Huntsman Corporation Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

INVENTORIES

INVENTORIES

12 Months Ended

Dec. 31, 2013

INVENTORIES

INVENTORIES

4. INVENTORIES

Inventories consisted of the following (dollars in millions):

	December 31,

	2013			2012
Raw materials and supplies	$	433		$	484
Work in progress		92			98
Finished goods		1,290			1,311

Total		1,815			1,893
LIFO reserves		(74	)		(74	)

Net	$	1,741		$	1,819

For both December 31, 2013 and 2012, approximately 11% of inventories were recorded using the LIFO cost method.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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