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Inventories | 9 Months Ended
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Sep. 30, 2016
Inventories |
Inventories | 5. Inventories A portion of inventories is valued under the LIFO method. The valuation of LIFO inventory for interim periods is based on Occidental’s estimates of year-end inventory levels and costs. Inventories as of September 30, 2016, and December 31, 2015, consisted of the following (in millions):
|  | 2016 |  | 2015
Raw materials |  | $ | 77 |  |  | $ | 73 |
Materials and supplies |  | 503 |  |  | 568 |
Finished goods |  | 397 |  |  | 395 |
|  | 977 |  |  | 1,036 |
Revaluation to LIFO |  | (50 | ) |  | (50 | )
Total |  | $ | 927 |  |  | $ | 986 |

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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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.6) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6361739&loc=d3e7789-107766 + Details
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