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INVENTORIES | 3 Months Ended
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Mar. 31, 2016
Inventory Disclosure [Abstract] |
INVENTORIES | INVENTORIES Inventories consisted of the following:
March 31, 2016
| Titled Inventory |  | Inventory Supply and Intermediation Arrangements |  | Total
Crude oil and feedstocks | $ | 1,135,671 |  |  | $ | — |  |  | $ | 1,135,671 |
Refined products and blendstocks | 690,813 |  |  | 400,753 |  |  | 1,091,566 |
Warehouse stock and other | 60,335 |  |  | — |  |  | 60,335 |
| $ | 1,886,819 |  |  | $ | 400,753 |  |  | $ | 2,287,572 |
Lower of cost or market reserve | (900,728 | ) |  | (157,545 | ) |  | (1,058,273 | )
Total inventories | $ | 986,091 |  |  | $ | 243,208 |  |  | $ | 1,229,299 |
December 31, 2015
| Titled Inventory |  | Inventory Supply and Intermediation Arrangements |  | Total
Crude oil and feedstocks | $ | 1,137,605 |  |  | $ | — |  |  | $ | 1,137,605 |
Refined products and blendstocks | 687,389 |  |  | 411,357 |  |  | 1,098,746 |
Warehouse stock and other | 55,257 |  |  | — |  |  | 55,257 |
| $ | 1,880,251 |  |  | $ | 411,357 |  |  | $ | 2,291,608 |
Lower of cost or market reserve | (966,564 | ) |  | (150,772 | ) |  | (1,117,336 | )
Total inventories | $ | 913,687 |  |  | $ | 260,585 |  |  | $ | 1,174,272 |
Inventory under inventory supply and intermediation arrangements included certain crude oil stored at the Company’s Delaware City refinery's storage facilities that the Company was obligated to purchase as it was consumed in connection with its Crude Supply Agreement that expired on December 31, 2015; and light finished products sold to counterparties in connection with the A&R Intermediation Agreements and stored in the Paulsboro and Delaware City refineries' storage facilities. Due to the lower crude oil and refined product pricing environment beginning at the end of 2014 and continuing throughout 2015 and into 2016, the Company recorded adjustments to value its inventories to the lower of cost or market. During the three months ended March 31, 2016, the Company recorded an adjustment to value its inventories to the lower of cost or market which increased operating income and net income by $59,063 and $35,674, respectively, reflecting the net change in the lower of cost or market inventory reserve from $1,117,336 at December 31, 2015 to $1,058,273 at March 31, 2016. During the three months ended March 31, 2015, the Company recorded an adjustment to value its inventories to the lower of cost or market which increased operating income and net income by $21,208 and $12,682, respectively, reflecting the net change in the lower of cost or market inventory reserve from $690,110 at December 31, 2014 to $668,902 at March 31, 2015.

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- Definition The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.6) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6361739&loc=d3e7789-107766 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 6 -Subparagraph a, b, c -Article 5 + Details
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