Inventories

3 Months Ended

Mar. 31, 2021

Inventory, Net [Abstract]

Inventories

INVENTORIES

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

Millions of dollars	March 31, 2021		December 31, 2020
			As Adjusted
Finished products	$	1,795	$	1,635
Raw materials and work in process	675		666
Total Inventories	$	2,470	$	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. See Note 1 to the Consolidated Condensed Financial Statements for additional information of the effect of the change.