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Quarterly report pursuant to Section 13 or 15(d)

Note 5 - Inventories

v3.24.3
Note 5 - Inventories
9 Months Ended
Sep. 30, 2024
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

2024

Ìý Ìý

2023

Ìý

Raw materials and supplies

Ìý $ 207 Ìý Ìý $ 191 Ìý

Work in progress

Ìý Ìý 37 Ìý Ìý Ìý 39 Ìý

Finished goods

Ìý Ìý 800 Ìý Ìý Ìý 673 Ìý

Total

Ìý Ìý 1,044 Ìý Ìý Ìý 903 Ìý

LIFO reserves

Ìý Ìý (40 ) Ìý Ìý (36 )

Net inventories

Ìý $ 1,004 Ìý Ìý $ 867 Ìý

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ForÌý September 30, 2024 and December 31, 2023, approximately 9% and 8% of inventories were recorded using the LIFO cost method, respectively.

Ìý