INVENTORIES

9 Months Ended

Sep. 30, 2025

Inventories consisted of the following:


(in millions)	September 30, 2025		December 31, 2024
Refined products and blendstocks	$	1,312.7	$	1,194.6
Crude oil and feedstocks	1,252.8		1,232.7
Warehouse stock and other	177.1		168.0
	2,742.6		2,595.3
Lower of cost or market adjustment	—		—
Total inventories	$	2,742.6	$	2,595.3

As of September 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 $142.7 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.

PBF Holding Co LLC 10-Q