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Inventories

3 Months Ended

Mar. 31, 2021

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories consisted of:

($ in millions)			March 31, 2021						December 31, 2020
Finished goods			$	2,015					$	1,963
Raw materials and work in process			6,385						6,420
Supplies			205						206
Total (approximates current cost)			8,605						8,589
Decrease to LIFO cost			(28)						(82)
			$	8,577					$	8,507
Recognized as:
Inventories			$	6,402					$	6,310
Other assets			2,175						2,197

Amounts recognized as Other Assets are comprised almost entirely of raw materials and work in process inventories. At March 31, 2021 and December 31, 2020, these amounts included $1.8 billion and $1.9 billion, respectively, of inventories not expected to be sold within one year. In addition, these amounts included $387 million and $279 million at March 31, 2021 and December 31, 2020, 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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