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Inventory
 12 Months Ended
Dec. 31, 2024
Inventory Disclosure [Abstract]  
Inventory Inventory
Crude oil feedstocks, refined products, blendstocks and asphalt inventory for all of our operations are stated at the lower of cost determined using the FIFO basis or net realizable value.
The following table presents the components of inventory for each period presented (in millions):
Titled Inventory
Inventory Intermediation Agreement (1)
Total
December 31, 2024
Feedstocks, raw materials and supplies$246.5 $131.5 $378.0 
Refined products and blendstock243.4 271.8 515.2 
Total$489.9 $403.3 $893.2 
December 31, 2023
Feedstocks, raw materials and supplies$250.2 $116.9 $367.1 
Refined products and blendstock269.3 304.8 574.1 
Total$519.5 $421.7 $941.2 
(1) Refer to Note 10 - Inventory Intermediation Obligations for further information.

At December 31, 2024, we recorded a pre-tax inventory valuation reserve of $0.9 million due to a market price decline below our cost of certain inventory products. At December 31, 2023, we recorded a pre-tax inventory valuation reserve of $11.6 million. For the years ended December 31, 2024, 2023 and 2022, we recognized a net reduction (increase) in cost of materials and other in the accompanying consolidated statements of income related to the change in pre-tax inventory valuation of $10.7 million, $(0.4) million and $(1.9) million, respectively.