Inventories

12 Months Ended

Dec. 31, 2023

Inventories are stated at the lower of cost or net realizable value. The Company reduces its inventory value for estimated obsolete and slow-moving inventory in an amount equal to the difference between the cost of inventory and the net realizable value based upon assumptions about future demand and market conditions. If actual market conditions are less favorable than those projected by management, additional inventory write-downs may be required. Inventory costs include direct materials, direct labor and manufacturing overhead, or when finished goods are sourced, the cost is the amount paid to the third party.

The components of inventories were as follows at December 31, (in millions):


	2023		2022
Raw materials and supplies	$	214	$	285
Work-in-process	173		218
Finished products	1,144		1,700
	$	1,531	$	2,203