INVENTORIES

3 Months Ended

Mar. 31, 2022

Inventory Disclosure [Abstract]

INVENTORIES

INVENTORIES

	March 31,		December 31,
(Dollars in millions)	2022		2021
Finished goods	$	1,048	$	1,007
Work in process	311		273
Raw materials and supplies	677		589
Total inventories at FIFO or average cost	2,036		1,869
Less: LIFO reserve	365		365
Total inventories	$	1,671	$	1,504

Inventories valued on the last-in, first-out ("LIFO") method were approximately 50 percent of total inventories at both March 31, 2022 and December 31, 2021.