Inventory Accounting Policy
Inventories are valued at the lower of acquisition or production costs and net realizable value, costs being generally determined on the basis of an average or first-in, first-out method. Production costs comprise direct material and labor and applicable manufacturing overheads, including depreciation charges. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses.
Source: Siemens AG, Annual Report
Inventory Disclosure
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Siemens AG, Statement of Financial Position, Inventory
USD $ in millions, translated from EUR €
Source: Based on data from Siemens AG Annual Reports
| Item |
Description |
The company |
| Raw materials and supplies |
Aggregated amount of unprocessed materials to be used in manufacturing or production process and supplies that will be consumed. |
Siemens AG's raw materials and supplies declined from 2009 to 2010 but then increased from 2010 to 2011 exceeding 2009 level.
|
| Work in process |
Carrying amount as of the balance sheet date of merchandise or goods which are partially completed, are generally comprised of raw materials, labor and factory overhead costs, and which require further materials, labor and overhead to be converted into finished goods, and which generally require the use of estimates to determine percentage complete and pricing. |
Siemens AG's work in process declined from 2009 to 2010 and from 2010 to 2011.
|
| Costs and earnings in excess of billings on uncompleted contracts |
Carrying amount as of the balance sheet date of inventories associated with long-term contracts or programs. |
Siemens AG's costs and earnings in excess of billings on uncompleted contracts declined from 2009 to 2010 but then increased from 2010 to 2011 not reaching 2009 level.
|
| Finished goods and products held for resale |
Carrying amount as of the balance sheet date of merchandise or goods held by the company that are readily available for sale. |
Siemens AG's finished goods and products held for resale declined from 2009 to 2010 and from 2010 to 2011.
|
| Total inventories |
Carrying amount (lower of cost or market) as of the balance sheet date of inventories less all valuation and other allowances. Excludes noncurrent inventory balances (expected to remain on hand past one year or one operating cycle, if longer). |
Siemens AG's total inventories declined from 2009 to 2010 and from 2010 to 2011.
|
