INVENTORIES

3 Months Ended

Mar. 31, 2021

Inventory Disclosure [Abstract]

INVENTORIES

INVENTORIES

Inventories are stated at the lower of cost and net realizable value. All of the Company's inventories were determined by the first-in, first-out (“FIFO”) or average cost methods, with the exception of immaterial amounts determined using the last-in, first-out ("LIFO") method totaling $1 million and $3 million at March 31, 2021 and December 31, 2020, respectively.

Inventories, net were as follows:

(in millions)	March 31, 2021		December 31, 2020
Finished goods	$	303	$	264
Work-in-process	75		68
Raw materials and supplies	122		134
Inventories, net	$	500	$	466

The Company's inventory reserve was $95 million and $117 million at March 31, 2021 and December 31, 2020, respectively.