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Inventories

9 Months Ended

Sep. 30, 2014

Inventories include:



	September 30, 2014		December 31, 2013
($ in millions)
Finished products	$	1,214	$	1,156
Work in process	165		160
Raw materials	464		440
Supplies	62		68
Total	$	1,905	$	1,824

Most U.S. inventories are valued using the last-in, first-out method. These inventories represented approximately 39% and 38% of total inventories at September 30, 2014 and December 31, 2013. If the first-in, first-out method of inventory valuation had been used, inventories would have been $181 million and $195 million higher as of September 30, 2014 and December 31, 2013, respectively.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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