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Inventories | 6 Months Ended
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Jun. 30, 2024
Inventory Disclosure [Abstract] |
Inventories | Inventories Inventories consist of the following components:
|  | June 30, 2024 |  | December 31, 2023
|  | (In thousands)
Crude oil |  | $ | 829,845 |  |  | $ | 858,411 |
Other raw materials and unfinished products (1) |  | 736,298 |  |  | 683,066 |
Finished products (2) |  | 1,426,590 |  |  | 1,435,817 |
Lower of cost or market reserve |  | (109,077) |  |  | (331,570) |
Process chemicals (3) |  | 48,713 |  |  | 50,917 |
Repair and maintenance supplies and other (4) |  | 227,789 |  |  | 225,190 |
Total inventory |  | $ | 3,160,158 |  |  | $ | 2,921,831 |
(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. At June 30, 2024, the LIFO value of our Refining segment inventories was equal to cost. T h e December 31, 2023 market reserve of $220.6 million reversed resulting in a decrease to cost of sales totaling $220.6 million for the six months ended June 30, 2024. The effect of the change in the lower of cost or market reserve was an increase to cost of sales totaling $26.8 million for both the three and six months ended June 30, 2023. Our Renewables segment inventories that are valued at the lower of LIFO cost or market reflect a valuation reserve of $109.1 million and $111.0 million at June 30, 2024 and December 31, 2023, respectively. A new market reserve of $109.1 million as of June 30, 2024 was based on market conditions and prices at that time. The effect of the change in the lower of cost or market reserve was a decrease to cost of sales totaling $3.1 million and $34.7 million for the three months ended June 30, 2024 and 2023, respectively. The effect of the change in the lower of cost or market reserve was a decrease to cost of sales totaling $1.9 million and an increase to cost of sales totaling $12.9 million for the six months ended June 30, 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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