Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 28, 2021 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 333-186007 | |
Entity Registrant Name | PBF HOLDING Co LLC | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 27-2198168 | |
Entity Address, Address Line One | One Sylvan Way, Second Floor | |
Entity Address, City or Town | Parsippany | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 07054 | |
City Area Code | 973 | |
Local Phone Number | 455-7500 | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 0 | |
Entity Central Index Key | 0001566011 | |
Amendment Flag | false | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --12-31 | |
PBF Finance Corporation [Member] | ||
Entity Information [Line Items] | ||
Entity File Number | 333-186007-07 | |
Entity Registrant Name | PBF FINANCE CORPORATION | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 45-2685067 | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 100 | |
Entity Central Index Key | 0001566097 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 1,441.8 | $ 1,570.1 |
Accounts receivable | 1,050.8 | 501.5 |
Accounts receivable - affiliate | 4 | 4.9 |
Inventories | 2,831.4 | 1,686.2 |
Prepaid and other current assets | 121.6 | 56.4 |
Total current assets | 5,449.6 | 3,819.1 |
Property, plant and equipment, net | 4,047.3 | 4,023.1 |
Deferred charges and other assets, net | 782.3 | 862.7 |
Total assets | 11,506.8 | 10,192.6 |
Current liabilities: | ||
Accounts payable | 457.3 | 402.3 |
Accounts payable - affiliate | 63.2 | 53.2 |
Accrued expenses | 3,511.7 | 1,881.8 |
Current operating lease liabilities | 153.7 | |
Current debt | 89.1 | 7.4 |
Deferred revenue | 39.6 | 45.1 |
Total current liabilities | 4,314.6 | 2,553.7 |
Long-term debt | 3,670.9 | 3,932.8 |
Deferred tax liabilities | 23.1 | 38.7 |
Long-term operating lease liabilities | 1,003.9 | |
Long-term financing lease liabilities - third party | 61.4 | 68.3 |
Other long-term liabilities | 247.9 | 267 |
Total liabilities | 9,321.8 | 8,101.8 |
Commitments and contingencies (Note 8) | ||
Equity: | ||
Member’s equity | 2,855.7 | 2,809.7 |
Retained earnings (Accumulated deficit) | (676.9) | (723.4) |
Accumulated other comprehensive loss | (6) | (6.1) |
Total PBF Holding Company LLC equity | 2,172.8 | 2,080.2 |
Noncontrolling interest | 12.2 | 10.6 |
Total equity | 2,185 | 2,090.8 |
Total liabilities and equity | 11,506.8 | 10,192.6 |
Third Party Lease [Member] | ||
Current assets: | ||
Lease right of use assets - third party | 720 | 916.7 |
Current liabilities: | ||
Current operating lease liabilities | 64.3 | 78.3 |
Long-term operating lease liabilities | 585.6 | 755.9 |
Lease with Affiliate [Member] | ||
Current assets: | ||
Lease right of use assets - affiliate | 507.6 | 571 |
Current liabilities: | ||
Current operating lease liabilities | 89.4 | 85.6 |
Long-term operating lease liabilities | $ 418.3 | $ 485.4 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement [Abstract] | ||||
Revenues | $ 7,173.3 | $ 3,649.2 | $ 18,969.7 | $ 11,408.3 |
Cost and expenses: | ||||
Cost of products and other | 6,445.8 | 3,446.1 | 16,880.7 | 11,300.3 |
Operating expenses (excluding depreciation and amortization expense as reflected below) | 507.6 | 452.4 | 1,430.1 | 1,383.6 |
Depreciation and amortization expense | 103 | 115.9 | 310 | 332.4 |
Cost of sales | 7,056.4 | 4,014.4 | 18,620.8 | 13,016.3 |
General and administrative expenses (excluding depreciation and amortization expense as reflected below) | 59.7 | 42 | 150.5 | 173.5 |
Depreciation and amortization expense | 3.4 | 2.7 | 10.1 | 8.4 |
Change in fair value of contingent consideration | (0.7) | (13.9) | 23.6 | (79.3) |
Loss (gain) on sale of assets | 0.2 | 1.7 | (0.4) | (469.4) |
Total cost and expenses | 7,119 | 4,046.9 | 18,804.6 | 12,649.5 |
Income (loss) from operations | 54.3 | (397.7) | 165.1 | (1,241.2) |
Other income (expense): | ||||
Interest expense, net | (71.5) | (59) | (211) | (148.3) |
Change in fair value of catalyst obligations | 17.8 | (2.4) | 13.6 | 4.2 |
Gain (loss) on extinguishment of debt | 60.3 | 0 | 60.3 | (22.2) |
Other non-service components of net periodic benefit cost | 2 | 1.1 | 5.9 | 3.2 |
Income (loss) before income taxes | 62.9 | (458) | 33.9 | (1,404.3) |
Income tax (benefit) expense | (2) | (1.2) | (16.9) | 8.6 |
Net income (loss) | 64.9 | (456.8) | 50.8 | (1,412.9) |
Less: net income (loss) attributable to noncontrolling interests | (0.1) | (0.1) | 2.3 | (0.1) |
Net income (loss) attributable to PBF Holding Company LLC | $ 65 | $ (456.7) | $ 48.5 | $ (1,412.8) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 64.9 | $ (456.8) | $ 50.8 | $ (1,412.9) |
Other comprehensive income (loss): | ||||
Unrealized gain (loss) on available for sale securities | 0 | 0.1 | (0.5) | 0.8 |
Net gain on pension and other post-retirement benefits | 0.2 | 0.2 | 0.6 | 0.6 |
Total other comprehensive income | 0.2 | 0.3 | 0.1 | 1.4 |
Comprehensive income (loss) | 65.1 | (456.5) | 50.9 | (1,411.5) |
Less: comprehensive income (loss) attributable to noncontrolling interests | (0.1) | (0.1) | 2.3 | (0.1) |
Comprehensive income (loss) attributable to PBF Holding Company LLC | $ 65.2 | $ (456.4) | $ 48.6 | $ (1,411.4) |
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, 2019 | $ 3,897.2 | $ 2,739.1 | $ (9.7) | $ 1,156.9 | $ 10.9 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Member distributions | (22.2) | (22.2) | |||
Capital contributions from PBF LLC | 33.4 | 33.4 | |||
Stock-based compensation | 21.4 | 21.4 | |||
Comprehensive income (loss) | (1,411.5) | 1.4 | (1,412.8) | (0.1) | |
Ending balance at Sep. 30, 2020 | 2,518.3 | 2,793.9 | (8.3) | (278.1) | 10.8 |
Beginning balance at Jun. 30, 2020 | 2,959 | 2,777 | (8.6) | 179.7 | 10.9 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Member distributions | (1.1) | (1.1) | |||
Capital contributions from PBF LLC | 9 | 9 | |||
Stock-based compensation | 7.9 | 7.9 | |||
Comprehensive income (loss) | (456.5) | 0.3 | (456.7) | (0.1) | |
Ending balance at Sep. 30, 2020 | 2,518.3 | 2,793.9 | (8.3) | (278.1) | 10.8 |
Beginning balance at Dec. 31, 2020 | 2,090.8 | 2,809.7 | (6.1) | (723.4) | 10.6 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Member distributions | (2) | (2) | |||
Capital contributions from PBF LLC | 28 | 28 | |||
Distribution of assets to PBF LLC | (0.3) | (0.3) | |||
Stock-based compensation | 18.3 | 18.3 | |||
Comprehensive income (loss) | 50.9 | 0.1 | 48.5 | 2.3 | |
Other | (0.7) | (0.7) | |||
Ending balance at Sep. 30, 2021 | 2,185 | 2,855.7 | (6) | (676.9) | 12.2 |
Beginning balance at Jun. 30, 2021 | 2,105.3 | 2,841.1 | (6.2) | (741.9) | 12.3 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Capital contributions from PBF LLC | 9.1 | 9.1 | |||
Stock-based compensation | 5.5 | 5.5 | |||
Comprehensive income (loss) | 65.1 | 0.2 | 65 | (0.1) | |
Ending balance at Sep. 30, 2021 | $ 2,185 | $ 2,855.7 | $ (6) | $ (676.9) | $ 12.2 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 50.8 | $ (1,412.9) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 331.4 | 352 |
Stock-based compensation | 20.1 | 25.9 |
Change in fair value of catalyst obligations | (13.6) | (4.2) |
Deferred income taxes | (15.6) | 8.6 |
Non-cash change in inventory repurchase obligations | 46 | (19.1) |
Non-cash lower of cost or market inventory adjustment | (669.6) | 691.5 |
Change in fair value of contingent consideration | 23.6 | (79.3) |
(Gain) loss on extinguishment of debt | (60.3) | 22.2 |
Pension and other post-retirement benefit costs | 38 | 41.5 |
Gain on sale of assets | (0.4) | (469.4) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (549.3) | 371.4 |
Due to/from affiliates | 11 | 7.7 |
Inventories | (475.6) | 169.3 |
Prepaid and other current assets | (65.2) | (22.1) |
Accounts payable | 34.8 | (392.9) |
Accrued expenses | 1,564.4 | (168.9) |
Deferred revenue | (5.5) | 1.1 |
Other assets and liabilities | (80.1) | (57.4) |
Net cash provided by (used in) operating activities | 184.9 | (935) |
Cash flows from investing activities: | ||
Expenditures for property, plant and equipment | (135.1) | (148.4) |
Expenditures for deferred turnaround costs | (64.6) | (175.8) |
Expenditures for other assets | (20.6) | (9.7) |
Acquisition of Martinez refinery | 0 | (1,176.2) |
Proceeds from sale of assets | 0 | 529.4 |
Net cash used in investing activities | (220.3) | (980.7) |
Cash flows from financing activities: | ||
Contributions from PBF LLC | 28 | 33.4 |
Proceeds from revolver borrowings | 0 | 1,450 |
Repayments of revolver borrowings | 0 | (550) |
Settlement of precious metal catalyst obligations | (18.5) | (8.8) |
Proceeds from catalyst financing arrangements | 0 | 51.9 |
Payments on financing leases | (10.7) | (8.9) |
Proceeds from insurance premium financing | 7 | 12.7 |
Deferred financing costs and other | 0.4 | (29.6) |
Net cash (used in) provided by financing activities | (92.9) | 2,405.6 |
Net (decrease) increase in cash and cash equivalents | (128.3) | 489.9 |
Cash and cash equivalents, beginning of period | 1,570.1 | 763.1 |
Cash and cash equivalents, end of period | 1,441.8 | 1,253 |
Non-cash activities: | ||
Accrued and unpaid capital expenditures | 64.5 | 22.6 |
Assets acquired or remeasured under operating and financing leases | (126.5) | 690.7 |
Fair value of the Martinez Contingent Consideration at acquisition | 0 | 77.3 |
Cash paid during the period for: | ||
Interest (net of capitalized interest of $5.3 million and $9.4 million in 2021 and 2020, respectively) | 173.9 | 88.2 |
Capitalized interest | 5.3 | 9.4 |
Income taxes | 0.8 | 0.6 |
Members | ||
Cash flows from financing activities: | ||
Payments of Capital Distribution | (2) | (22.2) |
Collins Pipeline Company and T&M Terminal Company | ||
Cash flows from financing activities: | ||
Payments of Capital Distribution | (0.7) | 0 |
2025 Senior Secured Notes [Member] | ||
Cash flows from financing activities: | ||
Proceeds from Issuance of Long-term Debt | 0 | 1,000 |
2028 Senior Notes [Member] | ||
Cash flows from financing activities: | ||
Proceeds from Issuance of Long-term Debt | 0 | 1,000 |
Repayments of Long-term Debt | (69.7) | 0 |
2023 Senior Notes [Member] | ||
Cash flows from financing activities: | ||
Repayments of Long-term Debt | 0 | (517.5) |
Rail Term Loan [Member] | ||
Cash flows from financing activities: | ||
Repayments of Long-term Debt | (5.5) | (5.4) |
2025 Senior Notes [Member] | ||
Cash flows from financing activities: | ||
Repayments of Long-term Debt | $ (21.2) | $ 0 |
DESCRIPTION OF THE BUSINESS AND
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION | DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION Description of the Business PBF Holding Company LLC (“PBF Holding”), a Delaware limited liability company, and PBF Finance Corporation (“PBF Finance”), a wholly-owned subsidiary of PBF Holding, together with the Company’s consolidated subsidiaries, owns and operates oil refineries and related facilities in North America. PBF Holding is a wholly-owned subsidiary of PBF Energy Company LLC (“PBF LLC”). PBF Energy Inc. (“PBF Energy”) is the sole managing member of, and owner of an equity interest representing approximately 99.2% of the outstanding economic interest in, PBF LLC as of September 30, 2021. PBF Investments LLC, Toledo Refining Company LLC, Paulsboro Refining Company LLC (“PRC”), Delaware City Refining Company LLC (“DCR”), Chalmette Refining, L.L.C. (“Chalmette Refining”), PBF Energy Western Region LLC, Torrance Refining Company LLC, Torrance Logistics Company LLC and Martinez Refining Company LLC are PBF LLC’s principal operating subsidiaries and are all wholly-owned subsidiaries of PBF Holding. Collectively, PBF Holding and its consolidated subsidiaries are referred to hereinafter as the “Company”. PBF Logistics GP LLC (“PBF GP”) serves as the general partner of PBF Logistics LP (“PBFX”). PBF GP is wholly-owned by PBF LLC. In a series of transactions, PBF Holding has distributed certain assets to PBF LLC, which in turn contributed those assets to PBFX (as described in “Note 7 - Related Party Transactions”). Substantially all of the Company’s operations are in the United States. As of September 30, 2021, 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 and PBF Finance financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2020. The results of operations for the three and nine months ended September 30, 2021 are not necessarily indicative of the results to be expected for the full year. COVID-19 and Market Developments The impact of the unprecedented global health and economic crisis sparked by the novel coronavirus (“COVID-19”) pandemic, Delta variant and other variants thereof, and related adverse impact on economic and commercial activity resulted in a significant reduction in demand for refined petroleum and petrochemical products starting in the first quarter of 2020. This significant demand reduction has had an adverse impact on the Company’s results of operations and liquidity position. Demand for these products, however, has started to recover throughout the three and nine months ended September 30, 2021 in connection with the lifting or easing of restrictions by many governmental authorities in response to decreasing COVID-19 infection rates and the distribution of COVID-19 vaccines. The Company has adjusted throughput rates across its entire refining system to correlate with the gradual increases in demand, while still running below historic levels. It is impossible to estimate the duration or significance of the financial impact that will result from the COVID-19 pandemic. However, the extent of the impact of the COVID-19 pandemic on the Company’s business, financial condition, results of operations and liquidity will depend largely on future developments, including the duration of the outbreak, particularly within the geographic areas where the Company operates, the effectiveness of vaccine programs, and the related impact on overall economic activity, all of which cannot be predicted with certainty at this time. East Coast Refining Reconfiguration On December 31, 2020, the Company reconfigured the Delaware City and Paulsboro refineries temporarily idling certain of its major processing units at the Paulsboro refinery, in order to operate the two refineries as one functional unit referred to as the “East Coast Refining System”. The reconfiguration process resulted in lower overall throughput and inventory levels in addition to decreases in capital and operating costs. Recently Issued Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the effects of reference rate reform on financial reporting”. The amendments in this ASU provide optional guidance to alleviate the burden in accounting for reference rate reform, by allowing certain expedients and exceptions in applying GAAP to contracts, hedging relationship and other transactions affected by the expected market transition from London Interbank Offered Rate and other interbank rates. The amendments in this ASU are effective for all entities at any time beginning on March 12, 2020 through December 31, 2022 and may be applied from the beginning of an interim period that includes the issuance date of the ASU. The Company does not expect that the adoption of this guidance will have a material impact on its Consolidated Financial Statements and related disclosures. |
ACQUISITIONS
ACQUISITIONS | 9 Months Ended |
Sep. 30, 2021 | |
Business Combinations [Abstract] | |
ACQUISITIONS | ACQUISITIONS Martinez Acquisition On February 1, 2020, the Company acquired from Equilon Enterprises LLC d/b/a Shell Oil Products US (the "Seller"), the Martinez refinery and related logistics assets (collectively, the "Martinez Acquisition"), pursuant to a sale and purchase agreement dated June 11, 2019 (the “Sale and Purchase Agreement”). The Martinez refinery, located in Martinez, California, is a high-conversion, dual-coking facility that is strategically positioned in Northern California and provides for operating and commercial synergies with the Torrance refinery located in Southern California. In addition to refining assets, the Martinez Acquisition includes a number of onsite logistics assets, including a deep-water marine facility, product distribution terminals and refinery crude and product storage facilities. The aggregate purchase price for the Martinez Acquisition was $1,253.4 million, including final working capital of $216.1 million and the Martinez Contingent Consideration, as defined below. The transaction was financed through a combination of cash on hand, including proceeds from the $1.0 billion in aggregate principal amount of 6.0% senior unsecured notes due 2028 (the “2028 Senior Notes”), and borrowings under PBF Holding’s asset-based revolving credit agreement (the “Revolving Credit Facility”). The Company accounted for the Martinez Acquisition as a business combination under GAAP whereby it recognizes assets acquired and liabilities assumed in an acquisition at their estimated fair values as of the date of acquisition. The total purchase consideration and the fair values of the assets and liabilities at the acquisition date were as follows: (in millions) Purchase Price Gross purchase price $ 960.0 Working capital, including post close adjustments 216.1 Contingent consideration (a) 77.3 Total consideration $ 1,253.4 ___________________ (a) The Martinez Acquisition included an obligation for the Company to make post-closing earn-out payments to the Seller based on certain earnings thresholds of the Martinez refinery (as set forth in the Sale and Purchase Agreement), for a period of up to four years following the acquisition closing date (the “Martinez Contingent Consideration”). The Company recorded the Martinez Contingent Consideration based on its estimated fair value of $77.3 million at the acquisition date, which was recorded within “Other long-term liabilities” within the Condensed Consolidated Balance Sheets. Subsequent changes in the fair value of the Martinez Contingent Consideration are recorded in the Condensed Consolidated Statement of Operations. The following table summarizes the final amounts recognized for assets acquired and liabilities assumed as of the acquisition date: (in millions) Fair Value Allocation Inventories $ 224.1 Prepaid and other current assets 5.4 Property, plant and equipment 987.9 Operating lease right of use assets (a) 7.8 Financing lease right of use assets (a) 63.5 Deferred charges and other assets, net 63.7 Accrued expenses (1.4) Current operating lease liabilities (1.9) Current financing lease liabilities (b) (6.0) Long-term operating lease liabilities (5.9) Long-term financing lease liabilities (57.5) Other long-term liabilities - Environmental obligation (26.3) Fair value of net assets acquired $ 1,253.4 ____________________________ (a) Operating and Financing lease right of use assets are recorded in Lease right of use assets - third-party within the Condensed Consolidated Balance Sheets. (b) Current financing lease liabilities are recorded in Accrued expenses within the Condensed Consolidated Balance Sheets. The Company’s Condensed Consolidated Financial Statements for the nine months ended September 30, 2021 include the results of operations of the Martinez refinery and related logistics assets subsequent to the Martinez Acquisition whereas the same period in 2020 includes the results of operations of such assets from the date of the Martinez Acquisition on February 1, 2020 to September 30, 2020. On an unaudited pro-forma basis, the revenues and net income (loss) of the Company, assuming the acquisition had occurred on January 1, 2019, are shown below. The unaudited pro-forma information does not purport to present what the Company’s actual results would have been had the Martinez Acquisition occurred on January 1, 2019, nor is the financial information indicative of the results of future operations. The unaudited pro-forma financial information includes the depreciation and amortization expense related to the Martinez Acquisition and interest expense associated with the related financing. Nine Months Ended September 30, 2020 (Unaudited, in millions) Pro-forma revenues $ 11,772.1 Pro-forma net loss attributable to PBF Holding (1,443.8) Acquisition Expenses |
CURRENT EXPECTED CREDIT LOSSES
CURRENT EXPECTED CREDIT LOSSES | 9 Months Ended |
Sep. 30, 2021 | |
Credit Loss [Abstract] | |
CURRENT EXPECTED CREDIT LOSSES | CURRENT EXPECTED CREDIT LOSSES Credit Losses The Company has exposure to credit losses primarily through its sales of refined products. The Company evaluates creditworthiness on an individual customer basis. The Company utilizes a financial review model for purposes of evaluating creditworthiness which is based on information from financial statements and credit reports. The financial review model enables the Company to assess the customer’s risk profile and determine credit limits on the basis of their financial strength, including but not limited to, their liquidity, leverage, debt serviceability, longevity and how they pay their bills. The Company may require security in the form of letters of credit or cash payments in advance of product delivery for certain customers that are deemed higher risk. The Company’s payment terms on its trade receivables are relatively short, generally 30 days or less for a substantial majority of its refined products. As a result, the Company’s collection risk is mitigated to a certain extent by the fact that sales are collected in a relatively short period of time, allowing for the ability to reduce exposure on defaults if collection issues are identified. Notwithstanding, the Company reviews each customer’s credit risk profile at least annually or more frequently if warranted. Following the widespread market disruption that has resulted from the COVID-19 pandemic and related governmental responses, the Company has been performing ongoing credit reviews of its customers including monitoring for any negative credit events such as customer bankruptcy or insolvency events. As a result, the Company has adjusted payment terms or limited available trade credit for certain customers, as well as for customers within industries that are deemed to be at higher risk. The Company performs a quarterly allowance for doubtful accounts analysis to assess whether an allowance needs to be recorded for any outstanding trade receivables. In estimating credit losses, management reviews accounts that are past due, have known disputes or have experienced any negative credit events that may result in future collectability issues. There was no allowance for doubtful accounts recorded as of September 30, 2021 or December 31, 2020. |
INVENTORIES
INVENTORIES | 9 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES Inventories consisted of the following: September 30, 2021 (in millions) Titled Inventory Inventory Intermediation Agreements Total Crude oil and feedstocks $ 1,277.7 $ — $ 1,277.7 Refined products and blendstocks 1,059.0 355.5 1,414.5 Warehouse stock and other 139.2 — 139.2 $ 2,475.9 $ 355.5 $ 2,831.4 Lower of cost or market adjustment — — — Total inventories $ 2,475.9 $ 355.5 $ 2,831.4 December 31, 2020 (in millions) Titled Inventory Inventory Intermediation Agreements Total Crude oil and feedstocks $ 1,018.9 $ — $ 1,018.9 Refined products and blendstocks 933.7 266.5 1,200.2 Warehouse stock and other 136.7 — 136.7 $ 2,089.3 $ 266.5 $ 2,355.8 Lower of cost or market adjustment (572.4) (97.2) (669.6) Total inventories $ 1,516.9 $ 169.3 $ 1,686.2 Inventory under the amended and restated inventory intermediation agreements with J. Aron & Company, a subsidiary of The Goldman Sachs Group, Inc. (“J. Aron”) (as amended and restated from time to time, the “Inventory Intermediation Agreements”), includes crude oil, intermediate and certain finished products (the “J. Aron Products”) purchased or produced by the Paulsboro and Delaware City refineries, and sold to counterparties in connection with such agreements. As of September 30, 2021, this inventory is held in the Company’s storage tanks at the Delaware City and Paulsboro refineries and at a PBFX storage facility (collectively, the “J. Aron Storage Tanks”). At September 30, 2021 the replacement value of inventories exceeded the last-in, first-out carrying value. During the nine months ended September 30, 2021, the Company recorded an adjustment to value its inventories to the lower of cost or market which increased income from operations by $669.6 million, reflecting no lower of cost or market (“LCM”) inventory reserve at September 30, 2021 in comparison with an LCM inventory reserve of $669.6 million at December 31, 2020. During the three months ended September 30, 2020, the Company recorded an adjustment to value its inventories to the lower of cost or market which increased income from operations by $9.9 million, reflecting the net change in the LCM inventory reserve from $1,103.0 million at June 30, 2020 to $1,093.1 million at September 30, 2020. During the nine months ended September 30, 2020, the Company recorded an adjustment to value its inventories to the lower of cost or market which decreased income from operations by $691.5 million, reflecting the net change in the LCM inventory reserve from $401.6 million at December 31, 2019 to $1,093.1 million at September 30, 2020. |
ACCRUED EXPENSES
ACCRUED EXPENSES | 9 Months Ended |
Sep. 30, 2021 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES | ACCRUED EXPENSES Accrued expenses consisted of the following: (in millions) September 30, 2021 December 31, 2020 Inventory-related accruals $ 1,408.6 $ 695.0 Renewable energy credit and emissions obligations (a) 1,308.8 528.1 Inventory intermediation agreements (b) 290.9 225.8 Excise and sales tax payable 118.3 119.7 Accrued transportation costs 77.7 72.1 Accrued interest 65.3 40.2 Accrued utilities 62.8 58.6 Accrued refinery maintenance and support costs 47.1 35.7 Accrued salaries and benefits 46.6 40.1 Accrued capital expenditures 27.7 14.4 Environmental liabilities 12.2 11.4 Current finance lease liabilities 10.6 14.4 Customer deposits 4.1 4.0 Other 31.0 22.3 Total accrued expenses $ 3,511.7 $ 1,881.8 __________________________ (a) The Company is subject to obligations to purchase Renewable Identification Numbers (“RINs”) required to comply with the Renewable Fuel Standard. The Company’s overall RINs obligation is based on a percentage of domestic shipments of on-road fuels as established by Environmental Protection Agency. To the degree the Company is unable to blend the required amount of biofuels to satisfy its RINs obligation, RINs must be purchased on the open market to avoid penalties and fines. The Company records its RINs obligation on a net basis in Accrued expenses when its RINs liability is greater than the amount of RINs earned and purchased in a given period and in Prepaid and other current assets when the amount of RINs earned and purchased is greater than the RINs liability. In addition, the Company is subject to obligations to comply with federal and state legislative and regulatory measures, including regulations in the state of California pursuant to Assembly Bill 32 (“AB 32”), to address environmental compliance and greenhouse gas and other emissions. These requirements include incremental costs to operate and maintain our facilities as well as to implement and manage new emission controls and programs. Renewable energy credit and emissions obligations fluctuate with the volume of applicable product sales and timing of credit purchases. Renewable energy credit and emissions obligations are categorized as Level 2, and are measured at fair value based on quoted prices from an independent pricing service. (b) The Company has the obligation to repurchase the J. Aron Products that are held in its J. Aron Storage Tanks in accordance with the Inventory Intermediation Agreements with J. Aron. As of September 30, 2021 and December 31, 2020, 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 J. Aron Storage Tanks under the Inventory Intermediation Agreements, with any change in the market price being recorded in Cost of products and other. |
CREDIT FACILITIES AND DEBT
CREDIT FACILITIES AND DEBT | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
CREDIT FACILITIES AND DEBT | CREDIT FACILITIES AND DEBT Debt outstanding consists of the following: (in millions) September 30, 2021 December 31, 2020 2025 Senior Secured Notes $ 1,250.0 $ 1,250.0 2028 Senior Notes 882.3 1,000.0 2025 Senior Notes 690.0 725.0 Revolving Credit Facility 900.0 900.0 PBF Rail Term Loan 1.9 7.4 Catalyst financing arrangements 70.4 102.5 3,794.6 3,984.9 Less—Current debt (89.1) (7.4) Unamortized premium 0.5 0.6 Unamortized deferred financing costs (35.1) (45.3) Long-term debt $ 3,670.9 $ 3,932.8 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Sep. 30, 2021 | |
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. Commercial Agreements The Company has entered into long-term, fee-based commercial agreements with PBFX relating to assets associated with the Contribution Agreements, the majority of which include a minimum volume commitment and are supported by contractual fee escalations for inflation adjustments and certain increases in operating costs. Under these agreements, PBFX provides various pipeline, rail and truck terminaling and storage services to the Company and the Company has committed to provide PBFX with minimum fees based on minimum monthly throughput volumes. The Company believes the terms and conditions under these agreements, as well as the Omnibus Agreement and the Services Agreement (each as defined below) with PBFX, are generally no less favorable to either party than those that could have been negotiated with unaffiliated parties with respect to similar services. Other Agreements In addition to the commercial agreements described above, the Company has entered into an omnibus agreement with PBFX, PBF GP and PBF LLC, which has been amended and restated in connection with certain Contribution Agreements (as amended, the “Omnibus Agreement”). The Omnibus Agreement addresses the payment of an annual fee for the provision of various general and administrative services and reimbursement of salary and benefit costs for certain PBF Energy employees. Additionally, the Company and certain of its subsidiaries have entered into an operation and management services and secondment agreement with PBFX (as amended, the “Services Agreement”), pursuant to which the Company and its subsidiaries provide PBFX with the personnel necessary for PBFX to perform its obligations under its commercial agreements. PBFX reimburses the Company for the use of such employees and the provision of certain infrastructure-related services to the extent applicable to its operations, including storm water discharge and waste water treatment, steam, potable water, access to certain roads and grounds, sanitary sewer access, electrical power, emergency response, filter press, fuel gas, API solids treatment, fire water and compressed air. The Services Agreement will terminate upon the termination of the Omnibus Agreement, provided that PBFX may terminate any service upon 30-days’ notice. Refer to the Company’s 2020 Annual Report on Form 10-K (“Note 11 - Related Party Transactions” of the Notes to Consolidated Financial Statements) for a more complete description of the agreements with PBFX that were entered into prior to 2021. No new material agreements or amendments were entered into during the nine months ended September 30, 2021. Summary of Transactions with PBFX A summary of the Company’s affiliate transactions with PBFX is as follows: Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2021 2020 2021 2020 Reimbursements under affiliate agreements: Services Agreement $ 2.2 $ 2.2 $ 6.5 $ 6.5 Omnibus Agreement 1.8 1.9 5.5 5.8 Total expenses under affiliate agreements 75.5 70.8 226.5 218.7 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 | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES In the ordinary conduct of the Company’s business, the Company is from time to time subject to lawsuits, investigations and claims, including class action proceedings, mass tort actions, tort actions, environmental claims and employee-related matters. The outcome of these matters cannot always be predicted accurately, but the Company accrues liabilities for these matters if the Company has determined that it is probable a loss has been incurred and the loss can be reasonably estimated. For such ongoing matters for which we have not recorded a liability but losses are reasonably possible, we are unable to estimate a range of possible losses at this time due to various reasons that may include but are not limited to, matters being in an early stage and not fully developed through pleadings, discovery or court proceedings, number of potential claimants being unknown or uncertainty regarding a number of different factors underlying the potential claims. However, the ultimate resolution of one or more of these contingencies could result in an adverse outcome that may have a material effect on our financial position, results of operations or cash flows. Environmental Matters The Company’s refineries, pipelines and related operations are subject to extensive and frequently changing federal, state and local laws and regulations, including, but not limited to, those relating to the discharge of materials into the environment or that otherwise relate to the protection of the environment (including in response to the potential impacts of climate change), waste management and the characteristics and the compositions of fuels. Compliance with existing and anticipated laws and regulations can increase the overall cost of operating the refineries, including remediation, operating costs and capital costs to construct, maintain and upgrade equipment and facilities. These laws and permits raise potential exposure to future claims and lawsuits involving environmental and safety matters which could include soil and water contamination, air pollution, personal injury and property damage allegedly caused by substances which the Company manufactured, handled, used, released or disposed of, transported, or that relate to pre-existing conditions for which the Company has assumed responsibility. The Company believes that its current operations are in compliance with existing environmental and safety requirements. However, there have been and will continue to be ongoing discussions about environmental and safety matters between the Company and federal and state authorities, including notices of violations, citations and other enforcement actions, some of which have resulted or may result in changes to operating procedures and in capital expenditures. While it is often difficult to quantify future environmental or safety related expenditures, the Company anticipates that continuing capital investments and changes in operating procedures will be required for the foreseeable future to comply with existing and new requirements, as well as evolving interpretations and more strict enforcement of existing laws and regulations. In connection with the acquisition of the Torrance refinery and related logistics assets, the Company assumed certain pre-existing environmental liabilities totaling $109.0 million as of September 30, 2021 ($113.7 million as of December 31, 2020), 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 aggregate environmental liability reflected in the Company’s Condensed Consolidated Balance Sheets was $146.4 million and $151.9 million at September 30, 2021 and December 31, 2020, respectively, of which $134.2 million and $140.5 million, respectively, were classified as Other long-term liabilities. These liabilities include remediation and monitoring costs expected to be incurred over an extended period of time. Estimated liabilities could increase in the future when the results of ongoing investigations become known, are considered probable and can be reasonably estimated. Contingent Consideration In connection with the Martinez Acquisition, the Sale and Purchase Agreement includes an earn-out provision based on certain earnings thresholds of the Martinez refinery. Pursuant to the agreement, the Company will make payments to the Seller based on future earnings at the Martinez refinery in excess of certain thresholds, as defined in the agreement, for a period of up to four years following the acquisition closing date. The Company recorded the acquisition date fair value of the earn-out provision as contingent consideration within “Other long-term liabilities” within the Company’s Condensed Consolidated Balance Sheets. Subsequent changes in the fair value of the Martinez Contingent Consideration are recorded in the Condensed Consolidated Statement of Operations. The value of the Martinez Contingent Consideration was estimated to be $23.6 million as of September 30, 2021 and zero as of December 31, 2020, representing anticipated future earn-out payments, if any. |
LEASES
LEASES | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
LEASES | LEASES The Company leases office space, office equipment, refinery support facilities and equipment, railcars and other logistics assets primarily under non-cancelable operating leases, with terms typically ranging from one 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. For substantially all classes of underlying assets, the Company has elected the practical expedient not to separate lease and non-lease components, which allows for combining the components if certain criteria are met. For certain leases of refinery support facilities, the Company accounts for the non-lease service component separately. 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 has 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 September 30, 2021 and December 31, 2020 The table below provides the lease related assets and liabilities recorded on the Company’s Condensed Consolidated Balance Sheets for the periods presented: (in millions) Classification on the Balance Sheet September 30, 2021 December 31, 2020 Assets Operating lease assets - third party Lease right of use assets - third party $ 651.3 $ 836.3 Operating lease assets - affiliate Lease right of use assets - affiliate 507.6 571.0 Finance lease assets Lease right of use assets - third party 68.7 80.4 Total lease right of use assets $ 1,227.6 $ 1,487.7 Liabilities Current liabilities: Operating lease liabilities - third party Current operating lease liabilities - third party $ 64.3 $ 78.3 Operating lease liabilities - affiliate Current operating lease liabilities - affiliate 89.4 85.6 Finance lease liabilities - third party Accrued expenses 10.6 14.4 Noncurrent liabilities: Operating lease liabilities - third party Long-term operating lease liabilities - third party 585.6 755.9 Operating lease liabilities - affiliate Long-term operating lease liabilities - affiliate 418.3 485.4 Finance lease liabilities - third party Long-term financing lease liabilities - third-party 61.4 68.3 Total lease liabilities $ 1,229.6 $ 1,487.9 Lease Costs The table below provides certain information related to costs for the Company’s leases for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, Lease Costs (in millions) 2021 2020 2021 2020 Components of total lease costs: Finance lease costs Amortization of lease right of use assets $ 3.9 $ 3.7 $ 11.7 $ 10.2 Interest on lease liabilities 1.0 1.1 3.2 3.1 Operating lease costs 74.3 79.3 225.5 214.0 Short-term lease costs 15.5 23.1 44.0 71.7 Variable lease costs 8.8 6.6 23.0 25.4 Total lease costs $ 103.5 $ 113.8 $ 307.4 $ 324.4 Other Information The table below provides supplemental cash flow information related to leases for the periods presented (in millions): Nine Months Ended September 30, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 224.8 $ 215.2 Operating cash flows for finance leases 3.2 3.1 Financing cash flows for finance leases 10.7 8.9 Supplemental non-cash changes to lease liabilities from obtaining or remeasuring right of use assets $ (126.5) $ 690.7 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 September 30, 2021: Weighted average remaining lease term - operating leases 9.9 years Weighted average remaining lease term - finance leases 6.7 years Weighted average discount rate - operating leases 13.3 % Weighted average discount rate - finance leases 5.6 % Undiscounted Cash Flows The table below reconciles the fixed component of the undiscounted cash flows for each of the periods presented to the lease liabilities recorded on the Condensed Consolidated Balance Sheets as of September 30, 2021: Amounts due within twelve months of September 30, (in millions) Finance Leases Operating Leases 2021 $ 14.3 $ 281.8 2022 12.8 260.8 2023 12.8 242.3 2024 11.8 213.8 2025 11.1 185.1 Thereafter 23.4 934.3 Total minimum lease payments 86.2 2,118.1 Less: effect of discounting 14.2 960.5 Present value of future minimum lease payments 72.0 1,157.6 Less: current obligations under leases 10.6 153.7 Long-term lease obligations $ 61.4 $ 1,003.9 As of September 30, 2021, the Company has entered into certain leases that have not yet commenced. Such leases include a 15-year lease for water treatment equipment, with future lease payments estimated to total approximately $34.1 million, and a 7-year lease for mildew catalyst, with future lease payments estimated to total approximately $24.2 million. No other such leases that have not yet commenced, either individually or in the aggregate, are material. 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 that 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 |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 9 Months Ended |
Sep. 30, 2021 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS Effective February 1, 2020, the Company amended the PBF Energy Pension Plan to, among other things, incorporate into the plan all employees who became employed at the Company’s Martinez, California location on February 1, 2020, in connection with the Martinez Acquisition. The components of net periodic benefit cost related to the Company’s defined benefit plans consisted of the following: (in millions) Three Months Ended September 30, Nine Months Ended September 30, Pension Benefits 2021 2020 2021 2020 Components of net periodic benefit cost: Service cost $ 14.4 $ 15.0 $ 43.1 $ 43.9 Interest cost 1.3 1.8 4.0 5.3 Expected return on plan assets (3.6) (3.2) (10.7) (9.4) Amortization of prior service cost and actuarial loss 0.1 0.1 0.1 0.2 Net periodic benefit cost $ 12.2 $ 13.7 $ 36.5 $ 40.0 (in millions) Three Months Ended September 30, Nine Months Ended September 30, Post-Retirement Medical Plan 2021 2020 2021 2020 Components of net periodic benefit cost: Service cost $ 0.3 $ 0.3 $ 0.8 $ 0.8 Interest cost 0.1 0.1 0.2 0.3 Amortization of prior service cost and actuarial loss 0.1 0.1 0.5 0.4 Net periodic benefit cost $ 0.5 $ 0.5 $ 1.5 $ 1.5 |
REVENUES
REVENUES | 9 Months Ended |
Sep. 30, 2021 | |
Revenues [Abstract] | |
REVENUES | REVENUES In accordance with FASB ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”), revenue is recognized when control of the promised goods or services is transferred to the Company’s customers, in an amount that reflects the consideration to which the Company expects to be entitled 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 September 30, (in millions) 2021 2020 Gasoline and distillates $ 6,143.4 $ 3,121.8 Feedstocks and other 380.3 196.4 Asphalt and blackoils 329.2 206.5 Chemicals 240.7 81.7 Lubricants 79.7 42.8 Total Revenues $ 7,173.3 $ 3,649.2 Nine Months Ended September 30, (in millions) 2021 2020 Gasoline and distillates $ 16,364.1 $ 9,728.1 Feedstocks and other 883.2 723.0 Asphalt and blackoils 843.0 577.6 Chemicals 665.8 240.0 Lubricants 213.6 139.6 Total Revenues $ 18,969.7 $ 11,408.3 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 Revenue The Company records deferred revenue when cash payments are received or are due in advance of performance, including amounts which are refundable. Deferred revenue was $39.6 million and $45.1 million as of September 30, 2021 and December 31, 2020, 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 | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES PBF Holding is a limited liability company treated as a “flow-through” entity for income tax purposes. Accordingly, there is generally no benefit or expense for federal or state income tax in the PBF Holding financial statements apart from the income tax attributable to the two subsidiaries acquired in connection with the acquisition of Chalmette Refining and the Company’s wholly-owned Canadian subsidiary, PBF Energy Limited, which are treated as C-Corporations for income tax purposes, with the tax provision calculated based on the effective tax rate for the periods presented. The reported income tax provision in the PBF Holding Condensed Consolidated Financial Statements of Operations consists of the following: Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2021 2020 2021 2020 Current income tax benefit $ (0.2) $ — $ (1.3) $ — Deferred income tax (benefit) expense (1.8) (1.2) (15.6) 8.6 Total income tax (benefit) expense $ (2.0) $ (1.2) $ (16.9) $ 8.6 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended |
Sep. 30, 2021 | |
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 September 30, 2021 and December 31, 2020. 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 September 30, 2021 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 $ 335.2 $ — $ — $ 335.2 N/A $ 335.2 Commodity contracts 46.5 1.2 — 47.7 (47.7) — Liabilities: Commodity contracts 88.1 — — 88.1 (47.7) 40.4 Catalyst obligations — 70.4 — 70.4 — 70.4 Renewable energy credit and emissions obligations — 1,308.8 — 1,308.8 — 1,308.8 Contingent consideration obligation — — 23.6 23.6 — 23.6 Derivatives included with inventory intermediation agreement obligations — (34.7) — (34.7) — (34.7) As of December 31, 2020 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 $ 402.3 $ — $ — $ 402.3 N/A $ 402.3 Commodity contracts 2.5 3.5 — 6.0 (6.0) — Derivatives included with inventory intermediation agreement obligations — 11.3 — 11.3 — 11.3 Liabilities: Commodity contracts 2.3 6.7 — 9.0 (6.0) 3.0 Catalyst obligations — 102.5 — 102.5 — 102.5 Renewable energy credit and emissions obligations — 528.1 — 528.1 — 528.1 Contingent consideration obligation — — — — — — The valuation methods used to measure financial instruments at fair value are as follows: • Money market funds categorized in Level 1 of the fair value hierarchy are measured at fair value based on quoted market prices and included within Cash and cash equivalents. • The commodity contracts categorized in Level 1 of the fair value hierarchy are measured at fair value based on quoted prices in an active market. The commodity contracts categorized in Level 2 of the fair value hierarchy are measured at fair value using a market approach based upon future commodity prices for similar instruments quoted in active markets. • The derivatives included with inventory intermediation agreement obligations and the catalyst obligations are categorized in Level 2 of the fair value hierarchy and are measured at fair value using a market approach based upon commodity prices for similar instruments quoted in active markets. • Renewable energy credit and emissions obligations primarily represent our liability for the purchase of (i) biofuel credits (primarily RINs in the U.S.) needed to satisfy our obligation to blend biofuels into the products we produce and (ii) emission credits under the AB 32 and similar programs (collectively, the cap-and-trade systems). To the degree we are unable to blend biofuels (such as ethanol and biodiesel) at percentages required under the biofuel programs, we must purchase biofuel credits to comply with these programs. Under the cap-and-trade systems, we must purchase emission credits to comply with these systems. The liability for environmental credits is based on our deficit for such credits as of the balance sheet date, if any, after considering any credits acquired or under contract, and is equal to the product of the credits deficit and the market price of these credits as of the balance sheet date. The environmental credit obligations are categorized in Level 2 of the fair value hierarchy and are measured at fair value using a market approach based on quoted prices from an independent pricing service. • When applicable, commodity contracts categorized in Level 3 of the fair value hierarchy consist of commodity price swap contracts that relate to forecasted purchases of crude oil for which quoted forward market prices are not readily available due to market illiquidity. The forward prices used to value these swaps are derived using broker quotes, prices from other third-party sources and other available market based data. • The contingent consideration obligation at September 30, 2021 and December 31, 2020 are categorized in Level 3 of the fair value hierarchy and are estimated using discounted cash flow models based on management’s estimate of the future cash flows related to the earn-out periods. Non-qualified pension plan assets are measured at fair value using a market approach based on published net asset values of mutual funds as a practical expedient. As of September 30, 2021 and December 31, 2020, $20.9 million and $21.2 million, respectively, were included within Deferred charges and other assets, net for these non-qualified pension plan assets. The table below summarizes the changes in fair value measurements categorized in Level 3 of the fair value hierarchy, which primarily includes the change in estimated future earnings related to the Martinez Contingent Consideration: Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2021 2020 2021 2020 Balance at beginning of period $ 24.3 $ 12.4 $ — $ — Additions — — — 77.3 Accretion on discounted liabilities — 0.5 — 2.0 Settlements — 0.3 — 0.7 Unrealized (gain) loss included in earnings (0.7) (14.4) 23.6 (81.2) Balance at end of period $ 23.6 $ (1.2) $ 23.6 $ (1.2) There were no transfers between levels during the three and nine months ended September 30, 2021 or the three and nine months ended September 30, 2020. Fair value of debt The table below summarizes the carrying value and fair value of debt as of September 30, 2021 and December 31, 2020. September 30, 2021 December 31, 2020 (in millions) Carrying Fair Carrying Fair 2025 Senior Secured Notes (a) $ 1,250.0 $ 1,119.5 $ 1,250.0 $ 1,232.9 2028 Senior Notes (a) 882.3 559.6 1,000.0 562.5 2025 Senior Notes (a) 690.0 453.6 725.0 475.3 Revolving Credit Facility (b) 900.0 900.0 900.0 900.0 PBF Rail Term Loan (b) 1.9 1.9 7.4 7.4 Catalyst financing arrangements (c) 70.4 70.4 102.5 102.5 3,794.6 3,105.0 3,984.9 3,280.6 Less - Current debt (89.1) (89.1) (7.4) (7.4) Unamortized premium 0.5 n/a 0.6 n/a Less - Unamortized deferred financing costs (35.1) n/a (45.3) n/a Long-term debt $ 3,670.9 $ 3,015.9 $ 3,932.8 $ 3,273.2 (a) The estimated fair value, categorized as a Level 2 measurement, was calculated based on the present value of future expected payments utilizing implied current market interest rates based on quoted prices of the outstanding senior notes. (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. |
DERIVATIVES
DERIVATIVES | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES | DERIVATIVES The Company uses derivative instruments to mitigate certain exposures to commodity price risk. The Company entered into the 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 September 30, 2021 and December 31, 2020, there were no barrels of crude oil and feedstocks outstanding under these derivative instruments designated as fair value hedges. As of September 30, 2021, there were 2,679,289 barrels of intermediates and refined products (2,604,736 barrels at December 31, 2020) 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 September 30, 2021, there were 18,057,000 barrels of crude oil and 5,033,400 barrels of refined products (7,183,000 and 2,810,000, respectively, as of December 31, 2020), outstanding under short and long term commodity derivative contracts not designated as hedges representing the notional value of the contracts. The Company also uses derivative instruments to mitigate the risk associated with the price of credits needed to comply with various governmental and regulatory environmental compliance programs. For such contracts that represent derivatives, the Company elects the normal purchase normal sale exception under ASC 815, Derivatives and Hedging , and therefore does not record them at fair value. The following tables provide information regarding the fair values of derivative instruments as of September 30, 2021 and December 31, 2020, and the line items in the Condensed Consolidated Balance Sheets in which fair values are reflected. Description Balance Sheet Location Fair Value (in millions) Derivatives designated as hedging instruments: September 30, 2021: Derivatives included with the inventory intermediation agreement obligations Accrued expenses $ (34.7) December 31, 2020: Derivatives included with the inventory intermediation agreement obligations Accrued expenses $ 11.3 Derivatives not designated as hedging instruments: September 30, 2021: Commodity contracts Accounts receivable $ (40.4) December 31, 2020: Commodity contracts Accounts receivable $ (3.0) The following table provides information regarding gains or losses recognized in income on derivative instruments and the line items in the Condensed Consolidated Statements of Operations in which such gains and losses are reflected. Description Location of Gain or (Loss) Recognized in Income on Derivatives Gain or (Loss) (in millions) Derivatives designated as hedging instruments: For the three months ended September 30, 2021: Derivatives included with the inventory intermediation agreement obligations Cost of products and other $ (3.8) For the three months ended September 30, 2020: Derivatives included with the inventory intermediation agreement obligations Cost of products and other $ (6.6) For the nine months ended September 30, 2021: Derivatives included with the inventory intermediation agreement obligations Cost of products and other $ (46.0) For the nine months ended September 30, 2020: Derivatives included with the inventory intermediation agreement obligations Cost of products and other $ 19.1 Derivatives not designated as hedging instruments: For the three months ended September 30, 2021: Commodity contracts Cost of products and other $ (33.2) For the three months ended September 30, 2020: Commodity contracts Cost of products and other $ (9.1) For the nine months ended September 30, 2021: Commodity contracts Cost of products and other $ (67.7) For the nine months ended September 30, 2020: Commodity contracts Cost of products and other $ 55.9 Hedged items designated in fair value hedges: For the three months ended September 30, 2021: Crude oil, intermediate and refined product inventory Cost of products and other $ 3.8 For the three months ended September 30, 2020: Crude oil, intermediate and refined product inventory Cost of products and other $ 6.6 For the nine months ended September 30, 2021: Crude oil, intermediate and refined product inventory Cost of products and other $ 46.0 For the nine months ended September 30, 2020: Crude oil, intermediate and refined product inventory Cost of products and other $ (19.1) |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Inventory Intermediation Agreement On October 25, 2021, PBF Holding and its subsidiaries, DCR, PRC and Chalmette Refining (collectively, the “PBF Entities”), entered into a third amended and restated inventory intermediation agreement (the “Third Inventory Intermediation Agreement”) with J. Aron, pursuant to which the terms of the existing Inventory Intermediation Agreements were amended and restated in their entirely, including, among other things, pricing and an extension of terms. The Third Inventory Intermediation Agreement extends the term to December 31, 2024, which term may be further extended by mutual consent of the parties to December 31, 2025. Pursuant to the Third Inventory Intermediation Agreement, J. Aron will continue to purchase and hold title to the J. Aron Products purchased or produced by the Paulsboro and Delaware City refineries (and, at the election of the PBF Entities, the Chalmette refinery) (the "Refineries") and delivered into storage tanks at the Refineries (the "Storage Tanks"). Furthermore, J. Aron agrees to sell the J. Aron Products back to PRC and DCR (and, at the election of the PBF Entities, Chalmette Refining) as the J. Aron Products are discharged out of the Storage Tanks. J. Aron has the right to store the J. Aron Products purchased in tanks under the Third Inventory Intermediation Agreement and will retain these storage rights for the term of the agreements. The Company intends to utilize the crude oil and will market and sell the refined products independently to third parties. Extinguishment of Debt In October 2021, the Company repurchased an additional $76.3 million of outstanding 2028 Senior Notes and 2025 Senior Notes for cash consideration of approximately $55.9 million. These notes are reflected as Current debt on the Condensed Consolidated Balance Sheet and were repurchased using cash on hand at September 30, 2021. The related gain on extinguishment of approximately $20.0 million will be recognized in the fourth quarter of 2021 in the Condensed Consolidated Statement of Operations. |
DESCRIPTION OF THE BUSINESS A_2
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The unaudited condensed consolidated financial information furnished herein reflects all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, considered necessary for a fair presentation of the financial position and the results of operations and cash flows of the Company for the periods presented. All intercompany accounts and transactions have been eliminated in consolidation. These unaudited Condensed Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. These interim Condensed Consolidated Financial Statements should be read in conjunction with the PBF Holding and PBF Finance financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2020. The results of operations for the three and nine months ended September 30, 2021 are not necessarily indicative of the results to be expected for the full year. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the effects of reference rate reform on financial reporting”. The amendments in this ASU provide optional guidance to alleviate the burden in accounting for reference rate reform, by allowing certain expedients and exceptions in applying GAAP to contracts, hedging relationship and other transactions affected by the expected market transition from London Interbank Offered Rate and other interbank rates. The amendments in this ASU are effective for all entities at any time beginning on March 12, 2020 through December 31, 2022 and may be applied from the beginning of an interim period that includes the issuance date of the ASU. The Company does not expect that the adoption of this guidance will have a material impact on its Consolidated Financial Statements and related disclosures. |
ACQUISITIONS (Tables)
ACQUISITIONS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Business Combinations [Abstract] | |
Business Combination, Consideration Transferred, Working Capital Adjustments [Table Text Block] | The total purchase consideration and the fair values of the assets and liabilities at the acquisition date were as follows: (in millions) Purchase Price Gross purchase price $ 960.0 Working capital, including post close adjustments 216.1 Contingent consideration (a) 77.3 Total consideration $ 1,253.4 ___________________ |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table summarizes the final amounts recognized for assets acquired and liabilities assumed as of the acquisition date: (in millions) Fair Value Allocation Inventories $ 224.1 Prepaid and other current assets 5.4 Property, plant and equipment 987.9 Operating lease right of use assets (a) 7.8 Financing lease right of use assets (a) 63.5 Deferred charges and other assets, net 63.7 Accrued expenses (1.4) Current operating lease liabilities (1.9) Current financing lease liabilities (b) (6.0) Long-term operating lease liabilities (5.9) Long-term financing lease liabilities (57.5) Other long-term liabilities - Environmental obligation (26.3) Fair value of net assets acquired $ 1,253.4 ____________________________ (a) Operating and Financing lease right of use assets are recorded in Lease right of use assets - third-party within the Condensed Consolidated Balance Sheets. |
Business Acquisition, Pro Forma Information [Table Text Block] | Nine Months Ended September 30, 2020 (Unaudited, in millions) Pro-forma revenues $ 11,772.1 Pro-forma net loss attributable to PBF Holding (1,443.8) |
INVENTORIES (Tables)
INVENTORIES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventories consisted of the following: September 30, 2021 (in millions) Titled Inventory Inventory Intermediation Agreements Total Crude oil and feedstocks $ 1,277.7 $ — $ 1,277.7 Refined products and blendstocks 1,059.0 355.5 1,414.5 Warehouse stock and other 139.2 — 139.2 $ 2,475.9 $ 355.5 $ 2,831.4 Lower of cost or market adjustment — — — Total inventories $ 2,475.9 $ 355.5 $ 2,831.4 December 31, 2020 (in millions) Titled Inventory Inventory Intermediation Agreements Total Crude oil and feedstocks $ 1,018.9 $ — $ 1,018.9 Refined products and blendstocks 933.7 266.5 1,200.2 Warehouse stock and other 136.7 — 136.7 $ 2,089.3 $ 266.5 $ 2,355.8 Lower of cost or market adjustment (572.4) (97.2) (669.6) Total inventories $ 1,516.9 $ 169.3 $ 1,686.2 |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of accrued expenses | Accrued expenses consisted of the following: (in millions) September 30, 2021 December 31, 2020 Inventory-related accruals $ 1,408.6 $ 695.0 Renewable energy credit and emissions obligations (a) 1,308.8 528.1 Inventory intermediation agreements (b) 290.9 225.8 Excise and sales tax payable 118.3 119.7 Accrued transportation costs 77.7 72.1 Accrued interest 65.3 40.2 Accrued utilities 62.8 58.6 Accrued refinery maintenance and support costs 47.1 35.7 Accrued salaries and benefits 46.6 40.1 Accrued capital expenditures 27.7 14.4 Environmental liabilities 12.2 11.4 Current finance lease liabilities 10.6 14.4 Customer deposits 4.1 4.0 Other 31.0 22.3 Total accrued expenses $ 3,511.7 $ 1,881.8 __________________________ (a) The Company is subject to obligations to purchase Renewable Identification Numbers (“RINs”) required to comply with the Renewable Fuel Standard. The Company’s overall RINs obligation is based on a percentage of domestic shipments of on-road fuels as established by Environmental Protection Agency. To the degree the Company is unable to blend the required amount of biofuels to satisfy its RINs obligation, RINs must be purchased on the open market to avoid penalties and fines. The Company records its RINs obligation on a net basis in Accrued expenses when its RINs liability is greater than the amount of RINs earned and purchased in a given period and in Prepaid and other current assets when the amount of RINs earned and purchased is greater than the RINs liability. In addition, the Company is subject to obligations to comply with federal and state legislative and regulatory measures, including regulations in the state of California pursuant to Assembly Bill 32 (“AB 32”), to address environmental compliance and greenhouse gas and other emissions. These requirements include incremental costs to operate and maintain our facilities as well as to implement and manage new emission controls and programs. Renewable energy credit and emissions obligations fluctuate with the volume of applicable product sales and timing of credit purchases. Renewable energy credit and emissions obligations are categorized as Level 2, and are measured at fair value based on quoted prices from an independent pricing service. (b) The Company has the obligation to repurchase the J. Aron Products that are held in its J. Aron Storage Tanks in accordance with the Inventory Intermediation Agreements with J. Aron. As of September 30, 2021 and December 31, 2020, 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 J. Aron Storage Tanks under the Inventory Intermediation Agreements, with any change in the market price being recorded in Cost of products and other. |
CREDIT FACILITIES AND DEBT (Tab
CREDIT FACILITIES AND DEBT (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Debt outstanding consists of the following: (in millions) September 30, 2021 December 31, 2020 2025 Senior Secured Notes $ 1,250.0 $ 1,250.0 2028 Senior Notes 882.3 1,000.0 2025 Senior Notes 690.0 725.0 Revolving Credit Facility 900.0 900.0 PBF Rail Term Loan 1.9 7.4 Catalyst financing arrangements 70.4 102.5 3,794.6 3,984.9 Less—Current debt (89.1) (7.4) Unamortized premium 0.5 0.6 Unamortized deferred financing costs (35.1) (45.3) Long-term debt $ 3,670.9 $ 3,932.8 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
Schedule of related party transactions | A summary of the Company’s affiliate transactions with PBFX is as follows: Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2021 2020 2021 2020 Reimbursements under affiliate agreements: Services Agreement $ 2.2 $ 2.2 $ 6.5 $ 6.5 Omnibus Agreement 1.8 1.9 5.5 5.8 Total expenses under affiliate agreements 75.5 70.8 226.5 218.7 |
LEASES (Tables)
LEASES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Assets and Liabilities, Lessee [Table Text Block] | The table below provides the lease related assets and liabilities recorded on the Company’s Condensed Consolidated Balance Sheets for the periods presented: (in millions) Classification on the Balance Sheet September 30, 2021 December 31, 2020 Assets Operating lease assets - third party Lease right of use assets - third party $ 651.3 $ 836.3 Operating lease assets - affiliate Lease right of use assets - affiliate 507.6 571.0 Finance lease assets Lease right of use assets - third party 68.7 80.4 Total lease right of use assets $ 1,227.6 $ 1,487.7 Liabilities Current liabilities: Operating lease liabilities - third party Current operating lease liabilities - third party $ 64.3 $ 78.3 Operating lease liabilities - affiliate Current operating lease liabilities - affiliate 89.4 85.6 Finance lease liabilities - third party Accrued expenses 10.6 14.4 Noncurrent liabilities: Operating lease liabilities - third party Long-term operating lease liabilities - third party 585.6 755.9 Operating lease liabilities - affiliate Long-term operating lease liabilities - affiliate 418.3 485.4 Finance lease liabilities - third party Long-term financing lease liabilities - third-party 61.4 68.3 Total lease liabilities $ 1,229.6 $ 1,487.9 |
Lease, Cost [Table Text Block] | The table below provides certain information related to costs for the Company’s leases for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, Lease Costs (in millions) 2021 2020 2021 2020 Components of total lease costs: Finance lease costs Amortization of lease right of use assets $ 3.9 $ 3.7 $ 11.7 $ 10.2 Interest on lease liabilities 1.0 1.1 3.2 3.1 Operating lease costs 74.3 79.3 225.5 214.0 Short-term lease costs 15.5 23.1 44.0 71.7 Variable lease costs 8.8 6.6 23.0 25.4 Total lease costs $ 103.5 $ 113.8 $ 307.4 $ 324.4 |
Supplemental Cash Flow and Other Information [Table Text Block] | The table below provides supplemental cash flow information related to leases for the periods presented (in millions): Nine Months Ended September 30, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 224.8 $ 215.2 Operating cash flows for finance leases 3.2 3.1 Financing cash flows for finance leases 10.7 8.9 Supplemental non-cash changes to lease liabilities from obtaining or remeasuring right of use assets $ (126.5) $ 690.7 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 September 30, 2021: Weighted average remaining lease term - operating leases 9.9 years Weighted average remaining lease term - finance leases 6.7 years Weighted average discount rate - operating leases 13.3 % Weighted average discount rate - finance leases 5.6 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | The table below reconciles the fixed component of the undiscounted cash flows for each of the periods presented to the lease liabilities recorded on the Condensed Consolidated Balance Sheets as of September 30, 2021: Amounts due within twelve months of September 30, (in millions) Finance Leases Operating Leases 2021 $ 14.3 $ 281.8 2022 12.8 260.8 2023 12.8 242.3 2024 11.8 213.8 2025 11.1 185.1 Thereafter 23.4 934.3 Total minimum lease payments 86.2 2,118.1 Less: effect of discounting 14.2 960.5 Present value of future minimum lease payments 72.0 1,157.6 Less: current obligations under leases 10.6 153.7 Long-term lease obligations $ 61.4 $ 1,003.9 |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Schedule of net periodic benefit cost | The components of net periodic benefit cost related to the Company’s defined benefit plans consisted of the following: (in millions) Three Months Ended September 30, Nine Months Ended September 30, Pension Benefits 2021 2020 2021 2020 Components of net periodic benefit cost: Service cost $ 14.4 $ 15.0 $ 43.1 $ 43.9 Interest cost 1.3 1.8 4.0 5.3 Expected return on plan assets (3.6) (3.2) (10.7) (9.4) Amortization of prior service cost and actuarial loss 0.1 0.1 0.1 0.2 Net periodic benefit cost $ 12.2 $ 13.7 $ 36.5 $ 40.0 (in millions) Three Months Ended September 30, Nine Months Ended September 30, Post-Retirement Medical Plan 2021 2020 2021 2020 Components of net periodic benefit cost: Service cost $ 0.3 $ 0.3 $ 0.8 $ 0.8 Interest cost 0.1 0.1 0.2 0.3 Amortization of prior service cost and actuarial loss 0.1 0.1 0.5 0.4 Net periodic benefit cost $ 0.5 $ 0.5 $ 1.5 $ 1.5 |
REVENUES (Tables)
REVENUES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 September 30, (in millions) 2021 2020 Gasoline and distillates $ 6,143.4 $ 3,121.8 Feedstocks and other 380.3 196.4 Asphalt and blackoils 329.2 206.5 Chemicals 240.7 81.7 Lubricants 79.7 42.8 Total Revenues $ 7,173.3 $ 3,649.2 Nine Months Ended September 30, (in millions) 2021 2020 Gasoline and distillates $ 16,364.1 $ 9,728.1 Feedstocks and other 883.2 723.0 Asphalt and blackoils 843.0 577.6 Chemicals 665.8 240.0 Lubricants 213.6 139.6 Total Revenues $ 18,969.7 $ 11,408.3 |
INCOME TAXES INCOME TAX EXPENSE
INCOME TAXES INCOME TAX EXPENSE (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 September 30, Nine Months Ended September 30, (in millions) 2021 2020 2021 2020 Current income tax benefit $ (0.2) $ — $ (1.3) $ — Deferred income tax (benefit) expense (1.8) (1.2) (15.6) 8.6 Total income tax (benefit) expense $ (2.0) $ (1.2) $ (16.9) $ 8.6 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 September 30, 2021 and December 31, 2020. 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 September 30, 2021 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 $ 335.2 $ — $ — $ 335.2 N/A $ 335.2 Commodity contracts 46.5 1.2 — 47.7 (47.7) — Liabilities: Commodity contracts 88.1 — — 88.1 (47.7) 40.4 Catalyst obligations — 70.4 — 70.4 — 70.4 Renewable energy credit and emissions obligations — 1,308.8 — 1,308.8 — 1,308.8 Contingent consideration obligation — — 23.6 23.6 — 23.6 Derivatives included with inventory intermediation agreement obligations — (34.7) — (34.7) — (34.7) As of December 31, 2020 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 $ 402.3 $ — $ — $ 402.3 N/A $ 402.3 Commodity contracts 2.5 3.5 — 6.0 (6.0) — Derivatives included with inventory intermediation agreement obligations — 11.3 — 11.3 — 11.3 Liabilities: Commodity contracts 2.3 6.7 — 9.0 (6.0) 3.0 Catalyst obligations — 102.5 — 102.5 — 102.5 Renewable energy credit and emissions obligations — 528.1 — 528.1 — 528.1 Contingent consideration obligation — — — — — — |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The table below summarizes the changes in fair value measurements categorized in Level 3 of the fair value hierarchy, which primarily includes the change in estimated future earnings related to the Martinez Contingent Consideration: Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2021 2020 2021 2020 Balance at beginning of period $ 24.3 $ 12.4 $ — $ — Additions — — — 77.3 Accretion on discounted liabilities — 0.5 — 2.0 Settlements — 0.3 — 0.7 Unrealized (gain) loss included in earnings (0.7) (14.4) 23.6 (81.2) Balance at end of period $ 23.6 $ (1.2) $ 23.6 $ (1.2) |
Schedule of Fair value of Debt | The table below summarizes the carrying value and fair value of debt as of September 30, 2021 and December 31, 2020. September 30, 2021 December 31, 2020 (in millions) Carrying Fair Carrying Fair 2025 Senior Secured Notes (a) $ 1,250.0 $ 1,119.5 $ 1,250.0 $ 1,232.9 2028 Senior Notes (a) 882.3 559.6 1,000.0 562.5 2025 Senior Notes (a) 690.0 453.6 725.0 475.3 Revolving Credit Facility (b) 900.0 900.0 900.0 900.0 PBF Rail Term Loan (b) 1.9 1.9 7.4 7.4 Catalyst financing arrangements (c) 70.4 70.4 102.5 102.5 3,794.6 3,105.0 3,984.9 3,280.6 Less - Current debt (89.1) (89.1) (7.4) (7.4) Unamortized premium 0.5 n/a 0.6 n/a Less - Unamortized deferred financing costs (35.1) n/a (45.3) n/a Long-term debt $ 3,670.9 $ 3,015.9 $ 3,932.8 $ 3,273.2 (a) The estimated fair value, categorized as a Level 2 measurement, was calculated based on the present value of future expected payments utilizing implied current market interest rates based on quoted prices of the outstanding senior notes. (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. |
DERIVATIVES (Tables)
DERIVATIVES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Value of Derivative Instruments | The following tables provide information regarding the fair values of derivative instruments as of September 30, 2021 and December 31, 2020, and the line items in the Condensed Consolidated Balance Sheets in which fair values are reflected. Description Balance Sheet Location Fair Value (in millions) Derivatives designated as hedging instruments: September 30, 2021: Derivatives included with the inventory intermediation agreement obligations Accrued expenses $ (34.7) December 31, 2020: Derivatives included with the inventory intermediation agreement obligations Accrued expenses $ 11.3 Derivatives not designated as hedging instruments: September 30, 2021: Commodity contracts Accounts receivable $ (40.4) December 31, 2020: Commodity contracts Accounts receivable $ (3.0) |
Schedule of Derivative Instruments, Gain (Loss) Recognized in Income | The following table provides information regarding gains or losses recognized in income on derivative instruments and the line items in the Condensed Consolidated Statements of Operations in which such gains and losses are reflected. Description Location of Gain or (Loss) Recognized in Income on Derivatives Gain or (Loss) (in millions) Derivatives designated as hedging instruments: For the three months ended September 30, 2021: Derivatives included with the inventory intermediation agreement obligations Cost of products and other $ (3.8) For the three months ended September 30, 2020: Derivatives included with the inventory intermediation agreement obligations Cost of products and other $ (6.6) For the nine months ended September 30, 2021: Derivatives included with the inventory intermediation agreement obligations Cost of products and other $ (46.0) For the nine months ended September 30, 2020: Derivatives included with the inventory intermediation agreement obligations Cost of products and other $ 19.1 Derivatives not designated as hedging instruments: For the three months ended September 30, 2021: Commodity contracts Cost of products and other $ (33.2) For the three months ended September 30, 2020: Commodity contracts Cost of products and other $ (9.1) For the nine months ended September 30, 2021: Commodity contracts Cost of products and other $ (67.7) For the nine months ended September 30, 2020: Commodity contracts Cost of products and other $ 55.9 Hedged items designated in fair value hedges: For the three months ended September 30, 2021: Crude oil, intermediate and refined product inventory Cost of products and other $ 3.8 For the three months ended September 30, 2020: Crude oil, intermediate and refined product inventory Cost of products and other $ 6.6 For the nine months ended September 30, 2021: Crude oil, intermediate and refined product inventory Cost of products and other $ 46.0 For the nine months ended September 30, 2020: Crude oil, intermediate and refined product inventory Cost of products and other $ (19.1) |
DESCRIPTION OF THE BUSINESS A_3
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Details) | 9 Months Ended |
Sep. 30, 2021segment | |
Description of Business [Line Items] | |
Number of reportable segments | 1 |
PBF Energy [Member] | Class A Common Stock [Member] | |
Description of Business [Line Items] | |
Percentage of ownership in PBF LLC | 99.20% |
ACQUISITIONS (Additional Inform
ACQUISITIONS (Additional Information) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Jan. 24, 2020 | |
Business Acquisition [Line Items] | |||||
Business Combination, Acquisition Related Costs | $ 0 | $ 200,000 | $ 0 | $ 10,900,000 | |
2028 Senior Notes [Member] | |||||
Business Acquisition [Line Items] | |||||
Interest rate | 6.00% | ||||
Long-term Debt | $ 1,000,000,000 | ||||
Martinez Acquisition [Member] | |||||
Business Acquisition [Line Items] | |||||
Term of Agreement | 4 years |
ACQUISITIONS (Purchase Price) (
ACQUISITIONS (Purchase Price) (Details) - USD ($) $ in Millions | Feb. 01, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Business Acquisition [Line Items] | ||||
Gross purchase price | $ 0 | $ 1,176.2 | ||
Martinez Acquisition [Member] | ||||
Business Acquisition [Line Items] | ||||
Gross purchase price | $ 960 | |||
Working capital, including post close adjustments | 216.1 | |||
Contingent consideration | [1] | 77.3 | ||
Total consideration | $ 1,253.4 | |||
[1] | The Martinez Acquisition included an obligation for the Company to make post-closing earn-out payments to the Seller based on certain earnings thresholds of the Martinez refinery (as set forth in the Sale and Purchase Agreement), for a period of up to four years following the acquisition closing date (the “Martinez Contingent Consideration”). The Company recorded the Martinez Contingent Consideration based on its estimated fair value of $77.3 million at the acquisition date, which was recorded within “Other long-term liabilities” within the Condensed Consolidated Balance Sheets. Subsequent changes in the fair value of the Martinez Contingent Consideration are recorded in the Condensed Consolidated Statement of Operations. |
ACQUISITIONS (Assets and Liabil
ACQUISITIONS (Assets and Liabilities Acquired) (Details) - Martinez Acquisition [Member] $ in Millions | Feb. 01, 2020USD ($) | |
Business Acquisition [Line Items] | ||
Inventories | $ 224.1 | |
Prepaid and other current assets | 5.4 | |
Property, plant and equipment | 987.9 | |
Operating lease right of use assets | 7.8 | [1] |
Financing lease right of use assets | 63.5 | [1] |
Deferred charges and other assets, net | 63.7 | |
Accrued expenses | (1.4) | |
Current operating lease liabilities | (1.9) | |
Current financing lease liabilities | (6) | [2] |
Long-term operating lease liabilities | (5.9) | |
Long-term financing lease liabilities | (57.5) | |
Other long-term liabilities - Environmental obligation | (26.3) | |
Fair value of net assets acquired | $ 1,253.4 | |
[1] | Operating and Financing lease right of use assets are recorded in Lease right of use assets - third-party within the Condensed Consolidated Balance Sheets. | |
[2] | Current financing lease liabilities are recorded in Accrued expenses within the Condensed Consolidated Balance Sheets. |
ACQUISITIONS (Pro Forma Informa
ACQUISITIONS (Pro Forma Information) (Details) - Martinez Acquisition [Member] $ in Millions | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Business Acquisition [Line Items] | |
Pro-forma revenues | $ 11,772.1 |
Pro-forma net loss attributable to PBF Holding | $ (1,443.8) |
CURRENT EXPECTED CREDIT LOSSES
CURRENT EXPECTED CREDIT LOSSES (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Credit Loss [Abstract] | ||
Accounts Receivable, Allowance for Credit Loss | $ 0 | $ 0 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | |
Inventory [Line Items] | |||||||
Crude oil and feedstocks | $ 1,277.7 | $ 1,277.7 | $ 1,018.9 | ||||
Refined products and blendstocks | 1,414.5 | 1,414.5 | 1,200.2 | ||||
Warehouse stock and other | 139.2 | 139.2 | 136.7 | ||||
Inventory, Gross | 2,831.4 | 2,831.4 | 2,355.8 | ||||
Lower of cost or market adjustment | 0 | 0 | (669.6) | ||||
Total inventories | 2,831.4 | 2,831.4 | 1,686.2 | ||||
Income (Loss) from Operations | 54.3 | $ (397.7) | 165.1 | $ (1,241.2) | |||
Scenario, Adjustment [Member] | |||||||
Inventory [Line Items] | |||||||
Lower of cost or market adjustment | 0 | (1,093.1) | 0 | (1,093.1) | (669.6) | $ (1,103) | $ (401.6) |
Income (Loss) from Operations | $ 9.9 | 669.6 | $ 691.5 | ||||
Titled Inventory [Member] | |||||||
Inventory [Line Items] | |||||||
Crude oil and feedstocks | 1,277.7 | 1,277.7 | 1,018.9 | ||||
Refined products and blendstocks | 1,059 | 1,059 | 933.7 | ||||
Warehouse stock and other | 139.2 | 139.2 | 136.7 | ||||
Inventory, Gross | 2,475.9 | 2,475.9 | 2,089.3 | ||||
Lower of cost or market adjustment | 0 | 0 | (572.4) | ||||
Total inventories | 2,475.9 | 2,475.9 | 1,516.9 | ||||
Inventory Supply and Offtake Arrangements [Member] | |||||||
Inventory [Line Items] | |||||||
Crude oil and feedstocks | 0 | 0 | 0 | ||||
Refined products and blendstocks | 355.5 | 355.5 | 266.5 | ||||
Warehouse stock and other | 0 | 0 | 0 | ||||
Inventory, Gross | 355.5 | 355.5 | 266.5 | ||||
Lower of cost or market adjustment | 0 | 0 | (97.2) | ||||
Total inventories | $ 355.5 | $ 355.5 | $ 169.3 |
ACCRUED EXPENSES (Details)
ACCRUED EXPENSES (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | |
Accrued Expenses: | |||
Inventory-related accruals | $ 1,408.6 | $ 695 | |
Renewable energy credit and emissions obligations | [1] | 1,308.8 | 528.1 |
Inventory intermediation agreements | [2] | 290.9 | 225.8 |
Excise and sales tax payable | 118.3 | 119.7 | |
Accrued transportation costs | 77.7 | 72.1 | |
Accrued interest | 65.3 | 40.2 | |
Accrued utilities | 62.8 | 58.6 | |
Accrued refinery maintenance and support costs | 47.1 | 35.7 | |
Accrued salaries and benefits | 46.6 | 40.1 | |
Accrued capital expenditures | 27.7 | 14.4 | |
Environmental liabilities | 12.2 | 11.4 | |
Current finance lease liabilities | 10.6 | 14.4 | |
Customer deposits | 4.1 | 4 | |
Other | 31 | 22.3 | |
Total accrued expenses | $ 3,511.7 | $ 1,881.8 | |
[1] | The Company is subject to obligations to purchase Renewable Identification Numbers (“RINs”) required to comply with the Renewable Fuel Standard. The Company’s overall RINs obligation is based on a percentage of domestic shipments of on-road fuels as established by Environmental Protection Agency. To the degree the Company is unable to blend the required amount of biofuels to satisfy its RINs obligation, RINs must be purchased on the open market to avoid penalties and fines. The Company records its RINs obligation on a net basis in Accrued expenses when its RINs liability is greater than the amount of RINs earned and purchased in a given period and in Prepaid and other current assets when the amount of RINs earned and purchased is greater than the RINs liability. In addition, the Company is subject to obligations to comply with federal and state legislative and regulatory measures, including regulations in the state of California pursuant to Assembly Bill 32 (“AB 32”), to address environmental compliance and greenhouse gas and other emissions. These requirements include incremental costs to operate and maintain our facilities as well as to implement and manage new emission controls and programs. Renewable energy credit and emissions obligations fluctuate with the volume of applicable product sales and timing of credit purchases. Renewable energy credit and emissions obligations are categorized as Level 2, and are measured at fair value based on quoted prices from an independent pricing service. | ||
[2] | The Company has the obligation to repurchase the J. Aron Products that are held in its J. Aron Storage Tanks in accordance with the Inventory Intermediation Agreements with J. Aron. As of September 30, 2021 and December 31, 2020, 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 J. Aron Storage Tanks under the Inventory Intermediation Agreements, with any change in the market price being recorded in Cost of products and other. |
CREDIT FACILITIES AND DEBT (Det
CREDIT FACILITIES AND DEBT (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Jan. 24, 2020 | May 30, 2017 | |
Gain (loss) on extinguishment of debt | $ 60.3 | $ 0 | $ 60.3 | $ (22.2) | ||
2025 Senior Notes [Member] | ||||||
Interest rate | 7.25% | |||||
Extinguishment of Debt, Amount | 35 | |||||
Repayments of Long-term Debt | 21.2 | 0 | ||||
2028 Senior Notes [Member] | ||||||
Interest rate | 6.00% | |||||
Extinguishment of Debt, Amount | $ 117.7 | |||||
Repayments of Long-term Debt | 69.7 | $ 0 | ||||
Senior Notes, 2025 and 2028 | ||||||
Repayments of Long-term Debt | $ 90.9 |
CREDIT FACILITIES AND DEBT (Sum
CREDIT FACILITIES AND DEBT (Summary of Long-Term Debt) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 3,794.6 | $ 3,984.9 | |
Current debt | (89.1) | (7.4) | |
Unamortized premium | 0.5 | 0.6 | |
Unamortized deferred financing costs | (35.1) | (45.3) | |
Long-term debt | 3,670.9 | 3,932.8 | |
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Line of Credit | 900 | 900 | |
2025 Senior Secured Notes [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | [1] | 1,250 | 1,250 |
2028 Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | [1] | 882.3 | 1,000 |
2025 Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | [1] | 690 | 725 |
Notes Payable to Banks [Member] | PBF Rail Logistics Company LLC [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | [2] | 1.9 | 7.4 |
Catalyst Obligation [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | [3] | $ 70.4 | $ 102.5 |
[1] | The estimated fair value, categorized as a Level 2 measurement, was calculated based on the present value of future expected payments utilizing implied current market interest rates based on quoted prices of the outstanding senior notes. | ||
[2] | 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. | ||
[3] | Catalyst financing arrangements are valued using a market approach based upon commodity prices for similar instruments quoted in active markets and are categorized as a Level 2 measurement. The Company has elected the fair value option for accounting for its catalyst repurchase obligations as the Company’s liability is directly impacted by the change in fair value of the underlying catalyst. |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - PBF Logistics LP [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Cost of Sales [Member] | ||||
Related Party Transaction [Line Items] | ||||
Total expenses under affiliate agreements | $ 75.5 | $ 70.8 | $ 226.5 | $ 218.7 |
Services Agreement [Member] | General and Administrative Expense [Member] | ||||
Related Party Transaction [Line Items] | ||||
Total expenses under affiliate agreements | 2.2 | 2.2 | 6.5 | 6.5 |
Omnibus Agreement [Member] | General and Administrative Expense [Member] | ||||
Related Party Transaction [Line Items] | ||||
Total expenses under affiliate agreements | $ 1.8 | $ 1.9 | $ 5.5 | $ 5.8 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Loss Contingencies [Line Items] | ||
Environmental liability | $ 146,400,000 | $ 151,900,000 |
Martinez Acquisition [Member] | ||
Loss Contingencies [Line Items] | ||
Term of Agreement | 4 years | |
Business Combination, Contingent Consideration, Liability | $ 23,600,000 | 0 |
Other Noncurrent Liabilities [Member] | ||
Loss Contingencies [Line Items] | ||
Environmental liability | 134,200,000 | 140,500,000 |
Environmental Issue [Member] | Torrance Refinery [Member] | ||
Loss Contingencies [Line Items] | ||
Environmental liability | $ 109,000,000 | $ 113,700,000 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Lessee, Lease, Description [Line Items] | ||||
Operating lease costs | $ 74.3 | $ 79.3 | $ 225.5 | $ 214 |
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 | ||
Lease with Affiliate [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease costs | $ 32.3 | $ 32.3 | $ 96.8 | $ 96.8 |
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 | ||
Water Treatment Equipment Lease | ||||
Lessee, Lease, Description [Line Items] | ||||
Lessee, Lease Not Yet Commenced, Term Of Contract | 15 years | |||
Lessee, Leases Not Yet Commenced, Liability | $ 34.1 | $ 34.1 | ||
Mildew Catalyst Lease | ||||
Lessee, Lease, Description [Line Items] | ||||
Lessee, Lease Not Yet Commenced, Term Of Contract | 7 years | |||
Lessee, Leases Not Yet Commenced, Liability | $ 24.2 | $ 24.2 |
Leases - Lease Assets and Liabi
Leases - Lease Assets and Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Lease Assets and Liabilities [Line Items] | ||
Lease, Right-of-Use Asset | $ 1,227.6 | $ 1,487.7 |
Operating Lease, Liability, Current | 153.7 | |
Current finance lease liabilities | 10.6 | 14.4 |
Operating Lease, Liability, Noncurrent | 1,003.9 | |
Long-term financing lease liabilities - third party | 61.4 | 68.3 |
Total lease liabilities | 1,229.6 | 1,487.9 |
Operating And Finance Lease, Right-Of-Use Asset | ||
Lease Assets and Liabilities [Line Items] | ||
Financing lease right of use assets - third party | 68.7 | 80.4 |
Third Party Lease [Member] | ||
Lease Assets and Liabilities [Line Items] | ||
Operating Lease, Liability, Current | 64.3 | 78.3 |
Operating Lease, Liability, Noncurrent | 585.6 | 755.9 |
Third Party Lease [Member] | Operating And Finance Lease, Right-Of-Use Asset | ||
Lease Assets and Liabilities [Line Items] | ||
Lease right of use assets - affiliate | 651.3 | 836.3 |
Lease with Affiliate [Member] | ||
Lease Assets and Liabilities [Line Items] | ||
Lease right of use assets - affiliate | 507.6 | 571 |
Operating Lease, Liability, Current | 89.4 | 85.6 |
Operating Lease, Liability, Noncurrent | 418.3 | 485.4 |
Lease with Affiliate [Member] | Operating Lease, Right-of-Use Asset | ||
Lease Assets and Liabilities [Line Items] | ||
Lease right of use assets - affiliate | $ 507.6 | $ 571 |
Leases - Lease Cost (Details)
Leases - Lease Cost (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Finance lease costs | ||||
Amortization of lease right of use assets | $ 3.9 | $ 3.7 | $ 11.7 | $ 10.2 |
Interest on lease liabilities | 1 | 1.1 | 3.2 | 3.1 |
Operating lease costs | 74.3 | 79.3 | 225.5 | 214 |
Short-term lease costs | 15.5 | 23.1 | 44 | 71.7 |
Variable lease costs | 8.8 | 6.6 | 23 | 25.4 |
Total lease costs | $ 103.5 | $ 113.8 | $ 307.4 | $ 324.4 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow and Other Information (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows for operating leases | $ 224.8 | $ 215.2 |
Operating cash flows for finance leases | 3.2 | 3.1 |
Financing cash flows for finance leases | 10.7 | 8.9 |
Supplemental non-cash changes to lease liabilities from obtaining or remeasuring right of use assets | $ (126.5) | $ 690.7 |
Weighted average remaining lease term - operating leases | 9 years 10 months 24 days | |
Weighted average remaining lease term - finance leases | 6 years 8 months 12 days | |
Weighted average discount rate - operating leases | 13.30% | |
Weighted average discount rate - finance leases | 5.60% |
Leases - Maturity of Lease Liab
Leases - Maturity of Lease Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Finance Leases | ||
2021 | $ 14.3 | |
2022 | 12.8 | |
2023 | 12.8 | |
2024 | 11.8 | |
2025 | 11.1 | |
Thereafter | 23.4 | |
Total minimum lease payments | 86.2 | |
Less: effect of discounting | 14.2 | |
Present value of future minimum lease payments | 72 | |
Less: current obligations under leases | 10.6 | $ 14.4 |
Long-term lease obligations | 61.4 | $ 68.3 |
Operating Leases | ||
2021 | 281.8 | |
2022 | 260.8 | |
2023 | 242.3 | |
2024 | 213.8 | |
2025 | 185.1 | |
Thereafter | 934.3 | |
Total minimum lease payments | 2,118.1 | |
Less: effect of discounting | 960.5 | |
Present value of future minimum lease payments | 1,157.6 | |
Less: current obligations under leases | 153.7 | |
Long-term lease obligations | $ 1,003.9 |
EMPLOYEE BENEFIT PLANS (Details
EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Pension Plan, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 14.4 | $ 15 | $ 43.1 | $ 43.9 |
Interest cost | 1.3 | 1.8 | 4 | 5.3 |
Expected return on plan assets | (3.6) | (3.2) | (10.7) | (9.4) |
Amortization of prior service cost and actuarial loss | 0.1 | 0.1 | 0.1 | 0.2 |
Net periodic benefit cost | 12.2 | 13.7 | 36.5 | 40 |
Post Retirement Medical Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0.3 | 0.3 | 0.8 | 0.8 |
Interest cost | 0.1 | 0.1 | 0.2 | 0.3 |
Amortization of prior service cost and actuarial loss | 0.1 | 0.1 | 0.5 | 0.4 |
Net periodic benefit cost | $ 0.5 | $ 0.5 | $ 1.5 | $ 1.5 |
REVENUES (Details)
REVENUES (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Revenues | $ 7,173.3 | $ 3,649.2 | $ 18,969.7 | $ 11,408.3 | |
Deferred revenue | 39.6 | 39.6 | $ 45.1 | ||
Gasoline And Distillate [Member] | |||||
Revenues | 6,143.4 | 3,121.8 | 16,364.1 | 9,728.1 | |
Asphalt and Residual Oil [Member] | |||||
Revenues | 329.2 | 206.5 | 843 | 577.6 | |
Feedstocks and other [Member] | |||||
Revenues | 380.3 | 196.4 | 883.2 | 723 | |
Chemicals [Member] | |||||
Revenues | 240.7 | 81.7 | 665.8 | 240 | |
Lubricants [Member] | |||||
Revenues | $ 79.7 | $ 42.8 | $ 213.6 | $ 139.6 |
INCOME TAXES Income Taxes (Deta
INCOME TAXES Income Taxes (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)subsidiary | Sep. 30, 2020USD ($) | |
Income Tax Disclosure [Abstract] | ||||
Number Of Subsidiaries Acquired | subsidiary | 2 | |||
Current income tax benefit | $ (0.2) | $ 0 | $ (1.3) | $ 0 |
Deferred income tax (benefit) expense | (1.8) | (1.2) | (15.6) | 8.6 |
Total income tax (benefit) expense | $ (2) | $ (1.2) | $ (16.9) | $ 8.6 |
FAIR VALUE MEASUREMENTS (Measur
FAIR VALUE MEASUREMENTS (Measured on Recurring Basis) (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Defined Benefit Plan, Plan Assets, Amount | $ 20.9 | $ 21.2 |
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 | 88.1 | 9 |
Derivative, Collateral, Right to Reclaim Cash | (47.7) | (6) |
Derivative Liability | 40.4 | 3 |
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 | 88.1 | 2.3 |
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 | 0 | 6.7 |
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 |
Inventory Intermediation Agreement Obligation [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | (34.7) | |
Derivative, Collateral, Right to Reclaim Cash | 0 | |
Derivative Liability | (34.7) | |
Inventory Intermediation Agreement 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 | |
Inventory Intermediation Agreement 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 | (34.7) | |
Inventory Intermediation Agreement 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 | |
Catalyst Obligation [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative, Collateral, Right to Reclaim Cash | 0 | 0 |
Obligations, Fair Value Disclosure | 70.4 | 102.5 |
Catalyst Obligation [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Obligations, Fair Value Disclosure | 0 | 0 |
Catalyst Obligation [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Obligations, Fair Value Disclosure | 70.4 | 102.5 |
Catalyst Obligation [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Obligations, Fair Value Disclosure | 0 | 0 |
Renewable Energy Credit and Emissions Obligation | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative, Collateral, Right to Reclaim Cash | 0 | 0 |
Obligations, Fair Value Disclosure | 1,308.8 | 528.1 |
Renewable Energy Credit and Emissions Obligation | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Obligations, Fair Value Disclosure | 0 | 0 |
Renewable Energy Credit and Emissions Obligation | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Obligations, Fair Value Disclosure | 1,308.8 | 528.1 |
Renewable Energy Credit and Emissions Obligation | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Obligations, Fair Value Disclosure | 0 | 0 |
Contingent Consideration | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative, Collateral, Right to Reclaim Cash | 0 | 0 |
Obligations, Fair Value Disclosure | 23.6 | 0 |
Contingent Consideration | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Obligations, Fair Value Disclosure | 0 | 0 |
Contingent Consideration | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Obligations, Fair Value Disclosure | 0 | 0 |
Contingent Consideration | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Obligations, Fair Value Disclosure | 23.6 | 0 |
Money market funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 335.2 | 402.3 |
Money market funds [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 335.2 | 402.3 |
Money market funds [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Money market funds [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Commodity contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 47.7 | 6 |
Derivative assets, Effect of Counter-party Netting | (47.7) | (6) |
Derivative assets, Net Carrying Value on Balance Sheet | 0 | 0 |
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 | 46.5 | 2.5 |
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 | 1.2 | 3.5 |
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 |
Inventory Intermediation Agreement Obligation [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 11.3 | |
Derivative assets, Effect of Counter-party Netting | 0 | |
Derivative assets, Net Carrying Value on Balance Sheet | 11.3 | |
Inventory Intermediation Agreement Obligation [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 | |
Inventory Intermediation Agreement Obligation [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 | 11.3 | |
Inventory Intermediation Agreement Obligation [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 |
FAIR VALUE MEASUREMENTS (Change
FAIR VALUE MEASUREMENTS (Change in Fair Value at Level 3) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Change in Fair Value Measurement Categorized in Level 3 [Roll Forward] | ||||
Transfers into Level 3 | $ 0 | $ 0 | $ 0 | $ 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Contingent Consideration | ||||
Change in Fair Value Measurement Categorized in Level 3 [Roll Forward] | ||||
Balance at beginning of period | 24,300,000 | 12,400,000 | 0 | 0 |
Additions | 0 | 0 | 0 | 77,300,000 |
Accretion on discounted liabilities | 0 | 500,000 | 0 | 2,000,000 |
Settlements | 0 | 300,000 | 0 | 700,000 |
Unrealized (gain) loss included in earnings | (700,000) | (14,400,000) | 23,600,000 | (81,200,000) |
Balance at end of period | $ 23,600,000 | $ (1,200,000) | $ 23,600,000 | $ (1,200,000) |
FAIR VALUE MEASUREMENTS (Fair V
FAIR VALUE MEASUREMENTS (Fair Value and Carrying Value of Debt) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt, Fair value | $ 3,105 | $ 3,280.6 | |
Long-term Debt, Gross | 3,794.6 | 3,984.9 | |
Long-Term Debt And Capital Lease Obligations, Current, Fair Value Disclosure | (89.1) | (7.4) | |
Current debt | (89.1) | (7.4) | |
Unamortized premium | 0.5 | 0.6 | |
Unamortized deferred financing costs | (35.1) | (45.3) | |
Long-term Debt, Excluding Current Maturities | 3,670.9 | 3,932.8 | |
Long-term debt, excluding current maturities, Fair value | 3,015.9 | 3,273.2 | |
Revolving Credit Facility [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term Line of Credit | 900 | 900 | |
2025 Senior Secured Notes [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term Debt | [1] | 1,250 | 1,250 |
Long-term debt, Fair value | [1] | 1,119.5 | 1,232.9 |
2028 Senior Notes [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term Debt | [1] | 882.3 | 1,000 |
Long-term debt, Fair value | [1] | 559.6 | 562.5 |
2025 Senior Notes [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term Debt | [1] | 690 | 725 |
Long-term debt, Fair value | [1] | 453.6 | 475.3 |
Line of Credit [Member] | Revolving Credit Facility [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term Line of Credit | [2] | 900 | 900 |
Lines of Credit, Fair Value Disclosure | [2] | 900 | 900 |
Catalyst Obligation [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term Debt | [3] | 70.4 | 102.5 |
Long-term debt, Fair value | [3] | 70.4 | 102.5 |
PBF Rail Logistics Company LLC [Member] | Notes Payable to Banks [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term Debt | [2] | 1.9 | 7.4 |
Long-term debt, Fair value | [2] | $ 1.9 | $ 7.4 |
[1] | The estimated fair value, categorized as a Level 2 measurement, was calculated based on the present value of future expected payments utilizing implied current market interest rates based on quoted prices of the outstanding senior notes. | ||
[2] | 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. | ||
[3] | Catalyst financing arrangements are valued using a market approach based upon commodity prices for similar instruments quoted in active markets and are categorized as a Level 2 measurement. The Company has elected the fair value option for accounting for its catalyst repurchase obligations as the Company’s liability is directly impacted by the change in fair value of the underlying catalyst. |
DERIVATIVES (Narrative) (Detail
DERIVATIVES (Narrative) (Details) - bbl | Sep. 30, 2021 | Dec. 31, 2020 |
Crude Oil and Feedstock Inventory [Member] | Fair Value Hedging [Member] | ||
Derivative [Line Items] | ||
Derivative, notional amount, volume | 0 | 0 |
Intermediates and Refined Products Inventory [Member] | Fair Value Hedging [Member] | ||
Derivative [Line Items] | ||
Derivative, notional amount, volume | 2,679,289 | 2,604,736 |
Crude Oil Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Derivative, notional amount, volume | 18,057,000 | 7,183,000 |
Refined Product Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Derivative, notional amount, volume | 5,033,400 | 2,810,000 |
DERIVATIVES (Fair Value of Deri
DERIVATIVES (Fair Value of Derivative Instruments) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Designated as Hedging Instrument [Member] | Inventory Intermediation Agreement Obligation [Member] | Accrued Expenses [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value Asset/(Liability) | $ (34.7) | $ 11.3 |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Accounts Receivable | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value Asset/(Liability) | $ (40.4) | $ (3) |
DERIVATIVES (Gain (Loss) Recogn
DERIVATIVES (Gain (Loss) Recognized in Income) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
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 | (3,800,000) | (6,600,000) | (46,000,000) | 19,100,000 |
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 | (33,200,000) | (9,100,000) | (67,700,000) | 55,900,000 |
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 | $ 3,800,000 | $ 6,600,000 | $ 46,000,000 | $ (19,100,000) |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Oct. 31, 2021 | Dec. 31, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Subsequent Event [Line Items] | ||||||
Gain (loss) on extinguishment of debt | $ 60.3 | $ 0 | $ 60.3 | $ (22.2) | ||
Settlement of precious metal catalyst obligations | $ 18.5 | $ 8.8 | ||||
Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Extinguishment of Debt, Amount | $ 76.3 | |||||
Repayments of Long-term Debt | $ 55.9 | |||||
Gain (loss) on extinguishment of debt | $ 20 | |||||
Settlement of precious metal catalyst obligations | $ 10.9 |