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Quarterly report pursuant to Section 13 or 15(d)

Note 5 - Inventories

v3.22.2.2
Note 5 - Inventories
9 Months Ended
Sep. 30, 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 average cost, last-in first-out (“LIFOâ€�) andÌýfirst-in first-out methods for different components of inventory. Inventories consisted of the following (dollars in millions):

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Ìý Ìý

September 30,

Ìý Ìý

December 31,

Ìý
Ìý Ìý

2022

Ìý Ìý

2021

Ìý

Raw materials and supplies

Ìý $ 263 Ìý Ìý $ 248 Ìý

Work in progress

Ìý Ìý 44 Ìý Ìý Ìý 33 Ìý

Finished goods

Ìý Ìý 822 Ìý Ìý Ìý 799 Ìý

Total

Ìý Ìý 1,129 Ìý Ìý Ìý 1,080 Ìý

LIFO reserves

Ìý Ìý (50 ) Ìý Ìý (42 )

Net inventories

Ìý $ 1,079 Ìý Ìý $ 1,038 Ìý

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For bothÌý September 30, 2022 and December 31, 2021, approximately 8%Ìýof inventories were recorded using the LIFO cost method.

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