Document_and_Entity_Informatio
Document and Entity Information Document | 9 Months Ended | |
Sep. 30, 2013 | Nov. 04, 2013 | |
Entity Information [Line Items] | ' | ' |
Entity Registrant Name | 'PBF ENERGY INC. | ' |
Entity Central Index Key | '0001534504 | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Document Fiscal Year Focus | '2013 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Current Reporting Status | 'Yes | ' |
PBF Holding Company LLC [Member] | ' | ' |
Entity Information [Line Items] | ' | ' |
Entity Registrant Name | 'PBF HOLDING COMPANY LLC | ' |
Entity Central Index Key | '0001566011 | ' |
Entity Common Stock, Shares Outstanding | ' | 0 |
PBF Finance Corporation [Member] | ' | ' |
Entity Information [Line Items] | ' | ' |
Entity Registrant Name | 'PBF FINANCE CORPORATION | ' |
Entity Central Index Key | '0001566097 | ' |
Entity Common Stock, Shares Outstanding | ' | 100 |
Class A Common Stock [Member] | ' | ' |
Entity Information [Line Items] | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 39,582,312 |
Class B Common Stock [Member] | ' | ' |
Entity Information [Line Items] | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 41 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $57,417 | $285,884 |
Accounts receivable | 577,879 | 503,796 |
Inventories | 1,472,637 | 1,497,119 |
Deferred tax asset | 27,279 | 7,717 |
Prepaid expense and other current assets | 56,133 | 13,388 |
Total current assets | 2,191,345 | 2,307,904 |
Property, plant, and equipment, net | 1,735,760 | 1,635,587 |
Deferred tax assets | 200,282 | 112,862 |
Deferred charges and other assets, net | 201,954 | 197,349 |
Total assets | 4,329,341 | 4,253,702 |
Current liabilities: | ' | ' |
Accounts payable | 563,922 | 360,057 |
Accrued expenses | 1,042,539 | 1,031,467 |
Payable to related parties pursuant to tax receivable agreement | 1,007 | 1,007 |
Deferred revenue | 1,882 | 210,543 |
Total current liabilities | 1,609,350 | 1,603,074 |
Delaware Economic Development Authority loan | 16,000 | 20,000 |
Long-term debt | 722,565 | 709,980 |
Payable to related parties pursuant to tax receivable agreement | 298,112 | 159,004 |
Other long-term liabilities | 34,478 | 38,099 |
Total liabilities | 2,680,505 | 2,530,157 |
Commitments and contingencies (Note 11) | ' | ' |
Equity: | ' | ' |
Preferred stock, $0.001 par value, 100,000,000 shares authorized, no shares outstanding, at September 30, 2013 and December 31, 2012 | 0 | 0 |
Additional paid in capital | 659,661 | 417,835 |
(Accumulated deficit) / Retained earnings | -15,702 | 1,956 |
Accumulated other comprehensive loss | -3,495 | -61 |
Total PBF Energy Inc. equity | 640,504 | 419,754 |
Noncontrolling interest | 1,008,332 | 1,303,791 |
Total equity | 1,648,836 | 1,723,545 |
Total liabilities and equity | 4,329,341 | 4,253,702 |
Class A Common Stock [Member] | ' | ' |
Equity: | ' | ' |
Common stock, value, issued | 40 | 24 |
Class B common stock [Member] | ' | ' |
Equity: | ' | ' |
Common stock, value, issued | 0 | 0 |
PBF Holding Company LLC [Member] | ' | ' |
Current assets: | ' | ' |
Cash and cash equivalents | 57,417 | 254,291 |
Accounts receivable | 577,879 | 503,796 |
Due from related party | 0 | 14,721 |
Inventories | 1,472,637 | 1,497,119 |
Prepaid expense and other current assets | 56,133 | 13,388 |
Total current assets | 2,164,066 | 2,283,315 |
Property, plant, and equipment, net | 1,735,760 | 1,635,587 |
Deferred charges and other assets, net | 201,954 | 197,349 |
Total assets | 4,101,780 | 4,116,251 |
Current liabilities: | ' | ' |
Accounts payable | 563,922 | 360,057 |
Accrued expenses | 1,043,603 | 1,025,918 |
Deferred revenue | 1,882 | 210,543 |
Total current liabilities | 1,609,407 | 1,596,518 |
Delaware Economic Development Authority loan | 16,000 | 20,000 |
Long-term debt | 722,565 | 709,980 |
Intercompany notes payable | 31,632 | 0 |
Other long-term liabilities | 36,351 | 38,099 |
Total liabilities | 2,415,955 | 2,364,597 |
Commitments and contingencies (Note 11) | ' | ' |
Equity: | ' | ' |
Member's equity | 931,587 | 930,098 |
(Accumulated deficit) / Retained earnings | 762,848 | 830,497 |
Accumulated other comprehensive loss | -8,610 | -8,941 |
Total equity | 1,685,825 | 1,751,654 |
Total liabilities and equity | $4,101,780 | $4,116,251 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Preferred stock, par value (USD per share) | $0.00 | $0.00 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Class A Common Stock [Member] | ' | ' |
Common stock, par value (USD per share) | $0.00 | $0.00 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares outstanding | 39,581,613 | 23,571,221 |
Class B common stock [Member] | ' | ' |
Common stock, par value (USD per share) | $0.00 | $0.00 |
Common stock, shares authorized | 1,000,000 | 1,000,000 |
Common stock, shares outstanding | 41 | 41 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues | $4,858,880 | $5,395,206 | $14,335,020 | $15,188,327 |
Cost and expenses: | ' | ' | ' | ' |
Cost of sales, excluding depreciation | 4,663,697 | 4,932,645 | 13,394,777 | 13,871,884 |
Operating expenses, excluding depreciation | 192,647 | 179,035 | 601,245 | 537,880 |
General and administrative expenses | 30,748 | 38,942 | 79,983 | 78,042 |
Loss (gain) on sale of assets | -48 | 20 | -48 | -2,430 |
Depreciation and amortization expense | 27,435 | 24,455 | 81,530 | 67,419 |
Total cost and expenses | 4,914,479 | 5,175,097 | 14,157,487 | 14,552,795 |
(Loss) income from operations | -55,599 | 220,109 | 177,533 | 635,532 |
Other income (expense) | ' | ' | ' | ' |
Change in fair value of contingent consideration | 0 | -692 | 0 | -2,076 |
Change in fair value of catalyst lease | -2,363 | -5,952 | 3,118 | -6,929 |
Interest expense, net | -26,242 | -26,901 | -69,561 | -86,753 |
(Loss) income before income taxes | -84,204 | 186,564 | 111,090 | 539,774 |
Income tax benefit | -19,311 | 0 | -898 | 0 |
Net income (loss) | -64,893 | 186,564 | 111,988 | 539,774 |
Less: net (loss) income attributable to noncontrolling interest | -45,045 | ' | 103,604 | ' |
Net (loss) income attributable to PBF Energy Inc. | -19,848 | ' | 8,384 | ' |
Basic (in shares) | 39,575,429 | ' | 30,094,946 | ' |
Diluted (in shares) | 39,575,429 | ' | 30,748,901 | ' |
Basic (in usd per share) | ($0.50) | ' | $0.28 | ' |
Diluted (in usd per share) | ($0.50) | ' | $0.27 | ' |
Dividends per common share | $0.30 | ' | $0.90 | ' |
PBF Holding Company LLC [Member] | ' | ' | ' | ' |
Revenues | 4,858,880 | 5,395,206 | 14,335,020 | 15,188,327 |
Cost and expenses: | ' | ' | ' | ' |
Cost of sales, excluding depreciation | 4,663,697 | 4,932,645 | 13,394,777 | 13,871,884 |
Operating expenses, excluding depreciation | 192,647 | 179,035 | 601,245 | 537,880 |
General and administrative expenses | 22,653 | 38,942 | 71,888 | 78,042 |
Loss (gain) on sale of assets | -48 | 20 | -48 | -2,430 |
Depreciation and amortization expense | 27,435 | 24,455 | 81,530 | 67,419 |
Total cost and expenses | 4,906,384 | 5,175,097 | 14,149,392 | 14,552,795 |
(Loss) income from operations | -47,504 | 220,109 | 185,628 | 635,532 |
Other income (expense) | ' | ' | ' | ' |
Change in fair value of contingent consideration | 0 | -692 | 0 | -2,076 |
Change in fair value of catalyst lease | -2,363 | -5,952 | 3,118 | -6,929 |
Interest expense, net | -26,363 | -26,901 | -69,712 | -86,753 |
Net income (loss) | ($76,230) | $186,564 | $119,034 | $539,774 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net income | ($64,893) | $186,564 | $111,988 | $539,774 |
Other comprehensive income: | ' | ' | ' | ' |
Unrealized gain on available for sale securities | 13 | 2 | 7 | 2 |
Amortization of defined benefit plans unrecognized net loss | 108 | 0 | 324 | 17 |
Total other comprehensive income | 121 | 2 | 331 | 19 |
Comprehensive income (loss) attributable to Company | -64,772 | 186,566 | 112,319 | 539,793 |
Less: Comprehensive (loss) income attributable to noncontrolling interest | -45,004 | ' | 103,800 | ' |
Comprehensive (loss) income attributable to PBF Energy Inc. | -19,768 | ' | 8,519 | ' |
PBF Holding Company LLC [Member] | ' | ' | ' | ' |
Net income | -76,230 | 186,564 | 119,034 | 539,774 |
Other comprehensive income: | ' | ' | ' | ' |
Unrealized gain on available for sale securities | 13 | 2 | 7 | 2 |
Amortization of defined benefit plans unrecognized net loss | 108 | 0 | 324 | 17 |
Total other comprehensive income | 121 | 2 | 331 | 19 |
Comprehensive income (loss) attributable to Company | ($76,109) | $186,566 | $119,365 | $539,793 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statement of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Net income | $111,988 | $539,774 |
Adjustments to reconcile net income to net cash provided by operations: | ' | ' |
Depreciation and amortization | 86,417 | 71,144 |
Stock-based compensation | 2,750 | 1,707 |
Change in fair value of catalyst lease obligation | -3,118 | 6,929 |
Change in fair value of contingent consideration | 0 | 2,076 |
Deferred income taxes | -898 | 0 |
Increase (decrease) in tax receivable agreement liability | 8,095 | 0 |
Non-cash change in inventory repurchase obligations | -13,362 | 5,126 |
Write-off of unamortized deferred financing fees | 0 | 4,391 |
Pension and other post retirement benefits costs | 12,654 | 9,513 |
Gain on disposition of property, plant and equipment | -48 | -2,430 |
Changes in current assets and current liabilities: | ' | ' |
Accounts receivable | -74,083 | -179,989 |
Inventories | 31,165 | 85,179 |
Other current assets | -42,745 | 36,971 |
Accounts payable | 203,865 | -39,153 |
Accrued expenses | 48,811 | -56,404 |
Deferred revenue | -208,661 | 13,719 |
Other assets and liabilities | -20,249 | -29,731 |
Net cash provided by operations | 142,581 | 468,822 |
Cash flow from investing activities: | ' | ' |
Expenditures for property, plant and equipment | -201,906 | -102,004 |
Expenditures for deferred turnarounds cost | -15,859 | -27,501 |
Expenditures for other assets | -10,584 | -7,731 |
Proceeds from sale of assets | 30,826 | 3,381 |
Net cash used in investing activities | -197,523 | -133,855 |
Cash flows from financing activities: | ' | ' |
Proceeds from revolver borrowings | 745,000 | 0 |
Proceeds from member's capital contributions | 0 | 250 |
Distribution to PBF Energy Company LLC members | -140,457 | -15,081 |
Dividend payment | -26,042 | 0 |
Proceeds from 8.25% senior secured notes | 0 | 665,806 |
Proceeds from long-term debt | 0 | 430,000 |
Proceeds from catalyst lease | 0 | 9,452 |
Repayments of revolver borrowings | -730,000 | 0 |
Repayments of long-term debt | 0 | -1,184,597 |
Payment of contingent consideration related to acquistion of Toledo refinery | -21,357 | -103,642 |
Deferred financing costs and other | -669 | -17,273 |
Net cash used in financing activities | -173,525 | -215,085 |
Net (decrease) increase in cash and cash equivalents | -228,467 | 119,882 |
Cash and equivalents, beginning of period | 285,884 | 50,166 |
Cash and equivalents, end of period | 57,417 | 170,048 |
Non-cash activities: | ' | ' |
Conversion of Delaware Economic Development Authority loan to grant | 4,000 | 0 |
Accrued construction in progress | 7,649 | 11,710 |
Non-cash impact of inventory supply and offtake agreements on inventory and accrued expenses | 6,683 | 48,180 |
PBF Holding Company LLC [Member] | ' | ' |
Net income | 119,034 | 539,774 |
Adjustments to reconcile net income to net cash provided by operations: | ' | ' |
Depreciation and amortization | 86,417 | 71,144 |
Stock-based compensation | 2,750 | 1,707 |
Change in fair value of catalyst lease obligation | -3,118 | 6,929 |
Change in fair value of contingent consideration | 0 | 2,076 |
Non-cash change in inventory repurchase obligations | -13,362 | 5,126 |
Write-off of unamortized deferred financing fees | 0 | 4,391 |
Pension and other post retirement benefits costs | 12,654 | 9,513 |
Gain on disposition of property, plant and equipment | -48 | -2,430 |
Changes in current assets and current liabilities: | ' | ' |
Accounts receivable | -74,083 | -179,989 |
Due to/from related party | 14,721 | 0 |
Inventories | 31,165 | 85,179 |
Other current assets | -42,745 | 36,971 |
Accounts payable | 203,865 | -39,153 |
Accrued expenses | 52,513 | -56,404 |
Deferred revenue | -208,661 | 13,719 |
Other assets and liabilities | -18,375 | -29,731 |
Net cash provided by operations | 162,727 | 468,822 |
Cash flow from investing activities: | ' | ' |
Expenditures for property, plant and equipment | -201,906 | -102,004 |
Expenditures for deferred turnarounds cost | -15,859 | -27,501 |
Expenditures for other assets | -10,584 | -7,731 |
Proceeds from sale of assets | 30,826 | 3,381 |
Proceeds from intercompany notes payable | 31,632 | 0 |
Net cash used in investing activities | -197,523 | -133,855 |
Cash flows from financing activities: | ' | ' |
Proceeds from revolver borrowings | 745,000 | 0 |
Proceeds from member's capital contributions | 0 | 250 |
Distribution to PBF Energy Company LLC members | -186,684 | -15,081 |
Proceeds from 8.25% senior secured notes | 0 | 665,806 |
Proceeds from long-term debt | 0 | 430,000 |
Proceeds from catalyst lease | 0 | 9,452 |
Repayments of revolver borrowings | -730,000 | 0 |
Repayments of long-term debt | 0 | -1,184,597 |
Payment of contingent consideration related to acquistion of Toledo refinery | -21,357 | -103,642 |
Deferred financing costs and other | -669 | -17,273 |
Net cash used in financing activities | -162,078 | -215,085 |
Net (decrease) increase in cash and cash equivalents | -196,874 | 119,882 |
Cash and equivalents, beginning of period | 254,291 | 50,166 |
Cash and equivalents, end of period | 57,417 | 170,048 |
Non-cash activities: | ' | ' |
Conversion of Delaware Economic Development Authority loan to grant | 4,000 | 0 |
Accrued construction in progress | 7,649 | 11,710 |
Non-cash impact of inventory supply and offtake agreements on inventory and accrued expenses | $6,683 | $48,180 |
DESCRIPTION_OF_THE_BUSINESS_AN
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION | ' |
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION | |
Description of the Business | |
PBF Energy Inc. ("PBF Energy") was formed as a Delaware corporation on November 7, 2011 for the purpose of facilitating an initial public offering ("IPO") of its common equity and to become the sole managing member of PBF Energy Company LLC ("PBF LLC"), a Delaware limited liability company. Prior to completion of its IPO, PBF Energy had not engaged in any business or other activities except in connection with its formation and the IPO. On December 12, 2012, PBF Energy completed an IPO of 23,567,686 shares of its Class A common stock at a public offering price of $26.00 per share. The IPO subsequently closed on December 18, 2012. PBF Energy used the net proceeds of the offering to acquire approximately 24.4% of the membership interests in PBF LLC and to cover offering expenses. As a result of the IPO and related reorganization transactions, PBF Energy became the sole managing member of PBF LLC with a controlling interest in PBF LLC and its subsidiaries. PBF Energy consolidates the financial results of PBF LLC and its subsidiaries and records a noncontrolling interest in its consolidated financial statements representing the economic interests of PBF LLC's members other than PBF Energy. The financial statements and results of operations for periods prior to the completion of PBF Energy’s IPO and the related reorganization transactions are those of PBF LLC. Effective with the completion of the PBF Energy IPO and related reorganization transactions, PBF LLC became a minority-owned, controlled and consolidated subsidiary of PBF Energy. | |
On June 12, 2013, PBF Energy completed a public offering of 15,950,000 shares of Class A common stock at a price of $27.00 per share, less underwriting discounts and commissions, in a secondary public offering (the "Secondary Offering"). All of the shares were sold by funds affiliated with The Blackstone Group L.P., or Blackstone, and First Reserve Management, L.P., or First Reserve. In connection with the Secondary Offering, Blackstone and First Reserve exchanged 15,950,000 Series A Units of PBF LLC for an equivalent number of shares of Class A common stock of PBF Energy, resulting in a divestiture of approximately 16.6% of Blackstone and First Reserve's holdings in PBF LLC. PBF Energy did not receive any proceeds from the Secondary Offering. PBF Energy incurred approximately $1,388 of expenses, included in general and administrative expenses, in connection with, the Secondary Offering during the nine months ended September 30, 2013 for which it was reimbursed by PBF LLC in accordance with the PBF LLC amended and restated limited liability company agreement. | |
PBF LLC, together with its consolidated subsidiaries, owns and operates oil refineries and related facilities in North America. PBF Holding Company LLC ("PBF Holding") is a wholly-owned subsidiary of PBF LLC. PBF Finance Corporation ("PBF Finance") is a wholly-owned subsidiary of PBF Holding. PBF Holding and PBF Finance issued 8.25% Senior Secured Notes due 2020 ("senior secured notes") in 2012, which were subsequently registered under the Securities Act of 1933, as amended. Delaware City Refining Company LLC, Delaware Pipeline Company LLC, PBF Power Marketing LLC, Paulsboro Refining Company LLC, Paulsboro Natural Gas Pipeline Company LLC and Toledo Refining Company LLC are PBF LLC’s principal operating subsidiaries and are all wholly-owned subsidiaries of PBF Holding. Collectively, PBF Energy and subsidiaries, including PBF Holding, are referred to hereinafter as the "Company". | |
Substantially all of the Company’s operations are in the United States. The Company’s three oil refineries are all engaged in the refining of crude oil and other feedstocks into petroleum products, and have been aggregated to form one reportable segment. To generate earnings and cash flows from operations, the Company is primarily dependent upon processing crude oil and selling refined petroleum products at margins sufficient to cover fixed and variable costs and other expenses. Crude oil and refined petroleum products are commodities and factors largely out of the Company’s control can cause prices to vary over time. The potential margin volatility can have a material effect on the Company’s financial position, earnings and cash flow. | |
Basis of Presentation | |
The unaudited condensed consolidated financial information furnished herein reflects all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, considered necessary for a fair presentation of the financial position and the results of operations and cash flows of the Company for the periods presented. Certain amounts reported in prior years have been reclassified to conform to the current year presentation. All intercompany accounts and transactions have been eliminated in consolidation. These unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. These interim condensed consolidated financial statements should be read in conjunction with the financial statements included in the Annual Reports on Form 10-K for the year ended December 31, 2012 of PBF Energy Inc., PBF Holding Company LLC and PBF Finance Corporation. The results of operations for the three and nine months ended September 30, 2013 are not indicative of the results to be expected for the full year. |
RECENT_ACCOUNTING_PRONOUCEMENT
RECENT ACCOUNTING PRONOUCEMENTS | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Changes and Error Corrections [Abstract] | ' |
RECENT ACCOUNTING PRONOUCEMENTS | ' |
RECENT ACCOUNTING PRONOUNCEMENTS | |
On January 1, 2013, the Company adopted changes issued by the Financial Accounting Standards Board ("FASB") to the disclosure of offsetting assets and liabilities. These changes require an entity to disclose gross and net information about instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting arrangement. The enhanced disclosures will enable users of an entity's financial statements to understand and evaluate the effect or potential effect of master netting arrangements on an entity's financial position, including the effect or potential effect of rights of setoff associated with certain financial instruments and derivative instruments. As of September 30, 2013, the impact of offsetting assets and liabilities was not material to the Company and additional disclosure is not included in this Form 10-Q. | |
On January 1, 2013, the Company adopted changes issued by the FASB to the reporting of amounts reclassified out of accumulated other comprehensive income. These changes require an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required to be reclassified in its entirety to net income. For other amounts that are not required to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures that provide additional detail about those amounts. These requirements are to be applied to each component of accumulated other comprehensive income. For the three and nine months ended September 30, 2013, the impact of reclassification out of accumulated other comprehensive income was not material to the Company and additional disclosure is not included in this Form 10-Q. |
NONCONTROLLING_INTEREST_OF_PBF
NONCONTROLLING INTEREST OF PBF ENERGY | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Noncontrolling Interest [Abstract] | ' | |||||||||||
NONCONTROLLING INTEREST OF PBF ENERGY | ' | |||||||||||
NONCONTROLLING INTEREST OF PBF ENERGY | ||||||||||||
As a result of the PBF Energy IPO and the related reorganization transactions on December 18, 2012, PBF Energy became the sole managing member of, and had a controlling interest in, PBF LLC which represented 24.4% of the outstanding units. As the sole managing member of PBF LLC, PBF Energy operates and controls all of the business and affairs of PBF LLC and its subsidiaries. In connection with the Secondary Offering, Blackstone and First Reserve exchanged 15,950,000 Series A Units of PBF LLC for an equivalent number of shares of Class A common stock of PBF Energy, which increased PBF Energy's interest in PBF LLC to approximately 40.9%. | ||||||||||||
PBF Energy consolidates the financial results of PBF LLC and its subsidiaries, and records a noncontrolling interest for the economic interest in PBF Energy held by the members of PBF LLC other than PBF Energy. Noncontrolling interest on the consolidated statements of operations represents the portion of net income or loss attributable to the economic interest in PBF Energy held by the members of PBF LLC other than PBF Energy. Noncontrolling interest on the consolidated balance sheets represents the portion of net assets of PBF Energy attributable to the members of PBF LLC other than PBF Energy. The noncontrolling interest ownership percentage as of September 30, 2013, June 12, 2013 (the completion date of the Secondary Offering) and December 31, 2012 is calculated as follows: | ||||||||||||
Holders of | Outstanding Shares | Total * | ||||||||||
PBF LLC Series | of PBF Energy | |||||||||||
A Units | Class A | |||||||||||
Common | ||||||||||||
Stock | ||||||||||||
December 31, 2012 | 72,972,131 | 23,571,221 | 96,543,352 | |||||||||
75.6 | % | 24.4 | % | 100 | % | |||||||
June 12, 2013 | 57,027,225 | 39,563,835 | 96,591,060 | |||||||||
59 | % | 41 | % | 100 | % | |||||||
September 30, 2013 | 57,237,488 | 39,581,613 | 96,819,101 | |||||||||
59.1 | % | 40.9 | % | 100 | % | |||||||
—————————— | ||||||||||||
* | Assumes all of the holders of PBF LLC Series A Units exchange their PBF LLC Series A Units for shares of PBF Energy’s Class A common stock on a one-for-one basis. | |||||||||||
The following table summarizes the changes in equity for the controlling and noncontrolling interests of PBF Energy for the nine months ended September 30, 2013: | ||||||||||||
PBF Energy Inc. Equity | Noncontrolling | Total Equity | ||||||||||
Interest | ||||||||||||
Balance at January 1, 2013 | $ | 419,754 | $ | 1,303,791 | $ | 1,723,545 | ||||||
Net income | 8,384 | 103,604 | 111,988 | |||||||||
Dividend and distributions | (26,042 | ) | (140,457 | ) | (166,499 | ) | ||||||
Record deferred tax asset and liabilities and tax receivable agreement associated with Secondary Offering | (23,654 | ) | — | (23,654 | ) | |||||||
Record allocation of non controlling interest upon completion of Secondary Offering | 260,243 | (260,243 | ) | — | ||||||||
Stock-based compensation | 1,636 | 1,114 | 2,750 | |||||||||
Exercise of PBF LLC options and warrants, net | — | 375 | 375 | |||||||||
Other comprehensive income | 167 | 164 | 331 | |||||||||
Exchange of PBF LLC Series A Units for Class A common stock | 16 | (16 | ) | — | ||||||||
Balance at September 30, 2013 | $ | 640,504 | $ | 1,008,332 | $ | 1,648,836 | ||||||
INVENTORIES
INVENTORIES | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Inventory Disclosure [Abstract] | ' | |||||||||||
INVENTORIES | ' | |||||||||||
INVENTORIES | ||||||||||||
Inventories consisted of the following: | ||||||||||||
September 30, 2013 | ||||||||||||
Titled Inventory | Inventory Supply and Offtake Arrangements | Total | ||||||||||
Crude oil and feedstocks | $ | 541,097 | $ | 95,371 | $ | 636,468 | ||||||
Refined products and blendstocks | 471,289 | 331,626 | 802,915 | |||||||||
Warehouse stock and other | 33,254 | — | 33,254 | |||||||||
$ | 1,045,640 | $ | 426,997 | $ | 1,472,637 | |||||||
December 31, 2012 | ||||||||||||
Titled Inventory | Inventory Supply and Offtake Arrangements | Total | ||||||||||
Crude oil and feedstocks | $ | 384,441 | $ | 257,947 | $ | 642,388 | ||||||
Refined products and blendstocks | 405,545 | 417,865 | 823,410 | |||||||||
Warehouse stock and other | 31,321 | — | 31,321 | |||||||||
$ | 821,307 | $ | 675,812 | $ | 1,497,119 | |||||||
The inventory offtake agreements at the Paulsboro and Delaware City refineries were terminated on July 1, 2013 and separate inventory intermediation agreements for these refineries became effective upon the termination (see Note 5 Inventory Intermediation Agreements). | ||||||||||||
Inventory under inventory supply and offtake arrangements includes crude oil stored at the Company’s Paulsboro and Delaware City refineries' storage facilities that the Company will purchase as it is consumed in connection with the crude supply agreements; feedstocks and blendstocks sold to counterparties that the Company will repurchase for further blending into finished products; lube products sold to a counterparty that the Company will repurchase; and light finished products sold to counterparties in connection with the offtake and intermediation agreements and stored in the Paulsboro and Delaware City refineries' storage facilities. | ||||||||||||
At September 30, 2013 and December 31, 2012, the replacement value of inventories exceeded the LIFO carrying value by approximately $72,689 and $79,859, respectively. |
DEFERRED_CHARGES_AND_OTHER_ASS
DEFERRED CHARGES AND OTHER ASSETS, NET | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | |||||||
DEFERRED CHARGES AND OTHER ASSETS, NET | ' | |||||||
DEFERRED CHARGES AND OTHER ASSETS, NET | ||||||||
Deferred charges and other assets, net consisted of the following: | ||||||||
September 30, | 31-Dec-12 | |||||||
2013 | ||||||||
Deferred turnaround costs, net | $ | 77,656 | $ | 78,128 | ||||
Catalyst | 68,374 | 66,377 | ||||||
Deferred financing costs, net | 27,929 | 30,987 | ||||||
Restricted cash | 12,116 | 12,114 | ||||||
Linefill | 9,636 | 8,042 | ||||||
Intangible assets, net | 761 | 1,085 | ||||||
Other | 5,482 | 616 | ||||||
$ | 201,954 | $ | 197,349 | |||||
ACCRUED_EXPENSES
ACCRUED EXPENSES | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
ACCRUED EXPENSES | ' | |||||||
ACCRUED EXPENSES | ||||||||
PBF Energy | ||||||||
Accrued expenses consisted of the following: | ||||||||
September 30, | December 31, 2012 | |||||||
2013 | ||||||||
Inventory-related accruals | $ | 445,753 | $ | 287,929 | ||||
Inventory supply and offtake arrangements | 439,264 | 536,594 | ||||||
Excise and sales tax payable | 27,651 | 40,776 | ||||||
Accrued transportation costs | 23,979 | 20,338 | ||||||
Accrued interest | 9,041 | 22,764 | ||||||
Accrued utilities | 16,622 | 19,060 | ||||||
Customer deposits | 28,104 | 26,541 | ||||||
Accrued salaries and benefits | 5,995 | 15,212 | ||||||
Accrued construction in progress | 7,649 | 16,481 | ||||||
Income taxes payable | — | 1,275 | ||||||
Fair value of contingent consideration for refinery acquisition | — | 21,358 | ||||||
Other | 38,481 | 23,139 | ||||||
$ | 1,042,539 | $ | 1,031,467 | |||||
PBF Holding | ||||||||
Accrued expenses consisted of the following: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Inventory-related accruals | $ | 445,753 | $ | 287,929 | ||||
Inventory supply and offtake arrangements | 439,264 | 536,594 | ||||||
Excise and sales tax payable | 27,651 | 36,414 | ||||||
Accrued transportation costs | 23,979 | 20,338 | ||||||
Accrued interest | 9,041 | 22,764 | ||||||
Accrued utilities | 16,622 | 19,060 | ||||||
Customer deposits | 28,104 | 26,541 | ||||||
Accrued salaries and benefits | 5,995 | 15,212 | ||||||
Accrued construction in progress | 7,649 | 16,481 | ||||||
Fair value of contingent consideration for refinery acquisition | — | 21,358 | ||||||
Other | 39,545 | 23,227 | ||||||
$ | 1,043,603 | $ | 1,025,918 | |||||
The Company has the obligation to repurchase certain intermediates and finished products that are held in the Company’s refinery storage tanks in accordance with the Intermediation Agreements with J. Aron commencing in July 2013 (see Note 5 Inventory Intermediation Agreements). As of September 30, 2013, a liability included in Inventory supply and offtake arrangements is recorded at market price for the J. Aron owned inventory held in the Company's storage tanks under the Intermediation Agreements, with any change in the market price being recorded in costs of sales. | ||||||||
Prior to July 1, 2013, the Company had the obligation to repurchase certain intermediates and lube products under its products offtake agreements with Morgan Stanley Capital Group Inc. (“MSCG”) that were held in the Company’s refinery storage tanks. A liability included in Inventory supply and offtake arrangements was recorded at market price for the volumes held in storage consistent with the terms of the offtake agreements with any change in the market price recorded in costs of sales. The liability represented the amount the Company expected to pay to repurchase the volumes held in storage. The Company recorded a non-cash benefit of $0 and $20,248 related to this liability in the three and nine months ended September 30, 2013, respectively. The Company recorded a non-cash charge of $30,249 and $17,309 related to this liability in the three and nine months ended September 30, 2012, respectively. |
DELAWARE_ECONOMIC_DEVELOPMENT_
DELAWARE ECONOMIC DEVELOPMENT AUTHORITY LOAN | 9 Months Ended |
Sep. 30, 2013 | |
Debt Disclosure [Abstract] | ' |
DELAWARE ECONOMIC DEVELOPMENT AUTHORITY LOAN | ' |
DELAWARE ECONOMIC DEVELOPMENT AUTHORITY LOAN | |
In June 2010, in connection with the Delaware City acquisition, the Delaware Economic Development Authority (the “Authority”) granted the Company a $20,000 loan to assist with operating costs and the cost of restarting the refinery. The loan is represented by a zero interest rate note and the entire unpaid principal amount is payable in full on March 1, 2017, unless the loan is converted to a grant. The Company recorded the loan as a long-term liability pending approval from the Authority that it has met the requirements to convert the remaining loan balance to a grant. | |
The loan converts to a grant in tranches of up to $4,000 annually over a five-year period, starting at the one-year anniversary of the “certified restart date” as defined in the agreement and certified by the Authority. In order for the loan to be converted to a grant, the Company is required to utilize at least 600 man hours of labor in connection with the reconstruction and restarting of the Delaware City refinery, expend at least $125,000 in qualified capital expenditures, commence refinery operations, and maintain certain employment levels, all as defined in the agreement. In February 2013, the Company received confirmation from the Authority that the Company had satisfied the conditions necessary for the first $4,000 tranche of the loan to be converted to a grant. As a result of the grant conversion, property, plant and equipment, net was reduced by $4,000 as of September 30, 2013, as the proceeds from the loan were used for capital projects. | |
In October 2013, the Company received confirmation from the Delaware Economic Development Authority that the Company had satisfied the conditions necessary for the second $4,000 tranche of the loan to be converted to a grant. |
INCOME_TAXES
INCOME TAXES | 9 Months Ended | ||||||||||||||
Sep. 30, 2013 | |||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||
INCOME TAXES | ' | ||||||||||||||
INCOME TAXES | |||||||||||||||
PBF Energy | |||||||||||||||
For periods following PBF Energy’s IPO, PBF Energy is required to file federal and applicable state corporate income tax returns and recognizes income taxes on its pre-tax income, which to-date has consisted solely of its share (approximately 24.4% prior to the Secondary Offering and approximately 40.9% subsequent to the Secondary Offering) of PBF LLC’s pre-tax income. PBF LLC is organized as a limited liability company which is treated as a "flow-through" entity for income tax purposes and therefore is not subject to income taxes. As a result, the PBF Energy condensed consolidated financial statements do not reflect a benefit or provision for income taxes for PBF LLC for periods prior to the IPO or any benefit or provision for income taxes on the pre-tax income or loss attributable to the noncontrolling interest in PBF LLC. | |||||||||||||||
The income tax provision in the PBF Energy condensed consolidated financial statements of operations consists of the following: | |||||||||||||||
Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | ||||||||||||||
Current tax benefit | $ | (1,744 | ) | $ | — | ||||||||||
Deferred tax benefit | (17,567 | ) | (898 | ) | |||||||||||
Total tax benefit | $ | (19,311 | ) | $ | (898 | ) | |||||||||
The difference between the Company’s income tax benefit and the income tax provision computed by applying the United States statutory rate and the difference between the Company’s effective income tax rate and the United States statutory rate are reconciled below: | |||||||||||||||
Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | ||||||||||||||
Provision at Federal statutory rate | $ | (13,693 | ) | 35 | % | $ | 2,620 | 35 | % | ||||||
Increase (decrease) attributable to flow-through of certain tax adjustments: | |||||||||||||||
State income taxes (net federal income tax) | (1,917 | ) | 4.9 | % | 367 | 4.9 | % | ||||||||
Non deductible/nontaxable items | 2,377 | (6.1 | )% | 2,438 | 32.6 | % | |||||||||
Adjustment to deferred tax assets and liabilities for change in tax rates due to business mix | (4,983 | ) | 12.7 | % | (4,983 | ) | (66.6 | )% | |||||||
Other | (1,095 | ) | 2.8 | % | (1,340 | ) | (17.9 | )% | |||||||
Total | $ | (19,311 | ) | 49.3 | % | $ | (898 | ) | (12.0 | )% | |||||
PBF Energy has determined there are no material uncertain tax positions as of September 30, 2013. | |||||||||||||||
PBF Holding | |||||||||||||||
PBF Holding is a limited liability company treated as a "flow-through" entity for income tax purposes. Accordingly there is no benefit or provision for federal or state income tax in the accompanying PBF Holding financial statements. |
INTERCOMPANY_NOTE_PAYABLE
INTERCOMPANY NOTE PAYABLE | 9 Months Ended |
Sep. 30, 2013 | |
INTERCOMPANY NOTE PAYABLE [Abstract] | ' |
INTERCOMPANY NOTE PAYABLE PBF HOLDING | ' |
. INTERCOMPANY NOTES PAYABLE | |
As of September 30, 2013, PBF Holding entered into notes payable with PBF Energy and PBF LLC for an aggregate principal amount of $31,632. The notes have an interest rate of 2.5% and a five year term but may be prepaid in whole or in part at any time, at the option of the PBF Holding, without penalty or premium. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
COMMITMENTS AND CONTINGENCIES | ' |
COMMITMENTS AND CONTINGENCIES | |
Environmental Matters | |
The Company’s refineries are subject to extensive and frequently changing federal, state and local laws and regulations, including, but not limited to, those relating to the discharge of materials into the environment or that otherwise relate to the protection of the environment, waste management and the characteristics and the compositions of fuels. Compliance with existing and anticipated laws and regulations can increase the overall cost of operating the refineries, including remediation, operating costs and capital costs to construct, maintain and upgrade equipment and facilities. | |
In connection with the Paulsboro refinery acquisition, the Company assumed certain environmental remediation obligations. The environmental liability of $10,426 recorded as of September 30, 2013 ($9,669 as of December 31, 2012) represents the present value of expected future costs discounted at a rate of 8%. The current portion of the environmental liability is recorded in accrued expenses and the non-current portion is recorded in other long-term liabilities. A trust fund related to this liability in the amount of $12,116 and $12,114, acquired in the Paulsboro acquisition, is recorded as restricted cash in deferred charges and other assets, net as of September 30, 2013 and December 31, 2012, respectively. | |
In connection with the acquisition of the Delaware City assets, Valero Energy Corporation ("Valero") remains responsible for certain pre-acquisition environmental obligations up to $20,000 and the predecessor to Valero in ownership of the refinery retains other historical obligations. | |
In connection with the acquisition of the Delaware City assets and the Paulsboro refinery, the Company and Valero purchased ten year, $75,000 environmental insurance policies to insure against unknown environmental liabilities at each site. In connection with the Toledo refinery acquisition, Sunoco, Inc. (R&M) ("Sunoco") remains responsible for environmental remediation for conditions that existed on the closing date for twenty years from March 1, 2011. | |
In 2010, New York State adopted a Low-Sulfur Heating Oil mandate that, beginning July 1, 2012, requires all heating oil sold in New York State to contain no more than 15 PPM sulfur. Other states have laws with various implementation dates that also require lower levels of sulfur in heating oils. Not all of the heating oil we currently produce meets these specifications. The Company has made and is continuing to make certain processing improvements to shift conventional heating oil production to ultra-low sulfur heating oil and ultra-low sulfur diesel in order to comply with these new mandates. The Company plans to continue increasing ultra-low sulfur distillate production over the next several years while marketing conventional heating oil in states where regulations have not changed. The mandate and other requirements do not currently have a material impact on the Company's financial position, results of operations or cash flows. | |
In addition, on June 1, 2012, the Environmental Protection Agency ("EPA") issued final amendments to the New Source Performance Standards (“NSPS”) for petroleum refineries, including standards for emissions of nitrogen oxides from process heaters and work practice standards and monitoring requirements for flares. The Company has evaluated the impact of the regulation and amended standards on its refinery operations and currently does not expect the cost to comply by July 1, 2015 with the amended NSPS to be material. | |
The Company is aware that the EPA has drafted the proposed Tier 3 Motor Vehicle Emission and Fuel Standards. The draft Standards are in the formal public comment period at this time. The gasoline currently manufactured by the Company's refineries does not meet a portion of the proposed requirements, specifically as related to meeting the proposed 10 ppm annual average gasoline sulfur requirement. The EPA has included potential options in other portions of the proposed Standards that the Company's gasoline products may meet if adopted in the final rulemaking. The Company is continuing to evaluate the potential impact of these proposed Standards. | |
On June 14, 2013, two administrative appeals were filed by the Sierra Club and Delaware Audubon regarding an air permit Delaware City Refining Company LLC (“Delaware City Refining”) obtained to allow loading of crude oil onto barges. The appeals allege that both the loading of crude oil onto barges and the operation of the Delaware City Refining double-loop rail terminal violate Delaware’s Coastal Zone Act. A hearing on the first appeal before the State Coastal Zone Industrial Control Board occurred on July 16, 2013, and the board ruled in favor of Delaware City Refining dismissing the appeal for lack of standing. Sierra Club and Delaware Audubon have appealed that decision to the Delaware Superior Court, New Castle County, Case No. N13A-09-001 ALR, and Delaware City Refining and the state filed cross-appeals. No schedule has yet been set for the appeal in Superior Court. A hearing on the second appeals before the Environmental Appeals Board, case no. 2013-06, has been scheduled for January 21, 2014 with motions to dismiss scheduled to be heard on December 10, 2013. | |
The Company is also currently subject to certain other existing environmental claims and proceedings. The Company believes that there is only a remote possibility that future costs related to any of these other known contingent liability exposures would have a material impact on its financial position, results of operations or cash flows. | |
PBF LLC Limited Liability Company Agreement | |
The holders of limited liability company interests in PBF LLC, including PBF Energy, generally have to include for purposes of calculating their U.S. federal, state and local income taxes their share of any taxable income of PBF LLC. Taxable income of PBF LLC generally is allocated to the holders of PBF LLC units (including PBF Energy) pro rata in accordance with their respective share of the net profits and net losses of PBF LLC. In general, PBF LLC is required to make periodic tax distributions to the members of PBF LLC, including PBF Energy, pro rata in accordance with their respective percentage interests for such period (as determined under the amended and restated limited liability company agreement of PBF LLC), subject to available cash and applicable law and contractual restrictions (including pursuant to our debt instruments) and based on certain assumptions. Generally, these tax distributions will be an amount equal to our estimate of the taxable income of PBF LLC for the year multiplied by an assumed tax rate equal to the highest effective marginal combined U.S. federal, state and local income tax rate prescribed for an individual or corporate resident in New York, New York (taking into account the nondeductibility of certain expenses). If, with respect to any given calendar year, the aggregate periodic tax distributions were less than the actual taxable income of PBF LLC multiplied by the assumed tax rate, PBF LLC will make a “true up” tax distribution, no later than March 15 of the following year, equal to such difference, subject to the available cash and borrowings of PBF LLC. | |
Tax Receivable Agreement | |
PBF Energy entered into a tax receivable agreement with the PBF LLC Series A and PBF LLC Series B Unit holders (the “Tax Receivable Agreement”) that provides for the payment by PBF Energy to such persons of an amount equal to 85% of the amount of the benefits, if any, that PBF Energy is deemed to realize as a result of (i) increases in tax basis, as described below, and (ii) certain other tax benefits related to entering into the Tax Receivable Agreement, including tax benefits attributable to payments under the Tax Receivable Agreement. For purposes of the Tax Receivable Agreement, the benefit deemed realized by PBF Energy will be computed by comparing the actual income tax liability of PBF Energy (calculated with certain assumptions) to the amount of such taxes that PBF Energy would have been required to pay had there been no increase to the tax basis of the assets of PBF LLC as a result of purchases or exchanges of PBF LLC Series A Units for shares of PBF Energy's Class A common stock and had PBF Energy not entered into the Tax Receivable Agreement. The term of the Tax Receivable Agreement will continue until all such tax benefits have been utilized or expired unless: (i) PBF Energy exercises its right to terminate the Tax Receivable Agreement, (ii) PBF Energy breaches any of its material obligations under the Tax Receivable Agreement or (iii) certain changes of control occur, in which case all obligations under the Tax Receivable Agreement will generally be accelerated and due as calculated under certain assumptions. | |
The payment obligations under the Tax Receivable Agreement are obligations of PBF Energy and not of PBF LLC or PBF Holding. In general, PBF Energy expects to obtain funding for these payments by causing PBF Holding to distribute cash to PBF LLC, which will then distribute this cash, generally as tax distributions, on a pro-rata basis to its owners. Such owners include PBF Energy, which holds a 40.9% interest as of September 30, 2013. |
DIVIDENDS_AND_DISTRIBUTIONS
DIVIDENDS AND DISTRIBUTIONS | 9 Months Ended |
Sep. 30, 2013 | |
Equity [Abstract] | ' |
DIVIDENDS AND DISTRIBUTIONS | ' |
DIVIDENDS AND DISTRIBUTIONS | |
With respect to dividends and distributions paid during the nine months ended September 30, 2013, PBF Holding paid $186,684 in distributions to PBF LLC. PBF LLC used $86,936 of this amount in total to make three separate non-tax distributions of $0.30 per unit ($0.90 per unit in total) to its members, of which $26,042 was distributed to PBF Energy and the balance was distributed to its other members on March 15, 2013, June 7, 2013 and August 21, 2013. PBF Energy used this $26,042 to pay three separate cash dividends of $0.30 per share of Class A common stock on March 15, 2013, June 7, 2013 and August 21, 2013. PBF LLC used the remaining $99,748 from PBF Holding's distribution to make tax distributions to its members during the nine months ended September 30, 2013, with $20,185 distributed to PBF Energy, of which $1,065 was paid by PBF LLC directly to the applicable taxing authorities on behalf of PBF Energy. |
EMPLOYEE_BENEFIT_PLANS
EMPLOYEE BENEFIT PLANS | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | |||||||||||||||
EMPLOYEE BENEFIT PLANS | ' | |||||||||||||||
EMPLOYEE BENEFIT PLANS | ||||||||||||||||
The components of net periodic benefit cost related to the Company’s defined benefit plans consisted of the following: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
Pension Benefits | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Components of net period benefit cost: | ||||||||||||||||
Service cost | $ | 3,699 | $ | 2,860 | $ | 11,096 | $ | 8,578 | ||||||||
Interest cost | 248 | 125 | 744 | 376 | ||||||||||||
Expected return on plan assets | (138 | ) | (81 | ) | (414 | ) | (243 | ) | ||||||||
Amortization of prior service costs | 3 | 3 | 9 | 8 | ||||||||||||
Amortization of loss | 105 | 8 | 315 | 23 | ||||||||||||
Net periodic benefit cost | $ | 3,917 | $ | 2,915 | $ | 11,750 | $ | 8,742 | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
Post Retirement Medical Plan | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Components of net period benefit cost: | ||||||||||||||||
Service cost | $ | 181 | $ | 205 | $ | 544 | $ | 475 | ||||||||
Interest cost | 84 | 106 | 251 | 296 | ||||||||||||
Net periodic benefit cost | $ | 265 | $ | 311 | $ | 795 | $ | 771 | ||||||||
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
FAIR VALUE MEASUREMENTS | ' | |||||||||||||||
FAIR VALUE MEASUREMENTS | ||||||||||||||||
The tables below present information about the Company's financial assets and liabilities measured and recorded at fair value on a recurring basis and indicate the fair value hierarchy of the inputs utilized to determine the fair values as of September 30, 2013 and December 31, 2012. | ||||||||||||||||
As of September 30, 2013 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Money market funds | $ | 5,856 | $ | — | $ | — | $ | 5,856 | ||||||||
Commodity contracts | 8,319 | — | — | 8,319 | ||||||||||||
Derivatives included with intermediation agreement obligations | — | 29,563 | — | 29,563 | ||||||||||||
Liabilities: | ||||||||||||||||
Commodity contracts | — | 14,587 | — | 14,587 | ||||||||||||
Derivatives included with inventory supply arrangement obligations | — | 1,291 | — | 1,291 | ||||||||||||
Catalyst lease obligations | — | 40,323 | — | 40,323 | ||||||||||||
As of December 31, 2012 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Money market funds | $ | 175,786 | $ | — | $ | — | $ | 175,786 | ||||||||
Commodity contracts | 3,303 | — | — | 3,303 | ||||||||||||
Derivatives included with inventory supply arrangement obligations | — | 5,595 | — | 5,595 | ||||||||||||
Liabilities: | ||||||||||||||||
Catalyst lease obligations | — | 43,442 | — | 43,442 | ||||||||||||
Commodity contracts | — | 1,872 | — | 1,872 | ||||||||||||
Contingent consideration for refinery acquisition | — | — | 21,358 | 21,358 | ||||||||||||
The valuation methods used to measure financial instruments at fair value are as follows: | ||||||||||||||||
• | Money market funds categorized in Level 1 of the fair value hierarchy are measured at fair value based on quoted market prices and included within cash and cash equivalents. | |||||||||||||||
• | The commodity contracts categorized in Level 1 of the fair value hierarchy are measured at fair value based on quoted prices in an active market. The commodity contracts categorized in Level 2 of the fair value hierarchy are measured at fair value using a market approach based upon future commodity prices for similar instruments quoted in active markets. | |||||||||||||||
• | The derivatives included with inventory supply arrangement obligations, derivatives included with intermediation agreement obligations and the catalyst lease obligations are categorized in Level 2 of the fair value hierarchy and are measured at fair value using a market approach based upon commodity prices for similar instruments quoted in active markets. | |||||||||||||||
• | The contingent consideration for refinery acquisition obligation at December 31, 2012 is categorized in Level 3 of the fair value hierarchy and is estimated using a discounted cash flow model based on management's estimate of the future cash flows of the Toledo refinery; a risk free rate of return of 0.16%; credit rate spread of 4.38%; and a discount rate of 4.54%. During the three and nine months ended September 30, 2013, there was no change in fair value, as the obligation was known and was paid in full on April 30, 2013. | |||||||||||||||
The table below summarizes the changes in fair value measurements categorized in Level 3 of the fair value hierarchy: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Balance at beginning of period | $ | — | $ | 122,924 | $ | 21,358 | $ | 122,232 | ||||||||
Purchases | — | — | — | — | ||||||||||||
Settlements | — | (103,643 | ) | (21,358 | ) | (103,643 | ) | |||||||||
Unrealized loss included in earnings | — | 692 | — | 1,384 | ||||||||||||
Transfers into Level 3 | — | — | — | — | ||||||||||||
Transfers out of Level 3 | — | — | — | — | ||||||||||||
Balance at end of period | $ | — | $ | 19,973 | $ | — | $ | 19,973 | ||||||||
There were no transfers between levels during the three and nine months ended September 30, 2013 and 2012, respectively. | ||||||||||||||||
Fair value of debt | ||||||||||||||||
The table below summarizes the fair value and carrying value as of September 30, 2013 and December 31, 2012. | ||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||
value | value | value | value | |||||||||||||
Senior secured notes (a) | $ | 667,242 | $ | 684,918 | $ | 666,538 | $ | 700,963 | ||||||||
Revolver (b) | 15,000 | 15,000 | — | — | ||||||||||||
Catalyst leases (c) | 40,323 | 40,323 | 43,442 | 43,442 | ||||||||||||
Long-term debt | $ | 722,565 | $ | 740,241 | $ | 709,980 | $ | 744,405 | ||||||||
(a) The estimated fair value, categorized as a Level 2 measurement, was calculated based on the present value of future expected payments utilizing implied current market interest rates based on quoted prices of the senior secured notes. | ||||||||||||||||
(b) The estimated fair value approximates carrying value, categorized as a Level 2 measurement, as these borrowings bear interest based upon short-term floating market interest rates. | ||||||||||||||||
(c) Catalyst leases are valued using a market approach based upon commodity prices for similar instruments quoted in active markets and are categorized as a Level 2 measurement. The Company has elected the fair value option for accounting for its catalyst lease repurchase obligations as the Company's liability is directly impacted by the change in fair value of the underlying catalyst. |
DERIVATIVES
DERIVATIVES | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||
DERIVATIVES | ' | ||||
DERIVATIVES | |||||
The Company uses derivative instruments to mitigate certain exposures to commodity price risk. The Company’s crude supply agreements contain purchase obligations for certain volumes of crude oil and other feedstocks. In addition, the Company entered into Intermediation Agreements commencing in July 2013 that contain purchase obligations for certain volumes of intermediates and refined products. The Company was also party to an agreement that contained purchase obligations for certain volumes of stored intermediates inventory during the nine months ended September 30, 2012, which was terminated during the first quarter of 2012. The purchase obligations related to crude oil, feedstocks, intermediates and refined products under these agreements are derivative instruments that have been designated as fair value hedges in order to hedge the commodity price volatility of certain refinery inventory. The fair value of these purchase obligation derivatives is based on market prices of crude oil and refined products in the future. The level of activity for these derivatives is based on the level of operating inventories. | |||||
As of September 30, 2013, there were 928,846 barrels of crude oil and feedstocks (2,529,447 barrels at December 31, 2012) outstanding under these derivative instruments designated as fair value hedges and no barrels (no barrels at December 31, 2012) outstanding under these derivative instruments not designated as hedges. As of September 30, 2013, there were 3,240,579 barrels of intermediates and refined products (no barrels at December 31, 2012) outstanding under these derivative instruments designated as fair value hedges and no barrels (no barrels at December 31, 2012) outstanding under these derivative instruments not designated as hedges. These volumes represent the notional value of the contract. | |||||
The Company also enters into economic hedges primarily consisting of commodity derivative contracts that are not designated as hedges and are used to manage price volatility in certain crude oil and feedstock inventories as well as crude oil, feedstock, and refined product sales or purchases. The objective in entering into economic hedges is consistent with the objectives discussed above for fair value hedges. As of September 30, 2013, there were 38,156,010 barrels of crude oil and no barrels of refined products (9,234,000 and 1,310,000, respectively, as of December 31, 2012), outstanding under short and long term commodity derivative contracts not designated as hedges representing the notional value of the contracts. | |||||
The following tables provide information about the fair values of these derivative instruments as of September 30, 2013 and December 31, 2012 and the line items in the consolidated balance sheet in which the fair values are reflected. | |||||
Description | Balance Sheet Location | Fair Value | |||
Asset/(Liability) | |||||
Derivatives designated as hedging instruments: | |||||
September 30, 2013: | |||||
Derivatives included with inventory supply arrangement obligations | Accrued expenses | $ | (1,291 | ) | |
Derivatives included with the intermediation agreement obligations | Accrued expenses | $ | 29,563 | ||
December 31, 2012: | |||||
Derivatives included with inventory supply arrangement obligations | Accrued expenses | $ | 5,595 | ||
Derivatives included with the intermediation agreement obligations | Accrued expenses | $ | — | ||
Derivatives not designated as hedging instruments: | |||||
September 30, 2013: | |||||
Commodity contracts | Accrued expenses | $ | (6,269 | ) | |
December 31, 2012: | |||||
Commodity contracts | Accounts receivable | $ | 1,431 | ||
The Company’s policy is to net the fair value of the derivatives included with inventory supply arrangement obligations and inventory intermediation agreement obligations against the liabilities related to inventory supply arrangements and intermediation agreements with the same counterparty as the legal right of offset exists. | |||||
The following tables provide information about the gain or loss recognized in income on these derivative instruments and the line items in the consolidated financial statements in which such gains and losses are reflected. | |||||
Description | Location of Gain or (Loss) Recognized in | Gain or (Loss) | |||
Income on Derivatives | Recognized in | ||||
Income on Derivatives | |||||
Derivatives designated as hedging instruments: | |||||
For the three months ended September 30, 2013: | |||||
Derivatives included with inventory supply arrangement obligations | Cost of sales | $ | (4,015 | ) | |
Derivatives included with the intermediation agreement obligations | Cost of sales | $ | 29,563 | ||
For the three months ended September 30, 2012: | |||||
Derivatives included with inventory supply arrangement obligations | Cost of sales | $ | 12,519 | ||
Derivatives included with the intermediation agreement obligations | Cost of sales | $ | — | ||
For the nine months ended September 30, 2013: | |||||
Derivatives included with inventory supply arrangement obligations | Cost of sales | $ | (6,886 | ) | |
Derivatives included with the intermediation agreement obligations | Cost of sales | $ | 29,563 | ||
For the nine months ended September 30, 2012: | |||||
Derivatives included with inventory supply arrangement obligations | Cost of sales | $ | 12,192 | ||
Derivatives included with the intermediation agreement obligations | Cost of sales | $ | — | ||
Derivatives not designated as hedging instruments: | |||||
For the three months ended September 30, 2013: | |||||
Derivatives included with inventory supply arrangement obligations | Cost of sales | $ | — | ||
Commodity contracts | Cost of sales | $ | (23,843 | ) | |
For the three months ended September 30, 2012: | |||||
Derivatives included with inventory supply arrangement obligations | Cost of sales | $ | — | ||
Commodity contracts | Cost of sales | $ | 3,029 | ||
For the nine months ended September 30, 2013: | |||||
Derivatives included with inventory supply arrangement obligations | Cost of sales | $ | — | ||
Commodity contracts | Cost of sales | $ | (9,894 | ) | |
For the nine months ended September 30, 2012: | |||||
Derivatives included with inventory supply arrangement obligations | Cost of sales | $ | (8 | ) | |
Commodity contracts | Cost of sales | $ | 30,636 | ||
Hedged items designated in fair value hedges: | |||||
For the three months ended September 30, 2013: | |||||
Crude oil and feedstock inventory | Cost of sales | $ | 3,127 | ||
Intermediate and refined product inventory | Cost of sales | $ | (29,563 | ) | |
For the three months ended September 30, 2012: | |||||
Crude oil and feedstock inventory | Cost of sales | $ | (4,196 | ) | |
Intermediate and refined product inventory | Cost of sales | $ | — | ||
For the nine months ended September 30, 2013: | |||||
Crude oil and feedstock inventory | Cost of sales | $ | (378 | ) | |
Intermediate and refined product inventory | Cost of sales | $ | (29,563 | ) | |
For the nine months ended September 30, 2012: | |||||
Crude oil and feedstock inventory | Cost of sales | $ | (4,590 | ) | |
Intermediate and refined product inventory | Cost of sales | $ | — | ||
Ineffectiveness related to the Company's fair value hedges resulted in a loss of $888 and $7,264 for the three and nine months ended September 30, 2013 and loss of $8,127 and $7,602 for the three and nine months ended September 30, 2012, respectively, recorded in cost of sales. Gains and losses due to ineffectiveness were excluded from the assessment of hedge effectiveness. |
NET_INCOME_PER_SHARE_OF_PBF_EN
NET INCOME PER SHARE OF PBF ENERGY | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
NET INCOME PER SHARE OF PBF ENERGY | ' | |||||||
NET INCOME (LOSS) PER SHARE OF PBF ENERGY | ||||||||
For the period subsequent to the IPO, the following table sets forth the computation of basic and diluted net income (loss) per Class A common share attributable to PBF Energy: | ||||||||
Basic Earnings Per Share: | Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | ||||||
Numerator for basic net income per Class A common share net income (loss) attributable to PBF Energy | $ | (19,848 | ) | $ | 8,384 | |||
Denominator for basic net income (loss) per Class A common share-weighted average shares | 39,575,429 | 30,094,946 | ||||||
Basic net income (loss) attributable to PBF Energy per Class A common share | $ | (0.50 | ) | $ | 0.28 | |||
Diluted Earnings Per Share: | ||||||||
Numerator for diluted net income per Class A common share net income (loss) attributable to PBF Energy (1) | $ | (19,848 | ) | $ | 8,384 | |||
Denominator (1): | ||||||||
Denominator for basic net income (loss) per Class A common share-weighted average shares | 39,575,429 | 30,094,946 | ||||||
Effect of dilutive securities: | ||||||||
Common stock equivalents (2) | — | 653,955 | ||||||
Denominator for diluted net income (loss) per common share-adjusted weighted average shares | 39,575,429 | 30,748,901 | ||||||
Diluted net income (loss) attributable to PBF Energy per Class A common share | $ | (0.50 | ) | $ | 0.27 | |||
—————————— | ||||||||
-1 | During the three and nine months ended September 30, 2013, the potential conversion of 57,243,672 and 66,724,155 PBF LLC Series A Units, respectively, were excluded from the denominator in computing diluted net income per share because including them would have had an antidilutive effect. As the PBF LLC Series A Units were not included, the numerator used in the calculation of diluted net income per share was equal to the numerator used in the calculation of basic net income per share and does not include the net income and income tax attributable to the net income associated with the potential conversion of the PBF LLC Series A Units. | |||||||
-2 | Represents an adjustment to weighted-average diluted shares outstanding to assume the full exchange of common stock equivalents, including options and warrants for PBF LLC Series A Units and options for shares of PBF Energy Class A common stock. Common stock equivalents excludes the effects of options to purchase 753,750 shares of PBF Energy Class A common stock because they are anti-dilutive for the nine months ended September 30, 2013. |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
SUBSEQUENT EVENTS | ' |
SUBSEQUENT EVENTS | |
Dividend Declared | |
On October 29, 2013, the Company's Board of Directors declared a dividend of $0.30 per share on outstanding Class A common stock. The dividend is payable on November 21, 2013 to Class A common stockholders of record at the close of business on November 15, 2013. | |
Delaware City Catalyst Lease | |
In October 2013, the Delaware City catalyst lease expired and the Company entered into a new catalyst lease agreement with a three year term ending October 21, 2016 and an annual fixed interest rate of 1.96%. The annual lease expense is $322. | |
Sale-leaseback | |
On November 5, 2013, the Company sold 250 of its owned railcars and concurrently entered into a lease agreement for the same railcars. The lease agreement has terms for the railcars of four and six years. The Company received cash proceeds for the railcars of approximately $35.7 million. |
CONDENSED_CONSOLIDATING_FINANC
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Condensed Financial Information of Subsidiary Disclosure [Abstract] | ' | |||||||||||||||||||
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS | ' | |||||||||||||||||||
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING | ||||||||||||||||||||
PBF Services Company, Delaware City Refining Company LLC, Delaware Pipeline Company LLC, PBF Power Marketing LLC, Paulsboro Refining Company LLC, Paulsboro Natural Gas Pipeline Company LLC, Toledo Refining Company LLC and PBF Investments LLC are 100% owned subsidiaries of PBF Holding and serve as guarantors of the obligations under the senior secured notes. These guarantees are full and unconditional and joint and several. For purposes of the following footnote, PBF Holding is referred to as “Issuer.” The indenture dated February 9, 2012, among PBF Holding, PBF Finance, the guarantors party thereto and Wilmington Trust, National Association, governs subsidiaries designated as “Guarantor Subsidiaries.” PBF Logistics LP, PBF Rail Logistics Company LLC and Delaware City Terminaling Company LLC are consolidated subsidiaries of the Company that are not guarantors of the senior secured notes. | ||||||||||||||||||||
The senior secured notes were co-issued by PBF Finance. For purposes of the following footnote, PBF Finance is referred to as “Co-Issuer.” The Co-Issuer has no independent assets or operations. | ||||||||||||||||||||
The following supplemental combining and consolidating financial information reflects the Issuer’s separate accounts, the combined accounts of the Guarantor Subsidiaries, the combining and consolidating adjustments and eliminations and the Issuer’s consolidated accounts for the dates and periods indicated. For purposes of the following combining and consolidating information, the Issuer’s Investments in its subsidiaries and the Guarantor Subsidiaries’ investments in its subsidiaries are accounted for under the equity method of accounting. | ||||||||||||||||||||
PBF Holding has determined that a correction to the previously presented 2012 condensed consolidating financial information presented in the following statements was necessary to reflect intercompany transactions between the Issuer and the Guarantor Subsidiaries. During the nine months ended September 30, 2012, sales to third parties were made and recorded by the Issuer, but the product sold was owned and delivered by the Guarantor Subsidiaries which recorded the related cost of sales. For that nine month period, correcting entries totaling approximately $1,752.5 million have been reflected in the consolidating schedules to record the intercompany sale of product on the Guarantor Subsidiaries and to record an equal amount of cost of sales on the Issuer. All such intercompany activity was then eliminated in consolidation and, therefore, had no effect on the PBF Holding’s reported condensed consolidated financial statements. The effect of these adjustments increased net income of the Guarantor Subsidiaries by $1,752.5 million for the nine months ended September 30, 2012. On the Issuer, the increase in cost of sales was completely offset by the increase in the Issuer’s equity in the earnings of the Guarantor Subsidiaries. These adjustments also affected the respective entities’ intercompany receivable/payable accounts and the Issuer’s investment in subsidiaries account by $1,910.0 million at December 31, 2012. | ||||||||||||||||||||
. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET (UNAUDITED) | ||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||
Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combining and Consolidating Adjustments | Total | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 56,808 | $ | 609 | $ | — | $ | — | $ | 57,417 | ||||||||||
Accounts receivable | 531,004 | 46,875 | — | — | 577,879 | |||||||||||||||
Inventories | 851,985 | 620,652 | — | — | 1,472,637 | |||||||||||||||
Prepaid expense and other current assets | 43,721 | 12,412 | — | — | 56,133 | |||||||||||||||
Due from related parties | 10,852,441 | 15,714,459 | — | (26,566,900 | ) | — | ||||||||||||||
Total current assets | 12,335,959 | 16,395,007 | — | (26,566,900 | ) | 2,164,066 | ||||||||||||||
Property, plant and equipment, net | 63,428 | 1,672,332 | — | — | 1,735,760 | |||||||||||||||
Investment in subsidiaries | 3,814,871 | — | — | (3,814,871 | ) | — | ||||||||||||||
Deferred charges and other assets, net | 29,511 | 172,443 | — | — | 201,954 | |||||||||||||||
Total assets | $ | 16,243,769 | $ | 18,239,782 | $ | — | $ | (30,381,771 | ) | $ | 4,101,780 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable | $ | 476,299 | $ | 87,623 | $ | — | $ | — | $ | 563,922 | ||||||||||
Accrued expenses | 482,446 | 561,157 | — | — | 1,043,603 | |||||||||||||||
Deferred revenue | 1,882 | — | — | — | 1,882 | |||||||||||||||
Due to related parties | 12,878,170 | 13,688,730 | — | (26,566,900 | ) | — | ||||||||||||||
Total current liabilities | 13,838,797 | 14,337,510 | — | (26,566,900 | ) | 1,609,407 | ||||||||||||||
Delaware Economic Development Authority loan | — | 16,000 | — | — | 16,000 | |||||||||||||||
Long-term debt | 682,242 | 40,323 | — | — | 722,565 | |||||||||||||||
Intercompany notes payable | 31,632 | — | — | — | 31,632 | |||||||||||||||
Other long-term liabilities | 5,273 | 31,078 | — | — | 36,351 | |||||||||||||||
Total liabilities | 14,557,944 | 14,424,911 | — | (26,566,900 | ) | 2,415,955 | ||||||||||||||
Commitments and contingencies | ||||||||||||||||||||
Equity: | ||||||||||||||||||||
Member's equity | 931,587 | 664,978 | — | (664,978 | ) | 931,587 | ||||||||||||||
Retained earnings (accumulated deficit) | 762,848 | 3,151,447 | — | (3,151,447 | ) | 762,848 | ||||||||||||||
Accumulated other comprehensive loss | (8,610 | ) | (1,554 | ) | — | 1,554 | (8,610 | ) | ||||||||||||
Total equity | 1,685,825 | 3,814,871 | — | (3,814,871 | ) | 1,685,825 | ||||||||||||||
Total liabilities and equity | $ | 16,243,769 | $ | 18,239,782 | $ | — | $ | (30,381,771 | ) | $ | 4,101,780 | |||||||||
18. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET (UNAUDITED) | ||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||
Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combining and Consolidating Adjustments | Total | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 241,926 | $ | 12,365 | $ | — | $ | — | $ | 254,291 | ||||||||||
Accounts receivable | 306,999 | 196,797 | — | — | 503,796 | |||||||||||||||
Inventories | 664,225 | 832,894 | — | — | 1,497,119 | |||||||||||||||
Prepaid expense and other current assets | 8,835 | 4,553 | — | — | 13,388 | |||||||||||||||
Due from related parties | 6,770,893 | 10,015,340 | — | (16,771,512 | ) | 14,721 | ||||||||||||||
Total current assets | 7,992,878 | 11,061,949 | — | (16,771,512 | ) | 2,283,315 | ||||||||||||||
Property, plant and equipment, net | 28,200 | 1,607,387 | — | — | 1,635,587 | |||||||||||||||
Investment in subsidiaries | 2,855,598 | — | — | (2,855,598 | ) | — | ||||||||||||||
Deferred charges and other assets, net | 31,081 | 166,268 | — | — | 197,349 | |||||||||||||||
Total assets | $ | 10,907,757 | $ | 12,835,604 | $ | — | $ | (19,627,110 | ) | $ | 4,116,251 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable | $ | 197,624 | $ | 162,433 | $ | — | $ | — | $ | 360,057 | ||||||||||
Accrued expenses | 363,536 | 662,382 | — | — | 1,025,918 | |||||||||||||||
Deferred revenue | — | 210,543 | — | — | 210,543 | |||||||||||||||
Due to related parties | 7,926,481 | 8,845,031 | — | (16,771,512 | ) | — | ||||||||||||||
Total current liabilities | 8,487,641 | 9,880,389 | — | (16,771,512 | ) | 1,596,518 | ||||||||||||||
Delaware Economic Development Authority loan | — | 20,000 | — | — | 20,000 | |||||||||||||||
Long-term debt | 666,538 | 43,442 | — | — | 709,980 | |||||||||||||||
Other long-term liabilities | 1,924 | 36,175 | — | — | 38,099 | |||||||||||||||
Total liabilities | 9,156,103 | 9,980,006 | — | (16,771,512 | ) | 2,364,597 | ||||||||||||||
Commitments and contingencies | ||||||||||||||||||||
Equity: | ||||||||||||||||||||
Member's equity | 930,098 | 664,108 | — | (664,108 | ) | 930,098 | ||||||||||||||
Retained earnings | 830,497 | 2,193,052 | — | (2,193,052 | ) | 830,497 | ||||||||||||||
Accumulated other comprehensive loss | (8,941 | ) | (1,562 | ) | — | 1,562 | (8,941 | ) | ||||||||||||
Total equity | 1,751,654 | 2,855,598 | — | (2,855,598 | ) | 1,751,654 | ||||||||||||||
Total liabilities and equity | $ | 10,907,757 | $ | 12,835,604 | $ | — | $ | (19,627,110 | ) | $ | 4,116,251 | |||||||||
18. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME | ||||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||
Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combining and Consolidating Adjustments | Total | ||||||||||||||||
Revenues | $ | 4,813,737 | $ | 745,102 | $ | — | $ | (699,959 | ) | $ | 4,858,880 | |||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of sales, excluding depreciation | 4,624,531 | 739,125 | — | (699,959 | ) | 4,663,697 | ||||||||||||||
Operating expenses, excluding depreciation | (168 | ) | 192,815 | — | — | 192,647 | ||||||||||||||
General and administrative expenses | 19,567 | 3,086 | — | — | 22,653 | |||||||||||||||
(Gain) loss on sale of asset | (254 | ) | 206 | — | — | (48 | ) | |||||||||||||
Depreciation and amortization expense | 3,317 | 24,118 | — | — | 27,435 | |||||||||||||||
4,646,993 | 959,350 | — | (699,959 | ) | 4,906,384 | |||||||||||||||
Income (loss) from operations | 166,744 | (214,248 | ) | — | — | (47,504 | ) | |||||||||||||
Other income (expense): | ||||||||||||||||||||
Equity in earnings of subsidiaries | (218,232 | ) | — | — | 218,232 | — | ||||||||||||||
Change in fair value of catalyst lease | — | (2,363 | ) | — | — | (2,363 | ) | |||||||||||||
Interest expense, net | (24,742 | ) | (1,621 | ) | — | — | (26,363 | ) | ||||||||||||
Net (loss) income | $ | (76,230 | ) | $ | (218,232 | ) | $ | — | $ | 218,232 | $ | (76,230 | ) | |||||||
Comprehensive (Loss) Income | $ | (76,109 | ) | $ | (218,232 | ) | $ | — | $ | 218,232 | $ | (76,109 | ) | |||||||
18. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME | ||||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||||||
Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combining and Consolidating Adjustments | Total | ||||||||||||||||
Revenues | $ | 2,191,427 | $ | 4,133,729 | $ | — | $ | (929,950 | ) | $ | 5,395,206 | |||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of sales, excluding depreciation | 2,428,649 | 3,433,946 | — | (929,950 | ) | 4,932,645 | ||||||||||||||
Operating expenses, excluding depreciation | — | 179,035 | — | — | 179,035 | |||||||||||||||
General and administrative expenses | 38,150 | 792 | — | — | 38,942 | |||||||||||||||
Loss on sale of asset | — | 20 | — | — | 20 | |||||||||||||||
Depreciation and amortization expense | 2,183 | 22,272 | — | — | 24,455 | |||||||||||||||
2,468,982 | 3,636,065 | — | (929,950 | ) | 5,175,097 | |||||||||||||||
(Loss) income from operations | (277,555 | ) | 497,664 | — | — | 220,109 | ||||||||||||||
Other income (expense): | ||||||||||||||||||||
Equity in earnings (loss) of subsidiaries | 483,690 | — | — | (483,690 | ) | — | ||||||||||||||
Change in fair value of contingent consideration | — | (692 | ) | — | — | (692 | ) | |||||||||||||
Change in fair value of catalyst lease | — | (5,952 | ) | — | — | (5,952 | ) | |||||||||||||
Interest expense, net | (19,552 | ) | (7,349 | ) | — | — | (26,901 | ) | ||||||||||||
Net income | $ | 186,583 | $ | 483,671 | $ | — | $ | (483,690 | ) | $ | 186,564 | |||||||||
Comprehensive Income | $ | 186,566 | $ | 483,690 | $ | — | $ | (483,690 | ) | $ | 186,566 | |||||||||
18. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME | ||||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||
Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combining and Consolidating Adjustments | Total | ||||||||||||||||
Revenues | $ | 11,375,513 | $ | 7,060,883 | $ | — | $ | (4,101,376 | ) | $ | 14,335,020 | |||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of sales, excluding depreciation | 12,078,314 | 5,417,839 | — | (4,101,376 | ) | 13,394,777 | ||||||||||||||
Operating expenses, excluding depreciation | (310 | ) | 601,555 | — | — | 601,245 | ||||||||||||||
General and administrative expenses | 61,607 | 10,281 | — | — | 71,888 | |||||||||||||||
(Gain) loss on sale of asset | (254 | ) | 206 | — | — | (48 | ) | |||||||||||||
Depreciation and amortization expense | 9,457 | 72,073 | — | — | 81,530 | |||||||||||||||
12,148,814 | 6,101,954 | — | (4,101,376 | ) | 14,149,392 | |||||||||||||||
(Loss) income from operations | (773,301 | ) | 958,929 | — | — | 185,628 | ||||||||||||||
Other income (expense): | ||||||||||||||||||||
Equity in earnings (loss) of subsidiaries | 958,402 | — | — | (958,402 | ) | — | ||||||||||||||
Change in fair value of catalyst lease | — | 3,118 | — | — | 3,118 | |||||||||||||||
Interest expense, net | (66,067 | ) | (3,645 | ) | — | — | (69,712 | ) | ||||||||||||
Net income | $ | 119,034 | $ | 958,402 | $ | — | $ | (958,402 | ) | $ | 119,034 | |||||||||
Comprehensive Income | $ | 119,365 | $ | 958,402 | $ | — | $ | (958,402 | ) | $ | 119,365 | |||||||||
18. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME | ||||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||||
Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combining and Consolidating Adjustments | Total | ||||||||||||||||
Revenues | $ | 5,036,947 | $ | 12,767,276 | $ | — | $ | (2,615,896 | ) | $ | 15,188,327 | |||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of sales, excluding depreciation | 6,010,490 | 10,477,290 | — | (2,615,896 | ) | 13,871,884 | ||||||||||||||
Operating expenses, excluding depreciation | — | 537,880 | — | — | 537,880 | |||||||||||||||
General and administrative expenses | 72,706 | 5,336 | — | — | 78,042 | |||||||||||||||
Gain on sale of asset | — | (2,430 | ) | — | — | (2,430 | ) | |||||||||||||
Depreciation and amortization expense | 5,123 | 62,296 | — | — | 67,419 | |||||||||||||||
6,088,319 | 11,080,372 | — | (2,615,896 | ) | 14,552,795 | |||||||||||||||
(Loss) income from operations | (1,051,372 | ) | 1,686,904 | — | — | 635,532 | ||||||||||||||
Other income (expense): | ||||||||||||||||||||
Equity in earnings (loss) of subsidiaries | 1,654,329 | — | — | (1,654,329 | ) | — | ||||||||||||||
Change in fair value of contingent consideration | — | (2,076 | ) | — | — | (2,076 | ) | |||||||||||||
Change in fair value of catalyst lease | — | (6,929 | ) | — | — | (6,929 | ) | |||||||||||||
Interest expense, net | (63,164 | ) | (23,589 | ) | — | — | (86,753 | ) | ||||||||||||
Net income | $ | 539,793 | $ | 1,654,310 | $ | — | $ | (1,654,329 | ) | $ | 539,774 | |||||||||
Comprehensive Income | $ | 539,793 | $ | 1,654,329 | $ | — | $ | (1,654,329 | ) | $ | 539,793 | |||||||||
18. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW (UNAUDITED) | ||||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||
Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combining and Consolidating Adjustments | Total | ||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net income | $ | 119,034 | $ | 958,402 | $ | — | $ | (958,402 | ) | $ | 119,034 | |||||||||
Adjustments to reconcile net income to net | ||||||||||||||||||||
cash provided by operating activities: | ||||||||||||||||||||
Depreciation and amortization | 14,273 | 72,144 | — | — | 86,417 | |||||||||||||||
Stock-based compensation | — | 2,750 | — | — | 2,750 | |||||||||||||||
Change in fair value of catalyst lease obligation | — | (3,118 | ) | — | — | (3,118 | ) | |||||||||||||
Change in fair value of contingent consideration | — | — | — | — | — | |||||||||||||||
Non-cash change in inventory repurchase obligations | — | (13,362 | ) | — | — | (13,362 | ) | |||||||||||||
Write-off of unamortized deferred financing fees | — | — | — | — | — | |||||||||||||||
Pension and other post retirement benefit costs | 3,541 | 9,113 | — | — | 12,654 | |||||||||||||||
Gain on disposition of property, plant and equipment | (254 | ) | 206 | — | — | (48 | ) | |||||||||||||
Equity in earnings of subsidiaries | (958,402 | ) | — | — | 958,402 | — | ||||||||||||||
Changes in current assets and current liabilities: | ||||||||||||||||||||
Accounts receivable | (224,005 | ) | 149,922 | — | — | (74,083 | ) | |||||||||||||
Amounts due to/from related parties | 870,141 | (855,420 | ) | — | — | 14,721 | ||||||||||||||
Inventories | (187,760 | ) | 218,925 | — | — | 31,165 | ||||||||||||||
Other current assets | (34,886 | ) | (7,859 | ) | — | — | (42,745 | ) | ||||||||||||
Accounts payable | 278,675 | (74,810 | ) | — | — | 203,865 | ||||||||||||||
Accrued expenses | 118,507 | (65,994 | ) | — | — | 52,513 | ||||||||||||||
Deferred revenue | 1,882 | (210,543 | ) | — | — | (208,661 | ) | |||||||||||||
Other assets and liabilities | 122 | (18,497 | ) | — | — | (18,375 | ) | |||||||||||||
Net cash provided by operating activities | 868 | 161,859 | — | — | 162,727 | |||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Expenditures for property, plant and equipment | (75,099 | ) | (126,807 | ) | — | — | (201,906 | ) | ||||||||||||
Expenditures for refinery turnarounds costs | — | (15,859 | ) | — | — | (15,859 | ) | |||||||||||||
Expenditures for other assets | — | (10,584 | ) | — | — | (10,584 | ) | |||||||||||||
Proceeds from sale of assets | 30,826 | — | — | — | 30,826 | |||||||||||||||
Net cash used in investing activities | (44,273 | ) | (153,250 | ) | — | — | (197,523 | ) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Proceeds from revolver borrowings | 745,000 | — | — | — | 745,000 | |||||||||||||||
Proceeds from intercompany notes payable | 31,632 | — | — | — | 31,632 | |||||||||||||||
Distribution to members | (186,684 | ) | — | — | — | (186,684 | ) | |||||||||||||
Repayments of revolver borrowings | (730,000 | ) | — | — | — | (730,000 | ) | |||||||||||||
Payment of contingent consideration related to acquisition of Toledo refinery | — | (21,357 | ) | — | — | (21,357 | ) | |||||||||||||
Deferred financing costs and other | (1,661 | ) | 992 | — | — | (669 | ) | |||||||||||||
Net cash used in financing activities | (141,713 | ) | (20,365 | ) | — | — | (162,078 | ) | ||||||||||||
Net decrease in cash and cash equivalents | (185,118 | ) | (11,756 | ) | — | — | (196,874 | ) | ||||||||||||
Cash and equivalents, beginning of period | 241,926 | 12,365 | — | — | 254,291 | |||||||||||||||
Cash and equivalents, end of period | $ | 56,808 | $ | 609 | $ | — | $ | — | $ | 57,417 | ||||||||||
18. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW (UNAUDITED) | ||||||||||||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||||
Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combining and Consolidating Adjustments | Total | ||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net income | $ | 539,793 | $ | 1,654,310 | $ | — | $ | (1,654,329 | ) | $ | 539,774 | |||||||||
Adjustments to reconcile net income to net | ||||||||||||||||||||
cash provided by operating activities: | ||||||||||||||||||||
Depreciation and amortization | 8,847 | 62,297 | — | — | 71,144 | |||||||||||||||
Stock-based compensation | — | 1,707 | — | — | 1,707 | |||||||||||||||
Change in fair value of catalyst lease obligation | — | 6,929 | — | — | 6,929 | |||||||||||||||
Change in fair value of contingent consideration | — | 2,076 | — | — | 2,076 | |||||||||||||||
Non-cash change in inventory repurchase obligations | — | 5,126 | — | — | 5,126 | |||||||||||||||
Write-off of unamortized deferred financing fees | 4,391 | — | — | — | 4,391 | |||||||||||||||
Pension and other post retirement benefit costs | 1,594 | 7,919 | — | — | 9,513 | |||||||||||||||
Gain on disposition of property, plant and equipment | — | (2,430 | ) | — | — | (2,430 | ) | |||||||||||||
Equity in earnings of subsidiaries | (1,654,329 | ) | — | — | 1,654,329 | — | ||||||||||||||
Changes in current assets and current liabilities: | ||||||||||||||||||||
Accounts receivable | (410,412 | ) | 230,423 | — | — | (179,989 | ) | |||||||||||||
Amounts due to/from related parties | 1,710,567 | (1,710,567 | ) | — | — | — | ||||||||||||||
Inventories | (540,547 | ) | 625,726 | — | — | 85,179 | ||||||||||||||
Other current assets | (8,501 | ) | 45,472 | — | — | 36,971 | ||||||||||||||
Accounts payable | 63,779 | (77,121 | ) | — | (25,811 | ) | (39,153 | ) | ||||||||||||
Accrued expenses | 347,790 | (404,194 | ) | — | — | (56,404 | ) | |||||||||||||
Deferred revenue | 3,912 | 9,807 | — | — | 13,719 | |||||||||||||||
Other assets and liabilities | (2,723 | ) | (27,008 | ) | — | — | (29,731 | ) | ||||||||||||
Net cash (used in) provided by operating activities | 64,161 | 430,472 | — | (25,811 | ) | 468,822 | ||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Expenditures for property, plant and equipment | (13,859 | ) | (88,145 | ) | — | — | (102,004 | ) | ||||||||||||
Expenditures for refinery turnarounds costs | — | (27,501 | ) | — | — | (27,501 | ) | |||||||||||||
Expenditures for other assets | — | (7,731 | ) | — | — | (7,731 | ) | |||||||||||||
Proceeds from sale of assets | — | 3,381 | — | — | 3,381 | |||||||||||||||
Net cash used in investing activities | (13,859 | ) | (119,996 | ) | — | — | (133,855 | ) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Proceeds from member's capital contributions | 250 | — | — | — | 250 | |||||||||||||||
Proceeds from 8.25% senior secured notes | 665,806 | — | — | — | 665,806 | |||||||||||||||
Proceeds from long-term debt | 430,000 | — | — | — | 430,000 | |||||||||||||||
Proceeds from catalyst lease | — | 9,452 | — | — | 9,452 | |||||||||||||||
Distributions to members | (15,081 | ) | — | — | — | (15,081 | ) | |||||||||||||
Repayments of long-term debt | (823,749 | ) | (360,848 | ) | — | — | (1,184,597 | ) | ||||||||||||
Payment of contingent consideration related to acquisition of Toledo refinery | (103,642 | ) | — | — | — | (103,642 | ) | |||||||||||||
Deferred financing costs and other | (17,273 | ) | — | — | — | (17,273 | ) | |||||||||||||
Net cash provided by (used in) financing activities | 136,311 | (351,396 | ) | — | — | (215,085 | ) | |||||||||||||
Net increase (decrease) in cash and cash equivalents | 186,613 | (40,920 | ) | — | (25,811 | ) | 119,882 | |||||||||||||
Cash and equivalents, beginning of period | 3,124 | 47,042 | — | — | 50,166 | |||||||||||||||
Cash and equivalents, end of period | $ | 189,737 | $ | 6,122 | $ | — | $ | (25,811 | ) | $ | 170,048 | |||||||||
NONCONTROLLING_INTEREST_OF_PBF1
NONCONTROLLING INTEREST OF PBF ENERGY (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Noncontrolling Interest [Abstract] | ' | |||||||||||
The ownership percentage in PBF LLC | ' | |||||||||||
The noncontrolling interest ownership percentage as of September 30, 2013, June 12, 2013 (the completion date of the Secondary Offering) and December 31, 2012 is calculated as follows: | ||||||||||||
Holders of | Outstanding Shares | Total * | ||||||||||
PBF LLC Series | of PBF Energy | |||||||||||
A Units | Class A | |||||||||||
Common | ||||||||||||
Stock | ||||||||||||
December 31, 2012 | 72,972,131 | 23,571,221 | 96,543,352 | |||||||||
75.6 | % | 24.4 | % | 100 | % | |||||||
June 12, 2013 | 57,027,225 | 39,563,835 | 96,591,060 | |||||||||
59 | % | 41 | % | 100 | % | |||||||
September 30, 2013 | 57,237,488 | 39,581,613 | 96,819,101 | |||||||||
59.1 | % | 40.9 | % | 100 | % | |||||||
—————————— | ||||||||||||
* | Assumes all of the holders of PBF LLC Series A Units exchange their PBF LLC Series A Units for shares of PBF Energy’s Class A common stock on a one-for-one basis. | |||||||||||
Summary of the allocation of equity between the controlling and noncontrolling interests of PBF Energy | ' | |||||||||||
The following table summarizes the changes in equity for the controlling and noncontrolling interests of PBF Energy for the nine months ended September 30, 2013: | ||||||||||||
PBF Energy Inc. Equity | Noncontrolling | Total Equity | ||||||||||
Interest | ||||||||||||
Balance at January 1, 2013 | $ | 419,754 | $ | 1,303,791 | $ | 1,723,545 | ||||||
Net income | 8,384 | 103,604 | 111,988 | |||||||||
Dividend and distributions | (26,042 | ) | (140,457 | ) | (166,499 | ) | ||||||
Record deferred tax asset and liabilities and tax receivable agreement associated with Secondary Offering | (23,654 | ) | — | (23,654 | ) | |||||||
Record allocation of non controlling interest upon completion of Secondary Offering | 260,243 | (260,243 | ) | — | ||||||||
Stock-based compensation | 1,636 | 1,114 | 2,750 | |||||||||
Exercise of PBF LLC options and warrants, net | — | 375 | 375 | |||||||||
Other comprehensive income | 167 | 164 | 331 | |||||||||
Exchange of PBF LLC Series A Units for Class A common stock | 16 | (16 | ) | — | ||||||||
Balance at September 30, 2013 | $ | 640,504 | $ | 1,008,332 | $ | 1,648,836 | ||||||
INVENTORIES_Tables
INVENTORIES (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Inventory Disclosure [Abstract] | ' | |||||||||||
Schedule of Inventory | ' | |||||||||||
Inventories consisted of the following: | ||||||||||||
September 30, 2013 | ||||||||||||
Titled Inventory | Inventory Supply and Offtake Arrangements | Total | ||||||||||
Crude oil and feedstocks | $ | 541,097 | $ | 95,371 | $ | 636,468 | ||||||
Refined products and blendstocks | 471,289 | 331,626 | 802,915 | |||||||||
Warehouse stock and other | 33,254 | — | 33,254 | |||||||||
$ | 1,045,640 | $ | 426,997 | $ | 1,472,637 | |||||||
December 31, 2012 | ||||||||||||
Titled Inventory | Inventory Supply and Offtake Arrangements | Total | ||||||||||
Crude oil and feedstocks | $ | 384,441 | $ | 257,947 | $ | 642,388 | ||||||
Refined products and blendstocks | 405,545 | 417,865 | 823,410 | |||||||||
Warehouse stock and other | 31,321 | — | 31,321 | |||||||||
$ | 821,307 | $ | 675,812 | $ | 1,497,119 | |||||||
DEFERRED_CHARGES_AND_OTHER_ASS1
DEFERRED CHARGES AND OTHER ASSETS, NET (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | |||||||
Schedule of deferred charges and other assets, net | ' | |||||||
Deferred charges and other assets, net consisted of the following: | ||||||||
September 30, | 31-Dec-12 | |||||||
2013 | ||||||||
Deferred turnaround costs, net | $ | 77,656 | $ | 78,128 | ||||
Catalyst | 68,374 | 66,377 | ||||||
Deferred financing costs, net | 27,929 | 30,987 | ||||||
Restricted cash | 12,116 | 12,114 | ||||||
Linefill | 9,636 | 8,042 | ||||||
Intangible assets, net | 761 | 1,085 | ||||||
Other | 5,482 | 616 | ||||||
$ | 201,954 | $ | 197,349 | |||||
ACCRUED_EXPENSES_Tables
ACCRUED EXPENSES (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Schedule of accrued expenses | ' | |||||||
PBF Holding | ||||||||
Accrued expenses consisted of the following: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Inventory-related accruals | $ | 445,753 | $ | 287,929 | ||||
Inventory supply and offtake arrangements | 439,264 | 536,594 | ||||||
Excise and sales tax payable | 27,651 | 36,414 | ||||||
Accrued transportation costs | 23,979 | 20,338 | ||||||
Accrued interest | 9,041 | 22,764 | ||||||
Accrued utilities | 16,622 | 19,060 | ||||||
Customer deposits | 28,104 | 26,541 | ||||||
Accrued salaries and benefits | 5,995 | 15,212 | ||||||
Accrued construction in progress | 7,649 | 16,481 | ||||||
Fair value of contingent consideration for refinery acquisition | — | 21,358 | ||||||
Other | 39,545 | 23,227 | ||||||
$ | 1,043,603 | $ | 1,025,918 | |||||
PBF Energy | ||||||||
Accrued expenses consisted of the following: | ||||||||
September 30, | December 31, 2012 | |||||||
2013 | ||||||||
Inventory-related accruals | $ | 445,753 | $ | 287,929 | ||||
Inventory supply and offtake arrangements | 439,264 | 536,594 | ||||||
Excise and sales tax payable | 27,651 | 40,776 | ||||||
Accrued transportation costs | 23,979 | 20,338 | ||||||
Accrued interest | 9,041 | 22,764 | ||||||
Accrued utilities | 16,622 | 19,060 | ||||||
Customer deposits | 28,104 | 26,541 | ||||||
Accrued salaries and benefits | 5,995 | 15,212 | ||||||
Accrued construction in progress | 7,649 | 16,481 | ||||||
Income taxes payable | — | 1,275 | ||||||
Fair value of contingent consideration for refinery acquisition | — | 21,358 | ||||||
Other | 38,481 | 23,139 | ||||||
$ | 1,042,539 | $ | 1,031,467 | |||||
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 9 Months Ended | ||||||||||||||
Sep. 30, 2013 | |||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||
Summary of the income tax provision | ' | ||||||||||||||
The income tax provision in the PBF Energy condensed consolidated financial statements of operations consists of the following: | |||||||||||||||
Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | ||||||||||||||
Current tax benefit | $ | (1,744 | ) | $ | — | ||||||||||
Deferred tax benefit | (17,567 | ) | (898 | ) | |||||||||||
Total tax benefit | $ | (19,311 | ) | $ | (898 | ) | |||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||||||||
The difference between the Company’s income tax benefit and the income tax provision computed by applying the United States statutory rate and the difference between the Company’s effective income tax rate and the United States statutory rate are reconciled below: | |||||||||||||||
Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | ||||||||||||||
Provision at Federal statutory rate | $ | (13,693 | ) | 35 | % | $ | 2,620 | 35 | % | ||||||
Increase (decrease) attributable to flow-through of certain tax adjustments: | |||||||||||||||
State income taxes (net federal income tax) | (1,917 | ) | 4.9 | % | 367 | 4.9 | % | ||||||||
Non deductible/nontaxable items | 2,377 | (6.1 | )% | 2,438 | 32.6 | % | |||||||||
Adjustment to deferred tax assets and liabilities for change in tax rates due to business mix | (4,983 | ) | 12.7 | % | (4,983 | ) | (66.6 | )% | |||||||
Other | (1,095 | ) | 2.8 | % | (1,340 | ) | (17.9 | )% | |||||||
Total | $ | (19,311 | ) | 49.3 | % | $ | (898 | ) | (12.0 | )% |
EMPLOYEE_BENEFIT_PLANS_Tables
EMPLOYEE BENEFIT PLANS (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | |||||||||||||||
Schedule of net periodic benefit cost | ' | |||||||||||||||
The components of net periodic benefit cost related to the Company’s defined benefit plans consisted of the following: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
Pension Benefits | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Components of net period benefit cost: | ||||||||||||||||
Service cost | $ | 3,699 | $ | 2,860 | $ | 11,096 | $ | 8,578 | ||||||||
Interest cost | 248 | 125 | 744 | 376 | ||||||||||||
Expected return on plan assets | (138 | ) | (81 | ) | (414 | ) | (243 | ) | ||||||||
Amortization of prior service costs | 3 | 3 | 9 | 8 | ||||||||||||
Amortization of loss | 105 | 8 | 315 | 23 | ||||||||||||
Net periodic benefit cost | $ | 3,917 | $ | 2,915 | $ | 11,750 | $ | 8,742 | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
Post Retirement Medical Plan | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Components of net period benefit cost: | ||||||||||||||||
Service cost | $ | 181 | $ | 205 | $ | 544 | $ | 475 | ||||||||
Interest cost | 84 | 106 | 251 | 296 | ||||||||||||
Net periodic benefit cost | $ | 265 | $ | 311 | $ | 795 | $ | 771 | ||||||||
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | ' | |||||||||||||||
The tables below present information about the Company's financial assets and liabilities measured and recorded at fair value on a recurring basis and indicate the fair value hierarchy of the inputs utilized to determine the fair values as of September 30, 2013 and December 31, 2012. | ||||||||||||||||
As of September 30, 2013 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Money market funds | $ | 5,856 | $ | — | $ | — | $ | 5,856 | ||||||||
Commodity contracts | 8,319 | — | — | 8,319 | ||||||||||||
Derivatives included with intermediation agreement obligations | — | 29,563 | — | 29,563 | ||||||||||||
Liabilities: | ||||||||||||||||
Commodity contracts | — | 14,587 | — | 14,587 | ||||||||||||
Derivatives included with inventory supply arrangement obligations | — | 1,291 | — | 1,291 | ||||||||||||
Catalyst lease obligations | — | 40,323 | — | 40,323 | ||||||||||||
As of December 31, 2012 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Money market funds | $ | 175,786 | $ | — | $ | — | $ | 175,786 | ||||||||
Commodity contracts | 3,303 | — | — | 3,303 | ||||||||||||
Derivatives included with inventory supply arrangement obligations | — | 5,595 | — | 5,595 | ||||||||||||
Liabilities: | ||||||||||||||||
Catalyst lease obligations | — | 43,442 | — | 43,442 | ||||||||||||
Commodity contracts | — | 1,872 | — | 1,872 | ||||||||||||
Contingent consideration for refinery acquisition | — | — | 21,358 | 21,358 | ||||||||||||
Schedule of Effect of Significant Unobservable Inputs | ' | |||||||||||||||
The table below summarizes the changes in fair value measurements categorized in Level 3 of the fair value hierarchy: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Balance at beginning of period | $ | — | $ | 122,924 | $ | 21,358 | $ | 122,232 | ||||||||
Purchases | — | — | — | — | ||||||||||||
Settlements | — | (103,643 | ) | (21,358 | ) | (103,643 | ) | |||||||||
Unrealized loss included in earnings | — | 692 | — | 1,384 | ||||||||||||
Transfers into Level 3 | — | — | — | — | ||||||||||||
Transfers out of Level 3 | — | — | — | — | ||||||||||||
Balance at end of period | $ | — | $ | 19,973 | $ | — | $ | 19,973 | ||||||||
Schedule of Fair value of Debt | ' | |||||||||||||||
The table below summarizes the fair value and carrying value as of September 30, 2013 and December 31, 2012. | ||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||
value | value | value | value | |||||||||||||
Senior secured notes (a) | $ | 667,242 | $ | 684,918 | $ | 666,538 | $ | 700,963 | ||||||||
Revolver (b) | 15,000 | 15,000 | — | — | ||||||||||||
Catalyst leases (c) | 40,323 | 40,323 | 43,442 | 43,442 | ||||||||||||
Long-term debt | $ | 722,565 | $ | 740,241 | $ | 709,980 | $ | 744,405 | ||||||||
(a) The estimated fair value, categorized as a Level 2 measurement, was calculated based on the present value of future expected payments utilizing implied current market interest rates based on quoted prices of the senior secured notes. | ||||||||||||||||
(b) The estimated fair value approximates carrying value, categorized as a Level 2 measurement, as these borrowings bear interest based upon short-term floating market interest rates. | ||||||||||||||||
(c) Catalyst leases are valued using a market approach based upon commodity prices for similar instruments quoted in active markets and are categorized as a Level 2 measurement. |
DERIVATIVES_Tables
DERIVATIVES (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||
Schedule of Fair Value of Derivative Instruments | ' | ||||
The following tables provide information about the fair values of these derivative instruments as of September 30, 2013 and December 31, 2012 and the line items in the consolidated balance sheet in which the fair values are reflected. | |||||
Description | Balance Sheet Location | Fair Value | |||
Asset/(Liability) | |||||
Derivatives designated as hedging instruments: | |||||
September 30, 2013: | |||||
Derivatives included with inventory supply arrangement obligations | Accrued expenses | $ | (1,291 | ) | |
Derivatives included with the intermediation agreement obligations | Accrued expenses | $ | 29,563 | ||
December 31, 2012: | |||||
Derivatives included with inventory supply arrangement obligations | Accrued expenses | $ | 5,595 | ||
Derivatives included with the intermediation agreement obligations | Accrued expenses | $ | — | ||
Derivatives not designated as hedging instruments: | |||||
September 30, 2013: | |||||
Commodity contracts | Accrued expenses | $ | (6,269 | ) | |
December 31, 2012: | |||||
Commodity contracts | Accounts receivable | $ | 1,431 | ||
Schedule of Derivative Instruments, Gain (Loss) Recognized in Income | ' | ||||
The following tables provide information about the gain or loss recognized in income on these derivative instruments and the line items in the consolidated financial statements in which such gains and losses are reflected. | |||||
Description | Location of Gain or (Loss) Recognized in | Gain or (Loss) | |||
Income on Derivatives | Recognized in | ||||
Income on Derivatives | |||||
Derivatives designated as hedging instruments: | |||||
For the three months ended September 30, 2013: | |||||
Derivatives included with inventory supply arrangement obligations | Cost of sales | $ | (4,015 | ) | |
Derivatives included with the intermediation agreement obligations | Cost of sales | $ | 29,563 | ||
For the three months ended September 30, 2012: | |||||
Derivatives included with inventory supply arrangement obligations | Cost of sales | $ | 12,519 | ||
Derivatives included with the intermediation agreement obligations | Cost of sales | $ | — | ||
For the nine months ended September 30, 2013: | |||||
Derivatives included with inventory supply arrangement obligations | Cost of sales | $ | (6,886 | ) | |
Derivatives included with the intermediation agreement obligations | Cost of sales | $ | 29,563 | ||
For the nine months ended September 30, 2012: | |||||
Derivatives included with inventory supply arrangement obligations | Cost of sales | $ | 12,192 | ||
Derivatives included with the intermediation agreement obligations | Cost of sales | $ | — | ||
Derivatives not designated as hedging instruments: | |||||
For the three months ended September 30, 2013: | |||||
Derivatives included with inventory supply arrangement obligations | Cost of sales | $ | — | ||
Commodity contracts | Cost of sales | $ | (23,843 | ) | |
For the three months ended September 30, 2012: | |||||
Derivatives included with inventory supply arrangement obligations | Cost of sales | $ | — | ||
Commodity contracts | Cost of sales | $ | 3,029 | ||
For the nine months ended September 30, 2013: | |||||
Derivatives included with inventory supply arrangement obligations | Cost of sales | $ | — | ||
Commodity contracts | Cost of sales | $ | (9,894 | ) | |
For the nine months ended September 30, 2012: | |||||
Derivatives included with inventory supply arrangement obligations | Cost of sales | $ | (8 | ) | |
Commodity contracts | Cost of sales | $ | 30,636 | ||
Hedged items designated in fair value hedges: | |||||
For the three months ended September 30, 2013: | |||||
Crude oil and feedstock inventory | Cost of sales | $ | 3,127 | ||
Intermediate and refined product inventory | Cost of sales | $ | (29,563 | ) | |
For the three months ended September 30, 2012: | |||||
Crude oil and feedstock inventory | Cost of sales | $ | (4,196 | ) | |
Intermediate and refined product inventory | Cost of sales | $ | — | ||
For the nine months ended September 30, 2013: | |||||
Crude oil and feedstock inventory | Cost of sales | $ | (378 | ) | |
Intermediate and refined product inventory | Cost of sales | $ | (29,563 | ) | |
For the nine months ended September 30, 2012: | |||||
Crude oil and feedstock inventory | Cost of sales | $ | (4,590 | ) | |
Intermediate and refined product inventory | Cost of sales | $ | — | ||
NET_INCOME_PER_SHARE_OF_PBF_EN1
NET INCOME PER SHARE OF PBF ENERGY (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Computation of basic and diluted net income per common share | ' | |||||||
For the period subsequent to the IPO, the following table sets forth the computation of basic and diluted net income (loss) per Class A common share attributable to PBF Energy: | ||||||||
Basic Earnings Per Share: | Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | ||||||
Numerator for basic net income per Class A common share net income (loss) attributable to PBF Energy | $ | (19,848 | ) | $ | 8,384 | |||
Denominator for basic net income (loss) per Class A common share-weighted average shares | 39,575,429 | 30,094,946 | ||||||
Basic net income (loss) attributable to PBF Energy per Class A common share | $ | (0.50 | ) | $ | 0.28 | |||
Diluted Earnings Per Share: | ||||||||
Numerator for diluted net income per Class A common share net income (loss) attributable to PBF Energy (1) | $ | (19,848 | ) | $ | 8,384 | |||
Denominator (1): | ||||||||
Denominator for basic net income (loss) per Class A common share-weighted average shares | 39,575,429 | 30,094,946 | ||||||
Effect of dilutive securities: | ||||||||
Common stock equivalents (2) | — | 653,955 | ||||||
Denominator for diluted net income (loss) per common share-adjusted weighted average shares | 39,575,429 | 30,748,901 | ||||||
Diluted net income (loss) attributable to PBF Energy per Class A common share | $ | (0.50 | ) | $ | 0.27 | |||
—————————— | ||||||||
-1 | During the three and nine months ended September 30, 2013, the potential conversion of 57,243,672 and 66,724,155 PBF LLC Series A Units, respectively, were excluded from the denominator in computing diluted net income per share because including them would have had an antidilutive effect. As the PBF LLC Series A Units were not included, the numerator used in the calculation of diluted net income per share was equal to the numerator used in the calculation of basic net income per share and does not include the net income and income tax attributable to the net income associated with the potential conversion of the PBF LLC Series A Units. | |||||||
-2 | Represents an adjustment to weighted-average diluted shares outstanding to assume the full exchange of common stock equivalents, including options and warrants for PBF LLC Series A Units and options for shares of PBF Energy Class A common stock. Common stock equivalents excludes the effects of options to purchase 753,750 shares of PBF Energy Class A common stock because they are anti-dilutive for the nine months ended September 30, 2013. |
CONDENSED_CONSOLIDATING_FINANC1
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Condensed Financial Information of Subsidiary Disclosure [Abstract] | ' | |||||||||||||||||||
Condensed Consolidating Balance Sheet | ' | |||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET (UNAUDITED) | ||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||
Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combining and Consolidating Adjustments | Total | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 56,808 | $ | 609 | $ | — | $ | — | $ | 57,417 | ||||||||||
Accounts receivable | 531,004 | 46,875 | — | — | 577,879 | |||||||||||||||
Inventories | 851,985 | 620,652 | — | — | 1,472,637 | |||||||||||||||
Prepaid expense and other current assets | 43,721 | 12,412 | — | — | 56,133 | |||||||||||||||
Due from related parties | 10,852,441 | 15,714,459 | — | (26,566,900 | ) | — | ||||||||||||||
Total current assets | 12,335,959 | 16,395,007 | — | (26,566,900 | ) | 2,164,066 | ||||||||||||||
Property, plant and equipment, net | 63,428 | 1,672,332 | — | — | 1,735,760 | |||||||||||||||
Investment in subsidiaries | 3,814,871 | — | — | (3,814,871 | ) | — | ||||||||||||||
Deferred charges and other assets, net | 29,511 | 172,443 | — | — | 201,954 | |||||||||||||||
Total assets | $ | 16,243,769 | $ | 18,239,782 | $ | — | $ | (30,381,771 | ) | $ | 4,101,780 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable | $ | 476,299 | $ | 87,623 | $ | — | $ | — | $ | 563,922 | ||||||||||
Accrued expenses | 482,446 | 561,157 | — | — | 1,043,603 | |||||||||||||||
Deferred revenue | 1,882 | — | — | — | 1,882 | |||||||||||||||
Due to related parties | 12,878,170 | 13,688,730 | — | (26,566,900 | ) | — | ||||||||||||||
Total current liabilities | 13,838,797 | 14,337,510 | — | (26,566,900 | ) | 1,609,407 | ||||||||||||||
Delaware Economic Development Authority loan | — | 16,000 | — | — | 16,000 | |||||||||||||||
Long-term debt | 682,242 | 40,323 | — | — | 722,565 | |||||||||||||||
Intercompany notes payable | 31,632 | — | — | — | 31,632 | |||||||||||||||
Other long-term liabilities | 5,273 | 31,078 | — | — | 36,351 | |||||||||||||||
Total liabilities | 14,557,944 | 14,424,911 | — | (26,566,900 | ) | 2,415,955 | ||||||||||||||
Commitments and contingencies | ||||||||||||||||||||
Equity: | ||||||||||||||||||||
Member's equity | 931,587 | 664,978 | — | (664,978 | ) | 931,587 | ||||||||||||||
Retained earnings (accumulated deficit) | 762,848 | 3,151,447 | — | (3,151,447 | ) | 762,848 | ||||||||||||||
Accumulated other comprehensive loss | (8,610 | ) | (1,554 | ) | — | 1,554 | (8,610 | ) | ||||||||||||
Total equity | 1,685,825 | 3,814,871 | — | (3,814,871 | ) | 1,685,825 | ||||||||||||||
Total liabilities and equity | $ | 16,243,769 | $ | 18,239,782 | $ | — | $ | (30,381,771 | ) | $ | 4,101,780 | |||||||||
18. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET (UNAUDITED) | ||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||
Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combining and Consolidating Adjustments | Total | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 241,926 | $ | 12,365 | $ | — | $ | — | $ | 254,291 | ||||||||||
Accounts receivable | 306,999 | 196,797 | — | — | 503,796 | |||||||||||||||
Inventories | 664,225 | 832,894 | — | — | 1,497,119 | |||||||||||||||
Prepaid expense and other current assets | 8,835 | 4,553 | — | — | 13,388 | |||||||||||||||
Due from related parties | 6,770,893 | 10,015,340 | — | (16,771,512 | ) | 14,721 | ||||||||||||||
Total current assets | 7,992,878 | 11,061,949 | — | (16,771,512 | ) | 2,283,315 | ||||||||||||||
Property, plant and equipment, net | 28,200 | 1,607,387 | — | — | 1,635,587 | |||||||||||||||
Investment in subsidiaries | 2,855,598 | — | — | (2,855,598 | ) | — | ||||||||||||||
Deferred charges and other assets, net | 31,081 | 166,268 | — | — | 197,349 | |||||||||||||||
Total assets | $ | 10,907,757 | $ | 12,835,604 | $ | — | $ | (19,627,110 | ) | $ | 4,116,251 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable | $ | 197,624 | $ | 162,433 | $ | — | $ | — | $ | 360,057 | ||||||||||
Accrued expenses | 363,536 | 662,382 | — | — | 1,025,918 | |||||||||||||||
Deferred revenue | — | 210,543 | — | — | 210,543 | |||||||||||||||
Due to related parties | 7,926,481 | 8,845,031 | — | (16,771,512 | ) | — | ||||||||||||||
Total current liabilities | 8,487,641 | 9,880,389 | — | (16,771,512 | ) | 1,596,518 | ||||||||||||||
Delaware Economic Development Authority loan | — | 20,000 | — | — | 20,000 | |||||||||||||||
Long-term debt | 666,538 | 43,442 | — | — | 709,980 | |||||||||||||||
Other long-term liabilities | 1,924 | 36,175 | — | — | 38,099 | |||||||||||||||
Total liabilities | 9,156,103 | 9,980,006 | — | (16,771,512 | ) | 2,364,597 | ||||||||||||||
Commitments and contingencies | ||||||||||||||||||||
Equity: | ||||||||||||||||||||
Member's equity | 930,098 | 664,108 | — | (664,108 | ) | 930,098 | ||||||||||||||
Retained earnings | 830,497 | 2,193,052 | — | (2,193,052 | ) | 830,497 | ||||||||||||||
Accumulated other comprehensive loss | (8,941 | ) | (1,562 | ) | — | 1,562 | (8,941 | ) | ||||||||||||
Total equity | 1,751,654 | 2,855,598 | — | (2,855,598 | ) | 1,751,654 | ||||||||||||||
Total liabilities and equity | $ | 10,907,757 | $ | 12,835,604 | $ | — | $ | (19,627,110 | ) | $ | 4,116,251 | |||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) | ' | |||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME | ||||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||
Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combining and Consolidating Adjustments | Total | ||||||||||||||||
Revenues | $ | 4,813,737 | $ | 745,102 | $ | — | $ | (699,959 | ) | $ | 4,858,880 | |||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of sales, excluding depreciation | 4,624,531 | 739,125 | — | (699,959 | ) | 4,663,697 | ||||||||||||||
Operating expenses, excluding depreciation | (168 | ) | 192,815 | — | — | 192,647 | ||||||||||||||
General and administrative expenses | 19,567 | 3,086 | — | — | 22,653 | |||||||||||||||
(Gain) loss on sale of asset | (254 | ) | 206 | — | — | (48 | ) | |||||||||||||
Depreciation and amortization expense | 3,317 | 24,118 | — | — | 27,435 | |||||||||||||||
4,646,993 | 959,350 | — | (699,959 | ) | 4,906,384 | |||||||||||||||
Income (loss) from operations | 166,744 | (214,248 | ) | — | — | (47,504 | ) | |||||||||||||
Other income (expense): | ||||||||||||||||||||
Equity in earnings of subsidiaries | (218,232 | ) | — | — | 218,232 | — | ||||||||||||||
Change in fair value of catalyst lease | — | (2,363 | ) | — | — | (2,363 | ) | |||||||||||||
Interest expense, net | (24,742 | ) | (1,621 | ) | — | — | (26,363 | ) | ||||||||||||
Net (loss) income | $ | (76,230 | ) | $ | (218,232 | ) | $ | — | $ | 218,232 | $ | (76,230 | ) | |||||||
Comprehensive (Loss) Income | $ | (76,109 | ) | $ | (218,232 | ) | $ | — | $ | 218,232 | $ | (76,109 | ) | |||||||
18. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME | ||||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||||||
Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combining and Consolidating Adjustments | Total | ||||||||||||||||
Revenues | $ | 2,191,427 | $ | 4,133,729 | $ | — | $ | (929,950 | ) | $ | 5,395,206 | |||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of sales, excluding depreciation | 2,428,649 | 3,433,946 | — | (929,950 | ) | 4,932,645 | ||||||||||||||
Operating expenses, excluding depreciation | — | 179,035 | — | — | 179,035 | |||||||||||||||
General and administrative expenses | 38,150 | 792 | — | — | 38,942 | |||||||||||||||
Loss on sale of asset | — | 20 | — | — | 20 | |||||||||||||||
Depreciation and amortization expense | 2,183 | 22,272 | — | — | 24,455 | |||||||||||||||
2,468,982 | 3,636,065 | — | (929,950 | ) | 5,175,097 | |||||||||||||||
(Loss) income from operations | (277,555 | ) | 497,664 | — | — | 220,109 | ||||||||||||||
Other income (expense): | ||||||||||||||||||||
Equity in earnings (loss) of subsidiaries | 483,690 | — | — | (483,690 | ) | — | ||||||||||||||
Change in fair value of contingent consideration | — | (692 | ) | — | — | (692 | ) | |||||||||||||
Change in fair value of catalyst lease | — | (5,952 | ) | — | — | (5,952 | ) | |||||||||||||
Interest expense, net | (19,552 | ) | (7,349 | ) | — | — | (26,901 | ) | ||||||||||||
Net income | $ | 186,583 | $ | 483,671 | $ | — | $ | (483,690 | ) | $ | 186,564 | |||||||||
Comprehensive Income | $ | 186,566 | $ | 483,690 | $ | — | $ | (483,690 | ) | $ | 186,566 | |||||||||
18. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME | ||||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||
Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combining and Consolidating Adjustments | Total | ||||||||||||||||
Revenues | $ | 11,375,513 | $ | 7,060,883 | $ | — | $ | (4,101,376 | ) | $ | 14,335,020 | |||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of sales, excluding depreciation | 12,078,314 | 5,417,839 | — | (4,101,376 | ) | 13,394,777 | ||||||||||||||
Operating expenses, excluding depreciation | (310 | ) | 601,555 | — | — | 601,245 | ||||||||||||||
General and administrative expenses | 61,607 | 10,281 | — | — | 71,888 | |||||||||||||||
(Gain) loss on sale of asset | (254 | ) | 206 | — | — | (48 | ) | |||||||||||||
Depreciation and amortization expense | 9,457 | 72,073 | — | — | 81,530 | |||||||||||||||
12,148,814 | 6,101,954 | — | (4,101,376 | ) | 14,149,392 | |||||||||||||||
(Loss) income from operations | (773,301 | ) | 958,929 | — | — | 185,628 | ||||||||||||||
Other income (expense): | ||||||||||||||||||||
Equity in earnings (loss) of subsidiaries | 958,402 | — | — | (958,402 | ) | — | ||||||||||||||
Change in fair value of catalyst lease | — | 3,118 | — | — | 3,118 | |||||||||||||||
Interest expense, net | (66,067 | ) | (3,645 | ) | — | — | (69,712 | ) | ||||||||||||
Net income | $ | 119,034 | $ | 958,402 | $ | — | $ | (958,402 | ) | $ | 119,034 | |||||||||
Comprehensive Income | $ | 119,365 | $ | 958,402 | $ | — | $ | (958,402 | ) | $ | 119,365 | |||||||||
18. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME | ||||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||||
Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combining and Consolidating Adjustments | Total | ||||||||||||||||
Revenues | $ | 5,036,947 | $ | 12,767,276 | $ | — | $ | (2,615,896 | ) | $ | 15,188,327 | |||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of sales, excluding depreciation | 6,010,490 | 10,477,290 | — | (2,615,896 | ) | 13,871,884 | ||||||||||||||
Operating expenses, excluding depreciation | — | 537,880 | — | — | 537,880 | |||||||||||||||
General and administrative expenses | 72,706 | 5,336 | — | — | 78,042 | |||||||||||||||
Gain on sale of asset | — | (2,430 | ) | — | — | (2,430 | ) | |||||||||||||
Depreciation and amortization expense | 5,123 | 62,296 | — | — | 67,419 | |||||||||||||||
6,088,319 | 11,080,372 | — | (2,615,896 | ) | 14,552,795 | |||||||||||||||
(Loss) income from operations | (1,051,372 | ) | 1,686,904 | — | — | 635,532 | ||||||||||||||
Other income (expense): | ||||||||||||||||||||
Equity in earnings (loss) of subsidiaries | 1,654,329 | — | — | (1,654,329 | ) | — | ||||||||||||||
Change in fair value of contingent consideration | — | (2,076 | ) | — | — | (2,076 | ) | |||||||||||||
Change in fair value of catalyst lease | — | (6,929 | ) | — | — | (6,929 | ) | |||||||||||||
Interest expense, net | (63,164 | ) | (23,589 | ) | — | — | (86,753 | ) | ||||||||||||
Net income | $ | 539,793 | $ | 1,654,310 | $ | — | $ | (1,654,329 | ) | $ | 539,774 | |||||||||
Comprehensive Income | $ | 539,793 | $ | 1,654,329 | $ | — | $ | (1,654,329 | ) | $ | 539,793 | |||||||||
Condensed Consolidating Statement of Cash Flow | ' | |||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW (UNAUDITED) | ||||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||
Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combining and Consolidating Adjustments | Total | ||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net income | $ | 119,034 | $ | 958,402 | $ | — | $ | (958,402 | ) | $ | 119,034 | |||||||||
Adjustments to reconcile net income to net | ||||||||||||||||||||
cash provided by operating activities: | ||||||||||||||||||||
Depreciation and amortization | 14,273 | 72,144 | — | — | 86,417 | |||||||||||||||
Stock-based compensation | — | 2,750 | — | — | 2,750 | |||||||||||||||
Change in fair value of catalyst lease obligation | — | (3,118 | ) | — | — | (3,118 | ) | |||||||||||||
Change in fair value of contingent consideration | — | — | — | — | — | |||||||||||||||
Non-cash change in inventory repurchase obligations | — | (13,362 | ) | — | — | (13,362 | ) | |||||||||||||
Write-off of unamortized deferred financing fees | — | — | — | — | — | |||||||||||||||
Pension and other post retirement benefit costs | 3,541 | 9,113 | — | — | 12,654 | |||||||||||||||
Gain on disposition of property, plant and equipment | (254 | ) | 206 | — | — | (48 | ) | |||||||||||||
Equity in earnings of subsidiaries | (958,402 | ) | — | — | 958,402 | — | ||||||||||||||
Changes in current assets and current liabilities: | ||||||||||||||||||||
Accounts receivable | (224,005 | ) | 149,922 | — | — | (74,083 | ) | |||||||||||||
Amounts due to/from related parties | 870,141 | (855,420 | ) | — | — | 14,721 | ||||||||||||||
Inventories | (187,760 | ) | 218,925 | — | — | 31,165 | ||||||||||||||
Other current assets | (34,886 | ) | (7,859 | ) | — | — | (42,745 | ) | ||||||||||||
Accounts payable | 278,675 | (74,810 | ) | — | — | 203,865 | ||||||||||||||
Accrued expenses | 118,507 | (65,994 | ) | — | — | 52,513 | ||||||||||||||
Deferred revenue | 1,882 | (210,543 | ) | — | — | (208,661 | ) | |||||||||||||
Other assets and liabilities | 122 | (18,497 | ) | — | — | (18,375 | ) | |||||||||||||
Net cash provided by operating activities | 868 | 161,859 | — | — | 162,727 | |||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Expenditures for property, plant and equipment | (75,099 | ) | (126,807 | ) | — | — | (201,906 | ) | ||||||||||||
Expenditures for refinery turnarounds costs | — | (15,859 | ) | — | — | (15,859 | ) | |||||||||||||
Expenditures for other assets | — | (10,584 | ) | — | — | (10,584 | ) | |||||||||||||
Proceeds from sale of assets | 30,826 | — | — | — | 30,826 | |||||||||||||||
Net cash used in investing activities | (44,273 | ) | (153,250 | ) | — | — | (197,523 | ) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Proceeds from revolver borrowings | 745,000 | — | — | — | 745,000 | |||||||||||||||
Proceeds from intercompany notes payable | 31,632 | — | — | — | 31,632 | |||||||||||||||
Distribution to members | (186,684 | ) | — | — | — | (186,684 | ) | |||||||||||||
Repayments of revolver borrowings | (730,000 | ) | — | — | — | (730,000 | ) | |||||||||||||
Payment of contingent consideration related to acquisition of Toledo refinery | — | (21,357 | ) | — | — | (21,357 | ) | |||||||||||||
Deferred financing costs and other | (1,661 | ) | 992 | — | — | (669 | ) | |||||||||||||
Net cash used in financing activities | (141,713 | ) | (20,365 | ) | — | — | (162,078 | ) | ||||||||||||
Net decrease in cash and cash equivalents | (185,118 | ) | (11,756 | ) | — | — | (196,874 | ) | ||||||||||||
Cash and equivalents, beginning of period | 241,926 | 12,365 | — | — | 254,291 | |||||||||||||||
Cash and equivalents, end of period | $ | 56,808 | $ | 609 | $ | — | $ | — | $ | 57,417 | ||||||||||
18. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW (UNAUDITED) | ||||||||||||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||||
Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combining and Consolidating Adjustments | Total | ||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net income | $ | 539,793 | $ | 1,654,310 | $ | — | $ | (1,654,329 | ) | $ | 539,774 | |||||||||
Adjustments to reconcile net income to net | ||||||||||||||||||||
cash provided by operating activities: | ||||||||||||||||||||
Depreciation and amortization | 8,847 | 62,297 | — | — | 71,144 | |||||||||||||||
Stock-based compensation | — | 1,707 | — | — | 1,707 | |||||||||||||||
Change in fair value of catalyst lease obligation | — | 6,929 | — | — | 6,929 | |||||||||||||||
Change in fair value of contingent consideration | — | 2,076 | — | — | 2,076 | |||||||||||||||
Non-cash change in inventory repurchase obligations | — | 5,126 | — | — | 5,126 | |||||||||||||||
Write-off of unamortized deferred financing fees | 4,391 | — | — | — | 4,391 | |||||||||||||||
Pension and other post retirement benefit costs | 1,594 | 7,919 | — | — | 9,513 | |||||||||||||||
Gain on disposition of property, plant and equipment | — | (2,430 | ) | — | — | (2,430 | ) | |||||||||||||
Equity in earnings of subsidiaries | (1,654,329 | ) | — | — | 1,654,329 | — | ||||||||||||||
Changes in current assets and current liabilities: | ||||||||||||||||||||
Accounts receivable | (410,412 | ) | 230,423 | — | — | (179,989 | ) | |||||||||||||
Amounts due to/from related parties | 1,710,567 | (1,710,567 | ) | — | — | — | ||||||||||||||
Inventories | (540,547 | ) | 625,726 | — | — | 85,179 | ||||||||||||||
Other current assets | (8,501 | ) | 45,472 | — | — | 36,971 | ||||||||||||||
Accounts payable | 63,779 | (77,121 | ) | — | (25,811 | ) | (39,153 | ) | ||||||||||||
Accrued expenses | 347,790 | (404,194 | ) | — | — | (56,404 | ) | |||||||||||||
Deferred revenue | 3,912 | 9,807 | — | — | 13,719 | |||||||||||||||
Other assets and liabilities | (2,723 | ) | (27,008 | ) | — | — | (29,731 | ) | ||||||||||||
Net cash (used in) provided by operating activities | 64,161 | 430,472 | — | (25,811 | ) | 468,822 | ||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Expenditures for property, plant and equipment | (13,859 | ) | (88,145 | ) | — | — | (102,004 | ) | ||||||||||||
Expenditures for refinery turnarounds costs | — | (27,501 | ) | — | — | (27,501 | ) | |||||||||||||
Expenditures for other assets | — | (7,731 | ) | — | — | (7,731 | ) | |||||||||||||
Proceeds from sale of assets | — | 3,381 | — | — | 3,381 | |||||||||||||||
Net cash used in investing activities | (13,859 | ) | (119,996 | ) | — | — | (133,855 | ) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Proceeds from member's capital contributions | 250 | — | — | — | 250 | |||||||||||||||
Proceeds from 8.25% senior secured notes | 665,806 | — | — | — | 665,806 | |||||||||||||||
Proceeds from long-term debt | 430,000 | — | — | — | 430,000 | |||||||||||||||
Proceeds from catalyst lease | — | 9,452 | — | — | 9,452 | |||||||||||||||
Distributions to members | (15,081 | ) | — | — | — | (15,081 | ) | |||||||||||||
Repayments of long-term debt | (823,749 | ) | (360,848 | ) | — | — | (1,184,597 | ) | ||||||||||||
Payment of contingent consideration related to acquisition of Toledo refinery | (103,642 | ) | — | — | — | (103,642 | ) | |||||||||||||
Deferred financing costs and other | (17,273 | ) | — | — | — | (17,273 | ) | |||||||||||||
Net cash provided by (used in) financing activities | 136,311 | (351,396 | ) | — | — | (215,085 | ) | |||||||||||||
Net increase (decrease) in cash and cash equivalents | 186,613 | (40,920 | ) | — | (25,811 | ) | 119,882 | |||||||||||||
Cash and equivalents, beginning of period | 3,124 | 47,042 | — | — | 50,166 | |||||||||||||||
Cash and equivalents, end of period | $ | 189,737 | $ | 6,122 | $ | — | $ | (25,811 | ) | $ | 170,048 | |||||||||
DESCRIPTION_OF_THE_BUSINESS_AN1
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Details) (USD $) | Sep. 30, 2013 | Dec. 18, 2012 | Dec. 12, 2012 | Jun. 12, 2013 | Jun. 12, 2013 | Sep. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | Senior Secured Notes Issued in 2012 [Member] | Initial Public Offering [Member] | Initial Public Offering [Member] | Secondary Public Offering [Member] | Secondary Public Offering [Member] | Secondary Public Offering [Member] |
Senior Notes [Member] | PBF LLC [Member] | Class A Common Stock [Member] | PBF LLC [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | |
PBF Holding Company LLC [Member] | ||||||
Description of Business [Line Items] | ' | ' | ' | ' | ' | ' |
Public offering (in shares) | ' | ' | 23,567,686 | ' | 15,950,000 | ' |
Public offering, offering price per share | ' | ' | $26 | ' | $27 | ' |
Percentage of voting interest acquired | ' | 24.40% | ' | 16.60% | ' | ' |
Payments of Stock Issuance Costs | ' | ' | ' | ' | ' | $1,388 |
Debt fixed interest rate | 8.25% | ' | ' | ' | ' | ' |
NONCONTROLLING_INTEREST_OF_PBF2
NONCONTROLLING INTEREST OF PBF ENERGY (Owenership Percentage) (Details) | Sep. 30, 2013 | Jun. 12, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Jun. 12, 2013 | Dec. 31, 2012 | Dec. 18, 2012 | Sep. 30, 2013 | Jun. 12, 2013 | Dec. 31, 2012 | Jun. 12, 2013 | |||
PBF Energy [Member] | PBF Energy [Member] | PBF Energy [Member] | PBF Energy [Member] | PBF LLC [Member] | PBF LLC [Member] | PBF LLC [Member] | Secondary Public Offering [Member] | |||||||
Class A Common Stock [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Series A Units [Member] | Series A Units [Member] | Series A Units [Member] | Class A Common Stock [Member] | |||||||
Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Public offering (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,950,000 | |||
Shares outstanding | 96,819,101 | [1] | 96,591,060 | [1] | 96,543,352 | [1] | 39,581,613 | 39,563,835 | 23,571,221 | ' | 57,237,488 | 57,027,225 | 72,972,131 | ' |
Percentage of ownership in PBF LLC | 100.00% | [1] | 100.00% | [1] | 100.00% | [1] | 40.90% | 41.00% | 24.40% | 24.40% | 59.10% | 59.00% | 75.60% | ' |
[1] | Assumes all of the holders of PBF LLC Series A Units exchange their PBF LLC Series A Units for shares of PBF Energybs ClassB A common stock on a one-for-one basis. |
NONCONTROLLING_INTEREST_OF_PBF3
NONCONTROLLING INTEREST OF PBF ENERGY (Allocation of Equity) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Noncontrolling Interest [Line Items] | ' | ' | ' | ' |
Beginning balance | ' | ' | $1,723,545 | ' |
Net income | -64,893 | 186,564 | 111,988 | 539,774 |
Dividends and Distributions | ' | ' | -166,499 | ' |
Record tax receivable agreement | ' | ' | -23,654 | ' |
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | ' | ' | 0 | ' |
Stock-based compensation | ' | ' | 2,750 | ' |
Stock Issued During Period, Value, Stock Options Exercised | ' | ' | 375 | ' |
Other comprehensive income | 121 | 2 | 331 | 19 |
Exchange of shares | ' | ' | 0 | ' |
Ending balance | 1,648,836 | ' | 1,648,836 | ' |
PBF Energy [Member] | ' | ' | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' | ' | ' |
Beginning balance | ' | ' | 419,754 | ' |
Net income | ' | ' | 8,384 | ' |
Dividends and Distributions | ' | ' | -26,042 | ' |
Record tax receivable agreement | ' | ' | -23,654 | ' |
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | ' | ' | 260,243 | ' |
Stock-based compensation | ' | ' | 1,636 | ' |
Stock Issued During Period, Value, Stock Options Exercised | ' | ' | 0 | ' |
Other comprehensive income | ' | ' | 167 | ' |
Exchange of shares | ' | ' | 16 | ' |
Ending balance | 640,504 | ' | 640,504 | ' |
Noncontrolling Interest [Member] | ' | ' | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' | ' | ' |
Beginning balance | ' | ' | 1,303,791 | ' |
Net income | ' | ' | 103,604 | ' |
Dividends and Distributions | ' | ' | -140,457 | ' |
Record tax receivable agreement | ' | ' | 0 | ' |
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | ' | ' | -260,243 | ' |
Stock-based compensation | ' | ' | 1,114 | ' |
Stock Issued During Period, Value, Stock Options Exercised | ' | ' | 375 | ' |
Other comprehensive income | ' | ' | 164 | ' |
Exchange of shares | ' | ' | -16 | ' |
Ending balance | $1,008,332 | ' | $1,008,332 | ' |
INVENTORIES_Details
INVENTORIES (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory [Line Items] | ' | ' |
Crude oil and feedstocks | $636,468 | $642,388 |
Refined products and blendstocks | 802,915 | 823,410 |
Warehouse stock and other | 33,254 | 31,321 |
Total inventory | 1,472,637 | 1,497,119 |
Excess of replacement value of inventory over LIFO carrying value | 72,689 | 79,859 |
Titled Inventory [Member] | ' | ' |
Inventory [Line Items] | ' | ' |
Crude oil and feedstocks | 541,097 | 384,441 |
Refined products and blendstocks | 471,289 | 405,545 |
Warehouse stock and other | 33,254 | 31,321 |
Total inventory | 1,045,640 | 821,307 |
Inventory Supply and Offtake Arrangements [Member] | ' | ' |
Inventory [Line Items] | ' | ' |
Crude oil and feedstocks | 95,371 | 257,947 |
Refined products and blendstocks | 331,626 | 417,865 |
Warehouse stock and other | 0 | 0 |
Total inventory | $426,997 | $675,812 |
INVENTORY_INTERMEDIATION_AGREE
INVENTORY INTERMEDIATION AGREEMENT (Details) (J. Aron [Member], USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
Inventory [Line Items] | ' | ' |
Intermediation Agreement Expiration Date | ' | 1-Jul-15 |
Financing Interest Expense | $3,100 | $3,100 |
Liability for J. Aron Inventory | $366,660 | $366,660 |
Consigned Inventory [Member] | ' | ' |
Inventory [Line Items] | ' | ' |
Barrels of Inventory for J. Aron | 3,240,579 | 3,240,579 |
DEFERRED_CHARGES_AND_OTHER_ASS2
DEFERRED CHARGES AND OTHER ASSETS, NET (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ' |
Deferred turnaround costs, net | $77,656 | $78,128 |
Catalyst | 68,374 | 66,377 |
Deferred financing costs, net | 27,929 | 30,987 |
Restricted cash | 12,116 | 12,114 |
Linefill | 9,636 | 8,042 |
Intangible assets, net | 761 | 1,085 |
Other | 5,482 | 616 |
Deferred charges and other assets | $201,954 | $197,349 |
ACCRUED_EXPENSES_Details
ACCRUED EXPENSES (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | Morgan Stanley Capital Group, Inc [Member] | Morgan Stanley Capital Group, Inc [Member] | Morgan Stanley Capital Group, Inc [Member] | Morgan Stanley Capital Group, Inc [Member] | PBF Holding Company LLC [Member] | PBF Holding Company LLC [Member] | ||
Repurchase Agreement Counterparty [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Non-cash benefit related to repurchase obligation | ' | ' | $0 | $30,249 | $20,248 | $17,309 | ' | ' |
Accrued Expenses: | ' | ' | ' | ' | ' | ' | ' | ' |
Excise and sales tax payable | 445,753 | 287,929 | ' | ' | ' | ' | 445,753 | 287,929 |
Inventory supply and offtake arrangements | 439,264 | 536,594 | ' | ' | ' | ' | 439,264 | 536,594 |
Excise and sales tax payable | 27,651 | 40,776 | ' | ' | ' | ' | 27,651 | 36,414 |
Accrued transportation costs | 23,979 | 20,338 | ' | ' | ' | ' | 23,979 | 20,338 |
Accrued interest | 9,041 | 22,764 | ' | ' | ' | ' | 9,041 | 22,764 |
Accrued utilities | 16,622 | 19,060 | ' | ' | ' | ' | 16,622 | 19,060 |
Customer deposits | 28,104 | 26,541 | ' | ' | ' | ' | 28,104 | 26,541 |
Accrued salaries and benefits | 5,995 | 15,212 | ' | ' | ' | ' | 5,995 | 15,212 |
Accrued construction in progress | 7,649 | 16,481 | ' | ' | ' | ' | 7,649 | 16,481 |
Income taxes payable | 0 | 1,275 | ' | ' | ' | ' | ' | ' |
Fair value of contingent consideration for refinery acquisition | 0 | 21,358 | ' | ' | ' | ' | 0 | 21,358 |
Other | 38,481 | 23,139 | ' | ' | ' | ' | 39,545 | 23,227 |
Accrued expenses | $1,042,539 | $1,031,467 | ' | ' | ' | ' | $1,043,603 | $1,025,918 |
DELAWARE_ECONOMIC_DEVELOPMENT_1
DELAWARE ECONOMIC DEVELOPMENT AUTHORITY LOAN (Details) (USD $) | 9 Months Ended | 1 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2010 | Sep. 30, 2013 | Oct. 31, 2013 |
Zero Percent Interest Note [Member] | Tranche 2 [Member] | ||||
Subsequent Event [Member] | |||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Delaware Economic Development Authority loan | $16,000 | $20,000 | $20,000 | ' | ' |
Debt fixed interest rate | ' | ' | ' | 0.00% | ' |
Annual conversion of loan to grant | 4,000 | ' | ' | ' | 4,000 |
Term of loan conversion | '5 years | ' | ' | ' | ' |
Minimum man hours of labor utilized | '600000 hours | ' | ' | ' | ' |
Minimum qualified capital expenditures | $125,000 | ' | ' | ' | ' |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 12, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Jun. 12, 2013 | Dec. 31, 2012 | Dec. 18, 2012 | ||||
PBF Energy [Member] | PBF Energy [Member] | PBF Energy [Member] | PBF Energy [Member] | |||||||||||
Class A Common Stock [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | |||||||||||
Percentage of ownership in PBF LLC | 100.00% | [1] | ' | 100.00% | [1] | ' | 100.00% | [1] | 100.00% | [1] | 40.90% | 41.00% | 24.40% | 24.40% |
Current tax benefit | ($1,744) | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ||||
Deferred tax benefit | -17,567 | ' | -898 | 0 | ' | ' | ' | ' | ' | ' | ||||
Total tax benefit | -19,311 | 0 | -898 | 0 | ' | ' | ' | ' | ' | ' | ||||
Provision at Federal statutory rate, amount | -13,693 | ' | 2,620 | ' | ' | ' | ' | ' | ' | ' | ||||
State income taxes (ned federal income tax), amount | -1,917 | ' | 367 | ' | ' | ' | ' | ' | ' | ' | ||||
Non deductible/nontaxable items, amount | 2,377 | ' | 2,438 | ' | ' | ' | ' | ' | ' | ' | ||||
Adjustment to deferred tax assets and liabilities for change in tax rates due to business mix, amount | -4,983 | ' | -4,983 | ' | ' | ' | ' | ' | ' | ' | ||||
Other, amount | ($1,095) | ' | ($1,340) | ' | ' | ' | ' | ' | ' | ' | ||||
Provision at Federal statutory rate, as a percent | 35.00% | ' | 35.00% | ' | ' | ' | ' | ' | ' | ' | ||||
State income taxes (net federal income tax), as a percent | 4.90% | ' | 4.90% | ' | ' | ' | ' | ' | ' | ' | ||||
Non deductible/nontaxable items, as a percent | -6.08% | ' | 32.57% | ' | ' | ' | ' | ' | ' | ' | ||||
Adjustment to deferred tax assets and liabilities for change in tax rates due to business mix, as a percent | 12.70% | ' | -66.60% | ' | ' | ' | ' | ' | ' | ' | ||||
Other, as a percent | 2.80% | ' | -17.90% | ' | ' | ' | ' | ' | ' | ' | ||||
Effective tax rate | 49.30% | ' | -12.00% | ' | ' | ' | ' | ' | ' | ' | ||||
[1] | Assumes all of the holders of PBF LLC Series A Units exchange their PBF LLC Series A Units for shares of PBF Energybs ClassB A common stock on a one-for-one basis. |
INTERCOMPANY_NOTE_PAYABLE_Deta
INTERCOMPANY NOTE PAYABLE (Details) (PBF Holding Company LLC [Member], USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | Notes Payable, Other Payables [Member] | ||
Debt Instrument [Line Items] | ' | ' | ' |
Intercompany notes payable | $31,632 | $0 | ' |
Debt fixed interest rate | ' | ' | 2.50% |
Note payable term | ' | ' | '5 years |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Details) (USD $) | 9 Months Ended | 12 Months Ended | 9 Months Ended | ||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Jun. 12, 2013 | Dec. 31, 2012 | Dec. 31, 2010 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | |||
Environmental Issue [Member] | Environmental Issue [Member] | Environmental Issue [Member] | Environmental Issue [Member] | Environmental Issue [Member] | |||||||
ppm | Valero [Member] | PBF Energy and Valero [Member] | |||||||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | |||
Environmental liability | ' | ' | ' | ' | $10,426 | $9,669 | ' | ' | |||
Discount rate used for environmental liability assessment | ' | ' | ' | ' | 8.00% | ' | ' | ' | |||
Restricted cash for environmental liabilities | 12,116 | ' | 12,114 | ' | 12,116 | 12,114 | ' | ' | |||
Maximum pre-disposal environmental obligations of Valero | ' | ' | ' | ' | ' | ' | 20,000 | ' | |||
Payments to acquire environmental insurance policies | ' | ' | ' | ' | ' | ' | ' | $75,000 | |||
Term of insurance policies | ' | ' | ' | ' | ' | ' | ' | '10 years | |||
Maximum amount of sulfur allowed in heating oil (in ppm) | ' | ' | ' | 15 | ' | ' | ' | ' | |||
Percent of tax benefit received from increases in tax basis paid to stockholders | 85.00% | ' | ' | ' | ' | ' | ' | ' | |||
Percentage of ownership in PBF LLC | 100.00% | [1] | 100.00% | [1] | 100.00% | [1] | ' | ' | ' | ' | ' |
[1] | Assumes all of the holders of PBF LLC Series A Units exchange their PBF LLC Series A Units for shares of PBF Energybs ClassB A common stock on a one-for-one basis. |
DIVIDENDS_AND_DISTRIBUTIONS_De
DIVIDENDS AND DISTRIBUTIONS (Details) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
Distribution Made to Member or Limited Partner [Line Items] | ' | ' |
Dividends per common share | $0.30 | $0.90 |
PBF Holding Company LLC [Member] | Cash Distribution [Member] | ' | ' |
Distribution Made to Member or Limited Partner [Line Items] | ' | ' |
Distribution paid | ' | $186,684 |
PBF LLC [Member] | Cash Distribution [Member] | ' | ' |
Distribution Made to Member or Limited Partner [Line Items] | ' | ' |
Distribution paid | ' | 86,936 |
PBF LLC [Member] | Tax Distribution [Member] | ' | ' |
Distribution Made to Member or Limited Partner [Line Items] | ' | ' |
Distribution paid | ' | 99,748 |
Distribution received | ' | 20,185 |
PBF LLC [Member] | PBF Energy [Member] | Cash Distribution [Member] | ' | ' |
Distribution Made to Member or Limited Partner [Line Items] | ' | ' |
Distribution paid | ' | 26,042 |
PBF LLC [Member] | PBF Energy [Member] | Tax Distribution [Member] | ' | ' |
Distribution Made to Member or Limited Partner [Line Items] | ' | ' |
Income Taxes Paid | ' | 1,065 |
PBF Energy [Member] | Class A Common Stock [Member] | ' | ' |
Distribution Made to Member or Limited Partner [Line Items] | ' | ' |
Dividends per common share | $0.30 | $0.90 |
Aggregate amount of dividends paid | ' | $26,042 |
EMPLOYEE_BENEFIT_PLANS_Details
EMPLOYEE BENEFIT PLANS (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Pension Benefits [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | $3,699 | $2,860 | $11,096 | $8,578 |
Interest cost | 248 | 125 | 744 | 376 |
Expected return on plan assets | -138 | -81 | -414 | -243 |
Amortization of prior service costs | 3 | 3 | 9 | 8 |
Amortization of loss | 105 | 8 | 315 | 23 |
Net periodic benefit cost | 3,917 | 2,915 | 11,750 | 8,742 |
Post Retirement Medical Plan [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 181 | 205 | 544 | 475 |
Interest cost | 84 | 106 | 251 | 296 |
Net periodic benefit cost | $265 | $311 | $795 | $771 |
FAIR_VALUE_MEASUREMENTS_Measur
FAIR VALUE MEASUREMENTS (Measured on Recurring Basis) (Details) (Fair Value, Measurements, Recurring [Member], USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | Catalyst lease obligations [Member] | Catalyst lease obligations [Member] | Catalyst lease obligations [Member] | Catalyst lease obligations [Member] | Catalyst lease obligations [Member] | Catalyst lease obligations [Member] | Catalyst lease obligations [Member] | Catalyst lease obligations [Member] | Contingent consideration for refinery acquisition [Member] | Contingent consideration for refinery acquisition [Member] | Contingent consideration for refinery acquisition [Member] | Contingent consideration for refinery acquisition [Member] | Contingent consideration for refinery acquisition [Member] | Commodity contract [Member] | Commodity contract [Member] | Commodity contract [Member] | Commodity contract [Member] | Commodity contract [Member] | Inventory Intermediation Agreement Obligation [Member] | Inventory Intermediation Agreement Obligation [Member] | Inventory Intermediation Agreement Obligation [Member] | Inventory Intermediation Agreement Obligation [Member] | Inventory Supply Arrangement Obligation [Member] | Inventory Supply Arrangement Obligation [Member] | Inventory Supply Arrangement Obligation [Member] | Inventory Supply Arrangement Obligation [Member] | Inventory Supply Arrangement Obligation [Member] | Inventory Supply Arrangement Obligation [Member] | Inventory Supply and Offtake Arrangements [Member] | Inventory Supply and Offtake Arrangements [Member] | Money market funds [Member] | Money market funds [Member] | Money market funds [Member] | Money market funds [Member] | Money market funds [Member] | Money market funds [Member] | Money market funds [Member] | Money market funds [Member] | Commodity contract [Member] | Commodity contract [Member] | Commodity contract [Member] | Commodity contract [Member] | Commodity contract [Member] | Commodity contract [Member] | Commodity contract [Member] |
Level 1 [Member] | Level 1 [Member] | Level 2 [Member] | Level 2 [Member] | Level 3 [Member] | Level 3 [Member] | Total [Member] | Total [Member] | Level 1 [Member] | Level 2 [Member] | Level 3 [Member] | Level 3 [Member] | Total [Member] | Level 1 [Member] | Level 1 [Member] | Level 2 [Member] | Level 3 [Member] | Total [Member] | Level 1 [Member] | Level 2 [Member] | Level 3 [Member] | Total [Member] | Level 1 [Member] | Level 1 [Member] | Level 2 [Member] | Level 2 [Member] | Level 3 [Member] | Level 3 [Member] | Total [Member] | Total [Member] | Level 1 [Member] | Level 1 [Member] | Level 2 [Member] | Level 2 [Member] | Level 3 [Member] | Level 3 [Member] | Total [Member] | Total [Member] | Level 1 [Member] | Level 2 [Member] | Level 2 [Member] | Level 3 [Member] | Level 3 [Member] | Total [Member] | Total [Member] | |
Discounted Cash Flow [Member] | |||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8,319 | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $29,563 | $5,595 | $0 | $0 | ' | ' | $5,856 | $175,786 | $0 | $0 | $0 | $0 | $5,856 | $175,786 | $3,303 | $0 | $0 | $0 | $0 | $8,319 | $3,303 |
Liabilities | $0 | $0 | $40,323 | $43,442 | $0 | $0 | $40,323 | $43,442 | $0 | $0 | $21,358 | ' | $21,358 | $0 | $0 | $1,872 | $0 | $1,872 | $0 | $1,291 | $0 | $1,291 | ' | ' | ' | ' | ' | ' | $29,563 | $5,595 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $14,587 | ' | $0 | ' | $14,587 | ' |
Valuation method used to measure financial instruments [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Risk free interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.16% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit rate spread | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discount rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.54% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
FAIR_VALUE_MEASUREMENTS_Change
FAIR VALUE MEASUREMENTS (Change in Fair Value at Level 3) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2013 | Mar. 31, 2012 |
Change in Fair Value Measurement Categorized in Level 3 [Roll Forward] | ' | ' | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | $21,358 | $122,232 | $0 | $122,924 |
Purchases | 0 | 0 | 0 | 0 | ' | ' |
Settlements | 0 | -103,643 | -21,358 | -103,643 | ' | ' |
Unrealized loss included in earnings | 0 | 692 | 0 | 1,384 | ' | ' |
Transfers into Level 3 | 0 | 0 | 0 | 0 | ' | ' |
Transfers out of Level 3 | 0 | 0 | 0 | 0 | ' | ' |
Balance at end of period | $0 | $19,973 | $0 | $19,973 | $0 | $122,924 |
FAIR_VALUE_MEASUREMENTS_Fair_V
FAIR VALUE MEASUREMENTS (Fair Value and Carrying Value of Debt) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Long-term debt | $722,565 | $709,980 | ||
Long-term debt, excluding current maturities, Fair value | 740,241 | 744,405 | ||
Senior secured notes [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Long-term debt, Carrying value | 667,242 | [1] | 666,538 | [1] |
Long-term debt, Fair value | 684,918 | [1] | 700,963 | [1] |
Long-term Line of Credit | 15,000 | [2] | 0 | [2] |
Lines of Credit, Fair Value Disclosure | 15,000 | [2] | 0 | [2] |
Catalyst lease [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Long-term debt, Carrying value | 40,323 | [3] | 43,442 | [3] |
Long-term debt, Fair value | $40,323 | [3] | $43,442 | [3] |
[1] | The estimated fair value, categorized as a Level 2 measurement, was calculated based on the present value of future expected payments utilizing implied current market interest rates based on quoted prices of the senior secured notes. | |||
[2] | The estimated fair value approximates carrying value, categorized as a Level 2 measurement, as these borrowings bear interest based upon short-term floating market interest rates. | |||
[3] | Catalyst leases are valued using a market approach based upon commodity prices for similar instruments quoted in active markets and are categorized as a Level 2 measurement. The Company has elected the fair value option for accounting for its catalyst lease repurchase obligations as the Company's liability is directly impacted by the change in fair value of the underlying catalyst. |
DERIVATIVES_Narrative_Details
DERIVATIVES (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 |
Crude Oil and Feedstock Inventory [Member] | Crude Oil and Feedstock Inventory [Member] | Intermediates and Refined Products Inventory [Member] | Intermediates and Refined Products Inventory [Member] | Intermediates and Refined Products Inventory [Member] | Intermediates and Refined Products Inventory [Member] | Crude Oil Commodity Contract [Member] | Crude Oil Commodity Contract [Member] | Refined Product Commodity Contract [Member] | Refined Product Commodity Contract [Member] | |||||
Fair Value Hedging [Member] | Fair Value Hedging [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | |||||
bbl | bbl | bbl | bbl | bbl | bbl | bbl | bbl | bbl | bbl | |||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, notional amount, volume | ' | ' | ' | ' | 928,846 | 2,529,447 | 0 | 0 | 3,240,579 | 0 | 38,156,010 | 9,234,000 | 0 | 1,310,000 |
Loss on fair value hedge ineffectiveness | $888 | $8,127 | $7,264 | $7,602 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
DERIVATIVES_Fair_Value_of_Deri
DERIVATIVES (Fair Value of Derivative Instruments) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Designated as Hedging Instrument [Member] | Inventory Supply Arrangement Obligation [Member] | Accrued Expenses [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair Value Asset/(Liability) | ($1,291) | $5,595 |
Designated as Hedging Instrument [Member] | Inventory Intermediation Agreement Obligation [Member] | Accrued Expenses [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair Value Asset/(Liability) | 29,563 | 0 |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Accounts Receivable [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair Value Asset/(Liability) | ($6,269) | $1,431 |
DERIVATIVES_Gain_Loss_Recogniz
DERIVATIVES (Gain (Loss) Recognized in Income) (Details) (Cost of Sales [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Designated as Hedging Instrument [Member] | Inventory Supply Arrangement Obligation [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gain or (Loss) Recognized in Income on Derivatives | ($4,015) | $12,519 | ($6,886) | $12,192 |
Designated as Hedging Instrument [Member] | Inventory Intermediation Agreement Obligation [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gain or (Loss) Recognized in Income on Derivatives | 29,563 | 0 | 29,563 | 0 |
Designated as Hedging Instrument [Member] | Crude Oil and Feedstock Inventory [Member] | Fair Value Hedging [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gain or (Loss) Recognized in Income on Derivatives | 3,127 | -4,196 | -378 | -4,590 |
Designated as Hedging Instrument [Member] | Intermediates and Refined Products Inventory [Member] | Fair Value Hedging [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gain or (Loss) Recognized in Income on Derivatives | -29,563 | 0 | -29,563 | 0 |
Not Designated as Hedging Instrument [Member] | Inventory Supply Arrangement Obligation [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gain or (Loss) Recognized in Income on Derivatives | 0 | 0 | 0 | -8 |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gain or (Loss) Recognized in Income on Derivatives | ($23,843) | $3,029 | ($9,894) | $30,636 |
NET_INCOME_PER_SHARE_OF_PBF_EN2
NET INCOME PER SHARE OF PBF ENERGY (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ||
Effective tax rate | 49.30% | -12.00% | ||
Basic Earnings Per Share: | ' | ' | ||
Numerator for basic net income per Class A common share-net income attributable to PBF Energy | ($19,848) | $8,384 | ||
Denominator for basic net income per Class A common share-weighted average shares (in shares) | 39,575,429 | 30,094,946 | ||
Basic net income attributable to PBF Energy per Class A common share (in usd per share) | ($0.50) | $0.28 | ||
Diluted Earnings Per Share: | ' | ' | ||
Net income attributable to PBF Energy | -19,848 | 8,384 | ||
Denominator for basic net income per Class A common share-weighted average shares (in shares) | 39,575,429 | 30,094,946 | ||
Numerator for diluted net income per Class A common share | ($19,848) | [1] | $8,384 | [1] |
Effect of dilutive securities: | ' | ' | ||
Common stock equivalents (in shares) | 0 | [2] | 653,955 | [2] |
Denominator for diluted net income per common share-adjusted weighted average shares (in shares) | 39,575,429 | 30,748,901 | ||
Diluted net income attributable to PBF Energy per Class A common share (in usd per share) | ($0.50) | $0.27 | ||
Stock Options [Member] | ' | ' | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ||
Antidilutive common stock excluded from computation of dilutive earnings per share (in shares) | ' | 753,750 | ||
PBF LLC [Member] | Series A Units [Member] | ' | ' | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ||
Antidilutive common stock excluded from computation of dilutive earnings per share (in shares) | 57,243,672 | 66,724,155 | ||
[1] | The estimated fair value, categorized as a Level 2 measurement, was calculated based on the present value of future expected payments utilizing implied current market interest rates based on quoted prices of the senior secured notes. | |||
[2] | Represents an adjustment to weighted-average diluted shares outstanding to assume the full exchange of common stock equivalents, including options and warrants for PBF LLC Series A Units and options for shares of PBF Energy Class A common stock. Common stock equivalents excludes the effects of options to purchase 753,750 shares of PBF Energy ClassB A common stock because they are anti-dilutive for the nine months ended September 30, 2013. |
SUBSEQUENT_EVENTS_Details
SUBSEQUENT EVENTS (Details) (USD $) | 9 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Nov. 05, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | ||
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||||
railcar | Catalyst lease obligations [Member] | PBF Energy [Member] | ||||
Class A Common Stock [Member] | ||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | |
Dividends declared per share | ' | ' | ' | ' | $0.30 | |
Catalyst lease term | ' | ' | ' | '3 years | ' | |
Debt fixed interest rate | ' | ' | ' | 1.96% | [1] | ' |
Annual lease payment | ' | ' | ' | $322 | [1] | ' |
Sale Leaseback Transaction, Date | ' | ' | 'November 5, 2013 | ' | ' | |
Sale Leaseback Transaction, Other Information | ' | ' | 250 | ' | ' | |
Proceeds from catalyst lease | $0 | $9,452,000 | $35,700,000 | ' | ' | |
[1] | Catalyst leases are valued using a market approach based upon commodity prices for similar instruments quoted in active markets and are categorized as a Level 2 measurement. The Company has elected the fair value option for accounting for its catalyst lease repurchase obligations as the Company's liability is directly impacted by the change in fair value of the underlying catalyst. |
CONDENSED_CONSOLIDATING_FINANC2
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Revenues | $4,858,880 | $5,395,206 | $14,335,020 | $15,188,327 | ' |
Cost of sales, excluding depreciation | 4,663,697 | 4,932,645 | 13,394,777 | 13,871,884 | ' |
Net income | -64,893 | 186,564 | 111,988 | 539,774 | ' |
Accounts receivable | -577,879 | ' | -577,879 | ' | -503,796 |
Accounts payable | -563,922 | ' | -563,922 | ' | -360,057 |
PBF Services Company [Member] | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Percentage of ownership in subsidiaries | ' | ' | 100.00% | ' | ' |
Delaware City Refining Company LLC [Member] | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Percentage of ownership in subsidiaries | ' | ' | 100.00% | ' | ' |
Delaware Pipeline Company LLC [Member] | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Percentage of ownership in subsidiaries | ' | ' | 100.00% | ' | ' |
PBF Power Marketing LLC [Member] | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Percentage of ownership in subsidiaries | ' | ' | 100.00% | ' | ' |
Paulsboro Refining Company LLC [Member] | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Percentage of ownership in subsidiaries | ' | ' | 100.00% | ' | ' |
Paulsboro Natural Gas Pipeline Company LLC [Member] | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Percentage of ownership in subsidiaries | ' | ' | 100.00% | ' | ' |
Toledo Refining Company LLC [Member] | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Percentage of ownership in subsidiaries | ' | ' | 100.00% | ' | ' |
Investments LLC [Member] | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Percentage of ownership in subsidiaries | ' | ' | 100.00% | ' | ' |
Guarantors Subsidiaries [Member] | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Revenues | 745,102 | 4,133,729 | 7,060,883 | 12,767,276 | ' |
Cost of sales, excluding depreciation | 739,125 | 3,433,946 | 5,417,839 | 10,477,290 | ' |
Net income | -218,232 | 483,671 | 958,402 | 1,654,310 | ' |
Equity in earnings (loss) of subsidiaries | 0 | 0 | 0 | 0 | ' |
Accounts receivable | -46,875 | ' | -46,875 | ' | -196,797 |
Accounts payable | -87,623 | ' | -87,623 | ' | -162,433 |
Issuer [Member] | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Revenues | 4,813,737 | 2,191,427 | 11,375,513 | 5,036,947 | ' |
Cost of sales, excluding depreciation | 4,624,531 | 2,428,649 | 12,078,314 | 6,010,490 | ' |
Net income | -76,230 | 186,583 | 119,034 | 539,793 | ' |
Equity in earnings (loss) of subsidiaries | -218,232 | 483,690 | 958,402 | 1,654,329 | ' |
Accounts receivable | -531,004 | ' | -531,004 | ' | -306,999 |
Accounts payable | -476,299 | ' | -476,299 | ' | -197,624 |
Change In Reporting Entity For Previous Sales [Member] | Guarantors Subsidiaries [Member] | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | 1,752,500 | ' |
Net income | ' | ' | ' | 1,752,500 | ' |
Accounts receivable | ' | ' | ' | ' | 1,910,000 |
Change In Reporting Entity For Previous Sales [Member] | Issuer [Member] | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Cost of sales, excluding depreciation | ' | ' | ' | 1,752,500 | ' |
Equity in earnings (loss) of subsidiaries | ' | ' | ' | 1,752,500 | ' |
Accounts payable | ' | ' | ' | ' | $1,910,000 |
CONDENSED_CONSOLIDATING_FINANC3
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS (Balance Sheet) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 | Jun. 30, 2010 |
In Thousands, unless otherwise specified | |||||
Current assets: | ' | ' | ' | ' | ' |
Cash and cash equivalents | $57,417 | $285,884 | $170,048 | $50,166 | ' |
Accounts receivable | 577,879 | 503,796 | ' | ' | ' |
Inventories | 1,472,637 | 1,497,119 | ' | ' | ' |
Prepaid expense and other current assets | 56,133 | 13,388 | ' | ' | ' |
Total current assets | 2,191,345 | 2,307,904 | ' | ' | ' |
Property, plant, and equipment, net | 1,735,760 | 1,635,587 | ' | ' | ' |
Deferred charges and other assets, net | 201,954 | 197,349 | ' | ' | ' |
Total assets | 4,329,341 | 4,253,702 | ' | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' |
Accounts payable | 563,922 | 360,057 | ' | ' | ' |
Accrued expenses | 1,042,539 | 1,031,467 | ' | ' | ' |
Deferred revenue | 1,882 | 210,543 | ' | ' | ' |
Total current liabilities | 1,609,350 | 1,603,074 | ' | ' | ' |
Delaware Economic Development Authority loan | 16,000 | 20,000 | ' | ' | 20,000 |
Long-term debt | 722,565 | 709,980 | ' | ' | ' |
Other long-term liabilities | 34,478 | 38,099 | ' | ' | ' |
Total liabilities | 2,680,505 | 2,530,157 | ' | ' | ' |
Commitments and contingencies | ' | ' | ' | ' | ' |
Equity: | ' | ' | ' | ' | ' |
Retained earnings (accumulated deficit) | -15,702 | 1,956 | ' | ' | ' |
Accumulated other comprehensive loss | -3,495 | -61 | ' | ' | ' |
Total equity | 1,648,836 | 1,723,545 | ' | ' | ' |
Total liabilities and equity | 4,329,341 | 4,253,702 | ' | ' | ' |
Issuer [Member] | ' | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' |
Cash and cash equivalents | 56,808 | 241,926 | 189,737 | 3,124 | ' |
Accounts receivable | 531,004 | 306,999 | ' | ' | ' |
Inventories | 851,985 | 664,225 | ' | ' | ' |
Prepaid expense and other current assets | 43,721 | 8,835 | ' | ' | ' |
Due from related party | 10,852,441 | 6,770,893 | ' | ' | ' |
Total current assets | 12,335,959 | 7,992,878 | ' | ' | ' |
Property, plant, and equipment, net | 63,428 | 28,200 | ' | ' | ' |
Investment in subsidiaries | 3,814,871 | 2,855,598 | ' | ' | ' |
Deferred charges and other assets, net | 29,511 | 31,081 | ' | ' | ' |
Total assets | 16,243,769 | 10,907,757 | ' | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' |
Accounts payable | 476,299 | 197,624 | ' | ' | ' |
Accrued expenses | 482,446 | 363,536 | ' | ' | ' |
Deferred revenue | 1,882 | 0 | ' | ' | ' |
Due to related parties | 12,878,170 | 7,926,481 | ' | ' | ' |
Total current liabilities | 13,838,797 | 8,487,641 | ' | ' | ' |
Delaware Economic Development Authority loan | 0 | 0 | ' | ' | ' |
Long-term debt | 682,242 | 666,538 | ' | ' | ' |
Intercompany notes payable | 31,632 | ' | ' | ' | ' |
Other long-term liabilities | 5,273 | 1,924 | ' | ' | ' |
Total liabilities | 14,557,944 | 9,156,103 | ' | ' | ' |
Commitments and contingencies | ' | ' | ' | ' | ' |
Equity: | ' | ' | ' | ' | ' |
Member's equity | 931,587 | 930,098 | ' | ' | ' |
Retained earnings (accumulated deficit) | 762,848 | 830,497 | ' | ' | ' |
Accumulated other comprehensive loss | -8,610 | -8,941 | ' | ' | ' |
Total equity | 1,685,825 | 1,751,654 | ' | ' | ' |
Total liabilities and equity | 16,243,769 | 10,907,757 | ' | ' | ' |
Guarantors Subsidiaries [Member] | ' | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' |
Cash and cash equivalents | 609 | 12,365 | 6,122 | 47,042 | ' |
Accounts receivable | 46,875 | 196,797 | ' | ' | ' |
Inventories | 620,652 | 832,894 | ' | ' | ' |
Prepaid expense and other current assets | 12,412 | 4,553 | ' | ' | ' |
Due from related party | 15,714,459 | 10,015,340 | ' | ' | ' |
Total current assets | 16,395,007 | 11,061,949 | ' | ' | ' |
Property, plant, and equipment, net | 1,672,332 | 1,607,387 | ' | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' | ' |
Deferred charges and other assets, net | 172,443 | 166,268 | ' | ' | ' |
Total assets | 18,239,782 | 12,835,604 | ' | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' |
Accounts payable | 87,623 | 162,433 | ' | ' | ' |
Accrued expenses | 561,157 | 662,382 | ' | ' | ' |
Deferred revenue | 0 | 210,543 | ' | ' | ' |
Due to related parties | 13,688,730 | 8,845,031 | ' | ' | ' |
Total current liabilities | 14,337,510 | 9,880,389 | ' | ' | ' |
Delaware Economic Development Authority loan | 16,000 | 20,000 | ' | ' | ' |
Long-term debt | 40,323 | 43,442 | ' | ' | ' |
Intercompany notes payable | 0 | ' | ' | ' | ' |
Other long-term liabilities | 31,078 | 36,175 | ' | ' | ' |
Total liabilities | 14,424,911 | 9,980,006 | ' | ' | ' |
Commitments and contingencies | ' | ' | ' | ' | ' |
Equity: | ' | ' | ' | ' | ' |
Member's equity | 664,978 | 664,108 | ' | ' | ' |
Retained earnings (accumulated deficit) | 3,151,447 | 2,193,052 | ' | ' | ' |
Accumulated other comprehensive loss | -1,554 | -1,562 | ' | ' | ' |
Total equity | 3,814,871 | 2,855,598 | ' | ' | ' |
Total liabilities and equity | 18,239,782 | 12,835,604 | ' | ' | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 | ' |
Accounts receivable | 0 | 0 | ' | ' | ' |
Inventories | 0 | 0 | ' | ' | ' |
Prepaid expense and other current assets | 0 | 0 | ' | ' | ' |
Due from related party | 0 | 0 | ' | ' | ' |
Total current assets | 0 | 0 | ' | ' | ' |
Property, plant, and equipment, net | 0 | 0 | ' | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' | ' |
Deferred charges and other assets, net | 0 | 0 | ' | ' | ' |
Total assets | 0 | 0 | ' | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' |
Accounts payable | 0 | 0 | ' | ' | ' |
Accrued expenses | 0 | 0 | ' | ' | ' |
Deferred revenue | 0 | 0 | ' | ' | ' |
Due to related parties | 0 | 0 | ' | ' | ' |
Total current liabilities | 0 | 0 | ' | ' | ' |
Delaware Economic Development Authority loan | 0 | 0 | ' | ' | ' |
Long-term debt | 0 | 0 | ' | ' | ' |
Intercompany notes payable | 0 | ' | ' | ' | ' |
Other long-term liabilities | 0 | 0 | ' | ' | ' |
Total liabilities | 0 | 0 | ' | ' | ' |
Commitments and contingencies | ' | ' | ' | ' | ' |
Equity: | ' | ' | ' | ' | ' |
Member's equity | 0 | 0 | ' | ' | ' |
Retained earnings (accumulated deficit) | 0 | 0 | ' | ' | ' |
Accumulated other comprehensive loss | 0 | 0 | ' | ' | ' |
Total equity | 0 | 0 | ' | ' | ' |
Total liabilities and equity | 0 | 0 | ' | ' | ' |
Combining and Consolidated Adjustments [Member] | ' | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | -25,811 | 0 | ' |
Accounts receivable | 0 | 0 | ' | ' | ' |
Inventories | 0 | 0 | ' | ' | ' |
Prepaid expense and other current assets | 0 | 0 | ' | ' | ' |
Due from related party | -26,566,900 | -16,771,512 | ' | ' | ' |
Total current assets | -26,566,900 | -16,771,512 | ' | ' | ' |
Property, plant, and equipment, net | 0 | 0 | ' | ' | ' |
Investment in subsidiaries | -3,814,871 | -2,855,598 | ' | ' | ' |
Deferred charges and other assets, net | 0 | 0 | ' | ' | ' |
Total assets | -30,381,771 | -19,627,110 | ' | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' |
Accounts payable | 0 | 0 | ' | ' | ' |
Accrued expenses | 0 | 0 | ' | ' | ' |
Deferred revenue | 0 | 0 | ' | ' | ' |
Due to related parties | -26,566,900 | -16,771,512 | ' | ' | ' |
Total current liabilities | -26,566,900 | -16,771,512 | ' | ' | ' |
Delaware Economic Development Authority loan | 0 | 0 | ' | ' | ' |
Long-term debt | 0 | 0 | ' | ' | ' |
Intercompany notes payable | 0 | ' | ' | ' | ' |
Other long-term liabilities | 0 | 0 | ' | ' | ' |
Total liabilities | -26,566,900 | -16,771,512 | ' | ' | ' |
Commitments and contingencies | ' | ' | ' | ' | ' |
Equity: | ' | ' | ' | ' | ' |
Member's equity | -664,978 | -664,108 | ' | ' | ' |
Retained earnings (accumulated deficit) | -3,151,447 | -2,193,052 | ' | ' | ' |
Accumulated other comprehensive loss | 1,554 | 1,562 | ' | ' | ' |
Total equity | -3,814,871 | -2,855,598 | ' | ' | ' |
Total liabilities and equity | -30,381,771 | -19,627,110 | ' | ' | ' |
PBF Holding Company LLC [Member] | ' | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' |
Cash and cash equivalents | 57,417 | 254,291 | 170,048 | 50,166 | ' |
Accounts receivable | 577,879 | 503,796 | ' | ' | ' |
Inventories | 1,472,637 | 1,497,119 | ' | ' | ' |
Prepaid expense and other current assets | 56,133 | 13,388 | ' | ' | ' |
Due from related party | 0 | 14,721 | ' | ' | ' |
Total current assets | 2,164,066 | 2,283,315 | ' | ' | ' |
Property, plant, and equipment, net | 1,735,760 | 1,635,587 | ' | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' | ' |
Deferred charges and other assets, net | 201,954 | 197,349 | ' | ' | ' |
Total assets | 4,101,780 | 4,116,251 | ' | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' |
Accounts payable | 563,922 | 360,057 | ' | ' | ' |
Accrued expenses | 1,043,603 | 1,025,918 | ' | ' | ' |
Deferred revenue | 1,882 | 210,543 | ' | ' | ' |
Due to related parties | 0 | 0 | ' | ' | ' |
Total current liabilities | 1,609,407 | 1,596,518 | ' | ' | ' |
Delaware Economic Development Authority loan | 16,000 | 20,000 | ' | ' | ' |
Long-term debt | 722,565 | 709,980 | ' | ' | ' |
Intercompany notes payable | 31,632 | 0 | ' | ' | ' |
Other long-term liabilities | 36,351 | 38,099 | ' | ' | ' |
Total liabilities | 2,415,955 | 2,364,597 | ' | ' | ' |
Commitments and contingencies | ' | ' | ' | ' | ' |
Equity: | ' | ' | ' | ' | ' |
Member's equity | 931,587 | 930,098 | ' | ' | ' |
Retained earnings (accumulated deficit) | 762,848 | 830,497 | ' | ' | ' |
Accumulated other comprehensive loss | -8,610 | -8,941 | ' | ' | ' |
Total equity | 1,685,825 | 1,751,654 | ' | ' | ' |
Total liabilities and equity | $4,101,780 | $4,116,251 | ' | ' | ' |
CONDENSED_CONSOLIDATING_FINANC4
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS (Statement of Operations) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues | $4,858,880 | $5,395,206 | $14,335,020 | $15,188,327 |
Cost and expenses: | ' | ' | ' | ' |
Cost of sales, excluding depreciation | 4,663,697 | 4,932,645 | 13,394,777 | 13,871,884 |
Operating expenses, excluding depreciation | 192,647 | 179,035 | 601,245 | 537,880 |
General and administrative expenses | 30,748 | 38,942 | 79,983 | 78,042 |
Gain on sale of asset | -48 | 20 | -48 | -2,430 |
Depreciation and amortization expense | 27,435 | 24,455 | 81,530 | 67,419 |
Total cost and expenses | 4,914,479 | 5,175,097 | 14,157,487 | 14,552,795 |
Income (loss) from operations | -55,599 | 220,109 | 177,533 | 635,532 |
Other income (expense) | ' | ' | ' | ' |
Change in fair value of catalyst lease | -2,363 | -5,952 | 3,118 | -6,929 |
Change in fair value of contingent consideration | 0 | -692 | 0 | -2,076 |
Interest expense, net | -26,242 | -26,901 | -69,561 | -86,753 |
Net income (loss) | -64,893 | 186,564 | 111,988 | 539,774 |
Comprehensive income (loss) attributable to Company | -64,772 | 186,566 | 112,319 | 539,793 |
Combining and Consolidated Adjustments [Member] | ' | ' | ' | ' |
Revenues | -699,959 | -929,950 | -4,101,376 | -2,615,896 |
Cost and expenses: | ' | ' | ' | ' |
Cost of sales, excluding depreciation | -699,959 | -929,950 | -4,101,376 | -2,615,896 |
Operating expenses, excluding depreciation | 0 | 0 | 0 | 0 |
General and administrative expenses | 0 | 0 | 0 | 0 |
Gain on sale of asset | 0 | 0 | 0 | 0 |
Depreciation and amortization expense | 0 | 0 | 0 | 0 |
Total cost and expenses | -699,959 | -929,950 | -4,101,376 | -2,615,896 |
Income (loss) from operations | 0 | 0 | 0 | 0 |
Other income (expense) | ' | ' | ' | ' |
Equity in earnings (loss) of subsidiaries | 218,232 | -483,690 | -958,402 | -1,654,329 |
Change in fair value of catalyst lease | 0 | 0 | 0 | 0 |
Change in fair value of contingent consideration | ' | 0 | ' | 0 |
Interest expense, net | 0 | 0 | 0 | 0 |
Net income (loss) | 218,232 | -483,690 | -958,402 | -1,654,329 |
Comprehensive income (loss) attributable to Company | 218,232 | -483,690 | -958,402 | -1,654,329 |
Guarantors Subsidiaries [Member] | ' | ' | ' | ' |
Revenues | 745,102 | 4,133,729 | 7,060,883 | 12,767,276 |
Cost and expenses: | ' | ' | ' | ' |
Cost of sales, excluding depreciation | 739,125 | 3,433,946 | 5,417,839 | 10,477,290 |
Operating expenses, excluding depreciation | 192,815 | 179,035 | 601,555 | 537,880 |
General and administrative expenses | 3,086 | 792 | 10,281 | 5,336 |
Gain on sale of asset | 206 | 20 | 206 | -2,430 |
Depreciation and amortization expense | 24,118 | 22,272 | 72,073 | 62,296 |
Total cost and expenses | 959,350 | 3,636,065 | 6,101,954 | 11,080,372 |
Income (loss) from operations | -214,248 | 497,664 | 958,929 | 1,686,904 |
Other income (expense) | ' | ' | ' | ' |
Equity in earnings (loss) of subsidiaries | 0 | 0 | 0 | 0 |
Change in fair value of catalyst lease | -2,363 | -5,952 | 3,118 | -6,929 |
Change in fair value of contingent consideration | ' | -692 | ' | -2,076 |
Interest expense, net | -1,621 | -7,349 | -3,645 | -23,589 |
Net income (loss) | -218,232 | 483,671 | 958,402 | 1,654,310 |
Comprehensive income (loss) attributable to Company | -218,232 | 483,690 | 958,402 | 1,654,329 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Revenues | 0 | 0 | 0 | 0 |
Cost and expenses: | ' | ' | ' | ' |
Cost of sales, excluding depreciation | 0 | 0 | 0 | 0 |
Operating expenses, excluding depreciation | 0 | 0 | 0 | 0 |
General and administrative expenses | 0 | 0 | 0 | 0 |
Gain on sale of asset | 0 | 0 | 0 | 0 |
Depreciation and amortization expense | 0 | 0 | 0 | 0 |
Total cost and expenses | 0 | 0 | 0 | 0 |
Income (loss) from operations | 0 | 0 | 0 | 0 |
Other income (expense) | ' | ' | ' | ' |
Equity in earnings (loss) of subsidiaries | 0 | 0 | 0 | 0 |
Change in fair value of catalyst lease | 0 | 0 | 0 | 0 |
Change in fair value of contingent consideration | ' | 0 | ' | 0 |
Interest expense, net | 0 | 0 | 0 | 0 |
Net income (loss) | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to Company | 0 | 0 | 0 | 0 |
Issuer [Member] | ' | ' | ' | ' |
Revenues | 4,813,737 | 2,191,427 | 11,375,513 | 5,036,947 |
Cost and expenses: | ' | ' | ' | ' |
Cost of sales, excluding depreciation | 4,624,531 | 2,428,649 | 12,078,314 | 6,010,490 |
Operating expenses, excluding depreciation | -168 | 0 | -310 | 0 |
General and administrative expenses | 19,567 | 38,150 | 61,607 | 72,706 |
Gain on sale of asset | -254 | 0 | -254 | 0 |
Depreciation and amortization expense | 3,317 | 2,183 | 9,457 | 5,123 |
Total cost and expenses | 4,646,993 | 2,468,982 | 12,148,814 | 6,088,319 |
Income (loss) from operations | 166,744 | -277,555 | -773,301 | -1,051,372 |
Other income (expense) | ' | ' | ' | ' |
Equity in earnings (loss) of subsidiaries | -218,232 | 483,690 | 958,402 | 1,654,329 |
Change in fair value of catalyst lease | 0 | 0 | 0 | 0 |
Change in fair value of contingent consideration | ' | 0 | ' | 0 |
Interest expense, net | -24,742 | -19,552 | -66,067 | -63,164 |
Net income (loss) | -76,230 | 186,583 | 119,034 | 539,793 |
Comprehensive income (loss) attributable to Company | -76,109 | 186,566 | 119,365 | 539,793 |
PBF Holding Company LLC [Member] | ' | ' | ' | ' |
Revenues | 4,858,880 | 5,395,206 | 14,335,020 | 15,188,327 |
Cost and expenses: | ' | ' | ' | ' |
Cost of sales, excluding depreciation | 4,663,697 | 4,932,645 | 13,394,777 | 13,871,884 |
Operating expenses, excluding depreciation | 192,647 | 179,035 | 601,245 | 537,880 |
General and administrative expenses | 22,653 | 38,942 | 71,888 | 78,042 |
Gain on sale of asset | -48 | 20 | -48 | -2,430 |
Depreciation and amortization expense | 27,435 | 24,455 | 81,530 | 67,419 |
Total cost and expenses | 4,906,384 | 5,175,097 | 14,149,392 | 14,552,795 |
Income (loss) from operations | -47,504 | 220,109 | 185,628 | 635,532 |
Other income (expense) | ' | ' | ' | ' |
Equity in earnings (loss) of subsidiaries | 0 | 0 | 0 | 0 |
Change in fair value of catalyst lease | -2,363 | -5,952 | 3,118 | -6,929 |
Change in fair value of contingent consideration | 0 | -692 | 0 | -2,076 |
Interest expense, net | -26,363 | -26,901 | -69,712 | -86,753 |
Net income (loss) | -76,230 | 186,564 | 119,034 | 539,774 |
Comprehensive income (loss) attributable to Company | ($76,109) | $186,566 | $119,365 | $539,793 |
CONDENSED_CONSOLIDATING_FINANC5
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS (Statement of Cash Flows) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ' | ' |
Net income | $111,988 | $539,774 |
Adjustments to reconcile net income to net cash from operating activities: | ' | ' |
Depreciation and amortization | 86,417 | 71,144 |
Stock-based compensation | 2,750 | 1,707 |
Change in fair value of catalyst lease obligation | -3,118 | 6,929 |
Change in fair value of contingent consideration | 0 | 2,076 |
Non-cash change in inventory repurchase obligations | -13,362 | 5,126 |
Write-off of unamortized deferred financing fees | 0 | 4,391 |
Loss (gain) on sale of assets | -48 | -2,430 |
Pension and other post retirement benefits costs | 12,654 | 9,513 |
Changes in current assets and current liabilities: | ' | ' |
Accounts receivable | -74,083 | -179,989 |
Inventories | 31,165 | 85,179 |
Other current assets | -42,745 | 36,971 |
Accounts payable | 203,865 | -39,153 |
Accrued expenses | 48,811 | -56,404 |
Deferred revenue | -208,661 | 13,719 |
Other assets and liabilities | -20,249 | -29,731 |
Net cash provided by operations | 142,581 | 468,822 |
Cash flow from investing activities: | ' | ' |
Expenditures for property, plant and equipment | -201,906 | -102,004 |
Expenditures for deferred turnarounds cost | -15,859 | -27,501 |
Expenditures for other assets | -10,584 | -7,731 |
Proceeds from sale of assets | 30,826 | 3,381 |
Net cash used in investing activities | -197,523 | -133,855 |
Proceeds from revolver borrowings | 745,000 | 0 |
Cash flows from financing activities: | ' | ' |
Proceeds from member's capital contributions | 0 | 250 |
Proceeds from 8.25% senior secured notes | 0 | 665,806 |
Proceeds from long-term debt | 0 | 430,000 |
Proceeds from catalyst lease | 0 | 9,452 |
Distribution to members | -140,457 | -15,081 |
Repayments of revolver borrowings | -730,000 | 0 |
Payment of contingent consideration related to acquistion of Toledo refinery | -21,357 | -103,642 |
Repayments of long-term debt | 0 | -1,184,597 |
Deferred financing costs and other | -669 | -17,273 |
Net cash used in financing activities | -173,525 | -215,085 |
Net increase (decrease) in cash and cash equivalents | -228,467 | 119,882 |
Cash and equivalents, beginning of period | 285,884 | 50,166 |
Cash and equivalents, end of period | 57,417 | 170,048 |
Issuer [Member] | ' | ' |
Cash flows from operating activities: | ' | ' |
Net income | 119,034 | 539,793 |
Adjustments to reconcile net income to net cash from operating activities: | ' | ' |
Depreciation and amortization | 14,273 | 8,847 |
Stock-based compensation | 0 | 0 |
Change in fair value of catalyst lease obligation | 0 | 0 |
Change in fair value of contingent consideration | 0 | 0 |
Non-cash change in inventory repurchase obligations | 0 | 0 |
Write-off of unamortized deferred financing fees | 0 | 4,391 |
Loss (gain) on sale of assets | -254 | 0 |
Pension and other post retirement benefits costs | 3,541 | 1,594 |
Equity in earnings of subsidiaries | -958,402 | -1,654,329 |
Changes in current assets and current liabilities: | ' | ' |
Accounts receivable | -224,005 | -410,412 |
Inventories | -187,760 | -540,547 |
Other current assets | -34,886 | -8,501 |
Accounts payable | 278,675 | 63,779 |
Accrued expenses | 118,507 | 347,790 |
Deferred revenue | 1,882 | 3,912 |
Amounts due to/from related parties | 870,141 | 1,710,567 |
Other assets and liabilities | 122 | -2,723 |
Net cash provided by operations | 868 | 64,161 |
Cash flow from investing activities: | ' | ' |
Expenditures for property, plant and equipment | -75,099 | -13,859 |
Expenditures for deferred turnarounds cost | 0 | 0 |
Expenditures for other assets | 0 | 0 |
Proceeds from intercompany notes payable | 31,632 | ' |
Proceeds from sale of assets | 30,826 | 0 |
Net cash used in investing activities | -44,273 | -13,859 |
Proceeds from revolver borrowings | 745,000 | ' |
Cash flows from financing activities: | ' | ' |
Proceeds from member's capital contributions | ' | 250 |
Proceeds from 8.25% senior secured notes | ' | 665,806 |
Proceeds from long-term debt | ' | 430,000 |
Proceeds from catalyst lease | ' | 0 |
Distribution to members | -186,684 | -15,081 |
Repayments of revolver borrowings | -730,000 | ' |
Payment of contingent consideration related to acquistion of Toledo refinery | 0 | -103,642 |
Repayments of long-term debt | ' | -823,749 |
Deferred financing costs and other | -1,661 | -17,273 |
Net cash used in financing activities | -141,713 | 136,311 |
Net increase (decrease) in cash and cash equivalents | -185,118 | 186,613 |
Cash and equivalents, beginning of period | 241,926 | 3,124 |
Cash and equivalents, end of period | 56,808 | 189,737 |
Guarantors Subsidiaries [Member] | ' | ' |
Cash flows from operating activities: | ' | ' |
Net income | 958,402 | 1,654,310 |
Adjustments to reconcile net income to net cash from operating activities: | ' | ' |
Depreciation and amortization | 72,144 | 62,297 |
Stock-based compensation | 2,750 | 1,707 |
Change in fair value of catalyst lease obligation | -3,118 | 6,929 |
Change in fair value of contingent consideration | 0 | 2,076 |
Non-cash change in inventory repurchase obligations | -13,362 | 5,126 |
Write-off of unamortized deferred financing fees | 0 | 0 |
Loss (gain) on sale of assets | 206 | -2,430 |
Pension and other post retirement benefits costs | 9,113 | 7,919 |
Equity in earnings of subsidiaries | 0 | 0 |
Changes in current assets and current liabilities: | ' | ' |
Accounts receivable | 149,922 | 230,423 |
Inventories | 218,925 | 625,726 |
Other current assets | -7,859 | 45,472 |
Accounts payable | -74,810 | -77,121 |
Accrued expenses | -65,994 | -404,194 |
Deferred revenue | -210,543 | 9,807 |
Amounts due to/from related parties | -855,420 | -1,710,567 |
Other assets and liabilities | -18,497 | -27,008 |
Net cash provided by operations | 161,859 | 430,472 |
Cash flow from investing activities: | ' | ' |
Expenditures for property, plant and equipment | -126,807 | -88,145 |
Expenditures for deferred turnarounds cost | -15,859 | -27,501 |
Expenditures for other assets | -10,584 | -7,731 |
Proceeds from intercompany notes payable | 0 | ' |
Proceeds from sale of assets | 0 | 3,381 |
Net cash used in investing activities | -153,250 | -119,996 |
Proceeds from revolver borrowings | 0 | ' |
Cash flows from financing activities: | ' | ' |
Proceeds from member's capital contributions | ' | 0 |
Proceeds from 8.25% senior secured notes | ' | 0 |
Proceeds from long-term debt | ' | 0 |
Proceeds from catalyst lease | ' | 9,452 |
Distribution to members | 0 | 0 |
Repayments of revolver borrowings | 0 | ' |
Payment of contingent consideration related to acquistion of Toledo refinery | -21,357 | 0 |
Repayments of long-term debt | ' | -360,848 |
Deferred financing costs and other | 992 | 0 |
Net cash used in financing activities | -20,365 | -351,396 |
Net increase (decrease) in cash and cash equivalents | -11,756 | -40,920 |
Cash and equivalents, beginning of period | 12,365 | 47,042 |
Cash and equivalents, end of period | 609 | 6,122 |
Non-Guarantor Subsidiaries [Member] | ' | ' |
Cash flows from operating activities: | ' | ' |
Net income | 0 | 0 |
Adjustments to reconcile net income to net cash from operating activities: | ' | ' |
Depreciation and amortization | 0 | 0 |
Stock-based compensation | 0 | 0 |
Change in fair value of catalyst lease obligation | 0 | 0 |
Change in fair value of contingent consideration | 0 | 0 |
Non-cash change in inventory repurchase obligations | 0 | 0 |
Write-off of unamortized deferred financing fees | 0 | 0 |
Loss (gain) on sale of assets | 0 | 0 |
Pension and other post retirement benefits costs | 0 | 0 |
Equity in earnings of subsidiaries | 0 | 0 |
Changes in current assets and current liabilities: | ' | ' |
Accounts receivable | 0 | 0 |
Inventories | 0 | 0 |
Other current assets | 0 | 0 |
Accounts payable | 0 | 0 |
Accrued expenses | 0 | 0 |
Deferred revenue | 0 | 0 |
Amounts due to/from related parties | 0 | 0 |
Other assets and liabilities | 0 | 0 |
Net cash provided by operations | 0 | 0 |
Cash flow from investing activities: | ' | ' |
Expenditures for property, plant and equipment | 0 | 0 |
Expenditures for deferred turnarounds cost | 0 | 0 |
Expenditures for other assets | 0 | 0 |
Proceeds from intercompany notes payable | 0 | ' |
Proceeds from sale of assets | 0 | 0 |
Net cash used in investing activities | 0 | 0 |
Proceeds from revolver borrowings | 0 | ' |
Cash flows from financing activities: | ' | ' |
Proceeds from member's capital contributions | ' | 0 |
Proceeds from 8.25% senior secured notes | ' | 0 |
Proceeds from long-term debt | ' | 0 |
Proceeds from catalyst lease | ' | 0 |
Distribution to members | 0 | 0 |
Repayments of revolver borrowings | 0 | ' |
Payment of contingent consideration related to acquistion of Toledo refinery | 0 | 0 |
Repayments of long-term debt | ' | 0 |
Deferred financing costs and other | 0 | 0 |
Net cash used in financing activities | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 |
Cash and equivalents, beginning of period | 0 | 0 |
Cash and equivalents, end of period | 0 | 0 |
Combining and Consolidated Adjustments [Member] | ' | ' |
Cash flows from operating activities: | ' | ' |
Net income | -958,402 | -1,654,329 |
Adjustments to reconcile net income to net cash from operating activities: | ' | ' |
Depreciation and amortization | 0 | 0 |
Stock-based compensation | 0 | 0 |
Change in fair value of catalyst lease obligation | 0 | 0 |
Change in fair value of contingent consideration | 0 | 0 |
Non-cash change in inventory repurchase obligations | 0 | 0 |
Write-off of unamortized deferred financing fees | 0 | 0 |
Loss (gain) on sale of assets | 0 | 0 |
Pension and other post retirement benefits costs | 0 | 0 |
Equity in earnings of subsidiaries | 958,402 | 1,654,329 |
Changes in current assets and current liabilities: | ' | ' |
Accounts receivable | 0 | 0 |
Inventories | 0 | 0 |
Other current assets | 0 | 0 |
Accounts payable | 0 | -25,811 |
Accrued expenses | 0 | 0 |
Deferred revenue | 0 | 0 |
Amounts due to/from related parties | 0 | 0 |
Other assets and liabilities | 0 | 0 |
Net cash provided by operations | 0 | -25,811 |
Cash flow from investing activities: | ' | ' |
Expenditures for property, plant and equipment | 0 | 0 |
Expenditures for deferred turnarounds cost | 0 | 0 |
Expenditures for other assets | 0 | 0 |
Proceeds from intercompany notes payable | 0 | ' |
Proceeds from sale of assets | 0 | 0 |
Net cash used in investing activities | 0 | 0 |
Proceeds from revolver borrowings | 0 | ' |
Cash flows from financing activities: | ' | ' |
Proceeds from member's capital contributions | ' | 0 |
Proceeds from 8.25% senior secured notes | ' | 0 |
Proceeds from long-term debt | ' | 0 |
Proceeds from catalyst lease | ' | 0 |
Distribution to members | 0 | 0 |
Repayments of revolver borrowings | 0 | ' |
Payment of contingent consideration related to acquistion of Toledo refinery | 0 | 0 |
Repayments of long-term debt | ' | 0 |
Deferred financing costs and other | 0 | 0 |
Net cash used in financing activities | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | -25,811 |
Cash and equivalents, beginning of period | 0 | 0 |
Cash and equivalents, end of period | 0 | -25,811 |
PBF Holding Company LLC [Member] | ' | ' |
Cash flows from operating activities: | ' | ' |
Net income | 119,034 | 539,774 |
Adjustments to reconcile net income to net cash from operating activities: | ' | ' |
Depreciation and amortization | 86,417 | 71,144 |
Stock-based compensation | 2,750 | 1,707 |
Change in fair value of catalyst lease obligation | -3,118 | 6,929 |
Change in fair value of contingent consideration | 0 | 2,076 |
Non-cash change in inventory repurchase obligations | -13,362 | 5,126 |
Write-off of unamortized deferred financing fees | 0 | 4,391 |
Loss (gain) on sale of assets | -48 | -2,430 |
Pension and other post retirement benefits costs | 12,654 | 9,513 |
Equity in earnings of subsidiaries | 0 | 0 |
Changes in current assets and current liabilities: | ' | ' |
Accounts receivable | -74,083 | -179,989 |
Inventories | 31,165 | 85,179 |
Other current assets | -42,745 | 36,971 |
Accounts payable | 203,865 | -39,153 |
Accrued expenses | 52,513 | -56,404 |
Deferred revenue | -208,661 | 13,719 |
Amounts due to/from related parties | 14,721 | 0 |
Other assets and liabilities | -18,375 | -29,731 |
Net cash provided by operations | 162,727 | 468,822 |
Cash flow from investing activities: | ' | ' |
Expenditures for property, plant and equipment | -201,906 | -102,004 |
Expenditures for deferred turnarounds cost | -15,859 | -27,501 |
Expenditures for other assets | -10,584 | -7,731 |
Proceeds from intercompany notes payable | 31,632 | 0 |
Proceeds from sale of assets | 30,826 | 3,381 |
Net cash used in investing activities | -197,523 | -133,855 |
Proceeds from revolver borrowings | 745,000 | 0 |
Cash flows from financing activities: | ' | ' |
Proceeds from member's capital contributions | 0 | 250 |
Proceeds from 8.25% senior secured notes | 0 | 665,806 |
Proceeds from long-term debt | 0 | 430,000 |
Proceeds from catalyst lease | 0 | 9,452 |
Distribution to members | -186,684 | -15,081 |
Repayments of revolver borrowings | -730,000 | 0 |
Payment of contingent consideration related to acquistion of Toledo refinery | -21,357 | -103,642 |
Repayments of long-term debt | 0 | -1,184,597 |
Deferred financing costs and other | -669 | -17,273 |
Net cash used in financing activities | -162,078 | -215,085 |
Net increase (decrease) in cash and cash equivalents | -196,874 | 119,882 |
Cash and equivalents, beginning of period | 254,291 | 50,166 |
Cash and equivalents, end of period | $57,417 | $170,048 |