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INVENTORIES | 6 Months Ended
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Jun. 30, 2021
Inventory Disclosure [Abstract] |
INVENTORIES | INVENTORIES
| June 30, |  | December 31,
(Dollars in millions) | 2021 |  | 2020
Finished goods | $ | 945 |  |  | $ | 891 |
Work in process | 240 |  |  | 203 |
Raw materials and supplies | 580 |  |  | 511 |
Total inventories at FIFO or average cost | 1,765 |  |  | 1,605 |
Less: LIFO reserve | 264 |  |  | 226 |
Total inventories | $ | 1,501 |  |  | $ | 1,379 |
Inventories valued on the last-in, first-out ("LIFO") method were approximately 45 percent and 50 percent of total inventories at June 30, 2021 and December 31, 2020, respectively. During 2020, a $13 million LIFO decrement was recognized due to inventory reduction actions, resulting in an increase to "Cost of sales" in the Consolidated Statements of Earnings, Comprehensive Income and Retained Earnings and a decrease to "Inventories" in the 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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