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Inventories

3 Months Ended

Mar. 31, 2022

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories consisted of:

($ in millions)			March 31, 2022						December 31, 2021
Finished goods			$	1,772					$	1,747
Raw materials and work in process			6,365						6,220
Supplies			209						196
Total (approximates current cost)			8,346						8,163
Decrease to LIFO cost			(77)						(16)
			$	8,269					$	8,147
Recognized as:
Inventories			$	5,774					$	5,953
Other assets			2,495						2,194

Amounts recognized as Other Assets are comprised almost entirely of raw materials and work in process inventories. At March 31, 2022 and December 31, 2021, these amounts included $2.1 billion and $1.9 billion, respectively, of inventories

not expected to be sold within one year. In addition, these amounts included $327 million and $256 million at March 31, 2022 and December 31, 2021, 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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