Inventories

6 Months Ended

Jun. 30, 2021

Inventory, Net [Abstract]

Inventories

INVENTORIES

The following table summarizes our inventories at June 30, 2021 and December 31, 2020:

Millions of dollars	June 30, 2021		December 31, 2020
Finished products	$	1,915	$	1,635
Raw materials and work in process	737		666
Total Inventories	$	2,652	$	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.