PBF Finance 10-Q 4 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	Apr. 29, 2022
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	333-186007
Entity Registrant Name	PBF HOLDING COMPANY 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	Q1
Document Fiscal Year Focus	2022
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	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 1,380.9	$ 1,305.7
Accounts receivable	1,810	1,272
Accounts receivable - affiliate	4.4	4.1
Inventories	2,893.5	2,505.1
Prepaid and other current assets	233.3	71.7
Total current assets	6,322.1	5,158.6
Property, plant and equipment, net	4,175.8	4,114.8
Deferred charges and other assets, net	884.8	813.8
Total assets	12,565.2	11,289.6
Current liabilities:
Accounts payable	1,618	906.3
Accounts payable - affiliate	51.9	61.7
Accrued expenses	3,285.8	2,728.3
Current debt	29.9	0
Deferred revenue	53.2	40.3
Total current liabilities	5,201.9	3,892.1
Long-term debt	3,650.7	3,673.3
Deferred tax liabilities	16.1	24.2
Long-term financing lease liabilities - third party	66.7	70.6
Other long-term liabilities	273.9	251
Total liabilities	10,152	8,876.2
Commitments and contingencies (Note 7)
Equity:
Member’s equity	2,892.8	2,870.2
Retained earnings (accumulated deficit)	(510)	(489.3)
Accumulated other comprehensive income	19.3	20.3
Total PBF Holding Company LLC equity	2,402.1	2,401.2
Noncontrolling interest	11.1	12.2
Total equity	2,413.2	2,413.4
Total liabilities and equity	12,565.2	11,289.6
Third Party Lease [Member]
Current assets:
Lease right of use assets	718.8	717
Current liabilities:
Current operating lease liabilities	70.5	64.8
Long-term operating lease liabilities	571.6	570.3
Lease with Affiliate [Member]
Current assets:
Lease right of use assets	463.7	485.4
Current liabilities:
Current operating lease liabilities	92.6	90.7
Long-term operating lease liabilities	$ 371.1	$ 394.7

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Revenues	$ 9,128.2	$ 4,913.2
Cost and expenses:
Cost of products and other	8,277.5	4,263
Operating expenses (excluding depreciation and amortization expense as reflected below)	595.6	460.2
Depreciation and amortization expense	108.9	104.7
Cost of sales	8,982	4,827.9
General and administrative expenses (excluding depreciation and amortization expense as reflected below)	49.3	42.9
Depreciation and amortization expense	1.9	3.4
Change in fair value of contingent consideration	50.1	29.5
Loss (gain) on sale of assets	0.1	(0.6)
Total cost and expenses	9,083.4	4,903.1
Income from operations	44.8	10.1
Other income (expense):
Interest expense, net	(68.2)	(69.6)
Change in fair value of catalyst obligations	(4.9)	(10)
Other non-service components of net periodic benefit cost	2.2	2
Income (loss) before income taxes	(26.1)	(67.5)
Income tax benefit	(8.1)	(10.6)
Net income (loss)	(18)	(56.9)
Less: net income (loss) attributable to noncontrolling interests	(1.1)	0.2
Net income (loss) attributable to PBF Holding Company LLC	$ (16.9)	$ (57.1)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (18)	$ (56.9)
Other comprehensive income (loss):
Unrealized loss on available for sale securities	(1.1)	(0.6)
Net gain on pension and other post-retirement benefits	0.1	0.2
Total other comprehensive income (loss)	(1)	(0.4)
Comprehensive income (loss)	(19)	(57.3)
Less: comprehensive income (loss) attributable to noncontrolling interests	(1.1)	0.2
Comprehensive income (loss) attributable to PBF Holding Company LLC	$ (17.9)	$ (57.5)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Equity Statement - USD ($) $ in Millions	Total	Member’s Equity	Accumulated Other Comprehensive Income (Loss)	Retained Earnings (accumulated deficit)	Noncontrolling Interest
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	(1)			(1)
Capital contributions from PBF LLC	10	10
Stock-based compensation expense	5.9	5.9
Comprehensive income (loss)	(57.3)		(0.4)	(57.1)	0.2
Ending balance at Mar. 31, 2021	2,048.4	2,825.6	(6.5)	(781.5)	10.8
Beginning balance at Dec. 31, 2021	2,413.4	2,870.2	20.3	(489.3)	12.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Member distributions	(3.8)			(3.8)
Capital contributions from PBF LLC	16	16
Stock-based compensation expense	6.6	6.6
Comprehensive income (loss)	(19)		(1)	(16.9)	(1.1)
Ending balance at Mar. 31, 2022	$ 2,413.2	$ 2,892.8	$ 19.3	$ (510)	$ 11.1

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income (loss)	$ (18)	$ (56.9)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	114.7	111.8
Stock-based compensation	7.1	6.4
Change in fair value of catalyst obligations	4.9	10
Deferred income taxes	(8.1)	(9.4)
Non-cash change in inventory repurchase obligations	(40.7)	8
Non-cash lower of cost or market inventory adjustment	0	(405.6)
Change in fair value of contingent consideration	50.1	29.5
Pension and other post-retirement benefit costs	11.9	12.8
Loss (gain) on sale of assets	0.1	(0.6)
Changes in operating assets and liabilities:
Accounts receivable	(538)	(358)
Due to/from affiliates	(10.2)	5.1
Inventories	(388.4)	(220.6)
Prepaid and other current assets	(161.5)	(79.6)
Accounts payable	682.3	291
Accrued expenses	537.1	638.1
Deferred revenue	12.9	(25.8)
Other assets and liabilities	(13.3)	(23.8)
Net cash provided by (used in) operating activities	242.9	(67.6)
Cash flows from investing activities:
Expenditures for property, plant and equipment	(116.9)	(36.1)
Expenditures for deferred turnaround costs	(82.2)	(16.8)
Expenditures for other assets	(25)	(6.3)
Net cash used in investing activities	(224.1)	(59.2)
Cash flows from financing activities:
Contributions from PBF LLC	16	10
Payments on financing leases	(3)	(3.5)
Proceeds from insurance premium financing	47.3	48.9
Deferred financing costs and other	(0.1)	0.5
Net cash provided by financing activities	56.3	53.1
Net change in cash and cash equivalents	75.1	(73.7)
Cash and cash equivalents, beginning of period	1,305.7	1,570.1
Cash and cash equivalents, end of period	1,380.8	1,496.4
Non-cash activities:
Accrued and unpaid capital expenditures	119.7	42.2
Assets acquired or remeasured under operating and financing leases	23.9	(152.8)
Cash paid during the period for:
Interest (net of capitalized interest of $4.1 million and $2.2 million in 2022 and 2021, respectively)	33.9	38.9
Income taxes	0.1	0.1
Rail Term Loan [Member]
Cash flows from financing activities:
Repayments of PBF Rail Term Loan	0	(1.8)
Members
Cash flows from financing activities:
Distributions to members	$ (3.9)	$ (1)

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Cash Flows [Abstract]
Capitalized interest	$ 4.1	$ 2.2

DESCRIPTION OF THE BUSINESS AND

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022. 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 6 - Related Party Transactions”). 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, 2021. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for the full year. Recently Adopted Accounting Guidance In March 2020, the Financial Accounting Standards Board 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 relationships and other transactions affected by the expected market transition from London Interbank Offered Rate and other interbank rates. The Company’s adoption of this guidance did not have, and is not anticipated to have, a material impact on its Consolidated Financial Statements and related disclosures.

CURRENT EXPECTED CREDIT LOSSES

CURRENT EXPECTED CREDIT LOSSES	3 Months Ended
	Mar. 31, 2022
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. 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 March 31, 2022 or December 31, 2021.

INVENTORIES

INVENTORIES	3 Months Ended
	Mar. 31, 2022
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES Inventories consisted of the following: March 31, 2022 (in millions) Titled Inventory Inventory Intermediation Agreement Total Crude oil and feedstocks $ 1,198.2 $ 210.9 $ 1,409.1 Refined products and blendstocks 1,030.3 310.7 1,341.0 Warehouse stock and other 143.4 — 143.4 $ 2,371.9 $ 521.6 $ 2,893.5 Lower of cost or market adjustment — — — Total inventories $ 2,371.9 $ 521.6 $ 2,893.5 December 31, 2021 (in millions) Titled Inventory Inventory Intermediation Agreement Total Crude oil and feedstocks $ 953.5 $ 151.4 $ 1,104.9 Refined products and blendstocks 964.6 293.8 1,258.4 Warehouse stock and other 141.8 — 141.8 $ 2,059.9 $ 445.2 $ 2,505.1 Lower of cost or market adjustment — — — Total inventories $ 2,059.9 $ 445.2 $ 2,505.1 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 & Company, a subsidiary of The Goldman Sachs Group, Inc. (“J. Aron”), pursuant to which the terms of the existing inventory intermediation agreements were amended and restated in their entirety, 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 certain inventory, including crude oil, intermediate and certain finished products (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”). The J. Aron Products are sold back to the Company as the J. Aron Products are discharged out of the Storage Tanks. These purchases and sales are settled daily, and pricing is trued-up monthly at the market prices related to those J. Aron Products. These transactions are considered to be made in contemplation of each other and, accordingly, do not result in the recognition of a sale when title passes from the Refineries to J. Aron. Additionally, J. Aron has the right to store the J. Aron Products purchased in Storage Tanks under the Third Inventory Intermediation Agreement and will retain these storage rights for the term of the agreement. PBF Holding continues to market and sell the J. Aron Products independently to third parties. At March 31, 2022 the replacement value of inventories exceeded the last-in, first-out carrying value. There was no lower of cost or market (“LCM”) inventory reserve at March 31, 2022 and December 31, 2021.

ACCRUED EXPENSES

ACCRUED EXPENSES	3 Months Ended
	Mar. 31, 2022
Payables and Accruals [Abstract]
ACCRUED EXPENSES	ACCRUED EXPENSES Accrued expenses consisted of the following: (in millions) March 31, 2022 December 31, 2021 Inventory-related accruals $ 1,318.0 $ 959.9 Renewable energy credit and emissions obligations (a) 1,141.0 953.9 Inventory intermediation agreement (b) 268.6 280.1 Excise and sales tax payable 103.1 112.3 Accrued transportation costs 94.7 91.0 Accrued capital expenditures 76.4 62.6 Accrued utilities 64.3 73.0 Accrued interest 61.8 32.8 Accrued refinery maintenance and support costs 41.5 55.8 Accrued salaries and benefits 26.4 57.1 Environmental liabilities 14.0 14.3 Current finance lease liabilities 11.2 11.1 Customer deposits 1.6 3.5 Other 63.2 20.9 Total accrued expenses $ 3,285.8 $ 2,728.3 __________________________ (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 (“EPA”). To the degree the Company is unable to blend the required amount of biofuels to satisfy its RINs obligation, RINs must be purchased on the open market to avoid penalties and fines. The Company records its RINs obligation on a net basis in Accrued expenses when its RINs liability is greater than the amount of RINs earned and purchased in a given period and in Prepaid and other current assets when the amount of RINs earned and purchased is greater than the RINs liability. In addition, the Company is subject to obligations to comply with federal and state legislative and regulatory measures, including regulations in the state of California pursuant to Assembly Bill 32 (“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. The Company enters into forward purchase commitments in order to acquire its renewable energy and emissions credits at fixed prices. As of March 31, 2022, the Company had entered into $756.2 million of such forward purchase commitments with respect to its total accrued renewable energy and emissions obligations. Final settlement of the Company’s RINs obligation for annual compliance years 2020 through 2022 are subject to final rule making by EPA. Currently, our obligations are anticipated to require settlement in 2023. The Company’s AB 32 liability is part of a triennial period program which will be settled through 2024. (b) The Company has the obligation to repurchase the J. Aron Products that are held in its Storage Tanks in accordance with the Inventory Intermediation Agreement with J. Aron. As of March 31, 2022 and December 31, 2021, a liability is recognized for the Inventory Intermediation Agreement and is recorded at market price for the J. Aron owned inventory held in the Company’s Storage Tanks, with any change in the market price being recorded in Cost of products and other.

CREDIT FACILITIES AND DEBT

CREDIT FACILITIES AND DEBT	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
CREDIT FACILITIES AND DEBT	CREDIT FACILITIES AND DEBT Debt outstanding consists of the following: (in millions) March 31, 2022 December 31, 2021 2025 Senior Secured Notes $ 1,250.0 $ 1,250.0 2028 Senior Notes 826.5 826.5 2025 Senior Notes 669.5 669.5 Revolving Credit Facility 900.0 900.0 Catalyst financing arrangements 63.3 58.4 3,709.3 3,704.4 Less — Current debt (29.9) — Unamortized premium 0.4 0.5 Unamortized deferred financing costs (29.1) (31.6) Long-term debt $ 3,650.7 $ 3,673.3

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2022
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 2021 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 2022. No new material agreements or amendments were entered into during the three months ended March 31, 2022. Summary of Transactions with PBFX A summary of the Company’s affiliate transactions with PBFX is as follows: Three Months Ended March 31, (in millions) 2022 2021 Reimbursements under affiliate agreements: Services Agreement $ 2.2 $ 2.2 Omnibus Agreement 1.8 1.8 Total expenses under affiliate agreements 76.0 75.9 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	3 Months Ended
	Mar. 31, 2022
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. The estimated costs related to these remediation obligations totaled $116.5 million as of March 31, 2022 ($118.5 million as of December 31, 2021), and related primarily to remediation obligations to address existing soil and groundwater contamination and the related monitoring and clean-up activities. Costs related to these obligations are reassessed periodically or when changes to our remediation approach are identified. 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 $156.8 million and $155.3 million at March 31, 2022 and December 31, 2021, respectively, of which $142.8 million and $141.0 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 acquisition of the Martinez refinery and related logistics assets, the Company entered into 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 “Martinez Contingent Consideration”). 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 Statements of Operations. The fair value of the Martinez Contingent Consideration was estimated to be $79.5 million as of March 31, 2022 and $29.4 million as of December 31, 2021.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	3 Months Ended
	Mar. 31, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
EMPLOYEE BENEFIT PLANS	EMPLOYEE BENEFIT PLANS The components of net periodic benefit cost related to the Company’s defined benefit plans consisted of the following: (in millions) Three Months Ended March 31, Pension Benefits 2022 2021 Components of net periodic benefit cost: Service cost $ 13.9 $ 14.4 Interest cost 2.0 1.3 Expected return on plan assets (4.4) (3.6) Net periodic benefit cost $ 11.5 $ 12.1 (in millions) Three Months Ended March 31, Post-Retirement Medical Plan 2022 2021 Components of net periodic benefit cost: Service cost $ 0.2 $ 0.4 Interest cost 0.1 0.1 Amortization of prior service cost and actuarial loss 0.1 0.2 Net periodic benefit cost $ 0.4 $ 0.7

REVENUES

REVENUES	3 Months Ended
	Mar. 31, 2022
Revenues [Abstract]
REVENUES	REVENUES 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 March 31, (in millions) 2022 2021 Gasoline and distillates $ 8,037.7 $ 4,230.1 Asphalt and blackoils 458.9 215.4 Feedstocks and other 334.9 212.3 Chemicals 207.0 194.7 Lubricants 89.7 60.7 Total Revenues $ 9,128.2 $ 4,913.2 The Company’s revenues are generated from the sale of refined 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 Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers. 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 $53.2 million and $40.3 million as of March 31, 2022 and December 31, 2021, 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	3 Months Ended
	Mar. 31, 2022
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 Statements of Operations consists of the following: Three Months Ended March 31, (in millions) 2022 2021 Current income tax benefit $ — $ (1.2) Deferred income tax benefit (8.1) (9.4) Total income tax benefit $ (8.1) $ (10.6)

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS The tables below present information about the Company’s financial assets and liabilities measured and recorded at fair value on a recurring basis and indicate the fair value hierarchy of the inputs utilized to determine the fair values as of March 31, 2022 and December 31, 2021. 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 March 31, 2022 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 $ 45.9 $ — $ — $ 45.9 N/A $ 45.9 Commodity contracts 197.2 — — 197.2 (197.2) — Derivatives included with inventory intermediation agreement obligations — 60.4 — 60.4 — 60.4 Liabilities: Commodity contracts 249.1 — — 249.1 (197.2) 51.9 Catalyst obligations — 63.3 — 63.3 — 63.3 Renewable energy credit and emissions obligations — 1,141.0 — 1,141.0 — 1,141.0 Contingent consideration obligation — — 79.5 79.5 — 79.5 As of December 31, 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 $ 260.9 $ — $ — $ 260.9 N/A $ 260.9 Commodity contracts 71.5 — — 71.5 (71.5) — Derivatives included with inventory intermediation agreement obligations — 19.7 — 19.7 — 19.7 Liabilities: Commodity contracts 79.7 3.8 — 83.5 (71.5) 12.0 Catalyst obligations — 58.4 — 58.4 — 58.4 Renewable energy credit and emissions obligations — 953.9 — 953.9 — 953.9 Contingent consideration obligation — — 29.4 29.4 — 29.4 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 in part 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 obligations at March 31, 2022 and December 31, 2021 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 March 31, 2022 and December 31, 2021, $19.7 million and $20.7 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 March 31, (in millions) 2022 2021 Balance at beginning of period $ 29.4 $ — Additions — — Settlements — — Unrealized loss included in earnings 50.1 29.5 Balance at end of period $ 79.5 $ 29.5 There were no transfers between levels during the three months ended March 31, 2022 or the three months ended March 31, 2021. Fair value of debt The table below summarizes the carrying value and fair value of debt as of March 31, 2022 and December 31, 2021. March 31, 2022 December 31, 2021 (in millions) Carrying Fair Carrying Fair 2025 Senior Secured Notes (a) $ 1,250.0 $ 1,292.8 $ 1,250.0 $ 1,192.7 2028 Senior Notes (a) 826.5 660.2 826.5 520.9 2025 Senior Notes (a) 669.5 603.4 669.5 475.9 Revolving Credit Facility (b) 900.0 900.0 900.0 900.0 Catalyst financing arrangements (c) 63.3 63.3 58.4 58.4 3,709.3 3,519.7 3,704.4 3,147.9 Less - Current debt (29.9) (29.9) — — Unamortized premium 0.4 n/a 0.5 n/a Less - Unamortized deferred financing costs (29.1) n/a (31.6) n/a Long-term debt $ 3,650.7 $ 3,489.8 $ 3,673.3 $ 3,147.9 (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	3 Months Ended
	Mar. 31, 2022
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 Third Inventory Intermediation Agreement 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 March 31, 2022 and December 31, 2021, there were 2,714,315 and 2,081,783 barrels of crude oil and feedstocks outstanding under these derivative instruments designated as fair value hedges, respectively. As of March 31, 2022, there were 1,881,877 barrels of intermediates and refined products (2,070,550 barrels at December 31, 2021) 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 March 31, 2022, there were 41,705,000 barrels of crude oil and 2,225,000 barrels of refined products (36,246,000 and 5,819,000, respectively, as of December 31, 2021), 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 March 31, 2022 and December 31, 2021, 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: March 31, 2022: Derivatives included within the inventory intermediation agreement obligations Accrued expenses $ 60.4 December 31, 2021: Derivatives included within the inventory intermediation agreement obligations Accrued expenses $ 19.7 Derivatives not designated as hedging instruments: March 31, 2022: Commodity contracts Accounts receivable $ (51.9) December 31, 2021: Commodity contracts Accounts receivable $ (12.0) 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 March 31, 2022: Derivatives included within the inventory intermediation agreement obligations Cost of products and other $ 40.7 For the three months ended March 31, 2021: Derivatives included within the inventory intermediation agreement obligations Cost of products and other $ (8.0) Derivatives not designated as hedging instruments: For the three months ended March 31, 2022: Commodity contracts Cost of products and other $ (26.9) For the three months ended March 31, 2021: Commodity contracts Cost of products and other $ (14.8) Hedged items designated in fair value hedges: For the three months ended March 31, 2022: Crude oil, intermediate and refined product inventory Cost of products and other $ (40.7) For the three months ended March 31, 2021: Crude oil, intermediate and refined product inventory Cost of products and other $ 8.0

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTSExtinguishment of DebtIn April 2022, the Company repurchased $29.9 million of outstanding 6.00% senior unsecured notes due 2028 and 7.25% senior unsecured notes due 2025 for cash consideration of approximately $25.8 million. These notes are reflected as Current debt on the Condensed Consolidated Balance Sheets and were repurchased using cash on hand at March 31, 2022. The related gain on extinguishment of approximately $3.8 million will be recognized in the second quarter of 2022 in the Condensed Consolidated Statements of Operations.

DESCRIPTION OF THE BUSINESS A_2

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Policies)	3 Months Ended
	Mar. 31, 2022
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, 2021. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for the full year.
Recently Adopted Accounting Guidance	Recently Adopted Accounting Guidance In March 2020, the Financial Accounting Standards Board 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 relationships and other transactions affected by the expected market transition from London Interbank Offered Rate and other interbank rates. The Company’s adoption of this guidance did not have, and is not anticipated to have, a material impact on its Consolidated Financial Statements and related disclosures.

INVENTORIES (Tables)

INVENTORIES (Tables)	3 Months Ended
	Mar. 31, 2022
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventories consisted of the following: March 31, 2022 (in millions) Titled Inventory Inventory Intermediation Agreement Total Crude oil and feedstocks $ 1,198.2 $ 210.9 $ 1,409.1 Refined products and blendstocks 1,030.3 310.7 1,341.0 Warehouse stock and other 143.4 — 143.4 $ 2,371.9 $ 521.6 $ 2,893.5 Lower of cost or market adjustment — — — Total inventories $ 2,371.9 $ 521.6 $ 2,893.5 December 31, 2021 (in millions) Titled Inventory Inventory Intermediation Agreement Total Crude oil and feedstocks $ 953.5 $ 151.4 $ 1,104.9 Refined products and blendstocks 964.6 293.8 1,258.4 Warehouse stock and other 141.8 — 141.8 $ 2,059.9 $ 445.2 $ 2,505.1 Lower of cost or market adjustment — — — Total inventories $ 2,059.9 $ 445.2 $ 2,505.1

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	3 Months Ended
	Mar. 31, 2022
Payables and Accruals [Abstract]
Schedule of accrued expenses	Accrued expenses consisted of the following: (in millions) March 31, 2022 December 31, 2021 Inventory-related accruals $ 1,318.0 $ 959.9 Renewable energy credit and emissions obligations (a) 1,141.0 953.9 Inventory intermediation agreement (b) 268.6 280.1 Excise and sales tax payable 103.1 112.3 Accrued transportation costs 94.7 91.0 Accrued capital expenditures 76.4 62.6 Accrued utilities 64.3 73.0 Accrued interest 61.8 32.8 Accrued refinery maintenance and support costs 41.5 55.8 Accrued salaries and benefits 26.4 57.1 Environmental liabilities 14.0 14.3 Current finance lease liabilities 11.2 11.1 Customer deposits 1.6 3.5 Other 63.2 20.9 Total accrued expenses $ 3,285.8 $ 2,728.3 __________________________ (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 (“EPA”). To the degree the Company is unable to blend the required amount of biofuels to satisfy its RINs obligation, RINs must be purchased on the open market to avoid penalties and fines. The Company records its RINs obligation on a net basis in Accrued expenses when its RINs liability is greater than the amount of RINs earned and purchased in a given period and in Prepaid and other current assets when the amount of RINs earned and purchased is greater than the RINs liability. In addition, the Company is subject to obligations to comply with federal and state legislative and regulatory measures, including regulations in the state of California pursuant to Assembly Bill 32 (“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. The Company enters into forward purchase commitments in order to acquire its renewable energy and emissions credits at fixed prices. As of March 31, 2022, the Company had entered into $756.2 million of such forward purchase commitments with respect to its total accrued renewable energy and emissions obligations. Final settlement of the Company’s RINs obligation for annual compliance years 2020 through 2022 are subject to final rule making by EPA. Currently, our obligations are anticipated to require settlement in 2023. The Company’s AB 32 liability is part of a triennial period program which will be settled through 2024. (b) The Company has the obligation to repurchase the J. Aron Products that are held in its Storage Tanks in accordance with the Inventory Intermediation Agreement with J. Aron. As of March 31, 2022 and December 31, 2021, a liability is recognized for the Inventory Intermediation Agreement and is recorded at market price for the J. Aron owned inventory held in the Company’s Storage Tanks, 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)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Debt outstanding consists of the following: (in millions) March 31, 2022 December 31, 2021 2025 Senior Secured Notes $ 1,250.0 $ 1,250.0 2028 Senior Notes 826.5 826.5 2025 Senior Notes 669.5 669.5 Revolving Credit Facility 900.0 900.0 Catalyst financing arrangements 63.3 58.4 3,709.3 3,704.4 Less — Current debt (29.9) — Unamortized premium 0.4 0.5 Unamortized deferred financing costs (29.1) (31.6) Long-term debt $ 3,650.7 $ 3,673.3

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, (in millions) 2022 2021 Reimbursements under affiliate agreements: Services Agreement $ 2.2 $ 2.2 Omnibus Agreement 1.8 1.8 Total expenses under affiliate agreements 76.0 75.9

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, Pension Benefits 2022 2021 Components of net periodic benefit cost: Service cost $ 13.9 $ 14.4 Interest cost 2.0 1.3 Expected return on plan assets (4.4) (3.6) Net periodic benefit cost $ 11.5 $ 12.1 (in millions) Three Months Ended March 31, Post-Retirement Medical Plan 2022 2021 Components of net periodic benefit cost: Service cost $ 0.2 $ 0.4 Interest cost 0.1 0.1 Amortization of prior service cost and actuarial loss 0.1 0.2 Net periodic benefit cost $ 0.4 $ 0.7

REVENUES (Tables)

REVENUES (Tables)	3 Months Ended
	Mar. 31, 2022
Revenues [Abstract]
Schedule of Revenues from External Customers	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 March 31, (in millions) 2022 2021 Gasoline and distillates $ 8,037.7 $ 4,230.1 Asphalt and blackoils 458.9 215.4 Feedstocks and other 334.9 212.3 Chemicals 207.0 194.7 Lubricants 89.7 60.7 Total Revenues $ 9,128.2 $ 4,913.2

INCOME TAXES (Tables)

INCOME TAXES (Tables)	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Schedule of components of income tax provision (benefit)	The reported income tax provision in the PBF Holding Condensed Consolidated Statements of Operations consists of the following: Three Months Ended March 31, (in millions) 2022 2021 Current income tax benefit $ — $ (1.2) Deferred income tax benefit (8.1) (9.4) Total income tax benefit $ (8.1) $ (10.6)

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The tables below present information about the Company’s financial assets and liabilities measured and recorded at fair value on a recurring basis and indicate the fair value hierarchy of the inputs utilized to determine the fair values as of March 31, 2022 and December 31, 2021. 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 March 31, 2022 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 $ 45.9 $ — $ — $ 45.9 N/A $ 45.9 Commodity contracts 197.2 — — 197.2 (197.2) — Derivatives included with inventory intermediation agreement obligations — 60.4 — 60.4 — 60.4 Liabilities: Commodity contracts 249.1 — — 249.1 (197.2) 51.9 Catalyst obligations — 63.3 — 63.3 — 63.3 Renewable energy credit and emissions obligations — 1,141.0 — 1,141.0 — 1,141.0 Contingent consideration obligation — — 79.5 79.5 — 79.5 As of December 31, 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 $ 260.9 $ — $ — $ 260.9 N/A $ 260.9 Commodity contracts 71.5 — — 71.5 (71.5) — Derivatives included with inventory intermediation agreement obligations — 19.7 — 19.7 — 19.7 Liabilities: Commodity contracts 79.7 3.8 — 83.5 (71.5) 12.0 Catalyst obligations — 58.4 — 58.4 — 58.4 Renewable energy credit and emissions obligations — 953.9 — 953.9 — 953.9 Contingent consideration obligation — — 29.4 29.4 — 29.4
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 March 31, (in millions) 2022 2021 Balance at beginning of period $ 29.4 $ — Additions — — Settlements — — Unrealized loss included in earnings 50.1 29.5 Balance at end of period $ 79.5 $ 29.5
Schedule of Fair value of Debt	The table below summarizes the carrying value and fair value of debt as of March 31, 2022 and December 31, 2021. March 31, 2022 December 31, 2021 (in millions) Carrying Fair Carrying Fair 2025 Senior Secured Notes (a) $ 1,250.0 $ 1,292.8 $ 1,250.0 $ 1,192.7 2028 Senior Notes (a) 826.5 660.2 826.5 520.9 2025 Senior Notes (a) 669.5 603.4 669.5 475.9 Revolving Credit Facility (b) 900.0 900.0 900.0 900.0 Catalyst financing arrangements (c) 63.3 63.3 58.4 58.4 3,709.3 3,519.7 3,704.4 3,147.9 Less - Current debt (29.9) (29.9) — — Unamortized premium 0.4 n/a 0.5 n/a Less - Unamortized deferred financing costs (29.1) n/a (31.6) n/a Long-term debt $ 3,650.7 $ 3,489.8 $ 3,673.3 $ 3,147.9 (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)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 and December 31, 2021, 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: March 31, 2022: Derivatives included within the inventory intermediation agreement obligations Accrued expenses $ 60.4 December 31, 2021: Derivatives included within the inventory intermediation agreement obligations Accrued expenses $ 19.7 Derivatives not designated as hedging instruments: March 31, 2022: Commodity contracts Accounts receivable $ (51.9) December 31, 2021: Commodity contracts Accounts receivable $ (12.0)
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 March 31, 2022: Derivatives included within the inventory intermediation agreement obligations Cost of products and other $ 40.7 For the three months ended March 31, 2021: Derivatives included within the inventory intermediation agreement obligations Cost of products and other $ (8.0) Derivatives not designated as hedging instruments: For the three months ended March 31, 2022: Commodity contracts Cost of products and other $ (26.9) For the three months ended March 31, 2021: Commodity contracts Cost of products and other $ (14.8) Hedged items designated in fair value hedges: For the three months ended March 31, 2022: Crude oil, intermediate and refined product inventory Cost of products and other $ (40.7) For the three months ended March 31, 2021: Crude oil, intermediate and refined product inventory Cost of products and other $ 8.0

DESCRIPTION OF THE BUSINESS A_3

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Details)	Mar. 31, 2022
PBF Energy [Member] | Class A Common Stock [Member]
Description of Business [Line Items]
Percentage of ownership in PBF LLC	99.20%

CURRENT EXPECTED CREDIT LOSSES

CURRENT EXPECTED CREDIT LOSSES (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Credit Loss [Abstract]
Allowance for doubtful accounts	$ 0	$ 0

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Inventory [Line Items]
Crude oil and feedstocks	$ 1,409.1		$ 1,104.9
Refined products and blendstocks	1,341		1,258.4
Warehouse stock and other	143.4		141.8
Inventory, Gross	2,893.5		2,505.1
Lower of cost or market adjustment	0		0
Total inventories	2,893.5		2,505.1
Income (Loss) from Operations	44.8	$ 10.1
Scenario, Adjustment [Member]
Inventory [Line Items]
Lower of cost or market adjustment	0	(264)	0	$ (669.6)
Income (Loss) from Operations		$ 405.6
Titled Inventory
Inventory [Line Items]
Crude oil and feedstocks	1,198.2		953.5
Refined products and blendstocks	1,030.3		964.6
Warehouse stock and other	143.4		141.8
Inventory, Gross	2,371.9		2,059.9
Lower of cost or market adjustment	0		0
Total inventories	2,371.9		2,059.9
Inventory Intermediation Agreement
Inventory [Line Items]
Crude oil and feedstocks	210.9		151.4
Refined products and blendstocks	310.7		293.8
Warehouse stock and other	0		0
Inventory, Gross	521.6		445.2
Lower of cost or market adjustment	0		0
Total inventories	$ 521.6		$ 445.2

ACCRUED EXPENSES (Details)

ACCRUED EXPENSES (Details) - USD ($) $ in Millions		Mar. 31, 2022	Dec. 31, 2021
Accrued Expenses:
Inventory-related accruals		$ 1,318	$ 959.9
Renewable energy credit and emissions obligations	[1]	1,141	953.9
Inventory intermediation agreements	[2]	268.6	280.1
Excise and sales tax payable		103.1	112.3
Accrued transportation costs		94.7	91
Accrued capital expenditures		76.4	62.6
Accrued utilities		64.3	73
Accrued interest		61.8	32.8
Accrued refinery maintenance and support costs		41.5	55.8
Accrued salaries and benefits		26.4	57.1
Environmental liabilities		14	14.3
Current finance lease liabilities		11.2	11.1
Customer deposits		1.6	3.5
Other		63.2	20.9
Total accrued expenses		$ 3,285.8	$ 2,728.3
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]		Total accrued expenses	Total accrued expenses
Forward Purchase Commitments for Renewable Energy Credit Obligations		$ 756.2
[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 (“EPA”). To the degree the Company is unable to blend the required amount of biofuels to satisfy its RINs obligation, RINs must be purchased on the open market to avoid penalties and fines. The Company records its RINs obligation on a net basis in Accrued expenses when its RINs liability is greater than the amount of RINs earned and purchased in a given period and in Prepaid and other current assets when the amount of RINs earned and purchased is greater than the RINs liability. In addition, the Company is subject to obligations to comply with federal and state legislative and regulatory measures, including regulations in the state of California pursuant to Assembly Bill 32 (“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. The Company enters into forward purchase commitments in order to acquire its renewable energy and emissions credits at fixed prices. As of March 31, 2022, the Company had entered into $756.2 million of such forward purchase commitments with respect to its total accrued renewable energy and emissions obligations. Final settlement of the Company’s RINs obligation for annual compliance years 2020 through 2022 are subject to final rule making by EPA. Currently, our obligations are anticipated to require settlement in 2023. The Company’s AB 32 liability is part of a triennial period program which will be settled through 2024.
[2]	The Company has the obligation to repurchase the J. Aron Products that are held in its Storage Tanks in accordance with the Inventory Intermediation Agreement with J. Aron. As of March 31, 2022 and December 31, 2021, a liability is recognized for the Inventory Intermediation Agreement and is recorded at market price for the J. Aron owned inventory held in the Company’s Storage Tanks, with any change in the market price being recorded in Cost of products and other.

CREDIT FACILITIES AND DEBT (Sum

CREDIT FACILITIES AND DEBT (Summary of Long-Term Debt) (Details) - USD ($) $ in Millions		Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 3,709.3	$ 3,704.4
Current debt		(29.9)	0
Unamortized premium		0.4	0.5
Unamortized deferred financing costs		(29.1)	(31.6)
Long-term debt		3,650.7	3,673.3
Revolving Credit Facility
Debt Instrument [Line Items]
Long-term Line of Credit		900	900
2025 Senior Secured Notes
Debt Instrument [Line Items]
Long-term Debt	[1]	1,250	1,250
2028 Senior Notes
Debt Instrument [Line Items]
Long-term Debt	[1]	826.5	826.5
2025 Senior Notes
Debt Instrument [Line Items]
Long-term Debt	[1]	669.5	669.5
Catalyst financing arrangements
Debt Instrument [Line Items]
Long-term Debt	[2]	$ 63.3	$ 58.4
[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]	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
	Mar. 31, 2022	Mar. 31, 2021
Cost of Sales [Member]
Related Party Transaction [Line Items]
Total expenses under affiliate agreements	$ 76	$ 75.9
Services Agreement | General and Administrative Expense [Member]
Related Party Transaction [Line Items]
Total expenses under affiliate agreements	2.2	2.2
Omnibus Agreement | General and Administrative Expense [Member]
Related Party Transaction [Line Items]
Total expenses under affiliate agreements	$ 1.8	$ 1.8

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	Feb. 01, 2020	Mar. 31, 2022	Dec. 31, 2021
Loss Contingencies [Line Items]
Environmental liability		$ 156.8	$ 155.3
Martinez Acquistion
Loss Contingencies [Line Items]
Term of Agreement	4 years
Business Combination, Contingent Consideration, Liability		79.5	29.4
Other Noncurrent Liabilities [Member]
Loss Contingencies [Line Items]
Environmental liability		142.8	141
Environmental Issue [Member] | Torrance Refinery [Member]
Loss Contingencies [Line Items]
Environmental liability		$ 116.5	$ 118.5

EMPLOYEE BENEFIT PLANS (Details

EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 13.9	$ 14.4
Interest cost	2	1.3
Expected return on plan assets	(4.4)	(3.6)
Net periodic benefit cost	11.5	12.1
Post-Retirement Medical Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	0.2	0.4
Interest cost	0.1	0.1
Amortization of prior service cost and actuarial loss	0.1	0.2
Net periodic benefit cost	$ 0.4	$ 0.7

REVENUES (Details)

REVENUES (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Revenues	$ 9,128.2	$ 4,913.2
Deferred revenue	53.2		$ 40.3
Gasoline and distillates
Revenues	8,037.7	4,230.1
Asphalt and blackoils
Revenues	458.9	215.4
Feedstocks and other
Revenues	334.9	212.3
Chemicals
Revenues	207	194.7
Lubricants
Revenues	$ 89.7	$ 60.7

INCOME TAXES (Details)

INCOME TAXES (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)subsidiary	Mar. 31, 2021USD ($)
Income Tax Disclosure [Abstract]
Number Of Subsidiaries Acquired | subsidiary	2
Current income tax benefit	$ 0	$ (1.2)
Deferred income tax benefit	(8.1)	(9.4)
Total income tax benefit	$ (8.1)	$ (10.6)

FAIR VALUE MEASUREMENTS (Measur

FAIR VALUE MEASUREMENTS (Measured on Recurring Basis) (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Other Assets | Pension Benefits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount	$ 19.7	$ 20.7
Fair Value, Measurements, Recurring [Member] | Commodity contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability, Fair Value, Amount Not Offset Against Collateral	249.1	83.5
Derivative, Collateral, Right to Reclaim Cash	(197.2)	(71.5)
Derivative Liability	51.9	12
Fair Value, Measurements, Recurring [Member] | Commodity contracts | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability, Fair Value, Amount Not Offset Against Collateral	249.1	79.7
Fair Value, Measurements, Recurring [Member] | Commodity contracts | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability, Fair Value, Amount Not Offset Against Collateral	0	3.8
Fair Value, Measurements, Recurring [Member] | Commodity contracts | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability, Fair Value, Amount Not Offset Against Collateral	0	0
Fair Value, Measurements, Recurring [Member] | Catalyst financing arrangements
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	63.3	58.4
Fair Value, Measurements, Recurring [Member] | Catalyst financing arrangements | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Obligations, Fair Value Disclosure	0	0
Fair Value, Measurements, Recurring [Member] | Catalyst financing arrangements | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Obligations, Fair Value Disclosure	63.3	58.4
Fair Value, Measurements, Recurring [Member] | Catalyst financing arrangements | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Obligations, Fair Value Disclosure	0	0
Fair Value, Measurements, Recurring [Member] | Renewable energy credit and emissions obligations
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	1,141	953.9
Fair Value, Measurements, Recurring [Member] | Renewable energy credit and emissions obligations | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Obligations, Fair Value Disclosure	0	0
Fair Value, Measurements, Recurring [Member] | Renewable energy credit and emissions obligations | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Obligations, Fair Value Disclosure	1,141	953.9
Fair Value, Measurements, Recurring [Member] | Renewable energy credit and emissions obligations | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Obligations, Fair Value Disclosure	0	0
Fair Value, Measurements, Recurring [Member] | 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	79.5	29.4
Fair Value, Measurements, Recurring [Member] | Contingent Consideration | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Obligations, Fair Value Disclosure	0	0
Fair Value, Measurements, Recurring [Member] | Contingent Consideration | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Obligations, Fair Value Disclosure	0	0
Fair Value, Measurements, Recurring [Member] | Contingent Consideration | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Obligations, Fair Value Disclosure	79.5	29.4
Fair Value, Measurements, Recurring [Member] | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	45.9	260.9
Fair Value, Measurements, Recurring [Member] | Money market funds | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	45.9	260.9
Fair Value, Measurements, Recurring [Member] | Money market funds | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Fair Value, Measurements, Recurring [Member] | Money market funds | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Fair Value, Measurements, Recurring [Member] | Commodity contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Amount Not Offset Against Collateral	197.2	71.5
Derivative assets, Effect of Counter-party Netting	(197.2)	(71.5)
Derivative assets, Net Carrying Value on Balance Sheet	0	0
Fair Value, Measurements, Recurring [Member] | Commodity contracts | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Amount Not Offset Against Collateral	197.2	71.5
Fair Value, Measurements, Recurring [Member] | Commodity contracts | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Amount Not Offset Against Collateral	0	0
Fair Value, Measurements, Recurring [Member] | Commodity contracts | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Amount Not Offset Against Collateral	0	0
Fair Value, Measurements, Recurring [Member] | Derivatives included with inventory intermediation agreement obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Amount Not Offset Against Collateral	60.4	19.7
Derivative assets, Effect of Counter-party Netting	0	0
Derivative assets, Net Carrying Value on Balance Sheet	60.4	19.7
Fair Value, Measurements, Recurring [Member] | Derivatives included with inventory intermediation agreement obligations | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Amount Not Offset Against Collateral	0	0
Fair Value, Measurements, Recurring [Member] | Derivatives included with inventory intermediation agreement obligations | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Amount Not Offset Against Collateral	60.4	19.7
Fair Value, Measurements, Recurring [Member] | Derivatives included with inventory intermediation agreement obligations | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Amount Not Offset Against Collateral	$ 0	$ 0

FAIR VALUE MEASUREMENTS (Change

FAIR VALUE MEASUREMENTS (Change in Fair Value at Level 3) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Change in Fair Value Measurement Categorized in Level 3 [Roll Forward]
Transfers into Level 3	$ 0	$ 0
Transfers out of Level 3	0	0
Contingent Consideration
Change in Fair Value Measurement Categorized in Level 3 [Roll Forward]
Balance at beginning of period	29,400,000	0
Additions	0	0
Settlements	0	0
Unrealized loss included in earnings	50,100,000	29,500,000
Balance at end of period	$ 79,500,000	$ 29,500,000

FAIR VALUE MEASUREMENTS (Fair V

FAIR VALUE MEASUREMENTS (Fair Value and Carrying Value of Debt) (Details) - USD ($) $ in Millions		Mar. 31, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Gross		$ 3,709.3	$ 3,704.4
Current debt		(29.9)	0
Unamortized premium		0.4	0.5
Unamortized deferred financing costs		(29.1)	(31.6)
Long-term Debt, Excluding Current Maturities		3,650.7	3,673.3
Long-term debt, Fair value		3,519.7	3,147.9
Long-Term Debt And Capital Lease Obligations, Current, Fair Value Disclosure		(29.9)	0
Long-term debt, excluding current maturities, Fair value		3,489.8	3,147.9
Revolving Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Line of Credit		900	900
2025 Senior Secured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt	[1]	1,250	1,250
Long-term debt, Fair value	[1]	1,292.8	1,192.7
2028 Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt	[1]	826.5	826.5
Long-term debt, Fair value	[1]	660.2	520.9
2025 Senior Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt	[1]	669.5	669.5
Long-term debt, Fair value	[1]	603.4	475.9
Revolving Credit Facility | Revolving Credit Facility
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 financing arrangements
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt	[3]	63.3	58.4
Long-term debt, Fair value	[3]	$ 63.3	$ 58.4
[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	Mar. 31, 2022	Dec. 31, 2021
Crude Oil and Feedstock Inventory [Member] | Fair Value Hedging [Member]
Derivative [Line Items]
Derivative, notional amount, volume	2,714,315	2,081,783
Intermediates and Refined Products Inventory [Member] | Fair Value Hedging [Member]
Derivative [Line Items]
Derivative, notional amount, volume	1,881,877	2,070,550
Crude Oil Commodity Contract [Member] | Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative, notional amount, volume	41,705,000	36,246,000
Refined Product Commodity Contract [Member] | Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative, notional amount, volume	2,225,000	5,819,000

DERIVATIVES (Fair Value of Deri

DERIVATIVES (Fair Value of Derivative Instruments) (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Designated as Hedging Instrument [Member] | Derivatives included with inventory intermediation agreement obligations | Accrued Expenses [Member]
Derivatives, Fair Value [Line Items]
Fair Value Asset/(Liability)	$ 60.4	$ 19.7
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Accounts Receivable
Derivatives, Fair Value [Line Items]
Fair Value Asset/(Liability)	$ (51.9)	$ (12)

DERIVATIVES (Gain (Loss) Recogn

DERIVATIVES (Gain (Loss) Recognized in Income) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net	$ 0	$ 0
Derivatives included with inventory intermediation agreement obligations | Designated as Hedging Instrument [Member] | Cost of Sales [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain or (Loss) Recognized in Income on Derivatives	40,700,000	(8,000,000)
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	(26,900,000)	(14,800,000)
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	$ (40,700,000)	$ 8,000,000

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($) $ in Millions	1 Months Ended
	Apr. 30, 2022	Jan. 24, 2020	May 30, 2017
2028 Senior Notes
Subsequent Event [Line Items]
Interest rate		6.00%
2025 Senior Notes
Subsequent Event [Line Items]
Interest rate			7.25%
Subsequent Event [Member]
Subsequent Event [Line Items]
Extinguishment of Debt, Amount	$ 29.9
Repayments of Long-term Debt	25.8
Gain (loss) on extinguishment of debt	$ 3.8