v3.25.1
Inventory
 3 Months Ended
Mar. 31, 2025
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 first-in, first-out ("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
March 31, 2025
Feedstocks, raw materials and supplies$220.6 $129.3 $349.9 
Refined products and blendstock230.3 272.3 502.6 
Total$450.9 $401.6 $852.5 
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 
(1) Refer to Note 9 - Inventory Intermediation Obligations for further information.

At March 31, 2025, we recorded a pre-tax inventory valuation reserve of $1.1 million due to a market price decline below our cost of certain inventory products. At December 31, 2024, we recorded a pre-tax inventory valuation reserve of $0.9 million. For the three months ended March 31, 2025 and 2024, we recognized a net (increase) reduction in cost of materials and other in the accompanying condensed consolidated statements of income related to the change in pre-tax inventory valuation of $(0.2) million and $8.8 million, respectively.