Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 20, 2014 | Jun. 30, 2013 | |
Entity Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'PBF ENERGY INC. | ' | ' |
Entity Central Index Key | '0001534504 | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Public Float | ' | ' | $1,024,703,335 |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Class A Common Stock [Member] | ' | ' | ' |
Entity Information [Line Items] | ' | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 54,665,473 | ' |
Class B Common Stock [Member] | ' | ' | ' |
Entity Information [Line Items] | ' | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 40 | ' |
PBF Holding [Member] | ' | ' | ' |
Entity Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'PBF HOLDING COMPANY LLC | ' | ' |
Entity Central Index Key | '0001566011 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 0 | ' |
Entity Public Float | ' | ' | 0 |
Entity Filer Category | 'Non-accelerated Filer | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
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 | ' |
Entity Public Float | ' | ' | $0 |
Entity Filer Category | 'Non-accelerated Filer | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $76,970 | $285,884 |
Accounts receivable | 596,647 | 503,796 |
Inventories | 1,445,517 | 1,497,119 |
Deferred tax asset | 25,529 | 7,717 |
Prepaid expense and other current assets | 55,843 | 13,388 |
Total current assets | 2,200,506 | 2,307,904 |
Property, plant and equipment, net | 1,781,589 | 1,635,587 |
Deferred tax assets | 169,234 | 112,862 |
Deferred charges and other assets, net | 262,479 | 197,349 |
Total assets | 4,413,808 | 4,253,702 |
Current liabilities: | ' | ' |
Accounts payable | 402,293 | 360,057 |
Accrued expenses | 1,209,881 | 1,031,467 |
Payable to related parties pursuant to tax receivable agreement | 12,541 | 1,007 |
Current portion of long-term debt | 12,029 | 0 |
Deferred revenue | 7,766 | 210,543 |
Total current liabilities | 1,644,510 | 1,603,074 |
Delaware Economic Development Authority loan | 12,000 | 20,000 |
Long-term debt | 723,547 | 709,980 |
Payable to related parties pursuant to tax receivable agreement | 274,775 | 159,004 |
Other long-term liabilities | 43,720 | 38,099 |
Total liabilities | 2,698,552 | 2,530,157 |
Commitments and contingencies (Note 14) | ' | ' |
Equity: | ' | ' |
Preferred stock, $0.001 par value, 100,000,000 shares authorized, no shares outstanding at December 31, 2013 and 2012 | 0 | 0 |
Additional paid in capital | 657,499 | 417,835 |
Retained earnings | 3,579 | 1,956 |
Accumulated other comprehensive loss | -6,988 | -61 |
Total PBF Energy Inc. equity | 654,130 | 419,754 |
Noncontrolling interest | 1,061,126 | 1,303,791 |
Total equity | 1,715,256 | 1,723,545 |
Total liabilities and equity | 4,413,808 | 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 [Member] | ' | ' |
Current assets: | ' | ' |
Cash and cash equivalents | 76,970 | 254,291 |
Accounts receivable | 596,647 | 503,796 |
Inventories | 1,445,517 | 1,497,119 |
Prepaid expense and other current assets | 55,843 | 13,388 |
Total current assets | 2,174,977 | 2,283,315 |
Property, plant and equipment, net | 1,781,589 | 1,635,587 |
Deferred charges and other assets, net | 262,479 | 197,349 |
Total assets | 4,219,045 | 4,116,251 |
Current liabilities: | ' | ' |
Accounts payable | 402,293 | 360,057 |
Accrued expenses | 1,210,945 | 1,025,918 |
Current portion of long-term debt | 12,029 | 0 |
Deferred revenue | 7,766 | 210,543 |
Total current liabilities | 1,633,033 | 1,596,518 |
Delaware Economic Development Authority loan | 12,000 | 20,000 |
Long-term debt | 723,547 | 709,980 |
Intercompany notes payable | 31,835 | 0 |
Other long-term liabilities | 46,477 | 38,099 |
Total liabilities | 2,446,892 | 2,364,597 |
Commitments and contingencies (Note 14) | ' | ' |
Equity: | ' | ' |
Member's equity | 933,164 | 930,098 |
Retained earnings | 853,527 | 830,497 |
Accumulated other comprehensive loss | -14,538 | -8,941 |
Total equity | 1,772,153 | 1,751,654 |
Total liabilities and equity | $4,219,045 | $4,116,251 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 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 | 39,665,473 | 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 | 40 | 41 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Revenues | $19,151,455 | $20,138,687 | $14,960,338 | ||
Cost and expenses: | ' | ' | ' | ||
Cost of sales, excluding depreciation | 17,803,314 | 18,269,078 | 13,855,163 | ||
Operating expenses, excluding depreciation | 812,652 | 738,824 | 658,831 | ||
General and administrative expenses | 104,334 | 120,443 | 86,183 | ||
Gain on sale of assets | -183 | -2,329 | 0 | ||
Acquisition related expenses | 0 | 0 | 728 | ||
Depreciation and amortization expense | 111,479 | 92,238 | 53,743 | ||
Total cost and expenses | 18,831,596 | 19,218,254 | 14,654,648 | ||
Income from operations | 319,859 | 920,433 | 305,690 | ||
Other income (expense) | ' | ' | ' | ||
Change in fair value of contingent consideration | 0 | -2,768 | -5,215 | ||
Change in fair value of catalyst lease | 4,691 | -3,724 | 7,316 | ||
Interest expense, net | -93,784 | -108,629 | -65,120 | ||
Income before income taxes | 230,766 | 805,312 | 242,671 | ||
Income tax expense | 16,681 | 1,275 | 0 | ||
Net income | 214,085 | 804,037 | 242,671 | ||
Less: net income attributable to noncontrolling interest | 174,545 | 802,081 | ' | ||
Net income attributable to PBF Energy Inc. | 39,540 | 1,956 | ' | ||
Weighted-average shares of Class A common stock outstanding, Basic (in shares) | 32,488,369 | [1] | 23,570,240 | [1] | ' |
Weighted-average shares of Class A common stock outstanding, Diluted (in shares) | 33,061,081 | 97,230,904 | ' | ||
Basic (in usd per share) | $1.22 | $0.08 | ' | ||
Diluted (in usd per share) | $1.20 | $0.08 | ' | ||
Dividends per common share | $1.20 | $0 | ' | ||
PBF Holding [Member] | ' | ' | ' | ||
Revenues | 19,151,455 | 20,138,687 | 14,960,338 | ||
Cost and expenses: | ' | ' | ' | ||
Cost of sales, excluding depreciation | 17,803,314 | 18,269,078 | 13,855,163 | ||
Operating expenses, excluding depreciation | 812,652 | 738,824 | 658,831 | ||
General and administrative expenses | 95,794 | 120,443 | 86,183 | ||
Gain on sale of assets | -183 | -2,329 | 0 | ||
Acquisition related expenses | 0 | 0 | 728 | ||
Depreciation and amortization expense | 111,479 | 92,238 | 53,743 | ||
Total cost and expenses | 18,823,056 | 19,218,254 | 14,654,648 | ||
Income from operations | 328,399 | 920,433 | 305,690 | ||
Other income (expense) | ' | ' | ' | ||
Change in fair value of contingent consideration | 0 | -2,768 | -5,215 | ||
Change in fair value of catalyst lease | 4,691 | -3,724 | 7,316 | ||
Interest expense, net | -94,214 | -108,629 | -65,120 | ||
Net income | $238,876 | $805,312 | $242,671 | ||
[1] | The diluted earnings per share calculation for the year ended December 31, 2012, assumes the conversion of all outstanding PBF LLC Series A Units to Class A common stock of PBF Energy as of the date of the IPO. The net income attributable to PBF Energy, used in the numerator of the diluted earnings per share calculation is adjusted to reflect the net income, as well as the corresponding income tax (based on a 39.5% effective tax rate) attributable to the converted units. For the year ended DecemberB 31, 2013, the potential conversion of 64,164,045 PBF LLC Series A Units was 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 related income tax expense associated with the potential conversion of the PBF LLC Series A Units. |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net income | $214,085 | $804,037 | $242,671 |
Other comprehensive (loss) income: | ' | ' | ' |
Unrealized (loss) gain on available for sale securities | -308 | 2 | 5 |
Net loss on pension and other postretirement benefits | -5,289 | -6,567 | -1,332 |
Total other comprehensive loss | -5,597 | -6,565 | -1,327 |
Comprehensive income | 208,488 | 797,472 | 241,344 |
Less: Comprehensive income attributable to noncontrolling interest | 171,218 | 795,577 | ' |
Comprehensive income attributable to PBF Energy Inc. | 37,270 | 1,895 | ' |
PBF Holding [Member] | ' | ' | ' |
Net income | 238,876 | 805,312 | 242,671 |
Other comprehensive (loss) income: | ' | ' | ' |
Unrealized (loss) gain on available for sale securities | -308 | 2 | 5 |
Net loss on pension and other postretirement benefits | -5,289 | -6,567 | -1,332 |
Total other comprehensive loss | -5,597 | -6,565 | -1,327 |
Comprehensive income | $233,279 | $798,747 | $241,344 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Equity Statement (USD $) | Total | Class A Common Stock [Member] | Class B Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Former Controlling Interest Equity [Member] | Noncontrolling Interest [Member] | PBF Holding [Member] | PBF Holding [Member] | PBF Holding [Member] | PBF Holding [Member] |
In Thousands, except Share data | Class A Common Stock [Member] | Class B Common Stock [Member] | Class A Common Stock [Member] | Member Equity [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | |||||||||
Beginning balance at Dec. 31, 2010 | $458,661 | ' | ' | $0 | $0 | $0 | ' | $0 | ($1,049) | $459,710 | $0 | $458,661 | $516,231 | ($56,521) | ($1,049) |
Beginning balance, shares at Dec. 31, 2010 | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Member capital contributions | 408,397 | ' | ' | ' | ' | ' | ' | ' | ' | 408,397 | 0 | 408,397 | 408,397 | ' | ' |
Comprehensive income (loss) | 241,344 | ' | ' | ' | ' | ' | ' | ' | -1,327 | 242,671 | ' | 241,344 | ' | ' | ' |
Stock based compensation | 2,516 | ' | ' | ' | ' | ' | ' | ' | ' | 2,516 | ' | 2,516 | 2,516 | ' | ' |
Net income | 242,671 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 242,671 | ' | 242,671 | ' |
Other comprehensive income | -1,327 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,327 | ' | ' | -1,327 |
Ending balance at Dec. 31, 2011 | 1,110,918 | ' | ' | 0 | 0 | 0 | ' | 0 | -2,376 | 1,113,294 | 0 | 1,110,918 | 927,144 | 186,150 | -2,376 |
Beginning balance, shares at Dec. 31, 2011 | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Member distributions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -160,965 | ' | -160,965 | ' |
Comprehensive income (loss) | 797,472 | ' | ' | ' | ' | ' | ' | 1,956 | -6,565 | 792,076 | 10,005 | 798,747 | ' | ' | ' |
Exercise of PBF Energy Company LLC warrants and options | 13,107 | ' | ' | ' | ' | ' | ' | ' | ' | 13,107 | ' | ' | ' | ' | ' |
Distributions to former controlling interest holders | -160,965 | ' | ' | ' | ' | ' | ' | ' | ' | -160,965 | ' | ' | ' | ' | ' |
Stock based compensation | 2,954 | ' | ' | ' | ' | 88 | ' | ' | ' | 2,866 | ' | 2,954 | 2,954 | ' | ' |
Net income | 804,037 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 805,312 | ' | 805,312 | ' |
Stock issued during period, shares | ' | ' | ' | 23,567,686 | 39 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock issued during period | ' | 570,651 | 0 | 24 | ' | ' | 570,627 | ' | ' | ' | ' | ' | ' | ' | ' |
Exchange of PBF Energy Company LLC Series A Units for Class A common stock, shares | ' | ' | ' | 3,535 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exchange of PBF Energy Company LLC Series A Units for Class A common stock | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase PBF Energy Company LLC units from former controlling interest holders | -571,160 | ' | ' | ' | ' | -570,650 | ' | ' | ' | -510 | ' | ' | ' | ' | ' |
Record deferred tax assets and liabilities and tax receivable agreement obligation | -39,432 | ' | ' | ' | ' | -39,432 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Record initial allocation of non-controlling interest upon completion of initial public offering | 0 | ' | ' | ' | ' | 457,202 | ' | ' | 8,689 | -1,759,868 | 1,293,977 | ' | ' | ' | ' |
Noncontrolling Interest | 0 | ' | ' | ' | ' | ' | ' | ' | 191 | ' | -191 | ' | ' | ' | ' |
Other comprehensive income | -6,565 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -6,565 | ' | ' | -6,565 |
Ending balance at Dec. 31, 2012 | 1,723,545 | ' | ' | 24 | 0 | 417,835 | ' | 1,956 | -61 | 0 | 1,303,791 | 1,751,654 | 930,098 | 830,497 | -8,941 |
Ending balance, shares at Dec. 31, 2012 | ' | 23,571,221 | 41 | 23,571,221 | 41 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Member capital contributions | 1,757 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,757 | ' | ' | ' |
Member distributions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -215,846 | ' | -215,846 | ' |
Comprehensive income (loss) | 208,488 | ' | ' | ' | ' | ' | ' | 39,540 | -5,597 | ' | 174,545 | 233,279 | ' | ' | ' |
Exercise of PBF Energy Company LLC warrants and options | 1,757 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,757 | ' | ' | ' | ' |
Distributions to former controlling interest holders | -157,745 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -157,745 | ' | ' | ' | ' |
Stock based compensation, shares | ' | ' | ' | 60,392 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock based compensation | 3,753 | ' | ' | ' | ' | 2,444 | ' | ' | ' | ' | 1,309 | ' | ' | ' | ' |
Stock based compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,309 | 1,309 | ' | ' |
Dividends | -37,917 | ' | ' | ' | ' | ' | ' | -37,917 | ' | ' | ' | ' | ' | ' | ' |
Net income | 214,085 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 238,876 | ' | 238,876 | ' |
Stock issued during period, shares | ' | ' | ' | 15,950,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock issued during period | 0 | ' | ' | 16 | ' | 263,845 | ' | ' | -3,600 | ' | -260,261 | ' | ' | ' | ' |
Exchange of PBF Energy Company LLC Series A Units for Class A common stock, shares | ' | ' | ' | 83,860 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exchange of PBF Energy Company LLC Series A Units for Class A common stock | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Record deferred tax assets and liabilities and tax receivable agreement obligation | -26,625 | ' | ' | ' | ' | -26,625 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling Interest | 0 | ' | ' | ' | ' | ' | ' | ' | 2,270 | ' | -2,270 | ' | ' | ' | ' |
Other comprehensive income | -5,597 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5,597 | ' | ' | -5,597 |
Ending balance at Dec. 31, 2013 | $1,715,256 | ' | ' | $40 | $0 | $657,499 | ' | $3,579 | ($6,988) | $0 | $1,061,126 | $1,772,153 | $933,164 | $853,527 | ($14,538) |
Ending balance, shares at Dec. 31, 2013 | ' | 39,665,473 | 40 | 39,665,473 | 40 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Equity (Parenthetical) (Class A Common Stock [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2012 |
Class A Common Stock [Member] | ' |
Issuance costs and underwriters' discount | $42,109 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net income | $214,085 | $804,037 | $242,671 |
Adjustments to reconcile net income to net cash provided by operations: | ' | ' | ' |
Depreciation and amortization | 118,001 | 97,650 | 56,919 |
Stock-based compensation | 3,753 | 2,954 | 2,516 |
Change in fair value of catalyst lease obligation | -4,691 | 3,724 | -7,316 |
Change in fair value of contingent consideration | 0 | 2,768 | 5,215 |
Deferred income taxes | 16,681 | 0 | 0 |
Change in tax receivable agreement liability | 8,540 | 0 | 0 |
Non-cash change in inventory repurchase obligations | -20,492 | 4,576 | 25,329 |
Write-off of unamortized deferred financing fees | 0 | 4,391 | 0 |
Pension and other post retirement benefits costs | 16,728 | 12,684 | 9,769 |
Gain on disposition of property, plant and equipment | -183 | -2,329 | 0 |
Changes in current assets and current liabilities: | ' | ' | ' |
Accounts receivable | -92,851 | -187,544 | -279,315 |
Inventories | 45,991 | -80,097 | -512,054 |
Other current assets | -42,455 | 49,971 | -56,953 |
Accounts payable | 42,236 | 73,990 | 249,765 |
Accrued expenses | 209,479 | 35,892 | 395,093 |
Deferred revenue | -202,777 | 21,309 | 122,895 |
Other assets and liabilities | -20,716 | -31,543 | -5,252 |
Net cash provided by operations | 291,329 | 812,433 | 249,282 |
Cash flow from investing activities: | ' | ' | ' |
Acquisition of Toledo refinery, net of cash received from sale of assets | 0 | 0 | -168,156 |
Expenditures for property, plant and equipment | -318,394 | -175,900 | -488,721 |
Expenditures for deferred turnarounds cost | -64,616 | -38,633 | -62,823 |
Expenditures for other assets | -32,692 | -8,155 | -23,339 |
Proceeds from sale of assets | 102,428 | 3,381 | 4,700 |
Other | 0 | 0 | -854 |
Net cash used in investing activities | -313,274 | -219,307 | -739,193 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from member's capital contributions | 0 | 0 | 408,397 |
Exercise of Series A options and warrants of PBF Energy Company LLC, net | 1,757 | 13,107 | 0 |
Distribution to PBF Energy Company LLC members | -157,745 | -160,965 | 0 |
Proceeds from sale of Class A common stock, net of underwriters' discount of $33,702 | 0 | 579,058 | 0 |
Purchase of PBF Energy Company LLC Series A units from existing unit holders | 0 | -571,160 | 0 |
Payment of costs associated with initial public offering | -1,044 | -26,059 | -11,249 |
Dividend payments | -37,917 | 0 | 0 |
Proceeds from Senior Secured Notes | 0 | 665,806 | 0 |
Proceeds from long-term debt | 0 | 430,000 | 488,894 |
Proceeds from catalyst lease | 14,337 | 9,452 | 18,624 |
Proceeds from revolver borrowings | 1,450,000 | 0 | 0 |
Repayments of revolver borrowings | -1,435,000 | 0 | 0 |
Repayment of seller note inventory | 0 | 0 | -299,645 |
Repayments of long-term debt | 0 | -1,184,597 | -220,401 |
Payment of contingent consideration related to acquisition of Toledo refinery | -21,357 | -103,642 | 0 |
Net cash (used in) provided by financing activities | -186,969 | -357,408 | 384,620 |
Net (decrease) increase in cash and cash equivalents | -208,914 | 235,718 | -105,291 |
Cash and equivalents, beginning of period | 285,884 | 50,166 | 155,457 |
Cash and equivalents, end of period | 76,970 | 285,884 | 50,166 |
Non-cash activities: | ' | ' | ' |
Promissory not issued for Toledo refinery acquisition | 0 | 0 | 200,000 |
Seller note issued for acquisition of inventory | 0 | 0 | 299,645 |
Fair value of Toledo refinery contingent consideration | 0 | 0 | 117,017 |
Conversion of Delaware Economic Development Authority loan to grant | 8,000 | 0 | 0 |
Accrued construction in progress | 33,747 | 16,481 | 5,909 |
Cash paid during year for: | ' | ' | ' |
Interest (including capitalized interest of $5,672, $6,697 and $13,027 in 2013, 2012 and 2011) | 92,848 | 89,233 | 67,020 |
Income taxes | 1,065 | 0 | 0 |
PBF Holding [Member] | ' | ' | ' |
Net income | 238,876 | 805,312 | 242,671 |
Adjustments to reconcile net income to net cash provided by operations: | ' | ' | ' |
Depreciation and amortization | 118,001 | 97,650 | 56,919 |
Stock-based compensation | 3,753 | 2,954 | 2,516 |
Change in fair value of catalyst lease obligation | -4,691 | 3,724 | -7,316 |
Change in fair value of contingent consideration | 0 | 2,768 | 5,215 |
Non-cash change in inventory repurchase obligations | -20,492 | 4,576 | 25,329 |
Write-off of unamortized deferred financing fees | 0 | 4,391 | 0 |
Pension and other post retirement benefits costs | 16,728 | 12,684 | 9,768 |
Gain on disposition of property, plant and equipment | -183 | -2,329 | 0 |
Changes in current assets and current liabilities: | ' | ' | ' |
Accounts receivable | -92,851 | -187,544 | -279,315 |
Due to/from related party | 14,721 | -14,721 | 0 |
Inventories | 45,991 | -80,097 | -512,054 |
Other current assets | -42,455 | 49,971 | -56,953 |
Accounts payable | 42,236 | 73,990 | 249,765 |
Accrued expenses | 214,817 | 30,343 | 395,093 |
Deferred revenue | -202,777 | 21,309 | 122,895 |
Other assets and liabilities | -20,403 | -31,544 | -5,251 |
Net cash provided by operations | 311,271 | 793,437 | 249,282 |
Cash flow from investing activities: | ' | ' | ' |
Acquisition of Toledo refinery, net of cash received from sale of assets | 0 | 0 | -168,156 |
Expenditures for property, plant and equipment | -318,394 | -175,900 | -488,721 |
Expenditures for deferred turnarounds cost | -64,616 | -38,633 | -62,823 |
Expenditures for other assets | -32,692 | -8,155 | -23,339 |
Proceeds from sale of assets | 102,428 | 3,381 | 4,700 |
Proceeds from intercompany notes payable | 31,835 | 0 | 0 |
Other | 0 | 0 | -854 |
Net cash used in investing activities | -313,274 | -219,307 | -739,193 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from member's capital contributions | 1,757 | 0 | 408,397 |
Distribution to PBF Energy Company LLC members | -215,846 | -160,965 | 0 |
Payment of costs associated with initial public offering | -1,044 | -26,059 | -11,249 |
Proceeds from Senior Secured Notes | 0 | 665,806 | 0 |
Proceeds from long-term debt | 0 | 430,000 | 488,894 |
Proceeds from catalyst lease | 14,337 | 9,452 | 18,624 |
Proceeds from revolver borrowings | 1,450,000 | 0 | 0 |
Repayments of revolver borrowings | -1,435,000 | 0 | 0 |
Repayment of seller note inventory | 0 | 0 | -299,645 |
Repayments of long-term debt | 0 | -1,184,597 | -220,401 |
Payment of contingent consideration related to acquisition of Toledo refinery | -21,357 | -103,642 | 0 |
Net cash (used in) provided by financing activities | -175,318 | -370,005 | 384,620 |
Net (decrease) increase in cash and cash equivalents | -177,321 | 204,125 | -105,291 |
Cash and equivalents, beginning of period | 254,291 | 50,166 | 155,457 |
Cash and equivalents, end of period | 76,970 | 254,291 | 50,166 |
Non-cash activities: | ' | ' | ' |
Promissory not issued for Toledo refinery acquisition | 0 | 0 | 200,000 |
Seller note issued for acquisition of inventory | 0 | 0 | 299,645 |
Fair value of Toledo refinery contingent consideration | 0 | 0 | 117,017 |
Conversion of Delaware Economic Development Authority loan to grant | 8,000 | 0 | 0 |
Accrued construction in progress | 33,747 | 16,481 | 5,909 |
Cash paid during year for: | ' | ' | ' |
Interest (including capitalized interest of $5,672, $6,697 and $13,027 in 2013, 2012 and 2011) | $92,848 | $89,233 | $67,020 |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Capitalized interest | $5,672 | $6,697 | $13,027 |
PBF Holding [Member] | ' | ' | ' |
Capitalized interest | 5,672 | 6,697 | 13,027 |
Class A Common Stock [Member] | ' | ' | ' |
Underwriters' discount | ' | $33,702 | ' |
DESCRIPTION_OF_THE_BUSINESS_AN
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION | 12 Months Ended | ||||||||||||
Dec. 31, 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, funds affiliated with The Blackstone Group L.P., or Blackstone, and First Reserve Management, L.P., or First Reserve 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"). 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 reduced Blackstone and First Reserve's holdings in PBF LLC from 70.1% to 53.6% at the time of the offering. The holders of PBF LLC Series B Units, which include certain executive officers of PBF Energy, had the right to receive a portion of the proceeds of the sale of the PBF Energy Class A common stock by Blackstone and First Reserve. 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 year ended December 31, 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. | |||||||||||||
IPO-Related Reorganization Transactions | |||||||||||||
Concurrent with completion of the IPO, PBF LLC’s limited liability company agreement was amended and restated, among other things, to designate PBF Energy as the sole managing member of PBF LLC and to establish the PBF LLC Series C Units which are held solely by PBF Energy. The PBF LLC Series A Units continue to be held by parties other than PBF Energy (“the members of PBF LLC other than PBF Energy”). The PBF LLC Series C Units rank on parity with the PBF LLC Series A Units as to distribution rights, voting rights and rights upon liquidation, winding up or dissolution. Following the IPO, profits and losses of PBF LLC are allocated, and all distributions generally will be made, pro rata to the holders of PBF LLC Series A Units and PBF LLC Series C Units. In addition, the amended and restated limited liability company agreement of PBF LLC provides that any PBF LLC Series A Units acquired by PBF Energy will automatically be reclassified as PBF LLC Series C Units in connection with such acquisition. | |||||||||||||
As part of the IPO and reorganization transactions, each holder of PBF LLC Series A Units received one share of PBF Energy Class B common stock. The holder of a share of Class B common stock receives no economic rights but entitles the holder, without regard to the number of shares of Class B common stock held by such holder, to one vote on matters presented to stockholders of PBF Energy for each PBF LLC Series A Unit held by such holder. Holders of PBF Energy Class A common stock and Class B common stock vote together as a single class on all matters presented to stockholders for their vote or approval, except as otherwise required by applicable law. In connection with the IPO and related reorganization transactions, PBF Energy, PBF LLC and PBF LLC Series A Unit holders also entered into an exchange agreement pursuant to which each of the existing members of PBF LLC other than PBF Energy and other holders who acquire PBF LLC Series A Units upon the exercise of certain warrants and options, will have the right to cause PBF LLC to exchange their PBF LLC Series A Units for shares of PBF Energy Class A common stock on a one-for-one basis, subject to equitable adjustments for stock splits, stock dividends and reclassifications. As of December 31, 2013, there were 57,201,674 PBF LLC Series A Units held by parties other than PBF Energy which upon exercise of the right to exchange would exchange for 57,201,674 shares of PBF Energy Class A common stock. In addition, as of that date, there were options and warrants to acquire 909,499 PBF LLC Series A Units outstanding, that upon exercise, could be exchanged for 909,499 shares of PBF Energy Class A common stock. | |||||||||||||
Initial Public Offering and Secondary Offering | |||||||||||||
On December 12, 2012, a registration statement filed with the U.S. Securities and Exchange Commission relating to shares of Class A common stock of PBF Energy to be offered and sold in an initial public offering was declared effective. On December 12, 2012, PBF Energy completed an IPO of 23,567,686 shares of Class A common stock at a public offering price of $26.00 per share. The IPO closed on December 18, 2012. | |||||||||||||
PBF Energy used proceeds from the offering in the amount of $571,200 to purchase 21,967,686 PBF LLC Series A Units from funds affiliated with The Blackstone Group L.P. and First Reserve Management, L.P., PBF LLC’s financial sponsors, which were then reclassified as PBF LLC Series C Units. The remaining proceeds from the initial public offering in the amount of $41,600 were used to acquire 1,600,000 newly-issued PBF LLC Series C Units from PBF LLC. PBF LLC used the proceeds from the sale of the PBF LLC Series C Units to pay the expenses of the IPO. There was no change in carrying value of PBF LLC’s assets and liabilities as a result of the IPO or the IPO-related reorganization transactions. | |||||||||||||
Additionally, on June 12, 2013, Blackstone and First Reserve completed a public offering of 15,950,000 shares of PBF Energy Class A common stock at a price of $27.00 per share, less underwriting discounts and commissions, in a secondary public offering. All of the shares were sold by funds affiliated with Blackstone and First Reserve. In connection with this offering, Blackstone and First Reserve exchanged 15,950,000 Series A Units of PBF LLC for an equivalent number of shares of PBF Energy Class A common stock. | |||||||||||||
Noncontrolling Interest | |||||||||||||
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% as of December 31, 2013. | |||||||||||||
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 percentages of PBF Energy are calculated as follows: | |||||||||||||
Holders of | Outstanding Shares | Total * | |||||||||||
PBF LLC Series | of PBF Energy | ||||||||||||
A Units | Class A | ||||||||||||
Common | |||||||||||||
Stock | |||||||||||||
December 18, 2012 | 72,974,072 | 23,567,686 | 96,541,758 | ||||||||||
75.6 | % | 24.4 | % | 100 | % | ||||||||
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 | % | ||||||||
December 31, 2013 | 57,201,674 | 39,665,473 | 96,867,147 | ||||||||||
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 the PBF Energy’s Class A common stock on a one-for-one basis. | ||||||||||||
Comprehensive income includes net income and other comprehensive income (loss) arising from activity related to the Company’s defined benefit employee benefit plan and unrealized gain on available for sale securities. The following table summarizes the allocation of total comprehensive income between the controlling and noncontrolling interests of PBF Energy for the year ended December 31, 2013: | |||||||||||||
Attributable to | Noncontrolling | Total | |||||||||||
PBF Energy Inc. | Interest | ||||||||||||
Net income | $ | 39,540 | $ | 174,545 | $ | 214,085 | |||||||
Other comprehensive income (loss): | |||||||||||||
Unrealized loss on available for sale securities | (126 | ) | (182 | ) | (308 | ) | |||||||
Amortization of defined benefit plans unrecognized net loss | (2,144 | ) | (3,145 | ) | (5,289 | ) | |||||||
Total other comprehensive loss | (2,270 | ) | (3,327 | ) | (5,597 | ) | |||||||
Total comprehensive income | $ | 37,270 | $ | 171,218 | $ | 208,488 | |||||||
The following table summarizes the allocation of total comprehensive income of PBF Energy between the controlling and noncontrolling interests for the year ended December 31, 2012: | |||||||||||||
Attributable to | Noncontrolling | Total | |||||||||||
PBF Energy Inc. | Interest | ||||||||||||
Net income | $ | 1,956 | $ | 802,081 | $ | 804,037 | |||||||
Other comprehensive income (loss): | |||||||||||||
Unrealized gain on available for sale securities | — | 2 | 2 | ||||||||||
Amortization of defined benefit plans unrecognized net loss | (61 | ) | (6,506 | ) | (6,567 | ) | |||||||
Total other comprehensive loss | (61 | ) | (6,504 | ) | (6,565 | ) | |||||||
Total comprehensive income | $ | 1,895 | $ | 795,577 | $ | 797,472 | |||||||
Tax Receivable Agreement | |||||||||||||
PBF LLC intends to make an election under Section 754 of the Internal Revenue Code (the “Code”) effective for each taxable year in which an exchange of PBF LLC Series A Units for PBF Energy Class A common stock as described above occurs, which may result in an adjustment to the tax basis of the assets of PBF LLC at the time of an exchange of PBF LLC Series A Units. As a result of both the initial purchase of PBF LLC Series A Units from the PBF LLC Series A Unit holders in connection with the IPO and subsequent exchanges, PBF Energy will become entitled to a proportionate share of the existing tax basis of the assets of PBF LLC. In addition, the purchase of PBF LLC Series A Units and subsequent exchanges are expected to result in increases in the tax basis of the assets of PBF LLC that otherwise would not have been available. Both this proportionate share and these increases in tax basis may reduce the amount of tax that PBF Energy would otherwise be required to pay in the future. These increases in tax basis may also decrease gains (or increase losses) on future dispositions of certain capital assets to the extent tax basis is allocated to those capital assets. | |||||||||||||
PBF Energy entered into a tax receivable agreement with the PBF LLC Series A Unit holders (the “Tax Receivable Agreement”) that provides for the payment by PBF Energy to the PBF LLC Series A Unit holders 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) these increases in tax basis 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 the purchase or exchanges of PBF LLC Series A Units 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 PBF Energy exercises its right to terminate the Tax Receivable Agreement, PBF Energy breaches any of its material obligations under the Tax Receivable Agreement or certain changes of control occur, in which case all obligations 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 December 31, 2013. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | ||
Dec. 31, 2013 | |||
Accounting Policies [Abstract] | ' | ||
SIGNIFICANT ACCOUNTING POLICIES | ' | ||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||
Principles of Consolidation and Presentation | |||
These consolidated financial statements include the accounts of PBF Energy and subsidiaries in which PBF Energy has a controlling interest. All intercompany accounts and transactions have been eliminated in consolidation. | |||
Reclassification | |||
Certain amounts previously reported in the Company's consolidated financial statements for the year ended December 31, 2012 have been reclassified to conform to the 2013 presentation. | |||
Use of Estimates | |||
The preparation of the financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the related disclosures. Actual results could differ from those estimates. | |||
Cash and Cash Equivalents | |||
The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. The carrying amount of the cash equivalents approximates fair value due to the short-term maturity of those instruments. | |||
Concentrations of Credit Risk | |||
For the year ended December 31, 2013, Morgan Stanley Capital Group Inc. (“MSCG”) and Sunoco, Inc. (R&M) (“Sunoco”) accounted for 29% and 10% of the Company’s revenues, respectively. As of December 31, 2013, Sunoco accounted for 10% of accounts receivable. | |||
For the year ended December 31, 2012, MSCG and Sunoco accounted for 57% and 10% of the Company’s revenues, respectively. As of December 31, 2012, Statoil Marketing and Trading (US) Inc. ("Statoil") and Sunoco accounted for 28% and 10% of accounts receivables, respectively. | |||
For the year ended December 31, 2011, MSCG and Sunoco accounted for 52% and 12% of the Company’s revenues, respectively. | |||
Revenue, Deferred Revenue and Accounts Receivable | |||
The Company sells various refined products primarily through its refinery subsidiaries and recognizes revenue related to the sale of products when there is persuasive evidence of an agreement, the sales prices are fixed or determinable, collectability is reasonably assured and when products are shipped or delivered in accordance with their respective agreements. Revenue for services is recorded when the services have been provided. The Company’s Toledo refinery has a products offtake agreement with Sunoco under which Sunoco purchases approximately one-third of the refinery’s daily gasoline production. The Toledo refinery also sells its products through short-term contracts or on the spot market. | |||
Prior to June 30, 2013, the Company’s Paulsboro and Delaware City refineries sold light finished products, certain intermediates and lube base oils to MSCG under products offtake agreements with each refinery (the “Offtake Agreements”). On a daily basis, MSCG purchased and paid for the refineries’ production of light finished products as they were produced, delivered to the refineries’ storage tanks, and legal title passed to MSCG. Revenue on these product sales was deferred until they shipped out of the storage facility by MSCG. | |||
Under the Offtake Agreements, the Company’s Paulsboro and Delaware City refineries also entered into purchase and sale transactions of certain intermediates and lube base oils whereby MSCG purchased and paid for the refineries’ production of certain intermediates and lube products as they were produced and legal title passed to MSCG. The intermediate products were held in the refineries’ storage tanks until they were needed for further use in the refining process. The intermediates may also have been sold to third parties. The refineries had the right to repurchase lube products and did so to supply other third parties with that product. When the refineries needed intermediates or lube products, the products were drawn out of the storage tanks, title passed back to the refineries and MSCG was paid for those products. These transactions occurred at the daily market price for the related products. These transactions were considered to be made in contemplation of each other and, accordingly, did not result in the recognition of a sale when title passed from the refineries to MSCG. Inventory remained at cost and the net cash receipts resulted in a liability that was recorded at market price for the volumes held in storage with any change in the market price being recorded in costs of sales. The liability represented the amount the Company expected to pay to repurchase the volumes held in storage. | |||
While MSCG had legal title, it had the right to encumber and/or sell these products and any such sales by MSCG resulted in sales being recognized by the refineries when products were shipped out of the storage facility. As the exclusive vendor of intermediate products to the refineries, MSCG had the obligation to provide the intermediate products to the refineries as they were needed. Accordingly, sales by MSCG to others were limited and only made with the Company or its subsidiaries’ approval. | |||
As of July 1, 2013, the Company terminated the Offtake Agreements for the Company’s Paulsboro and Delaware City refineries. The Company entered into two separate inventory intermediation agreements (“Inventory Intermediation Agreements”) with J. Aron & Company ("J. Aron") on June 26, 2013 which commenced upon the termination of the product offtake agreements with MSCG. | |||
Pursuant to the Inventory Intermediation Agreements, J. Aron purchases and holds title to all of the intermediate and finished products (the "Products") produced by the Delaware City and Paulsboro refineries and delivered into the Company's tanks at the refineries. All purchase and sale transactions under the Inventory Intermediation Agreements are consummated at a benchmark market price adjusted for a specified product type differential. The sale and purchase transactions under the Inventory Intermediation Agreements are considered to be made in contemplation of each other and, accordingly, do not result in the recognition of a sale when title passes to J. Aron. The Products inventory remains on the Company's balance sheet at cost and the net cash receipts result in a liability that is recorded at market price for the volume of Products inventory held in the Company's refineries’ storage tanks with any change in the market price recorded in costs of sales. | |||
Furthermore, J. Aron sells the Products back to the Company as the Products are discharged out of the refineries' tanks. J. Aron has the right to store the Products purchased in the Company's tanks under the Inventory Intermediation Agreements and will retain these storage rights for the term of the agreements. Inventory held outside the refineries may be owned by the Company or by J. Aron under the Inventory Intermediation Agreements. The Company markets and sells the Products independently to third parties. | |||
The Company’s Paulsboro and Delaware City refineries sell and purchase feedstocks under a supply agreement with Statoil (the “Crude Supply Agreements”). Statoil purchases the refineries' production of certain feedstocks or purchases feedstocks from third parties on the refineries' behalf. Legal title to the feedstocks is held by Statoil and the feedstocks are held in the refineries' storage tanks until they are needed for further use in the refining process. At that time, the products are drawn out of the storage tanks and purchased by the refinery. These purchases and sales are settled monthly at the daily market prices related to those products. These transactions are considered to be made in contemplation of each other and, accordingly, do not result in the recognition of a sale when title passes from the refineries to Statoil. Inventory remains at cost and the net cash receipts result in a liability which is discussed further in the Inventory note below. The Company terminated its supply agreement with Statoil for its Paulsboro refinery in March 2013. | |||
Accounts receivable are carried at invoiced amounts. An allowance for doubtful accounts is established, if required, to report such amounts at their estimated net realizable value. In estimating probable losses, management reviews accounts that are past due and determines if there are any known disputes. There was no allowance for doubtful accounts at December 31, 2013 and 2012. | |||
Excise taxes on sales of refined products that are collected from customers and remitted to various governmental agencies are reported on a net basis. | |||
Inventory | |||
Inventories are carried at the lower of cost or market. The cost of crude oil, feedstocks, blendstocks and refined products are determined under the last-in first-out (“LIFO”) method using the dollar value LIFO method with any increments valued based on average purchase prices during the year. The cost of supplies and other inventories is determined principally on the weighted average cost method. | |||
The Company’s Delaware City refinery acquires a portion of its crude oil from Statoil under the Crude Supply Agreements as did the Paulsboro refinery prior to the termination of its crude supply agreement with Statoil in March 2013. The Company takes title to the crude oil as it is delivered to the processing units, in accordance with the Crude Supply Agreements; however, the Company is obligated to purchase all the crude oil held by Statoil on the Company’s behalf upon termination of the agreement at the then market price. The Paulsboro crude supply agreement also included an obligation to purchase a fixed volume of feedstocks from Statoil on the later of maturity or when the arrangement is terminated based on a forward market price of West Texas Intermediate crude oil. As a result of the purchase obligations, the Company records the inventory of crude oil and feedstocks in the refineries’ storage facilities. The Company determined the purchase obligations to be contracts that contain derivatives that change in value based on changes in commodity prices. Such changes in the fair value of these derivatives are included in cost of sales. On October 31, 2012, the Delaware City crude supply agreement was amended and modified to among other things, allow the Company to directly purchase U.S. and Canadian onshore origin crude oil and feedstock that is delivered to the Delaware City refinery via rail independent of Statoil. | |||
The Company’s Toledo refinery acquires substantially all of its crude oil from MSCG under a crude oil acquisition agreement (the “Toledo Crude Oil Acquisition Agreement”). Under the Toledo Crude Oil Acquisition Agreement, the Company takes title to crude oil at various pipeline locations for delivery to the refinery or sale to third parties. The Company records the crude oil inventory when it receives title. Payment for the crude oil is due to MSCG under the Toledo Crude Oil Acquisition Agreement three days after the crude oil is delivered to the Toledo refinery processing units or upon sale to a third party. | |||
Property, Plant and Equipment | |||
Property, plant and equipment additions are recorded at cost. The Company capitalizes costs associated with the preliminary, pre-acquisition and development/construction stages of a major construction project. The Company capitalizes the interest cost associated with major construction projects based on the effective interest rate of total borrowings. The Company also capitalizes costs incurred in the acquisition and development of software for internal use, including the costs of software, materials, consultants and payroll-related costs for employees incurred in the application development stage. | |||
Depreciation is computed using the straight-line method over the following estimated useful lives: | |||
Process units and equipment | 5-25 years | ||
Pipeline and equipment | 5-25 years | ||
Buildings | 25-40 years | ||
Computers, furniture and fixtures | 3-15 years | ||
Leasehold improvements | 20 years | ||
Railcars | 50 years | ||
Maintenance and repairs are charged to operating expenses as they are incurred. Improvements and betterments, which extend the lives of the assets, are capitalized. | |||
Deferred Charges and Other Assets, Net | |||
Deferred charges and other assets include refinery turnaround costs, catalyst, precious metals catalyst, linefill, deferred financing costs and intangible assets. Refinery turnaround costs, which are incurred in connection with planned major maintenance activities, are capitalized when incurred and amortized on a straight-line basis over the period of time estimated to lapse until the next turnaround occurs (generally 3 to 5 years). | |||
Precious metals catalyst and linefill are considered indefinite-lived assets as they are not expected to deteriorate in their prescribed functions. Such assets are assessed for impairment in connection with the Company’s review of its long-lived assets as indicators of impairment develop. | |||
Deferred financing costs are capitalized when incurred and amortized over the life of the loan (1 to 8 years). | |||
Intangible assets with finite lives primarily consist of catalyst, emission credits and permits and are amortized over their estimated useful lives of 1 to 10 years. | |||
Long-Lived Assets and Definite-Lived Intangibles | |||
The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate the carrying value may not be recoverable. Impairment is evaluated by comparing the carrying value of the long-lived assets to the estimated undiscounted future cash flows expected to result from use of the assets and their ultimate disposition. If such analysis indicates that the carrying value of the long-lived assets is not considered to be recoverable, the carrying value is reduced to the fair value. | |||
Impairment assessments inherently involve judgment as to assumptions about expected future cash flows and the impact of market conditions on those assumptions. Although management would utilize assumptions that it believes are reasonable, future events and changing market conditions may impact management’s assumptions, which could produce different results. | |||
Asset Retirement Obligations | |||
The Company records an asset retirement obligation at fair value for the estimated cost to retire a tangible long-lived asset at the time the Company incurs that liability, which is generally when the asset is purchased, constructed, or leased. The Company records the liability when it has a legal or contractual obligation to incur costs to retire the asset and when a reasonable estimate of the fair value of the liability can be made. If a reasonable estimate cannot be made at the time the liability is incurred, the Company will record the liability when sufficient information is available to estimate the liability’s fair value. Certain of the Company’s asset retirement obligations are based on its legal obligation to perform remedial activity at its refinery sites when it permanently ceases operations of the long-lived assets. The Company therefore considers the settlement date of these obligations to be indeterminable. Accordingly, the Company cannot calculate an associated asset retirement liability for these obligations at this time. The Company will measure and recognize the fair value of these asset retirement obligations when the settlement date is determinable. | |||
Environmental Matters | |||
Liabilities for future remediation costs are recorded when environmental assessments and/or remedial efforts are probable and the costs can be reasonably estimated. Other than for assessments, the timing and magnitude of these accruals generally are based on the completion of investigations or other studies or a commitment to a formal plan of action. Environmental liabilities are based on best estimates of probable future costs using currently available technology and applying current regulations, as well as the Company’s own internal environmental policies. The measurement of environmental remediation liabilities may be discounted to reflect the time value of money if the aggregate amount and timing of cash payments of the liabilities are fixed or reliably determinable. The actual settlement of the Company’s liability for environmental matters could materially differ from its estimates due to a number of uncertainties such as the extent of contamination, changes in environmental laws and regulations, potential improvements in remediation technologies and the participation of other responsible parties. | |||
Stock-Based Compensation | |||
Stock-based compensation includes the accounting effect of options to purchase PBF Energy Class A common stock granted by the Company to certain employees, Series A warrants issued or granted by PBF LLC to employees in connection with their acquisition of PBF LLC Series A units, options to acquire Series A units of PBF LLC granted by PBF LLC to certain employees, Series B units of PBF LLC that were granted to certain members of management and restricted PBF LLC Series A Units and restricted PBF Energy Class A common stock granted to certain directors. The estimated fair value of the options to purchase PBF Energy Class A common stock and the PBF LLC Series A warrants and options, is based on the Black-Scholes option pricing model and the fair value of the PBF LLC Series B units is estimated based on a Monte Carlo simulation model. The estimated fair value is amortized as stock-based compensation expense on a straight-line method over the vesting period and included in general and administration expense. | |||
Income Taxes | |||
As a result of the PBF Energy’s acquisition of PBF LLC Series A Units or exchanges of PBF LLC Series A Units for PBF Energy Class A common stock, PBF Energy expects to benefit from amortization and other tax deductions reflecting the step up in tax basis in the acquired assets. Those deductions will be allocated to PBF Energy and will be taken into account in reporting PBF Energy’s taxable income. As a result of a federal income tax election made by PBF LLC, applicable to a portion of PBF Energy’s acquisition of PBF LLC Series A Units, the income tax basis of the assets of PBF LLC, underlying a portion of the units PBF Energy acquired, has been adjusted based upon the amount that PBF Energy paid for that portion of its PBF LLC Series A Units. PBF Energy has entered into an agreement with the . members of PBF LLC other than PBF Energy that will provide for an additional payment by PBF Energy to the exchanging holders of PBF LLC Units equal to 85% of the amount of cash savings, if any, in U.S. federal, state and local income tax that PBF Energy realizes as a result of (i) these increases in tax basis 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. As a result of these transactions, PBF Energy’s tax basis in its share of PBF LLC’s assets will be higher than the book basis of these same assets. This resulted in a deferred tax asset of $310,132 as of December 31, 2013, of which the majority is expected to be realized over 10 years as the tax basis of these assets is amortized. | |||
Deferred taxes are provided using a liability method, whereby deferred tax assets are recognized for deductible temporary differences and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences represent the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effect or change in tax laws and rates on the date of enactment. PBF Energy recognizes tax benefits for uncertain tax positions only if it is more likely than not that the position is sustainable based on its technical merits. Interest and penalties on uncertain tax positions are included as a component of the provision for income taxes on the consolidated statements of operations. | |||
As PBF Holding is a limited liability company treated as a “flow-through” entity for income tax purposes, there is no benefit or provision for federal or state income tax in the accompanying financial statements. | |||
The Federal and state tax returns for all years since inception (March 1, 2008) are subject to examination by the respective tax authorities. | |||
Net Income Per Share | |||
For the period subsequent to the IPO basic net income per share is calculated by dividing the net income available to PBF Energy Class A common stockholders by the weighted average number of shares of PBF Energy Class A common stock outstanding during the period. Diluted net income per share is calculated by dividing the net income available to PBF Energy Class A common stockholders, adjusted for the net income attributable to the noncontrolling interest and the assumed income tax expense thereon, by the weighted average number of PBF Energy Class A common shares outstanding during the period adjusted to include the assumed exchange of all PBF LLC Series A units outstanding for PBF Energy Class A common stock, if applicable under the if converted method, and the potentially dilutive effect of outstanding options to purchase shares of PBF Energy Class A common stock, and options and warrants to purchase PBF LLC Series A Units, subject to forfeiture utilizing the treasury stock method. | |||
Pension and Other Post-Retirement Benefits | |||
The Company recognizes an asset for the overfunded status or a liability for the underfunded status of its pension and post-retirement benefit plans. The funded status is recorded within other long-term liabilities. Changes in the plans’ funded status are recognized in other comprehensive income in the period the change occurs. | |||
Fair Value Measurement | |||
A fair value hierarchy (Level 1, Level 2, or Level 3) is used to categorize fair value amounts based on the quality of inputs used to measure fair value. Accordingly, fair values derived from Level 1 inputs utilize quoted prices in active markets for identical assets or liabilities. Fair values derived from Level 2 inputs are based on quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are either directly or indirectly observable for the asset or liability. Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. | |||
The Company uses appropriate valuation techniques based on the available inputs to measure the fair values of its applicable assets and liabilities. When available, the Company measures fair value using Level 1 inputs because they generally provide the most reliable evidence of fair value. In some valuations, the inputs may fall into different levels in the hierarchy. In these cases, the asset or liability level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurements. | |||
Financial Instruments | |||
The estimated fair value of financial instruments has been determined based on the Company’s assessment of available market information and appropriate valuation methodologies. The Company’s non-derivative financial instruments that are included in current assets and current liabilities are recorded at cost in the consolidated balance sheets. The estimated fair value of these financial instruments approximates their carrying value due to their short-term nature. Derivative instruments are recorded at fair value in the consolidated balance sheets. | |||
The Company’s commodity contracts are measured and recorded at fair value using Level 1 inputs based on quoted prices in an active market or Level 2 inputs based on quoted market prices for similar instruments. The Company’s catalyst lease obligation and derivatives related to the Company’s crude oil and feedstocks and refined product purchase obligations are measured and recorded at fair value using Level 2 inputs on a recurring basis, based on observable market prices. | |||
Derivative Instruments | |||
The Company is exposed to market risk, primarily related to changes in commodity prices for the crude oil and feedstocks used in the refining process as well as the prices of the refined products sold. The accounting treatment for commodity contracts depends on the intended use of the particular contract and on whether or not the contract meets the definition of a derivative. | |||
All derivative instruments, not designated as normal purchases or sales, are recorded in the balance sheet as either assets or liabilities measured at their fair values. Changes in the fair value of derivative instruments that either are not designated or do not qualify for hedge accounting treatment or normal purchase or normal sale accounting are recognized currently in earnings. Contracts qualifying for the normal purchase and sales exemption are accounted for upon settlement. Cash flows related to derivative instruments that are not designated or do not qualify for hedge accounting treatment are included in operating activities. | |||
The Company designates certain derivative instruments as fair value hedges of a particular risk associated with a recognized asset or liability. At the inception of the hedge designation, the Company documents the relationship between the hedging instrument and the hedged item, as well as its risk management objective and strategy for undertaking various hedge transactions. Derivative gains and losses related to these fair value hedges, including hedge ineffectiveness, are recorded in cost of sales along with the change in fair value of the hedged asset or liability attributable to the hedged risk. Cash flows related to derivative instruments that are designated as fair value hedges are included in operating activities. | |||
Economic hedges are hedges not designated as fair value or cash flow hedges for accounting purposes that are used to (i) manage price volatility in certain refinery feedstock and refined product inventories, and (ii) manage price volatility in certain forecasted refinery feedstock, refined product, and refined product sales. These instruments are recorded at fair value and changes in the fair value of the derivative instruments are recognized currently in cost of sales. | |||
Derivative accounting is complex and requires management judgment in the following respects: identification of derivatives and embedded derivatives, determination of the fair value of derivatives, documentation of hedge relationships, assessment and measurement of hedge ineffectiveness and election and designation of the normal purchases and sales exception. All of these judgments, depending upon their timing and effect, can have a significant impact on the Company’s earnings. | |||
Recently Issued 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 December 31, 2013 and 2012, the impact of offsetting assets and liabilities was not material to the Company and additional disclosure is not included in the Company's consolidated financial statements. | |||
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 years ended December 31, 2013, 2012 and 2011, the impact of reclassification out of accumulated other comprehensive income was not material to the Company and additional disclosure is not included in the Company's consolidated financial statements. |
ACQUISITIONS
ACQUISITIONS | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
ACQUISITIONS | ' | ||||||||
ACQUISITIONS | |||||||||
Toledo Acquisition | |||||||||
On March 1, 2011, a subsidiary of the Company completed the acquisition of the Toledo refinery in Ohio from Sunoco. The Toledo refinery has a crude oil throughput capacity of 170,000 barrels per day. The purchase price for the refinery was $400,000, subject to certain adjustments, and was comprised of $200,000 in cash and a $200,000 promissory note provided by Sunoco. The note was repaid in full in February 2012. The terms of the transaction also include participation payments beginning in the year ended December 31, 2011 through the year ending December 31, 2016 not to exceed $125,000 in the aggregate. Participation payments were based on 25% of the purchased assets’ earnings before interest, taxes, depreciation and amortization, as defined in the agreement (“EBITDA”) in excess of an annual threshold EBITDA of $125,000 (prorated for 2011 and 2016). Each participation payment was due no later than one hundred and twenty days after the close of the respective calendar year end for the years 2011 through 2016. The Company paid $103,643 to Sunoco in April 2012 and $21,357 in April 2013 related to the amount of contingent consideration earned in 2011 and 2012, respectively. | |||||||||
The Company purchased certain finished and intermediate products for approximately $299,645 with the proceeds from a note provided by Sunoco (the “Toledo Inventory Note Payable”). The note had an interest rate at the lower of LIBOR plus 5.5%, or 7.5% and was repaid on May 31, 2011. The Company also purchased crude oil inventory for $338,395, which it concurrently sold to MSCG for its market value of $369,999. The net cash received from this transaction was recorded as a reduction in the total purchase price. | |||||||||
The Toledo acquisition was accounted for as a business combination. The purchase price of $784,818 includes the estimated fair value of future participation payments (contingent consideration). The fair value of the contingent consideration was estimated using a discounted cash flow analysis, a Level 3 measurement, as more fully described at Note 21. The following table summarizes the amounts recognized for assets acquired and liabilities assumed as of the acquisition date. | |||||||||
The total purchase price and the estimated fair values of the assets and liabilities at the acquisition date were as follows: | |||||||||
Purchase Price | |||||||||
Net cash | $ | 168,156 | |||||||
Seller promissory note | 200,000 | ||||||||
Seller note for inventory | 299,645 | ||||||||
Estimated fair value of contingent consideration | 117,017 | ||||||||
$ | 784,818 | ||||||||
Fair Value | |||||||||
Allocation | |||||||||
Current assets | $ | 305,645 | |||||||
Land | 8,065 | ||||||||
Property, plant and equipment | 452,084 | ||||||||
Other assets | 24,640 | ||||||||
Current liabilities | (5,616 | ) | |||||||
$ | 784,818 | ||||||||
The Company’s consolidated financial statements for the years ended December 31, 2013, 2012 and 2011 include the results of operations of the Toledo refinery since March 1, 2011. The actual results for the Toledo refinery for the period from March 1, 2011 to December 31, 2011, are shown below. The revenues and net income of the Company assuming the acquisition had occurred on January 1, 2011, are shown below on a pro forma basis. The pro forma information does not purport to present what the Company’s actual results would have been had the acquisition occurred on January 1, 2011, nor is the financial information indicative of the results of future operations. The unaudited pro forma financial information includes the depreciation and amortization expense related to the acquisition and interest expense associated with the Toledo acquisition financing. | |||||||||
Revenues | Net Income | ||||||||
Actual results for March 1, 2011 to December 31, 2011 | $ | 6,113,055 | $ | 489,243 | |||||
Supplemental pro forma for January 1, 2011 to December 31, 2011 | $ | 15,961,529 | $ | 328,142 | |||||
INVENTORIES
INVENTORIES | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Inventory Disclosure [Abstract] | ' | |||||||||||
INVENTORIES | ' | |||||||||||
INVENTORIES | ||||||||||||
Inventories consisted of the following: | ||||||||||||
December 31, 2013 | ||||||||||||
Titled Inventory | Inventory Supply and Offtake Arrangements | Total | ||||||||||
Crude oil and feedstocks | $ | 518,599 | $ | 89,837 | $ | 608,436 | ||||||
Refined products and blendstocks | 425,033 | 378,286 | 803,319 | |||||||||
Warehouse stock and other | 33,762 | — | 33,762 | |||||||||
$ | 977,394 | $ | 468,123 | $ | 1,445,517 | |||||||
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 | |||||||
Inventory under inventory supply and offtake arrangements includes the inventory held in the Company’s refineries' storage facilities in connection with the Crude Supply Agreements, Offtake Agreements and Inventory Intermediation Agreements. | ||||||||||||
At December 31, 2013 and December 31, 2012, the replacement value of inventories exceeded the LIFO carrying value by approximately $78,407 and $79,859, respectively. |
PROPERTY_PLANT_AND_EQUIPMENT_N
PROPERTY, PLANT AND EQUIPMENT, NET | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
PROPERTY, PLANT AND EQUIPMENT, NET | ' | ||||||||
PROPERTY, PLANT AND EQUIPMENT, NET | |||||||||
Property, plant and equipment consisted of the following: | |||||||||
December 31, | 31-Dec-12 | ||||||||
2013 | |||||||||
Land | $ | 61,780 | $ | 61,780 | |||||
Process units, pipelines and equipment | 1,658,256 | 1,484,727 | |||||||
Buildings and leasehold improvements | 25,577 | 11,073 | |||||||
Computers, furniture and fixtures | 54,496 | 38,657 | |||||||
Construction in progress | 166,565 | 145,525 | |||||||
1,966,674 | 1,741,762 | ||||||||
Less—Accumulated depreciation | (185,085 | ) | (106,175 | ) | |||||
$ | 1,781,589 | $ | 1,635,587 | ||||||
The Company commenced the restart of the Delaware City refinery during June 2011 and began depreciating the assets placed in service effective July 1, 2011. Depreciation expense for the years ended December 31, 2013, 2012 and 2011 was $79,413, $64,947 and $39,968, respectively. The Company capitalized $5,672 and $6,697 in interest during 2013 and 2012, respectively, in connection with construction in progress. |
DEFERRED_CHARGES_AND_OTHER_ASS
DEFERRED CHARGES AND OTHER ASSETS, NET | 12 Months Ended | ||||||||
Dec. 31, 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: | |||||||||
December 31, | 31-Dec-12 | ||||||||
2013 | |||||||||
Deferred turnaround costs, net | $ | 119,383 | $ | 78,128 | |||||
Catalyst | 88,964 | 66,377 | |||||||
Deferred financing costs, net | 26,541 | 30,987 | |||||||
Restricted cash | 12,117 | 12,114 | |||||||
Linefill | 9,636 | 8,042 | |||||||
Intangible assets, net | 653 | 1,085 | |||||||
Other | 5,185 | 616 | |||||||
$ | 262,479 | $ | 197,349 | ||||||
The Company recorded amortization expense related to deferred turnaround costs, catalyst and intangible assets of $32,066, $27,291 and $13,776 for the years ended December 31, 2013, 2012 and 2011 respectively. | |||||||||
Intangible assets, net was comprised of permits and emission credits as follows: | |||||||||
December 31, | 31-Dec-12 | ||||||||
2013 | |||||||||
Gross amount | $ | 3,597 | $ | 3,597 | |||||
Accumulated amortization | (2,944 | ) | (2,512 | ) | |||||
Net amount | $ | 653 | $ | 1,085 | |||||
ACCRUED_EXPENSES
ACCRUED EXPENSES | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
ACCRUED EXPENSES | ' | |||||||
ACCRUED EXPENSES | ||||||||
PBF Energy | ||||||||
Accrued expenses consisted of the following: | ||||||||
December 31, | December 31, 2012 | |||||||
2013 | ||||||||
Inventory-related accruals | $ | 533,012 | $ | 287,929 | ||||
Inventory supply and offtake arrangements | 454,893 | 536,594 | ||||||
Excise and sales tax payable | 42,814 | 40,776 | ||||||
Accrued construction in progress | 33,747 | 16,481 | ||||||
Accrued transportation costs | 29,762 | 20,338 | ||||||
Accrued utilities | 25,959 | 19,060 | ||||||
Customer deposits | 23,621 | 26,541 | ||||||
Accrued interest | 22,570 | 22,764 | ||||||
Renewable energy credit obligations | 15,955 | — | ||||||
Accrued salaries and benefits | 10,799 | 15,212 | ||||||
Income taxes payable | — | 1,275 | ||||||
Fair value of contingent consideration for refinery acquisition | — | 21,358 | ||||||
Other | 16,749 | 23,139 | ||||||
$ | 1,209,881 | $ | 1,031,467 | |||||
PBF Holding | ||||||||
Accrued expenses consisted of the following: | ||||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
Inventory-related accruals | $ | 533,012 | $ | 287,929 | ||||
Inventory supply and offtake arrangements | 454,893 | 536,594 | ||||||
Excise and sales tax payable | 42,814 | 36,414 | ||||||
Accrued construction in progress | 33,747 | 16,481 | ||||||
Accrued transportation costs | 29,762 | 20,338 | ||||||
Accrued utilities | 25,959 | 19,060 | ||||||
Customer deposits | 23,621 | 26,541 | ||||||
Accrued interest | 22,570 | 22,764 | ||||||
Renewable energy credit obligations | 15,955 | — | ||||||
Accrued salaries and benefits | 10,799 | 15,212 | ||||||
Fair value of contingent consideration for refinery acquisition | — | 21,358 | ||||||
Other | 17,813 | 23,227 | ||||||
$ | 1,210,945 | $ | 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 Inventory Intermediation Agreements with J. Aron commencing in July 2013. As of December 31, 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 Inventory 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 Offtake Agreements 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 $20,248 and a non-cash charge of $11,619 related to this liability in the years ended December 31, 2013 and 2012, respectively. | ||||||||
The Company is subject to obligations to purchase Renewable Identification Numbers ("RINs") required to comply with the Renewable Fuels Standard. The Company's overall RINs obligation is based on a percentage of domestic shipments of on-road fuels as established by the Environmental Protection Agency ("EPA"). To the degree the Company is unable to blend the required amount of biofuels to satisfy our RINs obligation, RINs must be purchased on the open market to avoid penalties and fines. The Company records its RINs obligation on a net basis in Accrued expenses when its RINs liability is greater than the amount of RINs earned and purchased in a given period and in Prepaid expenses and other current assets when the amount of RINs earned and purchased is greater than the RINs liability. |
DELAWARE_ECONOMIC_DEVELOPMENT_
DELAWARE ECONOMIC DEVELOPMENT AUTHORITY LOAN | 12 Months Ended |
Dec. 31, 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 and October 2013, the Company received confirmation from the Authority that the Company had satisfied the conditions necessary for the first and second $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 $8,000 as of December 31, 2013, as the proceeds from the loan were used for capital projects. |
CREDIT_FACILITY_AND_LONGTERM_D
CREDIT FACILITY AND LONG-TERM DEBT | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
CREDIT FACILITY AND LONG-TERM DEBT | ' | ||||||||
CREDIT FACILITY AND LONG-TERM DEBT | |||||||||
Revolving Loan | |||||||||
In October 2012, PBF Holding amended and restated its asset based revolving credit agreement (“Revolving Loan”) to a maximum availability of $1,575,000 and extended the maturity date to October 26, 2017. In addition, the Applicable Margin, as defined in the agreement, was amended to a range of 0.75% to 1.50% for Alternative Base Rate Loans and 1.75% to 2.50% for Adjusted LIBOR Rate Loans, and the Commitment Fee, as defined in the agreement, was amended to a range of 0.375% to 0.50%, all depending on the Company’s debt rating. The Revolving Loan was further expanded to a maximum availability of $1,610,000 in November 2013. | |||||||||
Advances under the Revolving Loan cannot exceed the lesser of $1,610,000 or the Borrowing Base, as defined in the agreement. The Revolving Loan can be prepaid, without penalty, at any time. Interest on the Revolving Loan is payable quarterly in arrears, at the option of PBF Holding, either at the Alternate Base Rate plus the Applicable Margin, or at the Adjusted LIBOR Rate plus the Applicable Margin, all as defined in the agreement. PBF Holding is required to pay a LC Participation Fee, as defined in the agreement on each outstanding letter of credit issued under the Revolving Loan equal to the Applicable Margin applied to Adjusted LIBOR Rate Loans, plus a Fronting Fee equal to 0.125%. | |||||||||
The Revolving Loan has a financial covenant which requires that at any time Excess Availability, as defined in the agreement, is less than the greater of (i) 17.5% of the lesser of the Borrowing Base and the aggregate Revolving Commitments of the Lenders, or (ii) $35,000, PBF Holding will not permit the Consolidated Fixed Charge Coverage Ratio, as defined in the agreement, determined as of the last day of the most recently completed quarter, to be less than 1.1 to 1.0. PBF Holding was in compliance with this covenant as of December 31, 2013. | |||||||||
All obligations under the Revolving Loan are guaranteed (solely on a limited recourse basis) to the extent required to support the lien described in clause (y) below by PBF LLC, PBF Finance, and each of our domestic operating subsidiaries and secured by a lien on (y) PBF LLC’s equity interests in PBF Holding and (z) substantially all of the assets of PBF Holding and the subsidiary guarantors (subject to certain exceptions). The lien of the Revolving Loan is secured by: all deposit accounts (other than zero balance accounts, cash collateral accounts, trust accounts and/or payroll accounts, all of which are excluded from the collateral); all accounts receivables; all hydrocarbon inventory (other than the Saudi crude oil pledged under the letter of credit facility); to the extent evidencing, governing, securing or otherwise related to the foregoing, all general intangibles, chattel paper, instruments, documents, letter of credit rights and supporting obligations; and all products and proceeds of the foregoing. | |||||||||
At December 31, 2013, PBF Holding had $15,000 outstanding loans and standby letters of credit of $441,368 issued under the Revolving Loan. At December 31, 2012, PBF Holding had no outstanding loans of and standby letters of credit of $449,652 issued under the Revolving Loan. | |||||||||
Senior Secured Notes | |||||||||
On February 9, 2012, PBF Holding completed the offering of $675,000 aggregate principal amount of 8.25% Senior Secured Notes due 2020. The net proceeds, after deducting the original issue discount, the initial purchasers’ discounts and commissions, and the fees and expenses of the offering, were used to repay all of the outstanding indebtedness plus accrued interest owed under the Toledo Promissory Note, the Paulsboro Promissory Note, and the Term Loan, as well as to reduce the outstanding balance of the Revolving Loan. The Company’s Executive Chairman of the Board of Directors, and certain of his affiliates and family members, and certain of the Company’s other executives, purchased $25,500 aggregate principal amount of these Senior Secured Notes in connection with the offering which were subsequently sold to third parties in 2013. | |||||||||
The Senior Secured Notes are secured on a first-priority basis by substantially all of the present and future assets of PBF Holding and its subsidiaries (other than assets securing the Revolving Loan). Payment of the Senior Secured Notes is jointly and severally guaranteed by all of PBF Holding’s subsidiaries. PBF Holding has optional redemption rights to repurchase all or a portion of the Senior Secured Notes at varying prices no less than 100% of the principal amounts of the notes plus accrued and unpaid interest. The holders of the Senior Secured Notes have repurchase options exercisable only upon a change in control, certain asset sale transactions, or in event of a default as defined in the indenture agreement. In addition, the Senior Secured Notes contain covenant restrictions limiting certain types of additional debt, equity issuances, and payments. PBF Holding is in compliance with the covenants as of December 31, 2013. | |||||||||
Delaware City Construction Financing | |||||||||
In October 2010, subsidiaries of the Company entered into a project management and financing agreement for a capital project at the Delaware City refinery. On August 5, 2011 the Delaware City construction advances in the amount of $20,000 were converted to a term financing payable in equal monthly installments of $530 over a period of sixty months beginning September 1, 2011 (“Construction Financing”). On August 31, 2012, the Company repaid all outstanding indebtedness plus accrued interest owed on the Construction Financing. The Company recorded a loss of $2,797 in interest expense for the early retirement of debt in the year ended December 31, 2012. | |||||||||
Catalyst Leases | |||||||||
Subsidiaries of the Company have entered into agreements at each of its refineries whereby the Company sold certain of its catalyst precious metals to major commercial banks and then leased them back. The catalyst is required to be repurchased by the Company at market value at lease termination. The Company treated these transactions as financing arrangements, and the lease payments are recorded as interest expense over the agreements’ terms. The Company has elected the fair value option for accounting for its catalyst repurchase obligations as the Company’s liability is directly impacted by the change in value of the underlying catalyst. The fair value of these repurchase obligations as reflected in the table below is measured using Level 2 inputs. | |||||||||
The Paulsboro catalyst lease was entered into effective January 6, 2012 with a one year term that was amended in December 2012 to extend the maturity date to November 2013. Proceeds from the lease were $9,453. The annual lease fee under these leases for 2012 and 2013 was $267 and $262. Upon maturity, the Company entered into a new Paulsboro catalyst lease effective on December 5, 2013 with a three year term. The annual lease fee is $180, which is based on a fixed annual interest rate of 1.95%, payable quarterly. | |||||||||
The Toledo catalyst lease was entered into effective July 1, 2011 with a three year term. Proceeds from the lease of $18,345, net of a facility fee of $279, were used to repay a portion of the Toledo Promissory Note. The lease fee is payable quarterly and will be reset annually based on current market conditions. The lease fee for the first one year period was $997. The lease fee for the second one year period beginning July 2012 and for the third one year period beginning July 2013 was $967 and $810, respectively, payable quarterly. The Toledo catalyst lease is included in Long-term debt as of December 31, 2013 as the Company has the ability and intent to finance this debt through availability under other credit facilities if the catalyst lease is not renewed at maturity. | |||||||||
Additionally, in November 2013, the Company entered into an eight month bridge lease for additional catalyst for the Company's Toledo refinery in connection with its planned turnaround in 2014. Proceeds from the lease were $12,034. The lease fee is $150, based on a fixed annual interest rate of 1.85%, payable at maturity. The lease matures on July 28, 2014. | |||||||||
The Delaware City catalyst lease was entered into in October 2010 with a three year term. Proceeds from the lease were $17,474, net of $266 in facility fees. The lease fee was payable quarterly and reset annually based on current market conditions. The lease fee for the first, second, and third one year periods beginning in October 2010 was $1,076, $946 and $1,048, respectively. Upon maturity of the lease, the Company entered into a new Delaware City catalyst lease which was effective October 17, 2013 and has a three year term. Incremental proceeds from the new lease were $2,223. The lease fee is payable annually based on a fixed annual interest rate of 1.96%. The lease fee for the three year period beginning in October 2013 is $322. On November 21, 2013 the Company amended the lease to also include palladium catalyst. The lease fee for the palladium is payable annually at a fixed annual interest rate of 1.85%. The annual lease fee for the three year period beginning in October 2013 is $30. | |||||||||
Long-term debt outstanding consisted of the following: | |||||||||
31-Dec-13 | 31-Dec-12 | ||||||||
Senior Secured Notes | $ | 667,487 | $ | 666,538 | |||||
Revolving Loan | 15,000 | — | |||||||
Catalyst leases | 53,089 | 43,442 | |||||||
735,576 | 709,980 | ||||||||
Less—Current maturities | (12,029 | ) | — | ||||||
Long-term debt | $ | 723,547 | $ | 709,980 | |||||
Debt Maturities | |||||||||
Debt maturing in the next five years and thereafter is as follows: | |||||||||
Year Ending | |||||||||
December 31, | |||||||||
2014 | $ | 26,887 | |||||||
2015 | — | ||||||||
2016 | 26,202 | ||||||||
2017 | 15,000 | ||||||||
2018 | — | ||||||||
Thereafter | 667,487 | ||||||||
$ | 735,576 | ||||||||
INTERCOMPANY_NOTE_PAYABLE
INTERCOMPANY NOTE PAYABLE | 12 Months Ended |
Dec. 31, 2013 | |
INTERCOMPANY NOTE PAYABLE [Abstract] | ' |
INTERCOMPANY NOTE PAYABLE | ' |
INTERCOMPANY NOTES PAYABLE | |
During 2013, PBF Holding entered into notes payable with PBF Energy and PBF LLC for an aggregate principal amount of $31,835. 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. |
OTHER_LONGTERM_LIABILITIES
OTHER LONG-TERM LIABILITIES | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Other Liabilities Disclosure [Abstract] | ' | ||||||||
OTHER LONG-TERM LIABILITIES | ' | ||||||||
OTHER LONG-TERM LIABILITIES | |||||||||
PBF Energy | |||||||||
Other long-term liabilities consisted of the following: | |||||||||
December 31, | December 31, 2012 | ||||||||
2013 | |||||||||
Defined benefit pension plan liabilities | $ | 28,300 | $ | 19,983 | |||||
Post retiree medical plan | 8,225 | 9,730 | |||||||
Environmental liabilities | 7,195 | 7,303 | |||||||
Other | — | 1,083 | |||||||
$ | 43,720 | $ | 38,099 | ||||||
PBF Holding | |||||||||
Other long-term liabilities consisted of the following: | |||||||||
December 31, | December 31, 2012 | ||||||||
2013 | |||||||||
Defined benefit pension plan liabilities | $ | 28,300 | $ | 19,983 | |||||
Post retiree medical plan | 8,225 | 9,730 | |||||||
Environmental liabilities | 7,195 | 7,303 | |||||||
Other | 2,757 | 1,083 | |||||||
$ | 46,477 | $ | 38,099 | ||||||
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
RELATED PARTY TRANSACTIONS | ' |
RELATED PARTY TRANSACTIONS | |
The Company engaged Fuel Strategies International, Inc, the principal of which is the brother of the Executive Chairman of the Board of Directors of the Company, to provide consulting services relating to petroleum coke and commercial operations. For the years ended December 31, 2013, 2012 and 2011, the Company incurred charges of $646, $903 and $462, respectively, under this agreement. | |
The Company has an agreement with the Executive Chairman of the Board of Directors, for the use of an airplane that is owned by a company owned by the Executive Chairman. The Company pays a charter rate that is the lowest rate this aircraft is chartered to third-parties. For the years ended December 31, 2013, 2012 and 2011, the Company incurred charges of $1,274, $1,030, and $821, respectively, related to use of this airplane. | |
As of December 31, 2013, each of Blackstone and First Reserve, the Company’s financial sponsors, had received the full return of its aggregate amount invested in PBF LLC Series A Units. As a result, pursuant to the amended and restated limited liability company agreement of PBF LLC, the holders of PBF LLC Series B Units are entitled to an interest in the amounts received by Blackstone and First Reserve in excess of their original investment in the form of PBF LLC distributions and from the shares of PBF Energy Class A Common Stock issuable to Blackstone and First Reserve (for their own account and on behalf of the holders of PBF LLC Series B Units) upon an exchange, and the proceeds from the sale of such shares. Such proceeds received by Blackstone and First Reserve are distributed to the holders of the PBF LLC Series B Units in accordance with the distribution percentages specified in the PBF LLC amended and restated limited liability company agreement. The total amount distributed to the PBF LLC Series B Unit holders for the year ended December 31, 2013 was $6,427. There were no amounts distributed to PBF LLC Series B Unit holders prior to 2013. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
COMMITMENTS AND CONTINGENCIES | ' | |||
COMMITMENTS AND CONTINGENCIES | ||||
Lease and Other Commitments | ||||
The Company leases office space, office equipment, refinery facilities and equipment, and railcars under non-cancelable operating leases, with terms ranging from one to twenty years, subject to certain renewal options as applicable. Total rent expense was $70,581, $41,563, and $29,233 for the years ended December 31, 2013, 2012 and 2011, respectively. The Company is party to agreements which provide for the treatment of wastewater and the supply of hydrogen and steam for the Paulsboro and Toledo refineries. The Company made purchases of $38,383, $30,335 and $30,773 under these supply agreements for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||
The fixed and determinable amounts of the obligations under these agreements and total minimum future annual rentals, exclusive of related costs, are approximately: | ||||
Year Ending | ||||
December 31, | ||||
2014 | $ | 81,358 | ||
2015 | 73,481 | |||
2016 | 72,424 | |||
2017 | 62,918 | |||
2018 | 56,483 | |||
Thereafter | 93,937 | |||
$ | 440,601 | |||
Employment Agreements | ||||
Concurrent with the PBF Energy IPO in December 2012, PBFI entered into amended and restated employment agreements with members of executive management and certain other key personnel that include automatic annual renewals, unless canceled. Under some of the agreements, certain of the executives would receive a lump sum payment of between one and a half to 2.99 times their base salary and continuation of certain employee benefits for the same period upon termination by the Company “Without Cause”, or by the employee “For Good Reason”, or upon a “Change in Control”, as defined in the agreements. Upon death or disability, certain of the Company’s executives, or their estates, would receive a lump sum payment of at least one half of their base salary. | ||||
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 $9,869 recorded as of December 31, 2013 ($9,669 as of December 31, 2012) represents the present value of expected future costs discounted at a rate of 8%. At December 31, 2013 the undiscounted liability is $14,874 and the Company expects to make aggregate payments for this liability of $5,838 over the next five years. 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 $12,117 and $12,114, acquired in the Paulsboro acquisition, is recorded as restricted cash in deferred charges and other assets, net as of December 31, 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 remains responsible for environmental remediation for conditions that existed on the closing date and the obligations transition to us over 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 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 a 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 rail unloading terminal violate Delaware’s Coastal Zone Act. The first appeal is Number 2013-1 before the State Coastal Zone Industrial Control Board (the “CZ Board”), and the second appeal is before the Environmental Appeals Board and appeals Secretary’s Order No. 2013-A-0020. The CZ Board held a hearing on the first appeal on July 16, 2013, and ruled in favor of Delaware City Refining and the State of Delaware and dismissed Appellants’ 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 have filed cross-appeals. Briefs are due to be filed in this appeal in the first quarter of 2014 but no date has been set for a decision by the Superior Court. A hearing on the second appeal before the Environmental Appeals Board, case no. 2013-06, was held on January 13, 2014, and the Board ruled in favor of Delaware City Refining and the State and dismissed the appeal for lack of jurisdiction. A written decision from the Board is pending, after which the Appellants will again have the right to appeal the decision to Superior Court. If the Appellants in one or both of these matters ultimately prevail, the outcome may have an adverse material effect on the Company's earnings. | ||||
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 December 31, 2013. |
STOCKHOLDERS_AND_MEMBERS_EQUIT
STOCKHOLDERS' AND MEMBERS' EQUITY STRUCTURE | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Equity [Abstract] | ' | |||||||||
STOCKHOLDERSb AND MEMBERSb EQUITY STRUCTURE | ' | |||||||||
STOCKHOLDERS’ AND MEMBERS’ EQUITY STRUCTURE | ||||||||||
Class A Common Stock | ||||||||||
Holders of Class A common stock are entitled to receive dividends when and if declared by the Board of Directors out of funds legally available therefore, subject to any statutory or contractual restrictions on the payment of dividends and to any restrictions on the payment of dividends imposed by the terms of any outstanding preferred stock. Upon the Company’s dissolution or liquidation or the sale of all or substantially all of the assets, after payment in full of all amounts required to be paid to creditors and to the holders of preferred stock having liquidation preferences, if any, the holders of shares of Class A common stock will be entitled to receive pro rata remaining assets available for distribution. Holders of shares of Class A common stock do not have preemptive, subscription, redemption or conversion rights. | ||||||||||
Class B Common Stock | ||||||||||
Holders of shares of Class B common stock are entitled, without regard to the number of shares of Class B common stock held by such holder, to one vote for each PBF LLC Series A Unit beneficially owned by such holder. Accordingly, the the members of PBF LLC other than PBF Energy collectively have a number of votes in PBF Energy that is equal to the aggregate number of PBF LLC Series A Units that they hold. | ||||||||||
Holders of shares of Class A common stock and Class B common stock vote together as a single class on all matters presented to stockholders for their vote or approval, except as otherwise required by applicable law. | ||||||||||
Holders of Class B common stock do not have any right to receive dividends or to receive a distribution upon a liquidation or winding up of PBF Energy. | ||||||||||
Preferred Stock | ||||||||||
Authorized preferred stock may be issued in one or more series, with designations, powers and preferences as shall be designated by the Board of Directors. | ||||||||||
PBF LLC Capital Structure | ||||||||||
PBF LLC Series A Units | ||||||||||
The allocation of profits and losses and distributions to PBF LLC Series A unit holders is governed by the Limited Liability Company Agreement of PBF LLC. These allocations are made on a pro rata basis with PBF LLC Series C Units. PBF LLC Series A unit holders do not have voting rights. | ||||||||||
PBF LLC Series B Units | ||||||||||
The PBF LLC Series B Units are intended to be “profit interests” within the meaning of Revenue Procedures 93-27 and 2001-43 of the Internal Revenue Service and have a stated value of zero at issuance. The PBF LLC Series B Units are held by certain of the Company’s officers, have no voting rights and are designed to increase in value only after the Company’s financial sponsors achieve certain levels of return on their investment in PBF LLC Series A Units. Accordingly, the amounts paid to the holders of PBF LLC Series B Units, if any, will reduce only the amounts otherwise payable to the PBF LLC Series A Units held by the Company’s financial sponsors, and will not reduce or otherwise impact any amounts payable to PBF Energy (the holder of PBF LLC Series C Units), the holders of the Company’s Class A common stock or any other holder of PBF LLC Series A Units. The maximum number of PBF LLC Series B Units authorized to be issued is 1,000,000. | ||||||||||
PBF LLC Series C Units | ||||||||||
The PBF LLC Series C Units rank on a parity with the PBF LLC Series A Units as to distribution rights, voting rights and rights upon liquidation, winding up or dissolution. PBF LLC Series C Units are held solely by PBF Energy. | ||||||||||
Information about the issued classes of PBF LLC units for the years ended December 31, 2013, 2012 and 2011, is as follows: | ||||||||||
Series A Units | Series B Units | Series C Units | ||||||||
Balance—January 1, 2011 | 51,393,114 | 950,000 | — | |||||||
Units allocated to management | — | 50,000 | — | |||||||
Member capital contribution | 40,864,698 | — | — | |||||||
Balance—December 31, 2011 | 92,257,812 | 1,000,000 | — | |||||||
Issuances of restricted units | 23,904 | — | — | |||||||
Exercise of warrants and options | 2,661,636 | — | — | |||||||
Balance—December 18, 2012 | 94,943,352 | 1,000,000 | — | |||||||
Reorganization and offering transaction | (21,967,686 | ) | — | 21,967,686 | ||||||
Issuance of Series C units | — | — | 1,600,000 | |||||||
Exchange of Series A Units for Class A common stock of PBF Energy Inc. | (3,535 | ) | — | 3,535 | ||||||
Balance—December 31, 2012 | 72,972,131 | 1,000,000 | 23,571,221 | |||||||
Issuances of restricted stock | — | — | 42,614 | |||||||
Exercise of warrants and options | 5,094 | — | — | |||||||
Secondary offering transaction | (15,950,000 | ) | — | 15,950,000 | ||||||
Balance—June 12, 2013 | 57,027,225 | 1,000,000 | 39,563,835 | |||||||
Issuances of restricted stock | — | — | 17,778 | |||||||
Exercise of warrants and options | 258,309 | — | — | |||||||
Exchange of Series A Units for Class A common stock of PBF Energy Inc. | (83,860 | ) | — | 83,860 | ||||||
Balance—December 31, 2013 | 57,201,674 | 1,000,000 | 39,665,473 | |||||||
The warrants and options exercised in the table above include both non-compensatory and compensatory PBF LLC Series A warrants and options. | ||||||||||
PBF Holding Capital Structure | ||||||||||
At December 31, 2013 and 2012, PBF LLC was the sole member of PBF Holding. |
STOCKBASED_COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
STOCK-BASED COMPENSATION | ' | ||||||||||||
STOCK-BASED COMPENSATION | |||||||||||||
Stock-based compensation expense included in general and administrative expenses consisted of the following: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
PBF LLC Series A Unit compensatory warrants and options | $ | 779 | $ | 1,589 | $ | 1,135 | |||||||
PBF LLC Series B Units | 530 | 1,277 | 1,381 | ||||||||||
PBF Energy options | 2,444 | 88 | — | ||||||||||
$ | 3,753 | $ | 2,954 | $ | 2,516 | ||||||||
PBF LLC Series A warrants and options | |||||||||||||
PBF LLC granted compensatory warrants to employees of the Company in connection with their purchase of Series A units in PBF LLC. The warrants grant the holder the right to purchase PBF LLC Series A Units. One-quarter of the PBF LLC Series A compensatory warrants were exercisable at the date of grant and the remaining three-quarters become exercisable over equal annual installments on each of the first three anniversaries of the grant date subject to acceleration in certain circumstances. A total of 551,759 PBF LLC Series A compensatory warrants were granted during the year ended December 31, 2011. They are exercisable for ten years from the date of grant. The remaining warrants became fully exercisable in connection with the IPO of PBF Energy. | |||||||||||||
A total of 205,000 and 620,000 options to purchase PBF LLC Series A units were granted to certain employees, management and directors in 2012 and 2011, respectively. Options vest over equal annual installments on each of the first three anniversaries of the grant date subject to acceleration in certain circumstances. The options are exercisable for ten years from the date of grant. | |||||||||||||
The Company did not issue PBF LLC Series A Units compensatory warrants or options in 2013. | |||||||||||||
The estimated fair value of compensatory PBF LLC Series A warrants and options granted during the years ended December 31, 2012 and 2011 was determined using the Black-Scholes pricing model with the following weighted average assumptions: | |||||||||||||
Years Ended December 31, | |||||||||||||
2012 | 2011 | ||||||||||||
Expected life (in years) | 6 | 5.75 | |||||||||||
Expected volatility | 55 | % | 40 | % | |||||||||
Dividend yield | 1 | % | 1.06 | % | |||||||||
Risk-free rate of return | 0.91 | % | 2.43 | % | |||||||||
Exercise price | $ | 12.55 | $ | 10 | |||||||||
The following table summarizes activity for PBF LLC Series A compensatory warrants and options for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||
Number of | Weighted | Weighted | |||||||||||
PBF LLC | Average | Average | |||||||||||
Series A | Exercise Price | Remaining | |||||||||||
Compensatory | Contractual | ||||||||||||
Warrants | Life | ||||||||||||
and Options | (in years) | ||||||||||||
Stock-based awards, outstanding January 1, 2011 | 691,320 | $ | 10 | 9.74 | |||||||||
Granted | 1,171,759 | 10 | 10 | ||||||||||
Exercised | (25,000 | ) | 10 | — | |||||||||
Forfeited | (2,500 | ) | 10 | — | |||||||||
Outstanding at December 31, 2011 | 1,835,579 | $ | 10 | 8.99 | |||||||||
Granted | 205,000 | 12.55 | 10 | ||||||||||
Exercised | (849,186 | ) | 10 | — | |||||||||
Forfeited | (6,667 | ) | 10 | — | |||||||||
Outstanding at December 31, 2012 | 1,184,726 | $ | 10.44 | 8.23 | |||||||||
Granted | — | — | — | ||||||||||
Exercised | (301,979 | ) | 10.11 | — | |||||||||
Forfeited | (41,668 | ) | 11.27 | — | |||||||||
Outstanding at December 31, 2013 | 841,079 | $ | 10.52 | 7.4 | |||||||||
Exercisable and vested at December 31, 2013 | 545,247 | $ | 10.24 | 7.23 | |||||||||
Exercisable and vested at December 31, 2012 | 608,039 | $ | 10 | 8 | |||||||||
Expected to vest at December 31, 2013 | 841,079 | $ | 10.52 | 7.4 | |||||||||
The total estimated fair value of PBF LLC Series A warrants and options granted in 2012 and 2011 was $1,207 and $2,116, respectively, and the weighted average fair value per unit was $5.89 and $1.81, respectively. The total intrinsic value of stock options outstanding and exercisable at December 31, 2013, was $17,612 and $11,569, respectively. The total intrinsic value of stock options exercised during the years ended December 31, 2013, 2012, and 2011 was $4,298, $13,112, and $0, respectively. | |||||||||||||
Unrecognized compensation expense related to PBF LLC Series A warrants and options at December 31, 2013 was $595, which will be recognized in 2014 and 2015. | |||||||||||||
As of December 31, 2013 and 2012, members of management of the Company had also purchased an aggregate of 2,740,718 non-compensatory Series A warrants in PBF LLC with an exercise price of $10.00 per unit, all of which were immediately exercisable. During the year ended December 31, 2012, 2,672,299 of the warrants were exercised, with a portion being exercised on a cashless basis. At December 31, 2013 and December 31, 2012, there were 68,419 non-compensatory warrants outstanding. | |||||||||||||
PBF LLC Series B Units | |||||||||||||
PBF LLC Series B Units were issued and allocated to certain members of management during the years ended December 31, 2011 and 2010. One-quarter of the PBF LLC Series B Units vested at the time of grant and the remaining three-quarters vested in equal annual installments on each of the first three anniversaries of the grant date, subject to accelerated vesting upon certain events. The Series B Units fully vested during the year ended December 31, 2013. | |||||||||||||
The following table summarizes activity for PBF LLC Series B Units for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||
Number of | Weighted | ||||||||||||
PBF LLC | Average | ||||||||||||
Series B units | Grant Date | ||||||||||||
Fair Value | |||||||||||||
Non-vested units at January 1, 2011 | 712,500 | $ | 5.11 | ||||||||||
Allocated | 50,000 | 5.11 | |||||||||||
Vested | (262,500 | ) | 5.11 | ||||||||||
Forfeited | — | — | |||||||||||
Non-vested units at December 31, 2011 | 500,000 | $ | 5.11 | ||||||||||
Allocated | — | — | |||||||||||
Vested | (250,000 | ) | 5.11 | ||||||||||
Forfeited | — | — | |||||||||||
Non-vested units at December 31, 2012 | 250,000 | $ | 5.11 | ||||||||||
Allocated | — | — | |||||||||||
Vested | (250,000 | ) | 5.11 | ||||||||||
Forfeited | — | — | |||||||||||
Non-vested units at December 31, 2013 | — | $ | — | ||||||||||
PBF Energy options | |||||||||||||
The Company grants awards of its Class A common stock under the 2012 Equity Incentive Plan which authorizes the granting of various stock and stock-related awards to employees, prospective employees and non-employees. Awards include options to purchase shares of Class A common stock and restricted Class A common stock that vest over a period determined by the plan. | |||||||||||||
A total of 697,500 and 682,500 options to purchase shares of PBF Energy Class A common stock were granted to certain employees and management of the Company in the year ended December 31, 2013 and 2012, respectively. The PBF Energy options vest over equal annual installments on each of the first four anniversaries of the grant date subject to acceleration in certain circumstances. The options are exercisable for ten years from the date of grant. | |||||||||||||
The estimated fair value of PBF Energy options granted during the years ended December 31, 2013 and 2012 was determined using the Black-Scholes pricing model with the following weighted average assumptions: | |||||||||||||
December 31, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Expected life (in years) | 6.25 | 6.25 | |||||||||||
Expected volatility | 52.1 | % | 51 | % | |||||||||
Dividend yield | 4.43 | % | 3.01 | % | |||||||||
Risk-free rate of return | 1.53 | % | 0.89 | % | |||||||||
Exercise price | $ | 27.79 | $ | 26 | |||||||||
The following table summarizes activity for PBF Energy options for the year ended December 31, 2013 and 2012. There were no options granted, exercised or forfeited prior to 2012. | |||||||||||||
Number of | Weighted | Weighted | |||||||||||
PBF Energy | Average | Average | |||||||||||
Class A | Exercise Price | Remaining | |||||||||||
Common | Contractual | ||||||||||||
Stock Options | Life | ||||||||||||
(in years) | |||||||||||||
Stock-based awards, outstanding at January 1, 2012 | — | $ | — | — | |||||||||
Granted | 682,500 | 26 | 10 | ||||||||||
Exercised | — | — | — | ||||||||||
Forfeited | — | — | — | ||||||||||
Outstanding at December 31, 2012 | 682,500 | $ | 26 | 9.95 | |||||||||
Granted | 697,500 | $ | 27.79 | 10 | |||||||||
Exercised | — | — | — | ||||||||||
Forfeited | (60,000 | ) | 25.36 | — | |||||||||
Outstanding at December 31, 2013 | 1,320,000 | 26.97 | 9.33 | ||||||||||
Exercisable and vested at December 31, 2013 | 158,125 | $ | 26 | 8.95 | |||||||||
Exercisable and vested at December 31, 2012 | — | $ | — | — | |||||||||
Expected to vest at December 31, 2013 | 1,320,000 | $ | 26.97 | 9.33 | |||||||||
The total estimated fair value of PBF Energy options granted in 2013 and 2012 was $6,499 and $6,327 and the weighted average per unit value was $9.32 and $9.27. The total intrinsic value of stock options outstanding and exercisable at December 31, 2013, was $6,756 and $863, respectively. | |||||||||||||
Unrecognized compensation expense related to PBF Energy options at December 31, 2013 was $10,140, which will be recognized from 2014 through 2017. |
EMPLOYEE_BENEFIT_PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||
EMPLOYEE BENEFIT PLANS | ' | ||||||||||||||||||||||||
EMPLOYEE BENEFIT PLANS | |||||||||||||||||||||||||
Defined Contribution Plan | |||||||||||||||||||||||||
The Company’s defined contribution plan covers all employees. Employees are eligible to participate as of the first day of the month following 30 days of service. Participants can make basic contributions up to 50 percent of their annual salary subject to Internal Revenue Service limits. The Company matches participants’ contributions at the rate of 200 percent of the first 3 percent of each participant’s total basic contribution based on the participant’s total annual salary. The Company’s contribution to the qualified defined contribution plans was $10,450, $9,969 and $7,204 for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||
Defined Benefit and Post Retiree Medical Plans | |||||||||||||||||||||||||
The Company sponsors a noncontributory defined benefit pension plan (the “Qualified Plan”) with a policy to fund pension liabilities in accordance with the limits imposed by the Employee Retirement Income Security Act of 1974 (“ERISA”) and Federal income tax laws. In addition, the Company sponsors a supplemental pension plan covering certain employees, which provides incremental payments that would have been payable from the Company’s principal pension plan, were it not for limitations imposed by income tax regulations. The funded status is measured as the difference between plan assets at fair value and the projected benefit obligation which is to be recognized in the balance sheet. The plan assets and benefit obligations are measured as of the balance sheet date. | |||||||||||||||||||||||||
The non-union Delaware City employees and all Paulsboro and Toledo employees became eligible to participate in the Company’s defined benefit plans as of the respective acquisition dates. The union Delaware City employees became eligible to participate in the Company’s defined benefit plans upon commencement of normal operations. The Company did not assume any of the employees’ pension liability accrued prior to the respective acquisitions. | |||||||||||||||||||||||||
The Company formed the Post Retirement Medical Plan on December 31, 2010 to provide health care coverage continuation from date of retirement to age 65 for qualifying employees associated with the Paulsboro acquisition. The Company credited the qualifying employees with their prior service under Valero which resulted in the recognition of a liability for the projected benefit obligation. The Post Retirement Medical Plan was amended during 2013 to include all corporate employees. | |||||||||||||||||||||||||
The changes in the benefit obligation, the changes in fair value of plan assets, and the funded status of the Company’s Pension and Post Retirement Medical Plans as of and for the years ended December 31, 2013 and 2012 were as follows: | |||||||||||||||||||||||||
Pension Plans | Post Retirement | ||||||||||||||||||||||||
Medical Plan | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 30,215 | $ | 11,409 | $ | 9,730 | $ | 8,912 | |||||||||||||||||
Service cost | 14,794 | 11,437 | 726 | 633 | |||||||||||||||||||||
Interest cost | 992 | 502 | 334 | 395 | |||||||||||||||||||||
Plan amendments | — | — | (860 | ) | — | ||||||||||||||||||||
Benefit payments | (663 | ) | (48 | ) | (51 | ) | (21 | ) | |||||||||||||||||
Actuarial loss (gain) | 8,012 | 6,916 | (1,654 | ) | (189 | ) | |||||||||||||||||||
Projected benefit obligation at end of year | $ | 53,350 | $ | 30,215 | $ | 8,225 | $ | 9,730 | |||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 10,232 | $ | 4,758 | $ | — | $ | — | |||||||||||||||||
Actual return on plan assets | 33 | 422 | — | — | |||||||||||||||||||||
Benefits paid | (663 | ) | (48 | ) | (51 | ) | (21 | ) | |||||||||||||||||
Employer contributions | 15,448 | 5,100 | 51 | 21 | |||||||||||||||||||||
Fair value of plan assets at end of year | $ | 25,050 | $ | 10,232 | $ | — | $ | — | |||||||||||||||||
Reconciliation of funded status: | |||||||||||||||||||||||||
Fair value of plan assets at end of year | $ | 25,050 | $ | 10,232 | $ | — | $ | — | |||||||||||||||||
Less benefit obligations at end of year | 53,350 | 30,215 | 8,225 | 9,730 | |||||||||||||||||||||
Funded status at end of year | $ | (28,300 | ) | $ | (19,983 | ) | $ | (8,225 | ) | $ | (9,730 | ) | |||||||||||||
The accumulated benefit obligations for the Company’s Pension Plans exceed the fair value of the assets of those plans at December 31, 2013 and 2012. The accumulated benefit obligation for the defined benefit plans approximated $45,005 and $24,555 at December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||||
Benefit payments, which reflect expected future services, that the Company expects to pay are as follows for the years ended December 31: | |||||||||||||||||||||||||
Pension Benefits | Post Retirement | ||||||||||||||||||||||||
Medical Plan | |||||||||||||||||||||||||
2014 | $ | 6,493 | $ | 176 | |||||||||||||||||||||
2015 | 3,758 | 278 | |||||||||||||||||||||||
2016 | 4,922 | 329 | |||||||||||||||||||||||
2017 | 7,123 | 445 | |||||||||||||||||||||||
2018 | 9,161 | 528 | |||||||||||||||||||||||
Years 2019-2024 | 58,480 | 4,330 | |||||||||||||||||||||||
The Company’s funding policy for its defined benefit plans is to contribute amounts sufficient to meet legal funding requirements, plus any additional amounts that may be appropriate considering the funded status of the plans, tax consequences, the cash flow generated by the Company and other factors. The Company plans to contribute approximately $15,500 to the Company’s Pension Plans during 2014. | |||||||||||||||||||||||||
The components of net periodic benefit cost were as follows for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||
Pension Benefits | Post Retirement | ||||||||||||||||||||||||
Medical Plan | |||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Components of net period benefit cost: | |||||||||||||||||||||||||
Service cost | $ | 14,794 | $ | 11,437 | $ | 8,678 | $ | 726 | $ | 633 | $ | 540 | |||||||||||||
Interest cost | 992 | 502 | 140 | 334 | 395 | 381 | |||||||||||||||||||
Expected return on plan assets | (550 | ) | (323 | ) | (38 | ) | — | — | — | ||||||||||||||||
Amortization of prior service cost | 11 | 11 | 11 | — | — | — | |||||||||||||||||||
Amortization of actuarial loss | 421 | 30 | 56 | — | — | — | |||||||||||||||||||
Net periodic benefit cost | $ | 15,668 | $ | 11,657 | $ | 8,847 | $ | 1,060 | $ | 1,028 | $ | 921 | |||||||||||||
The pre-tax amounts recognized in other comprehensive income (loss) for the years ended December 31, 2013, 2012 and 2011 were as follows: | |||||||||||||||||||||||||
Pension Benefits | Post Retirement | ||||||||||||||||||||||||
Medical Plan | |||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Prior service costs (credits) | $ | — | $ | — | $ | — | $ | (860 | ) | $ | — | $ | — | ||||||||||||
Net actuarial loss (gain) | 8,235 | 6,817 | 661 | (1,654 | ) | (189 | ) | 738 | |||||||||||||||||
Amortization of losses and prior service cost | (432 | ) | (41 | ) | (67 | ) | — | — | — | ||||||||||||||||
Total changes in other comprehensive loss (income) | $ | 7,803 | $ | 6,776 | $ | 594 | $ | (2,514 | ) | $ | (189 | ) | $ | 738 | |||||||||||
The pre-tax amounts in accumulated other comprehensive loss as of December 31, 2013 and 2012 that have not yet been recognized as components of net periodic costs were as follows: | |||||||||||||||||||||||||
Pension Benefits | Post Retirement | ||||||||||||||||||||||||
Medical Plan | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Prior service (costs) credits | $ | (92 | ) | $ | (103 | ) | $ | 860 | $ | — | |||||||||||||||
Net actuarial (loss) gain | (16,419 | ) | (8,306 | ) | 1,126 | (528 | ) | ||||||||||||||||||
Total | $ | (16,511 | ) | $ | (8,409 | ) | $ | 1,986 | $ | (528 | ) | ||||||||||||||
The following pre-tax amounts included in accumulated other comprehensive loss as of December 31, 2013 are expected to be recognized as components of net period benefit cost during the year ended December 31, 2014: | |||||||||||||||||||||||||
Pension Benefits | Post Retirement | ||||||||||||||||||||||||
Medical Plan | |||||||||||||||||||||||||
Amortization of prior service costs (credits) | $ | 11 | $ | (81 | ) | ||||||||||||||||||||
Amortization of net actuarial loss (gain) | 889 | (21 | ) | ||||||||||||||||||||||
Total | $ | 900 | $ | (102 | ) | ||||||||||||||||||||
The weighted average assumptions used to determine the benefit obligations as of December 31, 2013 and 2012 were as follows: | |||||||||||||||||||||||||
Pension Benefits | Post Retirement Medical Plan | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Discount rate | 4.55 | % | 3.45 | % | 4.55 | % | 3.45 | % | |||||||||||||||||
Rate of compensation increase | 4.64 | % | 4 | % | — | — | |||||||||||||||||||
The discount rate assumptions used to determine the defined benefit and Post Retirement Medical plans obligations as of December 31, 2013 and 2012 were based on the Mercer Yield Curve. The Mercer Yield Curve is developed from a portfolio of high-quality investment grade bonds. To determine the discount rate, each year’s projected cash flow for the defined benefit and Post Retirement Medical plans is discounted at a spot (zero-coupon) rate appropriate for that maturity; the discount rate is the single equivalent rate that produces the same discounted present value. | |||||||||||||||||||||||||
The weighted average assumptions used to determine the net periodic benefit costs for the years ended December 31, 2013, 2012 and 2011 were as follows: | |||||||||||||||||||||||||
Pension Benefits | Post Retirement Medical Plan | ||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Discount rate | 3.45 | % | 4.45 | % | 5.25 | % | 3.45 | % | 4.45 | % | 5.25 | % | |||||||||||||
Expected long-term rate of return on plan assets | 3.5 | % | 4.25 | % | 4.25 | % | — | — | — | ||||||||||||||||
Rate of compensation increase | 4 | % | 4 | % | 4 | % | — | — | — | ||||||||||||||||
The assumed health care cost trend rates as of December 31, 2013 and 2012 were as follows: | |||||||||||||||||||||||||
Post Retirement | |||||||||||||||||||||||||
Medical Plan | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Health care cost trend rate assumed for next year | 6.8 | % | 7 | % | |||||||||||||||||||||
Rate to which the cost trend rate was assumed to decline (the ultimate trend rate) | 4.5 | % | 4.5 | % | |||||||||||||||||||||
Year that the rate reached the ultimate trend rate | 2027 | 2027 | |||||||||||||||||||||||
Assumed health care costs trend rates have a significant effect on the amounts reported for retiree health care plans. A one percentage-point change in assumed health care costs trend rates would have the following effects on the medical postretirement benefits: | |||||||||||||||||||||||||
1% | 1% | ||||||||||||||||||||||||
Increase | Decrease | ||||||||||||||||||||||||
Effect on total of service and interest cost components | $ | 159 | $ | (135 | ) | ||||||||||||||||||||
Effect on accumulated postretirement benefit obligation | 907 | (794 | ) | ||||||||||||||||||||||
The tables below present the fair values of the assets of the Company’s Qualified Plan as of December 31, 2013 and 2012 by level of fair value hierarchy. Assets categorized in Level 1 of the hierarchy are measured at fair value using a market approach based on published net asset values of mutual funds. As noted above, the Company’s post retirement medical plan is funded on a pay-as-you-go basis and has no assets. | |||||||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||||||
Quoted Prices in Active Markets | |||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Equities: | |||||||||||||||||||||||||
Domestic equities | $ | 7,603 | $ | — | |||||||||||||||||||||
Developed international equities | 3,685 | — | |||||||||||||||||||||||
Emerging market equities | 1,775 | — | |||||||||||||||||||||||
Global low volatility equities | 2,132 | — | |||||||||||||||||||||||
Fixed-income | 9,855 | — | |||||||||||||||||||||||
Government securities: | |||||||||||||||||||||||||
Vanguard Intermediate-Term Treasury Fund | — | 10,232 | |||||||||||||||||||||||
Cash and cash equivalents | — | — | |||||||||||||||||||||||
Total | $ | 25,050 | $ | 10,232 | |||||||||||||||||||||
The Company’s investment strategy for its Qualified Plan is to achieve a reasonable return on assets that supports the plan’s interest credit rating, subject to a moderate level of portfolio risk that provides liquidity. Consistent with these financial objectives as of December 31, 2013, the plan's target allocations for plan assets are 60% invested in equity securities and 40% fixed income investments. Equity securities include international stocks and a blend of U.S. growth and value stocks of various sizes of capitalization. Fixed income securities include bonds and notes issued by the U.S. government and its agencies, corporate bonds, and mortgage-backed securities. The aggregate asset allocation is reviewed on an annual basis. | |||||||||||||||||||||||||
The overall expected long-term rate of return on plan assets for the Qualified Plan is based on the Company’s view of long-term expectations and asset mix. |
REVENUES
REVENUES | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Oil and Gas Revenue [Abstract] | ' | ||||||||||||
REVENUES | ' | ||||||||||||
REVENUES | |||||||||||||
The following table provides information relating to the Company’s revenues from external customers for each product or group of similar products for the periods: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Gasoline and distillates | $ | 16,973,239 | $ | 17,878,957 | $ | 13,182,234 | |||||||
Chemicals | 746,396 | 705,373 | 344,311 | ||||||||||
Lubricants | 468,315 | 517,921 | 525,095 | ||||||||||
Clarified slurry oil | 357,580 | 272,220 | — | ||||||||||
Asphalt and residual oils | 332,725 | 370,420 | 441,638 | ||||||||||
Liquefied petroleum gases | 260,181 | 380,747 | 430,435 | ||||||||||
Other | 13,019 | 13,049 | 36,625 | ||||||||||
$ | 19,151,455 | $ | 20,138,687 | $ | 14,960,338 | ||||||||
INCOME_TAXES
INCOME TAXES | 12 Months Ended | |||||||
Dec. 31, 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 primarily 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 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 consolidated financial statements of operations consists of the following: | ||||||||
Year Ended | Year Ended | |||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
Current expense: | ||||||||
Federal | $ | — | $ | — | ||||
State | — | — | ||||||
Total current | — | — | ||||||
Deferred expense: | ||||||||
Federal | 15,406 | 1,134 | ||||||
State | 1,275 | 141 | ||||||
Total deferred | 16,681 | 1,275 | ||||||
Total provision for income taxes | $ | 16,681 | $ | 1,275 | ||||
The difference between the PBF Energy’s effective income tax rate and the United States statutory rate is reconciled below: | ||||||||
Year Ended | Year Ended | |||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
Provision at Federal statutory rate | 35 | % | 35 | % | ||||
Increase (decrease) attributable to flow-through of certain tax adjustments: | ||||||||
State income taxes (net of federal income tax) | 5 | % | 4.4 | % | ||||
Non deductible/nontaxable items | 7 | % | — | % | ||||
Adjustment to deferred tax assets and liabilities for change in tax rates due to business mix | (14.5 | )% | — | % | ||||
Other | (2.8 | )% | 0.1 | % | ||||
Effective tax rate | 29.7 | % | 39.5 | % | ||||
A summary of the components of deferred tax assets and deferred tax liabilities follows: | ||||||||
31-Dec-13 | 31-Dec-12 | |||||||
Deferred tax assets | ||||||||
Purchase interest step-up | $ | 310,132 | $ | 181,257 | ||||
Net operating loss carry forwards | 14,327 | 6,087 | ||||||
Other | 21,423 | 9,503 | ||||||
Total deferred tax assets | 345,882 | 196,847 | ||||||
Valuation allowances | — | — | ||||||
Total deferred tax assets, net | 345,882 | 196,847 | ||||||
Deferred tax liabilities | ||||||||
Property, plant and equipment | 140,330 | 69,088 | ||||||
Inventory | 9,390 | 6,534 | ||||||
Other | 1,399 | 646 | ||||||
Total deferred tax liabilities | 151,119 | 76,268 | ||||||
Net deferred tax assets (liabilities) | $ | 194,763 | $ | 120,579 | ||||
PBF Energy has federal and state income tax net operating loss carry forwards of $37,139 and $23,641, respectively, which will expire at various dates from 2022 through 2033. | ||||||||
Income tax years that remain subject to examination by material jurisdictions, where an examination has not already concluded are all years including and subsequent to: | ||||||||
United States | ||||||||
Federal | 2012 | |||||||
New Jersey | 2012 | |||||||
Michigan | 2012 | |||||||
Delaware | 2012 | |||||||
Indiana | 2012 | |||||||
Pennsylvania | 2012 | |||||||
New York | 2012 | |||||||
PBF Energy does not have any unrecognized tax benefits. | ||||||||
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. |
NET_INCOME_PER_SHARE_OF_PBF_EN
NET INCOME PER SHARE OF PBF ENERGY | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
NET INCOME PER SHARE OF PBF ENERGY | ' | |||||||
NET INCOME PER SHARE OF PBF ENERGY | ||||||||
The following table sets forth the computation of basic and diluted net income (loss) per Class A common share attributable to PBF Energy for the periods subsequent to the IPO: | ||||||||
Year Ended December 31, | ||||||||
Basic Earnings Per Share: | 2013 | 2012 | ||||||
Numerator for basic net income per Class A common share net income attributable to PBF Energy | $ | 39,540 | $ | 1,956 | ||||
Denominator for basic net income per Class A common share-weighted average shares | 32,488,369 | 23,570,240 | ||||||
Basic net income attributable to PBF Energy per Class A common share | $ | 1.22 | $ | 0.08 | ||||
Diluted Earnings Per Share: | ||||||||
Numerator: | ||||||||
Net income attributable to PBF Energy Inc. | $ | 39,540 | $ | 1,956 | ||||
Plus: Net income attributable to noncontrolling interest (1) | — | 10,005 | ||||||
Less: Income tax on net income per Class A common share (1) | — | (3,948 | ) | |||||
Numerator for diluted net income per Class A common share net income attributable to PBF Energy (1) | $ | 39,540 | $ | 8,013 | ||||
Denominator (1): | ||||||||
Denominator for basic net income per Class A common share-weighted average shares | 32,488,369 | 23,570,240 | ||||||
Effect of dilutive securities: | ||||||||
Conversion of PBF LLC Series A Units | — | 72,972,131 | ||||||
Common stock equivalents (2) | 572,712 | 688,533 | ||||||
Denominator for diluted net income per common share-adjusted weighted average shares | 33,061,081 | 97,230,904 | ||||||
Diluted net income attributable to PBF Energy per Class A common share | $ | 1.2 | $ | 0.08 | ||||
—————————— | ||||||||
-1 | The diluted earnings per share calculation for the year ended December 31, 2012, assumes the conversion of all outstanding PBF LLC Series A Units to Class A common stock of PBF Energy as of the date of the IPO. The net income attributable to PBF Energy, used in the numerator of the diluted earnings per share calculation is adjusted to reflect the net income, as well as the corresponding income tax (based on a 39.5% effective tax rate) attributable to the converted units. For the year ended December 31, 2013, the potential conversion of 64,164,045 PBF LLC Series A Units was 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 related income tax expense 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 1,320,000 and 682,500 shares of PBF Energy Class A common stock because they are anti-dilutive for the years ended December 31, 2013 and 2012, respectively. |
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended | |||||||||||||||
Dec. 31, 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 December 31, 2013 and 2012. | ||||||||||||||||
31-Dec-13 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Money market funds | $ | 5,857 | $ | — | $ | — | $ | 5,857 | ||||||||
Non-qualified pension plan assets | 4,905 | — | — | 4,905 | ||||||||||||
Commodity contracts | 4,252 | 6,681 | — | 10,933 | ||||||||||||
Derivatives included with inventory intermediation agreement obligations | — | 6,016 | — | 6,016 | ||||||||||||
Liabilities: | ||||||||||||||||
Commodity contracts | — | 6,989 | 23,365 | 30,354 | ||||||||||||
Derivatives included with inventory supply arrangement obligations | — | 177 | — | 177 | ||||||||||||
Catalyst lease obligations | — | 53,089 | — | 53,089 | ||||||||||||
31-Dec-12 | ||||||||||||||||
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. | |||||||||||||||
• | Non-qualified pension plan assets categorized in Level 1 of the hierarchy are measured at fair value using a market approach based on published net asset values of mutual funds and included within deferred charges and other assets, net. | |||||||||||||||
• | 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 commodity contracts categorized in Level 3 of the fair value hierarchy consist of commodity price swap contracts that relate to forecasted purchases of crude oil for which quoted forward market prices are not readily available due to market illiquidity. The forward price used to value these swaps was derived using broker quotes, prices from other third party sources and other available market based data. | |||||||||||||||
• | The derivatives included with inventory supply arrangement obligations, derivatives included with inventory 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 year ended December 31, 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 of contingent consideration for refinery acquisition categorized in Level 3 of the fair value hierarchy: | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Balance at beginning of period | $ | 21,358 | $ | 122,232 | ||||||||||||
Purchases | — | — | ||||||||||||||
Settlements | (21,358 | ) | (103,642 | ) | ||||||||||||
Unrealized loss included in earnings | — | 2,768 | ||||||||||||||
Transfers into Level 3 | — | — | ||||||||||||||
Transfers out of Level 3 | — | — | ||||||||||||||
Balance at end of period | $ | — | $ | 21,358 | ||||||||||||
The table below summarizes the changes in fair value measurements of commodity contracts categorized in Level 3 of the fair value hierarchy: | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Balance at beginning of period | $ | — | $ | — | ||||||||||||
Purchases | — | — | ||||||||||||||
Settlements | 24,678 | — | ||||||||||||||
Unrealized loss included in earnings | (48,043 | ) | — | |||||||||||||
Transfers into Level 3 | — | — | ||||||||||||||
Transfers out of Level 3 | — | — | ||||||||||||||
Balance at end of period | $ | (23,365 | ) | $ | — | |||||||||||
There were no transfers between levels during the years ended December 31, 2013 and 2012, respectively. | ||||||||||||||||
Fair value of debt | ||||||||||||||||
The table below summarizes the fair value and carrying value as of December 31, 2013 and 2012. | ||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||
value | value | value | value | |||||||||||||
Senior Secured Notes (a) | $ | 667,487 | $ | 697,568 | $ | 666,538 | $ | 700,963 | ||||||||
Revolver (b) | 15,000 | 15,000 | — | — | ||||||||||||
Catalyst leases (c) | 53,089 | 53,089 | 43,442 | 43,442 | ||||||||||||
735,576 | 765,657 | 709,980 | 744,405 | |||||||||||||
Less - Current maturities | 12,029 | 12,029 | — | — | ||||||||||||
Long-term debt | $ | 723,547 | $ | 753,628 | $ | 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 | 12 Months Ended | ||||
Dec. 31, 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 Inventory 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 year ended December 31, 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 December 31, 2013, there were 838,829 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 December 31, 2013, there were 3,274,047 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 December 31, 2013, there were 43,199,000 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 December 31, 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: | |||||
December 31, 2013: | |||||
Derivatives included with inventory supply arrangement obligations | Accrued expenses | $ | (177 | ) | |
Derivatives included with the inventory intermediation agreement obligations | Accrued expenses | $ | 6,016 | ||
December 31, 2012: | |||||
Derivatives included with inventory supply arrangement obligations | Accrued expenses | $ | 5,595 | ||
Derivatives included with the inventory intermediation agreement obligations | Accrued expenses | $ | — | ||
Derivatives not designated as hedging instruments: | |||||
December 31, 2013: | |||||
Commodity contracts | Accrued expenses | $ | (19,421 | ) | |
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 inventory 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 year ended December 31, 2013: | |||||
Derivatives included with inventory supply arrangement obligations | Cost of sales | $ | (5,773 | ) | |
Derivatives included with the inventory intermediation agreement obligations | Cost of sales | $ | 6,016 | ||
For the year ended December 31, 2012: | |||||
Derivatives included with inventory supply arrangement obligations | Cost of sales | $ | 7,060 | ||
For the year ended December 31, 2011 | |||||
Derivatives included with inventory supply arrangement obligations | Cost of sales | $ | (6,076 | ) | |
Derivatives not designated as hedging instruments: | |||||
For the year ended December 31, 2013: | |||||
Derivatives included with inventory supply arrangement obligations | Cost of sales | $ | — | ||
Commodity contracts | Cost of sales | $ | (88,962 | ) | |
For the year ended December 31, 2012: | |||||
Derivatives included with inventory supply arrangement obligations | Cost of sales | $ | (8 | ) | |
Commodity contracts | Cost of sales | $ | 34,778 | ||
For the year ended December 31, 2011 | |||||
Derivatives included with inventory supply arrangement obligations | Cost of sales | $ | 2,829 | ||
Commodity contracts | Cost of sales | $ | 5,604 | ||
Hedged items designated in fair value hedges: | |||||
For the year ended December 31, 2013: | |||||
Crude oil and feedstock inventory | Cost of sales | $ | (1,491 | ) | |
Intermediate and refined product inventory | Cost of sales | $ | (6,016 | ) | |
For the year ended December 31, 2012: | |||||
Crude oil and feedstock inventory | Cost of sales | $ | (4,704 | ) | |
For the year ended December 31, 2011 | |||||
Crude oil and feedstock inventory | Cost of sales | $ | 6,558 | ||
Ineffectiveness related to the Company's fair value hedges resulted in a loss of $7,264 and gains of $2,356 and $482 for the years ended December 31, 2013, 2012 and 2011, respectively, recorded in cost of sales. Gains and losses due to ineffectiveness, resulting from the difference in the forward and spot rates of the underlying crude inventory related to the derivatives included with inventory supply arrangement obligations, were excluded from the assessment of hedge effectiveness. |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
SUBSEQUENT EVENTS | ' |
SUBSEQUENT EVENTS | |
Secondary Offering | |
On January 6, 2014, Blackstone and First Reserve completed a public offering of 15,000,000 shares of our Class A common stock at a price of $28.00 per share, less underwriting discounts and commissions, in a secondary public offering. All of the shares were sold by funds affiliated with Blackstone and First Reserve. In connection with this offering, Blackstone and First Reserve exchanged 15,000,000 Series A Units of PBF LLC for an equivalent number of shares of our Class A common stock, which increased PBF Energy's interest in PBF LLC to approximately 56.4%. Completion of the January 2014 Secondary Offering is estimated to increase our tax receivable agreement liability to $439.6 million due to the tax benefit expected to be generated as a result of the exchange in connection with the secondary offering and the corresponding tax benefits expected to be generated in future years from this transaction. | |
Dividend Declared | |
On February 11, 2014, 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 March 14, 2014 to Class A common stockholders of record at the close of business on March 4, 2014. | |
Related Party | |
On January 31, 2014, the Company entered into a consulting services agreement with Donald F. Lucey, the former Executive Vice President, Commercial, to provide consulting services relating to commercial operations. Compensation for the services performed will include an annual retainer of $10 per calendar year paid quarterly in arrears and a daily rate of $2 for days actually engaged in performing services, with partial days prorated. Mr. Lucey will also receive severance compensation and be entitled to continued vesting in any outstanding equity awards granted to him under the Company's equity incentive plans, consistent with the terms of those plans. The consulting service agreement expires on December 31, 2016, subject to certain early termination rights. |
CONSOLIDATING_FINANCIAL_STATEM
CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Condensed Financial Information of Subsidiary Disclosure [Abstract] | ' | |||||||||||||||||||
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS | ' | |||||||||||||||||||
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 consolidating financial information presented in the following statements was necessary to reflect intercompany transactions between the Issuer and the Guarantor Subsidiaries. During the year ended December 31, 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 year ended, correcting entries totaling approximately $2,469,911 has been reflected in the consolidating information. In order to record the intercompany sale of product on the Guarantor Subsidiaries and an equal amount of cost of sales on the Issuer, a correcting entry was recorded for $1,909,976. There was an additional correcting entry for $559,935 to record the intercompany sale of product on the Issuer as a result of a refinement to the allocation of costs between the Issuer and the Guarantor Subsidiaries. These costs were initially transferred to the Guarantor Subsidiaries by reducing cost of sales on the Issuer rather than the recording of an intercompany sale. All such intercompany activity was then eliminated in consolidation and, therefore, had no effect on the PBF Holding’s reported consolidated financial statements. The effect of these adjustments increased net income of the Guarantor Subsidiaries by $1,909,976 for the year ended December 31, 2012. On the Issuer, there was an increase in revenues of $559,935 and an increase in cost of sales of $2,469,911 resulting in a decrease to income from operations of $1,909,976. That decrease to income from operations was completely offset by the increase in the Issuer’s equity in the earnings of the Guarantor Subsidiaries. The adjustments mentioned above also affected the respective entities’ intercompany receivable/payable accounts and the Issuer’s investment in subsidiaries account by $1,909,976 at December 31, 2012. | ||||||||||||||||||||
. CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING | ||||||||||||||||||||
CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||
Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combining and Consolidating Adjustments | Total | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 76,179 | $ | 791 | $ | — | $ | — | $ | 76,970 | ||||||||||
Accounts receivable | 588,385 | 8,262 | — | — | 596,647 | |||||||||||||||
Inventories | 818,007 | 627,510 | — | — | 1,445,517 | |||||||||||||||
Prepaid expense and other current assets | 49,251 | 6,592 | — | — | 55,843 | |||||||||||||||
Due from related parties | 11,807,063 | 16,600,151 | — | (28,407,214 | ) | — | ||||||||||||||
Total current assets | 13,338,885 | 17,243,306 | — | (28,407,214 | ) | 2,174,977 | ||||||||||||||
Property, plant and equipment, net | 60,746 | 1,720,843 | — | — | 1,781,589 | |||||||||||||||
Investment in subsidiaries | 3,584,622 | — | — | (3,584,622 | ) | — | ||||||||||||||
Deferred charges and other assets, net | 27,923 | 234,556 | — | — | 262,479 | |||||||||||||||
Total assets | $ | 17,012,176 | $ | 19,198,705 | $ | — | $ | (31,991,836 | ) | $ | 4,219,045 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable | $ | 307,612 | $ | 94,681 | $ | — | $ | — | $ | 402,293 | ||||||||||
Accrued expenses | 606,388 | 604,557 | — | — | 1,210,945 | |||||||||||||||
Current portion of long-term debt | — | 12,029 | — | — | 12,029 | |||||||||||||||
Deferred revenue | 7,766 | — | — | — | 7,766 | |||||||||||||||
Due to related parties | 13,589,263 | 14,817,951 | — | (28,407,214 | ) | — | ||||||||||||||
Total current liabilities | 14,511,029 | 15,529,218 | — | (28,407,214 | ) | 1,633,033 | ||||||||||||||
Delaware Economic Development Authority loan | — | 12,000 | — | — | 12,000 | |||||||||||||||
Long-term debt | 682,487 | 41,060 | — | — | 723,547 | |||||||||||||||
Intercompany notes payable | 31,835 | — | — | — | 31,835 | |||||||||||||||
Other long-term liabilities | 14,672 | 31,805 | — | — | 46,477 | |||||||||||||||
Total liabilities | 15,240,023 | 15,614,083 | — | (28,407,214 | ) | 2,446,892 | ||||||||||||||
Commitments and contingencies | ||||||||||||||||||||
Equity: | ||||||||||||||||||||
Member's equity | 933,164 | 667,173 | — | (667,173 | ) | 933,164 | ||||||||||||||
Retained earnings | 853,527 | 2,915,720 | — | (2,915,720 | ) | 853,527 | ||||||||||||||
Accumulated other comprehensive loss | (14,538 | ) | 1,729 | — | (1,729 | ) | (14,538 | ) | ||||||||||||
Total equity | 1,772,153 | 3,584,622 | — | (3,584,622 | ) | 1,772,153 | ||||||||||||||
Total liabilities and equity | $ | 17,012,176 | $ | 19,198,705 | $ | — | $ | (31,991,836 | ) | $ | 4,219,045 | |||||||||
23. CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING | ||||||||||||||||||||
CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||
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 | |||||||||
. CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING | ||||||||||||||||||||
CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME | ||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combining and Consolidating Adjustments | Total | ||||||||||||||||
Revenues | $ | 16,190,178 | $ | 7,641,498 | $ | — | $ | (4,680,221 | ) | $ | 19,151,455 | |||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of sales, excluding depreciation | 16,486,851 | 5,996,684 | — | (4,680,221 | ) | 17,803,314 | ||||||||||||||
Operating expenses, excluding depreciation | (482 | ) | 813,134 | — | — | 812,652 | ||||||||||||||
General and administrative expenses | 82,284 | 13,510 | — | — | 95,794 | |||||||||||||||
(Gain) loss on sale of asset | (388 | ) | 205 | — | — | (183 | ) | |||||||||||||
Depreciation and amortization expense | 12,856 | 98,623 | — | — | 111,479 | |||||||||||||||
16,581,121 | 6,922,156 | — | (4,680,221 | ) | 18,823,056 | |||||||||||||||
Income (loss) from operations | (390,943 | ) | 719,342 | — | — | 328,399 | ||||||||||||||
Other income (expense): | ||||||||||||||||||||
Equity in earnings of subsidiaries | 722,673 | — | — | (722,673 | ) | — | ||||||||||||||
Change in fair value of catalyst lease | — | 4,691 | — | — | 4,691 | |||||||||||||||
Interest expense, net | (92,854 | ) | (1,360 | ) | — | — | (94,214 | ) | ||||||||||||
Net income (loss) | $ | 238,876 | $ | 722,673 | $ | — | $ | (722,673 | ) | $ | 238,876 | |||||||||
Comprehensive Income (Loss) | $ | 233,279 | $ | 724,930 | $ | — | $ | (724,930 | ) | $ | 233,279 | |||||||||
23. CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING | ||||||||||||||||||||
CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME | ||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combining and Consolidating Adjustments | Total | ||||||||||||||||
Revenues | $ | 7,622,924 | $ | 16,141,408 | $ | — | $ | (3,625,645 | ) | $ | 20,138,687 | |||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of sales, excluding depreciation | 8,537,996 | 13,356,727 | — | (3,625,645 | ) | 18,269,078 | ||||||||||||||
Operating expenses, excluding depreciation | — | 738,824 | — | — | 738,824 | |||||||||||||||
General and administrative expenses | 105,135 | 15,308 | — | — | 120,443 | |||||||||||||||
Loss on sale of asset | — | (2,329 | ) | — | — | (2,329 | ) | |||||||||||||
Depreciation and amortization expense | 8,051 | 84,187 | — | — | 92,238 | |||||||||||||||
8,651,182 | 14,192,717 | — | (3,625,645 | ) | 19,218,254 | |||||||||||||||
(Loss) income from operations | (1,028,258 | ) | 1,948,691 | — | — | 920,433 | ||||||||||||||
Other income (expense): | ||||||||||||||||||||
Equity in earnings (loss) of subsidiaries | 1,921,040 | — | — | (1,921,040 | ) | — | ||||||||||||||
Change in fair value of contingent consideration | — | (2,768 | ) | — | — | (2,768 | ) | |||||||||||||
Change in fair value of catalyst lease | — | (3,724 | ) | — | — | (3,724 | ) | |||||||||||||
Interest expense, net | (87,470 | ) | (21,159 | ) | — | — | (108,629 | ) | ||||||||||||
Net income (loss) | $ | 805,312 | $ | 1,921,040 | $ | — | $ | (1,921,040 | ) | $ | 805,312 | |||||||||
Comprehensive Income (Loss) | $ | 798,747 | $ | 1,921,267 | $ | — | $ | (1,921,267 | ) | $ | 798,747 | |||||||||
23. CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING | ||||||||||||||||||||
CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME | ||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||
Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combining and Consolidating Adjustments | Total | ||||||||||||||||
Revenues | $ | — | $ | 14,960,338 | $ | — | $ | — | $ | 14,960,338 | ||||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of sales, excluding depreciation | — | 13,855,163 | — | — | 13,855,163 | |||||||||||||||
Operating expenses, excluding depreciation | — | 658,831 | — | — | 658,831 | |||||||||||||||
General and administrative expenses | 72,667 | 13,516 | — | — | 86,183 | |||||||||||||||
Acquisition related expenses | 517 | 211 | — | — | 728 | |||||||||||||||
Depreciation and amortization expense | 2,047 | 51,696 | — | — | 53,743 | |||||||||||||||
75,231 | 14,579,417 | — | — | 14,654,648 | ||||||||||||||||
(Loss) income from operations | (75,231 | ) | 380,921 | — | — | 305,690 | ||||||||||||||
Other income (expense): | ||||||||||||||||||||
Equity in earnings (loss) of subsidiaries | 326,170 | — | — | (326,170 | ) | — | ||||||||||||||
Change in fair value of catalyst lease | — | 7,316 | — | — | 7,316 | |||||||||||||||
Change in fair value of contingent consideration | — | (5,215 | ) | — | — | (5,215 | ) | |||||||||||||
Interest expense, net | (8,268 | ) | (56,852 | ) | — | — | (65,120 | ) | ||||||||||||
Net income (loss) | $ | 242,671 | $ | 326,170 | $ | — | $ | (326,170 | ) | $ | 242,671 | |||||||||
Comprehensive Income (Loss) | $ | 241,344 | $ | 326,175 | $ | — | $ | (326,175 | ) | $ | 241,344 | |||||||||
CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING | ||||||||||||||||||||
CONSOLIDATING STATEMENT OF CASH FLOW | ||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combining and Consolidating Adjustments | Total | ||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net income | $ | 238,876 | $ | 722,673 | $ | — | $ | (722,673 | ) | $ | 238,876 | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
Depreciation and amortization | 19,296 | 98,705 | — | — | 118,001 | |||||||||||||||
Stock-based compensation | — | 3,753 | — | — | 3,753 | |||||||||||||||
Change in fair value of catalyst lease obligation | — | (4,691 | ) | — | — | (4,691 | ) | |||||||||||||
Change in fair value of contingent consideration | — | — | — | — | — | |||||||||||||||
Non-cash change in inventory repurchase obligations | — | (20,492 | ) | — | — | (20,492 | ) | |||||||||||||
Write-off of unamortized deferred financing fees | — | — | — | — | — | |||||||||||||||
Pension and other post retirement benefit costs | 4,575 | 12,153 | — | — | 16,728 | |||||||||||||||
Gain on disposition of property, plant and equipment | (388 | ) | 205 | — | — | (183 | ) | |||||||||||||
Equity in earnings of subsidiaries | (722,673 | ) | — | — | 722,673 | — | ||||||||||||||
Changes in current assets and current liabilities: | ||||||||||||||||||||
Accounts receivable | (281,386 | ) | 188,535 | — | — | (92,851 | ) | |||||||||||||
Amounts due to/from related parties | 626,623 | (611,902 | ) | — | — | 14,721 | ||||||||||||||
Inventories | (153,782 | ) | 199,773 | — | — | 45,991 | ||||||||||||||
Other current assets | (40,416 | ) | (2,039 | ) | — | — | (42,455 | ) | ||||||||||||
Accounts payable | 109,988 | (67,752 | ) | — | — | 42,236 | ||||||||||||||
Accrued expenses | 222,194 | (7,377 | ) | — | — | 214,817 | ||||||||||||||
Deferred revenue | 7,766 | (210,543 | ) | — | — | (202,777 | ) | |||||||||||||
Other assets and liabilities | (1,140 | ) | (19,263 | ) | — | — | (20,403 | ) | ||||||||||||
Net cash provided by operating activities | 29,533 | 281,738 | — | — | 311,271 | |||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Expenditures for property, plant and equipment | (127,653 | ) | (190,741 | ) | — | — | (318,394 | ) | ||||||||||||
Expenditures for refinery turnarounds costs | — | (64,616 | ) | — | — | (64,616 | ) | |||||||||||||
Expenditures for other assets | — | (32,692 | ) | — | — | (32,692 | ) | |||||||||||||
Proceeds from sale of assets | 102,428 | — | — | — | 102,428 | |||||||||||||||
Net cash used in investing activities | (25,225 | ) | (288,049 | ) | — | — | (313,274 | ) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Proceeds from revolver borrowings | 1,450,000 | — | — | — | $ | 1,450,000 | ||||||||||||||
Proceeds from intercompany notes payable | 31,835 | — | — | — | 31,835 | |||||||||||||||
Proceeds from member's capital contributions | — | 1,757 | — | — | 1,757 | |||||||||||||||
Proceeds from catalyst lease | — | 14,337 | — | — | 14,337 | |||||||||||||||
Distribution to members | (215,846 | ) | — | — | — | (215,846 | ) | |||||||||||||
Repayments of revolver borrowings | (1,435,000 | ) | — | — | — | (1,435,000 | ) | |||||||||||||
Payment of contingent consideration related to acquisition of Toledo refinery | — | (21,357 | ) | — | — | (21,357 | ) | |||||||||||||
Deferred financing costs and other | (1,044 | ) | — | — | — | (1,044 | ) | |||||||||||||
Net cash used in financing activities | (170,055 | ) | (5,263 | ) | — | — | (175,318 | ) | ||||||||||||
Net decrease in cash and cash equivalents | (165,747 | ) | (11,574 | ) | — | — | (177,321 | ) | ||||||||||||
Cash and equivalents, beginning of period | 241,926 | 12,365 | — | — | 254,291 | |||||||||||||||
Cash and equivalents, end of period | $ | 76,179 | $ | 791 | $ | — | $ | — | $ | 76,970 | ||||||||||
23. CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING | ||||||||||||||||||||
CONSOLIDATING STATEMENT OF CASH FLOW | ||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combining and Consolidating Adjustments | Total | ||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net income | $ | 805,312 | $ | 1,921,040 | $ | — | $ | (1,921,040 | ) | $ | 805,312 | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
Depreciation and amortization | 13,466 | 84,184 | — | — | 97,650 | |||||||||||||||
Stock-based compensation | — | 2,954 | — | — | 2,954 | |||||||||||||||
Change in fair value of catalyst lease obligation | — | 3,724 | — | — | 3,724 | |||||||||||||||
Change in fair value of contingent consideration | — | 2,768 | — | — | 2,768 | |||||||||||||||
Non-cash change in inventory repurchase obligations | — | 4,576 | — | — | 4,576 | |||||||||||||||
Write-off of unamortized deferred financing fees | 4,391 | — | — | — | 4,391 | |||||||||||||||
Pension and other post retirement benefit costs | 2,125 | 10,559 | — | — | 12,684 | |||||||||||||||
Gain on disposition of property, plant and equipment | — | (2,329 | ) | — | — | (2,329 | ) | |||||||||||||
Equity in earnings of subsidiaries | (1,921,040 | ) | — | — | 1,921,040 | — | ||||||||||||||
Changes in current assets and current liabilities: | ||||||||||||||||||||
Accounts receivable | (306,999 | ) | 119,455 | — | — | (187,544 | ) | |||||||||||||
Amounts due to/from related parties | 1,736,986 | (1,751,707 | ) | — | — | (14,721 | ) | |||||||||||||
Inventories | (664,225 | ) | 584,128 | — | — | (80,097 | ) | |||||||||||||
Other current assets | 78 | 49,893 | — | — | 49,971 | |||||||||||||||
Accounts payable | 193,151 | (119,161 | ) | — | — | 73,990 | ||||||||||||||
Accrued expenses | 419,735 | (389,392 | ) | — | — | 30,343 | ||||||||||||||
Deferred revenue | — | 21,309 | — | — | 21,309 | |||||||||||||||
Other assets and liabilities | (9,023 | ) | (22,521 | ) | — | — | (31,544 | ) | ||||||||||||
Net cash provided by operating activities | 273,957 | 519,480 | — | — | 793,437 | |||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Expenditures for property, plant and equipment | (16,546 | ) | (159,354 | ) | — | — | (175,900 | ) | ||||||||||||
Expenditures for refinery turnarounds costs | — | (38,633 | ) | — | — | (38,633 | ) | |||||||||||||
Expenditures for other assets | — | (8,155 | ) | — | — | (8,155 | ) | |||||||||||||
Proceeds from sale of assets | — | 3,381 | — | — | 3,381 | |||||||||||||||
Net cash used in investing activities | (16,546 | ) | (202,761 | ) | — | — | (219,307 | ) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Proceeds from 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 | (160,965 | ) | — | — | — | (160,965 | ) | |||||||||||||
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 | (26,059 | ) | — | — | — | (26,059 | ) | |||||||||||||
Net cash used in financing activities | (18,609 | ) | (351,396 | ) | — | — | (370,005 | ) | ||||||||||||
Net increase (decrease) in cash and cash equivalents | 238,802 | (34,677 | ) | — | — | 204,125 | ||||||||||||||
Cash and equivalents, beginning of period | 3,124 | 47,042 | — | — | 50,166 | |||||||||||||||
Cash and equivalents, end of period | $ | 241,926 | $ | 12,365 | $ | — | $ | — | $ | 254,291 | ||||||||||
23. CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING | ||||||||||||||||||||
CONSOLIDATING STATEMENT OF CASH FLOW | ||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||
Issuer | Guarantors Subsidiaries | Non-Guarantors Subsidiaries | Combining and Consolidated Adjustments | Total | ||||||||||||||||
Cash flows from operating activities | ||||||||||||||||||||
Net income (loss) | $ | 242,671 | $ | 326,170 | $ | — | $ | (326,170 | ) | $ | 242,671 | |||||||||
Adjustments to reconcile net income to net | ||||||||||||||||||||
cash from operating activities: | ||||||||||||||||||||
Depreciation and amortization | 4,877 | 52,042 | — | — | 56,919 | |||||||||||||||
Stock based compensation | — | 2,516 | — | — | 2,516 | |||||||||||||||
Change in fair value of catalyst lease obligation | — | (7,316 | ) | — | — | (7,316 | ) | |||||||||||||
Change in fair value of contingent consideration | — | 5,215 | — | — | 5,215 | |||||||||||||||
Non-cash change in inventory repurchase obligations | — | 25,329 | — | — | 25,329 | |||||||||||||||
Pension and other post retirement benefit costs | 1,241 | 8,527 | — | — | 9,768 | |||||||||||||||
Equity in earnings of subsidiaries | (326,170 | ) | — | — | 326,170 | — | ||||||||||||||
Changes in operating assets and liabilities, net of effects of acquisitions | ||||||||||||||||||||
Accounts receivable | — | (279,315 | ) | — | — | (279,315 | ) | |||||||||||||
Inventories | — | (512,054 | ) | — | — | (512,054 | ) | |||||||||||||
Other current assets | (8,896 | ) | (48,057 | ) | — | — | (56,953 | ) | ||||||||||||
Accounts payable | 4,456 | 245,309 | — | — | 249,765 | |||||||||||||||
Accrued expenses | 46,724 | 348,369 | — | — | 395,093 | |||||||||||||||
Deferred revenue | — | 122,895 | — | — | 122,895 | |||||||||||||||
Other assets and liabilities | (1,029 | ) | (4,222 | ) | — | — | (5,251 | ) | ||||||||||||
Net cash from operating activities | (36,126 | ) | 285,408 | — | — | 249,282 | ||||||||||||||
Cash flows from investing activities | ||||||||||||||||||||
Acquisition of the Toledo Refinery, net of cash received for sale of assets | — | (168,156 | ) | — | — | (168,156 | ) | |||||||||||||
Expenditures for property, plant and equipment | (17,202 | ) | (471,519 | ) | — | — | (488,721 | ) | ||||||||||||
Expenditures for refinery turnarounds costs | — | (62,823 | ) | — | — | (62,823 | ) | |||||||||||||
Expenditures for other assets | — | (23,339 | ) | — | — | (23,339 | ) | |||||||||||||
Proceeds from sale of assets | — | 4,700 | — | — | 4,700 | |||||||||||||||
Amounts due to/from related parties | (750,630 | ) | — | — | 750,630 | — | ||||||||||||||
Other | — | (854 | ) | — | — | (854 | ) | |||||||||||||
Net cash used in investing activities | (767,832 | ) | (721,991 | ) | — | 750,630 | (739,193 | ) | ||||||||||||
Cash flows from financing activities | ||||||||||||||||||||
Proceeds from member contributions | 408,397 | — | — | — | 408,397 | |||||||||||||||
Proceeds from long-term debt | 470,000 | 18,894 | — | — | 488,894 | |||||||||||||||
Proceeds from catalyst lease | — | 18,624 | — | — | 18,624 | |||||||||||||||
Repayments of long-term debt | (201,250 | ) | (19,151 | ) | — | — | (220,401 | ) | ||||||||||||
Repayment of seller note for inventory | — | (299,645 | ) | — | — | (299,645 | ) | |||||||||||||
Amounts due to/from related parties | 750,630 | (750,630 | ) | — | ||||||||||||||||
Deferred financing costs and other | (10,737 | ) | (512 | ) | — | — | (11,249 | ) | ||||||||||||
Net cash (used in) provided by financing activities | 666,410 | 468,840 | — | (750,630 | ) | 384,620 | ||||||||||||||
Net (decrease) increase in cash and cash equivalents | (137,548 | ) | 32,257 | — | — | (105,291 | ) | |||||||||||||
Cash and equivalents, beginning of period | 140,672 | 14,785 | — | — | 155,457 | |||||||||||||||
Cash and equivalents, end of period | $ | 3,124 | $ | 47,042 | $ | — | $ | — | $ | 50,166 | ||||||||||
QUARTERLY_FINANCIAL_DATA
QUARTERLY FINANCIAL DATA | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
QUARTERLY FINANCIAL DATA | ' | ||||||||||||||||
QUARTERLY FINANCIAL DATA | |||||||||||||||||
(Unaudited) | |||||||||||||||||
The following table summarizes quarterly financial data for the years ended December 31, 2013 and 2012 (in thousands, except per share amounts). | |||||||||||||||||
2013 Quarter Ended | |||||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||||
Revenues | $ | 4,797,847 | $ | 4,678,293 | $ | 4,858,880 | $ | 4,816,435 | |||||||||
Income (loss) from operations | 100,105 | 133,027 | (55,599 | ) | 142,326 | ||||||||||||
Net income (loss) | 69,711 | 107,170 | (64,893 | ) | 102,097 | ||||||||||||
Net income attributable to PBF Energy Inc. | 11,406 | 16,826 | (19,848 | ) | 31,156 | ||||||||||||
Earnings per common share -assuming dilution | $ | 0.48 | $ | 0.61 | $ | (0.50 | ) | $ | 0.76 | ||||||||
2012 Quarter Ended | |||||||||||||||||
March 31 | June 30 | September 30 | December 31 (a) | ||||||||||||||
Revenues | $ | 4,716,106 | $ | 5,077,015 | $ | 5,395,206 | $ | 4,950,360 | |||||||||
Income (loss) from operations | (164,083 | ) | 579,506 | 220,109 | 284,901 | ||||||||||||
Net income (loss) | (202,532 | ) | 555,742 | 186,564 | 264,263 | ||||||||||||
Net income attributable to PBF Energy Inc. | 1,956 | ||||||||||||||||
Earnings per common share -assuming dilution | $ | 0.08 | |||||||||||||||
(a) | On December 12, 2012, PBF Energy Inc. completed an initial public offering which closed on December 18, 2012. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Accounting Policies [Abstract] | ' | ||
Principles of Consolidation and Presentation | ' | ||
Principles of Consolidation and Presentation | |||
These consolidated financial statements include the accounts of PBF Energy and subsidiaries in which PBF Energy has a controlling interest. All intercompany accounts and transactions have been eliminated in consolidation. | |||
Reclassification | ' | ||
Reclassification | |||
Certain amounts previously reported in the Company's consolidated financial statements for the year ended December 31, 2012 have been reclassified to conform to the 2013 presentation. | |||
Use of Estimates | ' | ||
Use of Estimates | |||
The preparation of the financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the related disclosures. Actual results could differ from those estimates. | |||
Cash and Cash Equivalents | ' | ||
Cash and Cash Equivalents | |||
The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. The carrying amount of the cash equivalents approximates fair value due to the short-term maturity of those instruments. | |||
Revenue, Deferred Revenue and Accounts Receivable | ' | ||
Revenue, Deferred Revenue and Accounts Receivable | |||
The Company sells various refined products primarily through its refinery subsidiaries and recognizes revenue related to the sale of products when there is persuasive evidence of an agreement, the sales prices are fixed or determinable, collectability is reasonably assured and when products are shipped or delivered in accordance with their respective agreements. Revenue for services is recorded when the services have been provided. The Company’s Toledo refinery has a products offtake agreement with Sunoco under which Sunoco purchases approximately one-third of the refinery’s daily gasoline production. The Toledo refinery also sells its products through short-term contracts or on the spot market. | |||
Prior to June 30, 2013, the Company’s Paulsboro and Delaware City refineries sold light finished products, certain intermediates and lube base oils to MSCG under products offtake agreements with each refinery (the “Offtake Agreements”). On a daily basis, MSCG purchased and paid for the refineries’ production of light finished products as they were produced, delivered to the refineries’ storage tanks, and legal title passed to MSCG. Revenue on these product sales was deferred until they shipped out of the storage facility by MSCG. | |||
Under the Offtake Agreements, the Company’s Paulsboro and Delaware City refineries also entered into purchase and sale transactions of certain intermediates and lube base oils whereby MSCG purchased and paid for the refineries’ production of certain intermediates and lube products as they were produced and legal title passed to MSCG. The intermediate products were held in the refineries’ storage tanks until they were needed for further use in the refining process. The intermediates may also have been sold to third parties. The refineries had the right to repurchase lube products and did so to supply other third parties with that product. When the refineries needed intermediates or lube products, the products were drawn out of the storage tanks, title passed back to the refineries and MSCG was paid for those products. These transactions occurred at the daily market price for the related products. These transactions were considered to be made in contemplation of each other and, accordingly, did not result in the recognition of a sale when title passed from the refineries to MSCG. Inventory remained at cost and the net cash receipts resulted in a liability that was recorded at market price for the volumes held in storage with any change in the market price being recorded in costs of sales. The liability represented the amount the Company expected to pay to repurchase the volumes held in storage. | |||
While MSCG had legal title, it had the right to encumber and/or sell these products and any such sales by MSCG resulted in sales being recognized by the refineries when products were shipped out of the storage facility. As the exclusive vendor of intermediate products to the refineries, MSCG had the obligation to provide the intermediate products to the refineries as they were needed. Accordingly, sales by MSCG to others were limited and only made with the Company or its subsidiaries’ approval. | |||
As of July 1, 2013, the Company terminated the Offtake Agreements for the Company’s Paulsboro and Delaware City refineries. The Company entered into two separate inventory intermediation agreements (“Inventory Intermediation Agreements”) with J. Aron & Company ("J. Aron") on June 26, 2013 which commenced upon the termination of the product offtake agreements with MSCG. | |||
Pursuant to the Inventory Intermediation Agreements, J. Aron purchases and holds title to all of the intermediate and finished products (the "Products") produced by the Delaware City and Paulsboro refineries and delivered into the Company's tanks at the refineries. All purchase and sale transactions under the Inventory Intermediation Agreements are consummated at a benchmark market price adjusted for a specified product type differential. The sale and purchase transactions under the Inventory Intermediation Agreements are considered to be made in contemplation of each other and, accordingly, do not result in the recognition of a sale when title passes to J. Aron. The Products inventory remains on the Company's balance sheet at cost and the net cash receipts result in a liability that is recorded at market price for the volume of Products inventory held in the Company's refineries’ storage tanks with any change in the market price recorded in costs of sales. | |||
Furthermore, J. Aron sells the Products back to the Company as the Products are discharged out of the refineries' tanks. J. Aron has the right to store the Products purchased in the Company's tanks under the Inventory Intermediation Agreements and will retain these storage rights for the term of the agreements. Inventory held outside the refineries may be owned by the Company or by J. Aron under the Inventory Intermediation Agreements. The Company markets and sells the Products independently to third parties. | |||
The Company’s Paulsboro and Delaware City refineries sell and purchase feedstocks under a supply agreement with Statoil (the “Crude Supply Agreements”). Statoil purchases the refineries' production of certain feedstocks or purchases feedstocks from third parties on the refineries' behalf. Legal title to the feedstocks is held by Statoil and the feedstocks are held in the refineries' storage tanks until they are needed for further use in the refining process. At that time, the products are drawn out of the storage tanks and purchased by the refinery. These purchases and sales are settled monthly at the daily market prices related to those products. These transactions are considered to be made in contemplation of each other and, accordingly, do not result in the recognition of a sale when title passes from the refineries to Statoil. Inventory remains at cost and the net cash receipts result in a liability which is discussed further in the Inventory note below. The Company terminated its supply agreement with Statoil for its Paulsboro refinery in March 2013. | |||
Allowance for Doubtful Accounts | ' | ||
Accounts receivable are carried at invoiced amounts. An allowance for doubtful accounts is established, if required, to report such amounts at their estimated net realizable value. In estimating probable losses, management reviews accounts that are past due and determines if there are any known disputes. | |||
Excise Taxes | ' | ||
Excise taxes on sales of refined products that are collected from customers and remitted to various governmental agencies are reported on a net basis. | |||
Inventory | ' | ||
Inventory | |||
Inventories are carried at the lower of cost or market. The cost of crude oil, feedstocks, blendstocks and refined products are determined under the last-in first-out (“LIFO”) method using the dollar value LIFO method with any increments valued based on average purchase prices during the year. The cost of supplies and other inventories is determined principally on the weighted average cost method. | |||
The Company’s Delaware City refinery acquires a portion of its crude oil from Statoil under the Crude Supply Agreements as did the Paulsboro refinery prior to the termination of its crude supply agreement with Statoil in March 2013. The Company takes title to the crude oil as it is delivered to the processing units, in accordance with the Crude Supply Agreements; however, the Company is obligated to purchase all the crude oil held by Statoil on the Company’s behalf upon termination of the agreement at the then market price. The Paulsboro crude supply agreement also included an obligation to purchase a fixed volume of feedstocks from Statoil on the later of maturity or when the arrangement is terminated based on a forward market price of West Texas Intermediate crude oil. As a result of the purchase obligations, the Company records the inventory of crude oil and feedstocks in the refineries’ storage facilities. The Company determined the purchase obligations to be contracts that contain derivatives that change in value based on changes in commodity prices. Such changes in the fair value of these derivatives are included in cost of sales. On October 31, 2012, the Delaware City crude supply agreement was amended and modified to among other things, allow the Company to directly purchase U.S. and Canadian onshore origin crude oil and feedstock that is delivered to the Delaware City refinery via rail independent of Statoil. | |||
The Company’s Toledo refinery acquires substantially all of its crude oil from MSCG under a crude oil acquisition agreement (the “Toledo Crude Oil Acquisition Agreement”). Under the Toledo Crude Oil Acquisition Agreement, the Company takes title to crude oil at various pipeline locations for delivery to the refinery or sale to third parties. The Company records the crude oil inventory when it receives title. Payment for the crude oil is due to MSCG under the Toledo Crude Oil Acquisition Agreement three days after the crude oil is delivered to the Toledo refinery processing units or upon sale to a third party. | |||
Property, Plant and Equipment | ' | ||
Property, Plant and Equipment | |||
Property, plant and equipment additions are recorded at cost. The Company capitalizes costs associated with the preliminary, pre-acquisition and development/construction stages of a major construction project. The Company capitalizes the interest cost associated with major construction projects based on the effective interest rate of total borrowings. The Company also capitalizes costs incurred in the acquisition and development of software for internal use, including the costs of software, materials, consultants and payroll-related costs for employees incurred in the application development stage. | |||
Depreciation is computed using the straight-line method over the following estimated useful lives: | |||
Process units and equipment | 5-25 years | ||
Pipeline and equipment | 5-25 years | ||
Buildings | 25-40 years | ||
Computers, furniture and fixtures | 3-15 years | ||
Leasehold improvements | 20 years | ||
Railcars | 50 years | ||
Maintenance and repairs are charged to operating expenses as they are incurred. Improvements and betterments, which extend the lives of the assets, are capitalized. | |||
Deferred Charges and Other Assets, Net | ' | ||
Deferred Charges and Other Assets, Net | |||
Deferred charges and other assets include refinery turnaround costs, catalyst, precious metals catalyst, linefill, deferred financing costs and intangible assets. Refinery turnaround costs, which are incurred in connection with planned major maintenance activities, are capitalized when incurred and amortized on a straight-line basis over the period of time estimated to lapse until the next turnaround occurs (generally 3 to 5 years). | |||
Precious metals catalyst and linefill are considered indefinite-lived assets as they are not expected to deteriorate in their prescribed functions. Such assets are assessed for impairment in connection with the Company’s review of its long-lived assets as indicators of impairment develop. | |||
Deferred financing costs are capitalized when incurred and amortized over the life of the loan (1 to 8 years). | |||
Finite-Lived Intangible Assets | ' | ||
Intangible assets with finite lives primarily consist of catalyst, emission credits and permits and are amortized over their estimated useful lives of 1 to 10 years. | |||
Long-Lived Assets and Definite-Lived Intangibles | ' | ||
Long-Lived Assets and Definite-Lived Intangibles | |||
The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate the carrying value may not be recoverable. Impairment is evaluated by comparing the carrying value of the long-lived assets to the estimated undiscounted future cash flows expected to result from use of the assets and their ultimate disposition. If such analysis indicates that the carrying value of the long-lived assets is not considered to be recoverable, the carrying value is reduced to the fair value. | |||
Impairment assessments inherently involve judgment as to assumptions about expected future cash flows and the impact of market conditions on those assumptions. Although management would utilize assumptions that it believes are reasonable, future events and changing market conditions may impact management’s assumptions, which could produce different results. | |||
Asset Retirement Obligations | ' | ||
Asset Retirement Obligations | |||
The Company records an asset retirement obligation at fair value for the estimated cost to retire a tangible long-lived asset at the time the Company incurs that liability, which is generally when the asset is purchased, constructed, or leased. The Company records the liability when it has a legal or contractual obligation to incur costs to retire the asset and when a reasonable estimate of the fair value of the liability can be made. If a reasonable estimate cannot be made at the time the liability is incurred, the Company will record the liability when sufficient information is available to estimate the liability’s fair value. Certain of the Company’s asset retirement obligations are based on its legal obligation to perform remedial activity at its refinery sites when it permanently ceases operations of the long-lived assets. The Company therefore considers the settlement date of these obligations to be indeterminable. Accordingly, the Company cannot calculate an associated asset retirement liability for these obligations at this time. The Company will measure and recognize the fair value of these asset retirement obligations when the settlement date is determinable. | |||
Environmental Matters | ' | ||
Environmental Matters | |||
Liabilities for future remediation costs are recorded when environmental assessments and/or remedial efforts are probable and the costs can be reasonably estimated. Other than for assessments, the timing and magnitude of these accruals generally are based on the completion of investigations or other studies or a commitment to a formal plan of action. Environmental liabilities are based on best estimates of probable future costs using currently available technology and applying current regulations, as well as the Company’s own internal environmental policies. The measurement of environmental remediation liabilities may be discounted to reflect the time value of money if the aggregate amount and timing of cash payments of the liabilities are fixed or reliably determinable. The actual settlement of the Company’s liability for environmental matters could materially differ from its estimates due to a number of uncertainties such as the extent of contamination, changes in environmental laws and regulations, potential improvements in remediation technologies and the participation of other responsible parties. | |||
Stock-Based Compensation | ' | ||
Stock-Based Compensation | |||
Stock-based compensation includes the accounting effect of options to purchase PBF Energy Class A common stock granted by the Company to certain employees, Series A warrants issued or granted by PBF LLC to employees in connection with their acquisition of PBF LLC Series A units, options to acquire Series A units of PBF LLC granted by PBF LLC to certain employees, Series B units of PBF LLC that were granted to certain members of management and restricted PBF LLC Series A Units and restricted PBF Energy Class A common stock granted to certain directors. The estimated fair value of the options to purchase PBF Energy Class A common stock and the PBF LLC Series A warrants and options, is based on the Black-Scholes option pricing model and the fair value of the PBF LLC Series B units is estimated based on a Monte Carlo simulation model. The estimated fair value is amortized as stock-based compensation expense on a straight-line method over the vesting period and included in general and administration expense. | |||
Income Taxes | ' | ||
Income Taxes | |||
As a result of the PBF Energy’s acquisition of PBF LLC Series A Units or exchanges of PBF LLC Series A Units for PBF Energy Class A common stock, PBF Energy expects to benefit from amortization and other tax deductions reflecting the step up in tax basis in the acquired assets. Those deductions will be allocated to PBF Energy and will be taken into account in reporting PBF Energy’s taxable income. As a result of a federal income tax election made by PBF LLC, applicable to a portion of PBF Energy’s acquisition of PBF LLC Series A Units, the income tax basis of the assets of PBF LLC, underlying a portion of the units PBF Energy acquired, has been adjusted based upon the amount that PBF Energy paid for that portion of its PBF LLC Series A Units. PBF Energy has entered into an agreement with the . members of PBF LLC other than PBF Energy that will provide for an additional payment by PBF Energy to the exchanging holders of PBF LLC Units equal to 85% of the amount of cash savings, if any, in U.S. federal, state and local income tax that PBF Energy realizes as a result of (i) these increases in tax basis 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. As a result of these transactions, PBF Energy’s tax basis in its share of PBF LLC’s assets will be higher than the book basis of these same assets. This resulted in a deferred tax asset of $310,132 as of December 31, 2013, of which the majority is expected to be realized over 10 years as the tax basis of these assets is amortized. | |||
Deferred taxes are provided using a liability method, whereby deferred tax assets are recognized for deductible temporary differences and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences represent the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effect or change in tax laws and rates on the date of enactment. PBF Energy recognizes tax benefits for uncertain tax positions only if it is more likely than not that the position is sustainable based on its technical merits. Interest and penalties on uncertain tax positions are included as a component of the provision for income taxes on the consolidated statements of operations. | |||
As PBF Holding is a limited liability company treated as a “flow-through” entity for income tax purposes, there is no benefit or provision for federal or state income tax in the accompanying financial statements. | |||
The Federal and state tax returns for all years since inception (March 1, 2008) are subject to examination by the respective tax authorities. | |||
Net Income Per Share | ' | ||
Net Income Per Share | |||
For the period subsequent to the IPO basic net income per share is calculated by dividing the net income available to PBF Energy Class A common stockholders by the weighted average number of shares of PBF Energy Class A common stock outstanding during the period. Diluted net income per share is calculated by dividing the net income available to PBF Energy Class A common stockholders, adjusted for the net income attributable to the noncontrolling interest and the assumed income tax expense thereon, by the weighted average number of PBF Energy Class A common shares outstanding during the period adjusted to include the assumed exchange of all PBF LLC Series A units outstanding for PBF Energy Class A common stock, if applicable under the if converted method, and the potentially dilutive effect of outstanding options to purchase shares of PBF Energy Class A common stock, and options and warrants to purchase PBF LLC Series A Units, subject to forfeiture utilizing the treasury stock method. | |||
Pension and Other Post-Retirement Benefits | ' | ||
Pension and Other Post-Retirement Benefits | |||
The Company recognizes an asset for the overfunded status or a liability for the underfunded status of its pension and post-retirement benefit plans. The funded status is recorded within other long-term liabilities. Changes in the plans’ funded status are recognized in other comprehensive income in the period the change occurs. | |||
Fair Value Measurement | ' | ||
Fair Value Measurement | |||
A fair value hierarchy (Level 1, Level 2, or Level 3) is used to categorize fair value amounts based on the quality of inputs used to measure fair value. Accordingly, fair values derived from Level 1 inputs utilize quoted prices in active markets for identical assets or liabilities. Fair values derived from Level 2 inputs are based on quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are either directly or indirectly observable for the asset or liability. Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. | |||
The Company uses appropriate valuation techniques based on the available inputs to measure the fair values of its applicable assets and liabilities. When available, the Company measures fair value using Level 1 inputs because they generally provide the most reliable evidence of fair value. In some valuations, the inputs may fall into different levels in the hierarchy. In these cases, the asset or liability level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurements. | |||
Financial Instruments | ' | ||
Financial Instruments | |||
The estimated fair value of financial instruments has been determined based on the Company’s assessment of available market information and appropriate valuation methodologies. The Company’s non-derivative financial instruments that are included in current assets and current liabilities are recorded at cost in the consolidated balance sheets. The estimated fair value of these financial instruments approximates their carrying value due to their short-term nature. Derivative instruments are recorded at fair value in the consolidated balance sheets. | |||
The Company’s commodity contracts are measured and recorded at fair value using Level 1 inputs based on quoted prices in an active market or Level 2 inputs based on quoted market prices for similar instruments. The Company’s catalyst lease obligation and derivatives related to the Company’s crude oil and feedstocks and refined product purchase obligations are measured and recorded at fair value using Level 2 inputs on a recurring basis, based on observable market prices. | |||
Derivative Instruments | ' | ||
Derivative Instruments | |||
The Company is exposed to market risk, primarily related to changes in commodity prices for the crude oil and feedstocks used in the refining process as well as the prices of the refined products sold. The accounting treatment for commodity contracts depends on the intended use of the particular contract and on whether or not the contract meets the definition of a derivative. | |||
All derivative instruments, not designated as normal purchases or sales, are recorded in the balance sheet as either assets or liabilities measured at their fair values. Changes in the fair value of derivative instruments that either are not designated or do not qualify for hedge accounting treatment or normal purchase or normal sale accounting are recognized currently in earnings. Contracts qualifying for the normal purchase and sales exemption are accounted for upon settlement. Cash flows related to derivative instruments that are not designated or do not qualify for hedge accounting treatment are included in operating activities. | |||
The Company designates certain derivative instruments as fair value hedges of a particular risk associated with a recognized asset or liability. At the inception of the hedge designation, the Company documents the relationship between the hedging instrument and the hedged item, as well as its risk management objective and strategy for undertaking various hedge transactions. Derivative gains and losses related to these fair value hedges, including hedge ineffectiveness, are recorded in cost of sales along with the change in fair value of the hedged asset or liability attributable to the hedged risk. Cash flows related to derivative instruments that are designated as fair value hedges are included in operating activities. | |||
Economic hedges are hedges not designated as fair value or cash flow hedges for accounting purposes that are used to (i) manage price volatility in certain refinery feedstock and refined product inventories, and (ii) manage price volatility in certain forecasted refinery feedstock, refined product, and refined product sales. These instruments are recorded at fair value and changes in the fair value of the derivative instruments are recognized currently in cost of sales. | |||
Derivative accounting is complex and requires management judgment in the following respects: identification of derivatives and embedded derivatives, determination of the fair value of derivatives, documentation of hedge relationships, assessment and measurement of hedge ineffectiveness and election and designation of the normal purchases and sales exception. All of these judgments, depending upon their timing and effect, can have a significant impact on the Company’s earnings. | |||
Recently Issued Accounting Pronouncements | ' | ||
Recently Issued 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 December 31, 2013 and 2012, the impact of offsetting assets and liabilities was not material to the Company and additional disclosure is not included in the Company's consolidated financial statements. | |||
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 years ended December 31, 2013, 2012 and 2011, the impact of reclassification out of accumulated other comprehensive income was not material to the Company and additional disclosure is not included in the Company's consolidated financial statements. |
DESCRIPTION_OF_THE_BUSINESS_AN1
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION Description (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||||||
Ownership percentage in PBF LLC | ' | ||||||||||||
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 percentages of PBF Energy are calculated as follows: | |||||||||||||
Holders of | Outstanding Shares | Total * | |||||||||||
PBF LLC Series | of PBF Energy | ||||||||||||
A Units | Class A | ||||||||||||
Common | |||||||||||||
Stock | |||||||||||||
December 18, 2012 | 72,974,072 | 23,567,686 | 96,541,758 | ||||||||||
75.6 | % | 24.4 | % | 100 | % | ||||||||
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 | % | ||||||||
December 31, 2013 | 57,201,674 | 39,665,473 | 96,867,147 | ||||||||||
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 the PBF Energy’s Class A common stock on a one-for-one basis. | ||||||||||||
Allocation of total comprehensive income of PBF Energy between the controlling and noncontrolling interests | ' | ||||||||||||
The following table summarizes the allocation of total comprehensive income between the controlling and noncontrolling interests of PBF Energy for the year ended December 31, 2013: | |||||||||||||
Attributable to | Noncontrolling | Total | |||||||||||
PBF Energy Inc. | Interest | ||||||||||||
Net income | $ | 39,540 | $ | 174,545 | $ | 214,085 | |||||||
Other comprehensive income (loss): | |||||||||||||
Unrealized loss on available for sale securities | (126 | ) | (182 | ) | (308 | ) | |||||||
Amortization of defined benefit plans unrecognized net loss | (2,144 | ) | (3,145 | ) | (5,289 | ) | |||||||
Total other comprehensive loss | (2,270 | ) | (3,327 | ) | (5,597 | ) | |||||||
Total comprehensive income | $ | 37,270 | $ | 171,218 | $ | 208,488 | |||||||
The following table summarizes the allocation of total comprehensive income of PBF Energy between the controlling and noncontrolling interests for the year ended December 31, 2012: | |||||||||||||
Attributable to | Noncontrolling | Total | |||||||||||
PBF Energy Inc. | Interest | ||||||||||||
Net income | $ | 1,956 | $ | 802,081 | $ | 804,037 | |||||||
Other comprehensive income (loss): | |||||||||||||
Unrealized gain on available for sale securities | — | 2 | 2 | ||||||||||
Amortization of defined benefit plans unrecognized net loss | (61 | ) | (6,506 | ) | (6,567 | ) | |||||||
Total other comprehensive loss | (61 | ) | (6,504 | ) | (6,565 | ) | |||||||
Total comprehensive income | $ | 1,895 | $ | 795,577 | $ | 797,472 | |||||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Useful lives of property, plant and equipment | ' | ||||||||
Depreciation is computed using the straight-line method over the following estimated useful lives: | |||||||||
Process units and equipment | 5-25 years | ||||||||
Pipeline and equipment | 5-25 years | ||||||||
Buildings | 25-40 years | ||||||||
Computers, furniture and fixtures | 3-15 years | ||||||||
Leasehold improvements | 20 years | ||||||||
Railcars | 50 years | ||||||||
Property, plant and equipment consisted of the following: | |||||||||
December 31, | 31-Dec-12 | ||||||||
2013 | |||||||||
Land | $ | 61,780 | $ | 61,780 | |||||
Process units, pipelines and equipment | 1,658,256 | 1,484,727 | |||||||
Buildings and leasehold improvements | 25,577 | 11,073 | |||||||
Computers, furniture and fixtures | 54,496 | 38,657 | |||||||
Construction in progress | 166,565 | 145,525 | |||||||
1,966,674 | 1,741,762 | ||||||||
Less—Accumulated depreciation | (185,085 | ) | (106,175 | ) | |||||
$ | 1,781,589 | $ | 1,635,587 | ||||||
ACQUISITIONS_Tables
ACQUISITIONS (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Total purchase price and the estimated fair values of the assets and liabilities acquired | ' | ||||||||
The total purchase price and the estimated fair values of the assets and liabilities at the acquisition date were as follows: | |||||||||
Purchase Price | |||||||||
Net cash | $ | 168,156 | |||||||
Seller promissory note | 200,000 | ||||||||
Seller note for inventory | 299,645 | ||||||||
Estimated fair value of contingent consideration | 117,017 | ||||||||
$ | 784,818 | ||||||||
Fair Value | |||||||||
Allocation | |||||||||
Current assets | $ | 305,645 | |||||||
Land | 8,065 | ||||||||
Property, plant and equipment | 452,084 | ||||||||
Other assets | 24,640 | ||||||||
Current liabilities | (5,616 | ) | |||||||
$ | 784,818 | ||||||||
Pro forma information | ' | ||||||||
The Company’s consolidated financial statements for the years ended December 31, 2013, 2012 and 2011 include the results of operations of the Toledo refinery since March 1, 2011. The actual results for the Toledo refinery for the period from March 1, 2011 to December 31, 2011, are shown below. The revenues and net income of the Company assuming the acquisition had occurred on January 1, 2011, are shown below on a pro forma basis. The pro forma information does not purport to present what the Company’s actual results would have been had the acquisition occurred on January 1, 2011, nor is the financial information indicative of the results of future operations. The unaudited pro forma financial information includes the depreciation and amortization expense related to the acquisition and interest expense associated with the Toledo acquisition financing. | |||||||||
Revenues | Net Income | ||||||||
Actual results for March 1, 2011 to December 31, 2011 | $ | 6,113,055 | $ | 489,243 | |||||
Supplemental pro forma for January 1, 2011 to December 31, 2011 | $ | 15,961,529 | $ | 328,142 | |||||
INVENTORIES_Tables
INVENTORIES (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Inventory Disclosure [Abstract] | ' | |||||||||||
Schedule of Inventory | ' | |||||||||||
Inventories consisted of the following: | ||||||||||||
December 31, 2013 | ||||||||||||
Titled Inventory | Inventory Supply and Offtake Arrangements | Total | ||||||||||
Crude oil and feedstocks | $ | 518,599 | $ | 89,837 | $ | 608,436 | ||||||
Refined products and blendstocks | 425,033 | 378,286 | 803,319 | |||||||||
Warehouse stock and other | 33,762 | — | 33,762 | |||||||||
$ | 977,394 | $ | 468,123 | $ | 1,445,517 | |||||||
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 | |||||||
PROPERTY_PLANT_AND_EQUIPMENT_N1
PROPERTY, PLANT AND EQUIPMENT, NET (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Summary of property, plant and equipment | ' | ||||||||
Depreciation is computed using the straight-line method over the following estimated useful lives: | |||||||||
Process units and equipment | 5-25 years | ||||||||
Pipeline and equipment | 5-25 years | ||||||||
Buildings | 25-40 years | ||||||||
Computers, furniture and fixtures | 3-15 years | ||||||||
Leasehold improvements | 20 years | ||||||||
Railcars | 50 years | ||||||||
Property, plant and equipment consisted of the following: | |||||||||
December 31, | 31-Dec-12 | ||||||||
2013 | |||||||||
Land | $ | 61,780 | $ | 61,780 | |||||
Process units, pipelines and equipment | 1,658,256 | 1,484,727 | |||||||
Buildings and leasehold improvements | 25,577 | 11,073 | |||||||
Computers, furniture and fixtures | 54,496 | 38,657 | |||||||
Construction in progress | 166,565 | 145,525 | |||||||
1,966,674 | 1,741,762 | ||||||||
Less—Accumulated depreciation | (185,085 | ) | (106,175 | ) | |||||
$ | 1,781,589 | $ | 1,635,587 | ||||||
DEFERRED_CHARGES_AND_OTHER_ASS1
DEFERRED CHARGES AND OTHER ASSETS, NET (Tables) | 12 Months Ended | ||||||||
Dec. 31, 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: | |||||||||
December 31, | 31-Dec-12 | ||||||||
2013 | |||||||||
Deferred turnaround costs, net | $ | 119,383 | $ | 78,128 | |||||
Catalyst | 88,964 | 66,377 | |||||||
Deferred financing costs, net | 26,541 | 30,987 | |||||||
Restricted cash | 12,117 | 12,114 | |||||||
Linefill | 9,636 | 8,042 | |||||||
Intangible assets, net | 653 | 1,085 | |||||||
Other | 5,185 | 616 | |||||||
$ | 262,479 | $ | 197,349 | ||||||
Intangible assets, net | ' | ||||||||
Intangible assets, net was comprised of permits and emission credits as follows: | |||||||||
December 31, | 31-Dec-12 | ||||||||
2013 | |||||||||
Gross amount | $ | 3,597 | $ | 3,597 | |||||
Accumulated amortization | (2,944 | ) | (2,512 | ) | |||||
Net amount | $ | 653 | $ | 1,085 | |||||
ACCRUED_EXPENSES_Tables
ACCRUED EXPENSES (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Schedule of accrued expenses | ' | |||||||
PBF Energy | ||||||||
Accrued expenses consisted of the following: | ||||||||
December 31, | December 31, 2012 | |||||||
2013 | ||||||||
Inventory-related accruals | $ | 533,012 | $ | 287,929 | ||||
Inventory supply and offtake arrangements | 454,893 | 536,594 | ||||||
Excise and sales tax payable | 42,814 | 40,776 | ||||||
Accrued construction in progress | 33,747 | 16,481 | ||||||
Accrued transportation costs | 29,762 | 20,338 | ||||||
Accrued utilities | 25,959 | 19,060 | ||||||
Customer deposits | 23,621 | 26,541 | ||||||
Accrued interest | 22,570 | 22,764 | ||||||
Renewable energy credit obligations | 15,955 | — | ||||||
Accrued salaries and benefits | 10,799 | 15,212 | ||||||
Income taxes payable | — | 1,275 | ||||||
Fair value of contingent consideration for refinery acquisition | — | 21,358 | ||||||
Other | 16,749 | 23,139 | ||||||
$ | 1,209,881 | $ | 1,031,467 | |||||
PBF Holding | ||||||||
Accrued expenses consisted of the following: | ||||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
Inventory-related accruals | $ | 533,012 | $ | 287,929 | ||||
Inventory supply and offtake arrangements | 454,893 | 536,594 | ||||||
Excise and sales tax payable | 42,814 | 36,414 | ||||||
Accrued construction in progress | 33,747 | 16,481 | ||||||
Accrued transportation costs | 29,762 | 20,338 | ||||||
Accrued utilities | 25,959 | 19,060 | ||||||
Customer deposits | 23,621 | 26,541 | ||||||
Accrued interest | 22,570 | 22,764 | ||||||
Renewable energy credit obligations | 15,955 | — | ||||||
Accrued salaries and benefits | 10,799 | 15,212 | ||||||
Fair value of contingent consideration for refinery acquisition | — | 21,358 | ||||||
Other | 17,813 | 23,227 | ||||||
$ | 1,210,945 | $ | 1,025,918 | |||||
CREDIT_FACILITY_AND_LONGTERM_D1
CREDIT FACILITY AND LONG-TERM DEBT (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Summary of long-term debt outstanding | ' | ||||||||
Long-term debt outstanding consisted of the following: | |||||||||
31-Dec-13 | 31-Dec-12 | ||||||||
Senior Secured Notes | $ | 667,487 | $ | 666,538 | |||||
Revolving Loan | 15,000 | — | |||||||
Catalyst leases | 53,089 | 43,442 | |||||||
735,576 | 709,980 | ||||||||
Less—Current maturities | (12,029 | ) | — | ||||||
Long-term debt | $ | 723,547 | $ | 709,980 | |||||
Schedule of debt maturing in the next five years and thereafter | ' | ||||||||
Debt maturing in the next five years and thereafter is as follows: | |||||||||
Year Ending | |||||||||
December 31, | |||||||||
2014 | $ | 26,887 | |||||||
2015 | — | ||||||||
2016 | 26,202 | ||||||||
2017 | 15,000 | ||||||||
2018 | — | ||||||||
Thereafter | 667,487 | ||||||||
$ | 735,576 | ||||||||
OTHER_LONGTERM_LIABILITIES_Tab
OTHER LONG-TERM LIABILITIES (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Other Liabilities Disclosure [Abstract] | ' | ||||||||
Schedule of other long-term liabilities | ' | ||||||||
PBF Energy | |||||||||
Other long-term liabilities consisted of the following: | |||||||||
December 31, | December 31, 2012 | ||||||||
2013 | |||||||||
Defined benefit pension plan liabilities | $ | 28,300 | $ | 19,983 | |||||
Post retiree medical plan | 8,225 | 9,730 | |||||||
Environmental liabilities | 7,195 | 7,303 | |||||||
Other | — | 1,083 | |||||||
$ | 43,720 | $ | 38,099 | ||||||
PBF Holding | |||||||||
Other long-term liabilities consisted of the following: | |||||||||
December 31, | December 31, 2012 | ||||||||
2013 | |||||||||
Defined benefit pension plan liabilities | $ | 28,300 | $ | 19,983 | |||||
Post retiree medical plan | 8,225 | 9,730 | |||||||
Environmental liabilities | 7,195 | 7,303 | |||||||
Other | 2,757 | 1,083 | |||||||
$ | 46,477 | $ | 38,099 | ||||||
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Future minimum rental payments for operating leases | ' | |||
The fixed and determinable amounts of the obligations under these agreements and total minimum future annual rentals, exclusive of related costs, are approximately: | ||||
Year Ending | ||||
December 31, | ||||
2014 | $ | 81,358 | ||
2015 | 73,481 | |||
2016 | 72,424 | |||
2017 | 62,918 | |||
2018 | 56,483 | |||
Thereafter | 93,937 | |||
$ | 440,601 | |||
STOCKHOLDERS_AND_MEMBERS_EQUIT1
STOCKHOLDERS' AND MEMBERS' EQUITY STRUCTURE (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Equity [Abstract] | ' | |||||||||
Summary of PBF LLC units | ' | |||||||||
Information about the issued classes of PBF LLC units for the years ended December 31, 2013, 2012 and 2011, is as follows: | ||||||||||
Series A Units | Series B Units | Series C Units | ||||||||
Balance—January 1, 2011 | 51,393,114 | 950,000 | — | |||||||
Units allocated to management | — | 50,000 | — | |||||||
Member capital contribution | 40,864,698 | — | — | |||||||
Balance—December 31, 2011 | 92,257,812 | 1,000,000 | — | |||||||
Issuances of restricted units | 23,904 | — | — | |||||||
Exercise of warrants and options | 2,661,636 | — | — | |||||||
Balance—December 18, 2012 | 94,943,352 | 1,000,000 | — | |||||||
Reorganization and offering transaction | (21,967,686 | ) | — | 21,967,686 | ||||||
Issuance of Series C units | — | — | 1,600,000 | |||||||
Exchange of Series A Units for Class A common stock of PBF Energy Inc. | (3,535 | ) | — | 3,535 | ||||||
Balance—December 31, 2012 | 72,972,131 | 1,000,000 | 23,571,221 | |||||||
Issuances of restricted stock | — | — | 42,614 | |||||||
Exercise of warrants and options | 5,094 | — | — | |||||||
Secondary offering transaction | (15,950,000 | ) | — | 15,950,000 | ||||||
Balance—June 12, 2013 | 57,027,225 | 1,000,000 | 39,563,835 | |||||||
Issuances of restricted stock | — | — | 17,778 | |||||||
Exercise of warrants and options | 258,309 | — | — | |||||||
Exchange of Series A Units for Class A common stock of PBF Energy Inc. | (83,860 | ) | — | 83,860 | ||||||
Balance—December 31, 2013 | 57,201,674 | 1,000,000 | 39,665,473 | |||||||
STOCKBASED_COMPENSATION_Tables
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Schedule of stock-based compensation expense | ' | ||||||||||||
Stock-based compensation expense included in general and administrative expenses consisted of the following: | |||||||||||||
Years Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
PBF LLC Series A Unit compensatory warrants and options | $ | 779 | $ | 1,589 | $ | 1,135 | |||||||
PBF LLC Series B Units | 530 | 1,277 | 1,381 | ||||||||||
PBF Energy options | 2,444 | 88 | — | ||||||||||
$ | 3,753 | $ | 2,954 | $ | 2,516 | ||||||||
Weighted average assumptions | ' | ||||||||||||
The estimated fair value of compensatory PBF LLC Series A warrants and options granted during the years ended December 31, 2012 and 2011 was determined using the Black-Scholes pricing model with the following weighted average assumptions: | |||||||||||||
Years Ended December 31, | |||||||||||||
2012 | 2011 | ||||||||||||
Expected life (in years) | 6 | 5.75 | |||||||||||
Expected volatility | 55 | % | 40 | % | |||||||||
Dividend yield | 1 | % | 1.06 | % | |||||||||
Risk-free rate of return | 0.91 | % | 2.43 | % | |||||||||
Exercise price | $ | 12.55 | $ | 10 | |||||||||
The estimated fair value of PBF Energy options granted during the years ended December 31, 2013 and 2012 was determined using the Black-Scholes pricing model with the following weighted average assumptions: | |||||||||||||
December 31, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Expected life (in years) | 6.25 | 6.25 | |||||||||||
Expected volatility | 52.1 | % | 51 | % | |||||||||
Dividend yield | 4.43 | % | 3.01 | % | |||||||||
Risk-free rate of return | 1.53 | % | 0.89 | % | |||||||||
Exercise price | $ | 27.79 | $ | 26 | |||||||||
Summary of Share-based compensation activity | ' | ||||||||||||
The following table summarizes activity for PBF Energy options for the year ended December 31, 2013 and 2012. There were no options granted, exercised or forfeited prior to 2012. | |||||||||||||
Number of | Weighted | Weighted | |||||||||||
PBF Energy | Average | Average | |||||||||||
Class A | Exercise Price | Remaining | |||||||||||
Common | Contractual | ||||||||||||
Stock Options | Life | ||||||||||||
(in years) | |||||||||||||
Stock-based awards, outstanding at January 1, 2012 | — | $ | — | — | |||||||||
Granted | 682,500 | 26 | 10 | ||||||||||
Exercised | — | — | — | ||||||||||
Forfeited | — | — | — | ||||||||||
Outstanding at December 31, 2012 | 682,500 | $ | 26 | 9.95 | |||||||||
Granted | 697,500 | $ | 27.79 | 10 | |||||||||
Exercised | — | — | — | ||||||||||
Forfeited | (60,000 | ) | 25.36 | — | |||||||||
Outstanding at December 31, 2013 | 1,320,000 | 26.97 | 9.33 | ||||||||||
Exercisable and vested at December 31, 2013 | 158,125 | $ | 26 | 8.95 | |||||||||
Exercisable and vested at December 31, 2012 | — | $ | — | — | |||||||||
Expected to vest at December 31, 2013 | 1,320,000 | $ | 26.97 | 9.33 | |||||||||
The following table summarizes activity for PBF LLC Series A compensatory warrants and options for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||
Number of | Weighted | Weighted | |||||||||||
PBF LLC | Average | Average | |||||||||||
Series A | Exercise Price | Remaining | |||||||||||
Compensatory | Contractual | ||||||||||||
Warrants | Life | ||||||||||||
and Options | (in years) | ||||||||||||
Stock-based awards, outstanding January 1, 2011 | 691,320 | $ | 10 | 9.74 | |||||||||
Granted | 1,171,759 | 10 | 10 | ||||||||||
Exercised | (25,000 | ) | 10 | — | |||||||||
Forfeited | (2,500 | ) | 10 | — | |||||||||
Outstanding at December 31, 2011 | 1,835,579 | $ | 10 | 8.99 | |||||||||
Granted | 205,000 | 12.55 | 10 | ||||||||||
Exercised | (849,186 | ) | 10 | — | |||||||||
Forfeited | (6,667 | ) | 10 | — | |||||||||
Outstanding at December 31, 2012 | 1,184,726 | $ | 10.44 | 8.23 | |||||||||
Granted | — | — | — | ||||||||||
Exercised | (301,979 | ) | 10.11 | — | |||||||||
Forfeited | (41,668 | ) | 11.27 | — | |||||||||
Outstanding at December 31, 2013 | 841,079 | $ | 10.52 | 7.4 | |||||||||
Exercisable and vested at December 31, 2013 | 545,247 | $ | 10.24 | 7.23 | |||||||||
Exercisable and vested at December 31, 2012 | 608,039 | $ | 10 | 8 | |||||||||
Expected to vest at December 31, 2013 | 841,079 | $ | 10.52 | 7.4 | |||||||||
Summary of activity for PBF LLC Series B Units | ' | ||||||||||||
The following table summarizes activity for PBF LLC Series B Units for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||
Number of | Weighted | ||||||||||||
PBF LLC | Average | ||||||||||||
Series B units | Grant Date | ||||||||||||
Fair Value | |||||||||||||
Non-vested units at January 1, 2011 | 712,500 | $ | 5.11 | ||||||||||
Allocated | 50,000 | 5.11 | |||||||||||
Vested | (262,500 | ) | 5.11 | ||||||||||
Forfeited | — | — | |||||||||||
Non-vested units at December 31, 2011 | 500,000 | $ | 5.11 | ||||||||||
Allocated | — | — | |||||||||||
Vested | (250,000 | ) | 5.11 | ||||||||||
Forfeited | — | — | |||||||||||
Non-vested units at December 31, 2012 | 250,000 | $ | 5.11 | ||||||||||
Allocated | — | — | |||||||||||
Vested | (250,000 | ) | 5.11 | ||||||||||
Forfeited | — | — | |||||||||||
Non-vested units at December 31, 2013 | — | $ | — | ||||||||||
EMPLOYEE_BENEFIT_PLANS_Tables
EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Schedule of changes in benefit obligations, fair value of plan assets, and funded status of plan | ' | ||||||||||||||||||||||||
The changes in the benefit obligation, the changes in fair value of plan assets, and the funded status of the Company’s Pension and Post Retirement Medical Plans as of and for the years ended December 31, 2013 and 2012 were as follows: | |||||||||||||||||||||||||
Pension Plans | Post Retirement | ||||||||||||||||||||||||
Medical Plan | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 30,215 | $ | 11,409 | $ | 9,730 | $ | 8,912 | |||||||||||||||||
Service cost | 14,794 | 11,437 | 726 | 633 | |||||||||||||||||||||
Interest cost | 992 | 502 | 334 | 395 | |||||||||||||||||||||
Plan amendments | — | — | (860 | ) | — | ||||||||||||||||||||
Benefit payments | (663 | ) | (48 | ) | (51 | ) | (21 | ) | |||||||||||||||||
Actuarial loss (gain) | 8,012 | 6,916 | (1,654 | ) | (189 | ) | |||||||||||||||||||
Projected benefit obligation at end of year | $ | 53,350 | $ | 30,215 | $ | 8,225 | $ | 9,730 | |||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 10,232 | $ | 4,758 | $ | — | $ | — | |||||||||||||||||
Actual return on plan assets | 33 | 422 | — | — | |||||||||||||||||||||
Benefits paid | (663 | ) | (48 | ) | (51 | ) | (21 | ) | |||||||||||||||||
Employer contributions | 15,448 | 5,100 | 51 | 21 | |||||||||||||||||||||
Fair value of plan assets at end of year | $ | 25,050 | $ | 10,232 | $ | — | $ | — | |||||||||||||||||
Reconciliation of funded status: | |||||||||||||||||||||||||
Fair value of plan assets at end of year | $ | 25,050 | $ | 10,232 | $ | — | $ | — | |||||||||||||||||
Less benefit obligations at end of year | 53,350 | 30,215 | 8,225 | 9,730 | |||||||||||||||||||||
Funded status at end of year | $ | (28,300 | ) | $ | (19,983 | ) | $ | (8,225 | ) | $ | (9,730 | ) | |||||||||||||
Schedule of expected benefit payments | ' | ||||||||||||||||||||||||
Benefit payments, which reflect expected future services, that the Company expects to pay are as follows for the years ended December 31: | |||||||||||||||||||||||||
Pension Benefits | Post Retirement | ||||||||||||||||||||||||
Medical Plan | |||||||||||||||||||||||||
2014 | $ | 6,493 | $ | 176 | |||||||||||||||||||||
2015 | 3,758 | 278 | |||||||||||||||||||||||
2016 | 4,922 | 329 | |||||||||||||||||||||||
2017 | 7,123 | 445 | |||||||||||||||||||||||
2018 | 9,161 | 528 | |||||||||||||||||||||||
Years 2019-2024 | 58,480 | 4,330 | |||||||||||||||||||||||
Schedule of net periodic benefit cost | ' | ||||||||||||||||||||||||
The components of net periodic benefit cost were as follows for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||
Pension Benefits | Post Retirement | ||||||||||||||||||||||||
Medical Plan | |||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Components of net period benefit cost: | |||||||||||||||||||||||||
Service cost | $ | 14,794 | $ | 11,437 | $ | 8,678 | $ | 726 | $ | 633 | $ | 540 | |||||||||||||
Interest cost | 992 | 502 | 140 | 334 | 395 | 381 | |||||||||||||||||||
Expected return on plan assets | (550 | ) | (323 | ) | (38 | ) | — | — | — | ||||||||||||||||
Amortization of prior service cost | 11 | 11 | 11 | — | — | — | |||||||||||||||||||
Amortization of actuarial loss | 421 | 30 | 56 | — | — | — | |||||||||||||||||||
Net periodic benefit cost | $ | 15,668 | $ | 11,657 | $ | 8,847 | $ | 1,060 | $ | 1,028 | $ | 921 | |||||||||||||
Schedule of pre-tax amounts recognized in other comprehensive income (loss) | ' | ||||||||||||||||||||||||
The pre-tax amounts recognized in other comprehensive income (loss) for the years ended December 31, 2013, 2012 and 2011 were as follows: | |||||||||||||||||||||||||
Pension Benefits | Post Retirement | ||||||||||||||||||||||||
Medical Plan | |||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Prior service costs (credits) | $ | — | $ | — | $ | — | $ | (860 | ) | $ | — | $ | — | ||||||||||||
Net actuarial loss (gain) | 8,235 | 6,817 | 661 | (1,654 | ) | (189 | ) | 738 | |||||||||||||||||
Amortization of losses and prior service cost | (432 | ) | (41 | ) | (67 | ) | — | — | — | ||||||||||||||||
Total changes in other comprehensive loss (income) | $ | 7,803 | $ | 6,776 | $ | 594 | $ | (2,514 | ) | $ | (189 | ) | $ | 738 | |||||||||||
Schedule of pre-tax amounts in accumulated other comprehensive loss not yet recognized as components of net periodic costs | ' | ||||||||||||||||||||||||
The pre-tax amounts in accumulated other comprehensive loss as of December 31, 2013 and 2012 that have not yet been recognized as components of net periodic costs were as follows: | |||||||||||||||||||||||||
Pension Benefits | Post Retirement | ||||||||||||||||||||||||
Medical Plan | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Prior service (costs) credits | $ | (92 | ) | $ | (103 | ) | $ | 860 | $ | — | |||||||||||||||
Net actuarial (loss) gain | (16,419 | ) | (8,306 | ) | 1,126 | (528 | ) | ||||||||||||||||||
Total | $ | (16,511 | ) | $ | (8,409 | ) | $ | 1,986 | $ | (528 | ) | ||||||||||||||
Schedule of pre-tax amounts in accumulated other comprehensive loss to be recognized over next fiscal year | ' | ||||||||||||||||||||||||
The following pre-tax amounts included in accumulated other comprehensive loss as of December 31, 2013 are expected to be recognized as components of net period benefit cost during the year ended December 31, 2014: | |||||||||||||||||||||||||
Pension Benefits | Post Retirement | ||||||||||||||||||||||||
Medical Plan | |||||||||||||||||||||||||
Amortization of prior service costs (credits) | $ | 11 | $ | (81 | ) | ||||||||||||||||||||
Amortization of net actuarial loss (gain) | 889 | (21 | ) | ||||||||||||||||||||||
Total | $ | 900 | $ | (102 | ) | ||||||||||||||||||||
Schedule of assumptions used | ' | ||||||||||||||||||||||||
The weighted average assumptions used to determine the benefit obligations as of December 31, 2013 and 2012 were as follows: | |||||||||||||||||||||||||
Pension Benefits | Post Retirement Medical Plan | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Discount rate | 4.55 | % | 3.45 | % | 4.55 | % | 3.45 | % | |||||||||||||||||
Rate of compensation increase | 4.64 | % | 4 | % | — | — | |||||||||||||||||||
The weighted average assumptions used to determine the net periodic benefit costs for the years ended December 31, 2013, 2012 and 2011 were as follows: | |||||||||||||||||||||||||
Pension Benefits | Post Retirement Medical Plan | ||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Discount rate | 3.45 | % | 4.45 | % | 5.25 | % | 3.45 | % | 4.45 | % | 5.25 | % | |||||||||||||
Expected long-term rate of return on plan assets | 3.5 | % | 4.25 | % | 4.25 | % | — | — | — | ||||||||||||||||
Rate of compensation increase | 4 | % | 4 | % | 4 | % | — | — | — | ||||||||||||||||
Schedule of assumed health care cost trend rates | ' | ||||||||||||||||||||||||
The assumed health care cost trend rates as of December 31, 2013 and 2012 were as follows: | |||||||||||||||||||||||||
Post Retirement | |||||||||||||||||||||||||
Medical Plan | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Health care cost trend rate assumed for next year | 6.8 | % | 7 | % | |||||||||||||||||||||
Rate to which the cost trend rate was assumed to decline (the ultimate trend rate) | 4.5 | % | 4.5 | % | |||||||||||||||||||||
Year that the rate reached the ultimate trend rate | 2027 | 2027 | |||||||||||||||||||||||
Schedule of effect of one-percentage-point change in assumed health care cost trend rates | ' | ||||||||||||||||||||||||
Assumed health care costs trend rates have a significant effect on the amounts reported for retiree health care plans. A one percentage-point change in assumed health care costs trend rates would have the following effects on the medical postretirement benefits: | |||||||||||||||||||||||||
1% | 1% | ||||||||||||||||||||||||
Increase | Decrease | ||||||||||||||||||||||||
Effect on total of service and interest cost components | $ | 159 | $ | (135 | ) | ||||||||||||||||||||
Effect on accumulated postretirement benefit obligation | 907 | (794 | ) | ||||||||||||||||||||||
Schedule of fair value of assets of the Company's Qualified Plan | ' | ||||||||||||||||||||||||
The tables below present the fair values of the assets of the Company’s Qualified Plan as of December 31, 2013 and 2012 by level of fair value hierarchy. Assets categorized in Level 1 of the hierarchy are measured at fair value using a market approach based on published net asset values of mutual funds. As noted above, the Company’s post retirement medical plan is funded on a pay-as-you-go basis and has no assets. | |||||||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||||||
Quoted Prices in Active Markets | |||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Equities: | |||||||||||||||||||||||||
Domestic equities | $ | 7,603 | $ | — | |||||||||||||||||||||
Developed international equities | 3,685 | — | |||||||||||||||||||||||
Emerging market equities | 1,775 | — | |||||||||||||||||||||||
Global low volatility equities | 2,132 | — | |||||||||||||||||||||||
Fixed-income | 9,855 | — | |||||||||||||||||||||||
Government securities: | |||||||||||||||||||||||||
Vanguard Intermediate-Term Treasury Fund | — | 10,232 | |||||||||||||||||||||||
Cash and cash equivalents | — | — | |||||||||||||||||||||||
Total | $ | 25,050 | $ | 10,232 | |||||||||||||||||||||
REVENUES_Tables
REVENUES (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Oil and Gas Revenue [Abstract] | ' | ||||||||||||
Revenues from external customers for each product or group of similar products | ' | ||||||||||||
The following table provides information relating to the Company’s revenues from external customers for each product or group of similar products for the periods: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Gasoline and distillates | $ | 16,973,239 | $ | 17,878,957 | $ | 13,182,234 | |||||||
Chemicals | 746,396 | 705,373 | 344,311 | ||||||||||
Lubricants | 468,315 | 517,921 | 525,095 | ||||||||||
Clarified slurry oil | 357,580 | 272,220 | — | ||||||||||
Asphalt and residual oils | 332,725 | 370,420 | 441,638 | ||||||||||
Liquefied petroleum gases | 260,181 | 380,747 | 430,435 | ||||||||||
Other | 13,019 | 13,049 | 36,625 | ||||||||||
$ | 19,151,455 | $ | 20,138,687 | $ | 14,960,338 | ||||||||
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Income Tax Disclosure [Abstract] | ' | |||||||
Summary of the income tax provision | ' | |||||||
The income tax provision in the PBF Energy consolidated financial statements of operations consists of the following: | ||||||||
Year Ended | Year Ended | |||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
Current expense: | ||||||||
Federal | $ | — | $ | — | ||||
State | — | — | ||||||
Total current | — | — | ||||||
Deferred expense: | ||||||||
Federal | 15,406 | 1,134 | ||||||
State | 1,275 | 141 | ||||||
Total deferred | 16,681 | 1,275 | ||||||
Total provision for income taxes | $ | 16,681 | $ | 1,275 | ||||
Schedule of effective income tax rate reconciliation | ' | |||||||
The difference between the PBF Energy’s effective income tax rate and the United States statutory rate is reconciled below: | ||||||||
Year Ended | Year Ended | |||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
Provision at Federal statutory rate | 35 | % | 35 | % | ||||
Increase (decrease) attributable to flow-through of certain tax adjustments: | ||||||||
State income taxes (net of federal income tax) | 5 | % | 4.4 | % | ||||
Non deductible/nontaxable items | 7 | % | — | % | ||||
Adjustment to deferred tax assets and liabilities for change in tax rates due to business mix | (14.5 | )% | — | % | ||||
Other | (2.8 | )% | 0.1 | % | ||||
Effective tax rate | 29.7 | % | 39.5 | % | ||||
Summary of the components of deferred tax assets and liabilities | ' | |||||||
A summary of the components of deferred tax assets and deferred tax liabilities follows: | ||||||||
31-Dec-13 | 31-Dec-12 | |||||||
Deferred tax assets | ||||||||
Purchase interest step-up | $ | 310,132 | $ | 181,257 | ||||
Net operating loss carry forwards | 14,327 | 6,087 | ||||||
Other | 21,423 | 9,503 | ||||||
Total deferred tax assets | 345,882 | 196,847 | ||||||
Valuation allowances | — | — | ||||||
Total deferred tax assets, net | 345,882 | 196,847 | ||||||
Deferred tax liabilities | ||||||||
Property, plant and equipment | 140,330 | 69,088 | ||||||
Inventory | 9,390 | 6,534 | ||||||
Other | 1,399 | 646 | ||||||
Total deferred tax liabilities | 151,119 | 76,268 | ||||||
Net deferred tax assets (liabilities) | $ | 194,763 | $ | 120,579 | ||||
Summary of income tax examinations | ' | |||||||
Income tax years that remain subject to examination by material jurisdictions, where an examination has not already concluded are all years including and subsequent to: | ||||||||
United States | ||||||||
Federal | 2012 | |||||||
New Jersey | 2012 | |||||||
Michigan | 2012 | |||||||
Delaware | 2012 | |||||||
Indiana | 2012 | |||||||
Pennsylvania | 2012 | |||||||
New York | 2012 |
NET_INCOME_PER_SHARE_OF_PBF_EN1
NET INCOME PER SHARE OF PBF ENERGY (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Computation of basic and diluted net income per common share | ' | |||||||
he following table sets forth the computation of basic and diluted net income (loss) per Class A common share attributable to PBF Energy for the periods subsequent to the IPO: | ||||||||
Year Ended December 31, | ||||||||
Basic Earnings Per Share: | 2013 | 2012 | ||||||
Numerator for basic net income per Class A common share net income attributable to PBF Energy | $ | 39,540 | $ | 1,956 | ||||
Denominator for basic net income per Class A common share-weighted average shares | 32,488,369 | 23,570,240 | ||||||
Basic net income attributable to PBF Energy per Class A common share | $ | 1.22 | $ | 0.08 | ||||
Diluted Earnings Per Share: | ||||||||
Numerator: | ||||||||
Net income attributable to PBF Energy Inc. | $ | 39,540 | $ | 1,956 | ||||
Plus: Net income attributable to noncontrolling interest (1) | — | 10,005 | ||||||
Less: Income tax on net income per Class A common share (1) | — | (3,948 | ) | |||||
Numerator for diluted net income per Class A common share net income attributable to PBF Energy (1) | $ | 39,540 | $ | 8,013 | ||||
Denominator (1): | ||||||||
Denominator for basic net income per Class A common share-weighted average shares | 32,488,369 | 23,570,240 | ||||||
Effect of dilutive securities: | ||||||||
Conversion of PBF LLC Series A Units | — | 72,972,131 | ||||||
Common stock equivalents (2) | 572,712 | 688,533 | ||||||
Denominator for diluted net income per common share-adjusted weighted average shares | 33,061,081 | 97,230,904 | ||||||
Diluted net income attributable to PBF Energy per Class A common share | $ | 1.2 | $ | 0.08 | ||||
—————————— | ||||||||
-1 | The diluted earnings per share calculation for the year ended December 31, 2012, assumes the conversion of all outstanding PBF LLC Series A Units to Class A common stock of PBF Energy as of the date of the IPO. The net income attributable to PBF Energy, used in the numerator of the diluted earnings per share calculation is adjusted to reflect the net income, as well as the corresponding income tax (based on a 39.5% effective tax rate) attributable to the converted units. For the year ended December 31, 2013, the potential conversion of 64,164,045 PBF LLC Series A Units was 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 related income tax expense 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 1,320,000 and 682,500 shares of PBF Energy Class A common stock because they are anti-dilutive for the years ended December 31, 2013 and 2012, respectively. |
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 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 December 31, 2013 and 2012. | ||||||||||||||||
31-Dec-13 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Money market funds | $ | 5,857 | $ | — | $ | — | $ | 5,857 | ||||||||
Non-qualified pension plan assets | 4,905 | — | — | 4,905 | ||||||||||||
Commodity contracts | 4,252 | 6,681 | — | 10,933 | ||||||||||||
Derivatives included with inventory intermediation agreement obligations | — | 6,016 | — | 6,016 | ||||||||||||
Liabilities: | ||||||||||||||||
Commodity contracts | — | 6,989 | 23,365 | 30,354 | ||||||||||||
Derivatives included with inventory supply arrangement obligations | — | 177 | — | 177 | ||||||||||||
Catalyst lease obligations | — | 53,089 | — | 53,089 | ||||||||||||
31-Dec-12 | ||||||||||||||||
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 of contingent consideration for refinery acquisition categorized in Level 3 of the fair value hierarchy: | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Balance at beginning of period | $ | 21,358 | $ | 122,232 | ||||||||||||
Purchases | — | — | ||||||||||||||
Settlements | (21,358 | ) | (103,642 | ) | ||||||||||||
Unrealized loss included in earnings | — | 2,768 | ||||||||||||||
Transfers into Level 3 | — | — | ||||||||||||||
Transfers out of Level 3 | — | — | ||||||||||||||
Balance at end of period | $ | — | $ | 21,358 | ||||||||||||
The table below summarizes the changes in fair value measurements of commodity contracts categorized in Level 3 of the fair value hierarchy: | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Balance at beginning of period | $ | — | $ | — | ||||||||||||
Purchases | — | — | ||||||||||||||
Settlements | 24,678 | — | ||||||||||||||
Unrealized loss included in earnings | (48,043 | ) | — | |||||||||||||
Transfers into Level 3 | — | — | ||||||||||||||
Transfers out of Level 3 | — | — | ||||||||||||||
Balance at end of period | $ | (23,365 | ) | $ | — | |||||||||||
Schedule of Fair value of Debt | ' | |||||||||||||||
The table below summarizes the fair value and carrying value as of December 31, 2013 and 2012. | ||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||
value | value | value | value | |||||||||||||
Senior Secured Notes (a) | $ | 667,487 | $ | 697,568 | $ | 666,538 | $ | 700,963 | ||||||||
Revolver (b) | 15,000 | 15,000 | — | — | ||||||||||||
Catalyst leases (c) | 53,089 | 53,089 | 43,442 | 43,442 | ||||||||||||
735,576 | 765,657 | 709,980 | 744,405 | |||||||||||||
Less - Current maturities | 12,029 | 12,029 | — | — | ||||||||||||
Long-term debt | $ | 723,547 | $ | 753,628 | $ | 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_Tables
DERIVATIVES (Tables) | 12 Months Ended | ||||
Dec. 31, 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 December 31, 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: | |||||
December 31, 2013: | |||||
Derivatives included with inventory supply arrangement obligations | Accrued expenses | $ | (177 | ) | |
Derivatives included with the inventory intermediation agreement obligations | Accrued expenses | $ | 6,016 | ||
December 31, 2012: | |||||
Derivatives included with inventory supply arrangement obligations | Accrued expenses | $ | 5,595 | ||
Derivatives included with the inventory intermediation agreement obligations | Accrued expenses | $ | — | ||
Derivatives not designated as hedging instruments: | |||||
December 31, 2013: | |||||
Commodity contracts | Accrued expenses | $ | (19,421 | ) | |
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 year ended December 31, 2013: | |||||
Derivatives included with inventory supply arrangement obligations | Cost of sales | $ | (5,773 | ) | |
Derivatives included with the inventory intermediation agreement obligations | Cost of sales | $ | 6,016 | ||
For the year ended December 31, 2012: | |||||
Derivatives included with inventory supply arrangement obligations | Cost of sales | $ | 7,060 | ||
For the year ended December 31, 2011 | |||||
Derivatives included with inventory supply arrangement obligations | Cost of sales | $ | (6,076 | ) | |
Derivatives not designated as hedging instruments: | |||||
For the year ended December 31, 2013: | |||||
Derivatives included with inventory supply arrangement obligations | Cost of sales | $ | — | ||
Commodity contracts | Cost of sales | $ | (88,962 | ) | |
For the year ended December 31, 2012: | |||||
Derivatives included with inventory supply arrangement obligations | Cost of sales | $ | (8 | ) | |
Commodity contracts | Cost of sales | $ | 34,778 | ||
For the year ended December 31, 2011 | |||||
Derivatives included with inventory supply arrangement obligations | Cost of sales | $ | 2,829 | ||
Commodity contracts | Cost of sales | $ | 5,604 | ||
Hedged items designated in fair value hedges: | |||||
For the year ended December 31, 2013: | |||||
Crude oil and feedstock inventory | Cost of sales | $ | (1,491 | ) | |
Intermediate and refined product inventory | Cost of sales | $ | (6,016 | ) | |
For the year ended December 31, 2012: | |||||
Crude oil and feedstock inventory | Cost of sales | $ | (4,704 | ) | |
For the year ended December 31, 2011 | |||||
Crude oil and feedstock inventory | Cost of sales | $ | 6,558 | ||
CONSOLIDATING_FINANCIAL_STATEM1
CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Condensed Financial Information of Subsidiary Disclosure [Abstract] | ' | |||||||||||||||||||
Condensed Consolidating Balance Sheet | ' | |||||||||||||||||||
CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||
Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combining and Consolidating Adjustments | Total | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 76,179 | $ | 791 | $ | — | $ | — | $ | 76,970 | ||||||||||
Accounts receivable | 588,385 | 8,262 | — | — | 596,647 | |||||||||||||||
Inventories | 818,007 | 627,510 | — | — | 1,445,517 | |||||||||||||||
Prepaid expense and other current assets | 49,251 | 6,592 | — | — | 55,843 | |||||||||||||||
Due from related parties | 11,807,063 | 16,600,151 | — | (28,407,214 | ) | — | ||||||||||||||
Total current assets | 13,338,885 | 17,243,306 | — | (28,407,214 | ) | 2,174,977 | ||||||||||||||
Property, plant and equipment, net | 60,746 | 1,720,843 | — | — | 1,781,589 | |||||||||||||||
Investment in subsidiaries | 3,584,622 | — | — | (3,584,622 | ) | — | ||||||||||||||
Deferred charges and other assets, net | 27,923 | 234,556 | — | — | 262,479 | |||||||||||||||
Total assets | $ | 17,012,176 | $ | 19,198,705 | $ | — | $ | (31,991,836 | ) | $ | 4,219,045 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable | $ | 307,612 | $ | 94,681 | $ | — | $ | — | $ | 402,293 | ||||||||||
Accrued expenses | 606,388 | 604,557 | — | — | 1,210,945 | |||||||||||||||
Current portion of long-term debt | — | 12,029 | — | — | 12,029 | |||||||||||||||
Deferred revenue | 7,766 | — | — | — | 7,766 | |||||||||||||||
Due to related parties | 13,589,263 | 14,817,951 | — | (28,407,214 | ) | — | ||||||||||||||
Total current liabilities | 14,511,029 | 15,529,218 | — | (28,407,214 | ) | 1,633,033 | ||||||||||||||
Delaware Economic Development Authority loan | — | 12,000 | — | — | 12,000 | |||||||||||||||
Long-term debt | 682,487 | 41,060 | — | — | 723,547 | |||||||||||||||
Intercompany notes payable | 31,835 | — | — | — | 31,835 | |||||||||||||||
Other long-term liabilities | 14,672 | 31,805 | — | — | 46,477 | |||||||||||||||
Total liabilities | 15,240,023 | 15,614,083 | — | (28,407,214 | ) | 2,446,892 | ||||||||||||||
Commitments and contingencies | ||||||||||||||||||||
Equity: | ||||||||||||||||||||
Member's equity | 933,164 | 667,173 | — | (667,173 | ) | 933,164 | ||||||||||||||
Retained earnings | 853,527 | 2,915,720 | — | (2,915,720 | ) | 853,527 | ||||||||||||||
Accumulated other comprehensive loss | (14,538 | ) | 1,729 | — | (1,729 | ) | (14,538 | ) | ||||||||||||
Total equity | 1,772,153 | 3,584,622 | — | (3,584,622 | ) | 1,772,153 | ||||||||||||||
Total liabilities and equity | $ | 17,012,176 | $ | 19,198,705 | $ | — | $ | (31,991,836 | ) | $ | 4,219,045 | |||||||||
23. CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING | ||||||||||||||||||||
CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||
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) | ' | |||||||||||||||||||
CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME | ||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combining and Consolidating Adjustments | Total | ||||||||||||||||
Revenues | $ | 16,190,178 | $ | 7,641,498 | $ | — | $ | (4,680,221 | ) | $ | 19,151,455 | |||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of sales, excluding depreciation | 16,486,851 | 5,996,684 | — | (4,680,221 | ) | 17,803,314 | ||||||||||||||
Operating expenses, excluding depreciation | (482 | ) | 813,134 | — | — | 812,652 | ||||||||||||||
General and administrative expenses | 82,284 | 13,510 | — | — | 95,794 | |||||||||||||||
(Gain) loss on sale of asset | (388 | ) | 205 | — | — | (183 | ) | |||||||||||||
Depreciation and amortization expense | 12,856 | 98,623 | — | — | 111,479 | |||||||||||||||
16,581,121 | 6,922,156 | — | (4,680,221 | ) | 18,823,056 | |||||||||||||||
Income (loss) from operations | (390,943 | ) | 719,342 | — | — | 328,399 | ||||||||||||||
Other income (expense): | ||||||||||||||||||||
Equity in earnings of subsidiaries | 722,673 | — | — | (722,673 | ) | — | ||||||||||||||
Change in fair value of catalyst lease | — | 4,691 | — | — | 4,691 | |||||||||||||||
Interest expense, net | (92,854 | ) | (1,360 | ) | — | — | (94,214 | ) | ||||||||||||
Net income (loss) | $ | 238,876 | $ | 722,673 | $ | — | $ | (722,673 | ) | $ | 238,876 | |||||||||
Comprehensive Income (Loss) | $ | 233,279 | $ | 724,930 | $ | — | $ | (724,930 | ) | $ | 233,279 | |||||||||
23. CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING | ||||||||||||||||||||
CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME | ||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combining and Consolidating Adjustments | Total | ||||||||||||||||
Revenues | $ | 7,622,924 | $ | 16,141,408 | $ | — | $ | (3,625,645 | ) | $ | 20,138,687 | |||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of sales, excluding depreciation | 8,537,996 | 13,356,727 | — | (3,625,645 | ) | 18,269,078 | ||||||||||||||
Operating expenses, excluding depreciation | — | 738,824 | — | — | 738,824 | |||||||||||||||
General and administrative expenses | 105,135 | 15,308 | — | — | 120,443 | |||||||||||||||
Loss on sale of asset | — | (2,329 | ) | — | — | (2,329 | ) | |||||||||||||
Depreciation and amortization expense | 8,051 | 84,187 | — | — | 92,238 | |||||||||||||||
8,651,182 | 14,192,717 | — | (3,625,645 | ) | 19,218,254 | |||||||||||||||
(Loss) income from operations | (1,028,258 | ) | 1,948,691 | — | — | 920,433 | ||||||||||||||
Other income (expense): | ||||||||||||||||||||
Equity in earnings (loss) of subsidiaries | 1,921,040 | — | — | (1,921,040 | ) | — | ||||||||||||||
Change in fair value of contingent consideration | — | (2,768 | ) | — | — | (2,768 | ) | |||||||||||||
Change in fair value of catalyst lease | — | (3,724 | ) | — | — | (3,724 | ) | |||||||||||||
Interest expense, net | (87,470 | ) | (21,159 | ) | — | — | (108,629 | ) | ||||||||||||
Net income (loss) | $ | 805,312 | $ | 1,921,040 | $ | — | $ | (1,921,040 | ) | $ | 805,312 | |||||||||
Comprehensive Income (Loss) | $ | 798,747 | $ | 1,921,267 | $ | — | $ | (1,921,267 | ) | $ | 798,747 | |||||||||
23. CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING | ||||||||||||||||||||
CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME | ||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||
Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combining and Consolidating Adjustments | Total | ||||||||||||||||
Revenues | $ | — | $ | 14,960,338 | $ | — | $ | — | $ | 14,960,338 | ||||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of sales, excluding depreciation | — | 13,855,163 | — | — | 13,855,163 | |||||||||||||||
Operating expenses, excluding depreciation | — | 658,831 | — | — | 658,831 | |||||||||||||||
General and administrative expenses | 72,667 | 13,516 | — | — | 86,183 | |||||||||||||||
Acquisition related expenses | 517 | 211 | — | — | 728 | |||||||||||||||
Depreciation and amortization expense | 2,047 | 51,696 | — | — | 53,743 | |||||||||||||||
75,231 | 14,579,417 | — | — | 14,654,648 | ||||||||||||||||
(Loss) income from operations | (75,231 | ) | 380,921 | — | — | 305,690 | ||||||||||||||
Other income (expense): | ||||||||||||||||||||
Equity in earnings (loss) of subsidiaries | 326,170 | — | — | (326,170 | ) | — | ||||||||||||||
Change in fair value of catalyst lease | — | 7,316 | — | — | 7,316 | |||||||||||||||
Change in fair value of contingent consideration | — | (5,215 | ) | — | — | (5,215 | ) | |||||||||||||
Interest expense, net | (8,268 | ) | (56,852 | ) | — | — | (65,120 | ) | ||||||||||||
Net income (loss) | $ | 242,671 | $ | 326,170 | $ | — | $ | (326,170 | ) | $ | 242,671 | |||||||||
Comprehensive Income (Loss) | $ | 241,344 | $ | 326,175 | $ | — | $ | (326,175 | ) | $ | 241,344 | |||||||||
Condensed Consolidating Statement of Cash Flow | ' | |||||||||||||||||||
CONSOLIDATING STATEMENT OF CASH FLOW | ||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combining and Consolidating Adjustments | Total | ||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net income | $ | 238,876 | $ | 722,673 | $ | — | $ | (722,673 | ) | $ | 238,876 | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
Depreciation and amortization | 19,296 | 98,705 | — | — | 118,001 | |||||||||||||||
Stock-based compensation | — | 3,753 | — | — | 3,753 | |||||||||||||||
Change in fair value of catalyst lease obligation | — | (4,691 | ) | — | — | (4,691 | ) | |||||||||||||
Change in fair value of contingent consideration | — | — | — | — | — | |||||||||||||||
Non-cash change in inventory repurchase obligations | — | (20,492 | ) | — | — | (20,492 | ) | |||||||||||||
Write-off of unamortized deferred financing fees | — | — | — | — | — | |||||||||||||||
Pension and other post retirement benefit costs | 4,575 | 12,153 | — | — | 16,728 | |||||||||||||||
Gain on disposition of property, plant and equipment | (388 | ) | 205 | — | — | (183 | ) | |||||||||||||
Equity in earnings of subsidiaries | (722,673 | ) | — | — | 722,673 | — | ||||||||||||||
Changes in current assets and current liabilities: | ||||||||||||||||||||
Accounts receivable | (281,386 | ) | 188,535 | — | — | (92,851 | ) | |||||||||||||
Amounts due to/from related parties | 626,623 | (611,902 | ) | — | — | 14,721 | ||||||||||||||
Inventories | (153,782 | ) | 199,773 | — | — | 45,991 | ||||||||||||||
Other current assets | (40,416 | ) | (2,039 | ) | — | — | (42,455 | ) | ||||||||||||
Accounts payable | 109,988 | (67,752 | ) | — | — | 42,236 | ||||||||||||||
Accrued expenses | 222,194 | (7,377 | ) | — | — | 214,817 | ||||||||||||||
Deferred revenue | 7,766 | (210,543 | ) | — | — | (202,777 | ) | |||||||||||||
Other assets and liabilities | (1,140 | ) | (19,263 | ) | — | — | (20,403 | ) | ||||||||||||
Net cash provided by operating activities | 29,533 | 281,738 | — | — | 311,271 | |||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Expenditures for property, plant and equipment | (127,653 | ) | (190,741 | ) | — | — | (318,394 | ) | ||||||||||||
Expenditures for refinery turnarounds costs | — | (64,616 | ) | — | — | (64,616 | ) | |||||||||||||
Expenditures for other assets | — | (32,692 | ) | — | — | (32,692 | ) | |||||||||||||
Proceeds from sale of assets | 102,428 | — | — | — | 102,428 | |||||||||||||||
Net cash used in investing activities | (25,225 | ) | (288,049 | ) | — | — | (313,274 | ) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Proceeds from revolver borrowings | 1,450,000 | — | — | — | $ | 1,450,000 | ||||||||||||||
Proceeds from intercompany notes payable | 31,835 | — | — | — | 31,835 | |||||||||||||||
Proceeds from member's capital contributions | — | 1,757 | — | — | 1,757 | |||||||||||||||
Proceeds from catalyst lease | — | 14,337 | — | — | 14,337 | |||||||||||||||
Distribution to members | (215,846 | ) | — | — | — | (215,846 | ) | |||||||||||||
Repayments of revolver borrowings | (1,435,000 | ) | — | — | — | (1,435,000 | ) | |||||||||||||
Payment of contingent consideration related to acquisition of Toledo refinery | — | (21,357 | ) | — | — | (21,357 | ) | |||||||||||||
Deferred financing costs and other | (1,044 | ) | — | — | — | (1,044 | ) | |||||||||||||
Net cash used in financing activities | (170,055 | ) | (5,263 | ) | — | — | (175,318 | ) | ||||||||||||
Net decrease in cash and cash equivalents | (165,747 | ) | (11,574 | ) | — | — | (177,321 | ) | ||||||||||||
Cash and equivalents, beginning of period | 241,926 | 12,365 | — | — | 254,291 | |||||||||||||||
Cash and equivalents, end of period | $ | 76,179 | $ | 791 | $ | — | $ | — | $ | 76,970 | ||||||||||
23. CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING | ||||||||||||||||||||
CONSOLIDATING STATEMENT OF CASH FLOW | ||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combining and Consolidating Adjustments | Total | ||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net income | $ | 805,312 | $ | 1,921,040 | $ | — | $ | (1,921,040 | ) | $ | 805,312 | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
Depreciation and amortization | 13,466 | 84,184 | — | — | 97,650 | |||||||||||||||
Stock-based compensation | — | 2,954 | — | — | 2,954 | |||||||||||||||
Change in fair value of catalyst lease obligation | — | 3,724 | — | — | 3,724 | |||||||||||||||
Change in fair value of contingent consideration | — | 2,768 | — | — | 2,768 | |||||||||||||||
Non-cash change in inventory repurchase obligations | — | 4,576 | — | — | 4,576 | |||||||||||||||
Write-off of unamortized deferred financing fees | 4,391 | — | — | — | 4,391 | |||||||||||||||
Pension and other post retirement benefit costs | 2,125 | 10,559 | — | — | 12,684 | |||||||||||||||
Gain on disposition of property, plant and equipment | — | (2,329 | ) | — | — | (2,329 | ) | |||||||||||||
Equity in earnings of subsidiaries | (1,921,040 | ) | — | — | 1,921,040 | — | ||||||||||||||
Changes in current assets and current liabilities: | ||||||||||||||||||||
Accounts receivable | (306,999 | ) | 119,455 | — | — | (187,544 | ) | |||||||||||||
Amounts due to/from related parties | 1,736,986 | (1,751,707 | ) | — | — | (14,721 | ) | |||||||||||||
Inventories | (664,225 | ) | 584,128 | — | — | (80,097 | ) | |||||||||||||
Other current assets | 78 | 49,893 | — | — | 49,971 | |||||||||||||||
Accounts payable | 193,151 | (119,161 | ) | — | — | 73,990 | ||||||||||||||
Accrued expenses | 419,735 | (389,392 | ) | — | — | 30,343 | ||||||||||||||
Deferred revenue | — | 21,309 | — | — | 21,309 | |||||||||||||||
Other assets and liabilities | (9,023 | ) | (22,521 | ) | — | — | (31,544 | ) | ||||||||||||
Net cash provided by operating activities | 273,957 | 519,480 | — | — | 793,437 | |||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Expenditures for property, plant and equipment | (16,546 | ) | (159,354 | ) | — | — | (175,900 | ) | ||||||||||||
Expenditures for refinery turnarounds costs | — | (38,633 | ) | — | — | (38,633 | ) | |||||||||||||
Expenditures for other assets | — | (8,155 | ) | — | — | (8,155 | ) | |||||||||||||
Proceeds from sale of assets | — | 3,381 | — | — | 3,381 | |||||||||||||||
Net cash used in investing activities | (16,546 | ) | (202,761 | ) | — | — | (219,307 | ) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Proceeds from 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 | (160,965 | ) | — | — | — | (160,965 | ) | |||||||||||||
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 | (26,059 | ) | — | — | — | (26,059 | ) | |||||||||||||
Net cash used in financing activities | (18,609 | ) | (351,396 | ) | — | — | (370,005 | ) | ||||||||||||
Net increase (decrease) in cash and cash equivalents | 238,802 | (34,677 | ) | — | — | 204,125 | ||||||||||||||
Cash and equivalents, beginning of period | 3,124 | 47,042 | — | — | 50,166 | |||||||||||||||
Cash and equivalents, end of period | $ | 241,926 | $ | 12,365 | $ | — | $ | — | $ | 254,291 | ||||||||||
23. CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING | ||||||||||||||||||||
CONSOLIDATING STATEMENT OF CASH FLOW | ||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||
Issuer | Guarantors Subsidiaries | Non-Guarantors Subsidiaries | Combining and Consolidated Adjustments | Total | ||||||||||||||||
Cash flows from operating activities | ||||||||||||||||||||
Net income (loss) | $ | 242,671 | $ | 326,170 | $ | — | $ | (326,170 | ) | $ | 242,671 | |||||||||
Adjustments to reconcile net income to net | ||||||||||||||||||||
cash from operating activities: | ||||||||||||||||||||
Depreciation and amortization | 4,877 | 52,042 | — | — | 56,919 | |||||||||||||||
Stock based compensation | — | 2,516 | — | — | 2,516 | |||||||||||||||
Change in fair value of catalyst lease obligation | — | (7,316 | ) | — | — | (7,316 | ) | |||||||||||||
Change in fair value of contingent consideration | — | 5,215 | — | — | 5,215 | |||||||||||||||
Non-cash change in inventory repurchase obligations | — | 25,329 | — | — | 25,329 | |||||||||||||||
Pension and other post retirement benefit costs | 1,241 | 8,527 | — | — | 9,768 | |||||||||||||||
Equity in earnings of subsidiaries | (326,170 | ) | — | — | 326,170 | — | ||||||||||||||
Changes in operating assets and liabilities, net of effects of acquisitions | ||||||||||||||||||||
Accounts receivable | — | (279,315 | ) | — | — | (279,315 | ) | |||||||||||||
Inventories | — | (512,054 | ) | — | — | (512,054 | ) | |||||||||||||
Other current assets | (8,896 | ) | (48,057 | ) | — | — | (56,953 | ) | ||||||||||||
Accounts payable | 4,456 | 245,309 | — | — | 249,765 | |||||||||||||||
Accrued expenses | 46,724 | 348,369 | — | — | 395,093 | |||||||||||||||
Deferred revenue | — | 122,895 | — | — | 122,895 | |||||||||||||||
Other assets and liabilities | (1,029 | ) | (4,222 | ) | — | — | (5,251 | ) | ||||||||||||
Net cash from operating activities | (36,126 | ) | 285,408 | — | — | 249,282 | ||||||||||||||
Cash flows from investing activities | ||||||||||||||||||||
Acquisition of the Toledo Refinery, net of cash received for sale of assets | — | (168,156 | ) | — | — | (168,156 | ) | |||||||||||||
Expenditures for property, plant and equipment | (17,202 | ) | (471,519 | ) | — | — | (488,721 | ) | ||||||||||||
Expenditures for refinery turnarounds costs | — | (62,823 | ) | — | — | (62,823 | ) | |||||||||||||
Expenditures for other assets | — | (23,339 | ) | — | — | (23,339 | ) | |||||||||||||
Proceeds from sale of assets | — | 4,700 | — | — | 4,700 | |||||||||||||||
Amounts due to/from related parties | (750,630 | ) | — | — | 750,630 | — | ||||||||||||||
Other | — | (854 | ) | — | — | (854 | ) | |||||||||||||
Net cash used in investing activities | (767,832 | ) | (721,991 | ) | — | 750,630 | (739,193 | ) | ||||||||||||
Cash flows from financing activities | ||||||||||||||||||||
Proceeds from member contributions | 408,397 | — | — | — | 408,397 | |||||||||||||||
Proceeds from long-term debt | 470,000 | 18,894 | — | — | 488,894 | |||||||||||||||
Proceeds from catalyst lease | — | 18,624 | — | — | 18,624 | |||||||||||||||
Repayments of long-term debt | (201,250 | ) | (19,151 | ) | — | — | (220,401 | ) | ||||||||||||
Repayment of seller note for inventory | — | (299,645 | ) | — | — | (299,645 | ) | |||||||||||||
Amounts due to/from related parties | 750,630 | (750,630 | ) | — | ||||||||||||||||
Deferred financing costs and other | (10,737 | ) | (512 | ) | — | — | (11,249 | ) | ||||||||||||
Net cash (used in) provided by financing activities | 666,410 | 468,840 | — | (750,630 | ) | 384,620 | ||||||||||||||
Net (decrease) increase in cash and cash equivalents | (137,548 | ) | 32,257 | — | — | (105,291 | ) | |||||||||||||
Cash and equivalents, beginning of period | 140,672 | 14,785 | — | — | 155,457 | |||||||||||||||
Cash and equivalents, end of period | $ | 3,124 | $ | 47,042 | $ | — | $ | — | $ | 50,166 | ||||||||||
QUARTERLY_FINANCIAL_DATA_Table
QUARTERLY FINANCIAL DATA (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Summary of quarterly financial data | ' | ||||||||||||||||
The following table summarizes quarterly financial data for the years ended December 31, 2013 and 2012 (in thousands, except per share amounts). | |||||||||||||||||
2013 Quarter Ended | |||||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||||
Revenues | $ | 4,797,847 | $ | 4,678,293 | $ | 4,858,880 | $ | 4,816,435 | |||||||||
Income (loss) from operations | 100,105 | 133,027 | (55,599 | ) | 142,326 | ||||||||||||
Net income (loss) | 69,711 | 107,170 | (64,893 | ) | 102,097 | ||||||||||||
Net income attributable to PBF Energy Inc. | 11,406 | 16,826 | (19,848 | ) | 31,156 | ||||||||||||
Earnings per common share -assuming dilution | $ | 0.48 | $ | 0.61 | $ | (0.50 | ) | $ | 0.76 | ||||||||
2012 Quarter Ended | |||||||||||||||||
March 31 | June 30 | September 30 | December 31 (a) | ||||||||||||||
Revenues | $ | 4,716,106 | $ | 5,077,015 | $ | 5,395,206 | $ | 4,950,360 | |||||||||
Income (loss) from operations | (164,083 | ) | 579,506 | 220,109 | 284,901 | ||||||||||||
Net income (loss) | (202,532 | ) | 555,742 | 186,564 | 264,263 | ||||||||||||
Net income attributable to PBF Energy Inc. | 1,956 | ||||||||||||||||
Earnings per common share -assuming dilution | $ | 0.08 | |||||||||||||||
(a) | On December 12, 2012, PBF Energy Inc. completed an initial public offering which closed on December 18, 2012. |
DESCRIPTION_OF_THE_BUSINESS_AN2
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Details) (USD $) | 12 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Jun. 12, 2013 | Dec. 31, 2012 | Dec. 18, 2012 | Feb. 09, 2012 | Dec. 31, 2012 | Dec. 12, 2012 | Dec. 12, 2012 | Dec. 12, 2012 | Dec. 12, 2012 | Dec. 18, 2012 | Jun. 12, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 12, 2013 | Dec. 31, 2012 | Dec. 18, 2012 | Dec. 12, 2012 | Jun. 12, 2013 | Jun. 12, 2013 | Jun. 10, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 12, 2013 | Jun. 10, 2013 | Dec. 31, 2012 | Dec. 18, 2012 | Dec. 31, 2013 | ||||
Senior Secured Notes [Member] | Class A Common Stock [Member] | Series A Units [Member] | Series C Units [Member] | IPO [Member] | IPO [Member] | IPO [Member] | Secondary Public Offering [Member] | Secondary Public Offering [Member] | PBF LLC [Member] | PBF LLC [Member] | PBF LLC [Member] | PBF LLC [Member] | PBF LLC [Member] | PBF LLC [Member] | Blackstone Group L.P And First Reserve Management, L.P. [Member] | Blackstone Group L.P And First Reserve Management, L.P. [Member] | PBF Holding [Member] | PBF Energy [Member] | PBF Energy [Member] | PBF Energy [Member] | PBF Energy [Member] | PBF Energy [Member] | PBF Energy [Member] | |||||||||
Class A Common Stock [Member] | PBF LLC [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Series A Units [Member] | Series A Units [Member] | Series A Units [Member] | Series A Units [Member] | Series C Units [Member] | Secondary Public Offering [Member] | PBF LLC [Member] | PBF LLC [Member] | Senior Secured Notes [Member] | Class A Common Stock [Member] | Class A Common Stock [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] | Senior Secured Notes Issued in 2012 [Member] | Warrant [Member] | ||||||||||||||||||||||||||||||
Description of Business [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Public offering (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 23,567,686 | 23,567,686 | ' | 15,950,000 | ' | ' | ' | ' | ' | 1,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Public offering, offering price per share | ' | ' | ' | ' | ' | ' | ' | ' | $26 | $26 | ' | $27 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Purchase of Interest by Parent | ' | ' | ' | ' | ' | ' | $571,200 | $41,600 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Percentage of voting interest acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Issuance costs and underwriters' discount | ' | ' | ' | ' | ' | $33,702 | ' | ' | ' | ' | ' | ' | $1,388 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Debt fixed interest rate | ' | ' | ' | ' | 8.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.25% | ' | ' | ' | ' | ' | ' | ||||
Shares outstanding | 96,867,147 | [1] | 96,591,060 | [1] | 96,543,352 | [1] | 96,541,758 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | 57,201,674 | 57,027,225 | 72,972,131 | 72,974,072 | ' | ' | ' | ' | ' | 39,665,473 | 39,563,835 | ' | 23,571,221 | 23,567,686 | ' |
Warrants and options outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 909,499 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Number of shares called by warrants and options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 909,499 | ||||
Shares purchased from subsidiary | ' | ' | ' | ' | ' | ' | 21,967,686 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Exchange of PBF Energy Company LLC Series A Units for Class A common stock (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,950,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 53.60% | 70.10% | ' | ' | ' | ' | ' | ' | ' | ||||
Percentage of ownership in PBF LLC | 100.00% | [1] | 100.00% | [1] | 100.00% | [1] | 100.00% | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | 59.10% | 59.00% | 75.60% | 75.60% | ' | ' | ' | ' | ' | 40.90% | 41.00% | 24.40% | 24.40% | 24.40% | ' |
Percent of tax benefit received from increases in tax basis paid to stockholders | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
[1] | Assumes all of the holders of PBF LLC Series A Units exchange their PBF LLC Series A Units for shares of the PBF Energybs ClassB A common stock on a one-for-one basis. |
DESCRIPTION_OF_THE_BUSINESS_AN3
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Ownership Percentage) (Details) | Dec. 31, 2013 | Jun. 12, 2013 | Jun. 10, 2013 | Dec. 31, 2012 | Dec. 18, 2012 | ||||
Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ' | ||||
Shares outstanding | 96,867,147 | [1] | 96,591,060 | [1] | ' | 96,543,352 | [1] | 96,541,758 | [1] |
Percentage of ownership in PBF LLC | 100.00% | [1] | 100.00% | [1] | ' | 100.00% | [1] | 100.00% | [1] |
PBF LLC [Member] | Series A Units [Member] | ' | ' | ' | ' | ' | ||||
Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ' | ||||
Shares outstanding | 57,201,674 | 57,027,225 | ' | 72,972,131 | 72,974,072 | ||||
Percentage of ownership in PBF LLC | 59.10% | 59.00% | ' | 75.60% | 75.60% | ||||
PBF Energy [Member] | Class A Common Stock [Member] | ' | ' | ' | ' | ' | ||||
Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ' | ||||
Shares outstanding | 39,665,473 | 39,563,835 | ' | 23,571,221 | 23,567,686 | ||||
Percentage of ownership in PBF LLC | 40.90% | 41.00% | 24.40% | 24.40% | 24.40% | ||||
[1] | Assumes all of the holders of PBF LLC Series A Units exchange their PBF LLC Series A Units for shares of the PBF Energybs ClassB A common stock on a one-for-one basis. |
DESCRIPTION_OF_THE_BUSINESS_AN4
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Comprehensive Income) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net income attributable to PBF Energy Inc. | $31,156 | ($19,848) | $16,826 | $11,406 | $1,956 | [1] | ' | ' | ' | $39,540 | $1,956 | ' |
Net income (loss) attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | 174,545 | 802,081 | ' | |
Net income (loss) | 102,097 | -64,893 | 107,170 | 69,711 | 264,263 | [1] | 186,564 | 555,742 | -202,532 | 214,085 | 804,037 | 242,671 |
Unrealized gain on available for sale securities, attributable to PBF Energy Inc, | ' | ' | ' | ' | ' | ' | ' | ' | -126 | 0 | ' | |
Unrealized gain on available for sale securities, attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | -182 | 2 | ' | |
Unrealized (loss) gain on available for sale securities | ' | ' | ' | ' | ' | ' | ' | ' | -308 | 2 | 5 | |
Amortization of defined benefit plans unrecognized net gain (loss), attributable to PBF Energy Inc. | ' | ' | ' | ' | ' | ' | ' | ' | -2,144 | -61 | ' | |
Amortization of defined benefit plans unrecognized net gain (loss), attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | -3,145 | -6,506 | ' | |
Amortization of defined benefit plans unrecognized net loss | ' | ' | ' | ' | ' | ' | ' | ' | -5,289 | -6,567 | -1,332 | |
Total other comprehensive loss, attributable to PBF Energy Inc. | ' | ' | ' | ' | ' | ' | ' | ' | -2,270 | -61 | ' | |
Total other comprehensive loss, attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | -3,327 | -6,504 | ' | |
Other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | -5,597 | -6,565 | -1,327 | |
Comprehensive income attributable to PBF Energy Inc. | ' | ' | ' | ' | ' | ' | ' | ' | 37,270 | 1,895 | ' | |
Comprehensive income attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | 171,218 | 795,577 | ' | |
Comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | $208,488 | $797,472 | $241,344 | |
[1] | On DecemberB 12, 2012, PBF Energy Inc. completed an initial public offering which closed on DecemberB 18, 2012. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Concentration of Credit Risk) (Details) (Customer Concentration Risk [Member]) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
MSCG [Member] | Revenues [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk percentage | 29.00% | 57.00% | 52.00% |
Sunoco, Inc. [Member] | Revenues [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk percentage | 10.00% | 10.00% | 12.00% |
Sunoco, Inc. [Member] | Accounts Receivables [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk percentage | 10.00% | 10.00% | ' |
Statoil [Member] | Accounts Receivables [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Concentration risk percentage | ' | 28.00% | ' |
SUMMARY_OF_SIGNIFICANT_ACCOUNT4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Allowance for Doubtful Accounts) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Accounting Policies [Abstract] | ' | ' |
Allowance for doubtful accounts | $0 | $0 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Property, Plant, and Equipment) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Process Units and Equipment [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives | '5 years |
Process Units and Equipment [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives | '25 years |
Pipeline and Equipment [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives | '5 years |
Pipeline and Equipment [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives | '25 years |
Buildings [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives | '25 years |
Buildings [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives | '40 years |
Computers, Furniture and Fixtures [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives | '3 years |
Computers, Furniture and Fixtures [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives | '15 years |
Leasehold Improvements [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives | '20 years |
Railcars [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful lives | '50 years |
SUMMARY_OF_SIGNIFICANT_ACCOUNT6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Deferred Charges and Other Assets, Net) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Minimum [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Refinery turnaround amortization period | '3 years |
Intangible assets estimated useful lives | '1 year |
Maximum [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Refinery turnaround amortization period | '5 years |
Intangible assets estimated useful lives | '10 years |
Revolving Credit Facility And Senior Secured Notes [Member] | Minimum [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Amortization over life of loan | '1 year |
Revolving Credit Facility And Senior Secured Notes [Member] | Maximum [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Amortization over life of loan | '8 years |
SUMMARY_OF_SIGNIFICANT_ACCOUNT7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Income Taxes) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Accounting Policies [Abstract] | ' | ' |
Percent of tax benefit received from increases in tax basis paid to stockholders | 85.00% | ' |
Unrealized deferred tax asset | $310,132 | $181,257 |
Realization period for deferred tax asset | '10 years | ' |
ACQUISITIONS_Purchase_Price_De
ACQUISITIONS (Purchase Price) (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 01, 2011 |
Toledo Refinery [Member] | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' |
Net cash | $0 | $0 | $168,156 | $168,156 |
Seller promissory note | ' | ' | ' | 200,000 |
Seller note for inventory | ' | ' | ' | 299,645 |
Estimated fair value of contingent consideration | 0 | 21,358 | ' | 117,017 |
Total purchase price | ' | ' | ' | $784,818 |
ACQUISITIONS_Assets_and_Liabil
ACQUISITIONS (Assets and Liabilities Acquired) (Details) (Toledo Refinery [Member], USD $) | Mar. 01, 2011 |
In Thousands, unless otherwise specified | |
Toledo Refinery [Member] | ' |
Business Acquisition [Line Items] | ' |
Current assets | $305,645 |
Land | 8,065 |
Property, plant and equipment | 452,084 |
Other assets | 24,640 |
Current liabilities | -5,616 |
Total assets acquired and liabilities assumed, net | $784,818 |
ACQUISITIONS_Pro_Forma_Informa
ACQUISITIONS (Pro Forma Information) (Details) (Toledo Refinery [Member], USD $) | 10 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2011 | Dec. 31, 2011 |
Toledo Refinery [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Actual revenue of acquiree since acquisition date | $6,113,055 | ' |
Actual net income (loss) of acquiree since acquisition date | 489,243 | ' |
Pro forma revenue | ' | 15,961,529 |
Pro forma net income (loss) | ' | $328,142 |
ACQUISITIONS_Additional_Inform
ACQUISITIONS (Additional Information) (Details) (Toledo Refinery [Member], USD $) | 0 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 01, 2011 | Apr. 30, 2013 | Apr. 30, 2012 |
bbl | |||
Business Acquisition [Line Items] | ' | ' | ' |
Throughput capacity of plant (in barrels per day) | 170,000 | ' | ' |
Purchase price prior to certain adjustments | $400,000 | ' | ' |
Purchase price after adjustments | 784,818 | ' | ' |
Cash paid | 200,000 | ' | ' |
Seller promissory note | 200,000 | ' | ' |
Estimated fair value of contingent consideration | 125,000 | ' | ' |
Payment past due (in days) | '120 days | ' | ' |
Participation payment of purchased assets as a percentage of EBITDA | 25.00% | ' | ' |
Contingent consideration paid | ' | 21,357 | 103,643 |
Toldeo inventory note payable | 299,645 | ' | ' |
Toledo Inventory Note Payable [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Toldeo inventory note payable | 299,645 | ' | ' |
Stated interest rate range, minimum | 7.50% | ' | ' |
Crude oil inventory purchased | 338,395 | ' | ' |
Crude oil revenue | $369,999 | ' | ' |
Toledo Inventory Note Payable [Member] | LIBOR [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Basis spread on variable rate | 5.50% | ' | ' |
INVENTORIES_Details
INVENTORIES (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory [Line Items] | ' | ' |
Crude oil and feedstocks | $608,436 | $642,388 |
Refined products and blendstocks | 803,319 | 823,410 |
Other Inventory, Supplies, Gross | 33,762 | 31,321 |
Total inventory | 1,445,517 | 1,497,119 |
Excess of replacement value of inventory over LIFO carrying value | 78,407 | 79,859 |
Titled Inventory [Member] | ' | ' |
Inventory [Line Items] | ' | ' |
Crude oil and feedstocks | 518,599 | 384,441 |
Refined products and blendstocks | 425,033 | 405,545 |
Other Inventory, Supplies, Gross | 33,762 | 31,321 |
Total inventory | 977,394 | 821,307 |
Inventory Supply and Offtake Arrangements [Member] | ' | ' |
Inventory [Line Items] | ' | ' |
Crude oil and feedstocks | 89,837 | 257,947 |
Refined products and blendstocks | 378,286 | 417,865 |
Other Inventory, Supplies, Gross | 0 | 0 |
Total inventory | $468,123 | $675,812 |
PROPERTY_PLANT_AND_EQUIPMENT_N2
PROPERTY, PLANT AND EQUIPMENT, NET (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | $1,966,674 | $1,741,762 | ' |
Less - Accumulated depreciation | -185,085 | -106,175 | ' |
Property, plant and equipment, net | 1,781,589 | 1,635,587 | ' |
Depreciation | 79,413 | 64,947 | 39,968 |
Land [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | 61,780 | 61,780 | ' |
Process units, pipelines and equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | 1,658,256 | 1,484,727 | ' |
Building and leasehold improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | 25,577 | 11,073 | ' |
Computers furniture and fixtures [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | 54,496 | 38,657 | ' |
Construction in progress [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment, gross | 166,565 | 145,525 | ' |
Capitalized interest | $5,672 | $6,697 | ' |
DEFERRED_CHARGES_AND_OTHER_ASS2
DEFERRED CHARGES AND OTHER ASSETS, NET (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ' | ' |
Deferred turnaround costs, net | $119,383,000 | $78,128,000 | ' |
Catalyst | 88,964,000 | 66,377,000 | ' |
Deferred financing costs, net | 26,541,000 | 30,987,000 | ' |
Restricted cash | 12,117,000 | 12,114,000 | ' |
Linefill | 9,636,000 | 8,042,000 | ' |
Intangible assets, net | 653,000 | 1,085,000 | ' |
Other | 5,185,000 | 616,000 | ' |
Deferred charges and other assets | 262,479,000 | 197,349,000 | ' |
Amortization expense | 32,066,000 | 27,291,000 | 13,776,000 |
Intangible Assets, Net [Abstract] | ' | ' | ' |
Gross amount | 3,597,000 | 3,597,000 | ' |
Accumulated amortization | -2,944,000 | -2,512,000 | ' |
Net amount | $653,000 | $1,085,000 | ' |
ACCRUED_EXPENSES_Details
ACCRUED EXPENSES (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Accrued Expenses: | ' | ' |
Inventory-related accruals | $533,012 | $287,929 |
Inventory supply and offtake arrangements | 454,893 | 536,594 |
Excise and sales tax payable | 42,814 | 40,776 |
Accrued construction in progress | 33,747 | 16,481 |
Accrued transportation costs | 29,762 | 20,338 |
Accrued utilities | 25,959 | 19,060 |
Customer deposits | 23,621 | 26,541 |
Accrued interest | 22,570 | 22,764 |
Renewable energy credit obligations | 15,955 | 0 |
Accrued salaries and benefits | 10,799 | 15,212 |
Income taxes payable | 0 | 1,275 |
Fair value of contingent consideration for refinery acquisition | 0 | 21,358 |
Other | 16,749 | 23,139 |
Accrued expenses | 1,209,881 | 1,031,467 |
Morgan Stanley Capital Group, Inc [Member] | ' | ' |
Repurchase Agreement Counterparty [Line Items] | ' | ' |
Non-cash charge to (benefit from) related to repurchase obligation | -20,248 | 11,619 |
PBF Holding [Member] | ' | ' |
Accrued Expenses: | ' | ' |
Inventory-related accruals | 533,012 | 287,929 |
Inventory supply and offtake arrangements | 454,893 | 536,594 |
Excise and sales tax payable | 42,814 | 36,414 |
Accrued construction in progress | 33,747 | 16,481 |
Accrued transportation costs | 29,762 | 20,338 |
Accrued utilities | 25,959 | 19,060 |
Customer deposits | 23,621 | 26,541 |
Accrued interest | 22,570 | 22,764 |
Renewable energy credit obligations | 15,955 | 0 |
Accrued salaries and benefits | 10,799 | 15,212 |
Fair value of contingent consideration for refinery acquisition | 0 | 21,358 |
Other | 17,813 | 23,227 |
Accrued expenses | $1,210,945 | $1,025,918 |
DELAWARE_ECONOMIC_DEVELOPMENT_1
DELAWARE ECONOMIC DEVELOPMENT AUTHORITY LOAN (Details) (USD $) | 12 Months Ended | 1 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2010 | Dec. 31, 2013 | Feb. 28, 2013 | Oct. 31, 2013 |
Zero Percent Interest Note [Member] | Tranche 1 [Member] | Tranche 2 [Member] | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' |
Delaware Economic Development Authority loan | $12,000 | $20,000 | $20,000 | ' | ' | ' |
Debt fixed interest rate | ' | ' | ' | 0.00% | ' | ' |
Annual conversion of loan to grant | 4,000 | ' | ' | ' | ' | ' |
Term of loan conversion | '5 years | ' | ' | ' | ' | ' |
Minimum man hours of labor utilized | '600000 hours | ' | ' | ' | ' | ' |
Minimum qualified capital expenditures | 125,000 | ' | ' | ' | ' | ' |
Amount of loan converted during period | ' | ' | ' | ' | 4,000 | 4,000 |
Aggregate amount of loan converted | $8,000 | ' | ' | ' | ' | ' |
CREDIT_FACILITY_AND_LONGTERM_D2
CREDIT FACILITY AND LONG-TERM DEBT (Details) (USD $) | 12 Months Ended | 1 Months Ended | 1 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | |||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 31, 2012 | Dec. 31, 2013 | Nov. 30, 2013 | Dec. 31, 2012 | Oct. 31, 2012 | Oct. 31, 2012 | Oct. 31, 2012 | Oct. 31, 2012 | Oct. 31, 2012 | Oct. 31, 2012 | Oct. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 09, 2012 | Feb. 09, 2012 | Oct. 17, 2013 | Aug. 05, 2011 | Dec. 31, 2012 | Dec. 05, 2013 | Jan. 06, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 02, 2011 | Nov. 30, 2013 | Oct. 17, 2013 | Oct. 31, 2010 | Nov. 21, 2013 | |
Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Senior Secured Notes [Member] | Senior Secured Notes [Member] | Financing Arrangements [Member] | Financing Arrangements [Member] | Financing Arrangements [Member] | Financing Arrangements [Member] | Financing Arrangements [Member] | Financing Arrangements [Member] | Financing Arrangements [Member] | Financing Arrangements [Member] | Financing Arrangements [Member] | Financing Arrangements [Member] | Financing Arrangements [Member] | Financing Arrangements [Member] | ||||
Revolving Loan [Member] | Revolving Loan [Member] | Revolving Loan [Member] | Revolving Loan [Member] | Revolving Loan [Member] | Revolving Loan [Member] | Revolving Loan [Member] | Revolving Loan [Member] | Revolving Loan [Member] | Revolving Loan [Member] | Letter of Credit [Member] | Standby Letters of Credit [Member] | Standby Letters of Credit [Member] | Board of Directors Chairman [Member] | Delaware City Construction Financing [Member] | Delaware City Construction Financing [Member] | Paulsboro Catalyst Lease [Member] | Paulsboro Catalyst Lease [Member] | Paulsboro Catalyst Lease [Member] | Paulsboro Catalyst Lease [Member] | Toledo Catalyst Lease [Member] | Toledo Catalyst Lease [Member] | Delaware City Catalyst Lease [Member] | Delaware City Catalyst Lease [Member] | Amended Delaware City Catalyst Lease [Member] | ||||||
Minimum [Member] | Maximum [Member] | Base Rate [Member] | Base Rate [Member] | LIBOR [Member] | LIBOR [Member] | |||||||||||||||||||||||||
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $675,000,000 | $25,500,000 | ' | $20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt fixed interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.25% | ' | ' | ' | ' | 1.95% | ' | ' | ' | ' | 1.85% | 1.96% | ' | 1.85% |
Redemption price as a percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | 1,575,000,000 | ' | 1,610,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.75% | 1.50% | 1.75% | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment fee | ' | ' | ' | ' | ' | ' | ' | 0.38% | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fronting fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.13% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity, as a percentage of aggregate borrowing capacity | ' | ' | ' | 17.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Alternative maximum borrowing capacity | ' | ' | ' | 35,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective consolidated fixed charge coverage ratio during period | ' | ' | ' | 1.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount outstanding | ' | ' | ' | ' | 15,000,000 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | 441,368,000 | 449,652,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Installment payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 530,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Frequency of installments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'monthly | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '60 months | ' | '3 years | '1 year | ' | ' | '3 years | '8 months | '3 years | '3 years | ' |
Loss on early retirement of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,797,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from lease | 0 | 665,806,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,453,000 | ' | ' | 18,345,000 | 12,034,000 | 2,223,000 | 17,474,000 | ' |
Annual lease fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 180,000 | ' | 262,000 | 267,000 | ' | 150,000 | ' | ' | 30,000 |
Facility fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 322,000 | ' | ' | ' | ' | ' | ' | 279,000 | ' | ' | 266,000 | ' |
Lease fee, year 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 997,000 | ' | ' | 1,076,000 | ' |
Lease fee, year 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 967,000 | ' | ' | 946,000 | ' |
Lease fee, year 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $810,000 | ' | ' | $1,048,000 | ' |
CREDIT_FACILITY_AND_LONGTERM_D3
CREDIT FACILITY AND LONG-TERM DEBT (Summary of Long-Term Debt) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Long-term debt | $735,576 | $709,980 |
LessbCurrent maturities | -12,029 | 0 |
Total long-term debt | 723,547 | 709,980 |
Revolving Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 15,000 | 0 |
Capital Lease Obligations [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 53,089 | 43,442 |
Senior Secured Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | $667,487 | $666,538 |
CREDIT_FACILITY_AND_LONGTERM_D4
CREDIT FACILITY AND LONG-TERM DEBT (Debt Maturities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ' | ' |
2014 | $26,887 | ' |
2015 | 0 | ' |
2016 | 26,202 | ' |
2017 | 15,000 | ' |
2018 | 0 | ' |
Thereafter | 667,487 | ' |
Long-term Debt | $735,576 | $709,980 |
INTERCOMPANY_NOTE_PAYABLE_Deta
INTERCOMPANY NOTE PAYABLE (Details) (PBF Holding [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Notes Payable [Member] | ||
Debt Instrument [Line Items] | ' | ' | ' |
Intercompany notes payable | $31,835 | $0 | ' |
Debt fixed interest rate | ' | ' | 2.50% |
Debt instrument term | ' | ' | '5 years |
OTHER_LONGTERM_LIABILITIES_Det
OTHER LONG-TERM LIABILITIES (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other Long-Term Liabilities [Abstract] | ' | ' |
Other long-term liabilities | $43,720 | $38,099 |
PBF Energy [Member] | ' | ' |
Other Long-Term Liabilities [Abstract] | ' | ' |
Defined benefit pension plan liabilities | 28,300 | 19,983 |
Post retiree medical plan | 8,225 | 9,730 |
Environmental liabilities | 7,195 | 7,303 |
Other | 0 | 1,083 |
Other long-term liabilities | 43,720 | 38,099 |
PBF Holding [Member] | ' | ' |
Other Long-Term Liabilities [Abstract] | ' | ' |
Defined benefit pension plan liabilities | 28,300 | 19,983 |
Post retiree medical plan | 8,225 | 9,730 |
Environmental liabilities | 7,195 | 7,303 |
Other | 2,757 | 1,083 |
Other long-term liabilities | $46,477 | $38,099 |
RELATED_PARTY_TRANSACTIONS_Det
RELATED PARTY TRANSACTIONS (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Blackstone and First Reserve [Member] | Series B Units [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Distributions to Series B Unitholders | $6,427 | ' | ' |
Fuel Strategies International, Inc, [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Charges incurred during period | 646 | 903 | 462 |
Executive Chairman of the Board of Directors [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Charges incurred during period | $1,274 | $1,030 | $821 |
COMMITMENTS_AND_CONTINGENCIES_1
COMMITMENTS AND CONTINGENCIES (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 12, 2013 | Dec. 18, 2012 | Dec. 31, 2013 | Jun. 12, 2013 | Jun. 10, 2013 | Dec. 31, 2012 | Dec. 18, 2012 | Dec. 31, 2013 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 01, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |||||
PBF Energy [Member] | PBF Energy [Member] | PBF Energy [Member] | PBF Energy [Member] | PBF Energy [Member] | Environmental Issue [Member] | Environmental Issue [Member] | Environmental Issue [Member] | Environmental Issue [Member] | Environmental Issue [Member] | Environmental Issue [Member] | Minimum [Member] | Maximum [Member] | Executive [Member] | Executive [Member] | ||||||||||
Class A Common Stock [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | ppm | ppm | Valero [Member] | PBF Energy and Valero [Member] | Sunoco, Inc. [Member] | Minimum [Member] | Maximum [Member] | |||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Rent expense | $70,581,000 | $41,563,000 | $29,233,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Inventory purchases | 38,383,000 | 30,335,000 | 30,773,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Non-cancelable operating lease term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | '20 years | ' | ' | ||||
Employee Agreements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Potential lump sum payment as a multiple of base salary | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.5 | 2.99 | ||||
Potential payment upon death or disability as a multiple of base salary | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.5 | ' | ||||
Environmental Matters | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Environmental liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,869,000 | ' | 9,669,000 | ' | ' | ' | ' | ' | ' | ' | ||||
Discount rate used for environmental liability assessment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Undiscounted liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,874,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Expected future payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,838,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Expected payment period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Restricted cash for environmental liabilities | 12,117,000 | 12,114,000 | ' | ' | ' | ' | ' | ' | ' | ' | 12,117,000 | ' | 12,114,000 | ' | ' | ' | ' | ' | ' | ' | ||||
Maximum pre-disposal environmental obligations of Valero | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000,000 | ' | ' | ' | ' | ' | ' | ||||
Term of insurance policies | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ||||
Payments to acquire environmental insurance policies | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $75,000,000 | ' | ' | ' | ' | ' | ||||
Loss Contingency Accrual, Insurance-Related Assessment, Expiration Of Liability Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '20 years | ' | ' | ' | ' | ||||
Maximum amount of sulfur allowed in heating oil (in ppm) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10 | 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] | 100.00% | [1] | 40.90% | 41.00% | 24.40% | 24.40% | 24.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
[1] | Assumes all of the holders of PBF LLC Series A Units exchange their PBF LLC Series A Units for shares of the PBF Energybs ClassB A common stock on a one-for-one basis. |
COMMITMENTS_AND_CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Future Minimum Rental Payments) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' |
2014 | $81,358 |
2015 | 73,481 |
2016 | 72,424 |
2017 | 62,918 |
2018 | 56,483 |
Thereafter | 93,937 |
Total future obligation payments due | $440,601 |
STOCKHOLDERS_AND_MEMBERS_EQUIT2
STOCKHOLDERS' AND MEMBERS' EQUITY STRUCTURE (Additional Information) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Class B Common Stock [Member] | ' |
Class of Stock [Line Items] | ' |
Number of votes per share | 1 |
PBF LLC [Member] | Series B Units [Member] | ' |
Class of Stock [Line Items] | ' |
Equity unit, stated value per share | 0 |
Number of units authorized | 1,000,000 |
STOCKHOLDERS_AND_MEMBERS_EQUIT3
STOCKHOLDERS' AND MEMBERS' EQUITY STRUCTURE (Summary of PBF LLC Units) (Details) (PBF LLC [Member]) | 0 Months Ended | 6 Months Ended | 7 Months Ended | 12 Months Ended | |
Dec. 31, 2012 | Jun. 12, 2013 | Dec. 31, 2013 | Dec. 18, 2012 | Dec. 31, 2011 | |
Series A Units [Member] | ' | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' | ' |
Common Unit, Outstanding | 94,943,352 | 72,972,131 | 57,027,225 | 92,257,812 | 51,393,114 |
Shares issued for share-based compensation | ' | 5,094 | 258,309 | 2,661,636 | ' |
Member capital contribution | ' | ' | ' | ' | 40,864,698 |
Issuances of restricted units | ' | ' | ' | 23,904 | ' |
Reorganization and offering transaction | -21,967,686 | ' | ' | ' | ' |
Secondary offering transaction | ' | -15,950,000 | ' | ' | ' |
Exchange of PBF Energy Company LLC Series A Units for Class A common stock, shares | -3,535 | ' | -83,860 | ' | ' |
Common Unit, Outstanding | 72,972,131 | 57,027,225 | 57,201,674 | 94,943,352 | 92,257,812 |
Series B Units [Member] | ' | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' | ' |
Common Unit, Outstanding | ' | ' | ' | ' | 950,000 |
Shares issued for share-based compensation | ' | ' | ' | ' | 50,000 |
Common Unit, Outstanding | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
Series C Units [Member] | ' | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' | ' |
Common Unit, Outstanding | 0 | 23,571,221 | 39,563,835 | ' | ' |
Issuances of restricted units | ' | 42,614 | 17,778 | ' | ' |
Reorganization and offering transaction | 21,967,686 | ' | ' | ' | ' |
Issuance of Series C units | 1,600,000 | ' | ' | ' | ' |
Secondary offering transaction | ' | 15,950,000 | ' | ' | ' |
Exchange of PBF Energy Company LLC Series A Units for Class A common stock, shares | 3,535 | ' | 83,860 | ' | ' |
Common Unit, Outstanding | 23,571,221 | 39,563,835 | 39,665,473 | ' | ' |
STOCKBASED_COMPENSATION_ShareB
STOCK-BASED COMPENSATION (Share-Based Compensation Expense) (Details) (General and Administrative Expense [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Allocated share-based compensation expense | $3,753 | $2,954 | $2,516 |
PBF LLC [Member] | Series A Units [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Allocated share-based compensation expense | 779 | 1,589 | 1,135 |
PBF LLC [Member] | Series B Units [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Allocated share-based compensation expense | 530 | 1,277 | 1,381 |
PBF Energy [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Allocated share-based compensation expense | $2,444 | $88 | $0 |
STOCKBASED_COMPENSATION_Weight
STOCK-BASED COMPENSATION (Weighted Average Assumptions) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | |
PBF LLC [Member] | PBF LLC [Member] | PBF Energy [Member] | PBF Energy [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Expected life (in years) | '6 years | '5 years 9 months | '6 years 3 months | '6 years 3 months |
Expected volatility | 55.00% | 40.00% | 52.10% | 51.00% |
Dividend yield | 1.00% | 1.06% | 4.43% | 3.01% |
Risk-free rate of return | 0.91% | 2.43% | 1.53% | 0.89% |
Exercise price | $12.55 | $10 | $27.79 | $26 |
STOCKBASED_COMPENSATION_ShareB1
STOCK-BASED COMPENSATION (Share-Based Compensation Activity) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
PBF LLC [Member] | Series A Units [Member] | ' | ' | ' | ' |
Options | ' | ' | ' | ' |
Options, beginning balance | 1,184,726 | 1,835,579 | 691,320 | ' |
Granted | 0 | 205,000 | 1,171,759 | ' |
Exercised | -301,979 | -849,186 | -25,000 | ' |
Forfeited | -41,668 | -6,667 | -2,500 | ' |
Options, ending balance | 841,079 | 1,184,726 | 1,835,579 | 691,320 |
Options exercisable and vested | 545,247 | 608,039 | ' | ' |
Options expected to vest | 841,079 | ' | ' | ' |
Weighted Average Exercise Price | ' | ' | ' | ' |
Weighted average exercise price, beginning balance | $10.44 | $10 | $10 | ' |
Granted | $0 | $12.55 | $10 | ' |
Exercised | $10.11 | $10 | $10 | ' |
Forfeited | $11.27 | $10 | $10 | ' |
Weighted average exercise price, ending balance | $10.52 | $10.44 | $10 | $10 |
Weighted average exercise price, exercisable and vested | $10.24 | $10 | ' | ' |
Weighted average exercise price, expected to vest | $10.52 | ' | ' | ' |
Weighted average remaining contractual term, outstanding | '7 years 4 months 24 days | '8 years 2 months 23 days | '8 years 11 months 27 days | '9 years 8 months 27 days |
Weighted average remaining contractual term, granted | ' | '10 years | '10 years | ' |
Weighted average remaining contractual term, exercisable and vested | '7 years 2 months 23 days | '8 years | ' | ' |
Weighted average remaining contractual term, expected to vest | '7 years 4 months 24 days | ' | ' | ' |
PBF Energy [Member] | ' | ' | ' | ' |
Options | ' | ' | ' | ' |
Options, beginning balance | 682,500 | 0 | ' | ' |
Granted | 697,500 | 682,500 | ' | ' |
Exercised | 0 | 0 | ' | ' |
Forfeited | -60,000 | 0 | ' | ' |
Options, ending balance | 1,320,000 | 682,500 | ' | ' |
Options exercisable and vested | 158,125 | 0 | ' | ' |
Options expected to vest | ' | 1,320,000 | ' | ' |
Weighted Average Exercise Price | ' | ' | ' | ' |
Weighted average exercise price, beginning balance | $26 | $0 | ' | ' |
Granted | $27.79 | $26 | ' | ' |
Exercised | $0 | $0 | ' | ' |
Forfeited | $25.36 | $0 | ' | ' |
Weighted average exercise price, ending balance | $26.97 | $26 | ' | ' |
Weighted average exercise price, exercisable and vested | $26 | $0 | ' | ' |
Weighted average exercise price, expected to vest | ' | $26.97 | ' | ' |
Weighted average remaining contractual term, outstanding | '9 years 3 months 29 days | '9 years 11 months 12 days | ' | ' |
Weighted average remaining contractual term, granted | '10 years | '10 years | ' | ' |
Weighted average remaining contractual term, exercisable and vested | '8 years 11 months 12 days | ' | ' | ' |
Weighted average remaining contractual term, expected to vest | ' | '9 years 3 months 29 days | ' | ' |
STOCKBASED_COMPENSATION_Summar
STOCK-BASED COMPENSATION (Summary of Unit Activity) (Details) (PBF LLC [Member], Series B Units [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
PBF LLC [Member] | Series B Units [Member] | ' | ' | ' |
Non-Vested Units | ' | ' | ' |
Units, beginning balance | 250,000 | 500,000 | 712,500 |
Allocated | 0 | 0 | 50,000 |
Vested | -250,000 | -250,000 | -262,500 |
Forfeited | 0 | 0 | 0 |
Units, ending balance | 0 | 250,000 | 500,000 |
Weighted Average Grant Date Fair Value | ' | ' | ' |
Weighted average grant date fair value, beginning balance | $5.11 | $5.11 | $5.11 |
Vested | $5.11 | $5.11 | $5.11 |
Forfeited | $0 | $0 | $0 |
Weighted average grant date fair value, ending balance | $0 | $5.11 | $5.11 |
STOCKBASED_COMPENSATION_Additi
STOCK-BASED COMPENSATION (Additional Information) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
PBF LLC [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period | '4 years | ' | ' |
Expiration period | '10 years | ' | ' |
Total estimated fair value, granted in period | ' | $1,207 | $2,116 |
Weighted average fair value per unit | ' | $5.89 | $1.81 |
Total intrinsic value of stock options outstanding | 17,612 | ' | ' |
Total intrinsic value of stock options exercisable | 11,569 | ' | ' |
Total intrinsic value of stock options exercised during period | 4,298 | 13,112 | 0 |
Unrecognized compensation expense | 595 | ' | ' |
PBF LLC [Member] | Series A Units [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting rights percentage | 25.00% | ' | ' |
Granted in period | 0 | 205,000 | 1,171,759 |
Warrants issued | ' | 2,740,718 | 2,740,718 |
Exercise price per unit | ' | 10 | ' |
Warrants exercised in period | ' | 2,672,299 | ' |
Non-compensatory warrants outstanding | 68,419 | 68,419 | ' |
PBF LLC [Member] | Series B Units [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting rights percentage | 25.00% | ' | ' |
Vesting period | '3 years | ' | ' |
PBF LLC [Member] | Warrant [Member] | Series A Units [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period | '3 years | ' | ' |
Granted in period | ' | ' | 551,759 |
Expiration period | '10 years | ' | ' |
PBF LLC [Member] | Options [Member] | Series A Units [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Granted in period | ' | 205,000 | ' |
Expiration period | '10 years | ' | ' |
PBF LLC [Member] | Options [Member] | Series A Units [Member] | Management and Directors [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Granted in period | ' | 620,000 | ' |
PBF Energy [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Granted in period | 697,500 | 682,500 | ' |
PBF Energy [Member] | Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Granted in period | 697,500 | 682,500 | ' |
Total estimated fair value, granted in period | 6,499 | 6,327 | ' |
Weighted average fair value per unit | $9.32 | $9.27 | ' |
Total intrinsic value of stock options outstanding | 6,756 | ' | ' |
Total intrinsic value of stock options exercisable | 863 | ' | ' |
Unrecognized compensation expense | ' | $10,140 | ' |
EMPLOYEE_BENEFIT_PLANS_Changes
EMPLOYEE BENEFIT PLANS (Changes in Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Benefits [Member] | ' | ' | ' |
Change in benefit obligation: | ' | ' | ' |
Benefit obligation at beginning of year | $30,215 | $11,409 | ' |
Service cost | 14,794 | 11,437 | 8,678 |
Interest cost | 992 | 502 | 140 |
Plan amendments | 0 | 0 | ' |
Benefit payments | -663 | -48 | ' |
Actuarial loss (gain) | 8,012 | 6,916 | ' |
Projected benefit obligation at end of year | 53,350 | 30,215 | 11,409 |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at beginning of year | 10,232 | 4,758 | ' |
Actual return on plan assets | 33 | 422 | ' |
Benefits paid | -663 | -48 | ' |
Employer contributions | 15,448 | 5,100 | ' |
Fair value of plan assets at end of year | 25,050 | 10,232 | 4,758 |
Reconciliation of funded status: | ' | ' | ' |
Fair value of plan assets at end of year | 25,050 | 10,232 | 4,758 |
Less benefit obligation at end of year | 53,350 | 30,215 | 11,409 |
Funded status at end of year | -28,300 | -19,983 | ' |
Post Retirement Medical Plan [Member] | ' | ' | ' |
Change in benefit obligation: | ' | ' | ' |
Benefit obligation at beginning of year | 9,730 | 8,912 | ' |
Service cost | 726 | 633 | 540 |
Interest cost | 334 | 395 | 381 |
Plan amendments | -860 | 0 | ' |
Benefit payments | -51 | -21 | ' |
Actuarial loss (gain) | -1,654 | -189 | ' |
Projected benefit obligation at end of year | 8,225 | 9,730 | 8,912 |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at beginning of year | 0 | 0 | ' |
Actual return on plan assets | 0 | 0 | ' |
Benefits paid | -51 | -21 | ' |
Employer contributions | 51 | 21 | ' |
Fair value of plan assets at end of year | 0 | 0 | 0 |
Reconciliation of funded status: | ' | ' | ' |
Fair value of plan assets at end of year | 0 | 0 | 0 |
Less benefit obligation at end of year | 8,225 | 9,730 | 8,912 |
Funded status at end of year | ($8,225) | ($9,730) | ' |
EMPLOYEE_BENEFIT_PLANS_Expecte
EMPLOYEE BENEFIT PLANS (Expected Benefit Payments) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Pension Benefits [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | $6,493 |
2015 | 3,758 |
2016 | 4,922 |
2017 | 7,123 |
2018 | 9,161 |
Year 2019 - 2024 | 58,480 |
Post Retirement Medical Plan [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | 176 |
2015 | 278 |
2016 | 329 |
2017 | 445 |
2018 | 528 |
Year 2019 - 2024 | $4,330 |
EMPLOYEE_BENEFIT_PLANS_Net_Per
EMPLOYEE BENEFIT PLANS (Net Periodic Benefit Cost) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | $14,794 | $11,437 | $8,678 |
Interest cost | 992 | 502 | 140 |
Expected return on plan assets | -550 | -323 | -38 |
Amortization of prior service costs | 11 | 11 | 11 |
Amortization of loss | 421 | 30 | 56 |
Net periodic benefit cost | 15,668 | 11,657 | 8,847 |
Post Retirement Medical Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | 726 | 633 | 540 |
Interest cost | 334 | 395 | 381 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service costs | 0 | 0 | 0 |
Amortization of loss | 0 | 0 | 0 |
Net periodic benefit cost | $1,060 | $1,028 | $921 |
EMPLOYEE_BENEFIT_PLANS_Pretax_
EMPLOYEE BENEFIT PLANS (Pre-tax Amounts Recognized in Other Comprehensive Income (Loss)) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Prior service costs (credits) | $0 | $0 | $0 |
Net actuarial loss (gain) | 8,235 | 6,817 | 661 |
Amortization of loss | -432 | -41 | -67 |
Total changes in other comprehensive loss (income) | 7,803 | 6,776 | 594 |
Post Retirement Medical Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Prior service costs (credits) | -860 | 0 | 0 |
Net actuarial loss (gain) | -1,654 | -189 | 738 |
Amortization of loss | 0 | 0 | 0 |
Total changes in other comprehensive loss (income) | ($2,514) | ($189) | $738 |
EMPLOYEE_BENEFIT_PLANS_Pretax_1
EMPLOYEE BENEFIT PLANS (Pre-tax Amounts in AOCI Not Yet Recognized as Components of Net Periodic Costs) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Pension Benefits [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Prior service (costs) credits | ($92) | ($103) |
Net actuarial (loss) gain | -16,419 | -8,306 |
Total | -16,511 | -8,409 |
Post Retirement Medical Plan [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Prior service (costs) credits | 860 | 0 |
Net actuarial (loss) gain | 1,126 | -528 |
Total | $1,986 | ($528) |
EMPLOYEE_BENEFIT_PLANS_Pretax_2
EMPLOYEE BENEFIT PLANS (Pre-tax Amounts in AOCI to be Recognized Over Next Fiscal Year) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Pension Benefits [Member] | Post Retirement Medical Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Amortization of prior service costs (credits) | $11 | ($81) |
Amortization of net actuarial loss (gain) | 889 | -21 |
Total | $900 | ($102) |
EMPLOYEE_BENEFIT_PLANS_Assumpt
EMPLOYEE BENEFIT PLANS (Assumptions Used) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Pension Benefits [Member] | ' | ' | ' |
Weighted Average Assumptions Used to Determine Benefit Obligations | ' | ' | ' |
Discount rate | 4.55% | 3.45% | ' |
Rate of compensation increase | 4.64% | 4.00% | ' |
Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs | ' | ' | ' |
Discount rate | 3.45% | 4.45% | 5.25% |
Expected long-term rate of return on plan assets | 3.50% | 4.25% | 4.25% |
Rate of compensation increase | 4.00% | 4.00% | 4.00% |
Post Retirement Medical Plan [Member] | ' | ' | ' |
Weighted Average Assumptions Used to Determine Benefit Obligations | ' | ' | ' |
Discount rate | 4.55% | 3.45% | ' |
Rate of compensation increase | 0.00% | 0.00% | ' |
Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs | ' | ' | ' |
Discount rate | 3.45% | 4.45% | 5.25% |
Expected long-term rate of return on plan assets | 0.00% | 0.00% | 0.00% |
Rate of compensation increase | 0.00% | 0.00% | 0.00% |
EMPLOYEE_BENEFIT_PLANS_Assumed
EMPLOYEE BENEFIT PLANS (Assumed Health Care Cost Trend Rates) (Details) (Post Retirement Medical Plan [Member]) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Post Retirement Medical Plan [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Health care cost trend rate assumed for next year | 6.80% | 7.00% |
Rate to which the cost trend rate was assumed to decline (the ultimate trend rate) | 4.50% | 4.50% |
Year that the rate reached the ultimate trend rate | '2027 | '2027 |
EMPLOYEE_BENEFIT_PLANS_Effect_
EMPLOYEE BENEFIT PLANS (Effect of One-percentage-point Change in Assumed Health Care Cost Trend Rates) (Details) (Post Retirement Medical Plan [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Post Retirement Medical Plan [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Effect on total of service and interest cost components, 1% increase | $159 |
Effect on total of service and interest cost components, 1% decrease | -135 |
Effect on accumulated postretirement benefit obligation, 1% increase | 907 |
Effect on accumulated postretirement benefit obligation, 1% decrease | ($794) |
EMPLOYEE_BENEFIT_PLANS_Fair_Va
EMPLOYEE BENEFIT PLANS (Fair Value of Assets of the Company's Qualified Plan) (Details) (Pension Benefits [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | $25,050 | $10,232 | $4,758 |
Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 25,050 | 10,232 | ' |
Level 1 [Member] | Domestic Equities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 7,603 | 0 | ' |
Level 1 [Member] | Developed International Equities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 3,685 | 0 | ' |
Level 1 [Member] | Emerging Market Equities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 1,775 | 0 | ' |
Level 1 [Member] | Global Low Volatility Equities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 2,132 | 0 | ' |
Level 1 [Member] | Fixed-Income [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 9,855 | 0 | ' |
Level 1 [Member] | Vanguard Intermediate-Teram Treasury Fund [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 10,232 | ' |
Level 1 [Member] | Cash and Cash Equivalents [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | $0 | $0 | ' |
EMPLOYEE_BENEFIT_PLANS_Additio
EMPLOYEE BENEFIT PLANS (Additional Information) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Maximum age to receive health care coverage | '65 years | ' | ' |
Accumulated benefit obligation | $45,005 | $24,555 | ' |
Defined Contribution Pension [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Required service period for employee participation | 'P30D | ' | ' |
Basic contributions as a percentage of annual salary | 50.00% | ' | ' |
Company matching contribution, percent of match | 200.00% | ' | ' |
Company matching contribution, percent of employees' annual pay | 3.00% | ' | ' |
Contribution to the qualified defined contribution plans | 10,450 | 9,969 | 7,204 |
Pension Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Estimated future contributions in 2014 | $15,500 | ' | ' |
Pension Benefits [Member] | Equity Securities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Plan asset allocations | 60.00% | ' | ' |
Pension Benefits [Member] | Fixed Income Securities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Plan asset allocations | 40.00% | ' | ' |
REVENUES_Details
REVENUES (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Product Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenues | $4,816,435 | $4,858,880 | $4,678,293 | $4,797,847 | $4,950,360 | [1] | $5,395,206 | $5,077,015 | $4,716,106 | $19,151,455 | $20,138,687 | $14,960,338 |
Gasoline and Distillates [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Product Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 16,973,239 | 17,878,957 | 13,182,234 | |
Chemicals [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Product Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 746,396 | 705,373 | 344,311 | |
Lubricants [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Product Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 468,315 | 517,921 | 525,095 | |
Clarified Slurry Oil [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Product Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 357,580 | 272,220 | 0 | |
Asphalt and Residual Oils [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Product Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 332,725 | 370,420 | 441,638 | |
Liquefied Petroleum Gases [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Product Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 260,181 | 380,747 | 430,435 | |
Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Product Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | $13,019 | $13,049 | $36,625 | |
[1] | On DecemberB 12, 2012, PBF Energy Inc. completed an initial public offering which closed on DecemberB 18, 2012. |
INCOME_TAXES_Components_of_Inc
INCOME TAXES (Components of Income Tax) (Details) (USD $) | 12 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 12, 2013 | Dec. 18, 2012 | Dec. 31, 2013 | Jun. 12, 2013 | Jun. 10, 2013 | Dec. 31, 2012 | Dec. 18, 2012 | ||||
PBF Energy [Member] | 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] | Class A Common Stock [Member] | ||||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
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% | 24.40% |
Current expense: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Federal | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ||||
State | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Total current | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Deferred expense: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Federal | 15,406 | 1,134 | ' | ' | ' | ' | ' | ' | ' | ' | ||||
State | 1,275 | 141 | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Total deferred | 16,681 | 1,275 | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Total tax benefit | $16,681 | $1,275 | $0 | ' | ' | ' | ' | ' | ' | ' | ||||
[1] | Assumes all of the holders of PBF LLC Series A Units exchange their PBF LLC Series A Units for shares of the PBF Energybs ClassB A common stock on a one-for-one basis. |
INCOME_TAXES_Effective_Income_
INCOME TAXES (Effective Income Tax Rate Reconciliation) (Details) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' |
Provision at Federal statutory rate | 35.00% | 35.00% |
State income taxes (net of federal income tax) | 5.00% | 4.40% |
Non deductible/nontaxable items | 7.00% | 0.00% |
Adjustment to deferred tax assets and liabilities for change in tax rates due to business mix | -14.50% | 0.00% |
Other | -2.80% | 0.10% |
Effective tax rate | 29.70% | 39.50% |
INCOME_TAXES_Components_of_Def
INCOME TAXES (Components of Deferred Tax Assets and Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets | ' | ' |
Purchase interest step-up | $310,132 | $181,257 |
Net operating loss carry forwards | 14,327 | 6,087 |
Other | 21,423 | 9,503 |
Total deferred tax assets | 345,882 | 196,847 |
Valuation allowances | 0 | 0 |
Total deferred tax assets, net | 345,882 | 196,847 |
Deferred tax liabilities | ' | ' |
Property, plant and equipment | 140,330 | 69,088 |
Inventory | 9,390 | 6,534 |
Other | 1,399 | 646 |
Total deferred tax liabilities | 151,119 | 76,268 |
Net deferred tax assets (liabilities) | $194,763 | $120,579 |
INCOME_TAXES_Operating_Loss_Ca
INCOME TAXES (Operating Loss Carryforwards) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Federal [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Operating loss carryforwards | $37,139 |
State [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Operating loss carryforwards | $23,641 |
INCOME_TAXES_Income_Tax_Examin
INCOME TAXES (Income Tax Examinations) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Federal [Member] | ' |
Income Tax Examination [Line Items] | ' |
Income tax years that remain subject to examination | '2012 |
New Jersey [Member] | ' |
Income Tax Examination [Line Items] | ' |
Income tax years that remain subject to examination | '2012 |
Michigan [Member] | ' |
Income Tax Examination [Line Items] | ' |
Income tax years that remain subject to examination | '2012 |
Delaware [Member] | ' |
Income Tax Examination [Line Items] | ' |
Income tax years that remain subject to examination | '2012 |
Indiana [Member] | ' |
Income Tax Examination [Line Items] | ' |
Income tax years that remain subject to examination | '2012 |
Pennsylvania [Member] | ' |
Income Tax Examination [Line Items] | ' |
Income tax years that remain subject to examination | '2012 |
New York [Member] | ' |
Income Tax Examination [Line Items] | ' |
Income tax years that remain subject to examination | '2012 |
NET_INCOME_PER_SHARE_OF_PBF_EN2
NET INCOME PER SHARE OF PBF ENERGY (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Effective tax rate | ' | ' | ' | ' | ' | 29.70% | ' | 39.50% | ||||
Basic Earnings Per Share: | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Numerator for basic net income per Class A common share-net income attributable to PBF Energy | $31,156 | ($19,848) | $16,826 | $11,406 | $1,956 | [1] | $39,540 | ' | $1,956 | |||
Denominator for basic net income per Class A common share-weighted average shares (in shares) | ' | ' | ' | ' | ' | 32,488,369 | [2] | ' | 23,570,240 | [2] | ||
Basic net income attributable to PBF Energy per Class A common share (in usd per share) | ' | ' | ' | ' | ' | $1.22 | ' | $0.08 | ||||
Diluted Earnings Per Share: | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net income attributable to PBF Energy | 31,156 | -19,848 | 16,826 | 11,406 | 1,956 | [1] | 39,540 | ' | 1,956 | |||
Plus: Net income attributable to noncontrolling interest | ' | ' | ' | ' | ' | 0 | [2] | ' | 10,005 | [2] | ||
Less: Income tax on net income per Class A common share | ' | ' | ' | ' | ' | 0 | [2] | ' | -3,948 | [2] | ||
Numerator for diluted net income per Class A common share | ' | ' | ' | ' | ' | $39,540 | [2] | $8,013 | [2] | ' | ||
Denominator for basic net income per Class A common share-weighted average shares (in shares) | ' | ' | ' | ' | ' | 32,488,369 | [2] | ' | 23,570,240 | [2] | ||
Effect of dilutive securities: | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Conversion of PBF LLC Series A Units | ' | ' | ' | ' | ' | 0 | [2] | ' | 72,972,131 | [2] | ||
Common stock equivalents (in shares) | ' | ' | ' | ' | ' | 572,712 | [2],[3] | ' | 688,533 | [2],[3] | ||
Denominator for diluted net income per common share-adjusted weighted average shares (in shares) | ' | ' | ' | ' | ' | 33,061,081 | ' | 97,230,904 | ||||
Diluted net income attributable to PBF Energy per Class A common share (in usd per share) | $0.76 | ($0.50) | $0.61 | $0.48 | $0.08 | [1] | $1.20 | ' | $0.08 | |||
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) | 64,164,045 | ' | ' | ' | ' | ' | ' | ' | ||||
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) | ' | ' | ' | ' | ' | 1,320,000 | ' | 682,500 | ||||
[1] | On DecemberB 12, 2012, PBF Energy Inc. completed an initial public offering which closed on DecemberB 18, 2012. | |||||||||||
[2] | The diluted earnings per share calculation for the year ended December 31, 2012, assumes the conversion of all outstanding PBF LLC Series A Units to Class A common stock of PBF Energy as of the date of the IPO. The net income attributable to PBF Energy, used in the numerator of the diluted earnings per share calculation is adjusted to reflect the net income, as well as the corresponding income tax (based on a 39.5% effective tax rate) attributable to the converted units. For the year ended DecemberB 31, 2013, the potential conversion of 64,164,045 PBF LLC Series A Units was 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 related income tax expense associated with the potential conversion of the PBF LLC Series A Units. | |||||||||||
[3] | 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 1,320,000 and 682,500 shares of PBF Energy ClassB A common stock because they are anti-dilutive for the years ended December 31, 2013 and 2012, respectively. |
FAIR_VALUE_MEASUREMENTS_Measur
FAIR VALUE MEASUREMENTS (Measured on Recurring Basis) (Details) (Fair Value, Measurements, Recurring [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | Derivatives included with inventory supply arrangement obligations [Member] | Derivatives included with inventory supply arrangement obligations [Member] | Derivatives included with inventory supply arrangement obligations [Member] | Derivatives included with inventory supply arrangement obligations [Member] | Commodity contract [Member] | Commodity contract [Member] | Commodity contract [Member] | Commodity contract [Member] | Commodity contract [Member] | Commodity contract [Member] | Commodity contract [Member] | Commodity contract [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] | 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] | 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] | Non-Qualified Pension Plan Assets [Member] | Non-Qualified Pension Plan Assets [Member] | Non-Qualified Pension Plan Assets [Member] | Non-Qualified Pension Plan Assets [Member] | Commodity contract [Member] | Commodity contract [Member] | Commodity contract [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] |
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 2 [Member] | Level 3 [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 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 2 [Member] | Level 3 [Member] | Total [Member] | Level 1 [Member] | Level 2 [Member] | Level 3 [Member] | Total [Member] | |
Discounted Cash Flow [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,857 | $175,786 | $0 | $0 | $0 | $0 | $5,857 | $175,786 | $4,905 | $0 | $0 | $4,905 | $4,252 | $3,303 | $6,681 | $0 | $0 | $0 | $10,933 | $3,303 | $0 | $6,016 | $0 | $6,016 | $0 | $5,595 | $0 | $5,595 |
Liabilities | $0 | $177 | $0 | $177 | $0 | $0 | $6,989 | $1,872 | $23,365 | $0 | $30,354 | $1,872 | $0 | $0 | $21,358 | ' | $21,358 | $0 | $0 | $53,089 | $43,442 | $0 | $0 | $53,089 | $43,442 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Contingent Consideration for Acquisitions [Member] | ' | ' |
Change in Fair Value Measurement Categorized in Level 3 [Roll Forward] | ' | ' |
Balance at beginning of period | $21,358 | $122,232 |
Purchases | 0 | 0 |
Settlements | -21,358 | -103,642 |
Unrealized loss included in earnings | 0 | 2,768 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Balance at end of period | 0 | 21,358 |
Commodity Contract [Member] | ' | ' |
Change in Fair Value Measurement Categorized in Level 3 [Roll Forward] | ' | ' |
Balance at beginning of period | 0 | 0 |
Purchases | 0 | 0 |
Settlements | 24,678 | 0 |
Unrealized loss included in earnings | -48,043 | 0 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Balance at end of period | ($23,365) | $0 |
FAIR_VALUE_MEASUREMENTS_Fair_V
FAIR VALUE MEASUREMENTS (Fair Value and Carrying Value of Debt) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Long-term Debt | $735,576 | $709,980 | ||
Long-term debt, Fair value | 765,657 | 744,405 | ||
Less - Current maturities | 12,029 | 0 | ||
Less - Current maturities, Fair value | 12,029 | 0 | ||
Long-term debt | 723,547 | 709,980 | ||
Long-term debt, Fair value | 753,628 | 744,405 | ||
Senior secured notes [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Long-term Debt | 667,487 | [1] | 666,538 | [1] |
Long-term debt, Fair value | 697,568 | [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 | 53,089 | [3] | 43,442 | [3] |
Long-term debt, Fair value | $53,089 | [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 $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivative [Line Items] | ' | ' | ' |
Gain (loss) on fair value hedge ineffectiveness | ($7,264) | $2,356 | $482 |
Crude Oil and Feedstock Inventory [Member] | Not Designated as Hedging Instrument [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Derivative, notional amount, volume | 0 | 0 | ' |
Crude Oil and Feedstock Inventory [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Derivative, notional amount, volume | 838,829 | 2,529,447 | ' |
Intermediates and Refined Products Inventory [Member] | Not Designated as Hedging Instrument [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Derivative, notional amount, volume | 0 | 0 | ' |
Intermediates and Refined Products Inventory [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Derivative, notional amount, volume | 3,274,047 | 0 | ' |
Crude Oil Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Derivative, notional amount, volume | 43,199,000 | 9,234,000 | ' |
Refined Product Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Derivative, notional amount, volume | 0 | 1,310,000 | ' |
DERIVATIVES_Fair_Value_of_Deri
DERIVATIVES (Fair Value of Derivative Instruments) (Details) (USD $) | Dec. 31, 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) | ($177) | $5,595 |
Designated as Hedging Instrument [Member] | Inventory Intermediation Agreement Obligation [Member] | Accrued Expenses [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair Value Asset/(Liability) | 6,016 | 0 |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Accrued Expenses [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair Value Asset/(Liability) | -19,421 | ' |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Accounts Receivable [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair Value Asset/(Liability) | ' | $1,431 |
DERIVATIVES_Gain_Loss_Recogniz
DERIVATIVES (Gain (Loss) Recognized in Income) (Details) (Cost of Sales [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Designated as Hedging Instrument [Member] | Inventory Supply Arrangement Obligation [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gain or (Loss) Recognized in Income on Derivatives | ($5,773) | $7,060 | ($6,076) |
Designated as Hedging Instrument [Member] | Inventory Intermediation Agreement Obligation [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gain or (Loss) Recognized in Income on Derivatives | 6,016 | ' | ' |
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 | -1,491 | -4,704 | 6,558 |
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 | -6,016 | ' | ' |
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 | -8 | 2,829 |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Gain or (Loss) Recognized in Income on Derivatives | ($88,962) | $34,778 | $5,604 |
SUBSEQUENT_EVENTS_Details
SUBSEQUENT EVENTS (Details) (USD $) | Dec. 31, 2013 | Jun. 12, 2013 | Dec. 31, 2012 | Dec. 18, 2012 | Dec. 31, 2013 | Jun. 12, 2013 | Jun. 10, 2013 | Dec. 31, 2012 | Dec. 18, 2012 | Jan. 06, 2014 | Jan. 31, 2014 | Jan. 06, 2014 | Jan. 06, 2014 | Jan. 06, 2014 | Oct. 31, 2013 | ||||
PBF Energy [Member] | PBF Energy [Member] | PBF Energy [Member] | PBF Energy [Member] | PBF Energy [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||||||||
Class A Common Stock [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Affiliated Entity [Member] | Class A Common Stock [Member] | Tax Receivable Agreement [Member] | PBF LLC [Member] | PBF Energy [Member] | ||||||||||
Class A Common Stock [Member] | |||||||||||||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Stock issued during period, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ||||
Public offering, offering price per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $28 | ' | ' | ' | ||||
Exchange of PBF Energy Company LLC Series A Units for Class A common stock, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ||||
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% | 24.40% | ' | ' | ' | ' | 56.40% | ' |
Tax receivable agreement liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $439,600,000 | ' | ' | ||||
Dividends declared per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.30 | ||||
Annual retainer | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000 | ' | ' | ' | ' | ||||
Daily consulting rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,000 | ' | ' | ' | ' | ||||
[1] | Assumes all of the holders of PBF LLC Series A Units exchange their PBF LLC Series A Units for shares of the PBF Energybs ClassB A common stock on a one-for-one basis. |
CONSOLIDATING_FINANCIAL_STATEM2
CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenues | $4,816,435 | $4,858,880 | $4,678,293 | $4,797,847 | $4,950,360 | [1] | $5,395,206 | $5,077,015 | $4,716,106 | $19,151,455 | $20,138,687 | $14,960,338 |
Cost of sales, excluding depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 17,803,314 | 18,269,078 | 13,855,163 | |
Net income | 102,097 | -64,893 | 107,170 | 69,711 | 264,263 | [1] | 186,564 | 555,742 | -202,532 | 214,085 | 804,037 | 242,671 |
Income from operations | 142,326 | -55,599 | 133,027 | 100,105 | 284,901 | [1] | 220,109 | 579,506 | -164,083 | 319,859 | 920,433 | 305,690 |
Accounts receivable | 596,647 | ' | ' | ' | 503,796 | ' | ' | ' | 596,647 | 503,796 | ' | |
Accounts payable | 402,293 | ' | ' | ' | 360,057 | ' | ' | ' | 402,293 | 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% | ' | ' | |
PBF 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 | ' | ' | ' | ' | ' | ' | ' | ' | 7,641,498 | 16,141,408 | 14,960,338 | |
Cost of sales, excluding depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 5,996,684 | 13,356,727 | 13,855,163 | |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 722,673 | 1,921,040 | 326,170 | |
Income from operations | ' | ' | ' | ' | ' | ' | ' | ' | 719,342 | 1,948,691 | 380,921 | |
Equity in earnings (loss) of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Accounts receivable | 8,262 | ' | ' | ' | 196,797 | ' | ' | ' | 8,262 | 196,797 | ' | |
Accounts payable | 94,681 | ' | ' | ' | 162,433 | ' | ' | ' | 94,681 | 162,433 | ' | |
Issuer [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 16,190,178 | 7,622,924 | 0 | |
Cost of sales, excluding depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 16,486,851 | 8,537,996 | 0 | |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 238,876 | 805,312 | 242,671 | |
Income from operations | ' | ' | ' | ' | ' | ' | ' | ' | -390,943 | -1,028,258 | -75,231 | |
Equity in earnings (loss) of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 722,673 | 1,921,040 | 326,170 | |
Accounts receivable | 588,385 | ' | ' | ' | 306,999 | ' | ' | ' | 588,385 | 306,999 | ' | |
Accounts payable | 307,612 | ' | ' | ' | 197,624 | ' | ' | ' | 307,612 | 197,624 | ' | |
Change In Reporting Entity For Previous Sales [Member] | Guarantors Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,469,911 | ' | |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,909,976 | ' | |
Accounts receivable | ' | ' | ' | ' | 1,909,976 | ' | ' | ' | ' | 1,909,976 | ' | |
Change In Reporting Entity For Previous Sales [Member] | Issuer [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | 559,935 | ' | |
Cost of sales, excluding depreciation | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,469,911 | ' | |
Income from operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,909,976 | ' | |
Accounts receivable | ' | ' | ' | ' | 1,909,976 | ' | ' | ' | ' | 1,909,976 | ' | |
Accounts payable | ' | ' | ' | ' | $1,909,976 | ' | ' | ' | ' | $1,909,976 | ' | |
[1] | On DecemberB 12, 2012, PBF Energy Inc. completed an initial public offering which closed on DecemberB 18, 2012. |
CONSOLIDATING_FINANCIAL_STATEM3
CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS (Balance Sheet) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Jun. 30, 2010 |
In Thousands, unless otherwise specified | |||||
Current assets: | ' | ' | ' | ' | ' |
Cash and cash equivalents | $76,970 | $285,884 | $50,166 | $155,457 | ' |
Accounts receivable | 596,647 | 503,796 | ' | ' | ' |
Inventories | 1,445,517 | 1,497,119 | ' | ' | ' |
Prepaid expense and other current assets | 55,843 | 13,388 | ' | ' | ' |
Total current assets | 2,200,506 | 2,307,904 | ' | ' | ' |
Property, plant and equipment, net | 1,781,589 | 1,635,587 | ' | ' | ' |
Deferred charges and other assets, net | 262,479 | 197,349 | ' | ' | ' |
Total assets | 4,413,808 | 4,253,702 | ' | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' |
Accounts payable | 402,293 | 360,057 | ' | ' | ' |
Accrued expenses | 1,209,881 | 1,031,467 | ' | ' | ' |
Current portion of long-term debt | 12,029 | 0 | ' | ' | ' |
Deferred revenue | 7,766 | 210,543 | ' | ' | ' |
Total current liabilities | 1,644,510 | 1,603,074 | ' | ' | ' |
Delaware Economic Development Authority loan | 12,000 | 20,000 | ' | ' | 20,000 |
Long-term debt | 723,547 | 709,980 | ' | ' | ' |
Other long-term liabilities | 43,720 | 38,099 | ' | ' | ' |
Total liabilities | 2,698,552 | 2,530,157 | ' | ' | ' |
Commitments and contingencies | ' | ' | ' | ' | ' |
Equity: | ' | ' | ' | ' | ' |
Retained earnings | 3,579 | 1,956 | ' | ' | ' |
Accumulated other comprehensive loss | -6,988 | -61 | ' | ' | ' |
Total equity | 1,715,256 | 1,723,545 | 1,110,918 | 458,661 | ' |
Total liabilities and equity | 4,413,808 | 4,253,702 | ' | ' | ' |
Issuer [Member] | ' | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' |
Cash and cash equivalents | 76,179 | 241,926 | 3,124 | 140,672 | ' |
Accounts receivable | 588,385 | 306,999 | ' | ' | ' |
Inventories | 818,007 | 664,225 | ' | ' | ' |
Prepaid expense and other current assets | 49,251 | 8,835 | ' | ' | ' |
Due from related party | 11,807,063 | 6,770,893 | ' | ' | ' |
Total current assets | 13,338,885 | 7,992,878 | ' | ' | ' |
Property, plant and equipment, net | 60,746 | 28,200 | ' | ' | ' |
Investment in subsidiaries | 3,584,622 | 2,855,598 | ' | ' | ' |
Deferred charges and other assets, net | 27,923 | 31,081 | ' | ' | ' |
Total assets | 17,012,176 | 10,907,757 | ' | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' |
Accounts payable | 307,612 | 197,624 | ' | ' | ' |
Accrued expenses | 606,388 | 363,536 | ' | ' | ' |
Current portion of long-term debt | 0 | ' | ' | ' | ' |
Deferred revenue | 7,766 | 0 | ' | ' | ' |
Due to related parties | 13,589,263 | 7,926,481 | ' | ' | ' |
Total current liabilities | 14,511,029 | 8,487,641 | ' | ' | ' |
Delaware Economic Development Authority loan | 0 | 0 | ' | ' | ' |
Long-term debt | 682,487 | 666,538 | ' | ' | ' |
Intercompany notes payable | 31,835 | ' | ' | ' | ' |
Other long-term liabilities | 14,672 | 1,924 | ' | ' | ' |
Total liabilities | 15,240,023 | 9,156,103 | ' | ' | ' |
Commitments and contingencies | ' | ' | ' | ' | ' |
Equity: | ' | ' | ' | ' | ' |
Member's equity | 933,164 | 930,098 | ' | ' | ' |
Retained earnings | 853,527 | 830,497 | ' | ' | ' |
Accumulated other comprehensive loss | -14,538 | -8,941 | ' | ' | ' |
Total equity | 1,772,153 | 1,751,654 | ' | ' | ' |
Total liabilities and equity | 17,012,176 | 10,907,757 | ' | ' | ' |
Guarantors Subsidiaries [Member] | ' | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' |
Cash and cash equivalents | 791 | 12,365 | 47,042 | 14,785 | ' |
Accounts receivable | 8,262 | 196,797 | ' | ' | ' |
Inventories | 627,510 | 832,894 | ' | ' | ' |
Prepaid expense and other current assets | 6,592 | 4,553 | ' | ' | ' |
Due from related party | 16,600,151 | 10,015,340 | ' | ' | ' |
Total current assets | 17,243,306 | 11,061,949 | ' | ' | ' |
Property, plant and equipment, net | 1,720,843 | 1,607,387 | ' | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' | ' |
Deferred charges and other assets, net | 234,556 | 166,268 | ' | ' | ' |
Total assets | 19,198,705 | 12,835,604 | ' | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' |
Accounts payable | 94,681 | 162,433 | ' | ' | ' |
Accrued expenses | 604,557 | 662,382 | ' | ' | ' |
Current portion of long-term debt | 12,029 | ' | ' | ' | ' |
Deferred revenue | 0 | 210,543 | ' | ' | ' |
Due to related parties | 14,817,951 | 8,845,031 | ' | ' | ' |
Total current liabilities | 15,529,218 | 9,880,389 | ' | ' | ' |
Delaware Economic Development Authority loan | 12,000 | 20,000 | ' | ' | ' |
Long-term debt | 41,060 | 43,442 | ' | ' | ' |
Intercompany notes payable | 0 | ' | ' | ' | ' |
Other long-term liabilities | 31,805 | 36,175 | ' | ' | ' |
Total liabilities | 15,614,083 | 9,980,006 | ' | ' | ' |
Commitments and contingencies | ' | ' | ' | ' | ' |
Equity: | ' | ' | ' | ' | ' |
Member's equity | 667,173 | 664,108 | ' | ' | ' |
Retained earnings | 2,915,720 | 2,193,052 | ' | ' | ' |
Accumulated other comprehensive loss | 1,729 | -1,562 | ' | ' | ' |
Total equity | 3,584,622 | 2,855,598 | ' | ' | ' |
Total liabilities and equity | 19,198,705 | 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 | ' | ' | ' |
Current portion of long-term debt | 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 | 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 | 0 | 0 | ' |
Accounts receivable | 0 | 0 | ' | ' | ' |
Inventories | 0 | 0 | ' | ' | ' |
Prepaid expense and other current assets | 0 | 0 | ' | ' | ' |
Due from related party | -28,407,214 | -16,771,512 | ' | ' | ' |
Total current assets | -28,407,214 | -16,771,512 | ' | ' | ' |
Property, plant and equipment, net | 0 | 0 | ' | ' | ' |
Investment in subsidiaries | -3,584,622 | -2,855,598 | ' | ' | ' |
Deferred charges and other assets, net | 0 | 0 | ' | ' | ' |
Total assets | -31,991,836 | -19,627,110 | ' | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' |
Accounts payable | 0 | 0 | ' | ' | ' |
Accrued expenses | 0 | 0 | ' | ' | ' |
Current portion of long-term debt | 0 | ' | ' | ' | ' |
Deferred revenue | 0 | 0 | ' | ' | ' |
Due to related parties | -28,407,214 | -16,771,512 | ' | ' | ' |
Total current liabilities | -28,407,214 | -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 | -28,407,214 | -16,771,512 | ' | ' | ' |
Commitments and contingencies | ' | ' | ' | ' | ' |
Equity: | ' | ' | ' | ' | ' |
Member's equity | -667,173 | -664,108 | ' | ' | ' |
Retained earnings | -2,915,720 | -2,193,052 | ' | ' | ' |
Accumulated other comprehensive loss | -1,729 | 1,562 | ' | ' | ' |
Total equity | -3,584,622 | -2,855,598 | ' | ' | ' |
Total liabilities and equity | -31,991,836 | -19,627,110 | ' | ' | ' |
PBF Holding [Member] | ' | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' |
Cash and cash equivalents | 76,970 | 254,291 | 50,166 | 155,457 | ' |
Accounts receivable | 596,647 | 503,796 | ' | ' | ' |
Inventories | 1,445,517 | 1,497,119 | ' | ' | ' |
Prepaid expense and other current assets | 55,843 | 13,388 | ' | ' | ' |
Due from related party | 0 | 14,721 | ' | ' | ' |
Total current assets | 2,174,977 | 2,283,315 | ' | ' | ' |
Property, plant and equipment, net | 1,781,589 | 1,635,587 | ' | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' | ' |
Deferred charges and other assets, net | 262,479 | 197,349 | ' | ' | ' |
Total assets | 4,219,045 | 4,116,251 | ' | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' |
Accounts payable | 402,293 | 360,057 | ' | ' | ' |
Accrued expenses | 1,210,945 | 1,025,918 | ' | ' | ' |
Current portion of long-term debt | 12,029 | 0 | ' | ' | ' |
Deferred revenue | 7,766 | 210,543 | ' | ' | ' |
Due to related parties | 0 | 0 | ' | ' | ' |
Total current liabilities | 1,633,033 | 1,596,518 | ' | ' | ' |
Delaware Economic Development Authority loan | 12,000 | 20,000 | ' | ' | ' |
Long-term debt | 723,547 | 709,980 | ' | ' | ' |
Intercompany notes payable | 31,835 | 0 | ' | ' | ' |
Other long-term liabilities | 46,477 | 38,099 | ' | ' | ' |
Total liabilities | 2,446,892 | 2,364,597 | ' | ' | ' |
Commitments and contingencies | ' | ' | ' | ' | ' |
Equity: | ' | ' | ' | ' | ' |
Member's equity | 933,164 | 930,098 | ' | ' | ' |
Retained earnings | 853,527 | 830,497 | ' | ' | ' |
Accumulated other comprehensive loss | -14,538 | -8,941 | ' | ' | ' |
Total equity | 1,772,153 | 1,751,654 | 1,110,918 | 458,661 | ' |
Total liabilities and equity | $4,219,045 | $4,116,251 | ' | ' | ' |
CONSOLIDATING_FINANCIAL_STATEM4
CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS (Statement of Operations) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Revenues | $4,816,435 | $4,858,880 | $4,678,293 | $4,797,847 | $4,950,360 | [1] | $5,395,206 | $5,077,015 | $4,716,106 | $19,151,455 | $20,138,687 | $14,960,338 |
Cost and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Cost of sales, excluding depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 17,803,314 | 18,269,078 | 13,855,163 | |
Operating expenses, excluding depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 812,652 | 738,824 | 658,831 | |
General and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 104,334 | 120,443 | 86,183 | |
Acquisition related expenses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 728 | |
Gain on sale of asset | ' | ' | ' | ' | ' | ' | ' | ' | -183 | -2,329 | 0 | |
Depreciation and amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | 111,479 | 92,238 | 53,743 | |
Total cost and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 18,831,596 | 19,218,254 | 14,654,648 | |
Income (loss) from operations | 142,326 | -55,599 | 133,027 | 100,105 | 284,901 | [1] | 220,109 | 579,506 | -164,083 | 319,859 | 920,433 | 305,690 |
Other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Change in fair value of catalyst lease | ' | ' | ' | ' | ' | ' | ' | ' | 4,691 | -3,724 | 7,316 | |
Change in fair value of contingent consideration | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -2,768 | -5,215 | |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -93,784 | -108,629 | -65,120 | |
Net income | 102,097 | -64,893 | 107,170 | 69,711 | 264,263 | [1] | 186,564 | 555,742 | -202,532 | 214,085 | 804,037 | 242,671 |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 208,488 | 797,472 | 241,344 | |
Issuer [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 16,190,178 | 7,622,924 | 0 | |
Cost and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Cost of sales, excluding depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 16,486,851 | 8,537,996 | 0 | |
Operating expenses, excluding depreciation | ' | ' | ' | ' | ' | ' | ' | ' | -482 | 0 | 0 | |
General and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 82,284 | 105,135 | 72,667 | |
Acquisition related expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 517 | |
Gain on sale of asset | ' | ' | ' | ' | ' | ' | ' | ' | -388 | 0 | ' | |
Depreciation and amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | 12,856 | 8,051 | 2,047 | |
Total cost and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 16,581,121 | 8,651,182 | 75,231 | |
Income (loss) from operations | ' | ' | ' | ' | ' | ' | ' | ' | -390,943 | -1,028,258 | -75,231 | |
Other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Equity in earnings (loss) of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 722,673 | 1,921,040 | 326,170 | |
Change in fair value of catalyst lease | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Change in fair value of contingent consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -92,854 | -87,470 | -8,268 | |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 238,876 | 805,312 | 242,671 | |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 233,279 | 798,747 | 241,344 | |
Guarantors Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 7,641,498 | 16,141,408 | 14,960,338 | |
Cost and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Cost of sales, excluding depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 5,996,684 | 13,356,727 | 13,855,163 | |
Operating expenses, excluding depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 813,134 | 738,824 | 658,831 | |
General and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 13,510 | 15,308 | 13,516 | |
Acquisition related expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 211 | |
Gain on sale of asset | ' | ' | ' | ' | ' | ' | ' | ' | 205 | -2,329 | ' | |
Depreciation and amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | 98,623 | 84,187 | 51,696 | |
Total cost and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 6,922,156 | 14,192,717 | 14,579,417 | |
Income (loss) from operations | ' | ' | ' | ' | ' | ' | ' | ' | 719,342 | 1,948,691 | 380,921 | |
Other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Equity in earnings (loss) of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Change in fair value of catalyst lease | ' | ' | ' | ' | ' | ' | ' | ' | 4,691 | -3,724 | 7,316 | |
Change in fair value of contingent consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,768 | -5,215 | |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -1,360 | -21,159 | -56,852 | |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 722,673 | 1,921,040 | 326,170 | |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 724,930 | 1,921,267 | 326,175 | |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Cost and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Cost of sales, excluding depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Operating expenses, excluding depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
General and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Acquisition related expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | |
Gain on sale of asset | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | |
Depreciation and amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Total cost and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Income (loss) from operations | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Equity in earnings (loss) of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Change in fair value of catalyst lease | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Change in fair value of contingent consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Combining and Consolidated Adjustments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | -4,680,221 | -3,625,645 | 0 | |
Cost and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Cost of sales, excluding depreciation | ' | ' | ' | ' | ' | ' | ' | ' | -4,680,221 | -3,625,645 | 0 | |
Operating expenses, excluding depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
General and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Acquisition related expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | |
Gain on sale of asset | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | |
Depreciation and amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Total cost and expenses | ' | ' | ' | ' | ' | ' | ' | ' | -4,680,221 | -3,625,645 | 0 | |
Income (loss) from operations | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Equity in earnings (loss) of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -722,673 | -1,921,040 | -326,170 | |
Change in fair value of catalyst lease | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Change in fair value of contingent consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | -722,673 | -1,921,040 | -326,170 | |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | -724,930 | -1,921,267 | -326,175 | |
PBF Holding [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 19,151,455 | 20,138,687 | 14,960,338 | |
Cost and expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Cost of sales, excluding depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 17,803,314 | 18,269,078 | 13,855,163 | |
Operating expenses, excluding depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 812,652 | 738,824 | 658,831 | |
General and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 95,794 | 120,443 | 86,183 | |
Acquisition related expenses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 728 | |
Gain on sale of asset | ' | ' | ' | ' | ' | ' | ' | ' | -183 | -2,329 | 0 | |
Depreciation and amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | 111,479 | 92,238 | 53,743 | |
Total cost and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 18,823,056 | 19,218,254 | 14,654,648 | |
Income (loss) from operations | ' | ' | ' | ' | ' | ' | ' | ' | 328,399 | 920,433 | 305,690 | |
Other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Equity in earnings (loss) of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |
Change in fair value of catalyst lease | ' | ' | ' | ' | ' | ' | ' | ' | 4,691 | -3,724 | 7,316 | |
Change in fair value of contingent consideration | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -2,768 | -5,215 | |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -94,214 | -108,629 | -65,120 | |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 238,876 | 805,312 | 242,671 | |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | $233,279 | $798,747 | $241,344 | |
[1] | On DecemberB 12, 2012, PBF Energy Inc. completed an initial public offering which closed on DecemberB 18, 2012. |
CONSOLIDATING_FINANCIAL_STATEM5
CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS (Statement of Cash Flows) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $214,085 | $804,037 | $242,671 |
Adjustments to reconcile net income to net cash from operating activities: | ' | ' | ' |
Depreciation and amortization | 118,001 | 97,650 | 56,919 |
Stock-based compensation | 3,753 | 2,954 | 2,516 |
Change in fair value of catalyst lease obligation | -4,691 | 3,724 | -7,316 |
Change in fair value of contingent consideration | 0 | 2,768 | 5,215 |
Non-cash change in inventory repurchase obligations | -20,492 | 4,576 | 25,329 |
Write-off of unamortized deferred financing fees | 0 | 4,391 | 0 |
Gain on sale of assets | -183 | -2,329 | 0 |
Pension and other post retirement benefits costs | 16,728 | 12,684 | 9,769 |
Changes in current assets and current liabilities: | ' | ' | ' |
Accounts receivable | -92,851 | -187,544 | -279,315 |
Inventories | 45,991 | -80,097 | -512,054 |
Other current assets | -42,455 | 49,971 | -56,953 |
Accounts payable | 42,236 | 73,990 | 249,765 |
Accrued expenses | 209,479 | 35,892 | 395,093 |
Deferred revenue | -202,777 | 21,309 | 122,895 |
Other assets and liabilities | -20,716 | -31,543 | -5,252 |
Net cash provided by operations | 291,329 | 812,433 | 249,282 |
Cash flow from investing activities: | ' | ' | ' |
Acquisition of Toledo refinery, net of cash received from sale of assets | 0 | 0 | -168,156 |
Expenditures for property, plant and equipment | -318,394 | -175,900 | -488,721 |
Expenditures for deferred turnarounds cost | -64,616 | -38,633 | -62,823 |
Expenditures for other assets | -32,692 | -8,155 | -23,339 |
Proceeds from sale of assets | 102,428 | 3,381 | 4,700 |
Other | 0 | 0 | -854 |
Net cash used in investing activities | -313,274 | -219,307 | -739,193 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from revolver borrowings | 1,450,000 | 0 | 0 |
Proceeds from member's capital contributions | 0 | 0 | 408,397 |
Proceeds from Senior Secured Notes | 0 | 665,806 | 0 |
Proceeds from long-term debt | 0 | 430,000 | 488,894 |
Proceeds from catalyst lease | 14,337 | 9,452 | 18,624 |
Distribution to members | -157,745 | -160,965 | 0 |
Repayments of revolver borrowings | -1,435,000 | 0 | 0 |
Payment of contingent consideration related to acquisition of Toledo refinery | -21,357 | -103,642 | 0 |
Repayments of long-term debt | 0 | -1,184,597 | -220,401 |
Repayment of seller note inventory | 0 | 0 | -299,645 |
Deferred financing costs and other | 0 | -8,408 | 0 |
Net cash (used in) provided by financing activities | -186,969 | -357,408 | 384,620 |
Net increase (decrease) in cash and cash equivalents | -208,914 | 235,718 | -105,291 |
Cash and equivalents, beginning of period | 285,884 | 50,166 | 155,457 |
Cash and equivalents, end of period | 76,970 | 285,884 | 50,166 |
Issuer [Member] | ' | ' | ' |
Cash flows from operating activities: | ' | ' | ' |
Net income | 238,876 | 805,312 | 242,671 |
Adjustments to reconcile net income to net cash from operating activities: | ' | ' | ' |
Depreciation and amortization | 19,296 | 13,466 | 4,877 |
Stock-based compensation | 0 | 0 | 0 |
Change in fair value of catalyst lease obligation | 0 | 0 | 0 |
Change in fair value of contingent consideration | 0 | 0 | 0 |
Non-cash change in inventory repurchase obligations | 0 | 0 | 0 |
Write-off of unamortized deferred financing fees | 0 | 4,391 | ' |
Gain on sale of assets | -388 | 0 | ' |
Pension and other post retirement benefits costs | 4,575 | 2,125 | 1,241 |
Equity in earnings of subsidiaries | -722,673 | -1,921,040 | -326,170 |
Changes in current assets and current liabilities: | ' | ' | ' |
Accounts receivable | -281,386 | -306,999 | 0 |
Inventories | -153,782 | -664,225 | 0 |
Other current assets | -40,416 | 78 | -8,896 |
Accounts payable | 109,988 | 193,151 | 4,456 |
Accrued expenses | 222,194 | 419,735 | 46,724 |
Deferred revenue | 7,766 | 0 | 0 |
Amounts due to/from related parties | 626,623 | 1,736,986 | ' |
Other assets and liabilities | -1,140 | -9,023 | -1,029 |
Net cash provided by operations | 29,533 | 273,957 | -36,126 |
Cash flow from investing activities: | ' | ' | ' |
Acquisition of Toledo refinery, net of cash received from sale of assets | ' | ' | 0 |
Expenditures for property, plant and equipment | -127,653 | -16,546 | -17,202 |
Expenditures for deferred turnarounds cost | 0 | 0 | 0 |
Expenditures for other assets | 0 | 0 | 0 |
Proceeds from sale of assets | 102,428 | 0 | 0 |
Amounts due to/from related parties | ' | ' | -750,630 |
Other | ' | ' | 0 |
Net cash used in investing activities | -25,225 | -16,546 | -767,832 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from revolver borrowings | 1,450,000 | ' | ' |
Proceeds from intercompany notes payable | 31,835 | ' | ' |
Proceeds from member's capital contributions | 0 | ' | 408,397 |
Proceeds from Senior Secured Notes | ' | 665,806 | ' |
Proceeds from long-term debt | ' | 430,000 | 470,000 |
Proceeds from catalyst lease | 0 | 0 | 0 |
Distribution to members | -215,846 | -160,965 | ' |
Repayments of revolver borrowings | -1,435,000 | ' | ' |
Payment of contingent consideration related to acquisition of Toledo refinery | 0 | -103,642 | ' |
Repayments of long-term debt | ' | -823,749 | -201,250 |
Repayment of seller note inventory | ' | ' | 0 |
Deferred financing costs and other | -1,044 | -26,059 | -10,737 |
Net cash (used in) provided by financing activities | -170,055 | -18,609 | 666,410 |
Net increase (decrease) in cash and cash equivalents | -165,747 | 238,802 | -137,548 |
Cash and equivalents, beginning of period | 241,926 | 3,124 | 140,672 |
Cash and equivalents, end of period | 76,179 | 241,926 | 3,124 |
Guarantors Subsidiaries [Member] | ' | ' | ' |
Cash flows from operating activities: | ' | ' | ' |
Net income | 722,673 | 1,921,040 | 326,170 |
Adjustments to reconcile net income to net cash from operating activities: | ' | ' | ' |
Depreciation and amortization | 98,705 | 84,184 | 52,042 |
Stock-based compensation | 3,753 | 2,954 | 2,516 |
Change in fair value of catalyst lease obligation | -4,691 | 3,724 | -7,316 |
Change in fair value of contingent consideration | 0 | 2,768 | 5,215 |
Non-cash change in inventory repurchase obligations | -20,492 | 4,576 | 25,329 |
Write-off of unamortized deferred financing fees | 0 | 0 | ' |
Gain on sale of assets | 205 | -2,329 | ' |
Pension and other post retirement benefits costs | 12,153 | 10,559 | 8,527 |
Equity in earnings of subsidiaries | 0 | 0 | 0 |
Changes in current assets and current liabilities: | ' | ' | ' |
Accounts receivable | 188,535 | 119,455 | -279,315 |
Inventories | 199,773 | 584,128 | -512,054 |
Other current assets | -2,039 | 49,893 | -48,057 |
Accounts payable | -67,752 | -119,161 | 245,309 |
Accrued expenses | -7,377 | -389,392 | 348,369 |
Deferred revenue | -210,543 | 21,309 | 122,895 |
Amounts due to/from related parties | -611,902 | -1,751,707 | ' |
Other assets and liabilities | -19,263 | -22,521 | -4,222 |
Net cash provided by operations | 281,738 | 519,480 | 285,408 |
Cash flow from investing activities: | ' | ' | ' |
Acquisition of Toledo refinery, net of cash received from sale of assets | ' | ' | -168,156 |
Expenditures for property, plant and equipment | -190,741 | -159,354 | -471,519 |
Expenditures for deferred turnarounds cost | -64,616 | -38,633 | -62,823 |
Expenditures for other assets | -32,692 | -8,155 | -23,339 |
Proceeds from sale of assets | 0 | 3,381 | 4,700 |
Amounts due to/from related parties | ' | ' | 0 |
Other | ' | ' | -854 |
Net cash used in investing activities | -288,049 | -202,761 | -721,991 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from revolver borrowings | 0 | ' | ' |
Proceeds from intercompany notes payable | 0 | ' | ' |
Proceeds from member's capital contributions | 1,757 | ' | 0 |
Proceeds from Senior Secured Notes | ' | 0 | ' |
Proceeds from long-term debt | ' | 0 | 18,894 |
Proceeds from catalyst lease | 14,337 | 9,452 | 18,624 |
Distribution to members | 0 | 0 | ' |
Repayments of revolver borrowings | 0 | ' | ' |
Payment of contingent consideration related to acquisition of Toledo refinery | -21,357 | 0 | ' |
Repayments of long-term debt | ' | -360,848 | -19,151 |
Repayment of seller note inventory | ' | ' | -299,645 |
Deferred financing costs and other | 0 | 0 | -512 |
Net cash (used in) provided by financing activities | -5,263 | -351,396 | 468,840 |
Net increase (decrease) in cash and cash equivalents | -11,574 | -34,677 | 32,257 |
Cash and equivalents, beginning of period | 12,365 | 47,042 | 14,785 |
Cash and equivalents, end of period | 791 | 12,365 | 47,042 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' |
Cash flows from operating activities: | ' | ' | ' |
Net income | 0 | 0 | 0 |
Adjustments to reconcile net income to net cash from operating activities: | ' | ' | ' |
Depreciation and amortization | 0 | 0 | 0 |
Stock-based compensation | 0 | 0 | 0 |
Change in fair value of catalyst lease obligation | 0 | 0 | 0 |
Change in fair value of contingent consideration | 0 | 0 | 0 |
Non-cash change in inventory repurchase obligations | 0 | 0 | 0 |
Write-off of unamortized deferred financing fees | 0 | 0 | ' |
Gain on sale of assets | 0 | 0 | ' |
Pension and other post retirement benefits costs | 0 | 0 | 0 |
Equity in earnings of subsidiaries | 0 | 0 | 0 |
Changes in current assets and current liabilities: | ' | ' | ' |
Accounts receivable | 0 | 0 | 0 |
Inventories | 0 | 0 | 0 |
Other current assets | 0 | 0 | 0 |
Accounts payable | 0 | 0 | 0 |
Accrued expenses | 0 | 0 | 0 |
Deferred revenue | 0 | 0 | 0 |
Amounts due to/from related parties | 0 | 0 | ' |
Other assets and liabilities | 0 | 0 | 0 |
Net cash provided by operations | 0 | 0 | 0 |
Cash flow from investing activities: | ' | ' | ' |
Acquisition of Toledo refinery, net of cash received from sale of assets | ' | ' | 0 |
Expenditures for property, plant and equipment | 0 | 0 | 0 |
Expenditures for deferred turnarounds cost | 0 | 0 | 0 |
Expenditures for other assets | 0 | 0 | 0 |
Proceeds from sale of assets | 0 | 0 | 0 |
Amounts due to/from related parties | ' | ' | 0 |
Other | ' | ' | 0 |
Net cash used in investing activities | 0 | 0 | 0 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from revolver borrowings | 0 | ' | ' |
Proceeds from intercompany notes payable | 0 | ' | ' |
Proceeds from member's capital contributions | 0 | ' | 0 |
Proceeds from Senior Secured Notes | ' | 0 | ' |
Proceeds from long-term debt | ' | 0 | 0 |
Proceeds from catalyst lease | 0 | 0 | 0 |
Distribution to members | 0 | 0 | ' |
Repayments of revolver borrowings | 0 | ' | ' |
Payment of contingent consideration related to acquisition of Toledo refinery | 0 | 0 | ' |
Repayments of long-term debt | ' | 0 | 0 |
Repayment of seller note inventory | ' | ' | 0 |
Deferred financing costs and other | 0 | 0 | 0 |
Net cash (used in) provided by financing activities | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash and equivalents, beginning of period | 0 | 0 | 0 |
Cash and equivalents, end of period | 0 | 0 | 0 |
Combining and Consolidated Adjustments [Member] | ' | ' | ' |
Cash flows from operating activities: | ' | ' | ' |
Net income | -722,673 | -1,921,040 | -326,170 |
Adjustments to reconcile net income to net cash from operating activities: | ' | ' | ' |
Depreciation and amortization | 0 | 0 | 0 |
Stock-based compensation | 0 | 0 | 0 |
Change in fair value of catalyst lease obligation | 0 | 0 | 0 |
Change in fair value of contingent consideration | 0 | 0 | 0 |
Non-cash change in inventory repurchase obligations | 0 | 0 | 0 |
Write-off of unamortized deferred financing fees | 0 | 0 | ' |
Gain on sale of assets | 0 | 0 | ' |
Pension and other post retirement benefits costs | 0 | 0 | 0 |
Equity in earnings of subsidiaries | 722,673 | 1,921,040 | 326,170 |
Changes in current assets and current liabilities: | ' | ' | ' |
Accounts receivable | 0 | 0 | 0 |
Inventories | 0 | 0 | 0 |
Other current assets | 0 | 0 | 0 |
Accounts payable | 0 | 0 | 0 |
Accrued expenses | 0 | 0 | 0 |
Deferred revenue | 0 | 0 | 0 |
Amounts due to/from related parties | 0 | 0 | ' |
Other assets and liabilities | 0 | 0 | 0 |
Net cash provided by operations | 0 | 0 | 0 |
Cash flow from investing activities: | ' | ' | ' |
Acquisition of Toledo refinery, net of cash received from sale of assets | ' | ' | 0 |
Expenditures for property, plant and equipment | 0 | 0 | 0 |
Expenditures for deferred turnarounds cost | 0 | 0 | 0 |
Expenditures for other assets | 0 | 0 | 0 |
Proceeds from sale of assets | 0 | 0 | 0 |
Amounts due to/from related parties | ' | ' | 750,630 |
Other | ' | ' | 0 |
Net cash used in investing activities | 0 | 0 | 750,630 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from revolver borrowings | 0 | ' | ' |
Proceeds from intercompany notes payable | 0 | ' | ' |
Proceeds from member's capital contributions | 0 | ' | 0 |
Proceeds from Senior Secured Notes | ' | 0 | ' |
Proceeds from long-term debt | ' | 0 | 0 |
Proceeds from catalyst lease | 0 | 0 | 0 |
Distribution to members | 0 | 0 | ' |
Repayments of revolver borrowings | 0 | ' | ' |
Payment of contingent consideration related to acquisition of Toledo refinery | 0 | 0 | ' |
Repayments of long-term debt | ' | 0 | 0 |
Repayment of seller note inventory | ' | ' | 0 |
Deferred financing costs and other | 0 | 0 | 0 |
Net cash (used in) provided by financing activities | 0 | 0 | -750,630 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash and equivalents, beginning of period | 0 | 0 | 0 |
Cash and equivalents, end of period | 0 | 0 | 0 |
PBF Holding [Member] | ' | ' | ' |
Cash flows from operating activities: | ' | ' | ' |
Net income | 238,876 | 805,312 | 242,671 |
Adjustments to reconcile net income to net cash from operating activities: | ' | ' | ' |
Depreciation and amortization | 118,001 | 97,650 | 56,919 |
Stock-based compensation | 3,753 | 2,954 | 2,516 |
Change in fair value of catalyst lease obligation | -4,691 | 3,724 | -7,316 |
Change in fair value of contingent consideration | 0 | 2,768 | 5,215 |
Non-cash change in inventory repurchase obligations | -20,492 | 4,576 | 25,329 |
Write-off of unamortized deferred financing fees | 0 | 4,391 | 0 |
Gain on sale of assets | -183 | -2,329 | 0 |
Pension and other post retirement benefits costs | 16,728 | 12,684 | 9,768 |
Equity in earnings of subsidiaries | 0 | 0 | 0 |
Changes in current assets and current liabilities: | ' | ' | ' |
Accounts receivable | -92,851 | -187,544 | -279,315 |
Inventories | 45,991 | -80,097 | -512,054 |
Other current assets | -42,455 | 49,971 | -56,953 |
Accounts payable | 42,236 | 73,990 | 249,765 |
Accrued expenses | 214,817 | 30,343 | 395,093 |
Deferred revenue | -202,777 | 21,309 | 122,895 |
Amounts due to/from related parties | 14,721 | -14,721 | 0 |
Other assets and liabilities | -20,403 | -31,544 | -5,251 |
Net cash provided by operations | 311,271 | 793,437 | 249,282 |
Cash flow from investing activities: | ' | ' | ' |
Acquisition of Toledo refinery, net of cash received from sale of assets | 0 | 0 | -168,156 |
Expenditures for property, plant and equipment | -318,394 | -175,900 | -488,721 |
Expenditures for deferred turnarounds cost | -64,616 | -38,633 | -62,823 |
Expenditures for other assets | -32,692 | -8,155 | -23,339 |
Proceeds from sale of assets | 102,428 | 3,381 | 4,700 |
Amounts due to/from related parties | ' | ' | 0 |
Other | 0 | 0 | -854 |
Net cash used in investing activities | -313,274 | -219,307 | -739,193 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from revolver borrowings | 1,450,000 | 0 | 0 |
Proceeds from intercompany notes payable | 31,835 | 0 | 0 |
Proceeds from member's capital contributions | 1,757 | 0 | 408,397 |
Proceeds from Senior Secured Notes | 0 | 665,806 | 0 |
Proceeds from long-term debt | 0 | 430,000 | 488,894 |
Proceeds from catalyst lease | 14,337 | 9,452 | 18,624 |
Distribution to members | -215,846 | -160,965 | 0 |
Repayments of revolver borrowings | -1,435,000 | 0 | 0 |
Payment of contingent consideration related to acquisition of Toledo refinery | -21,357 | -103,642 | 0 |
Repayments of long-term debt | 0 | -1,184,597 | -220,401 |
Repayment of seller note inventory | 0 | 0 | -299,645 |
Deferred financing costs and other | -1,044 | -26,059 | -11,249 |
Net cash (used in) provided by financing activities | -175,318 | -370,005 | 384,620 |
Net increase (decrease) in cash and cash equivalents | -177,321 | 204,125 | -105,291 |
Cash and equivalents, beginning of period | 254,291 | 50,166 | 155,457 |
Cash and equivalents, end of period | $76,970 | $254,291 | $50,166 |
QUARTERLY_FINANCIAL_DATA_Detai
QUARTERLY FINANCIAL DATA (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenues | $4,816,435 | $4,858,880 | $4,678,293 | $4,797,847 | $4,950,360 | [1] | $5,395,206 | $5,077,015 | $4,716,106 | $19,151,455 | $20,138,687 | $14,960,338 |
Income (loss) from operations | 142,326 | -55,599 | 133,027 | 100,105 | 284,901 | [1] | 220,109 | 579,506 | -164,083 | 319,859 | 920,433 | 305,690 |
Net income (loss) | 102,097 | -64,893 | 107,170 | 69,711 | 264,263 | [1] | 186,564 | 555,742 | -202,532 | 214,085 | 804,037 | 242,671 |
Net income attributable to PBF Energy | $31,156 | ($19,848) | $16,826 | $11,406 | $1,956 | [1] | ' | ' | ' | $39,540 | $1,956 | ' |
Earnings per common share -assuming dilution | $0.76 | ($0.50) | $0.61 | $0.48 | $0.08 | [1] | ' | ' | ' | $1.20 | $0.08 | ' |
[1] | On DecemberB 12, 2012, PBF Energy Inc. completed an initial public offering which closed on DecemberB 18, 2012. |