Quarterly report pursuant to Section 13 or 15(d)

INVENTORIES

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INVENTORIES
 9 Months Ended
Sep. 30, 2014
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):

 
   September 30,
2014		   December 31,
2013		  

Raw materials and supplies

   $ 424   $ 433  

Work in progress

     78     92  

Finished goods

     1,365     1,290  
           
​ ​ ​ ​ ​ ​ ​ ​

Total

     1,867     1,815  

LIFO reserves

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

Net

   $ 1,788   $ 1,741  
           
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
           

        For September 30, 2014 and December 31, 2013, approximately 12% and 11%, respectively, of inventories were recorded using the LIFO cost method.