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INVENTORIES | 12 Months Ended
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Dec. 31, 2019
Inventories [Abstract] |
Inventories | Inventories
| December 31,
2019 |  | 2018
Raw materials | $ | 1,056 |  |  | $ | 1,109 |
Work in process | 817 |  |  | 811 |
Finished products | 2,593 |  |  | 2,445 |
| 4,466 |  |  | 4,365 |
Reduction to LIFO cost basis | (45 | ) |  | (39 | )
| $ | 4,421 |  |  | $ | 4,326 |
Inventories valued at LIFO amounted to $292 million and $294 million at December 31, 2019 and 2018. Had such LIFO inventories been valued at current costs, the carrying values would have been approximately $45 million and $39 million higher at December 31, 2019 and 2018.

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- Definition The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI http://asc.fasb.org/topic&trid=2126998 + Details
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