Inventories

12 Months Ended

Dec. 31, 2024

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories at December 31 consisted of:

	2024		2023
Finished goods	$	2,022	$	1,954
Raw materials and work in process	8,831		8,037
Supplies	289		277
	11,142		10,268
Decrease to LIFO cost	(840)		(562)
	$	10,302	$	9,706
Recognized as:
Inventories	$	6,109	$	6,358
Other Assets	4,193		3,348

Inventories valued under the LIFO method comprised approximately $3.4 billion and $3.1 billion at December 31, 2024 and 2023, respectively, after reflecting the decrease to LIFO cost. Amounts recognized as Other Assets are comprised almost entirely of raw materials and work in process inventories. At December 31, 2024 and 2023, these amounts included $3.8 billion and $2.6 billion, respectively, of inventories not expected to be sold within one year. In addition, these amounts included $412 million and $790 million at December 31, 2024 and 2023, respectively, of inventories produced in preparation for product launches.