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Inventory, net

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Inventory, net

3. Inventories, 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):

		March 31, 2024				December 31, 2023
Work in process		$	28			$	33
Finished goods and other			422				354
Total inventory			450				387
Less: Inventory reserves			(22	)			(21	)
Inventories, net		$	428			$	366

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- References

No definition available.

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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

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