Quarterly report pursuant to Section 13 or 15(d)

INVENTORIES

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INVENTORIES
9 Months Ended
Sep. 30, 2015
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,
2015

 

December 31,
2014

 

Raw materials and supplies

 

$

472

 

$

508

 

Work in progress

 

 

121

 

 

96

 

Finished goods

 

 

1,305

 

 

1,494

 

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Total

 

 

1,898

 

 

2,098

 

LIFO reserves

 

 

(48

)

 

(73

)

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​  

​  

​  

Net inventories

 

$

1,850

 

$

2,025

 

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        For September 30, 2015 and December 31, 2014, approximately 10% and 9%, respectively, of inventories were recorded using the LIFO cost method.