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, 2018		DECEMBER 31, 2017
LIFO inventories:
Logs	$	11	$	17
Lumber, plywood, panels, and fiberboard	75		66
Other products	10		10
FIFO or moving average cost inventories:
Logs	35		38
Lumber, plywood, panels, fiberboard and engineered wood products	86		91
Other products	83		77
Materials and supplies	89		84
Total	$	389	$	383

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 $79 million as of December 31, 2018, and $70 million as of December 31, 2017.

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.