v3.25.2
Inventory
 6 Months Ended
Jun. 30, 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") basisor net realizable value.
The following table presents the components of inventory for each period presented (in millions):
Titled Inventory
Inventory Intermediation Agreement (1)
Total
June 30, 2025
Feedstocks, raw materials and supplies$245.6 $132.7 $378.3 
Refined products and blendstock245.0 237.6 482.6 
Total$490.6 $370.3 $860.9 
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 June 30, 2025, we recorded a pre-tax inventory valuation reserve of $1.0 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. We recognized a net reduction (increase) in cost of materials and other in the accompanying condensed consolidated statements of income related to the change in pre-tax inventory valuation of nominal amount and $(0.1) million for the three and six months ended June 30, 2025, respectively, $1.9 million and $10.7 million for the three and six months ended June 30, 2024, respectively.