Inventories

9 Months Ended

Sep. 30, 2013

Note C — Inventories

Inventories consisted of the following:




	September 30,		December 31,
(Thousands of dollars)	2013		2012
Crude oil and blendstocks	$	-		1,191
Refined products and blendstocks		10,223		75,128
Store merchandise for resale		88,160		96,473
Corn based products		9,357		38,923
Materials and supplies		7,154		5,679
	$	114,894		217,394

At September 30, 2013 and December 31, 2012, the replacement cost (market value) of last-in, first-out (LIFO) inventories exceeded the LIFO carrying value by $304,646,000 and $303,344,000, respectively. Corn based products consisted primarily of corn, dried distillers’ grains with solubles (DDGS) and wet distillers’ grains with solubles (WDGS), and were all valued on a first-in, first-out (FIFO) basis.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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