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Annual report pursuant to Section 13 and 15(d)

Note 5 - Inventories

v3.20.4
Note 5 - Inventories
12 Months Ended
Dec. 31, 2020
Notes to Financial Statements
Inventory Disclosure [Text Block]

5. INVENTORIES

Inventories consisted of the following (dollars in millions):

December 31,

2020

2019

Raw materials and supplies

$ 180 $ 175

Work in progress

44 49

Finished goods

651 718

Total

875 942

LIFO reserves

(27 ) (28 )

Net inventories

$ 848 $ 914

For December 31, 2020 and 2019, approximately 7% and 9% of inventories were recorded using the LIFO cost method, respectively.