Inventories

Inventories (principally using the last-in, first-out (LIFO) method) are comprised of the following:




(Millions of dollars)	September 30, 2017		December 31, 2016
Raw materials	$	2,777	$	2,102
Work-in-process	2,241		1,719
Finished goods	4,990		4,576
Supplies	204		217
Total inventories	$	10,212	$	8,614

During the first nine months of 2017, there was a liquidation of LIFO inventory resulting from closure of our facility in Gosselies, Belgium. The liquidated inventory was carried at lower costs prevailing in prior years as compared with current costs. The effect of this reduction of inventory decreased Cost of goods sold by approximately $62 million and increased Profit by approximately $45 million or $0.07 per share.