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Quarterly report [Sections 13 or 15(d)]

Note 5 - Inventories

v3.25.1
Note 5 - Inventories
3 Months Ended
Mar. 31, 2025
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 March 31, Ìý Ìý December 31, Ìý
Ìý Ìý

2025

Ìý Ìý

2024

Ìý

Raw materials and supplies

Ìý $ 207 Ìý Ìý $ 193 Ìý

Work in progress

Ìý Ìý 40 Ìý Ìý Ìý 39 Ìý

Finished goods

Ìý Ìý 828 Ìý Ìý Ìý 727 Ìý

Total

Ìý Ìý 1,075 Ìý Ìý Ìý 959 Ìý

LIFO reserves

Ìý Ìý (45 ) Ìý Ìý (42 )

Net inventories

Ìý $ 1,030 Ìý Ìý $ 917 Ìý

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As of bothÌý March 31, 2025 and December 31, 2024, approximately 9% of inventories were recorded using the LIFO cost method.

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