Document and Entity Information
Document and Entity Information Document - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 19, 2019 | Jun. 30, 2018 | |
Entity Information [Line Items] | |||
Entity Registrant Name | PBF ENERGY INC. | ||
Entity Central Index Key | 1,534,504 | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,018 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Public Float | $ 4,728,225,380 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Class A Common Stock [Member] | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 119,845,901 | ||
Class B Common Stock [Member] | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 20 | ||
PBF LLC [Member] | |||
Entity Information [Line Items] | |||
Entity Registrant Name | PBF ENERGY COMPANY LLC | ||
Entity Central Index Key | 1,645,026 | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,018 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Public Float | $ 0 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
PBF LLC [Member] | Class A Common Stock [Member] | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 0 | ||
PBF LLC [Member] | Class B Common Stock [Member] | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | ||
Current assets: | ||||
Cash and cash equivalents (PBFX: $19,908 and $19,664, respectively) | $ 597,286 | $ 573,021 | ||
Accounts receivable | 718,207 | 952,552 | ||
Inventories | 1,865,831 | 2,213,797 | ||
Prepaid and other current assets | 55,608 | 63,589 | ||
Total current assets | 3,236,932 | 3,802,959 | ||
Property, plant and equipment, net (PBFX: $862,117 and $684,488, respectively) | 3,820,892 | 3,479,213 | ||
Deferred tax assets | 48,500 | 53,638 | ||
Deferred charges and other assets, net | 899,091 | 782,183 | ||
Total assets | 8,005,415 | [1] | 8,117,993 | [2] |
Current liabilities: | ||||
Accounts payable | 488,432 | 578,551 | ||
Accrued expenses | 1,623,619 | 1,814,854 | ||
Deferred revenue | 20,086 | 8,933 | ||
Note payable | 0 | 5,621 | ||
Current debt | 2,378 | 10,987 | ||
Total current liabilities | 2,134,515 | 2,418,946 | ||
Long-term debt (PBFX: $673,324 and $548,793, respectively) | 1,931,316 | 2,175,042 | ||
Deferred tax liabilities | 40,365 | 33,155 | ||
Payable to related parties pursuant to tax receivable agreement | 373,512 | 362,142 | ||
Other long-term liabilities | 277,228 | 225,759 | ||
Total liabilities | 4,756,936 | 5,215,044 | ||
Equity: | ||||
Preferred stock, $0.001 par value, 100,000,000 shares authorized, no shares outstanding at December 31, 2018 and 2017 | 0 | 0 | ||
Treasury stock, at cost, 6,274,261 shares outstanding at December 31, 2018 and 6,132,884 shares outstanding at December 31, 2017 | (160,800) | (152,585) | ||
Additional paid in capital | 2,633,750 | 2,277,739 | ||
Retained earnings | 225,838 | 236,786 | ||
Accumulated other comprehensive loss | (22,428) | (25,381) | ||
Total PBF Energy Inc. equity | 2,676,465 | 2,336,654 | ||
Noncontrolling interest | 572,014 | 566,295 | ||
Total equity | 3,248,479 | 2,902,949 | ||
Total liabilities and equity | 8,005,415 | 8,117,993 | ||
Class A Common Stock [Member] | ||||
Equity: | ||||
Common stock, value, issued | 105 | 95 | ||
Class B Common Stock [Member] | ||||
Equity: | ||||
Common stock, value, issued | $ 0 | $ 0 | ||
[1] | (4)The Refining segment includes capital expenditures of $971,932 related to the acquisition of the Torrance refinery and related logistics assets that was completed in the third quarter of 2016. Additionally, the Refining segment includes capital expenditures of $2,659 for the working capital settlement related to the acquisition of the Chalmette refinery that was finalized in the first quarter of 2016. The Logistics segment includes $98,373 for the PBFX Plains Asset Purchase that was completed in the second quarter of 2016. | |||
[2] | (5)The Logistics segment includes 100% of the assets of TVPC as TVPC is consolidated by PBFX. PBFX records a noncontrolling interest for the 50% equity interest in TVPC held by PBF Holding. PBF Holding (included in the Refining segment) records an equity investment in TVPC reflecting its noncontrolling ownership interest. For the purposes of the Company’s consolidated financial statements, PBFX’s noncontrolling interest in TVPC and PBF Holding’s equity investment in TVPC eliminate in consolidation. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Cash and cash equivalents (PBFX: $19,908 and $19,664, respectively) | $ 597,286 | $ 573,021 |
Preferred stock, par value (USD per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Property, plant and equipment, net (PBFX: $862,117 and $684,488, respectively) | $ 3,820,892 | $ 3,479,213 |
Long-term debt (PBFX: $673,324 and $548,793, respectively) | $ 1,931,316 | $ 2,175,042 |
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 (in shares) | 119,874,191 | 110,565,531 |
Treasury stock, at cost, 6,274,261 shares outstanding at December 31, 2018 and 6,132,884 shares outstanding at December 31, 2017 (in shares) | 6,274,261 | 6,132,884 |
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 (in shares) | 20 | 25 |
PBF Logistics LP [Member] | ||
Cash and cash equivalents (PBFX: $19,908 and $19,664, respectively) | $ 19,908 | $ 19,664 |
Property, plant and equipment, net (PBFX: $862,117 and $684,488, respectively) | 862,117 | 684,488 |
Long-term debt (PBFX: $673,324 and $548,793, respectively) | $ 673,324 | $ 548,793 |
Consolidated Balance Sheets PBF
Consolidated Balance Sheets PBF LLC BALANCE SHEET - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |||
Current assets: | |||||
Cash and cash equivalents (PBFX: $19,908 and $19,664, respectively) | $ 597,286 | $ 573,021 | |||
Accounts receivable | 718,207 | 952,552 | |||
Inventories | 1,865,831 | 2,213,797 | |||
Prepaid and other current assets | 55,608 | 63,589 | |||
Total current assets | 3,236,932 | 3,802,959 | |||
Property, plant and equipment, net (PBFX: $862,117 and $684,488, respectively) | 3,820,892 | 3,479,213 | |||
Deferred charges and other assets, net | 899,091 | 782,183 | |||
Total assets | 8,005,415 | [1] | 8,117,993 | [2] | |
Current liabilities: | |||||
Accounts payable | 488,432 | 578,551 | |||
Accrued expenses | 1,623,619 | 1,814,854 | |||
Deferred revenue | 20,086 | 8,933 | |||
Note payable | 0 | 5,621 | |||
Current debt | 2,378 | 10,987 | |||
Total current liabilities | 2,134,515 | 2,418,946 | |||
Long-term debt (PBFX: $673,324 and $548,793, respectively) | 1,931,316 | 2,175,042 | |||
Deferred tax liabilities | 40,365 | 33,155 | |||
Other long-term liabilities | 277,228 | 225,759 | |||
Total liabilities | 4,756,936 | 5,215,044 | |||
Members' Equity | |||||
Treasury Stock, Value | (160,800) | (152,585) | |||
Retained earnings | 225,838 | 236,786 | |||
Accumulated other comprehensive loss | (22,428) | (25,381) | |||
Total PBF Energy Company LLC equity | 2,676,465 | 2,336,654 | |||
Noncontrolling interest | 572,014 | 566,295 | |||
Total equity | 3,248,479 | 2,902,949 | |||
Total liabilities and equity | 8,005,415 | 8,117,993 | |||
PBF LLC [Member] | |||||
Current assets: | |||||
Cash and cash equivalents (PBFX: $19,908 and $19,664, respectively) | 596,021 | 562,036 | |||
Accounts receivable | 718,207 | 952,552 | |||
Inventories | 1,865,831 | 2,213,797 | |||
Prepaid and other current assets | 55,069 | 51,799 | |||
Total current assets | 3,235,128 | 3,780,184 | |||
Property, plant and equipment, net (PBFX: $862,117 and $684,488, respectively) | 3,820,892 | 3,479,213 | |||
Deferred charges and other assets, net | 897,016 | 779,588 | |||
Total assets | [2] | 7,953,036 | 8,038,985 | ||
Current liabilities: | |||||
Accounts payable | 488,432 | 578,551 | |||
Accrued expenses | 1,642,790 | 1,824,394 | |||
Deferred revenue | 20,086 | 8,933 | |||
Note payable | 0 | 5,621 | |||
Current debt | 2,378 | 10,987 | |||
Total current liabilities | 2,153,686 | 2,428,486 | |||
Long-term debt (PBFX: $673,324 and $548,793, respectively) | 1,931,316 | 2,175,042 | |||
Affiliate note payable | 326,082 | 292,844 | |||
Deferred tax liabilities | 40,365 | 33,155 | |||
Other long-term liabilities | 277,228 | 225,845 | |||
Total liabilities | 4,728,677 | 5,155,372 | |||
Commitments and contingencies (Note 13) | |||||
Temporary Equity | |||||
Temporary Equity, Carrying Amount, Attributable to Parent | 5,110 | 5,110 | |||
Members' Equity | |||||
Treasury Stock, Value | (160,800) | (152,585) | |||
Retained earnings | 914,285 | 906,875 | |||
Accumulated other comprehensive loss | (23,953) | (26,936) | |||
Total PBF Energy Company LLC equity | 2,759,482 | 2,422,411 | |||
Noncontrolling interest | 459,767 | 456,092 | |||
Total equity | 3,219,249 | 2,878,503 | |||
Total liabilities and equity | 7,953,036 | 8,038,985 | |||
PBF LLC [Member] | Series A Units [Member] | |||||
Members' Equity | |||||
Series A Units, 1,206,325 and 3,767,464 issued and outstanding at December 31, 2018 and 2017, no par or stated value | 20,162 | 40,058 | |||
PBF LLC [Member] | Series C Units [Member] | |||||
Members' Equity | |||||
Series A Units, 1,206,325 and 3,767,464 issued and outstanding at December 31, 2018 and 2017, no par or stated value | $ 2,009,788 | $ 1,654,999 | |||
[1] | (4)The Refining segment includes capital expenditures of $971,932 related to the acquisition of the Torrance refinery and related logistics assets that was completed in the third quarter of 2016. Additionally, the Refining segment includes capital expenditures of $2,659 for the working capital settlement related to the acquisition of the Chalmette refinery that was finalized in the first quarter of 2016. The Logistics segment includes $98,373 for the PBFX Plains Asset Purchase that was completed in the second quarter of 2016. | ||||
[2] | (5)The Logistics segment includes 100% of the assets of TVPC as TVPC is consolidated by PBFX. PBFX records a noncontrolling interest for the 50% equity interest in TVPC held by PBF Holding. PBF Holding (included in the Refining segment) records an equity investment in TVPC reflecting its noncontrolling ownership interest. For the purposes of the Company’s consolidated financial statements, PBFX’s noncontrolling interest in TVPC and PBF Holding’s equity investment in TVPC eliminate in consolidation. |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Income Statement [Abstract] | |||||
Revenues | $ 27,186,093 | $ 21,786,637 | $ 15,920,424 | ||
Cost and expenses: | |||||
Cost of products and other | 24,503,393 | 18,863,621 | 13,598,341 | ||
Operating expenses (excluding depreciation and amortization expense as reflected below) | 1,720,959 | 1,684,435 | 1,422,751 | ||
Depreciation and amortization expense | 359,126 | 277,992 | 216,341 | ||
Cost of sales | 26,583,478 | 20,826,048 | 15,237,433 | ||
General and administrative expenses (excluding depreciation and amortization expense as reflected below) | 276,955 | 214,547 | 166,319 | ||
Depreciation and amortization expense | 10,634 | 12,964 | 5,835 | ||
(Gain) loss on sale of assets | (43,094) | 1,458 | 11,374 | ||
Total cost and expenses | 26,827,973 | 21,055,017 | 15,420,961 | ||
Income from operations | 358,120 | 731,620 | [1] | 499,463 | |
Other income (expense): | |||||
Change in Tax Receivable Agreement liability | 13,893 | 250,922 | 12,908 | ||
Change in fair value of catalyst leases | 5,587 | (2,247) | 1,422 | ||
Debt extinguishment costs | 0 | (25,451) | 0 | ||
Interest expense, net | (169,911) | (154,427) | (150,045) | ||
Other non-service component of net periodic benefit costs | 1,109 | (1,402) | (580) | ||
Income before income taxes | 208,798 | 799,015 | 363,168 | ||
Income tax expense | 33,507 | 315,584 | 137,650 | ||
Net income | 175,291 | 483,431 | 225,518 | ||
Less: net income attributable to noncontrolling interests | 46,976 | 67,914 | 54,707 | ||
Net income attributable to PBF Energy Inc. stockholders | $ 128,315 | $ 415,517 | $ 170,811 | ||
Weighted-average shares of Class A common stock outstanding | |||||
Basic (in shares) | [2] | 115,190,262 | 109,779,407 | 98,334,302 | |
Diluted (in shares) | 118,773,606 | 113,898,845 | 103,606,709 | ||
Net income available to Class A common stock per share: | |||||
Basic (in usd per share) | $ 1.11 | $ 3.78 | $ 1.74 | ||
Diluted (in usd per share) | $ 1.10 | $ 3.73 | $ 1.74 | ||
[1] | (1)The Logistics segment includes 100% of the income from operations of TVPC as TVPC is consolidated by PBFX. PBFX records net income attributable to noncontrolling interest for the 50% equity interest in TVPC held by PBF Holding. PBF Holding (included in the Refining segment) records equity income in investee related to its 50% noncontrolling ownership interest in TVPC. For the purposes of the Company’s consolidated financial statements, PBF Holding’s equity income in investee and PBFX’s net income attributable to noncontrolling interest eliminate in consolidation. | ||||
[2] | 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 26.0%, 39.6% and 39.1% annualized statutory corporate tax rate for the years ended December 31, 2018, 2017 and 2016) attributable to the converted units. |
Consolidated Statements of Op_2
Consolidated Statements of Operations PBF LLC STATEMENT OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Income Statement [Abstract] | |||||
Revenues | $ 27,186,093 | $ 21,786,637 | $ 15,920,424 | ||
Cost and expenses: | |||||
Operating expenses (excluding depreciation and amortization expense as reflected below) | 1,720,959 | 1,684,435 | 1,422,751 | ||
Depreciation and amortization expense | 359,126 | 277,992 | 216,341 | ||
Cost of sales | 26,583,478 | 20,826,048 | 15,237,433 | ||
General and administrative expenses (excluding depreciation and amortization expense as reflected below) | 276,955 | 214,547 | 166,319 | ||
Depreciation and amortization expense | 10,634 | 12,964 | 5,835 | ||
(Gain) loss on sale of assets | (43,094) | 1,458 | 11,374 | ||
Total cost and expenses | 26,827,973 | 21,055,017 | 15,420,961 | ||
Income from operations | 358,120 | 731,620 | [1] | 499,463 | |
Other Income and Expenses [Abstract] | |||||
Change in fair value of catalyst leases | 5,587 | (2,247) | 1,422 | ||
Debt extinguishment costs | 0 | (25,451) | 0 | ||
Interest expense, net | (169,911) | (154,427) | (150,045) | ||
Other non-service component of net periodic benefit costs | 1,109 | (1,402) | (580) | ||
Income before income taxes | 208,798 | 799,015 | 363,168 | ||
Income tax expense | 33,507 | 315,584 | 137,650 | ||
Net income | 175,291 | 483,431 | 225,518 | ||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 47,006 | 67,882 | 54,618 | ||
Net income attributable to PBF Energy Inc. stockholders | 128,315 | 415,517 | 170,811 | ||
PBF LLC [Member] | |||||
Income Statement [Abstract] | |||||
Revenues | 27,186,093 | 21,786,637 | 15,920,424 | ||
Cost and expenses: | |||||
Cost of Sales, Excluding Depreciation | 24,503,393 | 18,863,621 | 13,598,341 | ||
Operating expenses (excluding depreciation and amortization expense as reflected below) | 1,720,959 | 1,684,435 | 1,422,751 | ||
Depreciation and amortization expense | 359,126 | 277,992 | 216,341 | ||
Cost of sales | 26,583,478 | 20,826,048 | 15,237,433 | ||
General and administrative expenses (excluding depreciation and amortization expense as reflected below) | 275,205 | 214,222 | 166,119 | ||
Depreciation and amortization expense | 10,634 | 12,964 | 5,835 | ||
(Gain) loss on sale of assets | (43,094) | 1,458 | 11,374 | ||
Total cost and expenses | 26,826,223 | 21,054,692 | 15,420,761 | ||
Income from operations | 359,870 | [1] | 731,945 | [1] | 499,663 |
Other Income and Expenses [Abstract] | |||||
Change in fair value of catalyst leases | 5,587 | (2,247) | 1,422 | ||
Debt extinguishment costs | 0 | (25,451) | 0 | ||
Interest expense, net | (178,421) | (162,383) | (155,819) | ||
Other non-service component of net periodic benefit costs | 1,109 | (1,402) | (580) | ||
Income before income taxes | 188,145 | 540,462 | 344,686 | ||
Income tax expense | 7,999 | (10,783) | 23,689 | ||
Net income | 180,146 | 551,245 | 320,997 | ||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 51,168 | 40,109 | |||
Net income attributable to PBF Energy Inc. stockholders | 137,838 | 500,077 | 280,888 | ||
Noncontrolling Interest [Member] | |||||
Other Income and Expenses [Abstract] | |||||
Net income | 46,976 | 67,914 | 54,707 | ||
Noncontrolling Interest [Member] | PBF LLC [Member] | |||||
Other Income and Expenses [Abstract] | |||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | $ 42,308 | $ 51,168 | $ 40,109 | ||
[1] | (1)The Logistics segment includes 100% of the income from operations of TVPC as TVPC is consolidated by PBFX. PBFX records net income attributable to noncontrolling interest for the 50% equity interest in TVPC held by PBF Holding. PBF Holding (included in the Refining segment) records equity income in investee related to its 50% noncontrolling ownership interest in TVPC. For the purposes of the Company’s consolidated financial statements, PBF Holding’s equity income in investee and PBFX’s net income attributable to noncontrolling interest eliminate in consolidation. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||||||||||
Net income | $ (346,673) | $ 192,466 | $ 287,687 | $ 41,811 | $ 260,386 | $ 347,226 | $ (104,151) | $ (20,030) | $ 175,291 | $ 483,431 | $ 225,518 |
Other comprehensive income: | |||||||||||
Unrealized loss on available for sale securities | (108) | (24) | (42) | ||||||||
Net gain (loss) on pension and other post-retirement benefits | 3,091 | (950) | (2,550) | ||||||||
Total other comprehensive income (loss) | 2,983 | (974) | (2,592) | ||||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 178,274 | 482,457 | 222,926 | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 47,006 | 67,882 | 54,618 | ||||||||
Comprehensive income attributable to PBF Energy Inc. stockholders | $ 131,268 | $ 414,575 | $ 168,308 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income PBF LLC STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||||||||||
Net income | $ (346,673) | $ 192,466 | $ 287,687 | $ 41,811 | $ 260,386 | $ 347,226 | $ (104,151) | $ (20,030) | $ 175,291 | $ 483,431 | $ 225,518 |
Other comprehensive income: | |||||||||||
Unrealized loss on available for sale securities | (108) | (24) | (42) | ||||||||
Net gain (loss) on pension and other post-retirement benefits | 3,091 | (950) | (2,550) | ||||||||
Total other comprehensive income (loss) | 2,983 | (974) | (2,592) | ||||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 178,274 | 482,457 | 222,926 | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 47,006 | 67,882 | 54,618 | ||||||||
Comprehensive income attributable to PBF Energy Inc. stockholders | 131,268 | 414,575 | 168,308 | ||||||||
PBF LLC [Member] | |||||||||||
Statement of Comprehensive Income [Abstract] | |||||||||||
Net income | $ (502,132) | $ 244,913 | $ 385,622 | $ 51,743 | $ 223,799 | $ 553,077 | $ (183,778) | $ (41,853) | 180,146 | 551,245 | 320,997 |
Other comprehensive income: | |||||||||||
Unrealized loss on available for sale securities | (108) | (24) | (42) | ||||||||
Net gain (loss) on pension and other post-retirement benefits | 3,091 | (950) | (2,550) | ||||||||
Total other comprehensive income (loss) | 2,983 | (974) | (2,592) | ||||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 183,129 | 550,271 | 318,405 | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 51,168 | 40,109 | |||||||||
Comprehensive income attributable to PBF Energy Inc. stockholders | $ 140,821 | $ 499,103 | $ 278,296 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity Statement - USD ($) $ in Thousands | Total | Class A Common Stock [Member] | Class B Common Stock [Member] | Common Stock [Member]Class A Common Stock [Member] | Common Stock [Member]Class B Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Treasury Stock [Member] | Noncontrolling Interest [Member] | Public Offering [Member] | Public Offering [Member]Common Stock [Member]Class A Common Stock [Member] | Public Offering [Member]Additional Paid-in Capital [Member] | PBF LLC [Member] | PBF LLC [Member]Common Stock [Member]Series C Units [Member] | PBF LLC [Member]Retained Earnings [Member] | PBF LLC [Member]Accumulated Other Comprehensive Loss [Member] | PBF LLC [Member]Treasury Stock [Member] | PBF LLC [Member]Noncontrolling Interest [Member] |
Beginning balance (in shares) at Dec. 31, 2015 | 97,781,933 | 28 | 6,056,719 | 97,781,933,000 | |||||||||||||||
Beginning balance at Dec. 31, 2015 | $ 2,095,857 | $ 93 | $ 0 | $ 1,904,751 | $ (83,454) | $ (23,289) | $ (150,804) | $ 448,560 | $ 1,909,395 | $ 1,271,770 | $ 404,596 | $ (24,770) | $ (150,804) | $ 357,542 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Comprehensive income | 222,926 | 170,811 | (2,503) | 54,618 | 318,405 | 280,888 | (2,592) | 40,109 | |||||||||||
Exercise of warrants and options (in shares) | 11,650 | 11,650,000 | |||||||||||||||||
Exercise of warrants and options | 886 | 1,058 | (172) | (172) | $ 8,001 | ||||||||||||||
Distributions to PBF Energy Company LLC members | (21,947) | (15,219) | (6,728) | ||||||||||||||||
Distributions to PBF Logistics LP public unitholders | (33,714) | (33,714) | |||||||||||||||||
Stock-based compensation (in shares) | 320,458 | ||||||||||||||||||
Stock based compensation | 22,656 | 18,296 | 4,360 | 22,656 | $ 18,296 | 4,360 | |||||||||||||
Dividends | (117,486) | (117,486) | |||||||||||||||||
Stock issued during period (in shares) | 10,000,000 | 10,000,000,000 | |||||||||||||||||
Stock issued during period | (275,300) | $ 275,300 | $ 1 | $ 275,299 | 275,300 | $ 275,300 | |||||||||||||
Exchange of PBF Energy Company LLC Series A Units for Class A common stock (in shares) | 1,090,006 | 1,090,006,000 | |||||||||||||||||
Exchange of PBF Energy Company LLC Series A Units for Class A common stock | 0 | 1,058 | $ 1,058 | ||||||||||||||||
Record deferred tax assets and liabilities and tax receivable agreement obligation | (2,613) | (2,613) | |||||||||||||||||
Noncontrolling Interest | 138,378 | 54,944 | 83,434 | 138,378 | 54,944 | 83,434 | |||||||||||||
Treasury stock purchases (in shares) | (31,244) | ||||||||||||||||||
Treasury stock purchases | (743) | $ (743) | (743) | (743) | |||||||||||||||
Other | (8,816) | (5,947) | 496 | 1,353 | (4,718) | (4,053) | $ 24 | (790) | 1,400 | (4,762) | |||||||||
Ending balance, shares (in shares) at Dec. 31, 2016 | 109,204,047 | 28 | 6,087,963 | 109,204,047,000 | |||||||||||||||
Ending balance at Dec. 31, 2016 | 2,570,684 | $ 94 | $ 0 | 2,245,788 | (44,852) | (24,439) | $ (151,547) | 545,640 | 2,487,820 | $ 1,630,136 | 545,261 | (25,962) | (151,547) | 446,969 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures (in shares) | 320,458,000 | ||||||||||||||||||
Distribution To Unitholders | 173,147 | 139,433 | 33,714 | ||||||||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 743 | $ 743 | |||||||||||||||||
Comprehensive income | 482,457 | 415,517 | (942) | 67,882 | 550,271 | 500,077 | (974) | 51,168 | |||||||||||
Exercise of warrants and options (in shares) | 462,500 | 462,500,000 | |||||||||||||||||
Exercise of warrants and options | 9,935 | $ 1 | 10,532 | (598) | (598) | ||||||||||||||
Distributions to PBF Energy Company LLC members | (4,584) | 0 | (4,584) | ||||||||||||||||
Distributions to PBF Logistics LP public unitholders | (44,636) | (44,636) | |||||||||||||||||
Stock-based compensation (in shares) | 702,404 | ||||||||||||||||||
Stock based compensation | 26,848 | 21,503 | 5,345 | 26,848 | $ 21,503 | 5,345 | |||||||||||||
Dividends | (131,783) | (131,783) | |||||||||||||||||
Exchange of PBF Energy Company LLC Series A Units for Class A common stock (in shares) | 196,580 | (3) | 196,580,000 | ||||||||||||||||
Exchange of PBF Energy Company LLC Series A Units for Class A common stock | 0 | 0 | $ 2,307 | ||||||||||||||||
Record deferred tax assets and liabilities and tax receivable agreement obligation | (1,139) | (1,139) | |||||||||||||||||
Treasury stock purchases (in shares) | (44,921) | ||||||||||||||||||
Treasury stock purchases | (1,038) | $ (1,038) | (1,038) | (1,038) | |||||||||||||||
Other | (3,795) | 1,055 | (2,096) | 0 | (2,754) | (3,035) | $ 15 | (2,096) | (954) | ||||||||||
Ending balance, shares (in shares) at Dec. 31, 2017 | 110,565,531 | 25 | 110,565,531 | 25 | 6,132,884 | 110,586,762,000 | |||||||||||||
Ending balance at Dec. 31, 2017 | 2,902,949 | $ 95 | $ 0 | 2,277,739 | 236,786 | (25,381) | $ (152,585) | 566,295 | 2,878,503 | $ 1,654,999 | 906,875 | (26,936) | (152,585) | 456,092 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures (in shares) | 702,404,000 | ||||||||||||||||||
Distribution To Unitholders | 182,803 | 136,367 | 46,436 | ||||||||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 1,038 | $ 1,038 | |||||||||||||||||
Redemption of Units (in shares) | 21,231,000 | ||||||||||||||||||
Comprehensive income | 178,274 | 128,315 | 2,953 | 47,006 | 183,129 | 137,838 | 2,983 | 42,308 | |||||||||||
Exercise of warrants and options (in shares) | 708,091 | 708,091,000 | |||||||||||||||||
Exercise of warrants and options | 13,965 | $ (1) | (13,964) | (8,536) | $ (5,942) | ||||||||||||||
Adjustment to Additional Paid in Capital, Income Tax Effect from Share-based Compensation, Net | (5,343) | (4,775) | (568) | ||||||||||||||||
Distributions to PBF Energy Company LLC members | (2,086) | (2,086) | |||||||||||||||||
Distributions to PBF Logistics LP public unitholders | (49,532) | (49,532) | |||||||||||||||||
Stock-based compensation (in shares) | 43,311 | 43,311,000 | |||||||||||||||||
Stock based compensation | 25,454 | 19,697 | 5,757 | 25,454 | $ 19,697 | 5,757 | |||||||||||||
Dividends | (139,263) | (139,263) | |||||||||||||||||
Stock issued during period (in shares) | 6,000,000 | 6,000,000,000 | |||||||||||||||||
Stock issued during period | 287,284 | $ 6 | 287,278 | 287,284 | $ 287,284 | ||||||||||||||
Exchange of PBF Energy Company LLC Series A Units for Class A common stock (in shares) | 2,698,635 | (5) | 2,698,635,000 | ||||||||||||||||
Exchange of PBF Energy Company LLC Series A Units for Class A common stock | 3 | $ 3 | 0 | $ 17,302 | |||||||||||||||
Record deferred tax assets and liabilities and tax receivable agreement obligation | (4,926) | (4,926) | |||||||||||||||||
Noncontrolling Interest | 34,820 | 28,564 | 6,256 | 34,820 | $ 28,564 | 6,256 | |||||||||||||
Treasury stock purchases (in shares) | 141,377 | (141,377) | 141,377,000 | ||||||||||||||||
Treasury stock purchases | 0 | (8,215) | $ (8,215) | 0 | $ 8,215 | (8,215) | |||||||||||||
Other | (6,880) | (7,994) | 0 | 0 | 1,114 | 9,476 | $ (331) | 10,921 | (1,114) | ||||||||||
Ending balance, shares (in shares) at Dec. 31, 2018 | 119,874,191 | 20 | 119,874,191 | 20 | 6,274,261 | 119,895,422,000 | |||||||||||||
Ending balance at Dec. 31, 2018 | $ 3,248,479 | $ 105 | $ 0 | $ 2,633,750 | $ 225,838 | $ (22,428) | $ (160,800) | $ 572,014 | 3,219,249 | $ 2,009,788 | 914,285 | $ (23,953) | $ (160,800) | 459,767 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Distribution To Unitholders | $ 190,881 | $ 141,349 | $ 49,532 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity PBF LLC STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | Accumulated Other Comprehensive Loss [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Treasury Stock [Member] | PBF LLC [Member] | PBF LLC [Member]Common Stock [Member]Series A Units [Member] | PBF LLC [Member]Common Stock [Member]Series C Units [Member] | PBF LLC [Member]Accumulated Other Comprehensive Loss [Member] | PBF LLC [Member]Retained Earnings [Member] | PBF LLC [Member]Noncontrolling Interest [Member] | PBF LLC [Member]Treasury Stock [Member] |
Beginning balance (in shares) at Dec. 31, 2015 | 6,056,719 | 4,985,358,000 | 97,781,933,000 | |||||||||
Beginning balance at Dec. 31, 2015 | $ 2,095,857 | $ (23,289) | $ (83,454) | $ 448,560 | $ (150,804) | $ 1,909,395 | $ 51,061 | $ 1,271,770 | $ (24,770) | $ 404,596 | $ 357,542 | $ (150,804) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Comprehensive income | 222,926 | (2,503) | 170,811 | 54,618 | 318,405 | (2,592) | 280,888 | 40,109 | ||||
Exercise of warrants and options (in shares) | 25,550,000 | 11,650,000 | ||||||||||
Exercise of warrants and options | 886 | (172) | (172) | $ (8,173) | $ 8,001 | |||||||
Exchange of PBF Energy Company LLC Series A Units for Class A common stock (in shares) | (1,090,006,000) | 1,090,006,000 | ||||||||||
Exchange of PBF Energy Company LLC Series A Units for Class A common stock | 0 | 1,058 | $ 1,058 | |||||||||
Stock issued during period (in shares) | 10,000,000,000 | |||||||||||
Stock issued during period | 275,300 | (275,300) | $ (275,300) | |||||||||
Treasury stock purchases (in shares) | (31,244) | |||||||||||
Distribution To Unitholders | (173,147) | (139,433) | (33,714) | |||||||||
Noncontrolling Interest | 138,378 | 83,434 | 138,378 | $ 54,944 | 83,434 | |||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures (in shares) | 320,458,000 | |||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 743 | $ 743 | ||||||||||
Stock based compensation | 22,656 | 4,360 | 22,656 | 18,296 | 4,360 | |||||||
Treasury stock purchases | (743) | $ (743) | (743) | (743) | ||||||||
Other | (8,816) | 1,353 | 496 | (4,718) | (4,053) | $ 75 | $ 24 | 1,400 | (790) | (4,762) | ||
Ending balance, shares (in shares) at Dec. 31, 2016 | 6,087,963 | 3,920,902,000 | 109,204,047,000 | |||||||||
Ending balance at Dec. 31, 2016 | 2,570,684 | (24,439) | (44,852) | 545,640 | $ (151,547) | 2,487,820 | $ 42,963 | $ 1,630,136 | (25,962) | 545,261 | 446,969 | (151,547) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Comprehensive income | 482,457 | (942) | 415,517 | 67,882 | 550,271 | (974) | 500,077 | 51,168 | ||||
Exercise of warrants and options (in shares) | 64,373,000 | 462,500,000 | ||||||||||
Exercise of warrants and options | 9,935 | (598) | (598) | $ (598) | ||||||||
Exchange of PBF Energy Company LLC Series A Units for Class A common stock (in shares) | (196,580,000) | 196,580,000 | ||||||||||
Exchange of PBF Energy Company LLC Series A Units for Class A common stock | 0 | 0 | $ (2,307) | $ 2,307 | ||||||||
Redemption of Units (in shares) | (21,231,000) | 21,231,000 | ||||||||||
Treasury stock purchases (in shares) | (44,921) | |||||||||||
Distribution To Unitholders | (182,803) | (136,367) | (46,436) | |||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures (in shares) | 702,404,000 | |||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 1,038 | $ 1,038 | ||||||||||
Stock based compensation | 26,848 | 5,345 | 26,848 | 21,503 | 5,345 | |||||||
Treasury stock purchases | (1,038) | $ (1,038) | (1,038) | (1,038) | ||||||||
Other | (3,795) | 0 | (2,096) | (2,754) | (3,035) | $ 15 | (2,096) | (954) | ||||
Ending balance, shares (in shares) at Dec. 31, 2017 | 6,132,884 | 3,767,464,000 | 110,586,762,000 | |||||||||
Ending balance at Dec. 31, 2017 | 2,902,949 | (25,381) | 236,786 | 566,295 | $ (152,585) | 2,878,503 | $ 40,058 | $ 1,654,999 | (26,936) | 906,875 | 456,092 | (152,585) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Comprehensive income | 178,274 | 2,953 | 128,315 | 47,006 | 183,129 | 2,983 | 137,838 | 42,308 | ||||
Exercise of warrants and options (in shares) | 137,496,000 | 708,091,000 | ||||||||||
Exercise of warrants and options | 13,965 | (8,536) | $ (2,594) | $ (5,942) | ||||||||
Exchange of PBF Energy Company LLC Series A Units for Class A common stock (in shares) | (2,698,635,000) | 2,698,635,000 | ||||||||||
Exchange of PBF Energy Company LLC Series A Units for Class A common stock | 3 | 0 | $ (17,302) | $ 17,302 | ||||||||
Stock issued during period (in shares) | 6,000,000,000 | |||||||||||
Stock issued during period | (287,284) | (287,284) | $ (287,284) | |||||||||
Treasury stock purchases (in shares) | (141,377) | 141,377,000 | ||||||||||
Distribution To Unitholders | (190,881) | (141,349) | (49,532) | |||||||||
Noncontrolling Interest | 34,820 | 6,256 | 34,820 | $ 28,564 | 6,256 | |||||||
Stock-based compensation (in shares) | 43,311,000 | |||||||||||
Stock based compensation | 25,454 | 5,757 | 25,454 | $ 19,697 | 5,757 | |||||||
Treasury stock purchases | 0 | $ (8,215) | 0 | 8,215 | (8,215) | |||||||
Other | (6,880) | 0 | 0 | 1,114 | 9,476 | $ (331) | 10,921 | (1,114) | ||||
Ending balance, shares (in shares) at Dec. 31, 2018 | 6,274,261 | 1,206,325,000 | 119,895,422,000 | |||||||||
Ending balance at Dec. 31, 2018 | $ 3,248,479 | $ (22,428) | $ 225,838 | $ 572,014 | $ (160,800) | $ 3,219,249 | $ 20,162 | $ 2,009,788 | $ (23,953) | $ 914,285 | $ 459,767 | $ (160,800) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net income | $ 175,291,000 | $ 483,431,000 | $ 225,518,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 378,596,000 | 299,860,000 | 232,948,000 |
Stock-based compensation | 25,969,000 | 26,848,000 | 22,656,000 |
Change in fair value of catalyst leases | (5,587,000) | 2,247,000 | (1,422,000) |
Deferred income taxes | 32,741,000 | 313,833,000 | 244,758,000 |
Change in Tax Receivable Agreement liability | (13,893,000) | (250,922,000) | (12,908,000) |
Non-cash change in inventory repurchase obligations | (31,790,000) | 13,779,000 | 29,453,000 |
Change in Non-cash Lower of Cost or Market Adjustment | 351,278,000 | (295,532,000) | (521,348,000) |
Debt extinguishment costs | 0 | 25,451,000 | 0 |
Pension and other post-retirement benefit costs | 47,381,000 | 42,242,000 | 37,986,000 |
(Gain) loss on sale of assets | (43,094,000) | 1,458,000 | 11,374,000 |
Changes in operating assets and liabilities: | |||
Accounts receivable | 234,345,000 | (332,377,000) | (165,416,000) |
Inventories | (3,312,000) | (54,705,000) | 236,602,000 |
Prepaid and other current assets | 10,107,000 | 73,526,000 | (54,341,000) |
Accounts payable | (111,667,000) | 34,604,000 | 217,566,000 |
Accrued expenses | (227,111,000) | 359,549,000 | 217,820,000 |
Deferred revenue | 11,153,000 | (4,359,000) | 9,249,000 |
Payable to related parties pursuant to Tax Receivable Agreement | 0 | 0 | (50,771,000) |
Other assets and liabilities | 7,531,000 | (53,072,000) | (27,790,000) |
Net cash provided by operating activities | 837,938,000 | 685,861,000 | 651,934,000 |
Cash flows from investing activities: | |||
Expenditures for property, plant and equipment | (317,459,000) | (306,681,000) | (298,737,000) |
Expenditures for deferred turnaround costs | (266,028,000) | (379,114,000) | (198,664,000) |
Expenditures for other assets | (17,055,000) | (31,143,000) | (42,506,000) |
Proceeds from sale of assets | 48,290,000 | 0 | 24,692,000 |
Purchase of marketable securities | 0 | (75,036,000) | (1,909,965,000) |
Maturities of marketable securities | 0 | 115,060,000 | 2,104,209,000 |
Net cash used in investing activities | (685,597,000) | (687,011,000) | (1,393,935,000) |
Cash flows from financing activities: | |||
Net proceeds from issuance of PBFX common units | 34,820,000 | 0 | 138,378,000 |
Proceeds from stock options exercised | 13,965,000 | 10,532,000 | 0 |
Distributions to PBF Energy Company LLC members other than PBF Energy | (2,086,000) | (4,584,000) | (21,947,000) |
Distributions to PBFX public unit holders | (48,187,000) | (43,510,000) | (32,806,000) |
Dividend payments | (138,895,000) | (131,686,000) | (117,486,000) |
Proceeds from revolver borrowings | 0 | 490,000,000 | 550,000,000 |
Taxes paid for net settlement of equity-based compensation | (5,343,000) | 0 | 0 |
Repayments of revolver borrowings | (350,000,000) | (490,000,000) | (200,000,000) |
Repayments of Notes Payable | (5,621,000) | (1,210,000) | 0 |
Catalyst Lease Settlements | (9,108,000) | 10,830,000 | 15,586,000 |
Proceeds from sale of Class A common stock, net of underwriters’ discount | 287,284,000 | 0 | 275,300,000 |
Purchases of treasury stock | (8,215,000) | (1,038,000) | (743,000) |
Deferred financing costs and other | (16,178,000) | (17,131,000) | 0 |
Net cash (used in) provided by financing activities | (128,076,000) | (172,103,000) | 543,955,000 |
Net increase (decrease) in cash and cash equivalents | 24,265,000 | (173,253,000) | (198,046,000) |
Cash and equivalents, beginning of period | 573,021,000 | 746,274,000 | 944,320,000 |
Cash and equivalents, end of period | 597,286,000 | 573,021,000 | 746,274,000 |
Non-cash activities: | |||
Conversion of Delaware Economic Development Authority loan to grant | 0 | 0 | 4,000,000 |
Accrued construction in progress and unpaid fixed assets | 90,210,000 | 26,805,000 | 35,595,000 |
Payment for Contingent Consideration Liability, Investing Activities | 21,100,000 | 0 | 0 |
Note payable issued for purchase of property, plant and equipment | 0 | 6,831,000 | 0 |
Cash paid during year for: | |||
Interest, net of capitalized interest of $9,469, $7,156 and $8,452 in 2018, 2017 and 2016, respectively | 164,405,000 | 166,538,000 | 137,599,000 |
Income taxes | 699,000 | 0 | 3,841,000 |
2025 Senior Notes [Member] | |||
Cash flows from financing activities: | |||
Proceeds from PBFX Term Loan borrowings | 0 | 725,000,000 | 0 |
2020 Senior Secured Notes [Member] | |||
Cash flows from financing activities: | |||
Repayments of PBFX Term Loan borrowings | 0 | (690,209,000) | 0 |
PBFX Revolving Credit Facility [Member] | |||
Cash flows from financing activities: | |||
Proceeds from revolver borrowings | 170,000,000 | 20,000,000 | 194,700,000 |
Repayments of revolver borrowings | (43,700,000) | (179,500,000) | (30,000,000) |
PBFX Term Loan [Member] | |||
Cash flows from financing activities: | |||
Repayments of PBFX Term Loan borrowings | 0 | (39,664,000) | (194,536,000) |
Rail Facility [Member] | |||
Cash flows from financing activities: | |||
Repayments of revolver borrowings | 0 | 0 | (67,491,000) |
Rail Term Loan [Member] | |||
Cash flows from financing activities: | |||
Proceeds from PBFX Term Loan borrowings | 0 | 0 | 35,000,000 |
Repayments of PBFX Term Loan borrowings | (6,812,000) | (6,633,000) | 0 |
PBFX Senior Notes [Member] | |||
Cash flows from financing activities: | |||
Proceeds from Issuance of Senior Long-term Debt | 0 | 178,500,000 | 0 |
Chalmette Refinery [Member] | |||
Cash flows from investing activities: | |||
Payments to Acquire Businesses, Gross | 0 | 0 | (2,659,000) |
Toledo Terminal Acquisition [Member] | |||
Cash flows from investing activities: | |||
Payments to Acquire Businesses, Gross | 0 | (10,097,000) | 0 |
Knoxville Terminals Purchase [Member] | |||
Cash flows from investing activities: | |||
Payments to Acquire Businesses, Gross | (58,356,000) | 0 | 0 |
East Coast Storage Assets Acquisition [Member] | |||
Cash flows from investing activities: | |||
Payments to Acquire Businesses, Gross | (74,989,000) | 0 | 0 |
Non-cash activities: | |||
Other Payments to Acquire Businesses | 30,900,000 | 0 | 0 |
Torrance Refinery [Member] | |||
Cash flows from investing activities: | |||
Payments to Acquire Businesses, Gross | 0 | 0 | (971,932,000) |
East Coast Terminals [Member] | |||
Cash flows from investing activities: | |||
Payments to Acquire Businesses, Gross | 0 | 0 | (98,373,000) |
Collins Pipeline Company And T&M Terminal Company [Member] | |||
Cash flows from financing activities: | |||
Distributions to PBF Energy Company LLC members other than PBF Energy | $ 0 | $ (1,800,000) | $ 0 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Capitalized interest | $ 9,469 | $ 7,156 | $ 8,452 |
Consolidated Statements of Ca_3
Consolidated Statements of Cash Flows PBF LLC STATEMENT OF CASH FLOW - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net Cash Provided by (Used in) Operating Activities [Abstract] | |||
Net income | $ 175,291,000 | $ 483,431,000 | $ 225,518,000 |
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] | |||
Depreciation and amortization | 378,596,000 | 299,860,000 | 232,948,000 |
Stock-based compensation | 25,969,000 | 26,848,000 | 22,656,000 |
Change in fair value of catalyst leases | (5,587,000) | 2,247,000 | (1,422,000) |
Deferred income taxes | 32,741,000 | 313,833,000 | 244,758,000 |
Non-cash change in inventory repurchase obligations | (31,790,000) | 13,779,000 | 29,453,000 |
Change in Non-cash Lower of Cost or Market Adjustment | 351,278,000 | (295,532,000) | (521,348,000) |
Debt extinguishment costs | 0 | 25,451,000 | 0 |
Pension and other post-retirement benefit costs | 47,381,000 | 42,242,000 | 37,986,000 |
(Gain) loss on sale of assets | (43,094,000) | 1,458,000 | 11,374,000 |
Changes in operating assets and liabilities: | |||
Accounts receivable | 234,345,000 | (332,377,000) | (165,416,000) |
Inventories | (3,312,000) | (54,705,000) | 236,602,000 |
Prepaid and other current assets | 10,107,000 | 73,526,000 | (54,341,000) |
Accounts payable | (111,667,000) | 34,604,000 | 217,566,000 |
Accrued expenses | (227,111,000) | 359,549,000 | 217,820,000 |
Deferred revenue | 11,153,000 | (4,359,000) | 9,249,000 |
Other assets and liabilities | 7,531,000 | (53,072,000) | (27,790,000) |
Net cash provided by operating activities | 837,938,000 | 685,861,000 | 651,934,000 |
Cash flows from investing activities: | |||
Expenditures for property, plant and equipment | (317,459,000) | (306,681,000) | (298,737,000) |
Expenditures for deferred turnaround costs | (266,028,000) | (379,114,000) | (198,664,000) |
Expenditures for other assets | (17,055,000) | (31,143,000) | (42,506,000) |
Proceeds from sale of assets | 48,290,000 | 0 | 24,692,000 |
Purchase of marketable securities | 0 | (75,036,000) | (1,909,965,000) |
Maturities of marketable securities | 0 | 115,060,000 | 2,104,209,000 |
Net cash used in investing activities | (685,597,000) | (687,011,000) | (1,393,935,000) |
Cash flows from financing activities: | |||
Proceeds from sale of Class A common stock, net of underwriters’ discount | 287,284,000 | 0 | 275,300,000 |
Distributions to PBFX public unit holders | (48,187,000) | (43,510,000) | (32,806,000) |
Payments of Capital Distribution | (2,086,000) | (4,584,000) | (21,947,000) |
Dividend payments | (138,895,000) | (131,686,000) | (117,486,000) |
Proceeds from revolver borrowings | 0 | 490,000,000 | 550,000,000 |
Repayments of revolver borrowings | (350,000,000) | (490,000,000) | (200,000,000) |
Repayments of Notes Payable | (5,621,000) | (1,210,000) | 0 |
Catalyst Lease Settlements | 9,108,000 | (10,830,000) | (15,586,000) |
Taxes paid for net settlement of equity-based compensation | (5,343,000) | 0 | 0 |
Proceeds from stock options exercised | 13,965,000 | 10,532,000 | 0 |
Purchases of treasury stock | (8,215,000) | (1,038,000) | (743,000) |
Deferred financing costs and other | (16,178,000) | (17,131,000) | 0 |
Net cash (used in) provided by financing activities | (128,076,000) | (172,103,000) | 543,955,000 |
Net increase (decrease) in cash and cash equivalents | 24,265,000 | (173,253,000) | (198,046,000) |
Cash and equivalents, beginning of period | 573,021,000 | 746,274,000 | 944,320,000 |
Cash and equivalents, end of period | 597,286,000 | 573,021,000 | 746,274,000 |
Non-cash activities: | |||
Note payable issued for purchase of property, plant and equipment | 0 | 6,831,000 | 0 |
Conversion of Delaware Economic Development Authority loan to grant | 0 | 0 | 4,000,000 |
Accrued construction in progress and unpaid fixed assets | 90,210,000 | 26,805,000 | 35,595,000 |
Payment for Contingent Consideration Liability, Investing Activities | 21,100,000 | 0 | 0 |
Cash paid during year for: | |||
Capitalized interest | 9,469,000 | 7,156,000 | 8,452,000 |
Interest, net of capitalized interest of $9,469, $7,156 and $8,452 in 2018, 2017 and 2016, respectively | 164,405,000 | 166,538,000 | 137,599,000 |
Income taxes | 699,000 | 0 | 3,841,000 |
PBF LLC [Member] | |||
Net Cash Provided by (Used in) Operating Activities [Abstract] | |||
Net income | 180,146,000 | 551,245,000 | 320,997,000 |
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] | |||
Depreciation and amortization | 378,596,000 | 299,860,000 | 232,948,000 |
Stock-based compensation | 25,969,000 | 26,848,000 | 22,656,000 |
Change in fair value of catalyst leases | (5,587,000) | 2,247,000 | (1,422,000) |
Deferred income taxes | 7,233,000 | (12,526,000) | 19,802,000 |
Non-cash change in inventory repurchase obligations | (31,790,000) | 13,779,000 | 29,453,000 |
Change in Non-cash Lower of Cost or Market Adjustment | 351,278,000 | (295,532,000) | (521,348,000) |
Debt extinguishment costs | 0 | 25,451,000 | 0 |
Pension and other post-retirement benefit costs | 47,381,000 | 42,242,000 | 37,986,000 |
(Gain) loss on sale of assets | (43,094,000) | 1,458,000 | 11,374,000 |
Changes in operating assets and liabilities: | |||
Accounts receivable | 234,345,000 | (332,377,000) | (165,416,000) |
Inventories | (3,312,000) | (54,705,000) | 236,602,000 |
Prepaid and other current assets | (1,144,000) | (9,908,000) | 15,072,000 |
Accounts payable | (111,667,000) | 34,634,000 | 217,536,000 |
Accrued expenses | (226,292,000) | 358,527,000 | 222,805,000 |
Deferred revenue | 11,153,000 | (4,359,000) | 9,249,000 |
Other assets and liabilities | 7,442,000 | (52,915,000) | (18,322,000) |
Net cash provided by operating activities | 820,657,000 | 593,969,000 | 669,972,000 |
Cash flows from investing activities: | |||
Expenditures for property, plant and equipment | (317,459,000) | (306,681,000) | (298,737,000) |
Expenditures for deferred turnaround costs | (266,028,000) | (379,114,000) | (198,664,000) |
Expenditures for other assets | (17,055,000) | (31,143,000) | (42,506,000) |
Payments to Acquire Businesses, Gross | 0 | 0 | (98,373,000) |
Proceeds from sale of assets | 48,290,000 | 0 | 24,692,000 |
Purchase of marketable securities | 0 | (75,036,000) | (1,909,965,000) |
Maturities of marketable securities | 0 | 115,060,000 | 2,104,209,000 |
Net cash used in investing activities | (685,597,000) | (687,011,000) | (1,393,935,000) |
Cash flows from financing activities: | |||
Proceeds from Issuance of Common Stock | 287,284,000 | 0 | 275,300,000 |
Distributions to PBFX public unit holders | (48,187,000) | (43,510,000) | (32,806,000) |
Payments of Capital Distribution | 0 | (1,800,000) | 0 |
Dividend payments | (140,981,000) | (136,270,000) | (139,682,000) |
Proceeds from PBFX Term Loan borrowings | 0 | 0 | 35,000,000 |
Proceeds from Issuance of Senior Long-term Debt | 0 | 178,500,000 | 0 |
Proceeds from revolver borrowings | 0 | 490,000,000 | 550,000,000 |
Repayments of revolver borrowings | (350,000,000) | (490,000,000) | (200,000,000) |
Proceeds from Related Party Debt | 44,159,000 | 102,751,000 | 0 |
Repayments of Related Party Debt | 0 | 0 | (24,531,000) |
Repayments of Notes Payable | (5,621,000) | (1,210,000) | 0 |
Catalyst Lease Settlements | 9,108,000 | (10,830,000) | (15,586,000) |
Taxes paid for net settlement of equity-based compensation | (8,700,000) | 0 | 0 |
Repayments of PBFX Term Loan borrowings | 0 | (39,664,000) | (194,536,000) |
Proceeds from stock options exercised | 164,000 | 0 | 0 |
Purchases of treasury stock | (8,215,000) | (1,038,000) | (743,000) |
Deferred financing costs and other | (16,178,000) | (17,131,000) | 886,000 |
Net cash (used in) provided by financing activities | (101,075,000) | (79,884,000) | 520,061,000 |
Net increase (decrease) in cash and cash equivalents | 33,985,000 | (172,926,000) | (203,902,000) |
Cash and equivalents, beginning of period | 562,036,000 | 734,962,000 | 938,864,000 |
Cash and equivalents, end of period | 596,021,000 | 562,036,000 | 734,962,000 |
Non-cash activities: | |||
Note payable issued for purchase of property, plant and equipment | 0 | 6,831,000 | 0 |
Conversion of Delaware Economic Development Authority loan to grant | 0 | 0 | 4,000,000 |
Accrued construction in progress and unpaid fixed assets | 90,210,000 | 26,805,000 | 35,595,000 |
Payment for Contingent Consideration Liability, Investing Activities | 21,100,000 | 0 | 0 |
Cash paid during year for: | |||
Capitalized interest | 9,469,000 | 7,156,000 | 8,452,000 |
Interest, net of capitalized interest of $9,469, $7,156 and $8,452 in 2018, 2017 and 2016, respectively | 164,405,000 | 166,538,000 | 137,599,000 |
Income taxes | 596,000 | 0 | 2,449,000 |
PBF Logistics LP [Member] | |||
Cash flows from financing activities: | |||
Proceeds from Issuance of Common Stock | 34,820,000 | 0 | 138,378,000 |
Torrance Refinery [Member] | |||
Cash flows from investing activities: | |||
Payments to Acquire Businesses, Gross | 0 | 0 | (971,932,000) |
Torrance Refinery [Member] | PBF LLC [Member] | |||
Cash flows from investing activities: | |||
Payments to Acquire Businesses, Gross | 0 | 0 | (971,932,000) |
Chalmette Refining [Member] | PBF LLC [Member] | |||
Cash flows from investing activities: | |||
Payments to Acquire Businesses, Gross | 0 | 0 | (2,659,000) |
Toledo Terminal Acquisition [Member] | |||
Cash flows from investing activities: | |||
Payments to Acquire Businesses, Gross | 0 | (10,097,000) | 0 |
Toledo Terminal Acquisition [Member] | PBF LLC [Member] | |||
Cash flows from investing activities: | |||
Payments to Acquire Businesses, Gross | 0 | (10,097,000) | 0 |
Knoxville Terminals Purchase [Member] | |||
Cash flows from investing activities: | |||
Payments to Acquire Businesses, Gross | (58,356,000) | 0 | 0 |
Knoxville Terminals Purchase [Member] | PBF LLC [Member] | |||
Cash flows from investing activities: | |||
Payments to Acquire Businesses, Gross | (58,356,000) | 0 | 0 |
East Coast Storage Assets Acquisition [Member] | |||
Cash flows from investing activities: | |||
Payments to Acquire Businesses, Gross | (74,989,000) | 0 | 0 |
Non-cash activities: | |||
Other Payments to Acquire Businesses | 30,900,000 | 0 | 0 |
East Coast Storage Assets Acquisition [Member] | PBF LLC [Member] | |||
Cash flows from investing activities: | |||
Payments to Acquire Businesses, Gross | (74,989,000) | 0 | 0 |
Non-cash activities: | |||
Other Payments to Acquire Businesses | 30,900,000 | 0 | 0 |
2025 Senior Notes [Member] | |||
Cash flows from financing activities: | |||
Proceeds from PBFX Term Loan borrowings | 0 | 725,000,000 | 0 |
2025 Senior Notes [Member] | PBF LLC [Member] | |||
Cash flows from financing activities: | |||
Proceeds from PBFX Term Loan borrowings | 0 | 725,000,000 | 0 |
2020 Senior Secured Notes [Member] | |||
Cash flows from financing activities: | |||
Repayments of PBFX Term Loan borrowings | 0 | (690,209,000) | 0 |
2020 Senior Secured Notes [Member] | PBF LLC [Member] | |||
Cash flows from financing activities: | |||
Repayments of PBFX Term Loan borrowings | 0 | (690,209,000) | 0 |
Rail Facility [Member] | |||
Cash flows from financing activities: | |||
Repayments of revolver borrowings | 0 | 0 | (67,491,000) |
Rail Facility [Member] | PBF LLC [Member] | |||
Cash flows from financing activities: | |||
Repayments of revolver borrowings | 0 | 0 | (67,491,000) |
Rail Term Loan [Member] | |||
Cash flows from financing activities: | |||
Proceeds from PBFX Term Loan borrowings | 0 | 0 | 35,000,000 |
Repayments of PBFX Term Loan borrowings | (6,812,000) | (6,633,000) | 0 |
Rail Term Loan [Member] | PBF LLC [Member] | |||
Cash flows from financing activities: | |||
Repayments of PBFX Term Loan borrowings | (6,812,000) | (6,633,000) | 0 |
PBFX Revolving Credit Facility [Member] | |||
Cash flows from financing activities: | |||
Proceeds from revolver borrowings | 170,000,000 | 20,000,000 | 194,700,000 |
Repayments of revolver borrowings | (43,700,000) | (179,500,000) | (30,000,000) |
PBFX Revolving Credit Facility [Member] | PBF LLC [Member] | |||
Cash flows from financing activities: | |||
Proceeds from revolver borrowings | 170,000,000 | 20,000,000 | 194,700,000 |
Repayments of revolver borrowings | $ (43,700,000) | $ (179,500,000) | $ (30,000,000) |
DESCRIPTION OF THE BUSINESS AND
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION | DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION Description of the Business PBF Energy Inc. (“PBF Energy”) was formed as a Delaware corporation on November 7, 2011 and 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 (refer to “Note 15 - Noncontrolling Interests”). PBF Energy holds a 99.0% economic interest in PBF LLC as of December 31, 2018 through its ownership of PBF LLC Series C Units, which are held solely by PBF Energy. Holders of PBF LLC Series A Units, which are held by parties other than PBF Energy (“the members of PBF LLC other than PBF Energy”), hold the remaining 1.0% economic interest in PBF LLC. The PBF LLC Series C Units rank on parity with the PBF LLC Series A Units as to distribution rights, voting rights and rights upon liquidation, winding up or dissolution. In addition, the amended and restated limited liability company agreement of PBF LLC provides that any PBF LLC Series A Units acquired by PBF Energy will automatically be reclassified as PBF LLC Series C Units in connection with such acquisition. 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 Investments LLC (“PBF Investments”), Toledo Refining Company LLC (“Toledo Refining” or “TRC”), Paulsboro Refining Company LLC (“Paulsboro Refining” or “PRC”), Delaware City Refining Company LLC (“Delaware City Refining” or “DCR”), Chalmette Refining, L.L.C. (“Chalmette Refining”), PBF Western Region LLC (“PBF Western Region”), Torrance Refining Company LLC (“Torrance Refining”) and Torrance Logistics Company LLC are PBF LLC’s principal operating subsidiaries and are all wholly-owned subsidiaries of PBF Holding. Discussions or areas of the Notes to Consolidated Financial Statements that either apply only to PBF Energy or PBF LLC are clearly noted in such footnotes. At December 31, 2018 , PBF LLC also held a 44.0% limited partner interest and all of the incentive distribution rights in PBF Logistics LP (“PBFX”), a publicly-traded master limited partnership (“MLP”) (refer to “Note 3 - PBF Logistics LP”). 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 unitholders other than PBF LLC (refer to “Note 15 - Noncontrolling Interests”). Collectively, PBF Energy and its consolidated subsidiaries, including PBF LLC, PBF Holding, PBF GP and PBFX are referred to hereinafter as the “Company” unless the context otherwise requires. 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 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 MLP that was formed to operate logistical assets such as crude oil and refined petroleum products terminals, pipelines and storage facilities. The Logistics segment consists solely of PBFX’s operations. 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 that are largely out of the Company’s control can cause prices to vary over time. The resulting potential margin volatility can have a material effect on the Company’s financial position, earnings and cash flow. Public Offerings In connection with certain of the secondary offerings completed in 2015, 2014 and 2013, investment funds associated with the initial investors in PBF LLC exchanged all of their PBF LLC Series A Units for an equal number of shares of PBF Energy Class A common stock which were subsequently sold to the public and, accordingly, no longer hold any PBF LLC Series A Units. The holders of PBF LLC Series B Units, which include certain current and former executive officers of PBF Energy, had the right to receive a portion of the proceeds of the sale of the PBF Energy Class A common stock by the investment funds associated with the initial investors in PBF LLC. PBF Energy did not receive any proceeds from any of the secondary offerings. The Company completed follow-on equity offerings that were made to the public as follows: • On October 13, 2015, PBF Energy completed a public offering of an aggregate of 11,500,000 shares of its Class A common stock, including 1,500,000 shares of its Class A common stock that was sold pursuant to the exercise of an over-allotment option, for net proceeds of $344,000 , after deducting underwriting discounts and commissions and other offering expenses (the “October 2015 Equity Offering”). • On December 19, 2016, PBF Energy completed a public offering of an aggregate of 10,000,000 shares of its Class A common stock for net proceeds of $274,300 , after deducting underwriting discounts and commissions and other offering expenses (the “December 2016 Equity Offering”). • On August 14, 2018, PBF Energy completed a public offering of an aggregate of 6,000,000 shares of its Class A common stock for net proceeds of $287,284 , after deducting underwriting discounts and commissions and other offering expenses (the “August 2018 Equity Offering”). As a result of the equity offerings described above and certain other transactions such as stock option exercises, as of December 31, 2018 , PBF Energy owned 119,895,422 PBF LLC Series C Units and the Company’s current and former executive officers and directors and certain employees and others beneficially owned 1,206,325 PBF LLC Series A Units. As of December 31, 2018 , the holders of PBF Energy’s issued and outstanding shares of Class A common stock have 99.0% 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 1.0% of the voting power in the Company. Tax Receivable Agreement PBF LLC intends to have an election under Section 754 of the Internal Revenue Code (the “Code”) in effect for each taxable year in which an exchange of PBF LLC Series A Units for PBF Energy Class A common stock as described above occurs, which may result in an adjustment to the tax basis of the assets of PBF LLC at the time of an exchange of PBF LLC Series A Units. As a result of both the initial purchase of PBF LLC Series A Units from the PBF LLC Series A unitholders in connection with the IPO and subsequent exchanges, PBF Energy will become entitled to a proportionate share of the existing tax basis of the assets of PBF LLC. In addition, the purchase of PBF LLC Series A Units and subsequent exchanges have resulted in and are expected to continue to result in increases in the tax basis of the assets of PBF LLC that otherwise would not have been available. Both this proportionate share and these increases in tax basis may reduce the amount of tax that PBF Energy would otherwise be required to pay in the future. These increases in tax basis may also decrease gains (or increase losses) on future dispositions of certain capital assets to the extent tax basis is allocated to those capital assets. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation and Presentation These consolidated financial statements include the accounts of PBF Energy and subsidiaries in which PBF Energy has a controlling interest. All intercompany accounts and transactions have been eliminated in consolidation. Cost Classifications Cost of products and other consists of the cost of crude oil, other feedstocks, blendstocks and purchased refined products and the related in-bound freight and transportation costs. Operating expenses (excluding depreciation and amortization) consists of direct costs of labor, maintenance and services, utilities, property taxes, environmental compliance costs and other direct operating costs incurred in connection with our refining operations. Such expenses exclude depreciation related to refining and logistics assets that are integral to the refinery production process, which is presented separately as Depreciation and amortization expense as a component of Cost of sales on the Company’s consolidated statements of operations. Reclassification Certain amounts previously reported in the Company’s consolidated financial statements for prior periods have been reclassified to conform to the 2018 presentation. These reclassifications include certain details about the Company’s adoption of ASU 2017-07, further explained below, under Recently Adopted Accounting Guidance. Use of Estimates The preparation of the financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the related disclosures. Actual results could differ from those estimates. Business Combinations We use the acquisition method of accounting for the recognition of assets acquired and liabilities assumed in business combinations at their estimated fair values as of the date of acquisition. Any excess consideration transferred over the estimated fair values of the identifiable net assets acquired is recorded as goodwill. Significant judgment is required in estimating the fair value of assets acquired. As a result, in the case of significant acquisitions, we obtain the assistance of third-party valuation specialists in estimating fair values of tangible and intangible assets based on available historical information and on expectations and assumptions about the future, considering the perspective of marketplace participants. While management believes those expectations and assumptions are reasonable, they are inherently uncertain. Unanticipated market or macroeconomic events and circumstances may occur, which could affect the accuracy or validity of the estimates and assumptions. Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. The carrying amount of the cash equivalents approximates fair value due to the short-term maturity of those instruments. Marketable Securities Debt or equity securities are classified into the following reporting categories: held-to-maturity, trading or available-for-sale securities. The Company does not routinely sell marketable securities prior to their scheduled maturity dates. Some of the Company’s investments may be held and restricted for the purpose of funding future capital expenditures and acquisitions. Such 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 is measured using Level 1 inputs (as defined below). The marketable securities were fully liquidated as of December 31, 2017 and the PBFX Term Loan (as defined in “Note 9 - Credit Facility and Debt”) that they collateralized was repaid in full during the year ended December 31, 2017. Concentrations of Credit Risk For the years ended December 31, 2018 , 2017 and 2016 no single customer amounted to greater than or equal to 10% of the Company’s revenues. No single customer accounted for 10% or more of our total trade accounts receivable as of December 31, 2018 or December 31, 2017 . Revenue, Deferred Revenue and Accounts Receivable Prior to January 1, 2018, the Company recognized revenue from customers when all of the following criteria were met: (i) persuasive evidence of an exchange arrangement existed, (ii) delivery had occurred or services had been rendered, (iii) the buyer’s price was fixed or determinable and (iv) collectability was reasonably assured. Amounts billed in advance of the period in which the service was rendered or product delivered were recorded as deferred revenue. Effective January 1, 2018, the Company adopted ASC 606, as defined below under “Recently Adopted Accounting Guidance”. As a result, the Company has changed its accounting policy for the recognition of revenue from contracts with customers. Revenues are recognized when control of the promised goods or services is transferred to the customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Refer to “Note 18 - Revenues” for further discussion of the Company’s revenue recognition policy, including deferred revenues and the practical expedients elected as part of the transition to ASC 606. On May 4, 2017 and September 8, 2017, PBF Holding and its subsidiaries, DCR and PRC, entered into amendments to the inventory intermediation agreements (as amended, the “Inventory Intermediation Agreements”) with J. Aron & Company, a subsidiary of The Goldman Sachs Group, Inc. (“J. Aron”), pursuant to which certain terms of the existing inventory intermediation agreements were amended, including, among other things, pricing and an extension of the terms. As a result of the amendments (i) the Inventory Intermediation Agreement by and among J. Aron, PBF Holding and PRC relating to the Paulsboro refinery extends the term to December 31, 2019, which term may be further extended by mutual consent of the parties to December 31, 2020 and (ii) the Inventory Intermediation Agreement by and among J. Aron, PBF Holding and DCR relating to the Delaware City refinery extends the term to July 1, 2019, which term may be further extended by mutual consent of the parties to July 1, 2020. Pursuant to each Inventory Intermediation Agreement, J. Aron continues to purchase and hold title to certain of the intermediate and finished products (the “Products”) produced by the Paulsboro and Delaware City refineries (the “Refineries”), respectively, and delivered into tanks at the Refineries. Furthermore, J. Aron agrees to sell the Products back to the Refineries as the Products are discharged out of the Refineries’ tanks. These purchases and sales are settled monthly at the daily market prices related to those products. These transactions are considered to be made in contemplation of each other and, accordingly, do not result in the recognition of a sale when title passes from the refineries to J. Aron. Additionally, J. Aron has the right to store the Products purchased in tanks under the Inventory Intermediation Agreements and will retain these storage rights for the term of the agreements. PBF Holding continues to market and sell the Products independently to third parties. Accounts receivable are carried at invoiced amounts. An allowance for doubtful accounts is established, if required, to report such amounts at their estimated net realizable value. In estimating probable losses, management reviews accounts that are past due and determines if there are any known disputes. There was no allowance for doubtful accounts at December 31, 2018 and 2017 . Excise taxes on sales of refined products that are collected from customers and remitted to various governmental agencies are reported on a net basis. Inventory Inventories are carried at the lower of cost or market. The cost of crude oil, feedstocks, blendstocks and refined products are determined under the last-in first-out (“LIFO”) method using the dollar value LIFO method with increments valued based on average purchase prices during the year. The cost of supplies and other inventories is determined principally on the weighted average cost method. Property, Plant and Equipment Property, plant and equipment additions are recorded at cost. The Company capitalizes costs associated with the preliminary, pre-acquisition and development/construction stages of a major construction project. The Company capitalizes the interest cost associated with major construction projects based on the effective interest rate of total borrowings. The Company also capitalizes costs incurred in the acquisition and development of software for internal use, including the costs of software, materials, consultants and payroll-related costs for employees incurred in the application development stage. Depreciation is computed using the straight-line method over the following estimated useful lives: Process units and equipment 5-25 years Pipeline and equipment 5-25 years Buildings 25 years Computers, furniture and fixtures 3-7 years Leasehold improvements 20 years Railcars 50 years Maintenance and repairs are charged to operating expenses as they are incurred. Improvements and betterments, which extend the lives of the assets, are capitalized. Deferred Charges and Other Assets, Net Deferred charges and other assets include refinery turnaround costs, catalyst, precious metal catalysts, linefill, deferred financing costs and intangible assets. Refinery turnaround costs, which are incurred in connection with planned major maintenance activities, are capitalized when incurred and amortized on a straight-line basis over the period of time estimated to lapse until the next turnaround occurs (generally 3 to 5 years). Precious metal catalysts, linefill and certain other intangibles are considered indefinite-lived assets as they are not expected to deteriorate in their prescribed functions. Such assets are assessed for impairment in connection with the Company’s review of its long-lived assets as indicators of impairment develop. Deferred financing costs are capitalized when incurred and amortized over the life of the loan (generally 1 to 8 years ). Intangible assets with finite lives primarily consist of emission credits, permits and customer relationships and are amortized over their estimated useful lives (generally 1 to 10 years ). Long-Lived Assets and Definite-Lived Intangibles The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate the carrying value may not be recoverable. Impairment is evaluated by comparing the carrying value of the long-lived assets to the estimated undiscounted future cash flows expected to result from use of the assets and their ultimate disposition. If such analysis indicates that the carrying value of the long-lived assets is not considered to be recoverable, the carrying value is reduced to the fair value. Impairment assessments inherently involve judgment as to assumptions about expected future cash flows and the impact of market conditions on those assumptions. Although management utilizes assumptions that it believes are reasonable, future events and changing market conditions may impact management’s assumptions, which could produce different results. Asset Retirement Obligations The Company records an asset retirement obligation at fair value for the estimated cost to retire a tangible long-lived asset at the time the Company incurs that liability, which is generally when the asset is purchased, constructed, or leased. The Company records the liability when it has a legal or contractual obligation to incur costs to retire the asset and when a reasonable estimate of the fair value of the liability can be made. If a reasonable estimate cannot be made at the time the liability is incurred, the Company will record the liability when sufficient information is available to estimate the liability’s fair value. Certain of the Company’s asset retirement obligations are based on its legal obligation to perform remedial activity at its refinery sites when it permanently ceases operations of the long-lived assets. The Company therefore considers the settlement date of these obligations to be indeterminable. Accordingly, the Company cannot calculate an associated asset retirement liability for these obligations at this time. The Company will measure and recognize the fair value of these asset retirement obligations when the settlement date is determinable. Environmental Matters Liabilities for future remediation costs are recorded when environmental assessments and/or remedial efforts are probable and the costs can be reasonably estimated. Other than for assessments, the timing and magnitude of these accruals generally are based on the completion of investigations or other studies or a commitment to a formal plan of action. Environmental liabilities are based on best estimates of probable future costs using currently available technology and applying current regulations, as well as the Company’s own internal environmental policies. The measurement of environmental remediation liabilities may be discounted to reflect the time value of money if the aggregate amount and timing of cash payments of the liabilities are fixed or reliably determinable. The actual settlement of the Company’s liability for environmental matters could materially differ from its estimates due to a number of uncertainties such as the extent of contamination, changes in environmental laws and regulations, potential improvements in remediation technologies and the participation of other responsible parties. Stock-Based Compensation Stock-based compensation includes the accounting effect of options to purchase PBF Energy Class A common stock granted by the Company to certain employees, Series A warrants issued or granted by PBF LLC to employees in connection with their acquisition of PBF LLC Series A units, options to acquire Series A units of PBF LLC granted by PBF LLC to certain employees, Series B units of PBF LLC that were granted to certain members of management and restricted PBF LLC Series A Units and restricted PBF Energy Class A common stock granted to certain directors and officers. The estimated fair value of the options to purchase PBF Energy Class A common stock and the PBF LLC Series A warrants and options is based on the Black-Scholes option pricing model and the fair value of the PBF LLC Series B units is estimated based on a Monte Carlo simulation model. The estimated fair value is amortized as stock-based compensation expense on a straight-line method over the vesting period and included in General and administrative expense with forfeitures recognized in the period they occur. Additionally, stock-based compensation includes unit-based compensation provided to certain officers, non-employee directors and seconded employees of PBFX’s general partner, PBF GP, or its affiliates, consisting of PBFX phantom units. The fair value of PBFX’s phantom units are measured based on the fair market value of the underlying common units on the date of grant based on the common unit closing price on the grant date. The estimated fair value of PBFX’s phantom units is amortized over the vesting period using the straight-line method. Awards vest over a four year service period. The phantom unit awards may be settled in common units, cash or a combination of both. Expenses related to unit-based compensation are also included in General and administrative expenses with forfeitures recognized in the period they occur. Beginning in 2018, PBF Energy granted performance share awards and performance unit awards to certain officers of the Company. Both types of awards have a three -year performance cycle and the payout for each, which ranges from 0% to 200% , is based on the relative ranking of the total shareholder return (“TSR”) of PBF Energy’s common stock as compared to the TSR of a selected group of industry peer companies over an average of four measurement periods. The performance share and performance unit awards are each measured at fair value based on Monte Carlo simulation models. The performance share awards will be settled in PBF Energy Class A common stock and are accounted for as equity awards and the performance unit awards will be settled in cash and are accounted for as liability awards. Income Taxes As a result of the PBF Energy’s acquisition of PBF LLC Series A Units or exchanges of PBF LLC Series A Units for PBF Energy Class A common stock, PBF Energy expects to benefit from amortization and other tax deductions reflecting the step up in tax basis in the acquired assets. Those deductions will be allocated to PBF Energy and will be taken into account in reporting PBF Energy’s taxable income. As a result of a federal income tax election made by PBF LLC, applicable to a portion of PBF Energy’s acquisition of PBF LLC Series A Units, the income tax basis of the assets of PBF LLC, underlying a portion of the units PBF Energy acquired, has been adjusted based upon the amount that PBF Energy paid for that portion of its PBF LLC Series A Units. PBF Energy entered into the Tax Receivable Agreement (as defined in “Note 13 - Commitments and Contingencies”) which provides for the payment by PBF Energy 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 and (ii) certain other tax benefits related to entering into the Tax Receivable Agreement, including tax benefits attributable to payments under the Tax Receivable Agreement. As a result of these transactions, PBF Energy’s tax basis in its share of PBF LLC’s assets will be higher than the book basis of these same assets. This resulted in a deferred tax asset of $306,231 as of December 31, 2018 , of which the majority is expected to be realized over 10 years as the tax basis of these assets is amortized. Deferred taxes are provided using a liability method, whereby deferred tax assets are recognized for deductible temporary differences and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences represent the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effect of changes in tax laws and rates on the date of enactment. PBF Energy recognizes tax benefits for uncertain tax positions only if it is more likely than not that the position is sustainable based on its technical merits. Interest and penalties on uncertain tax positions are included as a component of the provision for income taxes on the consolidated statements of operations. As a result of the reduction of the corporate federal tax rate to 21% as part of the Tax Cuts and Jobs Act (the “TCJA”), the liability associated with the Tax Receivable Agreement was reduced. Accordingly, the deferred tax assets associated with the payments made or expected to be made related to the Tax Receivable Agreement liability were also reduced. The Federal tax returns for all years since 2015 and state tax returns for all years since 2013 to 2016 (see “Note 19 - Income Taxes”) are subject to examination by the respective tax authorities. Net Income Per Share Net income per share is calculated by dividing the net income available to PBF Energy Class A common stockholders by the weighted average number of shares of PBF Energy Class A common stock outstanding during the period. Diluted net income per share is calculated by dividing the net income available to PBF Energy Class A common stockholders, adjusted for the net income attributable to the noncontrolling interest and the assumed income tax expense thereon, by the weighted average number of PBF Energy Class A common shares outstanding during the period adjusted to include the assumed exchange of all PBF LLC Series A units outstanding for PBF Energy Class A common stock, if applicable under the if converted method, and the potentially dilutive effect of outstanding options to purchase shares of PBF Energy Class A common stock, performance share awards and options and warrants to purchase PBF LLC Series A Units, subject to forfeiture utilizing the treasury stock method. Pension and Other Post-Retirement Benefits The Company recognizes an asset for the overfunded status or a liability for the underfunded status of its pension and post-retirement benefit plans. The funded status is recorded within Other long-term liabilities or assets. Changes in the plans’ funded status are recognized in other comprehensive income in the period the change occurs. Fair Value Measurement A fair value hierarchy (Level 1, Level 2, or Level 3) is used to categorize fair value amounts based on the quality of inputs used to measure fair value. Accordingly, fair values derived from Level 1 inputs utilize quoted prices in active markets for identical assets or liabilities. Fair values derived from Level 2 inputs are based on quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are either directly or indirectly observable for the asset or liability. Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. The Company uses appropriate valuation techniques based on the available inputs to measure the fair values of its applicable assets and liabilities. When available, the Company measures fair value using Level 1 inputs because they generally provide the most reliable evidence of fair value. In some valuations, the inputs may fall into different levels in the hierarchy. In these cases, the asset or liability level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurements. Financial Instruments The estimated fair value of financial instruments has been determined based on the Company’s assessment of available market information and appropriate valuation methodologies. The Company’s non-derivative financial instruments that are included in current assets and current liabilities are recorded at cost in the consolidated balance sheets. The estimated fair value of these financial instruments approximates their carrying value due to their short-term nature. Derivative instruments are recorded at fair value in the consolidated balance sheets. The Company’s commodity contracts are measured and recorded at fair value using Level 1 inputs based on quoted prices in an active market, Level 2 inputs based on quoted market prices for similar instruments, or Level 3 inputs based on third-party sources and other available market based data. The Company’s catalyst lease obligation and derivatives related to the Company’s crude oil and feedstocks and refined product purchase obligations are measured and recorded at fair value using Level 2 inputs on a recurring basis, based on observable market prices for similar instruments. Derivative Instruments The Company is exposed to market risk, primarily related to changes in commodity prices for the crude oil and feedstocks used in the refining process as well as the prices of the refined products sold. The accounting treatment for commodity contracts depends on the intended use of the particular contract and on whether or not the contract meets the definition of a derivative. All derivative instruments, not designated as normal purchases or sales, are recorded in the consolidated balance sheet as either assets or liabilities measured at their fair values. Changes in the fair value of derivative instruments that either are not designated or do not qualify for hedge accounting treatment or normal purchase or normal sale accounting are recognized currently in earnings. Contracts qualifying for the normal purchase and sales exemption are accounted for upon settlement. Cash flows related to derivative instruments that are not designated or do not qualify for hedge accounting treatment are included in operating activities. The Company designates certain derivative instruments as fair value hedges of a particular risk associated with a recognized asset or liability. At the inception of the hedge designation, the Company documents the relationship between the hedging instrument and the hedged item, as well as its risk management objective and strategy for undertaking various hedge transactions. Derivative gains and losses related to these fair value hedges, including hedge ineffectiveness, are recorded in cost of sales along with the change in fair value of the hedged asset or liability attributable to the hedged risk. Cash flows related to derivative instruments that are designated as fair value hedges are included in operating activities. Economic hedges are hedges not designated as fair value or cash flow hedges for accounting purposes that are used to (i) manage price volatility in certain refinery feedstock and refined product inventories, and (ii) manage price volatility in certain forecasted refinery feedstock purchases and refined product sales. These instruments are recorded at fair value and changes in the fair value of the derivative instruments are recognized currently in cost of sales. Derivative accounting is complex and requires management judgment in the following respects: identification of derivatives and embedded derivatives, determination of the fair value of derivatives, documentation of hedge relationships, assessment and measurement of hedge ineffectiveness and election and designation of the normal purchases and sales exception. All of these judgments, depending upon their timing and effect, can have a significant impact on the Company’s earnings. Recently Adopted Accounting Guidance In May 2014, the Financial Accounting Standard Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09 (Topic 606) “Revenue from Contracts with Customers.” (“ASC 606”). ASC 606 supersedes the revenue recognition requirements in Accounting Standards Codification 605 “Revenue Recognition” (“ASC 605”), and requires entities to recognize revenue when control of the promised goods or services is transferred to customers at an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. The Company adopted ASC 606 as of January 1, 2018 using the modified retrospective transition method. See “Note 18 - Revenues” for further details. In March 2017, the FASB issued ASU No. 2017-07, “Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost” (“ASU 2017-07”), which provides guidance to improve the reporting of net periodic benefit cost in the income statement and on the components eligible for capitalization in assets. Under the new guidance, employers present the service cost component of net periodic benefit cost in the same income statement line item(s) as other employee compensation costs arising from services rendered during the period. Only the service cost component will be eligible for capitalization in assets. Additionally, under this guidance, employers will present the other non-service components of the net periodic benefit cost separately from the line item(s) that includes the service cost and outside of any subtotal of income from operations, if one is presented. Employers will apply the guidance on the presentation of the components of net periodic benefit cost in the income statement retrospectively. The guidance limiting the capitalization of net periodic benefit cost in assets to the service cost component will be applied prospectively. The guidance includes a practical expedient allowing entities to estimate amounts for comparative periods using the information previously disclosed in their pension and other postretirement benefit plan note to the financial statements. The Company adopted ASU 2017-07 effective January 1, 2018 and applied the new guidance retrospectively in the Consolidated Statements of Operations. Income and expense amounts related to non-service components of net periodic benefit cost, historically recorded within Operating expenses and General and administrative expenses, have been recorded within Other income (expense). For the years ended December 31, 2018, 2017 and 2016 the Company recorded income of $1,109 , expense of $1,402 and expense of $580 , respectively, related to the non-service components of net periodic benefit cost. In May 2017, the FASB issued ASU No. 2017-09, “Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting” (“ASU 2017-09”), which provides guidance to increase clarity and reduce both diversity in practice and cost and complexity when applying the existing accounting guidance on changes to the terms or conditions of a share-based payment award. The amendments in ASU 2017-09 require an entity to account for the effects of a modification unless all the following are met: (i) the fair value of the modified award is the same as the fair value of the original award immediately before the original award is modified; (ii) the vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the original award is modified; and (iii) the classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award immediately before the original award is modified. The guidance in ASU 2017-09 should be applied prospectively. The Company adopted the amendments in this ASU effective January 1, 2018. The Company’s adoption of this guidance did not materially impact its consolidated financial statements. Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02”), to increase the transparency and comparability about leases among entities. Additional ASUs have been issued subsequent to ASU 2016-02 to provide supplementary clarification and implementation guidance for leases related to, among other things, the application of certain practical expedients, the rate implicit in the lease, lessee reassessment of lease classification, lessor reassessment of lease term and purchase options, variable payments that depend on an index or rate and certain transition adjustments (collectively, the Company refers to ASU 2016-02 and these additional ASUs as the “Updated Lease Guidance”). The Updated Lease Guidance requires lessees to recognize a lease liability and a corresponding lease asset for virtually all lease contracts. It also requires additional disclosures about leasing arrangements. The Company has adopted the Updated Lease Guidance effective January 1, 2019, using a modified retrospective approach whereby a cumulative effect adjustment will be recognized upon adoption and the Updated Lease Guidance will be applied prospectively. The Company has completed its evaluation of the provisions of the Updated Lease Guidance, including the adoption of certain practical expedients allowed. The significant practical expedients adopted include the following: • The Company elected the practical expedient to apply the transition approach as of the beginning of the period of adoption and not restate comparative periods; • The Company elected to utilize the “package of three” expedients, as defined in the Updated Lease Guidance, whereby it did not reassess whether contracts existing prior to the effective date contain leases, nor did it reassess lease classification determinations nor whether initial direct costs qualify for capitalization; • The Company elected the practical expedient to not capitalize any leases with initial terms of less than twelve months on its consolidated balance sheet; • The Company elected the practical expedient to not separate lease and non-lease components; and • The Company elected the practical expedient to continue to account for land easements (also known as “rights of way”) that were not previously accounted for as leases consistent with prior accounting until such contracts are modified or replaced, at which time they would b |
PBF LOGISTICS LP
PBF LOGISTICS LP | 12 Months Ended |
Dec. 31, 2018 | |
PBF LOGISTICS LP [Abstract] | |
PBF LOGISTICS LP | PBF LOGISTICS LP PBFX is a fee-based, growth-oriented, publicly-traded Delaware MLP formed by PBF Energy to own or lease, operate, develop and acquire crude oil and refined petroleum products terminals, pipelines, storage facilities and similar logistics assets. PBFX engages in the receiving, handling, storage and transferring of crude oil, refined products, natural gas and intermediates from sources located throughout the United States and Canada for PBF Energy in support of its refineries, as well as for third-party customers. As of December 31, 2018 , a substantial majority of PBFX’s revenue is derived from long-term, fee-based commercial agreements with PBF Holding, which include minimum volume commitments, for receiving, handling, storing and transferring crude oil, refined products and natural gas. 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, other than those with third parties, are eliminated by PBF Energy and PBF LLC in consolidation. 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. Since it’s inception in 2014, PBFX has entered in a series of transactions including drop-down transactions, acquisitions, and offerings. Such transactions occurring in the three years ended December 31, 2018 are discussed below. Offerings On May 14, 2014, PBFX completed its initial public offering of 15,812,500 common units. On April 5, 2016, PBFX completed a public offering of an aggregate of 2,875,000 of its common units, including 375,000 common units that were sold pursuant to the full exercise by the underwriter of its option to purchase additional common units, for net proceeds of $51,625 , after deducting underwriting discounts and commissions and other offering expenses (the “April 2016 PBFX Equity Offering”). On August 17, 2016, PBFX completed a public offering of an aggregate of 4,000,000 common units and granted the underwriter an option to purchase an additional 600,000 common units, of which 375,000 units were subsequently purchased on September 14, 2016, for total net proceeds of $86,753 , after deducting underwriting discounts and commissions and other offering expenses (the “August 2016 PBFX Equity Offering” and, together with the April 2016 PBFX Offering, the “2016 PBFX Offerings”). On July 30, 2018, PBFX closed on a common unit purchase agreement with certain funds managed by Tortoise Capital Advisors, L.L.C. providing for the issuance and sale in a registered direct offering (the “Registered Direct Offering”) of an aggregate of 1,775,750 of its common units for net proceeds of approximately $34,820 . August 2016 Drop-down Transaction On August 31, 2016, PBFX entered into a contribution agreement (the “TVPC Contribution Agreement”) between PBFX and PBF LLC. Pursuant to the TVPC Contribution Agreement, PBFX acquired from PBF LLC 50% of the issued and outstanding limited liability company interests of Torrance Valley Pipeline Company LLC (“TVPC”), whose assets consist of the San Joaquin Valley Pipeline system (which was acquired as a part of the Torrance Acquisition, as defined in “Note 4 - Acquisitions”), including the M55, M1 and M70 pipeline systems including pipeline stations with storage capacity and truck unloading capability (collectively, the “Torrance Valley Pipeline”). The total consideration paid to PBF LLC was $175,000 , which was funded by PBFX with $20,000 of cash on hand, $76,200 in proceeds from the sale of marketable securities, and $78,800 in net proceeds from the PBFX August 2016 Equity Offering. PBFX borrowed an additional $76,200 under the PBFX Revolving Credit Facility, which was used to repay $76,200 of the PBFX Term Loan (as defined in “Note 9 - Credit Facility and Debt”) in order to release $76,200 in marketable securities that had collateralized the PBFX Term Loan. February 2017 Drop-down Transaction On February 15, 2017, PBFX entered into a contribution agreement (the “PNGPC Contribution Agreement”) between PBFX and PBF LLC. Pursuant to the PNGPC Contribution Agreement, PBF LLC contributed to PBFX’s wholly-owned subsidiary PBFX Operating Company LLC (“PBFX Op Co”) all of the issued and outstanding limited liability company interests of Paulsboro Natural Gas Pipeline Company LLC (“PNGPC”). PNGPC owns and operates an existing interstate natural gas pipeline that originates in Delaware County, Pennsylvania, at an interconnection with Texas Eastern pipeline that runs under the Delaware River and terminates at the delivery point to PBF Holding’s Paulsboro refinery, and is subject to regulation by the Federal Energy Regulatory Commission (“FERC”). In connection with the PNGPC Contribution Agreement, PBFX constructed a new pipeline to replace the existing pipeline, which commenced services in August 2017 (the “Paulsboro Natural Gas Pipeline”). In consideration for the PNGPC limited liability company interests, PBFX delivered to PBF LLC (i) an $11,600 intercompany promissory note in favor of Paulsboro Refining Company LLC, a wholly-owned subsidiary of PBF Holding (the “Promissory Note”), (ii) an expansion rights and right of first refusal agreement in favor of PBF LLC with respect to the Paulsboro Natural Gas Pipeline and (iii) an assignment and assumption agreement with respect to certain outstanding litigation involving PNGPC and the existing pipeline. Chalmette Storage Tank Lease Effective February 2017, PBF Holding and PBFX Op Co entered into a ten -year storage services agreement (the “Chalmette Storage Services Agreement”), under which PBFX, through PBFX Op Co, assumed construction of a crude oil storage tank at PBF Holding's Chalmette Refinery (the “Chalmette Storage Tank”), commencing on November 1, 2017 upon the completion of construction of the Chalmette Storage Tank. PBFX Op Co and Chalmette Refining have entered into a twenty -year lease for the premises upon which the tank is located and a project management agreement pursuant to which Chalmette Refining managed the construction of the tank, which expired upon the completion of the Chalmette Storage Tank in November 2017. Knoxville Terminals Purchase On April 16, 2018, PBFX completed the purchase of two refined product terminals located in Knoxville, Tennessee, which include product tanks, pipeline connections to the Colonial and Plantation pipeline systems and truck loading facilities with nine loading bays (the “Knoxville Terminals”) from Cummins Terminals, Inc. (“Cummins”) for total cash consideration of approximately $58,000 , excluding working capital adjustments (the “Knoxville Terminals Purchase”). The transaction was financed through a combination of cash on hand and borrowings under the PBFX Revolving Credit Facility. July 2018 Drop-down Transaction On July 16, 2018, PBFX entered into four contribution agreements with PBF LLC (the “Development Assets Contribution Agreements”). Pursuant to the Development Asset Contribution Agreements, PBF LLC contributed all of the issued and outstanding limited liability company interests of: Toledo Rail Logistics Company LLC (“TRLC”), whose assets consist of a loading and unloading rail facility located at the Toledo refinery (the “Toledo Rail Products Facility”); Chalmette Logistics Company LLC (“CLC”), whose assets consist of a truck loading rack facility (the “Chalmette Truck Rack”) and a rail yard facility (the “Chalmette Rosin Yard”), both of which are located at the Chalmette refinery; Paulsboro Terminaling Company LLC (“PTC”), whose assets consist of a lube oil terminal facility located at the Paulsboro refinery (the “Paulsboro Lube Oil Terminal”); and DCR Storage and Loading Company LLC (“DSLC”), whose assets consist of an ethanol storage facility located at the Delaware City refinery (the “Delaware Ethanol Storage Facility” and collectively with the Toledo Rail Products Facility, the Chalmette Truck Rack, the Chalmette Rosin Yard, and the Paulsboro Lube Oil Terminal, the “Development Assets”), to PBFX Op Co effective July 31, 2018. In consideration for the Development Assets limited liability company interests, PBFX delivered to PBF LLC total consideration of $31,586 , consisting of 1,494,134 common units of PBFX (the “Development Asset Acquisition”). East Coast Storage Assets Acquisition On July 16, 2018, PBFX entered into an agreement with Crown Point International, LLC (“Crown Point”) to purchase its wholly-owned subsidiary, CPI Operations LLC, whose assets include a storage facility with related infrastructure and equipment and other idled assets located on the Delaware River near Paulsboro, New Jersey (the “East Coast Storage Assets”). The East Coast Storage Assets Acquisition closed on October 1, 2018 and is further described in “Note 4 - Acquisitions”. As of December 31, 2018 , PBF LLC held a 44.0% limited partner interest in PBFX (consisting of 19,953,631 common units), with the remaining 56.0% limited partner interest held by the public unitholders. PBF LLC also owned all of the incentive distribution rights (“IDRs”) and indirectly owns a non-economic general partner interest in PBFX through its wholly-owned subsidiary, PBF GP, the general partner of PBFX. On February 13, 2019, PBFX entered into an Equity Restructuring Agreement (the “IDR Restructuring Agreement”) with PBF GP, pursuant to which the IDRs held by PBF LLC will be canceled and converted into newly issued PBFX common units (the “IDR Restructuring”). Prior to the IDR Restructuring, the IDRs entitled PBF LLC to receive increasing percentages, up to a maximum of 50.0% , of the cash PBFX distributed from operating surplus in excess of $0.345 per unit per quarter. As a result of the payment on May 31, 2017 by PBFX of its distribution for the first quarter of 2017, the financial tests required for conversion of all of PBFX’s previously outstanding subordinated units into common units were satisfied. As a result, all of PBFX’s subordinated units, which were owned by PBF LLC, converted on a one -for-one basis into common units effective June 1, 2017. The conversion of the subordinated units did not impact the amount of cash distributions paid by PBFX or the total number of its outstanding units. The subordinated units were issued by PBFX in connection with its initial public offering in May 2014. |
ACQUISITIONS
ACQUISITIONS | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
ACQUISITIONS | ACQUISITIONS East Coast Storage Assets Acquisition On October 1, 2018, PBFX closed the East Coast Storage Assets Acquisition, which had been contemplated by an agreement dated as of July 16, 2018 between PBFX and Crown Point. The East Coast Storage Assets consist of a storage facility with multi-use storage capacity, an Aframax-capable marine facility, a rail facility, a truck terminal, equipment, contracts and certain other idled assets located on the Delaware River near Paulsboro, New Jersey. PBFX is currently in the process of restarting certain of the acquired idled assets in connection with a third-party commercial agreement. The aggregate purchase price for the East Coast Storage Assets Acquisition was $126,989 , including working capital and the Contingent Consideration (as defined below), which was comprised of an initial payment at closing of approximately $75,000 with a remaining $32,000 balance being payable one year after closing. Additionally, the East Coast Storage Assets Acquisition includes an earn-out provision related to an existing commercial agreement with a third-party, based on the future results of restarting certain of the acquired idled assets (the “Contingent Consideration”). The consideration was financed through a combination of cash on hand and borrowings under the PBFX Revolving Credit Facility. The fair value allocation is subject to adjustment pending completion of the final purchase valuation, which was in process as of December 31, 2018. PBFX accounted for the East Coast Storage Assets Acquisition as a business combination under GAAP whereby PBFX recognizes assets acquired and liabilities assumed at their estimated fair values as of the date of acquisition. The total purchase consideration and the estimated fair values of the assets and liabilities at the acquisition date were as follows: Purchase Price Gross purchase price* $ 105,900 Estimated working capital adjustments (11 ) Contingent consideration** 21,100 Total consideration $ 126,989 * Includes $30,900 net present value payable of $32,000 due to Crown Point one year after closing. ** Contingent consideration is included in “Other long-term liabilities” within the Consolidated Balance Sheets. The following table summarizes the estimated amounts recognized for assets acquired and liabilities assumed as of the acquisition date: Fair Value Allocation Accounts receivable $ 436 Prepaid and other current assets 1,770 Property, plant and equipment 114,406 Intangible assets* 13,300 Accounts payable and Accrued expenses (2,173 ) Other long-term liabilities (750 ) Estimated fair value of net assets acquired $ 126,989 * Intangible assets are included in “Deferred charges and other assets” within the Consolidated Balance Sheets. PBFX’s agreement entered into with Crown Point includes an earn-out provision related to an existing commercial agreement with a third-party, based on the future results of restarting certain of the acquired idled assets acquired. Pursuant to the agreement, PBFX and Crown Point will share equally in the future operating profits of the restarted assets, as defined in the agreement, over a contractual term of up to approximately three years starting in 2020. PBFX recorded the earn-out provision as Contingent Consideration based on its estimated fair value at acquisition date. This amount of $21,100 was recorded within Other long-term liabilities, based on anticipated payments of $27,978 , which are discounted over the three -year contractual period starting in 2020. The Company’s consolidated financial statements for the year ended December 31, 2018 include the results of operations of the East Coast Storage Assets since October 1, 2018, during which period the East Coast Storage Assets contributed third-party revenue of $5,918 , and net income of $787 . On an unaudited, pro forma basis, the revenues and net income of the Company, assuming the acquisition had occurred on January 1, 2017, for the periods indicated, are shown below. The unaudited pro forma information does not purport to present what the Company’s actual results would have been had the East Coast Storage Assets Acquisition occurred on January 1, 2017, nor is the financial information indicative of the results of future operations. The unaudited pro forma financial information includes the depreciation and amortization expense related to the East Coast Storage Assets Acquisition and interest expense associated with the related financing. Year Ended December 31, 2018 Year Ended December 31, 2017 (Unaudited) PBF Energy Pro forma revenues $ 27,203,516 $ 21,800,716 Pro forma net income attributable to PBF Energy Inc. stockholders 124,615 400,762 Pro forma net income available to Class A common stock per share: Basic $ 1.08 $ 3.64 Diluted $ 1.07 $ 3.60 PBF LLC Pro forma revenues $ 27,203,516 $ 21,800,716 Pro forma net income attributable to PBF LLC 130,235 451,626 Torrance Acquisition On July 1, 2016, the Company acquired from ExxonMobil Oil Corporation and its subsidiary, Mobil Pacific Pipe Line Company, the Torrance refinery and related logistics assets (collectively, the “Torrance Acquisition”). While the Company’s consolidated financial statements for both the years ended December 31, 2018 and 2017 include the results of operations of Torrance Refining, the final working capital settlement for the Torrance Acquisition was finalized in the second quarter of 2017. Additionally, certain acquisition related costs for the Torrance Acquisition were recorded in the first and second quarter of 2017. The aggregate purchase price for the Torrance Acquisition was $521,350 in cash after post-closing purchase price adjustments, plus final working capital of $450,582 . In addition, the Company assumed certain pre-existing environmental and regulatory emission credit obligations in connection with the Torrance Acquisition. The transaction was financed through a combination of cash on hand, including proceeds from certain equity offerings, and borrowings under the Revolving Credit Facility. The total purchase consideration and the fair values of the assets and liabilities at the acquisition date were as follows: Purchase Price Gross purchase price $ 537,500 Working capital 450,582 Post close purchase price adjustments (16,150 ) Total consideration $ 971,932 The following table summarizes the amounts recognized for assets acquired and liabilities assumed as of the acquisition date: Fair Value Allocation Inventories $ 404,542 Prepaid and other current assets 982 Property, plant and equipment 704,633 Deferred charges and other assets, net 68,053 Accounts payable (2,688 ) Accrued expenses (64,137 ) Other long-term liabilities (139,453 ) Fair value of net assets acquired $ 971,932 The Company’s consolidated financial statements for the years ended December 31, 2018 and 2017 include the results of operations of the Torrance refinery for the full year. The Company’s consolidated financial statements for the year ended December 31, 2016 include the results of operations of the Torrance refinery since July 1, 2016 during which period the Torrance refinery contributed revenues of $1,977,204 and net income of $86,394 . On an unaudited pro forma basis, the revenues and net income of the Company assuming the Torrance Acquisition had occurred on January 1, 2015, are shown below. The unaudited pro forma information does not purport to present what the Company’s actual results would have been had the acquisition occurred on January 1, 2015, nor is the financial information indicative of the results of future operations. The unaudited pro forma financial information includes the depreciation and amortization expense related to the Torrance Acquisition and interest expense associated with the related financing. Year ended December 31, (Unaudited) 2016 PBF Energy Pro forma revenues $ 16,999,435 Pro forma net income (loss) attributable to PBF Energy Inc. stockholders 50,779 Pro forma net income (loss) available to PBF Energy Class A common stock per share: Basic $ 0.52 Diluted $ 0.51 PBF LLC Pro forma revenues $ 16,999,435 Pro forma net income attributable to PBF LLC 160,856 PBFX Plains Asset Purchase On April 29, 2016, PBFX’s wholly-owned subsidiary, PBF Logistics Products Terminals LLC, purchased four refined products terminals in the greater Philadelphia region (the “East Coast Terminals”) from an affiliate of Plains All American Pipeline, L.P., including product storage tanks, pipeline connections to the Colonial Pipeline Company, Buckeye Partners, Sunoco Logistics Partners and other proprietary pipeline systems, truck loading lanes and marine facilities capable of handling barges and ships (the “PBFX Plains Asset Purchase”). This acquisition expands PBFX’s storage and terminaling footprint and introduces third-party customers to its revenue base. The final purchase price and fair value allocation of the East Coast Terminals were completed as of December 31, 2016. The aggregate purchase price for the PBFX Plains Asset Purchase was $100,000 , less working capital adjustments. The total purchase consideration and the fair values of the assets and liabilities at the acquisition date were as follows: Purchase Price Gross purchase price $ 100,000 Working capital adjustments (1,627 ) Total consideration $ 98,373 The following table summarizes the amounts recognized for assets acquired and liabilities assumed as of the acquisition date: Fair Value Allocation Prepaid and other current assets $ 4,221 Property, plant and equipment 99,342 Accounts payable and Accrued expenses (3,174 ) Other long-term liabilities (2,016 ) Fair value of net assets acquired $ 98,373 The results of operations of the East Coast Terminals are included in the Company’s consolidated financial statements for the full years ended December 31, 2018 and 2017 . The Company’s consolidated financial statements for the year ended December 31, 2016 include the results of operations of the East Coast Terminals since the PBFX Plains Asset Purchase on April 29, 2016 during which period the East Coast Terminals contributed third-party revenues of $11,871 and net income of $1,830 . On an unaudited pro forma basis, the revenues and net income of the Company assuming the acquisition had occurred on January 1, 2015, are shown below. The unaudited pro forma information does not purport to present what the Company’s actual results would have been had the PBFX Plains Asset Purchase occurred on January 1, 2015, nor is the financial information indicative of the results of future operations. The unaudited pro forma financial information includes the depreciation and amortization expense attributable to the PBFX Plains Asset Purchase and interest expense associated with related financing. Year ended December 31, (Unaudited) 2016 PBF Energy Pro forma revenues $ 15,927,218 Pro forma net income attributable to PBF Energy Inc. stockholders 174,393 Pro forma net income available to PBF Energy Class A common stock per share: Basic $ 1.77 Diluted $ 1.77 PBF LLC Pro forma revenues $ 15,927,218 Pro forma net income attributable to PBF LLC 284,470 Acquisition Expenses The Company incurred acquisition related costs consisting primarily of consulting and legal expenses related to completed, pending and non-consummated acquisitions of $2,896 , $1,021 and $17,510 in the years ended December 31, 2018 , 2017 and 2016 , respectively. These costs are included in the consolidated statement of operations in general and administrative expenses. |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES Inventories consisted of the following: December 31, 2018 Titled Inventory Inventory Intermediation Arrangements Total Crude oil and feedstocks $ 1,044,824 $ — $ 1,044,824 Refined products and blendstocks 1,026,921 334,708 1,361,629 Warehouse stock and other 111,112 — 111,112 $ 2,182,857 $ 334,708 $ 2,517,565 Lower of cost or market adjustment (557,187 ) (94,547 ) (651,734 ) Total inventories $ 1,625,670 $ 240,161 $ 1,865,831 December 31, 2017 Titled Inventory Inventory Intermediation Arrangements Total Crude oil and feedstocks $ 1,073,093 $ — $ 1,073,093 Refined products and blendstocks 1,030,817 311,477 1,342,294 Warehouse stock and other 98,866 — 98,866 $ 2,202,776 $ 311,477 $ 2,514,253 Lower of cost or market adjustment (232,652 ) (67,804 ) (300,456 ) Total inventories $ 1,970,124 $ 243,673 $ 2,213,797 Inventory under inventory intermediation arrangements included certain light finished products sold to counterparties and stored in the Paulsboro and Delaware City refineries’ storage facilities in connection with the Inventory Intermediation Agreements with J. Aron. During the year ended December 31, 2018 , the Company recorded an adjustment to value its inventories to the lower of cost or market which decreased income from operations by $351,278 , reflecting the net change in the lower of cost or market (“LCM”) inventory reserve from $300,456 at December 31, 2017 to $651,734 at December 31, 2018 . During the year ended December 31, 2017 , the Company recorded an adjustment to value its inventories to the lower of cost or market which increased income from operations by $295,532 , reflecting the net change in the LCM inventory reserve from $595,988 at December 31, 2016 to $300,456 at December 31, 2017 . An actual valuation of inventories valued under the LIFO method is made at the end of each year based on inventory levels and costs at that time. We recorded a pre-tax charge related to a LIFO layer decrement of $21,881 and $4,940 in the Refining segment during the years ended December 31, 2018 and 2017 , respectively. |
PROPERTY, PLANT AND EQUIPMENT,
PROPERTY, PLANT AND EQUIPMENT, NET | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT, NET | PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment, net consisted of the following: December 31, December 31, Land $ 351,536 $ 352,812 Process units, pipelines and equipment 3,741,133 3,414,372 Buildings and leasehold improvements 58,211 51,915 Computers, furniture and fixtures 126,929 110,968 Construction in progress 328,111 172,270 4,605,920 4,102,337 Less—Accumulated depreciation (785,028 ) (623,124 ) Total property, plant and equipment, net $ 3,820,892 $ 3,479,213 Depreciation expense for the years ended December 31, 2018 , 2017 and 2016 was $162,174 , $146,978 and $116,629 , respectively. The Company capitalized $9,469 and $7,156 in interest during 2018 and 2017 , respectively, in connection with construction in progress. Torrance Land Sale On August 2018, the Company closed on a third-party sale of a parcel of real property acquired as part of the Torrance Refinery, but not part of the refinery itself. The sale resulted in a gain of $43,761 included within (Gain) loss on sale of assets within the Consolidated Statements of Operations. |
DEFERRED CHARGES AND OTHER ASSE
DEFERRED CHARGES AND OTHER ASSETS, NET | 12 Months Ended |
Dec. 31, 2018 | |
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: PBF Energy December 31, December 31, Deferred turnaround costs, net $ 673,107 $ 560,403 Catalyst, net 124,290 131,019 Environmental credits 37,811 42,452 Intangible assets, net 25,648 537 Linefill 19,485 19,485 Pension plan assets 9,694 9,593 Other 9,056 18,694 Total deferred charges and other assets, net $ 899,091 $ 782,183 PBF LLC December 31, December 31, Deferred turnaround costs, net $ 673,107 $ 560,403 Catalyst, net 124,290 131,019 Environmental credits 37,811 42,452 Intangible assets, net 25,648 537 Linefill 19,485 19,485 Pension plan assets 9,694 9,593 Other 6,981 16,099 Total deferred charges and other assets, net $ 897,016 $ 779,588 Catalyst, net includes $73,079 and $73,967 of indefinitely-lived precious metal catalysts as of December 31, 2018 and December 31, 2017 , respectively. The Company recorded amortization expense related to deferred turnaround costs, catalyst and intangible assets of $207,586 , $143,978 and $105,547 for the years ended December 31, 2018 , 2017 and 2016 respectively. Intangible assets, net primarily consists of customer relationships, permits and emission credits. Our net balance as of December 31, 2018 and December 31, 2017 is shown below. December 31, December 31, Intangible assets - gross $ 29,528 $ 3,996 Accumulated amortization (3,880 ) (3,459 ) Intangible assets - net $ 25,648 $ 537 |
ACCRUED EXPENSES
ACCRUED EXPENSES | 12 Months Ended |
Dec. 31, 2018 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES | ACCRUED EXPENSES Accrued expenses consisted of the following: PBF Energy December 31, December 31, Inventory-related accruals $ 846,270 $ 1,151,810 Inventory intermediation arrangements 249,442 244,287 Excise and sales tax payable 149,358 118,515 Accrued salaries and benefits 89,808 58,589 Accrued capital expenditures 60,622 18,765 Accrued transportation costs 53,579 64,400 Accrued utilities 49,851 42,189 Deferred payment - East Coast Storage Assets Acquisition 30,900 — Renewable energy credit and emissions obligations 27,052 26,231 Accrued refinery maintenance and support costs 19,046 35,674 Accrued interest 12,092 14,080 Environmental liabilities 7,020 8,289 Customer deposits 5,594 16,133 Other 22,985 15,892 Total accrued expenses $ 1,623,619 $ 1,814,854 PBF LLC December 31, December 31, Inventory-related accruals $ 846,270 $ 1,151,810 Inventory intermediation arrangements 249,442 244,287 Excise and sales tax payable 149,358 118,515 Accrued salaries and benefits 89,808 58,589 Accrued capital expenditures 60,622 18,765 Accrued transportation costs 53,579 64,400 Accrued utilities 49,851 42,189 Deferred payment - East Coast Storage Assets Acquisition 30,900 — Accrued interest 29,907 23,419 Renewable energy credit and emissions obligations 27,052 26,231 Accrued refinery maintenance and support costs 19,046 35,674 Environmental liabilities 7,020 8,289 Customer deposits 5,594 16,133 Other 24,341 16,093 Total accrued expenses $ 1,642,790 $ 1,824,394 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. As of December 31, 2018 and December 31, 2017, a liability is recognized for the Inventory Intermediation Agreements 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 products and other. 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 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 and other current assets when the amount of RINs earned and purchased is greater than the RINs liability. In addition, the Company is subject to obligations to comply with federal and state legislative and regulatory measures, including regulations in the state of California pursuant to Assembly Bill 32 (“AB32”), to address environmental compliance and greenhouse gas and other emissions. These requirements include incremental costs to operate and maintain our facilities as well as to implement and manage new emission controls and programs. Renewable energy credit and emissions obligations fluctuate with the volume of applicable product sales and timing of credit purchases. Early Return of Railcars On September 30, 2018, the Company agreed to voluntarily return a portion of railcars under an operating lease in order to rationalize certain components of its railcar fleet based on prevailing market conditions in the crude oil by rail market. Under the terms of the lease amendment, the Company will pay agreed amounts in lieu of satisfaction of return conditions (the “early termination penalty”) and will pay a reduced rental fee over the remaining term of the lease. Certain of these railcars are idle and the remaining railcars were taken out of service during the fourth quarter of 2018 and subsequently fully returned to the lessor. As a result, the Company recognized an expense of $52,313 for year ended December 31, 2018 included within Cost of sales consisting of (i) a $40,313 charge for the early termination penalty and (ii) a $12,000 charge related to the remaining lease payments associated with the portion of railcars within the amended lease, that were idled and out of service as of December 31, 2018. As of December 31, 2018, $7,106 of these payments are anticipated to be paid within the next twelve months and are included within the inventory-related accruals category above. |
CREDIT FACILITY AND LONG-TERM D
CREDIT FACILITY AND LONG-TERM DEBT | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
CREDIT FACILITY AND LONG-TERM DEBT | CREDIT FACILITY AND DEBT Long-term debt outstanding consisted of the following: December 31, December 31, Revolving Credit Facility $ — $ 350,000 PBFX Revolving Credit Facility 156,000 29,700 PBFX 2023 Senior Notes 527,819 528,374 2025 Senior Notes 725,000 725,000 2023 Senior Notes 500,000 500,000 PBF Rail Term Loan 21,554 28,366 Catalyst leases 44,353 59,048 1,974,726 2,220,488 Less—Current debt (2,378 ) (10,987 ) Unamortized deferred financing costs (41,032 ) (34,459 ) Long-term debt $ 1,931,316 $ 2,175,042 PBF Holding Revolving Credit Facility Prior to entering into a new revolving credit facility in May of 2018 as discussed further below, PBF Holding’s previous asset-based credit agreement dated as of August 15, 2014 (the “August 2014 Revolving Credit Agreement”), among other things, had a maximum commitment of $2,635,000 , a maturity date of August 2019 and an accordion feature that allowed for increases in the aggregate commitment of up to $2,750,000 . The sublimit for letters of credit was $1,500,000 . The LC Participation Fee ranged from 1.25% to 2.0% depending on the Company’s senior secured debt rating and the Fronting Fee was equal to 0.25% . At the option of PBF Holding, borrowings bore interest at the Alternate Base Rate plus the Applicable Margin or the Adjusted LIBOR Rate plus the Applicable Margin, all as defined in the August 2014 Revolving Credit Agreement. The Applicable Margin ranged from 0.50% to 1.25% for Alternative Base Rate Loans and from 1.50% to 2.25% for Adjusted LIBOR Rate Loans, in each case depending on the Company’s senior secured debt rating. On May 2, 2018, PBF Holding and certain of its wholly-owned subsidiaries, as borrowers or subsidiary guarantors, replaced the August 2014 Revolving Credit Agreement with a new asset-based revolving credit agreement (the “Revolving Credit Facility"). The Revolving Credit Facility has a maximum commitment of $3,400,000 , a maturity date of May 2023 and redefines certain components of the Borrowing Base, as defined in the agreement governing the Revolving Credit Facility (the “Revolving Credit Agreement”), to make more funding available for working capital needs and other general corporate purposes. Borrowings under the Revolving Credit Facility bear interest at the Alternative Base Rate plus the Applicable Margin or at the Adjusted LIBOR Rate plus the Applicable Margin (all as defined in the Revolving Credit Agreement). The Applicable Margin ranges from 0.25% to 1.00% for Alternative Base Rate Loans and from 1.25% to 2.00% for Adjusted LIBOR Rate Loans, in each case depending on the Company’s corporate credit rating. In addition, an accordion feature allows for commitments of up to $3,500,000 . The LC Participation Fee ranges from 1.00% to 1.75% depending on the Company’s corporate credit rating and the Fronting Fee is capped at 0.25% . The Revolving Credit Agreement contains customary covenants and restrictions on the activities of PBF Holding and its subsidiaries, including, but not limited to, limitations on incurring additional indebtedness, liens, negative pledges, guarantees, investments, loans, asset sales, mergers and acquisitions, prepayment of other debt, distributions, dividends and the repurchase of capital stock, transactions with affiliates and the ability of PBF Holding to change the nature of its business or its fiscal year; all as defined in the Revolving Credit Agreement. In addition, the Revolving Credit Agreement has a financial covenant which requires that if at any time Excess Availability, as defined in the Revolving Credit Agreement, is less than the greater of (i) 10% of the lesser of the then existing Borrowing Base and the then aggregate Revolving Commitments of the Lenders (the “Financial Covenant Testing Amount”), and (ii) $100,000 , and until such time as Excess Availability is greater than the Financial Covenant Testing Amount and $100,000 for a period of 12 or more consecutive days, PBF Holding will not permit the Consolidated Fixed Charge Coverage Ratio, as defined in the Revolving Credit Agreement and determined as of the last day of the most recently completed quarter, to be less than 1.0 to 1.0 . PBF Holding’s obligations under the Revolving Credit Facility are (a) guaranteed by each of its domestic operating subsidiaries that are not Excluded Subsidiaries (as defined in the Revolving Credit Agreement) and (b) secured by a lien on (i) PBF LLC’s equity interest in PBF Holding and (ii) certain assets of PBF Holding and the subsidiary guarantors, including all deposit accounts (other than zero balance accounts, cash collateral accounts, trust accounts and/or payroll accounts, all of which are excluded from the definition of collateral), all accounts receivable, all hydrocarbon inventory (other than the intermediate and finished products owned by J. Aron pursuant to the Inventory Intermediation Agreements) and to the extent evidencing, governing, securing or otherwise related to the foregoing, all general intangibles, chattel paper, instruments, documents, letter of credit rights and supporting obligations; and all products and proceeds of the foregoing. There was no outstanding balance under the Revolving Credit Facility as of December 31, 2018 . At December 31, 2017 , there was $350,000 outstanding under the August 2014 Revolving Credit Agreement. Issued letters of credit were $400,695 and $586,274 as of December 31, 2018 and 2017 , respectively. PBFX Credit Facilities On May 14, 2014, in connection with the closing of the PBFX Offering, PBFX entered into a five -year, $275,000 senior secured revolving credit facility (the “2014 PBFX Revolving Credit Facility”) and a three -year, $300,000 term loan facility (the “PBFX Term Loan”), each with the administrative agent and a syndicate of lenders. The PBFX Term Loan was fully repaid as of December 31, 2017. The 2014 PBFX Revolving Credit Facility was increased from $275,000 to $325,000 in December 2014 and from $325,000 to $360,000 in May 2016. On July 30, 2018, PBFX replaced the 2014 PBFX Revolving Credit Facility with a $500,000 amended and restated revolving credit facility (as amended, the “PBFX Revolving Credit Facility”). The PBFX Revolving Credit Facility is available to fund working capital, acquisitions, distributions, capital expenditures, and other general partnership purposes and is guaranteed by a guaranty of collection from PBF LLC. PBFX has the ability to increase the maximum amount of the PBFX Revolving Credit Facility by up to $250,000 to a total facility size of $750,000 , subject to receiving increased commitments from the lenders or other financial institutions and satisfaction of certain conditions. The PBFX Revolving Credit Facility includes a $75,000 sublimit for standby letters of credit and a $25,000 sublimit for swingline loans. Obligations under the PBFX Revolving Credit Facility are guaranteed by PBFX’s restricted subsidiaries, and are secured by a first priority lien on PBFX’s assets and those of PBFX’s restricted subsidiaries. The maturity date of the PBFX Revolving Credit Facility is July 30, 2023, but may be extended for one year on up to two occasions, subject to certain customary terms and conditions. Borrowings under the PBFX Revolving Credit Facility bear interest at the Alternative Base Rate plus the Applicable Margin or the Adjusted LIBOR Rate plus an Applicable Margin, all as defined in the agreement governing the PBFX Revolving Credit Facility (the “PBFX Revolving Credit Agreement”). The Applicable Margin ranges from 0.75% to 1.75% for Alternative Base Rate Loans and from 1.75% to 2.75% for Adjusted LIBOR Rate Loans in each case depending on PBFX’s Consolidated Total Leverage Ratio, as defined in the PBFX Revolving Credit Agreement. The PBFX Revolving Credit Agreement contains affirmative and negative covenants customary for revolving credit facilities of this nature which, among other things, limit or restrict PBFX’s ability and the ability of its restricted subsidiaries to incur or guarantee debt, incur liens, make investments, make restricted payments, amend material contracts, engage in certain business activities, engage in mergers, consolidations and other organizational changes, sell, transfer or otherwise dispose of assets, enter into burdensome agreements, or enter into transactions with affiliates on terms which are not at arm’s length. Additionally, commencing with the Measurement Period ending September 30, 2018, PBFX is required to maintain (a) Consolidated Interest Coverage Ratio of at least 2.50 to 1.00 ; (b) Consolidated Total Leverage Ratio of not greater than 4.50 to 1.00 ; and (c) Consolidated Senior Secured Leverage Ratio of not greater than 3.50 to 1.00 (all terms as defined in the PBFX Revolving Credit Agreement). The PBFX Revolving Credit Agreement contains events of default customary for transactions of their nature, including, but not limited to (and subject to any applicable grace periods when applicable), the failure to pay any principal, interest or fees when due, failure to perform or observe any covenant contained in the PBFX Revolving Credit Agreement or related documentation, any representation or warranty made in the agreements or related documentation being untrue in any material respect when made, default under certain material debt agreements, commencement of bankruptcy or other insolvency proceedings, certain changes in PBFX’s ownership or the ownership or board composition of PBF GP and material judgments or orders. Upon the occurrence and during the continuation of an event of default under the PBFX Revolving Credit Agreement, the lenders may, among other things, terminate their commitments, declare any outstanding loans to be immediately due and payable and/or exercise remedies against PBFX and the collateral as may be available to the lenders under the PBFX Revolving Credit Agreement and related documentation or applicable law. During 2018 PBFX used advances under the PBFX Revolving Credit Facility or the 2014 PBFX Revolving Credit Facility to fund the Knoxville Terminals Purchase, the East Coast Storage Asset Acquisition and other capital expenditures and working capital requirements. The PBFX Revolving Credit Facility may be repaid, from time-to-time, without penalty. As of December 31, 2018 , there were $156,000 of borrowings and $4,010 of letters of credit outstanding. At December 31, 2017 , there were $29,700 of borrowings and $3,610 of letters of credit outstanding under the PBFX Revolving Credit Facility. PBFX 2023 Senior Notes 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 Finance”, and together with the Partnership, the “Issuers”), the Guarantors named therein 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”). The initial purchasers in the offering purchased $330,090 aggregate principal amount of PBFX Senior Notes pursuant to a private placement transaction conducted under Rule 144A and Regulation S of the Securities Act of 1933, as amended, and certain of PBF Energy’s officers and directors and their affiliates and family members purchased the remaining $19,910 aggregate principal amount of PBFX Senior Notes in a separate private placement transaction. The Issuers received net proceeds of approximately $343,000 from the offering after deducting the initial purchasers’ discount and offering expenses, and used such proceeds to pay $88,000 of the cash consideration due in connection with the DCR Products Pipeline and Truck Rack Acquisition and to repay $255,000 of outstanding indebtedness under the PBFX Revolving Credit Facility. On October 6, 2017, PBFX issued $175,000 in aggregate principal amount of 6.875% Senior Notes due 2023 (the “New PBFX 2023 Senior Notes”). The New PBFX 2023 Senior Notes were issued at 102% of face value, or an effective interest rate of 6.442% . Furthermore, the New PBFX 2023 Senior Notes were issued under the indenture governing the 6.875% Senior Notes issued on May 12, 2015 (the “initial PBFX 2023 Senior Notes” and, together with the New PBFX 2023 Senior Notes, the “PBFX 2023 Senior Notes”). The New PBFX 2023 Senior Notes are treated as a single series with the initial PBFX 2023 Senior Notes and have the same terms except that (i) the New PBFX 2023 Senior Notes were subject to a separate registration rights agreement, and (ii) the New PBFX 2023 Senior Notes were issued initially under CUSIP numbers different from the initial PBFX 2023 Senior Notes. PBFX used the net proceeds from the offering of the New PBFX 2023 Senior Notes to repay a portion of the PBFX Revolving Credit Facility and for general capital purposes. PBF LLC agreed to a limited guarantee of collection of the principal amount of the PBFX 2023 Senior Notes, but is not otherwise subject to the covenants of the indenture. The PBFX 2023 Senior Notes are general senior unsecured obligations of the Issuers and are equal in right of payment with all of the Issuers’ existing and future senior indebtedness, including amounts outstanding under the PBFX Revolving Credit Facility. The PBFX 2023 Senior Notes are effectively subordinated to all of the Issuers’ and the Guarantors’ existing and future secured debt, including the PBFX Revolving Credit Facility, to the extent of the value of the assets securing that secured debt and will be structurally subordinated to all indebtedness of PBFX’s subsidiaries that do not guarantee the PBFX 2023 Senior Notes. The PBFX 2023 Senior Notes will be senior to any future subordinated indebtedness the Issuers may incur. The PBFX indenture contains customary terms, events of default and covenants for transactions of this nature. These covenants include limitations on PBFX’s and its restricted subsidiaries’ ability to, among other things: (i) make investments; (ii) incur additional indebtedness or issue preferred units; (iii) pay dividends or make distributions on units or redeem or repurchase its subordinated debt; (iv) create liens; (v) incur dividend or other payment restrictions affecting subsidiaries; (vi) sell assets; (vii) merge or consolidate with other entities; and (viii) enter into transactions with affiliates. These covenants are subject to a number of important limitations and exceptions. PBFX has optional redemption rights to repurchase all or a portion of the PBFX 2023 Senior Notes at varying prices which are no less than 100% of the principal amount, plus accrued and unpaid interest. The holders of the PBFX 2023 Senior Notes have repurchase options exercisable only upon a change in control, certain asset dispositions, or in event of default as defined in the indenture. The outstanding balances under the PBFX 2023 Senior Notes were $525,000 as of December 31, 2018 and December 31, 2017 , respectively. Senior Notes On February 9, 2012, PBF Holding and PBF Holding’s wholly-owned subsidiary, PBF Finance Corporation, completed the offering of $675,500 aggregate principal amount of 8.25% Senior Secured Notes due 2020 (the “2020 Senior Secured Notes”). The net proceeds, after deducting the original issue discount, the initial purchasers’ discounts and commissions, and the fees and expenses of the offering, were used to repay certain outstanding indebtedness plus accrued interest, as well as to reduce the outstanding balance of the August 2014 Revolving Credit Agreement. On November 24, 2015, PBF Holding and PBF Holding’s wholly-owned subsidiary, PBF Finance Corporation, completed an offering of $500,000 in aggregate principal amount of 7.00% Senior Secured Notes due 2023 (the “2023 Senior Notes”, and together with the 2020 Senior Secured Notes, the “Senior Secured Notes”). The net proceeds from this offering were approximately $490,000 after deducting the initial purchasers’ discount and offering expenses. The Issuers used the proceeds for general corporate purposes, including funding a portion of the purchase price for the acquisition of the Torrance refinery and related logistics assets. The Senior Secured Notes were secured on a first-priority basis by substantially all of the present and future assets of PBF Holding and its subsidiaries (other than assets securing the Revolving Credit Facility). Payment of the Senior Secured Notes is jointly and severally guaranteed by substantially all of PBF Holding’s subsidiaries. PBF Holding has optional redemption rights to repurchase all or a portion of the Senior Secured Notes at varying prices no less than 100% of the principal amounts of the notes plus accrued and unpaid interest. The holders of the Senior Secured Notes have repurchase options exercisable only upon a change in control, certain asset sale transactions, or in event of a default as defined in the indenture agreement. In addition, the Senior Secured Notes contain customary terms, events of default and covenants for an issuer of non-investment grade debt securities including limitations on PBF Holding’s and its restricted subsidiaries’ ability to, among other things, (1) incur additional indebtedness or issue certain preferred stock; (2) make equity distributions; (3) pay dividends on or repurchase capital stock or make other restricted payments; (4) enter into transactions with affiliates; (5) create liens; (6) engage in mergers and consolidations or otherwise sell all or substantially all of its assets; (7) designate subsidiaries as unrestricted subsidiaries; (8) make certain investments; and (9) limit the ability of restricted subsidiaries to make payments to PBF Holding. At all times after (a) a covenant suspension event (which requires that the Senior Secured Notes have investment grade ratings from both Moody’s Investment Services, Inc. and Standard & Poor’s), or (b) a Collateral Fall-Away Event, as defined in the indenture, the Senior Secured Notes will become unsecured. On May 30, 2017, PBF Holding entered into an Indenture (the “Indenture”) among PBF Holding and PBF Holding’s wholly-owned subsidiary, PBF Finance Corporation (“PBF Finance” and, together with PBF Holding, the “Issuers”), the guarantors named therein (collectively the “Guarantors”) and Wilmington Trust, National Association, as Trustee, under which the Issuers issued $725,000 in aggregate principal amount of 7.25% senior notes due 2025 (the “2025 Senior Notes”). The Issuers received net proceeds of approximately $711,576 from the offering after deducting the initial purchasers’ discount and offering expenses, all of which was used to fund the cash tender offer (the “Tender Offer”) for any and all of its outstanding 2020 Senior Secured Notes, to pay the related redemption price and accrued and unpaid interest for any 2020 Senior Secured Notes which remained outstanding after the completion of the Tender Offer, and for general corporate purposes. The difference between the carrying value of the 2020 Senior Secured Notes on the date they were reacquired and the amount for which they were reacquired has been classified as debt extinguishment costs in the consolidated statements of operations. The 2025 Senior Notes are guaranteed by substantially all of PBF Holding’s subsidiaries. The 2025 Senior Notes and guarantees are senior unsecured obligations which rank equal in right of payment with all of the Issuers’ and the Guarantors’ existing and future senior indebtedness, including PBF Holding’s Revolving Credit Facility and 2023 Senior Notes. The 2025 Senior Notes and the guarantees rank senior in right of payment to the Issuers’ and the Guarantors’ existing and future indebtedness that is expressly subordinated in right of payment thereto. The 2025 Senior Notes and the guarantees are effectively subordinated to any of the Issuers’ and the Guarantors’ existing or future secured indebtedness (including the Revolving Credit Facility) to the extent of the value of the collateral securing such indebtedness. The 2025 Senior Notes and the guarantees are structurally subordinated to any existing or future indebtedness and other obligations of the Issuers’ non-guarantor subsidiaries. PBF Holding has optional redemption rights to repurchase all or a portion of the 2025 Senior Notes at varying prices which are no less than 100% of the principal amount plus accrued and unpaid interest. The holders of the 2025 Senior Notes have repurchase options exercisable only upon a change in control, certain asset sale transactions, or in event of a default as defined in the Indenture. In addition, the 2025 Senior Notes contain customary terms, events of default and covenants for an issuer of non-investment grade debt securities that limit certain types of additional debt, equity issuances, and payments. Many of these covenants will cease to apply or will be modified if the 2025 Senior Notes are rated investment grade. Upon the satisfaction and discharge of the 2020 Senior Secured Notes in connection with the closing of the Tender Offer and the redemption described above, a Collateral Fall-Away Event under the indenture governing the 2023 Senior Notes occurred on May 30, 2017, and the 2023 Senior Notes became unsecured and certain covenants were modified, as provided for in the indenture governing the 2023 Senior Notes and related documents. The 2025 Senior Notes and the 2023 Senior Notes are collectively referred to as the “Senior Notes”. PBF Rail Term Loan On December 22, 2016, PBF Rail Logistics Company LLC (“PBF Rail”) entered into a $35,000 term loan (the “PBF Rail Term Loan”) with a bank previously party to the Rail Facility. The PBF Rail Term Loan amortizes monthly over its five year term and bears interest at a rate equal to one month LIBOR plus the margin as defined in the agreement governing the PBF Rail Term Loan (the “Rail Credit Agreement”). As security for the PBF Rail Term Loan, PBF Rail pledged, among other things: (i) certain Eligible Railcars; (ii) the Debt Service Reserve Account (as defined in the Rail Credit Agreement); and (iii) PBF Holding’s membership interest in PBF Rail. Additionally, the Rail Credit Agreement contains customary terms, events of default and covenants for transactions of this nature. PBF Rail may at any time repay the PBF Rail Term Loan without penalty in the event that railcars securing the loan are sold, scrapped or otherwise removed from the collateral pool. The outstanding balances under the PBF Rail Term Loan were $21,554 and $28,366 as of December 31, 2018 and 2017 , respectively. Precious Metal Catalyst Leases Certain subsidiaries of the Company have entered into agreements whereby such subsidiary sold a portion of its precious metal catalysts to a major commercial bank and then leased back the precious metal catalysts. The volume of the precious metal catalysts and the lease rate are fixed over the term of each lease. At maturity, the Company must repurchase the precious metal catalysts in question at its then fair market value. The Company believes that there is a substantial market for precious metal catalysts and that it will be able to release such catalysts at maturity. The Company treated these transactions as financing arrangements, and the lease payments are recorded as interest expense over the agreements’ terms. The Company has elected the fair value option for accounting for its catalyst lease repurchase obligations as the Company’s liability is directly impacted by the change in value of the underlying catalysts. The fair value of these repurchase obligations as reflected in the fair value of long-term debt outstanding table below is measured using Level 2 inputs. Details on the catalyst leases at each of the Company’s refineries as of December 31, 2018 are included in the following table: Annual lease fee Annual interest rate Expiration date Paulsboro catalyst lease $ 140 2.20 % December 2019 (2) Delaware City catalyst lease $ 210 1.95 % October 2019 (2) Delaware City catalyst lease - Palladium $ 30 2.05 % October 2019 (2) Delaware City bridge lease $ 29 2.10 % February 2019 (1) Toledo catalyst lease $ 178 1.75 % June 2020 Toledo bridge lease $ 22 2.10 % April 2019 (1) Chalmette catalyst lease $ 97 2.10 % October 2021 Chalmette catalyst lease $ 171 2.20 % November 2019 (2) Chalmette bridge lease $ 4 2.15 % April 2019 (1) Torrance catalyst lease $ 143 1.78 % July 2019 (2) __________________ (1) During 2018 Delaware City Refining, Toledo Refining and Chalmette Refining entered into three new platinum bridge leases which will expire in 2019. These leases are payable at maturity and are not anticipated to be renewed. The total outstanding balance related to these bridge leases as of December 31, 2018 was $2,378 and is included in Current debt in the Company’s consolidated balance sheet. (2) These catalyst leases are included in Long-term debt as of December 31, 2018 as the Company has the ability and intent to finance this debt through availability under other credit facilities if the catalyst leases are not renewed at maturity. Note Payable In connection with the purchase of a waste water treatment facility servicing the Toledo refinery completed on September 28, 2017, the Company issued a short-term promissory note payable in the amount of $6,831 due June 30, 2018. Payments of $403 on the note were made monthly with a balloon payment of $3,200 paid at maturity. The note payable was fully repaid as of December 31, 2018 . Debt Maturities Debt maturing in the next five years and thereafter is as follows: Year Ending December 31, 2019 $ 31,368 2020 8,633 2021 25,906 2022 — 2023 1,183,819 Thereafter 725,000 $ 1,974,726 |
AFFILIATE NOTE PAYABLE - PBF LL
AFFILIATE NOTE PAYABLE - PBF LLC | 12 Months Ended |
Dec. 31, 2018 | |
Marketable Securities [Abstract] | |
MARKETABLE SECURITIES | 10. AFFILIATE NOTE PAYABLE - PBF LLC As of December 31, 2018 and December 31, 2017 , PBF LLC had an outstanding note payable with PBF Energy for an aggregate principal amount of $326,082 and $292,844 , respectively. The note has an interest rate of 2.5% and a 5 -year term, payable on March 18, 2020, but may be prepaid in whole or in part at any time, at the option of PBF LLC without penalty or premium. |
OTHER LONG-TERM LIABILITIES
OTHER LONG-TERM LIABILITIES | 12 Months Ended |
Dec. 31, 2018 | |
Other Liabilities Disclosure [Abstract] | |
OTHER LONG-TERM LIABILITIES | OTHER LONG-TERM LIABILITIES Other long-term liabilities consisted of the following: PBF Energy December 31, December 31, Environmental liabilities 137,215 140,403 Defined benefit pension plan liabilities $ 74,972 $ 63,579 Early railcar return liability 23,315 — East Coast Storage Assets Contingent Consideration 21,567 — Post-retirement medical plan liabilities 19,345 21,527 Other 814 250 Total other long-term liabilities $ 277,228 $ 225,759 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS Pursuant to the amended and restated limited liability company agreement of PBF LLC, the holders of PBF LLC Series B Units are entitled to an interest in the amounts received by the investment funds associated with the initial investors in PBF LLC in excess of their original investment in the form of PBF LLC distributions and from the shares of PBF Energy Class A Common Stock issuable to such investment funds (for their own account and on behalf of the holders of PBF LLC Series B Units) upon an exchange, and the proceeds from the sale of such shares. Such proceeds received by the investment funds associated with the initial investors in PBF LLC are distributed to the holders of the PBF LLC Series B Units in accordance with the distribution percentages specified in the PBF LLC amended and restated limited liability company agreement. There were no distributions to PBF LLC Series B unitholders for the years ended December 31, 2018 and December 31, 2017 . The total amount distributed to the PBF LLC Series B unitholders for the year ended December 31, 2016 was $6,152 . |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Lease and Other Commitments The Company leases office space, office equipment, refinery facilities and equipment, and railcars under non-cancelable operating leases, with terms ranging from one to twenty years, subject to certain renewal options as applicable. Total rent expense was $132,436 , $125,433 and $129,768 for the years ended December 31, 2018 , 2017 and 2016 , respectively. The Company is party to agreements which provide for the treatment of wastewater and the supply of hydrogen and steam for certain of its refineries. The Company made purchases of $68,613 , $64,050 and $53,364 under these supply agreements for the years ended December 31, 2018 , 2017 and 2016 , respectively. The fixed and determinable amounts of the obligations under these agreements and total minimum future annual rentals, exclusive of related costs, are approximately: Year Ending December 31, 2019 $ 125,464 2020 103,738 2021 67,699 2022 45,446 2023 38,049 Thereafter 204,452 Total obligations $ 584,848 Employment Agreements PBF Investments (“PBFI”) has entered into amended and restated employment agreements with members of executive management and certain other key personnel that include automatic annual renewals, unless canceled. Under some of the agreements, certain of the executives would receive a lump sum payment of between one and a half to 2.99 times their base salary and continuation of certain employee benefits for the same period upon termination by the Company “Without Cause”, or by the employee “For Good Reason”, or upon a “Change in Control”, as defined in the agreements. Upon death or disability, certain of the Company’s executives, or their estates, would receive a lump sum payment of at least one half of their base salary. Environmental Matters The Company’s refineries, pipelines and related operations 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 Paulsboro environmental liability of $10,961 recorded as of December 31, 2018 ( $10,282 as of December 31, 2017 ) represents the present value of expected future costs discounted at a rate of 8.0% . At December 31, 2018 the undiscounted liability totaled $17,807 and the Company expects to make aggregate payments for this liability of $5,932 over the next five years . The current portion of the environmental liability is recorded in Accrued expenses and the non-current portion is recorded in Other long-term liabilities. As of December 31, 2018 and December 31, 2017 , 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) 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 connection with the acquisition of the Chalmette refinery, the Company obtained $3,936 in financial assurance (in the form of a surety bond) to cover estimated potential site remediation costs associated with an agreed to Administrative Order of Consent with EPA. The estimated cost assumes remedial activities will continue for a minimum of thirty years. Further, in connection with the acquisition of the Chalmette refinery, the Company purchased a ten year, $100,000 environmental insurance policy to insure against unknown environmental liabilities at the refinery. At the time the Company acquired the Chalmette refinery it was subject to a Consolidated Compliance Order and Notice of Potential Penalty (the “Order”) issued by the Louisiana Department of Environmental Quality (“LDEQ”) covering deviations from 2009 and 2010. Chalmette Refining and LDEQ subsequently entered into a dispute resolution agreement to negotiate the resolution of deviations on or before December 31, 2014. On May 18, 2018 the Order was settled by LDEQ and the Chalmette refinery for an administrative penalty of $741 , of which $100 has been paid in cash and the remainder has been spent on beneficial environmental projects. The Delaware City refinery appealed a Notice of Penalty Assessment and Secretary’s Order issued in March 2017, including a $150 fine, alleging violation of a 2013 Secretary’s Order authorizing crude oil shipment by barge. DNREC determined that the Delaware City refinery had violated the order by failing to make timely and full disclosure to DNREC about the nature and extent of those shipments, and had misrepresented the number of shipments that went to other facilities. The Penalty Assessment and Secretary’s Order conclude that the 2013 Secretary’s Order was violated by the refinery by shipping crude oil from the Delaware City terminal to three locations other than the Paulsboro refinery, on 15 days in 2014, making a total of 17 separate barge shipments containing approximately 35.7 million gallons of crude oil in total. On April 28, 2017, the Delaware City refinery appealed the Notice of Penalty Assessment and Secretary’s Order. On March 5, 2018, Notice of Penalty Assessment was settled by DNREC, the Delaware Attorney General and Delaware City refinery for $100 . The Delaware City refinery made no admissions with respect to the alleged violations and agreed to request a Coastal Zone Act status decision prior to making crude oil shipments to destinations other than Paulsboro. The Delaware City refinery has paid the penalty. The Coastal Zone Act status decision request was submitted to DNREC and the outstanding appeal was withdrawn as required under the settlement agreement. On December 28, 2016, DNREC issued a Coastal Zone Act permit (the “Ethanol Permit”) to DCR allowing the utilization of existing tanks and existing marine loading equipment at their existing facilities to enable denatured ethanol to be loaded from storage tanks to marine vessels and shipped to offsite facilities. On January 13, 2017, the issuance of the Ethanol Permit was appealed by two environmental groups. On February 27, 2017, the Coastal Zone Industrial Board (the “Coastal Zone Board”) held a public hearing and dismissed the appeal, determining that the appellants did not have standing. The appellants filed an appeal of the Coastal Zone Board’s decision with the Delaware Superior Court (the “Superior Court”) on March 30, 2017. On January 19, 2018, the Superior Court rendered an Opinion regarding the decision of the Coastal Zone Board to dismiss the appeal of the Ethanol Permit for the ethanol project. The Judge determined that the record created by the Coastal Zone Board was insufficient for the Superior Court to make a decision, and therefore remanded the case back to the Coastal Zone Board to address the deficiency in the record. Specifically, the Superior Court directed the Coastal Zone Board to address any evidence concerning whether the appellants’ claimed injuries would be affected by the increased quantity of ethanol shipments. On remand, the Coastal Zone Board met on January 28, 2019 and reversed its previous decision on standing, ruling that the appellants have standing to appeal the issuance of the Ethanol Permit. DCR is currently evaluating its appeal options. At the time the Company acquired the Toledo refinery, EPA had initiated an investigation into the compliance of the refinery with EPA standards governing flaring pursuant to Section 114 of the Clean Air Act. On February 1, 2013, EPA issued an Amended Notice of Violation, and on September 20, 2013, EPA issued a Notice of Violation and Finding of Violation to Toledo refinery, alleging certain violations of the Clean Air Act at its Plant 4 and Plant 9 flares since the acquisition of the refinery on March 1, 2011. Toledo refinery and EPA subsequently entered into tolling agreements pending settlement discussions. Although the resolution has not been finalized, the civil administrative penalty is anticipated to be approximately $645 including supplemental environmental projects. To the extent the administrative penalty exceeds such amount, it is not expected to be material to the Company. In connection with the acquisition of the Torrance refinery and related logistics assets, the Company assumed certain pre-existing environmental liabilities totaling $130,817 as of December 31, 2018 ( $136,487 as of December 31, 2017 ), related to certain environmental remediation obligations to address existing soil and groundwater contamination and monitoring activities and other clean-up activities, which reflects the current estimated cost of the remediation obligations. The Company expects to make aggregate payments for this liability of $46,189 over the next five years. The current portion of the environmental liability is recorded in Accrued expenses and the non-current portion is recorded in Other long-term liabilities. In addition, in connection with the acquisition of the Torrance refinery and related logistics assets, the Company purchased a ten year, $100,000 environmental insurance policy to insure against unknown environmental liabilities. Furthermore, in connection with the acquisition, the Company assumed responsibility for certain specified environmental matters that occurred prior to the Company’s ownership of the refinery and the logistics assets, including specified incidents and/or notices of violations (“NOVs”) issued by regulatory agencies in various years before the Company’s ownership, including the Southern California Air Quality Management District (“SCAQMD”) and the Division of Occupational Safety and Health of the State of California (“Cal/OSHA”). In connection with the acquisition of the Torrance refinery and related logistics assets, the Company agreed to take responsibility for NOV No. P63405 that ExxonMobil had received from the SCAQMD for Title V deviations that are alleged to have occurred in 2015. On August 14, 2018, the Company received a letter from SCAQMD offering to settle this NOV for $515 . The Company is currently in communication with SCAQMD to resolve this NOV. Subsequent to the acquisition, further NOVs were issued by the SCAQMD, Cal/OSHA, the City of Torrance, the City of Torrance Fire Department, and the Los Angeles County Sanitation District related to alleged operational violations, emission discharges and/or flaring incidents at the refinery and the logistics assets both before and after the Company’s acquisition. EPA in November 2016 conducted a Risk Management Plan (“RMP”) inspection following the acquisition related to Torrance operations and issued preliminary findings in March 2017 concerning RMP potential operational violations. The Company is currently in communication with EPA to resolve the RMP preliminary findings. EPA and the California Department of Toxic Substances Control (“DTSC”) in December 2016 conducted a Resource Conservation and Recovery Act (“RCRA”) inspection following the acquisition related to Torrance operations and also issued in March 2017 preliminary findings concerning RCRA potential operational violations. In April 2017, EPA referred the RCRA preliminary findings to DTSC for final resolution. On March 1, 2018, the Company received a notice of intent to sue from Environmental Integrity Project, on behalf of Environment California, under RCRA with respect to the alleged violations from EPA’s and DTSC’s December 2016 inspection. On March 2, 2018, DTSC issued an order to correct alleged RCRA violations relating to the accumulation of oil bearing materials in roll off bins during 2016 and 2017. On June 14, 2018, the Torrance refinery and DTSC reached settlement regarding the oil bearing materials in the form of a stipulation and order, wherein the Torrance refinery agreed that it would recycle or properly dispose of the oil bearing materials by the end of 2018 and pay an administrative penalty of $150 . The Torrance refinery has complied with these requirements. Following this settlement, in June 2018, DTSC referred the remaining alleged RCRA violations from EPA’s and DTSC’s December 2016 inspection to the California Attorney General for final resolution. The Torrance refinery and the California Attorney General are in discussions to resolve these remaining alleged RCRA violations. Other than the $150 DTSC administrative penalty, no other settlement or penalty demands have been received to date with respect to any of the other NOVs, preliminary findings, or order that are in excess of $100 . As the ultimate outcomes are uncertain, the Company cannot currently estimate the final amount or timing of their resolution but any such amount is not expected to have a material impact on the Company’s financial position, results of operations or cash flows, individually or in the aggregate. In connection with the PBFX Plains Asset Purchase, PBFX is responsible for the environmental remediation costs for conditions that existed on the closing date up to a maximum of $250 per year for ten years, with Plains All American Pipeline, L.P. remaining responsible for any and all additional costs above such amounts during such period. The environmental liability of $1,570 recorded as of December 31, 2018 ( $1,923 as of December 31, 2017 ) represents the present value of expected future costs discounted at a rate of 1.83% . At December 31, 2018 the undiscounted liability is $1,698 and PBFX expects to make aggregate payments for this liability of $1,250 over the next five years. The current portion of the environmental liability is recorded in Accrued expenses and the non-current portion is recorded in Other long-term liabilities. In connection with the Knoxville Terminal Purchase, PBFX and Cummins purchased a ten -year, $30,000 environmental insurance policy against unknown environmental liabilities. PBFX did not assume, and is currently not aware of, any material pre-existing environmental obligations. Additionally, the seller remains responsible for pre-acquisition environmental obligations up to a specified amount for a specified period of time. In connection with the East Coast Storage Assets Acquisition, PBFX purchased a ten -year, $30,000 environmental insurance policy against unknown environmental liabilities. Additionally, the seller remains responsible for pre-acquisition environmental obligations up to a specified amount for a specified period of time. The recorded environmental liability associated with the East Coast Storage Assets Acquisition as of December 31, 2018 was $885 . Applicable Federal and State Regulatory Requirements The Company’s operations and many of the products it manufactures are subject to certain specific requirements of the Clean Air Act (the “CAA”) and related state and local regulations. The CAA contains provisions that require capital expenditures for the installation of certain air pollution control devices at the Company’s refineries. Subsequent rule making authorized by the CAA or similar laws or new agency interpretations of existing rules, may necessitate additional expenditures in future years. 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, all of the Northeastern states and Washington DC have adopted sulfur controls on heating oil. As of July 1, 2018 most of the Northeastern states require heating oil with 15 PPM or less sulfur (except for Pennsylvania and Maryland - where less than 500 PPM sulfur is required). 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. EPA issued the final Tier 3 Gasoline standards on March 3, 2014 under the CAA. This final rule establishes more stringent vehicle emission standards and further reduces the sulfur content of gasoline starting in January 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. 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 refineries are complying with these new requirements as planned, either directly or using flexibility provided by sulfur credits generated or purchased in advance as an economic optimization. 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 Company is required to comply with the Renewable Fuel Standard (“RFS”) implemented by EPA, which sets annual quotas for the quantity of renewable fuels (such as ethanol) that must be blended into motor fuels consumed in the United States. In July 2018, EPA issued proposed amendments to the RFS program regulations that would establish annual percentage standards for cellulosic biofuel, biomass-based diesel, advanced biofuel, and renewable fuels that would apply to all gasoline and diesel produced in the U.S. or imported in the year 2019. In addition, the separate proposal includes a proposed biomass-based diesel applicable volume for 2020. It is likely that RIN production will continue to be lower than needed forcing obligated parties, such as the Company, to purchase cellulosic waiver credits or purchase excess RINs from suppliers on the open market. In addition, on November 26, 2018 EPA finalized revisions to an existing air regulation concerning Maximum Achievable Control Technologies (“MACT”) for Petroleum Refineries. The regulation requires additional continuous monitoring systems for eligible process safety valves relieving to atmosphere, minimum flare gas heat (Btu) content, and delayed coke drum vent controls to be installed by January 30, 2019. In addition, a program for ambient fence line monitoring for benzene was implemented prior to the deadline of January 30, 2018. The Company is in the process of implementing the requirements of this regulation. The regulation does not have a material impact on the Company’s financial position, results of operations or cash flows. 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. As a result of the Torrance Acquisition, the Company is subject to greenhouse gas emission control regulations in the state of California pursuant to AB32. AB32 imposes a statewide cap on greenhouse gas emissions, including emissions from transportation fuels, with the aim of returning the state to 1990 emission levels by 2020. AB32 is implemented through two market mechanisms including the Low Carbon Fuel Standard (“LCFS”) and Cap and Trade, which was extended for an additional ten years to 2030 in July 2017. The Company is responsible for the AB32 obligations related to the Torrance refinery beginning on July 1, 2016 and must purchase emission credits to comply with these obligations. Additionally, in September 2016, the state of California enacted Senate Bill 32 (“SB32”) which further reduces greenhouse gas emissions targets to 40 percent below 1990 levels by 2030. However, subsequent to the acquisition, the Company is recovering the majority of these costs from its customers, and as such does not expect this obligation to materially impact the Company’s financial position, results of operations, or cash flows. To the degree there are unfavorable changes to AB32 or SB32 regulations or the Company is unable to recover such compliance costs from customers, these regulations could have a material adverse effect on our financial position, results of operations and cash flows. The Company is subject to obligations to purchase RINs. On February 15, 2017, the Company received a notification that EPA records indicated that PBF Holding used potentially invalid RINs that were in fact verified under EPA’s RIN Quality Assurance Program (“QAP”) by an independent auditor as QAP A RINs. Under the regulations, use of potentially invalid QAP A RINs provided the user with an affirmative defense from civil penalties provided certain conditions are met. The Company has asserted the affirmative defense and if accepted by EPA will not be required to replace these RINs and will not be subject to civil penalties under the program. It is reasonably possible that EPA will not accept the Company’s defense and may assess penalties in these matters but any such amount is not expected to have a material impact on the Company’s financial position, results of operations or cash flows. As of January 1, 2011, the Company is required to comply with EPA’s Control of Hazardous Air Pollutants From Mobile Sources, or MSAT2, regulations on gasoline that impose reductions in the benzene content of its produced gasoline. The Company purchases benzene credits to meet these requirements. The Company’s planned capital projects will reduce the amount of benzene credits that it needs to purchase. In addition, the renewable fuel standards mandate the blending of prescribed percentages of renewable fuels (e.g., ethanol and biofuels) into the Company’s produced gasoline and diesel. These new requirements, other requirements of the CAA and other presently existing or future environmental regulations may cause the Company to make substantial capital expenditures as well as the purchase of credits at significant cost, to enable its refineries to produce products that meet applicable requirements. The federal Comprehensive Environmental Response, Compensation and Liability Act of 1980 (“CERCLA”), also known as “Superfund,” imposes liability, without regard to fault or the legality of the original conduct, on certain classes of persons who are considered to be responsible for the release of a “hazardous substance” into the environment. These persons include the current or former owner or operator of the disposal site or sites where the release occurred and companies that disposed of or arranged for the disposal of the hazardous substances. Under CERCLA, such persons may be subject to joint and several liability for investigation and the costs of cleaning up the hazardous substances that have been released into the environment, for damages to natural resources and for the costs of certain health studies. As discussed more fully above, certain of the Company’s sites are subject to these laws and the Company may be held liable for investigation and remediation costs or claims for natural resource damages. It is not uncommon for neighboring landowners and other third parties to file claims for personal injury and property damage allegedly caused by hazardous substances or other pollutants released into the environment. Analogous state laws impose similar responsibilities and liabilities on responsible parties. In the Company’s current normal operations, it has generated waste, some of which falls within the statutory definition of a “hazardous substance” and some of which may have been disposed of at sites that may require cleanup under Superfund. 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 generally 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 unitholders (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 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 99.0% and 96.7% interest in PBF LLC as of December 31, 2018 and December 31, 2017 , respectively. PBF LLC generally 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 a result of the reduction of the corporate federal tax rate to 21% as part of the TCJA, the liability associated with the Tax Receivable Agreement was reduced. Accordingly, the deferred tax assets associated with the payments made or expected to be made related to the Tax Receivable Agreement liability were also reduced. As of December 31, 2018 and December 31, 2017 , PBF Energy has recognized a liability for the Tax Receivable Agreement of $373,512 and $362,142 , respectively, reflecting the estimate of the undiscounted amounts that the Company expects to pay under the agreement. |
STOCKHOLDERS' AND MEMBERS' EQUI
STOCKHOLDERS' AND MEMBERS' EQUITY STRUCTURE | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Equity [Abstract] | ||
STOCKHOLDERS’ AND MEMBERS’ EQUITY STRUCTURE | STOCKHOLDERS’ AND MEMBERS’ EQUITY STRUCTURE PBF Energy Capital Structure Class A Common Stock Holders of Class A common stock are entitled to receive dividends when and if declared by the Board of Directors out of funds legally available therefore, subject to any statutory or contractual restrictions on the payment of dividends and to any restrictions on the payment of dividends imposed by the terms of any outstanding preferred stock. Upon the Company’s dissolution or liquidation or the sale of all or substantially all of the assets, after payment in full of all amounts required to be paid to creditors and to the holders of preferred stock having liquidation preferences, if any, the holders of shares of Class A common stock will be entitled to receive pro rata remaining assets available for distribution. Holders of shares of Class A common stock do not have preemptive, subscription, redemption or conversion rights. Class B Common Stock Holders of shares of Class B common stock are entitled, without regard to the number of shares of Class B common stock held by such holder, to one vote for each PBF LLC Series A Unit beneficially owned by such holder. Accordingly, the members of PBF LLC other than PBF Energy collectively have a number of votes in PBF Energy that is equal to the aggregate number of PBF LLC Series A Units that they hold. Holders of shares of Class A common stock and Class B common stock vote together as a single class on all matters presented to stockholders for their vote or approval, except as otherwise required by applicable law. Holders of Class B common stock do not have any right to receive dividends or to receive a distribution upon a liquidation or winding up of PBF Energy. Preferred Stock Authorized preferred stock may be issued in one or more series, with designations, powers and preferences as shall be designated by the Board of Directors. PBF LLC Capital Structure PBF LLC Series A Units The allocation of profits and losses and distributions to PBF LLC Series A unitholders is governed by the Limited Liability Company Agreement of PBF LLC. These allocations are made on a pro rata basis with PBF LLC Series C Units. PBF LLC Series A unitholders do not have voting rights. PBF LLC Series B Units The PBF LLC Series B Units are intended to be “profit interests” within the meaning of Revenue Procedures 93-27 and 2001-43 of the Internal Revenue Service and have a stated value of zero at issuance. The PBF LLC Series B Units are held by certain of the Company’s current and former officers, have no voting rights and are designed to increase in value only after the Company’s financial sponsors achieve certain levels of return on their investment in PBF LLC Series A Units. Accordingly, the amounts paid to the holders of PBF LLC Series B Units, if any, will reduce only the amounts otherwise payable to the PBF LLC Series A Units held by the Company’s financial sponsors, and will not reduce or otherwise impact any amounts payable to PBF Energy (the holder of PBF LLC Series C Units), the holders of the Company’s Class A common stock or any other holder of PBF LLC Series A Units. The maximum number of PBF LLC Series B Units authorized to be issued is 1,000,000 . PBF LLC Series C Units The PBF LLC Series C Units rank on a parity with the PBF LLC Series A Units as to distribution rights, voting rights and rights upon liquidation, winding up or dissolution. PBF LLC Series C Units are held solely by PBF Energy. Treasury Stock The Company’s Board of Directors previously authorized the repurchase of up to $300,000 of the PBF Energy Class A common stock (as amended from time to time, the “Repurchase Program”). From the inception of the Repurchase Program through its expiration date, the Company has purchased approximately 6,050,717 shares of the PBF Energy Class A common stock through open market transactions under the Repurchase Program, for a total of $150,804 . The Repurchase Program expired on September 30, 2018 and was not renewed. These repurchases were 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 depended on a variety of factors, including price, capital availability, legal requirements and economic and market conditions. The Company was not obligated to purchase any shares under the Repurchase Program, and repurchases might have been suspended or discontinued at any time without prior notice. The Company also records PBF Energy Class A common stock surrendered to cover income tax withholdings for certain directors and employees and others pursuant to the vesting of certain awards under the Company’s equity-based compensation plans as treasury shares. The following tables summarize the changes in equity for the controlling and noncontrolling interests of PBF Energy for the years ended December 31, 2018 , 2017 and 2016 : PBF Energy PBF Energy Noncontrolling Noncontrolling Interest in PBF Holding Noncontrolling Total Equity Balance at January 1, 2018 $ 2,336,654 $ 110,203 $ 10,808 $ 445,284 $ 2,902,949 Comprehensive income 131,268 4,698 44 42,264 178,274 Dividends and distributions (139,263 ) (2,086 ) — (49,532 ) (190,881 ) Effects of equity offerings and exchanges of PBF LLC Series A Units on deferred tax assets and liabilities and tax receivable agreement obligation (4,926 ) — — — (4,926 ) Issuance of additional PBFX common units 28,564 — — 6,256 34,820 Stock-based compensation 19,697 — — 5,757 25,454 August 2018 Equity Offering 287,284 — — — 287,284 Exercise of PBF LLC and PBF Energy options and warrants, net 13,965 — — — 13,965 Taxes paid for net settlement of equity-based compensation (4,775 ) (568 ) — — (5,343 ) Other 7,997 — — (1,114 ) 6,883 Balance at December 31, 2018 $ 2,676,465 $ 112,247 $ 10,852 $ 448,915 $ 3,248,479 | PBF Energy PBF Energy Noncontrolling Noncontrolling Interest in PBF Holding Noncontrolling Total Equity Balance at January 1, 2017 $ 2,025,044 $ 98,671 $ 12,513 $ 434,456 $ 2,570,684 Comprehensive income 414,575 16,714 95 51,073 482,457 Dividends and distributions (131,783 ) (4,584 ) (1,800 ) (44,636 ) (182,803 ) Stock-based compensation 21,503 — — 5,345 26,848 Exercise of PBF LLC options and warrants, net 10,533 (598 ) — — 9,935 Effects of exchanges of PBF LLC Series A Units on deferred tax assets and liabilities and tax receivable agreement obligation (1,139 ) — — — (1,139 ) Treasury stock purchases (1,038 ) — — — (1,038 ) Other (1,041 ) — — (954 ) (1,995 ) Balance at December 31, 2017 $ 2,336,654 $ 110,203 $ 10,808 $ 445,284 $ 2,902,949 |
NONCONTROLLING INTERESTS
NONCONTROLLING INTERESTS | 12 Months Ended |
Dec. 31, 2018 | |
Noncontrolling Interest [Abstract] | |
NONCONTROLLING INTERESTS | NONCONTROLLING INTERESTS 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. PBF Energy’s interest in PBF LLC was approximately 99.0% and 96.7% as of December 31, 2018 and 2017 , respectively. 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 represents the portion of net assets of PBF Energy attributable to the members of PBF LLC other than PBF Energy. The noncontrolling interest ownership percentages in PBF LLC as of the completion dates of each of the equity offerings and as of the years ended December 31, 2018 , 2017 and 2016 are calculated as follows: Holders of Outstanding Shares Total January 1, 2016 4,985,358 97,781,933 102,767,291 4.9 % 95.1 % 100 % December 19, 2016 - Equity offering 4,120,902 109,004,047 113,124,949 3.6 % 96.4 % 100 % December 31, 2016 3,920,902 109,204,047 113,124,949 3.5 % 96.5 % 100 % December 31, 2017 3,767,464 110,565,531 114,332,995 3.3 % 96.7 % 100 % August 14, 2018 - Equity offering 1,206,325 119,852,874 121,059,199 1.0 % 99.0 % 100 % December 31, 2018 1,206,325 119,874,191 121,080,516 1.0 % 99.0 % 100 % Noncontrolling Interest in PBFX PBF LLC held a 44.0% limited partner interest in PBFX and owned all of PBFX’s IDRs, with the remaining 56.0% limited partner interest owned by public common unitholders as of December 31, 2018 . PBF LLC is also the sole member of PBF GP, the general partner of PBFX. As noted in “Note 3 - PBF Logistics LP”, pursuant to the IDR Restructuring, the IDRs held by PBF LLC will be canceled and converted into newly issued common units. 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 unitholders. 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 unitholders 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 unitholders of PBFX. The noncontrolling interest ownership percentages in PBFX as of the Registered Direct Offering, the Development Assets Acquisition and the years ended December 31, 2018 , 2017 and 2016 are calculated as follows: Units of PBFX Held by the Public Units of PBFX Held by PBF LLC (Including Subordinated Units) Total January 1, 2016 15,924,676 18,459,497 34,384,173 46.3 % 53.7 % 100.0 % April 5, 2016 18,799,676 18,459,497 37,259,173 50.5 % 49.5 % 100.0 % August 17, 2016 22,893,472 18,459,497 41,352,969 55.4 % 44.6 % 100.0 % December 31, 2016 23,271,174 18,459,497 41,730,671 55.8 % 44.2 % 100.0 % December 31, 2017 23,441,211 18,459,497 41,900,708 55.9 % 44.1 % 100.0 % July 30, 2018 - Registered Direct Offering 25,391,037 18,459,497 43,850,534 57.9 % 42.1 % 100.0 % July 31, 2018 - Development Assets consideration 25,391,037 19,953,631 45,344,668 56.0 % 44.0 % 100.0 % December 31, 2018 25,395,032 19,953,631 45,348,663 56.0 % 44.0 % 100.0 % Noncontrolling Interest in PBF Holding In connection with the Chalmette Acquisition, PBF Holding recorded noncontrolling interests in two subsidiaries of Chalmette Refining. PBF Holding, through Chalmette Refining, owns an 80% ownership interest in both Collins Pipeline Company and T&M Terminal Company. The Company recorded a noncontrolling interest in the earnings of these subsidiaries of $44 and $95 for the years ended December 31, 2018 and 2017 , respectively. Changes in Equity and Noncontrolling Interests On August 14, 2018, PBF Energy completed a public offering of an aggregate of 6,000,000 shares of its Class A common stock (the “August 2018 Equity Offering”) for net proceeds of $287,284 , after deducting underwriting discounts and commissions and other offering expenses. The following tables summarize the changes in equity for the controlling and noncontrolling interests of PBF Energy for the years ended December 31, 2018 , 2017 and 2016 : PBF Energy PBF Energy Noncontrolling Noncontrolling Interest in PBF Holding Noncontrolling Total Equity Balance at January 1, 2018 $ 2,336,654 $ 110,203 $ 10,808 $ 445,284 $ 2,902,949 Comprehensive income 131,268 4,698 44 42,264 178,274 Dividends and distributions (139,263 ) (2,086 ) — (49,532 ) (190,881 ) Effects of equity offerings and exchanges of PBF LLC Series A Units on deferred tax assets and liabilities and tax receivable agreement obligation (4,926 ) — — — (4,926 ) Issuance of additional PBFX common units 28,564 — — 6,256 34,820 Stock-based compensation 19,697 — — 5,757 25,454 August 2018 Equity Offering 287,284 — — — 287,284 Exercise of PBF LLC and PBF Energy options and warrants, net 13,965 — — — 13,965 Taxes paid for net settlement of equity-based compensation (4,775 ) (568 ) — — (5,343 ) Other 7,997 — — (1,114 ) 6,883 Balance at December 31, 2018 $ 2,676,465 $ 112,247 $ 10,852 $ 448,915 $ 3,248,479 PBF Energy PBF Energy Noncontrolling Noncontrolling Interest in PBF Holding Noncontrolling Total Equity Balance at January 1, 2017 $ 2,025,044 $ 98,671 $ 12,513 $ 434,456 $ 2,570,684 Comprehensive income 414,575 16,714 95 51,073 482,457 Dividends and distributions (131,783 ) (4,584 ) (1,800 ) (44,636 ) (182,803 ) Stock-based compensation 21,503 — — 5,345 26,848 Exercise of PBF LLC options and warrants, net 10,533 (598 ) — — 9,935 Effects of exchanges of PBF LLC Series A Units on deferred tax assets and liabilities and tax receivable agreement obligation (1,139 ) — — — (1,139 ) Treasury stock purchases (1,038 ) — — — (1,038 ) Other (1,041 ) — — (954 ) (1,995 ) Balance at December 31, 2017 $ 2,336,654 $ 110,203 $ 10,808 $ 445,284 $ 2,902,949 PBF Energy PBF Energy Noncontrolling Noncontrolling Interest in PBF Holding Noncontrolling Total Equity Balance at January 1, 2016 $ 1,647,297 $ 91,018 $ 17,225 $ 340,317 $ 2,095,857 Comprehensive income 168,308 14,509 269 39,840 222,926 Dividends and distributions (132,705 ) (6,728 ) — (33,714 ) (173,147 ) Stock-based compensation 18,296 — — 4,360 22,656 Issuance of additional PBFX common units 54,944 — — 83,434 138,378 Exercise of PBF LLC options and warrants, net 1,058 (172 ) — — 886 Effects of equity offerings and exchanges of PBF LLC Series A Units on deferred tax assets and liabilities and tax receivable agreement obligation (2,613 ) — — — (2,613 ) December 2016 Equity Offering 275,300 — — — 275,300 Treasury stock purchases (743 ) — — — (743 ) Other (4,098 ) 44 (4,981 ) 219 (8,816 ) Balance at December 31, 2016 $ 2,025,044 $ 98,671 $ 12,513 $ 434,456 $ 2,570,684 The following tables summarize the changes in equity for the controlling and noncontrolling interests of PBF LLC for the years ended December 31, 2018 , 2017 , and 2016 respectively: PBF LLC PBF Energy Company LLC Equity Noncontrolling Interest in PBF Holding Noncontrolling Total Equity Balance at January 1, 2018 $ 2,422,411 $ 10,808 $ 445,284 $ 2,878,503 Comprehensive income 140,821 44 42,264 183,129 Dividends and distributions (141,349 ) — (49,532 ) (190,881 ) Issuance of additional PBFX common units 28,564 — 6,256 34,820 Stock-based compensation 19,697 — 5,757 25,454 Exercise of PBF LLC and PBF Energy options and warrants, net (8,536 ) — — (8,536 ) Issuance of Series C units in connection with the August 2018 Equity Offering 287,284 — — 287,284 Other 10,590 — (1,114 ) 9,476 Balance at December 31, 2018 $ 2,759,482 $ 10,852 $ 448,915 $ 3,219,249 PBF LLC PBF Energy Company LLC Equity Noncontrolling Interest in PBF Holding Noncontrolling Total Equity Balance at January 1, 2017 $ 2,040,851 $ 12,513 $ 434,456 $ 2,487,820 Comprehensive income 499,103 95 51,073 550,271 Dividends and distributions (136,367 ) (1,800 ) (44,636 ) (182,803 ) Grant of restricted shares 1,038 — — 1,038 Stock-based compensation 21,503 — 5,345 26,848 Exercise of PBF LLC options and warrants, net (598 ) — — (598 ) Treasury stock purchases (1,038 ) — — (1,038 ) Other (2,081 ) — (954 ) (3,035 ) Balance at December 31, 2017 $ 2,422,411 $ 10,808 $ 445,284 $ 2,878,503 PBF LLC PBF Energy Company LLC Equity Noncontrolling Interest in PBF Holding Noncontrolling Total Equity Balance at January 1, 2016 $ 1,551,853 $ 17,225 $ 340,317 $ 1,909,395 Comprehensive income 278,296 269 39,840 318,405 Dividends and distributions (139,433 ) — (33,714 ) (173,147 ) Issuance of additional PBFX common units 54,944 — 83,434 138,378 Grant of restricted shares 743 — — 743 Stock-based compensation 18,296 — 4,360 22,656 Exercise of PBF LLC options and warrants, net 886 — — 886 Issuance of Series C units in connection with the December 2016 Equity Offering 275,300 — — 275,300 Treasury stock purchases (743 ) — — (743 ) Other 709 (4,981 ) 219 (4,053 ) Balance at December 31, 2016 $ 2,040,851 $ 12,513 $ 434,456 $ 2,487,820 Comprehensive Income Comprehensive income includes net income and other comprehensive income (loss) arising from activity related to the Company’s defined employee benefit plan and unrealized gain (loss) on available-for-sale securities. The following table summarizes the allocation of total comprehensive income of PBF Energy between the controlling and noncontrolling interests for the year ended December 31, 2018 : PBF Energy Attributable to PBF Energy Inc. stockholders Noncontrolling Interests Total Net income $ 128,315 $ 46,976 $ 175,291 Other comprehensive income (loss): Unrealized loss on available for sale securities (107 ) (1 ) (108 ) Amortization of defined benefit plans unrecognized net gain 3,060 31 3,091 Total other comprehensive income 2,953 30 2,983 Total comprehensive income $ 131,268 $ 47,006 $ 178,274 The following table summarizes the allocation of total comprehensive income of PBF Energy between the controlling and noncontrolling interests for the year ended December 31, 2017 : PBF Energy Attributable to PBF Energy Inc. stockholders Noncontrolling Interest Total Net income $ 415,517 $ 67,914 $ 483,431 Other comprehensive loss: Unrealized loss on available for sale securities (23 ) (1 ) (24 ) Amortization of defined benefit plans unrecognized net loss (919 ) (31 ) (950 ) Total other comprehensive loss (942 ) (32 ) (974 ) Total comprehensive income $ 414,575 $ 67,882 $ 482,457 The following table summarizes the allocation of total comprehensive income of PBF Energy between the controlling and noncontrolling interests for the year ended December 31, 2016 : PBF Energy Attributable to PBF Energy Inc. stockholders Noncontrolling Interest Total Net income $ 170,811 $ 54,707 $ 225,518 Other comprehensive loss: Unrealized loss on available for sale securities (41 ) (1 ) (42 ) Amortization of defined benefit plans unrecognized net loss (2,462 ) (88 ) (2,550 ) Total other comprehensive loss (2,503 ) (89 ) (2,592 ) Total comprehensive income $ 168,308 $ 54,618 $ 222,926 The following table summarizes the allocation of total comprehensive income of PBF LLC between the controlling and noncontrolling interests for the year ended December 31, 2018 : PBF LLC Attributable to PBF LLC Noncontrolling Interests Total Net income $ 137,838 $ 42,308 $ 180,146 Other comprehensive income (loss): Unrealized loss on available for sale securities (108 ) — (108 ) Amortization of defined benefit plans unrecognized net gain 3,091 — 3,091 Total other comprehensive income 2,983 — 2,983 Total comprehensive income $ 140,821 $ 42,308 $ 183,129 The following table summarizes the allocation of total comprehensive income of PBF LLC between the controlling and noncontrolling interests for the year ended December 31, 2017 : PBF LLC Attributable to Noncontrolling Interest Total Net income $ 500,077 $ 51,168 $ 551,245 Other comprehensive loss: Unrealized loss on available for sale securities (24 ) — (24 ) Amortization of defined benefit plans unrecognized net loss (950 ) — (950 ) Total other comprehensive loss (974 ) — (974 ) Total comprehensive income $ 499,103 $ 51,168 $ 550,271 The following table summarizes the allocation of total comprehensive income of PBF LLC between the controlling and noncontrolling interests for the year ended December 31, 2016 : PBF LLC Attributable to Noncontrolling Interest Total Net income $ 280,888 $ 40,109 $ 320,997 Other comprehensive loss: Unrealized loss on available for sale securities (42 ) — (42 ) Amortization of defined benefit plans unrecognized net loss (2,550 ) — (2,550 ) Total other comprehensive loss (2,592 ) — (2,592 ) Total comprehensive income $ 278,296 $ 40,109 $ 318,405 |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION Stock-based compensation expense included in general and administrative expenses consisted of the following: Years Ended December 31, 2018 2017 2016 PBF Energy options $ 11,545 $ 9,369 $ 11,020 PBF Energy restricted shares 7,460 12,134 7,276 PBF Energy performance awards 1,207 — — PBFX phantom units 5,757 5,345 4,360 $ 25,969 $ 26,848 $ 22,656 PBF LLC Series A warrants and options PBF LLC granted compensatory warrants to employees of the Company in connection with their purchase of Series A units in PBF LLC. The warrants grant the holder the right to purchase PBF LLC Series A Units. One-quarter of the PBF LLC Series A compensatory warrants were exercisable at the date of grant and the remaining three-quarters become exercisable over equal annual installments on each of the first three anniversaries of the grant date subject to acceleration in certain circumstances. They are exercisable for ten years from the date of grant. The remaining warrants became fully exercisable in connection with the IPO of PBF Energy. In addition, options to purchase PBF LLC Series A units were granted to certain employees, management and directors. Options vest over equal annual installments on each of the first three anniversaries of the grant date subject to acceleration in certain circumstances. The options are exercisable for ten years from the date of grant. The Company did not issue PBF LLC Series A Unit compensatory warrants or options in 2018 , 2017 or 2016 . The following table summarizes activity for PBF LLC Series A compensatory warrants and options for the years ended December 31, 2018 , 2017 and 2016 : Number of PBF LLC Series A Compensatory Warrants and Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) Stock Based Compensation, Outstanding at January 1, 2016 640,779 $ 10.59 5.46 Exercised (27,833 ) 10.00 — Forfeited — — — Outstanding at December 31, 2016 612,946 $ 10.62 4.47 Exercised (126,634 ) 10.17 — Forfeited — — — Outstanding at December 31, 2017 486,312 $ 10.73 3.52 Exercised (243,700 ) 10.62 — Forfeited — — — Outstanding at December 31, 2018 242,612 $ 10.85 2.64 Exercisable and vested at December 31, 2018 242,612 $ 10.85 2.64 Exercisable and vested at December 31, 2017 486,312 $ 10.73 3.52 Exercisable and vested at December 31, 2016 612,946 $ 10.62 4.47 Expected to vest at December 31, 2018 242,612 $ 10.85 2.64 The total intrinsic value of stock options both outstanding and exercisable at December 31, 2018 and December 31, 2017 was $5,290 and $12,016 , respectively. The total intrinsic value of stock options exercised during the years ended December 31, 2018 , 2017 , and 2016 was $7,487 , $2,301 , and $461 , respectively. There was no unrecognized compensation expense related to PBF LLC Series A warrants and options at December 31, 2018 or 2017 . Prior to 2014, members of management of the Company had also purchased non-compensatory Series A warrants in PBF LLC with an exercise price of $10.00 per unit, all of which were immediately exercisable. During the year ended December 31, 2018 , 19,400 non-compensatory warrants were exercised. There were no non-compensatory warrants exercised during December 31, 2017 . At December 31, 2018 and 2017 , there were 13,319 and 32,719 non-compensatory warrants outstanding, respectively. PBF LLC Series B Units PBF LLC Series B Units were issued and allocated to certain members of management during the years ended December 31, 2011 and 2010. One-quarter of the PBF LLC Series B Units vested at the time of grant and the remaining three-quarters vested in equal annual installments on each of the first three anniversaries of the grant date, subject to accelerated vesting upon certain events. The Series B Units fully vested during the year ended December 31, 2013. There was no activity related to the Series B units for the years ended December 31, 2018 , 2017 or 2016 . PBF Energy options and restricted stock The Company grants awards of PBF Energy Class A common stock under its equity incentive plans which authorize the granting of various stock and stock-related awards to directors, employees, prospective employees and non-employees. Awards include options to purchase shares of PBF Energy Class A common stock and restricted PBF Energy Class A common stock that vest over a period determined by the plans. The PBF Energy options and restricted PBF Energy Class A common stock vest in equal annual installments on each of the first four anniversaries of the grant date subject to acceleration in certain circumstances. The options are exercisable for ten years from the date of grant. The following table summarizes activity for PBF Energy restricted stock for the years ended December 31, 2018 , 2017 and 2016 . Number of Weighted Average Grant Date Fair Value Nonvested at January 1, 2016 294,880 $ 30.87 Granted 360,820 22.44 Vested (134,331 ) 31.43 Forfeited — — Nonvested at December 31, 2016 521,369 $ 24.89 Granted 762,425 25.86 Vested (172,978 ) 24.99 Forfeited (15,100 ) 24.18 Nonvested at December 31, 2017 1,095,716 $ 25.56 Granted 58,830 47.24 Vested (345,073 ) 26.13 Forfeited (15,519 ) 24.18 Nonvested at December 31, 2018 793,954 $ 26.88 Unrecognized compensation expense related to PBF Energy Restricted Class A Common Stock at December 31, 2018 was $10,280, which will be recognized from 2019 through 2022. The estimated fair value of PBF Energy options granted during the years ended December 31, 2018 , 2017 and 2016 was determined using the Black-Scholes pricing model with the following weighted average assumptions: December 31, 2018 December 31, 2017 December 31, 2016 Expected life (in years) 6.25 6.25 6.25 Expected volatility 35.8 % 39.5 % 39.7 % Dividend yield 3.49 % 4.58 % 4.73 % Risk-free rate of return 2.82 % 2.09 % 1.42 % Exercise price $ 35.25 $ 26.52 $ 26.18 The following table summarizes activity for PBF Energy options for the years ended December 31, 2018 , 2017 and 2016 . Number of Weighted Weighted Stock-based awards, outstanding at January 1, 2016 4,256,375 $ 27.89 8.32 Granted 1,792,000 26.18 10.00 Exercised (11,250 ) 25.86 — Forfeited (66,500 ) 28.74 — Outstanding at December 31, 2016 5,970,625 $ 27.37 8.02 Granted 1,638,075 26.52 10.00 Exercised (462,500 ) 25.65 — Forfeited (263,425 ) 27.71 — Outstanding at December 31, 2017 6,882,775 $ 27.27 7.82 Granted 2,500,742 35.25 10.00 Exercised (884,878 ) 27.57 — Forfeited (141,981 ) 33.49 — Outstanding at December 31, 2018 8,356,658 $ 29.60 7.48 Exercisable and vested at December 31, 2018 3,531,066 $ 27.39 6.27 Exercisable and vested at December 31, 2017 2,958,875 $ 27.58 6.77 Exercisable and vested at December 31, 2016 2,271,375 $ 27.23 7.21 Expected to vest at December 31, 2018 8,356,658 $ 29.60 7.48 The total estimated fair value of PBF Energy options granted in 2018 and 2017 was $23,892 and $10,913 and the weighted average per unit fair value was $9.55 and $6.66 . The total intrinsic value of stock options outstanding and exercisable at December 31, 2018 , was 36,523 and 19,355 , respectively. The total intrinsic value of stock options outstanding and exercisable at December 31, 2017 , was $56,656 and $23,665 , respectively. The total intrinsic value of stock options exercised during the years ended December 31, 2018 and 2017 was $12,445 and $2,365 , respectively. Unrecognized compensation expense related to PBF Energy options at December 31, 2018 was $33,162 , which will be recognized from 2019 through 2022. PBF Energy Performance Awards Performance Share Awards In October 2018, the Company granted 179,072 performance share awards, with a weighted average grant date fair value of $50.23 , to certain officers of the Company which have a three -year performance period from January 1, 2018 through December 31, 2020 (“Performance Cycle”). The payout for the performance share units is based on the relative ranking of the TSR of PBF Energy’s common stock as compared to the TSR of a selected group of industry peer companies over an average of four measurement periods. The performance share units will vest on December 31, 2020, subject to forfeiture or acceleration under certain circumstances set forth in the award agreement. The performance share awards are issued under PBF Energy’s 2017 equity compensation plan and are settled in PBF Energy’s common stock at the end of the performance cycle. The number of shares distributed will range from zero to 200 percent of the number of performance share units granted based on the Company’s achievement of prescribed TSR rankings relative to its peers during the applicable performance measurement periods in the Performance Cycle plus additional shares of Common Stock may be awarded at vesting with respect to the computed value of dividend equivalents accrued during such performance measurement. The performance share awards are accounted for as equity awards, for which the fair value was determined on the grant date by application of a Monte Carlo simulation model. For the year ended December 31, 2018 there have been no forfeitures of performance share awards. The performance share awards grant date fair value was calculated using a Monte Carlo valuation model with the following assumptions: Risk-free interest rate 2.89 % Dividend yield 2.95 % Expected volatility 39.04 % The risk-free interest rate for the remaining performance period as of the grant date is based on a linear interpolation of published yields of traded U.S. Treasury Interest-Only STRIP Bonds. The dividend yield assumption is based on the annualized most recent quarterly dividend divided by the stock price on the grant date. The assumption for the expected volatility of the Company’s stock price reflects the average of PBF Energy’s common stock historical and implied volatility. As of December 31, 2018 , unrecognized compensation cost related to performance share unit awards was $8,303 , which is expected to be recognized over a weighted average period of two years. Performance Unit awards In October 2018, the Company granted 7,279,188 performance unit awards, with a fair value of $0.92 at December 31, 2018, to certain officers of the Company. The Performance Cycle and payout methodology for the performance unit awards is consistent with that of the performance share units. The performance units will vest on December 31, 2020, subject to forfeiture or acceleration under certain circumstances set forth in the award agreement. The performance unit awards are dollar denominated with a target value of $1.00 , with actual payout of up to $2.00 per unit (or 200 percent of target). The performance unit awards are settled in cash based on the payout amount determined at the end of the performance cycle. The Company accounts for the performance unit awards as liability awards which the Company recorded at fair market value on the date of grant. Subsequently, the performance unit awards will be marked-to-market at the end of each fiscal quarter by application of a Monte Carlo simulation model. For the year ended December 31, 2018 there have been no forfeitures of performance unit awards. As of December 31, 2018 , unrecognized compensation cost related to performance unit awards was $6,182 , which is expected to be recognized over a weighted average period of two years. PBFX Phantom Units PBF GP’s board of directors adopted the PBF Logistics LP 2014 Long-Term Incentive Plan (the “PBFX LTIP”) in connection with the completion of the PBFX Offering. The PBFX LTIP is for the benefit of employees, consultants, service providers and non-employee directors of the general partner and its affiliates. In the years ended December 31, 2018 , 2017 and 2016 , PBFX issued phantom unit awards under the PBFX LTIP to certain directors, officers and employees of our general partner or its affiliates as compensation. The fair value of each phantom unit on the grant date is equal to the market price of PBFX’s common unit on that date. The estimated fair value of PBFX’s phantom units is amortized over the vesting period of four years , using the straight-line method. Total unrecognized compensation cost related to PBFX’s nonvested phantom units totaled $7,032 and $6,662 as of December 31, 2018 and 2017 , respectively, which is expected to be recognized over a weighted-average period of four years . The fair value of nonvested service phantom units outstanding as of December 31, 2018 and 2017 , totaled $14,714 and $13,845 , respectively. A summary of PBFX’s unit award activity for the years ended December 31, 2018 , 2017 and 2016 is set forth below: Number of Phantom Units Weighted Average Grant Date Fair Value Nonvested at January 1, 2016 403,375 $ 25.06 Granted 284,854 19.95 Vested (116,349 ) 25.24 Forfeited (7,000 ) 23.20 Nonvested at December 31, 2016 564,880 $ 22.47 Granted 319,940 20.97 Vested (217,171 ) 23.15 Forfeited (24,875 ) 21.23 Nonvested at December 31, 2017 642,774 $ 21.54 Granted 328,052 19.95 Vested (233,993 ) 22.71 Forfeited (20,125 ) 18.81 Nonvested at December 31, 2018 716,708 $ 20.53 The PBFX LTIP provides for the issuance of distribution equivalent rights (“DERs”) in connection with phantom unit awards. A DER entitles the participant, upon vesting of the related phantom units, to a mandatory cash payments equal to the product of the number of vested phantom unit awards and the cash distribution per common unit paid by PBFX to its common unitholders. Cash payments made in connection with DERs are charged to partners’ equity, accrued and paid upon vesting. |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS Defined Contribution Plan The Company’s defined contribution plan covers all employees. Employees are eligible to participate as of the first day of the month following 30 days of service. Participants can make basic contributions up to 50 percent of their annual salary subject to Internal Revenue Service limits. The Company matches participants’ contributions at the rate of 200 percent of the first 3 percent of each participant’s total basic contribution based on the participant’s total annual salary. The Company’s contribution to the qualified defined contribution plans was $26,310 , $23,321 and $19,746 for the years ended December 31, 2018 , 2017 and 2016 , respectively. Defined Benefit and Post-Retirement Medical Plans The Company sponsors a noncontributory defined benefit pension plan (the “Qualified Plan”) with a policy to fund pension liabilities in accordance with the limits imposed by the Employee Retirement Income Security Act of 1974 (“ERISA”) and Federal income tax laws. In addition, the Company sponsors a supplemental pension plan covering certain employees, which provides incremental payments that would have been payable from the Company’s principal pension plan, were it not for limitations imposed by income tax regulations (the “Supplemental Plan”). The funded status is measured as the difference between plan assets at fair value and the projected benefit obligation which is to be recognized in the consolidated balance sheet. The plan assets and benefit obligations are measured as of the consolidated balance sheet date. The non-union Delaware City employees and all Paulsboro, Toledo, Chalmette and Torrance employees became eligible to participate in the Company’s defined benefit plans as of the respective acquisition dates. The union Delaware City employees became eligible to participate in the Company’s defined benefit plans upon commencement of normal operations. The Company did not assume any of the employees’ pension liability accrued prior to the respective acquisitions. The Company formed the Post-Retirement Medical Plan on December 31, 2010 to provide health care coverage continuation from date of retirement to age 65 for qualifying employees associated with the Paulsboro acquisition. The Company credited the qualifying employees with their prior service under Valero which resulted in the recognition of a liability for the projected benefit obligation. The Post-Retirement Medical Plan was amended during 2013 to include all corporate employees, amended in 2014 to include Delaware City and Toledo employees, amended in 2015 to include Chalmette employees and amended in 2016 to include Torrance employees. The changes in the benefit obligation, the changes in fair value of plan assets, and the funded status of the Company’s Pension and Post-Retirement Medical Plans as of and for the years ended December 31, 2018 and 2017 were as follows: Pension Plans Post-Retirement Medical Plan 2018 2017 2018 2017 Change in benefit obligation: Benefit obligation at beginning of year $ 185,231 $ 135,508 $ 21,527 $ 22,740 Service cost 47,344 40,572 1,148 1,263 Interest cost 5,793 4,336 620 688 Plan amendments — 462 — — Plan settlements — (4,881 ) — — Benefit payments (7,214 ) (4,034 ) (562 ) (693 ) Actuarial (gain) loss (12,811 ) 13,268 (3,388 ) (2,471 ) Projected benefit obligation at end of year $ 218,343 $ 185,231 $ 19,345 $ 21,527 Change in plan assets: Fair value of plan assets at beginning of year $ 121,652 $ 75,367 $ — $ — Actual return on plan assets (6,148 ) 14,019 — — Benefits paid (7,214 ) (4,034 ) (562 ) (693 ) Plan settlements — (4,881 ) — — Employer contributions 35,081 41,181 562 693 Fair value of plan assets at end of year $ 143,371 $ 121,652 $ — $ — Reconciliation of funded status: Fair value of plan assets at end of year $ 143,371 $ 121,652 $ — $ — Less benefit obligations at end of year 218,343 185,231 19,345 21,527 Funded status at end of year $ (74,972 ) $ (63,579 ) $ (19,345 ) $ (21,527 ) The accumulated benefit obligations for the Company’s Pension Plans exceed the fair value of the assets of those plans at December 31, 2018 and 2017 . The accumulated benefit obligation for the defined benefit plans approximated $184,531 and $148,011 at December 31, 2018 and 2017 , respectively. Benefit payments, which reflect expected future services that the Company expects to pay are as follows for the years ended December 31: Pension Benefits Post-Retirement Medical Plan 2019 $ 11,155 $ 1,342 2020 13,039 1,605 2021 16,570 1,726 2022 19,991 1,761 2023 19,228 1,746 Years 2024-2028 136,559 9,121 The Company’s funding policy for its defined benefit plans is to contribute amounts sufficient to meet legal funding requirements, plus any additional amounts that may be appropriate considering the funded status of the plans, tax consequences, the cash flow generated by the Company and other factors. The Company plans to contribute approximately $34,000 to the Company’s Pension Plans during 2019 . The components of net periodic benefit cost were as follows for the years ended December 31, 2018 , 2017 and 2016 : Pension Benefits Post-Retirement Medical Plan 2018 2017 2016 2018 2017 2016 Components of net periodic benefit cost: Service cost $ 47,344 $ 40,572 $ 36,359 $ 1,148 $ 1,263 $ 1,047 Interest cost 5,793 4,336 3,096 620 688 528 Expected return on plan assets (8,540 ) (5,766 ) (4,681 ) — — — Settlement loss recognized — 993 — — — — Amortization of prior service cost 85 53 53 646 646 541 Amortization of actuarial loss 285 452 1,043 — — — Net periodic benefit cost $ 44,967 $ 40,640 $ 35,870 $ 2,414 $ 2,597 $ 2,116 Lump sum payments made by the Supplemental Plan to employees retiring in 2018 did not exceed the Plan’s total service and interest costs expected for 2018. Lump sum payments made by the Supplemental Plan to employees retiring in 2017 exceeded the Plan’s total service and interest costs expected for 2017. Settlement losses are required to be recorded when lump sum payments exceed total service and interest costs. As a result, the 2017 pension expense included a settlement expense related to our cumulative lump sum payments made during the year ended December 31, 2017. The pre-tax amounts recognized in other comprehensive income (loss) for the years ended December 31, 2018 , 2017 and 2016 were as follows: Pension Benefits Post-Retirement Medical Plan 2018 2017 2016 2018 2017 2016 Prior service costs $ — $ 462 $ — $ — $ — $ 2,524 Net actuarial loss (gain) 1,877 5,015 176 (3,388 ) (2,471 ) 1,487 Amortization of losses and prior service cost (826 ) (1,410 ) (1,096 ) (646 ) (646 ) (541 ) Total changes in other comprehensive income (loss) $ 1,051 $ 4,067 $ (920 ) $ (4,034 ) $ (3,117 ) $ 3,470 The pre-tax amounts in accumulated other comprehensive income (loss) as of December 31, 2018 , and 2017 that have not yet been recognized as components of net periodic costs were as follows: Pension Benefits Post-Retirement Medical Plan 2018 2017 2018 2017 Prior service costs $ (799 ) $ (885 ) $ (4,691 ) $ (5,337 ) Net actuarial (loss) gain (24,136 ) (22,544 ) 3,981 593 Total $ (24,935 ) $ (23,429 ) $ (710 ) $ (4,744 ) The following pre-tax amounts included in accumulated other comprehensive income (loss) as of December 31, 2018 are expected to be recognized as components of net periodic benefit cost during the year ended December 31, 2019 : Pension Benefits Post-Retirement Medical Plan Amortization of prior service costs $ (86 ) $ (646 ) Amortization of net actuarial (loss) gain (180 ) 135 Total $ (266 ) $ (511 ) The weighted average assumptions used to determine the benefit obligations as of December 31, 2018 , and 2017 were as follows: Qualified Plan Supplemental Plan Post-Retirement Medical Plan 2018 2017 2018 2017 2018 2017 Discount rate - benefit obligations 4.22 % 3.58 % 4.17 % 3.55 % 3.99 % 3.33 % Rate of compensation increase 4.55 % 4.53 % 5.00 % 5.00 % — — The weighted average assumptions used to determine the net periodic benefit costs for the years ended December 31, 2018 , 2017 and 2016 were as follows: Qualified Plan Supplemental Plan Post-Retirement Medical Plan 2018 2017 2016 2018 2017 2016 2018 2017 2016 Discount rates: Effective rate for service cost 3.62 % 4.15 % 4.15 % 3.58 % 4.17 % 4.17 % 3.59 % 4.10 % 4.10 % Effective rate for interest cost 3.21 % 3.38 % 3.38 % 3.15 % 3.20 % 3.20 % 2.97 % 3.11 % 3.11 % Effective rate for interest on service cost 3.32 % 3.59 % 3.59 % 3.24 % 3.63 % 3.63 % 3.46 % 3.84 % 3.84 % Expected long-term rate of return on plan assets 6.25 % 6.50 % 7.00 % N/A N/A N/A N/A N/A N/A Rate of compensation increase 4.53 % 4.81 % 4.81 % 5.00 % 5.50 % 5.50 % N/A N/A N/A The assumed health care cost trend rates as of December 31, 2018 and 2017 were as follows: Post-Retirement Medical Plan 2018 2017 Health care cost trend rate assumed for next year 5.8 % 6.0 % Rate to which the cost trend rate was assumed to decline (the ultimate trend rate) 4.5 % 4.5 % Year that the rate reaches the ultimate trend rate 2038 2038 Assumed health care cost trend rates have a significant effect on the amounts reported for retiree health care plans. A one percentage-point change in assumed health care cost trend rates would have the following effects on the medical post-retirement benefits: 1% Increase 1% Decrease Effect on total service and interest cost components $ 11 $ (10 ) Effect on accumulated post-retirement benefit obligation 237 (226 ) The table below presents the fair values of the assets of the Company’s Qualified Plan as of December 31, 2018 and 2017 by level of fair value hierarchy. Assets categorized in Level 2 of the hierarchy consist of collective trusts and are measured at fair value based on the closing net asset value (“NAV”) as determined by the fund manager and reported daily. As noted above, the Company’s post-retirement medical plan is funded on a pay-as-you-go basis and has no assets. Fair Value Measurements Using NAV as Practical Expedient (Level 2) December 31, 2018 2017 Equities: Domestic equities $ 34,800 $ 36,582 Developed international equities 19,201 17,236 Emerging market equities 10,263 8,474 Global low volatility equities 11,437 9,983 Fixed-income 59,680 45,469 Real Estate 7,905 — Cash and cash equivalents 85 3,908 Total $ 143,371 $ 121,652 The Company’s investment strategy for its Qualified Plan is to achieve a reasonable return on assets that supports the plan’s interest credit rating, subject to a moderate level of portfolio risk that provides liquidity. Consistent with these financial objectives as of December 31, 2018 , the plan’s target allocations for plan assets are 54% invested in equity securities, 40% fixed income investments and 6% in real estate. Equity securities include international stocks and a blend of U.S. growth and value stocks of various sizes of capitalization. Fixed income securities include bonds and notes issued by the U.S. government and its agencies, corporate bonds, and mortgage-backed securities. The aggregate asset allocation is reviewed on an annual basis. The overall expected long-term rate of return on plan assets for the Qualified Plan is based on the Company’s view of long-term expectations and asset mix. |
REVENUES
REVENUES | 12 Months Ended |
Dec. 31, 2018 | |
Oil and Gas Revenue [Abstract] | |
REVENUES | REVENUES Adoption of ASC 606, “Revenue from Contracts with Customers” Prior to January 1, 2018, the Company recognized revenue from customers when all of the following criteria were met: (i) persuasive evidence of an exchange arrangement existed, (ii) delivery had occurred or services had been rendered, (iii) the buyer’s price was fixed or determinable and (iv) collectability was reasonably assured. Amounts billed in advance of the period in which the service was rendered or product delivered were recorded as deferred revenue. Effective January 1, 2018, the Company adopted ASC 606. As a result, the Company has changed its accounting policy for the recognition of revenue from contracts with customers as detailed below. The Company adopted ASC 606 using the modified retrospective method, which has been applied for the year ended December 31, 2018 . The Company has applied ASC 606 only to those contracts that were not complete as of January 1, 2018. As such, the financial information for prior periods has not been adjusted and continues to be reported under ASC 605. The Company did not record a cumulative effect adjustment upon initially applying ASC 606 as there was not a significant impact upon adoption; however, the details of significant qualitative and quantitative disclosure changes upon implementing ASC 606 are detailed below. Revenue Recognition Revenues are recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. As described in “Note 20 - Segment Information”, the Company’s business consists of the Refining Segment and Logistics Segment. The following table provides information relating to the Company’s revenues for each product or group of similar products or services by segment for the periods presented. Year Ended December 31, 2018 2017 2016 Refining Segment: Gasoline and distillates $ 23,032,567 $ 18,316,079 $ 14,017,350 Feedstocks and other 1,372,343 1,215,693 374,800 Asphalt and blackoils 1,592,936 1,162,339 699,966 Chemicals 842,768 770,491 554,392 Lubricants 321,465 305,101 260,358 Total Revenues $ 27,162,079 $ 21,769,703 $ 15,906,866 Logistics Segment: Logistics 283,440 257,588 189,006 Total revenue prior to eliminations $ 27,445,519 $ 22,027,291 $ 16,095,872 Elimination of intercompany revenue (259,426 ) (240,654 ) (175,448 ) Total Revenues $ 27,186,093 $ 21,786,637 $ 15,920,424 The majority of the Company’s revenues are generated from the sale of refined petroleum products reported in the Refining segment. These revenues are largely based on the current spot (market) prices of the products sold, which represent consideration specifically allocable to the products being sold on a given day, and the Company recognizes those revenues upon delivery and transfer of title to the products to our customers. The time at which delivery and transfer of title occurs is the point when the Company’s control of the products is transferred to the Company’s customers and when its performance obligation to its customers is fulfilled. Delivery and transfer of title are specifically agreed to between the Company and customers within the contracts. The Refining segment also has contracts which contain fixed pricing, tiered pricing, minimum volume features with makeup periods, or other factors that have not materially been affected by ASC 606. Logistics segment revenue is generated by charging fees for crude oil and refined products terminaling, storing and pipeline services based on the greater of contractual minimum volume commitments, as applicable, or the delivery of actual volumes based on contractual rates applied to throughput or storage volumes. A majority of the Company’s logistics revenues are generated between intercompany transactions and are eliminated in consolidation. Deferred Revenues The Company records deferred revenues when cash payments are received or are due in advance of performance, including amounts which are refundable. Deferred revenue was $20,086 and $8,933 as of December 31, 2018 and December 31, 2017 , respectively. Fluctuations in the deferred revenue balance are primarily driven by the timing and extent of cash payments received or due in advance of satisfying the Company’s performance obligations. The Company’s payment terms vary by type and location of customers and the products offered. The period between invoicing and when payment is due is not significant (i.e. generally within two months). For certain products or services and customer types, the Company requires payment before the products or services are delivered to the customer. Significant Judgment and Practical Expedients For performance obligations related to sales of products, the Company has determined that customers are able to direct the use of, and obtain substantially all of the benefits from, the products at the point in time that the products are delivered. The Company has determined that the transfer of control upon delivery to the customer’s requested destination accurately depicts the transfer of goods. Upon the delivery of the products and transfer of control, the Company generally has the present right to payment and the customers bear the risks and rewards of ownership of the products. The Company has elected the practical expedient to not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which the Company recognizes revenue at the amount to which it has the right to invoice for services performed. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES PBF Energy is required to file federal and applicable state corporate income tax returns and recognizes income taxes on its pre-tax income, which to-date has consisted primarily of its share of PBF LLC’s pre-tax income (see “Note 14 - Stockholders’ and Members’ Equity Structure”). PBF LLC is organized as a limited liability company and PBFX is an MLP, both of which are treated as “flow-through” entities for federal income tax purposes and therefore are not subject to income taxes apart from the income tax attributable to the two subsidiaries acquired in connection with the acquisition of Chalmette Refining and PBF Holding’s wholly-owned Canadian subsidiary, PBF Ltd., that are treated as C-Corporations for income tax purposes. Tax Cuts and Jobs Act On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the TCJA. The TCJA makes broad and complex changes to the U.S. tax code, including, but not limited to, (1) reducing the U.S. federal corporate tax rate from 35 percent to 21 percent; (2) requiring companies to pay a one-time transition tax on certain unrepatriated earnings of foreign subsidiaries (the “Transition Tax”); (3) generally eliminating U.S. federal income taxes on dividends from foreign subsidiaries; (4) requiring a current inclusion in U.S. federal taxable income of certain earnings of controlled foreign corporations; (5) eliminating the corporate alternative minimum tax (“AMT”) and changing how existing AMT credits can be realized; (6) creating the base erosion anti-abuse tax (“BEAT”), a new minimum tax; (7) creating a new limitation on deductible interest expense; and (8) changing rules related to uses and limitations of net operating loss carryforwards created in tax years beginning after December 31, 2017. In connection with the enactment of the TCJA, PBF Energy recorded a net tax expense of $20,153 in the year ending December 31, 2017 as further discussed below. The other legislative areas within TCJA, such as the Transition Tax and the Global Low-Taxed Intangible Income, did not have a material impact on the provision for income taxes. Additionally, the new legislation did not have any impact on the need for a valuation allowance. Given the Company’s reversing taxable temporary differences and history of generating book income, no valuation allowances have been provided for all periods presented. The Company has completed its accounting for the impact of the TCJA and has recorded no additional material items. The income tax provision in the PBF Energy consolidated statements of operations consists of the following: Year Ended Year Ended Year Ended Current expense (benefit): Federal $ 766 $ 1,534 $ (87,829 ) Foreign — 75 — State — 142 (19,279 ) Total current 766 1,751 (107,108 ) Deferred expense (benefit): Federal 18,693 250,042 205,502 Foreign 7,221 (3,595 ) (8,412 ) State 6,827 67,386 47,668 Total deferred 32,741 313,833 244,758 Total provision for income taxes $ 33,507 $ 315,584 $ 137,650 The difference between PBF Energy’s effective income tax rate and the United States statutory rate is reconciled below: Year Ended Year Ended Year Ended Provision at Federal statutory rate 21.0 % 35.0 % 35.0 % Increase (decrease) attributable to flow-through of certain tax adjustments: State income taxes (net of federal income tax) 5.0 % 4.6 % 4.6 % Nondeductible/nontaxable items 1.0 % 0.2 % 0.1 % Manufacturer’s benefit deduction — % — % 1.9 % Rate differential from foreign jurisdictions 0.9 % 0.3 % 1.5 % Provision to return adjustment (4.0 )% — % (0.4 )% Adjustment to deferred tax assets and liabilities for change in tax rates — % 2.8 % 1.7 % Stock-based compensation (2.6 )% — % — % Other (0.6 )% 0.3 % 0.2 % Effective tax rate 20.7 % 43.2 % 44.6 % PBF Energy’s effective income tax rate for the years ended December 31, 2018 , 2017 and 2016 , including the impact of income attributable to noncontrolling interests of $46,976 , $67,914 and $54,707 , respectively, was 16.0% , 39.5% and 37.9% , respectively. For the year ended December 31, 2018, the main drivers of PBF Energy’s reduced effective tax rate related to the treatment of stock-based compensation excess tax benefits under recently adopted ASU No. 2017-09, “Compensation—Stock Compensation”, and the provision to return adjustments primarily attributable to the state business mix apportionment. During 2017, PBF Energy made a one-time adjustment to deferred tax assets and liabilities in relation to the TCJA. The net result of the adjustment was a charge of approximately $20,153 , or an increase to the tax rate of 2.8% . Under GAAP, PBF Energy is required to recognize the effect of the TCJA in the period of enactment. As such, net income tax expense recorded in 2017 consisted of a net tax expense of $193,499 associated with the remeasurement of Tax Receivable Agreement associated deferred tax assets and a net tax benefit of $173,346 for the reduction of our deferred tax liabilities as a result of the TCJA. For years starting before January 1, 2018, the Company’s foreign earnings are taxed at a lower income tax rate as compared to its domestic operations. Accordingly, the Company recognized an income tax expense in 2017 as its foreign entity’s operations resulted in a loss. Adjustments to deferred tax assets and liabilities for changes in tax rates in 2016 were a result of changes in business mix, including the 2016 acquisition of the Torrance refinery and related logistics assets in California. For financial reporting purposes, income (loss) before income taxes attributable to PBF Energy Inc. stockholders includes the following components: Year Ended Year Ended Year Ended United States $ 134,318 $ 749,559 $ 343,875 Foreign 27,504 (18,458 ) (35,414 ) Total income before income taxes attributable to PBF Energy Inc. stockholders $ 161,822 $ 731,101 $ 308,461 A summary of the components of PBF Energy’s deferred tax assets and deferred tax liabilities consists of the following: December 31, 2018 December 31, 2017 Deferred tax assets Purchase interest step-up $ 306,231 $ 325,405 Inventory 46,958 — Pension, employee benefits and compensation 55,103 40,455 Hedging 3,127 24,175 Net operating loss carry forwards 134,672 137,887 Environmental liabilities 38,121 38,388 Other 2,749 3,709 Total deferred tax assets 586,961 570,019 Valuation allowances — — Total deferred tax assets, net 586,961 570,019 Deferred tax liabilities Property, plant and equipment 578,826 528,336 Inventory — 21,200 Total deferred tax liabilities 578,826 549,536 Net deferred tax assets $ 8,135 $ 20,483 As of December 31, 2018, PBF Energy has federal and state income tax net operating loss carry forwards of $546,053 and $300,956 , respectively. The federal net operating loss carry forward was generated in years prior to 2018 and expires in varying amounts through 2037. The state net operating loss carry forwards expire at various dates from 2028 through 2038. The Company has not recorded any valuation allowances against these assets, as it is deemed “more likely than not” that the deferred tax assets will be realized, based on the Company’s historical earnings, forecasted income, and the reversal of temporary differences. The reported income tax expense (benefit) in the PBF LLC consolidated statements of operations consists of the following: Year Ended Year Ended Year Ended Current income tax expense (benefit) $ 766 $ 1,743 $ 3,887 Deferred income tax (benefit) expense 7,233 (12,526 ) 19,802 Total income tax expense (benefit) $ 7,999 $ (10,783 ) $ 23,689 During the preparation of the financial statements for the first quarter of 2016, management determined that the deferred income tax liabilities for PBF Ltd. were understated for prior periods. For the three months ended March 31, 2016, the Company incurred $30,602 of deferred tax expense and $121 of current tax expense relating to a correction of prior periods. Income tax years that remain subject to examination by material jurisdictions, where an examination has not already concluded are all years including and subsequent to: United States Federal 2015 New Jersey 2013 Michigan 2014 Delaware 2015 Indiana 2015 Pennsylvania 2015 New York 2015 Louisiana 2015 California 2016 The Company does not have any unrecognized tax benefits. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2018 | |
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 five refineries, including certain related logistics assets that are not owned by PBFX. The Company’s refineries are located in Delaware City, Delaware, Paulsboro, New Jersey, Toledo, Ohio, New Orleans, Louisiana and Torrance, California. 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, Midwest, Gulf Coast and West Coast 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. Logistics The Company’s Logistics segment is comprised of PBFX, a publicly-traded MLP, formed 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 primarily consist of rail and truck terminals and unloading racks, tank farms and pipelines that were acquired from or contributed by PBF LLC and are located at, or nearby, the Company’s refineries. PBFX provides various rail, truck and marine terminaling services, pipeline transportation services and storage services to PBF Holding and/or its subsidiaries and third-party customers through fee-based commercial agreements. PBFX currently does not generate significant third-party revenue and intersegment related-party revenues are eliminated in consolidation. From a PBF Energy and PBF LLC perspective, the Company’s chief operating decision maker evaluates the Logistics segment as a whole without regard to any of PBFX’s individual operating segments. 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 intersegment 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 non-operating income and expense items, 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. Total assets of each segment consist of 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 the Company’s refinery and logistic operations. Disclosures regarding the Company’s reportable segments with reconciliations to consolidated totals for the years ended December 31, 2018 , 2017 and 2016 are presented below. In connection with the contribution by PBF LLC of the limited liability interests of the Development Assets to PBFX, the accompanying segment information has been retrospectively adjusted to include the historical results of the Development Assets in the Logistics segment for all periods presented prior to such contribution. Additionally, in connection with the adoption of ASU 2017-07, the accompanying segment information has been retrospectively adjusted for all periods presented, to reflect the reclassification of certain net periodic benefit costs from Operating expenses and General and administrative expenses to Other income (expense). PBF Energy Year Ended December 31, 2018 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 27,162,079 $ 283,440 $ — $ (259,426 ) $ 27,186,093 Depreciation and amortization expense 329,317 29,809 10,634 — 369,760 Income (loss) from operations (1) 498,287 143,870 (266,218 ) (17,819 ) 358,120 Interest expense, net 7,601 43,033 119,277 — 169,911 Capital expenditures (2) 552,020 175,696 6,171 — 733,887 Year Ended December 31, 2017 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 21,769,703 $ 257,588 $ — $ (240,654 ) $ 21,786,637 Depreciation and amortization expense 253,588 24,404 12,964 — 290,956 Income (loss) from operations (1) 814,033 143,379 (211,227 ) (14,565 ) 731,620 Interest expense, net 4,695 33,363 116,369 — 154,427 Capital expenditures (3) 633,294 90,258 3,483 — 727,035 Year Ended December 31, 2016 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 15,906,866 $ 189,006 $ — $ (175,448 ) $ 15,920,424 Depreciation and amortization expense 200,935 15,406 5,835 — 222,176 Income (loss) from operations 557,839 105,240 (157,937 ) (5,679 ) 499,463 Interest expense, net 2,938 30,433 116,674 — 150,045 Capital expenditures (4) 1,468,696 123,946 20,229 — 1,612,871 Balance at December 31, 2018 Refining Logistics Corporate Eliminations Consolidated Total Total assets (5) $ 6,988,059 $ 956,353 $ 98,055 $ (37,052 ) $ 8,005,415 Balance at December 31, 2017 Refining Logistics Corporate Eliminations Consolidated Total Total assets (5) $ 7,287,384 $ 748,215 $ 123,211 $ (40,817 ) $ 8,117,993 PBF LLC Year Ended December 31, 2018 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 27,162,079 $ 283,440 $ — $ (259,426 ) $ 27,186,093 Depreciation and amortization expense 329,317 29,809 10,634 — 369,760 Income (loss) from operations (1) 498,287 143,870 (264,468 ) (17,819 ) 359,870 Interest expense, net 7,601 43,033 127,787 — 178,421 Capital expenditures (2) 552,020 175,696 6,171 — 733,887 Year Ended December 31, 2017 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 21,769,703 $ 257,588 $ — $ (240,654 ) $ 21,786,637 Depreciation and amortization expense 253,588 24,404 12,964 — 290,956 Income (loss) from operations (1) 814,033 143,379 (210,902 ) (14,565 ) 731,945 Interest expense, net 4,695 33,363 124,325 — 162,383 Capital expenditures (3) 633,294 90,258 3,483 — 727,035 Year Ended December 31, 2016 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 15,906,866 $ 189,006 $ — $ (175,448 ) $ 15,920,424 Depreciation and amortization expense 200,935 15,406 5,835 — 222,176 Income (loss) from operations 557,839 105,240 (157,737 ) (5,679 ) 499,663 Interest expense, net 2,938 30,433 122,448 — 155,819 Capital expenditures (4) 1,468,696 123,946 20,229 — 1,612,871 Balance at December 31, 2018 Refining Logistics Corporate Eliminations Consolidated Total Total assets (5) $ 6,988,059 $ 956,353 $ 45,676 $ (37,052 ) $ 7,953,036 Balance at December 31, 2017 Refining Logistics Corporate Eliminations Consolidated Total Total assets (5) $ 7,287,384 $ 748,215 $ 44,203 $ (40,817 ) $ 8,038,985 (1) The Logistics segment includes 100% of the income from operations of TVPC as TVPC is consolidated by PBFX. PBFX records net income attributable to noncontrolling interest for the 50% equity interest in TVPC held by PBF Holding. PBF Holding (included in the Refining segment) records equity income in investee related to its 50% noncontrolling ownership interest in TVPC. For the purposes of the Company’s consolidated financial statements, PBF Holding’s equity income in investee and PBFX’s net income attributable to noncontrolling interest eliminate in consolidation. (2) The Logistics segment includes capital expenditures of $58,356 for the PBFX acquisition of the Knoxville Terminals on April 16, 2018 and $74,989 for the PBFX acquisition of the East Coast Storage Assets on October 1, 2018. (3) The Logistics segment includes capital expenditures of $10,097 for the PBFX acquisition of the Toledo Products Terminal on April 17, 2017. (4) The Refining segment includes capital expenditures of $971,932 related to the acquisition of the Torrance refinery and related logistics assets that was completed in the third quarter of 2016. Additionally, the Refining segment includes capital expenditures of $2,659 for the working capital settlement related to the acquisition of the Chalmette refinery that was finalized in the first quarter of 2016. The Logistics segment includes $98,373 for the PBFX Plains Asset Purchase that was completed in the second quarter of 2016. (5) The Logistics segment includes 100% of the assets of TVPC as TVPC is consolidated by PBFX. PBFX records a noncontrolling interest for the 50% equity interest in TVPC held by PBF Holding. PBF Holding (included in the Refining segment) records an equity investment in TVPC reflecting its noncontrolling ownership interest. For the purposes of the Company’s consolidated financial statements, PBFX’s noncontrolling interest in TVPC and PBF Holding’s equity investment in TVPC eliminate in consolidation. |
NET INCOME PER SHARE OF PBF ENE
NET INCOME PER SHARE OF PBF ENERGY | 12 Months Ended |
Dec. 31, 2018 | |
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 share of PBF Energy Class A common stock attributable to PBF Energy for the periods presented: Year Ended December 31, Basic Earnings Per Share: 2018 2017 2016 Allocation of earnings: Net income attributable to PBF Energy Inc. stockholders $ 128,315 $ 415,517 $ 170,811 Less: Income allocated to participating securities 748 1,043 — Income available to PBF Energy Inc. stockholders - basic $ 127,567 $ 414,474 $ 170,811 Denominator for basic net income per PBF Energy Class A common share-weighted average shares 115,190,262 109,779,407 98,334,302 Basic net income attributable to PBF Energy per Class A common share $ 1.11 $ 3.78 $ 1.74 Diluted Earnings Per Share: Numerator: Income available to PBF Energy Inc. stockholders - basic $ 127,567 $ 414,474 $ 170,811 Plus: Net income attributable to noncontrolling interest (1) 4,668 16,746 14,903 Less: Income tax expense on net income attributable to noncontrolling interest (1) (1,214 ) (6,633 ) (5,821 ) Numerator for diluted net income per Class A common share - net income attributable to PBF Energy Inc. stockholders (1) $ 131,021 $ 424,587 $ 179,893 Denominator (1) : Denominator for basic net income per PBF Energy Class A common share-weighted average shares 115,190,262 109,779,407 98,334,302 Effect of dilutive securities: Conversion of PBF LLC Series A Units 1,938,089 3,823,783 4,865,133 Common stock equivalents (2) 1,645,255 295,655 407,274 Denominator for diluted net income per PBF Energy Class A common share-adjusted weighted average shares 118,773,606 113,898,845 103,606,709 Diluted net income attributable to PBF Energy Inc. stockholders per Class A common share $ 1.10 $ 3.73 $ 1.74 —————————— (1) The diluted earnings per share calculation generally assumes the conversion of all outstanding PBF LLC Series A Units to PBF Energy Class A common stock. 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 26.0% , 39.6% and 39.1% annualized statutory corporate tax rate for the years ended December 31, 2018 , 2017 and 2016 ) attributable to the converted 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 performance share units and options for shares of PBF Energy Class A common stock as calculated under the treasury stock method (to the extent the impact of such exchange would not be anti-dilutive). Common stock equivalents exclude the effects of options and warrants to purchase 1,293,242 , 6,820,275 and 5,701,750 shares of PBF Energy Class A common stock and PBF LLC Series A Units because they are anti-dilutive for the years ended December 31, 2018, 2017 and 2016 , respectively. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS The tables below present information about the Company’s financial assets and liabilities measured and recorded at fair value on a recurring basis and indicate the fair value hierarchy of the inputs utilized to determine the fair values as of December 31, 2018 and 2017 . 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 consolidated balance sheet. As of December 31, 2018 Fair Value Hierarchy Level 1 Level 2 Level 3 Total Gross Fair Value Effect of Counter-party Netting Net Carrying Value on Balance Sheet Assets: Money market funds $ 16,702 $ — $ — $ 16,702 N/A $ 16,702 Commodity contracts 1,230 8,872 10,102 (2,895 ) 7,207 Derivatives included with inventory intermediation agreement obligations — 24,069 — 24,069 — 24,069 Liabilities: Commodity contracts 2,685 210 — 2,895 (2,895 ) — Catalyst lease obligations — 44,353 — 44,353 — 44,353 As of December 31, 2017 Fair Value Hierarchy Level 1 Level 2 Level 3 Total Gross Fair Value Effect of Counter-party Netting Net Carrying Value on Balance Sheet Assets: Money market funds $ 4,730 $ — $ — $ 4,730 N/A $ 4,730 Commodity contracts 10,031 357 — 10,388 (10,388 ) — Liabilities: Commodity contracts 51,673 33,035 — 84,708 (10,388 ) 74,320 Catalyst lease obligations — 59,048 — 59,048 — 59,048 Derivatives included with inventory intermediation agreement obligations — 7,721 — 7,721 — 7,721 The valuation methods used to measure financial instruments at fair value are as follows: • Money market funds categorized in Level 1 of the fair value hierarchy are measured at fair value based on quoted market prices and included within Cash and cash equivalents. • The commodity contracts categorized in Level 1 of the fair value hierarchy are measured at fair value based on quoted prices in an active market. The commodity contracts categorized in Level 2 of the fair value hierarchy are measured at fair value using a market approach based upon future commodity prices for similar instruments quoted in active markets. • The 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 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. Non-qualified pension plan assets are measured at fair value using a market approach based on published net asset values of mutual funds as a practical expedient. As of December 31, 2018 and 2017 , $9,694 and $9,593 , respectively, were included within Deferred charges and other assets, net for these non-qualified pension plan assets. The table below summarizes the changes in fair value measurements of commodity contracts categorized in Level 3 of the fair value hierarchy: Year Ended December 31, 2018 2017 Balance at beginning of period $ — $ (84 ) Purchases — — Settlements — 45 Unrealized gain (loss) included in earnings — 39 Transfers into Level 3 — — Transfers out of Level 3 — — Balance at end of period $ — $ — There were no transfers between levels during the years ended December 31, 2018 and 2017 , respectively. Fair value of debt The table below summarizes the fair value and carrying value of debt as of December 31, 2018 and 2017 . December 31, 2018 December 31, 2017 Carrying value Fair value Carrying value Fair value 2025 Senior Notes (a) $ 725,000 $ 688,420 $ 725,000 $ 763,945 2023 Senior Notes (a) (e) 500,000 479,387 500,000 522,101 PBFX 2023 Senior Notes (a) 527,819 515,336 528,374 544,118 PBF Rail Term Loan (b) 21,554 21,554 28,366 28,366 Catalyst leases (c) 44,353 44,353 59,048 59,048 PBFX Revolving Credit Facility (b) (d) 156,000 156,000 29,700 29,700 Revolving Credit Facility (b) — — 350,000 350,000 1,974,726 1,905,050 2,220,488 2,297,278 Less - Current debt (c) (2,378 ) (2,378 ) (10,987 ) (10,987 ) Less - Unamortized deferred financing costs (41,032 ) n/a (34,459 ) n/a Long-term debt $ 1,931,316 $ 1,902,672 $ 2,175,042 $ 2,286,291 (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 Notes and PBFX 2023 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. During 2017 Delaware City Refining entered into two platinum bridge leases which were settled during the second quarter of 2018. During 2018 Delaware City Refining, Toledo Refining and Chalmette Refining entered into three new platinum bridge leases which will expire in 2019. The bridge leases are payable at maturity and are not anticipated to be renewed. The total outstanding balance related to these bridge leases as of December 31, 2018 was $2,378 and is included in Current debt in the Company’s consolidated balance sheet. (d) On October 1, 2018, PBFX borrowed $75,000 to fund the East Coast Storage Acquisition. Refer to “Note 3 - PBF Logistics LP” for more details. (e) As discussed in “Note 9 - Credit Facility and Debt”, these notes became unsecured following the Collateral Fall-Away Event on May 30, 2017. |
DERIVATIVES
DERIVATIVES | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES | DERIVATIVES The Company uses derivative instruments to mitigate certain exposures to commodity price risk. The Company entered into the Inventory Intermediation Agreements that contain purchase obligations for certain volumes of intermediates and refined products. The purchase obligations related to 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 intermediates and refined products. The level of activity for these derivatives is based on the level of operating inventories. As of December 31, 2018 , there were 3,350,166 barrels of intermediates and refined products ( 3,000,142 barrels at December 31, 2017 ) outstanding under these derivative instruments designated as fair value hedges. These volumes represent the notional value of the contract. The Company also enters into economic hedges primarily consisting of commodity derivative contracts that are not designated as hedges and are used to manage price volatility in certain crude oil and feedstock inventories as well as crude oil, feedstock, and refined product sales or purchases. The objective in entering into economic hedges is consistent with the objectives discussed above for fair value hedges. As of December 31, 2018 , there were 5,801,000 barrels of crude oil and 1,609,000 barrels of refined products ( 22,348,000 and 1,989,000 , respectively, as of December 31, 2017 ), outstanding under short and long term commodity derivative contracts not designated as hedges representing the notional value of the contracts. The following tables provide information about the fair values of these derivative instruments as of December 31, 2018 and December 31, 2017 and the line items in the consolidated balance sheet in which the fair values are reflected. Description Balance Sheet Location Fair Value Asset/(Liability) Derivatives designated as hedging instruments: December 31, 2018: Derivatives included with the inventory intermediation agreement obligations Accrued expenses $ 24,069 December 31, 2017: Derivatives included with the inventory intermediation agreement obligations Accrued expenses $ (7,721 ) Derivatives not designated as hedging instruments: December 31, 2018: Commodity contracts Accounts receivable $ 7,207 December 31, 2017: Commodity contracts Accrued expenses $ (74,320 ) The following table provides information about the gains or losses recognized in income on these derivative instruments and the line items in the consolidated statements of operations 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 year ended December 31, 2018: Derivatives included with the inventory intermediation agreement obligations Cost of products and other $ 31,790 For the year ended December 31, 2017: Derivatives included with the inventory intermediation agreement obligations Cost of products and other $ (13,779 ) For the year ended December 31, 2016 Derivatives included with the inventory intermediation agreement obligations Cost of products and other $ (29,453 ) Derivatives not designated as hedging instruments: For the year ended December 31, 2018: Commodity contracts Cost of products and other $ (123,770 ) For the year ended December 31, 2017: Commodity contracts Cost of products and other $ (85,443 ) For the year ended December 31, 2016 Commodity contracts Cost of products and other $ (55,557 ) Hedged items designated in fair value hedges: For the year ended December 31, 2018: Intermediate and refined product inventory Cost of products and other $ (31,790 ) For the year ended December 31, 2017: Intermediate and refined product inventory Cost of products and other $ 13,779 For the year ended December 31, 2016 Intermediate and refined product inventory Cost of products and other $ 29,453 The Company had no ineffectiveness related to the fair value hedges as of December 31, 2018 , 2017 and 2016 . |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | . SUBSEQUENT EVENTS PBFX IDR Restructuring Agreement On February 13, 2019, PBFX entered into the IDR Restructuring Agreement with PBF GP, pursuant to which the IDRs held by PBF LLC will be canceled and converted into 10,000,000 newly issued PBFX common units. The IDR Restructuring is expected to close on February 28, 2019. Subsequent to the close of the IDR Restructuring, no distributions will be made to PBF LLC with respect to the IDRs and the newly issued common units will be entitled to normal distributions. Dividend Declared On February 14, 2019, PBF Energy announced a dividend of $0.30 per share on outstanding PBF Energy Class A common stock. The dividend is payable on March 14, 2019 to PBF Energy Class A common stockholders of record as of February 28, 2019. PBFX Distributions On February 14, 2019 the Board of Directors of PBF GP announced a distribution of $0.5050 per unit on outstanding common units of PBFX. The distribution is payable on March 14, 2019 to PBFX unitholders of record as of March 1, 2019. |
QUARTERLY FINANCIAL DATA
QUARTERLY FINANCIAL DATA | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY FINANCIAL DATA | QUARTERLY FINANCIAL DATA (unaudited, in thousands, except per share data) The following table summarizes quarterly financial data for the years ended December 31, 2018 and 2017 . PBF Energy 2018 Quarter Ended March 31 June 30 September 30 December 31 Revenues $ 5,802,776 $ 7,444,083 $ 7,646,360 $ 6,292,874 Income (loss) from operations 95,660 422,263 286,433 (446,236 ) Net income (loss) 41,811 287,687 192,466 (346,673 ) Net income (loss) attributable to PBF Energy Inc. stockholders 30,366 272,153 179,538 (353,742 ) Earnings (loss) per common share - assuming dilution $ 0.27 $ 2.37 $ 1.50 $ (2.97 ) PBF Energy 2017 Quarter Ended March 31 June 30 September 30 December 31 Revenues $ 4,754,473 $ 5,017,225 $ 5,478,951 $ 6,535,988 Income (loss) from operations 795 (111,048 ) 587,260 254,613 Net income (loss) (20,030 ) (104,151 ) 347,226 260,386 Net income (loss) attributable to PBF Energy Inc. stockholders (31,077 ) (109,663 ) 314,365 241,892 Earnings (loss) per common share -assuming dilution $ (0.29 ) $ (1.01 ) $ 2.85 $ 2.14 PBF LLC 2018 Quarter Ended March 31 June 30 September 30 December 31 Revenues $ 5,802,776 $ 7,444,083 $ 7,646,360 $ 6,292,874 Income (loss) from operations 95,912 422,704 286,759 (445,505 ) Net income (loss) 51,743 385,622 244,913 (502,132 ) Net income (loss) attributable to PBF Energy Company LLC 41,586 376,196 234,379 (514,323 ) PBF LLC 2017 Quarter Ended March 31 June 30 September 30 December 31 Revenues $ 4,754,473 $ 5,017,225 $ 5,478,951 $ 6,535,988 Income (loss) from operations 831 (110,976 ) 587,308 254,782 Net income (loss) (41,853 ) (183,778 ) 553,077 223,799 Net income (loss) attributable to PBF Energy Company LLC (54,756 ) (195,894 ) 538,345 212,382 During the three months ended December 31, 2018 , the Company recorded an adjustment to value its inventories to the lower of cost or market which resulted in a net pre-tax income charge of $651,734 reflecting the change in the LCM inventory reserve from no LCM inventory reserve at September 30, 2018 to $651,734 at December 31, 2018 . During the three months ended December 31, 2017 , the Company recorded an adjustment to the lower of cost or market which resulted in a net pre-tax income benefit of $197,589 reflecting the change in the LCM inventory reserve from $498,045 at September 30, 2017 to approximately $300,456 at December 31, 2017 . |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Cost Classification Policy [Text Block] | Cost Classifications Cost of products and other consists of the cost of crude oil, other feedstocks, blendstocks and purchased refined products and the related in-bound freight and transportation costs. Operating expenses (excluding depreciation and amortization) consists of direct costs of labor, maintenance and services, utilities, property taxes, environmental compliance costs and other direct operating costs incurred in connection with our refining operations. Such expenses exclude depreciation related to refining and logistics assets that are integral to the refinery production process, which is presented separately as Depreciation and amortization expense as a component of Cost of sales on the Company’s consolidated statements of operations. |
Principles of Consolidation and Presentation | Principles of Consolidation and Presentation These consolidated financial statements include the accounts of PBF Energy and subsidiaries in which PBF Energy has a controlling interest. All intercompany accounts and transactions have been eliminated in consolidation. |
Reclassification, Policy [Policy Text Block] | Reclassification Certain amounts previously reported in the Company’s consolidated financial statements for prior periods have been reclassified to conform to the 2018 presentation. These reclassifications include certain details about the Company’s adoption of ASU 2017-07, further explained below, under Recently Adopted Accounting Guidance. |
Use of Estimates | Use of Estimates The preparation of the financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the related disclosures. Actual results could differ from those estimates. |
Business Combinations | Business Combinations We use the acquisition method of accounting for the recognition of assets acquired and liabilities assumed in business combinations at their estimated fair values as of the date of acquisition. Any excess consideration transferred over the estimated fair values of the identifiable net assets acquired is recorded as goodwill. Significant judgment is required in estimating the fair value of assets acquired. As a result, in the case of significant acquisitions, we obtain the assistance of third-party valuation specialists in estimating fair values of tangible and intangible assets based on available historical information and on expectations and assumptions about the future, considering the perspective of marketplace participants. While management believes those expectations and assumptions are reasonable, they are inherently uncertain. Unanticipated market or macroeconomic events and circumstances may occur, which could affect the accuracy or validity of the estimates and assumptions. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. The carrying amount of the cash equivalents approximates fair value due to the short-term maturity of those instruments |
Marketable Securities | Marketable Securities Debt or equity securities are classified into the following reporting categories: held-to-maturity, trading or available-for-sale securities. The Company does not routinely sell marketable securities prior to their scheduled maturity dates. Some of the Company’s investments may be held and restricted for the purpose of funding future capital expenditures and acquisitions. Such 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 is measured using Level 1 inputs (as defined below). The marketable securities were fully liquidated as of December 31, 2017 and the PBFX Term Loan (as defined in “Note 9 - Credit Facility and Debt”) that they collateralized was repaid in full during the year ended December 31, 2017. |
Concentrations of Credit Risk | Concentrations of Credit Risk For the years ended December 31, 2018 , 2017 and 2016 no single customer amounted to greater than or equal to 10% of the Company’s revenues. No single customer accounted for 10% or more of our total trade accounts receivable as of December 31, 2018 or December 31, 2017 . |
Revenue, Deferred Revenue and Accounts Receivable | Revenue, Deferred Revenue and Accounts Receivable Prior to January 1, 2018, the Company recognized revenue from customers when all of the following criteria were met: (i) persuasive evidence of an exchange arrangement existed, (ii) delivery had occurred or services had been rendered, (iii) the buyer’s price was fixed or determinable and (iv) collectability was reasonably assured. Amounts billed in advance of the period in which the service was rendered or product delivered were recorded as deferred revenue. Effective January 1, 2018, the Company adopted ASC 606, as defined below under “Recently Adopted Accounting Guidance”. As a result, the Company has changed its accounting policy for the recognition of revenue from contracts with customers. Revenues are recognized when control of the promised goods or services is transferred to the customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Refer to “Note 18 - Revenues” for further discussion of the Company’s revenue recognition policy, including deferred revenues and the practical expedients elected as part of the transition to ASC 606. On May 4, 2017 and September 8, 2017, PBF Holding and its subsidiaries, DCR and PRC, entered into amendments to the inventory intermediation agreements (as amended, the “Inventory Intermediation Agreements”) with J. Aron & Company, a subsidiary of The Goldman Sachs Group, Inc. (“J. Aron”), pursuant to which certain terms of the existing inventory intermediation agreements were amended, including, among other things, pricing and an extension of the terms. As a result of the amendments (i) the Inventory Intermediation Agreement by and among J. Aron, PBF Holding and PRC relating to the Paulsboro refinery extends the term to December 31, 2019, which term may be further extended by mutual consent of the parties to December 31, 2020 and (ii) the Inventory Intermediation Agreement by and among J. Aron, PBF Holding and DCR relating to the Delaware City refinery extends the term to July 1, 2019, which term may be further extended by mutual consent of the parties to July 1, 2020. Pursuant to each Inventory Intermediation Agreement, J. Aron continues to purchase and hold title to certain of the intermediate and finished products (the “Products”) produced by the Paulsboro and Delaware City refineries (the “Refineries”), respectively, and delivered into tanks at the Refineries. Furthermore, J. Aron agrees to sell the Products back to the Refineries as the Products are discharged out of the Refineries’ tanks. These purchases and sales are settled monthly at the daily market prices related to those products. These transactions are considered to be made in contemplation of each other and, accordingly, do not result in the recognition of a sale when title passes from the refineries to J. Aron. Additionally, J. Aron has the right to store the Products purchased in tanks under the Inventory Intermediation Agreements and will retain these storage rights for the term of the agreements. PBF Holding continues to market and sell the Products independently to third parties. |
Allowance for Doubtful Accounts | Accounts receivable are carried at invoiced amounts. An allowance for doubtful accounts is established, if required, to report such amounts at their estimated net realizable value. In estimating probable losses, management reviews accounts that are past due and determines if there are any known disputes. There was no allowance for doubtful accounts at December 31, 2018 and 2017 . |
Excise Taxes | Excise taxes on sales of refined products that are collected from customers and remitted to various governmental agencies are reported on a net basis. |
Inventory | Inventory Inventories are carried at the lower of cost or market. The cost of crude oil, feedstocks, blendstocks and refined products are determined under the last-in first-out (“LIFO”) method using the dollar value LIFO method with increments valued based on average purchase prices during the year. The cost of supplies and other inventories is determined principally on the weighted average cost method. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment additions are recorded at cost. The Company capitalizes costs associated with the preliminary, pre-acquisition and development/construction stages of a major construction project. The Company capitalizes the interest cost associated with major construction projects based on the effective interest rate of total borrowings. The Company also capitalizes costs incurred in the acquisition and development of software for internal use, including the costs of software, materials, consultants and payroll-related costs for employees incurred in the application development stage. Depreciation is computed using the straight-line method over the following estimated useful lives: Process units and equipment 5-25 years Pipeline and equipment 5-25 years Buildings 25 years Computers, furniture and fixtures 3-7 years Leasehold improvements 20 years Railcars 50 years Maintenance and repairs are charged to operating expenses as they are incurred. Improvements and betterments, which extend the lives of the assets, are capitalized. |
Deferred Charges and Other Assets, Net | Deferred Charges and Other Assets, Net Deferred charges and other assets include refinery turnaround costs, catalyst, precious metal catalysts, linefill, deferred financing costs and intangible assets. Refinery turnaround costs, which are incurred in connection with planned major maintenance activities, are capitalized when incurred and amortized on a straight-line basis over the period of time estimated to lapse until the next turnaround occurs (generally 3 to 5 years). Precious metal catalysts, linefill and certain other intangibles are considered indefinite-lived assets as they are not expected to deteriorate in their prescribed functions. Such assets are assessed for impairment in connection with the Company’s review of its long-lived assets as indicators of impairment develop. Deferred financing costs are capitalized when incurred and amortized over the life of the loan (generally 1 to 8 years ). |
Finite-Lived Intangible Assets | Intangible assets with finite lives primarily consist of emission credits, permits and customer relationships and are amortized over their estimated useful lives (generally 1 to 10 years ). |
Long-Lived Assets and Definite-Lived Intangibles | Long-Lived Assets and Definite-Lived Intangibles The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate the carrying value may not be recoverable. Impairment is evaluated by comparing the carrying value of the long-lived assets to the estimated undiscounted future cash flows expected to result from use of the assets and their ultimate disposition. If such analysis indicates that the carrying value of the long-lived assets is not considered to be recoverable, the carrying value is reduced to the fair value. Impairment assessments inherently involve judgment as to assumptions about expected future cash flows and the impact of market conditions on those assumptions. Although management utilizes assumptions that it believes are reasonable, future events and changing market conditions may impact management’s assumptions, which could produce different results. |
Asset Retirement Obligations | Asset Retirement Obligations The Company records an asset retirement obligation at fair value for the estimated cost to retire a tangible long-lived asset at the time the Company incurs that liability, which is generally when the asset is purchased, constructed, or leased. The Company records the liability when it has a legal or contractual obligation to incur costs to retire the asset and when a reasonable estimate of the fair value of the liability can be made. If a reasonable estimate cannot be made at the time the liability is incurred, the Company will record the liability when sufficient information is available to estimate the liability’s fair value. Certain of the Company’s asset retirement obligations are based on its legal obligation to perform remedial activity at its refinery sites when it permanently ceases operations of the long-lived assets. The Company therefore considers the settlement date of these obligations to be indeterminable. Accordingly, the Company cannot calculate an associated asset retirement liability for these obligations at this time. The Company will measure and recognize the fair value of these asset retirement obligations when the settlement date is determinable. |
Environmental Matters | Environmental Matters Liabilities for future remediation costs are recorded when environmental assessments and/or remedial efforts are probable and the costs can be reasonably estimated. Other than for assessments, the timing and magnitude of these accruals generally are based on the completion of investigations or other studies or a commitment to a formal plan of action. Environmental liabilities are based on best estimates of probable future costs using currently available technology and applying current regulations, as well as the Company’s own internal environmental policies. The measurement of environmental remediation liabilities may be discounted to reflect the time value of money if the aggregate amount and timing of cash payments of the liabilities are fixed or reliably determinable. The actual settlement of the Company’s liability for environmental matters could materially differ from its estimates due to a number of uncertainties such as the extent of contamination, changes in environmental laws and regulations, potential improvements in remediation technologies and the participation of other responsible parties. |
Stock-Based Compensation | Stock-Based Compensation Stock-based compensation includes the accounting effect of options to purchase PBF Energy Class A common stock granted by the Company to certain employees, Series A warrants issued or granted by PBF LLC to employees in connection with their acquisition of PBF LLC Series A units, options to acquire Series A units of PBF LLC granted by PBF LLC to certain employees, Series B units of PBF LLC that were granted to certain members of management and restricted PBF LLC Series A Units and restricted PBF Energy Class A common stock granted to certain directors and officers. The estimated fair value of the options to purchase PBF Energy Class A common stock and the PBF LLC Series A warrants and options is based on the Black-Scholes option pricing model and the fair value of the PBF LLC Series B units is estimated based on a Monte Carlo simulation model. The estimated fair value is amortized as stock-based compensation expense on a straight-line method over the vesting period and included in General and administrative expense with forfeitures recognized in the period they occur. Additionally, stock-based compensation includes unit-based compensation provided to certain officers, non-employee directors and seconded employees of PBFX’s general partner, PBF GP, or its affiliates, consisting of PBFX phantom units. The fair value of PBFX’s phantom units are measured based on the fair market value of the underlying common units on the date of grant based on the common unit closing price on the grant date. The estimated fair value of PBFX’s phantom units is amortized over the vesting period using the straight-line method. Awards vest over a four year service period. The phantom unit awards may be settled in common units, cash or a combination of both. Expenses related to unit-based compensation are also included in General and administrative expenses with forfeitures recognized in the period they occur. Beginning in 2018, PBF Energy granted performance share awards and performance unit awards to certain officers of the Company. Both types of awards have a three -year performance cycle and the payout for each, which ranges from 0% to 200% , is based on the relative ranking of the total shareholder return (“TSR”) of PBF Energy’s common stock as compared to the TSR of a selected group of industry peer companies over an average of four measurement periods. The performance share and performance unit awards are each measured at fair value based on Monte Carlo simulation models. The performance share awards will be settled in PBF Energy Class A common stock and are accounted for as equity awards and the performance unit awards will be settled in cash and are accounted for as liability awards. |
Income Taxes | Income Taxes As a result of the PBF Energy’s acquisition of PBF LLC Series A Units or exchanges of PBF LLC Series A Units for PBF Energy Class A common stock, PBF Energy expects to benefit from amortization and other tax deductions reflecting the step up in tax basis in the acquired assets. Those deductions will be allocated to PBF Energy and will be taken into account in reporting PBF Energy’s taxable income. As a result of a federal income tax election made by PBF LLC, applicable to a portion of PBF Energy’s acquisition of PBF LLC Series A Units, the income tax basis of the assets of PBF LLC, underlying a portion of the units PBF Energy acquired, has been adjusted based upon the amount that PBF Energy paid for that portion of its PBF LLC Series A Units. PBF Energy entered into the Tax Receivable Agreement (as defined in “Note 13 - Commitments and Contingencies”) which provides for the payment by PBF Energy 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 and (ii) certain other tax benefits related to entering into the Tax Receivable Agreement, including tax benefits attributable to payments under the Tax Receivable Agreement. As a result of these transactions, PBF Energy’s tax basis in its share of PBF LLC’s assets will be higher than the book basis of these same assets. This resulted in a deferred tax asset of $306,231 as of December 31, 2018 , of which the majority is expected to be realized over 10 years as the tax basis of these assets is amortized. Deferred taxes are provided using a liability method, whereby deferred tax assets are recognized for deductible temporary differences and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences represent the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effect of changes in tax laws and rates on the date of enactment. PBF Energy recognizes tax benefits for uncertain tax positions only if it is more likely than not that the position is sustainable based on its technical merits. Interest and penalties on uncertain tax positions are included as a component of the provision for income taxes on the consolidated statements of operations. As a result of the reduction of the corporate federal tax rate to 21% as part of the Tax Cuts and Jobs Act (the “TCJA”), the liability associated with the Tax Receivable Agreement was reduced. Accordingly, the deferred tax assets associated with the payments made or expected to be made related to the Tax Receivable Agreement liability were also reduced. The Federal tax returns for all years since 2015 and state tax returns for all years since 2013 to 2016 (see “Note 19 - Income Taxes”) are subject to examination by the respective tax authorities. |
Net Income Per Share | Net Income Per Share Net income per share is calculated by dividing the net income available to PBF Energy Class A common stockholders by the weighted average number of shares of PBF Energy Class A common stock outstanding during the period. Diluted net income per share is calculated by dividing the net income available to PBF Energy Class A common stockholders, adjusted for the net income attributable to the noncontrolling interest and the assumed income tax expense thereon, by the weighted average number of PBF Energy Class A common shares outstanding during the period adjusted to include the assumed exchange of all PBF LLC Series A units outstanding for PBF Energy Class A common stock, if applicable under the if converted method, and the potentially dilutive effect of outstanding options to purchase shares of PBF Energy Class A common stock, performance share awards and options and warrants to purchase PBF LLC Series A Units, subject to forfeiture utilizing the treasury stock method. |
Pension and Other Post-Retirement Benefits | Pension and Other Post-Retirement Benefits The Company recognizes an asset for the overfunded status or a liability for the underfunded status of its pension and post-retirement benefit plans. The funded status is recorded within Other long-term liabilities or assets. Changes in the plans’ funded status are recognized in other comprehensive income in the period the change occurs. |
Fair Value Measurement | Fair Value Measurement A fair value hierarchy (Level 1, Level 2, or Level 3) is used to categorize fair value amounts based on the quality of inputs used to measure fair value. Accordingly, fair values derived from Level 1 inputs utilize quoted prices in active markets for identical assets or liabilities. Fair values derived from Level 2 inputs are based on quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are either directly or indirectly observable for the asset or liability. Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. The Company uses appropriate valuation techniques based on the available inputs to measure the fair values of its applicable assets and liabilities. When available, the Company measures fair value using Level 1 inputs because they generally provide the most reliable evidence of fair value. In some valuations, the inputs may fall into different levels in the hierarchy. In these cases, the asset or liability level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurements. |
Financial Instruments | Financial Instruments The estimated fair value of financial instruments has been determined based on the Company’s assessment of available market information and appropriate valuation methodologies. The Company’s non-derivative financial instruments that are included in current assets and current liabilities are recorded at cost in the consolidated balance sheets. The estimated fair value of these financial instruments approximates their carrying value due to their short-term nature. Derivative instruments are recorded at fair value in the consolidated balance sheets. The Company’s commodity contracts are measured and recorded at fair value using Level 1 inputs based on quoted prices in an active market, Level 2 inputs based on quoted market prices for similar instruments, or Level 3 inputs based on third-party sources and other available market based data. The Company’s catalyst lease obligation and derivatives related to the Company’s crude oil and feedstocks and refined product purchase obligations are measured and recorded at fair value using Level 2 inputs on a recurring basis, based on observable market prices for similar instruments. |
Derivative Instruments | Derivative Instruments The Company is exposed to market risk, primarily related to changes in commodity prices for the crude oil and feedstocks used in the refining process as well as the prices of the refined products sold. The accounting treatment for commodity contracts depends on the intended use of the particular contract and on whether or not the contract meets the definition of a derivative. All derivative instruments, not designated as normal purchases or sales, are recorded in the consolidated balance sheet as either assets or liabilities measured at their fair values. Changes in the fair value of derivative instruments that either are not designated or do not qualify for hedge accounting treatment or normal purchase or normal sale accounting are recognized currently in earnings. Contracts qualifying for the normal purchase and sales exemption are accounted for upon settlement. Cash flows related to derivative instruments that are not designated or do not qualify for hedge accounting treatment are included in operating activities. The Company designates certain derivative instruments as fair value hedges of a particular risk associated with a recognized asset or liability. At the inception of the hedge designation, the Company documents the relationship between the hedging instrument and the hedged item, as well as its risk management objective and strategy for undertaking various hedge transactions. Derivative gains and losses related to these fair value hedges, including hedge ineffectiveness, are recorded in cost of sales along with the change in fair value of the hedged asset or liability attributable to the hedged risk. Cash flows related to derivative instruments that are designated as fair value hedges are included in operating activities. Economic hedges are hedges not designated as fair value or cash flow hedges for accounting purposes that are used to (i) manage price volatility in certain refinery feedstock and refined product inventories, and (ii) manage price volatility in certain forecasted refinery feedstock purchases and refined product sales. These instruments are recorded at fair value and changes in the fair value of the derivative instruments are recognized currently in cost of sales. Derivative accounting is complex and requires management judgment in the following respects: identification of derivatives and embedded derivatives, determination of the fair value of derivatives, documentation of hedge relationships, assessment and measurement of hedge ineffectiveness and election and designation of the normal purchases and sales exception. All of these judgments, depending upon their timing and effect, can have a significant impact on the Company’s earnings. |
Recently Issued Accounting Pronouncements | Recently Adopted Accounting Guidance In May 2014, the Financial Accounting Standard Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09 (Topic 606) “Revenue from Contracts with Customers.” (“ASC 606”). ASC 606 supersedes the revenue recognition requirements in Accounting Standards Codification 605 “Revenue Recognition” (“ASC 605”), and requires entities to recognize revenue when control of the promised goods or services is transferred to customers at an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. The Company adopted ASC 606 as of January 1, 2018 using the modified retrospective transition method. See “Note 18 - Revenues” for further details. In March 2017, the FASB issued ASU No. 2017-07, “Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost” (“ASU 2017-07”), which provides guidance to improve the reporting of net periodic benefit cost in the income statement and on the components eligible for capitalization in assets. Under the new guidance, employers present the service cost component of net periodic benefit cost in the same income statement line item(s) as other employee compensation costs arising from services rendered during the period. Only the service cost component will be eligible for capitalization in assets. Additionally, under this guidance, employers will present the other non-service components of the net periodic benefit cost separately from the line item(s) that includes the service cost and outside of any subtotal of income from operations, if one is presented. Employers will apply the guidance on the presentation of the components of net periodic benefit cost in the income statement retrospectively. The guidance limiting the capitalization of net periodic benefit cost in assets to the service cost component will be applied prospectively. The guidance includes a practical expedient allowing entities to estimate amounts for comparative periods using the information previously disclosed in their pension and other postretirement benefit plan note to the financial statements. The Company adopted ASU 2017-07 effective January 1, 2018 and applied the new guidance retrospectively in the Consolidated Statements of Operations. Income and expense amounts related to non-service components of net periodic benefit cost, historically recorded within Operating expenses and General and administrative expenses, have been recorded within Other income (expense). For the years ended December 31, 2018, 2017 and 2016 the Company recorded income of $1,109 , expense of $1,402 and expense of $580 , respectively, related to the non-service components of net periodic benefit cost. In May 2017, the FASB issued ASU No. 2017-09, “Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting” (“ASU 2017-09”), which provides guidance to increase clarity and reduce both diversity in practice and cost and complexity when applying the existing accounting guidance on changes to the terms or conditions of a share-based payment award. The amendments in ASU 2017-09 require an entity to account for the effects of a modification unless all the following are met: (i) the fair value of the modified award is the same as the fair value of the original award immediately before the original award is modified; (ii) the vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the original award is modified; and (iii) the classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award immediately before the original award is modified. The guidance in ASU 2017-09 should be applied prospectively. The Company adopted the amendments in this ASU effective January 1, 2018. The Company’s adoption of this guidance did not materially impact its consolidated financial statements. Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02”), to increase the transparency and comparability about leases among entities. Additional ASUs have been issued subsequent to ASU 2016-02 to provide supplementary clarification and implementation guidance for leases related to, among other things, the application of certain practical expedients, the rate implicit in the lease, lessee reassessment of lease classification, lessor reassessment of lease term and purchase options, variable payments that depend on an index or rate and certain transition adjustments (collectively, the Company refers to ASU 2016-02 and these additional ASUs as the “Updated Lease Guidance”). The Updated Lease Guidance requires lessees to recognize a lease liability and a corresponding lease asset for virtually all lease contracts. It also requires additional disclosures about leasing arrangements. The Company has adopted the Updated Lease Guidance effective January 1, 2019, using a modified retrospective approach whereby a cumulative effect adjustment will be recognized upon adoption and the Updated Lease Guidance will be applied prospectively. The Company has completed its evaluation of the provisions of the Updated Lease Guidance, including the adoption of certain practical expedients allowed. The significant practical expedients adopted include the following: • The Company elected the practical expedient to apply the transition approach as of the beginning of the period of adoption and not restate comparative periods; • The Company elected to utilize the “package of three” expedients, as defined in the Updated Lease Guidance, whereby it did not reassess whether contracts existing prior to the effective date contain leases, nor did it reassess lease classification determinations nor whether initial direct costs qualify for capitalization; • The Company elected the practical expedient to not capitalize any leases with initial terms of less than twelve months on its consolidated balance sheet; • The Company elected the practical expedient to not separate lease and non-lease components; and • The Company elected the practical expedient to continue to account for land easements (also known as “rights of way”) that were not previously accounted for as leases consistent with prior accounting until such contracts are modified or replaced, at which time they would be assessed for lease classification under the Updated Lease Guidance. The Company has successfully completed the implementation of a lease software system and has refined business processes and controls to address the new standard. The Company is currently developing its lease disclosures and enhancing its accounting systems to enable the preparation of such disclosures beginning with its quarterly reporting on Form 10-Q for the period ending March 31, 2019. As of the date of implementation on January 1, 2019, the impact of the adoption of the Updated Lease Guidance is estimated to result in the recognition of a right of use asset and lease payable obligation on the Company’s consolidated balance sheet of approximately $225,000 to $275,000 . Subsequent to adoption, the Company does not anticipate the impact on its results and cash flows to be material. In August 2017, the FASB issued ASU No. 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities” (“ASU 2017-12”). The amendments in ASU 2017-12 more closely align the results of cash flow and fair value hedge accounting with risk management activities in the consolidated financial statements. The amendments expand the ability to hedge nonfinancial and financial risk components, reduce complexity in fair value hedges of interest rate risk, eliminate the requirement to separately measure and report hedge ineffectiveness, and eases certain hedge effectiveness assessment requirements. The guidance in ASU 2017-12 should be applied using a modified retrospective approach. The guidance in ASU 2017-12 also provides transition relief to make it easier for entities to apply certain amendments to existing hedges (including fair value hedges) where the hedge documentation needs to be modified. The presentation and disclosure requirements of ASU 2017-12 should be applied prospectively. The Company adopted the amendments in this ASU effective January 1, 2019, which did not have a material impact on its consolidated financial statements and related disclosures. In June 2018, the FASB issued ASU No. 2018-07, “Compensation - Stock Compensation (Topic 718): Targeted Improvements to Non-employee Share-Based Payment Accounting” (“ASU 2018-07”). ASU 2018-07 expands the scope of Topic 718, Compensation-Stock Compensation, to include share-based payment transactions for acquiring goods and services from nonemployees. As a result, nonemployee share-based transactions will be measured by estimating the fair value of the equity instruments at the grant date, taking into consideration the probability of satisfying performance conditions. In addition, ASU 2018-07 also clarifies that any share-based payment awards issued to customers should be evaluated under ASC 606, Revenue from Contracts with Customers. The Company adopted the amendments in this ASU effective January 1, 2019, which did not have a material impact on its consolidated financial statements and related disclosures. In August 2018, the FASB issued ASU No. 2018-14, “Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20)”, to improve the effectiveness of disclosures in the notes to financial statements by facilitating clear communication of the information required by GAAP that is most important to users of each entity’s financial statements. The amendments in this ASU modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. Additionally, the amendments in this ASU remove disclosures that no longer are considered cost beneficial, clarify the specific requirements of disclosures, and add disclosure requirements identified as relevant. The amendments in this ASU are effective for fiscal years ending after December 15, 2020, for public business entities and for fiscal years ending after December 15, 2021, for all other entities. Early adoption is permitted for all entities. The Company is currently evaluating the impact of this new standard on its consolidated financial statements and related disclosures. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Useful lives of property, plant and equipment | Depreciation is computed using the straight-line method over the following estimated useful lives: Process units and equipment 5-25 years Pipeline and equipment 5-25 years Buildings 25 years Computers, furniture and fixtures 3-7 years Leasehold improvements 20 years Railcars 50 years Property, plant and equipment, net consisted of the following: December 31, December 31, Land $ 351,536 $ 352,812 Process units, pipelines and equipment 3,741,133 3,414,372 Buildings and leasehold improvements 58,211 51,915 Computers, furniture and fixtures 126,929 110,968 Construction in progress 328,111 172,270 4,605,920 4,102,337 Less—Accumulated depreciation (785,028 ) (623,124 ) Total property, plant and equipment, net $ 3,820,892 $ 3,479,213 |
ACQUISITIONS (Tables)
ACQUISITIONS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
East Coast Storage Assets Acquisition [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Consideration Transferred, Working Capital Adjustments [Table Text Block] | The total purchase consideration and the estimated fair values of the assets and liabilities at the acquisition date were as follows: Purchase Price Gross purchase price* $ 105,900 Estimated working capital adjustments (11 ) Contingent consideration** 21,100 Total consideration $ 126,989 * Includes $30,900 net present value payable of $32,000 due to Crown Point one year after closing. ** Contingent consideration is included in “Other long-term liabilities” within the Consolidated Balance Sheets. |
Business Acquisition, Pro Forma Information [Table Text Block] | Year Ended December 31, 2018 Year Ended December 31, 2017 (Unaudited) PBF Energy Pro forma revenues $ 27,203,516 $ 21,800,716 Pro forma net income attributable to PBF Energy Inc. stockholders 124,615 400,762 Pro forma net income available to Class A common stock per share: Basic $ 1.08 $ 3.64 Diluted $ 1.07 $ 3.60 PBF LLC Pro forma revenues $ 27,203,516 $ 21,800,716 Pro forma net income attributable to PBF LLC 130,235 451,626 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table summarizes the estimated amounts recognized for assets acquired and liabilities assumed as of the acquisition date: Fair Value Allocation Accounts receivable $ 436 Prepaid and other current assets 1,770 Property, plant and equipment 114,406 Intangible assets* 13,300 Accounts payable and Accrued expenses (2,173 ) Other long-term liabilities (750 ) Estimated fair value of net assets acquired $ 126,989 * Intangible assets are included in “Deferred charges and other assets” within the Consolidated Balance Sheets. |
Torrance Refinery [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Consideration Transferred, Working Capital Adjustments [Table Text Block] | The total purchase consideration and the fair values of the assets and liabilities at the acquisition date were as follows: Purchase Price Gross purchase price $ 537,500 Working capital 450,582 Post close purchase price adjustments (16,150 ) Total consideration $ 971,932 |
Business Acquisition, Pro Forma Information [Table Text Block] | Year ended December 31, (Unaudited) 2016 PBF Energy Pro forma revenues $ 16,999,435 Pro forma net income (loss) attributable to PBF Energy Inc. stockholders 50,779 Pro forma net income (loss) available to PBF Energy Class A common stock per share: Basic $ 0.52 Diluted $ 0.51 PBF LLC Pro forma revenues $ 16,999,435 Pro forma net income attributable to PBF LLC 160,856 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table summarizes the amounts recognized for assets acquired and liabilities assumed as of the acquisition date: Fair Value Allocation Inventories $ 404,542 Prepaid and other current assets 982 Property, plant and equipment 704,633 Deferred charges and other assets, net 68,053 Accounts payable (2,688 ) Accrued expenses (64,137 ) Other long-term liabilities (139,453 ) Fair value of net assets acquired $ 971,932 |
Plains Asset Purchase [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Consideration Transferred, Working Capital Adjustments [Table Text Block] | The total purchase consideration and the fair values of the assets and liabilities at the acquisition date were as follows: Purchase Price Gross purchase price $ 100,000 Working capital adjustments (1,627 ) Total consideration $ 98,373 |
Business Acquisition, Pro Forma Information [Table Text Block] | Year ended December 31, (Unaudited) 2016 PBF Energy Pro forma revenues $ 15,927,218 Pro forma net income attributable to PBF Energy Inc. stockholders 174,393 Pro forma net income available to PBF Energy Class A common stock per share: Basic $ 1.77 Diluted $ 1.77 PBF LLC Pro forma revenues $ 15,927,218 Pro forma net income attributable to PBF LLC 284,470 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table summarizes the amounts recognized for assets acquired and liabilities assumed as of the acquisition date: Fair Value Allocation Prepaid and other current assets $ 4,221 Property, plant and equipment 99,342 Accounts payable and Accrued expenses (3,174 ) Other long-term liabilities (2,016 ) Fair value of net assets acquired $ 98,373 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventories consisted of the following: December 31, 2018 Titled Inventory Inventory Intermediation Arrangements Total Crude oil and feedstocks $ 1,044,824 $ — $ 1,044,824 Refined products and blendstocks 1,026,921 334,708 1,361,629 Warehouse stock and other 111,112 — 111,112 $ 2,182,857 $ 334,708 $ 2,517,565 Lower of cost or market adjustment (557,187 ) (94,547 ) (651,734 ) Total inventories $ 1,625,670 $ 240,161 $ 1,865,831 December 31, 2017 Titled Inventory Inventory Intermediation Arrangements Total Crude oil and feedstocks $ 1,073,093 $ — $ 1,073,093 Refined products and blendstocks 1,030,817 311,477 1,342,294 Warehouse stock and other 98,866 — 98,866 $ 2,202,776 $ 311,477 $ 2,514,253 Lower of cost or market adjustment (232,652 ) (67,804 ) (300,456 ) Total inventories $ 1,970,124 $ 243,673 $ 2,213,797 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT, NET (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Summary of property, plant and equipment | Depreciation is computed using the straight-line method over the following estimated useful lives: Process units and equipment 5-25 years Pipeline and equipment 5-25 years Buildings 25 years Computers, furniture and fixtures 3-7 years Leasehold improvements 20 years Railcars 50 years Property, plant and equipment, net consisted of the following: December 31, December 31, Land $ 351,536 $ 352,812 Process units, pipelines and equipment 3,741,133 3,414,372 Buildings and leasehold improvements 58,211 51,915 Computers, furniture and fixtures 126,929 110,968 Construction in progress 328,111 172,270 4,605,920 4,102,337 Less—Accumulated depreciation (785,028 ) (623,124 ) Total property, plant and equipment, net $ 3,820,892 $ 3,479,213 |
DEFERRED CHARGES AND OTHER AS_2
DEFERRED CHARGES AND OTHER ASSETS, NET (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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: PBF Energy December 31, December 31, Deferred turnaround costs, net $ 673,107 $ 560,403 Catalyst, net 124,290 131,019 Environmental credits 37,811 42,452 Intangible assets, net 25,648 537 Linefill 19,485 19,485 Pension plan assets 9,694 9,593 Other 9,056 18,694 Total deferred charges and other assets, net $ 899,091 $ 782,183 |
Intangible assets, net | Intangible assets, net primarily consists of customer relationships, permits and emission credits. Our net balance as of December 31, 2018 and December 31, 2017 is shown below. December 31, December 31, Intangible assets - gross $ 29,528 $ 3,996 Accumulated amortization (3,880 ) (3,459 ) Intangible assets - net $ 25,648 $ 537 |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Payables and Accruals [Abstract] | |
Schedule of accrued expenses | Accrued expenses consisted of the following: PBF Energy December 31, December 31, Inventory-related accruals $ 846,270 $ 1,151,810 Inventory intermediation arrangements 249,442 244,287 Excise and sales tax payable 149,358 118,515 Accrued salaries and benefits 89,808 58,589 Accrued capital expenditures 60,622 18,765 Accrued transportation costs 53,579 64,400 Accrued utilities 49,851 42,189 Deferred payment - East Coast Storage Assets Acquisition 30,900 — Renewable energy credit and emissions obligations 27,052 26,231 Accrued refinery maintenance and support costs 19,046 35,674 Accrued interest 12,092 14,080 Environmental liabilities 7,020 8,289 Customer deposits 5,594 16,133 Other 22,985 15,892 Total accrued expenses $ 1,623,619 $ 1,814,854 |
CREDIT FACILITY AND LONG-TERM_2
CREDIT FACILITY AND LONG-TERM DEBT (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Summary of long-term debt outstanding | Long-term debt outstanding consisted of the following: December 31, December 31, Revolving Credit Facility $ — $ 350,000 PBFX Revolving Credit Facility 156,000 29,700 PBFX 2023 Senior Notes 527,819 528,374 2025 Senior Notes 725,000 725,000 2023 Senior Notes 500,000 500,000 PBF Rail Term Loan 21,554 28,366 Catalyst leases 44,353 59,048 1,974,726 2,220,488 Less—Current debt (2,378 ) (10,987 ) Unamortized deferred financing costs (41,032 ) (34,459 ) Long-term debt $ 1,931,316 $ 2,175,042 Details on the catalyst leases at each of the Company’s refineries as of December 31, 2018 are included in the following table: Annual lease fee Annual interest rate Expiration date Paulsboro catalyst lease $ 140 2.20 % December 2019 (2) Delaware City catalyst lease $ 210 1.95 % October 2019 (2) Delaware City catalyst lease - Palladium $ 30 2.05 % October 2019 (2) Delaware City bridge lease $ 29 2.10 % February 2019 (1) Toledo catalyst lease $ 178 1.75 % June 2020 Toledo bridge lease $ 22 2.10 % April 2019 (1) Chalmette catalyst lease $ 97 2.10 % October 2021 Chalmette catalyst lease $ 171 2.20 % November 2019 (2) Chalmette bridge lease $ 4 2.15 % April 2019 (1) Torrance catalyst lease $ 143 1.78 % July 2019 (2) |
Schedule of debt maturing in the next five years and thereafter | Debt maturing in the next five years and thereafter is as follows: Year Ending December 31, 2019 $ 31,368 2020 8,633 2021 25,906 2022 — 2023 1,183,819 Thereafter 725,000 $ 1,974,726 |
OTHER LONG-TERM LIABILITIES (Ta
OTHER LONG-TERM LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of other long-term liabilities | Other long-term liabilities consisted of the following: PBF Energy December 31, December 31, Environmental liabilities 137,215 140,403 Defined benefit pension plan liabilities $ 74,972 $ 63,579 Early railcar return liability 23,315 — East Coast Storage Assets Contingent Consideration 21,567 — Post-retirement medical plan liabilities 19,345 21,527 Other 814 250 Total other long-term liabilities $ 277,228 $ 225,759 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future minimum rental payments for operating leases | The fixed and determinable amounts of the obligations under these agreements and total minimum future annual rentals, exclusive of related costs, are approximately: Year Ending December 31, 2019 $ 125,464 2020 103,738 2021 67,699 2022 45,446 2023 38,049 Thereafter 204,452 Total obligations $ 584,848 |
NONCONTROLLING INTERESTS (Table
NONCONTROLLING INTERESTS (Tables) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of noncontrolling interest | The noncontrolling interest ownership percentages in PBF LLC as of the completion dates of each of the equity offerings and as of the years ended December 31, 2018 , 2017 and 2016 are calculated as follows: Holders of Outstanding Shares Total January 1, 2016 4,985,358 97,781,933 102,767,291 4.9 % 95.1 % 100 % December 19, 2016 - Equity offering 4,120,902 109,004,047 113,124,949 3.6 % 96.4 % 100 % December 31, 2016 3,920,902 109,204,047 113,124,949 3.5 % 96.5 % 100 % December 31, 2017 3,767,464 110,565,531 114,332,995 3.3 % 96.7 % 100 % August 14, 2018 - Equity offering 1,206,325 119,852,874 121,059,199 1.0 % 99.0 % 100 % December 31, 2018 1,206,325 119,874,191 121,080,516 1.0 % 99.0 % 100 % The noncontrolling interest ownership percentages in PBFX as of the Registered Direct Offering, the Development Assets Acquisition and the years ended December 31, 2018 , 2017 and 2016 are calculated as follows: Units of PBFX Held by the Public Units of PBFX Held by PBF LLC (Including Subordinated Units) Total January 1, 2016 15,924,676 18,459,497 34,384,173 46.3 % 53.7 % 100.0 % April 5, 2016 18,799,676 18,459,497 37,259,173 50.5 % 49.5 % 100.0 % August 17, 2016 22,893,472 18,459,497 41,352,969 55.4 % 44.6 % 100.0 % December 31, 2016 23,271,174 18,459,497 41,730,671 55.8 % 44.2 % 100.0 % December 31, 2017 23,441,211 18,459,497 41,900,708 55.9 % 44.1 % 100.0 % July 30, 2018 - Registered Direct Offering 25,391,037 18,459,497 43,850,534 57.9 % 42.1 % 100.0 % July 31, 2018 - Development Assets consideration 25,391,037 19,953,631 45,344,668 56.0 % 44.0 % 100.0 % December 31, 2018 25,395,032 19,953,631 45,348,663 56.0 % 44.0 % 100.0 % | |
Schedule of stockholders equity | STOCKHOLDERS’ AND MEMBERS’ EQUITY STRUCTURE PBF Energy Capital Structure Class A Common Stock Holders of Class A common stock are entitled to receive dividends when and if declared by the Board of Directors out of funds legally available therefore, subject to any statutory or contractual restrictions on the payment of dividends and to any restrictions on the payment of dividends imposed by the terms of any outstanding preferred stock. Upon the Company’s dissolution or liquidation or the sale of all or substantially all of the assets, after payment in full of all amounts required to be paid to creditors and to the holders of preferred stock having liquidation preferences, if any, the holders of shares of Class A common stock will be entitled to receive pro rata remaining assets available for distribution. Holders of shares of Class A common stock do not have preemptive, subscription, redemption or conversion rights. Class B Common Stock Holders of shares of Class B common stock are entitled, without regard to the number of shares of Class B common stock held by such holder, to one vote for each PBF LLC Series A Unit beneficially owned by such holder. Accordingly, the members of PBF LLC other than PBF Energy collectively have a number of votes in PBF Energy that is equal to the aggregate number of PBF LLC Series A Units that they hold. Holders of shares of Class A common stock and Class B common stock vote together as a single class on all matters presented to stockholders for their vote or approval, except as otherwise required by applicable law. Holders of Class B common stock do not have any right to receive dividends or to receive a distribution upon a liquidation or winding up of PBF Energy. Preferred Stock Authorized preferred stock may be issued in one or more series, with designations, powers and preferences as shall be designated by the Board of Directors. PBF LLC Capital Structure PBF LLC Series A Units The allocation of profits and losses and distributions to PBF LLC Series A unitholders is governed by the Limited Liability Company Agreement of PBF LLC. These allocations are made on a pro rata basis with PBF LLC Series C Units. PBF LLC Series A unitholders do not have voting rights. PBF LLC Series B Units The PBF LLC Series B Units are intended to be “profit interests” within the meaning of Revenue Procedures 93-27 and 2001-43 of the Internal Revenue Service and have a stated value of zero at issuance. The PBF LLC Series B Units are held by certain of the Company’s current and former officers, have no voting rights and are designed to increase in value only after the Company’s financial sponsors achieve certain levels of return on their investment in PBF LLC Series A Units. Accordingly, the amounts paid to the holders of PBF LLC Series B Units, if any, will reduce only the amounts otherwise payable to the PBF LLC Series A Units held by the Company’s financial sponsors, and will not reduce or otherwise impact any amounts payable to PBF Energy (the holder of PBF LLC Series C Units), the holders of the Company’s Class A common stock or any other holder of PBF LLC Series A Units. The maximum number of PBF LLC Series B Units authorized to be issued is 1,000,000 . PBF LLC Series C Units The PBF LLC Series C Units rank on a parity with the PBF LLC Series A Units as to distribution rights, voting rights and rights upon liquidation, winding up or dissolution. PBF LLC Series C Units are held solely by PBF Energy. Treasury Stock The Company’s Board of Directors previously authorized the repurchase of up to $300,000 of the PBF Energy Class A common stock (as amended from time to time, the “Repurchase Program”). From the inception of the Repurchase Program through its expiration date, the Company has purchased approximately 6,050,717 shares of the PBF Energy Class A common stock through open market transactions under the Repurchase Program, for a total of $150,804 . The Repurchase Program expired on September 30, 2018 and was not renewed. These repurchases were 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 depended on a variety of factors, including price, capital availability, legal requirements and economic and market conditions. The Company was not obligated to purchase any shares under the Repurchase Program, and repurchases might have been suspended or discontinued at any time without prior notice. The Company also records PBF Energy Class A common stock surrendered to cover income tax withholdings for certain directors and employees and others pursuant to the vesting of certain awards under the Company’s equity-based compensation plans as treasury shares. The following tables summarize the changes in equity for the controlling and noncontrolling interests of PBF Energy for the years ended December 31, 2018 , 2017 and 2016 : PBF Energy PBF Energy Noncontrolling Noncontrolling Interest in PBF Holding Noncontrolling Total Equity Balance at January 1, 2018 $ 2,336,654 $ 110,203 $ 10,808 $ 445,284 $ 2,902,949 Comprehensive income 131,268 4,698 44 42,264 178,274 Dividends and distributions (139,263 ) (2,086 ) — (49,532 ) (190,881 ) Effects of equity offerings and exchanges of PBF LLC Series A Units on deferred tax assets and liabilities and tax receivable agreement obligation (4,926 ) — — — (4,926 ) Issuance of additional PBFX common units 28,564 — — 6,256 34,820 Stock-based compensation 19,697 — — 5,757 25,454 August 2018 Equity Offering 287,284 — — — 287,284 Exercise of PBF LLC and PBF Energy options and warrants, net 13,965 — — — 13,965 Taxes paid for net settlement of equity-based compensation (4,775 ) (568 ) — — (5,343 ) Other 7,997 — — (1,114 ) 6,883 Balance at December 31, 2018 $ 2,676,465 $ 112,247 $ 10,852 $ 448,915 $ 3,248,479 | PBF Energy PBF Energy Noncontrolling Noncontrolling Interest in PBF Holding Noncontrolling Total Equity Balance at January 1, 2017 $ 2,025,044 $ 98,671 $ 12,513 $ 434,456 $ 2,570,684 Comprehensive income 414,575 16,714 95 51,073 482,457 Dividends and distributions (131,783 ) (4,584 ) (1,800 ) (44,636 ) (182,803 ) Stock-based compensation 21,503 — — 5,345 26,848 Exercise of PBF LLC options and warrants, net 10,533 (598 ) — — 9,935 Effects of exchanges of PBF LLC Series A Units on deferred tax assets and liabilities and tax receivable agreement obligation (1,139 ) — — — (1,139 ) Treasury stock purchases (1,038 ) — — — (1,038 ) Other (1,041 ) — — (954 ) (1,995 ) Balance at December 31, 2017 $ 2,336,654 $ 110,203 $ 10,808 $ 445,284 $ 2,902,949 |
Schedule of comprehensive income (loss) | The following table summarizes the allocation of total comprehensive income of PBF Energy between the controlling and noncontrolling interests for the year ended December 31, 2018 : PBF Energy Attributable to PBF Energy Inc. stockholders Noncontrolling Interests Total Net income $ 128,315 $ 46,976 $ 175,291 Other comprehensive income (loss): Unrealized loss on available for sale securities (107 ) (1 ) (108 ) Amortization of defined benefit plans unrecognized net gain 3,060 31 3,091 Total other comprehensive income 2,953 30 2,983 Total comprehensive income $ 131,268 $ 47,006 $ 178,274 The following table summarizes the allocation of total comprehensive income of PBF Energy between the controlling and noncontrolling interests for the year ended December 31, 2017 : PBF Energy Attributable to PBF Energy Inc. stockholders Noncontrolling Interest Total Net income $ 415,517 $ 67,914 $ 483,431 Other comprehensive loss: Unrealized loss on available for sale securities (23 ) (1 ) (24 ) Amortization of defined benefit plans unrecognized net loss (919 ) (31 ) (950 ) Total other comprehensive loss (942 ) (32 ) (974 ) Total comprehensive income $ 414,575 $ 67,882 $ 482,457 The following table summarizes the allocation of total comprehensive income of PBF Energy between the controlling and noncontrolling interests for the year ended December 31, 2016 : PBF Energy Attributable to PBF Energy Inc. stockholders Noncontrolling Interest Total Net income $ 170,811 $ 54,707 $ 225,518 Other comprehensive loss: Unrealized loss on available for sale securities (41 ) (1 ) (42 ) Amortization of defined benefit plans unrecognized net loss (2,462 ) (88 ) (2,550 ) Total other comprehensive loss (2,503 ) (89 ) (2,592 ) Total comprehensive income $ 168,308 $ 54,618 $ 222,926 | |
PBF LLC [Member] | ||
Schedule of noncontrolling interest | The following tables summarize the changes in equity for the controlling and noncontrolling interests of PBF LLC for the years ended December 31, 2018 , 2017 , and 2016 respectively: PBF LLC PBF Energy Company LLC Equity Noncontrolling Interest in PBF Holding Noncontrolling Total Equity Balance at January 1, 2018 $ 2,422,411 $ 10,808 $ 445,284 $ 2,878,503 Comprehensive income 140,821 44 42,264 183,129 Dividends and distributions (141,349 ) — (49,532 ) (190,881 ) Issuance of additional PBFX common units 28,564 — 6,256 34,820 Stock-based compensation 19,697 — 5,757 25,454 Exercise of PBF LLC and PBF Energy options and warrants, net (8,536 ) — — (8,536 ) Issuance of Series C units in connection with the August 2018 Equity Offering 287,284 — — 287,284 Other 10,590 — (1,114 ) 9,476 Balance at December 31, 2018 $ 2,759,482 $ 10,852 $ 448,915 $ 3,219,249 PBF LLC PBF Energy Company LLC Equity Noncontrolling Interest in PBF Holding Noncontrolling Total Equity Balance at January 1, 2017 $ 2,040,851 $ 12,513 $ 434,456 $ 2,487,820 Comprehensive income 499,103 95 51,073 550,271 Dividends and distributions (136,367 ) (1,800 ) (44,636 ) (182,803 ) Grant of restricted shares 1,038 — — 1,038 Stock-based compensation 21,503 — 5,345 26,848 Exercise of PBF LLC options and warrants, net (598 ) — — (598 ) Treasury stock purchases (1,038 ) — — (1,038 ) Other (2,081 ) — (954 ) (3,035 ) Balance at December 31, 2017 $ 2,422,411 $ 10,808 $ 445,284 $ 2,878,503 PBF LLC PBF Energy Company LLC Equity Noncontrolling Interest in PBF Holding Noncontrolling Total Equity Balance at January 1, 2016 $ 1,551,853 $ 17,225 $ 340,317 $ 1,909,395 Comprehensive income 278,296 269 39,840 318,405 Dividends and distributions (139,433 ) — (33,714 ) (173,147 ) Issuance of additional PBFX common units 54,944 — 83,434 138,378 Grant of restricted shares 743 — — 743 Stock-based compensation 18,296 — 4,360 22,656 Exercise of PBF LLC options and warrants, net 886 — — 886 Issuance of Series C units in connection with the December 2016 Equity Offering 275,300 — — 275,300 Treasury stock purchases (743 ) — — (743 ) Other 709 (4,981 ) 219 (4,053 ) Balance at December 31, 2016 $ 2,040,851 $ 12,513 $ 434,456 $ 2,487,820 | |
Schedule of comprehensive income (loss) | The following table summarizes the allocation of total comprehensive income of PBF LLC between the controlling and noncontrolling interests for the year ended December 31, 2018 : PBF LLC Attributable to PBF LLC Noncontrolling Interests Total Net income $ 137,838 $ 42,308 $ 180,146 Other comprehensive income (loss): Unrealized loss on available for sale securities (108 ) — (108 ) Amortization of defined benefit plans unrecognized net gain 3,091 — 3,091 Total other comprehensive income 2,983 — 2,983 Total comprehensive income $ 140,821 $ 42,308 $ 183,129 The following table summarizes the allocation of total comprehensive income of PBF LLC between the controlling and noncontrolling interests for the year ended December 31, 2017 : PBF LLC Attributable to Noncontrolling Interest Total Net income $ 500,077 $ 51,168 $ 551,245 Other comprehensive loss: Unrealized loss on available for sale securities (24 ) — (24 ) Amortization of defined benefit plans unrecognized net loss (950 ) — (950 ) Total other comprehensive loss (974 ) — (974 ) Total comprehensive income $ 499,103 $ 51,168 $ 550,271 The following table summarizes the allocation of total comprehensive income of PBF LLC between the controlling and noncontrolling interests for the year ended December 31, 2016 : PBF LLC Attributable to Noncontrolling Interest Total Net income $ 280,888 $ 40,109 $ 320,997 Other comprehensive loss: Unrealized loss on available for sale securities (42 ) — (42 ) Amortization of defined benefit plans unrecognized net loss (2,550 ) — (2,550 ) Total other comprehensive loss (2,592 ) — (2,592 ) Total comprehensive income $ 278,296 $ 40,109 $ 318,405 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-Based Payment Awards, Performance Awards, Valuation Assumptions [Table Text Block] | The performance share awards grant date fair value was calculated using a Monte Carlo valuation model with the following assumptions: Risk-free interest rate 2.89 % Dividend yield 2.95 % Expected volatility 39.04 % |
Schedule of stock-based compensation expense | Stock-based compensation expense included in general and administrative expenses consisted of the following: Years Ended December 31, 2018 2017 2016 PBF Energy options $ 11,545 $ 9,369 $ 11,020 PBF Energy restricted shares 7,460 12,134 7,276 PBF Energy performance awards 1,207 — — PBFX phantom units 5,757 5,345 4,360 $ 25,969 $ 26,848 $ 22,656 |
Weighted average assumptions | The estimated fair value of PBF Energy options granted during the years ended December 31, 2018 , 2017 and 2016 was determined using the Black-Scholes pricing model with the following weighted average assumptions: December 31, 2018 December 31, 2017 December 31, 2016 Expected life (in years) 6.25 6.25 6.25 Expected volatility 35.8 % 39.5 % 39.7 % Dividend yield 3.49 % 4.58 % 4.73 % Risk-free rate of return 2.82 % 2.09 % 1.42 % Exercise price $ 35.25 $ 26.52 $ 26.18 |
Summary of Share-based compensation activity | The following table summarizes activity for PBF LLC Series A compensatory warrants and options for the years ended December 31, 2018 , 2017 and 2016 : Number of PBF LLC Series A Compensatory Warrants and Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) Stock Based Compensation, Outstanding at January 1, 2016 640,779 $ 10.59 5.46 Exercised (27,833 ) 10.00 — Forfeited — — — Outstanding at December 31, 2016 612,946 $ 10.62 4.47 Exercised (126,634 ) 10.17 — Forfeited — — — Outstanding at December 31, 2017 486,312 $ 10.73 3.52 Exercised (243,700 ) 10.62 — Forfeited — — — Outstanding at December 31, 2018 242,612 $ 10.85 2.64 Exercisable and vested at December 31, 2018 242,612 $ 10.85 2.64 Exercisable and vested at December 31, 2017 486,312 $ 10.73 3.52 Exercisable and vested at December 31, 2016 612,946 $ 10.62 4.47 Expected to vest at December 31, 2018 242,612 $ 10.85 2.64 A summary of PBFX’s unit award activity for the years ended December 31, 2018 , 2017 and 2016 is set forth below: Number of Phantom Units Weighted Average Grant Date Fair Value Nonvested at January 1, 2016 403,375 $ 25.06 Granted 284,854 19.95 Vested (116,349 ) 25.24 Forfeited (7,000 ) 23.20 Nonvested at December 31, 2016 564,880 $ 22.47 Granted 319,940 20.97 Vested (217,171 ) 23.15 Forfeited (24,875 ) 21.23 Nonvested at December 31, 2017 642,774 $ 21.54 Granted 328,052 19.95 Vested (233,993 ) 22.71 Forfeited (20,125 ) 18.81 Nonvested at December 31, 2018 716,708 $ 20.53 The following table summarizes activity for PBF Energy options for the years ended December 31, 2018 , 2017 and 2016 . Number of Weighted Weighted Stock-based awards, outstanding at January 1, 2016 4,256,375 $ 27.89 8.32 Granted 1,792,000 26.18 10.00 Exercised (11,250 ) 25.86 — Forfeited (66,500 ) 28.74 — Outstanding at December 31, 2016 5,970,625 $ 27.37 8.02 Granted 1,638,075 26.52 10.00 Exercised (462,500 ) 25.65 — Forfeited (263,425 ) 27.71 — Outstanding at December 31, 2017 6,882,775 $ 27.27 7.82 Granted 2,500,742 35.25 10.00 Exercised (884,878 ) 27.57 — Forfeited (141,981 ) 33.49 — Outstanding at December 31, 2018 8,356,658 $ 29.60 7.48 Exercisable and vested at December 31, 2018 3,531,066 $ 27.39 6.27 Exercisable and vested at December 31, 2017 2,958,875 $ 27.58 6.77 Exercisable and vested at December 31, 2016 2,271,375 $ 27.23 7.21 Expected to vest at December 31, 2018 8,356,658 $ 29.60 7.48 Number of Weighted Average Grant Date Fair Value Nonvested at January 1, 2016 294,880 $ 30.87 Granted 360,820 22.44 Vested (134,331 ) 31.43 Forfeited — — Nonvested at December 31, 2016 521,369 $ 24.89 Granted 762,425 25.86 Vested (172,978 ) 24.99 Forfeited (15,100 ) 24.18 Nonvested at December 31, 2017 1,095,716 $ 25.56 Granted 58,830 47.24 Vested (345,073 ) 26.13 Forfeited (15,519 ) 24.18 Nonvested at December 31, 2018 793,954 $ 26.88 |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
Schedule of changes in benefit obligations, fair value of plan assets, and funded status of plan | The changes in the benefit obligation, the changes in fair value of plan assets, and the funded status of the Company’s Pension and Post-Retirement Medical Plans as of and for the years ended December 31, 2018 and 2017 were as follows: Pension Plans Post-Retirement Medical Plan 2018 2017 2018 2017 Change in benefit obligation: Benefit obligation at beginning of year $ 185,231 $ 135,508 $ 21,527 $ 22,740 Service cost 47,344 40,572 1,148 1,263 Interest cost 5,793 4,336 620 688 Plan amendments — 462 — — Plan settlements — (4,881 ) — — Benefit payments (7,214 ) (4,034 ) (562 ) (693 ) Actuarial (gain) loss (12,811 ) 13,268 (3,388 ) (2,471 ) Projected benefit obligation at end of year $ 218,343 $ 185,231 $ 19,345 $ 21,527 Change in plan assets: Fair value of plan assets at beginning of year $ 121,652 $ 75,367 $ — $ — Actual return on plan assets (6,148 ) 14,019 — — Benefits paid (7,214 ) (4,034 ) (562 ) (693 ) Plan settlements — (4,881 ) — — Employer contributions 35,081 41,181 562 693 Fair value of plan assets at end of year $ 143,371 $ 121,652 $ — $ — Reconciliation of funded status: Fair value of plan assets at end of year $ 143,371 $ 121,652 $ — $ — Less benefit obligations at end of year 218,343 185,231 19,345 21,527 Funded status at end of year $ (74,972 ) $ (63,579 ) $ (19,345 ) $ (21,527 ) |
Schedule of expected benefit payments | Benefit payments, which reflect expected future services that the Company expects to pay are as follows for the years ended December 31: Pension Benefits Post-Retirement Medical Plan 2019 $ 11,155 $ 1,342 2020 13,039 1,605 2021 16,570 1,726 2022 19,991 1,761 2023 19,228 1,746 Years 2024-2028 136,559 9,121 |
Schedule of net periodic benefit cost | The components of net periodic benefit cost were as follows for the years ended December 31, 2018 , 2017 and 2016 : Pension Benefits Post-Retirement Medical Plan 2018 2017 2016 2018 2017 2016 Components of net periodic benefit cost: Service cost $ 47,344 $ 40,572 $ 36,359 $ 1,148 $ 1,263 $ 1,047 Interest cost 5,793 4,336 3,096 620 688 528 Expected return on plan assets (8,540 ) (5,766 ) (4,681 ) — — — Settlement loss recognized — 993 — — — — Amortization of prior service cost 85 53 53 646 646 541 Amortization of actuarial loss 285 452 1,043 — — — Net periodic benefit cost $ 44,967 $ 40,640 $ 35,870 $ 2,414 $ 2,597 $ 2,116 |
Schedule of pre-tax amounts recognized in other comprehensive income (loss) | The pre-tax amounts recognized in other comprehensive income (loss) for the years ended December 31, 2018 , 2017 and 2016 were as follows: Pension Benefits Post-Retirement Medical Plan 2018 2017 2016 2018 2017 2016 Prior service costs $ — $ 462 $ — $ — $ — $ 2,524 Net actuarial loss (gain) 1,877 5,015 176 (3,388 ) (2,471 ) 1,487 Amortization of losses and prior service cost (826 ) (1,410 ) (1,096 ) (646 ) (646 ) (541 ) Total changes in other comprehensive income (loss) $ 1,051 $ 4,067 $ (920 ) $ (4,034 ) $ (3,117 ) $ 3,470 |
Schedule of pre-tax amounts in accumulated other comprehensive loss not yet recognized as components of net periodic costs | The pre-tax amounts in accumulated other comprehensive income (loss) as of December 31, 2018 , and 2017 that have not yet been recognized as components of net periodic costs were as follows: Pension Benefits Post-Retirement Medical Plan 2018 2017 2018 2017 Prior service costs $ (799 ) $ (885 ) $ (4,691 ) $ (5,337 ) Net actuarial (loss) gain (24,136 ) (22,544 ) 3,981 593 Total $ (24,935 ) $ (23,429 ) $ (710 ) $ (4,744 ) |
Schedule of pre-tax amounts in accumulated other comprehensive loss to be recognized over next fiscal year | The following pre-tax amounts included in accumulated other comprehensive income (loss) as of December 31, 2018 are expected to be recognized as components of net periodic benefit cost during the year ended December 31, 2019 : Pension Benefits Post-Retirement Medical Plan Amortization of prior service costs $ (86 ) $ (646 ) Amortization of net actuarial (loss) gain (180 ) 135 Total $ (266 ) $ (511 ) |
Schedule of assumptions used | The weighted average assumptions used to determine the net periodic benefit costs for the years ended December 31, 2018 , 2017 and 2016 were as follows: Qualified Plan Supplemental Plan Post-Retirement Medical Plan 2018 2017 2016 2018 2017 2016 2018 2017 2016 Discount rates: Effective rate for service cost 3.62 % 4.15 % 4.15 % 3.58 % 4.17 % 4.17 % 3.59 % 4.10 % 4.10 % Effective rate for interest cost 3.21 % 3.38 % 3.38 % 3.15 % 3.20 % 3.20 % 2.97 % 3.11 % 3.11 % Effective rate for interest on service cost 3.32 % 3.59 % 3.59 % 3.24 % 3.63 % 3.63 % 3.46 % 3.84 % 3.84 % Expected long-term rate of return on plan assets 6.25 % 6.50 % 7.00 % N/A N/A N/A N/A N/A N/A Rate of compensation increase 4.53 % 4.81 % 4.81 % 5.00 % 5.50 % 5.50 % N/A N/A N/A The weighted average assumptions used to determine the benefit obligations as of December 31, 2018 , and 2017 were as follows: Qualified Plan Supplemental Plan Post-Retirement Medical Plan 2018 2017 2018 2017 2018 2017 Discount rate - benefit obligations 4.22 % 3.58 % 4.17 % 3.55 % 3.99 % 3.33 % Rate of compensation increase 4.55 % 4.53 % 5.00 % 5.00 % — — |
Schedule of assumed health care cost trend rates | The assumed health care cost trend rates as of December 31, 2018 and 2017 were as follows: Post-Retirement Medical Plan 2018 2017 Health care cost trend rate assumed for next year 5.8 % 6.0 % Rate to which the cost trend rate was assumed to decline (the ultimate trend rate) 4.5 % 4.5 % Year that the rate reaches the ultimate trend rate 2038 2038 |
Schedule of effect of one-percentage-point change in assumed health care cost trend rates | Assumed health care cost trend rates have a significant effect on the amounts reported for retiree health care plans. A one percentage-point change in assumed health care cost trend rates would have the following effects on the medical post-retirement benefits: 1% Increase 1% Decrease Effect on total service and interest cost components $ 11 $ (10 ) Effect on accumulated post-retirement benefit obligation 237 (226 ) |
Schedule of fair value of assets of the Company's Qualified Plan | The table below presents the fair values of the assets of the Company’s Qualified Plan as of December 31, 2018 and 2017 by level of fair value hierarchy. Assets categorized in Level 2 of the hierarchy consist of collective trusts and are measured at fair value based on the closing net asset value (“NAV”) as determined by the fund manager and reported daily. As noted above, the Company’s post-retirement medical plan is funded on a pay-as-you-go basis and has no assets. Fair Value Measurements Using NAV as Practical Expedient (Level 2) December 31, 2018 2017 Equities: Domestic equities $ 34,800 $ 36,582 Developed international equities 19,201 17,236 Emerging market equities 10,263 8,474 Global low volatility equities 11,437 9,983 Fixed-income 59,680 45,469 Real Estate 7,905 — Cash and cash equivalents 85 3,908 Total $ 143,371 $ 121,652 |
REVENUES (Tables)
REVENUES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Oil and Gas Revenue [Abstract] | |
Revenues from external customers for each product or group of similar products | The following table provides information relating to the Company’s revenues for each product or group of similar products or services by segment for the periods presented. Year Ended December 31, 2018 2017 2016 Refining Segment: Gasoline and distillates $ 23,032,567 $ 18,316,079 $ 14,017,350 Feedstocks and other 1,372,343 1,215,693 374,800 Asphalt and blackoils 1,592,936 1,162,339 699,966 Chemicals 842,768 770,491 554,392 Lubricants 321,465 305,101 260,358 Total Revenues $ 27,162,079 $ 21,769,703 $ 15,906,866 Logistics Segment: Logistics 283,440 257,588 189,006 Total revenue prior to eliminations $ 27,445,519 $ 22,027,291 $ 16,095,872 Elimination of intercompany revenue (259,426 ) (240,654 ) (175,448 ) Total Revenues $ 27,186,093 $ 21,786,637 $ 15,920,424 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Operating Loss Carryforwards [Line Items] | |
Income Tax [Table Text Block] | Year Ended Year Ended Year Ended United States $ 134,318 $ 749,559 $ 343,875 Foreign 27,504 (18,458 ) (35,414 ) Total income before income taxes attributable to PBF Energy Inc. stockholders $ 161,822 $ 731,101 $ 308,461 |
Summary of the income tax provision | The income tax provision in the PBF Energy consolidated statements of operations consists of the following: Year Ended Year Ended Year Ended Current expense (benefit): Federal $ 766 $ 1,534 $ (87,829 ) Foreign — 75 — State — 142 (19,279 ) Total current 766 1,751 (107,108 ) Deferred expense (benefit): Federal 18,693 250,042 205,502 Foreign 7,221 (3,595 ) (8,412 ) State 6,827 67,386 47,668 Total deferred 32,741 313,833 244,758 Total provision for income taxes $ 33,507 $ 315,584 $ 137,650 |
Schedule of effective income tax rate reconciliation | Year Ended Year Ended Year Ended Current expense (benefit): Federal $ 766 $ 1,534 $ (87,829 ) Foreign — 75 — State — 142 (19,279 ) Total current 766 1,751 (107,108 ) Deferred expense (benefit): Federal 18,693 250,042 205,502 Foreign 7,221 (3,595 ) (8,412 ) State 6,827 67,386 47,668 Total deferred 32,741 313,833 244,758 Total provision for income taxes $ 33,507 $ 315,584 $ 137,650 The difference between PBF Energy’s effective income tax rate and the United States statutory rate is reconciled below: Year Ended Year Ended Year Ended Provision at Federal statutory rate 21.0 % 35.0 % 35.0 % Increase (decrease) attributable to flow-through of certain tax adjustments: State income taxes (net of federal income tax) 5.0 % 4.6 % 4.6 % Nondeductible/nontaxable items 1.0 % 0.2 % 0.1 % Manufacturer’s benefit deduction — % — % 1.9 % Rate differential from foreign jurisdictions 0.9 % 0.3 % 1.5 % Provision to return adjustment (4.0 )% — % (0.4 )% Adjustment to deferred tax assets and liabilities for change in tax rates — % 2.8 % 1.7 % Stock-based compensation (2.6 )% — % — % Other (0.6 )% 0.3 % 0.2 % Effective tax rate 20.7 % 43.2 % 44.6 % |
Summary of the components of deferred tax assets and liabilities | A summary of the components of PBF Energy’s deferred tax assets and deferred tax liabilities consists of the following: December 31, 2018 December 31, 2017 Deferred tax assets Purchase interest step-up $ 306,231 $ 325,405 Inventory 46,958 — Pension, employee benefits and compensation 55,103 40,455 Hedging 3,127 24,175 Net operating loss carry forwards 134,672 137,887 Environmental liabilities 38,121 38,388 Other 2,749 3,709 Total deferred tax assets 586,961 570,019 Valuation allowances — — Total deferred tax assets, net 586,961 570,019 Deferred tax liabilities Property, plant and equipment 578,826 528,336 Inventory — 21,200 Total deferred tax liabilities 578,826 549,536 Net deferred tax assets $ 8,135 $ 20,483 |
Summary of income tax examinations | Income tax years that remain subject to examination by material jurisdictions, where an examination has not already concluded are all years including and subsequent to: United States Federal 2015 New Jersey 2013 Michigan 2014 Delaware 2015 Indiana 2015 Pennsylvania 2015 New York 2015 Louisiana 2015 California 2016 |
PBF LLC [Member] | |
Operating Loss Carryforwards [Line Items] | |
Summary of the income tax provision | The reported income tax expense (benefit) in the PBF LLC consolidated statements of operations consists of the following: Year Ended Year Ended Year Ended Current income tax expense (benefit) $ 766 $ 1,743 $ 3,887 Deferred income tax (benefit) expense 7,233 (12,526 ) 19,802 Total income tax expense (benefit) $ 7,999 $ (10,783 ) $ 23,689 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |
Schedule of Segment Reporting Information, by Segment | PBF Energy Year Ended December 31, 2018 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 27,162,079 $ 283,440 $ — $ (259,426 ) $ 27,186,093 Depreciation and amortization expense 329,317 29,809 10,634 — 369,760 Income (loss) from operations (1) 498,287 143,870 (266,218 ) (17,819 ) 358,120 Interest expense, net 7,601 43,033 119,277 — 169,911 Capital expenditures (2) 552,020 175,696 6,171 — 733,887 Year Ended December 31, 2017 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 21,769,703 $ 257,588 $ — $ (240,654 ) $ 21,786,637 Depreciation and amortization expense 253,588 24,404 12,964 — 290,956 Income (loss) from operations (1) 814,033 143,379 (211,227 ) (14,565 ) 731,620 Interest expense, net 4,695 33,363 116,369 — 154,427 Capital expenditures (3) 633,294 90,258 3,483 — 727,035 Year Ended December 31, 2016 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 15,906,866 $ 189,006 $ — $ (175,448 ) $ 15,920,424 Depreciation and amortization expense 200,935 15,406 5,835 — 222,176 Income (loss) from operations 557,839 105,240 (157,937 ) (5,679 ) 499,463 Interest expense, net 2,938 30,433 116,674 — 150,045 Capital expenditures (4) 1,468,696 123,946 20,229 — 1,612,871 Balance at December 31, 2018 Refining Logistics Corporate Eliminations Consolidated Total Total assets (5) $ 6,988,059 $ 956,353 $ 98,055 $ (37,052 ) $ 8,005,415 Balance at December 31, 2017 Refining Logistics Corporate Eliminations Consolidated Total Total assets (5) $ 7,287,384 $ 748,215 $ 123,211 $ (40,817 ) $ 8,117,993 PBF LLC Year Ended December 31, 2018 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 27,162,079 $ 283,440 $ — $ (259,426 ) $ 27,186,093 Depreciation and amortization expense 329,317 29,809 10,634 — 369,760 Income (loss) from operations (1) 498,287 143,870 (264,468 ) (17,819 ) 359,870 Interest expense, net 7,601 43,033 127,787 — 178,421 Capital expenditures (2) 552,020 175,696 6,171 — 733,887 Year Ended December 31, 2017 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 21,769,703 $ 257,588 $ — $ (240,654 ) $ 21,786,637 Depreciation and amortization expense 253,588 24,404 12,964 — 290,956 Income (loss) from operations (1) 814,033 143,379 (210,902 ) (14,565 ) 731,945 Interest expense, net 4,695 33,363 124,325 — 162,383 Capital expenditures (3) 633,294 90,258 3,483 — 727,035 Year Ended December 31, 2016 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 15,906,866 $ 189,006 $ — $ (175,448 ) $ 15,920,424 Depreciation and amortization expense 200,935 15,406 5,835 — 222,176 Income (loss) from operations 557,839 105,240 (157,737 ) (5,679 ) 499,663 Interest expense, net 2,938 30,433 122,448 — 155,819 Capital expenditures (4) 1,468,696 123,946 20,229 — 1,612,871 Balance at December 31, 2018 Refining Logistics Corporate Eliminations Consolidated Total Total assets (5) $ 6,988,059 $ 956,353 $ 45,676 $ (37,052 ) $ 7,953,036 Balance at December 31, 2017 Refining Logistics Corporate Eliminations Consolidated Total Total assets (5) $ 7,287,384 $ 748,215 $ 44,203 $ (40,817 ) $ 8,038,985 (1) The Logistics segment includes 100% of the income from operations of TVPC as TVPC is consolidated by PBFX. PBFX records net income attributable to noncontrolling interest for the 50% equity interest in TVPC held by PBF Holding. PBF Holding (included in the Refining segment) records equity income in investee related to its 50% noncontrolling ownership interest in TVPC. For the purposes of the Company’s consolidated financial statements, PBF Holding’s equity income in investee and PBFX’s net income attributable to noncontrolling interest eliminate in consolidation. (2) The Logistics segment includes capital expenditures of $58,356 for the PBFX acquisition of the Knoxville Terminals on April 16, 2018 and $74,989 for the PBFX acquisition of the East Coast Storage Assets on October 1, 2018. (3) The Logistics segment includes capital expenditures of $10,097 for the PBFX acquisition of the Toledo Products Terminal on April 17, 2017. (4) The Refining segment includes capital expenditures of $971,932 related to the acquisition of the Torrance refinery and related logistics assets that was completed in the third quarter of 2016. Additionally, the Refining segment includes capital expenditures of $2,659 for the working capital settlement related to the acquisition of the Chalmette refinery that was finalized in the first quarter of 2016. The Logistics segment includes $98,373 for the PBFX Plains Asset Purchase that was completed in the second quarter of 2016. (5) The Logistics segment includes 100% of the assets of TVPC as TVPC is consolidated by PBFX. PBFX records a noncontrolling interest for the 50% equity interest in TVPC held by PBF Holding. PBF Holding (included in the Refining segment) records an equity investment in TVPC reflecting its noncontrolling ownership interest. For the purposes of the Company’s consolidated financial statements, PBFX’s noncontrolling interest in TVPC and PBF Holding’s equity investment in TVPC eliminate in consolidation. |
NET INCOME PER SHARE OF PBF E_2
NET INCOME PER SHARE OF PBF ENERGY (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 share of PBF Energy Class A common stock attributable to PBF Energy for the periods presented: Year Ended December 31, Basic Earnings Per Share: 2018 2017 2016 Allocation of earnings: Net income attributable to PBF Energy Inc. stockholders $ 128,315 $ 415,517 $ 170,811 Less: Income allocated to participating securities 748 1,043 — Income available to PBF Energy Inc. stockholders - basic $ 127,567 $ 414,474 $ 170,811 Denominator for basic net income per PBF Energy Class A common share-weighted average shares 115,190,262 109,779,407 98,334,302 Basic net income attributable to PBF Energy per Class A common share $ 1.11 $ 3.78 $ 1.74 Diluted Earnings Per Share: Numerator: Income available to PBF Energy Inc. stockholders - basic $ 127,567 $ 414,474 $ 170,811 Plus: Net income attributable to noncontrolling interest (1) 4,668 16,746 14,903 Less: Income tax expense on net income attributable to noncontrolling interest (1) (1,214 ) (6,633 ) (5,821 ) Numerator for diluted net income per Class A common share - net income attributable to PBF Energy Inc. stockholders (1) $ 131,021 $ 424,587 $ 179,893 Denominator (1) : Denominator for basic net income per PBF Energy Class A common share-weighted average shares 115,190,262 109,779,407 98,334,302 Effect of dilutive securities: Conversion of PBF LLC Series A Units 1,938,089 3,823,783 4,865,133 Common stock equivalents (2) 1,645,255 295,655 407,274 Denominator for diluted net income per PBF Energy Class A common share-adjusted weighted average shares 118,773,606 113,898,845 103,606,709 Diluted net income attributable to PBF Energy Inc. stockholders per Class A common share $ 1.10 $ 3.73 $ 1.74 —————————— (1) The diluted earnings per share calculation generally assumes the conversion of all outstanding PBF LLC Series A Units to PBF Energy Class A common stock. 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 26.0% , 39.6% and 39.1% annualized statutory corporate tax rate for the years ended December 31, 2018 , 2017 and 2016 ) attributable to the converted 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 performance share units and options for shares of PBF Energy Class A common stock as calculated under the treasury stock method (to the extent the impact of such exchange would not be anti-dilutive). Common stock equivalents exclude the effects of options and warrants to purchase 1,293,242 , 6,820,275 and 5,701,750 shares of PBF Energy Class A common stock and PBF LLC Series A Units because they are anti-dilutive for the years ended December 31, 2018, 2017 and 2016 , respectively. |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The tables below present information about the Company’s financial assets and liabilities measured and recorded at fair value on a recurring basis and indicate the fair value hierarchy of the inputs utilized to determine the fair values as of December 31, 2018 and 2017 . 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 consolidated balance sheet. As of December 31, 2018 Fair Value Hierarchy Level 1 Level 2 Level 3 Total Gross Fair Value Effect of Counter-party Netting Net Carrying Value on Balance Sheet Assets: Money market funds $ 16,702 $ — $ — $ 16,702 N/A $ 16,702 Commodity contracts 1,230 8,872 10,102 (2,895 ) 7,207 Derivatives included with inventory intermediation agreement obligations — 24,069 — 24,069 — 24,069 Liabilities: Commodity contracts 2,685 210 — 2,895 (2,895 ) — Catalyst lease obligations — 44,353 — 44,353 — 44,353 As of December 31, 2017 Fair Value Hierarchy Level 1 Level 2 Level 3 Total Gross Fair Value Effect of Counter-party Netting Net Carrying Value on Balance Sheet Assets: Money market funds $ 4,730 $ — $ — $ 4,730 N/A $ 4,730 Commodity contracts 10,031 357 — 10,388 (10,388 ) — Liabilities: Commodity contracts 51,673 33,035 — 84,708 (10,388 ) 74,320 Catalyst lease obligations — 59,048 — 59,048 — 59,048 Derivatives included with inventory intermediation agreement obligations — 7,721 — 7,721 — 7,721 |
Schedule of Effect of Significant Unobservable Inputs | Non-qualified pension plan assets are measured at fair value using a market approach based on published net asset values of mutual funds as a practical expedient. As of December 31, 2018 and 2017 , $9,694 and $9,593 , respectively, were included within Deferred charges and other assets, net for these non-qualified pension plan assets. The table below summarizes the changes in fair value measurements of commodity contracts categorized in Level 3 of the fair value hierarchy: Year Ended December 31, 2018 2017 Balance at beginning of period $ — $ (84 ) Purchases — — Settlements — 45 Unrealized gain (loss) included in earnings — 39 Transfers into Level 3 — — Transfers out of Level 3 — — Balance at end of period $ — $ — |
Schedule of Fair value of Debt | The table below summarizes the fair value and carrying value of debt as of December 31, 2018 and 2017 . December 31, 2018 December 31, 2017 Carrying value Fair value Carrying value Fair value 2025 Senior Notes (a) $ 725,000 $ 688,420 $ 725,000 $ 763,945 2023 Senior Notes (a) (e) 500,000 479,387 500,000 522,101 PBFX 2023 Senior Notes (a) 527,819 515,336 528,374 544,118 PBF Rail Term Loan (b) 21,554 21,554 28,366 28,366 Catalyst leases (c) 44,353 44,353 59,048 59,048 PBFX Revolving Credit Facility (b) (d) 156,000 156,000 29,700 29,700 Revolving Credit Facility (b) — — 350,000 350,000 1,974,726 1,905,050 2,220,488 2,297,278 Less - Current debt (c) (2,378 ) (2,378 ) (10,987 ) (10,987 ) Less - Unamortized deferred financing costs (41,032 ) n/a (34,459 ) n/a Long-term debt $ 1,931,316 $ 1,902,672 $ 2,175,042 $ 2,286,291 (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 Notes and PBFX 2023 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. During 2017 Delaware City Refining entered into two platinum bridge leases which were settled during the second quarter of 2018. During 2018 Delaware City Refining, Toledo Refining and Chalmette Refining entered into three new platinum bridge leases which will expire in 2019. The bridge leases are payable at maturity and are not anticipated to be renewed. The total outstanding balance related to these bridge leases as of December 31, 2018 was $2,378 and is included in Current debt in the Company’s consolidated balance sheet. (d) On October 1, 2018, PBFX borrowed $75,000 to fund the East Coast Storage Acquisition. Refer to “Note 3 - PBF Logistics LP” for more details. (e) As discussed in “Note 9 - Credit Facility and Debt”, these notes became unsecured following the Collateral Fall-Away Event on May 30, 2017. |
DERIVATIVES (Tables)
DERIVATIVES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Value of Derivative Instruments | The following tables provide information about the fair values of these derivative instruments as of December 31, 2018 and December 31, 2017 and the line items in the consolidated balance sheet in which the fair values are reflected. Description Balance Sheet Location Fair Value Asset/(Liability) Derivatives designated as hedging instruments: December 31, 2018: Derivatives included with the inventory intermediation agreement obligations Accrued expenses $ 24,069 December 31, 2017: Derivatives included with the inventory intermediation agreement obligations Accrued expenses $ (7,721 ) Derivatives not designated as hedging instruments: December 31, 2018: Commodity contracts Accounts receivable $ 7,207 December 31, 2017: Commodity contracts Accrued expenses $ (74,320 ) |
Schedule of Derivative Instruments, Gain (Loss) Recognized in Income | The following table provides information about the gains or losses recognized in income on these derivative instruments and the line items in the consolidated statements of operations 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 year ended December 31, 2018: Derivatives included with the inventory intermediation agreement obligations Cost of products and other $ 31,790 For the year ended December 31, 2017: Derivatives included with the inventory intermediation agreement obligations Cost of products and other $ (13,779 ) For the year ended December 31, 2016 Derivatives included with the inventory intermediation agreement obligations Cost of products and other $ (29,453 ) Derivatives not designated as hedging instruments: For the year ended December 31, 2018: Commodity contracts Cost of products and other $ (123,770 ) For the year ended December 31, 2017: Commodity contracts Cost of products and other $ (85,443 ) For the year ended December 31, 2016 Commodity contracts Cost of products and other $ (55,557 ) Hedged items designated in fair value hedges: For the year ended December 31, 2018: Intermediate and refined product inventory Cost of products and other $ (31,790 ) For the year ended December 31, 2017: Intermediate and refined product inventory Cost of products and other $ 13,779 For the year ended December 31, 2016 Intermediate and refined product inventory Cost of products and other $ 29,453 |
QUARTERLY FINANCIAL DATA (Table
QUARTERLY FINANCIAL DATA (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Summary of quarterly financial data | The following table summarizes quarterly financial data for the years ended December 31, 2018 and 2017 . PBF Energy 2018 Quarter Ended March 31 June 30 September 30 December 31 Revenues $ 5,802,776 $ 7,444,083 $ 7,646,360 $ 6,292,874 Income (loss) from operations 95,660 422,263 286,433 (446,236 ) Net income (loss) 41,811 287,687 192,466 (346,673 ) Net income (loss) attributable to PBF Energy Inc. stockholders 30,366 272,153 179,538 (353,742 ) Earnings (loss) per common share - assuming dilution $ 0.27 $ 2.37 $ 1.50 $ (2.97 ) PBF Energy 2017 Quarter Ended March 31 June 30 September 30 December 31 Revenues $ 4,754,473 $ 5,017,225 $ 5,478,951 $ 6,535,988 Income (loss) from operations 795 (111,048 ) 587,260 254,613 Net income (loss) (20,030 ) (104,151 ) 347,226 260,386 Net income (loss) attributable to PBF Energy Inc. stockholders (31,077 ) (109,663 ) 314,365 241,892 Earnings (loss) per common share -assuming dilution $ (0.29 ) $ (1.01 ) $ 2.85 $ 2.14 |
PBF LLC [Member] | |
Summary of quarterly financial data | PBF LLC 2018 Quarter Ended March 31 June 30 September 30 December 31 Revenues $ 5,802,776 $ 7,444,083 $ 7,646,360 $ 6,292,874 Income (loss) from operations 95,912 422,704 286,759 (445,505 ) Net income (loss) 51,743 385,622 244,913 (502,132 ) Net income (loss) attributable to PBF Energy Company LLC 41,586 376,196 234,379 (514,323 ) PBF LLC 2017 Quarter Ended March 31 June 30 September 30 December 31 Revenues $ 4,754,473 $ 5,017,225 $ 5,478,951 $ 6,535,988 Income (loss) from operations 831 (110,976 ) 587,308 254,782 Net income (loss) (41,853 ) (183,778 ) 553,077 223,799 Net income (loss) attributable to PBF Energy Company LLC (54,756 ) (195,894 ) 538,345 212,382 |
DESCRIPTION OF THE BUSINESS A_2
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Details) $ in Thousands | Aug. 14, 2018USD ($)shares | Dec. 19, 2016USD ($)shares | Oct. 13, 2015USD ($)shares | May 14, 2014shares | Dec. 31, 2018USD ($)reportable_segmentshares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($)shares | Jul. 31, 2018 | Jul. 30, 2018 | Aug. 17, 2016 | Apr. 05, 2016 | Dec. 31, 2015shares |
Description of Business [Line Items] | ||||||||||||
Number Of Reporting Segments | reportable_segment | 2 | |||||||||||
Public offering (in shares) | 6,000,000 | |||||||||||
Proceeds from sale of Class A common stock, net of underwriters’ discount | $ | $ 287,284 | $ 0 | $ 275,300 | |||||||||
Shares outstanding (in shares) | 121,059,199 | 113,124,949 | 121,080,516 | 114,332,995 | 113,124,949 | 102,767,291 | ||||||
Ownership Percentage of Equity Held | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | ||||||
Percent of tax benefit received from increases in tax basis paid to stockholders | 85.00% | |||||||||||
Limited Partners' Capital Account, Ownership Percentage | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | |||||
PBF Energy [Member] | Class A Common Stock [Member] | ||||||||||||
Description of Business [Line Items] | ||||||||||||
Shares outstanding (in shares) | 119,852,874 | 109,004,047 | 119,874,191 | 110,565,531 | 109,204,047 | 97,781,933 | ||||||
PBF Logistics LP [Member] | Common Units [Member] | ||||||||||||
Description of Business [Line Items] | ||||||||||||
Partners' Capital Account, Units, Sold in Public Offering (in shares) | 2,875,000 | |||||||||||
PBF LLC [Member] | Series C Units [Member] | ||||||||||||
Description of Business [Line Items] | ||||||||||||
Shares outstanding (in shares) | 119,895,422 | |||||||||||
PBF LLC [Member] | Series A Units [Member] | ||||||||||||
Description of Business [Line Items] | ||||||||||||
Shares outstanding (in shares) | 1,206,325 | 4,120,902 | 1,206,325 | 3,767,464 | 3,920,902 | 4,985,358 | ||||||
Ownership Percentage of Equity Held | 1.00% | 3.60% | 1.00% | 3.30% | 3.50% | 4.90% | ||||||
PBF Energy Inc. [Member] | Class A Common Stock [Member] | ||||||||||||
Description of Business [Line Items] | ||||||||||||
Ownership Percentage of Equity Held | 99.00% | 96.40% | 99.00% | 96.70% | 96.50% | 95.10% | ||||||
IPO [Member] | PBF Logistics LP [Member] | Common Units [Member] | ||||||||||||
Description of Business [Line Items] | ||||||||||||
Partners' Capital Account, Units, Sold in Public Offering (in shares) | 15,812,500 | |||||||||||
Over-Allotment Option [Member] | PBF Energy Inc. [Member] | Class A Common Stock [Member] | ||||||||||||
Description of Business [Line Items] | ||||||||||||
Public offering (in shares) | 1,500,000 | |||||||||||
Public Offering [Member] | PBF Energy Inc. [Member] | Class A Common Stock [Member] | ||||||||||||
Description of Business [Line Items] | ||||||||||||
Public offering (in shares) | 6,000,000 | 10,000,000 | 11,500,000 | |||||||||
Proceeds from sale of Class A common stock, net of underwriters’ discount | $ | $ 287,284 | $ 274,300 | $ 344,000 | |||||||||
Limited Partner [Member] | PBF LLC [Member] | ||||||||||||
Description of Business [Line Items] | ||||||||||||
Limited Partners' Capital Account, Ownership Percentage | 44.00% | 44.10% | 44.20% | 44.00% | 42.10% | 44.60% | 49.50% |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Concentration of Credit Risk) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Concentration Risk [Line Items] | |||
Purchase interest step-up | $ 306,231 | $ 325,405 | |
Customer Concentration Risk [Member] | Revenues [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 0.00% | 0.00% | 0.00% |
Customer Concentration Risk [Member] | Accounts Receivables [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 0.00% | 0.00% |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Allowance for Doubtful Accounts) (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Accounting Policies [Abstract] | ||
Allowance for doubtful accounts | $ 0 | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Property, Plant, and Equipment) (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Refinery turnaround amortization period | 3 years |
Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Refinery turnaround amortization period | 5 years |
Process Units and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 5 years |
Process Units and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 25 years |
Pipeline and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 5 years |
Pipeline and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 25 years |
Buildings [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 25 years |
Computers, Furniture and Fixtures [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 3 years |
Computers, Furniture and Fixtures [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 7 years |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 20 years |
Railcars [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 50 years |
SUMMARY OF SIGNIFICANT ACCOUN_7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Deferred Charges and Other Assets, Net) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | |||
Other non-service component of net periodic benefit costs | $ (1,109) | $ 1,402 | $ 580 |
Minimum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Refinery turnaround amortization period | 3 years | ||
Intangible assets estimated useful lives | 1 year | ||
Maximum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Refinery turnaround amortization period | 5 years | ||
Intangible assets estimated useful lives | 10 years | ||
Revolving Credit Facility And Senior Secured Notes [Member] | Minimum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization over life of loan | 1 year | ||
Revolving Credit Facility And Senior Secured Notes [Member] | Maximum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization over life of loan | 8 years |
SUMMARY OF SIGNIFICANT ACCOUN_8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Loss Carryforwards [Line Items] | ||
Percent of tax benefit received from increases in tax basis paid to stockholders | 85.00% | |
Unrealized deferred tax asset | $ 306,231 | $ 325,405 |
Realization period for deferred tax asset | 10 years | |
Corporate Federal Tax Rate | 21.00% |
SUMMARY OF SIGNIFICANT ACCOUN_9
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES New Accounting Pronouncements (Details) - USD ($) $ in Thousands | Jan. 01, 2019 | Dec. 31, 2017 |
Other Noncurrent Assets [Member] | New Accounting Pronouncement, Early Adoption, Effect [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Deferred tax asset | $ (371,186) | |
Minimum [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating Lease Right Of Use Asset and Lease Payable Obligation | $ 225,000 | |
Maximum [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating Lease Right Of Use Asset and Lease Payable Obligation | $ 275,000 |
SUMMARY OF SIGNIFICANT ACCOU_10
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Change in Presentation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cost of products and other | $ 24,503,393 | $ 18,863,621 | $ 13,598,341 |
Operating Expenses | 1,720,959 | 1,684,435 | 1,422,751 |
Depreciation and amortization expense | 359,126 | 277,992 | 216,341 |
Cost of sales | 26,583,478 | 20,826,048 | 15,237,433 |
General and administrative expenses (excluding depreciation and amortization expense as reflected below) | 276,955 | 214,547 | 166,319 |
Depreciation and amortization expense | 10,634 | 12,964 | 5,835 |
(Gain) loss on sale of assets | (43,094) | 1,458 | 11,374 |
Total cost and expenses | $ 26,827,973 | $ 21,055,017 | $ 15,420,961 |
SUMMARY OF SIGNIFICANT ACCOU_11
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Stock-Based Compensation) (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Phantom Share Units (PSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 4 years |
PBF Energy [Member] | Performance Share Units And Performance Share Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 3 years |
PBF Energy [Member] | Minimum [Member] | Performance Share Units And Performance Share Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Distribution Percentage Based On Performance Measurements | 0.00% |
PBF Energy [Member] | Maximum [Member] | Performance Share Units And Performance Share Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Distribution Percentage Based On Performance Measurements | 200.00% |
PBF LOGISTICS LP (Details)
PBF LOGISTICS LP (Details) - USD ($) $ / shares in Units, $ in Thousands | Jun. 01, 2017 | Feb. 28, 2017 | Aug. 31, 2016 | May 14, 2014 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jul. 31, 2018 | Jul. 30, 2018 | Aug. 17, 2016 | Apr. 05, 2016 |
Limited Partners' Capital Account, Ownership Percentage | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Purchase of marketable securities | $ 0 | $ (75,036) | $ (1,909,965) | ||||||||
PBF Logistics LP [Member] | |||||||||||
IDR maximum percentage distribution | 50.00% | ||||||||||
IDR, Distribution in Excess (in dollars per share) | $ 0.345 | ||||||||||
Common Stock, Conversion Basis | 1 | ||||||||||
PBF LLC [Member] | |||||||||||
Purchase of marketable securities | $ 0 | $ (75,036) | $ (1,909,965) | ||||||||
Common Units [Member] | PBF Logistics LP [Member] | |||||||||||
Partners' Capital Account, Units, Sold in Public Offering (in shares) | 2,875,000 | ||||||||||
IPO [Member] | Common Units [Member] | PBF Logistics LP [Member] | |||||||||||
Partners' Capital Account, Units, Sold in Public Offering (in shares) | 15,812,500 | ||||||||||
Limited Partner [Member] | PBF LLC [Member] | |||||||||||
Limited Partners' Capital Account, Ownership Percentage | 44.00% | 44.10% | 44.20% | 44.00% | 42.10% | 44.60% | 49.50% | ||||
Limited Partner [Member] | Public Unit Holders [Member] | |||||||||||
Limited Partners' Capital Account, Ownership Percentage | 56.00% | 55.90% | 55.80% | 56.00% | 57.90% | 55.40% | 50.50% | ||||
Limited Partner [Member] | Common Units [Member] | PBF LLC [Member] | |||||||||||
Partners' Capital Account, Units (in shares) | 19,953,631 | ||||||||||
Partnership [Member] | PBF Logistics LP [Member] | |||||||||||
Business Combination, Consideration Transferred | $ 175,000 | ||||||||||
PBFX Operating Company LLC [Member] | PBF Holding Company LLC [Member] | |||||||||||
Term of Agreement | 10 years | ||||||||||
Chalmette Refinery [Member] | PBFX Operating Company LLC [Member] | |||||||||||
Term of Agreement | 20 years |
PBF LOGISTICS LP PUBLIC OFFERIN
PBF LOGISTICS LP PUBLIC OFFERINGS (Details) $ in Thousands | Aug. 14, 2018shares | Jul. 30, 2018USD ($)shares | Jul. 16, 2018USD ($)agreementshares | Sep. 14, 2016USD ($)shares | Aug. 17, 2016shares | Apr. 05, 2016USD ($)shares | May 14, 2014shares | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Proceeds from issuance of stock | $ | $ 287,284 | $ 0 | $ 275,300 | |||||||
Stock issued during period | $ | $ 287,284 | $ (275,300) | ||||||||
Stock issued during period (in shares) | 6,000,000 | |||||||||
Common Units [Member] | PBF Logistics LP [Member] | ||||||||||
Partners' Capital Account, Units, Sold in Public Offering (in shares) | 2,875,000 | |||||||||
Over-Allotment Option [Member] | Common Units [Member] | ||||||||||
Partners' Capital Account, Units, Sold in Public Offering (in shares) | 600,000 | 375,000 | ||||||||
Limited Partner, Public [Member] | ||||||||||
Partners' Capital Account, Units, Sold in Public Offering (in shares) | 1,775,750 | 375,000 | 4,000,000 | |||||||
Proceeds from issuance of stock | $ | $ 34,820 | $ 86,753 | $ 51,625 | |||||||
Development Assets Acquisition [Member] | ||||||||||
Related Party Transaction, Number Of Contribution Agreements Entered Into | agreement | 4 | |||||||||
Stock issued during period | $ | $ 31,586 | |||||||||
Stock issued during period (in shares) | 1,494,134 |
PBF LOGISTICS LP ACQUISITIONS (
PBF LOGISTICS LP ACQUISITIONS (Details) $ in Thousands | Aug. 14, 2018shares | Jul. 16, 2018USD ($)agreementshares | Apr. 16, 2018USD ($)bay | Feb. 28, 2017USD ($) | Aug. 31, 2016USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Stock issued during period | $ 287,284 | $ (275,300) | ||||||
Stock issued during period (in shares) | shares | 6,000,000 | |||||||
Payments to Acquire Property, Plant, and Equipment | 317,459 | $ 306,681 | 298,737 | |||||
Maturities of marketable securities | 0 | 115,060 | 2,104,209 | |||||
Proceeds from revolver borrowings | 0 | 490,000 | 550,000 | |||||
Knoxville Terminals Purchase [Member] | ||||||||
Number Of Refined Product Terminals Acquired | 2 | |||||||
Number Of Loading Bays Acquired | bay | 9 | |||||||
Payments to Acquire Property, Plant, and Equipment | $ 58,000 | |||||||
Payment to acquire business | $ 58,356 | $ 0 | $ 0 | |||||
Paulsboro Refining Company LLC [Member] | Paulsboro Natural Gas Pipeline Company LLC [Member] | ||||||||
Debt Instrument, Face Amount | $ 11,600 | |||||||
Chalmette Refinery [Member] | PBFX Operating Company LLC [Member] | ||||||||
Term of Agreement | 20 years | |||||||
PBFX Operating Company LLC [Member] | PBF Holding Company LLC [Member] | ||||||||
Term of Agreement | 10 years | |||||||
Development Assets Acquisition [Member] | ||||||||
Related Party Transaction, Number Of Contribution Agreements Entered Into | agreement | 4 | |||||||
Stock issued during period | $ 31,586 | |||||||
Stock issued during period (in shares) | shares | 1,494,134 | |||||||
Partnership [Member] | PBF Logistics LP [Member] | ||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 50.00% | |||||||
Business Combination, Consideration Transferred | $ 175,000 | |||||||
Payment to acquire business | 20,000 | |||||||
Maturities of marketable securities | 76,200 | |||||||
Proceeds from revolver borrowings | 76,200 | |||||||
Repayments of Secured Debt | 76,200 | |||||||
Limited Partner, Public [Member] | Partnership [Member] | PBF Logistics LP [Member] | ||||||||
Payment to acquire business | $ 78,800 |
ACQUISITIONS (Purchase Price) (
ACQUISITIONS (Purchase Price) (Details) - USD ($) | Oct. 01, 2019 | Oct. 01, 2018 | Jul. 01, 2016 | Apr. 29, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Business Acquisition [Line Items] | ||||||||
Maturities of marketable securities | $ 0 | $ 115,060,000 | $ 2,104,209,000 | |||||
Payment for Contingent Consideration Liability, Investing Activities | 21,100,000 | 0 | 0 | |||||
Business Combination, Contingent Consideration, Liability | 21,567,000 | 0 | ||||||
Proceeds from revolver borrowings | 0 | 490,000,000 | 550,000,000 | |||||
Payments to Acquire Property, Plant, and Equipment | 317,459,000 | 306,681,000 | 298,737,000 | |||||
East Coast Storage Assets Acquisition [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Term of Agreement | 3 years | |||||||
Other Payments to Acquire Businesses | $ 30,900,000 | 30,900,000 | 0 | 0 | ||||
Payment to acquire business | 74,989,000 | 0 | 0 | |||||
Business Combination, Consideration Transferred, Initial Estimate | [1] | 105,900,000 | ||||||
Total consideration | 126,989,000 | |||||||
Business Combination, Consideration Transferred, Working Capital Adjustments | (11,000) | |||||||
Payment for Contingent Consideration Liability, Investing Activities | [2] | 21,100,000 | ||||||
Business Combination, Contingent Consideration, Liability | [2] | 21,100,000 | ||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 27,978,000 | |||||||
Payments to Acquire Property, Plant, and Equipment | $ 75,000,000 | |||||||
Torrance Refinery [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Payment to acquire business | $ 521,350,000 | $ 0 | $ 0 | $ 971,932,000 | ||||
Business Combination, Consideration Transferred, Initial Estimate | 537,500,000 | |||||||
Business Combination, Consideration Transferred, Other | (16,150,000) | |||||||
Total consideration | 971,932,000 | |||||||
Business Combination, Consideration Transferred, Working Capital Adjustments | $ 450,582,000 | |||||||
Plains Asset Purchase, East Coast Terminals [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Payment to acquire business | $ 100,000,000 | |||||||
Total consideration | 98,373,000 | |||||||
Business Combination, Consideration Transferred, Working Capital Adjustments | $ (1,627,000) | |||||||
Subsequent Event [Member] | East Coast Storage Assets Acquisition [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Other Payments to Acquire Businesses | $ 32,000,000 | |||||||
[1] | * Includes $30,900 net present value payable of $32,000 due to Crown Point one year after closing. | |||||||
[2] | ** Contingent consideration is included in “Other long-term liabilities” within the Consolidated Balance Sheets. |
ACQUISITIONS (Assets and Liabil
ACQUISITIONS (Assets and Liabilities Acquired) (Details) - USD ($) $ in Thousands | Oct. 01, 2018 | Jul. 01, 2016 | Apr. 29, 2016 | |
Plains Asset Purchase, East Coast Terminals [Member] | ||||
Business Acquisition [Line Items] | ||||
Prepaid expenses and other current assets | $ 4,221 | |||
Property, plant and equipment | 99,342 | |||
Accounts payable | (3,174) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (2,016) | |||
Fair value of net assets acquired | $ 98,373 | |||
East Coast Storage Assets Acquisition [Member] | ||||
Business Acquisition [Line Items] | ||||
Accounts receivable | $ 436 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | [1] | 13,300 | ||
Property, plant and equipment | 114,406 | |||
Accounts payable | (2,173) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (750) | |||
Fair value of net assets acquired | $ 126,989 | |||
Torrance Refinery [Member] | ||||
Business Acquisition [Line Items] | ||||
Inventories | $ 404,542 | |||
Prepaid expenses and other current assets | 982 | |||
Property, plant and equipment | 704,633 | |||
Deferred charges and other assets | 68,053 | |||
Accounts payable | (2,688) | |||
Accrued expenses | (64,137) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (139,453) | |||
Fair value of net assets acquired | $ 971,932 | |||
[1] | * Intangible assets are included in “Deferred charges and other assets” within the Consolidated Balance Sheets. |
ACQUISITIONS (Pro Forma Informa
ACQUISITIONS (Pro Forma Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
East Coast Storage Assets Acquisition [Member] | |||
Business Acquisition [Line Items] | |||
Pro forma revenue | $ 27,203,516 | $ 21,800,716 | |
Pro forma net income (loss) | $ 124,615 | $ 400,762 | |
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ 1.08 | $ 3.64 | |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ 1.07 | $ 3.60 | |
Torrance Refinery [Member] | |||
Business Acquisition [Line Items] | |||
Pro forma revenue | $ 16,999,435 | ||
Pro forma net income (loss) | 50,779 | ||
Plains Asset Purchase, East Coast Terminals [Member] | |||
Business Acquisition [Line Items] | |||
Pro forma revenue | 15,927,218 | ||
Pro forma net income (loss) | $ 174,393 | ||
Class A Common Stock [Member] | Torrance Refinery [Member] | |||
Business Acquisition [Line Items] | |||
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ 0.52 | ||
Business Acquisition, Pro Forma Earnings Per Share, Diluted | 0.51 | ||
Class A Common Stock [Member] | Plains Asset Purchase, East Coast Terminals [Member] | |||
Business Acquisition [Line Items] | |||
Business Acquisition, Pro Forma Earnings Per Share, Basic | 1.77 | ||
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ 1.77 | ||
PBF LLC [Member] | East Coast Storage Assets Acquisition [Member] | |||
Business Acquisition [Line Items] | |||
Pro forma revenue | $ 27,203,516 | $ 21,800,716 | |
Pro forma net income (loss) | $ 130,235 | $ 451,626 | |
PBF LLC [Member] | Torrance Refinery [Member] | |||
Business Acquisition [Line Items] | |||
Pro forma revenue | $ 16,999,435 | ||
Pro forma net income (loss) | 160,856 | ||
PBF LLC [Member] | Plains Asset Purchase, East Coast Terminals [Member] | |||
Business Acquisition [Line Items] | |||
Pro forma revenue | 15,927,218 | ||
Pro forma net income (loss) | $ 284,470 |
ACQUISITIONS (Additional Inform
ACQUISITIONS (Additional Information) (Details) $ in Thousands | Oct. 01, 2018USD ($) | Jul. 01, 2016USD ($) | Apr. 29, 2016USD ($)terminal | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Business Acquisition [Line Items] | ||||||||||||||||
Business Combination, Acquisition Related Costs | $ 2,896 | $ 1,021 | $ 17,510 | |||||||||||||
Revenues | 27,186,093 | 21,786,637 | 15,920,424 | |||||||||||||
Net income | $ (346,673) | $ 192,466 | $ 287,687 | $ 41,811 | $ 260,386 | $ 347,226 | $ (104,151) | $ (20,030) | 175,291 | 483,431 | 225,518 | |||||
East Coast Storage Assets Acquisition [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Purchase price after adjustments | $ 126,989 | |||||||||||||||
Cash paid | 74,989 | 0 | 0 | |||||||||||||
Revenues | 5,918 | |||||||||||||||
Income (Loss) Attributable to Parent, before Tax | $ 787 | |||||||||||||||
Torrance Refinery [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Purchase price after adjustments | $ 971,932 | |||||||||||||||
Cash paid | $ 521,350 | $ 0 | $ 0 | $ 971,932 | ||||||||||||
Revenues | $ 1,977,204 | |||||||||||||||
Net income | $ 86,394 | |||||||||||||||
Plains Asset Purchase, East Coast Terminals [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Number Of Refined Products Terminals Acquired | terminal | 4 | |||||||||||||||
Purchase price after adjustments | $ 98,373 | |||||||||||||||
Cash paid | $ 100,000 | |||||||||||||||
Revenues | $ 11,871 | |||||||||||||||
Income (Loss) Attributable to Parent, before Tax | $ 1,830 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Inventory [Line Items] | ||||||||||||
Crude oil and feedstocks | $ 1,044,824 | $ 1,073,093 | $ 1,044,824 | $ 1,073,093 | ||||||||
Refined products and blendstocks | 1,361,629 | 1,342,294 | 1,361,629 | 1,342,294 | ||||||||
Warehouse stock and other | 111,112 | 98,866 | 111,112 | 98,866 | ||||||||
Other Inventory, Gross | 2,517,565 | 2,514,253 | 2,517,565 | 2,514,253 | ||||||||
Lower of cost or market adjustment | (651,734) | (300,456) | (651,734) | (300,456) | $ (595,988) | |||||||
Total inventories | 1,865,831 | 2,213,797 | 1,865,831 | 2,213,797 | ||||||||
Income (loss) from operations | (446,236) | $ 286,433 | $ 422,263 | $ 95,660 | 254,613 | $ 587,260 | $ (111,048) | $ 795 | 358,120 | 731,620 | [1] | 499,463 |
Net income (loss) | (346,673) | $ 192,466 | $ 287,687 | $ 41,811 | 260,386 | $ 347,226 | $ (104,151) | $ (20,030) | 175,291 | 483,431 | $ 225,518 | |
Inventory, LIFO Reserve, Effect on Income, Net | 21,881 | 4,940 | ||||||||||
Titled Inventory [Member] | ||||||||||||
Inventory [Line Items] | ||||||||||||
Crude oil and feedstocks | 1,044,824 | 1,073,093 | 1,044,824 | 1,073,093 | ||||||||
Refined products and blendstocks | 1,026,921 | 1,030,817 | 1,026,921 | 1,030,817 | ||||||||
Warehouse stock and other | 111,112 | 98,866 | 111,112 | 98,866 | ||||||||
Other Inventory, Gross | 2,182,857 | 2,202,776 | 2,182,857 | 2,202,776 | ||||||||
Lower of cost or market adjustment | (557,187) | (232,652) | (557,187) | (232,652) | ||||||||
Total inventories | 1,625,670 | 1,970,124 | 1,625,670 | 1,970,124 | ||||||||
Inventory Supply and Offtake Arrangements [Member] | ||||||||||||
Inventory [Line Items] | ||||||||||||
Crude oil and feedstocks | 0 | 0 | 0 | 0 | ||||||||
Refined products and blendstocks | 334,708 | 311,477 | 334,708 | 311,477 | ||||||||
Warehouse stock and other | 0 | 0 | 0 | 0 | ||||||||
Other Inventory, Gross | 334,708 | 311,477 | 334,708 | 311,477 | ||||||||
Lower of cost or market adjustment | (94,547) | (67,804) | (94,547) | (67,804) | ||||||||
Total inventories | $ 240,161 | $ 243,673 | 240,161 | 243,673 | ||||||||
Adjustment [Member] | ||||||||||||
Inventory [Line Items] | ||||||||||||
Income (loss) from operations | $ (351,278) | $ 295,532 | ||||||||||
[1] | (1)The Logistics segment includes 100% of the income from operations of TVPC as TVPC is consolidated by PBFX. PBFX records net income attributable to noncontrolling interest for the 50% equity interest in TVPC held by PBF Holding. PBF Holding (included in the Refining segment) records equity income in investee related to its 50% noncontrolling ownership interest in TVPC. For the purposes of the Company’s consolidated financial statements, PBF Holding’s equity income in investee and PBFX’s net income attributable to noncontrolling interest eliminate in consolidation. |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 4,605,920 | $ 4,102,337 | |
Less - Accumulated depreciation | (785,028) | (623,124) | |
Property, plant and equipment, net | 3,820,892 | 3,479,213 | |
Depreciation | 162,174 | 146,978 | $ 116,629 |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 43,094 | (1,458) | $ (11,374) |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 351,536 | 352,812 | |
Process units, pipelines and equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 3,741,133 | 3,414,372 | |
Building and Building Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 58,211 | 51,915 | |
Computers furniture and fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 126,929 | 110,968 | |
Construction in progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 328,111 | 172,270 | |
Capitalized interest | 9,469 | $ 7,156 | |
Torrance Refinery [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ (43,761) |
DEFERRED CHARGES AND OTHER AS_3
DEFERRED CHARGES AND OTHER ASSETS, NET (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2015 | |
Deferred turnaround costs, net | $ 673,107 | $ 560,403 | |
Catalyst, net | 124,290 | 131,019 | |
Environmental Credits | 37,811 | 42,452 | |
Intangible assets, net | 25,648 | 537 | |
Linefill | 19,485 | 19,485 | |
Pension plan assets | 9,694 | 9,593 | |
Other | 9,056 | 18,694 | |
Total deferred charges and other assets, net | 899,091 | 782,183 | |
Amortization expense | 207,586 | 143,978 | $ 105,547 |
Intangible Assets, Net [Abstract] | |||
Intangible assets - gross | 29,528 | 3,996 | |
Accumulated amortization | (3,880) | (3,459) | |
Intangible assets - net | 25,648 | 537 | |
PBF LLC [Member] | |||
Deferred turnaround costs, net | 673,107 | 560,403 | |
Catalyst, net | 124,290 | 131,019 | |
Environmental Credits | 37,811 | 42,452 | |
Intangible assets, net | 25,648 | 537 | |
Restricted Cash and Cash Equivalents | 19,485 | 19,485 | |
Pension plan assets | 9,694 | 9,593 | |
Other | 6,981 | 16,099 | |
Total deferred charges and other assets, net | 897,016 | 779,588 | |
Indefinitely-Lived Precious Metal [Member] | |||
Catalyst, net | $ 73,079 | $ 73,967 |
ACCRUED EXPENSES (Details)
ACCRUED EXPENSES (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Repurchase Agreement Counterparty [Line Items] | ||
Operating Lease, Expense | $ 52,313 | |
Accrued Expenses: | ||
Inventory-related accruals | 846,270 | $ 1,151,810 |
Inventory intermediation arrangements | 249,442 | 244,287 |
Accrued transportation costs | 53,579 | 64,400 |
Accrued salaries and benefits | 89,808 | 58,589 |
Environmental liability | 7,020 | 8,289 |
Excise and sales tax payable | 149,358 | 118,515 |
Accrued utilities | 49,851 | 42,189 |
Deferred payment - East Coast Storage Assets Acquisition | 30,900 | 0 |
Accrued refinery maintenance and support costs | 19,046 | 35,674 |
Accrued interest | 12,092 | 14,080 |
Customer deposits | 5,594 | 16,133 |
Renewable energy credit obligations | 27,052 | 26,231 |
Accrued construction in progress | 60,622 | 18,765 |
Other | 22,985 | 15,892 |
Accrued expenses | 1,623,619 | 1,814,854 |
PBF LLC [Member] | ||
Accrued Expenses: | ||
Inventory-related accruals | 846,270 | 1,151,810 |
Inventory intermediation arrangements | 249,442 | 244,287 |
Accrued transportation costs | 53,579 | 64,400 |
Accrued salaries and benefits | 89,808 | 58,589 |
Environmental liability | 7,020 | 8,289 |
Excise and sales tax payable | 149,358 | 118,515 |
Accrued utilities | 49,851 | 42,189 |
Deferred payment - East Coast Storage Assets Acquisition | 30,900 | 0 |
Accrued refinery maintenance and support costs | 27,052 | 26,231 |
Accrued interest | 5,594 | 16,133 |
Customer deposits | 19,046 | 35,674 |
Renewable energy credit obligations | 29,907 | 23,419 |
Accrued construction in progress | 60,622 | 18,765 |
Other | 24,341 | 16,093 |
Accrued expenses | 1,642,790 | $ 1,824,394 |
Early Termination Fee [Member] | ||
Repurchase Agreement Counterparty [Line Items] | ||
Operating Lease, Expense | 40,313 | |
Accelerated Lease Payment [Member] | ||
Repurchase Agreement Counterparty [Line Items] | ||
Operating Lease, Expense | 12,000 | |
Other Current Liabilities [Member] | ||
Accrued Expenses: | ||
Operating Lease, Liability | $ 7,106 |
CREDIT FACILITY AND LONG-TERM_3
CREDIT FACILITY AND LONG-TERM DEBT (Details) | May 02, 2018USD ($) | Oct. 06, 2017USD ($) | May 31, 2017USD ($) | Dec. 22, 2016USD ($) | Nov. 24, 2015USD ($) | May 12, 2015USD ($) | May 05, 2015USD ($) | Aug. 15, 2014USD ($) | May 14, 2014USD ($)renewal | Feb. 09, 2012USD ($) | May 31, 2016USD ($) | Dec. 31, 2014USD ($) | Oct. 31, 2012USD ($) | Dec. 31, 2018USD ($)agreement | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2018USD ($) | Jul. 30, 2018USD ($) | Sep. 28, 2017USD ($) | May 30, 2017USD ($) | |||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Note payable | $ 0 | $ 5,621,000 | $ 6,831,000 | ||||||||||||||||||||
Less—Current maturities | 2,378,000 | 10,987,000 | |||||||||||||||||||||
Long-term Debt, Gross | 1,974,726,000 | 2,220,488,000 | |||||||||||||||||||||
Proceeds from Issuance of Secured Debt | $ 343,000,000 | ||||||||||||||||||||||
Repayments of Lines of Credit | $ 350,000,000 | 490,000,000 | $ 200,000,000 | ||||||||||||||||||||
2023 Senior Secured Notes [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt fixed interest rate | 7.00% | ||||||||||||||||||||||
Long-term Debt | $ 500,000,000 | ||||||||||||||||||||||
Notes Payable, Other Payables [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Monthly Payments to be Paid | $ 403,000 | ||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 3,200,000 | ||||||||||||||||||||||
2020 Senior Secured Notes [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt fixed interest rate | 8.25% | ||||||||||||||||||||||
Long-term Debt | $ 675,500,000 | ||||||||||||||||||||||
2025 Senior Notes [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt fixed interest rate | 7.25% | ||||||||||||||||||||||
Proceeds from Debt, Net of Issuance Costs | $ 711,576,000 | ||||||||||||||||||||||
Redemption price as a percentage | 100.00% | ||||||||||||||||||||||
Long-term Debt | $ 725,000,000 | ||||||||||||||||||||||
New PBFX Senior Notes [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 6.442% | ||||||||||||||||||||||
Revolving Loan [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Long-term Line of Credit | 350,000,000 | ||||||||||||||||||||||
PBFX Senior Notes [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt Instrument, Face Amount | $ 350,000,000 | $ 525,000,000 | 525,000,000 | ||||||||||||||||||||
Debt fixed interest rate | 6.875% | ||||||||||||||||||||||
Redemption price as a percentage | 100.00% | ||||||||||||||||||||||
PBFX Senior Notes [Member] | Initial Purchasers [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt Instrument, Face Amount | $ 330,090,000 | ||||||||||||||||||||||
Senior Secured Notes [Member] | Management and Directors [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt Instrument, Face Amount | 19,910,000 | ||||||||||||||||||||||
Line of Credit [Member] | Revolving Loan [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Maximum borrowing capacity | $ 3,400,000,000 | $ 2,635,000,000 | |||||||||||||||||||||
Line of Credit Facility, Available Increase in Borrowing Capacity | $ 3,500,000,000 | $ 2,750,000,000 | |||||||||||||||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.25% | ||||||||||||||||||||||
Maximum borrowing capacity, as a percentage of aggregate borrowing capacity | 10.00% | ||||||||||||||||||||||
Alternative maximum borrowing capacity | $ 100,000,000 | ||||||||||||||||||||||
Effective consolidated fixed charge coverage ratio during period | 1 | ||||||||||||||||||||||
Long-term Line of Credit | 0 | [1] | 350,000,000 | ||||||||||||||||||||
Line of Credit [Member] | Revolving Loan [Member] | Maximum [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.25% | ||||||||||||||||||||||
Line of Credit [Member] | Revolving Loan [Member] | Company Credit Rating [Member] | Minimum [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Basis spread on variable rate | 1.00% | 1.25% | |||||||||||||||||||||
Line of Credit [Member] | Revolving Loan [Member] | Company Credit Rating [Member] | Maximum [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Basis spread on variable rate | 1.75% | 2.00% | |||||||||||||||||||||
Line of Credit [Member] | Revolving Loan [Member] | Base Rate [Member] | Minimum [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Basis spread on variable rate | 0.25% | 0.50% | |||||||||||||||||||||
Line of Credit [Member] | Revolving Loan [Member] | Base Rate [Member] | Maximum [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Basis spread on variable rate | 1.00% | 1.25% | |||||||||||||||||||||
Line of Credit [Member] | Revolving Loan [Member] | LIBOR [Member] | Minimum [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Basis spread on variable rate | 1.25% | 1.50% | |||||||||||||||||||||
Line of Credit [Member] | Revolving Loan [Member] | LIBOR [Member] | Maximum [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Basis spread on variable rate | 2.00% | 2.25% | |||||||||||||||||||||
Line of Credit [Member] | Letter of Credit [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Maximum borrowing capacity | $ 1,500,000,000 | ||||||||||||||||||||||
Line of Credit [Member] | Standby Letters of Credit [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Long-term Line of Credit | 400,695,000 | 586,274,000 | |||||||||||||||||||||
New PBFX Senior Notes [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt Instrument, Face Amount | $ 175,000,000 | ||||||||||||||||||||||
Debt fixed interest rate | 6.875% | ||||||||||||||||||||||
Debt Instrument, Issuance Percentage Of Face Amount | 102.00% | ||||||||||||||||||||||
Senior Secured Notes [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Redemption price as a percentage | 100.00% | ||||||||||||||||||||||
2023 Senior Secured Notes [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Proceeds from Debt, Net of Issuance Costs | $ 490,000,000 | ||||||||||||||||||||||
Long-term Debt | $ 500,000,000 | 500,000,000 | |||||||||||||||||||||
Financing Arrangements [Member] | Paulsboro Catalyst Lease [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt fixed interest rate | 2.20% | ||||||||||||||||||||||
Facility fee | $ 140,000 | ||||||||||||||||||||||
Financing Arrangements [Member] | Toledo Catalyst Lease [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt fixed interest rate | 1.75% | ||||||||||||||||||||||
Facility fee | $ 178,000 | ||||||||||||||||||||||
Financing Arrangements [Member] | Toledo Catalyst Lease - Bridge [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt fixed interest rate | 2.10% | ||||||||||||||||||||||
Facility fee | $ 22,000 | ||||||||||||||||||||||
Financing Arrangements [Member] | Delaware City Catalyst Lease [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt fixed interest rate | 1.95% | ||||||||||||||||||||||
Facility fee | $ 210,000 | ||||||||||||||||||||||
Financing Arrangements [Member] | Delaware City Catalyst Lease - Palladium [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt fixed interest rate | 2.05% | ||||||||||||||||||||||
Facility fee | $ 30,000 | ||||||||||||||||||||||
Financing Arrangements [Member] | Delaware City Catalyst Lease - Long Term Bridge [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Number Of Lease Agreements Entered Into | agreement | 3 | ||||||||||||||||||||||
Debt fixed interest rate | 2.10% | ||||||||||||||||||||||
Facility fee | $ 29,000 | ||||||||||||||||||||||
Financing Arrangements [Member] | Chalmette Catalyst Lease [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt fixed interest rate | 2.10% | ||||||||||||||||||||||
Facility fee | $ 97,000 | ||||||||||||||||||||||
Financing Arrangements [Member] | Chalmette Catalyst Lease 2019 [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt fixed interest rate | 2.20% | ||||||||||||||||||||||
Facility fee | $ 171,000 | ||||||||||||||||||||||
Financing Arrangements [Member] | Chalmette Catalyst Lease - Bridge [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt fixed interest rate | 2.15% | ||||||||||||||||||||||
Facility fee | $ 4,000 | ||||||||||||||||||||||
Financing Arrangements [Member] | Torrance Catalyst Lease [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Debt fixed interest rate | 1.78% | ||||||||||||||||||||||
Facility fee | $ 143,000 | ||||||||||||||||||||||
PBF Rail Logistics Company LLC [Member] | Notes Payable to Banks [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Long-term Debt | $ 35,000,000 | [1] | 21,554,000 | 28,366,000 | [1] | ||||||||||||||||||
Debt instrument term | 5 years | ||||||||||||||||||||||
PBF Logistics LP [Member] | PBFX Senior Notes [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Long-term Debt | 527,819,000 | 528,374,000 | |||||||||||||||||||||
PBF Logistics LP [Member] | Line of Credit [Member] | Revolving Loan [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Maximum borrowing capacity | $ 500,000,000 | ||||||||||||||||||||||
Long-term Line of Credit | 156,000,000 | 29,700,000 | |||||||||||||||||||||
Letters of Credit Outstanding, Amount | $ 4,010,000 | $ 3,610,000 | |||||||||||||||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 25,000,000 | ||||||||||||||||||||||
Repayments of Lines of Credit | $ 255,000,000 | ||||||||||||||||||||||
PBF Logistics LP [Member] | Secured Debt [Member] | Revolving Loan [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Maximum borrowing capacity | 750,000,000 | ||||||||||||||||||||||
Line of Credit Facility, Available Increase in Borrowing Capacity | $ 250,000,000 | ||||||||||||||||||||||
Debt instrument term | 5 years | ||||||||||||||||||||||
Line of Credit Facility, Maximum Amount Outstanding During Period | $ 275,000,000 | $ 360,000,000 | $ 325,000,000 | ||||||||||||||||||||
Debt Instrument, Renewal Term | 1 year | ||||||||||||||||||||||
Debt Instrument, Number Of Renewals | renewal | 2 | ||||||||||||||||||||||
Debt Instrument, Covenant, Consolidated Interest Leverage Ratio, Minimum | 2.50 | ||||||||||||||||||||||
Debt Instrument, Covenant, Leverage Ratio, Maximum | 4.50 | ||||||||||||||||||||||
Debt Instrument, Covenant, Consolidated Senior Secured Leverage Ratio, Maximum | 3.50 | ||||||||||||||||||||||
PBF Logistics LP [Member] | Secured Debt [Member] | Revolving Loan [Member] | Base Rate [Member] | Minimum [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Basis spread on variable rate | 0.75% | ||||||||||||||||||||||
PBF Logistics LP [Member] | Secured Debt [Member] | Revolving Loan [Member] | Base Rate [Member] | Maximum [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Basis spread on variable rate | 1.75% | ||||||||||||||||||||||
PBF Logistics LP [Member] | Secured Debt [Member] | Revolving Loan [Member] | LIBOR [Member] | Minimum [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Basis spread on variable rate | 1.75% | ||||||||||||||||||||||
PBF Logistics LP [Member] | Secured Debt [Member] | Revolving Loan [Member] | LIBOR [Member] | Maximum [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Basis spread on variable rate | 2.75% | ||||||||||||||||||||||
PBF Logistics LP [Member] | Standby Letters of Credit [Member] | Revolving Loan [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 75,000,000 | ||||||||||||||||||||||
PBF Logistics LP [Member] | Notes Payable to Banks [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Maximum borrowing capacity | $ 300,000,000 | ||||||||||||||||||||||
Debt instrument term | 3 years | ||||||||||||||||||||||
Delaware City Products Pipeline and Truck Rack [Member] | PBFX Senior Notes [Member] | PBF Logistics LP [Member] | |||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||
Net cash | $ 88,000,000 | ||||||||||||||||||||||
[1] | 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. |
CREDIT FACILITY AND LONG-TERM_4
CREDIT FACILITY AND LONG-TERM DEBT (Summary of Long-Term Debt) (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 22, 2016 | [1] | May 12, 2015 | ||
Debt Instrument [Line Items] | |||||||
Long-term Debt, Gross | $ 1,974,726,000 | $ 2,220,488,000 | |||||
Less—Current maturities | (2,378,000) | (10,987,000) | |||||
Unamortized Debt Issuance Expense | (41,032,000) | (34,459,000) | |||||
Long-term debt (PBFX: $673,324 and $548,793, respectively) | 1,931,316,000 | 2,175,042,000 | |||||
Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Line of Credit | 350,000,000 | ||||||
Line of Credit [Member] | Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Line of Credit | 0 | [1] | 350,000,000 | ||||
PBFX Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt fixed interest rate | 6.875% | ||||||
2025 Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt | 725,000,000 | 725,000,000 | |||||
2023 Senior Secured Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt | 500,000,000 | 500,000,000 | |||||
PBF Rail Logistics Company LLC [Member] | Notes Payable to Banks [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt | 21,554,000 | 28,366,000 | [1] | $ 35,000,000 | |||
PBF Logistics LP [Member] | Line of Credit [Member] | Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Line of Credit | 156,000,000 | 29,700,000 | |||||
PBF Logistics LP [Member] | PBFX Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt | 527,819,000 | 528,374,000 | |||||
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Catalyst lease obligations [Member] | Capital Lease Obligations [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt | 44,353,000 | $ 59,048,000 | |||||
Long-term Debt, Gross | $ 44,353,000 | ||||||
[1] | 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. |
CREDIT FACILITY AND LONG-TERM_5
CREDIT FACILITY AND LONG-TERM DEBT (Debt Maturities) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2,019 | $ 31,368 | |
2,020 | 8,633 | |
2,021 | 25,906 | |
2,022 | 0 | |
2,023 | 1,183,819 | |
Thereafter | 725,000 | |
Long-term Debt and Capital Lease Obligations | $ 1,974,726 | $ 2,220,488 |
AFFILIATE NOTE PAYABLE - PBF _2
AFFILIATE NOTE PAYABLE - PBF LLC (Details) - PBF LLC [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Affiliate note payable | $ 326,082 | $ 292,844 |
Notes Payable, Other Payables [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.50% | |
Debt instrument term | 5 years |
OTHER LONG-TERM LIABILITIES (De
OTHER LONG-TERM LIABILITIES (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Oct. 01, 2018 | Dec. 31, 2017 | |
Other Long-Term Liabilities [Abstract] | ||||
Defined benefit pension plan liabilities | $ 74,972 | $ 63,579 | ||
Post-retirement medical plan liabilities | 19,345 | 21,527 | ||
Environmental liabilities | 137,215 | 140,403 | ||
Railcar Liability | 23,315 | 0 | ||
East Coast Storage Assets Acquisition | 21,567 | 0 | ||
Other | 814 | 250 | ||
Other long-term liabilities | $ 277,228 | $ 225,759 | ||
East Coast Storage Assets Acquisition [Member] | ||||
Other Long-Term Liabilities [Abstract] | ||||
East Coast Storage Assets Acquisition | [1] | $ 21,100 | ||
[1] | ** Contingent consideration is included in “Other long-term liabilities” within the Consolidated Balance Sheets. |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Blackstone and First Reserve [Member] | Series B Units [Member] | |||
Related Party Transaction [Line Items] | |||
Distribution To Unitholders | $ 0 | $ 0 | $ 6,152,000 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details) bbl in Millions | Aug. 14, 2018USD ($) | May 18, 2018USD ($) | Mar. 05, 2018USD ($) | Mar. 10, 2017USD ($) | Jan. 13, 2017group | Jul. 01, 2016USD ($) | Mar. 03, 2014ppm | Mar. 01, 2011 | Dec. 31, 2018USD ($)ppm | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015bbl | Dec. 31, 2010ppm | Jul. 31, 2018 | Jul. 30, 2018 | Dec. 19, 2016 | Aug. 17, 2016 | Apr. 05, 2016 |
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||
Rent expense | $ 132,436,000 | $ 125,433,000 | $ 129,768,000 | |||||||||||||||
Inventory purchases | 68,613,000 | 64,050,000 | $ 53,364,000 | |||||||||||||||
Environmental Matters | ||||||||||||||||||
Environmental liability | $ 7,020,000 | $ 8,289,000 | ||||||||||||||||
Percent of tax benefit received from increases in tax basis paid to stockholders | 85.00% | |||||||||||||||||
Limited Partners' Capital Account, Ownership Percentage | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | |||||||||||
Ownership Percentage of Equity Held | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | ||||||||||||
Payable to Related Parties, Tax Receivable Agreement | $ 373,512,000 | $ 362,142,000 | ||||||||||||||||
PBF Energy Inc. [Member] | Class A Common Stock [Member] | ||||||||||||||||||
Environmental Matters | ||||||||||||||||||
Ownership Percentage of Equity Held | 99.00% | 99.00% | 96.70% | 96.50% | 95.10% | 96.40% | ||||||||||||
Environmental Issue [Member] | ||||||||||||||||||
Environmental Matters | ||||||||||||||||||
Number of environmental groups appealing Ethanol Permit | group | 2 | |||||||||||||||||
Expected payment period | 5 years | |||||||||||||||||
Maximum amount of sulfur allowed in heating oil (in ppm) | ppm | 10 | 80 | ||||||||||||||||
Environmental Issue [Member] | PBF Energy and Valero [Member] | ||||||||||||||||||
Environmental Matters | ||||||||||||||||||
Term of insurance policies | 10 years | |||||||||||||||||
Payments to acquire environmental insurance policies | $ 75,000,000 | |||||||||||||||||
Environmental Issue [Member] | Sunoco, Inc. [Member] | ||||||||||||||||||
Environmental Matters | ||||||||||||||||||
Loss Contingency Accrual, Insurance-Related Assessment, Expiration Of Liability Period | 20 years | |||||||||||||||||
Environmental Issue [Member] | PBF Logistics Products Terminals LLC [Member] | ||||||||||||||||||
Environmental Matters | ||||||||||||||||||
Environmental liability | $ 1,570,000 | $ 1,923,000 | ||||||||||||||||
Discount rate used for environmental liability assessment | 1.83% | |||||||||||||||||
Undiscounted liability | $ 1,698,000 | |||||||||||||||||
Expected future payments | $ 1,250,000 | |||||||||||||||||
Expected payment period | 5 years | |||||||||||||||||
Environmental Issue [Member] | PBFX and Cummins [Member] | ||||||||||||||||||
Environmental Matters | ||||||||||||||||||
Term of insurance policies | 10 years | |||||||||||||||||
Payments to acquire environmental insurance policies | $ 30,000,000 | |||||||||||||||||
Environmental Issue [Member] | PBF Logistics LP [Member] | ||||||||||||||||||
Environmental Matters | ||||||||||||||||||
Term of insurance policies | 10 years | |||||||||||||||||
Payments to acquire environmental insurance policies | $ 30,000,000 | |||||||||||||||||
Environmental Issue [Member] | Torrance Refinery [Member] | ||||||||||||||||||
Environmental Matters | ||||||||||||||||||
Environmental liability | 130,817,000 | 136,487,000 | ||||||||||||||||
Expected future payments | 46,189,000 | |||||||||||||||||
Term of insurance policies | 10 years | |||||||||||||||||
Loss Contingency, Damages Sought, Value | $ 100,000 | |||||||||||||||||
Minimum [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Non-cancelable operating lease term | 1 year | |||||||||||||||||
Maximum [Member] | ||||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||
Non-cancelable operating lease term | 20 years | |||||||||||||||||
Maximum [Member] | PBF Logistics Products Terminals LLC [Member] | ||||||||||||||||||
Environmental Matters | ||||||||||||||||||
Expected future payments | $ 250,000 | |||||||||||||||||
Maximum [Member] | Environmental Issue [Member] | Valero [Member] | ||||||||||||||||||
Environmental Matters | ||||||||||||||||||
Maximum pre-disposal environmental obligations of Valero | $ 20,000,000 | |||||||||||||||||
Maximum [Member] | Environmental Issue [Member] | PBF Logistics Products Terminals LLC [Member] | ||||||||||||||||||
Environmental Matters | ||||||||||||||||||
Expected payment period | 10 years | |||||||||||||||||
Executive [Member] | Minimum [Member] | ||||||||||||||||||
Employee Agreements | ||||||||||||||||||
Potential lump sum payment as a multiple of base salary | 1.50 | |||||||||||||||||
Potential payment upon death or disability as a multiple of base salary | 0.50 | |||||||||||||||||
Executive [Member] | Maximum [Member] | ||||||||||||||||||
Employee Agreements | ||||||||||||||||||
Potential lump sum payment as a multiple of base salary | 2.99 | |||||||||||||||||
New York [Member] | Environmental Issue [Member] | ||||||||||||||||||
Environmental Matters | ||||||||||||||||||
Maximum amount of sulfur allowed in heating oil (in ppm) | ppm | 15 | |||||||||||||||||
Pennsylvania [Member] | Environmental Issue [Member] | ||||||||||||||||||
Environmental Matters | ||||||||||||||||||
Maximum amount of sulfur allowed in heating oil (in ppm) | ppm | 500 | |||||||||||||||||
Chalmette Refinery [Member] | Environmental Issue [Member] | ||||||||||||||||||
Environmental Matters | ||||||||||||||||||
Expected payment period | 30 years | |||||||||||||||||
Term of insurance policies | 10 years | |||||||||||||||||
Payments to acquire environmental insurance policies | $ 100,000,000 | |||||||||||||||||
Environmental Costs Recognized, Recovery Credited to Expense | 3,936,000 | |||||||||||||||||
Paulsboro Refinery [Member] | Environmental Issue [Member] | ||||||||||||||||||
Environmental Matters | ||||||||||||||||||
Environmental liability | $ 10,961,000 | $ 10,282,000 | ||||||||||||||||
Discount rate used for environmental liability assessment | 8.00% | |||||||||||||||||
Undiscounted liability | $ 17,807,000 | |||||||||||||||||
Expected future payments | $ 5,932,000 | |||||||||||||||||
Expected payment period | 5 years | |||||||||||||||||
Torrance Refinery [Member] | Environmental Issue [Member] | ||||||||||||||||||
Environmental Matters | ||||||||||||||||||
Payments to acquire environmental insurance policies | $ 100,000 | |||||||||||||||||
East Coast Storage Assets Acquisition [Member] | Environmental Issue [Member] | PBF Logistics LP [Member] | ||||||||||||||||||
Environmental Matters | ||||||||||||||||||
Environmental liability | $ 885,000 | |||||||||||||||||
Environmental Protection Agency [Member] | Pending Litigation [Member] | Environmental Remediation Contingency [Domain] | ||||||||||||||||||
Environmental Matters | ||||||||||||||||||
Loss Contingency, Damages Sought, Value | 645,000 | |||||||||||||||||
Louisiana Department of Environmental Quality [Member] | Settled Litigation [Member] | Environmental Remediation Contingency [Domain] | ||||||||||||||||||
Environmental Matters | ||||||||||||||||||
Loss Contingency, Damages Sought, Value | $ 741,000 | |||||||||||||||||
Loss Contingency, Damages Paid, Value | $ 100,000 | |||||||||||||||||
DNREC [Member] | Environmental Remediation Contingency [Domain] | ||||||||||||||||||
Environmental Matters | ||||||||||||||||||
Litigation Settlement, Amount Awarded to Other Party | $ 100,000 | |||||||||||||||||
DNREC [Member] | Pending Litigation [Member] | Environmental Remediation Contingency [Domain] | ||||||||||||||||||
Environmental Matters | ||||||||||||||||||
Number Of Gallons Of Crude Oil | bbl | 35.7 | |||||||||||||||||
Loss Contingency, Damages Sought, Value | $ 150,000 | |||||||||||||||||
Number Of Days Barge Shipments Made | 17 days | |||||||||||||||||
SCAQMD [Member] | Pending Litigation [Member] | Environmental Issue [Member] | ||||||||||||||||||
Environmental Matters | ||||||||||||||||||
Loss Contingency, Damages Sought, Value | $ 515,000 | |||||||||||||||||
SCAQMD [Member] | Pending Litigation [Member] | Environmental Remediation Contingency [Domain] | ||||||||||||||||||
Environmental Matters | ||||||||||||||||||
Loss Contingency, Damages Sought, Value | 150,000 | |||||||||||||||||
California Department of Toxic Substance Control [Member] | Environmental Issue [Member] | Torrance Refinery [Member] | ||||||||||||||||||
Environmental Matters | ||||||||||||||||||
Loss Contingency, Damages Sought, Value | $ 150,000 |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES (Future Minimum Rental Payments) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,016 | $ 125,464 |
2,017 | 103,738 |
2,018 | 67,699 |
2,019 | 45,446 |
2,020 | 38,049 |
Thereafter | 204,452 |
Total future obligation payments due | $ 584,848 |
STOCKHOLDERS' AND MEMBERS' EQ_2
STOCKHOLDERS' AND MEMBERS' EQUITY STRUCTURE (Additional Information) (Details) | 12 Months Ended | |
Dec. 31, 2018USD ($)vote / sharesshares | Aug. 19, 2014USD ($) | |
Class B Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Number of votes per share | vote / shares | 1 | |
Class A Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Stock Repurchase Program, Authorized Amount | $ 300,000,000 | |
PBF LLC [Member] | Series B Units [Member] | ||
Class of Stock [Line Items] | ||
Series A Units, 1,206,325 and 3,767,464 issued and outstanding at December 31, 2018 and 2017, no par or stated value | $ 0 | |
Number of units authorized | shares | 1,000,000,000 |
STOCKHOLDERS' AND MEMBERS' EQ_3
STOCKHOLDERS' AND MEMBERS' EQUITY STRUCTURE (Summary of PBF LLC Units) (Details) | Aug. 14, 2018shares |
Class of Stock [Line Items] | |
Stock issued during period (in shares) | 6,000,000 |
STOCKHOLDERS' AND MEMBERS' EQ_4
STOCKHOLDERS' AND MEMBERS' EQUITY STRUCTURE Treasury Stock (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Class of Stock [Line Items] | ||
Treasury stock, at cost, 6,050,717 shares outstanding at December 31, 2015 and 5,765,946 shares outstanding at December 31, 2014 | $ 160,800 | $ 152,585 |
Class A Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Treasury stock, at cost, 6,274,261 shares outstanding at December 31, 2018 and 6,132,884 shares outstanding at December 31, 2017 (in shares) | 6,274,261 | 6,132,884 |
Repurchase Program [Member] | Class A Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Treasury stock, at cost, 6,274,261 shares outstanding at December 31, 2018 and 6,132,884 shares outstanding at December 31, 2017 (in shares) | 6,050,717 | |
Treasury stock, at cost, 6,050,717 shares outstanding at December 31, 2015 and 5,765,946 shares outstanding at December 31, 2014 | $ 150,804 |
NONCONTROLLING INTERESTS (Detai
NONCONTROLLING INTERESTS (Details) - shares | Aug. 14, 2018 | Dec. 31, 2018 | Jul. 31, 2018 | Jul. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 19, 2016 | Aug. 17, 2016 | Apr. 05, 2016 | Dec. 31, 2015 |
Noncontrolling Interest [Line Items] | ||||||||||
Shares outstanding (in shares) | 121,059,199 | 121,080,516 | 114,332,995 | 113,124,949 | 113,124,949 | 102,767,291 | ||||
Ownership Percentage of Equity Held | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Stock issued during period (in shares) | 6,000,000 | |||||||||
Limited Partners' Capital Account, Ownership Percentage | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | |||
Series A Units [Member] | PBF LLC [Member] | ||||||||||
Noncontrolling Interest [Line Items] | ||||||||||
Shares outstanding (in shares) | 1,206,325 | 1,206,325 | 3,767,464 | 3,920,902 | 4,120,902 | 4,985,358 | ||||
Ownership Percentage of Equity Held | 1.00% | 1.00% | 3.30% | 3.50% | 3.60% | 4.90% | ||||
Class A Common Stock [Member] | PBF Energy [Member] | ||||||||||
Noncontrolling Interest [Line Items] | ||||||||||
Shares outstanding (in shares) | 119,852,874 | 119,874,191 | 110,565,531 | 109,204,047 | 109,004,047 | 97,781,933 | ||||
Class A Common Stock [Member] | PBF Energy Inc. [Member] | ||||||||||
Noncontrolling Interest [Line Items] | ||||||||||
Ownership Percentage of Equity Held | 99.00% | 99.00% | 96.70% | 96.50% | 96.40% | 95.10% | ||||
Limited Partner [Member] | PBF LLC [Member] | ||||||||||
Noncontrolling Interest [Line Items] | ||||||||||
Limited Partners' Capital Account, Ownership Percentage | 44.00% | 44.00% | 42.10% | 44.10% | 44.20% | 44.60% | 49.50% | |||
Limited Partner [Member] | Public Unit Holders [Member] | ||||||||||
Noncontrolling Interest [Line Items] | ||||||||||
Limited Partners' Capital Account, Ownership Percentage | 56.00% | 56.00% | 57.90% | 55.90% | 55.80% | 55.40% | 50.50% |
NONCONTROLLING INTERESTS PBF LL
NONCONTROLLING INTERESTS PBF LLC Noncontrolling Interest (Details) - shares | Aug. 14, 2018 | Dec. 31, 2018 | Jul. 31, 2018 | Jul. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 19, 2016 | Aug. 17, 2016 | Apr. 05, 2016 | Dec. 31, 2015 |
Noncontrolling Interest [Line Items] | ||||||||||
Limited Partners' Capital Account, Ownership Percentage | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | |||
Stock issued during period (in shares) | 6,000,000 | |||||||||
Shares outstanding (in shares) | 121,059,199 | 121,080,516 | 114,332,995 | 113,124,949 | 113,124,949 | 102,767,291 | ||||
Ownership Percentage of Equity Held | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Series A Units [Member] | PBF LLC [Member] | ||||||||||
Noncontrolling Interest [Line Items] | ||||||||||
Shares outstanding (in shares) | 1,206,325 | 1,206,325 | 3,767,464 | 3,920,902 | 4,120,902 | 4,985,358 | ||||
Ownership Percentage of Equity Held | 1.00% | 1.00% | 3.30% | 3.50% | 3.60% | 4.90% | ||||
Class A Common Stock [Member] | PBF Energy [Member] | ||||||||||
Noncontrolling Interest [Line Items] | ||||||||||
Shares outstanding (in shares) | 119,852,874 | 119,874,191 | 110,565,531 | 109,204,047 | 109,004,047 | 97,781,933 | ||||
Class A Common Stock [Member] | PBF Energy Inc. [Member] | ||||||||||
Noncontrolling Interest [Line Items] | ||||||||||
Ownership Percentage of Equity Held | 99.00% | 99.00% | 96.70% | 96.50% | 96.40% | 95.10% |
NONCONTROLLING INTERESTS PBFX N
NONCONTROLLING INTERESTS PBFX Noncontrolling Interest (Details) - shares | Dec. 31, 2018 | Jul. 31, 2018 | Jul. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Aug. 17, 2016 | Apr. 05, 2016 |
Noncontrolling Interest [Line Items] | |||||||
Limited Partners' Capital Account, Ownership Percentage | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
Common Units [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Common units, outstanding (in shares) | 45,348,663 | 45,344,668 | 43,850,534 | 41,900,708 | 41,730,671 | 41,352,969 | 37,259,173 |
Common Units [Member] | Public Unit Holders [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Common units, outstanding (in shares) | 25,395,032 | 25,391,037 | 25,391,037 | 23,441,211 | 23,271,174 | 22,893,472 | 18,799,676 |
Common Units [Member] | PBF LLC [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Common units, outstanding (in shares) | 19,953,631 | 19,953,631 | 18,459,497 | 18,459,497 | 18,459,497 | 18,459,497 | 18,459,497 |
Limited Partner [Member] | Public Unit Holders [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Limited Partners' Capital Account, Ownership Percentage | 56.00% | 56.00% | 57.90% | 55.90% | 55.80% | 55.40% | 50.50% |
Limited Partner [Member] | PBF LLC [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Limited Partners' Capital Account, Ownership Percentage | 44.00% | 44.00% | 42.10% | 44.10% | 44.20% | 44.60% | 49.50% |
NONCONTROLLING INTERESTS Noncon
NONCONTROLLING INTERESTS Noncontrolling Interest (Details) - USD ($) $ in Thousands | Aug. 14, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jul. 31, 2018 | Jul. 30, 2018 | Aug. 17, 2016 | Apr. 05, 2016 | Dec. 31, 2015 |
Noncontrolling Interest [Line Items] | |||||||||
Limited Partners' Capital Account, Ownership Percentage | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 3,248,479 | $ 2,902,949 | $ 2,570,684 | $ 2,095,857 | |||||
Comprehensive income (loss) attributable to PBF Energy Inc. stockholders | (131,268) | (414,575) | (168,308) | ||||||
Less: comprehensive income attributable to noncontrolling interests | 47,006 | 67,882 | 54,618 | ||||||
Comprehensive income | 178,274 | 482,457 | 222,926 | ||||||
Dividends and Distributions | (190,881) | (182,803) | (173,147) | ||||||
Noncontrolling Interest | 34,820 | 138,378 | |||||||
Adjustments to Additional Paid in Capital, Share-based Compensation and Exercise of Stock Options | 25,454 | 26,848 | 22,656 | ||||||
Stock issued during period | 287,284 | (275,300) | |||||||
Record deferred tax assets and liabilities and tax receivable agreement obligation | (4,926) | (1,139) | (2,613) | ||||||
Stock Issued During Period, Value, Stock Options Exercised | (13,965) | (9,935) | (886) | ||||||
Treasury stock purchases | 0 | (1,038) | (743) | ||||||
Adjustment to Additional Paid in Capital, Income Tax Effect from Share-based Compensation, Net | (5,343) | ||||||||
Stock issued during period (in shares) | 6,000,000 | ||||||||
Stockholders' Equity, Other | 6,883 | (1,995) | (8,816) | ||||||
Parent [Member] | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 2,676,465 | 2,336,654 | 2,025,044 | 1,647,297 | |||||
Comprehensive income (loss) attributable to PBF Energy Inc. stockholders | (131,268) | (414,575) | (168,308) | ||||||
Comprehensive income | 131,268 | 414,575 | 168,308 | ||||||
Dividends and Distributions | (139,263) | (131,783) | (132,705) | ||||||
Noncontrolling Interest | 28,564 | 54,944 | |||||||
Adjustments to Additional Paid in Capital, Share-based Compensation and Exercise of Stock Options | 19,697 | 21,503 | 18,296 | ||||||
Stock issued during period | 287,284 | (275,300) | |||||||
Record deferred tax assets and liabilities and tax receivable agreement obligation | (4,926) | (1,139) | (2,613) | ||||||
Stock Issued During Period, Value, Stock Options Exercised | (13,965) | (10,533) | (1,058) | ||||||
Treasury stock purchases | (1,038) | (743) | |||||||
Adjustment to Additional Paid in Capital, Income Tax Effect from Share-based Compensation, Net | (4,775) | ||||||||
Stockholders' Equity, Other | 7,997 | (1,041) | (4,098) | ||||||
Noncontrolling Interest - PBF LLC [Member] | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 112,247 | 110,203 | 98,671 | 91,018 | |||||
Less: comprehensive income attributable to noncontrolling interests | 4,698 | 16,714 | 14,509 | ||||||
Dividends and Distributions | (2,086) | (4,584) | (6,728) | ||||||
Noncontrolling Interest | 0 | 0 | |||||||
Adjustments to Additional Paid in Capital, Share-based Compensation and Exercise of Stock Options | 0 | 0 | 0 | ||||||
Stock issued during period | 0 | 0 | |||||||
Record deferred tax assets and liabilities and tax receivable agreement obligation | 0 | 0 | 0 | ||||||
Stock Issued During Period, Value, Stock Options Exercised | 0 | 598 | 172 | ||||||
Treasury stock purchases | 0 | 0 | |||||||
Adjustment to Additional Paid in Capital, Income Tax Effect from Share-based Compensation, Net | (568) | ||||||||
Stockholders' Equity, Other | 0 | 0 | 44 | ||||||
Treasury Stock [Member] | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (160,800) | (152,585) | (151,547) | (150,804) | |||||
Treasury stock purchases | (8,215) | (1,038) | (743) | ||||||
Noncontrolling Interest - PBF Holding [Member] | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 10,852 | 10,808 | 12,513 | 17,225 | |||||
Less: comprehensive income attributable to noncontrolling interests | 44 | 95 | 269 | ||||||
Dividends and Distributions | 0 | (1,800) | 0 | ||||||
Noncontrolling Interest | 0 | 0 | |||||||
Adjustments to Additional Paid in Capital, Share-based Compensation and Exercise of Stock Options | 0 | 0 | 0 | ||||||
Stock issued during period | 0 | 0 | |||||||
Record deferred tax assets and liabilities and tax receivable agreement obligation | 0 | 0 | 0 | ||||||
Stock Issued During Period, Value, Stock Options Exercised | 0 | 0 | 0 | ||||||
Treasury stock purchases | 0 | 0 | |||||||
Adjustment to Additional Paid in Capital, Income Tax Effect from Share-based Compensation, Net | 0 | ||||||||
Stockholders' Equity, Other | 0 | 0 | (4,981) | ||||||
Noncontrolling interest - PBF Logistics LP [Member] | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 448,915 | 445,284 | 434,456 | 340,317 | |||||
Less: comprehensive income attributable to noncontrolling interests | 42,264 | 51,073 | 39,840 | ||||||
Dividends and Distributions | (49,532) | (44,636) | (33,714) | ||||||
Noncontrolling Interest | 6,256 | 83,434 | |||||||
Adjustments to Additional Paid in Capital, Share-based Compensation and Exercise of Stock Options | 5,757 | 5,345 | 4,360 | ||||||
Stock issued during period | 0 | 0 | |||||||
Record deferred tax assets and liabilities and tax receivable agreement obligation | 0 | 0 | 0 | ||||||
Stock Issued During Period, Value, Stock Options Exercised | 0 | 0 | 0 | ||||||
Treasury stock purchases | 0 | 0 | |||||||
Adjustment to Additional Paid in Capital, Income Tax Effect from Share-based Compensation, Net | 0 | ||||||||
Stockholders' Equity, Other | (1,114) | (954) | 219 | ||||||
PBF LLC [Member] | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 3,219,249 | 2,878,503 | 2,487,820 | 1,909,395 | |||||
Comprehensive income (loss) attributable to PBF Energy Inc. stockholders | (140,821) | (499,103) | (278,296) | ||||||
Less: comprehensive income attributable to noncontrolling interests | 51,168 | 40,109 | |||||||
Comprehensive income | 183,129 | 550,271 | 318,405 | ||||||
Dividends and Distributions | (190,881) | (182,803) | (173,147) | ||||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 1,038 | 743 | |||||||
Noncontrolling Interest | 34,820 | 138,378 | |||||||
Adjustments to Additional Paid in Capital, Share-based Compensation and Exercise of Stock Options | 25,454 | 26,848 | 22,656 | ||||||
Stock issued during period | 287,284 | 275,300 | |||||||
Stock Issued During Period, Value, Stock Options Exercised | (8,536) | (598) | 886 | ||||||
Treasury stock purchases | 0 | (1,038) | (743) | ||||||
Stockholders' Equity, Other | 9,476 | (3,035) | (4,053) | ||||||
PBF LLC [Member] | Parent [Member] | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 2,759,482 | 2,422,411 | 2,040,851 | 1,551,853 | |||||
Comprehensive income (loss) attributable to PBF Energy Inc. stockholders | (140,821) | (499,103) | (278,296) | ||||||
Comprehensive income | 140,821 | 499,103 | 278,296 | ||||||
Dividends and Distributions | (141,349) | (136,367) | (139,433) | ||||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 1,038 | 743 | |||||||
Noncontrolling Interest | 28,564 | 54,944 | |||||||
Adjustments to Additional Paid in Capital, Share-based Compensation and Exercise of Stock Options | 19,697 | 21,503 | 18,296 | ||||||
Stock issued during period | 287,284 | 275,300 | |||||||
Stock Issued During Period, Value, Stock Options Exercised | (8,536) | (598) | 886 | ||||||
Treasury stock purchases | (1,038) | (743) | |||||||
Stockholders' Equity, Other | 10,590 | (2,081) | 709 | ||||||
PBF LLC [Member] | Noncontrolling Interest - PBF LLC [Member] | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 448,915 | 445,284 | 434,456 | 340,317 | |||||
Less: comprehensive income attributable to noncontrolling interests | 42,264 | 51,073 | 39,840 | ||||||
Dividends and Distributions | (49,532) | (44,636) | (33,714) | ||||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 0 | 0 | |||||||
Noncontrolling Interest | 6,256 | 83,434 | |||||||
Adjustments to Additional Paid in Capital, Share-based Compensation and Exercise of Stock Options | 5,757 | 5,345 | 4,360 | ||||||
Stock issued during period | 0 | 0 | |||||||
Stock Issued During Period, Value, Stock Options Exercised | 0 | 0 | 0 | ||||||
Treasury stock purchases | 0 | 0 | |||||||
Stockholders' Equity, Other | (1,114) | (954) | 219 | ||||||
PBF LLC [Member] | Treasury Stock [Member] | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (160,800) | (152,585) | (151,547) | (150,804) | |||||
Treasury stock purchases | (8,215) | (1,038) | (743) | ||||||
PBF LLC [Member] | Noncontrolling interest - PBF Logistics LP [Member] | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 10,852 | 10,808 | 12,513 | $ 17,225 | |||||
Less: comprehensive income attributable to noncontrolling interests | 44 | 95 | 269 | ||||||
Dividends and Distributions | 0 | (1,800) | 0 | ||||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 0 | 0 | |||||||
Noncontrolling Interest | 0 | 0 | |||||||
Adjustments to Additional Paid in Capital, Share-based Compensation and Exercise of Stock Options | 0 | 0 | 0 | ||||||
Stock issued during period | 0 | 0 | |||||||
Stock Issued During Period, Value, Stock Options Exercised | 0 | 0 | 0 | ||||||
Treasury stock purchases | 0 | 0 | |||||||
Stockholders' Equity, Other | $ 0 | 0 | $ (4,981) | ||||||
Collins Pipeline Company And T&M Terminal Company [Member] | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Limited Partners' Capital Account, Ownership Percentage | 80.00% | ||||||||
Noncontrolling Interest in Limited Partnerships | $ 44 | $ 95 | |||||||
Limited Partner [Member] | PBF LLC [Member] | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Limited Partners' Capital Account, Ownership Percentage | 44.00% | 44.10% | 44.20% | 44.00% | 42.10% | 44.60% | 49.50% |
NONCONTROLLING INTERESTS Other
NONCONTROLLING INTERESTS Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | $ 47,006 | $ 67,882 | $ 54,618 | ||||||||
Net income | $ (346,673) | $ 192,466 | $ 287,687 | $ 41,811 | $ 260,386 | $ 347,226 | $ (104,151) | $ (20,030) | 175,291 | 483,431 | 225,518 |
Unrealized loss on available for sale securities | (108) | (24) | (42) | ||||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 3,091 | (950) | (2,550) | ||||||||
Total other comprehensive income (loss) | 2,983 | (974) | (2,592) | ||||||||
Comprehensive income | 178,274 | 482,457 | 222,926 | ||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 178,274 | 482,457 | 222,926 | ||||||||
Parent [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Net income | 128,315 | 415,517 | 170,811 | ||||||||
Unrealized loss on available for sale securities | (107) | (23) | (41) | ||||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 3,060 | (919) | (2,462) | ||||||||
Total other comprehensive income (loss) | 2,953 | (942) | (2,503) | ||||||||
Comprehensive income | 131,268 | 414,575 | 168,308 | ||||||||
Noncontrolling Interest [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Net income | 46,976 | 67,914 | 54,707 | ||||||||
Unrealized loss on available for sale securities | (1) | (1) | (1) | ||||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 31 | (31) | (88) | ||||||||
Total other comprehensive income (loss) | 30 | (32) | (89) | ||||||||
Comprehensive income | 47,006 | 67,882 | 54,618 | ||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | 47,006 | 67,882 | 54,618 | ||||||||
PBF LLC [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 51,168 | 40,109 | |||||||||
Net income | $ (502,132) | $ 244,913 | $ 385,622 | $ 51,743 | $ 223,799 | $ 553,077 | $ (183,778) | $ (41,853) | 180,146 | 551,245 | 320,997 |
Unrealized loss on available for sale securities | (108) | (24) | (42) | ||||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 3,091 | (950) | (2,550) | ||||||||
Total other comprehensive income (loss) | 2,983 | (974) | (2,592) | ||||||||
Comprehensive income | 183,129 | 550,271 | 318,405 | ||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 183,129 | 550,271 | 318,405 | ||||||||
PBF LLC [Member] | Parent [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Net income | 137,838 | 500,077 | 280,888 | ||||||||
Unrealized loss on available for sale securities | (108) | (24) | (42) | ||||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 3,091 | (950) | (2,550) | ||||||||
Total other comprehensive income (loss) | 2,983 | (974) | (2,592) | ||||||||
Comprehensive income | 140,821 | 499,103 | 278,296 | ||||||||
PBF LLC [Member] | Noncontrolling Interest [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 42,308 | 51,168 | 40,109 | ||||||||
Unrealized loss on available for sale securities | 0 | 0 | 0 | ||||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 0 | 0 | 0 | ||||||||
Total other comprehensive income (loss) | 0 | 0 | 0 | ||||||||
Comprehensive income | 42,308 | 51,168 | 40,109 | ||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | $ 42,308 | $ 51,168 | $ 40,109 |
STOCK-BASED COMPENSATION (Share
STOCK-BASED COMPENSATION (Share-Based Compensation Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
PBF Energy [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Granted (in shares) | 2,500,742 | 1,638,075 | 1,792,000 |
PBF LLC [Member] | Series A Units [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Granted (in shares) | 0 | 0 | 0 |
General and Administrative Expense [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Allocated share-based compensation expense | $ 25,969 | $ 26,848 | $ 22,656 |
General and Administrative Expense [Member] | PBF Logistics LP [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Allocated share-based compensation expense | 5,757 | 5,345 | 4,360 |
Performance Shares [Member] | General and Administrative Expense [Member] | PBF Energy [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Allocated share-based compensation expense | 1,207 | 0 | 0 |
Employee Stock Option [Member] | General and Administrative Expense [Member] | PBF Energy [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Allocated share-based compensation expense | $ 11,545 | $ 9,369 | $ 11,020 |
Restricted Stock [Member] | PBF Energy [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Granted (in shares) | 58,830 | 762,425 | 360,820 |
Restricted Stock [Member] | General and Administrative Expense [Member] | PBF Energy [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Allocated share-based compensation expense | $ 7,460 | $ 12,134 | $ 7,276 |
STOCK-BASED COMPENSATION (Weigh
STOCK-BASED COMPENSATION (Weighted Average Assumptions) (Details) - PBF Energy [Member] - $ / shares | 1 Months Ended | 12 Months Ended | ||
Oct. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected life (in years) | 6 years 3 months | 6 years 3 months | 6 years 3 months | |
Expected volatility | 35.80% | 39.50% | 39.70% | |
Dividend yield | 3.49% | 4.58% | 4.73% | |
Risk-free rate of return | 2.82% | 2.09% | 1.42% | |
Exercise price (in dollars per share) | $ 35.25 | $ 26.52 | $ 26.18 | |
Performance share units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share (in dollars per share) | $ 50.23 | |||
Expected volatility | 39.04% | |||
Dividend yield | 2.95% | |||
Risk-free rate of return | 2.89% |
STOCK-BASED COMPENSATION (Sha_2
STOCK-BASED COMPENSATION (Share-Based Compensation Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
PBF Energy [Member] | ||||
Options | ||||
Options, beginning balance (in shares) | 6,882,775 | 5,970,625 | 4,256,375 | |
Granted (in shares) | 2,500,742 | 1,638,075 | 1,792,000 | |
Exercised (in shares) | (884,878) | (462,500) | (11,250) | |
Forfeited (in shares) | (141,981) | (263,425) | (66,500) | |
Options, ending balance (in shares) | 8,356,658 | 6,882,775 | 5,970,625 | 4,256,375 |
Options exercisable and vested (in shares) | 3,531,066 | 2,958,875 | 2,271,375 | |
Options expected to vest (in shares) | 8,356,658 | |||
Weighted Average Exercise Price | ||||
Weighted average exercise price, beginning balance (in dollars per share) | $ 27.27 | $ 27.37 | $ 27.89 | |
Granted (in dollars per share) | 35.25 | 26.52 | 26.18 | |
Exercised (in dollars per share) | 27.57 | 25.65 | 25.86 | |
Forfeited (in dollars per share) | 33.49 | 27.71 | 28.74 | |
Weighted average exercise price, ending balance (in dollars per share) | 29.60 | 27.27 | 27.37 | $ 27.89 |
Weighted average exercise price, exercisable and vested (in dollars per share) | 27.39 | $ 27.58 | $ 27.23 | |
Weighted average exercise price, expected to vest (in dollars per share) | $ 29.60 | |||
Weighted average remaining contractual term, outstanding (in years) | 7 years 5 months 23 days | 7 years 9 months 26 days | 8 years 8 days | 8 years 3 months 26 days |
Weighted average remaining contractual term, granted (in years) | 10 years | 10 years | 10 years | |
Weighted average remaining contractual term, exercisable and vested (in years) | 6 years 3 months 7 days | 6 years 9 months 7 days | 7 years 2 months 16 days | |
Weighted average remaining contractual term, expected to vest (in years) | 7 years 5 months 23 days | |||
PBF LLC [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense | $ 0 | $ 0 | ||
PBF LLC [Member] | Series A Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Warrants exercised in period (in shares) | 19,400 | 0 | ||
Options | ||||
Options, beginning balance (in shares) | 486,312 | 612,946 | 640,779 | |
Granted (in shares) | 0 | 0 | 0 | |
Exercised (in shares) | (243,700) | (126,634) | (27,833) | |
Forfeited (in shares) | 0 | 0 | 0 | |
Options, ending balance (in shares) | 242,612 | 486,312 | 612,946 | 640,779 |
Options exercisable and vested (in shares) | 242,612 | 486,312 | 612,946 | |
Options expected to vest (in shares) | 242,612 | |||
Weighted Average Exercise Price | ||||
Weighted average exercise price, beginning balance (in dollars per share) | $ 10.73 | $ 10.62 | $ 10.59 | |
Exercised (in dollars per share) | 10.62 | 10.17 | 10 | |
Forfeited (in dollars per share) | 0 | 0 | 0 | |
Weighted average exercise price, ending balance (in dollars per share) | 10.85 | 10.73 | 10.62 | $ 10.59 |
Weighted average exercise price, exercisable and vested (in dollars per share) | 10.85 | $ 10.73 | $ 10.62 | |
Weighted average exercise price, expected to vest (in dollars per share) | $ 10.85 | |||
Weighted average remaining contractual term, outstanding (in years) | 2 years 7 months 20 days | 3 years 6 months 7 days | 4 years 5 months 18 days | 5 years 5 months 15 days |
Weighted average remaining contractual term, exercisable and vested (in years) | 2 years 7 months 20 days | 3 years 6 months 7 days | 4 years 5 months 18 days | |
Weighted average remaining contractual term, expected to vest (in years) | 2 years 7 months 20 days | |||
Restricted Stock [Member] | PBF Energy [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares) | 793,954 | 1,095,716 | 521,369 | 294,880 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value (in dollars per share) | $ 26.88 | $ 25.56 | $ 24.89 | $ 30.87 |
Options | ||||
Granted (in shares) | 58,830 | 762,425 | 360,820 | |
Granted (in dollars per share) | $ 47.24 | $ 25.86 | $ 22.44 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | (345,073) | (172,978) | (134,331) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Intrinsic Value, Amount Per Share (in dollars per share) | $ 26.13 | $ 24.99 | $ 31.43 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares) | (15,519) | (15,100) | 0 | |
Weighted Average Exercise Price | ||||
Forfeited (in dollars per share) | $ 24.18 | $ 24.18 | $ 0 |
STOCK-BASED COMPENSATION (Summa
STOCK-BASED COMPENSATION (Summary of Unit Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Oct. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
PBF Energy [Member] | ||||
Weighted Average Grant Date Fair Value | ||||
Forfeited (in dollars per share) | $ 33.49 | $ 27.71 | $ 28.74 | |
PBF LLC [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 4 years | |||
Unrecognized compensation expense | $ 0 | $ 0 | ||
PBF LLC [Member] | Series A Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Class Of Warrant Or Right, Warrants Exercised In Period (in shares) | 19,400 | 0 | ||
Weighted Average Grant Date Fair Value | ||||
Forfeited (in dollars per share) | $ 0 | $ 0 | $ 0 | |
Non-compensatory warrants outstanding (in shares) | 13,319 | 32,719 | ||
PBF LLC [Member] | Series B Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Performance share units [Member] | PBF Energy [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (in shares) | 179,072 | |||
Unrecognized compensation expense | $ 8,303 | |||
Non-Vested Units | ||||
Forfeited (in shares) | 0 | |||
Weighted Average Grant Date Fair Value | ||||
Granted (in dollars per share) | $ 50.23 | |||
Performance Units [Member] | PBF Energy [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (in shares) | 7,279,188 | |||
Unrecognized compensation expense | $ 6,182 | |||
Non-Vested Units | ||||
Forfeited (in shares) | 0 | |||
Weighted Average Grant Date Fair Value | ||||
Granted (in dollars per share) | $ 0.92 | |||
Phantom Share Units (PSUs) [Member] | ||||
Non-Vested Units | ||||
Units, beginning balance (in shares) | 642,774 | 564,880 | 403,375 | |
Granted (in shares) | 328,052 | 319,940 | 284,854 | |
Vested (in shares) | (233,993) | (217,171) | (116,349) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Intrinsic Value, Amount Per Share (in dollars per share) | $ 22.71 | $ 23.15 | $ 25.24 | |
Forfeited (in shares) | (20,125) | (24,875) | (7,000) | |
Units, ending balance (in shares) | 716,708 | 642,774 | 564,880 | |
Weighted Average Grant Date Fair Value | ||||
Granted (in dollars per share) | $ 19.95 | $ 20.97 | $ 19.95 | |
Forfeited (in dollars per share) | 18.81 | 21.23 | 23.20 | |
Weighted average grant date fair value, ending balance (in dollars per share) | $ 20.53 | $ 21.54 | $ 22.47 | |
Phantom Share Units (PSUs) [Member] | PBFX [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 4 years | |||
Unrecognized compensation expense | $ 7,032 | $ 6,662 | ||
Weighted average recognized period | 4 years | |||
Weighted Average Grant Date Fair Value | ||||
Weighted average grant date fair value, beginning balance | $ 13,845 |
STOCK-BASED COMPENSATION (Addit
STOCK-BASED COMPENSATION (Additional Information) (Details) - USD ($) | Dec. 31, 2018 | Oct. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Phantom Share Units (PSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 4 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares) | 20,125 | 24,875 | 7,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value (in dollars per share) | $ 20.53 | $ 20.53 | $ 21.54 | $ 22.47 | $ 25.06 | |
PBF Energy [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted in period (in shares) | 2,500,742 | 1,638,075 | 1,792,000 | |||
PBF Energy [Member] | Employee Stock Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Total estimated fair value, granted in period | $ 23,892,000 | $ 10,913,000 | ||||
Weighted average fair value per unit (in dollars per share) | $ 9.55 | $ 6.66 | ||||
Total intrinsic value of stock options outstanding | $ 36,523,000 | $ 36,523,000 | $ 56,656,000 | |||
Total intrinsic value of stock options exercisable | 19,355,000 | 19,355,000 | 23,665,000 | |||
Total intrinsic value of stock options exercised during period | 12,445,000 | $ 2,365,000 | ||||
Unrecognized compensation expense | 33,162,000 | $ 33,162,000 | ||||
PBF Energy [Member] | Performance share units [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 3 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares) | 0 | |||||
Unrecognized compensation expense | 8,303,000 | $ 8,303,000 | ||||
PBF Energy [Member] | Performance Units [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation, Performance Unit, Payout | $ 1 | $ 1 | ||||
Share-Based Compensation, Performance Unit, Payout, Percentage Of Target | 200.00% | 200.00% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares) | 0 | |||||
Unrecognized compensation expense | $ 6,182,000 | $ 6,182,000 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years | |||||
PBF Energy [Member] | Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares) | (15,519) | (15,100) | 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value (in dollars per share) | $ 26.88 | $ 26.88 | $ 25.56 | $ 24.89 | $ 30.87 | |
Granted in period (in shares) | 58,830 | 762,425 | 360,820 | |||
PBF LLC [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 4 years | |||||
Expiration period | 10 years | |||||
Total intrinsic value of stock options outstanding | $ 5,000 | $ 5,000 | $ 12,016,000 | |||
Total intrinsic value of stock options exercised during period | 7,487,000 | 2,301,000 | $ 461,000 | |||
Unrecognized compensation expense | $ 0 | $ 0 | $ 0 | |||
PBF LLC [Member] | Series A Units [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted in period (in shares) | 0 | 0 | 0 | |||
Exercise price per unit (in dollars per share) | $ 10 | |||||
Warrants exercised in period (in shares) | 19,400 | 0 | ||||
Non-compensatory warrants outstanding (in shares) | 13,319 | 13,319 | 32,719 | |||
PBF LLC [Member] | Series B Units [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting rights percentage | 25.00% | |||||
Vesting period | 3 years | |||||
PBF LLC [Member] | Warrant [Member] | Series A Units [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting rights percentage | 25.00% | |||||
Vesting period | 3 years | |||||
Expiration period | 10 years | |||||
PBF LLC [Member] | Employee Stock Option [Member] | Series A Units [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting rights percentage | 33.30% | |||||
Expiration period | 10 years | |||||
PBFX [Member] | Phantom Share Units (PSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Fair Value | $ 14,714,000 | $ 14,714,000 | $ 13,845,000 | |||
Vesting period | 4 years | |||||
Unrecognized compensation expense | 7,032,000 | $ 7,032,000 | $ 6,662,000 | |||
Minimum [Member] | PBF Energy [Member] | Performance share units [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Distribution Percentage Based On Performance Measurements | 0.00% | |||||
Maximum [Member] | PBF Energy [Member] | Performance share units [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Distribution Percentage Based On Performance Measurements | 200.00% | |||||
Maximum [Member] | PBF Energy [Member] | Performance Units [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation, Performance Unit, Payout | $ 2 | $ 2 |
EMPLOYEE BENEFIT PLANS (Changes
EMPLOYEE BENEFIT PLANS (Changes in Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pension Benefits [Member] | |||||
Change in benefit obligation: | |||||
Benefit obligation at beginning of year | $ 185,231 | $ 135,508 | |||
Service cost | 47,344 | 40,572 | $ 36,359 | ||
Interest cost | 5,793 | 4,336 | 3,096 | ||
Plan amendments | 0 | 462 | |||
Plan settlements | 0 | (4,881) | |||
Benefit payments | 7,214 | 4,034 | |||
Actuarial loss (gain) | (12,811) | 13,268 | |||
Projected benefit obligation at end of year | 218,343 | 185,231 | 135,508 | ||
Change in plan assets: | |||||
Fair value of plan assets at beginning of year | 121,652 | 75,367 | |||
Actual return on plan assets | (6,148) | 14,019 | |||
Benefits paid | 7,214 | 4,034 | |||
Plan settlements | 0 | (4,881) | |||
Employer contributions | 35,081 | 41,181 | |||
Fair value of plan assets at end of year | 143,371 | 121,652 | 75,367 | ||
Reconciliation of funded status: | |||||
Fair value of plan assets at end of year | 121,652 | 75,367 | 75,367 | $ 143,371 | $ 121,652 |
Less benefit obligation at end of year | 185,231 | 135,508 | 135,508 | 218,343 | 185,231 |
Funded status at end of year | (74,972) | (63,579) | |||
Post Retirement Medical Plan [Member] | |||||
Change in benefit obligation: | |||||
Benefit obligation at beginning of year | 21,527 | 22,740 | |||
Service cost | 1,148 | 1,263 | 1,047 | ||
Interest cost | 620 | 688 | 528 | ||
Plan amendments | 0 | 0 | |||
Plan settlements | 0 | 0 | |||
Benefit payments | 562 | 693 | |||
Actuarial loss (gain) | (3,388) | (2,471) | |||
Projected benefit obligation at end of year | 19,345 | 21,527 | 22,740 | ||
Change in plan assets: | |||||
Fair value of plan assets at beginning of year | 0 | 0 | |||
Actual return on plan assets | 0 | 0 | |||
Benefits paid | 562 | 693 | |||
Plan settlements | 0 | 0 | |||
Employer contributions | 562 | 693 | |||
Fair value of plan assets at end of year | 0 | 0 | 0 | ||
Reconciliation of funded status: | |||||
Fair value of plan assets at end of year | 0 | 0 | 0 | 0 | 0 |
Less benefit obligation at end of year | $ 21,527 | $ 22,740 | $ 22,740 | 19,345 | 21,527 |
Funded status at end of year | $ (19,345) | $ (21,527) |
EMPLOYEE BENEFIT PLANS (Expecte
EMPLOYEE BENEFIT PLANS (Expected Benefit Payments) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,019 | $ 11,155 |
2,020 | 13,039 |
2,021 | 16,570 |
2,022 | 19,991 |
2,023 | 19,228 |
Year 2023- 2027 | 136,559 |
Post Retirement Medical Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,019 | 1,342 |
2,020 | 1,605 |
2,021 | 1,726 |
2,022 | 1,761 |
2,023 | 1,746 |
Year 2023- 2027 | $ 9,121 |
EMPLOYEE BENEFIT PLANS (Net Per
EMPLOYEE BENEFIT PLANS (Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 47,344 | $ 40,572 | $ 36,359 |
Interest cost | 5,793 | 4,336 | 3,096 |
Expected return on plan assets | (8,540) | (5,766) | (4,681) |
Settlement loss recognized | 0 | 993 | 0 |
Amortization of prior service cost | 85 | 53 | 53 |
Amortization of actuarial loss | 285 | 452 | 1,043 |
Net periodic benefit cost | 44,967 | 40,640 | 35,870 |
Post Retirement Medical Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 1,148 | 1,263 | 1,047 |
Interest cost | 620 | 688 | 528 |
Expected return on plan assets | 0 | 0 | 0 |
Settlement loss recognized | 0 | 0 | 0 |
Amortization of prior service cost | 646 | 646 | 541 |
Amortization of actuarial loss | 0 | 0 | 0 |
Net periodic benefit cost | $ 2,414 | $ 2,597 | $ 2,116 |
EMPLOYEE BENEFIT PLANS (Pre-tax
EMPLOYEE BENEFIT PLANS (Pre-tax Amounts Recognized in Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prior service costs | $ 0 | $ 462 | $ 0 |
Net actuarial loss (gain) | 1,877 | 5,015 | 176 |
Amortization of losses and prior service cost | (826) | (1,410) | (1,096) |
Total changes in other comprehensive income (loss) | 1,051 | 4,067 | (920) |
Post Retirement Medical Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prior service costs | 0 | 0 | 2,524 |
Net actuarial loss (gain) | (3,388) | (2,471) | 1,487 |
Amortization of losses and prior service cost | (646) | (646) | (541) |
Total changes in other comprehensive income (loss) | $ (4,034) | $ (3,117) | $ 3,470 |
EMPLOYEE BENEFIT PLANS (Pre-t_2
EMPLOYEE BENEFIT PLANS (Pre-tax Amounts in AOCI Not Yet Recognized as Components of Net Periodic Costs) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prior service costs | $ (799) | $ (885) |
Net actuarial (loss) gain | (24,136) | (22,544) |
Total | (24,935) | (23,429) |
Post Retirement Medical Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prior service costs | (4,691) | (5,337) |
Net actuarial (loss) gain | 3,981 | 593 |
Total | $ (710) | $ (4,744) |
EMPLOYEE BENEFIT PLANS (Pre-t_3
EMPLOYEE BENEFIT PLANS (Pre-tax Amounts in AOCI to be Recognized Over Next Fiscal Year) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Amortization of prior service costs | $ (86) |
Amortization of net actuarial (loss) gain | (180) |
Total | (266) |
Post Retirement Medical Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Amortization of prior service costs | (646) |
Amortization of net actuarial (loss) gain | 135 |
Total | $ (511) |
EMPLOYEE BENEFIT PLANS (Assumpt
EMPLOYEE BENEFIT PLANS (Assumptions Used) (Details) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Pension Benefits [Member] | |||
Weighted Average Assumptions Used to Determine Benefit Obligations | |||
Discount rate | 4.22% | 3.58% | |
Rate of compensation increase | 4.55% | 4.53% | |
Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs | |||
Expected long-term rate of return on plan assets | 6.25% | 6.50% | 7.00% |
Rate of compensation increase | 4.53% | 4.81% | 4.81% |
Supplemental Employee Retirement Plan [Member] | |||
Weighted Average Assumptions Used to Determine Benefit Obligations | |||
Discount rate | 4.17% | 3.55% | |
Rate of compensation increase | 5.00% | 5.00% | |
Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs | |||
Rate of compensation increase | 5.00% | 5.50% | 5.50% |
Post Retirement Medical Plan [Member] | |||
Weighted Average Assumptions Used to Determine Benefit Obligations | |||
Discount rate | 3.99% | 3.33% | |
Rate of compensation increase | 0.00% | 0.00% | |
Service Cost [Member] | Pension Benefits [Member] | |||
Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs | |||
Discount rate | 3.62% | 4.15% | 4.15% |
Service Cost [Member] | Supplemental Employee Retirement Plan [Member] | |||
Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs | |||
Discount rate | 3.58% | 4.17% | 4.17% |
Service Cost [Member] | Post Retirement Medical Plan [Member] | |||
Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs | |||
Discount rate | 3.59% | 4.10% | 4.10% |
Effective rate for interest cost [Member] | Pension Benefits [Member] | |||
Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs | |||
Discount rate | 3.21% | 3.38% | 3.38% |
Effective rate for interest cost [Member] | Supplemental Employee Retirement Plan [Member] | |||
Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs | |||
Discount rate | 3.15% | 3.20% | 3.20% |
Effective rate for interest cost [Member] | Post Retirement Medical Plan [Member] | |||
Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs | |||
Discount rate | 2.97% | 3.11% | 3.11% |
Effective rate for interest on service cost [Member] | Pension Benefits [Member] | |||
Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs | |||
Discount rate | 3.32% | 3.59% | 3.59% |
Effective rate for interest on service cost [Member] | Supplemental Employee Retirement Plan [Member] | |||
Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs | |||
Discount rate | 3.24% | 3.63% | 3.63% |
Effective rate for interest on service cost [Member] | Post Retirement Medical Plan [Member] | |||
Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs | |||
Discount rate | 3.46% | 3.84% | 3.84% |
EMPLOYEE BENEFIT PLANS (Assumed
EMPLOYEE BENEFIT PLANS (Assumed Health Care Cost Trend Rates) (Details) - Post Retirement Medical Plan [Member] | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Health care cost trend rate assumed for next year | 5.80% | 6.00% |
Rate to which the cost trend rate was assumed to decline (the ultimate trend rate) | 4.50% | 4.50% |
Year that the rate reached the ultimate trend rate | 2,038 | 2,038 |
EMPLOYEE BENEFIT PLANS (Effect
EMPLOYEE BENEFIT PLANS (Effect of One-percentage-point Change in Assumed Health Care Cost Trend Rates) (Details) - Post Retirement Medical Plan [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Effect on total of service and interest cost components, 1% increase | $ 11 |
Effect on total of service and interest cost components, 1% decrease | (10) |
Effect on accumulated postretirement benefit obligation, 1% increase | 237 |
Effect on accumulated postretirement benefit obligation, 1% decrease | $ (226) |
EMPLOYEE BENEFIT PLANS (Fair Va
EMPLOYEE BENEFIT PLANS (Fair Value of Assets of the Company's Qualified Plan) (Details) - Pension Benefits [Member] - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at beginning of year | $ 121,652 | $ 75,367 |
Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at beginning of year | 121,652 | |
Level 1 [Member] | Domestic Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at beginning of year | 36,582 | |
Level 1 [Member] | Developed International Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at beginning of year | 17,236 | |
Level 1 [Member] | Emerging Market Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at beginning of year | 8,474 | |
Level 1 [Member] | Global Low Volatility Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at beginning of year | 9,983 | |
Level 1 [Member] | Fixed-Income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at beginning of year | 45,469 | |
Level 1 [Member] | Real Estate [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at beginning of year | 0 | |
Level 1 [Member] | Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at beginning of year | $ 3,908 |
EMPLOYEE BENEFIT PLANS (Additio
EMPLOYEE BENEFIT PLANS (Additional Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Maximum age to receive health care coverage | 65 years | ||
Accumulated benefit obligation | $ 184,531 | $ 148,011 | |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at end of year | $ 143,371 | 121,652 | $ 75,367 |
Required service period for employee participation | 30 days | ||
Basic contributions as a percentage of annual salary | 50.00% | ||
Company matching contribution, percent of match | 200.00% | ||
Company matching contribution, percent of employees' annual pay | 3.00% | ||
Contribution to the qualified defined contribution plans | $ 26,310 | 23,321 | $ 19,746 |
Estimated future contributions in 2019 | $ 34,000 | ||
Pension Benefits [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan asset allocations | 54.00% | ||
Pension Benefits [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan asset allocations | 40.00% | ||
Pension Benefits [Member] | Real Estate [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan asset allocations | 6.00% | ||
Level 1 [Member] | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at end of year | $ 143,371 | 121,652 | |
Level 1 [Member] | Pension Benefits [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at end of year | 59,680 | 45,469 | |
Level 1 [Member] | Pension Benefits [Member] | Real Estate [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at end of year | $ 7,905 | $ 0 |
REVENUES (Details)
REVENUES (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Product Information [Line Items] | |||||||||||
Deferred revenue | $ 20,086 | $ 8,933 | $ 20,086 | $ 8,933 | |||||||
Revenues | $ 6,292,874 | $ 7,646,360 | $ 7,444,083 | $ 5,802,776 | $ 6,535,988 | $ 5,478,951 | $ 5,017,225 | $ 4,754,473 | 27,186,093 | 21,786,637 | $ 15,920,424 |
Revenues | 27,186,093 | 21,786,637 | 15,920,424 | ||||||||
Refining Group [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Revenues | 27,162,079 | 21,769,703 | 15,906,866 | ||||||||
Revenues | 27,162,079 | 21,769,703 | 15,906,866 | ||||||||
Refining Group [Member] | Gasoline and Distillates [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Revenues | 23,032,567 | 18,316,079 | 14,017,350 | ||||||||
Refining Group [Member] | Chemicals [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Revenues | 842,768 | 770,491 | 554,392 | ||||||||
Refining Group [Member] | Lubricants [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Revenues | 321,465 | 305,101 | 260,358 | ||||||||
Refining Group [Member] | Asphalt and Residual Oils [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Revenues | 1,592,936 | 1,162,339 | 699,966 | ||||||||
Refining Group [Member] | Other [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Revenues | 1,372,343 | 1,215,693 | 374,800 | ||||||||
Logistics Group [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Revenues | 283,440 | 257,588 | 189,006 | ||||||||
Prior to elimination [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Revenues | 27,445,519 | 22,027,291 | 16,095,872 | ||||||||
Intersegment Eliminations [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Revenues | $ (259,426) | $ (240,654) | $ (175,448) |
INCOME TAXES (Components of Inc
INCOME TAXES (Components of Income Tax) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Class of Stock [Line Items] | ||||
Operating Loss Carryforwards | $ 546,053 | |||
Less: net income attributable to noncontrolling interests | 46,976 | $ 67,914 | $ 54,707 | |
Current expense (benefit): | ||||
Federal | 766 | 1,534 | (87,829) | |
Current Foreign Tax Expense (Benefit) | 0 | 75 | 0 | |
State | 0 | 142 | (19,279) | |
Deferred expense (benefit): | ||||
Federal | 18,693 | 250,042 | 205,502 | |
Foreign | 7,221 | (3,595) | (8,412) | |
State | 6,827 | 67,386 | 47,668 | |
Total deferred | 32,741 | 313,833 | 244,758 | |
Total tax benefit | 33,507 | 315,584 | 137,650 | |
Net Tax Expense, Tax Cut and Jobs Act | $ (20,153) | |||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 2.80% | |||
Tax Expense, Change in Federal Tax Rate | $ (193,499) | |||
Tax Benefit, Change in Deferred Tax Liabilities | 173,346 | |||
Current Income Tax Expense (Benefit) | 766 | 1,751 | (107,108) | |
PBF LLC [Member] | ||||
Deferred expense (benefit): | ||||
Total deferred | 7,233 | (12,526) | 19,802 | |
Total tax benefit | 7,999 | (10,783) | 23,689 | |
Current Income Tax Expense (Benefit) | 766 | $ 1,743 | $ 3,887 | |
State and Local Jurisdiction [Member] | ||||
Class of Stock [Line Items] | ||||
Operating Loss Carryforwards | $ 300,956 | |||
Prior Period Error Correction [Member] | PBF LLC [Member] | ||||
Deferred expense (benefit): | ||||
Total deferred | $ 30,602 | |||
Current Income Tax Expense (Benefit) | $ 121 |
INCOME TAXES (Effective Income
INCOME TAXES (Effective Income Tax Rate Reconciliation) (Details) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Effective Income Tax Rate Reconciliation, Noncontrolling Interest Income (Loss), Percent | 16.00% | 39.50% | 37.90% |
Provision at Federal statutory rate | 21.00% | 35.00% | 35.00% |
State income taxes (net of federal income tax) | 5.00% | 4.60% | 4.60% |
Nondeductible/nontaxable items | 1.00% | 0.20% | 0.10% |
Manufacturer’s benefit deduction | 0.00% | 0.00% | 1.90% |
Rate differential from foreign jurisdictions | 0.90% | 0.30% | 1.50% |
Provision to return adjustment | (4.00%) | 0.00% | (0.40%) |
Adjustment to deferred tax assets and liabilities for change in tax rates | 0.00% | 2.80% | 1.70% |
Share-based compensation | (2.60%) | 0.00% | 0.00% |
Other | (0.60%) | 0.30% | 0.20% |
Effective tax rate | 20.70% | 43.20% | 44.60% |
INCOME TAXES (Components of Def
INCOME TAXES (Components of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred tax assets | ||
Purchase interest step-up | $ 306,231 | $ 325,405 |
Inventory | 46,958 | 0 |
Pension, employee benefits and compensation | 55,103 | 40,455 |
Hedging | 3,127 | 24,175 |
Net operating loss carry forwards | 134,672 | 137,887 |
Environmental liabilities | 38,121 | 38,388 |
Other | 2,749 | 3,709 |
Total deferred tax assets | 586,961 | 570,019 |
Valuation allowances | 0 | 0 |
Total deferred tax assets, net | 586,961 | 570,019 |
Deferred tax liabilities | ||
Property, plant and equipment | 578,826 | 528,336 |
Inventory | 0 | 21,200 |
Total deferred tax liabilities | 578,826 | 549,536 |
Net deferred tax assets | $ 8,135 | $ 20,483 |
INCOME TAXES (Income Tax Examin
INCOME TAXES (Income Tax Examinations) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Income Tax Examination [Line Items] | |
Operating Loss Carryforwards | $ 546,053 |
Federal [Member] | |
Income Tax Examination [Line Items] | |
Income tax years that remain subject to examination | 2,015 |
New Jersey [Member] | |
Income Tax Examination [Line Items] | |
Income tax years that remain subject to examination | 2,013 |
Michigan [Member] | |
Income Tax Examination [Line Items] | |
Income tax years that remain subject to examination | 2,014 |
Delaware [Member] | |
Income Tax Examination [Line Items] | |
Income tax years that remain subject to examination | 2,015 |
Indiana [Member] | |
Income Tax Examination [Line Items] | |
Income tax years that remain subject to examination | 2,015 |
Pennsylvania [Member] | |
Income Tax Examination [Line Items] | |
Income tax years that remain subject to examination | 2,015 |
New York [Member] | |
Income Tax Examination [Line Items] | |
Income tax years that remain subject to examination | 2,015 |
Louisiana [Member] | |
Income Tax Examination [Line Items] | |
Income tax years that remain subject to examination | 2,015 |
CALIFORNIA | |
Income Tax Examination [Line Items] | |
Income tax years that remain subject to examination | 2,016 |
INCOME TAXES Income by Jurisdic
INCOME TAXES Income by Jurisdiction (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax [Line Items] | |||
Operating Loss Carryforwards | $ 546,053 | ||
Income before income taxes | 208,798 | $ 799,015 | $ 363,168 |
PBF Energy [Member] | |||
Income Tax [Line Items] | |||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | 134,318 | 749,559 | 343,875 |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | 27,504 | (18,458) | (35,414) |
Income before income taxes | $ 161,822 | $ 731,101 | $ 308,461 |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) | 12 Months Ended |
Dec. 31, 2018reportable_segmentsegment | |
Segment Reporting Information [Line Items] | |
Number Of Reporting Segments | reportable_segment | 2 |
Number of Operating Segments | segment | 2 |
SEGMENT INFORMATION Schedule of
SEGMENT INFORMATION Schedule of Segment Reporting (Details) - USD ($) | Apr. 17, 2017 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Aug. 31, 2016 | ||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Total assets | $ 8,005,415,000 | [1] | $ 8,117,993,000 | [2] | $ 8,005,415,000 | [1] | $ 8,117,993,000 | [2] | ||||||||||||
Revenues | 27,186,093,000 | 21,786,637,000 | $ 15,920,424,000 | |||||||||||||||||
Revenues | 6,292,874,000 | $ 7,646,360,000 | $ 7,444,083,000 | $ 5,802,776,000 | 6,535,988,000 | $ 5,478,951,000 | $ 5,017,225,000 | $ 4,754,473,000 | 27,186,093,000 | 21,786,637,000 | 15,920,424,000 | |||||||||
Depreciation and amortization expense | 369,760,000 | 290,956,000 | 222,176,000 | |||||||||||||||||
Income (loss) from operations | (446,236,000) | 286,433,000 | 422,263,000 | 95,660,000 | 254,613,000 | 587,260,000 | (111,048,000) | 795,000 | 358,120,000 | 731,620,000 | [3] | 499,463,000 | ||||||||
Interest and Debt Expense | 169,911,000 | 154,427,000 | 150,045,000 | |||||||||||||||||
Capital Expenditures | 733,887,000 | [4] | 727,035,000 | [5] | 1,612,871,000 | [1] | ||||||||||||||
Logistics Group [Member] | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Revenues | 283,440,000 | 257,588,000 | 189,006,000 | |||||||||||||||||
Refining Group [Member] | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Total assets | 6,988,059,000 | [1] | 7,287,384,000 | [2] | 6,988,059,000 | [1] | 7,287,384,000 | [2] | ||||||||||||
Revenues | 27,162,079,000 | 21,769,703,000 | 15,906,866,000 | |||||||||||||||||
Revenues | 27,162,079,000 | 21,769,703,000 | 15,906,866,000 | |||||||||||||||||
Depreciation and amortization expense | 329,317,000 | 253,588,000 | 200,935,000 | |||||||||||||||||
Income (loss) from operations | 498,287,000 | [3] | 814,033,000 | [3] | 557,839,000 | |||||||||||||||
Interest and Debt Expense | 7,601,000 | 4,695,000 | 2,938,000 | |||||||||||||||||
Capital Expenditures | 552,020,000 | [4] | 633,294,000 | [5] | 1,468,696,000 | [1] | ||||||||||||||
PBF Logistics LP [Member] | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Total assets | 956,353,000 | [1] | 748,215,000 | [2] | 956,353,000 | [1] | 748,215,000 | [2] | ||||||||||||
Revenues | 283,440,000 | 257,588,000 | 189,006,000 | |||||||||||||||||
Depreciation and amortization expense | 29,809,000 | 24,404,000 | 15,406,000 | |||||||||||||||||
Income (loss) from operations | 143,870,000 | [3] | 143,379,000 | [3] | 105,240,000 | |||||||||||||||
Interest and Debt Expense | 43,033,000 | 33,363,000 | 30,433,000 | |||||||||||||||||
Capital Expenditures | 175,696,000 | [4] | 90,258,000 | [5] | 123,946,000 | [1] | ||||||||||||||
Corporate Segment [Member] | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Total assets | 98,055,000 | [1] | 123,211,000 | [2] | 98,055,000 | [1] | 123,211,000 | [2] | ||||||||||||
Revenues | 0 | 0 | 0 | |||||||||||||||||
Depreciation and amortization expense | 10,634,000 | 12,964,000 | 5,835,000 | |||||||||||||||||
Income (loss) from operations | (266,218,000) | [3] | (211,227,000) | [3] | (157,937,000) | |||||||||||||||
Interest and Debt Expense | 119,277,000 | 116,369,000 | 116,674,000 | |||||||||||||||||
Capital Expenditures | 6,171,000 | [4] | 3,483,000 | [5] | 20,229,000 | [1] | ||||||||||||||
Intersegment Eliminations [Member] | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Total assets | (37,052,000) | [1] | (40,817,000) | [2] | (37,052,000) | [1] | (40,817,000) | [2] | ||||||||||||
Revenues | (259,426,000) | (240,654,000) | (175,448,000) | |||||||||||||||||
Depreciation and amortization expense | 0 | 0 | 0 | |||||||||||||||||
Income (loss) from operations | (17,819,000) | [3] | (14,565,000) | [3] | (5,679,000) | |||||||||||||||
Interest and Debt Expense | 0 | 0 | 0 | |||||||||||||||||
Capital Expenditures | 0 | [4] | 0 | [5] | 0 | [1] | ||||||||||||||
Knoxville Terminals [Member] | Logistics Group [Member] | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Capital Expenditures | 58,356,000 | |||||||||||||||||||
East Coast Storage Assets Acquisition [Member] | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Revenues | 5,918,000 | |||||||||||||||||||
East Coast Storage Assets Acquisition [Member] | Logistics Group [Member] | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Capital Expenditures | 74,989,000 | |||||||||||||||||||
Toledo Terminal Acquisition [Member] | Logistics Group [Member] | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Capital Expenditures | $ 10,097,000 | |||||||||||||||||||
Chalmette Refining L.L.C. [Member] | Refining Group [Member] | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Capital Expenditures | 2,659,000 | |||||||||||||||||||
Torrance Refinery [Member] | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Revenues | $ 1,977,204,000 | |||||||||||||||||||
Torrance Refinery [Member] | Refining Group [Member] | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Capital Expenditures | 971,932,000 | |||||||||||||||||||
East Coast Terminals [Member] | PBF Logistics LP [Member] | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Capital Expenditures | 98,373,000 | |||||||||||||||||||
Torrance Valley Pipeline Company LLC [Member] | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Subsidiary, Consolidation Percentage | 100.00% | |||||||||||||||||||
PBF LLC [Member] | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Total assets | [2] | 7,953,036,000 | 8,038,985,000 | 7,953,036,000 | 8,038,985,000 | |||||||||||||||
Revenues | 27,186,093,000 | 21,786,637,000 | 15,920,424,000 | |||||||||||||||||
Revenues | 6,292,874,000 | 7,646,360,000 | 7,444,083,000 | 5,802,776,000 | 6,535,988,000 | 5,478,951,000 | 5,017,225,000 | 4,754,473,000 | 27,186,093,000 | 21,786,637,000 | 15,920,424,000 | |||||||||
Depreciation and amortization expense | 369,760,000 | 290,956,000 | 222,176,000 | |||||||||||||||||
Income (loss) from operations | (445,505,000) | $ 286,759,000 | $ 422,704,000 | $ 95,912,000 | 254,782,000 | $ 587,308,000 | $ (110,976,000) | $ 831,000 | 359,870,000 | [3] | 731,945,000 | [3] | 499,663,000 | |||||||
Interest and Debt Expense | 178,421,000 | 162,383,000 | 155,819,000 | |||||||||||||||||
Capital Expenditures | 733,887,000 | [4] | 727,035,000 | [5] | 1,612,871,000 | [1] | ||||||||||||||
PBF LLC [Member] | Refining Group [Member] | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Total assets | [2] | 6,988,059,000 | 7,287,384,000 | 6,988,059,000 | 7,287,384,000 | |||||||||||||||
Revenues | 27,162,079,000 | 21,769,703,000 | 15,906,866,000 | |||||||||||||||||
Depreciation and amortization expense | 329,317,000 | 253,588,000 | 200,935,000 | |||||||||||||||||
Income (loss) from operations | 498,287,000 | [3] | 814,033,000 | [3] | 557,839,000 | |||||||||||||||
Interest and Debt Expense | 7,601,000 | 4,695,000 | 2,938,000 | |||||||||||||||||
Capital Expenditures | 552,020,000 | [4] | 633,294,000 | [5] | 1,468,696,000 | [1] | ||||||||||||||
PBF LLC [Member] | PBF Logistics LP [Member] | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Total assets | [2] | 956,353,000 | 748,215,000 | 956,353,000 | 748,215,000 | |||||||||||||||
Revenues | 283,440,000 | 257,588,000 | 189,006,000 | |||||||||||||||||
Depreciation and amortization expense | 29,809,000 | 24,404,000 | 15,406,000 | |||||||||||||||||
Income (loss) from operations | 143,870,000 | [3] | 143,379,000 | [3] | 105,240,000 | |||||||||||||||
Interest and Debt Expense | 43,033,000 | 33,363,000 | 30,433,000 | |||||||||||||||||
Capital Expenditures | 175,696,000 | [4] | 90,258,000 | [5] | 123,946,000 | [1] | ||||||||||||||
PBF LLC [Member] | Corporate Segment [Member] | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Total assets | [2] | 45,676,000 | 44,203,000 | 45,676,000 | 44,203,000 | |||||||||||||||
Revenues | 0 | 0 | 0 | |||||||||||||||||
Depreciation and amortization expense | 10,634,000 | 12,964,000 | 5,835,000 | |||||||||||||||||
Income (loss) from operations | (264,468,000) | [3] | (210,902,000) | [3] | (157,737,000) | |||||||||||||||
Interest and Debt Expense | 127,787,000 | 124,325,000 | 122,448,000 | |||||||||||||||||
Capital Expenditures | 6,171,000 | [4] | 3,483,000 | [5] | 20,229,000 | [1] | ||||||||||||||
PBF LLC [Member] | Intersegment Eliminations [Member] | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Total assets | [2] | $ (37,052,000) | $ (40,817,000) | (37,052,000) | (40,817,000) | |||||||||||||||
Revenues | $ (259,426,000) | $ (240,654,000) | $ (175,448,000) | |||||||||||||||||
PBFX [Member] | Torrance Valley Pipeline Company LLC [Member] | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Noncontrolling Interest in Variable Interest Entity | $ 0.50 | |||||||||||||||||||
[1] | (4)The Refining segment includes capital expenditures of $971,932 related to the acquisition of the Torrance refinery and related logistics assets that was completed in the third quarter of 2016. Additionally, the Refining segment includes capital expenditures of $2,659 for the working capital settlement related to the acquisition of the Chalmette refinery that was finalized in the first quarter of 2016. The Logistics segment includes $98,373 for the PBFX Plains Asset Purchase that was completed in the second quarter of 2016. | |||||||||||||||||||
[2] | (5)The Logistics segment includes 100% of the assets of TVPC as TVPC is consolidated by PBFX. PBFX records a noncontrolling interest for the 50% equity interest in TVPC held by PBF Holding. PBF Holding (included in the Refining segment) records an equity investment in TVPC reflecting its noncontrolling ownership interest. For the purposes of the Company’s consolidated financial statements, PBFX’s noncontrolling interest in TVPC and PBF Holding’s equity investment in TVPC eliminate in consolidation. | |||||||||||||||||||
[3] | (1)The Logistics segment includes 100% of the income from operations of TVPC as TVPC is consolidated by PBFX. PBFX records net income attributable to noncontrolling interest for the 50% equity interest in TVPC held by PBF Holding. PBF Holding (included in the Refining segment) records equity income in investee related to its 50% noncontrolling ownership interest in TVPC. For the purposes of the Company’s consolidated financial statements, PBF Holding’s equity income in investee and PBFX’s net income attributable to noncontrolling interest eliminate in consolidation. | |||||||||||||||||||
[4] | (2)The Logistics segment includes capital expenditures of $58,356 for the PBFX acquisition of the Knoxville Terminals on April 16, 2018 and $74,989 for the PBFX acquisition of the East Coast Storage Assets on October 1, 2018. | |||||||||||||||||||
[5] | (3)The Logistics segment includes capital expenditures of $10,097 for the PBFX acquisition of the Toledo Products Terminal on April 17, 2017. |
NET INCOME PER SHARE OF PBF E_3
NET INCOME PER SHARE OF PBF ENERGY (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||
Undistributed Earnings (Loss) Allocated to Participating Securities, Basic | $ 748 | $ 1,043 | $ 0 | |||||||||
Effective tax rate | 26.00% | 39.60% | 39.10% | |||||||||
Net Income (Loss) Available to Common Stockholders, Basic | $ 127,567 | $ 414,474 | $ 170,811 | |||||||||
Basic Earnings Per Share: | ||||||||||||
Numerator for basic net income per Class A common share-net income attributable to PBF Energy | $ (353,742) | $ 179,538 | $ 272,153 | $ 30,366 | $ 241,892 | $ 314,365 | $ (109,663) | $ (31,077) | $ 128,315 | $ 415,517 | $ 170,811 | |
Denominator for basic net income per Class A common share-weighted average shares (in shares) | [1] | 115,190,262 | 109,779,407 | 98,334,302 | ||||||||
Basic net income attributable to PBF Energy per Class A common share (in usd per share) | $ 1.11 | $ 3.78 | $ 1.74 | |||||||||
Diluted Earnings Per Share: | ||||||||||||
Net income attributable to PBF Energy | $ (353,742) | $ 179,538 | $ 272,153 | $ 30,366 | $ 241,892 | $ 314,365 | $ (109,663) | $ (31,077) | $ 128,315 | $ 415,517 | $ 170,811 | |
Plus: Net income attributable to noncontrolling interest | [1] | 4,668 | 16,746 | 14,903 | ||||||||
Less: Income tax on net income per Class A common share | [1] | (1,214) | (6,633) | (5,821) | ||||||||
Numerator for diluted net income per Class A common share | [1] | $ 131,021 | $ 424,587 | $ 179,893 | ||||||||
Denominator for basic net income per Class A common share-weighted average shares (in shares) | [1] | 115,190,262 | 109,779,407 | 98,334,302 | ||||||||
Effect of dilutive securities: | ||||||||||||
Conversion of PBF LLC Series A Units | [1] | 1,938,089 | 3,823,783 | 4,865,133 | ||||||||
Incremental Common Shares Attributable to Dilutive Effect of Call Options and Warrants | [1],[2] | 1,645,255 | 295,655 | 407,274 | ||||||||
Denominator for diluted net income per common share-adjusted weighted average shares (in shares) | 118,773,606 | 113,898,845 | 103,606,709 | |||||||||
Diluted net income attributable to PBF Energy per Class A common share (in usd per share) | $ 1.50 | $ 2.37 | $ 0.27 | $ 2.14 | $ 2.85 | $ (1.01) | $ (0.29) | $ 1.10 | $ 3.73 | $ 1.74 | ||
Employee Stock Option [Member] | ||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||
Antidilutive common stock excluded from computation of dilutive earnings per share (in shares) | 1,293,242 | 6,820,275 | 5,701,750 | |||||||||
[1] | 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 26.0%, 39.6% and 39.1% annualized statutory corporate tax rate for the years ended December 31, 2018, 2017 and 2016) attributable to the converted units. | |||||||||||
[2] | . Common stock equivalents exclude the effects of options and warrants to purchase 1,293,242, 6,820,275 and 5,701,750 shares of PBF Energy Class A common stock and PBF LLC Series A Units because they are anti-dilutive for the years ended December 31, 2018, 2017 and 2016, respectively. |
FAIR VALUE MEASUREMENTS (Measur
FAIR VALUE MEASUREMENTS (Measured on Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-term Debt, Gross | $ 1,974,726 | $ 2,220,488 | |
Fair Value, Measurements, Recurring [Member] | Commodity contract [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 2,895 | 84,708 | |
Derivative, Collateral, Right to Reclaim Cash | (2,895) | (10,388) | |
Derivative Liability | 0 | 74,320 | |
Fair Value, Measurements, Recurring [Member] | Commodity contract [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 2,685 | ||
Derivative Liability | 51,673 | ||
Fair Value, Measurements, Recurring [Member] | Commodity contract [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 210 | ||
Derivative Liability | 33,035 | ||
Fair Value, Measurements, Recurring [Member] | Commodity contract [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 0 | ||
Derivative Liability | 0 | ||
Fair Value, Measurements, Recurring [Member] | Catalyst lease obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative, Collateral, Right to Reclaim Cash | 0 | 0 | |
Obligations, Fair Value Disclosure | 44,353 | 59,048 | |
Fair Value, Measurements, Recurring [Member] | Catalyst lease obligations [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Obligations, Fair Value Disclosure | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Catalyst lease obligations [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Obligations, Fair Value Disclosure | 59,048 | ||
Fair Value, Measurements, Recurring [Member] | Catalyst lease obligations [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Obligations, Fair Value Disclosure | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Inventory Supply Arrangement Obligation [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 7,721 | ||
Derivative, Collateral, Right to Reclaim Cash | 0 | ||
Derivative Liability | 7,721 | ||
Fair Value, Measurements, Recurring [Member] | Inventory Supply Arrangement Obligation [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 0 | ||
Fair Value, Measurements, Recurring [Member] | Inventory Supply Arrangement Obligation [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 7,721 | ||
Fair Value, Measurements, Recurring [Member] | Inventory Supply Arrangement Obligation [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 0 | ||
Fair Value, Measurements, Recurring [Member] | Money market funds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and Cash Equivalents, Fair Value Disclosure | 16,702 | 4,730 | |
Fair Value, Measurements, Recurring [Member] | Money market funds [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and Cash Equivalents, Fair Value Disclosure | 16,702 | 4,730 | |
Fair Value, Measurements, Recurring [Member] | Money market funds [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Money market funds [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Commodity contract [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 10,102 | 10,388 | |
Derivative, Collateral, Obligation to Return Cash | (2,895) | (10,388) | |
Derivative Asset | 7,207 | 0 | |
Fair Value, Measurements, Recurring [Member] | Commodity contract [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 1,230 | 10,031 | |
Fair Value, Measurements, Recurring [Member] | Commodity contract [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 8,872 | 357 | |
Fair Value, Measurements, Recurring [Member] | Commodity contract [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | |||
Derivative Asset | 0 | ||
Fair Value, Measurements, Recurring [Member] | Inventory Intermediation Agreement Obligation [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 24,069 | ||
Derivative, Collateral, Obligation to Return Cash | 0 | ||
Derivative Asset | 24,069 | ||
Fair Value, Measurements, Recurring [Member] | Inventory Intermediation Agreement Obligation [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 0 | ||
Fair Value, Measurements, Recurring [Member] | Inventory Intermediation Agreement Obligation [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 24,069 | ||
Fair Value, Measurements, Recurring [Member] | Inventory Intermediation Agreement Obligation [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 0 | ||
Pension Benefits [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 143,371 | 121,652 | $ 75,367 |
Pension Benefits [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | 143,371 | 121,652 | |
Pension Benefits [Member] | Other Assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of plan assets | $ 9,694 | $ 9,593 |
FAIR VALUE MEASUREMENTS (Change
FAIR VALUE MEASUREMENTS (Change in Fair Value at Level 3) (Details) - Commodity Contract [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period | $ 0 | $ (84) |
Purchases | 0 | 0 |
Settlements | 0 | 45 |
Unrealized gain (loss) included in earnings | 0 | 39 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Balance at end of period | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS (Fair V
FAIR VALUE MEASUREMENTS (Fair Value and Carrying Value of Debt) (Details) $ in Thousands | Oct. 01, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Oct. 05, 2017lease | Dec. 22, 2016USD ($) | [4] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||
Number Of Leases | lease | 2 | |||||||||
Long-term debt, Fair value | $ 1,905,050 | $ 2,297,278 | ||||||||
Proceeds from revolver borrowings | 0 | 490,000 | $ 550,000 | |||||||
Long-term Debt, Gross | 1,974,726 | 2,220,488 | ||||||||
Less—Current maturities | (2,378) | (10,987) | ||||||||
Less - Current maturities, Fair value | (2,378) | [1] | (10,987) | |||||||
Unamortized Debt Issuance Expense | (41,032) | (34,459) | ||||||||
Long-term debt | 1,931,316 | 2,175,042 | ||||||||
Long-term debt, Fair value | 1,902,672 | 2,286,291 | ||||||||
2025 Senior Notes [Member] | ||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||
Long-term Debt | 725,000 | 725,000 | ||||||||
Long-term debt, Fair value | [2] | 688,420 | 763,945 | |||||||
2023 Senior Secured Notes [Member] | ||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||
Long-term Debt | 500,000 | 500,000 | ||||||||
Long-term debt, Fair value | [2],[3] | 479,387 | 522,101 | |||||||
PBFX Senior Notes [Member] | ||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||
Long-term debt, Fair value | [2] | 515,336 | 544,118 | |||||||
Catalyst lease [Member] | ||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||
Long-term Debt | 59,048 | |||||||||
Long-term debt, Fair value | [1] | 44,353 | 59,048 | |||||||
PBF Logistics LP [Member] | PBFX Senior Notes [Member] | ||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||
Long-term Debt | 527,819 | 528,374 | ||||||||
PBF Rail Logistics Company LLC [Member] | Notes Payable to Banks [Member] | ||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||
Long-term Debt | 21,554 | 28,366 | [4] | $ 35,000 | ||||||
Long-term debt, Fair value | [4] | 21,554 | 28,366 | |||||||
Revolving Credit Facility [Member] | ||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||
Lines of Credit, Fair Value Disclosure | [4] | 0 | 350,000 | |||||||
Revolving Credit Facility [Member] | PBF Logistics LP [Member] | Line of Credit [Member] | ||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||
Proceeds from revolver borrowings | $ 75,000 | |||||||||
Lines of Credit, Fair Value Disclosure | [4],[5] | 156,000 | 29,700 | |||||||
Catalyst lease [Member] | Fair Value, Measurements, Recurring [Member] | ||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||
Obligations, Fair Value Disclosure | 44,353 | 59,048 | ||||||||
Catalyst lease [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||
Obligations, Fair Value Disclosure | 59,048 | |||||||||
Catalyst lease [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Capital Lease Obligations [Member] | ||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||
Long-term Debt | 44,353 | $ 59,048 | ||||||||
Long-term Debt, Gross | $ 44,353 | |||||||||
[1] | Catalyst leases are valued using a market approach based upon commodity prices for similar instruments quoted in active markets and are categorized as a Level 2 measurement. The Company has elected the fair value option for accounting for its catalyst lease repurchase obligations as the Company’s liability is directly impacted by the change in fair value of the underlying catalyst. During 2017 Delaware City Refining entered into two platinum bridge leases which were settled during the second quarter of 2018. During 2018 Delaware City Refining, Toledo Refining and Chalmette Refining entered into three new platinum bridge leases which will expire in 2019. The bridge leases are payable at maturity and are not anticipated to be renewed. The total outstanding balance related to these bridge leases as of December 31, 2018 was $2,378 and is included in Current debt in the Company’s consolidated balance sheet. | |||||||||
[2] | 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 Notes and PBFX 2023 Senior Notes. | |||||||||
[3] | (e) As discussed in “Note 9 - Credit Facility and Debt”, these notes became unsecured following the Collateral Fall-Away Event on May 30, 2017. | |||||||||
[4] | 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. | |||||||||
[5] | (d) On October 1, 2018, PBFX borrowed $75,000 to fund the East Coast Storage Acquisition. Refer to “Note 3 - PBF Logistics LP” for more details. |
DERIVATIVES (Narrative) (Detail
DERIVATIVES (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2018USD ($)bbl | Dec. 31, 2017USD ($)bbl | Dec. 31, 2016USD ($) | |
Derivative [Line Items] | |||
Gain (loss) on fair value hedge ineffectiveness | $ | $ 0 | $ 0 | $ 0 |
Intermediates and Refined Products Inventory [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, notional amount, volume | 3,350,166 | 3,000,142 | |
Crude Oil Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, notional amount, volume | 5,801,000 | 22,348,000 | |
Refined Product Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, notional amount, volume | 1,609,000 | 1,989,000 |
DERIVATIVES (Fair Value of Deri
DERIVATIVES (Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Designated as Hedging Instrument [Member] | Inventory Intermediation Agreement Obligation [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value Asset/(Liability) | $ 24,069 | $ (7,721) |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value Asset/(Liability) | $ (74,320) | |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Accounts Receivable [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value Asset/(Liability) | $ 7,207 |
DERIVATIVES (Gain (Loss) Recogn
DERIVATIVES (Gain (Loss) Recognized in Income) (Details) - Cost of Sales [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Designated as Hedging Instrument [Member] | Inventory Intermediation Agreement Obligation [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain or (Loss) Recognized in Income on Derivatives | $ 31,790 | $ (13,779) | $ (29,453) |
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 | (31,790) | 13,779 | 29,453 |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain or (Loss) Recognized in Income on Derivatives | $ (123,770) | $ (85,443) | $ (55,557) |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - Subsequent Event [Member] - $ / shares | Feb. 14, 2019 | Feb. 13, 2019 |
PBF Energy Inc. [Member] | Class A Common Stock [Member] | ||
Subsequent Event [Line Items] | ||
Dividends declared per share (in dollars per share) | $ 0.3 | |
PBF Logistics LP [Member] | ||
Subsequent Event [Line Items] | ||
Cash Distribution Per Unit (in dollars per share) | $ 0.5050 | |
PBF LLC [Member] | PBF Logistics LP [Member] | ||
Subsequent Event [Line Items] | ||
Cash Distribution Per Unit (in dollars per share) | $ 0 | |
PBF LLC [Member] | PBF Logistics LP [Member] | Common Units [Member] | ||
Subsequent Event [Line Items] | ||
Stock Issued During Period, Shares, Conversion of Incentive Distribution Rights (in shares) | 10,000,000 |
QUARTERLY FINANCIAL DATA (Detai
QUARTERLY FINANCIAL DATA (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Revenues | $ 6,292,874 | $ 7,646,360 | $ 7,444,083 | $ 5,802,776 | $ 6,535,988 | $ 5,478,951 | $ 5,017,225 | $ 4,754,473 | $ 27,186,093 | $ 21,786,637 | $ 15,920,424 | ||
Income (loss) from operations | (446,236) | 286,433 | 422,263 | 95,660 | 254,613 | 587,260 | (111,048) | 795 | 358,120 | 731,620 | [1] | 499,463 | |
Net income (loss) | (346,673) | 192,466 | 287,687 | 41,811 | 260,386 | 347,226 | (104,151) | (20,030) | 175,291 | 483,431 | 225,518 | ||
Net income attributable to PBF Energy | (353,742) | $ 179,538 | $ 272,153 | $ 30,366 | $ 241,892 | $ 314,365 | $ (109,663) | $ (31,077) | $ 128,315 | $ 415,517 | $ 170,811 | ||
Earnings (loss) per common share - assuming dilution | $ 1.50 | $ 2.37 | $ 0.27 | $ 2.14 | $ 2.85 | $ (1.01) | $ (0.29) | $ 1.10 | $ 3.73 | $ 1.74 | |||
Inventory Valuation Reserves | (651,734) | $ 0 | $ (300,456) | $ (498,045) | $ (651,734) | $ (300,456) | |||||||
Change in Non-cash Lower of Cost or Market Adjustment | 651,734 | 197,589 | (351,278) | 295,532 | $ 521,348 | ||||||||
PBF LLC [Member] | |||||||||||||
Revenues | 6,292,874 | 7,646,360 | $ 7,444,083 | $ 5,802,776 | 6,535,988 | 5,478,951 | $ 5,017,225 | $ 4,754,473 | 27,186,093 | 21,786,637 | 15,920,424 | ||
Income (loss) from operations | (445,505) | 286,759 | 422,704 | 95,912 | 254,782 | 587,308 | (110,976) | 831 | 359,870 | [1] | 731,945 | [1] | 499,663 |
Net income (loss) | (502,132) | 244,913 | 385,622 | 51,743 | 223,799 | 553,077 | (183,778) | (41,853) | 180,146 | 551,245 | 320,997 | ||
Net income attributable to PBF Energy | $ (514,323) | $ 234,379 | $ 376,196 | $ 41,586 | $ 212,382 | $ 538,345 | $ (195,894) | $ (54,756) | 137,838 | 500,077 | 280,888 | ||
Change in Non-cash Lower of Cost or Market Adjustment | $ (351,278) | $ 295,532 | $ 521,348 | ||||||||||
[1] | (1)The Logistics segment includes 100% of the income from operations of TVPC as TVPC is consolidated by PBFX. PBFX records net income attributable to noncontrolling interest for the 50% equity interest in TVPC held by PBF Holding. PBF Holding (included in the Refining segment) records equity income in investee related to its 50% noncontrolling ownership interest in TVPC. For the purposes of the Company’s consolidated financial statements, PBF Holding’s equity income in investee and PBFX’s net income attributable to noncontrolling interest eliminate in consolidation. |
Uncategorized Items - pbf-20181
Label | Element | Value |
Proceeds from Issuance of Common Stock | us-gaap_ProceedsFromIssuanceOfCommonStock | $ 287,284,000 |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | Pension Plan [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | us-gaap_DefinedBenefitPlanFairValueOfPlanAssets | 85,000 |
Low Volatility Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Pension Plan [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | us-gaap_DefinedBenefitPlanFairValueOfPlanAssets | 11,437,000 |
Emerging Market Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Pension Plan [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | us-gaap_DefinedBenefitPlanFairValueOfPlanAssets | 10,263,000 |
Developed Foreign Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Pension Plan [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | us-gaap_DefinedBenefitPlanFairValueOfPlanAssets | 19,201,000 |
Domestic Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Pension Plan [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | us-gaap_DefinedBenefitPlanFairValueOfPlanAssets | $ 34,800,000 |