Document and Entity Information
Document and Entity Information Document - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Mar. 08, 2017 | Jun. 30, 2016 | |
Entity Information [Line Items] | |||
Entity Registrant Name | PBF HOLDING CO LLC | ||
Entity Central Index Key | 1,566,011 | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,016 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 0 | ||
Entity Public Float | $ 0 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | Yes | ||
PBF Finance Corporation [Member] | |||
Entity Information [Line Items] | |||
Entity Registrant Name | PBF FINANCE CORPORATION | ||
Entity Central Index Key | 1,566,097 | ||
Entity Common Stock, Shares Outstanding | 100 | ||
Entity Public Float | $ 0 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2010 |
Current assets: | |||||
Cash and cash equivalents | $ 626,705,000 | $ 914,749,000 | $ 218,403,000 | $ 76,970,000 | |
Accounts receivable | 615,881,000 | 454,759,000 | |||
Accounts receivable - affiliate | 7,631,000 | 3,438,000 | |||
Inventories | 1,863,560,000 | 1,174,272,000 | |||
Prepaid expense and other current assets | 40,536,000 | 33,701,000 | |||
Total current assets | 3,154,313,000 | 2,580,919,000 | |||
Property, plant and equipment, net | 2,728,699,000 | 2,211,090,000 | |||
Investment in equity method investee | 179,882,000 | 0 | |||
Deferred charges and other assets, net | 504,003,000 | 290,713,000 | |||
Total assets | 6,566,897,000 | 5,082,722,000 | |||
Current liabilities: | |||||
Accounts payable | 530,365,000 | 314,843,000 | |||
Accounts payable - affiliate | 37,863,000 | 23,949,000 | |||
Accrued expenses | 1,462,729,000 | 1,117,435,000 | |||
Deferred revenue | 12,340,000 | 4,043,000 | |||
Total current liabilities | 2,043,297,000 | 1,460,270,000 | |||
Delaware Economic Development Authority loan | 0 | 4,000,000 | $ 20,000,000 | ||
Long-term debt | 1,576,559,000 | 1,236,720,000 | |||
Affiliate notes payable | 86,298,000 | 470,047,000 | |||
Deferred tax liabilities | 45,699,000 | 20,577,000 | |||
Other long-term liabilities | 226,111,000 | 69,824,000 | |||
Total liabilities | 3,977,964,000 | 3,261,438,000 | |||
Commitments and contingencies (Note 13) | |||||
Equity: | |||||
Member's equity | 2,155,863,000 | 1,479,175,000 | |||
Retained earnings | 446,519,000 | 349,654,000 | |||
Accumulated other comprehensive loss | (25,962,000) | (24,770,000) | |||
Total PBF Holding Company LLC equity | 2,576,420,000 | 1,804,059,000 | |||
Noncontrolling interest | 12,513,000 | 17,225,000 | |||
Total equity | 2,588,933,000 | 1,821,284,000 | $ 1,630,516,000 | $ 1,772,153,000 | |
Total liabilities and equity | $ 6,566,897,000 | $ 5,082,722,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement [Abstract] | |||
Revenues | $ 15,908,537 | $ 13,123,929 | $ 19,828,155 |
Cost, expenses and other | |||
Cost of sales, excluding depreciation | 13,765,088 | 11,611,599 | 18,514,054 |
Operating expenses, excluding depreciation | 1,390,582 | 889,368 | 880,701 |
General and administrative expenses | 149,643 | 166,904 | 140,150 |
Equity income in investee | (5,679) | 0 | 0 |
Loss (gain) on sale of assets | 11,374 | (1,004) | (895) |
Depreciation and amortization expense | 209,840 | 191,110 | 178,996 |
Total cost and expenses | 15,520,848 | 12,857,977 | 19,713,006 |
Income from operations | 387,689 | 265,952 | 115,149 |
Other income (expense) | |||
Change in fair value of catalyst lease | 1,422 | 10,184 | 3,969 |
Interest expense, net | (129,536) | (88,194) | (98,001) |
Income before income taxes | 259,575 | 187,942 | 21,117 |
Income tax expense | 23,689 | 648 | 0 |
Net income | 235,886 | 187,294 | 21,117 |
Less income attributable to noncontrolling interests | 269 | 274 | 0 |
Net income attributable to PBF Holding Company LLC | $ 235,617 | $ 187,020 | $ 21,117 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 235,886 | $ 187,294 | $ 21,117 |
Other comprehensive (loss) income: | |||
Unrealized (loss) gain on available for sale securities | (42) | 124 | 127 |
Net (loss) gain on pension and other post-retirement benefits | (2,550) | 1,982 | (12,465) |
Total other comprehensive (loss) income | (2,592) | 2,106 | (12,338) |
Comprehensive income | 233,294 | 189,400 | 8,779 |
Less: comprehensive income attributable to noncontrolling interests | 269 | 274 | 0 |
Comprehensive income attributable to PBF Holding Company LLC | $ 233,025 | $ 189,126 | $ 8,779 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity Statement - USD ($) $ in Thousands | Total | Member's Equity [Member] | Accumulated Other Comprehensive Loss [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] |
Beginning balance at Dec. 31, 2013 | $ 1,772,153 | $ 933,164 | $ (14,538) | $ 853,527 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Member distributions | (361,352) | (361,352) | |||
Member capital contributions | 328,664 | 328,664 | |||
Distribution of assets to PBF LLC | (126,280) | (126,280) | |||
Stock based compensation | 6,095 | 6,095 | |||
Exercise of options and other | 2,457 | 2,457 | |||
Net income | 21,117 | 21,117 | |||
Net income | 21,117 | ||||
Other comprehensive income | (12,338) | (12,338) | |||
Ending balance at Dec. 31, 2014 | 1,630,516 | 1,144,100 | (26,876) | 513,292 | |
Net Income (Loss) Attributable to Noncontrolling Interest | $ 274 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Member distributions | (350,658) | (350,658) | |||
Member capital contributions | 345,000 | 345,000 | |||
Distribution of assets to PBF LLC | (19,233) | (19,233) | |||
Stock based compensation | 9,218 | 9,218 | |||
Exercise of options and other | 90 | 90 | |||
Net income | 187,294 | ||||
Noncontrolling interest acquired in Chalmette Acquisition | 16,951 | 16,951 | |||
Net income | 187,020 | 187,020 | |||
Other comprehensive income | 2,106 | 2,106 | |||
Ending balance at Dec. 31, 2015 | 1,821,284 | 1,479,175 | (24,770) | 349,654 | 17,225 |
Net Income (Loss) Attributable to Noncontrolling Interest | 269 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Member distributions | (139,434) | (139,434) | |||
Member capital contributions | 830,247 | 830,247 | |||
Distribution of assets to PBF LLC | (172,743) | (172,743) | |||
Stock based compensation | 18,296 | 18,296 | |||
Exercise of options and other | 886 | 886 | |||
Net income | 235,886 | ||||
Net income | 235,617 | 235,617 | |||
Other comprehensive income | (2,592) | (2,592) | |||
Other | (2,897) | 2 | 1,400 | 682 | (4,981) |
Ending balance at Dec. 31, 2016 | $ 2,588,933 | $ 2,155,863 | $ (25,962) | $ 446,519 | $ 12,513 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | |||
Net income | $ 235,886 | $ 187,294 | $ 21,117 |
Adjustments to reconcile net income to net cash provided by operations: | |||
Depreciation and amortization | 218,933 | 199,383 | 186,412 |
Stock-based compensation | 18,296 | 9,218 | 6,095 |
Change in fair value of catalyst lease obligation | (1,422) | (10,184) | (3,969) |
Deferred income taxes | 19,802 | 0 | 0 |
Non-cash change inventory repurchase obligations | 29,453 | 63,389 | (93,246) |
Non-cash lower of cost or market inventory adjustment | (521,348) | 427,226 | 690,110 |
Pension and other post retirement benefits costs | 37,987 | 26,982 | 22,600 |
Equity income in investee | (5,679) | 0 | 0 |
Loss (gain) on sale of assets | 11,374 | (1,004) | (895) |
Changes in operating assets and liabilities: | |||
Accounts receivable | (161,122) | 97,636 | 45,378 |
Due to/from affiliates | 9,721 | 12,104 | 8,407 |
Inventories | 236,602 | (271,892) | (394,031) |
Prepaid expense and other current assets | (5,783) | (631) | 23,686 |
Accounts payable | 213,514 | (25,015) | (67,111) |
Accrued expenses | 227,986 | (37,737) | 59,899 |
Deferred revenue | 8,297 | 2,816 | (6,539) |
Other assets and liabilities | (20,878) | (27,182) | (2,225) |
Net cash provided by operations | 551,619 | 652,403 | 495,688 |
Cash flows from investing activities: | |||
Expenditures for property, plant and equipment | (282,430) | (352,365) | (470,460) |
Expenditures for deferred turnaround costs | (198,664) | (53,576) | (137,688) |
Expenditures for other assets | (42,506) | (8,236) | (17,255) |
Proceeds from sale of assets | 24,692 | 168,270 | 202,654 |
Net cash used in investing activities | (1,473,499) | (811,211) | (422,749) |
Cash flows from financing activities: | |||
Contributions from PBF LLC | 450,300 | 345,000 | 328,664 |
Distributions to members | (139,434) | (350,658) | (361,352) |
Proceeds from affiliate notes payable | 43,396 | 347,783 | 90,631 |
Repayment of affiliate notes payable | (53,524) | 0 | 0 |
Proceeds from revolver borrowings | 550,000 | 170,000 | 395,000 |
Repayments of revolver borrowings | (200,000) | (170,000) | (410,000) |
Additional catalyst lease | 15,589 | 0 | 0 |
Deferred financing costs and other | 0 | (17,108) | (11,719) |
Net cash provided by financing activities | 633,836 | 855,154 | 68,494 |
Net (decrease) increase in cash and cash equivalents | (288,044) | 696,346 | 141,433 |
Cash and equivalents, beginning of period | 914,749 | 218,403 | 76,970 |
Cash and equivalents, end of period | 626,705 | 914,749 | 218,403 |
Non-cash activities: | |||
Conversion of affiliate notes payable to capital contribution | 379,947 | 0 | 0 |
Conversion of Delaware Economic Development Authority loan to grant | 4,000 | 4,000 | 4,000 |
Accrued construction in progress and unpaid fixed assets | 34,055 | 7,974 | 33,296 |
Distribution of assets to PBF Energy Company LLC | 172,743 | 19,233 | 126,280 |
Cash paid during the year for: | |||
Interest (including capitalized interest of $8,333, $3,529 and $7,487 in 2016, 2015 and 2014, respectively) | 116,880 | 83,371 | 96,346 |
Income taxes | 2,449 | 0 | 0 |
Chalmette Refinery [Member] | |||
Cash flows from investing activities: | |||
Payments to acquire businesses | (2,659) | (565,304) | 0 |
Torrance Refinery [Member] | |||
Cash flows from investing activities: | |||
Payments to acquire businesses | (971,932) | 0 | 0 |
2023 Senior Secured Notes [Member] | |||
Cash flows from financing activities: | |||
Proceeds from 2023 Senior Secured Notes | 0 | 500,000 | 0 |
Rail Facility [Member] | |||
Cash flows from financing activities: | |||
Proceeds from revolver borrowings | 0 | 102,075 | 83,095 |
Repayments of revolver borrowings | (67,491) | (71,938) | (45,825) |
Rail Term Loan [Member] | |||
Cash flows from financing activities: | |||
Proceeds from PBF Rail Term Loan | $ 35,000 | $ 0 | $ 0 |
Consolidated Statements of Cas7
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Cash Flows [Abstract] | |||
Capitalized interest | $ 8,333 | $ 3,529 | $ 7,487 |
DESCRIPTION OF THE BUSINESS AND
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION | 12 Months Ended |
Dec. 31, 2016 | |
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 Holding Company LLC (“PBF Holding” or the “Company”), a Delaware limited liability company, together with its consolidated subsidiaries, owns and operates oil refineries and related facilities in North America. PBF Holding is a wholly-owned subsidiary of PBF Energy Company LLC (“PBF LLC”). PBF Energy Inc. (“PBF Energy”) is the sole managing member of, and owner of an equity interest representing approximately 96.5% of the outstanding economic interest, in PBF LLC as of December 31, 2016 . 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. Collectively, PBF Holding and its consolidated subsidiaries are referred to hereinafter as the “Company”. On May 14, 2014, PBF Logistics LP (“PBFX”), a Delaware master limited partnership, completed its initial public offering (the “PBFX Offering”) of 15,812,500 common units. PBF Logistics GP LLC (“PBF GP”) serves as the general partner of PBFX. PBF GP is wholly-owned by PBF LLC. In connection with the PBFX Offering, PBF Holding distributed to PBF LLC the assets and liabilities of certain crude oil terminaling assets, which were immediately contributed by PBF LLC to PBFX. PBF Holding and PBF LLC entered into additional transactions with PBFX since the PBFX Offering as described in "Note 12 - Related Party Transactions”). Substantially all of the Company’s operations are in the United States. The Company’s oil refineries are all engaged in the refining of crude oil and other feedstocks into petroleum products, and have been aggregated to form one reportable segment. To generate earnings and cash flows from operations, the Company is primarily dependent upon processing crude oil and selling refined petroleum products at margins sufficient to cover fixed and variable costs and other expenses. Crude oil and refined petroleum products are commodities; and factors largely out of the Company’s control can cause prices to vary over time. The potential margin volatility can have a material effect on the Company’s financial position, earnings and cash flow. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation and Presentation These consolidated financial statements include the accounts of PBF Holding and its consolidated subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Reclassification Certain amounts previously reported in the Company's consolidated financial statements for prior periods have been reclassified to conform to the 2016 presentation. These reclassifications include certain details about accrued expenses and deferred charges and other assets in those respective footnotes. 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. Concentrations of Credit Risk For the years ended December 31, 2016, 2015 and 2014 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, 2016. Following the Chalmette Acquisition on November 1, 2015, ExxonMobil Oil Corporation and its affiliates represented approximately 18% of our total trade accounts receivable as of December 31, 2015. Revenue, Deferred Revenue and Accounts Receivable The Company sells various refined products primarily through its refinery subsidiaries and recognizes revenue related to the sale of products when there is persuasive evidence of an agreement, the sales prices are fixed or determinable, collectability is reasonably assured and when products are shipped or delivered in accordance with their respective agreements. Revenue for services is recorded when the services have been provided. Certain of the Company's refineries have product offtake agreements with third-parties under which these third parties purchase a portion of the refineries' daily gasoline production. The refineries also sell their products through short-term contracts or on the spot market. On May 29, 2015, PBF Holding entered into amended and restated inventory intermediation agreements (the "A&R 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 term for a period of two years from the original expiry date of July 1, 2015, subject to certain early termination rights. In addition, the A&R Intermediation Agreements include one-year renewal clauses by mutual consent of both parties. Pursuant to each A&R Intermediation Agreement, J. Aron, will continue 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 Paulsboro refinery and Delaware City refinery 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 A&R Intermediation Agreements and will retain these storage rights for the term of the agreements. PBF Holding will continue 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, 2016 and 2015 . 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. The Company had the obligation to purchase and sell feedstocks under a supply agreement with Statoil for its Delaware City refinery. This Crude Supply Agreement expired on December 31, 2015. The Company's Paulsboro refinery also had a crude supply agreement with Statoil that was terminated in March 2013. Prior to the expiration or termination of these agreements, Statoil purchased the refineries' production of certain feedstocks or purchased feedstocks from third parties on the refineries' behalf. The Company took title to the crude oil as it was delivered to the processing units, in accordance with the Crude Supply Agreement; however, the Company was obligated to purchase all the crude oil held by Statoil on the Company’s behalf upon termination of the agreement at the then market price. The Paulsboro crude supply agreement also included an obligation to purchase a fixed volume of feedstocks from Statoil on the later of maturity or when the arrangement is terminated based on a forward market price of West Texas Intermediate crude oil. As a result of the purchase obligations, the Company recorded the inventory of crude oil and feedstocks in the refineries’ storage facilities. The Company determined the purchase obligations were contracts that contain derivatives that changed in value based on changes in commodity prices. Such changes in the fair value of these derivatives were included in cost of sales. Prior to July 31, 2014, the Company’s Toledo refinery acquired substantially all of its crude oil from Morgan Stanley Capital Group, Inc. ("MSCG") under a crude oil acquisition agreement (the “Toledo Crude Oil Acquisition Agreement”). Under the Toledo Crude Oil Acquisition Agreement, the Company took title to crude oil at various pipeline locations for delivery to the refinery or sale to third parties. The Company recorded the crude oil inventory when it received title. Payment for the crude oil was due to MSCG under the Toledo Crude Oil Acquisition Agreement three days after the crude oil was delivered to the Toledo refinery processing units or upon sale to a third party. The Company terminated the Toledo Crude Oil Acquisition Agreement effective July 31, 2014 and began to source its crude oil needs independently. 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 metals catalyst, linefill, deferred financing costs and intangible assets. Refinery turnaround costs, which are incurred in connection with planned major maintenance activities, are capitalized when incurred and amortized on a straight-line basis over the period of time estimated to lapse until the next turnaround occurs (generally 3 to 5 years ). Precious metals catalyst and linefill are considered indefinite-lived assets as they are not expected to deteriorate in their prescribed functions. Such assets are assessed for impairment in connection with the Company’s review of its long-lived assets as indicators of impairment develop. Deferred financing costs are capitalized when incurred and amortized over the life of the loan (generally 1 to 8 years ). Intangible assets with finite lives primarily consist of catalyst, emission credits and permits and are amortized over their estimated useful lives (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 would utilize assumptions that it believes are reasonable, future events and changing market conditions may impact management’s assumptions, which could produce different results. Investments in Equity Method Investments For equity investments that are not required to be consolidated under the variable or voting interest model, the Company evaluates the level of influence it is able to exercise over an entity’s operations to determine whether to use the equity method of accounting.The Company's judgment regarding the level of control over an equity method investment includes considering key factors such as its ownership interest, participation in policy-making and other significant decisions and material intercompany transactions. Amounts recognized for equity method investments are included in equity method investments in the consolidated balance sheet and adjusted for the Company's shares of the net earnings and losses of the investee and cash distributions, which are included in the consolidated statements of operations and the consolidated statements of cash flows. Amounts recognized for earnings in excess of distributions of the Company's equity method investments are included in the operating section of the consolidated statements of cash flows. The Company evaluates its equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may be impaired. A loss is recorded in earnings in the current period to write down the carrying value of the investment to fair value if a decline in the value of an equity method investment is determined to be other than temporary. 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 PBF Energy to certain PBF Holding 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 administration expense with forfeitures recognized in the period they occur. Income Taxes As PBF Holding is a limited liability company treated as a “flow-through” entity for income tax purposes, there is no benefit or provision for federal or state income tax in the accompanying financial statements apart from the income taxes attributable to two subsidiaries acquired in connection with the acquisition of Chalmette Refining that are treated as C-corporations for tax purposes. The Federal tax returns for all years since 2013 and state tax returns for all years since 2012 or 2013 are subject to examination by the respective tax authorities. 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 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 In February 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2015-02, "Consolidation (Topic 810): Amendments to the Consolidation Analysis" ("ASU 2015-02"), which changed existing consolidation requirements associated with the analysis a reporting entity must perform to determine whether it should consolidate certain types of legal entities, including limited partnerships and variable interest entities. The Company has adopted this guidance retrospectively. The adoption of this guidance did not have any impact on the Company as it does not have any variable interest entities that would be affected by this ASU. In August 2015, the FASB issued Accounting Standards Update No. 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date” (“ASU 2015-14”), which defers the effective date of ASU 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”) for all entities by one year. Additional ASUs have been issued in 2016 that provide certain implementation guidance related to ASU 2014-09 (collectively, the Company refers to ASU 2014-09 and these additional ASUs as the "Updated Revenue Recognition Guidance").The Updated Revenue Recognition Guidance will replace most existing revenue recognition guidance in GAAP when it becomes effective. Under ASU 2015-14, this guidance becomes effective for interim and annual periods beginning after December 15, 2017 and permits the use of either the retrospective or modified retrospective transition method. Under ASU 2015-14, early adoption is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The Company has established a working group to assess the Updated Revenue Recognition Guidance, including its impact on our business processes, accounting systems, controls and financial statement disclosures. Our preliminary expectation is that we will adopt this guidance using the modified retrospective method whereby a cumulative effect adjustment is recognized upon adoption and the Updated Revenue Recognition is applied prospectively. It is not anticipated that the Company will early adopt this new guidance. The working group is in the early stages of its implementation plan and continues to evaluate the impact of this new standard on the Company’s consolidated financial statements and related disclosures. Although our analysis of the new standard is still in process and interpretative and industry specific guidance is still developing, the Company currently does not expect the new standard to have a material impact on the amount or timing of revenues recognized for the majority of its revenue arrangements. In November 2015, the FASB issued ASU 2015-17 (Topic 740), "Balance Sheet Classification of Deferred Taxes" ("ASU 2015-17") which is intended to simplify the presentation of deferred taxes in a classified balance sheet. This guidance states that deferred tax assets and deferred tax liabilities should be presented as noncurrent in a classified statement of financial position. Under ASU 2015-17, this guidance becomes effective for annual periods beginning after December 15, 2016 and interim periods within those annual periods with early adoption permitted as of the beginning of an annual or interim period after issuance of the ASU. The Company early adopted the new standard in its consolidated financial statements and related disclosures on a prospective basis. The Company did not have any current deferred tax assets or liabilities in the prior year to reclassify from current to non-current. In January 2016, the FASB issued ASU No. 2016-01, "Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities" ("ASU 2016-01"), which amends how entities measure equity investments that do not result in consolidation and are not accounted for under the equity method and how they present changes in the fair value of financial liabilities measured under the fair value option that are attributable to their own credit. ASU 2016-01 also changes certain disclosure requirements and other aspects of current US GAAP but does not change the guidance for classifying and measuring investments in debt securities and loans. Under ASU 2016-01, this guidance becomes effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted in certain circumstances. The Company is currently evaluating the impact of this new standard on its consolidated financial statements and related disclosures. 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. The new 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. ASU 2016-02 is effective for interim and annual periods beginning after December 15, 2018, and requires a modified retrospective approach to adoption. Early adoption is permitted. The Company has established a working group to study and lead implementation of the new guidance in ASU 2016-02. This working group was formed during 2016 and has begun the process of compiling a central repository for all leases entered into by the Company and its subsidiaries for further analysis as the implementation project progresses. It is not anticipated that the Company will early adopt this new guidance. The working group continues to evaluate the impact of this new standard on its consolidated financial statements and related disclosures. At this time, the Company has identified that the most significant impacts of this new guidance will be to bring nearly all leases on its balance sheet with “right of use assets” and “lease obligation liabilities” as well as accelerating the interest expense component of financing leases. In March 2016, the FASB issued ASU No. 2016-06, “Derivatives and Hedging (Topic 815): Contingent Put and Call Options in Debt Instruments No. 2016-06 March 2016 a consensus of the FASB Emerging Issues Task Force” (“ASU 2016-06”), to increase consistency in practice in applying guidance on determining if an embedded derivative is clearly and closely related to the economic characteristics of the host contract, specifically for assessing whether call (put) options that can accelerate the repayment of principal on a debt instrument meet the clearly and closely related criterion. The guidance in ASU 2016-06 applies to all entities that are issuers of or investors in debt instruments (or hybrid financial instruments that are determined to have a debt host) with embedded call (put) options. ASU 2016-06 is effective for interim and annual periods beginning after December 15, 2016, and requires a modified retrospective approach to adoption. Early adoption is permitted. The Company is currently evaluating the impact of this new standard on its consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU No. 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” (“ASU 2016-09”) which is intended to simplify certain aspects of the accounting for share-based payments to employees. The guidance in ASU 2016-09 requires all income tax effects of awards to be recognized in the income statement when the awards vest or are settled rather than recording excess tax benefits or deficiencies in additional paid-in capital. The guidance in ASU 2016-09 also allows an employer to repurchase more of an employee’s shares than it can today for tax withholding purposes without triggering liability accounting and to make a policy election to account for forfeitures as they occur. ASU 2016-09 also contains additional guidance for nonpublic entities that do not apply to the Company. ASU 2016-09 is effective for interim and annual periods beginning after December 15, 2016, and requires a modified retrospective approach to adoption. Early adoption is permitted. The Company is currently evaluating the impact of this new standard on its consolidated financial statements and related disclosures. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”) which requires credit losses on available-for-sale debt securities to be presented as an allowance rather than as a write-down. ASU 2016-13 is effective for interim and annual periods beginning after December 15, 2019, and requires a modified retrospective approach to adoption. Early adoption is permitted for interim and annual periods beginning after December 15, 2018. The Company is currently evaluating the impact of this new standard on its consolidated financial statements and related disclosures. In August 2016, the FASB issued ASU No. 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments" ("ASU 2016-15"), which reduces the existing diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows under Topic 230. ASU 2016-15 is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The Company is currently evaluating the impact of this new standard on its consolidated financial statements and related disclosures. In October 2016, the FASB issued ASU No. 2016-16, "Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory" ("ASU 2016-16"), which reduces the existing diversity in practice in how income tax consequences of an intra-entity transfer of an asset other than inventory should be recognized. The amendments in ASU 2016-16 require an entity to recognize such income tax consequences when the intra-entity transfer occurs rather than waiting until such time as the asset has been sold to an outside party. The amendments do not contain any n |
ACQUISITIONS
ACQUISITIONS | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
ACQUISITIONS | ACQUISITIONS 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"). The Torrance refinery, located in Torrance, California, is a high-conversion, delayed-coking refinery. The facility is strategically positioned in Southern California with advantaged logistics connectivity that offers flexible raw material sourcing and product distribution opportunities primarily in the California, Las Vegas and Phoenix area markets. The Torrance Acquisition provides the Company with a broader more diversified asset base and increases the number of operating refineries from four to five and expands the Company's combined crude oil throughput capacity. The acquisition also provides the Company with a presence in the PADD 5 market. In addition to refining assets, the transaction includes a number of high-quality logistics assets including a sophisticated network of crude and products pipelines, product distribution terminals and refinery crude and product storage facilities. The most significant of the logistics assets is a crude gathering and transportation system which delivers San Joaquin Valley crude oil directly from the field to the refinery. Additionally, included in the transaction are several pipelines which provide access to sources of crude oil including the Ports of Long Beach and Los Angeles, as well as clean product outlets with a direct pipeline supplying jet fuel to the Los Angeles airport. 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 PBF Energy's October 2015 Equity Offering and the 2023 Senior Secured Notes Offering and borrowings under the asset based revolving credit agreement (the "Revolving Loan"). The Company accounted for the Torrance Acquisition as a business combination under GAAP whereby we recognize assets acquired and liabilities assumed in an acquisition at their estimated fair values as of the date of acquisition. The final purchase valuation was in process as of December 31, 2016 as the purchase price and fair value allocation may be subject to adjustment pending completion of our assessment of the estimated costs and duration of certain assumed pre-existing environmental obligations. The total purchase consideration and the fair values of the assets and liabilities at the acquisition date, which may be subject to adjustment as noted above, 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 preliminary amounts recognized for assets acquired and liabilities assumed as of the acquisition date. Fair Value Allocation Inventories $ 404,542 Prepaid expenses and other current assets 1,186 Property, plant and equipment 703,443 Deferred charges and other assets, net 68,053 Accounts payable (2,688 ) Accrued expenses (64,137 ) Other long-term liabilities (138,467 ) Fair value of net assets acquired $ 971,932 The Company’s condensed consolidated financial statements for the year ended December 31, 2016 , include the results of operations of the Torrance refinery and related logistics assets since July 1, 2016 during which period the Torrance refinery and related logistics assets 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 attributable to the Torrance Acquisition and interest expense associated with related financing. Years ended December 31, (Unaudited) 2016 2015 Pro forma revenues $ 16,987,548 $ 16,252,729 Pro forma net income (loss) attributable to PBF Holding Company LLC $ 31,565 $ (176,410 ) The unaudited amount of revenues and net income above have been calculated after conforming accounting policies of the Torrance refinery and related logistics assets to those of the Company and certain one-time adjustments. Chalmette Acquisition On November 1, 2015, the Company acquired from ExxonMobil, Mobil Pipe Line Company and PDV Chalmette, L.L.C., 100% of the ownership interests of Chalmette Refining, which owns the Chalmette refinery and related logistics assets (collectively, the “Chalmette Acquisition”). The Chalmette refinery, located outside of New Orleans, Louisiana, is a dual-train coking refinery and is capable of processing both light and heavy crude oil. Subsequent to the closing of the Chalmette Acquisition, Chalmette Refining is a wholly-owned subsidiary of PBF Holding. Chalmette Refining is strategically positioned on the Gulf Coast with logistics connectivity that offers flexible raw material sourcing and product distribution opportunities, including the potential to export products and provides geographic diversification into PADD 3. Chalmette Refining owns 100% of the MOEM Pipeline, providing access to the Empire Terminal, as well as the CAM Connection Pipeline, providing access to the Louisiana Offshore Oil Port facility through a third party pipeline. Chalmette Refining also owns 80% of each of the Collins Pipeline Company and T&M Terminal Company, both located in Collins, Mississippi, which provide a clean products outlet for the refinery to the Plantation and Colonial Pipelines. Also included in the acquisition are a marine terminal capable of importing waterborne feedstocks and loading or unloading finished products; a clean products truck rack which provides access to local markets; and a crude and product storage facility. The aggregate purchase price for the Chalmette Acquisition was $322,000 in cash, plus inventory and final working capital of $245,963 . As described below, the valuation of the working capital was finalized in the first quarter of 2016. The transaction was financed through a combination of cash on hand and borrowings under the Company’s Revolving Loan. The Company accounted for the Chalmette Acquisition as a business combination under US GAAP whereby we recognize assets acquired and liabilities assumed in an acquisition 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. The final purchase price and fair value allocation were completed as of March 31, 2016. During the measurement period, which ended in March 2016, adjustments were made to the Company's preliminary fair value estimates related primarily to inventories and accounts payable. The total purchase consideration and the fair values of the assets and liabilities at the acquisition date were as follows: Purchase Price Net cash $ 587,005 Cash acquired (19,042 ) Total consideration $ 567,963 The following table summarizes the final amounts recognized for assets acquired and liabilities assumed as of the acquisition date: Fair Value Allocation Accounts receivable $ 1,126 Inventories 271,434 Prepaid expenses and other current assets 913 Property, plant and equipment 356,961 Deferred charges and other assets 8,312 Accounts payable (4,870 ) Accrued expenses (28,371 ) Deferred tax liability (25,721 ) Noncontrolling interest (11,821 ) Fair value of net assets acquired $ 567,963 In addition, in connection with the acquisition of Chalmette Refining, the Company acquired Collins Pipeline Company and T&M Terminal Company, which are both C-corporations for tax purposes. As a result, the Company recognized a deferred tax liability of $25,721 attributable to the book and tax basis difference in the C-corporation assets, which had a corresponding impact on noncontrolling interest of $5,144 . The Company’s condensed consolidated financial statements for the year ended December 31, 2016 include the results of operations of the Chalmette refinery for the full year. The Company’s consolidated financial statements for the year ended December 31, 2015 include the results of operations of the Chalmette refinery since November 1, 2015 during which period the Chalmette refinery contributed revenues of $643,267 and net income of $53,539 . On an unaudited pro forma basis, the revenues and net income of the Company assuming the acquisition had occurred on January 1, 2014, 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, 2014, nor is the financial information indicative of the results of future operations. The unaudited pro forma financial information includes the depreciation and amortization expense related to the acquisition and interest expense associated with the Chalmette acquisition financing. Year ended December 31, (Unaudited) 2015 Pro forma revenues $ 16,811,922 Pro forma net income attributable to PBF Holding Company LLC 397,108 The unaudited amount of revenues and net income above have been calculated after conforming Chalmette Refining's accounting policies to those of the Company and certain one-time adjustments. Acquisition Expenses The Company incurred acquisition related costs consisting primarily of consulting and legal expenses related to the Chalmette Acquisition, the Torrance Acquisition, and other pending and non-consummated acquisitions of $13,622 and $5,833 in the years ended December 31, 2016 and 2015 , respectively. These costs are included in the consolidated income statement in General and administrative expenses. |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2016 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES Inventories consisted of the following: December 31, 2016 Titled Inventory Inventory Supply and Intermediation Arrangements Total Crude oil and feedstocks $ 1,102,007 $ — $ 1,102,007 Refined products and blendstocks 915,397 352,464 1,267,861 Warehouse stock and other 89,680 — 89,680 $ 2,107,084 $ 352,464 $ 2,459,548 Lower of cost or market adjustment (492,415 ) (103,573 ) (595,988 ) Total inventories $ 1,614,669 $ 248,891 $ 1,863,560 December 31, 2015 Titled Inventory Inventory Supply and Intermediation Arrangements Total Crude oil and feedstocks $ 1,137,605 $ — $ 1,137,605 Refined products and blendstocks 687,389 411,357 1,098,746 Warehouse stock and other 55,257 — 55,257 $ 1,880,251 $ 411,357 $ 2,291,608 Lower of cost or market adjustment (966,564 ) (150,772 ) (1,117,336 ) Total inventories $ 913,687 $ 260,585 $ 1,174,272 Inventory under inventory supply and intermediation arrangements included certain crude oil stored at the Company's Delaware City refinery's storage facilities that the Company was obligated to purchase as it was consumed in connection with its Crude Supply Agreement that expired on December 31, 2015; and light finished products sold to counterparties in connection with the A&R Intermediation Agreements and stored in the Paulsboro and Delaware City refineries' storage facilities. Due to the lower crude oil and refined product pricing environment beginning at the end of 2014 and continuing throughout 2015 and 2016, the Company recorded adjustments to value its inventories to the lower of cost or market. During the year ended December 31, 2016 , the Company recorded an adjustment to value its inventories to the lower of cost or market which increased both operating income and net income by $521,348 reflecting the net change in the lower of cost or market inventory reserve from $1,117,336 at December 31, 2015 to $595,988 at December 31, 2016 . During the year ended December 31, 2015 , the Company recorded an adjustment to value its inventories to the lower of cost or market which decreased both operating income and net income by $427,226 reflecting the net change in the lower of cost or market inventory reserve from $690,110 at December 31, 2014 to $1,117,336 at December 31, 2015 . 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 charge related to a LIFO layer decrement of $11,746 during the year ended December 31, 2016 . No such LIFO decrement was recorded in the year ended December 31, 2015 . |
PROPERTY, PLANT AND EQUIPMENT,
PROPERTY, PLANT AND EQUIPMENT, NET | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT, NET | PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment consisted of the following: December 31, December 31, Land $ 253,110 $ 91,256 Process units, pipelines and equipment 2,504,008 2,209,712 Buildings and leasehold improvements 49,020 34,265 Computers, furniture and fixtures 81,780 72,642 Construction in progress 289,338 150,388 3,177,256 2,558,263 Less—Accumulated depreciation (448,557 ) (347,173 ) $ 2,728,699 $ 2,211,090 Depreciation expense for the years ended December 31, 2016 , 2015 and 2014 was $104,293 , $88,474 and $113,533 , respectively. The Company capitalized $8,333 and $3,529 in interest during 2016 and 2015 , respectively, in connection with construction in progress. For the year ended December 31, 2014, the Company determined that it would abandon a capital project at the Delaware City refinery. The project was related to the construction of a new hydrocracker (the “Hydrocracker Project”). The carrying value for the Hydrocracker Project was $28,508 . The total pre-tax impairment charge of $28,508 was recorded in depreciation and amortization expense for the year ended December 31, 2014. No additional cash expenditures were incurred related to the Hydrocracker Project subsequent to the impairment charge. |
DEFERRED CHARGES AND OTHER ASSE
DEFERRED CHARGES AND OTHER ASSETS, NET | 12 Months Ended |
Dec. 31, 2016 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
DEFERRED CHARGES AND OTHER ASSETS, NET | DEFERRED CHARGES AND OTHER ASSETS, NET Deferred charges and other assets, net consisted of the following: December 31, December 31, 2015 Deferred turnaround costs, net $ 302,919 $ 177,236 Catalyst 114,788 77,725 Linefill 19,485 13,504 Restricted cash — 1,500 Environmental credits 51,636 10,829 Intangible assets, net 577 219 Other 14,598 9,700 Total deferred charges and other assets, net $ 504,003 $ 290,713 The Company recorded amortization expense related to deferred turnaround costs, catalyst and intangible assets of $105,547 , $102,636 and $65,452 for the years ended December 31, 2016 , 2015 and 2014 , respectively. The restricted cash consisted primarily of cash held as collateral securing the Rail Facility. Intangible assets, net was comprised of permits and emission credits as follows: December 31, December 31, 2015 Gross amount $ 3,996 $ 3,597 Accumulated amortization (3,419 ) (3,378 ) Net amount $ 577 $ 219 |
ACCRUED EXPENSES
ACCRUED EXPENSES | 12 Months Ended |
Dec. 31, 2016 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES | ACCRUED EXPENSES Accrued expenses consisted of the following: December 31, December 31, 2015 Inventory-related accruals $ 810,027 $ 548,800 Inventory intermediation arrangements 225,524 252,380 Accrued transportation costs 89,830 91,546 Excise and sales tax payable 86,046 34,129 Renewable energy credit and emissions obligations 70,158 19,472 Accrued utilities 44,190 25,192 Accrued interest 28,934 22,313 Accrued construction in progress 33,610 7,400 Accrued salaries and benefits 17,466 61,011 Customer deposits 9,215 20,395 Environmental liabilities 8,882 2,178 Other 38,847 32,619 Total accrued expenses $ 1,462,729 $ 1,117,435 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 A&R Intermediation Agreements with J. Aron. As of December 31, 2016 and December 31, 2015 , a liability is recognized for the inventory supply and intermediation arrangements and is recorded at market price for the J. Aron owned inventory held in the Company's storage tanks under the A&R Intermediation Agreements, with any change in the market price being recorded in cost of sales. The Company is subject to obligations to purchase Renewable Identification Numbers ("RINs") required to comply with the Renewable Fuels Standard. The Company's overall RINs obligation is based on a percentage of domestic shipments of on-road fuels as established by the Environmental Protection Agency ("EPA"). To the degree the Company is unable to blend the required amount of biofuels to satisfy its RINs obligation, RINs must be purchased on the open market to avoid penalties and fines. The Company records its RINs obligation on a net basis in Accrued expenses when its RINs liability is greater than the amount of RINs earned and purchased in a given period and in Prepaid expenses and other current assets when the amount of RINs earned and purchased is greater than the RINs liability. In addition, the Company is subject to obligations to comply with federal and state legislative and regulatory measures to address environmental compliance and greenhouse gas and other emissions, including AB 32 in California. These requirements include incremental costs to operate and maintain our facilities as well as to implement and manage new emission controls and programs, which have contributed to the increase in accrued environmental liabilities and emission obligations following the Torrance Acquisition. |
DELAWARE ECONOMIC DEVELOPMENT A
DELAWARE ECONOMIC DEVELOPMENT AUTHORITY LOAN | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
DELAWARE ECONOMIC DEVELOPMENT AUTHORITY LOAN | DELAWARE ECONOMIC DEVELOPMENT AUTHORITY LOAN In June 2010, in connection with the Delaware City acquisition, the Delaware Economic Development Authority (the “Authority”) granted the Company a $20,000 loan to assist with operating costs and the cost of restarting the refinery. The loan converted to a grant in tranches of $4,000 annually over a five -year period, starting at the one -year anniversary of the “certified restart date” as defined in the agreement and certified by the Authority. In December 2016, the Company received confirmation from the Authority that the final tranche had satisfied the conditions necessary to be converted to a grant. Accordingly, there was no outstanding balance under the Delaware Economic Development Authority Loan at December 31, 2016. |
CREDIT FACILITY AND LONG-TERM D
CREDIT FACILITY AND LONG-TERM DEBT | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
CREDIT FACILITY AND LONG-TERM DEBT | CREDIT FACILITY AND LONG-TERM DEBT PBF Holding Revolving Loan On August 15, 2014, PBF Holding amended and restated the terms of the Revolving Loan to, among other things, increase the commitments from $1,610,000 to $2,500,000 , and extend the maturity to August 2019. In addition, the amended and restated agreement reduced the interest rate on advances and the commitment fee paid on the unused portion of the facility. The amended and restated agreement also increased the sublimit for letters of credit from $1,000,000 to $1,500,000 and reduced the combined LC Participation Fee and Fronting Fee paid on each issued and outstanding letter of credit. The LC Participation Fee ranges from 1.25% to 2.0% depending on the Company's senior secured debt rating and the Fronting Fee is equal to 0.25% . An accordion feature allows for increases in the aggregate commitment of up to $2,750,000 . In November and December 2015, PBF Holding increased the maximum availability under the Revolving Loan to $2,600,000 and $2,635,000 , respectively. At the option of PBF Holding, advances under the Revolving Loan bear interest either at the Alternate Base Rate plus the Applicable Margin, or the Adjusted LIBOR Rate plus the Applicable Margin, all as defined in the agreement. The Applicable Margin ranges from 1.50% to 2.25% for Adjusted LIBOR Rate Loans and from 0.50% to 1.25% for Alternative Base Rate Loans, depending on the Company's senior secured debt rating. Interest is paid in arrears, either quarterly in the case of Alternate Base Rate Loans or at the maturity of each Adjusted LIBOR Rate Loan. Advances under the Revolving Loan, plus all issued and outstanding letters of credit may not exceed the lesser of $2,635,000 or the Borrowing Base, as defined in the agreement. The Revolving Loan can be prepaid, without penalty, at any time. The Revolving Loan contains customary covenants and restrictions on the activities of PBF Holding and its subsidiaries, including, but not limited to, limitations on the incurrence of additional indebtedness; liens, negative pledges, guarantees, investments, loans, asset sales, mergers, acquisitions and prepayment of other debt; distributions, dividends and the repurchase of capital stock; transactions with affiliates; the ability to change the nature of our business or our fiscal year; the ability to amend the terms of the Senior Secured Notes facility documents; and sale and leaseback transactions. In addition, the Revolving Loan has a financial covenant which requires that if at any time Excess Availability, as defined in the 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 agreement and determined as of the last day of the most recently completed quarter, to be less than 1.1 to 1.0 . PBF Holding's obligations under the Revolving Loan (a) are guaranteed by each of its domestic operating subsidiaries that are not Excluded Subsidiaries (as defined in the agreement) and (b) are secured by a lien on (x) PBF LLC’s equity interests in PBF Holding and (y) 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 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. The outstanding borrowings under the Revolving Loan as of December 31, 2016 was $350,000 . There were no outstanding borrowings under the Revolving Loan as of December 31, 2015 . Standby letters of credit were $411,997 and $351,511 , as of December 31, 2016 and December 31, 2015 , respectively. PBF Rail Revolving Credit Facility Effective March 25, 2014, PBF Rail Logistics Company LLC (“PBF Rail”), an indirect wholly-owned subsidiary of PBF Holding, entered into a $250,000 secured revolving credit agreement (the “Rail Facility”) with a consortium of banks, including Credit Agricole Corporate & Investment Bank as Administrative Agent. The primary purpose of the Rail Facility was to fund the acquisition by PBF Rail of coiled and insulated crude tank cars and non-coiled and non-insulated general purpose crude tank cars before December 2015. The Rail was amended on two occasions in 2015 and 2016. On December 22, 2016, the Rail Facility was repaid in full and terminated in connection with the issuance of the PBF Rail Term Loan (defined below). There was no amount outstanding under the Rail Facility at December 31, 2016 . There was $67,491 outstanding under the Rail Facility at December 31, 2015 . PBF Rail Term Loan On December 22, 2016, PBF Rail entered into a $35,000 term loan (the “PBF Rail Term Loan”) with DVB Bank SE (“DVB”). The PBF Rail Term Loan amortizes monthly over its five year term and bears interest at the one month LIBOR plus 2.0% . As security for the PBF Rail Term Loan, PBF Rail pledged, among other things: (i) certain eligible railcars; (ii) the Debt Service Reserve Account; and (iii) PBF Holding's membership interest in PBF Rail. Additionally, the PBF Rail Term Loan 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 collateralizing the loan are sold, scrapped or otherwise removed from the collateral pool. As of December 31, 2016 , there was $35,000 outstanding under the PBF Rail Term Loan. Senior Secured 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 all of the outstanding indebtedness plus accrued interest owed under the Toledo Promissory Note, the Paulsboro Promissory Note, and the Term Loan, as well as to reduce the outstanding balance of the Revolving Loan. 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 Secured 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 Company used the proceeds for general corporate purposes, including to fund a portion of the purchase price for the acquisition of the Torrance refinery and related logistics assets. The 2023 Senior Secured Notes included a registration payment arrangement whereby the Company agreed to use commercially reasonable efforts to consummate an offer to exchange the 2023 Senior Secured Notes for an issue of registered notes with terms substantially identical to the notes not later than 365 days after the date of the original issuance of the notes. This registration statement was declared effective on December 1, 2016 and the exchange was consummated on January 19, 2017. As the exchange offer was not consummated by November 24, 2016, additional interest was added at a rate of 0.25% per annum for the period from November 24, 2016 through the consummation of the exchange. As a result, the Company recognized approximately $127 of additional interest expense in 2016. The Senior Secured Notes are secured on a first-priority basis by substantially all of the present and future assets of PBF Holding and its subsidiaries (other than assets securing the Revolving Loan). Payment of the Senior Secured Notes is jointly and severally guaranteed by 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, incur additional indebtedness or issue certain preferred stock; make equity distributions, pay dividends on or repurchase capital stock or make other restricted payments; enter into transactions with affiliates; create liens; engage in mergers and consolidations or otherwise sell all or substantially all of our assets; designate subsidiaries as unrestricted subsidiaries; make certain investments; and 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. Catalyst Leases Certain subsidiaries of the Company have entered into agreements whereby such subsidiary sold a portion of its precious metals catalyst to a major commercial bank and then leased the catalyst back. The volume of the precious metals catalyst and the lease rate are fixed over the term of each lease, which is generally three years. At the maturity of each lease, the Company must repurchase the precious metals catalyst in question at its then fair market value. The Company believes that there is a substantial market for precious metals catalyst leases and that it will be able to release such catalyst 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 catalyst. 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, 2016 are included in the following table: Annual lease fee Annual interest rate Expiration date Paulsboro catalyst lease $ 140 2.20 % December 2019 Delaware City catalyst lease $ 210 1.95 % October 2019 Delaware City catalyst lease - Palladium $ 30 2.05 % October 2019 Toledo catalyst lease $ 331 1.99 % June 2017* Chalmette catalyst lease $ 185 3.85 % November 2018 Chalmette catalyst lease $ 171 2.20 % November 2019 Torrance catalyst lease $ 143 1.78 % July 2019 * The Toledo catalyst lease is included in long-term debt as of December 31, 2016 as the Company has the ability and intent to finance this debt through availability under other credit facilities if the catalyst lease is not renewed at maturity. Long-term debt outstanding consisted of the following: December 31, 2016 December 31, 2015 2020 Senior Secured Notes $ 670,867 $ 669,644 2023 Senior Secured Notes 500,000 500,000 Revolving Loan 350,000 — PBF Rail Term Loan 35,000 — Rail Facility — 67,491 Catalyst leases 45,969 31,802 Unamortized deferred financing costs (25,277 ) (32,217 ) 1,576,559 1,236,720 Less—Current maturities — — Long-term debt $ 1,576,559 $ 1,236,720 Debt Maturities Debt maturing in the next five years and thereafter is as follows: Year Ending December 31, 2017 $ 9,798 2018 4,941 2019 381,230 2020 670,867 2021 35,000 Thereafter 500,000 $ 1,601,836 |
AFFILIATE NOTES PAYABLE
AFFILIATE NOTES PAYABLE | 12 Months Ended |
Dec. 31, 2016 | |
INTERCOMPANY NOTE PAYABLE [Abstract] | |
AFFILIATES NOTES PAYABLE | During 2013, PBF Holding entered into notes payable with PBF Energy and PBF LLC. As of December 31, 2016 and 2015 , PBF Holding had outstanding notes payable with PBF Energy and PBF LLC for an aggregate principal amount of $86,298 and $470,047 , respectively. The notes have an interest rate of 2.5% and a five -year term but may be prepaid in whole or in part at any time, at the option of PBF Holding, without penalty or premium. During 2016, PBF LLC converted $379,947 of the outstanding notes payable from PBF Holding to a capital contribution. |
OTHER LONG-TERM LIABILITIES
OTHER LONG-TERM LIABILITIES | 12 Months Ended |
Dec. 31, 2016 | |
Other Liabilities Disclosure [Abstract] | |
OTHER LONG-TERM LIABILITIES | OTHER LONG-TERM LIABILITIES Other long-term liabilities consisted of the following: December 31, December 31, 2015 Defined benefit pension plan liabilities $ 60,007 $ 42,509 Post-retirement medical plan liabilities 22,740 17,729 Environmental liabilities 142,935 8,189 Other 429 1,397 Total other long-term liabilities $ 226,111 $ 69,824 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS Transactions and Agreements with PBFX PBF Holding entered into agreements with PBFX that establish fees for certain general and administrative services, and operational and maintenance services provided by the Company to PBFX. In addition, the Company executed terminal, pipeline and storage services agreements with PBFX under which PBFX provides commercial transportation, terminaling, storage and pipeline services to the Company. These agreements with PBFX include: Contribution Agreements Immediately prior to the closing of the contribution agreements, which PBF LLC entered into with PBFX (as defined in the table below, and collectively referred to as the “Contribution Agreements”), PBF Holding contributed certain assets to PBF LLC. PBF LLC in turn contributed those assets to PBFX pursuant to the Contribution Agreements. Certain proceeds received by PBF LLC from PBFX in accordance with the Contribution Agreements were subsequently contributed by PBF LLC to PBF Holding. The Contribution Agreements include the following: Contribution Agreement Contribution Date Assets Contributed Contribution Agreement I 5/8/2014 DCR Rail Terminal and the Toledo Truck Terminal Contribution Agreement II 9/30/2014 DCR West Rack Contribution Agreement III 12/11/2014 Toledo Storage Facility Contribution Agreement IV 5/5/2015 Delaware City Products Pipeline and Truck Rack Contribution Agreement V 8/31/2016 Torrance Valley Pipeline Pursuant to Contribution Agreement V on August 31, 2016, PBF Holding contributed 50% of the issued and outstanding limited liability company interests of TVPC to PBF LLC. PBFX then acquired 50% of the issued and outstanding limited liability company interests of Torrance Valley Pipeline Company LLC (“TVPC”). TVPC's assets consist of the Torrance Valley Pipeline which include the M55, M1 and M70 pipeline systems, including pipeline stations with storage capacity and truck unloading capability at two of the stations. PBFX Operating Company LP ("PBFX Op Co"), PBFX’s wholly-owned subsidiary, serves as TVPC's managing member. PBFX, through its ownership of PBFX Op Co, has the sole ability to direct the activities of TVPC that most significantly impact its economic performance. Accordingly, PBFX, and not PBF Holding, is considered to be the primary beneficiary for accounting purposes and as a result PBFX fully consolidates TVPC. Subsequent to the Contribution Agreement V, PBF Holding records an investment in equity method investee on its balance sheet for the 50% of TVPC that it owns. The carrying value of the Company's equity method investment in TVPC was $179,882 and $0 at December 31, 2016 and 2015, respectively. The equity investment in TVPC is included in the Non-Guarantor financial position and results of PBF Holding disclosed in "Note 22 - Condensed Consolidating Financial Statements of PBF Holding" as this subsidiary is not a guarantor of the Senior Secured Notes. Commercial Agreements with PBFX In connection with the Contribution Agreements described above, PBF Holding entered into long-term, fee-based commercial agreements with PBFX. Under these agreements, PBFX provides various pipeline, rail and truck terminaling and storage services to PBF Holding and PBF Holding has committed to provide PBFX with minimum fees based on minimum monthly throughput volumes. The fees under each of these agreements are supported by contractual fee escalations for inflation adjustments and certain increases in operating costs. PBF Holding believes the terms and conditions under these agreements, as well as the Omnibus Agreement (as defined below) and the Services Agreement (as defined below) each with PBFX, are generally no less favorable to either party than those that could have been negotiated with unaffiliated parties with respect to similar services. These commercial agreements (as defined in the table below) with PBFX relating to the Contributed Assets include: Service Agreements Initiation Date Initial Term Renewals (a) MVC Force Majeure Transportation and Terminaling Delaware City Rail Terminaling Services Agreement 5/8/2014 7 years, 8 months 2 x 5 85,000 bpd PBFX or PBF Holding can declare Toledo Truck Unloading & Terminaling Services Agreement 5/8/2014 7 years, 8 months 2 x 5 5,500 bpd Delaware West Ladder Rack Terminaling Services Agreement 10/1/2014 7 years, 3 months 2 x 5 40,000 bpd Toledo Storage Facility Storage and Terminaling Services Agreement- Terminaling Facility (b) 12/12/2014 10 years 2 x 5 4,400 bpd Delaware Pipeline Services Agreement 5/15/2015 10 years, 8 months 2 x 5 50,000 bpd Delaware Pipeline Services Agreement- Magellan Connection 11/1/2016 2 years, 5 months - 14,500 bpd Delaware City Truck Loading Services Agreement- Gasoline (c) 5/15/2015 10 years, 8 months 2 x 5 30,000 bpd Delaware City Truck Loading Services Agreement- LPGs (c) 5/15/2015 10 years, 8 months 2 x 5 5,000 bpd Torrance Valley Pipeline Transportation Services Agreement- North Pipeline 8/31/2016 10 years 2 x 5 50,000 bpd Torrance Valley Pipeline Transportation Services Agreement- South Pipeline 8/31/2016 10 years 2 x 5 70,000 bpd Torrance Valley Pipeline Transportation Services Agreement- Midway Storage Tank 8/31/2016 10 years 2 x 5 55,000 barrels (d) Torrance Valley Pipeline Transportation Services Agreement- Emido Storage Tank 8/31/2016 10 years 2 x 5 900,000 barrels per month Torrance Valley Pipeline Transportation Services Agreement- Belridge Storage Tank 8/31/2016 10 years 2 x 5 770,000 barrels per month Storage Toledo Storage Facility Storage and Terminaling Services Agreement- Storage Facility (b) 12/12/2014 10 years 2 x 5 3,849,271 barrels (d) PBFX or PBF Holding can declare ____________________ (a) PBF Holding has the option to extend the agreements for up to two additional five -year terms. (b) The Toledo Storage Facility Storage and Terminaling Services Agreement- Terminaling Facility and the Toledo Storage Facility Storage and Terminaling Services Agreement- Storage Facility are referred to herein collectively as the “Toledo Storage Facility Storage and Terminaling Services Agreement." (c) The Delaware City Truck Loading Services Agreement- Gasoline and the Delaware City Truck Loading Services Agreement- LPGs are referred to herein collectively as the “Delaware City Truck Loading Services Agreement." (d) Reflects the overall capacity of the storage facility. The storage MVC is subject to effective operating capacity of each tank which can be impacted by routine tank maintenance and other factors. PBFX Plains Asset Purchase On April 29, 2016, PBFX's wholly-owed 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. (the "PBFX Plains Asset Purchase"). In connection with the PBFX Plains Asset Purchase, PBFX assumed certain commercial agreements that Plains All American Pipeline, L.P. had previously entered into with PBF Holding and subsequent to the PBFX Plains Asset Purchase on April 29, 2016, PBF Holding entered into additional commercial agreements with PBFX related to the East Coast Terminals. These agreements have initial terms ranging from approximately three months to five years and include: • tank lease agreements, under which PBFX provides tank lease services to PBF Holding at the East Coast Terminals, with MVCs of total aggregate shell capacity; and • terminaling service agreements, under which PBFX provides terminaling and other services to PBF Holding at the East Coast Terminals. The terminaling service agreements have no MVCs and are billed based on actual volumes throughput, other than a terminaling services agreement between the East Coast Terminals' Paulsboro, New Jersey location and PBF Holding with a 15,000 bpd MVC. Omnibus Agreement PBF Holding entered into an omnibus agreement by and among PBFX, PBF GP, PBF LLC and PBF Holding at the closing of the PBFX Offering for the provision of executive management services and support for accounting and finance, legal, human resources, information technology, environmental, health and safety, and other administrative functions, as well as (i) PBF LLC’s agreement not to compete with PBFX under certain circumstances, subject to certain exceptions, (ii) PBFX's right of first offer for ten years to acquire certain logistics assets retained by PBF Energy following the PBFX Offering, including certain logistics assets that PBF LLC or its subsidiaries may construct or acquire in the future, subject to certain exceptions, and (iii) a license to use the PBF Logistics trademark and name. On August 31, 2016, PBF Holding and PBFX entered into the Fourth Amended and Restated Omnibus Agreement (as amended, the "Omnibus Agreement") in connection with the TVPC Acquisition resulting in an increase to the annual administrative fee to $4,000 . Services Agreement In connection with the PBFX Offering, PBF Holding and certain of its subsidiaries entered into an operation and management services and secondment agreement with PBFX Holding, pursuant to which PBF Holding and its subsidiaries provide PBFX with the personnel necessary for PBFX to perform its obligations under the commercial agreements. PBFX reimburses PBF Holding for the use of such employees and the provision of certain infrastructure-related services to the extent applicable to its operations, including storm water discharge and waste water treatment, steam, potable water, access to certain roads and grounds, sanitary sewer access, electrical power, emergency response, filter press, fuel gas, API solids treatment, fire water and compressed air. On August 31, 2016, PBF Holding and PBFX entered into the Fourth Amended and Restated Services Agreement (as amended, the "Services Agreement") in connection with the TVPC Acquisition resulting in an increased annual fee of approximately $6,386 . As noted in "Note 21 - Subsequent Events", the Services Agreement was further amended in 2017. The Services Agreement will terminate upon the termination of the Omnibus Agreement, provided that PBFX may terminate any service on 30 days’ notice. Summary of Transactions with PBFX A summary of revenue and expense transactions with PBFX is as follows: Year Ended December 31, 2016 2015 2014 Revenues under affiliate agreements: Services Agreement $ 5,121 $ 4,533 $ 2,298 Omnibus Agreement 4,805 5,297 3,600 Total expenses under affiliate agreements 175,448 142,102 59,403 The total of revenues under affiliate agreements and expenses under affiliate agreements are included in "Revenues" and "Cost of sales, excluding depreciation", respectively, in the Company's statement of operations. Fuel Strategies International, Inc. Agreement The Company engaged Fuel Strategies International, Inc, the principal of which is the brother of the former Executive Chairman of the Board of Directors of PBF Energy, to provide consulting services relating to petroleum coke and commercial operations. For the years ended December 31, 2016 and 2015 there were no charges under this agreement. For the year ended December 31, 2014 , the Company incurred charges of $588 under this agreement. This agreement has expired and is no longer in force. Agreements with the Former Executive Chairman of the Board of Directors The Company has an agreement with the former Executive Chairman of the Board of Directors of PBF Energy, for the use of an airplane that is owned by a company owned by the former Executive Chairman of PBF Energy. The Company pays a charter rate that is the lowest rate this aircraft is chartered to third-parties. For the years ended December 31, 2016 , 2015 and 2014 , the Company incurred charges of $824 , $957 and $1,214 , respectively, related to the use of this airplane. Effective July 1, 2016, PBF Investments LLC entered into a Consulting Services Agreement with the former Executive Chairman of the Board of Directors of PBF Energy for executive consultation with respect to strategic, operational, business and financial matters. Consulting payments made under this agreement were $500 for the year ended December 31, 2016 and payments are expected to be $900 annually through the agreement expiration date of December 31, 2018. Financial Sponsors As of December 31, 2013, each of Blackstone and First Reserve, PBF Energy’s financial sponsors, had received the full return of its aggregate amount invested in PBF LLC Series A Units. As a result, pursuant to the amended and restated limited liability company agreement of PBF LLC, the holders of PBF LLC Series B Units are entitled to an interest in the amounts received by Blackstone and First Reserve in excess of their original investment in the form of PBF LLC distributions and from the shares of PBF Energy Class A Common Stock issuable to Blackstone and First Reserve (for their own account and on behalf of the holders of PBF LLC Series B Units) upon an exchange, and the proceeds from the sale of such shares. Such proceeds received by Blackstone and First Reserve are distributed to the holders of the PBF LLC Series B Units in accordance with the distribution percentages specified in the PBF LLC amended and restated limited liability company agreement. The total amount distributed to the PBF LLC Series B Unit holders for the years ended December 31, 2016 , 2015 and 2014 was $6,152 , $19,592 , and $130,523 respectively. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2016 | |
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 $129,768 , $126,060 , and $98,473 for the years ended December 31, 2016 , 2015 and 2014 , 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 $53,364 , $36,139 and $40,444 under these supply agreements for the years ended December 31, 2016 , 2015 and 2014 , 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, 2017 $ 156,699 2018 139,440 2019 115,482 2020 101,503 2021 59,305 Thereafter 185,875 $ 758,304 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 $10,792 recorded as of December 31, 2016 ( $10,367 as of December 31, 2015 ) represents the present value of expected future costs discounted at a rate of 8% . At December 31, 2016 the undiscounted liability is $16,655 and the Company expects to make aggregate payments for this liability of $6,591 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, 2016 and 2015 , this liability is self-guaranteed by the Company. In connection with the acquisition of the Delaware City assets, Valero Energy Corporation (“Valero”) remains responsible for certain pre-acquisition environmental obligations up to $20,000 and the predecessor to Valero in ownership of the refinery retains other historical obligations. In connection with the acquisition of the Delaware City assets and the Paulsboro refinery, the Company and Valero purchased ten year, $75,000 environmental insurance policies to insure against unknown environmental liabilities at each site. In connection with the Toledo refinery acquisition, Sunoco, Inc. (R&M) ("Sunoco") remains responsible for environmental remediation for conditions that existed on the closing date for twenty years from March 1, 2011, subject to certain limitations. In 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 the 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. As of November 1, 2015, the Company acquired Chalmette Refining, which was in discussions with the Louisiana Department of Environmental Quality ("LDEQ") to resolve self-reported deviations from refinery operations relating to certain Clean Air Act Title V permit conditions, limits and other requirements. LDEQ commenced an enforcement action against Chalmette Refining on November 14, 2014 by issuing a Consolidated Compliance Order and Notice of Potential Penalty (the "Order") covering deviations from 2009 and 2010. Chalmette Refining and LDEQ subsequently entered into a dispute resolution agreement, the enforcement of which has been suspended while negotiations are ongoing, which may include the resolution of deviations outside the periods covered by the Order. In February 2017, Chalmette Refining and the LDEQ met to resolve the issues under the Order, including the assessment of an administrative penalty against Chalmette Refining. Although a resolution has not been finalized, the administrative penalty is anticipated to be approximately $700 , including beneficial environmental projects. To the extent the administrative penalty exceeds such amount, it is not expected to be material to the Company. On January 24, 2017, in connection with a Clean Air Act inspection in May 2014 by the EPA to determine compliance with 40 CFR Subpart 68 Chemical Accident Prevention Provisions, EPA notified the Chalmette refinery of its intent to bring an enforcement action on two (2) findings from the audit. No settlement or penalty demand has been received to date. It is reasonably possible that EPA will 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. On December 23, 2016, the Delaware City refinery received a Notice of Violation (“NOV”) from DNREC concerning a potential violation of the DNREC order authorizing the shipment of crude oil by barge from the Refinery. The NOV alleges that DCR made shipments to locations other than the Paulsboro refinery in violation of the order and requests certain additional information but no penalties have been assessed at this time. 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 held a public hearing and dismissed the appeal, determining that the appellants did not have standing. The release of the Board decision is pending. On February 3, 2011, EPA sent a request for information pursuant to Section 114 of the Clean Air Act to the Paulsboro refinery with respect to compliance with EPA standards governing flaring. The refinery and EPA have recently engaged in discussions regarding a potential settlement. It is reasonably possible that EPA will assess penalties in these but any such amount is not expected to have a material impact on the Company's financial position, results of operations or cash flows. On February 14, 2017, the New Jersey Department of Environmental Protection (“DNJDEP”) submitted a proposed Administrative Consent Order (“ACO”) which covers air emission violations from 2013 through 2016 and work practice standards that were not subject to an affirmative defense at the Paulsboro refinery (“PRC”). In settlement of the violations, the NJDEP has proposed that PRC pay a civil administrative penalty of $313 , which includes $153 for a supplemental environmental project. If the offer is accepted, the remaining $160 shall be remitted by PRC within 30 days of receipt of the offer. This amount is not material to the Company, individually or in the aggregate. In connection with the acquisition of the Torrance refinery and related logistics assets, the Company assumed certain pre-existing environmental liabilities totaling $142,456 as of December 31, 2016 , related to certain environmental remediation obligations to address existing soil and groundwater contamination and monitoring activities, which reflects the current estimated cost of the remediation obligations. The Company expects to make aggregate payments for this liability of $35,677 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. Specifically, the Company assumed responsibility for specified notices of violation ("NOVs") issued by the Southern California Air Quality Management District ("SCAQMD") in various years before the Company's ownership. Additionally, subsequent to the acquisition, the Company received further NOVs from the SCAQMD as well as from the City of Torrance and the City of Torrance Fire Department related to alleged operational violations, emission discharges and/or flaring incidents at the refinery. With the exception of one NOV for which a proposed settlement is less than $100 , no settlement or penalty demands have been received to date with respect to the other NOVs. As the ultimate outcomes are uncertain, the Company cannot currently estimate the final amount or timing of their resolution. It is reasonably possible that SCAQMD and/or the City of Torrance will 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. On February 17, 2017, in Arnold Goldstein, et al. v. Exxon Mobil Corporation, et al. , PBF Energy Inc., PBF Energy Company LLC, the Company and the Company’s subsidiaries, PBF Energy Western Region LLC and Torrance Refining Company LLC, and the manager of the Company’s Torrance refinery along with Exxon Mobil Corporation were named as defendants in a class action and representative action complaint filed on behalf of Arnold Goldstein, John Covas, Gisela Janette La Bella and others similarly situated. The complaint was filed in the Superior Court of the State of California, County of Los Angeles and alleges negligence, strict liability, ultrahazardous activity, a continuing private nuisance, a permanent private nuisance, a continuing public nuisance, a permanent public nuisance and trespass resulting from the February 18, 2015 electrostatic precipitator ("ESP") explosion at the Torrance Refinery which was then owned and operated by Exxon. The operation of the Torrance Refinery by PBF Holding and its affiliated entities subsequent to the Company’s acquisition of the Torrance refinery in July 2016 is also referenced in the complaint. The Company was served with the lawsuit on March 1, 2017 and has not had an opportunity to evaluate the merits of the plaintiffs’ claims. To the extent that plaintiffs’ claims relate to the ESP explosion, Exxon has retained responsibility for any liabilities that would arise from the lawsuit pursuant to the agreement relating to the acquisition of the Torrance Refinery. The Company cannot currently estimate the amount of its potential liability. 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. Most of the Northeastern states will now require heating oil with 15 PPM or less sulfur by July 1, 2018 (except for Pennsylvania and Maryland where 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. The EPA issued the final Tier 3 Gasoline standards on March 3, 2014 under the Clean Air Act. This final rule establishes more stringent vehicle emission standards and further reduces the sulfur content of gasoline starting in January of 2017. The new standard is set at 10 PPM sulfur in gasoline on an annual average basis starting January 1, 2017, with a credit trading program to provide compliance flexibility. The EPA responded to industry comments on the proposed rule and maintained the per gallon sulfur cap on gasoline at the existing 80 PPM cap. The standards set by the new rule are not expected to have a material impact on the Company’s financial position, results of operations or cash flows. The EPA published the final 2014-2016 standards under the Renewable Fuels Standard ("RFS") late in 2015 and issued final 2017 RFS standards in November 2016. It is not clear that renewable fuel producers will be able to produce the volumes of these fuels required for blending in accordance with the 2017 standards. The final 2017 cellulosic standard is at approximately 135% of the 2016 standard. It is likely that cellulosic RIN production will be lower than needed forcing obligated parties, such as the Company, to purchase cellulosic “waiver credits” to comply in 2017 (the waiver credit option by regulation is only available for the cellulosic standard). The advanced and total renewable RIN requirements were raised (by 7% and 3% respectively) above the original proposed level in May 2016. Production of advanced RINs has been below what is needed for compliance in 2016. Obligated parties, such as the Company, will likely be relying on the nesting feature of the biodiesel RIN to comply with the advanced standard in 2017. While the Company believes that total renewable RIN production will be adequate for 2016 needs, the new 2017 standard will put obligated parties up against the E10 blendwall leaving little flexibility. Compliance in 2017 will likely rely on obligated parties drawing down the supply of excess RINs collectively known as the “RIN bank” and could tighten the RIN market potentially raising RIN prices further. The Company is currently evaluating the final standards, including any possible changes to the program following a new presidential administration, and they may have a material impact on the Company’s cost of compliance with RFS 2. In addition, on December 1, 2015 the 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 will need to be implemented by January 30, 2018. The Company is currently evaluating the final standards to evaluate the impact of this regulation, and at this time does not anticipate it will have a material impact on the Company's financial position, results of operations or cash flows. The EPA published a Final Rule to the Clean Water Act (“CWA”) Section 316(b) in August 2014 regarding cooling water intake structures, which includes requirements for petroleum refineries. The purpose of this rule is to prevent fish from being trapped against cooling water intake screens (impingement) and to prevent fish from being drawn through cooling water systems (entrainment). Facilities will be required to implement Best Technology Available (BTA) as soon as possible, but state agencies have the discretion to establish implementation time lines. The Company continues to evaluate the impact of this regulation, and at this time does not anticipate it having a material impact on the Company’s financial position, results of operations or cash flows. As a result of the Torrance Acquisition, the Company is subject to greenhouse gas emission control regulations in the state of California pursuant to Assembly Bill 32 (“AB 32”). AB 32 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. The Company is responsible for the AB 32 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 (“SB 32”) 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 AB 32 or SB 32 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 liquidity. The Company is subject to obligations to purchase Renewable Identification Numbers (“RINs”) required to comply with the RFS. In late 2015, the EPA initiated enforcement proceedings against companies it believes produced invalid RINs. On October 13, 2016, the Company and its subsidiaries including, Toledo Refining Company LLC and Delaware City Refining Company LLC were notified by the EPA that its records indicated that these entities used potentially invalid RINs. The EPA directed each of the subsidiaries to resubmit reports to remove the potentially invalid RINs and to replace the invalid RINs with valid RINs with the same D Code. The invalid RINs have been retired and the Company does not expect any settlement with the EPA to resolve this matter to be material . The Company is also currently subject to certain other existing environmental claims and proceedings. The Company believes that there is only a remote possibility that future costs related to any of these other known contingent liability exposures would have a material impact on its financial position, results of operations or cash flows. PBF LLC Limited Liability Company Agreement The holders of limited liability company interests in PBF LLC, including PBF Energy, generally have to include for purposes of calculating their U.S. federal, state and local income taxes their share of any taxable income of PBF LLC, regardless of whether such holders receive cash distributions from PBF LLC. PBF Energy ultimately may not receive cash distributions from PBF LLC equal to its share of such taxable income or even equal to the actual tax due with respect to that income. For example, PBF LLC is required to include in taxable income PBF LLC’s allocable share of PBFX’s taxable income and gains (such share to be determined pursuant to the partnership agreement of PBFX), regardless of the amount of cash distributions received by PBF LLC from PBFX, and such taxable income and gains will flow-through to PBF Energy to the extent of its allocable share of the taxable income of PBF LLC. As a result, at certain times, the amount of cash otherwise ultimately available to PBF Energy on account of its indirect interest in PBFX may not be sufficient for PBF Energy to pay the amount of taxes it will owe on account of its indirect interests in PBFX. Taxable income of PBF LLC generally is allocated to the holders of PBF LLC units (including PBF Energy) pro-rata in accordance with their respective share of the net profits and net losses of PBF LLC. In general, PBF LLC is required to make periodic tax distributions to the members of PBF LLC, including PBF Energy, pro-rata in accordance with their respective percentage interests for such period (as determined under the amended and restated limited liability company agreement of PBF LLC), subject to available cash and applicable law and contractual restrictions (including pursuant to our debt instruments) and based on certain assumptions. Generally, these tax distributions are required to be in an amount equal to our estimate of the taxable income of PBF LLC for the year multiplied by an assumed tax rate equal to the highest effective marginal combined U.S. federal, state and local income tax rate prescribed for an individual or corporate resident in New York, New York (taking into account the nondeductibility of certain expenses). If, with respect to any given calendar year, the aggregate periodic tax distributions were less than the actual taxable income of PBF LLC multiplied by the assumed tax rate, PBF LLC is required to make a “true up” tax distribution, no later than March 15 of the following year, equal to such difference, subject to the available cash and borrowings of PBF LLC. PBF LLC obtains funding to pay its tax distributions by causing PBF Holding to distribute cash to PBF LLC and from distributions it receives from PBFX. Tax Receivable Agreement PBF Energy (the Company's indirect parent) entered into a tax receivable agreement with the PBF LLC Series A and PBF LLC Series B Unit holders (the “Tax Receivable Agreement”) that provides for the payment by PBF Energy to such persons of an amount equal to 85% of the amount of the benefits, if any, that PBF Energy is deemed to realize as a result of (i) increases in tax basis, as described below, and (ii) certain other tax benefits related to entering into the Tax Receivable Agreement, including tax benefits attributable to payments under the Tax Receivable Agreement. For purposes of the Tax Receivable Agreement, the benefits deemed realized by PBF Energy will be computed by comparing the actual income tax liability of PBF Energy (calculated with certain assumptions) to the amount of such taxes that PBF Energy would have been required to pay had there been no increase to the tax basis of the assets of PBF LLC as a result of purchases or exchanges of PBF LLC Series A Units for shares of PBF Energy's Class A common stock and had PBF Energy not entered into the Tax Receivable Agreement. The term of the Tax Receivable Agreement will continue until all such tax benefits have been utilized or expired unless: (i) PBF Energy exercises its right to terminate the Tax Receivable Agreement, (ii) PBF Energy breaches any of its material obligations under the Tax Receivable Agreement or (iii) certain changes of control occur, in which case all obligations under the Tax Receivable Agreement will generally be accelerated and due as calculated under certain assumptions. The payment obligations under the Tax Receivable Agreement are obligations of PBF Energy and not of PBF LLC or PBF Holding. 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 96.5% and 95.1% interest in PBF LLC as of December 31, 2016 and December 31, 2015 , respectively. PBF LLC obtains funding to pay its tax distributions by causing PBF Holding to distribute cash to PBF LLC and from distributions it receives from PBFX. |
EQUITY STRUCTURE
EQUITY STRUCTURE | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
EQUITY STRUCTURE | EQUITY STRUCTURE PBF Holding has no common stock outstanding. As of December 31, 2016 , 100% of the membership interests of PBF Holding were owned by PBF LLC, and PBF Finance had 100 shares of common stock outstanding, all of which were held by PBF Holding. The following sections represent the equity structure of the Company's indirect and direct parents, PBF Energy and PBF LLC, respectively. Class A Common Stock Holders of Class A common stock are entitled to receive dividends when and if declared by the Board of Directors of PBF Energy 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 PBF Energy'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 unit holders is governed by the Limited Liability Company Agreement of PBF LLC. These allocations are made on a pro rata basis with PBF LLC Series C Units. PBF LLC Series A unit holders do not have voting rights. PBF LLC Series B Units The PBF LLC Series B Units are intended to be “profit interests” within the meaning of Revenue Procedures 93-27 and 2001-43 of the Internal Revenue Service and have a stated value of zero at issuance. The PBF LLC Series B Units are held by certain of the Company’s 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 PBF Energy'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. Noncontrolling Interest Subsequent to the Chalmette Acquisition, PBF Holding recorded noncontrolling interest 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 earnings related to the noncontrolling interest in these subsidiaries of $269 and $274 for the years ended December 31, 2016 and December 31, 2015 , respectively. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 2015 2014 PBF LLC Series A Unit compensatory warrants and options $ — $ — $ 522 PBF Energy options 11,020 7,528 4,343 PBF Energy restricted shares 7,276 1,690 1,230 $ 18,296 $ 9,218 $ 6,095 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 initial public offering 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 Units compensatory warrants or options in 2016 , 2015 or 2014 . The following table summarizes activity for PBF LLC Series A compensatory warrants and options for the years ended December 31, 2016 , 2015 and 2014 : 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, 2014 841,079 $ 10.52 7.40 Exercised (32,934 ) 10.00 — Forfeited (6,666 ) 11.59 — Outstanding at December 31, 2014 801,479 $ 10.53 6.41 Exercised (160,700 ) 10.28 — Outstanding at December 31, 2015 640,779 $ 10.59 5.46 Exercised (27,833 ) 10.00 — Outstanding at December 31, 2016 612,946 $ 10.62 4.47 Exercisable and vested at December 31, 2016 612,946 $ 10.62 4.47 Exercisable and vested at December 31, 2015 640,779 $ 10.59 5.46 Exercisable and vested at December 31, 2014 753,985 $ 10.41 6.34 Expected to vest at December 31, 2016 612,946 $ 10.62 4.47 The total intrinsic value of stock options both outstanding and exercisable at December 31, 2016 , was $10,577 . The total intrinsic value of stock options exercised during the years ended December 31, 2016 , 2015 , and 2014 was $461 , $3,452 , and $618 , respectively. There was no unrecognized compensation expense related to PBF LLC Series A warrants and options at December 31, 2016 and December 31, 2015 . Prior to 2014, members of management of the Company had also purchased an aggregate of 2,740,718 non-compensatory Series A warrants in PBF LLC with an exercise price of $10.00 per unit, all of which were immediately exercisable. There were no non-compensatory warrants exercised during the year ended December 31, 2016 ( 24,000 non-compensatory warrants were exercised at December 31, 2015 ). At December 31, 2016 and 2015 , there were 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 in the Series B units for the years ended December 31, 2016 , 2015 or 2014 . PBF Energy options and restricted stock PBF Energy grants awards of its Class A common stock under the 2012 Equity Incentive Plan which authorizes the granting of various stock and stock-related awards to directors, employees, prospective employees and non-employees. Awards include options to purchase shares of Class A common stock and restricted Class A common stock that vest over a period determined by the plan. A total of 360,820 , 247,720 and 30,348 shares of restricted Class A common stock were granted to certain directors, employees and management of the Company as of December 31, 2016 , 2015 and 2014 , respectively. The PBF Energy options and restricted 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 estimated fair value of PBF Energy options granted during the years ended December 31, 2016 , 2015 and 2014 was determined using the Black-Scholes pricing model with the following weighted average assumptions: December 31, 2016 December 31, 2015 December 31, 2014 Expected life (in years) 6.25 6.25 6.25 Expected volatility 39.7 % 38.4 % 52.0 % Dividend yield 4.73 % 3.96 % 4.82 % Risk-free rate of return 1.42 % 1.58 % 1.80 % Exercise price $ 26.18 $ 30.28 $ 24.78 The following table summarizes activity for PBF Energy options for the years ended December 31, 2016 , 2015 and 2014 . Number of Weighted Weighted Stock-based awards, outstanding at January 1, 2014 1,320,000 $ 26.97 9.33 Granted 1,135,000 24.78 10.00 Exercised — — — Forfeited (53,125 ) 25.44 — Outstanding at December 31, 2014 2,401,875 $ 25.97 8.67 Granted 1,899,500 30.28 10.00 Exercised (30,000 ) 25.79 — Forfeited (15,000 ) 26.38 — Outstanding at December 31, 2015 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 Exercisable and vested at December 31, 2016 2,271,375 $ 27.23 7.21 Exercisable and vested at December 31, 2015 1,136,250 $ 26.22 7.61 Exercisable and vested at December 31, 2014 485,000 $ 26.66 8.21 Expected to vest at December 31, 2016 5,970,625 $ 27.37 8.02 The total estimated fair value of PBF Energy options granted in 2016 and 2015 was $11,346 and $14,512 and the weighted average per unit fair value was $6.33 and $7.64 . The total intrinsic value of stock options outstanding and exercisable at December 31, 2016 , was $11,676 and $3,914 , respectively. The total intrinsic value of stock options exercised during the years ended December 31, 2016 and 2015 was $5 and $133 , respectively. Unrecognized compensation expense related to PBF Energy options at December 31, 2016 was $21,323 , which will be recognized from 2017 through 2020. |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS Defined Contribution Plan The Company’s defined contribution plan covers all employees. Employees are eligible to participate as of the first day of the month following 30 days of service. Participants can make basic contributions up to 50 percent of their annual salary subject to Internal Revenue Service limits. The Company matches participants’ contributions at the rate of 200 percent of the first 3 percent of each participant’s total basic contribution based on the participant’s total annual salary. The Company’s contribution to the qualified defined contribution plans was $19,746 , $12,753 and $11,364 for the years ended December 31, 2016 , 2015 and 2014 , 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 balance sheet. The plan assets and benefit obligations are measured as of the balance sheet date. The non-union Delaware City employees and all Paulsboro, 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, 2016 and 2015 were as follows: Pension Plans Post-Retirement Medical Plan 2016 2015 2016 2015 Change in benefit obligation: Benefit obligation at beginning of year $ 100,011 $ 81,098 $ 17,729 $ 14,740 Service cost 36,359 24,298 1,047 967 Interest cost 3,096 2,974 528 558 Plan amendments — — 2,524 1,533 Benefit payments (3,449 ) (2,231 ) (575 ) (381 ) Actuarial loss (gain) (509 ) (6,128 ) 1,487 312 Projected benefit obligation at end of year $ 135,508 $ 100,011 $ 22,740 $ 17,729 Change in plan assets: Fair value of plan assets at beginning of year $ 57,502 $ 40,956 $ — $ — Actual return on plan assets 3,995 (13 ) — — Benefits paid (3,449 ) (2,231 ) (575 ) (381 ) Employer contributions 17,319 18,790 575 381 Fair value of plan assets at end of year $ 75,367 $ 57,502 $ — $ — Reconciliation of funded status: Fair value of plan assets at end of year $ 75,367 $ 57,502 $ — $ — Less benefit obligations at end of year 135,508 100,011 22,740 17,729 Funded status at end of year $ (60,141 ) $ (42,509 ) $ (22,740 ) $ (17,729 ) The accumulated benefit obligations for the Company’s Pension Plans exceed the fair value of the assets of those plans at December 31, 2016 and 2015 . The accumulated benefit obligation for the defined benefit plans approximated $108,838 and $80,897 at December 31, 2016 and 2015 , 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 2017 $ 12,307 $ 1,202 2018 8,873 1,389 2019 11,027 1,653 2020 13,067 1,910 2021 16,079 2,018 Years 2022-2026 114,382 10,438 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 $36,300 to the Company’s Pension Plans during 2017 . The components of net periodic benefit cost were as follows for the years ended December 31, 2016 , 2015 and 2014 : Pension Benefits Post-Retirement Medical Plan 2016 2015 2014 2016 2015 2014 Components of net period benefit cost: Service cost $ 36,359 $ 24,298 $ 19,407 $ 1,047 $ 967 $ 1,099 Interest cost 3,096 2,974 2,404 528 558 520 Expected return on plan assets (4,681 ) (3,422 ) (2,156 ) — — — Amortization of prior service cost 53 53 39 541 326 258 Amortization of actuarial loss (gain) 1,043 1,228 1,033 — — (4 ) Net periodic benefit cost $ 35,870 $ 25,131 $ 20,727 $ 2,116 $ 1,851 $ 1,873 The pre-tax amounts recognized in other comprehensive income (loss) for the years ended December 31, 2016 , 2015 and 2014 were as follows: Pension Benefits Post-Retirement Medical Plan 2016 2015 2014 2016 2015 2014 Prior service costs (credits) $ — $ — $ 529 $ 2,524 $ 1,533 $ 3,911 Net actuarial loss (gain) 176 (2,220 ) 8,151 1,487 312 1,201 Amortization of losses and prior service cost (1,096 ) (1,281 ) (1,072 ) (541 ) (326 ) (255 ) Total changes in other comprehensive loss (income) $ (920 ) $ (3,501 ) $ 7,608 $ 3,470 $ 1,519 $ 4,857 The pre-tax amounts in accumulated other comprehensive loss as of December 31, 2016 and 2015 that have not yet been recognized as components of net periodic costs were as follows: Pension Benefits Post-Retirement Medical Plan 2016 2015 2016 2015 Prior service (costs) credits $ (476 ) $ (529 ) $ (5,983 ) $ (3,999 ) Net actuarial (loss) gain (18,975 ) (19,841 ) (1,878 ) (391 ) Total $ (19,451 ) $ (20,370 ) $ (7,861 ) $ (4,390 ) The following pre-tax amounts included in accumulated other comprehensive loss as of December 31, 2016 are expected to be recognized as components of net period benefit cost during the year ended December 31, 2017 : Pension Benefits Post-Retirement Medical Plan Amortization of prior service (costs) credits $ (53 ) $ (646 ) Amortization of net actuarial (loss) gain (452 ) — Total $ (505 ) $ (646 ) The weighted average assumptions used to determine the benefit obligations as of December 31, 2016 and 2015 were as follows: Qualified Plan Supplemental Plan Post-Retirement Medical Plan 2016 2015 2016 2015 2016 2015 Discount rate - benefit obligations 4.07 % 4.17 % 4.08 % 4.22 % 3.68 % 3.76 % Rate of compensation increase 4.81 % 4.81 % 5.50 % 5.50 % — — The weighted average assumptions used to determine the net periodic benefit costs for the years ended December 31, 2016 , 2015 and 2014 were as follows: Qualified Plan Supplemental Plan Post-Retirement Medical Plan 2016 2015 2014 2016 2015 2014 2016 2015 2014 Discount rates: Effective rate for service cost 4.15 % 4.25 % 4.55 % 4.17 % 4.30 % 4.55 % 4.10 % 4.32 % 4.55 % Effective rate for interest cost 3.38 % 3.31 % 4.55 % 3.20 % 3.16 % 4.55 % 3.11 % 3.09 % 4.55 % Effective rate for interest on service cost 3.59 % 3.51 % 4.55 % 3.63 % 3.37 % 4.55 % 3.84 % 4.04 % 4.55 % Expected long-term rate of return on plan assets 7.00 % 7.00 % 6.70 % — — — — — — Rate of compensation increase 4.81 % 4.81 % 4.64 % 5.50 % 5.50 % 4.64 % — — — The assumed health care cost trend rates as of December 31, 2016 and 2015 were as follows: Post-Retirement Medical Plan 2016 2015 Health care cost trend rate assumed for next year 6.1 % 6.1 % Rate to which the cost trend rate was assumed to decline (the ultimate trend rate) 4.5 % 4.5 % Year that the rate reached the ultimate trend rate 2038 2038 Assumed health care costs trend rates have a significant effect on the amounts reported for retiree health care plans. A one percentage-point change in assumed health care costs trend rates would have the following effects on the medical post-retirement benefits: 1% Increase 1% Decrease Effect on total of service and interest cost components $ 14 $ (13 ) Effect on accumulated post-retirement benefit obligation 388 (367 ) The table below presents the fair values of the assets of the Company’s Qualified Plan as of December 31, 2016 and 2015 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, 2016 2015 Equities: Domestic equities $ 23,451 $ 17,660 Developed international equities 10,736 8,320 Emerging market equities 5,164 4,017 Global low volatility equities 6,360 4,930 Fixed-income 29,576 22,495 Cash and cash equivalents 80 80 Total $ 75,367 $ 57,502 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, 2016 , the plan's target allocations for plan assets are 60% invested in equity securities and 40% fixed income investments. Equity securities include international stocks and a blend of U.S. growth and value stocks of various sizes of capitalization. Fixed income securities include bonds and notes issued by the U.S. government and its agencies, corporate bonds, and mortgage-backed securities. The aggregate asset allocation is reviewed on an annual basis. The overall expected long-term rate of return on plan assets for the Qualified Plan is based on the Company’s view of long-term expectations and asset mix. |
REVENUES
REVENUES | 12 Months Ended |
Dec. 31, 2016 | |
Oil and Gas Revenue [Abstract] | |
REVENUES | REVENUES The following table provides information relating to the Company’s revenues from external customers for each product or group of similar products for the periods: Year Ended December 31, 2016 2015 2014 Gasoline and distillates $ 14,017,350 $ 11,553,716 $ 17,050,096 Asphalt and blackoils 699,966 536,496 706,494 Chemicals 554,392 452,304 739,096 Feedstocks and other 376,471 315,042 922,003 Lubricants 260,358 266,371 410,466 Total Revenues $ 15,908,537 $ 13,123,929 $ 19,828,155 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES PBF Holding is a limited liability company treated as a "flow-through" entity for income tax purposes. Accordingly, there is generally no benefit or provision for federal or state income tax in the PBF Holding financial statements apart from the income tax attributable to two subsidiaries acquired in connection with the acquisition of Chalmette Refining in the fourth quarter of 2015 and its wholly-owned Canadian subsidiary, PBF Energy Limited ("PBF Ltd."). The two subsidiaries acquired in connection with the Chalmette Acquisition are treated as C-Corporations for income tax purposes. The two acquired subsidiaries incurred $1,378 and $648 of income tax expense for the years ended December 31, 2016 and 2015 . For the year ended December 31, 2016 , PBF Holding incurred an income tax benefit in its income statement of $8,412 , attributable to PBF Ltd. 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. As of and 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 which increased the recorded deferred and current tax liabilities by $30,602 and $121 , respectively. This correction of prior periods did not impact the results for the fourth quarter of 2016. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015 . We have elected to offset the fair value amounts recognized for multiple derivative contracts executed with the same counterparty; however, fair value amounts by hierarchy level are presented on a gross basis in the tables below. We have posted cash margin with various counterparties to support hedging and trading activities. The cash margin posted is required by counterparties as collateral deposits and cannot be offset against the fair value of open contracts except in the event of default. We have no derivative contracts that are subject to master netting arrangements that are reflected gross on the balance sheet. As of December 31, 2016 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 $ 342,837 $ — $ — $ 342,837 N/A $ 342,837 Commodity contracts 948 35 — 983 (983 ) — Derivatives included with inventory intermediation agreement obligations — 6,058 — 6,058 — 6,058 Liabilities: Commodity contracts 859 3,548 84 4,491 (983 ) 3,508 Catalyst lease obligations — 45,969 — 45,969 — 45,969 As of December 31, 2015 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 $ 631,280 $ — $ — $ 631,280 N/A $ 631,280 Commodity contracts 63,810 31,256 3,543 98,609 (52,482 ) 46,127 Derivatives included with inventory intermediation arrangement — 35,511 — 35,511 — 35,511 Liabilities: Commodity contracts 49,960 2,522 — 52,482 (52,482 ) — Catalyst lease obligations — 31,802 — 31,802 — 31,802 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 price used to value these swaps was derived using broker quotes, prices from other third party sources and other available market based data. • The derivatives included with inventory supply arrangement obligations, derivatives included with inventory intermediation agreement obligations and the catalyst lease obligations are categorized in Level 2 of the fair value hierarchy and are measured at fair value using a market approach based upon commodity prices for similar instruments quoted in active markets. 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, 2016 and 2015 , $9,440 and $9,325 , 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, 2016 2015 Balance at beginning of period $ 3,543 $ 1,521 Purchases — — Settlements (1,149 ) (15,222 ) Unrealized (gain) loss included in earnings (2,478 ) 17,244 Transfers into Level 3 — — Transfers out of Level 3 — — Balance at end of period $ (84 ) $ 3,543 There were no transfers between levels during the years ended December 31, 2016 and 2015 , respectively. Fair value of debt The table below summarizes the fair value and carrying value as of December 31, 2016 and 2015 . December 31, 2016 December 31, 2015 Carrying value Fair value Carrying value Fair value Senior Secured Notes due 2020 (a) $ 670,867 $ 696,098 $ 669,644 $ 706,246 Senior Secured Notes due 2023 (a) 500,000 498,801 500,000 492,452 Revolving Loan (b) 350,000 350,000 — — PBF Rail Term Loan (b) 35,000 35,000 — — Rail Facility (b) — — 67,491 67,491 Catalyst leases (c) 45,969 45,969 31,802 31,802 1,601,836 1,625,868 1,268,937 1,297,991 Less - Current maturities — — — — Less - Unamortized deferred financing costs $ 25,277 n/a $ 32,217 n/a Long-term debt $ 1,576,559 $ 1,625,868 $ 1,236,720 $ 1,297,991 (a) The estimated fair value, categorized as a Level 2 measurement, was calculated based on the present value of future expected payments utilizing implied current market interest rates based on quoted prices of the Senior Secured Notes. (b) The estimated fair value approximates carrying value, categorized as a Level 2 measurement, as these borrowings bear interest based upon short-term floating market interest rates. (c) Catalyst leases are valued using a market approach based upon commodity prices for similar instruments quoted in active markets and are categorized as a Level 2 measurement. The Company has elected the fair value option for accounting for its catalyst lease repurchase obligations as the Company's liability is directly impacted by the change in fair value of the underlying catalyst. |
DERIVATIVES
DERIVATIVES | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES | DERIVATIVES The Company uses derivative instruments to mitigate certain exposures to commodity price risk. The Company’s expired crude supply agreements contained purchase obligations for certain volumes of crude oil and other feedstocks. In addition, the Company entered into Inventory Intermediation Agreements that contain purchase obligations for certain volumes of intermediates and refined products. The purchase obligations related to crude oil, feedstocks, intermediates and refined products under these agreements are derivative instruments that have been designated as fair value hedges in order to hedge the commodity price volatility of certain refinery inventory. The fair value of these purchase obligation derivatives is based on market prices of the underlying crude oil and refined products. The level of activity for these derivatives is based on the level of operating inventories. As of December 31, 2016 , there were no barrels ( no barrels at December 31, 2015 ) of crude oil and feedstocks outstanding under these derivative instruments designated as fair value hedges and no barrels ( no barrels at December 31, 2015 ) outstanding under these derivative instruments not designated as hedges. As of December 31, 2016 , there were 2,942,348 barrels of intermediates and refined products ( 3,776,011 barrels at December 31, 2015 ) outstanding under these derivative instruments designated as fair value hedges and no barrels ( no barrels at December 31, 2015 ) outstanding under these derivative instruments not designated as hedges. These volumes represent the notional value of the contract. The Company also enters into economic hedges primarily consisting of commodity derivative contracts that are not designated as hedges and are used to manage price volatility in certain crude oil and feedstock inventories as well as crude oil, feedstock, and refined product sales or purchases. The objective in entering into economic hedges is consistent with the objectives discussed above for fair value hedges. As of December 31, 2016 , there were 5,950,000 barrels of crude oil and 2,831,000 barrels of refined products ( 39,577,000 and 4,599,136 , respectively, as of December 31, 2015 ), 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, 2016 and December 31, 2015 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, 2016: Derivatives included with the inventory intermediation agreement obligations Accrued expenses $ 6,058 December 31, 2015: Derivatives included with the inventory intermediation agreement obligations Accrued expenses $ 35,511 Derivatives not designated as hedging instruments: December 31, 2016: Commodity contracts Accrued expenses $ 3,508 December 31, 2015: Commodity contracts Accounts receivable $ 46,127 The following tables provide information about the gains or losses recognized in income on these derivative instruments and the line items in the consolidated financial statements in which such gains and losses are reflected. Description Location of Gain or (Loss) Recognized in Income on Derivatives Gain or (Loss) Recognized in Income on Derivatives Derivatives designated as hedging instruments: For the year ended December 31, 2016: Derivatives included with inventory supply arrangement obligations Cost of sales $ — Derivatives included with the inventory intermediation agreement obligations Cost of sales $ (29,453 ) For the year ended December 31, 2015: Derivatives included with inventory supply arrangement obligations Cost of sales $ (4,251 ) Derivatives included with the inventory intermediation agreement obligations Cost of sales $ (59,323 ) For the year ended December 31, 2014 Derivatives included with inventory supply arrangement obligations Cost of sales $ 4,428 Derivatives included with the inventory intermediation agreement obligations Cost of sales $ 88,818 Derivatives not designated as hedging instruments: For the year ended December 31, 2016: Commodity contracts Cost of sales $ (55,557 ) For the year ended December 31, 2015: Commodity contracts Cost of sales $ 32,416 For the year ended December 31, 2014 Commodity contracts Cost of sales $ 146,016 Hedged items designated in fair value hedges: For the year ended December 31, 2016: Crude oil and feedstock inventory Cost of sales $ — Intermediate and refined product inventory Cost of sales $ 29,453 For the year ended December 31, 2015: Crude oil and feedstock inventory Cost of sales $ 4,251 Intermediate and refined product inventory Cost of sales $ 59,323 For the year ended December 31, 2014 Crude oil and feedstock inventory Cost of sales $ (4,428 ) Intermediate and refined product inventory Cost of sales $ (88,818 ) The Company had no ineffectiveness related to the fair value hedges as of December 31, 2016 , 2015 , 2014 . |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Dividend Declared On February 16, 2017, PBF Energy, PBF Holding's indirect parent, announced a dividend of $0.30 per share on outstanding Class A common stock. The dividend is payable on March 13, 2017 to Class A common stockholders of record at the close of business on February 27, 2017. Contribution Agreement On February 15, 2017, PBF LLC entered into a contribution agreement with PBFX pursuant to which PBF LLC has agreed to contribute to PBFX all of the issued and outstanding limited liability company interests of Paulsboro Natural Gas Pipeline Company LLC ("PNGPC"), a wholly-owned subsidiary of PBF Holding. PNGPC owns and operates an existing interstate natural gas pipeline that originates in Delaware County, Pennsylvania, and terminates at the delivery point to PBF Holding's Paulsboro Refinery. PNGPC has Federal Energy Regulatory Commission (“FERC”) approval for, and is in the process of constructing, a new 24” pipeline (the “New Pipeline”) to replace the existing pipeline, which will be abandoned. In consideration for the PNGPC limited liability company interests, at closing, PBFX delivered (i) an intercompany promissory note in an amount to be determined based on the amounts expended through the closing date with respect to the New Pipeline and the abandonment of the existing line, (ii) an expansion rights and right of first refusal agreement in favor of PBF LLC with respect to the New Pipeline and (iii) an assignment and assumption agreement with respect to certain outstanding litigation involving PNGPC and the existing pipeline. The transaction closed on February 28, 2017. Storage Services Agreement On February 15, 2017, the Company entered into a ten -year storage services agreement (the “Chalmette Storage Agreement”) with PBFX’s wholly-owned subsidiary, PBFX Operating Company ("PBFX Op Co"), under which PBFX, through PBFX Op Co, will provide storage services to the Company upon the earlier of November 1, 2017 and the completion of construction of a new tank at the Company's Chalmette refinery. PBFX Op Co and Chalmette Refining have entered into a twenty -year lease for the premises upon which the tank will be located and a project management agreement pursuant to which Chalmette Refining will manage the construction of the tank. Services Agreement On February 28, 2017, PBFX entered into the Fifth Amended and Restated Services Agreement (as amended, the "Services Agreement") with the Company and certain of its subsidiaries in connection with PNGPC contribution agreement and the Chalmette Storage Agreement. The Services Agreement incorporates the PNGPC natural gas pipeline and the Chalmette storage tank into its provisions and increases the annual fee to be paid to PBF Holding from $6,386 to $6,700 and includes an interim monthly fee with respect to PNGPC's existing pipeline. All annual fees to be paid pursuant to the Services Agreement are indexed for inflation. |
CONSOLIDATING FINANCIAL STATEME
CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Subsidiary Disclosure [Abstract] | |
CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS | CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING PBF Services Company, Delaware City Refining Company LLC, PBF Power Marketing LLC, Paulsboro Refining Company LLC, Paulsboro Natural Gas Pipeline Company LLC, Toledo Refining Company LLC, Chalmette Refining, L.L.C., PBF Western Region LLC, Torrance Refining Company LLC, Torrance Logistics Company LLC and PBF Investments LLC are 100% owned subsidiaries of PBF Holding and serve as guarantors of the obligations under the Senior Secured Notes. These guarantees are full and unconditional and joint and several. For purposes of the following footnote, PBF Holding is referred to as “Issuer”. The indentures dated February 9, 2012 and November 24, 2015, among PBF Holding, PBF Finance, the guarantors party thereto and Wilmington Trust, National Association, governs subsidiaries designated as “Guarantor Subsidiaries”. PBF Energy Limited, PBF Transportation Company LLC, PBF Rail Logistics Company LLC, MOEM Pipeline LLC, Collins Pipeline Company, T&M Terminal Company, TVP Holding Company LLC ("TVP Holding"), Torrance Basin Pipeline Company LLC and Torrance Pipeline Company LLC are consolidated subsidiaries of the Company that are not guarantors of the Senior Secured Notes. Additionally, our 50% equity investment in Torrance Valley Pipeline Company, held by TVP Holding is included in our Non-Guarantor financial position and results of operations and cash flows as TVP Holding is not a guarantor of the Senior Secured Notes. The Senior Secured Notes were co-issued by PBF Finance. For purposes of the following footnote, PBF Finance is referred to as “Co-Issuer.” The Co-Issuer has no independent assets or operations. The following supplemental combining and condensed consolidating financial information reflects the Issuer’s separate accounts, the combined accounts of the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries, the combining and consolidating adjustments and eliminations and the Issuer’s consolidated accounts for the dates and periods indicated. For purposes of the following combining and consolidating information, the Issuer’s investment in its subsidiaries and the Guarantor subsidiaries' investments in their subsidiaries are accounted for under the equity method of accounting. . CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONSOLIDATING BALANCE SHEET December 31, 2016 Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total ASSETS Current assets: Cash and cash equivalents $ 530,085 $ 56,717 $ 41,366 $ (1,463 ) $ 626,705 Accounts receivable 599,147 7,999 8,735 — 615,881 Accounts receivable - affiliate 2,432 4,504 695 — 7,631 Inventories 1,680,058 — 183,502 — 1,863,560 Prepaid expense and other current assets 27,443 12,933 160 — 40,536 Due from related parties 24,141,120 21,883,569 4,692,799 (50,717,488 ) — Total current assets 26,980,285 21,965,722 4,927,257 (50,718,951 ) 3,154,313 Property, plant and equipment, net 33,772 2,452,877 242,050 — 2,728,699 Investment in subsidiaries 705,034 440,377 — (1,145,411 ) — Investment in equity method investee — — 179,882 — 179,882 Deferred charges and other assets, net 12,317 491,673 13 — 504,003 Total assets $ 27,731,408 $ 25,350,649 $ 5,349,202 $ (51,864,362 ) $ 6,566,897 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 360,260 $ 157,277 $ 14,291 $ (1,463 ) $ 530,365 Accounts payable - affiliate 37,077 786 — — 37,863 Accrued expenses 1,094,581 201,935 166,213 — 1,462,729 Deferred revenue 10,901 1,438 1 — 12,340 Due to related parties 22,027,065 24,031,520 4,658,903 (50,717,488 ) — Total current liabilities 23,529,884 24,392,956 4,839,408 (50,718,951 ) 2,043,297 Delaware Economic Development Authority loan — — — — Long-term debt 1,496,085 45,908 34,566 — 1,576,559 Affiliate notes payable 86,298 — — — 86,298 Deferred tax liabilities — — 45,699 — 45,699 Other long-term liabilities 30,208 192,204 3,699 — 226,111 Due to related party - long term — — — — — Total liabilities 25,142,475 24,631,068 4,923,372 (50,718,951 ) 3,977,964 Commitments and contingencies Equity: Member's equity 2,155,863 1,714,997 374,067 (2,089,064 ) 2,155,863 Retained earnings 446,519 (999,693 ) 51,763 947,930 446,519 Accumulated other comprehensive loss (25,962 ) (8,236 ) — 8,236 (25,962 ) Total PBF Holding Company LLC equity 2,576,420 707,068 425,830 (1,132,898 ) 2,576,420 Noncontrolling interest 12,513 12,513 — (12,513 ) $ 12,513 Total equity 2,588,933 719,581 425,830 (1,145,411 ) 2,588,933 Total liabilities and equity $ 27,731,408 $ 25,350,649 $ 5,349,202 $ (51,864,362 ) $ 6,566,897 22. CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONSOLIDATING BALANCE SHEET December 31, 2015 Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total ASSETS Current assets: Cash and cash equivalents $ 882,820 $ 6,236 $ 28,968 $ (3,275 ) $ 914,749 Accounts receivable 430,809 11,057 12,893 — 454,759 Accounts receivable - affiliate 917 2,521 — — 3,438 Inventories 608,646 363,151 202,475 — 1,174,272 Prepaid expense and other current assets 24,243 9,074 384 — 33,701 Due from related parties 20,236,649 20,547,503 3,262,382 (44,046,534 ) — Total current assets 22,184,084 20,939,542 3,507,102 (44,049,809 ) 2,580,919 Property, plant and equipment, net 25,240 1,960,066 225,784 — 2,211,090 Investment in subsidiaries 1,740,111 143,349 — (1,883,460 ) — Deferred charges and other assets, net 23,973 265,240 1,500 — 290,713 Due from related party - long term — — 20,577 (20,577 ) — Total assets $ 23,973,408 $ 23,308,197 $ 3,754,963 $ (45,953,846 ) $ 5,082,722 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 196,988 $ 113,564 $ 7,566 $ (3,275 ) $ 314,843 Accounts payable - affiliate 23,949 — — — 23,949 Accrued expenses 503,179 495,842 118,414 — 1,117,435 Deferred revenue 4,043 — — — 4,043 Due to related parties 19,787,807 21,026,310 3,232,417 (44,046,534 ) — Total current liabilities 20,515,966 21,635,716 3,358,397 (44,049,809 ) 1,460,270 Delaware Economic Development Authority loan — 4,000 — — 4,000 Long-term debt 1,137,980 31,717 67,023 — 1,236,720 Affiliate notes payable 470,047 — — — 470,047 Deferred tax liabilities — — 20,577 — 20,577 Other long-term liabilities 28,131 41,693 — — 69,824 Due to related party - long term — 20,577 — (20,577 ) — Total liabilities 22,152,124 21,733,703 3,445,997 (44,070,386 ) 3,261,438 Commitments and contingencies Equity: Member's equity 1,479,175 1,062,717 182,696 (1,245,413 ) 1,479,175 Retained earnings 349,654 502,788 126,270 (629,058 ) 349,654 Accumulated other comprehensive loss (24,770 ) (8,236 ) — 8,236 (24,770 ) Total PBF Holding Company LLC equity 1,804,059 1,557,269 308,966 (1,866,235 ) 1,804,059 Noncontrolling interest 17,225 17,225 — (17,225 ) 17,225 Total equity 1,821,284 1,574,494 308,966 (1,883,460 ) 1,821,284 Total liabilities and equity $ 23,973,408 $ 23,308,197 $ 3,754,963 $ (45,953,846 ) $ 5,082,722 CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME Year Ended December 31, 2016 Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total Revenues $ 15,808,556 $ 800,647 $ 1,524,691 $ (2,225,357 ) $ 15,908,537 Costs, expenses and other Cost of sales, excluding depreciation 13,813,293 649,242 1,527,910 (2,225,357 ) 13,765,088 Operating expenses, excluding depreciation 41 1,356,572 33,969 — 1,390,582 General and administrative expenses 123,150 27,602 (1,109 ) — 149,643 Equity income in investee — — (5,679 ) — (5,679 ) Gain on sale of asset 2,392 150 8,832 — 11,374 Depreciation and amortization expense 5,836 194,701 9,303 — 209,840 Total costs, expenses and other 13,944,712 2,228,267 1,573,226 (2,225,357 ) 15,520,848 Income (loss) from operations 1,863,844 (1,427,620 ) (48,535 ) — 387,689 Other income (expense) Equity in earnings of subsidiaries (1,502,243 ) (74,507 ) — 1,576,750 — Change in fair value of catalyst lease — 1,422 — — 1,422 Interest expense, net (125,715 ) (1,538 ) (2,283 ) — (129,536 ) Income (loss) before income taxes 235,886 (1,502,243 ) (50,818 ) 1,576,750 259,575 Income tax expense — — 23,689 — 23,689 Net income (loss) 235,886 (1,502,243 ) (74,507 ) 1,576,750 235,886 Less income attributable to noncontrolling interests 269 269 — (269 ) 269 Net income (loss) attributable to PBF Holding Company LLC $ 235,617 $ (1,502,512 ) $ (74,507 ) $ 1,577,019 $ 235,617 Comprehensive income (loss) attributable to PBF Holding Company LLC $ 233,025 $ (1,502,512 ) $ (74,507 ) $ 1,577,019 $ 233,025 22. CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME Year Ended December 31, 2015 Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total Revenues $ 13,085,122 $ 884,930 $ 1,633,818 $ (2,479,941 ) $ 13,123,929 Costs, expenses and other Cost of sales, excluding depreciation 11,514,115 1,026,846 1,550,579 (2,479,941 ) 11,611,599 Operating expenses, excluding depreciation (3,683 ) 891,534 1,517 — 889,368 General and administrative expenses 143,580 21,016 2,308 — 166,904 Gain on sale of asset (249 ) (105 ) (650 ) — (1,004 ) Depreciation and amortization expense 9,687 178,578 2,845 — 191,110 Total costs, expenses and other 11,663,450 2,117,869 1,556,599 (2,479,941 ) 12,857,977 Income (loss) from operations 1,421,672 (1,232,939 ) 77,219 — 265,952 Other income (expense) Equity in earnings of subsidiaries (1,154,420 ) — — 1,154,420 — Change in fair value of catalyst lease — 10,184 — — 10,184 Interest expense, net (79,310 ) (5,876 ) (3,008 ) — (88,194 ) Income (loss) before income taxes 187,942 (1,228,631 ) 74,211 1,154,420 187,942 Income tax expense — — 648 — 648 Net income (loss) 187,942 (1,228,631 ) 73,563 1,154,420 187,294 Less income attributable to noncontrolling interests 274 274 — (274 ) 274 Net income (loss) attributable to PBF Holding Company LLC $ 187,668 $ (1,228,905 ) $ 73,563 $ 1,154,694 $ 187,020 Comprehensive income (loss) attributable to PBF Holding Company LLC $ 189,774 $ (1,228,905 ) $ 73,563 $ 1,154,694 $ 189,126 22. CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME Year Ended December 31, 2014 Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total Revenues $ 19,847,045 $ 1,402,253 $ 1,007,407 $ (2,428,550 ) $ 19,828,155 Costs, expenses and other Cost of sales, excluding depreciation 18,467,533 1,522,901 952,170 (2,428,550 ) 18,514,054 Operating expenses, excluding depreciation 218 880,339 144 — 880,701 General and administrative expenses 123,692 16,259 199 — 140,150 Gain on sale of assets (277 ) — (618 ) — (895 ) Depreciation and amortization expense 13,583 164,525 888 — 178,996 Total costs, expenses and other 18,604,749 2,584,024 952,783 (2,428,550 ) 19,713,006 Income (loss) from operations 1,242,296 (1,181,771 ) 54,624 — 115,149 Other income (expense) Equity in earnings of subsidiaries (1,131,321 ) — — 1,131,321 — Change in fair value of catalyst lease — 3,969 — — 3,969 Interest expense, net (89,858 ) (6,225 ) (1,918 ) — (98,001 ) Income (loss) before income taxes 21,117 (1,184,027 ) 52,706 1,131,321 21,117 Income tax expense — — — — — Net income (loss) 21,117 (1,184,027 ) 52,706 1,131,321 21,117 Less net income attributable to noncontrolling interests — — — — — Net income (loss) attributable to PBF Holding Company LLC $ 21,117 $ (1,184,027 ) $ 52,706 $ 1,131,321 $ 21,117 Comprehensive income (loss) attributable to PBF Holding Company LLC $ 8,779 $ (1,194,031 ) $ 52,706 $ 1,141,325 $ 8,779 CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONSOLIDATING STATEMENT OF CASH FLOW Year Ended December 31, 2016 Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total Cash flows from operating activities: Net income (loss) $ 235,886 $ (1,502,243 ) $ (74,507 ) $ 1,576,750 $ 235,886 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 14,874 194,722 9,337 — 218,933 Stock-based compensation — 18,296 — — 18,296 Change in fair value of catalyst lease obligation — (1,422 ) — — (1,422 ) Deferred income taxes — — 19,802 — 19,802 Non-cash change in inventory repurchase obligations 29,453 — — — 29,453 Non-cash lower of cost or market inventory adjustment (521,348 ) — — — (521,348 ) Pension and other post retirement benefit costs 7,139 30,848 — — 37,987 Equity (income) loss in investee — — (5,679 ) — (5,679 ) Loss (gain) on sale of assets 2,392 150 8,832 — 11,374 Equity in earnings of subsidiaries 1,502,243 74,507 — (1,576,750 ) — Changes in operating assets and liabilities: Accounts receivable (168,338 ) 3,058 4,158 — (161,122 ) Due to/from affiliates (2,031,933 ) 2,046,280 (4,626 ) — 9,721 Inventories 217,629 — 18,973 — 236,602 Prepaid expenses and other current assets (3,200 ) (2,675 ) 92 — (5,783 ) Accounts payable 163,272 41,025 7,405 1,812 213,514 Accrued expenses 531,613 (353,591 ) 49,964 — 227,986 Deferred revenue 6,858 1,438 1 — 8,297 Other assets and liabilities (5,833 ) (16,238 ) 1,193 — (20,878 ) Net cash provided by (used in) operating activities (19,293 ) 534,155 34,945 1,812 551,619 Cash flows from investing activities: Acquisition of Torrance refinery and related logistics assets (971,932 ) — — — (971,932 ) Acquisition of Chalmette refinery, net of cash acquired — (2,659 ) — — (2,659 ) Expenditures for property, plant and equipment (21,563 ) (255,434 ) (5,433 ) — (282,430 ) Expenditures for refinery turnarounds costs — (198,664 ) — — (198,664 ) Expenditures for other assets — (42,506 ) — — (42,506 ) Return on investment in subsidiaries 12,800 — — (12,800 ) — Capital contributions to subsidiaries (8,287 ) — — 8,287 — Proceeds from sale of assets 4,802 — 19,890 — 24,692 Net cash (used in) provided by investing activities (984,180 ) (499,263 ) 14,457 (4,513 ) (1,473,499 ) 22. CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONSOLIDATING STATEMENT OF CASH FLOW (Continued) Cash flows from financing activities: Proceeds from parent's capital contributions — — 8,287 (8,287 ) — Contributions from PBF LLC 450,300 — — — 450,300 Distribution to parent — — (12,800 ) 12,800 — Distributions to members (139,434 ) — — — (139,434 ) Proceeds from affiliate notes payable 43,396 — — — 43,396 Repayments of affiliate notes payable (53,524 ) — — — (53,524 ) Proceeds from revolver borrowings 550,000 — — — 550,000 Repayments of revolver borrowings (200,000 ) — — — (200,000 ) Repayments of Rail Facility revolver borrowings — — (67,491 ) — (67,491 ) Proceeds from PBF Rail Term Loan — — 35,000 — 35,000 Additional catalyst lease — 15,589 — — 15,589 Net cash provided by financing activities 650,738 15,589 (37,004 ) 4,513 633,836 Net increase (decrease) in cash and cash equivalents (352,735 ) 50,481 12,398 1,812 (288,044 ) Cash and equivalents, beginning of period 882,820 6,236 28,968 (3,275 ) 914,749 Cash and equivalents, end of period $ 530,085 $ 56,717 $ 41,366 $ (1,463 ) $ 626,705 22. CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONSOLIDATING STATEMENT OF CASH FLOW Year Ended December 31, 2015 Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total Cash flows from operating activities: Net income (loss) $ 187,942 $ (1,228,631 ) $ 73,563 $ 1,154,420 $ 187,294 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 17,063 178,601 3,719 — 199,383 Stock-based compensation — 9,218 — — 9,218 Change in fair value of catalyst lease obligation — (10,184 ) — — (10,184 ) Non-cash change in inventory repurchase obligations — 63,389 — — 63,389 Non-cash lower of cost or market inventory adjustment 279,785 147,441 — — 427,226 Pension and other post retirement benefit cost 7,576 19,406 — — 26,982 Gain on sale of assets (249 ) (105 ) (650 ) — (1,004 ) Equity in earnings of subsidiaries 1,154,420 — — (1,154,420 ) — Changes in operating assets and liabilities: Accounts receivable 87,689 16,124 (6,177 ) — 97,636 Due to/from affiliates (1,018,176 ) 1,133,364 (103,084 ) — 12,104 Inventories (108,751 ) (116,074 ) (47,067 ) — (271,892 ) Prepaid expense and other current assets 2,721 (2,999 ) (353 ) — (631 ) Accounts payable (38,609 ) 15,710 (857 ) (1,259 ) (25,015 ) Accrued expenses 27,925 8,172 (73,834 ) — (37,737 ) Deferred revenue 2,816 — — — 2,816 Other assets and liabilities (423 ) (26,769 ) 10 — (27,182 ) Net cash provided by (used in) operating activities 601,729 206,663 (154,730 ) (1,259 ) 652,403 Cash flows from investing activities: Acquisition of Chalmette refinery, net of cash acquired (601,311 ) 19,042 16,965 — (565,304 ) Expenditures for property, plant and equipment (193,898 ) (158,361 ) (106 ) — (352,365 ) Expenditures for refinery turnarounds costs — (53,576 ) — — (53,576 ) Expenditures for other assets — (8,236 ) — — (8,236 ) Investment in subsidiaries 10,000 — — (10,000 ) — Capital contributions to subsidiaries (5,000 ) — — 5,000 — Proceeds from sale of assets 60,902 — 107,368 — 168,270 Net cash (used in) provided by investing activities (729,307 ) (201,131 ) 124,227 (5,000 ) (811,211 ) Cash flows from financing activities: Proceeds from member's capital contributions 345,000 — 5,000 (5,000 ) 345,000 Distribution to parent — — (10,000 ) 10,000 — Distributions to members (350,658 ) — — — (350,658 ) Proceeds from intercompany notes payable 347,783 — — — 347,783 Proceeds from revolver borrowings 170,000 — — — 170,000 Repayments of revolver borrowings (170,000 ) — — — (170,000 ) Proceeds from Rail Facility revolver borrowings — — 102,075 — 102,075 Repayments of Rail Facility revolver borrowings — — (71,938 ) — (71,938 ) Proceeds from Senior Secured Notes 500,000 — — — 500,000 Deferred financing costs and other (17,108 ) — — — (17,108 ) Net cash provided by financing activities 825,017 — 25,137 5,000 855,154 Net increase (decrease) in cash and cash equivalents 697,439 5,532 (5,366 ) (1,259 ) 696,346 Cash and equivalents, beginning of period 185,381 704 34,334 (2,016 ) 218,403 Cash and equivalents, end of period $ 882,820 $ 6,236 $ 28,968 $ (3,275 ) $ 914,749 22. CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONSOLIDATING STATEMENT OF CASH FLOW Year Ended December 31, 2014 Issuer Guarantors Subsidiaries Non-Guarantors Subsidiaries Combining and Consolidated Adjustments Total Cash flows from operating activities: Net income (loss) $ 21,117 $ (1,184,027 ) $ 52,706 $ 1,131,321 $ 21,117 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 20,334 164,550 1,528 — 186,412 Stock-based compensation — 6,095 — — 6,095 Change in fair value of catalyst lease obligation — (3,969 ) — — (3,969 ) Non-cash change in inventory repurchase obligations — (93,246 ) — — (93,246 ) Non-cash lower of cost or market inventory adjustment 566,412 123,698 — — 690,110 Pension and other post retirement benefit costs 6,426 16,174 — — 22,600 Gain on sale of assets (277 ) — (618 ) — (895 ) Equity in earnings of subsidiaries 1,131,321 — — (1,131,321 ) — Changes in operating assets and liabilities: Accounts receivable 69,887 (17,976 ) (6,533 ) — 45,378 Due to/from affiliates (1,227,851 ) 1,328,439 (92,181 ) — 8,407 Inventories (259,352 ) 20,711 (155,390 ) — (394,031 ) Prepaid expense and other current assets 22,287 1,399 — — 23,686 Accounts payable (71,821 ) (1,697 ) 8,423 (2,016 ) (67,111 ) Accrued expenses (131,903 ) 471 191,331 — 59,899 Deferred revenue (6,539 ) — — — (6,539 ) Other assets and liabilities (1,966 ) (258 ) (1 ) — (2,225 ) Net cash provided by (used in) operating activities 138,075 360,364 (735 ) (2,016 ) 495,688 Cash flows from investing activities: Expenditures for property, plant and equipment (152,814 ) (205,508 ) (112,138 ) — (470,460 ) Expenditures for deferred turnaround costs — (137,688 ) — — (137,688 ) Expenditures for other assets — (17,255 ) — — (17,255 ) Capital contributions to subsidiaries (44,346 ) — — 44,346 — Proceeds from sale of assets 133,845 — 68,809 — 202,654 Net cash (used in) provided by investing activities (63,315 ) (360,451 ) (43,329 ) 44,346 (422,749 ) Cash flows from financing activities: Contributions from PBF LLC 328,664 — 44,346 (44,346 ) 328,664 Distributions to members (361,352 ) — — — (361,352 ) Proceeds from affiliate notes payable 90,631 — — — 90,631 Proceeds from revolver borrowings 395,000 — — — 395,000 Repayments of revolver borrowings (410,000 ) — — — (410,000 ) Proceeds from Rail Facility revolver borrowings — — 83,095 — 83,095 Repayment of Rail Facility revolver borrowings — — (45,825 ) — (45,825 ) Deferred financing costs and other (8,501 ) — (3,218 ) — (11,719 ) Net cash provided by (used in) financing activities 34,442 — 78,398 (44,346 ) 68,494 Net increase (decrease) in cash and cash equivalents 109,202 (87 ) 34,334 (2,016 ) 141,433 Cash and equivalents, beginning of period 76,179 791 — — 76,970 Cash and equivalents, end of period $ 185,381 $ 704 $ 34,334 $ (2,016 ) $ 218,403 |
SUMMARY OF SIGNIFICANT ACCOUN30
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Principles of Consolidation and Presentation | Principles of Consolidation and Presentation These consolidated financial statements include the accounts of PBF Holding and its consolidated subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. |
Reclassification | Reclassification Certain amounts previously reported in the Company's consolidated financial statements for prior periods have been reclassified to conform to the 2016 presentation. These reclassifications include certain details about accrued expenses and deferred charges and other assets in those respective footnotes. |
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. |
Concentration of Credit Risk | Concentrations of Credit Risk For the years ended December 31, 2016, 2015 and 2014 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, 2016. Following the Chalmette Acquisition on November 1, 2015, ExxonMobil Oil Corporation and its affiliates represented approximately 18% of our total trade accounts receivable as of December 31, 2015. |
Revenue, Deferred Revenue and Accounts Receivable | Revenue, Deferred Revenue and Accounts Receivable The Company sells various refined products primarily through its refinery subsidiaries and recognizes revenue related to the sale of products when there is persuasive evidence of an agreement, the sales prices are fixed or determinable, collectability is reasonably assured and when products are shipped or delivered in accordance with their respective agreements. Revenue for services is recorded when the services have been provided. Certain of the Company's refineries have product offtake agreements with third-parties under which these third parties purchase a portion of the refineries' daily gasoline production. The refineries also sell their products through short-term contracts or on the spot market. On May 29, 2015, PBF Holding entered into amended and restated inventory intermediation agreements (the "A&R 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 term for a period of two years from the original expiry date of July 1, 2015, subject to certain early termination rights. In addition, the A&R Intermediation Agreements include one-year renewal clauses by mutual consent of both parties. Pursuant to each A&R Intermediation Agreement, J. Aron, will continue 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 Paulsboro refinery and Delaware City refinery 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 A&R Intermediation Agreements and will retain these storage rights for the term of the agreements. PBF Holding will continue to market and sell the Products independently to third parties. |
Receivables | 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, 2016 and 2015 . |
Sales And Excise Tax Payable | 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. The Company had the obligation to purchase and sell feedstocks under a supply agreement with Statoil for its Delaware City refinery. This Crude Supply Agreement expired on December 31, 2015. The Company's Paulsboro refinery also had a crude supply agreement with Statoil that was terminated in March 2013. Prior to the expiration or termination of these agreements, Statoil purchased the refineries' production of certain feedstocks or purchased feedstocks from third parties on the refineries' behalf. The Company took title to the crude oil as it was delivered to the processing units, in accordance with the Crude Supply Agreement; however, the Company was obligated to purchase all the crude oil held by Statoil on the Company’s behalf upon termination of the agreement at the then market price. The Paulsboro crude supply agreement also included an obligation to purchase a fixed volume of feedstocks from Statoil on the later of maturity or when the arrangement is terminated based on a forward market price of West Texas Intermediate crude oil. As a result of the purchase obligations, the Company recorded the inventory of crude oil and feedstocks in the refineries’ storage facilities. The Company determined the purchase obligations were contracts that contain derivatives that changed in value based on changes in commodity prices. Such changes in the fair value of these derivatives were included in cost of sales. Prior to July 31, 2014, the Company’s Toledo refinery acquired substantially all of its crude oil from Morgan Stanley Capital Group, Inc. ("MSCG") under a crude oil acquisition agreement (the “Toledo Crude Oil Acquisition Agreement”). Under the Toledo Crude Oil Acquisition Agreement, the Company took title to crude oil at various pipeline locations for delivery to the refinery or sale to third parties. The Company recorded the crude oil inventory when it received title. Payment for the crude oil was due to MSCG under the Toledo Crude Oil Acquisition Agreement three days after the crude oil was delivered to the Toledo refinery processing units or upon sale to a third party. The Company terminated the Toledo Crude Oil Acquisition Agreement effective July 31, 2014 and began to source its crude oil needs independently. |
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 metals catalyst, linefill, deferred financing costs and intangible assets. Refinery turnaround costs, which are incurred in connection with planned major maintenance activities, are capitalized when incurred and amortized on a straight-line basis over the period of time estimated to lapse until the next turnaround occurs (generally 3 to 5 years ). Precious metals catalyst and linefill are considered indefinite-lived assets as they are not expected to deteriorate in their prescribed functions. Such assets are assessed for impairment in connection with the Company’s review of its long-lived assets as indicators of impairment develop. Deferred financing costs are capitalized when incurred and amortized over the life of the loan (generally 1 to 8 years ). |
Intangible Assets | Intangible assets with finite lives primarily consist of catalyst, emission credits and permits 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 would utilize assumptions that it believes are reasonable, future events and changing market conditions may impact management’s assumptions, which could produce different results. |
Equity Method Investments, Policy [Policy Text Block] | Investments in Equity Method Investments For equity investments that are not required to be consolidated under the variable or voting interest model, the Company evaluates the level of influence it is able to exercise over an entity’s operations to determine whether to use the equity method of accounting.The Company's judgment regarding the level of control over an equity method investment includes considering key factors such as its ownership interest, participation in policy-making and other significant decisions and material intercompany transactions. Amounts recognized for equity method investments are included in equity method investments in the consolidated balance sheet and adjusted for the Company's shares of the net earnings and losses of the investee and cash distributions, which are included in the consolidated statements of operations and the consolidated statements of cash flows. Amounts recognized for earnings in excess of distributions of the Company's equity method investments are included in the operating section of the consolidated statements of cash flows. The Company evaluates its equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may be impaired. A loss is recorded in earnings in the current period to write down the carrying value of the investment to fair value if a decline in the value of an equity method investment is determined to be other than temporary. |
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 PBF Energy to certain PBF Holding 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 administration expense with forfeitures recognized in the period they occur. |
Income Taxes | Income Taxes As PBF Holding is a limited liability company treated as a “flow-through” entity for income tax purposes, there is no benefit or provision for federal or state income tax in the accompanying financial statements apart from the income taxes attributable to two subsidiaries acquired in connection with the acquisition of Chalmette Refining that are treated as C-corporations for tax purposes. The Federal tax returns for all years since 2013 and state tax returns for all years since 2012 or 2013 are subject to examination by the respective tax authorities. |
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 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 Issued Accounting Pronouncements In February 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2015-02, "Consolidation (Topic 810): Amendments to the Consolidation Analysis" ("ASU 2015-02"), which changed existing consolidation requirements associated with the analysis a reporting entity must perform to determine whether it should consolidate certain types of legal entities, including limited partnerships and variable interest entities. The Company has adopted this guidance retrospectively. The adoption of this guidance did not have any impact on the Company as it does not have any variable interest entities that would be affected by this ASU. In August 2015, the FASB issued Accounting Standards Update No. 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date” (“ASU 2015-14”), which defers the effective date of ASU 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”) for all entities by one year. Additional ASUs have been issued in 2016 that provide certain implementation guidance related to ASU 2014-09 (collectively, the Company refers to ASU 2014-09 and these additional ASUs as the "Updated Revenue Recognition Guidance").The Updated Revenue Recognition Guidance will replace most existing revenue recognition guidance in GAAP when it becomes effective. Under ASU 2015-14, this guidance becomes effective for interim and annual periods beginning after December 15, 2017 and permits the use of either the retrospective or modified retrospective transition method. Under ASU 2015-14, early adoption is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The Company has established a working group to assess the Updated Revenue Recognition Guidance, including its impact on our business processes, accounting systems, controls and financial statement disclosures. Our preliminary expectation is that we will adopt this guidance using the modified retrospective method whereby a cumulative effect adjustment is recognized upon adoption and the Updated Revenue Recognition is applied prospectively. It is not anticipated that the Company will early adopt this new guidance. The working group is in the early stages of its implementation plan and continues to evaluate the impact of this new standard on the Company’s consolidated financial statements and related disclosures. Although our analysis of the new standard is still in process and interpretative and industry specific guidance is still developing, the Company currently does not expect the new standard to have a material impact on the amount or timing of revenues recognized for the majority of its revenue arrangements. In November 2015, the FASB issued ASU 2015-17 (Topic 740), "Balance Sheet Classification of Deferred Taxes" ("ASU 2015-17") which is intended to simplify the presentation of deferred taxes in a classified balance sheet. This guidance states that deferred tax assets and deferred tax liabilities should be presented as noncurrent in a classified statement of financial position. Under ASU 2015-17, this guidance becomes effective for annual periods beginning after December 15, 2016 and interim periods within those annual periods with early adoption permitted as of the beginning of an annual or interim period after issuance of the ASU. The Company early adopted the new standard in its consolidated financial statements and related disclosures on a prospective basis. The Company did not have any current deferred tax assets or liabilities in the prior year to reclassify from current to non-current. In January 2016, the FASB issued ASU No. 2016-01, "Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities" ("ASU 2016-01"), which amends how entities measure equity investments that do not result in consolidation and are not accounted for under the equity method and how they present changes in the fair value of financial liabilities measured under the fair value option that are attributable to their own credit. ASU 2016-01 also changes certain disclosure requirements and other aspects of current US GAAP but does not change the guidance for classifying and measuring investments in debt securities and loans. Under ASU 2016-01, this guidance becomes effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted in certain circumstances. The Company is currently evaluating the impact of this new standard on its consolidated financial statements and related disclosures. 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. The new 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. ASU 2016-02 is effective for interim and annual periods beginning after December 15, 2018, and requires a modified retrospective approach to adoption. Early adoption is permitted. The Company has established a working group to study and lead implementation of the new guidance in ASU 2016-02. This working group was formed during 2016 and has begun the process of compiling a central repository for all leases entered into by the Company and its subsidiaries for further analysis as the implementation project progresses. It is not anticipated that the Company will early adopt this new guidance. The working group continues to evaluate the impact of this new standard on its consolidated financial statements and related disclosures. At this time, the Company has identified that the most significant impacts of this new guidance will be to bring nearly all leases on its balance sheet with “right of use assets” and “lease obligation liabilities” as well as accelerating the interest expense component of financing leases. In March 2016, the FASB issued ASU No. 2016-06, “Derivatives and Hedging (Topic 815): Contingent Put and Call Options in Debt Instruments No. 2016-06 March 2016 a consensus of the FASB Emerging Issues Task Force” (“ASU 2016-06”), to increase consistency in practice in applying guidance on determining if an embedded derivative is clearly and closely related to the economic characteristics of the host contract, specifically for assessing whether call (put) options that can accelerate the repayment of principal on a debt instrument meet the clearly and closely related criterion. The guidance in ASU 2016-06 applies to all entities that are issuers of or investors in debt instruments (or hybrid financial instruments that are determined to have a debt host) with embedded call (put) options. ASU 2016-06 is effective for interim and annual periods beginning after December 15, 2016, and requires a modified retrospective approach to adoption. Early adoption is permitted. The Company is currently evaluating the impact of this new standard on its consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU No. 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” (“ASU 2016-09”) which is intended to simplify certain aspects of the accounting for share-based payments to employees. The guidance in ASU 2016-09 requires all income tax effects of awards to be recognized in the income statement when the awards vest or are settled rather than recording excess tax benefits or deficiencies in additional paid-in capital. The guidance in ASU 2016-09 also allows an employer to repurchase more of an employee’s shares than it can today for tax withholding purposes without triggering liability accounting and to make a policy election to account for forfeitures as they occur. ASU 2016-09 also contains additional guidance for nonpublic entities that do not apply to the Company. ASU 2016-09 is effective for interim and annual periods beginning after December 15, 2016, and requires a modified retrospective approach to adoption. Early adoption is permitted. The Company is currently evaluating the impact of this new standard on its consolidated financial statements and related disclosures. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”) which requires credit losses on available-for-sale debt securities to be presented as an allowance rather than as a write-down. ASU 2016-13 is effective for interim and annual periods beginning after December 15, 2019, and requires a modified retrospective approach to adoption. Early adoption is permitted for interim and annual periods beginning after December 15, 2018. The Company is currently evaluating the impact of this new standard on its consolidated financial statements and related disclosures. In August 2016, the FASB issued ASU No. 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments" ("ASU 2016-15"), which reduces the existing diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows under Topic 230. ASU 2016-15 is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The Company is currently evaluating the impact of this new standard on its consolidated financial statements and related disclosures. In October 2016, the FASB issued ASU No. 2016-16, "Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory" ("ASU 2016-16"), which reduces the existing diversity in practice in how income tax consequences of an intra-entity transfer of an asset other than inventory should be recognized. The amendments in ASU 2016-16 require an entity to recognize such income tax consequences when the intra-entity transfer occurs rather than waiting until such time as the asset has been sold to an outside party. The amendments do not contain any new disclosure requirements but point out that certain existing income tax disclosures might be applicable in the period an intra-entity transfer of an asset other than inventory occurs. ASU 2016-16 is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted as of the beginning of an annual reporting period for which interim or annual statements have not been issued. The Company is currently evaluating the impact of this new standard on its consolidated financial statements and related disclosures. In October 2016, the FASB issued ASU No. 2016-17, "Consolidation (Topic 810): Interests Held through Related Parties That Are under Common Control" ("ASU 2016-2017"), which amends the consolidation guidance on how a reporting entity that is the single decision maker of a variable interest entity (“VIE”) should treat indirect interests in the entity held through related parties that are under common control with the reporting entity when determining whether it is the primary beneficiary of that VIE. The amendments in this ASU do not change the characteristics of a primary beneficiary in current GAAP. The amendments in this ASU require that reporting entity, in determining whether it satisfies the second characteristic of a primary beneficiary, to include all of its direct variable interests in a VIE and, on a proportionate basis, its indirect variable interests in a VIE held through related parties, including related parties that are under common control with the reporting entity. ASU 2016-2017 is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The Company is currently evaluating the impact of this new standard on its consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU No. 2017-01, "Business Combinations (Topic 805): Clarifying the Definition of a Business" ("ASU 2017-01"), which provides guidance to assist entities with evaluating when a set of transferred assets and activities is a business. Under ASU 2017-01, it is expected that the definition of a business will be narrowed and more consistently applied. ASU 2017-01 is effective for annual periods beginning after December 15, 2017, including interim periods within those periods. The amendments in this ASU should be applied prospectively on or after the effective date. The Company will apply the provisions of this guidance for determining if it has acquired a business or a set of assets for future acquisitions, if any, after it becomes effective. |
SUMMARY OF SIGNIFICANT ACCOUN31
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 consisted of the following: December 31, December 31, Land $ 253,110 $ 91,256 Process units, pipelines and equipment 2,504,008 2,209,712 Buildings and leasehold improvements 49,020 34,265 Computers, furniture and fixtures 81,780 72,642 Construction in progress 289,338 150,388 3,177,256 2,558,263 Less—Accumulated depreciation (448,557 ) (347,173 ) $ 2,728,699 $ 2,211,090 |
ACQUISITIONS (Tables)
ACQUISITIONS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | : Purchase Price Net cash $ 587,005 Cash acquired (19,042 ) Total consideration $ 567,963 The following table summarizes the final amounts recognized for assets acquired and liabilities assumed as of the acquisition date: Fair Value Allocation Accounts receivable $ 1,126 Inventories 271,434 Prepaid expenses and other current assets 913 Property, plant and equipment 356,961 Deferred charges and other assets 8,312 Accounts payable (4,870 ) Accrued expenses (28,371 ) Deferred tax liability (25,721 ) Noncontrolling interest (11,821 ) Fair value of net assets acquired $ 567,963 The total purchase consideration and the fair values of the assets and liabilities at the acquisition date, which may be subject to adjustment as noted above, 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 preliminary amounts recognized for assets acquired and liabilities assumed as of the acquisition date. Fair Value Allocation Inventories $ 404,542 Prepaid expenses and other current assets 1,186 Property, plant and equipment 703,443 Deferred charges and other assets, net 68,053 Accounts payable (2,688 ) Accrued expenses (64,137 ) Other long-term liabilities (138,467 ) Fair value of net assets acquired $ 971,932 |
Business Acquisition, Pro Forma Information | Year ended December 31, (Unaudited) 2015 Pro forma revenues $ 16,811,922 Pro forma net income attributable to PBF Holding Company LLC 397,108 Years ended December 31, (Unaudited) 2016 2015 Pro forma revenues $ 16,987,548 $ 16,252,729 Pro forma net income (loss) attributable to PBF Holding Company LLC $ 31,565 $ (176,410 ) |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventories consisted of the following: December 31, 2016 Titled Inventory Inventory Supply and Intermediation Arrangements Total Crude oil and feedstocks $ 1,102,007 $ — $ 1,102,007 Refined products and blendstocks 915,397 352,464 1,267,861 Warehouse stock and other 89,680 — 89,680 $ 2,107,084 $ 352,464 $ 2,459,548 Lower of cost or market adjustment (492,415 ) (103,573 ) (595,988 ) Total inventories $ 1,614,669 $ 248,891 $ 1,863,560 December 31, 2015 Titled Inventory Inventory Supply and Intermediation Arrangements Total Crude oil and feedstocks $ 1,137,605 $ — $ 1,137,605 Refined products and blendstocks 687,389 411,357 1,098,746 Warehouse stock and other 55,257 — 55,257 $ 1,880,251 $ 411,357 $ 2,291,608 Lower of cost or market adjustment (966,564 ) (150,772 ) (1,117,336 ) Total inventories $ 913,687 $ 260,585 $ 1,174,272 |
PROPERTY, PLANT AND EQUIPMENT34
PROPERTY, PLANT AND EQUIPMENT, NET (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 consisted of the following: December 31, December 31, Land $ 253,110 $ 91,256 Process units, pipelines and equipment 2,504,008 2,209,712 Buildings and leasehold improvements 49,020 34,265 Computers, furniture and fixtures 81,780 72,642 Construction in progress 289,338 150,388 3,177,256 2,558,263 Less—Accumulated depreciation (448,557 ) (347,173 ) $ 2,728,699 $ 2,211,090 |
DEFERRED CHARGES AND OTHER AS35
DEFERRED CHARGES AND OTHER ASSETS, NET (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of deferred charges and other assets, net | Deferred charges and other assets, net consisted of the following: December 31, December 31, 2015 Deferred turnaround costs, net $ 302,919 $ 177,236 Catalyst 114,788 77,725 Linefill 19,485 13,504 Restricted cash — 1,500 Environmental credits 51,636 10,829 Intangible assets, net 577 219 Other 14,598 9,700 Total deferred charges and other assets, net $ 504,003 $ 290,713 |
Intangible assets, net | The Company recorded amortization expense related to deferred turnaround costs, ca |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Payables and Accruals [Abstract] | |
Schedule of accrued expenses | Accrued expenses consisted of the following: December 31, December 31, 2015 Inventory-related accruals $ 810,027 $ 548,800 Inventory intermediation arrangements 225,524 252,380 Accrued transportation costs 89,830 91,546 Excise and sales tax payable 86,046 34,129 Renewable energy credit and emissions obligations 70,158 19,472 Accrued utilities 44,190 25,192 Accrued interest 28,934 22,313 Accrued construction in progress 33,610 7,400 Accrued salaries and benefits 17,466 61,011 Customer deposits 9,215 20,395 Environmental liabilities 8,882 2,178 Other 38,847 32,619 Total accrued expenses $ 1,462,729 $ 1,117,435 |
CREDIT FACILITY AND LONG-TERM37
CREDIT FACILITY AND LONG-TERM DEBT (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Summary of long-term debt outstanding | Details on the catalyst leases at each of the Company's refineries as of December 31, 2016 are included in the following table: Annual lease fee Annual interest rate Expiration date Paulsboro catalyst lease $ 140 2.20 % December 2019 Delaware City catalyst lease $ 210 1.95 % October 2019 Delaware City catalyst lease - Palladium $ 30 2.05 % October 2019 Toledo catalyst lease $ 331 1.99 % June 2017* Chalmette catalyst lease $ 185 3.85 % November 2018 Chalmette catalyst lease $ 171 2.20 % November 2019 Torrance catalyst lease $ 143 1.78 % July 2019 Long-term debt outstanding consisted of the following: December 31, 2016 December 31, 2015 2020 Senior Secured Notes $ 670,867 $ 669,644 2023 Senior Secured Notes 500,000 500,000 Revolving Loan 350,000 — PBF Rail Term Loan 35,000 — Rail Facility — 67,491 Catalyst leases 45,969 31,802 Unamortized deferred financing costs (25,277 ) (32,217 ) 1,576,559 1,236,720 Less—Current maturities — — Long-term debt $ 1,576,559 $ 1,236,720 |
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, 2017 $ 9,798 2018 4,941 2019 381,230 2020 670,867 2021 35,000 Thereafter 500,000 $ 1,601,836 |
OTHER LONG-TERM LIABILITIES (Ta
OTHER LONG-TERM LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of other long-term liabilities | Other long-term liabilities consisted of the following: December 31, December 31, 2015 Defined benefit pension plan liabilities $ 60,007 $ 42,509 Post-retirement medical plan liabilities 22,740 17,729 Environmental liabilities 142,935 8,189 Other 429 1,397 Total other long-term liabilities $ 226,111 $ 69,824 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Schedule of related party transactions | A summary of revenue and expense transactions with PBFX is as follows: Year Ended December 31, 2016 2015 2014 Revenues under affiliate agreements: Services Agreement $ 5,121 $ 4,533 $ 2,298 Omnibus Agreement 4,805 5,297 3,600 Total expenses under affiliate agreements 175,448 142,102 59,403 These commercial agreements (as defined in the table below) with PBFX relating to the Contributed Assets include: Service Agreements Initiation Date Initial Term Renewals (a) MVC Force Majeure Transportation and Terminaling Delaware City Rail Terminaling Services Agreement 5/8/2014 7 years, 8 months 2 x 5 85,000 bpd PBFX or PBF Holding can declare Toledo Truck Unloading & Terminaling Services Agreement 5/8/2014 7 years, 8 months 2 x 5 5,500 bpd Delaware West Ladder Rack Terminaling Services Agreement 10/1/2014 7 years, 3 months 2 x 5 40,000 bpd Toledo Storage Facility Storage and Terminaling Services Agreement- Terminaling Facility (b) 12/12/2014 10 years 2 x 5 4,400 bpd Delaware Pipeline Services Agreement 5/15/2015 10 years, 8 months 2 x 5 50,000 bpd Delaware Pipeline Services Agreement- Magellan Connection 11/1/2016 2 years, 5 months - 14,500 bpd Delaware City Truck Loading Services Agreement- Gasoline (c) 5/15/2015 10 years, 8 months 2 x 5 30,000 bpd Delaware City Truck Loading Services Agreement- LPGs (c) 5/15/2015 10 years, 8 months 2 x 5 5,000 bpd Torrance Valley Pipeline Transportation Services Agreement- North Pipeline 8/31/2016 10 years 2 x 5 50,000 bpd Torrance Valley Pipeline Transportation Services Agreement- South Pipeline 8/31/2016 10 years 2 x 5 70,000 bpd Torrance Valley Pipeline Transportation Services Agreement- Midway Storage Tank 8/31/2016 10 years 2 x 5 55,000 barrels (d) Torrance Valley Pipeline Transportation Services Agreement- Emido Storage Tank 8/31/2016 10 years 2 x 5 900,000 barrels per month Torrance Valley Pipeline Transportation Services Agreement- Belridge Storage Tank 8/31/2016 10 years 2 x 5 770,000 barrels per month Storage Toledo Storage Facility Storage and Terminaling Services Agreement- Storage Facility (b) 12/12/2014 10 years 2 x 5 3,849,271 barrels (d) PBFX or PBF Holding can declare ____________________ (a) PBF Holding has the option to extend the agreements for up to two additional five -year terms. (b) The Toledo Storage Facility Storage and Terminaling Services Agreement- Terminaling Facility and the Toledo Storage Facility Storage and Terminaling Services Agreement- Storage Facility are referred to herein collectively as the “Toledo Storage Facility Storage and Terminaling Services Agreement." (c) The Delaware City Truck Loading Services Agreement- Gasoline and the Delaware City Truck Loading Services Agreement- LPGs are referred to herein collectively as the “Delaware City Truck Loading Services Agreement." (d) Reflects the overall capacity of the storage facility. The storage MVC is subject to effective operating capacity of each tank which can be impacted by routine tank maintenance and other factors. |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2017 $ 156,699 2018 139,440 2019 115,482 2020 101,503 2021 59,305 Thereafter 185,875 $ 758,304 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of stock-based compensation expense | Stock-based compensation expense included in general and administrative expenses consisted of the following: Years Ended December 31, 2016 2015 2014 PBF LLC Series A Unit compensatory warrants and options $ — $ — $ 522 PBF Energy options 11,020 7,528 4,343 PBF Energy restricted shares 7,276 1,690 1,230 $ 18,296 $ 9,218 $ 6,095 |
Summary of Share-based compensation activity | Number of Weighted Weighted Stock-based awards, outstanding at January 1, 2014 1,320,000 $ 26.97 9.33 Granted 1,135,000 24.78 10.00 Exercised — — — Forfeited (53,125 ) 25.44 — Outstanding at December 31, 2014 2,401,875 $ 25.97 8.67 Granted 1,899,500 30.28 10.00 Exercised (30,000 ) 25.79 — Forfeited (15,000 ) 26.38 — Outstanding at December 31, 2015 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 Exercisable and vested at December 31, 2016 2,271,375 $ 27.23 7.21 Exercisable and vested at December 31, 2015 1,136,250 $ 26.22 7.61 Exercisable and vested at December 31, 2014 485,000 $ 26.66 8.21 Expected to vest at December 31, 2016 5,970,625 $ 27.37 8.02 The following table summarizes activity for PBF LLC Series A compensatory warrants and options for the years ended December 31, 2016 , 2015 and 2014 : 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, 2014 841,079 $ 10.52 7.40 Exercised (32,934 ) 10.00 — Forfeited (6,666 ) 11.59 — Outstanding at December 31, 2014 801,479 $ 10.53 6.41 Exercised (160,700 ) 10.28 — Outstanding at December 31, 2015 640,779 $ 10.59 5.46 Exercised (27,833 ) 10.00 — Outstanding at December 31, 2016 612,946 $ 10.62 4.47 Exercisable and vested at December 31, 2016 612,946 $ 10.62 4.47 Exercisable and vested at December 31, 2015 640,779 $ 10.59 5.46 Exercisable and vested at December 31, 2014 753,985 $ 10.41 6.34 Expected to vest at December 31, 2016 612,946 $ 10.62 4.47 |
Weighted average assumptions | The estimated fair value of PBF Energy options granted during the years ended December 31, 2016 , 2015 and 2014 was determined using the Black-Scholes pricing model with the following weighted average assumptions: December 31, 2016 December 31, 2015 December 31, 2014 Expected life (in years) 6.25 6.25 6.25 Expected volatility 39.7 % 38.4 % 52.0 % Dividend yield 4.73 % 3.96 % 4.82 % Risk-free rate of return 1.42 % 1.58 % 1.80 % Exercise price $ 26.18 $ 30.28 $ 24.78 |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of changes in benefit obligations, fair value of plan assets, and funded status of plan | The changes in the benefit obligation, the changes in fair value of plan assets, and the funded status of the Company’s Pension and Post-Retirement Medical Plans as of and for the years ended December 31, 2016 and 2015 were as follows: Pension Plans Post-Retirement Medical Plan 2016 2015 2016 2015 Change in benefit obligation: Benefit obligation at beginning of year $ 100,011 $ 81,098 $ 17,729 $ 14,740 Service cost 36,359 24,298 1,047 967 Interest cost 3,096 2,974 528 558 Plan amendments — — 2,524 1,533 Benefit payments (3,449 ) (2,231 ) (575 ) (381 ) Actuarial loss (gain) (509 ) (6,128 ) 1,487 312 Projected benefit obligation at end of year $ 135,508 $ 100,011 $ 22,740 $ 17,729 Change in plan assets: Fair value of plan assets at beginning of year $ 57,502 $ 40,956 $ — $ — Actual return on plan assets 3,995 (13 ) — — Benefits paid (3,449 ) (2,231 ) (575 ) (381 ) Employer contributions 17,319 18,790 575 381 Fair value of plan assets at end of year $ 75,367 $ 57,502 $ — $ — Reconciliation of funded status: Fair value of plan assets at end of year $ 75,367 $ 57,502 $ — $ — Less benefit obligations at end of year 135,508 100,011 22,740 17,729 Funded status at end of year $ (60,141 ) $ (42,509 ) $ (22,740 ) $ (17,729 ) |
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 2017 $ 12,307 $ 1,202 2018 8,873 1,389 2019 11,027 1,653 2020 13,067 1,910 2021 16,079 2,018 Years 2022-2026 114,382 10,438 |
Schedule of net periodic benefit cost | The components of net periodic benefit cost were as follows for the years ended December 31, 2016 , 2015 and 2014 : Pension Benefits Post-Retirement Medical Plan 2016 2015 2014 2016 2015 2014 Components of net period benefit cost: Service cost $ 36,359 $ 24,298 $ 19,407 $ 1,047 $ 967 $ 1,099 Interest cost 3,096 2,974 2,404 528 558 520 Expected return on plan assets (4,681 ) (3,422 ) (2,156 ) — — — Amortization of prior service cost 53 53 39 541 326 258 Amortization of actuarial loss (gain) 1,043 1,228 1,033 — — (4 ) Net periodic benefit cost $ 35,870 $ 25,131 $ 20,727 $ 2,116 $ 1,851 $ 1,873 |
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, 2016 , 2015 and 2014 were as follows: Pension Benefits Post-Retirement Medical Plan 2016 2015 2014 2016 2015 2014 Prior service costs (credits) $ — $ — $ 529 $ 2,524 $ 1,533 $ 3,911 Net actuarial loss (gain) 176 (2,220 ) 8,151 1,487 312 1,201 Amortization of losses and prior service cost (1,096 ) (1,281 ) (1,072 ) (541 ) (326 ) (255 ) Total changes in other comprehensive loss (income) $ (920 ) $ (3,501 ) $ 7,608 $ 3,470 $ 1,519 $ 4,857 |
Schedule of pre-tax amounts in accumulated other comprehensive loss not yet recognized as components of net periodic costs | The pre-tax amounts in accumulated other comprehensive loss as of December 31, 2016 and 2015 that have not yet been recognized as components of net periodic costs were as follows: Pension Benefits Post-Retirement Medical Plan 2016 2015 2016 2015 Prior service (costs) credits $ (476 ) $ (529 ) $ (5,983 ) $ (3,999 ) Net actuarial (loss) gain (18,975 ) (19,841 ) (1,878 ) (391 ) Total $ (19,451 ) $ (20,370 ) $ (7,861 ) $ (4,390 ) |
Schedule of pre-tax amounts in accumulated other comprehensive loss to be recognized over next fiscal year | The following pre-tax amounts included in accumulated other comprehensive loss as of December 31, 2016 are expected to be recognized as components of net period benefit cost during the year ended December 31, 2017 : Pension Benefits Post-Retirement Medical Plan Amortization of prior service (costs) credits $ (53 ) $ (646 ) Amortization of net actuarial (loss) gain (452 ) — Total $ (505 ) $ (646 ) |
Schedule of assumptions used | The weighted average assumptions used to determine the net periodic benefit costs for the years ended December 31, 2016 , 2015 and 2014 were as follows: Qualified Plan Supplemental Plan Post-Retirement Medical Plan 2016 2015 2014 2016 2015 2014 2016 2015 2014 Discount rates: Effective rate for service cost 4.15 % 4.25 % 4.55 % 4.17 % 4.30 % 4.55 % 4.10 % 4.32 % 4.55 % Effective rate for interest cost 3.38 % 3.31 % 4.55 % 3.20 % 3.16 % 4.55 % 3.11 % 3.09 % 4.55 % Effective rate for interest on service cost 3.59 % 3.51 % 4.55 % 3.63 % 3.37 % 4.55 % 3.84 % 4.04 % 4.55 % Expected long-term rate of return on plan assets 7.00 % 7.00 % 6.70 % — — — — — — Rate of compensation increase 4.81 % 4.81 % 4.64 % 5.50 % 5.50 % 4.64 % — — — The weighted average assumptions used to determine the benefit obligations as of December 31, 2016 and 2015 were as follows: Qualified Plan Supplemental Plan Post-Retirement Medical Plan 2016 2015 2016 2015 2016 2015 Discount rate - benefit obligations 4.07 % 4.17 % 4.08 % 4.22 % 3.68 % 3.76 % Rate of compensation increase 4.81 % 4.81 % 5.50 % 5.50 % — — |
Schedule of assumed health care cost trend rates | The assumed health care cost trend rates as of December 31, 2016 and 2015 were as follows: Post-Retirement Medical Plan 2016 2015 Health care cost trend rate assumed for next year 6.1 % 6.1 % Rate to which the cost trend rate was assumed to decline (the ultimate trend rate) 4.5 % 4.5 % Year that the rate reached the ultimate trend rate 2038 2038 |
Schedule of effect of one-percentage-point change in assumed health care cost trend rates | Assumed health care costs trend rates have a significant effect on the amounts reported for retiree health care plans. A one percentage-point change in assumed health care costs trend rates would have the following effects on the medical post-retirement benefits: 1% Increase 1% Decrease Effect on total of service and interest cost components $ 14 $ (13 ) Effect on accumulated post-retirement benefit obligation 388 (367 ) |
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, 2016 and 2015 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, 2016 2015 Equities: Domestic equities $ 23,451 $ 17,660 Developed international equities 10,736 8,320 Emerging market equities 5,164 4,017 Global low volatility equities 6,360 4,930 Fixed-income 29,576 22,495 Cash and cash equivalents 80 80 Total $ 75,367 $ 57,502 |
REVENUES (Tables)
REVENUES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Oil and Gas Revenue [Abstract] | |
Revenues from external customers for each product or group of similar products | The following table provides information relating to the Company’s revenues from external customers for each product or group of similar products for the periods: Year Ended December 31, 2016 2015 2014 Gasoline and distillates $ 14,017,350 $ 11,553,716 $ 17,050,096 Asphalt and blackoils 699,966 536,496 706,494 Chemicals 554,392 452,304 739,096 Feedstocks and other 376,471 315,042 922,003 Lubricants 260,358 266,371 410,466 Total Revenues $ 15,908,537 $ 13,123,929 $ 19,828,155 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015 . We have elected to offset the fair value amounts recognized for multiple derivative contracts executed with the same counterparty; however, fair value amounts by hierarchy level are presented on a gross basis in the tables below. We have posted cash margin with various counterparties to support hedging and trading activities. The cash margin posted is required by counterparties as collateral deposits and cannot be offset against the fair value of open contracts except in the event of default. We have no derivative contracts that are subject to master netting arrangements that are reflected gross on the balance sheet. As of December 31, 2016 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 $ 342,837 $ — $ — $ 342,837 N/A $ 342,837 Commodity contracts 948 35 — 983 (983 ) — Derivatives included with inventory intermediation agreement obligations — 6,058 — 6,058 — 6,058 Liabilities: Commodity contracts 859 3,548 84 4,491 (983 ) 3,508 Catalyst lease obligations — 45,969 — 45,969 — 45,969 As of December 31, 2015 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 $ 631,280 $ — $ — $ 631,280 N/A $ 631,280 Commodity contracts 63,810 31,256 3,543 98,609 (52,482 ) 46,127 Derivatives included with inventory intermediation arrangement — 35,511 — 35,511 — 35,511 Liabilities: Commodity contracts 49,960 2,522 — 52,482 (52,482 ) — Catalyst lease obligations — 31,802 — 31,802 — 31,802 |
Schedule of Effect of Significant Unobservable Inputs | 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, 2016 2015 Balance at beginning of period $ 3,543 $ 1,521 Purchases — — Settlements (1,149 ) (15,222 ) Unrealized (gain) loss included in earnings (2,478 ) 17,244 Transfers into Level 3 — — Transfers out of Level 3 — — Balance at end of period $ (84 ) $ 3,543 |
Schedule of Fair value of Debt | The table below summarizes the fair value and carrying value as of December 31, 2016 and 2015 . December 31, 2016 December 31, 2015 Carrying value Fair value Carrying value Fair value Senior Secured Notes due 2020 (a) $ 670,867 $ 696,098 $ 669,644 $ 706,246 Senior Secured Notes due 2023 (a) 500,000 498,801 500,000 492,452 Revolving Loan (b) 350,000 350,000 — — PBF Rail Term Loan (b) 35,000 35,000 — — Rail Facility (b) — — 67,491 67,491 Catalyst leases (c) 45,969 45,969 31,802 31,802 1,601,836 1,625,868 1,268,937 1,297,991 Less - Current maturities — — — — Less - Unamortized deferred financing costs $ 25,277 n/a $ 32,217 n/a Long-term debt $ 1,576,559 $ 1,625,868 $ 1,236,720 $ 1,297,991 (a) The estimated fair value, categorized as a Level 2 measurement, was calculated based on the present value of future expected payments utilizing implied current market interest rates based on quoted prices of the Senior Secured Notes. (b) The estimated fair value approximates carrying value, categorized as a Level 2 measurement, as these borrowings bear interest based upon short-term floating market interest rates. (c) Catalyst leases are valued using a market approach based upon commodity prices for similar instruments quoted in active markets and are categorized as a Level 2 measurement. The Company has elected the fair value option for accounting for its catalyst lease repurchase obligations as the Company's liability is directly impacted by the change in fair value of the underlying catalyst. |
DERIVATIVES (Tables)
DERIVATIVES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and December 31, 2015 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, 2016: Derivatives included with the inventory intermediation agreement obligations Accrued expenses $ 6,058 December 31, 2015: Derivatives included with the inventory intermediation agreement obligations Accrued expenses $ 35,511 Derivatives not designated as hedging instruments: December 31, 2016: Commodity contracts Accrued expenses $ 3,508 December 31, 2015: Commodity contracts Accounts receivable $ 46,127 |
Schedule of Derivative Instruments, Gain (Loss) Recognized in Income | The following tables provide information about the gains or losses recognized in income on these derivative instruments and the line items in the consolidated financial statements in which such gains and losses are reflected. Description Location of Gain or (Loss) Recognized in Income on Derivatives Gain or (Loss) Recognized in Income on Derivatives Derivatives designated as hedging instruments: For the year ended December 31, 2016: Derivatives included with inventory supply arrangement obligations Cost of sales $ — Derivatives included with the inventory intermediation agreement obligations Cost of sales $ (29,453 ) For the year ended December 31, 2015: Derivatives included with inventory supply arrangement obligations Cost of sales $ (4,251 ) Derivatives included with the inventory intermediation agreement obligations Cost of sales $ (59,323 ) For the year ended December 31, 2014 Derivatives included with inventory supply arrangement obligations Cost of sales $ 4,428 Derivatives included with the inventory intermediation agreement obligations Cost of sales $ 88,818 Derivatives not designated as hedging instruments: For the year ended December 31, 2016: Commodity contracts Cost of sales $ (55,557 ) For the year ended December 31, 2015: Commodity contracts Cost of sales $ 32,416 For the year ended December 31, 2014 Commodity contracts Cost of sales $ 146,016 Hedged items designated in fair value hedges: For the year ended December 31, 2016: Crude oil and feedstock inventory Cost of sales $ — Intermediate and refined product inventory Cost of sales $ 29,453 For the year ended December 31, 2015: Crude oil and feedstock inventory Cost of sales $ 4,251 Intermediate and refined product inventory Cost of sales $ 59,323 For the year ended December 31, 2014 Crude oil and feedstock inventory Cost of sales $ (4,428 ) Intermediate and refined product inventory Cost of sales $ (88,818 ) |
CONSOLIDATING FINANCIAL STATE46
CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Subsidiary Disclosure [Abstract] | |
Condensed Consolidating Balance Sheet | December 31, 2016 Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total ASSETS Current assets: Cash and cash equivalents $ 530,085 $ 56,717 $ 41,366 $ (1,463 ) $ 626,705 Accounts receivable 599,147 7,999 8,735 — 615,881 Accounts receivable - affiliate 2,432 4,504 695 — 7,631 Inventories 1,680,058 — 183,502 — 1,863,560 Prepaid expense and other current assets 27,443 12,933 160 — 40,536 Due from related parties 24,141,120 21,883,569 4,692,799 (50,717,488 ) — Total current assets 26,980,285 21,965,722 4,927,257 (50,718,951 ) 3,154,313 Property, plant and equipment, net 33,772 2,452,877 242,050 — 2,728,699 Investment in subsidiaries 705,034 440,377 — (1,145,411 ) — Investment in equity method investee — — 179,882 — 179,882 Deferred charges and other assets, net 12,317 491,673 13 — 504,003 Total assets $ 27,731,408 $ 25,350,649 $ 5,349,202 $ (51,864,362 ) $ 6,566,897 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 360,260 $ 157,277 $ 14,291 $ (1,463 ) $ 530,365 Accounts payable - affiliate 37,077 786 — — 37,863 Accrued expenses 1,094,581 201,935 166,213 — 1,462,729 Deferred revenue 10,901 1,438 1 — 12,340 Due to related parties 22,027,065 24,031,520 4,658,903 (50,717,488 ) — Total current liabilities 23,529,884 24,392,956 4,839,408 (50,718,951 ) 2,043,297 Delaware Economic Development Authority loan — — — — Long-term debt 1,496,085 45,908 34,566 — 1,576,559 Affiliate notes payable 86,298 — — — 86,298 Deferred tax liabilities — — 45,699 — 45,699 Other long-term liabilities 30,208 192,204 3,699 — 226,111 Due to related party - long term — — — — — Total liabilities 25,142,475 24,631,068 4,923,372 (50,718,951 ) 3,977,964 Commitments and contingencies Equity: Member's equity 2,155,863 1,714,997 374,067 (2,089,064 ) 2,155,863 Retained earnings 446,519 (999,693 ) 51,763 947,930 446,519 Accumulated other comprehensive loss (25,962 ) (8,236 ) — 8,236 (25,962 ) Total PBF Holding Company LLC equity 2,576,420 707,068 425,830 (1,132,898 ) 2,576,420 Noncontrolling interest 12,513 12,513 — (12,513 ) $ 12,513 Total equity 2,588,933 719,581 425,830 (1,145,411 ) 2,588,933 Total liabilities and equity $ 27,731,408 $ 25,350,649 $ 5,349,202 $ (51,864,362 ) $ 6,566,897 22. CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONSOLIDATING BALANCE SHEET December 31, 2015 Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total ASSETS Current assets: Cash and cash equivalents $ 882,820 $ 6,236 $ 28,968 $ (3,275 ) $ 914,749 Accounts receivable 430,809 11,057 12,893 — 454,759 Accounts receivable - affiliate 917 2,521 — — 3,438 Inventories 608,646 363,151 202,475 — 1,174,272 Prepaid expense and other current assets 24,243 9,074 384 — 33,701 Due from related parties 20,236,649 20,547,503 3,262,382 (44,046,534 ) — Total current assets 22,184,084 20,939,542 3,507,102 (44,049,809 ) 2,580,919 Property, plant and equipment, net 25,240 1,960,066 225,784 — 2,211,090 Investment in subsidiaries 1,740,111 143,349 — (1,883,460 ) — Deferred charges and other assets, net 23,973 265,240 1,500 — 290,713 Due from related party - long term — — 20,577 (20,577 ) — Total assets $ 23,973,408 $ 23,308,197 $ 3,754,963 $ (45,953,846 ) $ 5,082,722 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 196,988 $ 113,564 $ 7,566 $ (3,275 ) $ 314,843 Accounts payable - affiliate 23,949 — — — 23,949 Accrued expenses 503,179 495,842 118,414 — 1,117,435 Deferred revenue 4,043 — — — 4,043 Due to related parties 19,787,807 21,026,310 3,232,417 (44,046,534 ) — Total current liabilities 20,515,966 21,635,716 3,358,397 (44,049,809 ) 1,460,270 Delaware Economic Development Authority loan — 4,000 — — 4,000 Long-term debt 1,137,980 31,717 67,023 — 1,236,720 Affiliate notes payable 470,047 — — — 470,047 Deferred tax liabilities — — 20,577 — 20,577 Other long-term liabilities 28,131 41,693 — — 69,824 Due to related party - long term — 20,577 — (20,577 ) — Total liabilities 22,152,124 21,733,703 3,445,997 (44,070,386 ) 3,261,438 Commitments and contingencies Equity: Member's equity 1,479,175 1,062,717 182,696 (1,245,413 ) 1,479,175 Retained earnings 349,654 502,788 126,270 (629,058 ) 349,654 Accumulated other comprehensive loss (24,770 ) (8,236 ) — 8,236 (24,770 ) Total PBF Holding Company LLC equity 1,804,059 1,557,269 308,966 (1,866,235 ) 1,804,059 Noncontrolling interest 17,225 17,225 — (17,225 ) 17,225 Total equity 1,821,284 1,574,494 308,966 (1,883,460 ) 1,821,284 Total liabilities and equity $ 23,973,408 $ 23,308,197 $ 3,754,963 $ (45,953,846 ) $ 5,082,722 |
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) | Year Ended December 31, 2016 Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total Revenues $ 15,808,556 $ 800,647 $ 1,524,691 $ (2,225,357 ) $ 15,908,537 Costs, expenses and other Cost of sales, excluding depreciation 13,813,293 649,242 1,527,910 (2,225,357 ) 13,765,088 Operating expenses, excluding depreciation 41 1,356,572 33,969 — 1,390,582 General and administrative expenses 123,150 27,602 (1,109 ) — 149,643 Equity income in investee — — (5,679 ) — (5,679 ) Gain on sale of asset 2,392 150 8,832 — 11,374 Depreciation and amortization expense 5,836 194,701 9,303 — 209,840 Total costs, expenses and other 13,944,712 2,228,267 1,573,226 (2,225,357 ) 15,520,848 Income (loss) from operations 1,863,844 (1,427,620 ) (48,535 ) — 387,689 Other income (expense) Equity in earnings of subsidiaries (1,502,243 ) (74,507 ) — 1,576,750 — Change in fair value of catalyst lease — 1,422 — — 1,422 Interest expense, net (125,715 ) (1,538 ) (2,283 ) — (129,536 ) Income (loss) before income taxes 235,886 (1,502,243 ) (50,818 ) 1,576,750 259,575 Income tax expense — — 23,689 — 23,689 Net income (loss) 235,886 (1,502,243 ) (74,507 ) 1,576,750 235,886 Less income attributable to noncontrolling interests 269 269 — (269 ) 269 Net income (loss) attributable to PBF Holding Company LLC $ 235,617 $ (1,502,512 ) $ (74,507 ) $ 1,577,019 $ 235,617 Comprehensive income (loss) attributable to PBF Holding Company LLC $ 233,025 $ (1,502,512 ) $ (74,507 ) $ 1,577,019 $ 233,025 22. CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME Year Ended December 31, 2015 Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total Revenues $ 13,085,122 $ 884,930 $ 1,633,818 $ (2,479,941 ) $ 13,123,929 Costs, expenses and other Cost of sales, excluding depreciation 11,514,115 1,026,846 1,550,579 (2,479,941 ) 11,611,599 Operating expenses, excluding depreciation (3,683 ) 891,534 1,517 — 889,368 General and administrative expenses 143,580 21,016 2,308 — 166,904 Gain on sale of asset (249 ) (105 ) (650 ) — (1,004 ) Depreciation and amortization expense 9,687 178,578 2,845 — 191,110 Total costs, expenses and other 11,663,450 2,117,869 1,556,599 (2,479,941 ) 12,857,977 Income (loss) from operations 1,421,672 (1,232,939 ) 77,219 — 265,952 Other income (expense) Equity in earnings of subsidiaries (1,154,420 ) — — 1,154,420 — Change in fair value of catalyst lease — 10,184 — — 10,184 Interest expense, net (79,310 ) (5,876 ) (3,008 ) — (88,194 ) Income (loss) before income taxes 187,942 (1,228,631 ) 74,211 1,154,420 187,942 Income tax expense — — 648 — 648 Net income (loss) 187,942 (1,228,631 ) 73,563 1,154,420 187,294 Less income attributable to noncontrolling interests 274 274 — (274 ) 274 Net income (loss) attributable to PBF Holding Company LLC $ 187,668 $ (1,228,905 ) $ 73,563 $ 1,154,694 $ 187,020 Comprehensive income (loss) attributable to PBF Holding Company LLC $ 189,774 $ (1,228,905 ) $ 73,563 $ 1,154,694 $ 189,126 22. CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME Year Ended December 31, 2014 Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total Revenues $ 19,847,045 $ 1,402,253 $ 1,007,407 $ (2,428,550 ) $ 19,828,155 Costs, expenses and other Cost of sales, excluding depreciation 18,467,533 1,522,901 952,170 (2,428,550 ) 18,514,054 Operating expenses, excluding depreciation 218 880,339 144 — 880,701 General and administrative expenses 123,692 16,259 199 — 140,150 Gain on sale of assets (277 ) — (618 ) — (895 ) Depreciation and amortization expense 13,583 164,525 888 — 178,996 Total costs, expenses and other 18,604,749 2,584,024 952,783 (2,428,550 ) 19,713,006 Income (loss) from operations 1,242,296 (1,181,771 ) 54,624 — 115,149 Other income (expense) Equity in earnings of subsidiaries (1,131,321 ) — — 1,131,321 — Change in fair value of catalyst lease — 3,969 — — 3,969 Interest expense, net (89,858 ) (6,225 ) (1,918 ) — (98,001 ) Income (loss) before income taxes 21,117 (1,184,027 ) 52,706 1,131,321 21,117 Income tax expense — — — — — Net income (loss) 21,117 (1,184,027 ) 52,706 1,131,321 21,117 Less net income attributable to noncontrolling interests — — — — — Net income (loss) attributable to PBF Holding Company LLC $ 21,117 $ (1,184,027 ) $ 52,706 $ 1,131,321 $ 21,117 Comprehensive income (loss) attributable to PBF Holding Company LLC $ 8,779 $ (1,194,031 ) $ 52,706 $ 1,141,325 $ 8,779 |
Condensed Consolidating Statement of Cash Flow | Year Ended December 31, 2016 Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total Cash flows from operating activities: Net income (loss) $ 235,886 $ (1,502,243 ) $ (74,507 ) $ 1,576,750 $ 235,886 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 14,874 194,722 9,337 — 218,933 Stock-based compensation — 18,296 — — 18,296 Change in fair value of catalyst lease obligation — (1,422 ) — — (1,422 ) Deferred income taxes — — 19,802 — 19,802 Non-cash change in inventory repurchase obligations 29,453 — — — 29,453 Non-cash lower of cost or market inventory adjustment (521,348 ) — — — (521,348 ) Pension and other post retirement benefit costs 7,139 30,848 — — 37,987 Equity (income) loss in investee — — (5,679 ) — (5,679 ) Loss (gain) on sale of assets 2,392 150 8,832 — 11,374 Equity in earnings of subsidiaries 1,502,243 74,507 — (1,576,750 ) — Changes in operating assets and liabilities: Accounts receivable (168,338 ) 3,058 4,158 — (161,122 ) Due to/from affiliates (2,031,933 ) 2,046,280 (4,626 ) — 9,721 Inventories 217,629 — 18,973 — 236,602 Prepaid expenses and other current assets (3,200 ) (2,675 ) 92 — (5,783 ) Accounts payable 163,272 41,025 7,405 1,812 213,514 Accrued expenses 531,613 (353,591 ) 49,964 — 227,986 Deferred revenue 6,858 1,438 1 — 8,297 Other assets and liabilities (5,833 ) (16,238 ) 1,193 — (20,878 ) Net cash provided by (used in) operating activities (19,293 ) 534,155 34,945 1,812 551,619 Cash flows from investing activities: Acquisition of Torrance refinery and related logistics assets (971,932 ) — — — (971,932 ) Acquisition of Chalmette refinery, net of cash acquired — (2,659 ) — — (2,659 ) Expenditures for property, plant and equipment (21,563 ) (255,434 ) (5,433 ) — (282,430 ) Expenditures for refinery turnarounds costs — (198,664 ) — — (198,664 ) Expenditures for other assets — (42,506 ) — — (42,506 ) Return on investment in subsidiaries 12,800 — — (12,800 ) — Capital contributions to subsidiaries (8,287 ) — — 8,287 — Proceeds from sale of assets 4,802 — 19,890 — 24,692 Net cash (used in) provided by investing activities (984,180 ) (499,263 ) 14,457 (4,513 ) (1,473,499 ) 22. CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONSOLIDATING STATEMENT OF CASH FLOW (Continued) Cash flows from financing activities: Proceeds from parent's capital contributions — — 8,287 (8,287 ) — Contributions from PBF LLC 450,300 — — — 450,300 Distribution to parent — — (12,800 ) 12,800 — Distributions to members (139,434 ) — — — (139,434 ) Proceeds from affiliate notes payable 43,396 — — — 43,396 Repayments of affiliate notes payable (53,524 ) — — — (53,524 ) Proceeds from revolver borrowings 550,000 — — — 550,000 Repayments of revolver borrowings (200,000 ) — — — (200,000 ) Repayments of Rail Facility revolver borrowings — — (67,491 ) — (67,491 ) Proceeds from PBF Rail Term Loan — — 35,000 — 35,000 Additional catalyst lease — 15,589 — — 15,589 Net cash provided by financing activities 650,738 15,589 (37,004 ) 4,513 633,836 Net increase (decrease) in cash and cash equivalents (352,735 ) 50,481 12,398 1,812 (288,044 ) Cash and equivalents, beginning of period 882,820 6,236 28,968 (3,275 ) 914,749 Cash and equivalents, end of period $ 530,085 $ 56,717 $ 41,366 $ (1,463 ) $ 626,705 22. CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONSOLIDATING STATEMENT OF CASH FLOW Year Ended December 31, 2015 Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total Cash flows from operating activities: Net income (loss) $ 187,942 $ (1,228,631 ) $ 73,563 $ 1,154,420 $ 187,294 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 17,063 178,601 3,719 — 199,383 Stock-based compensation — 9,218 — — 9,218 Change in fair value of catalyst lease obligation — (10,184 ) — — (10,184 ) Non-cash change in inventory repurchase obligations — 63,389 — — 63,389 Non-cash lower of cost or market inventory adjustment 279,785 147,441 — — 427,226 Pension and other post retirement benefit cost 7,576 19,406 — — 26,982 Gain on sale of assets (249 ) (105 ) (650 ) — (1,004 ) Equity in earnings of subsidiaries 1,154,420 — — (1,154,420 ) — Changes in operating assets and liabilities: Accounts receivable 87,689 16,124 (6,177 ) — 97,636 Due to/from affiliates (1,018,176 ) 1,133,364 (103,084 ) — 12,104 Inventories (108,751 ) (116,074 ) (47,067 ) — (271,892 ) Prepaid expense and other current assets 2,721 (2,999 ) (353 ) — (631 ) Accounts payable (38,609 ) 15,710 (857 ) (1,259 ) (25,015 ) Accrued expenses 27,925 8,172 (73,834 ) — (37,737 ) Deferred revenue 2,816 — — — 2,816 Other assets and liabilities (423 ) (26,769 ) 10 — (27,182 ) Net cash provided by (used in) operating activities 601,729 206,663 (154,730 ) (1,259 ) 652,403 Cash flows from investing activities: Acquisition of Chalmette refinery, net of cash acquired (601,311 ) 19,042 16,965 — (565,304 ) Expenditures for property, plant and equipment (193,898 ) (158,361 ) (106 ) — (352,365 ) Expenditures for refinery turnarounds costs — (53,576 ) — — (53,576 ) Expenditures for other assets — (8,236 ) — — (8,236 ) Investment in subsidiaries 10,000 — — (10,000 ) — Capital contributions to subsidiaries (5,000 ) — — 5,000 — Proceeds from sale of assets 60,902 — 107,368 — 168,270 Net cash (used in) provided by investing activities (729,307 ) (201,131 ) 124,227 (5,000 ) (811,211 ) Cash flows from financing activities: Proceeds from member's capital contributions 345,000 — 5,000 (5,000 ) 345,000 Distribution to parent — — (10,000 ) 10,000 — Distributions to members (350,658 ) — — — (350,658 ) Proceeds from intercompany notes payable 347,783 — — — 347,783 Proceeds from revolver borrowings 170,000 — — — 170,000 Repayments of revolver borrowings (170,000 ) — — — (170,000 ) Proceeds from Rail Facility revolver borrowings — — 102,075 — 102,075 Repayments of Rail Facility revolver borrowings — — (71,938 ) — (71,938 ) Proceeds from Senior Secured Notes 500,000 — — — 500,000 Deferred financing costs and other (17,108 ) — — — (17,108 ) Net cash provided by financing activities 825,017 — 25,137 5,000 855,154 Net increase (decrease) in cash and cash equivalents 697,439 5,532 (5,366 ) (1,259 ) 696,346 Cash and equivalents, beginning of period 185,381 704 34,334 (2,016 ) 218,403 Cash and equivalents, end of period $ 882,820 $ 6,236 $ 28,968 $ (3,275 ) $ 914,749 22. CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONSOLIDATING STATEMENT OF CASH FLOW Year Ended December 31, 2014 Issuer Guarantors Subsidiaries Non-Guarantors Subsidiaries Combining and Consolidated Adjustments Total Cash flows from operating activities: Net income (loss) $ 21,117 $ (1,184,027 ) $ 52,706 $ 1,131,321 $ 21,117 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 20,334 164,550 1,528 — 186,412 Stock-based compensation — 6,095 — — 6,095 Change in fair value of catalyst lease obligation — (3,969 ) — — (3,969 ) Non-cash change in inventory repurchase obligations — (93,246 ) — — (93,246 ) Non-cash lower of cost or market inventory adjustment 566,412 123,698 — — 690,110 Pension and other post retirement benefit costs 6,426 16,174 — — 22,600 Gain on sale of assets (277 ) — (618 ) — (895 ) Equity in earnings of subsidiaries 1,131,321 — — (1,131,321 ) — Changes in operating assets and liabilities: Accounts receivable 69,887 (17,976 ) (6,533 ) — 45,378 Due to/from affiliates (1,227,851 ) 1,328,439 (92,181 ) — 8,407 Inventories (259,352 ) 20,711 (155,390 ) — (394,031 ) Prepaid expense and other current assets 22,287 1,399 — — 23,686 Accounts payable (71,821 ) (1,697 ) 8,423 (2,016 ) (67,111 ) Accrued expenses (131,903 ) 471 191,331 — 59,899 Deferred revenue (6,539 ) — — — (6,539 ) Other assets and liabilities (1,966 ) (258 ) (1 ) — (2,225 ) Net cash provided by (used in) operating activities 138,075 360,364 (735 ) (2,016 ) 495,688 Cash flows from investing activities: Expenditures for property, plant and equipment (152,814 ) (205,508 ) (112,138 ) — (470,460 ) Expenditures for deferred turnaround costs — (137,688 ) — — (137,688 ) Expenditures for other assets — (17,255 ) — — (17,255 ) Capital contributions to subsidiaries (44,346 ) — — 44,346 — Proceeds from sale of assets 133,845 — 68,809 — 202,654 Net cash (used in) provided by investing activities (63,315 ) (360,451 ) (43,329 ) 44,346 (422,749 ) Cash flows from financing activities: Contributions from PBF LLC 328,664 — 44,346 (44,346 ) 328,664 Distributions to members (361,352 ) — — — (361,352 ) Proceeds from affiliate notes payable 90,631 — — — 90,631 Proceeds from revolver borrowings 395,000 — — — 395,000 Repayments of revolver borrowings (410,000 ) — — — (410,000 ) Proceeds from Rail Facility revolver borrowings — — 83,095 — 83,095 Repayment of Rail Facility revolver borrowings — — (45,825 ) — (45,825 ) Deferred financing costs and other (8,501 ) — (3,218 ) — (11,719 ) Net cash provided by (used in) financing activities 34,442 — 78,398 (44,346 ) 68,494 Net increase (decrease) in cash and cash equivalents 109,202 (87 ) 34,334 (2,016 ) 141,433 Cash and equivalents, beginning of period 76,179 791 — — 76,970 Cash and equivalents, end of period $ 185,381 $ 704 $ 34,334 $ (2,016 ) $ 218,403 |
DESCRIPTION OF THE BUSINESS A47
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Details) | May 14, 2014shares | Dec. 31, 2016segment |
Business Acquisition, Contingent Consideration [Line Items] | ||
Percentage of ownership in PBF LLC | 100.00% | |
Number of reportable segments | segment | 1 | |
PBF Energy Inc. [Member] | Class A Common Stock [Member] | ||
Business Acquisition, Contingent Consideration [Line Items] | ||
Percentage of ownership in PBF LLC | 96.50% | |
PBF Logistics LP [Member] | IPO [Member] | Common Units [Member] | ||
Business Acquisition, Contingent Consideration [Line Items] | ||
Partners' capital account, units, sold in public offering | shares | 15,812,500 |
SUMMARY OF SIGNIFICANT ACCOUN48
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Concentration of Credit Risk) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Concentration Risk [Line Items] | |||
Allowance for Doubtful Accounts Receivable | $ 0 | $ 0 | |
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% | ||
Customer Concentration Risk [Member] | ExxonMobil Oil Corporation [Member] | Accounts Receivables [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 18.00% |
SUMMARY OF SIGNIFICANT ACCOUN49
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Property, Plant, and Equipment) (Details) | 12 Months Ended |
Dec. 31, 2016 | |
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 ACCOUN50
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Deferred Charges and Other Assets, Net) (Details) | 12 Months Ended |
Dec. 31, 2016 | |
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 |
ACQUISITIONS (Purchase Price) (
ACQUISITIONS (Purchase Price) (Details) - USD ($) $ in Thousands | Jul. 01, 2016 | Nov. 01, 2015 |
Chalmette Refining L.L.C. [Member] | ||
Business Acquisition [Line Items] | ||
Working capital | $ 245,963 | |
Net cash | 587,005 | |
Cash acquired | (19,042) | |
Total consideration | $ 567,963 | |
Torrance Refinery [Member] | ||
Business Acquisition [Line Items] | ||
Gross purchase price | $ 537,500 | |
Working capital | 450,582 | |
Post close purchase price adjustments | 16,150 | |
Total consideration | $ 971,932 |
ACQUISITIONS (Assets and Liabil
ACQUISITIONS (Assets and Liabilities Acquired) (Details) - USD ($) $ in Thousands | Jul. 01, 2016 | Nov. 01, 2015 |
Torrance Refinery [Member] | ||
Business Acquisition [Line Items] | ||
Inventories | $ 404,542 | |
Prepaid expenses and other current assets | 1,186 | |
Property, plant and equipment | 703,443 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 68,053 | |
Accounts payable | (2,688) | |
Accrued expenses | (64,137) | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | 138,467 | |
Fair value of net assets acquired | $ 971,932 | |
Chalmette Refining L.L.C. [Member] | ||
Business Acquisition [Line Items] | ||
Accounts receivable | $ 1,126 | |
Inventories | 271,434 | |
Prepaid expenses and other current assets | 913 | |
Property, plant and equipment | 356,961 | |
Deferred charges and other assets | 8,312 | |
Accounts payable | (4,870) | |
Accrued expenses | (28,371) | |
Deferred tax liability | (25,721) | |
Noncontrolling interest | (11,821) | |
Fair value of net assets acquired | 567,963 | |
Noncontrolling Interest [Member] | Chalmette Refining L.L.C. [Member] | ||
Business Acquisition [Line Items] | ||
Deferred tax liability | $ (5,144) |
ACQUISITIONS (Pro Forma Informa
ACQUISITIONS (Pro Forma Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Torrance Refinery [Member] | ||
Business Acquisition [Line Items] | ||
Pro forma revenues | $ 16,987,548 | $ 16,252,729 |
Pro forma net income attributable to PBF Holding Company LLC | $ 31,565 | (176,410) |
Chalmette Refining L.L.C. [Member] | ||
Business Acquisition [Line Items] | ||
Pro forma revenues | 16,811,922 | |
Pro forma net income attributable to PBF Holding Company LLC | $ 397,108 |
ACQUISITIONS (Additional Inform
ACQUISITIONS (Additional Information) (Details) - USD ($) $ in Thousands | Jul. 01, 2016 | Nov. 01, 2015 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | |||||||
Net income | $ 235,886 | $ 187,294 | $ 21,117 | ||||
Acquisition costs | 13,622 | 5,833 | |||||
Torrance Refinery [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Net cash | $ 521,350 | $ 971,932 | $ 0 | $ 0 | |||
Working capital | $ 450,582 | ||||||
Revenues | $ 1,977,204 | ||||||
Net income | $ 86,394 | ||||||
Chalmette Refining L.L.C. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Net cash | $ 322,000 | ||||||
Working capital | 245,963 | ||||||
Revenues | $ 643,267 | ||||||
Net income | $ 53,539 | ||||||
Deferred tax liability | $ 25,721 | ||||||
PBF Energy Inc. [Member] | Chalmette Refining L.L.C. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Noncontrolling Interest, ownership Percentage by Parent | 100.00% | ||||||
Chalmette Refining [Member] | T&M Terminal Company [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Noncontrolling Interest, ownership Percentage by Parent | 80.00% | 80.00% | |||||
Chalmette Refining [Member] | MOEM Pipeline [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Noncontrolling Interest, ownership Percentage by Parent | 100.00% |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Inventory [Line Items] | |||
Crude oil and feedstocks | $ 1,102,007,000 | $ 1,137,605,000 | |
Refined products and blendstocks | 1,267,861,000 | 1,098,746,000 | |
Warehouse stock and other | 89,680,000 | 55,257,000 | |
Inventory, Gross | 2,459,548,000 | 2,291,608,000 | |
Lower of cost or market adjustment | (595,988,000) | (1,117,336,000) | $ 690,110,000 |
Total inventories | 1,863,560,000 | 1,174,272,000 | |
Operating Income (Loss) | (387,689,000) | (265,952,000) | $ (115,149,000) |
LFIO decrement | 11,746,000 | 0 | |
Titled Inventory [Member] | |||
Inventory [Line Items] | |||
Crude oil and feedstocks | 1,102,007,000 | 1,137,605,000 | |
Refined products and blendstocks | 915,397,000 | 687,389,000 | |
Warehouse stock and other | 89,680,000 | 55,257,000 | |
Inventory, Gross | 2,107,084,000 | 1,880,251,000 | |
Lower of cost or market adjustment | (492,415,000) | (966,564,000) | |
Total inventories | 1,614,669,000 | 913,687,000 | |
Inventory Supply and Offtake Arrangements [Member] | |||
Inventory [Line Items] | |||
Crude oil and feedstocks | 0 | 0 | |
Refined products and blendstocks | 352,464,000 | 411,357,000 | |
Warehouse stock and other | 0 | 0 | |
Inventory, Gross | 352,464,000 | 411,357,000 | |
Lower of cost or market adjustment | (103,573,000) | (150,772,000) | |
Total inventories | 248,891,000 | 260,585,000 | |
Scenario, Adjustment [Member] | |||
Inventory [Line Items] | |||
Operating Income (Loss) | $ (521,348,000) | $ (427,226,000) |
PROPERTY, PLANT AND EQUIPMENT56
PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 3,177,256 | $ 2,558,263 | |
Less - Accumulated depreciation | (448,557) | (347,173) | |
Property, plant and equipment, net | 2,728,699 | 2,211,090 | |
Depreciation | 104,293 | 88,474 | $ 113,533 |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 253,110 | 91,256 | |
Process units, pipelines and equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 2,504,008 | 2,209,712 | |
Building and leasehold improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 49,020 | 34,265 | |
Computers furniture and fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 81,780 | 72,642 | |
Construction in progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 289,338 | 150,388 | |
Capitalized interest | 8,333 | $ 3,529 | |
Hydrocracker Project [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Impaired Assets to be Disposed of by Method Other than Sale, Carrying Value of Asset | 28,508 | ||
Tangible Asset Impairment Charges | $ 28,508 |
DEFERRED CHARGES AND OTHER AS57
DEFERRED CHARGES AND OTHER ASSETS, NET (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Deferred turnaround costs, net | $ 302,919 | $ 177,236 | |
Catalyst | 114,788 | 77,725 | |
Linefill | 19,485 | 13,504 | |
Restricted cash | 0 | 1,500 | |
Environmental credits | 51,636 | 10,829 | |
Intangible assets, net | 577 | 219 | |
Other | 14,598 | 9,700 | |
Total deferred charges and other assets, net | 504,003 | 290,713 | |
Amortization expense | 105,547 | 102,636 | $ 65,452 |
Intangible Assets, Net [Abstract] | |||
Gross amount | 3,996 | 3,597 | |
Accumulated amortization | (3,419) | (3,378) | |
Net amount | $ 577 | $ 219 |
ACCRUED EXPENSES (Details)
ACCRUED EXPENSES (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accrued Expenses: | ||
Inventory-related accruals | $ 810,027 | $ 548,800 |
Inventory intermediation arrangements | 225,524 | 252,380 |
Accrued transportation costs | 89,830 | 91,546 |
Excise and sales tax payable | 86,046 | 34,129 |
Renewable energy credit and emissions obligations | 70,158 | 19,472 |
Accrued utilities | 44,190 | 25,192 |
Accrued interest | 28,934 | 22,313 |
Accrued construction in progress | 33,610 | 7,400 |
Accrued salaries and benefits | 17,466 | 61,011 |
Customer deposits | 9,215 | 20,395 |
Environmental liabilities | 8,882 | 2,178 |
Other | 38,847 | 32,619 |
Total accrued expenses | $ 1,462,729 | $ 1,117,435 |
DELAWARE ECONOMIC DEVELOPMENT59
DELAWARE ECONOMIC DEVELOPMENT AUTHORITY LOAN (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2010 | |
Debt Disclosure [Abstract] | |||
Delaware Economic Development Authority loan | $ 0 | $ 4,000,000 | $ 20,000,000 |
Annual conversion of loan to grant | $ 4,000,000 | ||
Term of loan conversion | 5 years |
CREDIT FACILITY AND LONG-TERM60
CREDIT FACILITY AND LONG-TERM DEBT (Details) | Dec. 22, 2016USD ($) | Nov. 24, 2015USD ($) | Feb. 09, 2012USD ($) | Oct. 31, 2012USD ($) | Dec. 31, 2016USD ($) | Nov. 24, 2016 | Jun. 30, 2016 | Dec. 31, 2015USD ($) | Nov. 30, 2015USD ($) | Aug. 15, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 25, 2014USD ($) |
Debt Instrument [Line Items] | ||||||||||||
Increase in borrowing capacity | $ 2,750,000,000 | |||||||||||
Long term loan | 1,601,836,000 | $ 1,268,937,000 | ||||||||||
Line of Credit [Member] | Revolving Loan [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity | $ 1,610,000,000 | 2,635,000,000 | $ 2,600,000,000 | $ 2,500,000,000 | ||||||||
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 | 1.1 | |||||||||||
Long-term Line of Credit | 350,000,000 | 0 | ||||||||||
Line of Credit [Member] | Revolving Loan [Member] | Base Rate [Member] | Minimum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 0.50% | |||||||||||
Line of Credit [Member] | Revolving Loan [Member] | Base Rate [Member] | Maximum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 1.25% | |||||||||||
Line of Credit [Member] | Revolving Loan [Member] | LIBOR [Member] | Minimum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 1.50% | |||||||||||
Line of Credit [Member] | Revolving Loan [Member] | LIBOR [Member] | Maximum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 2.25% | |||||||||||
Line of Credit [Member] | Letter of Credit [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity | $ 1,500,000,000 | $ 1,000,000,000 | ||||||||||
Participation Fee, Percent | 1.25% | 2.00% | ||||||||||
Fronting Fee, Percent | 0.25% | |||||||||||
Line of Credit [Member] | Standby Letters of Credit [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long-term Line of Credit | 411,997,000 | 351,511,000 | ||||||||||
Notes Payable to Banks [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long term loan | 35,000,000 | 0 | ||||||||||
Senior Secured Notes [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long term loan | 669,644,000 | |||||||||||
Debt issued | $ 675,500,000 | |||||||||||
Debt fixed interest rate | 8.25% | |||||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | |||||||||||
2023 Senior Secured Notes [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Long term loan | 500,000,000 | |||||||||||
Debt issued | $ 500,000,000 | |||||||||||
Debt fixed interest rate | 7.00% | 0.25% | ||||||||||
Interest expense | $ 127,000 | |||||||||||
Proceeds from debt issuance | $ 490,000,000 | |||||||||||
Financing Arrangements [Member] | Paulsboro Catalyst Lease [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt fixed interest rate | 2.20% | |||||||||||
Financing Arrangements [Member] | Toledo Catalyst Lease [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt fixed interest rate | 1.99% | |||||||||||
Financing Arrangements [Member] | Delaware City Catalyst Lease [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt fixed interest rate | 1.95% | |||||||||||
Financing Arrangements [Member] | Delaware City Catalyst Lease - Palladium [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt fixed interest rate | 2.05% | |||||||||||
Financing Arrangements [Member] | Chalmette Catalyst Lease [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt fixed interest rate | 3.85% | |||||||||||
Financing Arrangements [Member] | Chalmette Catalyst Lease 2019 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt fixed interest rate | 2.20% | |||||||||||
Financing Arrangements [Member] | Torrance Catalyst Lease [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt fixed interest rate | 1.78% | |||||||||||
PBF Rail Logistics Company LLC [Member] | Line of Credit [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity | $ 250,000,000 | |||||||||||
PBF Rail Logistics Company LLC [Member] | Notes Payable to Banks [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity | $ 35,000,000 | |||||||||||
Long-term Line of Credit | $ 0 | |||||||||||
Debt instrument term | 5 years | |||||||||||
Long term loan | $ 35,000,000 | |||||||||||
PBF Logistics LP [Member] | Notes Payable to Banks [Member] | LIBOR [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 2.00% |
CREDIT FACILITY AND LONG-TERM61
CREDIT FACILITY AND LONG-TERM DEBT (Summary of Long-Term Debt) (Details) - USD ($) | Dec. 31, 2016 | Nov. 24, 2016 | Dec. 31, 2015 | Nov. 24, 2015 | Feb. 09, 2012 |
Debt Instrument [Line Items] | |||||
Long-term debt | $ 1,576,559,000 | $ 1,236,720,000 | |||
Long term loan | 1,601,836,000 | 1,268,937,000 | |||
Unamortized deferred financing costs | 25,277,000 | 32,217,000 | |||
Less—Current maturities | 0 | 0 | |||
Total long-term debt | 1,576,559,000 | 1,236,720,000 | |||
Senior Secured Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Annual interest rate | 8.25% | ||||
Long-term debt | 670,867,000 | 669,644,000 | |||
Long term loan | 669,644,000 | ||||
2023 Senior Secured Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Annual interest rate | 0.25% | 7.00% | |||
Long-term debt | 500,000,000 | 500,000,000 | |||
Long term loan | 500,000,000 | ||||
Line of Credit [Member] | Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Line of Credit | 350,000,000 | 0 | |||
Line of Credit [Member] | Rail Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Line of Credit | 0 | 67,491,000 | |||
Notes Payable to Banks [Member] | |||||
Debt Instrument [Line Items] | |||||
Long term loan | 35,000,000 | 0 | |||
Capital Lease Obligations [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 45,969,000 | $ 31,802,000 |
CREDIT FACILITY AND LONG-TERM62
CREDIT FACILITY AND LONG-TERM DEBT (Debt Maturities) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2,017 | $ 9,798 |
2,018 | 4,941 |
2,019 | 381,230 |
2,020 | 670,867 |
2,021 | 35,000 |
Thereafter | 500,000 |
Long-term Debt | 1,601,836 |
Capital Lease Obligations [Member] | Paulsboro Catalyst Lease [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Fee Amount | $ 140 |
Debt fixed interest rate | 2.20% |
Capital Lease Obligations [Member] | Delaware City Catalyst Lease [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Fee Amount | $ 210 |
Debt fixed interest rate | 1.95% |
Capital Lease Obligations [Member] | Delaware City Catalyst Lease - Palladium [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Fee Amount | $ 30 |
Debt fixed interest rate | 2.05% |
Capital Lease Obligations [Member] | Toledo Catalyst Lease [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Fee Amount | $ 331 |
Debt fixed interest rate | 1.99% |
Capital Lease Obligations [Member] | Chalmette Catalyst Lease [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Fee Amount | $ 185 |
Debt fixed interest rate | 3.85% |
Capital Lease Obligations [Member] | Chalmette Catalyst Lease 2019 [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Fee Amount | $ 171 |
Debt fixed interest rate | 2.20% |
Capital Lease Obligations [Member] | Torrance Catalyst Lease [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Fee Amount | $ 143 |
Debt fixed interest rate | 1.78% |
AFFILIATE NOTES PAYABLE (Detail
AFFILIATE NOTES PAYABLE (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||
Affiliate notes payable | $ 86,298 | $ 470,047 | |
Conversion of affiliate notes payable to capital contribution | $ 379,947 | $ 0 | $ 0 |
PBF Holding [Member] | Notes Payable [Member] | |||
Debt Instrument [Line Items] | |||
Debt fixed interest rate | 2.50% | ||
Debt instrument term | 5 years |
OTHER LONG-TERM LIABILITIES (De
OTHER LONG-TERM LIABILITIES (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Other Long-Term Liabilities [Abstract] | ||
Defined benefit pension plan liabilities | $ 60,007 | $ 42,509 |
Post-retirement medical plan liabilities | 22,740 | 17,729 |
Environmental liabilities | 142,935 | 8,189 |
Other | 429 | 1,397 |
Other long-term liabilities | $ 226,111 | $ 69,824 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) | Nov. 01, 2016bbl / d | Aug. 31, 2016USD ($)bbl / dbblrenewal | Apr. 29, 2016bbl / dterminal | May 15, 2015renewal | May 14, 2015bbl / d | Dec. 11, 2014bbl / dbblrenewal | Oct. 01, 2014bbl / d | Sep. 30, 2014renewal | May 14, 2014bbl / drenewal | Dec. 31, 2016USD ($) | Dec. 31, 2016USD ($)renewal | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 01, 2016 |
Related Party Transaction [Line Items] | ||||||||||||||
Number of Contract Renewals | renewal | 2 | |||||||||||||
Term of Renewal | 5 years | |||||||||||||
Blackstone and First Reserve [Member] | Series B Units [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Distributions to Series B Unitholders | $ | $ 6,152,000 | $ 19,592,000 | $ 130,523 | |||||||||||
Fuel Strategies International, Inc, [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Charges incurred during period | $ | 0 | 0 | 588,000 | |||||||||||
Former Board of Directors Chairman [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Charges incurred during period | $ | $ 824,000 | 957,000 | 1,214,000 | |||||||||||
Fourth Amended and Restated Omnibus Agreement [Member] | PBF LLC [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Term of Agreement | 10 years | |||||||||||||
Related Party Transaction, Annual Fee | $ | $ 4,000,000 | |||||||||||||
Fourth Amended and Restated O&M Agreement [Member] | PBF LLC [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Related Party Transaction, Annual Fee | $ | $ 6,386,000 | |||||||||||||
Related Party Transaction, Agreement Termination Notice, Period | 30 days | |||||||||||||
Torrance Valley Pipeline Transportation Services Agreement [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Number of Contract Renewals | renewal | 2 | |||||||||||||
Term of Renewal | 5 years | |||||||||||||
Consulting Agreement [Member] | Former Board of Directors Chairman [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Charges incurred during period | $ | $ 500,000 | |||||||||||||
Related Party Transaction, Expected Expense From Future Transactions With Related Party | $ | $ 900,000 | $ 900,000 | ||||||||||||
Partnership [Member] | PBF Logistics LP [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Noncontrolling Interest, ownership Percentage by Parent | 50.00% | |||||||||||||
East Coast Terminals [Member] | East Coast Terminals commercial agreements [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Oil And Gas Plant, Collaborative Agreement, Minimum Throughput Capacity | 15,000 | |||||||||||||
Number Of Refined Product Terminals Acquired | terminal | 4 | |||||||||||||
Torrance Valley Pipeline - Belridge Tanks [Member] | Torrance Valley Pipeline Transportation Services Agreement [Member] | PBF Logistics LP [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Oil And Gas Plant, Collaborative Agreement, Minimum Throughput Capacity | 770,000 | |||||||||||||
Torrance Valley Pipeline - Emidio Tanks [Member] | Torrance Valley Pipeline Transportation Services Agreement [Member] | PBF Logistics LP [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Oil And Gas Plant, Collaborative Agreement, Minimum Throughput Capacity | 900,000 | |||||||||||||
Torrance Valley Pipeline - Midway Tank [Member] | Torrance Valley Pipeline Transportation Services Agreement [Member] | PBF Logistics LP [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Oil And Gas Plant, Maximum Storage Capacity | bbl | 55,000 | |||||||||||||
Torrance Valley Pipeline - South [Member] | Torrance Valley Pipeline Transportation Services Agreement [Member] | PBF Logistics LP [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Oil And Gas Plant, Collaborative Agreement, Minimum Throughput Capacity | 70,000 | |||||||||||||
Torrance Valley Pipeline - North [Member] | Torrance Valley Pipeline Transportation Services Agreement [Member] | PBF Logistics LP [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Oil And Gas Plant, Collaborative Agreement, Minimum Throughput Capacity | 50,000 | |||||||||||||
Toledo Tank Farm [Member] | Toledo Tank Farm Storage and Terminaling Agreement [Member] | PBF Logistics LP [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Oil And Gas Plant, Collaborative Agreement, Minimum Throughput Capacity | 4,400 | |||||||||||||
Oil And Gas Plant, Maximum Storage Capacity | bbl | 3,849,271 | |||||||||||||
Toledo Terminaling Agreement [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Term of Agreement | 7 years 8 months | |||||||||||||
Number of Contract Renewals | renewal | 2 | |||||||||||||
Term of Renewal | 5 years | |||||||||||||
DCR Terminaling Agreement [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Term of Agreement | 7 years 8 months | |||||||||||||
Number of Contract Renewals | renewal | 2 | |||||||||||||
Term of Renewal | 5 years | |||||||||||||
Delaware City Products Pipeline [Member] | Delaware City Pipeline Services Agreement [Member] | PBF Logistics LP [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Oil And Gas Plant, Collaborative Agreement, Minimum Throughput Capacity | 50,000 | |||||||||||||
Delaware City Pipeline Services Agreement [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Term of Agreement | 10 years 8 months | |||||||||||||
Number of Contract Renewals | renewal | 2 | |||||||||||||
Term of Renewal | 5 years | |||||||||||||
Toledo Tank Farm Storage and Terminaling Agreement [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Term of Agreement | 10 years | |||||||||||||
Number of Contract Renewals | renewal | 2 | |||||||||||||
Term of Renewal | 5 years | |||||||||||||
West Ladder Rack Terminaling Agreement [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Term of Agreement | 7 years 3 months | |||||||||||||
Number of Contract Renewals | renewal | 2 | |||||||||||||
Term of Renewal | 5 years | |||||||||||||
Toledo Truck Unloading Terminal [Member] | Toledo Terminaling Agreement [Member] | PBF Logistics LP [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Oil And Gas Plant, Collaborative Agreement, Minimum Throughput Capacity | 5,500 | |||||||||||||
Delaware City Rail Unloading Terminal [Member] | DCR Terminaling Agreement [Member] | PBF Logistics LP [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Oil And Gas Plant, Collaborative Agreement, Minimum Throughput Capacity | 85,000 | |||||||||||||
Delaware City West Heavy Crude Unloading Rack [Member] | West Ladder Rack Terminaling Agreement [Member] | PBF Logistics LP [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Oil And Gas Plant, Collaborative Agreement, Minimum Throughput Capacity | 40,000 | |||||||||||||
Delaware Truck Loading Services Agreement [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Term of Agreement | 10 years 8 months | |||||||||||||
Number of Contract Renewals | renewal | 2 | |||||||||||||
Term of Renewal | 5 years | |||||||||||||
Delaware City Products Pipeline - Magellan [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Term of Agreement | 2 years 5 months | |||||||||||||
Delaware City Products Pipeline - Magellan [Member] | Delaware City Pipeline Services Agreement [Member] | PBF Logistics LP [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Oil And Gas Plant, Collaborative Agreement, Minimum Throughput Capacity | 14,500 | |||||||||||||
Torrance Valley Pipeline Transportation Services Agreement [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Term of Agreement | 10 years | |||||||||||||
Cost of Sales [Member] | PBF Logistics LP [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Related Party Transaction, Amounts of Transaction | $ | 175,448,000 | 142,102,000 | 59,403,000 | |||||||||||
General and Administrative Expense [Member] | Services Agreement [Member] | PBF Logistics LP [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Related Party Transaction, Amounts of Transaction | $ | 5,121,000 | 4,533,000 | 2,298,000 | |||||||||||
General and Administrative Expense [Member] | Omnibus Agreement [Member] | PBF Logistics LP [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Related Party Transaction, Amounts of Transaction | $ | $ 4,805,000 | $ 5,297,000 | $ 3,600,000 | |||||||||||
Refined Clean Product [Member] | Delaware City Truck Rack [Member] | Delaware City Terminaling Services Agreement [Member] | PBF Logistics LP [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Oil And Gas Plant, Collaborative Agreement, Minimum Throughput Capacity | 30,000 | |||||||||||||
LPGs [Member] | Delaware City Truck Rack [Member] | Delaware City Terminaling Services Agreement [Member] | PBF Logistics LP [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Oil And Gas Plant, Collaborative Agreement, Minimum Throughput Capacity | 5,000 | |||||||||||||
Minimum [Member] | East Coast Terminals [Member] | East Coast Terminals commercial agreements [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Term of Agreement | 3 months | |||||||||||||
Maximum [Member] | East Coast Terminals [Member] | East Coast Terminals commercial agreements [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Term of Agreement | 5 years | |||||||||||||
Torrance Valley Pipeline Company [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Noncontrolling Interest, ownership Percentage by Parent | 50.00% | 50.00% | 50.00% |
COMMITMENTS AND CONTINGENCIES66
COMMITMENTS AND CONTINGENCIES (Details) | Feb. 15, 2017 | Feb. 14, 2017USD ($) | Jan. 24, 2017action | Jan. 13, 2017group | Jul. 01, 2016USD ($) | Mar. 03, 2014ppm | Mar. 01, 2011 | Feb. 28, 2017USD ($) | Nov. 30, 2016 | Dec. 31, 2016USD ($)ppm | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2011ppm | Dec. 31, 2010ppm |
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||
Rent expense | $ 129,768,000 | $ 126,060,000 | $ 98,473,000 | |||||||||||
Inventory purchases | 53,364,000 | 36,139,000 | $ 40,444,000 | |||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Investment in equity method investee | 179,882,000 | 0 | ||||||||||||
Environmental Matters | ||||||||||||||
Environmental liabilities | $ 8,882,000 | $ 2,178,000 | ||||||||||||
Percent of tax benefit received from increases in tax basis paid to stockholders | 85.00% | |||||||||||||
Percentage of ownership in PBF LLC | 100.00% | |||||||||||||
PBF Energy [Member] | Class A Common Stock [Member] | ||||||||||||||
Environmental Matters | ||||||||||||||
Percentage of ownership in PBF LLC | 96.50% | 95.10% | ||||||||||||
Environmental Issue [Member] | ||||||||||||||
Environmental Matters | ||||||||||||||
Environmental liabilities | $ 10,792,000 | $ 10,367,000 | ||||||||||||
Discount rate used for environmental liability assessment | 8.00% | |||||||||||||
Undiscounted liability | $ 16,655,000 | |||||||||||||
Expected future payments | $ 6,591,000 | |||||||||||||
Expected payment period | 5 years | |||||||||||||
Maximum amount of sulfur allowed in heating oil (in ppm) | ppm | 10 | 80 | ||||||||||||
Environmental Issue [Member] | Valero [Member] | ||||||||||||||
Environmental Matters | ||||||||||||||
Maximum pre-disposal environmental obligations of Valero | $ 20,000,000 | |||||||||||||
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] | Torrance Refinery [Member] | ||||||||||||||
Environmental Matters | ||||||||||||||
Environmental liabilities | 142,456,000 | |||||||||||||
Expected future payments | $ 35,677,000 | |||||||||||||
Term of insurance policies | 10 years | |||||||||||||
Cellulosic Standard [Member] | ||||||||||||||
Environmental Matters | ||||||||||||||
Renewable Fuels Standard Requirements Increase | 135.00% | |||||||||||||
Advanced Renewable Identification Number Requirements [Member] | ||||||||||||||
Environmental Matters | ||||||||||||||
Renewable Fuels Standard Requirements Increase | 7.00% | |||||||||||||
Total Renewable Identification Number Requirements [Member] | ||||||||||||||
Environmental Matters | ||||||||||||||
Renewable Fuels Standard Requirements Increase | 3.00% | |||||||||||||
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] | Environmental Issue [Member] | Torrance Refinery [Member] | ||||||||||||||
Environmental Matters | ||||||||||||||
Litigation Settlement, Amount | $ 100,000 | |||||||||||||
Executive [Member] | Minimum [Member] | ||||||||||||||
Employee Agreements | ||||||||||||||
Potential lump sum payment as a multiple of base salary | 1.5 | |||||||||||||
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 | 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 | |||||||||||||
Payments to acquire environmental insurance policies | $ 100,000,000 | |||||||||||||
Environmental Costs Recognized, Recovery Credited to Expense | $ 3,936,000 | |||||||||||||
Torrance Refinery [Member] | Environmental Issue [Member] | ||||||||||||||
Environmental Matters | ||||||||||||||
Payments to acquire environmental insurance policies | $ 100,000,000 | |||||||||||||
Subsequent Event [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Non-cancelable operating lease term | 20 years | |||||||||||||
Subsequent Event [Member] | Environmental Issue [Member] | ||||||||||||||
Environmental Matters | ||||||||||||||
Loss Contingency, Number Of Enforcement Actions Taken | action | 2 | |||||||||||||
Loss Contingency, Number Of Environmental Groups Appealing Permits | group | 2 | |||||||||||||
Subsequent Event [Member] | Chalmette Refinery [Member] | Environmental Issue [Member] | ||||||||||||||
Environmental Matters | ||||||||||||||
Environmental Exit Costs, Anticipated Cost | $ 700,000 | |||||||||||||
Pending Litigation [Member] | New Jersey Department Of Environmental Protection Vs. Paulsboro refinery [Member] | Subsequent Event [Member] | Environmental Remediation Contingency [Domain] | Paulsboro Refining Company LLC [Member] | ||||||||||||||
Environmental Matters | ||||||||||||||
Loss Contingency, Damages Sought, Value | $ 313,000 | |||||||||||||
Pending Litigation [Member] | New Jersey Department Of Environmental Protection Vs. Paulsboro refinery [Member] | Subsequent Event [Member] | Supplemental Environmental Project [Member] | Paulsboro Refining Company LLC [Member] | ||||||||||||||
Environmental Matters | ||||||||||||||
Loss Contingency, Damages Sought, Value | 153,000 | |||||||||||||
Pending Litigation [Member] | New Jersey Department Of Environmental Protection Vs. Paulsboro refinery [Member] | Subsequent Event [Member] | Balance Payable Upon Unfavorable Regulatory Action [Member] | Paulsboro Refining Company LLC [Member] | ||||||||||||||
Environmental Matters | ||||||||||||||
Loss Contingency, Damages Sought, Value | $ 160,000 |
COMMITMENTS AND CONTINGENCIES67
COMMITMENTS AND CONTINGENCIES (Future Minimum Rental Payments) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,017 | $ 156,699 |
2,018 | 139,440 |
2,019 | 115,482 |
2,020 | 101,503 |
2,021 | 59,305 |
Thereafter | 185,875 |
Total future obligation payments due | $ 758,304 |
EQUITY STRUCTURE (Additional In
EQUITY STRUCTURE (Additional Information) (Details) | 12 Months Ended | |
Dec. 31, 2016USD ($)vote / sharesshares | Dec. 31, 2015USD ($) | |
Class of Stock [Line Items] | ||
Shares outstanding | 0 | |
Percentage of ownership in PBF LLC | 100.00% | |
PBF Finance Corporation [Member] | ||
Class of Stock [Line Items] | ||
Shares outstanding | 100 | |
PBF Energy [Member] | Class B Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Common Stock, Voting Rights, Votes Per Share | vote / shares | 1 | |
PBF LLC [Member] | Series B Units [Member] | ||
Class of Stock [Line Items] | ||
Equity unit, stated value per share | $ | $ 0 | |
Number of units authorized | 1,000,000 | |
Collins Pipeline Company [Member] | Chalmette Refining [Member] | ||
Class of Stock [Line Items] | ||
Noncontrolling Interest, ownership Percentage by Parent | 80.00% | |
T&M Terminal Company [Member] | Chalmette Refining [Member] | ||
Class of Stock [Line Items] | ||
Noncontrolling Interest, ownership Percentage by Parent | 80.00% | |
Noncontrolling Interest [Member] | ||
Class of Stock [Line Items] | ||
Net Income (Loss) Attributable to Noncontrolling Interest | $ | $ 269,000 | $ 274,000 |
STOCK-BASED COMPENSATION (Share
STOCK-BASED COMPENSATION (Share-Based Compensation Expense) (Details) - General and Administrative Expense [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Allocated share-based compensation expense | $ 18,296 | $ 9,218 | $ 6,095 |
PBF LLC [Member] | Series A Units [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Allocated share-based compensation expense | 0 | 0 | 522 |
PBF Energy Inc. [Member] | Class A Common Stock [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Allocated share-based compensation expense | 11,020 | 7,528 | 4,343 |
Restricted Stock [Member] | Parent Company [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Allocated share-based compensation expense | $ 7,276 | $ 1,690 | $ 1,230 |
STOCK-BASED COMPENSATION (Sha70
STOCK-BASED COMPENSATION (Share-Based Compensation Activity) (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
PBF Energy Inc. [Member] | ||||
Options | ||||
Options, beginning balance | 4,256,375 | 2,401,875 | 1,320,000 | |
Granted | 1,792,000 | 1,899,500 | 1,135,000 | |
Exercised | (11,250) | (30,000) | 0 | |
Forfeited | (66,500) | (15,000) | (53,125) | |
Options, ending balance | 5,970,625 | 4,256,375 | 2,401,875 | 1,320,000 |
Weighted Average Exercise Price | ||||
Weighted average exercise price, beginning balance | $ 27.89 | $ 25.97 | $ 26.97 | |
Granted | 26.18 | 30.28 | 24.78 | |
Exercised | 25.86 | 25.79 | 0 | |
Forfeited | 28.74 | 26.38 | 25.44 | |
Weighted average exercise price, ending balance | $ 27.37 | $ 27.89 | $ 25.97 | $ 26.97 |
Weighted average remaining contractual term, outstanding | 8 years 7 days | 8 years 3 months 25 days | 8 years 8 months 2 days | 9 years 3 months 29 days |
Weighted average remaining contractual term, granted | 10 years | 10 years | 10 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 2,271,375 | 1,136,250 | 485,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 27.23 | $ 26.22 | $ 26.66 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 7 years 2 months 15 days | 7 years 7 months 11 days | 8 years 2 months 16 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 5,970,625 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 27.37 | |||
Weighted average remaining contractual term, expected to vest | 8 years 7 days | |||
PBF LLC [Member] | Series A Units [Member] | ||||
Options | ||||
Options, beginning balance | 640,779 | 801,479 | 841,079 | |
Exercised | (27,833) | (160,700) | (32,934) | |
Forfeited | (6,666) | |||
Options, ending balance | 612,946 | 640,779 | 801,479 | 841,079 |
Weighted Average Exercise Price | ||||
Weighted average exercise price, beginning balance | $ 10.59 | $ 10.53 | $ 10.52 | |
Exercised | 10 | 10.28 | 10 | |
Forfeited | 11.59 | |||
Weighted average exercise price, ending balance | $ 10.62 | $ 10.59 | $ 10.53 | $ 10.52 |
Weighted average remaining contractual term, outstanding | 4 years 5 months 20 days | 5 years 5 months 15 days | 6 years 4 months 28 days | 7 years 4 months 24 days |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 612,946 | 640,779 | 753,985 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 10.62 | $ 10.59 | $ 10.41 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 4 years 5 months 20 days | 5 years 5 months 15 days | 6 years 4 months 3 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 612,946 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 10.62 | |||
Weighted average remaining contractual term, expected to vest | 4 years 5 months 20 days |
STOCK-BASED COMPENSATION (Weigh
STOCK-BASED COMPENSATION (Weighted Average Assumptions) (Details) - PBF Energy Inc. [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
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 | 39.70% | 38.40% | 52.00% |
Dividend yield | 4.73% | 3.96% | 4.82% |
Risk-free rate of return | 1.42% | 1.58% | 1.80% |
Exercise price | $ 26.18 | $ 30.28 | $ 24.78 |
STOCK-BASED COMPENSATION (Addit
STOCK-BASED COMPENSATION (Additional Information) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
PBF LLC [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 10,577,000 | ||
Total intrinsic value of stock options exercised during period | 461,000 | $ 3,452,000 | $ 618,000 |
Unrecognized compensation expense | $ 0 | $ 0 | |
PBF LLC [Member] | Series A Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting rights percentage | 25.00% | ||
Warrants issued | 2,740,718 | ||
Exercise price per unit | $ 10 | ||
Warrants exercised in period | 0 | 24,000 | |
Non-compensatory warrants outstanding | 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 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 | ||
Parent Company [Member] | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted in period | 360,820 | 247,720 | 30,348 |
PBF Energy Inc. [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 4 years | ||
Granted in period | 1,792,000 | 1,899,500 | 1,135,000 |
Expiration period | 10 years | ||
PBF Energy Inc. [Member] | Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total estimated fair value, granted in period | $ 11,346,000 | $ 14,512,000 | |
Weighted average fair value per unit | $ 6.33 | $ 7.64 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 11,676,000 | ||
Total intrinsic value of stock options exercisable | 3,914,000 | ||
Total intrinsic value of stock options exercised during period | 5,000 | $ 133,000 | |
Unrecognized compensation expense | $ 21,323,000 |
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 108,838 | $ 80,897 | |||
Pension Benefits [Member] | |||||
Change in benefit obligation: | |||||
Benefit obligation at beginning of year | $ 100,011 | $ 81,098 | |||
Service cost | 36,359 | 24,298 | $ 19,407 | ||
Interest cost | 3,096 | 2,974 | 2,404 | ||
Plan amendments | 0 | 0 | |||
Benefit payments | (3,449) | (2,231) | |||
Actuarial loss (gain) | (509) | (6,128) | |||
Projected benefit obligation at end of year | 135,508 | 100,011 | 81,098 | ||
Change in plan assets: | |||||
Fair value of plan assets at beginning of year | 57,502 | 40,956 | |||
Actual return on plan assets | 3,995 | (13) | |||
Benefits paid | (3,449) | (2,231) | |||
Employer contributions | 17,319 | 18,790 | |||
Fair value of plan assets at end of year | 75,367 | 57,502 | 40,956 | ||
Reconciliation of funded status: | |||||
Fair value of plan assets at end of year | 57,502 | 40,956 | 40,956 | 75,367 | 57,502 |
Less benefit obligation at end of year | 100,011 | 81,098 | 81,098 | 135,508 | 100,011 |
Funded status at end of year | (60,141) | (42,509) | |||
Post Retirement Medical Plan [Member] | |||||
Change in benefit obligation: | |||||
Benefit obligation at beginning of year | 17,729 | 14,740 | |||
Service cost | 1,047 | 967 | 1,099 | ||
Interest cost | 528 | 558 | 520 | ||
Plan amendments | 2,524 | 1,533 | |||
Benefit payments | (575) | (381) | |||
Actuarial loss (gain) | 1,487 | 312 | |||
Projected benefit obligation at end of year | 22,740 | 17,729 | 14,740 | ||
Change in plan assets: | |||||
Fair value of plan assets at beginning of year | 0 | 0 | |||
Actual return on plan assets | 0 | 0 | |||
Benefits paid | (575) | (381) | |||
Employer contributions | 575 | 381 | |||
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 | $ 17,729 | $ 14,740 | $ 14,740 | 22,740 | 17,729 |
Funded status at end of year | $ (22,740) | $ (17,729) |
EMPLOYEE BENEFIT PLANS (Expecte
EMPLOYEE BENEFIT PLANS (Expected Benefit Payments) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | $ 36,300 |
2,017 | 12,307 |
2,018 | 8,873 |
2,019 | 11,027 |
2,020 | 13,067 |
2,021 | 16,079 |
Year 2022 - 2026 | 114,382 |
Post Retirement Medical Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,017 | 1,202 |
2,018 | 1,389 |
2,019 | 1,653 |
2,020 | 1,910 |
2,021 | 2,018 |
Year 2022 - 2026 | $ 10,438 |
EMPLOYEE BENEFIT PLANS (Net Per
EMPLOYEE BENEFIT PLANS (Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | $ 36,300 | ||
Service cost | 36,359 | $ 24,298 | $ 19,407 |
Interest cost | 3,096 | 2,974 | 2,404 |
Expected return on plan assets | (4,681) | (3,422) | (2,156) |
Amortization of prior service costs | 53 | 53 | 39 |
Amortization of loss | 1,043 | 1,228 | 1,033 |
Net periodic benefit cost | 35,870 | 25,131 | 20,727 |
Post Retirement Medical Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 1,047 | 967 | 1,099 |
Interest cost | 528 | 558 | 520 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service costs | 541 | 326 | 258 |
Amortization of loss | 0 | 0 | (4) |
Net periodic benefit cost | $ 2,116 | $ 1,851 | $ 1,873 |
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prior service costs (credits) | $ 0 | $ 0 | $ 529 |
Net actuarial loss (gain) | 176 | (2,220) | 8,151 |
Amortization of loss | (1,096) | (1,281) | (1,072) |
Total changes in other comprehensive loss (income) | (920) | (3,501) | 7,608 |
Post Retirement Medical Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prior service costs (credits) | 2,524 | 1,533 | 3,911 |
Net actuarial loss (gain) | 1,487 | 312 | 1,201 |
Amortization of loss | (541) | (326) | (255) |
Total changes in other comprehensive loss (income) | $ 3,470 | $ 1,519 | $ 4,857 |
EMPLOYEE BENEFIT PLANS (Pre-t77
EMPLOYEE BENEFIT PLANS (Pre-tax Amounts in AOCI Not Yet Recognized as Components of Net Periodic Costs) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prior service (costs) credits | $ (476) | $ (529) |
Net actuarial (loss) gain | (18,975) | (19,841) |
Total | (19,451) | (20,370) |
Post Retirement Medical Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prior service (costs) credits | (5,983) | (3,999) |
Net actuarial (loss) gain | (1,878) | (391) |
Total | $ (7,861) | $ (4,390) |
EMPLOYEE BENEFIT PLANS (Pre-t78
EMPLOYEE BENEFIT PLANS (Pre-tax Amounts in AOCI to be Recognized Over Next Fiscal Year) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Amortization of prior service (costs) credits | $ (53) |
Amortization of net actuarial (loss) gain | (452) |
Total | (505) |
Post Retirement Medical Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Amortization of prior service (costs) credits | (646) |
Amortization of net actuarial (loss) gain | 0 |
Total | $ (646) |
EMPLOYEE BENEFIT PLANS (Assumpt
EMPLOYEE BENEFIT PLANS (Assumptions Used) (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Pension Benefits [Member] | |||
Weighted Average Assumptions Used to Determine Benefit Obligations | |||
Discount rate | 4.07% | 4.17% | |
Rate of compensation increase | 4.81% | 4.81% | |
Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs | |||
Expected long-term rate of return on plan assets | 7.00% | 7.00% | 6.70% |
Rate of compensation increase | 4.81% | 4.81% | 4.64% |
Supplemental Employee Retirement Plan [Member] | |||
Weighted Average Assumptions Used to Determine Benefit Obligations | |||
Discount rate | 4.08% | 4.22% | |
Rate of compensation increase | 5.50% | 5.50% | |
Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs | |||
Expected long-term rate of return on plan assets | 0.00% | 0.00% | 0.00% |
Rate of compensation increase | 5.50% | 5.50% | 4.64% |
Post Retirement Medical Plan [Member] | |||
Weighted Average Assumptions Used to Determine Benefit Obligations | |||
Discount rate | 3.68% | 3.76% | |
Rate of compensation increase | 0.00% | 0.00% | |
Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs | |||
Expected long-term rate of return on plan assets | 0.00% | 0.00% | 0.00% |
Rate of compensation increase | 0.00% | 0.00% | 0.00% |
Service Cost [Member] | Pension Benefits [Member] | |||
Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs | |||
Discount rate | 4.15% | 4.25% | 4.55% |
Service Cost [Member] | Supplemental Employee Retirement Plan [Member] | |||
Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs | |||
Discount rate | 4.17% | 4.30% | 4.55% |
Service Cost [Member] | Post Retirement Medical Plan [Member] | |||
Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs | |||
Discount rate | 4.10% | 4.32% | 4.55% |
Effective rate for interest cost [Member] | Pension Benefits [Member] | |||
Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs | |||
Discount rate | 3.38% | 3.31% | 4.55% |
Effective rate for interest cost [Member] | Supplemental Employee Retirement Plan [Member] | |||
Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs | |||
Discount rate | 3.20% | 3.16% | 4.55% |
Effective rate for interest cost [Member] | Post Retirement Medical Plan [Member] | |||
Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs | |||
Discount rate | 3.11% | 3.09% | 4.55% |
Effective rate for interest on service cost [Member] | Pension Benefits [Member] | |||
Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs | |||
Discount rate | 3.59% | 3.51% | 4.55% |
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 | 3.63% | 3.37% | 4.55% |
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 | 3.84% | 4.04% | 4.55% |
EMPLOYEE BENEFIT PLANS (Assumed
EMPLOYEE BENEFIT PLANS (Assumed Health Care Cost Trend Rates) (Details) - Post Retirement Medical Plan [Member] | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Health care cost trend rate assumed for next year | 6.10% | 6.10% |
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, 2016USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Effect on total of service and interest cost components, 1% increase | $ 14 |
Effect on total of service and interest cost components, 1% decrease | (13) |
Effect on accumulated postretirement benefit obligation, 1% increase | 388 |
Effect on accumulated postretirement benefit obligation, 1% decrease | $ (367) |
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 75,367 | $ 57,502 | $ 40,956 |
Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 75,367 | 57,502 | |
Level 1 [Member] | Domestic Equities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 23,451 | 17,660 | |
Level 1 [Member] | Developed International Equities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 10,736 | 8,320 | |
Level 1 [Member] | Emerging Market Equities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 5,164 | 4,017 | |
Level 1 [Member] | Global Low Volatility Equities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 6,360 | 4,930 | |
Level 1 [Member] | Fixed-Income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 29,576 | 22,495 | |
Level 1 [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 80 | $ 80 |
EMPLOYEE BENEFIT PLANS (Additio
EMPLOYEE BENEFIT PLANS (Additional Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Maximum age to receive health care coverage | 65 years | ||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 108,838 | $ 80,897 | |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
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 | $ 19,746 | $ 12,753 | $ 11,364 |
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | $ 36,300 | ||
Pension Benefits [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan asset allocations | 60.00% | ||
Pension Benefits [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan asset allocations | 40.00% |
REVENUES (Details)
REVENUES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Product Information [Line Items] | |||
Revenues | $ 15,908,537 | $ 13,123,929 | $ 19,828,155 |
Gasoline and Distillates [Member] | |||
Product Information [Line Items] | |||
Revenues | 14,017,350 | 11,553,716 | 17,050,096 |
Asphalt and blackoils [Member] | |||
Product Information [Line Items] | |||
Revenues | 699,966 | 536,496 | 706,494 |
Chemicals [Member] | |||
Product Information [Line Items] | |||
Revenues | 554,392 | 452,304 | 739,096 |
Feedstocks and other [Member] | |||
Product Information [Line Items] | |||
Revenues | 376,471 | 315,042 | 922,003 |
Lubricants [Member] | |||
Product Information [Line Items] | |||
Revenues | $ 260,358 | $ 266,371 | $ 410,466 |
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Class of Stock [Line Items] | ||||
Income tax expense | $ 23,689 | $ 648 | $ 0 | |
Deferred income taxes | 19,802 | 0 | $ 0 | |
Collins Pipeline Company And T&M Terminal Company [Member] | ||||
Class of Stock [Line Items] | ||||
Income tax expense | 1,378 | $ 648 | ||
PBF Energy Limited [Member] | ||||
Class of Stock [Line Items] | ||||
Deferred income taxes | $ 8,412 | |||
Restatement Adjustment [Member] | Prior Period Error Correction [Member] | PBF Energy Limited [Member] | ||||
Class of Stock [Line Items] | ||||
Deferred income taxes | $ 121 | |||
Current Income Tax Expense (Benefit) | 30,602 | |||
Deferred Tax Liabilities, Net | 30,602 | |||
Taxes Payable, Current | $ 121 |
FAIR VALUE MEASUREMENTS (Measur
FAIR VALUE MEASUREMENTS (Measured on Recurring Basis) (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 9,440 | $ 9,325 |
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 | 4,491 | 52,482 |
Derivative, Collateral, Right to Reclaim Cash | (983) | (52,482) |
Derivative Liability | 3,508 | 0 |
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 | 859 | 49,960 |
Commodity contract [Member] | Fair Value, Inputs, 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 | 3,548 | 2,522 |
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 | 84 | 0 |
Catalyst Lease Obligation [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 | 45,969 | 31,802 |
Catalyst Lease Obligation [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Obligations, Fair Value Disclosure | 0 | 0 |
Catalyst Lease Obligation [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Obligations, Fair Value Disclosure | 45,969 | 31,802 |
Catalyst Lease Obligation [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Obligations, Fair Value Disclosure | 0 | 0 |
Money market funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 342,837 | 631,280 |
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 | 342,837 | 631,280 |
Money market funds [Member] | Fair Value, Inputs, 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 |
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 |
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 | 983 | 98,609 |
Derivative, Collateral, Obligation to Return Cash | (983) | (52,482) |
Derivative Asset | 0 | 46,127 |
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 | 948 | 63,810 |
Commodity contract [Member] | Fair Value, Inputs, 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 | 35 | 31,256 |
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 | 0 | 3,543 |
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 | 6,058 | 35,511 |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Derivative Asset | 6,058 | 35,511 |
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 | 0 |
Inventory Intermediation Agreement Obligation [Member] | Fair Value, Inputs, 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 | 6,058 | 35,511 |
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 | $ 0 |
FAIR VALUE MEASUREMENTS (Change
FAIR VALUE MEASUREMENTS (Change in Fair Value at Level 3) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Transfers into Level 3 | $ 0 | $ 0 |
Commodity Contract [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period | 3,543,000 | 1,521,000 |
Purchases | 0 | 0 |
Settlements | (1,149,000) | (15,222,000) |
Unrealized (gain) loss included in earnings | (2,478,000) | 17,244,000 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Balance at end of period | $ (84,000) | $ 3,543,000 |
FAIR VALUE MEASUREMENTS (Fair V
FAIR VALUE MEASUREMENTS (Fair Value and Carrying Value of Debt) (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long term loan | $ 1,601,836,000 | $ 1,268,937,000 |
Long-term debt, Fair value | 1,625,868,000 | 1,297,991,000 |
Less - Current maturities | 0 | 0 |
Less - Current maturities, Fair value | 0 | 0 |
Unamortized Debt Issuance Expense | 25,277,000 | 32,217,000 |
Long-term debt | 1,576,559,000 | 1,236,720,000 |
Long-term debt, Fair value | 1,625,868,000 | 1,297,991,000 |
Capital Lease Obligations [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, Fair value | 45,969,000 | 31,802,000 |
Long-term debt | 45,969,000 | 31,802,000 |
Notes Payable to Banks [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long term loan | 35,000,000 | 0 |
Senior secured notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long term loan | 669,644,000 | |
Long-term debt, Fair value | 696,098,000 | 706,246,000 |
Long-term debt | 670,867,000 | 669,644,000 |
2023 Senior Secured Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long term loan | 500,000,000 | |
Long-term debt, Fair value | 498,801,000 | 492,452,000 |
Long-term debt | 500,000,000 | 500,000,000 |
Rail Facility [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Line of Credit | 350,000,000 | 0 |
Lines of Credit, Fair Value Disclosure | 350,000,000 | 0 |
Rail Facility [Member] | Line of Credit [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Line of Credit | 0 | 67,491,000 |
Lines of Credit, Fair Value Disclosure | 0 | 67,491,000 |
Catalyst lease [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Obligations, Fair Value Disclosure | 45,969,000 | 31,802,000 |
Catalyst lease [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Obligations, Fair Value Disclosure | 45,969,000 | 31,802,000 |
PBF Rail Logistics Company LLC [Member] | Notes Payable to Banks [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long term loan | 35,000,000 | |
Long-term Line of Credit | 0 | |
Lines of Credit, Fair Value Disclosure | $ 35,000,000 | $ 0 |
DERIVATIVES (Narrative) (Detail
DERIVATIVES (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2016USD ($)bbl | Dec. 31, 2015USD ($)bbl | |
Derivative [Line Items] | ||
Gain (loss) on fair value hedge ineffectiveness | $ | $ 0 | $ 0 |
Crude Oil and Feedstock Inventory [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Derivative, notional amount, volume | 0 | 0 |
Crude Oil and Feedstock Inventory [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Derivative, notional amount, volume | 0 | 0 |
Intermediates and Refined Products Inventory [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Derivative, notional amount, volume | 0 | 0 |
Intermediates and Refined Products Inventory [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Derivative, notional amount, volume | 2,942,348 | 3,776,011 |
Crude Oil Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Derivative, notional amount, volume | 5,950,000 | 39,577,000 |
Refined Product Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Derivative, notional amount, volume | 2,831,000 | 4,599,136 |
DERIVATIVES (Fair Value of Deri
DERIVATIVES (Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Designated as Hedging Instrument [Member] | Inventory Intermediation Agreement Obligation [Member] | Accrued Expenses [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value Asset/(Liability) | $ 6,058 | $ 35,511 |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Accrued Expenses [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value Asset/(Liability) | $ 46,127 | |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Accounts Receivable [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value Asset/(Liability) | $ 3,508 |
DERIVATIVES (Gain (Loss) Recogn
DERIVATIVES (Gain (Loss) Recognized in Income) (Details) - Cost of Sales [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Designated as Hedging Instrument [Member] | Inventory Supply Arrangement Obligation [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain or (Loss) Recognized in Income on Derivatives | $ 0 | $ (4,251) | $ 4,428 |
Designated as Hedging Instrument [Member] | Inventory Intermediation Agreement Obligation [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain or (Loss) Recognized in Income on Derivatives | (29,453) | (59,323) | 88,818 |
Designated as Hedging Instrument [Member] | Crude Oil and Feedstock Inventory [Member] | Fair Value Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain or (Loss) Recognized in Income on Derivatives | 0 | 4,251 | (4,428) |
Designated as Hedging Instrument [Member] | Intermediates and Refined Products Inventory [Member] | Fair Value Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain or (Loss) Recognized in Income on Derivatives | 29,453 | 59,323 | (88,818) |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain or (Loss) Recognized in Income on Derivatives | $ (55,557) | $ 32,416 | $ 146,016 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - USD ($) | Feb. 28, 2017 | Feb. 16, 2017 | Feb. 15, 2017 | Aug. 31, 2016 |
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Storage service agreement, term | 10 years | |||
Operating lease term | 20 years | |||
Subsequent Event [Member] | PBF Energy Inc. [Member] | Class A Common Stock [Member] | ||||
Subsequent Event [Line Items] | ||||
Dividends declared per share | $ 0.30 | |||
PBF LLC [Member] | Fourth Amended and Restated O&M Agreement [Member] | ||||
Subsequent Event [Line Items] | ||||
Related Party Transaction, Annual Fee | $ 6,386,000 | |||
PBF LLC [Member] | Fifth Amended and Restated O&M Agreement [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Related Party Transaction, Annual Fee | $ 6,700,000 |
CONSOLIDATING FINANCIAL STATE93
CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2016 | Sep. 01, 2016 | |
PBF Services Company [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Percentage of ownership in subsidiaries | 100.00% | |
Delaware City Refining Company LLC [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Percentage of ownership in subsidiaries | 100.00% | |
Delaware Pipeline Company LLC [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Percentage of ownership in subsidiaries | 100.00% | |
PBF Power Marketing LLC [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Percentage of ownership in subsidiaries | 100.00% | |
Paulsboro Refining Company LLC [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Percentage of ownership in subsidiaries | 100.00% | |
Paulsboro Natural Gas Pipeline Company LLC [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Percentage of ownership in subsidiaries | 100.00% | |
Toledo Refining Company LLC [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Percentage of ownership in subsidiaries | 100.00% | |
PBF Investments LLC [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Percentage of ownership in subsidiaries | 100.00% | |
Torrance Valley Pipeline Company [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Noncontrolling Interest, ownership Percentage by Parent | 50.00% | 50.00% |
CONSOLIDATING FINANCIAL STATE94
CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS (Balance Sheet) (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2010 |
Current assets: | |||||
Cash and cash equivalents | $ 626,705,000 | $ 914,749,000 | $ 218,403,000 | $ 76,970,000 | |
Accounts receivable | 615,881,000 | 454,759,000 | |||
Accounts receivable - affiliate | 7,631,000 | 3,438,000 | |||
Inventories | 1,863,560,000 | 1,174,272,000 | |||
Prepaid expense and other current assets | 40,536,000 | 33,701,000 | |||
Due from related party | 0 | 0 | |||
Total current assets | 3,154,313,000 | 2,580,919,000 | |||
Property, plant and equipment, net | 2,728,699,000 | 2,211,090,000 | |||
Investment in subsidiaries | 0 | 0 | |||
Investment in equity method investee | 179,882,000 | 0 | |||
Deferred charges and other assets, net | 504,003,000 | 290,713,000 | |||
Due from Related Parties, Noncurrent | 0 | 0 | |||
Total assets | 6,566,897,000 | 5,082,722,000 | |||
Current liabilities: | |||||
Accounts payable | 530,365,000 | 314,843,000 | |||
Accounts payable - affiliate | 37,863,000 | 23,949,000 | |||
Accrued expenses | 1,462,729,000 | 1,117,435,000 | |||
Current portion of long-term debt | 0 | 0 | |||
Deferred revenue | 12,340,000 | 4,043,000 | |||
Due to related parties | 0 | 0 | |||
Total current liabilities | 2,043,297,000 | 1,460,270,000 | |||
Delaware Economic Development Authority loan | 0 | 4,000,000 | $ 20,000,000 | ||
Long-term debt | 1,576,559,000 | 1,236,720,000 | |||
Affiliate notes payable | 86,298,000 | 470,047,000 | |||
Deferred tax liabilities | 45,699,000 | 20,577,000 | |||
Other long-term liabilities | 226,111,000 | 69,824,000 | |||
Due to Related Parties, Noncurrent | 0 | 0 | |||
Total liabilities | 3,977,964,000 | 3,261,438,000 | |||
Commitments and contingencies | |||||
Equity: | |||||
Member's equity | 2,155,863,000 | 1,479,175,000 | |||
Retained earnings | 446,519,000 | 349,654,000 | |||
Accumulated other comprehensive loss | (25,962,000) | (24,770,000) | |||
Total PBF Holding Company LLC equity | 2,576,420,000 | 1,804,059,000 | |||
Noncontrolling interest | 12,513,000 | 17,225,000 | |||
Total equity | 2,588,933,000 | 1,821,284,000 | 1,630,516,000 | 1,772,153,000 | |
Total liabilities and equity | 6,566,897,000 | 5,082,722,000 | |||
Issuer [Member] | |||||
Current assets: | |||||
Cash and cash equivalents | 530,085,000 | 882,820,000 | 185,381,000 | 76,179,000 | |
Accounts receivable | 599,147,000 | 430,809,000 | |||
Accounts receivable - affiliate | 2,432,000 | 917,000 | |||
Inventories | 1,680,058,000 | 608,646,000 | |||
Prepaid expense and other current assets | 27,443,000 | 24,243,000 | |||
Due from related party | 24,141,120,000 | 20,236,649,000 | |||
Total current assets | 26,980,285,000 | 22,184,084,000 | |||
Property, plant and equipment, net | 33,772,000 | 25,240,000 | |||
Investment in subsidiaries | 705,034,000 | 1,740,111,000 | |||
Investment in equity method investee | 0 | ||||
Deferred charges and other assets, net | 12,317,000 | 23,973,000 | |||
Due from Related Parties, Noncurrent | 0 | 0 | |||
Total assets | 27,731,408,000 | 23,973,408,000 | |||
Current liabilities: | |||||
Accounts payable | 360,260,000 | 196,988,000 | |||
Accounts payable - affiliate | 37,077,000 | 23,949,000 | |||
Accrued expenses | 1,094,581,000 | 503,179,000 | |||
Current portion of long-term debt | 0 | 0 | |||
Deferred revenue | 10,901,000 | 4,043,000 | |||
Due to related parties | 22,027,065,000 | 19,787,807,000 | |||
Total current liabilities | 23,529,884,000 | 20,515,966,000 | |||
Delaware Economic Development Authority loan | 0 | ||||
Long-term debt | 1,496,085,000 | 1,137,980,000 | |||
Affiliate notes payable | 86,298,000 | 470,047,000 | |||
Deferred tax liabilities | 0 | 0 | |||
Other long-term liabilities | 30,208,000 | 28,131,000 | |||
Due to Related Parties, Noncurrent | 0 | 0 | |||
Total liabilities | 25,142,475,000 | 22,152,124,000 | |||
Commitments and contingencies | |||||
Equity: | |||||
Member's equity | 2,155,863,000 | 1,479,175,000 | |||
Retained earnings | 446,519,000 | 349,654,000 | |||
Accumulated other comprehensive loss | (25,962,000) | (24,770,000) | |||
Total PBF Holding Company LLC equity | 2,576,420,000 | 1,804,059,000 | |||
Noncontrolling interest | 12,513,000 | 17,225,000 | |||
Total equity | 2,588,933,000 | 1,821,284,000 | |||
Total liabilities and equity | 27,731,408,000 | 23,973,408,000 | |||
Guarantors Subsidiaries [Member] | |||||
Current assets: | |||||
Cash and cash equivalents | 56,717,000 | 6,236,000 | 704,000 | 791,000 | |
Accounts receivable | 7,999,000 | 11,057,000 | |||
Accounts receivable - affiliate | 4,504,000 | 2,521,000 | |||
Inventories | 0 | 363,151,000 | |||
Prepaid expense and other current assets | 12,933,000 | 9,074,000 | |||
Due from related party | 21,883,569,000 | 20,547,503,000 | |||
Total current assets | 21,965,722,000 | 20,939,542,000 | |||
Property, plant and equipment, net | 2,452,877,000 | 1,960,066,000 | |||
Investment in subsidiaries | 440,377,000 | 143,349,000 | |||
Investment in equity method investee | 0 | ||||
Deferred charges and other assets, net | 491,673,000 | 265,240,000 | |||
Due from Related Parties, Noncurrent | 0 | 0 | |||
Total assets | 25,350,649,000 | 23,308,197,000 | |||
Current liabilities: | |||||
Accounts payable | 157,277,000 | 113,564,000 | |||
Accounts payable - affiliate | 786,000 | 0 | |||
Accrued expenses | 201,935,000 | 495,842,000 | |||
Current portion of long-term debt | 0 | 0 | |||
Deferred revenue | 1,438,000 | 0 | |||
Due to related parties | 24,031,520,000 | 21,026,310,000 | |||
Total current liabilities | 24,392,956,000 | 21,635,716,000 | |||
Delaware Economic Development Authority loan | 0 | 4,000,000 | |||
Long-term debt | 45,908,000 | 31,717,000 | |||
Affiliate notes payable | 0 | 0 | |||
Deferred tax liabilities | 0 | 0 | |||
Other long-term liabilities | 192,204,000 | 41,693,000 | |||
Due to Related Parties, Noncurrent | 0 | 20,577,000 | |||
Total liabilities | 24,631,068,000 | 21,733,703,000 | |||
Commitments and contingencies | |||||
Equity: | |||||
Member's equity | 1,714,997,000 | 1,062,717,000 | |||
Retained earnings | (999,693,000) | 502,788,000 | |||
Accumulated other comprehensive loss | (8,236,000) | (8,236,000) | |||
Total PBF Holding Company LLC equity | 707,068,000 | 1,557,269,000 | |||
Noncontrolling interest | 12,513,000 | 17,225,000 | |||
Total equity | 719,581,000 | 1,574,494,000 | |||
Total liabilities and equity | 25,350,649,000 | 23,308,197,000 | |||
Non-Guarantor Subsidiaries [Member] | |||||
Current assets: | |||||
Cash and cash equivalents | 41,366,000 | 28,968,000 | 34,334,000 | 0 | |
Accounts receivable | 8,735,000 | 12,893,000 | |||
Accounts receivable - affiliate | 695,000 | 0 | |||
Inventories | 183,502,000 | 202,475,000 | |||
Prepaid expense and other current assets | 160,000 | 384,000 | |||
Due from related party | 4,692,799,000 | 3,262,382,000 | |||
Total current assets | 4,927,257,000 | 3,507,102,000 | |||
Property, plant and equipment, net | 242,050,000 | 225,784,000 | |||
Investment in subsidiaries | 0 | 0 | |||
Investment in equity method investee | 179,882,000 | ||||
Deferred charges and other assets, net | 13,000 | 1,500,000 | |||
Due from Related Parties, Noncurrent | 0 | 20,577,000 | |||
Total assets | 5,349,202,000 | 3,754,963,000 | |||
Current liabilities: | |||||
Accounts payable | 14,291,000 | 7,566,000 | |||
Accounts payable - affiliate | 0 | 0 | |||
Accrued expenses | 166,213,000 | 118,414,000 | |||
Current portion of long-term debt | 0 | 0 | |||
Deferred revenue | 1,000 | 0 | |||
Due to related parties | 4,658,903,000 | 3,232,417,000 | |||
Total current liabilities | 4,839,408,000 | 3,358,397,000 | |||
Delaware Economic Development Authority loan | 0 | 0 | |||
Long-term debt | 34,566,000 | 67,023,000 | |||
Affiliate notes payable | 0 | 0 | |||
Deferred tax liabilities | 45,699,000 | 20,577,000 | |||
Other long-term liabilities | 3,699,000 | 0 | |||
Due to Related Parties, Noncurrent | 0 | 0 | |||
Total liabilities | 4,923,372,000 | 3,445,997,000 | |||
Commitments and contingencies | |||||
Equity: | |||||
Member's equity | 374,067,000 | 182,696,000 | |||
Retained earnings | 51,763,000 | 126,270,000 | |||
Accumulated other comprehensive loss | 0 | 0 | |||
Total PBF Holding Company LLC equity | 425,830,000 | 308,966,000 | |||
Noncontrolling interest | 0 | 0 | |||
Total equity | 425,830,000 | 308,966,000 | |||
Total liabilities and equity | 5,349,202,000 | 3,754,963,000 | |||
Combining and Consolidated Adjustments [Member] | |||||
Current assets: | |||||
Cash and cash equivalents | (1,463,000) | (3,275,000) | $ (2,016,000) | $ 0 | |
Accounts receivable | 0 | 0 | |||
Accounts receivable - affiliate | 0 | 0 | |||
Inventories | 0 | 0 | |||
Prepaid expense and other current assets | 0 | 0 | |||
Due from related party | (50,717,488,000) | (44,046,534,000) | |||
Total current assets | (50,718,951,000) | (44,049,809,000) | |||
Property, plant and equipment, net | 0 | 0 | |||
Investment in subsidiaries | (1,145,411,000) | (1,883,460,000) | |||
Investment in equity method investee | 0 | ||||
Deferred charges and other assets, net | 0 | 0 | |||
Due from Related Parties, Noncurrent | 0 | (20,577,000) | |||
Total assets | (51,864,362,000) | (45,953,846,000) | |||
Current liabilities: | |||||
Accounts payable | (1,463,000) | (3,275,000) | |||
Accounts payable - affiliate | 0 | 0 | |||
Accrued expenses | 0 | 0 | |||
Current portion of long-term debt | 0 | 0 | |||
Deferred revenue | 0 | 0 | |||
Due to related parties | (50,717,488,000) | (44,046,534,000) | |||
Total current liabilities | (50,718,951,000) | (44,049,809,000) | |||
Delaware Economic Development Authority loan | 0 | 0 | |||
Long-term debt | 0 | 0 | |||
Affiliate notes payable | 0 | 0 | |||
Deferred tax liabilities | 0 | 0 | |||
Other long-term liabilities | 0 | 0 | |||
Due to Related Parties, Noncurrent | 0 | (20,577,000) | |||
Total liabilities | (50,718,951,000) | (44,070,386,000) | |||
Commitments and contingencies | |||||
Equity: | |||||
Member's equity | (2,089,064,000) | (1,245,413,000) | |||
Retained earnings | 947,930,000 | (629,058,000) | |||
Accumulated other comprehensive loss | 8,236,000 | 8,236,000 | |||
Total PBF Holding Company LLC equity | (1,132,898,000) | (1,866,235,000) | |||
Noncontrolling interest | (12,513,000) | (17,225,000) | |||
Total equity | (1,145,411,000) | (1,883,460,000) | |||
Total liabilities and equity | $ (51,864,362,000) | $ (45,953,846,000) |
CONSOLIDATING FINANCIAL STATE95
CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS (Statement of Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues | $ 15,908,537 | $ 13,123,929 | $ 19,828,155 |
Cost, expenses and other | |||
Cost of sales, excluding depreciation | 13,765,088 | 11,611,599 | 18,514,054 |
Operating expenses, excluding depreciation | 1,390,582 | 889,368 | 880,701 |
General and administrative expenses | 149,643 | 166,904 | 140,150 |
Equity income in investee | (5,679) | 0 | 0 |
Gain on sale of asset | 11,374 | (1,004) | (895) |
Depreciation and amortization expense | 209,840 | 191,110 | 178,996 |
Total cost and expenses | 15,520,848 | 12,857,977 | 19,713,006 |
Income from operations | 387,689 | 265,952 | 115,149 |
Other income (expense) | |||
Equity in earnings (loss) of subsidiaries | 0 | 0 | 0 |
Change in fair value of catalyst lease | 1,422 | 10,184 | 3,969 |
Interest expense, net | (129,536) | (88,194) | (98,001) |
Income before income taxes | 259,575 | 187,942 | 21,117 |
Income tax expense | 23,689 | 648 | 0 |
Net income | 235,886 | 187,294 | 21,117 |
Less income attributable to noncontrolling interests | 269 | 274 | 0 |
Net income attributable to PBF Holding Company LLC | 235,617 | 187,020 | 21,117 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 233,025 | 189,126 | 8,779 |
Issuer [Member] | |||
Revenues | 15,808,556 | 13,085,122 | 19,847,045 |
Cost, expenses and other | |||
Cost of sales, excluding depreciation | 13,813,293 | 11,514,115 | 18,467,533 |
Operating expenses, excluding depreciation | 41 | (3,683) | 218 |
General and administrative expenses | 123,150 | 143,580 | 123,692 |
Equity income in investee | 0 | ||
Gain on sale of asset | 2,392 | (249) | (277) |
Depreciation and amortization expense | 5,836 | 9,687 | 13,583 |
Total cost and expenses | 13,944,712 | 11,663,450 | 18,604,749 |
Income from operations | 1,863,844 | 1,421,672 | 1,242,296 |
Other income (expense) | |||
Equity in earnings (loss) of subsidiaries | (1,502,243) | (1,154,420) | (1,131,321) |
Change in fair value of catalyst lease | 0 | 0 | 0 |
Interest expense, net | (125,715) | (79,310) | (89,858) |
Income before income taxes | 235,886 | 187,942 | 21,117 |
Income tax expense | 0 | 0 | 0 |
Net income | 235,886 | 187,942 | 21,117 |
Less income attributable to noncontrolling interests | 269 | 274 | 0 |
Net income attributable to PBF Holding Company LLC | 235,617 | 187,668 | 21,117 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 233,025 | 189,774 | 8,779 |
Guarantors Subsidiaries [Member] | |||
Revenues | 800,647 | 884,930 | 1,402,253 |
Cost, expenses and other | |||
Cost of sales, excluding depreciation | 649,242 | 1,026,846 | 1,522,901 |
Operating expenses, excluding depreciation | 1,356,572 | 891,534 | 880,339 |
General and administrative expenses | 27,602 | 21,016 | 16,259 |
Equity income in investee | 0 | ||
Gain on sale of asset | 150 | (105) | 0 |
Depreciation and amortization expense | 194,701 | 178,578 | 164,525 |
Total cost and expenses | 2,228,267 | 2,117,869 | 2,584,024 |
Income from operations | (1,427,620) | (1,232,939) | (1,181,771) |
Other income (expense) | |||
Equity in earnings (loss) of subsidiaries | (74,507) | 0 | 0 |
Change in fair value of catalyst lease | 1,422 | 10,184 | |
Acquisition related costs | 3,969 | ||
Interest expense, net | (1,538) | (5,876) | (6,225) |
Income before income taxes | (1,502,243) | (1,228,631) | (1,184,027) |
Income tax expense | 0 | 0 | 0 |
Net income | (1,502,243) | (1,228,631) | (1,184,027) |
Less income attributable to noncontrolling interests | 269 | 274 | 0 |
Net income attributable to PBF Holding Company LLC | (1,502,512) | (1,228,905) | (1,184,027) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (1,502,512) | (1,228,905) | (1,194,031) |
Non-Guarantor Subsidiaries [Member] | |||
Revenues | 1,524,691 | 1,633,818 | 1,007,407 |
Cost, expenses and other | |||
Cost of sales, excluding depreciation | 1,527,910 | 1,550,579 | 952,170 |
Operating expenses, excluding depreciation | 33,969 | 1,517 | 144 |
General and administrative expenses | (1,109) | 2,308 | 199 |
Equity income in investee | (5,679) | ||
Gain on sale of asset | 8,832 | (650) | (618) |
Depreciation and amortization expense | 9,303 | 2,845 | 888 |
Total cost and expenses | 1,573,226 | 1,556,599 | 952,783 |
Income from operations | (48,535) | 77,219 | 54,624 |
Other income (expense) | |||
Equity in earnings (loss) of subsidiaries | 0 | 0 | 0 |
Change in fair value of catalyst lease | 0 | 0 | 0 |
Interest expense, net | (2,283) | (3,008) | (1,918) |
Income before income taxes | (50,818) | 74,211 | 52,706 |
Income tax expense | 23,689 | 648 | 0 |
Net income | (74,507) | 73,563 | 52,706 |
Less income attributable to noncontrolling interests | 0 | 0 | 0 |
Net income attributable to PBF Holding Company LLC | (74,507) | 73,563 | 52,706 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (74,507) | 73,563 | 52,706 |
Combining and Consolidated Adjustments [Member] | |||
Revenues | (2,225,357) | (2,479,941) | (2,428,550) |
Cost, expenses and other | |||
Cost of sales, excluding depreciation | (2,225,357) | (2,479,941) | (2,428,550) |
Operating expenses, excluding depreciation | 0 | 0 | 0 |
General and administrative expenses | 0 | 0 | 0 |
Equity income in investee | 0 | ||
Gain on sale of asset | 0 | 0 | 0 |
Depreciation and amortization expense | 0 | 0 | 0 |
Total cost and expenses | (2,225,357) | (2,479,941) | (2,428,550) |
Income from operations | 0 | 0 | 0 |
Other income (expense) | |||
Equity in earnings (loss) of subsidiaries | 1,576,750 | 1,154,420 | 1,131,321 |
Change in fair value of catalyst lease | 0 | 0 | 0 |
Interest expense, net | 0 | 0 | 0 |
Income before income taxes | 1,576,750 | 1,154,420 | 1,131,321 |
Income tax expense | 0 | 0 | 0 |
Net income | 1,576,750 | 1,154,420 | 1,131,321 |
Less income attributable to noncontrolling interests | (269) | (274) | 0 |
Net income attributable to PBF Holding Company LLC | 1,577,019 | 1,154,694 | 1,131,321 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 1,577,019 | $ 1,154,694 | $ 1,141,325 |
CONSOLIDATING FINANCIAL STATE96
CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS (Statement of Cash Flows) (Details) - USD ($) $ in Thousands | Jul. 01, 2016 | Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Cash flows from operating activities: | |||||
Net income | $ 235,886 | $ 187,294 | $ 21,117 | ||
Adjustments to reconcile net income to net cash from operating activities: | |||||
Depreciation and amortization | 218,933 | 199,383 | 186,412 | ||
Stock-based compensation | 18,296 | 9,218 | 6,095 | ||
Change in fair value of catalyst lease obligation | (1,422) | (10,184) | (3,969) | ||
Non-cash change inventory repurchase obligations | 29,453 | 63,389 | (93,246) | ||
Non-cash lower of cost or market inventory adjustment | (521,348) | 427,226 | 690,110 | ||
Deferred income taxes | 19,802 | 0 | 0 | ||
Pension and other post retirement benefits costs | 37,987 | 26,982 | 22,600 | ||
Gain (Loss) on Disposition of Property Plant Equipment | (11,374) | 1,004 | 895 | ||
Loss (gain) on sale of assets | 11,374 | (1,004) | (895) | ||
Equity in earnings (loss) of subsidiaries | 0 | 0 | 0 | ||
Changes in operating assets and liabilities: | |||||
Accounts receivable | (161,122) | 97,636 | 45,378 | ||
Increase (Decrease) in Due to Related Parties | 12,104 | ||||
Due to/from affiliates | 9,721 | 12,104 | 8,407 | ||
Inventories | 236,602 | (271,892) | (394,031) | ||
Prepaid expense and other current assets | (5,783) | (631) | 23,686 | ||
Accounts payable | 213,514 | (25,015) | (67,111) | ||
Accrued expenses | 227,986 | (37,737) | 59,899 | ||
Deferred revenue | 8,297 | 2,816 | (6,539) | ||
Increase (Decrease) in Other Operating Assets and Liabilities, Net | (20,878) | (27,182) | (2,225) | ||
Net cash provided by operations | 551,619 | 652,403 | 495,688 | ||
Cash flows from investing activities: | |||||
Expenditures for property, plant and equipment | (282,430) | (352,365) | (470,460) | ||
Expenditures for refinery turnarounds costs | (198,664) | (53,576) | (137,688) | ||
Expenditures for other assets | (42,506) | (8,236) | (17,255) | ||
Return on investment in subsidiaries | 0 | 0 | 0 | ||
Capital contributions to subsidiaries | 0 | ||||
Proceeds from sale of assets | 24,692 | 168,270 | 202,654 | ||
Net cash used in investing activities | (1,473,499) | (811,211) | (422,749) | ||
Proceeds from members' capital contributions | 345,000 | ||||
Cash flows from financing activities: | |||||
Proceeds from revolver borrowings | 550,000 | 170,000 | 395,000 | ||
Proceeds from affiliate notes payable | 43,396 | 347,783 | 90,631 | ||
Repayment of affiliate notes payable | (53,524) | 0 | 0 | ||
Proceeds from Contributions from Parent | (450,300) | (345,000) | (328,664) | ||
Parent Distribution | 0 | 0 | |||
Distribution to members | (139,434) | (350,658) | (361,352) | ||
Repayments of revolver borrowings | (200,000) | (170,000) | (410,000) | ||
Proceeds from 2023 Senior Secured Notes | 0 | ||||
Additional catalyst lease | 15,589 | 0 | 0 | ||
Payments of Financing Costs | 0 | 17,108 | 11,719 | ||
Net cash provided by financing activities | 633,836 | 855,154 | 68,494 | ||
Net increase (decrease) in cash and cash equivalents | (288,044) | 696,346 | 141,433 | ||
Cash and equivalents, beginning of period | 914,749 | 218,403 | 76,970 | ||
Cash and equivalents, end of period | $ 626,705 | 626,705 | 914,749 | 218,403 | |
Equity income in investee | (5,679) | 0 | 0 | ||
Issuer [Member] | |||||
Cash flows from operating activities: | |||||
Net income | 235,886 | 187,942 | 21,117 | ||
Adjustments to reconcile net income to net cash from operating activities: | |||||
Depreciation and amortization | 14,874 | 17,063 | 20,334 | ||
Stock-based compensation | 0 | 0 | 0 | ||
Change in fair value of catalyst lease obligation | 0 | 0 | 0 | ||
Non-cash change inventory repurchase obligations | 29,453 | 0 | 0 | ||
Non-cash lower of cost or market inventory adjustment | (521,348) | 279,785 | 566,412 | ||
Deferred income taxes | 0 | ||||
Pension and other post retirement benefits costs | 7,139 | 7,576 | 6,426 | ||
Gain (Loss) on Disposition of Property Plant Equipment | (2,392) | 249 | 277 | ||
Loss (gain) on sale of assets | 2,392 | (249) | (277) | ||
Equity in earnings (loss) of subsidiaries | (1,502,243) | (1,154,420) | (1,131,321) | ||
Changes in operating assets and liabilities: | |||||
Accounts receivable | (168,338) | 87,689 | 69,887 | ||
Increase (Decrease) in Due to Related Parties | (1,018,176) | ||||
Due to/from affiliates | (2,031,933) | (1,227,851) | |||
Inventories | 217,629 | (108,751) | (259,352) | ||
Prepaid expense and other current assets | (3,200) | 2,721 | 22,287 | ||
Accounts payable | 163,272 | (38,609) | (71,821) | ||
Accrued expenses | 531,613 | 27,925 | (131,903) | ||
Deferred revenue | 6,858 | 2,816 | (6,539) | ||
Increase (Decrease) in Other Operating Assets and Liabilities, Net | (5,833) | (423) | (1,966) | ||
Net cash provided by operations | (19,293) | 601,729 | 138,075 | ||
Cash flows from investing activities: | |||||
Expenditures for property, plant and equipment | (21,563) | (193,898) | (152,814) | ||
Expenditures for refinery turnarounds costs | 0 | 0 | 0 | ||
Expenditures for other assets | 0 | 0 | 0 | ||
Return on investment in subsidiaries | 12,800 | 10,000 | (44,346) | ||
Capital contributions to subsidiaries | (8,287) | (5,000) | |||
Proceeds from sale of assets | 4,802 | 60,902 | 133,845 | ||
Net cash used in investing activities | (984,180) | (729,307) | (63,315) | ||
Proceeds from members' capital contributions | 0 | 345,000 | |||
Cash flows from financing activities: | |||||
Proceeds from revolver borrowings | 550,000 | 170,000 | 395,000 | ||
Proceeds from affiliate notes payable | 43,396 | 347,783 | 90,631 | ||
Repayment of affiliate notes payable | (53,524) | ||||
Proceeds from Contributions from Parent | (450,300) | (328,664) | |||
Parent Distribution | 0 | 0 | |||
Distribution to members | (139,434) | (350,658) | (361,352) | ||
Repayments of revolver borrowings | (200,000) | (170,000) | (410,000) | ||
Proceeds from 2023 Senior Secured Notes | 0 | ||||
Additional catalyst lease | 0 | ||||
Payments of Financing Costs | 17,108 | 8,501 | |||
Net cash provided by financing activities | 650,738 | 825,017 | 34,442 | ||
Net increase (decrease) in cash and cash equivalents | (352,735) | 697,439 | 109,202 | ||
Cash and equivalents, beginning of period | 882,820 | 185,381 | 76,179 | ||
Cash and equivalents, end of period | 530,085 | 530,085 | 882,820 | 185,381 | |
Equity income in investee | 0 | ||||
Guarantors Subsidiaries [Member] | |||||
Cash flows from operating activities: | |||||
Net income | (1,502,243) | (1,228,631) | (1,184,027) | ||
Adjustments to reconcile net income to net cash from operating activities: | |||||
Depreciation and amortization | 194,722 | 178,601 | 164,550 | ||
Stock-based compensation | 18,296 | 9,218 | 6,095 | ||
Change in fair value of catalyst lease obligation | (1,422) | (10,184) | (3,969) | ||
Non-cash change inventory repurchase obligations | 0 | 63,389 | (93,246) | ||
Non-cash lower of cost or market inventory adjustment | 0 | 147,441 | 123,698 | ||
Deferred income taxes | 0 | ||||
Pension and other post retirement benefits costs | 30,848 | 19,406 | 16,174 | ||
Gain (Loss) on Disposition of Property Plant Equipment | (150) | 105 | 0 | ||
Loss (gain) on sale of assets | 150 | (105) | 0 | ||
Equity in earnings (loss) of subsidiaries | (74,507) | 0 | 0 | ||
Changes in operating assets and liabilities: | |||||
Accounts receivable | 3,058 | 16,124 | (17,976) | ||
Increase (Decrease) in Due to Related Parties | 1,133,364 | ||||
Due to/from affiliates | 2,046,280 | 1,328,439 | |||
Inventories | 0 | (116,074) | 20,711 | ||
Prepaid expense and other current assets | (2,675) | (2,999) | 1,399 | ||
Accounts payable | 41,025 | 15,710 | (1,697) | ||
Accrued expenses | (353,591) | 8,172 | 471 | ||
Deferred revenue | 1,438 | 0 | 0 | ||
Increase (Decrease) in Other Operating Assets and Liabilities, Net | (16,238) | (26,769) | (258) | ||
Net cash provided by operations | 534,155 | 206,663 | 360,364 | ||
Cash flows from investing activities: | |||||
Expenditures for property, plant and equipment | (255,434) | (158,361) | (205,508) | ||
Expenditures for refinery turnarounds costs | (198,664) | (53,576) | (137,688) | ||
Expenditures for other assets | (42,506) | (8,236) | (17,255) | ||
Return on investment in subsidiaries | 0 | 0 | 0 | ||
Capital contributions to subsidiaries | 0 | 0 | |||
Proceeds from sale of assets | 0 | 0 | 0 | ||
Net cash used in investing activities | (499,263) | (201,131) | (360,451) | ||
Proceeds from members' capital contributions | 0 | 0 | |||
Cash flows from financing activities: | |||||
Proceeds from revolver borrowings | 0 | 0 | 0 | ||
Proceeds from affiliate notes payable | 0 | 0 | 0 | ||
Repayment of affiliate notes payable | 0 | ||||
Proceeds from Contributions from Parent | 0 | 0 | |||
Parent Distribution | 0 | 0 | |||
Distribution to members | 0 | 0 | 0 | ||
Repayments of revolver borrowings | 0 | 0 | 0 | ||
Proceeds from 2023 Senior Secured Notes | 0 | ||||
Additional catalyst lease | 15,589 | ||||
Payments of Financing Costs | 0 | 0 | |||
Net cash provided by financing activities | 15,589 | 0 | 0 | ||
Net increase (decrease) in cash and cash equivalents | 50,481 | 5,532 | (87) | ||
Cash and equivalents, beginning of period | 6,236 | 704 | 791 | ||
Cash and equivalents, end of period | 56,717 | 56,717 | 6,236 | 704 | |
Equity income in investee | 0 | ||||
Non-Guarantor Subsidiaries [Member] | |||||
Cash flows from operating activities: | |||||
Net income | (74,507) | 73,563 | 52,706 | ||
Adjustments to reconcile net income to net cash from operating activities: | |||||
Depreciation and amortization | 9,337 | 3,719 | 1,528 | ||
Stock-based compensation | 0 | 0 | 0 | ||
Change in fair value of catalyst lease obligation | 0 | 0 | 0 | ||
Non-cash change inventory repurchase obligations | 0 | ||||
Non-cash lower of cost or market inventory adjustment | 0 | 0 | 0 | ||
Deferred income taxes | 19,802 | ||||
Pension and other post retirement benefits costs | 0 | 0 | 0 | ||
Gain (Loss) on Disposition of Property Plant Equipment | (8,832) | 650 | 618 | ||
Loss (gain) on sale of assets | 8,832 | (650) | (618) | ||
Equity in earnings (loss) of subsidiaries | 0 | 0 | 0 | ||
Changes in operating assets and liabilities: | |||||
Accounts receivable | 4,158 | (6,177) | (6,533) | ||
Increase (Decrease) in Due to Related Parties | (103,084) | ||||
Due to/from affiliates | (4,626) | (92,181) | |||
Inventories | 18,973 | (47,067) | (155,390) | ||
Prepaid expense and other current assets | 92 | (353) | 0 | ||
Accounts payable | 7,405 | (857) | 8,423 | ||
Accrued expenses | 49,964 | (73,834) | 191,331 | ||
Deferred revenue | 1 | 0 | 0 | ||
Increase (Decrease) in Other Operating Assets and Liabilities, Net | 1,193 | 10 | (1) | ||
Net cash provided by operations | 34,945 | (154,730) | (735) | ||
Cash flows from investing activities: | |||||
Expenditures for property, plant and equipment | (5,433) | (106) | (112,138) | ||
Expenditures for refinery turnarounds costs | 0 | 0 | 0 | ||
Expenditures for other assets | 0 | 0 | 0 | ||
Return on investment in subsidiaries | 0 | 0 | 0 | ||
Capital contributions to subsidiaries | 0 | 0 | |||
Proceeds from sale of assets | 19,890 | 107,368 | 68,809 | ||
Net cash used in investing activities | 14,457 | 124,227 | (43,329) | ||
Proceeds from members' capital contributions | 8,287 | 5,000 | |||
Cash flows from financing activities: | |||||
Proceeds from revolver borrowings | 0 | 0 | 0 | ||
Proceeds from affiliate notes payable | 0 | 0 | 0 | ||
Repayment of affiliate notes payable | 0 | ||||
Proceeds from Contributions from Parent | 0 | (44,346) | |||
Parent Distribution | (12,800) | (10,000) | |||
Distribution to members | 0 | 0 | 0 | ||
Repayments of revolver borrowings | 0 | 0 | 0 | ||
Proceeds from 2023 Senior Secured Notes | 0 | ||||
Additional catalyst lease | 0 | ||||
Payments of Financing Costs | 0 | 3,218 | |||
Net cash provided by financing activities | (37,004) | 25,137 | 78,398 | ||
Net increase (decrease) in cash and cash equivalents | 12,398 | (5,366) | 34,334 | ||
Cash and equivalents, beginning of period | 28,968 | 34,334 | 0 | ||
Cash and equivalents, end of period | 41,366 | 41,366 | 28,968 | 34,334 | |
Equity income in investee | (5,679) | ||||
PBF Holding [Member] | |||||
Cash flows from investing activities: | |||||
Capital contributions to subsidiaries | 0 | ||||
Proceeds from members' capital contributions | 0 | ||||
Combining and Consolidated Adjustments [Member] | |||||
Cash flows from operating activities: | |||||
Net income | 1,576,750 | 1,154,420 | 1,131,321 | ||
Adjustments to reconcile net income to net cash from operating activities: | |||||
Depreciation and amortization | 0 | 0 | 0 | ||
Stock-based compensation | 0 | 0 | 0 | ||
Change in fair value of catalyst lease obligation | 0 | 0 | 0 | ||
Non-cash change inventory repurchase obligations | 0 | ||||
Non-cash lower of cost or market inventory adjustment | 0 | 0 | 0 | ||
Deferred income taxes | 0 | ||||
Pension and other post retirement benefits costs | 0 | 0 | 0 | ||
Gain (Loss) on Disposition of Property Plant Equipment | 0 | 0 | 0 | ||
Loss (gain) on sale of assets | 0 | 0 | 0 | ||
Equity in earnings (loss) of subsidiaries | 1,576,750 | 1,154,420 | 1,131,321 | ||
Changes in operating assets and liabilities: | |||||
Accounts receivable | 0 | 0 | 0 | ||
Increase (Decrease) in Due to Related Parties | 0 | ||||
Due to/from affiliates | 0 | 0 | |||
Inventories | 0 | 0 | 0 | ||
Prepaid expense and other current assets | 0 | 0 | 0 | ||
Accounts payable | 1,812 | (1,259) | (2,016) | ||
Accrued expenses | 0 | 0 | 0 | ||
Deferred revenue | 0 | 0 | 0 | ||
Increase (Decrease) in Other Operating Assets and Liabilities, Net | 0 | 0 | 0 | ||
Net cash provided by operations | 1,812 | (1,259) | (2,016) | ||
Cash flows from investing activities: | |||||
Expenditures for property, plant and equipment | 0 | 0 | 0 | ||
Expenditures for refinery turnarounds costs | 0 | 0 | 0 | ||
Expenditures for other assets | 0 | 0 | 0 | ||
Return on investment in subsidiaries | (12,800) | (10,000) | 44,346 | ||
Capital contributions to subsidiaries | 8,287 | 5,000 | |||
Proceeds from sale of assets | 0 | 0 | 0 | ||
Net cash used in investing activities | (4,513) | (5,000) | 44,346 | ||
Proceeds from members' capital contributions | (8,287) | (5,000) | |||
Cash flows from financing activities: | |||||
Proceeds from revolver borrowings | 0 | 0 | 0 | ||
Proceeds from affiliate notes payable | 0 | 0 | 0 | ||
Repayment of affiliate notes payable | 0 | ||||
Proceeds from Contributions from Parent | 0 | 44,346 | |||
Parent Distribution | 12,800 | 10,000 | |||
Distribution to members | 0 | 0 | 0 | ||
Repayments of revolver borrowings | 0 | 0 | 0 | ||
Proceeds from 2023 Senior Secured Notes | 0 | ||||
Additional catalyst lease | 0 | ||||
Payments of Financing Costs | 0 | 0 | |||
Net cash provided by financing activities | 4,513 | 5,000 | (44,346) | ||
Net increase (decrease) in cash and cash equivalents | 1,812 | (1,259) | (2,016) | ||
Cash and equivalents, beginning of period | (3,275) | (2,016) | 0 | ||
Cash and equivalents, end of period | (1,463) | (1,463) | (3,275) | (2,016) | |
Equity income in investee | 0 | ||||
Rail Facility [Member] | |||||
Cash flows from financing activities: | |||||
Proceeds from revolver borrowings | 0 | 102,075 | 83,095 | ||
Repayments of revolver borrowings | (67,491) | (71,938) | (45,825) | ||
Rail Facility [Member] | Issuer [Member] | |||||
Cash flows from financing activities: | |||||
Proceeds from revolver borrowings | 0 | 0 | |||
Repayments of revolver borrowings | 0 | 0 | 0 | ||
Rail Facility [Member] | Guarantors Subsidiaries [Member] | |||||
Cash flows from financing activities: | |||||
Proceeds from revolver borrowings | 0 | 0 | |||
Repayments of revolver borrowings | 0 | 0 | 0 | ||
Rail Facility [Member] | Non-Guarantor Subsidiaries [Member] | |||||
Cash flows from financing activities: | |||||
Proceeds from revolver borrowings | 102,075 | 83,095 | |||
Repayments of revolver borrowings | (67,491) | (71,938) | (45,825) | ||
Rail Facility [Member] | Combining and Consolidated Adjustments [Member] | |||||
Cash flows from financing activities: | |||||
Proceeds from revolver borrowings | 0 | 0 | |||
Repayments of revolver borrowings | 0 | 0 | 0 | ||
Rail Term Loan [Member] | |||||
Cash flows from financing activities: | |||||
Proceeds from PBF Rail Term Loan | 35,000 | 0 | 0 | ||
Rail Term Loan [Member] | Issuer [Member] | |||||
Cash flows from financing activities: | |||||
Proceeds from PBF Rail Term Loan | 0 | ||||
Rail Term Loan [Member] | Guarantors Subsidiaries [Member] | |||||
Cash flows from financing activities: | |||||
Proceeds from PBF Rail Term Loan | 0 | ||||
Rail Term Loan [Member] | Non-Guarantor Subsidiaries [Member] | |||||
Cash flows from financing activities: | |||||
Proceeds from PBF Rail Term Loan | 35,000 | ||||
Rail Term Loan [Member] | Combining and Consolidated Adjustments [Member] | |||||
Cash flows from financing activities: | |||||
Proceeds from PBF Rail Term Loan | 0 | ||||
2023 Senior Secured Notes [Member] | |||||
Cash flows from financing activities: | |||||
Proceeds from 2023 Senior Secured Notes | 500,000 | ||||
2023 Senior Secured Notes [Member] | Issuer [Member] | |||||
Cash flows from financing activities: | |||||
Proceeds from 2023 Senior Secured Notes | 500,000 | ||||
2023 Senior Secured Notes [Member] | Guarantors Subsidiaries [Member] | |||||
Cash flows from financing activities: | |||||
Proceeds from 2023 Senior Secured Notes | 0 | ||||
2023 Senior Secured Notes [Member] | Non-Guarantor Subsidiaries [Member] | |||||
Cash flows from financing activities: | |||||
Proceeds from 2023 Senior Secured Notes | 0 | ||||
2023 Senior Secured Notes [Member] | Combining and Consolidated Adjustments [Member] | |||||
Cash flows from financing activities: | |||||
Proceeds from 2023 Senior Secured Notes | 0 | ||||
Torrance Refinery [Member] | |||||
Cash flows from operating activities: | |||||
Net income | $ 86,394 | ||||
Cash flows from investing activities: | |||||
Payments to acquire businesses | $ (521,350) | (971,932) | 0 | 0 | |
Torrance Refinery [Member] | Issuer [Member] | |||||
Cash flows from investing activities: | |||||
Payments to acquire businesses | (971,932) | ||||
Torrance Refinery [Member] | Guarantors Subsidiaries [Member] | |||||
Cash flows from investing activities: | |||||
Payments to acquire businesses | 0 | ||||
Torrance Refinery [Member] | Non-Guarantor Subsidiaries [Member] | |||||
Cash flows from investing activities: | |||||
Payments to acquire businesses | 0 | ||||
Torrance Refinery [Member] | Combining and Consolidated Adjustments [Member] | |||||
Cash flows from investing activities: | |||||
Payments to acquire businesses | 0 | ||||
Chalmette Refinery [Member] | |||||
Cash flows from investing activities: | |||||
Payments to acquire businesses | (2,659) | (565,304) | $ 0 | ||
Chalmette Refinery [Member] | Issuer [Member] | |||||
Cash flows from investing activities: | |||||
Payments to acquire businesses | 0 | (601,311) | |||
Chalmette Refinery [Member] | Guarantors Subsidiaries [Member] | |||||
Cash flows from investing activities: | |||||
Payments to acquire businesses | (2,659) | 19,042 | |||
Chalmette Refinery [Member] | Non-Guarantor Subsidiaries [Member] | |||||
Cash flows from investing activities: | |||||
Payments to acquire businesses | 0 | 16,965 | |||
Chalmette Refinery [Member] | Combining and Consolidated Adjustments [Member] | |||||
Cash flows from investing activities: | |||||
Payments to acquire businesses | $ 0 | $ 0 |