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Inventories

12 Months Ended

Dec. 31, 2017

Inventory, Net [Abstract]

Inventories

INVENTORIES

The following table summarizes our inventories at December 31, 2017 and 2016:

Millions of dollars		2017				2016
Finished products		$	2,374			$	2,070
Raw materials and work in process		725				651
		3,099				2,721
Less: excess of FIFO cost over LIFO cost		(111		)		(98		)
Total inventories		$	2,988			$	2,623

LIFO inventories represented 38% and 37% of total inventories at December 31, 2017 and 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 330
-URI http://asc.fasb.org/topic&trid=2126998

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- References

No definition available.

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