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Quarterly report pursuant to Section 13 or 15(d)

Note 5 - Inventories

v3.22.1
Note 5 - Inventories
3 Months Ended
Mar. 31, 2022
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 last-in first-out (“LIFOâ€�), 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

March 31,

Ìý Ìý

December 31,

Ìý
Ìý Ìý

2022

Ìý Ìý

2021

Ìý

Raw materials and supplies

Ìý $ 332 Ìý Ìý $ 282 Ìý

Work in progress

Ìý Ìý 66 Ìý Ìý Ìý 52 Ìý

Finished goods

Ìý Ìý 1,029 Ìý Ìý Ìý 909 Ìý

Total

Ìý Ìý 1,427 Ìý Ìý Ìý 1,243 Ìý

LIFO reserves

Ìý Ìý (45 ) Ìý Ìý (42 )

Net inventories

Ìý $ 1,382 Ìý Ìý $ 1,201 Ìý

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As ofÌýbothÌý March 31, 2022 and December 31, 2021, approximately 7%Ìýof inventories were recorded using the LIFO cost method.

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