Inventories

6 Months Ended

Jun. 30, 2022

Inventory Disclosure [Abstract]

Inventories

5. INVENTORIES

Inventories are stated at the lower of cost (“FIFO”) and net realizable value. The components of inventories were as follows (dollars in millions):

	As of
	June 30, 2022			December 31, 2021
Raw materials	$	420		$	395
Work in progress		332			283
Finished products		242			190
Inventories		994			868
Inventory valuation reserve		(92	)		(91	)
Total inventories, net of reserve	$	903		$	777