| December 31 (In millions) | 2004 | 2003 | ||||
|---|---|---|---|---|---|---|
| GE | ||||||
| Raw materials and work in process | $ | 5,042 | $ | 4,530 | ||
| Finished goods | 4,806 | 4,376 | ||||
| Unbilled shipments | 402 | 281 | ||||
| 10,250 | 9,187 | |||||
| Less revaluation to LIFO | (661 | ) | (632 | ) | ||
| 9,589 | 8,555 | |||||
| GECS | ||||||
| Finished goods | 189 | 197 | ||||
| Total | $ | 9,778 | $ | 8,752 | ||
As of December 31, 2004, we were obligated to acquire certain raw materials at market prices through the year 2023 under various take-or-pay or similar arrangements. Annual minimum commitments under these arrangements are insignificant.
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