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Inventories

12 Months Ended

Dec. 31, 2018

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories at December 31 consisted of:

	2018				2017
Finished goods	$	1,658			$	1,334
Raw materials and work in process	5,004				4,703
Supplies	194				201
Total (approximates current cost)	6,856				6,238
Increase to LIFO costs	1				45
	$	6,857			$	6,283
Recognized as:
Inventories	$	5,440			$	5,096
Other assets	1,417				1,187

Inventories valued under the LIFO method comprised approximately $2.5 billion and $2.2 billion at December 31, 2018 and 2017, respectively. Amounts recognized as Other assets are comprised almost entirely of raw materials and work in process inventories. At December 31, 2018 and 2017, these amounts included $1.4 billion and $1.1 billion, respectively, of inventories not expected to be sold within one year. In addition, these amounts included $7 million and $80 million at December 31, 2018 and 2017, respectively, of inventories produced in preparation for product launches.

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- References

No definition available.

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- Definition

The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 330
-URI http://asc.fasb.org/topic&trid=2126998

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