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Inventories | 3 Months Ended
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Mar. 31, 2019
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 $189 million as of March 31, 2019 and $186 million as of December 31, 2018. If the average cost method had been used, total inventories would have been $24 million higher than reported as of March 31, 2019 and December 31, 2018. The cost of the remaining inventory was recorded using the average cost method. Inventories consisted of the following:
Millions of dollars | March 31, 2019 | December 31, 2018
Finished products and parts | $ | 2,063 |  | $ | 1,947 |
Raw materials and supplies | 1,047 |  | 934 |
Work in process | 154 |  | 147 |
Total | $ | 3,264 |  | $ | 3,028 |
All amounts in the table above are reported net of obsolescence reserves of $207 million as of March 31, 2019 and $219 million as of December 31, 2018.

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