Inventories, Net

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

Inventories, Net

7.  Inventories, Net

Inventories, net consists of the following:

	December 31,
	2020		2019
	(in millions)
Raw materials	$	183	$	206
Work in process		83		94
Finished goods		1,314		1,495
	$	1,580	$	1,795

Inventories in the table above is presented net of reserves of $73 million and $27 million as of December 31, 2020 and 2019, respectively.

During the first quarter of 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 consolidated statements of operations for the year ended December 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.