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Inventories | 6 Months Ended
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Jun. 30, 2021
Inventory, Net [Abstract] |
Inventories | INVENTORIES The following table summarizes our inventories at June 30, 2021 and December 31, 2020:
Millions of dollars |  | June 30, 2021 |  | December 31, 2020
Finished products |  | $ | 1,915 |  |  | $ | 1,635 |
Raw materials and work in process |  | 737 |  |  | 666 |
Total Inventories |  | $ | 2,652 |  |  | $ | 2,301 |
Effective January 1, 2021, the Company changed its accounting principle for inventory valuation for inventories located in the U.S. from a last-in, first-out ("LIFO") basis to a first-in, first-out ("FIFO") basis.

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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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