INVENTORIES
The following table provides a breakdown of inventories:
|
| | | | | | | |
Inventories at December 31 In millions | 2013 |
| | 2012 |
|
Finished goods | $ | 4,717 |
| | $ | 4,880 |
|
Work in process | 1,948 |
| | 1,910 |
|
Raw materials | 760 |
| | 866 |
|
Supplies | 878 |
| | 820 |
|
Total inventories | $ | 8,303 |
| | $ | 8,476 |
|
The reserves reducing inventories from a FIFO basis to a LIFO basis amounted to $854 million at December 31, 2013 and $842 million at December 31, 2012. Inventories valued on a LIFO basis, principally hydrocarbon and U.S. chemicals and plastics product inventories, represented 25 percent of the total inventories at December 31, 2013 and 29 percent of total inventories at December 31, 2012.
A reduction of certain inventories resulted in the liquidation of some of the Company’s LIFO inventory layers, increasing pretax income $55 million in 2013, $91 million in 2012 and $126 million in 2011.
