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Inventories | 12 Months Ended
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Dec. 31, 2020
Inventory, Net [Abstract] |
Inventories | INVENTORIES The following table summarizes our inventories at December 31, 2020 and 2019:
Millions of dollars |  | 2020 |  | 2019
Finished products |  | $ | 1,638 |  |  | $ | 1,979 |
Raw materials and work in process |  | 669 |  |  | 602 |
|  | 2,307 |  |  | 2,581 |
Less: excess of FIFO cost over LIFO cost |  | (120) |  |  | (143) |
Total inventories |  | $ | 2,187 |  |  | $ | 2,438 |
LIFO inventories represented 41% and 43% of total inventories at December 31, 2020 and 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 + Details
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