Inventories (Notes)

3 Months Ended

Mar. 31, 2016

All inventories are stated at the lower of cost and net realizable value. Cost for a substantial portion of U.S. inventories is determined on a last-in, first-out (“LIFO”) basis. LIFO was used for 31% and 27% of total inventories at March 31, 2016 and December 31, 2015, 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):



	March 31, 2016			December 31, 2015
Raw materials, work-in-process, and supplies	$	4,356		$	4,005
Finished products	6,367			5,254
Total inventories under FIFO	10,723			9,259
LIFO adjustment	(953		)	(940		)
Total inventories	$	9,770		$	8,319