Quarterly report pursuant to Section 13 or 15(d)

INVENTORIES

v3.8.0.1
INVENTORIES
 3 Months Ended
Mar. 31, 2018
INVENTORIES  
INVENTORIES

4. 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, 

 

    

2018

    

2017

Raw materials and supplies

 

$

240

 

$

189

Work in progress

 

 

50

 

 

48

Finished goods

 

 

972

 

 

897

Total 

 

 

1,262

 

 

1,134

LIFO reserves

 

 

(59)

 

 

(61)

Net inventories

 

$

1,203

 

$

1,073

 

For both March 31, 2018 and December 31, 2017, approximately 13% and 12% of inventories were recorded using the LIFO cost method, respectively.