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.

(c) Catalyst leases are valued using a market approach based upon commodity prices for similar instruments quoted in active markets and are categorized as a Level 2 measurement. The Company has elected the fair value option for accounting for its catalyst lease repurchase obligations as the Company’s liability is directly impacted by the change in fair value of the underlying catalyst.