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Inventories | 6 Months Ended
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Jun. 30, 2016
Inventory Disclosure [Abstract] |
INVENTORIES |
3. | INVENTORIES
Inventories consisted of the following (in millions):
| June 30, 2016 |  | December 31, 2015
Refinery feedstocks | $ | 2,389 |  |  | $ | 2,404 |
Refined products and blendstocks | 3,271 |  |  | 3,774 |
Ethanol feedstocks and products | 226 |  |  | 242 |
Materials and supplies | 251 |  |  | 244 |
Inventories, before lower of cost or market inventory valuation reserve | 6,137 |  |  | 6,664 |
Lower of cost or market inventory valuation reserve | — |  |  | (766 | )
Inventories | $ | 6,137 |  |  | $ | 5,898 |
Inventories are valued at the lower of cost or market. As of December 31, 2015, we had a valuation reserve of $766 million in order to state our inventories at market. As of June 30, 2016, we reevaluated our inventories and determined that our cost was lower than market. As a result, for the six months ended June 30, 2016, we recorded a change in our lower of cost or market inventory valuation reserve that resulted in a net benefit to our results of operations of $747 million. The income statement benefit for the six months ended June 30, 2016 differs from the change in the balance sheet reserve due to the foreign currency effect of inventories held by our international operations. As of June 30, 2016, the replacement cost (market value) of last-in, first-out (LIFO) inventories exceeded their LIFO carrying amounts by $713 million. As of June 30, 2016 and December 31, 2015, our non-LIFO inventories accounted for $681 million and $668 million, respectively, of our total inventories.

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- Definition The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.6) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6361739&loc=d3e7789-107766 + Details
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