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Inventories, Net
 9 Months Ended
Sep. 30, 2020
Inventory Disclosure [Abstract]  
Inventories, Net Inventories, Net
Inventories, net of reserves of $106 million and $0 as of September 30, 2020 and December 31, 2019, respectively by category were as follows:
(Dollars in millions)9/30/202012/31/2019
Finished Goods$683 $830 
Work in Process and Raw Materials, Components and Supplies128 142 
$811 $972 

During the second quarter of 2020, we recognized inventory charges and write-downs of $134 million primarily for excess and obsolete inventory as a result of the decline in oil and gas commodity demand, the downturn in the oil and gas industry and the impact of COVID-19 pandemic. These inventory charges are included in “Inventory Charges” on the accompanying Condensed Consolidated Statements of Operations for the nine months ended September 30, 2020.