Inventories

6 Months Ended

Jun. 30, 2022

Inventory Net [Abstract]

Inventories

Note 9. Inventories

The following table sets forth the components of the Company’s inventories at June 30, 2022 and December 31, 2021.

	June 30, 2022			December 31, 2021
Finished products	$	815		$	704
Semi-finished products		216			192
Raw materials, stores, and supplies		499			475
Inventories before LIFO adjustment		1,530			1,371
Less: Adjustment of inventories to LIFO basis		(311	)		(272	)
Total inventories	$	1,219		$	1,099

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 substantially all of the Company’s U.S. locations, which comprised $707 and $650 (or 46% and 47%, respectively) of inventories before the LIFO adjustments at June 30, 2022 and December 31, 2021, respectively. The remainder of the Company’s inventory held in international locations and certain U.S. locations is valued under the average cost method.