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Inventories

9 Months Ended

Sep. 30, 2021

Inventory Disclosure [Abstract]

Inventories

Inventories

($ in millions)			September 30, 2021						December 31, 2020
Finished products			$1,241						$1,021
Work in process			254						187
Raw materials			714						490
Supplies			40						37
Total Inventories			$2,249						$1,735

Most U.S. inventories are valued using the last-in, first-out method. These inventories represented approximately 28% and 33% of total inventories at September 30, 2021 and December 31, 2020, respectively. If the first-in, first-out method of inventory valuation had been used, inventories would have been $153 million and $110 million higher as of September 30, 2021 and December 31, 2020, respectively.

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- References

No definition available.

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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

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