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Inventories | 12 Months Ended
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Dec. 31, 2018
Inventory Disclosure [Abstract] |
Inventories | Inventories
December 31, | 2018 |  | 2017
Finished goods | $ | 668 |  |  | $ | 669 |
Work-in-process | 1,371 |  |  | 1,349 |
Purchased raw materials | 366 |  |  | 381 |
Operating supplies | 87 |  |  | 81 |
Total inventories | $ | 2,492 |  |  | $ | 2,480 |
At December 31, 2018 and 2017, the portion of inventories valued on a LIFO basis was $1,292 and $1,208, respectively. If valued on an average-cost basis, total inventories would have been $530 and $481 higher at December 31, 2018 and 2017, respectively. During 2018 and 2017, reductions in LIFO inventory quantities caused partial liquidations of the lower cost LIFO inventory base. These liquidations resulted in the recognition of immaterial income amounts in 2018, 2017, and 2016. In the second quarter of 2018, a charge of $23 was recorded in Cost of goods sold and Inventories to reflect a physical inventory adjustment at one plant in the Engineered Products and Solutions segment. While a portion of this charge relates to prior years, the majority relates to 2018. The out-of-period amounts were not material to any interim or annual periods.

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- Definition The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI http://asc.fasb.org/topic&trid=2126998 + Details
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