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Annual report pursuant to Section 13 and 15(d)

Note 5 - Inventories

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Note 5 - Inventories
12 Months Ended
Dec. 31, 2022
Notes to Financial Statements
Inventory Disclosure [Text Block]

5. INVENTORIES

Inventories consisted of the following (dollars in millions):

December 31,

2022

2021

Raw materials and supplies

$ 241 $ 248

Work in progress

40 33

Finished goods

758 799

Total

1,039 1,080

LIFO reserves

(44 ) (42 )

Net inventories

$ 995 $ 1,038

For both听 December 31, 2022 and 2021, approximately 8%听of inventories were recorded using the LIFO cost method.