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Table of Contents E. I. du Pont de Nemours and Company
Notes to the Consolidated Financial Statements (continued)
(Dollars in millions, except per share)
7. ACCOUNTS AND NOTES RECEIVABLE, NET
December 31, 2011 2010
Accounts receivable – trade1$ 4,598 $ 4,124
Notes receivable – trade1,2 207 219
Other31,217 1,292
$ 6,022 $ 5,635
1. Accounts and notes receivable – trade are net of allowances of $292 in 2011 and $326 in 2010. Allowances are equal to the estimated uncollectible amounts. That estimate is based on
historical collection experience, current economic and market conditions, and review of the current status of customer's accounts.
2. Notes receivable – trade primarily consists of receivables within the Agriculture segment for deferred payment loan programs for the sale of seed products to customers. These loans have
terms of one year or less and are primarily concentrated in North America. The company maintains a rigid pre-approval process for extending credit to customers in order to manage
overall risk and exposure associated with credit losses. As of December 31, 2011 and 2010, there were no significant past due notes receivable, nor were there any significant
impairments related to current loan agreements.
3. Other includes receivables in relation to Cozaar ® /Hyzaar® interests, fair value of derivative instruments, value added tax, general sales tax and other taxes.
Accounts and notes receivable are carried at amounts that approximate fair value.
8. INVENTORIES
December 31, 2011 2010
Finished products $ 4,541 $ 3,733
Semifinished products 2,293 2,022
Raw materials, stores and supplies 1,262 855
8,096 6,610
Adjustment of inventories to a LIFO basis (901) (643)
$ 7,195 $ 5,967
Inventory values, before LIFO adjustment, are generally determined by the average cost method, which approximates current cost. Excluding seeds, certain
food-ingredients, enzymes, stores and supplies, inventories valued under the LIFO method comprised 78 percent of consolidated inventories before LIFO
adjustment as of December 31, 2011 and 2010. Seed, certain food-ingredient and enzyme inventories of $3,432 and $2,581 at December 31, 2011 and 2010,
respectively, were valued under the FIFO method. Stores and supplies inventories of $258 and $248 at December 31, 2011 and 2010, respectively, were
valued under the average cost method.
9. PROPERTY, PLANT AND EQUIPMENT
December 31, 2011 2010
Buildings $ 5,297 $ 4,492
Equipment 25,338 23,384
Land 669 544
Construction 1,457 1,547
$ 32,761 $ 29,967
F-17