INVENTORIES

12 Months Ended

Dec. 31, 2019

Inventory Disclosure [Abstract]

INVENTORIES

NOTE 6 - INVENTORIES

Finished goods primarily represents oil, which is carried at the lower of weighted-average cost or net realizable value, and caustic soda and chlorine, which are valued under the LIFO method. Net carrying values of inventories valued under the LIFO method were $168 million and $169 million at December 31, 2019 and 2018, respectively. Inventories consisted of the following at December 31:

millions	2019			2018
Raw materials	$	75		$	74
Materials and supplies	879			445
Commodity inventory and finished goods	533			788
	1,487			1,307
Revaluation to LIFO	(40		)	(47		)
Total	$	1,447		$	1,260