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Inventories

3 Months Ended

Mar. 31, 2019

Inventory, Net [Abstract]

Inventories

INVENTORIES

The following table summarizes our inventory at March 31, 2019 and December 31, 2018:

Millions of dollars		March 31, 2019				December 31, 2018
Finished products		$	2,506			$	2,076
Raw materials and work in process		614				617
		3,120				2,693
Less: excess of FIFO cost over LIFO cost		(160		)		(160		)
Total inventories		$	2,960			$	2,533

LIFO inventories represented 44% and 41% of total inventories at March 31, 2019 and December 31, 2018, 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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