Inventories |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventories | Inventories Inventories at December 31 consisted of the following:
Inventories valued on the LIFO basis totaled $4,461 million and $3,443 million at December 31, 2025 and 2024, respectively. The increase in inventories in 2025 was primarily related to the consolidation of assets following our acquisition of the remaining ownership interest of WRB. See Note 5—Business Combinations for additional information. The estimated excess of current replacement cost over LIFO cost of inventories amounted to approximately $3.6 billion and $4.9 billion at December 31, 2025 and 2024, respectively. During each of the three years ended December 31, 2025, certain volume reductions in inventory caused liquidations of LIFO inventory values. For the year ended December 31, 2025, LIFO inventory liquidations increased net income by $13 million. For the year ended December 31, 2024, LIFO inventory liquidations decreased net income by $10 million. For the year ended December 31, 2023, LIFO inventory liquidations increased net income by $94 million.
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