Quarterly report pursuant to Section 13 or 15(d)

Note 5 - Inventories

v3.22.2.2
Note 5 - Inventories
 9 Months Ended
Sep. 30, 2022
Notes to Financial Statements  
Inventory Disclosure [Text Block]

5. INVENTORIES

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We state our inventories at the lower of cost or market, with cost determined using average cost, last-in first-out (“LIFO”) and first-in first-out methods for different components of inventory. Inventories consisted of the following (dollars in millions):

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September 30,

    

December 31,

  
   

2022

    

2021

  

Raw materials and supplies

   $ 263     $ 248  

Work in progress

     44       33  

Finished goods

     822       799  

Total

     1,129       1,080  

LIFO reserves

     (50 )     (42 )

Net inventories

   $ 1,079     $ 1,038  

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For both  September 30, 2022 and December 31, 2021, approximately 8% of inventories were recorded using the LIFO cost method.

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