Natural resources are assets that are physically consumed when used. Examples are standing tim-ber, mineral deposits, and oil gas fields. Since they are consumed when used, they are often called wasting assets. These assets represent soon-to-be inventories of raw materials that will be converted into one or more products by cutting, mining, or pumping Until that conversion take statements, Alcoa place, they are noncurrent assets and are shown in a balance sheet using titles such as timberlands, mineral deposits, or oil reserves. Natural resources are reported under either ports plant assets or their own separate category. Alcoa, for instance, reports its natural resources under the balance sheet title Properties, plants and equipment. In a note to its financial statements, Alcoa reports a separate amount for Land and land rights, including mines. Weyerhaeuser, on the other hand, reports its timber holdings in a separate balance sheet category titled Timber and timberlands.