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Inventories

6 Months Ended

Jun. 30, 2018

Inventory, Net [Abstract]

Inventories

INVENTORIES

The following table summarizes our inventory for the periods presented:

Millions of dollars		June 30, 2018				December 31, 2017
Finished products		$	2,524			$	2,374
Raw materials and work in process		634				725
		3,158				3,099
Less: excess of FIFO cost over LIFO cost		(126		)		(111		)
Total inventories		$	3,032			$	2,988

LIFO inventories represented 43% and 38% of total inventories at June 30, 2018 and December 31, 2017, 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://fasb.org/us-gaap/role/ref/legacyRef
-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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