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Inventories
 9 Months Ended
Sep. 30, 2016
Inventories  
Inventories

 

5. Inventories

 

A portion of inventories is valued under the LIFO method.  The valuation of LIFO inventory for interim periods is based on Occidental’s estimates of year-end inventory levels and costs. Inventories as of September 30, 2016, and December 31, 2015, consisted of the following (in millions):

 

 

 

2016

 

2015

 

 

 

 

 

 

 

Raw materials

 

$
77

 

 

$
73

 

 

 

 

 

 

 

 

Materials and supplies

 
503

 

 
568

 

 

 

 

 

 

 

 

Finished goods

 
397

 

 
395

 

 

 

 

 

 

 

 

 

 
977

 

 
1,036

 

 

 

 

 

 

 

 

Revaluation to LIFO

 
(50

)

 
(50

)

 

 

 

 

 

 

 

Total

 

$
927

 

 

$
986