Inventories

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories consisted of the following:

	December 31
Millions of dollars	2023		2022
Finished products and parts	$	2,069	$	1,859
Raw materials and supplies	1,021		953
Work in process	136		111
Total inventories	$	3,226	$	2,923

All amounts in the table above are reported net of obsolescence reserves of $81 million at December 31, 2023 and $104 million at December 31, 2022.

During the year ended December 31, 2023, there were no impairments charges related to inventory. During the year ended December 31, 2022, we recorded $70 million of impairment charges related to inventory. These charges were primarily attributable to our exit from Russia. See Note 2 to the consolidated financial statements for further discussion on impairments and other charges.