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Inventories | 12 Months Ended
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Dec. 31, 2024
Inventory Disclosure [Abstract] |
INVENTORIES | 4. INVENTORIES Inventories consisted of the following (in millions):
| December 31,
| 2024 |  | 2023
Refinery feedstocks | $ | 2,167 |  |  | $ | 2,223 |
Refined petroleum products and blendstocks | 4,016 |  |  | 3,790 |
Renewable diesel feedstocks and products | 872 |  |  | 913 |
Ethanol feedstocks and products | 342 |  |  | 313 |
Materials and supplies | 364 |  |  | 344 |
Inventories | $ | 7,761 |  |  | $ | 7,583 |
As of December 31, 2024 and 2023, the replacement cost (market value) of LIFO inventories exceeded their LIFO carrying amounts by $4.0 billion and $4.4 billion, respectively. Our non-LIFO inventories accounted for $1.3 billion and $1.5 billion of our total inventories as of December 31, 2024 and 2023, 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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