INVENTORIES

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



DOLLAR AMOUNTS IN MILLIONS	JUNE 30, 2017		DECEMBER 31, 2016
LIFO Inventories:
Logs	$	5	$	18
Lumber, plywood and panels	52		51
Medium density fiberboard	9		10
Other products	21		10
FIFO or moving average cost inventories:
Logs	18		21
Lumber, plywood, panels and engineered wood products	81		71
Other products	80		92
Materials and supplies	83		85
Total	$	349	$	358

LIFO – the last-in, first-out method – applies to major inventory products held at our U.S. domestic locations. The FIFO – the first-in, first-out method – or moving average cost methods apply to the balance of our domestic raw material and product inventories as well as for all material and supply inventories and all foreign inventories. If we used FIFO for all LIFO inventories, our stated inventories would have been higher by $70 million as of June 30, 2017, and $71 million as of December 31, 2016.