Inventories

12 Months Ended

Dec. 31, 2019

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories (principally using the LIFO method) are comprised of the following:

	December 31,
(Millions of dollars)	2019		2018
Raw materials	$	4,263	$	4,477
Work-in-process	1,147		1,259
Finished goods	5,598		5,562
Supplies	258		231
Total inventories	$	11,266	$	11,529

During the third quarter of 2019, changes were made to the classification of inventories primarily related to purchased parts between Raw materials, Work-in-process and Finished goods. The prior year amounts have been retrospectively adjusted to conform to the current-year classification.

During 2017, closure of our facility in Gosselies, Belgium resulted in a liquidation of LIFO inventory. The liquidated inventory was carried at lower costs prevailing in prior years as compared with current costs. The effect of this reduction in inventory decreased Cost of goods sold by approximately $66 million and increased Profit by approximately $49 million or $0.08 per share. The impact of LIFO liquidations during 2019 and 2018 was not significant to Statement 1.

We had long-term material purchase obligations of approximately $270 million at December 31, 2019.