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INVENTORIES

6 Months Ended

Jun. 30, 2023

Inventory Disclosure [Abstract]

INVENTORIES

INVENTORIES

			June 30,						December 31,
(Dollars in millions)			2023						2022
Finished goods			$	1,406					$	1,347
Work in process			301						297
Raw materials and supplies			721						743
Total inventories at FIFO or average cost			2,428						2,387
Less: LIFO reserve			468						493
Total inventories			$	1,960					$	1,894

Inventories valued on the last-in, first-out ("LIFO") method were approximately 50 percent of total inventories at both June 30, 2023 and December 31, 2022.

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- References

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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
-Topic 330
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//330/tableOfContent

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