Cummins Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

INVENTORIES

INVENTORIES

3 Months Ended

Mar. 31, 2013

INVENTORIES

INVENTORIES

NOTE 8. INVENTORIES

Inventories are stated at the lower of cost or market. Inventories included the following:

	March 31,			December 31,
In millions	2013			2012
Finished products	$	1,430		$	1,393
Work-in-process and raw materials	1,072			939
Inventories at FIFO cost	2,502			2,332
Excess of FIFO over LIFO	(115		)	(111		)
Total inventories	$	2,387		$	2,221

- 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