INVENTORIES

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

INVENTORIES

INVENTORIES

Inventories consisted of the following:

(in millions)	September 30, 2024		December 31, 2023
Refined products and blendstocks	$	1,319.6	$	1,536.5
Crude oil and feedstocks	1,278.7		1,495.4
Warehouse stock and other	161.9		151.2
	2,760.2		3,183.1
Lower of cost or market adjustment	(154.5)		—
Total inventories	$	2,605.7	$	3,183.1

During both the three and nine months ended September 30, 2024 the Company recorded an adjustment to value its inventories to the lower of cost or market (“LCM”) which decreased income from operations by $154.5 million, reflecting an increase in the LCM inventory reserve of $154.5 million.

At December 31, 2023 the replacement value of inventories exceeded the last-in, first-out carrying value by approximately $49.9 million, reflecting no LCM inventory reserve.