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

Quarterly report pursuant to Section 13 or 15(d)

INVENTORIES

INVENTORIES

9 Months Ended

Sep. 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):

	September 30, 2015			December 31, 2014
Raw materials and supplies	$	472		$	508
Work in progress		121			96
Finished goods		1,305			1,494

Total		1,898			2,098
LIFO reserves		(48	)		(73	)

Net inventories	$	1,850		$	2,025

For September 30, 2015 and December 31, 2014, approximately 10% and 9%, respectively, of inventories were recorded using the LIFO cost method.