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Inventories | 6 Months Ended
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Jun. 30, 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 June 30, 2019 and $186 million as of December 31, 2018. If the average cost method had been used, total inventories would have been $21 million higher than reported as of June 30, 2019 and $24 million higher as of December 31, 2018. The cost of the remaining inventory was recorded using the average cost method. We had $3.3 billion of inventory as of June 30, 2019, an 11% increase from December 31, 2018, primarily associated with a build-up of our artificial lift and directional drilling inventory. Inventories consisted of the following:
Millions of dollars | June 30, 2019 | December 31, 2018
Finished products and parts | $ | 2,102 |  | $ | 1,947 |
Raw materials and supplies | 1,089 |  | 934 |
Work in process | 156 |  | 147 |
Total | $ | 3,347 |  | $ | 3,028 |
All amounts in the table above are reported net of obsolescence reserves of $194 million as of June 30, 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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