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Inventory, net | 6 Months Ended
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Jun. 30, 2023
Inventory Disclosure [Abstract] |
Inventory, net | 3. Inventory, net Inventories consist primarily of oilfield and industrial finished goods and work in process. Work in process primarily consists of inventory and labor related to customer specific engineered equipment. Finished goods are stated at the lower of cost or net realizable value and using average cost methods. Allowances for excess and obsolete inventories are determined based on the Company’s historical usage of inventory on hand as well as its future expectations. Inventories consist primarily of (in millions):
|  | June 30, 2023 |  |  | December 31, 2022 |
Work in process |  | $ | 40 |  |  | $ | 29 |
Finished goods and other |  |  | 403 |  |  |  | 372 |
Total inventory |  |  | 443 |  |  |  | 401 |
Less: Inventory reserves |  |  | (19 | ) |  |  | (20 | )
Inventories, net |  | $ | 424 |  |  | $ | 381 |

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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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