Annual report pursuant to Section 13 and 15(d)

INVENTORIES

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INVENTORIES
12 Months Ended
Dec. 31, 2013
INVENTORIES  
INVENTORIES

4. INVENTORIES

        Inventories consisted of the following (dollars in millions):

 
  December 31,  
 
  2013   2012  

Raw materials and supplies

  $ 433   $ 484  

Work in progress

    92     98  

Finished goods

    1,290     1,311  
           

Total

    1,815     1,893  

LIFO reserves

    (74 )   (74 )
           

Net

  $ 1,741   $ 1,819  
           
           

        For both December 31, 2013 and 2012, approximately 11% of inventories were recorded using the LIFO cost method.