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INVENTORIES

3 Months Ended

Mar. 31, 2021

Inventory Disclosure [Abstract]

INVENTORIES

INVENTORIES

			March 31,						December 31,
(Dollars in millions)			2021						2020
Finished goods			$	944					$	891
Work in process			214						203
Raw materials and supplies			586						511
Total inventories at FIFO or average cost			1,744						1,605
Less: LIFO reserve			239						226
Total inventories			$	1,505					$	1,379

Inventories valued on the last-in, first-out ("LIFO") method were approximately 45 percent and 50 percent of total inventories at March 31, 2021 and December 31, 2020, respectively. In 2020, a $13 million LIFO decrement was recognized due to inventory reduction actions, resulting in an increase to "Cost of sales" in the Audited Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings and a decrease to "Inventories" in the Audited 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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