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Inventories, Net | 9 Months Ended
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Sep. 30, 2020
Inventory Disclosure [Abstract] |
Inventories, Net | Inventories, Net Certain U.S. inventories are measured by the last-in, first-out (“LIFO”) method at the lower of cost or market, while other U.S. and foreign operations use the first-in, first-out (“FIFO”) or average-cost methods at the lower of cost and net realizable value. Inventories, net consisted of the following:
| September 30, |  | December 31,
(in millions) | 2020 |  | 2019
Raw material and supplies | $ | 529 |  |  | $ | 502 |
Work in progress | 115 |  |  | 113 |
Finished goods | 186 |  |  | 207 |
FIFO inventories | 830 |  |  | 822 |
LIFO reserve | (15) |  |  | (15) |
Inventories, net | $ | 815 |  |  | $ | 807 |

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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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