INVENTORIES

12 Months Ended

Dec. 31, 2020

Inventories consisted of the following:


December 31, 2020
(in millions)	Titled Inventory		Inventory Intermediation Agreements		Total
Crude oil and feedstocks	$	1,018.9	$	—	$	1,018.9
Refined products and blendstocks	933.7		266.5		1,200.2
Warehouse stock and other	136.7		—		136.7
	$	2,089.3	$	266.5	$	2,355.8
Lower of cost or market adjustment	(572.4)		(97.2)		(669.6)
Total inventories	$	1,516.9	$	169.3	$	1,686.2


December 31, 2019
(in millions)	Titled Inventory		Inventory Intermediation Agreements		Total
Crude oil and feedstocks	$	1,071.4	$	2.7	$	1,074.1
Refined products and blendstocks	976.0		352.9		1,328.9
Warehouse stock and other	120.8		—		120.8
	$	2,168.2	$	355.6	$	2,523.8
Lower of cost or market adjustment	(324.8)		(76.8)		(401.6)
Total inventories	$	1,843.4	$	278.8	$	2,122.2

Inventory under the Inventory Intermediation Agreements includes crude oil, intermediate and certain finished products (the “J. Aron Products”) purchased or produced by the Paulsboro and Delaware City refineries and sold to counterparties in connection with such agreements. 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 “J. Aron Storage Tanks”).

During the year ended December 31, 2020, the Company recorded an adjustment to value its inventories to the lower of cost or market which decreased income from operations by $268.0 million, reflecting the net change in the lower of cost or market (“LCM”) inventory reserve from $401.6 million at December 31, 2019 to $669.6 million at December 31, 2020. During the year ended December 31, 2019, the Company recorded an adjustment to value its inventories to the lower of cost or market which increased income from operations by $250.2 million, reflecting the net change in the LCM inventory reserve from $651.8 million at December 31, 2018 to $401.6 million at December 31, 2019.

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. The Company recorded a charge related to a LIFO layer decrement of $83.0 million and $4.9 million during the years ended December 31, 2020 and December 31, 2019, respectively. The majority of the decrement recorded in 2020 related to the Company’s East Coast LIFO inventory layer and the reduction in the Company’s East Coast inventory experienced as part of the East Coast Refining Reconfiguration (as defined in “Note 6 - Property, Plant and Equipment, net”).