Inventories, Net

9 Months Ended

Sep. 30, 2016

Inventories, net of reserves, by category were as follows:



(Dollars in millions)	September 30, 2016		December 31, 2015
Raw materials, components and supplies	$	168	$	172
Work in process	48		61
Finished goods	1,701		2,111
	$	1,917	$	2,344

In the nine months of 2016, we recognized charges primarily for excess and obsolete inventory of $213 million, with $115 million in North America, $27 million in MENA/Asia Pacific, $34 million in Europe/SSA/Russia, $28 million in Latin America and $9 million in Land Drilling Rigs. These charges were largely attributable to downturn in the oil and gas industry, where certain inventory has been deemed commercially unviable or technologically obsolete considering current and future demand.