Document and Entity Information
Document and Entity Information Document - shares | 3 Months Ended | |
Mar. 31, 2018 | May 08, 2018 | |
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 | Mar. 31, 2018 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,018 | |
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 | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||||
Cash and cash equivalents | $ 315,818 | $ 526,160 | $ 217,545 | $ 626,705 |
Accounts receivable | 829,747 | 951,129 | ||
Accounts receivable - affiliate | 5,368 | 8,352 | ||
Inventories | 2,579,744 | 2,213,797 | ||
Prepaid and other current assets | 85,776 | 49,523 | ||
Total current assets | 3,816,453 | 3,748,961 | ||
Property, plant and equipment, net | 2,822,760 | 2,805,390 | ||
Investment in equity method investee | 170,925 | 171,903 | ||
Deferred charges and other assets, net | 875,608 | 779,924 | ||
Total assets | 7,685,746 | 7,506,178 | ||
Current liabilities: | ||||
Accounts payable | 661,561 | 572,932 | ||
Accounts payable - affiliate | 32,481 | 40,817 | ||
Accrued expenses | 1,869,857 | 1,800,859 | ||
Current debt | 11,032 | 10,987 | ||
Deferred revenue | 5,519 | 7,495 | ||
Note payable | 4,410 | 5,621 | ||
Total current liabilities | 2,584,860 | 2,438,711 | ||
Long-term debt | 1,626,148 | 1,626,249 | ||
Deferred tax liabilities | 32,459 | 33,155 | ||
Other long-term liabilities | 222,610 | 223,961 | ||
Total liabilities | 4,466,077 | 4,322,076 | ||
Commitments and contingencies (Note 7) | ||||
Equity: | ||||
Member’s equity | 2,364,040 | 2,359,791 | ||
Retained earnings | 871,563 | 840,431 | ||
Accumulated other comprehensive loss | (26,674) | (26,928) | ||
Total PBF Holding Company LLC equity | 3,208,929 | 3,173,294 | ||
Noncontrolling interest | 10,740 | 10,808 | ||
Total equity | 3,219,669 | 3,184,102 | ||
Total liabilities and equity | $ 7,685,746 | $ 7,506,178 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Income Statement [Abstract] | ||
Revenues | $ 5,799,601 | $ 4,750,198 |
Cost and expenses: | ||
Cost of products and other | 5,189,606 | 4,251,754 |
Operating expenses (excluding depreciation and amortization expense as reflected below) | 411,447 | 436,768 |
Depreciation and amortization expense | 76,778 | 53,928 |
Cost of sales | 5,677,831 | 4,742,450 |
General and administrative expenses (excluding depreciation and amortization expense as reflected below) | 58,270 | 40,463 |
Depreciation and amortization expense | 2,714 | 1,762 |
Equity income in investee | (4,022) | (3,599) |
Loss on sale of assets | 79 | 883 |
Total cost and expenses | 5,734,872 | 4,781,959 |
Income (loss) from operations | 64,729 | (31,761) |
Other income (expense): | ||
Change in fair value of catalyst leases | 13 | (2,588) |
Interest expense, net | (33,314) | (30,656) |
Other non-service components of net periodic benefit cost | 278 | (101) |
Income (loss) before income taxes | 31,706 | (65,106) |
Income tax (benefit) expense | (701) | 434 |
Net income (loss) | 32,407 | (65,540) |
Less: net (loss) income attributable to noncontrolling interests | (68) | 113 |
Net income (loss) attributable to PBF Holding Company LLC | $ 32,475 | $ (65,653) |
Condensed Consolidated Stateme4
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $ 32,407 | $ (65,540) |
Other comprehensive income: | ||
Unrealized gain on available for sale securities | 0 | 34 |
Net gain on pension and other post-retirement benefits | 254 | 287 |
Total other comprehensive income | 254 | 321 |
Comprehensive income (loss) | 32,661 | (65,219) |
Less: comprehensive (loss) income attributable to noncontrolling interests | (68) | 113 |
Comprehensive income (loss) attributable to PBF Holding Company LLC | $ 32,729 | $ (65,332) |
Condensed Consolidated Stateme5
Condensed Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 32,407 | $ (65,540) | |
Adjustments to reconcile net income (loss) to net cash used in operations: | |||
Depreciation and amortization | 81,135 | 57,869 | |
Stock-based compensation | 4,238 | 5,345 | |
Change in fair value of catalyst leases | (13) | 2,588 | |
Deferred income taxes | (696) | (38) | |
Non-cash lower of cost or market inventory adjustment | (87,653) | 16,039 | |
Non-cash change in inventory repurchase obligations | 8,825 | (23,124) | |
Pension and other post-retirement benefit costs | 11,845 | 10,560 | |
Income from equity method investee | 4,022 | 3,599 | |
Distributions from equity method investee | 4,022 | 3,425 | |
Loss on sale of assets | 79 | 883 | |
Changes in operating assets and liabilities: | |||
Accounts receivable | 121,382 | 7,490 | |
Due to/from affiliates | (5,352) | (8,581) | |
Inventories | (278,294) | (238,437) | |
Prepaid and other current assets | (36,253) | (28,299) | |
Accounts payable | 32,281 | (188,813) | |
Accrued expenses | (22,935) | 183,139 | |
Deferred revenue | (1,976) | (9,589) | |
Other assets and liabilities | (5,952) | (25,942) | |
Net cash used in operations | (146,932) | (304,624) | |
Cash flows from investing activities: | |||
Expenditures for property, plant and equipment | (20,983) | (95,676) | |
Expenditures for deferred turnaround costs | (58,800) | (64,371) | |
Expenditures for other assets | (9,544) | (14,847) | |
Equity method investment - return of capital | 978 | 0 | |
Net cash used in investing activities | (88,349) | (174,894) | |
Cash flows from financing activities: | |||
Contributions from PBF LLC | 0 | 72,000 | |
Repayments of PBF Rail Term Loan | 1,686 | 1,642 | |
Proceeds from revolver borrowings | 0 | 200,000 | |
Repayments of revolver borrowings | 0 | 200,000 | |
Repayment of note payable | (1,211) | 0 | |
Proceeds from insurance premium financing | 27,836 | 0 | |
Net cash provided by (used in) financing activities | 24,939 | 70,358 | |
Net decrease in cash and cash equivalents | (210,342) | (409,160) | |
Cash and equivalents, beginning of period | 526,160 | 626,705 | |
Cash and equivalents, end of period | $ 315,818 | 217,545 | |
Non-cash activities: | |||
Accrued and unpaid capital expenditures | 129,002 | $ 53,652 | |
Distribution of assets to PBF Energy Company LLC | 0 | 25,547 | |
Conversion of affiliate notes payable to capital contribution | $ 0 | $ 86,298 |
DESCRIPTION OF THE BUSINESS AND
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION | DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION Description of the Business PBF 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 97.2% of the outstanding economic interest in, PBF LLC as of March 31, 2018 . 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”. PBF Logistics GP LLC (“PBF GP”) serves as the general partner of PBF Logistics LP (“PBFX”). PBF GP is wholly-owned by PBF LLC. In a series of transactions, PBF Holding distributed certain assets to PBF LLC, which in turn contributed those assets to PBFX (as described in “Note 6 - Related Party Transactions”). Substantially all of the Company’s operations are in the United States. As of March 31, 2018 , 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, 2017 of PBF Holding Company LLC and PBF Finance Corporation. The results of operations for the three months ended March 31, 2018 are not necessarily indicative of the results to be expected for the full year. Change in Presentation In 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 months ended March 31, 2017 (in thousands): Three Months Ended March 31, 2017 As Previously Reported Adjustments As Reclassified Cost and expenses: Cost of products and other $ 4,251,754 — $ 4,251,754 Operating expenses (excluding depreciation and amortization expense as reflected below) 436,768 — 436,768 Depreciation and amortization expense — 53,928 53,928 Cost of sales 4,742,450 General and administrative expenses (excluding depreciation and amortization expense as reflected below) 40,463 — 40,463 Depreciation and amortization expense 55,690 (53,928) 1,762 Equity income in investee (3,599) — (3,599) Loss on sale of assets 883 — 883 Total cost and expenses $ 4,781,959 $ 4,781,959 Recently Adopted Accounting Guidance In May 2014, the Financial Accounting Standard Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09 (Topic 606) “Revenue from Contracts with Customers.” (“ASC 606”). ASC 606 supersedes the revenue recognition requirements in Accounting Standards Codification 605 “Revenue Recognition” (“ASC 605”), and requires entities to recognize revenue when control of the promised goods or services is transferred to customers at an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. The Company adopted ASC 606 as of January 1, 2018 using the modified retrospective transition method. See “Note 2 - Revenues” for further details. In March 2017, the FASB issued ASU No. 2017-07, “Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost” (“ASU 2017-07”), which provides guidance to improve the reporting of net periodic benefit cost in the income statement and on the components eligible for capitalization in assets. Under the new guidance, employers 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 non-service components of the net periodic benefit cost separately from the line item(s) that includes the service cost and outside of any subtotal of 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 adopted ASU 2017-07 effective January 1, 2018 and applied the new guidance retrospectively in the Condensed Consolidated Statement of Operations. For the three months ended March 31, 2018 and March 31, 2017, the Company reported income of $278 and expense of $101 , respectively, within Other income (expense) for the non-service cost components of net periodic benefit cost that were historically recorded primarily within Operating expenses. 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’s adoption of this guidance did not materially impact its condensed consolidated financial statements. Recent Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02”), to increase the transparency and comparability about leases among entities. Additional ASUs have been issued subsequent to ASU 2016-02 to provide additional clarification and implementation guidance for leases related to ASU 2016-02 including ASU 2018-01, “Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842 (“ASU 2018-01”) (collectively, the Company refers to ASU 2016-02 and these additional ASUs as the “Updated Lease Guidance”). The Updated Lease Guidance requires lessees to recognize a lease liability and a corresponding lease asset for virtually all lease contracts. It also requires additional disclosures about leasing arrangements. ASU 2016-02 is effective for interim and annual periods beginning after December 15, 2018, and requires a modified retrospective approach to adoption. ASU 2018-01 provides a practical expedient whereby land easements (also known as “rights of way”) that are not accounted for as leases under existing GAAP would not need to be evaluated under ASU 2016-02; however the Updated Lease Guidance would apply prospectively to all new or modified land easements after the effective date of ASU 2016-02. In January 2018, the FASB issued a proposed ASU that would provide an additional transition method for the Updated Lease Guidance for lessees and a practical expedient for lessors. As proposed, this additional transition method would allow lessees to initially apply the requirements of ASU 2016-02 by recognizing a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The proposed practical expedient would allow lessors to not separate non-lease components from the related lease components in certain situations. Assuming the proposed ASU is approved after the comment period, the proposed ASU would have the same effective date as ASU 2016-02. While early adoption is permitted, the Company will not early adopt this Updated Lease Guidance. The Company has established a working group to study and lead implementation of the Updated Lease Guidance. This working group has instituted a task plan designed to meet the implementation deadline for ASU 2016-02. The Company has also evaluated and purchased a lease software system and has begun implementation of the selected system. The working group continues to evaluate the impact of the Updated Lease Guidance on its consolidated financial statements and related disclosures and the impact on its business processes and controls. At this time, the Company has identified that the most significant impacts of the Updated Lease 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 recognition of the interest expense component of financing leases. While the assessment of the impacts arising from this standard is progressing, the Company has not fully determined the impacts on its business processes, controls or financial statement disclosures at this time. 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. |
REVENUES (Notes)
REVENUES (Notes) | 3 Months Ended |
Mar. 31, 2018 | |
Revenues [Abstract] | |
Revenue from Contract with Customer [Text Block] | 2. REVENUES Adoption of Accounting Standards Codification (“ASC”) Topic 606, “Revenue from Contracts with Customers” Prior to January 1, 2018, the Company recognized revenue from customers when all of the following criteria were met: (i) persuasive evidence of an exchange arrangement existed, (ii) delivery had occurred or services had been rendered, (iii) the buyer’s price was fixed or determinable and (iv) collectability was reasonably assured. Amounts billed in advance of the period in which the service was rendered or product delivered were recorded as deferred revenue. Effective January 1, 2018, the Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers. As a result, the Company has changed its accounting policy for the recognition of revenue from contracts with customers as detailed below. The Company adopted ASC 606 using the modified retrospective method, which has been applied for the three months ended March 31, 2018. The Company has applied ASC 606 only to those contracts that were not complete as of January 1, 2018. As such, the financial information for prior periods has not been adjusted and continues to be reported under ASC 605. The Company did not record a cumulative effect adjustment upon initially applying ASC 606 as there was not a significant impact upon adoption; however, the details of significant qualitative and quantitative disclosure changes upon implementing ASC 606 are discussed below. Revenue Recognition Revenues are recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. The following table provides information relating to the Company’s revenues from external customers for each product or group of similar products for the periods presented: Three Months Ended March 31, 2018 2017 Gasoline and distillates $ 4,994,320 $ 4,088,811 Feedstocks and other 238,709 224,410 Asphalt and blackoils 308,861 185,128 Chemicals 176,108 184,423 Lubricants 81,603 67,426 Total Revenues $ 5,799,601 $ 4,750,198 The Company’s revenues are generated from the sale of refined petroleum products. These revenues are largely based on the current spot (market) prices of the products sold, which represent consideration specifically allocable to the products being sold on a given day, and the Company recognizes those revenues upon delivery and transfer of title to the products to our customers. The time at which delivery and transfer of title occurs is the point when the Company’s control of the products is transferred to the Company’s customers and when their performance obligation to their customers is fulfilled. Delivery and transfer in title are specifically agreed to between the Company and customers within the contracts. The Company also has contracts which contain fixed pricing, tiered pricing, minimum volume features with makeup periods, or other factors that have not materially been affected by ASC 606. Nonmonetary transactions The Company enters into nonmonetary exchanges between entities in the same line of business that are made to facilitate sales to customers other than the parties in the exchange. These types of transactions are common for the Company, and may include exchange agreements with other downstream oil and gas entities, such as crude oil swaps for refining use or refined products swaps for sales to wholesalers or retailers. In addition, the Company often engages in buy/sell arrangements, which involve purchases and sales of inventory with the same counterparty that may be entered into in contemplation of one another and treated as a single exchange transaction. The Company accounts for these transaction on a net basis under FASB ASC Topic 845, “Nonmonetary Transactions”. These transactions accounted for $35,871 of our revenue for the three months ended March 31, 2018 . Deferred Revenues The Company records deferred revenues when cash payments are received or are due in advance of our performance, including amounts which are refundable. Deferred revenue was $5,519 and $7,495 as of March 31, 2018 and December 31, 2017 , respectively. The decrease in the deferred revenue balance for the three months ended March 31, 2018 is primarily driven by the timing and extent of cash payments received or due in advance of satisfying the Company’s performance obligations for the comparative periods. Our payment terms vary by the type and location of our customer and the products offered. The period between invoicing and when payment is due is not significant (i.e. generally within two months). For certain products or services and customer types, we require payment before the products or services are delivered to the customer. Significant Judgment and Practical Expedients For performance obligations related to sales of products, the Company has determined that customers are able to direct the use of, and obtain substantially all of the benefits from, the products at the point in time that the products are delivered. The Company has determined that the transfer of control upon delivery to the customer’s requested destination accurately depicts the transfer of goods. Upon the delivery of the products and transfer of control, the Company generally has the present right to payment and the customers bear the risks and rewards of ownership of the products. We have elected the practical expedient to not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed. |
INVENTORIES
INVENTORIES | 3 Months Ended |
Mar. 31, 2018 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES Inventories consisted of the following: March 31, 2018 Titled Inventory Inventory Intermediation Agreements Total Crude oil and feedstocks $ 1,271,675 $ — $ 1,271,675 Refined products and blendstocks 1,069,309 350,953 1,420,262 Warehouse stock and other 100,610 — 100,610 $ 2,441,594 $ 350,953 $ 2,792,547 Lower of cost or market adjustment (149,406 ) (63,397 ) (212,803 ) Total inventories $ 2,292,188 $ 287,556 $ 2,579,744 December 31, 2017 Titled Inventory Inventory Intermediation Agreements Total Crude oil and feedstocks $ 1,073,093 $ — $ 1,073,093 Refined products and blendstocks 1,030,817 311,477 1,342,294 Warehouse stock and other 98,866 — 98,866 $ 2,202,776 $ 311,477 $ 2,514,253 Lower of cost or market adjustment (232,652 ) (67,804 ) (300,456 ) Total inventories $ 1,970,124 $ 243,673 $ 2,213,797 Inventory under inventory intermediation agreements 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, the “Inventory Intermediation Agreements”) with J. Aron & Company, a subsidiary of The Goldman Sachs Group, Inc. (“J. Aron”). During the three months ended March 31, 2018 , 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 $87,653 reflecting the net change in the lower of cost or market inventory reserve from $300,456 at December 31, 2017 to $212,803 at March 31, 2018 . During the three months ended March 31, 2017 , the Company recorded an adjustment to value its inventories to the lower of cost or market which decreased both operating income and net income by $16,039 reflecting the net change in the lower of cost or market inventory reserve from $595,988 at December 31, 2016 to $612,027 at March 31, 2017 . |
ACCRUED EXPENSES
ACCRUED EXPENSES | 3 Months Ended |
Mar. 31, 2018 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES | ACCRUED EXPENSES Accrued expenses consisted of the following: March 31, December 31, Inventory-related accruals $ 1,014,632 $ 1,151,810 Inventory intermediation agreements 273,583 244,287 Accrued transportation costs 158,785 64,400 Excise and sales tax payable 126,872 118,515 Accrued capital expenditures 72,614 17,342 Renewable energy credit and emissions obligations 48,015 26,231 Customer deposits 31,576 16,133 Accrued utilities 30,921 42,189 Accrued interest 29,883 9,466 Accrued refinery maintenance and support costs 23,284 35,674 Accrued salaries and benefits 13,577 58,589 Environmental liabilities 7,163 7,968 Other 38,952 8,255 Total accrued expenses $ 1,869,857 $ 1,800,859 The Company has the obligation to repurchase certain intermediates and finished products that are held in the Company’s refinery storage tanks at the Delaware City and Paulsboro refineries in accordance with the Inventory Intermediation Agreements with J. Aron. As of March 31, 2018 and December 31, 2017 , a liability is recognized for the Inventory Intermediation Agreements and is recorded at market price for the J. Aron owned inventory held in the Company’s storage tanks under the Inventory Intermediation Agreements, with any change in the market price being recorded in Cost of products and other. The Company is subject to obligations to purchase Renewable Identification Numbers (“RINs”) required to comply with the Renewable Fuels Standard. The Company’s overall RINs obligation is based on a percentage of domestic shipments of on-road fuels as established by 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 and other current assets when the amount of RINs earned and purchased is greater than the RINs liability. In addition, the Company is subject to obligations to comply with federal and state legislative and regulatory measures, including regulations in the state of California pursuant to Assembly Bill 32 (“AB32”), to address environmental compliance and greenhouse gas and other emissions. These requirements include incremental costs to operate and maintain our facilities as well as to implement and manage new emission controls and programs. Renewable energy credit and emissions obligations fluctuate with the volume of applicable product sales and timing of credit purchases. |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2018 | |
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 expense 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.”), which are treated as C-Corporations for income tax purposes. The income tax (benefit) expense in the PBF Holding condensed consolidated financial statements of operations consists of the following: Three Months Ended 2018 2017 Current income tax (benefit) expense $ (5 ) $ 472 Deferred income tax benefit (696 ) (38 ) Total income tax (benefit) expense $ (701 ) $ 434 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Mar. 31, 2018 | |
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 interstate natural gas pipeline which serves PBF Holding’s Paulsboro refinery (the “Paulsboro Natural Gas Pipeline”). 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 Paulsboro Natural Gas Pipeline and (iii) an assignment and assumption agreement with respect to certain outstanding litigation involving PNGPC and the existing pipeline. Following the completion of the Paulsboro Natural Gas Pipeline in the fourth quarter of 2017, PBF Holding received full payment of the affiliate promissory note due from PBFX. Commercial Agreements PBFX currently derives a substantial majority of its revenue from long-term, fee-based commercial agreements with PBF Holding relating to assets associated with the Contribution Agreements described above, the majority of which include minimum volume commitments (“MVCs”) and are supported by contractual fee escalations for inflation adjustments and certain increases in operating costs. 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. 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. See the PBF Holding Company LLC Annual Report on Form 10-K for the year ended December 31, 2017 for a more complete description of PBF Holding’s commercial agreements with PBFX, including those identified as leases. In addition, the Delaware City Rail Terminaling Services Agreement and the Delaware West Ladder Rack Terminaling Services Agreement between PBF Holding and Delaware City Terminaling Company LLC were amended effective as of January 1, 2018 (collectively, the “Amended and Restated Rail Agreements”) with the service fees thereunder being adjusted, including the addition of an ancillary fee paid by PBF Holding on an actual cost basis. In determining payments due under the Amended and Restated Rail Agreements, excess volumes throughput under the agreements shall apply against required payments in respect to the minimum throughput commitments on a quarterly basis and, to the extent not previously applied, on an annual basis against the MVCs. Other Agreements In addition to the commercial agreements described above, PBF Holding has entered into an omnibus agreement with PBFX, PBF GP and PBF LLC, which has been amended and restated in connection with the closing of certain of the contribution agreements (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. Additionally, PBF Holding and certain of its subsidiaries have entered into an operation and management services and secondment agreement with PBFX (the “Services Agreement”), 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. The Services Agreement will terminate upon the termination of the Omnibus Agreement, provided that PBFX may terminate any service on 30-days’ notice. Summary of Transactions with PBFX A summary of transactions with PBFX is as follows: Three Months Ended March 31, 2018 2017 Reimbursements under affiliate agreements: Services Agreement $ 1,674 $ 1,618 Omnibus Agreement 1,700 1,654 Total expenses under affiliate agreements 60,864 56,202 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2018 | |
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 $11,719 recorded as of March 31, 2018 ( $10,282 as of December 31, 2017 ) 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. As of March 31, 2018 and December 31, 2017 , this liability is self-guaranteed by the Company. In connection with the acquisition of the Delaware City assets, Valero Energy Corporation (“Valero”) remains responsible for certain pre-acquisition environmental obligations up to $20,000 and the predecessor to Valero in ownership of the refinery retains other historical obligations. In connection with the acquisition of the Delaware City assets and the Paulsboro refinery, the Company and Valero purchased ten year, $75,000 environmental insurance policies to insure against unknown environmental liabilities at each site. In connection with the Toledo refinery acquisition, Sunoco, Inc. (R&M) remains responsible for environmental remediation for conditions that existed on the closing date for twenty years from March 1, 2011, subject to certain limitations. In connection with the acquisition of the Chalmette refinery, the Company obtained $3,936 in financial assurance (in the form of a surety bond) to cover estimated potential site remediation costs associated with an agreed to Administrative Order of Consent with the EPA. The estimated cost assumes remedial activities will continue for a minimum of thirty years. Further, in connection with the acquisition of the Chalmette refinery, the Company purchased a ten year, $100,000 environmental insurance policy to insure against unknown environmental liabilities at the refinery. At the time the Company acquired Chalmette refinery it was subject to a Consolidated Compliance Order and Notice of Potential Penalty (the “Order”) issued by the Louisiana Department of Environmental Quality (“LDEQ”) covering deviations from 2009 and 2010. Chalmette Refining and LDEQ subsequently entered into a dispute resolution agreement to negotiate the resolution of deviations inside and outside the periods covered by the Order. Although a settlement agreement has not been finalized, the administrative penalty is anticipated to be approximately $741 , 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 28, 2016, DNREC issued a Coastal Zone Act permit (the “Ethanol Permit”) to DCR allowing the utilization of existing tanks and existing marine loading equipment at their existing facilities to enable denatured ethanol to be loaded from storage tanks to marine vessels and shipped to offsite facilities. On January 13, 2017, the issuance of the Ethanol Permit was appealed by two environmental groups. On February 27, 2017, the Coastal Zone Industrial Board (the “Coastal Zone Board”) held a public hearing and dismissed the appeal, determining that the appellants did not have standing. The appellants filed an appeal of the Coastal Zone Board’s decision with the Delaware Superior Court (the “Superior Court”) on March 30, 2017. On January 19, 2018, the Superior Court rendered an Opinion regarding the decision of the Coastal Zone Board to dismiss the appeal of the Ethanol Permit for the ethanol project. The Judge determined that the record created by the Coastal Zone Board was insufficient for the Superior Court to make a decision, and therefore remanded the case back to the Coastal Zone Board to address the deficiency in the record. Specifically, the Superior Court directed the Coastal Zone Board to address any evidence concerning whether the appellants’ claimed injuries would be affected by the increased quantity of ethanol shipments. During the hearing before the Coastal Zone Board on standing, one of the appellants’ witnesses made a reference to the flammability of ethanol, without any indication of the significance of flammability/ explosivity to specific concerns. Moreover, the appellants did not introduce at hearing any evidence of the relative flammability of ethanol as compared to other materials shipped to and from the refinery. However, the sole dissenting opinion from the Coastal Zone Board focused on the flammability/explosivity issue, alleging that the appellants’ testimony raised the issue as a distinct basis for potential harms. Once the Board responds to the remand, it will go back to the Superior Court to complete its analysis and issue a decision. In connection with the acquisition of the Torrance refinery and related logistics assets, the Company assumed certain pre-existing environmental liabilities totaling $136,194 as of March 31, 2018 ( $136,487 as of December 31, 2017), related to certain environmental remediation obligations to address existing soil and groundwater contamination and monitoring activities and other clean-up activities, which reflects the current estimated cost of the remediation obligations. The current portion of the environmental liability is recorded in Accrued expenses and the non-current portion is recorded in Other long-term liabilities. In addition, in connection with the acquisition of the Torrance refinery and related logistics assets, the Company purchased a ten year, $100,000 environmental insurance policy to insure against unknown environmental liabilities. Furthermore, in connection with the acquisition, the Company assumed responsibility for certain specified environmental matters that occurred prior to the Company’s ownership of the refinery and the logistics assets, including specified incidents and/or notices of violations (“NOVs”) issued by regulatory agencies in various years before the Company’s ownership, including the Southern California Air Quality Management District (“SCAQMD”) and the Division of Occupational Safety and Health of the State of California (“Cal/OSHA”). 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 both before and after the Company’s acquisition. EPA and the California Department of Toxic Substances Control (“DTSC”) conducted inspections following the acquisition related to Torrance operations and issued preliminary findings concerning potential operational violations. On March 1, 2018, the Company received a notice of intent to sue from Environmental Integrity Project, on behalf of Environment California, under the Resource Conservation and Recovery Act with respect to the alleged violations from EPA’s and DTSC’s inspections. On March 2, 2018, DTSC issued an order to correct alleged violations relating to the accumulation of oil bearing materials. Torrance and DTSC are in discussions to resolve the alleged violations in the order. In the context of these discussions DTSC has indicated potential penalties of approximately $200 . Other than the potential DTSC penalty, no other settlement or penalty demands have been received to date with respect to any of the other NOVs, preliminary findings, or order that are in excess of $100 . As the ultimate outcomes are uncertain, the Company cannot currently estimate the final amount or timing of their resolution but any such amount is not expected to have a material impact on the Company’s financial position, results of operations or cash flows, individually or in the aggregate. Applicable Federal and State Regulatory Requirements The Company’s operations and many of the products it manufactures are subject to certain specific requirements of the Clean Air Act (the “CAA”) and related state and local regulations. The CAA contains provisions that require capital expenditures for the installation of certain air pollution control devices at the Company’s refineries. Subsequent rule making authorized by the CAA or similar laws or new agency interpretations of existing rules, may necessitate additional expenditures in future years. In 2010, New York State adopted a Low-Sulfur Heating Oil mandate that, beginning July 1, 2012, requires all heating oil sold in New York State to contain no more than 15 parts per million (“PPM”) sulfur. Since July 1, 2012, other states in the Northeast market began requiring heating oil sold in their state to contain no more than 15 PPM sulfur. Currently, all of the Northeastern states and Washington DC have adopted sulfur controls on heating oil. 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. In November 2017, the EPA issued final 2018 RFS standards that will slightly increase 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 2018 standards. Despite decreasing 7% in comparison to 2017, the final 2018 cellulosic standard is still set at approximately 125% of the 2016 standard. It is likely that cellulosic RIN production will be lower than needed forcing obligated parties, such as us, to purchase cellulosic “waiver credits” to comply in 2018 (the waiver credit option by regulation is only available for the cellulosic standard). The advanced and total RIN requirements were kept relatively flat in comparison to 2017, but remain 19% and 7% higher than final 2016 levels. Production of advanced RINs has been below what is needed for compliance in 2017 and obligated parties, such as us, will likely continue to rely on the nesting feature of the biodiesel RIN to comply with the advanced standard in 2018. Consistent with 2017, compliance in 2018 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. While a proposal to change the point of obligation under the RFS program to the “blender” of renewable fuels was denied by the EPA in November of 2017, we remain hopeful that the current presidential administration will initiate necessary changes to the RFS program in the future and provide relief to us and other downstream refiners that continue to feel the burden of increased costs to comply with RFS. 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 was implemented prior to the deadline of January 30, 2018. The Company is in the process of implementing the requirements of this regulation. The regulation does not have a material impact on the Company’s financial position, results of operations or cash flows. 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 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 10 years to 2030 in July 2017. The Company is responsible for the AB32 obligations related to the Torrance refinery beginning on July 1, 2016 and must purchase emission credits to comply with these obligations. Additionally, in September 2016, the state of California enacted Senate Bill 32 (“SB32”) which further reduces greenhouse gas emissions targets to 40 percent below 1990 levels by 2030. However, subsequent to the acquisition, the Company is recovering the majority of these costs from its customers, and as such does not expect this obligation to materially impact the Company’s financial position, results of operations, or cash flows. To the degree there are unfavorable changes to AB32 or SB32 regulations or the Company is unable to recover such compliance costs from customers, these regulations could have a material adverse effect on our financial position, results of operations and cash flows. The Company is subject to obligations to purchase RINs. On February 15, 2017, the Company received a notification that EPA records indicated that PBF Holding used potentially invalid RINs that were in fact verified under 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. As of January 1, 2011, the Company is required to comply with the EPA’s Control of Hazardous Air Pollutants From Mobile Sources, or MSAT2, regulations on gasoline that impose reductions in the benzene content of its produced gasoline. The Company purchases benzene credits to meet these requirements. The Company’s planned capital projects will reduce the amount of benzene credits that it needs to purchase. In addition, the renewable fuel standards mandate the blending of prescribed percentages of renewable fuels (e.g., ethanol and biofuels) into the Company’s produced gasoline and diesel. These new requirements, other requirements of the CAA and other presently existing or future environmental 25 regulations may cause the Company to make substantial capital expenditures as well as the purchase of credits at significant cost, to enable its refineries to produce products that meet applicable requirements. The federal Comprehensive Environmental Response, Compensation and Liability Act of 1980 (“CERCLA”), also known as “Superfund,” imposes liability, without regard to fault or the legality of the original conduct, on certain classes of persons who are considered to be responsible for the release of a “hazardous substance” into the environment. These persons include the current or former owner or operator of the disposal site or sites where the release occurred and companies that disposed of or arranged for the disposal of the hazardous substances. Under CERCLA, such persons may be subject to joint and several liability for investigation and the costs of cleaning up the hazardous substances that have been released into the environment, for damages to natural resources and for the costs of certain health studies. As discussed more fully above, certain of the Company’s sites are subject to these laws and the Company may be held liable for investigation and remediation costs or claims for natural resource damages. It is not uncommon for neighboring landowners and other third parties to file claims for personal injury and property damage allegedly caused by hazardous substances or other pollutants released into the environment. Analogous state laws impose similar responsibilities and liabilities on responsible parties. In the Company’s current normal operations, it has generated waste, some of which falls within the statutory definition of a “hazardous substance” and some of which may have been disposed of at sites that may require cleanup under Superfund. The Company is also currently subject to certain other existing environmental claims and proceedings. The Company believes that there is only a remote possibility that future costs related to any of these other known contingent liability exposures would have a material impact on its financial position, results of operations or cash flows. PBF LLC Limited Liability Company Agreement The holders of limited liability company interests in PBF LLC, including PBF Energy, generally have to include for purposes of calculating their U.S. federal, state and local income taxes their share of any taxable income of PBF LLC, regardless of whether such holders receive cash distributions from PBF LLC. PBF Energy ultimately may not receive cash distributions from PBF LLC equal to its share of such taxable income or even equal to the actual tax due with respect to that income. For example, PBF LLC is required to include in taxable income PBF LLC’s allocable share of PBFX’s taxable income and gains (such share to be determined pursuant to the partnership agreement of PBFX), regardless of the amount of cash distributions received by PBF LLC from PBFX, and such taxable income and gains will flow-through to PBF Energy to the extent of its allocable share of the taxable income of PBF LLC. As a result, at certain times, the amount of cash otherwise ultimately available to PBF Energy on account of its indirect interest in PBFX may not be sufficient for PBF Energy to pay the amount of taxes it will owe on account of its indirect interests in PBFX. Taxable income of PBF LLC generally is allocated to the holders of PBF LLC units (including PBF Energy) pro-rata in accordance with their respective share of the net profits and net losses of PBF LLC. In general, PBF LLC is required to make periodic tax distributions to the members of PBF LLC, including PBF Energy, pro-rata in accordance with their respective percentage interests for such period (as determined under the amended and restated limited liability company agreement of PBF LLC), subject to available cash and applicable law and contractual restrictions (including pursuant to our debt instruments) and based on certain assumptions. Generally, these tax distributions are required to be in an amount equal to our estimate of the taxable income of PBF LLC for the year multiplied by an assumed tax rate equal to the highest effective marginal combined U.S. federal, state and local income tax rate prescribed for an individual or corporate resident in New York, New York (taking into account the nondeductibility of certain expenses). If, with respect to any given calendar year, the aggregate periodic tax distributions were less than the actual taxable income of PBF LLC multiplied by the assumed tax rate, PBF LLC is required to make a “true up” tax distribution, no later than March 15 of the following year, equal to such difference, subject to the available cash and borrowings of PBF LLC. PBF LLC generally obtains funding to pay its tax distributions by causing PBF Holding to distribute cash to PBF LLC and from distributions it receives from PBFX. Tax Receivable Agreement PBF Energy (the Company’s indirect parent) entered into a Tax Receivable Agreement with the PBF LLC Series A and PBF LLC Series B Unit holders (the “Tax Receivable Agreement”) that provides for the payment by PBF Energy to such persons of an amount equal to 85% of the amount of the benefits, if any, that PBF Energy is deemed to realize as a result of (i) increases in tax basis, as described below, and (ii) certain other tax benefits related to entering into the Tax Receivable Agreement, including tax benefits attributable to payments under the Tax Receivable Agreement. For purposes of the Tax Receivable Agreement, the benefits deemed realized by PBF Energy will be computed by comparing the actual income tax liability of PBF Energy (calculated with certain assumptions) to the amount of such taxes that PBF Energy would have been required to pay had there been no increase to the tax basis of the assets of PBF LLC as a result of purchases or exchanges of PBF LLC Series A Units for shares of PBF Energy’s Class A common stock and had PBF Energy not entered into the Tax Receivable Agreement. The term of the Tax Receivable Agreement will continue until all such tax benefits have been utilized or expired unless: (i) PBF Energy exercises its right to terminate the Tax Receivable Agreement, (ii) PBF Energy breaches any of its material obligations under the Tax Receivable Agreement or (iii) certain changes of control occur, in which case all obligations under the Tax Receivable Agreement will generally be accelerated and due as calculated under certain assumptions. The payment obligations under the Tax Receivable Agreement are obligations of PBF Energy and not of PBF LLC or PBF Holding. In general, PBF Energy expects to obtain funding for these annual payments from PBF LLC, primarily through tax distributions, which PBF LLC makes on a pro-rata basis to its owners. Such owners include PBF Energy, which holds a 97.2% interest in PBF LLC as of March 31, 2018 ( 96.7% as of December 31, 2017 ). PBF LLC generally obtains funding to pay its tax distributions by causing PBF Holding to distribute cash to PBF LLC and from distributions it receives from PBFX. As a result of the reduction of the corporate federal tax rate to 21% as part of the Tax Cuts and Jobs Act, PBF Energy’s liability associated with the Tax Receivable Agreement was reduced. |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 3 Months Ended |
Mar. 31, 2018 | |
Defined Benefit Plan [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 Pension Benefits 2018 2017 Components of net periodic benefit cost: Service cost $ 11,836 $ 10,143 Interest cost 1,447 1,084 Expected return on plan assets (2,134 ) (1,442 ) Amortization of prior service cost 21 13 Amortization of actuarial loss 71 113 Net periodic benefit cost $ 11,241 $ 9,911 Three Months Ended Post-Retirement Medical Plan 2018 2017 Components of net periodic benefit cost: Service cost $ 287 $ 316 Interest cost 155 172 Amortization of prior service cost 162 161 Net periodic benefit cost $ 604 $ 649 The Company adopted ASU 2017-07 as described in “Note 1 - Description of the Business and Basis of Presentation” effective January 1, 2018. The new guidance requires the bifurcation of net periodic benefit cost. The service cost component is presented within Income from operations, while the other components are reported separately outside of operations. This guidance was applied retrospectively in the Condensed Consolidated Statements of Operations. For the three months ended March 31, 2018 and March 31, 2017 , the Company reported income of $278 and expense of $101 , respectively, related to the non-service cost components of net periodic benefit cost in Other income (expense). |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS The tables below present information about the Company’s financial assets and liabilities measured and recorded at fair value on a recurring basis and indicate the fair value hierarchy of the inputs utilized to determine the fair values as of March 31, 2018 and December 31, 2017 . We have elected to offset the fair value amounts recognized for multiple derivative contracts executed with the same counterparty; however, fair value amounts by hierarchy level are presented on a gross basis in the tables below. We have posted cash margin with various counterparties to support hedging and trading activities. The cash margin posted is required by counterparties as collateral deposits and cannot be offset against the fair value of open contracts except in the event of default. We have no derivative contracts that are subject to master netting arrangements that are reflected gross on the balance sheet. As of March 31, 2018 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 $ 1,897 $ — $ — $ 1,897 N/A $ 1,897 Commodity contracts 13,096 1,296 — 14,392 (14,392 ) — Liabilities: Commodity contracts 40,561 17,926 — 58,487 (14,392 ) 44,095 Catalyst lease obligations — 59,034 — 59,034 — 59,034 Derivatives included with inventory intermediation agreement obligations — 16,546 — 16,546 — 16,546 As of December 31, 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 $ 4,730 $ — $ — $ 4,730 N/A $ 4,730 Commodity contracts 10,031 357 — 10,388 (10,388 ) — Liabilities: Commodity contracts 51,673 33,035 — 84,708 (10,388 ) 74,320 Catalyst lease obligations — 59,048 — 59,048 — 59,048 Derivatives included with inventory intermediation agreement obligations — 7,721 — 7,721 — 7,721 The valuation methods used to measure financial instruments at fair value are as follows: • Money market funds categorized in Level 1 of the fair value hierarchy are measured at fair value based on quoted market prices and included within Cash and cash equivalents. • The commodity contracts categorized in Level 1 of the fair value hierarchy are measured at fair value based on quoted prices in an active market. The commodity contracts categorized in Level 2 of the fair value hierarchy are measured at fair value using a market approach based upon future commodity prices for similar instruments quoted in active markets. • The commodity contracts categorized in Level 3 of the fair value hierarchy consist of commodity price swap contracts that relate to forecasted purchases of crude oil for which quoted forward market prices are not readily available due to market illiquidity. The forward prices used to value these swaps were derived using broker quotes, prices from other third party sources and other available market based data. • The derivatives included with inventory intermediation agreement obligations and the catalyst lease obligations are categorized in Level 2 of the fair value hierarchy and are measured at fair value using a market approach based upon commodity prices for similar instruments quoted in active markets. Non-qualified pension plan assets are measured at fair value using a market approach based on published net asset values of mutual funds as a practical expedient. As of March 31, 2018 and December 31, 2017 , $9,468 and $9,593 , respectively, were included within Deferred charges and other assets, net for these non-qualified pension plan assets. The table below summarizes the changes in fair value measurements of commodity contracts categorized in Level 3 of the fair value hierarchy: Three Months Ended March 31, 2018 2017 Balance at beginning of period $ — $ (84 ) Purchases — — Settlements — 45 Unrealized gain included in earnings — 39 Transfers into Level 3 — — Transfers out of Level 3 — — Balance at end of period $ — $ — There were no transfers between levels during the three months ended March 31, 2018 or 2017 . Fair value of debt The table below summarizes the fair value and carrying value of debt as of March 31, 2018 and December 31, 2017 . March 31, 2018 December 31, 2017 Carrying value Fair value Carrying value Fair value 2025 Senior Notes (a) $ 725,000 $ 758,625 $ 725,000 $ 763,945 2023 Senior Notes (a) 500,000 522,431 500,000 522,101 Revolving Loan (b) 350,000 350,000 350,000 350,000 PBF Rail Term Loan (b) 26,679 26,679 28,366 28,366 Catalyst leases (c) 59,034 59,034 59,048 59,048 1,660,713 1,716,769 1,662,414 1,723,460 Less - Current debt (c) (11,032 ) (11,032 ) (10,987 ) (10,987 ) Less - Unamortized deferred financing costs (23,533 ) n/a (25,178 ) n/a Long-term debt $ 1,626,148 $ 1,705,737 $ 1,626,249 $ 1,712,473 (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 7.00% senior notes due 2023 and the 7.25% senior notes due 2025 (collectively, the “Senior Notes”). (b) The estimated fair value approximates carrying value, categorized as a Level 2 measurement, as these borrowings bear interest based upon short-term floating market interest rates. (c) Catalyst leases are valued using a market approach based upon commodity prices for similar instruments quoted in active markets and are categorized as a Level 2 measurement. The Company has elected the fair value option for accounting for its catalyst lease repurchase obligations as the Company’s liability is directly impacted by the change in fair value of the underlying catalyst. During 2017, Delaware City Refining entered into platinum bridge leases that will expire in the second quarter of 2018. These bridge leases are payable at maturity and will not be renewed. The total outstanding balance related to these bridge leases as of March 31, 2018 and December 31, 2017 was $11,032 and $10,987 , respectively, and is included in Current debt on the Company’s Condensed Consolidated balance sheets. |
DERIVATIVES
DERIVATIVES | 3 Months Ended |
Mar. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES | DERIVATIVES The Company uses derivative instruments to mitigate certain exposures to commodity price risk. The Company entered into Inventory Intermediation Agreements that contain purchase obligations for certain volumes of intermediates and refined products. The purchase obligations related to intermediates and refined products under these agreements are derivative instruments that have been designated as fair value hedges in order to hedge the commodity price volatility of certain refinery inventory. The fair value of these purchase obligation derivatives is based on market prices of the underlying intermediates and refined products. The level of activity for these derivatives is based on the level of operating inventories. As of March 31, 2018 , there were 3,298,380 barrels of intermediates and refined products ( 3,000,142 barrels at December 31, 2017 ) outstanding under these derivative instruments designated as fair value hedges. These volumes represent the notional value of the contract. The Company also enters into economic hedges primarily consisting of commodity derivative contracts that are not designated as hedges and are used to manage price volatility in certain crude oil and feedstock inventories as well as crude oil, feedstock, and refined product sales or purchases. The objective in entering into economic hedges is consistent with the objectives discussed above for fair value hedges. As of March 31, 2018 , there were 19,880,000 barrels of crude oil and 5,224,000 barrels of refined products ( 22,348,000 and 1,989,000 , respectively, as of December 31, 2017 ), outstanding under short and long term commodity derivative contracts not designated as hedges representing the notional value of the contracts. The following tables provide information about the fair values of these derivative instruments as of March 31, 2018 and December 31, 2017 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: March 31, 2018: Derivatives included with the inventory intermediation agreement obligations Accrued expenses $ (16,546 ) December 31, 2017: Derivatives included with the inventory intermediation agreement obligations Accrued expenses $ (7,721 ) Derivatives not designated as hedging instruments: March 31, 2018: Commodity contracts Accrued expenses $ (44,095 ) December 31, 2017: Commodity contracts Accrued expenses $ (74,320 ) The following table provides information about the gains or losses recognized in income on these derivative instruments and the line items in the 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 March 31, 2018: Derivatives included with the inventory intermediation agreement obligations Cost of products and other $ (8,825 ) For the three months ended March 31, 2017: Derivatives included with the inventory intermediation agreement obligations Cost of products and other $ 23,124 Derivatives not designated as hedging instruments: For the three months ended March 31, 2018: Commodity contracts Cost of products and other $ (13,281 ) For the three months ended March 31, 2017: Commodity contracts Cost of products and other $ 391 Hedged items designated in fair value hedges: For the three months ended March 31, 2018: Intermediate and refined product inventory Cost of products and other $ 8,825 For the three months ended March 31, 2017: Intermediate and refined product inventory Cost of products and other $ (23,124 ) The Company had no ineffectiveness related to the Company’s fair value hedges for the three months ended March 31, 2018 or 2017 . |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2018 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Dividend Declared On May 3, 2018, 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 May 30, 2018 to PBF Energy Class A common stockholders of record at the close of business on May 15, 2018. PBF Holding Revolving Credit Facility On May 2, 2018, the Company and certain of its wholly-owned subsidiaries, as borrowers or subsidiary guarantors, replaced its existing asset-based revolving credit agreement dated as of August 15, 2014 (the “August 2014 Revolving Credit Agreement”) with a new asset-based revolving credit agreement (the “2018 Revolving Loan"). Among other things, the 2018 Revolving Loan increases the maximum commitment available to the Company from $2,635,000 to $3,400,000 , extends the maturity date to May 2023, and redefines certain components of the Borrowing Base to make more funding available for working capital and other general corporate purposes. In addition, an accordion feature allows for commitments of up to $3,500,000 . The commitment fees on the unused portion, the interest rate on advances and the fees for letters of credit are consistent with the August 2014 Revolving Credit Agreement. The 2018 Revolving Loan contains representations, warranties and covenants by the Company and the other borrowers, as well as customary events of default and indemnification obligations that are consistent with, or more favorable to the Company than, those in the August 2014 Revolving Credit Agreement. |
CONDENSED CONSOLIDATING FINANCI
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS | 3 Months Ended |
Mar. 31, 2018 | |
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, PBF International Inc. 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 Energy Limited, PBF Transportation Company LLC, PBF Rail Logistics Company LLC, Chalmette Logistics Company LLC, Paulsboro Terminaling 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 SHEETS (UNAUDITED) March 31, 2018 Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total ASSETS Current assets: Cash and cash equivalents $ 283,543 $ 10,578 $ 21,697 $ — $ 315,818 Accounts receivable 786,954 6,936 35,857 — 829,747 Accounts receivable - affiliate 919 3,717 732 — 5,368 Inventories 2,317,367 — 262,377 — 2,579,744 Prepaid and other current assets 27,454 56,687 1,635 — 85,776 Due from related parties 29,984,236 23,689,972 7,456,023 (61,130,231 ) — Total current assets 33,400,473 23,767,890 7,778,321 (61,130,231 ) 3,816,453 Property, plant and equipment, net 20,102 2,567,689 234,969 — 2,822,760 Investment in subsidiaries — 408,607 — (408,607 ) — Investment in equity method investee — — 170,925 — 170,925 Deferred charges and other assets, net 28,088 847,486 34 — 875,608 Total assets $ 33,448,663 $ 27,591,672 $ 8,184,249 $ (61,538,838 ) $ 7,685,746 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 484,411 $ 160,945 $ 16,205 $ — $ 661,561 Accounts payable - affiliate 30,941 1,540 — — 32,481 Accrued expenses 1,484,690 148,505 236,662 — 1,869,857 Current debt — 11,032 — — 11,032 Deferred revenue 4,061 1,455 3 — 5,519 Due to related parties 25,636,232 28,018,455 7,475,544 (61,130,231 ) — Note payable — 4,410 — — 4,410 Total current liabilities 27,640,335 28,346,342 7,728,414 (61,130,231 ) 2,584,860 Long-term debt 1,551,821 47,972 26,355 — 1,626,148 Deferred tax liabilities — — 32,459 — 32,459 Other long-term liabilities 29,945 188,520 4,145 — 222,610 Investment in subsidiaries 1,006,893 — — (1,006,893 ) — Total liabilities 30,228,994 28,582,834 7,791,373 (62,137,124 ) 4,466,077 Commitments and contingencies (Note 7) Equity: PBF Holding Company LLC equity Member’s equity 2,364,040 1,734,503 338,940 (2,073,443 ) 2,364,040 Retained earnings / (accumulated deficit) 871,563 (2,726,745 ) 53,936 2,672,809 871,563 Accumulated other comprehensive loss (26,674 ) (9,660 ) — 9,660 (26,674 ) Total PBF Holding Company LLC equity 3,208,929 (1,001,902 ) 392,876 609,026 3,208,929 Noncontrolling interest 10,740 10,740 — (10,740 ) 10,740 Total equity 3,219,669 (991,162 ) 392,876 598,286 3,219,669 Total liabilities and equity $ 33,448,663 $ 27,591,672 $ 8,184,249 $ (61,538,838 ) $ 7,685,746 12. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONDENSED CONSOLIDATING BALANCE SHEETS (UNAUDITED) December 31, 2017 Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total ASSETS Current assets: Cash and cash equivalents $ 486,568 $ 13,456 $ 26,136 $ — $ 526,160 Accounts receivable 903,298 7,605 40,226 — 951,129 Accounts receivable - affiliate 2,321 5,300 731 — 8,352 Inventories 1,982,315 — 231,482 — 2,213,797 Prepaid and other current assets 20,523 27,100 1,900 — 49,523 Due from related parties 28,632,914 23,302,660 6,820,693 (58,756,267 ) — Total current assets 32,027,939 23,356,121 7,121,168 (58,756,267 ) 3,748,961 Property, plant and equipment, net 21,785 2,547,229 236,376 — 2,805,390 Investment in subsidiaries — 413,136 — (413,136 ) — Investment in equity method investee — — 171,903 — 171,903 Deferred charges and other assets, net 30,141 749,749 34 — 779,924 Total assets $ 32,079,865 $ 27,066,235 $ 7,529,481 $ (59,169,403 ) $ 7,506,178 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 413,829 $ 137,149 $ 21,954 $ — $ 572,932 Accounts payable - affiliate 39,952 865 — — 40,817 Accrued expenses 1,409,212 122,722 268,925 — 1,800,859 Current debt — 10,987 — — 10,987 Deferred revenue 6,005 1,472 18 — 7,495 Notes payable — 5,621 — — 5,621 Due to related parties 24,813,299 27,166,679 6,776,289 (58,756,267 ) — Total current liabilities 26,682,297 27,445,495 7,067,186 (58,756,267 ) 2,438,711 Long-term debt 1,550,206 48,024 28,019 — 1,626,249 Deferred tax liabilities — — 33,155 — 33,155 Other long-term liabilities 30,612 189,204 4,145 — 223,961 Investment in subsidiaries 632,648 — — (632,648 ) — Total liabilities 28,895,763 27,682,723 7,132,505 (59,388,915 ) 4,322,076 Commitments and contingencies (Note 7) Equity: PBF Holding Company LLC equity Member’s equity 2,359,791 1,731,268 343,940 (2,075,208 ) 2,359,791 Retained earnings / (accumulated deficit) 840,431 (2,348,904 ) 53,036 2,295,868 840,431 Accumulated other comprehensive loss (26,928 ) (9,660 ) — 9,660 (26,928 ) Total PBF Holding Company LLC equity 3,173,294 (627,296 ) 396,976 230,320 3,173,294 Noncontrolling interest 10,808 10,808 — (10,808 ) 10,808 Total equity 3,184,102 (616,488 ) 396,976 219,512 3,184,102 Total liabilities and equity $ 32,079,865 $ 27,066,235 $ 7,529,481 $ (59,169,403 ) $ 7,506,178 D CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED) Three Months Ended March 31, 2018 Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total Revenues $ 5,734,675 $ 711,722 $ 685,603 $ (1,332,399 ) $ 5,799,601 Cost and expenses: Cost of products and other 5,238,082 604,332 679,591 (1,332,399 ) 5,189,606 Operating expenses (excluding depreciation and amortization expense as reflected below) 20 405,024 6,403 — 411,447 Depreciation and amortization expense — 74,858 1,920 — 76,778 Cost of sales 5,238,102 1,084,214 687,914 (1,332,399 ) 5,677,831 General and administrative expenses (excluding depreciation and amortization expense as reflected below) 50,969 5,989 1,312 — 58,270 Depreciation and amortization expense 2,714 — — — 2,714 Equity income in investee — — (4,022 ) — (4,022 ) Loss on sale of assets — 79 — — 79 Total cost and expenses 5,291,785 1,090,282 685,204 (1,332,399 ) 5,734,872 Income (loss) from operations 442,890 (378,560 ) 399 — 64,729 Other income (expense): Equity in earnings (loss) of subsidiaries (377,746 ) 839 — 376,907 — Change in fair value of catalyst leases — 13 — — 13 Interest expense, net (32,646 ) (405 ) (263 ) — (33,314 ) Other non-service components of net periodic benefit cost (91 ) 367 2 — 278 Income (loss) before income taxes 32,407 (377,746 ) 138 376,907 31,706 Income tax benefit — — (701 ) — (701 ) Net income (loss) 32,407 (377,746 ) 839 376,907 32,407 Less: net (loss) income attributable to noncontrolling interests (68 ) (68 ) — 68 (68 ) Net income (loss) attributable to PBF Holding Company LLC $ 32,475 $ (377,678 ) $ 839 $ 376,839 $ 32,475 Comprehensive income (loss) attributable to PBF Holding Company LLC $ 32,729 $ (377,678 ) $ 839 $ 376,839 $ 32,729 12. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED) Three Months Ended March 31, 2017 Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total Revenues $ 4,725,779 $ 625,769 $ 529,905 $ (1,131,255 ) $ 4,750,198 Cost and expenses: Cost of products and other 4,360,620 497,774 524,615 (1,131,255 ) 4,251,754 Operating expenses (excluding depreciation and amortization expense as reflected below) (5 ) 429,445 7,328 — 436,768 Depreciation and amortization expense — 52,047 1,881 — 53,928 Cost of sales 4,360,615 979,266 533,824 (1,131,255 ) 4,742,450 General and administrative expenses (excluding depreciation and amortization expense as reflected below) 33,679 7,165 (381 ) — 40,463 Depreciation and amortization expense 1,762 — — — 1,762 Equity income in investee — — (3,599 ) — (3,599 ) Loss on sale of assets — 883 — — 883 Total cost and expenses 4,396,056 987,314 529,844 (1,131,255 ) 4,781,959 Income (loss) from operations 329,723 (361,545 ) 61 — (31,761 ) Other income (expense): Equity in earnings (loss) of subsidiaries (365,129 ) (553 ) — 365,682 — Change in fair value of catalyst leases — (2,588 ) — — (2,588 ) Interest expense, net (30,118 ) (358 ) (180 ) — (30,656 ) Other non-service components of net periodic benefit cost (16 ) (85 ) — — (101 ) Income (loss) before income taxes (65,540 ) (365,129 ) (119 ) 365,682 (65,106 ) Income tax expense — — 434 — 434 Net income (loss) (65,540 ) (365,129 ) (553 ) 365,682 (65,540 ) Less: net income attributable to noncontrolling interests 113 113 — (113 ) 113 Net income (loss) attributable to PBF Holding Company LLC $ (65,653 ) $ (365,242 ) $ (553 ) $ 365,795 $ (65,653 ) Comprehensive income (loss) attributable to PBF Holding Company LLC $ (65,332 ) $ (365,242 ) $ (553 ) $ 365,795 $ (65,332 ) CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED) Three Months Ended March 31, 2018 Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total Cash flows from operating activities: Net income (loss) $ 32,407 $ (377,746 ) $ 839 $ 376,907 $ 32,407 Adjustments to reconcile net income (loss) to net cash (used in) provided by operations: Depreciation and amortization 4,328 74,866 1,941 — 81,135 Stock-based compensation — 4,238 — — 4,238 Change in fair value of catalyst leases — (13 ) — — (13 ) Deferred income taxes — — (696 ) — (696 ) Non-cash lower of cost or market inventory adjustment (87,653 ) — — — (87,653 ) Non-cash change in inventory repurchase obligations 8,825 — — — 8,825 Pension and other post-retirement benefit costs 1,659 10,186 — — 11,845 Income from equity method investee — — (4,022 ) — (4,022 ) Distributions from equity method investee — — 4,022 — 4,022 Loss on sale of assets — 79 — — 79 Equity in earnings (loss) of subsidiaries 377,746 (839 ) — (376,907 ) — Changes in operating assets and liabilities: Accounts receivable 116,344 669 4,369 — 121,382 Due to/from affiliates (522,316 ) 453,040 63,924 — (5,352 ) Inventories (247,399 ) — (30,895 ) — (278,294 ) Prepaid and other current assets (6,929 ) (29,589 ) 265 — (36,253 ) Accounts payable 69,429 (31,399 ) (5,749 ) — 32,281 Accrued expenses 55,382 (45,831 ) (32,486 ) — (22,935 ) Deferred revenue (1,944 ) (17 ) (15 ) — (1,976 ) Other assets and liabilities 538 (1,551 ) (4,939 ) — (5,952 ) Net cash (used in) provided by operations (199,583 ) 56,093 (3,442 ) — (146,932 ) Cash flows from investing activities: Expenditures for property, plant and equipment (1,031 ) (19,663 ) (289 ) — (20,983 ) Expenditures for deferred turnaround costs — (58,800 ) — — (58,800 ) Expenditures for other assets — (9,544 ) — — (9,544 ) Equity method investment - return of capital — — 978 — 978 Due to/from affiliates (4,280 ) — — 4,280 — Net cash (used in) provided by investing activities (5,311 ) (88,007 ) 689 4,280 (88,349 ) Cash flows from financing activities: Repayments of PBF Rail Term Loan — — (1,686 ) — (1,686 ) Due to/from affiliates — 4,280 — (4,280 ) — Repayment of note payable — (1,211 ) — — (1,211 ) Proceeds from insurance premium financing 1,869 25,967 — — 27,836 Net cash provided by (used in) financing activities 1,869 29,036 (1,686 ) (4,280 ) 24,939 Net decrease in cash and cash equivalents (203,025 ) (2,878 ) (4,439 ) — (210,342 ) Cash and cash equivalents, beginning of period 486,568 13,456 26,136 — 526,160 Cash and cash equivalents, end of period $ 283,543 $ 10,578 $ 21,697 $ — $ 315,818 12. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED) Three Months Ended March 31, 2017 Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total Cash flows from operating activities: Net income (loss) $ (65,540 ) $ (365,129 ) $ (553 ) $ 365,682 $ (65,540 ) Adjustments to reconcile net income (loss) to net cash (used in) provided by operations: Depreciation and amortization 3,914 52,054 1,901 — 57,869 Stock-based compensation — 5,345 — — 5,345 Change in fair value of catalyst leases — 2,588 — — 2,588 Deferred income taxes — — (38 ) — (38 ) Non-cash lower of cost or market inventory adjustment 16,039 — — — 16,039 Non-cash change in inventory repurchase obligations (23,124 ) — — — (23,124 ) Pension and other post-retirement benefit costs 1,651 8,909 — — 10,560 Income from equity method investee — — (3,599 ) — (3,599 ) Distributions from equity method investee — — 3,425 — 3,425 Loss on sale of assets — 883 — — 883 Equity in earnings of subsidiaries 365,129 553 — (365,682 ) — Changes in operating assets and liabilities: Accounts receivable 21,546 1,136 (15,192 ) — 7,490 Due to/from affiliates (580,598 ) 520,234 51,783 — (8,581 ) Inventories (213,072 ) — (25,365 ) — (238,437 ) Prepaid and other current assets 992 (29,222 ) (69 ) — (28,299 ) Accounts payable (160,331 ) (25,872 ) (4,073 ) 1,463 (188,813 ) Accrued expenses 196,138 (14,993 ) 1,994 — 183,139 Deferred revenue (9,575 ) (26 ) 12 — (9,589 ) Other assets and liabilities (14,962 ) (7,752 ) (3,228 ) — (25,942 ) Net cash (used in) provided by operations (461,793 ) 148,708 6,998 1,463 (304,624 ) Cash flows from investing activities: Acquisition of Torrance refinery and related logistic assets — — — — — Expenditures for property, plant and equipment (527 ) (94,955 ) (194 ) — (95,676 ) Expenditures for deferred turnaround costs — (64,371 ) — — (64,371 ) Expenditures for other assets — (14,847 ) — — (14,847 ) Net cash used in investing activities (527 ) (174,173 ) (194 ) — (174,894 ) Cash flows from financing activities: Contributions from PBF LLC 72,000 — — — 72,000 Repayment of PBF Rail Term Loan — — (1,642 ) — (1,642 ) Proceeds from revolver borrowings 200,000 — — — 200,000 Repayments of revolver borrowings (200,000 ) — — — (200,000 ) Due to/from affiliates (5,453 ) 5,453 — — — Net cash provided by (used in) financing activities 66,547 5,453 (1,642 ) — 70,358 Net (decrease) increase in cash and cash equivalents (395,773 ) (20,012 ) 5,162 1,463 (409,160 ) Cash and cash equivalents, beginning of period 530,085 56,717 41,366 (1,463 ) 626,705 Cash and cash equivalents, end of period $ 134,312 $ 36,705 $ 46,528 $ — $ 217,545 |
DESCRIPTION OF THE BUSINESS A18
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Reclassifications [Text Block] | Presented below is a summary of the effects of this revised presentation on the Company’s historical statements of operations for the three months ended March 31, 2017 (in thousands): Three Months Ended March 31, 2017 As Previously Reported Adjustments As Reclassified Cost and expenses: Cost of products and other $ 4,251,754 — $ 4,251,754 Operating expenses (excluding depreciation and amortization expense as reflected below) 436,768 — 436,768 Depreciation and amortization expense — 53,928 53,928 Cost of sales 4,742,450 General and administrative expenses (excluding depreciation and amortization expense as reflected below) 40,463 — 40,463 Depreciation and amortization expense 55,690 (53,928) 1,762 Equity income in investee (3,599) — (3,599) Loss on sale of assets 883 — 883 Total cost and expenses $ 4,781,959 $ 4,781,959 |
New Accounting Pronouncements | Recently Adopted Accounting Guidance In May 2014, the Financial Accounting Standard Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09 (Topic 606) “Revenue from Contracts with Customers.” (“ASC 606”). ASC 606 supersedes the revenue recognition requirements in Accounting Standards Codification 605 “Revenue Recognition” (“ASC 605”), and requires entities to recognize revenue when control of the promised goods or services is transferred to customers at an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. The Company adopted ASC 606 as of January 1, 2018 using the modified retrospective transition method. See “Note 2 - Revenues” for further details. In March 2017, the FASB issued ASU No. 2017-07, “Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost” (“ASU 2017-07”), which provides guidance to improve the reporting of net periodic benefit cost in the income statement and on the components eligible for capitalization in assets. Under the new guidance, employers 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 non-service components of the net periodic benefit cost separately from the line item(s) that includes the service cost and outside of any subtotal of 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 adopted ASU 2017-07 effective January 1, 2018 and applied the new guidance retrospectively in the Condensed Consolidated Statement of Operations. For the three months ended March 31, 2018 and March 31, 2017, the Company reported income of $278 and expense of $101 , respectively, within Other income (expense) for the non-service cost components of net periodic benefit cost that were historically recorded primarily within Operating expenses. 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’s adoption of this guidance did not materially impact its condensed consolidated financial statements. Recent Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02”), to increase the transparency and comparability about leases among entities. Additional ASUs have been issued subsequent to ASU 2016-02 to provide additional clarification and implementation guidance for leases related to ASU 2016-02 including ASU 2018-01, “Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842 (“ASU 2018-01”) (collectively, the Company refers to ASU 2016-02 and these additional ASUs as the “Updated Lease Guidance”). The Updated Lease Guidance requires lessees to recognize a lease liability and a corresponding lease asset for virtually all lease contracts. It also requires additional disclosures about leasing arrangements. ASU 2016-02 is effective for interim and annual periods beginning after December 15, 2018, and requires a modified retrospective approach to adoption. ASU 2018-01 provides a practical expedient whereby land easements (also known as “rights of way”) that are not accounted for as leases under existing GAAP would not need to be evaluated under ASU 2016-02; however the Updated Lease Guidance would apply prospectively to all new or modified land easements after the effective date of ASU 2016-02. In January 2018, the FASB issued a proposed ASU that would provide an additional transition method for the Updated Lease Guidance for lessees and a practical expedient for lessors. As proposed, this additional transition method would allow lessees to initially apply the requirements of ASU 2016-02 by recognizing a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The proposed practical expedient would allow lessors to not separate non-lease components from the related lease components in certain situations. Assuming the proposed ASU is approved after the comment period, the proposed ASU would have the same effective date as ASU 2016-02. While early adoption is permitted, the Company will not early adopt this Updated Lease Guidance. The Company has established a working group to study and lead implementation of the Updated Lease Guidance. This working group has instituted a task plan designed to meet the implementation deadline for ASU 2016-02. The Company has also evaluated and purchased a lease software system and has begun implementation of the selected system. The working group continues to evaluate the impact of the Updated Lease Guidance on its consolidated financial statements and related disclosures and the impact on its business processes and controls. At this time, the Company has identified that the most significant impacts of the Updated Lease 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 recognition of the interest expense component of financing leases. While the assessment of the impacts arising from this standard is progressing, the Company has not fully determined the impacts on its business processes, controls or financial statement disclosures at this time. 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 A19
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION Change in presentation (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Change in presentation [Abstract] | |
Schedule of Change in Presentation [Table Text Block] | Three Months Ended March 31, 2017 As Previously Reported Adjustments As Reclassified Cost and expenses: Cost of products and other $ 4,251,754 — $ 4,251,754 Operating expenses (excluding depreciation and amortization expense as reflected below) 436,768 — 436,768 Depreciation and amortization expense — 53,928 53,928 Cost of sales 4,742,450 General and administrative expenses (excluding depreciation and amortization expense as reflected below) 40,463 — 40,463 Depreciation and amortization expense 55,690 (53,928) 1,762 Equity income in investee (3,599) — (3,599) Loss on sale of assets 883 — 883 Total cost and expenses $ 4,781,959 $ 4,781,959 |
REVENUES (Tables)
REVENUES (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Revenues [Abstract] | |
Revenue from External Customers by Products and Services [Table Text Block] | The following table provides information relating to the Company’s revenues from external customers for each product or group of similar products for the periods presented: Three Months Ended March 31, 2018 2017 Gasoline and distillates $ 4,994,320 $ 4,088,811 Feedstocks and other 238,709 224,410 Asphalt and blackoils 308,861 185,128 Chemicals 176,108 184,423 Lubricants 81,603 67,426 Total Revenues $ 5,799,601 $ 4,750,198 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventories consisted of the following: March 31, 2018 Titled Inventory Inventory Intermediation Agreements Total Crude oil and feedstocks $ 1,271,675 $ — $ 1,271,675 Refined products and blendstocks 1,069,309 350,953 1,420,262 Warehouse stock and other 100,610 — 100,610 $ 2,441,594 $ 350,953 $ 2,792,547 Lower of cost or market adjustment (149,406 ) (63,397 ) (212,803 ) Total inventories $ 2,292,188 $ 287,556 $ 2,579,744 December 31, 2017 Titled Inventory Inventory Intermediation Agreements Total Crude oil and feedstocks $ 1,073,093 $ — $ 1,073,093 Refined products and blendstocks 1,030,817 311,477 1,342,294 Warehouse stock and other 98,866 — 98,866 $ 2,202,776 $ 311,477 $ 2,514,253 Lower of cost or market adjustment (232,652 ) (67,804 ) (300,456 ) Total inventories $ 1,970,124 $ 243,673 $ 2,213,797 |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Payables and Accruals [Abstract] | |
Schedule of accrued expenses | Accrued expenses consisted of the following: March 31, December 31, Inventory-related accruals $ 1,014,632 $ 1,151,810 Inventory intermediation agreements 273,583 244,287 Accrued transportation costs 158,785 64,400 Excise and sales tax payable 126,872 118,515 Accrued capital expenditures 72,614 17,342 Renewable energy credit and emissions obligations 48,015 26,231 Customer deposits 31,576 16,133 Accrued utilities 30,921 42,189 Accrued interest 29,883 9,466 Accrued refinery maintenance and support costs 23,284 35,674 Accrued salaries and benefits 13,577 58,589 Environmental liabilities 7,163 7,968 Other 38,952 8,255 Total accrued expenses $ 1,869,857 $ 1,800,859 |
INCOME TAXES INCOME TAX EXPENSE
INCOME TAXES INCOME TAX EXPENSE (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
INCOME TAX EXPENSE [Abstract] | |
Schedule of components of income tax provision (benefit) | Three Months Ended 2018 2017 Current income tax (benefit) expense $ (5 ) $ 472 Deferred income tax benefit (696 ) (38 ) Total income tax (benefit) expense $ (701 ) $ 434 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Related Party Transactions [Abstract] | |
Schedule of related party transactions | A summary of transactions with PBFX is as follows: Three Months Ended March 31, 2018 2017 Reimbursements under affiliate agreements: Services Agreement $ 1,674 $ 1,618 Omnibus Agreement 1,700 1,654 Total expenses under affiliate agreements 60,864 56,202 |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Defined Benefit Plan [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 Pension Benefits 2018 2017 Components of net periodic benefit cost: Service cost $ 11,836 $ 10,143 Interest cost 1,447 1,084 Expected return on plan assets (2,134 ) (1,442 ) Amortization of prior service cost 21 13 Amortization of actuarial loss 71 113 Net periodic benefit cost $ 11,241 $ 9,911 Three Months Ended Post-Retirement Medical Plan 2018 2017 Components of net periodic benefit cost: Service cost $ 287 $ 316 Interest cost 155 172 Amortization of prior service cost 162 161 Net periodic benefit cost $ 604 $ 649 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The tables below present information about the Company’s financial assets and liabilities measured and recorded at fair value on a recurring basis and indicate the fair value hierarchy of the inputs utilized to determine the fair values as of March 31, 2018 and December 31, 2017 . We have elected to offset the fair value amounts recognized for multiple derivative contracts executed with the same counterparty; however, fair value amounts by hierarchy level are presented on a gross basis in the tables below. We have posted cash margin with various counterparties to support hedging and trading activities. The cash margin posted is required by counterparties as collateral deposits and cannot be offset against the fair value of open contracts except in the event of default. We have no derivative contracts that are subject to master netting arrangements that are reflected gross on the balance sheet. As of March 31, 2018 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 $ 1,897 $ — $ — $ 1,897 N/A $ 1,897 Commodity contracts 13,096 1,296 — 14,392 (14,392 ) — Liabilities: Commodity contracts 40,561 17,926 — 58,487 (14,392 ) 44,095 Catalyst lease obligations — 59,034 — 59,034 — 59,034 Derivatives included with inventory intermediation agreement obligations — 16,546 — 16,546 — 16,546 As of December 31, 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 $ 4,730 $ — $ — $ 4,730 N/A $ 4,730 Commodity contracts 10,031 357 — 10,388 (10,388 ) — Liabilities: Commodity contracts 51,673 33,035 — 84,708 (10,388 ) 74,320 Catalyst lease obligations — 59,048 — 59,048 — 59,048 Derivatives included with inventory intermediation agreement obligations — 7,721 — 7,721 — 7,721 |
Schedule of Effect of Significant Unobservable Inputs | 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 March 31, 2018 2017 Balance at beginning of period $ — $ (84 ) Purchases — — Settlements — 45 Unrealized gain included in earnings — 39 Transfers into Level 3 — — Transfers out of Level 3 — — Balance at end of period $ — $ — |
Schedule of Fair value of Debt | The table below summarizes the fair value and carrying value of debt as of March 31, 2018 and December 31, 2017 . March 31, 2018 December 31, 2017 Carrying value Fair value Carrying value Fair value 2025 Senior Notes (a) $ 725,000 $ 758,625 $ 725,000 $ 763,945 2023 Senior Notes (a) 500,000 522,431 500,000 522,101 Revolving Loan (b) 350,000 350,000 350,000 350,000 PBF Rail Term Loan (b) 26,679 26,679 28,366 28,366 Catalyst leases (c) 59,034 59,034 59,048 59,048 1,660,713 1,716,769 1,662,414 1,723,460 Less - Current debt (c) (11,032 ) (11,032 ) (10,987 ) (10,987 ) Less - Unamortized deferred financing costs (23,533 ) n/a (25,178 ) n/a Long-term debt $ 1,626,148 $ 1,705,737 $ 1,626,249 $ 1,712,473 (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 7.00% senior notes due 2023 and the 7.25% senior notes due 2025 (collectively, the “Senior Notes”). (b) The estimated fair value approximates carrying value, categorized as a Level 2 measurement, as these borrowings bear interest based upon short-term floating market interest rates. (c) Catalyst leases are valued using a market approach based upon commodity prices for similar instruments quoted in active markets and are categorized as a Level 2 measurement. The Company has elected the fair value option for accounting for its catalyst lease repurchase obligations as the Company’s liability is directly impacted by the change in fair value of the underlying catalyst. During 2017, Delaware City Refining entered into platinum bridge leases that will expire in the second quarter of 2018. These bridge leases are payable at maturity and will not be renewed. The total outstanding balance related to these bridge leases as of March 31, 2018 and December 31, 2017 was $11,032 and $10,987 , respectively, and is included in Current debt on the Company’s Condensed Consolidated balance sheets. |
DERIVATIVES (Tables)
DERIVATIVES (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Value of Derivative Instruments | The following tables provide information about the fair values of these derivative instruments as of March 31, 2018 and December 31, 2017 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: March 31, 2018: Derivatives included with the inventory intermediation agreement obligations Accrued expenses $ (16,546 ) December 31, 2017: Derivatives included with the inventory intermediation agreement obligations Accrued expenses $ (7,721 ) Derivatives not designated as hedging instruments: March 31, 2018: Commodity contracts Accrued expenses $ (44,095 ) December 31, 2017: Commodity contracts Accrued expenses $ (74,320 ) |
Schedule of Derivative Instruments, Gain (Loss) Recognized in Income | The following table provides information about the gains or losses recognized in income on these derivative instruments and the line items in the 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 March 31, 2018: Derivatives included with the inventory intermediation agreement obligations Cost of products and other $ (8,825 ) For the three months ended March 31, 2017: Derivatives included with the inventory intermediation agreement obligations Cost of products and other $ 23,124 Derivatives not designated as hedging instruments: For the three months ended March 31, 2018: Commodity contracts Cost of products and other $ (13,281 ) For the three months ended March 31, 2017: Commodity contracts Cost of products and other $ 391 Hedged items designated in fair value hedges: For the three months ended March 31, 2018: Intermediate and refined product inventory Cost of products and other $ 8,825 For the three months ended March 31, 2017: Intermediate and refined product inventory Cost of products and other $ (23,124 ) |
CONDENSED CONSOLIDATING FINAN28
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Condensed Financial Information of Subsidiary Disclosure [Abstract] | |
Condensed Consolidating Balance Sheet | CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONDENSED CONSOLIDATING BALANCE SHEETS (UNAUDITED) March 31, 2018 Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total ASSETS Current assets: Cash and cash equivalents $ 283,543 $ 10,578 $ 21,697 $ — $ 315,818 Accounts receivable 786,954 6,936 35,857 — 829,747 Accounts receivable - affiliate 919 3,717 732 — 5,368 Inventories 2,317,367 — 262,377 — 2,579,744 Prepaid and other current assets 27,454 56,687 1,635 — 85,776 Due from related parties 29,984,236 23,689,972 7,456,023 (61,130,231 ) — Total current assets 33,400,473 23,767,890 7,778,321 (61,130,231 ) 3,816,453 Property, plant and equipment, net 20,102 2,567,689 234,969 — 2,822,760 Investment in subsidiaries — 408,607 — (408,607 ) — Investment in equity method investee — — 170,925 — 170,925 Deferred charges and other assets, net 28,088 847,486 34 — 875,608 Total assets $ 33,448,663 $ 27,591,672 $ 8,184,249 $ (61,538,838 ) $ 7,685,746 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 484,411 $ 160,945 $ 16,205 $ — $ 661,561 Accounts payable - affiliate 30,941 1,540 — — 32,481 Accrued expenses 1,484,690 148,505 236,662 — 1,869,857 Current debt — 11,032 — — 11,032 Deferred revenue 4,061 1,455 3 — 5,519 Due to related parties 25,636,232 28,018,455 7,475,544 (61,130,231 ) — Note payable — 4,410 — — 4,410 Total current liabilities 27,640,335 28,346,342 7,728,414 (61,130,231 ) 2,584,860 Long-term debt 1,551,821 47,972 26,355 — 1,626,148 Deferred tax liabilities — — 32,459 — 32,459 Other long-term liabilities 29,945 188,520 4,145 — 222,610 Investment in subsidiaries 1,006,893 — — (1,006,893 ) — Total liabilities 30,228,994 28,582,834 7,791,373 (62,137,124 ) 4,466,077 Commitments and contingencies (Note 7) Equity: PBF Holding Company LLC equity Member’s equity 2,364,040 1,734,503 338,940 (2,073,443 ) 2,364,040 Retained earnings / (accumulated deficit) 871,563 (2,726,745 ) 53,936 2,672,809 871,563 Accumulated other comprehensive loss (26,674 ) (9,660 ) — 9,660 (26,674 ) Total PBF Holding Company LLC equity 3,208,929 (1,001,902 ) 392,876 609,026 3,208,929 Noncontrolling interest 10,740 10,740 — (10,740 ) 10,740 Total equity 3,219,669 (991,162 ) 392,876 598,286 3,219,669 Total liabilities and equity $ 33,448,663 $ 27,591,672 $ 8,184,249 $ (61,538,838 ) $ 7,685,746 12. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONDENSED CONSOLIDATING BALANCE SHEETS (UNAUDITED) December 31, 2017 Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total ASSETS Current assets: Cash and cash equivalents $ 486,568 $ 13,456 $ 26,136 $ — $ 526,160 Accounts receivable 903,298 7,605 40,226 — 951,129 Accounts receivable - affiliate 2,321 5,300 731 — 8,352 Inventories 1,982,315 — 231,482 — 2,213,797 Prepaid and other current assets 20,523 27,100 1,900 — 49,523 Due from related parties 28,632,914 23,302,660 6,820,693 (58,756,267 ) — Total current assets 32,027,939 23,356,121 7,121,168 (58,756,267 ) 3,748,961 Property, plant and equipment, net 21,785 2,547,229 236,376 — 2,805,390 Investment in subsidiaries — 413,136 — (413,136 ) — Investment in equity method investee — — 171,903 — 171,903 Deferred charges and other assets, net 30,141 749,749 34 — 779,924 Total assets $ 32,079,865 $ 27,066,235 $ 7,529,481 $ (59,169,403 ) $ 7,506,178 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 413,829 $ 137,149 $ 21,954 $ — $ 572,932 Accounts payable - affiliate 39,952 865 — — 40,817 Accrued expenses 1,409,212 122,722 268,925 — 1,800,859 Current debt — 10,987 — — 10,987 Deferred revenue 6,005 1,472 18 — 7,495 Notes payable — 5,621 — — 5,621 Due to related parties 24,813,299 27,166,679 6,776,289 (58,756,267 ) — Total current liabilities 26,682,297 27,445,495 7,067,186 (58,756,267 ) 2,438,711 Long-term debt 1,550,206 48,024 28,019 — 1,626,249 Deferred tax liabilities — — 33,155 — 33,155 Other long-term liabilities 30,612 189,204 4,145 — 223,961 Investment in subsidiaries 632,648 — — (632,648 ) — Total liabilities 28,895,763 27,682,723 7,132,505 (59,388,915 ) 4,322,076 Commitments and contingencies (Note 7) Equity: PBF Holding Company LLC equity Member’s equity 2,359,791 1,731,268 343,940 (2,075,208 ) 2,359,791 Retained earnings / (accumulated deficit) 840,431 (2,348,904 ) 53,036 2,295,868 840,431 Accumulated other comprehensive loss (26,928 ) (9,660 ) — 9,660 (26,928 ) Total PBF Holding Company LLC equity 3,173,294 (627,296 ) 396,976 230,320 3,173,294 Noncontrolling interest 10,808 10,808 — (10,808 ) 10,808 Total equity 3,184,102 (616,488 ) 396,976 219,512 3,184,102 Total liabilities and equity $ 32,079,865 $ 27,066,235 $ 7,529,481 $ (59,169,403 ) $ 7,506,178 |
Condensed Income Statement | D CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED) Three Months Ended March 31, 2018 Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total Revenues $ 5,734,675 $ 711,722 $ 685,603 $ (1,332,399 ) $ 5,799,601 Cost and expenses: Cost of products and other 5,238,082 604,332 679,591 (1,332,399 ) 5,189,606 Operating expenses (excluding depreciation and amortization expense as reflected below) 20 405,024 6,403 — 411,447 Depreciation and amortization expense — 74,858 1,920 — 76,778 Cost of sales 5,238,102 1,084,214 687,914 (1,332,399 ) 5,677,831 General and administrative expenses (excluding depreciation and amortization expense as reflected below) 50,969 5,989 1,312 — 58,270 Depreciation and amortization expense 2,714 — — — 2,714 Equity income in investee — — (4,022 ) — (4,022 ) Loss on sale of assets — 79 — — 79 Total cost and expenses 5,291,785 1,090,282 685,204 (1,332,399 ) 5,734,872 Income (loss) from operations 442,890 (378,560 ) 399 — 64,729 Other income (expense): Equity in earnings (loss) of subsidiaries (377,746 ) 839 — 376,907 — Change in fair value of catalyst leases — 13 — — 13 Interest expense, net (32,646 ) (405 ) (263 ) — (33,314 ) Other non-service components of net periodic benefit cost (91 ) 367 2 — 278 Income (loss) before income taxes 32,407 (377,746 ) 138 376,907 31,706 Income tax benefit — — (701 ) — (701 ) Net income (loss) 32,407 (377,746 ) 839 376,907 32,407 Less: net (loss) income attributable to noncontrolling interests (68 ) (68 ) — 68 (68 ) Net income (loss) attributable to PBF Holding Company LLC $ 32,475 $ (377,678 ) $ 839 $ 376,839 $ 32,475 Comprehensive income (loss) attributable to PBF Holding Company LLC $ 32,729 $ (377,678 ) $ 839 $ 376,839 $ 32,729 12. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED) Three Months Ended March 31, 2017 Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total Revenues $ 4,725,779 $ 625,769 $ 529,905 $ (1,131,255 ) $ 4,750,198 Cost and expenses: Cost of products and other 4,360,620 497,774 524,615 (1,131,255 ) 4,251,754 Operating expenses (excluding depreciation and amortization expense as reflected below) (5 ) 429,445 7,328 — 436,768 Depreciation and amortization expense — 52,047 1,881 — 53,928 Cost of sales 4,360,615 979,266 533,824 (1,131,255 ) 4,742,450 General and administrative expenses (excluding depreciation and amortization expense as reflected below) 33,679 7,165 (381 ) — 40,463 Depreciation and amortization expense 1,762 — — — 1,762 Equity income in investee — — (3,599 ) — (3,599 ) Loss on sale of assets — 883 — — 883 Total cost and expenses 4,396,056 987,314 529,844 (1,131,255 ) 4,781,959 Income (loss) from operations 329,723 (361,545 ) 61 — (31,761 ) Other income (expense): Equity in earnings (loss) of subsidiaries (365,129 ) (553 ) — 365,682 — Change in fair value of catalyst leases — (2,588 ) — — (2,588 ) Interest expense, net (30,118 ) (358 ) (180 ) — (30,656 ) Other non-service components of net periodic benefit cost (16 ) (85 ) — — (101 ) Income (loss) before income taxes (65,540 ) (365,129 ) (119 ) 365,682 (65,106 ) Income tax expense — — 434 — 434 Net income (loss) (65,540 ) (365,129 ) (553 ) 365,682 (65,540 ) Less: net income attributable to noncontrolling interests 113 113 — (113 ) 113 Net income (loss) attributable to PBF Holding Company LLC $ (65,653 ) $ (365,242 ) $ (553 ) $ 365,795 $ (65,653 ) Comprehensive income (loss) attributable to PBF Holding Company LLC $ (65,332 ) $ (365,242 ) $ (553 ) $ 365,795 $ (65,332 ) |
Condensed Consolidating Statement of Cash Flow | CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED) Three Months Ended March 31, 2018 Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total Cash flows from operating activities: Net income (loss) $ 32,407 $ (377,746 ) $ 839 $ 376,907 $ 32,407 Adjustments to reconcile net income (loss) to net cash (used in) provided by operations: Depreciation and amortization 4,328 74,866 1,941 — 81,135 Stock-based compensation — 4,238 — — 4,238 Change in fair value of catalyst leases — (13 ) — — (13 ) Deferred income taxes — — (696 ) — (696 ) Non-cash lower of cost or market inventory adjustment (87,653 ) — — — (87,653 ) Non-cash change in inventory repurchase obligations 8,825 — — — 8,825 Pension and other post-retirement benefit costs 1,659 10,186 — — 11,845 Income from equity method investee — — (4,022 ) — (4,022 ) Distributions from equity method investee — — 4,022 — 4,022 Loss on sale of assets — 79 — — 79 Equity in earnings (loss) of subsidiaries 377,746 (839 ) — (376,907 ) — Changes in operating assets and liabilities: Accounts receivable 116,344 669 4,369 — 121,382 Due to/from affiliates (522,316 ) 453,040 63,924 — (5,352 ) Inventories (247,399 ) — (30,895 ) — (278,294 ) Prepaid and other current assets (6,929 ) (29,589 ) 265 — (36,253 ) Accounts payable 69,429 (31,399 ) (5,749 ) — 32,281 Accrued expenses 55,382 (45,831 ) (32,486 ) — (22,935 ) Deferred revenue (1,944 ) (17 ) (15 ) — (1,976 ) Other assets and liabilities 538 (1,551 ) (4,939 ) — (5,952 ) Net cash (used in) provided by operations (199,583 ) 56,093 (3,442 ) — (146,932 ) Cash flows from investing activities: Expenditures for property, plant and equipment (1,031 ) (19,663 ) (289 ) — (20,983 ) Expenditures for deferred turnaround costs — (58,800 ) — — (58,800 ) Expenditures for other assets — (9,544 ) — — (9,544 ) Equity method investment - return of capital — — 978 — 978 Due to/from affiliates (4,280 ) — — 4,280 — Net cash (used in) provided by investing activities (5,311 ) (88,007 ) 689 4,280 (88,349 ) Cash flows from financing activities: Repayments of PBF Rail Term Loan — — (1,686 ) — (1,686 ) Due to/from affiliates — 4,280 — (4,280 ) — Repayment of note payable — (1,211 ) — — (1,211 ) Proceeds from insurance premium financing 1,869 25,967 — — 27,836 Net cash provided by (used in) financing activities 1,869 29,036 (1,686 ) (4,280 ) 24,939 Net decrease in cash and cash equivalents (203,025 ) (2,878 ) (4,439 ) — (210,342 ) Cash and cash equivalents, beginning of period 486,568 13,456 26,136 — 526,160 Cash and cash equivalents, end of period $ 283,543 $ 10,578 $ 21,697 $ — $ 315,818 12. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (UNAUDITED) Three Months Ended March 31, 2017 Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total Cash flows from operating activities: Net income (loss) $ (65,540 ) $ (365,129 ) $ (553 ) $ 365,682 $ (65,540 ) Adjustments to reconcile net income (loss) to net cash (used in) provided by operations: Depreciation and amortization 3,914 52,054 1,901 — 57,869 Stock-based compensation — 5,345 — — 5,345 Change in fair value of catalyst leases — 2,588 — — 2,588 Deferred income taxes — — (38 ) — (38 ) Non-cash lower of cost or market inventory adjustment 16,039 — — — 16,039 Non-cash change in inventory repurchase obligations (23,124 ) — — — (23,124 ) Pension and other post-retirement benefit costs 1,651 8,909 — — 10,560 Income from equity method investee — — (3,599 ) — (3,599 ) Distributions from equity method investee — — 3,425 — 3,425 Loss on sale of assets — 883 — — 883 Equity in earnings of subsidiaries 365,129 553 — (365,682 ) — Changes in operating assets and liabilities: Accounts receivable 21,546 1,136 (15,192 ) — 7,490 Due to/from affiliates (580,598 ) 520,234 51,783 — (8,581 ) Inventories (213,072 ) — (25,365 ) — (238,437 ) Prepaid and other current assets 992 (29,222 ) (69 ) — (28,299 ) Accounts payable (160,331 ) (25,872 ) (4,073 ) 1,463 (188,813 ) Accrued expenses 196,138 (14,993 ) 1,994 — 183,139 Deferred revenue (9,575 ) (26 ) 12 — (9,589 ) Other assets and liabilities (14,962 ) (7,752 ) (3,228 ) — (25,942 ) Net cash (used in) provided by operations (461,793 ) 148,708 6,998 1,463 (304,624 ) Cash flows from investing activities: Acquisition of Torrance refinery and related logistic assets — — — — — Expenditures for property, plant and equipment (527 ) (94,955 ) (194 ) — (95,676 ) Expenditures for deferred turnaround costs — (64,371 ) — — (64,371 ) Expenditures for other assets — (14,847 ) — — (14,847 ) Net cash used in investing activities (527 ) (174,173 ) (194 ) — (174,894 ) Cash flows from financing activities: Contributions from PBF LLC 72,000 — — — 72,000 Repayment of PBF Rail Term Loan — — (1,642 ) — (1,642 ) Proceeds from revolver borrowings 200,000 — — — 200,000 Repayments of revolver borrowings (200,000 ) — — — (200,000 ) Due to/from affiliates (5,453 ) 5,453 — — — Net cash provided by (used in) financing activities 66,547 5,453 (1,642 ) — 70,358 Net (decrease) increase in cash and cash equivalents (395,773 ) (20,012 ) 5,162 1,463 (409,160 ) Cash and cash equivalents, beginning of period 530,085 56,717 41,366 (1,463 ) 626,705 Cash and cash equivalents, end of period $ 134,312 $ 36,705 $ 46,528 $ — $ 217,545 |
DESCRIPTION OF THE BUSINESS A29
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018USD ($)segment | Mar. 31, 2017USD ($) | Dec. 31, 2017 | |
Description of Business [Line Items] | |||
Other non-service component of net periodic benefit costs | $ 278 | $ (101) | |
Cost of products and other | $ 5,189,606 | 4,251,754 | |
Number of Reportable Segments | segment | 1 | ||
Less: net (loss) income attributable to noncontrolling interests | $ (68) | 113 | |
Income tax (benefit) expense | (701) | 434 | |
Operating expenses (excluding depreciation and amortization expense as reflected below) | 411,447 | 436,768 | |
Depreciation and amortization expense | 76,778 | 53,928 | |
Cost of Revenue | 5,677,831 | 4,742,450 | |
General and administrative expenses (excluding depreciation and amortization expense as reflected below) | 58,270 | 40,463 | |
Depreciation and amortization expense | 2,714 | 1,762 | |
Income from equity method investee | 4,022 | 3,599 | |
Loss on sale of assets | 79 | 883 | |
Costs and Expenses | $ 5,734,872 | 4,781,959 | |
PBF Energy [Member] | Class A Common Stock [Member] | |||
Description of Business [Line Items] | |||
Percentage of ownership in PBF LLC | 97.20% | 96.70% | |
Torrance Valley Pipeline Company [Member] | |||
Description of Business [Line Items] | |||
Ownership percentage | 50.00% | ||
Scenario, Previously Reported [Member] | |||
Description of Business [Line Items] | |||
Cost of products and other | 4,251,754 | ||
Operating expenses (excluding depreciation and amortization expense as reflected below) | 436,768 | ||
Depreciation and amortization expense | 0 | ||
General and administrative expenses (excluding depreciation and amortization expense as reflected below) | 40,463 | ||
Depreciation and amortization expense | 55,690 | ||
Income from equity method investee | (3,599) | ||
Loss on sale of assets | (883) | ||
Costs and Expenses | 4,781,959 | ||
Scenario, Adjustment [Member] | |||
Description of Business [Line Items] | |||
Cost of products and other | 0 | ||
Operating expenses (excluding depreciation and amortization expense as reflected below) | 0 | ||
Depreciation and amortization expense | 53,928 | ||
General and administrative expenses (excluding depreciation and amortization expense as reflected below) | 0 | ||
Depreciation and amortization expense | (53,928) | ||
Income from equity method investee | 0 | ||
Loss on sale of assets | $ 0 |
REVENUES (Details)
REVENUES (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Nonmonetary Transaction, Amount of Barter Transaction | $ 35,871 | ||
Revenues | 5,799,601 | $ 4,750,198 | |
Deferred revenue | 5,519 | $ 7,495 | |
Gasoline And Distillate [Member] | |||
Revenues | 4,994,320 | 4,088,811 | |
Other Refining and Marketing [Member] | |||
Revenues | 238,709 | 224,410 | |
Asphalt and Residual Oil [Member] | |||
Revenues | 308,861 | 185,128 | |
Chemicals [Member] | |||
Revenues | 176,108 | 184,423 | |
Lubricants [Member] | |||
Revenues | $ 81,603 | $ 67,426 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Inventory [Line Items] | ||||
Crude oil and feedstocks | $ 1,271,675 | $ 1,073,093 | ||
Refined products and blendstocks | 1,420,262 | 1,342,294 | ||
Warehouse stock and other | 100,610 | 98,866 | ||
Inventory, Gross | 2,792,547 | 2,514,253 | ||
Lower of cost or market adjustment | (212,803) | $ 612,027 | (300,456) | $ 595,988 |
Inventories | 2,579,744 | 2,213,797 | ||
Operating Income (Loss) | (64,729) | 31,761 | ||
Net income (loss) | 32,407 | (65,540) | ||
Titled Inventory [Member] | ||||
Inventory [Line Items] | ||||
Crude oil and feedstocks | 1,271,675 | 1,073,093 | ||
Refined products and blendstocks | 1,069,309 | 1,030,817 | ||
Warehouse stock and other | 100,610 | 98,866 | ||
Inventory, Gross | 2,441,594 | 2,202,776 | ||
Lower of cost or market adjustment | (149,406) | (232,652) | ||
Inventories | 2,292,188 | 1,970,124 | ||
Inventory Supply and Offtake Arrangements [Member] | ||||
Inventory [Line Items] | ||||
Crude oil and feedstocks | 0 | 0 | ||
Refined products and blendstocks | 350,953 | 311,477 | ||
Warehouse stock and other | 0 | 0 | ||
Inventory, Gross | 350,953 | 311,477 | ||
Lower of cost or market adjustment | (63,397) | (67,804) | ||
Inventories | 287,556 | $ 243,673 | ||
Scenario, Adjustment [Member] | ||||
Inventory [Line Items] | ||||
Operating Income (Loss) | $ (87,653) | $ (16,039) |
ACCRUED EXPENSES (Details)
ACCRUED EXPENSES (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Accrued Expenses: | ||
Inventory-related accruals | $ 1,014,632 | $ 1,151,810 |
Inventory intermediation agreements | 273,583 | 244,287 |
Accrued transportation costs | 158,785 | 64,400 |
Excise and sales tax payable | 126,872 | 118,515 |
Accrued capital expenditures | 72,614 | 17,342 |
Renewable energy credit and emissions obligations | 48,015 | 26,231 |
Customer deposits | 31,576 | 16,133 |
Accrued utilities | 30,921 | 42,189 |
Accrued utilities | 29,883 | 9,466 |
Accrued refinery maintenance and support costs | 23,284 | 35,674 |
Accrued salaries and benefits | 13,577 | 58,589 |
Environmental liabilities | 7,163 | 7,968 |
Other | 38,952 | 8,255 |
Total accrued expenses | $ 1,869,857 | $ 1,800,859 |
INCOME TAXES Income Taxes (Deta
INCOME TAXES Income Taxes (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2015subsidiary | |
Income Taxes [Line Items] | |||
Number Of Subsidiaries Acquired | subsidiary | 2 | ||
Current Income Tax Expense (Benefit) | $ (5) | $ 472 | |
Deferred income taxes | (696) | (38) | |
Income tax (benefit) expense | $ (701) | $ 434 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
PBFX Operating Company LP [Member] | ||
Related Party Transaction [Line Items] | ||
Related party transaction, amounts of transaction | $ 11,600 | |
PBF Logistics LP [Member] | Cost of Sales [Member] | ||
Related Party Transaction [Line Items] | ||
Related party transaction, amounts of transaction | 60,864 | $ 56,202 |
PBF Logistics LP [Member] | General and Administrative Expense [Member] | Omnibus Agreement [Member] | ||
Related Party Transaction [Line Items] | ||
Related party transaction, amounts of transaction | 1,700 | 1,654 |
PBF Logistics LP [Member] | General and Administrative Expense [Member] | Services Agreement [Member] | ||
Related Party Transaction [Line Items] | ||
Related party transaction, amounts of transaction | $ 1,674 | $ 1,618 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) | Jan. 13, 2017group | Jul. 01, 2016USD ($) | Nov. 01, 2015USD ($) | Mar. 01, 2011 | Nov. 30, 2017 | Mar. 31, 2018USD ($)ppm | Dec. 31, 2010ppm | Dec. 31, 2017USD ($) |
Loss Contingencies [Line Items] | ||||||||
Percent of tax benefit received from increases in tax basis paid to stockholders | 85.00% | |||||||
Class A Common Stock [Member] | PBF Energy [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Percentage of ownership in PBF LLC | 97.20% | 96.70% | ||||||
Environmental Issue [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Environmental liability | $ 11,719,000 | $ 10,282,000 | ||||||
Discount rate used for environmental liability assessment | 8.00% | |||||||
Loss Contingency, Number Of Environmental Groups Appealing Permits | group | 2 | |||||||
Maximum amount of sulfur allowed in heating oil (in ppm) | ppm | 10 | |||||||
Public Utilities, Description of Specific Regulatory Liabilities | 80 | |||||||
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 | |||||||
Environmental Issue [Member] | Chalmette Refinery [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Term of insurance policies | 10 years | |||||||
Environmental Costs Recognized, Recovery Credited to Expense | $ 3,936,000 | |||||||
Accrual For Environmental Loss Contingencies, Expected Payment Period | 30 years | |||||||
Environmental Insurance Policies Coverage | $ 100,000,000 | |||||||
Environmental Issue [Member] | Valero [Member] | Maximum [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Site Contingency, Loss Exposure Not Accrued, Best Estimate | $ 20,000,000 | |||||||
Environmental Issue [Member] | PBF Energy and Valero [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Term of insurance policies | 10 years | |||||||
Environmental Issue [Member] | PBF Energy and Valero [Member] | Maximum [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Site Contingency, Loss Exposure Not Accrued, Best Estimate | $ 75,000,000 | |||||||
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 | 136,194,000 | $ 136,487,000 | ||||||
Term of insurance policies | 10 years | |||||||
Environmental Issue [Member] | Torrance Refinery [Member] | Other [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Loss Contingency, Damages Sought, Value | 100,000 | |||||||
Environmental Issue [Member] | Torrance Refinery [Member] | Maximum [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Site Contingency, Loss Exposure Not Accrued, Best Estimate | $ 100,000,000 | |||||||
Environmental Remediation Contingency [Domain] | Pending Litigation [Member] | Louisiana Department of Environmental Quality [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Loss Contingency, Damages Sought, Value | $ 741,000 | |||||||
Environmental Remediation Contingency [Domain] | Pending Litigation [Member] | SCAQMD [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Loss Contingency, Damages Sought, Value | $ 200,000 | |||||||
Advanced Renewable Identification Number Requirements [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Renewable Fuels Standard Requirements Increase | 19.00% | |||||||
Total Renewable Identification Number Requirements [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Renewable Fuels Standard Requirements Increase | 7.00% |
EMPLOYEE BENEFIT PLANS (Details
EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Other non-service component of net periodic benefit costs | $ 278 | $ (101) |
Pension Plan, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 11,836 | 10,143 |
Interest cost | 1,447 | 1,084 |
Expected return on plan assets | (2,134) | (1,442) |
Amortization of prior service cost | 21 | 13 |
Amortization of actuarial loss | 71 | 113 |
Net periodic benefit cost | 11,241 | 9,911 |
Post Retirement Medical Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 287 | 316 |
Interest cost | 155 | 172 |
Amortization of prior service cost | 162 | 161 |
Net periodic benefit cost | $ 604 | $ 649 |
FAIR VALUE MEASUREMENTS (Measur
FAIR VALUE MEASUREMENTS (Measured on Recurring Basis) (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 9,468 | $ 9,593 |
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 | 16,546 | 7,721 |
Derivative, Collateral, Right to Reclaim Cash | 0 | 0 |
Derivative Liability | 16,546 | 7,721 |
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 | 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 | 16,546 | 7,721 |
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 | 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 | 59,034 | 59,048 |
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 | 59,034 | 59,048 |
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 | 58,487 | 84,708 |
Derivative, Collateral, Right to Reclaim Cash | (14,392) | (10,388) |
Derivative Liability | 44,095 | 74,320 |
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 | 40,561 | |
Derivative Liability | 51,673 | |
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 | 17,926 | |
Derivative Liability | 33,035 | |
Commodity contract [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 0 | |
Derivative Liability | 0 | |
Money market funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 1,897 | 4,730 |
Money market funds [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 1,897 | 4,730 |
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 | 14,392 | 10,388 |
Derivative assets, Effect of Counter-party Netting | (14,392) | (10,388) |
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 | 13,096 | |
Derivative assets, Net Carrying Value on Balance Sheet | 10,031 | |
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 | 1,296 | |
Derivative assets, Net Carrying Value on Balance Sheet | 357 | |
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 |
FAIR VALUE MEASUREMENTS (Change
FAIR VALUE MEASUREMENTS (Change in Fair Value at Level 3) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Change in Fair Value Measurement Categorized in Level 3 [Roll Forward] | ||
Transfers into Level 3 | $ 0 | $ 0 |
Commodity Contract [Member] | ||
Change in Fair Value Measurement Categorized in Level 3 [Roll Forward] | ||
Balance at beginning of period | 0 | (84,000) |
Purchases | 0 | 0 |
Settlements | 0 | 45,000 |
Unrealized loss included in earnings | 0 | 39,000 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Balance at end of period | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS (Fair V
FAIR VALUE MEASUREMENTS (Fair Value and Carrying Value of Debt) (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, Fair value | $ 1,716,769,000 | $ 1,723,460,000 |
Long-term Debt, Gross | 1,660,713,000 | 1,662,414,000 |
Current portion of long-term debt | 11,032,000 | 10,987,000 |
Long-Term Debt And Capital Lease Obligations, Current, Fair Value Disclosure | 11,032,000 | 10,987,000 |
Unamortized Debt Issuance Expense | (23,533,000) | (25,178,000) |
Long-term debt | 1,626,148,000 | 1,626,249,000 |
Long-term debt, excluding current maturities, Fair value | 1,705,737,000 | 1,712,473,000 |
Senior secured notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Lines of Credit, Fair Value Disclosure | 350,000,000 | 350,000,000 |
2023 Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, Carrying value | 500,000,000 | 500,000,000 |
Long-term debt, Fair value | 522,431,000 | 522,101,000 |
2025 Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, Carrying value | 725,000,000 | 725,000,000 |
Long-term debt, Fair value | 758,625,000 | 763,945,000 |
Catalyst lease [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, Fair value | 59,034,000 | 59,048,000 |
Revolving Credit Facility [Member] | Line of Credit [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Line of Credit | 350,000,000 | 350,000,000 |
PBF Rail Logistics Company LLC [Member] | Notes Payable to Banks [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, Carrying value | 26,679,000 | 28,366,000 |
Long-term debt, Fair value | 26,679,000 | 28,366,000 |
Catalyst lease [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Capital Lease Obligations [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, Carrying value | $ 59,034,000 | $ 59,048,000 |
2023 Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt instrument, interest rate | 7.00% | |
2025 Senior Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt instrument, interest rate | 7.25% |
DERIVATIVES (Narrative) (Detail
DERIVATIVES (Narrative) (Details) | 3 Months Ended | ||
Mar. 31, 2018USD ($)bbl | Mar. 31, 2017USD ($) | Dec. 31, 2017bbl | |
Derivative [Line Items] | |||
Loss on fair value hedge ineffectiveness | $ | $ 0 | $ 0 | |
Intermediates and Refined Products Inventory [Member] | Fair Value Hedging [Member] | |||
Derivative [Line Items] | |||
Derivative, notional amount, volume | 3,298,380 | 3,000,142 | |
Crude Oil Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, notional amount, volume | 19,880,000 | 22,348,000 | |
Refined Product Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, notional amount, volume | 5,224,000 | 1,989,000 |
DERIVATIVES (Fair Value of Deri
DERIVATIVES (Fair Value of Derivative Instruments) (Details) - Accrued Expenses [Member] - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Designated as Hedging Instrument [Member] | Inventory Intermediation Agreement Obligation [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value Asset/(Liability) | $ (16,546) | $ (7,721) |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value Asset/(Liability) | $ (44,095) | $ (74,320) |
DERIVATIVES (Gain (Loss) Recogn
DERIVATIVES (Gain (Loss) Recognized in Income) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net | $ 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 | (8,825,000) | 23,124,000 |
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 | 8,825,000 | (23,124,000) |
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 | $ (13,281,000) | $ 391,000 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - USD ($) | May 03, 2018 | May 02, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Aug. 15, 2014 |
PBF Energy [Member] | Subsequent Event [Member] | Class A Common Stock [Member] | |||||
Subsequent Event [Line Items] | |||||
Dividends declared per share | $ 0.3 | ||||
Revolving Credit Facility [Member] | Line of Credit [Member] | |||||
Subsequent Event [Line Items] | |||||
Long-term Line of Credit | $ 350,000,000 | $ 350,000,000 | |||
Maximum [Member] | Revolving Credit Facility [Member] | Line of Credit [Member] | |||||
Subsequent Event [Line Items] | |||||
Long-term Line of Credit | $ 2,635,000,000 | ||||
Maximum [Member] | Revolving Credit Facility [Member] | Line of Credit [Member] | Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Long-term Line of Credit | $ 3,400,000,000 | ||||
Maximum [Member] | Revolving Credit Facility [Member] | Accordion Feature [Member] | Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Long-term Line of Credit | $ 3,500,000,000 |
CONDENSED CONSOLIDATING FINAN44
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2018 | |
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 FINAN45
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS (Balance Sheet) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||||
Cash and cash equivalents | $ 315,818 | $ 526,160 | $ 217,545 | $ 626,705 |
Accounts receivable | 829,747 | 951,129 | ||
Accounts receivable - affiliate | 5,368 | 8,352 | ||
Inventories | 2,579,744 | 2,213,797 | ||
Prepaid and other current assets | 85,776 | 49,523 | ||
Due from related parties | 0 | 0 | ||
Total current assets | 3,816,453 | 3,748,961 | ||
Property, plant and equipment, net | 2,822,760 | 2,805,390 | ||
Investment in subsidiaries | 0 | 0 | ||
Investment in equity method investee | 170,925 | 171,903 | ||
Deferred charges and other assets, net | 875,608 | 779,924 | ||
Total assets | 7,685,746 | 7,506,178 | ||
Current liabilities: | ||||
Accounts payable | 661,561 | 572,932 | ||
Accounts payable - affiliate | 32,481 | 40,817 | ||
Accrued expenses | 1,869,857 | 1,800,859 | ||
Current portion of long-term debt | 11,032 | 10,987 | ||
Deferred revenue | 5,519 | 7,495 | ||
Due to related parties | 0 | 0 | ||
Total current liabilities | 2,584,860 | 2,438,711 | ||
Long-term debt | 1,626,148 | 1,626,249 | ||
Deferred tax liabilities | 32,459 | 33,155 | ||
Investment in subsidiaries | 0 | |||
Other long-term liabilities | 222,610 | 223,961 | ||
Due to Related Parties, Noncurrent | 0 | |||
Total liabilities | 4,466,077 | 4,322,076 | ||
Commitments and contingencies | ||||
Equity: | ||||
Member’s equity | 2,364,040 | 2,359,791 | ||
Retained earnings / (accumulated deficit) | 871,563 | 840,431 | ||
Accumulated other comprehensive loss | (26,674) | (26,928) | ||
Total PBF Holding Company LLC equity | 3,208,929 | 3,173,294 | ||
Noncontrolling interest | 10,740 | 10,808 | ||
Total equity | 3,219,669 | 3,184,102 | ||
Total liabilities and equity | 7,685,746 | 7,506,178 | ||
Note payable | 4,410 | 5,621 | ||
Issuer [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 283,543 | 486,568 | 134,312 | 530,085 |
Accounts receivable | 786,954 | 903,298 | ||
Accounts receivable - affiliate | 919 | 2,321 | ||
Inventories | 2,317,367 | 1,982,315 | ||
Prepaid and other current assets | 27,454 | 20,523 | ||
Due from related parties | 29,984,236 | 28,632,914 | ||
Total current assets | 33,400,473 | 32,027,939 | ||
Property, plant and equipment, net | 20,102 | 21,785 | ||
Investment in subsidiaries | 0 | 0 | ||
Investment in equity method investee | 0 | 0 | ||
Deferred charges and other assets, net | 28,088 | 30,141 | ||
Total assets | 33,448,663 | 32,079,865 | ||
Current liabilities: | ||||
Accounts payable | 484,411 | 413,829 | ||
Accounts payable - affiliate | 30,941 | 39,952 | ||
Accrued expenses | 1,484,690 | 1,409,212 | ||
Current portion of long-term debt | 0 | 0 | ||
Deferred revenue | 4,061 | 6,005 | ||
Due to related parties | 25,636,232 | 24,813,299 | ||
Total current liabilities | 27,640,335 | 26,682,297 | ||
Long-term debt | 1,551,821 | 1,550,206 | ||
Deferred tax liabilities | 0 | 0 | ||
Investment in subsidiaries | 1,006,893 | |||
Other long-term liabilities | 29,945 | 30,612 | ||
Due to Related Parties, Noncurrent | 632,648 | |||
Total liabilities | 30,228,994 | 28,895,763 | ||
Commitments and contingencies | ||||
Equity: | ||||
Member’s equity | 2,364,040 | 2,359,791 | ||
Retained earnings / (accumulated deficit) | 871,563 | 840,431 | ||
Accumulated other comprehensive loss | (26,674) | (26,928) | ||
Total PBF Holding Company LLC equity | 3,208,929 | 3,173,294 | ||
Noncontrolling interest | 10,740 | 10,808 | ||
Total equity | 3,219,669 | 3,184,102 | ||
Total liabilities and equity | 33,448,663 | 32,079,865 | ||
Note payable | 0 | 0 | ||
Guarantor Subsidiaries [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 10,578 | 13,456 | 36,705 | 56,717 |
Accounts receivable | 6,936 | 7,605 | ||
Accounts receivable - affiliate | 3,717 | 5,300 | ||
Inventories | 0 | 0 | ||
Prepaid and other current assets | 56,687 | 27,100 | ||
Due from related parties | 23,689,972 | 23,302,660 | ||
Total current assets | 23,767,890 | 23,356,121 | ||
Property, plant and equipment, net | 2,567,689 | 2,547,229 | ||
Investment in subsidiaries | 408,607 | 413,136 | ||
Investment in equity method investee | 0 | 0 | ||
Deferred charges and other assets, net | 847,486 | 749,749 | ||
Total assets | 27,591,672 | 27,066,235 | ||
Current liabilities: | ||||
Accounts payable | 160,945 | 137,149 | ||
Accounts payable - affiliate | 1,540 | 865 | ||
Accrued expenses | 148,505 | 122,722 | ||
Current portion of long-term debt | 11,032 | 10,987 | ||
Deferred revenue | 1,455 | 1,472 | ||
Due to related parties | 28,018,455 | 27,166,679 | ||
Total current liabilities | 28,346,342 | 27,445,495 | ||
Long-term debt | 47,972 | 48,024 | ||
Deferred tax liabilities | 0 | 0 | ||
Investment in subsidiaries | 0 | |||
Other long-term liabilities | 188,520 | 189,204 | ||
Due to Related Parties, Noncurrent | 0 | |||
Total liabilities | 28,582,834 | 27,682,723 | ||
Commitments and contingencies | ||||
Equity: | ||||
Member’s equity | 1,734,503 | 1,731,268 | ||
Retained earnings / (accumulated deficit) | (2,726,745) | (2,348,904) | ||
Accumulated other comprehensive loss | (9,660) | (9,660) | ||
Total PBF Holding Company LLC equity | (1,001,902) | (627,296) | ||
Noncontrolling interest | 10,740 | 10,808 | ||
Total equity | (991,162) | (616,488) | ||
Total liabilities and equity | 27,591,672 | 27,066,235 | ||
Note payable | 4,410 | 5,621 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 21,697 | 26,136 | 46,528 | 41,366 |
Accounts receivable | 35,857 | 40,226 | ||
Accounts receivable - affiliate | 732 | 731 | ||
Inventories | 262,377 | 231,482 | ||
Prepaid and other current assets | 1,635 | 1,900 | ||
Due from related parties | 7,456,023 | 6,820,693 | ||
Total current assets | 7,778,321 | 7,121,168 | ||
Property, plant and equipment, net | 234,969 | 236,376 | ||
Investment in subsidiaries | 0 | 0 | ||
Investment in equity method investee | 170,925 | 171,903 | ||
Deferred charges and other assets, net | 34 | 34 | ||
Total assets | 8,184,249 | 7,529,481 | ||
Current liabilities: | ||||
Accounts payable | 16,205 | 21,954 | ||
Accounts payable - affiliate | 0 | 0 | ||
Accrued expenses | 236,662 | 268,925 | ||
Current portion of long-term debt | 0 | 0 | ||
Deferred revenue | 3 | 18 | ||
Due to related parties | 7,475,544 | 6,776,289 | ||
Total current liabilities | 7,728,414 | 7,067,186 | ||
Long-term debt | 26,355 | 28,019 | ||
Deferred tax liabilities | 32,459 | 33,155 | ||
Investment in subsidiaries | 0 | |||
Other long-term liabilities | 4,145 | 4,145 | ||
Due to Related Parties, Noncurrent | 0 | |||
Total liabilities | 7,791,373 | 7,132,505 | ||
Commitments and contingencies | ||||
Equity: | ||||
Member’s equity | 338,940 | 343,940 | ||
Retained earnings / (accumulated deficit) | 53,936 | 53,036 | ||
Accumulated other comprehensive loss | 0 | 0 | ||
Total PBF Holding Company LLC equity | 392,876 | 396,976 | ||
Noncontrolling interest | 0 | 0 | ||
Total equity | 392,876 | 396,976 | ||
Total liabilities and equity | 8,184,249 | 7,529,481 | ||
Note payable | 0 | 0 | ||
Consolidation, Eliminations [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ (1,463) |
Accounts receivable | 0 | 0 | ||
Accounts receivable - affiliate | 0 | 0 | ||
Inventories | 0 | 0 | ||
Prepaid and other current assets | 0 | 0 | ||
Due from related parties | (61,130,231) | (58,756,267) | ||
Total current assets | (61,130,231) | (58,756,267) | ||
Property, plant and equipment, net | 0 | 0 | ||
Investment in subsidiaries | (408,607) | (413,136) | ||
Investment in equity method investee | 0 | 0 | ||
Deferred charges and other assets, net | 0 | 0 | ||
Total assets | (61,538,838) | (59,169,403) | ||
Current liabilities: | ||||
Accounts payable | 0 | 0 | ||
Accounts payable - affiliate | 0 | 0 | ||
Accrued expenses | 0 | 0 | ||
Current portion of long-term debt | 0 | 0 | ||
Deferred revenue | 0 | 0 | ||
Due to related parties | (61,130,231) | (58,756,267) | ||
Total current liabilities | (61,130,231) | (58,756,267) | ||
Long-term debt | 0 | 0 | ||
Deferred tax liabilities | 0 | 0 | ||
Investment in subsidiaries | (1,006,893) | |||
Other long-term liabilities | 0 | 0 | ||
Due to Related Parties, Noncurrent | (632,648) | |||
Total liabilities | (62,137,124) | (59,388,915) | ||
Commitments and contingencies | ||||
Equity: | ||||
Member’s equity | (2,073,443) | (2,075,208) | ||
Retained earnings / (accumulated deficit) | 2,672,809 | 2,295,868 | ||
Accumulated other comprehensive loss | 9,660 | 9,660 | ||
Total PBF Holding Company LLC equity | 609,026 | 230,320 | ||
Noncontrolling interest | (10,740) | (10,808) | ||
Total equity | 598,286 | 219,512 | ||
Total liabilities and equity | (61,538,838) | (59,169,403) | ||
Note payable | $ 0 | $ 0 |
CONDENSED CONSOLIDATING FINAN46
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS (Statement of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Revenues | $ 5,799,601 | $ 4,750,198 |
Cost and expenses: | ||
Cost of products and other | 5,189,606 | 4,251,754 |
Operating expenses (excluding depreciation and amortization expense as reflected below) | 411,447 | 436,768 |
Depreciation and amortization expense | 76,778 | 53,928 |
Cost of sales | 5,677,831 | 4,742,450 |
General and administrative expenses (excluding depreciation and amortization expense as reflected below) | 58,270 | 40,463 |
Depreciation and amortization expense | 2,714 | 1,762 |
Equity income in investee | (4,022) | (3,599) |
Gain on sale of asset | 79 | 883 |
Total cost and expenses | 5,734,872 | 4,781,959 |
Income (loss) from operations | 64,729 | (31,761) |
Other income (expense): | ||
Equity in earnings of subsidiaries | 0 | 0 |
Change in fair value of catalyst leases | 13 | (2,588) |
Interest expense, net | (33,314) | (30,656) |
Other non-service component of net periodic benefit costs | 278 | (101) |
Income (loss) before income taxes | 31,706 | (65,106) |
Income tax (benefit) expense | (701) | 434 |
Net income (loss) | 32,407 | (65,540) |
Less: net (loss) income attributable to noncontrolling interests | (68) | 113 |
Net income (loss) attributable to PBF Holding Company LLC | 32,475 | (65,653) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 32,729 | (65,332) |
Guarantor Subsidiaries [Member] | ||
Revenues | 711,722 | 625,769 |
Cost and expenses: | ||
Cost of products and other | 604,332 | 497,774 |
Operating expenses (excluding depreciation and amortization expense as reflected below) | 405,024 | 429,445 |
Depreciation and amortization expense | 74,858 | 52,047 |
Cost of sales | 1,084,214 | 979,266 |
General and administrative expenses (excluding depreciation and amortization expense as reflected below) | 5,989 | 7,165 |
Depreciation and amortization expense | 0 | 0 |
Equity income in investee | 0 | 0 |
Gain on sale of asset | 79 | 883 |
Total cost and expenses | 1,090,282 | 987,314 |
Income (loss) from operations | (378,560) | (361,545) |
Other income (expense): | ||
Equity in earnings of subsidiaries | 839 | (553) |
Change in fair value of catalyst leases | 13 | (2,588) |
Interest expense, net | (405) | (358) |
Other non-service component of net periodic benefit costs | 367 | (85) |
Income (loss) before income taxes | (377,746) | (365,129) |
Income tax (benefit) expense | 0 | 0 |
Net income (loss) | (377,746) | (365,129) |
Less: net (loss) income attributable to noncontrolling interests | (68) | 113 |
Net income (loss) attributable to PBF Holding Company LLC | (377,678) | (365,242) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (377,678) | (365,242) |
Non-Guarantor Subsidiaries [Member] | ||
Revenues | 685,603 | 529,905 |
Cost and expenses: | ||
Cost of products and other | 679,591 | 524,615 |
Operating expenses (excluding depreciation and amortization expense as reflected below) | 6,403 | 7,328 |
Depreciation and amortization expense | 1,920 | 1,881 |
Cost of sales | 687,914 | 533,824 |
General and administrative expenses (excluding depreciation and amortization expense as reflected below) | 1,312 | (381) |
Depreciation and amortization expense | 0 | 0 |
Equity income in investee | (4,022) | (3,599) |
Gain on sale of asset | 0 | 0 |
Total cost and expenses | 685,204 | 529,844 |
Income (loss) from operations | 399 | 61 |
Other income (expense): | ||
Equity in earnings of subsidiaries | 0 | 0 |
Change in fair value of catalyst leases | 0 | 0 |
Interest expense, net | (263) | (180) |
Other non-service component of net periodic benefit costs | 2 | 0 |
Income (loss) before income taxes | 138 | (119) |
Income tax (benefit) expense | (701) | 434 |
Net income (loss) | 839 | (553) |
Less: net (loss) income attributable to noncontrolling interests | 0 | 0 |
Net income (loss) attributable to PBF Holding Company LLC | 839 | (553) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 839 | (553) |
Issuer [Member] | ||
Revenues | 5,734,675 | 4,725,779 |
Cost and expenses: | ||
Cost of products and other | 5,238,082 | 4,360,620 |
Operating expenses (excluding depreciation and amortization expense as reflected below) | 20 | (5) |
Depreciation and amortization expense | 0 | 0 |
Cost of sales | 5,238,102 | 4,360,615 |
General and administrative expenses (excluding depreciation and amortization expense as reflected below) | 50,969 | 33,679 |
Depreciation and amortization expense | 2,714 | 1,762 |
Equity income in investee | 0 | 0 |
Gain on sale of asset | 0 | 0 |
Total cost and expenses | 5,291,785 | 4,396,056 |
Income (loss) from operations | 442,890 | 329,723 |
Other income (expense): | ||
Equity in earnings of subsidiaries | (377,746) | (365,129) |
Change in fair value of catalyst leases | 0 | 0 |
Interest expense, net | (32,646) | (30,118) |
Other non-service component of net periodic benefit costs | (91) | (16) |
Income (loss) before income taxes | 32,407 | (65,540) |
Income tax (benefit) expense | 0 | 0 |
Net income (loss) | 32,407 | (65,540) |
Less: net (loss) income attributable to noncontrolling interests | (68) | 113 |
Net income (loss) attributable to PBF Holding Company LLC | 32,475 | (65,653) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 32,729 | (65,332) |
Consolidation, Eliminations [Member] | ||
Revenues | (1,332,399) | (1,131,255) |
Cost and expenses: | ||
Cost of products and other | (1,332,399) | (1,131,255) |
Operating expenses (excluding depreciation and amortization expense as reflected below) | 0 | 0 |
Depreciation and amortization expense | 0 | 0 |
Cost of sales | (1,332,399) | (1,131,255) |
General and administrative expenses (excluding depreciation and amortization expense as reflected below) | 0 | 0 |
Depreciation and amortization expense | 0 | 0 |
Equity income in investee | 0 | 0 |
Gain on sale of asset | 0 | 0 |
Total cost and expenses | (1,332,399) | (1,131,255) |
Income (loss) from operations | 0 | 0 |
Other income (expense): | ||
Equity in earnings of subsidiaries | 376,907 | 365,682 |
Change in fair value of catalyst leases | 0 | 0 |
Interest expense, net | 0 | 0 |
Other non-service component of net periodic benefit costs | 0 | 0 |
Income (loss) before income taxes | 376,907 | 365,682 |
Income tax (benefit) expense | 0 | 0 |
Net income (loss) | 376,907 | 365,682 |
Less: net (loss) income attributable to noncontrolling interests | 68 | (113) |
Net income (loss) attributable to PBF Holding Company LLC | 376,839 | 365,795 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 376,839 | $ 365,795 |
CONDENSED CONSOLIDATING FINAN47
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS (Statement of Cash Flows) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 32,407 | $ (65,540) |
Adjustments to reconcile net income to net cash from operating activities: | ||
Depreciation and amortization | 81,135 | 57,869 |
Stock-based compensation | 4,238 | 5,345 |
Change in fair value of catalyst leases | (13) | 2,588 |
Deferred income taxes | (696) | (38) |
Non-cash lower of cost or market inventory adjustment | (87,653) | 16,039 |
Non-cash change in inventory repurchase obligations | 8,825 | (23,124) |
Pension and other post-retirement benefit costs | 11,845 | 10,560 |
Income from equity method investee | (4,022) | (3,599) |
Distributions from equity method investee | 4,022 | 3,425 |
Loss on sale of assets | 79 | 883 |
Equity in earnings of subsidiaries | 0 | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 121,382 | 7,490 |
Due to/from affiliates | (5,352) | (8,581) |
Inventories | (278,294) | (238,437) |
Other assets and liabilities | (5,952) | (25,942) |
Accounts payable | 32,281 | (188,813) |
Accrued expenses | (22,935) | 183,139 |
Deferred revenue | (1,976) | (9,589) |
Prepaid and other current assets | (36,253) | (28,299) |
Net cash used in operations | (146,932) | (304,624) |
Cash flows from investing activities: | ||
Acquisition of Torrance refinery and related logistics assets | 0 | |
Expenditures for property, plant and equipment | (20,983) | (95,676) |
Expenditures for deferred turnaround costs | (58,800) | (64,371) |
Expenditures for other assets | (9,544) | (14,847) |
Equity method investment - return of capital | 978 | 0 |
Due to/from affiliates | 0 | |
Net cash used in investing activities | (88,349) | (174,894) |
Cash flows from financing activities: | ||
Repayments of PBF Rail Term Loan | (1,686) | |
Due to/from affiliates | 0 | 0 |
Repayment of note payable | 1,211 | 0 |
Proceeds from insurance premium financing | 27,836 | |
Contributions from PBF LLC | 0 | (72,000) |
Repayments of revolver borrowings | 0 | (200,000) |
Proceeds from revolver borrowings | 0 | 200,000 |
Net cash provided by (used in) financing activities | 24,939 | 70,358 |
Net decrease in cash and cash equivalents | (210,342) | (409,160) |
Cash and equivalents, beginning of period | 526,160 | 626,705 |
Cash and equivalents, end of period | 315,818 | 217,545 |
Rail Facility [Member] | ||
Cash flows from financing activities: | ||
Repayments of revolver borrowings | (1,642) | |
Issuer [Member] | ||
Cash flows from operating activities: | ||
Net income (loss) | 32,407 | (65,540) |
Adjustments to reconcile net income to net cash from operating activities: | ||
Depreciation and amortization | 4,328 | 3,914 |
Stock-based compensation | 0 | 0 |
Change in fair value of catalyst leases | 0 | 0 |
Deferred income taxes | 0 | 0 |
Non-cash lower of cost or market inventory adjustment | (87,653) | 16,039 |
Non-cash change in inventory repurchase obligations | 8,825 | (23,124) |
Pension and other post-retirement benefit costs | 1,659 | 1,651 |
Income from equity method investee | 0 | 0 |
Distributions from equity method investee | 0 | 0 |
Loss on sale of assets | 0 | 0 |
Equity in earnings of subsidiaries | (377,746) | (365,129) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 116,344 | 21,546 |
Due to/from affiliates | (522,316) | (580,598) |
Inventories | (247,399) | (213,072) |
Other assets and liabilities | 538 | (14,962) |
Accounts payable | 69,429 | (160,331) |
Accrued expenses | 55,382 | 196,138 |
Deferred revenue | (1,944) | (9,575) |
Prepaid and other current assets | (6,929) | 992 |
Net cash used in operations | (199,583) | (461,793) |
Cash flows from investing activities: | ||
Acquisition of Torrance refinery and related logistics assets | 0 | |
Expenditures for property, plant and equipment | (1,031) | (527) |
Expenditures for deferred turnaround costs | 0 | 0 |
Expenditures for other assets | 0 | 0 |
Equity method investment - return of capital | 0 | |
Due to/from affiliates | (4,280) | |
Net cash used in investing activities | (5,311) | (527) |
Cash flows from financing activities: | ||
Repayments of PBF Rail Term Loan | 0 | |
Due to/from affiliates | 0 | (5,453) |
Repayment of note payable | 0 | |
Proceeds from insurance premium financing | 1,869 | |
Contributions from PBF LLC | (72,000) | |
Repayments of revolver borrowings | (200,000) | |
Proceeds from revolver borrowings | 200,000 | |
Net cash provided by (used in) financing activities | 1,869 | 66,547 |
Net decrease in cash and cash equivalents | (203,025) | (395,773) |
Cash and equivalents, beginning of period | 486,568 | 530,085 |
Cash and equivalents, end of period | 283,543 | 134,312 |
Issuer [Member] | Rail Facility [Member] | ||
Cash flows from financing activities: | ||
Repayments of revolver borrowings | 0 | |
Guarantor Subsidiaries [Member] | ||
Cash flows from operating activities: | ||
Net income (loss) | (377,746) | (365,129) |
Adjustments to reconcile net income to net cash from operating activities: | ||
Depreciation and amortization | 74,866 | 52,054 |
Stock-based compensation | 4,238 | 5,345 |
Change in fair value of catalyst leases | (13) | 2,588 |
Deferred income taxes | 0 | 0 |
Non-cash lower of cost or market inventory adjustment | 0 | 0 |
Non-cash change in inventory repurchase obligations | 0 | 0 |
Pension and other post-retirement benefit costs | 10,186 | 8,909 |
Income from equity method investee | 0 | 0 |
Distributions from equity method investee | 0 | 0 |
Loss on sale of assets | 79 | 883 |
Equity in earnings of subsidiaries | 839 | (553) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 669 | 1,136 |
Due to/from affiliates | 453,040 | 520,234 |
Inventories | 0 | 0 |
Other assets and liabilities | (1,551) | (7,752) |
Accounts payable | (31,399) | (25,872) |
Accrued expenses | (45,831) | (14,993) |
Deferred revenue | (17) | (26) |
Prepaid and other current assets | (29,589) | (29,222) |
Net cash used in operations | 56,093 | 148,708 |
Cash flows from investing activities: | ||
Acquisition of Torrance refinery and related logistics assets | 0 | |
Expenditures for property, plant and equipment | (19,663) | (94,955) |
Expenditures for deferred turnaround costs | (58,800) | (64,371) |
Expenditures for other assets | (9,544) | (14,847) |
Equity method investment - return of capital | 0 | |
Due to/from affiliates | 0 | |
Net cash used in investing activities | (88,007) | (174,173) |
Cash flows from financing activities: | ||
Repayments of PBF Rail Term Loan | 0 | |
Due to/from affiliates | 4,280 | 5,453 |
Repayment of note payable | 1,211 | |
Proceeds from insurance premium financing | 25,967 | |
Contributions from PBF LLC | 0 | |
Repayments of revolver borrowings | 0 | |
Proceeds from revolver borrowings | 0 | |
Net cash provided by (used in) financing activities | 29,036 | 5,453 |
Net decrease in cash and cash equivalents | (2,878) | (20,012) |
Cash and equivalents, beginning of period | 13,456 | 56,717 |
Cash and equivalents, end of period | 10,578 | 36,705 |
Guarantor Subsidiaries [Member] | Rail Facility [Member] | ||
Cash flows from financing activities: | ||
Repayments of revolver borrowings | 0 | |
Non-Guarantor Subsidiaries [Member] | ||
Cash flows from operating activities: | ||
Net income (loss) | 839 | (553) |
Adjustments to reconcile net income to net cash from operating activities: | ||
Depreciation and amortization | 1,941 | 1,901 |
Stock-based compensation | 0 | 0 |
Change in fair value of catalyst leases | 0 | 0 |
Deferred income taxes | (696) | (38) |
Non-cash lower of cost or market inventory adjustment | 0 | 0 |
Non-cash change in inventory repurchase obligations | 0 | 0 |
Pension and other post-retirement benefit costs | 0 | 0 |
Income from equity method investee | (4,022) | (3,599) |
Distributions from equity method investee | 4,022 | 3,425 |
Loss on sale of assets | 0 | 0 |
Equity in earnings of subsidiaries | 0 | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 4,369 | (15,192) |
Due to/from affiliates | 63,924 | 51,783 |
Inventories | (30,895) | (25,365) |
Other assets and liabilities | (4,939) | (3,228) |
Accounts payable | (5,749) | (4,073) |
Accrued expenses | (32,486) | 1,994 |
Deferred revenue | (15) | 12 |
Prepaid and other current assets | 265 | (69) |
Net cash used in operations | (3,442) | 6,998 |
Cash flows from investing activities: | ||
Acquisition of Torrance refinery and related logistics assets | 0 | |
Expenditures for property, plant and equipment | (289) | (194) |
Expenditures for deferred turnaround costs | 0 | 0 |
Expenditures for other assets | 0 | 0 |
Equity method investment - return of capital | 978 | |
Due to/from affiliates | 0 | |
Net cash used in investing activities | 689 | (194) |
Cash flows from financing activities: | ||
Repayments of PBF Rail Term Loan | (1,686) | |
Due to/from affiliates | 0 | 0 |
Repayment of note payable | 0 | |
Proceeds from insurance premium financing | 0 | |
Contributions from PBF LLC | 0 | |
Repayments of revolver borrowings | 0 | |
Proceeds from revolver borrowings | 0 | |
Net cash provided by (used in) financing activities | (1,686) | (1,642) |
Net decrease in cash and cash equivalents | (4,439) | 5,162 |
Cash and equivalents, beginning of period | 26,136 | 41,366 |
Cash and equivalents, end of period | 21,697 | 46,528 |
Non-Guarantor Subsidiaries [Member] | Rail Facility [Member] | ||
Cash flows from financing activities: | ||
Repayments of revolver borrowings | (1,642) | |
Consolidation, Eliminations [Member] | ||
Cash flows from operating activities: | ||
Net income (loss) | 376,907 | 365,682 |
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 |
Non-cash lower of cost or market inventory adjustment | 0 | 0 |
Non-cash change in inventory repurchase obligations | 0 | 0 |
Pension and other post-retirement benefit costs | 0 | 0 |
Income from equity method investee | 0 | 0 |
Distributions from equity method investee | 0 | 0 |
Loss on sale of assets | 0 | 0 |
Equity in earnings of subsidiaries | 376,907 | 365,682 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 0 | 0 |
Due to/from affiliates | 0 | 0 |
Inventories | 0 | 0 |
Other assets and liabilities | 0 | 0 |
Accounts payable | 0 | 1,463 |
Accrued expenses | 0 | 0 |
Deferred revenue | 0 | 0 |
Prepaid and other current assets | 0 | 0 |
Net cash used in operations | 0 | 1,463 |
Cash flows from investing activities: | ||
Acquisition of Torrance refinery and related logistics assets | 0 | |
Expenditures for property, plant and equipment | 0 | 0 |
Expenditures for deferred turnaround costs | 0 | 0 |
Expenditures for other assets | 0 | 0 |
Equity method investment - return of capital | 0 | |
Due to/from affiliates | 4,280 | |
Net cash used in investing activities | 4,280 | 0 |
Cash flows from financing activities: | ||
Repayments of PBF Rail Term Loan | 0 | |
Due to/from affiliates | (4,280) | 0 |
Repayment of note payable | 0 | |
Proceeds from insurance premium financing | 0 | |
Contributions from PBF LLC | 0 | |
Repayments of revolver borrowings | 0 | |
Proceeds from revolver borrowings | 0 | |
Net cash provided by (used in) financing activities | (4,280) | 0 |
Net decrease in cash and cash equivalents | 0 | 1,463 |
Cash and equivalents, beginning of period | 0 | (1,463) |
Cash and equivalents, end of period | $ 0 | 0 |
Consolidation, Eliminations [Member] | Rail Facility [Member] | ||
Cash flows from financing activities: | ||
Repayments of revolver borrowings | $ 0 |