INVENTORIES

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



DOLLAR AMOUNTS IN MILLIONS	JUNE 30, 2016		DECEMBER 31, 2015
LIFO Inventories:
Logs and chips	$	11	$	5
Lumber, plywood and panels	54		48
Other products	13		11
FIFO or moving average cost inventories:
Logs and chips	33		36
Lumber, plywood, panels and engineered wood products	95		75
Other products	95		84
Materials and supplies	86		66
Total	$	387	$	325

LIFO – the last-in, first-out method – applies to major inventory products held at our U.S. domestic locations. The FIFO – the first-in, first-out method – or moving average cost methods apply to the balance of our domestic raw material and product inventories as well as for all material and supply inventories and all foreign inventories. If we used FIFO for all LIFO inventories, our stated inventories would have been higher by $68 million as of June 30, 2016 and $67 million as of December 31, 2015.