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INVENTORIES | 12 Months Ended
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Dec. 31, 2021
Inventory Disclosure [Abstract] |
INVENTORIES | INVENTORIES Inventories consisted of the following:
December 31, 2021
(in millions) | Titled Inventory |  | Inventory Intermediation Agreement |  | Total
Crude oil and feedstocks | $ | 953.5 |  |  | $ | 151.4 |  |  | $ | 1,104.9 |
Refined products and blendstocks | 964.6 |  |  | 293.8 |  |  | 1,258.4 |
Warehouse stock and other | 141.8 |  |  | — |  |  | 141.8 |
| $ | 2,059.9 |  |  | $ | 445.2 |  |  | $ | 2,505.1 |
Lower of cost or market adjustment | — |  |  | — |  |  | — |
Total inventories | $ | 2,059.9 |  |  | $ | 445.2 |  |  | $ | 2,505.1 |
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 |
On October 25, 2021, PBF Holding and its subsidiaries, Delaware City Refining Company LLC, Paulsboro Refining Company LLC and Chalmette Refining, L.L.C. (“Chalmette Refining”) (collectively, the “PBF Entities”), entered into a third amended and restated inventory intermediation agreement (the “Third Inventory Intermediation Agreement”) with J. Aron & Company, a subsidiary of The Goldman Sachs Group, Inc. (“J. Aron”), pursuant to which the terms of the existing inventory intermediation agreements were amended and restated in their entirety, including, among other things, pricing and an extension of terms. The Third Inventory Intermediation Agreement extends the term to December 31, 2024, which term may be further extended by mutual consent of the parties to December 31, 2025. Pursuant to the Third Inventory Intermediation Agreement, J. Aron will continue to purchase and hold title to certain inventory, including crude oil, intermediate and certain finished products (the “J. Aron Products”) purchased or produced by the Paulsboro and Delaware City refineries (and, at the election of the PBF Entities, the Chalmette refinery) (the "Refineries") and delivered into storage tanks at the Refineries (the "Storage Tanks"). The J. Aron Products are sold back to the Company as the J. Aron Products are discharged out of the Storage Tanks. These purchases and sales are settled monthly at the daily market prices related to those J. Aron Products. These transactions are considered to be made in contemplation of each other and, accordingly, do not result in the recognition of a sale when title passes from the Refineries to J. Aron. Additionally, J. Aron has the right to store the J. Aron Products purchased in Storage Tanks under the Third Inventory Intermediation Agreement and will retain these storage rights for the term of the agreement. PBF Holding continues to market and sell the J. Aron Products independently to third parties. At December 31, 2021, the replacement value of inventories exceeded the LIFO carrying value. During the year ended December 31, 2021, the Company recorded an adjustment to value its inventories to the lower of cost or market which increased income from operations by $669.6 million, reflecting no lower of cost or market (“LCM”) inventory reserve at December 31, 2021 in comparison with an LCM inventory reserve of $669.6 million at December 31, 2020. 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 LCM inventory reserve from $401.6 million at December 31, 2019 to $669.6 million at December 31, 2020.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 in the Refining segment during the year ended December 31, 2020. There was no decrement recorded during the year ended December 31, 2021. 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 (as defined in “Note 7 - Property, Plant and Equipment, net”) and our decision to operate our two refineries on the east coast as one functional unit.

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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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