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Inventories

12 Months Ended

Dec. 31, 2014



The following table provides the components of Inventories:
	As of December 31,
(MILLIONS OF DOLLARS)	2014		2013
Finished goods	$	1,905	$	2,216
Work-in-process	3,248		3,445
Raw materials and supplies	510		505
Inventories	$	5,663	$	6,166
Noncurrent inventories not included above^(a)	$	425	$	463


^(a)	Included in Other noncurrent assets. There are no recoverability issues associated with these amounts.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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