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Inventories | 3 Months Ended
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Mar. 31, 2025
Inventory Disclosure [Abstract] |
Inventories | Inventories Inventories consisted of:
($ in millions) | March 31, 2025 |  | December 31, 2024
Finished goods | $ | 777 |  |  | $ | 764 |
Raw materials | 26 |  |  | 25 |
Work in process | 688 |  |  | 675 |
Supplies | 81 |  |  | 79 |
Total (approximates current cost) | $ | 1,572 |  |  | $ | 1,543 |
Decrease to last in, first out (“LIFO”) costs | (3) |  |  | (7) |
| $ | 1,569 |  |  | $ | 1,536 |
Recognized as: |  |  |
Inventories | $ | 1,362 |  |  | $ | 1,321 |
Other assets | 207 |  |  | 215 |
Inventories valued under the LIFO method | 145 |  |  | 133 |
Amounts recognized as Other assets are comprised primarily of raw materials and work in process inventories and are not expected to be converted to finished goods that will be sold within one year. The Company has long-term vendor supply contracts that include certain annual minimum purchase commitments. As part of the Dermavant acquisition, the Company acquired $97 million of inventory, which includes a $63 million purchase accounting inventory fair value adjustment. As of March 31, 2025 and December 31, 2024, there was $47 million and $56 million, respectively, remaining in inventory related to the fair value adjustment.

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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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