INVENTORIES

12 Months Ended

Dec. 31, 2018

Inventory Disclosure [Abstract]

INVENTORIES

NOTE 5 INVENTORIES

Finished goods primarily represents crude oil, which is carried at the lower of weighted average cost or market value, and caustic soda and chlorine, which are valued under the LIFO method. Net carrying values of inventories valued under the LIFO method were $169 million and $172 million at December 31, 2018 and 2017, respectively. Inventories consisted of the following:

Balance at December 31, (in millions)	2018			2017
Raw materials	$	74		$	66
Materials and supplies	445			447
Finished goods	788			776
	1,307			1,289
Revaluation to LIFO	(47		)	(43		)
Total	$	1,260		$	1,246