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Inventories | 3 Months Ended
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Mar. 31, 2022
Inventory Disclosure [Abstract] |
INVENTORIES | 3. INVENTORIES Inventories consisted of the following (in millions):
| March 31, 2022 |  | December 31, 2021
Refinery feedstocks | $ | 2,068 |  |  | $ | 1,995 |
Refined petroleum products and blendstocks | 4,199 |  |  | 3,567 |
Renewable diesel feedstocks and products | 245 |  |  | 135 |
Ethanol feedstocks and products | 364 |  |  | 273 |
Materials and supplies | 298 |  |  | 295 |
Inventories | $ | 7,174 |  |  | $ | 6,265 |
As of March 31, 2022 and December 31, 2021, the replacement cost (market value) of last-in, first-out (LIFO) inventories exceeded their LIFO carrying amounts by $9.3 billion and $5.2 billion, respectively. Our non-LIFO inventories accounted for $1.6 billion and $1.4 billion of our total inventories as of March 31, 2022 and December 31, 2021, respectively.

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI http://asc.fasb.org/topic&trid=2126998 + Details
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