LyondellBasell Industries NV
For the period ended Dec 31, 2023. Filed Feb 22, 2024.
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FY2023 · Filed Feb 22, 2024
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Inventories
- Inventories
Inventories consisted of the following components at December 31:
| Millions of dollars | 2023 | 2022 |
|---|---|---|
| Finished goods | $3,134 | $3,027 |
| Work-in-process | 182 | 227 |
| Raw materials and supplies | 1,449 | 1,550 |
| Total inventories | $4,765 | $4,804 |
At December 31, 2023 and 2022, approximately 78% and 77%, respectively, of our inventories were valued using the last in, first out (“LIFO”) method and the remaining inventories, consisting primarily of materials and supplies, were valued at the moving average cost method. The excess of our inventories at estimated net realizable value over LIFO cost was approximately $1,478 million and $1,586 million at December 31, 2023 and 2022, respectively.
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