Inventories

3 Months Ended

Mar. 31, 2026

Note 9. Inventories

The following table sets forth the components of the Company’s inventories at March 31, 2026 and December 31, 2025.


	March 31, 2026			December 31, 2025
Finished products	$	854		$	875
Semi-finished products		276			259
Raw materials, stores, and supplies		774			803
Inventories before LIFO adjustment		1,904			1,937
Less: Adjustment of inventories to LIFO basis		(368	)		(368	)
Total inventories	$	1,536		$	1,569

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 $958 and $911 (or 50% and 47%, respectively) of inventories before the LIFO adjustments at March 31, 2026 and December 31, 2025, respectively. The Company’s inventories held in international locations are valued under the average cost method.