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Inventories

12 Months Ended

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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- 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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