Inventories consisted of the following (in millions):
|
| | | | | | | |
| December 31, |
| 2013 | | 2012 |
Refinery feedstocks | $ | 2,135 |
| | $ | 2,458 |
|
Refined products and blendstocks | 3,231 |
| | 2,995 |
|
Ethanol feedstocks and products | 166 |
| | 191 |
|
Convenience store merchandise | — |
| | 112 |
|
Materials and supplies | 226 |
| | 217 |
|
Inventories | $ | 5,758 |
| | $ | 5,973 |
|
During the years ended December 31, 2013, 2012, and 2011, we had net liquidations of LIFO inventory layers that were established in prior years, which decreased cost of sales in each of those years by $17 million, $134 million, and $247 million, respectively.
As of December 31, 2013 and 2012, the replacement cost (market value) of LIFO inventories exceeded their LIFO carrying amounts by approximately $6.9 billion and $6.7 billion, respectively. As of December 31, 2013 and 2012, our non-LIFO inventories accounted for $851 million and $878 million, respectively, of our total inventories.
