Inventories, Net (Notes)

3 Months Ended

Mar. 31, 2020

Inventory, Net [Abstract]

Inventories, Net

7.  Inventories, Net.

Inventories, net consists of the following:

	March 31,		December 31,
	2020		2019
	(in millions)
Raw materials	$	152	$	206
Work in process		89		94
Finished goods		1,342		1,495
	$	1,583	$	1,795

As of March 31, 2020, our Energy segment had inventories, net with a carrying value in excess of net realizable value. As a result, our Energy segment recorded a write-down of its inventories of $58 million, which is included in cost of goods sold in the condensed consolidated statements of operations for the three months ended March 31, 2020. The write-down represents the difference between the carrying value of inventories accounted for using the first-in-first-out method and selling prices for refined products subsequent to March 31, 2020.