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Supplemental Balance Sheet Data
 3 Months Ended
Mar. 31, 2025
Statement of Financial Position [Abstract]  
Additional Financial Information Disclosure Supplemental Balance Sheet Data
The following schedule presents a summary of inventories by major class:
March 31, 2025December 31, 2024
LIFONon-LIFOTotalLIFONon-LIFOTotal
Raw materials$128 $260 $388 $122 $261 $383 
Work in process110 83 193 116 74 190 
Finished goods566 652 1,218 510 631 1,141 
Supplies and other— 316 316 — 308 308 
804 1,311 2,115 748 1,274 2,022 
Excess of FIFO or weighted-average cost over LIFO cost(206)— (206)(200)— (200)
Total$598 $1,311 $1,909 $548 $1,274 $1,822 
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:
March 31, 2025December 31, 2024
Land$157 $157 
Buildings2,948 2,901 
Machinery and equipment15,246 15,020 
Construction in progress816 854 
19,167 18,932 
Less accumulated depreciation(11,660)(11,419)
Total$7,507 $7,513 
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 March 31, 2025 and December 31, 2024, and was recorded within Trade accounts payable.