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INVENTORIES | 3 Months Ended
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Mar. 31, 2021
Inventory Disclosure [Abstract] |
INVENTORIES | INVENTORIES Inventories are stated at the lower of cost and net realizable value. All of the Company's inventories were determined by the first-in, first-out (“FIFO”) or average cost methods, with the exception of immaterial amounts determined using the last-in, first-out ("LIFO") method totaling $1 million and $3 million at March 31, 2021 and December 31, 2020, respectively. Inventories, net were as follows:
(in millions) |  | March 31, 2021 |  | December 31, 2020
Finished goods |  | $ | 303 |  |  | $ | 264 |
Work-in-process |  | 75 |  |  | 68 |
Raw materials and supplies |  | 122 |  |  | 134 |
Inventories, net |  | $ | 500 |  |  | $ | 466 |
The Company's inventory reserve was $95 million and $117 million at March 31, 2021 and December 31, 2020, respectively.

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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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