Registration of securities issued in business combination transactions

INVENTORIES

v2.4.0.8
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.