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, 2016		DECEMBER 31, 2015
LIFO inventories:
Logs	$	18	$	5
Lumber, plywood and panels	51		48
Other products	20		11
FIFO or moving average cost inventories:
Logs	21		36
Lumber, plywood, panels and engineered wood products	71		75
Other products	92		84
Materials and supplies	85		66
Total	$	358	$	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 $71 million as of December 31, 2016, and $67 million as of December 31, 2015, 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.