INVENTORIES

12 Months Ended

Dec. 31, 2021

Inventory Disclosure [Abstract]

INVENTORIES

NOTE 3 - 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. Inventories consisted of the following as of December 31:

millions	2021		2020
Raw materials	$	96	$	70
Materials and supplies	783		848
Commodity inventory and finished goods	1,066		1,009
	1,945		1,927
Revaluation to LIFO	(99)		(29)
Total	$	1,846	$	1,898