Document and Entity Information
Document and Entity Information Document - shares | 9 Months Ended | |
Sep. 30, 2018 | Oct. 29, 2018 | |
Entity Information [Line Items] | ||
Entity Registrant Name | PBF ENERGY INC. | |
Entity Central Index Key | 1,534,504 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,018 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Class A Common Stock [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 119,889,646 | |
Class B common stock [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 20 | |
PBF LLC [Member] | ||
Entity Information [Line Items] | ||
Entity Registrant Name | PBF ENERGY CO LLC | |
Entity Central Index Key | 1,645,026 | |
PBF LLC [Member] | Class A Common Stock [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 0 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | |
Current assets: | |||
Cash and cash equivalents (PBFX: $18,022 and $19,664, respectively) | $ 1,059,200 | $ 573,021 | |
Accounts receivable | 1,067,811 | 952,552 | |
Inventories | 2,561,106 | 2,213,797 | |
Prepaid and other current assets | 61,489 | 63,589 | |
Total current assets | 4,749,606 | 3,802,959 | |
Property, plant and equipment, net (PBFX: $736,876 and $684,488, respectively) | 3,597,266 | 3,479,213 | |
Deferred tax assets | 0 | 53,638 | |
Deferred charges and other assets, net | 868,538 | 782,183 | |
Total assets | [1] | 9,215,410 | 8,117,993 |
Current liabilities: | |||
Accounts payable | 483,127 | 578,551 | |
Accrued expenses | 2,151,131 | 1,814,854 | |
Deferred revenue | 13,154 | 8,933 | |
Note payable | 0 | 5,621 | |
Current debt | 1,242 | 10,987 | |
Total current liabilities | 2,648,654 | 2,418,946 | |
Long-term debt (PBFX: $567,152 and $548,793, respectively) | 2,175,889 | 2,175,042 | |
Payable to related parties pursuant to Tax Receivable Agreement | 381,260 | 362,142 | |
Deferred tax liabilities | 122,406 | 33,155 | |
Other long-term liabilities | 241,840 | 225,759 | |
Total liabilities | 5,570,049 | 5,215,044 | |
Commitments and contingencies (Note 10) | |||
Preferred stock, $0.001 par value, 100,000,000 shares authorized, no shares outstanding at September 30, 2018 and December 31, 2017 | 0 | 0 | |
Treasury stock, at cost | (153,968) | (152,585) | |
Additional paid in capital | 2,631,191 | 2,277,739 | |
Retained earnings | 615,540 | 236,786 | |
Accumulated other comprehensive loss | (24,934) | (25,381) | |
Total PBF Energy Company LLC equity | 3,067,934 | 2,336,654 | |
Noncontrolling interest | 577,427 | 566,295 | |
Total equity | 3,645,361 | 2,902,949 | |
Total liabilities, Series B units and equity | 9,215,410 | 8,117,993 | |
Class A Common Stock [Member] | |||
Current liabilities: | |||
Common stock, issuance value | 105 | 95 | |
Class B common stock [Member] | |||
Current liabilities: | |||
Common stock, issuance value | 0 | 0 | |
PBF LLC [Member] | |||
Current assets: | |||
Cash and cash equivalents (PBFX: $18,022 and $19,664, respectively) | 1,057,339 | 562,036 | |
Accounts receivable | 1,067,811 | 952,552 | |
Inventories | 2,561,106 | 2,213,797 | |
Prepaid and other current assets | 61,489 | 51,799 | |
Total current assets | 4,747,745 | 3,780,184 | |
Property, plant and equipment, net (PBFX: $736,876 and $684,488, respectively) | 3,597,266 | 3,479,213 | |
Deferred charges and other assets, net | 863,834 | 779,588 | |
Total assets | [1] | 9,208,845 | 8,038,985 |
Current liabilities: | |||
Accounts payable | 482,933 | 578,551 | |
Accrued expenses | 2,167,794 | 1,824,394 | |
Deferred revenue | 13,154 | 8,933 | |
Note payable | 0 | 5,621 | |
Current debt | 1,242 | 10,987 | |
Total current liabilities | 2,665,123 | 2,428,486 | |
Long-term debt (PBFX: $567,152 and $548,793, respectively) | 2,175,889 | 2,175,042 | |
Affiliate note payable | 326,115 | 292,844 | |
Deferred tax liabilities | 27,778 | 33,155 | |
Other long-term liabilities | 241,867 | 225,845 | |
Total liabilities | 5,436,772 | 5,155,372 | |
Series B Units, 1,000,000 issued and outstanding, no par or stated value | 5,110 | 5,110 | |
Treasury stock, at cost | (153,968) | (152,585) | |
Retained earnings | 1,464,930 | 906,875 | |
Accumulated other comprehensive loss | (26,485) | (26,936) | |
Total PBF Energy Company LLC equity | 3,307,464 | 2,422,411 | |
Noncontrolling interest | 459,499 | 456,092 | |
Total equity | 3,766,963 | 2,878,503 | |
Total liabilities, Series B units and equity | 9,208,845 | 8,038,985 | |
PBF LLC [Member] | Series A Units [Member] | |||
Current liabilities: | |||
Common unit, issuance value | 18,996 | 40,058 | |
PBF LLC [Member] | Series C Units [Member] | |||
Current liabilities: | |||
Common unit, issuance value | $ 2,003,991 | $ 1,654,999 | |
[1] | (3)The Logistics segment includes 100% of the assets of TVPC as TVPC is consolidated by PBFX. PBFX records a noncontrolling interest for the 50% equity interest in TVPC held by PBF Holding. PBF Holding (included in the Refining segment) records an equity investment in TVPC reflecting its noncontrolling ownership interest. For purposes of the Company’s condensed consolidated PBF Energy and PBF LLC financial statements, PBFX’s noncontrolling interest in TVPC and PBF Holding’s equity investment in TVPC eliminate in consolidation. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Cash and cash equivalents (PBFX: $22,009 and $19,664, respectively) | $ 1,059,200 | $ 573,021 |
Property, plant and equipment, net (PBFX: $670,261 and $673,823, respectively) | 3,597,266 | 3,479,213 |
Long-term debt (PBFX: $567,152 and $548,793, respectively) | $ 2,175,889 | $ 2,175,042 |
Treasury stock, shares | 6,172,428 | 6,132,884 |
Preferred stock, par value (USD per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Class A Common Stock [Member] | ||
Common stock, par value (USD per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares outstanding | 119,951,719 | 110,565,531 |
Class B common stock [Member] | ||
Common stock, par value (USD per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 1,000,000 | 1,000,000 |
Common stock, shares outstanding | 20 | 25 |
PBF Logistics LP [Member] | ||
Cash and cash equivalents (PBFX: $22,009 and $19,664, respectively) | $ 18,022 | $ 19,664 |
Property, plant and equipment, net (PBFX: $670,261 and $673,823, respectively) | 736,876 | 673,823 |
Long-term debt (PBFX: $567,152 and $548,793, respectively) | 567,152 | 548,793 |
PBF LLC [Member] | ||
Cash and cash equivalents (PBFX: $22,009 and $19,664, respectively) | 1,057,339 | 562,036 |
Property, plant and equipment, net (PBFX: $670,261 and $673,823, respectively) | 3,597,266 | 3,479,213 |
Long-term debt (PBFX: $567,152 and $548,793, respectively) | $ 2,175,889 | $ 2,175,042 |
PBF LLC [Member] | Series B Units [Member] | ||
Units Issued | 1,000,000 | 1,000,000 |
Units Outstanding | 1,000,000 | 1,000,000 |
PBF LLC [Member] | Series A Units [Member] | ||
Units Issued | 1,206,325 | 3,767,464 |
Units Outstanding | 1,206,325 | 3,767,464 |
PBF LLC [Member] | Series C Units [Member] | ||
Units Issued | 119,972,950 | 110,586,762 |
Units Outstanding | 119,972,950 | 110,586,762 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Revenues | $ 7,646,360 | $ 5,478,951 | $ 20,893,219 | $ 15,250,649 | |
Revenues | 7,646,360 | 5,478,951 | 20,893,219 | 15,250,649 | |
Cost and expenses: | |||||
Cost of products and other | 6,816,095 | 4,352,061 | 18,400,732 | 13,154,521 | |
Operating expenses (excluding depreciation and amortization expense as reflected below) | 424,331 | 402,823 | 1,268,161 | 1,266,879 | |
Depreciation and amortization expense | 90,732 | 75,948 | 263,753 | 197,800 | |
Cost of sales | 7,331,158 | 4,830,832 | 19,932,646 | 14,619,200 | |
General and administrative expenses (excluding depreciation and amortization expense as reflected below) | 69,920 | 58,259 | 191,418 | 143,147 | |
Depreciation and amortization expense | 2,594 | 2,572 | 7,871 | 10,355 | |
(Gain) loss on sale of assets | (43,745) | 28 | (43,072) | 940 | |
Total cost and expenses | 7,359,927 | 4,891,691 | 20,088,863 | 14,773,642 | |
Income from operations | [1] | 286,433 | 587,260 | 804,356 | 477,007 |
Other income (expense): | |||||
Change in tax receivable agreement | (7,763) | (565) | (7,763) | (565) | |
Change in fair value of catalyst leases | 1,630 | 473 | 5,783 | (1,011) | |
Debt extinguishment costs | 300,456 | 97,943 | |||
Debt extinguishment costs | 0 | 0 | 0 | (25,451) | |
Interest expense, net | (42,289) | (36,990) | (128,935) | (114,871) | |
Other non-service components of net periodic benefit cost | 278 | (103) | 833 | (305) | |
Income before income taxes | 253,815 | 551,205 | 689,800 | 335,934 | |
Income tax expense | 61,349 | 203,979 | 167,836 | 112,889 | |
Net income | 192,466 | 347,226 | 521,964 | 223,045 | |
Less: net income attributable to noncontrolling interests | 12,928 | 32,861 | 39,907 | 49,420 | |
Less: net income attributable to noncontrolling interests | 12,929 | 32,871 | 39,911 | 49,452 | |
Net income attributable to PBF Energy Inc. stockholders | $ 179,538 | $ 314,365 | $ 482,057 | $ 173,625 | |
Weighted-average shares of Class A common stock outstanding | |||||
Basic (in shares) | 117,029,486 | 109,724,595 | 113,597,970 | 109,634,921 | |
Diluted (in shares) | 120,405,315 | 113,882,240 | 117,375,170 | 113,791,542 | |
Net income available to Class A common stock per share: | |||||
Basic (in dollars per share) | $ 1.53 | $ 2.86 | $ 4.24 | $ 1.58 | |
Diluted (in dollars per share) | 1.50 | 2.85 | 4.16 | 1.57 | |
Dividends per common share (in dollars per share) | $ 0.30 | $ 0.30 | $ 0.90 | $ 0.90 | |
PBF LLC [Member] | |||||
Revenues | $ 7,646,360 | $ 5,478,951 | $ 20,893,219 | $ 15,250,649 | |
Cost and expenses: | |||||
Cost of products and other | 6,816,095 | 4,352,061 | 18,400,732 | 13,154,521 | |
Operating expenses (excluding depreciation and amortization expense as reflected below) | 424,331 | 402,823 | 1,268,161 | 1,266,879 | |
Depreciation and amortization expense | 90,732 | 75,948 | 263,753 | 197,800 | |
Cost of sales | 7,331,158 | 4,830,832 | 19,932,646 | 14,619,200 | |
General and administrative expenses (excluding depreciation and amortization expense as reflected below) | 69,594 | 58,211 | 190,399 | 142,991 | |
Depreciation and amortization expense | 2,594 | 2,572 | 7,871 | 10,355 | |
(Gain) loss on sale of assets | (43,745) | 28 | (43,072) | 940 | |
Total cost and expenses | 7,359,601 | 4,891,643 | 20,087,844 | 14,773,486 | |
Income from operations | [1] | 286,759 | 587,308 | 805,375 | 477,163 |
Other income (expense): | |||||
Change in fair value of catalyst leases | 1,630 | 473 | 5,783 | (1,011) | |
Debt extinguishment costs | 0 | 0 | 0 | (25,451) | |
Debt extinguishment costs | 0 | (25,451) | |||
Interest expense, net | (44,473) | (38,893) | (135,116) | (120,910) | |
Other non-service components of net periodic benefit cost | 278 | (103) | 833 | (305) | |
Income before income taxes | 244,194 | 548,785 | 676,875 | 329,486 | |
Income tax expense | (719) | (4,292) | (5,403) | 2,040 | |
Net income | 244,913 | 553,077 | 682,278 | 327,446 | |
Less: net income attributable to noncontrolling interests | 10,534 | 14,732 | 30,117 | 39,751 | |
Net income attributable to PBF Energy Inc. stockholders | $ 234,379 | $ 538,345 | $ 652,161 | $ 287,695 | |
[1] | (1)The Logistics segment includes 100% of the income from operations of TVPC as TVPC is consolidated by PBFX. PBFX records net income attributable to noncontrolling interest for the 50% equity interest in TVPC held by PBF Holding. PBF Holding (included in the Refining segment) records equity income in investee related to its 50% noncontrolling ownership interest in TVPC. For purposes of the Company’s condensed consolidated financial statements, PBF Holding’s equity income in investee and PBFX’s net income attributable to noncontrolling interest eliminate in consolidation. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Depreciation and amortization expense | $ 90,732 | $ 75,948 | $ 263,753 | $ 197,800 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Net income | $ 192,466 | $ 347,226 | $ 521,964 | $ 223,045 |
Other comprehensive income: | ||||
Unrealized (loss) gain on available for sale securities | (77) | (1) | (312) | 69 |
Net gain on pension and other post-retirement benefits | 254 | 288 | 763 | 862 |
Total other comprehensive income | 177 | 287 | 451 | 931 |
Comprehensive income | 192,643 | 347,513 | 522,415 | 223,976 |
Less: net income attributable to noncontrolling interests | 12,929 | 32,871 | 39,911 | 49,452 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 179,714 | 314,642 | 482,504 | 174,524 |
PBF LLC [Member] | ||||
Net income | 244,913 | 553,077 | 682,278 | 327,446 |
Other comprehensive income: | ||||
Unrealized (loss) gain on available for sale securities | (77) | (1) | (312) | 69 |
Net gain on pension and other post-retirement benefits | 254 | 288 | 763 | 862 |
Total other comprehensive income | 177 | 287 | 451 | 931 |
Comprehensive income | 245,090 | 553,364 | 682,729 | 328,377 |
Less: net income attributable to noncontrolling interests | 10,534 | 14,732 | 30,117 | 39,751 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 234,556 | $ 538,632 | $ 652,612 | $ 288,626 |
Condensed Consolidated Statem_4
Condensed Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Proceeds from Issuance of Common Stock | $ 287,284 | $ 0 |
Cash flows from operating activities: | ||
Net income | 521,964 | 223,045 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 277,663 | 215,052 |
Stock-based compensation | 18,608 | 18,064 |
Change in fair value of catalyst leases | (5,783) | 1,011 |
Deferred income taxes | 167,013 | 111,325 |
Increase (decrease) in tax receivable agreement liability | (7,763) | (565) |
Non-cash change in inventory repurchase obligations | 10,701 | (26,659) |
Non-cash lower of cost or market inventory adjustment | (300,456) | (97,943) |
Debt extinguishment costs | 0 | 25,451 |
Pension and other post-retirement benefit costs | 35,536 | 31,682 |
(Gain) loss on sale of assets | (43,072) | 940 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (115,259) | (155,838) |
Inventories | (46,853) | (349,189) |
Prepaid and other current assets | 2,100 | 78,838 |
Accounts payable | (109,847) | (102,471) |
Accrued expenses | 318,848 | 415,862 |
Deferred revenue | 4,221 | (9,005) |
Other assets and liabilities | (7,292) | (57,377) |
Net cash provided by operating activities | 720,329 | 322,223 |
Cash flows from investing activities: | ||
Expenditures for property, plant and equipment | (192,152) | (267,151) |
Expenditures for deferred turnaround costs | (201,029) | (341,598) |
Expenditures for other assets | (16,946) | (31,096) |
Purchase of marketable securities | 0 | (75,036) |
Maturities of marketable securities | 0 | 115,060 |
Proceeds from Sale of Productive Assets | 48,290 | 0 |
Net cash used in investing activities | (419,837) | (609,918) |
Cash flows from financing activities: | ||
Distributions to PBF Energy Company LLC members other than PBF Energy | (1,724) | (3,448) |
Distributions to PBFX public unit holders | (35,490) | (32,261) |
Dividend payments | (103,015) | (98,723) |
Proceeds from borrowings | 0 | 490,000 |
Repayments of revolver borrowings | 0 | (490,000) |
Repayment of note payable | (5,621) | 0 |
Catalyst lease settlements | (9,466) | 0 |
Proceeds from insurance premium financing | 6,959 | 0 |
Deferred financing costs and other | (15,889) | (13,424) |
Proceeds from stock options exercised | 14,004 | 0 |
Purchase of treasury stock | 1,383 | 0 |
Net cash provided by (used in) financing activities | 185,687 | (157,688) |
Net increase (decrease) in cash and cash equivalents | 486,179 | (445,383) |
Cash and equivalents, beginning of period | 573,021 | 746,274 |
Cash and cash equivalents, end of period | 1,059,200 | 300,891 |
Non-cash activities: | ||
Accrued and unpaid capital expenditures | 48,545 | 36,172 |
Note payable issued for purchase of property, plant and equipment | 0 | 6,831 |
2025 Senior Notes [Member] | ||
Cash flows from financing activities: | ||
Proceeds from 2025 Senior Notes | 0 | 725,000 |
PBFX Revolving Credit Facility [Member] | ||
Cash flows from financing activities: | ||
Proceeds from borrowings | 64,000 | 0 |
Repayments of revolver borrowings | (43,700) | 0 |
Term Loan [Member] | ||
Cash flows from financing activities: | ||
Repayments of debt | 0 | (39,664) |
Rail Term Loan [Member] | ||
Cash flows from financing activities: | ||
Repayments of debt | (5,092) | (4,959) |
2020 Senior Secured Notes [Member] | ||
Cash flows from financing activities: | ||
Repayments of debt | 0 | (690,209) |
Toledo Terminal Acquisition [Member] | ||
Cash flows from investing activities: | ||
Acquisition costs | 0 | (10,097) |
Knoxville Terminals Purchase [Member] | ||
Cash flows from investing activities: | ||
Acquisition costs | (58,000) | 0 |
PBF Logistics LP [Member] | ||
Proceeds from Issuance of Common Stock | 34,820 | 0 |
PBF LLC [Member] | ||
Proceeds from Issuance of Common Stock | 287,284 | 0 |
Cash flows from operating activities: | ||
Net income | 682,278 | 327,446 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 277,663 | 215,052 |
Stock-based compensation | 18,608 | 18,064 |
Change in fair value of catalyst leases | (5,783) | 1,011 |
Deferred income taxes | (5,377) | 641 |
Non-cash change in inventory repurchase obligations | 10,701 | (26,659) |
Non-cash lower of cost or market inventory adjustment | (300,456) | (97,943) |
Non-cash lower of cost or market inventory adjustment | 0 | 25,451 |
Debt extinguishment costs | 0 | 25,451 |
Pension and other post-retirement benefit costs | 35,536 | 31,682 |
(Gain) loss on sale of assets | (43,072) | 940 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (115,259) | (155,838) |
Inventories | (46,853) | (349,189) |
Prepaid and other current assets | (9,690) | (4,732) |
Accounts payable | (110,041) | (102,441) |
Accrued expenses | 317,159 | 412,542 |
Deferred revenue | 4,221 | (9,005) |
Other assets and liabilities | (10,534) | (57,377) |
Net cash provided by operating activities | 699,101 | 229,645 |
Cash flows from investing activities: | ||
Expenditures for property, plant and equipment | (192,152) | (267,151) |
Expenditures for deferred turnaround costs | (201,029) | (341,598) |
Expenditures for other assets | (16,946) | (31,096) |
Purchase of marketable securities | 0 | (75,036) |
Maturities of marketable securities | 0 | 115,060 |
Proceeds from Sale of Productive Assets | 48,290 | 0 |
Net cash used in investing activities | (419,837) | (609,918) |
Cash flows from financing activities: | ||
Distributions to PBFX public unit holders | (35,490) | (32,261) |
Dividend payments | (104,739) | (102,171) |
Repayments of debt | 0 | (39,664) |
Proceeds from borrowings | 0 | 490,000 |
Repayments of revolver borrowings | 0 | (490,000) |
Repayment of note payable | (5,621) | 0 |
Catalyst lease settlements | (9,466) | 0 |
Proceeds from insurance premium financing | 6,959 | 0 |
Deferred financing costs and other | (15,889) | (13,424) |
Proceeds from affiliate loan with PBF Energy Inc. | 44,192 | 99,655 |
Proceeds from stock options exercised | 164 | 0 |
Purchase of treasury stock | 1,383 | 0 |
Net cash provided by (used in) financing activities | 216,039 | (58,033) |
Net increase (decrease) in cash and cash equivalents | 495,303 | (438,306) |
Cash and equivalents, beginning of period | 562,036 | 734,962 |
Cash and cash equivalents, end of period | 1,057,339 | 296,656 |
PBF LLC [Member] | 2025 Senior Notes [Member] | ||
Cash flows from financing activities: | ||
Proceeds from 2025 Senior Notes | 0 | 725,000 |
PBF LLC [Member] | PBFX Revolving Credit Facility [Member] | ||
Cash flows from financing activities: | ||
Proceeds from borrowings | 64,000 | 0 |
Repayments of revolver borrowings | (43,700) | 0 |
PBF LLC [Member] | Rail Term Loan [Member] | ||
Cash flows from financing activities: | ||
Repayments of debt | (5,092) | (4,959) |
PBF LLC [Member] | 2020 Senior Secured Notes [Member] | ||
Cash flows from financing activities: | ||
Repayments of debt | 0 | (690,209) |
PBF LLC [Member] | Toledo Terminal Acquisition [Member] | ||
Cash flows from investing activities: | ||
Acquisition costs | 0 | (10,097) |
PBF LLC [Member] | Knoxville Terminals Purchase [Member] | ||
Cash flows from investing activities: | ||
Acquisition costs | $ (58,000) | $ 0 |
DESCRIPTION OF THE BUSINESS AND
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2018 | |
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 Energy Inc. (“PBF Energy”) was formed as a Delaware corporation on November 7, 2011 and is the sole managing member of PBF Energy Company LLC (“PBF LLC”), a Delaware limited liability company, with a controlling interest in PBF LLC and its subsidiaries. PBF Energy consolidates the financial results of PBF LLC and its subsidiaries and records a noncontrolling interest in its consolidated financial statements representing the economic interests of PBF LLC’s members other than PBF Energy. PBF LLC, together with its consolidated subsidiaries, owns and operates oil refineries and related facilities in North America. PBF Holding Company LLC (“PBF Holding”) is a wholly-owned subsidiary of PBF LLC. PBF Investments LLC (“PBF Investments”), Toledo Refining Company LLC (“Toledo Refining” or “TRC”), Paulsboro Refining Company LLC (“Paulsboro Refining” or “PRC”), Delaware City Refining Company LLC (“Delaware City Refining” or “DCR”), Chalmette Refining, L.L.C. (“Chalmette Refining”), PBF Western Region LLC (“PBF Western Region”), Torrance Refining Company LLC (“Torrance Refining”) and Torrance Logistics Company LLC are PBF LLC’s principal operating subsidiaries and are all wholly-owned subsidiaries of PBF Holding. Discussions or areas of the Notes to Condensed Consolidated Financial Statements that either apply only to PBF Energy or PBF LLC are clearly noted in such footnotes. As of September 30, 2018 , PBF LLC also holds a 44.0% limited partner interest and all of the incentive distribution rights in PBF Logistics LP (“PBFX”), a publicly traded master limited partnership (refer to “Note 3 - PBF Logistics LP”). PBF Logistics GP LLC (“PBF GP”) owns the noneconomic general partner interest and serves as the general partner of PBFX and is wholly-owned by PBF LLC. PBF Energy, through its ownership of PBF LLC, consolidates the financial results of PBFX and its subsidiaries and records a noncontrolling interest in its consolidated financial statements representing the economic interests of PBFX’s unitholders other than PBF LLC. Collectively, PBF Energy and its consolidated subsidiaries, including PBF LLC, PBF Holding, PBF GP and PBFX are referred to hereinafter as the “Company” unless the context otherwise requires. As of September 30, 2018 , the Company owns 119,972,950 PBF LLC Series C Units and the Company’s current and former executive officers and directors and certain employees and others beneficially own 1,206,325 PBF LLC Series A Units. As of September 30, 2018 , the holders of the Company’s issued and outstanding shares of Class A common stock have 99.0% of the voting power in the Company and the members of PBF LLC other than PBF Energy through their holdings of Class B common stock have the remaining 1.0% of the voting power in the Company. Substantially all of the Company’s operations are in the United States. The Company operates in two reportable business segments: Refining and Logistics. The Company’s oil refineries are all engaged in the refining of crude oil and other feedstocks into petroleum products, and are aggregated into the Refining segment. PBFX is a publicly traded master limited partnership that was formed to operate logistical assets such as crude oil and refined petroleum products terminals, pipelines, and storage facilities. PBFX’s operations are aggregated into the Logistics segment. To generate earnings and cash flows from operations, the Company is primarily dependent upon processing crude oil and selling refined petroleum products at margins sufficient to cover fixed and variable costs and other expenses. Crude oil and refined petroleum products are commodities; and factors largely out of the Company’s control can cause prices to vary over time. The potential margin volatility can have a material effect on the Company’s financial position, earnings and cash flow. Basis of Presentation The unaudited condensed consolidated financial information furnished herein reflects all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, considered necessary for a fair presentation of the financial position and the results of operations and cash flows of the Company for the periods presented. All intercompany accounts and transactions have been eliminated in consolidation. These unaudited condensed consolidated financial statements of the Company have been prepared in accordance with 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 Energy financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2017 and the PBF LLC financial statements for the year ended December 31, 2017 included in the Registration Statement on Form S-4 filed on March 13, 2018 by PBFX. The results of operations for the three and nine months ended September 30, 2018 are not necessarily indicative of the results to be expected for the full year. Torrance Land Sale During the three months ended September 30, 2018, the Company closed on a third party sale of a parcel of real property acquired as part of the Torrance Refinery, but not part of the refinery itself. The sale resulted in a gain of approximately $43,761 included within Gain on sale of assets within the Condensed Consolidated Statements of Operations. Recently Adopted Accounting Guidance In May 2014, the Financial Accounting Standard Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09 (Topic 606) “Revenue from Contracts with Customers.” (“ASC 606”). ASC 606 supersedes the revenue recognition requirements in Accounting Standards Codification 605 “Revenue Recognition” (“ASC 605”), and requires entities to recognize revenue when control of the promised goods or services is transferred to customers at an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. The Company adopted ASC 606 as of January 1, 2018 using the modified retrospective transition method. See “Note 2 - Revenues” for further details. In March 2017, the FASB issued ASU No. 2017-07, “Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost” (“ASU 2017-07”), which provides guidance to improve the reporting of net periodic benefit cost in the income statement and on the components eligible for capitalization in assets. Under the new guidance, employers will present the service cost component of net periodic benefit cost in the same income statement line item(s) as other employee compensation costs arising from services rendered during the period. Only the service cost component will be eligible for capitalization in assets. Additionally, under this guidance, employers will present the other non-service components of the net periodic benefit cost separately from the line item(s) that includes the service cost and outside of any subtotal of operating income, if one is presented. Employers will apply the guidance on the presentation of the components of net periodic benefit cost in the income statement retrospectively. The guidance limiting the capitalization of net periodic benefit cost in assets to the service cost component will be applied prospectively. The guidance includes a practical expedient allowing entities to estimate amounts for comparative periods using the information previously disclosed in their pension and other postretirement benefit plan note to the financial statements. The amendments in this ASU are effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods. The Company adopted ASU 2017-07 effective January 1, 2018 and applied the new guidance retrospectively in the Condensed Consolidated Statements of Operations. Income and expense amounts related to non-service components of net periodic benefit cost, historically recorded within Operating expenses and General and administrative expenses, have been recorded within Other income (expense). For the three and nine months ended September 30, 2018 , the Company recorded income of $278 and $833 , respectively, related to non-service components of net periodic benefit cost. For the three and nine months ended September 30, 2017 , the Company recorded expense of $103 and $305 , respectively, related to non-service components of net periodic benefit cost. In May 2017, the FASB issued ASU No. 2017-09, “Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting” (“ASU 2017-09”), which provides guidance to increase clarity and reduce both diversity in practice and cost and complexity when applying the existing accounting guidance on changes to the terms or conditions of a share-based payment award. The amendments in ASU 2017-09 require an entity to account for the effects of a modification unless all the following are met: (i) the fair value of the modified award is the same as the fair value of the original award immediately before the original award is modified; (ii) the vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the original award is modified; and (iii) the classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award immediately before the original award is modified. The guidance in ASU 2017-09 should be applied prospectively. The amendments in this ASU are effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods. The Company’s adoption of this guidance did not materially impact its condensed consolidated financial statements. Recent Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02”), to increase the transparency and comparability about leases among entities. Additional ASUs have been issued subsequent to ASU 2016-02 to provide supplementary clarification and implementation guidance for leases related to, among other things, the application of certain practical expedients, the rate implicit in the lease, lessee reassessment of lease classification, lessor reassessment of lease term and purchase options, variable payments that depend on an index or rate and certain transition adjustments (collectively, the Company refers to ASU 2016-02 and these additional ASUs as the “Updated Lease Guidance”). The Updated Lease Guidance requires lessees to recognize a lease liability and a corresponding lease asset for virtually all lease contracts. It also requires additional disclosures about leasing arrangements. The Updated Lease Guidance is effective for interim and annual periods beginning after December 15, 2018, and allows a modified retrospective approach to adoption. While early adoption is permitted, the Company will not early adopt the Updated Lease Guidance. The Company has established a working group to study the implementation of the Updated Lease Guidance and has instituted a task plan designed to meet the requirements and implementation deadline. The Company has also evaluated and purchased a lease software system, completed software design and configuration of the system, and substantially completed testing the implementation of the selected system. The working group continues to evaluate the impact of the Updated Lease Guidance on the Company’s consolidated financial statements and related disclosures and has designed and begun implementing business processes and controls to address the new guidance. While the assessment of this standard is ongoing, the Company has identified that the most significant impacts of the Updated Lease Guidance will be to bring nearly all leases, with the exception of certain short-term leases, on its balance sheet reflected as right of use assets and lease obligation liabilities as well as accelerating recognition of the interest expense component of financing leases. The new standard will also require additional disclosures for financing and operating leases. The Updated Lease Guidance allows for certain practical expedients, certain of which the Company has elected to adopt including, among others, the expedient to carry forward the classification of leases under current lease guidance once the Updated Lease Guidance becomes effective, the expedient to not include short-term leases on its balance sheet and to avail itself of the additional transition method whereby it will apply the Updated Lease Guidance on the effective date and recognize a cumulative-effect adjustment to opening retained earnings. In August 2017, the FASB issued ASU No. 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities” (“ASU 2017-12”). The amendments in ASU 2017-12 more closely align the results of cash flow and fair value hedge accounting with risk management activities in the consolidated financial statements. The amendments expand the ability to hedge nonfinancial and financial risk components, reduce complexity in fair value hedges of interest rate risk, eliminate the requirement to separately measure and report hedge ineffectiveness, and eases certain hedge effectiveness assessment requirements. The guidance in ASU 2017-12 should be applied using a modified retrospective approach. The guidance in ASU 2017-12 also provides transition relief to make it easier for entities to apply certain amendments to existing hedges (including fair value hedges) where the hedge documentation needs to be modified. The presentation and disclosure requirements of ASU 2017-12 should be applied prospectively. The amendments in this ASU are effective for annual periods beginning after December 15, 2018, including interim periods within those annual periods. While the Company is still evaluating the timing of adoption, it currently does not expect this guidance to have a material impact on its consolidated financial statements and related disclosures. In June 2018, the FASB issued ASU No. 2018-07, “Compensation - Stock Compensation (Topic 718): Targeted Improvements to Non-employee Share-Based Payment Accounting” (“ASU 2018-07”). ASU 2018-07 expands the scope of Topic 718, Compensation-Stock Compensation, to include share-based payment transactions for acquiring goods and services from nonemployees. As a result, nonemployee share-based transactions will be measured by estimating the fair value of the equity instruments at the grant date, taking into consideration the probability of satisfying performance conditions. In addition, ASU 2018-07 also clarifies that any share-based payment awards issued to customers should be evaluated under ASC 606, Revenue from Contracts with Customers. The amendments in this ASU are effective for annual periods beginning after December 15, 2018, including interim periods within those annual periods. Early adoption is permitted. The Company does not expect this guidance to have a material impact on its consolidated financial statements and related disclosures. In August 2018, the FASB issued ASU No. 2018-14, “Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20), to improve the effectiveness of disclosures in the notes to financial statements by facilitating clear communication of the information required by GAAP that is most important to users of each entity’s financial statements. The amendments in this ASU modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. Additionally, the amendments in this ASU remove disclosures that no longer are considered cost beneficial, clarify the specific requirements of disclosures, and add disclosure requirements identified as relevant. The amendments in this ASU are effective for fiscal years ending after December 15, 2020, for public business entities and for fiscal years ending after December 15, 2021, for all other entities. Early adoption is permitted for all entities. The Company is currently evaluating the impact of this new standard on its consolidated financial statements and related disclosures. |
REVENUE (Notes)
REVENUE (Notes) | 9 Months Ended |
Sep. 30, 2018 | |
REVENUE [Abstract] | |
Revenue from Contract with Customer [Text Block] | 2. REVENUES Adoption of Accounting Standards Codification (“ASC”) Topic 606, “Revenue from Contracts with Customers” Prior to January 1, 2018, the Company recognized revenue from customers when all of the following criteria were met: (i) persuasive evidence of an exchange arrangement existed, (ii) delivery had occurred or services had been rendered, (iii) the buyer’s price was fixed or determinable and (iv) collectability was reasonably assured. Amounts billed in advance of the period in which the service was rendered or product delivered were recorded as deferred revenue. Effective January 1, 2018, the Company adopted ASC 606. As a result, the Company has changed its accounting policy for the recognition of revenue from contracts with customers as detailed below. The Company adopted ASC 606 using the modified retrospective method, which has been applied for the three and nine months ended September 30, 2018 . The Company has applied ASC 606 only to those contracts that were not complete as of January 1, 2018. As such, the financial information for prior periods has not been adjusted and continues to be reported under ASC 605. The Company did not record a cumulative effect adjustment upon initially applying ASC 606 as there was not a significant impact upon adoption; however, the details of significant qualitative and quantitative disclosure changes upon implementing ASC 606 are detailed below. Revenue Recognition Revenues are recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. As described in “Note 15 - Segment Information”, the Company’s business consists of the Refining Segment and Logistics Segment. The following table provides information relating to the Company’s revenues for each product or group of similar products or services by segment for the periods presented. Three Months Ended September 30, 2018 2017 Refining Segment: Gasoline and distillates $ 6,227,509 $ 4,657,279 Feedstocks and other 552,156 192,817 Asphalt and blackoils 544,943 361,401 Chemicals 243,174 189,812 Lubricants 74,162 73,805 Total 7,641,944 5,475,114 Logistics Segment: Logistics 70,556 66,195 Total revenue prior to eliminations 7,712,500 5,541,309 Elimination of intercompany revenue (66,140 ) (62,358 ) Total Revenues $ 7,646,360 $ 5,478,951 Nine Months Ended September 30, 2018 2017 Refining Segment: Gasoline and distillates $ 17,563,586 $ 12,900,465 Asphalt and blackoils 1,251,007 834,260 Feedstocks and other 1,193,660 726,804 Chemicals 621,834 553,311 Lubricants 250,526 222,349 Total 20,880,613 15,237,189 Logistics Segment: Logistics 203,395 190,375 Total revenue prior to eliminations 21,084,008 15,427,564 Elimination of intercompany revenue (190,789 ) (176,915 ) Total Revenues $ 20,893,219 $ 15,250,649 The majority of the Company’s revenues are generated from the sale of refined petroleum products reported in the Refining segment. 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 Refining segment 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. Logistics segment revenue is generated by charging fees for crude oil and refined products terminaling, storing and pipeline services based on the greater of contractual minimum volume commitments, as applicable, or the delivery of actual volumes based on contractual rates applied to throughput or storage volumes. A majority of the Company’s logistics revenues are generated between intercompany transactions and are eliminated in consolidation. Deferred Revenues The Company records deferred revenues when cash payments are received or are due in advance of performance, including amounts which are refundable. Deferred revenue was $13,154 and $8,933 as of September 30, 2018 and December 31, 2017 , 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. Significant Judgment and Practical Expedients For performance obligations related to sales of products, the Company has determined that customers are able to direct the use of, and obtain substantially all of the benefits from, the products at the point in time that the products are delivered. The Company has determined that the transfer of control upon delivery to the customer’s requested destination accurately depicts the transfer of goods. Upon the delivery of the products and transfer of control, the Company generally has the present right to payment and the customers bear the risks and rewards of ownership of the products. The Company has elected the practical expedient to not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which the Company recognizes revenue at the amount to which it has the right to invoice for services performed. |
PBF LOGISITICS LP
PBF LOGISITICS LP | 9 Months Ended |
Sep. 30, 2018 | |
PBF LOGISTICS LP [Abstract] | |
PBF Logistics LP | PBF LOGISTICS LP PBFX is a fee-based, growth-oriented, publicly traded Delaware master limited partnership formed by PBF Energy to own or lease, operate, develop and acquire crude oil and refined petroleum products terminals, pipelines, storage facilities and similar logistics assets. PBFX engages in the receiving, handling, storage and transferring of crude oil, refined products, natural gas and intermediates from sources located throughout the United States and Canada for PBF Energy in support of its refineries, as well as for third party customers. As of September 30, 2018 , a substantial majority of PBFX’s revenue is derived from long-term, fee-based commercial agreements with PBF Holding, which include minimum volume commitments for receiving, handling, storing and transferring crude oil, refined products and natural gas. PBF Energy also has agreements with PBFX that establish fees for certain general and administrative services and operational and maintenance services provided by PBF Holding to PBFX. These transactions, other than those with third parties, are eliminated by PBF Energy and PBF LLC in consolidation. PBFX, a variable interest entity, is consolidated by PBF Energy through its ownership of PBF LLC. PBF LLC, through its ownership of PBF GP, has the sole ability to direct the activities of PBFX that most significantly impact its economic performance. PBF LLC is considered to be the primary beneficiary of PBFX for accounting purposes. As of September 30, 2018 , PBF LLC holds a 44.0% limited partner interest in PBFX consisting of 19,953,631 common units, with the remaining 56.0% limited partner interest held by public unitholders. PBF LLC also owns all of the incentive distribution rights (“IDRs”) and indirectly owns a non-economic general partner interest in PBFX through its wholly-owned subsidiary, PBF GP, the general partner of PBFX. The IDRs entitle PBF LLC to receive increasing percentages, up to a maximum of 50.0% , of the cash PBFX distributes from operating surplus in excess of $0.345 per unit per quarter. Knoxville Terminals Purchase On April 16, 2018, PBFX completed the purchase of two refined product terminals located in Knoxville, Tennessee, which include product tanks, pipeline connections to the Colonial and Plantation pipeline systems and truck loading facilities (the “Knoxville Terminals”) from Cummins Terminals, Inc. (“Cummins”) for total cash consideration of $58,000 , excluding working capital adjustments (the “Knoxville Terminals Purchase”). The transaction was financed through a combination of cash on hand and borrowings under the PBFX Revolving Credit Facility. Registered Direct Offering On July 16, 2018, PBFX entered into a common unit purchase agreement with certain funds managed by Tortoise Capital Advisors, L.L.C. providing for the issuance and sale in a registered direct offering (the “Registered Direct Offering”) of an aggregate of 1,775,750 common units for gross proceeds of approximately $35,000 . The Registered Direct Offering closed on July 30, 2018. |
EQUITY
EQUITY | 9 Months Ended |
Sep. 30, 2018 | |
Noncontrolling Interest [Abstract] | |
EQUITY | Noncontrolling Interest in PBF LLC PBF Energy is the sole managing member of, and has a controlling interest in, PBF LLC. As the sole managing member of PBF LLC, PBF Energy operates and controls all of the business and affairs of PBF LLC and its subsidiaries. As of September 30, 2018 and December 31, 2017 , PBF Energy’s equity interest in PBF LLC represented approximately 99.0% and 96.7% , respectively, of the outstanding interests. PBF Energy consolidates the financial results of PBF LLC and its subsidiaries, and records a noncontrolling interest for the economic interest in PBF Energy held by the members of PBF LLC other than PBF Energy. Noncontrolling interest on the condensed consolidated statements of operations includes the portion of net income or loss attributable to the economic interest in PBF Energy held by the members of PBF LLC other than PBF Energy. Noncontrolling interest on the condensed consolidated balance sheets represents the portion of net assets of PBF Energy attributable to the members of PBF LLC other than PBF Energy. The noncontrolling interest ownership percentages in PBF LLC as of September 30, 2018 and December 31, 2017 are calculated as follows: Holders of PBF LLC Series A Units Outstanding Shares of PBF Energy Class A Common Stock Total * December 31, 2017 3,767,464 110,565,531 114,332,995 3.3 % 96.7 % 100.0 % September 30, 2018 1,206,325 119,951,719 121,158,044 1.0 % 99.0 % 100.0 % —————————— * Assumes all of the holders of PBF LLC Series A Units exchange their PBF LLC Series A Units for shares of PBF Energy’s Class A common stock on a one -for-one basis. Noncontrolling Interest in PBFX PBF LLC holds a 44.0% limited partner interest in PBFX and owns all of PBFX’s IDRs, with the remaining 56.0% limited partner interest owned by public common unitholders as of September 30, 2018 . PBF LLC is also the sole member of PBF GP, the general partner of PBFX. PBF Energy, through its ownership of PBF LLC, consolidates the financial results of PBFX, and records a noncontrolling interest for the economic interest in PBFX held by the public common unitholders. Noncontrolling interest on the condensed consolidated statements of operations includes the portion of net income or loss attributable to the economic interest in PBFX held by the public common unitholders of PBFX other than PBF Energy (through its ownership in PBF LLC). Noncontrolling interest on the condensed consolidated balance sheets includes the portion of net assets of PBFX attributable to the public common unitholders of PBFX. The noncontrolling interest ownership percentages in PBFX as of September 30, 2018 and December 31, 2017 , are calculated as follows: Units of PBFX Held by the Public Units of PBFX Held by PBF LLC Total December 31, 2017 23,441,211 18,459,497 41,900,708 55.9 % 44.1 % 100.0 % September 30, 2018 25,393,565 19,953,631 45,347,196 56.0 % 44.0 % 100.0 % Noncontrolling Interest in PBF Holding In connection with the Chalmette Acquisition, PBF Holding recorded noncontrolling interests in two subsidiaries of Chalmette Refining. PBF Holding, through Chalmette Refining, owns an 80% ownership interest in both Collins Pipeline Company and T&M Terminal Company. For the three months ended September 30, 2018 and 2017 the Company recorded a noncontrolling interest in the earnings (loss) of these subsidiaries of $35 and $(6) , respectively. For the nine months ended September 30, 2018 and 2017 the Company recorded a noncontrolling interest in the earnings of these subsidiaries of $43 and $374 , respectively. Changes in Equity and Noncontrolling Interests On August 14, 2018, the Company completed a public offering of an aggregate of 6,000,000 shares of Class A common stock (the “August 2018 Equity Offering”) for net proceeds of $287,284 , after deducting underwriting discounts and commissions and other offering expenses. The following tables summarize the changes in equity for the controlling and noncontrolling interests of PBF Energy for the nine months ended September 30, 2018 and 2017 , respectively: PBF Energy Inc. Equity Noncontrolling Noncontrolling Interest in PBF Holding Noncontrolling Total Equity Balance at January 1, 2018 $ 2,336,654 $ 110,203 $ 10,808 $ 445,284 $ 2,902,949 Comprehensive income 482,504 9,794 43 30,074 522,415 Dividends and distributions (103,303 ) (1,724 ) — (36,466 ) (141,493 ) Effects of exchanges of PBF LLC Series A Units on deferred tax assets and liabilities and Tax Receivable Agreement obligation (2,756 ) — — — (2,756 ) Issuance of additional PBFX common units 28,564 — — 6,256 34,820 Equity-based compensation awards 14,059 — — 4,549 18,608 August 2018 Equity Offering 287,284 — — — 287,284 Exercise of PBF LLC and PBF Energy options and warrants, net 14,004 (345 ) — — 13,659 Other 10,924 — — (1,049 ) 9,875 Balance at September 30, 2018 $ 3,067,934 $ 117,928 $ 10,851 $ 448,648 $ 3,645,361 PBF Energy Inc. Equity Noncontrolling Noncontrolling Noncontrolling Total Equity Balance at January 1, 2017 $ 2,025,044 $ 98,671 $ 12,513 $ 434,456 $ 2,570,684 Comprehensive income 174,524 9,701 374 39,377 223,976 Dividends and distributions (98,723 ) (3,448 ) — (33,090 ) (135,261 ) Equity-based compensation awards 13,549 — — 4,515 18,064 Other (2,096 ) — — (5 ) (2,101 ) Balance at September 30, 2017 $ 2,112,298 $ 104,924 $ 12,887 $ 445,253 $ 2,675,362 The following tables summarize the changes in equity for the controlling and noncontrolling interests of PBF LLC for the nine months ended September 30, 2018 and 2017 , respectively: PBF Energy Company LLC Equity Noncontrolling Interest in PBF Holding Noncontrolling Total Equity Balance at January 1, 2018 $ 2,422,411 $ 10,808 $ 445,284 $ 2,878,503 Comprehensive income 652,612 43 30,074 682,729 Dividends and distributions (105,027 ) — (36,466 ) (141,493 ) Issuance of additional PBFX common units 28,564 — 6,256 34,820 Equity-based compensation awards 14,059 — 4,549 18,608 Exercise of PBF LLC options and warrants, net (3,760 ) — — (3,760 ) Issuance of Series C units in connection with the August 2018 Equity Offering 287,284 — — 287,284 Other 11,321 — (1,049 ) 10,272 Balance at September 30, 2018 $ 3,307,464 $ 10,851 $ 448,648 $ 3,766,963 PBF Energy Company LLC Equity Noncontrolling Noncontrolling Total Equity Balance at January 1, 2017 $ 2,040,851 $ 12,513 $ 434,456 $ 2,487,820 Comprehensive income 288,626 374 39,377 328,377 Dividends and distributions (102,171 ) — (33,090 ) (135,261 ) Equity-based compensation awards 13,549 — 4,515 18,064 Other (2,096 ) — (5 ) (2,101 ) Balance at September 30, 2017 $ 2,238,759 $ 12,887 $ 445,253 $ 2,696,899 Share Activity The following table presents the changes in PBF Energy Class A common stock and treasury stock outstanding: Nine Months Ended September 30, 2018 Year Ended December 31, 2017 Class A Common Stock Treasury Stock Class A Common Stock Treasury Stock Balance at beginning of period 110,565,531 6,132,884 109,204,047 6,087,963 Treasury stock purchases (1) (39,544 ) 39,544 — 44,921 Stock based compensation 35,811 — 702,404 — Exercise of options and warrants 691,286 — 462,500 — Exchange of PBF LLC Series A units for shares of Class A common stock 2,698,635 — 196,580 — August 2018 Equity Offering 6,000,000 — — — Balance at end of period 119,951,719 6,172,428 110,565,531 6,132,884 _____ (1) Includes shares repurchased from participants in connection with the vesting of equity awards granted under the Company’s stock compensation plans to cover employee income tax liabilities. The following table presents the changes in PBF LLC Series A Units and Series C Units outstanding: Nine Months Ended September 30, 2018 Year Ended December 31, 2017 Series A Units Series C Units Series A Units Series C Units Balance at beginning of period 3,767,464 110,586,762 3,920,902 109,204,047 Exercise of Series A warrants and options 137,496 691,286 64,373 462,500 Exchange of Series A units for PBF Energy Class A common stock (2,698,635 ) 2,698,635 (196,580 ) 217,811 Grant of restricted shares — 35,811 — 702,404 Surrender of units for tax withholding — (39,544 ) — — Redemption of Series A units by PBF Energy — — (21,231 ) — August 2018 Equity Offering — 6,000,000 — — Balance at end of period 1,206,325 119,972,950 3,767,464 110,586,762 he following tables summarize the changes in equity for the controlling and noncontrolling interests of PBF Energy for the nine months ended September 30, 2018 and 2017 , respectively: PBF Energy Inc. Equity Noncontrolling Noncontrolling Interest in PBF Holding Noncontrolling Total Equity Balance at January 1, 2018 $ 2,336,654 $ 110,203 $ 10,808 $ 445,284 $ 2,902,949 Comprehensive income 482,504 9,794 43 30,074 522,415 Dividends and distributions (103,303 ) (1,724 ) — (36,466 ) (141,493 ) Effects of exchanges of PBF LLC Series A Units on deferred tax assets and liabilities and Tax Receivable Agreement obligation (2,756 ) — — — (2,756 ) Issuance of additional PBFX common units 28,564 — — 6,256 34,820 Equity-based compensation awards 14,059 — — 4,549 18,608 August 2018 Equity Offering 287,284 — — — 287,284 Exercise of PBF LLC and PBF Energy options and warrants, net 14,004 (345 ) — — 13,659 Other 10,924 — — (1,049 ) 9,875 Balance at September 30, 2018 $ 3,067,934 $ 117,928 $ 10,851 $ 448,648 $ 3,645,361 PBF Energy Inc. Equity Noncontrolling Noncontrolling Noncontrolling Total Equity Balance at January 1, 2017 $ 2,025,044 $ 98,671 $ 12,513 $ 434,456 $ 2,570,684 Comprehensive income 174,524 9,701 374 39,377 223,976 Dividends and distributions (98,723 ) (3,448 ) — (33,090 ) (135,261 ) Equity-based compensation awards 13,549 — — 4,515 18,064 Other (2,096 ) — — (5 ) (2,101 ) Balance at September 30, 2017 $ 2,112,298 $ 104,924 $ 12,887 $ 445,253 $ 2,675,362 |
INVENTORIES
INVENTORIES | 9 Months Ended |
Sep. 30, 2018 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES Inventories consisted of the following: September 30, 2018 Titled Inventory Inventory Intermediation Agreements Total Crude oil and feedstocks $ 1,055,654 $ — $ 1,055,654 Refined products and blendstocks 1,060,841 339,134 1,399,975 Warehouse stock and other 105,477 — 105,477 $ 2,221,972 $ 339,134 $ 2,561,106 Lower of cost or market adjustment — — — Total inventories $ 2,221,972 $ 339,134 $ 2,561,106 December 31, 2017 Titled Inventory Inventory Intermediation Agreements Total Crude oil and feedstocks $ 1,073,093 $ — $ 1,073,093 Refined products and blendstocks 1,030,817 311,477 1,342,294 Warehouse stock and other 98,866 — 98,866 $ 2,202,776 $ 311,477 $ 2,514,253 Lower of cost or market adjustment (232,652 ) (67,804 ) (300,456 ) Total inventories $ 1,970,124 $ 243,673 $ 2,213,797 Inventory under inventory intermediation agreements includes certain light finished products sold to counterparties and stored in the Paulsboro and Delaware City refineries’ storage facilities in connection with the amended and restated inventory intermediation agreements (as amended, the “Inventory Intermediation Agreements”) with J. Aron & Company, a subsidiary of The Goldman Sachs Group, Inc. (“J. Aron”). At September 30, 2018 the replacement value of inventories exceeded the LIFO carrying value by approximately $12,037 . During the three months ended September 30, 2018 , the Company recorded an adjustment to value its inventories to the lower of cost or market which increased operating income and net income by $54,801 and $40,328 , respectively, reflecting no lower of cost or market (“LCM”) reserve as of September 30, 2018 in comparison to an LCM reserve of $54,801 at June 30, 2018. During the nine months ended September 30, 2018 , the Company recorded an LCM inventory adjustment which increased operating income and net income by $300,456 and $221,106 , respectively, reflecting no LCM reserve as of September 30, 2018 in comparison to an LCM reserve of $300,456 at December 31, 2017 . During the three months ended September 30, 2017 , the Company recorded an adjustment to value its inventories to the lower of cost or market which increased operating income and net income by $265,077 and $160,743 , respectively, reflecting the net change in the LCM reserve from $763,122 at June 30, 2017 to $498,045 at September 30, 2017 . During the nine months ended September 30, 2017 , the Company recorded an LCM inventory adjustment which increased operating income and net income by $97,943 and $59,393 , respectively, reflecting the net change in the LCM reserve from $595,988 at December 31, 2016 to $498,045 at September 30, 2017 . |
ACCRUED EXPENSES
ACCRUED EXPENSES | 9 Months Ended |
Sep. 30, 2018 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES | 6. ACCRUED EXPENSES Accrued expenses consisted of the following: PBF Energy September 30, December 31, Inventory-related accruals $ 1,451,142 $ 1,151,810 Inventory intermediation agreements 254,022 244,287 Excise and sales tax payable 123,174 118,515 Accrued transportation costs 56,167 64,400 Accrued salaries and benefits 55,366 58,589 Accrued interest 43,395 14,080 Renewable energy credit and emissions obligations 32,753 26,231 Accrued utilities 32,371 42,189 Accrued capital expenditures 26,082 18,765 Accrued refinery maintenance and support costs 23,147 35,674 Customer deposits 20,583 16,133 Environmental liabilities 7,173 8,289 Other 25,756 15,892 Total accrued expenses $ 2,151,131 $ 1,814,854 PBF LLC September 30, December 31, Inventory-related accruals $ 1,451,142 $ 1,151,810 Inventory intermediation agreements 254,022 244,287 Excise and sales tax payable 123,174 118,515 Accrued interest 58,885 23,419 Accrued transportation costs 56,167 64,400 Accrued salaries and benefits 55,366 58,589 Renewable energy credit and emissions obligations 32,753 26,231 Accrued utilities 32,371 42,189 Accrued capital expenditures 26,082 18,765 Accrued refinery maintenance and support costs 23,147 35,674 Customer deposits 20,583 16,133 Environmental liabilities 7,173 8,289 Other 26,929 16,093 Total accrued expenses $ 2,167,794 $ 1,824,394 The Company has the obligation to repurchase certain intermediates and finished products that are held in the Company’s refinery storage tanks at the Delaware City and Paulsboro refineries in accordance with the Inventory Intermediation Agreements with J. Aron. As of September 30, 2018 and December 31, 2017 , a liability is recognized for the Inventory Intermediation Agreements and is recorded at market price for the J. Aron owned inventory held in the Company’s storage tanks under the Inventory Intermediation Agreements, with any change in the market price being recorded in Cost of products and other. The Company is subject to obligations to purchase Renewable Identification Numbers (“RINs”) required to comply with the Renewable Fuels Standard. The Company’s overall RINs obligation is based on a percentage of domestic shipments of on-road fuels as established by Environmental Protection Agency (“EPA”). To the degree the Company is unable to blend the required amount of biofuels to satisfy its RINs obligation, RINs must be purchased on the open market to avoid penalties and fines. The Company records its RINs obligation on a net basis in Accrued expenses when its RINs liability is greater than the amount of RINs earned and purchased in a given period and in Prepaid and other current assets when the amount of RINs earned and purchased is greater than the RINs liability. In addition, the Company is subject to obligations to comply with federal and state legislative and regulatory measures, including regulations in the state of California pursuant to Assembly Bill 32 (“AB32”), to address environmental compliance and greenhouse gas and other emissions. These requirements include incremental costs to operate and maintain our facilities as well as to implement and manage new emission controls and programs. Renewable energy credit and emissions obligations fluctuate with the volume of applicable product sales and timing of credit purchases. Early Return of Railcars On September 30, 2018, the Company agreed to voluntarily return a portion of railcars under an operating lease in order to rationalize certain components of its railcar fleet based on prevailing market conditions in the crude oil by rail market. Under the terms of the lease amendment, the Company will pay agreed amounts in lieu of satisfaction of return conditions (the “early termination penalty”) and will pay a reduced rental fee over the remaining term of the lease. Certain of these railcars are idle and the remaining railcars will be taken out of service during the fourth quarter of 2018 and subsequently fully returned to the lessor. As a result, the Company recognized an expense of $44,571 for the three months ended September 30, 2018 included within Cost of sales consisting of (i) a $40,313 charge for the early termination penalty and (ii) a $4,258 charge related to the remaining lease payments associated with the portion of railcars within the amended lease, that were idled and out of service as of September 30, 2018. The Company has recorded a liability within Inventory-related accruals (included within Accrued expenses) for $25,843 representing the amount of the early lease termination obligation expected to be paid within the next twelve months and a liability within Other long-term liabilities for $18,728 representing the remaining amount of the obligation. |
AFFILIATE NOTE PAYABLE - PBF LL
AFFILIATE NOTE PAYABLE - PBF LLC (Notes) | 9 Months Ended |
Sep. 30, 2018 | |
AFFILIATE NOTE PAYABLE - PBF LLC [Abstract] | |
Affiliate Note Payable [Text Block] | . AFFILIATE NOTE PAYABLE - PBF LLC As of September 30, 2018 and December 31, 2017 , PBF LLC had an outstanding note payable with PBF Energy for an aggregate principal amount of $326,115 and $292,844 , respectively. The note has an interest rate of 2.5% and a 5 -year term but may be prepaid in whole or in part at any time, at the option of PBF LLC without penalty or premium. |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES PBF Energy files federal and applicable state corporate income tax returns and recognizes income taxes on its pre-tax income, which to-date has consisted primarily of its share of PBF LLC’s pre-tax income (approximately 99.0% as of September 30, 2018 and approximately 96.7% as of December 31, 2017 ). PBF LLC is organized as a limited liability company and PBFX is a master limited partnership, both of which are treated as “flow-through” entities for federal income tax purposes and therefore are not subject to income taxes apart from the income tax attributable to the two subsidiaries acquired in connection with the acquisition of Chalmette Refining and PBF Holding’s wholly-owned Canadian subsidiary, PBF Ltd, that are treated as C-Corporations for income tax purposes. The reported income tax expense in the PBF Energy condensed consolidated financial statements of operations consists of the following: Three Months Ended Nine Months Ended 2018 2017 2018 2017 Current income tax expense $ 71 $ 190 $ 823 $ 1,564 Deferred income tax expense 61,278 203,789 167,013 111,325 Total income tax expense $ 61,349 $ 203,979 $ 167,836 $ 112,889 Income tax expense is based on income before taxes attributable to PBF Energy and excludes income before taxes attributable to noncontrolling interests as such interests are generally not subject to income taxes except as noted above. The difference between PBF Energy’s effective income tax rate and the United States statutory rate is reconciled below: Three Months Ended Nine Months Ended 2018 2017 2018 2017 Provision at Federal statutory rate 21.0 % 35.0 % 21.0 % 35.0 % Increase (decrease) attributable to flow-through of certain tax adjustments: State income taxes (net of federal income tax) 5.6 % 4.5 % 5.9 % 4.3 % Nondeductible/nontaxable items (0.5 )% (0.2 )% (0.1 )% 0.2 % Rate differential from foreign jurisdictions (0.2 )% 0.3 % (0.2 )% (0.1 )% Provision to return adjustment — % (0.1 )% — % (0.2 )% Foreign tax rate change — % — % — % 0.3 % Other (0.4 )% (0.1 )% (0.8 )% (0.1 )% Effective tax rate 25.5 % 39.4 % 25.8 % 39.4 % PBF Energy’s effective income tax rate for the three and nine months ended September 30, 2018 , including the impact of income attributable to noncontrolling interests of $12,928 and $39,907 , respectively, was 24.2% and 24.3% , respectively. PBF Energy’s effective income tax rate for the three and nine months ended September 30, 2017 , including the impact of income attributable to noncontrolling interests of $32,861 and $49,420 , respectively, was 37.0% and 33.6% respectively. The decrease in effective tax rate when comparing the three and nine month periods ended September 30, 2018 to the three and nine month periods ended September 30, 2017 is primarily driven by the Tax Cuts and Jobs Act (“TCJA”), which was effective as of January 1, 2018. The TCJA significantly revised the U.S. tax code by, among other things, lowering the corporate income tax rate from 35.0% to 21.0% . In connection with the enactment of the TCJA, PBF Energy recorded a net tax expense of $20,153 in the year ending December 31, 2017. It is the Company’s expectation that the other legislative areas within TCJA, such as the Transition Tax and the Global Low-Taxed Intangible Income, will not have a material impact on the provision for income taxes. The reported income tax (benefit) expense in the PBF LLC condensed consolidated financial statements of operations consists of the following: Three Months Ended Nine Months Ended 2018 2017 2018 2017 Current income tax expense (benefit) $ 5 $ 190 $ (26 ) $ 1,399 Deferred income tax (benefit) expense (724 ) (4,482 ) (5,377 ) 641 Total income tax (benefit) expense $ (719 ) $ (4,292 ) $ (5,403 ) $ 2,040 The Company has determined there are no material uncertain tax positions as of September 30, 2018 . The Company does not have any unrecognized tax benefits. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Environmental Matters The Company’s refineries, pipelines and related operations are subject to extensive and frequently changing federal, state and local laws and regulations, including, but not limited to, those relating to the discharge of materials into the environment or that otherwise relate to the protection of the environment, waste management and the characteristics and the compositions of fuels. Compliance with existing and anticipated laws and regulations can increase the overall cost of operating the refineries, including remediation, operating costs and capital costs to construct, maintain and upgrade equipment and facilities. In connection with the Paulsboro refinery acquisition, the Company assumed certain environmental remediation obligations. The Paulsboro environmental liability of $11,253 recorded as of September 30, 2018 ( $10,282 as of December 31, 2017 ) represents the present value of expected future costs discounted at a rate of 8.0% . The current portion of the environmental liability is recorded in Accrued expenses and the non-current portion is recorded in Other long-term liabilities. As of September 30, 2018 and December 31, 2017 , this liability is self-guaranteed by the Company. In connection with the acquisition of the Delaware City assets, Valero Energy Corporation (“Valero”) remains responsible for certain pre-acquisition environmental obligations up to $20,000 and the predecessor to Valero in ownership of the refinery retains other historical obligations. In connection with the acquisition of the Delaware City assets and the Paulsboro refinery, the Company and Valero purchased ten year, $75,000 environmental insurance policies to insure against unknown environmental liabilities at each site. In connection with the Toledo refinery acquisition, Sunoco, Inc. (R&M) remains responsible for environmental remediation for conditions that existed on the closing date for twenty years from March 1, 2011, subject to certain limitations. In connection with the acquisition of the Chalmette refinery, the Company obtained $3,936 in financial assurance (in the form of a surety bond) to cover estimated potential site remediation costs associated with an agreed to Administrative Order of Consent with EPA. The estimated cost assumes remedial activities will continue for a minimum of thirty years. Further, in connection with the acquisition of the Chalmette refinery, the Company purchased a ten year, $100,000 environmental insurance policy to insure against unknown environmental liabilities at the refinery. On December 28, 2016, DNREC issued a Coastal Zone Act permit (the “Ethanol Permit”) to DCR allowing the utilization of existing tanks and existing marine loading equipment at their existing facilities to enable denatured ethanol to be loaded from storage tanks to marine vessels and shipped to offsite facilities. On January 13, 2017, the issuance of the Ethanol Permit was appealed by two environmental groups. On February 27, 2017, the Coastal Zone Industrial Board (the “Coastal Zone Board”) held a public hearing and dismissed the appeal, determining that the appellants did not have standing. The appellants filed an appeal of the Coastal Zone Board’s decision with the Delaware Superior Court (the “Superior Court”) on March 30, 2017. On January 19, 2018, the Superior Court rendered an Opinion regarding the decision of the Coastal Zone Board to dismiss the appeal of the Ethanol Permit for the ethanol project. The Judge determined that the record created by the Coastal Zone Board was insufficient for the Superior Court to make a decision, and therefore remanded the case back to the Coastal Zone Board to address the deficiency in the record. Specifically, the Superior Court directed the Coastal Zone Board to address any evidence concerning whether the appellants’ claimed injuries would be affected by the increased quantity of ethanol shipments. During the hearing before the Coastal Zone Board on standing, one of the appellants’ witnesses made a reference to the flammability of ethanol, without any indication of the significance of flammability/ explosivity to specific concerns. Moreover, the appellants did not introduce at hearing any evidence of the relative flammability of ethanol as compared to other materials shipped to and from the refinery. However, the sole dissenting opinion from the Coastal Zone Board focused on the flammability/explosivity issue, alleging that the appellants’ testimony raised the issue as a distinct basis for potential harms. Once the Board responds to the remand, it will go back to the Superior Court to complete its analysis and issue a decision. At the time the Company acquired the Toledo refinery, EPA had initiated an investigation into the compliance of the refinery with EPA standards governing flaring pursuant to Section 114 of the Clean Air Act. On February 1, 2013, EPA issued an Amended Notice of Violation, and on September 20, 2013, EPA issued a Notice of Violation and Finding of Violation to Toledo refinery, alleging certain violations of the Clean Air Act at its Plant 4 and Plant 9 flares since the acquisition of the refinery on March 1, 2011. Toledo refinery and EPA subsequently entered into tolling agreements pending settlement discussions. Although the resolution has not been finalized, the civil administrative penalty is anticipated to be approximately $645 including supplemental environmental projects. To the extent the administrative penalty exceeds such amount, it is not expected to be material to the Company. In connection with the acquisition of the Torrance refinery and related logistics assets, the Company assumed certain pre-existing environmental liabilities totaling $133,025 as of September 30, 2018 ( $136,487 as of December 31, 2017 ), 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. In addition, in connection with the acquisition of the Torrance refinery and related logistics assets, the Company purchased a ten year, $100,000 environmental insurance policy to insure against unknown environmental liabilities. Furthermore, in connection with the acquisition, the Company assumed responsibility for certain specified environmental matters that occurred prior to the Company’s ownership of the refinery and the logistics assets, including specified incidents and/or notices of violations (“NOVs”) issued by regulatory agencies in various years before the Company’s ownership, including the Southern California Air Quality Management District (“SCAQMD”) and the Division of Occupational Safety and Health of the State of California (“Cal/OSHA”). In connection with the acquisition of the Torrance refinery and related logistics assets, the Company agreed to take responsibility for NOV No. P63405 that ExxonMobil had received from the SCAQMD for Title V deviations that are alleged to have occurred in 2015. On August 14, 2018, the Company received a letter from SCAQMD offering to settle this NOV for $515 . The Company is currently in communication with SCAQMD to resolve this NOV. Subsequent to the acquisition, further NOVs were issued by the SCAQMD, Cal/OSHA, the City of Torrance, the City of Torrance Fire Department, and the Los Angeles County Sanitation District related to alleged operational violations, emission discharges and/or flaring incidents at the refinery and the logistics assets both before and after the Company’s acquisition. EPA in November 2016 conducted a Risk Management Plan (“RMP”) inspection following the acquisition related to Torrance operations and issued preliminary findings in March 2017 concerning RMP potential operational violations. The Company is currently in communication with EPA to resolve the RMP preliminary findings. EPA and the California Department of Toxic Substances Control (“DTSC”) in December 2016 conducted a Resource Conservation and Recovery Act (“RCRA”) inspection following the acquisition related to Torrance operations and also issued in March 2017 preliminary findings concerning RCRA potential operational violations. In April 2017, EPA referred the RCRA preliminary findings to DTSC for final resolution. On March 1, 2018, the Company received a notice of intent to sue from Environmental Integrity Project, on behalf of Environment California, under RCRA with respect to the alleged violations from EPA’s and DTSC’s December 2016 inspection. On March 2, 2018, DTSC issued an order to correct alleged RCRA violations relating to the accumulation of oil bearing materials in roll off bins during 2016 and 2017. On June 14, 2018, the Torrance refinery and DTSC reached settlement regarding the oil bearing materials in the form of a stipulation and order, wherein the Torrance refinery agreed that it would recycle or properly dispose of the oil bearing materials by the end of 2018 and pay an administrative penalty of $150 . Following this settlement, in June 2018, DTSC referred the remaining alleged RCRA violations from EPA’s and DTSC’s December 2016 inspection to the California Attorney General for final resolution. The Torrance refinery and the California Attorney General are in discussions to resolve these remaining alleged RCRA violations. Other than the $150 DTSC administrative penalty, no other settlement or penalty demands have been received to date with respect to any of the other NOVs, preliminary findings, or order that are in excess of $100 . As the ultimate outcomes are uncertain, the Company cannot currently estimate the final amount or timing of their resolution but any such amount is not expected to have a material impact on the Company’s financial position, results of operations or cash flows, individually or in the aggregate. In connection with the PBFX Plains Asset Purchase, PBFX is responsible for the environmental remediation costs for conditions that existed on the closing date up to a maximum of $250 per year for ten years, with Plains All American Pipeline, L.P. remaining responsible for any and all additional costs above such amounts during such period. The environmental liability of $1,629 recorded as of September 30, 2018 ( $1,923 as of December 31, 2017 ) represents the present value of expected future costs discounted at a rate of 1.83% . The current portion of the environmental liability is recorded in Accrued expenses and the non-current portion is recorded in Other long-term liabilities. Applicable Federal and State Regulatory Requirements The Company’s operations and many of the products it manufactures are subject to certain specific requirements of the Clean Air Act (the “CAA”) and related state and local regulations. The CAA contains provisions that require capital expenditures for the installation of certain air pollution control devices at the Company’s refineries. Subsequent rule making authorized by the CAA or similar laws or new agency interpretations of existing rules, may necessitate additional expenditures in future years. In 2010, New York State adopted a Low-Sulfur Heating Oil mandate that, beginning July 1, 2012, requires all heating oil sold in New York State to contain no more than 15 parts per million (“PPM”) sulfur. Since July 1, 2012, other states in the Northeast market began requiring heating oil sold in their state to contain no more than 15 PPM sulfur. Currently, all of the Northeastern states and Washington DC have adopted sulfur controls on heating oil. Most of the Northeastern states will now require heating oil with 15 PPM or less sulfur by July 1, 2018 (except for Pennsylvania and Maryland - where less than 500 PPM sulfur is required). All of the heating oil the Company currently produces meets these specifications. The mandate and other requirements do not currently have a material impact on the Company’s financial position, results of operations or cash flows. EPA issued the final Tier 3 Gasoline standards on March 3, 2014 under the CAA. This final rule establishes more stringent vehicle emission standards and further reduces the sulfur content of gasoline starting in January 2017. The new standard is set at 10 PPM sulfur in gasoline on an annual average basis starting January 1, 2017, with a credit trading program to provide compliance flexibility. EPA responded to industry comments on the proposed rule and maintained the per gallon sulfur cap on gasoline at the existing 80 PPM cap. The refineries are complying with these new requirements as planned, either directly or using flexibility provided by sulfur credits generated or purchased in advance as an economic optimization. The standards set by the new rule are not expected to have a material impact on the Company’s financial position, results of operations or cash flows. The Company is required to comply with the Renewable Fuel Standard (“RFS”) implemented by EPA, which sets annual quotas for the quantity of renewable fuels (such as ethanol) that must be blended into motor fuels consumed in the United States. In July 2018, EPA issued proposed amendments to the RFS program regulations that would establish annual percentage standards for cellulosic biofuel, biomass-based diesel, advanced biofuel, and renewable fuels that would apply to all gasoline and diesel produced in the U.S. or imported in the year 2019. In addition, the separate proposal includes a proposed biomass-based diesel applicable volume for 2020. It is likely that RIN production will continue to be lower than needed forcing obligated parties, such as the Company, to purchase cellulosic waiver credits or purchase excess RINs from suppliers on the open market. In addition, on December 1, 2015 EPA finalized revisions to an existing air regulation concerning Maximum Achievable Control Technologies (“MACT”) for Petroleum Refineries. The regulation requires additional continuous monitoring systems for eligible process safety valves relieving to atmosphere, minimum flare gas heat (Btu) content, and delayed coke drum vent controls to be installed by January 30, 2019. In addition, a program for ambient fence line monitoring for benzene was implemented prior to the deadline of January 30, 2018. The Company is in the process of implementing the requirements of this regulation. The regulation does not have a material impact on the Company’s financial position, results of operations or cash flows. EPA published a Final Rule to the Clean Water Act (“CWA”) Section 316(b) in August 2014 regarding cooling water intake structures, which includes requirements for petroleum refineries. The purpose of this rule is to prevent fish from being trapped against cooling water intake screens (impingement) and to prevent fish from being drawn through cooling water systems (entrainment). Facilities will be required to implement Best Technology Available (“BTA”) as soon as possible, but state agencies have the discretion to establish implementation time lines. The Company continues to evaluate the impact of this regulation, and at this time does not anticipate it having a material impact on the Company’s financial position, results of operations or cash flows. As a result of the Torrance Acquisition, the Company is subject to greenhouse gas emission control regulations in the state of California pursuant to AB32. AB32 imposes a statewide cap on greenhouse gas emissions, including emissions from transportation fuels, with the aim of returning the state to 1990 emission levels by 2020. AB32 is implemented through two market mechanisms including the Low Carbon Fuel Standard (“LCFS”) and Cap and Trade, which was extended for an additional ten years to 2030 in July 2017. The Company is responsible for the AB32 obligations related to the Torrance refinery beginning on July 1, 2016 and must purchase emission credits to comply with these obligations. Additionally, in September 2016, the state of California enacted Senate Bill 32 (“SB32”) which further reduces greenhouse gas emissions targets to 40 percent below 1990 levels by 2030. However, subsequent to the acquisition, the Company is recovering the majority of these costs from its customers, and as such does not expect this obligation to materially impact the Company’s financial position, results of operations, or cash flows. To the degree there are unfavorable changes to AB32 or SB32 regulations or the Company is unable to recover such compliance costs from customers, these regulations could have a material adverse effect on our financial position, results of operations and cash flows. The Company is subject to obligations to purchase RINs. On February 15, 2017, the Company received a notification that EPA records indicated that PBF Holding used potentially invalid RINs that were in fact verified under EPA’s RIN Quality Assurance Program (“QAP”) by an independent auditor as QAP A RINs. Under the regulations, use of potentially invalid QAP A RINs provided the user with an affirmative defense from civil penalties provided certain conditions are met. The Company has asserted the affirmative defense and if accepted by EPA will not be required to replace these RINs and will not be subject to civil penalties under the program. It is reasonably possible that EPA will not accept the Company’s defense and may assess penalties in these matters but any such amount is not expected to have a material impact on the Company’s financial position, results of operations or cash flows. As of January 1, 2011, the Company is required to comply with EPA’s Control of Hazardous Air Pollutants From Mobile Sources, or MSAT2, regulations on gasoline that impose reductions in the benzene content of its produced gasoline. The Company purchases benzene credits to meet these requirements. The Company’s planned capital projects will reduce the amount of benzene credits that it needs to purchase. In addition, the renewable fuel standards mandate the blending of prescribed percentages of renewable fuels (e.g., ethanol and biofuels) into the Company’s produced gasoline and diesel. These new requirements, other requirements of the CAA and other presently existing or future environmental regulations may cause the Company to make substantial capital expenditures as well as the purchase of credits at significant cost, to enable its refineries to produce products that meet applicable requirements. The federal Comprehensive Environmental Response, Compensation and Liability Act of 1980 (“CERCLA”), also known as “Superfund,” imposes liability, without regard to fault or the legality of the original conduct, on certain classes of persons who are considered to be responsible for the release of a “hazardous substance” into the environment. These persons include the current or former owner or operator of the disposal site or sites where the release occurred and companies that disposed of or arranged for the disposal of the hazardous substances. Under CERCLA, such persons may be subject to joint and several liability for investigation and the costs of cleaning up the hazardous substances that have been released into the environment, for damages to natural resources and for the costs of certain health studies. As discussed more fully above, certain of the Company’s sites are subject to these laws and the Company may be held liable for investigation and remediation costs or claims for natural resource damages. It is not uncommon for neighboring landowners and other third parties to file claims for personal injury and property damage allegedly caused by hazardous substances or other pollutants released into the environment. Analogous state laws impose similar responsibilities and liabilities on responsible parties. In the Company’s current normal operations, it has generated waste, some of which falls within the statutory definition of a “hazardous substance” and some of which may have been disposed of at sites that may require cleanup under Superfund. The Company is also currently subject to certain other existing environmental claims and proceedings. The Company believes that there is only a remote possibility that future costs related to any of these other known contingent liability exposures would have a material impact on its financial position, results of operations or cash flows. PBF LLC Limited Liability Company Agreement The holders of limited liability company interests in PBF LLC, including PBF Energy, generally have to include for purposes of calculating their U.S. federal, state and local income taxes their share of any taxable income of PBF LLC, regardless of whether such holders receive cash distributions from PBF LLC. PBF Energy ultimately may not receive cash distributions from PBF LLC equal to its share of such taxable income or even equal to the actual tax due with respect to that income. For example, PBF LLC is required to include in taxable income PBF LLC’s allocable share of PBFX’s taxable income and gains (such share to be determined pursuant to the partnership agreement of PBFX), regardless of the amount of cash distributions received by PBF LLC from PBFX, and such taxable income and gains will flow-through to PBF Energy to the extent of its allocable share of the taxable income of PBF LLC. As a result, at certain times, the amount of cash otherwise ultimately available to PBF Energy on account of its indirect interest in PBFX may not be sufficient for PBF Energy to pay the amount of taxes it will owe on account of its indirect interests in PBFX. Taxable income of PBF LLC generally is allocated to the holders of PBF LLC units (including PBF Energy) pro-rata in accordance with their respective share of the net profits and net losses of PBF LLC. In general, PBF LLC is required to make periodic tax distributions to the members of PBF LLC, including PBF Energy, pro-rata in accordance with their respective percentage interests for such period (as determined under the amended and restated limited liability company agreement of PBF LLC), subject to available cash and applicable law and contractual restrictions (including pursuant to our debt instruments) and based on certain assumptions. Generally, these tax distributions are required to be in an amount equal to our estimate of the taxable income of PBF LLC for the year multiplied by an assumed tax rate equal to the highest effective marginal combined U.S. federal, state and local income tax rate prescribed for an individual or corporate resident in New York, New York (taking into account the nondeductibility of certain expenses). If, with respect to any given calendar year, the aggregate periodic tax distributions were less than the actual taxable income of PBF LLC multiplied by the assumed tax rate, PBF LLC is required to make a “true up” tax distribution, no later than March 15 of the following year, equal to such difference, subject to the available cash and borrowings of PBF LLC. PBF LLC generally obtains funding to pay its tax distributions by causing PBF Holding to distribute cash to PBF LLC and from distributions it receives from PBFX. Tax Receivable Agreement PBF Energy entered into a tax receivable agreement with the PBF LLC Series A and PBF LLC Series B Unit holders (the “Tax Receivable Agreement”) that provides for the payment by PBF Energy to such persons of an amount equal to 85% of the amount of the benefits, if any, that PBF Energy is deemed to realize as a result of (i) increases in tax basis, as described below, and (ii) certain other tax benefits related to entering into the Tax Receivable Agreement, including tax benefits attributable to payments under the Tax Receivable Agreement. For purposes of the Tax Receivable Agreement, the benefits deemed realized by PBF Energy will be computed by comparing the actual income tax liability of PBF Energy (calculated with certain assumptions) to the amount of such taxes that PBF Energy would have been required to pay had there been no increase to the tax basis of the assets of PBF LLC as a result of purchases or exchanges of PBF LLC Series A Units for shares of PBF Energy’s Class A common stock and had PBF Energy not entered into the Tax Receivable Agreement. The term of the Tax Receivable Agreement will continue until all such tax benefits have been utilized or expired unless: (i) PBF Energy exercises its right to terminate the Tax Receivable Agreement, (ii) PBF Energy breaches any of its material obligations under the Tax Receivable Agreement or (iii) certain changes of control occur, in which case all obligations under the Tax Receivable Agreement will generally be accelerated and due as calculated under certain assumptions. The payment obligations under the Tax Receivable Agreement are obligations of PBF Energy and not of PBF LLC, PBF Holding or PBFX. In general, PBF Energy expects to obtain funding for these annual payments from PBF LLC, primarily through tax distributions, which PBF LLC makes on a pro-rata basis to its owners. Such owners include PBF Energy, which holds a 99.0% interest in PBF LLC as of September 30, 2018 ( 96.7% as of December 31, 2017 ). PBF LLC generally obtains funding to pay its tax distributions by causing PBF Holding to distribute cash to PBF LLC and from distributions it receives from PBFX. As of September 30, 2018 , PBF Energy has recognized a liability for the Tax Receivable Agreement of $381,260 ( $362,142 as of December 31, 2017 ) reflecting the estimate of the undiscounted amounts that the Company expects to pay under the agreement. |
DIVIDENDS AND DISTRIBUTIONS
DIVIDENDS AND DISTRIBUTIONS | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
DIVIDENDS AND DISTRIBUTIONS | DIVIDENDS AND DISTRIBUTIONS With respect to dividends and distributions paid during the nine months ended September 30, 2018 , PBF LLC made aggregate non-tax quarterly distributions of $104,739 , or $0.30 per unit to its members, of which $103,015 was distributed pro-rata to PBF Energy and the balance was distributed to its other members. PBF Energy used this $103,015 to pay quarterly cash dividends of $0.30 per share of Class A common stock on March 14, 2018, May 30, 2018 and August 30, 2018. With respect to distributions paid during the nine months ended September 30, 2018 , PBFX paid a distribution on outstanding common units of $0.485 per unit on March 14, 2018, $0.490 per unit on May 30, 2018 and $0.495 per unit on August 30, 2018, of which $36,981 was distributed to PBF LLC and the balance was distributed to its public unitholders. |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 9 Months Ended |
Sep. 30, 2018 | |
Defined Benefit Plan [Abstract] | |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS The components of net periodic benefit cost related to the Company’s defined benefit plans consisted of the following: Three Months Ended Nine Months Ended Pension Benefits 2018 2017 2018 2017 Components of net periodic benefit cost: Service cost $ 11,836 $ 10,142 $ 35,508 $ 30,429 Interest cost 1,448 1,084 4,344 3,252 Expected return on plan assets (2,135 ) (1,441 ) (6,405 ) (4,325 ) Amortization of prior service cost 22 13 65 39 Amortization of actuarial loss 71 113 214 339 Net periodic benefit cost $ 11,242 $ 9,911 $ 33,726 $ 29,734 Three Months Ended Nine Months Ended Post-Retirement Medical Plan 2018 2017 2018 2017 Components of net periodic benefit cost: Service cost $ 287 $ 316 $ 861 $ 948 Interest cost 155 172 465 516 Amortization of prior service cost 161 162 484 484 Net periodic benefit cost $ 603 $ 650 $ 1,810 $ 1,948 The Company adopted ASU 2017-07 as described in “Note 1 - Description of the Business and Basis of Presentation” effective January 1, 2018. The new guidance requires the bifurcation of net periodic benefit cost. The service cost component is presented within Income from operations, while the other components are reported separately outside of operations. This guidance was applied retrospectively in the Condensed Consolidated Statements of Operations. For the three and nine months ended September 30, 2018 , the Company recorded income of $278 and $833 , respectively, related to the non-service components of net periodic benefit cost in Other income (expense). For the three and nine months ended September 30, 2017 , the Company recorded expense of $103 and $305 , respectively, related to the non-service components of net periodic benefit cost in Other income (expense). |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended |
Sep. 30, 2018 | |
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, 2018 and December 31, 2017 . We have elected to offset the fair value amounts recognized for multiple derivative contracts executed with the same counterparty; however, fair value amounts by hierarchy level are presented on a gross basis in the tables below. We have posted cash margin with various counterparties to support hedging and trading activities. The cash margin posted is required by counterparties as collateral deposits and cannot be offset against the fair value of open contracts except in the event of default. We have no derivative contracts that are subject to master netting arrangements that are reflected gross on the balance sheet. As of September 30, 2018 Fair Value Hierarchy Total Gross Fair Value Effect of Counter-party Netting Net Carrying Value on Balance Sheet Level 1 Level 2 Level 3 Assets: Money market funds $ 396,998 $ — $ — $ 396,998 N/A $ 396,998 Commodity contracts 17,023 1,702 — 18,725 (18,725 ) — Liabilities: Commodity contracts 24,202 21,895 — 46,097 (18,725 ) 27,372 Catalyst lease obligations — 43,800 — 43,800 — 43,800 Derivatives included with inventory intermediation agreement obligations — 18,422 — 18,422 — 18,422 As of December 31, 2017 Fair Value Hierarchy Total Gross Fair Value Effect of Counter-party Netting Net Carrying Value on Balance Sheet Level 1 Level 2 Level 3 Assets: Money market funds $ 4,730 $ — $ — $ 4,730 N/A $ 4,730 Commodity contracts 10,031 357 — 10,388 (10,388 ) — Liabilities: Commodity contracts 51,673 33,035 — 84,708 (10,388 ) 74,320 Catalyst lease obligations — 59,048 — 59,048 — 59,048 Derivatives included with inventory intermediation agreement obligations — 7,721 — 7,721 — 7,721 The valuation methods used to measure financial instruments at fair value are as follows: • Money market funds categorized in Level 1 of the fair value hierarchy are measured at fair value based on quoted market prices and included within Cash and cash equivalents. • The commodity contracts categorized in Level 1 of the fair value hierarchy are measured at fair value based on quoted prices in an active market. The commodity contracts categorized in Level 2 of the fair value hierarchy are measured at fair value using a market approach based upon future commodity prices for similar instruments quoted in active markets. • The commodity contracts categorized in Level 3 of the fair value hierarchy consist of commodity price swap contracts that relate to forecasted purchases of crude oil for which quoted forward market prices are not readily available due to market illiquidity. The forward prices used to value these swaps were derived using broker quotes, prices from other third party sources and other available market based data. • The derivatives included with inventory intermediation agreement obligations and the catalyst lease obligations are categorized in Level 2 of the fair value hierarchy and are measured at fair value using a market approach based upon commodity prices for similar instruments quoted in active markets. Non-qualified pension plan assets are measured at fair value using a market approach based on published net asset values of mutual funds as a practical expedient. As of September 30, 2018 and December 31, 2017 , $9,427 and $9,593 , 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 of commodity contracts categorized in Level 3 of the fair value hierarchy: Three Months Ended Nine Months Ended 2018 2017 2018 2017 Balance at beginning of period $ — $ — $ — $ (84 ) Purchases — — — — Settlements — — — 45 Unrealized gain included in earnings — — — 39 Transfers into Level 3 — — — — Transfers out of Level 3 — — — — Balance at end of period $ — $ — $ — $ — There were no transfers between levels during the three and nine months ended September 30, 2018 or 2017 . Fair value of debt The table below summarizes the fair value and carrying value of debt as of September 30, 2018 and December 31, 2017 . September 30, 2018 December 31, 2017 Carrying value Fair value Carrying value Fair value 2025 Senior Notes (a) $ 725,000 $ 767,282 $ 725,000 $ 763,945 2023 Senior Notes (a) 500,000 522,798 500,000 522,101 PBFX 2023 Senior Notes (a) 527,962 539,494 528,374 544,118 PBF Rail Term Loan (b) 23,273 23,273 28,366 28,366 Catalyst leases (c) 43,800 43,800 59,048 59,048 PBFX Revolving Credit Facility (b) (d) 50,000 50,000 29,700 29,700 Revolving Credit Agreement (b) 350,000 350,000 350,000 350,000 2,220,035 2,296,647 2,220,488 2,297,278 Less - Current debt (c) (1,242 ) (1,242 ) (10,987 ) (10,987 ) Less - Unamortized deferred financing costs (42,904 ) n/a (34,459 ) n/a Long-term debt $ 2,175,889 $ 2,295,405 $ 2,175,042 $ 2,286,291 (a) The estimated fair value, categorized as a Level 2 measurement, was calculated based on the present value of future expected payments utilizing implied current market interest rates based on quoted prices of the 7.00% senior notes due 2023, the 7.25% senior notes due 2025 (collectively with the senior notes due 2023, the “Senior Notes”), and the PBFX 6.875% senior notes due 2023 (the “PBFX 2023 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. (c) Catalyst leases are valued using a market approach based upon commodity prices for similar instruments quoted in active markets and are categorized as a Level 2 measurement. The Company has elected the fair value option for accounting for its catalyst lease repurchase obligations as the Company’s liability is directly impacted by the change in fair value of the underlying catalyst. During 2017, Delaware City Refining entered into two platinum bridge leases which were settled during the second quarter of 2018 and the Company entered into a new platinum bridge lease, which will expire in the first quarter of 2019. The total outstanding balance related to these bridge leases as of September 30, 2018 and December 31, 2017 was $1,242 and $10,987 , respectively, and is included in Current debt on the Company’s Condensed Consolidated balance sheet. (d) On October 1, 2018, PBFX borrowed $75,000 to fund the East Coast Storage Acquisition. Refer to “Note 17 - Subsequent Events” for more details. |
DERIVATIVES
DERIVATIVES | 9 Months Ended |
Sep. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES | DERIVATIVES The Company uses derivative instruments to mitigate certain exposures to commodity price risk. The Company entered into Inventory Intermediation Agreements that contain purchase obligations for certain volumes of intermediates and refined products. The purchase obligations related to 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 intermediates and refined products. The level of activity for these derivatives is based on the level of operating inventories. As of September 30, 2018 , there were 2,966,904 barrels of intermediates and refined products ( 3,000,142 barrels at December 31, 2017 ) 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, 2018 , there were 11,126,000 barrels of crude oil and 3,097,000 barrels of refined products ( 22,348,000 and 1,989,000 , respectively, as of December 31, 2017 ), outstanding under short and long term commodity derivative contracts not designated as hedges representing the notional value of the contracts. The following tables provide information about the fair values of these derivative instruments as of September 30, 2018 and December 31, 2017 and the line items in the condensed consolidated balance sheet in which the fair values are reflected. Description Balance Sheet Location Fair Value Asset/(Liability) Derivatives designated as hedging instruments: September 30, 2018: Derivatives included with the inventory intermediation agreement obligations Accrued expenses $ (18,422 ) December 31, 2017: Derivatives included with the inventory intermediation agreement obligations Accrued expenses $ (7,721 ) Derivatives not designated as hedging instruments: September 30, 2018: Commodity contracts Accrued expenses $ (27,372 ) December 31, 2017: Commodity contracts Accrued expenses $ (74,320 ) The following table provides information about the gains or losses recognized in income on these derivative instruments and the line items in the condensed consolidated statements of operations in which such gains and losses are reflected. Description Location of Gain or (Loss) Recognized in Income on Derivatives Gain or (Loss) Recognized in Income on Derivatives Derivatives designated as hedging instruments: For the three months ended September 30, 2018: Derivatives included with the inventory intermediation agreement obligations Cost of products and other $ (8,163 ) For the three months ended September 30, 2017: Derivatives included with the inventory intermediation agreement obligations Cost of products and other $ (29,766 ) For the nine months ended September 30, 2018: Derivatives included with the inventory intermediation agreement obligations Cost of products and other $ (10,701 ) For the nine months ended September 30, 2017: Derivatives included with the inventory intermediation agreement obligations Cost of products and other $ (26,659 ) Derivatives not designated as hedging instruments: For the three months ended September 30, 2018: Commodity contracts Cost of products and other $ (9,517 ) For the three months ended September 30, 2017: Commodity contracts Cost of products and other $ (17,291 ) For the nine months ended September 30, 2018: Commodity contracts Cost of products and other $ (55,877 ) For the nine months ended September 30, 2017: Commodity contracts Cost of products and other $ (2,606 ) Hedged items designated in fair value hedges: For the three months ended September 30, 2018: Intermediate and refined product inventory Cost of products and other $ 8,163 For the three months ended September 30, 2017: Intermediate and refined product inventory Cost of products and other $ 29,766 For the nine months ended September 30, 2018: Intermediate and refined product inventory Cost of products and other $ 10,701 For the nine months ended September 30, 2017: Intermediate and refined product inventory Cost of products and other $ 26,659 The Company had no ineffectiveness related to the fair value hedges for the three and nine months ended September 30, 2018 or 2017 . |
SEGMENT INFORMATION
SEGMENT INFORMATION | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION The Company’s operations are organized into two reportable segments, Refining and Logistics. Operations that are not included in the Refining and Logistics segments are included in Corporate. Intersegment transactions are eliminated in the consolidated financial statements and are included in Eliminations. Refining The Company’s Refining segment includes the operations of its five refineries, including certain related logistics assets that are not owned by PBFX. The Company’s refineries are located in Delaware City, Delaware, Paulsboro, New Jersey, Toledo, Ohio, New Orleans, Louisiana and Torrance, California. The refineries produce unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants and other petroleum products in the United States. The Company purchases crude oil, other feedstocks and blending components from various third-party suppliers. The Company sells products throughout the Northeast, Midwest, Gulf Coast and West Coast of the United States, as well as in other regions of the United States and Canada, and is able to ship products to other international destinations. Logistics The Company’s Logistics segment is comprised of PBFX, a publicly traded master limited partnership, formed to own or lease, operate, develop and acquire crude oil and refined petroleum products terminals, pipelines, storage facilities and similar logistics assets. PBFX’s assets primarily consist of rail and truck terminals and unloading racks, tank farms and pipelines that were acquired from or contributed by PBF LLC and are located at, or nearby, the Company’s refineries. PBFX provides various rail, truck and marine terminaling services, pipeline transportation services and storage services to PBF Holding and/or its subsidiaries and third party customers through fee-based commercial agreements. PBFX currently does not generate significant third party revenue and intersegment related-party revenues are eliminated in consolidation. From a PBF Energy and PBF LLC perspective, the Company’s chief operating decision maker evaluates the Logistics segment as a whole without regard to any of PBFX’s individual operating segments. The Company evaluates the performance of its segments based primarily on income from operations. Income from operations includes those revenues and expenses that are directly attributable to management of the respective segment. The Logistics segment’s revenues include intersegment transactions with the Company’s Refining segment at prices the Company believes are substantially equivalent to the prices that could have been negotiated with unaffiliated parties with respect to similar services. Activities of the Company’s business that are not included in the two operating segments are included in Corporate. Such activities consist primarily of corporate staff operations and other items that are not specific to the normal operations of the two operating segments. The Company does not allocate non-operating income and expense items, including income taxes, to the individual segments. The Refinery segment’s operating subsidiaries and PBFX are primarily pass-through entities with respect to income taxes. Total assets of each segment consist of property, plant and equipment, inventories, cash and cash equivalents, accounts receivables and other assets directly associated with the segment’s operations. Corporate assets consist primarily of deferred tax assets, property, plant and equipment and other assets not directly related to the Company’s refinery and logistic operations. Disclosures regarding the Company’s reportable segments with reconciliations to consolidated totals for the three and nine months ended September 30, 2018 and September 30, 2017 are presented below. In connection with the adoption of ASU 2017-07, the accompanying segment information has been retrospectively adjusted, for all periods presented, to reflect the reclassification of certain net periodic benefit costs from Operating expenses and General and administrative expenses to Other income (expense). PBF Energy Three Months Ended September 30, 2018 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 7,641,944 $ 70,556 $ — $ (66,140 ) $ 7,646,360 Depreciation and amortization expense 83,281 7,451 2,594 — 93,326 Income (loss) from operations (1) 321,370 37,577 (67,789 ) (4,725 ) 286,433 Interest expense, net 2,078 10,567 29,644 — 42,289 Capital expenditures 79,697 20,956 2,233 — 102,886 Three Months Ended September 30, 2017 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 5,475,114 $ 66,195 $ — $ (62,358 ) $ 5,478,951 Depreciation and amortization expense 70,192 5,756 2,572 — 78,520 Income (loss) from operations (1) 609,292 39,201 (57,434 ) (3,799 ) 587,260 Interest expense, net 1,180 7,748 28,062 — 36,990 Capital expenditures 165,179 15,536 562 — 181,277 Nine Months Ended September 30, 2018 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 20,880,613 $ 203,395 $ — $ (190,789 ) $ 20,893,219 Depreciation and amortization expense 242,568 21,185 7,871 — 271,624 Income (loss) from operations (1) 895,952 105,299 (183,785 ) (13,110 ) 804,356 Interest expense, net 6,509 30,940 91,486 — 128,935 Capital expenditures (2) 376,774 86,627 4,726 — 468,127 Nine Months Ended September 30, 2017 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 15,237,189 $ 190,375 $ — $ (176,915 ) $ 15,250,649 Depreciation and amortization expense 180,704 17,096 10,355 — 208,155 Income (loss) from operations (1) 521,015 107,765 (140,555 ) (11,218 ) 477,007 Interest expense, net 3,433 23,618 87,820 — 114,871 Capital expenditures (2) 574,871 72,100 2,971 — 649,942 Balance at September 30, 2018 Refining Logistics Corporate Eliminations Consolidated Total Total assets (3) $ 8,369,215 $ 806,850 $ 72,799 $ (33,454 ) $ 9,215,410 Balance at December 31, 2017 Refining Logistics Corporate Eliminations Consolidated Total Total assets (3) $ 7,287,384 $ 748,215 $ 123,211 $ (40,817 ) $ 8,117,993 PBF LLC Three Months Ended September 30, 2018 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 7,641,944 $ 70,556 $ — $ (66,140 ) $ 7,646,360 Depreciation and amortization expense 83,281 7,451 2,594 — 93,326 Income (loss) from operations (1) 321,370 37,577 (67,463 ) (4,725 ) 286,759 Interest expense, net 2,078 10,567 31,828 — 44,473 Capital expenditures 79,697 20,956 2,233 — 102,886 Three Months Ended September 30, 2017 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 5,475,114 $ 66,195 $ — $ (62,358 ) $ 5,478,951 Depreciation and amortization expense 70,192 5,756 2,572 — 78,520 Income (loss) from operations (1) 609,292 39,201 (57,386 ) (3,799 ) 587,308 Interest expense, net 1,180 7,748 29,965 — 38,893 Capital expenditures 165,179 15,536 562 — 181,277 Nine Months Ended September 30, 2018 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 20,880,613 $ 203,395 $ — $ (190,789 ) $ 20,893,219 Depreciation and amortization expense 242,568 21,185 7,871 — 271,624 Income (loss) from operations (1) 895,952 105,299 (182,766 ) (13,110 ) 805,375 Interest expense, net 6,509 30,940 97,667 — 135,116 Capital expenditures (2) 376,774 86,627 4,726 — 468,127 Nine Months Ended September 30, 2017 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 15,237,189 $ 190,375 $ — $ (176,915 ) $ 15,250,649 Depreciation and amortization expense 180,704 17,096 10,355 — 208,155 Income (loss) from operations (1) 521,015 107,765 (140,399 ) (11,218 ) 477,163 Interest expense, net 3,433 23,618 93,859 — 120,910 Capital expenditures (2) 574,871 72,100 2,971 — 649,942 Balance at September 30, 2018 Refining Logistics Corporate Eliminations Consolidated Total Total assets (3) $ 8,369,215 $ 806,850 $ 66,234 $ (33,454 ) $ 9,208,845 Balance at December 31, 2017 Refining Logistics Corporate Eliminations Consolidated Total Total assets (3) $ 7,287,384 $ 748,215 $ 44,203 $ (40,817 ) $ 8,038,985 (1) The Logistics segment includes 100% of the income from operations of TVPC as TVPC is consolidated by PBFX. PBFX records net income attributable to noncontrolling interest for the 50% equity interest in TVPC held by PBF Holding. PBF Holding (included in the Refining segment) records equity income in investee related to its 50% noncontrolling ownership interest in TVPC. For purposes of the Company’s condensed consolidated financial statements, PBF Holding’s equity income in investee and PBFX’s net income attributable to noncontrolling interest eliminate in consolidation. (2) The Logistics segment includes capital expenditures of $58,000 for the acquisition of the Knoxville Terminals by PBFX on April 16, 2018 and $10,097 for the acquisition of the Toledo Products Terminal by PBFX on April 17, 2017. (3) The Logistics segment includes 100% of the assets of TVPC as TVPC is consolidated by PBFX. PBFX records a noncontrolling interest for the 50% equity interest in TVPC held by PBF Holding. PBF Holding (included in the Refining segment) records an equity investment in TVPC reflecting its noncontrolling ownership interest. For purposes of the Company’s condensed consolidated PBF Energy and PBF LLC financial statements, PBFX’s noncontrolling interest in TVPC and PBF Holding’s equity investment in TVPC eliminate in consolidation. |
NET INCOME PER SHARE OF PBF ENE
NET INCOME PER SHARE OF PBF ENERGY | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
NET INCOME PER SHARE OF PBF ENERGY | NET INCOME PER SHARE OF PBF ENERGY The Company grants certain equity-based compensation awards to employees and non-employee directors that are considered to be participating securities. Due to the presence of participating securities, the Company has calculated net income per share of Class A common stock using the two-class method. The following table sets forth the computation of basic and diluted net income per share of Class A common stock attributable to PBF Energy: Three Months Ended Nine Months Ended Basic Earnings Per Share: 2018 2017 2018 2017 Allocation of earnings: Net income attributable to PBF Energy Inc. stockholders $ 179,538 $ 314,365 $ 482,057 $ 173,625 Less: Income allocated to participating securities 194 272 592 811 Income available to PBF Energy Inc. stockholders - basic $ 179,344 $ 314,093 $ 481,465 $ 172,814 Denominator for basic net income per Class A common share - weighted average shares 117,029,486 109,724,595 113,597,970 109,634,921 Basic net income attributable to PBF Energy per Class A common share $ 1.53 $ 2.86 $ 4.24 $ 1.58 Diluted Earnings Per Share: Numerator: Income available to PBF Energy Inc. stockholders - basic $ 179,344 $ 314,093 $ 481,465 $ 172,814 Plus: Net income attributable to noncontrolling interest (1) 2,394 18,137 9,790 9,677 Less: Income tax expense on net income attributable to noncontrolling interest (1) (632 ) (7,139 ) (2,585 ) (3,809 ) Numerator for diluted net income per Class A common share - net income attributable to PBF Energy Inc. stockholders (1) $ 181,106 $ 325,091 $ 488,670 $ 178,682 Denominator: (1) Denominator for basic net income per Class A common share-weighted average shares 117,029,486 109,724,595 113,597,970 109,634,921 Effect of dilutive securities: Conversion of PBF LLC Series A Units 1,206,326 3,825,508 2,184,690 3,832,464 Common stock equivalents (2) 2,169,503 332,137 1,592,510 324,157 Denominator for diluted net income per Class A common share-adjusted weighted average shares 120,405,315 113,882,240 117,375,170 113,791,542 Diluted net income attributable to PBF Energy Inc. stockholders per Class A common share $ 1.50 $ 2.85 $ 4.16 $ 1.57 __________ (1) The diluted earnings per share calculation generally assumes the conversion of all outstanding PBF LLC Series A Units to Class A common stock of PBF Energy. The net income attributable to PBF Energy, used in the numerator of the diluted earnings per share calculation is adjusted to reflect the net income, as well as the corresponding income tax expense (based on a 26.4% estimated annualized statutory corporate tax rate for both the three and nine months ended September 30, 2018 and 39.4% estimated annualized statutory corporate tax rate for both the three and nine months ended September 30, 2017 ) attributable to the converted units. (2) Represents an adjustment to weighted-average diluted shares outstanding to assume the full exchange of common stock equivalents, including options and warrants for PBF LLC Series A Units and options for shares of PBF Energy Class A common stock as calculated under the treasury stock method (to the extent the impact of such exchange would not be anti-dilutive). Common stock equivalents exclude the effects of options and warrants to purchase 15,000 and 25,000 shares of PBF Energy Class A common stock and PBF LLC Series A units because they are anti-dilutive for the three and nine months ended September 30, 2018 , respectively. Common stock equivalents exclude the effects of options and warrants to purchase 6,484,650 and 6,554,650 shares of PBF Energy Class A common stock and PBF LLC Series A units because they are anti-dilutive for the three and nine months ended September 30, 2017 , respectively. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2018 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Dividend Declared On October 31, 2018 , PBF Energy announced a dividend of $0.30 per share on outstanding Class A common stock. The dividend is payable on November 30, 2018 to Class A common stockholders of record at the close of business on November 15, 2018 . PBFX Distributions On October 31, 2018 , the Board of Directors of PBF GP announced a distribution of $0.50 per unit on outstanding common units of PBFX. The distribution is payable on November 30, 2018 to PBFX unitholders of record at the close of business on November 15, 2018 . East Coast Storage Assets Acquisition On July 16, 2018, PBFX entered into an agreement with Crown Point International, LLC, formerly known as Axeon Specialty Products LLC, to purchase its wholly-owned subsidiary, CPI Operations LLC (the “East Coast Storage Assets Acquisition”) for total consideration of $107,000 , comprised of an initial payment at closing of $75,000 with the balance being payable one year after closing. The East Coast Storage Assets Acquisition closed on October 1, 2018. |
DEBT (Notes)
DEBT (Notes) | 9 Months Ended |
Sep. 30, 2018 | |
Debt Instrument [Line Items] | |
Debt Disclosure [Text Block] | 7. DEBT 2018 Revolving Credit Agreement On May 2, 2018, PBF Holding and certain of its wholly-owned subsidiaries, as borrowers or subsidiary guarantors, replaced its existing asset-based revolving credit agreement dated as of August 15, 2014 (the “August 2014 Revolving Credit Agreement”) with a new asset-based revolving credit agreement (the “2018 Revolving Credit Agreement"). The 2018 Revolving Credit Agreement has a maximum commitment of $3,400,000 , a maturity date of May 2023 and redefines certain components of the Borrowing Base (as defined in the credit agreement) to make more funding available for working capital and other general corporate purposes. Borrowings under the 2018 Revolving Credit Agreement bear interest at the Alternative Base Rate plus the Applicable Margin or at the Adjusted LIBOR Rate plus the Applicable Margin (all as defined in the credit agreement). The Applicable Margin ranges from 0.25% to 1.00% for Alternative Base Rate Loans and from 1.25% to 2.00% for Adjusted LIBOR Rate Loans, in each case depending on the Company’s corporate credit rating. In addition, an accordion feature allows for commitments of up to $3,500,000 . The LC Participation Fee ranges from 1.00% to 1.75% depending on the Company’s corporate credit rating and the Fronting Fee is capped at 0.25% . The 2018 Revolving Credit Agreement contains customary covenants and restrictions on the activities of PBF Holding and its subsidiaries, including, but not limited to, limitations on incurring additional indebtedness, liens, negative pledges, guarantees, investments, loans, asset sales, mergers, acquisitions and prepayment of other debt, distributions, dividends and the repurchase of capital stock, transactions with affiliates and the ability of PBF Holding to change the nature of its business or its fiscal year; all as defined in the credit agreement. In addition, the 2018 Revolving Credit Agreement has a financial covenant which requires that if at any time Excess Availability, as defined in the credit agreement, is less than the greater of (i) 10% of the lesser of the then existing Borrowing Base and the then aggregate Revolving Commitments of the Lenders (the “Financial Covenant Testing Amount”), and (ii) $100,000, and until such time as Excess Availability is greater than the Financial Covenant Testing Amount and $100,000 for a period of 12 or more consecutive days, PBF Holding will not permit the Consolidated Fixed Charge Coverage Ratio, as defined in the credit agreement and determined as of the last day of the most recently completed quarter, to be less than 1.0 to 1.0. At both September 30, 2018 and December 31, 2017 , there was $350,000 outstanding under the revolving credit agreements. PBFX Revolving Credit Facility On July 30, 2018, PBFX entered into an amended and restated credit facility (as amended, the “PBFX Revolving Credit Facility”). The PBFX Revolving Credit Facility has a maximum commitment available to PBFX of $500,000 and a maturity date of July 2023 that may be extended for one year on up to two occasions, subject to certain customary terms and conditions. PBFX has the ability to increase the maximum amount of the PBFX Revolving Credit Facility by an aggregate amount of up to $250,000 , or a total facility size of $750,000 , subject to receiving increased commitments from lenders or other financial institutions and satisfaction of certain conditions. The PBFX Revolving Credit Facility includes a $75,000 sublimit for standby letters of credit, a $25,000 sublimit for swingline loans and is guaranteed by a guaranty of collection from PBF LLC. Obligations under the PBFX Revolving Credit Facility are guaranteed by its restricted subsidiaries, and are secured by a first priority lien on PBFX’s assets and those of its restricted subsidiaries. Borrowings under the PBFX Revolving Credit Facility bear interest at the Alternative Base Rate plus the Applicable Margin or at the Adjusted LIBOR Rate plus an Applicable Margin (all as defined in the PBFX Revolving Credit Facility). The Applicable Margin ranges from 0.75% to 1.75% for Alternative Base Rate Loans and from 1.75% to 2.75% for Adjusted LIBOR Rate Loans, in each case depending on PBFX’s Consolidated Total Leverage Ratio, as defined in the PBFX Revolving Credit Facility. At September 30, 2018 and December 31, 2017 , there was $50,000 and $29,700 , respectively, outstanding under the PBFX revolving credit facilities. |
DESCRIPTION OF THE BUSINESS A_2
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
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 Energy financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2017 and the PBF LLC financial statements for the year ended December 31, 2017 included in the Registration Statement on Form S-4 filed on March 13, 2018 by PBFX. The results of operations for the three and nine months ended September 30, 2018 are not necessarily indicative of the results to be expected for the full year. |
Recent Accounting Pronouncements | Recently Adopted Accounting Guidance In May 2014, the Financial Accounting Standard Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09 (Topic 606) “Revenue from Contracts with Customers.” (“ASC 606”). ASC 606 supersedes the revenue recognition requirements in Accounting Standards Codification 605 “Revenue Recognition” (“ASC 605”), and requires entities to recognize revenue when control of the promised goods or services is transferred to customers at an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. The Company adopted ASC 606 as of January 1, 2018 using the modified retrospective transition method. See “Note 2 - Revenues” for further details. In March 2017, the FASB issued ASU No. 2017-07, “Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost” (“ASU 2017-07”), which provides guidance to improve the reporting of net periodic benefit cost in the income statement and on the components eligible for capitalization in assets. Under the new guidance, employers will present the service cost component of net periodic benefit cost in the same income statement line item(s) as other employee compensation costs arising from services rendered during the period. Only the service cost component will be eligible for capitalization in assets. Additionally, under this guidance, employers will present the other non-service components of the net periodic benefit cost separately from the line item(s) that includes the service cost and outside of any subtotal of operating income, if one is presented. Employers will apply the guidance on the presentation of the components of net periodic benefit cost in the income statement retrospectively. The guidance limiting the capitalization of net periodic benefit cost in assets to the service cost component will be applied prospectively. The guidance includes a practical expedient allowing entities to estimate amounts for comparative periods using the information previously disclosed in their pension and other postretirement benefit plan note to the financial statements. The amendments in this ASU are effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods. The Company adopted ASU 2017-07 effective January 1, 2018 and applied the new guidance retrospectively in the Condensed Consolidated Statements of Operations. Income and expense amounts related to non-service components of net periodic benefit cost, historically recorded within Operating expenses and General and administrative expenses, have been recorded within Other income (expense). For the three and nine months ended September 30, 2018 , the Company recorded income of $278 and $833 , respectively, related to non-service components of net periodic benefit cost. For the three and nine months ended September 30, 2017 , the Company recorded expense of $103 and $305 , respectively, related to non-service components of net periodic benefit cost. In May 2017, the FASB issued ASU No. 2017-09, “Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting” (“ASU 2017-09”), which provides guidance to increase clarity and reduce both diversity in practice and cost and complexity when applying the existing accounting guidance on changes to the terms or conditions of a share-based payment award. The amendments in ASU 2017-09 require an entity to account for the effects of a modification unless all the following are met: (i) the fair value of the modified award is the same as the fair value of the original award immediately before the original award is modified; (ii) the vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the original award is modified; and (iii) the classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award immediately before the original award is modified. The guidance in ASU 2017-09 should be applied prospectively. The amendments in this ASU are effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods. The Company’s adoption of this guidance did not materially impact its condensed consolidated financial statements. Recent Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02”), to increase the transparency and comparability about leases among entities. Additional ASUs have been issued subsequent to ASU 2016-02 to provide supplementary clarification and implementation guidance for leases related to, among other things, the application of certain practical expedients, the rate implicit in the lease, lessee reassessment of lease classification, lessor reassessment of lease term and purchase options, variable payments that depend on an index or rate and certain transition adjustments (collectively, the Company refers to ASU 2016-02 and these additional ASUs as the “Updated Lease Guidance”). The Updated Lease Guidance requires lessees to recognize a lease liability and a corresponding lease asset for virtually all lease contracts. It also requires additional disclosures about leasing arrangements. The Updated Lease Guidance is effective for interim and annual periods beginning after December 15, 2018, and allows a modified retrospective approach to adoption. While early adoption is permitted, the Company will not early adopt the Updated Lease Guidance. The Company has established a working group to study the implementation of the Updated Lease Guidance and has instituted a task plan designed to meet the requirements and implementation deadline. The Company has also evaluated and purchased a lease software system, completed software design and configuration of the system, and substantially completed testing the implementation of the selected system. The working group continues to evaluate the impact of the Updated Lease Guidance on the Company’s consolidated financial statements and related disclosures and has designed and begun implementing business processes and controls to address the new guidance. While the assessment of this standard is ongoing, the Company has identified that the most significant impacts of the Updated Lease Guidance will be to bring nearly all leases, with the exception of certain short-term leases, on its balance sheet reflected as right of use assets and lease obligation liabilities as well as accelerating recognition of the interest expense component of financing leases. The new standard will also require additional disclosures for financing and operating leases. The Updated Lease Guidance allows for certain practical expedients, certain of which the Company has elected to adopt including, among others, the expedient to carry forward the classification of leases under current lease guidance once the Updated Lease Guidance becomes effective, the expedient to not include short-term leases on its balance sheet and to avail itself of the additional transition method whereby it will apply the Updated Lease Guidance on the effective date and recognize a cumulative-effect adjustment to opening retained earnings. In August 2017, the FASB issued ASU No. 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities” (“ASU 2017-12”). The amendments in ASU 2017-12 more closely align the results of cash flow and fair value hedge accounting with risk management activities in the consolidated financial statements. The amendments expand the ability to hedge nonfinancial and financial risk components, reduce complexity in fair value hedges of interest rate risk, eliminate the requirement to separately measure and report hedge ineffectiveness, and eases certain hedge effectiveness assessment requirements. The guidance in ASU 2017-12 should be applied using a modified retrospective approach. The guidance in ASU 2017-12 also provides transition relief to make it easier for entities to apply certain amendments to existing hedges (including fair value hedges) where the hedge documentation needs to be modified. The presentation and disclosure requirements of ASU 2017-12 should be applied prospectively. The amendments in this ASU are effective for annual periods beginning after December 15, 2018, including interim periods within those annual periods. While the Company is still evaluating the timing of adoption, it currently does not expect this guidance to have a material impact on its consolidated financial statements and related disclosures. In June 2018, the FASB issued ASU No. 2018-07, “Compensation - Stock Compensation (Topic 718): Targeted Improvements to Non-employee Share-Based Payment Accounting” (“ASU 2018-07”). ASU 2018-07 expands the scope of Topic 718, Compensation-Stock Compensation, to include share-based payment transactions for acquiring goods and services from nonemployees. As a result, nonemployee share-based transactions will be measured by estimating the fair value of the equity instruments at the grant date, taking into consideration the probability of satisfying performance conditions. In addition, ASU 2018-07 also clarifies that any share-based payment awards issued to customers should be evaluated under ASC 606, Revenue from Contracts with Customers. The amendments in this ASU are effective for annual periods beginning after December 15, 2018, including interim periods within those annual periods. Early adoption is permitted. The Company does not expect this guidance to have a material impact on its consolidated financial statements and related disclosures. In August 2018, the FASB issued ASU No. 2018-14, “Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20), to improve the effectiveness of disclosures in the notes to financial statements by facilitating clear communication of the information required by GAAP that is most important to users of each entity’s financial statements. The amendments in this ASU modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. Additionally, the amendments in this ASU remove disclosures that no longer are considered cost beneficial, clarify the specific requirements of disclosures, and add disclosure requirements identified as relevant. The amendments in this ASU are effective for fiscal years ending after December 15, 2020, for public business entities and for fiscal years ending after December 15, 2021, for all other entities. Early adoption is permitted for all entities. The Company is currently evaluating the impact of this new standard on its consolidated financial statements and related disclosures. |
REVENUE (Tables)
REVENUE (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
REVENUE [Abstract] | |
Revenue from External Customers by Products and Services [Table Text Block] | The following table provides information relating to the Company’s revenues for each product or group of similar products or services by segment for the periods presented. Three Months Ended September 30, 2018 2017 Refining Segment: Gasoline and distillates $ 6,227,509 $ 4,657,279 Feedstocks and other 552,156 192,817 Asphalt and blackoils 544,943 361,401 Chemicals 243,174 189,812 Lubricants 74,162 73,805 Total 7,641,944 5,475,114 Logistics Segment: Logistics 70,556 66,195 Total revenue prior to eliminations 7,712,500 5,541,309 Elimination of intercompany revenue (66,140 ) (62,358 ) Total Revenues $ 7,646,360 $ 5,478,951 Nine Months Ended September 30, 2018 2017 Refining Segment: Gasoline and distillates $ 17,563,586 $ 12,900,465 Asphalt and blackoils 1,251,007 834,260 Feedstocks and other 1,193,660 726,804 Chemicals 621,834 553,311 Lubricants 250,526 222,349 Total 20,880,613 15,237,189 Logistics Segment: Logistics 203,395 190,375 Total revenue prior to eliminations 21,084,008 15,427,564 Elimination of intercompany revenue (190,789 ) (176,915 ) Total Revenues $ 20,893,219 $ 15,250,649 |
EQUITY (Tables)
EQUITY (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Noncontrolling Interest [Line Items] | |
EQUITY | Noncontrolling Interest in PBF LLC PBF Energy is the sole managing member of, and has a controlling interest in, PBF LLC. As the sole managing member of PBF LLC, PBF Energy operates and controls all of the business and affairs of PBF LLC and its subsidiaries. As of September 30, 2018 and December 31, 2017 , PBF Energy’s equity interest in PBF LLC represented approximately 99.0% and 96.7% , respectively, of the outstanding interests. PBF Energy consolidates the financial results of PBF LLC and its subsidiaries, and records a noncontrolling interest for the economic interest in PBF Energy held by the members of PBF LLC other than PBF Energy. Noncontrolling interest on the condensed consolidated statements of operations includes the portion of net income or loss attributable to the economic interest in PBF Energy held by the members of PBF LLC other than PBF Energy. Noncontrolling interest on the condensed consolidated balance sheets represents the portion of net assets of PBF Energy attributable to the members of PBF LLC other than PBF Energy. The noncontrolling interest ownership percentages in PBF LLC as of September 30, 2018 and December 31, 2017 are calculated as follows: Holders of PBF LLC Series A Units Outstanding Shares of PBF Energy Class A Common Stock Total * December 31, 2017 3,767,464 110,565,531 114,332,995 3.3 % 96.7 % 100.0 % September 30, 2018 1,206,325 119,951,719 121,158,044 1.0 % 99.0 % 100.0 % —————————— * Assumes all of the holders of PBF LLC Series A Units exchange their PBF LLC Series A Units for shares of PBF Energy’s Class A common stock on a one -for-one basis. Noncontrolling Interest in PBFX PBF LLC holds a 44.0% limited partner interest in PBFX and owns all of PBFX’s IDRs, with the remaining 56.0% limited partner interest owned by public common unitholders as of September 30, 2018 . PBF LLC is also the sole member of PBF GP, the general partner of PBFX. PBF Energy, through its ownership of PBF LLC, consolidates the financial results of PBFX, and records a noncontrolling interest for the economic interest in PBFX held by the public common unitholders. Noncontrolling interest on the condensed consolidated statements of operations includes the portion of net income or loss attributable to the economic interest in PBFX held by the public common unitholders of PBFX other than PBF Energy (through its ownership in PBF LLC). Noncontrolling interest on the condensed consolidated balance sheets includes the portion of net assets of PBFX attributable to the public common unitholders of PBFX. The noncontrolling interest ownership percentages in PBFX as of September 30, 2018 and December 31, 2017 , are calculated as follows: Units of PBFX Held by the Public Units of PBFX Held by PBF LLC Total December 31, 2017 23,441,211 18,459,497 41,900,708 55.9 % 44.1 % 100.0 % September 30, 2018 25,393,565 19,953,631 45,347,196 56.0 % 44.0 % 100.0 % Noncontrolling Interest in PBF Holding In connection with the Chalmette Acquisition, PBF Holding recorded noncontrolling interests in two subsidiaries of Chalmette Refining. PBF Holding, through Chalmette Refining, owns an 80% ownership interest in both Collins Pipeline Company and T&M Terminal Company. For the three months ended September 30, 2018 and 2017 the Company recorded a noncontrolling interest in the earnings (loss) of these subsidiaries of $35 and $(6) , respectively. For the nine months ended September 30, 2018 and 2017 the Company recorded a noncontrolling interest in the earnings of these subsidiaries of $43 and $374 , respectively. Changes in Equity and Noncontrolling Interests On August 14, 2018, the Company completed a public offering of an aggregate of 6,000,000 shares of Class A common stock (the “August 2018 Equity Offering”) for net proceeds of $287,284 , after deducting underwriting discounts and commissions and other offering expenses. The following tables summarize the changes in equity for the controlling and noncontrolling interests of PBF Energy for the nine months ended September 30, 2018 and 2017 , respectively: PBF Energy Inc. Equity Noncontrolling Noncontrolling Interest in PBF Holding Noncontrolling Total Equity Balance at January 1, 2018 $ 2,336,654 $ 110,203 $ 10,808 $ 445,284 $ 2,902,949 Comprehensive income 482,504 9,794 43 30,074 522,415 Dividends and distributions (103,303 ) (1,724 ) — (36,466 ) (141,493 ) Effects of exchanges of PBF LLC Series A Units on deferred tax assets and liabilities and Tax Receivable Agreement obligation (2,756 ) — — — (2,756 ) Issuance of additional PBFX common units 28,564 — — 6,256 34,820 Equity-based compensation awards 14,059 — — 4,549 18,608 August 2018 Equity Offering 287,284 — — — 287,284 Exercise of PBF LLC and PBF Energy options and warrants, net 14,004 (345 ) — — 13,659 Other 10,924 — — (1,049 ) 9,875 Balance at September 30, 2018 $ 3,067,934 $ 117,928 $ 10,851 $ 448,648 $ 3,645,361 PBF Energy Inc. Equity Noncontrolling Noncontrolling Noncontrolling Total Equity Balance at January 1, 2017 $ 2,025,044 $ 98,671 $ 12,513 $ 434,456 $ 2,570,684 Comprehensive income 174,524 9,701 374 39,377 223,976 Dividends and distributions (98,723 ) (3,448 ) — (33,090 ) (135,261 ) Equity-based compensation awards 13,549 — — 4,515 18,064 Other (2,096 ) — — (5 ) (2,101 ) Balance at September 30, 2017 $ 2,112,298 $ 104,924 $ 12,887 $ 445,253 $ 2,675,362 The following tables summarize the changes in equity for the controlling and noncontrolling interests of PBF LLC for the nine months ended September 30, 2018 and 2017 , respectively: PBF Energy Company LLC Equity Noncontrolling Interest in PBF Holding Noncontrolling Total Equity Balance at January 1, 2018 $ 2,422,411 $ 10,808 $ 445,284 $ 2,878,503 Comprehensive income 652,612 43 30,074 682,729 Dividends and distributions (105,027 ) — (36,466 ) (141,493 ) Issuance of additional PBFX common units 28,564 — 6,256 34,820 Equity-based compensation awards 14,059 — 4,549 18,608 Exercise of PBF LLC options and warrants, net (3,760 ) — — (3,760 ) Issuance of Series C units in connection with the August 2018 Equity Offering 287,284 — — 287,284 Other 11,321 — (1,049 ) 10,272 Balance at September 30, 2018 $ 3,307,464 $ 10,851 $ 448,648 $ 3,766,963 PBF Energy Company LLC Equity Noncontrolling Noncontrolling Total Equity Balance at January 1, 2017 $ 2,040,851 $ 12,513 $ 434,456 $ 2,487,820 Comprehensive income 288,626 374 39,377 328,377 Dividends and distributions (102,171 ) — (33,090 ) (135,261 ) Equity-based compensation awards 13,549 — 4,515 18,064 Other (2,096 ) — (5 ) (2,101 ) Balance at September 30, 2017 $ 2,238,759 $ 12,887 $ 445,253 $ 2,696,899 Share Activity The following table presents the changes in PBF Energy Class A common stock and treasury stock outstanding: Nine Months Ended September 30, 2018 Year Ended December 31, 2017 Class A Common Stock Treasury Stock Class A Common Stock Treasury Stock Balance at beginning of period 110,565,531 6,132,884 109,204,047 6,087,963 Treasury stock purchases (1) (39,544 ) 39,544 — 44,921 Stock based compensation 35,811 — 702,404 — Exercise of options and warrants 691,286 — 462,500 — Exchange of PBF LLC Series A units for shares of Class A common stock 2,698,635 — 196,580 — August 2018 Equity Offering 6,000,000 — — — Balance at end of period 119,951,719 6,172,428 110,565,531 6,132,884 _____ (1) Includes shares repurchased from participants in connection with the vesting of equity awards granted under the Company’s stock compensation plans to cover employee income tax liabilities. The following table presents the changes in PBF LLC Series A Units and Series C Units outstanding: Nine Months Ended September 30, 2018 Year Ended December 31, 2017 Series A Units Series C Units Series A Units Series C Units Balance at beginning of period 3,767,464 110,586,762 3,920,902 109,204,047 Exercise of Series A warrants and options 137,496 691,286 64,373 462,500 Exchange of Series A units for PBF Energy Class A common stock (2,698,635 ) 2,698,635 (196,580 ) 217,811 Grant of restricted shares — 35,811 — 702,404 Surrender of units for tax withholding — (39,544 ) — — Redemption of Series A units by PBF Energy — — (21,231 ) — August 2018 Equity Offering — 6,000,000 — — Balance at end of period 1,206,325 119,972,950 3,767,464 110,586,762 he following tables summarize the changes in equity for the controlling and noncontrolling interests of PBF Energy for the nine months ended September 30, 2018 and 2017 , respectively: PBF Energy Inc. Equity Noncontrolling Noncontrolling Interest in PBF Holding Noncontrolling Total Equity Balance at January 1, 2018 $ 2,336,654 $ 110,203 $ 10,808 $ 445,284 $ 2,902,949 Comprehensive income 482,504 9,794 43 30,074 522,415 Dividends and distributions (103,303 ) (1,724 ) — (36,466 ) (141,493 ) Effects of exchanges of PBF LLC Series A Units on deferred tax assets and liabilities and Tax Receivable Agreement obligation (2,756 ) — — — (2,756 ) Issuance of additional PBFX common units 28,564 — — 6,256 34,820 Equity-based compensation awards 14,059 — — 4,549 18,608 August 2018 Equity Offering 287,284 — — — 287,284 Exercise of PBF LLC and PBF Energy options and warrants, net 14,004 (345 ) — — 13,659 Other 10,924 — — (1,049 ) 9,875 Balance at September 30, 2018 $ 3,067,934 $ 117,928 $ 10,851 $ 448,648 $ 3,645,361 PBF Energy Inc. Equity Noncontrolling Noncontrolling Noncontrolling Total Equity Balance at January 1, 2017 $ 2,025,044 $ 98,671 $ 12,513 $ 434,456 $ 2,570,684 Comprehensive income 174,524 9,701 374 39,377 223,976 Dividends and distributions (98,723 ) (3,448 ) — (33,090 ) (135,261 ) Equity-based compensation awards 13,549 — — 4,515 18,064 Other (2,096 ) — — (5 ) (2,101 ) Balance at September 30, 2017 $ 2,112,298 $ 104,924 $ 12,887 $ 445,253 $ 2,675,362 |
Schedule of Stock by Class [Table Text Block] | Share Activity The following table presents the changes in PBF Energy Class A common stock and treasury stock outstanding: Nine Months Ended September 30, 2018 Year Ended December 31, 2017 Class A Common Stock Treasury Stock Class A Common Stock Treasury Stock Balance at beginning of period 110,565,531 6,132,884 109,204,047 6,087,963 Treasury stock purchases (1) (39,544 ) 39,544 — 44,921 Stock based compensation 35,811 — 702,404 — Exercise of options and warrants 691,286 — 462,500 — Exchange of PBF LLC Series A units for shares of Class A common stock 2,698,635 — 196,580 — August 2018 Equity Offering 6,000,000 — — — Balance at end of period 119,951,719 6,172,428 110,565,531 6,132,884 _____ (1) Includes shares repurchased from participants in connection with the vesting of equity awards granted under the Company’s stock compensation plans to cover employee income tax liabilities. |
PBF LLC [Member] | |
Noncontrolling Interest [Line Items] | |
The ownership percentage in PBF LLC | The noncontrolling interest ownership percentages in PBF LLC as of September 30, 2018 and December 31, 2017 are calculated as follows: Holders of PBF LLC Series A Units Outstanding Shares of PBF Energy Class A Common Stock Total * December 31, 2017 3,767,464 110,565,531 114,332,995 3.3 % 96.7 % 100.0 % September 30, 2018 1,206,325 119,951,719 121,158,044 1.0 % 99.0 % 100.0 % —————————— * Assumes all of the holders of PBF LLC Series A Units exchange their PBF LLC Series A Units for shares of PBF Energy’s Class A common stock on a one -for-one basis. The following tables summarize the changes in equity for the controlling and noncontrolling interests of PBF LLC for the nine months ended September 30, 2018 and 2017 , respectively: PBF Energy Company LLC Equity Noncontrolling Interest in PBF Holding Noncontrolling Total Equity Balance at January 1, 2018 $ 2,422,411 $ 10,808 $ 445,284 $ 2,878,503 Comprehensive income 652,612 43 30,074 682,729 Dividends and distributions (105,027 ) — (36,466 ) (141,493 ) Issuance of additional PBFX common units 28,564 — 6,256 34,820 Equity-based compensation awards 14,059 — 4,549 18,608 Exercise of PBF LLC options and warrants, net (3,760 ) — — (3,760 ) Issuance of Series C units in connection with the August 2018 Equity Offering 287,284 — — 287,284 Other 11,321 — (1,049 ) 10,272 Balance at September 30, 2018 $ 3,307,464 $ 10,851 $ 448,648 $ 3,766,963 PBF Energy Company LLC Equity Noncontrolling Noncontrolling Total Equity Balance at January 1, 2017 $ 2,040,851 $ 12,513 $ 434,456 $ 2,487,820 Comprehensive income 288,626 374 39,377 328,377 Dividends and distributions (102,171 ) — (33,090 ) (135,261 ) Equity-based compensation awards 13,549 — 4,515 18,064 Other (2,096 ) — (5 ) (2,101 ) Balance at September 30, 2017 $ 2,238,759 $ 12,887 $ 445,253 $ 2,696,899 |
Schedule of Stock by Class [Table Text Block] | The following table presents the changes in PBF LLC Series A Units and Series C Units outstanding: Nine Months Ended September 30, 2018 Year Ended December 31, 2017 Series A Units Series C Units Series A Units Series C Units Balance at beginning of period 3,767,464 110,586,762 3,920,902 109,204,047 Exercise of Series A warrants and options 137,496 691,286 64,373 462,500 Exchange of Series A units for PBF Energy Class A common stock (2,698,635 ) 2,698,635 (196,580 ) 217,811 Grant of restricted shares — 35,811 — 702,404 Surrender of units for tax withholding — (39,544 ) — — Redemption of Series A units by PBF Energy — — (21,231 ) — August 2018 Equity Offering — 6,000,000 — — Balance at end of period 1,206,325 119,972,950 3,767,464 110,586,762 |
PBF Logistics LP [Member] | |
Noncontrolling Interest [Line Items] | |
The ownership percentage in PBF LLC | The noncontrolling interest ownership percentages in PBFX as of September 30, 2018 and December 31, 2017 , are calculated as follows: Units of PBFX Held by the Public Units of PBFX Held by PBF LLC Total December 31, 2017 23,441,211 18,459,497 41,900,708 55.9 % 44.1 % 100.0 % September 30, 2018 25,393,565 19,953,631 45,347,196 56.0 % 44.0 % 100.0 % |
INVENTORIES (Tables)
INVENTORIES (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventories consisted of the following: September 30, 2018 Titled Inventory Inventory Intermediation Agreements Total Crude oil and feedstocks $ 1,055,654 $ — $ 1,055,654 Refined products and blendstocks 1,060,841 339,134 1,399,975 Warehouse stock and other 105,477 — 105,477 $ 2,221,972 $ 339,134 $ 2,561,106 Lower of cost or market adjustment — — — Total inventories $ 2,221,972 $ 339,134 $ 2,561,106 December 31, 2017 Titled Inventory Inventory Intermediation Agreements Total Crude oil and feedstocks $ 1,073,093 $ — $ 1,073,093 Refined products and blendstocks 1,030,817 311,477 1,342,294 Warehouse stock and other 98,866 — 98,866 $ 2,202,776 $ 311,477 $ 2,514,253 Lower of cost or market adjustment (232,652 ) (67,804 ) (300,456 ) Total inventories $ 1,970,124 $ 243,673 $ 2,213,797 |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Schedule of accrued expenses | Accrued expenses consisted of the following: PBF Energy September 30, December 31, Inventory-related accruals $ 1,451,142 $ 1,151,810 Inventory intermediation agreements 254,022 244,287 Excise and sales tax payable 123,174 118,515 Accrued transportation costs 56,167 64,400 Accrued salaries and benefits 55,366 58,589 Accrued interest 43,395 14,080 Renewable energy credit and emissions obligations 32,753 26,231 Accrued utilities 32,371 42,189 Accrued capital expenditures 26,082 18,765 Accrued refinery maintenance and support costs 23,147 35,674 Customer deposits 20,583 16,133 Environmental liabilities 7,173 8,289 Other 25,756 15,892 Total accrued expenses $ 2,151,131 $ 1,814,854 |
PBF LLC [Member] | |
Schedule of accrued expenses | PBF LLC September 30, December 31, Inventory-related accruals $ 1,451,142 $ 1,151,810 Inventory intermediation agreements 254,022 244,287 Excise and sales tax payable 123,174 118,515 Accrued interest 58,885 23,419 Accrued transportation costs 56,167 64,400 Accrued salaries and benefits 55,366 58,589 Renewable energy credit and emissions obligations 32,753 26,231 Accrued utilities 32,371 42,189 Accrued capital expenditures 26,082 18,765 Accrued refinery maintenance and support costs 23,147 35,674 Customer deposits 20,583 16,133 Environmental liabilities 7,173 8,289 Other 26,929 16,093 Total accrued expenses $ 2,167,794 $ 1,824,394 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Summary of the income tax provision | The reported income tax expense in the PBF Energy condensed consolidated financial statements of operations consists of the following: Three Months Ended Nine Months Ended 2018 2017 2018 2017 Current income tax expense $ 71 $ 190 $ 823 $ 1,564 Deferred income tax expense 61,278 203,789 167,013 111,325 Total income tax expense $ 61,349 $ 203,979 $ 167,836 $ 112,889 |
Schedule of effective income tax rate reconciliation | The difference between PBF Energy’s effective income tax rate and the United States statutory rate is reconciled below: Three Months Ended Nine Months Ended 2018 2017 2018 2017 Provision at Federal statutory rate 21.0 % 35.0 % 21.0 % 35.0 % Increase (decrease) attributable to flow-through of certain tax adjustments: State income taxes (net of federal income tax) 5.6 % 4.5 % 5.9 % 4.3 % Nondeductible/nontaxable items (0.5 )% (0.2 )% (0.1 )% 0.2 % Rate differential from foreign jurisdictions (0.2 )% 0.3 % (0.2 )% (0.1 )% Provision to return adjustment — % (0.1 )% — % (0.2 )% Foreign tax rate change — % — % — % 0.3 % Other (0.4 )% (0.1 )% (0.8 )% (0.1 )% Effective tax rate 25.5 % 39.4 % 25.8 % 39.4 % |
PBF LLC [Member] | |
Summary of the income tax provision | The reported income tax (benefit) expense in the PBF LLC condensed consolidated financial statements of operations consists of the following: Three Months Ended Nine Months Ended 2018 2017 2018 2017 Current income tax expense (benefit) $ 5 $ 190 $ (26 ) $ 1,399 Deferred income tax (benefit) expense (724 ) (4,482 ) (5,377 ) 641 Total income tax (benefit) expense $ (719 ) $ (4,292 ) $ (5,403 ) $ 2,040 The Company has determined there are no material uncertain tax positions as of September 30, 2018 . The Company does not have any unrecognized tax benefits. |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Defined Benefit Plan [Abstract] | |
Schedule of net periodic benefit cost | Three Months Ended Nine Months Ended Pension Benefits 2018 2017 2018 2017 Components of net periodic benefit cost: Service cost $ 11,836 $ 10,142 $ 35,508 $ 30,429 Interest cost 1,448 1,084 4,344 3,252 Expected return on plan assets (2,135 ) (1,441 ) (6,405 ) (4,325 ) Amortization of prior service cost 22 13 65 39 Amortization of actuarial loss 71 113 214 339 Net periodic benefit cost $ 11,242 $ 9,911 $ 33,726 $ 29,734 Three Months Ended Nine Months Ended Post-Retirement Medical Plan 2018 2017 2018 2017 Components of net periodic benefit cost: Service cost $ 287 $ 316 $ 861 $ 948 Interest cost 155 172 465 516 Amortization of prior service cost 161 162 484 484 Net periodic benefit cost $ 603 $ 650 $ 1,810 $ 1,948 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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, 2018 and December 31, 2017 . We have elected to offset the fair value amounts recognized for multiple derivative contracts executed with the same counterparty; however, fair value amounts by hierarchy level are presented on a gross basis in the tables below. We have posted cash margin with various counterparties to support hedging and trading activities. The cash margin posted is required by counterparties as collateral deposits and cannot be offset against the fair value of open contracts except in the event of default. We have no derivative contracts that are subject to master netting arrangements that are reflected gross on the balance sheet. As of September 30, 2018 Fair Value Hierarchy Total Gross Fair Value Effect of Counter-party Netting Net Carrying Value on Balance Sheet Level 1 Level 2 Level 3 Assets: Money market funds $ 396,998 $ — $ — $ 396,998 N/A $ 396,998 Commodity contracts 17,023 1,702 — 18,725 (18,725 ) — Liabilities: Commodity contracts 24,202 21,895 — 46,097 (18,725 ) 27,372 Catalyst lease obligations — 43,800 — 43,800 — 43,800 Derivatives included with inventory intermediation agreement obligations — 18,422 — 18,422 — 18,422 As of December 31, 2017 Fair Value Hierarchy Total Gross Fair Value Effect of Counter-party Netting Net Carrying Value on Balance Sheet Level 1 Level 2 Level 3 Assets: Money market funds $ 4,730 $ — $ — $ 4,730 N/A $ 4,730 Commodity contracts 10,031 357 — 10,388 (10,388 ) — Liabilities: Commodity contracts 51,673 33,035 — 84,708 (10,388 ) 74,320 Catalyst lease obligations — 59,048 — 59,048 — 59,048 Derivatives included with inventory intermediation agreement obligations — 7,721 — 7,721 — 7,721 |
Schedule of Effect of Significant Unobservable Inputs | The table below summarizes the changes in fair value measurements of commodity contracts categorized in Level 3 of the fair value hierarchy: Three Months Ended Nine Months Ended 2018 2017 2018 2017 Balance at beginning of period $ — $ — $ — $ (84 ) Purchases — — — — Settlements — — — 45 Unrealized gain included in earnings — — — 39 Transfers into Level 3 — — — — Transfers out of Level 3 — — — — Balance at end of period $ — $ — $ — $ — |
Schedule of Fair value of Debt | The table below summarizes the fair value and carrying value of debt as of September 30, 2018 and December 31, 2017 . September 30, 2018 December 31, 2017 Carrying value Fair value Carrying value Fair value 2025 Senior Notes (a) $ 725,000 $ 767,282 $ 725,000 $ 763,945 2023 Senior Notes (a) 500,000 522,798 500,000 522,101 PBFX 2023 Senior Notes (a) 527,962 539,494 528,374 544,118 PBF Rail Term Loan (b) 23,273 23,273 28,366 28,366 Catalyst leases (c) 43,800 43,800 59,048 59,048 PBFX Revolving Credit Facility (b) (d) 50,000 50,000 29,700 29,700 Revolving Credit Agreement (b) 350,000 350,000 350,000 350,000 2,220,035 2,296,647 2,220,488 2,297,278 Less - Current debt (c) (1,242 ) (1,242 ) (10,987 ) (10,987 ) Less - Unamortized deferred financing costs (42,904 ) n/a (34,459 ) n/a Long-term debt $ 2,175,889 $ 2,295,405 $ 2,175,042 $ 2,286,291 (a) The estimated fair value, categorized as a Level 2 measurement, was calculated based on the present value of future expected payments utilizing implied current market interest rates based on quoted prices of the 7.00% senior notes due 2023, the 7.25% senior notes due 2025 (collectively with the senior notes due 2023, the “Senior Notes”), and the PBFX 6.875% senior notes due 2023 (the “PBFX 2023 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. (c) Catalyst leases are valued using a market approach based upon commodity prices for similar instruments quoted in active markets and are categorized as a Level 2 measurement. The Company has elected the fair value option for accounting for its catalyst lease repurchase obligations as the Company’s liability is directly impacted by the change in fair value of the underlying catalyst. |
DERIVATIVES (Tables)
DERIVATIVES (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Value of Derivative Instruments | The following tables provide information about the fair values of these derivative instruments as of September 30, 2018 and December 31, 2017 and the line items in the condensed consolidated balance sheet in which the fair values are reflected. Description Balance Sheet Location Fair Value Asset/(Liability) Derivatives designated as hedging instruments: September 30, 2018: Derivatives included with the inventory intermediation agreement obligations Accrued expenses $ (18,422 ) December 31, 2017: Derivatives included with the inventory intermediation agreement obligations Accrued expenses $ (7,721 ) Derivatives not designated as hedging instruments: September 30, 2018: Commodity contracts Accrued expenses $ (27,372 ) December 31, 2017: Commodity contracts Accrued expenses $ (74,320 ) |
Schedule of Derivative Instruments, Gain (Loss) Recognized in Income | The following table provides information about the gains or losses recognized in income on these derivative instruments and the line items in the condensed consolidated statements of operations in which such gains and losses are reflected. Description Location of Gain or (Loss) Recognized in Income on Derivatives Gain or (Loss) Recognized in Income on Derivatives Derivatives designated as hedging instruments: For the three months ended September 30, 2018: Derivatives included with the inventory intermediation agreement obligations Cost of products and other $ (8,163 ) For the three months ended September 30, 2017: Derivatives included with the inventory intermediation agreement obligations Cost of products and other $ (29,766 ) For the nine months ended September 30, 2018: Derivatives included with the inventory intermediation agreement obligations Cost of products and other $ (10,701 ) For the nine months ended September 30, 2017: Derivatives included with the inventory intermediation agreement obligations Cost of products and other $ (26,659 ) Derivatives not designated as hedging instruments: For the three months ended September 30, 2018: Commodity contracts Cost of products and other $ (9,517 ) For the three months ended September 30, 2017: Commodity contracts Cost of products and other $ (17,291 ) For the nine months ended September 30, 2018: Commodity contracts Cost of products and other $ (55,877 ) For the nine months ended September 30, 2017: Commodity contracts Cost of products and other $ (2,606 ) Hedged items designated in fair value hedges: For the three months ended September 30, 2018: Intermediate and refined product inventory Cost of products and other $ 8,163 For the three months ended September 30, 2017: Intermediate and refined product inventory Cost of products and other $ 29,766 For the nine months ended September 30, 2018: Intermediate and refined product inventory Cost of products and other $ 10,701 For the nine months ended September 30, 2017: Intermediate and refined product inventory Cost of products and other $ 26,659 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Schedule of segment reporting information | Disclosures regarding the Company’s reportable segments with reconciliations to consolidated totals for the three and nine months ended September 30, 2018 and September 30, 2017 are presented below. In connection with the adoption of ASU 2017-07, the accompanying segment information has been retrospectively adjusted, for all periods presented, to reflect the reclassification of certain net periodic benefit costs from Operating expenses and General and administrative expenses to Other income (expense). PBF Energy Three Months Ended September 30, 2018 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 7,641,944 $ 70,556 $ — $ (66,140 ) $ 7,646,360 Depreciation and amortization expense 83,281 7,451 2,594 — 93,326 Income (loss) from operations (1) 321,370 37,577 (67,789 ) (4,725 ) 286,433 Interest expense, net 2,078 10,567 29,644 — 42,289 Capital expenditures 79,697 20,956 2,233 — 102,886 Three Months Ended September 30, 2017 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 5,475,114 $ 66,195 $ — $ (62,358 ) $ 5,478,951 Depreciation and amortization expense 70,192 5,756 2,572 — 78,520 Income (loss) from operations (1) 609,292 39,201 (57,434 ) (3,799 ) 587,260 Interest expense, net 1,180 7,748 28,062 — 36,990 Capital expenditures 165,179 15,536 562 — 181,277 Nine Months Ended September 30, 2018 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 20,880,613 $ 203,395 $ — $ (190,789 ) $ 20,893,219 Depreciation and amortization expense 242,568 21,185 7,871 — 271,624 Income (loss) from operations (1) 895,952 105,299 (183,785 ) (13,110 ) 804,356 Interest expense, net 6,509 30,940 91,486 — 128,935 Capital expenditures (2) 376,774 86,627 4,726 — 468,127 Nine Months Ended September 30, 2017 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 15,237,189 $ 190,375 $ — $ (176,915 ) $ 15,250,649 Depreciation and amortization expense 180,704 17,096 10,355 — 208,155 Income (loss) from operations (1) 521,015 107,765 (140,555 ) (11,218 ) 477,007 Interest expense, net 3,433 23,618 87,820 — 114,871 Capital expenditures (2) 574,871 72,100 2,971 — 649,942 Balance at September 30, 2018 Refining Logistics Corporate Eliminations Consolidated Total Total assets (3) $ 8,369,215 $ 806,850 $ 72,799 $ (33,454 ) $ 9,215,410 Balance at December 31, 2017 Refining Logistics Corporate Eliminations Consolidated Total Total assets (3) $ 7,287,384 $ 748,215 $ 123,211 $ (40,817 ) $ 8,117,993 PBF LLC Three Months Ended September 30, 2018 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 7,641,944 $ 70,556 $ — $ (66,140 ) $ 7,646,360 Depreciation and amortization expense 83,281 7,451 2,594 — 93,326 Income (loss) from operations (1) 321,370 37,577 (67,463 ) (4,725 ) 286,759 Interest expense, net 2,078 10,567 31,828 — 44,473 Capital expenditures 79,697 20,956 2,233 — 102,886 Three Months Ended September 30, 2017 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 5,475,114 $ 66,195 $ — $ (62,358 ) $ 5,478,951 Depreciation and amortization expense 70,192 5,756 2,572 — 78,520 Income (loss) from operations (1) 609,292 39,201 (57,386 ) (3,799 ) 587,308 Interest expense, net 1,180 7,748 29,965 — 38,893 Capital expenditures 165,179 15,536 562 — 181,277 Nine Months Ended September 30, 2018 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 20,880,613 $ 203,395 $ — $ (190,789 ) $ 20,893,219 Depreciation and amortization expense 242,568 21,185 7,871 — 271,624 Income (loss) from operations (1) 895,952 105,299 (182,766 ) (13,110 ) 805,375 Interest expense, net 6,509 30,940 97,667 — 135,116 Capital expenditures (2) 376,774 86,627 4,726 — 468,127 Nine Months Ended September 30, 2017 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 15,237,189 $ 190,375 $ — $ (176,915 ) $ 15,250,649 Depreciation and amortization expense 180,704 17,096 10,355 — 208,155 Income (loss) from operations (1) 521,015 107,765 (140,399 ) (11,218 ) 477,163 Interest expense, net 3,433 23,618 93,859 — 120,910 Capital expenditures (2) 574,871 72,100 2,971 — 649,942 Balance at September 30, 2018 Refining Logistics Corporate Eliminations Consolidated Total Total assets (3) $ 8,369,215 $ 806,850 $ 66,234 $ (33,454 ) $ 9,208,845 Balance at December 31, 2017 Refining Logistics Corporate Eliminations Consolidated Total Total assets (3) $ 7,287,384 $ 748,215 $ 44,203 $ (40,817 ) $ 8,038,985 (1) The Logistics segment includes 100% of the income from operations of TVPC as TVPC is consolidated by PBFX. PBFX records net income attributable to noncontrolling interest for the 50% equity interest in TVPC held by PBF Holding. PBF Holding (included in the Refining segment) records equity income in investee related to its 50% noncontrolling ownership interest in TVPC. For purposes of the Company’s condensed consolidated financial statements, PBF Holding’s equity income in investee and PBFX’s net income attributable to noncontrolling interest eliminate in consolidation. (2) The Logistics segment includes capital expenditures of $58,000 for the acquisition of the Knoxville Terminals by PBFX on April 16, 2018 and $10,097 for the acquisition of the Toledo Products Terminal by PBFX on April 17, 2017. (3) The Logistics segment includes 100% of the assets of TVPC as TVPC is consolidated by PBFX. PBFX records a noncontrolling interest for the 50% equity interest in TVPC held by PBF Holding. PBF Holding (included in the Refining segment) records an equity investment in TVPC reflecting its noncontrolling ownership interest. For purposes of the Company’s condensed consolidated PBF Energy and PBF LLC financial statements, PBFX’s noncontrolling interest in TVPC and PBF Holding’s equity investment in TVPC eliminate in consolidation. |
NET INCOME PER SHARE OF PBF E_2
NET INCOME PER SHARE OF PBF ENERGY (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Computation of basic and diluted net income per common share | The following table sets forth the computation of basic and diluted net income per share of Class A common stock attributable to PBF Energy: Three Months Ended Nine Months Ended Basic Earnings Per Share: 2018 2017 2018 2017 Allocation of earnings: Net income attributable to PBF Energy Inc. stockholders $ 179,538 $ 314,365 $ 482,057 $ 173,625 Less: Income allocated to participating securities 194 272 592 811 Income available to PBF Energy Inc. stockholders - basic $ 179,344 $ 314,093 $ 481,465 $ 172,814 Denominator for basic net income per Class A common share - weighted average shares 117,029,486 109,724,595 113,597,970 109,634,921 Basic net income attributable to PBF Energy per Class A common share $ 1.53 $ 2.86 $ 4.24 $ 1.58 Diluted Earnings Per Share: Numerator: Income available to PBF Energy Inc. stockholders - basic $ 179,344 $ 314,093 $ 481,465 $ 172,814 Plus: Net income attributable to noncontrolling interest (1) 2,394 18,137 9,790 9,677 Less: Income tax expense on net income attributable to noncontrolling interest (1) (632 ) (7,139 ) (2,585 ) (3,809 ) Numerator for diluted net income per Class A common share - net income attributable to PBF Energy Inc. stockholders (1) $ 181,106 $ 325,091 $ 488,670 $ 178,682 Denominator: (1) Denominator for basic net income per Class A common share-weighted average shares 117,029,486 109,724,595 113,597,970 109,634,921 Effect of dilutive securities: Conversion of PBF LLC Series A Units 1,206,326 3,825,508 2,184,690 3,832,464 Common stock equivalents (2) 2,169,503 332,137 1,592,510 324,157 Denominator for diluted net income per Class A common share-adjusted weighted average shares 120,405,315 113,882,240 117,375,170 113,791,542 Diluted net income attributable to PBF Energy Inc. stockholders per Class A common share $ 1.50 $ 2.85 $ 4.16 $ 1.57 __________ (1) The diluted earnings per share calculation generally assumes the conversion of all outstanding PBF LLC Series A Units to Class A common stock of PBF Energy. The net income attributable to PBF Energy, used in the numerator of the diluted earnings per share calculation is adjusted to reflect the net income, as well as the corresponding income tax expense (based on a 26.4% estimated annualized statutory corporate tax rate for both the three and nine months ended September 30, 2018 and 39.4% estimated annualized statutory corporate tax rate for both the three and nine months ended September 30, 2017 ) attributable to the converted units. (2) Represents an adjustment to weighted-average diluted shares outstanding to assume the full exchange of common stock equivalents, including options and warrants for PBF LLC Series A Units and options for shares of PBF Energy Class A common stock as calculated under the treasury stock method (to the extent the impact of such exchange would not be anti-dilutive). Common stock equivalents exclude the effects of options and warrants to purchase 15,000 and 25,000 shares of PBF Energy Class A common stock and PBF LLC Series A units because they are anti-dilutive for the three and nine months ended September 30, 2018 , respectively. Common stock equivalents exclude the effects of options and warrants to purchase 6,484,650 and 6,554,650 shares of PBF Energy Class A common stock and PBF LLC Series A units because they are anti-dilutive for the three and nine months ended September 30, 2017 , respectively. |
DESCRIPTION OF THE BUSINESS A_3
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018USD ($)shares | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($)reportable_segmentshares | Sep. 30, 2017USD ($) | Dec. 31, 2017shares | |
Description of Business [Line Items] | |||||
Other non-service components of net periodic benefit cost | $ 278 | $ (103) | $ 833 | $ (305) | |
Cost of products and other | $ 6,816,095 | 4,352,061 | $ 18,400,732 | 13,154,521 | |
Ownership percentage | 100.00% | 100.00% | 100.00% | ||
Shares, outstanding (in shares) | shares | 121,158,044 | 121,158,044 | 114,332,995 | ||
Percentage of ownership in PBF LLC | 100.00% | 100.00% | 100.00% | ||
Number of reportable segments | reportable_segment | 2 | ||||
Operating Expenses | $ (424,331) | (402,823) | $ (1,268,161) | (1,266,879) | |
Depreciation and amortization expense | 90,732 | 75,948 | 263,753 | 197,800 | |
Cost of sales | 7,331,158 | 4,830,832 | 19,932,646 | 14,619,200 | |
General and administrative expenses | (69,920) | (58,259) | (191,418) | (143,147) | |
Depreciation and amortization expense | 2,594 | 2,572 | 7,871 | 10,355 | |
(Gain) loss on sale of assets | (43,745) | 28 | (43,072) | 940 | |
Total cost and expenses | 7,359,927 | 4,891,691 | 20,088,863 | 14,773,642 | |
PBF LLC [Member] | |||||
Description of Business [Line Items] | |||||
Other non-service components of net periodic benefit cost | 278 | (103) | 833 | (305) | |
Operating Expenses | (424,331) | (402,823) | (1,268,161) | (1,266,879) | |
Depreciation and amortization expense | 90,732 | 75,948 | 263,753 | 197,800 | |
Cost of sales | 7,331,158 | 4,830,832 | 19,932,646 | 14,619,200 | |
General and administrative expenses | (69,594) | (58,211) | (190,399) | (142,991) | |
Depreciation and amortization expense | 2,594 | 2,572 | 7,871 | 10,355 | |
(Gain) loss on sale of assets | (43,745) | 28 | (43,072) | 940 | |
Total cost and expenses | $ 7,359,601 | $ 4,891,643 | $ 20,087,844 | $ 14,773,486 | |
Series C Units [Member] | PBF LLC [Member] | |||||
Description of Business [Line Items] | |||||
Shares, outstanding (in shares) | shares | 119,972,950 | 119,972,950 | |||
Class A Common Stock [Member] | PBF Energy [Member] | |||||
Description of Business [Line Items] | |||||
Shares, outstanding (in shares) | shares | 119,951,719 | 119,951,719 | 110,565,531 | ||
Percentage of ownership in PBF LLC | 99.00% | 99.00% | 96.70% | ||
Series A Units [Member] | PBF LLC [Member] | |||||
Description of Business [Line Items] | |||||
Shares, outstanding (in shares) | shares | 1,206,325 | 1,206,325 | 3,767,464 | ||
Percentage of ownership in PBF LLC | 1.00% | 1.00% | 3.30% | ||
Limited Partner [Member] | PBF LLC [Member] | |||||
Description of Business [Line Items] | |||||
Ownership percentage | 44.00% | 44.00% | 44.10% | ||
Torrance Valley [Member] | |||||
Description of Business [Line Items] | |||||
(Gain) loss on sale of assets | $ 43,761 |
REVENUE (Details)
REVENUE (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Deferred revenue | $ 13,154 | $ 13,154 | $ 8,933 | ||
Revenues | 7,646,360 | $ 5,478,951 | 20,893,219 | $ 15,250,649 | |
Revenues | 7,646,360 | 5,478,951 | 20,893,219 | 15,250,649 | |
Refining Group [Member] | |||||
Revenues | 7,641,944 | 5,475,114 | 20,880,613 | 15,237,189 | |
Revenues | 7,641,944 | 5,475,114 | 20,880,613 | 15,237,189 | |
PBF Logistics LP [Member] | |||||
Revenues | 70,556 | 66,195 | 203,395 | 190,375 | |
Prior to elimination [Member] | |||||
Revenues | 7,712,500 | 5,541,309 | 21,084,008 | 15,427,564 | |
Intersegment Eliminations [Member] | |||||
Revenues | (66,140) | (62,358) | (190,789) | (176,915) | |
Gasoline And Distillate [Member] | Refining Group [Member] | |||||
Revenues | 6,227,509 | 4,657,279 | 17,563,586 | 12,900,465 | |
Asphalt and Residual Oil [Member] | Refining Group [Member] | |||||
Revenues | 544,943 | 361,401 | 1,251,007 | 834,260 | |
Other Refining and Marketing [Member] | Refining Group [Member] | |||||
Revenues | 552,156 | 192,817 | 1,193,660 | 726,804 | |
Chemicals [Member] | Refining Group [Member] | |||||
Revenues | 243,174 | 189,812 | 621,834 | 553,311 | |
Lubricants [Member] | Refining Group [Member] | |||||
Revenues | $ 74,162 | $ 73,805 | $ 250,526 | $ 222,349 |
PBF LOGISTICS LP (Details)
PBF LOGISTICS LP (Details) | Jul. 16, 2018USD ($)shares | Apr. 16, 2018USD ($) | Sep. 30, 2018USD ($)$ / sharesshares | Sep. 30, 2017USD ($) | Dec. 31, 2017 | Jun. 01, 2017shares |
Variable Interest Entity [Line Items] | ||||||
Payments to Acquire Property, Plant, and Equipment | $ 192,152,000 | $ 267,151,000 | ||||
Ownership percentage | 100.00% | 100.00% | ||||
Maturities of marketable securities | $ 0 | 115,060,000 | ||||
Proceeds from revolver borrowings | $ 0 | 490,000,000 | ||||
Stock Issued During Period, Shares, New Issues | shares | 6,000,000 | |||||
PBF Logistics LP [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
IDR maximum percentage distribution | 50.00% | |||||
IDR, Distribution in Excess (in shares) | $ / shares | $ 0.345 | |||||
Partners' Capital Account, Units, Conversion Ratio To Common Units (in shares) | shares | 1 | |||||
Stock Issued During Period, Shares, New Issues | shares | 1,775,750 | |||||
Stock Issued During Period, Value, New Issues | $ 35,000,000 | |||||
PBF LLC [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Payments to Acquire Property, Plant, and Equipment | $ 192,152,000 | 267,151,000 | ||||
Maturities of marketable securities | 0 | 115,060,000 | ||||
Proceeds from revolver borrowings | $ 0 | $ 490,000,000 | ||||
Limited Partner [Member] | Public Unit Holders [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Ownership percentage | 56.00% | 55.90% | ||||
Limited Partner [Member] | PBF LLC [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Ownership percentage | 44.00% | 44.10% | ||||
Limited Partner [Member] | Common Units [Member] | PBF LLC [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Partner capital units held (in shares) | shares | 19,953,631 | |||||
Knoxville Terminals Purchase [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Payments to Acquire Property, Plant, and Equipment | $ 58,000,000 | |||||
Number Of Refined Product Terminals Acquired | 2 |
EQUITY (Ownership Percentage) (
EQUITY (Ownership Percentage) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | Jun. 01, 2017 | Nov. 01, 2015 | |
Noncontrolling Interest [Line Items] | |||||||
Percentage of ownership in PBF LLC | 100.00% | 100.00% | 100.00% | ||||
Shares, outstanding (in shares) | 121,158,044 | 121,158,044 | 114,332,995 | ||||
Ownership percentage | 100.00% | 100.00% | 100.00% | ||||
Less: net income attributable to noncontrolling interests | $ 12,928 | $ 32,861 | $ 39,907 | $ 49,420 | |||
Common Units [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Shares sold in public offering (in shares) | 45,347,196 | 45,347,196 | 41,900,708 | ||||
PBF Energy [Member] | Class A Common Stock [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Percentage of ownership in PBF LLC | 99.00% | 99.00% | 96.70% | ||||
Shares, outstanding (in shares) | 119,951,719 | 119,951,719 | 110,565,531 | ||||
Public Unit Holders [Member] | Common Units [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Shares sold in public offering (in shares) | 25,393,565 | 25,393,565 | 23,441,211 | ||||
PBF LLC [Member] | Common Units [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Shares sold in public offering (in shares) | 19,953,631 | 19,953,631 | 18,459,497 | ||||
PBF LLC [Member] | Series A Units [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Percentage of ownership in PBF LLC | 1.00% | 1.00% | 3.30% | ||||
Shares, outstanding (in shares) | 1,206,325 | 1,206,325 | 3,767,464 | ||||
PBF Logistics LP [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Partners' Capital Account, Units, Conversion Ratio To Common Units (in shares) | 1 | ||||||
Collins Pipeline Company And T&M Terminal Company [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Less: net income attributable to noncontrolling interests | $ 35 | $ (6) | $ 43 | $ 374 | |||
Limited Partner [Member] | Public Unit Holders [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Ownership percentage | 56.00% | 56.00% | 55.90% | ||||
Limited Partner [Member] | PBF LLC [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Ownership percentage | 44.00% | 44.00% | 44.10% | ||||
T&M Terminal Company [Member] | Chalmette Refining [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Noncontrolling interest, ownership percentage | 80.00% | 80.00% | |||||
Collins Pipeline Company [Member] | Chalmette Refining [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Noncontrolling interest, ownership percentage | 80.00% |
EQUITY (Allocation of Equity) (
EQUITY (Allocation of Equity) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Noncontrolling Interest [Line Items] | ||||
Noncontrolling Interest, Decrease from Shares received from PBFX | $ (34,820) | |||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||
Balance, beginning of period | 2,902,949 | $ 2,570,684 | ||
Comprehensive income | $ 179,714 | $ 314,642 | 482,504 | 174,524 |
Less: comprehensive income attributable to noncontrolling interests | 12,929 | 32,871 | 39,911 | 49,452 |
Comprehensive income | 192,643 | 347,513 | 522,415 | 223,976 |
Dividends and distributions | (141,493) | (135,261) | ||
Equity-based compensation awards | 18,608 | 18,064 | ||
Exercise of PBF LLC and PBF Energy options and warrants, net | 13,659 | |||
Stockholders' Equity, Other | 9,875 | (2,101) | ||
Balance, end of period | 3,645,361 | 2,675,362 | 3,645,361 | 2,675,362 |
PBF Energy [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling Interest, Decrease from Shares received from PBFX | (28,564) | |||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||
Balance, beginning of period | 2,336,654 | 2,025,044 | ||
Comprehensive income | 482,504 | 174,524 | ||
Dividends and distributions | (103,303) | (98,723) | ||
Equity-based compensation awards | 14,059 | 13,549 | ||
Exercise of PBF LLC and PBF Energy options and warrants, net | 14,004 | |||
Stockholders' Equity, Other | 10,924 | (2,096) | ||
Balance, end of period | 3,067,934 | 2,112,298 | 3,067,934 | 2,112,298 |
Noncontrolling Interest - PBF LLC [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling Interest, Decrease from Shares received from PBFX | 0 | |||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||
Balance, beginning of period | 110,203 | 98,671 | ||
Less: comprehensive income attributable to noncontrolling interests | 9,794 | 9,701 | ||
Dividends and distributions | (1,724) | (3,448) | ||
Equity-based compensation awards | 0 | 0 | ||
Exercise of PBF LLC and PBF Energy options and warrants, net | (345) | |||
Stockholders' Equity, Other | 0 | 0 | ||
Balance, end of period | 117,928 | 104,924 | 117,928 | 104,924 |
Noncontrolling Interest - PBF Holding [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling Interest, Decrease from Shares received from PBFX | 0 | |||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||
Balance, beginning of period | 10,808 | 12,513 | ||
Less: comprehensive income attributable to noncontrolling interests | 43 | 374 | ||
Dividends and distributions | 0 | 0 | ||
Equity-based compensation awards | 0 | 0 | ||
Exercise of PBF LLC and PBF Energy options and warrants, net | 0 | |||
Stockholders' Equity, Other | 0 | |||
Balance, end of period | 10,851 | 12,887 | 10,851 | 12,887 |
Noncontrolling Interest - PBF Logistics LP [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling Interest, Decrease from Shares received from PBFX | (6,256) | |||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||
Balance, beginning of period | 445,284 | 434,456 | ||
Less: comprehensive income attributable to noncontrolling interests | 30,074 | 39,377 | ||
Dividends and distributions | (36,466) | (33,090) | ||
Equity-based compensation awards | 4,549 | 4,515 | ||
Exercise of PBF LLC and PBF Energy options and warrants, net | 0 | |||
Stockholders' Equity, Other | (1,049) | (5) | ||
Balance, end of period | $ 448,648 | $ 445,253 | $ 448,648 | $ 445,253 |
EQUITY Noncontrolling Interest
EQUITY Noncontrolling Interest (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($)subsidiary | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Noncontrolling Interest [Line Items] | ||||||
Proceeds from Issuance of Common Stock | $ (287,284) | $ 0 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 3,645,361 | $ 2,675,362 | 3,645,361 | 2,675,362 | $ 2,902,949 | $ 2,570,684 |
Stockholders' Equity, Other | $ 9,875 | (2,101) | ||||
Ownership percentage | 100.00% | 100.00% | 100.00% | |||
Less: net income attributable to noncontrolling interests | $ 12,928 | 32,861 | $ 39,907 | 49,420 | ||
Comprehensive income | 179,714 | 314,642 | 482,504 | 174,524 | ||
Less: net income attributable to noncontrolling interests | 12,929 | 32,871 | 39,911 | 49,452 | ||
Comprehensive income | 192,643 | 347,513 | 522,415 | 223,976 | ||
Dividends and Distributions | (141,493) | (135,261) | ||||
Adjustments to Additional Paid in Capital, Share-based Compensation and Exercise of Stock Options | 18,608 | 18,064 | ||||
Record tax receivable agreement | (2,756) | |||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 287,284 | |||||
PBF LLC [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Proceeds from Issuance of Common Stock | (287,284) | 0 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 3,766,963 | 2,696,899 | 3,766,963 | 2,696,899 | $ 2,878,503 | 2,487,820 |
Stockholders' Equity, Other | 10,272 | (2,101) | ||||
Comprehensive income | 234,556 | 538,632 | 652,612 | 288,626 | ||
Less: net income attributable to noncontrolling interests | 10,534 | 14,732 | 30,117 | 39,751 | ||
Comprehensive income | 245,090 | 553,364 | 682,729 | 328,377 | ||
Dividends and Distributions | (141,493) | (135,261) | ||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | (34,820) | |||||
Adjustments to Additional Paid in Capital, Share-based Compensation and Exercise of Stock Options | $ 18,608 | 18,064 | ||||
Chalmette Refining [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Number Of Subsidiaries | subsidiary | 2 | |||||
Collins Pipeline Company And T&M Terminal Company [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Less: net income attributable to noncontrolling interests | 35 | (6) | $ 43 | 374 | ||
PBF Energy [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 3,067,934 | 2,112,298 | 3,067,934 | 2,112,298 | 2,336,654 | 2,025,044 |
Stockholders' Equity, Other | 10,924 | (2,096) | ||||
Comprehensive income | 482,504 | 174,524 | ||||
Dividends and Distributions | (103,303) | (98,723) | ||||
Adjustments to Additional Paid in Capital, Share-based Compensation and Exercise of Stock Options | 14,059 | 13,549 | ||||
Record tax receivable agreement | (2,756) | |||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | (287,284) | |||||
PBF Energy [Member] | PBF LLC [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Proceeds from Issuance of Common Stock | (287,284) | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 3,307,464 | 2,238,759 | 3,307,464 | 2,238,759 | 2,422,411 | 2,040,851 |
Stockholders' Equity, Other | 11,321 | (2,096) | ||||
Comprehensive income | 652,612 | 288,626 | ||||
Dividends and Distributions | (105,027) | (102,171) | ||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | (28,564) | |||||
Adjustments to Additional Paid in Capital, Share-based Compensation and Exercise of Stock Options | 14,059 | 13,549 | ||||
Noncontrolling Interest - PBF Logistics LP [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 448,648 | 445,253 | 448,648 | 445,253 | 445,284 | 434,456 |
Stockholders' Equity, Other | (1,049) | (5) | ||||
Less: net income attributable to noncontrolling interests | 30,074 | 39,377 | ||||
Dividends and Distributions | (36,466) | (33,090) | ||||
Adjustments to Additional Paid in Capital, Share-based Compensation and Exercise of Stock Options | 4,549 | 4,515 | ||||
Record tax receivable agreement | 0 | |||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 0 | |||||
Noncontrolling Interest - PBF Logistics LP [Member] | PBF LLC [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Proceeds from Issuance of Common Stock | 0 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 10,851 | 12,887 | 10,851 | 12,887 | 10,808 | 12,513 |
Stockholders' Equity, Other | 0 | 0 | ||||
Less: net income attributable to noncontrolling interests | 43 | 374 | ||||
Dividends and Distributions | 0 | 0 | ||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | 0 | |||||
Adjustments to Additional Paid in Capital, Share-based Compensation and Exercise of Stock Options | 0 | 0 | ||||
Noncontrolling Interest - PBF LLC [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 117,928 | 104,924 | 117,928 | 104,924 | 110,203 | 98,671 |
Stockholders' Equity, Other | 0 | 0 | ||||
Less: net income attributable to noncontrolling interests | 9,794 | 9,701 | ||||
Dividends and Distributions | (1,724) | (3,448) | ||||
Adjustments to Additional Paid in Capital, Share-based Compensation and Exercise of Stock Options | 0 | 0 | ||||
Record tax receivable agreement | 0 | |||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 0 | |||||
Noncontrolling Interest - PBF LLC [Member] | PBF LLC [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Proceeds from Issuance of Common Stock | 0 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 448,648 | 445,253 | 448,648 | 445,253 | 445,284 | 434,456 |
Stockholders' Equity, Other | (1,049) | (5) | ||||
Less: net income attributable to noncontrolling interests | 30,074 | 39,377 | ||||
Dividends and Distributions | (36,466) | (33,090) | ||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | (6,256) | |||||
Adjustments to Additional Paid in Capital, Share-based Compensation and Exercise of Stock Options | 4,549 | 4,515 | ||||
Noncontrolling Interest - PBF Holding [Member] | ||||||
Noncontrolling Interest [Line Items] | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 10,851 | $ 12,887 | 10,851 | 12,887 | $ 10,808 | $ 12,513 |
Stockholders' Equity, Other | 0 | |||||
Less: net income attributable to noncontrolling interests | 43 | 374 | ||||
Dividends and Distributions | 0 | 0 | ||||
Adjustments to Additional Paid in Capital, Share-based Compensation and Exercise of Stock Options | 0 | $ 0 | ||||
Record tax receivable agreement | 0 | |||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | $ 0 |
EQUITY Schedule of stock by cla
EQUITY Schedule of stock by class (Details) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | ||
Class of Stock [Line Items] | ||||
Stock Issued During Period, Shares, New Issues | 6,000,000 | |||
Proceeds from Issuance of Common Stock | $ 287,284,000 | $ 0 | ||
Stock Issued During Period, Value, Stock Options Exercised | $ (13,659,000) | |||
Class A Common Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Common stock, shares outstanding | 110,565,531 | |||
Common stock, shares outstanding | 119,951,719 | 110,565,531 | ||
PBF Energy [Member] | ||||
Class of Stock [Line Items] | ||||
Stock Issued During Period, Value, Stock Options Exercised | $ (14,004,000) | |||
Common Stock [Member] | Class A Common Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Common stock, shares outstanding | 110,565,531 | 109,204,047 | 109,204,047 | |
Stock Redeemed or Called During Period, Value | [1] | $ (39,544) | $ 0 | |
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 35,811 | 702,404 | ||
Stock Issued During Period, Value, Stock Options Exercised | 691,286 | 462,500 | ||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 2,698,635 | 196,580 | ||
Common stock, shares outstanding | 119,951,719 | 110,565,531 | ||
Sale of Stock, Number of Shares Issued in Transaction | 6,000,000 | 0 | ||
Treasury Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Common stock, shares outstanding | 6,132,884 | 6,087,963 | 6,087,963 | |
Stock Redeemed or Called During Period, Value | [1] | $ 39,544 | $ 44,921 | |
Common stock, shares outstanding | 6,172,428 | 6,132,884 | ||
Noncontrolling Interest - PBF Logistics LP [Member] | ||||
Class of Stock [Line Items] | ||||
Stock Issued During Period, Value, Stock Options Exercised | $ 0 | |||
Noncontrolling Interest - PBF LLC [Member] | ||||
Class of Stock [Line Items] | ||||
Stock Issued During Period, Value, Stock Options Exercised | 345,000 | |||
PBF LLC [Member] | ||||
Class of Stock [Line Items] | ||||
Proceeds from Issuance of Common Stock | 287,284,000 | $ 0 | ||
Stock Issued During Period, Value, Stock Options Exercised | $ (3,760,000) | |||
PBF LLC [Member] | Series A Units [Member] | ||||
Class of Stock [Line Items] | ||||
Units Outstanding | 3,767,464 | 3,920,902 | 3,920,902 | |
Limited Liability Company (LLC) Members' Equity, Unit-Based Compensation And Exercise Of Warrants, Issuance Of Units | 137,496 | 64,373 | ||
Limited Liability Company (LLC) Members' Equity, Exchange of Units | (2,698,635) | (196,580) | ||
Limited Liability Company (LLC) Members' Equity, Redemption of Units | (21,231) | |||
Units Outstanding | 1,206,325 | 3,767,464 | ||
PBF LLC [Member] | Series C Units [Member] | ||||
Class of Stock [Line Items] | ||||
Units Outstanding | 110,586,762 | 109,204,047 | 109,204,047 | |
Limited Liability Company (LLC) Members' Equity, Unit-Based Compensation And Exercise Of Warrants, Issuance Of Units | 691,286 | 462,500 | ||
Limited Liability Company (LLC) Members' Equity, Exchange of Units | 2,698,635 | 217,811 | ||
Limited Liability Company (LLC) Members' Equity, Unit-Based Compensation And Exercise Of Warrants, Issuance Of Restricted Units | 35,811 | 702,404 | ||
Limited Liability Company (LLC) Members' Equity, Unit-Based Compensation And Exercise Of Warrants, Restricted Units Surrender for Taxes | (39,544) | |||
Units Outstanding | 119,972,950 | 110,586,762 | ||
Sale of Stock, Number of Shares Issued in Transaction | 6,000,000 | |||
PBF LLC [Member] | PBF Energy [Member] | ||||
Class of Stock [Line Items] | ||||
Proceeds from Issuance of Common Stock | $ 287,284,000 | |||
Stock Issued During Period, Value, Stock Options Exercised | (3,760,000) | |||
PBF LLC [Member] | Noncontrolling Interest - PBF Logistics LP [Member] | ||||
Class of Stock [Line Items] | ||||
Proceeds from Issuance of Common Stock | 0 | |||
Stock Issued During Period, Value, Stock Options Exercised | 0 | |||
PBF LLC [Member] | Noncontrolling Interest - PBF LLC [Member] | ||||
Class of Stock [Line Items] | ||||
Proceeds from Issuance of Common Stock | 0 | |||
Stock Issued During Period, Value, Stock Options Exercised | $ 0 | |||
[1] | (1) Includes shares repurchased from participants in connection with the vesting of equity awards granted under the Company’s stock compensation plans to cover employee income tax liabilities. |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | ||
Inventory [Line Items] | |||||||||
Excess of Replacement or Current Costs over Stated LIFO Value | $ 12,037 | $ 12,037 | |||||||
Crude oil and feedstocks | 1,055,654 | 1,055,654 | $ 1,073,093 | ||||||
Refined products and blendstocks | 1,399,975 | 1,399,975 | 1,342,294 | ||||||
Warehouse stock and other | 105,477 | 105,477 | 98,866 | ||||||
Inventory, Gross | 2,561,106 | 2,561,106 | 2,514,253 | ||||||
Lower of cost or market adjustment | 0 | $ (498,045) | 0 | $ (498,045) | 300,456 | $ (763,122) | $ (595,988) | ||
Inventories | 2,561,106 | 2,561,106 | 2,213,797 | ||||||
Income (loss) from operations | [1] | 286,433 | 587,260 | 804,356 | 477,007 | ||||
Net income | 192,466 | 347,226 | 521,964 | 223,045 | |||||
Titled Inventory [Member] | |||||||||
Inventory [Line Items] | |||||||||
Crude oil and feedstocks | 1,055,654 | 1,055,654 | 1,073,093 | ||||||
Refined products and blendstocks | 1,060,841 | 1,060,841 | 1,030,817 | ||||||
Warehouse stock and other | 105,477 | 105,477 | 98,866 | ||||||
Inventory, Gross | 2,221,972 | 2,221,972 | 2,202,776 | ||||||
Lower of cost or market adjustment | 0 | 0 | 232,652 | ||||||
Inventories | 2,221,972 | 2,221,972 | 1,970,124 | ||||||
Inventory Supply and Offtake Arrangements [Member] | |||||||||
Inventory [Line Items] | |||||||||
Crude oil and feedstocks | 0 | 0 | 0 | ||||||
Refined products and blendstocks | 339,134 | 339,134 | 311,477 | ||||||
Warehouse stock and other | 0 | 0 | 0 | ||||||
Inventory, Gross | 339,134 | 339,134 | 311,477 | ||||||
Lower of cost or market adjustment | 0 | 0 | 67,804 | ||||||
Inventories | 339,134 | 339,134 | 243,673 | ||||||
Scenario, Adjustment [Member] | |||||||||
Inventory [Line Items] | |||||||||
Lower of cost or market adjustment | 0 | 0 | $ 54,801 | $ 300,456 | |||||
Income (loss) from operations | 54,801 | 265,077 | 300,456 | 97,943 | |||||
Net income | $ 40,328 | $ 160,743 | $ 221,106 | $ 59,393 | |||||
[1] | (1)The Logistics segment includes 100% of the income from operations of TVPC as TVPC is consolidated by PBFX. PBFX records net income attributable to noncontrolling interest for the 50% equity interest in TVPC held by PBF Holding. PBF Holding (included in the Refining segment) records equity income in investee related to its 50% noncontrolling ownership interest in TVPC. For purposes of the Company’s condensed consolidated financial statements, PBF Holding’s equity income in investee and PBFX’s net income attributable to noncontrolling interest eliminate in consolidation. |
ACCRUED EXPENSES (Details)
ACCRUED EXPENSES (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Accrued Expenses: | ||
Inventory-related accruals | $ 1,451,142 | $ 1,151,810 |
Inventory intermediation arrangements | 254,022 | 244,287 |
Accrued transportation costs | 56,167 | 64,400 |
Excise and sales tax payable | 123,174 | 118,515 |
Accrued construction in progress | 26,082 | 18,765 |
Renewable energy credit and emissions obligations | 32,753 | 26,231 |
Accrued capital expenditures | 43,395 | 14,080 |
Customer deposits | 20,583 | 16,133 |
Accrued utilities | 32,371 | 42,189 |
Accrued refinery maintenance and support costs | 23,147 | 35,674 |
Accrued salaries and benefits | 55,366 | 58,589 |
Environmental liabilities | 7,173 | 8,289 |
Other | 25,756 | 15,892 |
Total accrued expenses | 2,151,131 | 1,814,854 |
PBF LLC [Member] | ||
Accrued Expenses: | ||
Inventory-related accruals | 1,451,142 | 1,151,810 |
Inventory intermediation arrangements | 254,022 | 244,287 |
Accrued transportation costs | 56,167 | 64,400 |
Excise and sales tax payable | 123,174 | 118,515 |
Accrued construction in progress | 26,082 | 18,765 |
Renewable energy credit and emissions obligations | 32,753 | 26,231 |
Accrued capital expenditures | 58,885 | 23,419 |
Customer deposits | 20,583 | 16,133 |
Accrued utilities | 32,371 | 42,189 |
Accrued refinery maintenance and support costs | 23,147 | 35,674 |
Accrued salaries and benefits | 55,366 | 58,589 |
Environmental liabilities | 7,173 | 8,289 |
Other | 26,929 | 16,093 |
Total accrued expenses | $ 2,167,794 | $ 1,824,394 |
ACCRUED EXPENSES - Early Return
ACCRUED EXPENSES - Early Return of Railcars (Details) - USD ($) | 3 Months Ended | |
Dec. 31, 2018 | Sep. 30, 2018 | |
Lessee, Lease, Description [Line Items] | ||
Operating lease, expense | $ 44,571,000 | |
Scenario, Forecast [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease, payments | $ 7,683,000 | |
Other Current Liabilities [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease, liability, remaining amount of the obligation | 25,843,000 | |
Other Noncurrent Liabilities [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease, liability, remaining amount of the obligation | 18,728,000 | |
Early Termination Fee [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease, expense | 40,313,000 | |
Accelerated Lease Payment [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease, expense | $ 4,258,000 |
AFFILIATE NOTE PAYABLE - PBF _2
AFFILIATE NOTE PAYABLE - PBF LLC (Details) - PBF LLC [Member] - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||
Affiliate note payable | $ 326,115 | $ 292,844 |
Notes Payable, Other Payables [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 2.50% | |
Debt Instrument, Term | 5 years |
INCOME TAXES (Details)
INCOME TAXES (Details) $ in Thousands | Jan. 01, 2018 | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($)subsidiary | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($) |
Income Taxes [Line Items] | ||||||
Percentage of ownership in PBF LLC | 100.00% | 100.00% | 100.00% | |||
Number Of Subsidiaries Acquired | subsidiary | 2 | |||||
Income tax expense | $ 61,349 | $ 203,979 | $ 167,836 | $ 112,889 | ||
Current income tax expense | 71 | 190 | 823 | 1,564 | ||
Deferred income tax expense | $ 61,278 | $ 203,789 | $ 167,013 | $ 111,325 | ||
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Percent [Abstract] | ||||||
Provision at Federal statutory rate, as a percent | 21.00% | 35.00% | 21.00% | 35.00% | ||
State income taxes (net federal income tax), as a percent | 5.60% | 4.50% | 5.90% | 4.30% | ||
Non deductible/nontaxable items, as a percent | (0.50%) | (0.20%) | (0.10%) | 0.20% | ||
Rate differential from foreign jurisdictions, as a percent | (0.20%) | 0.30% | (0.20%) | (0.10%) | ||
Other, as a percent | (0.40%) | (0.10%) | (0.80%) | (0.10%) | ||
Effective tax rate | 25.50% | 39.40% | 25.80% | 39.40% | ||
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Percent | 0.00% | (0.10%) | 0.00% | (0.20%) | ||
Noncontrolling interests, as a percent | 24.20% | 37.00% | 24.30% | 33.60% | ||
Statutory tax rate | 21.00% | 26.40% | 39.40% | 26.40% | 39.40% | 35.00% |
Less: net income attributable to noncontrolling interests | $ 12,928 | $ 32,861 | $ 39,907 | $ 49,420 | ||
Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Percent | 0.00% | 0.00% | 0.00% | 0.30% | ||
Tax Cuts And Jobs Act Of 2017, Incomplete Accounting, Provisional Income Tax Expense (Benefit) | $ 20,153 | |||||
PBF Energy [Member] | Class A Common Stock [Member] | ||||||
Income Taxes [Line Items] | ||||||
Percentage of ownership in PBF LLC | 99.00% | 99.00% | 96.70% | |||
PBF LLC [Member] | ||||||
Income Taxes [Line Items] | ||||||
Income tax expense | $ (719) | $ (4,292) | $ (5,403) | $ 2,040 | ||
Current income tax expense | 5 | 190 | (26) | 1,399 | ||
Deferred income tax expense | $ (724) | $ (4,482) | $ (5,377) | $ 641 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) | Aug. 14, 2018USD ($) | Feb. 01, 2018USD ($) | Jan. 13, 2017group | Jul. 01, 2016USD ($) | Mar. 03, 2014ppm | Mar. 01, 2011 | Sep. 30, 2018USD ($)ppm | Dec. 31, 2010ppm | Dec. 31, 2017USD ($) |
Loss Contingencies [Line Items] | |||||||||
Percent of tax benefit received from increases in tax basis paid to stockholders | 85.00% | ||||||||
Percentage of ownership in PBF LLC | 100.00% | 100.00% | |||||||
Recognized liability for the tax receivable agreement | $ 381,260,000 | $ 362,142,000 | |||||||
PBF Energy [Member] | Class A Common Stock [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Percentage of ownership in PBF LLC | 99.00% | 96.70% | |||||||
Environmental Issue [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Environmental liability | $ 11,253,000 | $ 10,282,000 | |||||||
Discount rate used for environmental liability assessment | 8.00% | ||||||||
Maximum amount of sulfur allowed in heating oil (in ppm) | ppm | 10 | 80 | |||||||
Loss Contingency, Number Of Environmental Groups Appealing Permits | group | 2 | ||||||||
Environmental Issue [Member] | PBF Energy and Valero [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Term of insurance policies | 10 years | ||||||||
Environmental Issue [Member] | Sunoco, Inc. [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Loss Contingency Accrual, Insurance-Related Assessment, Expiration Of Liability Period | 20 years | ||||||||
Environmental Issue [Member] | PBF Logistics Products Terminals LLC [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Environmental liability | $ 1,629,000 | 1,923,000 | |||||||
Discount rate used for environmental liability assessment | 1.83% | ||||||||
Environmental Issue [Member] | Torrance Refinery [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Environmental liability | $ 133,025,000 | $ 136,487,000 | |||||||
Term of insurance policies | 10 years | ||||||||
Environmental Issue [Member] | New York [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Maximum amount of sulfur allowed in heating oil (in ppm) | ppm | 15 | ||||||||
Environmental Issue [Member] | Pennsylvania [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Maximum amount of sulfur allowed in heating oil (in ppm) | ppm | 500 | ||||||||
Chalmette Refinery [Member] | Environmental Issue [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Term of insurance policies | 10 years | ||||||||
Environmental Costs Recognized, Recovery Credited to Expense | $ 3,936,000 | ||||||||
Accrual For Environmental Loss Contingencies, Expected Payment Period | 30 years | ||||||||
Environmental Insurance Policies Coverage | $ 100,000,000 | ||||||||
Maximum [Member] | PBF Logistics Products Terminals LLC [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Accrual For Environmental Loss Contingencies, Expected Future Payments | 250 | ||||||||
Maximum [Member] | Environmental Issue [Member] | Valero [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Site Contingency, Loss Exposure Not Accrued, Best Estimate | 20,000,000 | ||||||||
Maximum [Member] | Environmental Issue [Member] | PBF Energy and Valero [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Site Contingency, Loss Exposure Not Accrued, Best Estimate | $ 75,000,000 | ||||||||
Maximum [Member] | Environmental Issue [Member] | PBF Logistics Products Terminals LLC [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Accrual For Environmental Loss Contingencies, Expected Payment Period | 10 years | ||||||||
Maximum [Member] | Environmental Issue [Member] | Torrance Refinery [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Site Contingency, Loss Exposure Not Accrued, Best Estimate | $ 100,000,000 | ||||||||
Pending Litigation [Member] | Environmental Protection Agency [Member] | Environmental Remediation Contingency [Domain] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Loss Contingency, Damages Sought, Value | $ 645,000 | ||||||||
Pending Litigation [Member] | SCAQMD [Member] | Environmental Issue [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Loss Contingency, Damages Sought, Value | $ 515,000 | ||||||||
Pending Litigation [Member] | SCAQMD [Member] | Environmental Remediation Contingency [Domain] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Loss Contingency, Damages Sought, Value | $ 150,000 | ||||||||
California Department of Toxic Substance Control [Member] | Environmental Issue [Member] | Torrance Refinery [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Loss Contingency, Damages Sought, Value | 150,000 | ||||||||
Other [Member] | Environmental Issue [Member] | Torrance Refinery [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Loss Contingency, Damages Sought, Value | $ 100,000 |
DIVIDENDS AND DISTRIBUTIONS (De
DIVIDENDS AND DISTRIBUTIONS (Details) - USD ($) $ / shares in Units, $ in Thousands | Aug. 30, 2018 | May 30, 2018 | Mar. 14, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 |
Distribution Made to Member or Limited Partner [Line Items] | |||||||
Dividends per common share (in dollars per share) | $ 0.30 | $ 0.30 | $ 0.90 | $ 0.90 | |||
Class A Common Stock [Member] | |||||||
Distribution Made to Member or Limited Partner [Line Items] | |||||||
Aggregate amount of dividends paid | $ 103,015 | ||||||
PBF Energy [Member] | Class A Common Stock [Member] | |||||||
Distribution Made to Member or Limited Partner [Line Items] | |||||||
Dividends per common share (in dollars per share) | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.3 | |||
PBF LLC [Member] | Cash Distribution [Member] | |||||||
Distribution Made to Member or Limited Partner [Line Items] | |||||||
Distributions paid | $ 104,739 | ||||||
PBF Logistics LP [Member] | |||||||
Distribution Made to Member or Limited Partner [Line Items] | |||||||
Distribution made to partner (in dollars per share) | $ 0.495 | $ 0.49 | $ 0.4850 | ||||
PBF Energy Inc. [Member] | PBF LLC [Member] | Cash Distribution [Member] | |||||||
Distribution Made to Member or Limited Partner [Line Items] | |||||||
Distributions paid | 103,015 | ||||||
PBF LLC [Member] | PBF Logistics LP [Member] | |||||||
Distribution Made to Member or Limited Partner [Line Items] | |||||||
Distribution made to partners | $ 36,981 |
EMPLOYEE BENEFIT PLANS (Details
EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Other non-service components of net periodic benefit cost | $ 278 | $ (103) | $ 833 | $ (305) |
Pension Plan, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 11,836 | 10,142 | 35,508 | 30,429 |
Interest cost | 1,448 | 1,084 | 4,344 | 3,252 |
Expected return on plan assets | (2,135) | (1,441) | (6,405) | (4,325) |
Amortization of prior service cost | 22 | 13 | 65 | 39 |
Amortization of actuarial loss | 71 | 113 | 214 | 339 |
Net periodic benefit cost | 11,242 | 9,911 | 33,726 | 29,734 |
Post Retirement Medical Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 287 | 316 | 861 | 948 |
Interest cost | 155 | 172 | 465 | 516 |
Amortization of prior service cost | 161 | 162 | 484 | 484 |
Net periodic benefit cost | $ 603 | $ 650 | $ 1,810 | $ 1,948 |
FAIR VALUE MEASUREMENTS (Measur
FAIR VALUE MEASUREMENTS (Measured on Recurring Basis) (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Non-qualified pension plan assets | $ 9,427 | $ 9,593 |
Catalyst lease obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability, effect of counter-party netting | 0 | 0 |
Catalyst lease obligations | 43,800 | 59,048 |
Catalyst lease obligations [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Catalyst lease obligations | 0 | 0 |
Catalyst lease obligations [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Catalyst lease obligations | 43,800 | 59,048 |
Catalyst lease obligations [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Catalyst lease obligations | 0 | 0 |
Commodity contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability, gross carrying value | 46,097 | 84,708 |
Derivative liability, effect of counter-party netting | (18,725) | (10,388) |
Derivative Liability | 27,372 | 74,320 |
Commodity contract [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability, gross carrying value | 24,202 | |
Derivative Liability | 51,673 | |
Commodity contract [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability, gross carrying value | 21,895 | |
Derivative Liability | 33,035 | |
Commodity contract [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liability | 0 | 0 |
Inventory Supply Arrangement Obligation [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability, gross carrying value | 18,422 | 7,721 |
Derivative liability, effect of counter-party netting | 0 | 0 |
Derivative Liability | 18,422 | 7,721 |
Inventory Supply Arrangement Obligation [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability, gross carrying value | 0 | 0 |
Inventory Supply Arrangement Obligation [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability, gross carrying value | 18,422 | 7,721 |
Inventory Supply Arrangement Obligation [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability, gross carrying value | 0 | 0 |
Money market funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 396,998 | 4,730 |
Money market funds [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 396,998 | 4,730 |
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 assets, gross carrying value | 18,725 | 10,388 |
Derivative assets, effect of counter-party netting | (18,725) | (10,388) |
Derivative assets, net carrying value | 0 | 0 |
Commodity contract [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets, gross carrying value | 17,023 | 10,031 |
Commodity contract [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets, gross carrying value | 1,702 | 357 |
Commodity contract [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets, net carrying value | $ 0 | $ 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, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Change in Fair Value Measurement Categorized in Level 3 [Roll Forward] | ||||
Transfers into Level 3 | $ 0 | $ 0 | $ 0 | $ 0 |
Commodity Contract [Member] | ||||
Change in Fair Value Measurement Categorized in Level 3 [Roll Forward] | ||||
Balance at beginning of period | 0 | 0 | 0 | (84,000) |
Purchases | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 45,000 |
Unrealized loss included in earnings | 0 | 0 | 0 | 39,000 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Balance at end of period | $ 0 | $ 0 | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS (Fair V
FAIR VALUE MEASUREMENTS (Fair Value and Carrying Value of Debt) (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($)lease | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Number Of Platinum Leases Entered Into During Period | lease | 2 | |||||
Transfers into Level 3 | $ 0 | $ 0 | $ 0 | $ 0 | ||
Long-term debt, Fair value | 2,296,647,000 | 2,296,647,000 | $ 2,297,278,000 | |||
Long-term Debt, Gross | 2,220,035,000 | 2,220,035,000 | 2,220,488,000 | |||
Current maturities, Carrying value | (1,242,000) | (1,242,000) | (10,987,000) | |||
Current maturities, Fair value | (1,242,000) | (1,242,000) | (10,987,000) | |||
Unamortized Debt Issuance Expense | (42,904,000) | (42,904,000) | (34,459,000) | |||
Long-term debt excluding current maturities, Carrying value | 2,175,889,000 | 2,175,889,000 | 2,175,042,000 | |||
Long-term debt excluding current maturities, Fair value | 2,295,405,000 | 2,295,405,000 | 2,286,291,000 | |||
2023 Senior Notes [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Long-term Debt | [1] | 500,000,000 | 500,000,000 | 500,000,000 | ||
Long-term debt, Fair value | [1] | 522,798,000 | 522,798,000 | 522,101,000 | ||
2025 Senior Notes [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Long-term Debt | [1] | 725,000,000 | 725,000,000 | 725,000,000 | ||
Long-term debt, Fair value | [1] | $ 767,282,000 | $ 767,282,000 | 763,945,000 | ||
PBFX Senior Notes [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Interest rate | 6.875% | 6.875% | ||||
Long-term debt, Fair value | [1] | $ 539,494,000 | $ 539,494,000 | 544,118,000 | ||
Catalyst lease obligations [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Long-term Debt | [2] | 59,048,000 | ||||
Long-term debt, Fair value | [2] | 43,800,000 | 43,800,000 | 59,048,000 | ||
PBF Rail Logistics Company LLC [Member] | Notes Payable to Banks [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Long-term Debt | [3] | 23,273,000 | 23,273,000 | 28,366,000 | ||
Long-term debt, Fair value | [3] | 23,273,000 | 23,273,000 | 28,366,000 | ||
PBF Logistics LP [Member] | PBFX Senior Notes [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Long-term Debt | [1] | 527,962,000 | 527,962,000 | 528,374,000 | ||
Catalyst lease obligations [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Capital Lease Obligations [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Long-term Debt | [2] | 43,800,000 | 43,800,000 | |||
Revolving Credit Facility [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Line of credit, Fair value | [3] | 350,000,000 | 350,000,000 | 350,000,000 | ||
Revolving Credit Facility [Member] | Line of Credit [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Long-term line of credit | [3] | 350,000,000 | 350,000,000 | 350,000,000 | ||
Revolving Credit Facility [Member] | PBF Logistics LP [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Line of credit, Fair value | [3] | 50,000,000 | 50,000,000 | 29,700,000 | ||
Revolving Credit Facility [Member] | PBF Logistics LP [Member] | Line of Credit [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Long-term line of credit | [3] | $ 50,000,000 | $ 50,000,000 | $ 29,700,000 | ||
2023 Senior Notes [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Interest rate | 7.00% | 7.00% | ||||
2025 Senior Notes [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Interest rate | 7.25% | 7.25% | ||||
[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 7.00% senior notes due 2023, the 7.25% senior notes due 2025 (collectively with the senior notes due 2023, the “Senior Notes”), and the PBFX 6.875% senior notes due 2023 (the “PBFX 2023 Senior Notes”). | |||||
[2] | Catalyst leases are valued using a market approach based upon commodity prices for similar instruments quoted in active markets and are categorized as a Level 2 measurement. The Company has elected the fair value option for accounting for its catalyst lease repurchase obligations as the Company’s liability is directly impacted by the change in fair value of the underlying catalyst. During 2017, Delaware City Refining entered into two platinum bridge leases which were settled during the second quarter of 2018 and the Company entered into a new platinum bridge lease, which will expire in the first quarter of 2019. The total outstanding balance related to these bridge leases as of September 30, 2018 and December 31, 2017 was $1,242 and $10,987, respectively, and is included in Current debt on the Company’s Condensed Consolidated balance sheet. | |||||
[3] | The estimated fair value approximates carrying value, categorized as a Level 2 measurement, as these borrowings bear interest based upon short-term floating market interest rates. |
DERIVATIVES (Narrative) (Detail
DERIVATIVES (Narrative) (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018USD ($)bbl | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($)bbl | Sep. 30, 2017USD ($) | Dec. 31, 2017bbl | |
Derivative [Line Items] | |||||
Loss on fair value hedge ineffectiveness | $ | $ 0 | $ 0 | $ 0 | $ 0 | |
Intermediates and Refined Products Inventory [Member] | Fair Value Hedging [Member] | |||||
Derivative [Line Items] | |||||
Derivative, notional amount, volume | 2,966,904 | 2,966,904 | 3,000,142 | ||
Crude Oil Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | |||||
Derivative [Line Items] | |||||
Derivative, notional amount, volume | 11,126,000 | 11,126,000 | 22,348,000 | ||
Refined Product Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | |||||
Derivative [Line Items] | |||||
Derivative, notional amount, volume | 3,097,000 | 3,097,000 | 1,989,000 |
DERIVATIVES (Fair Value of Deri
DERIVATIVES (Fair Value of Derivative Instruments) (Details) - Accrued Expenses [Member] - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Designated as Hedging Instrument [Member] | Inventory Intermediation Agreement Obligation [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value Asset/(Liability) | $ (18,422) | $ (7,721) |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value Asset/(Liability) | $ (27,372) | $ (74,320) |
DERIVATIVES (Gain (Loss) Recogn
DERIVATIVES (Gain (Loss) Recognized in Income) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net | $ 0 | $ 0 | $ 0 | $ 0 |
Designated as Hedging Instrument [Member] | Inventory Intermediation Agreement Obligation [Member] | Cost of Sales [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain or (Loss) Recognized in Income on Derivatives | (8,163,000) | (29,766,000) | (10,701,000) | (26,659,000) |
Designated as Hedging Instrument [Member] | Intermediates and Refined Products Inventory [Member] | Cost of Sales [Member] | Fair Value Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain or (Loss) Recognized in Income on Derivatives | 8,163,000 | 29,766,000 | 10,701,000 | 26,659,000 |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Cost of Sales [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain or (Loss) Recognized in Income on Derivatives | $ (9,517,000) | $ (17,291,000) | $ (55,877,000) | $ (2,606,000) |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($)reportable_segmentsegment | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($) | Jul. 01, 2016refinery | |||
Segment Reporting Information [Line Items] | ||||||||
Number of reportable segments | reportable_segment | 2 | |||||||
Revenues | $ 7,646,360,000 | $ 5,478,951,000 | $ 20,893,219,000 | $ 15,250,649,000 | ||||
Depreciation and amortization expense | 93,326,000 | 78,520,000 | 271,624,000 | 208,155,000 | ||||
Income (loss) from operations | [1] | 286,433,000 | 587,260,000 | 804,356,000 | 477,007,000 | |||
Interest expense, net | 42,289,000 | 36,990,000 | 128,935,000 | 114,871,000 | ||||
Assets | [2] | 9,215,410,000 | $ 9,215,410,000 | $ 8,117,993,000 | ||||
Number Of Operating Refineries | refinery | 5 | |||||||
Number of Operating Segments | segment | 2 | |||||||
Capital Expenditures | 102,886,000 | 181,277,000 | $ 468,127,000 | 649,942,000 | [3] | |||
Refining Group [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenues | 7,641,944,000 | 5,475,114,000 | 20,880,613,000 | 15,237,189,000 | ||||
Depreciation and amortization expense | 83,281,000 | 70,192,000 | 242,568,000 | 180,704,000 | ||||
Income (loss) from operations | [1] | 321,370,000 | 609,292,000 | 895,952,000 | 521,015,000 | |||
Interest expense, net | 2,078,000 | 1,180,000 | 6,509,000 | 3,433,000 | ||||
Assets | [2] | 8,369,215,000 | 8,369,215,000 | 7,287,384,000 | ||||
Capital Expenditures | 79,697,000 | 165,179,000 | 376,774,000 | 574,871,000 | [3] | |||
PBF Logistics LP [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Assets | [2] | 806,850,000 | 806,850,000 | 748,215,000 | ||||
Corporate Segment [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Depreciation and amortization expense | 2,594,000 | 2,572,000 | 7,871,000 | 10,355,000 | ||||
Income (loss) from operations | [1] | (67,789,000) | (57,434,000) | (183,785,000) | (140,555,000) | |||
Interest expense, net | 29,644,000 | 28,062,000 | 91,486,000 | 87,820,000 | ||||
Assets | [2] | 72,799,000 | 72,799,000 | 123,211,000 | ||||
Capital Expenditures | 2,233,000 | 562,000 | 4,726,000 | 2,971,000 | [3] | |||
Intersegment Eliminations [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenues | (66,140,000) | (62,358,000) | (190,789,000) | (176,915,000) | ||||
Depreciation and amortization expense | 0 | 0 | 0 | 0 | ||||
Income (loss) from operations | [1] | (4,725,000) | (3,799,000) | (13,110,000) | (11,218,000) | |||
Interest expense, net | 0 | 0 | 0 | 0 | ||||
Assets | [2] | (33,454,000) | (33,454,000) | (40,817,000) | ||||
Capital Expenditures | 0 | 0 | 0 | 0 | [3] | |||
Knoxville Terminals Purchase [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Payments to Acquire Businesses, Gross | 58,000,000 | 0 | ||||||
Toledo Terminal Acquisition [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Payments to Acquire Businesses, Gross | 0 | 10,097,000 | ||||||
PBF LLC [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenues | 7,646,360,000 | 5,478,951,000 | 20,893,219,000 | 15,250,649,000 | ||||
Depreciation and amortization expense | 93,326,000 | 78,520,000 | 271,624,000 | 208,155,000 | ||||
Income (loss) from operations | [1] | 286,759,000 | 587,308,000 | 805,375,000 | 477,163,000 | |||
Interest expense, net | 44,473,000 | 38,893,000 | 135,116,000 | 120,910,000 | ||||
Assets | [2] | 9,208,845,000 | 9,208,845,000 | 8,038,985,000 | ||||
Capital Expenditures | 102,886,000 | 181,277,000 | 468,127,000 | 649,942,000 | ||||
PBF LLC [Member] | Refining Group [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenues | 7,641,944,000 | 5,475,114,000 | 20,880,613,000 | 15,237,189,000 | ||||
Depreciation and amortization expense | 83,281,000 | 70,192,000 | 242,568,000 | 180,704,000 | ||||
Income (loss) from operations | [1] | 321,370,000 | 609,292,000 | 895,952,000 | 521,015,000 | |||
Interest expense, net | 2,078,000 | 1,180,000 | 6,509,000 | 3,433,000 | ||||
Assets | [2] | 8,369,215,000 | 8,369,215,000 | 7,287,384,000 | ||||
Capital Expenditures | 79,697,000 | 165,179,000 | 376,774,000 | 574,871,000 | ||||
PBF LLC [Member] | PBF Logistics LP [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenues | 70,556,000 | 66,195,000 | 203,395,000 | 190,375,000 | ||||
Depreciation and amortization expense | 7,451,000 | 5,756,000 | 21,185,000 | 17,096,000 | ||||
Income (loss) from operations | [1] | 37,577,000 | 39,201,000 | 105,299,000 | 107,765,000 | |||
Interest expense, net | 10,567,000 | 7,748,000 | 30,940,000 | 23,618,000 | ||||
Assets | [2] | 806,850,000 | 806,850,000 | 748,215,000 | ||||
Capital Expenditures | 20,956,000 | 15,536,000 | 86,627,000 | 72,100,000 | ||||
PBF LLC [Member] | Corporate Segment [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenues | 0 | 0 | 0 | 0 | ||||
Depreciation and amortization expense | 2,594,000 | 2,572,000 | 7,871,000 | 10,355,000 | ||||
Income (loss) from operations | [1] | (67,463,000) | (57,386,000) | (182,766,000) | (140,399,000) | |||
Interest expense, net | 31,828,000 | 29,965,000 | 97,667,000 | 93,859,000 | ||||
Assets | [2] | 66,234,000 | 66,234,000 | 44,203,000 | ||||
Capital Expenditures | 2,233,000 | 562,000 | 4,726,000 | 2,971,000 | ||||
PBF LLC [Member] | Intersegment Eliminations [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Revenues | (66,140,000) | (62,358,000) | (190,789,000) | (176,915,000) | ||||
Depreciation and amortization expense | 0 | 0 | 0 | |||||
Income (loss) from operations | [1] | (3,799,000) | (13,110,000) | (11,218,000) | ||||
Interest expense, net | 0 | 0 | 0 | |||||
Assets | [2] | $ (33,454,000) | (33,454,000) | $ (40,817,000) | ||||
Capital Expenditures | $ 0 | 0 | 0 | |||||
PBF LLC [Member] | Knoxville Terminals Purchase [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Payments to Acquire Businesses, Gross | 58,000,000 | 0 | ||||||
PBF LLC [Member] | Toledo Terminal Acquisition [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Payments to Acquire Businesses, Gross | $ 0 | $ 10,097,000 | ||||||
Torrance Valley Pipeline Company LLC [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Subsidiary, Consolidation Percentage | 100.00% | 100.00% | ||||||
Torrance Valley Pipeline Company LLC [Member] | PBFX [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Noncontrolling Interest in Variable Interest Entity | $ 0.5 | $ 0.5 | ||||||
[1] | (1)The Logistics segment includes 100% of the income from operations of TVPC as TVPC is consolidated by PBFX. PBFX records net income attributable to noncontrolling interest for the 50% equity interest in TVPC held by PBF Holding. PBF Holding (included in the Refining segment) records equity income in investee related to its 50% noncontrolling ownership interest in TVPC. For purposes of the Company’s condensed consolidated financial statements, PBF Holding’s equity income in investee and PBFX’s net income attributable to noncontrolling interest eliminate in consolidation. | |||||||
[2] | (3)The Logistics segment includes 100% of the assets of TVPC as TVPC is consolidated by PBFX. PBFX records a noncontrolling interest for the 50% equity interest in TVPC held by PBF Holding. PBF Holding (included in the Refining segment) records an equity investment in TVPC reflecting its noncontrolling ownership interest. For purposes of the Company’s condensed consolidated PBF Energy and PBF LLC financial statements, PBFX’s noncontrolling interest in TVPC and PBF Holding’s equity investment in TVPC eliminate in consolidation. | |||||||
[3] | (2)The Logistics segment includes capital expenditures of $58,000 for the acquisition of the Knoxville Terminals by PBFX on April 16, 2018 and $10,097 for the acquisition of the Toledo Products Terminal by PBFX on April 17, 2017. |
NET INCOME PER SHARE OF PBF E_3
NET INCOME PER SHARE OF PBF ENERGY (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 01, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||
Statutory tax rate | 21.00% | 26.40% | 39.40% | 26.40% | 39.40% | 35.00% | |
Basic Earnings Per Share: | |||||||
Net income attributable to PBF Energy | $ 179,538 | $ 314,365 | $ 482,057 | $ 173,625 | |||
Undistributed Earnings (Loss) Allocated to Participating Securities, Basic | $ 194 | $ 272 | $ 592 | $ 811 | |||
Denominator for basic net income per Class A common share-weighted average shares (in shares) | 117,029,486 | 109,724,595 | 113,597,970 | 109,634,921 | |||
Basic net income attributable to PBF Energy per Class A common share (in usd per share) | $ 1.53 | $ 2.86 | $ 4.24 | $ 1.58 | |||
Net Income (Loss) Available to Common Stockholders, Basic | $ 179,344 | $ 314,093 | $ 481,465 | $ 172,814 | |||
Diluted Earnings Per Share: | |||||||
Plus: Net income attributable to noncontrolling interest | 2,394 | 18,137 | 9,790 | 9,677 | |||
Less: Income tax on net income attributable to noncontrolling interest | [1] | (632) | (7,139) | (2,585) | (3,809) | ||
Numerator for diluted net income per Class A common share | [1] | $ 181,106 | $ 325,091 | $ 488,670 | $ 178,682 | ||
Denominator for basic net income per Class A common share-weighted average shares (in shares) | 117,029,486 | 109,724,595 | 113,597,970 | 109,634,921 | |||
Effect of dilutive securities: | |||||||
Conversion of PBF LLC Series A Units | [1] | 1,206,326 | 3,825,508 | 2,184,690 | 3,832,464 | ||
Effect of dilutive securities on common stock equivalents (in shares) | [2] | 2,169,503 | 332,137 | 1,592,510 | 324,157 | ||
Denominator for diluted net income per Class A common share-adjusted weighted average shares | 120,405,315 | 113,882,240 | 117,375,170 | 113,791,542 | |||
Diluted net income attributable to PBF Energy per Class A common share (in usd per share) | $ 1.50 | $ 2.85 | $ 4.16 | $ 1.57 | |||
Stock Options [Member] | |||||||
Effect of dilutive securities: | |||||||
Antidilutive common stock excluded from computation of dilutive earnings per share (in shares) | 15,000 | 6,484,650 | 25,000 | 6,554,650 | |||
[1] | (1)The diluted earnings per share calculation generally assumes the conversion of all outstanding PBF LLC Series A Units to Class A common stock of PBF Energy. The net income attributable to PBF Energy, used in the numerator of the diluted earnings per share calculation is adjusted to reflect the net income, as well as the corresponding income tax expense (based on a 26.4% estimated annualized statutory corporate tax rate for both the three and nine months ended September 30, 2018 and 39.4% estimated annualized statutory corporate tax rate for both the three and nine months ended September 30, 2017) attributable to the converted units. | ||||||
[2] | Represents an adjustment to weighted-average diluted shares outstanding to assume the full exchange of common stock equivalents, including options and warrants for PBF LLC Series A Units and options for shares of PBF Energy Class A common stock as calculated under the treasury stock method (to the extent the impact of such exchange would not be anti-dilutive). Common stock equivalents exclude the effects of options and warrants to purchase 15,000 and 25,000 shares of PBF Energy Class A common stock and PBF LLC Series A units because they are anti-dilutive for the three and nine months ended September 30, 2018, respectively. Common stock equivalents exclude the effects of options and warrants to purchase 6,484,650 and 6,554,650 shares of PBF Energy Class A common stock and PBF LLC Series A units because they are anti-dilutive for the three and nine months ended September 30, 2017, respectively. |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - USD ($) | Oct. 31, 2018 | Oct. 01, 2018 | Jul. 16, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Jul. 30, 2018 | May 02, 2018 | Dec. 31, 2017 | |
Subsequent Event [Line Items] | |||||||||
Long-term Debt, Gross | $ 2,220,035,000 | $ 2,220,488,000 | |||||||
Payments to Acquire Property, Plant, and Equipment | $ 192,152,000 | $ 267,151,000 | |||||||
Stock Issued During Period, Shares, New Issues | 6,000,000 | ||||||||
PBF Logistics LP [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Stock Issued During Period, Shares, New Issues | 1,775,750 | ||||||||
Stock Issued During Period, Value, New Issues | $ 35,000,000 | ||||||||
Subsequent Event [Member] | Class A Common Stock [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Dividends declared (in dollars per share) | $ 0.30 | ||||||||
Subsequent Event [Member] | PBF Logistics LP [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Cash distribution (in dollars per share) | $ 0.5000 | ||||||||
East Coast Storage Assets Acquisition [Member] | Subsequent Event [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Payments to Acquire Businesses, Gross | $ 107,000,000 | ||||||||
Payments to Acquire Property, Plant, and Equipment | $ 75,000,000 | ||||||||
Line of Credit [Member] | Revolving Credit Facility [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Long-term line of credit | [1] | $ 350,000,000 | 350,000,000 | ||||||
Line of Credit [Member] | Revolving Credit Facility [Member] | PBF Logistics LP [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Long-term line of credit | [1] | $ 50,000,000 | $ 29,700,000 | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 500,000,000 | ||||||||
Line of Credit [Member] | Revolving Credit Facility [Member] | Maximum [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Long-term line of credit | $ 3,400,000,000 | ||||||||
Accordion Feature [Member] | Revolving Credit Facility [Member] | Maximum [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Long-term line of credit | $ 3,500,000,000 | ||||||||
[1] | 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. |
DEBT (Details)
DEBT (Details) | Jul. 30, 2018USD ($) | May 02, 2018USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2017USD ($) | |
Accordion Feature [Member] | Maximum [Member] | Revolving Credit Facility [Member] | |||||
Long-term line of credit | $ 3,500,000,000 | ||||
Line of Credit [Member] | Revolving Credit Facility [Member] | |||||
Long-term line of credit | [1] | $ 350,000,000 | $ 350,000,000 | ||
Line of Credit [Member] | Maximum [Member] | Revolving Credit Facility [Member] | |||||
Long-term line of credit | $ 3,400,000,000 | ||||
Fronting fee percentage | 0.25% | ||||
Base Rate [Member] | Line of Credit [Member] | Maximum [Member] | Revolving Credit Facility [Member] | |||||
Basis spread on variable rate | 1.00% | ||||
Base Rate [Member] | Line of Credit [Member] | Minimum [Member] | Revolving Credit Facility [Member] | |||||
Basis spread on variable rate | 0.25% | ||||
London Interbank Offered Rate (LIBOR) [Member] | Line of Credit [Member] | Maximum [Member] | Revolving Credit Facility [Member] | |||||
Basis spread on variable rate | 2.00% | ||||
London Interbank Offered Rate (LIBOR) [Member] | Line of Credit [Member] | Minimum [Member] | Revolving Credit Facility [Member] | |||||
Basis spread on variable rate | 1.25% | ||||
Company Credit Rating [Member] | Line of Credit [Member] | Maximum [Member] | Revolving Credit Facility [Member] | |||||
Basis spread on variable rate | 1.75% | ||||
Company Credit Rating [Member] | Line of Credit [Member] | Minimum [Member] | Revolving Credit Facility [Member] | |||||
Basis spread on variable rate | 1.00% | ||||
PBF Logistics LP [Member] | Line of Credit [Member] | Revolving Credit Facility [Member] | |||||
Long-term line of credit | [1] | $ 50,000,000 | $ 29,700,000 | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 500,000,000 | ||||
Wells Fargo Bank [Member] | PBF Logistics LP [Member] | Swing Line Loan [Member] | Standby Letters of Credit [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 25,000,000 | ||||
Wells Fargo Bank [Member] | PBF Logistics LP [Member] | Line of Credit [Member] | Standby Letters of Credit [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 75,000,000 | ||||
Line of Credit Facility, Available Increase in Borrowing Capacity | 250,000,000 | ||||
Line of Credit Facility, Maximum Including Higher Borrowing Capacity Option | $ 750,000,000 | ||||
Wells Fargo Bank [Member] | PBF Logistics LP [Member] | Line of Credit [Member] | Line of Credit [Member] | |||||
Term of Renewal | 1 year | ||||
Number of Contract Renewals | 2 | ||||
Wells Fargo Bank [Member] | PBF Logistics LP [Member] | Base Rate [Member] | Line of Credit [Member] | Maximum [Member] | Line of Credit [Member] | |||||
Basis spread on variable rate | 1.75% | ||||
Wells Fargo Bank [Member] | PBF Logistics LP [Member] | Base Rate [Member] | Line of Credit [Member] | Minimum [Member] | Line of Credit [Member] | |||||
Basis spread on variable rate | 0.75% | ||||
Wells Fargo Bank [Member] | PBF Logistics LP [Member] | London Interbank Offered Rate (LIBOR) [Member] | Line of Credit [Member] | Maximum [Member] | Line of Credit [Member] | |||||
Basis spread on variable rate | 2.75% | ||||
Wells Fargo Bank [Member] | PBF Logistics LP [Member] | London Interbank Offered Rate (LIBOR) [Member] | Line of Credit [Member] | Minimum [Member] | Line of Credit [Member] | |||||
Basis spread on variable rate | 1.75% | ||||
[1] | 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. |