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Inventories | 6 Months Ended
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Jun. 30, 2021
Inventory Disclosure [Abstract] |
Inventories |
NOTE 4 - INVENTORIES
Finished goods primarily represent 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, 2021 |  | December 31, 2020
Raw materials |  | $ | 71 |  |  | $ | 70 |
Materials and supplies |  | 878 |  |  | 848 |
Commodity inventory and finished goods |  | 917 |  |  | 1,009 |
|  | 1,866 |  |  | 1,927 |
Revaluation to LIFO |  | (29) |  |  | (29) |
Total |  | $ | 1,837 |  |  | $ | 1,898 |
Occidental did not recognize any inventory impairments due to obsolescence for the six months ended June 30, 2021. 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.

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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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