Inventories

6 Months Ended

Jun. 30, 2023

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, 2023			December 31, 2022
Raw materials	$	436		$	445
Work in progress		333			350
Finished products		267			265
Inventories		1,035			1,060
Inventory valuation reserve		(89	)		(91	)
Total inventories, net of reserve	$	947		$	969