INVENTORIES

Inventories are summarized as follows (in millions):



	December 31,
	2017		2016
Raw materials	$	1,880	$	1,610
Work in process	352		626
Finished goods	670		928
Total	$	2,902	$	3,164

Reported as:
Inventories	$	801	$	1,587
Other long-term assets	2,101		1,577
Total	$	2,902	$	3,164

Amounts reported as other long-term assets primarily consisted of raw materials as of December 31, 2017 and 2016.

The joint ventures with BMS, which we consolidate, held efavirenz active pharmaceutical ingredient in inventory. This efavirenz inventory was purchased from BMS at BMS’s estimated net selling price of efavirenz. In December 2017, a generic version of efavirenz was launched in the United States. Upon the generic version launch, we terminated BMS’s participation in the collaboration for the United States and Canada, and became the sole owner of the joint venture for these countries. December 31, 2017 was the last day of the collaboration for the United States and Canada. As a result of the termination and pursuant to the terms of the existing agreements governing the collaboration for the United States and Canada, we recorded a $438 million reduction to inventory and a receivable from BMS to adjust the purchase price of inventory on hand as of the termination date. The remaining collaborative arrangements with BMS continue to purchase efavirenz from BMS at BMS’s estimated net selling price of efavirenz. See Note 10, Collaborative Arrangements for additional information. As of December 31, 2017 and 2016, efavirenz inventory valued at BMS’s estimated net selling price totaled $137 million and $1.1 billion, respectively.