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Inventories, Net | 3 Months Ended
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Mar. 31, 2024
Inventory Disclosure [Abstract] |
Inventories, Net | Inventories, Net Inventories, net consisted of the following:
| March 31, 2024 |  | December 31, 2023
Raw materials | $ | 342 |  |  | $ | 352 |
Work-in-process | 141 |  |  | 141 |
Finished goods, net | 682 |  |  | 688 |
Materials and supplies, net | 238 |  |  | 240 |
Inventories, net | $ | 1,403 |  |  | $ | 1,421 |
Materials and supplies, net consists of processing chemicals, maintenance supplies and spare parts, which will be consumed directly and indirectly in the production of our products. At March 31, 2024 and December 31, 2023, there was approximately $60 million and $57 million, respectively, of inventory that is not expected to be sold within one year and as such, has been recorded in "Other long-term assets" on the Condensed Consolidated Balance Sheets. At March 31, 2024 and December 31, 2023, inventory obsolescence reserves primarily for materials and supplies were $44 million and $42 million, respectively. Reserves for lower of cost or market and net realizable value were $27 million and $50 million at March 31, 2024 and December 31, 2023, respectively.

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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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