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Inventories

12 Months Ended

Dec. 31, 2011

(4)INVENTORIES

The following table summarizes our inventory at December 31, 2011 and 2010:



Millions of dollars	2011			2010
Finished products	$	2,016		$	2,314
Work in process	41			37
Raw materials	500			590
	2,557			2,941
Less: excess of FIFO cost over LIFO cost	(203		)	(149		)
Total inventories	$	2,354		$	2,792

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

- 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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