Document and Entity Information
Document and Entity Information Document - shares | 6 Months Ended | |
Jun. 30, 2015 | Aug. 04, 2015 | |
Entity Information [Line Items] | ||
Entity Registrant Name | PBF ENERGY INC. | |
Entity Central Index Key | 1,534,504 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,015 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Class A Common Stock [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 85,784,355 | |
Class B common stock [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 28 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 623,822 | $ 397,873 |
Accounts receivable | 540,227 | 551,269 |
Inventories | 1,306,414 | 1,102,261 |
Deferred tax asset | 175,653 | 222,368 |
Prepaid expense and other current assets | 39,456 | 72,900 |
Total current assets | 2,685,572 | 2,346,671 |
Property, plant and equipment, net | 1,964,953 | 1,936,839 |
Deferred tax assets | 342,646 | 345,179 |
Marketable securities | 234,249 | 234,930 |
Deferred charges and other assets, net | 316,202 | 332,669 |
Total assets | 5,543,622 | 5,196,288 |
Current liabilities: | ||
Accounts payable | 354,636 | 335,268 |
Accrued expenses | 1,140,526 | 1,130,792 |
Payable to related parties pursuant to tax receivable agreement | 69,833 | 75,535 |
Deferred revenue | 7,218 | 1,227 |
Total current liabilities | 1,572,213 | 1,542,822 |
Delaware Economic Development Authority loan | 8,000 | 8,000 |
Long-term debt | 1,353,734 | 1,252,349 |
Payable to related parties pursuant to tax receivable agreement | 667,541 | 637,192 |
Other long-term liabilities | 69,750 | 62,609 |
Total liabilities | $ 3,671,238 | $ 3,502,972 |
Commitments and contingencies (Note 10) | ||
Equity: | ||
Preferred stock, $0.001 par value, 100,000,000 shares authorized, no shares outstanding, at June 30, 2015 and December 31, 2014 | $ 0 | $ 0 |
Treasury stock, at cost | (146,731) | (142,731) |
Additional paid in capital | 1,552,118 | 1,508,425 |
Retained earnings/(Accumulated deficit) | 48,316 | (123,271) |
Accumulated other comprehensive loss | (24,543) | (24,298) |
Total PBF Energy Inc. equity | 1,429,252 | 1,218,213 |
Noncontrolling interest | 443,132 | 475,103 |
Total equity | 1,872,384 | 1,693,316 |
Total liabilities and equity | 5,543,622 | 5,196,288 |
Class A Common Stock [Member] | ||
Equity: | ||
Common stock | 92 | 88 |
Treasury stock, at cost | (146,731) | (142,731) |
Class B common stock [Member] | ||
Equity: | ||
Common stock | $ 0 | $ 0 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2015 | Dec. 31, 2014 |
Preferred stock, par value (USD per share) | $ 0.001 | $ 0.001 |
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) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares outstanding | 85,922,092 | 81,981,119 |
Class B common stock [Member] | ||
Common stock, par value (USD per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 1,000,000 | 1,000,000 |
Common stock, shares outstanding | 28 | 39 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Statement [Abstract] | ||||
Revenues | $ 3,550,664 | $ 5,301,709 | $ 6,545,800 | $ 10,048,152 |
Cost and expenses: | ||||
Cost of sales, excluding depreciation | 2,994,745 | 4,935,456 | 5,496,960 | 9,083,140 |
Operating expenses, excluding depreciation | 194,970 | 210,722 | 432,088 | 479,621 |
General and administrative expenses | 39,223 | 33,013 | 75,269 | 69,637 |
(Gain) loss on sale of assets | (632) | 6 | (991) | (180) |
Depreciation and amortization expense | 48,562 | 34,662 | 96,268 | 67,877 |
Total cost and expenses | 3,276,868 | 5,213,859 | 6,099,594 | 9,700,095 |
Income from operations | 273,796 | 87,850 | 446,206 | 348,057 |
Other income (expenses): | ||||
Change in fair value of catalyst leases | 1,949 | (2,338) | 3,988 | (4,339) |
Interest expense, net | (26,876) | (26,202) | (49,068) | (51,457) |
Income before income taxes | 248,869 | 59,310 | 401,126 | 292,261 |
Income tax expense | 90,409 | 13,474 | 139,547 | 63,153 |
Net income | 158,460 | 45,836 | 261,579 | 229,108 |
Less: net income attributable to noncontrolling interests | 22,650 | 24,877 | 38,447 | 130,704 |
Net income attributable to PBF Energy Inc. | $ 135,810 | $ 20,959 | $ 223,132 | $ 98,404 |
Basic (in shares) | 86,036,809 | 72,439,760 | 85,175,066 | 63,354,285 |
Denominator for diluted net income per common share-adjusted weighted average shares | 91,659,906 | 73,007,156 | 91,655,081 | 63,897,712 |
Basic (in dollars per share) | $ 1.58 | $ 0.29 | $ 2.62 | $ 1.55 |
Diluted (in dollars per share) | 1.57 | 0.29 | 2.57 | 1.54 |
Dividends per common share (in dollars per share) | $ 0.30 | $ 0.30 | $ 0.60 | $ 0.60 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 158,460 | $ 45,836 | $ 261,579 | $ 229,108 |
Other comprehensive income: | ||||
Unrealized (loss) gain on available for sale securities | (75) | 56 | (4) | 85 |
Net gain on pension and other postretirement benefits | 400 | 232 | 800 | 449 |
Total other comprehensive income | 325 | 288 | 796 | 534 |
Comprehensive income | 158,785 | 46,124 | 262,375 | 229,642 |
Less: comprehensive income attributable to noncontrolling interests | 22,668 | 24,859 | 38,492 | 130,756 |
Comprehensive income attributable to PBF Energy Inc. | $ 136,117 | $ 21,265 | $ 223,883 | $ 98,886 |
Condensed Consolidated Stateme6
Condensed Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Net income | $ 261,579 | $ 229,108 |
Adjustments to reconcile net income to net cash provided by (used in) operations: | ||
Depreciation and amortization | 100,839 | 71,437 |
Stock-based compensation | 5,394 | 2,923 |
Change in fair value of catalyst lease obligations | (3,988) | 4,339 |
Deferred income taxes | 74,006 | 35,090 |
Non-cash change in inventory repurchase obligations | 89,203 | (7,973) |
Pension and other post retirement benefit costs | 12,893 | 10,538 |
Gain on disposition of property, plant and equipment | (991) | (180) |
Change in non-cash lower of cost or market adjustment | (127,166) | 0 |
Changes in current assets and current liabilities: | ||
Accounts receivable | 11,042 | (116,579) |
Inventories | (84,619) | (249,094) |
Prepaid expenses and other current assets | 29,552 | (27,472) |
Accounts payable | 19,368 | (63,108) |
Accrued expenses | (59,908) | 281,846 |
Deferred revenue | 5,991 | (1,632) |
Payable to related parties pursuant to tax receivable agreement | (10,168) | 0 |
Other assets and liabilities | (5,352) | (3,186) |
Net cash provided by operations | 317,675 | 166,057 |
Cash flow from investing activities: | ||
Expenditures for property, plant and equipment | (224,063) | (125,293) |
Expenditures for deferred turnaround costs | (22,918) | (39,424) |
Expenditures for other assets | (5,424) | (8,171) |
Purchase of marketable securities | (1,379,386) | (599,997) |
Maturities of marketable securities | 1,380,085 | 299,987 |
Proceeds from sale of assets | 138,131 | 37,759 |
Net cash used in investing activities | (113,575) | (435,139) |
Cash flows from financing activities: | ||
Proceeds from issuance of PBF Logistics LP common units, net of underwriters' discount and commissions | 0 | 340,957 |
Offering costs for issuance of PBF Logistics LP common units | 0 | (5,000) |
Distributions to PBF Energy Company LLC members | (8,262) | (76,705) |
Distributions to PBFX Logistics LP unit holders | (11,033) | 0 |
Dividend payments | (51,545) | (37,302) |
Proceeds from PBFX Senior Notes | 350,000 | 0 |
Proceeds from revolver borrowings | 0 | 395,000 |
Repayments of revolver borrowings | 0 | (410,000) |
Proceeds from PBFX Term Loan borrowings | 0 | 300,000 |
Repayments of PBFX Term Loan borrowings | (700) | 0 |
Purchases of treasury stock | (4,000) | 0 |
Deferred financing costs and other | (8,135) | (5,519) |
Net cash provided by financing activities | 21,849 | 509,656 |
Net increase in cash and cash equivalents | 225,949 | 240,574 |
Cash and equivalents, beginning of period | 397,873 | 76,970 |
Cash and equivalents, end of period | 623,822 | 317,544 |
Non-cash activities: | ||
Accrued construction in progress and unpaid fixed assets | 21,367 | 28,302 |
PBFX Revolving Credit Facility [Member] | ||
Cash flows from financing activities: | ||
Proceeds from revolver borrowings | 24,500 | 0 |
Repayments of revolver borrowings | (275,100) | 0 |
Rail Facility [Member] | ||
Cash flows from financing activities: | ||
Proceeds from revolver borrowings | 70,750 | 8,225 |
Repayments of revolver borrowings | $ (64,626) | $ 0 |
DESCRIPTION OF THE BUSINESS AND
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 2015 | |
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 in 2011 and completed an initial public offering in December 2012. PBF Energy is the sole managing member of PBF Energy Company LLC ("PBF LLC"), a Delaware limited liability company, 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. 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. Delaware City Refining Company LLC ("Delaware City Refining" or "DCR"), PBF Power Marketing LLC, PBF Energy Limited, 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. PBF LLC also holds a 53.8% limited partner interest and all of the incentive distribution rights in PBF Logistics LP ("PBFX"), a publicly traded master limited partnership (refer to Note 2 "PBF Logistics LP" of our Notes to Condensed Consolidated Financial Statements). PBF Logistics GP LLC (“PBF GP”) owns the noneconomic general partner interest and serves as the general partner of PBFX and is wholly-owned by PBF LLC. PBF Energy, through its ownership of PBF LLC, consolidates the financial results of PBFX and its subsidiaries and records a noncontrolling interest in its consolidated financial statements representing the economic interests of PBFX's unit holders other than PBF LLC. Collectively, PBF Energy and its consolidated subsidiaries, including PBF LLC, PBF Holding, and PBFX are referred to hereinafter as the "Company" unless the context otherwise requires. On February 6, 2015, the Company completed a public offering of 3,804,653 shares of Class A common stock in a secondary offering (the "February 2015 secondary offering"). All of the shares in the February 2015 secondary offering were sold by funds affiliated with Blackstone Group L.P., or Blackstone, and First Reserve Management, L.P., or First Reserve. In connection with the February 2015 secondary offering, Blackstone and First Reserve exchanged all of their remaining PBF LLC Series A Units for an equivalent number of shares of Class A common stock of PBF Energy, and as a result, Blackstone and First Reserve no longer hold any PBF LLC Series A Units or shares of PBF Energy Class A Common stock. The holders of PBF LLC Series B Units, which include certain executive officers of PBF Energy and others, received a portion of the proceeds of the sale of the PBF Energy Class A common stock by Blackstone and First Reserve in accordance with the amended and restated limited liability company agreement of PBF LLC. PBF Energy did not receive any proceeds from the February 2015 secondary offering. As of June 30, 2015 , the Company owns 85,922,092 PBF LLC Series C Units and the Company's executive officers and directors and certain employees and others beneficially own 5,147,838 PBF LLC Series A Units. The holders of the Company's issued and outstanding shares of Class A common stock have 94.3% of the voting power in the Company and the members of PBF LLC other than PBF Energy through their holdings of Class B common stock have the remaining 5.7% of the voting power in the Company. Substantially all of the Company’s operations are in the United States. The Company operates in two reportable business segments: Refining and Logistics. The Company’s three oil refineries are all engaged in the refining of crude oil and other feedstocks into petroleum products, and are aggregated into the Refining segment. PBFX is a publicly traded master limited partnership that was formed to operate logistical assets such as crude oil and refined petroleum products terminals, pipelines, and storage facilities. PBFX's operations are aggregated into the Logistics segment. To generate earnings and cash flows from operations, the Company is primarily dependent upon processing crude oil and selling refined petroleum products at margins sufficient to cover fixed and variable costs and other expenses. Crude oil and refined petroleum products are commodities; and factors largely out of the Company’s control can cause prices to vary over time. The potential margin volatility can have a material effect on the Company’s financial position, earnings and cash flow. Basis of Presentation The unaudited condensed consolidated financial information furnished herein reflects all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, considered necessary for a fair presentation of the financial position and the results of operations and cash flows of the Company for the periods presented. All intercompany accounts and transactions have been eliminated in consolidation. These unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. These interim condensed consolidated financial statements should be read in conjunction with the financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2014 of PBF Energy. The results of operations for the three and six months ended June 30, 2015 are not necessarily indicative of the results to be expected for the full year. Recent Accounting Pronouncements In April 2015, the FASB issued ASU No. 2015-03, "Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs" ("ASU 2015-03"), which requires debt issuance costs related to a recognized debt liability to be presented on the balance sheet as a direct deduction from the debt liability rather than as an asset. The standard is effective for interim and annual periods beginning after December 15, 2015 and early adoption is permitted. The Company is currently evaluating the impact of this new standard on its consolidated financial statements and related disclosures. |
PBF LOGISTICS LP PBF LOGISITICS
PBF LOGISTICS LP PBF LOGISITICS LP | 6 Months Ended |
Jun. 30, 2015 | |
PBF LOGISTICS LP [Abstract] | |
PBF Logistics LP | PBF LOGISTICS LP On May 14, 2014, PBFX completed its initial public offering (the “PBFX Offering”) of 15,812,500 common units. As of June 30, 2015 , PBF LLC holds a 53.8% limited partner interest in PBFX (consisting of 2,572,944 common units and 15,886,553 subordinated units) and all of PBFX's incentive distribution rights, with the remaining 46.2% limited partner interest held by public common unit holders. PBF LLC also owns indirectly a non-economic general partner interest in PBFX through its wholly-owned subsidiary, PBF GP, the general partner of PBFX. During the subordination period (as set forth in the partnership agreement of PBFX) holders of the subordinated units are not entitled to receive any distribution of available cash until the common units have received the minimum quarterly distribution plus any arrearages in the payment of the minimum quarterly distribution from prior quarters. If PBFX does not pay distributions on the subordinated units, the subordinated units will not accrue arrearages for those unpaid distributions. Each subordinated unit will convert into one common unit at the end of the subordination period. PBFX engages in the receiving, handling and transferring of crude oil and the receipt, storage and delivery of crude oil, refined products and intermediates from sources located throughout the United States and Canada for PBF Energy in support of its three refineries. All of PBFX’s revenue is derived from long-term, fee-based commercial agreements with PBF Holding, which include minimum volume commitments, for receiving, handling and transferring crude oil and refined products and storing crude oil and refined products. PBF Energy also has agreements with PBFX that establish fees for certain general and administrative services and operational and maintenance services provided by PBF Holding to PBFX. These transactions are eliminated by PBF Energy in consolidation. PBFX’s initial assets consisted of a light crude oil rail unloading terminal at the Delaware City refinery that also services the Paulsboro refinery (which is referred to as the “Delaware City Rail Terminal”), and a crude oil truck unloading terminal at the Toledo refinery (which is referred to as the “Toledo Truck Terminal”) that are integral components of the crude oil delivery operations at all three of PBF Energy’s refineries. On September 30, 2014, PBF LLC contributed to PBFX all of the equity interests of Delaware City Terminaling Company II LLC, which assets consist solely of the Delaware City heavy crude unloading rack (the "DCR West Rack"), for total consideration of $150,000 . On December 11, 2014, PBF LLC contributed to PBFX all of the issued and outstanding limited liability company interests of Toledo Terminaling Company LLC, whose assets consist of a tank farm and related facilities located at our Toledo refinery, including a propane storage and loading facility (the "Toledo Storage Facility"), for total consideration of $150,000 . On May 14, 2015 PBF LLC contributed to PBFX all of the issued and outstanding limited liability company interests of Delaware Pipeline Company LLC ("DPC") and Delaware City Logistics Company LLC ("DCLC"), whose assets consist of a products pipeline, truck rack and related facilities located at our Delaware City refinery (collectively the "Delaware City Products Pipeline and Truck Rack"), for total consideration of $ 143,000 . PBFX, a variable interest entity, is consolidated by PBF Energy through its ownership of PBF LLC. PBF LLC through its ownership of PBF GP, has the sole ability to direct the activities of PBFX that most significantly impact its economic performance. PBF LLC is considered to be the primary beneficiary of PBFX for accounting purposes. |
NONCONTROLLING INTEREST OF PBF
NONCONTROLLING INTEREST OF PBF ENERGY AND PBF LOGISTICS LP | 6 Months Ended |
Jun. 30, 2015 | |
Noncontrolling Interest [Abstract] | |
NONCONTROLLING INTEREST OF PBF ENERGY AND PBF LOGISTICS LP | NONCONTROLLING INTEREST OF PBF ENERGY AND PBFX Noncontrolling Interest in PBF LLC PBF Energy is the sole managing member of, and has a controlling interest in, PBF LLC. 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. As of December 31, 2014, PBF Energy’s equity interest in PBF LLC represented approximately 89.9% of the outstanding interests. In connection with the February 2015 secondary offering, Blackstone and First Reserve exchanged a total of 3,804,653 Series A Units of PBF LLC for an equivalent number of shares of Class A common stock of PBF Energy. As of June 30, 2015 , PBF Energy held approximately 94.3% of the economic interests in PBF LLC. 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 includes 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 includes the portion of net assets of PBF Energy attributable to the members of PBF LLC other than PBF Energy. The noncontrolling interest ownership percentage of PBF LLC as of June 30, 2015 , the completion date of the February 2015 secondary offering, and December 31, 2014 is calculated as follows: Held by members of PBF LLC other than PBF Energy Held by PBF Energy Total * December 31, 2014 9,170,696 81,981,119 91,151,815 10.1 % 89.9 % 100.0 % February 6, 2015 5,366,043 85,768,077 91,134,120 5.9 % 94.1 % 100.0 % June 30, 2015 5,147,838 85,922,092 91,069,930 5.7 % 94.3 % 100.0 % —————————— * Assumes all of the holders of PBF LLC Series A Units exchange their PBF LLC Series A Units for shares of PBF Energy’s Class A common stock on a one-for-one basis. Noncontrolling Interest in PBFX PBF LLC holds a 53.8% limited partner interest in PBFX and owns all of PBFX’s incentive distribution rights, with the remaining 46.2% limited partner interest owned by public common unit holders as of June 30, 2015 . PBF LLC is also the sole member of PBF GP, the general partner of PBFX. PBF Energy, through its ownership of PBF LLC, consolidates the financial results of PBFX, and records a noncontrolling interest for the economic interest in PBFX held by the public common unit holders. Noncontrolling interest on the consolidated statements of operations includes the portion of net income or loss attributable to the economic interest in PBFX held by the public common unit holders of PBFX other than PBF Energy (through its ownership in PBF LLC). Noncontrolling interest on the consolidated balance sheets includes the portion of net assets of PBFX attributable to the public common unit holders of PBFX. The noncontrolling interest ownership percentage of PBFX as of June 30, 2015 and December 31, 2014, is calculated as follows: Units of PBFX Held by the Public Units of PBFX Held by PBF LLC (Including Subordinated Units) Total December 31, 2014 15,812,500 17,171,077 32,983,577 47.9 % 52.1 % 100.0 % June 30, 2015 15,864,388 18,459,497 34,323,885 46.2 % 53.8 % 100.0 % The following table summarizes the changes in equity for the controlling and noncontrolling interests of PBF Energy for the six months ended June 30, 2015 and 2014 : PBF Energy Inc. Equity Noncontrolling Noncontrolling Total Equity Balance at January 1, 2015 $ 1,218,213 $ 138,734 $ 336,369 $ 1,693,316 Comprehensive income 223,883 21,265 17,227 262,375 Dividends and distributions (51,545 ) (8,262 ) (11,033 ) (70,840 ) Record deferred tax asset and liabilities and tax receivable agreement associated with secondary offerings and PBFX's acquisitions from PBF LLC (13,948 ) — — (13,948 ) Record allocation of noncontrolling interest upon completion of secondary offerings 39,976 (39,976 ) — — Issuance of additional PBFX common units 11,390 — (11,390 ) — Stock-based compensation 3,591 190 1,613 5,394 Exercise of PBF LLC options and warrants, net 1,692 (1,605 ) — 87 Purchase of treasury stock (4,000 ) — — (4,000 ) Balance at June 30, 2015 $ 1,429,252 $ 110,346 $ 332,786 $ 1,872,384 PBF Energy Inc. Equity Noncontrolling Noncontrolling Total Equity Balance at January 1, 2014 $ 654,130 $ 1,061,126 $ — $ 1,715,256 Comprehensive income 98,886 128,065 2,691 229,642 Dividends and distributions (37,302 ) (76,705 ) — (114,007 ) Record deferred tax asset and liabilities and tax receivable agreement associated with secondary offerings (105,783 ) — — (105,783 ) Record allocation of noncontrolling interest upon completion of secondary offerings 936,229 (936,229 ) — — Stock-based compensation 2,398 330 195 2,923 Record noncontrolling interest upon completion of the PBFX Offering — — 335,957 335,957 Exercise of PBF LLC options and warrants, net — (14 ) — (14 ) Balance at June 30, 2014 $ 1,548,558 $ 176,573 $ 338,843 $ 2,063,974 |
INVENTORIES
INVENTORIES | 6 Months Ended |
Jun. 30, 2015 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES Inventories consisted of the following: June 30, 2015 Titled Inventory Inventory Supply and Intermediation Arrangements Total Crude oil and feedstocks $ 885,461 $ 58,527 $ 943,988 Refined products and blendstocks 536,831 349,217 886,048 Warehouse stock and other 39,322 — 39,322 $ 1,461,614 $ 407,744 $ 1,869,358 Lower of cost or market reserve (470,241 ) (92,703 ) (562,944 ) Total inventories $ 991,373 $ 315,041 $ 1,306,414 December 31, 2014 Titled Inventory Inventory Supply and Intermediation Arrangements Total Crude oil and feedstocks $ 918,756 $ 61,122 $ 979,878 Refined products and blendstocks 520,308 255,459 775,767 Warehouse stock and other 36,726 — 36,726 $ 1,475,790 $ 316,581 $ 1,792,371 Lower of cost or market reserve (609,774 ) (80,336 ) (690,110 ) Total inventories $ 866,016 $ 236,245 $ 1,102,261 Inventory under inventory supply and intermediation arrangements includes certain crude oil stored at the Company’s Delaware City refinery's storage facilities that the Company will purchase as it is consumed in connection with its crude supply agreement; and intermediates and light finished products sold to counterparties in connection with the intermediation agreements and stored in the Paulsboro and Delaware City refineries' storage facilities. Due to the lower crude oil and refined product pricing environment at the end of 2014 and into the second quarter of 2015, the Company recorded adjustments to value its inventories to the lower of cost or market. During the three months ended June 30, 2015, the Company recorded an adjustment to value its inventories to the lower of cost or market which increased operating income and net income by $105,958 and $63,363 , respectively, reflecting the net change in the lower of cost or market inventory reserve from $668,902 at March 31, 2015 to $562,944 at June 30, 2015. During the six months ended June 30, 2015, the Company recorded an adjustment to value its inventories to the lower of cost or market which increased operating income and net income by $127,166 and $76,045 , respectively, reflecting the net change in the lower of cost or market inventory reserve from $690,110 at December 31, 2014 to $562,944 at June 30, 2015. |
DEFERRED CHARGES AND OTHER ASSE
DEFERRED CHARGES AND OTHER ASSETS, NET | 6 Months Ended |
Jun. 30, 2015 | |
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: June 30, December 31, Deferred turnaround costs, net $ 188,111 $ 204,987 Catalyst 73,494 77,322 Deferred financing costs, net 36,749 32,280 Linefill 10,230 10,230 Restricted cash 1,500 1,521 Intangible assets, net 241 357 Other 5,877 5,972 Total deferred charges and other assets, net $ 316,202 $ 332,669 |
ACCRUED EXPENSES
ACCRUED EXPENSES | 6 Months Ended |
Jun. 30, 2015 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES | ACCRUED EXPENSES Accrued expenses consisted of the following: June 30, December 31, Inventory-related accruals $ 625,558 $ 588,297 Inventory supply and intermediation arrangements 256,164 253,549 Accrued transportation costs 54,895 59,959 Excise and sales tax payable 40,022 40,444 Accrued income taxes payable 36,608 — Accrued salaries and benefits 28,003 56,117 Accrued interest 25,362 23,014 Customer deposits 21,277 24,659 Accrued construction in progress 17,368 31,452 Accrued utilities 11,197 22,337 Other 24,072 30,964 Total accrued expenses $ 1,140,526 $ 1,130,792 The Company has the obligation to repurchase certain intermediates and finished products that are held in the Company’s refinery storage tanks at the Delaware City and Paulsboro refineries in accordance with the Inventory Intermediation Agreements with J. Aron & Company, a subsidiary of The Goldman Sachs Group, Inc. ("J. Aron"). A liability is recognized for the Inventory supply and intermediation arrangements and 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 cost of sales. 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 its 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. |
CREDIT FACILITIES CREDIT FACILI
CREDIT FACILITIES CREDIT FACILITIES | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
CREDIT FACILITIES | 7. CREDIT FACILITIES On April 29, 2015, PBF Rail Logistics LLC ("PBF Rail"), an indirect wholly-owned subsidiary of PBF Holding, entered into the First Amendment to Loan Agreement (as amended, the “Rail Facility”) among Credit Agricole Corporate + Investment Bank as Administrative Agent, Deutsche Bank Trust Company Americas as Collateral Agent, DVB Bank SE as Syndication Agent, ING Bank, a branch of ING-DiBa AG as Documentation Agent and certain other Continuing Lenders, as defined in the agreement. The primary purpose of the Rail Facility is to fund the acquisition by PBF Rail of coiled and insulated crude tank cars and non-coiled and non-insulated general purpose crude tank cars. The amendments to the Rail Facility include the extension of the maturity to April 29, 2017, the reduction of the total commitment from $ 250,000 to $ 150,000 , and the reduction of the commitment fee on the unused portion of the Rail Facility. On May 12, 2015, PBFX entered into an indenture among the Partnership, PBF Logistics Finance Corporation, a Delaware corporation and wholly-owned subsidiary of the Partnership ("PBF Logistics Finance," and together with the Partnership, the "Issuers"), the Guarantors named therein (certain subsidiaries of PBFX) and Deutsche Bank Trust Company Americas, as Trustee, under which the Issuers issued $ 350,000 in aggregate principal amount of 6.875% Senior Notes due 2023 (the "PBFX Senior Notes"). PBF LLC has provided a limited guarantee of collection of the principal amount of the PBFX Senior Notes, but is not otherwise subject to the covenants of the indenture. Of the $ 350,000 aggregate PBFX Senior Notes, $ 19,910 were purchased by certain of PBF Energy’s officers and directors and their affiliates and family members pursuant to a separate private placement transaction. After deducting offering expenses, PBFX received net proceeds of approximately $ 343,000 from the PBFX Senior Notes offering. |
MARKETABLE SECURITIES MARKETABL
MARKETABLE SECURITIES MARKETABLE SECURITIES | 6 Months Ended |
Jun. 30, 2015 | |
Marketable Securities [Abstract] | |
MARKETABLE SECURITIES | MARKETABLE SECURITIES The U.S Treasury securities purchased by the Company with the proceeds from the PBFX Offering are used as collateral to secure a three-year, $300,000 term loan facility entered into by PBFX (the "PBFX Term Loan"). PBFX anticipates holding the securities for an indefinite amount of time (the securities will be rolled over as they mature). As necessary and at the discretion of PBFX, these securities are expected to be liquidated and the proceeds used to fund future capital expenditures. While PBFX does not routinely sell marketable securities prior to their scheduled maturity dates, some of PBFX's investments may be held and restricted for the purpose of funding future capital expenditures and acquisitions, so these investments are classified as available-for-sale marketable securities as they may occasionally be sold prior to their scheduled maturity dates due to the unexpected timing of cash needs. The carrying value of these marketable securities approximates fair value and are measured using Level 1 inputs. The maturities of the marketable securities range from one to three months and are classified on the balance sheet in non-current assets. As of June 30, 2015 and December 31, 2014 , the Company held $234,249 and $234,930 , respectively, in marketable securities. The gross unrecognized holding gains and losses as of June 30, 2015 and December 31, 2014 were not material. The net realized gains or losses from the sale of marketable securities were immaterial for the three and six months ended June 30, 2015 and 2014 . |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES PBF Energy files federal and applicable state corporate income tax returns and recognizes income taxes on its pre-tax income, which to date has consisted solely of its share of PBF LLC’s pre-tax income (approximately 89.9% prior to the February 2015 secondary offering and approximately 94.3% subsequent to the February 2015 secondary offering as of June 30, 2015 ). PBF LLC is organized as a limited liability company and PBFX is a master limited partnership, both of which are treated as "flow-through" entities for federal income tax purposes and therefore are not subject to income taxes. As a result, PBF Energy's condensed consolidated financial statements do not reflect any benefit or provision for income taxes on the pre-tax income or loss attributable to the noncontrolling interests in PBF LLC or PBFX. The income tax provision in the PBF Energy condensed consolidated financial statements of operations consisted of the following: Three Months Ended Six Months Ended 2015 2014 2015 2014 Current tax expense $ 39,571 $ 11,344 $ 65,541 $ 28,063 Deferred tax expense 50,838 2,130 74,006 35,090 Total tax expense $ 90,409 $ 13,474 $ 139,547 $ 63,153 Income tax expense is based on income before taxes attributable to PBF Energy and excludes income before taxes attributable to noncontrolling interests as such interests are not subject to income taxes. The difference between the Company’s income tax expense and the income tax provision computed by applying the United States statutory rate and the difference between the Company’s effective income tax rate and the United States statutory rate are reconciled below: Three Months Ended Three Months Ended Provision at Federal statutory rate $ 79,177 35.0 % $ 11,947 35.0 % Increase (decrease) attributable to flow-through of certain tax adjustments: State income taxes (net federal income tax) 11,786 5.2 % 1,779 5.2 % Non deductible/nontaxable items 340 0.2 % 124 0.2 % Adjustment for manufacturer's benefit (1,609 ) (0.7 )% — — % Rate differential from foreign jurisdictions 1,803 0.8 % — — % Other (1,088 ) (0.5 )% (376 ) (1.2 )% Total $ 90,409 40.0 % $ 13,474 39.2 % Six Months Ended Six Months Ended Provision at Federal statutory rate $ 126,938 35.0 % $ 56,440 35.0 % Increase (decrease) attributable to flow-through of certain tax adjustments: State income taxes (net federal income tax) 18,895 5.2 % 8,402 5.2 % Non deductible/nontaxable items 866 0.2 % 302 0.2 % Adjustment for manufacturer's benefit (2,815 ) (0.8 )% — — % Rate differential from foreign jurisdictions (3,826 ) (1.0 )% — — % Other (511 ) (0.1 )% (1,991 ) (1.2 )% Total $ 139,547 38.5 % $ 63,153 39.2 % The Company's effective income tax rate for the three and six months ended June 30, 2015 , including the impact of income attributable to noncontrolling interests of $22,650 and $38,447 , respectively, was 36.3% and 34.8% , respectively.The Company's effective income tax rate for the three and six months ended June 30, 2014 , including the impact of income attributable to noncontrolling interests of $24,877 and $130,704 , respectively, was 22.7% and 21.6% , respectively. PBF Energy has determined there are no material uncertain tax positions as of June 30, 2015 . PBF Energy does not have any unrecognized tax benefits. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Environmental Matters The Company’s refineries are subject to extensive and frequently changing federal, state and local laws and regulations, including, but not limited to, those relating to the discharge of materials into the environment or that otherwise relate to the protection of the environment, waste management and the characteristics and the compositions of fuels. Compliance with existing and anticipated laws and regulations can increase the overall cost of operating the refineries, including remediation, operating costs and capital costs to construct, maintain and upgrade equipment and facilities. In connection with the Paulsboro refinery acquisition, the Company assumed certain environmental remediation obligations. The environmental liability of $11,132 recorded as of June 30, 2015 ( $10,476 as of December 31, 2014 ) represents the present value of expected future costs discounted at a rate of 8% . The current portion of the environmental liability is recorded in accrued expenses and the non-current portion is recorded in other long-term liabilities. As of June 30, 2015 and December 31, 2014 , this liability is self-guaranteed by the Company. In connection with the acquisition of the Delaware City assets, Valero Energy Corporation ("Valero") remains responsible for certain pre-acquisition environmental obligations up to $20,000 and the predecessor to Valero in ownership of the refinery retains other historical obligations. In connection with the acquisition of the Delaware City assets and the Paulsboro refinery, the Company and Valero purchased ten year, $75,000 environmental insurance policies to insure against unknown environmental liabilities at each site. In connection with the Toledo refinery acquisition, Sunoco, Inc. (R&M) ("Sunoco") remains responsible for environmental remediation for conditions that existed on the closing date for twenty years from March 1, 2011, subject to certain limitations. 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 parts per million ("PPM") sulfur. Since July 1, 2012, other states in the Northeast market began requiring heating oil sold in their state to contain no more than 15 PPM sulfur. Currently, six Northeastern states require heating oil with 15 PPM or less sulfur. By July 1, 2016, two more states are expected to adopt this requirement and by July 1, 2018 most of the remaining Northeastern states (except for Pennsylvania and New Hampshire) will require heating oil with 15 PPM or less sulfur. All of the heating oil the Company currently produces meets these specifications. The mandate and other requirements do not currently have a material impact on the Company's financial position, results of operations or cash flows. The EPA issued the final Tier 3 Gasoline standards on March 3, 2014 under the Clean Air Act. This final rule establishes more stringent vehicle emission standards and further reduces the sulfur content of gasoline starting in January of 2017. The new standard is set at 10 PPM sulfur in gasoline on an annual average basis starting January 1, 2017, with a credit trading program to provide compliance flexibility. The EPA responded to industry comments on the proposed rule and maintained the per gallon sulfur cap on gasoline at the existing 80 PPM cap. The standards set by the new rule are not expected to have a material impact on the Company’s financial position, results of operations or cash flows. The EPA was required to release the final annual standards for the Reformulated Fuels Standard ("RFS") for 2014 no later than Nov 29, 2013 and for 2015 no later than Nov 29, 2014. The EPA did not meet these requirements but did release proposed standards for 2014. The EPA did not finalize this proposal in 2014. However, in May 2015, the EPA re-proposed annual standards for RFS 2 for 2014, and proposed new standards for 2015 and 2016 and biomass-based diesel volumes for 2017. The EPA is proposing volume requirements in the annual standards which, while below the volumes originally set by Congress, would increase renewable fuel use in the U.S. above historical levels and provide for steady growth over time. The EPA is also proposing to increase the required volume of biomass-based diesel in 2015, 2016, and 2017 while maintaining the opportunity for growth in other advanced biofuels. The EPA has solicited comments on the proposed annual standards and held public hearings on June 25, 2015. Final action on this proposal is expected by November 30, 2015. If they are issued, the final standards may have a material impact on the Company's cost of compliance with RFS 2. On September 12, 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 to be material. In addition, the EPA published a Final Rule to the Clean Water Act ("CWA") Section 316(b) in August 2014 regarding cooling water intake structures which includes requirements for petroleum refineries. The purpose of this rule is to prevent fish from being trapped against cooling water intake screens (impingement) and to prevent fish from being drawn through cooling water systems (entrainment). Facilities will be required to implement Best Technology Available (BTA) as soon as possible, but state agencies have the discretion to establish implementation time lines. The Company continues to evaluate the impact of this regulation, and at this time does not anticipate it having a material impact on the Company’s financial position, results of operations or cash flows. The Delaware City Rail Terminal and DCR West Rack are collocated with the Delaware City refinery, and are located in Delaware's coastal zone where certain activities are regulated under the Delaware Coastal Zone act. On June 14, 2013, two administrative appeals were filed by the Sierra Club and Delaware Audubon (collectively the "Appellants") regarding an air permit 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 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 (the "EAB") 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 the Appellants’ appeal for lack of standing. The Appellants appealed that decision to the Delaware Superior Court, New Castle County, Case No. N13A-09-001 ALR, and Delaware City Refining and the State of Delaware filed cross-appeals. A hearing on the second appeal before the EAB, case no. 2013-06, was held on January 13, 2014, and the EAB ruled in favor of Delaware City Refining and the State and dismissed the appeal for lack of jurisdiction. The Appellants also filed a Notice of Appeal with the Superior Court appealing the EAB’s decision. On March 31, 2015 the Superior Court affirmed the decisions by both the CZ Board and the EAB stating they both lacked jurisdiction to rule on the Appellants' appeal. The Appellants have appealed to the Delaware Supreme Court and briefing on the case is scheduled to continue into the third quarter of 2015. If the Appellants in one or both of these matters ultimately prevail, the outcome may have a material adverse effect on the Company's financial condition, results of operations and cash flows. 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, regardless of whether such holders receive cash distributions from PBF LLC. PBF Energy ultimately may not receive cash distributions from PBF LLC equal to its share of such taxable income or even equal to the actual tax due with respect to that income. For example, PBF LLC is required to include in taxable income PBF LLC’s allocable share of PBFX’s taxable income and gains (such share to be determined pursuant to the partnership agreement of PBFX), regardless of the amount of cash distributions received by PBF LLC from PBFX, and such taxable income and gains will flow-through to PBF Energy to the extent of its allocable share of the taxable income of PBF LLC. As a result, at certain times, the amount of cash otherwise ultimately available to PBF Energy on account of its indirect interest in PBFX may not be sufficient for PBF Energy to pay the amount of taxes it will owe on account of its indirect interests in PBFX. 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 are required to be in 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 is required to 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. PBF LLC obtains funding to pay its tax distributions by causing PBF Holding to distribute cash to PBF LLC and from distributions it receives from PBFX. 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 benefits 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, PBF Holding or PBFX. In general, PBF Energy expects to obtain funding for these annual payments from PBF LLC, primarily through tax distributions, which PBF LLC makes on a pro-rata basis to its owners. Such owners include PBF Energy, which holds a 94.3% interest in PBF LLC as of June 30, 2015 ( 89.9% as of December 31, 2014). PBF LLC obtains funding to pay its tax distributions by causing PBF Holding to distribute cash to PBF LLC and from distributions it receives from PBFX. As of June 30, 2015 , the Company has recognized a liability for the tax receivable agreement of $737,374 ( $712,727 as of December 31, 2014 ) reflecting the estimate of the undiscounted amounts that the Company expects to pay under the agreement. |
DIVIDENDS AND DISTRIBUTIONS
DIVIDENDS AND DISTRIBUTIONS | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
DIVIDENDS AND DISTRIBUTIONS | DIVIDENDS AND DISTRIBUTIONS With respect to dividends and distributions paid during the six months ended June 30, 2015 , PBF LLC made aggregate non-tax quarterly distributions of $0.60 per unit to its members, of which $51,545 was distributed prorata to PBF Energy and the balance was distributed to its other members. PBF Energy used this $51,545 to pay quarterly cash dividends of $0.30 per share of Class A common stock on March 10, 2015 and May 27, 2015. In addition, during the six months ended June 30, 2015, PBF LLC made aggregate tax distributions to its members of $ 91,893 , of which $ 86,778 were made to PBF Energy. With respect to distributions paid during the six months ended June 30, 2015 , PBFX paid a distribution on outstanding common and subordinated units of $0.33 per unit on March 4, 2015 and $0.35 per unit on May 29, 2015, for a total distribution of $22,911 , of which $11,878 was distributed to PBF LLC and the balance was distributed to its public unit holders. |
TREASURY STOCK TREASURY STOCK
TREASURY STOCK TREASURY STOCK | 6 Months Ended |
Jun. 30, 2015 | |
TREASURY STOCK [Abstract] | |
Treasury Stock | 12. TREASURY STOCK On August 19, 2014, the Company's Board of Directors authorized the repurchase of up to $200,000 of the Company's Class A common stock (the "Repurchase Program"). On October 29, 2014, the Company's Board of Directors approved an additional $100,000 increase to the existing Repurchase Program. As of June 30, 2015 , the Company has purchased approximately 5.91 million shares of the Company's Class A common stock through open market transactions under the Repurchase Program, for a total of $146,731 . During the three and six months ended June 30, 2015, the Company repurchased 124,589 and 142,284 shares, respectively, for $3,593 and $4,000 , respectively. The following table summarizes the Company's Class A common stock repurchase activity under the Repurchase Program: Number of shares purchased (1) Cost of purchased shares Shares purchased as of December 31, 2014 5,765,946 $ 142,731 Shares purchased during the six months ended June 30, 2015 142,284 4,000 Shares purchased as of June 30, 2015 5,908,230 $ 146,731 __________ (1) - The shares purchased include only those shares that have settled as of the period end date. These repurchases may be made from time to time through various methods, including open market transactions, block trades, accelerated share repurchases, privately negotiated transactions or otherwise, certain of which may be effected through Rule 10b5-1 and Rule 10b-18 plans. The timing and number of shares repurchased will depend on a variety of factors, including price, capital availability, legal requirements and economic and market conditions. The Company is not obligated to purchase any shares under the Repurchase Program, and repurchases may be suspended or discontinued at any time without prior notice. As of June 30, 2015, the Company has the ability to purchase an additional $153,269 in common stock under the approved Repurchase Program. |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 6 Months Ended |
Jun. 30, 2015 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS The components of net periodic benefit cost related to the Company’s defined benefit plans consisted of the following: Three Months Ended Six Months Ended Pension Benefits 2015 2014 2015 2014 Components of net periodic benefit cost: Service cost $ 5,789 $ 4,851 $ 11,579 $ 9,142 Interest cost 707 601 1,416 1,171 Expected return on plan assets (829 ) (539 ) (1,659 ) (1,063 ) Amortization of prior service costs 13 10 26 12 Amortization of loss 311 258 622 480 Net periodic benefit cost $ 5,991 $ 5,181 $ 11,984 $ 9,742 Three Months Ended Six Months Ended Post Retirement Medical Plan 2015 2014 2015 2014 Components of net periodic benefit cost: Service cost $ 244 $ 300 $ 488 $ 478 Interest cost 134 135 269 228 Amortization of prior service costs 76 75 152 55 Amortization of loss (gain) — 1 — (4 ) Net periodic benefit cost $ 454 $ 511 $ 909 $ 757 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended |
Jun. 30, 2015 | |
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 June 30, 2015 and December 31, 2014 . We have elected to offset the fair value amounts recognized for multiple derivative contracts executed with the same counterparty; however, fair value amounts by hierarchy level are presented on a gross basis in the tables below. We have posted cash margin with various counterparties to support hedging and trading activities. The cash margin posted is required by counterparties as collateral deposits and cannot be offset against the fair value of open contracts except in the event of default. We have no derivative contracts that are subject to master netting arrangements that are reflected gross on the balance sheet. As of June 30, 2015 Fair Value Hierarchy Total Gross Fair Value Effect of Counter-party Netting Net Carrying Value on Balance Sheet Level 1 Level 2 Level 3 Assets: Money market funds $ 365,371 $ — $ — $ 365,371 N/A $ 365,371 Marketable securities 234,249 — — 234,249 N/A 234,249 Non-qualified pension plan assets 5,398 — — 5,398 N/A 5,398 Commodity contracts 65,997 14,814 2,564 83,375 (66,126 ) 17,249 Derivatives included with intermediation agreement obligations — 10,260 — 10,260 — 10,260 Liabilities: Commodity contracts 59,827 7,050 659 67,536 (66,126 ) 1,410 Catalyst lease obligations — 32,571 — 32,571 — 32,571 Derivatives included with inventory supply arrangement obligations — 378 — 378 — 378 As of December 31, 2014 Fair Value Hierarchy Total Gross Fair Value Effect of Counter-party Netting Net Carrying Value on Balance Sheet Level 1 Level 2 Level 3 Assets: Money market funds $ 5,575 $ — $ — $ 5,575 N/A $ 5,575 Marketable securities 234,930 — — 234,930 N/A 234,930 Non-qualified pension plan assets 5,494 — — 5,494 N/A 5,494 Commodity contracts 415,023 12,093 1,715 428,831 (397,676 ) 31,155 Derivatives included with inventory intermediation agreement obligations — 94,834 — 94,834 — 94,834 Derivatives included with inventory supply arrangement obligations — 4,251 — 4,251 — 4,251 Liabilities: Commodity contracts 390,144 7,338 194 397,676 (397,676 ) — Catalyst lease obligations — 36,559 — 36,559 — 36,559 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. • Marketable securities, consisting primarily of US Treasury securities, categorized in Level 1 of the fair value hierarchy are measured at fair value based on quoted market prices. • Non-qualified pension plan assets categorized in Level 1 of the fair value 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 prices used to value these swaps were 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 table below summarizes the changes in fair value measurements categorized in Level 3 of the fair value hierarchy: Three Months Ended Six Months Ended 2015 2014 2015 2014 Balance at beginning of period $ 9,678 $ (3,751 ) $ 1,521 $ (23,365 ) Purchases — — — — Settlements (10,111 ) 4,972 (11,311 ) 3,667 Unrealized gain included in earnings 2,338 1,468 11,695 22,387 Transfers into Level 3 — — — — Transfers out of Level 3 — — — — Balance at end of period $ 1,905 $ 2,689 $ 1,905 $ 2,689 There were no transfers between levels during the three and six months ended June 30, 2015 and 2014 , respectively. Fair value of debt The table below summarizes the fair value and carrying value of debt as of June 30, 2015 and December 31, 2014 . June 30, 2015 December 31, 2014 Carrying value Fair value Carrying value Fair value Senior Secured Notes (a) $ 669,070 $ 687,850 $ 668,520 $ 675,580 PBFX Senior Notes (a) 350,000 350,000 — — PBFX Term Loan (b) 234,200 234,200 234,900 234,900 Rail Facility (b) 43,393 43,393 37,270 37,270 PBFX Revolving Credit Facility (b) 24,500 24,500 275,100 275,100 Revolving Loan (b) — — — — Catalyst leases (c) 32,571 32,571 36,559 36,559 1,353,734 1,372,514 1,252,349 1,259,409 Less - Current maturities — — — — Long-term debt $ 1,353,734 $ 1,372,514 $ 1,252,349 $ 1,259,409 (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 and the PBFX Senior 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 | 6 Months Ended |
Jun. 30, 2014 | |
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 agreement contains 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 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 the underlying crude oil and refined products. The level of activity for these derivatives is based on the level of operating inventories. As of June 30, 2015 , there were 549,182 barrels of crude oil and feedstocks ( 662,579 barrels at December 31, 2014 ) outstanding under these derivative instruments designated as fair value hedges and no barrels ( no barrels at December 31, 2014 ) outstanding under these derivative instruments not designated as hedges. As of June 30, 2015 , there were 3,118,578 barrels of intermediates and refined products ( 3,106,325 barrels at December 31, 2014 ) outstanding under these derivative instruments designated as fair value hedges and no barrels ( no barrels at December 31, 2014 ) 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 June 30, 2015 , there were 39,100,000 barrels of crude oil and 2,464,000 barrels of refined products ( 47,339,000 and 1,970,871 , respectively, as of December 31, 2014 ), 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 June 30, 2015 and December 31, 2014 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: June 30, 2015: Derivatives included with inventory supply arrangement obligations Accrued expenses $ (378 ) Derivatives included with the intermediation agreement obligations Accrued expenses $ 10,260 December 31, 2014 Derivatives included with inventory supply arrangement obligations Accrued expenses $ 4,251 Derivatives included with the intermediation agreement obligations Accrued expenses $ 94,834 Derivatives not designated as hedging instruments: June 30, 2015: Commodity contracts Accounts receivable $ 17,249 Commodity contracts Accrued expenses $ (1,410 ) December 31, 2014 Commodity contracts Accounts receivable $ 31,155 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 Income on Derivatives Gain or (Loss) Recognized in Income on Derivatives Derivatives designated as hedging instruments: For the three months ended June 30, 2015: Derivatives included with inventory supply arrangement obligations Cost of sales $ (1,808 ) Derivatives included with the intermediation agreement obligations Cost of sales $ (20,888 ) For the three months ended June 30, 2014: Derivatives included with inventory supply arrangement obligations Cost of sales $ (3,719 ) Derivatives included with the intermediation agreement obligations Cost of sales $ (5,770 ) For the six months ended June 30, 2015: Derivatives included with inventory supply arrangement obligations Cost of sales $ (4,629 ) Derivatives included with the intermediation agreement obligations Cost of sales $ (84,574 ) For the six months ended June 30, 2014: Derivatives included with inventory supply arrangement obligations Cost of sales $ (1,069 ) Derivatives included with the intermediation agreement obligations Cost of sales $ 9,042 Derivatives not designated as hedging instruments: For the three months ended June 30, 2015: Commodity contracts Cost of sales $ (3,969 ) For the three months ended June 30, 2014: Commodity contracts Cost of sales $ (41,119 ) For the six months ended June 30, 2015: Commodity contracts Cost of sales $ (45,097 ) For the six months ended June 30, 2014: Commodity contracts Cost of sales $ 31,278 Hedged items designated in fair value hedges: For the three months ended June 30, 2015: Crude oil and feedstock inventory Cost of sales $ 1,808 Intermediate and refined product inventory Cost of sales $ 20,888 For the three months ended June 30, 2014: Crude oil and feedstock inventory Cost of sales $ 3,719 Intermediate and refined product inventory Cost of sales $ 5,770 For the six months ended June 30, 2015: Crude oil and feedstock inventory Cost of sales $ 4,629 Intermediate and refined product inventory Cost of sales $ 84,574 For the six months ended June 30, 2014: Crude oil and feedstock inventory Cost of sales $ 1,069 Intermediate and refined product inventory Cost of sales $ (9,042 ) The Company had no ineffectiveness related to the Company's fair value hedges for the three and six months ended June 30, 2015 and 2014 . |
SEGMENT INFORMATION SEGMENT FOO
SEGMENT INFORMATION SEGMENT FOOTNOTE | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION The Company's operations are organized into two reportable segments, Refining and Logistics. Operations that are not included in the Refining and Logistics segments are included in Corporate. Intersegment transactions are eliminated in the consolidated financial statements and are included in Eliminations. Refining The Company 's Refining Segment includes the operations of its three refineries which are located in Toledo, Ohio, Delaware City, Delaware and Paulsboro, New Jersey. The refineries produce unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants and other petroleum products in the United States. The Company purchases crude oil, other feedstocks and blending components from various third-party suppliers. The Company sells products throughout the Northeast and Midwest of the United States, as well as in other regions of the United States and Canada, and is able to ship products to other international destinations. The refineries have a combined processing capacity, known as throughput, of approximately 540,000 barrels per day ("bpd"), and a weighted-average Nelson Complexity Index of 11.3. Logistics The Company formed PBFX, a publicly traded master limited partnership, to own or lease, operate, develop and acquire crude oil and refined petroleum products terminals, pipelines, storage facilities and similar logistics assets. PBFX's assets consist of (i) a rail terminal which has a double loop track and ancillary pumping and unloading equipment located at the Delaware City refinery with an unloading capacity of approximately 130,000 bpd; (ii) a truck terminal comprised of six lease automatic custody transfer units accepting crude oil deliveries by truck located at the Toledo refinery designed for total throughput capacity of up to approximately 22,500 bpd; (iii) a heavy crude rail unloading rack located at the Delaware City refinery with an unloading capacity of at least 40,000 bpd; (iv) a tank farm with aggregate storage capacity of approximately 3.9 million barrels, including a propane storage and loading facility with throughput capacity of 11,000 bpd at the Toledo Refinery; (v) a 23.4 mile 16 -inch interstate petroleum products pipeline with capacity in excess of 125,000 bpd at the Delaware City refinery and; (vi) a 15 -lane, 76,000 bpd capacity truck loading rack utilized to distribute gasoline, distillates and liquefied petroleum gas at the Delaware City refinery. PBFX provides various rail and truck terminaling services, pipeline transportation services and storage services to PBF Holding and/or its subsidiaries through long-term commercial agreements. PBFX currently does not generate third party revenue and as such intersegment related revenues are eliminated in consolidation. Prior to the PBFX Offering, PBFX's assets were operated within the refining operations of the Company's Delaware City and Toledo refineries. The assets did not generate third party revenue and were not considered to be a separate reportable segment. The Company evaluates the performance of its segments based primarily on income from operations. Income from operations includes those revenues and expenses that are directly attributable to management of the respective segment. The Logistics segment's revenues include inter-segment transactions with the Company's Refining segment at prices the Company believes are substantially equivalent to the prices that could have been negotiated with unaffiliated parties with respect to similar services. Activities of the Company's business that are not included in the two operating segments are included in Corporate. Such activities consist primarily of corporate staff operations and other items that are not specific to the normal operations of the two operating segments. The Company does not allocate certain items of other income and expense, including income taxes, to the individual segments. The Refinery segment's operating subsidiaries and PBFX are primarily pass-through entities with respect to income taxes. Disclosures regarding our reportable segments with reconciliations to consolidated totals for the three and six months ended June 30, 2015 and June 30, 2014 are presented below. The Logistics segment's results include financial information of the predecessor of PBFX for periods prior to May 13, 2014, and the financial information of PBFX for the period beginning May 14, 2014, the completion date of the PBFX Offering. In connection with the contribution by PBF LLC of the DCR West Rack, the Toledo Storage Facility and the Delaware City Products Pipeline and Truck Rack, the accompanying segment information has been retrospectively adjusted to include the historical results of the DCR West Rack, Toledo Storage Facility and the Delaware City Products Pipeline and Truck Rack for all periods presented prior to such contributions. Prior to the PBFX Offering, the Company did not operate the PBFX assets independent of the Refining segment. Total assets of each segment consist of net property, plant and equipment, inventories, cash and cash equivalents, accounts receivables and other assets directly associated with the segment’s operations. Corporate assets consist primarily of deferred tax assets, property, plant and equipment and other assets not directly related to our refinery and logistic operations. Three Months Ended June 30, 2015 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 3,550,664 $ 34,868 $ — $ (34,868 ) $ 3,550,664 Depreciation and amortization expense 44,421 1,637 2,504 — 48,562 Income (loss) from operations 287,442 24,734 (38,380 ) — 273,796 Interest expense, net 4,575 4,930 17,371 — 26,876 Capital expenditures 126,107 144 425 — 126,676 Three Months Ended June 30, 2014 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 5,301,709 $ 10,168 $ — $ (10,168 ) $ 5,301,709 Depreciation and amortization expense 30,452 868 3,342 — 34,662 Income (loss) from operations 120,413 2,874 (35,437 ) — 87,850 Interest expense, net 7,617 358 18,227 — 26,202 Capital expenditures 64,916 16,673 887 — 82,476 Six Months Ended June 30, 2015 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 6,545,800 $ 67,713 $ — $ (67,713 ) $ 6,545,800 Depreciation and amortization expense 87,451 3,270 5,547 — 96,268 Income (loss) from operations 476,081 44,450 (74,325 ) — 446,206 Interest expense, net 9,290 6,885 32,893 — 49,068 Capital expenditures 250,575 220 1,610 — 252,405 Six Months Ended June 30, 2014 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 10,048,152 $ 12,350 $ — $ (12,350 ) $ 10,048,152 Depreciation and amortization expense 59,326 1,729 6,822 — 67,877 Income (loss) from operations 424,865 (1,450 ) (75,358 ) — 348,057 Interest expense, net 15,087 356 36,014 — 51,457 Capital expenditures 140,361 26,119 6,408 — 172,888 Balance at June 30, 2015 Refining Logistics Corporate Eliminations Consolidated Total Total assets $ 4,577,878 $ 417,776 $ 568,301 $ (20,333 ) $ 5,543,622 Balance at December 31, 2014 Refining Logistics Corporate Eliminations Consolidated Total Total assets $ 4,313,806 $ 410,141 $ 483,971 $ (11,630 ) $ 5,196,288 |
NET INCOME PER SHARE OF PBF ENE
NET INCOME PER SHARE OF PBF ENERGY | 6 Months Ended |
Jun. 30, 2015 | |
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 per Class A common share attributable to PBF Energy: Three Months Ended Six Months Ended Basic Earnings Per Share: 2015 2014 2015 2014 Numerator for basic net income per Class A common share net income attributable to PBF Energy $ 135,810 $ 20,959 $ 223,132 $ 98,404 Denominator for basic net income per Class A common share-weighted average shares 86,036,809 72,439,760 85,175,066 63,354,285 Basic net income attributable to PBF Energy per Class A common share $ 1.58 $ 0.29 $ 2.62 $ 1.55 Diluted Earnings Per Share: Numerator: Net income attributable to PBF Energy $ 135,810 $ 20,959 $ 223,132 $ 98,404 Plus: Net income attributable to noncontrolling interest (1) 13,432 — 21,220 — Less: Income tax on net income attributable to noncontrolling interest (1) (5,400 ) — (8,530 ) — Numerator for diluted net income per Class A common share net income attributable to PBF Energy (1) $ 143,842 $ 20,959 $ 235,822 $ 98,404 Denominator (1) : Denominator for basic net income per Class A common share-weighted average shares 86,036,809 72,439,760 85,175,066 63,354,285 Effect of dilutive securities: Conversion of PBF LLC Series A Units 5,129,114 — 5,980,462 — Common stock equivalents (2) 493,983 567,396 499,553 543,427 Denominator for diluted net income per common share-adjusted weighted average shares 91,659,906 73,007,156 91,655,081 63,897,712 Diluted net income attributable to PBF Energy per Class A common share $ 1.57 $ 0.29 $ 2.57 $ 1.54 __________ (1) The diluted earnings per share calculation for the three and six months ended June 30, 2015 assumes the conversion of all outstanding PBF LLC Series A Units to Class A common stock of PBF Energy. 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 40.2% statutory tax rate) attributable to the converted units. During the three and six months ended June 30, 2014 , the potential conversion of 24,444,643 and 33,525,376 PBF LLC Series A Units, respectively, into PBF Energy Class A common stock were excluded from the denominator in computing diluted net income per share because including them would have had an anti-dilutive effect. As the potential conversion of the PBF LLC Series A Units were not included, the numerator used in the calculation of diluted net income per share was equal to the numerator used in the calculation of basic net income per share and does not include the net income and income tax attributable to the net income associated with the potential conversion of the PBF LLC Series A Units. (2) Represents an adjustment to weighted-average diluted shares outstanding to assume the full exchange of common stock equivalents, including options and warrants for PBF LLC Series A Units and options for shares of PBF Energy Class A common stock as calculated under the treasury stock method. Common stock equivalents excludes the effects of options to purchase 2,874,500 and 2,874,500 shares of PBF Energy Class A common stock because they are anti-dilutive for the three and six months ended June 30, 2015 , respectively. Common stock equivalents excluded the effects of options to purchase 1,867,500 and 1,952,500 shares of PBF Energy Class A common stock because they are anti-dilutive for the three and six months ended June 30, 2014, respectively. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Dividend Declared On July 30, 2015, 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 August 25, 2015 to Class A common stockholders of record at the close of business on August 10, 2015. PBFX Distributions On July 30, 2015, the Board of Directors of PBF GP declared a distribution of $ 0.37 per unit on outstanding common and subordinated units of PBFX. The distribution is payable on August 31, 2015 to PBFX unit holders of record at the close of business on August 14, 2015. |
NONCONTROLLING INTEREST OF PB25
NONCONTROLLING INTEREST OF PBF ENERGY AND PBF LOGISTICS LP (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Noncontrolling Interest [Line Items] | |
Summary of the allocation of equity between the controlling and noncontrolling interests of PBF Energy | The following table summarizes the changes in equity for the controlling and noncontrolling interests of PBF Energy for the six months ended June 30, 2015 and 2014 : PBF Energy Inc. Equity Noncontrolling Noncontrolling Total Equity Balance at January 1, 2015 $ 1,218,213 $ 138,734 $ 336,369 $ 1,693,316 Comprehensive income 223,883 21,265 17,227 262,375 Dividends and distributions (51,545 ) (8,262 ) (11,033 ) (70,840 ) Record deferred tax asset and liabilities and tax receivable agreement associated with secondary offerings and PBFX's acquisitions from PBF LLC (13,948 ) — — (13,948 ) Record allocation of noncontrolling interest upon completion of secondary offerings 39,976 (39,976 ) — — Issuance of additional PBFX common units 11,390 — (11,390 ) — Stock-based compensation 3,591 190 1,613 5,394 Exercise of PBF LLC options and warrants, net 1,692 (1,605 ) — 87 Purchase of treasury stock (4,000 ) — — (4,000 ) Balance at June 30, 2015 $ 1,429,252 $ 110,346 $ 332,786 $ 1,872,384 |
PBF LLC [Member] | |
Noncontrolling Interest [Line Items] | |
The ownership percentage in PBF LLC | The noncontrolling interest ownership percentage of PBF LLC as of June 30, 2015 , the completion date of the February 2015 secondary offering, and December 31, 2014 is calculated as follows: Held by members of PBF LLC other than PBF Energy Held by PBF Energy Total * December 31, 2014 9,170,696 81,981,119 91,151,815 10.1 % 89.9 % 100.0 % February 6, 2015 5,366,043 85,768,077 91,134,120 5.9 % 94.1 % 100.0 % June 30, 2015 5,147,838 85,922,092 91,069,930 5.7 % 94.3 % 100.0 % —————————— * Assumes all of the holders of PBF LLC Series A Units exchange their PBF LLC Series A Units for shares of PBF Energy’s Class A common stock on a one-for-one basis. |
PBF Logistics LP [Member] | |
Noncontrolling Interest [Line Items] | |
The ownership percentage in PBF LLC | The noncontrolling interest ownership percentage of PBFX as of June 30, 2015 and December 31, 2014, is calculated as follows: Units of PBFX Held by the Public Units of PBFX Held by PBF LLC (Including Subordinated Units) Total December 31, 2014 15,812,500 17,171,077 32,983,577 47.9 % 52.1 % 100.0 % June 30, 2015 15,864,388 18,459,497 34,323,885 46.2 % 53.8 % 100.0 % |
INVENTORIES (Tables)
INVENTORIES (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventories consisted of the following: June 30, 2015 Titled Inventory Inventory Supply and Intermediation Arrangements Total Crude oil and feedstocks $ 885,461 $ 58,527 $ 943,988 Refined products and blendstocks 536,831 349,217 886,048 Warehouse stock and other 39,322 — 39,322 $ 1,461,614 $ 407,744 $ 1,869,358 Lower of cost or market reserve (470,241 ) (92,703 ) (562,944 ) Total inventories $ 991,373 $ 315,041 $ 1,306,414 December 31, 2014 Titled Inventory Inventory Supply and Intermediation Arrangements Total Crude oil and feedstocks $ 918,756 $ 61,122 $ 979,878 Refined products and blendstocks 520,308 255,459 775,767 Warehouse stock and other 36,726 — 36,726 $ 1,475,790 $ 316,581 $ 1,792,371 Lower of cost or market reserve (609,774 ) (80,336 ) (690,110 ) Total inventories $ 866,016 $ 236,245 $ 1,102,261 |
DEFERRED CHARGES AND OTHER AS27
DEFERRED CHARGES AND OTHER ASSETS, NET (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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: June 30, December 31, Deferred turnaround costs, net $ 188,111 $ 204,987 Catalyst 73,494 77,322 Deferred financing costs, net 36,749 32,280 Linefill 10,230 10,230 Restricted cash 1,500 1,521 Intangible assets, net 241 357 Other 5,877 5,972 Total deferred charges and other assets, net $ 316,202 $ 332,669 |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Payables and Accruals [Abstract] | |
Schedule of accrued expenses | Accrued expenses consisted of the following: June 30, December 31, Inventory-related accruals $ 625,558 $ 588,297 Inventory supply and intermediation arrangements 256,164 253,549 Accrued transportation costs 54,895 59,959 Excise and sales tax payable 40,022 40,444 Accrued income taxes payable 36,608 — Accrued salaries and benefits 28,003 56,117 Accrued interest 25,362 23,014 Customer deposits 21,277 24,659 Accrued construction in progress 17,368 31,452 Accrued utilities 11,197 22,337 Other 24,072 30,964 Total accrued expenses $ 1,140,526 $ 1,130,792 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Summary of the income tax provision | The income tax provision in the PBF Energy condensed consolidated financial statements of operations consisted of the following: Three Months Ended Six Months Ended 2015 2014 2015 2014 Current tax expense $ 39,571 $ 11,344 $ 65,541 $ 28,063 Deferred tax expense 50,838 2,130 74,006 35,090 Total tax expense $ 90,409 $ 13,474 $ 139,547 $ 63,153 |
Schedule of effective income tax rate reconciliation | The difference between the Company’s income tax expense and the income tax provision computed by applying the United States statutory rate and the difference between the Company’s effective income tax rate and the United States statutory rate are reconciled below: Three Months Ended Three Months Ended Provision at Federal statutory rate $ 79,177 35.0 % $ 11,947 35.0 % Increase (decrease) attributable to flow-through of certain tax adjustments: State income taxes (net federal income tax) 11,786 5.2 % 1,779 5.2 % Non deductible/nontaxable items 340 0.2 % 124 0.2 % Adjustment for manufacturer's benefit (1,609 ) (0.7 )% — — % Rate differential from foreign jurisdictions 1,803 0.8 % — — % Other (1,088 ) (0.5 )% (376 ) (1.2 )% Total $ 90,409 40.0 % $ 13,474 39.2 % |
TREASURY STOCK (Tables)
TREASURY STOCK (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
TREASURY STOCK [Abstract] | |
Schedule of Company's repurchase activities | The following table summarizes the Company's Class A common stock repurchase activity under the Repurchase Program: Number of shares purchased (1) Cost of purchased shares Shares purchased as of December 31, 2014 5,765,946 $ 142,731 Shares purchased during the six months ended June 30, 2015 142,284 4,000 Shares purchased as of June 30, 2015 5,908,230 $ 146,731 __________ (1) - The shares purchased include only those shares that have settled as of the period end date. |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Schedule of net periodic benefit cost | The components of net periodic benefit cost related to the Company’s defined benefit plans consisted of the following: Three Months Ended Six Months Ended Pension Benefits 2015 2014 2015 2014 Components of net periodic benefit cost: Service cost $ 5,789 $ 4,851 $ 11,579 $ 9,142 Interest cost 707 601 1,416 1,171 Expected return on plan assets (829 ) (539 ) (1,659 ) (1,063 ) Amortization of prior service costs 13 10 26 12 Amortization of loss 311 258 622 480 Net periodic benefit cost $ 5,991 $ 5,181 $ 11,984 $ 9,742 Three Months Ended Six Months Ended Post Retirement Medical Plan 2015 2014 2015 2014 Components of net periodic benefit cost: Service cost $ 244 $ 300 $ 488 $ 478 Interest cost 134 135 269 228 Amortization of prior service costs 76 75 152 55 Amortization of loss (gain) — 1 — (4 ) Net periodic benefit cost $ 454 $ 511 $ 909 $ 757 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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 June 30, 2015 and December 31, 2014 . We have elected to offset the fair value amounts recognized for multiple derivative contracts executed with the same counterparty; however, fair value amounts by hierarchy level are presented on a gross basis in the tables below. We have posted cash margin with various counterparties to support hedging and trading activities. The cash margin posted is required by counterparties as collateral deposits and cannot be offset against the fair value of open contracts except in the event of default. We have no derivative contracts that are subject to master netting arrangements that are reflected gross on the balance sheet. As of June 30, 2015 Fair Value Hierarchy Total Gross Fair Value Effect of Counter-party Netting Net Carrying Value on Balance Sheet Level 1 Level 2 Level 3 Assets: Money market funds $ 365,371 $ — $ — $ 365,371 N/A $ 365,371 Marketable securities 234,249 — — 234,249 N/A 234,249 Non-qualified pension plan assets 5,398 — — 5,398 N/A 5,398 Commodity contracts 65,997 14,814 2,564 83,375 (66,126 ) 17,249 Derivatives included with intermediation agreement obligations — 10,260 — 10,260 — 10,260 Liabilities: Commodity contracts 59,827 7,050 659 67,536 (66,126 ) 1,410 Catalyst lease obligations — 32,571 — 32,571 — 32,571 Derivatives included with inventory supply arrangement obligations — 378 — 378 — 378 As of December 31, 2014 Fair Value Hierarchy Total Gross Fair Value Effect of Counter-party Netting Net Carrying Value on Balance Sheet Level 1 Level 2 Level 3 Assets: Money market funds $ 5,575 $ — $ — $ 5,575 N/A $ 5,575 Marketable securities 234,930 — — 234,930 N/A 234,930 Non-qualified pension plan assets 5,494 — — 5,494 N/A 5,494 Commodity contracts 415,023 12,093 1,715 428,831 (397,676 ) 31,155 Derivatives included with inventory intermediation agreement obligations — 94,834 — 94,834 — 94,834 Derivatives included with inventory supply arrangement obligations — 4,251 — 4,251 — 4,251 Liabilities: Commodity contracts 390,144 7,338 194 397,676 (397,676 ) — Catalyst lease obligations — 36,559 — 36,559 — 36,559 |
Schedule of Effect of Significant Unobservable Inputs | The table below summarizes the changes in fair value measurements categorized in Level 3 of the fair value hierarchy: Three Months Ended Six Months Ended 2015 2014 2015 2014 Balance at beginning of period $ 9,678 $ (3,751 ) $ 1,521 $ (23,365 ) Purchases — — — — Settlements (10,111 ) 4,972 (11,311 ) 3,667 Unrealized gain included in earnings 2,338 1,468 11,695 22,387 Transfers into Level 3 — — — — Transfers out of Level 3 — — — — Balance at end of period $ 1,905 $ 2,689 $ 1,905 $ 2,689 |
Schedule of Fair value of Debt | The table below summarizes the fair value and carrying value of debt as of June 30, 2015 and December 31, 2014 . June 30, 2015 December 31, 2014 Carrying value Fair value Carrying value Fair value Senior Secured Notes (a) $ 669,070 $ 687,850 $ 668,520 $ 675,580 PBFX Senior Notes (a) 350,000 350,000 — — PBFX Term Loan (b) 234,200 234,200 234,900 234,900 Rail Facility (b) 43,393 43,393 37,270 37,270 PBFX Revolving Credit Facility (b) 24,500 24,500 275,100 275,100 Revolving Loan (b) — — — — Catalyst leases (c) 32,571 32,571 36,559 36,559 1,353,734 1,372,514 1,252,349 1,259,409 Less - Current maturities — — — — Long-term debt $ 1,353,734 $ 1,372,514 $ 1,252,349 $ 1,259,409 (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 and the PBFX Senior Notes. (b) The estimated fair value approximates carrying value, categorized as a Level 2 measurement, as these borrowings bear interest based upon short-term floating market interest rates. (c) Catalyst leases are valued using a market approach based upon commodity prices for similar instruments quoted in active markets and are categorized as a Level 2 measurement. |
DERIVATIVES (Tables)
DERIVATIVES (Tables) | 6 Months Ended |
Jun. 30, 2014 | |
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 June 30, 2015 and December 31, 2014 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: June 30, 2015: Derivatives included with inventory supply arrangement obligations Accrued expenses $ (378 ) Derivatives included with the intermediation agreement obligations Accrued expenses $ 10,260 December 31, 2014 Derivatives included with inventory supply arrangement obligations Accrued expenses $ 4,251 Derivatives included with the intermediation agreement obligations Accrued expenses $ 94,834 Derivatives not designated as hedging instruments: June 30, 2015: Commodity contracts Accounts receivable $ 17,249 Commodity contracts Accrued expenses $ (1,410 ) December 31, 2014 Commodity contracts Accounts receivable $ 31,155 |
Schedule of Derivative Instruments, Gain (Loss) Recognized in Income | Description Balance Sheet Location Fair Value Asset/(Liability) Derivatives designated as hedging instruments: June 30, 2015: Derivatives included with inventory supply arrangement obligations Accrued expenses $ (378 ) Derivatives included with the intermediation agreement obligations Accrued expenses $ 10,260 December 31, 2014 Derivatives included with inventory supply arrangement obligations Accrued expenses $ 4,251 Derivatives included with the intermediation agreement obligations Accrued expenses $ 94,834 Derivatives not designated as hedging instruments: June 30, 2015: Commodity contracts Accounts receivable $ 17,249 Commodity contracts Accrued expenses $ (1,410 ) December 31, 2014 Commodity contracts Accounts receivable $ 31,155 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 Income on Derivatives Gain or (Loss) Recognized in Income on Derivatives Derivatives designated as hedging instruments: For the three months ended June 30, 2015: Derivatives included with inventory supply arrangement obligations Cost of sales $ (1,808 ) Derivatives included with the intermediation agreement obligations Cost of sales $ (20,888 ) For the three months ended June 30, 2014: Derivatives included with inventory supply arrangement obligations Cost of sales $ (3,719 ) Derivatives included with the intermediation agreement obligations Cost of sales $ (5,770 ) For the six months ended June 30, 2015: Derivatives included with inventory supply arrangement obligations Cost of sales $ (4,629 ) Derivatives included with the intermediation agreement obligations Cost of sales $ (84,574 ) For the six months ended June 30, 2014: Derivatives included with inventory supply arrangement obligations Cost of sales $ (1,069 ) Derivatives included with the intermediation agreement obligations Cost of sales $ 9,042 Derivatives not designated as hedging instruments: For the three months ended June 30, 2015: Commodity contracts Cost of sales $ (3,969 ) For the three months ended June 30, 2014: Commodity contracts Cost of sales $ (41,119 ) For the six months ended June 30, 2015: Commodity contracts Cost of sales $ (45,097 ) For the six months ended June 30, 2014: Commodity contracts Cost of sales $ 31,278 Hedged items designated in fair value hedges: For the three months ended June 30, 2015: Crude oil and feedstock inventory Cost of sales $ 1,808 Intermediate and refined product inventory Cost of sales $ 20,888 For the three months ended June 30, 2014: Crude oil and feedstock inventory Cost of sales $ 3,719 Intermediate and refined product inventory Cost of sales $ 5,770 For the six months ended June 30, 2015: Crude oil and feedstock inventory Cost of sales $ 4,629 Intermediate and refined product inventory Cost of sales $ 84,574 For the six months ended June 30, 2014: Crude oil and feedstock inventory Cost of sales $ 1,069 Intermediate and refined product inventory Cost of sales $ (9,042 ) |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Schedule of segment reporting information | Disclosures regarding our reportable segments with reconciliations to consolidated totals for the three and six months ended June 30, 2015 and June 30, 2014 are presented below. The Logistics segment's results include financial information of the predecessor of PBFX for periods prior to May 13, 2014, and the financial information of PBFX for the period beginning May 14, 2014, the completion date of the PBFX Offering. In connection with the contribution by PBF LLC of the DCR West Rack, the Toledo Storage Facility and the Delaware City Products Pipeline and Truck Rack, the accompanying segment information has been retrospectively adjusted to include the historical results of the DCR West Rack, Toledo Storage Facility and the Delaware City Products Pipeline and Truck Rack for all periods presented prior to such contributions. Prior to the PBFX Offering, the Company did not operate the PBFX assets independent of the Refining segment. Total assets of each segment consist of net property, plant and equipment, inventories, cash and cash equivalents, accounts receivables and other assets directly associated with the segment’s operations. Corporate assets consist primarily of deferred tax assets, property, plant and equipment and other assets not directly related to our refinery and logistic operations. Three Months Ended June 30, 2015 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 3,550,664 $ 34,868 $ — $ (34,868 ) $ 3,550,664 Depreciation and amortization expense 44,421 1,637 2,504 — 48,562 Income (loss) from operations 287,442 24,734 (38,380 ) — 273,796 Interest expense, net 4,575 4,930 17,371 — 26,876 Capital expenditures 126,107 144 425 — 126,676 Three Months Ended June 30, 2014 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 5,301,709 $ 10,168 $ — $ (10,168 ) $ 5,301,709 Depreciation and amortization expense 30,452 868 3,342 — 34,662 Income (loss) from operations 120,413 2,874 (35,437 ) — 87,850 Interest expense, net 7,617 358 18,227 — 26,202 Capital expenditures 64,916 16,673 887 — 82,476 Six Months Ended June 30, 2015 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 6,545,800 $ 67,713 $ — $ (67,713 ) $ 6,545,800 Depreciation and amortization expense 87,451 3,270 5,547 — 96,268 Income (loss) from operations 476,081 44,450 (74,325 ) — 446,206 Interest expense, net 9,290 6,885 32,893 — 49,068 Capital expenditures 250,575 220 1,610 — 252,405 Six Months Ended June 30, 2014 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 10,048,152 $ 12,350 $ — $ (12,350 ) $ 10,048,152 Depreciation and amortization expense 59,326 1,729 6,822 — 67,877 Income (loss) from operations 424,865 (1,450 ) (75,358 ) — 348,057 Interest expense, net 15,087 356 36,014 — 51,457 Capital expenditures 140,361 26,119 6,408 — 172,888 Balance at June 30, 2015 Refining Logistics Corporate Eliminations Consolidated Total Total assets $ 4,577,878 $ 417,776 $ 568,301 $ (20,333 ) $ 5,543,622 Balance at December 31, 2014 Refining Logistics Corporate Eliminations Consolidated Total Total assets $ 4,313,806 $ 410,141 $ 483,971 $ (11,630 ) $ 5,196,288 |
NET INCOME PER SHARE OF PBF E35
NET INCOME PER SHARE OF PBF ENERGY (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Computation of basic and diluted net income per common share | The following table sets forth the computation of basic and diluted net income per Class A common share attributable to PBF Energy: Three Months Ended Six Months Ended Basic Earnings Per Share: 2015 2014 2015 2014 Numerator for basic net income per Class A common share net income attributable to PBF Energy $ 135,810 $ 20,959 $ 223,132 $ 98,404 Denominator for basic net income per Class A common share-weighted average shares 86,036,809 72,439,760 85,175,066 63,354,285 Basic net income attributable to PBF Energy per Class A common share $ 1.58 $ 0.29 $ 2.62 $ 1.55 Diluted Earnings Per Share: Numerator: Net income attributable to PBF Energy $ 135,810 $ 20,959 $ 223,132 $ 98,404 Plus: Net income attributable to noncontrolling interest (1) 13,432 — 21,220 — Less: Income tax on net income attributable to noncontrolling interest (1) (5,400 ) — (8,530 ) — Numerator for diluted net income per Class A common share net income attributable to PBF Energy (1) $ 143,842 $ 20,959 $ 235,822 $ 98,404 Denominator (1) : Denominator for basic net income per Class A common share-weighted average shares 86,036,809 72,439,760 85,175,066 63,354,285 Effect of dilutive securities: Conversion of PBF LLC Series A Units 5,129,114 — 5,980,462 — Common stock equivalents (2) 493,983 567,396 499,553 543,427 Denominator for diluted net income per common share-adjusted weighted average shares 91,659,906 73,007,156 91,655,081 63,897,712 Diluted net income attributable to PBF Energy per Class A common share $ 1.57 $ 0.29 $ 2.57 $ 1.54 __________ (1) The diluted earnings per share calculation for the three and six months ended June 30, 2015 assumes the conversion of all outstanding PBF LLC Series A Units to Class A common stock of PBF Energy. 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 40.2% statutory tax rate) attributable to the converted units. During the three and six months ended June 30, 2014 , the potential conversion of 24,444,643 and 33,525,376 PBF LLC Series A Units, respectively, into PBF Energy Class A common stock were excluded from the denominator in computing diluted net income per share because including them would have had an anti-dilutive effect. As the potential conversion of the PBF LLC Series A Units were not included, the numerator used in the calculation of diluted net income per share was equal to the numerator used in the calculation of basic net income per share and does not include the net income and income tax attributable to the net income associated with the potential conversion of the PBF LLC Series A Units. (2) Represents an adjustment to weighted-average diluted shares outstanding to assume the full exchange of common stock equivalents, including options and warrants for PBF LLC Series A Units and options for shares of PBF Energy Class A common stock as calculated under the treasury stock method. Common stock equivalents excludes the effects of options to purchase 2,874,500 and 2,874,500 shares of PBF Energy Class A common stock because they are anti-dilutive for the three and six months ended June 30, 2015 , respectively. Common stock equivalents excluded the effects of options to purchase 1,867,500 and 1,952,500 shares of PBF Energy Class A common stock because they are anti-dilutive for the three and six months ended June 30, 2014, respectively. |
DESCRIPTION OF THE BUSINESS A36
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Details) | Feb. 06, 2015shares | Jun. 30, 2015reportable_segmentshares | Dec. 31, 2014shares |
Description of Business [Line Items] | |||
Ownership percentage | 100.00% | 100.00% | |
Shares, outstanding | 91,134,120 | 91,069,930 | 91,151,815 |
Percentage of ownership in PBF LLC | 100.00% | 100.00% | 100.00% |
Number of reportable segments | reportable_segment | 2 | ||
Class A Common Stock [Member] | PBF Energy [Member] | |||
Description of Business [Line Items] | |||
Shares, outstanding | 85,768,077 | 85,922,092 | 81,981,119 |
Percentage of ownership in PBF LLC | 94.10% | 94.30% | 89.90% |
Series A Units [Member] | PBF LLC [Member] | |||
Description of Business [Line Items] | |||
Shares, outstanding | 5,366,043 | 5,147,838 | 9,170,696 |
Percentage of ownership in PBF LLC | 5.90% | 5.70% | 10.10% |
Limited Partner [Member] | PBF LLC [Member] | |||
Description of Business [Line Items] | |||
Ownership percentage | 53.80% | 52.10% | |
Secondary Public Offering [Member] | Class A Common Stock [Member] | PBF Energy Inc. [Member] | |||
Description of Business [Line Items] | |||
Public offering (in shares) | 3,804,653 |
PBF LOGISTICS LP (Details)
PBF LOGISTICS LP (Details) - USD ($) | May. 14, 2015 | Dec. 11, 2014 | Sep. 30, 2014 | May. 14, 2014 | Jun. 30, 2015 | Dec. 31, 2014 |
Variable Interest Entity [Line Items] | ||||||
Ownership percentage | 100.00% | 100.00% | ||||
IPO [Member] | Common Units [Member] | PBF Logistics LP [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Shares sold in offering (in shares) | 15,812,500 | |||||
Limited Partner [Member] | Public Unit Holders [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Ownership percentage | 46.20% | 47.90% | ||||
Limited Partner [Member] | PBF LLC [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Ownership percentage | 53.80% | 52.10% | ||||
Limited Partner [Member] | Common Units [Member] | PBF LLC [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Partner capital units held (in shares) | 2,572,944 | |||||
Limited Partner [Member] | Subordinated Units [Member] | PBF LLC [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Partner capital units held (in shares) | 15,886,553 | |||||
Delaware City West Heavy Crude Unloading Rack [Member] | Partnership [Member] | PBF Logistics LP [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Consideration transferred | $ 150,000,000 | $ 150,000,000 | ||||
Delaware City Products Pipeline and Truck Rack [Member] | PBF LLC [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Consideration transferred | $ 143,000,000 |
NONCONTROLLING INTEREST OF PB38
NONCONTROLLING INTEREST OF PBF ENERGY AND PBF LOGISTICS LP (Ownership Percentage) (Details) - shares | Feb. 06, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Noncontrolling Interest [Line Items] | |||
Percentage of ownership in PBF LLC | 100.00% | 100.00% | 100.00% |
Shares, outstanding | 91,134,120 | 91,069,930 | 91,151,815 |
Ownership percentage | 100.00% | 100.00% | |
Common Units [Member] | |||
Noncontrolling Interest [Line Items] | |||
Shares sold in public offering (in shares) | 34,323,885 | 32,983,577 | |
Public Unit Holders [Member] | Common Units [Member] | |||
Noncontrolling Interest [Line Items] | |||
Shares sold in public offering (in shares) | 15,864,388 | 15,812,500 | |
PBF Energy [Member] | Class A Common Stock [Member] | |||
Noncontrolling Interest [Line Items] | |||
Percentage of ownership in PBF LLC | 94.10% | 94.30% | 89.90% |
Shares, outstanding | 85,768,077 | 85,922,092 | 81,981,119 |
PBF LLC [Member] | Common Units [Member] | |||
Noncontrolling Interest [Line Items] | |||
Shares sold in public offering (in shares) | 18,459,497 | 17,171,077 | |
PBF LLC [Member] | Series A Units [Member] | |||
Noncontrolling Interest [Line Items] | |||
Percentage of ownership in PBF LLC | 5.90% | 5.70% | 10.10% |
Shares, outstanding | 5,366,043 | 5,147,838 | 9,170,696 |
Limited Partner [Member] | Public Unit Holders [Member] | |||
Noncontrolling Interest [Line Items] | |||
Ownership percentage | 46.20% | 47.90% | |
Limited Partner [Member] | PBF LLC [Member] | |||
Noncontrolling Interest [Line Items] | |||
Ownership percentage | 53.80% | 52.10% | |
Secondary Public Offering [Member] | PBF Energy Inc. [Member] | Class A Common Stock [Member] | |||
Noncontrolling Interest [Line Items] | |||
Public offering (in shares) | 3,804,653 |
NONCONTROLLING INTEREST OF PB39
NONCONTROLLING INTEREST OF PBF ENERGY AND PBF LOGISTICS LP (Allocation of Equity) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||
Balance at January 1, 2015 | $ 1,693,316 | $ 1,715,256 | ||
Comprehensive income | $ 136,117 | $ 21,265 | 223,883 | 98,886 |
Less: comprehensive income attributable to noncontrolling interests | 22,668 | 24,859 | 38,492 | 130,756 |
Comprehensive income | 158,785 | 46,124 | 262,375 | 229,642 |
Dividends and distributions | (70,840) | (114,007) | ||
Record deferred tax asset and liabilities and tax receivable agreement associated with secondary offerings | (13,948) | (105,783) | ||
Record allocation of noncontrolling interest upon completion of secondary offerings | 0 | 0 | ||
Noncontrolling Interest, Decrease from Shares received from PBFX | 0 | |||
Stock-based compensation | 5,394 | 2,923 | ||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 335,957 | |||
Exercise of PBF LLC options and warrants, net | 87 | (14) | ||
Purchase of treasury stock | (4,000) | |||
Balance at June 30, 2015 | 1,872,384 | 2,063,974 | 1,872,384 | 2,063,974 |
PBF Energy [Member] | ||||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||
Balance at January 1, 2015 | 1,218,213 | 654,130 | ||
Comprehensive income | 223,883 | 98,886 | ||
Dividends and distributions | (51,545) | (37,302) | ||
Record deferred tax asset and liabilities and tax receivable agreement associated with secondary offerings | (13,948) | (105,783) | ||
Record allocation of noncontrolling interest upon completion of secondary offerings | 39,976 | 936,229 | ||
Noncontrolling Interest, Decrease from Shares received from PBFX | 11,390 | |||
Stock-based compensation | 3,591 | 2,398 | ||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 0 | |||
Exercise of PBF LLC options and warrants, net | 1,692 | 0 | ||
Purchase of treasury stock | (4,000) | |||
Balance at June 30, 2015 | 1,429,252 | 1,548,558 | 1,429,252 | 1,548,558 |
Noncontrolling Interest - PBF LLC [Member] | ||||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||
Balance at January 1, 2015 | 138,734 | 1,061,126 | ||
Less: comprehensive income attributable to noncontrolling interests | 21,265 | 128,065 | ||
Dividends and distributions | (8,262) | (76,705) | ||
Record deferred tax asset and liabilities and tax receivable agreement associated with secondary offerings | 0 | 0 | ||
Record allocation of noncontrolling interest upon completion of secondary offerings | (39,976) | (936,229) | ||
Noncontrolling Interest, Decrease from Shares received from PBFX | 0 | |||
Stock-based compensation | 190 | 330 | ||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 0 | |||
Exercise of PBF LLC options and warrants, net | (1,605) | (14) | ||
Purchase of treasury stock | 0 | |||
Balance at June 30, 2015 | 110,346 | 176,573 | 110,346 | 176,573 |
Noncontrolling Interest [Member] | ||||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||
Balance at January 1, 2015 | 336,369 | 0 | ||
Less: comprehensive income attributable to noncontrolling interests | 17,227 | 2,691 | ||
Dividends and distributions | (11,033) | 0 | ||
Record deferred tax asset and liabilities and tax receivable agreement associated with secondary offerings | 0 | 0 | ||
Record allocation of noncontrolling interest upon completion of secondary offerings | 0 | 0 | ||
Noncontrolling Interest, Decrease from Shares received from PBFX | (11,390) | |||
Stock-based compensation | 1,613 | 195 | ||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 335,957 | |||
Exercise of PBF LLC options and warrants, net | 0 | 0 | ||
Purchase of treasury stock | 0 | |||
Balance at June 30, 2015 | $ 332,786 | $ 338,843 | $ 332,786 | $ 338,843 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | |
Inventory [Line Items] | ||||||
Crude oil and feedstocks | $ 943,988 | $ 943,988 | $ 979,878 | |||
Refined products and blendstocks | 886,048 | 886,048 | 775,767 | |||
Warehouse stock and other | 39,322 | 39,322 | 36,726 | |||
Inventory, Gross | 1,869,358 | 1,869,358 | 1,792,371 | |||
Lower of cost or market reserve | (562,944) | (562,944) | $ 668,902 | (690,110) | ||
Inventories | 1,306,414 | 1,306,414 | 1,102,261 | |||
Income (loss) from operations | 273,796 | $ 87,850 | 446,206 | $ 348,057 | ||
Net income | 158,460 | $ 45,836 | 261,579 | $ 229,108 | ||
Titled Inventory [Member] | ||||||
Inventory [Line Items] | ||||||
Crude oil and feedstocks | 885,461 | 885,461 | 918,756 | |||
Refined products and blendstocks | 536,831 | 536,831 | 520,308 | |||
Warehouse stock and other | 39,322 | 39,322 | 36,726 | |||
Inventory, Gross | 1,461,614 | 1,461,614 | 1,475,790 | |||
Lower of cost or market reserve | (470,241) | (470,241) | (609,774) | |||
Inventories | 991,373 | 991,373 | 866,016 | |||
Inventory Supply and Offtake Arrangements [Member] | ||||||
Inventory [Line Items] | ||||||
Crude oil and feedstocks | 58,527 | 58,527 | 61,122 | |||
Refined products and blendstocks | 349,217 | 349,217 | 255,459 | |||
Warehouse stock and other | 0 | 0 | 0 | |||
Inventory, Gross | 407,744 | 407,744 | 316,581 | |||
Lower of cost or market reserve | (92,703) | (92,703) | (80,336) | |||
Inventories | 315,041 | 315,041 | $ 236,245 | |||
Scenario, Adjustment [Member] | ||||||
Inventory [Line Items] | ||||||
Income (loss) from operations | 105,958 | 127,166 | ||||
Net income | $ 63,363 | $ 76,045 |
DEFERRED CHARGES AND OTHER AS41
DEFERRED CHARGES AND OTHER ASSETS, NET (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Deferred turnaround costs, net | $ 188,111 | $ 204,987 |
Catalyst | 73,494 | 77,322 |
Deferred financing costs, net | 36,749 | 32,280 |
Restricted cash | 1,500 | 1,521 |
Linefill | 10,230 | 10,230 |
Intangible assets, net | 241 | 357 |
Other | 5,877 | 5,972 |
Deferred charges and other assets | $ 316,202 | $ 332,669 |
ACCRUED EXPENSES (Details)
ACCRUED EXPENSES (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Accrued Expenses: | ||
Inventory-related accruals | $ 625,558 | $ 588,297 |
Inventory supply and intermediation arrangements | 256,164 | 253,549 |
Accrued transportation costs | 54,895 | 59,959 |
Excise and sales tax payable | 40,022 | 40,444 |
Accrued income taxes payable | 36,608 | 0 |
Accrued salaries and benefits | 28,003 | 56,117 |
Accrued interest | 25,362 | 23,014 |
Customer deposits | 21,277 | 24,659 |
Accrued construction in progress | 17,368 | 31,452 |
Accrued utilities | 11,197 | 22,337 |
Other | 24,072 | 30,964 |
Accrued expenses | $ 1,140,526 | $ 1,130,792 |
CREDIT FACILITIES (Details)
CREDIT FACILITIES (Details) - USD ($) | May. 12, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Apr. 29, 2015 | Dec. 31, 2014 | Mar. 25, 2014 | |
Debt Instrument [Line Items] | |||||||
Maturities of marketable securities | $ 1,380,085,000 | $ 299,987,000 | |||||
Proceeds from Issuance of Secured Debt | $ 343,000,000 | ||||||
Senior Secured Notes Issued in 2015 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of Credit Facility, Amount Outstanding | [1] | $ 350,000,000 | $ 0 | ||||
Debt Instrument, Face Amount | $ 350,000,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.875% | ||||||
PBF Rail Logistics Company LLC [Member] | Line of Credit [Member] | Rail Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 150,000,000 | $ 250,000,000 | |||||
Management [Member] | Senior Secured Notes Issued in 2015 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | $ 19,910,000 | ||||||
[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 and the PBFX Senior Notes. |
MARKETABLE SECURITIES (Details)
MARKETABLE SECURITIES (Details) - USD ($) | Jun. 30, 2014 | May. 14, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 |
Payments to acquire marketable securities | $ 1,379,386,000 | $ 599,997,000 | |||
Marketable securities | $ 234,249,000 | $ 234,930,000 | |||
PBF Logistics LP [Member] | US Treasury And Other Investments [Member] | |||||
Payments to acquire marketable securities | $ 300,000,000 | ||||
Marketable Securities, maturity range, start | 1 month | ||||
Marketable securities, maturity range, maximum | 3 months |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Feb. 06, 2015 | Dec. 31, 2014 | |
Income Taxes [Line Items] | ||||||
Percentage of ownership in PBF LLC | 100.00% | 100.00% | 100.00% | 100.00% | ||
Current tax expense | $ 39,571 | $ 11,344 | $ 65,541 | $ 28,063 | ||
Deferred tax expense | 50,838 | 2,130 | 74,006 | 35,090 | ||
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount [Abstract] | ||||||
Provision at Federal statutory rate, amount | 79,177 | 11,947 | 126,938 | 56,440 | ||
State income taxes (ned federal income tax), amount | 11,786 | 1,779 | 18,895 | 8,402 | ||
Non deductible/nontaxable items, amount | 340 | 124 | 866 | 302 | ||
Adjustment for manufacturer's benefit, amount | (1,609) | 0 | (2,815) | 0 | ||
Rate differential from foreign jurisdictions, amount | 1,803 | 0 | (3,826) | 0 | ||
Other, amount | (1,088) | (376) | (511) | (1,991) | ||
Total tax expense | $ 90,409 | $ 13,474 | $ 139,547 | $ 63,153 | ||
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Percent [Abstract] | ||||||
Provision at Federal statutory rate, as a percent | 35.00% | 35.00% | 35.00% | 35.00% | ||
State income taxes (net federal income tax), as a percent | 5.20% | 5.20% | 5.20% | 5.20% | ||
Non deductible/nontaxable items, as a percent | 0.20% | 0.20% | 0.20% | 0.20% | ||
Adjustment for manufacturer's benefit, as a percent | (0.70%) | 0.00% | (0.80%) | 0.00% | ||
Rate differential from foreign jurisdictions, as a percent | 0.80% | 0.00% | (1.00%) | 0.00% | ||
Other, as a percent | (0.50%) | (1.20%) | (0.10%) | (1.20%) | ||
Effective tax rate | 40.00% | 39.20% | 38.50% | 39.20% | ||
Noncontrolling interests, as a percent | 36.30% | 22.70% | 34.80% | 21.60% | ||
Less: net income attributable to noncontrolling interests | $ 22,650 | $ 24,877 | $ 38,447 | $ 130,704 | ||
PBF Energy [Member] | Class A Common Stock [Member] | ||||||
Income Taxes [Line Items] | ||||||
Percentage of ownership in PBF LLC | 94.30% | 94.30% | 94.10% | 89.90% |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) | Mar. 03, 2014ppm | Jun. 30, 2015USD ($)ppm | Dec. 31, 2010ppm | Feb. 06, 2015 | Dec. 31, 2014USD ($) |
Loss Contingencies [Line Items] | |||||
Percent of tax benefit received from increases in tax basis paid to stockholders | 85.00% | ||||
Restricted cash for environmental liabilities | $ 1,500,000 | $ 1,521,000 | |||
Additional shares available to repurchase, value | $ 153,269,000 | ||||
Percentage of ownership in PBF LLC | 100.00% | 100.00% | 100.00% | ||
Recognized liability for the tax receivable agreement | $ 737,374,000 | $ 712,727,000 | |||
PBF Energy [Member] | Class A Common Stock [Member] | |||||
Loss Contingencies [Line Items] | |||||
Percentage of ownership in PBF LLC | 94.30% | 94.10% | 89.90% | ||
Environmental Issue [Member] | |||||
Loss Contingencies [Line Items] | |||||
Environmental liability | $ 11,132,000 | $ 10,476,000 | |||
Discount rate used for environmental liability assessment | 8.00% | ||||
Maximum amount of sulfur allowed in heating oil (in ppm) | ppm | 10 | 80 | |||
Restricted cash for environmental liabilities | $ 12,117,000 | ||||
Environmental Issue [Member] | Valero [Member] | |||||
Loss Contingencies [Line Items] | |||||
Maximum pre-disposal environmental obligations of Valero | $ 20,000,000 | ||||
Environmental Issue [Member] | PBF Energy and Valero [Member] | |||||
Loss Contingencies [Line Items] | |||||
Term of insurance policies | 10 years | ||||
Maximum pre-disposal environmental obligations of Valero | $ 75,000,000 | ||||
Environmental Issue [Member] | New York [Member] | |||||
Loss Contingencies [Line Items] | |||||
Maximum amount of sulfur allowed in heating oil (in ppm) | ppm | 15 |
DIVIDENDS AND DISTRIBUTIONS (De
DIVIDENDS AND DISTRIBUTIONS (Details) - USD ($) $ / shares in Units, $ in Thousands | May. 29, 2015 | May. 27, 2015 | Mar. 10, 2015 | Mar. 04, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 |
Distribution Made to Member or Limited Partner [Line Items] | ||||||||
Dividends per common share (in dollars per share) | $ 0.30 | $ 0.30 | $ 0.60 | $ 0.60 | ||||
Class A Common Stock [Member] | ||||||||
Distribution Made to Member or Limited Partner [Line Items] | ||||||||
Aggregate amount of dividends paid | $ 51,545 | |||||||
PBF LLC [Member] | ||||||||
Distribution Made to Member or Limited Partner [Line Items] | ||||||||
Distribution made to partners | 91,893 | |||||||
PBF LLC [Member] | PBF Energy [Member] | Cash Distribution [Member] | ||||||||
Distribution Made to Member or Limited Partner [Line Items] | ||||||||
Distributions paid | 51,545 | |||||||
PBF LLC [Member] | PBF Energy Inc. [Member] | ||||||||
Distribution Made to Member or Limited Partner [Line Items] | ||||||||
Distribution made to partners | $ 86,778 | |||||||
PBF Energy Inc. [Member] | Class A Common Stock [Member] | ||||||||
Distribution Made to Member or Limited Partner [Line Items] | ||||||||
Dividends per common share (in dollars per share) | $ 0.30 | $ 0.30 | ||||||
PBF Energy [Member] | Class A Common Stock [Member] | ||||||||
Distribution Made to Member or Limited Partner [Line Items] | ||||||||
Dividends per common share (in dollars per share) | $ 0.60 | |||||||
PBF Logistics LP [Member] | ||||||||
Distribution Made to Member or Limited Partner [Line Items] | ||||||||
Distribution made to partner (in dollars per share) | $ 0.35 | $ 0.33 | ||||||
Distribution made to partners | $ 22,911 | |||||||
PBF Logistics LP [Member] | PBF Energy [Member] | ||||||||
Distribution Made to Member or Limited Partner [Line Items] | ||||||||
Distribution made to partners | $ 11,878 |
TREASURY STOCK (Details)
TREASURY STOCK (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2015 | Jun. 30, 2015 | Oct. 29, 2014 | Aug. 19, 2014 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Treasury Stock, Value, Beginning of Period | $ 142,731,000 | |||||
Purchase of treasury stock | 4,000,000 | |||||
Treasury Stock, Value, End of Period | $ 146,731,000 | 146,731,000 | ||||
Additional shares available to repurchase, value | 153,269,000 | $ 153,269,000 | ||||
Class A Common Stock [Member] | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Repurchased amount | $ 200,000,000 | |||||
Additional shares authorized, value | $ 100,000,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Treasury Stock, Shares, Beginning of Period | [1] | 5,765,946 | ||||
Treasury Stock, Value, Beginning of Period | $ 142,731,000 | |||||
Purchase of treasury stock | $ 3,593,000 | $ 4,000,000 | ||||
Shares purchased during the six months ended June 30, 2015 | 124,589 | 142,284 | [1] | |||
Treasury Stock, Shares, End of Period | [1] | 5,908,230 | 5,908,230 | |||
Treasury Stock, Value, End of Period | $ 146,731,000 | $ 146,731,000 | ||||
[1] | The shares purchased include only those shares that have settled as of the period end date. |
EMPLOYEE BENEFIT PLANS (Details
EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Pension Plan, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 5,789 | $ 4,851 | $ 11,579 | $ 9,142 |
Interest cost | 707 | 601 | 1,416 | 1,171 |
Expected return on plan assets | (829) | (539) | (1,659) | (1,063) |
Amortization of prior service costs | 13 | 10 | 26 | 12 |
Amortization of loss | 311 | 258 | 622 | 480 |
Net periodic benefit cost | 5,991 | 5,181 | 11,984 | 9,742 |
Post Retirement Medical Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 244 | 300 | 488 | 478 |
Interest cost | 134 | 135 | 269 | 228 |
Amortization of prior service costs | 76 | 75 | 152 | 55 |
Amortization of loss | 0 | 1 | 0 | (4) |
Net periodic benefit cost | $ 454 | $ 511 | $ 909 | $ 757 |
FAIR VALUE MEASUREMENTS (Measur
FAIR VALUE MEASUREMENTS (Measured on Recurring Basis) (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | $ 234,249 | $ 234,930 | |
Non-qualified pension plan assets | 5,398 | 5,494 | |
Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 234,249 | 234,930 | |
Non-qualified pension plan assets | 5,398 | 5,494 | |
Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 0 | 0 | |
Non-qualified pension plan assets | 0 | 0 | |
Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Marketable securities | 0 | 0 | |
Non-qualified pension plan assets | 0 | 0 | |
Catalyst lease obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Catalyst lease obligations | 32,571 | 36,559 | |
Catalyst lease obligations [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Catalyst lease obligations | 0 | 0 | |
Catalyst lease obligations [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Catalyst lease obligations | 32,571 | 36,559 | |
Catalyst lease obligations [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Catalyst lease obligations | 0 | 0 | |
Commodity contract [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liability, gross carrying value | 67,536 | 397,676 | |
Derivative liability, effect of counter-party netting | (66,126) | (397,676) | |
Derivative Liability | 1,410 | 0 | |
Commodity contract [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liability, gross carrying value | 59,827 | ||
Derivative Liability | 390,144 | ||
Commodity contract [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liability, gross carrying value | 7,050 | ||
Derivative Liability | 7,338 | ||
Commodity contract [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liability | 659 | 194 | |
Derivatives included with inventory supply arrangement obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, gross carrying value | 4,251 | ||
Derivative assets, effect of counter-party netting | 0 | ||
Derivative assets, net carrying value | 4,251 | ||
Derivative liability, gross carrying value | $ 378 | ||
Derivative liability, effect of counter-party netting | 0 | ||
Derivative Liability | 378 | ||
Derivatives included with inventory supply arrangement obligations [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, gross carrying value | 0 | ||
Derivative liability, gross carrying value | 0 | ||
Derivatives included with inventory supply arrangement obligations [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, gross carrying value | 4,251 | ||
Derivative liability, gross carrying value | 378 | ||
Derivatives included with inventory supply arrangement obligations [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, gross carrying value | 0 | ||
Derivative liability, gross carrying value | $ 0 | ||
Money market funds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | 365,371 | 5,575 | |
Money market funds [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | 365,371 | 5,575 | |
Money market funds [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | 0 | 0 | |
Money market funds [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | 0 | 0 | |
Commodity contract [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, gross carrying value | 83,375 | 428,831 | |
Derivative assets, effect of counter-party netting | (66,126) | (397,676) | |
Derivative assets, net carrying value | 17,249 | 31,155 | |
Commodity contract [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, gross carrying value | 65,997 | ||
Derivative assets, net carrying value | 415,023 | ||
Commodity contract [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, gross carrying value | 14,814 | ||
Derivative assets, net carrying value | 12,093 | ||
Commodity contract [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, net carrying value | 2,564 | 1,715 | |
Derivatives included with intermediation agreement obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, gross carrying value | 10,260 | 94,834 | |
Derivative assets, effect of counter-party netting | 0 | 0 | |
Derivative assets, net carrying value | 10,260 | 94,834 | |
Derivatives included with intermediation agreement obligations [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, gross carrying value | 0 | ||
Derivative assets, net carrying value | 0 | ||
Derivatives included with intermediation agreement obligations [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, gross carrying value | 10,260 | ||
Derivative assets, net carrying value | 94,834 | ||
Derivatives included with intermediation agreement obligations [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets, gross carrying value | $ 0 | ||
Derivative assets, net carrying value | $ 0 |
FAIR VALUE MEASUREMENTS (Change
FAIR VALUE MEASUREMENTS (Change in Fair Value at Level 3) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Change in Fair Value Measurement Categorized in Level 3 [Roll Forward] | ||||
Balance at end of period | $ 2,689 | $ 2,689 | ||
Commodity Contract [Member] | ||||
Change in Fair Value Measurement Categorized in Level 3 [Roll Forward] | ||||
Balance at beginning of period | $ 9,678 | (3,751) | $ 1,521 | (23,365) |
Purchases | 0 | 0 | 0 | 0 |
Settlements | (10,111) | 4,972 | (11,311) | 3,667 |
Unrealized loss included in earnings | 2,338 | 1,468 | 11,695 | 22,387 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Balance at end of period | $ 1,905 | $ 2,689 | $ 1,905 | $ 2,689 |
FAIR VALUE MEASUREMENTS (Fair V
FAIR VALUE MEASUREMENTS (Fair Value and Carrying Value of Debt) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt, Carrying value | $ 1,353,734 | $ 1,252,349 | |
Long-term debt, Fair value | 1,372,514 | 1,259,409 | |
Current maturities, Carrying value | 0 | 0 | |
Current maturities, Fair value | 0 | 0 | |
Long-term debt excluding current maturities, Carrying value | 1,353,734 | 1,252,349 | |
Long-term debt excluding current maturities, Fair value | 1,372,514 | 1,259,409 | |
Senior secured notes [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt, Carrying value | [1] | 669,070 | 668,520 |
Long-term debt, Fair value | [1] | 687,850 | 675,580 |
Line of Credit Facility, Amount Outstanding | [2] | 0 | 0 |
Line of credit, Fair value | [2] | 0 | 0 |
Senior Secured Notes Issued in 2015 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Line of Credit Facility, Amount Outstanding | [1] | 350,000 | 0 |
Line of credit, Fair value | [1] | 350,000 | 0 |
Rail Facility [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Line of Credit Facility, Amount Outstanding | 43,393 | 37,270 | |
Line of credit, Fair value | 43,393 | 37,270 | |
PBFX Term Loan [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt, Carrying value | [2] | 234,200 | 234,900 |
Long-term debt, Fair value | [2] | 234,200 | 234,900 |
PBFX Revolving Credit Facility [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Line of Credit Facility, Amount Outstanding | [2] | 24,500 | 275,100 |
Line of credit, Fair value | [2] | 24,500 | 275,100 |
Catalyst lease obligations [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt, Carrying value | [3] | 32,571 | 36,559 |
Long-term debt, Fair value | [3] | $ 32,571 | $ 36,559 |
[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 and the PBFX Senior 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) (Detail
DERIVATIVES (Narrative) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2014bbl | Jun. 30, 2014bbl | |
Derivative [Line Items] | ||||
Loss on fair value hedge ineffectiveness | $ | $ 0 | $ 0 | ||
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] | ||||
Derivative [Line Items] | ||||
Derivative, notional amount, volume | 662,579 | 549,182 | ||
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] | ||||
Derivative [Line Items] | ||||
Derivative, notional amount, volume | 3,106,325 | 3,118,578 | ||
Crude Oil Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Derivative, notional amount, volume | 47,339,000 | 39,100,000 | ||
Refined Product Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Derivative, notional amount, volume | 1,970,871 | 2,464,000 |
DERIVATIVES (Fair Value of Deri
DERIVATIVES (Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2014 | Jun. 30, 2014 |
Designated as Hedging Instrument [Member] | Inventory Supply Arrangement Obligation [Member] | Accrued Expenses [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value Asset/(Liability) | $ 4,251 | $ (378) |
Designated as Hedging Instrument [Member] | Inventory Intermediation Agreement Obligation [Member] | Accrued Expenses [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value Asset/(Liability) | 94,834 | 10,260 |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Accrued Expenses [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value Asset/(Liability) | (1,410) | |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Accounts Receivable [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value Asset/(Liability) | $ 31,155 | $ 17,249 |
DERIVATIVES (Gain (Loss) Recogn
DERIVATIVES (Gain (Loss) Recognized in Income) (Details) - Cost of Sales [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Designated as Hedging Instrument [Member] | Inventory Supply Arrangement Obligation [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain or (Loss) Recognized in Income on Derivatives | $ (1,808) | $ (3,719) | $ (4,629) | $ (1,069) |
Designated as Hedging Instrument [Member] | Inventory Intermediation Agreement Obligation [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain or (Loss) Recognized in Income on Derivatives | (20,888) | (5,770) | (84,574) | 9,042 |
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 | 1,808 | 3,719 | 4,629 | 1,069 |
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 | 20,888 | 5,770 | 84,574 | (9,042) |
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 | |||
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain or (Loss) Recognized in Income on Derivatives | $ (3,969) | $ (41,119) | $ (45,097) | $ 31,278 |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) $ in Thousands, bbl in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)reportable_segmentbblbbl / dmi | Jun. 30, 2014USD ($) | Dec. 31, 2014USD ($) | |
Segment Reporting Information [Line Items] | |||||
Number of reportable segments | reportable_segment | 2 | ||||
Revenues | $ 3,550,664 | $ 5,301,709 | $ 6,545,800 | $ 10,048,152 | |
Depreciation and amortization expense | 48,562 | 34,662 | 96,268 | 67,877 | |
Income (loss) from operations | 273,796 | 87,850 | 446,206 | 348,057 | |
Interest expense, net | 26,876 | 26,202 | 49,068 | 51,457 | |
Capital expenditures | 126,676 | 82,476 | 252,405 | 172,888 | |
Assets | 5,543,622 | $ 5,543,622 | $ 5,196,288 | ||
Refining Group [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Plant capacity (in barrels per day) | bbl / d | 540,000 | ||||
Revenues | 3,550,664 | 5,301,709 | $ 6,545,800 | 10,048,152 | |
Depreciation and amortization expense | 44,421 | 30,452 | 87,451 | 59,326 | |
Income (loss) from operations | 287,442 | 120,413 | 476,081 | 424,865 | |
Interest expense, net | 4,575 | 7,617 | 9,290 | 15,087 | |
Capital expenditures | 126,107 | 64,916 | 250,575 | 140,361 | |
Assets | 4,577,878 | 4,577,878 | 4,313,806 | ||
PBF Logistics LP [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 34,868 | 10,168 | 67,713 | 12,350 | |
Depreciation and amortization expense | 1,637 | 868 | 3,270 | 1,729 | |
Income (loss) from operations | 24,734 | 2,874 | 44,450 | (1,450) | |
Interest expense, net | 4,930 | 358 | 6,885 | 356 | |
Capital expenditures | 144 | 16,673 | 220 | 26,119 | |
Assets | 417,776 | 417,776 | 410,141 | ||
Corporate Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Depreciation and amortization expense | 2,504 | 3,342 | 5,547 | 6,822 | |
Income (loss) from operations | (38,380) | (35,437) | (74,325) | (75,358) | |
Interest expense, net | 17,371 | 18,227 | 32,893 | 36,014 | |
Capital expenditures | 425 | 887 | 1,610 | 6,408 | |
Assets | 568,301 | 568,301 | 483,971 | ||
Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | (34,868) | (10,168) | (67,713) | (12,350) | |
Depreciation and amortization expense | 0 | 0 | 0 | 0 | |
Income (loss) from operations | 0 | 0 | 0 | 0 | |
Interest expense, net | 0 | 0 | 0 | 0 | |
Capital expenditures | 0 | $ 0 | 0 | $ 0 | |
Assets | $ (20,333) | $ (20,333) | $ (11,630) | ||
Delaware City Truck Rack [Member] | PBF Logistics LP [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Number Of Unloading Lanes | 15 | ||||
Unloading capacity (in barrels per day) | bbl / d | 76,000 | ||||
Propane Truck Loading Facility [Member] | PBF Logistics LP [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Unloading capacity (in barrels per day) | bbl / d | 11,000 | ||||
Delaware City Products Pipeline [Member] | PBF Logistics LP [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Oil and Gas, Pipeline Diameter | 16 | ||||
Oil And Gas Plant, Pipeline Capacity | bbl / d | 125,000 | ||||
Oil and Gas, Pipeline miles | mi | 23.4 | ||||
Toledo Truck Unloading Terminal [Member] | PBF Logistics LP [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Unloading capacity (in barrels per day) | bbl / d | 22,500 | ||||
Delaware City Rail Unloading Terminal [Member] | PBF Logistics LP [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Unloading capacity (in barrels per day) | bbl / d | 130,000 | ||||
Delaware City West Heavy Crude Unloading Rack [Member] | PBF Logistics LP [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Unloading capacity (in barrels per day) | bbl / d | 40,000 | ||||
Toledo Tank Farm [Member] | PBF Logistics LP [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Oil And Gas Plant, Maximum Storage Capacity | bbl | 3.9 |
NET INCOME PER SHARE OF PBF E57
NET INCOME PER SHARE OF PBF ENERGY (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||
Statutory tax rate | 40.20% | 40.20% | ||||||
Basic Earnings Per Share: | ||||||||
Numerator for basic net income per Class A common share-net income attributable to PBF Energy | $ 135,810 | $ 20,959 | $ 223,132 | $ 98,404 | ||||
Denominator for basic net income per Class A common share-weighted average shares (in shares) | 86,036,809 | 72,439,760 | 85,175,066 | 63,354,285 | ||||
Basic net income attributable to PBF Energy per Class A common share (in usd per share) | $ 1.58 | $ 0.29 | $ 2.62 | $ 1.55 | ||||
Diluted Earnings Per Share: | ||||||||
Net income attributable to PBF Energy | $ 135,810 | $ 20,959 | $ 223,132 | $ 98,404 | ||||
Plus: Net income attributable to noncontrolling interest | 13,432 | [1] | 0 | [1] | 21,220 | [1] | 0 | |
Less: Income tax on net income attributable to noncontrolling interest | (5,400) | 0 | (8,530) | 0 | ||||
Numerator for diluted net income per Class A common share | [1] | $ 143,842 | $ 20,959 | $ 235,822 | $ 98,404 | |||
Denominator for basic net income per Class A common share-weighted average shares (in shares) | 86,036,809 | 72,439,760 | 85,175,066 | 63,354,285 | ||||
Effect of dilutive securities: | ||||||||
Conversion of PBF LLC Series A Units | 5,129,114 | 0 | 5,980,462 | 0 | ||||
Effect of dilutive securities on common stock equivalents (in shares) | [2] | 493,983 | 567,396 | 499,553 | 543,427 | |||
Denominator for diluted net income per common share-adjusted weighted average shares | 91,659,906 | 73,007,156 | 91,655,081 | 63,897,712 | ||||
Diluted net income attributable to PBF Energy per Class A common share (in usd per share) | $ 1.57 | $ 0.29 | $ 2.57 | $ 1.54 | ||||
Stock Options [Member] | ||||||||
Effect of dilutive securities: | ||||||||
Antidilutive common stock excluded from computation of dilutive earnings per share (in shares) | 2,874,500 | 1,867,500 | 2,874,500 | 1,952,500 | ||||
PBF LLC [Member] | Series A Units [Member] | ||||||||
Effect of dilutive securities: | ||||||||
Antidilutive common stock excluded from computation of dilutive earnings per share (in shares) | 24,444,643 | 33,525,376 | ||||||
[1] | (1)The diluted earnings per share calculation for the three and six months ended June 30, 2015 assumes the conversion of all outstanding PBF LLC Series A Units to Class A common stock of PBF Energy. 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 40.2% statutory tax rate) attributable to the converted units. During the three and six months ended June 30, 2014, the potential conversion of 24,444,643 and 33,525,376 PBF LLC Series A Units, respectively, into PBF Energy Class A common stock were excluded from the denominator in computing diluted net income per share because including them would have had an anti-dilutive effect. As the potential conversion of the PBF LLC Series A Units were not included, the numerator used in the calculation of diluted net income per share was equal to the numerator used in the calculation of basic net income per share and does not include the net income and income tax attributable to the net income associated with the potential conversion of the PBF LLC Series A Uni | |||||||
[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 as calculated under the treasury stock method. Common stock equivalents excludes the effects of options to purchase 2,874,500 and 2,874,500 shares of PBF Energy Class A common stock because they are anti-dilutive for the three and six months ended June 30, 2015, respectively. Common stock equivalents excluded the effects of options to purchase 1,867,500 and 1,952,500 shares of PBF Energy Class A common stock because they are anti-dilutive for the three and six months ended June 30, 2014, respectively. |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - Subsequent Event [Member] | Jul. 30, 2015$ / shares |
Class A Common Stock [Member] | |
Subsequent Event [Line Items] | |
Common Stock, Dividends, Per Share, Declared | $ 0.30 |
PBF Logistics LP [Member] | |
Subsequent Event [Line Items] | |
Cash distribution (in dollars per share) | $ 0.37 |