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Inventories | 12 Months Ended
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Dec. 31, 2017
Inventory Disclosure [Abstract] |
Inventories | Inventories Inventories are stated at the lower of cost and net realizable value. In the United States, we manufacture certain finished products and parts inventories for drill bits, completion products, bulk materials and other tools that are recorded using the last-in, first-out method, which totaled $177 million at December 31, 2017 and $133 million at December 31, 2016. If the average cost method had been used, total inventories would have been $31 million higher than reported as of December 31, 2017 and $16 million higher as of December 31, 2016. The cost of the remaining inventory was recorded using the average cost method. Inventories consisted of the following:
| December 31
Millions of dollars | 2017 | 2016
Finished products and parts | $ | 1,547 |  | $ | 1,388 |
Raw materials and supplies | 703 |  | 778 |
Work in process | 146 |  | 109 |
Total | $ | 2,396 |  | $ | 2,275 |
All amounts in the table above are reported net of obsolescence reserves of $276 million at December 31, 2017 and $263 million at December 31, 2016.

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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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI http://asc.fasb.org/topic&trid=2126998 + Details
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