Registration of securities issued in business combination transactions

INVENTORIES

v3.3.1.900
INVENTORIES
12 Months Ended
Dec. 31, 2015
INVENTORIES  
INVENTORIES

 

4. INVENTORIES

        Inventories consisted of the following (dollars in millions):

                                                                                                                                                                                    

 

 

December 31,

 

 

 

2015

 

2014

 

Raw materials and supplies

 

$

389

 

$

508

 

Work in progress

 

 

125

 

 

96

 

Finished goods

 

 

1,221

 

 

1,494

 

​  

​  

​  

​  

Total

 

 

1,735

 

 

2,098

 

LIFO reserves

 

 

(43

)

 

(73

)

​  

​  

​  

​  

Net inventories

 

$

1,692

 

$

2,025

 

​  

​  

​  

​  

​  

​  

​  

​  

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