INVENTORIES

9 Months Ended

Sep. 30, 2023

Inventories consisted of the following:


September 30, 2023
(in millions)	Total
Crude oil and feedstocks	$	1,533.0
Refined products and blendstocks	1,501.3
Warehouse stock and other	146.6
	$	3,180.9
Lower of cost or market adjustment	—
Total inventories	$	3,180.9


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

As of September 30, 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.

On July 31, 2023, the Company terminated the third amended and restated inventory intermediation agreement (the “Third Inventory Intermediation Agreement”) previously entered into by and among PBF Holding and its subsidiaries, DCR, PRC and Chalmette Refining (collectively, the “PBF Entities”), and J. Aron & Company, a subsidiary of The Goldman Sachs Group, Inc. (“J. Aron”). The Company made a payment of $268.0 million for the inventory previously held by J. Aron, inclusive of $13.5 million of related costs associated with exiting the agreement. Pursuant to the Third Inventory Intermediation Agreement, J. Aron had purchased and held 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”). Following the early termination, the Company owns all of the inventory previously held by J. Aron.