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INVENTORIES | 9 Months Ended
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Sep. 30, 2020
Inventory Disclosure [Abstract] |
INVENTORIES | INVENTORIES
| September 30, |  | December 31,
(Dollars in millions) | 2020 |  | 2019
Finished goods | $ | 873 |  |  | $ | 1,114 |
Work in process | 191 |  |  | 220 |
Raw materials and supplies | 510 |  |  | 576 |
Total inventories at FIFO or average cost | 1,574 |  |  | 1,910 |
Less: LIFO reserve | 236 |  |  | 248 |
Total inventories | $ | 1,338 |  |  | $ | 1,662 |
Inventories valued on the last-in, first-out ("LIFO") method were approximately 50 percent of total inventories at both September 30, 2020 and December 31, 2019. In third quarter 2020, a $10 million LIFO decrement was recognized due to inventory reduction actions, resulting in an increase to "Cost of sales" in the Unaudited Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings and a decrease to "Inventories" in the Unaudited Consolidated Statements of Financial Position.

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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 + Details
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