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Inventories

6 Months Ended

Jun. 30, 2011

INVENTORIES



Millions of dollars	June 30, 2011			December 31, 2010
Finished products	$	2,599		$	2,314
Raw materials and work in process	631			627
	3,230			2,941
Less excess of FIFO cost over LIFO cost	(159		)	(149		)
Total inventories	$	3,071		$	2,792

LIFO inventories represented 41% and 43% of total inventories at June 30, 2011 and December 31, 2010.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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