INVENTORIES

12 Months Ended

Dec. 31, 2024

Inventories consisted of the following:


(in millions)	December 31, 2024		December 31, 2023
Crude oil and feedstocks	$	1,232.7	$	1,495.4
Refined products and blendstocks	1,194.6		1,536.5
Warehouse stock and other	168.0		151.2
	2,595.3		3,183.1
Lower of cost or market adjustment	—		—
Total inventories	$	2,595.3	$	3,183.1

As of December 31, 2024 and December 31, 2023, there was no LCM inventory adjustment recorded as the replacement value of inventories exceeded the LIFO carrying value. As of December 31, 2024 the replacement value of inventories exceeded the LIFO carrying value by approximately $7.7 million.

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 $124.5 million during the year ended December 31, 2024. The majority of the decrement recorded in 2024 related to the Company’s East Coast and Gulf Coast LIFO inventory layers. There were no significant decrements recorded during the year ended December 31, 2023.

On July 31, 2023, the Company terminated the third amended and restated inventory intermediation agreement (the “Inventory Intermediation Agreement”) previously entered into by and among PBF Holding and its subsidiaries, Delaware City Refining Company LLC, Paulsboro Refining Company LLC 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 Inventory Intermediation Agreement, J. Aron had purchased and held title to certain inventory, including crude oil, intermediate and certain finished 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. Following the early termination, the Company purchased, and now owns, all of the inventory previously held by J. Aron.