Quarterly report pursuant to Section 13 or 15(d)

INVENTORIES

v3.8.0.1
INVENTORIES
 9 Months Ended
Sep. 30, 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):

 

 

 

 

 

 

 

 

 

 

September 30, 

 

December 31, 

 

    

2017

    

2016

Raw materials and supplies

 

$

218

 

$

157

Work in progress

 

 

54

 

 

45

Finished goods

 

 

867

 

 

771

Total 

 

 

1,139

 

 

973

LIFO reserves

 

 

(55)

 

 

(55)

Net inventories

 

$

1,084

 

$

918

 

For both September 30, 2017 and December 31, 2016, approximately 13% of inventories were recorded using the LIFO cost method.