INVENTORIES
All inventories are stated at the lower of cost or market. Cost for a substantial portion of U.S. inventories is determined on a last-in, first-out (“LIFO”) basis. LIFO was used for 20% and 18% of total inventories at December 31, 2013 and 2012, respectively. Cost of other inventories is determined by costing methods that approximate a first-in, first-out (“FIFO”) basis.
Inventories were as follows (in millions):
|
| | | | | | | |
| December 31, 2013 | | December 31,
2012 |
Raw materials, work-in-process, and supplies | $ | 3,613 |
| | $ | 3,697 |
|
Finished products | 5,058 |
| | 4,614 |
|
Total inventories under FIFO | 8,671 |
| | 8,311 |
|
Less: LIFO adjustment | (963 | ) | | (949 | ) |
Total inventories | $ | 7,708 |
| | $ | 7,362 |
|
