Document and Entity Information
Document and Entity Information Document - shares | 9 Months Ended | |
Sep. 30, 2017 | Nov. 07, 2017 | |
Entity Information [Line Items] | ||
Entity Registrant Name | PBF HOLDING CO LLC | |
Entity Central Index Key | 1,566,011 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,017 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Common Stock, Shares Outstanding | 0 | |
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 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2015 | |
Current assets: | ||||||
Cash and cash equivalents | $ 626,705 | $ 241,745 | $ 519,375 | $ 914,749 | ||
Accounts receivable | 615,881 | 774,907 | ||||
Accounts receivable - affiliate | 7,631 | 19,938 | ||||
Accounts receivable - affiliate | 0 | 11,600 | ||||
Inventories | 1,863,560 | 2,310,692 | ||||
Prepaid expense and other current assets | 40,536 | 44,439 | ||||
Total current assets | 3,154,313 | 3,403,321 | ||||
Property, plant and equipment, net | 2,728,699 | 2,805,149 | ||||
Investment in equity method investee | 179,882 | 172,752 | ||||
Deferred charges and other assets, net | 504,003 | 801,415 | ||||
Total assets | 6,566,897 | 7,182,637 | ||||
Current liabilities: | ||||||
Accounts payable | 530,365 | 441,483 | ||||
Accounts payable - affiliate | 37,863 | 36,045 | ||||
Accrued expenses | 1,462,729 | 1,809,571 | ||||
Deferred revenue | 12,340 | 3,296 | ||||
Notes Payable, Current | 0 | 6,831 | ||||
Total current liabilities | 2,043,297 | 2,297,226 | ||||
Long-term debt | 1,576,559 | 1,625,201 | ||||
Affiliate notes payable | 86,298 | 0 | ||||
Forgiveness of related party debt | $ 86,298 | $ 0 | 379,947 | |||
Deferred tax liabilities | 45,699 | 46,340 | ||||
Other long-term liabilities | 226,111 | 213,344 | ||||
Total liabilities | 3,977,964 | 4,182,111 | ||||
Commitments and contingencies (Note 9) | ||||||
Equity: | ||||||
Member’s equity | 2,155,863 | 2,352,772 | ||||
Retained earnings | 446,519 | 659,891 | ||||
Accumulated other comprehensive loss | (25,962) | (25,024) | ||||
Total PBF Holding Company LLC equity | 2,576,420 | 2,987,639 | ||||
Noncontrolling interest | 12,513 | 12,887 | ||||
Total equity | 2,588,933 | 3,000,526 | ||||
Total liabilities and equity | $ 6,566,897 | $ 7,182,637 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Revenues | $ 5,475,816 | $ 4,508,613 | $ 15,239,265 | $ 11,164,571 |
Cost and expenses: | ||||
Cost of products and other | 4,411,809 | 3,904,258 | 13,326,396 | 9,634,989 |
Operating expenses (excluding depreciation and amortization expense as reflected below) | 389,591 | 404,045 | 1,225,014 | 972,223 |
Depreciation and amortization expense | 70,338 | 51,336 | 181,238 | 151,473 |
Cost of sales | 4,871,738 | 4,359,639 | 14,732,648 | 10,758,685 |
General and administrative expenses (excluding depreciation and amortization expense as reflected below) | 54,693 | 39,912 | 130,092 | 111,272 |
Depreciation and amortization expense | 2,572 | 1,342 | 10,355 | 4,417 |
Equity income in investee | (3,799) | (1,621) | (11,218) | (1,621) |
Loss on sale of assets | 28 | 8,159 | 940 | 11,381 |
Total cost and expenses | 4,925,232 | 4,407,431 | 14,862,817 | 10,884,134 |
Income from operations | 550,584 | 101,182 | 376,448 | 280,437 |
Other income (expenses): | ||||
Change in fair value of catalyst leases | 473 | 77 | (1,011) | (4,556) |
Debt extinguishment costs | 0 | 0 | (25,451) | 0 |
Interest expense, net | (29,269) | (33,896) | (92,782) | (98,446) |
Income before income taxes | 521,788 | 67,363 | 257,204 | 177,435 |
Income tax (benefit) expense | (4,292) | 2,291 | 2,040 | 29,287 |
Net income | 526,080 | 65,072 | 255,164 | 148,148 |
Less: net (loss) income attributable to noncontrolling interests | (6) | 45 | 374 | 438 |
Net income attributable to PBF Holding Company LLC | $ 526,086 | $ 65,027 | $ 254,790 | $ 147,710 |
Condensed Consolidated Stateme4
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Net income | $ 526,080 | $ 65,072 | $ 255,164 | $ 148,148 |
Other comprehensive income: | ||||
Unrealized (loss) gain on available for sale securities | (1) | (76) | 76 | 329 |
Net gain on pension and other post-retirement benefits | 288 | 502 | 862 | 1,134 |
Total other comprehensive income | 287 | 426 | 938 | 1,463 |
Comprehensive income | 526,367 | 65,498 | 256,102 | 149,611 |
Less: comprehensive (loss) income attributable to noncontrolling interests | (6) | 45 | 374 | 438 |
Comprehensive income attributable to PBF Holding Company LLC | $ 526,373 | $ 65,453 | $ 255,728 | $ 149,173 |
Condensed Consolidated Stateme5
Condensed Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Net income | $ 255,164 | $ 148,148 |
Adjustments to reconcile net income to net cash provided by operations: | ||
Depreciation and amortization | 197,365 | 162,565 |
Stock-based compensation | 13,549 | 12,658 |
Change in fair value of catalyst leases | 1,011 | 4,556 |
Deferred income taxes | 641 | 27,813 |
Non-cash lower of cost or market inventory adjustment | (97,943) | (320,833) |
Non-cash change in inventory repurchase obligations | (26,659) | 29,317 |
Debt extinguishment costs | 25,451 | 0 |
Pension and other post-retirement benefit costs | 31,682 | 25,894 |
(Income) from equity method investee | 11,218 | 1,621 |
Distributions from equity method investee | 16,897 | 0 |
Loss on sale of assets | 940 | 11,381 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (159,026) | (194,898) |
Due to/from affiliates | (2,318) | 8,194 |
Inventories | (349,189) | 54,052 |
Prepaid expense and other current assets | (4,107) | (20,203) |
Accounts payable | (103,069) | 50,297 |
Accrued expenses | 401,674 | 308,047 |
Deferred revenue | (9,044) | 8,029 |
Other assets and liabilities | (57,387) | (21,880) |
Net cash provided by operations | 124,414 | 291,516 |
Cash flows from investing activities: | ||
Acquisition of Torrance refinery and related logistics assets | 0 | (971,932) |
Expenditures for property, plant and equipment | (211,224) | (187,743) |
Expenditures for deferred turnaround costs | (341,598) | (138,936) |
Expenditures for other assets | (31,096) | (27,735) |
Chalmette Acquisition working capital settlement | 0 | 2,659 |
Proceeds from sale of assets | 0 | 13,030 |
Equity method investment - return of capital | 451 | 0 |
Net cash used in investing activities | (583,467) | (1,315,975) |
Cash flows from financing activities: | ||
Contributions from PBF LLC | 97,000 | 175,000 |
Distributions to members | (39,315) | (92,503) |
Proceeds from affiliate notes payable | 0 | 635 |
Repayment of affiliate notes payable | 0 | (517) |
Repayments of Lines of Credit | 490,000 | 0 |
Proceeds from revolver borrowings | 490,000 | 550,000 |
Proceeds from catalyst lease | 0 | 7,927 |
Deferred financing costs and other | 13,424 | 0 |
Net cash provided by (used in) financing activities | 74,093 | 629,085 |
Cash and equivalents, beginning of period | 626,705 | 914,749 |
Cash and equivalents, end of period | 241,745 | 519,375 |
Non-cash activities: | ||
Accrued and unpaid capital expenditures | 6,831 | 0 |
2025 Senior Notes [Member] | ||
Cash flows from financing activities: | ||
Proceeds from 2025 7.25% Senior Notes | 725,000 | 0 |
Rail Term Loan [Member] | ||
Cash flows from financing activities: | ||
Repayments of Long-term Debt | 4,959 | 0 |
2020 Senior Secured Notes [Member] | ||
Cash flows from financing activities: | ||
Repayments of Long-term Debt | 690,209 | 0 |
Rail Facility [Member] | ||
Cash flows from financing activities: | ||
Repayments of Lines of Credit | $ 0 | $ 11,457 |
DESCRIPTION OF THE BUSINESS AND
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2017 | |
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 96.6% of the outstanding economic interest in, PBF LLC as of September 30, 2017 . 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”). 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 contributed to PBFX the assets and liabilities of certain crude oil terminaling assets. In a series of additional transactions subsequent to the PBFX Offering, PBF Holding distributed certain additional assets to PBF LLC, which in turn contributed those assets to PBFX (as described in “Note 8 - Related Party Transactions”). Substantially all of the Company’s operations are in the United States. As of September 30, 2017 , 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. Basis of Presentation The unaudited condensed consolidated financial information furnished herein reflects all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, considered necessary for a fair presentation of the financial position and the results of operations and cash flows of the Company for the periods presented. All intercompany accounts and transactions have been eliminated in consolidation. These unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. These interim condensed consolidated financial statements should be read in conjunction with the financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2016 of PBF Holding Company LLC and PBF Finance Corporation. The results of operations for the three and nine months ended September 30, 2017 are not necessarily indicative of the results to be expected for the full year. Change in Presentation During the third quarter of 2017, the Company determined that it would revise the presentation of certain line items on its consolidated statements of operations to enhance its disclosure under the requirements of Rule 5-03 of Regulation S-X. The revised presentation is comprised of the inclusion of a subtotal within costs and expenses referred to as “Cost of sales” and the reclassification of total depreciation and amortization expense between such amounts attributable to cost of sales and other operating costs and expenses. The amount of depreciation and amortization expense that is presented separately within the “Cost of Sales” subtotal represents depreciation and amortization of refining and logistics assets that are integral to the refinery production process. The historical comparative information has been revised to conform to the current presentation. This revised presentation does not have an effect on the Company’s historical consolidated income from operations or net income, nor does it have any impact on its consolidated balance sheets, statements of comprehensive income or statements of cash flows. Presented below is a summary of the effects of this revised presentation on the Company’s historical statements of operations for the three and nine month periods ended September 30, 2016 (in thousands): Three Months ended September 30, 2016 As Previously Reported Adjustments As Reclassified Cost and expenses: Cost of products and other $ 3,904,258 — $ 3,904,258 Operating expenses (excluding depreciation and amortization expense as reflected below) 404,045 — 404,045 Depreciation and amortization expense — 51,336 51,336 Cost of sales 4,359,639 General and administrative expenses (excluding depreciation and amortization expense as reflected below) 39,912 — 39,912 Depreciation and amortization expense 52,678 (51,336) 1,342 Equity income in investee (1,621) — (1,621) Loss on sale of assets 8,159 — 8,159 Total cost and expenses $ 4,407,431 $ 4,407,431 Nine Months ended September 30, 2016 As Previously Reported Adjustments As Reclassified Cost and expenses: Cost of products and other $ 9,634,989 — $ 9,634,989 Operating expenses (excluding depreciation and amortization expense as reflected below) 972,223 — 972,223 Depreciation and amortization expense — 151,473 151,473 Cost of sales 10,758,685 General and administrative expenses (excluding depreciation and amortization expense as reflected below) 111,272 — 111,272 Depreciation and amortization expense 155,890 (151,473) 4,417 Equity income in investee (1,621) — (1,621) Loss on sale of assets 11,381 — 11,381 Total cost and expenses $ 10,884,134 $ 10,884,134 Cost Classifications Cost of products and other consists of the cost of crude oil, other feedstocks, blendstocks and purchased refined products and the related in-bound freight and transportation costs. Operating expenses (excluding depreciation and amortization) consists of direct costs of labor, maintenance and services, utilities, property taxes, environmental compliance costs and other direct operating costs incurred in connection with our refining operations. Such expenses exclude depreciation related to refining and logistics assets that are integral to the refinery production process, which is presented separately as Depreciation and amortization expense as a component of Cost of sales on the Company’s condensed consolidated statements of operations. Reclassification Certain amounts previously reported in the Company's condensed consolidated financial statements for prior periods have been reclassified to conform to the 2017 presentation. These reclassifications, in addition to the changes in “Cost and expenses” described above, include certain details about accrued expenses in that footnote. Recently Adopted Accounting Guidance Effective January 1, 2017, the Company adopted Accounting Standard Update (“ASU”) No. 2016-06, “Derivatives and Hedging (Topic 815): Contingent Put and Call Options in Debt Instruments (a consensus of the FASB Emerging Issues Task Force)” (“ASU 2016-06”). ASU 2016-6 was issued in March 2016 by the Financial Accounting Standards Board (“FASB”) 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 Company’s adoption of this guidance did not materially impact its consolidated financial statements. Effective January 1, 2017, the Company adopted ASU No. 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” (“ASU 2016-09”). ASU 2016-09 was issued by the FASB in March 2016 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 could prior to its adoption for tax withholding purposes without triggering liability accounting and to make a policy election to account for forfeitures as they occur. The Company’s adoption of this guidance did not materially impact its consolidated financial statements. Effective January 1, 2017, the Company adopted ASU No. 2016-17, “Consolidation (Topic 810): Interests Held through Related Parties That Are under Common Control” (“ASU 2016-17”). ASU 2016-17 was issued by the FASB in October 2016 to amend 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 a reporting entity, in determining whether it satisfies the second characteristic of a primary beneficiary, 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. The Company’s adoption of this guidance did not materially impact its consolidated financial statements. 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. Early adoption of ASU 2017-01 is permitted and the Company early adopted the new standard in its consolidated financial statements and related disclosures effective January 1, 2017. The Company’s adoption of this guidance did not materially impact its consolidated financial statements. Recent Accounting Pronouncements In August 2015, the FASB issued ASU 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 and 2017 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 the Company’s business processes, accounting systems, controls and financial statement disclosures. The Company will adopt this new standard effective January 1, 2018, using the modified retrospective application. Under that method, the cumulative effect of initially applying the standard is recognized as an adjustment to the opening balance of retained earnings, and revenues reported in the periods prior to the date of adoption are not changed. The working group is progressing through its implementation plan and continues to evaluate the impact of this new standard on the Company’s consolidated financial statements and related disclosures. Additionally, the Company has begun training the relevant staff at its corporate headquarters and refineries on the Updated Revenue Recognition Guidance, including the potential impacts on internal reporting and disclosure requirements. Although the Company’s analysis of the new standard is still in process and interpretative and industry specific guidance is still developing, based on the results to date, we have reached tentative conclusions for most contract types and do not believe revenue recognition patterns will change materially. However, it is expected that the new standard will have some impact on presentation and disclosures in its financial statements and internal controls. 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. The Company will not 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. While the assessment of the impacts arising from this standard is progressing, it remains in its early stages. Accordingly, the Company has not fully determined the impacts on its business processes, controls or financial statement disclosures. In March 2017, the FASB issued ASU No. 2017-07, “Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost” (“ASU 2017-07”), which provides guidance to improve the reporting of net benefit cost in the income statement and on the components eligible for capitalization in assets. Under the new guidance, employers will present the service cost component of net periodic benefit cost in the same income statement line item(s) as other employee compensation costs arising from services rendered during the period. Only the service cost component will be eligible for capitalization in assets. Additionally, under this guidance, employers will present the other components of the net periodic benefit cost separately from the line item(s) that includes the service cost and outside of any subtotal of operating income, if one is presented. These components will not be eligible for capitalization in assets. Employers will apply the guidance on the presentation of the components of net periodic benefit cost in the income statement retrospectively. The guidance limiting the capitalization of net periodic benefit cost in assets to the service cost component will be applied prospectively. The guidance includes a practical expedient allowing entities to estimate amounts for comparative periods using the information previously disclosed in their pension and other postretirement benefit plan note to the financial statements. The amendments in this ASU are effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods. The Company does not expect the adoption of this new standard to have a material impact on its consolidated financial statements and related disclosures. In May 2017, the FASB issued ASU No. 2017-09, “Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting” (“ASU 2017-09”), which provides guidance to increase clarity and reduce both diversity in practice and cost and complexity when applying the existing accounting guidance on changes to the terms or conditions of a share-based payment award. The amendments in ASU 2017-09 require an entity to account for the effects of a modification unless all the following are met: (i) the fair value of the modified award is the same as the fair value of the original award immediately before the original award is modified; (ii) the vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the original award is modified; and (iii) the classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award immediately before the original award is modified. The guidance in ASU 2017-09 should be applied prospectively. The amendments in this ASU are effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods. The Company will apply the guidance prospectively for any modifications to its stock compensation plans occurring after the effective date of the new standard. In August 2017, the FASB issued ASU No. 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities” (“ASU 2017-12”). The amendments in ASU 2017-12 more closely align the results of cash flow and fair value hedge accounting with risk management activities through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results in the financial statements. The amendments in ASU 2017-12 address specific limitations in current GAAP by expanding hedge accounting for both nonfinancial and financial risk components and by refining the measurement of hedge results to better reflect an entity’s hedging strategies. Thus, the amendments in ASU 2017-12 will enable an entity to better portray the economic results of hedging activities for certain fair value and cash flow hedges and will avoid mismatches in earnings by allowing for greater precision when measuring changes in fair value of the hedged item for certain fair value hedges. Additionally, by aligning the timing of recognition of hedge results with the earnings effect of the hedged item for cash flow and net investment hedges, and by including the earnings effect of the hedging instrument in the same income statement line item in which the earnings effect of the hedged item is presented, the results of an entity’s hedging program and the cost of executing that program will be more visible to users of financial statements. The guidance in ASU 2017-12 concerning amendments to cash flow and net investment hedge relationships that exist on the date of adoption should be applied using a modified retrospective approach (i.e., with a cumulative effect adjustment recorded to the opening balance of retained earnings as of the initial application date). The guidance in ASU 2017-12 also provides transition relief to make it easier for entities to apply certain amendments to existing hedges (including fair value hedges) where the hedge documentation needs to be modified. The presentation and disclosure requirements of ASU 2017-12 should be applied prospectively. The amendments in this ASU are effective for annual periods beginning after December 15, 2018, including interim periods within those annual periods. The Company is currently evaluating the impact of this new standard on its consolidated financial statements and related disclosures. |
ACQUISITIONS
ACQUISITIONS | 9 Months Ended |
Sep. 30, 2017 | |
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 provided the Company with a broader more diversified asset base and increased the number of operating refineries from four to five and expanded the Company’s combined crude oil throughput capacity. The acquisition also provided the Company with a presence in the PADD 5 market. In addition to refining assets, the transaction included 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 were 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 certain PBF Energy equity offerings and borrowings under the Company’s asset based revolving credit agreement (the “Revolving Loan”). The Company accounted for the Torrance Acquisition as a business combination under GAAP whereby the Company recognizes assets acquired and liabilities assumed in an acquisition at their estimated fair values as of the date of acquisition. The final purchase price and fair value allocation were completed as of June 30, 2017. During the measurement period, which ended in June 2017, adjustments were made to the Company’s preliminary fair value estimates related primarily to Property, plant and equipment and Other long-term liabilities reflecting the finalization of the Company’s assessment of the 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 were as follows: Purchase Price Gross purchase price $ 537,500 Working capital 450,582 Post close purchase price adjustments (16,150 ) Total consideration $ 971,932 The following table summarizes the amounts recognized for assets acquired and liabilities assumed as of the acquisition date: Fair Value Allocation Inventories $ 404,542 Prepaid expenses and other current assets 982 Property, plant and equipment 704,633 Deferred charges and other assets, net 68,053 Accounts payable (2,688 ) Accrued expenses (64,137 ) Other long-term liabilities (139,453 ) Fair value of net assets acquired $ 971,932 The Company’s condensed consolidated financial statements for the three and nine months ended September 30, 2017 include the results of operations of the Torrance refinery and related logistics assets subsequent to the Torrance Acquisition. The Company’s condensed consolidated financial statements for the prior year include the results of operations of such assets from the date of the Torrance Acquisition on July 1, 2016 to September 30, 2016 during which period the Torrance refinery and related logistics assets contributed revenues of $928,225 and net income of $51,457 . 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 the related financing. Nine Months Ended September 30, 2016 Pro forma revenues $ 12,243,582 Pro forma net loss attributable to PBF Holding Company LLC $ (60,908 ) The unaudited amount of revenues and net loss 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”). While the Company’s condensed consolidated financial statements for both the three and nine months ended September 30, 2017 and 2016 include the results of operations of Chalmette Refining, the final working capital settlement for the Chalmette Acquisition was finalized in the first quarter of 2016. Additionally, certain acquisition related costs for the Chalmette Acquisition were recorded in the first quarter of 2016. Acquisition Expenses The Company incurred acquisition related costs consisting primarily of consulting and legal expenses related to completed, pending and non-consummated acquisitions. These costs were $22 and $488 in the three and nine months ended September 30, 2017 , respectively, and $3,912 and $13,622 in the three and nine months ended September 30, 2016 , respectively. These costs are included in the condensed consolidated statements of operations in General and administrative expenses. |
INVENTORIES
INVENTORIES | 9 Months Ended |
Sep. 30, 2017 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES Inventories consisted of the following: September 30, 2017 Titled Inventory Inventory Intermediation Arrangements Total Crude oil and feedstocks $ 1,302,162 $ — $ 1,302,162 Refined products and blendstocks 1,065,608 343,904 1,409,512 Warehouse stock and other 97,063 — 97,063 $ 2,464,833 $ 343,904 $ 2,808,737 Lower of cost or market adjustment (404,227 ) (93,818 ) (498,045 ) Total inventories $ 2,060,606 $ 250,086 $ 2,310,692 December 31, 2016 Titled Inventory Inventory 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 Inventory under inventory intermediation arrangements included certain light finished products sold to counterparties and stored in the Paulsboro and Delaware City refineries’ storage facilities in connection with the amended and restated inventory intermediation agreements (as amended in the second and third quarters of 2017, the “A&R Intermediation Agreements”) with J. Aron & Company, a subsidiary of The Goldman Sachs Group, Inc. (“J. Aron”). During the three months ended September 30, 2017 , the Company recorded an adjustment to value its inventories to the lower of cost or market (“LCM”) which increased both operating income and net income by $265,077 reflecting the net change in the lower of cost or market inventory reserve from $763,122 at June 30, 2017 to $498,045 at September 30, 2017 . During the nine months ended September 30, 2017 , 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 $97,943 reflecting the net change in the lower of cost or market inventory reserve from $595,988 at December 31, 2016 to $498,045 at September 30, 2017 . During the three months ended September 30, 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 $103,990 reflecting the net change in the lower of cost or market inventory reserve from $900,493 at June 30, 2016 to $796,503 at September 30, 2016 . During the nine months ended September 30, 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 $320,833 reflecting the net change in the lower of cost or market inventory reserve from $1,117,336 at December 31, 2015 to $796,503 at September 30, 2016 . |
ACCRUED EXPENSES
ACCRUED EXPENSES | 9 Months Ended |
Sep. 30, 2017 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES | ACCRUED EXPENSES Accrued expenses consisted of the following: September 30, December 31, Inventory-related accruals $ 984,702 $ 810,027 Inventory intermediation arrangements 282,640 225,524 Renewable energy credit and emissions obligations 138,717 70,158 Excise and sales tax payable 91,042 86,046 Accrued transportation costs 90,933 89,830 Customer deposits 45,548 9,215 Accrued utilities 36,274 44,190 Accrued refinery maintenance and support costs 36,098 28,670 Accrued salaries and benefits 32,709 17,466 Accrued interest 30,987 28,934 Accrued capital expenditures 18,933 33,610 Environmental liabilities 8,295 8,882 Other 12,693 10,177 Total accrued expenses $ 1,809,571 $ 1,462,729 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 September 30, 2017 and December 31, 2016 , a liability is recognized for the inventory 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 products and other. The Company is subject to obligations to purchase Renewable Identification Numbers (“RINs”) required to comply with the Renewable Fuels Standard. The Company’s overall RINs obligation is based on a percentage of domestic shipments of on-road fuels as established by 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 AB32 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. Renewable energy credit and emissions obligations fluctuate with the volume of applicable product sales and timing of credit purchases. |
DEBT (Notes)
DEBT (Notes) | 9 Months Ended |
Sep. 30, 2017 | |
Debt Instrument [Line Items] | |
Debt Disclosure [Text Block] | 5. DEBT Senior Notes On May 30, 2017, PBF Holding entered into an Indenture (the “Indenture”) among PBF Holding and PBF Holding’s wholly-owned subsidiary, PBF Finance Corporation (“PBF Finance” and, together with PBF Holding, the “Issuers”), the guarantors named therein (collectively the “Guarantors”) and Wilmington Trust, National Association as Trustee, under which the Issuers issued $725,000 in aggregate principal amount of 7.25% senior notes due 2025 (the “2025 Senior Notes”). The Issuers received net proceeds of approximately $711,576 from the offering after deducting the initial purchasers’ discount and estimated offering expenses. The Company used the net proceeds to fund the cash tender offer (the “Tender Offer”) for any and all of its outstanding 8.25% senior secured notes due 2020 (the “2020 Senior Secured Notes”), to pay the related redemption price and accrued and unpaid interest for any 2020 Senior Secured Notes that remained outstanding after the completion of the Tender Offer, and for general corporate purposes. The difference between the carrying value of the 2020 Senior Secured Notes on the date they were reacquired and the amount for which they were reacquired has been classified as debt extinguishment costs in the condensed consolidated statements of operations. The 2025 Senior Notes included a registration rights arrangement whereby the Company agreed to file with the SEC and use commercially reasonable efforts to consummate an offer to exchange the 2025 Senior 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 October 18, 2017 and it is anticipated that the exchange will be consummated during the fourth quarter of 2017. As such, the Company does not anticipate it will have to transfer any consideration as a result of the registration rights agreement and thus no loss contingency was recorded. The 2025 Senior Notes are guaranteed on a senior unsecured basis by substantially all of PBF Holding’s subsidiaries. The 2025 Senior Notes and guarantees are senior unsecured obligations and rank equal in right of payment with all of the Issuers’ and the Guarantors’ existing and future senior indebtedness, including PBF Holding’s Revolving Loan and the Issuers’ 7.00% senior notes due 2023 (the “2023 Senior Notes”). The 2025 Senior Notes and the guarantees rank senior in right of payment to the Issuers’ and the Guarantors’ existing and future indebtedness that is expressly subordinated in right of payment thereto. The 2025 Senior Notes and the guarantees are effectively subordinated to any of the Issuers’ and the Guarantors’ existing or future secured indebtedness (including the Revolving Loan) to the extent of the value of the collateral securing such indebtedness. The 2025 Senior Notes and the guarantees are structurally subordinated to any existing or future indebtedness and other obligations of the Issuers’ non-guarantor subsidiaries. PBF Holding has optional redemption rights to repurchase all or a portion of the 2025 Senior Notes at varying prices no less than 100% of the principal amounts of the notes plus accrued and unpaid interest. The holders of the 2025 Senior Notes have repurchase options exercisable only upon a change in control, certain asset sale transactions, or in event of a default as defined in the Indenture. In addition, the 2025 Senior Notes contain customary terms, events of default and covenants for an issuer of non-investment grade debt securities that limit certain types of additional debt, equity issuances, and payments. Many of these covenants will cease to apply or will be modified if the 2025 Senior Notes are rated investment grade. Upon the satisfaction and discharge of the 2020 Senior Secured Notes in connection with the closing of the Tender Offer and the redemption described above, a Collateral Fall-Away Event under the indenture governing the 2023 Senior Notes occurred on May 30, 2017, and the 2023 Senior Notes became unsecured and certain covenants were modified, as provided for in the indenture governing the 2023 Senior Notes and related documents. |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2017 | |
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 and the Company’s 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 income tax provision (benefit) in the PBF Holding condensed consolidated financial statements of operations consists of the following: Three Months Ended Nine Months Ended 2017 2016 2017 2016 Current income tax expense $ 190 $ 389 $ 1,399 $ 1,474 Deferred income tax (benefit) expense (4,482 ) 1,902 641 27,813 Total income tax (benefit) expense $ (4,292 ) $ 2,291 $ 2,040 $ 29,287 During the preparation of the financial statements for the first quarter of 2016, management determined that the deferred income tax liabilities for PBF Ltd. were understated for prior periods. For the three months ended March 31, 2016, the Company incurred $30,602 of deferred tax expense and $121 of current tax expense relating to a correction of prior periods. |
AFFILIATE NOTE PAYABLE
AFFILIATE NOTE PAYABLE | 9 Months Ended |
Sep. 30, 2017 | |
INTERCOMPANY NOTE PAYABLE [Abstract] | |
AFFILIATE NOTE PAYABLE | AFFILIATE NOTES PAYABLE PBF Holding has entered into affiliate notes payable with PBF Energy and PBF LLC with an interest rate of 2.5% and a five year term, which may be prepaid in whole or in part at any time, at the option of PBF Holding, without penalty or premium. Additional borrowings may be made by PBF Holding under such affiliate notes payable from time to time. In the fourth quarter of 2016, the notes were extended to 2021. Additionally, in the fourth quarter of 2016, PBF LLC converted $379,947 of the outstanding affiliate notes payable from PBF Holding to a capital contribution. In the first quarter of 2017, PBF LLC converted the full amount of outstanding affiliate notes payable from PBF Holding of $86,298 to a capital contribution. Therefore, as of September 30, 2017 , PBF Holding had no outstanding affiliate notes payable with PBF Energy and PBF LLC ( $86,298 outstanding as of December 31, 2016 ). |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Sep. 30, 2017 | |
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 the agreements set forth below: Contribution Agreements Immediately prior to the closing of certain contribution agreements, which PBF LLC entered into with PBFX (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. Pursuant to a Contribution Agreement entered into on February 15, 2017, PBF Holding contributed all of the issued and outstanding limited liability company interests of Paulsboro Natural Gas Pipeline Company LLC (“PNGPC”) to PBF LLC. PBFX Operating Company LP (“PBFX Op Co”), PBFX’s wholly-owned subsidiary, in turn acquired the limited liability company interests in PNGPC from PBF LLC in connection with the Contribution Agreement effective February 28, 2017. PNGPC owns and operates an existing interstate natural gas pipeline which serves PBF Holding's Paulsboro refinery (the “Paulsboro Natural Gas Pipeline”), which is subject to regulation by the Federal Energy Regulatory Commission (“FERC”). In connection with the PNGPC Contribution Agreement, PBFX constructed a new pipeline to replace the existing pipeline, which commenced services in August 2017. In consideration for the PNGPC limited liability company interests, PBFX delivered to PBF LLC (i) an $11,600 intercompany promissory note in favor of Paulsboro Refining Company LLC, a wholly owned subsidiary of PBF Holding (the “Promissory Note”), (ii) an expansion rights and right of first refusal agreement in favor of PBF LLC with respect to the new pipeline and (iii) an assignment and assumption agreement with respect to certain outstanding litigation involving PNGPC and the existing pipeline. Commercial Agreements In connection with the Contribution Agreements, PBF Holding entered into long-term, fee-based, minimum volume commitment (“MVC”) 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 include: Service Agreements Initiation Date Initial Term Renewals (a) Minimum Volume Commitments Force Majeure Transportation and Terminaling Delaware City Rail Terminaling Services Agreement 5/8/2014 7 years, 8 months 2 x 5 85,000 barrels per day (“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 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 N/A 14,500 bpd Delaware City Truck Loading Services Agreement- Gasoline 5/15/2015 10 years, 8 months 2 x 5 30,000 bpd Delaware City Truck Loading Services Agreement- LPGs 5/15/2015 10 years, 8 months 2 x 5 5,000 bpd East Coast Terminals Terminaling Services Agreements 5/1/2016 Various (f) Evergreen 15,000 bpd (e) East Coast Terminals Tank Lease Agreements 5/1/2016 Various (f) Evergreen 350,000 barrels (c) 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 (c) Torrance Valley Pipeline Transportation Services Agreement- Emidio 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 Paulsboro Natural Gas Pipeline Services Agreement (b) 8/4/2017 15 years Evergreen 60,000 dekatherms per day Toledo Terminal Services Agreement (g) 5/1/2016 1 year Evergreen N/A Storage Toledo Storage Facility Storage and Terminaling Services Agreement- Storage Facility 12/12/2014 10 years 2 x 5 3,849,271 barrels (c) PBFX or PBF Holding can declare Chalmette Storage Agreement (d) See note (d) 10 years 2 x 5 625,000 barrels ____________________ (a) PBF Holding has the option to extend the agreements for up to two additional five -year terms, as applicable. (b) In August 2017, PBFX’s new pipeline commenced service. Concurrent with the commencement of operations, a new service agreement was entered into between PBF Holding and PNGPC. (c) Reflects the overall capacity as stipulated by the storage agreement. The storage MVC is subject to effective operating capacity of each tank which can be impacted by routine tank maintenance and other factors. (d) The Chalmette Storage Agreement was entered into on February 15, 2017 but commences at the earlier of November 1, 2017 or the completion of the Chalmette Storage Tank (as defined below), which is currently expected to be completed in November 2017. (e) The East Coast Terminals 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. (f) The East Coast Terminal related party agreements include varying term lengths, ranging from one to five years. (g) Subsequent to the Toledo Terminal Acquisition, the Toledo Terminal was added to the East Coast Terminals Terminaling Service Agreements. Other Agreements In addition to the commercial agreements described above, at the closing of the PBFX Offering, PBFX entered into an omnibus agreement, which has been amended and restated in connection with the closing of certain of the contribution agreements with PBF GP, PBF LLC and PBF Holding (as amended, the “Omnibus Agreement”). The Omnibus Agreement addresses the payment of an annual fee for the provision of various general and administrative services and reimbursement of salary and benefit costs for certain PBF Energy employees. The annual fee was increased to $6,900 per year effective as of January 1, 2017. In connection with the PBFX Offering, PBFX also entered into an operation and management services and secondment agreement with PBF Holding and certain of its subsidiaries, pursuant to which PBF Holding and its subsidiaries provide PBFX with the personnel necessary for PBFX to perform its obligations under its 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 February 28, 2017, PBF Holding and PBFX entered into a fifth amended and restated services agreement (as amended, the “Services Agreement”) in connection with the PNGPC Contribution Agreement, resulting in an increase to the annual fee to $6,696 . The Services Agreement will terminate upon the termination of the Omnibus Agreement, provided that PBFX may terminate any service on 30 days’ notice. In connection with the Chalmette Storage Agreement, PBF Holding’s subsidiary, Chalmette Refining, entered into a twenty -year lease for the premises upon which a new tank at the Chalmette refinery (the “Chalmette Storage Tank”) will be located (the “Lease”) and a project management agreement (the “Project Management Agreement”) pursuant to which Chalmette Refining has managed the construction of the tank. The Lease can be extended by PBFX Op Co for two additional ten year terms. Summary of Transactions with PBFX A summary of revenue and expense transactions with PBFX is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Revenues under affiliate agreements: Services Agreement $ 1,639 $ 1,280 $ 4,918 $ 3,523 Omnibus Agreement 1,890 1,201 5,174 3,460 Total expenses under affiliate agreements 62,359 43,842 176,916 118,356 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES 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 $10,809 recorded as of September 30, 2017 ( $10,792 as of December 31, 2016 ) represents the present value of expected future costs discounted at a rate of 8.0% . The current portion of the environmental liability is recorded in Accrued expenses and the non-current portion is recorded in Other long-term liabilities. 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 30 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 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. On February 7, 2017, DCR responded to the NOV. On March 10, 2017, DNREC issued a $150 fine in a Notice of Penalty Assessment and Secretary’s Order to the Delaware City refinery for violating the 2013 Secretary’s Order. DNREC determined that the Delaware City refinery had violated the order by failing to make timely and full disclosure to DNREC about the nature and extent of those shipments, and had misrepresented the number of shipments that went to other facilities. The penalty assessment and Secretary’s Order conclude that the 2013 Secretary’s Order was violated by the Delaware City refinery by shipping crude oil from the Delaware City terminal to three locations other than the Paulsboro refinery, on 15 days in 2014, making a total of 17 separate barge shipments containing approximately 35.7 million gallons of crude oil in total. On April 28, 2017, DCR appealed the Notice of Penalty Assessment and Secretary’s Order. The hearing of the appeal is scheduled for February 2018. To the extent that the penalty and Secretary’s Order are upheld, there will not be a material adverse effect on the Company’s financial position, results of operations or cash flows. 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 final opinion and order of the Board was issued March 16, 2017. The appellants filed an appeal of the Board’s decision with the Delaware Superior Court on March 30, 2017. On September 28, 2017, the Delaware Superior Court issued it scheduling order governing briefing in the appeal of the Coastal Zone Board’s decision to sustain the permit issued for the ethanol project. The filing of briefs has been scheduled for October and November 2017. On October 19, 2017, the Delaware City Refinery received approval from DNREC for the construction and operation of the ethanol marketing project to allow for a combined total loading of up to 10,000 bpd, on an annual average basis, of ethanol on to marine vessels at the marine piers and the terminal truck loading rack, subject to certain operational and emissions limitations as well as other conditions. On the same date, Delaware City Logistics Company LLC received DNREC approval for the construction of (i) four additional loading arms for each of lanes 4, 10 and 11 for purposes of loading ethanol at its truck loading rack and (ii) a vapor vacuum control system for loading lanes connected to the existing vapor recovery unit located at its terminal in Delaware City. This approval is also subject to certain operational and emission limitations as well as other conditions. 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 the EPA have reached agreement on settlement, which includes a civil penalty of $180 . On July 13, 2017 the U.S. Department of Justice filed with the Court the motion to enter the consent decree. On September 19, 2017, the Court approved the consent decree and in connection therewith the Paulsboro refinery has paid a penalty of $180 . In connection with the acquisition of the Torrance refinery and related logistics assets, the Company assumed certain pre-existing environmental liabilities totaling $138,511 as of September 30, 2017 ( $142,456 as of December 31, 2016), related to certain environmental remediation obligations to address existing soil and groundwater contamination and monitoring and other clean-up activities, which reflects the current estimated cost of the remediation obligations. The current portion of the environmental liability is recorded in Accrued expenses and the non-current portion is recorded in Other long-term liabilities. In addition, in connection with the acquisition of the Torrance refinery and related logistics assets, the Company purchased a ten year, $100,000 environmental insurance policy to insure against unknown environmental liabilities. Furthermore, in connection with the acquisition, the Company assumed responsibility for certain specified environmental matters that occurred prior to the Company’s ownership of the refinery and the logistics assets, including specified incidents and/or NOVs issued by regulatory agencies in various years before the Company’s ownership, including the Southern California Air Quality Management District (“SCAQMD”) and the Division of Occupational Safety and Health of the State of California (“Cal/OSHA”). Additionally, subsequent to the acquisition, further NOVs were issued by the SCAQMD, Cal/OSHA, 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 and the logistics assets before and after the Company’s acquisition. 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, Cal/OSHA and/or the City of Torrance will assess penalties in the other matters in excess of $100 but any such amount is not expected to have a material impact on the Company’s financial position, results of operations or cash flows, individually or in the aggregate. 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 less than 500 ppm sulfur is required). All of the heating oil the Company currently produces meets these specifications. The mandate and other requirements do not currently have a material impact on the Company’s financial position, results of operations or cash flows. The EPA issued the final Tier 3 Gasoline standards on March 3, 2014 under the CAA. This final rule establishes more stringent vehicle emission standards and further reduces the sulfur content of gasoline starting in January 2017. The new standard is set at 10 PPM sulfur in gasoline on an annual average basis starting January 1, 2017, with a credit trading program to provide compliance flexibility. 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 refineries are complying with these new requirements as planned, either directly or using flexibility provided by sulfur credits generated or purchased in advance as an economic optimization. The standards set by the new rule are not expected to have a material impact on the Company’s financial position, results of operations or cash flows. The 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. In July 2017, the EPA issued proposed 2018 RFS standards that, while the Company is still reviewing, appear to slightly reduce renewable volume standards from final 2017 levels. 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 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 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 supporting a proposal to change the point of obligation under the RFS program to the “blender” of renewable fuels, of which the new presidential administration may be supportive. Depending on how the new administration addresses this proposal and any future changes to the RFS 2 program, there could be 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 (“AB32”). AB32 imposes a statewide cap on greenhouse gas emissions, including emissions from transportation fuels, with the aim of returning the state to 1990 emission levels by 2020. AB32 is implemented through two market mechanisms including the Low Carbon Fuel Standard (“LCFS”) and Cap and Trade, which was extended for an additional ten years to 2030 in July 2017. The Company is responsible for the AB32 obligations related to the Torrance refinery beginning on July 1, 2016 and must purchase emission credits to comply with these obligations. Additionally, in September 2016, the state of California enacted Senate Bill 32 (“SB32”) which further reduces greenhouse gas emissions targets to 40 percent below 1990 levels by 2030. However, subsequent to the acquisition, the Company is recovering the majority of these costs from its customers, and as such does not expect this obligation to materially impact the Company’s financial position, results of operations, or cash flows. To the degree there are unfavorable changes to AB32 or SB32 regulations or the Company is unable to recover such compliance costs from customers, these regulations could have a material adverse effect on our financial position, results of operations and cash flows. On February 15, 2017, the Company received a notification that EPA records indicated that PBF Holding used potentially invalid RINs that were in fact verified under the EPA’s RIN Quality Assurance Program (“QAP”) by an independent auditor as QAP A RINs. Under the regulations, use of potentially invalid QAP A RINs provided the user with an affirmative defense from civil penalties provided certain conditions are met. The Company has asserted the affirmative defense and if accepted by the EPA will not be required to replace these RINs and will not be subject to civil penalties under the program. It is reasonably possible that the EPA will not accept the Company’s defense and may assess penalties in these matters but any such amount is not expected to have a material impact on the Company’s financial position, results of operations or cash flows. The Company is also currently subject to certain other existing environmental claims and proceedings. The Company believes that there is only a remote possibility that future costs related to any of these other known contingent liability exposures would have a material impact on its financial position, results of operations or cash flows. PBF LLC Limited Liability Company Agreement The holders of limited liability company interests in PBF LLC, including PBF Energy, generally have to include for purposes of calculating their U.S. federal, state and local income taxes their share of any taxable income of PBF LLC, regardless of whether such holders receive cash distributions from PBF LLC. PBF Energy ultimately may not receive cash distributions from PBF LLC equal to its share of such taxable income or even equal to the actual tax due with respect to that income. For example, PBF LLC is required to include in taxable income PBF LLC’s allocable share of PBFX’s taxable income and gains (such share to be determined pursuant to the partnership agreement of PBFX), regardless of the amount of cash distributions received by PBF LLC from PBFX, and such taxable income and gains will flow-through to PBF Energy to the extent of its allocable share of the taxable income of PBF LLC. As a result, at certain times, the amount of cash otherwise ultimately available to PBF Energy on account of its indirect interest in PBFX may not be sufficient for PBF Energy to pay the amount of taxes it will owe on account of its indirect interests in PBFX. Taxable income of PBF LLC generally is allocated to the holders of PBF LLC units (including PBF Energy) pro-rata in accordance with their respective share of the net profits and net losses of PBF LLC. In general, PBF LLC is required to make periodic tax distributions to the members of PBF LLC, including PBF Energy, pro-rata in accordance with their respective percentage interests for such period (as determined under the amended and restated limited liability company agreement of PBF LLC), subject to available cash and applicable law and contractual restrictions (including pursuant to our debt instruments) and based on certain assumptions. Generally, these tax distributions are required to be in an amount equal to our estimate of the taxable income of PBF LLC for the year multiplied by an assumed tax rate equal to the highest effective marginal combined U.S. federal, state and local income tax rate prescribed for an individual or corporate resident in New York, New York (taking into account the nondeductibility of certain expenses). If, with respect to any given calendar year, the aggregate periodic tax distributions were less than the actual taxable income of PBF LLC multiplied by the assumed tax rate, PBF LLC is required to make a “true up” tax distribution, no later than March 15 of the following year, equal to such difference, subject to the available cash and borrowings of PBF LLC. PBF LLC generally obtains funding to pay its tax distributions by causing PBF Holding to distribute cash to PBF LLC and from distributions it receives from PBFX. Tax Receivable Agreement PBF Energy (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 the Company. 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 96.6% interest in PBF LLC as of September 30, 2017 ( 96.5% as of December 31, 2016 ). |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 9 Months Ended |
Sep. 30, 2017 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS The components of net periodic benefit cost related to the Company’s defined benefit plans consisted of the following: Three Months Ended Nine Months Ended Pension Benefits 2017 2016 2017 2016 Components of net periodic benefit cost: Service cost $ 10,142 $ 10,064 $ 30,429 $ 24,743 Interest cost 1,084 772 3,252 2,323 Expected return on plan assets (1,441 ) (1,234 ) (4,325 ) (3,447 ) Amortization of prior service cost 13 13 39 39 Amortization of actuarial loss (gain) 113 328 339 716 Net periodic benefit cost $ 9,911 $ 9,943 $ 29,734 $ 24,374 Three Months Ended Nine Months Ended Post-Retirement Medical Plan 2017 2016 2017 2016 Components of net periodic benefit cost: Service cost $ 316 $ 304 $ 948 $ 743 Interest cost 172 131 516 398 Amortization of prior service cost 162 161 484 379 Amortization of actuarial loss (gain) — — — — Net periodic benefit cost $ 650 $ 596 $ 1,948 $ 1,520 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS The tables below present information about the Company’s financial assets and liabilities measured and recorded at fair value on a recurring basis and indicate the fair value hierarchy of the inputs utilized to determine the fair values as of September 30, 2017 and December 31, 2016 . 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 September 30, 2017 Fair Value Hierarchy Total Gross Fair Value Effect of Counter-party Netting Net Carrying Value on Balance Sheet Level 1 Level 2 Level 3 Assets: Money market funds $ 14,458 $ — $ — $ 14,458 N/A $ 14,458 Commodity contracts 18,257 4,248 — 22,505 (22,505 ) — Liabilities: Commodity contracts 11,671 15,850 — 27,521 (22,505 ) 5,016 Catalyst lease obligations — 46,981 — 46,981 — 46,981 Derivatives included with inventory intermediation agreement obligations — 20,601 — 20,601 — 20,601 As of December 31, 2016 Fair Value Hierarchy Total Gross Fair Value Effect of Counter-party Netting Net Carrying Value on Balance Sheet Level 1 Level 2 Level 3 Assets: Money market funds $ 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 The valuation methods used to measure financial instruments at fair value are as follows: • Money market funds categorized in Level 1 of the fair value hierarchy are measured at fair value based on quoted market prices and included within Cash and cash equivalents. • The commodity contracts categorized in Level 1 of the fair value hierarchy are measured at fair value based on quoted prices in an active market. The commodity contracts categorized in Level 2 of the fair value hierarchy are measured at fair value using a market approach based upon future commodity prices for similar instruments quoted in active markets. • The commodity contracts categorized in Level 3 of the fair value hierarchy consist of commodity price swap contracts that relate to forecasted purchases of crude oil for which quoted forward market prices are not readily available due to market illiquidity. The forward prices used to value these swaps were derived using broker quotes, prices from other third party sources and other available market based data. • The derivatives included with inventory intermediation agreement obligations and the catalyst lease obligations are categorized in Level 2 of the fair value hierarchy and are measured at fair value using a market approach based upon commodity prices for similar instruments quoted in active markets. Non-qualified pension plan assets are measured at fair value using a market approach based on published net asset values of mutual funds as a practical expedient. As of September 30, 2017 and December 31, 2016 , $9,642 and $9,440 , 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: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Balance at beginning of period $ — $ 493 $ (84 ) $ 3,543 Purchases — — — — Settlements — (90 ) 45 (1,093 ) Unrealized gain (loss) included in earnings — (21 ) 39 (2,068 ) Transfers into Level 3 — — — — Transfers out of Level 3 — — — — Balance at end of period $ — $ 382 $ — $ 382 There were no transfers between levels during the three and nine months ended September 30, 2017 or 2016 . Fair value of debt The table below summarizes the fair value and carrying value of debt as of September 30, 2017 and December 31, 2016 . September 30, 2017 December 31, 2016 Carrying value Fair value Carrying value Fair value Senior secured notes due 2020 (a) $ — $ — $ 670,867 $ 696,098 Senior notes due 2023 (a) (d) 500,000 514,575 500,000 498,801 Senior notes due 2025 (a) 725,000 740,982 — — Revolving Loan (b) 350,000 350,000 350,000 350,000 PBF Rail Term Loan (b) 30,041 30,041 35,000 35,000 Catalyst leases (c) 46,981 46,981 45,969 45,969 1,652,022 1,682,579 1,601,836 1,625,868 Less - Unamortized deferred financing costs 26,821 n/a 25,277 n/a Long-term debt $ 1,625,201 $ 1,682,579 $ 1,576,559 $ 1,625,868 (a) The estimated fair value, categorized as a Level 2 measurement, was calculated based on the present value of future expected payments utilizing implied current market interest rates based on quoted prices of the senior secured notes and senior notes. (b) The estimated fair value approximates carrying value, categorized as a Level 2 measurement, as these borrowings bear interest based upon short-term floating market interest rates. (c) Catalyst leases are valued using a market approach based upon commodity prices for similar instruments quoted in active markets and are categorized as a Level 2 measurement. The Company has elected the fair value option for accounting for its catalyst lease repurchase obligations as the Company’s liability is directly impacted by the change in fair value of the underlying catalyst. (d) As discussed in “Note 5 - Debt”, these notes became unsecured following the Collateral Fall-Away Event on May 30, 2017. |
DERIVATIVES
DERIVATIVES | 9 Months Ended |
Sep. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES | DERIVATIVES The Company uses derivative instruments to mitigate certain exposures to commodity price risk. The Company entered into the A&R Intermediation Agreements that contain purchase obligations for certain volumes of intermediates and refined products. The purchase obligations related to intermediates and refined products under these agreements are derivative instruments that have been designated as fair value hedges in order to hedge the commodity price volatility of certain refinery inventory. The fair value of these purchase obligation derivatives is based on market prices of the underlying intermediates and refined products. The level of activity for these derivatives is based on the level of operating inventories. As of September 30, 2017 , there were 3,306,154 barrels of intermediates and refined products ( 2,942,348 barrels at December 31, 2016 ) outstanding under these derivative instruments designated as fair value hedges. These volumes represent the notional value of the contract. The Company also enters into economic hedges primarily consisting of commodity derivative contracts that are not designated as hedges and are used to manage price volatility in certain crude oil and feedstock inventories as well as crude oil, feedstock, and refined product sales or purchases. The objective in entering into economic hedges is consistent with the objectives discussed above for fair value hedges. As of September 30, 2017 , there were 37,496,000 barrels of crude oil and 8,163,000 barrels of refined products ( 5,950,000 and 2,831,000 , respectively, as of December 31, 2016 ), outstanding under short and long term commodity derivative contracts not designated as hedges representing the notional value of the contracts. The following tables provide information about the fair values of these derivative instruments as of September 30, 2017 and December 31, 2016 and the line items in the condensed consolidated balance sheet in which the fair values are reflected. Description Balance Sheet Location Fair Value Asset/(Liability) Derivatives designated as hedging instruments: September 30, 2017: Derivatives included with the inventory intermediation agreement obligations Accrued expenses $ (20,601 ) December 31, 2016: Derivatives included with the inventory intermediation agreement obligations Accrued expenses $ 6,058 Derivatives not designated as hedging instruments: September 30, 2017: Commodity contracts Accrued expenses $ (5,016 ) December 31, 2016: Commodity contracts Accrued expenses $ 3,508 The following table provides information about the gains or losses recognized in income on these derivative instruments and the line items in the condensed consolidated statements of operations in which such gains and losses are reflected. Description Location of Gain or (Loss) Recognized in Income on Derivatives Gain or (Loss) Recognized in Income on Derivatives Derivatives designated as hedging instruments: For the three months ended September 30, 2017: Derivatives included with the inventory intermediation agreement obligations Cost of products and other $ (29,766 ) For the three months ended September 30, 2016: Derivatives included with the inventory intermediation agreement obligations Cost of products and other $ (3,145 ) For the nine months ended September 30, 2017: Derivatives included with the inventory intermediation agreement obligations Cost of products and other $ (26,659 ) For the nine months ended September 30, 2016: Derivatives included with the inventory intermediation agreement obligations Cost of products and other $ (29,317 ) Derivatives not designated as hedging instruments: For the three months ended September 30, 2017: Commodity contracts Cost of products and other $ (17,291 ) For the three months ended September 30, 2016: Commodity contracts Cost of products and other $ (15,559 ) For the nine months ended September 30, 2017: Commodity contracts Cost of products and other $ (2,606 ) For the nine months ended September 30, 2016: Commodity contracts Cost of products and other $ (54,646 ) Hedged items designated in fair value hedges: For the three months ended September 30, 2017: Intermediate and refined product inventory Cost of products and other $ 29,766 For the three months ended September 30, 2016: Intermediate and refined product inventory Cost of products and other $ 3,145 For the nine months ended September 30, 2017: Intermediate and refined product inventory Cost of products and other $ 26,659 For the nine months ended September 30, 2016: Intermediate and refined product inventory Cost of products and other $ 29,317 The Company had no ineffectiveness related to the Company’s fair value hedges for the three and nine months ended September 30, 2017 or 2016 . |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2017 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Dividend Declared On November 2, 2017, PBF Energy, PBF Holding’s indirect parent, announced a dividend of $0.30 per share on its outstanding Class A common stock. The dividend is payable on November 29, 2017 to PBF Energy Class A common stockholders of record at the close of business on November 13, 2017. |
CONDENSED CONSOLIDATING FINANCI
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS | 9 Months Ended |
Sep. 30, 2017 | |
Condensed Financial Information of Subsidiary Disclosure [Abstract] | |
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS | CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING PBF Services Company, Delaware City Refining Company LLC, PBF Power Marketing LLC, Paulsboro Refining Company LLC, Toledo Refining Company LLC, Chalmette Refining, L.L.C., PBF Energy 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 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 November 24, 2015 and May 30, 2017, among PBF Holding, PBF Finance, the guarantors party thereto and Wilmington Trust, National Association, governs subsidiaries designated as “Guarantor Subsidiaries”. PBF International Inc., PBF Energy Limited, PBF Transportation Company LLC, PBF Rail Logistics Company LLC, Chalmette 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 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 notes. The senior 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 CONDENSED CONSOLIDATING BALANCE SHEET (UNAUDITED) September 30, 2017 Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total ASSETS Current assets: Cash and cash equivalents $ 200,136 $ 9,124 $ 32,485 $ — $ 241,745 Accounts receivable 718,960 9,781 46,166 — 774,907 Accounts receivable - affiliate 1,392 17,946 600 — 19,938 Affiliate notes receivable — 11,600 — — 11,600 Inventories 2,064,678 — 246,014 — 2,310,692 Prepaid expense and other current assets 23,245 21,194 — — 44,439 Due from related parties 27,591,736 22,923,564 6,144,950 (56,660,250 ) — Total current assets 30,600,147 22,993,209 6,470,215 (56,660,250 ) 3,403,321 Property, plant and equipment, net 23,884 2,543,193 238,072 — 2,805,149 Investment in subsidiaries — 429,035 — (429,035 ) — Investment in equity method investee — — 172,752 — 172,752 Deferred charges and other assets, net 27,934 773,447 34 — 801,415 Total assets $ 30,651,965 $ 26,738,884 $ 6,881,073 $ (57,089,285 ) $ 7,182,637 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 310,158 $ 112,773 $ 18,552 $ — $ 441,483 Accounts payable - affiliate 34,815 1,327 (97 ) — 36,045 Accrued expenses 1,467,974 125,490 216,107 — 1,809,571 Deferred revenue 3,214 74 8 — 3,296 Due to related parties 23,949,841 26,558,885 6,151,524 (56,660,250 ) — Notes payable — 6,831 — — 6,831 Total current liabilities 25,766,002 26,805,380 6,386,094 (56,660,250 ) 2,297,226 Long-term debt 1,548,591 46,938 29,672 — 1,625,201 Deferred tax liabilities — — 46,340 — 46,340 Other long-term liabilities 27,906 181,293 4,145 — 213,344 Investment in subsidiaries 308,940 — — (308,940 ) — Total liabilities 27,651,439 27,033,611 6,466,251 (56,969,190 ) 4,182,111 Commitments and contingencies (Note 9) Equity: Member’s equity 2,352,772 1,723,480 357,332 (2,080,812 ) 2,352,772 Retained earnings / (accumulated deficit) 659,891 (2,022,858 ) 57,490 1,965,368 659,891 Accumulated other comprehensive loss (25,024 ) (8,236 ) — 8,236 (25,024 ) Total PBF Holding Company LLC equity 2,987,639 (307,614 ) 414,822 (107,208 ) 2,987,639 Noncontrolling interest 12,887 12,887 — (12,887 ) 12,887 Total equity 3,000,526 (294,727 ) 414,822 (120,095 ) 3,000,526 Total liabilities and equity $ 30,651,965 $ 26,738,884 $ 6,881,073 $ (57,089,285 ) $ 7,182,637 14. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONDENSED CONSOLIDATING BALANCE SHEET (UNAUDITED) 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 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 Total liabilities 25,142,475 24,631,068 4,923,372 (50,718,951 ) 3,977,964 Commitments and contingencies (Note 9) Equity: Member’s equity 2,155,863 1,714,997 374,067 (2,089,064 ) 2,155,863 Retained earnings / (accumulated deficit) 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 CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED) Three Months Ended September 30, 2017 Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total Revenues $ 5,410,245 $ 223,582 $ 536,386 $ (694,397 ) $ 5,475,816 Cost and expenses: Cost of products and other 4,483,164 85,031 538,011 (694,397 ) 4,411,809 Operating expenses (excluding depreciation and amortization expense as reflected below) 289 380,951 8,351 — 389,591 Depreciation and amortization expense — 68,419 1,919 — 70,338 Cost of sales 4,483,453 534,401 548,281 (694,397 ) 4,871,738 General and administrative expenses (excluding depreciation and amortization expense as reflected below) 49,880 4,959 (146 ) — 54,693 Depreciation and amortization expense 2,572 — — — 2,572 Equity income in investee — — (3,799 ) — (3,799 ) Loss on sale of assets — 28 — — 28 Total cost and expenses 4,535,905 539,388 544,336 (694,397 ) 4,925,232 Income (loss) from operations 874,340 (315,806 ) (7,950 ) — 550,584 Other income (expenses): Equity in earnings (loss) of subsidiaries (319,568 ) 2,467 — 317,101 — Change in fair value of catalyst leases — 473 — — 473 Debt extinguishment costs — — — — — Interest expense, net (28,692 ) (305 ) (272 ) — (29,269 ) Income (loss) before income taxes 526,080 (313,171 ) (8,222 ) 317,101 521,788 Income tax benefit — — (4,292 ) — (4,292 ) Net income (loss) 526,080 (313,171 ) (3,930 ) 317,101 526,080 Less: net loss attributable to noncontrolling interests (6 ) (6 ) — 6 (6 ) Net income (loss) attributable to PBF Holding Company LLC $ 526,086 $ (313,165 ) $ (3,930 ) $ 317,095 $ 526,086 Comprehensive income (loss) attributable to PBF Holding Company LLC $ 526,373 $ (313,165 ) $ (3,930 ) $ 317,095 $ 526,373 14. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED) Three Months Ended September 30, 2016 Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total Revenues $ 4,488,925 $ 441,554 $ 345,215 $ (767,081 ) $ 4,508,613 Cost and expenses: Cost of products and other 3,914,018 428,587 328,734 (767,081 ) 3,904,258 Operating expenses (excluding depreciation and amortization expense as reflected below) 25 385,761 18,259 — 404,045 Depreciation and amortization expense — 47,471 3,865 — 51,336 Cost of sales 3,914,043 861,819 350,858 (767,081 ) 4,359,639 General and administrative expenses (excluding depreciation and amortization expense as reflected below) 34,820 4,312 780 — 39,912 Depreciation and amortization expense 1,342 — — — 1,342 Equity income in investee — — (1,621 ) — (1,621 ) Loss on sale of assets 2,418 73 5,668 — 8,159 Total cost and expenses 3,952,623 866,204 355,685 (767,081 ) 4,407,431 Income (loss) from operations 536,302 (424,650 ) (10,470 ) — 101,182 Other income (expenses): Equity in earnings (loss) of subsidiaries (438,249 ) — — 438,249 — Change in fair value of catalyst leases — 77 — — 77 Interest expense, net (32,982 ) (447 ) (467 ) — (33,896 ) Income (loss) before income taxes 65,071 (425,020 ) (10,937 ) 438,249 67,363 Income tax expense — — 2,291 — 2,291 Net income (loss) 65,071 (425,020 ) (13,228 ) 438,249 65,072 Less: net income attributable to noncontrolling interests 45 45 — (45 ) 45 Net income (loss) attributable to PBF Holding Company LLC $ 65,026 $ (425,065 ) $ (13,228 ) $ 438,294 $ 65,027 Comprehensive income (loss) attributable to PBF Holding Company LLC $ 65,452 $ (425,065 ) $ (13,228 ) $ 438,294 $ 65,453 14. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED) Nine Months Ended September 30, 2017 Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total Revenues $ 15,064,488 $ 983,917 $ 1,578,553 $ (2,387,693 ) $ 15,239,265 Cost and expenses: Cost of products and other 13,547,358 615,093 1,551,638 (2,387,693 ) 13,326,396 Operating expenses (excluding depreciation and amortization expense as reflected below) (42 ) 1,200,370 24,686 — 1,225,014 Depreciation and amortization expense — 175,543 5,695 — 181,238 Cost of sales 13,547,316 1,991,006 1,582,019 (2,387,693 ) 14,732,648 General and administrative expenses (excluding depreciation and amortization expense as reflected below) 112,418 18,410 (736 ) — 130,092 Depreciation and amortization expense 10,355 — — — 10,355 Equity income in investee — — (11,218 ) — (11,218 ) Loss on sale of assets — 940 — — 940 Total cost and expenses 13,670,089 2,010,356 1,570,065 (2,387,693 ) 14,862,817 Income (loss) from operations 1,394,399 (1,026,439 ) 8,488 — 376,448 Other income (expenses): Equity in earnings (loss) of subsidiaries (1,022,866 ) 5,802 — 1,017,064 — Change in fair value of catalyst leases (1,011 ) — — (1,011 ) Debt extinguishment costs (25,451 ) — — — (25,451 ) Interest expense, net (90,918 ) (1,143 ) (721 ) — (92,782 ) Income (loss) before income taxes 255,164 (1,022,791 ) 7,767 1,017,064 257,204 Income tax expense — — 2,040 — 2,040 Net income (loss) 255,164 (1,022,791 ) 5,727 1,017,064 255,164 Less: net income attributable to noncontrolling interests 374 374 — (374 ) 374 Net income (loss) attributable to PBF Holding Company LLC $ 254,790 $ (1,023,165 ) $ 5,727 $ 1,017,438 $ 254,790 Comprehensive income (loss) attributable to PBF Holding Company LLC $ 255,728 $ (1,023,165 ) $ 5,727 $ 1,017,438 $ 255,728 14. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED) Nine Months Ended September 30, 2016 Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total Revenues $ 11,119,301 $ 586,336 $ 1,005,656 $ (1,546,722 ) $ 11,164,571 Cost and expenses: Cost of products and other 9,653,945 532,040 995,726 (1,546,722 ) 9,634,989 Operating expenses (excluding depreciation and amortization expense as reflected below) (375 ) 948,403 24,195 — 972,223 Depreciation and amortization expense — 143,994 7,479 — 151,473 Cost of sales 9,653,570 1,624,437 1,027,400 (1,546,722 ) 10,758,685 General and administrative expenses (excluding depreciation and amortization expense as reflected below) 92,126 20,372 (1,226 ) — 111,272 Depreciation and amortization expense 4,417 — — — 4,417 Equity income in investee — — (1,621 ) — (1,621 ) Loss on sale of assets 2,418 97 8,866 — 11,381 Total cost and expenses 9,752,531 1,644,906 1,033,419 (1,546,722 ) 10,884,134 Income (loss) from operations 1,366,770 (1,058,570 ) (27,763 ) — 280,437 Other income (expenses): Equity in earnings (loss) of subsidiaries (1,123,054 ) — — 1,123,054 — Change in fair value of catalyst leases — (4,556 ) — — (4,556 ) Interest expense, net (95,568 ) (1,289 ) (1,589 ) — (98,446 ) Income (loss) before income taxes 148,148 (1,064,415 ) (29,352 ) 1,123,054 177,435 Income tax expense — — 29,287 — 29,287 Net income (loss) 148,148 (1,064,415 ) (58,639 ) 1,123,054 148,148 Less: net income attributable to noncontrolling interests 438 438 — (438 ) 438 Net income (loss) attributable to PBF Holding Company LLC $ 147,710 $ (1,064,853 ) $ (58,639 ) $ 1,123,492 $ 147,710 Comprehensive income (loss) attributable to PBF Holding Company LLC $ 149,173 $ (1,064,853 ) $ (58,639 ) $ 1,123,492 $ 149,173 CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW (UNAUDITED) Nine Months Ended September 30, 2017 Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total Cash flows from operating activities: Net income (loss) $ 255,164 $ (1,022,791 ) $ 5,727 $ 1,017,064 $ 255,164 Adjustments to reconcile net income (loss) to net cash (used in) provided by operations: Depreciation and amortization 15,746 175,859 5,760 — 197,365 Stock-based compensation — 13,549 — — 13,549 Change in fair value of catalyst leases — 1,011 — — 1,011 Deferred income taxes — — 641 — 641 Non-cash lower of cost or market inventory adjustment (97,943 ) — — — (97,943 ) Non-cash change in inventory repurchase obligations (26,659 ) — — — (26,659 ) Debt extinguishment costs 25,451 — — — 25,451 Pension and other post-retirement benefit costs 4,956 26,726 — — 31,682 (Income) from equity method investee — (11,218 ) — (11,218 ) Distributions from equity method investee — — 16,897 — 16,897 Loss on sale of assets — 940 — — 940 Equity in earnings (loss) of subsidiaries 1,022,866 (5,802 ) — (1,017,064 ) — Changes in operating assets and liabilities: Accounts receivable (119,813 ) (1,782 ) (37,431 ) — (159,026 ) Due to/from affiliates (1,494,632 ) 1,451,846 40,468 — (2,318 ) Inventories (286,677 ) — (62,512 ) — (349,189 ) Prepaid expense and other current assets 4,200 (8,467 ) 160 — (4,107 ) Accounts payable (50,102 ) (58,691 ) 4,261 1,463 (103,069 ) Accrued expenses 365,132 (13,352 ) 49,894 — 401,674 Deferred revenue (7,687 ) (1,364 ) 7 — (9,044 ) Other assets and liabilities (14,472 ) (26,189 ) (16,726 ) — (57,387 ) Net cash (used in) provided by operations (404,470 ) 531,493 (4,072 ) 1,463 124,414 Cash flows from investing activities: Expenditures for property, plant and equipment (847 ) (210,076 ) (301 ) — (211,224 ) Expenditures for deferred turnaround costs — (341,598 ) — — (341,598 ) Expenditures for other assets — (31,096 ) — — (31,096 ) Equity method investment - return of capital — — 451 — 451 Due to/from affiliates (3,684 ) — — 3,684 — Net cash (used in) provided by investing activities (4,531 ) (582,770 ) 150 3,684 (583,467 ) Cash flows from financing activities: Contributions from PBF LLC 97,000 — — — 97,000 Distribution to members (39,315 ) — — — (39,315 ) Proceeds from 2025 7.25% Senior Notes 725,000 — — — 725,000 Cash paid to extinguish 2020 8.25% Senior Secured Notes (690,209 ) — — — (690,209 ) Repayments of PBF Rail Term Loan — — (4,959 ) — (4,959 ) Proceeds from revolver borrowings 490,000 — — — 490,000 Repayments of revolver borrowings (490,000 ) — — — (490,000 ) Due to/from affiliates — 3,684 — (3,684 ) — Deferred financing costs and other (13,424 ) — — — (13,424 ) Net cash provided by (used in) financing activities 79,052 3,684 (4,959 ) (3,684 ) 74,093 Net decrease in cash and cash equivalents (329,949 ) (47,593 ) (8,881 ) 1,463 (384,960 ) Cash and cash equivalents, beginning of period 530,085 56,717 41,366 (1,463 ) 626,705 Cash and cash equivalents, end of period $ 200,136 $ 9,124 $ 32,485 $ — $ 241,745 14. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW (UNAUDITED) Nine Months Ended September 30, 2016 Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total Cash flows from operating activities: Net income (loss) $ 148,148 $ (1,064,415 ) $ (58,639 ) $ 1,123,054 $ 148,148 Adjustments to reconcile net income (loss) to net cash (used in) provided by operations: Depreciation and amortization 10,828 144,011 7,726 — 162,565 Stock-based compensation — 12,658 — — 12,658 Change in fair value of catalyst leases — 4,556 — — 4,556 Deferred income taxes — — 27,813 — 27,813 Non-cash lower of cost or market inventory adjustment (320,833 ) — — — (320,833 ) Non-cash change in inventory repurchase obligations 29,317 — — — 29,317 Pension and other post-retirement benefit costs 5,249 20,645 — — 25,894 Equity income in investee — — (1,621 ) — (1,621 ) Loss on sale of assets 2,418 97 8,866 — 11,381 Equity in earnings of subsidiaries 1,123,054 — — (1,123,054 ) — Changes in operating assets and liabilities: Accounts receivable (205,816 ) 3,695 7,223 — (194,898 ) Due to/from affiliates (1,624,741 ) 1,588,690 44,245 — 8,194 Inventories 56,792 — (2,740 ) — 54,052 Prepaid expense and other current assets (6,330 ) (11,768 ) (2,105 ) — (20,203 ) Accounts payable 37,074 16,943 (5,126 ) 1,406 50,297 Accrued expenses 661,974 (353,030 ) (897 ) — 308,047 Deferred revenue 6,559 — 1,470 — 8,029 Other assets and liabilities (7,573 ) (14,210 ) (97 ) — (21,880 ) Net cash (used in) provided by operations (83,880 ) 347,872 26,118 1,406 291,516 Cash flows from investing activities: Acquisition of Torrance refinery and related logistic assets (971,932 ) — — — (971,932 ) Expenditures for property, plant and equipment (16,244 ) (172,174 ) 675 — (187,743 ) Expenditures for deferred turnaround costs — (138,936 ) — — (138,936 ) Expenditures for other assets — (27,735 ) — — (27,735 ) Investment in subsidiaries 12,800 — — (12,800 ) — Chalmette Acquisition working capital settlement — (2,659 ) — — (2,659 ) Proceeds from sale of assets — — 13,030 — 13,030 Net cash provided by (used in) investing activities (975,376 ) (341,504 ) 13,705 (12,800 ) (1,315,975 ) Cash flows from financing activities: Proceeds from catalyst lease — 7,927 — — 7,927 Distributions to Parent — — (12,800 ) 12,800 — Contributions from PBF LLC related to TVPC 175,000 — — — 175,000 Distributions to members (92,503 ) — — — (92,503 ) Proceeds from affiliate notes payable 635 — — — 635 Repayment of affiliate notes payable (517 ) — — — (517 ) Repayment of Rail Facility revolver borrowings — — (11,457 ) — (11,457 ) Proceeds from revolver borrowings 550,000 — — — 550,000 Net cash provided by (used in) financing activities 632,615 7,927 (24,257 ) 12,800 629,085 Net (decrease) increase in cash and cash equivalents (426,641 ) 14,295 15,566 1,406 (395,374 ) Cash and cash equivalents, beginning of period 882,820 6,236 28,968 (3,275 ) 914,749 Cash and cash equivalents, end of period $ 456,179 $ 20,531 $ 44,534 $ (1,869 ) $ 519,375 |
DESCRIPTION OF THE BUSINESS A20
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Cost Classification Policy [Text Block] | Cost Classifications Cost of products and other consists of the cost of crude oil, other feedstocks, blendstocks and purchased refined products and the related in-bound freight and transportation costs. Operating expenses (excluding depreciation and amortization) consists of direct costs of labor, maintenance and services, utilities, property taxes, environmental compliance costs and other direct operating costs incurred in connection with our refining operations. Such expenses exclude depreciation related to refining and logistics assets that are integral to the refinery production process, which is presented separately as Depreciation and amortization expense as a component of Cost of sales on the Company’s condensed consolidated statements of operations. |
Reclassifications [Text Block] | Reclassification Certain amounts previously reported in the Company's condensed consolidated financial statements for prior periods have been reclassified to conform to the 2017 presentation. These reclassifications, in addition to the changes in “Cost and expenses” described above, include certain details about accrued expenses in that footnote. |
New Accounting Pronouncements | Recently Adopted Accounting Guidance Effective January 1, 2017, the Company adopted Accounting Standard Update (“ASU”) No. 2016-06, “Derivatives and Hedging (Topic 815): Contingent Put and Call Options in Debt Instruments (a consensus of the FASB Emerging Issues Task Force)” (“ASU 2016-06”). ASU 2016-6 was issued in March 2016 by the Financial Accounting Standards Board (“FASB”) 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 Company’s adoption of this guidance did not materially impact its consolidated financial statements. Effective January 1, 2017, the Company adopted ASU No. 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” (“ASU 2016-09”). ASU 2016-09 was issued by the FASB in March 2016 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 could prior to its adoption for tax withholding purposes without triggering liability accounting and to make a policy election to account for forfeitures as they occur. The Company’s adoption of this guidance did not materially impact its consolidated financial statements. Effective January 1, 2017, the Company adopted ASU No. 2016-17, “Consolidation (Topic 810): Interests Held through Related Parties That Are under Common Control” (“ASU 2016-17”). ASU 2016-17 was issued by the FASB in October 2016 to amend 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 a reporting entity, in determining whether it satisfies the second characteristic of a primary beneficiary, 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. The Company’s adoption of this guidance did not materially impact its consolidated financial statements. 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. Early adoption of ASU 2017-01 is permitted and the Company early adopted the new standard in its consolidated financial statements and related disclosures effective January 1, 2017. The Company’s adoption of this guidance did not materially impact its consolidated financial statements. Recent Accounting Pronouncements In August 2015, the FASB issued ASU 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 and 2017 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 the Company’s business processes, accounting systems, controls and financial statement disclosures. The Company will adopt this new standard effective January 1, 2018, using the modified retrospective application. Under that method, the cumulative effect of initially applying the standard is recognized as an adjustment to the opening balance of retained earnings, and revenues reported in the periods prior to the date of adoption are not changed. The working group is progressing through its implementation plan and continues to evaluate the impact of this new standard on the Company’s consolidated financial statements and related disclosures. Additionally, the Company has begun training the relevant staff at its corporate headquarters and refineries on the Updated Revenue Recognition Guidance, including the potential impacts on internal reporting and disclosure requirements. Although the Company’s analysis of the new standard is still in process and interpretative and industry specific guidance is still developing, based on the results to date, we have reached tentative conclusions for most contract types and do not believe revenue recognition patterns will change materially. However, it is expected that the new standard will have some impact on presentation and disclosures in its financial statements and internal controls. 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. The Company will not 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. While the assessment of the impacts arising from this standard is progressing, it remains in its early stages. Accordingly, the Company has not fully determined the impacts on its business processes, controls or financial statement disclosures. In March 2017, the FASB issued ASU No. 2017-07, “Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost” (“ASU 2017-07”), which provides guidance to improve the reporting of net benefit cost in the income statement and on the components eligible for capitalization in assets. Under the new guidance, employers will present the service cost component of net periodic benefit cost in the same income statement line item(s) as other employee compensation costs arising from services rendered during the period. Only the service cost component will be eligible for capitalization in assets. Additionally, under this guidance, employers will present the other components of the net periodic benefit cost separately from the line item(s) that includes the service cost and outside of any subtotal of operating income, if one is presented. These components will not be eligible for capitalization in assets. Employers will apply the guidance on the presentation of the components of net periodic benefit cost in the income statement retrospectively. The guidance limiting the capitalization of net periodic benefit cost in assets to the service cost component will be applied prospectively. The guidance includes a practical expedient allowing entities to estimate amounts for comparative periods using the information previously disclosed in their pension and other postretirement benefit plan note to the financial statements. The amendments in this ASU are effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods. The Company does not expect the adoption of this new standard to have a material impact on its consolidated financial statements and related disclosures. In May 2017, the FASB issued ASU No. 2017-09, “Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting” (“ASU 2017-09”), which provides guidance to increase clarity and reduce both diversity in practice and cost and complexity when applying the existing accounting guidance on changes to the terms or conditions of a share-based payment award. The amendments in ASU 2017-09 require an entity to account for the effects of a modification unless all the following are met: (i) the fair value of the modified award is the same as the fair value of the original award immediately before the original award is modified; (ii) the vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the original award is modified; and (iii) the classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award immediately before the original award is modified. The guidance in ASU 2017-09 should be applied prospectively. The amendments in this ASU are effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods. The Company will apply the guidance prospectively for any modifications to its stock compensation plans occurring after the effective date of the new standard. In August 2017, the FASB issued ASU No. 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities” (“ASU 2017-12”). The amendments in ASU 2017-12 more closely align the results of cash flow and fair value hedge accounting with risk management activities through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results in the financial statements. The amendments in ASU 2017-12 address specific limitations in current GAAP by expanding hedge accounting for both nonfinancial and financial risk components and by refining the measurement of hedge results to better reflect an entity’s hedging strategies. Thus, the amendments in ASU 2017-12 will enable an entity to better portray the economic results of hedging activities for certain fair value and cash flow hedges and will avoid mismatches in earnings by allowing for greater precision when measuring changes in fair value of the hedged item for certain fair value hedges. Additionally, by aligning the timing of recognition of hedge results with the earnings effect of the hedged item for cash flow and net investment hedges, and by including the earnings effect of the hedging instrument in the same income statement line item in which the earnings effect of the hedged item is presented, the results of an entity’s hedging program and the cost of executing that program will be more visible to users of financial statements. The guidance in ASU 2017-12 concerning amendments to cash flow and net investment hedge relationships that exist on the date of adoption should be applied using a modified retrospective approach (i.e., with a cumulative effect adjustment recorded to the opening balance of retained earnings as of the initial application date). The guidance in ASU 2017-12 also provides transition relief to make it easier for entities to apply certain amendments to existing hedges (including fair value hedges) where the hedge documentation needs to be modified. The presentation and disclosure requirements of ASU 2017-12 should be applied prospectively. The amendments in this ASU are effective for annual periods beginning after December 15, 2018, including interim periods within those annual periods. The Company is currently evaluating the impact of this new standard on its consolidated financial statements and related disclosures. |
DESCRIPTION OF THE BUSINESS A21
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION Change in presentation (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Change in presentation [Abstract] | |
Schedule of Change in Presentation [Table Text Block] | Three Months ended September 30, 2016 As Previously Reported Adjustments As Reclassified Cost and expenses: Cost of products and other $ 3,904,258 — $ 3,904,258 Operating expenses (excluding depreciation and amortization expense as reflected below) 404,045 — 404,045 Depreciation and amortization expense — 51,336 51,336 Cost of sales 4,359,639 General and administrative expenses (excluding depreciation and amortization expense as reflected below) 39,912 — 39,912 Depreciation and amortization expense 52,678 (51,336) 1,342 Equity income in investee (1,621) — (1,621) Loss on sale of assets 8,159 — 8,159 Total cost and expenses $ 4,407,431 $ 4,407,431 Nine Months ended September 30, 2016 As Previously Reported Adjustments As Reclassified Cost and expenses: Cost of products and other $ 9,634,989 — $ 9,634,989 Operating expenses (excluding depreciation and amortization expense as reflected below) 972,223 — 972,223 Depreciation and amortization expense — 151,473 151,473 Cost of sales 10,758,685 General and administrative expenses (excluding depreciation and amortization expense as reflected below) 111,272 — 111,272 Depreciation and amortization expense 155,890 (151,473) 4,417 Equity income in investee (1,621) — (1,621) Loss on sale of assets 11,381 — 11,381 Total cost and expenses $ 10,884,134 $ 10,884,134 |
ACQUISITIONS (Tables)
ACQUISITIONS (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Business Combinations [Abstract] | |
Schedule of purchase consideration given | The total purchase consideration and the fair values of the assets and liabilities at the acquisition date were as follows: Purchase Price Gross purchase price $ 537,500 Working capital 450,582 Post close purchase price adjustments (16,150 ) Total consideration $ 971,932 |
Schedule of assets acquired and liabilities assumed | The following table summarizes the amounts recognized for assets acquired and liabilities assumed as of the acquisition date: Fair Value Allocation Inventories $ 404,542 Prepaid expenses and other current assets 982 Property, plant and equipment 704,633 Deferred charges and other assets, net 68,053 Accounts payable (2,688 ) Accrued expenses (64,137 ) Other long-term liabilities (139,453 ) Fair value of net assets acquired $ 971,932 |
Schedule of pro forma information | Nine Months Ended September 30, 2016 Pro forma revenues $ 12,243,582 Pro forma net loss attributable to PBF Holding Company LLC $ (60,908 ) The unaudited amount of revenues and net loss 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 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventories consisted of the following: September 30, 2017 Titled Inventory Inventory Intermediation Arrangements Total Crude oil and feedstocks $ 1,302,162 $ — $ 1,302,162 Refined products and blendstocks 1,065,608 343,904 1,409,512 Warehouse stock and other 97,063 — 97,063 $ 2,464,833 $ 343,904 $ 2,808,737 Lower of cost or market adjustment (404,227 ) (93,818 ) (498,045 ) Total inventories $ 2,060,606 $ 250,086 $ 2,310,692 December 31, 2016 Titled Inventory Inventory 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 |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Payables and Accruals [Abstract] | |
Schedule of accrued expenses | Accrued expenses consisted of the following: September 30, December 31, Inventory-related accruals $ 984,702 $ 810,027 Inventory intermediation arrangements 282,640 225,524 Renewable energy credit and emissions obligations 138,717 70,158 Excise and sales tax payable 91,042 86,046 Accrued transportation costs 90,933 89,830 Customer deposits 45,548 9,215 Accrued utilities 36,274 44,190 Accrued refinery maintenance and support costs 36,098 28,670 Accrued salaries and benefits 32,709 17,466 Accrued interest 30,987 28,934 Accrued capital expenditures 18,933 33,610 Environmental liabilities 8,295 8,882 Other 12,693 10,177 Total accrued expenses $ 1,809,571 $ 1,462,729 |
INCOME TAXES INCOME TAX EXPENSE
INCOME TAXES INCOME TAX EXPENSE (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
INCOME TAX EXPENSE [Abstract] | |
Schedule of components of income tax provision (benefit) | Three Months Ended Nine Months Ended 2017 2016 2017 2016 Current income tax expense $ 190 $ 389 $ 1,399 $ 1,474 Deferred income tax (benefit) expense (4,482 ) 1,902 641 27,813 Total income tax (benefit) expense $ (4,292 ) $ 2,291 $ 2,040 $ 29,287 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Related Party Transactions [Abstract] | |
Schedule of related party transactions | A summary of revenue and expense transactions with PBFX is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Revenues under affiliate agreements: Services Agreement $ 1,639 $ 1,280 $ 4,918 $ 3,523 Omnibus Agreement 1,890 1,201 5,174 3,460 Total expenses under affiliate agreements 62,359 43,842 176,916 118,356 These commercial agreements (as defined in the table below) with PBFX include: Service Agreements Initiation Date Initial Term Renewals (a) Minimum Volume Commitments Force Majeure Transportation and Terminaling Delaware City Rail Terminaling Services Agreement 5/8/2014 7 years, 8 months 2 x 5 85,000 barrels per day (“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 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 N/A 14,500 bpd Delaware City Truck Loading Services Agreement- Gasoline 5/15/2015 10 years, 8 months 2 x 5 30,000 bpd Delaware City Truck Loading Services Agreement- LPGs 5/15/2015 10 years, 8 months 2 x 5 5,000 bpd East Coast Terminals Terminaling Services Agreements 5/1/2016 Various (f) Evergreen 15,000 bpd (e) East Coast Terminals Tank Lease Agreements 5/1/2016 Various (f) Evergreen 350,000 barrels (c) 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 (c) Torrance Valley Pipeline Transportation Services Agreement- Emidio 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 Paulsboro Natural Gas Pipeline Services Agreement (b) 8/4/2017 15 years Evergreen 60,000 dekatherms per day Toledo Terminal Services Agreement (g) 5/1/2016 1 year Evergreen N/A Storage Toledo Storage Facility Storage and Terminaling Services Agreement- Storage Facility 12/12/2014 10 years 2 x 5 3,849,271 barrels (c) PBFX or PBF Holding can declare Chalmette Storage Agreement (d) See note (d) 10 years 2 x 5 625,000 barrels ____________________ (a) PBF Holding has the option to extend the agreements for up to two additional five -year terms, as applicable. (b) In August 2017, PBFX’s new pipeline commenced service. Concurrent with the commencement of operations, a new service agreement was entered into between PBF Holding and PNGPC. (c) Reflects the overall capacity as stipulated by the storage agreement. The storage MVC is subject to effective operating capacity of each tank which can be impacted by routine tank maintenance and other factors. (d) The Chalmette Storage Agreement was entered into on February 15, 2017 but commences at the earlier of November 1, 2017 or the completion of the Chalmette Storage Tank (as defined below), which is currently expected to be completed in November 2017. |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Schedule of net periodic benefit cost | The components of net periodic benefit cost related to the Company’s defined benefit plans consisted of the following: Three Months Ended Nine Months Ended Pension Benefits 2017 2016 2017 2016 Components of net periodic benefit cost: Service cost $ 10,142 $ 10,064 $ 30,429 $ 24,743 Interest cost 1,084 772 3,252 2,323 Expected return on plan assets (1,441 ) (1,234 ) (4,325 ) (3,447 ) Amortization of prior service cost 13 13 39 39 Amortization of actuarial loss (gain) 113 328 339 716 Net periodic benefit cost $ 9,911 $ 9,943 $ 29,734 $ 24,374 Three Months Ended Nine Months Ended Post-Retirement Medical Plan 2017 2016 2017 2016 Components of net periodic benefit cost: Service cost $ 316 $ 304 $ 948 $ 743 Interest cost 172 131 516 398 Amortization of prior service cost 162 161 484 379 Amortization of actuarial loss (gain) — — — — Net periodic benefit cost $ 650 $ 596 $ 1,948 $ 1,520 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The tables below present information about the Company’s financial assets and liabilities measured and recorded at fair value on a recurring basis and indicate the fair value hierarchy of the inputs utilized to determine the fair values as of September 30, 2017 and December 31, 2016 . 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 September 30, 2017 Fair Value Hierarchy Total Gross Fair Value Effect of Counter-party Netting Net Carrying Value on Balance Sheet Level 1 Level 2 Level 3 Assets: Money market funds $ 14,458 $ — $ — $ 14,458 N/A $ 14,458 Commodity contracts 18,257 4,248 — 22,505 (22,505 ) — Liabilities: Commodity contracts 11,671 15,850 — 27,521 (22,505 ) 5,016 Catalyst lease obligations — 46,981 — 46,981 — 46,981 Derivatives included with inventory intermediation agreement obligations — 20,601 — 20,601 — 20,601 As of December 31, 2016 Fair Value Hierarchy Total Gross Fair Value Effect of Counter-party Netting Net Carrying Value on Balance Sheet Level 1 Level 2 Level 3 Assets: Money market funds $ 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 |
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: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Balance at beginning of period $ — $ 493 $ (84 ) $ 3,543 Purchases — — — — Settlements — (90 ) 45 (1,093 ) Unrealized gain (loss) included in earnings — (21 ) 39 (2,068 ) Transfers into Level 3 — — — — Transfers out of Level 3 — — — — Balance at end of period $ — $ 382 $ — $ 382 |
Schedule of Fair value of Debt | The table below summarizes the fair value and carrying value of debt as of September 30, 2017 and December 31, 2016 . September 30, 2017 December 31, 2016 Carrying value Fair value Carrying value Fair value Senior secured notes due 2020 (a) $ — $ — $ 670,867 $ 696,098 Senior notes due 2023 (a) (d) 500,000 514,575 500,000 498,801 Senior notes due 2025 (a) 725,000 740,982 — — Revolving Loan (b) 350,000 350,000 350,000 350,000 PBF Rail Term Loan (b) 30,041 30,041 35,000 35,000 Catalyst leases (c) 46,981 46,981 45,969 45,969 1,652,022 1,682,579 1,601,836 1,625,868 Less - Unamortized deferred financing costs 26,821 n/a 25,277 n/a Long-term debt $ 1,625,201 $ 1,682,579 $ 1,576,559 $ 1,625,868 (a) The estimated fair value, categorized as a Level 2 measurement, was calculated based on the present value of future expected payments utilizing implied current market interest rates based on quoted prices of the senior secured notes and senior notes. (b) The estimated fair value approximates carrying value, categorized as a Level 2 measurement, as these borrowings bear interest based upon short-term floating market interest rates. (c) Catalyst leases are valued using a market approach based upon commodity prices for similar instruments quoted in active markets and are categorized as a Level 2 measurement. The Company has elected the fair value option for accounting for its catalyst lease repurchase obligations as the Company’s liability is directly impacted by the change in fair value of the underlying catalyst. (d) As discussed in “Note 5 - Debt”, these notes became unsecured following the Collateral Fall-Away Event on May 30, 2017. |
DERIVATIVES (Tables)
DERIVATIVES (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Value of Derivative Instruments | The following tables provide information about the fair values of these derivative instruments as of September 30, 2017 and December 31, 2016 and the line items in the condensed consolidated balance sheet in which the fair values are reflected. Description Balance Sheet Location Fair Value Asset/(Liability) Derivatives designated as hedging instruments: September 30, 2017: Derivatives included with the inventory intermediation agreement obligations Accrued expenses $ (20,601 ) December 31, 2016: Derivatives included with the inventory intermediation agreement obligations Accrued expenses $ 6,058 Derivatives not designated as hedging instruments: September 30, 2017: Commodity contracts Accrued expenses $ (5,016 ) December 31, 2016: Commodity contracts Accrued expenses $ 3,508 |
Schedule of Derivative Instruments, Gain (Loss) Recognized in Income | The following table provides information about the gains or losses recognized in income on these derivative instruments and the line items in the condensed consolidated statements of operations in which such gains and losses are reflected. Description Location of Gain or (Loss) Recognized in Income on Derivatives Gain or (Loss) Recognized in Income on Derivatives Derivatives designated as hedging instruments: For the three months ended September 30, 2017: Derivatives included with the inventory intermediation agreement obligations Cost of products and other $ (29,766 ) For the three months ended September 30, 2016: Derivatives included with the inventory intermediation agreement obligations Cost of products and other $ (3,145 ) For the nine months ended September 30, 2017: Derivatives included with the inventory intermediation agreement obligations Cost of products and other $ (26,659 ) For the nine months ended September 30, 2016: Derivatives included with the inventory intermediation agreement obligations Cost of products and other $ (29,317 ) Derivatives not designated as hedging instruments: For the three months ended September 30, 2017: Commodity contracts Cost of products and other $ (17,291 ) For the three months ended September 30, 2016: Commodity contracts Cost of products and other $ (15,559 ) For the nine months ended September 30, 2017: Commodity contracts Cost of products and other $ (2,606 ) For the nine months ended September 30, 2016: Commodity contracts Cost of products and other $ (54,646 ) Hedged items designated in fair value hedges: For the three months ended September 30, 2017: Intermediate and refined product inventory Cost of products and other $ 29,766 For the three months ended September 30, 2016: Intermediate and refined product inventory Cost of products and other $ 3,145 For the nine months ended September 30, 2017: Intermediate and refined product inventory Cost of products and other $ 26,659 For the nine months ended September 30, 2016: Intermediate and refined product inventory Cost of products and other $ 29,317 |
CONDENSED CONSOLIDATING FINAN30
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Condensed Financial Information of Subsidiary Disclosure [Abstract] | |
Condensed Consolidating Balance Sheet | CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONDENSED CONSOLIDATING BALANCE SHEET (UNAUDITED) September 30, 2017 Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total ASSETS Current assets: Cash and cash equivalents $ 200,136 $ 9,124 $ 32,485 $ — $ 241,745 Accounts receivable 718,960 9,781 46,166 — 774,907 Accounts receivable - affiliate 1,392 17,946 600 — 19,938 Affiliate notes receivable — 11,600 — — 11,600 Inventories 2,064,678 — 246,014 — 2,310,692 Prepaid expense and other current assets 23,245 21,194 — — 44,439 Due from related parties 27,591,736 22,923,564 6,144,950 (56,660,250 ) — Total current assets 30,600,147 22,993,209 6,470,215 (56,660,250 ) 3,403,321 Property, plant and equipment, net 23,884 2,543,193 238,072 — 2,805,149 Investment in subsidiaries — 429,035 — (429,035 ) — Investment in equity method investee — — 172,752 — 172,752 Deferred charges and other assets, net 27,934 773,447 34 — 801,415 Total assets $ 30,651,965 $ 26,738,884 $ 6,881,073 $ (57,089,285 ) $ 7,182,637 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 310,158 $ 112,773 $ 18,552 $ — $ 441,483 Accounts payable - affiliate 34,815 1,327 (97 ) — 36,045 Accrued expenses 1,467,974 125,490 216,107 — 1,809,571 Deferred revenue 3,214 74 8 — 3,296 Due to related parties 23,949,841 26,558,885 6,151,524 (56,660,250 ) — Notes payable — 6,831 — — 6,831 Total current liabilities 25,766,002 26,805,380 6,386,094 (56,660,250 ) 2,297,226 Long-term debt 1,548,591 46,938 29,672 — 1,625,201 Deferred tax liabilities — — 46,340 — 46,340 Other long-term liabilities 27,906 181,293 4,145 — 213,344 Investment in subsidiaries 308,940 — — (308,940 ) — Total liabilities 27,651,439 27,033,611 6,466,251 (56,969,190 ) 4,182,111 Commitments and contingencies (Note 9) Equity: Member’s equity 2,352,772 1,723,480 357,332 (2,080,812 ) 2,352,772 Retained earnings / (accumulated deficit) 659,891 (2,022,858 ) 57,490 1,965,368 659,891 Accumulated other comprehensive loss (25,024 ) (8,236 ) — 8,236 (25,024 ) Total PBF Holding Company LLC equity 2,987,639 (307,614 ) 414,822 (107,208 ) 2,987,639 Noncontrolling interest 12,887 12,887 — (12,887 ) 12,887 Total equity 3,000,526 (294,727 ) 414,822 (120,095 ) 3,000,526 Total liabilities and equity $ 30,651,965 $ 26,738,884 $ 6,881,073 $ (57,089,285 ) $ 7,182,637 14. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONDENSED CONSOLIDATING BALANCE SHEET (UNAUDITED) 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 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 Total liabilities 25,142,475 24,631,068 4,923,372 (50,718,951 ) 3,977,964 Commitments and contingencies (Note 9) Equity: Member’s equity 2,155,863 1,714,997 374,067 (2,089,064 ) 2,155,863 Retained earnings / (accumulated deficit) 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 |
Condensed Income Statement | CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED) Three Months Ended September 30, 2017 Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total Revenues $ 5,410,245 $ 223,582 $ 536,386 $ (694,397 ) $ 5,475,816 Cost and expenses: Cost of products and other 4,483,164 85,031 538,011 (694,397 ) 4,411,809 Operating expenses (excluding depreciation and amortization expense as reflected below) 289 380,951 8,351 — 389,591 Depreciation and amortization expense — 68,419 1,919 — 70,338 Cost of sales 4,483,453 534,401 548,281 (694,397 ) 4,871,738 General and administrative expenses (excluding depreciation and amortization expense as reflected below) 49,880 4,959 (146 ) — 54,693 Depreciation and amortization expense 2,572 — — — 2,572 Equity income in investee — — (3,799 ) — (3,799 ) Loss on sale of assets — 28 — — 28 Total cost and expenses 4,535,905 539,388 544,336 (694,397 ) 4,925,232 Income (loss) from operations 874,340 (315,806 ) (7,950 ) — 550,584 Other income (expenses): Equity in earnings (loss) of subsidiaries (319,568 ) 2,467 — 317,101 — Change in fair value of catalyst leases — 473 — — 473 Debt extinguishment costs — — — — — Interest expense, net (28,692 ) (305 ) (272 ) — (29,269 ) Income (loss) before income taxes 526,080 (313,171 ) (8,222 ) 317,101 521,788 Income tax benefit — — (4,292 ) — (4,292 ) Net income (loss) 526,080 (313,171 ) (3,930 ) 317,101 526,080 Less: net loss attributable to noncontrolling interests (6 ) (6 ) — 6 (6 ) Net income (loss) attributable to PBF Holding Company LLC $ 526,086 $ (313,165 ) $ (3,930 ) $ 317,095 $ 526,086 Comprehensive income (loss) attributable to PBF Holding Company LLC $ 526,373 $ (313,165 ) $ (3,930 ) $ 317,095 $ 526,373 14. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED) Three Months Ended September 30, 2016 Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total Revenues $ 4,488,925 $ 441,554 $ 345,215 $ (767,081 ) $ 4,508,613 Cost and expenses: Cost of products and other 3,914,018 428,587 328,734 (767,081 ) 3,904,258 Operating expenses (excluding depreciation and amortization expense as reflected below) 25 385,761 18,259 — 404,045 Depreciation and amortization expense — 47,471 3,865 — 51,336 Cost of sales 3,914,043 861,819 350,858 (767,081 ) 4,359,639 General and administrative expenses (excluding depreciation and amortization expense as reflected below) 34,820 4,312 780 — 39,912 Depreciation and amortization expense 1,342 — — — 1,342 Equity income in investee — — (1,621 ) — (1,621 ) Loss on sale of assets 2,418 73 5,668 — 8,159 Total cost and expenses 3,952,623 866,204 355,685 (767,081 ) 4,407,431 Income (loss) from operations 536,302 (424,650 ) (10,470 ) — 101,182 Other income (expenses): Equity in earnings (loss) of subsidiaries (438,249 ) — — 438,249 — Change in fair value of catalyst leases — 77 — — 77 Interest expense, net (32,982 ) (447 ) (467 ) — (33,896 ) Income (loss) before income taxes 65,071 (425,020 ) (10,937 ) 438,249 67,363 Income tax expense — — 2,291 — 2,291 Net income (loss) 65,071 (425,020 ) (13,228 ) 438,249 65,072 Less: net income attributable to noncontrolling interests 45 45 — (45 ) 45 Net income (loss) attributable to PBF Holding Company LLC $ 65,026 $ (425,065 ) $ (13,228 ) $ 438,294 $ 65,027 Comprehensive income (loss) attributable to PBF Holding Company LLC $ 65,452 $ (425,065 ) $ (13,228 ) $ 438,294 $ 65,453 14. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED) Nine Months Ended September 30, 2017 Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total Revenues $ 15,064,488 $ 983,917 $ 1,578,553 $ (2,387,693 ) $ 15,239,265 Cost and expenses: Cost of products and other 13,547,358 615,093 1,551,638 (2,387,693 ) 13,326,396 Operating expenses (excluding depreciation and amortization expense as reflected below) (42 ) 1,200,370 24,686 — 1,225,014 Depreciation and amortization expense — 175,543 5,695 — 181,238 Cost of sales 13,547,316 1,991,006 1,582,019 (2,387,693 ) 14,732,648 General and administrative expenses (excluding depreciation and amortization expense as reflected below) 112,418 18,410 (736 ) — 130,092 Depreciation and amortization expense 10,355 — — — 10,355 Equity income in investee — — (11,218 ) — (11,218 ) Loss on sale of assets — 940 — — 940 Total cost and expenses 13,670,089 2,010,356 1,570,065 (2,387,693 ) 14,862,817 Income (loss) from operations 1,394,399 (1,026,439 ) 8,488 — 376,448 Other income (expenses): Equity in earnings (loss) of subsidiaries (1,022,866 ) 5,802 — 1,017,064 — Change in fair value of catalyst leases (1,011 ) — — (1,011 ) Debt extinguishment costs (25,451 ) — — — (25,451 ) Interest expense, net (90,918 ) (1,143 ) (721 ) — (92,782 ) Income (loss) before income taxes 255,164 (1,022,791 ) 7,767 1,017,064 257,204 Income tax expense — — 2,040 — 2,040 Net income (loss) 255,164 (1,022,791 ) 5,727 1,017,064 255,164 Less: net income attributable to noncontrolling interests 374 374 — (374 ) 374 Net income (loss) attributable to PBF Holding Company LLC $ 254,790 $ (1,023,165 ) $ 5,727 $ 1,017,438 $ 254,790 Comprehensive income (loss) attributable to PBF Holding Company LLC $ 255,728 $ (1,023,165 ) $ 5,727 $ 1,017,438 $ 255,728 14. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED) Nine Months Ended September 30, 2016 Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total Revenues $ 11,119,301 $ 586,336 $ 1,005,656 $ (1,546,722 ) $ 11,164,571 Cost and expenses: Cost of products and other 9,653,945 532,040 995,726 (1,546,722 ) 9,634,989 Operating expenses (excluding depreciation and amortization expense as reflected below) (375 ) 948,403 24,195 — 972,223 Depreciation and amortization expense — 143,994 7,479 — 151,473 Cost of sales 9,653,570 1,624,437 1,027,400 (1,546,722 ) 10,758,685 General and administrative expenses (excluding depreciation and amortization expense as reflected below) 92,126 20,372 (1,226 ) — 111,272 Depreciation and amortization expense 4,417 — — — 4,417 Equity income in investee — — (1,621 ) — (1,621 ) Loss on sale of assets 2,418 97 8,866 — 11,381 Total cost and expenses 9,752,531 1,644,906 1,033,419 (1,546,722 ) 10,884,134 Income (loss) from operations 1,366,770 (1,058,570 ) (27,763 ) — 280,437 Other income (expenses): Equity in earnings (loss) of subsidiaries (1,123,054 ) — — 1,123,054 — Change in fair value of catalyst leases — (4,556 ) — — (4,556 ) Interest expense, net (95,568 ) (1,289 ) (1,589 ) — (98,446 ) Income (loss) before income taxes 148,148 (1,064,415 ) (29,352 ) 1,123,054 177,435 Income tax expense — — 29,287 — 29,287 Net income (loss) 148,148 (1,064,415 ) (58,639 ) 1,123,054 148,148 Less: net income attributable to noncontrolling interests 438 438 — (438 ) 438 Net income (loss) attributable to PBF Holding Company LLC $ 147,710 $ (1,064,853 ) $ (58,639 ) $ 1,123,492 $ 147,710 Comprehensive income (loss) attributable to PBF Holding Company LLC $ 149,173 $ (1,064,853 ) $ (58,639 ) $ 1,123,492 $ 149,173 |
Condensed Consolidating Statement of Cash Flow | CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW (UNAUDITED) Nine Months Ended September 30, 2017 Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total Cash flows from operating activities: Net income (loss) $ 255,164 $ (1,022,791 ) $ 5,727 $ 1,017,064 $ 255,164 Adjustments to reconcile net income (loss) to net cash (used in) provided by operations: Depreciation and amortization 15,746 175,859 5,760 — 197,365 Stock-based compensation — 13,549 — — 13,549 Change in fair value of catalyst leases — 1,011 — — 1,011 Deferred income taxes — — 641 — 641 Non-cash lower of cost or market inventory adjustment (97,943 ) — — — (97,943 ) Non-cash change in inventory repurchase obligations (26,659 ) — — — (26,659 ) Debt extinguishment costs 25,451 — — — 25,451 Pension and other post-retirement benefit costs 4,956 26,726 — — 31,682 (Income) from equity method investee — (11,218 ) — (11,218 ) Distributions from equity method investee — — 16,897 — 16,897 Loss on sale of assets — 940 — — 940 Equity in earnings (loss) of subsidiaries 1,022,866 (5,802 ) — (1,017,064 ) — Changes in operating assets and liabilities: Accounts receivable (119,813 ) (1,782 ) (37,431 ) — (159,026 ) Due to/from affiliates (1,494,632 ) 1,451,846 40,468 — (2,318 ) Inventories (286,677 ) — (62,512 ) — (349,189 ) Prepaid expense and other current assets 4,200 (8,467 ) 160 — (4,107 ) Accounts payable (50,102 ) (58,691 ) 4,261 1,463 (103,069 ) Accrued expenses 365,132 (13,352 ) 49,894 — 401,674 Deferred revenue (7,687 ) (1,364 ) 7 — (9,044 ) Other assets and liabilities (14,472 ) (26,189 ) (16,726 ) — (57,387 ) Net cash (used in) provided by operations (404,470 ) 531,493 (4,072 ) 1,463 124,414 Cash flows from investing activities: Expenditures for property, plant and equipment (847 ) (210,076 ) (301 ) — (211,224 ) Expenditures for deferred turnaround costs — (341,598 ) — — (341,598 ) Expenditures for other assets — (31,096 ) — — (31,096 ) Equity method investment - return of capital — — 451 — 451 Due to/from affiliates (3,684 ) — — 3,684 — Net cash (used in) provided by investing activities (4,531 ) (582,770 ) 150 3,684 (583,467 ) Cash flows from financing activities: Contributions from PBF LLC 97,000 — — — 97,000 Distribution to members (39,315 ) — — — (39,315 ) Proceeds from 2025 7.25% Senior Notes 725,000 — — — 725,000 Cash paid to extinguish 2020 8.25% Senior Secured Notes (690,209 ) — — — (690,209 ) Repayments of PBF Rail Term Loan — — (4,959 ) — (4,959 ) Proceeds from revolver borrowings 490,000 — — — 490,000 Repayments of revolver borrowings (490,000 ) — — — (490,000 ) Due to/from affiliates — 3,684 — (3,684 ) — Deferred financing costs and other (13,424 ) — — — (13,424 ) Net cash provided by (used in) financing activities 79,052 3,684 (4,959 ) (3,684 ) 74,093 Net decrease in cash and cash equivalents (329,949 ) (47,593 ) (8,881 ) 1,463 (384,960 ) Cash and cash equivalents, beginning of period 530,085 56,717 41,366 (1,463 ) 626,705 Cash and cash equivalents, end of period $ 200,136 $ 9,124 $ 32,485 $ — $ 241,745 14. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW (UNAUDITED) Nine Months Ended September 30, 2016 Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total Cash flows from operating activities: Net income (loss) $ 148,148 $ (1,064,415 ) $ (58,639 ) $ 1,123,054 $ 148,148 Adjustments to reconcile net income (loss) to net cash (used in) provided by operations: Depreciation and amortization 10,828 144,011 7,726 — 162,565 Stock-based compensation — 12,658 — — 12,658 Change in fair value of catalyst leases — 4,556 — — 4,556 Deferred income taxes — — 27,813 — 27,813 Non-cash lower of cost or market inventory adjustment (320,833 ) — — — (320,833 ) Non-cash change in inventory repurchase obligations 29,317 — — — 29,317 Pension and other post-retirement benefit costs 5,249 20,645 — — 25,894 Equity income in investee — — (1,621 ) — (1,621 ) Loss on sale of assets 2,418 97 8,866 — 11,381 Equity in earnings of subsidiaries 1,123,054 — — (1,123,054 ) — Changes in operating assets and liabilities: Accounts receivable (205,816 ) 3,695 7,223 — (194,898 ) Due to/from affiliates (1,624,741 ) 1,588,690 44,245 — 8,194 Inventories 56,792 — (2,740 ) — 54,052 Prepaid expense and other current assets (6,330 ) (11,768 ) (2,105 ) — (20,203 ) Accounts payable 37,074 16,943 (5,126 ) 1,406 50,297 Accrued expenses 661,974 (353,030 ) (897 ) — 308,047 Deferred revenue 6,559 — 1,470 — 8,029 Other assets and liabilities (7,573 ) (14,210 ) (97 ) — (21,880 ) Net cash (used in) provided by operations (83,880 ) 347,872 26,118 1,406 291,516 Cash flows from investing activities: Acquisition of Torrance refinery and related logistic assets (971,932 ) — — — (971,932 ) Expenditures for property, plant and equipment (16,244 ) (172,174 ) 675 — (187,743 ) Expenditures for deferred turnaround costs — (138,936 ) — — (138,936 ) Expenditures for other assets — (27,735 ) — — (27,735 ) Investment in subsidiaries 12,800 — — (12,800 ) — Chalmette Acquisition working capital settlement — (2,659 ) — — (2,659 ) Proceeds from sale of assets — — 13,030 — 13,030 Net cash provided by (used in) investing activities (975,376 ) (341,504 ) 13,705 (12,800 ) (1,315,975 ) Cash flows from financing activities: Proceeds from catalyst lease — 7,927 — — 7,927 Distributions to Parent — — (12,800 ) 12,800 — Contributions from PBF LLC related to TVPC 175,000 — — — 175,000 Distributions to members (92,503 ) — — — (92,503 ) Proceeds from affiliate notes payable 635 — — — 635 Repayment of affiliate notes payable (517 ) — — — (517 ) Repayment of Rail Facility revolver borrowings — — (11,457 ) — (11,457 ) Proceeds from revolver borrowings 550,000 — — — 550,000 Net cash provided by (used in) financing activities 632,615 7,927 (24,257 ) 12,800 629,085 Net (decrease) increase in cash and cash equivalents (426,641 ) 14,295 15,566 1,406 (395,374 ) Cash and cash equivalents, beginning of period 882,820 6,236 28,968 (3,275 ) 914,749 Cash and cash equivalents, end of period $ 456,179 $ 20,531 $ 44,534 $ (1,869 ) $ 519,375 |
DESCRIPTION OF THE BUSINESS A31
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($)segment | Sep. 30, 2016USD ($) | Dec. 31, 2016 | |
Description of Business [Line Items] | |||||
Cost of products and other | $ 4,411,809 | $ 3,904,258 | $ 13,326,396 | $ 9,634,989 | |
Number of Reportable Segments | segment | 1 | ||||
Less: net (loss) income attributable to noncontrolling interests | (6) | 45 | $ 374 | 438 | |
Income tax (benefit) expense | (4,292) | 2,291 | 2,040 | 29,287 | |
Operating expenses (excluding depreciation and amortization expense as reflected below) | 389,591 | 404,045 | 1,225,014 | 972,223 | |
Depreciation and amortization expense | 70,338 | 51,336 | 181,238 | 151,473 | |
Cost of Revenue | 4,871,738 | 4,359,639 | 14,732,648 | 10,758,685 | |
General and administrative expenses (excluding depreciation and amortization expense as reflected below) | 54,693 | 39,912 | 130,092 | 111,272 | |
Depreciation and amortization expense | 2,572 | 1,342 | 10,355 | 4,417 | |
Income (Loss) from Equity Method Investments | 3,799 | 1,621 | 11,218 | 1,621 | |
Loss on sale of assets | 28 | 8,159 | 940 | 11,381 | |
Costs and Expenses | $ 4,925,232 | 4,407,431 | $ 14,862,817 | 10,884,134 | |
PBF Energy [Member] | Class A Common Stock [Member] | |||||
Description of Business [Line Items] | |||||
Percentage of ownership in PBF LLC | 96.60% | 96.60% | 96.50% | ||
Torrance Valley Pipeline Company [Member] | |||||
Description of Business [Line Items] | |||||
Ownership percentage | 50.00% | 50.00% | |||
Scenario, Previously Reported [Member] | |||||
Description of Business [Line Items] | |||||
Cost of products and other | 3,904,258 | 9,634,989 | |||
Operating expenses (excluding depreciation and amortization expense as reflected below) | 404,045 | 972,223 | |||
Depreciation and amortization expense | 0 | 0 | |||
General and administrative expenses (excluding depreciation and amortization expense as reflected below) | 39,912 | 111,272 | |||
Depreciation and amortization expense | 52,678 | 155,890 | |||
Income (Loss) from Equity Method Investments | (1,621) | (1,621) | |||
Loss on sale of assets | (8,159) | (11,381) | |||
Costs and Expenses | 4,407,431 | 10,884,134 | |||
Scenario, Adjustment [Member] | |||||
Description of Business [Line Items] | |||||
Cost of products and other | 0 | 0 | |||
Operating expenses (excluding depreciation and amortization expense as reflected below) | 0 | 0 | |||
Depreciation and amortization expense | 51,336 | 151,473 | |||
General and administrative expenses (excluding depreciation and amortization expense as reflected below) | 0 | 0 | |||
Depreciation and amortization expense | (51,336) | (151,473) | |||
Income (Loss) from Equity Method Investments | 0 | 0 | |||
Loss on sale of assets | $ 0 | $ 0 |
ACQUISITIONS Purchase Price (De
ACQUISITIONS Purchase Price (Details) $ in Thousands | Jul. 01, 2016USD ($)refinery | Sep. 30, 2016refinery |
Business Acquisition [Line Items] | ||
Number Of Operating Refineries | refinery | 5 | 4 |
Torrance Refinery [Member] | ||
Business Acquisition [Line Items] | ||
Gross purchase price | $ 537,500 | |
Working capital | 450,582 | |
Business Combination, Consideration Transferred, Post Close Purchase Price Adjustments | (16,150) | |
Consideration transferred | $ 971,932 |
ACQUISITIONS Acquired assets an
ACQUISITIONS Acquired assets and liabilities (Details) - Torrance Refinery [Member] $ in Thousands | Jul. 01, 2016USD ($) |
Business Acquisition [Line Items] | |
Inventories | $ 404,542 |
Prepaid expenses and other current assets | 982 |
Property, plant and equipment | 704,633 |
Deferred charges and other assets, net | 68,053 |
Accounts payable | (2,688) |
Accrued expenses | (64,137) |
Other long-term liabilities | (139,453) |
Fair value of net assets acquired | $ 971,932 |
ACQUISITIONS Proforma informati
ACQUISITIONS Proforma information for acquisition (Details) - Torrance Refinery [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Business Acquisition [Line Items] | |
Pro forma revenues | $ 12,243,582 |
Pro forma net income attributable to PBF Holding Company LLC. | $ (60,908) |
ACQUISITIONS Other details for
ACQUISITIONS Other details for acquisition (Details) - USD ($) $ in Thousands | Jul. 01, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Nov. 01, 2015 |
Business Acquisition [Line Items] | |||||||
Consideration transferred | $ 0 | $ 971,932 | |||||
Acquisition related costs | $ 22 | $ 3,912 | 488 | 13,622 | |||
Net income | $ 526,080 | $ 65,072 | $ 255,164 | $ 148,148 | |||
Torrance Refinery [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Revenues | $ 928,225 | ||||||
Consideration transferred | $ 521,350 | ||||||
Working capital | $ 450,582 | ||||||
Net income | $ 51,457 | ||||||
Chalmette Refining L.L.C. [Member] | PBF Energy Inc. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Ownership percentage | 100.00% |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | |
Inventory [Line Items] | ||||||||
Crude oil and feedstocks | $ 1,302,162,000 | $ 1,302,162,000 | $ 1,102,007,000 | |||||
Refined products and blendstocks | 1,409,512,000 | 1,409,512,000 | 1,267,861,000 | |||||
Warehouse stock and other | 97,063,000 | 97,063,000 | 89,680,000 | |||||
Inventory, Gross | 2,808,737,000 | 2,808,737,000 | 2,459,548,000 | |||||
Lower of cost or market adjustment | (498,045,000) | $ 796,503,000 | (498,045,000) | $ 796,503,000 | $ (763,122,000) | (595,988,000) | $ (900,493,000) | $ 1,117,336 |
Inventories | 2,310,692,000 | 2,310,692,000 | 1,863,560,000 | |||||
Operating Income (Loss) | (550,584,000) | (101,182,000) | (376,448,000) | (280,437,000) | ||||
Net income | 526,080,000 | 65,072,000 | 255,164,000 | 148,148,000 | ||||
Titled Inventory [Member] | ||||||||
Inventory [Line Items] | ||||||||
Crude oil and feedstocks | 1,302,162,000 | 1,302,162,000 | 1,102,007,000 | |||||
Refined products and blendstocks | 1,065,608,000 | 1,065,608,000 | 915,397,000 | |||||
Warehouse stock and other | 97,063,000 | 97,063,000 | 89,680,000 | |||||
Inventory, Gross | 2,464,833,000 | 2,464,833,000 | 2,107,084,000 | |||||
Lower of cost or market adjustment | (404,227,000) | (404,227,000) | (492,415,000) | |||||
Inventories | 2,060,606,000 | 2,060,606,000 | 1,614,669,000 | |||||
Inventory Supply and Offtake Arrangements [Member] | ||||||||
Inventory [Line Items] | ||||||||
Crude oil and feedstocks | 0 | 0 | 0 | |||||
Refined products and blendstocks | 343,904,000 | 343,904,000 | 352,464,000 | |||||
Warehouse stock and other | 0 | 0 | 0 | |||||
Inventory, Gross | 343,904,000 | 343,904,000 | 352,464,000 | |||||
Lower of cost or market adjustment | (93,818,000) | (93,818,000) | (103,573,000) | |||||
Inventories | 250,086,000 | 250,086,000 | $ 248,891,000 | |||||
Scenario, Adjustment [Member] | ||||||||
Inventory [Line Items] | ||||||||
Operating Income (Loss) | (265,077,000) | 103,990,000 | (97,943,000) | (320,833,000) | ||||
Net income | $ 151,095,000 | $ 157,780,000 | $ 167,134,000 | $ 216,843,000 |
ACCRUED EXPENSES (Details)
ACCRUED EXPENSES (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Accrued Expenses: | ||
Inventory-related accruals | $ 984,702 | $ 810,027 |
Inventory intermediation arrangements | 282,640 | 225,524 |
Renewable energy credit and emissions obligations | 138,717 | 70,158 |
Excise and sales tax payable | 91,042 | 86,046 |
Accrued transportation costs | 90,933 | 89,830 |
Accrued refinery maintenance and support costs | 36,098 | 28,670 |
Accrued salaries and benefits | 32,709 | 17,466 |
Accrued utilities | 36,274 | 44,190 |
Accrued interest | 30,987 | 28,934 |
Accrued capital expenditures | 18,933 | 33,610 |
Customer deposits | 45,548 | 9,215 |
Environmental liabilities | 8,295 | 8,882 |
Other | 12,693 | 10,177 |
Total accrued expenses | $ 1,809,571 | $ 1,462,729 |
DEBT (Details)
DEBT (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2017 | May 30, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | |||
Long-term Debt | $ 1,652,022 | $ 1,601,836 | |
Notes Payable, Current | $ 6,831 | $ 0 | |
2025 Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 725,000 | ||
Debt instrument, interest rate | 7.25% | ||
Proceeds from Debt, Net of Issuance Costs | $ 711,576 | ||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||
2020 Senior Secured Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, interest rate | 8.25% | ||
2023 Senior Secured Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, interest rate | 7.00% | ||
Notes Payable, Other Payables [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Periodic Payment Terms, Monthly Payments to be Paid | $ 403 | ||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 3,200 |
INCOME TAXES Income Taxes (Deta
INCOME TAXES Income Taxes (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2015subsidiary | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | |
Income Taxes [Line Items] | |||||
Number Of Subsidiaries Acquired | subsidiary | 2 | ||||
Current Income Tax Expense (Benefit) | $ 190 | $ 389 | $ 1,399 | $ 1,474 | |
Deferred income taxes | (4,482) | 1,902 | 641 | 27,813 | |
Income tax (benefit) expense | $ (4,292) | $ 2,291 | $ 2,040 | 29,287 | |
Restatement Adjustment [Member] | Prior period error correction [Member] | PBF Energy Limited [Member] | |||||
Income Taxes [Line Items] | |||||
Current Income Tax Expense (Benefit) | 121 | ||||
Deferred income taxes | $ 30,602 |
AFFILIATE NOTE PAYABLE (Details
AFFILIATE NOTE PAYABLE (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | Sep. 30, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||||
Affiliate notes payable | $ 0 | $ 86,298 | ||
Forgiveness of related party debt | $ 86,298 | $ 0 | $ 379,947 | |
Notes Payable, Other Payables [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, interest rate | 2.50% | |||
Debt instrument, term | 5 years |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) | Nov. 01, 2017bblrenewal | Aug. 03, 2017dekatherm_per_day | Feb. 15, 2017renewal | Nov. 01, 2016bbl / d | Aug. 31, 2016bbl / dbblrenewal | May 01, 2016bbl / d | May 15, 2015renewal | May 14, 2015bbl / d | Dec. 11, 2014bbl / dbblrenewal | Oct. 01, 2014bbl / d | Sep. 30, 2014renewal | May 14, 2014bbl / drenewal | Jan. 24, 2013bbl | Sep. 30, 2017USD ($) | Mar. 31, 2017 | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($)renewal | Sep. 30, 2016USD ($) |
Related Party Transaction [Line Items] | ||||||||||||||||||
Consideration transferred | $ | $ 0 | $ 971,932,000 | ||||||||||||||||
Number of Contract Renewals | renewal | 2 | |||||||||||||||||
Term of Renewal | 5 years | |||||||||||||||||
Torrance Valley Pipeline Transportation Services Agreement [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Number of Contract Renewals | renewal | 2 | |||||||||||||||||
Term of Renewal | 5 years | |||||||||||||||||
Torrance Valley Pipeline Transportation Services Agreement [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Term of Agreement | 10 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 - Magellan [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Term of Agreement | 2 years 5 months | |||||||||||||||||
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 | |||||||||||||||||
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 | |||||||||||||||||
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 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 | |||||||||||||||||
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 | 20 years | |||||||||||||||||
Number of Contract Renewals | renewal | 2 | |||||||||||||||||
Term of Renewal | 10 years | |||||||||||||||||
PBFX Operating Company LP [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Related party transaction, amounts of transaction | $ | $ 11,600,000 | |||||||||||||||||
PBF Logistics LP [Member] | Cost of Sales [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Related party transaction, amounts of transaction | $ | $ 62,359,000 | $ 43,842,000 | 176,916,000 | 118,356,000 | ||||||||||||||
PBF Logistics LP [Member] | General and Administrative Expense [Member] | Omnibus Agreement [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Related party transaction, amounts of transaction | $ | 1,890,000 | 1,201,000 | 5,174,000 | 3,460,000 | ||||||||||||||
PBF Logistics LP [Member] | General and Administrative Expense [Member] | Services Agreement [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Related party transaction, amounts of transaction | $ | $ 1,639,000 | $ 1,280,000 | 4,918,000 | $ 3,523,000 | ||||||||||||||
PBF Logistics LP [Member] | Paulsboro Natural Gas Pipeline [Member] | Paulsboro Natural Gas Pipeline Transportation Services Agreement [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Term of Agreement | 15 years | |||||||||||||||||
Oil And Gas Plant, Maximum Storage Capacity | dekatherm_per_day | 60,000 | |||||||||||||||||
PBF Logistics LP [Member] | Delaware City Products Pipeline [Member] | Delaware City Pipeline Services Agreement [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Oil And Gas Plant, Collaborative Agreement, Minimum Throughput Capacity | 50,000 | |||||||||||||||||
PBF Logistics LP [Member] | Delaware City Products Pipeline - Magellan [Member] | Delaware City Pipeline Services Agreement [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Oil And Gas Plant, Collaborative Agreement, Minimum Throughput Capacity | 14,500 | |||||||||||||||||
PBF Logistics LP [Member] | 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 | |||||||||||||||||
Oil And Gas Plant, Maximum Storage Capacity | bbl | 350,000 | |||||||||||||||||
PBF Logistics LP [Member] | Torrance Valley Pipeline - North [Member] | Torrance Valley Pipeline Transportation Services Agreement [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Oil And Gas Plant, Collaborative Agreement, Minimum Throughput Capacity | 50,000 | |||||||||||||||||
PBF Logistics LP [Member] | Torrance Valley Pipeline - South [Member] | Torrance Valley Pipeline Transportation Services Agreement [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Oil And Gas Plant, Collaborative Agreement, Minimum Throughput Capacity | 70,000 | |||||||||||||||||
PBF Logistics LP [Member] | Torrance Valley Pipeline - Midway Tank [Member] | Torrance Valley Pipeline Transportation Services Agreement [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Oil And Gas Plant, Maximum Storage Capacity | bbl | 55,000 | |||||||||||||||||
PBF Logistics LP [Member] | Torrance Valley Pipeline - Belridge Tanks [Member] | Torrance Valley Pipeline Transportation Services Agreement [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Oil And Gas Plant, Collaborative Agreement, Minimum Throughput Capacity | 770,000 | |||||||||||||||||
PBF Logistics LP [Member] | Torrance Valley Pipeline - Emidio Tanks [Member] | Torrance Valley Pipeline Transportation Services Agreement [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Oil And Gas Plant, Collaborative Agreement, Minimum Throughput Capacity | 900,000 | |||||||||||||||||
PBF Logistics LP [Member] | Delaware City Rail Unloading Terminal [Member] | DCR Terminaling Agreement [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Oil And Gas Plant, Collaborative Agreement, Minimum Throughput Capacity | 85,000 | |||||||||||||||||
PBF Logistics LP [Member] | Toledo Truck Unloading Terminal [Member] | Toledo Terminaling Agreement [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Oil And Gas Plant, Collaborative Agreement, Minimum Throughput Capacity | 5,500 | |||||||||||||||||
PBF Logistics LP [Member] | Delaware City West Heavy Crude Unloading Rack [Member] | West Ladder Rack Terminaling Agreement [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Oil And Gas Plant, Collaborative Agreement, Minimum Throughput Capacity | 40,000 | |||||||||||||||||
PBF Logistics LP [Member] | Toledo Tank Farm [Member] | Toledo Tank Farm Storage and Terminaling Agreement [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 | |||||||||||||||||
PBF Logistics LP [Member] | Toledo Terminal [Member] | East Coast Terminals commercial agreements [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Term of Agreement | 1 year | |||||||||||||||||
PBF LLC [Member] | Fourth Amended and Restated Omnibus Agreement [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Related party transaction, annual fee | $ | 6,900,000 | |||||||||||||||||
PBF LLC [Member] | Fifth Amended and Restated O&M Agreement [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Related party transaction, annual fee | $ | $ 6,696,000 | |||||||||||||||||
Refined Clean Product [Member] | PBF Logistics LP [Member] | Delaware City Truck Rack [Member] | Delaware City Terminaling Services Agreement [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Oil And Gas Plant, Collaborative Agreement, Minimum Throughput Capacity | 30,000 | |||||||||||||||||
LPGs [Member] | PBF Logistics LP [Member] | Delaware City Truck Rack [Member] | Delaware City Terminaling Services Agreement [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 | 1 year | |||||||||||||||||
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] | ||||||||||||||||||
Ownership percentage | 50.00% | 50.00% | ||||||||||||||||
Subsequent Event [Member] | Chalmette Storage Agreement [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Term of Agreement | 10 years | |||||||||||||||||
Number of Contract Renewals | renewal | 2 | |||||||||||||||||
Term of Renewal | 5 years | |||||||||||||||||
Scenario, Forecast [Member] | PBF Logistics LP [Member] | Chalmette Storage Tank [Member] | Chalmette Storage Agreement [Member] | ||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||
Oil And Gas Plant, Maximum Storage Capacity | bbl | 625,000 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) gallon in Millions | Mar. 10, 2017USD ($) | Jan. 13, 2017group | Jul. 01, 2016USD ($) | Mar. 01, 2011 | Feb. 03, 2011USD ($) | Feb. 28, 2017USD ($) | Nov. 30, 2016 | Mar. 31, 2017 | Sep. 30, 2017USD ($)ppmbbl / d | Dec. 31, 2014gallonshipmentlocation | Dec. 31, 2010ppm | Dec. 31, 2016USD ($) |
Loss Contingencies [Line Items] | ||||||||||||
Percent of tax benefit received from increases in tax basis paid to stockholders | 85.00% | |||||||||||
Number Of Days Barge Shipments Made | 15 days | |||||||||||
Barrels per day of ethanol loading | bbl / d | 10,000 | |||||||||||
Number of Loading Arms | 4 | |||||||||||
PBF Energy [Member] | Class A Common Stock [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Percentage of ownership in PBF LLC | 96.60% | 96.50% | ||||||||||
Environmental Issue [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Environmental liability | $ 10,809,000 | $ 10,792,000 | ||||||||||
Discount rate used for environmental liability assessment | 8.00% | |||||||||||
Maximum amount of sulfur allowed in heating oil (in ppm) | ppm | 10 | |||||||||||
Public Utilities, Description of Specific Regulatory Liabilities | 80 | |||||||||||
Loss Contingency, Number Of Environmental Groups Appealing Permits | group | 2 | |||||||||||
Environmental Issue [Member] | PBF Energy and Valero [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Term of insurance policies | 10 years | |||||||||||
Environmental Issue [Member] | Sunoco, Inc. [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Loss Contingency Accrual, Insurance-Related Assessment, Expiration Of Liability Period | 20 years | |||||||||||
Environmental Issue [Member] | Torrance Refinery [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Environmental liability | $ 138,511,000 | $ 142,456,000 | ||||||||||
Term of insurance policies | 10 years | |||||||||||
Environmental Issue [Member] | New York [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Maximum amount of sulfur allowed in heating oil (in ppm) | ppm | 15 | |||||||||||
Environmental Issue [Member] | PENNSYLVANIA | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Maximum amount of sulfur allowed in heating oil (in ppm) | ppm | 500 | |||||||||||
Cellulosic Standard [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Renewable Fuels Standard Requirements Increase | 135.00% | |||||||||||
Advanced Renewable Identification Number Requirements [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Renewable Fuels Standard Requirements Increase | 7.00% | |||||||||||
Total Renewable Identification Number Requirements [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Renewable Fuels Standard Requirements Increase | 3.00% | |||||||||||
Chalmette Refinery [Member] | Environmental Issue [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Environmental Costs Recognized, Recovery Credited to Expense | $ 3,936,000 | |||||||||||
Term of insurance policies | 10 years | |||||||||||
Accrual For Environmental Loss Contingencies, Expected Payment Period | 30 years | |||||||||||
Environmental Insurance Policies Coverage | $ 100,000,000 | |||||||||||
Maximum [Member] | Environmental Issue [Member] | Valero [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Site Contingency, Loss Exposure Not Accrued, Best Estimate | 20,000,000 | |||||||||||
Maximum [Member] | Environmental Issue [Member] | PBF Energy and Valero [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Site Contingency, Loss Exposure Not Accrued, Best Estimate | 75,000,000 | |||||||||||
Maximum [Member] | Environmental Issue [Member] | Torrance Refinery [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Site Contingency, Loss Exposure Not Accrued, Best Estimate | $ 100,000,000 | |||||||||||
East Coast Terminals [Member] | Maximum [Member] | East Coast Terminals commercial agreements [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Term of Agreement | 5 years | |||||||||||
Louisiana Department of Environmental Quality [Member] | Pending Litigation [Member] | Environmental Remediation Contingency [Domain] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Loss Contingency, Damages Sought, Value | $ 700,000 | |||||||||||
DNREC [Member] | Pending Litigation [Member] | Environmental Remediation Contingency [Domain] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Loss Contingency, Damages Sought, Value | $ 0 | |||||||||||
Number Of Barge Shipments | shipment | 17 | |||||||||||
Number Of Gallons Of Crude Oil | gallon | 35.7 | |||||||||||
Number Of Violated Locations | location | 3 | |||||||||||
Clean Air Act [Member] | Pending Litigation [Member] | Environmental Remediation Contingency [Domain] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Loss Contingency, Damages Sought, Value | $ 180,000 | |||||||||||
SCAQMD [Member] | Pending Litigation [Member] | Environmental Remediation Contingency [Domain] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Loss Contingency, Damages Sought, Value | $ 100,000 |
EMPLOYEE BENEFIT PLANS (Details
EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Pension Plan, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 10,142 | $ 10,064 | $ 30,429 | $ 24,743 |
Interest cost | 1,084 | 772 | 3,252 | 2,323 |
Expected return on plan assets | (1,441) | (1,234) | (4,325) | (3,447) |
Amortization of prior service cost | 13 | 13 | 39 | 39 |
Amortization of actuarial loss (gain) | 113 | 328 | 339 | 716 |
Net periodic benefit cost | 9,911 | 9,943 | 29,734 | 24,374 |
Post Retirement Medical Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 316 | 304 | 948 | 743 |
Interest cost | 172 | 131 | 516 | 398 |
Amortization of prior service cost | 162 | 161 | 484 | 379 |
Amortization of actuarial loss (gain) | 0 | 0 | 0 | 0 |
Net periodic benefit cost | $ 650 | $ 596 | $ 1,948 | $ 1,520 |
FAIR VALUE MEASUREMENTS (Measur
FAIR VALUE MEASUREMENTS (Measured on Recurring Basis) (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 9,642 | $ 9,440 |
Inventory Supply Arrangement Obligation [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 20,601 | |
Derivative, Collateral, Right to Reclaim Cash | 0 | |
Derivative Liability | 20,601 | |
Inventory Supply Arrangement Obligation [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 0 | |
Inventory Supply Arrangement Obligation [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 20,601 | |
Inventory Supply Arrangement Obligation [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 0 | |
Catalyst lease [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative, Collateral, Right to Reclaim Cash | 0 | 0 |
Catalyst lease obligations | 46,981 | 45,969 |
Catalyst lease [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Catalyst lease obligations | 0 | 0 |
Catalyst lease [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Catalyst lease obligations | 46,981 | 45,969 |
Catalyst lease [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Catalyst lease obligations | 0 | 0 |
Commodity contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 27,521 | 4,491 |
Derivative, Collateral, Right to Reclaim Cash | (22,505) | (983) |
Derivative Liability | 5,016 | 3,508 |
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 | 11,671 | |
Derivative Liability | 859 | |
Commodity contract [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 15,850 | |
Derivative Liability | 3,548 | |
Commodity contract [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 0 | |
Derivative Liability | 84 | |
Money market funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 14,458 | 342,837 |
Money market funds [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 14,458 | 342,837 |
Money market funds [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Money market funds [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Commodity contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 22,505 | 983 |
Derivative assets, Effect of Counter-party Netting | (22,505) | (983) |
Derivative assets, Net Carrying Value on Balance Sheet | 0 | 0 |
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 | 18,257 | |
Derivative assets, Net Carrying Value on Balance Sheet | 948 | |
Commodity contract [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 4,248 | |
Derivative assets, Net Carrying Value on Balance Sheet | 35 | |
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 | |
Derivative assets, Net Carrying Value on Balance Sheet | 0 | |
Derivatives included with intermediation agreement obligations [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 | |
Derivative assets, Effect of Counter-party Netting | 0 | |
Derivative assets, Net Carrying Value on Balance Sheet | 6,058 | |
Derivatives included with intermediation agreement obligations [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets, Net Carrying Value on Balance Sheet | 0 | |
Derivatives included with intermediation agreement obligations [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets, Net Carrying Value on Balance Sheet | 6,058 | |
Derivatives included with intermediation agreement obligations [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets, Net Carrying Value on Balance Sheet | $ 0 |
FAIR VALUE MEASUREMENTS (Change
FAIR VALUE MEASUREMENTS (Change in Fair Value at Level 3) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Change in Fair Value Measurement Categorized in Level 3 [Roll Forward] | ||||
Transfers into Level 3 | $ 0 | $ 0 | $ 0 | $ 0 |
Commodity Contract [Member] | ||||
Change in Fair Value Measurement Categorized in Level 3 [Roll Forward] | ||||
Balance at beginning of period | 0 | 493,000 | (84,000) | 3,543,000 |
Purchases | 0 | 0 | 0 | 0 |
Settlements | 0 | (90,000) | 45,000 | (1,093,000) |
Unrealized loss included in earnings | 0 | (21,000) | 39,000 | (2,068,000) |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Balance at end of period | $ 0 | $ 382,000 | $ 0 | $ 382,000 |
FAIR VALUE MEASUREMENTS (Fair V
FAIR VALUE MEASUREMENTS (Fair Value and Carrying Value of Debt) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, Carrying value | $ 1,652,022 | $ 1,601,836 |
Long-term debt, Fair value | 1,682,579 | 1,625,868 |
Unamortized Debt Issuance Expense | 26,821 | 25,277 |
Long-term debt | 1,625,201 | 1,576,559 |
Long-term debt, excluding current maturities, Fair value | 1,682,579 | 1,625,868 |
Senior secured notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, Carrying value | 0 | 670,867 |
Long-term debt, Fair value | 0 | 696,098 |
Long-term Line of Credit | 350,000 | 350,000 |
Lines of Credit, Fair Value Disclosure | 350,000 | 350,000 |
2023 Senior Secured Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, Fair value | 514,575 | 498,801 |
Long-term debt | 500,000 | 500,000 |
2025 Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, Fair value | 740,982 | 0 |
Long-term Debt, Gross | 725,000 | 0 |
Rail Facility [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Line of Credit | 30,041 | 35,000 |
Lines of Credit, Fair Value Disclosure | 30,041 | 35,000 |
Catalyst lease [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, Carrying value | 46,981 | 45,969 |
Long-term debt, Fair value | $ 46,981 | $ 45,969 |
DERIVATIVES (Narrative) (Detail
DERIVATIVES (Narrative) (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017USD ($)bbl | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($)bbl | Sep. 30, 2016USD ($) | Dec. 31, 2016bbl | |
Derivative [Line Items] | |||||
Loss on fair value hedge ineffectiveness | $ | $ 0 | $ 0 | $ 0 | $ 0 | |
Intermediates and Refined Products Inventory [Member] | Fair Value Hedging [Member] | |||||
Derivative [Line Items] | |||||
Derivative, notional amount, volume | 3,306,154 | 3,306,154 | 2,942,348 | ||
Crude Oil Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | |||||
Derivative [Line Items] | |||||
Derivative, notional amount, volume | 37,496,000 | 37,496,000 | 5,950,000 | ||
Refined Product Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | |||||
Derivative [Line Items] | |||||
Derivative, notional amount, volume | 8,163,000 | 8,163,000 | 2,831,000 |
DERIVATIVES (Fair Value of Deri
DERIVATIVES (Fair Value of Derivative Instruments) (Details) - Accrued Expenses [Member] - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Designated as Hedging Instrument [Member] | Inventory Intermediation Agreement Obligation [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value Asset/(Liability) | $ (20,601) | $ 6,058 |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value Asset/(Liability) | $ (5,016) | $ 3,508 |
DERIVATIVES (Gain (Loss) Recogn
DERIVATIVES (Gain (Loss) Recognized in Income) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net | $ 0 | $ 0 | $ 0 | $ 0 |
Designated as Hedging Instrument [Member] | Inventory Intermediation Agreement Obligation [Member] | Cost of Sales [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain or (Loss) Recognized in Income on Derivatives | (29,766,000) | (3,145,000) | (26,659,000) | (29,317,000) |
Designated as Hedging Instrument [Member] | Intermediates and Refined Products Inventory [Member] | Cost of Sales [Member] | Fair Value Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain or (Loss) Recognized in Income on Derivatives | 29,766,000 | 3,145,000 | 26,659,000 | 29,317,000 |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Cost of Sales [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain or (Loss) Recognized in Income on Derivatives | $ (17,291,000) | $ (15,559,000) | $ (2,606,000) | $ (54,646,000) |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) | Nov. 02, 2017$ / shares |
PBF Energy [Member] | Subsequent Event [Member] | Class A Common Stock [Member] | |
Subsequent Event [Line Items] | |
Dividends declared per share | $ 0.3 |
CONDENSED CONSOLIDATING FINAN51
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2017 | |
PBF Services Company [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Percentage of ownership in subsidiaries | 100.00% |
Delaware City Refining Company LLC [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Percentage of ownership in subsidiaries | 100.00% |
Delaware Pipeline Company LLC [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Percentage of ownership in subsidiaries | 100.00% |
PBF Power Marketing LLC [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Percentage of ownership in subsidiaries | 100.00% |
Paulsboro Refining Company LLC [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Percentage of ownership in subsidiaries | 100.00% |
Paulsboro Natural Gas Pipeline Company LLC [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Percentage of ownership in subsidiaries | 100.00% |
Toledo Refining Company LLC [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Percentage of ownership in subsidiaries | 100.00% |
Investments LLC [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Percentage of ownership in subsidiaries | 100.00% |
Torrance Valley Pipeline Company [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Ownership percentage | 50.00% |
CONDENSED CONSOLIDATING FINAN52
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS (Balance Sheet) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2015 |
Current assets: | ||||
Cash and cash equivalents | $ 241,745 | $ 626,705 | $ 519,375 | $ 914,749 |
Accounts receivable | 774,907 | 615,881 | ||
Accounts receivable - affiliate | 19,938 | 7,631 | ||
Accounts receivable - affiliate | 11,600 | 0 | ||
Inventories | 2,310,692 | 1,863,560 | ||
Prepaid expense and other current assets | 44,439 | 40,536 | ||
Due from related parties | 0 | 0 | ||
Total current assets | 3,403,321 | 3,154,313 | ||
Property, plant and equipment, net | 2,805,149 | 2,728,699 | ||
Investment in subsidiaries | 0 | 0 | ||
Investment in equity method investee | 172,752 | 179,882 | ||
Deferred charges and other assets, net | 801,415 | 504,003 | ||
Total assets | 7,182,637 | 6,566,897 | ||
Current liabilities: | ||||
Accounts payable | 441,483 | 530,365 | ||
Accounts payable - affiliate | 36,045 | 37,863 | ||
Accrued expenses | 1,809,571 | 1,462,729 | ||
Deferred revenue | 3,296 | 12,340 | ||
Due to related parties | 0 | 0 | ||
Total current liabilities | 2,297,226 | 2,043,297 | ||
Long-term debt | 1,625,201 | 1,576,559 | ||
Affiliate notes payable | 0 | 86,298 | ||
Deferred tax liabilities | 46,340 | 45,699 | ||
Investment in subsidiaries | 0 | |||
Other long-term liabilities | 213,344 | 226,111 | ||
Total liabilities | 4,182,111 | 3,977,964 | ||
Commitments and contingencies | ||||
Equity: | ||||
Member’s equity | 2,352,772 | 2,155,863 | ||
Retained earnings / (accumulated deficit) | 659,891 | 446,519 | ||
Accumulated other comprehensive loss | (25,024) | (25,962) | ||
Total PBF Holding Company LLC equity | 2,987,639 | 2,576,420 | ||
Noncontrolling interest | 12,887 | 12,513 | ||
Total equity | 3,000,526 | 2,588,933 | ||
Total liabilities and equity | 7,182,637 | 6,566,897 | ||
Notes Payable, Current | 6,831 | 0 | ||
Issuer [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 200,136 | 530,085 | 456,179 | 882,820 |
Accounts receivable | 718,960 | 599,147 | ||
Accounts receivable - affiliate | 1,392 | 2,432 | ||
Accounts receivable - affiliate | 0 | |||
Inventories | 2,064,678 | 1,680,058 | ||
Prepaid expense and other current assets | 23,245 | 27,443 | ||
Due from related parties | 27,591,736 | 24,141,120 | ||
Total current assets | 30,600,147 | 26,980,285 | ||
Property, plant and equipment, net | 23,884 | 33,772 | ||
Investment in subsidiaries | 0 | 705,034 | ||
Investment in equity method investee | 0 | 0 | ||
Deferred charges and other assets, net | 27,934 | 12,317 | ||
Total assets | 30,651,965 | 27,731,408 | ||
Current liabilities: | ||||
Accounts payable | 310,158 | 360,260 | ||
Accounts payable - affiliate | 34,815 | 37,077 | ||
Accrued expenses | 1,467,974 | 1,094,581 | ||
Deferred revenue | 3,214 | 10,901 | ||
Due to related parties | 23,949,841 | 22,027,065 | ||
Total current liabilities | 25,766,002 | 23,529,884 | ||
Long-term debt | 1,548,591 | 1,496,085 | ||
Affiliate notes payable | 86,298 | |||
Deferred tax liabilities | 0 | 0 | ||
Investment in subsidiaries | 308,940 | |||
Other long-term liabilities | 27,906 | 30,208 | ||
Total liabilities | 27,651,439 | 25,142,475 | ||
Commitments and contingencies | ||||
Equity: | ||||
Member’s equity | 2,352,772 | 2,155,863 | ||
Retained earnings / (accumulated deficit) | 659,891 | 446,519 | ||
Accumulated other comprehensive loss | (25,024) | (25,962) | ||
Total PBF Holding Company LLC equity | 2,987,639 | 2,576,420 | ||
Noncontrolling interest | 12,887 | 12,513 | ||
Total equity | 3,000,526 | 2,588,933 | ||
Total liabilities and equity | 30,651,965 | 27,731,408 | ||
Notes Payable, Current | 0 | |||
Guarantor Subsidiaries [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 9,124 | 56,717 | 20,531 | 6,236 |
Accounts receivable | 9,781 | 7,999 | ||
Accounts receivable - affiliate | 17,946 | 4,504 | ||
Accounts receivable - affiliate | 11,600 | |||
Inventories | 0 | 0 | ||
Prepaid expense and other current assets | 21,194 | 12,933 | ||
Due from related parties | 22,923,564 | 21,883,569 | ||
Total current assets | 22,993,209 | 21,965,722 | ||
Property, plant and equipment, net | 2,543,193 | 2,452,877 | ||
Investment in subsidiaries | 429,035 | 440,377 | ||
Investment in equity method investee | 0 | 0 | ||
Deferred charges and other assets, net | 773,447 | 491,673 | ||
Total assets | 26,738,884 | 25,350,649 | ||
Current liabilities: | ||||
Accounts payable | 112,773 | 157,277 | ||
Accounts payable - affiliate | 1,327 | 786 | ||
Accrued expenses | 125,490 | 201,935 | ||
Deferred revenue | 74 | 1,438 | ||
Due to related parties | 26,558,885 | 24,031,520 | ||
Total current liabilities | 26,805,380 | 24,392,956 | ||
Long-term debt | 46,938 | 45,908 | ||
Affiliate notes payable | 0 | |||
Deferred tax liabilities | 0 | 0 | ||
Investment in subsidiaries | 0 | |||
Other long-term liabilities | 181,293 | 192,204 | ||
Total liabilities | 27,033,611 | 24,631,068 | ||
Commitments and contingencies | ||||
Equity: | ||||
Member’s equity | 1,723,480 | 1,714,997 | ||
Retained earnings / (accumulated deficit) | (2,022,858) | (999,693) | ||
Accumulated other comprehensive loss | (8,236) | (8,236) | ||
Total PBF Holding Company LLC equity | (307,614) | 707,068 | ||
Noncontrolling interest | 12,887 | 12,513 | ||
Total equity | (294,727) | 719,581 | ||
Total liabilities and equity | 26,738,884 | 25,350,649 | ||
Notes Payable, Current | 6,831 | |||
Non-Guarantor Subsidiaries [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 32,485 | 41,366 | 44,534 | 28,968 |
Accounts receivable | 46,166 | 8,735 | ||
Accounts receivable - affiliate | 600 | 695 | ||
Accounts receivable - affiliate | 0 | |||
Inventories | 246,014 | 183,502 | ||
Prepaid expense and other current assets | 0 | 160 | ||
Due from related parties | 6,144,950 | 4,692,799 | ||
Total current assets | 6,470,215 | 4,927,257 | ||
Property, plant and equipment, net | 238,072 | 242,050 | ||
Investment in subsidiaries | 0 | 0 | ||
Investment in equity method investee | 172,752 | 179,882 | ||
Deferred charges and other assets, net | 34 | 13 | ||
Total assets | 6,881,073 | 5,349,202 | ||
Current liabilities: | ||||
Accounts payable | 18,552 | 14,291 | ||
Accounts payable - affiliate | (97) | 0 | ||
Accrued expenses | 216,107 | 166,213 | ||
Deferred revenue | 8 | 1 | ||
Due to related parties | 6,151,524 | 4,658,903 | ||
Total current liabilities | 6,386,094 | 4,839,408 | ||
Long-term debt | 29,672 | 34,566 | ||
Affiliate notes payable | 0 | |||
Deferred tax liabilities | 46,340 | 45,699 | ||
Investment in subsidiaries | 0 | |||
Other long-term liabilities | 4,145 | 3,699 | ||
Total liabilities | 6,466,251 | 4,923,372 | ||
Commitments and contingencies | ||||
Equity: | ||||
Member’s equity | 357,332 | 374,067 | ||
Retained earnings / (accumulated deficit) | 57,490 | 51,763 | ||
Accumulated other comprehensive loss | 0 | 0 | ||
Total PBF Holding Company LLC equity | 414,822 | 425,830 | ||
Noncontrolling interest | 0 | 0 | ||
Total equity | 414,822 | 425,830 | ||
Total liabilities and equity | 6,881,073 | 5,349,202 | ||
Notes Payable, Current | 0 | |||
Consolidation, Eliminations [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | (1,463) | $ (1,869) | $ (3,275) |
Accounts receivable | 0 | 0 | ||
Accounts receivable - affiliate | 0 | 0 | ||
Accounts receivable - affiliate | 0 | |||
Inventories | 0 | 0 | ||
Prepaid expense and other current assets | 0 | 0 | ||
Due from related parties | (56,660,250) | (50,717,488) | ||
Total current assets | (56,660,250) | (50,718,951) | ||
Property, plant and equipment, net | 0 | 0 | ||
Investment in subsidiaries | (429,035) | (1,145,411) | ||
Investment in equity method investee | 0 | 0 | ||
Deferred charges and other assets, net | 0 | 0 | ||
Total assets | (57,089,285) | (51,864,362) | ||
Current liabilities: | ||||
Accounts payable | 0 | (1,463) | ||
Accounts payable - affiliate | 0 | 0 | ||
Accrued expenses | 0 | 0 | ||
Deferred revenue | 0 | 0 | ||
Due to related parties | (56,660,250) | (50,717,488) | ||
Total current liabilities | (56,660,250) | (50,718,951) | ||
Long-term debt | 0 | 0 | ||
Affiliate notes payable | 0 | |||
Deferred tax liabilities | 0 | 0 | ||
Investment in subsidiaries | (308,940) | |||
Other long-term liabilities | 0 | 0 | ||
Total liabilities | (56,969,190) | (50,718,951) | ||
Commitments and contingencies | ||||
Equity: | ||||
Member’s equity | (2,080,812) | (2,089,064) | ||
Retained earnings / (accumulated deficit) | 1,965,368 | 947,930 | ||
Accumulated other comprehensive loss | 8,236 | 8,236 | ||
Total PBF Holding Company LLC equity | (107,208) | (1,132,898) | ||
Noncontrolling interest | (12,887) | (12,513) | ||
Total equity | (120,095) | (1,145,411) | ||
Total liabilities and equity | (57,089,285) | $ (51,864,362) | ||
Notes Payable, Current | $ 0 |
CONDENSED CONSOLIDATING FINAN53
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS (Statement of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Revenues | $ 5,475,816 | $ 4,508,613 | $ 15,239,265 | $ 11,164,571 |
Cost of products and other | 4,411,809 | 3,904,258 | 13,326,396 | 9,634,989 |
Cost and expenses: | ||||
Operating expenses (excluding depreciation and amortization expense as reflected below) | 389,591 | 404,045 | 1,225,014 | 972,223 |
Depreciation and amortization expense | 70,338 | 51,336 | 181,238 | 151,473 |
Cost of sales | 4,871,738 | 4,359,639 | 14,732,648 | 10,758,685 |
General and administrative expenses (excluding depreciation and amortization expense as reflected below) | 54,693 | 39,912 | 130,092 | 111,272 |
Depreciation and amortization expense | 2,572 | 1,342 | 10,355 | 4,417 |
Equity income in investee | (3,799) | (1,621) | (11,218) | (1,621) |
Gain on sale of asset | 28 | 8,159 | 940 | 11,381 |
Total cost and expenses | 4,925,232 | 4,407,431 | 14,862,817 | 10,884,134 |
Income from operations | 550,584 | 101,182 | 376,448 | 280,437 |
Other income (expenses): | ||||
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 |
Change in fair value of catalyst leases | 473 | 77 | (1,011) | (4,556) |
Debt extinguishment costs | 0 | 0 | (25,451) | 0 |
Interest expense, net | (29,269) | (33,896) | (92,782) | (98,446) |
Income before income taxes | 521,788 | 67,363 | 257,204 | 177,435 |
Income tax (benefit) expense | (4,292) | 2,291 | 2,040 | 29,287 |
Net income | 526,080 | 65,072 | 255,164 | 148,148 |
Less: net (loss) income attributable to noncontrolling interests | (6) | 45 | 374 | 438 |
Net income attributable to PBF Holding Company LLC | 526,086 | 65,027 | 254,790 | 147,710 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 526,373 | 65,453 | 255,728 | 149,173 |
Guarantor Subsidiaries [Member] | ||||
Revenues | 223,582 | 441,554 | 983,917 | 586,336 |
Cost of products and other | 85,031 | 428,587 | 615,093 | 532,040 |
Cost and expenses: | ||||
Operating expenses (excluding depreciation and amortization expense as reflected below) | 380,951 | 385,761 | 1,200,370 | 948,403 |
Depreciation and amortization expense | 68,419 | 47,471 | 175,543 | 143,994 |
Cost of sales | 534,401 | 861,819 | 1,991,006 | 1,624,437 |
General and administrative expenses (excluding depreciation and amortization expense as reflected below) | 4,959 | 4,312 | 18,410 | 20,372 |
Depreciation and amortization expense | 0 | 0 | 0 | 0 |
Equity income in investee | 0 | 0 | 0 | 0 |
Gain on sale of asset | 28 | 73 | 940 | 97 |
Total cost and expenses | 539,388 | 866,204 | 2,010,356 | 1,644,906 |
Income from operations | (315,806) | (424,650) | (1,026,439) | (1,058,570) |
Other income (expenses): | ||||
Equity in earnings of subsidiaries | 2,467 | 0 | 5,802 | 0 |
Change in fair value of catalyst leases | 473 | 77 | (1,011) | (4,556) |
Debt extinguishment costs | 0 | 0 | ||
Interest expense, net | (305) | (447) | (1,143) | (1,289) |
Income before income taxes | (313,171) | (425,020) | (1,022,791) | (1,064,415) |
Income tax (benefit) expense | 0 | 0 | 0 | 0 |
Net income | (313,171) | (425,020) | (1,022,791) | (1,064,415) |
Less: net (loss) income attributable to noncontrolling interests | (6) | 45 | 374 | 438 |
Net income attributable to PBF Holding Company LLC | (313,165) | (425,065) | (1,023,165) | (1,064,853) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (313,165) | (425,065) | (1,023,165) | (1,064,853) |
Non-Guarantor Subsidiaries [Member] | ||||
Revenues | 536,386 | 345,215 | 1,578,553 | 1,005,656 |
Cost of products and other | 538,011 | 328,734 | 1,551,638 | 995,726 |
Cost and expenses: | ||||
Operating expenses (excluding depreciation and amortization expense as reflected below) | 8,351 | 18,259 | 24,686 | 24,195 |
Depreciation and amortization expense | 1,919 | 3,865 | 5,695 | 7,479 |
Cost of sales | 548,281 | 350,858 | 1,582,019 | 1,027,400 |
General and administrative expenses (excluding depreciation and amortization expense as reflected below) | (146) | 780 | (736) | (1,226) |
Depreciation and amortization expense | 0 | 0 | 0 | 0 |
Equity income in investee | (3,799) | (1,621) | (11,218) | (1,621) |
Gain on sale of asset | 0 | 5,668 | 0 | 8,866 |
Total cost and expenses | 544,336 | 355,685 | 1,570,065 | 1,033,419 |
Income from operations | (7,950) | (10,470) | 8,488 | (27,763) |
Other income (expenses): | ||||
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 |
Change in fair value of catalyst leases | 0 | 0 | 0 | 0 |
Debt extinguishment costs | 0 | 0 | ||
Interest expense, net | (272) | (467) | (721) | (1,589) |
Income before income taxes | (8,222) | (10,937) | 7,767 | (29,352) |
Income tax (benefit) expense | (4,292) | 2,291 | 2,040 | 29,287 |
Net income | (3,930) | (13,228) | 5,727 | (58,639) |
Less: net (loss) income attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Net income attributable to PBF Holding Company LLC | (3,930) | (13,228) | 5,727 | (58,639) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (3,930) | (13,228) | 5,727 | (58,639) |
Issuer [Member] | ||||
Revenues | 5,410,245 | 4,488,925 | 15,064,488 | 11,119,301 |
Cost of products and other | 4,483,164 | 3,914,018 | 13,547,358 | 9,653,945 |
Cost and expenses: | ||||
Operating expenses (excluding depreciation and amortization expense as reflected below) | 289 | 25 | (42) | (375) |
Depreciation and amortization expense | 0 | 0 | 0 | 0 |
Cost of sales | 4,483,453 | 3,914,043 | 13,547,316 | 9,653,570 |
General and administrative expenses (excluding depreciation and amortization expense as reflected below) | 49,880 | 34,820 | 112,418 | 92,126 |
Depreciation and amortization expense | 2,572 | 1,342 | 10,355 | 4,417 |
Equity income in investee | 0 | 0 | 0 | 0 |
Gain on sale of asset | 0 | 2,418 | 0 | 2,418 |
Total cost and expenses | 4,535,905 | 3,952,623 | 13,670,089 | 9,752,531 |
Income from operations | 874,340 | 536,302 | 1,394,399 | 1,366,770 |
Other income (expenses): | ||||
Equity in earnings of subsidiaries | (319,568) | (438,249) | (1,022,866) | (1,123,054) |
Change in fair value of catalyst leases | 0 | 0 | 0 | |
Debt extinguishment costs | 0 | (25,451) | ||
Interest expense, net | (28,692) | (32,982) | (90,918) | (95,568) |
Income before income taxes | 526,080 | 65,071 | 255,164 | 148,148 |
Income tax (benefit) expense | 0 | 0 | 0 | 0 |
Net income | 526,080 | 65,071 | 255,164 | 148,148 |
Less: net (loss) income attributable to noncontrolling interests | (6) | 45 | 374 | 438 |
Net income attributable to PBF Holding Company LLC | 526,086 | 65,026 | 254,790 | 147,710 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 526,373 | 65,452 | 255,728 | 149,173 |
Consolidation, Eliminations [Member] | ||||
Revenues | (694,397) | (767,081) | (2,387,693) | (1,546,722) |
Cost of products and other | (694,397) | (767,081) | (2,387,693) | (1,546,722) |
Cost and expenses: | ||||
Operating expenses (excluding depreciation and amortization expense as reflected below) | 0 | 0 | 0 | 0 |
Depreciation and amortization expense | 0 | 0 | 0 | 0 |
Cost of sales | (694,397) | (767,081) | (2,387,693) | (1,546,722) |
General and administrative expenses (excluding depreciation and amortization expense as reflected below) | 0 | 0 | 0 | 0 |
Depreciation and amortization expense | 0 | 0 | 0 | 0 |
Equity income in investee | 0 | 0 | 0 | 0 |
Gain on sale of asset | 0 | 0 | 0 | 0 |
Total cost and expenses | (694,397) | (767,081) | (2,387,693) | (1,546,722) |
Income from operations | 0 | 0 | 0 | 0 |
Other income (expenses): | ||||
Equity in earnings of subsidiaries | 317,101 | 438,249 | 1,017,064 | 1,123,054 |
Change in fair value of catalyst leases | 0 | 0 | 0 | 0 |
Debt extinguishment costs | 0 | 0 | ||
Interest expense, net | 0 | 0 | 0 | 0 |
Income before income taxes | 317,101 | 438,249 | 1,017,064 | 1,123,054 |
Income tax (benefit) expense | 0 | 0 | 0 | 0 |
Net income | 317,101 | 438,249 | 1,017,064 | 1,123,054 |
Less: net (loss) income attributable to noncontrolling interests | 6 | (45) | (374) | (438) |
Net income attributable to PBF Holding Company LLC | 317,095 | 438,294 | 1,017,438 | 1,123,492 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 317,095 | $ 438,294 | $ 1,017,438 | $ 1,123,492 |
CONDENSED CONSOLIDATING FINAN54
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS (Statement of Cash Flows) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Proceeds from catalyst lease | $ 0 | $ 7,927 | ||
Cash flows from operating activities: | ||||
Net income | $ 526,080 | $ 65,072 | 255,164 | 148,148 |
Adjustments to reconcile net income to net cash from operating activities: | ||||
Depreciation and amortization | 197,365 | 162,565 | ||
Stock-based compensation | 13,549 | 12,658 | ||
Change in fair value of catalyst leases | 1,011 | 4,556 | ||
Deferred income taxes | (4,482) | 1,902 | 641 | 27,813 |
Change in Non-cash Lower of Cost or Market Adjustment | (97,943) | (320,833) | ||
Non-cash change in inventory repurchase obligations | (26,659) | 29,317 | ||
Debt extinguishment costs | 0 | 0 | 25,451 | 0 |
Pension and other post-retirement benefit costs | 31,682 | 25,894 | ||
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions | (11,218) | (1,621) | ||
Distributions from equity method investee | 16,897 | 0 | ||
Gain (Loss) on Disposition of Property Plant Equipment | 940 | 11,381 | ||
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 |
Changes in operating assets and liabilities: | ||||
Accounts receivable | (159,026) | (194,898) | ||
Due to/from affiliates | (2,318) | 8,194 | ||
Inventories | (349,189) | 54,052 | ||
Prepaid expense and other current assets | (4,107) | (20,203) | ||
Accounts payable | (103,069) | 50,297 | ||
Accrued expenses | 401,674 | 308,047 | ||
Deferred revenue | (9,044) | 8,029 | ||
Other assets and liabilities | (57,387) | (21,880) | ||
Net cash (used in) provided by operations | 124,414 | 291,516 | ||
Acquisition of Torrance refinery and related logistics assets | 0 | (971,932) | ||
Cash flows from investing activities: | ||||
Expenditures for property, plant and equipment | (211,224) | (187,743) | ||
Expenditures for deferred turnaround costs | (341,598) | (138,936) | ||
Expenditures for other assets | (31,096) | (27,735) | ||
Investment in subsidiary | 0 | |||
Chalmette Acquisition working capital settlement | 0 | 2,659 | ||
Equity method investment - return of capital | 451 | 0 | ||
Proceeds from sale of assets | 0 | 13,030 | ||
Net cash used in investing activities | (583,467) | (1,315,975) | ||
Cash flows from financing activities: | ||||
Parent Distribution | 0 | |||
Distribution to members | (39,315) | (92,503) | ||
Proceeds from members' capital contributions | (97,000) | (175,000) | ||
Proceeds from affiliate notes payable | 0 | 635 | ||
Repayment of affiliate notes payable | 0 | (517) | ||
Proceeds from revolver borrowings | 490,000 | 550,000 | ||
Repayments of Lines of Credit | 490,000 | 0 | ||
Payment of Financing and Stock Issuance Costs | 13,424 | |||
Net cash provided by (used in) financing activities | 74,093 | 629,085 | ||
Net (decrease) increase in cash and cash equivalents | (384,960) | (395,374) | ||
Cash and equivalents, beginning of period | 626,705 | 914,749 | ||
Cash and equivalents, end of period | 241,745 | 519,375 | 241,745 | 519,375 |
Issuer [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Proceeds from catalyst lease | 0 | |||
Cash flows from operating activities: | ||||
Net income | 526,080 | 65,071 | 255,164 | 148,148 |
Adjustments to reconcile net income to net cash from operating activities: | ||||
Depreciation and amortization | 15,746 | 10,828 | ||
Stock-based compensation | 0 | 0 | ||
Change in fair value of catalyst leases | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Change in Non-cash Lower of Cost or Market Adjustment | (97,943) | (320,833) | ||
Non-cash change in inventory repurchase obligations | (26,659) | 29,317 | ||
Debt extinguishment costs | 0 | 25,451 | ||
Pension and other post-retirement benefit costs | 4,956 | 5,249 | ||
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions | 0 | |||
Distributions from equity method investee | 0 | |||
Gain (Loss) on Disposition of Property Plant Equipment | 0 | 2,418 | ||
Equity in earnings of subsidiaries | (319,568) | (438,249) | (1,022,866) | (1,123,054) |
Changes in operating assets and liabilities: | ||||
Accounts receivable | (119,813) | (205,816) | ||
Due to/from affiliates | (1,494,632) | (1,624,741) | ||
Inventories | (286,677) | 56,792 | ||
Prepaid expense and other current assets | 4,200 | (6,330) | ||
Accounts payable | (50,102) | 37,074 | ||
Accrued expenses | 365,132 | 661,974 | ||
Deferred revenue | (7,687) | 6,559 | ||
Other assets and liabilities | (14,472) | (7,573) | ||
Net cash (used in) provided by operations | (404,470) | (83,880) | ||
Acquisition of Torrance refinery and related logistics assets | (971,932) | |||
Cash flows from investing activities: | ||||
Expenditures for property, plant and equipment | (847) | (16,244) | ||
Expenditures for deferred turnaround costs | 0 | 0 | ||
Expenditures for other assets | 0 | 0 | ||
Investment in subsidiary | (12,800) | |||
Chalmette Acquisition working capital settlement | 0 | |||
Equity method investment - return of capital | 0 | |||
Increase (Decrease) Due from Other Related Parties | (3,684) | |||
Proceeds from sale of assets | 0 | |||
Net cash used in investing activities | (4,531) | (975,376) | ||
Cash flows from financing activities: | ||||
Parent Distribution | 0 | |||
Distribution to members | (39,315) | (92,503) | ||
Proceeds from members' capital contributions | (97,000) | (175,000) | ||
Proceeds from affiliate notes payable | 635 | |||
Repayment of affiliate notes payable | (517) | |||
Proceeds from revolver borrowings | 490,000 | 550,000 | ||
Repayments of Lines of Credit | 490,000 | |||
Increase (Decrease) in Due to Other Related Parties | 0 | |||
Payment of Financing and Stock Issuance Costs | 13,424 | |||
Net cash provided by (used in) financing activities | 79,052 | 632,615 | ||
Net (decrease) increase in cash and cash equivalents | (329,949) | (426,641) | ||
Cash and equivalents, beginning of period | 530,085 | 882,820 | ||
Cash and equivalents, end of period | 200,136 | 456,179 | 200,136 | 456,179 |
Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Proceeds from catalyst lease | 7,927 | |||
Cash flows from operating activities: | ||||
Net income | (313,171) | (425,020) | (1,022,791) | (1,064,415) |
Adjustments to reconcile net income to net cash from operating activities: | ||||
Depreciation and amortization | 175,859 | 144,011 | ||
Stock-based compensation | 13,549 | 12,658 | ||
Change in fair value of catalyst leases | 1,011 | 4,556 | ||
Deferred income taxes | 0 | 0 | ||
Change in Non-cash Lower of Cost or Market Adjustment | 0 | 0 | ||
Non-cash change in inventory repurchase obligations | 0 | 0 | ||
Debt extinguishment costs | 0 | 0 | ||
Pension and other post-retirement benefit costs | 26,726 | 20,645 | ||
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions | 0 | 0 | ||
Distributions from equity method investee | 0 | |||
Gain (Loss) on Disposition of Property Plant Equipment | 940 | 97 | ||
Equity in earnings of subsidiaries | 2,467 | 0 | 5,802 | 0 |
Changes in operating assets and liabilities: | ||||
Accounts receivable | (1,782) | 3,695 | ||
Due to/from affiliates | 1,451,846 | 1,588,690 | ||
Inventories | 0 | 0 | ||
Prepaid expense and other current assets | (8,467) | (11,768) | ||
Accounts payable | (58,691) | 16,943 | ||
Accrued expenses | (13,352) | (353,030) | ||
Deferred revenue | (1,364) | 0 | ||
Other assets and liabilities | (26,189) | (14,210) | ||
Net cash (used in) provided by operations | 531,493 | 347,872 | ||
Acquisition of Torrance refinery and related logistics assets | 0 | |||
Cash flows from investing activities: | ||||
Expenditures for property, plant and equipment | (210,076) | (172,174) | ||
Expenditures for deferred turnaround costs | (341,598) | (138,936) | ||
Expenditures for other assets | (31,096) | (27,735) | ||
Investment in subsidiary | 0 | |||
Chalmette Acquisition working capital settlement | 2,659 | |||
Equity method investment - return of capital | 0 | |||
Increase (Decrease) Due from Other Related Parties | 0 | |||
Proceeds from sale of assets | 0 | |||
Net cash used in investing activities | (582,770) | (341,504) | ||
Cash flows from financing activities: | ||||
Parent Distribution | 0 | |||
Distribution to members | 0 | 0 | ||
Proceeds from members' capital contributions | 0 | 0 | ||
Proceeds from affiliate notes payable | 0 | |||
Repayment of affiliate notes payable | 0 | |||
Proceeds from revolver borrowings | 0 | 0 | ||
Repayments of Lines of Credit | 0 | |||
Increase (Decrease) in Due to Other Related Parties | (3,684) | |||
Payment of Financing and Stock Issuance Costs | 0 | |||
Net cash provided by (used in) financing activities | 3,684 | 7,927 | ||
Net (decrease) increase in cash and cash equivalents | (47,593) | 14,295 | ||
Cash and equivalents, beginning of period | 56,717 | 6,236 | ||
Cash and equivalents, end of period | 9,124 | 20,531 | 9,124 | 20,531 |
Non-Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Proceeds from catalyst lease | 0 | |||
Cash flows from operating activities: | ||||
Net income | (3,930) | (13,228) | 5,727 | (58,639) |
Adjustments to reconcile net income to net cash from operating activities: | ||||
Depreciation and amortization | 5,760 | 7,726 | ||
Stock-based compensation | 0 | 0 | ||
Change in fair value of catalyst leases | 0 | 0 | ||
Deferred income taxes | 641 | 27,813 | ||
Change in Non-cash Lower of Cost or Market Adjustment | 0 | 0 | ||
Non-cash change in inventory repurchase obligations | 0 | 0 | ||
Debt extinguishment costs | 0 | 0 | ||
Pension and other post-retirement benefit costs | 0 | 0 | ||
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions | (11,218) | (1,621) | ||
Distributions from equity method investee | 16,897 | |||
Gain (Loss) on Disposition of Property Plant Equipment | 0 | 8,866 | ||
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 |
Changes in operating assets and liabilities: | ||||
Accounts receivable | (37,431) | 7,223 | ||
Due to/from affiliates | 40,468 | 44,245 | ||
Inventories | (62,512) | (2,740) | ||
Prepaid expense and other current assets | 160 | (2,105) | ||
Accounts payable | 4,261 | (5,126) | ||
Accrued expenses | 49,894 | (897) | ||
Deferred revenue | 7 | 1,470 | ||
Other assets and liabilities | (16,726) | (97) | ||
Net cash (used in) provided by operations | (4,072) | 26,118 | ||
Acquisition of Torrance refinery and related logistics assets | 0 | |||
Cash flows from investing activities: | ||||
Expenditures for property, plant and equipment | (301) | 675 | ||
Expenditures for deferred turnaround costs | 0 | 0 | ||
Expenditures for other assets | 0 | 0 | ||
Investment in subsidiary | 0 | |||
Chalmette Acquisition working capital settlement | 0 | |||
Equity method investment - return of capital | 451 | |||
Increase (Decrease) Due from Other Related Parties | 0 | |||
Proceeds from sale of assets | 13,030 | |||
Net cash used in investing activities | 150 | 13,705 | ||
Cash flows from financing activities: | ||||
Parent Distribution | 12,800 | |||
Distribution to members | 0 | 0 | ||
Proceeds from members' capital contributions | 0 | 0 | ||
Proceeds from affiliate notes payable | 0 | |||
Repayment of affiliate notes payable | 0 | |||
Proceeds from revolver borrowings | 0 | 0 | ||
Repayments of Lines of Credit | 0 | |||
Increase (Decrease) in Due to Other Related Parties | 0 | |||
Payment of Financing and Stock Issuance Costs | 0 | |||
Net cash provided by (used in) financing activities | (4,959) | (24,257) | ||
Net (decrease) increase in cash and cash equivalents | (8,881) | 15,566 | ||
Cash and equivalents, beginning of period | 41,366 | 28,968 | ||
Cash and equivalents, end of period | 32,485 | 44,534 | 32,485 | 44,534 |
PBF Holding Company LLC [Member] | ||||
Cash flows from investing activities: | ||||
Increase (Decrease) Due from Other Related Parties | 0 | |||
Cash flows from financing activities: | ||||
Increase (Decrease) in Due to Other Related Parties | 0 | |||
Consolidation, Eliminations [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Proceeds from catalyst lease | 0 | |||
Cash flows from operating activities: | ||||
Net income | 317,101 | 438,249 | 1,017,064 | 1,123,054 |
Adjustments to reconcile net income to net cash from operating activities: | ||||
Depreciation and amortization | 0 | 0 | ||
Stock-based compensation | 0 | 0 | ||
Change in fair value of catalyst leases | 0 | 0 | ||
Deferred income taxes | 0 | 0 | ||
Change in Non-cash Lower of Cost or Market Adjustment | 0 | 0 | ||
Non-cash change in inventory repurchase obligations | 0 | 0 | ||
Debt extinguishment costs | 0 | 0 | ||
Pension and other post-retirement benefit costs | 0 | 0 | ||
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions | 0 | 0 | ||
Distributions from equity method investee | 0 | |||
Gain (Loss) on Disposition of Property Plant Equipment | 0 | 0 | ||
Equity in earnings of subsidiaries | 317,101 | 438,249 | 1,017,064 | 1,123,054 |
Changes in operating assets and liabilities: | ||||
Accounts receivable | 0 | 0 | ||
Due to/from affiliates | 0 | 0 | ||
Inventories | 0 | 0 | ||
Prepaid expense and other current assets | 0 | 0 | ||
Accounts payable | 1,463 | 1,406 | ||
Accrued expenses | 0 | 0 | ||
Deferred revenue | 0 | 0 | ||
Other assets and liabilities | 0 | 0 | ||
Net cash (used in) provided by operations | 1,463 | 1,406 | ||
Acquisition of Torrance refinery and related logistics assets | 0 | |||
Cash flows from investing activities: | ||||
Expenditures for property, plant and equipment | 0 | 0 | ||
Expenditures for deferred turnaround costs | 0 | 0 | ||
Expenditures for other assets | 0 | 0 | ||
Investment in subsidiary | 12,800 | |||
Chalmette Acquisition working capital settlement | 0 | |||
Equity method investment - return of capital | 0 | |||
Increase (Decrease) Due from Other Related Parties | 3,684 | |||
Proceeds from sale of assets | 0 | |||
Net cash used in investing activities | 3,684 | (12,800) | ||
Cash flows from financing activities: | ||||
Parent Distribution | (12,800) | |||
Distribution to members | 0 | 0 | ||
Proceeds from members' capital contributions | 0 | 0 | ||
Proceeds from affiliate notes payable | 0 | |||
Repayment of affiliate notes payable | 0 | |||
Proceeds from revolver borrowings | 0 | 0 | ||
Repayments of Lines of Credit | 0 | |||
Increase (Decrease) in Due to Other Related Parties | 3,684 | |||
Payment of Financing and Stock Issuance Costs | 0 | |||
Net cash provided by (used in) financing activities | (3,684) | 12,800 | ||
Net (decrease) increase in cash and cash equivalents | 1,463 | 1,406 | ||
Cash and equivalents, beginning of period | (1,463) | (3,275) | ||
Cash and equivalents, end of period | $ 0 | $ (1,869) | 0 | (1,869) |
Rail Facility [Member] | ||||
Cash flows from financing activities: | ||||
Repayments of Lines of Credit | 0 | 11,457 | ||
Rail Facility [Member] | Issuer [Member] | ||||
Cash flows from financing activities: | ||||
Repayments of Lines of Credit | 0 | |||
Rail Facility [Member] | Guarantor Subsidiaries [Member] | ||||
Cash flows from financing activities: | ||||
Repayments of Lines of Credit | 0 | |||
Rail Facility [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Cash flows from financing activities: | ||||
Repayments of Lines of Credit | 11,457 | |||
Rail Facility [Member] | Consolidation, Eliminations [Member] | ||||
Cash flows from financing activities: | ||||
Repayments of Lines of Credit | 0 | |||
2025 Senior Notes [Member] | ||||
Cash flows from financing activities: | ||||
Proceeds from Issuance of Debt | 725,000 | |||
2025 Senior Notes [Member] | Issuer [Member] | ||||
Cash flows from financing activities: | ||||
Proceeds from Issuance of Debt | 725,000 | |||
2025 Senior Notes [Member] | Guarantor Subsidiaries [Member] | ||||
Cash flows from financing activities: | ||||
Proceeds from Issuance of Debt | 0 | |||
2025 Senior Notes [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Cash flows from financing activities: | ||||
Proceeds from Issuance of Debt | 0 | |||
2025 Senior Notes [Member] | Consolidation, Eliminations [Member] | ||||
Cash flows from financing activities: | ||||
Proceeds from Issuance of Debt | 0 | |||
2020 Senior Secured Notes [Member] | ||||
Cash flows from financing activities: | ||||
Repayments of Long-term Debt | 690,209 | 0 | ||
2020 Senior Secured Notes [Member] | Issuer [Member] | ||||
Cash flows from financing activities: | ||||
Repayments of Long-term Debt | 690,209 | |||
2020 Senior Secured Notes [Member] | Guarantor Subsidiaries [Member] | ||||
Cash flows from financing activities: | ||||
Repayments of Long-term Debt | 0 | |||
2020 Senior Secured Notes [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Cash flows from financing activities: | ||||
Repayments of Long-term Debt | 0 | |||
2020 Senior Secured Notes [Member] | Consolidation, Eliminations [Member] | ||||
Cash flows from financing activities: | ||||
Repayments of Long-term Debt | 0 | |||
Rail Term Loan [Member] | ||||
Cash flows from financing activities: | ||||
Repayments of Long-term Debt | 4,959 | $ 0 | ||
Repayments of Debt | (4,959) | |||
Rail Term Loan [Member] | Issuer [Member] | ||||
Cash flows from financing activities: | ||||
Repayments of Debt | 0 | |||
Rail Term Loan [Member] | Guarantor Subsidiaries [Member] | ||||
Cash flows from financing activities: | ||||
Repayments of Debt | 0 | |||
Rail Term Loan [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Cash flows from financing activities: | ||||
Repayments of Debt | (4,959) | |||
Rail Term Loan [Member] | Consolidation, Eliminations [Member] | ||||
Cash flows from financing activities: | ||||
Repayments of Debt | $ 0 |
Uncategorized Items - pbf-20170
Label | Element | Value |
Construction in Progress Expenditures Incurred but Not yet Paid | us-gaap_ConstructionInProgressExpendituresIncurredButNotYetPaid | $ 16,813,000 |
Construction in Progress Expenditures Incurred but Not yet Paid | us-gaap_ConstructionInProgressExpendituresIncurredButNotYetPaid | 33,120,000 |
Distribution of assets to parent company | pbf_Distributionofassetstoparentcompany | 173,426,000 |
Distribution of assets to parent company | pbf_Distributionofassetstoparentcompany | $ 25,547,000 |