Inventories

3 Months Ended

Mar. 31, 2025

Note 8. Inventories

The following table sets forth the components of the Company’s inventories at March 31, 2025 and December 31, 2024.


	March 31, 2025			December 31, 2024
Finished products	$	953		$	889
Semi-finished products		288			271
Raw materials, stores, and supplies		680			679
Inventories before LIFO adjustment		1,921			1,839
Less: Adjustment of inventories to LIFO basis		(371	)		(376	)
Total inventories	$	1,550		$	1,463

Inventory values, before last-in, first-out (“LIFO”) adjustment are generally determined by the average cost method, which approximates current cost. Inventories are valued under the LIFO method at the Company’s U.S. locations, which comprised $919 and $900 (or 48% and 49%, respectively) of inventories before the LIFO adjustments at March 31, 2025 and December 31, 2024, respectively. The Company’s inventories held in international locations are valued under the average cost method.