Document and Entity Information
Document and Entity Information Document - shares | 6 Months Ended | |
Jun. 30, 2019 | Aug. 05, 2019 | |
Entity Information [Line Items] | ||
Entity Registrant Name | PBF HOLDING Co LLC | |
Entity Central Index Key | 0001566011 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2019 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | No | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Interactive Data Current | 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 | 0001566097 | |
Entity Common Stock, Shares Outstanding | 100 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2019 | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | |
Current assets: | |||||||||
Cash and cash equivalents | $ 156.8 | $ 561.7 | $ 442.7 | $ 526.2 | $ 442.7 | ||||
Accounts receivable | 984.7 | 710.7 | |||||||
Accounts receivable - affiliate | 5.5 | 12 | |||||||
Inventories | 2,312.6 | 1,864.1 | |||||||
Prepaid and other current assets | 86.5 | 52.5 | |||||||
Total current assets | 3,546.1 | 3,201 | |||||||
Property, plant and equipment, net | 3,063.2 | 2,971.2 | |||||||
Investment in equity method investee | 0 | 169.5 | |||||||
Operating Lease, Right-of-Use Asset | 933.7 | $ 853.9 | |||||||
Deferred charges and other assets, net | 1,027.7 | 871.8 | |||||||
Total assets | 8,556.5 | 7,213.5 | |||||||
Current liabilities: | |||||||||
Accounts payable | 438.8 | 483.8 | |||||||
Accounts payable - affiliate | 47.3 | 49.5 | |||||||
Accrued expenses | 1,803.1 | 1,579 | |||||||
Operating Lease, Liability, Current | 152.6 | ||||||||
Current debt | [1] | 1.3 | 2.4 | ||||||
Deferred revenue | 22.4 | 17.1 | |||||||
Total current liabilities | 2,465.5 | 2,131.8 | |||||||
Long-term debt | 1,260.2 | 1,258 | |||||||
Deferred tax liabilities | 35.1 | 40.4 | |||||||
Operating Lease, Liability, Noncurrent | 766.4 | ||||||||
Other long-term liabilities | 255.3 | 253.5 | |||||||
Total liabilities | 4,782.5 | 3,683.7 | |||||||
Commitments and contingencies (Note 5) | |||||||||
Equity: | |||||||||
Member’s equity | 2,699.8 | 2,652.5 | |||||||
Retained earnings | 1,086.4 | 890.3 | |||||||
Accumulated other comprehensive loss | (23.2) | (23.9) | |||||||
Total PBF Holding Company LLC equity | 3,763 | 3,518.9 | |||||||
Noncontrolling interest | 11 | 10.9 | |||||||
Total equity | 3,774 | $ 3,825 | 3,529.8 | $ 3,589.1 | $ 3,219.7 | $ 3,183.9 | |||
Total liabilities and equity | 8,556.5 | 7,213.5 | |||||||
Third Party Lease [Member] | |||||||||
Current assets: | |||||||||
Operating Lease, Right-of-Use Asset | 236.5 | 0 | |||||||
Current liabilities: | |||||||||
Operating Lease, Liability, Current | 80.1 | 0 | |||||||
Operating Lease, Liability, Noncurrent | 155.9 | 0 | |||||||
Lease with Affiliate [Member] | |||||||||
Current assets: | |||||||||
Operating Lease, Right-of-Use Asset | 683 | $ 604.4 | 0 | ||||||
Current liabilities: | |||||||||
Operating Lease, Liability, Current | 72.5 | 0 | |||||||
Operating Lease, Liability, Noncurrent | $ 610.5 | $ 0 | |||||||
[1] | Catalyst leases are valued using a market approach based upon commodity prices for similar instruments quoted in active markets and are categorized as a Level 2 measurement. The Company has elected the fair value option for accounting for its catalyst lease repurchase obligations as the Company’s liability is directly impacted by the change in fair value of the underlying catalyst. During 2018, Toledo Refining and Chalmette Refining entered into two platinum bridge leases which were settled in April 2019 and were not renewed. During 2018 Delaware City Refining entered into a new platinum bridge lease, which will expire in the third quarter of 2019. This lease is payable at maturity and is not anticipated to be renewed. The total outstanding balance related to these bridge leases as of June 30, 2019 and December 31, 2018 was $1.3 million and $2.4 million, respectively, and is included in Current debt in the Company’s Condensed Consolidated Balance Sheets. |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Statement [Abstract] | ||||||
Revenues | $ 6,551.9 | $ 7,440.5 | $ 11,760.6 | $ 13,240.1 | ||
Cost and expenses: | ||||||
Cost of products and other | 6,025.4 | 6,512.2 | 10,301.6 | 11,701.8 | ||
Operating expenses (excluding depreciation and amortization expense as reflected below) | 409.7 | 402.7 | 863.1 | 814.1 | ||
Depreciation and amortization expense | 95.3 | 82.8 | 189.6 | 159.6 | ||
Cost of sales | 6,530.4 | 6,997.7 | 11,354.3 | 12,675.5 | ||
General and administrative expenses (excluding depreciation and amortization expense as reflected below) | 46.6 | 51.8 | 97.8 | 110.1 | ||
Depreciation and amortization expense | 2.9 | 2.6 | 5.7 | 5.3 | ||
Equity income in investee | (3.2) | (4.4) | (7.9) | (8.4) | ||
Loss on sale of assets | 0.8 | 0.6 | 0.8 | 0.7 | ||
Total cost and expenses | 6,577.5 | 7,048.3 | 11,450.7 | 12,783.2 | ||
Income (loss) from operations | (25.6) | 392.2 | 309.9 | 456.9 | ||
Other income (expense): | ||||||
Change in fair value of catalyst leases | 0.5 | 4.1 | (2.6) | 4.1 | ||
Interest expense, net | (29.6) | (33) | (57) | (66.3) | ||
Other non-service components of net periodic benefit cost | 0 | 0.2 | (0.1) | 0.5 | ||
Income (loss) before income taxes | (54.7) | 363.5 | 250.2 | 395.2 | ||
Income tax expense (benefit) | 1.8 | (4) | (5.4) | (4.7) | ||
Net income (loss) | (56.5) | $ 312.1 | 367.5 | $ 32.4 | 255.6 | 399.9 |
Less: net income attributable to noncontrolling interests | 0.1 | 0 | 0.1 | 0 | ||
Net income (loss) attributable to PBF Holding Company LLC | $ (56.6) | $ 367.5 | $ 255.5 | $ 399.9 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ (56.5) | $ 367.5 | $ 255.6 | $ 399.9 |
Other comprehensive income (loss): | ||||
Unrealized (loss) gain on available for sale securities | 0.3 | (0.2) | 0.3 | (0.2) |
Net gain on pension and other post-retirement benefits | 0.2 | 0.2 | 0.4 | 0.5 |
Total other comprehensive income | 0.5 | 0 | 0.7 | 0.3 |
Comprehensive income (loss) | (56) | 367.5 | 256.3 | 400.2 |
Less: comprehensive income attributable to noncontrolling interests | 0.1 | 0 | 0.1 | 0 |
Comprehensive income (loss) attributable to PBF Holding Company LLC | $ (56.1) | $ 367.5 | $ 256.2 | $ 400.2 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Equity Statement - USD ($) $ in Millions | Total | Member's Equity [Member] | Accumulated Other Comprehensive Loss [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] |
Beginning balance at Dec. 31, 2017 | $ 3,183.9 | $ 2,359.7 | $ (27) | $ 840.4 | $ 10.8 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Member distributions | (1.2) | (1.2) | |||
Stock-based compensation | 4.3 | 4.3 | |||
Net income | 32.4 | 32.4 | |||
Other comprehensive income | 0.3 | 0.3 | |||
Ending balance at Mar. 31, 2018 | 3,219.7 | 2,364 | (26.7) | 871.6 | 10.8 |
Beginning balance at Dec. 31, 2017 | 3,183.9 | 2,359.7 | (27) | 840.4 | 10.8 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 399.9 | ||||
Other comprehensive income | 0.3 | ||||
Ending balance at Jun. 30, 2018 | 3,589.1 | 2,391.2 | (26.7) | 1,213.8 | 10.8 |
Beginning balance at Mar. 31, 2018 | 3,219.7 | 2,364 | (26.7) | 871.6 | 10.8 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Member distributions | (25.3) | (25.3) | |||
Capital contributions | 22 | 22 | 0 | 0 | |
Stock-based compensation | 5.2 | 5.2 | 0 | 0 | 0 |
Net income | 367.5 | 0 | 0 | 367.5 | 0 |
Other comprehensive income | 0 | ||||
Ending balance at Jun. 30, 2018 | 3,589.1 | 2,391.2 | (26.7) | 1,213.8 | 10.8 |
Beginning balance at Dec. 31, 2018 | 3,529.8 | 2,652.5 | (23.9) | 890.3 | 10.9 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Member distributions | (23) | 0 | 0 | (23) | |
Distribution of assets to PBF LLC | 0.3 | 0.3 | 0 | 0 | 0 |
Stock-based compensation | 6.2 | 6.2 | 0 | 0 | 0 |
Net income | 312.1 | 0 | 0 | 312.1 | 0 |
Other comprehensive income | 0.2 | 0 | 0.2 | 0 | 0 |
Ending balance at Mar. 31, 2019 | 3,825 | 2,658.4 | (23.7) | 1,179.4 | 10.9 |
Beginning balance at Dec. 31, 2018 | 3,529.8 | 2,652.5 | (23.9) | 890.3 | 10.9 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 255.6 | ||||
Other comprehensive income | 0.7 | ||||
Ending balance at Jun. 30, 2019 | 3,774 | 2,699.8 | (23.2) | 1,086.4 | 11 |
Beginning balance at Mar. 31, 2019 | 3,825 | 2,658.4 | (23.7) | 1,179.4 | 10.9 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Member distributions | (36.4) | 0 | 0 | (36.4) | 0 |
Capital contributions | 2.5 | 2.5 | 0 | 0 | 0 |
Distributions from PBF LLC related to the TVPC Acquisition | 200 | 200 | 0 | 0 | 0 |
Decrease in TVPC investment | (168.8) | (168.8) | 0 | 0 | 0 |
Stock-based compensation | 7.7 | 7.7 | 0 | 0 | 0 |
Net income | (56.5) | 0 | 0 | (56.6) | 0.1 |
Other comprehensive income | 0.5 | 0 | 0.5 | 0 | 0 |
Ending balance at Jun. 30, 2019 | $ 3,774 | $ 2,699.8 | $ (23.2) | $ 1,086.4 | $ 11 |
Condensed Consolidated Statem_4
Condensed Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 255,600 | $ 399,900 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Depreciation and amortization | 198,400 | 168,100 |
Stock-based compensation | 15,700 | 9,500 |
Change in fair value of catalyst leases | 2,600 | (4,100) |
Deferred income taxes | (5,300) | (4,700) |
Non-cash change in inventory repurchase obligations | 35,000 | 2,500 |
Non-cash lower of cost or market inventory adjustment | (324,000) | (245,700) |
Pension and other post-retirement benefit costs | 22,400 | 23,700 |
Income from equity method investee | 7,900 | 8,400 |
Distributions from equity method investee | 7,900 | 8,400 |
Loss on sale of assets | 800 | 700 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (274,100) | (80,400) |
Due to/from affiliates | 12,900 | (7,700) |
Inventories | (124,600) | (80,800) |
Prepaid and other current assets | (34,100) | (1,800) |
Accounts payable | (34,300) | 64,300 |
Accrued expenses | 200,000 | 900 |
Deferred revenue | 5,300 | (3,900) |
Other assets and liabilities | (28,300) | (10,000) |
Net cash (used in) provided by operating activities | (76,000) | 230,500 |
Cash flows from investing activities: | ||
Expenditures for property, plant and equipment | (190,900) | (110,200) |
Expenditures for deferred turnaround costs | (261,900) | (179,200) |
Expenditures for other assets | (33,900) | (12,300) |
Equity method investment - return of capital | 600 | 2,800 |
Net cash used in investing activities | (486,100) | (298,900) |
Cash flows from financing activities: | ||
Contributions from PBF LLC | 202,500 | 22,000 |
Distributions to members | (59,400) | (26,500) |
Repayments of Long-term Debt | (3,500) | |
Proceeds from revolver borrowings | 1,250,000 | 0 |
Repayments of revolver borrowings | 1,250,000 | 0 |
Repayment of note payable | 0 | (2,400) |
Catalyst lease settlements | 1,200 | 9,500 |
Payments on financing leases | 200 | |
Proceeds from insurance premium financing | 18,900 | 17,400 |
Deferred financing costs and other | 100 | 12,700 |
Net cash provided by (used in) financing activities | 157,200 | (15,100) |
Net decrease in cash and cash equivalents | (404,900) | (83,500) |
Cash and equivalents, beginning of period | 561,700 | 526,200 |
Cash and equivalents, end of period | 156,800 | 442,700 |
Non-cash activities: | ||
Accrued and unpaid capital expenditures | 39,500 | 20,100 |
Assets acquired under operating leases | 999,500 | 0 |
Assets acquired under finance leases | 14,600 | 0 |
Distribution of assets to PBF Energy Company LLC | 169,100 | 0 |
Interest (net of capitalized interest of $7.8 and $4.0 in 2019 and 2018, respectively) | 49,700 | 61,300 |
Income taxes | 700 | 100 |
Interest Paid, Capitalized, Investing Activities | 7,800 | 4,000 |
Rail Term Loan [Member] | ||
Cash flows from financing activities: | ||
Repayments of Long-term Debt | $ (3,500) | $ (3,400) |
DESCRIPTION OF THE BUSINESS AND
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 2019 | |
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, and PBF Finance Corporation (“PBF Finance”), a wholly-owned subsidiary of PBF Holding, together with the Company’s consolidated subsidiaries, owns and operates oil refineries and related facilities in North America. PBF Holding is a wholly-owned subsidiary of PBF Energy Company LLC (“PBF LLC”). PBF Energy Inc. (“PBF Energy”) is the sole managing member of, and owner of an equity interest representing approximately 99.0% of the outstanding economic interest in, PBF LLC as of June 30, 2019 . PBF Investments LLC (“PBF Investments”), Toledo Refining Company LLC (“Toledo Refining” or “TRC”), Paulsboro Refining Company LLC (“Paulsboro Refining” or “PRC”), Delaware City Refining Company LLC (“Delaware City Refining” or “DCR”), Chalmette Refining, L.L.C. (“Chalmette Refining”), PBF Western Region LLC (“PBF Western Region”), Torrance Refining Company LLC (“Torrance Refining”) and Torrance Logistics Company LLC are PBF LLC’s principal operating subsidiaries and are all wholly-owned subsidiaries of PBF Holding. Collectively, PBF Holding and its consolidated subsidiaries are referred to hereinafter as the “Company”. PBF Logistics GP LLC (“PBF GP”) serves as the general partner of PBF Logistics LP (“PBFX”). PBF GP is wholly-owned by PBF LLC. In a series of transactions, PBF Holding distributed certain assets to PBF LLC, which in turn contributed those assets to PBFX (as described in “Note 4 - Related Party Transactions”). Substantially all of the Company’s operations are in the United States. As of June 30, 2019 , the Company’s oil refineries are all engaged in the refining of crude oil and other feedstocks into petroleum products, and have been aggregated to form one reportable segment. To generate earnings and cash flows from operations, the Company is primarily dependent upon processing crude oil and selling refined petroleum products at margins sufficient to cover fixed and variable costs and other expenses. Crude oil and refined petroleum products are commodities; and factors that are largely out of the Company’s control can cause prices to vary over time. The resulting potential margin volatility can have a material effect on the Company’s financial position, earnings and cash flows. Basis of Presentation The unaudited condensed consolidated financial information furnished herein reflects all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, considered necessary for a fair presentation of the financial position and the results of operations and cash flows of the Company for the periods presented. All intercompany accounts and transactions have been eliminated in consolidation. These unaudited Condensed Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. These interim Condensed Consolidated Financial Statements should be read in conjunction with the PBF Holding Company LLC and PBF Finance Corporation financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2018 . The results of operations for the three and six months ended June 30, 2019 are not necessarily indicative of the results to be expected for the full year. In 2019, the Company has changed its presentation from thousands to millions, as applicable, and as a result, any necessary rounding adjustments have been made to prior year disclosed amounts. Recently Adopted Accounting Guidance In February 2016, the Financial Accounting Standard Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02”) to increase the transparency and comparability of leases. ASC 842 supersedes the lease accounting guidance in Accounting Standards Codification 840 “Leases” (“ASC 840”), and 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. The Company elected to utilize the “package” of three expedients, as defined in ASC 842, which retains the lease classification and initial direct costs for any leases that existed prior to adoption of the standard. The Company also has elected to not evaluate land easements that existed as of, or expired before, adoption of the new standard. The Company’s Condensed Consolidated Financial Statements for the periods prior to the adoption of ASC 842 are not adjusted and are reported in accordance with the Company’s historical accounting policy. As of the date of implementation on January 1, 2019, the impact of the adoption of ASC 842 resulted in the recognition of a right of use asset and lease payable obligation on the Company’s Condensed Consolidated Balance Sheets of approximately $853.9 million , of which $604.4 million is attributable to leases with affiliates. As the right of use asset and the lease payable obligation were the same upon adoption of ASC 842, there was no cumulative effect impact on the Company’s retained earnings. See “Note 6 - Leases” for further details. In August 2017, the FASB issued ASU No. 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities” (“ASU 2017-12”). The amendments in ASU 2017-12 more closely align the results of cash flow and fair value hedge accounting with risk management activities in the consolidated financial statements. The amendments expand the ability to hedge nonfinancial and financial risk components, reduce complexity in fair value hedges of interest rate risk, eliminate the requirement to separately measure and report hedge ineffectiveness, and eases certain hedge effectiveness assessment requirements. The guidance in ASU 2017-12 was applied using a modified retrospective approach. The guidance in ASU 2017-12 also provided transition relief to make it easier for entities to apply certain amendments to existing hedges (including fair value hedges) where the hedge documentation needs to be modified. The presentation and disclosure requirements of ASU 2017-12 were applied prospectively. The Company adopted the amendments in this ASU effective January 1, 2019, which did not have a material impact on its Condensed Consolidated Financial Statements and related disclosures. In June 2018, the FASB issued ASU No. 2018-07, “Compensation - Stock Compensation (Topic 718): Targeted Improvements to Non-employee Share-Based Payment Accounting” (“ASU 2018-07”). ASU 2018-07 expands the scope of Topic 718, Compensation - Stock Compensation, to include share-based payment transactions for acquiring goods and services from non-employees. As a result, non-employee share-based transactions will be measured by estimating the fair value of the equity instruments at the grant date, taking into consideration the probability of satisfying performance conditions. In addition, ASU 2018-07 also clarifies that any share-based payment awards issued to customers should be evaluated under ASC 606, Revenue from Contracts with Customers (“ASC 606”). The Company adopted the amendments in this ASU effective January 1, 2019, which did not have a material impact on its Condensed Consolidated Financial Statements and related disclosures. In August 2018, the FASB issued ASU 2018-15, “Intangibles-Goodwill and Other-Internal-Use Software” (Subtopic 350-40) (“ASU 2018-15”). This guidance addresses a customer’s accounting for implementation costs incurred in a cloud computing arrangement that is a service contract. ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in such arrangements with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. This guidance is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years, with early adoption permitted. This guidance should be applied on either a retrospective or prospective basis. The Company has elected to early adopt this guidance in the second quarter of 2019 on a prospective basis. The Company’s adoption of ASU 2018-15 did not have a material impact on its Condensed Consolidated Financial Statements and related disclosures. Recently Issued Accounting Pronouncements In August 2018, the FASB issued ASU No. 2018-14, “Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20)”, to improve the effectiveness of benefit plan disclosures in the notes to financial statements by facilitating clear communication of the information required by GAAP that is most important to users of each entity’s financial statements. The amendments in this ASU modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. Additionally, the amendments in this ASU remove disclosures that no longer are considered cost beneficial, clarify the specific requirements of disclosures, and add disclosure requirements identified as relevant. The amendments in this ASU are effective for fiscal years ending after December 15, 2020, for public business entities and for fiscal years ending after December 15, 2021, for all other entities. Early adoption is permitted for all entities. The Company is currently evaluating the impact of this new standard on its consolidated financial statements and related disclosures. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments-Credit Losses” (Topic 326), Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). This guidance amends the guidance on measuring credit losses on financial assets held at amortized cost. ASU 2016-13 requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company does not expect that the adoption of this guidance will have a material impact on its financial statements and related disclosures. |
INVENTORIES
INVENTORIES | 6 Months Ended |
Jun. 30, 2019 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES Inventories consisted of the following: June 30, 2019 (in millions) Titled Inventory Inventory Intermediation Agreements Total Crude oil and feedstocks $ 992.7 $ 115.0 $ 1,107.7 Refined products and blendstocks 1,082.9 335.1 1,418.0 Warehouse stock and other 114.7 — 114.7 $ 2,190.3 $ 450.1 $ 2,640.4 Lower of cost or market adjustment (250.6 ) (77.2 ) (327.8 ) Total inventories $ 1,939.7 $ 372.9 $ 2,312.6 December 31, 2018 (in millions) Titled Inventory Inventory Intermediation Agreements Total Crude oil and feedstocks $ 1,044.8 $ — $ 1,044.8 Refined products and blendstocks 1,026.9 334.8 1,361.7 Warehouse stock and other 109.4 — 109.4 $ 2,181.1 $ 334.8 $ 2,515.9 Lower of cost or market adjustment (557.2 ) (94.6 ) (651.8 ) Total inventories $ 1,623.9 $ 240.2 $ 1,864.1 Inventory under inventory intermediation agreements includes crude oil and certain light finished products sold to counterparties in connection with the amended and restated inventory intermediation agreements (as amended, in the first quarter of 2019, the “Inventory Intermediation Agreements”) with J. Aron & Company, a subsidiary of The Goldman Sachs Group, Inc. (“J. Aron”). This inventory is held in the Company’s storage tanks at the Delaware City and Paulsboro refineries and at PBFX’s East Coast Storage Assets (the “PBFX East Coast Storage Facility”, and together with the Company’s storage tanks at the Delaware City and Paulsboro refineries, the “Storage Tanks”). During the three months ended June 30, 2019 , the Company recorded an adjustment to value its inventories to the lower of cost or market which decreased operating income by $182.0 million reflecting the net change in the lower of cost or market (“LCM”) inventory reserve from $145.8 million at March 31, 2019 to $327.8 million at June 30, 2019 . During the six months ended June 30, 2019 , the Company recorded an adjustment to value its inventories to the lower of cost or market which increased operating income by $324.0 million , reflecting the net change in the LCM inventory reserve from $651.8 million at December 31, 2018 to $327.8 million at June 30, 2019 . During the three months ended June 30, 2018 , the Company recorded an adjustment to value its inventories to the lower of cost or market which increased operating income by $158.0 million , reflecting the net change in the LCM reserve from $212.8 million at March 31, 2018 to $54.8 million at June 30, 2018 . During the six months ended June 30, 2018 , the Company recorded an adjustment to value its inventories to the lower of cost or market which increased operating income by $245.7 million , reflecting the net change in the LCM reserve from $300.5 million at December 31, 2017 to $54.8 million at June 30, 2018 . |
ACCRUED EXPENSES
ACCRUED EXPENSES | 6 Months Ended |
Jun. 30, 2019 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES | ACCRUED EXPENSES Accrued expenses consisted of the following: (in millions) June 30, 2019 December 31, 2018 Inventory-related accruals $ 1,121.8 $ 846.3 Inventory intermediation agreements 315.6 249.4 Excise and sales tax payable 132.9 149.4 Accrued transportation costs 60.2 53.6 Accrued utilities 32.2 49.8 Accrued capital expenditures 29.2 59.9 Renewable energy credit and emissions obligations 26.5 27.1 Accrued refinery maintenance and support costs 19.9 19.0 Accrued salaries and benefits 13.6 89.3 Environmental liabilities 9.1 6.5 Accrued interest 7.1 6.8 Customer deposits 1.4 5.6 Other 33.6 16.3 Total accrued expenses $ 1,803.1 $ 1,579.0 The Company has the obligation to repurchase certain crude oil, intermediate and finished products (the “Products”) that are held in the Storage Tanks in accordance with the Inventory Intermediation Agreements with J. Aron. As of June 30, 2019 and December 31, 2018 , a liability is recognized for the Inventory Intermediation Agreements and is recorded at market price for the J. Aron owned inventory held in the Company’s Storage Tanks under the Inventory Intermediation Agreements, with any change in the market price being recorded in Cost of products and other. The Company is subject to obligations to purchase Renewable Identification Numbers (“RINs”) required to comply with the Renewable Fuels Standard. The Company’s overall RINs obligation is based on a percentage of domestic shipments of on-road fuels as established by Environmental Protection Agency (“EPA”). To the degree the Company is unable to blend the required amount of biofuels to satisfy its RINs obligation, RINs must be purchased on the open market to avoid penalties and fines. The Company records its RINs obligation on a net basis in Accrued expenses when its RINs liability is greater than the amount of RINs earned and purchased in a given period and in Prepaid and other current assets when the amount of RINs earned and purchased is greater than the RINs liability. In addition, the Company is subject to obligations to comply with federal and state legislative and regulatory measures, including regulations in the state of California pursuant to Assembly Bill 32 (“AB32”), to address environmental compliance and greenhouse gas and other emissions. These requirements include incremental costs to operate and maintain our facilities as well as to implement and manage new emission controls and programs. Renewable energy credit and emissions obligations fluctuate with the volume of applicable product sales and timing of credit purchases. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2019 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS Transactions and Agreements with PBFX The Company entered into agreements with PBFX that establish fees for certain general and administrative services, and operational and maintenance services provided by the Company to PBFX. In addition, the Company executed terminal, pipeline and storage services agreements with PBFX under which PBFX provides commercial transportation, terminaling, storage and pipeline services to the Company. These agreements with PBFX include: Contribution Agreements Immediately prior to the closing of certain contribution agreements, which PBF LLC entered into with PBFX (collectively referred to as the “Contribution Agreements”), the Company contributed certain assets to PBF LLC. PBF LLC in turn contributed those assets to PBFX pursuant to the Contribution Agreements. Certain proceeds received by PBF LLC from PBFX in accordance with the Contribution Agreements were subsequently contributed by PBF LLC to the Company. TVPC Contribution Agreement On April 24, 2019, PBFX entered into a contribution agreement with PBF LLC (the “TVPC Contribution Agreement”), pursuant to which the Company contributed to PBF LLC, which in turn, contributed to PBFX all of the issued and outstanding limited liability company interests of TVP Holding Company LLC (“TVP Holding”) for total consideration of $200.0 million (the “TVPC Acquisition”). Prior to the TVPC Acquisition, TVP Holding (then a subsidiary of PBF Holding), owned a 50% membership interest in the Torrance Valley Pipeline Company LLC (“TVPC”). Subsequent to the closing of the TVPC Acquisition on May 31, 2019, PBFX owns 100% of the membership interests in TVPC. Refer to the Company’s 2018 Annual Report on Form 10-K (Note 10 - Related Party Transactions) for a more complete description of the Contribution Agreements with PBFX that were entered into prior to 2019. Commercial Agreements PBFX currently derives a substantial majority of its revenue from long-term, fee-based commercial agreements with the Company relating to assets associated with the Contribution Agreements, the majority of which include minimum volume commitments (“MVCs”) and are supported by contractual fee escalations for inflation adjustments and certain increases in operating costs. Under these agreements, PBFX provides various pipeline, rail and truck terminaling and storage services to the Company and the Company has committed, under certain of these agreements, to provide PBFX with minimum fees based on minimum monthly throughput volumes. The Company believes the terms and conditions under these agreements, as well as the Omnibus Agreement and the Services Agreement (each as defined below) with PBFX, are generally no less favorable to either party than those that could have been negotiated with unaffiliated parties with respect to similar services. Refer to the Company’s 2018 Annual Report on Form 10-K (Note 10 - Related Party Transactions of the Notes to Consolidated Financial Statements) for a more complete description of the Company’s commercial agreements with PBFX, including those identified as leases, that were entered into prior to 2019. The following table reflects activity during 2019 related to commercial agreements between the Company and PBFX: Agreements Initiation Date Initial Term Renewals (a) MVC Force Majeure Amended and Restated Rail Agreements (b) 5/8/2014 7 years, 8 months N/A 125,000 bpd PBF Holding or PBFX can declare Delaware Pipeline Services Agreement - Magellan Connection 11/1/2016 2 years, 5 months See note (c) See note (c) Delaware City Terminaling Services Agreement (d) 1/1/2022 4 years 2 x 5 95,000 bpd Amended and Restated Torrance Valley Pipeline Transportation Services Agreement - South Pipeline 8/31/2016 10 years 2 x 5 75,000 bpd (e) East Coast Storage Assets Terminal Storage Agreement 1/1/2019 8 years Evergreen 2,953,725 barrels (f) ___________________ (a) The Company has the option to extend the agreements for up to two additional five -year terms, as applicable. (b) In 2019, the Company amended (effective as of January 1, 2019) the existing Amended and Restated Rail Agreements between the Company and Delaware City Terminaling Company LLC (“DCTC”), a wholly-owned subsidiary of PBFX, for the inclusion of services through certain rail infrastructure at the PBFX East Coast Storage Facility. (c) In connection with the inclusion of an additional destination at the Magellan connection under the Delaware Pipeline Services Agreement, Delaware Pipeline Company LLC (“DPC”), a wholly-owned subsidiary of PBFX, and the Company agreed to a two-year, five-month MVC (the “Magellan MVC”) under the Delaware Pipeline Services Agreement. The Magellan MVC expired on March 31, 2019, subsequent to which, PBFX has been billing actual throughput on the Magellan connection. (d) The Delaware City Terminaling Services Agreement between DCTC and the Company will commence in 2022 subsequent to the expiration of the Amended and Restated Rail Agreements and includes additional services to be provided by PBFX as operator of other rail facilities owned by the Company’s subsidiaries. (e) In connection with the TVPC Acquisition on May 31, 2019, the Torrance Valley Pipeline Transportation Services Agreement - South Pipeline was amended and restated to increase the MVC from 70,000 bpd to 75,000 bpd. (f) Reflects the overall capacity as stipulated by the storage agreement. The storage MVC is subject to the effective operating capacity of each tank, which can be impacted by routine tank maintenance and other factors. Other Agreements In addition to the commercial agreements described above, the Company has entered into an omnibus agreement with PBFX, PBF GP and PBF LLC, which has been amended and restated in connection with certain Contribution Agreements (as amended, the “Omnibus Agreement”). This agreement addresses the payment of an annual fee for the provision of various general and administrative services and reimbursement of salary and benefit costs for certain PBF Energy employees. Additionally, the Company and certain of its subsidiaries have entered into an operation and management services and secondment agreement with PBFX (as amended, the “Services Agreement”), pursuant to which the Company and its subsidiaries provide PBFX with the personnel necessary for PBFX to perform its obligations under its commercial agreements. PBFX reimburses the Company for the use of such employees and the provision of certain infrastructure-related services to the extent applicable to its operations, including storm water discharge and waste water treatment, steam, potable water, access to certain roads and grounds, sanitary sewer access, electrical power, emergency response, filter press, fuel gas, API solids treatment, fire water and compressed air. The Services Agreement will terminate upon the termination of the Omnibus Agreement, provided that PBFX may terminate any service upon 30-days’ notice. Refer to the Company’s 2018 Annual Report on Form 10-K (Note 10 - Related Party Transactions of the Notes to Consolidated Financial Statements) for a more complete description of the Omnibus Agreement and the Services Agreement. Summary of Transactions with PBFX A summary of transactions with PBFX is as follows: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2019 2018 2019 2018 Reimbursements under affiliate agreements: Services Agreement $ 2.2 $ 1.6 $ 4.3 $ 3.3 Omnibus Agreement 1.7 1.7 3.5 3.4 Total expenses under affiliate agreements 74.7 63.7 146.0 124.6 Total reimbursements under the Omnibus Agreement are included in General and administrative expenses and reimbursements under the Services Agreement and expenses under affiliate agreements are included in Cost of products and other in the Company’s Condensed Consolidated Statements of Operations. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES In the ordinary conduct of the Company’s business, the Company is from time to time subject to lawsuits, investigations and claims, including class action proceedings, mass tort actions, tort actions, environmental claims and employee-related matters. The outcome of these matters cannot always be predicted accurately, but the Company accrues liabilities for these matters if the Company has determined that it is probable a loss has been incurred and the loss can be reasonably estimated. For such ongoing matters for which we have not recorded a liability but losses are reasonably possible, we are unable to estimate a range of possible losses at this time due to various reasons that may include but are not limited to, matters being in an early stage and not fully developed through pleadings, discovery or court proceedings, number of potential claimants being unknown or uncertainty regarding a number of different factors underlying the potential claims. However, the ultimate resolution of one or more of these contingencies could result in an adverse outcome that may have a material effect on our financial position, results of operations or cash flows. Environmental Matters The Company’s refineries, pipelines and related operations are subject to extensive and frequently changing federal, state and local laws and regulations, including, but not limited to, those relating to the discharge of materials into the environment or that otherwise relate to the protection of the environment, waste management and the characteristics and the compositions of fuels. Compliance with existing and anticipated laws and regulations can increase the overall cost of operating the refineries, including remediation, operating costs and capital costs to construct, maintain and upgrade equipment and facilities. These laws and permits raise potential exposure to future claims and lawsuits involving environmental and safety matters which could include soil and water contamination, air pollution, personal injury and property damage allegedly caused by substances which the Company manufactured, handled, used, released or disposed of, transported, or that relate to pre-existing conditions for which the Company has assumed responsibility. The Company believes that our current operations are in substantial compliance with existing environmental and safety requirements. However, there have been and will continue to be ongoing discussions about environmental and safety matters between the Company and federal and state authorities, including notices of violations, citations and other enforcement actions, some of which have resulted or may result in changes to operating procedures and in capital expenditures. While it is often difficult to quantify future environmental or safety related expenditures, the Company anticipates that continuing capital investments and changes in operating procedures will be required for the foreseeable future to comply with existing and new requirements, as well as evolving interpretations and more strict enforcement of existing laws and regulations. In connection with the acquisition of the Torrance refinery and related logistics assets, the Company assumed certain pre-existing environmental liabilities totaling $125.4 million as of June 30, 2019 ( $130.8 million as of December 31, 2018 ), related to certain environmental remediation obligations to address existing soil and groundwater contamination and monitoring activities and other clean-up activities, which reflects the current estimated cost of the remediation obligations. The current portion of the environmental liability is recorded in Accrued expenses and the non-current portion is recorded in Other long-term liabilities. The accrued environmental liability reflected in the Company’s Condensed Consolidated Balance Sheets was $136.7 million and $141.6 million at June 30, 2019 and December 31, 2018 , respectively, of which $127.6 million and $135.1 million , respectively, were classified as Other long-term liabilities. These accruals include remediation and monitoring costs related to the Torrance refinery, as discussed above, and other operating assets, expected to be incurred over an extended period of time. Estimated liabilities could increase in the future when the results of ongoing investigations become known, are considered probable and can be reasonably estimated. |
LEASES (Notes)
LEASES (Notes) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | LEASES The Company leases office space, office equipment, refinery facilities and equipment, railcars and other logistics asstes primarily under non-cancelable operating leases, with terms typically ranging from one to twenty years, subject to certain renewal options as applicable. The Company considers those renewal or termination options that are reasonably certain to be exercised in the determination of the lease term and initial measurement of lease liabilities and right-of-use assets. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company determines whether a contract is or contains a lease at inception of the contract and whether that lease meets the classification criteria of a finance or operating lease. When available, the Company uses the rate implicit in the lease to discount lease payments to present value; however, most of the Company’s leases do not provide a readily determinable implicit rate. Therefore, the Company must discount lease payments based on an estimate of its incremental borrowing rate. The Company does not separate lease and nonlease components of contracts. There are no material residual value guarantees associated with any of the Company’s leases. There are no significant restrictions or covenants included in the Company’s lease agreements other than those that are customary in such arrangements. Certain of the Company’s leases, primarily for the Company’s commercial and logistics asset classes, include provisions for variable payments. These variable payments are typically determined based on a measure of throughput or actual days the asset is operated during the contract term or another measure of usage and are not included in the initial measurement of lease liabilities and right-of-use assets. Lease Position as of June 30, 2019 The table below presents the lease related assets and liabilities recorded on the Company’s Condensed Consolidated Balance Sheets as of June 30, 2019 : (in millions) Classification on the Balance Sheet June 30, 2019 Assets Operating lease assets - third party Operating lease right of use assets - third party $ 236.5 Operating lease assets - affiliate Operating lease right of use assets - affiliate 683.0 Finance lease assets Deferred charges and other assets, net 14.2 Total lease right of use assets $ 933.7 Liabilities Current liabilities: Operating lease liabilities - third party Current operating lease liabilities - third party $ 80.1 Operating lease liabilities - affiliate Current operating lease liabilities - affiliate 72.5 Finance lease liabilities - third party Accrued expenses 1.1 Noncurrent liabilities: Operating lease liabilities - third party Long-term operating lease liabilities - third party 155.9 Operating lease liabilities - affiliate Long-term operating lease liabilities - affiliate 610.5 Finance lease liabilities - third party Other long-term liabilities 13.3 Total lease liabilities $ 933.4 Lease Costs The table below presents certain information related to costs for the Company’s leases for the three and six months ended June 30, 2019 : Lease Costs (in millions) Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Components of total lease cost: Finance lease cost Amortization of lease right of use assets $ 0.4 $ 0.4 Interest on lease liabilities 0.2 0.2 Operating lease cost 62.9 116.2 Short-term lease cost 25.1 48.4 Variable lease cost 4.1 14.2 Total lease cost $ 92.7 $ 179.4 There were no net gains or losses on any sale-leaseback transactions for the three and six months ended June 30, 2019 . Other Information The table below presents supplemental cash flow information related to leases for the six months ended June 30, 2019 : (in millions) Six Months Ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 108.4 Operating cash flows for finance leases 0.2 Financing cash flows for finance leases 0.2 Supplemental non-cash amounts of lease liabilities arising from obtaining right-of-use assets 160.1 Lease Term and Discount Rate The table below presents certain information related to the weighted average remaining lease term and weighted average discount rate for the Company’s leases as of June 30, 2019 : June 30, 2019 Weighted average remaining lease term - operating leases 6.9 years Weighted average remaining lease term - finance leases 9.8 years Weighted average discount rate - operating leases 8.13 % Weighted average discount rate - finance leases 6.83 % Undiscounted Cash Flows The table below reconciles the fixed component of the undiscounted cash flows for each of the first five years and the total remaining years to the lease liabilities recorded on the Condensed Consolidated Balance Sheets as of June 30, 2019 : Amounts due within twelve months of June 30, (in millions) Finance Leases Operating Leases 2019 $ 2.0 $ 221.2 2020 2.0 197.5 2021 2.0 159.1 2022 2.0 150.1 2023 2.0 146.0 Thereafter 9.8 350.1 Total minimum lease payments 19.8 1,224.0 Less: effect of discounting 5.4 305.0 Present value of future minimum lease payments 14.4 919.0 Less: current obligations under leases 1.1 152.6 Long-term lease obligations $ 13.3 $ 766.4 As of June 30, 2019 , the Company has entered certain leases that have not yet commenced. Such leases include a 15 -year lease for hydrogen supply, with future lease payments estimated to total approximately $212.6 million , expected to commence in the second quarter of 2020, and a 30 -year lease for use of port facilities, with future lease payments estimated to total approximately to $238.6 million , expected to commence in the third quarter of 2019. There are no material lease arrangements in which the Company is the lessor. In the normal course of business, the Company enters into certain affiliate lease arrangements with PBFX for the use of certain storage, terminaling and pipeline assets. The Company believes the terms and conditions under these leases are generally no less favorable to either party than those that could have been negotiated with unaffiliated parties with respect to similar services. The terms for these affiliate leases generally range from seven to fifteen years. The Company uses the same methodology for discounting the lease payments on affiliate leases as it does for third party leases as described above. For the three and six months ended June 30, 2019 , the Company incurred operating lease costs, related to affiliate operating leases, of $36.7 million and $64.0 million , respectively. As of June 30, 2019 , the Company had recorded right-of-use assets, short-term lease obligations and long-term lease obligations of $683.0 million , $72.5 million and $610.5 million , respectively, associated with these affiliate operating leases. |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 6 Months Ended |
Jun. 30, 2019 | |
Defined Benefit Plan [Abstract] | |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS The components of net periodic benefit cost related to the Company’s defined benefit plans consisted of the following: (in millions) Three Months Ended Six Months Ended Pension Benefits 2019 2018 2019 2018 Components of net periodic benefit cost: Service cost $ 10.9 $ 11.8 $ 21.8 $ 23.6 Interest cost 2.1 1.4 4.2 2.8 Expected return on plan assets (2.4 ) (2.1 ) (4.8 ) (4.2 ) Amortization of prior service cost and actuarial loss — 0.1 0.1 0.2 Net periodic benefit cost $ 10.6 $ 11.2 $ 21.3 $ 22.4 (in millions) Three Months Ended Six Months Ended Post-Retirement Medical Plan 2019 2018 2019 2018 Components of net periodic benefit cost: Service cost $ 0.3 $ 0.2 $ 0.5 $ 0.5 Interest cost 0.1 0.3 0.3 0.4 Amortization of prior service cost 0.2 0.1 0.3 0.3 Net periodic benefit cost $ 0.6 $ 0.6 $ 1.1 $ 1.2 |
REVENUES (Notes)
REVENUES (Notes) | 6 Months Ended |
Jun. 30, 2019 | |
Revenues [Abstract] | |
Revenue from Contract with Customer [Text Block] | . REVENUES Revenues are recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. The following table provides information relating to the Company’s revenues from external customers for each product or group of similar products for the periods presented: Three Months Ended (in millions) 2019 2018 Gasoline and distillates $ 5,570.7 $ 6,341.8 Asphalt and blackoils 531.8 397.2 Feedstocks and other 203.9 404.1 Chemicals 177.6 202.6 Lubricants 67.9 94.8 Total Revenues $ 6,551.9 $ 7,440.5 Six Months Ended (in millions) 2019 2018 Gasoline and distillates $ 10,003.7 $ 11,336.1 Asphalt and blackoils 884.8 706.1 Feedstocks and other 404.6 642.8 Chemicals 329.3 378.7 Lubricants 138.2 176.4 Total Revenues $ 11,760.6 $ 13,240.1 The Company’s revenues are generated from the sale of refined petroleum products. These revenues are largely based on the current spot (market) prices of the products sold, which represent consideration specifically allocable to the products being sold on a given day, and the Company recognizes those revenues upon delivery and transfer of title to the products to our customers. The time at which delivery and transfer of title occurs is the point when the Company’s control of the products is transferred to the Company’s customers and when its performance obligation to its customers is fulfilled. Delivery and transfer of title are specifically agreed to between the Company and customers within the contracts. The Company also has contracts which contain fixed pricing, tiered pricing, minimum volume features with makeup periods, or other factors that have not materially been affected by ASC 606. Deferred Revenues The Company records deferred revenues when cash payments are received or are due in advance of performance, including amounts which are refundable. Deferred revenue was $22.4 million and $17.1 million as of June 30, 2019 and December 31, 2018 , respectively. Fluctuations in the deferred revenue balance are primarily driven by the timing and extent of cash payments received or due in advance of satisfying the Company’s performance obligations. The Company’s payment terms vary by type and location of customers and the products offered. The period between invoicing and when payment is due is not significant (i.e. generally within two months). For certain products or services and customer types, the Company requires payment before the products or services are delivered to the customer. |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES PBF Holding is a limited liability company treated as a “flow-through” entity for income tax purposes. Accordingly, there is generally no benefit or expense for federal or state income tax in the PBF Holding financial statements apart from the income tax attributable to two subsidiaries acquired in connection with the acquisition of Chalmette Refining and the Company’s wholly-owned Canadian subsidiary, PBF Energy Limited (“PBF Ltd.”), which are treated as C-Corporations for income tax purposes. The reported income tax provision in the PBF Holding Condensed Consolidated Financial Statements of Operations consists of the following: Three Months Ended Six Months Ended (in millions) 2019 2018 2019 2018 Current income tax benefit $ (0.1 ) $ — $ (0.1 ) $ — Deferred income tax expense (benefit) 1.9 (4.0 ) (5.3 ) (4.7 ) Total income tax expense (benefit) $ 1.8 $ (4.0 ) $ (5.4 ) $ (4.7 ) |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS The tables below present information about the Company’s financial assets and liabilities measured and recorded at fair value on a recurring basis and indicate the fair value hierarchy of the inputs utilized to determine the fair values as of June 30, 2019 and December 31, 2018 . The Company has elected to offset the fair value amounts recognized for multiple derivative contracts executed with the same counterparty; however, fair value amounts by hierarchy level are presented on a gross basis in the tables below. The Company has posted cash margin with various counterparties to support hedging and trading activities. The cash margin posted is required by counterparties as collateral deposits and cannot be offset against the fair value of open contracts except in the event of default. The Company has no derivative contracts that are subject to master netting arrangements that are reflected gross on the Condensed Consolidated Balance Sheets. As of June 30, 2019 Fair Value Hierarchy Total Gross Fair Value Effect of Counter-party Netting Net Carrying Value on Balance Sheet (in millions) Level 1 Level 2 Level 3 Assets: Money market funds $ 0.8 $ — $ — $ 0.8 N/A $ 0.8 Commodity contracts 22.4 8.4 — 30.8 (11.8 ) 19.0 Liabilities: Commodity contracts 11.2 0.6 — 11.8 (11.8 ) — Catalyst lease obligations — 45.8 — 45.8 — 45.8 Derivatives included with inventory intermediation agreement obligations — 10.9 — 10.9 — 10.9 As of December 31, 2018 Fair Value Hierarchy Total Gross Fair Value Effect of Counter-party Netting Net Carrying Value on Balance Sheet (in millions) Level 1 Level 2 Level 3 Assets: Money market funds $ 2.8 $ — $ — $ 2.8 N/A $ 2.8 Commodity contracts 1.2 8.9 — 10.1 (2.9 ) 7.2 Derivatives included with inventory intermediation agreement obligations — 24.1 — 24.1 — 24.1 Liabilities: Commodity contracts 2.7 0.2 — 2.9 (2.9 ) — Catalyst lease obligations — 44.3 — 44.3 — 44.3 The valuation methods used to measure financial instruments at fair value are as follows: • Money market funds categorized in Level 1 of the fair value hierarchy are measured at fair value based on quoted market prices and included within Cash and cash equivalents. • The commodity contracts categorized in Level 1 of the fair value hierarchy are measured at fair value based on quoted prices in an active market. The commodity contracts categorized in Level 2 of the fair value hierarchy are measured at fair value using a market approach based upon future commodity prices for similar instruments quoted in active markets. • The derivatives included with inventory intermediation agreement obligations and the catalyst 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 June 30, 2019 and December 31, 2018 , $10.2 million and $9.7 million , respectively, were included within Deferred charges and other assets, net for these non-qualified pension plan assets. There were no transfers between levels during the three and six months ended June 30, 2019 or 2018 . Fair value of debt The table below summarizes the fair value and carrying value of debt as of June 30, 2019 and December 31, 2018 . June 30, 2019 December 31, 2018 (in millions) Carrying value Fair value Carrying value Fair value 2025 Senior Notes (a) $ 725.0 $ 759.6 $ 725.0 $ 688.4 2023 Senior Notes (a) 500.0 519.6 500.0 479.4 PBF Rail Term Loan (b) 18.1 18.1 21.6 21.6 Catalyst leases (c) 45.8 45.8 44.3 44.3 1,288.9 1,343.1 1,290.9 1,233.7 Less - Current debt (c) (1.3 ) (1.3 ) (2.4 ) (2.4 ) Less - Unamortized deferred financing costs (27.4 ) n/a (30.5 ) n/a Long-term debt $ 1,260.2 $ 1,341.8 $ 1,258.0 $ 1,231.3 ____________________________ (a) The estimated fair value, categorized as a Level 2 measurement, was calculated based on the present value of future expected payments utilizing implied current market interest rates based on quoted prices of the 7.00% senior notes due 2023 and the 7.25% senior notes due 2025 (collectively, the “Senior Notes”). (b) (b) The estimated fair value approximates carrying value, categorized as a Level 2 measurement, as these borrowings bear interest based upon short-term floating market interest rates. (c) Catalyst leases are valued using a market approach based upon commodity prices for similar instruments quoted in active markets and are categorized as a Level 2 measurement. The Company has elected the fair value option for accounting for its catalyst lease repurchase obligations as the Company’s liability is directly impacted by the change in fair value of the underlying catalyst. During 2018, Toledo Refining and Chalmette Refining entered into two platinum bridge leases which were settled in April 2019 and were not renewed. During 2018 Delaware City Refining entered into a new platinum bridge lease, which will expire in the third quarter of 2019. This lease is payable at maturity and is not anticipated to be renewed. The total outstanding balance related to these bridge leases as of June 30, 2019 and December 31, 2018 was $1.3 million and $2.4 million , respectively, and is included in Current debt in the Company’s Condensed Consolidated Balance Sheets. |
DERIVATIVES
DERIVATIVES | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES | DERIVATIVES The Company uses derivative instruments to mitigate certain exposures to commodity price risk. The Company entered into Inventory Intermediation Agreements that contain purchase obligations for certain volumes of crude oil, intermediates and refined products. The purchase obligations related to crude oil, intermediates and refined products under these agreements are derivative instruments that have been designated as fair value hedges in order to hedge the commodity price volatility of certain refinery inventory. The fair value of these purchase obligation derivatives is based on market prices of the underlying crude oil, intermediates and refined products. The level of activity for these derivatives is based on the level of operating inventories. As of June 30, 2019 , there were 496,153 barrels of crude oil and feedstocks ( no barrels at December 31, 2018 ) outstanding under these derivative instruments designated as fair value hedges. As of June 30, 2019 , there were 3,418,263 barrels of intermediates and refined products ( 3,350,166 barrels at December 31, 2018 ) outstanding under these derivative instruments designated as fair value hedges. These volumes represent the notional value of the contract. The Company also enters into economic hedges primarily consisting of commodity derivative contracts that are not designated as hedges and are used to manage price volatility in certain crude oil and feedstock inventories as well as crude oil, feedstock, and refined product sales or purchases. The objective in entering into economic hedges is consistent with the objectives discussed above for fair value hedges. As of June 30, 2019 , there were 12,167,000 barrels of crude oil and 6,481,000 barrels of refined products ( 5,801,000 and 1,609,000 , respectively, as of December 31, 2018 ), outstanding under short and long term commodity derivative contracts not designated as hedges representing the notional value of the contracts. The following tables provide information about the fair values of these derivative instruments as of June 30, 2019 and December 31, 2018 and the line items in the Condensed Consolidated Balance Sheets in which the fair values are reflected. Description Balance Sheet Location Fair Value Asset/(Liability) (in millions) Derivatives designated as hedging instruments: June 30, 2019: Derivatives included with the inventory intermediation agreement obligations Accrued expenses $ (10.9 ) December 31, 2018: Derivatives included with the inventory intermediation agreement obligations Accrued expenses $ 24.1 Derivatives not designated as hedging instruments: June 30, 2019: Commodity contracts Accounts receivable $ 19.0 December 31, 2018: Commodity contracts Accounts receivable $ 7.2 The following table provides information about the gains or losses recognized in income on these derivative instruments and the line items in the Condensed Consolidated Statements of Operations in which such gains and losses are reflected. Description Location of Gain or (Loss) Recognized in Income on Derivatives Gain or (Loss) Recognized in Income on Derivatives (in millions) Derivatives designated as hedging instruments: For the three months ended June 30, 2019: Derivatives included with the inventory intermediation agreement obligations Cost of products and other $ (20.8 ) For the three months ended June 30, 2018: Derivatives included with the inventory intermediation agreement obligations Cost of products and other $ 6.3 For the six months ended June 30, 2019: Derivatives included with the inventory intermediation agreement obligations Cost of products and other $ (35.0 ) For the six months ended June 30, 2018: Derivatives included with the inventory intermediation agreement obligations Cost of products and other $ (2.5 ) Derivatives not designated as hedging instruments: For the three months ended June 30, 2019: Commodity contracts Cost of products and other $ 1.0 For the three months ended June 30, 2018: Commodity contracts Cost of products and other $ (33.1 ) For the six months ended June 30, 2019: Commodity contracts Cost of products and other $ 32.7 For the six months ended June 30, 2018: Commodity contracts Cost of products and other $ (46.4 ) Hedged items designated in fair value hedges: For the three months ended June 30, 2019: Crude oil, intermediate and refined product inventory Cost of products and other $ 20.8 For the three months ended June 30, 2018: Intermediate and refined product inventory Cost of products and other $ (6.3 ) For the six months ended June 30, 2019: Crude oil, intermediate and refined product inventory Cost of products and other $ 35.0 For the six months ended June 30, 2018: Intermediate and refined product inventory Cost of products and other $ 2.5 The Company had no ineffectiveness related to the fair value hedges for the three and six months ended June 30, 2019 or 2018 . |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2019 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Dividend Declared On August 1, 2019 , PBF Energy, PBF Holding’s indirect parent, announced a dividend of $0.30 per share on its outstanding Class A common stock. The dividend is payable on August 30, 2019 to PBF Energy Class A common stockholders of record at the close of business on August 15, 2019 . Torrance Land Sale On August 2, 2019, the Company closed on a third-party sale of a parcel of real property acquired as part of the Torrance refinery, but not part of the refinery itself. Net proceeds on the sale approximated $36.3 million . |
CONDENSED CONSOLIDATING FINANCI
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS | 6 Months Ended |
Jun. 30, 2019 | |
Condensed Financial Information of Subsidiary Disclosure [Abstract] | |
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS | 13. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING PBF Services Company, Delaware City Refining Company LLC, PBF Power Marketing LLC, Paulsboro Refining Company LLC, Toledo Refining Company LLC, Chalmette Refining, L.L.C., PBF Energy Western Region LLC, Torrance Refining Company LLC, Torrance Logistics Company LLC, PBF International Inc. and PBF Investments LLC are 100% owned subsidiaries of PBF Holding and serve as guarantors of the obligations under the Senior Notes. These guarantees are full and unconditional and joint and several. For purposes of the following footnote, PBF Holding is referred to as “Issuer”. The indentures dated November 24, 2015 and May 30, 2017, among PBF Holding, PBF Finance, the guarantors party thereto and Wilmington Trust, National Association, governs subsidiaries designated as “Guarantor Subsidiaries”. PBF Energy Limited, PBF Transportation Company LLC, PBF Rail Logistics Company LLC, MOEM Pipeline LLC, Collins Pipeline Company, T&M Terminal Company, Torrance Basin Pipeline Company LLC and Torrance Pipeline Company LLC are consolidated subsidiaries of the Company that are not guarantors of the Senior Notes. Additionally, during the period owned, the Company’s 50% equity investment in Torrance Valley Pipeline Company, held by TVP Holding was included in the Company’s Non-Guarantor financial position and results of operations and cash flows as TVP Holding was not a guarantor of the Senior Notes. The Senior Notes were co-issued by PBF Finance. For purposes of the following footnote, PBF Finance is referred to as “Co-Issuer.” The Co-Issuer has no independent assets or operations. The following supplemental combining and condensed consolidating financial information reflects the Issuer’s separate accounts, the combined accounts of the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries, the combining and consolidating adjustments and eliminations and the Issuer’s consolidated accounts for the dates and periods indicated. For purposes of the following combining and consolidating information, the Issuer’s investment in its subsidiaries and the Guarantor subsidiaries’ investments in their subsidiaries are accounted for under the equity method of accounting. CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONDENSED CONSOLIDATING BALANCE SHEETS June 30, 2019 (in millions) Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total ASSETS Current assets: Cash and cash equivalents $ 118.9 $ 7.9 $ 30.0 $ — $ 156.8 Accounts receivable 965.6 6.8 12.3 — 984.7 Accounts receivable - affiliate 1.7 2.8 1.0 — 5.5 Inventories 2,113.8 — 198.8 — 2,312.6 Prepaid and other current assets 44.2 40.8 1.5 — 86.5 Due from related parties 36,665.2 25,989.9 11,003.8 (73,658.9 ) — Total current assets 39,909.4 26,048.2 11,247.4 (73,658.9 ) 3,546.1 Property, plant and equipment, net 15.3 2,817.9 230.0 — 3,063.2 Investment in subsidiaries — 233.7 — (233.7 ) — Operating lease right of use assets - third party 174.6 61.9 — — 236.5 Operating lease right of use assets - affiliate 617.9 65.1 — — 683.0 Deferred charges and other assets, net 16.9 1,010.8 — — 1,027.7 Total assets $ 40,734.1 $ 30,237.6 $ 11,477.4 $ (73,892.6 ) $ 8,556.5 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 279.0 $ 146.9 $ 12.9 $ — $ 438.8 Accounts payable - affiliate 45.5 1.5 0.3 — 47.3 Accrued expenses 1,423.8 107.0 272.3 — 1,803.1 Current operating lease liabilities - third party 66.8 13.3 — — 80.1 Current operating lease liabilities - affiliate 69.8 2.7 — — 72.5 Current debt — 1.3 — — 1.3 Deferred revenue 20.9 1.5 — — 22.4 Due to related parties 30,294.2 32,445.7 10,919.0 (73,658.9 ) — Total current liabilities 32,200.0 32,719.9 11,204.5 (73,658.9 ) 2,465.5 Long-term debt 1,197.8 44.5 17.9 — 1,260.2 Deferred tax liabilities — — 35.1 — 35.1 Long-term operating lease liabilities - third party 107.3 48.6 — — 155.9 Long-term operating lease liabilities - affiliate 548.1 62.4 — — 610.5 Other long-term liabilities 52.1 200.1 3.1 — 255.3 Investment in subsidiaries 2,854.8 — — (2,854.8 ) — Total liabilities 36,960.1 33,075.5 11,260.6 (76,513.7 ) 4,782.5 Commitments and contingencies Equity: PBF Holding Company LLC equity Member’s equity 2,699.8 1,582.2 146.4 (1,728.6 ) 2,699.8 Retained earnings / (accumulated deficit) 1,086.4 (4,423.6 ) 70.4 4,353.2 1,086.4 Accumulated other comprehensive loss (23.2 ) (7.5 ) — 7.5 (23.2 ) Total PBF Holding Company LLC equity 3,763.0 (2,848.9 ) 216.8 2,632.1 3,763.0 Noncontrolling interest 11.0 11.0 — (11.0 ) 11.0 Total equity 3,774.0 (2,837.9 ) 216.8 2,621.1 3,774.0 Total liabilities and equity $ 40,734.1 $ 30,237.6 $ 11,477.4 $ (73,892.6 ) $ 8,556.5 13. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONDENSED CONSOLIDATING BALANCE SHEETS December 31, 2018 (in millions) Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total ASSETS Current assets: Cash and cash equivalents $ 526.0 $ 9.1 $ 26.6 $ — $ 561.7 Accounts receivable 690.1 7.2 13.4 — 710.7 Accounts receivable - affiliate 1.8 9.5 0.7 — 12.0 Inventories 1,685.4 — 178.7 — 1,864.1 Prepaid and other current assets 20.7 30.0 1.8 — 52.5 Due from related parties 33,793.1 25,057.3 9,534.2 (68,384.6 ) — Total current assets 36,717.1 25,113.1 9,755.4 (68,384.6 ) 3,201.0 Property, plant and equipment, net 17.3 2,722.7 231.2 — 2,971.2 Investment in subsidiaries — 421.4 — (421.4 ) — Investment in equity method investee — — 169.5 — 169.5 Deferred charges and other assets, net 16.0 855.8 — — 871.8 Total assets $ 36,750.4 $ 29,113.0 $ 10,156.1 $ (68,806.0 ) $ 7,213.5 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 278.2 $ 189.7 $ 15.9 $ — $ 483.8 Accounts payable - affiliate 34.2 14.8 0.5 — 49.5 Accrued expenses 1,364.0 156.1 58.9 — 1,579.0 Current debt — 2.4 — — 2.4 Deferred revenue 15.6 1.5 — — 17.1 Due to related parties 28,340.7 30,433.4 9,610.5 (68,384.6 ) — Total current liabilities 30,032.7 30,797.9 9,685.8 (68,384.6 ) 2,131.8 Long-term debt 1,194.7 42.0 21.3 — 1,258.0 Deferred tax liabilities — — 40.4 — 40.4 Other long-term liabilities 54.9 194.5 4.1 — 253.5 Investment in subsidiaries 1,938.3 — — (1,938.3 ) — Total liabilities 33,220.6 31,034.4 9,751.6 (70,322.9 ) 3,683.7 Commitments and contingencies Equity: PBF Holding Company LLC equity Member’s equity 2,652.5 1,737.2 323.7 (2,060.9 ) 2,652.5 Retained earnings 890.3 (3,662.0 ) 80.8 3,581.2 890.3 Accumulated other comprehensive loss (23.9 ) (7.5 ) — 7.5 (23.9 ) Total PBF Holding Company LLC equity 3,518.9 (1,932.3 ) 404.5 1,527.8 3,518.9 Noncontrolling interest 10.9 10.9 — (10.9 ) 10.9 Total equity 3,529.8 (1,921.4 ) 404.5 1,516.9 3,529.8 Total liabilities and equity $ 36,750.4 $ 29,113.0 $ 10,156.1 $ (68,806.0 ) $ 7,213.5 D CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) Three Months Ended June 30, 2019 (in millions) Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total Revenues $ 6,521.0 $ 350.8 $ 973.7 $ (1,293.6 ) $ 6,551.9 Cost and expenses: Cost of products and other 6,196.4 164.3 958.3 (1,293.6 ) 6,025.4 Operating expenses (excluding depreciation and amortization expense as reflected below) — 401.6 8.1 — 409.7 Depreciation and amortization expense — 93.4 1.9 — 95.3 Cost of sales 6,196.4 659.3 968.3 (1,293.6 ) 6,530.4 General and administrative expenses (excluding depreciation and amortization expense as reflected below) 37.6 9.9 (0.9 ) — 46.6 Depreciation and amortization expense 2.9 — — — 2.9 Equity income in investee — — (3.2 ) — (3.2 ) Loss on sale of assets — 0.8 — — 0.8 Total cost and expenses 6,236.9 670.0 964.2 (1,293.6 ) 6,577.5 Income (loss) from operations 284.1 (319.2 ) 9.5 — (25.6 ) Other income (expense): Equity in (loss) earnings of subsidiaries (311.3 ) 7.4 — 303.9 — Change in fair value of catalyst leases — 0.5 — — 0.5 Interest expense, net (29.1 ) (0.2 ) (0.3 ) — (29.6 ) Other non-service components of net periodic benefit cost (0.2 ) 0.2 — — — Income (loss) before income taxes (56.5 ) (311.3 ) 9.2 303.9 (54.7 ) Income tax expense — — 1.8 — 1.8 Net income (loss) (56.5 ) (311.3 ) 7.4 303.9 (56.5 ) Less: net income attributable to noncontrolling interests 0.1 0.1 — (0.1 ) 0.1 Net income (loss) attributable to PBF Holding Company LLC $ (56.6 ) $ (311.4 ) $ 7.4 $ 304.0 $ (56.6 ) Comprehensive income (loss) attributable to PBF Holding Company LLC $ (56.1 ) $ (311.4 ) $ 7.4 $ 304.0 $ (56.1 ) 13. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) Three Months Ended June 30, 2018 (in millions) Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total Revenues $ 7,379.2 $ 342.1 $ 903.6 $ (1,184.4 ) $ 7,440.5 Cost and expenses: Cost of products and other 6,628.7 157.1 910.8 (1,184.4 ) 6,512.2 Operating expenses (excluding depreciation and amortization expense as reflected below) — 394.7 8.0 — 402.7 Depreciation and amortization expense — 80.9 1.9 — 82.8 Cost of sales 6,628.7 632.7 920.7 (1,184.4 ) 6,997.7 General and administrative expenses (excluding depreciation and amortization expense as reflected below) 43.8 7.1 0.9 — 51.8 Depreciation and amortization expense 2.6 — — — 2.6 Equity income in investee — — (4.4 ) — (4.4 ) Loss on sale of assets — 0.6 — — 0.6 Total cost and expenses 6,675.1 640.4 917.2 (1,184.4 ) 7,048.3 Income (loss) from operations 704.1 (298.3 ) (13.6 ) — 392.2 Other income (expense): Equity in loss of subsidiaries (304.3 ) (9.9 ) — 314.2 — Change in fair value of catalyst leases — 4.1 — — 4.1 Interest expense, net (32.2 ) (0.5 ) (0.3 ) — (33.0 ) Other non-service components of net periodic benefit cost (0.1 ) 0.3 — — 0.2 Income (loss) before income taxes 367.5 (304.3 ) (13.9 ) 314.2 363.5 Income tax benefit — — (4.0 ) — (4.0 ) Net income (loss) 367.5 (304.3 ) (9.9 ) 314.2 367.5 Net income (loss) attributable to PBF Holding Company LLC $ 367.5 $ (304.3 ) $ (9.9 ) $ 314.2 $ 367.5 Comprehensive income (loss) attributable to PBF Holding Company LLC $ 367.5 $ (304.3 ) $ (9.9 ) $ 314.2 $ 367.5 13. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) Six Months Ended June 30, 2019 (in millions) Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total Revenues $ 11,709.9 $ 1,201.1 $ 1,578.4 $ (2,728.8 ) $ 11,760.6 Cost and expenses: Cost of products and other 10,551.5 894.9 1,584.0 (2,728.8 ) 10,301.6 Operating expenses (excluding depreciation and amortization expense as reflected below) — 847.7 15.4 — 863.1 Depreciation and amortization expense — 185.8 3.8 — 189.6 Cost of sales 10,551.5 1,928.4 1,603.2 (2,728.8 ) 11,354.3 General and administrative expenses (excluding depreciation and amortization expense as reflected below) 80.9 18.5 (1.6 ) — 97.8 Depreciation and amortization expense 5.7 — — — 5.7 Equity income in investee — — (7.9 ) — (7.9 ) Loss on sale of assets — 0.8 — — 0.8 Total cost and expenses 10,638.1 1,947.7 1,593.7 (2,728.8 ) 11,450.7 Income (loss) from operations 1,071.8 (746.6 ) (15.3 ) — 309.9 Other income (expense): Equity in (loss) earnings of subsidiaries (759.9 ) (10.4 ) — 770.3 — Change in fair value of catalyst leases — (2.6 ) — — (2.6 ) Interest expense, net (55.9 ) (0.6 ) (0.5 ) — (57.0 ) Other non-service components of net periodic benefit cost (0.4 ) 0.3 — — (0.1 ) Income (loss) before income taxes 255.6 (759.9 ) (15.8 ) 770.3 250.2 Income tax benefit — — (5.4 ) — (5.4 ) Net income (loss) 255.6 (759.9 ) (10.4 ) 770.3 255.6 Less: net income attributable to noncontrolling interests 0.1 0.1 — (0.1 ) 0.1 Net income (loss) attributable to PBF Holding Company LLC $ 255.5 $ (760.0 ) $ (10.4 ) $ 770.4 $ 255.5 Comprehensive income (loss) attributable to PBF Holding Company LLC $ 256.2 $ (760.0 ) $ (10.4 ) $ 770.4 $ 256.2 13. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) Six Months Ended June 30, 2018 (in millions) Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total Revenues $ 13,113.9 $ 1,053.8 $ 1,589.2 $ (2,516.8 ) $ 13,240.1 Cost and expenses: Cost of products and other 11,866.8 761.4 1,590.4 (2,516.8 ) 11,701.8 Operating expenses (excluding depreciation and amortization expense as reflected below) — 799.7 14.4 — 814.1 Depreciation and amortization expense — 155.8 3.8 — 159.6 Cost of sales 11,866.8 1,716.9 1,608.6 (2,516.8 ) 12,675.5 General and administrative expenses (excluding depreciation and amortization expense as reflected below) 94.8 13.1 2.2 — 110.1 Depreciation and amortization expense 5.3 — — — 5.3 Equity income in investee — — (8.4 ) — (8.4 ) Loss on sale of assets — 0.7 — — 0.7 Total cost and expenses 11,966.9 1,730.7 1,602.4 (2,516.8 ) 12,783.2 Income (loss) from operations 1,147.0 (676.9 ) (13.2 ) — 456.9 Other income (expense): Equity in loss of subsidiaries (682.0 ) (9.0 ) — 691.0 — Change in fair value of catalyst leases — 4.1 — — 4.1 Interest expense, net (64.9 ) (0.9 ) (0.5 ) — (66.3 ) Other non-service components of net periodic benefit cost (0.2 ) 0.7 — — 0.5 Income (loss) before income taxes 399.9 (682.0 ) (13.7 ) 691.0 395.2 Income tax benefit — — (4.7 ) — (4.7 ) Net income (loss) 399.9 (682.0 ) (9.0 ) 691.0 399.9 Net income (loss) attributable to PBF Holding Company LLC $ 399.9 $ (682.0 ) $ (9.0 ) $ 691.0 $ 399.9 Comprehensive income (loss) attributable to PBF Holding Company LLC $ 400.2 $ (682.0 ) $ (9.0 ) $ 691.0 $ 400.2 CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Six Months Ended June 30, 2019 (in millions) Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total Cash flows from operating activities: Net income (loss) $ 255.6 $ (759.9 ) $ (10.4 ) $ 770.3 $ 255.6 Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: Depreciation and amortization 8.7 185.8 3.9 — 198.4 Stock-based compensation 0.6 15.1 — — 15.7 Change in fair value of catalyst leases — 2.6 — — 2.6 Deferred income taxes — — (5.3 ) — (5.3 ) Non-cash change in inventory repurchase obligations 35.0 — — — 35.0 Non-cash lower of cost or market inventory adjustment (324.0 ) — — — (324.0 ) Pension and other post-retirement benefit costs 4.0 18.4 — — 22.4 Income from equity method investee — — (7.9 ) — (7.9 ) Distributions from equity method investee — — 7.9 — 7.9 Loss on sale of assets — 0.8 — — 0.8 Equity in earnings of subsidiaries 759.9 10.4 — (770.3 ) — Changes in operating assets and liabilities: Accounts receivable (275.5 ) 0.4 1.0 — (274.1 ) Due to/from affiliates (874.3 ) 1,048.7 (161.5 ) — 12.9 Inventories (104.5 ) — (20.1 ) — (124.6 ) Prepaid and other current assets (23.5 ) (10.8 ) 0.2 — (34.1 ) Accounts payable (0.8 ) (30.5 ) (3.0 ) — (34.3 ) Accrued expenses (9.6 ) (3.7 ) 213.3 — 200.0 Deferred revenue 5.3 — — — 5.3 Other assets and liabilities (6.8 ) (12.1 ) (9.4 ) — (28.3 ) Net cash (used in) provided by operating activities $ (549.9 ) $ 465.2 $ 8.7 $ — $ (76.0 ) Cash flows from investing activities: Expenditures for property, plant and equipment (3.7 ) (184.8 ) (2.4 ) — (190.9 ) Expenditures for deferred turnaround costs — (261.9 ) — — (261.9 ) Expenditures for other assets — (33.9 ) — — (33.9 ) Equity method investment - return of capital — — 0.6 — 0.6 Net cash used in investing activities $ (3.7 ) $ (480.6 ) $ (1.8 ) $ — $ (486.1 ) Cash flows from financing activities: Contributions from PBF LLC 202.5 — — — 202.5 Distribution to members (57.7 ) (1.7 ) — — (59.4 ) Repayments of PBF Rail Term Loan — — (3.5 ) — (3.5 ) Proceeds from revolver borrowings 1,250.0 — — — 1,250.0 Repayments of revolver borrowings (1,250.0 ) — — — (1,250.0 ) Catalyst lease settlements — (1.2 ) — — (1.2 ) Proceeds from insurance premium financing 1.7 17.2 — — 18.9 Deferred financing cost and other — (0.1 ) — — (0.1 ) Net cash provided by (used in) financing activities $ 146.5 $ 14.2 $ (3.5 ) $ — $ 157.2 Net (decrease) increase in cash and cash equivalents (407.1 ) (1.2 ) 3.4 — (404.9 ) Cash and cash equivalents, beginning of period 526.0 9.1 26.6 — 561.7 Cash and cash equivalents, end of period $ 118.9 $ 7.9 $ 30.0 $ — $ 156.8 13. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Six Months Ended June 30, 2018 (in millions) Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total Cash flows from operating activities: Net income (loss) $ 399.9 $ (682.0 ) $ (9.0 ) $ 691.0 $ 399.9 Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: Depreciation and amortization 8.4 155.8 3.9 — 168.1 Stock-based compensation — 9.5 — — 9.5 Change in fair value of catalyst leases — (4.1 ) — — (4.1 ) Deferred income taxes — — (4.7 ) — (4.7 ) Non-cash change in inventory repurchase obligations 2.5 — — — 2.5 Non-cash lower of cost or market inventory adjustment (245.7 ) — — — (245.7 ) Pension and other post-retirement benefit costs 3.5 20.2 — — 23.7 Income from equity method investee — — (8.4 ) — (8.4 ) Distributions from equity method investee — — 8.4 — 8.4 Loss on sale of assets — 0.7 — — 0.7 Equity in earnings of subsidiaries 682.0 9.0 — (691.0 ) — Changes in operating assets and liabilities: Accounts receivable (89.1 ) (1.4 ) 10.1 — (80.4 ) Due to/from affiliates (866.2 ) 849.5 9.0 — (7.7 ) Inventories (125.7 ) — 44.9 — (80.8 ) Prepaid and other current assets 1.6 (3.8 ) 0.4 — (1.8 ) Accounts payable 94.2 (24.9 ) (5.0 ) — 64.3 Accrued expenses 61.1 (23.5 ) (36.7 ) — 0.9 Deferred revenue (2.4 ) (1.5 ) — — (3.9 ) Other assets and liabilities 8.6 (7.0 ) (11.6 ) — (10.0 ) Net cash (used in) provided by operating activities $ (67.3 ) $ 296.5 $ 1.3 $ — $ 230.5 Cash flows from investing activities: Expenditures for property, plant and equipment (2.6 ) (106.6 ) (1.0 ) — (110.2 ) Expenditures for deferred turnaround costs — (179.2 ) — — (179.2 ) Expenditures for other assets — (12.3 ) — — (12.3 ) Equity method investment - return of capital — — 2.8 — 2.8 Net cash (used in) provided by investing activities $ (2.6 ) $ (298.1 ) $ 1.8 $ — $ (298.9 ) Cash flows from financing activities: Contributions from PBF LLC 22.0 — — — 22.0 Distributions to members (26.5 ) — — — (26.5 ) Repayments of PBF Rail Term Loan — — (3.4 ) — (3.4 ) Repayment of note payable — (2.4 ) — — (2.4 ) Catalyst lease settlements — (9.5 ) — — (9.5 ) Proceeds from insurance premium financing 1.2 16.2 — — 17.4 Deferred financing cost and other (12.7 ) — — — (12.7 ) Net cash (used in) provided by financing activities $ (16.0 ) $ 4.3 $ (3.4 ) $ — $ (15.1 ) Net (decrease) increase in cash and cash equivalents (85.9 ) 2.7 (0.3 ) — (83.5 ) Cash and cash equivalents, beginning of period 486.6 13.5 26.1 — 526.2 Cash and cash equivalents, end of period $ 400.7 $ 16.2 $ 25.8 $ — $ 442.7 |
DESCRIPTION OF THE BUSINESS A_2
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The unaudited condensed consolidated financial information furnished herein reflects all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, considered necessary for a fair presentation of the financial position and the results of operations and cash flows of the Company for the periods presented. All intercompany accounts and transactions have been eliminated in consolidation. These unaudited Condensed Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. These interim Condensed Consolidated Financial Statements should be read in conjunction with the PBF Holding Company LLC and PBF Finance Corporation financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2018 . The results of operations for the three and six months ended June 30, 2019 are not necessarily indicative of the results to be expected for the full year. In 2019, the Company has changed its presentation from thousands to millions, as applicable, and as a result, any necessary rounding adjustments have been made to prior year disclosed amounts. |
New Accounting Pronouncements | Recently Adopted Accounting Guidance In February 2016, the Financial Accounting Standard Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02”) to increase the transparency and comparability of leases. ASC 842 supersedes the lease accounting guidance in Accounting Standards Codification 840 “Leases” (“ASC 840”), and 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. The Company elected to utilize the “package” of three expedients, as defined in ASC 842, which retains the lease classification and initial direct costs for any leases that existed prior to adoption of the standard. The Company also has elected to not evaluate land easements that existed as of, or expired before, adoption of the new standard. The Company’s Condensed Consolidated Financial Statements for the periods prior to the adoption of ASC 842 are not adjusted and are reported in accordance with the Company’s historical accounting policy. As of the date of implementation on January 1, 2019, the impact of the adoption of ASC 842 resulted in the recognition of a right of use asset and lease payable obligation on the Company’s Condensed Consolidated Balance Sheets of approximately $853.9 million , of which $604.4 million is attributable to leases with affiliates. As the right of use asset and the lease payable obligation were the same upon adoption of ASC 842, there was no cumulative effect impact on the Company’s retained earnings. See “Note 6 - Leases” for further details. In August 2017, the FASB issued ASU No. 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities” (“ASU 2017-12”). The amendments in ASU 2017-12 more closely align the results of cash flow and fair value hedge accounting with risk management activities in the consolidated financial statements. The amendments expand the ability to hedge nonfinancial and financial risk components, reduce complexity in fair value hedges of interest rate risk, eliminate the requirement to separately measure and report hedge ineffectiveness, and eases certain hedge effectiveness assessment requirements. The guidance in ASU 2017-12 was applied using a modified retrospective approach. The guidance in ASU 2017-12 also provided transition relief to make it easier for entities to apply certain amendments to existing hedges (including fair value hedges) where the hedge documentation needs to be modified. The presentation and disclosure requirements of ASU 2017-12 were applied prospectively. The Company adopted the amendments in this ASU effective January 1, 2019, which did not have a material impact on its Condensed Consolidated Financial Statements and related disclosures. In June 2018, the FASB issued ASU No. 2018-07, “Compensation - Stock Compensation (Topic 718): Targeted Improvements to Non-employee Share-Based Payment Accounting” (“ASU 2018-07”). ASU 2018-07 expands the scope of Topic 718, Compensation - Stock Compensation, to include share-based payment transactions for acquiring goods and services from non-employees. As a result, non-employee share-based transactions will be measured by estimating the fair value of the equity instruments at the grant date, taking into consideration the probability of satisfying performance conditions. In addition, ASU 2018-07 also clarifies that any share-based payment awards issued to customers should be evaluated under ASC 606, Revenue from Contracts with Customers (“ASC 606”). The Company adopted the amendments in this ASU effective January 1, 2019, which did not have a material impact on its Condensed Consolidated Financial Statements and related disclosures. In August 2018, the FASB issued ASU 2018-15, “Intangibles-Goodwill and Other-Internal-Use Software” (Subtopic 350-40) (“ASU 2018-15”). This guidance addresses a customer’s accounting for implementation costs incurred in a cloud computing arrangement that is a service contract. ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in such arrangements with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. This guidance is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years, with early adoption permitted. This guidance should be applied on either a retrospective or prospective basis. The Company has elected to early adopt this guidance in the second quarter of 2019 on a prospective basis. The Company’s adoption of ASU 2018-15 did not have a material impact on its Condensed Consolidated Financial Statements and related disclosures. Recently Issued Accounting Pronouncements In August 2018, the FASB issued ASU No. 2018-14, “Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20)”, to improve the effectiveness of benefit plan disclosures in the notes to financial statements by facilitating clear communication of the information required by GAAP that is most important to users of each entity’s financial statements. The amendments in this ASU modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. Additionally, the amendments in this ASU remove disclosures that no longer are considered cost beneficial, clarify the specific requirements of disclosures, and add disclosure requirements identified as relevant. The amendments in this ASU are effective for fiscal years ending after December 15, 2020, for public business entities and for fiscal years ending after December 15, 2021, for all other entities. Early adoption is permitted for all entities. The Company is currently evaluating the impact of this new standard on its consolidated financial statements and related disclosures. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments-Credit Losses” (Topic 326), Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). This guidance amends the guidance on measuring credit losses on financial assets held at amortized cost. ASU 2016-13 requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company does not expect that the adoption of this guidance will have a material impact on its financial statements and related disclosures. |
INVENTORIES (Tables)
INVENTORIES (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventories consisted of the following: June 30, 2019 (in millions) Titled Inventory Inventory Intermediation Agreements Total Crude oil and feedstocks $ 992.7 $ 115.0 $ 1,107.7 Refined products and blendstocks 1,082.9 335.1 1,418.0 Warehouse stock and other 114.7 — 114.7 $ 2,190.3 $ 450.1 $ 2,640.4 Lower of cost or market adjustment (250.6 ) (77.2 ) (327.8 ) Total inventories $ 1,939.7 $ 372.9 $ 2,312.6 December 31, 2018 (in millions) Titled Inventory Inventory Intermediation Agreements Total Crude oil and feedstocks $ 1,044.8 $ — $ 1,044.8 Refined products and blendstocks 1,026.9 334.8 1,361.7 Warehouse stock and other 109.4 — 109.4 $ 2,181.1 $ 334.8 $ 2,515.9 Lower of cost or market adjustment (557.2 ) (94.6 ) (651.8 ) Total inventories $ 1,623.9 $ 240.2 $ 1,864.1 |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Payables and Accruals [Abstract] | |
Schedule of accrued expenses | Accrued expenses consisted of the following: (in millions) June 30, 2019 December 31, 2018 Inventory-related accruals $ 1,121.8 $ 846.3 Inventory intermediation agreements 315.6 249.4 Excise and sales tax payable 132.9 149.4 Accrued transportation costs 60.2 53.6 Accrued utilities 32.2 49.8 Accrued capital expenditures 29.2 59.9 Renewable energy credit and emissions obligations 26.5 27.1 Accrued refinery maintenance and support costs 19.9 19.0 Accrued salaries and benefits 13.6 89.3 Environmental liabilities 9.1 6.5 Accrued interest 7.1 6.8 Customer deposits 1.4 5.6 Other 33.6 16.3 Total accrued expenses $ 1,803.1 $ 1,579.0 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Related Party Transactions [Abstract] | |
Schedule of related party transactions | A summary of transactions with PBFX is as follows: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2019 2018 2019 2018 Reimbursements under affiliate agreements: Services Agreement $ 2.2 $ 1.6 $ 4.3 $ 3.3 Omnibus Agreement 1.7 1.7 3.5 3.4 Total expenses under affiliate agreements 74.7 63.7 146.0 124.6 Total reimbursements under the Omnibus Agreement are included in General and administrative expenses and reimbursements under the Services Agreement and expenses under affiliate agreements are included in Cost of products and other in the Company’s Condensed Consolidated Statements of Operations. |
LEASES (Tables)
LEASES (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Assets and Liabilities, Lessee [Table Text Block] | The table below presents the lease related assets and liabilities recorded on the Company’s Condensed Consolidated Balance Sheets as of June 30, 2019 : (in millions) Classification on the Balance Sheet June 30, 2019 Assets Operating lease assets - third party Operating lease right of use assets - third party $ 236.5 Operating lease assets - affiliate Operating lease right of use assets - affiliate 683.0 Finance lease assets Deferred charges and other assets, net 14.2 Total lease right of use assets $ 933.7 Liabilities Current liabilities: Operating lease liabilities - third party Current operating lease liabilities - third party $ 80.1 Operating lease liabilities - affiliate Current operating lease liabilities - affiliate 72.5 Finance lease liabilities - third party Accrued expenses 1.1 Noncurrent liabilities: Operating lease liabilities - third party Long-term operating lease liabilities - third party 155.9 Operating lease liabilities - affiliate Long-term operating lease liabilities - affiliate 610.5 Finance lease liabilities - third party Other long-term liabilities 13.3 Total lease liabilities $ 933.4 |
Lease, Cost [Table Text Block] | The table below presents certain information related to costs for the Company’s leases for the three and six months ended June 30, 2019 : Lease Costs (in millions) Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Components of total lease cost: Finance lease cost Amortization of lease right of use assets $ 0.4 $ 0.4 Interest on lease liabilities 0.2 0.2 Operating lease cost 62.9 116.2 Short-term lease cost 25.1 48.4 Variable lease cost 4.1 14.2 Total lease cost $ 92.7 $ 179.4 |
Cash Flow, Lessee [Table Text Block] | The table below presents supplemental cash flow information related to leases for the six months ended June 30, 2019 : (in millions) Six Months Ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 108.4 Operating cash flows for finance leases 0.2 Financing cash flows for finance leases 0.2 Supplemental non-cash amounts of lease liabilities arising from obtaining right-of-use assets 160.1 Lease Term and Discount Rate The table below presents certain information related to the weighted average remaining lease term and weighted average discount rate for the Company’s leases as of June 30, 2019 : June 30, 2019 Weighted average remaining lease term - operating leases 6.9 years Weighted average remaining lease term - finance leases 9.8 years Weighted average discount rate - operating leases 8.13 % Weighted average discount rate - finance leases 6.83 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | The table below reconciles the fixed component of the undiscounted cash flows for each of the first five years and the total remaining years to the lease liabilities recorded on the Condensed Consolidated Balance Sheets as of June 30, 2019 : Amounts due within twelve months of June 30, (in millions) Finance Leases Operating Leases 2019 $ 2.0 $ 221.2 2020 2.0 197.5 2021 2.0 159.1 2022 2.0 150.1 2023 2.0 146.0 Thereafter 9.8 350.1 Total minimum lease payments 19.8 1,224.0 Less: effect of discounting 5.4 305.0 Present value of future minimum lease payments 14.4 919.0 Less: current obligations under leases 1.1 152.6 Long-term lease obligations $ 13.3 $ 766.4 |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Defined Benefit Plan [Abstract] | |
Schedule of net periodic benefit cost | The components of net periodic benefit cost related to the Company’s defined benefit plans consisted of the following: (in millions) Three Months Ended Six Months Ended Pension Benefits 2019 2018 2019 2018 Components of net periodic benefit cost: Service cost $ 10.9 $ 11.8 $ 21.8 $ 23.6 Interest cost 2.1 1.4 4.2 2.8 Expected return on plan assets (2.4 ) (2.1 ) (4.8 ) (4.2 ) Amortization of prior service cost and actuarial loss — 0.1 0.1 0.2 Net periodic benefit cost $ 10.6 $ 11.2 $ 21.3 $ 22.4 (in millions) Three Months Ended Six Months Ended Post-Retirement Medical Plan 2019 2018 2019 2018 Components of net periodic benefit cost: Service cost $ 0.3 $ 0.2 $ 0.5 $ 0.5 Interest cost 0.1 0.3 0.3 0.4 Amortization of prior service cost 0.2 0.1 0.3 0.3 Net periodic benefit cost $ 0.6 $ 0.6 $ 1.1 $ 1.2 |
REVENUES (Tables)
REVENUES (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Revenues [Abstract] | |
Revenue from External Customers by Products and Services [Table Text Block] | The following table provides information relating to the Company’s revenues from external customers for each product or group of similar products for the periods presented: Three Months Ended (in millions) 2019 2018 Gasoline and distillates $ 5,570.7 $ 6,341.8 Asphalt and blackoils 531.8 397.2 Feedstocks and other 203.9 404.1 Chemicals 177.6 202.6 Lubricants 67.9 94.8 Total Revenues $ 6,551.9 $ 7,440.5 Six Months Ended (in millions) 2019 2018 Gasoline and distillates $ 10,003.7 $ 11,336.1 Asphalt and blackoils 884.8 706.1 Feedstocks and other 404.6 642.8 Chemicals 329.3 378.7 Lubricants 138.2 176.4 Total Revenues $ 11,760.6 $ 13,240.1 |
INCOME TAXES INCOME TAX EXPENSE
INCOME TAXES INCOME TAX EXPENSE (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
INCOME TAX EXPENSE [Abstract] | |
Schedule of components of income tax provision (benefit) | The reported income tax provision in the PBF Holding Condensed Consolidated Financial Statements of Operations consists of the following: Three Months Ended Six Months Ended (in millions) 2019 2018 2019 2018 Current income tax benefit $ (0.1 ) $ — $ (0.1 ) $ — Deferred income tax expense (benefit) 1.9 (4.0 ) (5.3 ) (4.7 ) Total income tax expense (benefit) $ 1.8 $ (4.0 ) $ (5.4 ) $ (4.7 ) |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The tables below present information about the Company’s financial assets and liabilities measured and recorded at fair value on a recurring basis and indicate the fair value hierarchy of the inputs utilized to determine the fair values as of June 30, 2019 and December 31, 2018 . The Company has elected to offset the fair value amounts recognized for multiple derivative contracts executed with the same counterparty; however, fair value amounts by hierarchy level are presented on a gross basis in the tables below. The Company has posted cash margin with various counterparties to support hedging and trading activities. The cash margin posted is required by counterparties as collateral deposits and cannot be offset against the fair value of open contracts except in the event of default. The Company has no derivative contracts that are subject to master netting arrangements that are reflected gross on the Condensed Consolidated Balance Sheets. As of June 30, 2019 Fair Value Hierarchy Total Gross Fair Value Effect of Counter-party Netting Net Carrying Value on Balance Sheet (in millions) Level 1 Level 2 Level 3 Assets: Money market funds $ 0.8 $ — $ — $ 0.8 N/A $ 0.8 Commodity contracts 22.4 8.4 — 30.8 (11.8 ) 19.0 Liabilities: Commodity contracts 11.2 0.6 — 11.8 (11.8 ) — Catalyst lease obligations — 45.8 — 45.8 — 45.8 Derivatives included with inventory intermediation agreement obligations — 10.9 — 10.9 — 10.9 As of December 31, 2018 Fair Value Hierarchy Total Gross Fair Value Effect of Counter-party Netting Net Carrying Value on Balance Sheet (in millions) Level 1 Level 2 Level 3 Assets: Money market funds $ 2.8 $ — $ — $ 2.8 N/A $ 2.8 Commodity contracts 1.2 8.9 — 10.1 (2.9 ) 7.2 Derivatives included with inventory intermediation agreement obligations — 24.1 — 24.1 — 24.1 Liabilities: Commodity contracts 2.7 0.2 — 2.9 (2.9 ) — Catalyst lease obligations — 44.3 — 44.3 — 44.3 |
Schedule of Fair value of Debt | The table below summarizes the fair value and carrying value of debt as of June 30, 2019 and December 31, 2018 . June 30, 2019 December 31, 2018 (in millions) Carrying value Fair value Carrying value Fair value 2025 Senior Notes (a) $ 725.0 $ 759.6 $ 725.0 $ 688.4 2023 Senior Notes (a) 500.0 519.6 500.0 479.4 PBF Rail Term Loan (b) 18.1 18.1 21.6 21.6 Catalyst leases (c) 45.8 45.8 44.3 44.3 1,288.9 1,343.1 1,290.9 1,233.7 Less - Current debt (c) (1.3 ) (1.3 ) (2.4 ) (2.4 ) Less - Unamortized deferred financing costs (27.4 ) n/a (30.5 ) n/a Long-term debt $ 1,260.2 $ 1,341.8 $ 1,258.0 $ 1,231.3 ____________________________ (a) The estimated fair value, categorized as a Level 2 measurement, was calculated based on the present value of future expected payments utilizing implied current market interest rates based on quoted prices of the 7.00% senior notes due 2023 and the 7.25% senior notes due 2025 (collectively, the “Senior Notes”). (b) (b) The estimated fair value approximates carrying value, categorized as a Level 2 measurement, as these borrowings bear interest based upon short-term floating market interest rates. (c) Catalyst leases are valued using a market approach based upon commodity prices for similar instruments quoted in active markets and are categorized as a Level 2 measurement. The Company has elected the fair value option for accounting for its catalyst lease repurchase obligations as the Company’s liability is directly impacted by the change in fair value of the underlying catalyst. During 2018, Toledo Refining and Chalmette Refining entered into two platinum bridge leases which were settled in April 2019 and were not renewed. During 2018 Delaware City Refining entered into a new platinum bridge lease, which will expire in the third quarter of 2019. This lease is payable at maturity and is not anticipated to be renewed. The total outstanding balance related to these bridge leases as of June 30, 2019 and December 31, 2018 was $1.3 million and $2.4 million , respectively, and is included in Current debt in the Company’s Condensed Consolidated Balance Sheets. |
DERIVATIVES (Tables)
DERIVATIVES (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Value of Derivative Instruments | The following tables provide information about the fair values of these derivative instruments as of June 30, 2019 and December 31, 2018 and the line items in the Condensed Consolidated Balance Sheets in which the fair values are reflected. Description Balance Sheet Location Fair Value Asset/(Liability) (in millions) Derivatives designated as hedging instruments: June 30, 2019: Derivatives included with the inventory intermediation agreement obligations Accrued expenses $ (10.9 ) December 31, 2018: Derivatives included with the inventory intermediation agreement obligations Accrued expenses $ 24.1 Derivatives not designated as hedging instruments: June 30, 2019: Commodity contracts Accounts receivable $ 19.0 December 31, 2018: Commodity contracts Accounts receivable $ 7.2 |
Schedule of Derivative Instruments, Gain (Loss) Recognized in Income | The following table provides information about the gains or losses recognized in income on these derivative instruments and the line items in the Condensed Consolidated Statements of Operations in which such gains and losses are reflected. Description Location of Gain or (Loss) Recognized in Income on Derivatives Gain or (Loss) Recognized in Income on Derivatives (in millions) Derivatives designated as hedging instruments: For the three months ended June 30, 2019: Derivatives included with the inventory intermediation agreement obligations Cost of products and other $ (20.8 ) For the three months ended June 30, 2018: Derivatives included with the inventory intermediation agreement obligations Cost of products and other $ 6.3 For the six months ended June 30, 2019: Derivatives included with the inventory intermediation agreement obligations Cost of products and other $ (35.0 ) For the six months ended June 30, 2018: Derivatives included with the inventory intermediation agreement obligations Cost of products and other $ (2.5 ) Derivatives not designated as hedging instruments: For the three months ended June 30, 2019: Commodity contracts Cost of products and other $ 1.0 For the three months ended June 30, 2018: Commodity contracts Cost of products and other $ (33.1 ) For the six months ended June 30, 2019: Commodity contracts Cost of products and other $ 32.7 For the six months ended June 30, 2018: Commodity contracts Cost of products and other $ (46.4 ) Hedged items designated in fair value hedges: For the three months ended June 30, 2019: Crude oil, intermediate and refined product inventory Cost of products and other $ 20.8 For the three months ended June 30, 2018: Intermediate and refined product inventory Cost of products and other $ (6.3 ) For the six months ended June 30, 2019: Crude oil, intermediate and refined product inventory Cost of products and other $ 35.0 For the six months ended June 30, 2018: Intermediate and refined product inventory Cost of products and other $ 2.5 |
CONDENSED CONSOLIDATING FINAN_2
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Condensed Financial Information of Subsidiary Disclosure [Abstract] | |
Condensed Consolidating Balance Sheet | CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONDENSED CONSOLIDATING BALANCE SHEETS June 30, 2019 (in millions) Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total ASSETS Current assets: Cash and cash equivalents $ 118.9 $ 7.9 $ 30.0 $ — $ 156.8 Accounts receivable 965.6 6.8 12.3 — 984.7 Accounts receivable - affiliate 1.7 2.8 1.0 — 5.5 Inventories 2,113.8 — 198.8 — 2,312.6 Prepaid and other current assets 44.2 40.8 1.5 — 86.5 Due from related parties 36,665.2 25,989.9 11,003.8 (73,658.9 ) — Total current assets 39,909.4 26,048.2 11,247.4 (73,658.9 ) 3,546.1 Property, plant and equipment, net 15.3 2,817.9 230.0 — 3,063.2 Investment in subsidiaries — 233.7 — (233.7 ) — Operating lease right of use assets - third party 174.6 61.9 — — 236.5 Operating lease right of use assets - affiliate 617.9 65.1 — — 683.0 Deferred charges and other assets, net 16.9 1,010.8 — — 1,027.7 Total assets $ 40,734.1 $ 30,237.6 $ 11,477.4 $ (73,892.6 ) $ 8,556.5 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 279.0 $ 146.9 $ 12.9 $ — $ 438.8 Accounts payable - affiliate 45.5 1.5 0.3 — 47.3 Accrued expenses 1,423.8 107.0 272.3 — 1,803.1 Current operating lease liabilities - third party 66.8 13.3 — — 80.1 Current operating lease liabilities - affiliate 69.8 2.7 — — 72.5 Current debt — 1.3 — — 1.3 Deferred revenue 20.9 1.5 — — 22.4 Due to related parties 30,294.2 32,445.7 10,919.0 (73,658.9 ) — Total current liabilities 32,200.0 32,719.9 11,204.5 (73,658.9 ) 2,465.5 Long-term debt 1,197.8 44.5 17.9 — 1,260.2 Deferred tax liabilities — — 35.1 — 35.1 Long-term operating lease liabilities - third party 107.3 48.6 — — 155.9 Long-term operating lease liabilities - affiliate 548.1 62.4 — — 610.5 Other long-term liabilities 52.1 200.1 3.1 — 255.3 Investment in subsidiaries 2,854.8 — — (2,854.8 ) — Total liabilities 36,960.1 33,075.5 11,260.6 (76,513.7 ) 4,782.5 Commitments and contingencies Equity: PBF Holding Company LLC equity Member’s equity 2,699.8 1,582.2 146.4 (1,728.6 ) 2,699.8 Retained earnings / (accumulated deficit) 1,086.4 (4,423.6 ) 70.4 4,353.2 1,086.4 Accumulated other comprehensive loss (23.2 ) (7.5 ) — 7.5 (23.2 ) Total PBF Holding Company LLC equity 3,763.0 (2,848.9 ) 216.8 2,632.1 3,763.0 Noncontrolling interest 11.0 11.0 — (11.0 ) 11.0 Total equity 3,774.0 (2,837.9 ) 216.8 2,621.1 3,774.0 Total liabilities and equity $ 40,734.1 $ 30,237.6 $ 11,477.4 $ (73,892.6 ) $ 8,556.5 13. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONDENSED CONSOLIDATING BALANCE SHEETS December 31, 2018 (in millions) Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total ASSETS Current assets: Cash and cash equivalents $ 526.0 $ 9.1 $ 26.6 $ — $ 561.7 Accounts receivable 690.1 7.2 13.4 — 710.7 Accounts receivable - affiliate 1.8 9.5 0.7 — 12.0 Inventories 1,685.4 — 178.7 — 1,864.1 Prepaid and other current assets 20.7 30.0 1.8 — 52.5 Due from related parties 33,793.1 25,057.3 9,534.2 (68,384.6 ) — Total current assets 36,717.1 25,113.1 9,755.4 (68,384.6 ) 3,201.0 Property, plant and equipment, net 17.3 2,722.7 231.2 — 2,971.2 Investment in subsidiaries — 421.4 — (421.4 ) — Investment in equity method investee — — 169.5 — 169.5 Deferred charges and other assets, net 16.0 855.8 — — 871.8 Total assets $ 36,750.4 $ 29,113.0 $ 10,156.1 $ (68,806.0 ) $ 7,213.5 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 278.2 $ 189.7 $ 15.9 $ — $ 483.8 Accounts payable - affiliate 34.2 14.8 0.5 — 49.5 Accrued expenses 1,364.0 156.1 58.9 — 1,579.0 Current debt — 2.4 — — 2.4 Deferred revenue 15.6 1.5 — — 17.1 Due to related parties 28,340.7 30,433.4 9,610.5 (68,384.6 ) — Total current liabilities 30,032.7 30,797.9 9,685.8 (68,384.6 ) 2,131.8 Long-term debt 1,194.7 42.0 21.3 — 1,258.0 Deferred tax liabilities — — 40.4 — 40.4 Other long-term liabilities 54.9 194.5 4.1 — 253.5 Investment in subsidiaries 1,938.3 — — (1,938.3 ) — Total liabilities 33,220.6 31,034.4 9,751.6 (70,322.9 ) 3,683.7 Commitments and contingencies Equity: PBF Holding Company LLC equity Member’s equity 2,652.5 1,737.2 323.7 (2,060.9 ) 2,652.5 Retained earnings 890.3 (3,662.0 ) 80.8 3,581.2 890.3 Accumulated other comprehensive loss (23.9 ) (7.5 ) — 7.5 (23.9 ) Total PBF Holding Company LLC equity 3,518.9 (1,932.3 ) 404.5 1,527.8 3,518.9 Noncontrolling interest 10.9 10.9 — (10.9 ) 10.9 Total equity 3,529.8 (1,921.4 ) 404.5 1,516.9 3,529.8 Total liabilities and equity $ 36,750.4 $ 29,113.0 $ 10,156.1 $ (68,806.0 ) $ 7,213.5 |
Condensed Income Statement | D CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) Three Months Ended June 30, 2019 (in millions) Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total Revenues $ 6,521.0 $ 350.8 $ 973.7 $ (1,293.6 ) $ 6,551.9 Cost and expenses: Cost of products and other 6,196.4 164.3 958.3 (1,293.6 ) 6,025.4 Operating expenses (excluding depreciation and amortization expense as reflected below) — 401.6 8.1 — 409.7 Depreciation and amortization expense — 93.4 1.9 — 95.3 Cost of sales 6,196.4 659.3 968.3 (1,293.6 ) 6,530.4 General and administrative expenses (excluding depreciation and amortization expense as reflected below) 37.6 9.9 (0.9 ) — 46.6 Depreciation and amortization expense 2.9 — — — 2.9 Equity income in investee — — (3.2 ) — (3.2 ) Loss on sale of assets — 0.8 — — 0.8 Total cost and expenses 6,236.9 670.0 964.2 (1,293.6 ) 6,577.5 Income (loss) from operations 284.1 (319.2 ) 9.5 — (25.6 ) Other income (expense): Equity in (loss) earnings of subsidiaries (311.3 ) 7.4 — 303.9 — Change in fair value of catalyst leases — 0.5 — — 0.5 Interest expense, net (29.1 ) (0.2 ) (0.3 ) — (29.6 ) Other non-service components of net periodic benefit cost (0.2 ) 0.2 — — — Income (loss) before income taxes (56.5 ) (311.3 ) 9.2 303.9 (54.7 ) Income tax expense — — 1.8 — 1.8 Net income (loss) (56.5 ) (311.3 ) 7.4 303.9 (56.5 ) Less: net income attributable to noncontrolling interests 0.1 0.1 — (0.1 ) 0.1 Net income (loss) attributable to PBF Holding Company LLC $ (56.6 ) $ (311.4 ) $ 7.4 $ 304.0 $ (56.6 ) Comprehensive income (loss) attributable to PBF Holding Company LLC $ (56.1 ) $ (311.4 ) $ 7.4 $ 304.0 $ (56.1 ) 13. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) Three Months Ended June 30, 2018 (in millions) Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total Revenues $ 7,379.2 $ 342.1 $ 903.6 $ (1,184.4 ) $ 7,440.5 Cost and expenses: Cost of products and other 6,628.7 157.1 910.8 (1,184.4 ) 6,512.2 Operating expenses (excluding depreciation and amortization expense as reflected below) — 394.7 8.0 — 402.7 Depreciation and amortization expense — 80.9 1.9 — 82.8 Cost of sales 6,628.7 632.7 920.7 (1,184.4 ) 6,997.7 General and administrative expenses (excluding depreciation and amortization expense as reflected below) 43.8 7.1 0.9 — 51.8 Depreciation and amortization expense 2.6 — — — 2.6 Equity income in investee — — (4.4 ) — (4.4 ) Loss on sale of assets — 0.6 — — 0.6 Total cost and expenses 6,675.1 640.4 917.2 (1,184.4 ) 7,048.3 Income (loss) from operations 704.1 (298.3 ) (13.6 ) — 392.2 Other income (expense): Equity in loss of subsidiaries (304.3 ) (9.9 ) — 314.2 — Change in fair value of catalyst leases — 4.1 — — 4.1 Interest expense, net (32.2 ) (0.5 ) (0.3 ) — (33.0 ) Other non-service components of net periodic benefit cost (0.1 ) 0.3 — — 0.2 Income (loss) before income taxes 367.5 (304.3 ) (13.9 ) 314.2 363.5 Income tax benefit — — (4.0 ) — (4.0 ) Net income (loss) 367.5 (304.3 ) (9.9 ) 314.2 367.5 Net income (loss) attributable to PBF Holding Company LLC $ 367.5 $ (304.3 ) $ (9.9 ) $ 314.2 $ 367.5 Comprehensive income (loss) attributable to PBF Holding Company LLC $ 367.5 $ (304.3 ) $ (9.9 ) $ 314.2 $ 367.5 13. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) Six Months Ended June 30, 2019 (in millions) Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total Revenues $ 11,709.9 $ 1,201.1 $ 1,578.4 $ (2,728.8 ) $ 11,760.6 Cost and expenses: Cost of products and other 10,551.5 894.9 1,584.0 (2,728.8 ) 10,301.6 Operating expenses (excluding depreciation and amortization expense as reflected below) — 847.7 15.4 — 863.1 Depreciation and amortization expense — 185.8 3.8 — 189.6 Cost of sales 10,551.5 1,928.4 1,603.2 (2,728.8 ) 11,354.3 General and administrative expenses (excluding depreciation and amortization expense as reflected below) 80.9 18.5 (1.6 ) — 97.8 Depreciation and amortization expense 5.7 — — — 5.7 Equity income in investee — — (7.9 ) — (7.9 ) Loss on sale of assets — 0.8 — — 0.8 Total cost and expenses 10,638.1 1,947.7 1,593.7 (2,728.8 ) 11,450.7 Income (loss) from operations 1,071.8 (746.6 ) (15.3 ) — 309.9 Other income (expense): Equity in (loss) earnings of subsidiaries (759.9 ) (10.4 ) — 770.3 — Change in fair value of catalyst leases — (2.6 ) — — (2.6 ) Interest expense, net (55.9 ) (0.6 ) (0.5 ) — (57.0 ) Other non-service components of net periodic benefit cost (0.4 ) 0.3 — — (0.1 ) Income (loss) before income taxes 255.6 (759.9 ) (15.8 ) 770.3 250.2 Income tax benefit — — (5.4 ) — (5.4 ) Net income (loss) 255.6 (759.9 ) (10.4 ) 770.3 255.6 Less: net income attributable to noncontrolling interests 0.1 0.1 — (0.1 ) 0.1 Net income (loss) attributable to PBF Holding Company LLC $ 255.5 $ (760.0 ) $ (10.4 ) $ 770.4 $ 255.5 Comprehensive income (loss) attributable to PBF Holding Company LLC $ 256.2 $ (760.0 ) $ (10.4 ) $ 770.4 $ 256.2 13. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) Six Months Ended June 30, 2018 (in millions) Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total Revenues $ 13,113.9 $ 1,053.8 $ 1,589.2 $ (2,516.8 ) $ 13,240.1 Cost and expenses: Cost of products and other 11,866.8 761.4 1,590.4 (2,516.8 ) 11,701.8 Operating expenses (excluding depreciation and amortization expense as reflected below) — 799.7 14.4 — 814.1 Depreciation and amortization expense — 155.8 3.8 — 159.6 Cost of sales 11,866.8 1,716.9 1,608.6 (2,516.8 ) 12,675.5 General and administrative expenses (excluding depreciation and amortization expense as reflected below) 94.8 13.1 2.2 — 110.1 Depreciation and amortization expense 5.3 — — — 5.3 Equity income in investee — — (8.4 ) — (8.4 ) Loss on sale of assets — 0.7 — — 0.7 Total cost and expenses 11,966.9 1,730.7 1,602.4 (2,516.8 ) 12,783.2 Income (loss) from operations 1,147.0 (676.9 ) (13.2 ) — 456.9 Other income (expense): Equity in loss of subsidiaries (682.0 ) (9.0 ) — 691.0 — Change in fair value of catalyst leases — 4.1 — — 4.1 Interest expense, net (64.9 ) (0.9 ) (0.5 ) — (66.3 ) Other non-service components of net periodic benefit cost (0.2 ) 0.7 — — 0.5 Income (loss) before income taxes 399.9 (682.0 ) (13.7 ) 691.0 395.2 Income tax benefit — — (4.7 ) — (4.7 ) Net income (loss) 399.9 (682.0 ) (9.0 ) 691.0 399.9 Net income (loss) attributable to PBF Holding Company LLC $ 399.9 $ (682.0 ) $ (9.0 ) $ 691.0 $ 399.9 Comprehensive income (loss) attributable to PBF Holding Company LLC $ 400.2 $ (682.0 ) $ (9.0 ) $ 691.0 $ 400.2 |
Condensed Consolidating Statement of Cash Flow | CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Six Months Ended June 30, 2019 (in millions) Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total Cash flows from operating activities: Net income (loss) $ 255.6 $ (759.9 ) $ (10.4 ) $ 770.3 $ 255.6 Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: Depreciation and amortization 8.7 185.8 3.9 — 198.4 Stock-based compensation 0.6 15.1 — — 15.7 Change in fair value of catalyst leases — 2.6 — — 2.6 Deferred income taxes — — (5.3 ) — (5.3 ) Non-cash change in inventory repurchase obligations 35.0 — — — 35.0 Non-cash lower of cost or market inventory adjustment (324.0 ) — — — (324.0 ) Pension and other post-retirement benefit costs 4.0 18.4 — — 22.4 Income from equity method investee — — (7.9 ) — (7.9 ) Distributions from equity method investee — — 7.9 — 7.9 Loss on sale of assets — 0.8 — — 0.8 Equity in earnings of subsidiaries 759.9 10.4 — (770.3 ) — Changes in operating assets and liabilities: Accounts receivable (275.5 ) 0.4 1.0 — (274.1 ) Due to/from affiliates (874.3 ) 1,048.7 (161.5 ) — 12.9 Inventories (104.5 ) — (20.1 ) — (124.6 ) Prepaid and other current assets (23.5 ) (10.8 ) 0.2 — (34.1 ) Accounts payable (0.8 ) (30.5 ) (3.0 ) — (34.3 ) Accrued expenses (9.6 ) (3.7 ) 213.3 — 200.0 Deferred revenue 5.3 — — — 5.3 Other assets and liabilities (6.8 ) (12.1 ) (9.4 ) — (28.3 ) Net cash (used in) provided by operating activities $ (549.9 ) $ 465.2 $ 8.7 $ — $ (76.0 ) Cash flows from investing activities: Expenditures for property, plant and equipment (3.7 ) (184.8 ) (2.4 ) — (190.9 ) Expenditures for deferred turnaround costs — (261.9 ) — — (261.9 ) Expenditures for other assets — (33.9 ) — — (33.9 ) Equity method investment - return of capital — — 0.6 — 0.6 Net cash used in investing activities $ (3.7 ) $ (480.6 ) $ (1.8 ) $ — $ (486.1 ) Cash flows from financing activities: Contributions from PBF LLC 202.5 — — — 202.5 Distribution to members (57.7 ) (1.7 ) — — (59.4 ) Repayments of PBF Rail Term Loan — — (3.5 ) — (3.5 ) Proceeds from revolver borrowings 1,250.0 — — — 1,250.0 Repayments of revolver borrowings (1,250.0 ) — — — (1,250.0 ) Catalyst lease settlements — (1.2 ) — — (1.2 ) Proceeds from insurance premium financing 1.7 17.2 — — 18.9 Deferred financing cost and other — (0.1 ) — — (0.1 ) Net cash provided by (used in) financing activities $ 146.5 $ 14.2 $ (3.5 ) $ — $ 157.2 Net (decrease) increase in cash and cash equivalents (407.1 ) (1.2 ) 3.4 — (404.9 ) Cash and cash equivalents, beginning of period 526.0 9.1 26.6 — 561.7 Cash and cash equivalents, end of period $ 118.9 $ 7.9 $ 30.0 $ — $ 156.8 13. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Six Months Ended June 30, 2018 (in millions) Issuer Guarantor Subsidiaries Non-Guarantor Subsidiaries Combining and Consolidating Adjustments Total Cash flows from operating activities: Net income (loss) $ 399.9 $ (682.0 ) $ (9.0 ) $ 691.0 $ 399.9 Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: Depreciation and amortization 8.4 155.8 3.9 — 168.1 Stock-based compensation — 9.5 — — 9.5 Change in fair value of catalyst leases — (4.1 ) — — (4.1 ) Deferred income taxes — — (4.7 ) — (4.7 ) Non-cash change in inventory repurchase obligations 2.5 — — — 2.5 Non-cash lower of cost or market inventory adjustment (245.7 ) — — — (245.7 ) Pension and other post-retirement benefit costs 3.5 20.2 — — 23.7 Income from equity method investee — — (8.4 ) — (8.4 ) Distributions from equity method investee — — 8.4 — 8.4 Loss on sale of assets — 0.7 — — 0.7 Equity in earnings of subsidiaries 682.0 9.0 — (691.0 ) — Changes in operating assets and liabilities: Accounts receivable (89.1 ) (1.4 ) 10.1 — (80.4 ) Due to/from affiliates (866.2 ) 849.5 9.0 — (7.7 ) Inventories (125.7 ) — 44.9 — (80.8 ) Prepaid and other current assets 1.6 (3.8 ) 0.4 — (1.8 ) Accounts payable 94.2 (24.9 ) (5.0 ) — 64.3 Accrued expenses 61.1 (23.5 ) (36.7 ) — 0.9 Deferred revenue (2.4 ) (1.5 ) — — (3.9 ) Other assets and liabilities 8.6 (7.0 ) (11.6 ) — (10.0 ) Net cash (used in) provided by operating activities $ (67.3 ) $ 296.5 $ 1.3 $ — $ 230.5 Cash flows from investing activities: Expenditures for property, plant and equipment (2.6 ) (106.6 ) (1.0 ) — (110.2 ) Expenditures for deferred turnaround costs — (179.2 ) — — (179.2 ) Expenditures for other assets — (12.3 ) — — (12.3 ) Equity method investment - return of capital — — 2.8 — 2.8 Net cash (used in) provided by investing activities $ (2.6 ) $ (298.1 ) $ 1.8 $ — $ (298.9 ) Cash flows from financing activities: Contributions from PBF LLC 22.0 — — — 22.0 Distributions to members (26.5 ) — — — (26.5 ) Repayments of PBF Rail Term Loan — — (3.4 ) — (3.4 ) Repayment of note payable — (2.4 ) — — (2.4 ) Catalyst lease settlements — (9.5 ) — — (9.5 ) Proceeds from insurance premium financing 1.2 16.2 — — 17.4 Deferred financing cost and other (12.7 ) — — — (12.7 ) Net cash (used in) provided by financing activities $ (16.0 ) $ 4.3 $ (3.4 ) $ — $ (15.1 ) Net (decrease) increase in cash and cash equivalents (85.9 ) 2.7 (0.3 ) — (83.5 ) Cash and cash equivalents, beginning of period 486.6 13.5 26.1 — 526.2 Cash and cash equivalents, end of period $ 400.7 $ 16.2 $ 25.8 $ — $ 442.7 |
DESCRIPTION OF THE BUSINESS A_3
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Details) $ in Millions | 6 Months Ended | ||
Jun. 30, 2019USD ($)segment | Jan. 01, 2019USD ($) | Dec. 31, 2018USD ($) | |
Description of Business [Line Items] | |||
Number of reportable segments | segment | 1 | ||
Operating Lease, Right-of-Use Asset | $ 933.7 | $ 853.9 | |
Operating Lease, Liability | $ 919 | 689.2 | |
PBF Energy [Member] | Class A Common Stock [Member] | |||
Description of Business [Line Items] | |||
Percentage of ownership in PBF LLC | 99.00% | ||
Lease with Affiliate [Member] | |||
Description of Business [Line Items] | |||
Operating Lease, Right-of-Use Asset | $ 683 | 604.4 | $ 0 |
Operating Lease, Liability | $ 604.4 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | |
Inventory [Line Items] | ||||||||
Crude oil and feedstocks | $ 1,107,700 | $ 1,107,700 | $ 1,044,800 | |||||
Refined products and blendstocks | 1,418,000 | 1,418,000 | 1,361,700 | |||||
Warehouse stock and other | 114,700 | 114,700 | 109,400 | |||||
Inventory, Gross | 2,640,400 | 2,640,400 | 2,515,900 | |||||
Lower of cost or market adjustment | (327,800) | $ 54,800 | (327,800) | $ 54,800 | (651,800) | $ 212,800 | $ 300,500 | |
Total inventories | 2,312,600 | 2,312,600 | 1,864,100 | |||||
Income (Loss) from Operations | (25,600) | 392,200 | 309,900 | 456,900 | ||||
Scenario, Adjustment [Member] | ||||||||
Inventory [Line Items] | ||||||||
Lower of cost or market adjustment | (327,800) | (327,800) | $ (145,800) | (651,800) | ||||
Income (Loss) from Operations | (182,000) | $ 158,000 | 324,000 | $ 245,700 | ||||
Titled Inventory [Member] | ||||||||
Inventory [Line Items] | ||||||||
Crude oil and feedstocks | 992,700 | 992,700 | 1,044,800 | |||||
Refined products and blendstocks | 1,082,900 | 1,082,900 | 1,026,900 | |||||
Warehouse stock and other | 114,700 | 114,700 | 109,400 | |||||
Inventory, Gross | 2,190,300 | 2,190,300 | 2,181,100 | |||||
Lower of cost or market adjustment | (250,600) | (250,600) | (557,200) | |||||
Total inventories | 1,939,700 | 1,939,700 | 1,623,900 | |||||
Inventory Supply and Offtake Arrangements [Member] | ||||||||
Inventory [Line Items] | ||||||||
Crude oil and feedstocks | 115,000 | 115,000 | 0 | |||||
Refined products and blendstocks | 335,100 | 335,100 | 334,800 | |||||
Warehouse stock and other | 0 | 0 | 0 | |||||
Inventory, Gross | 450,100 | 450,100 | 334,800 | |||||
Lower of cost or market adjustment | (77,200) | (77,200) | (94,600) | |||||
Total inventories | $ 372,900 | $ 372,900 | $ 240,200 |
ACCRUED EXPENSES (Details)
ACCRUED EXPENSES (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Accrued Expenses: | ||
Inventory-related accruals | $ 1,121.8 | $ 846.3 |
Inventory intermediation agreements | 315.6 | 249.4 |
Excise and sales tax payable | 132.9 | 149.4 |
Accrued capital expenditures | 29.2 | 59.9 |
Renewable energy credit and emissions obligations | 60.2 | 53.6 |
Accrued salaries and benefits | 32.2 | 49.8 |
Accrued interest | 7.1 | 6.8 |
Renewable energy credit and emissions obligations | 26.5 | 27.1 |
Accrued salaries and benefits | 13.6 | 89.3 |
Environmental liabilities | 9.1 | 6.5 |
Accrued refinery maintenance and support costs | 19.9 | 19 |
Customer deposits | 1.4 | 5.6 |
Other | 33.6 | 16.3 |
Total accrued expenses | $ 1,803.1 | $ 1,579 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) $ in Millions | Jan. 01, 2022bbl | May 31, 2019bbl / d | Apr. 24, 2019USD ($) | Jan. 01, 2019bbl / d | Apr. 16, 2018 | Aug. 31, 2016bbl / d | May 08, 2014bbl / d | Jun. 30, 2019USD ($) | Mar. 31, 2019 | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) |
Related Party Transaction [Line Items] | ||||||||||||
Number of Contract Renewals | 2 | |||||||||||
Term of Renewal | 5 years | |||||||||||
PBF Logistics LP [Member] | Cost of Sales [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Related party transaction, amounts of transaction | $ | $ 74.7 | $ 63.7 | $ 146 | $ 124.6 | ||||||||
PBF Logistics LP [Member] | Amended and Restated Rail Agreement [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Term of Agreement | 7 years 8 months | |||||||||||
Oil And Gas Plant, Collaborative Agreement, Minimum Throughput Capacity | 125,000 | |||||||||||
PBF Logistics LP [Member] | Delaware City Pipeline Services Agreement [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Term of Agreement | 2 years 5 months | |||||||||||
PBF Logistics LP [Member] | Delaware City Terminaling Services Agreement [Member] | Scenario, Forecast [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Term of Agreement | 4 years | |||||||||||
Number of Contract Renewals | 2 | |||||||||||
Term of Renewal | 5 years | |||||||||||
Oil And Gas Plant, Maximum Storage Capacity | bbl | 95,000 | |||||||||||
PBF Logistics LP [Member] | Omnibus Agreement [Member] | General and Administrative Expense [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Related party transaction, amounts of transaction | $ | 1.7 | 1.7 | 3.5 | 3.4 | ||||||||
PBF Logistics LP [Member] | Services Agreement [Member] | General and Administrative Expense [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Related party transaction, amounts of transaction | $ | $ 2.2 | $ 1.6 | $ 4.3 | $ 3.3 | ||||||||
PBF Logistics LP [Member] | East Coast Storage Assets Terminal Storage Agreement [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Term of Agreement | 8 years | |||||||||||
Oil And Gas Plant, Maximum Storage Capacity | 2,953,725 | |||||||||||
Torrance Valley Pipeline - South [Member] | PBF Logistics LP [Member] | Torrance Valley Pipeline Transportation Services Agreement [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Term of Agreement | 10 years | |||||||||||
Number of Contract Renewals | 2 | |||||||||||
Term of Renewal | 5 years | |||||||||||
Oil And Gas Plant, Collaborative Agreement, Minimum Throughput Capacity | 75,000 | |||||||||||
Torrance Valley Pipeline - South [Member] | PBF Logistics LP [Member] | Torrance Valley Pipeline Transportation Services Agreement [Member] | Amount Prior to Amendment [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Oil And Gas Plant, Collaborative Agreement, Minimum Throughput Capacity | 70,000 | |||||||||||
Torrance Valley Pipeline - South [Member] | PBF Logistics LP [Member] | Torrance Valley Pipeline Transportation Services Agreement [Member] | Updated Agreement Amount [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Oil And Gas Plant, Collaborative Agreement, Minimum Throughput Capacity | 75,000 | |||||||||||
Torrance Valley Pipeline Company LLC [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Business Combination, Consideration Transferred | $ | $ 200 | |||||||||||
TVP Holding [Member] | Torrance Valley Pipeline Company LLC [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Wholly Owned Subsidiary, Percentage of Ownership | 50.00% | |||||||||||
PBF Logistics LP [Member] | Torrance Valley Pipeline Company LLC [Member] | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Wholly Owned Subsidiary, Percentage of Ownership | 100.00% |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Loss Contingencies [Line Items] | |||
Environmental liability | $ 136.7 | $ 141.6 | |
Environmental Issue [Member] | Torrance Refinery [Member] | |||
Loss Contingencies [Line Items] | |||
Environmental liability | 125.4 | $ 130.8 | |
Other Noncurrent Liabilities [Member] | |||
Loss Contingencies [Line Items] | |||
Environmental liability | $ 127.6 | $ 135.1 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |
Lessee, Lease, Description [Line Items] | ||||
Operating lease cost | $ 62.9 | $ 116.2 | ||
Operating Lease, Right-of-Use Asset | 933.7 | 933.7 | $ 853.9 | |
Operating Lease, Liability, Current | 152.6 | 152.6 | ||
Operating Lease, Liability, Noncurrent | $ 766.4 | $ 766.4 | ||
Minimum [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Lessee, Operating Lease, Term of Contract | 1 year | 1 year | ||
Maximum [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Lessee, Operating Lease, Term of Contract | 20 years | 20 years | ||
Hydrogen Supply [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Lessee, Leases Not Yet Commenced, Liability | $ 212.6 | $ 212.6 | ||
Lease with Affiliate [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease cost | 36.7 | 64 | ||
Operating Lease, Right-of-Use Asset | 683 | 683 | $ 604.4 | $ 0 |
Operating Lease, Liability, Current | 72.5 | 72.5 | 0 | |
Operating Lease, Liability, Noncurrent | $ 610.5 | $ 610.5 | $ 0 | |
Lease with Affiliate [Member] | Minimum [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Lessee, Operating Lease, Term of Contract | 7 years | 7 years | ||
Lease with Affiliate [Member] | Maximum [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Lessee, Operating Lease, Term of Contract | 15 years | 15 years | ||
Hydrogen Supply - Second Quarter 2020 [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Lessee, Lease Not Yet Commenced, Term Of Contract | 15 years | |||
Port of Los Angeles [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Lessee, Leases Not Yet Commenced, Liability | $ 238.6 | $ 238.6 | ||
Lessee, Lease Not Yet Commenced, Term Of Contract | 30 years |
Leases - Lease Assets and Liabi
Leases - Lease Assets and Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Lease Assets and Liabilities [Line Items] | |||
Operating Lease, Right-of-Use Asset | $ 933.7 | $ 853.9 | |
Finance Lease, Right-of-Use Asset | 14.2 | ||
Operating Lease, Liability, Current | 152.6 | ||
Finance Lease, Liability, Current | 1.1 | ||
Operating Lease, Liability, Noncurrent | 766.4 | ||
Finance Lease, Liability, Noncurrent | 13.3 | ||
Operating Lease, Liability | 933.4 | ||
Third Party Lease [Member] | |||
Lease Assets and Liabilities [Line Items] | |||
Operating Lease, Right-of-Use Asset | 236.5 | $ 0 | |
Operating Lease, Liability, Current | 80.1 | 0 | |
Operating Lease, Liability, Noncurrent | 155.9 | 0 | |
Lease with Affiliate [Member] | |||
Lease Assets and Liabilities [Line Items] | |||
Operating Lease, Right-of-Use Asset | 683 | $ 604.4 | 0 |
Operating Lease, Liability, Current | 72.5 | 0 | |
Operating Lease, Liability, Noncurrent | $ 610.5 | $ 0 |
Leases - Lease Cost (Details)
Leases - Lease Cost (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Leases [Abstract] | ||
Finance Lease, Right-of-Use Asset, Amortization | $ 0.4 | $ 0.4 |
Finance Lease, Interest Expense | 0.2 | 0.2 |
Operating lease cost | 62.9 | 116.2 |
Short-term lease cost | 25.1 | 48.4 |
Variable lease cost | 4.1 | 14.2 |
Total lease cost | $ 92.7 | $ 179.4 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow and Other Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | |
Supplemental Cash Flow and Other Information [Line Items] | |||
Operating Lease, Weighted Average Remaining Lease Term | 6 years 10 months 15 days | 6 years 10 months 15 days | |
Finance Lease, Weighted Average Remaining Lease Term | 9 years 9 months 15 days | 9 years 9 months 15 days | |
Operating Lease, Payments | $ 108.4 | ||
Finance Lease, Interest Payment on Liability | $ 0.2 | ||
Payments on financing leases | 0.2 | ||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 999.5 | $ 0 | |
Operating Lease, Weighted Average Discount Rate, Percent | 8.13% | 8.13% | |
Finance Lease, Weighted Average Discount Rate, Percent | 6.83% | 6.83% | |
Adjustments for New Accounting Pronouncement [Member] | |||
Supplemental Cash Flow and Other Information [Line Items] | |||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 160.1 |
Leases - Maturity of Lease Liab
Leases - Maturity of Lease Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Jan. 01, 2019 |
Leases [Abstract] | ||
Finance Lease, Liability, Payments, Remainder of Fiscal Year | $ 2 | |
2019 | 221.2 | |
Finance Lease, Liability, Payments, Due Year Two | 2 | |
2020 | 197.5 | |
Finance Lease, Liability, Payments, Due Year Three | 2 | |
2021 | 159.1 | |
Finance Lease, Liability, Payments, Due Year Four | 2 | |
2022 | 150.1 | |
Finance Lease, Liability, Payments, Due Year Five | 2 | |
2023 | 146 | |
Finance Lease, Liability, Payments, Due after Year Five | 9.8 | |
Thereafter | 350.1 | |
Finance Lease, Liability, Payments, Due | 19.8 | |
Total minimum lease payments | 1,224 | |
Finance Lease, Liability, Undiscounted Excess Amount | 5.4 | |
Less: effect of discounting | 305 | |
Finance Lease, Liability | 14.4 | |
Present value of future minimum lease payments | 919 | $ 689.2 |
Finance Lease, Liability, Current | 1.1 | |
Less: current obligations under leases | 152.6 | |
Finance Lease, Liability, Noncurrent | 13.3 | |
Long-term lease obligations | $ 766.4 |
EMPLOYEE BENEFIT PLANS (Details
EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Pension Plan, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 10,900 | $ 11,800 | $ 21,800 | $ 23,600 |
Interest cost | 2,100 | 1,400 | 4,200 | 2,800 |
Expected return on plan assets | (2,400) | (2,100) | (4,800) | (4,200) |
Amortization of prior service cost and actuarial loss | 0 | 100 | 100 | 200 |
Net periodic benefit cost | 10,600 | 11,200 | 21,300 | 22,400 |
Post Retirement Medical Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 300 | 200 | 500 | 500 |
Interest cost | 100 | 300 | 300 | 400 |
Amortization of prior service cost and actuarial loss | 200 | 100 | 300 | 300 |
Net periodic benefit cost | $ 600 | $ 600 | $ 1,100 | $ 1,200 |
REVENUES (Details)
REVENUES (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Revenues | $ 6,551.9 | $ 7,440.5 | $ 11,760.6 | $ 13,240.1 | |
Deferred revenue | 22.4 | 22.4 | $ 17.1 | ||
Gasoline And Distillate [Member] | |||||
Revenues | 5,570.7 | 6,341.8 | 10,003.7 | 11,336.1 | |
Other Refining and Marketing [Member] | |||||
Revenues | 203.9 | 404.1 | 404.6 | 642.8 | |
Asphalt and Residual Oil [Member] | |||||
Revenues | 531.8 | 397.2 | 884.8 | 706.1 | |
Chemicals [Member] | |||||
Revenues | 177.6 | 202.6 | 329.3 | 378.7 | |
Lubricants [Member] | |||||
Revenues | $ 67.9 | $ 94.8 | $ 138.2 | $ 176.4 |
INCOME TAXES Income Taxes (Deta
INCOME TAXES Income Taxes (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2015subsidiary | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | |
Income Taxes [Line Items] | |||||
Number Of Subsidiaries Acquired | subsidiary | 2 | ||||
Current income tax benefit | $ (0.1) | $ 0 | $ (0.1) | $ 0 | |
Deferred income tax expense (benefit) | 1.9 | (4) | (5.3) | (4.7) | |
Total income tax expense (benefit) | $ 1.8 | $ (4) | $ (5.4) | $ (4.7) |
FAIR VALUE MEASUREMENTS (Measur
FAIR VALUE MEASUREMENTS (Measured on Recurring Basis) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Current debt | [1] | $ 1,300,000 | $ 1,300,000 | $ 2,400,000 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3 | 0 | $ 0 | 0 | $ 0 | ||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Defined Benefit Plan, Plan Assets, Amount | 10,200,000 | 10,200,000 | 9,700,000 | |||
Fair Value, Measurements, Recurring [Member] | Catalyst lease [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative, Collateral, Right to Reclaim Cash | 0 | 0 | 0 | |||
Catalyst lease obligations | 45,800,000 | 45,800,000 | 44,300,000 | |||
Fair Value, Measurements, Recurring [Member] | Catalyst lease [Member] | Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Catalyst lease obligations | 0 | 0 | 0 | |||
Fair Value, Measurements, Recurring [Member] | Catalyst lease [Member] | Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Catalyst lease obligations | 45,800,000 | 45,800,000 | 44,300,000 | |||
Fair Value, Measurements, Recurring [Member] | Catalyst lease [Member] | Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Catalyst lease obligations | 0 | 0 | 0 | |||
Fair Value, Measurements, Recurring [Member] | 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 | 11,800,000 | 11,800,000 | 2,900,000 | |||
Derivative, Collateral, Right to Reclaim Cash | (11,800,000) | (11,800,000) | (2,900,000) | |||
Derivative Liability | 0 | 0 | 0 | |||
Fair Value, Measurements, Recurring [Member] | 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 | 11,200,000 | 11,200,000 | ||||
Derivative Liability | 2,700,000 | |||||
Fair Value, Measurements, Recurring [Member] | 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 | 600,000 | 600,000 | ||||
Derivative Liability | 200,000 | |||||
Fair Value, Measurements, Recurring [Member] | 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 | 0 | ||||
Derivative Liability | 0 | |||||
Fair Value, Measurements, Recurring [Member] | Inventory Supply Arrangement Obligation [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 10,900,000 | 10,900,000 | ||||
Derivative, Collateral, Right to Reclaim Cash | 0 | 0 | ||||
Derivative Liability | 10,900,000 | 10,900,000 | ||||
Fair Value, Measurements, Recurring [Member] | Inventory Supply Arrangement Obligation [Member] | Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 0 | 0 | ||||
Fair Value, Measurements, Recurring [Member] | Inventory Supply Arrangement Obligation [Member] | Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 10,900,000 | 10,900,000 | ||||
Fair Value, Measurements, Recurring [Member] | Inventory Supply Arrangement Obligation [Member] | Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 0 | 0 | ||||
Fair Value, Measurements, Recurring [Member] | Money market funds [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Cash and cash equivalents | 800,000 | 800,000 | 2,800,000 | |||
Fair Value, Measurements, Recurring [Member] | Money market funds [Member] | Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Cash and cash equivalents | 800,000 | 800,000 | 2,800,000 | |||
Fair Value, Measurements, Recurring [Member] | 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 | 0 | |||
Fair Value, Measurements, Recurring [Member] | 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 | 0 | |||
Fair Value, Measurements, Recurring [Member] | 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 | 30,800,000 | 30,800,000 | 10,100,000 | |||
Derivative assets, Effect of Counter-party Netting | (11,800,000) | (11,800,000) | (2,900,000) | |||
Derivative assets, Net Carrying Value on Balance Sheet | 19,000,000 | 19,000,000 | 7,200,000 | |||
Fair Value, Measurements, Recurring [Member] | 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 | 22,400,000 | 22,400,000 | 1,200,000 | |||
Fair Value, Measurements, Recurring [Member] | 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 | 8,400,000 | 8,400,000 | 8,900,000 | |||
Fair Value, Measurements, Recurring [Member] | Commodity contract [Member] | Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | $ 0 | $ 0 | ||||
Derivative assets, Net Carrying Value on Balance Sheet | 0 | |||||
Fair Value, Measurements, Recurring [Member] | 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 | 24,100,000 | |||||
Derivative assets, Effect of Counter-party Netting | 0 | |||||
Derivative assets, Net Carrying Value on Balance Sheet | 24,100,000 | |||||
Fair Value, Measurements, Recurring [Member] | 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 | |||||
Fair Value, Measurements, Recurring [Member] | 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 | 24,100,000 | |||||
Fair Value, Measurements, Recurring [Member] | 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 | |||||
[1] | Catalyst leases are valued using a market approach based upon commodity prices for similar instruments quoted in active markets and are categorized as a Level 2 measurement. The Company has elected the fair value option for accounting for its catalyst lease repurchase obligations as the Company’s liability is directly impacted by the change in fair value of the underlying catalyst. During 2018, Toledo Refining and Chalmette Refining entered into two platinum bridge leases which were settled in April 2019 and were not renewed. During 2018 Delaware City Refining entered into a new platinum bridge lease, which will expire in the third quarter of 2019. This lease is payable at maturity and is not anticipated to be renewed. The total outstanding balance related to these bridge leases as of June 30, 2019 and December 31, 2018 was $1.3 million and $2.4 million, respectively, and is included in Current debt in the Company’s Condensed Consolidated Balance Sheets. |
FAIR VALUE MEASUREMENTS (Fair V
FAIR VALUE MEASUREMENTS (Fair Value and Carrying Value of Debt) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018USD ($)lease | Jun. 30, 2019USD ($) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt, Fair value | $ 1,233.7 | $ 1,343.1 | |
Long-term Debt, Gross | 1,290.9 | 1,288.9 | |
Current portion of long-term debt | [1] | (2.4) | (1.3) |
Long-Term Debt And Capital Lease Obligations, Current, Fair Value Disclosure | [1] | (2.4) | (1.3) |
Unamortized Debt Issuance Expense | $ (30.5) | (27.4) | |
Number Of Platinum Leases Entered Into During Period | lease | 2 | ||
Long-term debt | $ 1,258 | 1,260.2 | |
Long-term debt, excluding current maturities, Fair value | 1,231.3 | 1,341.8 | |
2023 Senior Notes [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt, Carrying value | [2] | 500 | 500 |
Long-term debt, Fair value | [2] | 479.4 | 519.6 |
2025 Senior Notes [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt, Carrying value | [2] | 725 | 725 |
Long-term debt, Fair value | [2] | 688.4 | 759.6 |
Catalyst lease [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt, Carrying value | [1] | 44.3 | |
Long-term debt, Fair value | [1] | 44.3 | 45.8 |
PBF Rail Logistics Company LLC [Member] | Notes Payable to Banks [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt, Carrying value | [3] | 21.6 | 18.1 |
Long-term debt, Fair value | [3] | $ 21.6 | 18.1 |
Catalyst lease [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Capital Lease Obligations [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt, Carrying value | [1] | $ 45.8 | |
2025 Senior Notes [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt instrument, interest rate | 7.25% | ||
2023 Senior Notes [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Debt instrument, interest rate | 7.00% | ||
[1] | Catalyst leases are valued using a market approach based upon commodity prices for similar instruments quoted in active markets and are categorized as a Level 2 measurement. The Company has elected the fair value option for accounting for its catalyst lease repurchase obligations as the Company’s liability is directly impacted by the change in fair value of the underlying catalyst. During 2018, Toledo Refining and Chalmette Refining entered into two platinum bridge leases which were settled in April 2019 and were not renewed. During 2018 Delaware City Refining entered into a new platinum bridge lease, which will expire in the third quarter of 2019. This lease is payable at maturity and is not anticipated to be renewed. The total outstanding balance related to these bridge leases as of June 30, 2019 and December 31, 2018 was $1.3 million and $2.4 million, respectively, and is included in Current debt in the Company’s Condensed Consolidated Balance Sheets. | ||
[2] | The estimated fair value, categorized as a Level 2 measurement, was calculated based on the present value of future expected payments utilizing implied current market interest rates based on quoted prices of the 7.00% senior notes due 2023 and the 7.25% senior notes due 2025 (collectively, the “Senior Notes”). | ||
[3] | The estimated fair value approximates carrying value, categorized as a Level 2 measurement, as these borrowings bear interest based upon short-term floating market interest rates. |
DERIVATIVES (Narrative) (Detail
DERIVATIVES (Narrative) (Details) - bbl | Jun. 30, 2019 | Dec. 31, 2018 |
Crude Oil and Feedstock Inventory [Member] | Fair Value Hedging [Member] | ||
Derivative [Line Items] | ||
Derivative, notional amount, volume | 496,153 | 0 |
Intermediates and Refined Products Inventory [Member] | Fair Value Hedging [Member] | ||
Derivative [Line Items] | ||
Derivative, notional amount, volume | 3,418,263 | 3,350,166 |
Crude Oil Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Derivative, notional amount, volume | 12,167,000 | 5,801,000 |
Refined Product Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Derivative, notional amount, volume | 6,481,000 | 1,609,000 |
DERIVATIVES (Fair Value of Deri
DERIVATIVES (Fair Value of Derivative Instruments) (Details) - Accrued Expenses [Member] - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Designated as Hedging Instrument [Member] | Inventory Intermediation Agreement Obligation [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value Asset/(Liability) | $ (10.9) | $ 24.1 |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value Asset/(Liability) | $ 19 | $ 7.2 |
DERIVATIVES (Gain (Loss) Recogn
DERIVATIVES (Gain (Loss) Recognized in Income) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net | $ 0 | $ 0 | $ 0 | $ 0 |
Inventory Intermediation Agreement Obligation [Member] | Designated as Hedging Instrument [Member] | Cost of Sales [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain or (Loss) Recognized in Income on Derivatives | (20,800,000) | 6,300,000 | (35,000,000) | (2,500,000) |
Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | Cost of Sales [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain or (Loss) Recognized in Income on Derivatives | 1,000,000 | (33,100,000) | 32,700,000 | (46,400,000) |
Intermediates and Refined Products Inventory [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | Cost of Sales [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain or (Loss) Recognized in Income on Derivatives | $ 20,800,000 | $ (6,300,000) | $ 35,000,000 | $ 2,500,000 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Millions | Aug. 02, 2019 | Aug. 01, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 |
Subsequent Event [Line Items] | ||||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ (0.8) | $ (0.6) | $ (0.8) | $ (0.7) | ||
Subsequent Event [Member] | PBF Energy [Member] | Class A Common Stock [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Dividends declared per share | $ 0.3 | |||||
Torrance Refinery [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ 36.3 |
CONDENSED CONSOLIDATING FINAN_3
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2019 | |
PBF Services Company [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Percentage of ownership in subsidiaries | 100.00% |
Delaware City Refining Company LLC [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Percentage of ownership in subsidiaries | 100.00% |
Delaware Pipeline Company LLC [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Percentage of ownership in subsidiaries | 100.00% |
PBF Power Marketing LLC [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Percentage of ownership in subsidiaries | 100.00% |
Paulsboro Refining Company LLC [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Percentage of ownership in subsidiaries | 100.00% |
Paulsboro Natural Gas Pipeline Company LLC [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Percentage of ownership in subsidiaries | 100.00% |
Toledo Refining Company LLC [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Percentage of ownership in subsidiaries | 100.00% |
Investments LLC [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Percentage of ownership in subsidiaries | 100.00% |
Torrance Valley Pipeline Company LLC [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Percentage of ownership in TVPC | 50.00% |
CONDENSED CONSOLIDATING FINAN_4
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS (Balance Sheet) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | |
Current assets: | |||||||||
Cash and cash equivalents | $ 156.8 | $ 561.7 | $ 442.7 | $ 526.2 | $ 442.7 | ||||
Accounts receivable | 984.7 | 710.7 | |||||||
Accounts receivable - affiliate | 5.5 | 12 | |||||||
Inventories | 2,312.6 | 1,864.1 | |||||||
Prepaid and other current assets | 86.5 | 52.5 | |||||||
Due from related parties | 0 | 0 | |||||||
Total current assets | 3,546.1 | 3,201 | |||||||
Property, plant and equipment, net | 3,063.2 | 2,971.2 | |||||||
Investment in subsidiaries | 0 | 0 | |||||||
Investment in equity method investee | 0 | 169.5 | |||||||
Operating Lease, Right-of-Use Asset | 933.7 | $ 853.9 | |||||||
Deferred charges and other assets, net | 1,027.7 | 871.8 | |||||||
Total assets | 8,556.5 | 7,213.5 | |||||||
Current liabilities: | |||||||||
Accounts payable | 438.8 | 483.8 | |||||||
Accounts payable - affiliate | 47.3 | 49.5 | |||||||
Accrued expenses | 1,803.1 | 1,579 | |||||||
Operating Lease, Liability, Current | 152.6 | ||||||||
Current portion of long-term debt | [1] | 1.3 | 2.4 | ||||||
Deferred revenue | 22.4 | 17.1 | |||||||
Due to related parties | 0 | 0 | |||||||
Total current liabilities | 2,465.5 | 2,131.8 | |||||||
Long-term debt | 1,260.2 | 1,258 | |||||||
Deferred tax liabilities | 35.1 | 40.4 | |||||||
Operating Lease, Liability, Noncurrent | 766.4 | ||||||||
Other long-term liabilities | 255.3 | 253.5 | |||||||
Investment in subsidiaries | 0 | ||||||||
Due to Related Parties, Noncurrent | 0 | ||||||||
Total liabilities | 4,782.5 | 3,683.7 | |||||||
Commitments and contingencies | |||||||||
Equity: | |||||||||
Member’s equity | 2,699.8 | 2,652.5 | |||||||
Retained earnings / (accumulated deficit) | 1,086.4 | 890.3 | |||||||
Accumulated other comprehensive loss | (23.2) | (23.9) | |||||||
Total PBF Holding Company LLC equity | 3,763 | 3,518.9 | |||||||
Noncontrolling interest | 11 | 10.9 | |||||||
Total equity | 3,774 | $ 3,825 | 3,529.8 | $ 3,589.1 | $ 3,219.7 | 3,183.9 | |||
Total liabilities and equity | 8,556.5 | 7,213.5 | |||||||
Consolidation, Eliminations [Member] | |||||||||
Current assets: | |||||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | |||||
Accounts receivable | 0 | 0 | |||||||
Accounts receivable - affiliate | 0 | 0 | |||||||
Inventories | 0 | 0 | |||||||
Prepaid and other current assets | 0 | 0 | |||||||
Due from related parties | (73,658.9) | (68,384.6) | |||||||
Total current assets | (73,658.9) | (68,384.6) | |||||||
Property, plant and equipment, net | 0 | 0 | |||||||
Investment in subsidiaries | (233.7) | (421.4) | |||||||
Investment in equity method investee | 0 | ||||||||
Deferred charges and other assets, net | 0 | 0 | |||||||
Total assets | (73,892.6) | (68,806) | |||||||
Current liabilities: | |||||||||
Accounts payable | 0 | 0 | |||||||
Accounts payable - affiliate | 0 | 0 | |||||||
Accrued expenses | 0 | 0 | |||||||
Current portion of long-term debt | 0 | 0 | |||||||
Deferred revenue | 0 | 0 | |||||||
Due to related parties | (73,658.9) | (68,384.6) | |||||||
Total current liabilities | (73,658.9) | (68,384.6) | |||||||
Long-term debt | 0 | 0 | |||||||
Deferred tax liabilities | 0 | 0 | |||||||
Other long-term liabilities | 0 | 0 | |||||||
Investment in subsidiaries | (2,854.8) | ||||||||
Due to Related Parties, Noncurrent | (1,938.3) | ||||||||
Total liabilities | (76,513.7) | (70,322.9) | |||||||
Commitments and contingencies | |||||||||
Equity: | |||||||||
Member’s equity | (1,728.6) | (2,060.9) | |||||||
Retained earnings / (accumulated deficit) | 4,353.2 | 3,581.2 | |||||||
Accumulated other comprehensive loss | 7.5 | 7.5 | |||||||
Total PBF Holding Company LLC equity | 2,632.1 | 1,527.8 | |||||||
Noncontrolling interest | (11) | (10.9) | |||||||
Total equity | 2,621.1 | 1,516.9 | |||||||
Total liabilities and equity | (73,892.6) | (68,806) | |||||||
Issuer [Member] | |||||||||
Current assets: | |||||||||
Cash and cash equivalents | 118.9 | 526 | 486.6 | 400.7 | |||||
Accounts receivable | 965.6 | 690.1 | |||||||
Accounts receivable - affiliate | 1.7 | 1.8 | |||||||
Inventories | 2,113.8 | 1,685.4 | |||||||
Prepaid and other current assets | 44.2 | 20.7 | |||||||
Due from related parties | 36,665.2 | 33,793.1 | |||||||
Total current assets | 39,909.4 | 36,717.1 | |||||||
Property, plant and equipment, net | 15.3 | 17.3 | |||||||
Investment in subsidiaries | 0 | 0 | |||||||
Investment in equity method investee | 0 | ||||||||
Deferred charges and other assets, net | 16.9 | 16 | |||||||
Total assets | 40,734.1 | 36,750.4 | |||||||
Current liabilities: | |||||||||
Accounts payable | 279 | 278.2 | |||||||
Accounts payable - affiliate | 45.5 | 34.2 | |||||||
Accrued expenses | 1,423.8 | 1,364 | |||||||
Current portion of long-term debt | 0 | 0 | |||||||
Deferred revenue | 20.9 | 15.6 | |||||||
Due to related parties | 30,294.2 | 28,340.7 | |||||||
Total current liabilities | 32,200 | 30,032.7 | |||||||
Long-term debt | 1,197.8 | 1,194.7 | |||||||
Deferred tax liabilities | 0 | 0 | |||||||
Other long-term liabilities | 52.1 | 54.9 | |||||||
Investment in subsidiaries | 2,854.8 | ||||||||
Due to Related Parties, Noncurrent | 1,938.3 | ||||||||
Total liabilities | 36,960.1 | 33,220.6 | |||||||
Commitments and contingencies | |||||||||
Equity: | |||||||||
Member’s equity | 2,699.8 | 2,652.5 | |||||||
Retained earnings / (accumulated deficit) | 1,086.4 | 890.3 | |||||||
Accumulated other comprehensive loss | (23.2) | (23.9) | |||||||
Total PBF Holding Company LLC equity | 3,763 | 3,518.9 | |||||||
Noncontrolling interest | 11 | 10.9 | |||||||
Total equity | 3,774 | 3,529.8 | |||||||
Total liabilities and equity | 40,734.1 | 36,750.4 | |||||||
Guarantor Subsidiaries [Member] | |||||||||
Current assets: | |||||||||
Cash and cash equivalents | 7.9 | 9.1 | 13.5 | 16.2 | |||||
Accounts receivable | 6.8 | 7.2 | |||||||
Accounts receivable - affiliate | 2.8 | 9.5 | |||||||
Inventories | 0 | 0 | |||||||
Prepaid and other current assets | 40.8 | 30 | |||||||
Due from related parties | 25,989.9 | 25,057.3 | |||||||
Total current assets | 26,048.2 | 25,113.1 | |||||||
Property, plant and equipment, net | 2,817.9 | 2,722.7 | |||||||
Investment in subsidiaries | 233.7 | 421.4 | |||||||
Investment in equity method investee | 0 | ||||||||
Deferred charges and other assets, net | 1,010.8 | 855.8 | |||||||
Total assets | 30,237.6 | 29,113 | |||||||
Current liabilities: | |||||||||
Accounts payable | 146.9 | 189.7 | |||||||
Accounts payable - affiliate | 1.5 | 14.8 | |||||||
Accrued expenses | 107 | 156.1 | |||||||
Current portion of long-term debt | 1.3 | 2.4 | |||||||
Deferred revenue | 1.5 | 1.5 | |||||||
Due to related parties | 32,445.7 | 30,433.4 | |||||||
Total current liabilities | 32,719.9 | 30,797.9 | |||||||
Long-term debt | 44.5 | 42 | |||||||
Deferred tax liabilities | 0 | 0 | |||||||
Other long-term liabilities | 200.1 | 194.5 | |||||||
Investment in subsidiaries | 0 | ||||||||
Due to Related Parties, Noncurrent | 0 | ||||||||
Total liabilities | 33,075.5 | 31,034.4 | |||||||
Commitments and contingencies | |||||||||
Equity: | |||||||||
Member’s equity | 1,582.2 | 1,737.2 | |||||||
Retained earnings / (accumulated deficit) | (4,423.6) | (3,662) | |||||||
Accumulated other comprehensive loss | (7.5) | (7.5) | |||||||
Total PBF Holding Company LLC equity | (2,848.9) | (1,932.3) | |||||||
Noncontrolling interest | 11 | 10.9 | |||||||
Total equity | (2,837.9) | (1,921.4) | |||||||
Total liabilities and equity | 30,237.6 | 29,113 | |||||||
Non-Guarantor Subsidiaries [Member] | |||||||||
Current assets: | |||||||||
Cash and cash equivalents | 30 | 26.6 | $ 26.1 | $ 25.8 | |||||
Accounts receivable | 12.3 | 13.4 | |||||||
Accounts receivable - affiliate | 1 | 0.7 | |||||||
Inventories | 198.8 | 178.7 | |||||||
Prepaid and other current assets | 1.5 | 1.8 | |||||||
Due from related parties | 11,003.8 | 9,534.2 | |||||||
Total current assets | 11,247.4 | 9,755.4 | |||||||
Property, plant and equipment, net | 230 | 231.2 | |||||||
Investment in subsidiaries | 0 | 0 | |||||||
Investment in equity method investee | 169.5 | ||||||||
Deferred charges and other assets, net | 0 | 0 | |||||||
Total assets | 11,477.4 | 10,156.1 | |||||||
Current liabilities: | |||||||||
Accounts payable | 12.9 | 15.9 | |||||||
Accounts payable - affiliate | 0.3 | 0.5 | |||||||
Accrued expenses | 272.3 | 58.9 | |||||||
Current portion of long-term debt | 0 | 0 | |||||||
Deferred revenue | 0 | 0 | |||||||
Due to related parties | 10,919 | 9,610.5 | |||||||
Total current liabilities | 11,204.5 | 9,685.8 | |||||||
Long-term debt | 17.9 | 21.3 | |||||||
Deferred tax liabilities | 35.1 | 40.4 | |||||||
Other long-term liabilities | 3.1 | 4.1 | |||||||
Investment in subsidiaries | 0 | ||||||||
Due to Related Parties, Noncurrent | 0 | ||||||||
Total liabilities | 11,260.6 | 9,751.6 | |||||||
Commitments and contingencies | |||||||||
Equity: | |||||||||
Member’s equity | 146.4 | 323.7 | |||||||
Retained earnings / (accumulated deficit) | 70.4 | 80.8 | |||||||
Accumulated other comprehensive loss | 0 | 0 | |||||||
Total PBF Holding Company LLC equity | 216.8 | 404.5 | |||||||
Noncontrolling interest | 0 | 0 | |||||||
Total equity | 216.8 | 404.5 | |||||||
Total liabilities and equity | 11,477.4 | 10,156.1 | |||||||
Third Party Lease [Member] | |||||||||
Current assets: | |||||||||
Operating Lease, Right-of-Use Asset | 236.5 | 0 | |||||||
Current liabilities: | |||||||||
Operating Lease, Liability, Current | 80.1 | 0 | |||||||
Operating Lease, Liability, Noncurrent | 155.9 | 0 | |||||||
Third Party Lease [Member] | Consolidation, Eliminations [Member] | |||||||||
Current assets: | |||||||||
Operating Lease, Right-of-Use Asset | 0 | ||||||||
Current liabilities: | |||||||||
Operating Lease, Liability, Current | 0 | ||||||||
Operating Lease, Liability, Noncurrent | 0 | ||||||||
Third Party Lease [Member] | Issuer [Member] | |||||||||
Current assets: | |||||||||
Operating Lease, Right-of-Use Asset | 174.6 | ||||||||
Current liabilities: | |||||||||
Operating Lease, Liability, Current | 66.8 | ||||||||
Operating Lease, Liability, Noncurrent | 107.3 | ||||||||
Third Party Lease [Member] | Guarantor Subsidiaries [Member] | |||||||||
Current assets: | |||||||||
Operating Lease, Right-of-Use Asset | 61.9 | ||||||||
Current liabilities: | |||||||||
Operating Lease, Liability, Current | 13.3 | ||||||||
Operating Lease, Liability, Noncurrent | 48.6 | ||||||||
Third Party Lease [Member] | Non-Guarantor Subsidiaries [Member] | |||||||||
Current assets: | |||||||||
Operating Lease, Right-of-Use Asset | 0 | ||||||||
Current liabilities: | |||||||||
Operating Lease, Liability, Current | 0 | ||||||||
Operating Lease, Liability, Noncurrent | 0 | ||||||||
Lease with Affiliate [Member] | |||||||||
Current assets: | |||||||||
Operating Lease, Right-of-Use Asset | 683 | $ 604.4 | 0 | ||||||
Current liabilities: | |||||||||
Operating Lease, Liability, Current | 72.5 | 0 | |||||||
Operating Lease, Liability, Noncurrent | 610.5 | $ 0 | |||||||
Lease with Affiliate [Member] | Consolidation, Eliminations [Member] | |||||||||
Current assets: | |||||||||
Operating Lease, Right-of-Use Asset | 0 | ||||||||
Current liabilities: | |||||||||
Operating Lease, Liability, Current | 0 | ||||||||
Operating Lease, Liability, Noncurrent | 0 | ||||||||
Lease with Affiliate [Member] | Issuer [Member] | |||||||||
Current assets: | |||||||||
Operating Lease, Right-of-Use Asset | 617.9 | ||||||||
Current liabilities: | |||||||||
Operating Lease, Liability, Current | 69.8 | ||||||||
Operating Lease, Liability, Noncurrent | 548.1 | ||||||||
Lease with Affiliate [Member] | Guarantor Subsidiaries [Member] | |||||||||
Current assets: | |||||||||
Operating Lease, Right-of-Use Asset | 65.1 | ||||||||
Current liabilities: | |||||||||
Operating Lease, Liability, Current | 2.7 | ||||||||
Operating Lease, Liability, Noncurrent | 62.4 | ||||||||
Lease with Affiliate [Member] | Non-Guarantor Subsidiaries [Member] | |||||||||
Current assets: | |||||||||
Operating Lease, Right-of-Use Asset | 0 | ||||||||
Current liabilities: | |||||||||
Operating Lease, Liability, Current | 0 | ||||||||
Operating Lease, Liability, Noncurrent | $ 0 | ||||||||
[1] | Catalyst leases are valued using a market approach based upon commodity prices for similar instruments quoted in active markets and are categorized as a Level 2 measurement. The Company has elected the fair value option for accounting for its catalyst lease repurchase obligations as the Company’s liability is directly impacted by the change in fair value of the underlying catalyst. During 2018, Toledo Refining and Chalmette Refining entered into two platinum bridge leases which were settled in April 2019 and were not renewed. During 2018 Delaware City Refining entered into a new platinum bridge lease, which will expire in the third quarter of 2019. This lease is payable at maturity and is not anticipated to be renewed. The total outstanding balance related to these bridge leases as of June 30, 2019 and December 31, 2018 was $1.3 million and $2.4 million, respectively, and is included in Current debt in the Company’s Condensed Consolidated Balance Sheets. |
CONDENSED CONSOLIDATING FINAN_5
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS (Statement of Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenues | $ 6,551.9 | $ 7,440.5 | $ 11,760.6 | $ 13,240.1 | ||
Cost and expenses: | ||||||
Cost of products and other | 6,025.4 | 6,512.2 | 10,301.6 | 11,701.8 | ||
Operating expenses (excluding depreciation and amortization expense as reflected below) | 409.7 | 402.7 | 863.1 | 814.1 | ||
Depreciation and amortization expense | 95.3 | 82.8 | 189.6 | 159.6 | ||
Cost of sales | 6,530.4 | 6,997.7 | 11,354.3 | 12,675.5 | ||
General and administrative expenses (excluding depreciation and amortization expense as reflected below) | 46.6 | 51.8 | 97.8 | 110.1 | ||
Depreciation and amortization expense | 2.9 | 2.6 | 5.7 | 5.3 | ||
Equity income in investee | (3.2) | (4.4) | (7.9) | (8.4) | ||
Loss on sale of assets | 0.8 | 0.6 | 0.8 | 0.7 | ||
Total cost and expenses | 6,577.5 | 7,048.3 | 11,450.7 | 12,783.2 | ||
Income (loss) from operations | (25.6) | 392.2 | 309.9 | 456.9 | ||
Other income (expense): | ||||||
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 | ||
Change in fair value of catalyst leases | 0.5 | 4.1 | (2.6) | 4.1 | ||
Interest expense, net | (29.6) | (33) | (57) | (66.3) | ||
Other non-service component of net periodic benefit costs | 0 | 0.2 | (0.1) | 0.5 | ||
Income (loss) before income taxes | (54.7) | 363.5 | 250.2 | 395.2 | ||
Income tax expense (benefit) | 1.8 | (4) | (5.4) | (4.7) | ||
Net income (loss) | (56.5) | $ 312.1 | 367.5 | $ 32.4 | 255.6 | 399.9 |
Less: net income attributable to noncontrolling interests | 0.1 | 0 | 0.1 | 0 | ||
Net income (loss) attributable to PBF Holding Company LLC | (56.6) | 367.5 | 255.5 | 399.9 | ||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (56.1) | 367.5 | 256.2 | 400.2 | ||
Guarantor Subsidiaries [Member] | ||||||
Revenues | 350.8 | 342.1 | 1,201.1 | 1,053.8 | ||
Cost and expenses: | ||||||
Cost of products and other | 164.3 | 157.1 | 894.9 | 761.4 | ||
Operating expenses (excluding depreciation and amortization expense as reflected below) | 401.6 | 394.7 | 847.7 | 799.7 | ||
Depreciation and amortization expense | 93.4 | 80.9 | 185.8 | 155.8 | ||
Cost of sales | 659.3 | 632.7 | 1,928.4 | 1,716.9 | ||
General and administrative expenses (excluding depreciation and amortization expense as reflected below) | 9.9 | 7.1 | 18.5 | 13.1 | ||
Depreciation and amortization expense | 0 | 0 | 0 | 0 | ||
Equity income in investee | 0 | 0 | 0 | 0 | ||
Loss on sale of assets | 0.8 | 0.6 | 0.8 | 0.7 | ||
Total cost and expenses | 670 | 640.4 | 1,947.7 | 1,730.7 | ||
Income (loss) from operations | (319.2) | (298.3) | (746.6) | (676.9) | ||
Other income (expense): | ||||||
Equity in earnings of subsidiaries | 7.4 | (9.9) | (10.4) | (9) | ||
Change in fair value of catalyst leases | 0.5 | 4.1 | (2.6) | 4.1 | ||
Interest expense, net | (0.2) | (0.5) | (0.6) | (0.9) | ||
Other non-service component of net periodic benefit costs | 0.2 | 0.3 | 0.3 | 0.7 | ||
Income (loss) before income taxes | (311.3) | (304.3) | (759.9) | (682) | ||
Income tax expense (benefit) | 0 | 0 | 0 | 0 | ||
Net income (loss) | (311.3) | (304.3) | (759.9) | (682) | ||
Less: net income attributable to noncontrolling interests | 0.1 | 0.1 | ||||
Net income (loss) attributable to PBF Holding Company LLC | (311.4) | (760) | (682) | |||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (311.4) | (304.3) | (760) | (682) | ||
Non-Guarantor Subsidiaries [Member] | ||||||
Revenues | 973.7 | 903.6 | 1,578.4 | 1,589.2 | ||
Cost and expenses: | ||||||
Cost of products and other | 958.3 | 910.8 | 1,584 | 1,590.4 | ||
Operating expenses (excluding depreciation and amortization expense as reflected below) | 8.1 | 8 | 15.4 | 14.4 | ||
Depreciation and amortization expense | 1.9 | 1.9 | 3.8 | 3.8 | ||
Cost of sales | 968.3 | 920.7 | 1,603.2 | 1,608.6 | ||
General and administrative expenses (excluding depreciation and amortization expense as reflected below) | (0.9) | 0.9 | (1.6) | 2.2 | ||
Depreciation and amortization expense | 0 | 0 | 0 | 0 | ||
Equity income in investee | (3.2) | (4.4) | (7.9) | (8.4) | ||
Loss on sale of assets | 0 | 0 | 0 | 0 | ||
Total cost and expenses | 964.2 | 917.2 | 1,593.7 | 1,602.4 | ||
Income (loss) from operations | 9.5 | (13.6) | (15.3) | (13.2) | ||
Other income (expense): | ||||||
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 | ||
Change in fair value of catalyst leases | 0 | 0 | 0 | 0 | ||
Interest expense, net | (0.3) | (0.3) | (0.5) | (0.5) | ||
Other non-service component of net periodic benefit costs | 0 | 0 | 0 | 0 | ||
Income (loss) before income taxes | 9.2 | (13.9) | (15.8) | (13.7) | ||
Income tax expense (benefit) | 1.8 | (4) | (5.4) | (4.7) | ||
Net income (loss) | 7.4 | (9.9) | (10.4) | (9) | ||
Less: net income attributable to noncontrolling interests | 0 | 0 | ||||
Net income (loss) attributable to PBF Holding Company LLC | 7.4 | (10.4) | (9) | |||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 7.4 | (9.9) | (10.4) | (9) | ||
Issuer [Member] | ||||||
Revenues | 6,521 | 7,379.2 | 11,709.9 | 13,113.9 | ||
Cost and expenses: | ||||||
Cost of products and other | 6,196.4 | 6,628.7 | 10,551.5 | 11,866.8 | ||
Operating expenses (excluding depreciation and amortization expense as reflected below) | 0 | 0 | 0 | 0 | ||
Depreciation and amortization expense | 0 | 0 | 0 | 0 | ||
Cost of sales | 6,196.4 | 6,628.7 | 10,551.5 | 11,866.8 | ||
General and administrative expenses (excluding depreciation and amortization expense as reflected below) | 37.6 | 43.8 | 80.9 | 94.8 | ||
Depreciation and amortization expense | 2.9 | 2.6 | 5.7 | 5.3 | ||
Equity income in investee | 0 | 0 | 0 | 0 | ||
Loss on sale of assets | 0 | 0 | 0 | 0 | ||
Total cost and expenses | 6,236.9 | 6,675.1 | 10,638.1 | 11,966.9 | ||
Income (loss) from operations | 284.1 | 704.1 | 1,071.8 | 1,147 | ||
Other income (expense): | ||||||
Equity in earnings of subsidiaries | (311.3) | (304.3) | (759.9) | (682) | ||
Change in fair value of catalyst leases | 0 | 0 | 0 | 0 | ||
Interest expense, net | (29.1) | (32.2) | (55.9) | (64.9) | ||
Other non-service component of net periodic benefit costs | (0.2) | (0.1) | (0.4) | (0.2) | ||
Income (loss) before income taxes | (56.5) | 367.5 | 255.6 | 399.9 | ||
Income tax expense (benefit) | 0 | 0 | 0 | 0 | ||
Net income (loss) | (56.5) | 367.5 | 255.6 | 399.9 | ||
Less: net income attributable to noncontrolling interests | 0.1 | 0.1 | ||||
Net income (loss) attributable to PBF Holding Company LLC | (56.6) | 255.5 | 399.9 | |||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (56.1) | 367.5 | 256.2 | 400.2 | ||
Consolidation, Eliminations [Member] | ||||||
Revenues | (1,293.6) | (1,184.4) | (2,728.8) | (2,516.8) | ||
Cost and expenses: | ||||||
Cost of products and other | (1,293.6) | (1,184.4) | (2,728.8) | (2,516.8) | ||
Operating expenses (excluding depreciation and amortization expense as reflected below) | 0 | 0 | 0 | 0 | ||
Depreciation and amortization expense | 0 | 0 | 0 | 0 | ||
Cost of sales | (1,293.6) | (1,184.4) | (2,728.8) | (2,516.8) | ||
General and administrative expenses (excluding depreciation and amortization expense as reflected below) | 0 | 0 | 0 | 0 | ||
Depreciation and amortization expense | 0 | 0 | 0 | 0 | ||
Equity income in investee | 0 | 0 | 0 | 0 | ||
Loss on sale of assets | 0 | 0 | 0 | 0 | ||
Total cost and expenses | (1,293.6) | (1,184.4) | (2,728.8) | (2,516.8) | ||
Income (loss) from operations | 0 | 0 | 0 | 0 | ||
Other income (expense): | ||||||
Equity in earnings of subsidiaries | 303.9 | 314.2 | 770.3 | 691 | ||
Change in fair value of catalyst leases | 0 | 0 | 0 | 0 | ||
Interest expense, net | 0 | 0 | 0 | 0 | ||
Other non-service component of net periodic benefit costs | 0 | 0 | 0 | 0 | ||
Income (loss) before income taxes | 303.9 | 314.2 | 770.3 | 691 | ||
Income tax expense (benefit) | 0 | 0 | 0 | 0 | ||
Net income (loss) | 303.9 | 314.2 | 770.3 | 691 | ||
Less: net income attributable to noncontrolling interests | (0.1) | (0.1) | ||||
Net income (loss) attributable to PBF Holding Company LLC | 304 | 770.4 | 691 | |||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 304 | $ 314.2 | $ 770.4 | $ 691 |
CONDENSED CONSOLIDATING FINAN_6
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS (Statement of Cash Flows) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flows from operating activities: | ||||||
Net income | $ (56,500) | $ 312,100 | $ 367,500 | $ 32,400 | $ 255,600 | $ 399,900 |
Adjustments to reconcile net income to net cash from operating activities: | ||||||
Depreciation and amortization | 198,400 | 168,100 | ||||
Stock-based compensation | 15,700 | 9,500 | ||||
Change in fair value of catalyst leases | 2,600 | (4,100) | ||||
Deferred income taxes | 1,900 | (4,000) | (5,300) | (4,700) | ||
Non-cash change in inventory repurchase obligations | 35,000 | 2,500 | ||||
Non-cash lower of cost or market inventory adjustment | (324,000) | (245,700) | ||||
Pension and other post-retirement benefit costs | 22,400 | 23,700 | ||||
Income from equity method investee | (3,200) | (4,400) | (7,900) | (8,400) | ||
Distributions from equity method investee | 7,900 | 8,400 | ||||
Loss on sale of assets | 800 | 700 | ||||
Equity in earnings (loss) of subsidiaries | 0 | 0 | 0 | 0 | ||
Changes in operating assets and liabilities: | ||||||
Accounts receivable | (274,100) | (80,400) | ||||
Due to/from affiliates | 12,900 | (7,700) | ||||
Inventories | (124,600) | (80,800) | ||||
Prepaid and other current assets | (34,100) | (1,800) | ||||
Accounts payable | (34,300) | 64,300 | ||||
Accrued expenses | 200,000 | 900 | ||||
Deferred revenue | 5,300 | (3,900) | ||||
Other assets and liabilities | (28,300) | (10,000) | ||||
Net cash (used in) provided by operating activities | (76,000) | 230,500 | ||||
Cash flows from investing activities: | ||||||
Expenditures for property, plant and equipment | (190,900) | (110,200) | ||||
Expenditures for deferred turnaround costs | (261,900) | (179,200) | ||||
Expenditures for other assets | (33,900) | (12,300) | ||||
Equity method investment - return of capital | 600 | 2,800 | ||||
Net cash (used in) provided by investing activities | (486,100) | (298,900) | ||||
Cash flows from financing activities: | ||||||
Contributions from PBF LLC | (202,500) | (22,000) | ||||
Distribution to members | (59,400) | (26,500) | ||||
Repayments of Long-term Debt | (3,500) | |||||
Repayment of notes payable | 2,400 | |||||
Catalyst lease settlements | (1,200) | (9,500) | ||||
Proceeds from revolver borrowings | 1,250,000 | 0 | ||||
Repayments of revolver borrowings | (1,250,000) | 0 | ||||
Repayments of Notes Payable | 0 | 2,400 | ||||
Proceeds from insurance premium financing | 18,900 | 17,400 | ||||
Deferred financing costs and other | (100) | (12,700) | ||||
Net cash provided by (used in) financing activities | 157,200 | (15,100) | ||||
Net decrease in cash and cash equivalents | (404,900) | (83,500) | ||||
Cash and equivalents, beginning of period | 561,700 | 526,200 | 561,700 | 526,200 | ||
Cash and equivalents, end of period | 156,800 | 442,700 | 156,800 | 442,700 | ||
Rail Facility [Member] | ||||||
Cash flows from financing activities: | ||||||
Repayments of Long-term Debt | (3,400) | |||||
Issuer [Member] | ||||||
Cash flows from operating activities: | ||||||
Net income | (56,500) | 367,500 | 255,600 | 399,900 | ||
Adjustments to reconcile net income to net cash from operating activities: | ||||||
Depreciation and amortization | 8,700 | 8,400 | ||||
Stock-based compensation | 600 | 0 | ||||
Change in fair value of catalyst leases | 0 | 0 | ||||
Deferred income taxes | 0 | 0 | ||||
Non-cash change in inventory repurchase obligations | 35,000 | 2,500 | ||||
Non-cash lower of cost or market inventory adjustment | (324,000) | (245,700) | ||||
Pension and other post-retirement benefit costs | 4,000 | 3,500 | ||||
Income from equity method investee | 0 | 0 | 0 | 0 | ||
Distributions from equity method investee | 0 | 0 | ||||
Loss on sale of assets | 0 | 0 | ||||
Equity in earnings (loss) of subsidiaries | 311,300 | 304,300 | 759,900 | 682,000 | ||
Changes in operating assets and liabilities: | ||||||
Accounts receivable | (275,500) | (89,100) | ||||
Due to/from affiliates | (874,300) | (866,200) | ||||
Inventories | (104,500) | (125,700) | ||||
Prepaid and other current assets | (23,500) | 1,600 | ||||
Accounts payable | (800) | 94,200 | ||||
Accrued expenses | (9,600) | 61,100 | ||||
Deferred revenue | 5,300 | (2,400) | ||||
Other assets and liabilities | (6,800) | 8,600 | ||||
Net cash (used in) provided by operating activities | (549,900) | (67,300) | ||||
Cash flows from investing activities: | ||||||
Expenditures for property, plant and equipment | (3,700) | (2,600) | ||||
Expenditures for deferred turnaround costs | 0 | 0 | ||||
Expenditures for other assets | 0 | 0 | ||||
Equity method investment - return of capital | 0 | 0 | ||||
Net cash (used in) provided by investing activities | (3,700) | (2,600) | ||||
Cash flows from financing activities: | ||||||
Contributions from PBF LLC | (202,500) | (22,000) | ||||
Distribution to members | (57,700) | (26,500) | ||||
Repayments of Long-term Debt | 0 | |||||
Repayment of notes payable | 0 | |||||
Catalyst lease settlements | 0 | 0 | ||||
Proceeds from revolver borrowings | 1,250,000 | |||||
Repayments of revolver borrowings | (1,250,000) | |||||
Proceeds from insurance premium financing | 1,700 | 1,200 | ||||
Deferred financing costs and other | 0 | 12,700 | ||||
Net cash provided by (used in) financing activities | 146,500 | (16,000) | ||||
Net decrease in cash and cash equivalents | (407,100) | (85,900) | ||||
Cash and equivalents, beginning of period | 526,000 | 486,600 | 526,000 | 486,600 | ||
Cash and equivalents, end of period | 118,900 | 118,900 | ||||
Issuer [Member] | Rail Facility [Member] | ||||||
Cash flows from financing activities: | ||||||
Repayments of Long-term Debt | 0 | |||||
Guarantor Subsidiaries [Member] | ||||||
Cash flows from operating activities: | ||||||
Net income | (311,300) | (304,300) | (759,900) | (682,000) | ||
Adjustments to reconcile net income to net cash from operating activities: | ||||||
Depreciation and amortization | 185,800 | 155,800 | ||||
Stock-based compensation | 15,100 | 9,500 | ||||
Change in fair value of catalyst leases | 2,600 | (4,100) | ||||
Deferred income taxes | 0 | 0 | ||||
Non-cash change in inventory repurchase obligations | 0 | 0 | ||||
Non-cash lower of cost or market inventory adjustment | 0 | 0 | ||||
Pension and other post-retirement benefit costs | 18,400 | 20,200 | ||||
Income from equity method investee | 0 | 0 | 0 | 0 | ||
Distributions from equity method investee | 0 | 0 | ||||
Loss on sale of assets | 800 | 700 | ||||
Equity in earnings (loss) of subsidiaries | (7,400) | 9,900 | 10,400 | 9,000 | ||
Changes in operating assets and liabilities: | ||||||
Accounts receivable | 400 | (1,400) | ||||
Due to/from affiliates | 1,048,700 | 849,500 | ||||
Inventories | 0 | 0 | ||||
Prepaid and other current assets | (10,800) | (3,800) | ||||
Accounts payable | (30,500) | (24,900) | ||||
Accrued expenses | (3,700) | (23,500) | ||||
Deferred revenue | 0 | (1,500) | ||||
Other assets and liabilities | (12,100) | (7,000) | ||||
Net cash (used in) provided by operating activities | 465,200 | 296,500 | ||||
Cash flows from investing activities: | ||||||
Expenditures for property, plant and equipment | (184,800) | (106,600) | ||||
Expenditures for deferred turnaround costs | (261,900) | (179,200) | ||||
Expenditures for other assets | (33,900) | (12,300) | ||||
Equity method investment - return of capital | 0 | 0 | ||||
Net cash (used in) provided by investing activities | (480,600) | (298,100) | ||||
Cash flows from financing activities: | ||||||
Contributions from PBF LLC | 0 | 0 | ||||
Distribution to members | (1,700) | 0 | ||||
Repayments of Long-term Debt | 0 | |||||
Repayment of notes payable | 2,400 | |||||
Catalyst lease settlements | (1,200) | 9,500 | ||||
Proceeds from revolver borrowings | 0 | |||||
Repayments of revolver borrowings | 0 | |||||
Proceeds from insurance premium financing | 17,200 | 16,200 | ||||
Deferred financing costs and other | (100) | 0 | ||||
Net cash provided by (used in) financing activities | 14,200 | 4,300 | ||||
Net decrease in cash and cash equivalents | (1,200) | 2,700 | ||||
Cash and equivalents, beginning of period | 9,100 | 13,500 | 9,100 | 13,500 | ||
Cash and equivalents, end of period | 7,900 | 7,900 | ||||
Guarantor Subsidiaries [Member] | Rail Facility [Member] | ||||||
Cash flows from financing activities: | ||||||
Repayments of Long-term Debt | 0 | |||||
Non-Guarantor Subsidiaries [Member] | ||||||
Cash flows from operating activities: | ||||||
Net income | 7,400 | (9,900) | (10,400) | (9,000) | ||
Adjustments to reconcile net income to net cash from operating activities: | ||||||
Depreciation and amortization | 3,900 | 3,900 | ||||
Stock-based compensation | 0 | 0 | ||||
Change in fair value of catalyst leases | 0 | 0 | ||||
Deferred income taxes | (5,300) | (4,700) | ||||
Non-cash change in inventory repurchase obligations | 0 | 0 | ||||
Non-cash lower of cost or market inventory adjustment | 0 | 0 | ||||
Pension and other post-retirement benefit costs | 0 | 0 | ||||
Income from equity method investee | (3,200) | (4,400) | (7,900) | (8,400) | ||
Distributions from equity method investee | 7,900 | 8,400 | ||||
Loss on sale of assets | 0 | 0 | ||||
Equity in earnings (loss) of subsidiaries | 0 | 0 | 0 | 0 | ||
Changes in operating assets and liabilities: | ||||||
Accounts receivable | 1,000 | 10,100 | ||||
Due to/from affiliates | (161,500) | 9,000 | ||||
Inventories | (20,100) | 44,900 | ||||
Prepaid and other current assets | 200 | 400 | ||||
Accounts payable | (3,000) | (5,000) | ||||
Accrued expenses | 213,300 | (36,700) | ||||
Deferred revenue | 0 | 0 | ||||
Other assets and liabilities | (9,400) | (11,600) | ||||
Net cash (used in) provided by operating activities | 8,700 | 1,300 | ||||
Cash flows from investing activities: | ||||||
Expenditures for property, plant and equipment | (2,400) | (1,000) | ||||
Expenditures for deferred turnaround costs | 0 | 0 | ||||
Expenditures for other assets | 0 | 0 | ||||
Equity method investment - return of capital | 600 | 2,800 | ||||
Net cash (used in) provided by investing activities | (1,800) | 1,800 | ||||
Cash flows from financing activities: | ||||||
Contributions from PBF LLC | 0 | 0 | ||||
Distribution to members | 0 | 0 | ||||
Repayments of Long-term Debt | (3,500) | |||||
Repayment of notes payable | 0 | |||||
Catalyst lease settlements | 0 | 0 | ||||
Proceeds from revolver borrowings | 0 | |||||
Repayments of revolver borrowings | 0 | |||||
Proceeds from insurance premium financing | 0 | 0 | ||||
Deferred financing costs and other | 0 | 0 | ||||
Net cash provided by (used in) financing activities | (3,500) | (3,400) | ||||
Net decrease in cash and cash equivalents | 3,400 | (300) | ||||
Cash and equivalents, beginning of period | 26,600 | 26,100 | 26,600 | 26,100 | ||
Cash and equivalents, end of period | 30,000 | 30,000 | ||||
Non-Guarantor Subsidiaries [Member] | Rail Facility [Member] | ||||||
Cash flows from financing activities: | ||||||
Repayments of Long-term Debt | (3,400) | |||||
Consolidation, Eliminations [Member] | ||||||
Cash flows from operating activities: | ||||||
Net income | 303,900 | 314,200 | 770,300 | 691,000 | ||
Adjustments to reconcile net income to net cash from operating activities: | ||||||
Depreciation and amortization | 0 | 0 | ||||
Stock-based compensation | 0 | 0 | ||||
Change in fair value of catalyst leases | 0 | 0 | ||||
Deferred income taxes | 0 | 0 | ||||
Non-cash change in inventory repurchase obligations | 0 | 0 | ||||
Non-cash lower of cost or market inventory adjustment | 0 | 0 | ||||
Pension and other post-retirement benefit costs | 0 | 0 | ||||
Income from equity method investee | 0 | 0 | 0 | 0 | ||
Distributions from equity method investee | 0 | 0 | ||||
Loss on sale of assets | 0 | 0 | ||||
Equity in earnings (loss) of subsidiaries | (303,900) | $ (314,200) | (770,300) | (691,000) | ||
Changes in operating assets and liabilities: | ||||||
Accounts receivable | 0 | 0 | ||||
Due to/from affiliates | 0 | 0 | ||||
Inventories | 0 | 0 | ||||
Prepaid and other current assets | 0 | 0 | ||||
Accounts payable | 0 | 0 | ||||
Accrued expenses | 0 | 0 | ||||
Deferred revenue | 0 | 0 | ||||
Other assets and liabilities | 0 | 0 | ||||
Net cash (used in) provided by operating activities | 0 | 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 | ||||
Equity method investment - return of capital | 0 | 0 | ||||
Net cash (used in) provided by investing activities | 0 | 0 | ||||
Cash flows from financing activities: | ||||||
Contributions from PBF LLC | 0 | 0 | ||||
Distribution to members | 0 | 0 | ||||
Repayments of Long-term Debt | 0 | |||||
Repayment of notes payable | 0 | |||||
Catalyst lease settlements | 0 | 0 | ||||
Proceeds from revolver borrowings | 0 | |||||
Repayments of revolver borrowings | 0 | |||||
Proceeds from insurance premium financing | 0 | 0 | ||||
Deferred financing costs and other | 0 | 0 | ||||
Net cash provided by (used in) financing activities | 0 | 0 | ||||
Net decrease in cash and cash equivalents | 0 | 0 | ||||
Cash and equivalents, beginning of period | $ 0 | $ 0 | 0 | 0 | ||
Cash and equivalents, end of period | $ 0 | $ 0 | ||||
Consolidation, Eliminations [Member] | Rail Facility [Member] | ||||||
Cash flows from financing activities: | ||||||
Repayments of Long-term Debt | $ 0 |