Quarterly report pursuant to Section 13 or 15(d)

INVENTORIES

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INVENTORIES
 6 Months Ended
Jun. 30, 2018
INVENTORIES  
INVENTORIES

5. 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):

 

 

 

 

 

 

 

 

 

 

June 30, 

 

December 31, 

 

    

2018

    

2017

Raw materials and supplies

 

$

236

 

$

189

Work in progress

 

 

48

 

 

48

Finished goods

 

 

949

 

 

897

Total 

 

 

1,233

 

 

1,134

LIFO reserves

 

 

(55)

 

 

(61)

Net inventories

 

$

1,178

 

$

1,073

 

For both June 30, 2018 and December 31, 2017, approximately 11% and 12% of inventories were recorded using the LIFO cost method, respectively.