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INVENTORIES | 12 Months Ended
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Dec. 31, 2018
Inventory Disclosure [Abstract] |
INVENTORIES | INVENTORIES Inventories consisted of the following:
December 31, 2018
| Titled Inventory |  | Inventory Intermediation Arrangements |  | Total
Crude oil and feedstocks | $ | 1,044,824 |  |  | $ | — |  |  | $ | 1,044,824 |
Refined products and blendstocks | 1,026,921 |  |  | 334,708 |  |  | 1,361,629 |
Warehouse stock and other | 111,112 |  |  | — |  |  | 111,112 |
| $ | 2,182,857 |  |  | $ | 334,708 |  |  | $ | 2,517,565 |
Lower of cost or market adjustment | (557,187 | ) |  | (94,547 | ) |  | (651,734 | )
Total inventories | $ | 1,625,670 |  |  | $ | 240,161 |  |  | $ | 1,865,831 |
December 31, 2017
| Titled Inventory |  | Inventory Intermediation Arrangements |  | Total
Crude oil and feedstocks | $ | 1,073,093 |  |  | $ | — |  |  | $ | 1,073,093 |
Refined products and blendstocks | 1,030,817 |  |  | 311,477 |  |  | 1,342,294 |
Warehouse stock and other | 98,866 |  |  | — |  |  | 98,866 |
| $ | 2,202,776 |  |  | $ | 311,477 |  |  | $ | 2,514,253 |
Lower of cost or market adjustment | (232,652 | ) |  | (67,804 | ) |  | (300,456 | )
Total inventories | $ | 1,970,124 |  |  | $ | 243,673 |  |  | $ | 2,213,797 |
Inventory under inventory intermediation arrangements included certain light finished products sold to counterparties and stored in the Paulsboro and Delaware City refineries’ storage facilities in connection with the Inventory Intermediation Agreements with J. Aron. During the year ended December 31, 2018, the Company recorded an adjustment to value its inventories to the lower of cost or market which decreased income from operations by $351,278, reflecting the net change in the lower of cost or market (“LCM”) inventory reserve from $300,456 at December 31, 2017 to $651,734 at December 31, 2018. During the year ended December 31, 2017, the Company recorded an adjustment to value its inventories to the lower of cost or market which increased income from operations by $295,532, reflecting the net change in the LCM inventory reserve from $595,988 at December 31, 2016 to $300,456 at December 31, 2017. An actual valuation of inventories valued under the LIFO method is made at the end of each year based on inventory levels and costs at that time. We recorded a pre-tax charge related to a LIFO layer decrement of $21,881 and $4,940 in the Refining segment during the years ended December 31, 2018 and 2017, respectively.

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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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI http://asc.fasb.org/topic&trid=2126998 + Details
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