Document_and_Entity_Informatio
Document and Entity Information Document | 3 Months Ended | |
Mar. 31, 2015 | 13-May-15 | |
Entity Information [Line Items] | ||
Entity Registrant Name | PBF HOLDING CO LLC | |
Entity Central Index Key | 1566011 | |
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2015 | |
Current Fiscal Year End Date | -19 | |
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 | 1566097 | |
Entity Common Stock, Shares Outstanding | 100 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Current assets: | ||||
Cash and cash equivalents | $326,836 | $218,403 | $237,135 | $76,970 |
Accounts receivable | 441,185 | 551,269 | ||
Accounts receivable - affiliate | 2,922 | 3,223 | ||
Inventories | 1,129,207 | 1,102,261 | ||
Prepaid expense and other current assets | 38,242 | 32,157 | ||
Total current assets | 1,938,392 | 1,907,313 | ||
Property, plant and equipment, net | 1,800,833 | 1,806,060 | ||
Deferred charges and other assets, net | 328,548 | 330,517 | ||
Total assets | 4,067,773 | 4,043,890 | ||
Current liabilities: | ||||
Accounts payable | 312,988 | 335,182 | ||
Accounts payable - affiliate | 13,950 | 11,630 | ||
Accrued expenses | 998,823 | 1,129,970 | ||
Deferred revenue | 6,086 | 1,227 | ||
Total current liabilities | 1,331,847 | 1,478,009 | ||
Delaware Economic Development Authority loan | 8,000 | 8,000 | ||
Long-term debt | 741,233 | 742,349 | ||
Intercompany notes payable | 153,023 | 122,264 | ||
Other long-term liabilities | 67,413 | 62,752 | ||
Total liabilities | 2,301,516 | 2,413,374 | ||
Commitments and contingencies (Note 8) | ||||
Equity: | ||||
Member's equity | 1,144,114 | 1,144,100 | ||
Retained earnings | 648,548 | 513,292 | ||
Accumulated other comprehensive loss | -26,405 | -26,876 | ||
Total equity | 1,766,257 | 1,630,516 | ||
Total liabilities and equity | $4,067,773 | $4,043,890 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenues | $2,995,136 | $4,746,443 |
Costs and expenses: | ||
Cost of sales, excluding depreciation | 2,529,040 | 4,147,684 |
Operating expenses, excluding depreciation | 233,377 | 268,899 |
General and administrative expenses | 32,530 | 36,624 |
Gain on sale of assets | -359 | -186 |
Depreciation and amortization expense | 46,259 | 33,215 |
Total cost and expenses | 2,840,847 | 4,486,236 |
Income from operations | 154,289 | 260,207 |
Other income (expense) | ||
Change in fair value of catalyst leases | 2,039 | -2,001 |
Interest expense, net | -21,072 | -25,456 |
Net income | $135,256 | $232,750 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net income | $135,256 | $232,750 |
Other comprehensive income: | ||
Unrealized gain on available for sale securities | 71 | 29 |
Net gain on pension and other postretirement benefits | 400 | 217 |
Total other comprehensive income | 471 | 246 |
Comprehensive income | $135,727 | $232,996 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statement of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net income | $135,256 | $232,750 |
Adjustments to reconcile net income to net cash provided by operations: | ||
Depreciation and amortization | 48,282 | 34,848 |
Stock-based compensation | 2,025 | 1,420 |
Change in fair value of catalyst lease obligations | -2,039 | 2,001 |
Change in non-cash lower of cost or market inventory adjustment | -21,208 | 0 |
Non-cash change in inventory repurchase obligations | 66,509 | -17,463 |
Pension and other post retirement benefit costs | 6,448 | 4,805 |
Gain on disposition of property, plant and equipment | -359 | -186 |
Changes in current assets and current liabilities: | ||
Accounts receivable | 110,084 | 67,006 |
Due to/from affiliates | 2,621 | 0 |
Inventories | -1,007 | -99,974 |
Prepaid assets and other current assets | -6,085 | 15,718 |
Accounts payable | -22,194 | -155,474 |
Accrued expenses | -197,427 | 179,981 |
Deferred revenue | 4,859 | -1,393 |
Other assets and liabilities | -2,279 | -3,667 |
Net cash provided by operations | 123,486 | 260,372 |
Cash flows from investing activities: | ||
Expenditures for property, plant and equipment | -100,747 | -60,127 |
Expenditures for deferred turnaround costs | -18,376 | -23,128 |
Expenditures for other assets | -4,958 | -7,157 |
Proceeds from sale of assets | 77,618 | 37,759 |
Net cash used in investing activities | -46,463 | -52,653 |
Cash flows from financing activities: | ||
Proceeds from intercompany notes payable | 30,000 | 0 |
Proceeds from Rail Facility revolver borrowings | 23,425 | 0 |
Repayments of Rail Facility | -22,774 | 0 |
Distributions to members | 0 | -29,661 |
Proceeds from revolver borrowings | 0 | 265,000 |
Repayments of revolver borrowings | 0 | -280,000 |
Deferred financing costs and other | 759 | -2,893 |
Net cash provided by (used in) financing activities | 31,410 | -47,554 |
Net increase in cash and cash equivalents | 108,433 | 160,165 |
Cash and equivalents, beginning of period | 218,403 | 76,970 |
Cash and equivalents, end of period | 326,836 | 237,135 |
Non-cash activities: | ||
Accrued construction in progress and unpaid fixed assets | $26,708 | $8,277 |
DESCRIPTION_OF_THE_BUSINESS_AN
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2015 | |
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 94.3% of the outstanding economic interest in, PBF LLC as of March 31, 2015. PBF Finance Corporation ("PBF Finance") is a wholly-owned subsidiary of PBF Holding. Delaware City Refining Company LLC ("Delaware City Refining" or "DCR"), Delaware Pipeline Company LLC, PBF Power Marketing LLC, PBF Energy Limited, Paulsboro Refining Company LLC, Paulsboro Natural Gas Pipeline Company LLC and Toledo Refining Company LLC are PBF Holding’s principal operating subsidiaries and are all wholly-owned subsidiaries of PBF Holding. Collectively, PBF Holding and its consolidated subsidiaries are referred to hereinafter as the "Company". | |
On May 14, 2014, PBF Logistics LP ("PBFX"), a Delaware master limited partnership, completed its initial public offering (the "PBFX Offering") of 15,812,500 common units. The initial assets distributed by PBF Holding to PBF LLC, which were then contributed to PBFX, consisted of the Delaware City Rail Unloading Terminal (“DCR Rail Terminal”), which was part of PBF Holding’s Delaware City, Delaware refinery, and the Toledo Truck Unloading Terminal (“Toledo Truck Terminal”), which was part of PBF Holding’s Toledo, Ohio refinery. | |
On September 30, 2014, PBF Holding distributed to PBF LLC all of the equity interests of Delaware City Terminaling Company II LLC ("DCT II"), which assets consisted solely of the Delaware City heavy crude unloading rack (the "DCR West Rack"). PBF LLC then contributed to PBFX all of the equity interests of DCT II. On December 11, 2014, PBF Holding distributed to PBF LLC all of the issued and outstanding limited liability company interests of Toledo Terminaling Company LLC ("Toledo Terminaling"), whose assets consist of a tank farm and related facilities located at PBF Energy's Toledo refinery, including a propane storage and loading facility (the "Toledo Storage Facility"). PBF LLC then contributed to PBFX all of the issued and outstanding limited liability company interests of Toledo Terminaling. Refer to Note 7 "Related Party Transactions" of our Notes to Condensed Consolidated Financial Statements for further information on agreements entered into with PBFX. | |
Substantially all of the Company’s operations are in the United States. The Company’s three 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 U.S. generally accepted accounting principles ("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, 2014 of PBF Holding Company LLC and PBF Finance Corporation. The results of operations for the three months ended March 31, 2015 are not necessarily indicative of the results to be expected for the full year. | |
Recent Accounting Pronouncements | |
In April 2015, the FASB issued ASU No. 2015-03, "Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs" ("ASU 2015-03"), which requires debt issuance costs related to a recognized debt liability to be presented on the balance sheet as a direct deduction from the debt liability rather than as an asset. The standard is effective for interim and annual periods beginning after December 15, 2015 and early adoption is permitted. The Company is currently evaluating the impact of this new standard on its consolidated financial statements and related disclosures. |
INVENTORIES
INVENTORIES | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Inventory Disclosure [Abstract] | ||||||||||||
INVENTORIES | INVENTORIES | |||||||||||
Inventories consisted of the following: | ||||||||||||
March 31, 2015 | ||||||||||||
Titled Inventory | Inventory Supply and Intermediation Arrangements | Total | ||||||||||
Crude oil and feedstocks | $ | 870,989 | $ | 86,632 | $ | 957,621 | ||||||
Refined products and blendstocks | 436,549 | 365,748 | 802,297 | |||||||||
Warehouse stock and other | 38,191 | — | 38,191 | |||||||||
$ | 1,345,729 | $ | 452,380 | $ | 1,798,109 | |||||||
Lower of cost or market reserve | (544,242 | ) | (124,660 | ) | (668,902 | ) | ||||||
$ | 801,487 | $ | 327,720 | $ | 1,129,207 | |||||||
December 31, 2014 | ||||||||||||
Titled Inventory | Inventory Supply and Intermediation Arrangements | Total | ||||||||||
Crude oil and feedstocks | $ | 918,756 | $ | 61,122 | $ | 979,878 | ||||||
Refined products and blendstocks | 520,308 | 255,459 | 775,767 | |||||||||
Warehouse stock and other | 36,726 | — | 36,726 | |||||||||
$ | 1,475,790 | $ | 316,581 | $ | 1,792,371 | |||||||
Lower of cost or market reserve | (609,774 | ) | (80,336 | ) | (690,110 | ) | ||||||
$ | 866,016 | $ | 236,245 | $ | 1,102,261 | |||||||
Inventory under inventory supply and intermediation arrangements includes certain crude oil stored at the Company’s Delaware City refinery's storage facilities that the Company will purchase as it is consumed in connection with its crude supply agreement; and light finished products sold to counterparties in connection with the intermediation agreements and stored in the Paulsboro and Delaware City refineries' storage facilities. | ||||||||||||
Due to the lower crude oil and refined product pricing environment at the end of 2014 and the first quarter of 2015, the Company recorded an inventory lower of cost or market reserve of $668,902 and $690,110, as of March 31, 2015 and December 31, 2014, respectively. The net effect of the $21,208 change in the lower of cost or market reserve between December 31, 2014 and March 31, 2015 increased operating income and net income by $21,208 for the three months ended March 31, 2015. Lower of cost or market adjustments are recorded to cost of sales. |
DEFERRED_CHARGES_AND_OTHER_ASS
DEFERRED CHARGES AND OTHER ASSETS, NET | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||||||
DEFERRED CHARGES AND OTHER ASSETS, NET | DEFERRED CHARGES AND OTHER ASSETS, NET | |||||||
Deferred charges and other assets, net consisted of the following: | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Deferred turnaround costs, net | $ | 204,370 | $ | 204,987 | ||||
Catalyst | 77,693 | 77,322 | ||||||
Deferred financing costs, net | 28,377 | 30,128 | ||||||
Linefill | 10,230 | 10,230 | ||||||
Restricted cash | 1,521 | 1,521 | ||||||
Intangible assets, net | 289 | 357 | ||||||
Other | 6,068 | 5,972 | ||||||
$ | 328,548 | $ | 330,517 | |||||
ACCRUED_EXPENSES
ACCRUED EXPENSES | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Payables and Accruals [Abstract] | ||||||||
ACCRUED EXPENSES | ACCRUED EXPENSES | |||||||
Accrued expenses consisted of the following: | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Inventory-related accruals | $ | 480,197 | $ | 588,297 | ||||
Inventory supply and intermediation arrangements | 264,922 | 253,549 | ||||||
Accrued transportation costs | 79,743 | 59,959 | ||||||
Excise and sales tax payable | 37,972 | 40,444 | ||||||
Customer deposits | 25,920 | 24,659 | ||||||
Accrued salaries and benefits | 21,070 | 55,993 | ||||||
Accrued utilities | 20,190 | 22,337 | ||||||
Accrued construction in progress | 19,043 | 31,452 | ||||||
Renewable energy credit obligations | 17,745 | 286 | ||||||
Accrued interest | 7,797 | 22,946 | ||||||
Other | 24,224 | 30,048 | ||||||
$ | 998,823 | $ | 1,129,970 | |||||
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 & Company, a subsidiary of The Goldman Sachs Group, Inc. ("J. Aron"). A liability included in Inventory supply and intermediation arrangements 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 sales. | ||||||||
The Company is subject to obligations to purchase Renewable Identification Numbers ("RINs") required to comply with the Renewable Fuels Standard. The Company's overall RINs obligation is based on a percentage of domestic shipments of on-road fuels as established by the Environmental Protection Agency ("EPA"). To the degree the Company is unable to blend the required amount of biofuels to satisfy its RINs obligation, RINs must be purchased on the open market to avoid penalties and fines. The Company records its RINs obligation on a net basis in Accrued expenses when its RINs liability is greater than the amount of RINs earned and purchased in a given period and in Prepaid expenses and other current assets when the amount of RINs earned and purchased is greater than the RINs liability. |
INCOME_TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2015 | |
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 no benefit or provision for federal or state income tax in the PBF Holding financial statements. |
INTERCOMPANY_NOTE_PAYABLE
INTERCOMPANY NOTE PAYABLE | 3 Months Ended |
Mar. 31, 2015 | |
INTERCOMPANY NOTE PAYABLE [Abstract] | |
INTERCOMPANY NOTE PAYABLE | INTERCOMPANY NOTES PAYABLE |
As of March 31, 2015, PBF Holding had outstanding notes payable with PBF Energy and PBF LLC for an aggregate principal amount of $153,023 ($122,264 as of December 31, 2014). The notes have an interest rate of 2.5% and a five year term but may be prepaid in whole or in part at any time, at the option of PBF Holding, without penalty or premium. |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Mar. 31, 2015 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS |
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 and storage services agreements with PBFX under which PBFX provides commercial transportation, terminaling and storage services to the Company and which contain minimum volume throughput commitments from PBF Holding. If, in any calendar quarter, PBF Holding fails to meet its minimum volume commitments under these agreements, it will be required to pay a shortfall payment equal to the shortfall volume multiplied by the fee per barrel. These agreements with PBFX include: | |
Delaware City Rail Terminaling Services Agreement | |
PBF Holding entered into a rail terminaling services agreement with PBFX to obtain terminaling services at the DCR Rail Terminal (the “DCR Terminaling Agreement”). Under the DCR Terminaling Agreement, PBF Holding is obligated to throughput aggregate volumes of crude oil of at least 85,000 bpd for each quarter (calculated on a quarterly average basis). PBF Holding also pays PBFX for providing related ancillary services at the terminal that are specified in the agreement. For the three months ended March 31, 2015, PBF Holding paid PBFX $15,545 for fees related to the DCR Terminaling Agreement. | |
Toledo Truck Unloading & Terminaling Agreement | |
PBF Holding entered into a truck unloading and terminaling services agreement with PBFX to obtain terminaling services at the Toledo Truck Terminal (as amended the “Toledo Terminaling Agreement”). Under the Toledo Terminaling Agreement, PBF Holding was obligated to throughput aggregate volumes of crude oil of at least 5,500 bpd (calculated on a quarterly average basis). PBF Holding also pays PBFX for providing related ancillary services at the terminal which are specified in the Toledo Terminaling Agreement. For the three months ended March 31, 2015, PBF Holding paid PBFX $578 for fees related to the Toledo Terminaling Agreement. | |
Delaware City West Ladder Rack Terminaling Services Agreement | |
PBF Holding entered into a rail terminaling services agreement with PBFX (the “West Ladder Rack Terminaling Agreement”). Under the West Ladder Rack Terminaling Agreement, PBF Holding is obligated to throughput aggregate volumes of crude oil of at least 40,000 bpd in any contract quarter. PBF Holding also pays PBFX for providing related ancillary services at the terminal which are specified in the West Ladder Rack Terminaling Agreement. For the three months ended March 31, 2015, PBF Holding paid PBFX $7,920 fees related to the West Ladder Rack Terminaling Agreement. | |
Toledo Tank Farm Storage and Terminaling Services Agreement | |
PBF Holding entered into a storage and terminaling services agreement with PBFX (the “Toledo Tank Farm Storage and Terminaling Agreement”). Under the Toledo Tank Farm Storage and Terminaling Agreement, PBFX will provide PBF Holding with storage and throughput services in return for storage and throughput fees. The storage services require PBFX to accept, redeliver and store all products tendered by PBF Holding in the tanks and load products at the storage facility on behalf of PBF Holding up to the effective operating capacity of each tank, the loading capacity of the propane rack and the overall capacity of the Toledo Storage Facility. PBF Holding will pay a fee per barrel of shell capacity dedicated to PBF Holding under the Toledo Tank Farm Storage and Terminaling Agreement. The minimum throughput commitment for the propane storage and loading facility will be 4,400 barrels per day (“bpd”). For the three months ended March 31, 2015, PBF Holding paid PBFX $6,522 related to the Toledo Tank Farm Storage and Terminaling Agreement. | |
Second Amended and Restated Omnibus Agreement | |
PBF Holding entered into an omnibus agreement (as amended from time to time the "Omnibus Agreement") with PBFX, PBF GP, and PBF LLC for the provision of executive management services and support for accounting and finance, legal, human resources, information technology, environmental, health and safety, and other administrative functions. Pursuant to the Omnibus Agreement, the annual administrative fee of $2,700 per year was reduced to $2,225 per year effective as of January 1, 2015. For the three months ended March 31, 2015, PBF Holding received from PBFX $1,181 for fees related to the Omnibus Agreement. | |
Second Amended and Restated Operation and Management Services and Secondment Agreement | |
PBF Holding and certain of its subsidiaries entered into an operation and management services and secondment agreement (as amended from time to time the “Services Agreement”) with PBFX, pursuant to which PBF Holding and its subsidiaries will provide PBFX with the personnel necessary for PBFX to perform its obligations under its commercial agreements. PBFX will reimburse PBF Holding for the use of such employees and the provision of certain infrastructure-related services to the extent applicable to its operations. For the three months ended March 31, 2015, PBF Holding received from PBFX $1,100 for fees related to the Services Agreement. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES |
Environmental Matters | |
The Company’s refineries 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 environmental liability of $11,493 recorded as of March 31, 2015 ($10,476 as of December 31, 2014) 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, 2015 and December 31, 2014, this liability is self-guaranteed by the Company. | |
In connection with the acquisition of the Delaware City assets, Valero Energy Corporation ("Valero") remains responsible for certain pre-acquisition environmental obligations up to $20,000 and the predecessor to Valero in ownership of the refinery retains other historical obligations. | |
In connection with the acquisition of the Delaware City assets and the Paulsboro refinery, the Company and Valero purchased ten year, $75,000 environmental insurance policies to insure against unknown environmental liabilities at each site. In connection with the Toledo refinery acquisition, Sunoco, Inc. (R&M) ("Sunoco") remains responsible for environmental remediation for conditions that existed on the closing date for twenty years from March 1, 2011, subject to certain limitations. | |
In 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, some states in the Northeast market began requiring heating oil sold in their state to contain no more than 15 PPM sulfur. Currently, 6 Northeastern states require heating oil with 15 PPM or less sulfur. By July 1, 2016, 2 more states adopt this requirement and by July 1, 2018 most of the remaining Northeastern states (except for Pennsylvania and New Hampshire) will require heating oil with 15 PPM or less sulfur. All of the heating oil the Company currently produces meets these specifications. The mandate and other requirements do not currently have a material impact on the Company's financial position, results of operations or cash flows. | |
The EPA issued the final Tier 3 Gasoline standards on March 3, 2014 under the Clean Air Act. This final rule establishes more stringent vehicle emission standards and further reduces the sulfur content of gasoline starting in January of 2017. The new standard is set at 10 PPM sulfur in gasoline on an annual average basis starting January 1, 2017, with a credit trading program to provide compliance flexibility. The EPA responded to industry comments on the proposed rule and maintained the per gallon sulfur cap on gasoline at the existing 80 PPM cap. The standards set by the new rule are not expected to have a material impact on the Company’s financial position, results of operations or cash flows. | |
The EPA was required to release the final annual standards for the Reformulated Fuels Standard ("RFS") for 2014 no later than Nov 29, 2013 and for 2015 no later than Nov 29, 2014. The EPA did not meet these requirements but did release proposed standards for 2014. The EPA did not finalize this proposal in 2014 and in fact has not as of yet released the final standard for 2014 or proposed a new standard for 2015. Recent information indicates the EPA is evaluating re-proposing the 2014 requirements (likely different from the original proposal) and may at the same time propose 2015 requirements and would then work towards publishing final requirements for 2014 and 2015 later on. As a result of the EPA missing its deadlines for establishing these compliance standards, the obligated parties under the rule are in the unusual position of facing a change in possible compliance requirements after the completion of the compliance year (2014). When they are issued, the final standards may have a material impact on the Company's cost of compliance with RFS 2. | |
On September 12, 2012, the EPA issued final amendments to the New Source Performance Standards ("NSPS") for petroleum refineries, including standards for emissions of nitrogen oxides from process heaters and work practice standards and monitoring requirements for flares. The Company has evaluated the impact of the regulation and amended standards on its refinery operations and currently does not expect the cost to comply to be material. | |
In addition, 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 gives state agencies 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. | |
The Delaware City Rail Terminal and DCR West Rack are collocated with the Delaware City refinery, and are located in Delaware's coastal zone where certain activities are regulated under the Delaware Coastal Zone act. On June 14, 2013, two administrative appeals were filed by the Sierra Club and Delaware Audubon (collectively the "Appellants") regarding an air permit Delaware City Refining obtained to allow loading of crude oil onto barges. The appeals allege that both the loading of crude oil onto barges and the operation of the Delaware City Rail Terminal violate Delaware’s Coastal Zone Act. The first appeal is Number 2013-1 before the State Coastal Zone Industrial Control Board (the “CZ Board”), and the second appeal is before the Environmental Appeals Board (the "EAB") and appeals Secretary’s Order No. 2013-A-0020. The CZ Board held a hearing on the first appeal on July 16, 2013, and ruled in favor of Delaware City Refining and the State of Delaware and dismissed the Appellants’ appeal for lack of standing. The Appellants appealed that decision to the Delaware Superior Court, New Castle County, Case No. N13A-09-001 ALR, and Delaware City Refining and the State of Delaware filed cross-appeals. A hearing on the second appeal before the EAB, case no. 2013-06, was held on January 13, 2014, and the EAB ruled in favor of Delaware City Refining and the State and dismissed the appeal for lack of jurisdiction. The Appellants also filed a Notice of Appeal with the Superior Court appealing the EAB’s decision. On March 31, 2015 the Superior Court affirmed the decisions by both the CZ Board and the EAB stating they both lacked jurisdiction to rule on the Appellants' appeal. The Appellants have appealed to the Delaware Supreme Court and briefing on the case is scheduled to occur in the second and third quarters of 2015. If the Appellants in one or both of these matters ultimately prevail, the outcome may have a material adverse effect on the Company's financial condition, results of operations, and cash flows. | |
The Company is also currently subject to certain other existing environmental claims and proceedings. The Company believes that there is only a remote possibility that future costs related to any of these other known contingent liability exposures would have a material impact on its financial position, results of operations or cash flows. | |
PBF LLC Limited Liability Company Agreement | |
The holders of limited liability company interests in PBF LLC, including PBF Energy, generally have to include for purposes of calculating their U.S. federal, state and local income taxes their share of any taxable income of PBF LLC, regardless of whether such holders receive cash distributions from PBF LLC. PBF Energy ultimately may not receive cash distributions from PBF LLC equal to its share of such taxable income or even equal to the actual tax due with respect to that income. For example, PBF LLC is required to include in taxable income PBF LLC’s allocable share of PBFX’s taxable income and gains (such share to be determined pursuant to the partnership agreement of PBFX), regardless of the amount of cash distributions received by PBF LLC from PBFX, and such taxable income and gains will flow-through to PBF Energy to the extent of its allocable share of the taxable income of PBF LLC. As a result, at certain times, the amount of cash otherwise ultimately available to PBF Energy on account of its indirect interest in PBFX may not be sufficient for PBF Energy to pay the amount of taxes it will owe on account of its indirect interests in PBFX. | |
Taxable income of PBF LLC generally is allocated to the holders of PBF LLC units (including PBF Energy) pro rata in accordance with their respective share of the net profits and net losses of PBF LLC. In general, PBF LLC is required to make periodic tax distributions to the members of PBF LLC, including PBF Energy, pro rata in accordance with their respective percentage interests for such period (as determined under the amended and restated limited liability company agreement of PBF LLC), subject to available cash and applicable law and contractual restrictions (including pursuant to our debt instruments) and based on certain assumptions. Generally, these tax distributions are required to be in an amount equal to our estimate of the taxable income of PBF LLC for the year multiplied by an assumed tax rate equal to the highest effective marginal combined U.S. federal, state and local income tax rate prescribed for an individual or corporate resident in New York, New York (taking into account the nondeductibility of certain expenses). If, with respect to any given calendar year, the aggregate periodic tax distributions were less than the actual taxable income of PBF LLC multiplied by the assumed tax rate, PBF LLC is required to make a “true up” tax distribution, no later than March 15 of the following year, equal to such difference, subject to the available cash and borrowings of PBF LLC. PBF LLC obtains funding to pay its tax distributions by causing PBF Holding to distribute cash to PBF LLC and from distributions it receives from PBFX. | |
Tax Receivable Agreement | |
PBF Energy (the Company's indirect parent) entered into a tax receivable agreement with the PBF LLC Series A and PBF LLC Series B Unit holders (the “Tax Receivable Agreement”) that provides for the payment by PBF Energy to such persons of an amount equal to 85% of the amount of the benefits, if any, that PBF Energy is deemed to realize as a result of (i) increases in tax basis, as described below, and (ii) certain other tax benefits related to entering into the Tax Receivable Agreement, including tax benefits attributable to payments under the Tax Receivable Agreement. For purposes of the Tax Receivable Agreement, the benefits deemed realized by PBF Energy will be computed by comparing the actual income tax liability of PBF Energy (calculated with certain assumptions) to the amount of such taxes that PBF Energy would have been required to pay had there been no increase to the tax basis of the assets of PBF LLC as a result of purchases or exchanges of PBF LLC Series A Units for shares of PBF Energy's Class A common stock and had PBF Energy not entered into the Tax Receivable Agreement. The term of the Tax Receivable Agreement will continue until all such tax benefits have been utilized or expired unless: (i) PBF Energy exercises its right to terminate the Tax Receivable Agreement, (ii) PBF Energy breaches any of its material obligations under the Tax Receivable Agreement or (iii) certain changes of control occur, in which case all obligations under the Tax Receivable Agreement will generally be accelerated and due as calculated under certain assumptions. | |
The payment obligations under the Tax Receivable Agreement are obligations of PBF Energy and not of PBF LLC or the Company. In general, PBF Energy expects to obtain funding for these annual payments from PBF LLC, primarily through tax distributions, which PBF LLC makes on a pro-rata basis to its owners. Such owners include PBF Energy, which holds a 94.3% interest in PBF LLC as of March 31, 2015 (89.9% as of December 31, 2014). PBF LLC obtains funding to pay its tax distributions by causing PBF Holding to distribute cash to PBF LLC and from distributions it receives from PBFX. |
EMPLOYEE_BENEFIT_PLANS
EMPLOYEE BENEFIT PLANS | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ||||||||
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS | |||||||
The components of net periodic benefit cost related to the Company’s defined benefit plans consisted of the following: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
Pension Benefits | 2015 | 2014 | ||||||
Components of net periodic benefit cost: | ||||||||
Service cost | $ | 5,790 | $ | 4,291 | ||||
Interest cost | 709 | 570 | ||||||
Expected return on plan assets | (829 | ) | (524 | ) | ||||
Amortization of prior service costs | 13 | 3 | ||||||
Amortization of actuarial loss | 311 | 222 | ||||||
Net periodic benefit cost | $ | 5,994 | $ | 4,562 | ||||
Three Months Ended | ||||||||
March 31, | ||||||||
Post Retirement Medical Plan | 2015 | 2014 | ||||||
Components of net periodic benefit cost: | ||||||||
Service cost | $ | 244 | $ | 178 | ||||
Interest cost | 134 | 93 | ||||||
Amortization of prior service costs | 76 | (20 | ) | |||||
Amortization of actuarial loss | — | (5 | ) | |||||
Net periodic benefit cost | $ | 454 | $ | 246 | ||||
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 3 Months Ended | ||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||
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, 2015 and December 31, 2014. | |||||||||||||||||||||||
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, 2015 | |||||||||||||||||||||||
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 | $ | 177,275 | $ | — | $ | — | $ | 177,275 | N/A | $ | 177,275 | ||||||||||||
Non-qualified pension plan assets | 5,589 | — | — | 5,589 | N/A | 5,589 | |||||||||||||||||
Commodity contracts | 216,312 | 84,010 | 9,678 | 310,000 | (295,995 | ) | 14,005 | ||||||||||||||||
Derivatives included with intermediation agreement obligations | — | 31,148 | — | 31,148 | — | 31,148 | |||||||||||||||||
Derivatives included with inventory supply arrangement obligations | — | 1,430 | — | 1,430 | — | 1,430 | |||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Commodity contracts | 227,693 | 87,691 | — | 315,384 | (295,995 | ) | 19,389 | ||||||||||||||||
Catalyst lease obligations | — | 34,521 | — | 34,521 | — | 34,521 | |||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||
Fair Value Hierarchy | Total Gross Fair Value | Effect of Counter-party Netting | Total | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Money market funds | $ | 5,575 | $ | — | $ | — | $ | 5,575 | N/A | $ | 5,575 | ||||||||||||
Non-qualified pension plan assets | 5,494 | — | — | 5,494 | N/A | 5,494 | |||||||||||||||||
Commodity contracts | 415,023 | 12,093 | 1,715 | 428,831 | (397,676 | ) | 31,155 | ||||||||||||||||
Derivatives included with inventory intermediation agreement obligations | — | 94,834 | — | 94,834 | — | 94,834 | |||||||||||||||||
Derivatives included with inventory supply arrangement obligation | — | 4,251 | — | 4,251 | — | 4,251 | |||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Commodity contracts | 390,144 | 7,338 | 194 | 397,676 | (397,676 | ) | — | ||||||||||||||||
Catalyst lease obligations | — | 36,559 | — | 36,559 | — | 36,559 | |||||||||||||||||
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. | ||||||||||||||||||||||
• | Non-qualified pension plan assets categorized in Level 1 of the fair value hierarchy are measured at fair value using a market approach based on published net asset values of mutual funds and included within Deferred charges and other assets, net. | ||||||||||||||||||||||
• | The commodity contracts categorized in Level 1 of the fair value hierarchy are measured at fair value based on quoted prices in an active market. The commodity contracts categorized in Level 2 of the fair value hierarchy are measured at fair value using a market approach based upon future commodity prices for similar instruments quoted in active markets. | ||||||||||||||||||||||
• | The commodity contracts categorized in Level 3 of the fair value hierarchy consist of commodity price swap contracts that relate to forecasted purchases of crude oil for which quoted forward market prices are not readily available due to market illiquidity. The forward price used to value these swaps was derived using broker quotes, prices from other third party sources and other available market based data. | ||||||||||||||||||||||
• | The derivatives included with inventory supply arrangement obligations, derivatives included with inventory intermediation agreement obligations and the catalyst lease obligations are categorized in Level 2 of the fair value hierarchy and are measured at fair value using a market approach based upon commodity prices for similar instruments quoted in active markets. | ||||||||||||||||||||||
The table below summarizes the changes in fair value measurements categorized in Level 3 of the fair value hierarchy: | |||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||
Balance at beginning of period | $ | 1,521 | $ | (23,365 | ) | ||||||||||||||||||
Purchases | — | — | |||||||||||||||||||||
Settlements | (1,200 | ) | (1,305 | ) | |||||||||||||||||||
Unrealized gain included in earnings | 9,357 | 20,919 | |||||||||||||||||||||
Transfers into Level 3 | — | — | |||||||||||||||||||||
Transfers out of Level 3 | — | — | |||||||||||||||||||||
Balance at end of period | $ | 9,678 | $ | (3,751 | ) | ||||||||||||||||||
There were no transfers between levels during the three months ended March 31, 2015 and 2014, respectively. | |||||||||||||||||||||||
Fair value of debt | |||||||||||||||||||||||
The table below summarizes the fair value and carrying value as of March 31, 2015 and December 31, 2014. | |||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||||||||
value | value | value | value | ||||||||||||||||||||
Senior Secured Notes (a) | $ | 668,792 | $ | 688,288 | $ | 668,520 | $ | 675,580 | |||||||||||||||
Rail Facility (b) | 37,920 | 37,920 | 37,270 | 37,270 | |||||||||||||||||||
Catalyst leases (c) | 34,521 | 34,521 | 36,559 | 36,559 | |||||||||||||||||||
741,233 | 760,729 | 742,349 | 749,409 | ||||||||||||||||||||
Less - Current maturities | — | — | — | — | |||||||||||||||||||
Long-term debt | $ | 741,233 | $ | 760,729 | $ | 742,349 | $ | 749,409 | |||||||||||||||
(a) The estimated fair value, categorized as a Level 2 measurement, was calculated based on the present value of future expected payments utilizing implied current market interest rates based on quoted prices of the Senior Secured Notes. | |||||||||||||||||||||||
(b) The estimated fair value approximates carrying value, categorized as a Level 2 measurement, as these borrowings bear interest based upon short-term floating market interest rates. | |||||||||||||||||||||||
(c) Catalyst leases are valued using a market approach based upon commodity prices for similar instruments quoted in active markets and are categorized as a Level 2 measurement. The Company has elected the fair value option for accounting for its catalyst lease repurchase obligations as the Company's liability is directly impacted by the change in fair value of the underlying catalyst. |
DERIVATIVES
DERIVATIVES | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||
DERIVATIVES | DERIVATIVES | ||||
The Company uses derivative instruments to mitigate certain exposures to commodity price risk. The Company’s crude supply agreement contains purchase obligations for certain volumes of crude oil and other feedstocks. In addition, the Company entered into Inventory Intermediation Agreements commencing in July 2013 that contain purchase obligations for certain volumes of intermediates and refined products. The purchase obligations related to crude oil, feedstocks, intermediates and refined products under these agreements are derivative instruments that have been designated as fair value hedges in order to hedge the commodity price volatility of certain refinery inventory. The fair value of these purchase obligation derivatives is based on market prices of the underlying crude oil and refined products. The level of activity for these derivatives is based on the level of operating inventories. | |||||
As of March 31, 2015, there were 863,872 barrels of crude oil and feedstocks (662,579 barrels at December 31, 2014) outstanding under these derivative instruments designated as fair value hedges and no barrels (no barrels at December 31, 2014) outstanding under these derivative instruments not designated as hedges. As of March 31, 2015, there were 2,963,924 barrels of intermediates and refined products (3,106,325 barrels at December 31, 2014) outstanding under these derivative instruments designated as fair value hedges and no barrels (no barrels at December 31, 2014) outstanding under these derivative instruments not designated as hedges. These volumes represent the notional value of the contract. | |||||
The Company also enters into economic hedges primarily consisting of commodity derivative contracts that are not designated as hedges and are used to manage price volatility in certain crude oil and feedstock inventories as well as crude oil, feedstock, and refined product sales or purchases. The objective in entering into economic hedges is consistent with the objectives discussed above for fair value hedges. As of March 31, 2015, there were 103,955,000 barrels of crude oil and 7,659,000 barrels of refined products (49,339,000 and 1,970,871, respectively, as of December 31, 2014), 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, 2015 and December 31, 2014 and the line items in the consolidated balance sheet in which the fair values are reflected. | |||||
Description | Balance Sheet Location | Fair Value | |||
Asset/(Liability) | |||||
Derivatives designated as hedging instruments: | |||||
March 31, 2015: | |||||
Derivatives included with inventory supply arrangement obligations | Accrued expenses | $ | 1,430 | ||
Derivatives included with the intermediation agreement obligations | Accrued expenses | $ | 31,148 | ||
December 31, 2014: | |||||
Derivatives included with inventory supply arrangement obligations | Accrued expenses | $ | 4,251 | ||
Derivatives included with the intermediation agreement obligations | Accrued expenses | $ | 94,834 | ||
Derivatives not designated as hedging instruments: | |||||
March 31, 2015: | |||||
Commodity contracts | Accounts receivable | $ | 14,005 | ||
Commodity contracts | Accrued expenses | $ | (19,389 | ) | |
December 31, 2014: | |||||
Commodity contracts | Accounts receivable | $ | 31,155 | ||
The following tables provide information about the gain or loss recognized in income on these derivative instruments and the line items in the consolidated financial statements in which such gains and losses are reflected. | |||||
Description | Location of Gain or (Loss) Recognized in | Gain or (Loss) | |||
Income on Derivatives | Recognized in | ||||
Income on Derivatives | |||||
Derivatives designated as hedging instruments: | |||||
For the three months ended March 31, 2015: | |||||
Derivatives included with inventory supply arrangement obligations | Cost of sales | $ | (2,821 | ) | |
Derivatives included with the intermediation agreement obligations | Cost of sales | $ | (63,686 | ) | |
For the three months ended March 31, 2014: | |||||
Derivatives included with inventory supply arrangement obligations | Cost of sales | $ | 2,651 | ||
Derivatives included with the intermediation agreement obligations | Cost of sales | $ | 14,812 | ||
Derivatives not designated as hedging instruments: | |||||
For the three months ended March 31, 2015: | |||||
Commodity contracts | Cost of sales | $ | (41,128 | ) | |
For the three months ended March 31, 2014: | |||||
Commodity contracts | Cost of sales | $ | 72,397 | ||
Hedged items designated in fair value hedges: | |||||
For the three months ended March 31, 2015: | |||||
Crude oil and feedstock inventory | Cost of sales | $ | 2,821 | ||
Intermediate and refined product inventory | Cost of sales | $ | 63,686 | ||
For the three months ended March 31, 2014: | |||||
Crude oil and feedstock inventory | Cost of sales | $ | (2,651 | ) | |
Intermediate and refined product inventory | Cost of sales | $ | (14,812 | ) | |
The Company had no ineffectiveness related to the Company's fair value hedges for the three months ended March 31, 2015 and 2014. |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS |
Distributions | |
On April 30, 2015, PBF Energy, PBF Holding's indirect parent, declared a dividend of $0.30 per share on its outstanding Class A common stock. The dividend is payable on May 27, 2015 to PBF Energy Class A common stockholders of record at the close of business on May 11, 2015. PBF Holding intends, if necessary, to make a distribution of $27,349 to PBF LLC, which in turn will make pro-rata distributions to its members, including PBF Energy. PBF Energy will then use this distribution to fund the dividend payments to the shareholders of PBF Energy. | |
PBF Rail Facility Amendment | |
On April 29, 2015, PBF Rail Logistics LLC ("PBF Rail"), an indirect wholly-owned subsidiary of PBF Holding, entered into the First Amendment to Loan Agreement (as amended the “Rail Facility”) among Credit Agricole Corporate & Investment Bank as Administrative Agent, Deutsche Bank Trust Company Americas as Collateral Agent, DVB Bank SE as Syndication Agent, ING Bank, a branch of ING-DiBa AG as Documentation Agent and certain other Continuing Lenders, as defined in the agreement. The primary purpose of the Rail Facility is to fund the acquisition by PBF Rail of coiled and insulated crude tank cars and non-coiled and non-insulated general purpose crude tank cars. The amendments to the Rail Facility include the extension of the maturity to April 29, 2017, the reduction of the total commitment from $250,000 to $150,000, and the reduction of the commitment fee on the unused portion of the Rail Facility. | |
PBFX Drop-Down Transaction | |
On May 5, 2015, PBFX announced the pending acquisition of the Delaware City Products Pipeline and Truck Rack from PBF Energy and certain of its consolidated subsidiaries, for consideration payable to PBF LLC from PBFX of $143,000, consisting of $112,500 of cash and $30,500 of PBFX common units, or 1,288,420 common units. PBF Holding intends to distribute all of the equity interests in the Delaware City Products Pipeline and Truck Rack to PBF LLC immediately prior to the consummation of the pending acquisition by PBFX. The Delaware City Products Pipeline and Truck Rack are located at PBF Energy's Delaware City refinery and supply refined petroleum products into the Northeast market. The pipeline has a capacity in excess of 125,000 bpd and connects the Delaware City refinery to critical distribution facilities in Pennsylvania and New York State. The Truck Rack is a 15-lane loading rack with a capacity of 76,000 bpd. The acquisition of the Delaware City Products Pipeline and Truck Rack will be supported by ten-year term agreements with subsidiaries of PBF Energy, including PBF Holding, containing minimum volume throughput commitments. |
CONDENSED_CONSOLIDATING_FINANC
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Condensed Financial Information of Subsidiary Disclosure [Abstract] | ||||||||||||||||||||
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS | CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING | |||||||||||||||||||
PBF Services Company, Delaware City Refining, Delaware Pipeline Company LLC, PBF Power Marketing LLC, Paulsboro Refining Company LLC, Paulsboro Natural Gas Pipeline Company LLC, Toledo Refining Company LLC and PBF Investments LLC are 100% owned subsidiaries of PBF Holding and serve as guarantors of the obligations under the Senior Secured Notes. These guarantees are full and unconditional and joint and several. For purposes of the following footnote, PBF Holding is referred to as “Issuer.” The indenture dated February 9, 2012, among PBF Holding, PBF Finance, the guarantors party thereto and Wilmington Trust, National Association, governs subsidiaries designated as “Guarantor Subsidiaries.” PBF Rail Logistics Company LLC, PBF Transportation Company LLC and PBF Energy Limited are consolidated subsidiaries of the Company that are not guarantors of the Senior Secured Notes. | ||||||||||||||||||||
The Senior Secured Notes were co-issued by PBF Finance. For purposes of the following footnote, PBF Finance is referred to as “Co-Issuer.” The Co-Issuer has no independent assets or operations. | ||||||||||||||||||||
The following supplemental combining and condensed consolidating financial information reflects the Issuer’s separate accounts, the combined accounts of the Guarantor Subsidiaries, 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’ Investment in its subsidiaries are accounted for under the equity method of accounting. | ||||||||||||||||||||
. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||
Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combining and Consolidating Adjustments | Total | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 300,737 | $ | — | $ | 27,252 | $ | (1,153 | ) | $ | 326,836 | |||||||||
Accounts receivable | 415,415 | 11,585 | 14,185 | — | 441,185 | |||||||||||||||
Accounts receivable - affiliate | 632 | 2,290 | — | — | 2,922 | |||||||||||||||
Inventories | 522,688 | 421,921 | 184,598 | — | 1,129,207 | |||||||||||||||
Prepaid expense and other current assets | 34,248 | 3,994 | — | — | 38,242 | |||||||||||||||
Due from related parties | 17,427,231 | 19,391,771 | 2,124,464 | (38,943,466 | ) | — | ||||||||||||||
Total current assets | 18,700,951 | 19,831,561 | 2,350,499 | (38,944,619 | ) | 1,938,392 | ||||||||||||||
Property, plant and equipment, net | 64,900 | 1,680,683 | 55,250 | — | 1,800,833 | |||||||||||||||
Investment in subsidiaries | 2,241,553 | — | — | (2,241,553 | ) | — | ||||||||||||||
Deferred charges and other assets, net | 33,133 | 293,052 | 2,363 | — | 328,548 | |||||||||||||||
Total assets | $ | 21,040,537 | $ | 21,805,296 | $ | 2,408,112 | $ | (41,186,172 | ) | $ | 4,067,773 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable | $ | 239,240 | $ | 71,312 | $ | 3,589 | $ | (1,153 | ) | $ | 312,988 | |||||||||
Accounts payable - affiliate | 13,920 | 30 | — | — | 13,950 | |||||||||||||||
Accrued expenses | 319,168 | 525,841 | 153,814 | — | 998,823 | |||||||||||||||
Current portion of long-term debt | — | — | — | — | — | |||||||||||||||
Deferred revenue | 6,086 | — | — | — | 6,086 | |||||||||||||||
Due to related parties | 17,850,076 | 19,008,184 | 2,085,206 | (38,943,466 | ) | — | ||||||||||||||
Total current liabilities | 18,428,490 | 19,605,367 | 2,242,609 | (38,944,619 | ) | 1,331,847 | ||||||||||||||
Delaware Economic Development Authority loan | — | 8,000 | — | — | 8,000 | |||||||||||||||
Long-term debt | 668,792 | 34,520 | 37,921 | — | 741,233 | |||||||||||||||
Intercompany notes payable | 153,023 | — | — | — | 153,023 | |||||||||||||||
Other long-term liabilities | 23,975 | 43,438 | — | — | 67,413 | |||||||||||||||
Total liabilities | 19,274,280 | 19,691,325 | 2,280,530 | (38,944,619 | ) | 2,301,516 | ||||||||||||||
Commitments and contingencies | ||||||||||||||||||||
Equity: | ||||||||||||||||||||
Member's equity | 1,144,114 | 749,293 | 34,346 | (783,639 | ) | 1,144,114 | ||||||||||||||
Retained earnings (accumulated deficit) | 648,548 | 1,373,066 | 93,236 | (1,466,302 | ) | 648,548 | ||||||||||||||
Accumulated other comprehensive (loss) income | (26,405 | ) | (8,388 | ) | — | 8,388 | (26,405 | ) | ||||||||||||
Total equity | 1,766,257 | 2,113,971 | 127,582 | (2,241,553 | ) | 1,766,257 | ||||||||||||||
Total liabilities and equity | $ | 21,040,537 | $ | 21,805,296 | $ | 2,408,112 | $ | (41,186,172 | ) | $ | 4,067,773 | |||||||||
13. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||
Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combining and Consolidating Adjustments | Total | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 185,381 | $ | 704 | $ | 34,334 | $ | (2,016 | ) | $ | 218,403 | |||||||||
Accounts receivable | 518,498 | 26,238 | 6,533 | — | 551,269 | |||||||||||||||
Accounts receivable - affiliate | 529 | 2,694 | — | — | 3,223 | |||||||||||||||
Inventories | 510,947 | 435,924 | 155,390 | — | 1,102,261 | |||||||||||||||
Prepaid expense and other current assets | 26,964 | 5,193 | — | — | 32,157 | |||||||||||||||
Due from related parties | 16,189,384 | 18,805,509 | 1,607,878 | (36,602,771 | ) | — | ||||||||||||||
Total current assets | 17,431,703 | 19,276,262 | 1,804,135 | (36,604,787 | ) | 1,907,313 | ||||||||||||||
Property, plant and equipment, net | 68,218 | 1,683,294 | 54,548 | — | 1,806,060 | |||||||||||||||
Investment in subsidiaries | 2,569,636 | — | — | (2,569,636 | ) | — | ||||||||||||||
Deferred charges and other assets, net | 34,840 | 293,098 | 2,579 | — | 330,517 | |||||||||||||||
Total assets | $ | 20,104,397 | $ | 21,252,654 | $ | 1,861,262 | $ | (39,174,423 | ) | $ | 4,043,890 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable | $ | 235,791 | $ | 92,984 | $ | 8,423 | $ | (2,016 | ) | $ | 335,182 | |||||||||
Accounts Payable - affiliate | 11,600 | 30 | — | — | 11,630 | |||||||||||||||
Accrued expenses | 487,783 | 450,856 | 191,331 | — | 1,129,970 | |||||||||||||||
Current portion of long-term debt | — | — | — | — | — | |||||||||||||||
Deferred revenue | 1,227 | — | — | — | 1,227 | |||||||||||||||
Due to related parties | 16,924,490 | 18,151,095 | 1,527,186 | (36,602,771 | ) | — | ||||||||||||||
Total current liabilities | 17,660,891 | 18,694,965 | 1,726,940 | (36,604,787 | ) | 1,478,009 | ||||||||||||||
Delaware Economic Development Authority loan | — | 8,000 | — | — | 8,000 | |||||||||||||||
Long-term debt | 668,520 | 36,559 | 37,270 | — | 742,349 | |||||||||||||||
Intercompany notes payable | 122,264 | — | — | — | 122,264 | |||||||||||||||
Other long-term liabilities | 22,206 | 40,546 | — | — | 62,752 | |||||||||||||||
Total liabilities | 18,473,881 | 18,780,070 | 1,764,210 | (36,604,787 | ) | 2,413,374 | ||||||||||||||
Commitments and contingencies | ||||||||||||||||||||
Equity: | ||||||||||||||||||||
Member's equity | 1,144,100 | 749,278 | 44,346 | (793,624 | ) | 1,144,100 | ||||||||||||||
Retained earnings | 513,292 | 1,731,694 | 52,706 | (1,784,400 | ) | 513,292 | ||||||||||||||
Accumulated other comprehensive (loss) income | (26,876 | ) | (8,388 | ) | — | 8,388 | (26,876 | ) | ||||||||||||
Total equity | 1,630,516 | 2,472,584 | 97,052 | (2,569,636 | ) | 1,630,516 | ||||||||||||||
Total liabilities and equity | $ | 20,104,397 | $ | 21,252,654 | $ | 1,861,262 | $ | (39,174,423 | ) | $ | 4,043,890 | |||||||||
13. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW | ||||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||
Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combining and Consolidating Adjustments | Total | ||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net income (loss) | $ | 135,256 | $ | (358,666 | ) | $ | 40,528 | $ | 318,138 | $ | 135,256 | |||||||||
Adjustments to reconcile net income to net | ||||||||||||||||||||
cash provided by operating activities: | ||||||||||||||||||||
Depreciation and amortization | 4,823 | 42,789 | 670 | — | 48,282 | |||||||||||||||
Stock-based compensation | — | 2,025 | — | — | 2,025 | |||||||||||||||
Change in fair value of catalyst lease obligations | — | (2,039 | ) | — | — | (2,039 | ) | |||||||||||||
Non-cash change in inventory repurchase obligations | — | 66,509 | — | — | 66,509 | |||||||||||||||
Non-cash lower of cost or market inventory adjustment | (99,732 | ) | 78,524 | — | — | (21,208 | ) | |||||||||||||
Pension and other post retirement benefit costs | 2,079 | 4,369 | — | — | 6,448 | |||||||||||||||
(Gain) loss on disposition of property, plant and equipment | (182 | ) | — | (177 | ) | — | (359 | ) | ||||||||||||
Equity in earnings of subsidiaries | 318,138 | — | — | (318,138 | ) | — | ||||||||||||||
Changes in current assets and current liabilities: | ||||||||||||||||||||
Accounts receivable | 103,083 | 14,653 | (7,652 | ) | — | 110,084 | ||||||||||||||
Amounts due to/from related parties | (273,044 | ) | 271,231 | 4,434 | — | 2,621 | ||||||||||||||
Inventories | 87,991 | (59,790 | ) | (29,208 | ) | — | (1,007 | ) | ||||||||||||
Prepaid expenses and other current assets | (7,284 | ) | 1,199 | — | — | (6,085 | ) | |||||||||||||
Accounts payable | 3,449 | (21,672 | ) | (4,834 | ) | 863 | (22,194 | ) | ||||||||||||
Accrued expenses | (179,401 | ) | 19,491 | (37,517 | ) | — | (197,427 | ) | ||||||||||||
Deferred revenue | 4,859 | — | — | — | 4,859 | |||||||||||||||
Other assets and liabilities | 320 | (2,601 | ) | 2 | — | (2,279 | ) | |||||||||||||
Net cash provided by (used in) operating activities | 100,355 | 56,022 | (33,754 | ) | 863 | 123,486 | ||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Expenditures for property, plant and equipment | (67,355 | ) | (33,392 | ) | — | — | (100,747 | ) | ||||||||||||
Expenditures for deferred turnaround costs | — | (18,376 | ) | — | — | (18,376 | ) | |||||||||||||
Expenditures for other assets | — | (4,958 | ) | — | — | (4,958 | ) | |||||||||||||
Investment in subsidiaries | 10,000 | — | — | (10,000 | ) | — | ||||||||||||||
Proceeds from sale of assets | 41,597 | — | 36,021 | — | 77,618 | |||||||||||||||
Net cash provided by (used in) investing activities | (15,758 | ) | (56,726 | ) | 36,021 | (10,000 | ) | (46,463 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Proceeds from members' capital contributions | — | — | (10,000 | ) | 10,000 | — | ||||||||||||||
Distribution to members | — | — | — | — | — | |||||||||||||||
Proceeds from intercompany notes payable | 30,000 | — | — | — | 30,000 | |||||||||||||||
Proceeds from Rail Facility revolver borrowings | — | — | 23,425 | — | 23,425 | |||||||||||||||
Repayments of revolver borrowings | — | — | — | — | — | |||||||||||||||
Repayments of Rail Facility revolver borrowing | — | — | (22,774 | ) | — | (22,774 | ) | |||||||||||||
Deferred financing costs and other | 759 | — | — | — | 759 | |||||||||||||||
Net cash provided by (used in) financing activities | 30,759 | — | (9,349 | ) | 10,000 | 31,410 | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | 115,356 | (704 | ) | (7,082 | ) | 863 | 108,433 | |||||||||||||
Cash and equivalents, beginning of period | 185,381 | 704 | 34,334 | (2,016 | ) | 218,403 | ||||||||||||||
Cash and equivalents, end of period | $ | 300,737 | $ | — | $ | 27,252 | $ | (1,153 | ) | $ | 326,836 | |||||||||
13. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW | ||||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||
Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combining and Consolidating Adjustments | Total | ||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net income (loss) | $ | 232,750 | $ | (304,829 | ) | $ | — | $ | 304,829 | $ | 232,750 | |||||||||
Adjustments to reconcile net income to net | ||||||||||||||||||||
cash from operating activities: | ||||||||||||||||||||
Depreciation and amortization | 5,115 | 29,733 | — | — | 34,848 | |||||||||||||||
Stock-based compensation | — | 1,420 | — | — | 1,420 | |||||||||||||||
Change in fair value of catalyst lease obligations | — | 2,001 | — | — | 2,001 | |||||||||||||||
Non-cash change in inventory repurchase obligations | — | (17,463 | ) | — | — | (17,463 | ) | |||||||||||||
Pension and other post retirement benefit costs | 1,291 | 3,514 | — | — | 4,805 | |||||||||||||||
Gain on disposition of property, plant and equipment | (186 | ) | — | — | — | (186 | ) | |||||||||||||
Equity in earnings of subsidiaries | 304,829 | — | — | (304,829 | ) | — | ||||||||||||||
Changes in current assets and current liabilities: | ||||||||||||||||||||
Accounts receivable | 67,045 | (39 | ) | — | — | 67,006 | ||||||||||||||
Amounts due to/from related parties | (355,645 | ) | 355,645 | — | — | — | ||||||||||||||
Inventories | (135,330 | ) | 35,356 | — | — | (99,974 | ) | |||||||||||||
Prepaid expenses and other current assets | 14,137 | 1,581 | — | — | 15,718 | |||||||||||||||
Accounts payable | (134,695 | ) | (20,779 | ) | — | — | (155,474 | ) | ||||||||||||
Accrued expenses | 174,049 | 5,932 | — | — | 179,981 | |||||||||||||||
Deferred revenue | (1,393 | ) | — | — | — | (1,393 | ) | |||||||||||||
Other assets and liabilities | (982 | ) | (2,685 | ) | — | — | (3,667 | ) | ||||||||||||
Net cash provided (used in) by operating activities | 170,985 | 89,387 | — | — | 260,372 | |||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Expenditures for property, plant and equipment | (4,595 | ) | (55,532 | ) | — | — | (60,127 | ) | ||||||||||||
Expenditures for refinery turnarounds costs | — | (23,128 | ) | — | — | (23,128 | ) | |||||||||||||
Expenditures for other assets | — | (7,157 | ) | — | — | (7,157 | ) | |||||||||||||
Proceeds from sale of assets | 37,759 | — | — | — | 37,759 | |||||||||||||||
Net cash provided by (used in) investing activities | 33,164 | (85,817 | ) | — | — | (52,653 | ) | |||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Distributions to members | (29,661 | ) | — | — | — | (29,661 | ) | |||||||||||||
Proceeds from revolver borrowings | 265,000 | — | — | — | 265,000 | |||||||||||||||
Repayments of revolver borrowings | (280,000 | ) | — | — | — | (280,000 | ) | |||||||||||||
Deferred financing costs and other | 179 | (3,072 | ) | — | — | (2,893 | ) | |||||||||||||
Net cash used in financing activities | (44,482 | ) | (3,072 | ) | — | — | (47,554 | ) | ||||||||||||
Net (decrease) increase in cash and cash equivalents | 159,667 | 498 | — | — | 160,165 | |||||||||||||||
Cash and equivalents, beginning of period | 76,179 | 791 | — | — | 76,970 | |||||||||||||||
Cash and equivalents, end of period | $ | 235,846 | $ | 1,289 | $ | — | $ | — | $ | 237,135 | ||||||||||
DESCRIPTION_OF_THE_BUSINESS_AN1
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
New Accounting Pronouncements | Recent Accounting Pronouncements |
In April 2015, the FASB issued ASU No. 2015-03, "Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs" ("ASU 2015-03"), which requires debt issuance costs related to a recognized debt liability to be presented on the balance sheet as a direct deduction from the debt liability rather than as an asset. The standard is effective for interim and annual periods beginning after December 15, 2015 and early adoption is permitted. The Company is currently evaluating the impact of this new standard on its consolidated financial statements and related disclosures. |
INVENTORIES_Tables
INVENTORIES (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Inventory Disclosure [Abstract] | ||||||||||||
Schedule of Inventory | Inventories consisted of the following: | |||||||||||
March 31, 2015 | ||||||||||||
Titled Inventory | Inventory Supply and Intermediation Arrangements | Total | ||||||||||
Crude oil and feedstocks | $ | 870,989 | $ | 86,632 | $ | 957,621 | ||||||
Refined products and blendstocks | 436,549 | 365,748 | 802,297 | |||||||||
Warehouse stock and other | 38,191 | — | 38,191 | |||||||||
$ | 1,345,729 | $ | 452,380 | $ | 1,798,109 | |||||||
Lower of cost or market reserve | (544,242 | ) | (124,660 | ) | (668,902 | ) | ||||||
$ | 801,487 | $ | 327,720 | $ | 1,129,207 | |||||||
December 31, 2014 | ||||||||||||
Titled Inventory | Inventory Supply and Intermediation Arrangements | Total | ||||||||||
Crude oil and feedstocks | $ | 918,756 | $ | 61,122 | $ | 979,878 | ||||||
Refined products and blendstocks | 520,308 | 255,459 | 775,767 | |||||||||
Warehouse stock and other | 36,726 | — | 36,726 | |||||||||
$ | 1,475,790 | $ | 316,581 | $ | 1,792,371 | |||||||
Lower of cost or market reserve | (609,774 | ) | (80,336 | ) | (690,110 | ) | ||||||
$ | 866,016 | $ | 236,245 | $ | 1,102,261 | |||||||
DEFERRED_CHARGES_AND_OTHER_ASS1
DEFERRED CHARGES AND OTHER ASSETS, NET (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||||||
Schedule of deferred charges and other assets, net | Deferred charges and other assets, net consisted of the following: | |||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Deferred turnaround costs, net | $ | 204,370 | $ | 204,987 | ||||
Catalyst | 77,693 | 77,322 | ||||||
Deferred financing costs, net | 28,377 | 30,128 | ||||||
Linefill | 10,230 | 10,230 | ||||||
Restricted cash | 1,521 | 1,521 | ||||||
Intangible assets, net | 289 | 357 | ||||||
Other | 6,068 | 5,972 | ||||||
$ | 328,548 | $ | 330,517 | |||||
ACCRUED_EXPENSES_Tables
ACCRUED EXPENSES (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Payables and Accruals [Abstract] | ||||||||
Schedule of accrued expenses | Accrued expenses consisted of the following: | |||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Inventory-related accruals | $ | 480,197 | $ | 588,297 | ||||
Inventory supply and intermediation arrangements | 264,922 | 253,549 | ||||||
Accrued transportation costs | 79,743 | 59,959 | ||||||
Excise and sales tax payable | 37,972 | 40,444 | ||||||
Customer deposits | 25,920 | 24,659 | ||||||
Accrued salaries and benefits | 21,070 | 55,993 | ||||||
Accrued utilities | 20,190 | 22,337 | ||||||
Accrued construction in progress | 19,043 | 31,452 | ||||||
Renewable energy credit obligations | 17,745 | 286 | ||||||
Accrued interest | 7,797 | 22,946 | ||||||
Other | 24,224 | 30,048 | ||||||
$ | 998,823 | $ | 1,129,970 | |||||
EMPLOYEE_BENEFIT_PLANS_Tables
EMPLOYEE BENEFIT PLANS (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ||||||||
Schedule of net periodic benefit cost | The components of net periodic benefit cost related to the Company’s defined benefit plans consisted of the following: | |||||||
Three Months Ended | ||||||||
March 31, | ||||||||
Pension Benefits | 2015 | 2014 | ||||||
Components of net periodic benefit cost: | ||||||||
Service cost | $ | 5,790 | $ | 4,291 | ||||
Interest cost | 709 | 570 | ||||||
Expected return on plan assets | (829 | ) | (524 | ) | ||||
Amortization of prior service costs | 13 | 3 | ||||||
Amortization of actuarial loss | 311 | 222 | ||||||
Net periodic benefit cost | $ | 5,994 | $ | 4,562 | ||||
Three Months Ended | ||||||||
March 31, | ||||||||
Post Retirement Medical Plan | 2015 | 2014 | ||||||
Components of net periodic benefit cost: | ||||||||
Service cost | $ | 244 | $ | 178 | ||||
Interest cost | 134 | 93 | ||||||
Amortization of prior service costs | 76 | (20 | ) | |||||
Amortization of actuarial loss | — | (5 | ) | |||||
Net periodic benefit cost | $ | 454 | $ | 246 | ||||
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended | ||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||
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, 2015 and December 31, 2014. | ||||||||||||||||||||||
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, 2015 | |||||||||||||||||||||||
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 | $ | 177,275 | $ | — | $ | — | $ | 177,275 | N/A | $ | 177,275 | ||||||||||||
Non-qualified pension plan assets | 5,589 | — | — | 5,589 | N/A | 5,589 | |||||||||||||||||
Commodity contracts | 216,312 | 84,010 | 9,678 | 310,000 | (295,995 | ) | 14,005 | ||||||||||||||||
Derivatives included with intermediation agreement obligations | — | 31,148 | — | 31,148 | — | 31,148 | |||||||||||||||||
Derivatives included with inventory supply arrangement obligations | — | 1,430 | — | 1,430 | — | 1,430 | |||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Commodity contracts | 227,693 | 87,691 | — | 315,384 | (295,995 | ) | 19,389 | ||||||||||||||||
Catalyst lease obligations | — | 34,521 | — | 34,521 | — | 34,521 | |||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||
Fair Value Hierarchy | Total Gross Fair Value | Effect of Counter-party Netting | Total | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Money market funds | $ | 5,575 | $ | — | $ | — | $ | 5,575 | N/A | $ | 5,575 | ||||||||||||
Non-qualified pension plan assets | 5,494 | — | — | 5,494 | N/A | 5,494 | |||||||||||||||||
Commodity contracts | 415,023 | 12,093 | 1,715 | 428,831 | (397,676 | ) | 31,155 | ||||||||||||||||
Derivatives included with inventory intermediation agreement obligations | — | 94,834 | — | 94,834 | — | 94,834 | |||||||||||||||||
Derivatives included with inventory supply arrangement obligation | — | 4,251 | — | 4,251 | — | 4,251 | |||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Commodity contracts | 390,144 | 7,338 | 194 | 397,676 | (397,676 | ) | — | ||||||||||||||||
Catalyst lease obligations | — | 36,559 | — | 36,559 | — | 36,559 | |||||||||||||||||
Schedule of Effect of Significant Unobservable Inputs | The table below summarizes the changes in fair value measurements categorized in Level 3 of the fair value hierarchy: | ||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||
Balance at beginning of period | $ | 1,521 | $ | (23,365 | ) | ||||||||||||||||||
Purchases | — | — | |||||||||||||||||||||
Settlements | (1,200 | ) | (1,305 | ) | |||||||||||||||||||
Unrealized gain included in earnings | 9,357 | 20,919 | |||||||||||||||||||||
Transfers into Level 3 | — | — | |||||||||||||||||||||
Transfers out of Level 3 | — | — | |||||||||||||||||||||
Balance at end of period | $ | 9,678 | $ | (3,751 | ) | ||||||||||||||||||
Schedule of Fair value of Debt | The table below summarizes the fair value and carrying value as of March 31, 2015 and December 31, 2014. | ||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||||||||
value | value | value | value | ||||||||||||||||||||
Senior Secured Notes (a) | $ | 668,792 | $ | 688,288 | $ | 668,520 | $ | 675,580 | |||||||||||||||
Rail Facility (b) | 37,920 | 37,920 | 37,270 | 37,270 | |||||||||||||||||||
Catalyst leases (c) | 34,521 | 34,521 | 36,559 | 36,559 | |||||||||||||||||||
741,233 | 760,729 | 742,349 | 749,409 | ||||||||||||||||||||
Less - Current maturities | — | — | — | — | |||||||||||||||||||
Long-term debt | $ | 741,233 | $ | 760,729 | $ | 742,349 | $ | 749,409 | |||||||||||||||
(a) The estimated fair value, categorized as a Level 2 measurement, was calculated based on the present value of future expected payments utilizing implied current market interest rates based on quoted prices of the Senior Secured Notes. | |||||||||||||||||||||||
(b) The estimated fair value approximates carrying value, categorized as a Level 2 measurement, as these borrowings bear interest based upon short-term floating market interest rates. | |||||||||||||||||||||||
(c) Catalyst leases are valued using a market approach based upon commodity prices for similar instruments quoted in active markets and are categorized as a Level 2 measurement. The Company has elected the fair value option for accounting for its catalyst lease repurchase obligations as the Company's liability is directly impacted by the change in fair value of the underlying catalyst. |
DERIVATIVES_Tables
DERIVATIVES (Tables) | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
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, 2015 and December 31, 2014 and the line items in the consolidated balance sheet in which the fair values are reflected. | ||||
Description | Balance Sheet Location | Fair Value | |||
Asset/(Liability) | |||||
Derivatives designated as hedging instruments: | |||||
March 31, 2015: | |||||
Derivatives included with inventory supply arrangement obligations | Accrued expenses | $ | 1,430 | ||
Derivatives included with the intermediation agreement obligations | Accrued expenses | $ | 31,148 | ||
December 31, 2014: | |||||
Derivatives included with inventory supply arrangement obligations | Accrued expenses | $ | 4,251 | ||
Derivatives included with the intermediation agreement obligations | Accrued expenses | $ | 94,834 | ||
Derivatives not designated as hedging instruments: | |||||
March 31, 2015: | |||||
Commodity contracts | Accounts receivable | $ | 14,005 | ||
Commodity contracts | Accrued expenses | $ | (19,389 | ) | |
December 31, 2014: | |||||
Commodity contracts | Accounts receivable | $ | 31,155 | ||
Schedule of Derivative Instruments, Gain (Loss) Recognized in Income | The following tables provide information about the gain or loss recognized in income on these derivative instruments and the line items in the consolidated financial statements in which such gains and losses are reflected. | ||||
Description | Location of Gain or (Loss) Recognized in | Gain or (Loss) | |||
Income on Derivatives | Recognized in | ||||
Income on Derivatives | |||||
Derivatives designated as hedging instruments: | |||||
For the three months ended March 31, 2015: | |||||
Derivatives included with inventory supply arrangement obligations | Cost of sales | $ | (2,821 | ) | |
Derivatives included with the intermediation agreement obligations | Cost of sales | $ | (63,686 | ) | |
For the three months ended March 31, 2014: | |||||
Derivatives included with inventory supply arrangement obligations | Cost of sales | $ | 2,651 | ||
Derivatives included with the intermediation agreement obligations | Cost of sales | $ | 14,812 | ||
Derivatives not designated as hedging instruments: | |||||
For the three months ended March 31, 2015: | |||||
Commodity contracts | Cost of sales | $ | (41,128 | ) | |
For the three months ended March 31, 2014: | |||||
Commodity contracts | Cost of sales | $ | 72,397 | ||
Hedged items designated in fair value hedges: | |||||
For the three months ended March 31, 2015: | |||||
Crude oil and feedstock inventory | Cost of sales | $ | 2,821 | ||
Intermediate and refined product inventory | Cost of sales | $ | 63,686 | ||
For the three months ended March 31, 2014: | |||||
Crude oil and feedstock inventory | Cost of sales | $ | (2,651 | ) | |
Intermediate and refined product inventory | Cost of sales | $ | (14,812 | ) |
CONDENSED_CONSOLIDATING_FINANC1
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Condensed Financial Information of Subsidiary Disclosure [Abstract] | ||||||||||||||||||||
Condensed Consolidating Balance Sheet | CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||
Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combining and Consolidating Adjustments | Total | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 300,737 | $ | — | $ | 27,252 | $ | (1,153 | ) | $ | 326,836 | |||||||||
Accounts receivable | 415,415 | 11,585 | 14,185 | — | 441,185 | |||||||||||||||
Accounts receivable - affiliate | 632 | 2,290 | — | — | 2,922 | |||||||||||||||
Inventories | 522,688 | 421,921 | 184,598 | — | 1,129,207 | |||||||||||||||
Prepaid expense and other current assets | 34,248 | 3,994 | — | — | 38,242 | |||||||||||||||
Due from related parties | 17,427,231 | 19,391,771 | 2,124,464 | (38,943,466 | ) | — | ||||||||||||||
Total current assets | 18,700,951 | 19,831,561 | 2,350,499 | (38,944,619 | ) | 1,938,392 | ||||||||||||||
Property, plant and equipment, net | 64,900 | 1,680,683 | 55,250 | — | 1,800,833 | |||||||||||||||
Investment in subsidiaries | 2,241,553 | — | — | (2,241,553 | ) | — | ||||||||||||||
Deferred charges and other assets, net | 33,133 | 293,052 | 2,363 | — | 328,548 | |||||||||||||||
Total assets | $ | 21,040,537 | $ | 21,805,296 | $ | 2,408,112 | $ | (41,186,172 | ) | $ | 4,067,773 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable | $ | 239,240 | $ | 71,312 | $ | 3,589 | $ | (1,153 | ) | $ | 312,988 | |||||||||
Accounts payable - affiliate | 13,920 | 30 | — | — | 13,950 | |||||||||||||||
Accrued expenses | 319,168 | 525,841 | 153,814 | — | 998,823 | |||||||||||||||
Current portion of long-term debt | — | — | — | — | — | |||||||||||||||
Deferred revenue | 6,086 | — | — | — | 6,086 | |||||||||||||||
Due to related parties | 17,850,076 | 19,008,184 | 2,085,206 | (38,943,466 | ) | — | ||||||||||||||
Total current liabilities | 18,428,490 | 19,605,367 | 2,242,609 | (38,944,619 | ) | 1,331,847 | ||||||||||||||
Delaware Economic Development Authority loan | — | 8,000 | — | — | 8,000 | |||||||||||||||
Long-term debt | 668,792 | 34,520 | 37,921 | — | 741,233 | |||||||||||||||
Intercompany notes payable | 153,023 | — | — | — | 153,023 | |||||||||||||||
Other long-term liabilities | 23,975 | 43,438 | — | — | 67,413 | |||||||||||||||
Total liabilities | 19,274,280 | 19,691,325 | 2,280,530 | (38,944,619 | ) | 2,301,516 | ||||||||||||||
Commitments and contingencies | ||||||||||||||||||||
Equity: | ||||||||||||||||||||
Member's equity | 1,144,114 | 749,293 | 34,346 | (783,639 | ) | 1,144,114 | ||||||||||||||
Retained earnings (accumulated deficit) | 648,548 | 1,373,066 | 93,236 | (1,466,302 | ) | 648,548 | ||||||||||||||
Accumulated other comprehensive (loss) income | (26,405 | ) | (8,388 | ) | — | 8,388 | (26,405 | ) | ||||||||||||
Total equity | 1,766,257 | 2,113,971 | 127,582 | (2,241,553 | ) | 1,766,257 | ||||||||||||||
Total liabilities and equity | $ | 21,040,537 | $ | 21,805,296 | $ | 2,408,112 | $ | (41,186,172 | ) | $ | 4,067,773 | |||||||||
13. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||
Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combining and Consolidating Adjustments | Total | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 185,381 | $ | 704 | $ | 34,334 | $ | (2,016 | ) | $ | 218,403 | |||||||||
Accounts receivable | 518,498 | 26,238 | 6,533 | — | 551,269 | |||||||||||||||
Accounts receivable - affiliate | 529 | 2,694 | — | — | 3,223 | |||||||||||||||
Inventories | 510,947 | 435,924 | 155,390 | — | 1,102,261 | |||||||||||||||
Prepaid expense and other current assets | 26,964 | 5,193 | — | — | 32,157 | |||||||||||||||
Due from related parties | 16,189,384 | 18,805,509 | 1,607,878 | (36,602,771 | ) | — | ||||||||||||||
Total current assets | 17,431,703 | 19,276,262 | 1,804,135 | (36,604,787 | ) | 1,907,313 | ||||||||||||||
Property, plant and equipment, net | 68,218 | 1,683,294 | 54,548 | — | 1,806,060 | |||||||||||||||
Investment in subsidiaries | 2,569,636 | — | — | (2,569,636 | ) | — | ||||||||||||||
Deferred charges and other assets, net | 34,840 | 293,098 | 2,579 | — | 330,517 | |||||||||||||||
Total assets | $ | 20,104,397 | $ | 21,252,654 | $ | 1,861,262 | $ | (39,174,423 | ) | $ | 4,043,890 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable | $ | 235,791 | $ | 92,984 | $ | 8,423 | $ | (2,016 | ) | $ | 335,182 | |||||||||
Accounts Payable - affiliate | 11,600 | 30 | — | — | 11,630 | |||||||||||||||
Accrued expenses | 487,783 | 450,856 | 191,331 | — | 1,129,970 | |||||||||||||||
Current portion of long-term debt | — | — | — | — | — | |||||||||||||||
Deferred revenue | 1,227 | — | — | — | 1,227 | |||||||||||||||
Due to related parties | 16,924,490 | 18,151,095 | 1,527,186 | (36,602,771 | ) | — | ||||||||||||||
Total current liabilities | 17,660,891 | 18,694,965 | 1,726,940 | (36,604,787 | ) | 1,478,009 | ||||||||||||||
Delaware Economic Development Authority loan | — | 8,000 | — | — | 8,000 | |||||||||||||||
Long-term debt | 668,520 | 36,559 | 37,270 | — | 742,349 | |||||||||||||||
Intercompany notes payable | 122,264 | — | — | — | 122,264 | |||||||||||||||
Other long-term liabilities | 22,206 | 40,546 | — | — | 62,752 | |||||||||||||||
Total liabilities | 18,473,881 | 18,780,070 | 1,764,210 | (36,604,787 | ) | 2,413,374 | ||||||||||||||
Commitments and contingencies | ||||||||||||||||||||
Equity: | ||||||||||||||||||||
Member's equity | 1,144,100 | 749,278 | 44,346 | (793,624 | ) | 1,144,100 | ||||||||||||||
Retained earnings | 513,292 | 1,731,694 | 52,706 | (1,784,400 | ) | 513,292 | ||||||||||||||
Accumulated other comprehensive (loss) income | (26,876 | ) | (8,388 | ) | — | 8,388 | (26,876 | ) | ||||||||||||
Total equity | 1,630,516 | 2,472,584 | 97,052 | (2,569,636 | ) | 1,630,516 | ||||||||||||||
Total liabilities and equity | $ | 20,104,397 | $ | 21,252,654 | $ | 1,861,262 | $ | (39,174,423 | ) | $ | 4,043,890 | |||||||||
Condensed Consolidating Statement of Cash Flow | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW | |||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||
Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combining and Consolidating Adjustments | Total | ||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net income (loss) | $ | 135,256 | $ | (358,666 | ) | $ | 40,528 | $ | 318,138 | $ | 135,256 | |||||||||
Adjustments to reconcile net income to net | ||||||||||||||||||||
cash provided by operating activities: | ||||||||||||||||||||
Depreciation and amortization | 4,823 | 42,789 | 670 | — | 48,282 | |||||||||||||||
Stock-based compensation | — | 2,025 | — | — | 2,025 | |||||||||||||||
Change in fair value of catalyst lease obligations | — | (2,039 | ) | — | — | (2,039 | ) | |||||||||||||
Non-cash change in inventory repurchase obligations | — | 66,509 | — | — | 66,509 | |||||||||||||||
Non-cash lower of cost or market inventory adjustment | (99,732 | ) | 78,524 | — | — | (21,208 | ) | |||||||||||||
Pension and other post retirement benefit costs | 2,079 | 4,369 | — | — | 6,448 | |||||||||||||||
(Gain) loss on disposition of property, plant and equipment | (182 | ) | — | (177 | ) | — | (359 | ) | ||||||||||||
Equity in earnings of subsidiaries | 318,138 | — | — | (318,138 | ) | — | ||||||||||||||
Changes in current assets and current liabilities: | ||||||||||||||||||||
Accounts receivable | 103,083 | 14,653 | (7,652 | ) | — | 110,084 | ||||||||||||||
Amounts due to/from related parties | (273,044 | ) | 271,231 | 4,434 | — | 2,621 | ||||||||||||||
Inventories | 87,991 | (59,790 | ) | (29,208 | ) | — | (1,007 | ) | ||||||||||||
Prepaid expenses and other current assets | (7,284 | ) | 1,199 | — | — | (6,085 | ) | |||||||||||||
Accounts payable | 3,449 | (21,672 | ) | (4,834 | ) | 863 | (22,194 | ) | ||||||||||||
Accrued expenses | (179,401 | ) | 19,491 | (37,517 | ) | — | (197,427 | ) | ||||||||||||
Deferred revenue | 4,859 | — | — | — | 4,859 | |||||||||||||||
Other assets and liabilities | 320 | (2,601 | ) | 2 | — | (2,279 | ) | |||||||||||||
Net cash provided by (used in) operating activities | 100,355 | 56,022 | (33,754 | ) | 863 | 123,486 | ||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Expenditures for property, plant and equipment | (67,355 | ) | (33,392 | ) | — | — | (100,747 | ) | ||||||||||||
Expenditures for deferred turnaround costs | — | (18,376 | ) | — | — | (18,376 | ) | |||||||||||||
Expenditures for other assets | — | (4,958 | ) | — | — | (4,958 | ) | |||||||||||||
Investment in subsidiaries | 10,000 | — | — | (10,000 | ) | — | ||||||||||||||
Proceeds from sale of assets | 41,597 | — | 36,021 | — | 77,618 | |||||||||||||||
Net cash provided by (used in) investing activities | (15,758 | ) | (56,726 | ) | 36,021 | (10,000 | ) | (46,463 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Proceeds from members' capital contributions | — | — | (10,000 | ) | 10,000 | — | ||||||||||||||
Distribution to members | — | — | — | — | — | |||||||||||||||
Proceeds from intercompany notes payable | 30,000 | — | — | — | 30,000 | |||||||||||||||
Proceeds from Rail Facility revolver borrowings | — | — | 23,425 | — | 23,425 | |||||||||||||||
Repayments of revolver borrowings | — | — | — | — | — | |||||||||||||||
Repayments of Rail Facility revolver borrowing | — | — | (22,774 | ) | — | (22,774 | ) | |||||||||||||
Deferred financing costs and other | 759 | — | — | — | 759 | |||||||||||||||
Net cash provided by (used in) financing activities | 30,759 | — | (9,349 | ) | 10,000 | 31,410 | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | 115,356 | (704 | ) | (7,082 | ) | 863 | 108,433 | |||||||||||||
Cash and equivalents, beginning of period | 185,381 | 704 | 34,334 | (2,016 | ) | 218,403 | ||||||||||||||
Cash and equivalents, end of period | $ | 300,737 | $ | — | $ | 27,252 | $ | (1,153 | ) | $ | 326,836 | |||||||||
13. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW | ||||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||
Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combining and Consolidating Adjustments | Total | ||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net income (loss) | $ | 232,750 | $ | (304,829 | ) | $ | — | $ | 304,829 | $ | 232,750 | |||||||||
Adjustments to reconcile net income to net | ||||||||||||||||||||
cash from operating activities: | ||||||||||||||||||||
Depreciation and amortization | 5,115 | 29,733 | — | — | 34,848 | |||||||||||||||
Stock-based compensation | — | 1,420 | — | — | 1,420 | |||||||||||||||
Change in fair value of catalyst lease obligations | — | 2,001 | — | — | 2,001 | |||||||||||||||
Non-cash change in inventory repurchase obligations | — | (17,463 | ) | — | — | (17,463 | ) | |||||||||||||
Pension and other post retirement benefit costs | 1,291 | 3,514 | — | — | 4,805 | |||||||||||||||
Gain on disposition of property, plant and equipment | (186 | ) | — | — | — | (186 | ) | |||||||||||||
Equity in earnings of subsidiaries | 304,829 | — | — | (304,829 | ) | — | ||||||||||||||
Changes in current assets and current liabilities: | ||||||||||||||||||||
Accounts receivable | 67,045 | (39 | ) | — | — | 67,006 | ||||||||||||||
Amounts due to/from related parties | (355,645 | ) | 355,645 | — | — | — | ||||||||||||||
Inventories | (135,330 | ) | 35,356 | — | — | (99,974 | ) | |||||||||||||
Prepaid expenses and other current assets | 14,137 | 1,581 | — | — | 15,718 | |||||||||||||||
Accounts payable | (134,695 | ) | (20,779 | ) | — | — | (155,474 | ) | ||||||||||||
Accrued expenses | 174,049 | 5,932 | — | — | 179,981 | |||||||||||||||
Deferred revenue | (1,393 | ) | — | — | — | (1,393 | ) | |||||||||||||
Other assets and liabilities | (982 | ) | (2,685 | ) | — | — | (3,667 | ) | ||||||||||||
Net cash provided (used in) by operating activities | 170,985 | 89,387 | — | — | 260,372 | |||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Expenditures for property, plant and equipment | (4,595 | ) | (55,532 | ) | — | — | (60,127 | ) | ||||||||||||
Expenditures for refinery turnarounds costs | — | (23,128 | ) | — | — | (23,128 | ) | |||||||||||||
Expenditures for other assets | — | (7,157 | ) | — | — | (7,157 | ) | |||||||||||||
Proceeds from sale of assets | 37,759 | — | — | — | 37,759 | |||||||||||||||
Net cash provided by (used in) investing activities | 33,164 | (85,817 | ) | — | — | (52,653 | ) | |||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Distributions to members | (29,661 | ) | — | — | — | (29,661 | ) | |||||||||||||
Proceeds from revolver borrowings | 265,000 | — | — | — | 265,000 | |||||||||||||||
Repayments of revolver borrowings | (280,000 | ) | — | — | — | (280,000 | ) | |||||||||||||
Deferred financing costs and other | 179 | (3,072 | ) | — | — | (2,893 | ) | |||||||||||||
Net cash used in financing activities | (44,482 | ) | (3,072 | ) | — | — | (47,554 | ) | ||||||||||||
Net (decrease) increase in cash and cash equivalents | 159,667 | 498 | — | — | 160,165 | |||||||||||||||
Cash and equivalents, beginning of period | 76,179 | 791 | — | — | 76,970 | |||||||||||||||
Cash and equivalents, end of period | $ | 235,846 | $ | 1,289 | $ | — | $ | — | $ | 237,135 | ||||||||||
DESCRIPTION_OF_THE_BUSINESS_AN2
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Details) | 0 Months Ended | ||
14-May-14 | Mar. 31, 2015 | Dec. 31, 2014 | |
Common Units [Member] | IPO [Member] | |||
Description of Business [Line Items] | |||
Shares issued | 15,812,500 | ||
PBF Energy [Member] | Class A Common Stock [Member] | |||
Description of Business [Line Items] | |||
Percentage of ownership in PBF LLC | 94.30% | 89.90% |
INVENTORIES_Details
INVENTORIES (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Inventory [Line Items] | |||
Crude oil and feedstocks | $957,621 | $979,878 | |
Refined products and blendstocks | 802,297 | 775,767 | |
Warehouse stock and other | 38,191 | 36,726 | |
Inventory, Gross | 1,798,109 | 1,792,371 | |
Lower of cost or market reserve | -668,902 | -690,110 | |
Inventories | 1,129,207 | 1,102,261 | |
Operating income (loss) | 154,289 | 260,207 | |
Titled Inventory [Member] | |||
Inventory [Line Items] | |||
Crude oil and feedstocks | 870,989 | 918,756 | |
Refined products and blendstocks | 436,549 | 520,308 | |
Warehouse stock and other | 38,191 | 36,726 | |
Inventory, Gross | 1,345,729 | 1,475,790 | |
Lower of cost or market reserve | -544,242 | -609,774 | |
Inventories | 801,487 | 866,016 | |
Inventory Supply and Offtake Arrangements [Member] | |||
Inventory [Line Items] | |||
Crude oil and feedstocks | 86,632 | 61,122 | |
Refined products and blendstocks | 365,748 | 255,459 | |
Warehouse stock and other | 0 | 0 | |
Inventory, Gross | 452,380 | 316,581 | |
Lower of cost or market reserve | -124,660 | -80,336 | |
Inventories | 327,720 | 236,245 | |
Scenario, Adjustment [Member] | |||
Inventory [Line Items] | |||
Operating income (loss) | $21,208 |
DEFERRED_CHARGES_AND_OTHER_ASS2
DEFERRED CHARGES AND OTHER ASSETS, NET (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Deferred turnaround costs, net | $204,370 | $204,987 |
Catalyst | 77,693 | 77,322 |
Deferred financing costs, net | 28,377 | 30,128 |
Linefill | 10,230 | 10,230 |
Restricted cash | 1,521 | 1,521 |
Intangible assets, net | 289 | 357 |
Other | 6,068 | 5,972 |
Deferred charges and other assets | $328,548 | $330,517 |
ACCRUED_EXPENSES_Details
ACCRUED EXPENSES (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Accrued Expenses: | ||
Inventory-related accruals | $480,197 | $588,297 |
Inventory supply and intermediation arrangements | 264,922 | 253,549 |
Accrued transportation costs | 79,743 | 59,959 |
Excise and sales tax payable | 37,972 | 40,444 |
Customer deposits | 25,920 | 24,659 |
Accrued salaries and benefits | 21,070 | 55,993 |
Accrued utilities | 20,190 | 22,337 |
Accrued construction in progress | 19,043 | 31,452 |
Renewable energy credit obligations | 17,745 | 286 |
Accrued interest | 7,797 | 22,946 |
Other | 24,224 | 30,048 |
Accrued expenses | $998,823 | $1,129,970 |
INTERCOMPANY_NOTE_PAYABLE_Deta
INTERCOMPANY NOTE PAYABLE (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Intercompany notes payable | 153,023 | $122,264 |
Notes Payable, Other Payables [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 2.50% | |
Debt instrument, term | 5 years |
RELATED_PARTY_TRANSACTIONS_Det
RELATED PARTY TRANSACTIONS (Details) (PBF Logistics LP [Member], USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | Oct. 01, 2014 | 14-May-14 | |
Omnibus Agreement [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, annual fee | $2,225,000 | $2,700,000 | ||
Cost of Sales [Member] | DCR Terminaling Agreement [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, amounts of transaction | 15,545,000 | |||
Cost of Sales [Member] | Toledo Terminaling Agreement [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, amounts of transaction | 578,000 | |||
Cost of Sales [Member] | West Ladder Rack Terminaling Agreement [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, amounts of transaction | 7,920,000 | |||
Cost of Sales [Member] | Toledo Tank Farm Storage and Terminaling Agreement [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, amounts of transaction | 6,522,000 | |||
General and Administrative Expense [Member] | Omnibus Agreement [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, amounts of transaction | 1,181,000 | |||
Operating Expense [Member] | Services Agreement [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, amounts of transaction | $1,100,000 | |||
Delaware City West Heavy Crude Unloading Rack [Member] | West Ladder Rack Terminaling Agreement [Member] | ||||
Related Party Transaction [Line Items] | ||||
Oil And Gas Plant, Terminaling Services Fee, Fee For Volume Above Minimum | 1.5 | |||
Oil And Gas Plant, Collaborative Agreement, Minimum Throughput Capacity | 40,000 | |||
Oil And Gas Plant, Terminaling Services Fee, Base Commitment | 2.2 | |||
Toledo Storage Facility [Member] | Toledo Tank Farm Storage and Terminaling Agreement [Member] | ||||
Related Party Transaction [Line Items] | ||||
Oil And Gas Plant, Storage Services Fee | 0.5 | |||
Oil And Gas Plant, Collaborative Agreement, Minimum Throughput Capacity | 4,400 | |||
Oil And Gas Plant, Terminaling Services Fee, Base Commitment | 2.52 | |||
Services Agreement [Member] | Delaware City Rail Unloading Terminal [Member] | DCR Terminaling Agreement [Member] | ||||
Related Party Transaction [Line Items] | ||||
Oil And Gas Plant, Terminaling Services Fee, Fee For Volume Above Minimum | 0.5 | |||
Oil And Gas Plant, Terminaling Services Fee, Base Commitment | 2 | |||
Services Agreement [Member] | Toledo Truck Unloading Terminal [Member] | Toledo Terminaling Agreement [Member] | ||||
Related Party Transaction [Line Items] | ||||
Oil And Gas Plant, Collaborative Agreement, Minimum Throughput Capacity | 5,500 | |||
Oil And Gas Plant, Terminaling Services Fee, Base Commitment | 1 | |||
Agreement Period Two [Member] | Services Agreement [Member] | Delaware City Rail Unloading Terminal [Member] | DCR Terminaling Agreement [Member] | ||||
Related Party Transaction [Line Items] | ||||
Oil And Gas Plant, Collaborative Agreement, Minimum Throughput Capacity | 85,000 |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2010 | Dec. 31, 2014 | |
ppm | |||
Loss Contingencies [Line Items] | |||
Percent of tax benefit received from increases in tax basis paid to stockholders | 85.00% | ||
PBF Energy [Member] | Class A Common Stock [Member] | |||
Loss Contingencies [Line Items] | |||
Percentage of ownership in PBF LLC | 94.30% | 89.90% | |
Environmental Issue [Member] | |||
Loss Contingencies [Line Items] | |||
Environmental liability | 11,493,000 | 10,476,000 | |
Discount rate used for environmental liability assessment | 8.00% | ||
Maximum amount of sulfur allowed in heating oil (in ppm) | 10 | ||
Public Utilities, Description of Specific Regulatory Liabilities | 80 | ||
Environmental Issue [Member] | Valero [Member] | |||
Loss Contingencies [Line Items] | |||
Maximum pre-disposal environmental obligations of Valero | 20,000,000 | ||
Environmental Issue [Member] | PBF Energy and Valero [Member] | |||
Loss Contingencies [Line Items] | |||
Maximum pre-disposal environmental obligations of Valero | 75,000,000 | ||
Term of insurance policies | 10 years | ||
Environmental Issue [Member] | New York [Member] | |||
Loss Contingencies [Line Items] | |||
Maximum amount of sulfur allowed in heating oil (in ppm) | 15 |
EMPLOYEE_BENEFIT_PLANS_Details
EMPLOYEE BENEFIT PLANS (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Pension Plan, Defined Benefit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $5,790 | $4,291 |
Interest cost | 709 | 570 |
Expected return on plan assets | -829 | -524 |
Amortization of prior service costs | 13 | 3 |
Amortization of actuarial loss | 311 | 222 |
Net periodic benefit cost | 5,994 | 4,562 |
Post Retirement Medical Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 244 | 178 |
Interest cost | 134 | 93 |
Amortization of prior service costs | 76 | -20 |
Amortization of actuarial loss | 0 | -5 |
Net periodic benefit cost | $454 | $246 |
FAIR_VALUE_MEASUREMENTS_Measur
FAIR VALUE MEASUREMENTS (Measured on Recurring Basis) (Details) (Fair Value, Measurements, Recurring [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $5,589 | $5,494 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 5,589 | 5,494 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 |
Catalyst lease obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Catalyst lease obligations | 34,521 | 36,559 |
Catalyst lease obligations [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Catalyst lease obligations | 0 | 0 |
Catalyst lease obligations [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Catalyst lease obligations | 34,521 | 36,559 |
Catalyst lease obligations [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 | 315,384 | 397,676 |
Derivative, Collateral, Right to Reclaim Cash | -295,995 | -397,676 |
Derivative Liability | 19,389 | 0 |
Commodity contract [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 227,693 | |
Derivative Liability | 390,144 | |
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 | 87,691 | |
Derivative Liability | 7,338 | |
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 | 194 | |
Derivatives included with inventory supply arrangement obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 1,430 | 4,251 |
Derivative assets, Effect of Counter-party Netting | 0 | 0 |
Derivative assets, Net Carrying Value on Balance Sheet | 1,430 | 4,251 |
Derivatives included with inventory supply arrangement obligations [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 0 | 0 |
Derivatives included with inventory supply arrangement obligations [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 | 1,430 | 4,251 |
Derivatives included with inventory supply arrangement obligations [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 0 | 0 |
Money market funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 177,275 | 5,575 |
Money market funds [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 177,275 | 5,575 |
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 | 310,000 | 428,831 |
Derivative assets, Effect of Counter-party Netting | -295,995 | -397,676 |
Derivative assets, Net Carrying Value on Balance Sheet | 14,005 | 31,155 |
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 | 216,312 | |
Derivative assets, Net Carrying Value on Balance Sheet | 415,023 | |
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 | 84,010 | |
Derivative assets, Net Carrying Value on Balance Sheet | 12,093 | |
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 | 9,678 | |
Derivative assets, Net Carrying Value on Balance Sheet | 1,715 | |
Derivatives included with intermediation agreement obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 31,148 | 94,834 |
Derivative assets, Effect of Counter-party Netting | 0 | 0 |
Derivative assets, Net Carrying Value on Balance Sheet | 31,148 | 94,834 |
Derivatives included with intermediation agreement obligations [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 0 | |
Derivative assets, Net Carrying Value on Balance Sheet | 0 | |
Derivatives included with intermediation agreement obligations [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 31,148 | |
Derivative assets, Net Carrying Value on Balance Sheet | 94,834 | |
Derivatives included with intermediation agreement obligations [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) (Commodity Contract [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Commodity Contract [Member] | ||
Change in Fair Value Measurement Categorized in Level 3 [Roll Forward] | ||
Balance at beginning of period | $1,521 | ($23,365) |
Purchases | 0 | 0 |
Settlements | -1,200 | -1,305 |
Unrealized loss included in earnings | 9,357 | 20,919 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Balance at end of period | $9,678 | ($3,751) |
FAIR_VALUE_MEASUREMENTS_Fair_V
FAIR VALUE MEASUREMENTS (Fair Value and Carrying Value of Debt) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, Carrying value | $741,233 | $742,349 |
Long-term debt, Fair value | 760,729 | 749,409 |
Current portion of long-term debt | 0 | 0 |
Long-Term Debt And Capital Lease Obligations, Current, Fair Value Disclosure | 0 | 0 |
Long-term debt | 741,233 | 742,349 |
Long-term debt, excluding current maturities, Fair value | 760,729 | 749,409 |
Senior secured notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, Carrying value | 668,792 | 668,520 |
Long-term debt, Fair value | 688,288 | 675,580 |
Rail Facility [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Line of Credit | 37,920 | 37,270 |
Lines of Credit, Fair Value Disclosure | 37,920 | 37,270 |
Catalyst lease [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, Carrying value | 34,521 | 36,559 |
Long-term debt, Fair value | $34,521 | $36,559 |
DERIVATIVES_Narrative_Details
DERIVATIVES (Narrative) (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
bbl | |||
Derivative [Line Items] | |||
Loss on fair value hedge ineffectiveness | $0 | $0 | |
Crude Oil and Feedstock Inventory [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, notional amount, volume | 0 | 0 | |
Crude Oil and Feedstock Inventory [Member] | Fair Value Hedging [Member] | |||
Derivative [Line Items] | |||
Derivative, notional amount, volume | 662,579 | ||
Crude Oil and Feedstock Inventory [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, notional amount, volume | 863,872 | ||
Intermediates and Refined Products Inventory [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, notional amount, volume | 0 | 0 | |
Intermediates and Refined Products Inventory [Member] | Fair Value Hedging [Member] | |||
Derivative [Line Items] | |||
Derivative, notional amount, volume | 2,963,924 | 3,106,325 | |
Crude Oil Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, notional amount, volume | 103,955,000 | 49,339,000 | |
Refined Product Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, notional amount, volume | 7,659,000 | 1,970,871 |
DERIVATIVES_Fair_Value_of_Deri
DERIVATIVES (Fair Value of Derivative Instruments) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Designated as Hedging Instrument [Member] | Inventory Supply Arrangement Obligation [Member] | Accrued Expenses [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value Asset/(Liability) | $1,430 | $4,251 |
Designated as Hedging Instrument [Member] | Inventory Intermediation Agreement Obligation [Member] | Accrued Expenses [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value Asset/(Liability) | 31,148 | 94,834 |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Accrued Expenses [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value Asset/(Liability) | -19,389 | |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Accounts Receivable [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value Asset/(Liability) | $14,005 | $31,155 |
DERIVATIVES_Gain_Loss_Recogniz
DERIVATIVES (Gain (Loss) Recognized in Income) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net | $0 | $0 |
Designated as Hedging Instrument [Member] | Inventory Supply Arrangement Obligation [Member] | Cost of Sales [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain or (Loss) Recognized in Income on Derivatives | -2,821 | 2,651 |
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 | -63,686 | 14,812 |
Designated as Hedging Instrument [Member] | Crude Oil and Feedstock Inventory [Member] | Cost of Sales [Member] | Fair Value Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain or (Loss) Recognized in Income on Derivatives | 2,821 | -2,651 |
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 | 63,686 | -14,812 |
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 | ($41,128) | $72,397 |
SUBSEQUENT_EVENTS_Details
SUBSEQUENT EVENTS (Details) (USD $) | 3 Months Ended | 0 Months Ended | ||||
Mar. 31, 2015 | Mar. 31, 2014 | Apr. 30, 2015 | 5-May-15 | Dec. 31, 2014 | 6-May-15 | |
Subsequent Event [Line Items] | ||||||
Proceeds from sale of assets | $77,618,000 | $37,759,000 | ||||
Subsequent Event [Member] | PBF Energy [Member] | Class A Common Stock [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Dividends declared per share | $0.30 | |||||
Stockholders' Equity, Capital Distributions | 27,349,000 | |||||
Rail Facility [Member] | PBF Rail Logistics Company LLC [Member] | Line of Credit [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Maximum Borrowing Capacity | 150,000,000 | 250,000,000 | ||||
Delaware City Products Pipeline [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Oil And Gas Plant, Maximum Throughput Capacity | 125,000 | |||||
Delaware City Truck Rack [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Oil And Gas Plant, Maximum Throughput Capacity | 76,000 | |||||
Partnership [Member] | Delaware City West Heavy Crude Unloading Rack [Member] | Subsequent Event [Member] | PBF Logistics LP [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Entities Under Common Control, Assets Received, Value | 143,000,000 | |||||
Partnership [Member] | Delaware City West Heavy Crude Unloading Rack [Member] | Subsequent Event [Member] | PBF Logistics LP [Member] | Common Units [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Proceeds from sale of assets | 112,500,000 | |||||
Shares issued | $30,500,000 |
CONDENSED_CONSOLIDATING_FINANC2
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS (Narrative) (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Condensed Financial Statements, Captions [Line Items] | |||
Revenues | $2,995,136 | $4,746,443 | |
Cost of sales, excluding depreciation | 2,529,040 | 4,147,684 | |
Net income | 135,256 | 232,750 | |
Equity in earnings of subsidiaries | 0 | 0 | |
Accounts receivable | -441,185 | -551,269 | |
Accounts payable | -312,988 | -335,182 | |
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% | ||
Guarantors Subsidiaries [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Revenues | 260,833 | 379,411 | |
Cost of sales, excluding depreciation | 338,657 | 378,963 | |
Net income | -358,666 | -304,829 | |
Equity in earnings of subsidiaries | 0 | 0 | |
Accounts receivable | -11,585 | -26,238 | |
Accounts payable | -71,312 | -92,984 | |
Issuer [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Revenues | 2,992,157 | 4,745,995 | |
Cost of sales, excluding depreciation | 2,490,763 | 4,147,684 | |
Net income | 135,256 | 232,750 | |
Equity in earnings of subsidiaries | -318,138 | -304,829 | |
Accounts receivable | -415,415 | -518,498 | |
Accounts payable | ($239,240) | ($235,791) |
CONDENSED_CONSOLIDATING_FINANC3
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS (Balance Sheet) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Current assets: | ||||
Cash and cash equivalents | $326,836 | $218,403 | $237,135 | $76,970 |
Accounts receivable | 441,185 | 551,269 | ||
Accounts receivable - affiliate | 2,922 | 3,223 | ||
Inventories | 1,129,207 | 1,102,261 | ||
Prepaid expense and other current assets | 38,242 | 32,157 | ||
Due from related party | 0 | 0 | ||
Total current assets | 1,938,392 | 1,907,313 | ||
Property, plant and equipment, net | 1,800,833 | 1,806,060 | ||
Investment in subsidiaries | 0 | 0 | ||
Deferred charges and other assets, net | 328,548 | 330,517 | ||
Total assets | 4,067,773 | 4,043,890 | ||
Current liabilities: | ||||
Accounts payable | 312,988 | 335,182 | ||
Accounts payable - affiliate | 13,950 | 11,630 | ||
Accrued expenses | 998,823 | 1,129,970 | ||
Current portion of long-term debt | 0 | 0 | ||
Deferred revenue | 6,086 | 1,227 | ||
Due to related parties | 0 | 0 | ||
Total current liabilities | 1,331,847 | 1,478,009 | ||
Delaware Economic Development Authority loan | 8,000 | 8,000 | ||
Long-term debt | 741,233 | 742,349 | ||
Intercompany notes payable | 153,023 | 122,264 | ||
Other long-term liabilities | 67,413 | 62,752 | ||
Total liabilities | 2,301,516 | 2,413,374 | ||
Commitments and contingencies | ||||
Equity: | ||||
Member's equity | 1,144,114 | 1,144,100 | ||
Retained earnings (accumulated deficit) | 648,548 | 513,292 | ||
Accumulated other comprehensive loss | -26,405 | -26,876 | ||
Total equity | 1,766,257 | 1,630,516 | ||
Total liabilities and equity | 4,067,773 | 4,043,890 | ||
Issuer [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 300,737 | 185,381 | 235,846 | 76,179 |
Accounts receivable | 415,415 | 518,498 | ||
Accounts receivable - affiliate | 632 | 529 | ||
Inventories | 522,688 | 510,947 | ||
Prepaid expense and other current assets | 34,248 | 26,964 | ||
Due from related party | 17,427,231 | 16,189,384 | ||
Total current assets | 18,700,951 | 17,431,703 | ||
Property, plant and equipment, net | 64,900 | 68,218 | ||
Investment in subsidiaries | 2,241,553 | 2,569,636 | ||
Deferred charges and other assets, net | 33,133 | 34,840 | ||
Total assets | 21,040,537 | 20,104,397 | ||
Current liabilities: | ||||
Accounts payable | 239,240 | 235,791 | ||
Accounts payable - affiliate | 13,920 | 11,600 | ||
Accrued expenses | 319,168 | 487,783 | ||
Current portion of long-term debt | 0 | 0 | ||
Deferred revenue | 6,086 | 1,227 | ||
Due to related parties | 17,850,076 | 16,924,490 | ||
Total current liabilities | 18,428,490 | 17,660,891 | ||
Delaware Economic Development Authority loan | 0 | 0 | ||
Long-term debt | 668,792 | 668,520 | ||
Intercompany notes payable | 153,023 | 122,264 | ||
Other long-term liabilities | 23,975 | 22,206 | ||
Total liabilities | 19,274,280 | 18,473,881 | ||
Commitments and contingencies | ||||
Equity: | ||||
Member's equity | 1,144,114 | 1,144,100 | ||
Retained earnings (accumulated deficit) | 648,548 | 513,292 | ||
Accumulated other comprehensive loss | -26,405 | -26,876 | ||
Total equity | 1,766,257 | 1,630,516 | ||
Total liabilities and equity | 21,040,537 | 20,104,397 | ||
Guarantors Subsidiaries [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | 704 | 1,289 | 791 |
Accounts receivable | 11,585 | 26,238 | ||
Accounts receivable - affiliate | 2,290 | 2,694 | ||
Inventories | 421,921 | 435,924 | ||
Prepaid expense and other current assets | 3,994 | 5,193 | ||
Due from related party | 19,391,771 | 18,805,509 | ||
Total current assets | 19,831,561 | 19,276,262 | ||
Property, plant and equipment, net | 1,680,683 | 1,683,294 | ||
Investment in subsidiaries | 0 | 0 | ||
Deferred charges and other assets, net | 293,052 | 293,098 | ||
Total assets | 21,805,296 | 21,252,654 | ||
Current liabilities: | ||||
Accounts payable | 71,312 | 92,984 | ||
Accounts payable - affiliate | 30 | 30 | ||
Accrued expenses | 525,841 | 450,856 | ||
Current portion of long-term debt | 0 | 0 | ||
Deferred revenue | 0 | 0 | ||
Due to related parties | 19,008,184 | 18,151,095 | ||
Total current liabilities | 19,605,367 | 18,694,965 | ||
Delaware Economic Development Authority loan | 8,000 | 8,000 | ||
Long-term debt | 34,520 | 36,559 | ||
Intercompany notes payable | 0 | 0 | ||
Other long-term liabilities | 43,438 | 40,546 | ||
Total liabilities | 19,691,325 | 18,780,070 | ||
Commitments and contingencies | ||||
Equity: | ||||
Member's equity | 749,293 | 749,278 | ||
Retained earnings (accumulated deficit) | 1,373,066 | 1,731,694 | ||
Accumulated other comprehensive loss | -8,388 | -8,388 | ||
Total equity | 2,113,971 | 2,472,584 | ||
Total liabilities and equity | 21,805,296 | 21,252,654 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 27,252 | 34,334 | 0 | 0 |
Accounts receivable | 14,185 | 6,533 | ||
Accounts receivable - affiliate | 0 | 0 | ||
Inventories | 184,598 | 155,390 | ||
Prepaid expense and other current assets | 0 | 0 | ||
Due from related party | 2,124,464 | 1,607,878 | ||
Total current assets | 2,350,499 | 1,804,135 | ||
Property, plant and equipment, net | 55,250 | 54,548 | ||
Investment in subsidiaries | 0 | 0 | ||
Deferred charges and other assets, net | 2,363 | 2,579 | ||
Total assets | 2,408,112 | 1,861,262 | ||
Current liabilities: | ||||
Accounts payable | 3,589 | 8,423 | ||
Accounts payable - affiliate | 0 | 0 | ||
Accrued expenses | 153,814 | 191,331 | ||
Current portion of long-term debt | 0 | 0 | ||
Deferred revenue | 0 | 0 | ||
Due to related parties | 2,085,206 | 1,527,186 | ||
Total current liabilities | 2,242,609 | 1,726,940 | ||
Delaware Economic Development Authority loan | 0 | 0 | ||
Long-term debt | 37,921 | 37,270 | ||
Intercompany notes payable | 0 | 0 | ||
Other long-term liabilities | 0 | 0 | ||
Total liabilities | 2,280,530 | 1,764,210 | ||
Commitments and contingencies | ||||
Equity: | ||||
Member's equity | 34,346 | 44,346 | ||
Retained earnings (accumulated deficit) | 93,236 | 52,706 | ||
Accumulated other comprehensive loss | 0 | 0 | ||
Total equity | 127,582 | 97,052 | ||
Total liabilities and equity | 2,408,112 | 1,861,262 | ||
Combining and Consolidated Adjustments [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | -1,153 | -2,016 | 0 | 0 |
Accounts receivable | 0 | 0 | ||
Accounts receivable - affiliate | 0 | 0 | ||
Inventories | 0 | 0 | ||
Prepaid expense and other current assets | 0 | 0 | ||
Due from related party | -38,943,466 | -36,602,771 | ||
Total current assets | -38,944,619 | -36,604,787 | ||
Property, plant and equipment, net | 0 | 0 | ||
Investment in subsidiaries | -2,241,553 | -2,569,636 | ||
Deferred charges and other assets, net | 0 | 0 | ||
Total assets | -41,186,172 | -39,174,423 | ||
Current liabilities: | ||||
Accounts payable | -1,153 | -2,016 | ||
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 | -38,943,466 | -36,602,771 | ||
Total current liabilities | -38,944,619 | -36,604,787 | ||
Delaware Economic Development Authority loan | 0 | 0 | ||
Long-term debt | 0 | 0 | ||
Intercompany notes payable | 0 | 0 | ||
Other long-term liabilities | 0 | 0 | ||
Total liabilities | -38,944,619 | -36,604,787 | ||
Commitments and contingencies | ||||
Equity: | ||||
Member's equity | -783,639 | -793,624 | ||
Retained earnings (accumulated deficit) | -1,466,302 | -1,784,400 | ||
Accumulated other comprehensive loss | 8,388 | 8,388 | ||
Total equity | -2,241,553 | -2,569,636 | ||
Total liabilities and equity | ($41,186,172) | ($39,174,423) |
CONDENSED_CONSOLIDATING_FINANC4
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS (Statement of Operations) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenues | $2,995,136 | $4,746,443 |
Costs and expenses: | ||
Cost of sales, excluding depreciation | 2,529,040 | 4,147,684 |
Operating expenses, excluding depreciation | 233,377 | 268,899 |
General and administrative expenses | 32,530 | 36,624 |
Gain on sale of asset | -359 | -186 |
Depreciation and amortization expense | 46,259 | 33,215 |
Total cost and expenses | 2,840,847 | 4,486,236 |
Income from operations | 154,289 | 260,207 |
Other income (expense) | ||
Equity in earnings of subsidiaries | 0 | 0 |
Change in fair value of catalyst leases | 2,039 | -2,001 |
Interest expense, net | -21,072 | -25,456 |
Net income | 135,256 | 232,750 |
Comprehensive income | 135,727 | 232,996 |
Combining and Consolidated Adjustments [Member] | ||
Revenues | -756,457 | -378,963 |
Costs and expenses: | ||
Cost of sales, excluding depreciation | -756,457 | -378,963 |
Operating expenses, excluding depreciation | 0 | 0 |
General and administrative expenses | 0 | 0 |
Gain on sale of asset | 0 | 0 |
Depreciation and amortization expense | 0 | 0 |
Total cost and expenses | -756,457 | -378,963 |
Income from operations | 0 | 0 |
Other income (expense) | ||
Equity in earnings of subsidiaries | 318,138 | 304,829 |
Change in fair value of catalyst leases | 0 | 0 |
Interest expense, net | 0 | 0 |
Net income | 318,138 | 304,829 |
Comprehensive income | 318,138 | 304,805 |
Guarantors Subsidiaries [Member] | ||
Revenues | 260,833 | 379,411 |
Costs and expenses: | ||
Cost of sales, excluding depreciation | 338,657 | 378,963 |
Operating expenses, excluding depreciation | 232,905 | 268,760 |
General and administrative expenses | 5,520 | 4,848 |
Gain on sale of asset | 0 | 0 |
Depreciation and amortization expense | 42,763 | 29,734 |
Total cost and expenses | 619,845 | 682,305 |
Income from operations | -359,012 | -302,894 |
Other income (expense) | ||
Equity in earnings of subsidiaries | 0 | 0 |
Change in fair value of catalyst leases | 2,039 | -2,001 |
Interest expense, net | -1,693 | 66 |
Net income | -358,666 | -304,829 |
Comprehensive income | -358,666 | -304,805 |
Non-Guarantor Subsidiaries [Member] | ||
Revenues | 498,603 | 0 |
Costs and expenses: | ||
Cost of sales, excluding depreciation | 456,077 | 0 |
Operating expenses, excluding depreciation | -334 | 0 |
General and administrative expenses | 1,327 | 0 |
Gain on sale of asset | -177 | 0 |
Depreciation and amortization expense | 454 | 0 |
Total cost and expenses | 457,347 | 0 |
Income from operations | 41,256 | 0 |
Other income (expense) | ||
Equity in earnings of subsidiaries | 0 | 0 |
Change in fair value of catalyst leases | 0 | 0 |
Interest expense, net | -728 | 0 |
Net income | 40,528 | 0 |
Comprehensive income | 40,528 | 0 |
Issuer [Member] | ||
Revenues | 2,992,157 | 4,745,995 |
Costs and expenses: | ||
Cost of sales, excluding depreciation | 2,490,763 | 4,147,684 |
Operating expenses, excluding depreciation | 806 | 139 |
General and administrative expenses | 25,683 | 31,776 |
Gain on sale of asset | -182 | -186 |
Depreciation and amortization expense | 3,042 | 3,481 |
Total cost and expenses | 2,520,112 | 4,182,894 |
Income from operations | 472,045 | 563,101 |
Other income (expense) | ||
Equity in earnings of subsidiaries | -318,138 | -304,829 |
Change in fair value of catalyst leases | 0 | 0 |
Interest expense, net | -18,651 | -25,522 |
Net income | 135,256 | 232,750 |
Comprehensive income | $135,727 | $232,996 |
CONDENSED_CONSOLIDATING_FINANC5
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS (Statement of Cash Flows) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Cash flows from operating activities: | ||
Net income | $135,256,000 | $232,750,000 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Depreciation and amortization | 48,282,000 | 34,848,000 |
Stock-based compensation | 2,025,000 | 1,420,000 |
Change in fair value of catalyst lease obligations | -2,039,000 | 2,001,000 |
Non-cash change in inventory repurchase obligations | 66,509,000 | -17,463,000 |
Non-cash lower of cost or market inventory adjustment | -21,208,000 | |
Gain on sale of assets | -359,000 | -186,000 |
Pension and other post retirement benefit costs | 6,448,000 | 4,805,000 |
Equity in earnings of subsidiaries | 0 | 0 |
Changes in current assets and current liabilities: | ||
Accounts receivable | 110,084,000 | 67,006,000 |
Inventories | -1,007,000 | -99,974,000 |
Prepaid assets and other current assets | -6,085,000 | 15,718,000 |
Accounts payable | -22,194,000 | -155,474,000 |
Accrued expenses | -197,427,000 | 179,981,000 |
Deferred revenue | 4,859,000 | -1,393,000 |
Amounts due to/from related parties | 2,621,000 | 0 |
Other assets and liabilities | -2,279,000 | -3,667,000 |
Net cash provided by operations | 123,486,000 | 260,372,000 |
Cash flows from investing activities: | ||
Expenditures for property, plant and equipment | -100,747,000 | -60,127,000 |
Expenditures for deferred turnaround costs | -18,376,000 | -23,128,000 |
Expenditures for other assets | -4,958,000 | -7,157,000 |
Investment in subsidiary | 0 | |
Proceeds from sale of assets | 77,618,000 | 37,759,000 |
Net cash used in investing activities | -46,463,000 | -52,653,000 |
Proceeds from revolver borrowings | 0 | 265,000,000 |
Proceeds from members' capital contributions | 0 | |
Cash flows from financing activities: | ||
Distribution to members | 0 | -29,661,000 |
Repayments of revolver borrowings | 0 | -280,000,000 |
Deferred financing costs and other | 759,000 | -2,893,000 |
Net cash provided by (used in) financing activities | 31,410,000 | -47,554,000 |
Repayments of Debt | -22,774,000 | |
Proceeds from intercompany notes payable | 30,000,000 | 0 |
Proceeds from Rail Facility revolver borrowings | 23,425,000 | 0 |
Net increase in cash and cash equivalents | 108,433,000 | 160,165,000 |
Cash and equivalents, beginning of period | 218,403,000 | 76,970,000 |
Cash and equivalents, end of period | 326,836,000 | 237,135,000 |
Payment of contingent consideration related to acquisition of Toledo refinery | 22,774,000 | 0 |
Issuer [Member] | ||
Cash flows from operating activities: | ||
Net income | 135,256,000 | 232,750,000 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Depreciation and amortization | 4,823,000 | 5,115,000 |
Stock-based compensation | 0 | 0 |
Change in fair value of catalyst lease obligations | 0 | 0 |
Non-cash change in inventory repurchase obligations | 0 | 0 |
Non-cash lower of cost or market inventory adjustment | -99,732,000 | |
Gain on sale of assets | -182,000 | -186,000 |
Pension and other post retirement benefit costs | 2,079,000 | 1,291,000 |
Equity in earnings of subsidiaries | 318,138,000 | 304,829,000 |
Changes in current assets and current liabilities: | ||
Accounts receivable | 103,083,000 | 67,045,000 |
Inventories | 87,991,000 | -135,330,000 |
Prepaid assets and other current assets | -7,284,000 | 14,137,000 |
Accounts payable | 3,449,000 | -134,695,000 |
Accrued expenses | -179,401,000 | 174,049,000 |
Deferred revenue | 4,859,000 | -1,393,000 |
Amounts due to/from related parties | -273,044,000 | -355,645,000 |
Other assets and liabilities | 320,000 | -982,000 |
Net cash provided by operations | 100,355,000 | 170,985,000 |
Cash flows from investing activities: | ||
Expenditures for property, plant and equipment | -67,355,000 | -4,595,000 |
Expenditures for deferred turnaround costs | 0 | 0 |
Expenditures for other assets | 0 | 0 |
Investment in subsidiary | 10,000,000 | |
Proceeds from sale of assets | 41,597,000 | 37,759,000 |
Net cash used in investing activities | -15,758,000 | 33,164,000 |
Proceeds from revolver borrowings | 265,000,000 | |
Proceeds from members' capital contributions | 0 | |
Cash flows from financing activities: | ||
Distribution to members | 0 | -29,661,000 |
Repayments of revolver borrowings | 0 | -280,000,000 |
Deferred financing costs and other | 759,000 | 179,000 |
Net cash provided by (used in) financing activities | 30,759,000 | -44,482,000 |
Repayments of Debt | 0 | |
Proceeds from intercompany notes payable | 30,000,000 | |
Proceeds from Rail Facility revolver borrowings | 0 | |
Net increase in cash and cash equivalents | 115,356,000 | 159,667,000 |
Cash and equivalents, beginning of period | 185,381,000 | 76,179,000 |
Cash and equivalents, end of period | 300,737,000 | 235,846,000 |
Guarantors Subsidiaries [Member] | ||
Cash flows from operating activities: | ||
Net income | -358,666,000 | -304,829,000 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Depreciation and amortization | 42,789,000 | 29,733,000 |
Stock-based compensation | 2,025,000 | 1,420,000 |
Change in fair value of catalyst lease obligations | -2,039,000 | 2,001,000 |
Non-cash change in inventory repurchase obligations | 66,509,000 | -17,463,000 |
Non-cash lower of cost or market inventory adjustment | 78,524,000 | |
Gain on sale of assets | 0 | 0 |
Pension and other post retirement benefit costs | 4,369,000 | 3,514,000 |
Equity in earnings of subsidiaries | 0 | 0 |
Changes in current assets and current liabilities: | ||
Accounts receivable | 14,653,000 | -39,000 |
Inventories | -59,790,000 | 35,356,000 |
Prepaid assets and other current assets | 1,199,000 | 1,581,000 |
Accounts payable | -21,672,000 | -20,779,000 |
Accrued expenses | 19,491,000 | 5,932,000 |
Deferred revenue | 0 | 0 |
Amounts due to/from related parties | 271,231,000 | 355,645,000 |
Other assets and liabilities | -2,601,000 | -2,685,000 |
Net cash provided by operations | 56,022,000 | 89,387,000 |
Cash flows from investing activities: | ||
Expenditures for property, plant and equipment | -33,392,000 | -55,532,000 |
Expenditures for deferred turnaround costs | -18,376,000 | -23,128,000 |
Expenditures for other assets | -4,958,000 | -7,157,000 |
Investment in subsidiary | 0 | |
Proceeds from sale of assets | 0 | 0 |
Net cash used in investing activities | -56,726,000 | -85,817,000 |
Proceeds from revolver borrowings | 0 | |
Proceeds from members' capital contributions | 0 | |
Cash flows from financing activities: | ||
Distribution to members | 0 | 0 |
Repayments of revolver borrowings | 0 | 0 |
Deferred financing costs and other | 0 | -3,072,000 |
Net cash provided by (used in) financing activities | 0 | -3,072,000 |
Repayments of Debt | 0 | |
Proceeds from intercompany notes payable | 0 | |
Proceeds from Rail Facility revolver borrowings | 0 | |
Net increase in cash and cash equivalents | -704,000 | 498,000 |
Cash and equivalents, beginning of period | 704,000 | 791,000 |
Cash and equivalents, end of period | 0 | 1,289,000 |
Non-Guarantor Subsidiaries [Member] | ||
Cash flows from operating activities: | ||
Net income | 40,528,000 | 0 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Depreciation and amortization | 670,000 | 0 |
Stock-based compensation | 0 | 0 |
Change in fair value of catalyst lease obligations | 0 | 0 |
Non-cash change in inventory repurchase obligations | 0 | 0 |
Non-cash lower of cost or market inventory adjustment | 0 | |
Gain on sale of assets | -177,000 | 0 |
Pension and other post retirement benefit costs | 0 | 0 |
Equity in earnings of subsidiaries | 0 | 0 |
Changes in current assets and current liabilities: | ||
Accounts receivable | -7,652,000 | 0 |
Inventories | -29,208,000 | 0 |
Prepaid assets and other current assets | 0 | 0 |
Accounts payable | -4,834,000 | 0 |
Accrued expenses | -37,517,000 | 0 |
Deferred revenue | 0 | 0 |
Amounts due to/from related parties | 4,434,000 | 0 |
Other assets and liabilities | 2,000 | 0 |
Net cash provided by operations | -33,754,000 | 0 |
Cash flows from investing activities: | ||
Expenditures for property, plant and equipment | 0 | 0 |
Expenditures for deferred turnaround costs | 0 | 0 |
Expenditures for other assets | 0 | 0 |
Investment in subsidiary | 0 | |
Proceeds from sale of assets | 36,021,000 | 0 |
Net cash used in investing activities | 36,021,000 | 0 |
Proceeds from revolver borrowings | 0 | |
Proceeds from members' capital contributions | -10,000,000 | |
Cash flows from financing activities: | ||
Distribution to members | 0 | 0 |
Repayments of revolver borrowings | 0 | 0 |
Deferred financing costs and other | 0 | 0 |
Net cash provided by (used in) financing activities | -9,349,000 | 0 |
Repayments of Debt | -22,774,000 | |
Proceeds from intercompany notes payable | 0 | |
Proceeds from Rail Facility revolver borrowings | 23,425,000 | |
Net increase in cash and cash equivalents | -7,082,000 | 0 |
Cash and equivalents, beginning of period | 34,334,000 | 0 |
Cash and equivalents, end of period | 27,252,000 | 0 |
Combining and Consolidated Adjustments [Member] | ||
Cash flows from operating activities: | ||
Net income | 318,138,000 | 304,829,000 |
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 lease obligations | 0 | 0 |
Non-cash change in inventory repurchase obligations | 0 | 0 |
Non-cash lower of cost or market inventory adjustment | 0 | |
Gain on sale of assets | 0 | 0 |
Pension and other post retirement benefit costs | 0 | 0 |
Equity in earnings of subsidiaries | -318,138,000 | -304,829,000 |
Changes in current assets and current liabilities: | ||
Accounts receivable | 0 | 0 |
Inventories | 0 | 0 |
Prepaid assets and other current assets | 0 | 0 |
Accounts payable | 863,000 | 0 |
Accrued expenses | 0 | 0 |
Deferred revenue | 0 | 0 |
Amounts due to/from related parties | 0 | 0 |
Other assets and liabilities | 0 | 0 |
Net cash provided by operations | 863,000 | 0 |
Cash flows from investing activities: | ||
Expenditures for property, plant and equipment | 0 | 0 |
Expenditures for deferred turnaround costs | 0 | 0 |
Expenditures for other assets | 0 | 0 |
Investment in subsidiary | -10,000,000 | |
Proceeds from sale of assets | 0 | 0 |
Net cash used in investing activities | -10,000,000 | 0 |
Proceeds from revolver borrowings | 0 | |
Proceeds from members' capital contributions | 10,000,000 | |
Cash flows from financing activities: | ||
Distribution to members | 0 | 0 |
Repayments of revolver borrowings | 0 | 0 |
Deferred financing costs and other | 0 | 0 |
Net cash provided by (used in) financing activities | 10,000,000 | 0 |
Repayments of Debt | 0 | |
Proceeds from intercompany notes payable | 0 | |
Proceeds from Rail Facility revolver borrowings | 0 | |
Net increase in cash and cash equivalents | 863,000 | 0 |
Cash and equivalents, beginning of period | -2,016,000 | 0 |
Cash and equivalents, end of period | ($1,153,000) | $0 |