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INVENTORIES

9 Months Ended

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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- 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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