Quarterly report pursuant to Section 13 or 15(d)

INVENTORIES

v3.19.1
INVENTORIES
 3 Months Ended
Mar. 31, 2019
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):

 

 

 

 

 

 

 

 

 

 

March 31, 

 

December 31, 

 

    

2019

    

2018

Raw materials and supplies

 

$

221

 

$

215

Work in progress

 

 

58

 

 

51

Finished goods

 

 

1,001

 

 

927

Total 

 

 

1,280

 

 

1,193

LIFO reserves

 

 

(52)

 

 

(59)

Net inventories

 

$

1,228

 

$

1,134

 

For March 31, 2019 and December 31, 2018, approximately 14% and 13%, respectively, of inventories were recorded using the LIFO cost method.