Inventories

9 Months Ended

Sep. 30, 2022

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories consisted of:

($ in millions)	September 30, 2022		December 31, 2021
Finished goods	$	403	$	377
Raw materials	71		95
Work in process	479		490
Supplies	40		40
Total (approximates current cost)	$	993	$	1,002
Decrease to LIFO costs	(18)		(11)
	$	975	$	991
Recognized as:
Inventories	$	879	$	915
Other assets	96		76
Inventories valued under the last in, first out ("LIFO") method	82		52

Amounts recognized as Other assets are comprised primarily of raw materials and work in process inventories and are not expected to be converted to finished goods that will be sold within one year. The Company has a long-term vendor supply contract conveyed as part of the Separation that includes certain annual minimum purchase commitments.

During the third quarter of 2021, the Company recorded $24 million within Other noncurrent liabilities due to estimated unavoidable losses associated with the supply contract. The charge was recognized as a component of Cost of sales during the third quarter of 2021 and the nine months ended September 30, 2021.