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INVENTORIES | 12 Months Ended
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Dec. 31, 2018
Inventory Disclosure [Abstract] |
INVENTORIES | INVENTORIES
| December 31,
(Dollars in millions) | 2018 |  | 2017
Finished goods | $ | 1,143 |  |  | $ | 1,114 |
Work in process | 262 |  |  | 213 |
Raw materials and supplies | 515 |  |  | 470 |
Total inventories at FIFO or average cost | 1,920 |  |  | 1,797 |
Less: LIFO reserve | 337 |  |  | 288 |
Total inventories | $ | 1,583 |  |  | $ | 1,509 |
Inventories valued on the LIFO method were approximately 55 percent of total inventories at both December 31, 2018 and 2017.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI http://asc.fasb.org/topic&trid=2126998 + Details
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