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Inventories (Tables)

9 Months Ended

Sep. 30, 2020

Inventory, Net [Abstract]

Schedule of Inventory

The following table summarizes our inventories at September 30, 2020 and December 31, 2019:

Millions of dollars						September 30, 2020						December 31, 2019
Finished products						$	1,708					$	1,979
Raw materials and work in process						627						602
						2,335						2,581
Less: excess of FIFO cost over LIFO cost						(119)						(143)
Total inventories						$	2,216					$	2,438

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- Definition

Tabular disclosure of the carrying amount as of the balance sheet date of merchandise, goods, commodities, or supplies held for future sale or to be used in manufacturing, servicing or production process.

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