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Inventories | 3 Months Ended
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Mar. 31, 2020
Inventory Disclosure [Abstract] |
Inventories | (4) Inventories Inventories consisted of the following:
(in millions) | March 31, 2020 |  | December 31, 2019
Raw materials | $ | 61 |  |  | $ | 112 |
In-process inventories | 10 |  |  | 18 |
Finished goods | 77 |  |  | 177 |
Parts, supplies and other | 63 |  |  | 66 |
Total inventories | $ | 211 |  |  | $ | 373 |
The carrying amounts of the Petroleum Segment’s inventories exceeded their net realizable value (market value) by $58 million resulting in the recognition of a lower of cost or net realizable value adjustment as of March 31, 2020. The $58 million loss represents the difference between the carrying value of the Petroleum Segment’s inventories accounted for using the first-in-first-out method and selling prices for refined products subsequent to March 31, 2020. No adjustment was necessary as of December 31, 2019.

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI http://asc.fasb.org/topic&trid=2126998 + Details
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