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Inventories

3 Months Ended

Mar. 31, 2024

Inventory, Net [Abstract]

Inventories

Note 8. Inventories

The following table sets forth the components of the Company’s inventories at March 31, 2024 and December 31, 2023.

		March 31, 2024				December 31, 2023
Finished products		$	819			$	770
Semi-finished products			267				255
Raw materials, stores, and supplies			687				709
Inventories before LIFO adjustment			1,773				1,734
Less: Adjustment of inventories to LIFO basis			(382	)			(382	)
Total inventories		$	1,391			$	1,352

Inventory values, before last-in, first-out (“LIFO”) adjustment are generally determined by the average cost method, which approximates current cost. Inventories are valued under the LIFO method at the Company’s U.S. locations, which comprised $945 and $920 (or 53% and 53%, respectively) of inventories before the LIFO adjustments at March 31, 2024 and December 31, 2023, respectively. The Company’s inventories held in international locations are 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
-Topic 330
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//330/tableOfContent

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- References

No definition available.

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