Note 8
Inventories, net

“Inventories, net” consisted of the following:

December 31, ($ in millions)

2016

2015

Raw materials

1,692

1,793

Work in process

1,326

1,574

Finished goods

1,369

1,442

Advances to suppliers

149

188

 

4,536

4,997

Advance payments consumed

(189)

(240)

Total

4,347

4,757

“Work in process” in the table above contains inventoried costs relating to long-term contracts of $212 million and $411 million at December 31, 2016 and 2015, respectively. “Advance payments consumed” in the table above relates to contractual advances received from customers on work in process.