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Inventories

12 Months Ended

Dec. 31, 2020

Inventory Net [Abstract]

Inventories

Note 12. Inventories

The following table sets forth the components of the Company’s inventories at December 31, 2020 and 2019.

		December 31,
		2020				2019
Finished products		$	579			$	589
Semi-finished products			180				189
Raw materials, stores, and supplies			433				559
Inventories before LIFO adjustment			1,192				1,337
Less: Adjustment of inventories to LIFO basis			(253	)			(258	)
Total inventories		$	939			$	1,079

Inventory values, before LIFO adjustment, are generally determined by the average cost method, which approximates current cost. Inventories are valued under the LIFO method at substantially all of the Company’s U.S. locations, which comprised $585 and $674 (or 49% and 50%, respectively) of inventories before the LIFO adjustments at December 31, 2020 and 2019, respectively. The remainder of the Company’s inventory held in international locations and certain U.S. locations is valued under the average cost method.

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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

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- References

No definition available.

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