Quarterly report pursuant to Section 13 or 15(d)

INVENTORIES (Tables)

v3.20.2
INVENTORIES (Tables)
9 Months Ended
Sep. 30, 2020
INVENTORIES  
Schedule of inventory

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,

    

2020

    

2019

Raw materials and supplies

$

174

$

175

Work in progress

44

49

Finished goods

624

718

Total

842

942

LIFO reserves

(23)

(28)

Net inventories

$

819

$

914