Inventories

9 Months Ended

Sep. 30, 2024

Inventory, Net [Abstract]

Inventories

Note 9. Inventories

The following table sets forth the components of the Company’s inventories at September 30, 2024 and December 31, 2023.

	September 30, 2024			December 31, 2023
Finished products	$	926		$	770
Semi-finished products		272			255
Raw materials, stores, and supplies		622			709
Inventories before LIFO adjustment		1,820			1,734
Less: Adjustment of inventories to LIFO basis		(382	)		(382	)
Total inventories	$	1,438		$	1,352

Inventory values, before last-in, first-out (“LIFO”) adjustment are generally determined by the average cost method, which approximates current cost. Inventories are valued under the LIFO method at the Company’s U.S. locations, which comprised $868 and $920 (or 48% and 53%, respectively) of inventories before the LIFO adjustments at September 30, 2024 and December 31, 2023, respectively. The Company’s inventories held in international locations are valued under the average cost method.