Inventories, Net |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventories, Net | Inventories, Net Inventories, net consisted of the following:
Materials and supplies, net consists of processing chemicals, maintenance supplies and spare parts, which will be consumed directly and indirectly in the production of our products. At March 31, 2025 and December 31, 2024, there was approximately $60 million and $59 million, respectively, of inventory that is not expected to be sold within one year and as such, has been recorded in "Other long-term assets" on the Condensed Consolidated Balance Sheets. At March 31, 2025 and December 31, 2024, inventory obsolescence reserves primarily for materials and supplies were $43 million and $44 million, respectively. Reserves for lower of cost or market and net realizable value were $27 million and $28 million at March 31, 2025 and December 31, 2024, respectively.
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