INVENTORIES

3 Months Ended

Mar. 31, 2023

Inventories consisted of the following:


March 31, 2023
(in millions)	Titled Inventory		Inventory Intermediation Agreement		Total
Crude oil and feedstocks	$	1,189.0	$	156.6	$	1,345.6
Refined products and blendstocks	1,283.4		83.2		1,366.6
Warehouse stock and other	142.7		—		142.7
	$	2,615.1	$	239.8	$	2,854.9
Lower of cost or market adjustment	—		—		—
Total inventories	$	2,615.1	$	239.8	$	2,854.9


December 31, 2022
(in millions)	Titled Inventory		Inventory Intermediation Agreement		Total
Crude oil and feedstocks	$	1,195.2	$	140.9	$	1,336.1
Refined products and blendstocks	1,244.7		40.9		1,285.6
Warehouse stock and other	141.9		—		141.9
	$	2,581.8	$	181.8	$	2,763.6
Lower of cost or market adjustment	—		—		—
Total inventories	$	2,581.8	$	181.8	$	2,763.6

PBF Holding and its subsidiaries, DCR, PRC and Chalmette Refining (collectively, the “PBF Entities”), entered into an inventory intermediation agreement (as amended and restated from time to time, the “Third Inventory Intermediation Agreement”) with J. Aron & Company, a subsidiary of The Goldman Sachs Group, Inc. (“J. Aron”).

Pursuant to the Third Inventory Intermediation Agreement, J. Aron purchases and holds title to certain inventory, including crude oil, intermediate and certain finished products (the “J. Aron Products”) purchased or produced by the Paulsboro and Delaware City refineries (and, at the election of the PBF Entities, the Chalmette refinery) (the “Refineries”) and delivered into storage tanks at the Refineries (the “Storage Tanks”). The J. Aron Products are sold back to the Company as the J. Aron Products are discharged out of the Storage Tanks. These purchases and sales are settled daily, and pricing is trued-up monthly at the market prices related to those J. Aron Products. These transactions are considered to be made in contemplation of each other and, accordingly, do not result in the recognition of a sale when title passes from the Refineries to J. Aron. Additionally, J. Aron has the right to store the J. Aron Products purchased in Storage Tanks under the Third Inventory Intermediation Agreement and will retain these storage rights for the term of the agreement. PBF Holding continues to market and sell the J. Aron Products independently to third parties.

As of March 31, 2023 and December 31, 2022 there was no lower of cost or market adjustment recorded as the replacement value of inventories exceeded the last-in, first-out carrying value.