Inventories

Inventories at December 31 consisted of:



	2016		2015
Finished goods	$	1,304	$	1,343
Raw materials and work in process	4,222		4,374
Supplies	155		168
Total (approximates current cost)	5,681		5,885
Increase to LIFO costs	302		384
	$	5,983	$	6,269
Recognized as:
Inventories	$	4,866	$	4,700
Other assets	1,117		1,569

Inventories valued under the LIFO method comprised approximately $2.3 billion and $2.4 billion of inventories at December 31, 2016 and 2015, respectively. Amounts recognized as Other assets are comprised almost entirely of raw materials and work in process inventories. At December 31, 2016 and 2015, these amounts included $1.0 billion and $1.5 billion, respectively, of inventories not expected to be sold within one year. In addition, these amounts included $80 million and $63 million at December 31, 2016 and 2015, respectively, of inventories produced in preparation for product launches.