PBF Holding 10-Q 9 Aug 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Aug. 04, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	333-186007
Entity Registrant Name	PBF HOLDING COMPANY LLC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-2198168
Entity Address, Address Line One	One Sylvan Way, Second Floor
Entity Address, City or Town	Parsippany
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07054
City Area Code	973
Local Phone Number	455-7500
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		0
Entity Central Index Key	0001566011
Amendment Flag	false
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
PBF Finance Corporation
Entity Information [Line Items]
Entity File Number	333-186007-07
Entity Registrant Name	PBF FINANCE CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	45-2685067
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		100
Entity Central Index Key	0001566097

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 1,496.8	$ 2,153.9
Accounts receivable	1,352.2	1,451.7
Accounts receivable - affiliate	16	6.3
Inventories	2,832.3	2,763.6
Prepaid and other current assets	150.5	119
Total current assets	5,847.8	6,494.5
Property, plant and equipment, net	4,057.9	4,601.8
Deferred charges and other assets, net	1,092.4	954
Total assets	12,160.6	13,150.2
Current liabilities:
Accounts payable	629	847.5
Accounts payable - affiliate	38.5	38.2
Accrued expenses	3,337.7	3,691
Deferred revenue	74.8	37.5
Total current liabilities	4,309.7	4,779.2
Long-term debt	1,441.5	1,434.9
Deferred tax liabilities	21.2	21
Long-term financing lease liabilities - third party	52.1	57.9
Other long-term liabilities	314.3	371.1
Total liabilities	7,013.8	7,533.1
Commitments and contingencies (Note 7)
Equity:
Member’s equity	2,764.3	2,959.7
Retained earnings	2,374.3	2,649.6
Accumulated other comprehensive loss	(4.4)	(4.4)
Total PBF Holding Company LLC equity	5,134.2	5,604.9
Noncontrolling interest	12.6	12.2
Total equity	5,146.8	5,617.1
Total liabilities and equity	12,160.6	13,150.2
Third Party Lease
Current assets:
Lease right of use assets	791.7	678.3
Current liabilities:
Current operating lease liabilities	120.8	60.5
Long-term operating lease liabilities	613.1	551.8
Lease with Affiliate
Current assets:
Lease right of use assets	370.8	421.6
Current liabilities:
Current operating lease liabilities	108.9	104.5
Long-term operating lease liabilities	$ 261.9	$ 317.2

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Revenues	$ 9,148.4	$ 14,064	$ 18,433.9	$ 23,192.2
Cost and expenses:
Cost of products and other	7,988.2	11,455.8	15,867.9	19,733.3
Operating expenses (excluding depreciation and amortization expense as reflected below)	571.4	613.8	1,320.4	1,209.4
Depreciation and amortization expense	133	110.9	265.9	219.8
Cost of sales	8,692.6	12,180.5	17,454.2	21,162.5
General and administrative expenses (excluding depreciation and amortization expense as reflected below)	100.8	145.9	157.9	195.2
Depreciation and amortization expense	2.3	1.9	4.2	3.8
Change in fair value of contingent consideration, net	(16.6)	77.6	(32.9)	127.7
Loss (gain) on sale of assets	0.2	0.2	(1.4)	0.3
Total cost and expenses	8,779.3	12,406.1	17,582	21,489.5
Income from operations	369.1	1,657.9	851.9	1,702.7
Other income (expense):
Interest expense, net	(15.1)	(75.4)	(30)	(143.6)
Change in fair value of catalyst obligations	0.5	7.2	1.2	2.3
Gain on extinguishment of debt	0	3.8	0	3.8
Other non-service components of net periodic benefit cost	0.1	2.2	0.4	4.4
Income before income taxes	354.6	1,595.7	823.5	1,569.6
Income tax benefit	0	(1.2)	(0.6)	(9.3)
Net income	354.6	1,596.9	824.1	1,578.9
Less: net income (loss) attributable to noncontrolling interests	0.1	(0.6)	0.4	(1.7)
Net income attributable to PBF Holding Company LLC	$ 354.5	$ 1,597.5	$ 823.7	$ 1,580.6

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 354.6	$ 1,596.9	$ 824.1	$ 1,578.9
Other comprehensive income (loss):
Unrealized loss on available for sale securities	(0.5)	(0.6)	(0.1)	(1.7)
Net gain on pension and other post-retirement benefits	0.1	0	0.1	0.1
Total other comprehensive income (loss)	(0.4)	(0.6)	0	(1.6)
Comprehensive income	354.2	1,596.3	824.1	1,577.3
Less: comprehensive income (loss) attributable to noncontrolling interests	0.1	(0.6)	0.4	(1.7)
Comprehensive income attributable to PBF Holding Company LLC	$ 354.1	$ 1,596.9	$ 823.7	$ 1,579

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Equity Statement - USD ($) $ in Millions	Total	Member’s Equity	Accumulated Other Comprehensive Income (Loss)	Retained Earnings (Accumulated Deficit)	Noncontrolling Interest
Beginning balance at Dec. 31, 2021	$ 2,413.4	$ 2,870.2	$ 20.3	$ (489.3)	$ 12.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Member distributions	(11.5)			(11.5)
Capital contributions from PBF LLC	25	25
Stock-based compensation expense	13.2	13.2
Comprehensive income (loss)	1,577.3		(1.6)	1,580.6	(1.7)
Other	0.4				0.4
Ending balance at Jun. 30, 2022	4,017.8	2,908.4	18.7	1,079.8	10.9
Beginning balance at Mar. 31, 2022	2,413.2	2,892.8	19.3	(510)	11.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Member distributions	(7.7)			(7.7)
Capital contributions from PBF LLC	9	9
Stock-based compensation expense	6.6	6.6
Comprehensive income (loss)	1,596.3		(0.6)	1,597.5	(0.6)
Other	0.4				0.4
Ending balance at Jun. 30, 2022	4,017.8	2,908.4	18.7	1,079.8	10.9
Beginning balance at Dec. 31, 2022	5,617.1	2,959.7	(4.4)	2,649.6	12.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Member distributions	(1,099)			(1,099)
Capital contributions from PBF LLC	635	635
Distribution of assets to PBF LLC	(844.1)	(844.1)
Stock-based compensation expense	13.7	13.7
Comprehensive income (loss)	824.1			823.7	0.4
Ending balance at Jun. 30, 2023	5,146.8	2,764.3	(4.4)	2,374.3	12.6
Beginning balance at Mar. 31, 2023	5,460.3	2,991.2	(4)	2,460.6	12.5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Member distributions	(440.8)			(440.8)
Capital contributions from PBF LLC	610	610
Distribution of assets to PBF LLC	(844.1)	(844.1)
Stock-based compensation expense	7.2	7.2
Comprehensive income (loss)	354.2		(0.4)	354.5	0.1
Ending balance at Jun. 30, 2023	$ 5,146.8	$ 2,764.3	$ (4.4)	$ 2,374.3	$ 12.6

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income	$ 824.1	$ 1,578.9
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	280.7	233.5
Stock-based compensation	18.9	14.5
Change in fair value of catalyst obligations	(1.2)	(2.3)
Deferred income taxes	0.1	(9.3)
Non-cash change in inventory repurchase obligations	8.5	(3.4)
Change in fair value of contingent consideration, net	(32.9)	127.7
Gain on extinguishment of debt	0	(3.8)
Pension and other post-retirement benefit costs	23.9	23.8
(Gain) loss on sale of assets	(1.4)	0.3
Changes in operating assets and liabilities:
Accounts receivable	99.5	(690)
Due to/from affiliates	(9.5)	(14.8)
Inventories	(68.7)	(471.3)
Prepaid and other current assets	(36.4)	(140.3)
Accounts payable	(202.1)	398.5
Accrued expenses	(322.5)	1,100
Deferred revenue	37.3	42.8
Other assets and liabilities	(19.4)	(28.6)
Net cash provided by operating activities	598.9	2,156.2
Cash flows from investing activities:
Expenditures for property, plant and equipment	(442)	(223.4)
Expenditures for deferred turnaround costs	(268)	(166.8)
Expenditures for other assets	(35)	(43.6)
Proceeds from sale of assets	4.4	0
Net cash used in investing activities	(740.6)	(433.8)
Cash flows from financing activities:
Contributions from PBF LLC	635	25
Payment of contingent consideration	(80.1)	0
Repayments of revolver borrowings	0	(900)
Payments on financing leases	(5.8)	(5.7)
Proceeds from insurance premium financing	35	32.4
Deferred financing costs and other, net	(0.5)	(32.2)
Net cash used in financing activities	(515.4)	(918)
Net change in cash and cash equivalents	(657.1)	804.4
Cash and cash equivalents, beginning of period	2,153.9	1,305.7
Cash and cash equivalents, end of period	1,496.8	2,110.1
Non-cash activities:
Non-Cash Distribution of Assets	844.1	0
Accrued and unpaid capital expenditures	108.6	118.9
Assets acquired or remeasured under operating and financing leases	174.8	31.3
Cash paid during the period for:
Interest (net of capitalized interest of $28.1 million and $9.2 million in 2023 and 2022, respectively)	46	131
Income taxes	1.4	0.8
2028 Senior Notes
Cash flows from financing activities:
Repayments of Long-term Debt	0	(21.1)
2025 Senior Notes
Cash flows from financing activities:
Repayments of Long-term Debt	0	(4.8)
Members
Cash flows from financing activities:
Distributions to members	$ (1,099)	$ (11.6)

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Statement of Cash Flows [Abstract]
Capitalized interest	$ 28.1	$ 9.2

DESCRIPTION OF THE BUSINESS AND

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2023
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”), a Delaware limited liability company, and PBF Finance Corporation (“PBF Finance”), a wholly-owned subsidiary of PBF Holding, together with the Company’s 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 99.3% of the outstanding economic interest in, PBF LLC as of June 30, 2023. PBF Investments LLC, Toledo Refining Company LLC, Paulsboro Refining Company LLC (“PRC”), Delaware City Refining Company LLC (“DCR”), Chalmette Refining, L.L.C. (“Chalmette Refining”), PBF Energy Western Region LLC, Torrance Refining Company LLC, Torrance Logistics Company LLC and Martinez Refining 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 has distributed certain assets to PBF LLC, which in turn contributed those assets to PBFX (as described in “Note 6 - Related Party Transactions”). On June 27, 2023, the Company distributed to PBF LLC, which in turn contributed to St. Bernard Renewables LLC (“SBR”), approximately $739.8 million in assets related to the renewable diesel facility co-located with the Company’s Chalmette refinery in Louisiana. The Company has no interest in SBR, which is jointly owned by a subsidiary of PBF LLC and its partner, Eni Sustainable Mobility US Inc., a subsidiary of Eni SpA. Additionally, the Company distributed to PBF LLC, which in turn contributed to one of its subsidiaries, Chalmette Refining Service Company LLC (“CRSC”), approximately $103.8 million in assets. The Company has no interest in CRSC, which is owned by PBF LLC. 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 PBF Holding and PBF Finance financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2022. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the full year.

CURRENT EXPECTED CREDIT LOSSES

CURRENT EXPECTED CREDIT LOSSES	6 Months Ended
	Jun. 30, 2023
Credit Loss [Abstract]
CURRENT EXPECTED CREDIT LOSSES	CURRENT EXPECTED CREDIT LOSSES Credit Losses The Company has exposure to credit losses primarily through its sales of refined products. The Company evaluates creditworthiness on an individual customer basis. The Company utilizes a financial review model for purposes of evaluating creditworthiness which is based on information from financial statements and credit reports. The financial review model enables the Company to assess the customer’s risk profile and determine credit limits on the basis of their financial strength, including but not limited to, their liquidity, leverage, debt serviceability, longevity and how they pay their bills. The Company may require security in the form of letters of credit or cash payments in advance of product delivery for certain customers that are deemed higher risk. The Company’s payment terms on its trade receivables are relatively short, generally 30 days or less for a substantial majority of its refined products. As a result, the Company’s collection risk is mitigated to a certain extent by the fact that sales are collected in a relatively short period of time, allowing for the ability to reduce exposure on defaults if collection issues are identified. Notwithstanding, the Company reviews each customer’s credit risk profile at least annually or more frequently if warranted. The Company performs a quarterly allowance for doubtful accounts analysis to assess whether an allowance needs to be recorded for any outstanding trade receivables. In estimating credit losses, management reviews accounts that are past due, have known disputes or have experienced any negative credit events that may result in future collectability issues. There was no allowance for doubtful accounts recorded as of June 30, 2023 or December 31, 2022.

INVENTORIES

INVENTORIES	6 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES Inventories consisted of the following: June 30, 2023 (in millions) Titled Inventory Inventory Intermediation Agreement Total Crude oil and feedstocks $ 1,200.1 $ 140.2 $ 1,340.3 Refined products and blendstocks 1,254.2 93.9 1,348.1 Warehouse stock and other 143.9 — 143.9 $ 2,598.2 $ 234.1 $ 2,832.3 Lower of cost or market adjustment — — — Total inventories $ 2,598.2 $ 234.1 $ 2,832.3 December 31, 2022 (in millions) Titled Inventory Inventory Intermediation Agreement Total Crude oil and feedstocks $ 1,195.2 $ 140.9 $ 1,336.1 Refined products and blendstocks 1,244.7 40.9 1,285.6 Warehouse stock and other 141.9 — 141.9 $ 2,581.8 $ 181.8 $ 2,763.6 Lower of cost or market adjustment — — — Total inventories $ 2,581.8 $ 181.8 $ 2,763.6 PBF Holding and its subsidiaries, DCR, PRC and Chalmette Refining (collectively, the “PBF Entities”), entered into an inventory intermediation agreement (as amended and restated from time to time, the “Third Inventory Intermediation Agreement”) with J. Aron & Company, a subsidiary of The Goldman Sachs Group, Inc. (“J. Aron”). Pursuant to the Third Inventory Intermediation Agreement, J. Aron purchased and held title to certain inventory, including crude oil, intermediate and certain finished products (the “J. Aron Products”) purchased or produced by the Paulsboro and Delaware City refineries (and, at the election of the PBF Entities, the Chalmette refinery) (the “Refineries”) and delivered into storage tanks at the Refineries (the “Storage Tanks”). The J. Aron Products were sold back to the Company as the J. Aron Products were discharged out of the Storage Tanks. These purchases and sales were settled daily, and pricing was trued-up monthly at the market prices related to those J. Aron Products. These transactions were considered to be made in contemplation of each other and, accordingly, did not result in the recognition of a sale when title passed from the Refineries to J. Aron. Additionally, J. Aron had the right to store the J. Aron Products purchased in Storage Tanks under the Third Inventory Intermediation Agreement and retained these storage rights for the term of the agreement. PBF Holding continues to market and sell the J. Aron Products independently to third parties. On June 28, 2023, the PBF Entities entered into a second amendment of the Third Inventory Intermediation Agreement to amend certain provisions in order to allow for the early termination of the Third Inventory Intermediation Agreement effective as of July 31, 2023. Following the early termination, the Company owns all of the inventory previously held by J. Aron.

ACCRUED EXPENSES

ACCRUED EXPENSES	6 Months Ended
	Jun. 30, 2023
Payables and Accruals [Abstract]
ACCRUED EXPENSES	ACCRUED EXPENSES Accrued expenses consisted of the following: (in millions) June 30, 2023 December 31, 2022 Inventory-related accruals $ 1,659.5 $ 1,417.4 Renewable energy credit and emissions obligations (a) 792.3 1,361.1 Inventory intermediation agreement (b) 177.8 98.3 Accrued transportation costs 159.8 127.3 Excise and sales tax payable 137.9 123.8 Accrued salaries and benefits 114.4 172.9 Accrued refinery maintenance and support costs 65.2 48.1 Accrued utilities 51.8 105.4 Accrued capital expenditures 45.5 85.7 Contingent consideration 29.4 81.6 Accrued interest 20.2 20.1 Environmental liabilities 13.7 14.1 Current finance lease liabilities 11.7 11.7 Other 58.5 23.5 Total accrued expenses $ 3,337.7 $ 3,691.0 __________________________ (a) The Company is subject to obligations to purchase Renewable Identification Numbers (“RINs”) required to comply with the Renewable Fuel Standard. The Company’s overall RINs obligation is based on a percentage of domestic shipments of on-road fuels as established by Environmental Protection Agency. 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 (“AB 32”), 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. From time to time, the Company enters into forward purchase commitments in order to acquire its renewable energy and emissions credits at fixed prices. As of June 30, 2023, the Company had entered into approximately $501.2 million of such forward purchase commitments with respect to its total accrued renewable energy and emissions obligations. Our RIN obligations will be settled in accordance with established regulatory deadlines. The Company’s AB 32 liability is part of an ongoing triennial period program which will be settled through 2024.

CREDIT FACILITIES AND DEBT

CREDIT FACILITIES AND DEBT	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
CREDIT FACILITIES AND DEBT	CREDIT FACILITIES AND DEBT Debt outstanding consists of the following: (in millions) June 30, 2023 December 31, 2022 2028 Senior Notes $ 801.6 $ 801.6 2025 Senior Notes 664.5 664.5 Revolving Credit Facility — — Catalyst financing arrangements 2.7 4.0 1,468.8 1,470.1 Unamortized premium — — Unamortized deferred financing costs (27.3) (35.2) Long-term debt $ 1,441.5 $ 1,434.9 As of June 30, 2023, the Company is in compliance with all covenants, including financial covenants, in all its debt agreements.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS Transactions and Agreements with PBFX The Company entered into agreements with PBFX that establish fees for certain general and administrative services, and operational and maintenance services provided by the Company to PBFX. In addition, the Company executed terminal, pipeline and storage services agreements with PBFX under which PBFX provides commercial transportation, terminaling, storage and pipeline services to the Company. These agreements with PBFX include: Contribution Agreements Immediately prior to the closing of certain contribution agreements, which PBF LLC entered into with PBFX (collectively referred to as the “Contribution Agreements”), the Company 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 the Company. There were no agreements entered into during the three and six months ended June 30, 2023. Commercial Agreements The Company has entered into long-term, fee-based commercial agreements with PBFX relating to assets associated with the Contribution Agreements, the majority of which include a minimum volume commitment 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 the Company and the Company has committed to provide PBFX with minimum fees based on minimum monthly throughput volumes. The Company believes the terms and conditions under these agreements, as well as the Omnibus Agreement and the Services Agreement (each as defined below) 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. There were no agreements entered into during the three and six months ended June 30, 2023. Other Agreements In addition to the commercial agreements described above, the Company has entered into an omnibus agreement with PBFX, PBF GP and PBF LLC, which has been amended and restated in connection with certain 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, the Company and certain of its subsidiaries have entered into an operation and management services and secondment agreement with PBFX (as amended, the “Services Agreement”), pursuant to which the Company and its subsidiaries provide PBFX with the personnel necessary for PBFX to perform its obligations under its commercial agreements. PBFX reimburses the Company 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 upon 30-days’ notice. Refer to the Company’s 2022 Annual Report on Form 10-K (“Note 10 - Related Party Transactions” of the Notes to Consolidated Financial Statements) for a more complete description of the agreements with PBFX that were entered into prior to 2023. Summary of Transactions with PBFX A summary of the Company’s affiliate transactions with PBFX is as follows: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2023 2022 2023 2022 Reimbursements under affiliate agreements: Services Agreement $ 2.1 $ 2.1 $ 4.3 $ 4.3 Omnibus Agreement 2.1 2.3 3.9 4.1 Total expenses under affiliate agreements 84.8 79.6 173.8 155.6

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES In the ordinary conduct of the Company’s business, the Company is from time to time subject to lawsuits, investigations and claims, including class action proceedings, mass tort actions, tort actions, environmental claims and employee-related matters. The outcome of these matters cannot always be predicted accurately, but the Company accrues liabilities for these matters if the Company has determined that it is probable a loss has been incurred and the loss can be reasonably estimated. For such ongoing matters for which we have not recorded a liability but losses are reasonably possible, we are unable to estimate a range of possible losses at this time due to various reasons that may include but are not limited to, matters being in an early stage and not fully developed through pleadings, discovery or court proceedings, number of potential claimants being unknown or uncertainty regarding a number of different factors underlying the potential claims. However, the ultimate resolution of one or more of these contingencies could result in an adverse outcome that may have a material effect on our financial position, results of operations or cash flows. 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 (including in response to the potential impacts of climate change), 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. These laws and permits raise potential exposure to future claims and lawsuits involving environmental and safety matters which could include soil and water contamination, air pollution, personal injury and property damage allegedly caused by substances which the Company manufactured, handled, used, released or disposed of, transported, or that relate to pre-existing conditions for which the Company has assumed responsibility. The Company believes that its current operations are in compliance with existing environmental and safety requirements. However, there have been and will continue to be ongoing discussions about environmental and safety matters between the Company and federal and state authorities, including notices of violations, citations and other enforcement actions, some of which have resulted or may result in changes to operating procedures and in capital expenditures. While it is often difficult to quantify future environmental or safety related expenditures, the Company anticipates that continuing capital investments and changes in operating procedures will be required for the foreseeable future to comply with existing and new requirements, as well as evolving interpretations and more strict enforcement of existing laws and regulations. In connection with the acquisition of the Torrance refinery and related logistics assets, the Company assumed certain pre-existing environmental liabilities. The estimated costs related to these remediation obligations totaled $113.3 million as of June 30, 2023 ($117.0 million as of December 31, 2022), and related primarily to remediation obligations to address existing soil and groundwater contamination and the related monitoring and clean-up activities. Costs related to these obligations are reassessed periodically or when changes to our remediation approach are identified. The current portion of the environmental liability is recorded in Accrued expenses and the non-current portion is recorded in Other long-term liabilities. The aggregate environmental liability reflected in the Company’s Condensed Consolidated Balance Sheets was $154.6 million and $155.6 million at June 30, 2023 and December 31, 2022, respectively, of which $140.9 million and $141.5 million, respectively, were classified as Other long-term liabilities. These liabilities include remediation and monitoring costs expected to be incurred over an extended period of time. Estimated liabilities could increase in the future when the results of ongoing investigations become known, are considered probable and can be reasonably estimated. Contingent Consideration In connection with the acquisition of the Martinez refinery and related logistics assets, the sale and purchase agreement dated June 11, 2019 included an earn-out provision based on certain earnings thresholds of the Martinez refinery. Pursuant to the agreement, the Company will make payments to Equilon Enterprises LLC d/b/a Shell Oil Products US, based on future earnings at the Martinez refinery in excess of certain thresholds, as defined in the agreement, for a period of up to four years following the acquisition closing date (the “Martinez Contingent Consideration”). Upon acquisition of the refinery, the Company recorded the estimated acquisition date fair value of the earn-out provision as contingent consideration of $77.3 million within “Other long-term liabilities” within the Company’s Condensed Consolidated Balance Sheet. Subsequent changes in the fair value of the Martinez Contingent Consideration are recorded in the Condensed Consolidated Statements of Operations. The fair value of the Martinez Contingent Consideration was estimated to be $29.4 million as of June 30, 2023 and is included within Accrued expenses within the Company’s Condensed Consolidated Balance Sheet. The fair value of the Martinez Contingent Consideration was estimated to be $147.3 million as of December 31, 2022 (of which approximately $80.0 million was included within Accrued expenses and paid in April 2023).

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	6 Months Ended
	Jun. 30, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [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: (In millions) Three Months Ended June 30, Six Months Ended June 30, Pension Benefits 2023 2022 2023 2022 Components of net periodic benefit cost: Service cost $ 11.9 $ 13.9 $ 24.0 $ 27.8 Interest cost 4.6 1.9 8.9 3.9 Expected return on plan assets (4.8) (4.3) (9.6) (8.7) Net periodic benefit cost $ 11.7 $ 11.5 $ 23.3 $ 23.0 (In millions) Three Months Ended June 30, Six Months Ended June 30, Post-Retirement Medical Plan 2023 2022 2023 2022 Components of net periodic benefit cost: Service cost $ 0.1 $ 0.2 $ 0.3 $ 0.4 Interest cost 0.1 0.2 0.3 0.3 Amortization of prior service cost and actuarial loss — — — 0.1 Net periodic benefit cost $ 0.2 $ 0.4 $ 0.6 $ 0.8

REVENUES

REVENUES	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
REVENUES	REVENUES The following table provides information relating to the Company’s revenues from external customers for each product or group of similar products for the periods presented: Three Months Ended June 30, (in millions) 2023 2022 Gasoline and distillates $ 8,142.1 $ 12,520.9 Asphalt and blackoils 385.0 667.2 Feedstocks and other 349.8 451.9 Chemicals 174.2 291.2 Lubricants 97.3 132.8 Total Revenues $ 9,148.4 $ 14,064.0 Six Months Ended June 30, (in millions) 2023 2022 Gasoline and distillates $ 16,374.7 $ 20,558.6 Asphalt and blackoils 788.2 1,126.1 Feedstocks and other 767.6 786.8 Chemicals 314.4 498.2 Lubricants 189.0 222.5 Total Revenues $ 18,433.9 $ 23,192.2 The Company’s revenues are generated from the sale of refined 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 its performance obligation to its customers is fulfilled. Delivery and transfer of title are specifically agreed to between the Company and customers within the contracts. The 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 Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers. Deferred Revenue The Company records deferred revenue when cash payments are received or are due in advance of performance, including amounts which are refundable. Deferred revenue was $74.8 million and $37.5 million as of June 30, 2023 and December 31, 2022, respectively. Fluctuations in the deferred revenue balance are primarily driven by the timing and extent of cash payments received or due in advance of satisfying the Company’s performance obligations. The Company’s payment terms vary by type and location of customers and the products offered. The period between invoicing and when payment is due is not significant (i.e. generally within two months). For certain products or services and customer types, the Company requires payment before the products or services are delivered to the customer.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2023
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 the two subsidiaries acquired in connection with the acquisition of Chalmette Refining and the Company’s wholly-owned Canadian subsidiary, PBF Energy Limited, which are treated as C-Corporations for income tax purposes, with the tax provision calculated based on the effective tax rate for the periods presented. The income tax provision in the PBF Holding Condensed Consolidated Statements of Operations consists of the following: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2023 2022 2023 2022 Current income tax expense (benefit) $ 0.2 $ — $ (0.7) $ — Deferred income tax (benefit) expense (0.2) (1.2) 0.1 (9.3) Total income tax benefit $ — $ (1.2) $ (0.6) $ (9.3)

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS The tables below present information about the Company’s financial assets and liabilities measured and recorded at fair value on a recurring basis and indicate the fair value hierarchy of the inputs utilized to determine the fair values as of June 30, 2023 and December 31, 2022. The Company has 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. The Company has 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. The Company has no derivative contracts that are subject to master netting arrangements that are reflected gross on the Condensed Consolidated Balance Sheets. As of June 30, 2023 Fair Value Hierarchy Total Gross Fair Value Effect of Counter-party Netting Net Carrying Value on Balance Sheet (in millions) Level 1 Level 2 Level 3 Assets: Money market funds $ 125.4 $ — $ — $ 125.4 N/A $ 125.4 Commodity contracts 20.3 33.8 11.9 66.0 (49.4) 16.6 Derivatives included within inventory intermediation agreement obligations — 16.6 — 16.6 — 16.6 Liabilities: Commodity contracts 13.4 36.0 — 49.4 (49.4) — Catalyst obligations — 2.7 — 2.7 — 2.7 Renewable energy credit and emissions obligations — 792.3 — 792.3 — 792.3 Contingent consideration obligation — — 29.4 29.4 — 29.4 As of December 31, 2022 Fair Value Hierarchy Total Gross Fair Value Effect of Counter-party Netting Net Carrying Value on Balance Sheet (in millions) Level 1 Level 2 Level 3 Assets: Money market funds $ 106.5 $ — $ — $ 106.5 N/A $ 106.5 Commodity contracts 33.8 15.7 — 49.5 (35.6) 13.9 Derivatives included within inventory intermediation agreement obligations — 25.1 — 25.1 — 25.1 Liabilities: Commodity contracts 20.6 11.8 3.2 35.6 (35.6) — Catalyst obligations — 4.0 — 4.0 — 4.0 Renewable energy credit and emissions obligations — 1,361.1 — 1,361.1 — 1,361.1 Contingent consideration obligation — — 147.3 147.3 — 147.3 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 derivatives included with inventory intermediation agreement obligations and the catalyst 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. • Renewable energy credit and emissions obligations primarily represent the Company’s liability for the purchase of (i) biofuel credits (primarily RINs in the U.S.) needed to satisfy its obligation to blend biofuels into the products the Company produces and (ii) emission credits under the AB 32 and similar programs (collectively, the cap-and-trade systems). To the degree the Company is unable to blend biofuels (such as ethanol and biodiesel) at percentages required under the biofuel programs, it must purchase biofuel credits to comply with these programs. Under the cap-and-trade systems, it must purchase emission credits to comply with these systems. The liability for environmental credits is in part based on the Company’s deficit for such credits as of the balance sheet date, if any, after considering any credits acquired, and is equal to the product of the credits deficit and the market price of these credits as of the balance sheet date. To the extent that the Company has a better estimate of the cost at which it settle its obligation, such as agreements to purchase RINs at prices other than the current spot price, the Company considers those costs in valuing the remaining obligation. The environmental credit obligations are categorized in Level 2 of the fair value hierarchy and the Company measured at fair value using a market approach based on quoted prices from an independent pricing service. • When applicable, 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 are derived using broker quotes, prices from other third-party sources and other available market based data. • The contingent consideration obligation at June 30, 2023 and December 31, 2022 is categorized in Level 3 of the fair value hierarchy and is estimated using discounted cash flow models based on management’s estimate of the future cash flows related to the earn-out periods. 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 June 30, 2023 and December 31, 2022, $18.8 million and $18.6 million, 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 categorized in Level 3 of the fair value hierarchy, which primarily includes the change in estimated future earnings related to the Martinez Contingent Consideration: Three Months Ended June 30, Six Months Ended June 30, (In millions) 2023 2022 2023 2022 Balance at beginning of period $ 123.4 $ 79.5 $ 150.5 $ 29.4 Additions — — — — Settlements (78.2) — (83.6) — Unrealized (gain) loss included in earnings (27.7) 77.6 (49.4) 127.7 Balance at end of period $ 17.5 $ 157.1 $ 17.5 $ 157.1 There were no transfers between levels during the three and six months ended June 30, 2023 or the three and six months ended June 30, 2022. Fair value of debt The table below summarizes the carrying value and fair value of debt as of June 30, 2023 and December 31, 2022. June 30, 2023 December 31, 2022 (In millions) Carrying Fair Carrying Fair 2028 Senior Notes (a) $ 801.6 $ 747.9 $ 801.6 $ 703.7 2025 Senior Notes (a) 664.5 664.6 664.5 656.0 Catalyst financing arrangements (b) 2.7 2.7 4.0 4.0 1,468.8 1,415.2 1,470.1 1,363.7 Unamortized premium — n/a — n/a Less - Unamortized deferred financing costs (27.3) n/a (35.2) n/a Long-term debt $ 1,441.5 $ 1,415.2 $ 1,434.9 $ 1,363.7 (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 outstanding senior notes.

DERIVATIVES

DERIVATIVES	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES	DERIVATIVES The Company uses derivative instruments to mitigate certain exposures to commodity price risk. The Company entered into the Third Inventory Intermediation Agreement that contain purchase obligations for certain volumes of crude oil, intermediates and refined products. The purchase obligations related to crude oil, intermediates and refined products under these agreements are derivative instruments that have been designated as fair value hedges in order to hedge the commodity price volatility of certain refinery inventory. The fair value of these purchase obligation derivatives is based on market prices of the underlying crude oil, intermediates and refined products. The level of activity for these derivatives is based on the level of operating inventories. As of June 30, 2023 and December 31, 2022, there were 1,896,752 and 1,945,994 barrels of crude oil and feedstocks outstanding under these derivative instruments designated as fair value hedges, respectively. As of June 30, 2023, there were 1,360,170 barrels of intermediates and refined products (780,734 barrels at December 31, 2022) 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 June 30, 2023, there were 17,689,000 barrels of crude oil and 11,686,400 barrels of refined products (17,890,000 and 12,175,200, respectively, as of December 31, 2022), outstanding under short and long term commodity derivative contracts not designated as hedges representing the notional value of the contracts. The Company also uses derivative instruments to mitigate the risk associated with the price of credits needed to comply with various governmental and regulatory environmental compliance programs. For such contracts that represent derivatives, the Company elects the normal purchase normal sale exception under ASC 815, Derivatives and Hedging , and therefore does not record them at fair value. The following tables provide information regarding the fair values of derivative instruments as of June 30, 2023 and December 31, 2022, and the line items in the Condensed Consolidated Balance Sheets in which fair values are reflected. Description Balance Sheet Location Fair Value (in millions) Derivatives designated as hedging instruments: June 30, 2023: Derivatives included within the inventory intermediation agreement obligations Accrued expenses $ 16.6 December 31, 2022: Derivatives included within the inventory intermediation agreement obligations Accrued expenses $ 25.1 Derivatives not designated as hedging instruments: June 30, 2023: Commodity contracts Accounts receivable $ 16.6 December 31, 2022: Commodity contracts Accounts receivable $ 13.9 The following table provides information regarding gains or losses recognized in income on 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) (in millions) Derivatives designated as hedging instruments: For the three months ended June 30, 2023: Derivatives included within the inventory intermediation agreement obligations Cost of products and other $ (12.7) For the three months ended June 30, 2022: Derivatives included within the inventory intermediation agreement obligations Cost of products and other $ (37.3) For the six months ended June 30, 2023: Derivatives included within the inventory intermediation agreement obligations Cost of products and other $ (8.5) For the six months ended June 30, 2022: Derivatives included within the inventory intermediation agreement obligations Cost of products and other $ 3.4 Derivatives not designated as hedging instruments: For the three months ended June 30, 2023: Commodity contracts Cost of products and other $ 23.3 For the three months ended June 30, 2022: Commodity contracts Cost of products and other $ (25.2) For the six months ended June 30, 2023: Commodity contracts Cost of products and other $ 38.1 For the six months ended June 30, 2022: Commodity contracts Cost of products and other $ (52.1) Hedged items designated in fair value hedges: For the three months ended June 30, 2023: Crude oil, intermediate and refined product inventory Cost of products and other $ 12.7 For the three months ended June 30, 2022: Crude oil, intermediate and refined product inventory Cost of products and other $ 37.3 For the six months ended June 30, 2023: Crude oil, intermediate and refined product inventory Cost of products and other $ 8.5 For the six months ended June 30, 2022: Crude oil, intermediate and refined product inventory Cost of products and other $ (3.4)

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Dividend Declared On August 3, 2023, PBF Energy, PBF Holding’s indirect parent, announced a dividend of $0.20 per share on its outstanding Class A common stock. The dividend is payable on August 31, 2023 to PBF Energy Class A common stockholders of record at the close of business on August 17, 2023. Early Termination of the Inventory Intermediation Agreement On July 31, 2023, in conjunction with the early termination of the Third Inventory Intermediation Agreement, the Company made a provisional payment of $268.0 million for the inventory previously held by J. Aron and the related costs associated with exiting the agreement.

DESCRIPTION OF THE BUSINESS A_2

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Policies)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	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 PBF Holding and PBF Finance financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2022. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the full year.

INVENTORIES (Tables)

INVENTORIES (Tables)	6 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventories consisted of the following: June 30, 2023 (in millions) Titled Inventory Inventory Intermediation Agreement Total Crude oil and feedstocks $ 1,200.1 $ 140.2 $ 1,340.3 Refined products and blendstocks 1,254.2 93.9 1,348.1 Warehouse stock and other 143.9 — 143.9 $ 2,598.2 $ 234.1 $ 2,832.3 Lower of cost or market adjustment — — — Total inventories $ 2,598.2 $ 234.1 $ 2,832.3 December 31, 2022 (in millions) Titled Inventory Inventory Intermediation Agreement Total Crude oil and feedstocks $ 1,195.2 $ 140.9 $ 1,336.1 Refined products and blendstocks 1,244.7 40.9 1,285.6 Warehouse stock and other 141.9 — 141.9 $ 2,581.8 $ 181.8 $ 2,763.6 Lower of cost or market adjustment — — — Total inventories $ 2,581.8 $ 181.8 $ 2,763.6

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	6 Months Ended
	Jun. 30, 2023
Payables and Accruals [Abstract]
Schedule of accrued expenses	Accrued expenses consisted of the following: (in millions) June 30, 2023 December 31, 2022 Inventory-related accruals $ 1,659.5 $ 1,417.4 Renewable energy credit and emissions obligations (a) 792.3 1,361.1 Inventory intermediation agreement (b) 177.8 98.3 Accrued transportation costs 159.8 127.3 Excise and sales tax payable 137.9 123.8 Accrued salaries and benefits 114.4 172.9 Accrued refinery maintenance and support costs 65.2 48.1 Accrued utilities 51.8 105.4 Accrued capital expenditures 45.5 85.7 Contingent consideration 29.4 81.6 Accrued interest 20.2 20.1 Environmental liabilities 13.7 14.1 Current finance lease liabilities 11.7 11.7 Other 58.5 23.5 Total accrued expenses $ 3,337.7 $ 3,691.0 __________________________ (a) The Company is subject to obligations to purchase Renewable Identification Numbers (“RINs”) required to comply with the Renewable Fuel Standard. The Company’s overall RINs obligation is based on a percentage of domestic shipments of on-road fuels as established by Environmental Protection Agency. 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 (“AB 32”), 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. From time to time, the Company enters into forward purchase commitments in order to acquire its renewable energy and emissions credits at fixed prices. As of June 30, 2023, the Company had entered into approximately $501.2 million of such forward purchase commitments with respect to its total accrued renewable energy and emissions obligations. Our RIN obligations will be settled in accordance with established regulatory deadlines. The Company’s AB 32 liability is part of an ongoing triennial period program which will be settled through 2024.

CREDIT FACILITIES AND DEBT (Tab

CREDIT FACILITIES AND DEBT (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Debt outstanding consists of the following: (in millions) June 30, 2023 December 31, 2022 2028 Senior Notes $ 801.6 $ 801.6 2025 Senior Notes 664.5 664.5 Revolving Credit Facility — — Catalyst financing arrangements 2.7 4.0 1,468.8 1,470.1 Unamortized premium — — Unamortized deferred financing costs (27.3) (35.2) Long-term debt $ 1,441.5 $ 1,434.9

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Schedule of related party transactions	A summary of the Company’s affiliate transactions with PBFX is as follows: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2023 2022 2023 2022 Reimbursements under affiliate agreements: Services Agreement $ 2.1 $ 2.1 $ 4.3 $ 4.3 Omnibus Agreement 2.1 2.3 3.9 4.1 Total expenses under affiliate agreements 84.8 79.6 173.8 155.6

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	6 Months Ended
	Jun. 30, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [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: (In millions) Three Months Ended June 30, Six Months Ended June 30, Pension Benefits 2023 2022 2023 2022 Components of net periodic benefit cost: Service cost $ 11.9 $ 13.9 $ 24.0 $ 27.8 Interest cost 4.6 1.9 8.9 3.9 Expected return on plan assets (4.8) (4.3) (9.6) (8.7) Net periodic benefit cost $ 11.7 $ 11.5 $ 23.3 $ 23.0 (In millions) Three Months Ended June 30, Six Months Ended June 30, Post-Retirement Medical Plan 2023 2022 2023 2022 Components of net periodic benefit cost: Service cost $ 0.1 $ 0.2 $ 0.3 $ 0.4 Interest cost 0.1 0.2 0.3 0.3 Amortization of prior service cost and actuarial loss — — — 0.1 Net periodic benefit cost $ 0.2 $ 0.4 $ 0.6 $ 0.8

REVENUES (Tables)

REVENUES (Tables)	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of revenues from external customers	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 June 30, (in millions) 2023 2022 Gasoline and distillates $ 8,142.1 $ 12,520.9 Asphalt and blackoils 385.0 667.2 Feedstocks and other 349.8 451.9 Chemicals 174.2 291.2 Lubricants 97.3 132.8 Total Revenues $ 9,148.4 $ 14,064.0 Six Months Ended June 30, (in millions) 2023 2022 Gasoline and distillates $ 16,374.7 $ 20,558.6 Asphalt and blackoils 788.2 1,126.1 Feedstocks and other 767.6 786.8 Chemicals 314.4 498.2 Lubricants 189.0 222.5 Total Revenues $ 18,433.9 $ 23,192.2

INCOME TAXES (Tables)

INCOME TAXES (Tables)	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Schedule of components of income tax provision (benefit)	The income tax provision in the PBF Holding Condensed Consolidated Statements of Operations consists of the following: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2023 2022 2023 2022 Current income tax expense (benefit) $ 0.2 $ — $ (0.7) $ — Deferred income tax (benefit) expense (0.2) (1.2) 0.1 (9.3) Total income tax benefit $ — $ (1.2) $ (0.6) $ (9.3)

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The tables below present information about the Company’s financial assets and liabilities measured and recorded at fair value on a recurring basis and indicate the fair value hierarchy of the inputs utilized to determine the fair values as of June 30, 2023 and December 31, 2022. The Company has 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. The Company has 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. The Company has no derivative contracts that are subject to master netting arrangements that are reflected gross on the Condensed Consolidated Balance Sheets. As of June 30, 2023 Fair Value Hierarchy Total Gross Fair Value Effect of Counter-party Netting Net Carrying Value on Balance Sheet (in millions) Level 1 Level 2 Level 3 Assets: Money market funds $ 125.4 $ — $ — $ 125.4 N/A $ 125.4 Commodity contracts 20.3 33.8 11.9 66.0 (49.4) 16.6 Derivatives included within inventory intermediation agreement obligations — 16.6 — 16.6 — 16.6 Liabilities: Commodity contracts 13.4 36.0 — 49.4 (49.4) — Catalyst obligations — 2.7 — 2.7 — 2.7 Renewable energy credit and emissions obligations — 792.3 — 792.3 — 792.3 Contingent consideration obligation — — 29.4 29.4 — 29.4 As of December 31, 2022 Fair Value Hierarchy Total Gross Fair Value Effect of Counter-party Netting Net Carrying Value on Balance Sheet (in millions) Level 1 Level 2 Level 3 Assets: Money market funds $ 106.5 $ — $ — $ 106.5 N/A $ 106.5 Commodity contracts 33.8 15.7 — 49.5 (35.6) 13.9 Derivatives included within inventory intermediation agreement obligations — 25.1 — 25.1 — 25.1 Liabilities: Commodity contracts 20.6 11.8 3.2 35.6 (35.6) — Catalyst obligations — 4.0 — 4.0 — 4.0 Renewable energy credit and emissions obligations — 1,361.1 — 1,361.1 — 1,361.1 Contingent consideration obligation — — 147.3 147.3 — 147.3
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The table below summarizes the changes in fair value measurements categorized in Level 3 of the fair value hierarchy, which primarily includes the change in estimated future earnings related to the Martinez Contingent Consideration: Three Months Ended June 30, Six Months Ended June 30, (In millions) 2023 2022 2023 2022 Balance at beginning of period $ 123.4 $ 79.5 $ 150.5 $ 29.4 Additions — — — — Settlements (78.2) — (83.6) — Unrealized (gain) loss included in earnings (27.7) 77.6 (49.4) 127.7 Balance at end of period $ 17.5 $ 157.1 $ 17.5 $ 157.1
Schedule of Fair value of Debt	The table below summarizes the carrying value and fair value of debt as of June 30, 2023 and December 31, 2022. June 30, 2023 December 31, 2022 (In millions) Carrying Fair Carrying Fair 2028 Senior Notes (a) $ 801.6 $ 747.9 $ 801.6 $ 703.7 2025 Senior Notes (a) 664.5 664.6 664.5 656.0 Catalyst financing arrangements (b) 2.7 2.7 4.0 4.0 1,468.8 1,415.2 1,470.1 1,363.7 Unamortized premium — n/a — n/a Less - Unamortized deferred financing costs (27.3) n/a (35.2) n/a Long-term debt $ 1,441.5 $ 1,415.2 $ 1,434.9 $ 1,363.7 (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 outstanding senior notes.

DERIVATIVES (Tables)

DERIVATIVES (Tables)	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Fair Value of Derivative Instruments	The following tables provide information regarding the fair values of derivative instruments as of June 30, 2023 and December 31, 2022, and the line items in the Condensed Consolidated Balance Sheets in which fair values are reflected. Description Balance Sheet Location Fair Value (in millions) Derivatives designated as hedging instruments: June 30, 2023: Derivatives included within the inventory intermediation agreement obligations Accrued expenses $ 16.6 December 31, 2022: Derivatives included within the inventory intermediation agreement obligations Accrued expenses $ 25.1 Derivatives not designated as hedging instruments: June 30, 2023: Commodity contracts Accounts receivable $ 16.6 December 31, 2022: Commodity contracts Accounts receivable $ 13.9
Schedule of Derivative Instruments, Gain (Loss) Recognized in Income	The following table provides information regarding gains or losses recognized in income on 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) (in millions) Derivatives designated as hedging instruments: For the three months ended June 30, 2023: Derivatives included within the inventory intermediation agreement obligations Cost of products and other $ (12.7) For the three months ended June 30, 2022: Derivatives included within the inventory intermediation agreement obligations Cost of products and other $ (37.3) For the six months ended June 30, 2023: Derivatives included within the inventory intermediation agreement obligations Cost of products and other $ (8.5) For the six months ended June 30, 2022: Derivatives included within the inventory intermediation agreement obligations Cost of products and other $ 3.4 Derivatives not designated as hedging instruments: For the three months ended June 30, 2023: Commodity contracts Cost of products and other $ 23.3 For the three months ended June 30, 2022: Commodity contracts Cost of products and other $ (25.2) For the six months ended June 30, 2023: Commodity contracts Cost of products and other $ 38.1 For the six months ended June 30, 2022: Commodity contracts Cost of products and other $ (52.1) Hedged items designated in fair value hedges: For the three months ended June 30, 2023: Crude oil, intermediate and refined product inventory Cost of products and other $ 12.7 For the three months ended June 30, 2022: Crude oil, intermediate and refined product inventory Cost of products and other $ 37.3 For the six months ended June 30, 2023: Crude oil, intermediate and refined product inventory Cost of products and other $ 8.5 For the six months ended June 30, 2022: Crude oil, intermediate and refined product inventory Cost of products and other $ (3.4)

DESCRIPTION OF THE BUSINESS A_3

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Details) - USD ($) $ in Millions		3 Months Ended	6 Months Ended
	Jun. 27, 2023	Jun. 30, 2023	Jun. 30, 2023
Description of Business [Line Items]
Distribution of assets to PBF LLC		$ 844.1	$ 844.1
St. Bernard Renewables LLC
Description of Business [Line Items]
Distribution of assets to PBF LLC	$ 739.8
Chalmette Refining Service Company
Description of Business [Line Items]
Distribution of assets to PBF LLC	$ 103.8
PBF Energy | Class A Common Stock
Description of Business [Line Items]
Percentage of ownership in PBF LLC		99.30%	99.30%

CURRENT EXPECTED CREDIT LOSSES

CURRENT EXPECTED CREDIT LOSSES (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Credit Loss [Abstract]
Allowance for doubtful accounts	$ 0	$ 0

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Inventory [Line Items]
Crude oil and feedstocks	$ 1,340.3	$ 1,336.1
Refined products and blendstocks	1,348.1	1,285.6
Warehouse stock and other	143.9	141.9
Inventory, Gross	2,832.3	2,763.6
Lower of cost or market adjustment	0	0
Total inventories	2,832.3	2,763.6
Scenario, Adjustment
Inventory [Line Items]
Lower of cost or market adjustment	0	0
Titled Inventory
Inventory [Line Items]
Crude oil and feedstocks	1,200.1	1,195.2
Refined products and blendstocks	1,254.2	1,244.7
Warehouse stock and other	143.9	141.9
Inventory, Gross	2,598.2	2,581.8
Lower of cost or market adjustment	0	0
Total inventories	2,598.2	2,581.8
Inventory Intermediation Agreement
Inventory [Line Items]
Crude oil and feedstocks	140.2	140.9
Refined products and blendstocks	93.9	40.9
Warehouse stock and other	0	0
Inventory, Gross	234.1	181.8
Lower of cost or market adjustment	0	0
Total inventories	$ 234.1	$ 181.8

ACCRUED EXPENSES (Details)

ACCRUED EXPENSES (Details) - USD ($) $ in Millions		Jun. 30, 2023	Dec. 31, 2022
Accrued Expenses:
Inventory-related accruals		$ 1,659.5	$ 1,417.4
Renewable energy credit and emissions obligations	[1]	792.3	1,361.1
Inventory intermediation agreement	[2]	177.8	98.3
Accrued transportation costs		159.8	127.3
Excise and sales tax payable		137.9	123.8
Accrued salaries and benefits		114.4	172.9
Accrued refinery maintenance and support costs		65.2	48.1
Accrued utilities		51.8	105.4
Accrued capital expenditures		45.5	85.7
Contingent consideration		29.4	81.6
Accrued interest		20.2	20.1
Environmental liabilities		13.7	14.1
Current finance lease liabilities		11.7	11.7
Other		58.5	23.5
Total accrued expenses		$ 3,337.7	$ 3,691
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]		Total accrued expenses	Total accrued expenses
Forward Purchase Commitments for Renewable Energy Credit Obligations		$ 501.2
[1]The Company is subject to obligations to purchase Renewable Identification Numbers (“RINs”) required to comply with the Renewable Fuel Standard. The Company’s overall RINs obligation is based on a percentage of domestic shipments of on-road fuels as established by Environmental Protection Agency. 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 (“AB 32”), 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. From time to time, the Company enters into forward purchase commitments in order to acquire its renewable energy and emissions credits at fixed prices. As of June 30, 2023, the Company had entered into approximately $501.2 million of such forward purchase commitments with respect to its total accrued renewable energy and emissions obligations. Our RIN obligations will be settled in accordance with established regulatory deadlines. The Company’s AB 32 liability is part of an ongoing triennial period program which will be settled through 2024.[2]The Company had the obligation to repurchase the J. Aron Products that were held in its Storage Tanks in accordance with the Third Inventory Intermediation Agreement. As of June 30, 2023 and December 31, 2022, a liability was recognized based on the repurchase obligation under the Third Inventory Intermediation Agreement for the J. Aron owned inventory held in the Company’s Storage Tanks, with any change in the market price being recorded in Cost of products and other. As described in “Note 3 - Inventories”,

CREDIT FACILITIES AND DEBT (Sum

CREDIT FACILITIES AND DEBT (Summary of Long-Term Debt) (Details) - USD ($) $ in Millions		Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 1,468.8	$ 1,470.1
Unamortized premium		0	0
Unamortized deferred financing costs		(27.3)	(35.2)
Long-term debt		1,441.5	1,434.9
Revolving Credit Facility
Debt Instrument [Line Items]
Long-term Line of Credit		0	0
2028 Senior Notes
Debt Instrument [Line Items]
Long-term Debt	[1]	801.6	801.6
2025 Senior Notes
Debt Instrument [Line Items]
Long-term Debt	[1]	664.5	664.5
Catalyst financing arrangements
Debt Instrument [Line Items]
Long-term Debt	[2]	$ 2.7	$ 4
[1]The estimated fair value, categorized as a Level 2 measurement, was calculated based on the present value of future expected payments utilizing implied current market interest rates based on quoted prices of the outstanding senior notes.[2]Catalyst financing arrangements 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 repurchase obligations as the Company’s liability is directly impacted by the change in fair value of the underlying catalyst.

RELATED PARTY TRANSACTIONS (Sum

RELATED PARTY TRANSACTIONS (Summary of Transactions with PBFX) (Details) - PBF Logistics LP - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Cost of products and other
Related Party Transaction [Line Items]
Total expenses under affiliate agreements	$ 84.8	$ 79.6	$ 173.8	$ 155.6
Services Agreement | General and Administrative Expense
Related Party Transaction [Line Items]
Total expenses under affiliate agreements	2.1	2.1	4.3	4.3
Omnibus Agreement | General and Administrative Expense
Related Party Transaction [Line Items]
Total expenses under affiliate agreements	$ 2.1	$ 2.3	$ 3.9	$ 4.1

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	Feb. 01, 2020	Jun. 30, 2023	Dec. 31, 2022
Loss Contingencies [Line Items]
Environmental liability		$ 154.6	$ 155.6
Environmental liability, noncurrent		140.9	141.5
Martinez Acquistion
Loss Contingencies [Line Items]
Term of agreement	4 years
Contingent consideration	$ 77.3
Contingent consideration			147.3
Accrued expenses | Martinez Acquistion
Loss Contingencies [Line Items]
Contingent consideration		29.4	80
Environmental Issue | Torrance Refinery
Loss Contingencies [Line Items]
Environmental liability		$ 113.3	$ 117

EMPLOYEE BENEFIT PLANS (Details

EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 11.9	$ 13.9	$ 24	$ 27.8
Interest cost	4.6	1.9	8.9	3.9
Expected return on plan assets	(4.8)	(4.3)	(9.6)	(8.7)
Net periodic benefit cost	11.7	11.5	23.3	23
Post-Retirement Medical Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	0.1	0.2	0.3	0.4
Interest cost	0.1	0.2	0.3	0.3
Amortization of prior service cost and actuarial loss	0	0	0	0.1
Net periodic benefit cost	$ 0.2	$ 0.4	$ 0.6	$ 0.8

REVENUES (Details)

REVENUES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Total Revenues	$ 9,148.4	$ 14,064	$ 18,433.9	$ 23,192.2
Deferred revenue	74.8		74.8		$ 37.5
Gasoline and distillates
Total Revenues	8,142.1	12,520.9	16,374.7	20,558.6
Asphalt and blackoils
Total Revenues	385	667.2	788.2	1,126.1
Feedstocks and other
Total Revenues	349.8	451.9	767.6	786.8
Chemicals
Total Revenues	174.2	291.2	314.4	498.2
Lubricants
Total Revenues	$ 97.3	$ 132.8	$ 189	$ 222.5

INCOME TAXES (Details)

INCOME TAXES (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) subsidiary	Jun. 30, 2022 USD ($)
Income Tax Disclosure [Abstract]
Number of subsidiaries acquired | subsidiary			2
Current income tax expense (benefit)	$ 0.2	$ 0	$ (0.7)	$ 0
Deferred income tax (benefit) expense	(0.2)	(1.2)	0.1	(9.3)
Total income tax benefit	$ 0	$ (1.2)	$ (0.6)	$ (9.3)

FAIR VALUE MEASUREMENTS (Measur

FAIR VALUE MEASUREMENTS (Measured on Recurring Basis) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Other Assets | Pension Benefits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	$ 18.8	$ 18.6
Fair Value, Measurements, Recurring | Commodity contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability, Fair Value, Amount Not Offset Against Collateral	49.4	35.6
Derivative, Collateral, Right to Reclaim Cash	(49.4)	(35.6)
Derivative Liability	0	0
Fair Value, Measurements, Recurring | Commodity contracts | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability, Fair Value, Amount Not Offset Against Collateral	13.4	20.6
Fair Value, Measurements, Recurring | Commodity contracts | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability, Fair Value, Amount Not Offset Against Collateral	36	11.8
Fair Value, Measurements, Recurring | Commodity contracts | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability, Fair Value, Amount Not Offset Against Collateral	0	3.2
Fair Value, Measurements, Recurring | Catalyst financing arrangements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, Collateral, Right to Reclaim Cash	0	0
Obligations, Fair Value Disclosure	2.7	4
Fair Value, Measurements, Recurring | Catalyst financing arrangements | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Obligations, Fair Value Disclosure	0	0
Fair Value, Measurements, Recurring | Catalyst financing arrangements | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Obligations, Fair Value Disclosure	2.7	4
Fair Value, Measurements, Recurring | Catalyst financing arrangements | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Obligations, Fair Value Disclosure	0	0
Fair Value, Measurements, Recurring | Renewable energy credit and emissions obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, Collateral, Right to Reclaim Cash	0	0
Obligations, Fair Value Disclosure	792.3	1,361.1
Fair Value, Measurements, Recurring | Renewable energy credit and emissions obligations | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Obligations, Fair Value Disclosure	0	0
Fair Value, Measurements, Recurring | Renewable energy credit and emissions obligations | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Obligations, Fair Value Disclosure	792.3	1,361.1
Fair Value, Measurements, Recurring | Renewable energy credit and emissions obligations | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Obligations, Fair Value Disclosure	0	0
Fair Value, Measurements, Recurring | Contingent consideration obligation
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, Collateral, Right to Reclaim Cash	0	0
Obligations, Fair Value Disclosure	29.4	147.3
Fair Value, Measurements, Recurring | Contingent consideration obligation | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Obligations, Fair Value Disclosure	0	0
Fair Value, Measurements, Recurring | Contingent consideration obligation | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Obligations, Fair Value Disclosure	0	0
Fair Value, Measurements, Recurring | Contingent consideration obligation | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Obligations, Fair Value Disclosure	29.4	147.3
Fair Value, Measurements, Recurring | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	125.4	106.5
Fair Value, Measurements, Recurring | Money market funds | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	125.4	106.5
Fair Value, Measurements, Recurring | Money market funds | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Fair Value, Measurements, Recurring | Money market funds | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Fair Value, Measurements, Recurring | Commodity contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Amount Not Offset Against Collateral	66	49.5
Derivative assets, Effect of Counter-party Netting	(49.4)	(35.6)
Derivative assets, Net Carrying Value on Balance Sheet	16.6	13.9
Fair Value, Measurements, Recurring | Commodity contracts | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Amount Not Offset Against Collateral	20.3	33.8
Fair Value, Measurements, Recurring | Commodity contracts | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Amount Not Offset Against Collateral	33.8	15.7
Fair Value, Measurements, Recurring | Commodity contracts | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Amount Not Offset Against Collateral	11.9	0
Fair Value, Measurements, Recurring | Derivatives included within inventory intermediation agreement obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Amount Not Offset Against Collateral	16.6	25.1
Derivative assets, Effect of Counter-party Netting	0	0
Derivative assets, Net Carrying Value on Balance Sheet	16.6	25.1
Fair Value, Measurements, Recurring | Derivatives included within inventory intermediation agreement obligations | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Amount Not Offset Against Collateral	0	0
Fair Value, Measurements, Recurring | Derivatives included within inventory intermediation agreement obligations | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Amount Not Offset Against Collateral	16.6	25.1
Fair Value, Measurements, Recurring | Derivatives included within inventory intermediation agreement obligations | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Amount Not Offset Against Collateral	$ 0	$ 0

FAIR VALUE MEASUREMENTS (Change

FAIR VALUE MEASUREMENTS (Change in Fair Value at Level 3) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Change in Fair Value Measurement Categorized in Level 3 [Roll Forward]
Transfers into Level 3	$ 0	$ 0	$ 0	$ 0
Transfers out of Level 3	0	0	0	0
Contingent consideration obligation
Change in Fair Value Measurement Categorized in Level 3 [Roll Forward]
Balance at beginning of period	123,400,000	79,500,000	150,500,000	29,400,000
Additions	0	0	0	0
Settlements	(78,200,000)	0	(83,600,000)	0
Unrealized (gain) loss included in earnings	(27,700,000)	77,600,000	(49,400,000)	127,700,000
Balance at end of period	$ 17,500,000	$ 157,100,000	$ 17,500,000	$ 157,100,000

FAIR VALUE MEASUREMENTS (Fair V

FAIR VALUE MEASUREMENTS (Fair Value and Carrying Value of Debt) (Details) - USD ($) $ in Millions		Jun. 30, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Gross		$ 1,468.8	$ 1,470.1
Unamortized premium		0	0
Less - Unamortized deferred financing costs		(27.3)	(35.2)
Long-term debt, Carrying value		1,441.5	1,434.9
Long-term debt, Fair value		1,415.2	1,363.7
Long-term debt, excluding current maturities, Fair value		1,415.2	1,363.7
2028 Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt	[1]	801.6	801.6
Long-term debt, Fair value	[1]	747.9	703.7
2025 Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt	[1]	664.5	664.5
Long-term debt, Fair value	[1]	664.6	656
Catalyst financing arrangements
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt	[2]	2.7	4
Long-term debt, Fair value	[2]	$ 2.7	$ 4
[1]The estimated fair value, categorized as a Level 2 measurement, was calculated based on the present value of future expected payments utilizing implied current market interest rates based on quoted prices of the outstanding senior notes.[2]Catalyst financing arrangements 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 repurchase obligations as the Company’s liability is directly impacted by the change in fair value of the underlying catalyst.

DERIVATIVES (Narrative) (Detail

DERIVATIVES (Narrative) (Details) - bbl	Jun. 30, 2023	Dec. 31, 2022
Crude Oil and Feedstock Inventory | Fair Value Hedging
Derivative [Line Items]
Derivative, notional amount, volume	1,896,752	1,945,994
Intermediates and Refined Products Inventory | Fair Value Hedging
Derivative [Line Items]
Derivative, notional amount, volume	1,360,170	780,734
Crude Oil Commodity Contract | Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative, notional amount, volume	17,689,000	17,890,000
Refined Product Commodity Contract | Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative, notional amount, volume	11,686,400	12,175,200

DERIVATIVES (Fair Value of Deri

DERIVATIVES (Fair Value of Derivative Instruments) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Designated as Hedging Instrument | Derivatives included within inventory intermediation agreement obligations | Accrued expenses
Derivatives, Fair Value [Line Items]
Fair Value Asset/(Liability)	$ 16.6	$ 25.1
Not Designated as Hedging Instrument | Commodity contracts | Accounts receivable
Derivatives, Fair Value [Line Items]
Fair Value Asset/(Liability)	$ 16.6	$ 13.9

DERIVATIVES (Gain (Loss) Recogn

DERIVATIVES (Gain (Loss) Recognized in Income) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net	$ 0	$ 0	$ 0	$ 0
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Cost of Revenue	Cost of Revenue	Cost of Revenue	Cost of Revenue
Derivatives included within inventory intermediation agreement obligations | Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Gain or (Loss) Recognized in Income on Derivatives	$ (12,700,000)	$ (37,300,000)	$ (8,500,000)	$ 3,400,000
Commodity contracts | Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Gain or (Loss) Recognized in Income on Derivatives	23,300,000	(25,200,000)	38,100,000	(52,100,000)
Intermediates and Refined Products Inventory | Designated as Hedging Instrument | Fair Value Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Gain or (Loss) Recognized in Income on Derivatives	$ 12,700,000	$ 37,300,000	$ 8,500,000	$ (3,400,000)

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent Event - USD ($) $ / shares in Units, $ in Millions	Aug. 03, 2023	Jul. 31, 2023
Subsequent Event [Line Items]
Provisional Payments for Inventory Supply and Offtake Arrangements		$ 268
Class A Common Stock
Subsequent Event [Line Items]
Dividends declared per share (in dollars per share)	$ 0.20