INVENTORIES



(In millions)	December 31, 2018		December 31, 2017
Finished products	$	4,204	$	4,500
Semi-finished products	1,769		2,769
Raw materials	481		371
Stores and supplies	441		447
Total	$	6,895	$	8,087
Adjustment of inventories to a LIFO basis	512		546
Total inventories	$	7,407	$	8,633

As a result of the Merger, a fair value step-up of $3,840 million was recorded for inventories. Of this amount, $1,563 million and $1,434 million was recognized in cost of goods sold within (loss) income from continuing operations for the year ended December 31, 2018 and the period September 1 through December 31, 2017, respectively. See Note 3 for additional information regarding the Merger.