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INVENTORIES | 12 Months Ended
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Dec. 31, 2020
Inventory Disclosure [Abstract] |
INVENTORIES | INVENTORIES Inventories consisted of the following:
December 31, 2020
(in millions) | Titled Inventory |  | Inventory Intermediation Agreements |  | Total
Crude oil and feedstocks | $ | 1,018.9 |  |  | $ | — |  |  | $ | 1,018.9 |
Refined products and blendstocks | 933.7 |  |  | 266.5 |  |  | 1,200.2 |
Warehouse stock and other | 136.7 |  |  | — |  |  | 136.7 |
| $ | 2,089.3 |  |  | $ | 266.5 |  |  | $ | 2,355.8 |
Lower of cost or market adjustment | (572.4) |  |  | (97.2) |  |  | (669.6) |
Total inventories | $ | 1,516.9 |  |  | $ | 169.3 |  |  | $ | 1,686.2 |
December 31, 2019
(in millions) | Titled Inventory |  | Inventory Intermediation Agreements |  | Total
Crude oil and feedstocks | $ | 1,071.4 |  |  | $ | 2.7 |  |  | $ | 1,074.1 |
Refined products and blendstocks | 976.0 |  |  | 352.9 |  |  | 1,328.9 |
Warehouse stock and other | 120.8 |  |  | — |  |  | 120.8 |
| $ | 2,168.2 |  |  | $ | 355.6 |  |  | $ | 2,523.8 |
Lower of cost or market adjustment | (324.8) |  |  | (76.8) |  |  | (401.6) |
Total inventories | $ | 1,843.4 |  |  | $ | 278.8 |  |  | $ | 2,122.2 |
Inventory under the Inventory Intermediation Agreements, includes crude oil, intermediate and certain finished products (the “J. Aron Products”) purchased or produced by the Paulsboro and Delaware City refineries, and sold to counterparties in connection with such agreements. This inventory is held in the Company’s storage tanks at the Delaware City and Paulsboro refineries and at PBFX’s East Coast Storage Assets, (collectively, the “J. Aron Storage Tanks”). During the year ended December 31, 2020, the Company recorded an adjustment to value its inventories to the lower of cost or market which decreased income from operations by $268.0 million, reflecting the net change in the lower of cost or market (“LCM”) inventory reserve from $401.6 million at December 31, 2019 to $669.6 million at December 31, 2020. During the year ended December 31, 2019, the Company recorded an adjustment to value its inventories to the lower of cost or market which increased income from operations by $250.2 million, reflecting the net change in the LCM inventory reserve from $651.8 million at December 31, 2018 to $401.6 million at December 31, 2019. 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. The Company recorded a pre-tax charge related to a LIFO layer decrement of $83.0 million and $4.9 million in the Refining segment during the years ended December 31, 2020 and 2019, respectively. The majority of the decrement recorded in 2020 related to the Company’s East Coast LIFO inventory layer and the reduction in the Company’s East Coast inventory experienced as part of the East Coast Refining Reconfiguration.

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