Inventory, net

9 Months Ended

Sep. 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):

	September 30, 2023			December 31, 2022
Work in process	$	41		$	29
Finished goods and other		394			372
Total inventory		435			401
Less: Inventory reserves		(20	)		(20	)
Inventories, net	$	415		$	381