INVENTORIES

Inventories include raw materials, work-in-process and finished goods.

Inventories as of the End of Our Last Two Years



DOLLAR AMOUNTS IN MILLIONS
	DECEMBER 31, 2014		DECEMBER 31, 2013
LIFO inventories:
Logs and chips	$	9	$	15
Lumber, plywood and panels	55		46
Pulp and paperboard	122		97
Other products	11		11
FIFO or moving average cost inventories:
Logs and chips	38		33
Lumber, plywood, panels and engineered wood products	80		70
Pulp and paperboard	35		30
Other products	96		94
Materials and supplies	149		146
Total	$	595	$	542

If we used FIFO for all inventories, our stated inventories would have been $120 million and $112 million higher as of December 31, 2014 and December 31, 2013, respectively.

HOW WE ACCOUNT FOR OUR INVENTORIES

The Inventories section of Note 1: Summary of Significant Accounting Policies provides details about how we account for our inventories.