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INVENTORIES, NET | 12 Months Ended
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Dec. 31, 2024
Inventory Disclosure [Abstract] |
INVENTORIES, NET | INVENTORIES, NET A summary of Inventories, net is presented below:
| December 31,
(in millions) | 2024 |  | 2023
Raw material and supplies | $ | 915 |  |  | $ | 991 |
Work-in-progress | 147 |  |  | 160 |
Finished goods | 189 |  |  | 194 |
FIFO inventories | 1,251 |  |  | 1,345 |
LIFO reserve 1 | — |  |  | (32) |
Inventories, net | $ | 1,251 |  |  | $ | 1,313 |
_____________________________ 1 During the fourth quarter of 2024, the Company changed the accounting method for certain inventories previously accounted for under LIFO to FIFO. As of December 31, 2024, no inventories are accounted for under the LIFO method. Refer to Note 1, “Summary of Significant Accounting Policies,” to the Consolidated Financial Statements for more details.

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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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