INVENTORIES

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

INVENTORIES

NOTE 6: INVENTORIES

Inventories include raw materials, work-in-process, finished goods as well as materials and supplies, as shown below:

DOLLAR AMOUNTS IN MILLIONS
	DECEMBER 31, 2020		DECEMBER 31, 2019
LIFO inventories:
Logs	$	24	$	19
Lumber, plywood, panels and fiberboard		59		82
Other products		9		10
Moving average cost or FIFO inventories:
Logs		64		28
Lumber, plywood, panels, fiberboard and engineered wood products		84		84
Other products		100		98
Materials and supplies		103		95
Total	$	443	$	416

If we used FIFO for all LIFO inventories, our stated inventories would have been higher by $76 million as of December 31, 2020 and December 31, 2019.

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.