Quarterly report pursuant to Section 13 or 15(d)

INVENTORIES

v3.7.0.1
INVENTORIES
 3 Months Ended
Mar. 31, 2017
INVENTORIES  
INVENTORIES

3. INVENTORIES

 

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

 

 

 

 

 

 

 

 

 

 

March 31, 

 

December 31, 

 

    

2017

    

2016

Raw materials and supplies

 

$

329

 

$

291

Work in progress

 

 

91

 

 

91

Finished goods

 

 

1,123

 

 

1,017

Total 

 

 

1,543

 

 

1,399

LIFO reserves

 

 

(57)

 

 

(55)

Net inventories

 

$

1,486

 

$

1,344

 

For both March 31, 2017 and December 31, 2016, approximately 9% of inventories were recorded using the LIFO cost method.