Annual report pursuant to Section 13 and 15(d)

Note 5 - Inventories

v3.20.4
Note 5 - Inventories
12 Months Ended
Dec. 31, 2020
Notes to Financial Statements  
Inventory Disclosure [Text Block]

5. INVENTORIES

 

Inventories consisted of the following (dollars in millions):

 

 

   

December 31,

 
   

2020

   

2019

 

Raw materials and supplies

  $ 180     $ 175  

Work in progress

    44       49  

Finished goods

    651       718  

Total

    875       942  

LIFO reserves

    (27 )     (28 )

Net inventories

  $ 848     $ 914  

 

For December 31, 2020 and 2019, approximately 7% and 9% of inventories were recorded using the LIFO cost method, respectively.