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Inventories | 12 Months Ended
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Dec. 31, 2024
Inventory Disclosure [Abstract] |
Inventories | Inventories Inventories at December 31 consisted of:
| 2024 |  | 2023
Finished goods | $ | 2,022 |  |  | $ | 1,954 |
Raw materials and work in process | 8,831 |  |  | 8,037 |
Supplies | 289 |  |  | 277 |
| 11,142 |  |  | 10,268 |
Decrease to LIFO cost | (840) |  |  | (562) |
| $ | 10,302 |  |  | $ | 9,706 |
Recognized as: |  |  |
Inventories | $ | 6,109 |  |  | $ | 6,358 |
Other Assets | 4,193 |  |  | 3,348 |
Inventories valued under the LIFO method comprised approximately $3.4 billion and $3.1 billion at December 31, 2024 and 2023, respectively, 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, 2024 and 2023, these amounts included $3.8 billion and $2.6 billion, respectively, of inventories not expected to be sold within one year. In addition, these amounts included $412 million and $790 million at December 31, 2024 and 2023, 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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