ÀÖÌìÌÃfun88(ÖйúÇø)¹Ù·½ÍøÕ¾

Quarterly report pursuant to Section 13 or 15(d)

Note 5 - Inventories

v3.22.2
Note 5 - Inventories
6 Months Ended
Jun. 30, 2022
Notes to Financial Statements Ìý
Inventory Disclosure [Text Block]

5. INVENTORIES

�

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):

�

Ìý Ìý

June 30,

Ìý Ìý

December 31,

Ìý
Ìý Ìý

2022

Ìý Ìý

2021

Ìý

Raw materials and supplies

Ìý $ 343 Ìý Ìý $ 282 Ìý

Work in progress

Ìý Ìý 70 Ìý Ìý Ìý 52 Ìý

Finished goods

Ìý Ìý 1,034 Ìý Ìý Ìý 909 Ìý

Total

Ìý Ìý 1,447 Ìý Ìý Ìý 1,243 Ìý

LIFO reserves

Ìý Ìý (46 ) Ìý Ìý (42 )

Net inventories

Ìý $ 1,401 Ìý Ìý $ 1,201 Ìý

�

As ofÌýbothÌý June 30, 2022 and December 31, 2021, approximately 7%Ìýof inventories were recorded using the LIFO cost method.

​�