INVENTORIES

Inventories consisted of the following:



September 30, 2019
(in millions)	Titled Inventory			Inventory Intermediation Agreements			Total
Crude oil and feedstocks	$	1,065.6		$	20.4		$	1,086.0
Refined products and blendstocks	1,034.0			266.8			1,300.8
Warehouse stock and other	118.4			—			118.4
	$	2,218.0		$	287.2		$	2,505.2
Lower of cost or market adjustment	(292.4		)	(82.4		)	(374.8		)
Total inventories	$	1,925.6		$	204.8		$	2,130.4



December 31, 2018
(in millions)	Titled Inventory			Inventory Intermediation Agreements			Total
Crude oil and feedstocks	$	1,044.8		$	—		$	1,044.8
Refined products and blendstocks	1,026.9			334.8			1,361.7
Warehouse stock and other	109.4			—			109.4
	$	2,181.1		$	334.8		$	2,515.9
Lower of cost or market adjustment	(557.2		)	(94.6		)	(651.8		)
Total inventories	$	1,623.9		$	240.2		$	1,864.1

Inventory under inventory intermediation agreements includes crude oil, intermediate and certain finished products purchased or produced by the Paulsboro and Delaware City refineries and sold to counterparties in connection with the amended and restated inventory intermediation agreements (as amended in the first quarter of 2019 and amended and restated in the third quarter of 2019, the “Inventory Intermediation Agreements”) with J. Aron & Company, a subsidiary of The Goldman Sachs Group, Inc. (“J. Aron”). This inventory is held in the Company’s storage tanks at the Delaware City and Paulsboro refineries and at PBFX’s East Coast Storage Assets (collectively the “Storage Tanks”).

During the three months ended September 30, 2019, the Company recorded an adjustment to value its inventories to the lower of cost or market which decreased income from operations by $47.0 million, reflecting the net change in the lower of cost or market (“LCM”) inventory reserve from $327.8 million at June 30, 2019 to $374.8 million at September 30, 2019. During the nine months ended September 30, 2019, the Company recorded an adjustment to value its inventories to the lower of cost or market which increased income from operations by $277.0 million, reflecting the net change in the LCM inventory reserve from $651.8 million at December 31, 2018 to $374.8 million at September 30, 2019.

At September 30, 2018 the replacement value of inventories exceeded the LIFO carrying value by approximately $12.0 million. During the three months ended September 30, 2018, the Company recorded an adjustment to value its inventories to the lower of cost or market which increased income from operations by $54.8 million, reflecting no LCM reserve as of September 30, 2018 in comparison to an LCM reserve of $54.8 million at June 30, 2018. During the nine months ended September 30, 2018, the Company recorded an adjustment to value its inventories to the lower of cost or market which increased income from operations by $300.5 million, reflecting no LCM reserve as of September 30, 2018 in comparison to an LCM reserve of $300.5 million at December 31, 2017.