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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 |  | $ | 1,635 |  |  | $ | 1,960 |
Raw materials and work in process |  | 666 |  |  | 600 |
Total inventories |  | $ | 2,301 |  |  | $ | 2,560 |
Effective January 1, 2021, the Company changed its accounting principle for inventory valuation and discontinued the use of the last-in, first-out ("LIFO") method and adopted the first-in, first-out ("FIFO") method of inventory in the U.S. As of December 31, 2020 and 2019, LIFO inventories would have represented 41% and 43% of total inventories. See Note 1 to the consolidated financial statements for additional information of the effect of the change.

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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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