PBF Finance 10-Q 16 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	3 Months Ended
	Mar. 31, 2016	May. 16, 2016
Entity Information [Line Items]
Entity Registrant Name	PBF HOLDING CO LLC
Entity Central Index Key	1,566,011
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2,016
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Common Stock, Shares Outstanding		0
PBF Finance Corporation [Member]
Entity Information [Line Items]
Entity Registrant Name	PBF FINANCE CORPORATION
Entity Central Index Key	1,566,097
Entity Common Stock, Shares Outstanding		100

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 694,882	$ 914,749	$ 326,836	$ 218,403
Accounts receivable	541,524	454,759
Accounts receivable - affiliate	3,197	3,438
Inventories	1,229,299	1,174,272
Prepaid expense and other current assets	61,843	33,701
Total current assets	2,530,745	2,580,919
Property, plant and equipment, net	2,228,541	2,211,090
Deferred charges and other assets, net	366,709	290,713
Total assets	5,125,995	5,082,722
Current liabilities:
Accounts payable	387,809	314,843
Accounts payable - affiliate	24,454	23,949
Accrued expenses	1,170,394	1,117,435
Deferred tax liabilities	31,487	0
Deferred revenue	3,154	4,043
Total current liabilities	1,617,298	1,460,270
Delaware Economic Development Authority loan	4,000	4,000
Long-term debt	1,241,844	1,236,720
Affiliate notes payable	469,530	470,047
Deferred tax liabilities	25,721	20,577
Other long-term liabilities	76,621	69,824
Total liabilities	$ 3,435,014	$ 3,261,438
Commitments and contingencies
Equity:
Member's equity	$ 1,482,649	$ 1,479,175
Retained earnings	220,096	349,654
Accumulated other comprehensive loss	(24,148)	(24,770)
Total PBF Holding Company LLC equity	1,678,597	1,804,059
Noncontrolling interest	12,384	17,225
Total equity	1,690,981	1,821,284
Total liabilities and equity	$ 5,125,995	$ 5,082,722

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues	$ 2,800,185	$ 2,995,136
Costs and expenses:
Cost of sales, excluding depreciation	2,445,983	2,529,040
Operating expenses, excluding depreciation	296,639	233,377
General and administrative expenses	33,269	32,530
Gain on sale of assets	0	(359)
Depreciation and amortization expense	54,293	46,259
Total cost and expenses	2,830,184	2,840,847
(Loss) income from operations	(29,999)	154,289
Other income (expenses)
Change in fair value of catalyst leases	(2,885)	2,039
Interest expense, net	(33,271)	(21,072)
(Loss) income before income taxes	(66,155)	135,256
Income tax expense	32,273	0
Net (loss) income	(98,428)	135,256
Less: net income attributable to noncontrolling interests	303	0
Net (loss) income attributable to PBF Holding Company LLC	$ (98,731)	$ 135,256

Condensed Consolidated Stateme4

Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net income	$ (98,428)	$ 135,256
Other comprehensive income:
Unrealized gain (loss) on available for sale securities	306	71
Net gain on pension and other postretirement benefits	316	400
Total other comprehensive income	622	471
Comprehensive (loss) income	(97,806)	135,727
Less: comprehensive income attributable to noncontrolling interests	303	0
Comprehensive (loss) income attributable to PBF Holding Company LLC	$ (98,109)	$ 135,727

Condensed Consolidated Stateme5

Condensed Consolidated Statement of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net income	$ (98,428)	$ 135,256
Adjustments to reconcile net (loss) income to net cash (used in) provided by operations:
Depreciation and amortization	56,532	48,282
Stock-based compensation	2,621	2,025
Change in fair value of catalyst lease obligations	2,885	(2,039)
Deferred Income Tax Expense (Benefit)	31,487	0
Change in non-cash lower of cost or market inventory adjustment	(59,063)	(21,208)
Non-cash change in inventory repurchase obligations	35,147	66,509
Pension and other post retirement benefit costs	7,680	6,448
Gain on sale of assets	0	(359)
Changes in current assets and current liabilities:
Accounts receivable	(86,765)	110,084
Due to/from affiliates	746	2,621
Inventories	4,035	(1,007)
Prepaid expense and other current assets	(28,142)	(6,085)
Accounts payable	72,966	(22,194)
Accrued expenses	18,167	(197,427)
Deferred revenue	(889)	4,859
Other assets and liabilities	(2,200)	(2,279)
Net cash (used in) provided by operations	(43,221)	123,486
Cash flows from investing activities:
Expenditures for property, plant and equipment	(42,731)	(100,747)
Expenditures for deferred turnaround costs	(82,747)	(18,376)
Expenditures for other assets	(17,163)	(4,958)
Chalmette Acquisition working capital settlement	(2,659)	0
Proceeds from sale of assets	0	77,618
Net cash used in investing activities	(145,300)	(46,463)
Cash flows from financing activities:
Distributions to members	(30,829)	0
Proceeds from affiliate notes payable	0	30,000
Repayment of affiliate notes payable	(517)	0
Proceeds from Rail Facility revolver borrowings	0	23,425
Repayments of Rail Facility revolver borrowings	0	(22,774)
Deferred financing costs and other	0	759
Net cash (used in) provided by financing activities	(31,346)	31,410
Net (decrease) increase in cash and cash equivalents	(219,867)	108,433
Cash and equivalents, beginning of period	914,749	218,403
Cash and equivalents, end of period	694,882	326,836
Non-cash activities:
Accrued construction in progress and unpaid fixed assets	$ 7,619	$ 26,708

DESCRIPTION OF THE BUSINESS AND

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION	DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION Description of the Business PBF Holding Company LLC ("PBF Holding" or the "Company"), a Delaware limited liability company, together with its consolidated subsidiaries, owns and operates oil refineries and related facilities in North America. PBF Holding is a wholly-owned subsidiary of PBF Energy Company LLC ("PBF LLC"). PBF Energy Inc. ("PBF Energy") is the sole managing member of, and owner of an equity interest representing approximately 95.2% of the outstanding economic interest in, PBF LLC as of March 31, 2016 . 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 Refining"), Paulsboro Natural Gas Pipeline Company LLC, Toledo Refining Company LLC ("Toledo Refining" or "TRC"), Chalmette Refining, L.L.C. ("Chalmette Refining") and MOEM Pipeline LLC are PBF LLC's principal operating subsidiaries and are all wholly-owned subsidiaries of PBF Holding. In addition, PBF LLC, through Chalmette Refining, holds an 80% interest in and consolidates Collins Pipeline Company and T&M Terminal Company. 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. Subsequent to the PBFX Offering, PBF Holding and PBF LLC entered into a series of drop-down transactions with PBFX. During 2014, PBF Holding distributed to PBF LLC all of the equity interests of certain of its wholly-owned subsidiaries, whose assets consist of a heavy crude oil rail unloading facility (also, capable of unloading light crude oil) at the Delaware City refinery (the "DCR West Rack") and a tank farm and related facilities located at our Toledo refinery, including a propane storage and loading facility (the "Toledo Storage Facility"), which were subsequently acquired by PBFX. In addition, on May 14, 2015, PBF Holding distributed to PBF LLC, which subsequently contributed to PBFX, all of the issued and outstanding limited liability company interests of Delaware Pipeline Company LLC and Delaware City Logistics Company LLC, whose assets consist of a product pipeline, truck rack and related facilities located at our Delaware City refinery (collectively referred to as the “Delaware City Products Pipeline and Truck Rack”). Refer to Note 8 "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 four 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, 2015 of PBF Holding Company LLC and PBF Finance Corporation. The results of operations for the three months ended March 31, 2016 are not necessarily indicative of the results to be expected for the full year. Noncontrolling Interest Subsequent to the Chalmette Acquisition (as defined below), PBF Holding recorded noncontrolling interest in two subsidiaries of Chalmette refinery. PBF Holding, through Chalmette Refining, owns an 80% ownership interest in both Collins Pipeline Company and T&M Terminal Company. The Company recorded aggregate earnings related to the noncontrolling interest in these subsidiaries of $303 for the three months ended March 31, 2016 . Prior Period Correction As of and for the three months ended March 31, 2016, the Company recorded an out-of-period adjustment increasing deferred income tax liabilities and income tax expense by $30,481 as described in Note 6, Income Taxes. The Company has considered existing guidance in evaluating whether a restatement of prior financial statements is required as a result of these misstatements. The Company has quantitatively and qualitatively assessed the materiality of the errors and concluded that this correction did not have a material impact on the financial statements as of and for the three months ended March 31, 2016 and the errors were not material to the prior period financial statements, and accordingly, the Company has not restated any prior period amounts. Recently Adopted Accounting Guidance Effective January 1, 2016, the Company adopted Accounting Standard Update ("ASU") No. 2015-02, "Consolidation (Topic 810): Amendments to the Consolidation Analysis" ("ASU 2015-02"), which changed existing consolidation requirements associated with the analysis a reporting entity must perform to determine whether it should consolidate certain types of legal entities, including limited partnerships and variable interest entities. The Company’s adoption of this guidance did not impact our consolidated financial statements. Effective January 1, 2016, the Company adopted ASU No. 2015-16, "Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments" ("ASU 2015-16"), which requires (i) that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined, (ii) that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date, (iii) that an entity present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The adoption of this guidance did not materially affect any of the Company's financial statements or related disclosures. Recent Accounting Pronouncements In August 2015, the Financial Accounting Standards Board (the "FASB") issued ASU No. 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date” (“ASU 2015-14”), which defers the effective date of ASU 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”) for all entities by one year. The guidance in ASU 2014-09 will replace most existing revenue recognition guidance in GAAP when it becomes effective. Under ASU 2015-14, this guidance becomes effective for interim and annual periods beginning after December 15, 2017 and permits the use of either the retrospective or cumulative effect transition method. Under ASU 2015-14, early adoption is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The Company continues to evaluate the impact of this new standard on its consolidated financial statements and related disclosures. In November 2015, the FASB issued ASU No. 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes” (“ASU 2015-17”), which requires deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. Under ASU 2015-17, this guidance becomes effective for annual periods beginning after December 15, 2016 and interim periods within annual periods beginning after December 15, 2016 and interim periods within those years. The Company is currently evaluating the impact of this new standard on its consolidated financial statements and related disclosures. In January 2016, the FASB issued ASU No. 2016-01, “Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities” (“ASU 2016-01”), which amends how entities measure equity investments that do not result in consolidation and are not accounted for under the equity method and how they present changes in the fair value of financial liabilities measured under the fair value option that are attributable to their own credit. ASU 2016-01 also changes certain disclosure requirements and other aspects of current GAAP but does not change the guidance for classifying and measuring investments in debt securities and loans. Under ASU 2016-01, this guidance becomes effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted in certain circumstances. The Company is currently evaluating the impact of this new standard on its consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02”), to increase the transparency and comparability about leases among entities. The new guidance requires lessees to recognize a lease liability and a corresponding lease asset for virtually all lease contracts. It also requires additional disclosures about leasing arrangements. ASU 2016-02 is effective for interim and annual periods beginning after December 15, 2018, and requires a modified retrospective approach to adoption. Early adoption is permitted. The Company is currently evaluating the impact of this new standard on its consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU No. 2016-06, “Derivatives and Hedging (Topic 815) Contingent Put and Call Options in Debt Instruments No. 2016-06 March 2016 a consensus of the FASB Emerging Issues Task Force” (“ASU 2016-06”), to increase consistency in practice in applying guidance on determining if an embedded derivative is clearly and closely related to the economic characteristics of the host contract, specifically for assessing whether call (put) options that can accelerate the repayment of principal on a debt instrument meet the clearly and closely related criterion. The guidance in ASU 2016-06 applies to all entities that are issuers of or investors in debt instruments (or hybrid financial instruments that are determined to have a debt host) with embedded call (put) options. ASU 2016-06 is effective for interim and annual periods beginning after December 15, 2016, and requires a modified retrospective approach to adoption. Early adoption is permitted. The Company is currently evaluating the impact of this new standard on its consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU No. 2016-09, “Compensation - Stock Compensation (Topic 718) Improvements to Employee Share-Based Payment Accounting” (“ASU 2016-09”) which is intended to simplify certain aspects of the accounting for share-based payments to employees. The guidance in ASU 2016-09 requires all income tax effects of awards to be recognized in the income statement when the awards vest or are settled rather than recording excess tax benefits or deficiencies in additional paid-in capital. The guidance in ASU 2016-09 also allows an employer to repurchase more of an employee’s shares than it can today for tax withholding purposes without triggering liability accounting and to make a policy election to account for forfeitures as they occur. ASU 2016-09 also contains additional guidance for nonpublic entities that do not apply to the Company. ASU 2016-09 is effective for interim and annual periods beginning after December 15, 2016, and requires a modified retrospective approach to adoption. Early adoption is permitted. The Company is currently evaluating the impact of this new standard on its consolidated financial statements and related disclosures.

ACQUISITIONS

ACQUISITIONS	3 Months Ended
	Mar. 31, 2016
Business Combinations [Abstract]
ACQUISITIONS	ACQUISITIONS Chalmette Acquisition On November 1, 2015, the Company acquired from ExxonMobil, Mobil Pipe Line Company and PDV Chalmette, L.L.C., 100% of the ownership interests of Chalmette Refining, which owns the Chalmette refinery and related logistics assets (collectively, the “Chalmette Acquisition”). The Chalmette refinery, located outside of New Orleans, Louisiana, is a dual-train coking refinery and is capable of processing both light and heavy crude oil. Subsequent to the closing of the Chalmette Acquisition, Chalmette Refining is a wholly-owned subsidiary of PBF Holding. Chalmette Refining is strategically positioned on the Gulf Coast with logistics connectivity that offers flexible raw material sourcing and product distribution opportunities, including the potential to export products and provides geographic diversification into PADD 3. Chalmette Refining owns 100% of the MOEM Pipeline, providing access to the Empire Terminal, as well as the CAM Connection Pipeline, providing access to the Louisiana Offshore Oil Port facility through a third party pipeline. Chalmette Refining also owns 80% of each of the Collins Pipeline Company and T&M Terminal Company, both located in Collins, Mississippi, which provide a clean products outlet for the refinery to the Plantation and Colonial Pipelines. Also included in the acquisition are a marine terminal capable of importing waterborne feedstocks and loading or unloading finished products; a clean products truck rack which provides access to local markets; and a crude and product storage facility. The aggregate purchase price for the Chalmette Acquisition was $322,000 in cash, plus inventory and final working capital of $245,963 . As described below, the valuation of the working capital was finalized in the first quarter of 2016. The transaction was financed through a combination of cash on hand and borrowings under the Company’s existing revolving credit line agreement (the "Revolving Loan"). The Company accounted for the Chalmette Acquisition as a business combination under US GAAP whereby we recognize assets acquired and liabilities assumed in an acquisition at their estimated fair values as of the date of acquisition. Any excess consideration transferred over the estimated fair values of the identifiable net assets acquired is recorded as goodwill. The final purchase price and fair value allocation were completed as of March 31, 2016. During the measurement period, which ended in March 2016, adjustments were made to the Company's preliminary fair value estimates related primarily to inventories and accounts payable. The following table summarizes the final amounts recognized for assets acquired and liabilities assumed as of the acquisition date.The total purchase consideration and the fair values of the assets and liabilities at the acquisition date were as follows: Purchase Price Net cash $ 587,005 Cash acquired (19,042 ) Total estimated consideration $ 567,963 Fair Value Allocation Accounts receivable $ 1,126 Inventories 271,434 Prepaid expenses and other current assets 913 Property, plant and equipment 356,961 Deferred charges and other assets 8,312 Accounts payable (4,870 ) Accrued expenses (28,371 ) Deferred tax liability (25,721 ) Noncontrolling interest (11,821 ) Fair value of net assets acquired $ 567,963 In addition, in connection with the acquisition of Chalmette Refining, the Company acquired Collins Pipeline Company and T&M Terminal Company, which are both C-corporations for tax purposes. As a result, the Company recognized a deferred tax liability of $25,721 attributable to the book and tax basis difference in the C-corporation assets, which had a corresponding impact on noncontrolling interests of $5,144 . The Company’s consolidated financial statements for the three months ended March 31, 2016 include the results of operations of the Chalmette refinery whereas the same period in 2015 do not include the results of operations of the Chalmette refinery. On an unaudited pro forma basis, the revenues and net income of the Company assuming the acquisition had occurred on January 1, 2015, are shown below. The unaudited pro forma information does not purport to present what the Company’s actual results would have been had the acquisition occurred on January 1, 2015, nor is the financial information indicative of the results of future operations. The unaudited pro forma financial information includes the depreciation and amortization expense related to the acquisition and interest expense associated with the financing of the Chalmette Acquisition. Three Months Ended March 31, (Unaudited) 2015 Pro forma revenues $ 4,052,933 Pro forma net income attributable to PBF Holding Company LLC 207,919 The unaudited amount of revenues and net income above have been calculated after conforming Chalmette Refining's accounting policies to those of the Company and certain one-time adjustments. Acquisition Expenses The Company incurred acquisition related costs consisting primarily of consulting and legal expenses related to the Chalmette Acquisition and other pending and non-consummated acquisitions of $4,724 and $550 in the three months ended March 31, 2016 and 2015, respectively. These costs are included in the consolidated income statement in General and administrative expenses.

INVENTORIES

INVENTORIES	3 Months Ended
	Mar. 31, 2016
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES Inventories consisted of the following: March 31, 2016 Titled Inventory Inventory Supply and Intermediation Arrangements Total Crude oil and feedstocks $ 1,135,671 $ — $ 1,135,671 Refined products and blendstocks 690,813 400,753 1,091,566 Warehouse stock and other 60,335 — 60,335 $ 1,886,819 $ 400,753 $ 2,287,572 Lower of cost or market reserve (900,728 ) (157,545 ) (1,058,273 ) Total inventories $ 986,091 $ 243,208 $ 1,229,299 December 31, 2015 Titled Inventory Inventory Supply and Intermediation Arrangements Total Crude oil and feedstocks $ 1,137,605 $ — $ 1,137,605 Refined products and blendstocks 687,389 411,357 1,098,746 Warehouse stock and other 55,257 — 55,257 $ 1,880,251 $ 411,357 $ 2,291,608 Lower of cost or market reserve (966,564 ) (150,772 ) (1,117,336 ) Total inventories $ 913,687 $ 260,585 $ 1,174,272 Inventory under inventory supply and intermediation arrangements includes light finished products sold to counterparties in connection with the amended and restated inventory intermediation agreements (the "A&R Intermediation Agreements") and stored in the Paulsboro and Delaware City refineries' storage facilities; and certain crude oil stored at the Company’s Delaware City refinery's storage facilities that the Company was obligated to purchase as it was consumed in connection with its Crude Supply Agreement that expired on December 31, 2015. Due to the lower crude oil and refined product pricing environment beginning at the end of 2014 and continuing throughout 2015 and into 2016, the Company recorded adjustments to value its inventories to the lower of cost or market. During the three months ended March 31, 2016 , the Company recorded an adjustment to value its inventories to the lower of cost or market which increased both operating income and net income by $59,063 reflecting the net change in the lower of cost or market inventory reserve from $1,117,336 at December 31, 2015 to $1,058,273 at March 31, 2016 . During the three months ended March 31, 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 $21,208 reflecting the net change in the lower of cost or market inventory reserve from $690,110 at December 31, 2014 to $668,902 at March 31, 2015 .

DEFERRED CHARGES AND OTHER ASSE

DEFERRED CHARGES AND OTHER ASSETS, NET	3 Months Ended
	Mar. 31, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
DEFERRED CHARGES AND OTHER ASSETS, NET	DEFERRED CHARGES AND OTHER ASSETS, NET Deferred charges and other assets, net consisted of the following: March 31, December 31, Deferred turnaround costs, net $ 237,398 $ 177,236 Catalyst, net 89,995 77,725 Linefill 13,504 13,504 Restricted cash 1,500 1,500 Intangible assets, net 209 219 Other 24,103 20,529 Total deferred charges and other assets, net $ 366,709 $ 290,713

ACCRUED EXPENSES

ACCRUED EXPENSES	3 Months Ended
	Mar. 31, 2016
Payables and Accruals [Abstract]
ACCRUED EXPENSES	ACCRUED EXPENSES Accrued expenses consisted of the following: March 31, December 31, Inventory-related accruals $ 583,287 $ 548,800 Inventory supply and intermediation arrangements 274,668 252,380 Accrued transportation costs 87,972 91,546 Renewable energy credit obligations 45,729 19,472 Excise and sales tax payable 41,110 34,129 Customer deposits 26,656 20,395 Accrued utilities 24,780 25,192 Accrued interest 23,143 22,313 Accrued salaries and benefits 12,290 61,011 Accrued construction in progress 6,709 7,400 Other 44,050 34,797 Total accrued expenses $ 1,170,394 $ 1,117,435 The Company has the obligation to repurchase certain intermediates and finished products that are held in the Company’s refinery storage tanks at the Delaware City and Paulsboro refineries in accordance with the A&R Intermediation Agreements with J. Aron & Company, a subsidiary of The Goldman Sachs Group, Inc. ("J. Aron"). As of March 31, 2016 and December 31, 2015 , 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 A&R Inventory Intermediation Agreements, with any change in the market price being recorded in cost of sales. The Company is subject to obligations to purchase Renewable Identification Numbers ("RINs") required to comply with the Renewable Fuels Standard. The Company's overall RINs obligation is based on a percentage of domestic shipments of on-road fuels as established by the Environmental Protection Agency ("EPA"). To the degree the Company is unable to blend the required amount of biofuels to satisfy its RINs obligation, RINs must be purchased on the open market to avoid penalties and fines. The Company records its RINs obligation on a net basis in Accrued expenses when its RINs liability is greater than the amount of RINs earned and purchased in a given period and in Prepaid expenses and other current assets when the amount of RINs earned and purchased is greater than the RINs liability.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES PBF Holding is a limited liability company treated as a "flow-through" entity for income tax purposes. Accordingly, there is generally no benefit or provision for federal or state income tax in the PBF Holding financial statements apart from the income tax attributable to two subsidiaries acquired in connection with the acquisition of Chalmette Refining in the fourth quarter of 2015 and its wholly-owned Canadian subsidiary, PBF Energy Limited ("PBF Ltd."). The two subsidiaries acquired in connection with the Chalmette Acquisition are treated as C-Corporations for income tax purposes. The two acquired subsidiaries incurred $798 of current of income tax expense for the three months ended March 31, 2016 . For the three months ended March 31, 2016, PBF Holding incurred a current tax benefit and deferred tax charge in its income statement of $12 and $31,487 , respectively, attributable to PBF Ltd. During the preparation of the financial statements for the first quarter of 2016, management determined that the deferred income tax liabilities for PBF Ltd. were understated for prior periods. As of and for the three months ended March 31, 2016, the Company incurred $30,602 of deferred tax expense and $121 of current tax expense relating to a correction of prior periods which increased the recorded deferred and current tax liabilities by $30,602 and $121 , respectively.

AFFILIATE NOTE PAYABLE

AFFILIATE NOTE PAYABLE	3 Months Ended
	Mar. 31, 2016
INTERCOMPANY NOTE PAYABLE [Abstract]
AFFILIATE NOTE PAYABLE	AFFILIATE NOTES PAYABLE During 2013, PBF Holding entered into notes payable with PBF LLC. As of March 31, 2016 , PBF Holding had outstanding notes payable with PBF Energy and PBF LLC for an aggregate principal amount of $469,530 ( $470,047 as of December 31, 2015 ). The notes have an interest rate of 2.5% and a five year term but may be prepaid in whole or in part at any time, at the option of PBF Holding, without penalty or premium.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS Commercial Agreements PBF Holding entered into long-term, fee-based commercial agreements with PBFX. Under these agreements, PBFX provides various rail and truck terminaling and storage services to PBF Holding and PBF Holding has committed to provide PBFX with minimum fees based on minimum monthly throughput volumes. The fees under each of these agreements are indexed for inflation and any increase in operating costs for providing such services to the Company. Prior to the PBFX Offering, the DCR Rail Terminal, Toledo Truck Terminal, the DCR West Rack and the Toledo Storage Facility and other assets contributed to PBFX subsequent to the PBFX Offering were owned, operated and maintained by PBF Holding. Therefore, PBF Holding did not previously pay a fee for the utilization of the facilities. Below is a summary of the commercial agreements entered into during the years ended December 31, 2015 and 2014 with PBFX having initial terms ranging from seven to ten years and corresponding fees for the use of each of the assets. Each of these commercial agreements contains minimum volume commitments. The fees under each commercial agreement are indexed for inflation and the agreements give PBF Holding the option to renew for two additional five year terms following the expiration of the initial term. • A rail terminaling services agreement with PBFX with an initial term of approximately seven years, under which PBFX provides terminaling services at the DCR Rail Terminal (the "DCR Terminaling Agreement"). Pursuant to the DCR Terminaling Agreement, and based on the change in the U.S. Producer Price Index (the “PPI”), effective January 1, 2016, the terminaling service fee was decreased to $2.014 per barrel up to the minimum throughput commitment and $0.503 per barrel for volumes that exceed the minimum throughput commitment; • A truck unloading and terminaling services agreement with PBFX, with an initial term of approximately seven years, under which PBFX provides terminaling services at the Toledo Truck Terminal (the "Toledo Terminaling Agreement"). Pursuant to the Toledo Terminaling Agreement, and based on the change in the PPI, effective January 1, 2016, the terminaling service fee was decreased to $1.007 per barrel; • A terminaling services agreement, with an initial term of approximately seven years, under which PBFX provides rail terminaling services to PBF Holding at the DCR West Rack (the "West Ladder Rack Terminaling Agreement"); • A storage and terminaling services agreement, with an initial term of ten years, under which PBFX provides storage and terminaling services to PBF Holding at the Toledo Storage Facility (the "Toledo Storage Facility Storage and Terminaling Agreement"). Additionally, the Toledo Storage Facility Storage and Terminaling Agreement contains minimum requirements for the amount of storage contracted by PBF Holding; • A pipeline service agreement with PBFX, with an initial term of approximately ten years, under which PBFX, through Delaware Pipeline Company (“DPC”), provides pipeline services to PBF Holding at the Delaware City Products Pipeline (the "Delaware City Pipeline Services Agreement"); and • A truck loading service agreement with PBFX, with an initial term of approximately ten years, under which PBFX, through Delaware City Logistics Company LLC (“DCLC”), provides terminaling services to PBF Holding at the Delaware City Truck Rack (the "Delaware City Truck Loading Agreement"). Other Agreements In addition to the commercial agreements described above, PBF Holding also entered into an omnibus agreement with PBFX, PBF GP and PBF LLC, which addresses the payment of an annual fee, in the amount of $2,350 per year, for the provision of various general and administrative services, among other matters (as amended from time to time, the "Omnibus Agreement"). PBF Holding and certain of its subsidiaries entered into an operation and management services and secondment agreement with PBFX under which PBFX reimburses PBF Holding for the provision of certain operational services to PBFX in support of its operations, including operational services performed by certain of PBF Holding's field-level employees (as amended from time to time, the "Services Agreement"). Summary of Transactions A summary of revenue and expense transactions with our affiliates is as follows: Three Months Ended March 31, 2016 2015 Revenues under affiliate agreements: Omnibus Agreement $ 844 $ 1,181 Services Agreement 1,122 1,100 Total expenses under commercial agreements 36,549 30,565

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2016
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 $12,021 recorded as of March 31, 2016 ( $10,367 as of December 31, 2015 ) represents the present value of expected future costs discounted at a rate of 8.0% . The current portion of the environmental liability is recorded in Accrued expenses and the non-current portion is recorded in Other long-term liabilities. As of March 31, 2016 and December 31, 2015 , this liability is self-guaranteed by the Company. In connection with the acquisition of the Delaware City assets, Valero Energy Corporation ("Valero") remains responsible for certain pre-acquisition environmental obligations up to $20,000 and the predecessor to Valero in ownership of the refinery retains other historical obligations. In connection with the acquisition of the Delaware City assets and the Paulsboro refinery, the Company and Valero purchased ten year, $75,000 environmental insurance policies to insure against unknown environmental liabilities at each site. In connection with the Toledo refinery acquisition, Sunoco, Inc. (R&M) ("Sunoco") remains responsible for environmental remediation for conditions that existed on the closing date for twenty years from March 1, 2011, subject to certain limitations. In connection with the acquisition of the Chalmette refinery, the Company obtained $3,936 in financial assurance (in the form of a surety bond) to cover estimated potential site remediation costs associated with an agreed to Administrative Order of Consent with the EPA. The estimated cost assumes remedial activities will continue for a minimum of thirty years. Further, in connection with the acquisition of the Chalmette refinery, the Company purchased a ten year, $100,000 environmental insurance policy to insure against unknown environmental liabilities at the refinery. 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, two more states are expected to 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. The EPA published the final 2014-2016 Renewable standards late in 2015. The EPA essentially set the standards for 2014 and 2015 at the estimated actual renewable fuel used in each year given they were for the most part regulating activities that had already occurred. In setting the 2016 standards the EPA recognized the E10 blend wall and used the general waiver authority to set the 2016 renewable fuel requirement lower than the original requirements stated in the Energy Independence Security Act (EISA). These new standards are being challenged by both renewable fuel producers and obligated parties in legal actions. The courts are attempting to consolidate some of these challenges. It appears unlikely the courts will be able resolve these issues before EPA releases the final 2017 standards late in 2016 assuming they stay on schedule. The Company is currently evaluating the final standards and they may have a material impact on the Company's cost of compliance with RFS 2. 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. In addition, on December 1, 2015 the EPA finalized revisions to an existing air regulation concerning Maximum Achievable Control Technologies ("MACT") for Petroleum Refineries. The regulation requires additional continuous monitoring systems for eligible process safety valves relieving to atmosphere, minimum flare gas heat (Btu) content, and delayed coke drum vent controls to be installed by January 30, 2019. In addition, a program for ambient fence line monitoring for benzene will need to be implemented by January 30, 2018. The Company is currently evaluating the final standards to evaluate the impact of this regulation, and at this time does not anticipate it will have a material impact on the Company's financial position, results of operations or cash flows. In late 2015, the EPA initiated enforcement proceedings against companies it believes produced invalid RINs. The Company purchased RINs to satisfy a portion of its obligations under the Renewable Fuels Standard program for calendar year 2012 and had purchased some RINs the EPA considered invalid. The Company continues to purchase RINs to satisfy its obligations under the RFS program, and on April 11, 2016, the Company was notified by the EPA that the EPA’s records indicated that it used potentially invalid RINs generated by one of the companies. The EPA directed the Company to resubmit reports to remove the potentially invalid RINs and to replace the invalid RINs with valid RINs with the same D Code. The Company has retired the invalid RINs and on May 6, 2016, the counterparty who sold the RINs to the Company replaced the RINs. The counterparty has also agreed to indemnify the Company for certain penalties to the extent imposed by the EPA. While the Company does not know what actions the EPA will take, or penalties it will impose with respect to these identified RINs or any other RINs it has purchased that the EPA may identify as being invalid, at this time, the Company does not expect any such action or penalties would have a material effect on its financial condition, results of operations or cash flows. The Company is also currently subject to certain other existing environmental claims and proceedings. The Company believes that there is only a remote possibility that future costs related to any of these other known contingent liability exposures would have a material impact on its financial position, results of operations or cash flows. PBF LLC Limited Liability Company Agreement The holders of limited liability company interests in PBF LLC, including PBF Energy, generally have to include for purposes of calculating their U.S. federal, state and local income taxes their share of any taxable income of PBF LLC, regardless of whether such holders receive cash distributions from PBF LLC. PBF Energy ultimately may not receive cash distributions from PBF LLC equal to its share of such taxable income or even equal to the actual tax due with respect to that income. For example, PBF LLC is required to include in taxable income PBF LLC’s allocable share of PBFX’s taxable income and gains (such share to be determined pursuant to the partnership agreement of PBFX), regardless of the amount of cash distributions received by PBF LLC from PBFX, and such taxable income and gains will flow-through to PBF Energy to the extent of its allocable share of the taxable income of PBF LLC. As a result, at certain times, the amount of cash otherwise ultimately available to PBF Energy on account of its indirect interest in PBFX may not be sufficient for PBF Energy to pay the amount of taxes it will owe on account of its indirect interests in PBFX. Taxable income of PBF LLC generally is allocated to the holders of PBF LLC units (including PBF Energy) pro-rata in accordance with their respective share of the net profits and net losses of PBF LLC. In general, PBF LLC is required to make periodic tax distributions to the members of PBF LLC, including PBF Energy, pro-rata in accordance with their respective percentage interests for such period (as determined under the amended and restated limited liability company agreement of PBF LLC), subject to available cash and applicable law and contractual restrictions (including pursuant to our debt instruments) and based on certain assumptions. Generally, these tax distributions are required to be in an amount equal to our estimate of the taxable income of PBF LLC for the year multiplied by an assumed tax rate equal to the highest effective marginal combined U.S. federal, state and local income tax rate prescribed for an individual or corporate resident in New York, New York (taking into account the nondeductibility of certain expenses). If, with respect to any given calendar year, the aggregate periodic tax distributions were less than the actual taxable income of PBF LLC multiplied by the assumed tax rate, PBF LLC is required to make a “true up” tax distribution, no later than March 15 of the following year, equal to such difference, subject to the available cash and borrowings of PBF LLC. PBF LLC 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 95.2% interest in PBF LLC as of March 31, 2016 ( 95.1% as of December 31, 2015 ). PBF LLC obtains funding to pay its tax distributions by causing PBF Holding to distribute cash to PBF LLC and from distributions it receives from PBFX.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	3 Months Ended
	Mar. 31, 2016
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 Pension Benefits 2016 2015 Components of net periodic benefit cost: Service cost $ 7,340 $ 5,790 Interest cost 776 709 Expected return on plan assets (1,106 ) (829 ) Amortization of prior service costs 13 13 Amortization of loss 194 311 Net periodic benefit cost $ 7,217 $ 5,994 Three Months Ended Post Retirement Medical Plan 2016 2015 Components of net periodic benefit cost: Service cost $ 220 $ 244 Interest cost 134 134 Amortization of prior service costs 109 76 Amortization of loss (gain) — — Net periodic benefit cost $ 463 $ 454

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS The tables below present information about the Company's financial assets and liabilities measured and recorded at fair value on a recurring basis and indicate the fair value hierarchy of the inputs utilized to determine the fair values as of March 31, 2016 and December 31, 2015 . We have elected to offset the fair value amounts recognized for multiple derivative contracts executed with the same counterparty; however, fair value amounts by hierarchy level are presented on a gross basis in the tables below. We have posted cash margin with various counterparties to support hedging and trading activities. The cash margin posted is required by counterparties as collateral deposits and cannot be offset against the fair value of open contracts except in the event of default. We have no derivative contracts that are subject to master netting arrangements that are reflected gross on the balance sheet. As of March 31, 2016 Fair Value Hierarchy Total Gross Fair Value Effect of Counter-party Netting Net Carrying Value on Balance Sheet Level 1 Level 2 Level 3 Assets: Money market funds $ 507,498 $ — $ — $ 507,498 N/A $ 507,498 Commodity contracts 29,761 21,346 1,915 53,022 (38,338 ) 14,684 Derivatives included with inventory intermediation agreement obligations — 365 — 365 — 365 Liabilities: Commodity contracts 34,368 3,970 — 38,338 (38,338 ) — Catalyst lease obligations — 34,688 — 34,688 — 34,688 As of December 31, 2015 Fair Value Hierarchy Total Gross Fair Value Effect of Counter-party Netting Net Carrying Value on Balance Sheet Level 1 Level 2 Level 3 Assets: Money market funds $ 631,280 $ — $ — $ 631,280 N/A $ 631,280 Commodity contracts 63,810 31,256 3,543 98,609 (52,482 ) 46,127 Derivatives included with inventory intermediation agreement obligations — 35,511 — 35,511 — 35,511 Liabilities: Commodity contracts 49,960 2,522 — 52,482 (52,482 ) — Catalyst lease obligations — 31,802 — 31,802 — 31,802 The valuation methods used to measure financial instruments at fair value are as follows: • Money market funds categorized in Level 1 of the fair value hierarchy are measured at fair value based on quoted market prices and included within Cash and Cash equivalents. • The commodity contracts categorized in Level 1 of the fair value hierarchy are measured at fair value based on quoted prices in an active market. The commodity contracts categorized in Level 2 of the fair value hierarchy are measured at fair value using a market approach based upon future commodity prices for similar instruments quoted in active markets. • The commodity contracts categorized in Level 3 of the fair value hierarchy consist of commodity price swap contracts that relate to forecasted purchases of crude oil for which quoted forward market prices are not readily available due to market illiquidity. The forward prices used to value these swaps were derived using broker quotes, prices from other third party sources and other available market based data. • The derivatives included with inventory 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. Non-qualified pension plan assets are measured at fair value using a market approach based on published net asset values of mutual funds as a practical expedient. As of March 31, 2016 and December 31, 2015 , $9,645 and $9,325 , respectively, were included within deferred charges and other assets, net for these non-qualified pension plan assets. The table below summarizes the changes in fair value measurements categorized in Level 3 of the fair value hierarchy: Three Months Ended March 31, 2016 2015 Balance at beginning of period $ 3,543 $ 1,521 Purchases — — Settlements (256 ) (1,200 ) Unrealized gain included in earnings (1,372 ) 9,357 Transfers into Level 3 — — Transfers out of Level 3 — — Balance at end of period $ 1,915 $ 9,678 There were no transfers between levels during the three months ended March 31, 2016 and 2015 , respectively. Fair value of debt The table below summarizes the fair value and carrying value of debt as of March 31, 2016 and December 31, 2015 . March 31, 2016 December 31, 2015 Carrying value Fair value Carrying value Fair value Senior Secured Notes due 2020 (a) $ 669,940 $ 702,571 $ 669,644 $ 706,246 Senior Secured Notes due 2023 (a) 500,000 474,138 500,000 492,452 Rail Facility (b) 67,491 67,491 67,491 67,491 Catalyst leases (c) 34,688 34,688 31,802 31,802 Revolving Loan (b) — — — — 1,272,119 1,278,888 1,268,937 1,297,991 Less - Current maturities — — — — Less - Unamortized deferred financing costs 30,275 n/a 32,217 n/a Long-term debt $ 1,241,844 $ 1,278,888 $ 1,236,720 $ 1,297,991 (a) The estimated fair value, categorized as a Level 2 measurement, was calculated based on the present value of future expected payments utilizing implied current market interest rates based on quoted prices of the Senior Secured Notes. (b) The estimated fair value approximates carrying value, categorized as a Level 2 measurement, as these borrowings bear interest based upon short-term floating market interest rates. (c) Catalyst leases are valued using a market approach based upon commodity prices for similar instruments quoted in active markets and are categorized as a Level 2 measurement. The Company has elected the fair value option for accounting for its catalyst lease repurchase obligations as the Company's liability is directly impacted by the change in fair value of the underlying catalyst.

DERIVATIVES

DERIVATIVES	3 Months Ended
	Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES	DERIVATIVES The Company uses derivative instruments to mitigate certain exposures to commodity price risk. Prior to December 31, 2015, the Company’s crude supply agreement contained purchase obligations for certain volumes of crude oil and other feedstocks. In addition, the Company entered into Inventory Intermediation Agreements commencing in July 2013 that contain purchase obligations for certain volumes of intermediates and refined products. The purchase obligations related to crude oil, feedstocks, intermediates and refined products under these agreements are derivative instruments that have been designated as fair value hedges in order to hedge the commodity price volatility of certain refinery inventory. The fair value of these purchase obligation derivatives is based on market prices of the underlying crude oil and refined products. The level of activity for these derivatives is based on the level of operating inventories. As of March 31, 2016 , there were no barrels of crude oil and feedstocks ( no barrels at December 31, 2015 ) outstanding under these derivative instruments designated as fair value hedges and no barrels ( no barrels at December 31, 2015 ) outstanding under these derivative instruments not designated as hedges. As of March 31, 2016 , there were 3,440,594 barrels of intermediates and refined products ( 3,776,011 barrels at December 31, 2015 ) outstanding under these derivative instruments designated as fair value hedges and no barrels ( no barrels at December 31, 2015 ) outstanding under these derivative instruments not designated as hedges. These volumes represent the notional value of the contract. The Company also enters into economic hedges primarily consisting of commodity derivative contracts that are not designated as hedges and are used to manage price volatility in certain crude oil and feedstock inventories as well as crude oil, feedstock, and refined product sales or purchases. The objective in entering into economic hedges is consistent with the objectives discussed above for fair value hedges. As of March 31, 2016 , there were 39,380,250 barrels of crude oil and 4,502,000 barrels of refined products ( 39,577,000 and 4,599,136 , respectively, as of December 31, 2015 ), outstanding under short and long term commodity derivative contracts not designated as hedges representing the notional value of the contracts. The following tables provide information about the fair values of these derivative instruments as of March 31, 2016 and December 31, 2015 and the line items in the consolidated balance sheet in which the fair values are reflected. Description Balance Sheet Location Fair Value Asset/(Liability) Derivatives designated as hedging instruments: March 31, 2016: Derivatives included with the inventory intermediation agreement obligations Accrued expenses $ 365 December 31, 2015: Derivatives included with the inventory intermediation agreement obligations Accrued expenses $ 35,511 Derivatives not designated as hedging instruments: March 31, 2016: Commodity contracts Accounts receivable $ 14,684 December 31, 2015: Commodity contracts Accounts receivable $ 46,127 The following table provides 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 March 31, 2016: Derivatives included with the inventory intermediation agreement obligations Cost of sales $ (35,146 ) For the three months ended March 31, 2015: Derivatives included with inventory supply arrangement obligations Cost of sales $ (2,821 ) Derivatives included with the inventory intermediation agreement obligations Cost of sales $ (63,686 ) Derivatives not designated as hedging instruments: For the three months ended March 31, 2016: Commodity contracts Cost of sales $ (19,953 ) For the three months ended March 31, 2015: Commodity contracts Cost of sales $ (41,128 ) Hedged items designated in fair value hedges: For the three months ended March 31, 2016: Intermediate and refined product inventory Cost of sales $ 35,146 For the three months ended March 31, 2015: Crude oil and feedstock inventory Cost of sales $ 2,821 Intermediate and refined product inventory Cost of sales $ 63,686 The Company had no ineffectiveness related to the Company's fair value hedges for the three months ended March 31, 2016 and 2015 .

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Distributions On April 28, 2016, PBF Energy, PBF Holding's indirect parent, declared a dividend of $0.30 per share on its outstanding Class A common stock. The dividend is payable on May 31, 2016 to PBF Energy Class A common stockholders of record at the close of business on May 13, 2016. PBF Holding intends to make a distribution of approximately $30,839 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	3 Months Ended
	Mar. 31, 2016
Condensed Financial Information of Subsidiary Disclosure [Abstract]
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS	CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING PBF Services Company, Delaware City Refining Company LLC, PBF Power Marketing LLC, Paulsboro Refining Company LLC, Paulsboro Natural Gas Pipeline Company LLC, Toledo Refining Company LLC, Chalmette Refining, L.L.C. and PBF Investments LLC are 100% owned subsidiaries of PBF Holding and serve as guarantors of the obligations under the Senior Secured Notes. These guarantees are full and unconditional and joint and several. For purposes of the following footnote, PBF Holding is referred to as "Issuer." The indentures dated February 9, 2012 and November 24, 2015, among PBF Holding, PBF Finance, the guarantors party thereto and Wilmington Trust, National Association, governs subsidiaries designated as "Guarantor Subsidiaries." PBF Energy Limited, PBF Transportation Company LLC, PBF Rail Logistics Company LLC, MOEM Pipeline LLC, Collins Pipeline Company and T&M Terminal Company 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 and the Guarantor subsidiaries' investments in its subsidiaries are accounted for under the equity method of accounting. CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONDENSED CONSOLIDATING BALANCE SHEET (UNAUDITED) March 31, 2016 Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total ASSETS Current assets: Cash and cash equivalents $ 640,779 $ 16,580 $ 39,816 $ (2,293 ) $ 694,882 Accounts receivable 528,782 4,340 8,402 — 541,524 Accounts receivable - affiliate 251 2,946 — — 3,197 Inventories 631,279 372,441 225,579 — 1,229,299 Prepaid expense and other current assets 30,470 31,090 283 — 61,843 Due from related parties 21,186,259 20,857,235 3,571,997 (45,615,491 ) — Total current assets 23,017,820 21,284,632 3,846,077 (45,617,784 ) 2,530,745 Property, plant and equipment, net 28,959 1,975,647 223,935 — 2,228,541 Investment in subsidiaries 1,351,060 118,982 — (1,470,042 ) — Deferred charges and other assets, net 19,776 345,433 1,500 — 366,709 Total assets $ 24,417,615 $ 23,724,694 $ 4,071,512 $ (47,087,826 ) $ 5,125,995 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 232,429 $ 150,684 $ 6,989 $ (2,293 ) $ 387,809 Accounts payable - affiliate 24,454 — — — 24,454 Accrued expenses 503,062 526,971 140,361 — 1,170,394 Deferred tax liability — — 31,487 — 31,487 Deferred revenue 3,154 — — — 3,154 Due to related parties 20,323,677 21,753,202 3,538,612 (45,615,491 ) — Total current liabilities 21,086,776 22,430,857 3,717,449 (45,617,784 ) 1,617,298 Delaware Economic Development Authority loan — 4,000 — — 4,000 Long-term debt 1,140,118 34,609 67,117 — 1,241,844 Affiliate notes payable 469,530 — — — 469,530 Deferred tax liability — — 25,721 — 25,721 Other long-term liabilities 30,210 46,411 — — 76,621 Total liabilities 22,726,634 22,515,877 3,810,287 (45,617,784 ) 3,435,014 Commitments and contingencies Equity: Member's equity 1,482,649 1,071,405 158,329 (1,229,734 ) 1,482,649 Retained earnings (accumulated deficit) 220,096 133,264 102,896 (236,160 ) 220,096 Accumulated other comprehensive (loss) income (24,148 ) (8,236 ) — 8,236 (24,148 ) Total PBF Holding Company LLC equity 1,678,597 1,196,433 261,225 (1,457,658 ) 1,678,597 Noncontrolling interest 12,384 12,384 — (12,384 ) 12,384 Total equity 1,690,981 1,208,817 261,225 (1,470,042 ) 1,690,981 Total liabilities and equity $ 24,417,615 $ 23,724,694 $ 4,071,512 $ (47,087,826 ) $ 5,125,995 14. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONDENSED CONSOLIDATING BALANCE SHEET (UNAUDITED) December 31, 2015 Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total ASSETS Current assets: Cash and cash equivalents $ 882,820 $ 6,236 $ 28,968 $ (3,275 ) $ 914,749 Accounts receivable 430,809 11,057 12,893 — 454,759 Accounts receivable - affiliate 917 2,521 — — 3,438 Inventories 608,646 363,151 202,475 — 1,174,272 Prepaid expense and other current assets 24,243 9,074 384 — 33,701 Due from related parties 20,236,649 20,547,503 3,262,382 (44,046,534 ) — Total current assets 22,184,084 20,939,542 3,507,102 (44,049,809 ) 2,580,919 Property, plant and equipment, net 25,240 1,960,066 225,784 — 2,211,090 Investment in subsidiaries 1,740,111 143,349 — (1,883,460 ) — Deferred charges and other assets, net 23,973 265,240 1,500 — 290,713 Due from related party - long term — — 20,577 (20,577 ) — Total assets $ 23,973,408 $ 23,308,197 $ 3,754,963 $ (45,953,846 ) $ 5,082,722 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 196,988 $ 113,564 $ 7,566 $ (3,275 ) $ 314,843 Accounts Payable - affiliate 23,949 — — — 23,949 Accrued expenses 503,179 495,842 118,414 — 1,117,435 Deferred revenue 4,043 — — — 4,043 Due to related parties 19,787,807 21,026,310 3,232,417 (44,046,534 ) — Total current liabilities 20,515,966 21,635,716 3,358,397 (44,049,809 ) 1,460,270 Delaware Economic Development Authority loan — 4,000 — — 4,000 Long-term debt 1,137,980 31,717 67,023 — 1,236,720 Affiliate notes payable 470,047 — — — 470,047 Deferred tax liability — — 20,577 — 20,577 Other long-term liabilities 28,131 41,693 — — 69,824 Due to related party - long term — 20,577 — (20,577 ) — Total liabilities 22,152,124 21,733,703 3,445,997 (44,070,386 ) 3,261,438 Commitments and contingencies Equity: Member's equity 1,479,175 1,062,717 182,696 (1,245,413 ) 1,479,175 Retained earnings (accumulated deficit) 349,654 502,788 126,270 (629,058 ) 349,654 Accumulated other comprehensive (loss) income (24,770 ) (8,236 ) — 8,236 (24,770 ) Total PBF Holding Company LLC equity 1,804,059 1,557,269 308,966 (1,866,235 ) 1,804,059 Noncontrolling interest 17,225 17,225 — (17,225 ) 17,225 Total equity 1,821,284 1,574,494 308,966 (1,883,460 ) 1,821,284 Total liabilities and equity $ 23,973,408 $ 23,308,197 $ 3,754,963 $ (45,953,846 ) $ 5,082,722 CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED) Three Months Ended March 31, 2016 Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total Revenues $ 2,795,916 $ 49,619 $ 320,720 $ (366,070 ) $ 2,800,185 Costs and expenses Cost of sales, excluding depreciation 2,439,388 63,970 308,695 (366,070 ) 2,445,983 Operating expenses, excluding depreciation (372 ) 294,034 2,977 — 296,639 General and administrative expenses 28,697 6,851 (2,279 ) — 33,269 Depreciation and amortization expense 1,697 50,742 1,854 — 54,293 2,469,410 415,597 311,247 (366,070 ) 2,830,184 Income (loss) from operations 326,506 (365,978 ) 9,473 — (29,999 ) Other income (expense) Equity in (loss) earnings of subsidiaries (392,593 ) — — 392,593 — Change in fair value of catalyst lease — (2,885 ) — — (2,885 ) Interest expense, net (32,341 ) (358 ) (572 ) — (33,271 ) Net (loss) income before income taxes (98,428 ) (369,221 ) 8,901 392,593 (66,155 ) Income taxes expense — — 32,273 — 32,273 Net (loss) income (98,428 ) (369,221 ) (23,372 ) 392,593 (98,428 ) Less: net income attributable to noncontrolling interest 303 303 — (303 ) 303 Net (loss) income attributable to PBF Holding Company LLC $ (98,731 ) $ (369,524 ) $ (23,372 ) $ 392,896 $ (98,731 ) Comprehensive (loss) income attributable to PBF Holding Company LLC $ (98,109 ) $ (369,524 ) $ (23,372 ) $ 392,896 $ (98,109 ) 14. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED) Three Months Ended March 31, 2015 Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total Revenues $ 2,992,157 $ 260,833 $ 498,603 $ (756,457 ) $ 2,995,136 Costs and expenses Cost of sales, excluding depreciation 2,490,763 338,657 456,077 (756,457 ) 2,529,040 Operating expenses, excluding depreciation 806 232,905 (334 ) — 233,377 General and administrative expenses 25,683 5,520 1,327 — 32,530 Gain on sale of assets (182 ) — (177 ) — (359 ) Depreciation and amortization expense 3,042 42,763 454 — 46,259 2,520,112 619,845 457,347 (756,457 ) 2,840,847 Income (loss) from operations 472,045 (359,012 ) 41,256 — 154,289 Other income (expense) Equity in earnings (loss) of subsidiaries (318,138 ) — — 318,138 — Change in fair value of catalyst lease — 2,039 — — 2,039 Interest expense, net (18,651 ) (1,693 ) (728 ) — (21,072 ) Net income (loss) 135,256 (358,666 ) 40,528 318,138 135,256 Less: net income attributable to noncontrolling interest — — — — — Net (loss) income attributable to PBF Holding Company LLC $ 135,256 $ (358,666 ) $ 40,528 $ 318,138 $ 135,256 Comprehensive (loss) income attributable to PBF Holding Company LLC $ 135,727 $ (358,666 ) $ 40,528 $ 318,138 $ 135,727 CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW (UNAUDITED) Three Months Ended March 31, 2016 Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total Cash flows from operating activities: Net (loss) income $ (98,428 ) $ (369,221 ) $ (23,372 ) $ 392,593 $ (98,428 ) Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 3,884 50,700 1,948 — 56,532 Stock-based compensation — 2,621 — — 2,621 Change in fair value of catalyst lease obligations — 2,885 — — 2,885 Deferred income taxes — — 31,487 — 31,487 Change in non-cash lower of cost or market inventory adjustment (78,159 ) 19,096 — — (59,063 ) Non-cash change in inventory repurchase obligations — 35,147 — — 35,147 Pension and other post retirement benefit costs 1,732 5,948 — — 7,680 Equity in earnings of subsidiaries 392,593 — — (392,593 ) — Changes in current assets and current liabilities: Accounts receivable (97,973 ) 6,717 4,491 — (86,765 ) Due to/from affiliates (412,569 ) 416,735 (3,420 ) — 746 Inventories 55,526 (28,387 ) (23,104 ) — 4,035 Prepaid expenses and other current assets (6,227 ) (22,016 ) 101 — (28,142 ) Accounts payable 35,441 37,120 (577 ) 982 72,966 Accrued expenses (119 ) (3,661 ) 21,947 — 18,167 Deferred revenue (889 ) — — — (889 ) Other assets and liabilities (41 ) (3,511 ) 1,352 — (2,200 ) Net cash provided by (used in) operating activities (205,229 ) 150,173 10,853 982 (43,221 ) Cash flows from investing activities: Expenditures for property, plant and equipment (5,466 ) (37,260 ) (5 ) — (42,731 ) Expenditures for deferred turnaround costs — (82,747 ) — — (82,747 ) Expenditures for other assets — (17,163 ) — — (17,163 ) Chalmette Acquisition working capital settlement — (2,659 ) — — (2,659 ) Net cash (used in) provided by investing activities (5,466 ) (139,829 ) (5 ) — (145,300 ) Cash flows from financing activities: Distribution to members (30,829 ) — — — (30,829 ) Repayment of affiliate notes payable (517 ) — — — (517 ) Net cash used in financing activities (31,346 ) — — — (31,346 ) Net (decrease) increase in cash and cash equivalents (242,041 ) 10,344 10,848 982 (219,867 ) Cash and cash equivalents, beginning of period 882,820 6,236 28,968 (3,275 ) 914,749 Cash and cash equivalents, end of period $ 640,779 $ 16,580 $ 39,816 $ (2,293 ) $ 694,882 14. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW (UNAUDITED) Three Months Ended March 31, 2015 Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total Cash flows from operating activities: Net income (loss) $ 135,256 $ (358,666 ) $ 40,528 $ 318,138 $ 135,256 Adjustments to reconcile net income to net cash from operating activities: Depreciation and amortization 4,823 42,789 670 — 48,282 Stock-based compensation — 2,025 — — 2,025 Change in fair value of catalyst lease obligations — (2,039 ) — — (2,039 ) Non-cash change in inventory repurchase obligations — 66,509 — — 66,509 Non-cash lower of cost of market inventory adjustment (99,732 ) 78,524 — — (21,208 ) Pension and other post retirement benefit costs 2,079 4,369 — — 6,448 Gain on sale of assets (182 ) — (177 ) — (359 ) Equity in earnings of subsidiaries 318,138 — — (318,138 ) — Changes in current assets and current liabilities: Accounts receivable 103,083 14,653 (7,652 ) — 110,084 Due to/from affiliates (273,044 ) 271,231 4,434 — 2,621 Inventories 87,991 (59,790 ) (29,208 ) — (1,007 ) Prepaid expenses and other current assets (7,284 ) 1,199 — — (6,085 ) Accounts payable 3,449 (21,672 ) (4,834 ) 863 (22,194 ) Accrued expenses (179,401 ) 19,491 (37,517 ) — (197,427 ) Deferred revenue 4,859 — — — 4,859 Other assets and liabilities 320 (2,601 ) 2 — (2,279 ) Net cash provided by (used in) operating activities 100,355 56,022 (33,754 ) 863 123,486 Cash flows from investing activities: Expenditures for property, plant and equipment (67,355 ) (33,392 ) — — (100,747 ) Expenditures for refinery turnarounds costs — (18,376 ) — — (18,376 ) Expenditures for other assets — (4,958 ) — — (4,958 ) Investment in subsidiaries 10,000 — — (10,000 ) — Proceeds from sale of assets 41,597 — 36,021 — 77,618 Net cash provided by (used in) investing activities (15,758 ) (56,726 ) 36,021 (10,000 ) (46,463 ) Cash flows from financing activities: Proceeds from members' capital contributions — — (10,000 ) 10,000 — Proceeds from affiliate notes payable 30,000 — — — 30,000 Proceeds from Rail Facility revolver borrowings — — 23,425 — 23,425 Repayments of revolver borrowings — — (22,774 ) — (22,774 ) Deferred financing costs and other 759 — — — 759 Net cash provided by (used in) financing activities 30,759 — (9,349 ) 10,000 31,410 Net increase (decrease) in cash and cash equivalents 115,356 (704 ) (7,082 ) 863 108,433 Cash and cash equivalents, beginning of period 185,381 704 34,334 (2,016 ) 218,403 Cash and cash equivalents, end of period $ 300,737 $ — $ 27,252 $ (1,153 ) $ 326,836

DESCRIPTION OF THE BUSINESS A20

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Policies)	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
New Accounting Pronouncements	Recently Adopted Accounting Guidance Effective January 1, 2016, the Company adopted Accounting Standard Update ("ASU") No. 2015-02, "Consolidation (Topic 810): Amendments to the Consolidation Analysis" ("ASU 2015-02"), which changed existing consolidation requirements associated with the analysis a reporting entity must perform to determine whether it should consolidate certain types of legal entities, including limited partnerships and variable interest entities. The Company’s adoption of this guidance did not impact our consolidated financial statements. Effective January 1, 2016, the Company adopted ASU No. 2015-16, "Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments" ("ASU 2015-16"), which requires (i) that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined, (ii) that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date, (iii) that an entity present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The adoption of this guidance did not materially affect any of the Company's financial statements or related disclosures. Recent Accounting Pronouncements In August 2015, the Financial Accounting Standards Board (the "FASB") issued ASU No. 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date” (“ASU 2015-14”), which defers the effective date of ASU 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”) for all entities by one year. The guidance in ASU 2014-09 will replace most existing revenue recognition guidance in GAAP when it becomes effective. Under ASU 2015-14, this guidance becomes effective for interim and annual periods beginning after December 15, 2017 and permits the use of either the retrospective or cumulative effect transition method. Under ASU 2015-14, early adoption is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The Company continues to evaluate the impact of this new standard on its consolidated financial statements and related disclosures. In November 2015, the FASB issued ASU No. 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes” (“ASU 2015-17”), which requires deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. Under ASU 2015-17, this guidance becomes effective for annual periods beginning after December 15, 2016 and interim periods within annual periods beginning after December 15, 2016 and interim periods within those years. The Company is currently evaluating the impact of this new standard on its consolidated financial statements and related disclosures. In January 2016, the FASB issued ASU No. 2016-01, “Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities” (“ASU 2016-01”), which amends how entities measure equity investments that do not result in consolidation and are not accounted for under the equity method and how they present changes in the fair value of financial liabilities measured under the fair value option that are attributable to their own credit. ASU 2016-01 also changes certain disclosure requirements and other aspects of current GAAP but does not change the guidance for classifying and measuring investments in debt securities and loans. Under ASU 2016-01, this guidance becomes effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted in certain circumstances. The Company is currently evaluating the impact of this new standard on its consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02”), to increase the transparency and comparability about leases among entities. The new guidance requires lessees to recognize a lease liability and a corresponding lease asset for virtually all lease contracts. It also requires additional disclosures about leasing arrangements. ASU 2016-02 is effective for interim and annual periods beginning after December 15, 2018, and requires a modified retrospective approach to adoption. Early adoption is permitted. The Company is currently evaluating the impact of this new standard on its consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU No. 2016-06, “Derivatives and Hedging (Topic 815) Contingent Put and Call Options in Debt Instruments No. 2016-06 March 2016 a consensus of the FASB Emerging Issues Task Force” (“ASU 2016-06”), to increase consistency in practice in applying guidance on determining if an embedded derivative is clearly and closely related to the economic characteristics of the host contract, specifically for assessing whether call (put) options that can accelerate the repayment of principal on a debt instrument meet the clearly and closely related criterion. The guidance in ASU 2016-06 applies to all entities that are issuers of or investors in debt instruments (or hybrid financial instruments that are determined to have a debt host) with embedded call (put) options. ASU 2016-06 is effective for interim and annual periods beginning after December 15, 2016, and requires a modified retrospective approach to adoption. Early adoption is permitted. The Company is currently evaluating the impact of this new standard on its consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU No. 2016-09, “Compensation - Stock Compensation (Topic 718) Improvements to Employee Share-Based Payment Accounting” (“ASU 2016-09”) which is intended to simplify certain aspects of the accounting for share-based payments to employees. The guidance in ASU 2016-09 requires all income tax effects of awards to be recognized in the income statement when the awards vest or are settled rather than recording excess tax benefits or deficiencies in additional paid-in capital. The guidance in ASU 2016-09 also allows an employer to repurchase more of an employee’s shares than it can today for tax withholding purposes without triggering liability accounting and to make a policy election to account for forfeitures as they occur. ASU 2016-09 also contains additional guidance for nonpublic entities that do not apply to the Company. ASU 2016-09 is effective for interim and annual periods beginning after December 15, 2016, and requires a modified retrospective approach to adoption. Early adoption is permitted. The Company is currently evaluating the impact of this new standard on its consolidated financial statements and related disclosures.

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	3 Months Ended
	Mar. 31, 2016
Business Combinations [Abstract]
Schedule of assets acquired and liabilities assumed	The total purchase consideration and the fair values of the assets and liabilities at the acquisition date were as follows: Purchase Price Net cash $ 587,005 Cash acquired (19,042 ) Total estimated consideration $ 567,963 Fair Value Allocation Accounts receivable $ 1,126 Inventories 271,434 Prepaid expenses and other current assets 913 Property, plant and equipment 356,961 Deferred charges and other assets 8,312 Accounts payable (4,870 ) Accrued expenses (28,371 ) Deferred tax liability (25,721 ) Noncontrolling interest (11,821 ) Fair value of net assets acquired $ 567,963
Schedule of pro forma information	The unaudited pro forma financial information includes the depreciation and amortization expense related to the acquisition and interest expense associated with the financing of the Chalmette Acquisition. Three Months Ended March 31, (Unaudited) 2015 Pro forma revenues $ 4,052,933 Pro forma net income attributable to PBF Holding Company LLC 207,919

INVENTORIES (Tables)

INVENTORIES (Tables)	3 Months Ended
	Mar. 31, 2016
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventories consisted of the following: March 31, 2016 Titled Inventory Inventory Supply and Intermediation Arrangements Total Crude oil and feedstocks $ 1,135,671 $ — $ 1,135,671 Refined products and blendstocks 690,813 400,753 1,091,566 Warehouse stock and other 60,335 — 60,335 $ 1,886,819 $ 400,753 $ 2,287,572 Lower of cost or market reserve (900,728 ) (157,545 ) (1,058,273 ) Total inventories $ 986,091 $ 243,208 $ 1,229,299 December 31, 2015 Titled Inventory Inventory Supply and Intermediation Arrangements Total Crude oil and feedstocks $ 1,137,605 $ — $ 1,137,605 Refined products and blendstocks 687,389 411,357 1,098,746 Warehouse stock and other 55,257 — 55,257 $ 1,880,251 $ 411,357 $ 2,291,608 Lower of cost or market reserve (966,564 ) (150,772 ) (1,117,336 ) Total inventories $ 913,687 $ 260,585 $ 1,174,272

DEFERRED CHARGES AND OTHER AS23

DEFERRED CHARGES AND OTHER ASSETS, NET (Tables)	3 Months Ended
	Mar. 31, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of deferred charges and other assets, net	Deferred charges and other assets, net consisted of the following: March 31, December 31, Deferred turnaround costs, net $ 237,398 $ 177,236 Catalyst, net 89,995 77,725 Linefill 13,504 13,504 Restricted cash 1,500 1,500 Intangible assets, net 209 219 Other 24,103 20,529 Total deferred charges and other assets, net $ 366,709 $ 290,713

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	3 Months Ended
	Mar. 31, 2016
Payables and Accruals [Abstract]
Schedule of accrued expenses	Accrued expenses consisted of the following: March 31, December 31, Inventory-related accruals $ 583,287 $ 548,800 Inventory supply and intermediation arrangements 274,668 252,380 Accrued transportation costs 87,972 91,546 Renewable energy credit obligations 45,729 19,472 Excise and sales tax payable 41,110 34,129 Customer deposits 26,656 20,395 Accrued utilities 24,780 25,192 Accrued interest 23,143 22,313 Accrued salaries and benefits 12,290 61,011 Accrued construction in progress 6,709 7,400 Other 44,050 34,797 Total accrued expenses $ 1,170,394 $ 1,117,435

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	3 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
Schedule of related party transactions	A summary of revenue and expense transactions with our affiliates is as follows: Three Months Ended March 31, 2016 2015 Revenues under affiliate agreements: Omnibus Agreement $ 844 $ 1,181 Services Agreement 1,122 1,100 Total expenses under commercial agreements 36,549 30,565

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	3 Months Ended
	Mar. 31, 2016
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 Pension Benefits 2016 2015 Components of net periodic benefit cost: Service cost $ 7,340 $ 5,790 Interest cost 776 709 Expected return on plan assets (1,106 ) (829 ) Amortization of prior service costs 13 13 Amortization of loss 194 311 Net periodic benefit cost $ 7,217 $ 5,994 Three Months Ended Post Retirement Medical Plan 2016 2015 Components of net periodic benefit cost: Service cost $ 220 $ 244 Interest cost 134 134 Amortization of prior service costs 109 76 Amortization of loss (gain) — — Net periodic benefit cost $ 463 $ 454

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The tables below present information about the Company's financial assets and liabilities measured and recorded at fair value on a recurring basis and indicate the fair value hierarchy of the inputs utilized to determine the fair values as of March 31, 2016 and December 31, 2015 . We have elected to offset the fair value amounts recognized for multiple derivative contracts executed with the same counterparty; however, fair value amounts by hierarchy level are presented on a gross basis in the tables below. We have posted cash margin with various counterparties to support hedging and trading activities. The cash margin posted is required by counterparties as collateral deposits and cannot be offset against the fair value of open contracts except in the event of default. We have no derivative contracts that are subject to master netting arrangements that are reflected gross on the balance sheet. As of March 31, 2016 Fair Value Hierarchy Total Gross Fair Value Effect of Counter-party Netting Net Carrying Value on Balance Sheet Level 1 Level 2 Level 3 Assets: Money market funds $ 507,498 $ — $ — $ 507,498 N/A $ 507,498 Commodity contracts 29,761 21,346 1,915 53,022 (38,338 ) 14,684 Derivatives included with inventory intermediation agreement obligations — 365 — 365 — 365 Liabilities: Commodity contracts 34,368 3,970 — 38,338 (38,338 ) — Catalyst lease obligations — 34,688 — 34,688 — 34,688 As of December 31, 2015 Fair Value Hierarchy Total Gross Fair Value Effect of Counter-party Netting Net Carrying Value on Balance Sheet Level 1 Level 2 Level 3 Assets: Money market funds $ 631,280 $ — $ — $ 631,280 N/A $ 631,280 Commodity contracts 63,810 31,256 3,543 98,609 (52,482 ) 46,127 Derivatives included with inventory intermediation agreement obligations — 35,511 — 35,511 — 35,511 Liabilities: Commodity contracts 49,960 2,522 — 52,482 (52,482 ) — Catalyst lease obligations — 31,802 — 31,802 — 31,802
Schedule of Effect of Significant Unobservable Inputs	The table below summarizes the changes in fair value measurements categorized in Level 3 of the fair value hierarchy: Three Months Ended March 31, 2016 2015 Balance at beginning of period $ 3,543 $ 1,521 Purchases — — Settlements (256 ) (1,200 ) Unrealized gain included in earnings (1,372 ) 9,357 Transfers into Level 3 — — Transfers out of Level 3 — — Balance at end of period $ 1,915 $ 9,678
Schedule of Fair value of Debt	The table below summarizes the fair value and carrying value of debt as of March 31, 2016 and December 31, 2015 . March 31, 2016 December 31, 2015 Carrying value Fair value Carrying value Fair value Senior Secured Notes due 2020 (a) $ 669,940 $ 702,571 $ 669,644 $ 706,246 Senior Secured Notes due 2023 (a) 500,000 474,138 500,000 492,452 Rail Facility (b) 67,491 67,491 67,491 67,491 Catalyst leases (c) 34,688 34,688 31,802 31,802 Revolving Loan (b) — — — — 1,272,119 1,278,888 1,268,937 1,297,991 Less - Current maturities — — — — Less - Unamortized deferred financing costs 30,275 n/a 32,217 n/a Long-term debt $ 1,241,844 $ 1,278,888 $ 1,236,720 $ 1,297,991 (a) The estimated fair value, categorized as a Level 2 measurement, was calculated based on the present value of future expected payments utilizing implied current market interest rates based on quoted prices of the Senior Secured Notes. (b) The estimated fair value approximates carrying value, categorized as a Level 2 measurement, as these borrowings bear interest based upon short-term floating market interest rates. (c) Catalyst leases are valued using a market approach based upon commodity prices for similar instruments quoted in active markets and are categorized as a Level 2 measurement. The Company has elected the fair value option for accounting for its catalyst lease repurchase obligations as the Company's liability is directly impacted by the change in fair value of the underlying catalyst.

DERIVATIVES (Tables)

DERIVATIVES (Tables)	3 Months Ended
	Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Fair Value of Derivative Instruments	The following tables provide information about the fair values of these derivative instruments as of March 31, 2016 and December 31, 2015 and the line items in the consolidated balance sheet in which the fair values are reflected. Description Balance Sheet Location Fair Value Asset/(Liability) Derivatives designated as hedging instruments: March 31, 2016: Derivatives included with the inventory intermediation agreement obligations Accrued expenses $ 365 December 31, 2015: Derivatives included with the inventory intermediation agreement obligations Accrued expenses $ 35,511 Derivatives not designated as hedging instruments: March 31, 2016: Commodity contracts Accounts receivable $ 14,684 December 31, 2015: Commodity contracts Accounts receivable $ 46,127
Schedule of Derivative Instruments, Gain (Loss) Recognized in Income	The following table provides 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 March 31, 2016: Derivatives included with the inventory intermediation agreement obligations Cost of sales $ (35,146 ) For the three months ended March 31, 2015: Derivatives included with inventory supply arrangement obligations Cost of sales $ (2,821 ) Derivatives included with the inventory intermediation agreement obligations Cost of sales $ (63,686 ) Derivatives not designated as hedging instruments: For the three months ended March 31, 2016: Commodity contracts Cost of sales $ (19,953 ) For the three months ended March 31, 2015: Commodity contracts Cost of sales $ (41,128 ) Hedged items designated in fair value hedges: For the three months ended March 31, 2016: Intermediate and refined product inventory Cost of sales $ 35,146 For the three months ended March 31, 2015: Crude oil and feedstock inventory Cost of sales $ 2,821 Intermediate and refined product inventory Cost of sales $ 63,686

CONDENSED CONSOLIDATING FINAN29

CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS (Tables)	3 Months Ended
	Mar. 31, 2016
Condensed Financial Information of Subsidiary Disclosure [Abstract]
Condensed Consolidating Balance Sheet	CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONDENSED CONSOLIDATING BALANCE SHEET (UNAUDITED) March 31, 2016 Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total ASSETS Current assets: Cash and cash equivalents $ 640,779 $ 16,580 $ 39,816 $ (2,293 ) $ 694,882 Accounts receivable 528,782 4,340 8,402 — 541,524 Accounts receivable - affiliate 251 2,946 — — 3,197 Inventories 631,279 372,441 225,579 — 1,229,299 Prepaid expense and other current assets 30,470 31,090 283 — 61,843 Due from related parties 21,186,259 20,857,235 3,571,997 (45,615,491 ) — Total current assets 23,017,820 21,284,632 3,846,077 (45,617,784 ) 2,530,745 Property, plant and equipment, net 28,959 1,975,647 223,935 — 2,228,541 Investment in subsidiaries 1,351,060 118,982 — (1,470,042 ) — Deferred charges and other assets, net 19,776 345,433 1,500 — 366,709 Total assets $ 24,417,615 $ 23,724,694 $ 4,071,512 $ (47,087,826 ) $ 5,125,995 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 232,429 $ 150,684 $ 6,989 $ (2,293 ) $ 387,809 Accounts payable - affiliate 24,454 — — — 24,454 Accrued expenses 503,062 526,971 140,361 — 1,170,394 Deferred tax liability — — 31,487 — 31,487 Deferred revenue 3,154 — — — 3,154 Due to related parties 20,323,677 21,753,202 3,538,612 (45,615,491 ) — Total current liabilities 21,086,776 22,430,857 3,717,449 (45,617,784 ) 1,617,298 Delaware Economic Development Authority loan — 4,000 — — 4,000 Long-term debt 1,140,118 34,609 67,117 — 1,241,844 Affiliate notes payable 469,530 — — — 469,530 Deferred tax liability — — 25,721 — 25,721 Other long-term liabilities 30,210 46,411 — — 76,621 Total liabilities 22,726,634 22,515,877 3,810,287 (45,617,784 ) 3,435,014 Commitments and contingencies Equity: Member's equity 1,482,649 1,071,405 158,329 (1,229,734 ) 1,482,649 Retained earnings (accumulated deficit) 220,096 133,264 102,896 (236,160 ) 220,096 Accumulated other comprehensive (loss) income (24,148 ) (8,236 ) — 8,236 (24,148 ) Total PBF Holding Company LLC equity 1,678,597 1,196,433 261,225 (1,457,658 ) 1,678,597 Noncontrolling interest 12,384 12,384 — (12,384 ) 12,384 Total equity 1,690,981 1,208,817 261,225 (1,470,042 ) 1,690,981 Total liabilities and equity $ 24,417,615 $ 23,724,694 $ 4,071,512 $ (47,087,826 ) $ 5,125,995 14. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONDENSED CONSOLIDATING BALANCE SHEET (UNAUDITED) December 31, 2015 Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total ASSETS Current assets: Cash and cash equivalents $ 882,820 $ 6,236 $ 28,968 $ (3,275 ) $ 914,749 Accounts receivable 430,809 11,057 12,893 — 454,759 Accounts receivable - affiliate 917 2,521 — — 3,438 Inventories 608,646 363,151 202,475 — 1,174,272 Prepaid expense and other current assets 24,243 9,074 384 — 33,701 Due from related parties 20,236,649 20,547,503 3,262,382 (44,046,534 ) — Total current assets 22,184,084 20,939,542 3,507,102 (44,049,809 ) 2,580,919 Property, plant and equipment, net 25,240 1,960,066 225,784 — 2,211,090 Investment in subsidiaries 1,740,111 143,349 — (1,883,460 ) — Deferred charges and other assets, net 23,973 265,240 1,500 — 290,713 Due from related party - long term — — 20,577 (20,577 ) — Total assets $ 23,973,408 $ 23,308,197 $ 3,754,963 $ (45,953,846 ) $ 5,082,722 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 196,988 $ 113,564 $ 7,566 $ (3,275 ) $ 314,843 Accounts Payable - affiliate 23,949 — — — 23,949 Accrued expenses 503,179 495,842 118,414 — 1,117,435 Deferred revenue 4,043 — — — 4,043 Due to related parties 19,787,807 21,026,310 3,232,417 (44,046,534 ) — Total current liabilities 20,515,966 21,635,716 3,358,397 (44,049,809 ) 1,460,270 Delaware Economic Development Authority loan — 4,000 — — 4,000 Long-term debt 1,137,980 31,717 67,023 — 1,236,720 Affiliate notes payable 470,047 — — — 470,047 Deferred tax liability — — 20,577 — 20,577 Other long-term liabilities 28,131 41,693 — — 69,824 Due to related party - long term — 20,577 — (20,577 ) — Total liabilities 22,152,124 21,733,703 3,445,997 (44,070,386 ) 3,261,438 Commitments and contingencies Equity: Member's equity 1,479,175 1,062,717 182,696 (1,245,413 ) 1,479,175 Retained earnings (accumulated deficit) 349,654 502,788 126,270 (629,058 ) 349,654 Accumulated other comprehensive (loss) income (24,770 ) (8,236 ) — 8,236 (24,770 ) Total PBF Holding Company LLC equity 1,804,059 1,557,269 308,966 (1,866,235 ) 1,804,059 Noncontrolling interest 17,225 17,225 — (17,225 ) 17,225 Total equity 1,821,284 1,574,494 308,966 (1,883,460 ) 1,821,284 Total liabilities and equity $ 23,973,408 $ 23,308,197 $ 3,754,963 $ (45,953,846 ) $ 5,082,722
Condensed Income Statement	CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED) Three Months Ended March 31, 2016 Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total Revenues $ 2,795,916 $ 49,619 $ 320,720 $ (366,070 ) $ 2,800,185 Costs and expenses Cost of sales, excluding depreciation 2,439,388 63,970 308,695 (366,070 ) 2,445,983 Operating expenses, excluding depreciation (372 ) 294,034 2,977 — 296,639 General and administrative expenses 28,697 6,851 (2,279 ) — 33,269 Depreciation and amortization expense 1,697 50,742 1,854 — 54,293 2,469,410 415,597 311,247 (366,070 ) 2,830,184 Income (loss) from operations 326,506 (365,978 ) 9,473 — (29,999 ) Other income (expense) Equity in (loss) earnings of subsidiaries (392,593 ) — — 392,593 — Change in fair value of catalyst lease — (2,885 ) — — (2,885 ) Interest expense, net (32,341 ) (358 ) (572 ) — (33,271 ) Net (loss) income before income taxes (98,428 ) (369,221 ) 8,901 392,593 (66,155 ) Income taxes expense — — 32,273 — 32,273 Net (loss) income (98,428 ) (369,221 ) (23,372 ) 392,593 (98,428 ) Less: net income attributable to noncontrolling interest 303 303 — (303 ) 303 Net (loss) income attributable to PBF Holding Company LLC $ (98,731 ) $ (369,524 ) $ (23,372 ) $ 392,896 $ (98,731 ) Comprehensive (loss) income attributable to PBF Holding Company LLC $ (98,109 ) $ (369,524 ) $ (23,372 ) $ 392,896 $ (98,109 ) 14. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED) Three Months Ended March 31, 2015 Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total Revenues $ 2,992,157 $ 260,833 $ 498,603 $ (756,457 ) $ 2,995,136 Costs and expenses Cost of sales, excluding depreciation 2,490,763 338,657 456,077 (756,457 ) 2,529,040 Operating expenses, excluding depreciation 806 232,905 (334 ) — 233,377 General and administrative expenses 25,683 5,520 1,327 — 32,530 Gain on sale of assets (182 ) — (177 ) — (359 ) Depreciation and amortization expense 3,042 42,763 454 — 46,259 2,520,112 619,845 457,347 (756,457 ) 2,840,847 Income (loss) from operations 472,045 (359,012 ) 41,256 — 154,289 Other income (expense) Equity in earnings (loss) of subsidiaries (318,138 ) — — 318,138 — Change in fair value of catalyst lease — 2,039 — — 2,039 Interest expense, net (18,651 ) (1,693 ) (728 ) — (21,072 ) Net income (loss) 135,256 (358,666 ) 40,528 318,138 135,256 Less: net income attributable to noncontrolling interest — — — — — Net (loss) income attributable to PBF Holding Company LLC $ 135,256 $ (358,666 ) $ 40,528 $ 318,138 $ 135,256 Comprehensive (loss) income attributable to PBF Holding Company LLC $ 135,727 $ (358,666 ) $ 40,528 $ 318,138 $ 135,727
Condensed Consolidating Statement of Cash Flow	CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW (UNAUDITED) Three Months Ended March 31, 2016 Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total Cash flows from operating activities: Net (loss) income $ (98,428 ) $ (369,221 ) $ (23,372 ) $ 392,593 $ (98,428 ) Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 3,884 50,700 1,948 — 56,532 Stock-based compensation — 2,621 — — 2,621 Change in fair value of catalyst lease obligations — 2,885 — — 2,885 Deferred income taxes — — 31,487 — 31,487 Change in non-cash lower of cost or market inventory adjustment (78,159 ) 19,096 — — (59,063 ) Non-cash change in inventory repurchase obligations — 35,147 — — 35,147 Pension and other post retirement benefit costs 1,732 5,948 — — 7,680 Equity in earnings of subsidiaries 392,593 — — (392,593 ) — Changes in current assets and current liabilities: Accounts receivable (97,973 ) 6,717 4,491 — (86,765 ) Due to/from affiliates (412,569 ) 416,735 (3,420 ) — 746 Inventories 55,526 (28,387 ) (23,104 ) — 4,035 Prepaid expenses and other current assets (6,227 ) (22,016 ) 101 — (28,142 ) Accounts payable 35,441 37,120 (577 ) 982 72,966 Accrued expenses (119 ) (3,661 ) 21,947 — 18,167 Deferred revenue (889 ) — — — (889 ) Other assets and liabilities (41 ) (3,511 ) 1,352 — (2,200 ) Net cash provided by (used in) operating activities (205,229 ) 150,173 10,853 982 (43,221 ) Cash flows from investing activities: Expenditures for property, plant and equipment (5,466 ) (37,260 ) (5 ) — (42,731 ) Expenditures for deferred turnaround costs — (82,747 ) — — (82,747 ) Expenditures for other assets — (17,163 ) — — (17,163 ) Chalmette Acquisition working capital settlement — (2,659 ) — — (2,659 ) Net cash (used in) provided by investing activities (5,466 ) (139,829 ) (5 ) — (145,300 ) Cash flows from financing activities: Distribution to members (30,829 ) — — — (30,829 ) Repayment of affiliate notes payable (517 ) — — — (517 ) Net cash used in financing activities (31,346 ) — — — (31,346 ) Net (decrease) increase in cash and cash equivalents (242,041 ) 10,344 10,848 982 (219,867 ) Cash and cash equivalents, beginning of period 882,820 6,236 28,968 (3,275 ) 914,749 Cash and cash equivalents, end of period $ 640,779 $ 16,580 $ 39,816 $ (2,293 ) $ 694,882 14. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW (UNAUDITED) Three Months Ended March 31, 2015 Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total Cash flows from operating activities: Net income (loss) $ 135,256 $ (358,666 ) $ 40,528 $ 318,138 $ 135,256 Adjustments to reconcile net income to net cash from operating activities: Depreciation and amortization 4,823 42,789 670 — 48,282 Stock-based compensation — 2,025 — — 2,025 Change in fair value of catalyst lease obligations — (2,039 ) — — (2,039 ) Non-cash change in inventory repurchase obligations — 66,509 — — 66,509 Non-cash lower of cost of market inventory adjustment (99,732 ) 78,524 — — (21,208 ) Pension and other post retirement benefit costs 2,079 4,369 — — 6,448 Gain on sale of assets (182 ) — (177 ) — (359 ) Equity in earnings of subsidiaries 318,138 — — (318,138 ) — Changes in current assets and current liabilities: Accounts receivable 103,083 14,653 (7,652 ) — 110,084 Due to/from affiliates (273,044 ) 271,231 4,434 — 2,621 Inventories 87,991 (59,790 ) (29,208 ) — (1,007 ) Prepaid expenses and other current assets (7,284 ) 1,199 — — (6,085 ) Accounts payable 3,449 (21,672 ) (4,834 ) 863 (22,194 ) Accrued expenses (179,401 ) 19,491 (37,517 ) — (197,427 ) Deferred revenue 4,859 — — — 4,859 Other assets and liabilities 320 (2,601 ) 2 — (2,279 ) Net cash provided by (used in) operating activities 100,355 56,022 (33,754 ) 863 123,486 Cash flows from investing activities: Expenditures for property, plant and equipment (67,355 ) (33,392 ) — — (100,747 ) Expenditures for refinery turnarounds costs — (18,376 ) — — (18,376 ) Expenditures for other assets — (4,958 ) — — (4,958 ) Investment in subsidiaries 10,000 — — (10,000 ) — Proceeds from sale of assets 41,597 — 36,021 — 77,618 Net cash provided by (used in) investing activities (15,758 ) (56,726 ) 36,021 (10,000 ) (46,463 ) Cash flows from financing activities: Proceeds from members' capital contributions — — (10,000 ) 10,000 — Proceeds from affiliate notes payable 30,000 — — — 30,000 Proceeds from Rail Facility revolver borrowings — — 23,425 — 23,425 Repayments of revolver borrowings — — (22,774 ) — (22,774 ) Deferred financing costs and other 759 — — — 759 Net cash provided by (used in) financing activities 30,759 — (9,349 ) 10,000 31,410 Net increase (decrease) in cash and cash equivalents 115,356 (704 ) (7,082 ) 863 108,433 Cash and cash equivalents, beginning of period 185,381 704 34,334 (2,016 ) 218,403 Cash and cash equivalents, end of period $ 300,737 $ — $ 27,252 $ (1,153 ) $ 326,836

DESCRIPTION OF THE BUSINESS A30

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Details) - USD ($) $ in Thousands	May. 14, 2014	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Nov. 01, 2015
Description of Business [Line Items]
Less: net income attributable to noncontrolling interests		$ 303	$ 0
Income tax expense		$ 32,273	$ 0
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		95.20%		95.10%
Collins Pipeline Company And T&M Terminal Company [Member]
Description of Business [Line Items]
Less: net income attributable to noncontrolling interests		$ 303
Income tax expense		$ 798
Collins Pipeline Company And T&M Terminal Company [Member] | Chalmette Refining [Member]
Description of Business [Line Items]
Ownership percentage		80.00%
Collins Pipeline Company [Member] | Chalmette Refining [Member]
Description of Business [Line Items]
Ownership percentage		80.00%			80.00%
T&M Terminal Company [Member] | Chalmette Refining [Member]
Description of Business [Line Items]
Ownership percentage		80.00%			80.00%
Restatement Adjustment [Member]
Description of Business [Line Items]
Deferred Tax Liabilities, Net		$ 30,481
Income tax expense		$ 30,481

ACQUISITIONS Purchase Price (De

ACQUISITIONS Purchase Price (Details) - USD ($) $ in Thousands	Nov. 01, 2015	Mar. 31, 2016	Mar. 31, 2015
Business Acquisition [Line Items]
Net cash		$ 2,659	$ 0
Chalmette Refining L.L.C. [Member]
Business Acquisition [Line Items]
Net cash	$ 587,005
Cash acquired	(19,042)
Total estimated consideration	$ 567,963

ACQUISITIONS Acquired assets an

ACQUISITIONS Acquired assets and liabilities (Details) - Chalmette Refining L.L.C. [Member] $ in Thousands	Nov. 01, 2015USD ($)
Business Acquisition [Line Items]
Accounts receivable	$ 1,126
Inventories	271,434
Prepaid expenses and other current assets	913
Property, plant and equipment	356,961
Deferred charges and other assets	8,312
Accounts payable	(4,870)
Accrued expenses	(28,371)
Deferred tax liability	(25,721)
Noncontrolling interest	(11,821)
Fair value of net assets acquired	567,963
Noncontrolling Interest [Member]
Business Acquisition [Line Items]
Deferred tax liability	$ (5,144)

ACQUISITIONS Proforma informati

ACQUISITIONS Proforma information for acquisition (Details) - Chalmette Refining L.L.C. [Member] $ in Thousands	3 Months Ended
	Mar. 31, 2015USD ($)
Business Acquisition [Line Items]
Pro forma revenues	$ 4,052,933
Pro forma net income attributable to PBF Holding Company LLC.	$ 207,919

ACQUISITIONS Other details for

ACQUISITIONS Other details for acquisition (Details) - USD ($) $ in Thousands	Nov. 01, 2015	Mar. 31, 2016	Mar. 31, 2015
Chalmette Refining L.L.C. [Member]
Business Acquisition [Line Items]
Total estimated consideration	$ 322,000
Estimated inventory and working capital acquired	245,963
Deferred tax liability	$ (25,721)
Transaction costs		$ 4,724	$ 550
Chalmette Refining L.L.C. [Member] | PBF Energy Inc. [Member]
Business Acquisition [Line Items]
Ownership percentage	100.00%
Collins Pipeline Company [Member] | Chalmette Refining [Member]
Business Acquisition [Line Items]
Ownership percentage	80.00%	80.00%
MOEM Pipeline [Member] | Chalmette Refining [Member]
Business Acquisition [Line Items]
Ownership percentage	100.00%
T&M Terminal Company [Member] | Chalmette Refining [Member]
Business Acquisition [Line Items]
Ownership percentage	80.00%	80.00%
Noncontrolling Interest [Member] | Chalmette Refining L.L.C. [Member]
Business Acquisition [Line Items]
Deferred tax liability	$ (5,144)

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2014
Inventory [Line Items]
Crude oil and feedstocks	$ 1,135,671		$ 1,137,605
Refined products and blendstocks	1,091,566		1,098,746
Warehouse stock and other	60,335		55,257
Inventory, Gross	2,287,572		2,291,608
Lower of cost or market reserve	(1,058,273)	$ (668,902)	(1,117,336)	$ (690,110)
Inventories	1,229,299		1,174,272
Operating Income (Loss)	29,999	(154,289)
Titled Inventory [Member]
Inventory [Line Items]
Crude oil and feedstocks	1,135,671		1,137,605
Refined products and blendstocks	690,813		687,389
Warehouse stock and other	60,335		55,257
Inventory, Gross	1,886,819		1,880,251
Lower of cost or market reserve	(900,728)		(966,564)
Inventories	986,091		913,687
Inventory Supply and Offtake Arrangements [Member]
Inventory [Line Items]
Crude oil and feedstocks	0		0
Refined products and blendstocks	400,753		411,357
Warehouse stock and other	0		0
Inventory, Gross	400,753		411,357
Lower of cost or market reserve	(157,545)		(150,772)
Inventories	243,208		$ 260,585
Scenario, Adjustment [Member]
Inventory [Line Items]
Operating Income (Loss)	$ 59,063	$ (21,208)

DEFERRED CHARGES AND OTHER AS36

DEFERRED CHARGES AND OTHER ASSETS, NET (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred turnaround costs, net	$ 237,398	$ 177,236
Catalyst, net	89,995	77,725
Linefill	13,504	13,504
Restricted cash	1,500	1,500
Intangible assets, net	209	219
Other	24,103	20,529
Total deferred charges and other assets, net	$ 366,709	$ 290,713

ACCRUED EXPENSES (Details)

ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Accrued Expenses:
Inventory-related accruals	$ 583,287	$ 548,800
Inventory supply and intermediation arrangements	274,668	252,380
Accrued transportation costs	87,972	91,546
Renewable energy credit obligations	45,729	19,472
Excise and sales tax payable	41,110	34,129
Customer deposits	26,656	20,395
Accrued utilities	24,780	25,192
Accrued interest	23,143	22,313
Accrued salaries and benefits	12,290	61,011
Accrued construction in progress	6,709	7,400
Other	44,050	34,797
Total accrued expenses	$ 1,170,394	$ 1,117,435

INCOME TAXES Income Taxes (Deta

INCOME TAXES Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Taxes [Line Items]
Deferred Income Tax Expense (Benefit)	$ 31,487	$ 0
Income tax expense	32,273	$ 0
Collins Pipeline Company And T&M Terminal Company [Member]
Income Taxes [Line Items]
Income tax expense	798
PBF Energy Limited [Member]
Income Taxes [Line Items]
Current Income Tax Expense (Benefit)	12
Deferred Income Tax Expense (Benefit)	31,487
Restatement Adjustment [Member]
Income Taxes [Line Items]
Deferred Tax Liabilities, Net	30,481
Income tax expense	30,481
Restatement Adjustment [Member] | Prior period error correction [Member] | PBF Energy Limited [Member]
Income Taxes [Line Items]
Current Income Tax Expense (Benefit)	30,602
Deferred Income Tax Expense (Benefit)	121
Deferred Tax Liabilities, Net	30,602
Taxes Payable, Current	$ 121

AFFILIATE NOTE PAYABLE (Details

AFFILIATE NOTE PAYABLE (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Affiliate notes payable	$ 469,530	$ 470,047
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)	May. 15, 2015renewal	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2015	Jan. 01, 2016$ / bbl
Related Party Transaction [Line Items]
Number of Contract Renewals | renewal	2
Term of Renewal	5 years
Delaware Truck Loading Services Agreement [Member]
Related Party Transaction [Line Items]
Term of Agreement	10 years
Delaware City Rail Unloading Terminal [Member]
Related Party Transaction [Line Items]
Term of Agreement				7 years
Toledo Truck Unloading Terminal [Member]
Related Party Transaction [Line Items]
Term of Agreement				7 years
Delaware City West Heavy Crude Unloading Rack [Member]
Related Party Transaction [Line Items]
Term of Agreement				7 years
Toledo Storage Facility [Member]
Related Party Transaction [Line Items]
Term of Agreement				10 years
Delaware City Pipeline Services Agreement [Member]
Related Party Transaction [Line Items]
Term of Agreement	10 years
PBF Holding Company LLC [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 | $ / bbl					0.503
Oil And Gas Plant, Terminaling Services Fee, Base Commitment | $ / bbl					2.014
PBF Holding Company LLC [Member] | Toledo Truck Unloading Terminal [Member] | Toledo Terminaling Agreement [Member]
Related Party Transaction [Line Items]
Oil And Gas Plant, Terminaling Services Fee, Base Commitment | $ / bbl					1.007
PBF Logistics LP [Member] | Cost of Sales [Member]
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction		$ 36,549,000	$ 30,565,000
PBF Logistics LP [Member] | General and Administrative Expense [Member] | Omnibus Agreement [Member]
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction		844,000	1,181,000
PBF Logistics LP [Member] | General and Administrative Expense [Member] | Services Agreement [Member]
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction		1,122,000	$ 1,100,000
PBF LLC [Member] | Third Amended and Restated Omnibus Agreement [Member]
Related Party Transaction [Line Items]
Related party transaction, annual fee		$ 2,350,000
Minimum [Member]
Related Party Transaction [Line Items]
Term of Agreement				7 years
Maximum [Member]
Related Party Transaction [Line Items]
Term of Agreement				10 years

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details)	Mar. 01, 2011	Mar. 31, 2016USD ($)ppmstate	Dec. 31, 2010ppm	Dec. 31, 2015USD ($)
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		95.20%		95.10%
Environmental Issue [Member]
Loss Contingencies [Line Items]
Environmental liability		$ 12,021,000		$ 10,367,000
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] | Sunoco, Inc. [Member]
Loss Contingencies [Line Items]
Loss Contingency Accrual, Insurance-Related Assessment, Expiration Of Liability Period	20 years
Environmental Issue [Member] | New York [Member]
Loss Contingencies [Line Items]
Maximum amount of sulfur allowed in heating oil (in ppm) | ppm			15
Environmental Issue [Member] | Northeastern states [Member]
Loss Contingencies [Line Items]
Additional States Requiring Heating Oils | state		6
Chalmette Refinery [Member] | Environmental Issue [Member]
Loss Contingencies [Line Items]
Environmental Costs Recognized, Recovery Credited to Expense		$ 3,936,000
Accrual For Environmental Loss Contingencies, Expected Payment Period		30 years
Environmental Insurance Policies Coverage		$ 100,000,000

EMPLOYEE BENEFIT PLANS (Details

EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Pension Plan, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 7,340	$ 5,790
Interest cost	776	709
Expected return on plan assets	(1,106)	(829)
Amortization of prior service costs	13	13
Amortization of loss	194	311
Net periodic benefit cost	7,217	5,994
Post Retirement Medical Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	220	244
Interest cost	134	134
Amortization of prior service costs	109	76
Amortization of loss	0	0
Net periodic benefit cost	$ 463	$ 454

FAIR VALUE MEASUREMENTS (Measur

FAIR VALUE MEASUREMENTS (Measured on Recurring Basis) (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Fair Value of Plan Assets	$ 9,645	$ 9,325
Catalyst lease obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, Collateral, Right to Reclaim Cash	0	0
Catalyst lease obligations	34,688	31,802
Catalyst lease obligations [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Catalyst lease obligations	0	0
Catalyst lease obligations [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Catalyst lease obligations	34,688	31,802
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	38,338	52,482
Derivative, Collateral, Right to Reclaim Cash	(38,338)	(52,482)
Derivative Liability	0	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	34,368
Derivative Liability		49,960
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	3,970
Derivative Liability		2,522
Commodity contract [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability, Fair Value, Amount Not Offset Against Collateral	0
Derivative Liability		0
Money market funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	507,498	631,280
Money market funds [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	507,498	631,280
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	53,022	98,609
Derivative assets, Effect of Counter-party Netting	(38,338)	(52,482)
Derivative assets, Net Carrying Value on Balance Sheet	14,684	46,127
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	29,761
Derivative assets, Net Carrying Value on Balance Sheet		63,810
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	21,346
Derivative assets, Net Carrying Value on Balance Sheet		31,256
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	1,915
Derivative assets, Net Carrying Value on Balance Sheet		3,543
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	365	35,511
Derivative assets, Effect of Counter-party Netting	0	0
Derivative assets, Net Carrying Value on Balance Sheet	365	35,511
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	365
Derivative assets, Net Carrying Value on Balance Sheet		35,511
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) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Change in Fair Value Measurement Categorized in Level 3 [Roll Forward]
Transfers into Level 3	$ 0	$ 0
Commodity Contract [Member]
Change in Fair Value Measurement Categorized in Level 3 [Roll Forward]
Balance at beginning of period	3,543,000	1,521,000
Purchases	0	0
Settlements	(256,000)	(1,200,000)
Unrealized loss included in earnings	(1,372,000)	9,357,000
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Balance at end of period	$ 1,915,000	$ 9,678,000

FAIR VALUE MEASUREMENTS (Fair V

FAIR VALUE MEASUREMENTS (Fair Value and Carrying Value of Debt) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, Carrying value	$ 1,272,119	$ 1,268,937
Long-term debt, Fair value	1,278,888	1,297,991
Current portion of long-term debt	0	0
Long-Term Debt And Capital Lease Obligations, Current, Fair Value Disclosure	0	0
Unamortized Debt Issuance Expense	30,275	32,217
Long-term debt	1,241,844	1,236,720
Long-term debt, excluding current maturities, Fair value	1,278,888	1,297,991
Senior secured notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, Carrying value	669,940	669,644
Long-term debt, Fair value	702,571	706,246
Long-term Line of Credit	0	0
Lines of Credit, Fair Value Disclosure	0	0
2023 Senior Secured Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, Fair value	474,138	492,452
Long-term debt	500,000	500,000
Rail Facility [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Line of Credit	67,491	67,491
Lines of Credit, Fair Value Disclosure	67,491	67,491
Catalyst lease [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, Carrying value	34,688	31,802
Long-term debt, Fair value	$ 34,688	$ 31,802

DERIVATIVES (Narrative) (Detail

DERIVATIVES (Narrative) (Details)	3 Months Ended
	Mar. 31, 2016USD ($)bbl	Mar. 31, 2015USD ($)	Dec. 31, 2015bbl
Derivative [Line Items]
Loss on fair value hedge ineffectiveness | $	$ 0	$ 0
Crude Oil and Feedstock Inventory [Member] | Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative, notional amount, volume	0		0
Crude Oil and Feedstock Inventory [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative, notional amount, volume	0		0
Intermediates and Refined Products Inventory [Member] | Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative, notional amount, volume	0		0
Intermediates and Refined Products Inventory [Member] | Fair Value Hedging [Member]
Derivative [Line Items]
Derivative, notional amount, volume	3,440,594		3,776,011
Crude Oil Commodity Contract [Member] | Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative, notional amount, volume	39,380,250		39,577,000
Refined Product Commodity Contract [Member] | Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative, notional amount, volume	4,502,000		4,599,136

DERIVATIVES (Fair Value of Deri

DERIVATIVES (Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Designated as Hedging Instrument [Member] | Inventory Intermediation Agreement Obligation [Member] | Accrued Expenses [Member]
Derivatives, Fair Value [Line Items]
Fair Value Asset/(Liability)	$ 365	$ 35,511
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Accounts Receivable [Member]
Derivatives, Fair Value [Line Items]
Fair Value Asset/(Liability)	$ 14,684	$ 46,127

DERIVATIVES (Gain (Loss) Recogn

DERIVATIVES (Gain (Loss) Recognized in Income) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net	$ 0	$ 0
Designated as Hedging Instrument [Member] | Inventory Supply Arrangement Obligation [Member] | Cost of Sales [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain or (Loss) Recognized in Income on Derivatives		(2,821,000)
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	(35,146,000)	(63,686,000)
Designated as Hedging Instrument [Member] | Crude Oil and Feedstock Inventory [Member] | Cost of Sales [Member] | Fair Value Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain or (Loss) Recognized in Income on Derivatives		2,821,000
Designated as Hedging Instrument [Member] | Intermediates and Refined Products Inventory [Member] | Cost of Sales [Member] | Fair Value Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain or (Loss) Recognized in Income on Derivatives	35,146,000	63,686,000
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Cost of Sales [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain or (Loss) Recognized in Income on Derivatives	$ (19,953,000)	$ (41,128,000)

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - PBF Energy [Member] - Subsequent Event [Member] - Class A Common Stock [Member] $ / shares in Units, $ in Thousands	Apr. 28, 2016USD ($)$ / shares
Subsequent Event [Line Items]
Dividends declared per share | $ / shares	$ 0.3
Expected capital distributions | $	$ 30,839

CONDENSED CONSOLIDATING FINAN50

CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS (Statement of Cash Flows) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net income	$ (98,428)	$ 135,256
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	56,532	48,282
Stock-based compensation	2,621	2,025
Change in fair value of catalyst lease obligations	2,885	(2,039)
Non-cash change in inventory repurchase obligations	35,147	66,509
Gain on sale of assets	0	(359)
Pension and other post retirement benefit costs	7,680	6,448
Equity in earnings of subsidiaries	0	0
Changes in current assets and current liabilities:
Accounts receivable	(86,765)	110,084
Inventories	4,035	(1,007)
Prepaid expense and other current assets	(28,142)	(6,085)
Accounts payable	72,966	(22,194)
Accrued expenses	18,167	(197,427)
Deferred revenue	(889)	4,859
Amounts due to/from related parties	(746)	(2,621)
Other assets and liabilities	(2,200)	(2,279)
Net cash (used in) provided by operations	(43,221)	123,486
Deferred Income Tax Expense (Benefit)	31,487	0
Cash flows from investing activities:
Expenditures for property, plant and equipment	(42,731)	(100,747)
Expenditures for deferred turnaround costs	(82,747)	(18,376)
Expenditures for other assets	(17,163)	(4,958)
Investment in subsidiary		0
Proceeds from sale of assets	0	77,618
Chalmette Acquisition working capital settlement	(2,659)	0
Net cash used in investing activities	(145,300)	(46,463)
Proceeds from members' capital contributions		0
Cash flows from financing activities:
Proceeds from Issuance of Other Long-term Debt		23,425
Distribution to members	(30,829)	0
Proceeds from affiliate notes payable	0	30,000
Repayment of affiliate notes payable	(517)	0
Proceeds from Rail Facility revolver borrowings	0	23,425
Payment of contingent consideration related to acquisition of Toledo refinery	0	22,774
Repayments of revolver borrowings		(22,774)
Deferred financing costs and other	0	759
Net cash (used in) provided by financing activities	(31,346)	31,410
Net (decrease) increase in cash and cash equivalents	(219,867)	108,433
Cash and equivalents, beginning of period	914,749	218,403
Cash and equivalents, end of period	694,882	326,836
Change in non-cash lower of cost or market inventory adjustment	(59,063)	(21,208)
Issuer [Member]
Cash flows from operating activities:
Net income	(98,428)	135,256
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	3,884	4,823
Stock-based compensation	0	0
Change in fair value of catalyst lease obligations	0	0
Non-cash change in inventory repurchase obligations	0	0
Gain on sale of assets		(182)
Pension and other post retirement benefit costs	1,732	2,079
Equity in earnings of subsidiaries	392,593	318,138
Changes in current assets and current liabilities:
Accounts receivable	(97,973)	103,083
Inventories	55,526	87,991
Prepaid expense and other current assets	(6,227)	(7,284)
Accounts payable	35,441	3,449
Accrued expenses	(119)	(179,401)
Deferred revenue	(889)	4,859
Amounts due to/from related parties	412,569	273,044
Other assets and liabilities	(41)	320
Net cash (used in) provided by operations	(205,229)	100,355
Deferred Income Tax Expense (Benefit)	0
Cash flows from investing activities:
Expenditures for property, plant and equipment	(5,466)	(67,355)
Expenditures for deferred turnaround costs	0	0
Expenditures for other assets	0	0
Investment in subsidiary		10,000
Proceeds from sale of assets		41,597
Chalmette Acquisition working capital settlement	0
Net cash used in investing activities	(5,466)	(15,758)
Proceeds from members' capital contributions		0
Cash flows from financing activities:
Proceeds from Issuance of Other Long-term Debt		0
Distribution to members	(30,829)
Proceeds from affiliate notes payable		30,000
Repayment of affiliate notes payable	(517)
Repayments of revolver borrowings		0
Deferred financing costs and other		759
Net cash (used in) provided by financing activities	(31,346)	30,759
Net (decrease) increase in cash and cash equivalents	(242,041)	115,356
Cash and equivalents, beginning of period	882,820	185,381
Cash and equivalents, end of period	640,779	300,737
Change in non-cash lower of cost or market inventory adjustment	(78,159)	(99,732)
Guarantors Subsidiaries [Member]
Cash flows from operating activities:
Net income	(369,221)	(358,666)
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	50,700	42,789
Stock-based compensation	2,621	2,025
Change in fair value of catalyst lease obligations	2,885	(2,039)
Non-cash change in inventory repurchase obligations	35,147	66,509
Gain on sale of assets		0
Pension and other post retirement benefit costs	5,948	4,369
Equity in earnings of subsidiaries	0	0
Changes in current assets and current liabilities:
Accounts receivable	6,717	14,653
Inventories	(28,387)	(59,790)
Prepaid expense and other current assets	(22,016)	1,199
Accounts payable	37,120	(21,672)
Accrued expenses	(3,661)	19,491
Deferred revenue	0	0
Amounts due to/from related parties	(416,735)	(271,231)
Other assets and liabilities	(3,511)	(2,601)
Net cash (used in) provided by operations	150,173	56,022
Deferred Income Tax Expense (Benefit)	0
Cash flows from investing activities:
Expenditures for property, plant and equipment	(37,260)	(33,392)
Expenditures for deferred turnaround costs	(82,747)	(18,376)
Expenditures for other assets	(17,163)	(4,958)
Investment in subsidiary		0
Proceeds from sale of assets		0
Chalmette Acquisition working capital settlement	(2,659)
Net cash used in investing activities	(139,829)	(56,726)
Proceeds from members' capital contributions		0
Cash flows from financing activities:
Proceeds from Issuance of Other Long-term Debt		0
Distribution to members	0
Proceeds from affiliate notes payable		0
Repayment of affiliate notes payable	0
Repayments of revolver borrowings		0
Deferred financing costs and other		0
Net cash (used in) provided by financing activities	0	0
Net (decrease) increase in cash and cash equivalents	10,344	(704)
Cash and equivalents, beginning of period	6,236	704
Cash and equivalents, end of period	16,580	0
Change in non-cash lower of cost or market inventory adjustment	19,096	78,524
Non-Guarantor Subsidiaries [Member]
Cash flows from operating activities:
Net income	(23,372)	40,528
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	1,948	670
Stock-based compensation	0	0
Change in fair value of catalyst lease obligations	0	0
Non-cash change in inventory repurchase obligations	0	0
Gain on sale of assets		(177)
Pension and other post retirement benefit costs	0	0
Equity in earnings of subsidiaries	0	0
Changes in current assets and current liabilities:
Accounts receivable	4,491	(7,652)
Inventories	(23,104)	(29,208)
Prepaid expense and other current assets	101	0
Accounts payable	(577)	(4,834)
Accrued expenses	21,947	(37,517)
Deferred revenue	0	0
Amounts due to/from related parties	3,420	(4,434)
Other assets and liabilities	1,352	2
Net cash (used in) provided by operations	10,853	(33,754)
Deferred Income Tax Expense (Benefit)	31,487
Cash flows from investing activities:
Expenditures for property, plant and equipment	(5)	0
Expenditures for deferred turnaround costs	0	0
Expenditures for other assets	0	0
Investment in subsidiary		0
Proceeds from sale of assets		36,021
Chalmette Acquisition working capital settlement	0
Net cash used in investing activities	(5)	36,021
Proceeds from members' capital contributions		(10,000)
Cash flows from financing activities:
Proceeds from Issuance of Other Long-term Debt		23,425
Distribution to members	0
Proceeds from affiliate notes payable		0
Repayment of affiliate notes payable	0
Repayments of revolver borrowings		(22,774)
Deferred financing costs and other		0
Net cash (used in) provided by financing activities	0	(9,349)
Net (decrease) increase in cash and cash equivalents	10,848	(7,082)
Cash and equivalents, beginning of period	28,968	34,334
Cash and equivalents, end of period	39,816	27,252
Change in non-cash lower of cost or market inventory adjustment	0	0
Combining and Consolidated Adjustments [Member]
Cash flows from operating activities:
Net income	392,593	318,138
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
Gain on sale of assets		0
Pension and other post retirement benefit costs	0	0
Equity in earnings of subsidiaries	(392,593)	(318,138)
Changes in current assets and current liabilities:
Accounts receivable	0	0
Inventories	0	0
Prepaid expense and other current assets	0	0
Accounts payable	982	863
Accrued expenses	0	0
Deferred revenue	0	0
Amounts due to/from related parties	0	0
Other assets and liabilities	0	0
Net cash (used in) provided by operations	982	863
Deferred Income Tax Expense (Benefit)	0
Cash flows from investing activities:
Expenditures for property, plant and equipment	0	0
Expenditures for deferred turnaround costs	0	0
Expenditures for other assets	0	0
Investment in subsidiary		(10,000)
Proceeds from sale of assets		0
Chalmette Acquisition working capital settlement	0
Net cash used in investing activities	0	(10,000)
Proceeds from members' capital contributions		10,000
Cash flows from financing activities:
Proceeds from Issuance of Other Long-term Debt		0
Distribution to members	0
Proceeds from affiliate notes payable		0
Repayment of affiliate notes payable	0
Repayments of revolver borrowings		0
Deferred financing costs and other		0
Net cash (used in) provided by financing activities	0	10,000
Net (decrease) increase in cash and cash equivalents	982	863
Cash and equivalents, beginning of period	(3,275)	(2,016)
Cash and equivalents, end of period	(2,293)	(1,153)
Change in non-cash lower of cost or market inventory adjustment	$ 0	$ 0

CONDENSED CONSOLIDATING FINAN51

CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS (Narrative) (Details)	3 Months Ended
	Mar. 31, 2016
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%

CONDENSED CONSOLIDATING FINAN52

CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS (Balance Sheet) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 694,882	$ 914,749	$ 326,836	$ 218,403
Accounts receivable	541,524	454,759
Accounts receivable - affiliate	3,197	3,438
Inventories	1,229,299	1,174,272
Prepaid expense and other current assets	61,843	33,701
Due from related party	0	0
Total current assets	2,530,745	2,580,919
Property, plant and equipment, net	2,228,541	2,211,090
Investment in subsidiaries	0	0
Deferred charges and other assets, net	366,709	290,713
Due from related party - long term		0
Total assets	5,125,995	5,082,722
Current liabilities:
Accounts payable	387,809	314,843
Accounts payable - affiliate	24,454	23,949
Accrued expenses	1,170,394	1,117,435
Current portion of long-term debt	0	0
Deferred tax liabilities	31,487	0
Deferred revenue	3,154	4,043
Due to related parties	0	0
Total current liabilities	1,617,298	1,460,270
Delaware Economic Development Authority loan	4,000	4,000
Long-term debt	1,241,844	1,236,720
Affiliate notes payable	469,530	470,047
Deferred tax liabilities	25,721	20,577
Other long-term liabilities	76,621	69,824
Due to related party - long term		0
Total liabilities	$ 3,435,014	$ 3,261,438
Commitments and contingencies
Equity:
Member's equity	$ 1,482,649	$ 1,479,175
Retained earnings (accumulated deficit)	220,096	349,654
Accumulated other comprehensive loss	(24,148)	(24,770)
Total PBF Holding Company LLC equity	1,678,597	1,804,059
Noncontrolling interest	12,384	17,225
Total equity	1,690,981	1,821,284
Total liabilities and equity	5,125,995	5,082,722
Issuer [Member]
Current assets:
Cash and cash equivalents	640,779	882,820	300,737	185,381
Accounts receivable	528,782	430,809
Accounts receivable - affiliate	251	917
Inventories	631,279	608,646
Prepaid expense and other current assets	30,470	24,243
Due from related party	21,186,259	20,236,649
Total current assets	23,017,820	22,184,084
Property, plant and equipment, net	28,959	25,240
Investment in subsidiaries	1,351,060	1,740,111
Deferred charges and other assets, net	19,776	23,973
Due from related party - long term		0
Total assets	24,417,615	23,973,408
Current liabilities:
Accounts payable	232,429	196,988
Accounts payable - affiliate	24,454	23,949
Accrued expenses	503,062	503,179
Deferred tax liabilities	0
Deferred revenue	3,154	4,043
Due to related parties	20,323,677	19,787,807
Total current liabilities	21,086,776	20,515,966
Delaware Economic Development Authority loan	0	0
Long-term debt	1,140,118	1,137,980
Affiliate notes payable	469,530	470,047
Deferred tax liabilities	0	0
Other long-term liabilities	30,210	28,131
Due to related party - long term		0
Total liabilities	$ 22,726,634	$ 22,152,124
Commitments and contingencies
Equity:
Member's equity	$ 1,482,649	$ 1,479,175
Retained earnings (accumulated deficit)	220,096	349,654
Accumulated other comprehensive loss	(24,148)	(24,770)
Total PBF Holding Company LLC equity	1,678,597	1,804,059
Noncontrolling interest	12,384	17,225
Total equity	1,690,981	1,821,284
Total liabilities and equity	24,417,615	23,973,408
Guarantors Subsidiaries [Member]
Current assets:
Cash and cash equivalents	16,580	6,236	0	704
Accounts receivable	4,340	11,057
Accounts receivable - affiliate	2,946	2,521
Inventories	372,441	363,151
Prepaid expense and other current assets	31,090	9,074
Due from related party	20,857,235	20,547,503
Total current assets	21,284,632	20,939,542
Property, plant and equipment, net	1,975,647	1,960,066
Investment in subsidiaries	118,982	143,349
Deferred charges and other assets, net	345,433	265,240
Due from related party - long term		0
Total assets	23,724,694	23,308,197
Current liabilities:
Accounts payable	150,684	113,564
Accounts payable - affiliate	0	0
Accrued expenses	526,971	495,842
Deferred tax liabilities	0
Deferred revenue	0	0
Due to related parties	21,753,202	21,026,310
Total current liabilities	22,430,857	21,635,716
Delaware Economic Development Authority loan	4,000	4,000
Long-term debt	34,609	31,717
Affiliate notes payable	0	0
Deferred tax liabilities	0	0
Other long-term liabilities	46,411	41,693
Due to related party - long term		20,577
Total liabilities	$ 22,515,877	$ 21,733,703
Commitments and contingencies
Equity:
Member's equity	$ 1,071,405	$ 1,062,717
Retained earnings (accumulated deficit)	133,264	502,788
Accumulated other comprehensive loss	(8,236)	(8,236)
Total PBF Holding Company LLC equity	1,196,433	1,557,269
Noncontrolling interest	12,384	17,225
Total equity	1,208,817	1,574,494
Total liabilities and equity	23,724,694	23,308,197
Non-Guarantor Subsidiaries [Member]
Current assets:
Cash and cash equivalents	39,816	28,968	27,252	34,334
Accounts receivable	8,402	12,893
Accounts receivable - affiliate	0	0
Inventories	225,579	202,475
Prepaid expense and other current assets	283	384
Due from related party	3,571,997	3,262,382
Total current assets	3,846,077	3,507,102
Property, plant and equipment, net	223,935	225,784
Investment in subsidiaries	0	0
Deferred charges and other assets, net	1,500	1,500
Due from related party - long term		20,577
Total assets	4,071,512	3,754,963
Current liabilities:
Accounts payable	6,989	7,566
Accounts payable - affiliate	0	0
Accrued expenses	140,361	118,414
Deferred tax liabilities	31,487
Deferred revenue	0	0
Due to related parties	3,538,612	3,232,417
Total current liabilities	3,717,449	3,358,397
Delaware Economic Development Authority loan	0	0
Long-term debt	67,117	67,023
Affiliate notes payable	0	0
Deferred tax liabilities	25,721	20,577
Other long-term liabilities	0	0
Due to related party - long term		0
Total liabilities	$ 3,810,287	$ 3,445,997
Commitments and contingencies
Equity:
Member's equity	$ 158,329	$ 182,696
Retained earnings (accumulated deficit)	102,896	126,270
Accumulated other comprehensive loss	0	0
Total PBF Holding Company LLC equity	261,225	308,966
Noncontrolling interest	0	0
Total equity	261,225	308,966
Total liabilities and equity	4,071,512	3,754,963
Combining and Consolidated Adjustments [Member]
Current assets:
Cash and cash equivalents	(2,293)	(3,275)	$ (1,153)	$ (2,016)
Accounts receivable	0	0
Accounts receivable - affiliate	0	0
Inventories	0	0
Prepaid expense and other current assets	0	0
Due from related party	(45,615,491)	(44,046,534)
Total current assets	(45,617,784)	(44,049,809)
Property, plant and equipment, net	0	0
Investment in subsidiaries	(1,470,042)	(1,883,460)
Deferred charges and other assets, net	0	0
Due from related party - long term		(20,577)
Total assets	(47,087,826)	(45,953,846)
Current liabilities:
Accounts payable	(2,293)	(3,275)
Accounts payable - affiliate	0	0
Accrued expenses	0	0
Deferred tax liabilities	0
Deferred revenue	0	0
Due to related parties	(45,615,491)	(44,046,534)
Total current liabilities	(45,617,784)	(44,049,809)
Delaware Economic Development Authority loan	0	0
Long-term debt	0	0
Affiliate notes payable	0	0
Deferred tax liabilities	0	0
Other long-term liabilities	0	0
Due to related party - long term		(20,577)
Total liabilities	$ (45,617,784)	$ (44,070,386)
Commitments and contingencies
Equity:
Member's equity	$ (1,229,734)	$ (1,245,413)
Retained earnings (accumulated deficit)	(236,160)	(629,058)
Accumulated other comprehensive loss	8,236	8,236
Total PBF Holding Company LLC equity	(1,457,658)	(1,866,235)
Noncontrolling interest	(12,384)	(17,225)
Total equity	(1,470,042)	(1,883,460)
Total liabilities and equity	$ (47,087,826)	$ (45,953,846)

CONDENSED CONSOLIDATING FINAN53

CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS (Statement of Operations) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues	$ 2,800,185	$ 2,995,136
Costs and expenses:
Cost of sales, excluding depreciation	2,445,983	2,529,040
Operating expenses, excluding depreciation	296,639	233,377
General and administrative expenses	33,269	32,530
Gain on sale of asset	0	(359)
Depreciation and amortization expense	54,293	46,259
Total cost and expenses	2,830,184	2,840,847
(Loss) income from operations	(29,999)	154,289
Other income (expenses)
Equity in earnings of subsidiaries	0	0
Change in fair value of catalyst leases	(2,885)	2,039
Interest expense, net	(33,271)	(21,072)
(Loss) income before income taxes	(66,155)	135,256
Income tax expense	32,273	0
Net (loss) income	(98,428)	135,256
Less: net income attributable to noncontrolling interests	303	0
Net (loss) income attributable to PBF Holding Company LLC	(98,731)	135,256
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	(98,109)	135,727
Combining and Consolidated Adjustments [Member]
Revenues	(366,070)	(756,457)
Costs and expenses:
Cost of sales, excluding depreciation	(366,070)	(756,457)
Operating expenses, excluding depreciation	0	0
General and administrative expenses	0	0
Gain on sale of asset		0
Depreciation and amortization expense	0	0
Total cost and expenses	(366,070)	(756,457)
(Loss) income from operations	0	0
Other income (expenses)
Equity in earnings of subsidiaries	392,593	318,138
Change in fair value of catalyst leases	0	0
Interest expense, net	0	0
(Loss) income before income taxes	392,593
Income tax expense	0
Net (loss) income	392,593	318,138
Less: net income attributable to noncontrolling interests	(303)	0
Net (loss) income attributable to PBF Holding Company LLC	392,896	318,138
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	392,896	318,138
Guarantors Subsidiaries [Member]
Revenues	49,619	260,833
Costs and expenses:
Cost of sales, excluding depreciation	63,970	338,657
Operating expenses, excluding depreciation	294,034	232,905
General and administrative expenses	6,851	5,520
Gain on sale of asset		0
Depreciation and amortization expense	50,742	42,763
Total cost and expenses	415,597	619,845
(Loss) income from operations	(365,978)	(359,012)
Other income (expenses)
Equity in earnings of subsidiaries	0	0
Change in fair value of catalyst leases	(2,885)	2,039
Interest expense, net	(358)	(1,693)
(Loss) income before income taxes	(369,221)
Income tax expense	0
Net (loss) income	(369,221)	(358,666)
Less: net income attributable to noncontrolling interests	303	0
Net (loss) income attributable to PBF Holding Company LLC	(369,524)	(358,666)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	(369,524)	(358,666)
Non-Guarantor Subsidiaries [Member]
Revenues	320,720	498,603
Costs and expenses:
Cost of sales, excluding depreciation	308,695	456,077
Operating expenses, excluding depreciation	2,977	(334)
General and administrative expenses	(2,279)	1,327
Gain on sale of asset		(177)
Depreciation and amortization expense	1,854	454
Total cost and expenses	311,247	457,347
(Loss) income from operations	9,473	41,256
Other income (expenses)
Equity in earnings of subsidiaries	0	0
Change in fair value of catalyst leases	0	0
Interest expense, net	(572)	(728)
(Loss) income before income taxes	8,901
Income tax expense	32,273
Net (loss) income	(23,372)	40,528
Less: net income attributable to noncontrolling interests	0	0
Net (loss) income attributable to PBF Holding Company LLC	(23,372)	40,528
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	(23,372)	40,528
Issuer [Member]
Revenues	2,795,916	2,992,157
Costs and expenses:
Cost of sales, excluding depreciation	2,439,388	2,490,763
Operating expenses, excluding depreciation	(372)	806
General and administrative expenses	28,697	25,683
Gain on sale of asset		(182)
Depreciation and amortization expense	1,697	3,042
Total cost and expenses	2,469,410	2,520,112
(Loss) income from operations	326,506	472,045
Other income (expenses)
Equity in earnings of subsidiaries	(392,593)	(318,138)
Change in fair value of catalyst leases	0	0
Interest expense, net	(32,341)	(18,651)
(Loss) income before income taxes	(98,428)
Income tax expense	0
Net (loss) income	(98,428)	135,256
Less: net income attributable to noncontrolling interests	303	0
Net (loss) income attributable to PBF Holding Company LLC	(98,731)	135,256
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$ (98,109)	$ 135,727