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INVENTORIES

6 Months Ended

Jun. 30, 2020

Inventory Disclosure [Abstract]

INVENTORIES

INVENTORIES

			June 30,						December 31,
(Dollars in millions)			2020						2019
Finished goods			$	949					$	1,114
Work in process			193						220
Raw materials and supplies			514						576
Total inventories at FIFO or average cost			1,656						1,910
Less: LIFO reserve			237						248
Total inventories			$	1,419					$	1,662

Inventories valued on the last-in, first-out ("LIFO") method were approximately 50 percent of total inventories at both June 30, 2020 and December 31, 2019.

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- References

No definition available.

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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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