Inventories
Inventories at December 31 consisted of:
|
| | | | | | | |
| 2013 | | 2012 |
Finished goods | $ | 1,738 |
| | $ | 1,924 |
|
Raw materials and work in process | 5,894 |
| | 5,921 |
|
Supplies | 225 |
| | 244 |
|
Total (approximates current cost) | 7,857 |
| | 8,089 |
|
Increase to LIFO costs | 73 |
| | 52 |
|
| $ | 7,930 |
| | $ | 8,141 |
|
Recognized as: | | | |
Inventories | $ | 6,226 |
| | $ | 6,535 |
|
Other assets | 1,704 |
| | 1,606 |
|
Inventories valued under the LIFO method comprised approximately $2.3 billion and $2.1 billion of inventories at December 31, 2013 and 2012, respectively. Amounts recognized as Other assets are comprised almost entirely of raw materials and work in process inventories. At December 31, 2013 and 2012, these amounts included $1.5 billion and $1.4 billion, respectively, of inventories not expected to be sold within one year. In addition, these amounts included $177 million and $196 million at December 31, 2013 and 2012, respectively, of inventories produced in preparation for product launches.
