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, 2014

INVENTORIES

INVENTORIES

4. INVENTORIES

Inventories consisted of the following (dollars in millions):

	December 31, 2014			December 31, 2013
Raw materials and supplies	$	508		$	433
Work in progress		96			92
Finished goods		1,494			1,290

Total		2,098			1,815
LIFO reserves		(73	)		(74	)

Net	$	2,025		$	1,741

For December 31, 2014 and 2013, approximately 9% and 11%, respectively, 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.

+ References + Details