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Inventories

9 Months Ended

Sep. 30, 2020

Inventory, Net [Abstract]

Inventories

INVENTORIES

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

LIFO inventories represented 41% and 43% of total inventories at September 30, 2020 and December 31, 2019, 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

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- References

No definition available.

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