INVENTORIES

6 Months Ended

Jun. 30, 2025

Inventory Disclosure [Abstract]

INVENTORIES

INVENTORIES

Inventories consisted of the following:

(in millions)	June 30, 2025		December 31, 2024
Crude oil and feedstocks	$	1,330.8	$	1,232.7
Refined products and blendstocks	1,264.6		1,194.6
Warehouse stock and other	174.5		168.0
	2,769.9		2,595.3
Lower of cost or market adjustment	—		—
Total inventories	$	2,769.9	$	2,595.3

As of June 30, 2025 and December 31, 2024 there was no lower of cost or market adjustment recorded as the replacement value of inventories exceeded the last-in, first-out (“LIFO”) carrying value by approximately $132.7 million and $7.7 million, respectively.

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 pre-tax charge related to a LIFO layer decrement of $124.5 million in the Refining segment during the year ended December 31, 2024. The majority of the decrement recorded in 2024 was related to the Company’s East Coast and Gulf Coast LIFO inventory layers.