Inventories

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories consisted of the following:

	December 31
Millions of dollars	2020		2019
Finished products and parts	$	1,330	$	1,865
Raw materials and supplies	952		1,147
Work in process	67		127
Total	$	2,349	$	3,139

All amounts in the table above are reported net of obsolescence reserves of $150 million at December 31, 2020 and $149 million at December 31, 2019.

During the year ended December 31, 2020, we recorded $505 million of impairment charges related to inventory. These charges primarily consisted of the disposal of excess inventory, including drilling fluids and other chemicals, and write-downs in which some of our inventory cost exceeded its market value.