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Inventories | 12 Months Ended
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Dec. 31, 2023
Inventory Disclosure [Abstract] |
Inventories | Inventories Inventories at December 31 consisted of:
| 2023 |  | 2022
Finished goods | $ | 1,954 |  |  | $ | 1,841 |
Raw materials and work in process | 8,037 |  |  | 7,063 |
Supplies | 277 |  |  | 238 |
| 10,268 |  |  | 9,142 |
Decrease to LIFO cost | (562) |  |  | (293) |
| $ | 9,706 |  |  | $ | 8,849 |
Recognized as: |  |  |
Inventories | $ | 6,358 |  |  | $ | 5,911 |
Other Assets | 3,348 |  |  | 2,938 |
Inventories valued under the LIFO method comprised approximately $3.1 billion at both December 31, 2023 and 2022, after reflecting the decrease to LIFO cost. Amounts recognized as Other Assets are comprised almost entirely of raw materials and work in process inventories. At December 31, 2023 and 2022, these amounts included $2.6 billion and $2.4 billion, respectively, of inventories not expected to be sold within one year. In addition, these amounts included $790 million and $516 million at December 31, 2023 and 2022, 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 -Topic 330 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//330/tableOfContent + Details
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