Note 4 - Inventories

3 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Inventory Disclosure [Text Block]

4. INVENTORIES

We state our inventories at the lower of cost or market, with cost determined using average cost, last-in first-out (“LIFO”) and first-in first-out methods for different components of inventory. Inventories consisted of the following (dollars in millions):

	March 31,			December 31,
	2023			2022
Raw materials and supplies	$	238		$	241
Work in progress		43			40
Finished goods		809			758
Total		1,090			1,039
LIFO reserves		(42	)		(44	)
Net inventories	$	1,048		$	995

For both  March 31, 2023 and December 31, 2022, approximately 8% of inventories were recorded using the LIFO cost method.