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Inventories

12 Months Ended

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

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- References

No definition available.

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