INVENTORIES

3 Months Ended

Mar. 31, 2022

Inventory Disclosure [Abstract]

INVENTORIES

NOTE 5: INVENTORIES

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

DOLLAR AMOUNTS IN MILLIONS	MARCH 31, 2022		DECEMBER 31, 2021
LIFO inventories:
Logs	$	30	$	26
Lumber, plywood, panels and fiberboard		80		61
Other products		22		17
Moving average cost or FIFO inventories:
Logs		104		65
Lumber, plywood, panels, fiberboard and engineered wood products		116		106
Other products		140		131
Materials and supplies		119		114
Total	$	611	$	520

LIFO – the last-in, first-out method – applies to major inventory products held at our U.S. locations. The moving average cost method or FIFO – the first-in, first-out method – applies to the balance of our U.S. raw material and product inventories, all material and supply inventories and all foreign inventories.