Annual report pursuant to Section 13 and 15(d)

Note 5 - Inventories

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Note 5 - Inventories
12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Inventory Disclosure [Text Block]

5. INVENTORIES

 

Inventories consisted of the following (dollars in millions):

 

   

December 31,

 
   

2021

   

2020

 

Raw materials and supplies

  $ 282     $ 180  

Work in progress

    52       44  

Finished goods

    909       651  

Total

    1,243       875  

LIFO reserves

    (42 )     (27 )

Net inventories

  $ 1,201     $ 848  

 

For both  December 31, 2021 and 2020, approximately 7% of inventories were recorded using the LIFO cost method.