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INVENTORIES, NET | 6 Months Ended
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Jun. 30, 2023
Inventory Disclosure [Abstract] |
INVENTORIES, NET | INVENTORIES, NET Inventories are stated at the lower of cost or estimated net realizable value. Cost is primarily determined based on the first-in, first-out inventory method ("FIFO") or average cost methods, which approximates current replacement cost. However, certain subsidiaries use the last-in, first-out inventory method ("LIFO"). Inventories, net consisted of the following:
(In millions) |  | June 30, 2023 |  | December 31, 2022
Raw materials |  | $ | 841 |  |  | $ | 884 |
Work-in-process |  | 291 |  |  | 230 |
Finished goods |  | 1,567 |  |  | 1,526 |
Inventories, net |  | $ | 2,699 |  |  | $ | 2,640 |
The Company performs periodic assessments utilizing customer demand, production requirements and historical usage rates to determine the existence of excess and obsolete inventory and records necessary provisions to reduce such inventories to the lower of cost or estimated net realizable value. Raw materials, work-in-process and finished goods are net of valuation reserves of $241 million and $190 million as of June 30, 2023 and December 31, 2022, respectively.

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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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