Accounts receivable remaining outstanding

  
draws and repayments under the program were presented as cash receipts from sold receivables within investing activities in the Statement of Consolidated Cash Flows. The Company had $26 net cash repayments ($18 in draws and $44 in repayments) for the three months ended March 31, 2021 in connection with this arrangement.The second accounts receivables securitization arrangement is one in which the Company, through a wholly-owned special purpose entity (“SPE”), has a receivables purchase agreement (the “Receivables Purchase Agreement”) such that the SPE may sell certain receivables to financial institutions until the earlier of August 30, 2024 or a termination event. The Receivables Purchase Agreement also contains customary representations and warranties, as well as affirmative and negative covenants. Pursuant to the Receivables Purchase Agreement, the Company does not maintain effective control over the transferred receivables, and therefore accounts for these transfers as sales of receivables. This accounts receivable securitization arrangement totaled $325 at both March 31, 2022 and December 31, 2021 of which $250 was drawn as of both March 31, 2022 and December 31, 2021. As collateral against the sold receivables, the SPE maintains a certain level of unsold receivables, which were $100 and $79 at March 31, 2022 and December 31, 2021, respectively.The Company sold $464 and $84 of its receivables without recourse and received cash funding under this program during the three months ended March 31, 2022 and March 31, 2021, respectively, resulting in derecognition of the receivables from the Company’s Consolidated Balance Sheet. Costs associated with the sales of receivables are reflected in the Company’s Statement of Consolidated Operations for the periods in which the sales occur. Cash receipts from sold receivables under the Receivables Purchase Agreement are presented within operating activities in the Statement of Consolidated Cash Flows.Other Customer Receivable SalesIn the first quarter of 2022, the Company sold $106 of certain customers’ receivables in exchange for cash ($110 was outstanding from customers at March 31, 2022), the proceeds from which are presented in changes in receivables within operating activities in the Statement of Consolidated Cash Flows. In the first quarter of 2021, the Company sold $66 of certain customers’ receivables in exchange for cash, the proceeds from which are presented in changes in receivables within operating activities in the Statement of Consolidated Cash Flows.K. Inventories

|  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |
|  | March 31, 2022 |  | December 31, 2021 |
| Finished goods | $ | 487  |  |  | $ | 478  |  |
| Work-in-process | 676  |  |  | 631  |  |
| Purchased raw materials | 279  |  |  | 256  |  |
| Operating supplies | 41  |  |  | 37  |  |
| Total inventories | $ | 1,483  |  |  | $ | 1,402  |  |

  
At March 31, 2022 and December 31, 2021, the portion of inventories valued on a last-in, first-out (“LIFO”) basis was $588 and $523, respectively. These amounts exclude the effects of LIFO valuation reductions, which were $201 and $192 at March 31, 2022 and December 31, 2021, respectively.L. Properties, Plants, and Equipment, net

|  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |
|  | March 31, 2022 |  | December 31, 2021 |
| Land and land rights(1) | $ | 90  |  |  | $ | 91  |  |
| Structures(1) | 959  |  |  | 1,034  |  |
| Machinery and equipment | 3,961  |  |  | 3,932  |  |
|  | 5,010  |  |  | 5,057  |  |
| Less: accumulated depreciation and amortization(1) | 2,770  |  |  | 2,772  |  |
|  | 2,240  |  |  | 2,285  |  |
| Construction work-in-progress | 160  |  |  | 182  |  |
| Properties, plants, and equipment, net | $ | 2,400  |  |  | $ | 2,467  |  |

(1)The Company reached an agreement to sell the corporate center and, as a result, it was classified as held for sale and included in Prepaid expenses and other current assets in the Consolidated Balance Sheet. The carrying value of the building was $40 at March 31, 2022, and no material gain or loss is expected upon finalization of the sale. The Company intends to lease a portion of the property back from the purchaser.  
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