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INVENTORIES
 12 Months Ended
Dec. 31, 2017
Inventory Disclosure [Abstract]  
INVENTORIES
INVENTORIES
Inventories consisted of the following:
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

 
December 31, 2016
 
Titled Inventory
 
Inventory Intermediation Arrangements
 
Total
Crude oil and feedstocks
$
1,102,007

 
$
—

 
$
1,102,007

Refined products and blendstocks
915,397

 
352,464

 
1,267,861

Warehouse stock and other
89,680

 
—

 
89,680

 
$
2,107,084

 
$
352,464

 
$
2,459,548

Lower of cost or market adjustment
(492,415
)
 
(103,573
)
 
(595,988
)
Total inventories
$
1,614,669

 
$
248,891

 
$
1,863,560



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 A&R Intermediation Agreements with J. Aron.
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 operating income and net income by $295,532 and $178,475, respectively, reflecting the net change in the lower of cost or market inventory reserve from $595,988 at December 31, 2016 to $300,456 at December 31, 2017. During the year ended December 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 $521,348 and $317,704, respectively, reflecting the net change in the lower of cost or market inventory reserve from $1,117,336 at December 31, 2015 to $595,988 at December 31, 2016.
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 $4,940 and $11,746 in the Refining segment during the years ended December 31, 2017 and 2016, respectively.