Quarterly report pursuant to Section 13 or 15(d)

Note 4 - Inventories

v3.23.1
Note 4 - Inventories
 3 Months Ended
Mar. 31, 2023
Notes to Financial Statements  
Inventory Disclosure [Text Block]

4. 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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    March 31,     December 31,  
   

2023

    

2022

  

Raw materials and supplies

   $ 238     $ 241  

Work in progress

     43       40  

Finished goods

     809       758  

Total

     1,090       1,039  

LIFO reserves

     (42 )     (44 )

Net inventories

   $ 1,048     $ 995  

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For both  March 31, 2023 and December 31, 2022, approximately 8% of inventories were recorded using the LIFO cost method.

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