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Inventories
3 Months Ended
Mar. 31, 2017
Inventory Net [Abstract]  
Inventories

Note 8. Inventories

 

 

 

March 31, 2017

 

 

December 31, 2016

 

Finished products

 

$

568

 

 

$

532

 

Semi-finished products

 

 

150

 

 

 

150

 

Raw materials, stores and supplies

 

 

304

 

 

 

285

 

Subtotal

 

 

1,022

 

 

 

967

 

Adjustment of inventories to LIFO basis

 

 

(200

)

 

 

(200

)

Total

 

$

822

 

 

$

767

 

 

Inventory values, before LIFO adjustment, are generally determined by the average cost method, which approximates current cost.  Inventories are valued under the LIFO method at substantially all of the U.S. locations, which comprised $459 and $465 or 45% and 48% of inventories before the LIFO adjustments at March 31, 2017 and December 31, 2016, respectively.  The remainder of inventory held in international locations and certain U.S. locations is valued under the average cost method.