Inventories (Notes)

12 Months Ended

Dec. 31, 2015

All inventories are stated at the lower of cost and net realizable value. Cost for a substantial portion of U.S. inventories is determined on a last-in, first-out (“LIFO”) basis. LIFO was used for 27% and 28% of total inventories at December 31, 2015 and 2014, respectively. Cost of other inventories is determined by costing methods that approximate a first-in, first-out (“FIFO”) basis.

Inventories at December 31 were as follows (in millions):



	2015			2014
Raw materials, work-in-process, and supplies	$	4,005		$	3,859
Finished products	5,254			5,026
Total inventories under FIFO	9,259			8,885
LIFO adjustment	(940		)	(1,015		)
Total inventories	$	8,319		$	7,870