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Quarterly report pursuant to Section 13 or 15(d)

Note 4 - Inventories

v3.23.3
Note 4 - Inventories
9 Months Ended
Sep. 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 September 30, Ìý Ìý December 31, Ìý
Ìý Ìý

2023

Ìý Ìý

2022

Ìý

Raw materials and supplies

Ìý $ 221 Ìý Ìý $ 241 Ìý

Work in progress

Ìý Ìý 42 Ìý Ìý Ìý 40 Ìý

Finished goods

Ìý Ìý 716 Ìý Ìý Ìý 758 Ìý

Total

Ìý Ìý 979 Ìý Ìý Ìý 1,039 Ìý

LIFO reserves

Ìý Ìý (38 ) Ìý Ìý (44 )

Net inventories

Ìý $ 941 Ìý Ìý $ 995 Ìý

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

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