Inventories (Notes)

9 Months Ended

Sep. 30, 2017

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 30% and 35% of total inventories at December 31, 2016 and September 30, 2017, 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):



	December 31, 2016			September 30, 2017
Raw materials, work-in-process, and supplies	$	3,843		$	4,587
Finished products	5,943			7,591
Total inventories under FIFO	9,786			12,178
LIFO adjustment	(888		)	(915		)
Total inventories	$	8,898		$	11,263