Quarterly report pursuant to Section 13 or 15(d)

INVENTORIES

v3.10.0.1
INVENTORIES
 9 Months Ended
Sep. 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):

 

 

 

 

 

 

 

 

 

 

September 30, 

 

December 31, 

 

    

2018

    

2017

Raw materials and supplies

 

$

257

 

$

189

Work in progress

 

 

53

 

 

48

Finished goods

 

 

982

 

 

897

Total 

 

 

1,292

 

 

1,134

LIFO reserves

 

 

(61)

 

 

(61)

Net inventories

 

$

1,231

 

$

1,073

 

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