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Inventories

3 Months Ended

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

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- References

No definition available.

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