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Quarterly report pursuant to Section 13 or 15(d)

Note 4 - Inventories

v3.23.2
Note 4 - Inventories
6 Months Ended
Jun. 30, 2023
Notes to Financial Statements Ìý
Inventory Disclosure [Text Block]

4. 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 June 30, Ìý Ìý December 31, Ìý
Ìý Ìý

2023

Ìý Ìý

2022

Ìý

Raw materials and supplies

Ìý $ 234 Ìý Ìý $ 241 Ìý

Work in progress

Ìý Ìý 43 Ìý Ìý Ìý 40 Ìý

Finished goods

Ìý Ìý 776 Ìý Ìý Ìý 758 Ìý

Total

Ìý Ìý 1,053 Ìý Ìý Ìý 1,039 Ìý

LIFO reserves

Ìý Ìý (41 ) Ìý Ìý (44 )

Net inventories

Ìý $ 1,012 Ìý Ìý $ 995 Ìý

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For June 30, 2023 and December 31, 2022, approximately 7% and 8%Ìýof inventories were recorded using the LIFO cost method, respectively.

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