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Inventories

12 Months Ended

Dec. 31, 2021

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories at December 31 consisted of:

			2021						2020
Finished goods			$	1,747					$	1,610
Raw materials and work in process			6,220						5,949
Supplies			196						146
Total (approximates current cost)			8,163						7,705
Decrease to LIFO cost			(16)						(81)
			$	8,147					$	7,624
Recognized as:
Inventories			$	5,953					$	5,554
Other assets			2,194						2,070

Inventories valued under the LIFO method comprised approximately $3.3 billion and $2.8 billion at December 31, 2021 and 2020, respectively. Amounts recognized as Other assets are comprised almost entirely of raw materials and work in process inventories. At December 31, 2021 and 2020, these amounts included $1.9 billion and $1.8 billion, respectively, of inventories not expected to be sold within one year. In addition, these amounts included $256 million and $279 million at December 31, 2021 and 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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