Inventories (Notes)

9 Months Ended

Sep. 30, 2015

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 32% and 28% of total inventories at September 30, 2015 and December 31, 2014, respectively. Cost of other inventories is determined by costing methods that approximate a first-in, first-out (“FIFO”) basis.

Inventories were as follows (in millions):



	September 30, 2015			December 31, 2014
Raw materials, work-in-process, and supplies	$	4,280		$	3,822
Finished products	6,222			5,022
Total inventories under FIFO	10,502			8,844
LIFO adjustment	(1,006		)	(978		)
Total inventories	$	9,496		$	7,866