Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | ||
Sep. 30, 2019 | Oct. 28, 2019 | Dec. 31, 2018 | |
Entity Information [Line Items] | |||
Document Type | 10-Q | ||
Document Quarterly Report | true | ||
Document Period End Date | Sep. 30, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 001-35764 | ||
Entity Registrant Name | PBF ENERGY INC. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 45-3763855 | ||
Entity Address, Address Line One | One Sylvan Way, Second Floor | ||
Entity Address, City or Town | Parsippany | ||
Entity Address, State or Province | NJ | ||
Entity Address, Postal Zip Code | 07054 | ||
City Area Code | 973 | ||
Local Phone Number | 455-7500 | ||
Title of 12(b) Security | Common Stock | ||
Trading Symbol | PBF | ||
Security Exchange Name | NYSE | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Ownership Percentage of Equity Held | 100.00% | 100.00% | |
Entity Central Index Key | 0001534504 | ||
Amendment Flag | false | ||
Document Fiscal Period Focus | Q3 | ||
Document Fiscal Year Focus | 2019 | ||
Current Fiscal Year End Date | --12-31 | ||
Class A Common Stock [Member] | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 119,843,868 | ||
Class B common stock [Member] | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 20 | ||
PBF LLC [Member] | |||
Entity Information [Line Items] | |||
Entity File Number | 333-206728-02 | ||
Entity Registrant Name | PBF Energy Co LLC | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 61-1622166 | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Central Index Key | 0001645026 | ||
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 Millions | Sep. 30, 2019 | Dec. 31, 2018 | |||
Current assets: | |||||
Cash and cash equivalents (PBFX: $52.6 and $19.9, respectively) | $ 536.3 | $ 597.3 | |||
Accounts receivable | 879.8 | 718.2 | |||
Inventories | 2,130.4 | 1,865.8 | |||
Prepaid and other current assets | 56.4 | 55.6 | |||
Total current assets | 3,602.9 | 3,236.9 | |||
Property, plant and equipment, net (PBFX: $856.2 and $862.1, respectively) | 3,975.6 | 3,820.9 | |||
Deferred tax assets | 0 | 48.5 | |||
Deferred charges and other assets, net | 1,007.6 | 899.1 | |||
Total assets | [1] | 8,917.4 | 8,005.4 | ||
Current liabilities: | |||||
Accounts payable | 521.2 | 488.4 | |||
Accrued expenses | 1,699.6 | 1,623.6 | |||
Deferred revenue | 13.1 | 20.1 | |||
Current operating lease liabilities | 78.2 | 0 | |||
Current debt | 0 | 2.4 | |||
Total current liabilities | 2,312.1 | 2,134.5 | |||
Long-term debt (PBFX: $801.7 and $673.3, respectively) | 2,064.3 | 1,931.3 | |||
Payable to related parties pursuant to Tax Receivable Agreement | 373.5 | 373.5 | |||
Deferred tax liabilities | 81.5 | 40.4 | |||
Long-term operating lease liabilities | 252.1 | 0 | |||
Other long-term liabilities | 279.6 | 277.2 | |||
Total liabilities | 5,363.1 | 4,756.9 | |||
Commitments and contingencies (Note 7) | |||||
Preferred stock, $0.001 par value, 100,000,000 shares authorized, no shares outstanding at September 30, 2019 and December 31, 2018 | 0 | 0 | |||
Treasury stock, at cost | (162.2) | (160.8) | |||
Additional paid in capital | 2,806.8 | 2,633.8 | |||
Retained earnings | 384.3 | 225.8 | |||
Accumulated other comprehensive loss | (21.3) | (22.4) | |||
Total PBF Energy Company LLC equity | 3,007.7 | 2,676.5 | |||
Noncontrolling interest | 546.6 | 572 | |||
Total equity | 3,554.3 | 3,248.5 | |||
Total liabilities, Series B units and equity | 8,917.4 | 8,005.4 | |||
Operating lease right of use assets | 331.3 | 0 | |||
Class A Common Stock [Member] | |||||
Current liabilities: | |||||
Common stock, issuance value | 0.1 | 0.1 | |||
Class B common stock [Member] | |||||
Current liabilities: | |||||
Common stock, issuance value | 0 | 0 | |||
PBF LLC [Member] | |||||
Current assets: | |||||
Cash and cash equivalents (PBFX: $52.6 and $19.9, respectively) | 536.3 | 596 | |||
Accounts receivable | 878.7 | 718.2 | |||
Inventories | 2,130.4 | 1,865.8 | |||
Prepaid and other current assets | 56.4 | 55.1 | |||
Total current assets | 3,601.8 | 3,235.1 | |||
Property, plant and equipment, net (PBFX: $856.2 and $862.1, respectively) | 3,975.6 | 3,820.9 | |||
Deferred charges and other assets, net | 1,006.6 | 897.1 | |||
Total assets | 8,915.3 | [1] | 7,953.1 | [2] | |
Current liabilities: | |||||
Accounts payable | 521.2 | 488.4 | |||
Accrued expenses | 1,725 | 1,642.7 | |||
Deferred revenue | 13.1 | 20.1 | |||
Current operating lease liabilities | 78.2 | 0 | |||
Current debt | 0 | 2.4 | |||
Total current liabilities | 2,337.5 | 2,153.6 | |||
Long-term debt (PBFX: $801.7 and $673.3, respectively) | 2,064.3 | 1,931.3 | |||
Affiliate note payable | 378.4 | 326.1 | |||
Deferred tax liabilities | 32.9 | 40.4 | |||
Long-term operating lease liabilities | 252.1 | 0 | |||
Other long-term liabilities | 279.6 | 277.2 | |||
Total liabilities | 5,344.8 | 4,728.6 | |||
Series B Units, 1,000,000 issued and outstanding, no par or stated value | 5.1 | 5.1 | |||
Treasury stock, at cost | (162.2) | (160.8) | |||
Retained earnings | 1,114 | 914.3 | |||
Accumulated other comprehensive loss | (22.8) | (23.9) | |||
Total PBF Energy Company LLC equity | 3,131.9 | 2,759.6 | |||
Noncontrolling interest | 433.5 | 459.8 | |||
Total equity | 3,565.4 | 3,219.4 | |||
Total liabilities, Series B units and equity | 8,915.3 | 7,953.1 | |||
Operating lease right of use assets | 331.3 | 0 | |||
PBF LLC [Member] | Series A Units [Member] | |||||
Current liabilities: | |||||
Common unit, issuance value | 20.2 | 20.2 | |||
PBF LLC [Member] | Series C Units [Member] | |||||
Current liabilities: | |||||
Common unit, issuance value | $ 2,182.7 | $ 2,009.8 | |||
[1] | (1) On April 24, 2019, PBFX entered into the TVPC Contribution Agreement, pursuant to which PBF LLC contributed to PBFX all of the issued and outstanding limited liability company interests of TVP Holding. Prior to the TVPC Acquisition, TVP Holding owned a 50% membership interest in TVPC. Subsequent to the closing of the TVPC Acquisition on May 31, 2019, PBFX owns 100% of the membership interests in TVPC. | ||||
[2] | (4) Prior to the TVPC Contribution Agreement, the Logistics segment included 100% of the assets of TVPC, as TVPC was consolidated by PBFX. PBFX recorded noncontrolling interest for the 50% equity interest in TVPC held by PBF Holding. PBF Holding (included in the Refining segment) recorded an equity investment in TVPC reflecting its noncontrolling ownership interest. For purposes of the Company’s Condensed Consolidated Financial Statements, PBFX’s noncontrolling interest in TVPC and PBF Holding’s equity investment in TVPC eliminated in consolidation. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Cash and cash equivalents (PBFX: $22,009 and $19,664, respectively) | $ 536.3 | $ 597.3 |
Property, plant and equipment, net (PBFX: $670,261 and $673,823, respectively) | 3,975.6 | 3,820.9 |
Long-term debt (PBFX: $801.7 and $673.3, respectively) | $ 2,064.3 | $ 1,931.3 |
Treasury stock, shares | 6,317,628 | 6,274,261 |
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 | 119,902,824 | 119,874,191 |
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 | 20 |
PBF Logistics LP [Member] | ||
Cash and cash equivalents (PBFX: $22,009 and $19,664, respectively) | $ 52.6 | $ 19.9 |
Property, plant and equipment, net (PBFX: $670,261 and $673,823, respectively) | 856.2 | 862.1 |
Long-term debt (PBFX: $801.7 and $673.3, respectively) | 801.7 | 673.3 |
PBF LLC [Member] | ||
Cash and cash equivalents (PBFX: $22,009 and $19,664, respectively) | 536.3 | 596 |
Property, plant and equipment, net (PBFX: $670,261 and $673,823, respectively) | 3,975.6 | 3,820.9 |
Long-term debt (PBFX: $801.7 and $673.3, respectively) | $ 2,064.3 | $ 1,931.3 |
PBF LLC [Member] | Series B Units [Member] | ||
Units Issued (in shares) | 1,000,000 | 1,000,000 |
Units Outstanding (in shares) | 1,000,000 | 1,000,000 |
PBF LLC [Member] | Series A Units [Member] | ||
Units Issued (in shares) | 1,206,325 | 1,206,325 |
Units Outstanding (in shares) | 1,206,325 | 1,206,325 |
PBF LLC [Member] | Series C Units [Member] | ||
Units Issued (in shares) | 119,924,055 | 119,895,422 |
Units Outstanding (in shares) | 119,924,055 | 119,895,422 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||||||
Revenues | $ 6,430.5 | $ 7,646.3 | $ 18,206.7 | $ 20,893.2 | |||||
Cost and expenses: | |||||||||
Cost of products and other | 5,700.2 | 6,816.1 | 15,865.2 | 18,400.7 | |||||
Operating expenses (excluding depreciation and amortization expense as reflected below) | 436.5 | 424.4 | 1,348.7 | 1,268.2 | |||||
Depreciation and amortization expense | 107.7 | 90.8 | 314.9 | 263.8 | |||||
Cost of sales | 6,244.4 | 7,331.3 | 17,528.8 | 19,932.7 | |||||
General and administrative expenses (excluding depreciation and amortization expense as reflected below) | 64.7 | 69.9 | 175.9 | 191.4 | |||||
Depreciation and amortization expense | 2.1 | 2.6 | 7.8 | 7.9 | |||||
Gain on sale of assets | (32.6) | (43.8) | (31.8) | (43.1) | |||||
Total cost and expenses | 6,278.6 | 7,360 | 17,680.7 | 20,088.9 | |||||
Income from operations | [2] | 151.9 | [1] | 286.3 | 526 | [1] | 804.3 | ||
Other income (expense): | |||||||||
Change in Tax Receivable Agreement liability | 0 | 7.8 | 0 | 7.8 | |||||
Change in fair value of catalyst leases | (3.8) | 1.7 | (6.4) | 5.8 | |||||
Interest expense, net | (39.7) | (42.3) | (121.3) | (128.9) | |||||
Other non-service components of net periodic benefit cost | (0.1) | 0.3 | (0.2) | 0.8 | |||||
Income before income taxes | 108.3 | 253.8 | 398.1 | 689.8 | |||||
Income tax expense | 22 | 61.3 | 92 | 167.8 | |||||
Net income | 86.3 | 192.5 | 306.1 | 522 | |||||
Less: net income attributable to noncontrolling interests | 16.8 | 12.9 | 39.7 | 39.9 | |||||
Net income attributable to PBF Energy Inc. stockholders | $ 69.5 | $ 179.6 | $ 266.4 | $ 482.1 | |||||
Weighted-average shares of Class A common stock outstanding | |||||||||
Basic (in shares) | 119,921,346 | 117,029,486 | 119,897,504 | 113,597,970 | |||||
Diluted (in shares) | 121,589,179 | 120,405,315 | 121,871,864 | 117,375,170 | |||||
Net income available to Class A common stock per share: | |||||||||
Basic (in dollars per share) | $ 0.58 | $ 1.53 | $ 2.22 | $ 4.24 | |||||
Diluted (in dollars per share) | $ 0.57 | $ 1.50 | $ 2.20 | $ 4.16 | |||||
PBF LLC [Member] | |||||||||
Revenues | $ 6,430.5 | $ 7,646.3 | $ 18,206.7 | $ 20,893.2 | |||||
Cost and expenses: | |||||||||
Cost of products and other | 5,700.2 | 6,816.1 | 15,865.2 | 18,400.7 | |||||
Operating expenses (excluding depreciation and amortization expense as reflected below) | 436.5 | 424.4 | 1,348.7 | 1,268.2 | |||||
Depreciation and amortization expense | 107.7 | 90.8 | 314.9 | 263.8 | |||||
Cost of sales | 6,244.4 | 7,331.3 | 17,528.8 | 19,932.7 | |||||
General and administrative expenses (excluding depreciation and amortization expense as reflected below) | 64.3 | 69.6 | 174.8 | 190.4 | |||||
Depreciation and amortization expense | 2.1 | 2.6 | 7.8 | 7.9 | |||||
Gain on sale of assets | (32.6) | (43.8) | (31.8) | (43.1) | |||||
Total cost and expenses | 6,278.2 | 7,359.7 | 17,679.6 | 20,087.9 | |||||
Income from operations | 152.3 | [1],[2] | 286.6 | [1] | 527.1 | [1],[2] | 805.3 | [2] | |
Other income (expense): | |||||||||
Change in fair value of catalyst leases | (3.8) | 1.7 | (6.4) | 5.8 | |||||
Interest expense, net | (42.3) | (44.5) | (128.3) | (135.1) | |||||
Other non-service components of net periodic benefit cost | (0.1) | 0.3 | (0.2) | 0.8 | |||||
Income before income taxes | 106.1 | 244.1 | 392.2 | 676.8 | |||||
Income tax expense | (2) | (0.8) | (7.4) | (5.5) | |||||
Net income | 108.1 | 244.9 | 399.6 | 682.3 | |||||
Net income attributable to PBF Energy Inc. stockholders | $ 92.1 | $ 234.4 | $ 363.5 | $ 652.2 | |||||
[1] | (1) On April 24, 2019, PBFX entered into the TVPC Contribution Agreement, pursuant to which PBF LLC contributed to PBFX all of the issued and outstanding limited liability company interests of TVP Holding. Prior to the TVPC Acquisition, TVP Holding owned a 50% membership interest in TVPC. Subsequent to the closing of the TVPC Acquisition on May 31, 2019, PBFX owns 100% of the membership interests in TVPC. | ||||||||
[2] | (2) Prior to the TVPC Contribution Agreement, the Logistics segment included 100% of the income from operations of TVPC, as TVPC was consolidated by PBFX. PBFX recorded net income attributable to noncontrolling interest for the 50% equity interest in TVPC held by PBF Holding. PBF Holding (included in the Refining segment) recorded equity income in investee related to its 50% |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Depreciation and amortization expense | $ 107.7 | $ 90.8 | $ 314.9 | $ 263.8 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Net income | $ 86.3 | $ 192.5 | $ 306.1 | $ 522 |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, after Tax | 0.2 | (0.1) | 0.5 | (0.3) |
Other comprehensive income (loss): | ||||
Net gain on pension and other post-retirement benefits | 0.2 | 0.3 | 0.6 | 0.8 |
Total other comprehensive income | 0.4 | 0.2 | 1.1 | 0.5 |
Comprehensive income | 86.7 | 192.7 | 307.2 | 522.5 |
Less: net income attributable to noncontrolling interests | 16.8 | 12.9 | 39.7 | 39.9 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 69.9 | 179.8 | 267.5 | 482.6 |
PBF LLC [Member] | ||||
Net income | 108.1 | 244.9 | 399.6 | 682.3 |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, after Tax | 0.2 | (0.1) | 0.5 | (0.3) |
Other comprehensive income (loss): | ||||
Net gain on pension and other post-retirement benefits | 0.2 | 0.3 | 0.6 | 0.8 |
Total other comprehensive income | 0.4 | 0.2 | 1.1 | 0.5 |
Comprehensive income | 108.5 | 245.1 | 400.7 | 682.8 |
Less: net income attributable to noncontrolling interests | 16 | 10.5 | 36.1 | 30.1 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 92.5 | $ 234.6 | $ 364.6 | $ 652.7 |
Condensed Consolidated Statem_4
Condensed Consolidated Statement of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 306,100,000 | $ 522,000,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 331,300,000 | 277,700,000 |
Stock-based compensation | 28,400,000 | 18,600,000 |
Change in fair value of catalyst leases | 6,400,000 | (5,800,000) |
Deferred income taxes | 89,600,000 | 167,000,000 |
Change in Tax Receivable Agreement liability | 0 | (7,800,000) |
Non-cash change in inventory repurchase obligations | 11,400,000 | 10,700,000 |
Non-cash lower of cost or market inventory adjustment | (277,000,000) | (300,500,000) |
Pension and other post-retirement benefit costs | 33,600,000 | 35,600,000 |
Gain on sale of assets | (31,800,000) | (43,100,000) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (161,600,000) | (115,300,000) |
Inventories | 12,400,000 | (46,900,000) |
Prepaid and other current assets | (2,000,000) | 2,100,000 |
Accounts payable | 56,800,000 | (109,800,000) |
Accrued expenses | 85,000,000 | 318,800,000 |
Deferred revenue | (7,000,000) | 4,200,000 |
Other assets and liabilities | (49,400,000) | (7,300,000) |
Net cash provided by operating activities | 432,200,000 | 720,200,000 |
Cash flows from investing activities: | ||
Expenditures for property, plant and equipment | (309,000,000) | (192,200,000) |
Expenditures for deferred turnaround costs | (282,600,000) | (201,000,000) |
Expenditures for other assets | (38,200,000) | (16,900,000) |
Acquisition of Knoxville Terminals by PBFX | 0 | (58,000,000) |
Proceeds from sale of assets | 36,300,000 | 48,300,000 |
Net cash used in investing activities | (593,500,000) | (419,800,000) |
Cash flows from financing activities: | ||
Net proceeds from issuance of PBFX common units | 0 | 287,300,000 |
Distributions to PBF Energy Company LLC members other than PBF Energy | (2,700,000) | (1,700,000) |
Distributions to PBFX public unitholders | (45,800,000) | (35,500,000) |
Dividend payments | (107,600,000) | (103,000,000) |
Proceeds from borrowings | 1,350,000,000 | 0 |
Repayments of revolver borrowings | (1,350,000,000) | 0 |
Repayment of note payable | 0 | (5,600,000) |
Catalyst lease settlements | (3,500,000) | (9,500,000) |
Proceeds from insurance premium financing | 7,500,000 | 7,000,000 |
Proceeds from stock options exercised | 200,000 | 14,000,000 |
Purchase of treasury stock | (1,500,000) | (1,400,000) |
Deferred financing costs and other | (600,000) | (15,900,000) |
Net cash provided by financing activities | 100,300,000 | 185,800,000 |
Net (decrease) increase in cash and cash equivalents | (61,000,000) | 486,200,000 |
Cash and equivalents, beginning of period | 597,300,000 | 573,000,000 |
Cash and cash equivalents, end of period | 536,300,000 | 1,059,200,000 |
Non-cash activities: | ||
Accrued and unpaid capital expenditures | 34,900,000 | 48,500,000 |
Assets acquired under operating leases | 407,500,000 | 0 |
Assets acquired under finance leases | 14,600,000 | 0 |
Affiliate note payable related to PBF LLC member distributions | 53,200,000 | 0 |
Interest (net of capitalized interest of $13.8 and $6.5 in 2019 and 2018, respectively) | 81,900,000 | 94,700,000 |
Interest Costs Capitalized | 13,800,000 | 6,500,000 |
Income taxes | 1,900,000 | 300,000 |
PBFX Revolving Credit Facility [Member] | ||
Cash flows from financing activities: | ||
Proceeds from borrowings | 228,000,000 | 64,000,000 |
Repayments of revolver borrowings | (101,000,000) | (43,700,000) |
Rail Term Loan [Member] | ||
Cash flows from financing activities: | ||
Repayments of debt | (5,200,000) | (5,100,000) |
PBF Logistics LP [Member] | ||
Cash flows from financing activities: | ||
Net proceeds from issuance of PBFX common units | 132,500,000 | 34,900,000 |
PBF LLC [Member] | ||
Cash flows from operating activities: | ||
Net income | 399,600,000 | 682,300,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 331,300,000 | 277,700,000 |
Stock-based compensation | 28,400,000 | 18,600,000 |
Change in fair value of catalyst leases | 6,400,000 | (5,800,000) |
Deferred income taxes | (7,500,000) | (5,500,000) |
Non-cash change in inventory repurchase obligations | 11,400,000 | 10,700,000 |
Non-cash lower of cost or market inventory adjustment | (277,000,000) | (300,500,000) |
Pension and other post-retirement benefit costs | 33,600,000 | 35,500,000 |
Gain on sale of assets | (31,800,000) | (43,100,000) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (160,500,000) | (115,300,000) |
Inventories | 12,400,000 | (46,900,000) |
Prepaid and other current assets | (2,600,000) | (9,700,000) |
Accounts payable | 56,800,000 | (110,000,000) |
Accrued expenses | 91,300,000 | 317,200,000 |
Deferred revenue | (7,000,000) | 4,200,000 |
Other assets and liabilities | (50,500,000) | (10,400,000) |
Net cash provided by operating activities | 434,300,000 | 699,000,000 |
Cash flows from investing activities: | ||
Expenditures for property, plant and equipment | (309,000,000) | (192,200,000) |
Expenditures for deferred turnaround costs | (282,600,000) | (201,000,000) |
Expenditures for other assets | (38,200,000) | (16,900,000) |
Acquisition of Knoxville Terminals by PBFX | 0 | (58,000,000) |
Proceeds from sale of assets | 36,300,000 | 48,300,000 |
Net cash used in investing activities | (593,500,000) | (419,800,000) |
Cash flows from financing activities: | ||
Net proceeds from issuance of PBFX common units | 0 | 287,300,000 |
Distributions to PBFX public unitholders | (45,800,000) | (35,500,000) |
Dividend payments | (110,300,000) | (104,700,000) |
Proceeds from borrowings | 1,350,000,000 | 0 |
Repayments of revolver borrowings | (1,350,000,000) | 0 |
Repayment of note payable | 0 | (5,600,000) |
Catalyst lease settlements | (3,500,000) | (9,500,000) |
Proceeds from insurance premium financing | 7,500,000 | 7,000,000 |
Repayment of affiliate note payable with PBF Energy Inc. | (800,000) | 44,100,000 |
Proceeds from stock options exercised | 100,000 | 200,000 |
Purchase of treasury stock | (1,500,000) | (1,400,000) |
Deferred financing costs and other | (500,000) | (15,900,000) |
Net cash provided by financing activities | 99,500,000 | 216,100,000 |
Net (decrease) increase in cash and cash equivalents | (59,700,000) | 495,300,000 |
Cash and equivalents, beginning of period | 596,000,000 | 562,000,000 |
Cash and cash equivalents, end of period | 536,300,000 | 1,057,300,000 |
Non-cash activities: | ||
Interest (net of capitalized interest of $13.8 and $6.5 in 2019 and 2018, respectively) | 94,700,000 | |
Interest Costs Capitalized | 13,800,000 | 6,500,000 |
Income taxes | 1,000,000 | 300,000 |
PBF LLC [Member] | PBFX Revolving Credit Facility [Member] | ||
Cash flows from financing activities: | ||
Proceeds from borrowings | 228,000,000 | 64,000,000 |
Repayments of revolver borrowings | (101,000,000) | (43,700,000) |
PBF LLC [Member] | Rail Term Loan [Member] | ||
Cash flows from financing activities: | ||
Repayments of debt | $ (5,200,000) | $ (5,100,000) |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Changes in Equity Statement - USD ($) $ in Millions | Total | Class A Common Stock [Member] | Class B common stock [Member] | Common Stock [Member]Class A Common Stock [Member] | Common Stock [Member]Class B common stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | Noncontrolling Interest [Member] | PBF LLC [Member] | PBF LLC [Member]Common Stock [Member]Series A Units [Member] | PBF LLC [Member]Common Stock [Member]Series C Units [Member] | PBF LLC [Member]Retained Earnings [Member] | PBF LLC [Member]AOCI Attributable to Parent [Member] | PBF LLC [Member]Treasury Stock [Member] | PBF LLC [Member]Noncontrolling Interest [Member] |
Balance, beginning of period, shares at Dec. 31, 2017 | 110,565,531 | 25 | 6,132,884 | 3,767,464 | 110,586,762 | ||||||||||||
Balance, beginning of period at Dec. 31, 2017 | $ 2,902.9 | $ 0.1 | $ 0 | $ 2,277.7 | $ 236.8 | $ (25.4) | $ (152.6) | $ 566.3 | $ 2,878.5 | $ 40.1 | $ 1,655 | $ 906.8 | $ (26.9) | $ (152.6) | $ 456.1 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||
Comprehensive income | 522.5 | 482.1 | 0.5 | 39.9 | 682.8 | 652.2 | 0.5 | 30.1 | |||||||||
Stockholders' Equity, Warrants And Options Exercised, Shares Issued | 691,286 | 137,496 | 691,286 | ||||||||||||||
Stockholders' Equity, Warrants And Options Exercised | 14 | 14 | (3.8) | $ (3.8) | |||||||||||||
Stockholders' Equity, Distributions To Controlling Interest Holders | (1.7) | (1.7) | |||||||||||||||
Stockholders' Equity, Distributions To Controlling Interest Holders of PBFX | (36.5) | (36.5) | |||||||||||||||
Stock-based compensation (in shares) | 35,811 | 35,811 | |||||||||||||||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | 18.6 | 14.1 | 4.5 | 18.6 | $ 14.1 | 4.5 | |||||||||||
Dividends | (103.4) | (103.4) | |||||||||||||||
Dividends per common share (in dollars per share) | $ 0.9 | ||||||||||||||||
Adjustments to Additional Paid in Capital, Other | (2.8) | (2.8) | |||||||||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 2,698,635 | (5) | (2,698,635) | 2,698,635 | |||||||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | 0 | 0 | $ (17.3) | $ 17.3 | |||||||||||||
Stock Issued During Period, Shares, New Issues | 6,000,000 | 6,000,000 | |||||||||||||||
Stock Issued During Period, Value, New Issues | 287.3 | 287.3 | 287.3 | $ 287.3 | 0 | ||||||||||||
Stock Redeemed or Called During Period, Shares | (39,544) | 39,544 | 39,544 | ||||||||||||||
Stock Redeemed or Called During Period, Value | 0 | 1.4 | $ (1.4) | 0 | $ 1.4 | (1.4) | |||||||||||
Stockholders' Equity, Other | 9.8 | (10.9) | (1.1) | (10.2) | 0.4 | (10.9) | 1.1 | ||||||||||
Adjustment to Additional Paid in Capital, Income Tax Effect from Share-based Compensation, Net | 0.3 | 0.3 | |||||||||||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | 34.9 | 28.6 | 6.3 | 34.9 | $ 28.6 | 6.3 | |||||||||||
Distribution To Unitholders | (141.6) | (105.1) | (36.5) | ||||||||||||||
Balance, end of period, shares at Sep. 30, 2018 | 119,951,719 | 20 | 6,172,428 | 1,206,325 | 119,972,950 | ||||||||||||
Balance, end of period at Sep. 30, 2018 | 3,645.3 | $ 0.1 | $ 0 | 2,631.2 | 615.5 | (24.9) | $ (154) | 577.4 | 3,766.9 | $ 19 | $ 2,004.1 | 1,464.8 | (26.4) | (154) | 459.4 | ||
Balance, beginning of period, shares at Jun. 30, 2018 | 113,829,728 | 20 | 6,171,898 | 1,206,325 | 113,850,959 | ||||||||||||
Balance, beginning of period at Jun. 30, 2018 | 3,172.3 | $ 0.1 | $ 0 | 2,308.4 | 472 | (25.1) | $ (153.6) | 570.5 | 3,243.5 | $ 19.5 | $ 1,682.8 | 1,266.8 | (26.6) | (153.6) | 454.6 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||
Comprehensive income | 192.7 | 179.6 | 0.2 | 12.9 | 245.1 | 234.4 | 0.2 | 10.5 | |||||||||
Stockholders' Equity, Warrants And Options Exercised, Shares Issued | 88,370 | 10,584 | 88,370 | ||||||||||||||
Stockholders' Equity, Warrants And Options Exercised | 2.3 | (2.3) | (0.5) | $ 0.5 | $ 0 | ||||||||||||
Stockholders' Equity, Distributions To Controlling Interest Holders | (0.3) | (0.3) | |||||||||||||||
Stockholders' Equity, Distributions To Controlling Interest Holders of PBFX | (12.9) | (12.9) | |||||||||||||||
Stock-based compensation (in shares) | 23,567 | 23,567 | |||||||||||||||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | 5.6 | 4.6 | 1 | 5.6 | $ 4.6 | 1 | |||||||||||
Dividends | (36.1) | (36.1) | |||||||||||||||
Dividends per common share (in dollars per share) | $ 0.3 | ||||||||||||||||
Adjustments to Additional Paid in Capital, Other | (0.4) | (0.4) | |||||||||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 10,584 | (10,584) | 10,584 | ||||||||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | 0 | 0 | $ 0 | $ 0 | |||||||||||||
Stock Issued During Period, Shares, New Issues | 6,000,000 | 6,000,000 | |||||||||||||||
Stock Issued During Period, Value, New Issues | 287.3 | 287.3 | 287.3 | $ 287.3 | 0 | ||||||||||||
Stock Redeemed or Called During Period, Shares | (530) | 530 | 530 | ||||||||||||||
Stock Redeemed or Called During Period, Value | 0 | 0.4 | $ (0.4) | 0 | $ 0.4 | (0.4) | |||||||||||
Stockholders' Equity, Other | (0.1) | (0.1) | 0.3 | 0.4 | 0 | 0.1 | |||||||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | (34.9) | (28.6) | (6.3) | (34.9) | $ (28.6) | (6.3) | |||||||||||
Distribution To Unitholders | (49.3) | (36.4) | (12.9) | ||||||||||||||
Balance, end of period, shares at Sep. 30, 2018 | 119,951,719 | 20 | 6,172,428 | 1,206,325 | 119,972,950 | ||||||||||||
Balance, end of period at Sep. 30, 2018 | 3,645.3 | $ 0.1 | $ 0 | 2,631.2 | 615.5 | (24.9) | $ (154) | 577.4 | 3,766.9 | $ 19 | $ 2,004.1 | 1,464.8 | (26.4) | (154) | 459.4 | ||
Balance, beginning of period, shares at Dec. 31, 2018 | 119,874,191 | 20 | 119,874,191 | 20 | 6,274,261 | 1,206,325 | 119,895,422 | ||||||||||
Balance, beginning of period at Dec. 31, 2018 | 3,248.5 | $ 0.1 | $ 0 | 2,633.8 | 225.8 | (22.4) | $ (160.8) | 572 | 3,219.4 | $ 20.2 | $ 2,009.8 | 914.3 | (23.9) | (160.8) | 459.8 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||
Comprehensive income | 307.2 | 266.4 | 1.1 | 39.7 | 400.7 | 363.5 | 1.1 | 36.1 | |||||||||
Stockholders' Equity, Warrants And Options Exercised, Shares Issued | 7,525 | 10,000 | 7,525 | ||||||||||||||
Stockholders' Equity, Warrants And Options Exercised | 0.2 | 0.2 | 0.8 | $ (0.1) | $ (0.9) | ||||||||||||
Stockholders' Equity, Distributions To Controlling Interest Holders | (2.7) | (2.7) | |||||||||||||||
Stockholders' Equity, Distributions To Controlling Interest Holders of PBFX | (47) | (47) | |||||||||||||||
Stock-based compensation (in shares) | 54,475 | 54,475 | |||||||||||||||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | 25.9 | 20.3 | 5.6 | 25.9 | $ 20.3 | 5.6 | |||||||||||
Dividends | (107.9) | (107.9) | |||||||||||||||
Dividends per common share (in dollars per share) | $ 0.9 | ||||||||||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 10,000 | 0 | (10,000) | 10,000 | |||||||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | 0.1 | 0.1 | 0 | $ (0.1) | $ 0.1 | ||||||||||||
Stock Redeemed or Called During Period, Shares | (43,367) | 43,367 | 43,367 | ||||||||||||||
Stock Redeemed or Called During Period, Value | 0 | 1.4 | $ (1.4) | 0 | $ 1.4 | (1.4) | |||||||||||
Stockholders' Equity, Other | (1.5) | 0 | (1.5) | 1.5 | 0 | 1.5 | |||||||||||
Adjustment to Additional Paid in Capital, Income Tax Effect from Share-based Compensation, Net | 1 | (1) | |||||||||||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | 132.5 | 152 | (19.5) | 132.5 | $ 152 | (19.5) | |||||||||||
Distribution To Unitholders | (210.8) | (163.8) | (47) | ||||||||||||||
Balance, end of period, shares at Sep. 30, 2019 | 119,902,824 | 20 | 119,902,824 | 20 | 6,317,628 | 1,206,325 | 119,924,055 | ||||||||||
Balance, end of period at Sep. 30, 2019 | 3,554.3 | $ 0.1 | $ 0 | 2,806.8 | 384.3 | (21.3) | $ (162.2) | 546.6 | 3,565.4 | $ 20.2 | $ 2,182.7 | 1,114 | (22.8) | (162.2) | 433.5 | ||
Balance, beginning of period, shares at Jun. 30, 2019 | 119,894,441 | 20 | 6,315,761 | 1,206,325 | 119,915,672 | ||||||||||||
Balance, beginning of period at Jun. 30, 2019 | 3,513.1 | $ 0.1 | $ 0 | 2,800.4 | 350.8 | (21.7) | $ (162.2) | 545.7 | 3,502.4 | $ 20.2 | $ 2,176.4 | 1,058.2 | (23.2) | (162.2) | 433 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||
Comprehensive income | 86.7 | 69.5 | 0.4 | 16.8 | 108.5 | 92.1 | 0.4 | 16 | |||||||||
Stockholders' Equity, Warrants And Options Exercised, Shares Issued | 0 | 0 | |||||||||||||||
Stockholders' Equity, Warrants And Options Exercised | 0 | 0 | (0.1) | $ (0.1) | |||||||||||||
Stockholders' Equity, Distributions To Controlling Interest Holders | (0.4) | (0.4) | |||||||||||||||
Stockholders' Equity, Distributions To Controlling Interest Holders of PBFX | (17) | (17) | |||||||||||||||
Stock-based compensation (in shares) | 10,250 | 10,250 | |||||||||||||||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | 7.6 | 6.4 | 1.2 | 7.6 | $ 6.4 | 1.2 | |||||||||||
Dividends | (36) | (36) | |||||||||||||||
Dividends per common share (in dollars per share) | $ 0.3 | ||||||||||||||||
Stock Redeemed or Called During Period, Shares | (1,867) | 1,867 | 1,867 | ||||||||||||||
Stock Redeemed or Called During Period, Value | 0 | 0 | $ 0 | 0 | $ 0 | 0 | |||||||||||
Stockholders' Equity, Other | 0.3 | 0.3 | 0.3 | (0.3) | |||||||||||||
Adjustment to Additional Paid in Capital, Income Tax Effect from Share-based Compensation, Net | 0 | 0 | |||||||||||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | 0 | 0 | 0 | ||||||||||||||
Distribution To Unitholders | (53.3) | (36.3) | (17) | ||||||||||||||
Balance, end of period, shares at Sep. 30, 2019 | 119,902,824 | 20 | 119,902,824 | 20 | 6,317,628 | 1,206,325 | 119,924,055 | ||||||||||
Balance, end of period at Sep. 30, 2019 | $ 3,554.3 | $ 0.1 | $ 0 | $ 2,806.8 | $ 384.3 | $ (21.3) | $ (162.2) | $ 546.6 | $ 3,565.4 | $ 20.2 | $ 2,182.7 | $ 1,114 | $ (22.8) | $ (162.2) | $ 433.5 |
DESCRIPTION OF THE BUSINESS AND
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION | DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION Description of the Business PBF 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 Condensed Consolidated Financial Statements representing the economic interests of PBF LLC’s members other than PBF Energy (refer to “Note 9 - Equity”). PBF Energy holds a 99.0% economic interest in PBF LLC as of September 30, 2019 through its ownership of PBF LLC Series C Units, which are held solely by PBF Energy. Holders of PBF LLC Series A Units, which are held by parties other than PBF Energy (“the members of PBF LLC other than PBF Energy”), hold the remaining 1.0% economic interest in PBF LLC. The PBF LLC Series C Units rank on parity with the PBF LLC Series A Units as to distribution rights, voting rights and rights upon liquidation, winding up or dissolution. In addition, the amended and restated limited liability company agreement of PBF LLC provides that any PBF LLC Series A Units acquired by PBF Energy will automatically be reclassified as PBF LLC Series C Units in connection with such acquisition. As of September 30, 2019 , PBF Energy held 119,924,055 PBF LLC Series C Units and the members of PBF LLC other than PBF Energy held 1,206,325 PBF LLC Series A Units. 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, 2019 , PBF LLC also held a 48.2% limited partner interest in PBF Logistics LP (“PBFX”), a publicly-traded master limited partnership (“MLP”) (refer to “Note 2 - 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 (refer to “Note 9 - Equity”). 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. 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 MLP that was formed to operate logistics assets such as crude oil and refined petroleum products terminals, pipelines and storage facilities. The Logistics segment consists solely of PBFX’s operations. To generate earnings and cash flows from operations, the Company is primarily dependent upon processing crude oil and selling refined petroleum products at margins sufficient to cover fixed and variable costs and other expenses. Crude oil and refined petroleum products are commodities; and factors that are largely out of the Company’s control can cause prices to vary over time. The resulting potential margin volatility can have a material effect on the Company’s financial position, earnings and cash flows. Basis of Presentation The unaudited condensed consolidated financial information furnished herein reflects all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, considered necessary for a fair presentation of the financial position and the results of operations and cash flows of the Company for the periods presented. All intercompany accounts and transactions have been eliminated in consolidation. These unaudited Condensed Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. These interim Condensed Consolidated Financial Statements should be read in conjunction with the PBF Energy Inc. and PBF Energy Company LLC financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2018 . The results of operations for the three and nine months ended September 30, 2019 are not necessarily indicative of the results to be expected for the full year. In 2019, the Company has changed its presentation from thousands to millions, as applicable, and as a result, any necessary rounding adjustments have been made to prior year disclosed amounts. Torrance Land Sale During the three months ended September 30, 2019, the Company closed on a third party sale of a parcel of real property acquired as part of the Torrance refinery, but not part of the refinery itself. The sale resulted in a gain of approximately $33.1 million included within Gain on sale of assets in the Condensed Consolidated Statements of Operations. Recently Adopted Accounting Guidance In February 2016, the Financial Accounting Standard Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, “Leases (Topic 842)” (Accounting Standards Codification “ASC” 842) to increase the transparency and comparability of leases. ASC 842 supersedes the lease accounting guidance in ASC 840 - “Leases” (“ASC 840”). ASC 842 requires lessees to recognize a lease liability and a corresponding lease asset for virtually all lease contracts. It also requires additional disclosures about leasing arrangements. The Company elected to utilize the “package” of three expedients, as defined in ASC 842, which retains the lease classification and initial direct costs for any leases that existed prior to adoption of the standard. The Company also has elected to not evaluate land easements that existed as of, or expired before, adoption of the new standard. The Company’s Condensed Consolidated Financial Statements for the periods prior to the adoption of ASC 842 are not adjusted and are reported in accordance with the Company’s historical accounting policy. As of the date of implementation on January 1, 2019, the impact of the adoption of ASC 842 resulted in the recognition of a right of use asset and lease payable obligation on the Company’s Condensed Consolidated Balance Sheets of approximately $250.0 million . As the right of use asset and the lease payable obligation were the same upon adoption of ASC 842, there was no cumulative effect on the Company’s retained earnings. See “Note 8 - Leases” for further details. In August 2017, the FASB issued ASU No. 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities” (“ASU 2017-12”). The amendments in ASU 2017-12 more closely align the results of cash flow and fair value hedge accounting with risk management activities in the consolidated financial statements. The amendments expand the ability to hedge nonfinancial and financial risk components, reduce complexity in fair value hedges of interest rate risk, eliminate the requirement to separately measure and report hedge ineffectiveness, and eases certain hedge effectiveness assessment requirements. The guidance in ASU 2017-12 also provided transition relief to make it easier for entities to apply certain amendments to existing hedges (including fair value hedges) where the hedge documentation needs to be modified. The presentation and disclosure requirements of ASU 2017-12 were applied prospectively. The Company adopted the amendments in this ASU effective January 1, 2019, which did not have a material impact on its Condensed Consolidated Financial Statements and related disclosures. In June 2018, the FASB issued ASU No. 2018-07, “Compensation - Stock Compensation (Topic 718): Targeted Improvements to Non-employee Share-Based Payment Accounting” (“ASU 2018-07”). ASU 2018-07 expands the scope of Topic 718, Compensation - Stock Compensation, to include share-based payment transactions for acquiring goods and services from non-employees. As a result, non-employee share-based transactions will be measured by estimating the fair value of the equity instruments at the grant date, taking into consideration the probability of satisfying performance conditions. In addition, ASU 2018-07 also clarifies that any share-based payment awards issued to customers should be evaluated under ASC 606, Revenues from Contracts with Customers (“ASC 606”). The Company adopted the amendments in this ASU effective January 1, 2019, which did not have a material impact on its Condensed Consolidated Financial Statements and related disclosures. In August 2018, the FASB issued ASU 2018-15, “Intangibles-Goodwill and Other-Internal-Use Software” (Subtopic 350-40) (“ASU 2018-15”). This guidance addresses a customer’s accounting for implementation costs incurred in a cloud computing arrangement that is a service contract. ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in such arrangements with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. This guidance is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years, with early adoption permitted. This guidance should be applied on either a retrospective or prospective basis. The Company has elected to early adopt this guidance in the second quarter of 2019 on a prospective basis. The Company’s adoption of ASU 2018-15 did not have a material impact on its Condensed Consolidated Financial Statements and related disclosures. Recently Issued Accounting Pronouncements In August 2018, the FASB issued ASU No. 2018-14, “Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20)”, to improve the effectiveness of benefit plan disclosures in the notes to financial statements by facilitating clear communication of the information required by GAAP that is most important to users of each entity’s financial statements. The amendments in this ASU modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. Additionally, the amendments in this ASU remove disclosures that no longer are considered cost beneficial, clarify the specific requirements of disclosures, and add disclosure requirements identified as relevant. The amendments in this ASU are effective for fiscal years ending after December 15, 2020, for public business entities and early adoption is permitted for all entities. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments-Credit Losses” (Topic 326), Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). This guidance amends the guidance on measuring credit losses on financial assets held at amortized cost. ASU 2016-13 requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company does not expect that the adoption of this guidance will have a material impact on its financial statements and related disclosures. |
PBF LOGISITICS LP
PBF LOGISITICS LP | 9 Months Ended |
Sep. 30, 2019 | |
PBF LOGISTICS LP [Abstract] | |
PBF Logistics LP | PBF LOGISTICS LP PBFX is a fee-based, growth-oriented, publicly traded Delaware MLP 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, 2019 , a substantial majority of PBFX’s revenues are 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, 2019 , PBF LLC held a 48.2% limited partner interest in PBFX (consisting of 29,953,631 common units) with the remaining 51.8% limited partner interest held by the public unitholders. PBF LLC also indirectly owns a non-economic general partner interest in PBFX through its wholly-owned subsidiary, PBF GP, the general partner of PBFX. On February 28, 2019, PBFX closed on the transaction contemplated by the Equity Restructuring Agreement (the “IDR Restructuring Agreement”) with PBF LLC and PBF GP, pursuant to which PBFX’s incentive distribution rights (the “IDRs”) held by PBF LLC were canceled and converted into 10,000,000 newly issued PBFX common units (the “IDR Restructuring”). Subsequent to the closing of the IDR Restructuring, no distributions were made to PBF LLC with respect to the IDRs and the newly issued PBFX common units are entitled to normal distributions by PBFX. PBFX Registered Direct Offering On April 24, 2019, PBFX entered into subscription agreements to sell an aggregate of 6,585,500 common units to certain institutional investors in a registered direct public offering (the “PBFX Registered Direct Offering”) for gross proceeds of approximately $135.0 million . The PBFX Registered Direct Offering closed on April 29, 2019. TVPC Acquisition On April 24, 2019, PBFX entered into a contribution agreement with PBF LLC (the “TVPC Contribution Agreement”), pursuant to which PBF LLC contributed to PBFX all of the issued and outstanding limited liability company interests of TVP Holding Company LLC (“TVP Holding”) for total consideration of $200.0 million (the “TVPC Acquisition”). Prior to the TVPC Acquisition, TVP Holding owned a 50% membership interest in Torrance Valley Pipeline Company LLC (“TVPC”). Subsequent to the closing of the TVPC Acquisition on May 31, 2019, PBFX owns 100% of the membership interests in TVPC. |
ACQUISITIONS
ACQUISITIONS | 9 Months Ended |
Sep. 30, 2019 | |
Business Combinations [Abstract] | |
ACQUISITIONS [Text Block] | . ACQUISITIONS East Coast Storage Assets Acquisition On October 1, 2018, PBFX closed the acquisition of CPI Operations LLC (“CPI”), whose assets include a storage facility with multi-use storage capacity, an Aframax-capable marine facility, a rail facility, a truck terminal, equipment, contracts and certain other idled assets (collectively, the “East Coast Storage Assets”) located on the Delaware River near Paulsboro, New Jersey (the “East Coast Storage Assets Acquisition”), which had been contemplated by a purchase and sale agreement dated as of July 16, 2018 between PBFX and Crown Point International, LLC (“Crown Point”). Additionally, the East Coast Storage Assets Acquisition includes an earn-out provision related to an existing commercial agreement with a third-party, based on the future results of certain of the acquired idled assets (the “Contingent Consideration”), which recommenced operations on October 25, 2019. The aggregate purchase price for the East Coast Storage Assets Acquisition was $127.0 million , including working capital and Contingent Consideration, which was comprised of an initial payment at closing of $75.0 million with a remaining balance of $32.0 million that was paid one year after closing on October 1, 2019. The residual purchase consideration consists of the Contingent Consideration. The consideration was financed through a combination of cash on hand and borrowings under the amended and restated PBFX revolving credit facility (the “PBFX Revolving Credit Facility”). The final purchase price and fair value allocation were completed as of September 30, 2019. PBFX accounted for the East Coast Storage Assets Acquisition as a business combination in accordance with GAAP whereby PBFX recognizes assets acquired and liabilities assumed at their estimated fair values as of the date of acquisition. The total purchase consideration and the fair values of the assets and liabilities at the acquisition date were as follows: (in millions) Purchase Price Gross purchase price* $ 105.9 Working capital adjustments — Contingent Consideration** 21.1 Total consideration $ 127.0 * Includes $30.9 million net present value payable of $32.0 million due to Crown Point one year after closing, which is included in “Accrued expenses” on the Condensed Consolidated Balance Sheets. The remaining $32.0 million payment was paid in full on October 1, 2019. ** The Contingent Consideration is included in “Other long-term liabilities” in the Condensed Consolidated Balance Sheets. The following table summarizes the final amounts recognized for assets acquired and liabilities assumed as of the acquisition date: (in millions) Fair Value Allocation Accounts receivable $ 0.4 Prepaid and other current assets 0.6 Property, plant and equipment 115.6 Intangible assets* 13.3 Accounts payable (0.9 ) Accrued expenses (1.3 ) Other long-term liabilities (0.7 ) Fair value of net assets acquired $ 127.0 * Intangible assets are included in “Deferred charges and other assets” on the Condensed Consolidated Balance Sheets. The East Coast Storage Asset Acquisition includes consideration in the form of the Contingent Consideration. Pursuant to the purchase and sale agreement, PBFX and Crown Point will share equally in the future operating profits of the restarted assets, as defined in the purchase and sale agreement, over a contractual term of up to three years starting in 2019. PBFX recorded the Contingent Consideration based on its estimated fair value of $21.1 million at acquisition date, which was recorded within “Other long-term liabilities” on the Condensed Consolidated Balance Sheets. The Company’s Condensed Consolidated Financial Statements for the nine months ended September 30, 2019 include the results of operations of the East Coast Storage Assets subsequent to the East Coast Storage Assets Acquisition. The same period in 2018 does not include the results of operations of such assets. On an unaudited pro forma basis, the revenues and net income of the Company, assuming the acquisition had occurred on January 1, 2017, for the period indicated, are shown below. The unaudited pro forma information does not purport to present what the Company’s actual results would have been had the East Coast Storage Assets Acquisition occurred on January 1, 2017, nor is the financial information indicative of the results of future operations. The unaudited pro forma financial information includes the depreciation and amortization expense related to the East Coast Storage Assets Acquisition and interest expense associated with the related financing. Nine Months Ended September 30, 2018 (Unaudited, in millions) PBF Energy Pro forma revenues $ 20,910.6 Pro forma net income attributable to PBF Energy Inc. stockholders 479.6 PBF LLC Pro forma revenues $ 20,910.6 Pro forma net income attributable to PBF LLC 648.8 Acquisition Expenses The Company incurred acquisition-related costs of $4.2 million and $7.5 million for the three and nine months ended September 30, 2019 , respectively. The Company incurred acquisition-related costs of $0.8 million and $2.0 million for the three and nine months ended September 30, 2018 , respectively. Acquisition-related costs consist primarily of consulting and legal expenses related to completed, pending and non-consummated acquisitions. These costs are included in General and administrative expenses within the Condensed Consolidated Statements of Operations. |
ACCRUED EXPENSES
ACCRUED EXPENSES | 9 Months Ended |
Sep. 30, 2019 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES | . ACCRUED EXPENSES Accrued expenses consisted of the following: PBF Energy (in millions) September 30, 2019 December 31, 2018 Inventory-related accruals $ 993.5 $ 846.3 Inventory intermediation agreements 241.5 249.4 Excise and sales tax payable 116.7 149.4 Accrued transportation costs 66.6 53.6 Renewable energy credit and emissions obligations 46.2 27.1 Accrued interest 43.1 12.1 Accrued utilities 38.9 49.8 Deferred payment - East Coast Storage Assets Acquisition 32.0 30.9 Accrued capital expenditures 29.3 60.6 Accrued salaries and benefits 26.3 89.8 Accrued refinery maintenance and support costs 23.4 19.0 Environmental liabilities 9.3 7.0 Customer deposits 4.1 5.6 Other 28.7 23.0 Total accrued expenses $ 1,699.6 $ 1,623.6 PBF LLC (in millions) September 30, 2019 December 31, 2018 Inventory-related accruals $ 993.5 $ 846.3 Inventory intermediation agreements 241.5 249.4 Excise and sales tax payable 116.7 149.4 Accrued interest 67.9 29.9 Accrued transportation costs 66.6 53.6 Renewable energy credit and emissions obligations 46.2 27.1 Accrued utilities 38.9 49.8 Deferred payment - East Coast Storage Assets Acquisition 32.0 30.9 Accrued capital expenditures 29.3 60.6 Accrued salaries and benefits 26.3 89.8 Accrued refinery maintenance and support costs 23.4 19.0 Environmental liabilities 9.3 7.0 Customer deposits 4.1 5.6 Other 29.3 24.3 Total accrued expenses $ 1,725.0 $ 1,642.7 The Company has the obligation to repurchase certain crude oil, intermediate and finished products (the “Products”) that are held in the Company’s Storage Tanks in accordance with the Inventory Intermediation Agreements with J. Aron. As of September 30, 2019 and December 31, 2018 , a liability is recognized for the Inventory Intermediation Agreements and is recorded at market price for the J. Aron owned inventory held in the Company’s Storage Tanks under the Inventory Intermediation Agreements, with any change in the market price being recorded in Cost of products and other. The Company is subject to obligations to purchase Renewable Identification Numbers (“RINs”) required to comply with the Renewable Fuels Standard. The Company’s overall RINs obligation is based on a percentage of domestic shipments of on-road fuels as established by Environmental Protection Agency (“EPA”). To the degree the Company is unable to blend the required amount of biofuels to satisfy its RINs obligation, RINs must be purchased on the open market to avoid penalties and fines. The Company records its RINs obligation on a net basis in Accrued expenses when its RINs liability is greater than the amount of RINs earned and purchased in a given period and in Prepaid and other current assets when the amount of RINs earned and purchased is greater than the RINs liability. In addition, the Company is subject to obligations to comply with federal and state legislative and regulatory measures, including regulations in the state of California pursuant to Assembly Bill 32 (“AB32”), to address environmental compliance and greenhouse gas and other emissions. These requirements include incremental costs to operate and maintain our facilities as well as to implement and manage new emission controls and programs. Renewable energy credit and emissions obligations fluctuate with the volume of applicable product sales and timing of credit purchases. |
INVENTORIES
INVENTORIES | 9 Months Ended |
Sep. 30, 2019 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES Inventories consisted of the following: September 30, 2019 (in millions) Titled Inventory Inventory Intermediation Agreements Total Crude oil and feedstocks $ 1,065.6 $ 20.4 $ 1,086.0 Refined products and blendstocks 1,034.0 266.8 1,300.8 Warehouse stock and other 118.4 — 118.4 $ 2,218.0 $ 287.2 $ 2,505.2 Lower of cost or market adjustment (292.4 ) (82.4 ) (374.8 ) Total inventories $ 1,925.6 $ 204.8 $ 2,130.4 December 31, 2018 (in millions) Titled Inventory Inventory Intermediation Agreements Total Crude oil and feedstocks $ 1,044.8 $ — $ 1,044.8 Refined products and blendstocks 1,026.9 334.8 1,361.7 Warehouse stock and other 111.1 — 111.1 $ 2,182.8 $ 334.8 $ 2,517.6 Lower of cost or market adjustment (557.2 ) (94.6 ) (651.8 ) Total inventories $ 1,625.6 $ 240.2 $ 1,865.8 Inventory under inventory intermediation agreements includes crude oil, intermediate and certain finished products purchased or produced by the Paulsboro and Delaware City refineries and sold to counterparties in connection with the amended and restated inventory intermediation agreements (as amended in the first quarter of 2019 and amended and restated in the third quarter of 2019, the “Inventory Intermediation Agreements”) with J. Aron & Company, a subsidiary of The Goldman Sachs Group, Inc. (“J. Aron”). This inventory is held in the Company’s storage tanks at the Delaware City and Paulsboro refineries and at PBFX’s East Coast Storage Assets, (collectively the “Storage Tanks”). During the three months ended September 30, 2019 , the Company recorded an adjustment to value its inventories to the lower of cost or market which decreased income from operations by $47.0 million , reflecting the net change in the lower of cost or market (“LCM”) inventory reserve from $327.8 million at June 30, 2019 to $374.8 million at September 30, 2019 . During the nine months ended September 30, 2019 , the Company recorded an adjustment to value its inventories to the lower of cost or market which increased income from operations by $277.0 million , reflecting the net change in the LCM inventory reserve from $651.8 million at December 31, 2018 to $374.8 million at September 30, 2019 . At September 30, 2018 the replacement value of inventories exceeded the LIFO carrying value by approximately $12.0 million . 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 income from operations by $54.8 million , reflecting no LCM reserve as of September 30, 2018 in comparison to an LCM reserve of $54.8 million at June 30, 2018. During the nine months ended September 30, 2018 , the Company recorded an adjustment to value its inventories to the lower of cost or market which increased income from operations by $300.5 million , reflecting no LCM reserve as of September 30, 2018 in comparison to an LCM reserve of $300.5 million |
AFFILIATE NOTE PAYABLE - PBF LL
AFFILIATE NOTE PAYABLE - PBF LLC (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
AFFILIATE NOTE PAYABLE - PBF LLC [Abstract] | |
Affiliate Note Payable [Text Block] | . AFFILIATE NOTE PAYABLE - PBF LLC As of September 30, 2019 and December 31, 2018 , PBF LLC had an outstanding note payable with PBF Energy for an aggregate principal amount of $378.4 million and $326.1 million , respectively. During the second quarter of 2019, the note payable was amended to extend the maturity date from April 2020 to April 2030. The note has an annual interest rate of 2.5% and may be prepaid in whole or in part at any time, at the option of PBF LLC without penalty or premium. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES In the ordinary conduct of the Company’s business, the Company is from time to time subject to lawsuits, investigations and claims, including class action proceedings, mass tort actions, tort actions, environmental claims and employee-related matters. The outcome of these matters cannot always be predicted accurately, but the Company accrues liabilities for these matters if the Company has determined that it is probable a loss has been incurred and the loss can be reasonably estimated. For such ongoing matters for which we have not recorded a liability but losses are reasonably possible, we are unable to estimate a range of possible losses at this time due to various reasons that may include but are not limited to, matters being in an early stage and not fully developed through pleadings, discovery or court proceedings, number of potential claimants being unknown or uncertainty regarding a number of different factors underlying the potential claims. However, the ultimate resolution of one or more of these contingencies could result in an adverse outcome that may have a material effect on our financial position, results of operations or cash flows. Environmental Matters The Company’s refineries, pipelines and related operations are subject to extensive and frequently changing federal, state and local laws and regulations, including, but not limited to, those relating to the discharge of materials into the environment or that otherwise relate to the protection of the environment, waste management and the characteristics and the compositions of fuels. Compliance with existing and anticipated laws and regulations can increase the overall cost of operating the refineries, including remediation, operating costs and capital costs to construct, maintain and upgrade equipment and facilities. These laws and permits raise potential exposure to future claims and lawsuits involving environmental and safety matters which could include soil and water contamination, air pollution, personal injury and property damage allegedly caused by substances which the Company manufactured, handled, used, released or disposed of, transported, or that relate to pre-existing conditions for which the Company has assumed responsibility. The Company believes that our current operations are in substantial compliance with existing environmental and safety requirements. However, there have been and will continue to be ongoing discussions about environmental and safety matters between the Company and federal and state authorities, including notices of violations, citations and other enforcement actions, some of which have resulted or may result in changes to operating procedures and in capital expenditures. While it is often difficult to quantify future environmental or safety related expenditures, the Company anticipates that continuing capital investments and changes in operating procedures will be required for the foreseeable future to comply with existing and new requirements, as well as evolving interpretations and more strict enforcement of existing laws and regulations. In connection with the acquisition of the Torrance refinery and related logistics assets, the Company assumed certain pre-existing environmental liabilities totaling $123.2 million as of September 30, 2019 ( $130.8 million as of December 31, 2018 ), related to certain environmental remediation obligations to address existing soil and groundwater contamination and monitoring activities and other clean-up activities, which reflects the current estimated cost of the remediation obligations. The current portion of the environmental liability is recorded in Accrued expenses and the non-current portion is recorded in Other long-term liabilities. The accrued environmental liability reflected in the Company’s Condensed Consolidated Balance Sheets was $136.7 million and $144.2 million at September 30, 2019 and December 31, 2018 , respectively, of which $127.4 million and $137.2 million , respectively, were classified as Other long-term liabilities. These accruals include remediation and monitoring costs, related to the Torrance refinery, as discussed above, and other operating assets, expected to be incurred over an extended period of time. Estimated liabilities could increase in the future when the results of ongoing investigations become known, are considered probable and can be reasonably estimated. During the first quarter of 2019, PBFX notified certain agencies of an oil sheen present in the Schuylkill River near one of its facilities. Clean-up, identification and mitigation of the source was immediately initiated. PBFX is working on a remedial investigation and action plan with the state agency. Although response activities are nearly complete, remediation costs will not be finalized until the action plan is complete. Incremental costs are not expected to be material to the Company. Tax Receivable Agreement PBF Energy entered into a tax receivable agreement with the PBF LLC Series A and PBF LLC Series B unitholders (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 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, 2019 ( 99.0% as of December 31, 2018 ). 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, 2019 , PBF Energy has recognized a liability for the Tax Receivable Agreement of $373.5 million ( $373.5 million as of December 31, 2018 ) reflecting the estimate of the undiscounted amounts that the Company expects to pay under the agreement. |
LEASES (Notes)
LEASES (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | 8. LEASES The Company leases office space, office equipment, refinery facilities and equipment, railcars and other logistics assets primarily under non-cancelable operating leases, with terms typically ranging from one to twenty years , subject to certain renewal options as applicable. The Company considers those renewal or termination options that are reasonably certain to be exercised in the determination of the lease term and initial measurement of lease liabilities and right-of-use assets. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. Interest expense for finance leases is incurred based on the carrying value of the lease liability. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company determines whether a contract is or contains a lease at inception of the contract and whether that lease meets the classification criteria of a finance or operating lease. When available, the Company uses the rate implicit in the lease to discount lease payments to present value; however, most of the Company’s leases do not provide a readily determinable implicit rate. Therefore, the Company must discount lease payments based on an estimate of its incremental borrowing rate. The Company does not separate lease and nonlease components of contracts for any of its asset classes. There are no material residual value guarantees associated with any of the Company’s leases. There are no significant restrictions or covenants included in the Company’s lease agreements other than those that are customary in such arrangements. Certain of the Company’s leases, primarily for the Company’s commercial and logistics asset classes, include provisions for variable payments. These variable payments are typically determined based on a measure of throughput or actual days the asset is operated during the contract term or another measure of usage and are not included in the initial measurement of lease liabilities and right-of-use assets. Lease Position as of September 30, 2019 The table below presents the lease related assets and liabilities recorded on the Company’s Condensed Consolidated Balance Sheets as of September 30, 2019 : (in millions) Classification on the Balance Sheet September 30, 2019 Assets Operating lease assets Operating lease right of use assets $ 331.3 Finance lease assets Deferred charges and other assets, net 13.8 Total lease right of use assets $ 345.1 Liabilities Current liabilities: Operating lease liabilities Current operating lease liabilities $ 78.2 Finance lease liabilities Accrued expenses 1.1 Noncurrent liabilities: Operating lease liabilities Long-term operating lease liabilities 252.1 Finance lease liabilities Other long-term liabilities 13.1 Total lease liabilities $ 344.5 Lease Costs The table below presents certain information related to costs for the Company’s leases for the three and nine months ended September 30, 2019 : Lease Costs (in millions) Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Components of total lease cost: Finance lease cost Amortization of right of use assets $ 0.3 $ 0.7 Interest on lease liabilities 0.3 0.5 Operating lease cost 28.4 80.6 Short-term lease cost 22.4 70.8 Variable lease cost 2.0 5.5 Total lease cost $ 53.4 $ 158.1 There were no net gains or losses on any sale-leaseback transactions for the three and nine months ended September 30, 2019 . Other Information The table below presents supplemental cash flow information related to leases for the nine months ended September 30, 2019 (in millions): Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 81.3 Operating cash flows for finance leases 0.5 Financing cash flows for finance leases 0.4 Supplemental non-cash amounts of lease liabilities arising from obtaining right-of-use assets 172.1 Lease Term and Discount Rate The table below presents certain information related to the weighted average remaining lease term and weighted average discount rate for the Company’s leases as of September 30, 2019 : Weighted average remaining lease term - operating leases 12.5 years Weighted average remaining lease term - finance leases 9.5 years Weighted average discount rate - operating leases 7.43 % Weighted average discount rate - finance leases 6.83 % Undiscounted Cash Flows The table below reconciles the fixed component of the undiscounted cash flows for each of the periods presented to the lease liabilities recorded on the Condensed Consolidated Balance Sheets as of September 30, 2019 : Amounts due within twelve months of September 30, (in millions) Finance Leases Operating Leases 2019 $ 2.0 $ 100.1 2020 2.0 69.2 2021 2.0 42.8 2022 2.0 35.3 2023 2.0 30.6 Thereafter 9.4 242.3 Total minimum lease payments 19.4 520.3 Less: effect of discounting 5.2 190.0 Present value of future minimum lease payments 14.2 330.3 Less: current obligations under leases 1.1 78.2 Long-term lease obligations $ 13.1 $ 252.1 As of September 30, 2019 , the Company has entered certain leases that have not yet commenced. Such leases include a 15 -year lease for hydrogen supply, with future lease payments estimated to total approximately $212.6 million |
EQUITY
EQUITY | 9 Months Ended |
Sep. 30, 2019 | |
Noncontrolling Interest [Abstract] | |
EQUITY | 9. 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. PBF Energy’s equity interest in PBF LLC was approximately 99.0% as of September 30, 2019 and December 31, 2018 , respectively. 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, 2019 and December 31, 2018 are calculated as follows: Holders of PBF LLC Series A Units Outstanding Shares of PBF Energy Class A Common Stock Total * December 31, 2018 1,206,325 119,874,191 121,080,516 1.0 % 99.0 % 100.0 % September 30, 2019 1,206,325 119,902,824 121,109,149 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 held a 48.2% limited partner interest in PBFX with the remaining 51.8% limited partner interest owned by the public common unitholders as of September 30, 2019 . PBF LLC is also the sole member of PBF GP, the general partner of PBFX. As noted in “Note 2 - PBF Logistics LP”, pursuant to the IDR Restructuring, the IDRs held by PBF LLC were canceled and converted into newly issued common units. In addition, PBFX issued 6,585,500 common units to certain institutional investors in connection with the PBFX Registered Direct Offering on April 29, 2019. 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 December 31, 2018 , the closing of the PBFX Registered Direct Offering and September 30, 2019 are calculated as follows: Units of PBFX Held by the Public Units of PBFX Held by PBF LLC Total December 31, 2018 25,395,032 19,953,631 45,348,663 56.0 % 44.0 % 100.0 % April 29, 2019 - PBFX Registered Direct Offering 32,047,718 29,953,631 62,001,349 51.7 % 48.3 % 100.0 % September 30, 2019 32,157,201 29,953,631 62,110,832 51.8 % 48.2 % 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. In both the three and nine months ended September 30, 2019 and 2018 the Company recorded noncontrolling interest in the earnings of these subsidiaries of less than $0.2 million . Changes in Equity and Noncontrolling Interests The following tables summarize the changes in equity for the controlling and noncontrolling interests of PBF Energy for the nine months ended September 30, 2019 and 2018 , respectively: PBF Energy (in millions) PBF Energy Inc. Equity Noncontrolling Noncontrolling Interest in PBF Holding Noncontrolling Total Equity Balance at January 1, 2019 $ 2,676.5 $ 112.2 $ 10.9 $ 448.9 $ 3,248.5 Comprehensive income 267.5 3.6 0.1 36.0 307.2 Dividends and distributions (107.9 ) (2.7 ) — (47.0 ) (157.6 ) Issuance of additional PBFX common units 152.0 — — (19.5 ) 132.5 Stock-based compensation 20.3 — — 5.6 25.9 Exercise of PBF LLC and PBF Energy options and warrants, net 0.2 — — — 0.2 Other (0.9 ) — — (1.5 ) (2.4 ) Balance at September 30, 2019 $ 3,007.7 $ 113.1 $ 11.0 $ 422.5 $ 3,554.3 PBF Energy (in millions) PBF Energy Inc. Equity Noncontrolling Noncontrolling Interest in PBF Holding Noncontrolling Total Equity Balance at January 1, 2018 $ 2,336.6 $ 110.2 $ 10.8 $ 445.3 $ 2,902.9 Comprehensive income 482.6 9.8 — 30.1 522.5 Dividends and distributions (103.4 ) (1.7 ) — (36.5 ) (141.6 ) Effects of exchanges of PBF LLC Series A Units on deferred tax assets and liabilities and Tax Receivable Agreement obligation (2.8 ) — — — (2.8 ) Stock-based compensation 14.1 — — 4.5 18.6 Issuance of additional PBFX common units 28.6 — — 6.3 34.9 August 2018 Equity Offering 287.3 — — — 287.3 Exercise of PBF LLC and PBF Energy options and warrants, net 14.0 (0.3 ) — — 13.7 Other 10.9 — — (1.1 ) 9.8 Balance at September 30, 2018 $ 3,067.9 $ 118.0 $ 10.8 $ 448.6 $ 3,645.3 The following tables summarize the changes in equity for the controlling and noncontrolling interests of PBF LLC for the nine months ended September 30, 2019 and 2018 , respectively: PBF LLC (in millions) PBF Energy Company LLC Equity Noncontrolling Interest in PBF Holding Noncontrolling Total Equity Balance at January 1, 2019 $ 2,759.6 $ 10.9 $ 448.9 $ 3,219.4 Comprehensive income 364.6 0.1 36.0 400.7 Dividends and distributions (163.8 ) — (47.0 ) (210.8 ) Exercise of PBF LLC options and warrants, net (0.8 ) — — (0.8 ) Issuance of additional PBFX common units 152.0 — (19.5 ) 132.5 Stock-based compensation 20.3 — 5.6 25.9 Other — — (1.5 ) (1.5 ) Balance at September 30, 2019 $ 3,131.9 $ 11.0 $ 422.5 $ 3,565.4 PBF LLC (in millions) PBF Energy Company LLC Equity Noncontrolling Noncontrolling Total Equity Balance at January 1, 2018 $ 2,422.4 $ 10.8 $ 445.3 $ 2,878.5 Comprehensive income 652.7 — 30.1 682.8 Dividends and distributions (105.1 ) — (36.5 ) (141.6 ) Issuance of Series C units in connection with the August 2018 Equity Offering 287.3 — — 287.3 Issuance of additional PBFX common units 28.6 — 6.3 34.9 Stock-based compensation 14.1 — 4.5 18.6 Exercise of PBF LLC and PBF Energy options and warrants, net (3.8 ) — — (3.8 ) Other 11.3 — (1.1 ) 10.2 Balance at September 30, 2018 $ 3,307.5 $ 10.8 $ 448.6 $ 3,766.9 |
REVENUE (Notes)
REVENUE (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
REVENUE [Abstract] | |
Revenue from Contract with Customer [Text Block] | 2. REVENUES Revenues are recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. As described in “Note 16 - 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, (in millions) 2019 2018 Refining Segment: Gasoline and distillates $ 5,658.6 $ 6,227.5 Asphalt and blackoils 321.3 544.9 Feedstocks and other 188.1 552.3 Chemicals 183.0 243.1 Lubricants 71.1 74.1 Total 6,422.1 7,641.9 Logistics Segment: Logistics 86.4 70.6 Total revenues prior to eliminations 6,508.5 7,712.5 Elimination of intercompany revenues (78.0 ) (66.2 ) Total Revenues $ 6,430.5 $ 7,646.3 Nine Months Ended September 30, (in millions) 2019 2018 Refining Segment: Gasoline and distillates $ 15,662.3 $ 17,563.6 Asphalt and blackoils 1,206.1 1,251.0 Feedstocks and other 592.7 1,193.7 Chemicals 512.3 621.8 Lubricants 209.3 250.5 Total 18,182.7 20,880.6 Logistics Segment: Logistics 248.0 203.4 Total revenues prior to eliminations 18,430.7 21,084.0 Elimination of intercompany revenues (224.0 ) (190.8 ) Total Revenues $ 18,206.7 $ 20,893.2 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. The Company’s logistics segment revenues are generated by charging fees for crude oil and refined products terminaling, storage 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 by 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 $13.1 million and $20.1 million as of September 30, 2019 and December 31, 2018 , respectively. Fluctuations in the deferred revenue balance are primarily driven by the timing and extent of cash payments received or due in advance of satisfying the Company’s performance obligations. The Company’s payment terms vary by type and location of customers and the products offered. The period between invoicing and when payment is due is not significant (i.e. generally within two months). For certain products or services and customer types, the Company requires payment before the products or services are delivered to the customer. |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2019 | |
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, 2019 and December 31, 2018 , respectively). PBF LLC is organized as a limited liability company and PBFX is an MLP, 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 provision in the PBF Energy Condensed Consolidated Statements of Operations consists of the following: Three Months Ended Nine Months Ended (in millions) 2019 2018 2019 2018 Current income tax expense $ 0.6 $ — $ 2.4 $ 0.8 Deferred income tax expense 21.4 61.3 89.6 167.0 Total income tax expense $ 22.0 $ 61.3 $ 92.0 $ 167.8 The income tax provision is based on earnings before taxes attributable to PBF Energy and excludes earnings 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 2019 2018 2019 2018 Provision at Federal statutory rate 21.0 % 21.0 % 21.0 % 21.0 % Increase (decrease) attributable to flow-through of certain tax adjustments: State income taxes (net of federal income tax) 5.4 % 5.6 % 5.5 % 5.9 % Nondeductible/nontaxable items — % (0.5 )% 0.5 % (0.1 )% Rate differential from foreign jurisdictions (0.6 )% (0.2 )% (0.7 )% (0.2 )% Other (1.8 )% (0.4 )% (0.6 )% (0.8 )% Effective tax rate 24.0 % 25.5 % 25.7 % 25.8 % PBF Energy’s effective income tax rate for the three and nine months ended September 30, 2019 , including the impact of income attributable to noncontrolling interests of $16.8 million and $39.7 million , respectively, was 20.3% and 23.1% , respectively. 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 $12.9 million and $39.9 million , respectively, was 24.2% and 24.3% , respectively. The reported income tax provision in the PBF LLC Condensed Consolidated Statements of Operations consists of the following: Three Months Ended Nine Months Ended (in millions) 2019 2018 2019 2018 Current income tax expense $ 0.2 $ — $ 0.1 $ — Deferred income tax benefit (2.2 ) (0.8 ) (7.5 ) (5.5 ) Total income tax benefit $ (2.0 ) $ (0.8 ) $ (7.4 ) $ (5.5 ) The Company has determined there are no material uncertain tax positions as of September 30, 2019 |
DIVIDENDS AND DISTRIBUTIONS
DIVIDENDS AND DISTRIBUTIONS | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
DIVIDENDS AND DISTRIBUTIONS | DIVIDENDS AND DISTRIBUTIONS With respect to dividends and distributions paid during the nine months ended September 30, 2019 , PBF LLC made an aggregate non-tax quarterly distribution of $109.0 million , or $0.30 per unit to its members, of which $107.9 million was distributed pro-rata to PBF Energy and the balance was distributed to its other members. PBF Energy used this $107.9 million to pay a quarterly cash dividend of $0.30 per share of Class A common stock on March 14, 2019, May 30, 2019 and August 30, 2019. In addition, during the nine months ended September 30, 2019 , PBF LLC made aggregate tax distributions to its members of $54.8 million , of which $53.2 million was made to PBF Energy. With respect to distributions paid during the nine months ended September 30, 2019 , PBFX paid a distribution on outstanding common units of $0.505 per unit on March 14, 2019, $0.510 per unit on May 30, 2019 and 0.515 per unit on August 30, 2019, of which $45.8 million 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, 2019 | |
Defined Benefit Plan [Abstract] | |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS The components of net periodic benefit cost related to the Company’s defined benefit plans consisted of the following: (in millions) Three Months Ended Nine Months Ended Pension Benefits 2019 2018 2019 2018 Components of net periodic benefit cost: Service cost $ 10.9 $ 11.9 $ 32.7 $ 35.5 Interest cost 2.0 1.5 6.2 4.3 Expected return on plan assets (2.3 ) (2.2 ) (7.1 ) (6.4 ) Amortization of prior service cost and actuarial loss 0.1 0.1 0.2 0.3 Net periodic benefit cost $ 10.7 $ 11.3 $ 32.0 $ 33.7 (in millions) Three Months Ended Nine Months Ended Post-Retirement Medical Plan 2019 2018 2019 2018 Components of net periodic benefit cost: Service cost $ 0.2 $ 0.4 $ 0.7 $ 0.9 Interest cost 0.2 0.1 0.5 0.5 Amortization of prior service cost and actuarial loss 0.1 0.2 0.4 0.5 Net periodic benefit cost $ 0.5 $ 0.7 $ 1.6 $ 1.9 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS The tables below present information about the Company’s financial assets and liabilities measured and recorded at fair value on a recurring basis and indicate the fair value hierarchy of the inputs utilized to determine the fair values as of September 30, 2019 and December 31, 2018 . The Company has elected to offset the fair value amounts recognized for multiple derivative contracts executed with the same counterparty; however, fair value amounts by hierarchy level are presented on a gross basis in the tables below. The Company has posted cash margin with various counterparties to support hedging and trading activities. The cash margin posted is required by counterparties as collateral deposits and cannot be offset against the fair value of open contracts except in the event of default. The Company has no derivative contracts that are subject to master netting arrangements that are reflected gross on the Condensed Consolidated Balance Sheets. As of September 30, 2019 Fair Value Hierarchy Total Gross Fair Value Effect of Counter-party Netting Net Carrying Value on Balance Sheet (in millions) Level 1 Level 2 Level 3 Assets: Money market funds $ 17.6 $ — $ — $ 17.6 N/A $ 17.6 Commodity contracts 8.4 5.5 — 13.9 (11.3 ) 2.6 Derivatives included with inventory intermediation agreement obligations — 12.7 — 12.7 — 12.7 Liabilities: Commodity contracts 9.2 2.1 — 11.3 (11.3 ) — Catalyst lease obligations — 47.2 — 47.2 — 47.2 As of December 31, 2018 Fair Value Hierarchy Total Gross Fair Value Effect of Counter-party Netting Net Carrying Value on Balance Sheet (in millions) Level 1 Level 2 Level 3 Assets: Money market funds $ 16.7 $ — $ — $ 16.7 N/A $ 16.7 Commodity contracts 1.2 8.9 — 10.1 (2.9 ) 7.2 Derivatives included with inventory intermediation agreement obligations — 24.1 — 24.1 — 24.1 Liabilities: Commodity contracts 2.7 0.2 — 2.9 (2.9 ) — Catalyst lease obligations — 44.3 — 44.3 — 44.3 The valuation methods used to measure financial instruments at fair value are as follows: • Money market funds categorized in Level 1 of the fair value hierarchy are measured at fair value based on quoted market prices and included within Cash and cash equivalents. • The commodity contracts categorized in Level 1 of the fair value hierarchy are measured at fair value based on quoted prices in an active market. The commodity contracts categorized in Level 2 of the fair value hierarchy are measured at fair value using a market approach based upon future commodity prices for similar instruments quoted in active markets. • The derivatives included with inventory intermediation agreement obligations and the catalyst lease obligations are categorized in Level 2 of the fair value hierarchy and are measured at fair value using a market approach based upon commodity prices for similar instruments quoted in active markets. Non-qualified pension plan assets are measured at fair value using a market approach based on published net asset values of mutual funds as a practical expedient. As of September 30, 2019 and December 31, 2018 , $10.4 million and $9.7 million , respectively, were included within Deferred charges and other assets, net for these non-qualified pension plan assets. There were no transfers between levels during the three and nine months ended September 30, 2019 or 2018 . Fair value of debt The table below summarizes the carrying value and fair value of debt as of September 30, 2019 and December 31, 2018 . September 30, 2019 December 31, 2018 (in millions) Carrying value Fair value Carrying value Fair value 2025 Senior Notes (a) $ 725.0 $ 753.2 $ 725.0 $ 688.4 2023 Senior Notes (a) 500.0 518.5 500.0 479.4 PBFX 2023 Senior Notes (a) 527.4 543.1 527.8 515.3 PBF Rail Term Loan (b) 16.3 16.3 21.6 21.6 Catalyst leases (c) 47.2 47.2 44.3 44.3 PBFX Revolving Credit Facility (b) 283.0 283.0 156.0 156.0 2,098.9 2,161.3 1,974.7 1,905.0 Less - Current debt — — (2.4 ) (2.4 ) Less - Unamortized deferred financing costs (34.6 ) n/a (41.0 ) n/a Long-term debt $ 2,064.3 $ 2,161.3 $ 1,931.3 $ 1,902.6 (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. |
DERIVATIVES
DERIVATIVES | 9 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES | DERIVATIVES The Company uses derivative instruments to mitigate certain exposures to commodity price risk. The Company entered into Inventory Intermediation Agreements that contain purchase obligations for certain volumes of crude oil, intermediates and refined products. The purchase obligations related to crude oil, intermediates and refined products under these agreements are derivative instruments that have been designated as fair value hedges in order to hedge the commodity price volatility of certain refinery inventory. The fair value of these purchase obligation derivatives is based on market prices of the underlying crude oil, intermediates and refined products. The level of activity for these derivatives is based on the level of operating inventories. As of September 30, 2019 , there were 200,894 barrels of crude oil and feedstocks ( no barrels at December 31, 2018 ) outstanding under these derivative instruments designated as fair value hedges. As of September 30, 2019 , there were 2,851,543 barrels of intermediates and refined products ( 3,350,166 barrels at December 31, 2018 ) outstanding under these derivative instruments designated as fair value hedges. These volumes represent the notional value of the contract. The Company also enters into economic hedges primarily consisting of commodity derivative contracts that are not designated as hedges and are used to manage price volatility in certain crude oil and feedstock inventories as well as crude oil, feedstock, and refined product sales or purchases. The objective in entering into economic hedges is consistent with the objectives discussed above for fair value hedges. As of September 30, 2019 , there were 3,997,000 barrels of crude oil and 4,500,000 barrels of refined products ( 5,801,000 and 1,609,000 , respectively, as of December 31, 2018 ), outstanding under short and long term commodity derivative contracts not designated as hedges representing the notional value of the contracts. The following tables provide information about the fair values of these derivative instruments as of September 30, 2019 and December 31, 2018 and the line items in the Condensed Consolidated Balance Sheets in which the fair values are reflected. Description Balance Sheet Location Fair Value Asset/(Liability) (in millions) Derivatives designated as hedging instruments: September 30, 2019: Derivatives included with the inventory intermediation agreement obligations Accrued expenses $ 12.7 December 31, 2018: Derivatives included with the inventory intermediation agreement obligations Accrued expenses $ 24.1 Derivatives not designated as hedging instruments: September 30, 2019: Commodity contracts Accounts receivable $ 2.6 December 31, 2018: Commodity contracts Accounts receivable $ 7.2 The following table provides information about the gains or losses recognized in income on these derivative instruments and the line items in the Condensed Consolidated Statements of Operations in which such gains and losses are reflected. Description Location of Gain or (Loss) Recognized in Income on Derivatives Gain or (Loss) Recognized in Income on Derivatives (in millions) Derivatives designated as hedging instruments: For the three months ended September 30, 2019: Derivatives included with the inventory intermediation agreement obligations Cost of products and other $ 23.6 For the three months ended September 30, 2018: Derivatives included with the inventory intermediation agreement obligations Cost of products and other $ (8.2 ) For the nine months ended September 30, 2019: Derivatives included with the inventory intermediation agreement obligations Cost of products and other $ (11.4 ) For the nine months ended September 30, 2018: Derivatives included with the inventory intermediation agreement obligations Cost of products and other $ (10.7 ) Derivatives not designated as hedging instruments: For the three months ended September 30, 2019: Commodity contracts Cost of products and other $ 2.2 For the three months ended September 30, 2018: Commodity contracts Cost of products and other $ (9.5 ) For the nine months ended September 30, 2019: Commodity contracts Cost of products and other $ 34.8 For the nine months ended September 30, 2018: Commodity contracts Cost of products and other $ (55.9 ) Hedged items designated in fair value hedges: For the three months ended September 30, 2019: Crude oil, intermediate and refined product inventory Cost of products and other $ (23.6 ) For the three months ended September 30, 2018: Intermediate and refined product inventory Cost of products and other $ 8.2 For the nine months ended September 30, 2019: Crude oil, intermediate and refined product inventory Cost of products and other $ 11.4 For the nine months ended September 30, 2018: Intermediate and refined product inventory Cost of products and other $ 10.7 The Company had no ineffectiveness related to the fair value hedges for the three and nine months ended September 30, 2019 or 2018 . |
SEGMENT INFORMATION
SEGMENT INFORMATION | 9 Months Ended |
Sep. 30, 2019 | |
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 Condensed 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 MLP, 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 revenues 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 logistics operations. Disclosures regarding the Company’s reportable segments with reconciliations to consolidated totals for the three and nine months ended September 30, 2019 and September 30, 2018 are presented below. In connection with certain contributions by PBF LLC to PBFX in 2018, the accompanying segment information has been retrospectively adjusted to include the historical results of those assets in the Logistics segment for all periods presented prior to such contributions. Three Months Ended September 30, 2019 PBF Energy - (in millions) Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 6,422.1 $ 86.4 $ — $ (78.0 ) $ 6,430.5 Depreciation and amortization expense 98.7 9.0 2.1 — 109.8 Income (loss) from operations 169.8 44.4 (62.3 ) — 151.9 Interest expense, net (0.7 ) 13.4 27.0 — 39.7 Capital expenditures 117.2 8.0 2.7 — 127.9 Three Months Ended September 30, 2018 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 7,641.9 $ 70.6 $ — $ (66.2 ) $ 7,646.3 Depreciation and amortization expense 83.3 7.5 2.6 — 93.4 Income (loss) from operations (2) 321.3 37.6 (67.9 ) (4.7 ) 286.3 Interest expense, net 2.1 10.5 29.7 — 42.3 Capital expenditures 79.8 20.9 2.2 — 102.9 Nine Months Ended September 30, 2019 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 18,182.7 $ 248.0 $ — $ (224.0 ) $ 18,206.7 Depreciation and amortization expense 288.3 26.6 7.8 — 322.7 Income (loss) from operations (1) (2) 583.0 116.4 (165.5 ) (7.9 ) 526.0 Interest expense, net 0.7 38.0 82.6 — 121.3 Capital expenditures 600.2 23.2 6.4 — 629.8 Nine Months Ended September 30, 2018 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 20,880.6 $ 203.4 $ — $ (190.8 ) $ 20,893.2 Depreciation and amortization expense 242.6 21.2 7.9 — 271.7 Income (loss) from operations (2) 895.9 105.3 (183.8 ) (13.1 ) 804.3 Interest expense, net 6.5 30.9 91.5 — 128.9 Capital expenditures (3) 376.8 86.6 4.7 — 468.1 Balance at September 30, 2019 Refining Logistics Corporate Eliminations Consolidated Total Total assets (1) $ 7,921.4 $ 1,010.3 $ 52.1 $ (66.4 ) $ 8,917.4 Balance at December 31, 2018 Refining Logistics Corporate Eliminations Consolidated Total Total assets (4) $ 6,988.0 $ 956.4 $ 98.1 $ (37.1 ) $ 8,005.4 Three Months Ended September 30, 2019 PBF LLC - (in millions) Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 6,422.1 $ 86.4 $ — $ (78.0 ) $ 6,430.5 Depreciation and amortization expense 98.7 9.0 2.1 — 109.8 Income (loss) from operations (1) (2) 169.8 44.4 (61.9 ) — 152.3 Interest expense, net (0.7 ) 13.4 29.6 — 42.3 Capital expenditures 117.2 8.0 2.7 — 127.9 Three Months Ended September 30, 2018 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 7,641.9 $ 70.6 $ — $ (66.2 ) $ 7,646.3 Depreciation and amortization expense 83.3 7.5 2.6 — 93.4 Income (loss) from operations (2) 321.3 37.6 (67.6 ) (4.7 ) 286.6 Interest expense, net 2.1 10.5 31.9 — 44.5 Capital expenditures 79.8 20.9 2.2 — 102.9 Nine Months Ended September 30, 2019 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 18,182.7 $ 248.0 $ — $ (224.0 ) $ 18,206.7 Depreciation and amortization expense 288.3 26.6 7.8 — 322.7 Income (loss) from operations (1) (2) 583.0 116.4 (164.4 ) (7.9 ) 527.1 Interest expense, net 0.7 38.0 89.6 — 128.3 Capital expenditures 600.2 23.2 6.4 — 629.8 Nine Months Ended September 30, 2018 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 20,880.6 $ 203.4 $ — $ (190.8 ) $ 20,893.2 Depreciation and amortization expense 242.6 21.2 7.9 — 271.7 Income (loss) from operations (2) 895.9 105.3 (182.8 ) (13.1 ) 805.3 Interest expense, net 6.5 30.9 97.7 — 135.1 Capital expenditures (3) 376.8 86.6 4.7 — 468.1 Balance at September 30, 2019 Refining Logistics Corporate Eliminations Consolidated Total Total assets (1) $ 7,921.4 $ 1,010.3 $ 50.0 $ (66.4 ) $ 8,915.3 Balance at December 31, 2018 Refining Logistics Corporate Eliminations Consolidated Total Total assets (4) $ 6,988.0 $ 956.4 $ 45.8 $ (37.1 ) $ 7,953.1 (1) On April 24, 2019, PBFX entered into the TVPC Contribution Agreement, pursuant to which PBF LLC contributed to PBFX all of the issued and outstanding limited liability company interests of TVP Holding. Prior to the TVPC Acquisition, TVP Holding owned a 50% membership interest in TVPC. Subsequent to the closing of the TVPC Acquisition on May 31, 2019, PBFX owns 100% of the membership interests in TVPC. (2) Prior to the TVPC Contribution Agreement, the Logistics segment included 100% of the income from operations of TVPC, as TVPC was consolidated by PBFX. PBFX recorded net income attributable to noncontrolling interest for the 50% equity interest in TVPC held by PBF Holding. PBF Holding (included in the Refining segment) recorded 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 eliminated in consolidation. (3) The Logistics segment includes capital expenditures of $58.0 million for the acquisition of the Knoxville Terminals by PBFX on April 16, 2018. (4) Prior to the TVPC Contribution Agreement, the Logistics segment included 100% of the assets of TVPC, as TVPC was consolidated by PBFX. PBFX recorded noncontrolling interest for the 50% equity interest in TVPC held by PBF Holding. PBF Holding (included in the Refining segment) recorded an equity investment in TVPC reflecting its noncontrolling ownership interest. For purposes of the Company’s Condensed Consolidated Financial Statements, PBFX’s noncontrolling interest in TVPC and PBF Holding’s equity investment in TVPC eliminated in consolidation. |
NET INCOME PER SHARE OF PBF ENE
NET INCOME PER SHARE OF PBF ENERGY | 9 Months Ended |
Sep. 30, 2019 | |
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 PBF Energy 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 PBF Energy Class A common stock attributable to PBF Energy for the periods presented: (in millions, except share and per share amounts) Three Months Ended Nine Months Ended Basic Earnings Per Share: 2019 2018 2019 2018 Allocation of earnings: Net income attributable to PBF Energy Inc. stockholders $ 69.5 $ 179.6 $ 266.4 $ 482.1 Less: Income allocated to participating securities 0.2 0.2 0.4 0.6 Income available to PBF Energy Inc. stockholders - basic $ 69.3 $ 179.4 $ 266.0 $ 481.5 Denominator for basic net income per Class A common share - weighted average shares 119,921,346 117,029,486 119,897,504 113,597,970 Basic net income attributable to PBF Energy per Class A common share $ 0.58 $ 1.53 $ 2.22 $ 4.24 Diluted Earnings Per Share: Numerator: Income available to PBF Energy Inc. stockholders - basic $ 69.3 $ 179.4 $ 266.0 $ 481.5 Plus: Net income attributable to noncontrolling interest (1) 0.9 2.4 3.6 9.8 Less: Income tax expense on net income attributable to noncontrolling interest (1) (0.3 ) (0.7 ) (0.9 ) (2.6 ) Numerator for diluted net income per PBF Energy Class A common share - net income attributable to PBF Energy Inc. stockholders (1) $ 69.9 $ 181.1 $ 268.7 $ 488.7 Denominator: (1) Denominator for basic net income per PBF Energy Class A common share-weighted average shares 119,921,346 117,029,486 119,897,504 113,597,970 Effect of dilutive securities: (2) Conversion of PBF LLC Series A Units 1,206,325 1,206,326 1,206,325 2,184,690 Common stock equivalents 461,508 2,169,503 768,035 1,592,510 Denominator for diluted net income per PBF Energy Class A common share-adjusted weighted average shares 121,589,179 120,405,315 121,871,864 117,375,170 Diluted net income attributable to PBF Energy Inc. stockholders per PBF Energy Class A common share $ 0.57 $ 1.50 $ 2.20 $ 4.16 ___________________________________________ (1) The diluted earnings per share calculation generally assumes the conversion of all outstanding PBF LLC Series A Units to PBF Energy Class A common stock. 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 26.5% estimated annualized statutory corporate tax rate for the three and nine months ended September 30, 2019 and a 26.4% estimated annualized statutory corporate tax rate for the three and nine months ended September 30, 2018 ), 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 performance share 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, warrants and performance share units to purchase 7,739,275 and 6,003,867 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, 2019 , respectively. 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 were anti-dilutive for the three and nine months ended September 30, 2018 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2019 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Dividend Declared On October 31, 2019 , PBF Energy announced a dividend of $0.30 per share on outstanding PBF Energy Class A common stock. The dividend is payable on November 26, 2019 to PBF Energy Class A common stockholders of record at the close of business on November 14, 2019 . PBFX Distributions On October 31, 2019 , the Board of Directors of PBF GP announced a distribution of $0.52 per unit on outstanding common units of PBFX. The distribution is payable on November 26, 2019 to PBFX unitholders of record at the close of business on November 14, 2019 . |
DESCRIPTION OF THE BUSINESS A_2
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The unaudited condensed consolidated financial information furnished herein reflects all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, considered necessary for a fair presentation of the financial position and the results of operations and cash flows of the Company for the periods presented. All intercompany accounts and transactions have been eliminated in consolidation. These unaudited Condensed Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. These interim Condensed Consolidated Financial Statements should be read in conjunction with the PBF Energy Inc. and PBF Energy Company LLC financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2018 . The results of operations for the three and nine months ended September 30, 2019 are not necessarily indicative of the results to be expected for the full year. |
Recent Accounting Pronouncements | Recently Adopted Accounting Guidance In February 2016, the Financial Accounting Standard Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, “Leases (Topic 842)” (Accounting Standards Codification “ASC” 842) to increase the transparency and comparability of leases. ASC 842 supersedes the lease accounting guidance in ASC 840 - “Leases” (“ASC 840”). ASC 842 requires lessees to recognize a lease liability and a corresponding lease asset for virtually all lease contracts. It also requires additional disclosures about leasing arrangements. The Company elected to utilize the “package” of three expedients, as defined in ASC 842, which retains the lease classification and initial direct costs for any leases that existed prior to adoption of the standard. The Company also has elected to not evaluate land easements that existed as of, or expired before, adoption of the new standard. The Company’s Condensed Consolidated Financial Statements for the periods prior to the adoption of ASC 842 are not adjusted and are reported in accordance with the Company’s historical accounting policy. As of the date of implementation on January 1, 2019, the impact of the adoption of ASC 842 resulted in the recognition of a right of use asset and lease payable obligation on the Company’s Condensed Consolidated Balance Sheets of approximately $250.0 million . As the right of use asset and the lease payable obligation were the same upon adoption of ASC 842, there was no cumulative effect on the Company’s retained earnings. See “Note 8 - Leases” for further details. In August 2017, the FASB issued ASU No. 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities” (“ASU 2017-12”). The amendments in ASU 2017-12 more closely align the results of cash flow and fair value hedge accounting with risk management activities in the consolidated financial statements. The amendments expand the ability to hedge nonfinancial and financial risk components, reduce complexity in fair value hedges of interest rate risk, eliminate the requirement to separately measure and report hedge ineffectiveness, and eases certain hedge effectiveness assessment requirements. The guidance in ASU 2017-12 also provided transition relief to make it easier for entities to apply certain amendments to existing hedges (including fair value hedges) where the hedge documentation needs to be modified. The presentation and disclosure requirements of ASU 2017-12 were applied prospectively. The Company adopted the amendments in this ASU effective January 1, 2019, which did not have a material impact on its Condensed Consolidated Financial Statements and related disclosures. In June 2018, the FASB issued ASU No. 2018-07, “Compensation - Stock Compensation (Topic 718): Targeted Improvements to Non-employee Share-Based Payment Accounting” (“ASU 2018-07”). ASU 2018-07 expands the scope of Topic 718, Compensation - Stock Compensation, to include share-based payment transactions for acquiring goods and services from non-employees. As a result, non-employee share-based transactions will be measured by estimating the fair value of the equity instruments at the grant date, taking into consideration the probability of satisfying performance conditions. In addition, ASU 2018-07 also clarifies that any share-based payment awards issued to customers should be evaluated under ASC 606, Revenues from Contracts with Customers (“ASC 606”). The Company adopted the amendments in this ASU effective January 1, 2019, which did not have a material impact on its Condensed Consolidated Financial Statements and related disclosures. In August 2018, the FASB issued ASU 2018-15, “Intangibles-Goodwill and Other-Internal-Use Software” (Subtopic 350-40) (“ASU 2018-15”). This guidance addresses a customer’s accounting for implementation costs incurred in a cloud computing arrangement that is a service contract. ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in such arrangements with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. This guidance is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years, with early adoption permitted. This guidance should be applied on either a retrospective or prospective basis. The Company has elected to early adopt this guidance in the second quarter of 2019 on a prospective basis. The Company’s adoption of ASU 2018-15 did not have a material impact on its Condensed Consolidated Financial Statements and related disclosures. Recently Issued Accounting Pronouncements In August 2018, the FASB issued ASU No. 2018-14, “Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20)”, to improve the effectiveness of benefit plan disclosures in the notes to financial statements by facilitating clear communication of the information required by GAAP that is most important to users of each entity’s financial statements. The amendments in this ASU modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. Additionally, the amendments in this ASU remove disclosures that no longer are considered cost beneficial, clarify the specific requirements of disclosures, and add disclosure requirements identified as relevant. The amendments in this ASU are effective for fiscal years ending after December 15, 2020, for public business entities and early adoption is permitted for all entities. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments-Credit Losses” (Topic 326), Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). This guidance amends the guidance on measuring credit losses on financial assets held at amortized cost. ASU 2016-13 requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company does not expect that the adoption of this guidance will have a material impact on its financial statements and related disclosures. |
ACQUISITIONS (Tables)
ACQUISITIONS (Tables) - East Coast Storage Assets Acquisition [Member] | 9 Months Ended |
Sep. 30, 2019 | |
Business Acquisition, Pro Forma Information [Table Text Block] | The unaudited pro forma financial information includes the depreciation and amortization expense related to the East Coast Storage Assets Acquisition and interest expense associated with the related financing. Nine Months Ended September 30, 2018 (Unaudited, in millions) PBF Energy Pro forma revenues $ 20,910.6 Pro forma net income attributable to PBF Energy Inc. stockholders 479.6 PBF LLC Pro forma revenues $ 20,910.6 Pro forma net income attributable to PBF LLC 648.8 |
Business Combination, Consideration Transferred, Working Capital Adjustments [Table Text Block] | The total purchase consideration and the fair values of the assets and liabilities at the acquisition date were as follows: (in millions) Purchase Price Gross purchase price* $ 105.9 Working capital adjustments — Contingent Consideration** 21.1 Total consideration $ 127.0 * Includes $30.9 million net present value payable of $32.0 million due to Crown Point one year after closing, which is included in “Accrued expenses” on the Condensed Consolidated Balance Sheets. The remaining $32.0 million payment was paid in full on October 1, 2019. ** The Contingent Consideration is included in “Other long-term liabilities” in the Condensed Consolidated Balance Sheets. |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Schedule of accrued expenses | Accrued expenses consisted of the following: PBF Energy (in millions) September 30, 2019 December 31, 2018 Inventory-related accruals $ 993.5 $ 846.3 Inventory intermediation agreements 241.5 249.4 Excise and sales tax payable 116.7 149.4 Accrued transportation costs 66.6 53.6 Renewable energy credit and emissions obligations 46.2 27.1 Accrued interest 43.1 12.1 Accrued utilities 38.9 49.8 Deferred payment - East Coast Storage Assets Acquisition 32.0 30.9 Accrued capital expenditures 29.3 60.6 Accrued salaries and benefits 26.3 89.8 Accrued refinery maintenance and support costs 23.4 19.0 Environmental liabilities 9.3 7.0 Customer deposits 4.1 5.6 Other 28.7 23.0 Total accrued expenses $ 1,699.6 $ 1,623.6 |
PBF LLC [Member] | |
Schedule of accrued expenses | PBF LLC (in millions) September 30, 2019 December 31, 2018 Inventory-related accruals $ 993.5 $ 846.3 Inventory intermediation agreements 241.5 249.4 Excise and sales tax payable 116.7 149.4 Accrued interest 67.9 29.9 Accrued transportation costs 66.6 53.6 Renewable energy credit and emissions obligations 46.2 27.1 Accrued utilities 38.9 49.8 Deferred payment - East Coast Storage Assets Acquisition 32.0 30.9 Accrued capital expenditures 29.3 60.6 Accrued salaries and benefits 26.3 89.8 Accrued refinery maintenance and support costs 23.4 19.0 Environmental liabilities 9.3 7.0 Customer deposits 4.1 5.6 Other 29.3 24.3 Total accrued expenses $ 1,725.0 $ 1,642.7 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventories consisted of the following: September 30, 2019 (in millions) Titled Inventory Inventory Intermediation Agreements Total Crude oil and feedstocks $ 1,065.6 $ 20.4 $ 1,086.0 Refined products and blendstocks 1,034.0 266.8 1,300.8 Warehouse stock and other 118.4 — 118.4 $ 2,218.0 $ 287.2 $ 2,505.2 Lower of cost or market adjustment (292.4 ) (82.4 ) (374.8 ) Total inventories $ 1,925.6 $ 204.8 $ 2,130.4 December 31, 2018 (in millions) Titled Inventory Inventory Intermediation Agreements Total Crude oil and feedstocks $ 1,044.8 $ — $ 1,044.8 Refined products and blendstocks 1,026.9 334.8 1,361.7 Warehouse stock and other 111.1 — 111.1 $ 2,182.8 $ 334.8 $ 2,517.6 Lower of cost or market adjustment (557.2 ) (94.6 ) (651.8 ) Total inventories $ 1,625.6 $ 240.2 $ 1,865.8 |
LEASES (Tables)
LEASES (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Assets and Liabilities, Lessee [Table Text Block] | The table below presents the lease related assets and liabilities recorded on the Company’s Condensed Consolidated Balance Sheets as of September 30, 2019 : (in millions) Classification on the Balance Sheet September 30, 2019 Assets Operating lease assets Operating lease right of use assets $ 331.3 Finance lease assets Deferred charges and other assets, net 13.8 Total lease right of use assets $ 345.1 Liabilities Current liabilities: Operating lease liabilities Current operating lease liabilities $ 78.2 Finance lease liabilities Accrued expenses 1.1 Noncurrent liabilities: Operating lease liabilities Long-term operating lease liabilities 252.1 Finance lease liabilities Other long-term liabilities 13.1 Total lease liabilities $ 344.5 |
Lease, Cost [Table Text Block] | The table below presents certain information related to costs for the Company’s leases for the three and nine months ended September 30, 2019 : Lease Costs (in millions) Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Components of total lease cost: Finance lease cost Amortization of right of use assets $ 0.3 $ 0.7 Interest on lease liabilities 0.3 0.5 Operating lease cost 28.4 80.6 Short-term lease cost 22.4 70.8 Variable lease cost 2.0 5.5 Total lease cost $ 53.4 $ 158.1 |
Cash Flow, Lessee [Table Text Block] | The table below presents supplemental cash flow information related to leases for the nine months ended September 30, 2019 (in millions): Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 81.3 Operating cash flows for finance leases 0.5 Financing cash flows for finance leases 0.4 Supplemental non-cash amounts of lease liabilities arising from obtaining right-of-use assets 172.1 Lease Term and Discount Rate The table below presents certain information related to the weighted average remaining lease term and weighted average discount rate for the Company’s leases as of September 30, 2019 : Weighted average remaining lease term - operating leases 12.5 years Weighted average remaining lease term - finance leases 9.5 years Weighted average discount rate - operating leases 7.43 % Weighted average discount rate - finance leases 6.83 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | The table below reconciles the fixed component of the undiscounted cash flows for each of the periods presented to the lease liabilities recorded on the Condensed Consolidated Balance Sheets as of September 30, 2019 : Amounts due within twelve months of September 30, (in millions) Finance Leases Operating Leases 2019 $ 2.0 $ 100.1 2020 2.0 69.2 2021 2.0 42.8 2022 2.0 35.3 2023 2.0 30.6 Thereafter 9.4 242.3 Total minimum lease payments 19.4 520.3 Less: effect of discounting 5.2 190.0 Present value of future minimum lease payments 14.2 330.3 Less: current obligations under leases 1.1 78.2 Long-term lease obligations $ 13.1 $ 252.1 |
EQUITY (Tables)
EQUITY (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Noncontrolling Interest [Line Items] | |
EQUITY | 9. 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. PBF Energy’s equity interest in PBF LLC was approximately 99.0% as of September 30, 2019 and December 31, 2018 , respectively. 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, 2019 and December 31, 2018 are calculated as follows: Holders of PBF LLC Series A Units Outstanding Shares of PBF Energy Class A Common Stock Total * December 31, 2018 1,206,325 119,874,191 121,080,516 1.0 % 99.0 % 100.0 % September 30, 2019 1,206,325 119,902,824 121,109,149 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 held a 48.2% limited partner interest in PBFX with the remaining 51.8% limited partner interest owned by the public common unitholders as of September 30, 2019 . PBF LLC is also the sole member of PBF GP, the general partner of PBFX. As noted in “Note 2 - PBF Logistics LP”, pursuant to the IDR Restructuring, the IDRs held by PBF LLC were canceled and converted into newly issued common units. In addition, PBFX issued 6,585,500 common units to certain institutional investors in connection with the PBFX Registered Direct Offering on April 29, 2019. 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 December 31, 2018 , the closing of the PBFX Registered Direct Offering and September 30, 2019 are calculated as follows: Units of PBFX Held by the Public Units of PBFX Held by PBF LLC Total December 31, 2018 25,395,032 19,953,631 45,348,663 56.0 % 44.0 % 100.0 % April 29, 2019 - PBFX Registered Direct Offering 32,047,718 29,953,631 62,001,349 51.7 % 48.3 % 100.0 % September 30, 2019 32,157,201 29,953,631 62,110,832 51.8 % 48.2 % 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. In both the three and nine months ended September 30, 2019 and 2018 the Company recorded noncontrolling interest in the earnings of these subsidiaries of less than $0.2 million . Changes in Equity and Noncontrolling Interests The following tables summarize the changes in equity for the controlling and noncontrolling interests of PBF Energy for the nine months ended September 30, 2019 and 2018 , respectively: PBF Energy (in millions) PBF Energy Inc. Equity Noncontrolling Noncontrolling Interest in PBF Holding Noncontrolling Total Equity Balance at January 1, 2019 $ 2,676.5 $ 112.2 $ 10.9 $ 448.9 $ 3,248.5 Comprehensive income 267.5 3.6 0.1 36.0 307.2 Dividends and distributions (107.9 ) (2.7 ) — (47.0 ) (157.6 ) Issuance of additional PBFX common units 152.0 — — (19.5 ) 132.5 Stock-based compensation 20.3 — — 5.6 25.9 Exercise of PBF LLC and PBF Energy options and warrants, net 0.2 — — — 0.2 Other (0.9 ) — — (1.5 ) (2.4 ) Balance at September 30, 2019 $ 3,007.7 $ 113.1 $ 11.0 $ 422.5 $ 3,554.3 PBF Energy (in millions) PBF Energy Inc. Equity Noncontrolling Noncontrolling Interest in PBF Holding Noncontrolling Total Equity Balance at January 1, 2018 $ 2,336.6 $ 110.2 $ 10.8 $ 445.3 $ 2,902.9 Comprehensive income 482.6 9.8 — 30.1 522.5 Dividends and distributions (103.4 ) (1.7 ) — (36.5 ) (141.6 ) Effects of exchanges of PBF LLC Series A Units on deferred tax assets and liabilities and Tax Receivable Agreement obligation (2.8 ) — — — (2.8 ) Stock-based compensation 14.1 — — 4.5 18.6 Issuance of additional PBFX common units 28.6 — — 6.3 34.9 August 2018 Equity Offering 287.3 — — — 287.3 Exercise of PBF LLC and PBF Energy options and warrants, net 14.0 (0.3 ) — — 13.7 Other 10.9 — — (1.1 ) 9.8 Balance at September 30, 2018 $ 3,067.9 $ 118.0 $ 10.8 $ 448.6 $ 3,645.3 The following tables summarize the changes in equity for the controlling and noncontrolling interests of PBF LLC for the nine months ended September 30, 2019 and 2018 , respectively: PBF LLC (in millions) PBF Energy Company LLC Equity Noncontrolling Interest in PBF Holding Noncontrolling Total Equity Balance at January 1, 2019 $ 2,759.6 $ 10.9 $ 448.9 $ 3,219.4 Comprehensive income 364.6 0.1 36.0 400.7 Dividends and distributions (163.8 ) — (47.0 ) (210.8 ) Exercise of PBF LLC options and warrants, net (0.8 ) — — (0.8 ) Issuance of additional PBFX common units 152.0 — (19.5 ) 132.5 Stock-based compensation 20.3 — 5.6 25.9 Other — — (1.5 ) (1.5 ) Balance at September 30, 2019 $ 3,131.9 $ 11.0 $ 422.5 $ 3,565.4 PBF LLC (in millions) PBF Energy Company LLC Equity Noncontrolling Noncontrolling Total Equity Balance at January 1, 2018 $ 2,422.4 $ 10.8 $ 445.3 $ 2,878.5 Comprehensive income 652.7 — 30.1 682.8 Dividends and distributions (105.1 ) — (36.5 ) (141.6 ) Issuance of Series C units in connection with the August 2018 Equity Offering 287.3 — — 287.3 Issuance of additional PBFX common units 28.6 — 6.3 34.9 Stock-based compensation 14.1 — 4.5 18.6 Exercise of PBF LLC and PBF Energy options and warrants, net (3.8 ) — — (3.8 ) Other 11.3 — (1.1 ) 10.2 Balance at September 30, 2018 $ 3,307.5 $ 10.8 $ 448.6 $ 3,766.9 |
PBF LLC [Member] | |
Noncontrolling Interest [Line Items] | |
The ownership percentage in PBF LLC | The following tables summarize the changes in equity for the controlling and noncontrolling interests of PBF LLC for the nine months ended September 30, 2019 and 2018 , respectively: PBF LLC (in millions) PBF Energy Company LLC Equity Noncontrolling Interest in PBF Holding Noncontrolling Total Equity Balance at January 1, 2019 $ 2,759.6 $ 10.9 $ 448.9 $ 3,219.4 Comprehensive income 364.6 0.1 36.0 400.7 Dividends and distributions (163.8 ) — (47.0 ) (210.8 ) Exercise of PBF LLC options and warrants, net (0.8 ) — — (0.8 ) Issuance of additional PBFX common units 152.0 — (19.5 ) 132.5 Stock-based compensation 20.3 — 5.6 25.9 Other — — (1.5 ) (1.5 ) Balance at September 30, 2019 $ 3,131.9 $ 11.0 $ 422.5 $ 3,565.4 PBF LLC (in millions) PBF Energy Company LLC Equity Noncontrolling Noncontrolling Total Equity Balance at January 1, 2018 $ 2,422.4 $ 10.8 $ 445.3 $ 2,878.5 Comprehensive income 652.7 — 30.1 682.8 Dividends and distributions (105.1 ) — (36.5 ) (141.6 ) Issuance of Series C units in connection with the August 2018 Equity Offering 287.3 — — 287.3 Issuance of additional PBFX common units 28.6 — 6.3 34.9 Stock-based compensation 14.1 — 4.5 18.6 Exercise of PBF LLC and PBF Energy options and warrants, net (3.8 ) — — (3.8 ) Other 11.3 — (1.1 ) 10.2 Balance at September 30, 2018 $ 3,307.5 $ 10.8 $ 448.6 $ 3,766.9 The noncontrolling interest ownership percentages in PBF LLC as of September 30, 2019 and December 31, 2018 are calculated as follows: Holders of PBF LLC Series A Units Outstanding Shares of PBF Energy Class A Common Stock Total * December 31, 2018 1,206,325 119,874,191 121,080,516 1.0 % 99.0 % 100.0 % September 30, 2019 1,206,325 119,902,824 121,109,149 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. |
PBF Logistics LP [Member] | |
Noncontrolling Interest [Line Items] | |
The ownership percentage in PBF LLC | The noncontrolling interest ownership percentages in PBFX as of December 31, 2018 , the closing of the PBFX Registered Direct Offering and September 30, 2019 are calculated as follows: Units of PBFX Held by the Public Units of PBFX Held by PBF LLC Total December 31, 2018 25,395,032 19,953,631 45,348,663 56.0 % 44.0 % 100.0 % April 29, 2019 - PBFX Registered Direct Offering 32,047,718 29,953,631 62,001,349 51.7 % 48.3 % 100.0 % September 30, 2019 32,157,201 29,953,631 62,110,832 51.8 % 48.2 % 100.0 % |
REVENUE (Tables)
REVENUE (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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, (in millions) 2019 2018 Refining Segment: Gasoline and distillates $ 5,658.6 $ 6,227.5 Asphalt and blackoils 321.3 544.9 Feedstocks and other 188.1 552.3 Chemicals 183.0 243.1 Lubricants 71.1 74.1 Total 6,422.1 7,641.9 Logistics Segment: Logistics 86.4 70.6 Total revenues prior to eliminations 6,508.5 7,712.5 Elimination of intercompany revenues (78.0 ) (66.2 ) Total Revenues $ 6,430.5 $ 7,646.3 Nine Months Ended September 30, (in millions) 2019 2018 Refining Segment: Gasoline and distillates $ 15,662.3 $ 17,563.6 Asphalt and blackoils 1,206.1 1,251.0 Feedstocks and other 592.7 1,193.7 Chemicals 512.3 621.8 Lubricants 209.3 250.5 Total 18,182.7 20,880.6 Logistics Segment: Logistics 248.0 203.4 Total revenues prior to eliminations 18,430.7 21,084.0 Elimination of intercompany revenues (224.0 ) (190.8 ) Total Revenues $ 18,206.7 $ 20,893.2 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Summary of the income tax provision | The reported income tax provision in the PBF Energy Condensed Consolidated Statements of Operations consists of the following: Three Months Ended Nine Months Ended (in millions) 2019 2018 2019 2018 Current income tax expense $ 0.6 $ — $ 2.4 $ 0.8 Deferred income tax expense 21.4 61.3 89.6 167.0 Total income tax expense $ 22.0 $ 61.3 $ 92.0 $ 167.8 |
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 2019 2018 2019 2018 Provision at Federal statutory rate 21.0 % 21.0 % 21.0 % 21.0 % Increase (decrease) attributable to flow-through of certain tax adjustments: State income taxes (net of federal income tax) 5.4 % 5.6 % 5.5 % 5.9 % Nondeductible/nontaxable items — % (0.5 )% 0.5 % (0.1 )% Rate differential from foreign jurisdictions (0.6 )% (0.2 )% (0.7 )% (0.2 )% Other (1.8 )% (0.4 )% (0.6 )% (0.8 )% Effective tax rate 24.0 % 25.5 % 25.7 % 25.8 % |
PBF LLC [Member] | |
Summary of the income tax provision | The reported income tax provision in the PBF LLC Condensed Consolidated Statements of Operations consists of the following: Three Months Ended Nine Months Ended (in millions) 2019 2018 2019 2018 Current income tax expense $ 0.2 $ — $ 0.1 $ — Deferred income tax benefit (2.2 ) (0.8 ) (7.5 ) (5.5 ) Total income tax benefit $ (2.0 ) $ (0.8 ) $ (7.4 ) $ (5.5 ) The Company has determined there are no material uncertain tax positions as of September 30, 2019 |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Defined Benefit Plan [Abstract] | |
Schedule of net periodic benefit cost | (in millions) Three Months Ended Nine Months Ended Pension Benefits 2019 2018 2019 2018 Components of net periodic benefit cost: Service cost $ 10.9 $ 11.9 $ 32.7 $ 35.5 Interest cost 2.0 1.5 6.2 4.3 Expected return on plan assets (2.3 ) (2.2 ) (7.1 ) (6.4 ) Amortization of prior service cost and actuarial loss 0.1 0.1 0.2 0.3 Net periodic benefit cost $ 10.7 $ 11.3 $ 32.0 $ 33.7 (in millions) Three Months Ended Nine Months Ended Post-Retirement Medical Plan 2019 2018 2019 2018 Components of net periodic benefit cost: Service cost $ 0.2 $ 0.4 $ 0.7 $ 0.9 Interest cost 0.2 0.1 0.5 0.5 Amortization of prior service cost and actuarial loss 0.1 0.2 0.4 0.5 Net periodic benefit cost $ 0.5 $ 0.7 $ 1.6 $ 1.9 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The tables below present information about the Company’s financial assets and liabilities measured and recorded at fair value on a recurring basis and indicate the fair value hierarchy of the inputs utilized to determine the fair values as of September 30, 2019 and December 31, 2018 . The Company has elected to offset the fair value amounts recognized for multiple derivative contracts executed with the same counterparty; however, fair value amounts by hierarchy level are presented on a gross basis in the tables below. The Company has posted cash margin with various counterparties to support hedging and trading activities. The cash margin posted is required by counterparties as collateral deposits and cannot be offset against the fair value of open contracts except in the event of default. The Company has no derivative contracts that are subject to master netting arrangements that are reflected gross on the Condensed Consolidated Balance Sheets. As of September 30, 2019 Fair Value Hierarchy Total Gross Fair Value Effect of Counter-party Netting Net Carrying Value on Balance Sheet (in millions) Level 1 Level 2 Level 3 Assets: Money market funds $ 17.6 $ — $ — $ 17.6 N/A $ 17.6 Commodity contracts 8.4 5.5 — 13.9 (11.3 ) 2.6 Derivatives included with inventory intermediation agreement obligations — 12.7 — 12.7 — 12.7 Liabilities: Commodity contracts 9.2 2.1 — 11.3 (11.3 ) — Catalyst lease obligations — 47.2 — 47.2 — 47.2 As of December 31, 2018 Fair Value Hierarchy Total Gross Fair Value Effect of Counter-party Netting Net Carrying Value on Balance Sheet (in millions) Level 1 Level 2 Level 3 Assets: Money market funds $ 16.7 $ — $ — $ 16.7 N/A $ 16.7 Commodity contracts 1.2 8.9 — 10.1 (2.9 ) 7.2 Derivatives included with inventory intermediation agreement obligations — 24.1 — 24.1 — 24.1 Liabilities: Commodity contracts 2.7 0.2 — 2.9 (2.9 ) — Catalyst lease obligations — 44.3 — 44.3 — 44.3 |
Schedule of Fair value of Debt | The table below summarizes the carrying value and fair value of debt as of September 30, 2019 and December 31, 2018 . September 30, 2019 December 31, 2018 (in millions) Carrying value Fair value Carrying value Fair value 2025 Senior Notes (a) $ 725.0 $ 753.2 $ 725.0 $ 688.4 2023 Senior Notes (a) 500.0 518.5 500.0 479.4 PBFX 2023 Senior Notes (a) 527.4 543.1 527.8 515.3 PBF Rail Term Loan (b) 16.3 16.3 21.6 21.6 Catalyst leases (c) 47.2 47.2 44.3 44.3 PBFX Revolving Credit Facility (b) 283.0 283.0 156.0 156.0 2,098.9 2,161.3 1,974.7 1,905.0 Less - Current debt — — (2.4 ) (2.4 ) Less - Unamortized deferred financing costs (34.6 ) n/a (41.0 ) n/a Long-term debt $ 2,064.3 $ 2,161.3 $ 1,931.3 $ 1,902.6 (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. |
DERIVATIVES (Tables)
DERIVATIVES (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Value of Derivative Instruments | The following tables provide information about the fair values of these derivative instruments as of September 30, 2019 and December 31, 2018 and the line items in the Condensed Consolidated Balance Sheets in which the fair values are reflected. Description Balance Sheet Location Fair Value Asset/(Liability) (in millions) Derivatives designated as hedging instruments: September 30, 2019: Derivatives included with the inventory intermediation agreement obligations Accrued expenses $ 12.7 December 31, 2018: Derivatives included with the inventory intermediation agreement obligations Accrued expenses $ 24.1 Derivatives not designated as hedging instruments: September 30, 2019: Commodity contracts Accounts receivable $ 2.6 December 31, 2018: Commodity contracts Accounts receivable $ 7.2 |
Schedule of Derivative Instruments, Gain (Loss) Recognized in Income | The following table provides information about the gains or losses recognized in income on these derivative instruments and the line items in the Condensed Consolidated Statements of Operations in which such gains and losses are reflected. Description Location of Gain or (Loss) Recognized in Income on Derivatives Gain or (Loss) Recognized in Income on Derivatives (in millions) Derivatives designated as hedging instruments: For the three months ended September 30, 2019: Derivatives included with the inventory intermediation agreement obligations Cost of products and other $ 23.6 For the three months ended September 30, 2018: Derivatives included with the inventory intermediation agreement obligations Cost of products and other $ (8.2 ) For the nine months ended September 30, 2019: Derivatives included with the inventory intermediation agreement obligations Cost of products and other $ (11.4 ) For the nine months ended September 30, 2018: Derivatives included with the inventory intermediation agreement obligations Cost of products and other $ (10.7 ) Derivatives not designated as hedging instruments: For the three months ended September 30, 2019: Commodity contracts Cost of products and other $ 2.2 For the three months ended September 30, 2018: Commodity contracts Cost of products and other $ (9.5 ) For the nine months ended September 30, 2019: Commodity contracts Cost of products and other $ 34.8 For the nine months ended September 30, 2018: Commodity contracts Cost of products and other $ (55.9 ) Hedged items designated in fair value hedges: For the three months ended September 30, 2019: Crude oil, intermediate and refined product inventory Cost of products and other $ (23.6 ) For the three months ended September 30, 2018: Intermediate and refined product inventory Cost of products and other $ 8.2 For the nine months ended September 30, 2019: Crude oil, intermediate and refined product inventory Cost of products and other $ 11.4 For the nine months ended September 30, 2018: Intermediate and refined product inventory Cost of products and other $ 10.7 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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, 2019 and September 30, 2018 are presented below. In connection with certain contributions by PBF LLC to PBFX in 2018, the accompanying segment information has been retrospectively adjusted to include the historical results of those assets in the Logistics segment for all periods presented prior to such contributions. Three Months Ended September 30, 2019 PBF Energy - (in millions) Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 6,422.1 $ 86.4 $ — $ (78.0 ) $ 6,430.5 Depreciation and amortization expense 98.7 9.0 2.1 — 109.8 Income (loss) from operations 169.8 44.4 (62.3 ) — 151.9 Interest expense, net (0.7 ) 13.4 27.0 — 39.7 Capital expenditures 117.2 8.0 2.7 — 127.9 Three Months Ended September 30, 2018 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 7,641.9 $ 70.6 $ — $ (66.2 ) $ 7,646.3 Depreciation and amortization expense 83.3 7.5 2.6 — 93.4 Income (loss) from operations (2) 321.3 37.6 (67.9 ) (4.7 ) 286.3 Interest expense, net 2.1 10.5 29.7 — 42.3 Capital expenditures 79.8 20.9 2.2 — 102.9 Nine Months Ended September 30, 2019 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 18,182.7 $ 248.0 $ — $ (224.0 ) $ 18,206.7 Depreciation and amortization expense 288.3 26.6 7.8 — 322.7 Income (loss) from operations (1) (2) 583.0 116.4 (165.5 ) (7.9 ) 526.0 Interest expense, net 0.7 38.0 82.6 — 121.3 Capital expenditures 600.2 23.2 6.4 — 629.8 Nine Months Ended September 30, 2018 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 20,880.6 $ 203.4 $ — $ (190.8 ) $ 20,893.2 Depreciation and amortization expense 242.6 21.2 7.9 — 271.7 Income (loss) from operations (2) 895.9 105.3 (183.8 ) (13.1 ) 804.3 Interest expense, net 6.5 30.9 91.5 — 128.9 Capital expenditures (3) 376.8 86.6 4.7 — 468.1 Balance at September 30, 2019 Refining Logistics Corporate Eliminations Consolidated Total Total assets (1) $ 7,921.4 $ 1,010.3 $ 52.1 $ (66.4 ) $ 8,917.4 Balance at December 31, 2018 Refining Logistics Corporate Eliminations Consolidated Total Total assets (4) $ 6,988.0 $ 956.4 $ 98.1 $ (37.1 ) $ 8,005.4 Three Months Ended September 30, 2019 PBF LLC - (in millions) Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 6,422.1 $ 86.4 $ — $ (78.0 ) $ 6,430.5 Depreciation and amortization expense 98.7 9.0 2.1 — 109.8 Income (loss) from operations (1) (2) 169.8 44.4 (61.9 ) — 152.3 Interest expense, net (0.7 ) 13.4 29.6 — 42.3 Capital expenditures 117.2 8.0 2.7 — 127.9 Three Months Ended September 30, 2018 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 7,641.9 $ 70.6 $ — $ (66.2 ) $ 7,646.3 Depreciation and amortization expense 83.3 7.5 2.6 — 93.4 Income (loss) from operations (2) 321.3 37.6 (67.6 ) (4.7 ) 286.6 Interest expense, net 2.1 10.5 31.9 — 44.5 Capital expenditures 79.8 20.9 2.2 — 102.9 Nine Months Ended September 30, 2019 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 18,182.7 $ 248.0 $ — $ (224.0 ) $ 18,206.7 Depreciation and amortization expense 288.3 26.6 7.8 — 322.7 Income (loss) from operations (1) (2) 583.0 116.4 (164.4 ) (7.9 ) 527.1 Interest expense, net 0.7 38.0 89.6 — 128.3 Capital expenditures 600.2 23.2 6.4 — 629.8 Nine Months Ended September 30, 2018 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 20,880.6 $ 203.4 $ — $ (190.8 ) $ 20,893.2 Depreciation and amortization expense 242.6 21.2 7.9 — 271.7 Income (loss) from operations (2) 895.9 105.3 (182.8 ) (13.1 ) 805.3 Interest expense, net 6.5 30.9 97.7 — 135.1 Capital expenditures (3) 376.8 86.6 4.7 — 468.1 Balance at September 30, 2019 Refining Logistics Corporate Eliminations Consolidated Total Total assets (1) $ 7,921.4 $ 1,010.3 $ 50.0 $ (66.4 ) $ 8,915.3 Balance at December 31, 2018 Refining Logistics Corporate Eliminations Consolidated Total Total assets (4) $ 6,988.0 $ 956.4 $ 45.8 $ (37.1 ) $ 7,953.1 (1) On April 24, 2019, PBFX entered into the TVPC Contribution Agreement, pursuant to which PBF LLC contributed to PBFX all of the issued and outstanding limited liability company interests of TVP Holding. Prior to the TVPC Acquisition, TVP Holding owned a 50% membership interest in TVPC. Subsequent to the closing of the TVPC Acquisition on May 31, 2019, PBFX owns 100% of the membership interests in TVPC. (2) Prior to the TVPC Contribution Agreement, the Logistics segment included 100% of the income from operations of TVPC, as TVPC was consolidated by PBFX. PBFX recorded net income attributable to noncontrolling interest for the 50% equity interest in TVPC held by PBF Holding. PBF Holding (included in the Refining segment) recorded 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 eliminated in consolidation. (3) The Logistics segment includes capital expenditures of $58.0 million for the acquisition of the Knoxville Terminals by PBFX on April 16, 2018. (4) Prior to the TVPC Contribution Agreement, the Logistics segment included 100% of the assets of TVPC, as TVPC was consolidated by PBFX. PBFX recorded noncontrolling interest for the 50% equity interest in TVPC held by PBF Holding. PBF Holding (included in the Refining segment) recorded an equity investment in TVPC reflecting its noncontrolling ownership interest. For purposes of the Company’s Condensed Consolidated Financial Statements, PBFX’s noncontrolling interest in TVPC and PBF Holding’s equity investment in TVPC eliminated in consolidation. |
NET INCOME PER SHARE OF PBF E_2
NET INCOME PER SHARE OF PBF ENERGY (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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 PBF Energy Class A common stock attributable to PBF Energy for the periods presented: (in millions, except share and per share amounts) Three Months Ended Nine Months Ended Basic Earnings Per Share: 2019 2018 2019 2018 Allocation of earnings: Net income attributable to PBF Energy Inc. stockholders $ 69.5 $ 179.6 $ 266.4 $ 482.1 Less: Income allocated to participating securities 0.2 0.2 0.4 0.6 Income available to PBF Energy Inc. stockholders - basic $ 69.3 $ 179.4 $ 266.0 $ 481.5 Denominator for basic net income per Class A common share - weighted average shares 119,921,346 117,029,486 119,897,504 113,597,970 Basic net income attributable to PBF Energy per Class A common share $ 0.58 $ 1.53 $ 2.22 $ 4.24 Diluted Earnings Per Share: Numerator: Income available to PBF Energy Inc. stockholders - basic $ 69.3 $ 179.4 $ 266.0 $ 481.5 Plus: Net income attributable to noncontrolling interest (1) 0.9 2.4 3.6 9.8 Less: Income tax expense on net income attributable to noncontrolling interest (1) (0.3 ) (0.7 ) (0.9 ) (2.6 ) Numerator for diluted net income per PBF Energy Class A common share - net income attributable to PBF Energy Inc. stockholders (1) $ 69.9 $ 181.1 $ 268.7 $ 488.7 Denominator: (1) Denominator for basic net income per PBF Energy Class A common share-weighted average shares 119,921,346 117,029,486 119,897,504 113,597,970 Effect of dilutive securities: (2) Conversion of PBF LLC Series A Units 1,206,325 1,206,326 1,206,325 2,184,690 Common stock equivalents 461,508 2,169,503 768,035 1,592,510 Denominator for diluted net income per PBF Energy Class A common share-adjusted weighted average shares 121,589,179 120,405,315 121,871,864 117,375,170 Diluted net income attributable to PBF Energy Inc. stockholders per PBF Energy Class A common share $ 0.57 $ 1.50 $ 2.20 $ 4.16 ___________________________________________ (1) The diluted earnings per share calculation generally assumes the conversion of all outstanding PBF LLC Series A Units to PBF Energy Class A common stock. 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 26.5% estimated annualized statutory corporate tax rate for the three and nine months ended September 30, 2019 and a 26.4% estimated annualized statutory corporate tax rate for the three and nine months ended September 30, 2018 ), 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 performance share 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, warrants and performance share units to purchase 7,739,275 and 6,003,867 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, 2019 , respectively. 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 were anti-dilutive for the three and nine months ended September 30, 2018 |
DESCRIPTION OF THE BUSINESS A_3
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2019USD ($)shares | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)reportable_segmentshares | Sep. 30, 2018USD ($) | Apr. 29, 2019 | Jan. 01, 2019USD ($) | Dec. 31, 2018USD ($)shares | |
Description of Business [Line Items] | |||||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ 32.6 | $ 43.8 | $ 31.8 | $ 43.1 | |||
Operating lease right of use assets | 331.3 | 331.3 | $ 250 | $ 0 | |||
Operating Lease, Liability | $ 330.3 | $ 330.3 | $ 250 | ||||
Ownership percentage | 100.00% | 100.00% | 100.00% | 100.00% | |||
Shares, outstanding (in shares) | shares | 121,109,149 | 121,109,149 | 121,080,516 | ||||
Percentage of ownership in PBF LLC | 100.00% | 100.00% | 100.00% | ||||
Number of reportable segments | reportable_segment | 2 | ||||||
PBF LLC [Member] | |||||||
Description of Business [Line Items] | |||||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ 32.6 | $ 43.8 | $ 31.8 | $ 43.1 | |||
Operating lease right of use assets | $ 331.3 | $ 331.3 | $ 0 | ||||
Series C Units [Member] | PBF LLC [Member] | |||||||
Description of Business [Line Items] | |||||||
Shares, outstanding (in shares) | shares | 119,924,055 | 119,924,055 | |||||
Class A Common Stock [Member] | PBF Energy [Member] | |||||||
Description of Business [Line Items] | |||||||
Shares, outstanding (in shares) | shares | 119,902,824 | 119,902,824 | 119,874,191 | ||||
Percentage of ownership in PBF LLC | 99.00% | 99.00% | 99.00% | ||||
Series A Units [Member] | PBF LLC [Member] | |||||||
Description of Business [Line Items] | |||||||
Shares, outstanding (in shares) | shares | 1,206,325 | 1,206,325 | 1,206,325 | ||||
Percentage of ownership in PBF LLC | 1.00% | 1.00% | 1.00% | ||||
Limited Partner [Member] | PBF LLC [Member] | |||||||
Description of Business [Line Items] | |||||||
Ownership percentage | 48.20% | 48.20% | 48.30% | 44.00% | |||
Torrance Refinery [Member] | Land [Member] | |||||||
Description of Business [Line Items] | |||||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ 33.1 |
PBF LOGISTICS LP (Details)
PBF LOGISTICS LP (Details) - USD ($) $ in Millions | May 31, 2019 | Apr. 24, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Apr. 29, 2019 | Feb. 13, 2019 | Dec. 31, 2018 | Jun. 01, 2017 |
Variable Interest Entity [Line Items] | ||||||||||
Payments to Acquire Property, Plant, and Equipment | $ 309 | $ 192.2 | ||||||||
Ownership percentage | 100.00% | 100.00% | 100.00% | |||||||
Proceeds from revolver borrowings | $ 1,350 | 0 | ||||||||
Stock Issued During Period, Shares, New Issues | 6,585,500 | |||||||||
Stock Issued During Period, Value, New Issues | $ 135 | $ 287.3 | 287.3 | |||||||
PBF Logistics LP [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Partners' Capital Account, Units, Conversion Ratio To Common Units (in shares) | 1 | |||||||||
PBF LLC [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Payments to Acquire Property, Plant, and Equipment | 309 | 192.2 | ||||||||
Proceeds from revolver borrowings | $ 1,350 | 0 | ||||||||
Stock Issued During Period, Value, New Issues | $ 287.3 | $ 287.3 | ||||||||
Limited Partner [Member] | Public Unit Holders [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Ownership percentage | 51.80% | 51.70% | 56.00% | |||||||
Limited Partner [Member] | PBF LLC [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Ownership percentage | 48.20% | 48.30% | 44.00% | |||||||
Limited Partner [Member] | Common Units [Member] | PBF LLC [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Partner capital units held (in shares) | 29,953,631 | |||||||||
PBF LLC [Member] | Common Units [Member] | PBF Logistics LP [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Stock Issued During Period, Shares, Conversion of Incentive Distribution Rights | 10,000,000 | |||||||||
Torrance Valley Pipeline Company LLC [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Business Combination, Consideration Transferred | $ 200 | |||||||||
Torrance Valley Pipeline Company LLC [Member] | PBF Logistics LP [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Wholly Owned Subsidiary, Percentage of Ownership | 100.00% | |||||||||
Torrance Valley Pipeline Company LLC [Member] | TVP Holding [Member] | ||||||||||
Variable Interest Entity [Line Items] | ||||||||||
Wholly Owned Subsidiary, Percentage of Ownership | 50.00% |
ACQUISITIONS Additional Informa
ACQUISITIONS Additional Information (Details) $ in Millions | Oct. 01, 2019USD ($) | Oct. 01, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Jul. 01, 2016refinery |
Business Acquisition [Line Items] | |||||||
Business Combination, Acquisition Related Costs | $ 4.2 | $ 0.8 | $ 7.5 | $ 2 | |||
Number Of Operating Refineries | refinery | 5 | ||||||
Proceeds from revolver borrowings | 1,350 | 0 | |||||
Revenues | 6,430.5 | 7,646.3 | 18,206.7 | 20,893.2 | |||
Net income | $ 86.3 | $ 192.5 | 306.1 | 522 | |||
Payments to Acquire Property, Plant, and Equipment | $ 309 | $ 192.2 | |||||
East Coast Storage Assets Acquisition [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Consideration Transferred | $ 127 | ||||||
Payments to Acquire Property, Plant, and Equipment | 75 | ||||||
Other Payments to Acquire Businesses | $ 30.9 | ||||||
Term of Agreement | 3 years | ||||||
Business Combination, Contingent Consideration, Liability | $ 21.1 | ||||||
Subsequent Event [Member] | East Coast Storage Assets Acquisition [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Other Payments to Acquire Businesses | $ 32 |
ACQUISITIONS (Purchase Price) (
ACQUISITIONS (Purchase Price) (Details) (Details) - East Coast Storage Assets Acquisition [Member] - USD ($) $ in Millions | Oct. 01, 2019 | Oct. 01, 2018 | |
Business Acquisition [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | $ 1.3 | ||
Other Payments to Acquire Businesses | 30.9 | ||
Business Combination, Consideration Transferred, Initial Estimate | [1] | 105.9 | |
Business Combination, Consideration Transferred, Working Capital Adjustments | 0 | ||
Payment for Contingent Consideration Liability, Investing Activities | [2] | 21.1 | |
Business Combination, Consideration Transferred | $ 127 | ||
Subsequent Event [Member] | |||
Business Acquisition [Line Items] | |||
Other Payments to Acquire Businesses | $ 32 | ||
[1] | * Includes $30.9 million net present value payable of $32.0 million | ||
[2] | ** The Contingent Consideration is included in “Other long-term liabilities” in the Condensed Consolidated Balance Sheets. |
ACQUISITIONS (Assets and Liabil
ACQUISITIONS (Assets and Liabilities Acquired) (Details) - East Coast Storage Assets Acquisition [Member] $ in Millions | Oct. 01, 2018USD ($) | |
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | $ 0.4 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 0.6 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 115.6 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 13.3 | [1] |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | (0.9) | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | 1.3 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (0.7) | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 127 | |
[1] | * Intangible assets are included in “Deferred charges and other assets” on the Condensed Consolidated Balance Sheets. |
ACQUISITIONS (Pro Forma Informa
ACQUISITIONS (Pro Forma Information) (Details) - East Coast Storage Assets Acquisition [Member] $ in Millions | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Business Acquisition [Line Items] | |
Business Acquisition, Pro Forma Revenue | $ 20,910.6 |
Pro forma net income available to Class A common stock per share: | |
Business Acquisition, Pro Forma Net Income (Loss) | 479.6 |
PBF LLC [Member] | |
Business Acquisition [Line Items] | |
Business Acquisition, Pro Forma Revenue | 20,910.6 |
Pro forma net income available to Class A common stock per share: | |
Business Acquisition, Pro Forma Net Income (Loss) | $ 648.8 |
ACCRUED EXPENSES (Details)
ACCRUED EXPENSES (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Accrued Expenses: | ||
Inventory-related accruals | $ 993.5 | $ 846.3 |
Inventory intermediation arrangements | 241.5 | 249.4 |
Accrued transportation costs | 66.6 | 53.6 |
Excise and sales tax payable | 116.7 | 149.4 |
Accrued construction in progress | 29.3 | 60.6 |
Renewable energy credit and emissions obligations | 46.2 | 27.1 |
Accrued capital expenditures | 43.1 | 12.1 |
Customer deposits | 4.1 | 5.6 |
Accrued utilities | 38.9 | 49.8 |
Deferred payment - East Coast Storage Assets Acquisition | 32 | 30.9 |
Accrued refinery maintenance and support costs | 23.4 | 19 |
Accrued salaries and benefits | 26.3 | 89.8 |
Environmental liabilities | 9.3 | 7 |
Other | 28.7 | 23 |
Total accrued expenses | 1,699.6 | 1,623.6 |
PBF LLC [Member] | ||
Accrued Expenses: | ||
Inventory-related accruals | 993.5 | 846.3 |
Inventory intermediation arrangements | 241.5 | 249.4 |
Accrued transportation costs | 66.6 | 53.6 |
Excise and sales tax payable | 116.7 | 149.4 |
Accrued construction in progress | 29.3 | 60.6 |
Renewable energy credit and emissions obligations | 46.2 | 27.1 |
Accrued capital expenditures | 67.9 | 29.9 |
Customer deposits | 4.1 | 5.6 |
Accrued utilities | 38.9 | 49.8 |
Deferred payment - East Coast Storage Assets Acquisition | 32 | 30.9 |
Accrued refinery maintenance and support costs | 23.4 | 19 |
Accrued salaries and benefits | 26.3 | 89.8 |
Environmental liabilities | 9.3 | 7 |
Other | 29.3 | 24.3 |
Total accrued expenses | $ 1,725 | $ 1,642.7 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | ||||
Inventory [Line Items] | |||||||||||
Crude oil and feedstocks | $ 1,086 | $ 1,086 | $ 1,044.8 | ||||||||
Refined products and blendstocks | 1,300.8 | 1,300.8 | 1,361.7 | ||||||||
Warehouse stock and other | 118.4 | 118.4 | 111.1 | ||||||||
Inventory, Gross | 2,505.2 | 2,505.2 | 2,517.6 | ||||||||
Lower of cost or market adjustment | 374.8 | $ 0 | 374.8 | $ 0 | 651.8 | $ (54.8) | $ (300.5) | ||||
Excess of Replacement or Current Costs over Stated LIFO Value | 12 | 12 | |||||||||
Inventories | 2,130.4 | 2,130.4 | 1,865.8 | ||||||||
Income (loss) from operations | [2] | 151.9 | [1] | 286.3 | 526 | [1] | 804.3 | ||||
Net income | 86.3 | 192.5 | 306.1 | 522 | |||||||
Titled Inventory [Member] | |||||||||||
Inventory [Line Items] | |||||||||||
Crude oil and feedstocks | 1,065.6 | 1,065.6 | 1,044.8 | ||||||||
Refined products and blendstocks | 1,034 | 1,034 | 1,026.9 | ||||||||
Warehouse stock and other | 118.4 | 118.4 | 111.1 | ||||||||
Inventory, Gross | 2,218 | 2,218 | 2,182.8 | ||||||||
Lower of cost or market adjustment | 292.4 | 292.4 | 557.2 | ||||||||
Inventories | 1,925.6 | 1,925.6 | 1,625.6 | ||||||||
Inventory Supply and Offtake Arrangements [Member] | |||||||||||
Inventory [Line Items] | |||||||||||
Crude oil and feedstocks | 20.4 | 20.4 | 0 | ||||||||
Refined products and blendstocks | 266.8 | 266.8 | 334.8 | ||||||||
Warehouse stock and other | 0 | 0 | 0 | ||||||||
Inventory, Gross | 287.2 | 287.2 | 334.8 | ||||||||
Lower of cost or market adjustment | 82.4 | 82.4 | 94.6 | ||||||||
Inventories | 204.8 | 204.8 | 240.2 | ||||||||
Scenario, Adjustment [Member] | |||||||||||
Inventory [Line Items] | |||||||||||
Lower of cost or market adjustment | 374.8 | 374.8 | $ 327.8 | $ 651.8 | |||||||
Income (loss) from operations | $ (47) | $ 54.8 | $ 277 | $ 300.5 | |||||||
[1] | (1) On April 24, 2019, PBFX entered into the TVPC Contribution Agreement, pursuant to which PBF LLC contributed to PBFX all of the issued and outstanding limited liability company interests of TVP Holding. Prior to the TVPC Acquisition, TVP Holding owned a 50% membership interest in TVPC. Subsequent to the closing of the TVPC Acquisition on May 31, 2019, PBFX owns 100% of the membership interests in TVPC. | ||||||||||
[2] | (2) Prior to the TVPC Contribution Agreement, the Logistics segment included 100% of the income from operations of TVPC, as TVPC was consolidated by PBFX. PBFX recorded net income attributable to noncontrolling interest for the 50% equity interest in TVPC held by PBF Holding. PBF Holding (included in the Refining segment) recorded equity income in investee related to its 50% |
AFFILIATE NOTE PAYABLE - PBF _2
AFFILIATE NOTE PAYABLE - PBF LLC (Details) - PBF LLC [Member] - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Affiliate note payable | $ 378.4 | $ 326.1 |
Notes Payable, Other Payables [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 2.50% |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Loss Contingencies [Line Items] | ||
Environmental liability | $ 136.7 | $ 144.2 |
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 | $ 373.5 | $ 373.5 |
PBF Energy [Member] | Class A Common Stock [Member] | ||
Loss Contingencies [Line Items] | ||
Percentage of ownership in PBF LLC | 99.00% | 99.00% |
Environmental Issue [Member] | Torrance Refinery [Member] | ||
Loss Contingencies [Line Items] | ||
Environmental liability | $ 123.2 | $ 130.8 |
Other Noncurrent Liabilities [Member] | ||
Loss Contingencies [Line Items] | ||
Environmental liability | $ 127.4 | $ 137.2 |
Leases - Narrative (Details)
Leases - Narrative (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Minimum [Member] | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Term of Contract | 1 year |
Maximum [Member] | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Term of Contract | 20 years |
Hydrogen Supply [Member] | |
Lessee, Lease, Description [Line Items] | |
Lessee, Leases Not Yet Commenced, Liability | $ 212.6 |
Hydrogen Supply - Second Quarter 2020 [Member] | |
Lessee, Lease, Description [Line Items] | |
Lessee, Lease Not Yet Commenced, Term Of Contract | 15 years |
Leases - Lease Assets and Liabi
Leases - Lease Assets and Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Leases [Abstract] | |||
Operating lease right of use assets | $ 331.3 | $ 250 | $ 0 |
Finance Lease, Right-of-Use Asset | 13.8 | ||
Lease, Right of Use Asset | 345.1 | ||
Current operating lease liabilities | 78.2 | 0 | |
Less: current obligations under leases | 1.1 | ||
Long-term operating lease liabilities | 252.1 | $ 0 | |
Long-term lease obligations | 13.1 | ||
Total lease liabilities | $ 344.5 |
Leases - Lease Cost (Details)
Leases - Lease Cost (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Leases - Lease Assets and Liabilities [Abstract] | ||
Finance Lease, Right-of-Use Asset, Amortization | $ 0.3 | $ 0.7 |
Finance Lease, Interest Expense | 0.3 | 0.5 |
Operating lease cost | 28.4 | 80.6 |
Short-term lease cost | 22.4 | 70.8 |
Variable lease cost | 2 | 5.5 |
Total lease cost | $ 53.4 | $ 158.1 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow and Other Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | |
Operating cash flows for operating leases | $ 81.3 | ||
Finance Lease, Interest Payment on Liability | $ 0.5 | ||
Finance Lease, Principal Payments | 0.4 | ||
Supplemental non-cash amounts of lease liabilities arising from obtaining right-of-use assets | $ 407.5 | $ 0 | |
Weighted average remaining lease term - operating leases | 12 years 6 months | 12 years 6 months | |
Finance Lease, Weighted Average Remaining Lease Term | 9 years 6 months | 9 years 6 months | |
Weighted average discount rate - operating leases | 7.43% | 7.43% | |
Finance Lease, Weighted Average Discount Rate, Percent | 6.83% | 6.83% | |
Adjustments for New Accounting Pronouncement [Member] | |||
Supplemental non-cash amounts of lease liabilities arising from obtaining right-of-use assets | $ 172.1 |
Leases - Maturity of Lease Liab
Leases - Maturity of Lease Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Finance Leases | |||
2019 | $ 2 | ||
2020 | 2 | ||
2021 | 2 | ||
2022 | 2 | ||
2023 | 2 | ||
Thereafter | 9.4 | ||
Total minimum lease payments | 19.4 | ||
Less: effect of discounting | 5.2 | ||
Present value of future minimum lease payments | 14.2 | ||
Less: current obligations under leases | 1.1 | ||
Long-term lease obligations | 13.1 | ||
Operating Leases | |||
2019 | 100.1 | ||
2020 | 69.2 | ||
2021 | 42.8 | ||
2022 | 35.3 | ||
2023 | 30.6 | ||
Thereafter | 242.3 | ||
Total minimum lease payments | 520.3 | ||
Less: effect of discounting | 190 | ||
Present value of future minimum lease payments | 330.3 | $ 250 | |
Less: current obligations under leases | 78.2 | $ 0 | |
Long-term lease obligations | $ 252.1 | $ 0 |
EQUITY (Ownership Percentage) (
EQUITY (Ownership Percentage) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Apr. 29, 2019 | Dec. 31, 2018 | 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) | 121,109,149 | 121,109,149 | 121,080,516 | |||||
Ownership percentage | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Less: net income attributable to noncontrolling interests | $ 16.8 | $ 12.9 | $ 39.7 | $ 39.9 | ||||
Common Units [Member] | ||||||||
Noncontrolling Interest [Line Items] | ||||||||
Shares sold in public offering (in shares) | 62,110,832 | 62,110,832 | 62,001,349 | 45,348,663 | ||||
PBF Energy [Member] | Class A Common Stock [Member] | ||||||||
Noncontrolling Interest [Line Items] | ||||||||
Percentage of ownership in PBF LLC | 99.00% | 99.00% | 99.00% | |||||
Shares, outstanding (in shares) | 119,902,824 | 119,902,824 | 119,874,191 | |||||
Public Unit Holders [Member] | Common Units [Member] | ||||||||
Noncontrolling Interest [Line Items] | ||||||||
Shares sold in public offering (in shares) | 32,157,201 | 32,157,201 | 32,047,718 | 25,395,032 | ||||
PBF LLC [Member] | Common Units [Member] | ||||||||
Noncontrolling Interest [Line Items] | ||||||||
Shares sold in public offering (in shares) | 29,953,631 | 29,953,631 | 29,953,631 | 19,953,631 | ||||
PBF LLC [Member] | Series A Units [Member] | ||||||||
Noncontrolling Interest [Line Items] | ||||||||
Percentage of ownership in PBF LLC | 1.00% | 1.00% | 1.00% | |||||
Shares, outstanding (in shares) | 1,206,325 | 1,206,325 | 1,206,325 | |||||
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 | $ 0.2 | |||||||
Limited Partner [Member] | Public Unit Holders [Member] | ||||||||
Noncontrolling Interest [Line Items] | ||||||||
Ownership percentage | 51.80% | 51.80% | 51.70% | 56.00% | ||||
Limited Partner [Member] | PBF LLC [Member] | ||||||||
Noncontrolling Interest [Line Items] | ||||||||
Ownership percentage | 48.20% | 48.20% | 48.30% | 44.00% | ||||
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 Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||
Balance, beginning of period | $ 3,513.1 | $ 3,172.3 | $ 3,248.5 | $ 2,902.9 |
Comprehensive income | 69.9 | 179.8 | 267.5 | 482.6 |
Less: comprehensive income attributable to noncontrolling interests | 16.8 | 12.9 | 39.7 | 39.9 |
Comprehensive income | 86.7 | 192.7 | 307.2 | 522.5 |
Dividends and distributions | 157.6 | 141.6 | ||
Equity-based compensation awards | 25.9 | 18.6 | ||
Exercise of PBF LLC and PBF Energy options and warrants, net | 0.2 | 13.7 | ||
Stockholders' Equity, Other | 0.3 | (0.1) | (1.5) | 9.8 |
Balance, end of period | 3,554.3 | 3,645.3 | 3,554.3 | 3,645.3 |
PBF Energy [Member] | ||||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||
Balance, beginning of period | 2,676.5 | 2,336.6 | ||
Comprehensive income | 267.5 | 482.6 | ||
Dividends and distributions | 107.9 | 103.4 | ||
Equity-based compensation awards | 20.3 | 14.1 | ||
Exercise of PBF LLC and PBF Energy options and warrants, net | 0.2 | 14 | ||
Balance, end of period | 3,007.7 | 3,067.9 | 3,007.7 | 3,067.9 |
Noncontrolling Interest - PBF LLC [Member] | ||||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||
Balance, beginning of period | 112.2 | 110.2 | ||
Less: comprehensive income attributable to noncontrolling interests | 3.6 | 9.8 | ||
Dividends and distributions | 2.7 | 1.7 | ||
Equity-based compensation awards | 0 | 0 | ||
Exercise of PBF LLC and PBF Energy options and warrants, net | 0 | (0.3) | ||
Balance, end of period | 113.1 | 118 | 113.1 | 118 |
Noncontrolling Interest - PBF Holding [Member] | ||||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||
Balance, beginning of period | 10.9 | 10.8 | ||
Less: comprehensive income attributable to noncontrolling interests | 0.1 | 0 | ||
Dividends and distributions | 0 | 0 | ||
Equity-based compensation awards | 0 | 0 | ||
Exercise of PBF LLC and PBF Energy options and warrants, net | 0 | 0 | ||
Balance, end of period | 11 | 10.8 | 11 | 10.8 |
Noncontrolling Interest - PBF Logistics LP [Member] | ||||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||
Balance, beginning of period | 448.9 | 445.3 | ||
Less: comprehensive income attributable to noncontrolling interests | 36 | 30.1 | ||
Dividends and distributions | 47 | 36.5 | ||
Equity-based compensation awards | 5.6 | 4.5 | ||
Exercise of PBF LLC and PBF Energy options and warrants, net | 0 | 0 | ||
Balance, end of period | $ 422.5 | $ 448.6 | $ 422.5 | $ 448.6 |
EQUITY Noncontrolling Interest
EQUITY Noncontrolling Interest (Details) $ in Thousands | Apr. 24, 2019USD ($)shares | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($)shares | Sep. 30, 2019USD ($)subsidiary | Sep. 30, 2018USD ($)shares | Jun. 30, 2019USD ($) | Apr. 29, 2019 | Dec. 31, 2018USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2017USD ($) |
Noncontrolling Interest [Line Items] | ||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 3,554,300 | $ 3,645,300 | $ 3,554,300 | $ 3,645,300 | $ 3,513,100 | $ 3,248,500 | $ 3,172,300 | $ 2,902,900 | ||
Ownership percentage | 100.00% | 100.00% | 100.00% | 100.00% | ||||||
Less: net income attributable to noncontrolling interests | $ 16,800 | 12,900 | $ 39,700 | 39,900 | ||||||
Comprehensive income | 69,900 | 179,800 | 267,500 | 482,600 | ||||||
Less: net income attributable to noncontrolling interests | 16,800 | 12,900 | 39,700 | 39,900 | ||||||
Comprehensive income | 86,700 | 192,700 | 307,200 | 522,500 | ||||||
Dividends and Distributions | 157,600 | 141,600 | ||||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | 0 | (34,900) | 132,500 | 34,900 | ||||||
Stock Issued During Period, Value, New Issues | $ 135,000 | 287,300 | 287,300 | |||||||
Adjustments to Additional Paid in Capital, Other | (400) | (2,800) | ||||||||
Stock Issued During Period, Shares, New Issues | shares | 6,585,500 | |||||||||
Adjustments to Additional Paid in Capital, Share-based Compensation and Exercise of Stock Options | 25,900 | 18,600 | ||||||||
Stock Issued During Period, Value, Stock Options Exercised | 200 | 13,700 | ||||||||
Adjustment to Additional Paid in Capital, Income Tax Effect from Share-based Compensation, Net | 0 | (1,000) | (300) | |||||||
Noncontrolling Interest, Other | 2,400 | 9,800 | ||||||||
Stockholders' Equity, Other | (300) | 100 | 1,500 | (9,800) | ||||||
Stock Redeemed or Called During Period, Value | 0 | 0 | 0 | 0 | ||||||
PBF LLC [Member] | ||||||||||
Noncontrolling Interest [Line Items] | ||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 3,565,400 | 3,766,900 | 3,565,400 | 3,766,900 | 3,502,400 | $ 3,219,400 | 3,243,500 | 2,878,500 | ||
Comprehensive income | 92,500 | 234,600 | 364,600 | 652,700 | ||||||
Less: net income attributable to noncontrolling interests | 16,000 | 10,500 | 36,100 | 30,100 | ||||||
Comprehensive income | 108,500 | 245,100 | 400,700 | 682,800 | ||||||
Dividends and Distributions | 210,800 | 141,600 | ||||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | (34,900) | 132,500 | 34,900 | |||||||
Stock Issued During Period, Value, New Issues | 287,300 | 287,300 | ||||||||
Adjustments to Additional Paid in Capital, Share-based Compensation and Exercise of Stock Options | 25,900 | 18,600 | ||||||||
Stock Issued During Period, Value, Stock Options Exercised | (800) | (3,800) | ||||||||
Noncontrolling Interest, Other | 1,500 | 10,200 | ||||||||
Stockholders' Equity, Other | (300) | (300) | (1,500) | 10,200 | ||||||
Stock Redeemed or Called During Period, Value | 0 | 0 | $ 0 | 0 | ||||||
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 | $ 200 | |||||||||
PBF Energy [Member] | ||||||||||
Noncontrolling Interest [Line Items] | ||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 3,007,700 | 3,067,900 | 3,007,700 | 3,067,900 | 2,676,500 | 2,336,600 | ||||
Comprehensive income | 267,500 | 482,600 | ||||||||
Dividends and Distributions | 107,900 | 103,400 | ||||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | 152,000 | 28,600 | ||||||||
Stock Issued During Period, Value, New Issues | 287,300 | |||||||||
Adjustments to Additional Paid in Capital, Other | (2,800) | |||||||||
Adjustments to Additional Paid in Capital, Share-based Compensation and Exercise of Stock Options | 20,300 | 14,100 | ||||||||
Stock Issued During Period, Value, Stock Options Exercised | 200 | 14,000 | ||||||||
Noncontrolling Interest, Other | 900 | 10,900 | ||||||||
PBF Energy [Member] | PBF LLC [Member] | ||||||||||
Noncontrolling Interest [Line Items] | ||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 3,131,900 | 3,307,500 | 3,131,900 | 3,307,500 | 2,759,600 | 2,422,400 | ||||
Comprehensive income | 364,600 | 652,700 | ||||||||
Dividends and Distributions | 163,800 | 105,100 | ||||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | 152,000 | 28,600 | ||||||||
Stock Issued During Period, Value, New Issues | 287,300 | |||||||||
Adjustments to Additional Paid in Capital, Share-based Compensation and Exercise of Stock Options | 20,300 | 14,100 | ||||||||
Stock Issued During Period, Value, Stock Options Exercised | (800) | (3,800) | ||||||||
Noncontrolling Interest, Other | 0 | 11,300 | ||||||||
Noncontrolling Interest - PBF Logistics LP [Member] | ||||||||||
Noncontrolling Interest [Line Items] | ||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 422,500 | 448,600 | 422,500 | 448,600 | 448,900 | 445,300 | ||||
Less: net income attributable to noncontrolling interests | 36,000 | 30,100 | ||||||||
Dividends and Distributions | 47,000 | 36,500 | ||||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | (19,500) | 6,300 | ||||||||
Stock Issued During Period, Value, New Issues | 0 | |||||||||
Adjustments to Additional Paid in Capital, Other | 0 | |||||||||
Adjustments to Additional Paid in Capital, Share-based Compensation and Exercise of Stock Options | 5,600 | 4,500 | ||||||||
Stock Issued During Period, Value, Stock Options Exercised | 0 | 0 | ||||||||
Noncontrolling Interest, Other | 1,500 | (1,100) | ||||||||
Noncontrolling Interest - PBF Logistics LP [Member] | PBF LLC [Member] | ||||||||||
Noncontrolling Interest [Line Items] | ||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 11,000 | 10,800 | 11,000 | 10,800 | 10,900 | 10,800 | ||||
Less: net income attributable to noncontrolling interests | 100 | 0 | ||||||||
Dividends and Distributions | 0 | 0 | ||||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | 0 | 0 | ||||||||
Stock Issued During Period, Value, New Issues | 0 | |||||||||
Adjustments to Additional Paid in Capital, Share-based Compensation and Exercise of Stock Options | 0 | 0 | ||||||||
Stock Issued During Period, Value, Stock Options Exercised | 0 | 0 | ||||||||
Noncontrolling Interest, Other | 0 | |||||||||
Stockholders' Equity, Other | 0 | |||||||||
Noncontrolling Interest - PBF LLC [Member] | ||||||||||
Noncontrolling Interest [Line Items] | ||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 113,100 | 118,000 | 113,100 | 118,000 | 112,200 | 110,200 | ||||
Less: net income attributable to noncontrolling interests | 3,600 | 9,800 | ||||||||
Dividends and Distributions | 2,700 | 1,700 | ||||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | 0 | 0 | ||||||||
Stock Issued During Period, Value, New Issues | 0 | |||||||||
Adjustments to Additional Paid in Capital, Other | 0 | |||||||||
Adjustments to Additional Paid in Capital, Share-based Compensation and Exercise of Stock Options | 0 | 0 | ||||||||
Stock Issued During Period, Value, Stock Options Exercised | 0 | (300) | ||||||||
Noncontrolling Interest, Other | 0 | 0 | ||||||||
Noncontrolling Interest - PBF LLC [Member] | PBF LLC [Member] | ||||||||||
Noncontrolling Interest [Line Items] | ||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 422,500 | 448,600 | 422,500 | 448,600 | 448,900 | 445,300 | ||||
Less: net income attributable to noncontrolling interests | 36,000 | 30,100 | ||||||||
Dividends and Distributions | 47,000 | 36,500 | ||||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | (19,500) | 6,300 | ||||||||
Stock Issued During Period, Value, New Issues | 0 | |||||||||
Adjustments to Additional Paid in Capital, Share-based Compensation and Exercise of Stock Options | 5,600 | 4,500 | ||||||||
Stock Issued During Period, Value, Stock Options Exercised | 0 | 0 | ||||||||
Noncontrolling Interest, Other | (1,100) | |||||||||
Stockholders' Equity, Other | 1,500 | |||||||||
Noncontrolling Interest - PBF Holding [Member] | ||||||||||
Noncontrolling Interest [Line Items] | ||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 11,000 | 10,800 | 11,000 | 10,800 | 10,900 | 10,800 | ||||
Less: net income attributable to noncontrolling interests | 100 | 0 | ||||||||
Dividends and Distributions | 0 | 0 | ||||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | 0 | 0 | ||||||||
Stock Issued During Period, Value, New Issues | 0 | |||||||||
Adjustments to Additional Paid in Capital, Other | 0 | |||||||||
Adjustments to Additional Paid in Capital, Share-based Compensation and Exercise of Stock Options | 0 | 0 | ||||||||
Stock Issued During Period, Value, Stock Options Exercised | 0 | 0 | ||||||||
Noncontrolling Interest, Other | 0 | 0 | ||||||||
Series C Units [Member] | Common Stock [Member] | PBF LLC [Member] | ||||||||||
Noncontrolling Interest [Line Items] | ||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 2,182,700 | 2,004,100 | 2,182,700 | 2,004,100 | $ 2,176,400 | $ 2,009,800 | $ 1,682,800 | $ 1,655,000 | ||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | (28,600) | 152,000 | 28,600 | |||||||
Stock Issued During Period, Value, New Issues | $ 287,300 | $ 287,300 | ||||||||
Stock Issued During Period, Shares, New Issues | shares | 6,000,000 | 6,000,000 | ||||||||
Stockholders' Equity, Other | $ (400) | $ (400) | ||||||||
Stock Redeemed or Called During Period, Value | $ 0 | $ 400 | $ 1,400 | $ 1,400 |
EQUITY Schedule of stock by cla
EQUITY Schedule of stock by class (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Class of Stock [Line Items] | ||||
Stock Issued During Period, Value, Stock Options Exercised | $ (0.2) | $ (13.7) | ||
Stock Redeemed or Called During Period, Value | $ 0 | $ 0 | $ 0 | 0 |
Class A Common Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Balance, beginning of period, shares | 119,874,191 | |||
Balance, end of period, shares | 119,902,824 | 119,902,824 | ||
PBF Energy [Member] | ||||
Class of Stock [Line Items] | ||||
Stock Issued During Period, Value, Stock Options Exercised | $ (0.2) | $ (14) | ||
Common Stock [Member] | Class A Common Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Balance, beginning of period, shares | 119,894,441 | 113,829,728 | 119,874,191 | 110,565,531 |
Stock-based compensation (in shares) | 10,250 | 23,567 | 54,475 | 35,811 |
Stock Issued During Period, Shares, Conversion of Convertible Securities | 10,584 | 10,000 | 2,698,635 | |
Balance, end of period, shares | 119,902,824 | 119,951,719 | 119,902,824 | 119,951,719 |
Treasury Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Balance, beginning of period, shares | 6,315,761 | 6,171,898 | 6,274,261 | 6,132,884 |
Stock Redeemed or Called During Period, Value | $ 0 | $ 0.4 | $ 1.4 | $ 1.4 |
Balance, end of period, shares | 6,317,628 | 6,172,428 | 6,317,628 | 6,172,428 |
Noncontrolling Interest - PBF Logistics LP [Member] | ||||
Class of Stock [Line Items] | ||||
Stock Issued During Period, Value, Stock Options Exercised | $ 0 | $ 0 | ||
Noncontrolling Interest - PBF LLC [Member] | ||||
Class of Stock [Line Items] | ||||
Stock Issued During Period, Value, Stock Options Exercised | 0 | 0.3 | ||
PBF LLC [Member] | ||||
Class of Stock [Line Items] | ||||
Stock Issued During Period, Value, Stock Options Exercised | 0.8 | 3.8 | ||
Stock Redeemed or Called During Period, Value | $ 0 | $ 0 | $ 0 | 0 |
PBF LLC [Member] | Series A Units [Member] | ||||
Class of Stock [Line Items] | ||||
Units Outstanding (in shares) | 1,206,325 | |||
Units Outstanding (in shares) | 1,206,325 | 1,206,325 | ||
PBF LLC [Member] | Series C Units [Member] | ||||
Class of Stock [Line Items] | ||||
Units Outstanding (in shares) | 119,895,422 | |||
Units Outstanding (in shares) | 119,924,055 | 119,924,055 | ||
PBF LLC [Member] | PBF Energy [Member] | ||||
Class of Stock [Line Items] | ||||
Stock Issued During Period, Value, Stock Options Exercised | $ 0.8 | $ 3.8 | ||
PBF LLC [Member] | Common Stock [Member] | Series A Units [Member] | ||||
Class of Stock [Line Items] | ||||
Balance, beginning of period, shares | 1,206,325 | 1,206,325 | 1,206,325 | 3,767,464 |
Stock Issued During Period, Shares, Conversion of Convertible Securities | (10,584) | (10,000) | (2,698,635) | |
Balance, end of period, shares | 1,206,325 | 1,206,325 | 1,206,325 | 1,206,325 |
PBF LLC [Member] | Common Stock [Member] | Series C Units [Member] | ||||
Class of Stock [Line Items] | ||||
Balance, beginning of period, shares | 119,915,672 | 113,850,959 | 119,895,422 | 110,586,762 |
Stock Redeemed or Called During Period, Value | $ 0 | $ (0.4) | $ (1.4) | $ (1.4) |
Stock-based compensation (in shares) | 10,250 | 23,567 | 54,475 | 35,811 |
Stock Issued During Period, Shares, Conversion of Convertible Securities | 10,584 | 10,000 | 2,698,635 | |
Balance, end of period, shares | 119,924,055 | 119,972,950 | 119,924,055 | 119,972,950 |
PBF LLC [Member] | Treasury Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Stock Redeemed or Called During Period, Value | $ 0 | $ 0.4 | $ 1.4 | $ 1.4 |
PBF LLC [Member] | Noncontrolling Interest - PBF Logistics LP [Member] | ||||
Class of Stock [Line Items] | ||||
Stock Issued During Period, Value, Stock Options Exercised | 0 | 0 | ||
PBF LLC [Member] | Noncontrolling Interest - PBF LLC [Member] | ||||
Class of Stock [Line Items] | ||||
Stock Issued During Period, Value, Stock Options Exercised | $ 0 | $ 0 |
REVENUE (Details)
REVENUE (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Revenues | $ 6,430.5 | $ 7,646.3 | $ 18,206.7 | $ 20,893.2 | |
Deferred revenue | 13.1 | 13.1 | $ 20.1 | ||
Refining Group [Member] | |||||
Revenues | 6,422.1 | 7,641.9 | 18,182.7 | 20,880.6 | |
PBF Logistics LP [Member] | |||||
Revenues | 86.4 | 70.6 | 248 | 203.4 | |
Prior to elimination [Member] | |||||
Revenues | 6,508.5 | 7,712.5 | 18,430.7 | 21,084 | |
Intersegment Eliminations [Member] | |||||
Revenues | (78) | (66.2) | (224) | (190.8) | |
Gasoline And Distillate [Member] | Refining Group [Member] | |||||
Revenues | 5,658.6 | 6,227.5 | 15,662.3 | 17,563.6 | |
Asphalt and Residual Oil [Member] | Refining Group [Member] | |||||
Revenues | 321.3 | 544.9 | 1,206.1 | 1,251 | |
Other Refining and Marketing [Member] | Refining Group [Member] | |||||
Revenues | 188.1 | 552.3 | 592.7 | 1,193.7 | |
Chemicals [Member] | Refining Group [Member] | |||||
Revenues | 183 | 243.1 | 512.3 | 621.8 | |
Lubricants [Member] | Refining Group [Member] | |||||
Revenues | $ 71.1 | $ 74.1 | $ 209.3 | $ 250.5 |
INCOME TAXES (Details)
INCOME TAXES (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)subsidiary | Sep. 30, 2018USD ($) | Dec. 31, 2018 | |
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 | $ 22 | $ 61.3 | $ 92 | $ 167.8 | |
Current income tax expense | 0.6 | 0 | 2.4 | 0.8 | |
Deferred income tax expense | $ 21.4 | $ 61.3 | $ 89.6 | $ 167 | |
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Percent [Abstract] | |||||
Provision at Federal statutory rate, as a percent | 21.00% | 21.00% | 21.00% | 21.00% | |
State income taxes (net federal income tax), as a percent | 5.40% | 5.60% | 5.50% | 5.90% | |
Non deductible/nontaxable items, as a percent | 0.00% | (0.50%) | 0.50% | (0.10%) | |
Rate differential from foreign jurisdictions, as a percent | (0.60%) | (0.20%) | (0.70%) | (0.20%) | |
Other, as a percent | (1.80%) | (0.40%) | (0.60%) | (0.80%) | |
Effective tax rate | 24.00% | 25.50% | 25.70% | 25.80% | |
Noncontrolling interests, as a percent | 20.30% | 24.20% | 23.10% | 24.30% | |
Statutory tax rate | 26.50% | 26.40% | |||
Less: net income attributable to noncontrolling interests | $ 16.8 | $ 12.9 | $ 39.7 | $ 39.9 | |
Uncertain tax position | $ 0 | $ 0 | |||
PBF Energy [Member] | Class A Common Stock [Member] | |||||
Income Taxes [Line Items] | |||||
Percentage of ownership in PBF LLC | 99.00% | 99.00% | 99.00% | ||
PBF LLC [Member] | |||||
Income Taxes [Line Items] | |||||
Income tax expense | $ (2) | (0.8) | $ (7.4) | (5.5) | |
Current income tax expense | 0.2 | 0 | 0.1 | 0 | |
Deferred income tax expense | $ (2.2) | $ (0.8) | $ (7.5) | $ (5.5) |
DIVIDENDS AND DISTRIBUTIONS (De
DIVIDENDS AND DISTRIBUTIONS (Details) - USD ($) $ / shares in Units, $ in Millions | Aug. 30, 2019 | May 30, 2019 | Mar. 14, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 |
Class A Common Stock [Member] | |||||||
Distribution Made to Member or Limited Partner [Line Items] | |||||||
Dividends per common share (in dollars per share) | $ 0.3 | $ 0.3 | $ 0.9 | $ 0.9 | |||
Aggregate amount of dividends paid | $ 107.9 | ||||||
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) | $ 0.3 | $ 0.3 | $ 0.30 | $ 0.30 | |||
PBF LLC [Member] | |||||||
Distribution Made to Member or Limited Partner [Line Items] | |||||||
Distribution To Unitholders | $ 53.3 | $ 49.3 | $ 210.8 | $ 141.6 | |||
PBF LLC [Member] | Cash Distribution [Member] | |||||||
Distribution Made to Member or Limited Partner [Line Items] | |||||||
Distributions paid | 109 | ||||||
PBF LLC [Member] | Tax Distribution [Member] | |||||||
Distribution Made to Member or Limited Partner [Line Items] | |||||||
Distribution To Unitholders | (54.8) | ||||||
PBF Logistics LP [Member] | |||||||
Distribution Made to Member or Limited Partner [Line Items] | |||||||
Distribution made to partner (in dollars per share) | $ 0.515 | $ 0.510 | $ 0.505 | ||||
PBF Energy Inc. [Member] | PBF LLC [Member] | Cash Distribution [Member] | |||||||
Distribution Made to Member or Limited Partner [Line Items] | |||||||
Distributions paid | 107.9 | ||||||
PBF LLC [Member] | PBF Logistics LP [Member] | |||||||
Distribution Made to Member or Limited Partner [Line Items] | |||||||
Distribution made to partners | 45.8 | ||||||
PBF Energy Inc. [Member] | PBF LLC [Member] | Tax Distribution [Member] | |||||||
Distribution Made to Member or Limited Partner [Line Items] | |||||||
Distribution To Unitholders | $ (53.2) |
EMPLOYEE BENEFIT PLANS (Details
EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Other non-service components of net periodic benefit cost | $ (0.1) | $ 0.3 | $ (0.2) | $ 0.8 |
Pension Plan, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 10.9 | 11.9 | 32.7 | 35.5 |
Interest cost | 2 | 1.5 | 6.2 | 4.3 |
Expected return on plan assets | (2.3) | (2.2) | (7.1) | (6.4) |
Amortization of prior service cost and actuarial loss | 0.1 | 0.1 | 0.2 | 0.3 |
Net periodic benefit cost | 10.7 | 11.3 | 32 | 33.7 |
Post Retirement Medical Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0.2 | 0.4 | 0.7 | 0.9 |
Interest cost | 0.2 | 0.1 | 0.5 | 0.5 |
Amortization of prior service cost and actuarial loss | 0.1 | 0.2 | 0.4 | 0.5 |
Net periodic benefit cost | $ 0.5 | $ 0.7 | $ 1.6 | $ 1.9 |
FAIR VALUE MEASUREMENTS (Measur
FAIR VALUE MEASUREMENTS (Measured on Recurring Basis) (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Non-qualified pension plan assets | $ 10.4 | $ 9.7 |
Inventory Intermediation Agreement Obligation [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets, gross carrying value | 12.7 | |
Derivative assets, effect of counter-party netting | 0 | |
Derivative assets, net carrying value | 12.7 | |
Inventory Intermediation Agreement Obligation [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets, gross carrying value | 0 | |
Inventory Intermediation Agreement Obligation [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets, gross carrying value | 12.7 | |
Inventory Intermediation Agreement Obligation [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets, gross carrying value | 0 | |
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 | 47.2 | 44.3 |
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 | 44.3 | |
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 |
Inventory Supply Arrangement Obligation [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Catalyst lease obligations | 47.2 | |
Commodity contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability, gross carrying value | 11.3 | 2.9 |
Derivative liability, effect of counter-party netting | (11.3) | (2.9) |
Derivative Liability | 0 | 0 |
Commodity contract [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability, gross carrying value | 9.2 | |
Derivative Liability | 2.7 | |
Commodity contract [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability, gross carrying value | 2.1 | |
Derivative Liability | 0.2 | |
Commodity contract [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability, gross carrying value | 0 | |
Derivative Liability | 0 | |
Money market funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 17.6 | 16.7 |
Money market funds [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 17.6 | 16.7 |
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 | 13.9 | 10.1 |
Derivative assets, effect of counter-party netting | (11.3) | (2.9) |
Derivative assets, net carrying value | 2.6 | 7.2 |
Commodity contract [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets, gross carrying value | 8.4 | 1.2 |
Commodity contract [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets, gross carrying value | 5.5 | 8.9 |
Commodity contract [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets, gross carrying value | $ 0 | |
Derivative assets, net carrying value | 0 | |
Inventory Intermediation Agreement Obligation [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets, gross carrying value | 24.1 | |
Derivative assets, effect of counter-party netting | 0 | |
Derivative assets, net carrying value | 24.1 | |
Inventory Intermediation Agreement Obligation [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets, gross carrying value | 0 | |
Inventory Intermediation Agreement Obligation [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets, gross carrying value | 24.1 | |
Inventory Intermediation Agreement Obligation [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets, gross carrying value | $ 0 |
FAIR VALUE MEASUREMENTS (Fair V
FAIR VALUE MEASUREMENTS (Fair Value and Carrying Value of Debt) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Transfers into Level 3 | $ 0 | $ 0 | $ 0 | $ 0 | ||
Long-term debt, Fair value | 2,161,300,000 | 2,161,300,000 | $ 1,905,000,000 | |||
Long-term Debt, Gross | 2,098,900,000 | 2,098,900,000 | 1,974,700,000 | |||
Current maturities, Carrying value | 0 | 0 | (2,400,000) | |||
Current maturities, Fair value | 0 | 0 | (2,400,000) | |||
Unamortized Debt Issuance Expense | (34,600,000) | (34,600,000) | (41,000,000) | |||
Long-term debt excluding current maturities, Carrying value | 2,064,300,000 | 2,064,300,000 | 1,931,300,000 | |||
Long-term debt excluding current maturities, Fair value | 2,161,300,000 | 2,161,300,000 | 1,902,600,000 | |||
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] | 518,500,000 | 518,500,000 | 479,400,000 | ||
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] | $ 753,200,000 | $ 753,200,000 | 688,400,000 | ||
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] | $ 543,100,000 | $ 543,100,000 | 515,300,000 | ||
Catalyst lease obligations [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Long-term Debt | [2] | 44,300,000 | ||||
Long-term debt, Fair value | [2] | 47,200,000 | 47,200,000 | 44,300,000 | ||
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] | 16,300,000 | 16,300,000 | 21,600,000 | ||
Long-term debt, Fair value | [3] | 16,300,000 | 16,300,000 | 21,600,000 | ||
PBF Logistics LP [Member] | PBFX Senior Notes [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Long-term Debt | [1] | 527,400,000 | 527,400,000 | 527,800,000 | ||
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] | 47,200,000 | 47,200,000 | |||
Revolving Credit Facility [Member] | PBF Logistics LP [Member] | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Line of credit, Fair value | [3] | 283,000,000 | 283,000,000 | 156,000,000 | ||
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] | $ 283,000,000 | $ 283,000,000 | $ 156,000,000 | ||
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. | |||||
[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, 2019USD ($)bbl | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)bbl | Sep. 30, 2018USD ($) | Dec. 31, 2018bbl | |
Derivative [Line Items] | |||||
Loss on fair value hedge ineffectiveness | $ | $ 0 | $ 0 | $ 0 | $ 0 | |
Crude Oil and Feedstock Inventory [Member] | Fair Value Hedging [Member] | |||||
Derivative [Line Items] | |||||
Derivative, notional amount, volume | 200,894 | 200,894 | 0 | ||
Intermediates and Refined Products Inventory [Member] | Fair Value Hedging [Member] | |||||
Derivative [Line Items] | |||||
Derivative, notional amount, volume | 2,851,543 | 2,851,543 | 3,350,166 | ||
Crude Oil Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | |||||
Derivative [Line Items] | |||||
Derivative, notional amount, volume | 3,997,000 | 3,997,000 | 5,801,000 | ||
Refined Product Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | |||||
Derivative [Line Items] | |||||
Derivative, notional amount, volume | 4,500,000 | 4,500,000 | 1,609,000 |
DERIVATIVES (Fair Value of Deri
DERIVATIVES (Fair Value of Derivative Instruments) (Details) - Accrued Expenses [Member] - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Designated as Hedging Instrument [Member] | Inventory Intermediation Agreement Obligation [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value Asset/(Liability) | $ 12.7 | $ 24.1 |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value Asset/(Liability) | $ 2.6 | $ 7.2 |
DERIVATIVES (Gain (Loss) Recogn
DERIVATIVES (Gain (Loss) Recognized in Income) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
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 | 23,600,000 | (8,200,000) | (11,400,000) | (10,700,000) |
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 | (23,600,000) | 8,200,000 | 11,400,000 | 10,700,000 |
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 | $ 2,200,000 | $ (9,500,000) | $ 34,800,000 | $ (55,900,000) |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) | May 31, 2019 | Sep. 30, 2019USD ($) | Mar. 31, 2019 | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)reportable_segmentsegment | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) | Jul. 01, 2016refinery | ||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Number of reportable segments | reportable_segment | 2 | |||||||||||||
Revenues | $ 6,430,500,000 | $ 7,646,300,000 | $ 18,206,700,000 | $ 20,893,200,000 | ||||||||||
Cost, Depreciation, Amortization and Depletion | 109,800,000 | 93,400,000 | 322,700,000 | 271,700,000 | ||||||||||
Income (loss) from operations | [2] | 151,900,000 | [1] | 286,300,000 | 526,000,000 | [1] | 804,300,000 | |||||||
Interest expense, net | 39,700,000 | 42,300,000 | 121,300,000 | 128,900,000 | ||||||||||
Assets | [1] | 8,917,400,000 | $ 8,917,400,000 | $ 8,005,400,000 | ||||||||||
Number Of Operating Refineries | refinery | 5 | |||||||||||||
Number of Operating Segments | segment | 2 | |||||||||||||
Capital Expenditures | 127,900,000 | 102,900,000 | $ 629,800,000 | 468,100,000 | [3] | |||||||||
Logistics Group [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 86,400,000 | 70,600,000 | 248,000,000 | 203,400,000 | ||||||||||
Refining Group [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 6,422,100,000 | 7,641,900,000 | 18,182,700,000 | 20,880,600,000 | ||||||||||
Cost, Depreciation, Amortization and Depletion | 98,700,000 | 83,300,000 | 288,300,000 | 242,600,000 | ||||||||||
Income (loss) from operations | [2] | 169,800,000 | [1] | 321,300,000 | 583,000,000 | [1] | 895,900,000 | |||||||
Interest expense, net | (700,000) | 2,100,000 | 700,000 | 6,500,000 | ||||||||||
Assets | [1] | 7,921,400,000 | 7,921,400,000 | 6,988,000,000 | ||||||||||
Capital Expenditures | 117,200,000 | 79,800,000 | 600,200,000 | 376,800,000 | [3] | |||||||||
PBF Logistics LP [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Assets | [1] | 1,010,300,000 | 1,010,300,000 | 956,400,000 | ||||||||||
Corporate Segment [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Cost, Depreciation, Amortization and Depletion | 2,100,000 | 2,600,000 | 7,800,000 | 7,900,000 | ||||||||||
Income (loss) from operations | [2] | (62,300,000) | [1] | (67,900,000) | (165,500,000) | [1] | (183,800,000) | |||||||
Interest expense, net | 27,000,000 | 29,700,000 | 82,600,000 | 91,500,000 | ||||||||||
Assets | [1] | 52,100,000 | 52,100,000 | 98,100,000 | ||||||||||
Capital Expenditures | 2,700,000 | 2,200,000 | 6,400,000 | 4,700,000 | [3] | |||||||||
Intersegment Eliminations [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | (78,000,000) | (66,200,000) | (224,000,000) | (190,800,000) | ||||||||||
Cost, Depreciation, Amortization and Depletion | 0 | 0 | 0 | |||||||||||
Income (loss) from operations | [2] | (4,700,000) | (7,900,000) | [1] | (13,100,000) | |||||||||
Interest expense, net | 0 | 0 | 0 | |||||||||||
Assets | [1] | (66,400,000) | (66,400,000) | (37,100,000) | ||||||||||
Capital Expenditures | 0 | 0 | 0 | [3] | ||||||||||
Knoxville Terminals [Member] | Logistics Group [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Capital Expenditures | 58,000,000 | |||||||||||||
TVP Holding [Member] | Torrance Valley Pipeline Company LLC [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Wholly Owned Subsidiary, Percentage of Ownership | 50.00% | |||||||||||||
PBF Logistics LP [Member] | Torrance Valley Pipeline Company LLC [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Wholly Owned Subsidiary, Percentage of Ownership | 100.00% | |||||||||||||
PBF LLC [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 6,430,500,000 | 7,646,300,000 | 18,206,700,000 | 20,893,200,000 | ||||||||||
Cost, Depreciation, Amortization and Depletion | 109,800,000 | 93,400,000 | 322,700,000 | 271,700,000 | ||||||||||
Income (loss) from operations | 152,300,000 | [1],[2] | 286,600,000 | [1] | 527,100,000 | [1],[2] | 805,300,000 | [2] | ||||||
Interest expense, net | 42,300,000 | 44,500,000 | 128,300,000 | 135,100,000 | ||||||||||
Assets | 8,915,300,000 | [1] | 8,915,300,000 | [1] | 7,953,100,000 | [4] | ||||||||
Capital Expenditures | 127,900,000 | 102,900,000 | 629,800,000 | 468,100,000 | [3] | |||||||||
PBF LLC [Member] | Refining Group [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 6,422,100,000 | 7,641,900,000 | 18,182,700,000 | 20,880,600,000 | ||||||||||
Cost, Depreciation, Amortization and Depletion | 98,700,000 | 83,300,000 | 288,300,000 | 242,600,000 | ||||||||||
Income (loss) from operations | 169,800,000 | [1],[2] | 321,300,000 | [1] | 583,000,000 | [1],[2] | 895,900,000 | [2] | ||||||
Interest expense, net | (700,000) | 2,100,000 | 700,000 | 6,500,000 | ||||||||||
Assets | 7,921,400,000 | [1] | 7,921,400,000 | [1] | 6,988,000,000 | [4] | ||||||||
Capital Expenditures | 117,200,000 | 79,800,000 | 600,200,000 | 376,800,000 | [3] | |||||||||
PBF LLC [Member] | PBF Logistics LP [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 86,400,000 | 70,600,000 | 248,000,000 | 203,400,000 | ||||||||||
Cost, Depreciation, Amortization and Depletion | 9,000,000 | 7,500,000 | 26,600,000 | 21,200,000 | ||||||||||
Income (loss) from operations | [2] | 44,400,000 | [1] | 37,600,000 | 116,400,000 | [1] | 105,300,000 | |||||||
Interest expense, net | 13,400,000 | 10,500,000 | 38,000,000 | 30,900,000 | ||||||||||
Assets | 1,010,300,000 | [1] | 1,010,300,000 | [1] | 956,400,000 | [4] | ||||||||
Capital Expenditures | 8,000,000 | 20,900,000 | 23,200,000 | 86,600,000 | [3] | |||||||||
PBF LLC [Member] | Corporate Segment [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | 0 | 0 | 0 | 0 | ||||||||||
Cost, Depreciation, Amortization and Depletion | 2,100,000 | 2,600,000 | 7,800,000 | 7,900,000 | ||||||||||
Income (loss) from operations | (61,900,000) | [1],[2] | (67,600,000) | [1] | (164,400,000) | [1],[2] | (182,800,000) | [2] | ||||||
Interest expense, net | 29,600,000 | 31,900,000 | 89,600,000 | 97,700,000 | ||||||||||
Assets | 50,000,000 | [1] | 50,000,000 | [1] | 45,800,000 | [4] | ||||||||
Capital Expenditures | 2,700,000 | 2,200,000 | 6,400,000 | 4,700,000 | [3] | |||||||||
PBF LLC [Member] | Intersegment Eliminations [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Revenues | (78,000,000) | (66,200,000) | (224,000,000) | (190,800,000) | ||||||||||
Cost, Depreciation, Amortization and Depletion | 0 | 0 | 0 | 0 | ||||||||||
Income (loss) from operations | 0 | [1],[2] | (4,700,000) | [1] | (7,900,000) | [1],[2] | (13,100,000) | [2] | ||||||
Interest expense, net | 0 | 0 | 0 | 0 | ||||||||||
Assets | (66,400,000) | [1] | (66,400,000) | [1] | $ (37,100,000) | [4] | ||||||||
Capital Expenditures | $ 0 | $ 0 | $ 0 | $ 0 | [3] | |||||||||
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 | $ 0.50 | $ 0.50 | ||||||||||||
[1] | (1) On April 24, 2019, PBFX entered into the TVPC Contribution Agreement, pursuant to which PBF LLC contributed to PBFX all of the issued and outstanding limited liability company interests of TVP Holding. Prior to the TVPC Acquisition, TVP Holding owned a 50% membership interest in TVPC. Subsequent to the closing of the TVPC Acquisition on May 31, 2019, PBFX owns 100% of the membership interests in TVPC. | |||||||||||||
[2] | (2) Prior to the TVPC Contribution Agreement, the Logistics segment included 100% of the income from operations of TVPC, as TVPC was consolidated by PBFX. PBFX recorded net income attributable to noncontrolling interest for the 50% equity interest in TVPC held by PBF Holding. PBF Holding (included in the Refining segment) recorded equity income in investee related to its 50% | |||||||||||||
[3] | (3) The Logistics segment includes capital expenditures of $58.0 million for the acquisition of the Knoxville Terminals by PBFX on April 16, 2018. | |||||||||||||
[4] | (4) Prior to the TVPC Contribution Agreement, the Logistics segment included 100% of the assets of TVPC, as TVPC was consolidated by PBFX. PBFX recorded noncontrolling interest for the 50% equity interest in TVPC held by PBF Holding. PBF Holding (included in the Refining segment) recorded an equity investment in TVPC reflecting its noncontrolling ownership interest. For purposes of the Company’s Condensed Consolidated Financial Statements, PBFX’s noncontrolling interest in TVPC and PBF Holding’s equity investment in TVPC eliminated in consolidation. |
NET INCOME PER SHARE OF PBF E_3
NET INCOME PER SHARE OF PBF ENERGY (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Statutory tax rate | 26.50% | 26.40% | |||
Basic Earnings Per Share: | |||||
Net income attributable to PBF Energy | $ 69.5 | $ 179.6 | $ 266.4 | $ 482.1 | |
Undistributed Earnings (Loss) Allocated to Participating Securities, Basic | $ 0.2 | $ 0.2 | $ 0.4 | $ 0.6 | |
Denominator for basic net income per Class A common share-weighted average shares (in shares) | 119,921,346 | 117,029,486 | 119,897,504 | 113,597,970 | |
Basic net income attributable to PBF Energy per Class A common share (in usd per share) | $ 0.58 | $ 1.53 | $ 2.22 | $ 4.24 | |
Net Income (Loss) Available to Common Stockholders, Basic | $ 69.3 | $ 179.4 | $ 266 | $ 481.5 | |
Diluted Earnings Per Share: | |||||
Plus: Net income attributable to noncontrolling interest | [1] | 0.9 | 2.4 | 3.6 | 9.8 |
Less: Income tax on net income attributable to noncontrolling interest | [1] | (0.3) | (0.7) | (0.9) | (2.6) |
Numerator for diluted net income per Class A common share | [1] | $ 69.9 | $ 181.1 | $ 268.7 | $ 488.7 |
Denominator for basic net income per Class A common share-weighted average shares (in shares) | 119,921,346 | 117,029,486 | 119,897,504 | 113,597,970 | |
Effect of dilutive securities: | |||||
Conversion of PBF LLC Series A Units | [2] | 1,206,325 | 1,206,326 | 1,206,325 | 2,184,690 |
Effect of dilutive securities on common stock equivalents (in shares) | [2] | 461,508 | 2,169,503 | 768,035 | 1,592,510 |
Denominator for diluted net income per PBF Energy Class A common share-adjusted weighted average shares | 121,589,179 | 120,405,315 | 121,871,864 | 117,375,170 | |
Diluted net income attributable to PBF Energy per Class A common share (in usd per share) | $ 0.57 | $ 1.50 | $ 2.20 | $ 4.16 | |
Stock Options [Member] | |||||
Effect of dilutive securities: | |||||
Antidilutive common stock excluded from computation of dilutive earnings per share (in shares) | 7,739,275 | 15,000 | 6,003,867 | 25,000 | |
[1] | (1) The diluted earnings per share calculation generally assumes the conversion of all outstanding PBF LLC Series A Units to PBF Energy Class A common stock. 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 26.5% estimated annualized statutory corporate tax rate for the three and nine months ended September 30, 2019 and a 26.4% estimated annualized statutory corporate tax rate for the three and nine months ended September 30, 2018 ), 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 performance share 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, warrants and performance share units to purchase 7,739,275 and 6,003,867 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, 2019 , respectively. 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 were anti-dilutive for the three and nine months ended September 30, 2018 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Millions | Oct. 31, 2019 | May 31, 2019 | Apr. 24, 2019 | Sep. 30, 2018 | Sep. 30, 2018 |
Subsequent Event [Line Items] | |||||
Stock Issued During Period, Shares, New Issues | 6,585,500 | ||||
Stock Issued During Period, Value, New Issues | $ 135 | $ 287.3 | $ 287.3 | ||
Torrance Valley Pipeline Company LLC [Member] | |||||
Subsequent Event [Line Items] | |||||
Business Combination, Consideration Transferred | $ 200 | ||||
PBF Logistics LP [Member] | Torrance Valley Pipeline Company LLC [Member] | |||||
Subsequent Event [Line Items] | |||||
Wholly Owned Subsidiary, Percentage of Ownership | 100.00% | ||||
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) | $ 0.52 |