Inventories

9 Months Ended

Sep. 30, 2020

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories consisted of:

($ in millions)	September 30, 2020		December 31, 2019
Finished goods	$	2,038	$	1,772
Raw materials and work in process	6,073		5,650
Supplies	197		207
Total (approximates current cost)	8,308		7,629
Decrease to LIFO cost	(99)		(171)
	$	8,209	$	7,458
Recognized as:
Inventories	$	6,128	$	5,978
Other assets	2,081		1,480

Amounts recognized as Other Assets are comprised almost entirely of raw materials and work in process inventories. At September 30, 2020 and December 31, 2019, these amounts included $1.8 billion and $1.3 billion, respectively, of inventories not expected to be sold within one year. In addition, these amounts included $288 million and $168 million at September 30, 2020 and December 31, 2019, respectively, of inventories produced in preparation for product launches.