NOTE 4 INVENTORIES

Net carrying values of inventories valued under the LIFO method were approximately $172 million and $192 million at December 31, 2017 and 2016, respectively. Finished goods primarily represents crude oil, caustic soda and chlorine. Inventories consisted of the following:

Balance at December 31, (in millions)	2017		2016
Raw materials	$	66	$	65
Materials and supplies	447		446
Finished goods	776		395

	1,289		906
Revaluation to LIFO	(43)		(40)

Total	$	1,246	$	866