Inventories

12 Months Ended

Dec. 31, 2023

Inventories at December 31 consisted of:


	2023		2022
Finished goods	$	1,954	$	1,841
Raw materials and work in process	8,037		7,063
Supplies	277		238
	10,268		9,142
Decrease to LIFO cost	(562)		(293)
	$	9,706	$	8,849
Recognized as:
Inventories	$	6,358	$	5,911
Other Assets	3,348		2,938

Inventories valued under the LIFO method comprised approximately $3.1 billion at both December 31, 2023 and 2022, after reflecting the decrease to LIFO cost. Amounts recognized as Other Assets are comprised almost entirely of raw materials and work in process inventories. At December 31, 2023 and 2022, these amounts included $2.6 billion and $2.4 billion, respectively, of inventories not expected to be sold within one year. In addition, these amounts included $790 million and $516 million at December 31, 2023 and 2022, respectively, of inventories produced in preparation for product launches.