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INVENTORIES

6 Months Ended

Jun. 30, 2019

Inventory Disclosure [Abstract]

INVENTORIES

INVENTORIES

	June 30,				December 31,
(Dollars in millions)	2019				2018
Finished goods	$	1,205			$	1,143
Work in process	252				262
Raw materials and supplies	573				515
Total inventories at FIFO or average cost	2,030				1,920
Less: LIFO reserve	300				337
Total inventories	$	1,730			$	1,583

Inventories valued on the last-in, first-out ("LIFO") method were approximately 55 percent of total inventories at both June 30, 2019 and December 31, 2018.

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- References

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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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