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Inventories | 12 Months Ended
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Dec. 31, 2020
Inventory Disclosure [Abstract] |
Inventories | Inventories Inventories at December 31 consisted of:
| 2020 |  | 2019
Finished goods | $ | 1,963 |  |  | $ | 1,772 |
Raw materials and work in process | 6,420 |  |  | 5,650 |
Supplies | 206 |  |  | 207 |
Total (approximates current cost) | 8,589 |  |  | 7,629 |
Decrease to LIFO cost | (82) |  |  | (171) |
| $ | 8,507 |  |  | $ | 7,458 |
Recognized as: |  |  |
Inventories | $ | 6,310 |  |  | $ | 5,978 |
Other assets | 2,197 |  |  | 1,480 |
Inventories valued under the LIFO method comprised approximately $2.9 billion and $2.6 billion at December 31, 2020 and 2019, respectively. Amounts recognized as Other assets are comprised almost entirely of raw materials and work in process inventories. At December 31, 2020 and 2019, these amounts included $1.9 billion and $1.3 billion, respectively, of inventories not expected to be sold within one year. In addition, these amounts included $279 million and $168 million at December 31, 2020 and 2019, respectively, of inventories produced in preparation for product launches.

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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 + Details
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