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INVENTORIES | 9 Months Ended
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Sep. 30, 2024
Inventory Disclosure [Abstract] |
INVENTORIES | INVENTORIES
| September 30, |  | December 31,
(Dollars in millions) | 2024 |  | 2023
Finished goods | $ | 1,332 |  |  | $ | 1,193 |
Work in process | 302 |  |  | 293 |
Raw materials and supplies | 691 |  |  | 618 |
Total inventories at FIFO or average cost | 2,325 |  |  | 2,104 |
Less: LIFO reserve | 421 |  |  | 421 |
Total inventories | $ | 1,904 |  |  | $ | 1,683 |
Inventories valued on the last-in, first-out ("LIFO") method were approximately 50 percent of total inventories at both September 30, 2024 and December 31, 2023.

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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 + Details
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