x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 27-2198168 | ||||||||||
Delaware | 45-2685067 | ||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||||||||
One Sylvan Way, Second Floor | |||||||||||
Parsippany | New Jersey | 07054 | |||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
N/A | N/A | N/A |
PBF Holding Company LLC | o Yes x No | ||||
PBF Finance Corporation | o Yes x No |
PBF Holding Company LLC | x Yes o No | ||||
PBF Finance Corporation | x Yes o No |
Large accelerated filer | Accelerated filer | Non-accelerated filer (Do not check if a smaller reporting company) | Smaller reporting company | Emerging growth company | ||||||||||||||||||||||
PBF Holding Company LLC | ¨ | ¨ | x | ¨ | o | |||||||||||||||||||||
PBF Finance Corporation | o | o | x | o | o |
PBF Holding Company LLC | o Yes o No | ||||
PBF Finance Corporation | o Yes o No |
PBF Holding Company LLC | ¨ Yes x No | ||||
PBF Finance Corporation | o Yes x No |
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS | ||||||||||||||
ITEM 1. | ||||||||||||||
ITEM 2. | ||||||||||||||
ITEM 3. | ||||||||||||||
ITEM 4. | ||||||||||||||
ITEM 1. | ||||||||||||||
ITEM | ||||||||||||||
ITEM 6. | ||||||||||||||
March 31, 2021 | December 31, 2020 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 1,496.4 | $ | 1,570.1 | |||||||
Accounts receivable | 859.6 | 501.5 | |||||||||
Accounts receivable - affiliate | 5.6 | 4.9 | |||||||||
Inventories | 2,312.4 | 1,686.2 | |||||||||
Prepaid and other current assets | 136.0 | 56.4 | |||||||||
Total current assets | 4,810.0 | 3,819.1 | |||||||||
Property, plant and equipment, net | 4,014.3 | 4,023.1 | |||||||||
Lease right of use assets - third party | 740.4 | 916.7 | |||||||||
Lease right of use assets - affiliate | 550.6 | 571.0 | |||||||||
Deferred charges and other assets, net | 836.6 | 862.7 | |||||||||
Total assets | $ | 10,951.9 | $ | 10,192.6 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 704.1 | $ | 402.3 | |||||||
Accounts payable - affiliate | 59.0 | 53.2 | |||||||||
Accrued expenses | 2,579.1 | 1,881.8 | |||||||||
Current operating lease liabilities - third party | 61.6 | 78.3 | |||||||||
Current operating lease liabilities - affiliate | 86.9 | 85.6 | |||||||||
Current debt | 5.6 | 7.4 | |||||||||
Deferred revenue | 19.3 | 45.1 | |||||||||
Total current liabilities | 3,515.6 | 2,553.7 | |||||||||
Long-term debt | 3,946.0 | 3,932.8 | |||||||||
Deferred tax liabilities | 29.3 | 38.7 | |||||||||
Long-term operating lease liabilities - third party | 599.9 | 755.9 | |||||||||
Long-term operating lease liabilities - affiliate | 463.7 | 485.4 | |||||||||
Long-term financing lease liabilities - third party | 66.0 | 68.3 | |||||||||
Other long-term liabilities | 283.0 | 267.0 | |||||||||
Total liabilities | 8,903.5 | 8,101.8 | |||||||||
Commitments and contingencies (Note 8) | 0 | 0 | |||||||||
Equity: | |||||||||||
PBF Holding Company LLC equity | |||||||||||
Member’s equity | 2,825.6 | 2,809.7 | |||||||||
Retained earnings (accumulated deficit) | (781.5) | (723.4) | |||||||||
Accumulated other comprehensive loss | (6.5) | (6.1) | |||||||||
Total PBF Holding Company LLC equity | 2,037.6 | 2,080.2 | |||||||||
Noncontrolling interest | 10.8 | 10.6 | |||||||||
Total equity | 2,048.4 | 2,090.8 | |||||||||
Total liabilities and equity | $ | 10,951.9 | $ | 10,192.6 |
September 30, 2017 | December 31, 2016 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 241,745 | $ | 626,705 | |||
Accounts receivable | 774,907 | 615,881 | |||||
Accounts receivable - affiliate | 19,938 | 7,631 | |||||
Affiliate notes receivable | 11,600 | — | |||||
Inventories | 2,310,692 | 1,863,560 | |||||
Prepaid expense and other current assets | 44,439 | 40,536 | |||||
Total current assets | 3,403,321 | 3,154,313 | |||||
Property, plant and equipment, net | 2,805,149 | 2,728,699 | |||||
Investment in equity method investee | 172,752 | 179,882 | |||||
Deferred charges and other assets, net | 801,415 | 504,003 | |||||
Total assets | $ | 7,182,637 | $ | 6,566,897 | |||
LIABILITIES AND EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 441,483 | $ | 530,365 | |||
Accounts payable - affiliate | 36,045 | 37,863 | |||||
Accrued expenses | 1,809,571 | 1,462,729 | |||||
Deferred revenue | 3,296 | 12,340 | |||||
Notes payable | 6,831 | — | |||||
Total current liabilities | 2,297,226 | 2,043,297 | |||||
Long-term debt | 1,625,201 | 1,576,559 | |||||
Affiliate notes payable | — | 86,298 | |||||
Deferred tax liabilities | 46,340 | 45,699 | |||||
Other long-term liabilities | 213,344 | 226,111 | |||||
Total liabilities | 4,182,111 | 3,977,964 | |||||
Commitments and contingencies (Note 9) | |||||||
Equity: | |||||||
Member’s equity | 2,352,772 | 2,155,863 | |||||
Retained earnings | 659,891 | 446,519 | |||||
Accumulated other comprehensive loss | (25,024 | ) | (25,962 | ) | |||
Total PBF Holding Company LLC equity | 2,987,639 | 2,576,420 | |||||
Noncontrolling interest | 12,887 | 12,513 | |||||
Total equity | 3,000,526 | 2,588,933 | |||||
Total liabilities and equity | $ | 7,182,637 | $ | 6,566,897 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Revenues | $ | 4,913.2 | $ | 5,260.0 | |||||||||||||||||||
Cost and expenses: | |||||||||||||||||||||||
Cost of products and other | 4,263.0 | 6,033.4 | |||||||||||||||||||||
Operating expenses (excluding depreciation and amortization expense as reflected below) | 460.2 | 507.5 | |||||||||||||||||||||
Depreciation and amortization expense | 104.7 | 105.4 | |||||||||||||||||||||
Cost of sales | 4,827.9 | 6,646.3 | |||||||||||||||||||||
General and administrative expenses (excluding depreciation and amortization expense as reflected below) | 42.9 | 78.2 | |||||||||||||||||||||
Depreciation and amortization expense | 3.4 | 2.9 | |||||||||||||||||||||
Change in fair value of contingent consideration | 29.5 | (53.0) | |||||||||||||||||||||
Gain on sale of assets | (0.6) | 0 | |||||||||||||||||||||
Total cost and expenses | 4,903.1 | 6,674.4 | |||||||||||||||||||||
Income (loss) from operations | 10.1 | (1,414.4) | |||||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||
Interest expense, net | (69.6) | (36.5) | |||||||||||||||||||||
Change in fair value of catalyst obligations | (10.0) | 11.7 | |||||||||||||||||||||
Debt extinguishment costs | 0 | (22.2) | |||||||||||||||||||||
Other non-service components of net periodic benefit cost | 2.0 | 1.0 | |||||||||||||||||||||
Income (loss) before income taxes | (67.5) | (1,460.4) | |||||||||||||||||||||
Income tax (benefit) expense | (10.6) | 14.2 | |||||||||||||||||||||
Net income (loss) | (56.9) | (1,474.6) | |||||||||||||||||||||
Less: net income attributable to noncontrolling interests | 0.2 | 0 | |||||||||||||||||||||
Net income (loss) attributable to PBF Holding Company LLC | $ | (57.1) | $ | (1,474.6) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenues | $ | 5,475,816 | $ | 4,508,613 | $ | 15,239,265 | $ | 11,164,571 | |||||||
Cost and expenses: | |||||||||||||||
Cost of products and other | 4,411,809 | 3,904,258 | 13,326,396 | 9,634,989 | |||||||||||
Operating expenses (excluding depreciation and amortization expense as reflected below) | 389,591 | 404,045 | 1,225,014 | 972,223 | |||||||||||
Depreciation and amortization expense | 70,338 | 51,336 | 181,238 | 151,473 | |||||||||||
Cost of sales | 4,871,738 | 4,359,639 | 14,732,648 | 10,758,685 | |||||||||||
General and administrative expenses (excluding depreciation and amortization expense as reflected below) | 54,693 | 39,912 | 130,092 | 111,272 | |||||||||||
Depreciation and amortization expense | 2,572 | 1,342 | 10,355 | 4,417 | |||||||||||
Equity income in investee | (3,799 | ) | (1,621 | ) | (11,218 | ) | (1,621 | ) | |||||||
Loss on sale of assets | 28 | 8,159 | 940 | 11,381 | |||||||||||
Total cost and expenses | 4,925,232 | 4,407,431 | 14,862,817 | 10,884,134 | |||||||||||
Income from operations | 550,584 | 101,182 | 376,448 | 280,437 | |||||||||||
Other income (expenses): | |||||||||||||||
Change in fair value of catalyst leases | 473 | 77 | (1,011 | ) | (4,556 | ) | |||||||||
Debt extinguishment costs | — | — | (25,451 | ) | — | ||||||||||
Interest expense, net | (29,269 | ) | (33,896 | ) | (92,782 | ) | (98,446 | ) | |||||||
Income before income taxes | 521,788 | 67,363 | 257,204 | 177,435 | |||||||||||
Income tax (benefit) expense | (4,292 | ) | 2,291 | 2,040 | 29,287 | ||||||||||
Net income | 526,080 | 65,072 | 255,164 | 148,148 | |||||||||||
Less: net (loss) income attributable to noncontrolling interests | (6 | ) | 45 | 374 | 438 | ||||||||||
Net income attributable to PBF Holding Company LLC | $ | 526,086 | $ | 65,027 | $ | 254,790 | $ | 147,710 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Net income (loss) | $ | (56.9) | $ | (1,474.6) | |||||||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Unrealized (loss) gain on available for sale securities | (0.6) | 0.6 | |||||||||||||||||||||
Net gain on pension and other post-retirement benefits | 0.2 | 0.2 | |||||||||||||||||||||
Total other comprehensive income (loss) | (0.4) | 0.8 | |||||||||||||||||||||
Comprehensive income (loss) | (57.3) | (1,473.8) | |||||||||||||||||||||
Less: comprehensive income attributable to noncontrolling interests | 0.2 | 0 | |||||||||||||||||||||
Comprehensive income (loss) attributable to PBF Holding Company LLC | $ | (57.5) | $ | (1,473.8) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income | $ | 526,080 | $ | 65,072 | $ | 255,164 | $ | 148,148 | |||||||
Other comprehensive income: | |||||||||||||||
Unrealized (loss) gain on available for sale securities | (1 | ) | (76 | ) | 76 | 329 | |||||||||
Net gain on pension and other post-retirement benefits | 288 | 502 | 862 | 1,134 | |||||||||||
Total other comprehensive income | 287 | 426 | 938 | 1,463 | |||||||||||
Comprehensive income | 526,367 | 65,498 | 256,102 | 149,611 | |||||||||||
Less: comprehensive (loss) income attributable to noncontrolling interests | (6 | ) | 45 | 374 | 438 | ||||||||||
Comprehensive income attributable to PBF Holding Company LLC | $ | 526,373 | $ | 65,453 | $ | 255,728 | $ | 149,173 |
Member’s Equity | Accumulated Other Comprehensive Income (Loss) | Retained Earnings (accumulated deficit) | Noncontrolling Interest | Total Equity | |||||||||||||
Balance, December 31, 2020 | $ | 2,809.7 | $ | (6.1) | $ | (723.4) | $ | 10.6 | $ | 2,090.8 | |||||||
Member distributions | 0 | 0 | (1.0) | 0 | (1.0) | ||||||||||||
Capital contributions from PBF LLC | 10.0 | 0 | 0 | 0 | 10.0 | ||||||||||||
Stock-based compensation expense | 5.9 | 0 | 0 | 0 | 5.9 | ||||||||||||
Comprehensive income (loss) | 0 | (0.4) | (57.1) | 0.2 | (57.3) | ||||||||||||
Balance, March 31, 2021 | $ | 2,825.6 | $ | (6.5) | $ | (781.5) | $ | 10.8 | $ | 2,048.4 | |||||||
Balance, December 31, 2019 | $ | 2,739.1 | $ | (9.7) | $ | 1,156.9 | $ | 10.9 | $ | 3,897.2 | |||||||
Member distributions | 0 | 0 | (21.1) | 0 | (21.1) | ||||||||||||
Stock-based compensation expense | 6.8 | 0 | 0 | 0 | 6.8 | ||||||||||||
Comprehensive income (loss) | 0 | 0.8 | (1,474.6) | 0 | (1,473.8) | ||||||||||||
Balance, March 31, 2020 | $ | 2,745.9 | $ | (8.9) | $ | (338.8) | $ | 10.9 | $ | 2,409.1 | |||||||
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income (loss) | $ | (56.9) | $ | (1,474.6) | |||||||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | |||||||||||
Depreciation and amortization | 111.8 | 110.8 | |||||||||
Stock-based compensation | 6.4 | 8.3 | |||||||||
Change in fair value of catalyst obligations | 10.0 | (11.7) | |||||||||
Deferred income taxes | (9.4) | 14.2 | |||||||||
Non-cash change in inventory repurchase obligations | 8.0 | (67.9) | |||||||||
Non-cash lower of cost or market inventory adjustment | (405.6) | 1,285.6 | |||||||||
Change in fair value of contingent consideration | 29.5 | (53.0) | |||||||||
Debt extinguishment costs | 0 | 22.2 | |||||||||
Pension and other post-retirement benefit costs | 12.8 | 13.1 | |||||||||
Gain on sale of assets | (0.6) | 0 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | (358.0) | 394.7 | |||||||||
Due to/from affiliates | 5.1 | 32.0 | |||||||||
Inventories | (220.6) | 74.3 | |||||||||
Prepaid and other current assets | (79.6) | (44.8) | |||||||||
Accounts payable | 291.0 | (198.7) | |||||||||
Accrued expenses | 638.1 | (367.0) | |||||||||
Deferred revenue | (25.8) | 16.9 | |||||||||
Other assets and liabilities | (23.8) | (9.0) | |||||||||
Net cash used in operating activities | $ | (67.6) | $ | (254.6) | |||||||
Cash flows from investing activities: | |||||||||||
Expenditures for property, plant and equipment | (36.1) | (59.2) | |||||||||
Expenditures for deferred turnaround costs | (16.8) | (69.1) | |||||||||
Expenditures for other assets | (6.3) | (4.6) | |||||||||
Acquisition of Martinez refinery | 0 | (1,176.2) | |||||||||
Net cash used in investing activities | $ | (59.2) | $ | (1,309.1) | |||||||
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Cash flows from operating activities: | |||||||
Net income | $ | 255,164 | $ | 148,148 | |||
Adjustments to reconcile net income to net cash provided by operations: | |||||||
Depreciation and amortization | 197,365 | 162,565 | |||||
Stock-based compensation | 13,549 | 12,658 | |||||
Change in fair value of catalyst leases | 1,011 | 4,556 | |||||
Deferred income taxes | 641 | 27,813 | |||||
Non-cash lower of cost or market inventory adjustment | (97,943 | ) | (320,833 | ) | |||
Non-cash change in inventory repurchase obligations | (26,659 | ) | 29,317 | ||||
Debt extinguishment costs | 25,451 | — | |||||
Pension and other post-retirement benefit costs | 31,682 | 25,894 | |||||
Income from equity method investee | (11,218 | ) | (1,621 | ) | |||
Distributions from equity method investee | 16,897 | — | |||||
Loss on sale of assets | 940 | 11,381 | |||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | (159,026 | ) | (194,898 | ) | |||
Due to/from affiliates | (2,318 | ) | 8,194 | ||||
Inventories | (349,189 | ) | 54,052 | ||||
Prepaid expense and other current assets | (4,107 | ) | (20,203 | ) | |||
Accounts payable | (103,069 | ) | 50,297 | ||||
Accrued expenses | 401,674 | 308,047 | |||||
Deferred revenue | (9,044 | ) | 8,029 | ||||
Other assets and liabilities | (57,387 | ) | (21,880 | ) | |||
Net cash provided by operations | 124,414 | 291,516 | |||||
Cash flows from investing activities: | |||||||
Acquisition of Torrance refinery and related logistics assets | — | (971,932 | ) | ||||
Expenditures for property, plant and equipment | (211,224 | ) | (187,743 | ) | |||
Expenditures for deferred turnaround costs | (341,598 | ) | (138,936 | ) | |||
Expenditures for other assets | (31,096 | ) | (27,735 | ) | |||
Chalmette Acquisition working capital settlement | — | (2,659 | ) | ||||
Proceeds from sale of assets | — | 13,030 | |||||
Equity method investment - return of capital | 451 | — | |||||
Net cash used in investing activities | $ | (583,467 | ) | $ | (1,315,975 | ) | |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Cash flows from financing activities: | |||||||||||
Contributions from PBF LLC | $ | 10.0 | $ | 0 | |||||||
Distributions to members | (1.0) | (21.1) | |||||||||
Proceeds from 2028 6.00% Senior Notes | 0 | 1,000.0 | |||||||||
Redemption of 2023 7.00% Senior Notes | 0 | (517.5) | |||||||||
Repayments of PBF Rail Term Loan | (1.8) | (1.8) | |||||||||
Proceeds from revolver borrowings | 0 | 1,150.0 | |||||||||
Repayments of revolver borrowings | 0 | (250.0) | |||||||||
Payments on financing leases | (3.5) | (2.6) | |||||||||
Proceeds from insurance premium financing | 48.9 | 45.3 | |||||||||
Deferred financing costs and other | 0.5 | (12.3) | |||||||||
Net cash provided by financing activities | $ | 53.1 | $ | 1,390.0 | |||||||
Net decrease in cash and cash equivalents | (73.7) | (173.7) | |||||||||
Cash and cash equivalents, beginning of period | 1,570.1 | 763.1 | |||||||||
Cash and cash equivalents, end of period | $ | 1,496.4 | $ | 589.4 | |||||||
Supplemental cash flow disclosures | |||||||||||
Non-cash activities: | |||||||||||
Accrued and unpaid capital expenditures | $ | 42.2 | $ | 125.2 | |||||||
Assets acquired or remeasured under operating and financing leases | (152.8) | 111.1 | |||||||||
Fair value of the Martinez Contingent Consideration at acquisition | 0 | 77.3 | |||||||||
Cash paid during the period for: | |||||||||||
Interest (net of capitalized interest of $2.2 million and $3.3 million in 2021 and 2020, respectively) | $ | 38.9 | $ | 13.4 | |||||||
Income taxes | 0.1 | 0 | |||||||||
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Cash flows from financing activities: | |||||||
Contributions from PBF LLC | $ | 97,000 | $ | 175,000 | |||
Distributions to members | (39,315 | ) | (92,503 | ) | |||
Proceeds from affiliate notes payable | — | 635 | |||||
Repayment of affiliate notes payable | — | (517 | ) | ||||
Proceeds from 2025 7.25% Senior Notes | 725,000 | — | |||||
Cash paid to extinguish 2020 8.25% Senior Secured Notes | (690,209 | ) | — | ||||
Repayments of PBF Rail Term Loan | (4,959 | ) | — | ||||
Repayments of Rail Facility revolver borrowings | — | (11,457 | ) | ||||
Proceeds from revolver borrowings | 490,000 | 550,000 | |||||
Repayments of revolver borrowings | (490,000 | ) | — | ||||
Proceeds from catalyst lease | — | 7,927 | |||||
Deferred financing costs and other | (13,424 | ) | — | ||||
Net cash provided by financing activities | 74,093 | 629,085 | |||||
Net decrease in cash and cash equivalents | (384,960 | ) | (395,374 | ) | |||
Cash and cash equivalents, beginning of period | 626,705 | 914,749 | |||||
Cash and cash equivalents, end of period | $ | 241,745 | $ | 519,375 | |||
Supplemental cash flow disclosures | |||||||
Non-cash activities: | |||||||
Distribution of assets to PBF Energy Company LLC | $ | 25,547 | $ | 173,426 | |||
Accrued and unpaid capital expenditures | 33,120 | 16,813 | |||||
Conversion of affiliate notes payable to capital contribution | 86,298 | — | |||||
Notes payable issued for purchase of property, plant and equipment | 6,831 | — |
Three Months ended September 30, 2016 | ||||||||||
As Previously Reported | Adjustments | As Reclassified | ||||||||
Cost and expenses: | ||||||||||
Cost of products and other | $ | 3,904,258 | — | $ | 3,904,258 | |||||
Operating expenses (excluding depreciation and amortization expense as reflected below) | 404,045 | — | 404,045 | |||||||
Depreciation and amortization expense | — | 51,336 | 51,336 | |||||||
Cost of sales | 4,359,639 | |||||||||
General and administrative expenses (excluding depreciation and amortization expense as reflected below) | 39,912 | — | 39,912 | |||||||
Depreciation and amortization expense | 52,678 | (51,336) | 1,342 | |||||||
Equity income in investee | (1,621) | — | (1,621) | |||||||
Loss on sale of assets | 8,159 | — | 8,159 | |||||||
Total cost and expenses | $ | 4,407,431 | $ | 4,407,431 |
Nine Months ended September 30, 2016 | ||||||||||
As Previously Reported | Adjustments | As Reclassified | ||||||||
Cost and expenses: | ||||||||||
Cost of products and other | $ | 9,634,989 | — | $ | 9,634,989 | |||||
Operating expenses (excluding depreciation and amortization expense as reflected below) | 972,223 | — | 972,223 | |||||||
Depreciation and amortization expense | — | 151,473 | 151,473 | |||||||
Cost of sales | 10,758,685 | |||||||||
General and administrative expenses (excluding depreciation and amortization expense as reflected below) | 111,272 | — | 111,272 | |||||||
Depreciation and amortization expense | 155,890 | (151,473) | 4,417 | |||||||
Equity income in investee | (1,621) | — | (1,621) | |||||||
Loss on sale of assets | 11,381 | — | 11,381 | |||||||
Total cost and expenses | $ | 10,884,134 | $ | 10,884,134 |
Purchase Price | |||
Gross purchase price | $ | 537,500 | |
Working capital | 450,582 | ||
Post close purchase price adjustments | (16,150 | ) | |
Total consideration | $ | 971,932 |
(in millions) | Purchase Price | ||||
Gross purchase price | $ | 960.0 | |||
Working capital, including post close adjustments | 216.1 | ||||
Contingent consideration (a) | 77.3 | ||||
Total consideration | $ | 1,253.4 |
(in millions) | Fair Value Allocation | ||||
Inventories | $ | 224.1 | |||
Prepaid and other current assets | 5.4 | ||||
Property, plant and equipment | 987.9 | ||||
Operating lease right of use assets (a) | 7.8 | ||||
Financing lease right of use assets (a) | 63.5 | ||||
Deferred charges and other assets, net | 63.7 | ||||
Accrued expenses | (1.4) | ||||
Current operating lease liabilities | (1.9) | ||||
Current financing lease liabilities (b) | (6.0) | ||||
Long-term operating lease liabilities | (5.9) | ||||
Long-term financing lease liabilities | (57.5) | ||||
Other long-term liabilities - Environmental obligation | (26.3) | ||||
Fair value of net assets acquired | $ | 1,253.4 |
Fair Value Allocation | |||
Inventories | $ | 404,542 | |
Prepaid expenses and other current assets | 982 | ||
Property, plant and equipment | 704,633 | ||
Deferred charges and other assets, net | 68,053 | ||
Accounts payable | (2,688 | ) | |
Accrued expenses | (64,137 | ) | |
Other long-term liabilities | (139,453 | ) | |
Fair value of net assets acquired | $ | 971,932 |
Three Months Ended March 31, 2020 | |||||||||||
(Unaudited, in millions) | |||||||||||
Pro-forma revenues | $ | 5,623.8 | |||||||||
Pro-forma net loss attributable to PBF Holding | (1,505.9) | ||||||||||
Nine Months Ended September 30, 2016 | |||
Pro forma revenues | $ | 12,243,582 | |
Pro forma net loss attributable to PBF Holding Company LLC | $ | (60,908 | ) |
September 30, 2017 | |||||||||||
Titled Inventory | Inventory Intermediation Arrangements | Total | |||||||||
Crude oil and feedstocks | $ | 1,302,162 | $ | — | $ | 1,302,162 | |||||
Refined products and blendstocks | 1,065,608 | 343,904 | 1,409,512 | ||||||||
Warehouse stock and other | 97,063 | — | 97,063 | ||||||||
$ | 2,464,833 | $ | 343,904 | $ | 2,808,737 | ||||||
Lower of cost or market adjustment | (404,227 | ) | (93,818 | ) | (498,045 | ) | |||||
Total inventories | $ | 2,060,606 | $ | 250,086 | $ | 2,310,692 |
December 31, 2016 | |||||||||||
Titled Inventory | Inventory Intermediation Arrangements | Total | |||||||||
Crude oil and feedstocks | $ | 1,102,007 | $ | — | $ | 1,102,007 | |||||
Refined products and blendstocks | 915,397 | 352,464 | 1,267,861 | ||||||||
Warehouse stock and other | 89,680 | — | 89,680 | ||||||||
$ | 2,107,084 | $ | 352,464 | $ | 2,459,548 | ||||||
Lower of cost or market adjustment | (492,415 | ) | (103,573 | ) | (595,988 | ) | |||||
Total inventories | $ | 1,614,669 | $ | 248,891 | $ | 1,863,560 |
March 31, 2021 | |||||||||||||||||
(in millions) | Titled Inventory | Inventory Intermediation Agreements | Total | ||||||||||||||
Crude oil and feedstocks | $ | 1,177.2 | $ | 0 | $ | 1,177.2 | |||||||||||
Refined products and blendstocks | 994.7 | 267.5 | 1,262.2 | ||||||||||||||
Warehouse stock and other | 137.0 | 0 | 137.0 | ||||||||||||||
$ | 2,308.9 | $ | 267.5 | $ | 2,576.4 | ||||||||||||
Lower of cost or market adjustment | (205.0) | (59.0) | (264.0) | ||||||||||||||
Total inventories | $ | 2,103.9 | $ | 208.5 | $ | 2,312.4 |
December 31, 2020 | |||||||||||||||||
(in millions) | Titled Inventory | Inventory Intermediation Agreements | Total | ||||||||||||||
Crude oil and feedstocks | $ | 1,018.9 | $ | 0 | $ | 1,018.9 | |||||||||||
Refined products and blendstocks | 933.7 | 266.5 | 1,200.2 | ||||||||||||||
Warehouse stock and other | 136.7 | 0 | 136.7 | ||||||||||||||
$ | 2,089.3 | $ | 266.5 | $ | 2,355.8 | ||||||||||||
Lower of cost or market adjustment | (572.4) | (97.2) | (669.6) | ||||||||||||||
Total inventories | $ | 1,516.9 | $ | 169.3 | $ | 1,686.2 |
(in millions) | (in millions) | March 31, 2021 | December 31, 2020 | |||||||||||||||
Inventory-related accruals | Inventory-related accruals | $ | 1,026.3 | $ | 695.0 | |||||||||||||
Renewable energy credit and emissions obligations | Renewable energy credit and emissions obligations | 848.3 | 528.1 | |||||||||||||||
Inventory intermediation agreements | Inventory intermediation agreements | 202.7 | 225.8 | |||||||||||||||
Excise and sales tax payable | Excise and sales tax payable | 120.8 | 119.7 | |||||||||||||||
Accrued transportation costs | Accrued transportation costs | 74.1 | 72.1 | |||||||||||||||
Accrued interest | Accrued interest | 67.9 | 40.2 | |||||||||||||||
Accrued utilities | Accrued utilities | 48.1 | 58.6 | |||||||||||||||
Accrued refinery maintenance and support costs | Accrued refinery maintenance and support costs | 46.9 | 35.7 | |||||||||||||||
Accrued salaries and benefits | Accrued salaries and benefits | 33.3 | 40.1 | |||||||||||||||
Accrued capital expenditures | Accrued capital expenditures | 14.7 | 14.4 | |||||||||||||||
Current finance lease liabilities | Current finance lease liabilities | 13.2 | 14.4 | |||||||||||||||
Environmental liabilities | Environmental liabilities | 11.2 | 11.4 | |||||||||||||||
Customer deposits | Customer deposits | 4.9 | 4.0 | |||||||||||||||
September 30, 2017 | December 31, 2016 | |||||||||||||||||
Inventory-related accruals | $ | 984,702 | $ | 810,027 | ||||||||||||||
Inventory intermediation arrangements | 282,640 | 225,524 | ||||||||||||||||
Renewable energy credit and emissions obligations | 138,717 | 70,158 | ||||||||||||||||
Excise and sales tax payable | 91,042 | 86,046 | ||||||||||||||||
Accrued transportation costs | 90,933 | 89,830 | ||||||||||||||||
Customer deposits | 45,548 | 9,215 | ||||||||||||||||
Accrued utilities | 36,274 | 44,190 | ||||||||||||||||
Accrued refinery maintenance and support costs | 36,098 | 28,670 | ||||||||||||||||
Accrued salaries and benefits | 32,709 | 17,466 | ||||||||||||||||
Accrued interest | 30,987 | 28,934 | ||||||||||||||||
Accrued capital expenditures | 18,933 | 33,610 | ||||||||||||||||
Environmental liabilities | 8,295 | 8,882 | ||||||||||||||||
Other | 12,693 | 10,177 | Other | 66.7 | 22.3 | |||||||||||||
Total accrued expenses | $ | 1,809,571 | $ | 1,462,729 | Total accrued expenses | $ | 2,579.1 | $ | 1,881.8 |
(in millions) | March 31, 2021 | December 31, 2020 | ||||||||||||
2025 Senior Secured Notes | $ | 1,250.0 | $ | 1,250.0 | ||||||||||
2028 Senior Notes | 1,000.0 | 1,000.0 | ||||||||||||
2025 Senior Notes | 725.0 | 725.0 | ||||||||||||
Revolving Credit Facility | 900.0 | 900.0 | ||||||||||||
PBF Rail Term Loan | 5.6 | 7.4 | ||||||||||||
Catalyst financing arrangements | 112.5 | 102.5 | ||||||||||||
3,993.1 | 3,984.9 | |||||||||||||
Less—Current debt | (5.6) | (7.4) | ||||||||||||
Unamortized premium | 0.6 | 0.6 | ||||||||||||
Unamortized deferred financing costs | (42.1) | (45.3) | ||||||||||||
Long-term debt | $ | 3,946.0 | $ | 3,932.8 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Current income tax expense | $ | 190 | $ | 389 | $ | 1,399 | $ | 1,474 | ||||||||
Deferred income tax (benefit) expense | (4,482 | ) | 1,902 | 641 | 27,813 | |||||||||||
Total income tax (benefit) expense | $ | (4,292 | ) | $ | 2,291 | $ | 2,040 | $ | 29,287 |
Three Months Ended March 31, | |||||||||||||||||||||||
(in millions) | 2021 | 2020 | |||||||||||||||||||||
Reimbursements under affiliate agreements: | |||||||||||||||||||||||
Services Agreement | $ | 2.2 | $ | 2.2 | |||||||||||||||||||
Omnibus Agreement | 1.8 | 2.0 | |||||||||||||||||||||
Total expenses under affiliate agreements | 75.9 | 75.5 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenues under affiliate agreements: | |||||||||||||||
Services Agreement | $ | 1,639 | $ | 1,280 | $ | 4,918 | $ | 3,523 | |||||||
Omnibus Agreement | 1,890 | 1,201 | 5,174 | 3,460 | |||||||||||
Total expenses under affiliate agreements | 62,359 | 43,842 | 176,916 | 118,356 |
(in millions) | Classification on the Balance Sheet | March 31, 2021 | December 31, 2020 | |||||||||||||||||
Assets | ||||||||||||||||||||
Operating lease assets - third party | Lease right of use assets - third party | $ | 663.9 | $ | 836.3 | |||||||||||||||
Operating lease assets - affiliate | Lease right of use assets - affiliate | 550.6 | 571.0 | |||||||||||||||||
Finance lease assets | Lease right of use assets - third party | 76.5 | 80.4 | |||||||||||||||||
Total lease right of use assets | $ | 1,291.0 | $ | 1,487.7 | ||||||||||||||||
Liabilities | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Operating lease liabilities - third party | Current operating lease liabilities - third party | $ | 61.6 | $ | 78.3 | |||||||||||||||
Operating lease liabilities - affiliate | Current operating lease liabilities - affiliate | 86.9 | 85.6 | |||||||||||||||||
Finance lease liabilities - third party | Accrued expenses | 13.2 | 14.4 | |||||||||||||||||
Noncurrent liabilities: | ||||||||||||||||||||
Operating lease liabilities - third party | Long-term operating lease liabilities - third party | 599.9 | 755.9 | |||||||||||||||||
Operating lease liabilities - affiliate | Long-term operating lease liabilities - affiliate | 463.7 | 485.4 | |||||||||||||||||
Finance lease liabilities - third party | Long-term financing lease liabilities - third-party | 66.0 | 68.3 | |||||||||||||||||
Total lease liabilities | $ | 1,291.3 | $ | 1,487.9 |
Three Months Ended March 31, | ||||||||||||||||||||||||||
Lease Costs (in millions) | 2021 | 2020 | ||||||||||||||||||||||||
Components of total lease costs: | ||||||||||||||||||||||||||
Finance lease costs | ||||||||||||||||||||||||||
Amortization of lease right of use assets | $ | 3.9 | $ | 2.9 | ||||||||||||||||||||||
Interest on lease liabilities | 1.1 | 0.9 | ||||||||||||||||||||||||
Operating lease costs | 75.1 | 60.5 | ||||||||||||||||||||||||
Short-term lease costs | 16.1 | 22 | ||||||||||||||||||||||||
Variable lease costs | 7.0 | 10.6 | ||||||||||||||||||||||||
Total lease costs | $ | 103.2 | $ | 96.9 |
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||||
Operating cash flows for operating leases | $ | 75.2 | $ | 60.8 | ||||||||||
Operating cash flows for finance leases | 1.1 | 0.9 | ||||||||||||
Financing cash flows for finance leases | 3.5 | 2.6 | ||||||||||||
Supplemental non-cash changes to lease liabilities from obtaining or remeasuring right of use assets | (152.8) | 111.1 |
Weighted average remaining lease term - operating leases | 10.1 years | |||||||||||||
Weighted average remaining lease term - finance leases | 6.9 years | |||||||||||||
Weighted average discount rate - operating leases | 13.1 | % | ||||||||||||
Weighted average discount rate - finance leases | 5.5 | % |
Amounts due within twelve months of March 31, (in millions) | Finance Leases | Operating Leases | ||||||||||||
2021 | $ | 17.2 | $ | 280.0 | ||||||||||
2022 | 12.8 | 261.1 | ||||||||||||
2023 | 12.8 | 240.9 | ||||||||||||
2024 | 12.7 | 234.0 | ||||||||||||
2025 | 11.1 | 197.7 | ||||||||||||
Thereafter | 28.9 | 1,022.9 | ||||||||||||
Total minimum lease payments | 95.5 | 2,236.6 | ||||||||||||
Less: effect of discounting | 16.3 | 1,024.5 | ||||||||||||
Present value of future minimum lease payments | 79.2 | 1,212.1 | ||||||||||||
Less: current obligations under leases | 13.2 | 148.5 | ||||||||||||
Long-term lease obligations | $ | 66.0 | $ | 1,063.6 |
(in millions) | Three Months Ended March 31, | ||||||||||||||||||||||
Pension Benefits | 2021 | 2020 | |||||||||||||||||||||
Components of net periodic benefit cost: | |||||||||||||||||||||||
Service cost | $ | 14.4 | $ | 13.8 | |||||||||||||||||||
Interest cost | 1.3 | 1.8 | |||||||||||||||||||||
Expected return on plan assets | (3.6) | (3.1) | |||||||||||||||||||||
Amortization of prior service cost and actuarial loss | 0 | 0.1 | |||||||||||||||||||||
Net periodic benefit cost | $ | 12.1 | $ | 12.6 |
(in millions) | Three Months Ended March 31, | ||||||||||||||||||||||
Post-Retirement Medical Plan | 2021 | 2020 | |||||||||||||||||||||
Components of net periodic benefit cost: | |||||||||||||||||||||||
Service cost | $ | 0.4 | $ | 0.3 | |||||||||||||||||||
Interest cost | 0.1 | 0.1 | |||||||||||||||||||||
Amortization of prior service cost and actuarial loss | 0.2 | 0.1 | |||||||||||||||||||||
Net periodic benefit cost | $ | 0.7 | $ | 0.5 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
Pension Benefits | 2017 | 2016 | 2017 | 2016 | |||||||||||
Components of net periodic benefit cost: | |||||||||||||||
Service cost | $ | 10,142 | $ | 10,064 | $ | 30,429 | $ | 24,743 | |||||||
Interest cost | 1,084 | 772 | 3,252 | 2,323 | |||||||||||
Expected return on plan assets | (1,441 | ) | (1,234 | ) | (4,325 | ) | (3,447 | ) | |||||||
Amortization of prior service cost | 13 | 13 | 39 | 39 | |||||||||||
Amortization of actuarial loss (gain) | 113 | 328 | 339 | 716 | |||||||||||
Net periodic benefit cost | $ | 9,911 | $ | 9,943 | $ | 29,734 | $ | 24,374 |
Three Months Ended March 31, | |||||||||||
(in millions) | 2021 | 2020 | |||||||||
Gasoline and distillates | $ | 4,230.1 | $ | 4,570.4 | |||||||
Asphalt and blackoils | 215.4 | 207.0 | |||||||||
Feedstocks and other | 212.3 | 311.3 | |||||||||
Chemicals | 194.7 | 112.8 | |||||||||
Lubricants | 60.7 | 58.5 | |||||||||
Total Revenues | $ | 4,913.2 | $ | 5,260.0 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
Post-Retirement Medical Plan | 2017 | 2016 | 2017 | 2016 | |||||||||||
Components of net periodic benefit cost: | |||||||||||||||
Service cost | $ | 316 | $ | 304 | $ | 948 | $ | 743 | |||||||
Interest cost | 172 | 131 | 516 | 398 | |||||||||||
Amortization of prior service cost | 162 | 161 | 484 | 379 | |||||||||||
Amortization of actuarial loss (gain) | — | — | — | — | |||||||||||
Net periodic benefit cost | $ | 650 | $ | 596 | $ | 1,948 | $ | 1,520 |
Three Months Ended March 31, | ||||||||||||||||||||||||||
(in millions) | 2021 | 2020 | ||||||||||||||||||||||||
Current income tax benefit | $ | (1.2) | $ | 0 | ||||||||||||||||||||||
Deferred income tax (benefit) expense | (9.4) | 14.2 | ||||||||||||||||||||||||
Total income tax (benefit) expense | $ | (10.6) | $ | 14.2 |
As of March 31, 2021 | |||||||||||||||||||||||||||||||||||
Fair Value Hierarchy | Total Gross Fair Value | Effect of Counter-party Netting | Net Carrying Value on Balance Sheet | ||||||||||||||||||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
Money market funds | $ | 312.4 | $ | 0 | $ | 0 | $ | 312.4 | N/A | $ | 312.4 | ||||||||||||||||||||||||
Commodity contracts | 24.9 | 0 | 0 | 24.9 | (22.4) | 2.5 | |||||||||||||||||||||||||||||
Derivatives included with inventory intermediation agreement obligations | 0 | 3.3 | 0 | 3.3 | 0 | 3.3 | |||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||
Commodity contracts | 22.4 | 0 | 0 | 22.4 | (22.4) | 0 | |||||||||||||||||||||||||||||
Catalyst obligations | 0 | 112.5 | 0 | 112.5 | 0 | 112.5 | |||||||||||||||||||||||||||||
Contingent consideration obligation | 0 | 0 | 29.5 | 29.5 | 0 | 29.5 |
As of December 31, 2020 | |||||||||||||||||||||||||||||||||||
Fair Value Hierarchy | Total Gross Fair Value | Effect of Counter-party Netting | Net Carrying Value on Balance Sheet | ||||||||||||||||||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
Money market funds | $ | 402.3 | $ | 0 | $ | 0 | $ | 402.3 | N/A | $ | 402.3 | ||||||||||||||||||||||||
Commodity contracts | 2.5 | 3.5 | 0 | 6.0 | (6.0) | 0 | |||||||||||||||||||||||||||||
Derivatives included with inventory intermediation agreement obligations | 0 | 11.3 | 0 | 11.3 | 0 | 11.3 | |||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||
Commodity contracts | 2.3 | 6.7 | 0 | 9.0 | (6.0) | 3.0 | |||||||||||||||||||||||||||||
Catalyst obligations | 0 | 102.5 | 0 | 102.5 | 0 | 102.5 | |||||||||||||||||||||||||||||
Contingent consideration obligation | 0 | 0 | 0 | 0 | 0 | 0 |
As of September 30, 2017 | ||||||||||||||||||||||
Fair Value Hierarchy | Total Gross Fair Value | Effect of Counter-party Netting | Net Carrying Value on Balance Sheet | |||||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Assets: | ||||||||||||||||||||||
Money market funds | $ | 14,458 | $ | — | $ | — | $ | 14,458 | N/A | $ | 14,458 | |||||||||||
Commodity contracts | 18,257 | 4,248 | — | 22,505 | (22,505 | ) | — | |||||||||||||||
Liabilities: | ||||||||||||||||||||||
Commodity contracts | 11,671 | 15,850 | — | 27,521 | (22,505 | ) | 5,016 | |||||||||||||||
Catalyst lease obligations | — | 46,981 | — | 46,981 | — | 46,981 | ||||||||||||||||
Derivatives included with inventory intermediation agreement obligations | — | 20,601 | — | 20,601 | — | 20,601 |
As of December 31, 2016 | ||||||||||||||||||||||
Fair Value Hierarchy | Total Gross Fair Value | Effect of Counter-party Netting | Net Carrying Value on Balance Sheet | |||||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Assets: | ||||||||||||||||||||||
Money market funds | $ | 342,837 | $ | — | $ | — | $ | 342,837 | N/A | $ | 342,837 | |||||||||||
Commodity contracts | 948 | 35 | — | 983 | (983 | ) | — | |||||||||||||||
Derivatives included with inventory intermediation agreement obligations | — | 6,058 | — | 6,058 | — | 6,058 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||||
Commodity contracts | 859 | 3,548 | 84 | 4,491 | (983 | ) | 3,508 | |||||||||||||||
Catalyst lease obligations | — | 45,969 | — | 45,969 | — | 45,969 |
Three Months Ended March 31, | |||||||||||||||||
(in millions) | 2021 | 2020 | |||||||||||||||
Balance at beginning of period | $ | 0 | $ | 0 | |||||||||||||
Additions | 0 | 77.3 | |||||||||||||||
Unrealized loss (gain) included in earnings | 29.5 | (53.0) | |||||||||||||||
Balance at end of period | $ | 29.5 | $ | 24.3 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Balance at beginning of period | $ | — | $ | 493 | $ | (84 | ) | $ | 3,543 | ||||||
Purchases | — | — | — | — | |||||||||||
Settlements | — | (90 | ) | 45 | (1,093 | ) | |||||||||
Unrealized gain (loss) included in earnings | — | (21 | ) | 39 | (2,068 | ) | |||||||||
Transfers into Level 3 | — | — | — | — | |||||||||||
Transfers out of Level 3 | — | — | — | — | |||||||||||
Balance at end of period | $ | — | $ | 382 | $ | — | $ | 382 |
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
(in millions) | Carrying value | Fair value | Carrying value | Fair value | |||||||||||||||||||
2025 Senior Secured Notes (a) | $ | 1,250.0 | $ | 1,280.4 | $ | 1,250.0 | $ | 1,232.9 | |||||||||||||||
2028 Senior Notes (a) | 1,000.0 | 733.0 | 1,000.0 | 562.5 | |||||||||||||||||||
2025 Senior Notes (a) | 725.0 | 584.0 | 725.0 | 475.3 | |||||||||||||||||||
Revolving Credit Facility (b) | 900.0 | 900.0 | 900.0 | 900.0 | |||||||||||||||||||
PBF Rail Term Loan (b) | 5.6 | 5.6 | 7.4 | 7.4 | |||||||||||||||||||
Catalyst financing arrangements (c) | 112.5 | 112.5 | 102.5 | 102.5 | |||||||||||||||||||
3,993.1 | 3,615.5 | 3,984.9 | 3,280.6 | ||||||||||||||||||||
Less - Current debt | (5.6) | (5.6) | (7.4) | (7.4) | |||||||||||||||||||
Unamortized premium | 0.6 | n/a | 0.6 | n/a | |||||||||||||||||||
Less - Unamortized deferred financing costs | (42.1) | n/a | (45.3) | n/a | |||||||||||||||||||
Long-term debt | $ | 3,946.0 | $ | 3,609.9 | $ | 3,932.8 | $ | 3,273.2 |
September 30, 2017 | December 31, 2016 | ||||||||||||||
Carrying value | Fair value | Carrying value | Fair value | ||||||||||||
Senior secured notes due 2020 (a) | $ | — | $ | — | $ | 670,867 | $ | 696,098 | |||||||
Senior notes due 2023 (a) (d) | 500,000 | 514,575 | 500,000 | 498,801 | |||||||||||
Senior notes due 2025 (a) | 725,000 | 740,982 | — | — | |||||||||||
Revolving Loan (b) | 350,000 | 350,000 | 350,000 | 350,000 | |||||||||||
PBF Rail Term Loan (b) | 30,041 | 30,041 | 35,000 | 35,000 | |||||||||||
Catalyst leases (c) | 46,981 | 46,981 | 45,969 | 45,969 | |||||||||||
1,652,022 | 1,682,579 | 1,601,836 | 1,625,868 | ||||||||||||
Less - Unamortized deferred financing costs | 26,821 | n/a | 25,277 | n/a | |||||||||||
Long-term debt | $ | 1,625,201 | $ | 1,682,579 | $ | 1,576,559 | $ | 1,625,868 |
Description | Balance Sheet Location | Fair Value Asset/(Liability) | ||||||
(in millions) | ||||||||
Derivatives designated as hedging instruments: | ||||||||
March 31, 2021: | ||||||||
Derivatives included with the inventory intermediation agreement obligations | Accrued expenses | $ | 3.3 | |||||
December 31, 2020: | ||||||||
Derivatives included with the inventory intermediation agreement obligations | Accrued expenses | $ | 11.3 | |||||
Derivatives not designated as hedging instruments: | ||||||||
March 31, 2021: | ||||||||
Commodity contracts | Accounts receivable | $ | 2.5 | |||||
December 31, 2020: | ||||||||
Commodity contracts | Accounts receivable | $ | (3.0) |
Description | Balance Sheet Location | Fair Value Asset/(Liability) | ||
Derivatives designated as hedging instruments: | ||||
September 30, 2017: | ||||
Derivatives included with the inventory intermediation agreement obligations | Accrued expenses | $ | (20,601 | ) |
December 31, 2016: | ||||
Derivatives included with the inventory intermediation agreement obligations | Accrued expenses | $ | 6,058 | |
Derivatives not designated as hedging instruments: | ||||
September 30, 2017: | ||||
Commodity contracts | Accrued expenses | $ | (5,016 | ) |
December 31, 2016: | ||||
Commodity contracts | Accrued expenses | $ | 3,508 |
Description | Location of Gain or (Loss) Recognized in Income on Derivatives | Gain or (Loss) Recognized in Income on Derivatives | ||||||
(in millions) | ||||||||
Derivatives designated as hedging instruments: | ||||||||
For the three months ended March 31, 2021: | ||||||||
Derivatives included with the inventory intermediation agreement obligations | Cost of products and other | $ | (8.0) | |||||
For the three months ended March 31, 2020: | ||||||||
Derivatives included with the inventory intermediation agreement obligations | Cost of products and other | $ | 67.9 | |||||
Derivatives not designated as hedging instruments: | ||||||||
For the three months ended March 31, 2021: | ||||||||
Commodity contracts | Cost of products and other | $ | (14.8) | |||||
For the three months ended March 31, 2020: | ||||||||
Commodity contracts | Cost of products and other | $ | 78.2 | |||||
Hedged items designated in fair value hedges: | ||||||||
For the three months ended March 31, 2021: | ||||||||
Crude oil, intermediate and refined product inventory | Cost of products and other | $ | 8.0 | |||||
For the three months ended March 31, 2020: | ||||||||
Crude oil, intermediate and refined product inventory | Cost of products and other | $ | (67.9) |
Description | Location of Gain or (Loss) Recognized in Income on Derivatives | Gain or (Loss) Recognized in Income on Derivatives | ||
Derivatives designated as hedging instruments: | ||||
For the three months ended September 30, 2017: | ||||
Derivatives included with the inventory intermediation agreement obligations | Cost of products and other | $ | (29,766 | ) |
For the three months ended September 30, 2016: | ||||
Derivatives included with the inventory intermediation agreement obligations | Cost of products and other | $ | (3,145 | ) |
For the nine months ended September 30, 2017: | ||||
Derivatives included with the inventory intermediation agreement obligations | Cost of products and other | $ | (26,659 | ) |
For the nine months ended September 30, 2016: | ||||
Derivatives included with the inventory intermediation agreement obligations | Cost of products and other | $ | (29,317 | ) |
Derivatives not designated as hedging instruments: | ||||
For the three months ended September 30, 2017: | ||||
Commodity contracts | Cost of products and other | $ | (17,291 | ) |
For the three months ended September 30, 2016: | ||||
Commodity contracts | Cost of products and other | $ | (15,559 | ) |
For the nine months ended September 30, 2017: | ||||
Commodity contracts | Cost of products and other | $ | (2,606 | ) |
For the nine months ended September 30, 2016: | ||||
Commodity contracts | Cost of products and other | $ | (54,646 | ) |
Hedged items designated in fair value hedges: | ||||
For the three months ended September 30, 2017: | ||||
Intermediate and refined product inventory | Cost of products and other | $ | 29,766 | |
For the three months ended September 30, 2016: | ||||
Intermediate and refined product inventory | Cost of products and other | $ | 3,145 | |
For the nine months ended September 30, 2017: | ||||
Intermediate and refined product inventory | Cost of products and other | $ | 26,659 | |
For the nine months ended September 30, 2016: | ||||
Intermediate and refined product inventory | Cost of products and other | $ | 29,317 |
September 30, 2017 | |||||||||||||||||||
Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combining and Consolidating Adjustments | Total | |||||||||||||||
ASSETS | |||||||||||||||||||
Current assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 200,136 | $ | 9,124 | $ | 32,485 | $ | — | $ | 241,745 | |||||||||
Accounts receivable | 718,960 | 9,781 | 46,166 | — | 774,907 | ||||||||||||||
Accounts receivable - affiliate | 1,392 | 17,946 | 600 | — | 19,938 | ||||||||||||||
Affiliate notes receivable | — | 11,600 | — | — | 11,600 | ||||||||||||||
Inventories | 2,064,678 | — | 246,014 | — | 2,310,692 | ||||||||||||||
Prepaid expense and other current assets | 23,245 | 21,194 | — | — | 44,439 | ||||||||||||||
Due from related parties | 27,591,736 | 22,923,564 | 6,144,950 | (56,660,250 | ) | — | |||||||||||||
Total current assets | 30,600,147 | 22,993,209 | 6,470,215 | (56,660,250 | ) | 3,403,321 | |||||||||||||
Property, plant and equipment, net | 23,884 | 2,543,193 | 238,072 | — | 2,805,149 | ||||||||||||||
Investment in subsidiaries | — | 429,035 | — | (429,035 | ) | — | |||||||||||||
Investment in equity method investee | — | — | 172,752 | — | 172,752 | ||||||||||||||
Deferred charges and other assets, net | 27,934 | 773,447 | 34 | — | 801,415 | ||||||||||||||
Total assets | $ | 30,651,965 | $ | 26,738,884 | $ | 6,881,073 | $ | (57,089,285 | ) | $ | 7,182,637 | ||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||
Current liabilities: | |||||||||||||||||||
Accounts payable | $ | 310,158 | $ | 112,773 | $ | 18,552 | $ | — | $ | 441,483 | |||||||||
Accounts payable - affiliate | 34,815 | 1,327 | (97 | ) | — | 36,045 | |||||||||||||
Accrued expenses | 1,467,974 | 125,490 | 216,107 | — | 1,809,571 | ||||||||||||||
Deferred revenue | 3,214 | 74 | 8 | — | 3,296 | ||||||||||||||
Due to related parties | 23,949,841 | 26,558,885 | 6,151,524 | (56,660,250 | ) | — | |||||||||||||
Notes payable | — | 6,831 | — | — | 6,831 | ||||||||||||||
Total current liabilities | 25,766,002 | 26,805,380 | 6,386,094 | (56,660,250 | ) | 2,297,226 | |||||||||||||
Long-term debt | 1,548,591 | 46,938 | 29,672 | — | 1,625,201 | ||||||||||||||
Deferred tax liabilities | — | — | 46,340 | — | 46,340 | ||||||||||||||
Other long-term liabilities | 27,906 | 181,293 | 4,145 | — | 213,344 | ||||||||||||||
Investment in subsidiaries | 308,940 | — | — | (308,940 | ) | — | |||||||||||||
Total liabilities | 27,651,439 | 27,033,611 | 6,466,251 | (56,969,190 | ) | 4,182,111 | |||||||||||||
Commitments and contingencies (Note 9) | |||||||||||||||||||
Equity: | |||||||||||||||||||
Member’s equity | 2,352,772 | 1,723,480 | 357,332 | (2,080,812 | ) | 2,352,772 | |||||||||||||
Retained earnings / (accumulated deficit) | 659,891 | (2,022,858 | ) | 57,490 | 1,965,368 | 659,891 | |||||||||||||
Accumulated other comprehensive loss | (25,024 | ) | (8,236 | ) | — | 8,236 | (25,024 | ) | |||||||||||
Total PBF Holding Company LLC equity | 2,987,639 | (307,614 | ) | 414,822 | (107,208 | ) | 2,987,639 | ||||||||||||
Noncontrolling interest | 12,887 | 12,887 | — | (12,887 | ) | 12,887 | |||||||||||||
Total equity | 3,000,526 | (294,727 | ) | 414,822 | (120,095 | ) | 3,000,526 | ||||||||||||
Total liabilities and equity | $ | 30,651,965 | $ | 26,738,884 | $ | 6,881,073 | $ | (57,089,285 | ) | $ | 7,182,637 |
December 31, 2016 | |||||||||||||||||||
Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combining and Consolidating Adjustments | Total | |||||||||||||||
ASSETS | |||||||||||||||||||
Current assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 530,085 | $ | 56,717 | $ | 41,366 | $ | (1,463 | ) | $ | 626,705 | ||||||||
Accounts receivable | 599,147 | 7,999 | 8,735 | — | 615,881 | ||||||||||||||
Accounts receivable - affiliate | 2,432 | 4,504 | 695 | — | 7,631 | ||||||||||||||
Inventories | 1,680,058 | — | 183,502 | — | 1,863,560 | ||||||||||||||
Prepaid expense and other current assets | 27,443 | 12,933 | 160 | — | 40,536 | ||||||||||||||
Due from related parties | 24,141,120 | 21,883,569 | 4,692,799 | (50,717,488 | ) | — | |||||||||||||
Total current assets | 26,980,285 | 21,965,722 | 4,927,257 | (50,718,951 | ) | 3,154,313 | |||||||||||||
Property, plant and equipment, net | 33,772 | 2,452,877 | 242,050 | — | 2,728,699 | ||||||||||||||
Investment in subsidiaries | 705,034 | 440,377 | — | (1,145,411 | ) | — | |||||||||||||
Investment in equity method investee | — | — | 179,882 | — | 179,882 | ||||||||||||||
Deferred charges and other assets, net | 12,317 | 491,673 | 13 | — | 504,003 | ||||||||||||||
Total assets | $ | 27,731,408 | $ | 25,350,649 | $ | 5,349,202 | $ | (51,864,362 | ) | $ | 6,566,897 | ||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||
Current liabilities: | |||||||||||||||||||
Accounts payable | $ | 360,260 | $ | 157,277 | $ | 14,291 | $ | (1,463 | ) | $ | 530,365 | ||||||||
Accounts payable - affiliate | 37,077 | 786 | — | — | 37,863 | ||||||||||||||
Accrued expenses | 1,094,581 | 201,935 | 166,213 | — | 1,462,729 | ||||||||||||||
Deferred revenue | 10,901 | 1,438 | 1 | — | 12,340 | ||||||||||||||
Due to related parties | 22,027,065 | 24,031,520 | 4,658,903 | (50,717,488 | ) | — | |||||||||||||
Total current liabilities | 23,529,884 | 24,392,956 | 4,839,408 | (50,718,951 | ) | 2,043,297 | |||||||||||||
Long-term debt | 1,496,085 | 45,908 | 34,566 | — | 1,576,559 | ||||||||||||||
Affiliate notes payable | 86,298 | — | — | — | 86,298 | ||||||||||||||
Deferred tax liabilities | — | — | 45,699 | — | 45,699 | ||||||||||||||
Other long-term liabilities | 30,208 | 192,204 | 3,699 | — | 226,111 | ||||||||||||||
Total liabilities | 25,142,475 | 24,631,068 | 4,923,372 | (50,718,951 | ) | 3,977,964 | |||||||||||||
Commitments and contingencies (Note 9) | |||||||||||||||||||
Equity: | |||||||||||||||||||
Member’s equity | 2,155,863 | 1,714,997 | 374,067 | (2,089,064 | ) | 2,155,863 | |||||||||||||
Retained earnings / (accumulated deficit) | 446,519 | (999,693 | ) | 51,763 | 947,930 | 446,519 | |||||||||||||
Accumulated other comprehensive loss | (25,962 | ) | (8,236 | ) | — | 8,236 | (25,962 | ) | |||||||||||
Total PBF Holding Company LLC equity | 2,576,420 | 707,068 | 425,830 | (1,132,898 | ) | 2,576,420 | |||||||||||||
Noncontrolling interest | 12,513 | 12,513 | — | (12,513 | ) | 12,513 | |||||||||||||
Total equity | 2,588,933 | 719,581 | 425,830 | (1,145,411 | ) | 2,588,933 | |||||||||||||
Total liabilities and equity | $ | 27,731,408 | $ | 25,350,649 | $ | 5,349,202 | $ | (51,864,362 | ) | $ | 6,566,897 |
Three Months Ended September 30, 2017 | |||||||||||||||||||
Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combining and Consolidating Adjustments | Total | |||||||||||||||
Revenues | $ | 5,410,245 | $ | 223,582 | $ | 536,386 | $ | (694,397 | ) | $ | 5,475,816 | ||||||||
Cost and expenses: | |||||||||||||||||||
Cost of products and other | 4,483,164 | 85,031 | 538,011 | (694,397 | ) | 4,411,809 | |||||||||||||
Operating expenses (excluding depreciation and amortization expense as reflected below) | 289 | 380,951 | 8,351 | — | 389,591 | ||||||||||||||
Depreciation and amortization expense | — | 68,419 | 1,919 | — | 70,338 | ||||||||||||||
Cost of sales | 4,483,453 | 534,401 | 548,281 | (694,397 | ) | 4,871,738 | |||||||||||||
General and administrative expenses (excluding depreciation and amortization expense as reflected below) | 49,880 | 4,959 | (146 | ) | — | 54,693 | |||||||||||||
Depreciation and amortization expense | 2,572 | — | — | — | 2,572 | ||||||||||||||
Equity income in investee | — | — | (3,799 | ) | — | (3,799 | ) | ||||||||||||
Loss on sale of assets | — | 28 | — | — | 28 | ||||||||||||||
Total cost and expenses | 4,535,905 | 539,388 | 544,336 | (694,397 | ) | 4,925,232 | |||||||||||||
Income (loss) from operations | 874,340 | (315,806 | ) | (7,950 | ) | — | 550,584 | ||||||||||||
Other income (expenses): | |||||||||||||||||||
Equity in earnings (loss) of subsidiaries | (319,568 | ) | 2,467 | — | 317,101 | — | |||||||||||||
Change in fair value of catalyst leases | — | 473 | — | — | 473 | ||||||||||||||
Debt extinguishment costs | — | — | — | — | — | ||||||||||||||
Interest expense, net | (28,692 | ) | (305 | ) | (272 | ) | — | (29,269 | ) | ||||||||||
Income (loss) before income taxes | 526,080 | (313,171 | ) | (8,222 | ) | 317,101 | 521,788 | ||||||||||||
Income tax benefit | — | — | (4,292 | ) | — | (4,292 | ) | ||||||||||||
Net income (loss) | 526,080 | (313,171 | ) | (3,930 | ) | 317,101 | 526,080 | ||||||||||||
Less: net loss attributable to noncontrolling interests | (6 | ) | (6 | ) | — | 6 | (6 | ) | |||||||||||
Net income (loss) attributable to PBF Holding Company LLC | $ | 526,086 | $ | (313,165 | ) | $ | (3,930 | ) | $ | 317,095 | $ | 526,086 | |||||||
Comprehensive income (loss) attributable to PBF Holding Company LLC | $ | 526,373 | $ | (313,165 | ) | $ | (3,930 | ) | $ | 317,095 | $ | 526,373 |
Three Months Ended September 30, 2016 | |||||||||||||||||||
Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combining and Consolidating Adjustments | Total | |||||||||||||||
Revenues | $ | 4,488,925 | $ | 441,554 | $ | 345,215 | $ | (767,081 | ) | $ | 4,508,613 | ||||||||
Cost and expenses: | |||||||||||||||||||
Cost of products and other | 3,914,018 | 428,587 | 328,734 | (767,081 | ) | 3,904,258 | |||||||||||||
Operating expenses (excluding depreciation and amortization expense as reflected below) | 25 | 385,761 | 18,259 | — | 404,045 | ||||||||||||||
Depreciation and amortization expense | — | 47,471 | 3,865 | — | 51,336 | ||||||||||||||
Cost of sales | 3,914,043 | 861,819 | 350,858 | (767,081 | ) | 4,359,639 | |||||||||||||
General and administrative expenses (excluding depreciation and amortization expense as reflected below) | 34,820 | 4,312 | 780 | — | 39,912 | ||||||||||||||
Depreciation and amortization expense | 1,342 | — | — | — | 1,342 | ||||||||||||||
Equity income in investee | — | — | (1,621 | ) | — | (1,621 | ) | ||||||||||||
Loss on sale of assets | 2,418 | 73 | 5,668 | — | 8,159 | ||||||||||||||
Total cost and expenses | 3,952,623 | 866,204 | 355,685 | (767,081 | ) | 4,407,431 | |||||||||||||
Income (loss) from operations | 536,302 | (424,650 | ) | (10,470 | ) | — | 101,182 | ||||||||||||
Other income (expenses): | |||||||||||||||||||
Equity in earnings (loss) of subsidiaries | (438,249 | ) | — | — | 438,249 | — | |||||||||||||
Change in fair value of catalyst leases | — | 77 | — | — | 77 | ||||||||||||||
Interest expense, net | (32,982 | ) | (447 | ) | (467 | ) | — | (33,896 | ) | ||||||||||
Income (loss) before income taxes | 65,071 | (425,020 | ) | (10,937 | ) | 438,249 | 67,363 | ||||||||||||
Income tax expense | — | — | 2,291 | — | 2,291 | ||||||||||||||
Net income (loss) | 65,071 | (425,020 | ) | (13,228 | ) | 438,249 | 65,072 | ||||||||||||
Less: net income attributable to noncontrolling interests | 45 | 45 | — | (45 | ) | 45 | |||||||||||||
Net income (loss) attributable to PBF Holding Company LLC | $ | 65,026 | $ | (425,065 | ) | $ | (13,228 | ) | $ | 438,294 | $ | 65,027 | |||||||
Comprehensive income (loss) attributable to PBF Holding Company LLC | $ | 65,452 | $ | (425,065 | ) | $ | (13,228 | ) | $ | 438,294 | $ | 65,453 |
Nine Months Ended September 30, 2017 | |||||||||||||||||||
Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combining and Consolidating Adjustments | Total | |||||||||||||||
Revenues | $ | 15,064,488 | $ | 983,917 | $ | 1,578,553 | $ | (2,387,693 | ) | $ | 15,239,265 | ||||||||
Cost and expenses: | |||||||||||||||||||
Cost of products and other | 13,547,358 | 615,093 | 1,551,638 | (2,387,693 | ) | 13,326,396 | |||||||||||||
Operating expenses (excluding depreciation and amortization expense as reflected below) | (42 | ) | 1,200,370 | 24,686 | — | 1,225,014 | |||||||||||||
Depreciation and amortization expense | — | 175,543 | 5,695 | — | 181,238 | ||||||||||||||
Cost of sales | 13,547,316 | 1,991,006 | 1,582,019 | (2,387,693 | ) | 14,732,648 | |||||||||||||
General and administrative expenses (excluding depreciation and amortization expense as reflected below) | 112,418 | 18,410 | (736 | ) | — | 130,092 | |||||||||||||
Depreciation and amortization expense | 10,355 | — | — | — | 10,355 | ||||||||||||||
Equity income in investee | — | — | (11,218 | ) | — | (11,218 | ) | ||||||||||||
Loss on sale of assets | — | 940 | — | — | 940 | ||||||||||||||
Total cost and expenses | 13,670,089 | 2,010,356 | 1,570,065 | (2,387,693 | ) | 14,862,817 | |||||||||||||
Income (loss) from operations | 1,394,399 | (1,026,439 | ) | 8,488 | — | 376,448 | |||||||||||||
Other income (expenses): | |||||||||||||||||||
Equity in earnings (loss) of subsidiaries | (1,022,866 | ) | 5,802 | — | 1,017,064 | — | |||||||||||||
Change in fair value of catalyst leases | (1,011 | ) | — | — | (1,011 | ) | |||||||||||||
Debt extinguishment costs | (25,451 | ) | — | — | — | (25,451 | ) | ||||||||||||
Interest expense, net | (90,918 | ) | (1,143 | ) | (721 | ) | — | (92,782 | ) | ||||||||||
Income (loss) before income taxes | 255,164 | (1,022,791 | ) | 7,767 | 1,017,064 | 257,204 | |||||||||||||
Income tax expense | — | — | 2,040 | — | 2,040 | ||||||||||||||
Net income (loss) | 255,164 | (1,022,791 | ) | 5,727 | 1,017,064 | 255,164 | |||||||||||||
Less: net income attributable to noncontrolling interests | 374 | 374 | — | (374 | ) | 374 | |||||||||||||
Net income (loss) attributable to PBF Holding Company LLC | $ | 254,790 | $ | (1,023,165 | ) | $ | 5,727 | $ | 1,017,438 | $ | 254,790 | ||||||||
Comprehensive income (loss) attributable to PBF Holding Company LLC | $ | 255,728 | $ | (1,023,165 | ) | $ | 5,727 | $ | 1,017,438 | $ | 255,728 |
Nine Months Ended September 30, 2016 | |||||||||||||||||||
Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combining and Consolidating Adjustments | Total | |||||||||||||||
Revenues | $ | 11,119,301 | $ | 586,336 | $ | 1,005,656 | $ | (1,546,722 | ) | $ | 11,164,571 | ||||||||
Cost and expenses: | |||||||||||||||||||
Cost of products and other | 9,653,945 | 532,040 | 995,726 | (1,546,722 | ) | 9,634,989 | |||||||||||||
Operating expenses (excluding depreciation and amortization expense as reflected below) | (375 | ) | 948,403 | 24,195 | — | 972,223 | |||||||||||||
Depreciation and amortization expense | — | 143,994 | 7,479 | — | 151,473 | ||||||||||||||
Cost of sales | 9,653,570 | 1,624,437 | 1,027,400 | (1,546,722 | ) | 10,758,685 | |||||||||||||
General and administrative expenses (excluding depreciation and amortization expense as reflected below) | 92,126 | 20,372 | (1,226 | ) | — | 111,272 | |||||||||||||
Depreciation and amortization expense | 4,417 | — | — | — | 4,417 | ||||||||||||||
Equity income in investee | — | — | (1,621 | ) | — | (1,621 | ) | ||||||||||||
Loss on sale of assets | 2,418 | 97 | 8,866 | — | 11,381 | ||||||||||||||
Total cost and expenses | 9,752,531 | 1,644,906 | 1,033,419 | (1,546,722 | ) | 10,884,134 | |||||||||||||
Income (loss) from operations | 1,366,770 | (1,058,570 | ) | (27,763 | ) | — | 280,437 | ||||||||||||
Other income (expenses): | |||||||||||||||||||
Equity in earnings (loss) of subsidiaries | (1,123,054 | ) | — | — | 1,123,054 | — | |||||||||||||
Change in fair value of catalyst leases | — | (4,556 | ) | — | — | (4,556 | ) | ||||||||||||
Interest expense, net | (95,568 | ) | (1,289 | ) | (1,589 | ) | — | (98,446 | ) | ||||||||||
Income (loss) before income taxes | 148,148 | (1,064,415 | ) | (29,352 | ) | 1,123,054 | 177,435 | ||||||||||||
Income tax expense | — | — | 29,287 | — | 29,287 | ||||||||||||||
Net income (loss) | 148,148 | (1,064,415 | ) | (58,639 | ) | 1,123,054 | 148,148 | ||||||||||||
Less: net income attributable to noncontrolling interests | 438 | 438 | — | (438 | ) | 438 | |||||||||||||
Net income (loss) attributable to PBF Holding Company LLC | $ | 147,710 | $ | (1,064,853 | ) | $ | (58,639 | ) | $ | 1,123,492 | $ | 147,710 | |||||||
Comprehensive income (loss) attributable to PBF Holding Company LLC | $ | 149,173 | $ | (1,064,853 | ) | $ | (58,639 | ) | $ | 1,123,492 | $ | 149,173 |
Nine Months Ended September 30, 2017 | |||||||||||||||||||
Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combining and Consolidating Adjustments | Total | |||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||
Net income (loss) | $ | 255,164 | $ | (1,022,791 | ) | $ | 5,727 | $ | 1,017,064 | $ | 255,164 | ||||||||
Adjustments to reconcile net income (loss) to net cash (used in) provided by operations: | |||||||||||||||||||
Depreciation and amortization | 15,746 | 175,859 | 5,760 | — | 197,365 | ||||||||||||||
Stock-based compensation | — | 13,549 | — | — | 13,549 | ||||||||||||||
Change in fair value of catalyst leases | — | 1,011 | — | — | 1,011 | ||||||||||||||
Deferred income taxes | — | — | 641 | — | 641 | ||||||||||||||
Non-cash lower of cost or market inventory adjustment | (97,943 | ) | — | — | — | (97,943 | ) | ||||||||||||
Non-cash change in inventory repurchase obligations | (26,659 | ) | — | — | — | (26,659 | ) | ||||||||||||
Debt extinguishment costs | 25,451 | — | — | — | 25,451 | ||||||||||||||
Pension and other post-retirement benefit costs | 4,956 | 26,726 | — | — | 31,682 | ||||||||||||||
(Income) from equity method investee | — | (11,218 | ) | — | (11,218 | ) | |||||||||||||
Distributions from equity method investee | — | — | 16,897 | — | 16,897 | ||||||||||||||
Loss on sale of assets | — | 940 | — | — | 940 | ||||||||||||||
Equity in earnings (loss) of subsidiaries | 1,022,866 | (5,802 | ) | — | (1,017,064 | ) | — | ||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||
Accounts receivable | (119,813 | ) | (1,782 | ) | (37,431 | ) | — | (159,026 | ) | ||||||||||
Due to/from affiliates | (1,494,632 | ) | 1,451,846 | 40,468 | — | (2,318 | ) | ||||||||||||
Inventories | (286,677 | ) | — | (62,512 | ) | — | (349,189 | ) | |||||||||||
Prepaid expense and other current assets | 4,200 | (8,467 | ) | 160 | — | (4,107 | ) | ||||||||||||
Accounts payable | (50,102 | ) | (58,691 | ) | 4,261 | 1,463 | (103,069 | ) | |||||||||||
Accrued expenses | 365,132 | (13,352 | ) | 49,894 | — | 401,674 | |||||||||||||
Deferred revenue | (7,687 | ) | (1,364 | ) | 7 | — | (9,044 | ) | |||||||||||
Other assets and liabilities | (14,472 | ) | (26,189 | ) | (16,726 | ) | — | (57,387 | ) | ||||||||||
Net cash (used in) provided by operations | (404,470 | ) | 531,493 | (4,072 | ) | 1,463 | 124,414 | ||||||||||||
Cash flows from investing activities: | |||||||||||||||||||
Expenditures for property, plant and equipment | (847 | ) | (210,076 | ) | (301 | ) | — | (211,224 | ) | ||||||||||
Expenditures for deferred turnaround costs | — | (341,598 | ) | — | — | (341,598 | ) | ||||||||||||
Expenditures for other assets | — | (31,096 | ) | — | — | (31,096 | ) | ||||||||||||
Equity method investment - return of capital | — | — | 451 | — | 451 | ||||||||||||||
Due to/from affiliates | (3,684 | ) | — | — | 3,684 | — | |||||||||||||
Net cash (used in) provided by investing activities | (4,531 | ) | (582,770 | ) | 150 | 3,684 | (583,467 | ) | |||||||||||
Cash flows from financing activities: | |||||||||||||||||||
Contributions from PBF LLC | 97,000 | — | — | — | 97,000 | ||||||||||||||
Distribution to members | (39,315 | ) | — | — | — | (39,315 | ) | ||||||||||||
Proceeds from 2025 7.25% Senior Notes | 725,000 | — | — | — | 725,000 | ||||||||||||||
Cash paid to extinguish 2020 8.25% Senior Secured Notes | (690,209 | ) | — | — | — | (690,209 | ) | ||||||||||||
Repayments of PBF Rail Term Loan | — | — | (4,959 | ) | — | (4,959 | ) | ||||||||||||
Proceeds from revolver borrowings | 490,000 | — | — | — | 490,000 | ||||||||||||||
Repayments of revolver borrowings | (490,000 | ) | — | — | — | (490,000 | ) | ||||||||||||
Due to/from affiliates | — | 3,684 | — | (3,684 | ) | — | |||||||||||||
Deferred financing costs and other | (13,424 | ) | — | — | — | (13,424 | ) | ||||||||||||
Net cash provided by (used in) financing activities | 79,052 | 3,684 | (4,959 | ) | (3,684 | ) | 74,093 | ||||||||||||
Net decrease in cash and cash equivalents | (329,949 | ) | (47,593 | ) | (8,881 | ) | 1,463 | (384,960 | ) | ||||||||||
Cash and cash equivalents, beginning of period | 530,085 | 56,717 | 41,366 | (1,463 | ) | 626,705 | |||||||||||||
Cash and cash equivalents, end of period | $ | 200,136 | $ | 9,124 | $ | 32,485 | $ | — | $ | 241,745 |
Nine Months Ended September 30, 2016 | |||||||||||||||||||
Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combining and Consolidating Adjustments | Total | |||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||
Net income (loss) | $ | 148,148 | $ | (1,064,415 | ) | $ | (58,639 | ) | $ | 1,123,054 | $ | 148,148 | |||||||
Adjustments to reconcile net income (loss) to net cash (used in) provided by operations: | |||||||||||||||||||
Depreciation and amortization | 10,828 | 144,011 | 7,726 | — | 162,565 | ||||||||||||||
Stock-based compensation | — | 12,658 | — | — | 12,658 | ||||||||||||||
Change in fair value of catalyst leases | — | 4,556 | — | — | 4,556 | ||||||||||||||
Deferred income taxes | — | — | 27,813 | — | 27,813 | ||||||||||||||
Non-cash lower of cost or market inventory adjustment | (320,833 | ) | — | — | — | (320,833 | ) | ||||||||||||
Non-cash change in inventory repurchase obligations | 29,317 | — | — | — | 29,317 | ||||||||||||||
Pension and other post-retirement benefit costs | 5,249 | 20,645 | — | — | 25,894 | ||||||||||||||
Equity income in investee | — | — | (1,621 | ) | — | (1,621 | ) | ||||||||||||
Loss on sale of assets | 2,418 | 97 | 8,866 | — | 11,381 | ||||||||||||||
Equity in earnings of subsidiaries | 1,123,054 | — | — | (1,123,054 | ) | — | |||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||
Accounts receivable | (205,816 | ) | 3,695 | 7,223 | — | (194,898 | ) | ||||||||||||
Due to/from affiliates | (1,624,741 | ) | 1,588,690 | 44,245 | — | 8,194 | |||||||||||||
Inventories | 56,792 | — | (2,740 | ) | — | 54,052 | |||||||||||||
Prepaid expense and other current assets | (6,330 | ) | (11,768 | ) | (2,105 | ) | — | (20,203 | ) | ||||||||||
Accounts payable | 37,074 | 16,943 | (5,126 | ) | 1,406 | 50,297 | |||||||||||||
Accrued expenses | 661,974 | (353,030 | ) | (897 | ) | — | 308,047 | ||||||||||||
Deferred revenue | 6,559 | — | 1,470 | — | 8,029 | ||||||||||||||
Other assets and liabilities | (7,573 | ) | (14,210 | ) | (97 | ) | — | (21,880 | ) | ||||||||||
Net cash (used in) provided by operations | (83,880 | ) | 347,872 | 26,118 | 1,406 | 291,516 | |||||||||||||
Cash flows from investing activities: | |||||||||||||||||||
Acquisition of Torrance refinery and related logistic assets | (971,932 | ) | — | — | — | (971,932 | ) | ||||||||||||
Expenditures for property, plant and equipment | (16,244 | ) | (172,174 | ) | 675 | — | (187,743 | ) | |||||||||||
Expenditures for deferred turnaround costs | — | (138,936 | ) | — | — | (138,936 | ) | ||||||||||||
Expenditures for other assets | — | (27,735 | ) | — | — | (27,735 | ) | ||||||||||||
Investment in subsidiaries | 12,800 | — | — | (12,800 | ) | — | |||||||||||||
Chalmette Acquisition working capital settlement | — | (2,659 | ) | — | — | (2,659 | ) | ||||||||||||
Proceeds from sale of assets | — | — | 13,030 | — | 13,030 | ||||||||||||||
Net cash provided by (used in) investing activities | (975,376 | ) | (341,504 | ) | 13,705 | (12,800 | ) | (1,315,975 | ) | ||||||||||
Cash flows from financing activities: | |||||||||||||||||||
Proceeds from catalyst lease | — | 7,927 | — | — | 7,927 | ||||||||||||||
Distributions to Parent | — | — | (12,800 | ) | 12,800 | — | |||||||||||||
Contributions from PBF LLC related to TVPC | 175,000 | — | — | — | 175,000 | ||||||||||||||
Distributions to members | (92,503 | ) | — | — | — | (92,503 | ) | ||||||||||||
Proceeds from affiliate notes payable | 635 | — | — | — | 635 | ||||||||||||||
Repayment of affiliate notes payable | (517 | ) | — | — | — | (517 | ) | ||||||||||||
Repayment of Rail Facility revolver borrowings | — | — | (11,457 | ) | — | (11,457 | ) | ||||||||||||
Proceeds from revolver borrowings | 550,000 | — | — | — | 550,000 | ||||||||||||||
Net cash provided by (used in) financing activities | 632,615 | 7,927 | (24,257 | ) | 12,800 | 629,085 | |||||||||||||
Net (decrease) increase in cash and cash equivalents | (426,641 | ) | 14,295 | 15,566 | 1,406 | (395,374 | ) | ||||||||||||
Cash and cash equivalents, beginning of period | 882,820 | 6,236 | 28,968 | (3,275 | ) | 914,749 | |||||||||||||
Cash and cash equivalents, end of period | $ | 456,179 | $ | 20,531 | $ | 44,534 | $ | (1,869 | ) | $ | 519,375 |
Refinery | Region | Nelson Complexity | Throughput Capacity (in barrels per day) | PADD | Crude Processed (1) | Source (1) | Refinery | Region | Nelson Complexity Index(1) | Throughput Capacity (in bpd)(1) | PADD | Crude Processed (2) | Source (2) | ||||||||||||||||
Delaware City | East Coast | 11.3 | 190,000 | 1 | medium and heavy sour crude | water, rail | Delaware City | East Coast | 13.6 | 180,000 | 1 | light sweet through heavy sour | water, rail | ||||||||||||||||
Paulsboro | East Coast | 13.2 | 180,000 | 1 | medium and heavy sour crude | water, rail | Paulsboro | East Coast | 10.4(3) | 105,000(3) | 1 | light sweet through heavy sour | water | ||||||||||||||||
Toledo | Mid-Continent | 9.2 | 170,000 | 2 | light, sweet crude | pipeline, truck, rail | Toledo | Mid-Continent | 11.0 | 180,000 | 2 | light sweet | pipeline, truck, rail | ||||||||||||||||
Chalmette | Gulf Coast | 12.7 | 189,000 | 3 | light and heavy crude | water, pipeline | Chalmette | Gulf Coast | 13.0 | 185,000 | 3 | light sweet through heavy sour | water, pipeline | ||||||||||||||||
Torrance | West Coast | 14.9 | 155,000 | 5 | heavy and medium crude | pipeline, water, truck | Torrance | West Coast | 13.8 | 166,000 | 5 | medium and heavy | pipeline, water, truck | ||||||||||||||||
Martinez | Martinez | West Coast | 16.1 | 157,000 | 5 | medium and heavy | pipeline and water |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Reimbursements under affiliate agreements: | |||||||||||||||||||||||
Services Agreement | $ | 2.2 | $ | 2.2 | |||||||||||||||||||
Omnibus Agreement | 1.8 | 2.0 | |||||||||||||||||||||
Total expenses under affiliate agreements | 75.9 | 75.5 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenues under affiliate agreements: | |||||||||||||||
Services Agreement | $ | 1.6 | $ | 1.3 | $ | 4.9 | $ | 3.5 | |||||||
Omnibus Agreement | 1.9 | 1.2 | 5.2 | 3.5 | |||||||||||
Total expenses under affiliate agreements | 62.4 | 43.8 | 176.9 | 118.4 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Revenues | $ | 4,913.2 | $ | 5,260.0 | |||||||||||||||||||
Cost and expenses: | |||||||||||||||||||||||
Cost of products and other | 4,263.0 | 6,033.4 | |||||||||||||||||||||
Operating expenses (excluding depreciation and amortization expense as reflected below) | 460.2 | 507.5 | |||||||||||||||||||||
Depreciation and amortization expense | 104.7 | 105.4 | |||||||||||||||||||||
Cost of sales | 4,827.9 | 6,646.3 | |||||||||||||||||||||
General and administrative expenses (excluding depreciation and amortization expense as reflected below) | 42.9 | 78.2 | |||||||||||||||||||||
Depreciation and amortization expense | 3.4 | 2.9 | |||||||||||||||||||||
Change in fair value of contingent consideration | 29.5 | (53.0) | |||||||||||||||||||||
Gain on sale of assets | (0.6) | — | |||||||||||||||||||||
Total cost and expenses | 4,903.1 | 6,674.4 | |||||||||||||||||||||
Income (loss) from operations | 10.1 | (1,414.4) | |||||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||
Interest expense, net | (69.6) | (36.5) | |||||||||||||||||||||
Change in fair value of catalyst obligations | (10.0) | 11.7 | |||||||||||||||||||||
Debt extinguishment costs | — | (22.2) | |||||||||||||||||||||
Other non-service components of net periodic benefit cost | 2.0 | 1.0 | |||||||||||||||||||||
Income (loss) before income taxes | (67.5) | (1,460.4) | |||||||||||||||||||||
Income tax (benefit) expense | (10.6) | 14.2 | |||||||||||||||||||||
Net income (loss) | (56.9) | (1,474.6) | |||||||||||||||||||||
Less: net income attributable to noncontrolling interests | 0.2 | — | |||||||||||||||||||||
Net income (loss) attributable to PBF Holding Company LLC | $ | (57.1) | $ | (1,474.6) | |||||||||||||||||||
Consolidated gross margin | $ | 85.3 | $ | (1,386.3) | |||||||||||||||||||
Gross refining margin (1) | $ | 650.2 | $ | (773.4) | |||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenues | $ | 5,475,816 | $ | 4,508,613 | $ | 15,239,265 | $ | 11,164,571 | |||||||
Cost and expenses: | |||||||||||||||
Cost of products and other | 4,411,809 | 3,904,258 | 13,326,396 | 9,634,989 | |||||||||||
Operating expenses (excluding depreciation and amortization expense as reflected below) | 389,591 | 404,045 | 1,225,014 | 972,223 | |||||||||||
Depreciation and amortization expense | 70,338 | 51,336 | 181,238 | 151,473 | |||||||||||
Cost of sales | 4,871,738 | 4,359,639 | 14,732,648 | 10,758,685 | |||||||||||
General and administrative expenses (excluding depreciation and amortization expense as reflected below) | 54,693 | 39,912 | 130,092 | 111,272 | |||||||||||
Depreciation and amortization expense | 2,572 | 1,342 | 10,355 | 4,417 | |||||||||||
Equity income in investee | (3,799 | ) | (1,621 | ) | (11,218 | ) | (1,621 | ) | |||||||
Loss on sale of assets | 28 | 8,159 | 940 | 11,381 | |||||||||||
Total cost and expenses | 4,925,232 | 4,407,431 | 14,862,817 | 10,884,134 | |||||||||||
Income from operations | 550,584 | 101,182 | 376,448 | 280,437 | |||||||||||
Other income (expenses): | |||||||||||||||
Change in fair value of catalyst leases | 473 | 77 | (1,011 | ) | (4,556 | ) | |||||||||
Debt extinguishment costs | — | — | (25,451 | ) | — | ||||||||||
Interest expense, net | (29,269 | ) | (33,896 | ) | (92,782 | ) | (98,446 | ) | |||||||
Income before income taxes | 521,788 | 67,363 | 257,204 | 177,435 | |||||||||||
Income tax (benefit) expense | (4,292 | ) | 2,291 | 2,040 | 29,287 | ||||||||||
Net income | 526,080 | 65,072 | 255,164 | 148,148 | |||||||||||
Less: net (loss) income attributable to noncontrolling interests | (6 | ) | 45 | 374 | 438 | ||||||||||
Net income attributable to PBF Holding Company LLC | $ | 526,086 | $ | 65,027 | $ | 254,790 | $ | 147,710 | |||||||
Gross margin | $ | 604,078 | $ | 148,973 | $ | 506,617 | $ | 405,886 | |||||||
Gross refining margin (1) | $ | 1,064,007 | $ | 604,355 | $ | 1,912,869 | $ | 1,529,582 |
Operating Highlights | Three Months Ended March 31, | ||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Key Operating Information | |||||||||||||||||||||||
Production (bpd in thousands) | 758.2 | 867.0 | |||||||||||||||||||||
Crude oil and feedstocks throughput (bpd in thousands) | 745.5 | 852.9 | |||||||||||||||||||||
Total crude oil and feedstocks throughput (millions of barrels) | 67.1 | 77.6 | |||||||||||||||||||||
Consolidated gross margin per barrel of throughput | $ | 1.28 | $ | (17.86) | |||||||||||||||||||
Gross refining margin, excluding special items, per barrel of throughput (1) | $ | 3.65 | $ | 6.60 | |||||||||||||||||||
Refinery operating expense, per barrel of throughput | $ | 6.86 | $ | 6.54 | |||||||||||||||||||
Crude and feedstocks (% of total throughput) (2) | |||||||||||||||||||||||
Heavy | 36 | % | 44 | % | |||||||||||||||||||
Medium | 31 | % | 23 | % | |||||||||||||||||||
Light | 18 | % | 19 | % | |||||||||||||||||||
Other feedstocks and blends | 15 | % | 14 | % | |||||||||||||||||||
Total throughput | 100 | % | 100 | % | |||||||||||||||||||
Yield (% of total throughput) | |||||||||||||||||||||||
Gasoline and gasoline blendstocks | 54 | % | 51 | % | |||||||||||||||||||
Distillates and distillate blendstocks | 30 | % | 32 | % | |||||||||||||||||||
Lubes | 1 | % | 1 | % | |||||||||||||||||||
Chemicals | 2 | % | 1 | % | |||||||||||||||||||
Other | 15 | % | 17 | % | |||||||||||||||||||
Total yield | 102 | % | 102 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Key Operating Information | |||||||||||||||
Production (bpd in thousands) | 852.6 | 799.1 | 781.6 | 717.6 | |||||||||||
Crude oil and feedstocks throughput (bpd in thousands) | 849.7 | 786.3 | 786.1 | 711.8 | |||||||||||
Total crude oil and feedstocks throughput (millions of barrels) | 78.2 | 72.3 | 214.6 | 195.0 | |||||||||||
Gross margin per barrel of throughput | $ | 7.73 | $ | 2.06 | $ | 2.36 | $ | 2.09 | |||||||
Gross refining margin, excluding special items, per barrel of throughput (1) | $ | 10.22 | $ | 6.92 | $ | 8.46 | $ | 6.20 | |||||||
Refinery operating expenses, excluding depreciation, per barrel of throughput | $ | 4.98 | $ | 5.59 | $ | 5.71 | $ | 4.98 | |||||||
Crude and feedstocks (% of total throughput) (2) | |||||||||||||||
Heavy crude | 33 | % | 34 | % | 34 | % | 23 | % | |||||||
Medium crude | 30 | % | 32 | % | 30 | % | 38 | % | |||||||
Light crude | 22 | % | 23 | % | 21 | % | 28 | % | |||||||
Other feedstocks and blends | 15 | % | 11 | % | 15 | % | 11 | % | |||||||
Total throughput | 100 | % | 100 | % | 100 | % | 100 | % | |||||||
Yield (% of total throughput) | |||||||||||||||
Gasoline and gasoline blendstocks | 50 | % | 51 | % | 50 | % | 49 | % | |||||||
Distillates and distillate blendstocks | 29 | % | 31 | % | 29 | % | 31 | % | |||||||
Lubes | 1 | % | 1 | % | 1 | % | 1 | % | |||||||
Chemicals | 2 | % | 3 | % | 2 | % | 4 | % | |||||||
Other | 18 | % | 14 | % | 17 | % | 15 | % | |||||||
Total yield | 100 | % | 100 | % | 99 | % | 100 | % |
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | 2021 | 2020 | |||||||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | (dollars per barrel, except as noted) | ||||||||||||||||||||||||||||||||||
(dollars per barrel, except as noted) | ||||||||||||||||||||||||||||||||||||||
Dated Brent Crude | $ | 52.16 | $ | 45.90 | $ | 51.79 | $ | 42.05 | ||||||||||||||||||||||||||||||
Dated Brent crude oil | Dated Brent crude oil | $ | 61.16 | $ | 49.70 | |||||||||||||||||||||||||||||||||
West Texas Intermediate (WTI) crude oil | $ | 48.18 | $ | 44.88 | $ | 49.32 | $ | 41.41 | West Texas Intermediate (WTI) crude oil | $ | 58.13 | $ | 45.56 | |||||||||||||||||||||||||
Light Louisiana Sweet (LLS) crude oil | $ | 51.67 | $ | 46.52 | $ | 51.73 | $ | 43.20 | Light Louisiana Sweet (LLS) crude oil | $ | 60.26 | $ | 47.81 | |||||||||||||||||||||||||
Alaska North Slope (ANS) crude oil | $ | 52.04 | $ | 44.65 | $ | 52.15 | $ | 41.58 | Alaska North Slope (ANS) crude oil | $ | 61.07 | $ | 51.07 | |||||||||||||||||||||||||
Crack Spreads | Crack Spreads | |||||||||||||||||||||||||||||||||||||
Dated Brent (NYH) 2-1-1 | $ | 18.12 | $ | 12.94 | $ | 14.84 | $ | 13.18 | Dated Brent (NYH) 2-1-1 | $ | 12.06 | $ | 9.96 | |||||||||||||||||||||||||
WTI (Chicago) 4-3-1 | $ | 18.82 | $ | 13.64 | $ | 14.70 | $ | 13.07 | WTI (Chicago) 4-3-1 | $ | 11.56 | $ | 7.37 | |||||||||||||||||||||||||
LLS (Gulf Coast) 2-1-1 | $ | 16.69 | $ | 11.51 | $ | 13.75 | $ | 10.35 | LLS (Gulf Coast) 2-1-1 | $ | 12.05 | $ | 10.42 | |||||||||||||||||||||||||
ANS (West Coast) 4-3-1 | $ | 20.66 | $ | 15.61 | $ | 18.78 | $ | 17.22 | ||||||||||||||||||||||||||||||
ANS (West Coast-LA) 4-3-1 | ANS (West Coast-LA) 4-3-1 | $ | 15.75 | $ | 13.36 | |||||||||||||||||||||||||||||||||
ANS (West Coast-SF) 3-2-1 | ANS (West Coast-SF) 3-2-1 | $ | 12.92 | $ | 9.65 | |||||||||||||||||||||||||||||||||
Crude Oil Differentials | Crude Oil Differentials | |||||||||||||||||||||||||||||||||||||
Dated Brent (foreign) less WTI | $ | 3.97 | $ | 1.02 | $ | 2.47 | $ | 0.64 | Dated Brent (foreign) less WTI | $ | 3.03 | $ | 4.14 | |||||||||||||||||||||||||
Dated Brent less Maya (heavy, sour) | $ | 8.75 | $ | 6.87 | $ | 6.77 | $ | 7.57 | Dated Brent less Maya (heavy, sour) | $ | 4.53 | $ | 8.87 | |||||||||||||||||||||||||
Dated Brent less WTS (sour) | $ | 4.96 | $ | 2.50 | $ | 3.63 | $ | 1.48 | Dated Brent less WTS (sour) | $ | 2.26 | $ | 4.70 | |||||||||||||||||||||||||
Dated Brent less ASCI (sour) | $ | 3.82 | $ | 4.14 | $ | 3.58 | $ | 4.02 | Dated Brent less ASCI (sour) | $ | 2.77 | $ | 4.29 | |||||||||||||||||||||||||
WTI less WCS (heavy, sour) | $ | 10.03 | $ | 13.28 | $ | 10.83 | $ | 12.15 | WTI less WCS (heavy, sour) | $ | 12.01 | $ | 16.85 | |||||||||||||||||||||||||
WTI less Bakken (light, sweet) | $ | (0.69 | ) | $ | 1.41 | $ | 0.18 | $ | 1.13 | WTI less Bakken (light, sweet) | $ | 0.50 | $ | 3.46 | ||||||||||||||||||||||||
WTI less Syncrude (light, sweet) | $ | (1.95 | ) | $ | (0.95 | ) | $ | (1.86 | ) | $ | (2.67 | ) | WTI less Syncrude (light, sweet) | $ | 0.97 | $ | 1.80 | |||||||||||||||||||||
WTI less LLS (light, sweet) | $ | (3.49 | ) | $ | (1.65 | ) | $ | (2.41 | ) | $ | (1.79 | ) | WTI less LLS (light, sweet) | $ | (2.13) | $ | (2.25) | |||||||||||||||||||||
WTI less ANS (light, sweet) | $ | (3.86 | ) | $ | 0.23 | $ | (2.82 | ) | $ | (0.17 | ) | WTI less ANS (light, sweet) | $ | (2.94) | $ | (5.51) | ||||||||||||||||||||||
Natural gas (dollars per MMBTU) | $ | 2.95 | $ | 2.79 | $ | 3.05 | $ | 2.35 | Natural gas (dollars per MMBTU) | $ | 2.72 | $ | 1.87 |
Three Months Ended September 30, | |||||||||||||||
2017 | 2016 | ||||||||||||||
$ | per barrel of throughput | $ | per barrel of throughput | ||||||||||||
Calculation of gross margin: | |||||||||||||||
Revenues | $ | 5,475,816 | $ | 70.05 | $ | 4,508,613 | $ | 62.32 | |||||||
Less: Cost of products and other | 4,411,809 | 56.44 | 3,904,258 | 53.96 | |||||||||||
Less: Refinery operating expenses | 389,591 | 4.98 | 404,045 | 5.59 | |||||||||||
Less: Refinery depreciation expenses | 70,338 | 0.90 | 51,337 | 0.71 | |||||||||||
Gross margin | $ | 604,078 | $ | 7.73 | $ | 148,973 | $ | 2.06 | |||||||
Reconciliation of gross margin to gross refining margin: | |||||||||||||||
Gross margin | $ | 604,078 | $ | 7.73 | $ | 148,973 | $ | 2.06 | |||||||
Add: Refinery operating expenses | 389,591 | 4.98 | 404,045 | 5.59 | |||||||||||
Add: Refinery depreciation expense | 70,338 | 0.90 | 51,337 | 0.71 | |||||||||||
Gross refining margin | $ | 1,064,007 | $ | 13.61 | $ | 604,355 | $ | 8.36 | |||||||
Special items: | |||||||||||||||
Add: Non-cash LCM inventory adjustment (1) | (265,077 | ) | (3.39 | ) | (103,990 | ) | (1.44 | ) | |||||||
Gross refining margin excluding special items | $ | 798,930 | $ | 10.22 | $ | 500,365 | $ | 6.92 | |||||||
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
$ | per barrel of throughput | $ | per barrel of throughput | ||||||||||||||||||||
Calculation of consolidated gross margin: | |||||||||||||||||||||||
Revenues | $ | 4,913.2 | $ | 73.22 | $ | 5,260.0 | $ | 67.77 | |||||||||||||||
Less: Cost of sales | 4,827.9 | 71.94 | 6,646.3 | 85.63 | |||||||||||||||||||
Consolidated gross margin | $ | 85.3 | $ | 1.28 | $ | (1,386.3) | $ | (17.86) | |||||||||||||||
Reconciliation of consolidated gross margin to gross refining margin and gross refining margin excluding special items: | |||||||||||||||||||||||
Consolidated gross margin | $ | 85.3 | $ | 1.28 | $ | (1,386.3) | $ | (17.86) | |||||||||||||||
Add: Refinery operating expense | 460.2 | 6.86 | 507.5 | 6.54 | |||||||||||||||||||
Add: Refinery depreciation expense | 104.7 | 1.56 | 105.4 | 1.36 | |||||||||||||||||||
Gross refining margin | $ | 650.2 | $ | 9.70 | $ | (773.4) | $ | (9.96) | |||||||||||||||
Special items:(1) | |||||||||||||||||||||||
Add: Non-cash LCM inventory adjustment | (405.6) | (6.05) | 1,285.6 | 16.56 | |||||||||||||||||||
Gross refining margin excluding special items | $ | 244.6 | $ | 3.65 | $ | 512.2 | $ | 6.60 | |||||||||||||||
Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | ||||||||||||||
$ | per barrel of throughput | $ | per barrel of throughput | ||||||||||||
Calculation of gross margin: | |||||||||||||||
Revenues | $ | 15,239,265 | $ | 71.02 | $ | 11,164,571 | $ | 57.25 | |||||||
Less: Cost of products and other | 13,326,396 | 62.11 | 9,634,989 | 49.40 | |||||||||||
Less: Refinery operating expenses | 1,225,014 | 5.71 | 972,223 | 4.98 | |||||||||||
Less: Refinery depreciation expenses | 181,238 | 0.84 | 151,473 | 0.78 | |||||||||||
Gross margin | $ | 506,617 | $ | 2.36 | $ | 405,886 | $ | 2.09 | |||||||
Reconciliation of gross margin to gross refining margin: | |||||||||||||||
Gross margin | $ | 506,617 | $ | 2.36 | $ | 405,886 | $ | 2.09 | |||||||
Add: Refinery operating expenses | 1,225,014 | 5.71 | 972,223 | 4.98 | |||||||||||
Add: Refinery depreciation expense | 181,238 | 0.84 | 151,473 | 0.78 | |||||||||||
Gross refining margin | $ | 1,912,869 | $ | 8.91 | $ | 1,529,582 | $ | 7.85 | |||||||
Special items: | |||||||||||||||
Add: Non-cash LCM inventory adjustment (1) | (97,943 | ) | (0.45 | ) | (320,833 | ) | (1.65 | ) | |||||||
Gross refining margin excluding special items | $ | 1,814,926 | $ | 8.46 | $ | 1,208,749 | $ | 6.20 | |||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||||||||||||||||||||||||||||||||
Reconciliation of net income to EBITDA and EBITDA excluding special items: | ||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 526,080 | $ | 65,072 | $ | 255,164 | $ | 148,148 | ||||||||||||||||||||||||||||||||||||||
Reconciliation of net income (loss) to EBITDA and EBITDA excluding special items: | Reconciliation of net income (loss) to EBITDA and EBITDA excluding special items: | |||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | (56.9) | $ | (1,474.6) | |||||||||||||||||||||||||||||||||||||||||
Add: Depreciation and amortization expense | Add: Depreciation and amortization expense | 72,910 | 52,678 | 191,593 | 155,890 | Add: Depreciation and amortization expense | 108.1 | 108.3 | ||||||||||||||||||||||||||||||||||||||
Add: Interest expense, net | Add: Interest expense, net | 29,269 | 33,896 | 92,782 | 98,446 | Add: Interest expense, net | 69.6 | 36.5 | ||||||||||||||||||||||||||||||||||||||
Add: Income tax (benefit) expense | Add: Income tax (benefit) expense | (4,292 | ) | 2,291 | 2,040 | 29,287 | Add: Income tax (benefit) expense | (10.6) | 14.2 | |||||||||||||||||||||||||||||||||||||
EBITDA | EBITDA | $ | 623,967 | $ | 153,937 | $ | 541,579 | $ | 431,771 | EBITDA | $ | 110.2 | $ | (1,315.6) | ||||||||||||||||||||||||||||||||
Special Items: | ||||||||||||||||||||||||||||||||||||||||||||||
Add: Non-cash LCM inventory adjustment (1) | (265,077 | ) | (103,990 | ) | (97,943 | ) | (320,833 | ) | ||||||||||||||||||||||||||||||||||||||
Add: Debt extinguishment costs (1) | — | — | 25,451 | — | ||||||||||||||||||||||||||||||||||||||||||
Special Items:(1) | Special Items:(1) | |||||||||||||||||||||||||||||||||||||||||||||
Add: Non-cash LCM inventory adjustment | Add: Non-cash LCM inventory adjustment | (405.6) | 1,285.6 | |||||||||||||||||||||||||||||||||||||||||||
Add: Change in fair value of contingent consideration | Add: Change in fair value of contingent consideration | 29.5 | (53.0) | |||||||||||||||||||||||||||||||||||||||||||
Add: Debt extinguishment costs | Add: Debt extinguishment costs | — | 22.2 | |||||||||||||||||||||||||||||||||||||||||||
EBITDA excluding special items | EBITDA excluding special items | $ | 358,890 | $ | 49,947 | $ | 469,087 | $ | 110,938 | EBITDA excluding special items | $ | (265.9) | $ | (60.8) | ||||||||||||||||||||||||||||||||
Reconciliation of EBITDA to Adjusted EBITDA: | Reconciliation of EBITDA to Adjusted EBITDA: | Reconciliation of EBITDA to Adjusted EBITDA: | ||||||||||||||||||||||||||||||||||||||||||||
EBITDA | EBITDA | $ | 623,967 | $ | 153,937 | $ | 541,579 | $ | 431,771 | EBITDA | $ | 110.2 | $ | (1,315.6) | ||||||||||||||||||||||||||||||||
Add: Stock based compensation | 3,415 | 2,659 | 13,549 | 12,658 | ||||||||||||||||||||||||||||||||||||||||||
Add: Non-cash change in fair value of catalyst leases | (473 | ) | (77 | ) | 1,011 | 4,556 | ||||||||||||||||||||||||||||||||||||||||
Add: Stock-based compensation | Add: Stock-based compensation | 6.4 | 8.3 | |||||||||||||||||||||||||||||||||||||||||||
Add: Change in fair value of catalyst obligations | Add: Change in fair value of catalyst obligations | 10.0 | (11.7) | |||||||||||||||||||||||||||||||||||||||||||
Add: Non-cash LCM inventory adjustment (1) | Add: Non-cash LCM inventory adjustment (1) | (265,077 | ) | (103,990 | ) | (97,943 | ) | (320,833 | ) | Add: Non-cash LCM inventory adjustment (1) | (405.6) | 1,285.6 | ||||||||||||||||||||||||||||||||||
Add: Change in fair value of contingent consideration (1) | Add: Change in fair value of contingent consideration (1) | 29.5 | (53.0) | |||||||||||||||||||||||||||||||||||||||||||
Add: Debt extinguishment costs (1) | Add: Debt extinguishment costs (1) | — | — | 25,451 | — | Add: Debt extinguishment costs (1) | — | 22.2 | ||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | Adjusted EBITDA | $ | 361,832 | $ | 52,529 | $ | 483,647 | $ | 128,152 | Adjusted EBITDA | $ | (249.5) | $ | (64.2) | ||||||||||||||||||||||||||||||||
2017 | 2016 | ||||||
January 1, | $ | 595,988 | $ | 1,117,336 | |||
June 30, | 763,122 | 900,493 | |||||
September 30, | 498,045 | 796,503 |
2021 | 2020 | ||||||||||
January 1, | $ | 669.6 | $ | 401.6 | |||||||
March 31, | 264.0 | 1,687.2 | |||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net LCM inventory adjustment benefit in both operating and net income | $ | 265,077 | $ | 103,990 | $ | 97,943 | $ | 320,833 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Net LCM inventory adjustment benefit (charge) in both income (loss) from operations and net income (loss) | $ | 405.6 | $ | (1,285.6) |
Summarized Balance Sheets (in millions) | March 31, 2021 | December 31, 2020 | |||||||||
ASSETS | |||||||||||
Current Assets (1) | $ | 4,560.6 | $ | 3,559.0 | |||||||
Non-Current Assets | 5,760.3 | 5,990.0 | |||||||||
Due from non-guarantor subsidiaries | 14,315.0 | 13,813.0 | |||||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities (1) | $ | 3,317.6 | $ | 2,350.0 | |||||||
Long-term liabilities | 5,260.4 | 5,411.0 | |||||||||
Due to non-guarantor subsidiaries | 14,241.6 | 13,770.0 | |||||||||
(1) Includes $5.6 million and $59.0 million of accounts receivable and accounts payable, respectively, related to transactions with PBFX as of March 31, 2021. Includes $4.9 million and $53.2 million of accounts receivable and accounts payable, respectively, related to transactions with PBFX as of December 31, 2020. Refer to “Note 7 - Related Party Transactions” of our Notes to Condensed Consolidated Financial Statements for further information. |
Summarized Statements of Operations (in millions) | Three Months Ended March 31, 2021 | Three months ended March 31, 2020 | |||||||||
Revenues | $ | 4,888.8 | $ | 5,143.3 | |||||||
Cost of sales | 4,305.0 | 6,171.8 | |||||||||
Gross margin | 583.8 | (1028.5) | |||||||||
Income (loss) from operations | 507.8 | (1,051.6) | |||||||||
Net income (loss) | 401.6 | (1,059.4) | |||||||||
Net income (loss) attributable to PBF Holding Company LLC | 401.4 | (1,059.5) | |||||||||
Non-guarantor intercompany sales with the Issuer and Guarantor subsidiaries | $ | 468.5 | $ | 419.5 | |||||||
Non-guarantor intercompany cost of sales with the Issuer and Guarantor subsidiaries | 9.9 | 4.4 | |||||||||
Affiliate revenues related to transactions with PBFX (1) | 4.0 | 4.2 | |||||||||
Affiliate expenses related to transactions with PBFX (1) | 75.9 | 75.5 | |||||||||
(1) Refer to “Note 7 - Related Party Transactions” of our Notes to Condensed Consolidated Financial Statements for further information. |
Exhibit Number | Description | |||||||
Certification of Thomas J. Nimbley, Chief Executive Officer of PBF Holding Company LLC pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||||||||
Certification of Erik Young, Chief Financial Officer of PBF Holding Company LLC pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||||||||
32.1* (1) | Certification of Thomas J. Nimbley, Chief Executive Officer of PBF Holding Company LLC pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |||||||
32.2* (1) | Certification of Erik Young, Chief Financial Officer of PBF Holding Company LLC pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |||||||
101.INS | XBRL Instance Document. | |||||||
101.SCH | XBRL Taxonomy Extension Schema Document. | |||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. | |||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. | |||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document. | |||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. |
* | Filed herewith. | ||||
(1) | This exhibit should not be deemed to be “filed” for purposes of Section 18 of the Exchange Act. |
PBF Holding Company LLC | ||||||||||||||
Date: | May 5, 2021 | |||||||||||||
By: | ||||||||||||||
/s/ Erik Young | ||||||||||||||
Erik Young Senior Vice President, Chief Financial Officer (Duly Authorized Officer and Principal Financial Officer) | ||||||||||||||
PBF Finance Corporation | ||||||||||||||
Date: | May 5, 2021 | By: | /s/ Erik Young | |||||||||||
Erik Young Senior Vice President, Chief Financial Officer (Duly Authorized Officer and Principal Financial Officer) |