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Note 4 - Inventories

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Inventory Disclosure [Text Block]

4. INVENTORIES

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We state our inventories at the lower of cost or market, with cost determined using average cost, last-in first-out (“LIFO”) and first-in first-out methods for different components of inventory. Inventories consisted of the following (dollars in millions):

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		September 30,				December 31,
		2023				2022
Raw materials and supplies		$	221			$	241
Work in progress			42				40
Finished goods			716				758
Total			979				1,039
LIFO reserves			(38	)			(44	)
Net inventories		$	941			$	995

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For both  September 30, 2023 and December 31, 2022, approximately 8% of inventories were recorded using the LIFO 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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