Registration of securities issued in business combination transactions

INVENTORIES

v2.4.0.8
INVENTORIES
 3 Months Ended 12 Months Ended
Mar. 31, 2014
Dec. 31, 2013
INVENTORIES    
INVENTORIES

4. INVENTORIES

        Inventories are stated at the lower of cost or market, with cost determined using last-in first-out ("LIFO"), first-in first-out, and average costs methods for different components of inventory. Inventories consisted of the following (dollars in millions):

 
   March 31,
2014		   December 31,
2013		  

Raw materials and supplies

   $ 450   $ 433  

Work in progress

     90     92  

Finished goods

     1,450     1,290  
           
​ ​ ​ ​ ​ ​ ​ ​

Total

     1,990     1,815  

LIFO reserves

     (79 )   (74 )
           
​ ​ ​ ​ ​ ​ ​ ​

Net

   $ 1,911   $ 1,741  
           
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
           

        For both March 31, 2014 and December 31, 2013, approximately 11% of inventories were recorded using the LIFO cost method.

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.