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Inventories

12 Months Ended

Dec. 31, 2019

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories at December 31 consisted of:

	2019				2018
Finished goods	$	1,772			$	1,658
Raw materials and work in process	5,650				5,004
Supplies	207				194
Total (approximates current cost)	7,629				6,856
(Decrease) increase to LIFO cost	(171		)		1
	$	7,458			$	6,857
Recognized as:
Inventories	$	5,978			$	5,440
Other assets	1,480				1,417

Inventories valued under the LIFO method comprised approximately $2.6 billion and $2.5 billion at December 31, 2019 and 2018, respectively. Amounts recognized as Other assets are comprised almost entirely of raw materials and work in process inventories. At December 31, 2019 and 2018, these amounts included $1.3 billion and $1.4 billion, respectively, of inventories not expected to be sold within one year. In addition, these amounts included $168 million and $7 million at December 31, 2019 and 2018, 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://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 330
-URI http://asc.fasb.org/topic&trid=2126998

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