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INVENTORIES | 6 Months Ended
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Jun. 30, 2017
Inventory Disclosure [Abstract] |
INVENTORIES | INVENTORIES
| June 30, |  | December 31,
(Dollars in millions) | 2017 |  | 2016
Finished goods | $ | 1,103 |  |  | $ | 997 |
Work in process | 220 |  |  | 198 |
Raw materials and supplies | 478 |  |  | 473 |
Total inventories at FIFO or average cost | 1,801 |  |  | 1,668 |
Less: LIFO reserve | 261 |  |  | 264 |
Total inventories | $ | 1,540 |  |  | $ | 1,404 |
Inventories valued on the last-in, first-out ("LIFO") method were approximately 60 percent of total inventories at both June 30, 2017 and December 31, 2016.

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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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.6) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6361739&loc=d3e7789-107766 + Details
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