Document and Entity Information
Document and Entity Information Document - shares | 6 Months Ended | |
Jun. 30, 2015 | Aug. 13, 2015 | |
Entity Information [Line Items] | ||
Entity Registrant Name | PBF HOLDING CO LLC | |
Entity Central Index Key | 1,566,011 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,015 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Common Stock, Shares Outstanding | 0 | |
PBF Finance Corporation [Member] | ||
Entity Information [Line Items] | ||
Entity Registrant Name | PBF FINANCE CORPORATION | |
Entity Central Index Key | 1,566,097 | |
Entity Common Stock, Shares Outstanding | 100 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - Entity [Domain] - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Current assets: | ||||
Cash and cash equivalents | $ 435,574 | $ 218,403 | $ 313,370 | $ 76,970 |
Accounts receivable | 540,227 | 551,269 | ||
Accounts receivable - affiliate | 1,831 | 3,223 | ||
Inventories | 1,306,414 | 1,102,261 | ||
Prepaid expense and other current assets | 28,283 | 32,157 | ||
Total current assets | 2,312,329 | 1,907,313 | ||
Property, plant and equipment, net | 1,819,012 | 1,806,060 | ||
Deferred charges and other assets, net | 306,290 | 330,517 | ||
Total assets | 4,437,631 | 4,043,890 | ||
Current liabilities: | ||||
Accounts payable | 353,716 | 335,182 | ||
Accounts payable - affiliate | 20,333 | 11,630 | ||
Accrued expenses | 1,246,805 | 1,129,970 | ||
Deferred revenue | 7,218 | 1,227 | ||
Total current liabilities | 1,628,072 | 1,478,009 | ||
Delaware Economic Development Authority loan | 8,000 | 8,000 | ||
Long-term debt | 745,034 | 742,349 | ||
Intercompany notes payable | 152,287 | 122,264 | ||
Other long-term liabilities | 70,154 | 62,752 | ||
Total liabilities | $ 2,603,547 | $ 2,413,374 | ||
Commitments and contingencies (Note 8) | ||||
Equity: | ||||
Member's equity | $ 1,129,834 | $ 1,144,100 | ||
Retained earnings | 730,330 | 513,292 | ||
Accumulated other comprehensive loss | (26,080) | (26,876) | ||
Total equity | 1,834,084 | 1,630,516 | ||
Total liabilities and equity | $ 4,437,631 | $ 4,043,890 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - Entity [Domain] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Revenues | $ 3,550,664 | $ 5,301,709 | $ 6,545,800 | $ 10,048,152 |
Costs and expenses: | ||||
Cost of sales, excluding depreciation | 3,026,975 | 4,943,238 | 5,556,015 | 9,090,922 |
Operating expenses, excluding depreciation | 192,150 | 209,781 | 425,527 | 478,680 |
General and administrative expenses | 35,783 | 32,095 | 68,313 | 68,719 |
(Gain) loss on sale of assets | (632) | 6 | (991) | (180) |
Depreciation and amortization expense | 47,015 | 34,516 | 93,274 | 67,731 |
Total cost and expenses | 3,301,291 | 5,219,636 | 6,142,138 | 9,705,872 |
Income from operations | 249,373 | 82,073 | 403,662 | 342,280 |
Other income (expense) | ||||
Change in fair value of catalyst leases | 1,949 | (2,338) | 3,988 | (4,339) |
Interest expense, net | (22,955) | (26,217) | (44,027) | (51,673) |
Net income | $ 228,367 | $ 53,518 | $ 363,623 | $ 286,268 |
Condensed Consolidated Stateme4
Condensed Consolidated Statements of Comprehensive Income - Entity [Domain] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net income | $ 228,367 | $ 53,518 | $ 363,623 | $ 286,268 |
Other comprehensive income: | ||||
Unrealized (loss) gain on available for sale securities | (75) | 66 | (4) | 95 |
Net gain on pension and other postretirement benefits | 400 | 232 | 800 | 449 |
Total other comprehensive income | 325 | 298 | 796 | 544 |
Comprehensive income | $ 228,692 | $ 53,816 | $ 364,419 | $ 286,812 |
Condensed Consolidated Stateme5
Condensed Consolidated Statement of Cash Flows - Entity [Domain] - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Distributions Incurred but Not Yet Paid | $ 146,585 | $ 0 |
Net income | 363,623 | 286,268 |
Adjustments to reconcile net income to net cash provided by operations: | ||
Depreciation and amortization | 97,378 | 71,218 |
Stock-based compensation | 3,781 | 2,728 |
Change in fair value of catalyst lease obligations | (3,988) | 4,339 |
Change in non-cash lower of cost or market adjustment | (127,166) | 0 |
Non-cash change in inventory repurchase obligations | 89,203 | (7,973) |
Pension and other post retirement benefit costs | 12,893 | 10,538 |
Gain on disposition of property, plant and equipment | (991) | (180) |
Changes in current assets and current liabilities: | ||
Accounts receivable | 11,042 | (116,579) |
Due to/from affiliates | 10,095 | 3,785 |
Inventories | (84,619) | (249,094) |
Prepaid assets and other current assets | 3,874 | (5,872) |
Accounts payable | 18,534 | (63,108) |
Accrued expenses | (99,392) | 282,067 |
Deferred revenue | 5,991 | (1,632) |
Other assets and liabilities | (4,954) | (4,068) |
Net cash provided by operations | 295,304 | 212,437 |
Cash flows from investing activities: | ||
Expenditures for property, plant and equipment | (224,046) | (122,628) |
Expenditures for deferred turnaround costs | (22,918) | (39,424) |
Expenditures for other assets | (5,424) | (8,202) |
Proceeds from sale of assets | 138,131 | 37,759 |
Net cash used in investing activities | (114,257) | (132,495) |
Cash flows from financing activities: | ||
Proceeds from members' capital contributions | 0 | 328,664 |
Proceeds from intercompany notes payable | 30,000 | 55,994 |
Proceeds from Rail Facility revolver borrowings | 70,750 | 8,225 |
Repayments of Rail Facility | (64,626) | 0 |
Distributions to members | 0 | (218,782) |
Proceeds from revolver borrowings | 0 | 395,000 |
Repayments of revolver borrowings | 0 | (410,000) |
Deferred financing costs and other | 0 | (2,643) |
Net cash (used in) provided by financing activities | 36,124 | 156,458 |
Net increase in cash and cash equivalents | 217,171 | 236,400 |
Cash and equivalents, beginning of period | 218,403 | 76,970 |
Cash and equivalents, end of period | 435,574 | 313,370 |
Non-cash activities: | ||
Accrued construction in progress and unpaid fixed assets | 21,367 | 28,302 |
Distribution of assets to PBF Energy Company LLC | $ 15,975 | $ 30,906 |
DESCRIPTION OF THE BUSINESS AND
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 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"), 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 June 30, 2015. PBF Finance Corporation ("PBF Finance") is a wholly-owned subsidiary of PBF Holding. Delaware City Refining Company LLC ("Delaware City Refining" or "DCR"), 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. On May 14, 2015 PBF Holding distributed to PBF LLC all of the issued and outstanding limited liability company interests of Delaware Pipeline Company LLC ("DPC") and Delaware City Logistics Company LLC ("DCLC"), whose assets consist of a products pipeline, truck rack and related facilities located at our Delaware City refinery (collectively the "Delaware City Products Pipeline and Truck Rack"). PBF LLC then contributed to PBFX all of the issued and outstanding limited liability company interests of the Delaware City Products Pipeline and Truck Rack. 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 and six months ended June 30, 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 | 6 Months Ended |
Jun. 30, 2015 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES Inventories consisted of the following: June 30, 2015 Titled Inventory Inventory Supply and Intermediation Arrangements Total Crude oil and feedstocks $ 885,461 $ 58,527 $ 943,988 Refined products and blendstocks 536,831 349,217 886,048 Warehouse stock and other 39,322 — 39,322 $ 1,461,614 $ 407,744 $ 1,869,358 Lower of cost or market reserve (470,241 ) (92,703 ) (562,944 ) Total inventories $ 991,373 $ 315,041 $ 1,306,414 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 ) Total inventories $ 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 intermediates 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 into the second quarter of 2015, the Company recorded adjustments to value its inventories to the lower of cost or market. During the three months ended June 30, 2015, the Company recorded an adjustment to value its inventories to the lower of cost or market which increased both operating income and net income by $105,958 reflecting the net change in the lower of cost or market inventory reserve from $668,902 at March 31, 2015 to $562,944 at June 30, 2015. During the six months ended June 30, 2015, the Company recorded an adjustment to value its inventories to the lower of cost or market which increased both operating income and net income by $127,166 reflecting the net change in the lower of cost or market inventory reserve from $690,110 at December 31, 2014 to $562,944 at June 30, 2015. |
DEFERRED CHARGES AND OTHER ASSE
DEFERRED CHARGES AND OTHER ASSETS, NET | 6 Months Ended |
Jun. 30, 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: June 30, December 31, Deferred turnaround costs, net $ 188,111 $ 204,987 Catalyst 73,494 77,322 Deferred financing costs, net 26,837 30,128 Linefill 10,230 10,230 Restricted cash 1,500 1,521 Intangible assets, net 241 357 Other 5,877 5,972 Total deferred charges and other assets, net $ 306,290 $ 330,517 |
ACCRUED EXPENSES
ACCRUED EXPENSES | 6 Months Ended |
Jun. 30, 2015 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES | ACCRUED EXPENSES Accrued expenses consisted of the following: June 30, December 31, Inventory-related accruals $ 625,558 $ 588,297 Inventory supply and intermediation arrangements 256,164 253,549 Accrued distributions 146,585 — Accrued transportation costs 54,895 59,959 Excise and sales tax payable 40,022 40,444 Accrued salaries and benefits 28,003 55,993 Accrued interest 21,690 22,946 Customer deposits 21,277 24,659 Accrued construction in progress 17,368 31,452 Accrued utilities 11,197 22,337 Other 24,046 30,334 Total accrued expenses $ 1,246,805 $ 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 is recognized for the Inventory supply and intermediation arrangements and is recorded at market price for the J. Aron owned inventory held in the Company's storage tanks under the 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 | 6 Months Ended |
Jun. 30, 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 | 6 Months Ended |
Jun. 30, 2015 | |
INTERCOMPANY NOTE PAYABLE [Abstract] | |
INTERCOMPANY NOTE PAYABLE | INTERCOMPANY NOTES PAYABLE As of June 30, 2015 , PBF Holding had outstanding notes payable with PBF Energy and PBF LLC for an aggregate principal amount of $152,287 ( $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 | 6 Months Ended |
Jun. 30, 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, storage and pipeline services agreements with PBFX under which PBFX provides commercial transportation, terminaling, storage and pipeline services to the Company. 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 barrels per day (“bpd”) for each quarter (in each case, calculated on a quarterly average basis) for a terminaling service fee of $2.00 per barrel, which will decrease to $0.50 per barrel to the extent volumes exceed the minimum throughput commitment. PBF Holding also pays PBFX for providing related ancillary services at the terminal that are specified in the agreement. For the three and six months ended June 30, 2015 , PBF Holding paid PBFX fees of $ 15,718 and $ 31,262 respectively, related to the DCR Terminaling Agreement. For the three and six months ended June 30, 2014 , PBF Holding paid PBFX fees of $ 7,200 and $ 7,200 , respectively, 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 is obligated to throughput aggregate volumes of crude oil of at least 5,500 bpd (calculated on a quarterly average basis) for a terminaling service fee of $1.00 per barrel. PBF Holding also pays PBFX for providing related ancillary services at the terminal which are specified in the Toledo Terminaling Agreement. For the three and six months ended June 30, 2015 , PBF Holding paid PBFX fees of $ 1,265 and $ 1,842 , respectively, related to the Toledo Terminaling Agreement. For the three and six months ended June 30, 2014 , PBF Holding paid PBFX fees of $ 582 and $ 582 , respectively, 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 to obtain terminaling services at the DCR West Rack (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 for a terminaling service fee equal to $2.20 per barrel for all volumes of crude oil throughput up to the minimum throughput commitment, and $1.50 per barrel for all volumes of crude oil throughput in excess of the minimum throughput commitment, 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 and six months ended June 30, 2015 , PBF Holding paid PBFX fees of $ 8,008 and $ 15,929 , respectively, 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 provides 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 of $0.50 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 is 4,400 bpd for a fee equal to $2.52 per barrel of product loaded up to the minimum throughput commitment and in excess of the minimum throughput commitment. If PBF Holding does not throughput the aggregate amounts equal to the minimum throughput commitment described above, PBF Holding will be required to pay a shortfall payment equal to the shortfall volume multiplied by the fee of $2.52 per barrel. For the three and six months ended June 30, 2015 , PBF Holding paid PBFX fees of $ 6,236 and $ 12,758 , respectively, related to the Toledo Tank Farm Storage and Terminaling Agreement. Delaware City Pipeline Services Agreement PBF Holding entered into a pipeline services agreement with PBFX (the “Delaware City Pipeline Services Agreement”). Under the Delaware City Pipeline Services Agreement, PBFX provides PBF Holding with pipeline throughput services in return for throughput fees. The Delaware City Pipeline Services Agreement has an initial term of approximately ten years, under which PBFX provides pipeline services to PBF Holding on the Delaware Products Pipeline. The minimum throughput commitment for the pipeline facility is 50,000 bpd for a fee equal to $ 0.5266 per barrel of product throughputted up to the minimum throughput commitment and in excess of the minimum throughput commitment. If PBF Holding does not throughput the aggregate amounts equal to the minimum throughput commitment described above, PBF Holding will be required to pay a shortfall payment equal to the shortfall volume multiplied by the fee of $ 0.5266 per barrel. For the three and six months ended June 30, 2015 , PBF Holding paid PBFX fees of $ 1,262 and $ 1,262 , respectively, related to the Delaware City Pipeline Services Agreement. Delaware City Truck Loading Agreement PBF Holding entered into a truck unloading agreement with PBFX (the “Delaware City Truck Loading Agreement”). Under the Delaware City Truck Loading Agreement, PBFX provides PBF Holding with truck loading services in return for fees. The Delaware City Truck Loading Agreement has an initial term of approximately ten years, under which PBFX provides loading services to PBF Holding at the Delaware City Terminal. The minimum throughput commitment for the truck rack is approximately 30,000 bpd for refined clean products with a fee equal to approximately $ 0.462 per barrel and approximately 5,000 bpd for LPGs with a fee equal to approximately $ 2.52 per barrel of product loaded up to the minimum throughput commitment and for volumes in excess of the minimum throughput commitment. For the three and six months ended June 30, 2015 , PBF Holding paid PBFX fees of $ 1,277 and $ 1,277 , respectively, related to the Delaware City Truck Loading Agreement. Third 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. The Omnibus Agreement was amended on May 15, 2015 to include the Delaware City Products Pipeline and Truck Rack. Pursuant to the amended Omnibus Agreement, the annual administrative fee was increased to $2,350 per year from $2,225 per year. For the three and six months ended June 30, 2015 , PBF Holding received fees from PBFX of $ 1,208 and $ 2,389 , respectively, related to the Omnibus Agreement. For the three and six months ended June 30, 2014 , PBF Holding received fees from PBFX of $ 422 and $ 422 , respectively, related to the Omnibus Agreement. Third 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 provide PBFX with the personnel necessary for PBFX to perform its obligations under its commercial agreements. PBFX reimburses PBF Holding for the use of such employees and the provision of certain infrastructure-related services to the extent applicable to its operations. The operation and management services and secondment agreement was amended on May 15, 2015 to include the Delaware City Products Pipeline and Truck Rack. For the three and six months ended June 30, 2015 , PBF Holding received fees from PBFX of $ 1,111 and $ 2,211 , respectively, related to the Services Agreement. For the three and six months ended June 30, 2014 , PBF Holding received fees from PBFX of $ 66 and $ 66 , respectively, related to the Services Agreement. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 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 $11,132 recorded as of June 30, 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 June 30, 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, other states in the Northeast market began requiring heating oil sold in their state to contain no more than 15 PPM sulfur. Currently, six 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. However, in May 2015, the EPA re-proposed annual standards for RFS 2 for 2014, and proposed new standards for 2015 and 2016 and biomass-based diesel volumes for 2017. The EPA is proposing volume requirements in the annual standards which, while below the volumes originally set by Congress, would increase renewable fuel use in the U.S. above historical levels and provide for steady growth over time. The EPA is also proposing to increase the required volume of biomass-based diesel in 2015, 2016, and 2017 while maintaining the opportunity for growth in other advanced biofuels. The EPA has solicited comments on the proposed annual standards and held public hearings on June 25, 2015. Final action on this proposal is expected by November 30, 2015. If 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 state agencies have the discretion to establish implementation time lines. The Company continues to evaluate the impact of this regulation, and at this time does not anticipate it having a material impact on the Company’s financial position, results of operations or cash flows. 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 continue into the third quarter 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 June 30, 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 | 6 Months Ended |
Jun. 30, 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 Six Months Ended Pension Benefits 2015 2014 2015 2014 Components of net periodic benefit cost: Service cost $ 5,789 $ 4,851 $ 11,579 $ 9,142 Interest cost 707 601 1,416 1,171 Expected return on plan assets (829 ) (539 ) (1,659 ) (1,063 ) Amortization of prior service costs 13 10 26 12 Amortization of actuarial loss 311 258 622 480 Net periodic benefit cost $ 5,991 $ 5,181 $ 11,984 $ 9,742 Three Months Ended Six Months Ended Post Retirement Medical Plan 2015 2014 2015 2014 Components of net periodic benefit cost: Service cost $ 244 $ 300 $ 488 $ 478 Interest cost 134 135 269 228 Amortization of prior service costs 76 75 152 55 Amortization of actuarial loss (gain) — 1 — (4 ) Net periodic benefit cost $ 454 $ 511 $ 909 $ 757 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended |
Jun. 30, 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 June 30, 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 June 30, 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 $ 365,371 $ — $ — $ 365,371 N/A $ 365,371 Non-qualified pension plan assets 5,398 — — 5,398 N/A 5,398 Commodity contracts 65,997 14,814 2,564 83,375 (66,126 ) 17,249 Derivatives included with intermediation agreement obligations — 10,260 — 10,260 — 10,260 Liabilities: Commodity contracts 59,827 7,050 659 67,536 (66,126 ) 1,410 Catalyst lease obligations — 32,571 — 32,571 — 32,571 Derivatives included with inventory supply arrangement obligations — 378 — 378 — 378 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 prices used to value these swaps were derived using broker quotes, prices from other third party sources and other available market based data. • The derivatives included with inventory 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 June 30, Six Months Ended June 30, 2015 2014 2015 2014 Balance at beginning of period $ 9,678 $ (3,751 ) $ 1,521 $ (23,365 ) Purchases — — — — Settlements (10,111 ) 4,972 (11,311 ) 3,667 Unrealized gain included in earnings 2,338 1,468 11,695 22,387 Transfers into Level 3 — — — — Transfers out of Level 3 — — — — Balance at end of period $ 1,905 $ 2,689 $ 1,905 $ 2,689 There were no transfers between levels during the three and six months ended June 30, 2015 and 2014 , respectively. Fair value of debt The table below summarizes the fair value and carrying value of debt as of June 30, 2015 and December 31, 2014 . June 30, 2015 December 31, 2014 Carrying value Fair value Carrying value Fair value Senior Secured Notes (a) $ 669,070 $ 687,850 $ 668,520 $ 675,580 Revolving Loan (b) — — — — Rail Facility (b) 43,393 43,393 37,270 37,270 Catalyst leases (c) 32,571 32,571 36,559 36,559 745,034 763,814 742,349 749,409 Less - Current maturities — — — — Long-term debt $ 745,034 $ 763,814 $ 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 | 6 Months Ended |
Jun. 30, 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 June 30, 2015 , there were 549,182 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 June 30, 2015 , there were 3,118,578 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 June 30, 2015 , there were 39,100,000 barrels of crude oil and 2,464,000 barrels of refined products ( 47,339,000 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 June 30, 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: June 30, 2015: Derivatives included with inventory supply arrangement obligations Accrued expenses $ (378 ) Derivatives included with the intermediation agreement obligations Accrued expenses $ 10,260 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: June 30, 2015: Commodity contracts Accounts receivable $ 17,249 Commodity contracts Accrued expenses $ (1,410 ) 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 Income on Derivatives Gain or (Loss) Recognized in Income on Derivatives Derivatives designated as hedging instruments: For the three months ended June 30, 2015: Derivatives included with inventory supply arrangement obligations Cost of sales $ (1,808 ) Derivatives included with the intermediation agreement obligations Cost of sales $ (20,888 ) For the three months ended June 30, 2014: Derivatives included with inventory supply arrangement obligations Cost of sales $ (3,719 ) Derivatives included with the intermediation agreement obligations Cost of sales $ (5,770 ) For the six months ended June 30, 2015: Derivatives included with inventory supply arrangement obligations Cost of sales $ (4,629 ) Derivatives included with the intermediation agreement obligations Cost of sales $ (84,574 ) For the six months ended June 30, 2014: Derivatives included with inventory supply arrangement obligations Cost of sales $ (1,069 ) Derivatives included with the intermediation agreement obligations Cost of sales $ 9,042 Derivatives not designated as hedging instruments: For the three months ended June 30, 2015: Commodity contracts Cost of sales $ (3,969 ) For the three months ended June 30, 2014: Commodity contracts Cost of sales $ (41,119 ) For the six months ended June 30, 2015: Commodity contracts Cost of sales $ (45,097 ) For the six months ended June 30, 2014: Commodity contracts Cost of sales $ 31,278 Hedged items designated in fair value hedges: For the three months ended June 30, 2015: Crude oil and feedstock inventory Cost of sales $ 1,808 Intermediate and refined product inventory Cost of sales $ 20,888 For the three months ended June 30, 2014: Crude oil and feedstock inventory Cost of sales $ 3,719 Intermediate and refined product inventory Cost of sales $ 5,770 For the six months ended June 30, 2015: Crude oil and feedstock inventory Cost of sales $ 4,629 Intermediate and refined product inventory Cost of sales $ 84,574 For the six months ended June 30, 2014: Crude oil and feedstock inventory Cost of sales $ 1,069 Intermediate and refined product inventory Cost of sales $ (9,042 ) The Company had no ineffectiveness related to the Company's fair value hedges for the three and six months ended June 30, 2015 and 2014 . |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Distributions On July 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 August 25, 2015 to PBF Energy Class A common stockholders of record at the close of business on August 10, 2015. PBF Holding intends to make a distribution of approximately $ 27,280 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. |
CONDENSED CONSOLIDATING FINANCI
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS | 6 Months Ended |
Jun. 30, 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, PBF Power Marketing LLC, Paulsboro Refining Company LLC, Paulsboro Natural Gas Pipeline Company LLC and Toledo Refining Company 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 and Non-Guarantor Subsidiaries, the combining and consolidating adjustments and eliminations and the Issuer’s consolidated accounts for the dates and periods indicated. For purposes of the following combining and consolidating information, the Issuer’s Investment in its subsidiaries is accounted for under the equity method of accounting. . CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONDENSED CONSOLIDATING BALANCE SHEET (UNAUDITED) June 30, 2015 Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total ASSETS Current assets: Cash and cash equivalents $ 409,502 $ 529 $ 26,511 $ (968 ) $ 435,574 Accounts receivable 503,211 3,003 34,013 — 540,227 Accounts receivable - affiliate 536 1,295 — — 1,831 Inventories 588,258 496,051 222,105 — 1,306,414 Prepaid expense and other current assets 21,791 6,492 — — 28,283 Due from related parties 18,379,043 19,811,177 2,435,713 (40,625,933 ) — Total current assets 19,902,341 20,318,547 2,718,342 (40,626,901 ) 2,312,329 Property, plant and equipment, net 85,465 1,668,389 65,158 — 1,819,012 Investment in subsidiaries 2,018,715 — — (2,018,715 ) — Deferred charges and other assets, net 31,393 272,540 2,357 — 306,290 Total assets $ 22,037,914 $ 22,259,476 $ 2,785,857 $ (42,645,616 ) $ 4,437,631 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 283,506 $ 66,570 $ 4,608 $ (968 ) $ 353,716 Accounts payable - affiliate 20,333 — — — 20,333 Accrued expenses 601,789 506,481 138,535 — 1,246,805 Current portion of long-term debt — — — — — Deferred revenue 7,218 — — — 7,218 Due to related parties 18,443,554 19,703,952 2,478,427 (40,625,933 ) — Total current liabilities 19,356,400 20,277,003 2,621,570 (40,626,901 ) 1,628,072 Delaware Economic Development Authority loan — 8,000 — — 8,000 Long-term debt 669,070 32,571 43,393 — 745,034 Intercompany notes payable 152,287 — — — 152,287 Other long-term liabilities 26,073 44,081 — — 70,154 Total liabilities 20,203,830 20,361,655 2,664,963 (40,626,901 ) 2,603,547 Commitments and contingencies Equity: Member's equity 1,129,834 734,923 39,346 (774,269 ) 1,129,834 Retained earnings (accumulated deficit) 730,330 1,171,286 81,548 (1,252,834 ) 730,330 Accumulated other comprehensive (loss) income (26,080 ) (8,388 ) — 8,388 (26,080 ) Total equity 1,834,084 1,897,821 120,894 (2,018,715 ) 1,834,084 Total liabilities and equity $ 22,037,914 $ 22,259,476 $ 2,785,857 $ (42,645,616 ) $ 4,437,631 13. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONDENSED CONSOLIDATING BALANCE SHEET (UNAUDITED) December 31, 2014 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) Six Months Ended June 30, 2015 Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total Cash flows from operating activities: Net income (loss) $ 363,623 $ (560,449 ) $ 28,843 $ 531,606 $ 363,623 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 9,154 86,689 1,535 — 97,378 Stock-based compensation — 3,781 — — 3,781 Change in fair value of catalyst lease obligations — (3,988 ) — — (3,988 ) Change in non-cash lower of cost or market inventory adjustment (164,867 ) 37,701 — — (127,166 ) Non-cash change in inventory repurchase obligations — 89,203 — — 89,203 Pension and other post retirement benefit costs 3,969 8,924 — — 12,893 Gain on disposition of property, plant and equipment (181 ) (233 ) (577 ) — (991 ) Equity in earnings of subsidiaries 531,606 — — (531,606 ) — Changes in current assets and current liabilities: Accounts receivable 15,287 23,235 (27,480 ) — 11,042 Due to/from affiliates (554,250 ) 548,558 15,787 — 10,095 Inventories 87,556 (105,460 ) (66,715 ) — (84,619 ) Prepaid expenses and other current assets 5,173 (1,299 ) — — 3,874 Accounts payable 47,715 (26,414 ) (3,815 ) 1,048 18,534 Accrued expenses (37,550 ) (9,046 ) (52,796 ) — (99,392 ) Deferred revenue 5,991 — — — 5,991 Other assets and liabilities 1,155 (5,846 ) (263 ) — (4,954 ) Net cash provided by (used in) operating activities 314,381 85,356 (105,481 ) 1,048 295,304 Cash flows from investing activities: Expenditures for property, plant and equipment (166,857 ) (57,189 ) — — (224,046 ) Expenditures for deferred turnaround costs — (22,918 ) — — (22,918 ) Expenditures for other assets — (5,424 ) — — (5,424 ) Investment in subsidiaries 5,000 — — (5,000 ) — Proceeds from sale of assets 41,597 — 96,534 — 138,131 Net cash provided by (used in) investing activities (120,260 ) (85,531 ) 96,534 (5,000 ) (114,257 ) Cash flows from financing activities: Proceeds from members' capital contributions — — 5,000 (5,000 ) — Distribution to Parent — — (10,000 ) 10,000 — Proceeds from intercompany notes payable 30,000 — — — 30,000 Proceeds from Rail Facility revolver borrowings — — 70,750 — 70,750 Repayments of Rail Facility revolver borrowing — — (64,626 ) — (64,626 ) Net cash provided by (used in) financing activities 30,000 — 1,124 5,000 36,124 Net increase in cash and cash equivalents 224,121 (175 ) (7,823 ) 1,048 217,171 Cash and equivalents, beginning of period 185,381 704 34,334 (2,016 ) 218,403 Cash and equivalents, end of period $ 409,502 $ 529 $ 26,511 $ (968 ) $ 435,574 13. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW (UNAUDITED) Six Months Ended June 30, 2014 Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total Cash flows from operating activities: Net income (loss) $ 286,268 $ (550,677 ) $ (839 ) $ 551,516 $ 286,268 Adjustments to reconcile net income to net cash from operating activities: Depreciation and amortization 10,084 60,881 253 — 71,218 Stock-based compensation — 2,728 — — 2,728 Change in fair value of catalyst lease obligations — 4,339 — — 4,339 Non-cash change in inventory repurchase obligations — (7,973 ) — — (7,973 ) Pension and other post retirement benefit costs 2,777 7,761 — — 10,538 (Gain) loss on disposition of property, plant and equipment (186 ) 6 — — (180 ) Equity in earnings of subsidiaries 551,516 — — (551,516 ) — Changes in current assets and current liabilities: Accounts receivable (69,405 ) (47,174 ) — — (116,579 ) Due to/from affiliates (716,895 ) 719,419 1,261 — 3,785 Inventories (256,121 ) 7,027 — — (249,094 ) Prepaid expenses and other current assets (7,076 ) 1,204 (51 ) 51 (5,872 ) Accounts payable (23,483 ) (39,574 ) — (51 ) (63,108 ) Accrued expenses 285,388 (3,321 ) — — 282,067 Deferred revenue (1,632 ) — — — (1,632 ) Other assets and liabilities (836 ) (3,232 ) — — (4,068 ) Net cash provided by operating activities 60,399 151,414 624 — 212,437 Cash flows from investing activities: Expenditures for property, plant and equipment (6,588 ) (103,229 ) (12,811 ) — (122,628 ) Expenditures for refinery turnarounds costs — (39,424 ) — — (39,424 ) Expenditures for other assets — (8,202 ) — — (8,202 ) Investment in subsidiaries (7,187 ) — — 7,187 — Proceeds from sale of assets 37,759 — — — 37,759 Net cash provided by (used in) investing activities 23,984 (150,855 ) (12,811 ) 7,187 (132,495 ) Cash flows from financing activities: Proceeds from members' capital contributions 328,664 — 7,187 (7,187 ) 328,664 Distributions to members (218,782 ) — — — (218,782 ) Proceeds from intercompany notes payable 55,994 — — — 55,994 Proceeds from Rail Facility Revolver — — 8,225 — 8,225 Proceeds from revolver borrowings 395,000 — — — 395,000 Repayments of revolver borrowings (410,000 ) — — — (410,000 ) Deferred financing costs and other 544 — (3,187 ) — (2,643 ) Net cash provided by (used in) financing activities 151,420 — 12,225 (7,187 ) 156,458 Net increase (decrease) in cash and cash equivalents 235,803 559 38 — 236,400 Cash and equivalents, beginning of period 76,179 791 — — 76,970 Cash and equivalents, end of period $ 311,982 $ 1,350 $ 38 $ — $ 313,370 |
DESCRIPTION OF THE BUSINESS A19
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Policies) | 6 Months Ended |
Jun. 30, 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) | 6 Months Ended |
Jun. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventories consisted of the following: June 30, 2015 Titled Inventory Inventory Supply and Intermediation Arrangements Total Crude oil and feedstocks $ 885,461 $ 58,527 $ 943,988 Refined products and blendstocks 536,831 349,217 886,048 Warehouse stock and other 39,322 — 39,322 $ 1,461,614 $ 407,744 $ 1,869,358 Lower of cost or market reserve (470,241 ) (92,703 ) (562,944 ) Total inventories $ 991,373 $ 315,041 $ 1,306,414 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 ) Total inventories $ 866,016 $ 236,245 $ 1,102,261 |
DEFERRED CHARGES AND OTHER AS21
DEFERRED CHARGES AND OTHER ASSETS, NET (Tables) | 6 Months Ended |
Jun. 30, 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: June 30, December 31, Deferred turnaround costs, net $ 188,111 $ 204,987 Catalyst 73,494 77,322 Deferred financing costs, net 26,837 30,128 Linefill 10,230 10,230 Restricted cash 1,500 1,521 Intangible assets, net 241 357 Other 5,877 5,972 Total deferred charges and other assets, net $ 306,290 $ 330,517 |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Payables and Accruals [Abstract] | |
Schedule of accrued expenses | Accrued expenses consisted of the following: June 30, December 31, Inventory-related accruals $ 625,558 $ 588,297 Inventory supply and intermediation arrangements 256,164 253,549 Accrued distributions 146,585 — Accrued transportation costs 54,895 59,959 Excise and sales tax payable 40,022 40,444 Accrued salaries and benefits 28,003 55,993 Accrued interest 21,690 22,946 Customer deposits 21,277 24,659 Accrued construction in progress 17,368 31,452 Accrued utilities 11,197 22,337 Other 24,046 30,334 Total accrued expenses $ 1,246,805 $ 1,129,970 |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 6 Months Ended |
Jun. 30, 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 Six Months Ended Pension Benefits 2015 2014 2015 2014 Components of net periodic benefit cost: Service cost $ 5,789 $ 4,851 $ 11,579 $ 9,142 Interest cost 707 601 1,416 1,171 Expected return on plan assets (829 ) (539 ) (1,659 ) (1,063 ) Amortization of prior service costs 13 10 26 12 Amortization of actuarial loss 311 258 622 480 Net periodic benefit cost $ 5,991 $ 5,181 $ 11,984 $ 9,742 Three Months Ended Six Months Ended Post Retirement Medical Plan 2015 2014 2015 2014 Components of net periodic benefit cost: Service cost $ 244 $ 300 $ 488 $ 478 Interest cost 134 135 269 228 Amortization of prior service costs 76 75 152 55 Amortization of actuarial loss (gain) — 1 — (4 ) Net periodic benefit cost $ 454 $ 511 $ 909 $ 757 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 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 June 30, 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 $ 365,371 $ — $ — $ 365,371 N/A $ 365,371 Non-qualified pension plan assets 5,398 — — 5,398 N/A 5,398 Commodity contracts 65,997 14,814 2,564 83,375 (66,126 ) 17,249 Derivatives included with intermediation agreement obligations — 10,260 — 10,260 — 10,260 Liabilities: Commodity contracts 59,827 7,050 659 67,536 (66,126 ) 1,410 Catalyst lease obligations — 32,571 — 32,571 — 32,571 Derivatives included with inventory supply arrangement obligations — 378 — 378 — 378 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 June 30, Six Months Ended June 30, 2015 2014 2015 2014 Balance at beginning of period $ 9,678 $ (3,751 ) $ 1,521 $ (23,365 ) Purchases — — — — Settlements (10,111 ) 4,972 (11,311 ) 3,667 Unrealized gain included in earnings 2,338 1,468 11,695 22,387 Transfers into Level 3 — — — — Transfers out of Level 3 — — — — Balance at end of period $ 1,905 $ 2,689 $ 1,905 $ 2,689 |
Schedule of Fair value of Debt | The table below summarizes the fair value and carrying value of debt as of June 30, 2015 and December 31, 2014 . June 30, 2015 December 31, 2014 Carrying value Fair value Carrying value Fair value Senior Secured Notes (a) $ 669,070 $ 687,850 $ 668,520 $ 675,580 Revolving Loan (b) — — — — Rail Facility (b) 43,393 43,393 37,270 37,270 Catalyst leases (c) 32,571 32,571 36,559 36,559 745,034 763,814 742,349 749,409 Less - Current maturities — — — — Long-term debt $ 745,034 $ 763,814 $ 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) | 6 Months Ended |
Jun. 30, 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 June 30, 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: June 30, 2015: Derivatives included with inventory supply arrangement obligations Accrued expenses $ (378 ) Derivatives included with the intermediation agreement obligations Accrued expenses $ 10,260 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: June 30, 2015: Commodity contracts Accounts receivable $ 17,249 Commodity contracts Accrued expenses $ (1,410 ) 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 Income on Derivatives Gain or (Loss) Recognized in Income on Derivatives Derivatives designated as hedging instruments: For the three months ended June 30, 2015: Derivatives included with inventory supply arrangement obligations Cost of sales $ (1,808 ) Derivatives included with the intermediation agreement obligations Cost of sales $ (20,888 ) For the three months ended June 30, 2014: Derivatives included with inventory supply arrangement obligations Cost of sales $ (3,719 ) Derivatives included with the intermediation agreement obligations Cost of sales $ (5,770 ) For the six months ended June 30, 2015: Derivatives included with inventory supply arrangement obligations Cost of sales $ (4,629 ) Derivatives included with the intermediation agreement obligations Cost of sales $ (84,574 ) For the six months ended June 30, 2014: Derivatives included with inventory supply arrangement obligations Cost of sales $ (1,069 ) Derivatives included with the intermediation agreement obligations Cost of sales $ 9,042 Derivatives not designated as hedging instruments: For the three months ended June 30, 2015: Commodity contracts Cost of sales $ (3,969 ) For the three months ended June 30, 2014: Commodity contracts Cost of sales $ (41,119 ) For the six months ended June 30, 2015: Commodity contracts Cost of sales $ (45,097 ) For the six months ended June 30, 2014: Commodity contracts Cost of sales $ 31,278 Hedged items designated in fair value hedges: For the three months ended June 30, 2015: Crude oil and feedstock inventory Cost of sales $ 1,808 Intermediate and refined product inventory Cost of sales $ 20,888 For the three months ended June 30, 2014: Crude oil and feedstock inventory Cost of sales $ 3,719 Intermediate and refined product inventory Cost of sales $ 5,770 For the six months ended June 30, 2015: Crude oil and feedstock inventory Cost of sales $ 4,629 Intermediate and refined product inventory Cost of sales $ 84,574 For the six months ended June 30, 2014: Crude oil and feedstock inventory Cost of sales $ 1,069 Intermediate and refined product inventory Cost of sales $ (9,042 ) |
CONDENSED CONSOLIDATING FINAN26
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Condensed Financial Information of Subsidiary Disclosure [Abstract] | |
Condensed Consolidating Balance Sheet | CONDENSED CONSOLIDATING BALANCE SHEET (UNAUDITED) June 30, 2015 Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total ASSETS Current assets: Cash and cash equivalents $ 409,502 $ 529 $ 26,511 $ (968 ) $ 435,574 Accounts receivable 503,211 3,003 34,013 — 540,227 Accounts receivable - affiliate 536 1,295 — — 1,831 Inventories 588,258 496,051 222,105 — 1,306,414 Prepaid expense and other current assets 21,791 6,492 — — 28,283 Due from related parties 18,379,043 19,811,177 2,435,713 (40,625,933 ) — Total current assets 19,902,341 20,318,547 2,718,342 (40,626,901 ) 2,312,329 Property, plant and equipment, net 85,465 1,668,389 65,158 — 1,819,012 Investment in subsidiaries 2,018,715 — — (2,018,715 ) — Deferred charges and other assets, net 31,393 272,540 2,357 — 306,290 Total assets $ 22,037,914 $ 22,259,476 $ 2,785,857 $ (42,645,616 ) $ 4,437,631 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 283,506 $ 66,570 $ 4,608 $ (968 ) $ 353,716 Accounts payable - affiliate 20,333 — — — 20,333 Accrued expenses 601,789 506,481 138,535 — 1,246,805 Current portion of long-term debt — — — — — Deferred revenue 7,218 — — — 7,218 Due to related parties 18,443,554 19,703,952 2,478,427 (40,625,933 ) — Total current liabilities 19,356,400 20,277,003 2,621,570 (40,626,901 ) 1,628,072 Delaware Economic Development Authority loan — 8,000 — — 8,000 Long-term debt 669,070 32,571 43,393 — 745,034 Intercompany notes payable 152,287 — — — 152,287 Other long-term liabilities 26,073 44,081 — — 70,154 Total liabilities 20,203,830 20,361,655 2,664,963 (40,626,901 ) 2,603,547 Commitments and contingencies Equity: Member's equity 1,129,834 734,923 39,346 (774,269 ) 1,129,834 Retained earnings (accumulated deficit) 730,330 1,171,286 81,548 (1,252,834 ) 730,330 Accumulated other comprehensive (loss) income (26,080 ) (8,388 ) — 8,388 (26,080 ) Total equity 1,834,084 1,897,821 120,894 (2,018,715 ) 1,834,084 Total liabilities and equity $ 22,037,914 $ 22,259,476 $ 2,785,857 $ (42,645,616 ) $ 4,437,631 13. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONDENSED CONSOLIDATING BALANCE SHEET (UNAUDITED) December 31, 2014 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) Six Months Ended June 30, 2015 Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total Cash flows from operating activities: Net income (loss) $ 363,623 $ (560,449 ) $ 28,843 $ 531,606 $ 363,623 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 9,154 86,689 1,535 — 97,378 Stock-based compensation — 3,781 — — 3,781 Change in fair value of catalyst lease obligations — (3,988 ) — — (3,988 ) Change in non-cash lower of cost or market inventory adjustment (164,867 ) 37,701 — — (127,166 ) Non-cash change in inventory repurchase obligations — 89,203 — — 89,203 Pension and other post retirement benefit costs 3,969 8,924 — — 12,893 Gain on disposition of property, plant and equipment (181 ) (233 ) (577 ) — (991 ) Equity in earnings of subsidiaries 531,606 — — (531,606 ) — Changes in current assets and current liabilities: Accounts receivable 15,287 23,235 (27,480 ) — 11,042 Due to/from affiliates (554,250 ) 548,558 15,787 — 10,095 Inventories 87,556 (105,460 ) (66,715 ) — (84,619 ) Prepaid expenses and other current assets 5,173 (1,299 ) — — 3,874 Accounts payable 47,715 (26,414 ) (3,815 ) 1,048 18,534 Accrued expenses (37,550 ) (9,046 ) (52,796 ) — (99,392 ) Deferred revenue 5,991 — — — 5,991 Other assets and liabilities 1,155 (5,846 ) (263 ) — (4,954 ) Net cash provided by (used in) operating activities 314,381 85,356 (105,481 ) 1,048 295,304 Cash flows from investing activities: Expenditures for property, plant and equipment (166,857 ) (57,189 ) — — (224,046 ) Expenditures for deferred turnaround costs — (22,918 ) — — (22,918 ) Expenditures for other assets — (5,424 ) — — (5,424 ) Investment in subsidiaries 5,000 — — (5,000 ) — Proceeds from sale of assets 41,597 — 96,534 — 138,131 Net cash provided by (used in) investing activities (120,260 ) (85,531 ) 96,534 (5,000 ) (114,257 ) Cash flows from financing activities: Proceeds from members' capital contributions — — 5,000 (5,000 ) — Distribution to Parent — — (10,000 ) 10,000 — Proceeds from intercompany notes payable 30,000 — — — 30,000 Proceeds from Rail Facility revolver borrowings — — 70,750 — 70,750 Repayments of Rail Facility revolver borrowing — — (64,626 ) — (64,626 ) Net cash provided by (used in) financing activities 30,000 — 1,124 5,000 36,124 Net increase in cash and cash equivalents 224,121 (175 ) (7,823 ) 1,048 217,171 Cash and equivalents, beginning of period 185,381 704 34,334 (2,016 ) 218,403 Cash and equivalents, end of period $ 409,502 $ 529 $ 26,511 $ (968 ) $ 435,574 13. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW (UNAUDITED) Six Months Ended June 30, 2014 Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total Cash flows from operating activities: Net income (loss) $ 286,268 $ (550,677 ) $ (839 ) $ 551,516 $ 286,268 Adjustments to reconcile net income to net cash from operating activities: Depreciation and amortization 10,084 60,881 253 — 71,218 Stock-based compensation — 2,728 — — 2,728 Change in fair value of catalyst lease obligations — 4,339 — — 4,339 Non-cash change in inventory repurchase obligations — (7,973 ) — — (7,973 ) Pension and other post retirement benefit costs 2,777 7,761 — — 10,538 (Gain) loss on disposition of property, plant and equipment (186 ) 6 — — (180 ) Equity in earnings of subsidiaries 551,516 — — (551,516 ) — Changes in current assets and current liabilities: Accounts receivable (69,405 ) (47,174 ) — — (116,579 ) Due to/from affiliates (716,895 ) 719,419 1,261 — 3,785 Inventories (256,121 ) 7,027 — — (249,094 ) Prepaid expenses and other current assets (7,076 ) 1,204 (51 ) 51 (5,872 ) Accounts payable (23,483 ) (39,574 ) — (51 ) (63,108 ) Accrued expenses 285,388 (3,321 ) — — 282,067 Deferred revenue (1,632 ) — — — (1,632 ) Other assets and liabilities (836 ) (3,232 ) — — (4,068 ) Net cash provided by operating activities 60,399 151,414 624 — 212,437 Cash flows from investing activities: Expenditures for property, plant and equipment (6,588 ) (103,229 ) (12,811 ) — (122,628 ) Expenditures for refinery turnarounds costs — (39,424 ) — — (39,424 ) Expenditures for other assets — (8,202 ) — — (8,202 ) Investment in subsidiaries (7,187 ) — — 7,187 — Proceeds from sale of assets 37,759 — — — 37,759 Net cash provided by (used in) investing activities 23,984 (150,855 ) (12,811 ) 7,187 (132,495 ) Cash flows from financing activities: Proceeds from members' capital contributions 328,664 — 7,187 (7,187 ) 328,664 Distributions to members (218,782 ) — — — (218,782 ) Proceeds from intercompany notes payable 55,994 — — — 55,994 Proceeds from Rail Facility Revolver — — 8,225 — 8,225 Proceeds from revolver borrowings 395,000 — — — 395,000 Repayments of revolver borrowings (410,000 ) — — — (410,000 ) Deferred financing costs and other 544 — (3,187 ) — (2,643 ) Net cash provided by (used in) financing activities 151,420 — 12,225 (7,187 ) 156,458 Net increase (decrease) in cash and cash equivalents 235,803 559 38 — 236,400 Cash and equivalents, beginning of period 76,179 791 — — 76,970 Cash and equivalents, end of period $ 311,982 $ 1,350 $ 38 $ — $ 313,370 |
DESCRIPTION OF THE BUSINESS A27
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Details) - shares | May. 14, 2014 | Jun. 30, 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 ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | |
Inventory [Line Items] | ||||||
Operating Income (Loss) | $ 249,373 | $ 82,073 | $ 403,662 | $ 342,280 | ||
Crude oil and feedstocks | 943,988 | 943,988 | $ 979,878 | |||
Refined products and blendstocks | 886,048 | 886,048 | 775,767 | |||
Warehouse stock and other | 39,322 | 39,322 | 36,726 | |||
Inventory, Gross | 1,869,358 | 1,869,358 | 1,792,371 | |||
Lower of cost or market reserve | (562,944) | (562,944) | $ 668,902 | (690,110) | ||
Inventories | 1,306,414 | 1,306,414 | 1,102,261 | |||
Net income | 228,367 | $ 53,518 | 363,623 | $ 286,268 | ||
Titled Inventory [Member] | ||||||
Inventory [Line Items] | ||||||
Crude oil and feedstocks | 885,461 | 885,461 | 918,756 | |||
Refined products and blendstocks | 536,831 | 536,831 | 520,308 | |||
Warehouse stock and other | 39,322 | 39,322 | 36,726 | |||
Inventory, Gross | 1,461,614 | 1,461,614 | 1,475,790 | |||
Lower of cost or market reserve | (470,241) | (470,241) | (609,774) | |||
Inventories | 991,373 | 991,373 | 866,016 | |||
Inventory Supply and Offtake Arrangements [Member] | ||||||
Inventory [Line Items] | ||||||
Crude oil and feedstocks | 58,527 | 58,527 | 61,122 | |||
Refined products and blendstocks | 349,217 | 349,217 | 255,459 | |||
Warehouse stock and other | 0 | 0 | 0 | |||
Inventory, Gross | 407,744 | 407,744 | 316,581 | |||
Lower of cost or market reserve | (92,703) | (92,703) | (80,336) | |||
Inventories | 315,041 | 315,041 | $ 236,245 | |||
Scenario, Adjustment [Member] | ||||||
Inventory [Line Items] | ||||||
Operating Income (Loss) | $ 105,958 | $ 127,166 |
DEFERRED CHARGES AND OTHER AS29
DEFERRED CHARGES AND OTHER ASSETS, NET (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Deferred turnaround costs, net | $ 188,111 | $ 204,987 |
Catalyst | 73,494 | 77,322 |
Deferred financing costs, net | 26,837 | 30,128 |
Linefill | 10,230 | 10,230 |
Restricted cash | 1,500 | 1,521 |
Intangible assets, net | 241 | 357 |
Other | 5,877 | 5,972 |
Deferred charges and other assets | $ 306,290 | $ 330,517 |
ACCRUED EXPENSES (Details)
ACCRUED EXPENSES (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Accrued Expenses: | ||
Inventory-related accruals | $ 625,558 | $ 588,297 |
Inventory supply and intermediation arrangements | 256,164 | 253,549 |
Accrued distributions | 146,585 | 0 |
Accrued transportation costs | 54,895 | 59,959 |
Excise and sales tax payable | 40,022 | 40,444 |
Accrued salaries and benefits | 28,003 | 55,993 |
Accrued interest | 21,690 | 22,946 |
Customer deposits | 21,277 | 24,659 |
Accrued construction in progress | 17,368 | 31,452 |
Accrued utilities | 11,197 | 22,337 |
Other | 24,046 | 30,334 |
Accrued expenses | $ 1,246,805 | $ 1,129,970 |
INTERCOMPANY NOTE PAYABLE (Deta
INTERCOMPANY NOTE PAYABLE (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Intercompany notes payable | $ 152,287 | $ 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] $ in Thousands | May. 15, 2015bbl / d$ / bbl | Oct. 01, 2014bbl / d$ / bbl | May. 14, 2014bbl / d$ / bbl | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Dec. 31, 2014USD ($) |
Omnibus Agreement [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party transaction, annual fee | $ | $ 2,225 | $ 2,350 | |||||||
Cost of Sales [Member] | Delaware City Terminaling Services Agreement [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party transaction, amounts of transaction | $ | $ 1,277 | 1,277 | |||||||
Cost of Sales [Member] | DCR Terminaling Agreement [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party transaction, amounts of transaction | $ | 15,718 | $ 7,200 | 31,262 | $ 7 | |||||
Cost of Sales [Member] | Toledo Terminaling Agreement [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party transaction, amounts of transaction | $ | 1,265 | 582 | 1,842 | 582 | |||||
Cost of Sales [Member] | West Ladder Rack Terminaling Agreement [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party transaction, amounts of transaction | $ | 8,008 | 15,929 | |||||||
Cost of Sales [Member] | Toledo Tank Farm Storage and Terminaling Agreement [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party transaction, amounts of transaction | $ | 6,236 | 12,758 | |||||||
Cost of Sales [Member] | Delaware City Pipeline Services Agreement [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party transaction, amounts of transaction | $ | 1,262 | 1,262 | |||||||
General and Administrative Expense [Member] | Omnibus Agreement [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party transaction, amounts of transaction | $ | 1,208 | 422 | 2,389 | 422 | |||||
Operating Expense [Member] | Services Agreement [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party transaction, amounts of transaction | $ | $ 1,111 | $ 66 | $ 2,211 | $ 66 | |||||
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 | 1.50 | ||||||||
Oil And Gas Plant, Collaborative Agreement, Minimum Throughput Capacity | bbl / d | 40,000 | ||||||||
Oil And Gas Plant, Terminaling Services Fee, Base Commitment | 2.20 | ||||||||
Toledo Storage Facility [Member] | Toledo Tank Farm Storage and Terminaling Agreement [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Oil And Gas Plant, Storage Services Fee | 0.50 | ||||||||
Oil And Gas Plant, Collaborative Agreement, Minimum Throughput Capacity | bbl / d | 4,400 | ||||||||
Oil And Gas Plant, Terminaling Services Fee, Base Commitment | 2.52 | ||||||||
Delaware City Products Pipeline [Member] | Delaware City Pipeline Services Agreement [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Term of Agreement | 10 years | ||||||||
Oil And Gas Plant, Collaborative Agreement, Minimum Throughput Capacity | bbl / d | 50,000 | ||||||||
Oil And Gas Plant, Terminaling Services Fee, Base Commitment | 0.5266 | ||||||||
Delaware City Truck Rack [Member] | Delaware City Terminaling Services Agreement [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Term of Agreement | 10 years | ||||||||
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 | 0.50 | ||||||||
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 | bbl / d | 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 | bbl / d | 85,000 | ||||||||
Refined Clean Product [Member] | Delaware City Truck Rack [Member] | Delaware City Terminaling Services Agreement [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Oil And Gas Plant, Collaborative Agreement, Minimum Throughput Capacity | bbl / d | 30,000 | ||||||||
Oil And Gas Plant, Terminaling Services Fee, Base Commitment | 0.462 | ||||||||
LPGs [Member] | Delaware City Truck Rack [Member] | Delaware City Terminaling Services Agreement [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Oil And Gas Plant, Collaborative Agreement, Minimum Throughput Capacity | bbl / d | 5,000 | ||||||||
Oil And Gas Plant, Terminaling Services Fee, Base Commitment | 2.52 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2015USD ($)ppm | Dec. 31, 2010ppm | Dec. 31, 2014USD ($) | |
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 | $ 11,132,000 | $ 10,476,000 | |
Discount rate used for environmental liability assessment | 8.00% | ||
Maximum amount of sulfur allowed in heating oil (in ppm) | ppm | 10 | ||
Public Utilities, Description of Specific Regulatory Liabilities | 80 | ||
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) | ppm | 15 |
EMPLOYEE BENEFIT PLANS (Details
EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Pension Plan, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 5,789 | $ 4,851 | $ 11,579 | $ 9,142 |
Interest cost | 707 | 601 | 1,416 | 1,171 |
Expected return on plan assets | (829) | (539) | (1,659) | (1,063) |
Amortization of prior service costs | 13 | 10 | 26 | 12 |
Amortization of actuarial loss | 311 | 258 | 622 | 480 |
Net periodic benefit cost | 5,991 | 5,181 | 11,984 | 9,742 |
Post Retirement Medical Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 244 | 300 | 488 | 478 |
Interest cost | 134 | 135 | 269 | 228 |
Amortization of prior service costs | 76 | 75 | 152 | 55 |
Amortization of actuarial loss | 0 | 1 | 0 | (4) |
Net periodic benefit cost | $ 454 | $ 511 | $ 909 | $ 757 |
FAIR VALUE MEASUREMENTS (Measur
FAIR VALUE MEASUREMENTS (Measured on Recurring Basis) (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 5,398 | $ 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 | 5,398 | 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 | 32,571 | 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 | 32,571 | 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 | 67,536 | 397,676 |
Derivative, Collateral, Right to Reclaim Cash | (66,126) | (397,676) |
Derivative Liability | 1,410 | 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 | 59,827 | |
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 | 7,050 | |
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 | 659 | |
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 | 4,251 | |
Derivative assets, Effect of Counter-party Netting | 0 | |
Derivative assets, Net Carrying Value on Balance Sheet | 4,251 | |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 378 | |
Derivative, Collateral, Right to Reclaim Cash | 0 | |
Derivative Liability | 378 | |
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 | |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 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 | 4,251 | |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 378 | |
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 | |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 0 | |
Money market funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 365,371 | 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 | 365,371 | 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 | 83,375 | 428,831 |
Derivative assets, Effect of Counter-party Netting | (66,126) | (397,676) |
Derivative assets, Net Carrying Value on Balance Sheet | 17,249 | 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 | 65,997 | |
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 | 14,814 | |
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 | 2,564 | |
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 | 10,260 | 94,834 |
Derivative assets, Effect of Counter-party Netting | 0 | |
Derivative assets, Net Carrying Value on Balance Sheet | 10,260 | 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 | 10,260 | |
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 ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Change in Fair Value Measurement Categorized in Level 3 [Roll Forward] | ||||
Balance at beginning of period | $ 9,678 | $ (3,751) | $ 1,521 | $ (23,365) |
Purchases | 0 | 0 | 0 | 0 |
Settlements | (10,111) | 4,972 | (11,311) | 3,667 |
Unrealized loss included in earnings | 2,338 | 1,468 | 11,695 | 22,387 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Balance at end of period | $ 1,905 | $ 2,689 | $ 1,905 | $ 2,689 |
FAIR VALUE MEASUREMENTS (Fair V
FAIR VALUE MEASUREMENTS (Fair Value and Carrying Value of Debt) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, Carrying value | $ 745,034 | $ 742,349 |
Long-term debt, Fair value | 763,814 | 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 | 745,034 | 742,349 |
Long-term debt, excluding current maturities, Fair value | 763,814 | 749,409 |
Senior secured notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, Carrying value | 669,070 | 668,520 |
Long-term debt, Fair value | 687,850 | 675,580 |
Long-term Line of Credit | 0 | 0 |
Lines of Credit, Fair Value Disclosure | 0 | 0 |
Rail Facility [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Line of Credit | 43,393 | 37,270 |
Lines of Credit, Fair Value Disclosure | 43,393 | 37,270 |
Catalyst lease [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt, Carrying value | 32,571 | 36,559 |
Long-term debt, Fair value | $ 32,571 | $ 36,559 |
DERIVATIVES (Narrative) (Detail
DERIVATIVES (Narrative) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2015USD ($)bbl | Jun. 30, 2015USD ($)bbl | Dec. 31, 2014bbl | |
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 | 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 | 549,182 | 549,182 | |
Intermediates and Refined Products Inventory [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, notional amount, volume | 0 | 0 | 0 |
Intermediates and Refined Products Inventory [Member] | Fair Value Hedging [Member] | |||
Derivative [Line Items] | |||
Derivative, notional amount, volume | 3,118,578 | 3,118,578 | 3,106,325 |
Crude Oil Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, notional amount, volume | 39,100,000 | 39,100,000 | 47,339,000 |
Refined Product Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, notional amount, volume | 2,464,000 | 2,464,000 | 1,970,871 |
DERIVATIVES (Fair Value of Deri
DERIVATIVES (Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Designated as Hedging Instrument [Member] | Inventory Supply Arrangement Obligation [Member] | Accrued Expenses [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value Asset/(Liability) | $ (378) | $ 4,251 |
Designated as Hedging Instrument [Member] | Inventory Intermediation Agreement Obligation [Member] | Accrued Expenses [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value Asset/(Liability) | 10,260 | 94,834 |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Accrued Expenses [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value Asset/(Liability) | (1,410) | |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Accounts Receivable [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value Asset/(Liability) | $ 17,249 | $ 31,155 |
DERIVATIVES (Gain (Loss) Recogn
DERIVATIVES (Gain (Loss) Recognized in Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 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 | (1,808) | $ (3,719) | (4,629) | $ (1,069) |
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 | (20,888) | (5,770) | (84,574) | 9,042 |
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 | 1,808 | 3,719 | 4,629 | 1,069 |
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 | 20,888 | 5,770 | 84,574 | (9,042) |
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 | $ (3,969) | $ (41,119) | $ (45,097) | $ 31,278 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Thousands | Jul. 30, 2015 | Jun. 30, 2015 | Jun. 30, 2014 |
Subsequent Event [Line Items] | |||
Proceeds from sale of assets | $ 138,131 | $ 37,759 | |
Subsequent Event [Member] | PBF Energy [Member] | Class A Common Stock [Member] | |||
Subsequent Event [Line Items] | |||
Dividends declared per share | $ 0.3 | ||
Stockholders' Equity, Capital Distributions | $ 27,280 |
CONDENSED CONSOLIDATING FINAN42
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Condensed Financial Statements, Captions [Line Items] | |||||
Revenues | $ 3,550,664 | $ 5,301,709 | $ 6,545,800 | $ 10,048,152 | |
Cost of sales, excluding depreciation | 3,026,975 | 4,943,238 | 5,556,015 | 9,090,922 | |
Net income | 228,367 | 53,518 | 363,623 | 286,268 | |
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 | |
Accounts receivable | (540,227) | (540,227) | $ (551,269) | ||
Accounts payable | (353,716) | $ (353,716) | (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 | 275,743 | 359,660 | $ 536,576 | 739,071 | |
Cost of sales, excluding depreciation | 234,226 | 358,907 | 572,883 | 737,870 | |
Net income | (201,783) | (245,848) | (560,449) | (550,677) | |
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 | |
Accounts receivable | (3,003) | (3,003) | (26,238) | ||
Accounts payable | (66,570) | (66,570) | (92,984) | ||
Issuer [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Revenues | 3,529,849 | 5,300,956 | 6,522,006 | 10,046,951 | |
Cost of sales, excluding depreciation | 3,036,655 | 4,942,937 | 5,527,418 | 9,090,621 | |
Net income | 228,367 | 53,518 | 363,623 | 286,268 | |
Equity in earnings of subsidiaries | (213,468) | $ (246,687) | (531,606) | $ (551,516) | |
Accounts receivable | (503,211) | (503,211) | (518,498) | ||
Accounts payable | $ (283,506) | $ (283,506) | $ (235,791) |
CONDENSED CONSOLIDATING FINAN43
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS (Balance Sheet) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Current assets: | ||||
Cash and cash equivalents | $ 435,574 | $ 218,403 | $ 313,370 | $ 76,970 |
Accounts receivable | 540,227 | 551,269 | ||
Accounts receivable - affiliate | 1,831 | 3,223 | ||
Inventories | 1,306,414 | 1,102,261 | ||
Prepaid expense and other current assets | 28,283 | 32,157 | ||
Due from related party | 0 | 0 | ||
Total current assets | 2,312,329 | 1,907,313 | ||
Property, plant and equipment, net | 1,819,012 | 1,806,060 | ||
Investment in subsidiaries | 0 | 0 | ||
Deferred charges and other assets, net | 306,290 | 330,517 | ||
Total assets | 4,437,631 | 4,043,890 | ||
Current liabilities: | ||||
Accounts payable | 353,716 | 335,182 | ||
Accounts payable - affiliate | 20,333 | 11,630 | ||
Accrued expenses | 1,246,805 | 1,129,970 | ||
Current portion of long-term debt | 0 | 0 | ||
Deferred revenue | 7,218 | 1,227 | ||
Due to related parties | 0 | 0 | ||
Total current liabilities | 1,628,072 | 1,478,009 | ||
Delaware Economic Development Authority loan | 8,000 | 8,000 | ||
Long-term debt | 745,034 | 742,349 | ||
Intercompany notes payable | 152,287 | 122,264 | ||
Other long-term liabilities | 70,154 | 62,752 | ||
Total liabilities | $ 2,603,547 | $ 2,413,374 | ||
Commitments and contingencies | ||||
Equity: | ||||
Member's equity | $ 1,129,834 | $ 1,144,100 | ||
Retained earnings (accumulated deficit) | 730,330 | 513,292 | ||
Accumulated other comprehensive loss | (26,080) | (26,876) | ||
Total equity | 1,834,084 | 1,630,516 | ||
Total liabilities and equity | 4,437,631 | 4,043,890 | ||
Issuer [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 409,502 | 185,381 | 311,982 | 76,179 |
Accounts receivable | 503,211 | 518,498 | ||
Accounts receivable - affiliate | 536 | 529 | ||
Inventories | 588,258 | 510,947 | ||
Prepaid expense and other current assets | 21,791 | 26,964 | ||
Due from related party | 18,379,043 | 16,189,384 | ||
Total current assets | 19,902,341 | 17,431,703 | ||
Property, plant and equipment, net | 85,465 | 68,218 | ||
Investment in subsidiaries | 2,018,715 | 2,569,636 | ||
Deferred charges and other assets, net | 31,393 | 34,840 | ||
Total assets | 22,037,914 | 20,104,397 | ||
Current liabilities: | ||||
Accounts payable | 283,506 | 235,791 | ||
Accounts payable - affiliate | 20,333 | 11,600 | ||
Accrued expenses | 601,789 | 487,783 | ||
Current portion of long-term debt | 0 | 0 | ||
Deferred revenue | 7,218 | 1,227 | ||
Due to related parties | 18,443,554 | 16,924,490 | ||
Total current liabilities | 19,356,400 | 17,660,891 | ||
Delaware Economic Development Authority loan | 0 | 0 | ||
Long-term debt | 669,070 | 668,520 | ||
Intercompany notes payable | 152,287 | 122,264 | ||
Other long-term liabilities | 26,073 | 22,206 | ||
Total liabilities | $ 20,203,830 | $ 18,473,881 | ||
Commitments and contingencies | ||||
Equity: | ||||
Member's equity | $ 1,129,834 | $ 1,144,100 | ||
Retained earnings (accumulated deficit) | 730,330 | 513,292 | ||
Accumulated other comprehensive loss | (26,080) | (26,876) | ||
Total equity | 1,834,084 | 1,630,516 | ||
Total liabilities and equity | 22,037,914 | 20,104,397 | ||
Guarantors Subsidiaries [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 529 | 704 | 1,350 | 791 |
Accounts receivable | 3,003 | 26,238 | ||
Accounts receivable - affiliate | 1,295 | 2,694 | ||
Inventories | 496,051 | 435,924 | ||
Prepaid expense and other current assets | 6,492 | 5,193 | ||
Due from related party | 19,811,177 | 18,805,509 | ||
Total current assets | 20,318,547 | 19,276,262 | ||
Property, plant and equipment, net | 1,668,389 | 1,683,294 | ||
Investment in subsidiaries | 0 | 0 | ||
Deferred charges and other assets, net | 272,540 | 293,098 | ||
Total assets | 22,259,476 | 21,252,654 | ||
Current liabilities: | ||||
Accounts payable | 66,570 | 92,984 | ||
Accounts payable - affiliate | 0 | 30 | ||
Accrued expenses | 506,481 | 450,856 | ||
Current portion of long-term debt | 0 | 0 | ||
Deferred revenue | 0 | 0 | ||
Due to related parties | 19,703,952 | 18,151,095 | ||
Total current liabilities | 20,277,003 | 18,694,965 | ||
Delaware Economic Development Authority loan | 8,000 | 8,000 | ||
Long-term debt | 32,571 | 36,559 | ||
Intercompany notes payable | 0 | 0 | ||
Other long-term liabilities | 44,081 | 40,546 | ||
Total liabilities | $ 20,361,655 | $ 18,780,070 | ||
Commitments and contingencies | ||||
Equity: | ||||
Member's equity | $ 734,923 | $ 749,278 | ||
Retained earnings (accumulated deficit) | 1,171,286 | 1,731,694 | ||
Accumulated other comprehensive loss | (8,388) | (8,388) | ||
Total equity | 1,897,821 | 2,472,584 | ||
Total liabilities and equity | 22,259,476 | 21,252,654 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 26,511 | 34,334 | 38 | 0 |
Accounts receivable | 34,013 | 6,533 | ||
Accounts receivable - affiliate | 0 | 0 | ||
Inventories | 222,105 | 155,390 | ||
Prepaid expense and other current assets | 0 | 0 | ||
Due from related party | 2,435,713 | 1,607,878 | ||
Total current assets | 2,718,342 | 1,804,135 | ||
Property, plant and equipment, net | 65,158 | 54,548 | ||
Investment in subsidiaries | 0 | 0 | ||
Deferred charges and other assets, net | 2,357 | 2,579 | ||
Total assets | 2,785,857 | 1,861,262 | ||
Current liabilities: | ||||
Accounts payable | 4,608 | 8,423 | ||
Accounts payable - affiliate | 0 | 0 | ||
Accrued expenses | 138,535 | 191,331 | ||
Current portion of long-term debt | 0 | 0 | ||
Deferred revenue | 0 | 0 | ||
Due to related parties | 2,478,427 | 1,527,186 | ||
Total current liabilities | 2,621,570 | 1,726,940 | ||
Delaware Economic Development Authority loan | 0 | 0 | ||
Long-term debt | 43,393 | 37,270 | ||
Intercompany notes payable | 0 | 0 | ||
Other long-term liabilities | 0 | 0 | ||
Total liabilities | $ 2,664,963 | $ 1,764,210 | ||
Commitments and contingencies | ||||
Equity: | ||||
Member's equity | $ 39,346 | $ 44,346 | ||
Retained earnings (accumulated deficit) | 81,548 | 52,706 | ||
Accumulated other comprehensive loss | 0 | 0 | ||
Total equity | 120,894 | 97,052 | ||
Total liabilities and equity | 2,785,857 | 1,861,262 | ||
Combining and Consolidated Adjustments [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | (968) | (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 | (40,625,933) | (36,602,771) | ||
Total current assets | (40,626,901) | (36,604,787) | ||
Property, plant and equipment, net | 0 | 0 | ||
Investment in subsidiaries | (2,018,715) | (2,569,636) | ||
Deferred charges and other assets, net | 0 | 0 | ||
Total assets | (42,645,616) | (39,174,423) | ||
Current liabilities: | ||||
Accounts payable | (968) | (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 | (40,625,933) | (36,602,771) | ||
Total current liabilities | (40,626,901) | (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 | $ (40,626,901) | $ (36,604,787) | ||
Commitments and contingencies | ||||
Equity: | ||||
Member's equity | $ (774,269) | $ (793,624) | ||
Retained earnings (accumulated deficit) | (1,252,834) | (1,784,400) | ||
Accumulated other comprehensive loss | 8,388 | 8,388 | ||
Total equity | (2,018,715) | (2,569,636) | ||
Total liabilities and equity | $ (42,645,616) | $ (39,174,423) |
CONDENSED CONSOLIDATING FINAN44
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS (Statement of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Revenues | $ 3,550,664 | $ 5,301,709 | $ 6,545,800 | $ 10,048,152 |
Costs and expenses: | ||||
Cost of sales, excluding depreciation | 3,026,975 | 4,943,238 | 5,556,015 | 9,090,922 |
Operating expenses, excluding depreciation | 192,150 | 209,781 | 425,527 | 478,680 |
General and administrative expenses | 35,783 | 32,095 | 68,313 | 68,719 |
Gain on sale of asset | (632) | 6 | (991) | (180) |
Depreciation and amortization expense | 47,015 | 34,516 | 93,274 | 67,731 |
Total cost and expenses | 3,301,291 | 5,219,636 | 6,142,138 | 9,705,872 |
Income from operations | 249,373 | 82,073 | 403,662 | 342,280 |
Other income (expense) | ||||
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 |
Change in fair value of catalyst leases | 1,949 | (2,338) | 3,988 | (4,339) |
Interest expense, net | (22,955) | (26,217) | (44,027) | (51,673) |
Net income | 228,367 | 53,518 | 363,623 | 286,268 |
Comprehensive income | 228,692 | 53,816 | 364,419 | 286,812 |
Combining and Consolidated Adjustments [Member] | ||||
Revenues | (584,976) | (359,367) | (1,341,433) | (738,330) |
Costs and expenses: | ||||
Cost of sales, excluding depreciation | (584,976) | (359,367) | (1,341,433) | (738,330) |
Operating expenses, excluding depreciation | 0 | 0 | 0 | 0 |
General and administrative expenses | 0 | 0 | 0 | 0 |
Gain on sale of asset | 0 | 0 | 0 | 0 |
Depreciation and amortization expense | 0 | 0 | 0 | 0 |
Total cost and expenses | (584,976) | (359,367) | (1,341,433) | (738,330) |
Income from operations | 0 | 0 | 0 | 0 |
Other income (expense) | ||||
Equity in earnings of subsidiaries | 213,468 | 246,687 | 531,606 | 551,516 |
Change in fair value of catalyst leases | 0 | 0 | 0 | 0 |
Interest expense, net | 0 | 0 | 0 | 0 |
Net income | 213,468 | 246,687 | 531,606 | 551,516 |
Comprehensive income | 213,468 | 246,616 | 531,606 | 551,421 |
Guarantors Subsidiaries [Member] | ||||
Revenues | 275,743 | 359,660 | 536,576 | 739,071 |
Costs and expenses: | ||||
Cost of sales, excluding depreciation | 234,226 | 358,907 | 572,883 | 737,870 |
Operating expenses, excluding depreciation | 196,557 | 209,885 | 429,462 | 478,645 |
General and administrative expenses | 3,639 | 3,551 | 9,160 | 8,399 |
Gain on sale of asset | (232) | 6 | (233) | 6 |
Depreciation and amortization expense | 43,913 | 31,132 | 86,676 | 60,866 |
Total cost and expenses | 478,103 | 603,481 | 1,097,948 | 1,285,786 |
Income from operations | (202,360) | (243,821) | (561,372) | (546,715) |
Other income (expense) | ||||
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 |
Change in fair value of catalyst leases | 1,949 | (2,338) | 3,988 | (4,339) |
Interest expense, net | (1,372) | 311 | (3,065) | 377 |
Net income | (201,783) | (245,848) | (560,449) | (550,677) |
Comprehensive income | (201,783) | (245,777) | (560,449) | (550,582) |
Non-Guarantor Subsidiaries [Member] | ||||
Revenues | 330,048 | 460 | 828,651 | 460 |
Costs and expenses: | ||||
Cost of sales, excluding depreciation | 341,070 | 761 | 797,147 | 761 |
Operating expenses, excluding depreciation | 119 | 0 | (215) | 0 |
General and administrative expenses | (502) | 0 | 825 | 0 |
Gain on sale of asset | (400) | 0 | (577) | 0 |
Depreciation and amortization expense | 596 | 42 | 1,050 | 42 |
Total cost and expenses | 340,883 | 803 | 798,230 | 803 |
Income from operations | (10,835) | (343) | 30,421 | (343) |
Other income (expense) | ||||
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 |
Change in fair value of catalyst leases | 0 | 0 | 0 | 0 |
Interest expense, net | (850) | (496) | (1,578) | (496) |
Net income | (11,685) | (839) | 28,843 | (839) |
Comprehensive income | (11,685) | (839) | 28,843 | (839) |
Issuer [Member] | ||||
Revenues | 3,529,849 | 5,300,956 | 6,522,006 | 10,046,951 |
Costs and expenses: | ||||
Cost of sales, excluding depreciation | 3,036,655 | 4,942,937 | 5,527,418 | 9,090,621 |
Operating expenses, excluding depreciation | (4,526) | (104) | (3,720) | 35 |
General and administrative expenses | 32,646 | 28,544 | 58,328 | 60,320 |
Gain on sale of asset | 0 | 0 | (181) | (186) |
Depreciation and amortization expense | 2,506 | 3,342 | 5,548 | 6,823 |
Total cost and expenses | 3,067,281 | 4,974,719 | 5,587,393 | 9,157,613 |
Income from operations | 462,568 | 326,237 | 934,613 | 889,338 |
Other income (expense) | ||||
Equity in earnings of subsidiaries | (213,468) | (246,687) | (531,606) | (551,516) |
Change in fair value of catalyst leases | 0 | 0 | 0 | 0 |
Interest expense, net | (20,733) | (26,032) | (39,384) | (51,554) |
Net income | 228,367 | 53,518 | 363,623 | 286,268 |
Comprehensive income | $ 228,692 | $ 53,816 | $ 364,419 | $ 286,812 |
CONDENSED CONSOLIDATING FINAN45
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS (Statement of Cash Flows) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities: | ||||
Net income | $ 228,367 | $ 53,518 | $ 363,623 | $ 286,268 |
Adjustments to reconcile net income to net cash from operating activities: | ||||
Depreciation and amortization | 97,378 | 71,218 | ||
Stock-based compensation | 3,781 | 2,728 | ||
Change in fair value of catalyst lease obligations | (3,988) | 4,339 | ||
Non-cash change in inventory repurchase obligations | 89,203 | (7,973) | ||
Non-cash lower of cost or market inventory adjustment | (127,166) | |||
(Gain) loss on sale of assets | (632) | 6 | (991) | (180) |
Pension and other post retirement benefit costs | 12,893 | 10,538 | ||
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 |
Changes in current assets and current liabilities: | ||||
Accounts receivable | 11,042 | (116,579) | ||
Inventories | (84,619) | (249,094) | ||
Prepaid assets and other current assets | 3,874 | (5,872) | ||
Accounts payable | 18,534 | (63,108) | ||
Accrued expenses | (99,392) | 282,067 | ||
Deferred revenue | 5,991 | (1,632) | ||
Amounts due to/from related parties | 10,095 | 3,785 | ||
Other assets and liabilities | (4,954) | (4,068) | ||
Net cash provided by operations | 295,304 | 212,437 | ||
Cash flows from investing activities: | ||||
Expenditures for property, plant and equipment | (224,046) | (122,628) | ||
Expenditures for deferred turnaround costs | (22,918) | (39,424) | ||
Expenditures for other assets | (5,424) | (8,202) | ||
Investment in subsidiary | 0 | 0 | ||
Proceeds from sale of assets | 138,131 | 37,759 | ||
Net cash used in investing activities | (114,257) | (132,495) | ||
Proceeds from revolver borrowings | 0 | 395,000 | ||
Proceeds from members' capital contributions | 0 | 328,664 | ||
Parent Distribution | 0 | |||
Cash flows from financing activities: | ||||
Proceeds from Issuance of Other Long-term Debt | 8,225 | |||
Repayments of Debt | (64,626) | |||
Proceeds from intercompany notes payable | 30,000 | 55,994 | ||
Distribution to members | 0 | (218,782) | ||
Proceeds from Rail Facility revolver borrowings | 70,750 | 8,225 | ||
Payment of contingent consideration related to acquisition of Toledo refinery | 64,626 | 0 | ||
Repayments of revolver borrowings | 0 | (410,000) | ||
Deferred financing costs and other | (2,643) | |||
Net cash (used in) provided by financing activities | 36,124 | 156,458 | ||
Net increase in cash and cash equivalents | 217,171 | 236,400 | ||
Cash and equivalents, beginning of period | 218,403 | 76,970 | ||
Cash and equivalents, end of period | 435,574 | 313,370 | 435,574 | 313,370 |
Issuer [Member] | ||||
Cash flows from operating activities: | ||||
Net income | 228,367 | 53,518 | 363,623 | 286,268 |
Adjustments to reconcile net income to net cash from operating activities: | ||||
Depreciation and amortization | 9,154 | 10,084 | ||
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 | (164,867) | |||
(Gain) loss on sale of assets | 0 | 0 | (181) | (186) |
Pension and other post retirement benefit costs | 3,969 | 2,777 | ||
Equity in earnings of subsidiaries | 213,468 | 246,687 | 531,606 | 551,516 |
Changes in current assets and current liabilities: | ||||
Accounts receivable | 15,287 | (69,405) | ||
Inventories | 87,556 | (256,121) | ||
Prepaid assets and other current assets | 5,173 | (7,076) | ||
Accounts payable | 47,715 | (23,483) | ||
Accrued expenses | (37,550) | 285,388 | ||
Deferred revenue | 5,991 | (1,632) | ||
Amounts due to/from related parties | (554,250) | (716,895) | ||
Other assets and liabilities | 1,155 | (836) | ||
Net cash provided by operations | 314,381 | 60,399 | ||
Cash flows from investing activities: | ||||
Expenditures for property, plant and equipment | (166,857) | (6,588) | ||
Expenditures for deferred turnaround costs | 0 | 0 | ||
Expenditures for other assets | 0 | 0 | ||
Investment in subsidiary | 5,000 | (7,187) | ||
Proceeds from sale of assets | 41,597 | 37,759 | ||
Net cash used in investing activities | (120,260) | 23,984 | ||
Proceeds from revolver borrowings | 395,000 | |||
Proceeds from members' capital contributions | 0 | 328,664 | ||
Parent Distribution | 0 | |||
Cash flows from financing activities: | ||||
Proceeds from Issuance of Other Long-term Debt | 0 | |||
Repayments of Debt | 0 | |||
Proceeds from intercompany notes payable | 30,000 | 55,994 | ||
Distribution to members | 0 | (218,782) | ||
Proceeds from Rail Facility revolver borrowings | 0 | |||
Repayments of revolver borrowings | 0 | (410,000) | ||
Deferred financing costs and other | 544 | |||
Net cash (used in) provided by financing activities | 30,000 | 151,420 | ||
Net increase in cash and cash equivalents | 224,121 | 235,803 | ||
Cash and equivalents, beginning of period | 185,381 | 76,179 | ||
Cash and equivalents, end of period | 409,502 | 311,982 | 409,502 | 311,982 |
Guarantors Subsidiaries [Member] | ||||
Cash flows from operating activities: | ||||
Net income | (201,783) | (245,848) | (560,449) | (550,677) |
Adjustments to reconcile net income to net cash from operating activities: | ||||
Depreciation and amortization | 86,689 | 60,881 | ||
Stock-based compensation | 3,781 | 2,728 | ||
Change in fair value of catalyst lease obligations | (3,988) | 4,339 | ||
Non-cash change in inventory repurchase obligations | 89,203 | (7,973) | ||
Non-cash lower of cost or market inventory adjustment | 37,701 | |||
(Gain) loss on sale of assets | (232) | 6 | (233) | 6 |
Pension and other post retirement benefit costs | 8,924 | 7,761 | ||
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 |
Changes in current assets and current liabilities: | ||||
Accounts receivable | 23,235 | (47,174) | ||
Inventories | (105,460) | 7,027 | ||
Prepaid assets and other current assets | (1,299) | 1,204 | ||
Accounts payable | (26,414) | (39,574) | ||
Accrued expenses | (9,046) | (3,321) | ||
Deferred revenue | 0 | 0 | ||
Amounts due to/from related parties | 548,558 | 719,419 | ||
Other assets and liabilities | (5,846) | (3,232) | ||
Net cash provided by operations | 85,356 | 151,414 | ||
Cash flows from investing activities: | ||||
Expenditures for property, plant and equipment | (57,189) | (103,229) | ||
Expenditures for deferred turnaround costs | (22,918) | (39,424) | ||
Expenditures for other assets | (5,424) | (8,202) | ||
Investment in subsidiary | 0 | 0 | ||
Proceeds from sale of assets | 0 | 0 | ||
Net cash used in investing activities | (85,531) | (150,855) | ||
Proceeds from revolver borrowings | 0 | |||
Proceeds from members' capital contributions | 0 | 0 | ||
Parent Distribution | 0 | |||
Cash flows from financing activities: | ||||
Proceeds from Issuance of Other Long-term Debt | 0 | |||
Repayments of Debt | 0 | |||
Proceeds from intercompany notes payable | 0 | 0 | ||
Distribution to members | 0 | 0 | ||
Proceeds from Rail Facility revolver borrowings | 0 | |||
Repayments of revolver borrowings | 0 | 0 | ||
Deferred financing costs and other | 0 | |||
Net cash (used in) provided by financing activities | 0 | 0 | ||
Net increase in cash and cash equivalents | (175) | 559 | ||
Cash and equivalents, beginning of period | 704 | 791 | ||
Cash and equivalents, end of period | 529 | 1,350 | 529 | 1,350 |
Non-Guarantor Subsidiaries [Member] | ||||
Cash flows from operating activities: | ||||
Net income | (11,685) | (839) | 28,843 | (839) |
Adjustments to reconcile net income to net cash from operating activities: | ||||
Depreciation and amortization | 1,535 | 253 | ||
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) loss on sale of assets | (400) | 0 | (577) | 0 |
Pension and other post retirement benefit costs | 0 | 0 | ||
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 |
Changes in current assets and current liabilities: | ||||
Accounts receivable | (27,480) | 0 | ||
Inventories | (66,715) | 0 | ||
Prepaid assets and other current assets | 0 | (51) | ||
Accounts payable | (3,815) | 0 | ||
Accrued expenses | (52,796) | 0 | ||
Deferred revenue | 0 | 0 | ||
Amounts due to/from related parties | 15,787 | 1,261 | ||
Other assets and liabilities | (263) | 0 | ||
Net cash provided by operations | (105,481) | 624 | ||
Cash flows from investing activities: | ||||
Expenditures for property, plant and equipment | 0 | (12,811) | ||
Expenditures for deferred turnaround costs | 0 | 0 | ||
Expenditures for other assets | 0 | 0 | ||
Investment in subsidiary | 0 | 0 | ||
Proceeds from sale of assets | 96,534 | 0 | ||
Net cash used in investing activities | 96,534 | (12,811) | ||
Proceeds from revolver borrowings | 0 | |||
Proceeds from members' capital contributions | 5,000 | 7,187 | ||
Parent Distribution | (10,000) | |||
Cash flows from financing activities: | ||||
Proceeds from Issuance of Other Long-term Debt | 8,225 | |||
Repayments of Debt | (64,626) | |||
Proceeds from intercompany notes payable | 0 | 0 | ||
Distribution to members | 0 | 0 | ||
Proceeds from Rail Facility revolver borrowings | 70,750 | |||
Repayments of revolver borrowings | 0 | 0 | ||
Deferred financing costs and other | (3,187) | |||
Net cash (used in) provided by financing activities | 1,124 | 12,225 | ||
Net increase in cash and cash equivalents | (7,823) | 38 | ||
Cash and equivalents, beginning of period | 34,334 | 0 | ||
Cash and equivalents, end of period | 26,511 | 38 | 26,511 | 38 |
Combining and Consolidated Adjustments [Member] | ||||
Cash flows from operating activities: | ||||
Net income | 213,468 | 246,687 | 531,606 | 551,516 |
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) loss on sale of assets | 0 | 0 | 0 | 0 |
Pension and other post retirement benefit costs | 0 | 0 | ||
Equity in earnings of subsidiaries | (213,468) | (246,687) | (531,606) | (551,516) |
Changes in current assets and current liabilities: | ||||
Accounts receivable | 0 | 0 | ||
Inventories | 0 | 0 | ||
Prepaid assets and other current assets | 0 | 51 | ||
Accounts payable | 1,048 | (51) | ||
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 | 1,048 | 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 | (5,000) | 7,187 | ||
Proceeds from sale of assets | 0 | 0 | ||
Net cash used in investing activities | (5,000) | 7,187 | ||
Proceeds from revolver borrowings | 0 | |||
Proceeds from members' capital contributions | (5,000) | (7,187) | ||
Parent Distribution | 10,000 | |||
Cash flows from financing activities: | ||||
Proceeds from Issuance of Other Long-term Debt | 0 | |||
Repayments of Debt | 0 | |||
Proceeds from intercompany notes payable | 0 | 0 | ||
Distribution to members | 0 | 0 | ||
Proceeds from Rail Facility revolver borrowings | 0 | |||
Repayments of revolver borrowings | 0 | 0 | ||
Deferred financing costs and other | 0 | |||
Net cash (used in) provided by financing activities | 5,000 | (7,187) | ||
Net increase in cash and cash equivalents | 1,048 | 0 | ||
Cash and equivalents, beginning of period | (2,016) | 0 | ||
Cash and equivalents, end of period | $ (968) | $ 0 | $ (968) | $ 0 |