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Inventories, Net

6 Months Ended

Jun. 30, 2020

Inventory, Net [Abstract]

Inventories, Net

7.  Inventories, Net.

Inventories, net consists of the following:

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​	​	​	​	​	​	​
​	​	June 30,		​	December 31,
​		2020			2019
​	​	(in millions)
Raw materials	​	$	170	​	$	206
Work in process	​		86	​		94
Finished goods	​		1,308	​		1,495
​	​	$	1,564	​	$	1,795

​

During the first quarter of 2020, our Energy segment had inventories, net with a carrying value in excess of net realizable value. As a result, our Energy segment recorded a write-down of its inventories of $58 million, which is included in cost of goods sold in the condensed consolidated statements of operations for the six months ended June 30, 2020. The write-down represents the difference between the carrying value of inventories accounted for using the first-in-first-out method and selling prices for refined products subsequent to March 31, 2020.

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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

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- References

No definition available.

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