XML 58 R12.htm IDEA: XBRL DOCUMENT v3.20.4
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 dollars20202019
Finished products$1,638 $1,979 
Raw materials and work in process669 602 
2,307 2,581 
Less: excess of FIFO cost over LIFO cost(120)(143)
Total inventories$2,187 $2,438 
LIFO inventories represented 41% and 43% of total inventories at December 31, 2020 and 2019, respectively.