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Supplemental Balance Sheet Data
 9 Months Ended
Sep. 30, 2024
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, 2024December 31, 2023
LIFONon-LIFOTotalLIFONon-LIFOTotal
Raw materials$125 $289 $414 $121 $292 $413 
Work in process115 84 199 116 95 211 
Finished goods545 657 1,202 520 692 1,212 
Supplies and other— 317 317 — 311 311 
785 1,347 2,132 757 1,390 2,147 
Excess of FIFO or weighted-average cost over LIFO cost(195)— (195)(192)— (192)
Total$590 $1,347 $1,937 $565 $1,390 $1,955 
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, 2024December 31, 2023
Land$166 $149 
Buildings3,069 3,067 
Machinery and equipment15,285 15,132 
Construction in progress799 803 
19,319 19,151 
Less accumulated depreciation(11,616)(11,238)
Total$7,703 $7,913 
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, 2024 and December 31, 2023, and was recorded within Trade accounts payable.