Inventories

12 Months Ended

Dec. 31, 2022

Inventories consist of the following components:


	December 31,
	2022		2021
	(In thousands)
Crude oil	$	818,737	$	630,873
Other raw materials and unfinished products (1)	842,855		530,067
Finished products (2)	1,252,984		726,930
Lower of cost or market reserve	(61,151)		(8,739)
Process chemicals (3)	53,900		43,025
Repairs and maintenance supplies and other (4)	307,203		199,972
Total inventory	$	3,214,528	$	2,122,128

(1)Other raw materials and unfinished products include feedstocks and blendstocks, other than crude.

(2)Finished products include gasolines, jet fuels, diesels, renewable diesels, lubricants, asphalts, LPG’s and residual fuels.

(3)Process chemicals include additives and other chemicals.

(4)Includes RINs.

The excess replacement cost over the LIFO value of our refinery inventories was $39.0 million and $111.1 million at December 31, 2022 and 2021, respectively. For the year ended December 31, 2021, we recorded a decrease to cost of products sold of $318.9 million due to the effect of the change in the lower of cost or market reserve recorded on our refinery inventories at that time. For the year ended December 31, 2020, we recognized a charge of $36.9 million to cost of products sold as we liquidated certain quantities of LIFO inventory at our Cheyenne Refinery that were carried at historical acquisition costs above market prices at the time of liquidation.

Our renewables inventories that are valued at the lower of LIFO cost or market reflect a valuation reserve of $61.2 million and $8.7 million at December 31, 2022 and 2021, respectively. A new market reserve of $61.2 million as of December 31, 2022 was based on market conditions and prices at that time. The effect of the change in the lower of cost or market reserve was an increase of cost of products sold totaling $52.4 million and $8.7 million for the years ended December 31, 2022 and 2021, respectively.