Department Of Defense Agency Financial Report 2007 - Section 2: Financial Information Page 48
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82Department of Defense Agency Financial Report 2007
Section 2: Financial Information
0
Note 9. Inventory and Related Property
As of September 30
2007
2006
(amounts in millions)
Inventory, Net
$
84,191.0
$
83,861.1
Operating Materials & Supplies, Net
139,871.2
146,883.3
Stockpile Materials, Net
886.5
1,078.8
Total
$
224,948.7
$
231,823.2
Inventory, Net
As of September 30
2007
2006
Inventory, Gross
Revaluation
Valuation
(amounts in millions)
Inventory, Net
Inventory, Net
Value
Allowance
Method
Inventory Categories
Available and Purchased for Resale
$
86,546.5
$
(25,465.8)
$
61,080.7
$
56,674.9
LAC,MAC
Held for Repair
31,477.7
(9,003.8)
22,473.9
26,349.0
LAC,MAC
Excess, Obsolete, and Unserviceable
7,324.0
(7,324.0)
0.0
0.0
NRV
Raw Materials
100.1
0.0
100.1
43.1
LAC,SP,MAC
Work in Process
536.3
0.0
536.3
794.1
AC
Total
$
125,984.6
$
(41,793.6)
$
84,191.0
$
83,861.1
Legend for Valuation Methods:
Adjusted LAC = Latest Acquisition Cost, adjusted for holding gains and losses
SP = Standard Price
AC = Actual Cost
NRV = Net Realizable Value
MAC = Moving Average Cost
Restrictions
Generally, there are no restrictions on the use, sale, or disposition of inventory. However, some restrictions currently do
exist, and they include the following:
• War reserve materiel valued at $2.1 billion;
• Commissary items valued at $341.9 million for purchase by authorized patrons;
• Dispositions pending litigation or negotiation valued at $1.5 million; or
• Identified safety stocks restricted from sale outside the federal government.
There are no known restrictions on inventory disposition as related to environmental or other liabilities.
General Composition of Inventory
Inventory includes spare and repair parts, clothing and textiles, and fuels held for sale by the Defense Working Capital Funds.
Inventory is tangible personal property that is:
• Held for sale, or held for repair and eventual sale;
• In the process of production for sale; or
• To be consumed in the production of goods for sale or in the provision of service for a fee.
The Department assigns inventory items to a category based upon the type and condition of the asset.
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