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Inventories

3 Months Ended

Mar. 31, 2015


3.	INVENTORIES

Inventories consisted of the following (in millions):



	March 31, 2015		December 31, 2014
Refinery feedstocks	$	2,646	$	2,269
Refined products and blendstocks	3,554		3,926
Ethanol feedstocks and products	231		195
Materials and supplies	235		233
Inventories	$	6,666	$	6,623

As of March 31, 2015 and December 31, 2014, the replacement cost (market value) of last in, first out (LIFO) inventories exceeded their LIFO carrying amounts by $1.8 billion and $857 million, respectively. As of March 31, 2015 and December 31, 2014, our non-LIFO inventories accounted for $884 million and $906 million, respectively, of our total inventories.

- 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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