INVENTORIES

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

Inventories

INVENTORIES

The following table provides a breakdown of inventories:

Inventories at Dec 31
In millions	2020		2019
Finished goods	$	157	$	162
Work in process	23		31
Raw materials	38		47
Supplies	98		92
Total	$	316	$	332
Adjustment of inventories to the LIFO basis	(93)		(85)
Total inventories	$	223	$	247

Inventories valued on the LIFO basis, principally U.S. chemicals and plastics product inventories, represented 50 percent of the total inventories at December 31, 2020 and 59 percent of the total inventories at December 31, 2019. A reduction of certain inventories resulted in the liquidation of certain LIFO inventory layers, which decreased pretax income $2 million in 2020 ($14 million in 2019) and had an immaterial impact on pretax income in 2018.