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INVENTORIES

6 Months Ended

Jun. 30, 2022

Inventory Disclosure [Abstract]

INVENTORIES

INVENTORIES

			June 30,						December 31,
(Dollars in millions)			2022						2021
Finished goods			$	1,241					$	1,007
Work in process			283						273
Raw materials and supplies			692						589
Total inventories at FIFO or average cost			2,216						1,869
Less: LIFO reserve			390						365
Total inventories			$	1,826					$	1,504

Inventories valued on the last-in, first-out ("LIFO") method were approximately 50 percent of total inventories at both June 30, 2022 and December 31, 2021.

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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 https://asc.fasb.org/topic&trid=2126998

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