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Inventories | 6 Months Ended
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Jun. 30, 2017
Inventory Disclosure [Abstract] |
INVENTORIES |
3. | INVENTORIES
Inventories consisted of the following (in millions):
| June 30, 2017 |  | December 31, 2016
Refinery feedstocks | $ | 2,254 |  |  | $ | 2,068 |
Refined petroleum products and blendstocks | 2,941 |  |  | 3,153 |
Ethanol feedstocks and products | 227 |  |  | 238 |
Materials and supplies | 252 |  |  | 250 |
Inventories | $ | 5,674 |  |  | $ | 5,709 |
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. 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 $454 million and $747 million for the three and six months ended June 30, 2016, respectively. As of June 30, 2017 and December 31, 2016, the replacement cost (market value) of LIFO inventories exceeded their LIFO carrying amounts by $1.1 billion and $1.9 billion, respectively. As of June 30, 2017 and December 31, 2016, our non-LIFO inventories accounted for $421 million and $641 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 330 -URI http://asc.fasb.org/topic&trid=2126998 + Details
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