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Inventories

9 Months Ended

Sep. 30, 2014

INVENTORIES

The following table summarizes our inventory for the periods presented:



Millions of dollars	September 30, 2014			December 31, 2013
Finished products	$	2,206		$	1,950
Raw materials and work in process	672			622
	2,878			2,572
Less: excess of FIFO cost over LIFO cost	(158		)	(164		)
Total inventories	$	2,720		$	2,408

LIFO inventories represented 41% and 39% of total inventories at September 30, 2014 and December 31, 2013, 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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