v3.26.1
Inventory
 6 Months Ended
Jun. 30, 2026
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 on a first-in, first-out 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
June 30, 2026
Feedstocks, raw materials and supplies$377.0 $62.8 $439.8 
Refined products and blendstock451.9 107.6 559.5 
Total$828.9 $170.4 $999.3 
December 31, 2025
Feedstocks, raw materials and supplies$243.0 $38.0 $281.0 
Refined products and blendstock370.7 74.3 445.0 
Total$613.7 $112.3 $726.0 
(1) Refer to Note 8 - Inventory Intermediation Obligations for further information.
As of June 30, 2026 and December 31, 2025, inventory balances included pre-tax inventory valuation reserves of $2.8 million and $1.6 million, respectively. The related change in these reserves resulted in a net reduction (increase) to cost of materials and other in the accompanying condensed consolidated statements of income of $(2.2) million and $(1.2) million for the three and six months ended June 30, 2026 respectively, and a nominal amount and $(0.1) million for the three and six months ended June 30, 2025, respectively.