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Inventories | 12 Months Ended
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Dec. 31, 2019
Inventory, Net [Abstract] |
Inventories | INVENTORIES The following table summarizes our inventories at December 31, 2019 and 2018:
Millions of dollars |  | 2019 |  | 2018
Finished products |  | $ | 1,979 |  |  | $ | 2,076 |
Raw materials and work in process |  | 602 |  |  | 617 |
|  | 2,581 |  |  | 2,693 |
Less: excess of FIFO cost over LIFO cost |  | (143 | ) |  | (160 | )
Total inventories |  | $ | 2,438 |  |  | $ | 2,533 |
LIFO inventories represented 43% and 41% of total inventories at December 31, 2019 and 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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI http://asc.fasb.org/topic&trid=2126998 + Details
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