS INC (SEC Filing, XBRL), Form: 10-K; Filing date: 2/16/2011; SIC code:5912 (RETAIL-DRUG STORES AND PROPRIETARY STORES)
Network: http://express-scripts.com/role/SummaryOfSignificantAccountingPoliciesPolicies
[Table]:
          Inventories. Inventories consist of prescription drugs and medical supplies which are stated at the lower of first-in first-out cost or market.
*
(64) EXXON MOBIL CORP (SEC Filing, XBRL), Form: 10-K; Filing date: 2/28/2011; SIC code:2911 (PETROLEUM REFINING)
Network: http://www.exxonmobil.com/taxonomy/role/DisclosureSummaryOfAccountingPoliciesPolicy
[Table]: us-gaap:StatementTable
*
(65) FASTENAL CO (SEC Filing, XBRL), Form: 10-K; Filing date: 2/9/2011; SIC code:5200 (RETAIL-BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY)
Network: http://www.fastenal.com/taxonomy/role/DisclosureBusinessOverviewAndSummaryOfSignificantAccountingPoliciesPolicy
[Table]:

Inventories

Inventories, consisting of finished goods merchandise held for resale, are stated at the lower of cost (first in, first out method) or market.

*
(66) FIRST SOLAR, INC. (SEC Filing, XBRL), Form: 10-K; Filing date: 2/28/2011; SIC code:3674 (SEMICONDUCTORS & RELATED DEVICES)
Network: http://www.firstsolar.com/role/Note2.SummaryOfSignificantAccountingPoliciesLevel2Policies
[Table]:
Inventories — current and noncurrent. We report our inventories at the lower of cost or market. We determine cost on a first-in, first-out basis and include both the costs of acquisition and the costs of manufacturing in our inventory costs. These costs include direct material, direct labor, and fixed and variable indirect manufacturing costs, including depreciation and amortization.
 
We also regularly review the cost of inventory against its estimated market value and record a lower of cost or market write-down if any inventories have a cost in excess of their estimated market value. For example, we regularly evaluate the quantity and value of our inventory in light of current market conditions and market trends and record write-downs for any quantities in excess of demand and for any product obsolescence. This evaluation considers historical usage, expected demand, anticipated sales price, new product development schedules, the effect new products might have on the sale of existing products, product obsolescence, customer concentrations, product merchantability, and other factors. Market conditions are subject to change and actual consumption of our inventory could differ from forecasted demand. Our inventories have a long life cycle and obsolescence has not historically been a significant factor in their valuation.
 
We classify inventories not used within our normal operating cycle (which is generally 12 months) as noncurrent inventory. This inventory generally consists of a critical raw material that we purchase in quantities anticipating confident, long-term future demand.
 
*
(67) FORD MOTOR CO (SEC Filing, XBRL), Form: 10-K; Filing date: 2/28/2011; SIC code:3711 (MOTOR VEHICLES & PASSENGER CAR BODIES)
Network: http://www.ford.com/2010-12-31/role/SummaryOfAccountingPoliciesPolicies
[Table]:
All inventories are stated at the lower of cost or market.  Cost for a substantial portion of U.S. inventories is determined on a last-in, first-out ("LIFO") basis.  LIFO was used for approximately 31% and 26% of inventories at December 31, 2010 and 2009, respectively.  Cost of other inventories is determined on a first-in, first-out ("FIFO") basis.
*
(68) FORTUNE BRANDS INC (SEC Filing, XBRL), Form: 10-K; Filing date: 2/23/2011; SIC code:3430 (HEARING EQUIP, EXCEPT ELEC & WARM AIR; & PLUMBING FIXTURES)
Network: http://www.fortunebrands.com/taxonomy/role/DisclosureSignificantAccountingPoliciesPolicy
[Table]:
*
(69) FOSTER WHEELER AG (SEC Filing, XBRL), Form: 10-K; Filing date: 2/28/2011; SIC code:1600 (HEAVY CONSTRUCTION OTHER THAN BLDG CONST - CONTRACTORS)
Network: http://fwc.com/role/DisclosureSummaryOfSignificantAccountingPoliciesPolicy
[Table]:
Inventories — Inventories, principally materials and supplies, are stated at the lower of cost or market, determined primarily on the average-cost method. We had inventories of $11,255 and $9,636 as of December 31, 2010 and 2009, respectively. Such amounts are recorded within other current assets on the consolidated balance sheet.
*
(70) FREEPORT MCMORAN COPPER & GOLD INC (SEC Filing, XBRL), Form: 10-K; Filing date: 2/25/2011; SIC code:1000 (METAL MINING)
Network: http://fcx.com/role/SummaryOfSignificantAccountingPoliciesPolicies
[Table]:
Inventories.  The largest components of inventories include finished goods (primarily concentrates and cathodes) at mining operations, concentrates and work-in-process at Atlantic Copper’s smelting and refining operations, and materials and supplies inventories (refer to Note 3 for further discussion). Inventories of materials and supplies, as well as salable products, are stated at the lower of weighted-average cost or market. Costs of finished goods and work-in-process (i.e., not materials and supplies) inventories include labor and benefits, supplies, energy, depreciation, depletion, amortization, site overhead costs, and other necessary costs associated with the extraction and processing of ore, including, depending on the process, mining, haulage, milling, concentrating, smelting, leaching, solution extraction, refining, roasting and chemical processing. Corporate general and administrative costs are not included in inventory costs.

Work-in-Process. In-process inventories represent materials that are currently in the process of being converted to a salable product. Conversion processes for mining operations vary depending on the nature of the copper ore and the specific mining operation. For sulfide ores, processing includes milling and concentrating and results in the production of copper and molybdenum concentrates or, alternatively, copper cathode by concentrate leaching. For oxide ores and certain secondary sulfide ores, processing includes leaching of stockpiles, solution extraction and electrowinning (SX/EW) and results in the production of copper cathodes. In-process material is measured based on assays of the material included in these processes and projected recoveries. In-process inventories are valued based on the costs incurred to various points in the process, including depreciation relating to associated process facilities. For Atlantic Copper, in-process inventories represent copper concentrates at various stages of conversion into anodes and cathodes. Atlantic Copper’s in-process inventories are valued at the weighted-average cost of the material fed to the smelting and refining process plus in-process conversion costs.

Finished Goods. Finished goods include salable products (e.g., copper and molybdenum concentrates, copper anodes, copper cathodes, copper rod, copper wire, molybdenum oxide, high-purity molybdenum chemicals and other metallurgical products). Finished goods are valued based on the weighted-average cost of source material plus applicable conversion costs relating to associated process facilities.

*
(71) GENERAL ELECTRIC CO (SEC Filing, XBRL), Form: 10-K; Filing date: 2/25/2011; SIC code:3600 (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT (NO COMPUTER EQUIP))
Network: http://www.ge.com/role/DisclosureSummaryOfSignificantAccountingPoliciesPolicy
[Table]:

Inventories

All inventories are stated at the lower of cost or realizable values. Cost for a significant portion of GE U.S. inventories is determined on a last-in, first-out (LIFO) basis. Cost of other GE inventories is determined on a first-in, first-out (FIFO) basis. LIFO was used for 39% of GE inventories at both December 31, 2010 and 2009. GECS inventories consist of finished products held for sale; cost is determined on a FIFO basis.

*
(72) GENUINE PARTS CO (SEC Filing, XBRL), Form: 10-K; Filing date: 2/25/2011; SIC code:5013 (WHOLESALE-MOTOR VEHICLE SUPPLIES & NEW PARTS)
Network: http://genpt.com/role/SummaryOfSignificantAccountingPoliciesPolicies
[Table]:
Merchandise Inventories, Including Consideration Received From Vendors
 
Merchandise inventories are valued at the lower of cost or market. Cost is determined by the last-in, first-out (LIFO) method for a majority of automotive parts, electrical/electronic materials, and industrial parts, and by the first-in, first-out (FIFO) method for office products and certain other inventories. If the FIFO method had been used for all inventories, cost would have been approximately $383,094,000 and $398,122,000 higher than reported at December 31, 2010 and 2009, respectively. During 2010, reductions in inventory levels in industrial parts inventories resulted in liquidations of LIFO inventory layers. The effect of the LIFO liquidation in 2010 was to reduce cost of goods sold by approximately $25,000,000. During 2009, reductions in inventory levels in industrial and electrical parts inventories resulted in liquidations of LIFO inventory layers. The effect of the LIFO liquidation in 2009 was to reduce cost of goods sold by approximately $22,000,000.
 
The Company identifies slow moving or obsolete inventories and estimates appropriate provisions related thereto. Historically, these losses have not been significant as the vast majority of the Company’s inventories are not highly susceptible to obsolescence and are eligible for return under various vendor return programs. While the Company has no reason to believe its inventory return privileges will be discontinued in the future, its risk of loss associated with obsolete or slow moving inventories would increase if such were to occur.
 
The Company enters into agreements at the beginning of each year with many of its vendors that provide for inventory purchase incentives. Generally, the Company earns inventory purchase incentives upon achieving specified volume purchasing levels or other criteria. The Company accrues for the receipt of these incentives as part of its inventory cost based on cumulative purchases of inventory to date and projected inventory purchases through the end of the year. While management believes the Company will continue to receive consideration from vendors in 2011 and beyond, there can be no assurance that vendors will continue to provide comparable amounts of incentives in the future.
*
(73) GILEAD SCIENCES INC (SEC Filing, XBRL), Form: 10-K; Filing date: 2/28/2011; SIC code:2836 (BIOLOGICAL PRODUCTS, (NO DISGNOSTIC SUBSTANCES))
Network: http://www.gilead.com/taxonomy/role/DisclosureOrganizationAndSummaryOfSignificantAccountingPoliciesPolicy
[Table]:

Inventories

Inventories are recorded at the lower of cost or market, with cost determined on a first-in, first-out basis. We periodically review the composition of our inventories in order to identify obsolete, slow-moving or otherwise unsaleable items. If unsaleable items are observed and there are no alternate uses for the inventory, we will record a write-down to net realizable value in the period that the impairment is first recognized.

*
(74) GOODRICH CORP (SEC Filing, XBRL), Form: 10-K; Filing date: 2/15/2011; SIC code:3760 (GUIDED MISSILES & SPACE VEHICLES & PARTS)
Network: http://goodrich.com/role/SignificantAccountingPoliciesPolicies
[Table]:
 
Inventories.  Inventories are stated at the lower of cost or market. The costs of certain U.S. inventories were determined by the last-in, first-out (LIFO) cost method. Costs for the remaining inventories were determined by the first-in, first-out (FIFO) cost method. See Note 8, “Inventories”.
 
Inventoried costs on long-term contracts include certain pre-production costs, consisting primarily of tooling and engineering design and production costs, including applicable overhead. The costs attributed to units delivered under long-term commercial contracts are based on the estimated average cost of all units expected to be produced and are determined under the learning curve concept, which anticipates a predictable decrease in unit costs as tasks and production techniques become more efficient through repetition. This usually results in an increase in inventory (referred to as “excess-over average”) during the early years of a contract. If in-process inventory plus estimated costs to complete a specific contract exceed the anticipated remaining sales value of such contract, the excess is charged to cost of sales in the period identified.
 
In accordance with industry practice, costs in inventory include amounts relating to contracts with long production cycles, some of which are not expected to be realized within one year.
*
(75) GRAINGER W W INC (SEC Filing, XBRL), Form: 10-K; Filing date: 2/28/2011; SIC code:5000 (WHOLESALE-DURABLE GOODS)
Network: http://grainger.com/role/SummaryOfSignificantAccountingPoliciesPolicies
[Table]:
INVENTORIES
Inventories are valued at the lower of cost or market. Cost is determined primarily by the last-in, first-out (LIFO) method, which accounts for approximately 69% of total inventory. For the remaining inventory, cost is determined by the first-in, first-out (FIFO) method.
*
(76) Halliburton Company (SEC Filing, XBRL), Form: 10-K; Filing date: 2/17/2011; SIC code:1389 (OIL & GAS FIELD SERVICES, NEC)
Network: http://halliburton.com/role/DescriptionOfCompanyAndSignificantAccountingPoliciesPolicies
[Table]:
Inventories are stated at the lower of cost or market.  Cost represents invoice or production cost for new items and original cost less allowance for condition for used material returned to stock.  Production cost includes material, labor, and manufacturing overhead.  Some domestic manufacturing and field service finished products and parts inventories for drill bits, completion products, and bulk materials are recorded using the last-in, first-out method.  The remaining inventory is recorded on the average cost method.  We regularly review inventory quantities on hand and record provisions for excess or obsolete inventory based primarily on historical usage, estimated product demand, and technological developments.
Network: http://halliburton.com/role/InventoriesPolicies
[Table]:
Inventories are stated at the lower of cost or market.  Cost represents invoice or production cost for new items and original cost less allowance for condition for used material returned to stock.  Production cost includes material, labor, and manufacturing overhead.  Some domestic manufacturing and field service finished products and parts inventories for drill bits, completion products, and bulk materials are recorded using the last-in, first-out method.  The remaining inventory is recorded on the average cost method.  We regularly review inventory quantities on hand and record provisions for excess or obsolete inventory based primarily on historical usage, estimated product demand, and technological developments.
*
(77) HARLEY DAVIDSON INC (SEC Filing, XBRL), Form: 10-K; Filing date: 2/24/2011; SIC code:3751 (MOTORCYCLES, BICYCLES & PARTS)
Network: http://www.harley-davidson.com/taxonomy/role/DisclosureSummaryOfSignificantAccountingPoliciesPolicy
[Table]: us-gaap:StatementTable
*
(78) HENRY SCHEIN INC (SEC Filing, XBRL), Form: 10-K; Filing date: 2/22/2011; SIC code:5047 (WHOLESALE-MEDICAL, DENTAL & HOSPITAL EQUIPMENT & SUPPLIES)
Network: http://henryschein.com/role/SignificantAccountingPoliciesPolicies
[Table]:
Inventories and Reserves

Inventories consist primarily of finished goods and are valued at the lower of cost or market.  Cost is determined by the first-in, first-out method for merchandise or actual cost for large equipment and high tech equipment.  In accordance with our policy for inventory valuation, we consider many factors including the condition and salability of the inventory, historical sales, forecasted sales and market and economic trends.  From time to time, we adjust our assumptions for anticipated changes in any of these or other factors expected to affect the value of inventory.
*
(79) HESS CORP (SEC Filing, XBRL), Form: 10-K; Filing date: 2/25/2011; SIC code:2911 (PETROLEUM REFINING)
Network: http://hess.com/role/SummaryOfSignificantAccountingPoliciesPolicies
[Table]:
 
Inventories:  Inventories are valued at the lower of cost or market. For refined product inventories valued at cost, the Corporation uses principally the last-in, first-out (LIFO) inventory method. For the remaining inventories, cost is generally determined using average actual costs.
*
(80) HEWLETT PACKARD CO (SEC Filing, XBRL), Form: 10-K; Filing date: 12/15/2010; SIC code:3570 (COMPUTER & OFFICE EQUIPMENT)
Network: http://www.hp.com/role/DisclosureSummaryOfSignificantAccountingPoliciesByPolicy
[Table]:

Inventory

        HP values inventory at the lower of cost or market, with cost computed on a first-in, first-out basis. Adjustments to reduce the cost of inventory to its net realizable value are made, if required, for estimated excess, obsolescence or impaired balances.

*
(81) Honeywell International Inc (SEC Filing, XBRL), Form: 10-K; Filing date: 2/11/2011; SIC code:3714 (MOTOR VEHICLE PARTS & ACCESSORIES)
Network: http://www.honeywell.com/role/DisclosureSUMMARYOFSIGNIFICANTACCOUNTINGPOLICIESPolicies
[Table]:

Inventories—Inventories are valued at the lower of cost or market using the first-in, first-out or the average cost method and the last-in, first-out (LIFO) method for certain qualifying domestic inventories.

 

*
(82) HOSPIRA INC (SEC Filing, XBRL), Form: 10-K; Filing date: 2/16/2011; SIC code:2834 (PHARMACEUTICAL PREPARATIONS)
Network: http://www.hospira.com/role/DisclosureSummaryOfSignificantAccountingPoliciesPolicies
[Table]:

Inventories

        Inventories are stated at the lower of cost (first-in, first-out basis) or market. Inventory cost includes material and conversion costs. Hospira monitors inventories for exposures related to obsolescence, excess and date expiration, non-conformance, product recalls and loss and damage, and recognizes a charge to cost of products sold for the amount required to reduce the carrying value of inventory to estimated net realizable value. If conditions are less favorable than estimated, additional charges may be required. Such reserves were $100.0 million and $110.7 million at December 31, 2010 and 2009, respectively.

*
(83) ILLINOIS TOOL WORKS INC (SEC Filing, XBRL), Form: 10-K; Filing date: 2/28/2011; SIC code:3560 (GENERAL INDUSTRIAL MACHINERY & EQUIPMENT)
Network: http://itw.com/role/SignificantAccountingPoliciesPolicies
[Table]:
 
Inventories
 
Inventories are stated at the lower of cost or market and include material, labor and factory overhead. The last-in, first-out (“LIFO”) method is used to determine the cost of the inventories of approximately half of the U.S. inventories.
The first-in, first-out (“FIFO”) method, which approximates current cost, is used for all other inventories.
*
(84) IMPERIAL OIL LTD (SEC Filing, XBRL), Form: 10-K; Filing date: 2/25/2011; SIC code:2911 (PETROLEUM REFINING)
Network: http://www.imperialoil.ca/taxonomy/role/DisclosureSummaryOfSignificantAccountingPoliciesPolicy
[Table]:

Inventories are recorded at the lower of cost or current market value. The cost of crude oil and products is determined primarily using the last-in, first-out (LIFO) method. LIFO was selected over the alternative first-in, first-out and average cost methods because it provides a better matching of current costs with the revenues generated in the period.

Inventory costs include expenditures and other charges, including depreciation, directly or indirectly incurred in bringing the inventory to its existing condition and final storage prior to delivery to a customer. Selling and general expenses are reported as period costs and excluded from inventory costs.

*
(85) Ingersoll-Rand plc (SEC Filing, XBRL), Form: 10-K; Filing date: 2/22/2011; SIC code:3822 (AUTO CONTROLS FOR REGULATING RESIDENTIAL & COMML ENVIRONMENTS)
Network: http://ingersollrand.com/taxonomy/role/DisclosureSummaryOfSignificantAccountingPoliciesPolicy
[Table]: us-gaap:StatementTable
*
(86) INTERNATIONAL BUSINESS MACHINES CORP (SEC Filing, XBRL), Form: 10-K; Filing date: 2/22/2011; SIC code:3570 (COMPUTER & OFFICE EQUIPMENT)
Network: http://www.ibm.com/role/DisclosureSignificantAccountingPoliciesPolicies
[Table]:

Inventories

 

Raw materials, work in process and finished goods are stated at the lower of average cost or market. Cash flows related to the sale of inventories are reflected in net cash from operating activities in the Consolidated Statement of Cash Flows.

 

*
(87) INTERNATIONAL PAPER CO /NEW/ (SEC Filing, XBRL), Form: 10-K; Filing date: 2/25/2011; SIC code:2621 (PAPER MILLS)
Network: http://www.internationalpaper.com/taxonomy/role/DisclosureSummaryOfBusinessAndSignificantAccountingPoliciesPolicy
[Table]:

INVENTORIES

Inventories are valued at the lower of cost or market and include all costs directly associated with manufacturing products: materials, labor and manufacturing overhead. In the United States, costs of raw materials and finished pulp and paper products are generally determined using the last-in, first-out method. Other inventories are valued using the first-in, first-out or average cost methods.

*
(88) INTUITIVE SURGICAL INC (SEC Filing, XBRL), Form: 10-K; Filing date: 2/1/2011; SIC code:3842 (ORTHOPEDIC, PROSTHETIC & SURGICAL APPLIANCES & SUPPLIES)
Network: http://www.intuitivesurgical.com/taxonomy/role/DisclosureSummaryOfSignificantAccountingPoliciesPolicy
[Table]:

Inventory

Inventory is stated at the lower of cost or market value on a first-in, first-out basis. Inventory costs include direct materials, direct labor, direct subcontractor costs, and manufacturing overhead. The Company provides inventory write-downs based on excess and obsolete inventories determined primarily by future demand forecasts.

*
(89) iShares Silver Trust (SEC Filing, XBRL), Form: 10-K; Filing date: 2/25/2011; SIC code:6221 (COMMODITY CONTRACTS BROKERS & DEALERS)
Network: http://www.ishares.com/role/DisclosureSummaryOfSignificantAccountingPoliciesPolicy
[Table]:

JPMorgan Chase Bank N.A., London branch (the "Custodian") is responsible for the safekeeping of silver bullion owned by the Trust.

For financial statement purposes, the silver bullion held by the Trust is valued at the lower of cost or market, using the average cost method. Should the market value of the silver bullion held be lower than its average cost during the interim periods of the same fiscal year, an adjustment of value below cost ("market value reserve") is recorded by the Trust. Should the market value of the silver bullion held increase subsequent to the market value reserve being recorded, a "market value recovery" is recorded by the Trust. Gain or loss on sales of silver bullion is calculated on a trade date basis. Fair value of the silver bullion is based on the price for an ounce of silver set each working day by three market making members of The London Bullion Market Association ("London Fix").

 

*
(90) ITT CORP (SEC Filing, XBRL), Form: 10-K; Filing date: 2/24/2011; SIC code:3561 (PUMPS & PUMPING EQUIPMENT)
Network: http://itt.com/role/SummaryOfSignificantAccountingPoliciesPolicies
[Table]:
 
Inventories
Inventories are recorded at the lower of cost or market, with cost generally computed on a first-in, first-out (FIFO) basis. A full absorption policy is employed using standard cost techniques that are periodically reviewed and adjusted. Estimated losses from obsolete and slow-moving inventories are recorded to reduce inventory values to their estimated net realizable value. Inventories valued under the last-in, first-out (LIFO) method represent 7.1% and 6.4% of total 2010 and 2009 inventories, respectively. There would not have been a material difference in the value of inventories if the FIFO method had been used to value all inventories.
Inventoried costs related to long-term contracts are stated at the actual production cost, including overhead and other related non-recurring costs incurred to date reduced by amounts identified with revenue recognized on units delivered or progress completed. General and administrative costs applicable to cost-reimbursement type contracts are also included in inventories. Inventoried costs relating to long-term contracts and programs are reduced by charging any amounts in excess of estimated realizable value to costs of revenue.
*
(91) JOHNSON & JOHNSON (SEC Filing, XBRL), Form: 10-K; Filing date: 2/25/2011; SIC code:2834 (PHARMACEUTICAL PREPARATIONS)
Network: http://jnj.com/role/SummaryOfSignificantAccountingPoliciesPolicies
[Table]:
 
Inventories are stated at the lower of cost or market determined by the first-in, first-out method.
*
(92) JOY GLOBAL INC (SEC Filing, XBRL), Form: 10-K; Filing date: 12/20/2010; SIC code:3532 (MINING MACHINERY & EQUIP (NO OIL & GAS FIELD MACH & EQUIP))
Network: http://joyglobal.com/role/SignificantAccountingPoliciesPolicies
[Table]:
Inventories - Our inventories are carried at the lower of cost or net realizable value using the first-in, first-out (“FIFO”) method for all inventories.  We evaluate the need to record adjustments for inventory on a regular basis.  Our policy is to evaluate all inventories including raw material, work-in-process, finished goods, and spare parts.  Inventory in excess of our estimated usage requirements is written down to its estimated net realizable value.  Inherent in the estimates of net realizable value are estimates related to our future manufacturing schedules, customer demand, possible alternative uses and ultimate realization of potentially excess inventory.
*
(93) KELLOGG CO (SEC Filing, XBRL), Form: 10-K; Filing date: 2/25/2011; SIC code:2040 (GRAIN MILL PRODUCTS)
Network: http://www.kelloggcompany.com/role/DisclosureAccountingPoliciesPolicy
[Table]:
*
(94) KIMBERLY CLARK CORP (SEC Filing, XBRL), Form: 10-K; Filing date: 2/23/2011; SIC code:2670 (CONVERTED PAPER & PAPERBOARD PRODS (NO CONTANERS/BOXES))
Network: http://kimberly-clark.com/role/DisclosureAccountingPoliciesPolicy
[Table]:

 

Inventories and Distribution Costs

 

For financial reporting purposes, most U.S. inventories are valued at the lower of cost, using the Last-In, First-Out (LIFO) method, or market. The balance of the U.S. inventories and inventories of consolidated operations outside the U.S. are valued at the lower of cost, using either the First-In, First-Out (FIFO) or weighted-average cost methods, or market. Distribution costs are classified as cost of products sold.

*
(95) Kinder Morgan Energy Partners L P (SEC Filing, XBRL), Form: 10-K; Filing date: 2/23/2011; SIC code:4922 (NATURAL GAS TRANSMISSION)
Network: http://kindermorgan.com/role/SummaryOfSignificantAccountingPoliciesPolicies
[Table]:
Inventories
 
Our inventories of products consist of natural gas liquids, refined petroleum products, natural gas, carbon dioxide and coal.  We report these assets at the lower of weighted-average cost or market, and in December 2008, we recognized a lower of cost or market adjustment of $12.9 million in our CO2 business segment.  We report materials and supplies inventories at cost, and periodically review for physical deterioration and obsolescence.
 

 
As of December 31, 2010 and 2009, the value of natural gas in our underground storage facilities under the weighted-average cost method was $2.2 million and $43.5 million, respectively, and we reported these amounts separately as "Gas in underground storage" in our accompanying consolidated balance sheets.
*
(96) KRAFT FOODS INC (SEC Filing, XBRL), Form: 10-K; Filing date: 2/28/2011; SIC code:2000 (FOOD AND KINDRED PRODUCTS)
Network: http://www.kraftfoods.com/taxonomy/role/DisclosureSummaryOfSignificantAccountingPoliciesPolicy
[Table]:
*
(97) L 3 COMMUNICATIONS HOLDINGS INC (SEC Filing, XBRL), Form: 10-K; Filing date: 2/24/2011; SIC code:3663 (RADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT)
Network: http://l-3com.com/role/SummaryOfSignificantAccountingPoliciesPolicies
[Table]:
 
Inventories: Inventories, other than Inventoried Contract Costs, are stated at cost (first-in, first-out or average cost), but not in excess of realizable value. A provision for excess or inactive inventory is recorded based upon an analysis that considers current inventory levels, historical usage patterns and future sales expectations.
*
(98) LIBERTY MEDIA CORP (SEC Filing, XBRL), Form: 10-K; Filing date: 2/28/2011; SIC code:4841 (CABLE & OTHER PAY TELEVISION SERVICES)
Network: http://www.libertymedia.com/role/DisclosureSummaryOfSignificantAccountingPoliciesPolicies
[Table]:
*
(99) Life Technologies Corp (SEC Filing, XBRL), Form: 10-K; Filing date: 2/25/2011; SIC code:2836 (BIOLOGICAL PRODUCTS, (NO DISGNOSTIC SUBSTANCES))
Network: http://lifetechnologies.com/role/BusinessActivitySummaryOfSignificantAccountingPoliciesAndSignificantAccountsPolicies
[Table]:
 
Inventories
 
Inventories are generally stated at lower of cost (first-in, first-out method) or market. Cost is determined principally on the standard cost method for manufactured goods that approximates cost on the first-in, first-out method. The Company reviews the components of its inventory on a regular basis for excess, obsolete and impaired inventory and makes appropriate dispositions as obsolete inventory is identified. Reserves for excess, obsolete and impaired inventory were $92.4 million and $106.3 million at December 31, 2010 and 2009, respectively. Inventories include material, labor and overhead costs in addition to purchase accounting adjustments to write-up acquired inventory to estimated selling prices less costs to complete, costs of disposal and a reasonable profit allowance.
 
*
(100) LOCKHEED MARTIN CORP (SEC Filing, XBRL), Form: 10-K; Filing date: 2/25/2011; SIC code:3760 (GUIDED MISSILES & SPACE VEHICLES & PARTS)
Network: http://www.lockheedmartin.com/taxonomy/role/DisclosureSignificantAccountingPoliciesPolicy
[Table]:
*
(101) LORILLARD, INC. (SEC Filing, XBRL), Form: 10-K; Filing date: 2/18/2011; SIC code:2111 (CIGARETTES)
Network: http://lorillard.com/role/SignificantAccountingPoliciesPolicies
[Table]:
 
Inventories — Inventories are valued at the lower of cost, determined on a last-in, first-out (“LIFO”) basis, or market. A significant portion of leaf tobacco on hand will not be sold or used within one year, due to the duration of the aging process. All inventory of leaf tobacco, including the portion that has an operating cycle that exceeds 12 months, is classified as a current asset and is generally consistent with recognized trade practice.
*
(102) LUBRIZOL CORP (SEC Filing, XBRL), Form: 10-K; Filing date: 2/25/2011; SIC code:2860 (INDUSTRIAL ORGANIC CHEMICALS)
Network: http://www.lubrizol.com/taxonomy/role/NotesToFinancialStatementsSignificantAccountingPoliciesTextBlockPolicies
[Table]: us-gaap:StatementTable

Inventories – Inventories are stated at the lower of cost or market value. Cost of inventories is determined by either the first-in, first-out (FIFO) method or the moving-average method, except in the United States for chemical inventories, which are valued using the last-in, first-out (LIFO) method. Abnormal amounts of idle facility expense, freight, handling costs and wasted material are recognized as an expense in the period incurred.

The company accrues volume discounts on purchases from vendors where it is probable, based on projected purchases over the purchase agreement period, the required volume will be attained and the amount can be reasonably estimated. The company records the discount as a reduction in the cost of the purchased materials.

*
(103) Marathon Oil Corporation (SEC Filing, XBRL), Form: 10-K; Filing date: 2/28/2011; SIC code:2911 (PETROLEUM REFINING)
Network: http://www.marathon.com/role/DisclosureSummaryOfPrincipalAccountingPoliciesPolicies
[Table]:

Inventories – Inventories are carried at the lower of cost or market value. Cost of inventories is determined primarily under the last-in, first-out (“LIFO”) method.

 

*
(104) MATTEL INC /DE/ (SEC Filing, XBRL), Form: 10-K; Filing date: 2/24/2011; SIC code:3942 (DOLLS & STUFFED TOYS)
Network: http://www.mattel.com/taxonomy/role/DisclosureSummaryOfSignificantAccountingPoliciesPolicy
[Table]:

Inventories

Inventories, net of an allowance for excess quantities and obsolescence, are stated at the lower of cost or market. Cost is determined by the first-in, first-out method.

*
(105) McAfee, Inc. (SEC Filing, XBRL), Form: 10-K; Filing date: 2/28/2011; SIC code:7372 (SERVICES-PREPACKAGED SOFTWARE)
Network: http://mcafee.com/role/SummaryOfSignificantAccountingPoliciesPolicies
[Table]:
 
Inventory
 
Inventory, which consists primarily of finished goods held at our warehouse and other fulfillment partner locations and finished goods sold to our channel partners but not yet sold through to the end user, is stated at lower of cost or market. Cost is computed using standard cost, which approximates actual cost on a first in, first out basis. Inventory balances, net of write downs for excess and obsolete inventory, are included in the “other current assets” line item on our consolidated balance sheets and were $7.1 million at December 31, 2010 and $11.4 million at December 31, 2009.
*
(106) MCGRAW-HILL COMPANIES INC (SEC Filing, XBRL), Form: 10-K; Filing date: 2/23/2011; SIC code:2731 (BOOKS: PUBLISHING OR PUBLISHING & PRINTING)
Network: http://mcgraw-hill.com/role/AccountingPoliciesPolicies
[Table]:
Inventories Inventories are stated at the lower of cost (first-in, first-out) or market. A significant estimate in our MHE segment is the reserve for inventory obsolescence. In determining this reserve, we consider management’s current assessment of the marketplace, industry trends and projected product demand as compared to the number of units currently on hand.
*
(107) MEDCO HEALTH SOLUTIONS INC (SEC Filing, XBRL), Form: 10-K; Filing date: 2/22/2011; SIC code:5912 (RETAIL-DRUG STORES AND PROPRIETARY STORES)
Network: http://medco.com/role/SummaryOfSignificantAccountingPoliciesPolicies
[Table]:
Inventories, Net. Inventories, net, are located in the Company’s mail-order pharmacies and in warehouses, consist solely of finished product (primarily prescription drugs), and are valued at the lower of first-in, first-out (FIFO) cost or market.
*
(108) Merck & Co. Inc. (SEC Filing, XBRL), Form: 10-K; Filing date: 2/28/2011; SIC code:2834 (PHARMACEUTICAL PREPARATIONS)
Network: http://merck.com/role/SummaryOfAccountingPoliciesPolicies
[Table]:
 
Inventories — Inventories are valued at the lower of cost or market. The cost of a substantial majority of domestic pharmaceutical and vaccine inventories is determined using the last-in, first-out (“LIFO”) method for both financial reporting and tax purposes. The cost of all other inventories is determined using the first-in, first-out (“FIFO”) method. Inventories consist of currently marketed products and certain products awaiting regulatory approval. In evaluating the recoverability of inventories produced in preparation for product launches, the Company considers the probability that revenue will be obtained from the future sale of the related inventory together with the status of the product within the regulatory approval process.
*
(109) MOLSON COORS BREWING CO (SEC Filing, XBRL), Form: 10-K; Filing date: 2/22/2011; SIC code:2082 (MALT BEVERAGES)
Network: http://www.molsoncoors.com/role/DisclosureBasisOfPresentationAndSummaryOfSignificantAccountingPoliciesPolicies
[Table]:

Inventories

        Inventories are stated at the lower of cost or market. Cost is determined by the first-in, first-out ("FIFO") method. Prior to the formation of MillerCoors, substantially all of the inventories in the United States were determined on the last-in, first-out ("LIFO") method. In the fourth quarter of 2010, we reclassified our returnable bottles and pallets from Inventories, Packaging Materials, to Properties as discussed below.

        We regularly assess the shelf-life of our inventories and reserve for those inventories when it becomes apparent the product will not be sold within our freshness specifications. There were no allowances for obsolete finished goods or packaging materials at December 25, 2010 or at December 26, 2009.

*
(110) Motorola Solutions, Inc. (SEC Filing, XBRL), Form: 10-K; Filing date: 2/18/2011; SIC code:3663 (RADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT)
Network: http://www.motorola.com/role/DisclosureSummaryOfSignificantAccountingPoliciesPolicy
[Table]: us-gaap:StatementTable
*
(111) MURPHY OIL CORP /DE (SEC Filing, XBRL), Form: 10-K; Filing date: 2/28/2011; SIC code:2911 (PETROLEUM REFINING)
Network: http://www.murphyoilcorp.com/taxonomy/role/NotesToFinancialStatementsSignificantAccountingPoliciesTextBlockPolicies
[Table]: us-gaap:StatementTable
INVENTORIES – Unsold crude oil production is carried in inventory at the lower of cost, generally applied on a first-in, first-out (FIFO) basis, or market, and include costs incurred to bring the inventory to its existing condition. Refinery inventories of crude oil and other feedstocks and finished product inventories are valued at the lower of cost, generally applied on a last-in, first-out (LIFO) basis, or market. Inventory held for resale at retail marketing stations is generally carried at average cost and is included in Finished Products Inventory. Materials and supplies are valued at the lower of average cost or estimated value and generally consist of tubulars and other drilling equipment as well as spare parts for refinery operations. Cash collected upon the sale of inventory to customers is classified as an operating activity in the Consolidated Statement of Cash Flows.
*
(112) NATIONAL OILWELL VARCO INC (SEC Filing, XBRL), Form: 10-K; Filing date: 2/23/2011; SIC code:3533 (OIL & GAS FIELD MACHINERY & EQUIPMENT)
Network: http://nov.com/role/SummaryOfSignificantAccountingPoliciesPolicies
[Table]:
Inventories consist of raw materials, work-in-process and oilfield and industrial finished products, manufactured equipment and spare parts. Inventories are stated at the lower of cost or market using the first-in, first-out or average cost methods. Allowances for excess and obsolete inventories are determined based on our historical usage of inventory on-hand as well as our future expectations related to our installed base and the development of new products. The allowance, which totaled $270 million and $206 million at December 31, 2010 and 2009, respectively, is the amount necessary to reduce the cost of the inventory to its estimated realizable value.
*
(113) NEWMONT MINING CORP /DE/ (SEC Filing, XBRL), Form: 10-K; Filing date: 2/24/2011; SIC code:1040 (GOLD AND SILVER ORES)
Network: http://newmont.com/role/DisclosureSummaryOfSignificantAccountingPoliciesPolicies
[Table]:

Stockpiles, Ore on Leach Pads and Inventories

 

As described below, costs that are incurred in or benefit the productive process are accumulated as stockpiles, ore on leach pads and inventories. Stockpiles, ore on leach pads and inventories are carried at the lower of average cost or net realizable value. Net realizable value represents the estimated future sales price of the product based on current and long-term metals prices, less the estimated costs to complete production and bring the product to sale. Write-downs of stockpiles, ore on leach pads and inventories, resulting from net realizable value impairments, are reported as a component of Costs applicable to sales. The current portion of stockpiles, ore on leach pads and inventories is determined based on the expected amounts to be processed within the next 12 months. Stockpiles, ore on leach pads and inventories not expected to be processed within the next 12 months are classified as long-term. The major classifications are as follows:

 

Stockpiles

 

Stockpiles represent ore that has been extracted from the mine and is available for further processing. Stockpiles are measured by estimating the number of tons added and removed from the stockpile, the number of contained ounces or pounds (based on assay data) and the estimated metallurgical recovery rates (based on the expected processing method). Stockpile ore tonnages are verified by periodic surveys. Costs are allocated to stockpiles based on relative values of material stockpiled and processed using current mining costs incurred up to the point of stockpiling the ore, including applicable overhead and amortization relating to mining operations, and removed at each stockpile's average cost per recoverable unit.

 

Ore on Leach Pads

 

The recovery of gold from certain gold oxide ores is achieved through the heap leaching process. Under this method, oxide ore is placed on leach pads where it is treated with a chemical solution, which dissolves the gold contained in the ore. The resulting gold-bearing solution is further processed in a plant where the gold is recovered. Costs are added to ore on leach pads based on current mining costs, including applicable amortization relating to mining operations. Costs are removed from ore on leach pads as ounces are recovered based on the average cost per estimated recoverable ounce of gold on the leach pad.

 

The estimates of recoverable gold on the leach pads are calculated from the quantities of ore placed on the leach pads (measured tons added to the leach pads), the grade of ore placed on the leach pads (based on assay data) and a recovery percentage (based on ore type). In general, leach pads recover between 50% and 95% of the recoverable ounces in the first year of leaching, declining each year thereafter until the leaching process is complete.

 

Although the quantities of recoverable gold placed on the leach pads are reconciled by comparing the grades of ore placed on pads to the quantities of gold actually recovered (metallurgical balancing), the nature of the leaching process inherently limits the ability to precisely monitor inventory levels. As a result, the metallurgical balancing process is constantly monitored and estimates are refined based on actual results over time. Historically, the Company's operating results have not been materially impacted by variations between the estimated and actual recoverable quantities of gold on its leach pads. Variations between actual and estimated quantities resulting from changes in assumptions and estimates that do not result in write-downs to net realizable value are accounted for on a prospective basis.

 

In-process Inventory

 

In-process inventories represent materials that are currently in the process of being converted to a saleable product. Conversion processes vary depending on the nature of the ore and the specific processing facility, but include mill in-circuit, leach in-circuit, flotation and column cells, and carbon in-pulp inventories. In-process material is measured based on assays of the material fed into the process and the projected recoveries of the respective plants. In-process inventories are valued at the average cost of the material fed into the process attributable to the source material coming from the mines, stockpiles and/or leach pads plus the in-process conversion costs, including applicable amortization relating to the process facilities incurred to that point in the process.

 

Precious Metals Inventory

 

Precious metals inventories include gold doré and/or gold bullion. Precious metals that result from the Company's mining and processing activities are valued at the average cost of the respective in-process inventories incurred prior to the refining process, plus applicable refining costs.

 

Concentrate Inventory

 

Concentrate inventories represent copper and gold concentrate available for shipment. The Company values concentrate inventory at the average cost, including an allocable portion of support costs and amortization. Costs are added and removed to the concentrate inventory based on tons of concentrate and are valued at the lower of average cost or net realizable value.

 

Materials and Supplies

 

Materials and supplies are valued at the lower of average cost or net realizable value. Cost includes applicable taxes and freight.

*
(114) NEXTERA ENERGY INC (SEC Filing, XBRL), Form: 10-K; Filing date: 2/28/2011; SIC code:4911 (ELECTRIC SERVICES)
Network: http://nexteraenergyresources.com/role/SummaryOfSignificantAccountingAndReportingPoliciesPolicies
[Table]:
Inventory - FPL values materials, supplies and fossil fuel inventory using a weighted-average cost method.  NextEra Energy Resources' materials, supplies and fossil fuel inventories are carried at the lower of weighted-average cost or market, unless evidence indicates that the weighted-average cost (even if in excess of market) will be recovered with a normal profit upon sale in the ordinary course of business.
*
(115) NII HOLDINGS INC (SEC Filing, XBRL), Form: 10-K; Filing date: 2/24/2011; SIC code:4812 (RADIOTELEPHONE COMMUNICATIONS)
Network: http://www.nii.com/role/DisclosureSummaryOfOperationsAndSignificantAccountingPoliciesPolicy
[Table]:
*
(116) NRG ENERGY, INC. (SEC Filing, XBRL), Form: 10-K; Filing date: 2/22/2011; SIC code:4911 (ELECTRIC SERVICES)
Network: http://www.nrgenergy.com/role/DisclosureSummaryOfSignificantAccountingPoliciesPolicies
[Table]:
  •         Inventory is valued at the lower of weighted average cost or market, unless evidence indicates that the weighted average cost will be recovered with a normal profit in the ordinary course of business, and consists principally of fuel oil, coal and raw materials used to generate electricity or steam. The Company removes these inventories as they are used in the production of electricity or steam. Spare parts inventory is valued at a weighted average cost, since the Company expects to recover these costs in the ordinary course of business. The Company removes these inventories when they are used for repairs, maintenance or capital projects. Sales of inventory are classified as an operating activity in the consolidated statements of cash flows.
*
(117) NUCOR CORP (SEC Filing, XBRL), Form: 10-K; Filing date: 2/28/2011; SIC code:3312 (STEEL WORKS, BLAST FURNACES & ROLLING MILLS (COKE OVENS))
Network: http://www.nucor.com/taxonomy/role/DisclosureSummaryOfSignificantAccountingPoliciesPolicy
[Table]: us-gaap:StatementTable
*
(118) O REILLY AUTOMOTIVE INC (SEC Filing, XBRL), Form: 10-K; Filing date: 2/28/2011; SIC code:5531 (RETAIL-AUTO & HOME SUPPLY STORES)
Network: http://www.oreillyauto.com/role/DisclosureSummaryOfSignificantAccountingPoliciesPolicy
[Table]:

Inventory, which consists of automotive hard parts, maintenance items, accessories and tools, is stated at the lower of cost or market.  Inventory also includes capitalized costs related to procurement, warehousing and distribution centers ("DC").  Cost has been determined using the last-in, first-out method, which more accurately matches costs with related revenues.  The replacement cost of inventory was $2,046 million and $1,922 million as of December 31, 2010 and 2009, respectively.

*
(119) OCCIDENTAL PETROLEUM CORP /DE/ (SEC Filing, XBRL), Form: 10-K; Filing date: 2/24/2011; SIC code:1311 (CRUDE PETROLEUM & NATURAL GAS)
Network: http://www.oxy.com/role/DisclosureSummaryOfSignificantAccountingPoliciesPolicies
[Table]:

INVENTORIES

Materials and supplies are valued at the lower of weighted-average cost or market and are reviewed periodically for obsolescence.  Oil and natural gas inventories are valued at the lower of cost or market.

 

For the chemical segment, Occidental’s inventories are valued at the lower of cost or market.  For most of its domestic inventories, other than materials and supplies, the chemical segment uses the last-in, first-out (LIFO) method as it better matches current costs and current revenue.  For other countries, Occidental uses the first-in, first-out method (if the costs of goods are specifically identifiable) or the average-cost method (if the costs of goods are not specifically identifiable).

*
(120) OWENS ILLINOIS INC /DE/ (SEC Filing, XBRL), Form: 10-K; Filing date: 2/10/2011; SIC code:3221 (GLASS CONTAINERS)
Network: http://www.o-i.com/role/DisclosureSignificantAccountingPoliciesPolicies
[Table]:
Inventory Valuation    The Company values most U.S. inventories at the lower of last-in, first-out (LIFO) cost or market. Other inventories are valued at the lower of standard costs (which approximate average costs) or market.
*
(121) PEABODY ENERGY CORP (SEC Filing, XBRL), Form: 10-K; Filing date: 2/28/2011; SIC code:1221 (BITUMINOUS COAL & LIGNITE SURFACE MINING)
Network: http://peabodyenergy.com/role/SummaryOfSignificantAccountingPoliciesDiscussionPolicies
[Table]:
 
Materials and supplies and coal inventory are valued at the lower of average cost or market. Raw coal represents coal stockpiles that may be sold in current condition or may be further processed prior to shipment to a customer. Coal inventory costs include labor, supplies, equipment, operating overhead and other related costs.
 
*
(122) PFIZER INC (SEC Filing, XBRL), Form: 10-K; Filing date: 2/28/2011; SIC code:2834 (PHARMACEUTICAL PREPARATIONS)
Network: http://www.pfizer.com/2010-12-31/role/SummaryOfSignificantAccountingPolicies
[Table]:
I. Cost of Sales and Inventories
We value inventories at lower of cost or market. The cost of finished goods, work in process and raw materials is determined using average actual cost.
 
*
(123) PG&E CORP (SEC Filing, XBRL), Form: 10-K; Filing date: 2/17/2011; SIC code:4931 (ELECTRIC & OTHER SERVICES COMBINED)
Network: http://pgecorp.com/role/DisclosureSummaryOfSignificantAccountingPoliciesPolicy
[Table]:

Inventories

Inventories are carried at weighted average cost and are valued at the lower of weighted-average cost or market. Inventories include materials, supplies, and natural gas stored underground. Materials and supplies are charged to inventory when purchased and then expensed or capitalized to plant, as appropriate, when consumed or installed. Natural gas stored underground represents purchases that are injected into inventory and then expensed at average cost when withdrawn and distributed to customers or used in electric generation.

*
(124) Philip Morris International Inc. (SEC Filing, XBRL), Form: 10-K; Filing date: 2/25/2011; SIC code:2111 (CIGARETTES)
Network: http://www.philipmorrisinternational.com/taxonomy/role/DisclosureSummaryOfSignificantAccountingPoliciesPolicy
[Table]:

Inventories

Inventories are stated at the lower of cost or market. The first-in, first-out and average cost methods are used to cost substantially all inventories. It is a generally recognized industry practice to classify leaf tobacco inventory as a current asset although part of such inventory, because of the duration of the aging process, ordinarily would not be utilized within one year.

*
(125) PIONEER NATURAL RESOURCES CO (SEC Filing, XBRL), Form: 10-K; Filing date: 2/25/2011; SIC code:1311 (CRUDE PETROLEUM & NATURAL GAS)
Network: http://www.pioneernrc.com/taxonomy/role/DisclosureSummaryOfSignificantAccountingPoliciesPolicy
[Table]:
*
(126) Pitney Bowes Inc /DE/. (SEC Filing, XBRL), Form: 10-K; Filing date: 2/28/2011; SIC code:3579 (OFFICE MACHINES, NEC)
Network: http://www.pb.com/role/DisclosureBasisOfPresentationAndSummaryOfSignificantAccountingPolicies
[Table]:

Inventories

Inventories are stated at the lower of cost or market. Cost is determined on the last-in, first-out (LIFO) basis for most U.S. inventories, and on the first-in, first-out (FIFO) basis for most non-U.S. inventories.

*
(127) PLAINS ALL AMERICAN PIPELINE LP (SEC Filing, XBRL), Form: 10-K; Filing date: 2/25/2011; SIC code:4610 (PIPE LINES (NO NATURAL GAS))
Network: http://www.paalp.com/role/DisclosureSummaryOfSignificantAccountingPoliciesPolicies
[Table]:

Inventory primarily consists of crude oil, LPG, refined products and natural gas in pipelines, storage facilities and rail cars that are valued at the lower of cost or market, with cost determined using an average cost method within specific inventory pools.

 

At the end of each reporting period, we assess the carrying value of our inventory and make any adjustments necessary to reduce the carrying value to the applicable net realizable value.  During 2010 and 2008, we recorded non-cash charges of approximately $3 million and $168 million, respectively, related to the writedown of such inventory.  We recognized no such writedowns during 2009. Linefill, base gas and minimum working inventory requirements in assets we own are recorded at historical cost and consist of crude oil, LPG and natural gas.  We classify as linefill those barrels (i) used to pack the pipeline such that when an incremental product is injected into or enters a pipeline it forces product out at another location and (ii) that represent the minimum working requirements in tanks that we own.  Base gas requirements of natural gas, as well as the minimum amount of crude oil and refined products, are used to operate our storage and terminalling facilities, similar to linefill in the pipelines.  During 2010, 2009 and 2008, we recorded gains of approximately $21 million, $4 million and $3 million, respectively, on the sale of pipeline linefill for proceeds of approximately $72 million, $24 million and $23 million, respectively.

 

Minimum working inventory requirements in third-party assets and other working inventory in our assets that is needed for our commercial operations are included within specific inventory pools in inventory (a current asset) in determining the average cost of operating inventory. At the end of each period, we reclassify the inventory not expected to be liquidated within the succeeding twelve months out of inventory, at average cost, and into long-term inventory, which is reflected as a separate line item within other assets on the consolidated balance sheet.

 

*
(128) PLUM CREEK TIMBER CO INC (SEC Filing, XBRL), Form: 10-K; Filing date: 2/25/2011; SIC code:6798 (REAL ESTATE INVESTMENT TRUSTS)
Network: http://www.plumcreek.com/taxonomy/role/DisclosureAccountingPoliciesPolicy
[Table]: us-gaap:StatementTable
Network: http://www.plumcreek.com/taxonomy/role/DisclosureAccountingPoliciesPolicy
[Table]: us-gaap:StatementTable
*
(129) PPG INDUSTRIES INC (SEC Filing, XBRL), Form: 10-K; Filing date: 2/17/2011; SIC code:2851 (PAINTS, VARNISHES, LACQUERS, ENAMELS & ALLIED PRODS)
Network: http://www.ppg.com/taxonomy/role/NotesToFinancialStatementsSignificantAccountingPoliciesTextBlockPolicies
[Table]: us-gaap:StatementTable

Inventories

Most U.S. inventories are stated at cost, using the last-in, first-out (“LIFO”) method of accounting, which does not exceed market. All other inventories are stated at cost, using the first-in, first-out (“FIFO”) method of accounting, which does not exceed market. PPG determines cost using either average or standard factory costs, which approximate actual costs, excluding certain fixed costs such as depreciation and property taxes.

*
(130) PRAXAIR INC (SEC Filing, XBRL), Form: 10-K; Filing date: 2/23/2011; SIC code:2810 (INDUSTRIAL INORGANIC CHEMICALS)
Network: http://www.praxair.com/role/DisclosureSummaryOfSignificantAccountingPoliciesPolicies
[Table]:

Inventories Inventories are stated at the lower of cost or market. Cost is determined using the last-in, first-out (LIFO) method for certain U.S. operations and the average-cost method for most other operations.

 

*
(131) PUBLIC SERVICE ENTERPRISE GROUP INC (SEC Filing, XBRL), Form: 10-K; Filing date: 2/25/2011; SIC code:4931 (ELECTRIC & OTHER SERVICES COMBINED)
Network: http://www.pseg.com/taxonomy/role/DisclosureOrganizationBasisOfPresentationAndSummaryOfSignificantAccountingPoliciesPolicy
[Table]: us-gaap:StatementTable

 

Materials and Supplies and Fuel

Materials and supplies for Power and Energy Holdings are valued at the lower of average cost or market. Fuel inventory at Power is carried at cost and evaluated for recoverability based on its expected use in Power's generation facilities. PSE&G's materials and supplies are carried at average cost consistent with the rate-making process.

*
(132) PUBLIX SUPER MARKETS INC (SEC Filing, XBRL), Form: 10-K; Filing date: 2/28/2011; SIC code:5411 (RETAIL-GROCERY STORES)
Network: http://www.publix.com/taxonomy/role/DisclosureSummaryOfSignificantAccountingPoliciesPolicy
[Table]:
(f) Inventories

Inventories are valued at the lower of cost or market. The cost for 85% and 86% of inventories was determined using the dollar value last-in, first-out method as of December 25, 2010 and December 26, 2009, respectively. The cost of the remaining inventories was determined using the first-in, first-out (FIFO) method. The FIFO cost of inventory approximates replacement or current cost. The FIFO method is used to value manufactured, seasonal, certain perishable and other miscellaneous inventory items because of fluctuating costs and inconsistent product availability. The Company also reduces inventory for estimated losses related to shrink. If the FIFO method of valuing inventories had been used by the Company to value all inventories, then inventories and current assets would have been higher than reported by $279,413,000 and $265,289,000 as of December 25, 2010 and December 26, 2009, respectively.

*
(133) RAYTHEON CO/ (SEC Filing, XBRL), Form: 10-K; Filing date: 2/23/2011; SIC code:3812 (SEARCH, DETECTION, NAVAGATION, GUIDANCE, AERONAUTICAL SYS)
Network: http://www.raytheon.com/taxonomy/role/DisclosureSummaryOfSignificantAccountingPoliciesPolicies
[Table]:
*
(134) REYNOLDS AMERICAN INC (SEC Filing, XBRL), Form: 10-K; Filing date: 2/23/2011; SIC code:2111 (CIGARETTES)
Network: http://reynoldsamerican.com/role/BusinessAndSummaryOfSignificantAccountingPoliciesPolicies
[Table]:
 
Inventories
 
Inventories are stated at the lower of cost or market. The cost of tobacco inventories is determined principally under the last-in, first-out, or LIFO, method and is calculated at the end of each year. The cost of work in process and finished goods includes materials, direct labor, variable costs and overhead, and full absorption of fixed manufacturing overhead. Stocks of tobacco, which have an operating cycle that exceeds 12 months due to aging requirements, are classified as current assets, consistent with recognized industry practice.
 
*
(135) Roper Industries Inc (SEC Filing, XBRL), Form: 10-K; Filing date: 2/25/2011; SIC code:3823 (INDUSTRIAL INSTRUMENTS FOR MEASUREMENT, DISPLAY, AND CONTROL)
Network: http://roperind.com/role/SummaryOfAccountingPoliciesPolicies
[Table]:
Inventories - Inventories are valued at the lower of cost or market. Cost is determined using the first-in, first-out method. The Company writes down its inventory for estimated obsolescence or excess inventory equal to the difference between the cost of inventory and the estimated market value based upon assumptions about future demand and market conditions.
*
(136) RR Donnelley & Sons Co (SEC Filing, XBRL), Form: 10-K; Filing date: 2/22/2011; SIC code:2750 (COMMERCIAL PRINTING)
Network: http://www.rrdonnelley.com/taxonomy/role/DisclosureBasisOfPresentationAndSummaryOfSignificantAccountingPoliciesPolicy
[Table]:

Inventories—Inventories include material, labor and factory overhead and are stated at the lower of cost or market. The cost of approximately 66.9% and 70.4% of the inventories at December 31, 2010 and 2009, respectively, has been determined using the Last-In, First-Out (LIFO) method. The decrease in this percentage from 2009 is primarily related to inventory decreases in the U.S. This method reflects the effect of inventory replacement costs within results of operations; accordingly, charges to cost of sales reflect recent costs of material, labor and factory overhead. The Company uses an external-index method of valuing LIFO inventories. The remaining inventories, primarily related to certain acquired and international operations, are valued using the First-In, First-Out (FIFO) or specific identification methods.

*
(137) SAFEWAY INC (SEC Filing, XBRL), Form: 10-K; Filing date: 2/28/2011; SIC code:5411 (RETAIL-GROCERY STORES)
Network: http://www.safeway.com/taxonomy/role/DisclosureCompanyAndSignificantAccountingPoliciesPolicy
[Table]:

Merchandise Inventories    Merchandise inventory of $1,685 million at year-end 2010 and $1,629 million at year-end 2009 is valued at the lower of cost on a last-in, first-out ("LIFO") basis or market value. Such LIFO inventory had a replacement or current cost of $1,720 million at year-end 2010 and $1,692 million at year-end 2009. Liquidations of LIFO layers during the three years reported did not have a material effect on the results of operations. All remaining inventory is valued at the lower of cost on a first-in, first-out ("FIFO") basis or market value. The FIFO cost of inventory approximates replacement or current cost. The Company performs physical counts of perishable inventory in stores every four weeks and nonperishable inventory in stores and all distribution centers twice a year. The Company uses a combination of the retail inventory method and cost method to determine the cost of its inventory before any LIFO reserve is applied. The Company records an inventory shrink adjustment upon physical counts and also provides for estimated inventory shrink adjustments for the period between the last physical inventory and each balance sheet date.

*
(138) SANDISK CORPORATION (SEC Filing, XBRL), Form: 10-K; Filing date: 2/23/2011; SIC code:3572 (COMPUTER STORAGE DEVICES)
Network: http://sandisk.com/role/OrganizationAndSummaryOfSignificantAccountingPoliciesPolicies
[Table]:
     Inventories and Inventory Valuation. Inventories are stated at the lower of cost (first-in, first-out) or market. Market value is based upon an estimated average selling price reduced by estimated costs of disposal. Should actual market conditions differ from the Company’s estimates, the Company’s future results of operations could be materially affected. Reductions in inventory valuation are included in Cost of product revenues in the accompanying Consolidated Statements of Operations. Inventory impairment charges, when taken, permanently establish a new cost basis and are not subsequently reversed to income even if circumstances later suggest that increased carrying amounts are recoverable. Rather these amounts are recognized in income only if, as and when the inventory is sold.
     The Company reduces the carrying value of its inventory to a new basis for estimated obsolescence or unmarketable inventory by an amount equal to the difference between the cost of the inventory and the estimated market value based upon assumptions about future demand and market conditions, including assumptions about changes in average selling prices. If actual market conditions are less favorable than those projected by management, additional reductions in inventory valuation may be required.
     The Company’s finished goods inventory includes consigned inventory held at customer locations as well as at third-party fulfillment centers and subcontractors.
*
(139) SCHLUMBERGER LTD /NV/ (SEC Filing, XBRL), Form: 10-K; Filing date: 2/4/2011; SIC code:1389 (OIL & GAS FIELD SERVICES, NEC)
Network: http://slb.com/role/SummaryOfAccountingPoliciesPolicies
[Table]:
 
Inventories
 
Inventories are stated at average cost or at market, whichever is lower. Costs included in Inventories consist of materials, direct labor and manufacturing overhead.
*
(140) Sempra Energy (SEC Filing, XBRL), Form: 10-K; Filing date: 2/24/2011; SIC code:4924 (NATURAL GAS DISTRIBUTION)
Network: http://www.sempra.com/role/DisclosureSIGNIFICANTACCOUNTINGPOLICIESANDOTHERFINANCIALDATAPolicies
[Table]:

Inventories

The Sempra Utilities value natural gas inventory by the last-in first-out (LIFO) method. As inventories are sold, differences between the LIFO valuation and the estimated replacement cost are reflected in customer rates. Materials and supplies at the Sempra Utilities are generally valued at the lower of average cost or market.

 

*
(141) Shire plc (SEC Filing, XBRL), Form: 10-K; Filing date: 2/23/2011; SIC code:2834 (PHARMACEUTICAL PREPARATIONS)
Network: http://www.shire.com/role/DisclosureSummaryOfSignificantAccountingPoliciesPolicies
[Table]:

(r)       Inventories

 

Inventories are stated at the lower of cost (including manufacturing overheads, where appropriate) or market. Cost incurred in bringing each product to its present location and condition is based on purchase costs calculated on a first-in, first-out basis, including transportation costs.

 

Inventories include costs relating to both marketed products and, for certain products, cost incurred prior to regulatory approval. Inventories are capitalized prior to regulatory approval if the Company considers that it is probable that the US Food and Drug Administration (“FDA”) or another regulatory body will grant commercial and manufacturing approval for the relevant product, and it is probable that the value of capitalized inventories will be recovered through commercial sale.

 

Inventories are written down for estimated obsolescence or unmarketable inventory equal to the difference between the cost of inventory and estimated market value based upon assumptions about future demand and market conditions. If actual market conditions are less favorable than those anticipated, inventory adjustments may be required.

*
(142) SOUTHERN CO (SEC Filing, XBRL), Form: 10-K; Filing date: 2/25/2011; SIC code:4911 (ELECTRIC SERVICES)
Network: http://southerncompany.com/role/SummaryOfSignificantAccountingPoliciesPolicies
[Table]:
Materials and Supplies
Generally, materials and supplies include the average costs of transmission, distribution, and generating plant materials. Materials are charged to inventory when purchased and then expensed or capitalized to plant, as appropriate, at weighted average cost when installed.
Fuel Inventory
Fuel inventory includes the average costs of oil, coal, natural gas, and emissions allowances. Fuel is charged to inventory when purchased and then expensed as used and recovered by the traditional operating companies through fuel cost recovery rates approved by each state PSC. Emissions allowances granted by the Environmental Protection Agency (EPA) are included in inventory at zero cost.
*
(143) Southwest Airlines Co. (SEC Filing, XBRL), Form: 10-K; Filing date: 2/8/2011; SIC code:4512 (AIR TRANSPORTATION, SCHEDULED)
Network: http://southwest.com/role/SummaryOfSignificantAccountingPoliciesPolicies
[Table]:
Inventories

Inventories consist primarily of flight equipment expendable parts, materials, aircraft fuel, and supplies.  All of these items are carried at average cost, less an allowance for obsolescence. These items are generally charged to expense when issued for use.  The reserve for obsolescence was immaterial at December 31, 2010, 2009, and 2008.  In addition, the Company’s provision for obsolescence and write-offs for 2010, 2009, and 2008 were each immaterial.
*
(144) SPECTRA ENERGY CORP. (SEC Filing, XBRL), Form: 10-K; Filing date: 2/24/2011; SIC code:4923 (NATURAL GAS TRANSMISISON & DISTRIBUTION)
Network: http://www.spectraenergy.com/taxonomy/role/NotesToFinancialStatementsBusinessDescriptionAndSignificantAccountingPoliciesTextBlockPolicies
[Table]: us-gaap:StatementTable

Inventory.    Inventory consists of natural gas and NGLs held in storage for transmission and processing, and also includes materials and supplies. Natural gas inventories primarily relate to the Distribution segment in Canada and are valued at costs approved by the regulator, the Ontario Energy Board (OEB). The difference between the approved price and the actual cost of gas purchased is recorded in either accounts receivable or other current liabilities, as appropriate, for future disposition with customers, subject to approval by the OEB. The remaining inventory is recorded at cost, primarily using average cost. The components of inventory are as follows:

 

     December 31,  
     2010      2009  
     (in millions)  

Natural gas

   $ 175       $ 219   

NGLs

     41         21   

Materials and supplies

     71         81   
                 

Total inventory

   $ 287       $ 321   
                 
*
(145) SPRINT NEXTEL CORP (SEC Filing, XBRL), Form: 10-K; Filing date: 2/24/2011; SIC code:4813 (TELEPHONE COMMUNICATIONS (NO RADIOTELEPHONE))
Network: http://www.sprint.com/role/SummaryOfSignificantAccountingPoliciesAndOtherInformationPolicies
[Table]:
Device and Accessory Inventory
Inventories are stated at the lower of cost or market. Cost is determined by the first-in, first-out (FIFO) method. Costs of devices and related revenues generated from device sales (equipment net subsidy) are recognized at the time of sale. Expected equipment net subsidy is not recognized prior to the time of sale because the promotional discount decision is generally made at the point of sale and because the equipment net subsidies are expected to be recovered through service revenues.
The net realizable value of devices and other inventory is analyzed on a regular basis. This analysis includes assessing obsolescence, sales forecasts, product life cycle, marketplace and other considerations. If assessments regarding the above factors adversely change, we may be required to sell devices at a higher subsidy or potentially record expense in future periods prior to the point of sale.
*
(146) STRYKER CORP (SEC Filing, XBRL), Form: 10-K; Filing date: 2/18/2011; SIC code:3841 (SURGICAL & MEDICAL INSTRUMENTS & APPARATUS)
Network: http://www.stryker.com/taxonomy/role/DisclosureSignificantAccountingPoliciesPolicy
[Table]:
*
(147) TELEPHONE & DATA SYSTEMS INC /DE/ (SEC Filing, XBRL), Form: 10-K; Filing date: 2/25/2011; SIC code:4813 (TELEPHONE COMMUNICATIONS (NO RADIOTELEPHONE))
Network: http://www.teldta.com/role/DisclosureSummaryOfSignificantAccountingPoliciesAndRecentAccountingPronouncementsSignificantAccountingPolicies
[Table]:

Inventory primarily consists of wireless devices stated at the lower of cost or market, with cost determined using the first-in, first-out method and market determined by replacement costs or estimated net realizable value. TDS Telecom's materials and supplies are stated at average cost.

 

*
(148) TEXAS INSTRUMENTS INC (SEC Filing, XBRL), Form: 10-K; Filing date: 2/25/2011; SIC code:3674 (SEMICONDUCTORS & RELATED DEVICES)
Network: http://ti.com/role/DescriptionOfBusinessAndSignificantAccountingPoliciesAndPracticesPolicies
[Table]:
Inventories: Inventories are stated at the lower of cost or estimated net realizable value. Cost is generally computed on a currently adjusted standard cost basis, which approximates costs on a first-in first-out basis. Standard costs are based on the normal utilization of installed factory capacity. Costs associated with underutilization of capacity are expensed as incurred. Inventory held at consignment locations is included in our finished goods inventory, as we retain full title and rights to the product.
We review inventory quarterly for salability and obsolescence. A specific allowance is provided for inventory considered unlikely to be sold. Remaining inventory includes a salability and obsolescence allowance based on an analysis of historical disposal activity. We write off inventory in the period in which disposal occurs.
*
(149) Thermo Fisher Scientific Inc. (SEC Filing, XBRL), Form: 10-K; Filing date: 2/24/2011; SIC code:3829 (MEASURING & CONTROLLING DEVICES, NEC)
Network: http://thermofisher.com/role/DisclosureNatureOfOperationsAndSummaryOfSignificantAccountingPoliciesPolicies
[Table]:

Inventories

       Inventories are valued at the lower of cost or market, cost being determined principally by the first-in, first-out (FIFO) method with certain of the company's businesses utilizing the last-in, first-out (LIFO) method. The company periodically reviews quantities of inventories on hand and compares these amounts to the expected use of each product or product line. In addition, the company has certain inventory that is subject to fluctuating market pricing. The company assesses the carrying value of this inventory based on a lower of cost or market analysis. The company records a charge to cost of sales for the amount required to reduce the carrying value of inventory to net realizable value. Costs associated with the procurement of inventories, such as inbound freight charges, purchasing and receiving costs, and internal transfer costs, are included in cost of revenues in the accompanying statement of income.

*
(150) TIME WARNER INC. (SEC Filing, XBRL), Form: 10-K; Filing date: 2/18/2011; SIC code:7812 (SERVICES-MOTION PICTURE & VIDEO TAPE PRODUCTION)
Network: http://www.timewarner.com/role/DisclosureDescriptionOfBusinessBasisOfPresentationAndSummaryOfSignificantAccountingPoliciesPolicies
[Table]:

The Company carries each of its network's programming inventory at the lower of unamortized cost or estimated net realizable value. For cable networks that earn both Advertising and Subscription revenues (e.g., TBS and TNT), the Company generally evaluates the net realizable value of unamortized programming costs based on the network's programming taken as a whole. In assessing whether the programming inventory for a particular advertising-supported network is impaired, the Company determines the net realizable value for all of the network's programming inventory based on a projection of the network's estimated combined subscription revenues and advertising revenues. Similarly, for a premium pay television service that is not advertising-supported (e.g., HBO), the Company performs its evaluation of the net realizable value of unamortized programming costs based on the the network's programming taken as a whole. Specifically, the Company determines the net realizable value for all of its premium pay television service programming based on projections of estimated Subscription revenues and, where applicable, home video and other licensing revenues. In addition, changes in management's intended usage of a program, such as a decision to no longer air a particular program and forego the rights associated with the program license, would result in a reassessment of that program's net realizable value, which could result in an impairment.

 

Inventories of theatrical and television product consist primarily of DVDs and are stated at the lower of cost or net realizable value. Cost is determined using the average cost method. Returned goods included in inventory are valued at estimated realizable value, but not in excess of cost. For more information, see Note 6.

 

Inventories of merchandise are stated at the lower of cost or estimated realizable value. Cost is determined using primarily the average cost method. Returned merchandise included in inventory is valued at estimated realizable value, but not in excess of cost. For more information, see Note 6.

 

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(151) Ultra Petroleum Corp. (SEC Filing, XBRL), Form: 10-K; Filing date: 2/24/2011; SIC code:1311 (CRUDE PETROLEUM & NATURAL GAS)
Network: http://www.ultrapetroleum.com/role/DisclosureSignificantAccountingPoliciesPolicies
[Table]:

(f) Inventories:  Materials and supplies inventories are carried at cost. Inventory costs include expenditures and other charges directly and indirectly incurred in bringing the inventory to its existing condition and location. The Company uses the weighted average method of recording its inventory. Selling expenses and general and administrative expenses are reported as period costs and excluded from inventory cost. At December 31, 2010, inventory of $2.8 million primarily includes the cost of pipe and production equipment that will be utilized during the 2011 drilling program.

 

*
(152) UNION PACIFIC CORPORATION (SEC Filing, XBRL), Form: 10-K; Filing date: 2/4/2011; SIC code:4011 (RAILROADS, LINE-HAUL OPERATING)
Network: http://www.up.com/role/DisclosureSignificantAccountingPoliciesPolicies
[Table]:

Materials and Supplies – Materials and supplies are carried at the lower of average cost or market.

*
(153) UNITED PARCEL SERVICE INC (SEC Filing, XBRL), Form: 10-K; Filing date: 2/28/2011; SIC code:4210 (TRUCKING & COURIER SERVICES (NO AIR))
Network: http://www.ups.com/taxonomy/role/NotesToFinancialStatementsSignificantAccountingPoliciesTextBlockPolicies
[Table]: us-gaap:StatementTable

Inventories

Jet fuel, diesel, and unleaded gasoline inventories are valued at the lower of average cost or market. Fuel and other materials and supplies inventories are recognized as inventory when purchased, and then charged to expense when used in our operations. Total inventories were $319 and $281 million as of December 31, 2010 and 2009, respectively, and are included in “other current assets” on the consolidated balance sheet.

*
(154) United States Cellular Corporation (SEC Filing, XBRL), Form: 10-K; Filing date: 2/25/2011; SIC code:4812 (RADIOTELEPHONE COMMUNICATIONS)
Network: http://www.uscellular.com/role/DisclosureSummaryOfSignificantAccountingPoliciesAndRecentAccountingPronouncementsSignificantAccountingPolicies
[Table]:

Inventory primarily consists of wireless devices stated at the lower of cost or market, with cost determined using the first-in, first-out method and market determined by replacement costs or estimated net realizable value.

 

*
(155) UNITED STATES STEEL CORP (SEC Filing, XBRL), Form: 10-K; Filing date: 2/22/2011; SIC code:3312 (STEEL WORKS, BLAST FURNACES & ROLLING MILLS (COKE OVENS))
Network: http://www.ussteel.com/taxonomy/role/NotesToFinancialStatementsBusinessDescriptionAndSignificantAccountingPoliciesTextBlockPolicies
[Table]: us-gaap:StatementTable

Inventories

Inventories are carried at the lower of cost or market. Fixed costs related to abnormal production capacity are expensed in the period incurred rather than capitalized into inventory.

 

LIFO (last-in, first-out) is the predominant method of inventory costing for inventories in the United States and FIFO (first-in, first-out) is the predominant method used in Canada and Europe. The LIFO method of inventory costing was used on 48 percent and 49 percent of consolidated inventories at December 31, 2010 and 2009, respectively.

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(156) UNITED TECHNOLOGIES CORP /DE/ (SEC Filing, XBRL), Form: 10-K; Filing date: 2/10/2011; SIC code:3724 (AIRCRAFT ENGINES & ENGINE PARTS)
Network: http://www.utc.com/role/DisclosureNote1SummaryOfAccountingPrinciplesPolicy
[Table]:

Inventories and Contracts In Progress. Inventories and contracts in progress are stated at the lower of cost or estimated realizable value and are primarily based on first-in, first-out (FIFO) or average cost methods; however, certain Carrier entities use the last-in, first-out (LIFO) method. If inventories that were valued using the LIFO method had been valued under the FIFO method, they would have been higher by $137 million and $147 million at December 31, 2010 and 2009, respectively.

Costs accumulated against specific contracts or orders are at actual cost. Inventory in excess of requirements for contracts and current or anticipated orders have been reserved as appropriate. Manufacturing costs are allocated to current production and firm contracts.

 

*
(157) VALERO ENERGY CORP/TX (SEC Filing, XBRL), Form: 10-K; Filing date: 2/25/2011; SIC code:2911 (PETROLEUM REFINING)
Network: http://www.valero.com/role/SummaryOfSignificantAccountingPoliciesPolicies
[Table]:
Inventories
Inventories are carried at the lower of cost or market. The cost of refinery feedstocks purchased for processing, refined products, and grain and ethanol inventories are determined under the last-in, first-out (LIFO) method using the dollar-value LIFO method, with any increments valued based on average purchase prices during the year. The cost of feedstocks and products purchased for resale and the cost of materials, supplies, and convenience store merchandise are determined principally under the weighted-average cost method.
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(158) VERIZON COMMUNICATIONS INC (SEC Filing, XBRL), Form: 10-K; Filing date: 2/28/2011; SIC code:4813 (TELEPHONE COMMUNICATIONS (NO RADIOTELEPHONE))
Network: http://www.verizon.com/taxonomy/role/DisclosureDescriptionOfBusinessAndSummaryOfSignificantAccountingPoliciesPolicy
[Table]:
*
(159) VIRGIN MEDIA INC. (SEC Filing, XBRL), Form: 10-K; Filing date: 2/22/2011; SIC code:4813 (TELEPHONE COMMUNICATIONS (NO RADIOTELEPHONE))
Network: http://www.virginmedia.com/role/DisclosureSignificantAccountingPoliciesPolicy
[Table]: us-gaap:StatementTable
*
(160) Vulcan Materials CO (SEC Filing, XBRL), Form: 10-K; Filing date: 2/28/2011; SIC code:1400 (MINING & QUARRYING OF NONMETALLIC MINERALS (NO FUELS))
Network: http://vulcanmaterials.com/role/SummaryOfSignificantAccountingPoliciesPolicies
[Table]:
INVENTORIES
 
Inventories and supplies are stated at the lower of cost or market. We use the last-in, first-out (LIFO) method of valuation for most of our inventories because it results in a better matching of costs with revenues. Such costs include fuel, parts and supplies, raw materials, direct labor and production overhead. An actual valuation of inventory under the LIFO method can be made only at the end of each year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on our estimates of expected year-end inventory levels and costs and are subject to the final year-end LIFO inventory valuation. Substantially all operating supplies inventory is carried at average cost. For additional information regarding our inventories see Note 3.
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(161) WATERS CORP /DE/ (SEC Filing, XBRL), Form: 10-K; Filing date: 2/25/2011; SIC code:3826 (LABORATORY ANALYTICAL INSTRUMENTS)
Network: http://www.waters.com/role/DisclosureBasisOfPresentationAndSummaryOfSignificantAccountingPoliciesPolicies
[Table]:

Inventory

 

The Company values all of its inventories at the lower of cost or market on a first-in, first-out basis (“FIFO”).

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(162) WATSON PHARMACEUTICALS INC (SEC Filing, XBRL), Form: 10-K; Filing date: 2/22/2011; SIC code:2834 (PHARMACEUTICAL PREPARATIONS)
Network: http://watson.com/role/SummaryOfSignificantAccountingPoliciesPolicies
[Table]:
 
Inventories consist of finished goods held for sale and distribution, raw materials and work in process. Included in inventory at December 31, 2010 and 2009 is approximately $4.6 million and $14.1 million, respectively, of inventory that is pending approval by the U.S. Food and Drug Administration (“FDA”), by other regulatory agencies or has not been launched due to contractual restrictions. This inventory consists of generic pharmaceutical products that are capitalized only when the bioequivalence of the product is demonstrated or the product has already received regulatory approval and is awaiting a contractual triggering event to enter the marketplace. Inventories are stated at the lower of cost (first-in, first-out method) or market (net realizable value). The Company writes down inventories to net realizable value based on forecasted demand and market conditions, which may differ from actual results.
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(163) WEYERHAEUSER CO (SEC Filing, XBRL), Form: 10-K; Filing date: 2/25/2011; SIC code:6798 (REAL ESTATE INVESTMENT TRUSTS)
Network: http://weyerhaeuser.com/taxonomy/role/NotesToFinancialStatementsSignificantAccountingPoliciesTextBlockPolicies
[Table]: us-gaap:StatementTable

Inventories

We state inventories at the lower of cost or market. Cost includes labor, materials and production overhead. We use LIFO — the last-in, first-out method — for certain of our domestic raw material, in-process and finished goods inventories. Our LIFO inventories were:

 

 

$159 million at December 31, 2010; and

 

$118 million at December 31, 2009.

We use FIFO — the first-in, first-out method — or moving average cost methods for the balance of our domestic raw materials and product inventories as well as for all material and supply inventories and all foreign inventories. If we used FIFO for all inventories, our stated product inventories would have been higher by:

 

 

$121 million at December 31, 2010; and

 

$127 million at December 31, 2009.

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(164) WHIRLPOOL CORP /DE/ (SEC Filing, XBRL), Form: 10-K; Filing date: 2/14/2011; SIC code:3630 (HOUSEHOLD APPLIANCES)
Network: http://www.whirlpool.com/taxonomy/role/DisclosureSummaryOfPrincipalAccountingPoliciesPolicy
[Table]: us-gaap:StatementTable
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(165) WILLIAMS COMPANIES INC (SEC Filing, XBRL), Form: 10-K; Filing date: 2/25/2011; SIC code:4922 (NATURAL GAS TRANSMISSION)
Network: http://williams.com/role/DescriptionOfBusinessBasisOfPresentationAndSummaryOfSignificantAccountingPoliciesPolicies
[Table]:
 
Inventory valuation
 
All inventories are stated at the lower of cost or market. The cost of inventories is primarily determined using the average-cost method. We determine the cost of certain natural gas inventories held by Transco using the last-in, first-out (LIFO) cost method. LIFO inventory at December 31, 2010 and 2009 is $9 million and $7 million, respectively.
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(166) WINDSTREAM CORP (SEC Filing, XBRL), Form: 10-K; Filing date: 2/22/2011; SIC code:4813 (TELEPHONE COMMUNICATIONS (NO RADIOTELEPHONE))
Network: http://www.winstream.com/taxonomy/role/NotesToFinancialStatementsSignificantAccountingPoliciesandNewAccountingPronouncementsTextBlockPolicies
[Table]: us-gaap:StatementTable
Inventories – Inventories consist of finished goods and are stated at the lower of cost or market value. Cost is determined using either an average original cost or specific identification method of valuation.
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(167) WISCONSIN ENERGY CORP (SEC Filing, XBRL), Form: 10-K; Filing date: 2/25/2011; SIC code:4931 (ELECTRIC & OTHER SERVICES COMBINED)
Network: http://wisconsinenergy.com/role/SummaryOfSignificantAccountingPoliciesPolicies
[Table]:
Materials, Supplies and Inventories: Our inventory as of December 31 consists of:
                 
Materials, Supplies and Inventories   2010     2009  
    (Millions of Dollars)  
Fossil Fuel
  $ 182.4     $ 181.1  
Materials and Supplies
    105.2       103.7  
Natural Gas in Storage
    91.5       93.3  
 
           
Total
  $ 379.1     $ 378.1  
 
           
Substantially all fossil fuel, materials and supplies and natural gas in storage inventories are recorded using the weighted-average cost method of accounting.
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(168) XCEL ENERGY INC (SEC Filing, XBRL), Form: 10-K; Filing date: 2/28/2011; SIC code:4931 (ELECTRIC & OTHER SERVICES COMBINED)
Network: http://xcelenergy.com/role/SummaryOfSignificantAccountingPoliciesPolicies
[Table]:
Inventory - All inventory is recorded at average cost.
 
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(169) Xerox Corporation (SEC Filing, XBRL), Form: 10-K; Filing date: 2/23/2011; SIC code:3577 (COMPUTER PERIPHERAL EQUIPMENT, NEC)
Network: http://xerox.com/role/SignificantAccountingPoliciesPolicies
[Table]:
Inventories
Inventories are carried at the lower of average cost or market. Inventories also include equipment that is returned at the end of the lease term. Returned equipment is recorded at the lower of remaining net book value or salvage value. Salvage value consists of the estimated market value (generally determined based on replacement cost) of the salvageable component parts, which are expected to be used in the remanufacturing process. We regularly review inventory quantities and record a provision for excess and/or obsolete inventory based primarily on our estimated forecast of product demand, production requirements and servicing commitments. Several factors may influence the realizability of our inventories, including our decision to exit a product line, technological changes and new product development. The provision for excess and/or obsolete raw materials and equipment inventories is based primarily on near term forecasts of product demand and include consideration of new product introductions, as well as changes in remanufacturing strategies. The provision for excess and/or obsolete service parts inventory is based primarily on projected servicing requirements over the life of the related equipment populations.
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(170) YUM BRANDS INC (SEC Filing, XBRL), Form: 10-K; Filing date: 2/15/2011; SIC code:5812 (RETAIL-EATING PLACES)
Network: http://yum.com/role/SummaryOfSignificantAccountingPoliciesPolicies
[Table]:
Inventories.  We value our inventories at the lower of cost (computed on the first-in, first-out method) or market.
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(171) ZIMMER HOLDINGS INC (SEC Filing, XBRL), Form: 10-K; Filing date: 2/25/2011; SIC code:3842 (ORTHOPEDIC, PROSTHETIC & SURGICAL APPLIANCES & SUPPLIES)
Network: http://zimmer.com/role/SignificantAccountingPoliciesPolicies
[Table]:
 
Inventories – Inventories, net of allowances for obsolete and slow-moving goods, are stated at the lower of cost or market, with cost determined on a first-in first-out basis.
*