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INVENTORIES | 12 Months Ended
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Dec. 31, 2020
Inventory Disclosure [Abstract] |
Inventories |
| December 31,
2020 |  | 2019
Raw materials | $ | 1,079 |  |  | $ | 1,056 |
Work in process | 798 |  |  | 817 |
Finished products | 2,612 |  |  | 2,593 |
| 4,489 |  |  | 4,466 |
Reduction to LIFO cost basis | — |  |  | (45) |
| $ | 4,489 |  |  | $ | 4,421 |
During the third quarter of 2020, the Company changed the method of valuing inventory from the last-in, first-out (LIFO) method to the first-in, first-out (FIFO) method for inventories within our Performance Materials and Technologies segment not previously valued using FIFO. The Company believes the FIFO method is preferable and better reflects the current value of inventory reported in the Consolidated Balance Sheet. The cumulative effect of this change in accounting principle was $7 million and was recorded as a reduction to Cost of products sold for the year ended December 31, 2020. The inventories subject to this change totaled approximately 6% of consolidated inventories at the time of this change. This change was not material to the Consolidated Financial Statements, and therefore prior periods were not adjusted retrospectively. Inventories valued at LIFO amounted to $292 million at December 31, 2019. Had such LIFO inventories been valued at current costs, the carrying values would have been approximately $45 million higher at December 31, 2019. There are no remaining inventories valued at LIFO.

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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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