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Annual report pursuant to Section 13 and 15(d)

Note 5 - Inventories

v3.22.0.1
Note 5 - Inventories
12 Months Ended
Dec. 31, 2021
Notes to Financial Statements
Inventory Disclosure [Text Block]

5. INVENTORIES

Inventories consisted of the following (dollars in millions):

December 31,

2021

2020

Raw materials and supplies

$ 282 $ 180

Work in progress

52 44

Finished goods

909 651

Total

1,243 875

LIFO reserves

(42 ) (27 )

Net inventories

$ 1,201 $ 848

For both听 December 31, 2021 and 2020, approximately 7% of inventories were recorded using the LIFO cost method.