Inventories

9 Months Ended

Sep. 30, 2016

Inventory, Net [Abstract]

Inventories

INVENTORIES

The following table summarizes our inventory for the periods presented:

Millions of dollars	September 30, 2016			December 31, 2015
Finished products	$	2,629		$	2,093
Raw materials and work in process	685			655
	3,314			2,748
Less: excess of FIFO cost over LIFO cost	(106		)	(129		)
Total inventories	$	3,208		$	2,619

LIFO inventories represented 38% and 37% of total inventories at September 30, 2016 and December 31, 2015, respectively.