INVENTORIES (Details) - USD ($) $ in Millions |
12 Months Ended | |
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Dec. 31, 2020 |
Dec. 31, 2019 |
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At FIFO or average cost (approximates current cost) [Abstract] | ||
Finished goods | $ 891 | $ 1,114 |
Work in process | 203 | 220 |
Raw materials and supplies | 511 | 576 |
Total inventories at FIFO or average cost | 1,605 | 1,910 |
Less: LIFO reserve | 226 | 248 |
Total inventories | $ 1,379 | $ 1,662 |
Inventories valued on the LIFO method (in hundredths) | 50.00% | 50.00% |
Effect of LIFO Inventory Liquidation on Income | $ 13 |
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- Definition The effect of liquidating LIFO (last in first out) inventory layers on income. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount before valuation and LIFO reserves of completed merchandise or goods expected to be sold within one year or operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Gross amount, as of the balance sheet date, of merchandise, goods, commodities, or supplies held for future sale or to be used in manufacturing, servicing or production process. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount by which inventory stated at last-in first-out (LIFO) is less than (in excess of) inventory stated at other inventory cost methods. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount after valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition Gross amount of unprocessed materials to be used in manufacturing or production process and supplies that will be consumed. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount before valuation and LIFO reserves of merchandise or goods in the production process expected to be completed within one year or operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The percentage of LIFO (last in first out) inventory to total inventory as of the balance sheet date if other than 100 percent. No definition available.
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