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Inventories

6 Months Ended

Jun. 30, 2013

INVENTORIES

The following table summarizes our inventory for the periods presented:



Millions of dollars	June 30, 2013			December 31, 2012
Finished products	$	2,082		$	1,948
Raw materials and work in process	596			596
Gross inventories	2,678			2,544
Less: excess of FIFO cost over LIFO cost	(173		)	(190		)
Total inventories	$	2,505		$	2,354

LIFO inventories represented 39% and 40% of total inventories at June 30, 2013 and December 31, 2012, respectively.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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