Quarterly report [Sections 13 or 15(d)]

Note 5 - Inventories

v3.25.1
Note 5 - Inventories
3 Months Ended
Mar. 31, 2025
Notes to Financial Statements  
Inventory Disclosure [Text Block]

5. INVENTORIES

We state our inventories at the lower of cost or market, with cost determined using average cost, last-in first-out (“LIFO”) and first-in first-out methods for different components of inventory. Inventories consisted of the following (dollars in millions):

    March 31,     December 31,  
   

2025

   

2024

 

Raw materials and supplies

  $ 207     $ 193  

Work in progress

    40       39  

Finished goods

    828       727  

Total

    1,075       959  

LIFO reserves

    (45 )     (42 )

Net inventories

  $ 1,030     $ 917  

As of both  March 31, 2025 and December 31, 2024, approximately 9% of inventories were recorded using the LIFO cost method.