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Inventories | 12 Months Ended
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Dec. 31, 2023
Inventory Disclosure [Abstract] |
INVENTORIES | 4. INVENTORIES Inventories consisted of the following (in millions):
| December 31,
| 2023 |  | 2022
Refinery feedstocks | $ | 2,223 |  |  | $ | 1,949 |
Refined petroleum products and blendstocks | 3,790 |  |  | 3,579 |
Renewable diesel feedstocks and products | 913 |  |  | 583 |
Ethanol feedstocks and products | 313 |  |  | 328 |
Materials and supplies | 344 |  |  | 313 |
Inventories | $ | 7,583 |  |  | $ | 6,752 |
As of December 31, 2023 and 2022, the replacement cost (market value) of LIFO inventories exceeded their LIFO carrying amounts by $4.4 billion and $6.3 billion, respectively. During the year ended December 31, 2022, we had a liquidation of certain LIFO inventory layers, which was due to weather-related production disruptions that occurred at the end of the year that decreased cost of materials and other by $323 million. Our non-LIFO inventories accounted for $1.5 billion and $1.6 billion of our total inventories as of December 31, 2023 and 2022, 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 -Topic 330 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//330/tableOfContent + Details
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