Inventories, Net

3 Months Ended

Mar. 31, 2017

6.	Inventories, Net

Inventories, net consisted of the following:

	March 31, 2017			December 31, 2016
Raw materials	$	193		$	194
Work-in-process		35			41
Finished goods, net		191			204
Materials and supplies, net ⁽¹⁾		105			107
Total		524			546
Less: Inventories, net – non-current		(14	)		(14	)
Inventories, net - current	$	510		$	532

⁽¹⁾	Consists of processing chemicals, maintenance supplies, and spare parts, which will be consumed directly and indirectly in the production of our products.

Finished goods include inventory on consignment of $23 million and $24 million at March 31, 2017 and December 31, 2016, respectively. At both March 31, 2017 and December 31, 2016, inventory obsolescence reserves primarily for materials and supplies were $17 million. At March 31, 2017 and December 31, 2016, reserves for lower of cost or market were $24 million and $26 million, respectively.