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Inventories

12 Months Ended

Dec. 31, 2014

(5) Inventories

Inventories consisted of the following:



	December 31,
	2014		2013
	(in millions)
Finished goods	$	176.2	$	268.2
Raw materials and precious metals	88.0		177.0
In-process inventories	20.6		36.9
Parts and supplies	44.8		44.5
	$	329.6	$	526.6

Due to the current crude environment and subsequent reduction in sales prices for the petroleum business' refined products, the Refining Partnership recorded a lower of FIFO cost or market inventory adjustment of approximately $36.8 million as of December 31, 2014. The inventory adjustment is included in cost of product sold (exclusive of depreciation and amortization) in the Consolidated Statements of Operations.

- 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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