
(in millions)	December 31, 2025		December 31, 2024
Crude oil and feedstocks	$	1,438.0	$	1,232.7
Refined products and blendstocks	1,260.5		1,194.6
Warehouse stock and other	177.6		168.0
	2,876.1		2,595.3
Lower of cost or market adjustment	(313.0)		—
Total inventories	$	2,563.1	$	2,595.3

During the year ended December 31, 2025, the Company recorded an adjustment to value its inventories to the LCM, which decreased income from operations by $313.0 million. As of December 31, 2024 there was no LCM inventory adjustment recorded as the replacement value of inventories exceeded the LIFO carrying value by approximately $7.7 million.

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. During the year ended December 31, 2025, the Company recorded a pre-tax charge related to a LIFO layer decrement of $5.4 million in the Refining segment, primarily associated with the Martinez refinery. During the year ended December 31, 2024, the Company recorded a pre-tax charge related to a LIFO layer decrement of $124.5 million in the Refining segment, with the majority related to the Company’s East Coast and Gulf Coast LIFO inventory layers.