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Supplemental Balance Sheet Data
 6 Months Ended
Jun. 30, 2023
Statement of Financial Position [Abstract]  
Additional Financial Information Disclosure Supplemental Balance Sheet Data
The following schedule presents a summary of inventories by major class:
June 30, 2023December 31, 2022
LIFONon-LIFOTotalLIFONon-LIFOTotal
Raw materials$139 $363 $502 $147 $425 $572 
Work in process113 107 220 139 107 246 
Finished goods532 770 1,302 518 870 1,388 
Supplies and other— 315 315 — 302 302 
784 1,555 2,339 804 1,704 2,508 
Excess of FIFO or weighted-average cost over
  LIFO cost		(211)— (211)(239)— (239)
Total$573 $1,555 $2,128 $565 $1,704 $2,269 
Inventories are valued at the lower of cost or net realizable value, determined on the FIFO or weighted-average cost methods, and at the lower of cost or market, determined on the LIFO cost method.
The following schedule presents a summary of property, plant and equipment, net:
June 30, 2023December 31, 2022
Land$159 $156 
Buildings3,046 3,062 
Machinery and equipment14,778 14,655 
Construction in progress741 676 
18,724 18,549 
Less accumulated depreciation(10,909)(10,664)
Total$7,815 $7,885 
Supplier Finance Program
We have a supplier finance program managed through two global financial institutions under which we agree to pay the financial institutions the stated amount of confirmed invoices from our participating suppliers on the invoice due date. We, or the global financial institutions, may terminate our agreements at any time upon 30 days written notice. The global financial institutions may terminate our agreements at any time upon three days written notice in the event there are insufficient funds available for disbursement. We do not provide any forms of guarantees under these agreements. Supplier participation in the program is solely up to the supplier, and the participating suppliers negotiate their arrangements directly with the global financial institutions. We have no economic interest in a supplier’s decision to participate in the program, and their participation has no bearing on our payment terms or amounts due. The payment terms that we have with our suppliers under this program generally range from 75 to 180 days and are considered commercially reasonable. The outstanding amount related to the suppliers participating in this program was $1.0 billion as of June 30, 2023 and December 31, 2022, and was recorded within Trade accounts payable.