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INVENTORIES | 12 Months Ended
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Dec. 31, 2018
Inventory Disclosure [Abstract] |
INVENTORIES |
NOTE 5 | INVENTORIES
Finished goods primarily represents crude oil, which is carried at the lower of weighted average cost or market value, and caustic soda and chlorine, which are valued under the LIFO method. Net carrying values of inventories valued under the LIFO method were $169 million and $172 million at December 31, 2018 and 2017, respectively. Inventories consisted of the following:
Balance at December 31, (in millions) |  | 2018 |  | 2017
Raw materials |  | $ | 74 |  |  | $ | 66 |
Materials and supplies |  | 445 |  |  | 447 |
Finished goods |  | 788 |  |  | 776 |
|  | 1,307 |  |  | 1,289 |
Revaluation to LIFO |  | (47 | ) |  | (43 | )
Total |  | $ | 1,260 |  |  | $ | 1,246 |

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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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