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INVENTORIES | 12 Months Ended
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Dec. 31, 2019
Inventory Disclosure [Abstract] |
INVENTORIES |
NOTE 6 - INVENTORIES
Finished goods primarily represents oil, which is carried at the lower of weighted-average cost or net realizable value, and caustic soda and chlorine, which are valued under the LIFO method. Net carrying values of inventories valued under the LIFO method were $168 million and $169 million at December 31, 2019 and 2018, respectively. Inventories consisted of the following at December 31:
millions |  | 2019 |  |  | 2018 |
Raw materials |  | $ | 75 |  |  | $ | 74 |
Materials and supplies |  | 879 |  |  | 445 |
Commodity inventory and finished goods |  | 533 |  |  | 788 |
|  | 1,487 |  |  | 1,307 |
Revaluation to LIFO |  | (40 | ) |  | (47 | )
Total |  | $ | 1,447 |  |  | $ | 1,260 |

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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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