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

Quarterly report pursuant to Section 13 or 15(d)

INVENTORIES

INVENTORIES

3 Months Ended

Mar. 31, 2016

3. 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):

	March 31, 2016			December 31, 2015
Raw materials and supplies	$	383		$	389
Work in progress		112			125
Finished goods		1,233			1,221

Total		1,728			1,735
LIFO reserves		(39	)		(43	)

Net inventories	$	1,689		$	1,692

For both March 31, 2016 and December 31, 2015, approximately 9% of inventories were recorded using the LIFO cost method.