Inventories

12 Months Ended

Dec. 31, 2021

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories consisted of the following:

	December 31
Millions of dollars	2021		2020
Finished products and parts	$	1,380	$	1,330
Raw materials and supplies	890		952
Work in process	91		67
Total	$	2,361	$	2,349

All amounts in the table above are reported net of obsolescence reserves of $114 million at December 31, 2021 and $150 million at December 31, 2020.

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.