INVENTORIES

Inventories consisted of the following:



March 31, 2016
	Titled Inventory			Inventory Supply and Intermediation Arrangements			Total
Crude oil and feedstocks	$	1,135,671		$	—		$	1,135,671
Refined products and blendstocks	690,813			400,753			1,091,566
Warehouse stock and other	60,335			—			60,335
	$	1,886,819		$	400,753		$	2,287,572
Lower of cost or market reserve	(900,728		)	(157,545		)	(1,058,273		)
Total inventories	$	986,091		$	243,208		$	1,229,299



December 31, 2015
	Titled Inventory			Inventory Supply and Intermediation Arrangements			Total
Crude oil and feedstocks	$	1,137,605		$	—		$	1,137,605
Refined products and blendstocks	687,389			411,357			1,098,746
Warehouse stock and other	55,257			—			55,257
	$	1,880,251		$	411,357		$	2,291,608
Lower of cost or market reserve	(966,564		)	(150,772		)	(1,117,336		)
Total inventories	$	913,687		$	260,585		$	1,174,272

Inventory under inventory supply and intermediation arrangements includes light finished products sold to counterparties in connection with the amended and restated inventory intermediation agreements (the "A&R Intermediation Agreements") and stored in the Paulsboro and Delaware City refineries' storage facilities; and certain crude oil stored at the Company’s Delaware City refinery's storage facilities that the Company was obligated to purchase as it was consumed in connection with its Crude Supply Agreement that expired on December 31, 2015.

Due to the lower crude oil and refined product pricing environment beginning at the end of 2014 and continuing throughout 2015 and into 2016, the Company recorded adjustments to value its inventories to the lower of cost or market. During the three months ended March 31, 2016, the Company recorded an adjustment to value its inventories to the lower of cost or market which increased both operating income and net income by $59,063 reflecting the net change in the lower of cost or market inventory reserve from $1,117,336 at December 31, 2015 to $1,058,273 at March 31, 2016. During the three months ended March 31, 2015 the Company recorded an adjustment to value its inventories to the lower of cost or market which increased both operating income and net income by $21,208 reflecting the net change in the lower of cost or market inventory reserve from $690,110 at December 31, 2014 to $668,902 at March 31, 2015.