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INVENTORIES
6 Months Ended
Jun. 30, 2016
Inventory Disclosure [Abstract]  
INVENTORIES
INVENTORIES
 
June 30,
 
December 31,
(Dollars in millions)
2016
 
2015
At FIFO or average cost (approximates current cost)
 
 
 
Finished goods
$
1,038

 
$
1,063

Work in process
209

 
212

Raw materials and supplies
469

 
500

Total inventories
1,716

 
1,775

Less: LIFO reserve
271

 
296

Total inventories
$
1,445

 
$
1,479



Inventories valued on the last-in, first-out ("LIFO") method were approximately 60 percent at both June 30, 2016 and December 31, 2015.