Supplemental Balance Sheet Data

9 Months Ended

Sep. 30, 2023

Statement of Financial Position [Abstract]

Additional Financial Information Disclosure

Supplemental Balance Sheet Data

The following schedule presents a summary of inventories by major class:


	September 30, 2023						December 31, 2022
	LIFO		Non-LIFO		Total		LIFO		Non-LIFO		Total
Raw materials	$	127	$	316	$	443	$	147	$	425	$	572
Work in process	103		100		203		139		107		246
Finished goods	545		714		1,259		518		870		1,388
Supplies and other	—		313		313		—		302		302
	775		1,443		2,218		804		1,704		2,508
Excess of FIFO or weighted-average cost over LIFO cost	(197)		—		(197)		(239)		—		(239)
Total	$	578	$	1,443	$	2,021	$	565	$	1,704	$	2,269

Inventories are valued at the lower of cost or net realizable value, determined on the FIFO or weighted-average cost methods, and at the lower of cost or market, determined on the LIFO cost method.

The following schedule presents a summary of property, plant and equipment, net:


	September 30, 2023		December 31, 2022
Land	$	155	$	156
Buildings	3,014		3,062
Machinery and equipment	14,826		14,655
Construction in progress	655		676
	18,650		18,549
Less accumulated depreciation	(10,950)		(10,664)
Total	$	7,700	$	7,885

Supplier Finance Program

We have a supplier finance program managed through two global financial institutions under which we agree to pay the financial institutions the stated amount of confirmed invoices from our participating suppliers on the invoice due date. We, or the global financial institutions, may terminate our agreements at any time upon 30 days written notice. The global financial institutions may terminate our agreements at any time upon three days written notice in the event there are insufficient funds available for disbursement. We do not provide any forms of guarantees under these agreements. Supplier participation in the program is solely up to the supplier, and the participating suppliers negotiate their arrangements directly with the global financial institutions. We have no economic interest in a supplier’s decision to participate in the program, and their participation has no bearing on our payment terms or amounts due. The payment terms that we have with our suppliers under this program generally range from 75 to 180 days and are considered commercially reasonable. The outstanding amount related to the suppliers participating in this program was $1.0 billion as of September 30, 2023 and December 31, 2022, and was recorded within Trade accounts payable.