Inventories (Notes)

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

INVENTORIES

INVENTORIES

All inventories are stated at the lower of cost or net realizable value. Cost of our inventories is determined by costing methods that approximate a first-in, first-out (“FIFO”) basis. Inventories at December 31 were as follows (in millions):

	2022		2023
Raw materials, work-in-process, and supplies	$	5,997	$	6,196
Finished products	8,083		9,455
Total inventories	$	14,080	$	15,651

Our finished product inventory at December 31, 2023 was higher than at December 31, 2022, primarily reflecting higher in-transit inventory.