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Inventories

12 Months Ended

Dec. 31, 2013

Inventories at December 31 consisted of:



	2013		2012
Finished goods	$	1,738	$	1,924
Raw materials and work in process	5,894		5,921
Supplies	225		244
Total (approximates current cost)	7,857		8,089
Increase to LIFO costs	73		52
	$	7,930	$	8,141
Recognized as:
Inventories	$	6,226	$	6,535
Other assets	1,704		1,606

Inventories valued under the LIFO method comprised approximately $2.3 billion and $2.1 billion of inventories at December 31, 2013 and 2012, respectively. Amounts recognized as Other assets are comprised almost entirely of raw materials and work in process inventories. At December 31, 2013 and 2012, these amounts included $1.5 billion and $1.4 billion, respectively, of inventories not expected to be sold within one year. In addition, these amounts included $177 million and $196 million at December 31, 2013 and 2012, respectively, of inventories produced in preparation for product launches.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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