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Condensed Consolidated Statements of Operations - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Revenues $ 6,560.0 $ 7,444.1 $ 11,776.2 $ 13,246.9
Cost and expenses:        
Cost of products and other 5,955.8 6,452.5 10,165.0 11,584.6
Operating expenses (excluding depreciation and amortization expense as reflected below) 433.2 417.7 912.2 843.8
Depreciation and amortization expense 104.2 89.7 207.2 173.0
Cost of sales 6,493.2 6,959.9 11,284.4 12,601.4
General and administrative expenses (excluding depreciation and amortization expense as reflected below) 53.6 58.7 111.2 121.5
Depreciation and amortization expense 2.9 2.6 5.7 5.3
Loss on sale of assets 0.8 0.6 0.8 0.7
Total cost and expenses 6,550.5 7,021.8 11,402.1 12,728.9
Income from operations [2] 9.5 [1] 422.3 374.1 [1] 518.0
Other income (expense):        
Change in fair value of catalyst leases 0.5 4.1 (2.6) 4.1
Interest expense, net (42.1) (43.4) (81.6) (86.6)
Other non-service components of net periodic benefit cost 0.0 0.2 (0.1) 0.5
Income (loss) before income taxes (32.1) 383.2 289.8 436.0
Income tax (benefit) expense (10.5) 95.5 70.0 106.5
Net income (loss) (21.6) 287.7 219.8 329.5
Less: net income attributable to noncontrolling interests 10.6 15.6 22.8 27.0
Less: net income attributable to noncontrolling interests 10.8 15.5 22.9 27.0
Net income (loss) attributable to PBF Energy Inc. stockholders $ (32.2) $ 272.1 $ 197.0 $ 302.5
Weighted-average shares of Class A common stock outstanding        
Basic (in shares) 119,181,845 112,875,813 119,885,386 111,853,774
Diluted (in shares) 119,181,845 116,409,273 122,020,444 115,749,927
Net income (loss) available to Class A common stock per share:        
Basic (in dollars per share) $ (0.27) $ 2.41 $ 1.64 $ 2.70
Diluted (in dollars per share) $ (0.27) $ 2.37 $ 1.63 $ 2.66
PBF LLC [Member]        
Revenues $ 6,560.0 $ 7,444.1 $ 11,776.2 $ 13,246.9
Cost and expenses:        
Cost of products and other 5,955.8 6,452.5 10,165.0 11,584.6
Operating expenses (excluding depreciation and amortization expense as reflected below) 433.2 417.7 912.2 843.8
Depreciation and amortization expense 104.2 89.7 207.2 173.0
Cost of sales 6,493.2 6,959.9 11,284.4 12,601.4
General and administrative expenses (excluding depreciation and amortization expense as reflected below) 53.2 58.2 110.5 120.8
Depreciation and amortization expense 2.9 2.6 5.7 5.3
Loss on sale of assets 0.8 0.6 0.8 0.7
Total cost and expenses 6,550.1 7,021.3 11,401.4 12,728.2
Income from operations 9.9 [1],[2] 422.8 [1] 374.8 [1],[2] 518.7 [2]
Other income (expense):        
Change in fair value of catalyst leases 0.5 4.1 (2.6) 4.1
Interest expense, net (44.5) (45.4) (86.0) (90.6)
Other non-service components of net periodic benefit cost 0.0 0.2 (0.1) 0.5
Income (loss) before income taxes (34.1) 381.7 286.1 432.7
Income tax (benefit) expense 1.8 (4.0) (5.4) (4.7)
Net income (loss) (35.9) 385.7 291.5 437.4
Less: net income attributable to noncontrolling interests 11.1 9.4 20.1 19.6
Net income (loss) attributable to PBF Energy Inc. stockholders $ (47.0) $ 376.3 $ 271.4 $ 417.8
[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]
(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.