Inventories (Notes)

6 Months Ended

Jun. 30, 2015

All inventories are stated at the lower of cost or market. Cost for a substantial portion of U.S. inventories is determined on a last-in, first-out (“LIFO”) basis. LIFO was used for 33% and 28% of total inventories at June 30, 2015 and December 31, 2014, respectively. Cost of other inventories is determined by costing methods that approximate a first-in, first-out (“FIFO”) basis.

Inventories were as follows (in millions):



	June 30, 2015			December 31, 2014
Raw materials, work-in-process, and supplies	$	4,282		$	3,822
Finished products	6,151			5,022
Total inventories under FIFO	10,433			8,844
LIFO adjustment	(995		)	(978		)
Total inventories	$	9,438		$	7,866