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INVENTORIES | 6 Months Ended
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Jun. 30, 2023
Inventory Disclosure [Abstract] |
Inventories |
NOTE 3 - 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 LIFO method. As of June 30, 2023 and December 31, 2022, inventories consisted of the following:
millions | June 30, 2023 | December 31, 2022
Raw materials | $ | 120 |  | $ | 120 |
Materials and supplies | 850 |  | 913 |
Commodity inventory and finished goods | 1,172 |  | 1,147 |
| 2,142 |  | 2,180 |
Revaluation to LIFO | (121) |  | (121) |
Total | $ | 2,021 |  | $ | 2,059 |

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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 -Topic 330 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//330/tableOfContent + Details
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