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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 7,360.0 17,680.7 20,088.9
Income from operations [2] 151.9 [1] 286.3 526.0 [1] 804.3
Other income (expense):        
Change in Tax Receivable Agreement liability 0.0 7.8 0.0 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 22.0 61.3 92.0 167.8
Net income 86.3 192.5 306.1 522.0
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) (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% 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.