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INVENTORIES
 12 Months Ended
Dec. 31, 2018
Inventory Disclosure [Abstract]  
INVENTORIES
INVENTORIES
Inventories consisted of the following:
December 31, 2018
 
Titled Inventory
 
Inventory Intermediation Arrangements
 
Total
Crude oil and feedstocks
$
1,044,824

 
$
—

 
$
1,044,824

Refined products and blendstocks
1,026,921

 
334,708

 
1,361,629

Warehouse stock and other
109,337

 
—

 
109,337

 
$
2,181,082

 
$
334,708

 
$
2,515,790

Lower of cost or market adjustment
(557,187
)
 
(94,547
)
 
(651,734
)
Total inventories
$
1,623,895

 
$
240,161

 
$
1,864,056

 
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



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 Inventory Intermediation Agreements with J. Aron.
During the year ended December 31, 2018, the Company recorded an adjustment to value its inventories to the lower of cost or market which decreased income from operations by $351,278 reflecting the net change in the lower of cost or market (“LCM”) inventory reserve from $300,456 at December 31, 2017 to $651,734 at December 31, 2018. 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 income from operations by $295,532 reflecting the net change in the LCM inventory reserve from $595,988 at December 31, 2016 to $300,456 at December 31, 2017.
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 charge related to a LIFO layer decrement of $21,881 and $4,940 during the years ended December 31, 2018 and December 31, 2017, respectively.