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Inventories | 3 Months Ended
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Mar. 31, 2017
Inventory, Net [Abstract] |
Inventories | INVENTORIES The following table summarizes our inventory for the periods presented:
Millions of dollars |  | March 31, 2017 |  | December 31, 2016
Finished products |  | $ | 2,489 |  |  | $ | 2,070 |
Raw materials and work in process |  | 684 |  |  | 651 |
|  | 3,173 |  |  | 2,721 |
Less: excess of FIFO cost over LIFO cost |  | (97 | ) |  | (98 | )
Total inventories |  | $ | 3,076 |  |  | $ | 2,623 |
LIFO inventories represented 38% and 37% of total inventories at March 31, 2017 and December 31, 2016, respectively.

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- Definition The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.6) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6361739&loc=d3e7789-107766 + Details
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- References No definition available. + Details
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