INVENTORIES

Inventories include raw materials, work-in-process and finished goods.

Inventories as of the End of Our Last Two Years



DOLLAR AMOUNTS IN MILLIONS
	DECEMBER 31, 2015		DECEMBER 31, 2014
LIFO inventories:
Logs and chips	$	15	$	9
Lumber, plywood and panels	48		55
Pulp and paperboard	111		122
Other products	11		11
FIFO or moving average cost inventories:
Logs and chips	38		38
Lumber, plywood, panels and engineered wood products	75		80
Pulp and paperboard	32		35
Other products	90		96
Materials and supplies	148		149
Total	$	568	$	595

If we used FIFO for all inventories, our stated inventories would have been $124 million and $120 million higher as of December 31, 2015 and December 31, 2014, respectively.

HOW WE ACCOUNT FOR OUR INVENTORIES

The Inventories section of Note 1: Summary of Significant Accounting Policies provides details about how we account for our inventories.