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Inventories | 12 Months Ended
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Dec. 31, 2023
Inventory Disclosure [Abstract] |
Inventories | Inventories
December 31, | 2023 |  | 2022
Finished goods | $ | 451 |  |  | $ | 490 |
Work-in-process | 891 |  |  | 748 |
Purchased raw materials | 355 |  |  | 317 |
Operating supplies | 68 |  |  | 54 |
Total inventories | $ | 1,765 |  |  | $ | 1,609 |
As of December 31, 2023 and 2022, the portion of inventories valued on a LIFO basis was $446 and $441, respectively. If valued on an average-cost basis, total inventories would have been $236 and $220 higher as of December 31, 2023 and 2022, respectively. During 2023 and 2022, reductions in LIFO inventory quantities caused partial liquidations of LIFO inventory layers. These liquidations resulted in the recognition of a benefit of $1 in 2023 and a recognition of expense of less than $1 in 2022. In 2021, we did not have any LIFO inventory layer liquidations.

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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 -Topic 330 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//330/tableOfContent + Details
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