Annual report pursuant to Section 13 and 15(d)

Note 5 - Inventories

v3.24.0.1
Note 5 - Inventories
12 Months Ended
Dec. 31, 2023
Notes to Financial Statements  
Inventory Disclosure [Text Block]

5. INVENTORIES

 

Inventories consisted of the following (dollars in millions):

 

   

December 31,

 
   

2023

   

2022

 

Raw materials and supplies

  $ 191     $ 241  

Work in progress

    39       40  

Finished goods

    673       758  

Total

    903       1,039  

LIFO reserves

    (36 )     (44 )

Net inventories

  $ 867     $ 995  

 

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