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Inventories | 9 Months Ended
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Sep. 30, 2023
Inventory Disclosure [Abstract] |
Inventories | Inventories Inventories consisted of the following:
(Millions of dollars) |  | September 30, 2023 |  | December 31, 2022
Petroleum products - FIFO basis |  | $ | 430.5 |  |  | $ | 367.0 |
Store merchandise for resale - FIFO basis |  | 203.6 |  |  | 192.1 |
Less LIFO reserve |  | (313.7) |  |  | (250.7) |
Total petroleum products and store merchandise inventory |  | 320.4 |  |  | 308.4 |
Materials and supplies |  | 15.0 |  |  | 10.7 |
Total inventories |  | $ | 335.4 |  |  | $ | 319.1 |
Murphy USA and Murphy Express branded petroleum products are valued using the last-in, first-out (LIFO) method and certain QuickChek store merchandise for resale is valued using the LIFO method. At September 30, 2023 and December 31, 2022, the replacement cost (market value) of LIFO inventories exceeded the LIFO carrying value for petroleum products by $311.6 million and $249.1 million, respectively and for store merchandise for resale by $2.1 million and $1.6 million for September 30, 2023 and December 31, 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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