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Quarterly report pursuant to Section 13 or 15(d)

Note 5 - Inventories

v3.21.2
Note 5 - Inventories
6 Months Ended
Jun. 30, 2021
Notes to Financial Statements Ìý
Inventory Disclosure [Text Block]

5. INVENTORIES

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

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Ìý Ìý

June 30,

Ìý Ìý

December 31,

Ìý
Ìý Ìý

2021

Ìý Ìý

2020

Ìý

Raw materials and supplies

Ìý $ 289 Ìý Ìý $ 180 Ìý

Work in progress

Ìý Ìý 53 Ìý Ìý Ìý 44 Ìý

Finished goods

Ìý Ìý 887 Ìý Ìý Ìý 651 Ìý

Total

Ìý Ìý 1,229 Ìý Ìý Ìý 875 Ìý

LIFO reserves

Ìý Ìý (36 ) Ìý Ìý (27 )

Net inventories

Ìý $ 1,193 Ìý Ìý $ 848 Ìý

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As of June 30, 2021 and December 31, 2020, approximately 6% and 7%, respectively, of inventories were recorded using the LIFO cost method.

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