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Inventories

9 Months Ended

Sep. 30, 2020

Inventory Disclosure [Abstract]

Inventories

(4) Inventories

Inventories consisted of the following:

(in millions)			September 30, 2020						December 31, 2019
Finished goods			$	110					$	177
Raw materials			73						112
In-process inventories			17						18
Parts, supplies and other			66						66
Total inventories			$	266					$	373

As of March 31, 2020, 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. 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 September 30, 2020, June 30, 2020, or December 31, 2019.

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- References

No definition available.

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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

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