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Inventories | 12 Months Ended
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Dec. 31, 2022
Inventory Disclosure [Abstract] |
Inventories | Inventories are stated at the lower of cost or net realizable value. Cost is determined on the first-in, first-out or weighted moving average method. Our inventory primarily consists of gaming machines and table products for sale and related parts. We determine the lower of cost or net realizable value of our inventory based on estimates of potentially excess and obsolete inventories after considering historical and forecasted demand and average selling prices. Our policy is to continuously review and assess the value of our inventory. We continuously monitor demand, assess our internal outlook and rationalize our product roadmap, all of which could result in recording adjustments to the valuation of inventory. Inventories consisted of the following:
|  | As of December 31,
|  | 2022 |  | 2021
Parts and work-in-process |  | $ | 124 |  |  | $ | 70 |
Finished goods |  | 37 |  |  | 28 |
Total inventories |  | $ | 161 |  |  | $ | 98 |
Parts and work-in-process include parts for gaming machines and our finished goods inventory primarily consist of gaming machines for sale. We recorded inventory valuation charges (recorded in Cost of product sales) of $5 million, $12 million and $48 million for the years ended December 31, 2022, 2021 and 2020, respectively. The 2020 charges are a result of an improved and expanded strategic plan that required us to reassess whether we had excess or obsolete inventory, as well as COVID-19 disruptions that led to rapid demand reduction and extended closures in the LATAM region at that time.

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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 https://asc.fasb.org/topic&trid=2126998 + Details
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