Inventories

9 Months Ended

Sep. 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
	September 30, 2022			December 31, 2021
Raw materials	$	450		$	395
Work in progress		321			283
Finished products		238			190
Inventories		1,009			868
Inventory valuation reserve		(85	)		(91	)
Total inventories, net of reserve	$	924		$	777