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, 2016

3. INVENTORIES

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

	September 30, 2016			December 31, 2015
Raw materials and supplies	$	344		$	389
Work in progress		104			125
Finished goods		1,044			1,221

Total		1,492			1,735
LIFO reserves		(48	)		(43	)

Net inventories	$	1,444		$	1,692

For both September 30, 2016 and December 31, 2015, approximately 9% of inventories were recorded using the LIFO cost method. As of September 30, 2016, there was $18 million of inventories included in current assets held for sale on our condensed consolidated balance sheets.