|12 Months Ended|
Dec. 31, 2016
|Inventory Disclosure [Abstract]|
Carrying value of inventories consisted of the following:
Reductions of inventory volumes during 2016 and 2015 resulted in a liquidation of LIFO inventory layers. There was no material cost of sales impact related to the 2016 liquidation of LIFO inventory layers, and the 2015 liquidation increased cost of sales by $11,371. There were no liquidations of LIFO inventory layers during 2014.
At December 31, 2016, the market value of our refined products, asphalt and blendstock inventories exceeded LIFO costs by $4,390. At December 31, 2015, the market value of our refined products, asphalt and blendstock inventories was lower than LIFO costs by $836. The market value of our crude oil inventories exceeded LIFO costs, net of the fair value hedged items, by $13,154 and $18,521 at December 31, 2016 and 2015, respectively.
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.
Reference 1: http://www.xbrl.org/2003/role/presentationRef