INVENTORIES

12 Months Ended

Dec. 31, 2015

Inventories [Abstract]

Inventories

Note 8. Inventories

	December 31,
		2015		2014
Raw materials	$	1,120	$	1,124
Work in process		826		815
Finished products		2,590		2,634
		4,536		4,573
Reduction to LIFO cost basis		(116)		(168)
	$	4,420	$	4,405

Inventories valued at LIFO amounted to $399 million and $434 million at December 31, 2015 and 2014. Had such LIFO inventories been valued at current costs, their carrying values would have been approximately $116 million and $168 million higher at December 31, 2015 and 2014.