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Inventories | 12 Months Ended
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Dec. 31, 2017
Inventory Disclosure [Abstract] |
INVENTORIES |
4. | INVENTORIES
Inventories consisted of the following (in millions):
| December 31,
| 2017 |  | 2016
Refinery feedstocks | $ | 2,427 |  |  | $ | 2,068 |
Refined petroleum products and blendstocks | 3,459 |  |  | 3,153 |
Ethanol feedstocks and products | 242 |  |  | 238 |
Materials and supplies | 256 |  |  | 250 |
Inventories | $ | 6,384 |  |  | $ | 5,709 |
As of December 31, 2017 and 2016, the replacement cost (market value) of LIFO inventories exceeded their LIFO carrying amounts by $3.0 billion and $1.9 billion, respectively. As of December 31, 2017 and 2016, our non-LIFO inventories accounted for $1.0 billion and $641 million, respectively, of our total inventories. During the year ended December 31, 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, and we had a liquidation of LIFO inventory layers that increased cost of sales by $120 million. During the year ended December 31, 2015, we recorded a lower of cost or market inventory valuation adjustment that resulted in a net charge to our results of operations of $790 million in order to state our inventories at market as of December 31, 2015.

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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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