Inventories, Net

12 Months Ended

Dec. 31, 2016

Inventory Disclosure [Abstract]

Inventories, Net

Inventories, Net

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

	December 31,
(Dollars in millions)	2016		2015
Raw materials, components and supplies	$	168	$	172
Work in process	49		61
Finished goods	1,585		2,111
	$	1,802	$	2,344

Work in process and finished goods inventories include cost of materials, labor and manufacturing overhead. During 2016, 2015 and 2014, we recognized inventory charges, including excess and obsolete inventory charges totaling $252 million, $186 million and $113 million, respectively. 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.