INVENTORIES

All inventories are stated at the lower of cost or market. Cost for a substantial portion of U.S. inventories is determined on a last-in, first-out ("LIFO") basis. LIFO was used for approximately 33% and 32% of total inventories at

September 30, 2011 and December 31, 2010, respectively. Cost of other inventories is determined on a first-in, first-out ("FIFO") basis.

Inventories are summarized as follows (in millions):



	September 30, 2011			December 31, 2010
Raw materials, work-in-process and supplies	$	3,307		$	2,812
Finished products	4,805			3,970
Total inventories under FIFO	8,112			6,782
Less: LIFO adjustment	(900		)	(865		)
Total inventories	$	7,212		$	5,917