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Inventories | 12 Months Ended
--- | ---
Dec. 31, 2021
Inventory Disclosure [Abstract] |
Inventories | Inventories Inventories consisted of the following:
| December 31
Millions of dollars | 2021 | 2020
Finished products and parts | $ | 1,380 | $ | 1,330
Raw materials and supplies | 890 | 952
Work in process | 91 | 67
Total | $ | 2,361 | $ | 2,349
All amounts in the table above are reported net of obsolescence reserves of $114 million at December 31, 2021 and $150 million at December 31, 2020. During the year ended December 31, 2020, we recorded $505 million of impairment charges related to inventory. These charges primarily consisted of the disposal of excess inventory, including drilling fluids and other chemicals, and write-downs in which some of our inventory cost exceeded its market value.

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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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