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Inventories

12 Months Ended

Dec. 31, 2024

Inventory, Net [Abstract]

Inventories

Note 12. Inventories

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

		December 31,
		2024				2023
Finished products		$	889			$	770
Semi-finished products			271				255
Raw materials, stores, and supplies			688				709
Inventories before LIFO adjustment			1,848				1,734
Less: Adjustment of inventories to LIFO basis			(376	)			(382	)
Total inventories		$	1,472			$	1,352

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 $900 and $920 (or 49% and 53%, respectively) of inventories before the LIFO adjustments at December 31, 2024 and 2023, 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
-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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