Inventories

12 Months Ended

Dec. 31, 2022

3. INVENTORIES

Inventories consisted of the following (in millions):


	December 31,
	2022		2021
Refinery feedstocks	$	1,949	$	1,995
Refined petroleum products and blendstocks	3,579		3,567
Renewable diesel feedstocks and products	583		135
Ethanol feedstocks and products	328		273
Materials and supplies	313		295


Inventories	$	6,752	$	6,265

As of December 31, 2022 and 2021, the replacement cost (market value) of LIFO inventories exceeded their LIFO carrying amounts by $6.3 billion and $5.2 billion, respectively. The market value of our LIFO inventories fell below their LIFO inventory carrying amounts as of March 31, 2020, and as a result, we recorded an LCM inventory valuation reserve of $2.5 billion in order to state our inventories at market. As of September 30, 2020, we reevaluated our inventories and determined that our cost was lower than market. As a result, our LCM inventory valuation reserve was fully reversed as of September 30, 2020. The change in our LCM inventory valuation reserve resulted in a net benefit of $19 million for the year ended December 31, 2020 due to the foreign currency translation effect of the portion of the LCM inventory valuation adjustment attributable to our foreign operations.

During the year ended December 31, 2022, we had a liquidation of certain LIFO inventory layers, which was due to weather-related production disruptions that occurred at the end of the year that decreased cost of materials and other by $323 million.

Our non-LIFO inventories accounted for $1.6 billion and $1.4 billion of our total inventories as of December 31, 2022 and 2021, respectively.