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Inventories | 12 Months Ended
--- | ---
Dec. 31, 2024
Inventory Disclosure [Abstract] |
Inventories | Inventories Inventories consisted of the following:
| December 31,
Millions of dollars | 2024 | 2023
Finished products and parts | $ | 1,956 | $ | 2,069
Raw materials and supplies | 952 | 1,021
Work in process | 132 | 136
Total inventories | $ | 3,040 | $ | 3,226
All amounts in the table above are reported net of obsolescence reserves of $62 million at December 31, 2024 and $81 million at December 31, 2023. During the years ended December 31, 2024 and 2023, there were no impairments charges related to inventory.

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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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