
2.	INVENTORIES

Inventories consisted of the following (in millions):



	March 31, 2018		December 31, 2017
Refinery feedstocks	$	2,471	$	2,427
Refined petroleum products and blendstocks	3,569		3,459
Ethanol feedstocks and products	258		242
Materials and supplies	257		256
Inventories	$	6,555	$	6,384

As of March 31, 2018 and December 31, 2017, the replacement cost (market value) of LIFO inventories exceeded their LIFO carrying amounts by $3.1 billion and $3.0 billion, respectively, and our non-LIFO inventories accounted for $905 million and $1.0 billion, respectively, of our total inventories.