Huntsman Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

INVENTORIES

INVENTORIES

6 Months Ended

Jun. 30, 2015

4. INVENTORIES

Inventories are stated at the lower of cost or market, with cost determined using last-in first-out ("LIFO"), first-in first-out, and average costs methods for different components of inventory. Inventories consisted of the following (dollars in millions):

	June 30, 2015			December 31, 2014
Raw materials and supplies	$	482		$	508
Work in progress		109			96
Finished goods		1,397			1,494

Total		1,988			2,098
LIFO reserves		(50	)		(73	)

Net inventories	$	1,938		$	2,025

For June 30, 2015 and December 31, 2014, approximately 9% and 11%, respectively, of inventories were recorded using the LIFO cost method.