Annual report pursuant to Section 13 and 15(d)

INVENTORIES

v3.19.3.a.u2
INVENTORIES
12 Months Ended
Dec. 31, 2019
INVENTORIES  
INVENTORIES

5. INVENTORIES

Inventories consisted of the following (dollars in millions):

December 31, 

December 31, 

    

2019

    

2018

Raw materials and supplies

$

175

$

191

Work in progress

49

51

Finished goods

718

798

Total

942

1,040

LIFO reserves

(28)

(40)

Net inventories

$

914

$

1,000

For December 31, 2019 and 2018, approximately 9% and 6% of inventories were recorded using the LIFO cost method, respectively.