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Inventories

9 Months Ended

Sep. 30, 2021

Inventory, Net [Abstract]

Inventories

INVENTORIES

The following table summarizes our inventories at September 30, 2021 and December 31, 2020:

Millions of dollars						September 30, 2021						December 31, 2020
Finished products						$	2,134					$	1,635
Raw materials and work in process						742						666
Total Inventories						$	2,876					$	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

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- References

No definition available.

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