XML 62 R5.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Consolidated Statements of Operations - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Income Statement [Abstract]      
Revenues $ 24,508.2 $ 27,186.1 $ 21,786.6
Cost and expenses:      
Cost of products and other 21,387.5 24,503.4 18,863.6
Operating expenses (excluding depreciation and amortization expense as reflected below) 1,782.3 1,721.0 1,684.4
Depreciation and amortization expense 425.3 359.1 278.0
Cost of sales 23,595.1 26,583.5 20,826.0
General and administrative expenses (excluding depreciation and amortization expense as reflected below) 284.0 277.0 214.5
Depreciation and amortization expense 10.8 10.6 13.0
Change in contingent consideration (0.8) 0.0 0.0
(Gain) loss on sale of assets (29.9) (43.1) 1.5
Total cost and expenses 23,859.2 26,828.0 21,055.0
Income from operations [1] 649.0 358.1 731.6
Other income (expense):      
Interest expense, net (159.6) (169.9) (154.4)
Change in Tax Receivable Agreement liability 0.0 13.9 250.9
Change in fair value of catalyst obligations (9.7) 5.6 (2.2)
Debt extinguishment costs 0.0 0.0 (25.5)
Other non-service components of net periodic benefit cost (0.2) 1.1 (1.4)
Income before income taxes 479.5 208.8 799.0
Income tax expense 104.3 33.5 315.6
Net income 375.2 175.3 483.4
Less: net income attributable to noncontrolling interests 55.8 47.0 67.8
Net income attributable to PBF Energy Inc. stockholders $ 319.4 $ 128.3 $ 415.6
Weighted-average shares of Class A common stock outstanding      
Basic (in shares) [2] 119,887,646 115,190,262 109,779,407
Diluted (in shares) 121,853,299 118,773,606 113,898,845
Net income available to Class A common stock per share:      
Basic (in usd per share) $ 2.66 $ 1.11 $ 3.78
Diluted (in usd per share) $ 2.64 $ 1.10 $ 3.73
[1]
(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 Consolidated Financial Statements, PBF Holding’s equity income in investee and PBFX’s net income attributable to noncontrolling interest eliminated in consolidation.
[2] 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 24.9%, 26.0% and 39.6% annualized statutory corporate tax rate for the years ended December 31, 2019, 2018 and 2017) attributable to the converted units.