INVENTORIES

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

Inventories as of the End of Our Last Two Years



DOLLAR AMOUNTS IN MILLIONS
	DECEMBER 31, 2017		DECEMBER 31, 2016
LIFO inventories:
Logs	$	17	$	18
Lumber, plywood, panels, and fiberboard	66		61
Other products	10		10
FIFO or moving average cost inventories:
Logs	38		21
Lumber, plywood, panels, fiberboard and engineered wood products	91		73
Other products	77		90
Materials and supplies	84		85
Total	$	383	$	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 December 31, 2017, and $71 million as of December 31, 2016, 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.