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Inventory | 6 Months Ended
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Jun. 30, 2020
Inventory Disclosure [Abstract] |
Inventory |
NOTE 5 - INVENTORY
Commodity inventory and finished goods primarily represents crude 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 last-in, first-out (LIFO) method. Inventories consisted of the following:
millions | June 30, 2020 |  | December 31, 2019
Raw materials | $ | 70 |  |  | $ | 75 |
Materials and supplies | 945 |  |  | 974 |
Commodity inventory and finished goods | 503 |  |  | 572 |
| 1,518 |  |  | 1,621 |
Revaluation to LIFO | (41) |  |  | (40) |
Total | $ | 1,477 |  |  | $ | 1,581 |
During the three and six months ended June 30, 2020, Occidental recognized impairments of $42 million and $54 million, respectively, due to obsolete material and supplies inventory and impairments of $7 million and $76 million, respectively, due to lower-than-cost or net-realizable value adjustments primarily related to commodity inventories. Occidental did not recognize any inventory impairments for the three or six months months ended June 30, 2019.

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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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