Halliburton 2011 Annual Report Download - page 98
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83
Note 4. Inventories
Inventories are stated at the lower of cost or market. In the United States, we manufacture certain
finished products and parts inventories for drill bits, completion products, bulk materials, and other tools
that are recorded using the last-in, first-out method, which totaled $160 million at December 31, 2011 and
$108 million at December 31, 2010. If the average cost method had been used, total inventories would have
been $36 million higher than reported at December 31, 2011 and $34 million higher than reported at
December 31, 2010. The cost of the remaining inventory was recorded on the average cost method.
Inventories consisted of the following:
December 31
Millions of dollars 2011 2010
Finished products and parts $ 1,801 $ 1,369
Raw materials and supplies 673 496
Work in process 96 75
Total $ 2,570 $ 1,940
Finished products and parts are reported net of obsolescence reserves of $108 million at December
31, 2011 and $88 million at December 31, 2010.
Note 5. Property, Plant, and Equipment
Property, plant, and equipment were composed of the following:
December 31
Millions of dollars
2011 2010
Land $ 123 $ 105
Buildings and property improvements 1,609 1,438
Machinery, equipment, and other 13,856 11,363
Total 15,588 12,906
Less accumulated depreciation 7,096 6,064
Net property, plant, and equipment $ 8,492 $ 6,842
Classes of assets, excluding oil and natural gas investments, are depreciated over the following
useful lives:
Buildings and Property
Improvements
2011 2010
1 – 10 years 13% 13%
11 – 20 years 47% 46%
21 – 30 years 13% 13%
31 – 40 years 27% 28%
Machinery, Equipment,
and Other
2011 2010
1 – 5 years 19% 19%
6 – 10 years 75% 74%
11 – 20 years 6% 7%