Inventories

9 Months Ended

Sep. 30, 2020

Inventory Disclosure [Abstract]

Inventory Disclosure [Text Block]

INVENTORIES

(In millions)	September 30, 2020		December 31, 2019		September 30, 2019
Finished products	$	2,074	$	2,684	$	2,295
Semi-finished products	1,878		1,850		1,691
Raw materials and supplies	422		498		417
Total inventories	$	4,374	$	5,032	$	4,403

As a result of the Merger, a fair value step-up of $2,297 million was recorded for inventories. This fair value step-up was fully amortized, as of September 30, 2019. During the three and nine months ended September 30, 2019, the company recognized $15 million and $272 million of these costs in cost of goods sold within income from continuing operations before income taxes in the Consolidated Statements of Operations.