Quarterly report pursuant to Section 13 or 15(d)

INVENTORIES (Tables)

v3.20.2
INVENTORIES (Tables)
6 Months Ended
Jun. 30, 2020
INVENTORIES  
Schedule of inventory

Inventories are stated at the lower of cost or market, with cost determined using LIFO, first-in first-out and average cost methods for different components of inventory. Inventories consisted of the following (dollars in millions):

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June 30, 

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December 31,

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2020

    

2019

Raw materials and supplies

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$

186

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$

175

Work in progress

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46

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49

Finished goods

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678

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718

Total

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910

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942

LIFO reserves

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(25)

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(28)

Net inventories

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$

885

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$

914