INVENTORIES

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



DOLLAR AMOUNTS IN MILLIONS	MARCH 31, 2017		DECEMBER 31, 2016
LIFO Inventories:
Logs	$	12	$	18
Lumber, plywood and panels	60		51
Other products	24		20
FIFO or moving average cost inventories:
Logs	41		21
Lumber, plywood, panels and engineered wood products	76		71
Other products	85		92
Materials and supplies	88		85
Total	$	386	$	358

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 March 31, 2017, and December 31, 2016.