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Inventories | 12 Months Ended
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Dec. 31, 2019
Inventory Disclosure [Abstract] |
Inventories | Inventories
December 31, | 2019 |  | 2018
Finished goods | $ | 671 |  |  | $ | 668 |
Work-in-process | 1,316 |  |  | 1,371 |
Purchased raw materials | 343 |  |  | 366 |
Operating supplies | 99 |  |  | 87 |
Total inventories | $ | 2,429 |  |  | $ | 2,492 |
At December 31, 2019 and 2018, the portion of inventories valued on a LIFO basis was $1,257 and $1,292, respectively. If valued on an average-cost basis, total inventories would have been $445 and $530 higher at December 31, 2019 and 2018, respectively. During 2019 and 2018, 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 2019, 2018, and 2017. 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 GRP segment (this plant was previously included in the EP&F segment prior to the transfer of the aluminum extrusions operations from the EP&F segment to the GRP segment in the first quarter of 2019 - see Note C). 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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI http://asc.fasb.org/topic&trid=2126998 + Details
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