x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
DELAWARE | 27-2198168 | |
DELAWARE | 45-2685067 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
One Sylvan Way, Second Floor Parsippany, New Jersey | 07054 | |
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer | Accelerated filer | Non-accelerated filer (Do not check if a smaller reporting company) | Smaller reporting company | ||||
¨ | ¨ | x | ¨ |
Refinery Units | Nameplate Capacity | |
Crude Distillation Unit | 190,000 | |
Vacuum Distillation Unit | 102,000 | |
Fluid Catalytic Cracking Unit (FCC) | 82,000 | |
Hydrotreating Units | 160,000 | |
Hydrocracking Unit | 18,000 | |
Catalytic Reforming Unit (CCR) | 43,000 | |
Benzene / Toluene Extraction Unit | 15,000 | |
Butane Isomerization Unit (ISOM) | 6,000 | |
Alkylation Unit (Alky) | 11,000 | |
Polymerization Unit (Poly) | 16,000 | |
Fluid Coking Unit (FCU/ Fluid Coker) | 47,000 |
Refinery Units | Nameplate Capacity | |
Crude Distillation Units | 168,000 | |
Vacuum Distillation Units | 83,000 | |
Fluid Catalytic Cracking Unit (FCC) | 55,000 | |
Hydrotreating Units | 141,000 | |
Catalytic Reforming Unit (CCR) | 32,000 | |
Alkylation Unit (Alky) | 11,000 | |
Lube Oil Processing Unit | 12,000 | |
Delayed Coking Unit (Coker) | 27,000 | |
Propane Deasphalting Unit | 11,000 |
Refinery Units | Nameplate Capacity | |
Crude Distillation Unit | 170,000 | |
Fluid Catalytic Cracking Unit (FCC) | 79,000 | |
Hydrotreating Units | 95,000 | |
Hydrocracking Unit (HCC) | 45,000 | |
Catalytic Reforming Units | 45,000 | |
Alkylation Unit (Alky) | 10,000 | |
Polymerization Unit (Poly) | 7,000 | |
UDEX Unit (BTX) | 16,300 |
Refinery Units | Nameplate Capacity | |
Crude Distillation Unit | 189,000 | |
Fluid Catalytic Cracking Unit (FCC) | 72,000 | |
Hydrotreating Units | 158,000 | |
Delayed Coker | 29,000 | |
Catalytic Reforming Units | 22,000 | |
Alkylation Unit (Alky) | 15,000 |
• | DCR distributed all of the interests in Delaware City Terminaling and TRC distributed the Toledo Truck Terminal, in each case, to PBF Holding at their historical cost. |
• | PBF Holding contributed, at their historical cost, (i) all of the interests in Delaware City Terminaling and (ii) the Toledo Truck Terminal to PBFX in exchange for (a) 74,053 common units and 15,886,553 subordinated units representing an aggregate 50.2% limited partner interest in PBFX, (b) all of PBFX’s incentive distribution rights, (c) the right to receive a distribution of $30.0 million from PBFX as reimbursement for certain preformation capital expenditures attributable to the contributed assets, and (d) the right to receive a distribution of $298.7 million; and in connection with the foregoing, PBFX redeemed PBF Holding’s initial partner interests in PBFX for $1,000. |
• | PBF Holding distributed to PBF LLC (i) its interest in PBF GP, (ii) the common units, subordinated units and incentive distribution rights, (iii) the right to receive a distribution of $30.0 million as reimbursement for certain preformation capital expenditures, and (iv) the right to receive a distribution of $298.7 million. |
• | PBFX's obligation to pay PBF LLC an administrative fee, in the amount of $2.30 million per year, for the provision by PBF LLC of centralized corporate services (which fee is in addition to certain expenses of PBF GP and its affiliates that are reimbursed under the PBFX partnership agreement; |
• | PBFX’s obligation to reimburse PBF LLC for the salaries and benefits costs of employees who devote more than 50% of their time to PBFX; |
• | PBFX’s agreement to reimburse PBF Holding for all other direct or allocated costs and expenses incurred by PBF LLC on PBFX's behalf; |
• | PBF LLC’s agreement not to compete with PBFX under certain circumstances, subject to certain exceptions; |
• | PBFX’s right of first offer for ten years to acquire certain logistics assets retained by PBF Energy following the PBFX Offering, including certain logistics assets that PBF LLC or its subsidiaries may construct or acquire in the future, subject to certain exceptions; |
• | a license to use the PBFX trademark and name; and |
• | PBF Holding’s agreement to reimburse PBFX for certain expenditures up to $20.0 million per event (net of any insurance recoveries) related to the Contributed Assets for a period of five years after the closing of the PBFX Offering, and PBFX's agreement to bear the costs associated with the prior expansion of the DCR Rail Terminal crude unloading capability. |
• | denial or delay in obtaining regulatory approvals and/or permits; |
• | unplanned increases in the cost of construction materials or labor; |
• | disruptions in transportation of modular components and/or construction materials; |
• | severe adverse weather conditions, natural disasters or other events (such as equipment malfunctions, explosions, fires or spills) affecting our facilities, or those of vendors and suppliers; |
• | shortages of sufficiently skilled labor, or labor disagreements resulting in unplanned work stoppages; |
• | market-related increases in a project’s debt or equity financing costs; and/or |
• | non-performance or force majeure by, or disputes with, vendors, suppliers, contractors or sub-contractors involved with a project. |
• | the volumes of our actual use of crude oil or production of the applicable refined products is less than the volumes subject to the hedging arrangement; |
• | accidents, interruptions in feedstock transportation, inclement weather or other events cause unscheduled shutdowns or otherwise adversely affect our refineries, or those of our suppliers or customers; |
• | changes in commodity prices have a material impact on collateral and margin requirements under our hedging arrangements, resulting in us being subject to margin calls; |
• | the counterparties to our futures contracts fail to perform under the contracts; or |
• | a sudden, unexpected event materially impacts the commodity or crack spread subject to the hedging arrangement. |
• | unexpected losses of key employees, customers and suppliers of the acquired operations; |
• | challenges in managing the increased scope, geographic diversity and complexity of our operations; |
• | diversion of management time and attention from our existing business; |
• | liability for known or unknown environmental conditions or other contingent liabilities and greater than anticipated expenditures required for compliance with environmental, safety or other regulatory standards or for investments to improve operating results; and |
• | the incurrence of additional indebtedness to finance acquisitions or capital expenditures relating to acquired assets. |
• | a significant portion of our cash flow from operations will be dedicated to the payment of principal of, and interest on, our indebtedness and will not be available for other purposes; |
• | covenants contained in our existing debt arrangements limit our ability to borrow additional funds, dispose of assets and make certain investments; |
• | these covenants also require us to meet or maintain certain financial tests, which may affect our flexibility in planning for, and reacting to, changes in our industry, such as being able to take advantage of acquisition opportunities when they arise; |
• | our ability to obtain additional financing for working capital, capital expenditures, acquisitions, general corporate and other purposes may be limited; and |
• | we may be at a competitive disadvantage to those of our competitors that are less leveraged; and we may be more vulnerable to adverse economic and industry conditions. |
Year Ended December 31, | ||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
Statement of operations data: | ||||||||||||||||||||
Revenues | $ | 13,123,929 | $ | 19,828,155 | $ | 19,151,455 | $ | 20,138,687 | $ | 14,960,338 | ||||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of sales, excluding depreciation | 11,611,599 | 18,514,054 | 17,803,314 | 18,269,078 | 13,855,163 | |||||||||||||||
Operating expenses, excluding depreciation | 889,368 | 880,701 | 812,652 | 738,824 | 658,831 | |||||||||||||||
General and administrative expenses (1) | 166,904 | 140,150 | 95,794 | 120,443 | 86,911 | |||||||||||||||
Gain on sale of asset | (1,004 | ) | (895 | ) | (183 | ) | (2,329 | ) | — | |||||||||||
Depreciation and amortization expense | 191,110 | 178,996 | 111,479 | 92,238 | 53,743 | |||||||||||||||
Income (loss) from operations | 265,952 | 115,149 | 328,399 | 920,433 | 305,690 | |||||||||||||||
Other (expense) income: | ||||||||||||||||||||
Change in fair value of contingent consideration | — | — | — | (2,768 | ) | (5,215 | ) | |||||||||||||
Change in fair value of catalyst lease obligation | 10,184 | 3,969 | 4,691 | (3,724 | ) | 7,316 | ||||||||||||||
Interest (expense), net | (88,194 | ) | (98,001 | ) | (94,214 | ) | (108,629 | ) | (65,120 | ) | ||||||||||
Income before income taxes | 187,942 | 21,117 | 238,876 | 805,312 | 242,671 | |||||||||||||||
Income taxes | 648 | — | — | — | — | |||||||||||||||
Net Income | 187,294 | 21,117 | 238,876 | 805,312 | 242,671 | |||||||||||||||
Less income attributable to noncontrolling interest | 274 | — | — | — | — | |||||||||||||||
Net income attributable to PBF Holding LLC | 187,020 | 21,117 | 238,876 | 805,312 | 242,671 | |||||||||||||||
Balance sheet data (at end of period) : | ||||||||||||||||||||
Total assets | $ | 5,082,722 | $ | 4,013,762 | $ | 4,192,504 | $ | 4,085,264 | $ | 3,607,129 | ||||||||||
Total long-term debt (2) | 1,272,937 | 750,349 | 747,576 | 729,980 | 804,865 | |||||||||||||||
Total equity | 1,821,284 | 1,630,516 | 1,772,153 | 1,751,654 | 1,110,918 | |||||||||||||||
Other financial data : | ||||||||||||||||||||
Capital expenditures (3) | $ | 414,177 | $ | 625,403 | $ | 415,702 | $ | 222,688 | $ | 574,883 |
(1) | Includes acquisition related expenses consisting primarily of consulting and legal expenses related to the Chalmette Acquisition and pending Torrance Acquisition of $5.8 million in 2015 as well as the Paulsboro and Toledo acquisitions and non-consummated acquisitions of $0.7 million in 2011. |
(2) | Total long-term debt, excluding debt issuance costs and intercompany notes payable, includes current maturities and our Delaware Economic Development Authority Loan. |
(3) | Includes expenditures for construction in progress, property, plant and equipment (including railcar purchases), deferred turnaround costs and other assets, excluding the proceeds from sales of assets. |
March 2008 | PBF was formed. | |
June 2010 | The idle Delaware City refinery and its related assets were acquired from Valero. | |
December 2010 | The Paulsboro refinery and its related assets were acquired from affiliates of Valero. | |
March 2011 | The Toledo refinery and its related assets were acquired from Sunoco. | |
October 2011 | The Delaware City refinery became operational. | |
February 2012 | We issued $675.5 million aggregate principal amount of 8.25% Senior Secured Notes due 2020. | |
December 2012 | PBF Energy completed the initial public offering of its common equity. In connection with the initial public offering, PBF Energy became the sole managing member of PBF LLC. | |
February 2013 | PBFX was 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. | |
May 2014 | PBFX completed its initial public offering of 15,812,500 common units at a price to the public of $23.00 per unit. | |
September 2014 | PBF Holding distributed to PBF LLC, which in turn contributed to PBFX, all of the equity interests of DCT II for total consideration from PBFX of $150.0 million consisting of $135.0 million of cash and $15.0 million of PBFX common units, or 589,536 common units. | |
December 2014 | PBF Holding distributed to PBF LLC, which in turn contributed to PBFX, all of the issued and outstanding limited liability company interests of Toledo Terminaling, for total consideration from PBFX of $150.0 million, consisting of $135.0 million of cash and $15.0 million of Partnership common units, or 620,935 common units. | |
February 2015 | Blackstone and First Reserve sold, in a secondary offering, their remaining shares of Class A common stock of PBF Energy. | |
May 2015 | PBF Holding distributed to PBF LLC, which in turn contributed to PBFX, all the equity interests of DPC and DCLC, for total consideration from PBFX of $143.0 million, consisting of $112.5 million of cash and $30.5 million of Partnership common units, or 1,288,420 common units. | |
September 2015 | PBF Energy announced the pending Torrance Acquisition. | |
October 2015 | PBF Energy completed a public offering of 11,500,000 shares of its Class A common stock. | |
November 2015 | The Chalmette refinery and its related assets were acquired from ExxonMobil and PDV Chalmette, Inc. | |
November 2015 | PBF Holding issued $500.0 million aggregate principal amount of 7.00% Senior Secured Notes due 2023. |
• | DCR distributed all of the interests in Delaware City Terminaling and TRC distributed the Toledo Truck Terminal, in each case, to PBF Holding at their historical cost. |
• | PBF Holding contributed, at their historical cost, (i) all of the interests in Delaware City Terminaling and (ii) the Toledo Truck Terminal to PBFX in exchange for (a) 74,053 common units and 15,886,553 subordinated units representing an aggregate 50.2% limited partner interest in PBFX, (b) all of PBFX’s incentive distribution rights, (c) the right to receive a distribution of $30.0 million from PBFX as reimbursement for certain preformation capital expenditures attributable to the contributed assets, and (d) the right to receive a distribution of $298.7 million; and in connection with the foregoing, PBFX redeemed PBF Holding’s initial partner interests in PBFX for $1.0 thousand. |
• | PBF Holding distributed to PBF LLC (i) its interest in PBF GP, (ii) the common units, subordinated units and incentive distribution rights, (iii) the right to receive a distribution of $30.0 million as reimbursement for certain preformation capital expenditures, and (iv) the right to receive a distribution of $298.7 million. |
• | The minimum throughput commitment is at least 50,000 bpd, at an initial fee equal to $0.5266 per barrel for all volumes of product received on the pipeline equal to at least the minimum throughput commitment, in any contract quarter. |
• | The pipeline service fee is subject to (i) increase or decrease effective as of July 1 of each year, by the amount of any change in any inflationary index promulgated by the Federal Energy Regulatory Commission (“FERC”) in accordance with FERC’s indexing methodology or (ii) in the event that FERC terminates its indexing methodology during the term of the agreement, by a percentage equal to the change in the Consumer Price Index- All Urban Consumers (“CPI-U”). Effective July 1, 2015, the pipeline service fee was raised to $0.5507 per barrel, due to an increase in the FERC tariff. |
• | The minimum throughput commitment is (i) at least 30,000 bpd of gasoline, diesel and heating oil for a fee equal to $0.462 per barrel; and (ii) at least 5,000 bpd of LPGs for a fee equal to $2.52 for all volumes of product loaded into trucks at the product terminal equal to at least the minimum throughput commitment, in any contract quarter. |
• | The terminaling service fee is subject to (i) increase or decrease effective as of January 1 of each year, commencing on January 1, 2016, by the amount of any change in the Producer Price Index provided that the fee may not be adjusted below the initial amount and (ii) adjustment by the amount of any increases in operating costs greater than the Producer Price Index reasonably incurred by PBFX in connection with providing the services and ancillary services under the Delaware City Truck Loading Services Agreement. |
• | PBFX’s obligation to pay PBF Holding, an administrative fee, in the amount of $2.4 million per year, for the provision by PBF LLC of centralized corporate services (which fee is in addition to certain expenses of PBF GP and its affiliates that are reimbursed under the Partnership Agreement); |
• | PBFX’s obligation to reimburse PBF Holding for the salaries and benefits costs of employees who devote more than 50% of their time to PBFX; |
• | PBFX’s agreement to reimburse PBF Holding for all other direct or allocated costs and expenses incurred by PBF LLC on PBFX’s behalf; |
• | PBF LLC’s agreement not to compete with PBFX under certain circumstances, subject to certain exceptions; |
• | PBFX’s right of first offer for ten years to acquire certain logistics assets retained by PBF Energy following the PBFX Offering, including certain logistics assets that PBF LLC or its subsidiaries may construct or acquire in the future, subject to certain exceptions; |
• | a license to use the PBF Logistics trademark and name; and |
• | PBF Holding’s agreement to reimburse PBFX for certain expenditures up to $20.0 million per event (net of any insurance recoveries) related to the contributed assets for a period of five years after the closing of the PBFX Offering, and PBFX's agreement to bear the costs associated with the expansion of the DCR Rail Terminal crude unloading capability. The liability arising from this agreement is classified as “Accounts Payable - Affiliate” on the PBF Holding consolidated balance sheet. |
• | the Delaware City refinery processes a slate of primarily medium and heavy, and sour crude oil, which has constituted approximately 65% to 70% of total throughput. The remaining throughput consists of sweet crude oil and other feedstocks and blendstocks. In addition, we have the capacity to process a significant volume of light, sweet price-advantaged crude oil which may affect our overall crude slate depending on market conditions. Our total throughput costs have historically priced at a discount to Dated Brent; and |
• | as a result of the heavy, sour crude slate processed at Delaware City, we produce low value products including sulfur and petroleum coke. These products are priced at a significant discount to gasoline, ULSD and heating oil and represent approximately 5% to 7% of our total production volume. |
• | the Paulsboro refinery has generally processed a slate of primarily medium and heavy, and sour crude oil, which has historically constituted approximately 65% to 70% of total throughput. The remaining throughput consists of sweet crude oil and other feedstocks and blendstocks; |
• | as a result of the heavy, sour crude slate processed at Paulsboro, we produce low value products including sulfur, petroleum coke and fuel oil. These products are priced at a significant discount to gasoline and heating oil and represent approximately 5% to 7% of our total production volume; and |
• | the Paulsboro refinery produces Group I lubricants which, through an extensive production process, have a low volume yield on throughput but carry a premium sales price. |
• | the Toledo refinery processes a slate of domestic sweet and Canadian synthetic crude oil. Historically, Toledo’s blended average crude costs have been higher than the market value of WTI crude oil; |
• | the Toledo refinery configuration enables it to produce more barrels of product than throughput which generates a pricing benefit; and |
• | the Toledo refinery generates a pricing benefit on some of its refined products, primarily its petrochemicals. |
Year Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Revenue | $ | 13,123,929 | $ | 19,828,155 | $ | 19,151,455 | ||||||
Cost of sales, excluding depreciation | 11,611,599 | 18,514,054 | 17,803,314 | |||||||||
1,512,330 | 1,314,101 | 1,348,141 | ||||||||||
Operating expenses, excluding depreciation | 889,368 | 880,701 | 812,652 | |||||||||
General and administrative expenses | 166,904 | 140,150 | 95,794 | |||||||||
Gain on sale of asset | (1,004 | ) | (895 | ) | (183 | ) | ||||||
Depreciation and amortization expense | 191,110 | 178,996 | 111,479 | |||||||||
Income from operations | 265,952 | 115,149 | 328,399 | |||||||||
Change in fair value of catalyst leases | 10,184 | 3,969 | 4,691 | |||||||||
Interest income (expense), net | (88,194 | ) | (98,001 | ) | (94,214 | ) | ||||||
Income before income taxes | 187,942 | 21,117 | 238,876 | |||||||||
Income tax expense | 648 | — | — | |||||||||
Net Income | 187,294 | 21,117 | 238,876 | |||||||||
Less: net income attributable to noncontrolling interest | 274 | — | — | |||||||||
Net income attributable to PBF Holding LLC | $ | 187,020 | $ | 21,117 | $ | 238,876 | ||||||
Gross refining margin (1) | $ | 1,512,330 | $ | 1,314,101 | $ | 1,348,141 | ||||||
Gross margin | 441,539 | 267,987 | 436,867 |
(1) | See Non-GAAP financial measures below. |
Year Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Key Operating Information | ||||||||||||
Production (barrels per day in thousands) | 511.9 | 452.1 | 451.0 | |||||||||
Crude oil and feedstocks throughput (barrels per day in thousands) | 516.4 | 453.1 | 452.8 | |||||||||
Total crude oil and feedstocks throughput (millions of barrels) | 188.4 | 165.4 | 165.3 | |||||||||
Gross refining margin, excluding special items, per barrel of throughput (1) | $ | 10.29 | $ | 12.11 | $ | 8.16 | ||||||
Operating expense, excluding depreciation, per barrel of throughput | $ | 4.72 | $ | 5.34 | $ | 4.92 | ||||||
Crude and feedstocks (% of total throughput) (2): | ||||||||||||
Heavy Crude | 14 | % | 14 | % | 15 | % | ||||||
Medium Crude | 49 | % | 44 | % | 42 | % | ||||||
Light Crude | 26 | % | 33 | % | 35 | % | ||||||
Other feedstocks and blends | 11 | % | 9 | % | 8 | % | ||||||
Total throughput | 100 | % | 100 | % | 100 | % | ||||||
Yield (% of total throughput): | ||||||||||||
Gasoline and gasoline blendstocks | 49 | % | 47 | % | 46 | % | ||||||
Distillates and distillate blendstocks | 35 | % | 36 | % | 37 | % | ||||||
Lubes | 1 | % | 2 | % | 2 | % | ||||||
Chemicals | 3 | % | 3 | % | 3 | % | ||||||
Other | 12 | % | 12 | % | 12 | % | ||||||
Total yield | 100 | % | 100 | % | 100 | % | ||||||
(1) See Non-GAAP Financial measures below. | ||||||||||||
(2) We define heavy crude oil as crude oil with American Petroleum Institute (API) gravity less than 24 degrees. We define medium crude oil as crude oil with API gravity between 24° and 35°. We define light crude oil as crude oil with API gravity higher than 35°. |
Year Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
(dollars per barrel, except as noted) | ||||||||||||
Dated Brent Crude | $ | 52.56 | $ | 98.95 | $ | 108.66 | ||||||
West Texas Intermediate (WTI) crude oil | $ | 48.71 | $ | 93.28 | $ | 97.99 | ||||||
Light Louisiana Sweet (LLS) crude oil | $ | 52.36 | $ | 96.92 | $ | 107.31 | ||||||
Crack Spreads | ||||||||||||
Dated Brent (NYH) 2-1-1 | $ | 16.35 | $ | 12.92 | $ | 12.34 | ||||||
WTI (Chicago) 4-3-1 | $ | 17.91 | $ | 15.92 | $ | 20.09 | ||||||
LLS (Gulf Coast) 2-1-1 | $ | 14.39 | $ | 16.95 | $ | 11.54 | ||||||
Crude Oil Differentials | ||||||||||||
Dated Brent (foreign) less WTI | $ | 3.85 | $ | 5.66 | $ | 10.67 | ||||||
Dated Brent less Maya (heavy, sour) | $ | 8.45 | $ | 13.08 | $ | 11.38 | ||||||
Dated Brent less WTS (sour) | $ | 3.59 | $ | 11.62 | $ | 13.31 | ||||||
Dated Brent less ASCI (sour) | $ | 4.57 | $ | 6.49 | $ | 6.67 | ||||||
WTI less WCS (heavy, sour) | $ | 11.87 | $ | 19.45 | $ | 24.62 | ||||||
WTI less Bakken (light, sweet) | $ | 2.89 | $ | 5.47 | $ | 5.12 | ||||||
WTI less Syncrude (light, sweet) | $ | (1.45 | ) | $ | 2.25 | $ | 0.63 | |||||
Natural gas (dollars per MMBTU) | $ | 2.63 | $ | 4.26 | $ | 3.73 |
Year Ended December 31, | |||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||
$ | per barrel of throughput | $ | per barrel of throughput | $ | per barrel of throughput | ||||||||||||||||
Reconciliation of gross margin to gross refining margin: | |||||||||||||||||||||
Gross margin | $ | 441,539 | $ | 2.34 | $ | 267,987 | $ | 1.60 | $ | 436,867 | $ | 2.64 | |||||||||
Add: Operating expense | 889,368 | 4.72 | 880,701 | 5.34 | 812,652 | 4.92 | |||||||||||||||
Add: Refinery depreciation expense | 181,423 | 0.96 | 165,413 | 1.00 | 98,622 | 0.60 | |||||||||||||||
Gross refining margin | $ | 1,512,330 | $ | 8.02 | $ | 1,314,101 | $ | 7.94 | $ | 1,348,141 | $ | 8.16 | |||||||||
Special items: | |||||||||||||||||||||
Less: Non-cash LCM inventory adjustment (1) | 427,226 | 2.27 | 690,110 | 4.17 | — | — | |||||||||||||||
Gross refining margin excluding special items | $ | 1,939,556 | $ | 10.29 | $ | 2,004,211 | $ | 12.11 | $ | 1,348,141 | $ | 8.16 | |||||||||
(1) During the year ended December 31, 2015, the Company recorded an adjustment to value its inventory to the lower of cost or market, which resulted in a net impact of $427.2 million reflecting the change in the lower of cost or market inventory reserve from $690.1 million at December 31, 2014 to $1,117.3 million at December 31, 2015. During the year December 31, 2014, the Company recorded an adjustment to value its inventory to the lower of cost or market which resulted in a net impact of $690.1 million. The net impact of the LCM inventory adjustments are included in the operating income, but are excluded from the operating results presented in the table in order to make such information comparable between periods. |
• | does not reflect depreciation expense or our cash expenditures, or future requirements, for capital expenditures or contractual commitments; |
• | does not reflect changes in, or cash requirements for, our working capital needs; |
• | does not reflect our interest expense, or the cash requirements necessary to service interest or principal payments, on our debt; |
• | does not reflect realized and unrealized gains and losses from hedging activities, which may have a substantial impact on our cash flow; |
• | does not reflect certain other non-cash income and expenses; and |
• | excludes income taxes that may represent a reduction in available cash. |
Year Ended December 31, | |||||||||||||
2015 | 2014 | 2013 | |||||||||||
Reconciliation of net income to EBITDA: | |||||||||||||
Net income | $ | 187,294 | $ | 21,117 | $ | 238,876 | |||||||
Add: Depreciation and amortization expense | 191,110 | 178,996 | 111,479 | ||||||||||
Add: Interest expense, net | 88,194 | 98,001 | 94,214 | ||||||||||
Add: Income tax expense (benefit) | 648 | — | — | ||||||||||
EBITDA | $ | 467,246 | $ | 298,114 | $ | 444,569 | |||||||
Special Items: | |||||||||||||
Add: Non-cash LCM inventory adjustment (1) | 427,226 | 690,110 | — | ||||||||||
EBITDA excluding special items | $ | 894,472 | $ | 988,224 | $ | 444,569 | |||||||
Reconciliation of EBITDA to Adjusted EBITDA: | |||||||||||||
EBITDA | $ | 467,246 | $ | 298,114 | $ | 444,569 | |||||||
Add: Stock based compensation | 9,218 | 6,095 | 3,753 | ||||||||||
Add: LCM adjustment | 427,226 | 690,110 | — | ||||||||||
Add: Non-cash change in fair value of catalyst lease obligations | (10,184 | ) | (3,969 | ) | (4,691 | ) | |||||||
Add: Non-cash change in fair value of inventory repurchase obligations | — | — | (12,985 | ) | |||||||||
Add: Non-cash deferral of gross profit on finished product sales | — | — | (31,329 | ) | |||||||||
Adjusted EBITDA | $ | 893,506 | $ | 990,350 | $ | 399,317 | |||||||
(1) During the year ended December 31, 2015, the Company recorded an adjustment to value its inventory to the lower of cost or market, which resulted in a net impact of $427.2 million reflecting the change in the lower of cost or market inventory reserve from $690.1 million at December 31, 2014 to $1,117.3 million at December 31, 2015. During the year December 31, 2014, the Company recorded an adjustment to value its inventory to the lower of cost or market which resulted in a net impact of $690.1 million. The net impact of the LCM inventory adjustments are included in the operating income, but are excluded from the operating results presented in the table in order to make such information comparable between periods. |
Payments due by period | ||||||||||||||||||||
Total | Less than 1 year | 1-3 Years | 3-5 Years | More than 5 years | ||||||||||||||||
Long-term debt (a) | $ | 1,744,840 | $ | 17,252 | $ | 552,088 | $ | 675,500 | $ | 500,000 | ||||||||||
Interest payments on debt facilities (a) | 570,228 | 105,365 | 206,270 | 153,593 | 105,000 | |||||||||||||||
Delaware Economic Development Authority Loan (b) | — | — | — | — | — | |||||||||||||||
Operating Leases (c) | 458,358 | 96,229 | 173,653 | 130,193 | 58,283 | |||||||||||||||
Purchase obligations (d): | ||||||||||||||||||||
Crude Supply and Inventory Intermediation Agreements | 2,333,615 | 876,142 | 731,853 | 725,620 | — | |||||||||||||||
Other Supply and Capacity Agreements | 990,365 | 184,314 | 285,829 | 187,075 | 333,147 | |||||||||||||||
Minimum volume commitments with PBFX (e) | 1,016,143 | 143,489 | 286,315 | 286,647 | 299,692 | |||||||||||||||
Construction obligations | 7,400 | 7,400 | — | — | — | |||||||||||||||
Environmental obligations (f) | 15,646 | 2,284 | 1,946 | 1,768 | 9,648 | |||||||||||||||
Pension and post-retirement obligations (g) | 186,341 | 11,957 | 15,111 | 15,735 | 143,538 | |||||||||||||||
Total contractual cash obligations | $ | 7,322,936 | $ | 1,444,432 | $ | 2,253,065 | $ | 2,176,131 | $ | 1,449,308 |
Name | Age | Position | |||
Thomas J. Nimbley | 64 | Chief Executive Officer | |||
Matthew C. Lucey | 42 | President | |||
Erik Young | 39 | Senior Vice President, Chief Financial Officer | |||
Jeffrey Dill | 54 | President, Western Region | |||
Thomas L. O'Connor | 43 | Senior Vice President, Commercial | |||
Herman Seedorf | 64 | Senior Vice President of Refining | |||
Paul Davis | 53 | Senior Vice President, Western Region Commercial Operations | |||
Trecia Canty | 46 | Senior Vice President, General Counsel |
2015 | 2014 | |||||
Audit Fees and Expenses (1) | $ | 3,365,000 | $ | 3,011,317 | ||
Audit-related Fees (2) | 2,001,184 | 2,269,518 | ||||
Tax Fees (3) | 92,605 | 97,657 | ||||
All Other Fees | — | — | ||||
Total Fees and Expenses | $ | 5,458,789 | $ | 5,378,492 | ||
(1) Represents the aggregate fees for professional services rendered by Deloitte in connection with its audits of PBF Holding and its indirect parent, PBF Energy's consolidated financial statements, including the audits of internal control over financial reporting of PBF Energy, and reviews of the condensed consolidated financial statements included in Quarterly Reports on Form 10-Q. | ||||||
(2) Represents fees for professional services rendered in connection with various filings for PBF Energy and its subsidiaries, audits performed (i) related to the Delaware City Products Pipeline and Truck Rack and PBF LLC (ii) services rendered in connection with the PBF Energy February Secondary Offering, October 2015 Equity Offering and the 2023 Senior Secured Notes offering, and consultations on accounting issues. | ||||||
(3) Represents fees associated with tax services rendered for income tax planning and sales, use and excise tax matters. |
Number | Description | |
2.1 | Sale and Purchase Agreement by and between PBF Holding Company LLC and ExxonMobil Oil Corporation and its subsidiary, Mobil Pacific Pipeline Company as of September 29, 2015. (Incorporated by reference to Exhibit 2.1 filed with PBF Energy Inc.’s Current Report on Form 8-K dated October 1, 2015 (File No. 001-35764)) | |
2.2 | Sale and Purchase Agreement by and between PBF Holding Company LLC, ExxonMobil Oil Corporation, Mobil Pipe Line Company and PDV Chalmette, L.L.C. as of June 17, 2015. (Incorporated by reference to Exhibit 2.1 filed with PBF Energy Inc.’s Current Report on Form 8-K dated June 17, 2015 (File No. 001-35764)) | |
3.1 | Certificate of Formation of PBF Holding Company LLC (Incorporated by reference to Exhibit 3.1 filed with PBF Holding Company LLC’s Registration Statement on Form S-4 (Registration No. 333-186007)) | |
3.2 | Limited Liability Company Agreement of PBF Holding Company LLC (Incorporated by reference to Exhibit 3.2 filed with PBF Holding Company LLC’s Registration Statement on Form S-4 (Registration No. 333-186007)) | |
3.3 | Certificate of Incorporation of PBF Finance Corporation (Incorporated by reference to Exhibit 3.3 filed with PBF Holding Company LLC’s Registration Statement on Form S-4 (Registration No. 333-186007)) | |
3.4 | Bylaws of PBF Finance Corporation (Incorporated by reference to Exhibit 3.4 filed with PBF Holding Company LLC’s Registration Statement on Form S-4 (Registration No. 333-186007)) | |
4.1 | Indenture dated as of November 24, 2015, among PBF Holding Company LLC, PBF Finance Corporation, the Guarantors named on the signature pages thereto, Wilmington Trust, National Association, as Trustee and Deutsche Bank Trust Company Americas, as Paying Agent, Registrar, Transfer Agent, Authenticating Agent and Notes Collateral Agent and Form of 7.00% Senior Secured Note (included as Exhibit A) (Incorporated by reference to Exhibit 4.1 filed with PBF Energy Inc.’s Current Report on Form 8-K dated November 30, 2015 (File No. 001-35764)) | |
4.2 | Registration Rights Agreement dated November 24, 2015, among PBF Holding Company LLC and PBF Finance Corporation, the Guarantors named therein and UBS Securities LLC, as Representative of the several Initial Purchasers (Incorporated by reference to Exhibit 4.3 filed with PBF Energy Inc.’s Current Report on Form 8-K dated November 30, 2015 (File No. 001-35764)) | |
4.3 | Indenture, dated as of February 9, 2012, among PBF Holding Company LLC, PBF Finance Corporation, the Guarantors party thereto, Wilmington Trust, National Association and Deutsche Bank Trust Company Americas (Incorporated by reference to Exhibit 4.2 filed with PBF Energy Inc.’s Amendment No. 2 to Registration Statement on Form S-1 (Registration No. 333-177933)) | |
4.4* | First Supplemental Indenture, dated as of November 13, 2015, among Chalmette Refining, L.L.C., Wilmington Trust, National Association and Deutsche Bank Trust Company Americas. | |
4.5* | Second Supplemental Indenture, dated as of November 16, 2015, by and among PBF Holding Company LLC, PBF Finance Corporation, the Guarantors named on the signature page thereto and Wilmington Trust, National Association. | |
10.1** | Third Amended and Restated Employment Agreement between PBF Investments LLC and Thomas D. O'Malley, Executive Chairman of the Board of Directors of PBF Energy Inc. as of September 8, 2015. (Incorporated by reference to Exhibit 10.1 filed with PBF Energy Inc.’s Current Report on Form 8-K dated September 11, 2015 (File No. 001-35764)) | |
10.2 | First Amendment to Loan Agreement dated as of April 29, 2015, by and among PBF Rail Logistics Company LLC + Credit Agricole Corporate and Investment Bank (Incorporated by reference to Exhibit 10.1 filed with PBF Energy Inc.’s Current Report on Form 8-K dated April 29, 2015 (File No. 001-35764)) | |
10.3 | Contribution Agreement dated as of May 5, 2015 by and between PBF Energy Company LLC and PBF Logistics LP (Incorporated by reference to Exhibit 10.1 filed with PBF Energy Inc.’s Current Report on Form 8-K dated May 5, 2015 (File No. 001-35764)) | |
10.4 | Third Amended and Restated Omnibus Agreement dated as of May 15, 2015 among PBF Holding Company LLC, PBF Energy Company LLC, PBF Logistics GP LLC and PBF Logistics LP (Incorporated by reference to Exhibit 10.1 filed with PBF Energy Inc.’s Current Report on Form 8-K dated May 12, 2015 (File No. 001-35764)) | |
10.5 | Third Amended and Restated Operation and Management Services and Secondment Agreement dated as of May 15, 2015 among PBF Holding Company LLC, Delaware City Refining Company LLC, Toledo Refining Company LLC, PBF Logistics GP LLC , PBF Logistics LP, Delaware City Terminaling Company LLC, Delaware Pipeline Company LLC, Delaware City Logistics Company LLC and Toledo Terminaling Company LLC (Incorporated by reference to Exhibit 10.2 filed with PBF Energy Inc.’s Current Report on Form 8-K dated May 12, 2015 (File No. 001-35764)) |
10.6 | Delaware Pipeline Services Agreement dated as of May 15, 2015 among PBF Holding Company LLC and Delaware Pipeline Company LLC (Incorporated by reference to Exhibit 10.3 filed with PBF Energy Inc.’s Current Report on Form 8-K dated May 12, 2015 (File No. 001-35764)) | |
10.7 | Delaware City Truck Loading Services Agreement dated as of May 15, 2015 among PBF Holding Company LLC and Delaware City Logistics Company LLC (Incorporated by reference to Exhibit 10.4 filed with PBF Energy Inc.’s Current Report on Form 8-K dated May 12, 2015 (File No. 001-35764)) | |
10.8 ** | Employment Agreement dated as of September 4, 2014 between PBF Investments LLC and Thomas O'Connor (Incorporated by reference to Exhibit 10.9 filed with PBF Energy Inc.'s Annual Report on Form 10-K (File No. 001-35764)) | |
10.9† | Inventory Intermediation Agreement dated as of May 29, 2015 (as amended) between J. Aron & Company and PBF Holding Company LLC and Paulsboro Refining Company LLC (Incorporated by reference to Exhibit 10.9 filed with PBF Energy Inc.'s June 30, 2015 Form 10-Q (File No. 001-35764)) | |
10.10† | Inventory Intermediation Agreement dated as of May 29, 2015 (as amended) between J. Aron & Company and PBF Holding Company LLC and Delaware City Refining Company LLC (Incorporated by reference to Exhibit 10.10 filed with PBF Energy Inc.'s June 30, 2015 Form 10-Q (File No. 001-35764)) | |
10.11 | Consulting Services Agreement dated as of January 31, 2015 between PBF Investments LLC and Michael D. Gayda (Incorporated by reference to Exhibit 10.1 filed with PBF Energy Inc.'s March 31, 2015 Form 10-Q (File No. 001-35764)) | |
10.12 | Third Amended and Restated Revolving Credit Agreement, dated as of August 15, 2014, among PBF Holding Company LLC, Delaware City Refining Company LLC, Paulsboro Refining Company LLC, Toledo Refining Company LLC and UBS Securities LLC (Incorporated by reference to Exhibit 10.2 filed with PBF Energy Inc.'s September 30, 2014 Form 10-Q (File No. 001-35764)) | |
10.13 | Revolving Credit Agreement, dated as of March 26, 2014, by and among PBF Rail Logistics Company LLC and Credit Agricole Corporate and Investment Bank (Incorporated by reference to Exhibit 10.1 filed with PBF Energy Inc.'s March 31, 2014 Form 10-Q (File No. 001-35764)) | |
10.14 | Contribution, Conveyance and Assumption Agreement dated as of May 14, 2014 by and among PBF Logistics LP, PBF Logistics GP LLC, PBF Energy Inc., PBF Energy Company LLC, PBF Holding Company LLC, Delaware City Refining Company LLC, Delaware City Terminaling Company LLC and Toledo Refining Company LLC (Incorporated by reference to Exhibit 10.1 filed with PBF Energy Inc.’s Current Report on Form 8-K dated May 14, 2014 (File No. 001-35764)) | |
10.15 | Delaware City Rail Terminaling Services Agreement, dated as of May 14, 2014 (Incorporated by reference to Exhibit 10.4 filed with PBF Energy Inc.’s Current Report on Form 8-K dated May 14, 2014 (File No. 001-35764)) | |
10.16 | Amended and Restated Toledo Truck Unloading & Terminaling Agreement effective as of June 1, 2014 (Incorporated by reference to Exhibit 10.10 filed with PBF Energy Inc.'s June 30, 2014 Form 10-Q (File No. 001-35764)) | |
10.16.1 | Assignment and Amendment of Amended and Restated Toledo Truck Unloading & Terminaling Agreement dated as of December 12, 2014 by and between PBF Holding Company LLC, PBF Logistics LP and Toledo Terminaling Company LLC (Incorporated by reference to Exhibit 10.4 filed with PBF Logistics LP's Current Report on Form 8-K filed on December 16, 2014 (File No. 001-36446)) | |
10.17 | Contribution Agreement, dated as of September 16, 2014 among PBF Energy Company LLC and PBF Logistics LP (Incorporated by reference to Exhibit 10.1 filed with PBF Energy Inc.’s Current Report on Form 8-K dated September 19, 2014 (File No. 001-35764)) | |
10.18 | Delaware City West Ladder Rack Terminaling Services Agreement, dated as of October 1, 2014 among PBF Holding Company LLC and Delaware City Terminaling Company LLC (Incorporated by reference to Exhibit 10.3 filed with PBF Energy Inc.’s Current Report on Form 8-K dated October 2, 2014 (File No. 001-35764)) | |
10.19 | Contribution Agreement, dated as of December 2, 2014 by and between PBF Energy Company LLC and PBF Logistics LP (Incorporated by reference to Exhibit 10.1 filed with PBF Energy Inc.’s Current Report on Form 8-K dated December 5, 2014 (File No. 001-35764)) | |
10.20 | Storage and Terminaling Services Agreement dated as of December 12, 2014 among PBF Holding Company LLC and Toledo Terminaling Company LLC (Incorporated by reference to Exhibit 10.3 to the Current Report on Form 8-K filed on December 16, 2014 (File No. 001-36446)) | |
10.21** | Amended and Restated Employment Agreement dated as of December 17, 2012, between PBF Investments LLC and Thomas J. Nimbley (Incorporated by reference to Exhibit 10.8 filed with PBF Energy Inc.’s Current Report on Form 8-K dated December 18, 2012 (File No. 001-35764)) | |
10.22** | Second Amended and Restated Employment Agreement, dated as of December 17, 2012, between PBF Investments LLC and Matthew C. Lucey (Incorporated by reference to Exhibit 10.9 filed with PBF Energy Inc.’s Current Report on Form 8-K dated December 18, 2012 (File No. 001-35764)) | |
10.23** | Employment Agreement dated as of April 1, 2014 between PBF Investments LLC and Erik Young. (Incorporated by reference to Exhibit 10.2 filed with PBF Energy Inc.'s March 31, 2014 Form 10-Q (File No. 001-35764)) | |
10.24** | PBF Energy Inc. 2012 Equity Incentive Plan (Incorporated by reference to Exhibit 10.6 filed with PBF Energy Inc.’s Current Report on Form 8-K dated December 18, 2012 (File No. 001-35764)) | |
10.25** | Form of Restricted Stock Award Agreement for Directors under the PBF Energy Inc. 2012 Equity Incentive Plan. (Incorporated by reference to Exhibit 10.1 filed with PBF Energy Inc.'s September 30, 2014 Form 10-Q (File No. 001-35764)) | |
10.26** | Form of Non-Qualified Stock Option Agreement under the PBF Energy Inc. 2012 Equity Incentive Plan (Incorporated by reference to Exhibit 10.28 filed with PBF Energy Inc.’s Amendment No. 6 to Registration Statement on Form S-1 (Registration No. 333-177933)) | |
12.1* | Computation of Ratios of Earnings to Fixed Charge of PBF Holding Company LLC | |
21.1* | Subsidiaries of PBF Holding Company LLC | |
24.1* | Power of Attorney (included on signature page) | |
31.1* | Certification by Chief Executive Officer of PBF Holding Company LLC pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
31.2* | Certification by Chief Financial Officer of PBF Holding Company LLC pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
32.1*(1) | Certification by Chief Executive Officer of PBF Holding Company LLC pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |
32.2*(1) | Certification by Chief Financial Officer of PBF Holding Company LLC pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |
101.INS | XBRL Instance Document. | |
101.SCH | XBRL Taxonomy Extension Schema Document. | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. | |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document. | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. |
* | Filed herewith. |
** | Indicates management compensatory plan or arrangement. |
† | Confidential treatment has been granted by the SEC as to certain portions, which portions have been omitted and filed separately with the SEC. |
(1) | This exhibit should not be deemed to be “filed” for purposes of Section 18 of the Exchange Act. |
December 31, 2015 | December 31, 2014 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 914,749 | $ | 218,403 | |||
Accounts receivable | 454,759 | 551,269 | |||||
Accounts receivable - affiliate | 3,438 | 3,223 | |||||
Inventories | 1,174,272 | 1,102,261 | |||||
Prepaid expense and other current assets | 33,701 | 32,157 | |||||
Total current assets | 2,580,919 | 1,907,313 | |||||
Property, plant and equipment, net | 2,211,090 | 1,806,060 | |||||
Deferred charges and other assets, net | 290,713 | 300,389 | |||||
Total assets | $ | 5,082,722 | $ | 4,013,762 | |||
LIABILITIES AND EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 314,843 | $ | 335,182 | |||
Accounts payable - affiliate | 23,949 | 11,630 | |||||
Accrued expenses | 1,117,435 | 1,129,970 | |||||
Current portion of long-term debt | — | — | |||||
Deferred revenue | 4,043 | 1,227 | |||||
Total current liabilities | 1,460,270 | 1,478,009 | |||||
Delaware Economic Development Authority loan | 4,000 | 8,000 | |||||
Long-term debt | 1,236,720 | 712,221 | |||||
Intercompany notes payable | 470,047 | 122,264 | |||||
Deferred tax liabilities | 20,577 | — | |||||
Other long-term liabilities | 69,824 | 62,752 | |||||
Total liabilities | 3,261,438 | 2,383,246 | |||||
Commitments and contingencies (Note 13) | |||||||
Equity: | |||||||
Member's equity | 1,479,175 | 1,144,100 | |||||
Retained earnings | 349,654 | 513,292 | |||||
Accumulated other comprehensive loss | (24,770 | ) | (26,876 | ) | |||
Total PBF Holding Company LLC equity | 1,804,059 | 1,630,516 | |||||
Noncontrolling interest | 17,225 | — | |||||
Total equity | 1,821,284 | 1,630,516 | |||||
Total liabilities and equity | $ | 5,082,722 | $ | 4,013,762 |
Year Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Revenues | $ | 13,123,929 | $ | 19,828,155 | $ | 19,151,455 | ||||||
Cost and expenses: | ||||||||||||
Cost of sales, excluding depreciation | 11,611,599 | 18,514,054 | 17,803,314 | |||||||||
Operating expenses, excluding depreciation | 889,368 | 880,701 | 812,652 | |||||||||
General and administrative expenses | 166,904 | 140,150 | 95,794 | |||||||||
(Gain) loss on sale of assets | (1,004 | ) | (895 | ) | (183 | ) | ||||||
Depreciation and amortization expense | 191,110 | 178,996 | 111,479 | |||||||||
12,857,977 | 19,713,006 | 18,823,056 | ||||||||||
Income from operations | 265,952 | 115,149 | 328,399 | |||||||||
Other income (expense) | ||||||||||||
Change in fair value of catalyst lease | 10,184 | 3,969 | 4,691 | |||||||||
Interest expense, net | (88,194 | ) | (98,001 | ) | (94,214 | ) | ||||||
Income before income taxes | 187,942 | 21,117 | 238,876 | |||||||||
Income tax expense | 648 | — | — | |||||||||
Net income | 187,294 | 21,117 | 238,876 | |||||||||
Less income attributable to noncontrolling interests | 274 | — | — | |||||||||
Net income attributable to PBF Holding Company LLC | $ | 187,020 | $ | 21,117 | $ | 238,876 |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Net income | $ | 187,294 | $ | 21,117 | $ | 238,876 | |||||
Other comprehensive income (loss): | |||||||||||
Unrealized gain (loss) on available for sale securities | 124 | 127 | (308 | ) | |||||||
Net gain (loss) on pension and other post-retirement benefits | 1,982 | (12,465 | ) | (5,289 | ) | ||||||
Total other comprehensive income (loss) | 2,106 | (12,338 | ) | (5,597 | ) | ||||||
Comprehensive income | 189,400 | 8,779 | 233,279 | ||||||||
Less: comprehensive income attributable to noncontrolling interests | 274 | — | — | ||||||||
Comprehensive income attributable to PBF Holding Company LLC | $ | 189,126 | $ | 8,779 | $ | 233,279 |
Member's Equity | Accumulated Other Comprehensive Loss | Retained Earnings | Noncontrolling Interest | Total Equity | ||||||||||||||||
Balance, January 1, 2013 | $ | 930,098 | $ | (8,941 | ) | $ | 830,497 | $ | — | $ | 1,751,654 | |||||||||
Member distributions | — | — | (215,846 | ) | — | (215,846 | ) | |||||||||||||
Member contributions | 1,757 | — | — | — | 1,757 | |||||||||||||||
Stock based compensation | 1,309 | — | — | — | 1,309 | |||||||||||||||
Net income | — | — | 238,876 | — | 238,876 | |||||||||||||||
Other comprehensive loss | — | (5,597 | ) | — | — | (5,597 | ) | |||||||||||||
Balance, December 31, 2013 | 933,164 | (14,538 | ) | 853,527 | — | 1,772,153 | ||||||||||||||
Member distributions | — | — | (361,352 | ) | — | (361,352 | ) | |||||||||||||
Capital contributions | 328,664 | — | — | — | 328,664 | |||||||||||||||
Distribution of assets to PBF LLC | (126,280 | ) | — | — | — | (126,280 | ) | |||||||||||||
Stock based compensation | 6,095 | — | — | — | 6,095 | |||||||||||||||
Exercise of options and other | 2,457 | — | — | — | 2,457 | |||||||||||||||
Net income | — | — | 21,117 | — | 21,117 | |||||||||||||||
Other comprehensive loss | — | (12,338 | ) | — | — | (12,338 | ) | |||||||||||||
Balance, December 31, 2014 | 1,144,100 | (26,876 | ) | 513,292 | — | 1,630,516 | ||||||||||||||
Member distributions | — | — | (350,658 | ) | — | (350,658 | ) | |||||||||||||
Capital contributions | 345,000 | — | — | — | 345,000 | |||||||||||||||
Distribution of assets to PBF LLC | (19,233 | ) | — | — | — | (19,233 | ) | |||||||||||||
Stock based compensation | 9,218 | — | — | — | 9,218 | |||||||||||||||
Exercise of options and other | 90 | — | — | — | 90 | |||||||||||||||
Net income | — | — | 187,020 | 274 | 187,294 | |||||||||||||||
Other comprehensive income | — | 2,106 | — | — | 2,106 | |||||||||||||||
Noncontrolling interest acquired in Chalmette Acquisition | — | — | — | 16,951 | 16,951 | |||||||||||||||
Balance, December 31, 2015 | $ | 1,479,175 | $ | (24,770 | ) | $ | 349,654 | $ | 17,225 | $ | 1,821,284 |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 187,294 | $ | 21,117 | $ | 238,876 | |||||
Adjustments to reconcile net income to net cash provided by operations: | |||||||||||
Depreciation and amortization | 199,383 | 186,412 | 118,001 | ||||||||
Stock-based compensation | 9,218 | 6,095 | 3,753 | ||||||||
Change in fair value of catalyst lease obligation | (10,184 | ) | (3,969 | ) | (4,691 | ) | |||||
Non-cash change inventory repurchase obligations | 63,389 | (93,246 | ) | (20,492 | ) | ||||||
Non-cash lower of cost or market inventory adjustment | 427,226 | 690,110 | — | ||||||||
Pension and other post retirement benefits costs | 26,982 | 22,600 | 16,728 | ||||||||
Gain on disposition of property, plant and equipment | (1,004 | ) | (895 | ) | (183 | ) | |||||
Changes in current assets and current liabilities: | |||||||||||
Accounts receivable | 97,636 | 45,378 | (92,851 | ) | |||||||
Due to/from affiliates | 12,104 | 8,407 | 14,721 | ||||||||
Inventories | (271,892 | ) | (394,031 | ) | 45,991 | ||||||
Prepaid expense and other current assets | (631 | ) | 23,686 | (42,455 | ) | ||||||
Accounts payable | (25,015 | ) | (67,111 | ) | 42,236 | ||||||
Accrued expenses | (37,737 | ) | 59,899 | 214,817 | |||||||
Deferred revenue | 2,816 | (6,539 | ) | (202,777 | ) | ||||||
Other assets and liabilities | (27,182 | ) | (2,225 | ) | (20,403 | ) | |||||
Net cash provided by operations | 652,403 | 495,688 | 311,271 | ||||||||
Cash flow from investing activities: | |||||||||||
Acquisition of Chalmette Refining, net of cash acquired | (565,304 | ) | — | — | |||||||
Expenditures for property, plant and equipment | (352,365 | ) | (470,460 | ) | (318,394 | ) | |||||
Expenditures for deferred turnaround costs | (53,576 | ) | (137,688 | ) | (64,616 | ) | |||||
Expenditures for other assets | (8,236 | ) | (17,255 | ) | (32,692 | ) | |||||
Proceeds from sale of assets | 168,270 | 202,654 | 102,428 | ||||||||
Net cash used in investing activities | (811,211 | ) | (422,749 | ) | (313,274 | ) | |||||
Cash flows from financing activities: | |||||||||||
Proceeds from members' capital contributions | 345,000 | 328,664 | 1,757 | ||||||||
Distributions to members | (350,658 | ) | (361,352 | ) | (215,846 | ) | |||||
Proceeds from intercompany notes payable | 347,783 | 90,631 | 31,835 | ||||||||
Proceeds from revolver borrowings | 170,000 | 395,000 | 1,450,000 | ||||||||
Repayments of revolver borrowings | (170,000 | ) | (410,000 | ) | (1,435,000 | ) | |||||
Proceeds from Rail Facility revolver borrowings | 102,075 | 83,095 | — | ||||||||
Repayments of Rail Facility revolver borrowings | (71,938 | ) | (45,825 | ) | — | ||||||
Proceeds from 2023 Senior Secured Notes | 500,000 | — | — | ||||||||
Proceeds from catalyst lease | — | — | 14,337 | ||||||||
Payment of contingent consideration related to acquisition of Toledo refinery | — | — | (21,357 | ) | |||||||
Deferred financing costs and other | (17,108 | ) | (11,719 | ) | (1,044 | ) | |||||
Net cash provided by (used in) financing activities | 855,154 | 68,494 | (175,318 | ) | |||||||
Net increase (decrease) in cash and cash equivalents | 696,346 | 141,433 | (177,321 | ) | |||||||
Cash and equivalents, beginning of period | 218,403 | 76,970 | 254,291 | ||||||||
Cash and equivalents, end of period | $ | 914,749 | $ | 218,403 | $ | 76,970 |
Year Ended December 31, | ||||||||
2015 | 2014 | 2013 | ||||||
Supplemental cash flow disclosure | ||||||||
Non-cash activities: | ||||||||
Conversion of Delaware Economic Development Authority loan to grant | 4,000 | 4,000 | 8,000 | |||||
Accrued construction in progress and unpaid fixed assets | 7,974 | 33,296 | 33,747 | |||||
Distribution of assets to PBF Energy Company LLC | 19,233 | 126,280 | — | |||||
Cash paid during the year for: | ||||||||
Interest (including capitalized interest of $3,529, $7,487 and $5,672 in 2015, 2014 and 2013, respectively) | 83,371 | 96,346 | 92,848 |
Process units and equipment | 5-25 years | |
Pipeline and equipment | 5-25 years | |
Buildings | 25 years | |
Computers, furniture and fixtures | 3-7 years | |
Leasehold improvements | 20 years | |
Railcars | 50 years |
Purchase Price | |||
Net cash | $ | 565,083 | |
Preliminary estimate of payable to Seller for working capital adjustments | 19,263 | ||
Cash acquired | (19,042 | ) | |
Total estimated consideration | $ | 565,304 |
Fair Value Allocation | |||
Accounts receivable | $ | 1,126 | |
Inventories | 268,751 | ||
Prepaid expenses and other current assets | 913 | ||
Property, plant and equipment | 356,961 | ||
Deferred charges and other assets | 8,312 | ||
Accounts payable | (4,870 | ) | |
Accrued expenses | (28,347 | ) | |
Deferred tax liability | (20,577 | ) | |
Noncontrolling interest | (16,965 | ) | |
Estimated fair value of net assets acquired | $ | 565,304 |
Years ended December 31, | |||||||
(Unaudited) | 2015 | 2014 | |||||
Revenues | $ | 16,811,922 | $ | 26,685,661 | |||
Net income attributable to PBF Holdings LLC | 397,108 | 47,030 |
December 31, 2015 | |||||||||||
Titled Inventory | Inventory Supply and Offtake Arrangements | Total | |||||||||
Crude oil and feedstocks | $ | 1,137,605 | $ | — | $ | 1,137,605 | |||||
Refined products and blendstocks | 687,389 | 411,357 | 1,098,746 | ||||||||
Warehouse stock and other | 55,257 | — | 55,257 | ||||||||
$ | 1,880,251 | $ | 411,357 | $ | 2,291,608 | ||||||
Lower of cost or market adjustment | (966,564 | ) | (150,772 | ) | (1,117,336 | ) | |||||
Total inventories | $ | 913,687 | $ | 260,585 | $ | 1,174,272 |
December 31, 2014 | |||||||||||
Titled Inventory | Inventory Supply and Offtake Arrangements | Total | |||||||||
Crude oil and feedstocks | $ | 918,756 | $ | 61,122 | $ | 979,878 | |||||
Refined products and blendstocks | 520,308 | 255,459 | 775,767 | ||||||||
Warehouse stock and other | 36,726 | — | 36,726 | ||||||||
$ | 1,475,790 | $ | 316,581 | $ | 1,792,371 | ||||||
Lower of cost or market adjustment | (609,774 | ) | (80,336 | ) | (690,110 | ) | |||||
Total inventories | $ | 866,016 | $ | 236,245 | $ | 1,102,261 |
December 31, 2015 | December 31, 2014 | |||||||
Land | $ | 91,256 | $ | 59,575 | ||||
Process units, pipelines and equipment | 2,209,712 | 1,843,157 | ||||||
Buildings and leasehold improvements | 34,265 | 28,397 | ||||||
Computers, furniture and fixtures | 72,642 | 68,431 | ||||||
Construction in progress | 150,388 | 69,413 | ||||||
2,558,263 | 2,068,973 | |||||||
Less—Accumulated depreciation | (347,173 | ) | (262,913 | ) | ||||
$ | 2,211,090 | $ | 1,806,060 |
December 31, 2015 | December 31, 2014 | ||||||
Deferred turnaround costs, net | $ | 177,236 | $ | 204,987 | |||
Catalyst | 77,725 | 77,322 | |||||
Linefill | 13,504 | 10,230 | |||||
Restricted cash | 1,500 | 1,521 | |||||
Intangible assets, net | 219 | 357 | |||||
Other | 20,529 | 5,972 | |||||
$ | 290,713 | $ | 300,389 |
December 31, 2015 | December 31, 2014 | |||||||
Gross amount | $ | 3,597 | $ | 3,599 | ||||
Accumulated amortization | (3,378 | ) | (3,242 | ) | ||||
Net amount | $ | 219 | $ | 357 |
December 31, 2015 | December 31, 2014 | ||||||
Inventory-related accruals | $ | 548,800 | $ | 588,297 | |||
Inventory supply and intermediation arrangements | 252,380 | 253,549 | |||||
Accrued transportation costs | 91,546 | 59,959 | |||||
Accrued salaries and benefits | 61,011 | 55,993 | |||||
Excise and sales tax payable | 34,129 | 40,444 | |||||
Accrued construction in progress | 7,400 | 31,452 | |||||
Customer deposits | 20,395 | 24,659 | |||||
Accrued interest | 22,313 | 22,946 | |||||
Accrued utilities | 25,192 | 22,337 | |||||
Renewable energy credit obligations | 19,472 | 286 | |||||
Other | 34,797 | 30,048 | |||||
$ | 1,117,435 | $ | 1,129,970 |
Annual lease fee | Annual interest rate | Expiration date | |||||||
Paulsboro catalyst lease | $ | 180 | 1.95 | % | December 2016 * | ||||
Delaware City catalyst lease | $ | 322 | 1.96 | % | October 2016 * | ||||
Toledo catalyst lease | $ | 326 | 1.99 | % | June 2017 | ||||
Chalmette catalyst lease | $ | 185 | 3.85 | % | November 2018 |
December 31, 2015 | December 31, 2014 | |||||||
2020 Senior Secured Notes | $ | 669,644 | $ | 668,520 | ||||
2023 Senior Secured Notes | 500,000 | — | ||||||
Revolving Loan | — | — | ||||||
Rail Facility | 67,491 | 37,270 | ||||||
Catalyst leases | 31,802 | 36,559 | ||||||
Unamortized deferred financing costs | (32,217 | ) | (30,128 | ) | ||||
1,236,720 | 712,221 | |||||||
Less—Current maturities | — | — | ||||||
Long-term debt | $ | 1,236,720 | $ | 712,221 |
Year Ending December 31, | |||
2016 | $ | 17,252 | |
2017 | 77,164 | ||
2018 | 4,877 | ||
2019 | — | ||
2020 | 669,644 | ||
Thereafter | 500,000 | ||
$ | 1,268,937 | ||
December 31, 2015 | December 31, 2014 | |||||||
Defined benefit pension plan liabilities | $ | 42,509 | $ | 40,142 | ||||
Post retiree medical plan | 17,729 | 14,740 | ||||||
Environmental liabilities | 8,189 | 7,870 | ||||||
Other | 1,397 | — | ||||||
$ | 69,824 | $ | 62,752 |
• | DCR distributed all of the interests in Delaware City Terminaling and TRC distributed the Toledo Truck Terminal, in each case, to PBF Holding at their historical cost. |
• | PBF Holding contributed, at their historical cost, (i) all of the interests in Delaware City Terminaling and (ii) the Toledo Truck Terminal to PBFX in exchange for (a) 74,053 common units and 15,886,553 subordinated units representing an aggregate 50.2% limited partner interest in PBFX, (b) all of PBFX’s incentive distribution rights, (c) the right to receive a distribution of $30,000 from PBFX as reimbursement for certain preformation capital expenditures attributable to the contributed assets, and (d) the right to receive a distribution of $298,664; and in connection with the foregoing, PBFX redeemed PBF Holding’s initial partner interests in PBFX for $1. |
• | PBF Holding distributed to PBF LLC (i) its interest in PBF GP, (ii) the common units, subordinated units and incentive distribution rights, (iii) the right to receive a distribution of $30,000 as reimbursement for certain preformation capital expenditures, and (iv) the right to receive a distribution of $298,664. |
• | PBFX’s obligation to pay PBF Holding, an administrative fee, in the amount of $2,300 per year, for the provision by PBF LLC of centralized corporate services (which fee is in addition to certain expenses of PBF GP and its affiliates that are reimbursed under the First Amended and Restated Agreement of Limited Partnership of PBFX (the “PBFX Partnership Agreement”)); |
• | PBFX’s obligation to reimburse PBF Holding for the salaries and benefits costs of employees who devote more than 50% of their time to PBFX; |
• | PBFX’s agreement to reimburse PBF Holding for all other direct or allocated costs and expenses incurred by PBF LLC on PBFX’s behalf; |
• | PBF LLC’s agreement not to compete with PBFX under certain circumstances, subject to certain exceptions; |
• | PBFX’s right of first offer for ten years to acquire certain logistics assets retained by PBF Energy following the PBFX Offering, including certain logistics assets that PBF LLC or its subsidiaries may construct or acquire in the future, subject to certain exceptions; |
• | a license to use the PBF Logistics trademark and name; and |
• | PBF Holding’s agreement to reimburse PBFX for certain expenditures up to $20,000 per event (net of any insurance recoveries) related to the contributed assets for a period of five years after the closing of the PBFX Offering, and PBFX's agreement to bear the costs associated with the expansion of the DCR Rail Terminal crude unloading capability. The liability arising from this agreement is classified as “Accounts Payable - Affiliate” on the PBF Holding consolidated balance sheet. |
Year Ending December 31, | |||
2016 | $ | 138,890 | |
2017 | 131,057 | ||
2018 | 122,286 | ||
2019 | 95,397 | ||
2020 | 94,666 | ||
Thereafter | 237,435 | ||
$ | 819,731 | ||
Years Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
PBF LLC Series A Unit compensatory warrants and options | $ | — | $ | 522 | $ | 779 | ||||||
PBF LLC Series B Units | — | — | 530 | |||||||||
PBF Energy options | 7,528 | 4,343 | 2,051 | |||||||||
PBF Energy restricted shares | 1,690 | 1,230 | 393 | |||||||||
$ | 9,218 | $ | 6,095 | $ | 3,753 |
Number of PBF LLC Series A Compensatory Warrants and Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (in years) | ||||||||
Stock Based Compensation, Outstanding at January 1, 2013 | 1,184,726 | $ | 10.44 | 8.23 | ||||||
Exercised | (301,979 | ) | 10.11 | — | ||||||
Forfeited | (41,668 | ) | 11.27 | — | ||||||
Outstanding at December 31, 2013 | 841,079 | $ | 10.52 | 7.40 | ||||||
Exercised | (32,934 | ) | 10.00 | — | ||||||
Forfeited | (6,666 | ) | 11.59 | — | ||||||
Outstanding at December 31, 2014 | 801,479 | $ | 10.53 | 6.41 | ||||||
Exercised | (160,700 | ) | 10.28 | — | ||||||
Outstanding at December 31, 2015 | 640,779 | $ | 10.59 | 5.46 | ||||||
Exercisable and vested at December 31, 2015 | 640,779 | $ | 10.59 | 5.46 | ||||||
Exercisable and vested at December 31, 2014 | 753,985 | $ | 10.41 | 6.34 | ||||||
Exercisable and vested at December 31, 2013 | 545,247 | $ | 10.24 | 7.23 | ||||||
Expected to vest at December 31, 2015 | 640,779 | $ | 10.59 | 5.46 |
Number of PBF LLC Series B units | Weighted Average Grant Date Fair Value | ||||||
Non-vested units at January 1, 2013 | 250,000 | $ | 5.11 | ||||
Allocated | — | — | |||||
Vested | (250,000 | ) | 5.11 | ||||
Forfeited | — | — | |||||
Non-vested units at December 31, 2013 | — | $ | — |
December 31, 2015 | December 31, 2014 | December 31, 2013 | ||||||||||
Expected life (in years) | 6.25 | 6.25 | 6.25 | |||||||||
Expected volatility | 38.4 | % | 52.0 | % | 52.1 | % | ||||||
Dividend yield | 3.96 | % | 4.82 | % | 4.43 | % | ||||||
Risk-free rate of return | 1.58 | % | 1.80 | % | 1.53 | % | ||||||
Exercise price | $ | 30.28 | $ | 24.78 | $ | 27.79 |
Number of PBF Energy Class A Common Stock Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (in years) | ||||||||
Stock-based awards, outstanding at January 1, 2013 | 682,500 | $ | 26.00 | 9.95 | ||||||
Granted | 697,500 | 27.79 | 10.00 | |||||||
Exercised | — | — | — | |||||||
Forfeited | (60,000 | ) | 25.36 | — | ||||||
Outstanding at December 31, 2013 | 1,320,000 | $ | 26.97 | 9.33 | ||||||
Granted | 1,135,000 | 24.78 | 10.00 | |||||||
Exercised | — | — | — | |||||||
Forfeited | (53,125 | ) | 25.44 | — | ||||||
Outstanding at December 31, 2014 | 2,401,875 | $ | 25.97 | 8.67 | ||||||
Granted | 1,899,500 | 30.28 | 10.00 | |||||||
Exercised | (30,000 | ) | 25.79 | — | ||||||
Forfeited | (15,000 | ) | 26.38 | — | ||||||
Outstanding at December 31, 2015 | 4,256,375 | $ | 27.89 | 8.32 | ||||||
Exercisable and vested at December 31, 2015 | 1,136,250 | $ | 26.22 | 7.61 | ||||||
Exercisable and vested at December 31, 2014 | 485,000 | $ | 26.66 | 8.21 | ||||||
Exercisable and vested at December 31, 2013 | 158,125 | $ | 26.00 | 8.95 | ||||||
Expected to vest at December 31, 2015 | 4,256,375 | $ | 27.89 | 8.23 |
Pension Plans | Post-Retirement Medical Plan | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Change in benefit obligation: | ||||||||||||||||
Benefit obligation at beginning of year | $ | 81,098 | $ | 53,350 | $ | 14,740 | $ | 8,225 | ||||||||
Service cost | 24,298 | 19,407 | 967 | 1,099 | ||||||||||||
Interest cost | 2,974 | 2,404 | 558 | 520 | ||||||||||||
Plan amendments | — | 529 | 1,533 | 3,911 | ||||||||||||
Benefit payments | (2,231 | ) | (2,634 | ) | (381 | ) | (215 | ) | ||||||||
Actuarial loss (gain) | (6,128 | ) | 8,042 | 312 | 1,200 | |||||||||||
Projected benefit obligation at end of year | $ | 100,011 | $ | 81,098 | $ | 17,729 | $ | 14,740 | ||||||||
Change in plan assets: | ||||||||||||||||
Fair value of plan assets at beginning of year | $ | 40,956 | $ | 25,050 | $ | — | $ | — | ||||||||
Actual return on plan assets | (13 | ) | 1,822 | — | — | |||||||||||
Benefits paid | (2,231 | ) | (2,634 | ) | (381 | ) | (215 | ) | ||||||||
Employer contributions | 18,790 | 16,718 | 381 | 215 | ||||||||||||
Fair value of plan assets at end of year | $ | 57,502 | $ | 40,956 | $ | — | $ | — | ||||||||
Reconciliation of funded status: | ||||||||||||||||
Fair value of plan assets at end of year | $ | 57,502 | $ | 40,956 | $ | — | $ | — | ||||||||
Less: benefit obligations at end of year | 100,011 | 81,098 | 17,729 | 14,740 | ||||||||||||
Funded status at end of year | $ | (42,509 | ) | $ | (40,142 | ) | $ | (17,729 | ) | $ | (14,740 | ) |
Pension Benefits | Post-Retirement Medical Plan | |||||||
2016 | $ | 11,125 | $ | 843 | ||||
2017 | 8,271 | 1,141 | ||||||
2018 | 9,403 | 1,296 | ||||||
2019 | 10,694 | 1,580 | ||||||
2020 | 13,429 | 1,788 | ||||||
Years 2021-2025 | 88,044 | 8,835 |
Pension Benefits | Post-Retirement Medical Plan | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2015 | 2014 | 2013 | |||||||||||||||||||
Components of net period benefit cost: | ||||||||||||||||||||||||
Service cost | $ | 24,298 | $ | 19,407 | $ | 14,794 | $ | 967 | $ | 1,099 | $ | 726 | ||||||||||||
Interest cost | 2,974 | 2,404 | 992 | 558 | 520 | 334 | ||||||||||||||||||
Expected return on plan assets | (3,422 | ) | (2,156 | ) | (550 | ) | — | — | — | |||||||||||||||
Amortization of prior service cost | 53 | 39 | 11 | 326 | 258 | — | ||||||||||||||||||
Amortization of actuarial loss (gain) | 1,228 | 1,033 | 421 | — | (4 | ) | — | |||||||||||||||||
Net periodic benefit cost | $ | 25,131 | $ | 20,727 | $ | 15,668 | $ | 1,851 | $ | 1,873 | $ | 1,060 |
Pension Benefits | Post-Retirement Medical Plan | |||||||||||||||||||||||
2015 | 2014 | 2013 | 2015 | 2014 | 2013 | |||||||||||||||||||
Prior service costs (credits) | $ | — | $ | 529 | $ | — | $ | 1,533 | $ | 3,911 | $ | (860 | ) | |||||||||||
Net actuarial loss (gain) | (2,220 | ) | 8,151 | 8,235 | 312 | 1,201 | (1,654 | ) | ||||||||||||||||
Amortization of losses and prior service cost | (1,281 | ) | (1,072 | ) | (432 | ) | (326 | ) | (255 | ) | — | |||||||||||||
Total changes in other comprehensive loss (income) | $ | (3,501 | ) | $ | 7,608 | $ | 7,803 | $ | 1,519 | $ | 4,857 | $ | (2,514 | ) |
Pension Benefits | Post-Retirement Medical Plan | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Prior service (costs) credits | $ | (529 | ) | $ | (582 | ) | $ | (3,999 | ) | $ | (2,793 | ) | ||||
Net actuarial (loss) gain | (19,841 | ) | (23,762 | ) | (391 | ) | (78 | ) | ||||||||
Total | $ | (20,370 | ) | $ | (24,344 | ) | $ | (4,390 | ) | $ | (2,871 | ) |
Pension Benefits | Post-Retirement Medical Plan | |||||||
Amortization of prior service costs (credits) | $ | (53 | ) | $ | (436 | ) | ||
Amortization of net actuarial loss (gain) | (775 | ) | — | |||||
Total | $ | (828 | ) | $ | (436 | ) |
Qualified Plan | Supplemental Plan | Post-Retirement Medical Plan | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | |||||||||||||
Discount rate - Benefit obligations | 4.17 | % | 3.70 | % | 4.22 | % | 3.70 | % | 3.76 | % | 3.70 | % | ||||||
Rate of compensation increase | 4.81 | % | 4.96 | % | 5.50 | % | 4.96 | % | — | % | — | % |
Qualified Plan | Supplemental Plan | Post-Retirement Medical Plan | |||||||||||||||||||||||||
2015 | 2014 | 2013 | 2015 | 2014 | 2013 | 2015 | 2014 | 2013 | |||||||||||||||||||
Discount rate: | |||||||||||||||||||||||||||
Service Cost | 4.25 | % | 4.55 | % | 3.45 | % | 4.30 | % | 4.55 | % | 3.45 | % | 4.32 | % | 4.55 | % | 3.45 | % | |||||||||
Effective rate for interest cost | 3.31 | % | 4.55 | % | 3.45 | % | 3.16 | % | 4.55 | % | 3.45 | % | 3.09 | % | 4.55 | % | 3.45 | % | |||||||||
Effective rate for interest on service cost | 3.51 | % | 4.55 | % | 3.45 | % | 3.37 | % | 4.55 | % | 3.45 | % | 4.04 | % | 4.55 | % | 3.45 | % | |||||||||
Expected long-term rate of return on plan assets | 7.00 | % | 6.70 | % | 3.50 | % | — | % | — | % | — | % | — | % | — | % | — | % | |||||||||
Rate of compensation increase | 4.81 | % | 4.64 | % | 4.00 | % | 5.50 | % | 4.64 | % | 4.00 | % | — | % | — | % | — | % |
Post-Retirement Medical Plan | ||||||
2015 | 2014 | |||||
Health care cost trend rate assumed for next year | 6.1 | % | 6.7 | % | ||
Rate to which the cost trend rate was assumed to decline (the ultimate trend rate) | 4.5 | % | 4.5 | % | ||
Year that the rate reached the ultimate trend rate | 2038 | 2027 |
1% Increase | 1% Decrease | |||||||
Effect on total of service and interest cost components | $ | 21 | $ | (20 | ) | |||
Effect on accumulated post-retirement benefit obligation | 413 | (388 | ) |
Fair Value Measurements Using Quoted Prices in Active Markets (Level 1) | ||||||||
December 31, | ||||||||
2015 | 2014 | |||||||
Equities: | ||||||||
Domestic equities | $ | 17,660 | $ | 12,682 | ||||
Developed international equities | 8,320 | 5,600 | ||||||
Emerging market equities | 4,017 | 2,629 | ||||||
Global low volatility equities | 4,930 | 3,478 | ||||||
Fixed-income | 22,495 | 16,517 | ||||||
Cash and cash equivalents | 80 | 50 | ||||||
Total | $ | 57,502 | $ | 40,956 |
Year Ended December 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Gasoline and distillates | $ | 11,553,716 | $ | 17,050,096 | $ | 16,973,239 | ||||||
Chemicals | 452,304 | 739,096 | 746,396 | |||||||||
Asphalt and blackoils | 536,496 | 706,494 | 690,305 | |||||||||
Lubricants | 266,371 | 410,466 | 468,315 | |||||||||
Feedstocks and other | 315,042 | 922,003 | 273,200 | |||||||||
$ | 13,123,929 | $ | 19,828,155 | $ | 19,151,455 |
As of December 31, 2015 | |||||||||||||||||||||
Fair Value Hierarchy | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total Gross Fair Value | Effect of Counter-party Netting | Net Carrying Value on Balance Sheet | ||||||||||||||||
Assets: | |||||||||||||||||||||
Money market funds | $ | 631,280 | $ | — | $ | — | $ | 631,280 | N/A | $ | 631,280 | ||||||||||
Non-qualified pension plan assets | 9,325 | — | — | 9,325 | N/A | 9,325 | |||||||||||||||
Commodity contracts | 63,810 | 31,256 | 3,543 | 98,609 | (52,482 | ) | 46,127 | ||||||||||||||
Derivatives included with inventory supply arrangement obligations | — | 35,511 | — | 35,511 | — | 35,511 | |||||||||||||||
Liabilities: | |||||||||||||||||||||
Commodity contracts | 49,960 | 2,522 | — | 52,482 | (52,482 | ) | — | ||||||||||||||
Catalyst lease obligations | — | 31,802 | — | 31,802 | — | 31,802 |
As of December 31, 2014 | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total Gross Fair Value | Effect of Counter-party Netting | Net Carrying Value on Balance Sheet | ||||||||||||||||
Assets: | |||||||||||||||||||||
Money market funds | $ | 5,575 | $ | — | $ | — | $ | 5,575 | N/A | $ | 5,575 | ||||||||||
Non-qualified pension plan assets | 5,494 | — | — | 5,494 | N/A | 5,494 | |||||||||||||||
Commodity contracts | 415,023 | 12,093 | 1,715 | 428,831 | (397,676 | ) | 31,155 | ||||||||||||||
Derivatives included with inventory intermediation arrangement | — | 94,834 | — | 94,834 | — | 94,834 | |||||||||||||||
Derivatives included with inventory supply arrangement obligations | — | 4,251 | — | 4,251 | — | 4,251 | |||||||||||||||
Liabilities: | |||||||||||||||||||||
Commodity contracts | 390,144 | 7,338 | 194 | 397,676 | (397,676 | ) | — | ||||||||||||||
Catalyst lease obligations | — | 36,559 | — | 36,559 | — | 36,559 |
• | 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. |
• | Non-qualified pension plan assets categorized in Level 1 of the hierarchy are measured at fair value using a market approach based on published net asset values of mutual funds and included within deferred charges and other assets, net. |
• | 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 commodity contracts categorized in Level 3 of the fair value hierarchy consist of commodity price swap contracts that relate to forecasted purchases of crude oil for which quoted forward market prices are not readily available due to market illiquidity. The forward price used to value these swaps was derived using broker quotes, prices from other third party sources and other available market based data. |
• | The derivatives included with inventory supply arrangement obligations, 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. |
Year Ended December 31, | |||||||
2015 | 2014 | ||||||
Balance at beginning of period | $ | 1,521 | $ | (23,365 | ) | ||
Purchases | — | — | |||||
Settlements | (15,222 | ) | (22,055 | ) | |||
Unrealized loss included in earnings | 17,244 | 46,941 | |||||
Transfers into Level 3 | — | — | |||||
Transfers out of Level 3 | — | — | |||||
Balance at end of period | $ | 3,543 | $ | 1,521 |
December 31, 2015 | December 31, 2014 | ||||||||||||||
Carrying value | Fair value | Carrying value | Fair value | ||||||||||||
Senior Secured Notes due 2020 (a) | $ | 669,644 | $ | 706,246 | $ | 668,520 | $ | 675,580 | |||||||
Senior Secured Notes due 2023 (a) | 500,000 | 492,452 | — | — | |||||||||||
Revolving Loan (b) | — | — | — | — | |||||||||||
Rail Facility (b) | 67,491 | 67,491 | 37,270 | 37,270 | |||||||||||
Catalyst leases (c) | 31,802 | 31,802 | 36,559 | 36,559 | |||||||||||
1,268,937 | 1,297,991 | 742,349 | 749,409 | ||||||||||||
Less - Current maturities | — | — | — | — | |||||||||||
Less - Unamortized deferred financing costs | $ | 32,217 | n/a | $ | 30,128 | n/a | |||||||||
Long-term debt | $ | 1,236,720 | $ | 1,297,991 | $ | 712,221 | $ | 749,409 |
Description | Balance Sheet Location | Fair Value Asset/(Liability) | ||
Derivatives designated as hedging instruments: | ||||
December 31, 2015: | ||||
Derivatives included with inventory supply arrangement obligations | Accrued expenses | $ | — | |
Derivatives included with the inventory intermediation agreement obligations | Accrued expenses | $ | 35,511 | |
December 31, 2014: | ||||
Derivatives included with inventory supply arrangement obligations | Accrued expenses | $ | 4,251 | |
Derivatives included with the inventory intermediation agreement obligations | Accrued expenses | $ | 94,834 | |
Derivatives not designated as hedging instruments: | ||||
December 31, 2015: | ||||
Commodity contracts | Accounts receivable | $ | 46,127 | |
December 31, 2014: | ||||
Commodity contracts | Accounts receivable | $ | 31,155 |
Description | Location of Gain or (Loss) Recognized in Income on Derivatives | Gain or (Loss) Recognized in Income on Derivatives | ||
Derivatives designated as hedging instruments: | ||||
For the year ended December 31, 2015: | ||||
Derivatives included with inventory supply arrangement obligations | Cost of sales | $ | (4,251 | ) |
Derivatives included with the inventory intermediation agreement obligations | Cost of sales | $ | (59,323 | ) |
For the year ended December 31, 2014: | ||||
Derivatives included with inventory supply arrangement obligations | Cost of sales | $ | 4,428 | |
Derivatives included with the inventory intermediation agreement obligations | Cost of sales | $ | 88,818 | |
For the year ended December 31, 2013 | ||||
Derivatives included with inventory supply arrangement obligations | Cost of sales | $ | (5,773 | ) |
Derivatives included with the inventory intermediation agreement obligations | Cost of sales | $ | 6,016 | |
Derivatives not designated as hedging instruments: | ||||
For the year ended December 31, 2015: | ||||
Commodity contracts | Cost of sales | $ | 32,416 | |
For the year ended December 31, 2014: | ||||
Commodity contracts | Cost of sales | $ | 146,016 | |
For the year ended December 31, 2013 | ||||
Commodity contracts | Cost of sales | $ | (88,962 | ) |
Hedged items designated in fair value hedges: | ||||
For the year ended December 31, 2015: | ||||
Crude oil and feedstock inventory | Cost of sales | $ | 4,251 | |
Intermediate and refined product inventory | Cost of sales | $ | 59,323 | |
For the year ended December 31, 2014: | ||||
Crude oil and feedstock inventory | Cost of sales | $ | (4,428 | ) |
Intermediate and refined product inventory | Cost of sales | $ | (88,818 | ) |
For the year ended December 31, 2013 | ||||
Crude oil and feedstock inventory | Cost of sales | $ | (1,491 | ) |
Intermediate and refined product inventory | Cost of sales | $ | (6,016 | ) |
December 31, 2015 | |||||||||||||||||||
Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combining and Consolidating Adjustments | Total | |||||||||||||||
ASSETS | |||||||||||||||||||
Current assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 882,820 | $ | 6,236 | $ | 28,968 | $ | (3,275 | ) | $ | 914,749 | ||||||||
Accounts receivable | 430,809 | 11,057 | 12,893 | — | 454,759 | ||||||||||||||
Accounts receivable - affiliate | 917 | 2,521 | — | — | 3,438 | ||||||||||||||
Inventories | 608,646 | 363,151 | 202,475 | — | 1,174,272 | ||||||||||||||
Prepaid expense and other current assets | 24,243 | 9,074 | 384 | — | 33,701 | ||||||||||||||
Due from related parties | 20,236,649 | 20,547,503 | 3,262,382 | (44,046,534 | ) | — | |||||||||||||
Total current assets | 22,184,084 | 20,939,542 | 3,507,102 | (44,049,809 | ) | 2,580,919 | |||||||||||||
Property, plant and equipment, net | 25,240 | 1,960,066 | 225,784 | — | 2,211,090 | ||||||||||||||
Investment in subsidiaries | 1,740,111 | 143,349 | — | (1,883,460 | ) | — | |||||||||||||
Deferred charges and other assets, net | 23,973 | 265,240 | 1,500 | — | 290,713 | ||||||||||||||
Due from related party - long term | — | — | 20,577 | (20,577 | ) | — | |||||||||||||
Total assets | $ | 23,973,408 | $ | 23,308,197 | $ | 3,754,963 | $ | (45,953,846 | ) | $ | 5,082,722 | ||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||
Current liabilities: | |||||||||||||||||||
Accounts payable | $ | 196,988 | $ | 113,564 | $ | 7,566 | $ | (3,275 | ) | $ | 314,843 | ||||||||
Accounts payable - affiliate | 23,949 | — | — | — | 23,949 | ||||||||||||||
Accrued expenses | 503,179 | 495,842 | 118,414 | — | 1,117,435 | ||||||||||||||
Current portion of long-term debt | — | — | — | — | — | ||||||||||||||
Deferred revenue | 4,043 | — | — | — | 4,043 | ||||||||||||||
Due to related parties | 19,787,807 | 21,026,310 | 3,232,417 | (44,046,534 | ) | — | |||||||||||||
Total current liabilities | 20,515,966 | 21,635,716 | 3,358,397 | (44,049,809 | ) | 1,460,270 | |||||||||||||
Delaware Economic Development Authority loan | — | 4,000 | — | — | 4,000 | ||||||||||||||
Long-term debt | 1,137,980 | 31,717 | 67,023 | — | 1,236,720 | ||||||||||||||
Intercompany notes payable | 470,047 | — | — | — | 470,047 | ||||||||||||||
Deferred tax liability | — | — | 20,577 | — | 20,577 | ||||||||||||||
Other long-term liabilities | 28,131 | 41,693 | — | — | 69,824 | ||||||||||||||
Due to related party - long term | — | 20,577 | — | (20,577 | ) | — | |||||||||||||
Total liabilities | 22,152,124 | 21,733,703 | 3,445,997 | (44,070,386 | ) | 3,261,438 | |||||||||||||
Commitments and contingencies | |||||||||||||||||||
Equity: | |||||||||||||||||||
Member's equity | 1,479,175 | 1,062,717 | 182,696 | (1,245,413 | ) | 1,479,175 | |||||||||||||
Retained earnings | 349,654 | 502,788 | 126,270 | (629,058 | ) | 349,654 | |||||||||||||
Accumulated other comprehensive loss | (24,770 | ) | (8,236 | ) | — | 8,236 | (24,770 | ) | |||||||||||
Total PBF Holding Company LLC equity | 1,804,059 | 1,557,269 | 308,966 | (1,866,235 | ) | 1,804,059 | |||||||||||||
Noncontrolling interest | 17,225 | 17,225 | — | (17,225 | ) | $ | 17,225 | ||||||||||||
Total equity | 1,821,284 | 1,574,494 | 308,966 | (1,883,460 | ) | 1,821,284 | |||||||||||||
Total liabilities and equity | $ | 23,973,408 | $ | 23,308,197 | $ | 3,754,963 | $ | (45,953,846 | ) | $ | 5,082,722 |
December 31, 2014 | |||||||||||||||||||
Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combining and Consolidating Adjustments | Total | |||||||||||||||
ASSETS | |||||||||||||||||||
Current assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 185,381 | $ | 704 | $ | 34,334 | $ | (2,016 | ) | $ | 218,403 | ||||||||
Accounts receivable | 518,498 | 26,238 | 6,533 | — | 551,269 | ||||||||||||||
Accounts receivable - affiliate | 529 | 2,694 | — | — | 3,223 | ||||||||||||||
Inventories | 510,947 | 435,924 | 155,390 | — | 1,102,261 | ||||||||||||||
Prepaid expense and other current assets | 26,964 | 5,193 | — | — | 32,157 | ||||||||||||||
Due from related parties | 16,189,384 | 18,805,509 | 1,607,878 | (36,602,771 | ) | — | |||||||||||||
Total current assets | 17,431,703 | 19,276,262 | 1,804,135 | (36,604,787 | ) | 1,907,313 | |||||||||||||
Property, plant and equipment, net | 68,218 | 1,683,294 | 54,548 | — | 1,806,060 | ||||||||||||||
Investment in subsidiaries | 2,569,636 | — | — | (2,569,636 | ) | — | |||||||||||||
Deferred charges and other assets, net | 5,899 | 292,990 | 1,500 | — | 300,389 | ||||||||||||||
Total assets | $ | 20,075,456 | $ | 21,252,546 | $ | 1,860,183 | $ | (39,174,423 | ) | $ | 4,013,762 | ||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||
Current liabilities: | |||||||||||||||||||
Accounts payable | $ | 235,791 | $ | 92,984 | $ | 8,423 | $ | (2,016 | ) | $ | 335,182 | ||||||||
Accounts payable - affiliate | 11,600 | 30 | — | — | 11,630 | ||||||||||||||
Accrued expenses | 487,783 | 450,856 | 191,331 | — | 1,129,970 | ||||||||||||||
Current portion of long-term debt | — | — | — | — | — | ||||||||||||||
Deferred revenue | 1,227 | — | — | — | 1,227 | ||||||||||||||
Due to related parties | 16,924,490 | 18,151,095 | 1,527,186 | (36,602,771 | ) | — | |||||||||||||
Total current liabilities | 17,660,891 | 18,694,965 | 1,726,940 | (36,604,787 | ) | 1,478,009 | |||||||||||||
Delaware Economic Development Authority loan | — | 8,000 | — | — | 8,000 | ||||||||||||||
Long-term debt | 639,579 | 36,451 | 36,191 | — | 712,221 | ||||||||||||||
Intercompany notes payable | 122,264 | — | — | — | 122,264 | ||||||||||||||
Other long-term liabilities | 22,206 | 40,546 | — | — | 62,752 | ||||||||||||||
Total liabilities | 18,444,940 | 18,779,962 | 1,763,131 | (36,604,787 | ) | 2,383,246 | |||||||||||||
Commitments and contingencies | |||||||||||||||||||
Equity: | |||||||||||||||||||
Member's equity | 1,144,100 | 749,278 | 44,346 | (793,624 | ) | 1,144,100 | |||||||||||||
Retained earnings | 513,292 | 1,731,694 | 52,706 | (1,784,400 | ) | 513,292 | |||||||||||||
Accumulated other comprehensive loss | (26,876 | ) | (8,388 | ) | — | 8,388 | (26,876 | ) | |||||||||||
Total PBF Holding Company LLC equity | 1,630,516 | 2,472,584 | 97,052 | (2,569,636 | ) | 1,630,516 | |||||||||||||
Noncontrolling interest | — | — | — | — | — | ||||||||||||||
Total equity | 1,630,516 | 2,472,584 | 97,052 | (2,569,636 | ) | 1,630,516 | |||||||||||||
Total liabilities and equity | $ | 20,075,456 | $ | 21,252,546 | $ | 1,860,183 | $ | (39,174,423 | ) | $ | 4,013,762 |
Year Ended December 31, 2015 | |||||||||||||||||||
Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combining and Consolidating Adjustments | Total | |||||||||||||||
Revenues | $ | 13,085,122 | $ | 884,930 | $ | 1,633,818 | $ | (2,479,941 | ) | $ | 13,123,929 | ||||||||
Costs and expenses: | |||||||||||||||||||
Cost of sales, excluding depreciation | 11,514,115 | 1,026,846 | 1,550,579 | (2,479,941 | ) | 11,611,599 | |||||||||||||
Operating expenses, excluding depreciation | (3,683 | ) | 891,534 | 1,517 | — | 889,368 | |||||||||||||
General and administrative expenses | 143,580 | 21,016 | 2,308 | — | 166,904 | ||||||||||||||
Gain on sale of asset | (249 | ) | (105 | ) | (650 | ) | — | (1,004 | ) | ||||||||||
Depreciation and amortization expense | 9,687 | 178,578 | 2,845 | — | 191,110 | ||||||||||||||
11,663,450 | 2,117,869 | 1,556,599 | (2,479,941 | ) | 12,857,977 | ||||||||||||||
Income (loss) from operations | 1,421,672 | (1,232,939 | ) | 77,219 | — | 265,952 | |||||||||||||
Other income (expense): | |||||||||||||||||||
Equity in earnings of subsidiaries | (1,154,420 | ) | — | — | 1,154,420 | — | |||||||||||||
Change in fair value of catalyst lease | — | 10,184 | — | — | 10,184 | ||||||||||||||
Interest expense, net | (79,310 | ) | (5,876 | ) | (3,008 | ) | — | (88,194 | ) | ||||||||||
Income (loss) before income taxes | 187,942 | (1,228,631 | ) | 74,211 | 1,154,420 | 187,942 | |||||||||||||
Income tax expense (benefit) | — | — | 648 | — | 648 | ||||||||||||||
Net income (loss) | 187,942 | (1,228,631 | ) | 73,563 | 1,154,420 | 187,294 | |||||||||||||
Less net income attributable to noncontrolling interests | 274 | 274 | — | (274 | ) | 274 | |||||||||||||
Net income (loss) attributable to PBF Holding Company LLC | $ | 187,668 | $ | (1,228,905 | ) | $ | 73,563 | $ | 1,154,694 | $ | 187,020 | ||||||||
Comprehensive income (loss) attributable to PBF Holding Company LLC | $ | 189,774 | $ | (1,228,905 | ) | $ | 73,563 | $ | 1,154,694 | $ | 189,126 |
Year Ended December 31, 2014 | |||||||||||||||||||
Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combining and Consolidating Adjustments | Total | |||||||||||||||
Revenues | $ | 19,847,045 | $ | 1,402,253 | $ | 1,007,407 | $ | (2,428,550 | ) | $ | 19,828,155 | ||||||||
Costs and expenses: | |||||||||||||||||||
Cost of sales, excluding depreciation | 18,467,533 | 1,522,901 | 952,170 | (2,428,550 | ) | 18,514,054 | |||||||||||||
Operating expenses, excluding depreciation | 218 | 880,339 | 144 | — | 880,701 | ||||||||||||||
General and administrative expenses | 123,692 | 16,259 | 199 | — | 140,150 | ||||||||||||||
(Gain) loss on sale of asset | (277 | ) | — | (618 | ) | — | (895 | ) | |||||||||||
Depreciation and amortization expense | 13,583 | 164,525 | 888 | — | 178,996 | ||||||||||||||
18,604,749 | 2,584,024 | 952,783 | (2,428,550 | ) | 19,713,006 | ||||||||||||||
Income (loss) from operations | 1,242,296 | (1,181,771 | ) | 54,624 | — | 115,149 | |||||||||||||
Other income (expense): | |||||||||||||||||||
Equity in earnings (loss) of subsidiaries | (1,131,321 | ) | — | — | 1,131,321 | — | |||||||||||||
Change in fair value of catalyst lease | — | 3,969 | — | — | 3,969 | ||||||||||||||
Interest expense, net | (89,858 | ) | (6,225 | ) | (1,918 | ) | — | (98,001 | ) | ||||||||||
Income (loss) before income taxes | 21,117 | (1,184,027 | ) | 52,706 | 1,131,321 | 21,117 | |||||||||||||
Income tax expense (benefit) | — | — | — | — | — | ||||||||||||||
Net income (loss) | 21,117 | (1,184,027 | ) | 52,706 | 1,131,321 | 21,117 | |||||||||||||
Less net income attributable to noncontrolling interests | — | — | — | — | — | ||||||||||||||
Net income (loss) attributable to PBF Holding Company LLC | $ | 21,117 | $ | (1,184,027 | ) | $ | 52,706 | $ | 1,131,321 | $ | 21,117 | ||||||||
Comprehensive income (loss) attributable to PBF Holding Company LLC | $ | 8,779 | $ | (1,194,031 | ) | $ | 52,706 | $ | 1,141,325 | $ | 8,779 |
Year Ended December 31, 2013 | |||||||||||||||||||
Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combining and Consolidating Adjustments | Total | |||||||||||||||
Revenues | $ | 16,190,178 | $ | 7,641,498 | $ | — | $ | (4,680,221 | ) | $ | 19,151,455 | ||||||||
Costs and expenses: | |||||||||||||||||||
Cost of sales, excluding depreciation | 16,486,851 | 5,996,684 | — | (4,680,221 | ) | 17,803,314 | |||||||||||||
Operating expenses, excluding depreciation | (482 | ) | 813,134 | — | — | 812,652 | |||||||||||||
General and administrative expenses | 82,284 | 13,510 | — | — | 95,794 | ||||||||||||||
Gain on sale of assets | (388 | ) | 205 | — | — | (183 | ) | ||||||||||||
Depreciation and amortization expense | 12,856 | 98,623 | — | — | 111,479 | ||||||||||||||
16,581,121 | 6,922,156 | — | (4,680,221 | ) | 18,823,056 | ||||||||||||||
(Loss) income from operations | (390,943 | ) | 719,342 | — | — | 328,399 | |||||||||||||
Other income (expense): | |||||||||||||||||||
Equity in earnings (loss) of subsidiaries | 722,673 | — | — | (722,673 | ) | — | |||||||||||||
Change in fair value of contingent consideration | — | — | — | — | — | ||||||||||||||
Change in fair value of catalyst lease | — | 4,691 | — | — | 4,691 | ||||||||||||||
Interest expense, net | (92,854 | ) | (1,360 | ) | — | — | (94,214 | ) | |||||||||||
Income (loss) before income taxes | 238,876 | 722,673 | — | (722,673 | ) | 238,876 | |||||||||||||
Income tax expense (benefit) | — | — | — | — | — | ||||||||||||||
Net income (loss) | 238,876 | 722,673 | — | (722,673 | ) | 238,876 | |||||||||||||
Less net income attributable to noncontrolling interests | — | — | — | — | — | ||||||||||||||
Net income (loss) attributable to PBF Holding Company LLC | $ | 238,876 | $ | 722,673 | $ | — | $ | (722,673 | ) | $ | 238,876 | ||||||||
Comprehensive income (loss) attributable to PBF Holding Company LLC | $ | 233,279 | $ | 724,930 | $ | — | $ | (724,930 | ) | $ | 233,279 |
Year Ended December 31, 2015 | |||||||||||||||||||
Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combining and Consolidating Adjustments | Total | |||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||
Net income (loss) | $ | 187,942 | $ | (1,228,631 | ) | $ | 73,563 | $ | 1,154,420 | $ | 187,294 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||||
Depreciation and amortization | 17,063 | 178,601 | 3,719 | — | 199,383 | ||||||||||||||
Stock-based compensation | — | 9,218 | — | — | 9,218 | ||||||||||||||
Change in fair value of catalyst lease obligation | — | (10,184 | ) | — | — | (10,184 | ) | ||||||||||||
Non-cash change in inventory repurchase obligations | — | 63,389 | — | — | 63,389 | ||||||||||||||
Non-cash lower of cost or market inventory adjustment | 279,785 | 147,441 | — | — | 427,226 | ||||||||||||||
Pension and other post retirement benefit costs | 7,576 | 19,406 | — | — | 26,982 | ||||||||||||||
Gain on disposition of property, plant and equipment | (249 | ) | (105 | ) | (650 | ) | — | (1,004 | ) | ||||||||||
Equity in earnings of subsidiaries | 1,154,420 | — | — | (1,154,420 | ) | — | |||||||||||||
Changes in current assets and current liabilities: | |||||||||||||||||||
Accounts receivable | 87,689 | 16,124 | (6,177 | ) | — | 97,636 | |||||||||||||
Amounts due to/from related parties | (1,018,176 | ) | 1,133,364 | (103,084 | ) | — | 12,104 | ||||||||||||
Inventories | (108,751 | ) | (116,074 | ) | (47,067 | ) | — | (271,892 | ) | ||||||||||
Other current assets | 2,721 | (2,999 | ) | (353 | ) | — | (631 | ) | |||||||||||
Accounts payable | (38,609 | ) | 15,710 | (857 | ) | (1,259 | ) | (25,015 | ) | ||||||||||
Accrued expenses | 27,925 | 8,172 | (73,834 | ) | — | (37,737 | ) | ||||||||||||
Deferred revenue | 2,816 | — | — | — | 2,816 | ||||||||||||||
Other assets and liabilities | (423 | ) | (26,769 | ) | 10 | — | (27,182 | ) | |||||||||||
Net cash provided by (used in) operating activities | 601,729 | 206,663 | (154,730 | ) | (1,259 | ) | 652,403 | ||||||||||||
Cash flows from investing activities: | |||||||||||||||||||
Acquisition of Chalemtte refinery, net of cash received from sale of assets | (601,311 | ) | 19,042 | 16,965 | — | (565,304 | ) | ||||||||||||
Expenditures for property, plant and equipment | (193,898 | ) | (158,361 | ) | (106 | ) | — | (352,365 | ) | ||||||||||
Expenditures for refinery turnarounds costs | — | (53,576 | ) | — | — | (53,576 | ) | ||||||||||||
Expenditures for other assets | — | (8,236 | ) | — | — | (8,236 | ) | ||||||||||||
Investment in subsidiaries | 10,000 | — | — | (10,000 | ) | — | |||||||||||||
Capital contributions to subsidiaries | (5,000 | ) | — | — | 5,000 | — | |||||||||||||
Proceeds from sale of assets | 60,902 | — | 107,368 | — | 168,270 | ||||||||||||||
Net cash (used in) provided by investing activities | (729,307 | ) | (201,131 | ) | 124,227 | (5,000 | ) | (811,211 | ) |
Cash flows from financing activities: | |||||||||||||||||||
Proceeds from member's capital contributions | 345,000 | — | 5,000 | (5,000 | ) | 345,000 | |||||||||||||
Distribution to parent | — | — | (10,000 | ) | 10,000 | — | |||||||||||||
Distributions to members | (350,658 | ) | — | — | — | (350,658 | ) | ||||||||||||
Proceeds from intercompany notes payable | 347,783 | — | — | — | 347,783 | ||||||||||||||
Proceeds from revolver borrowings | 170,000 | — | — | — | 170,000 | ||||||||||||||
Repayments of revolver borrowings | (170,000 | ) | — | — | — | (170,000 | ) | ||||||||||||
Proceeds from Rail Facility revolver borrowings | — | — | 102,075 | — | 102,075 | ||||||||||||||
Repayments of Rail Facility revolver borrowings | — | — | (71,938 | ) | — | (71,938 | ) | ||||||||||||
Proceeds form Senior Secured Notes | 500,000 | — | — | — | 500,000 | ||||||||||||||
Deferred financing costs and other | (17,108 | ) | — | — | — | (17,108 | ) | ||||||||||||
Net cash provided by financing activities | 825,017 | — | 25,137 | 5,000 | 855,154 | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | 697,439 | 5,532 | (5,366 | ) | (1,259 | ) | 696,346 | ||||||||||||
Cash and equivalents, beginning of period | 185,381 | 704 | 34,334 | (2,016 | ) | 218,403 | |||||||||||||
Cash and equivalents, end of period | $ | 882,820 | $ | 6,236 | $ | 28,968 | $ | (3,275 | ) | $ | 914,749 |
Year Ended December 31, 2014 | |||||||||||||||||||
Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combining and Consolidating Adjustments | Total | |||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||
Net income (loss) | $ | 21,117 | $ | (1,184,027 | ) | $ | 52,706 | $ | 1,131,321 | $ | 21,117 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||||
Depreciation and amortization | 20,334 | 164,550 | 1,528 | — | 186,412 | ||||||||||||||
Stock-based compensation | — | 6,095 | — | — | 6,095 | ||||||||||||||
Change in fair value of catalyst lease obligation | — | (3,969 | ) | — | — | (3,969 | ) | ||||||||||||
Non-cash change in inventory repurchase obligations | — | (93,246 | ) | — | — | (93,246 | ) | ||||||||||||
Non-cash lower of cost or market inventory adjustment | 566,412 | 123,698 | — | — | 690,110 | ||||||||||||||
Gain on disposition of property, plant and equipment | (277 | ) | — | (618 | ) | — | (895 | ) | |||||||||||
Pension and other post retirement benefit cost | 6,426 | 16,174 | — | — | 22,600 | ||||||||||||||
Equity in earnings of subsidiaries | 1,131,321 | — | — | (1,131,321 | ) | — | |||||||||||||
Changes in current assets and current liabilities: | |||||||||||||||||||
Accounts receivable | 69,887 | (17,976 | ) | (6,533 | ) | — | 45,378 | ||||||||||||
Amounts due to/from related parties | (1,227,851 | ) | 1,328,439 | (92,181 | ) | — | 8,407 | ||||||||||||
Inventories | (259,352 | ) | 20,711 | (155,390 | ) | — | (394,031 | ) | |||||||||||
Other current assets | 22,287 | 1,399 | — | — | 23,686 | ||||||||||||||
Accounts payable | (71,821 | ) | (1,697 | ) | 8,423 | (2,016 | ) | (67,111 | ) | ||||||||||
Accrued expenses | (131,903 | ) | 471 | 191,331 | — | 59,899 | |||||||||||||
Deferred revenue | (6,539 | ) | — | — | — | (6,539 | ) | ||||||||||||
Other assets and liabilities | (1,966 | ) | (258 | ) | (1 | ) | — | (2,225 | ) | ||||||||||
Net cash provided by (used in) operating activities | 138,075 | 360,364 | (735 | ) | (2,016 | ) | 495,688 | ||||||||||||
Cash flows from investing activities: | |||||||||||||||||||
Expenditures for property, plant and equipment | (152,814 | ) | (205,508 | ) | (112,138 | ) | — | (470,460 | ) | ||||||||||
Expenditures for refinery turnarounds costs | — | (137,688 | ) | — | — | (137,688 | ) | ||||||||||||
Expenditures for other assets | — | (17,255 | ) | — | — | (17,255 | ) | ||||||||||||
Investment in subsidiaries | (44,346 | ) | — | — | 44,346 | — | |||||||||||||
Proceeds from sale of assets | 133,845 | — | 68,809 | — | 202,654 | ||||||||||||||
Net cash (used in) provided by investing activities | (63,315 | ) | (360,451 | ) | (43,329 | ) | 44,346 | (422,749 | ) | ||||||||||
Cash flows from financing activities: | |||||||||||||||||||
Proceeds from member's capital contributions | 328,664 | — | 44,346 | (44,346 | ) | 328,664 | |||||||||||||
Distributions to members | (361,352 | ) | — | — | — | (361,352 | ) | ||||||||||||
Proceeds from intercompany notes payable | 90,631 | — | — | — | 90,631 | ||||||||||||||
Proceeds from revolver borrowings | 395,000 | — | — | — | 395,000 | ||||||||||||||
Repayments of revolver borrowings | (410,000 | ) | — | — | — | (410,000 | ) | ||||||||||||
Proceeds from Rail Facility revolver borrowings | — | — | 83,095 | — | 83,095 | ||||||||||||||
Repayments of Rail Facility revolver borrowings | — | — | (45,825 | ) | — | (45,825 | ) | ||||||||||||
Deferred financing costs and other | (8,501 | ) | — | (3,218 | ) | — | (11,719 | ) | |||||||||||
Net cash provided by (used in) financing activities | 34,442 | — | 78,398 | (44,346 | ) | 68,494 | |||||||||||||
Net increase (decrease) in cash and cash equivalents | 109,202 | (87 | ) | 34,334 | (2,016 | ) | 141,433 | ||||||||||||
Cash and equivalents, beginning of period | 76,179 | 791 | — | — | 76,970 | ||||||||||||||
Cash and equivalents, end of period | $ | 185,381 | $ | 704 | $ | 34,334 | $ | (2,016 | ) | $ | 218,403 |
Year Ended December 31, 2013 | |||||||||||||||||||
Issuer | Guarantors Subsidiaries | Non-Guarantors Subsidiaries | Combining and Consolidated Adjustments | Total | |||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||
Net income | $ | 238,876 | $ | 722,673 | $ | — | $ | (722,673 | ) | $ | 238,876 | ||||||||
Adjustments to reconcile net income to net cash | |||||||||||||||||||
provided by operating activities: | |||||||||||||||||||
Depreciation and amortization | 19,296 | 98,705 | — | — | 118,001 | ||||||||||||||
Stock-based compensation | — | 3,753 | — | — | 3,753 | ||||||||||||||
Change in fair value of catalyst lease obligation | — | (4,691 | ) | — | — | (4,691 | ) | ||||||||||||
Non-cash change in inventory repurchase obligations | — | (20,492 | ) | — | — | (20,492 | ) | ||||||||||||
Pension and other post retirement benefit costs | 4,575 | 12,153 | — | — | 16,728 | ||||||||||||||
Gain on disposition of property, plant and equipment | (388 | ) | 205 | — | — | (183 | ) | ||||||||||||
Equity in earnings of subsidiaries | (722,673 | ) | — | — | 722,673 | — | |||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||
Accounts receivable | (281,386 | ) | 188,535 | — | — | (92,851 | ) | ||||||||||||
Amounts due to/from related parties | 626,623 | (611,902 | ) | — | — | 14,721 | |||||||||||||
Inventories | (153,782 | ) | 199,773 | — | — | 45,991 | |||||||||||||
Other current assets | (40,416 | ) | (2,039 | ) | — | — | (42,455 | ) | |||||||||||
Accounts payable | 109,988 | (67,752 | ) | — | — | 42,236 | |||||||||||||
Accrued expenses | 222,194 | (7,377 | ) | — | — | 214,817 | |||||||||||||
Deferred revenue | 7,766 | (210,543 | ) | — | — | (202,777 | ) | ||||||||||||
Other assets and liabilities | (1,140 | ) | (19,263 | ) | — | — | (20,403 | ) | |||||||||||
Net cash provided by operating activities | 29,533 | 281,738 | — | — | 311,271 | ||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||
Expenditures for property, plant and equipment | (127,653 | ) | (190,741 | ) | — | — | (318,394 | ) | |||||||||||
Expenditures for refinery turnarounds costs | — | (64,616 | ) | — | — | (64,616 | ) | ||||||||||||
Expenditures for other assets | — | (32,692 | ) | — | — | (32,692 | ) | ||||||||||||
Proceeds from sale of assets | 102,428 | — | — | — | 102,428 | ||||||||||||||
Net cash used in investing activities | (25,225 | ) | (288,049 | ) | — | — | (313,274 | ) | |||||||||||
Cash flows from financing activities: | |||||||||||||||||||
Proceeds from revolver borrowings | 1,450,000 | — | — | — | 1,450,000 | ||||||||||||||
Proceeds from intercompany notes payable | 31,835 | — | — | — | 31,835 | ||||||||||||||
Proceeds from member's capital contributions | — | 1,757 | — | — | 1,757 | ||||||||||||||
Proceeds from catalyst lease | — | 14,337 | — | — | 14,337 | ||||||||||||||
Distributions to members | (215,846 | ) | — | — | — | (215,846 | ) | ||||||||||||
Repayments of revolver borrowings | (1,435,000 | ) | — | — | — | (1,435,000 | ) | ||||||||||||
Payment of contingent consideration related to acquisition of Toledo Refinery | — | (21,357 | ) | — | — | (21,357 | ) | ||||||||||||
Deferred financing costs and other | (1,044 | ) | — | — | — | (1,044 | ) | ||||||||||||
Net cash used in financing activities | (170,055 | ) | (5,263 | ) | — | — | (175,318 | ) | |||||||||||
Net increase (decrease) in cash and cash equivalents | (165,747 | ) | (11,574 | ) | — | — | (177,321 | ) | |||||||||||
Cash and equivalents, beginning of period | 241,926 | 12,365 | — | — | 254,291 | ||||||||||||||
Cash and equivalents, end of period | $ | 76,179 | $ | 791 | $ | — | $ | — | $ | 76,970 |
PBF HOLDING COMPANY LLC (Registrant) | ||
By: | /s/ Thomas J. Nimbley | |
(Thomas J. Nimbley) | ||
Chief Executive Officer (Principal Executive Officer) |
Signature | Title | Date | ||
/s/ Thomas J. Nimbley | Chief Executive Officer and Director | March 24, 2016 | ||
(Thomas J. Nimbley) | (Principal Executive Officer) | |||
/s/ Erik Young | Senior Vice President, Chief Financial Officer | March 24, 2016 | ||
(Erik Young) | (Principal Financial Officer) | |||
/s/ John Barone | Chief Accounting Officer | March 24, 2016 | ||
(John Barone) | (Principal Accounting Officer) | |||
/s/ Jeffrey Dill | Director | March 24, 2016 | ||
(Jeffrey Dill) | ||||
/s/ Matthew C. Lucey | Director | March 24, 2016 | ||
(Matthew C. Lucey) |
Exhibit 12.1 | ||||||||||||||||||||
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES | ||||||||||||||||||||
The following table sets forth our ratios of earnings to fixed charges for the periods presented (amounts in thousands). | ||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||
2011 | 2012 | 2013 | 2014 | 2015 | ||||||||||||||||
Earnings: | ||||||||||||||||||||
Earnings before income taxes | $ | 242,671 | $ | 805,312 | $ | 238,876 | $ | 21,117 | $ | 187,942 | ||||||||||
add: | ||||||||||||||||||||
Fixed Charges | 88,278 | 122,535 | 117,704 | 138,623 | 138,540 | |||||||||||||||
Adjusted Earnings | $ | 330,949 | $ | 927,847 | $ | 356,580 | $ | 159,740 | $ | 326,482 | ||||||||||
Fixed Charges: | ||||||||||||||||||||
Interest Expense (includes capitalized interest) | 88,484 | 105,710 | 93,605 | 105,816 | 92,258 | |||||||||||||||
Amortization of debt discount and expense | 3,174 | 9,806 | 6,479 | 7,828 | 8,273 | |||||||||||||||
Estimate of interest within rental expense | 9,647 | 13,716 | 23,292 | 32,496 | 41,538 | |||||||||||||||
Fixed Charges | $ | 101,305 | $ | 129,232 | $ | 123,376 | $ | 146,140 | $ | 142,069 | ||||||||||
Ratio of Earnings to Fixed Charges (a) | 3.3x | 7.2x | 2.8x | 1.1x | 2.3x | |||||||||||||||
Coverage deficiency | — | — | — | — | — | |||||||||||||||
(a) | For purposes of determining the ratio of earnings to fixed charges, earnings consist of income from continuing operations before income taxes and fixed charges (excluding interest capitalized during the period). Fixed charges consist of interest expense (including interest capitalized during the period), amortization of debt discount and deferred financing costs and the portion of rental expense that is representative of the interest factor in these rentals. | |||||||||||||||||||
Exhibit 21.1 | ||
LIST OF SUBSIDIARIES | ||
Name | Jurisdiction of Incorporation or Organization: | |
PBF Services Company LLC | Delaware | |
PBF Investments LLC | Delaware | |
Delaware City Refining Company LLC | Delaware | |
Delaware Pipeline Company LLC | Delaware | |
PBF Power Marketing LLC | Delaware | |
Paulsboro Natural Gas Pipeline Company LLC | Delaware | |
Paulsboro Refining Company LLC | Delaware | |
Toledo Refining Company LLC | Delaware | |
PBF Finance Corporation | Delaware | |
PBF Rail Logistics Company LLC | Delaware | |
PBF Transportation Company LLC | Delaware | |
PBF Energy Limited | British Columbia |
/s/ Thomas J. Nimbley | ||
Thomas J. Nimbley Chief Executive Officer |
/s/ Erik Young | ||
Erik Young Senior Vice President and Chief Financial Officer |
1. | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of PBF Holding. |
/s/ Thomas J. Nimbley | |
Thomas J. Nimbley | |
Chief Executive Officer | |
March 24, 2016 |
1. | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of PBF Holding. |
/s/ Erik Young | |
Erik Young | |
Senior Vice President and Chief Financial Officer | |
March 24, 2016 |
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Document and Entity Information Document - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Mar. 18, 2016 |
Jun. 30, 2015 |
|
Entity Information [Line Items] | |||
Entity Registrant Name | PBF HOLDING CO LLC | ||
Entity Central Index Key | 0001566011 | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2015 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 0 | ||
Entity Public Float | $ 0 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | Yes | ||
PBF Finance Corporation [Member] | |||
Entity Information [Line Items] | |||
Entity Registrant Name | PBF FINANCE CORPORATION | ||
Entity Central Index Key | 0001566097 | ||
Entity Common Stock, Shares Outstanding | 100 | ||
Entity Public Float | $ 0 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | Yes |
Consolidated Balance Sheets - USD ($) |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Current assets: | ||
Cash and cash equivalents | $ 914,749,000 | $ 218,403,000 |
Accounts receivable | 454,759,000 | 551,269,000 |
Accounts receivable - affiliate | 3,438,000 | 3,223,000 |
Inventories | 1,174,272,000 | 1,102,261,000 |
Prepaid expense and other current assets | 33,701,000 | 32,157,000 |
Total current assets | 2,580,919,000 | 1,907,313,000 |
Property, plant and equipment, net | 2,211,090,000 | 1,806,060,000 |
Deferred charges and other assets, net | 290,713,000 | 300,389,000 |
Total assets | 5,082,722,000 | 4,013,762,000 |
Current liabilities: | ||
Accounts payable | 314,843,000 | 335,182,000 |
Accounts payable - affiliate | 23,949,000 | 11,630,000 |
Accrued expenses | 1,117,435,000 | 1,129,970,000 |
Current portion of long-term debt | 0 | 0 |
Deferred revenue | 4,043,000 | 1,227,000 |
Total current liabilities | 1,460,270,000 | 1,478,009,000 |
Delaware Economic Development Authority loan | 4,000,000 | 8,000,000 |
Long-term debt | 1,236,720,000 | 712,221,000 |
Intercompany notes payable | 470,047,000 | 122,264,000 |
Deferred tax liabilities | 20,577,000 | 0 |
Other long-term liabilities | 69,824,000 | 62,752,000 |
Total liabilities | $ 3,261,438,000 | $ 2,383,246,000 |
Commitments and contingencies (Note 12) | ||
Equity: | ||
Member's equity | $ 1,479,175,000 | $ 1,144,100,000 |
Retained earnings | 349,654,000 | 513,292,000 |
Accumulated other comprehensive loss | (24,770,000) | (26,876,000) |
Total PBF Holding Company LLC equity | 1,804,059,000 | 1,630,516,000 |
Noncontrolling interest | 17,225,000 | 0 |
Total equity | 1,821,284,000 | 1,630,516,000 |
Total liabilities and equity | $ 5,082,722,000 | $ 4,013,762,000 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 187,294 | $ 21,117 | $ 238,876 |
Other comprehensive income (loss): | |||
Unrealized gain (loss) on available for sale securities | 124 | 127 | (308) |
Net gain (loss) on pension and other post-retirement benefits | 1,982 | (12,465) | (5,289) |
Total other comprehensive income loss | 2,106 | (12,338) | (5,597) |
Comprehensive income | 189,400 | 8,779 | 233,279 |
Less: comprehensive income attributable to noncontrolling interests | 274 | 0 | 0 |
Comprehensive income attributable to PBF Holding Company LLC | $ 189,126 | $ 8,779 | $ 233,279 |
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Statement of Cash Flows [Abstract] | |||
Capitalized interest | $ 3,529 | $ 7,487 | $ 5,672 |
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
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 Holding Company LLC (“PBF Holding” or the “Company”), a Delaware limited liability company, together with its consolidated subsidiaries, owns and operates oil refineries and related facilities in North America. PBF Holding is a wholly-owned subsidiary of PBF Energy Company LLC (“PBF LLC”). PBF Energy Inc. (“PBF Energy”) is the sole managing member of, and owner of an equity interest representing approximately 95.1% of the outstanding economic interest, in PBF LLC as of December 31, 2015. PBF Finance Corporation (“PBF Finance”) is a wholly-owned subsidiary of PBF Holding. Delaware City Refining Company LLC (“DCR”), PBF Power Marketing LLC, PBF Energy Limited, Paulsboro Refining Company LLC (“Paulsboro Refining”), Paulsboro Natural Gas Pipeline Company LLC, Toledo Refining Company LLC (“Toledo Refining” or “TRC”), Chalmette Refining, L.L.C. (“Chalmette Refining”) and MOEM Pipeline LLC are PBF LLC's principal operating subsidiaries and are all wholly-owned subsidiaries of PBF Holding. In addition, PBF LLC, through Chalmette Refining, holds an 80% interest in and consolidates Collins Pipeline Company and T&M Terminal Company. Collectively, PBF Holding and its consolidated subsidiaries are referred to hereinafter as the “Company”. On May 14, 2014, PBF Logistics LP (“PBFX”), a Delaware master limited partnership, completed its initial public offering (the “PBFX Offering”) of 15,812,500 common units. PBF Logistics GP LLC (“PBF GP”) serves as the general partner of PBFX. PBF GP is wholly-owned by PBF LLC. In connection with the PBFX Offering, PBF Holding distributed to PBF LLC the assets and liabilities of certain crude oil terminaling assets, which were immediately contributed by PBF LLC to PBFX. The assets were previously owned and operated by PBF Holding’s subsidiaries, DCR and Toledo Refining. The initial assets distributed consisted of the Delaware City Rail Unloading Terminal (“DCR Rail Terminal”), which was part of PBF Holding’s Delaware City, Delaware refinery, and the Toledo Truck Unloading Terminal (“Toledo Truck Terminal” and together with DCR Rail Terminal, the “Contributed Assets”), which was part of PBF Holding’s Toledo, Ohio refinery. The Contributed Assets did not generate third party or intra-entity revenue prior to the PBFX Offering. The exchange for the Contributed Assets is described in the Contribution Agreement (as defined herein) (refer to Note 12 “Related Party Transactions” of our Notes to Consolidated Financial Statements). Effective September 30, 2014, PBF Holding distributed to PBF LLC all of the equity interests of DCR's wholly-owned subsidiary, Delaware City Terminaling Company II LLC (“DCT II”), which assets consist solely of the Delaware City heavy crude unloading rack (the “DCR West Rack”). PBF LLC then contributed to PBFX all of the equity interests of DCT II for total consideration of $150,000, consisting of $135,000 of cash and $15,000 of PBFX common units, or 589,536 common units (the “DCR West Rack Acquisition”). Effective December 11, 2014, PBF Holding distributed to PBF LLC all of the issued and outstanding limited liability company interests of Toledo Terminaling Company LLC (“Toledo Terminaling”), whose assets consist of a tank farm and related facilities located at PBF Energy's Toledo refinery, including a propane storage and loading facility (the “Toledo Storage Facility”). PBF LLC then contributed to PBFX all of the issued and outstanding limited liability company interest of Toledo Terminaling for total consideration to PBF LLC of $150,000, consisting of $135,000 of cash and $15,000 of PBFX common units, or 620,935 common units (the “Toledo Storage Facility Acquisition”). On May 14, 2015, PBF Holding distributed all of the equity interests of DPC and Delaware City Logistics Company LLC (“DCLC”) to PBF LLC immediately prior to the contribution by PBF LLC to PBFX. The contributed assets consisted of the Delaware City Products Pipeline and Truck Rack, for a total consideration payable to PBF LLC of $143,000, consisting of $112,500 of cash and $30,500 of PBFX common units, or 1,288,420 common units. Substantially all of the Company’s operations are in the United States. The Company’s four oil refineries are all engaged in the refining of crude oil and other feedstocks into petroleum products, and have been aggregated to form one reportable segment. 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 largely out of the Company’s control can cause prices to vary over time. The potential margin volatility can have a material effect on the Company’s financial position, earnings and cash flow. |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
12 Months Ended | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation and Presentation These consolidated financial statements include the accounts of PBF Holding and its consolidated subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Reclassification Certain amounts previously reported in the Company's consolidated financial statements for prior periods have been reclassified to conform to the 2015 presentation. These reclassifications include presentation of deferred financing costs and debt due to the adoption of a recently adopted accounting pronouncement (as discussed below). Use of Estimates The preparation of the financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the related disclosures. Actual results could differ from those estimates. Business Combinations We use the acquisition method of accounting for the recognition of assets acquired and liabilities assumed in business combinations at their estimated fair values as of the date of acquisition. Any excess consideration transferred over the estimated fair values of the identifiable net assets acquired is recorded as goodwill. Significant judgment is required in estimating the fair value of assets acquired. As a result, in the case of significant acquisitions, we obtain the assistance of third-party valuation specialists in estimating fair values of tangible and intangible assets based on available historical information and on expectations and assumptions about the future, considering the perspective of marketplace participants. While management believes those expectations and assumptions are reasonable, they are inherently uncertain. Unanticipated market or macroeconomic events and circumstances may occur, which could affect the accuracy or validity of the estimates and assumptions. Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. The carrying amount of the cash equivalents approximates fair value due to the short-term maturity of those instruments. Concentrations of Credit Risk For the year ended December 31, 2015 no single customer amounted to greater than or equal to 10% of the Company's revenue. Only one customer, ExxonMobil Oil Corporation (“ExxonMobil”), accounted for 10% or more of our total trade accounts receivables as of December 31, 2015. Following the Chalmette Acquisition on November 1, 2015, ExxonMobil and its affiliates represented approximately 18% of our total trade accounts receivable as of December 31, 2015. For the year ended December 31, 2014, no single customer amounted to greater than or equal to 10% of the Company's revenues. No single customer accounted for 10% or more of our total trade accounts receivable as of December 31, 2014. For the year ended December 31, 2013, Morgan Stanley Capital Group, Inc. (“MSCG”) and Sunoco, Inc. (R&M) (“Sunoco”) accounted for 29% and 10% of the Company’s revenues, respectively. Revenue, Deferred Revenue and Accounts Receivable The Company sells various refined products primarily through its refinery subsidiaries and recognizes revenue related to the sale of products when there is persuasive evidence of an agreement, the sales prices are fixed or determinable, collectability is reasonably assured and when products are shipped or delivered in accordance with their respective agreements. Revenue for services is recorded when the services have been provided. Certain of the Company's refineries have products offtake agreements with third-parties under which these third parties purchase a portion of the refineries' daily gasoline production. The refineries also sell their products through short-term contracts or on the spot market. Prior to July 1, 2013, the Company’s Paulsboro and Delaware City refineries sold light finished products, certain intermediates and lube base oils to MSCG under products offtake agreements with each refinery (the “Offtake Agreements”). On a daily basis, MSCG purchased and paid for the refineries’ production of light finished products as they were produced, delivered to the refineries’ storage tanks, and legal title passed to MSCG. Revenue on these product sales was deferred until they shipped out of the storage facility by MSCG. Under the Offtake Agreements, the Company’s Paulsboro and Delaware City refineries also entered into purchase and sale transactions of certain intermediates and lube base oils whereby MSCG purchased and paid for the refineries’ production of certain intermediates and lube products as they were produced and legal title passed to MSCG. The intermediate products were held in the refineries’ storage tanks until they were needed for further use in the refining process. The intermediates may also have been sold to third parties. The refineries had the right to repurchase lube products and did so to supply other third parties with that product. When the refineries needed intermediates or lube products, the products were drawn out of the storage tanks, title passed back to the refineries and MSCG was paid for those products. These transactions occurred at the daily market price for the related products. These transactions were considered to be made in contemplation of each other and, accordingly, did not result in the recognition of a sale when title passed from the refineries to MSCG. Inventory remained at cost and the net cash receipts resulted in a liability that was recorded at market price for the volumes held in storage with any change in the market price being recorded in costs of sales. The liability represented the amount the Company expected to pay to repurchase the volumes held in storage. While MSCG had legal title, it had the right to encumber and/or sell these products and any such sales by MSCG resulted in sales being recognized by the refineries when products were shipped out of the storage facility. As the exclusive vendor of intermediate products to the refineries, MSCG had the obligation to provide the intermediate products to the refineries as they were needed. Accordingly, sales by MSCG to others were limited and only made with the Company or its subsidiaries’ approval. As of July 1, 2013, the Company terminated the Offtake Agreements for the Company’s Paulsboro and Delaware City refineries. The Company entered into two separate inventory intermediation agreements (“Inventory Intermediation Agreements”) with J. Aron & Company (“J. Aron”) on June 26, 2013 which commenced upon the termination of the Offtake Agreements with MSCG. On May 29, 2015, PBF Holding entered into amended and restated inventory intermediation agreements (the “A&R Intermediation Agreements”) with J. Aron pursuant to which certain terms of the existing inventory intermediation agreements were amended, including, among other things, pricing and an extension of the term for a period of two years from the original expiry date of July 1, 2015, subject to certain early termination rights. In addition, the A&R Intermediation Agreements include one-year renewal clauses by mutual consent of both parties. Pursuant to each A&R Intermediation Agreement, J. Aron will continue to purchase and hold title to certain of the intermediate and finished products (the “Products”) produced by the Paulsboro and Delaware City refineries (the “Refineries”), respectively, and delivered into tanks at the Refineries. Furthermore, J. Aron agrees to sell the Products back to Paulsboro refinery and Delaware City refinery as the Products are discharged out of the Refineries' tanks. J. Aron has the right to store the Products purchased in tanks under the A&R Intermediation Agreements and will retain these storage rights for the term of the agreements. PBF Holding will continue to market and sell the Products independently to third parties. Until December 31, 2015, the Company's Delaware City refinery sold and purchased feedstocks under a supply agreement with Statoil (the “Crude Supply Agreement”). This Crude Supply Agreement expired on December 31, 2015. Statoil purchased the refineries' production of certain feedstocks or purchased feedstocks from third parties on the refineries' behalf. Legal title to the feedstocks were held by Statoil and the feedstocks were held in the refineries' storage tanks until they were needed for further use in the refining process. At that time, the products were drawn out of the storage tanks and purchased by the refinery. These purchases and sales were settled monthly at the daily market prices related to those products. These transactions were considered to be made in contemplation of each other and, accordingly, did not result in the recognition of a sale when title passed from the refineries to Statoil. Inventory remained at cost and the net cash receipts resulted in a liability which is discussed further in the Inventory note below. The Company terminated its supply agreement with Statoil for its Paulsboro refinery in March 2013, at which time the Company began to purchase from Statoil the feedstocks owned by them at that date that had been purchased on its behalf. Subsequent to the expiration of the Delaware City Crude Supply Agreement, the Company began to purchase all of its crude and feedstock needs independently from a variety of suppliers on the spot market or through term agreements. Accounts receivable are carried at invoiced amounts. An allowance for doubtful accounts is established, if required, to report such amounts at their estimated net realizable value. In estimating probable losses, management reviews accounts that are past due and determines if there are any known disputes. There was no allowance for doubtful accounts at December 31, 2015 and 2014. Excise taxes on sales of refined products that are collected from customers and remitted to various governmental agencies are reported on a net basis. Inventory Inventories are carried at the lower of cost or market. The cost of crude oil, feedstocks, blendstocks and refined products are determined under the last-in first-out (“LIFO”) method using the dollar value LIFO method with increments valued based on average purchase prices during the year. The cost of supplies and other inventories is determined principally on the weighted average cost method. The Company had the obligation to purchase and sell feedstocks under a supply agreement with Statoil for its Delaware City refinery. This Crude Supply Agreement expired on December 31, 2015. The Company's Paulsboro refinery also had a crude supply agreement with Statoil that was terminated in March 2013. Prior to the expiration or termination of these agreements, Statoil purchased the refineries' production of certain feedstocks or purchased feedstocks from third parties on the refineries' behalf. The Company took title to the crude oil as it was delivered to the processing units, in accordance with the Crude Supply Agreement; however, the Company was obligated to purchase all the crude oil held by Statoil on the Company’s behalf upon termination of the agreement at the then market price. The Paulsboro crude supply agreement also included an obligation to purchase a fixed volume of feedstocks from Statoil on the later of maturity or when the arrangement is terminated based on a forward market price of West Texas Intermediate crude oil. As a result of the purchase obligations, the Company recorded the inventory of crude oil and feedstocks in the refineries’ storage facilities. The Company determined the purchase obligations were contracts that contain derivatives that changed in value based on changes in commodity prices. Such changes in the fair value of these derivatives were included in cost of sales. Prior to July 31, 2014, the Company’s Toledo refinery acquired substantially all of its crude oil from MSCG under a crude oil acquisition agreement (the “Toledo Crude Oil Acquisition Agreement”). Under the Toledo Crude Oil Acquisition Agreement, the Company took title to crude oil at various pipeline locations for delivery to the refinery or sale to third parties. The Company recorded the crude oil inventory when it received title. Payment for the crude oil was due to MSCG under the Toledo Crude Oil Acquisition Agreement three days after the crude oil was delivered to the Toledo refinery processing units or upon sale to a third party. The Company terminated the Toledo Crude Oil Acquisition Agreement effective July 31, 2014 and began to source its crude oil needs independently. Property, Plant and Equipment Property, plant and equipment additions are recorded at cost. The Company capitalizes costs associated with the preliminary, pre-acquisition and development/construction stages of a major construction project. The Company capitalizes the interest cost associated with major construction projects based on the effective interest rate of total borrowings. The Company also capitalizes costs incurred in the acquisition and development of software for internal use, including the costs of software, materials, consultants and payroll-related costs for employees incurred in the application development stage. Depreciation is computed using the straight-line method over the following estimated useful lives:
Maintenance and repairs are charged to operating expenses as they are incurred. Improvements and betterments, which extend the lives of the assets, are capitalized. Deferred Charges and Other Assets, Net Deferred charges and other assets include refinery turnaround costs, catalyst, precious metals catalyst, linefill, deferred financing costs and intangible assets. Refinery turnaround costs, which are incurred in connection with planned major maintenance activities, are capitalized when incurred and amortized on a straight-line basis over the period of time estimated to lapse until the next turnaround occurs (generally 3 to 5 years). Precious metals catalyst and linefill are considered indefinite-lived assets as they are not expected to deteriorate in their prescribed functions. Such assets are assessed for impairment in connection with the Company’s review of its long-lived assets as indicators of impairment develop. Deferred financing costs are capitalized when incurred and amortized over the life of the loan (generally 1 to 8 years). Intangible assets with finite lives primarily consist of catalyst, emission credits and permits and are amortized over their estimated useful lives (generally 1 to 10 years). Long-Lived Assets and Definite-Lived Intangibles The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate the carrying value may not be recoverable. Impairment is evaluated by comparing the carrying value of the long-lived assets to the estimated undiscounted future cash flows expected to result from use of the assets and their ultimate disposition. If such analysis indicates that the carrying value of the long-lived assets is not considered to be recoverable, the carrying value is reduced to the fair value. Impairment assessments inherently involve judgment as to assumptions about expected future cash flows and the impact of market conditions on those assumptions. Although management would utilize assumptions that it believes are reasonable, future events and changing market conditions may impact management’s assumptions, which could produce different results. Asset Retirement Obligations The Company records an asset retirement obligation at fair value for the estimated cost to retire a tangible long-lived asset at the time the Company incurs that liability, which is generally when the asset is purchased, constructed, or leased. The Company records the liability when it has a legal or contractual obligation to incur costs to retire the asset and when a reasonable estimate of the fair value of the liability can be made. If a reasonable estimate cannot be made at the time the liability is incurred, the Company will record the liability when sufficient information is available to estimate the liability’s fair value. Certain of the Company’s asset retirement obligations are based on its legal obligation to perform remedial activity at its refinery sites when it permanently ceases operations of the long-lived assets. The Company therefore considers the settlement date of these obligations to be indeterminable. Accordingly, the Company cannot calculate an associated asset retirement liability for these obligations at this time. The Company will measure and recognize the fair value of these asset retirement obligations when the settlement date is determinable. Environmental Matters Liabilities for future remediation costs are recorded when environmental assessments and/or remedial efforts are probable and the costs can be reasonably estimated. Other than for assessments, the timing and magnitude of these accruals generally are based on the completion of investigations or other studies or a commitment to a formal plan of action. Environmental liabilities are based on best estimates of probable future costs using currently available technology and applying current regulations, as well as the Company’s own internal environmental policies. The measurement of environmental remediation liabilities may be discounted to reflect the time value of money if the aggregate amount and timing of cash payments of the liabilities are fixed or reliably determinable. The actual settlement of the Company’s liability for environmental matters could materially differ from its estimates due to a number of uncertainties such as the extent of contamination, changes in environmental laws and regulations, potential improvements in remediation technologies and the participation of other responsible parties. Stock-Based Compensation Stock-based compensation includes the accounting effect of options to purchase PBF Energy Class A common stock granted by PBF Energy to certain PBF Holding employees, Series A warrants issued or granted by PBF LLC to employees in connection with their acquisition of PBF LLC Series A units, options to acquire Series A units of PBF LLC granted by PBF LLC to certain employees, Series B units of PBF LLC that were granted to certain members of management and restricted PBF LLC Series A Units and restricted PBF Energy Class A common stock granted to certain directors and officers. The estimated fair value of the options to purchase PBF Energy Class A common stock and the PBF LLC Series A warrants and options, is based on the Black-Scholes option pricing model and the fair value of the PBF LLC Series B units is estimated based on a Monte Carlo simulation model. The estimated fair value is amortized as stock-based compensation expense on a straight-line method over the vesting period and included in general and administration expense. Income Taxes As PBF Holding is a limited liability company treated as a “flow-through” entity for income tax purposes, there is no benefit or provision for federal or state income tax in the accompanying financial statements apart from the income taxes attributable to two subsidiaries acquired in connection with the acquisition of Chalmette Refining that are treated as C-corporations for tax purposes. The Federal and state tax returns for all years since 2012 are subject to examination by the respective tax authorities. Pension and Other Post-Retirement Benefits The Company recognizes an asset for the overfunded status or a liability for the underfunded status of its pension and post-retirement benefit plans. The funded status is recorded within other long-term liabilities or assets. Changes in the plans’ funded status are recognized in other comprehensive income in the period the change occurs. Fair Value Measurement A fair value hierarchy (Level 1, Level 2, or Level 3) is used to categorize fair value amounts based on the quality of inputs used to measure fair value. Accordingly, fair values derived from Level 1 inputs utilize quoted prices in active markets for identical assets or liabilities. Fair values derived from Level 2 inputs are based on quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are either directly or indirectly observable for the asset or liability. Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. The Company uses appropriate valuation techniques based on the available inputs to measure the fair values of its applicable assets and liabilities. When available, the Company measures fair value using Level 1 inputs because they generally provide the most reliable evidence of fair value. In some valuations, the inputs may fall into different levels in the hierarchy. In these cases, the asset or liability level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurements. Financial Instruments The estimated fair value of financial instruments has been determined based on the Company’s assessment of available market information and appropriate valuation methodologies. The Company’s non-derivative financial instruments that are included in current assets and current liabilities are recorded at cost in the consolidated balance sheets. The estimated fair value of these financial instruments approximates their carrying value due to their short-term nature. Derivative instruments are recorded at fair value in the consolidated balance sheets. The Company’s commodity contracts are measured and recorded at fair value using Level 1 inputs based on quoted prices in an active market, Level 2 inputs based on quoted market prices for similar instruments, or Level 3 inputs based on third party sources and other available market based data. The Company’s catalyst lease obligation and derivatives related to the Company’s crude oil and feedstocks and refined product purchase obligations are measured and recorded at fair value using Level 2 inputs on a recurring basis, based on observable market prices for similar instruments. Derivative Instruments The Company is exposed to market risk, primarily related to changes in commodity prices for the crude oil and feedstocks used in the refining process as well as the prices of the refined products sold. The accounting treatment for commodity contracts depends on the intended use of the particular contract and on whether or not the contract meets the definition of a derivative. All derivative instruments, not designated as normal purchases or sales, are recorded in the balance sheet as either assets or liabilities measured at their fair values. Changes in the fair value of derivative instruments that either are not designated or do not qualify for hedge accounting treatment or normal purchase or normal sale accounting are recognized currently in earnings. Contracts qualifying for the normal purchase and sales exemption are accounted for upon settlement. Cash flows related to derivative instruments that are not designated or do not qualify for hedge accounting treatment are included in operating activities. The Company designates certain derivative instruments as fair value hedges of a particular risk associated with a recognized asset or liability. At the inception of the hedge designation, the Company documents the relationship between the hedging instrument and the hedged item, as well as its risk management objective and strategy for undertaking various hedge transactions. Derivative gains and losses related to these fair value hedges, including hedge ineffectiveness, are recorded in cost of sales along with the change in fair value of the hedged asset or liability attributable to the hedged risk. Cash flows related to derivative instruments that are designated as fair value hedges are included in operating activities. Economic hedges are hedges not designated as fair value or cash flow hedges for accounting purposes that are used to (i) manage price volatility in certain refinery feedstock and refined product inventories, and (ii) manage price volatility in certain forecasted refinery feedstock purchases and refined product sales. These instruments are recorded at fair value and changes in the fair value of the derivative instruments are recognized currently in cost of sales. Derivative accounting is complex and requires management judgment in the following respects: identification of derivatives and embedded derivatives, determination of the fair value of derivatives, documentation of hedge relationships, assessment and measurement of hedge ineffectiveness and election and designation of the normal purchases and sales exception. All of these judgments, depending upon their timing and effect, can have a significant impact on the Company’s earnings. Recently Issued Accounting Pronouncements In February 2015, the FASB issued ASU No. 2015-02, “Consolidations (Topic 810): Amendments to the Consolidation Analysis” (“ASU 2015-02”), which amends current consolidation guidance including changes to both the variable and voting interest models used by companies to evaluate whether an entity should be consolidated. The requirements from ASU 2015-02 are effective for interim and annual periods beginning after December 15, 2015, and early adoption is permitted. The Company is currently evaluating the impact of this new standard on its consolidated financial statements and related disclosures. In April 2015, the FASB issued ASU No. 2015-03, “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs” (“ASU 2015-03”), which requires debt issuance costs related to a recognized debt liability to be presented on the balance sheet as a direct deduction from the debt liability rather than as an asset. The standard is effective for interim and annual periods beginning after December 15, 2015 and early adoption is permitted. The Company early adopted the new standard in its consolidated financial statements and related disclosures, which resulted in a reclassification of $32,217 and $30,128 of deferred financing costs from other assets to long-term debt as of December 31, 2015 and December 31, 2014, respectively. In August 2015, the FASB issued ASU No. 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date” (“ASU 2015-14”), which defers the effective date of ASU 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”) for all entities by one year. The guidance in ASU 2014-09 will replace most existing revenue recognition guidance in GAAP when it becomes effective. Under ASU 2015-14, this guidance becomes effective for interim and annual periods beginning after December 15, 2017 and permits the use of either the retrospective or cumulative effect transition method. Under ASU 2015-14, early adoption is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The Company continues to evaluate the impact of this new standard on its consolidated financial statements and related disclosures. In September 2015, the FASB issued ASU No. 2015-16, “Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments” (“ASU 2015-16”), which requires (i) that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined, (ii) that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date, (iii)that an entity present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. Under ASU 2015-16, this guidance becomes effective for annual periods beginning after December 15, 2016 and interim periods within annual periods beginning after December 15, 2017 with prospective application with early adoption permitted. The Company is currently evaluating the impact of this new standard on its consolidated financial statements and related disclosures and expects to early adopt this guidance for periods beginning after December 31, 2015. In November 2015, the FASB issued ASU 2015-17 (Topic 740), “Balance Sheet Classification of Deferred Taxes” (“ASU 2015-17”) which is intended to simplify the presentation of deferred taxes in a classified balance sheet. This guidance states that deferred tax assets and deferred tax liabilities should be presented as noncurrent in a classified statement of financial position. Under ASU 2015-17, this guidance becomes effective for annual periods beginning after December 15, 2016 and interim periods within those annual periods with early adoption permitted as of the beginning of an annual or interim period after issuance of the ASU. The Company is currently evaluating the impact of this new standard on its consolidated financial statements and related disclosures and expects to early adopt this guidance for periods beginning after December 31, 2015. In January 2016, the FASB issued ASU No. 2016-01, “Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities” (“ASU 2016-01”), which amends how entities measure equity investments that do not result in consolidation and are not accounted for under the equity method and how they present changes in the fair value of financial liabilities measured under the fair value option that are attributable to their own credit. ASU 2016-01 also changes certain disclosure requirements and other aspects of current GAAP but does not change the guidance for classifying and measuring investments in debt securities and loans. Under ASU 2016-01, this guidance becomes effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted in certain circumstances. The Company is currently evaluating the impact of this new standard on its consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02”), to increase the transparency and comparability about leases among entities. The new guidance 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. ASU 2016-02 is effective for interim and annual periods beginning after December 15, 2018, and requires a modified retrospective approach to adoption. Early adoption is permitted. The Company is currently evaluating the impact of this new standard on its consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU No. 2016-06, “Derivatives and Hedging (Topic 815) Contingent Put and Call Options in Debt Instruments No. 2016-06 March 2016 a consensus of the FASB Emerging Issues Task Force” (“ASU 2016-06”), to increase consistency in practice in applying guidance on determining if an embedded derivative is clearly and closely related to the economic characteristics of the host contract, specifically for assessing whether call (put) options that can accelerate the repayment of principal on a debt instrument meet the clearly and closely related criterion. The guidance in ASU 2016-06 applies to all entities that are issuers of or investors in debt instruments (or hybrid financial instruments that are determined to have a debt host) with embedded call (put) options. ASU 2016-06 is effective for interim and annual periods beginning after December 15, 2016, and requires a modified retrospective approach to adoption. Early adoption is permitted. The Company is currently evaluating the impact of this new standard on its consolidated financial statements and related disclosures. |
ACQUISITIONS |
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ACQUISITIONS | . ACQUISITIONS Chalmette Acquisition On November 1, 2015, the Company acquired from ExxonMobil, Mobil Pipe Line Company and PDV Chalmette, L.L.C., 100% of the ownership interests of Chalmette Refining, which owns the Chalmette refinery and related logistics assets (collectively, the “Chalmette Acquisition”). The Chalmette refinery, located outside of New Orleans, Louisiana, is a dual-train coking refinery and is capable of processing both light and heavy crude oil. Subsequent to the closing of the Chalmette Acquisition, Chalmette Refining is a wholly-owned subsidiary of PBF Holding. Chalmette Refining is strategically positioned on the Gulf Coast with strong logistics connectivity that offers flexible raw material sourcing and product distribution opportunities, including the potential to export products and provides geographic diversification into PADD 3. Chalmette Refining owns 100% of the MOEM Pipeline, providing access to the Empire Terminal, as well as the CAM Connection Pipeline, providing access to the Louisiana Offshore Oil Port facility through a third party pipeline. Chalmette Refining also owns 80% of each of the Collins Pipeline Company and T&M Terminal Company, both located in Collins, Mississippi, which provide a clean products outlet for the refinery to the Plantation and Colonial Pipelines. Also included in the acquisition are a marine terminal capable of importing waterborne feedstocks and loading or unloading finished products; a clean products truck rack which provides access to local markets; and a crude and product storage facility. The aggregate purchase price for the Chalmette Acquisition was $322,000 in cash, plus estimated inventory and working capital of $243,304, which is subject to final valuation upon agreement of both parties. The transaction was financed through a combination of cash on hand and borrowings under the Company’s existing revolving credit line. The Company accounted for the Chalmette Acquisition as a business combination under US GAAP whereby we recognize assets acquired and liabilities assumed in an acquisition at their estimated fair values as of the date of acquisition. Any excess consideration transferred over the estimated fair values of the identifiable net assets acquired is recorded as goodwill. The final purchase price and its allocation are dependent on final reconciliations of working capital and other items subject to agreement by both parties. The following table summarizes the preliminary amounts recognized for assets acquired and liabilities assumed as of the acquisition date.The total purchase consideration and the estimated fair values of the assets and liabilities at the acquisition date were as follows:
In addition, in connection with the acquisition of Chalmette Refining, the Company acquired Collins Pipeline Company and T&M Terminal Company, which are both C-corporations for tax purposes. As a result, the Company recognized a deferred tax liability of $20,577 attributable to the book and tax basis difference in the C-corporation assets. The Company’s consolidated financial statements for the year ended December 31, 2015 include the results of operations of the Chalmette refinery since November 1, 2015 during which period the Chalmette refinery contributed revenues of $643,267 and net income of $53,539. On an unaudited pro forma basis, the revenues and net income of the Company assuming the acquisition had occurred on January 1, 2014, are shown below. The unaudited pro forma information does not purport to present what the Company’s actual results would have been had the acquisition occurred on January 1, 2014, 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 acquisition and interest expense associated with the Chalmette acquisition financing.
The amount of revenues and net income above have been calculated after conforming Chalmette Refining's accounting policies to those of the Company and certain one-time adjustments. Acquisition Expenses The Company incurred acquisition related costs consisting primarily of consulting and legal expenses related to the Chalmette Acquisition and other pending and non-consummated acquisitions of $5,833 in the year ended December 31, 2015 . Acquisition related expenses were not material for the years ended December 31, 2014 and 2013. These costs are included in the consolidated income statement in “General and Administrative expenses”. |
INVENTORIES |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVENTORIES | INVENTORIES Inventories consisted of the following:
Inventory under inventory supply and intermediation arrangements included certain crude oil stored at the Company's Delaware City refinery's storage facilities that the Company was obligated to purchase as it was consumed in connection with its Crude Supply Agreement that expired on December 31, 2015; and light finished products sold to counterparties in connection with the A&R Intermediation Agreements and stored in the Paulsboro and Delaware City refineries' storage facilities. Due to the lower crude oil and refined product pricing environment at the end of 2014 and into 2015, the Company recorded adjustments to value its inventories to the lower of cost or market. During the year ended December 31, 2015, the Company recorded an adjustment to value its inventories to the lower of cost or market which decreased both operating income and net income by $427,226 reflecting the net change in the lower of cost or market inventory reserve from $690,110 at December 31, 2014 to $1,117,336 at December 31, 2015. In the year ended December 31, 2014, the Company first recorded an adjustment to value its inventories to the lower of cost or market which decreased both operating income and net income by $690,110. |
PROPERTY, PLANT AND EQUIPMENT, NET |
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PROPERTY, PLANT AND EQUIPMENT, NET | PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment consisted of the following:
Depreciation expense for the years ended December 31, 2015, 2014 and 2013 was $88,474, $113,533 and $79,413, respectively. The Company capitalized $3,529 and $7,487 in interest during 2015 and 2014, respectively, in connection with construction in progress. For the year ended December 31, 2014, the Company determined that it would abandon a capital project at the Delaware City refinery. The project was related to the construction of a new hydrocracker (the “Hydrocracker Project”). The carrying value for the Hydrocracker Project was $28,508. The total pre-tax impairment charge of $28,508 was recorded in depreciation and amortization expense for the year ended December 31, 2014. No additional cash expenditures were incurred related to the Hydrocracker Project subsequent to the impairment charge. |
DEFERRED CHARGES AND OTHER ASSETS, NET |
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Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DEFERRED CHARGES AND OTHER ASSETS, NET | DEFERRED CHARGES AND OTHER ASSETS, NET Deferred charges and other assets, net consisted of the following:
The Company recorded amortization expense related to deferred turnaround costs, catalyst and intangible assets of $102,636, $65,452 and $32,066 for the years ended December 31, 2015, 2014 and 2013 respectively. The restricted cash consists primarily of cash held as collateral securing the Rail Facility. Intangible assets, net was comprised of permits and emission credits as follows:
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ACCRUED EXPENSES |
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Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACCRUED EXPENSES | ACCRUED EXPENSES Accrued expenses consisted of the following:
The Company has the obligation to repurchase certain intermediates and finished products that are held in the Company’s refinery storage tanks at the Delaware City and Paulsboro refineries in accordance with the A&R Intermediation Agreements with J. Aron. As of December 31, 2015, a liability is recognized for the Inventory supply and intermediation arrangements 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 sales. The Company had the obligation to purchase and sell feedstocks under a supply agreement with Statoil for its Delaware City refinery. This Crude Supply Agreement expired on December 31, 2015. Prior to its expiration, Statoil purchased the refinery's production of certain feedstocks or purchased feedstocks from third parties on the refineries' behalf. Legal title to the feedstocks was held by Statoil and the feedstocks were held in the refinery's storage tanks until they were needed for further use in the refining process. At that time, the products were drawn out of the storage tanks and purchased by the refinery. These purchases and sales were settled monthly at the daily market prices related to those products. These transactions were considered to be made in contemplation of each other and, accordingly, did not result in the recognition of a sale when title passed from the refinery to Statoil. Inventory remained at cost and the net cash receipts resulted in a liability. 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 the Environmental Protection Agency (“EPA”). To the degree the Company is unable to blend the required amount of biofuels to satisfy our 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 expenses and other current assets when the amount of RINs earned and purchased is greater than the RINs liability. Accrued distributions represent unpaid distributions to PBF LLC related to tax distributions and non-tax distributions made by PBF LLC to its members. |
DELAWARE ECONOMIC DEVELOPMENT AUTHORITY LOAN |
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Debt Disclosure [Abstract] | |
DELAWARE ECONOMIC DEVELOPMENT AUTHORITY LOAN | DELAWARE ECONOMIC DEVELOPMENT AUTHORITY LOAN In June 2010, in connection with the Delaware City acquisition, the Delaware Economic Development Authority (the “Authority”) granted the Company a $20,000 loan to assist with operating costs and the cost of restarting the refinery. The loan is represented by a zero interest rate note and the entire unpaid principal amount is payable in full on March 1, 2017, unless the loan is converted to a grant. The Company recorded the loan as a long-term liability pending approval from the Authority that it has met the requirements to convert the remaining loan balance to a grant. The loan converts to a grant in tranches of up to $4,000 annually over a five-year period, starting at the one-year anniversary of the “certified restart date” as defined in the agreement and certified by the Authority. In order for the loan to be converted to a grant, the Company is required to utilize at least 600 man hours of labor in connection with the reconstruction and restarting of the Delaware City refinery, expend at least $125,000 in qualified capital expenditures, commence refinery operations, and maintain certain employment levels, all as defined in the agreement. In February 2013, October 2013, August 2014 and December 2015, the Company received confirmation from the Authority that the Company had satisfied the conditions necessary for the first four $4,000 tranches of the loan to be converted to a grant. As a result of the grant conversion, property, plant and equipment, net was reduced by $4,000 in each of the years ended December 31, 2015 and December 31, 2014, respectively, as the proceeds from the loan were used for capital projects. |
CREDIT FACILITY AND LONG-TERM DEBT |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CREDIT FACILITY AND LONG-TERM DEBT | CREDIT FACILITY AND LONG-TERM DEBT PBF Holding Revolving Loan On August 15, 2014, PBF Holding amended and restated the terms of its asset based revolving credit agreement (“Revolving Loan”) to, among other things, increase the commitments from $1,610,000 to $2,500,000, and extend the maturity to August 2019. In addition, the amended and restated agreement reduced the interest rate on advances and the commitment fee paid on the unused portion of the facility. The amended and restated agreement also increased the sublimit for letters of credit from $1,000,000 to $1,500,000 and reduced the combined LC Participation Fee and Fronting Fee paid on each issued and outstanding letter of credit. As defined in the agreement, the LC Participation Fee ranges from 1.25% to 2.0% depending on the Company's debt rating and the Fronting Fee is equal to 0.25%. An accordion feature allows for increases in the aggregate commitment of up to $2,750,000. In November 2015 and December 2015, PBF Holding increased the maximum availability under the Revolving Loan to $2,600,000 and $2,635,000, respectively. At the option of PBF Holding, advances under the Revolving Loan will bear interest either at the Alternate Base Rate plus the Applicable Margin, or the Adjusted LIBOR Rate plus the Applicable Margin, all as defined in the agreement. The Applicable Margin ranges from 1.50% to 2.25% for Adjusted LIBOR Rate Loans and from 0.50% to 1.25% for Alternative Base Rate Loans, depending on the Company's debt rating. Interest is paid in arrears, either quarterly in the case of Alternate Base Rate Loans or at the maturity of each Adjusted LIBOR Rate Loan. Advances under the Revolving Loan, plus all issued and outstanding letters of credit may not exceed the lesser of $2,635,000 or the Borrowing Base, as defined in the agreement. The Revolving Loan can be prepaid, without penalty, at any time. The Revolving Loan has a financial covenant which requires that if at any time Excess Availability, as defined in the agreement, is less than the greater of (i) 10% of the lesser of the then existing Borrowing Base and the then aggregate Revolving Commitments of the Lenders (the “Financial Covenant Testing Amount”), and (ii) $100,000 and until such time as Excess Availability is greater than the Financial Covenant Testing Amount and $100,000 for a period of 12 or more consecutive days, PBF Holding will not permit the Consolidated Fixed Charge Coverage Ratio, as defined in the agreement and determined as of the last day of the most recently completed quarter, to be less than 1.1 to 1.0. PBF Holding's obligations under the Revolving Loan (a) are guaranteed by each of its domestic operating subsidiaries that are not Excluded Subsidiaries (as defined in the agreement) and (b) are secured by a lien on (x) PBF LLC’s equity interests in PBF Holding and (y) certain assets of PBF Holding and the subsidiary guarantors, including all deposit accounts (other than zero balance accounts, cash collateral accounts, trust accounts and/or payroll accounts, all of which are excluded from the collateral); all accounts receivable; all hydrocarbon inventory (other than the intermediate and finished products owned by J. Aron pursuant to the Inventory Intermediation Agreements) and to the extent evidencing, governing, securing or otherwise related to the foregoing, all general intangibles, chattel paper, instruments, documents, letter of credit rights and supporting obligations; and all products and proceeds of the foregoing. There were no outstanding borrowings under the Revolving Loan as of December 31, 2015 and December 31, 2014, and standby letters of credit were $351,511 and $400,262, respectively. PBF Rail Revolving Credit Facility Effective March 25, 2014, PBF Rail Logistics Company LLC (“PBF Rail”), an indirect wholly-owned subsidiary of PBF Holding, entered into a $250,000 secured revolving credit agreement (the “Rail Facility”) with a consortium of banks, including Credit Agricole Corporate & Investment Bank (“CA-CIB”) as Administrative Agent. The primary purpose of the Rail Facility is to fund the acquisition by PBF Rail of coiled and insulated crude tank cars and non-coiled and non-insulated general purpose crude tank cars (the “Eligible Railcars”) before December 2015. The amount available to be advanced under the Rail Facility equals 70% of the lesser of the aggregate Appraised Value of the Eligible Railcars, or the aggregate Purchase Price of such Eligible Railcars, as these terms are defined in the Rail Facility. On the first anniversary of the closing, the advance rate adjusts automatically to 65%. At any time prior to maturity PBF Rail may repay and re-borrow any advances without premium or penalty. At PBF Rail's election, advances bear interest at a rate per annum equal to one month LIBOR plus the Facility Margin for Eurodollar Loans, or the Corporate Base Rate plus the Facility Margin for Base Rate Loans (the Corporate Base Rate is equal to the higher of the prime rate as determined by CA-CIB, the Federal Funds Rate plus 50 basis points, or one month LIBOR plus 100 basis points), all as defined in the Rail Facility. In addition, there is a commitment fee on the unused portion. Interest and fees are payable monthly. The lenders received a perfected, first priority security interest in all of PBF Rail's assets, including but not limited to (i) the Eligible Railcars, (ii) all railcar marks and other intangibles, (iii) the rights of PBF Rail under the Transportation Services Agreement (“TSA”) entered into between PBF Rail and PBF Holding, (iv) the accounts of PBF Rail, and (v) proceeds from the sale or other disposition of the Eligible Railcars, including insurance proceeds. In addition, the lenders received a pledge of the membership interest of PBF Rail held by PBF Transportation Company LLC, a wholly-owned subsidiary of PBF Holding. The obligations of PBF Holding under the TSA are guaranteed by each of Delaware City Refining, Paulsboro Refining, and Toledo Refining. On April 29, 2015, PBF Rail entered into the First Amendment to the Rail Facility. The amendments to the Rail Facility include the extension of the maturity to April 29, 2017, the reduction of the total commitment from $250,000 to $150,000, and the reduction of the commitment fee on the unused portion of the Rail Facility. On the first anniversary of the closing of the amendment, the advance rate adjusts automatically to 65%. There was $67,491 and $37,270 outstanding under the Rail Facility at December 31, 2015 and December 31, 2014, respectively. Senior Secured Notes On February 9, 2012, PBF Holding completed the offering of $675,500 aggregate principal amount of 8.25% Senior Secured Notes due 2020 (the “2020 Senior Secured Notes”). The net proceeds, after deducting the original issue discount, the initial purchasers’ discounts and commissions, and the fees and expenses of the offering, were used to repay all of the outstanding indebtedness plus accrued interest owed under the Toledo Promissory Note, the Paulsboro Promissory Note, and the Term Loan, as well as to reduce the outstanding balance of the Revolving Loan. On November 24, 2015, PBF Holding and PBF Holding’s wholly-owned subsidiary, PBF Finance Corporation completed an offering of $500,000 in aggregate principal amount of 7.00% Senior Secured Notes due 2023 (the “2023 Senior Secured Notes”, and together with the 2020 Senior Secured Notes, the “Senior Secured Notes”). The net proceeds from this offering were approximately $490,000 after deducting the initial purchasers’ discount and offering expenses. The Company intends to use the proceeds for general corporate purposes, including to fund a portion of the purchase price for the pending acquisition of the Torrance refinery and related logistics assets. The 2023 Senior Secured Notes include a registration payment arrangement whereby the Company has agreed to file with the SEC and use reasonable efforts to cause to become effective within 365 days of the closing date of the 2023 Senior Secured Notes offering, a registration statement relating to an offer to exchange the 2023 Senior Secured Notes for an issue of registered notes with terms substantially identical to the notes. The Company fully intends to file a registration statement for the exchange of the 2023 Senior Secured Notes within the 365 day period following the closing of the 2023 Senior Secured Notes. In addition, there are no restrictions or hindrances that the Company is aware of that would prohibit it from filing such registration statement and maintaining its effectiveness as stipulated in the registration rights agreement. As such, the Company asserts that it is not probable that it will have to transfer any consideration as a result of the registration rights agreement and thus no loss contingency was recorded. The Senior Secured Notes are secured on a first-priority basis by substantially all of the present and future assets of PBF Holding and its subsidiaries (other than assets securing the Revolving Loan). Payment of the Senior Secured Notes is jointly and severally guaranteed by substantially all of PBF Holding’s subsidiaries. PBF Holding has optional redemption rights to repurchase all or a portion of the Senior Secured Notes at varying prices no less than 100% of the principal amounts of the notes plus accrued and unpaid interest. The holders of the Senior Secured Notes have repurchase options exercisable only upon a change in control, certain asset sale transactions, or in event of a default as defined in the indenture agreement. In addition, the Senior Secured Notes contain covenant restrictions limiting certain types of additional debt, equity issuances, and payments. At all times after (a) a covenant suspension event (which requires that the Senior Secured Notes have investment grade ratings from both Moody’s Investment Services, Inc. and Standard & Poor’s), or (b) a Collateral Fall-Away Event, as defined in the indenture, the Senior Secured Notes will become unsecured. Catalyst Leases Subsidiaries of the Company have entered into agreements at each of its refineries whereby the Company sold certain of its catalyst precious metals to major commercial banks and then leased them back. The catalyst is required to be repurchased by the Company at market value at lease termination. The Company treated these transactions as financing arrangements, and the lease payments are recorded as interest expense over the agreements’ terms. 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 value of the underlying catalyst. The fair value of these repurchase obligations as reflected in the fair value of long-term debt outstanding table below is measured using Level 2 inputs. Details on the catalyst leases at each of our refineries as of December 31, 2015 are included in the following table:
* The Paulsboro and Delaware catalyst leases are included in long-term debt as of December 31, 2015 as the Company has the ability and intent to finance these debts through availability under other credit facilities if the catalyst leases are not renewed at maturity. Long-term debt outstanding consisted of the following:
Debt Maturities Debt maturing in the next five years and thereafter is as follows:
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INTERCOMPANY NOTE PAYABLE |
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INTERCOMPANY NOTE PAYABLE [Abstract] | |
INTERCOMPANY NOTE PAYABLE | INTERCOMPANY NOTES PAYABLE During 2013, PBF Holding entered into notes payable with PBF Energy and PBF LLC. As of December 31, 2015 and 2014, PBF Holding had outstanding notes payable with PBF Energy and PBF LLC for an aggregate principal amount of $470,047 and $122,264, respectively. The notes have an interest rate of 2.5% and a five-year term but may be prepaid in whole or in part at any time, at the option of PBF Holding, without penalty or premium. |
OTHER LONG-TERM LIABILITIES |
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OTHER LONG-TERM LIABILITIES | OTHER LONG-TERM LIABILITIES Other long-term liabilities consisted of the following:
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RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS PBF Holding entered into agreements with PBFX that establish fees for certain general and administrative services, and operational and maintenance services provided by the Company to PBFX. In addition, the Company executed terminal and storage services agreements with PBFX under which PBFX provides commercial transportation, terminaling, storage and pipeline services to the Company. These agreements with PBFX include: Contribution Agreements On May 8, 2014, PBFX, PBF GP, PBF Energy, PBF LLC, PBF Holding, DCR, Delaware City Terminaling Company LLC (“Delaware City Terminaling”) and TRC entered into the Contribution and Conveyance Agreement (the “Contribution Agreement I”). On May 14, 2014, concurrent with the closing of the PBFX Offering, the following transactions occurred pursuant to the Contribution Agreement I:
On September 30, 2014, PBF Holding, PBF LLC and PBFX closed the transaction contemplated by the Contribution Agreement dated September 16, 2014 (the “Contribution Agreement II”). Pursuant to the terms of the Contribution Agreement II, PBF Holding distributed to PBF LLC all of the equity interests of DCT II, which assets consisted solely of the DCR West Rack, immediately prior to the transfer of such equity interests by PBF LLC to PBFX. The DCR West Rack was previously owned and operated by PBF Holding’s subsidiary, DCT II, and is located at the Company's Delaware City refinery. PBFX paid to PBF LLC total consideration of $150,000, consisting of $135,000 of cash and $15,000 of PBFX common units in exchange for the DCR West Rack. On December 11, 2014, PBF Holding, PBF LLC and PBFX closed the transaction contemplated by the Contribution Agreement dated December 2, 2014 (the “Contribution Agreement III”). Pursuant to the terms of the Contribution Agreement III, PBF Holding distributed to PBF LLC all of the issued and outstanding limited liability company interests of Toledo Terminaling, which assets consisted of the Toledo Storage Facility. PBF LLC then contributed to PBFX all of the equity interests of Toledo Terminaling for total consideration of $150,000, consisting of $135,000 of cash and $15,000 of PBFX common units, or 620,935 common units. On May 14, 2015 PBF Holding, PBF LLC and PBFX closed the transactions contemplated by the Contribution Agreement dated May 5, 2015 (the “Contribution Agreement IV”). Pursuant to the terms of the Contribution Agreement IV, PBF Holding distributed all of the equity interests of Delaware Pipeline Company LLC (“DPC”) and Delaware City Logistics Company LLC (“DCLC”) to PBF LLC immediately prior to the contibution of such interests by PBF LLC to PBFX. The assets consisted of a products pipeline, truck rack and related facilities located at our Delaware City refinery (collectively the “Delaware City Products Pipeline and Truck Rack”), for total consideration of $143,000 consisting of $112,500 of cash and $30,500 of PBFX common units, or 1,288,420 common units. Commercial Agreements In connection with the contribution agreements described above, PBF Holding entered into long-term, fee-based commercial agreements with PBFX. Under these agreements, PBFX provides various rail and truck terminaling and storage services to PBF Holding and PBF Holding has committed to provide PBFX with minimum fees based on minimum monthly throughput volumes. The fees under each of these agreements are indexed for inflation and any increase in operating costs for providing such services to the Company. Prior to the PBFX Offering, the DCR Rail Terminal, Toledo Truck Terminal, the DCR West Rack and the Toledo Storage Facility and other assets contributed to PBFX subsequent to the PBFX Offering were owned, operated and maintained by PBF Holding. Therefore, PBF Holding did not previously pay a fee for the utilization of the facilities. Below is a summary of the agreements and corresponding fees for the use of each of the assets. Delaware City Rail Terminaling Services Agreement On May 14, 2014, concurrent with the closing of the PBFX Offering, PBF Holding entered into a rail terminaling services agreement with PBFX to obtain terminaling services at the DCR Rail Terminal (the “DCR Terminaling Agreement”). Under the DCR Terminaling Agreement, PBF Holding is obligated to throughput aggregate volumes of crude oil of at least 85,000 bpd (75,000 bpd through September 30, 2014) for each quarter thereafter (in each case, calculated on a quarterly average basis) for a terminaling service fee of $2.00 per barrel, which will decrease to $0.50 per barrel to the extent volumes exceed the minimum throughput commitment. PBF Holding also pays PBFX for providing related ancillary services at the terminal that are specified in the agreement. The terminaling service fee is subject to (i) increase or decrease on January 1 of each year, beginning on January 1, 2015, by the amount of any change in the Producer Price Index, provided that the fee may not be adjusted below the initial amount and (ii) increase by the increase in any operating costs that increase greater than the Producer Price Index reasonably incurred by PBFX in connection with providing the services and ancillary services under the DCR Terminaling Agreement. Effective January 1, 2015, the service fee was increased to $2.032 per barrel up to the minimum throughput commitment and $0.508 per barrel for volumes that exceed the minimum throughput commitment. The agreement will terminate on the first December 31st following the seventh anniversary of the closing of the PBFX Offering and may be extended, at PBF Holding's option, for up to two additional five-year terms. For the year ended December 31, 2015 and 2014, PBF Holding paid PBFX $63,043 and $36,640, respectively, for fees related to the DCR Terminaling Agreement. Toledo Truck Unloading & Terminaling Agreement On May 14, 2014, concurrent with the closing of the PBFX Offering, PBF Holding entered into a truck unloading and terminaling services agreement with PBFX to obtain terminaling services at the Toledo Truck Terminal (as amended the “Toledo Terminaling Agreement”). Under the Toledo Terminaling Agreement, PBF Holding was obligated to throughput aggregate volumes of crude oil of at least 4,000 bpd (calculated on a quarterly average basis) for a terminaling service fee of $1.00 per barrel. The Toledo Terminaling Agreement was amended and restated effective as of June 1, 2014, to among other things, increase the minimum throughput volume commitment from 4,000 bpd to 5,500 bpd beginning August 1, 2014. PBF Holding also pays PBFX for providing related ancillary services at the terminal which are specified in the Toledo Terminaling Agreement. The terminaling service fee is subject to (i) increase or decrease on January 1 of each year, beginning on January 1, 2015, by the amount of any change in the Producer Price Index, provided that the fee may not be adjusted below the initial amount and (ii) increase by the increase in any operating costs that increase greater than the Producer Price Index reasonably incurred by PBFX in connection with providing the services and ancillary services under the Toledo Terminaling Agreement. Effective January 1, 2015, the terminaling fee was increased to $1.016. The agreement will terminate on the first December 31st following the seventh anniversary of the closing of the PBFX Offering and may be extended, at PBF Holding's option, for up to two additional five-year terms. For the year ended December 31, 2015 and 2014, PBF Holding paid PBFX $5,578 and $2,131, respectively, for fees related to the Toledo Terminaling Agreement. Delaware City West Ladder Rack Terminaling Services Agreement On October 1, 2014, PBF Holding and DCT II entered into a seven-year terminaling services agreement (the “West Ladder Rack Terminaling Agreement”) under which PBFX, through DCT II, provides rail terminaling services to PBF Holding. DCT II, immediately following the closing of the Contribution Agreement II, was merged with and into Delaware City Terminaling, a wholly-owned subsidiary of PBFX, with all property, rights, liabilities and obligations of DCT II vesting in Delaware City Terminaling as the surviving company. The agreement may be extended by PBF Holding for two additional five-year periods. Under the West Ladder Rack Terminaling Agreement, PBF Holding is obligated to throughput aggregate volumes of crude oil of at least 40,000 bpd for a terminaling service fee equal to $2.20 per barrel for all volumes of crude oil throughput up to the minimum throughput commitment, and $1.50 per barrel for all volumes of crude oil throughput in excess of the minimum throughput commitment, in any contract quarter. PBF Holding also pays PBFX for providing related ancillary services at the terminal which are specified in the West Ladder Rack Terminaling Agreement. The terminaling service fee is subject to (i) increase or decrease on January 1 of each year, beginning on January 1, 2016, by the amount of any change in the Producer Price Index, provided that the fee may not be adjusted below the initial amount and (ii) increase by the increase in any operating costs that increase greater than the Producer Price Index reasonably incurred by PBFX in connection with providing the services and ancillary services under the West Ladder Rack Terminaling Agreement. For the year ended December 31, 2015 and 2014, PBF Holding paid PBFX $32,120 and $9,639, respectively, related to the West Ladder Rack Terminaling Agreement. Toledo Storage Facility Storage and Terminaling Services Agreement On December 12, 2014, PBF Holding and Toledo Terminaling entered into a ten-year storage and terminaling services agreement (the “Toledo Storage Facility Storage and Terminaling Agreement”) under which PBFX, through Toledo Terminaling, will provide storage and terminaling services to PBF Holding. The Toledo Storage Facility Storage and Terminaling Agreement can be extended by PBF Holding for two additional five-year periods. Under the Toledo Storage Facility Storage and Terminaling Agreement, PBFX will provide PBF Holding with storage and throughput services in return for storage and throughput fees. The storage services require PBFX to accept, redeliver and store all products tendered by PBF Holding in the tanks and load products at the storage facility on behalf of PBF Holding up to the effective operating capacity of each tank, the loading capacity of the products rack and the overall capacity of the Toledo Storage Facility Assets. PBF Holding will pay a fee of $0.50 per barrel of shell capacity dedicated to PBF Holding under the Toledo Storage Facility Storage and Terminaling Agreement.The minimum throughput commitment for the propane storage and loading facility will be 4,400 barrels per day (“bpd”) for a fee equal to $2.52 per barrel of product loaded up to the minimum throughput commitment and in excess of the minimum throughput commitment. If PBF Holding does not throughput the aggregate amounts equal to the minimum throughput commitment described above, PBF Holding will be required to pay a shortfall payment equal to the shortfall volume multiplied by the fee of $2.52 per barrel. PBFX is required to maintain the Toledo Storage Facility Assets in a condition and with a capacity sufficient to store and handle a volume of PBF Holding's products at least equal to the current operating capacity for the storage facility as a whole subject to interruptions for routine repairs and maintenance and force majeure events. Failure to meet such obligations may result in a reduction of fees payable under the Toledo Storage Facility Storage and Terminaling Agreement. For the year ended December 31, 2015 and 2014, PBF Holding paid PBFX $25,495 and $1,420, respectively, related to the Toledo Tank Farm Storage and Terminaling Agreement. Delaware City Pipeline Services Agreement On May 15, 2015, PBF Holding entered into a pipeline services agreement with PBFX (the “Delaware City Pipeline Services Agreement”). Under the Delaware City Pipeline Services Agreement, PBFX provides PBF Holding with pipeline throughput services in return for throughput fees. The Delaware City Pipeline Services Agreement has an initial term of approximately ten years, after which PBF Holding has the option to extend the agreement for two additional five year periods, under which PBFX provides pipeline services to PBF Holding on the Delaware Products Pipeline. The minimum throughput commitment for the pipeline facility is 50,000 bpd for a fee equal to $0.5266 per barrel of product throughputted up to the minimum throughput commitment and in excess of the minimum throughput commitment. If PBF Holding does not throughput the aggregate amounts equal to the minimum throughput commitment described above, PBF Holding will be required to pay a shortfall payment equal to the shortfall volume multiplied by the fee. Effective July 2015, the pipeline service fee was raised to $0.5507 per barrel, due to an increase in the Federal Energy Regulatory Commission (“FERC”) tariff. For the year ended December 31, 2015, PBF Holding paid PBFX fees of $6,328, related to the Delaware City Pipeline Services Agreement. For the year ended December 31, 2014, PBF Holding paid PBFX no fees related to the Delaware City Pipeline Services Agreement. Delaware City Truck Loading Agreement On May 15, 2015, PBF Holding entered into a terminaling services agreement with PBFX (the “Delaware City Truck Loading Agreement”). Under the Delaware City Truck Loading Agreement, PBFX provides PBF Holding with terminaling services in return for fees. The Delaware City Truck Loading Agreement has an initial term of approximately ten years, after which PBF Holding has the option to extend the agreement for two additional five year periods, under which PBFX provides loading services to PBF Holding at the Delaware City Terminal. The minimum throughput commitment for the truck rack is at least 30,000 bpd for refined clean products with a fee equal to $0.462 per barrel and at least 5,000 bpd for LPGs with a fee equal to $2.52 per barrel of product loaded up to the minimum throughput commitment and for volumes in excess of the minimum throughput commitment. For the year ended December 31, 2015, PBF Holding paid PBFX fees of $6,155, related to the Delaware City Truck Loading Agreement. For the year ended December 31, 2014, PBF Holding paid PBFX no fees related to the Delaware City Truck Loading Agreement. Third Amended and Restated Omnibus Agreement On May 14, 2014, PBF Holding entered into an Omnibus Agreement (the “Original Omnibus Agreement”) by and among PBFX, PBF GP, PBF LLC and PBF Holding for the provision of executive management services and support for accounting and finance, legal, human resources, information technology, environmental, health and safety, and other administrative functions. The Original Omnibus Agreement addresses the following matters:
On September 30, 2014, the Original Omnibus Agreement was amended and restated in connection with the Contribution Agreement II (the “Amended and Restated Omnibus Agreement”). The annual fee payable under the Amended and Restated Omnibus Agreement increased from $2,300 to $2,525 as a result of the inclusion of the DCR West Rack. On December 12, 2014, PBF Holding, PBFX, PBF GP, and PBF LLC entered into a Second Amended and Restated Omnibus Agreement (the “Second A&R Omnibus Agreement”) to amend and restate the Amended and Restated Omnibus Agreement dated as of September 30, 2014, by and among the same parties. The Second A&R Omnibus Agreement clarified the reimbursements to be made by PBFX to BF LLC and from PBF LLC to PBFX. The Second A&R Omnibus Agreement incorporated the Toledo Storage Facility Assets into its provisions and increased the annual administrative fee to be paid by PBFX to PBF Energy from $2,525 to $2,700. Pursuant to the Omnibus Agreement, as amended, the annual fee of $2,700 per year was reduced to $2,225 per year effective as of January 1, 2015. On May 15, 2015, the Second A&R Omnibus Agreement was amended and restated to include the Delaware City Products Pipeline and Truck Rack (the “Third A&R Omnibus Agreement”). Pursuant to Third A&R Omnibus Agreement, the annual administrative fee was increased to $2,350 per year from $2,225 per year. For the years ended December 31, 2015 and 2014, PBF Holding received from PBFX $5,216 and $2,174, respectively, for fees related to the Omnibus Agreement (as amended). Third Amended and Restated Operation and Management Services and Secondment Agreement PBF Holding and certain of its subsidiaries entered into an operation and management services and secondment agreement (the “Services Agreement”) with PBFX, pursuant to which PBF Holding and its subsidiaries will provide PBFX with the personnel necessary for PBFX to perform its obligations under its commercial agreements. PBFX will reimburse PBF Holding for the use of such employees and the provision of certain infrastructure-related services to the extent applicable to its operations, including storm water discharge and waste water treatment, steam, potable water, access to certain roads and grounds, sanitary sewer access, electrical power, emergency response, filter press, fuel gas, API solids treatment, fire water and compressed air. In addition, PBFX will pay an annual fee of $490 to PBF Holding for the provision of such services pursuant to the Services Agreement. The Services Agreement will terminate upon the termination of the Omnibus Agreement, provided that PBFX may terminate any service on 30 days’ notice. On September 30, 2014, the Services Agreement was amended and restated in connection with the Contribution Agreement II (the “Amended and Restated Services Agreement”). The annual fee payable under the Amended and Restated Services Agreement increased from $490 to $797 (indexed for inflation) as a result of the inclusion of the DCR West Rack. On December 12, 2014, PBF Holding, Delaware City Refining Company LLC, Delaware City Terminaling Company LLC, Toledo Terminaling, Toledo Refining Company LLC, PBFX and PBF GP entered into the Second Amended and Restated Operation and Management Services and Secondment Agreement (the “Second A&R Services Agreement”) to incorporate the Toledo Storage Facility Assets into its provisions and increases the fee to be paid by PBFX to PBF Holding from $797 to $4,400. On May 15, 2015, the Second A&R Services Agreement was amended and restated in connection with the Delaware City Pipeline and Truck Rack Acquisition (the “Third A&R Services Agreement”) resulting in an increase in the annual fee payable from $4,400 to $4,486. For the year ended December 31, 2015 and 2014, PBF Holding received from PBFX $4,455 and $579, respectively, for fees related to the Services Agreement (as amended). Fuel Strategies International, Inc. Agreement The Company engaged Fuel Strategies International, Inc, the principal of which is the brother of the Executive Chairman of the Board of Directors of PBF Energy, to provide consulting services relating to petroleum coke and commercial operations. For the year ended December 31, 2015 there were no charges under this agreement. For the years ended December 31, 2014 and 2013, the Company incurred charges of $588 and $646, respectively, under this agreement. Agreement with the Executive Chairman of the Board of Directors The Company has an agreement with the Executive Chairman of the Board of Directors of PBF Energy, for the use of an airplane that is owned by a company owned by the Executive Chairman of PBF Energy. The Company pays a charter rate that is the lowest rate this aircraft is chartered to third-parties. For the years ended December 31, 2015, 2014 and 2013, the Company incurred charges of $957, $1,214, and $1,274, respectively, related to the use of this airplane. Financial Sponsors As of December 31, 2013, each of Blackstone and First Reserve, PBF Energy’s financial sponsors, had received the full return of its aggregate amount invested in PBF LLC Series A Units. As a result, pursuant to the amended and restated limited liability company agreement of PBF LLC, the holders of PBF LLC Series B Units are entitled to an interest in the amounts received by Blackstone and First Reserve in excess of their original investment in the form of PBF LLC distributions and from the shares of PBF Energy Class A Common Stock issuable to Blackstone and First Reserve (for their own account and on behalf of the holders of PBF LLC Series B Units) upon an exchange, and the proceeds from the sale of such shares. Such proceeds received by Blackstone and First Reserve are distributed to the holders of the PBF LLC Series B Units in accordance with the distribution percentages specified in the PBF LLC amended and restated limited liability company agreement. The total amount distributed to the PBF LLC Series B Unit holders for the years ended December 31, 2015 , 2014 and 2013 was $19,592, $130,523, and $6,427 respectively. There were no amounts distributed to PBF LLC Series B Unit holders prior to 2013. |
COMMITMENTS AND CONTINGENCIES |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Lease and Other Commitments The Company leases office space, office equipment, refinery facilities and equipment, and railcars under non-cancelable operating leases, with terms ranging from one to twenty years, subject to certain renewal options as applicable. Total rent expense was $126,060, $98,473, and $70,581 for the years ended December 31, 2015, 2014 and 2013, respectively. The Company is party to agreements which provide for the treatment of wastewater and the supply of hydrogen and steam for certain of its refineries. The Company made purchases of $36,139, $40,444 and $38,383 under these supply agreements for the years ended December 31, 2015, 2014 and 2013, respectively. The fixed and determinable amounts of the obligations under these agreements and total minimum future annual rentals, exclusive of related costs, are approximately:
Employment Agreements PBF Investments (“PBFI”) is party to amended employment agreements with members of executive management and certain other key personnel that include automatic annual renewals, unless canceled. Under some of the agreements, certain of the executives would receive a lump sum payment of between one and a half to 2.99 times their base salary and continuation of certain employee benefits for the same period upon termination by the Company “Without Cause”, or by the employee “For Good Reason”, or upon a “Change in Control”, as defined in the agreements. Upon death or disability, certain of the Company’s executives, or their estates, would receive a lump sum payment of at least one half of their base salary. Environmental Matters The Company’s refineries 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. In connection with the Paulsboro refinery acquisition, the Company assumed certain environmental remediation obligations. The environmental liability of $10,367 recorded as of December 31, 2015 ($10,476 as of December 31, 2014) represents the present value of expected future costs discounted at a rate of 8%. At December 31, 2015 the undiscounted liability is $15,646 and the Company expects to make aggregate payments for this liability of $5,998 over the next five years. The current portion of the environmental liability is recorded in accrued expenses and the non-current portion is recorded in other long-term liabilities. As of December 31, 2015 and 2014, this liability is self-guaranteed by the Company. In connection with the acquisition of the Delaware City assets, Valero Energy Corporation (“Valero”) remains responsible for certain pre-acquisition environmental obligations up to $20,000 and the predecessor to Valero in ownership of the refinery retains other historical obligations. In connection with the acquisition of the Delaware City assets and the Paulsboro refinery, the Company and Valero purchased ten year, $75,000 environmental insurance policies to insure against unknown environmental liabilities at each site. In connection with the Toledo refinery acquisition, Sunoco remains responsible for environmental remediation for conditions that existed on the closing date for twenty years from March 1, 2011, subject to certain limitations. In connection with the acquisition of the Chalmette refinery, the Company obtained $3,936 in financial assurance (in the form of surety bond) to cover estimated potential site remediation costs associated with an agreed to Administrative Order of Consent with the EPA. The estimated cost assumes remedial activities will continue for a minimum of thirty years. Further, in connection with the acquisition of the Chalmette refinery, the Company purchased a ten year, $100,000 environmental insurance policy to insure against unknown environmental liabilities at the refinery. In 2010, New York State adopted a Low-Sulfur Heating Oil mandate that, beginning July 1, 2012, requires all heating oil sold in New York State to contain no more than 15 parts per million (“PPM”) sulfur. Since July 1, 2012, other states in the Northeast market began requiring heating oil sold in their state to contain no more than 15 PPM sulfur. Currently, six Northeastern states require heating oil with 15 PPM or less sulfur. By July 1, 2016, two more states are expected to adopt this requirement and by July 1, 2018 most of the remaining Northeastern states (except for Pennsylvania and New Hampshire) will require heating oil with 15 PPM or less sulfur. All of the heating oil the Company currently produces meets these specifications. The mandate and other requirements do not currently have a material impact on the Company's financial position, results of operations or cash flows. The EPA issued the final Tier 3 Gasoline standards on March 3, 2014 under the Clean Air Act. This final rule establishes more stringent vehicle emission standards and further reduces the sulfur content of gasoline starting in January of 2017. The new standard is set at 10 PPM sulfur in gasoline on an annual average basis starting January 1, 2017, with a credit trading program to provide compliance flexibility. The EPA responded to industry comments on the proposed rule and maintained the per gallon sulfur cap on gasoline at the existing 80 PPM cap. The standards set by the new rule are not expected to have a material impact on the Company’s financial position, results of operations or cash flows. The EPA was required to release the final annual standards for the Reformulated Fuels Standard (“RFS”) for 2014 no later than Nov 29, 2013 and for 2015 no later than Nov 29, 2014. The EPA did not meet these requirements but did release proposed standards for 2014. The EPA did not finalize this proposal in 2014. However, in May 2015, the EPA re-proposed annual standards for RFS 2 for 2014, and proposed new standards for 2015 and 2016 and biomass-based diesel volumes for 2017. The final standards were issued on November 30, 2015. The standards issued by the EPA include volume requirements in the annual standards which, while below the volumes originally set by Congress, increased renewable fuel use in the U.S. above historical levels and provide for steady growth over time. The EPA also increased the required volume of biomass-based diesel in 2015, 2016, and 2017 while maintaining the opportunity for growth in other advanced biofuels. The Company is currently evaluating the final standards and they may have a material impact on the Company's cost of compliance with RFS 2. The EPA published a Final Rule to the Clean Water Act (“CWA”) Section 316(b) in August 2014 regarding cooling water intake structures, which includes requirements for petroleum refineries. The purpose of this rule is to prevent fish from being trapped against cooling water intake screens (impingement) and to prevent fish from being drawn through cooling water systems (entrainment). Facilities will be required to implement Best Technology Available (BTA) as soon as possible, but state agencies have the discretion to establish implementation time lines. The Company continues to evaluate the impact of this regulation, and at this time does not anticipate it having a material impact on the Company’s financial position, results of operations or cash flows. In addition, on December 1, 2015 the EPA finalized revisions to an existing air regulation concerning Maximum Achievable Control Technologies (“MACT”) for Petroleum Refineries. The regulation requires additional continuous monitoring systems for eligible process safety valves relieving to atmosphere, minimum flare gas heat (Btu) content, and delayed coke drum vent controls to be installed by January 30, 2019. In addition, a program for ambient fence line monitoring for benzene will need to be implemented by January 30, 2018. The Company is currently evaluating the final standards to evaluate the impact of this regulation, and at this time does not anticipate it will have a material impact on the Company's financial position, results of operations or cash flows. The Delaware City Rail Terminal and DCR West Rack are collocated with the Delaware City refinery, and are located in Delaware's coastal zone where certain activities are regulated under the Delaware Coastal Zone act. On June 14, 2013, two administrative appeals were filed by the Sierra Club and Delaware Audubon (collectively, the “Appellants”) regarding an air permit Delaware City Refining obtained to allow loading of crude oil onto barges. The appeals allege that both the loading of crude oil onto barges and the operation of the Delaware City Rail Terminal violate Delaware’s Coastal Zone Act. The first appeal is Number 2013-1 before the State Coastal Zone Industrial Control Board (the “CZ Board”), and the second appeal is before the Environmental Appeals Board (the “EAB”) and appeals Secretary’s Order No. 2013-A-0020. The CZ Board held a hearing on the first appeal on July 16, 2013, and ruled in favor of Delaware City Refining and the State of Delaware and dismissed Appellants’ appeal for lack of standing. The Appellants appealed that decision to the Delaware Superior Court, New Castle County, Case No. N13A-09-001 ALR, and Delaware City Refining and the State of Delaware filed cross-appeals. A hearing on the second appeal before the EAB, case no. 2013-06, was held on January 13, 2014, and the EAB ruled in favor of Delaware City Refining and the State and dismissed the appeal for lack of jurisdiction. The Appellants also filed a Notice of Appeal with the Superior Court appealing the EAB’s decision. On March 31, 2015 the Superior Court affirmed the decisions by both the CZ Board and the EAB stating they both lacked jurisdiction to rule on the Appellants' appeal. The Appellants appealed to the Delaware Supreme Court, and, on November 5, 2015, the Delaware Supreme Court affirmed the Superior Court decision. The Company is also currently subject to certain other existing environmental claims and proceedings. The Company believes that there is only a remote possibility that future costs related to any of these other known contingent liability exposures would have a material impact on its financial position, results of operations or cash flows. PBF LLC Limited Liability Company Agreement The holders of limited liability company interests in PBF LLC, including PBF Energy, generally have to include for purposes of calculating their U.S. federal, state and local income taxes their share of any taxable income of PBF LLC, regardless of whether such holders receive cash distributions from PBF LLC. PBF Energy ultimately may not receive cash distributions from PBF LLC equal to its share of such taxable income or even equal to the actual tax due with respect to that income. For example, PBF LLC is required to include in taxable income PBF LLC’s allocable share of PBFX’s taxable income and gains (such share to be determined pursuant to the partnership agreement of PBFX), regardless of the amount of cash distributions received by PBF LLC from PBFX, and such taxable income and gains will flow-through to PBF Energy to the extent of its allocable share of the taxable income of PBF LLC. As a result, at certain times, the amount of cash otherwise ultimately available to PBF Energy on account of its indirect interest in PBFX may not be sufficient for PBF Energy to pay the amount of taxes it will owe on account of its indirect interests in PBFX. Taxable income of PBF LLC generally is allocated to the holders of PBF LLC units (including PBF Energy) pro-rata in accordance with their respective share of the net profits and net losses of PBF LLC. In general, PBF LLC is required to make periodic tax distributions to the members of PBF LLC, including PBF Energy, pro-rata in accordance with their respective percentage interests for such period (as determined under the amended and restated limited liability company agreement of PBF LLC), subject to available cash and applicable law and contractual restrictions (including pursuant to our debt instruments) and based on certain assumptions. Generally, these tax distributions are required to be in an amount equal to our estimate of the taxable income of PBF LLC for the year multiplied by an assumed tax rate equal to the highest effective marginal combined U.S. federal, state and local income tax rate prescribed for an individual or corporate resident in New York, New York (taking into account the nondeductibility of certain expenses). If, with respect to any given calendar year, the aggregate periodic tax distributions were less than the actual taxable income of PBF LLC multiplied by the assumed tax rate, PBF LLC is required to make a “true up” tax distribution, no later than March 15 of the following year, equal to such difference, subject to the available cash and borrowings of PBF LLC. PBF LLC obtains funding to pay its tax distributions by causing PBF Holding to distribute cash to PBF LLC and from distributions it receives from PBFX. Tax Receivable Agreement PBF Energy (the Company's indirect parent) entered into a tax receivable agreement with the PBF LLC Series A and PBF LLC Series B Unit holders (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's 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 or PBF Holding. 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 95.1% and 89.9% interest in PBF LLC as of December 31, 2015 and December 31, 2014, respectively. PBF LLC obtains funding to pay its tax distributions by causing PBF Holding to distribute cash to PBF LLC and from distributions it receives from PBFX. |
EQUITY STRUCTURE |
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Equity [Abstract] | |
EQUITY STRUCTURE | EQUITY STRUCTURE PBF Holding has no common stock outstanding. As of December 31, 2015, 100% of the membership interests of PBF Holding were owned by PBF LLC, and PBF Finance had 100 shares of common stock outstanding, all of which were held by PBF Holding. The following sections represent the equity structure of the Company's indirect and direct parents, PBF Energy and PBF LLC, respectively. Class A Common Stock Holders of Class A common stock are entitled to receive dividends when and if declared by the Board of Directors of PBF Energy out of funds legally available therefore, subject to any statutory or contractual restrictions on the payment of dividends and to any restrictions on the payment of dividends imposed by the terms of any outstanding preferred stock. Upon PBF Energy's dissolution or liquidation or the sale of all or substantially all of the assets, after payment in full of all amounts required to be paid to creditors and to the holders of preferred stock having liquidation preferences, if any, the holders of shares of Class A common stock will be entitled to receive pro rata remaining assets available for distribution. Holders of shares of Class A common stock do not have preemptive, subscription, redemption or conversion rights. Class B Common Stock Holders of shares of Class B common stock are entitled, without regard to the number of shares of Class B common stock held by such holder, to one vote for each PBF LLC Series A Unit beneficially owned by such holder. Accordingly, the the members of PBF LLC other than PBF Energy collectively have a number of votes in PBF Energy that is equal to the aggregate number of PBF LLC Series A Units that they hold. Holders of shares of Class A common stock and Class B common stock vote together as a single class on all matters presented to stockholders for their vote or approval, except as otherwise required by applicable law. Holders of Class B common stock do not have any right to receive dividends or to receive a distribution upon a liquidation or winding up of PBF Energy. Preferred Stock Authorized preferred stock may be issued in one or more series, with designations, powers and preferences as shall be designated by the Board of Directors. PBF LLC Capital Structure PBF LLC Series A Units The allocation of profits and losses and distributions to PBF LLC Series A unit holders is governed by the Limited Liability Company Agreement of PBF LLC. These allocations are made on a pro rata basis with PBF LLC Series C Units. PBF LLC Series A unit holders do not have voting rights. PBF LLC Series B Units The PBF LLC Series B Units are intended to be “profit interests” within the meaning of Revenue Procedures 93-27 and 2001-43 of the Internal Revenue Service and have a stated value of zero at issuance. The PBF LLC Series B Units are held by certain of the Company’s officers, have no voting rights and are designed to increase in value only after the Company’s financial sponsors achieve certain levels of return on their investment in PBF LLC Series A Units. Accordingly, the amounts paid to the holders of PBF LLC Series B Units, if any, will reduce only the amounts otherwise payable to the PBF LLC Series A Units held by the Company’s financial sponsors, and will not reduce or otherwise impact any amounts payable to PBF Energy (the holder of PBF LLC Series C Units), the holders of PBF Energy's Class A common stock or any other holder of PBF LLC Series A Units. The maximum number of PBF LLC Series B Units authorized to be issued is 1,000,000. PBF LLC Series C Units The PBF LLC Series C Units rank on a parity with the PBF LLC Series A Units as to distribution rights, voting rights and rights upon liquidation, winding up or dissolution. PBF LLC Series C Units are held solely by PBF Energy. Noncontrolling Interest Subsequent to the Chlamette Acquisition, PBF Holding recorded noncontrolling interest in two subsidiaries of Chalmette refinery. PBF Holding, through Chalmette Refining, owns an 80% ownership interest in both Collins Pipeline Company and T&M Terminal Company. The Company recorded earnings related to the noncontrolling interest in these subsidiaries of $274 for the year ended December 31, 2015. |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION Stock-based compensation expense included in general and administrative expenses consisted of the following:
PBF LLC Series A warrants and options PBF LLC granted compensatory warrants to employees of the Company in connection with their purchase of Series A units in PBF LLC. The warrants grant the holder the right to purchase PBF LLC Series A Units. One-quarter of the PBF LLC Series A compensatory warrants were exercisable at the date of grant and the remaining three-quarters become exercisable over equal annual installments on each of the first three anniversaries of the grant date subject to acceleration in certain circumstances. They are exercisable for ten years from the date of grant. The remaining warrants became fully exercisable in connection with the initial public offering of PBF Energy in December 2012. In addition, options to purchase PBF LLC Series A units were granted to certain employees, management and directors. Options vest over equal annual installments on each of the first three anniversaries of the grant date subject to acceleration in certain circumstances. The options are exercisable for ten years from the date of grant. The Company did not issue PBF LLC Series A Units compensatory warrants or options in 2015, 2014 or 2013. The following table summarizes activity for PBF LLC Series A compensatory warrants and options for the years ended December 31, 2015, 2014 and 2013:
The total intrinsic value of stock options outstanding and exercisable at December 31, 2015, was $16,797, respectively. The total intrinsic value of stock options exercised during the years ended December 31, 2015, 2014, and 2013 was $3,452, $618, and $4,298, respectively. There was no unrecognized compensation expense related to PBF LLC Series A warrants and options at December 31, 2015. Unrecognized compensation expense related to PBF LLC Series A warrants and options at December 31, 2014 was $140, which was recognized in 2015. Prior to 2014, members of management of the Company had also purchased an aggregate of 2,740,718 non-compensatory Series A warrants in PBF LLC with an exercise price of $10.00 per unit, all of which were immediately exercisable. During the year ended December 31, 2015 and 2014, 24,000 and 11,700 non-compensatory warrants were exercised, respectively. At December 31, 2015 and 2014, there were 32,719 and 56,719 non-compensatory warrants outstanding, respectively. PBF LLC Series B Units PBF LLC Series B Units were issued and allocated to certain members of management during the years ended December 31, 2011 and 2010. One-quarter of the PBF LLC Series B Units vested at the time of grant and the remaining three-quarters vested in equal annual installments on each of the first three anniversaries of the grant date, subject to accelerated vesting upon certain events. The Series B Units fully vested during the year ended December 31, 2013. The following table summarizes activity for PBF LLC Series B Units for the year ended December 31, 2013:
PBF Energy options and restricted stock PBF Energy grants awards of its Class A common stock under the 2012 Equity Incentive Plan which authorizes the granting of various stock and stock-related awards to employees, prospective employees and non-employees. Awards include options to purchase shares of Class A common stock and restricted Class A common stock that vest over a period determined by the plan. A total of 1,899,500 and 1,135,000 options to purchase shares of PBF Energy Class A common stock were granted to certain employees and management of the Company in the years ended December 31, 2015 and 2014, respectively. A total of 247,720 and 30,348 restricted Class A common stock were granted to certain directors, employees and management of the Company as of December 31, 2015 and 2014, respectively. The PBF Energy options and restricted Class A common stock vest in equal annual installments on each of the first four anniversaries of the grant date subject to acceleration in certain circumstances. The options are exercisable for ten years from the date of grant. The estimated fair value of PBF Energy options granted during the years ended December 31, 2015, 2014 and 2013 was determined using the Black-Scholes pricing model with the following weighted average assumptions:
The following table summarizes activity for PBF Energy options for the years ended December 31, 2015, 2014 and 2013.
The total estimated fair value of PBF Energy options granted in 2015 and 2014 was $14,512 and $9,068 and the weighted average per unit fair value was $7.64 and $7.99. The total intrinsic value of stock options outstanding and exercisable at December 31, 2015, was $38,167 and $12,139, respectively. The total intrinsic value of stock options exercised during the year ended December 31, 2015 was $133. Unrecognized compensation expense related to PBF Energy options at December 31, 2015 was $21,556, which will be recognized from 2016 through 2019. |
EMPLOYEE BENEFIT PLANS |
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Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS Defined Contribution Plan The Company’s defined contribution plan covers all employees. Employees are eligible to participate as of the first day of the month following 30 days of service. Participants can make basic contributions up to 50 percent of their annual salary subject to Internal Revenue Service limits. The Company matches participants’ contributions at the rate of 200 percent of the first 3 percent of each participant’s total basic contribution based on the participant’s total annual salary. The Company’s contribution to the qualified defined contribution plans was $12,753, $11,364 and $10,450 for the years ended December 31, 2015, 2014 and 2013, respectively. Defined Benefit and Post-Retirement Medical Plans The Company sponsors a noncontributory defined benefit pension plan (the “Qualified Plan”) with a policy to fund pension liabilities in accordance with the limits imposed by the Employee Retirement Income Security Act of 1974 (“ERISA”) and Federal income tax laws. In addition, the Company sponsors a supplemental pension plan covering certain employees, which provides incremental payments that would have been payable from the Company’s principal pension plan, were it not for limitations imposed by income tax regulations (the “Supplemental Plan”). The funded status is measured as the difference between plan assets at fair value and the projected benefit obligation which is to be recognized in the balance sheet. The plan assets and benefit obligations are measured as of the balance sheet date. The non-union Delaware City employees and all Paulsboro, Toledo and Chalmette employees became eligible to participate in the Company’s defined benefit plans as of the respective acquisition dates. The union Delaware City employees became eligible to participate in the Company’s defined benefit plans upon commencement of normal operations. The Company did not assume any of the employees’ pension liability accrued prior to the respective acquisitions. The Company formed the Post-Retirement Medical Plan on December 31, 2010 to provide health care coverage continuation from date of retirement to age 65 for qualifying employees associated with the Paulsboro acquisition. The Company credited the qualifying employees with their prior service under Valero which resulted in the recognition of a liability for the projected benefit obligation. The Post-Retirement Medical Plan was amended during 2013 to include all corporate employees, amended in 2014 to include Delaware City and Toledo employees and amended in 2015 to include Chalmette employees. The changes in the benefit obligation, the changes in fair value of plan assets, and the funded status of the Company’s Pension and Post-Retirement Medical Plans as of and for the years ended December 31, 2015 and 2014 were as follows:
The accumulated benefit obligations for the Company’s Pension Plans exceed the fair value of the assets of those plans at December 31, 2015 and 2014. The accumulated benefit obligation for the defined benefit plans approximated $80,897 and $66,576 at December 31, 2015 and 2014, respectively. Benefit payments, which reflect expected future services, that the Company expects to pay are as follows for the years ended December 31:
The Company’s funding policy for its defined benefit plans is to contribute amounts sufficient to meet legal funding requirements, plus any additional amounts that may be appropriate considering the funded status of the plans, tax consequences, the cash flow generated by the Company and other factors. The Company plans to contribute approximately $16,700 to the Company’s Pension Plans during 2016. The components of net periodic benefit cost were as follows for the years ended December 31, 2015, 2014 and 2013:
The pre-tax amounts recognized in other comprehensive income (loss) for the years ended December 31, 2015, 2014 and 2013 were as follows:
The pre-tax amounts in accumulated other comprehensive loss as of December 31, 2015 and 2014 that have not yet been recognized as components of net periodic costs were as follows:
The following pre-tax amounts included in accumulated other comprehensive loss as of December 31, 2015 are expected to be recognized as components of net period benefit cost during the year ended December 31, 2016:
Effective December 31, 2015, we changed the method we use to estimate the service and interest components of net periodic benefit cost for the Qualified Plan, the Supplemental Plan and the Post-Retirement Medical Plan. Historically, we estimated these service and interest cost components utilizing a single weighted-average discount rate derived from the yield curve used to measure the benefit obligation for each of these plans at the beginning of the period. Additionally, we historically combined the disclosures of assumptions for the Qualified Plan and the Supplemental Plan in one category we called “Pension Benefits”. We have elected to utilize a full yield curve approach in the estimation of these components by applying the specific spot rates along the yield curve used in the determination of the benefit obligation to the relevant projected cash flows for each plan separately. We have made this change to provide a more precise measurement of service and interest costs by improving the correlation between projected benefit cash flows to the corresponding spot yield curve rates. This change does not affect the measurement of our total benefit obligations or our annual net periodic benefit cost as the change in the service and interest costs is completely offset in the actuarial (gain) loss reported. We have accounted for this change as a change in accounting estimate that is inseparable from a change in accounting principle and accordingly have accounted for it prospectively. The weighted average assumptions used to determine the benefit obligations as of December 31, 2015 and 2014 were as follows:
The weighted average assumptions used to determine the net periodic benefit costs for the years ended December 31, 2015, 2014 and 2013 were as follows:
The assumed health care cost trend rates as of December 31, 2015 and 2014 were as follows:
Assumed health care costs trend rates have a significant effect on the amounts reported for retiree health care plans. A one percentage-point change in assumed health care costs trend rates would have the following effects on the medical post-retirement benefits:
The tables below present the fair values of the assets of the Company’s Qualified Plan as of December 31, 2015 and 2014 by level of fair value hierarchy. Assets categorized in Level 1 of the hierarchy are measured at fair value using a market approach based on published net asset values of mutual funds. As noted above, the Company’s post retirement medical plan is funded on a pay-as-you-go basis and has no assets.
The Company’s investment strategy for its Qualified Plan is to achieve a reasonable return on assets that supports the plan’s interest credit rating, subject to a moderate level of portfolio risk that provides liquidity. Consistent with these financial objectives as of December 31, 2015, the plan's target allocations for plan assets are 60% invested in equity securities and 40% fixed income investments. Equity securities include international stocks and a blend of U.S. growth and value stocks of various sizes of capitalization. Fixed income securities include bonds and notes issued by the U.S. government and its agencies, corporate bonds, and mortgage-backed securities. The aggregate asset allocation is reviewed on an annual basis. The overall expected long-term rate of return on plan assets for the Qualified Plan is based on the Company’s view of long-term expectations and asset mix. |
REVENUES |
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REVENUES | REVENUES The following table provides information relating to the Company’s revenues from external customers for each product or group of similar products for the periods:
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INCOME TAXES |
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Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES PBF Holding is a limited liability company treated as a “flow-through” entity for income tax purposes. Accordingly, there is no benefit or provision for federal or state income tax in the PBF Holding financial statements apart from the income tax attributable to two subsidiaries of Chalmette Refining that are treated as C-Corporations for income tax purposes. These two subsidiaries incurred $648 of income taxes for the period from their acquisition on November 1, 2015 through December 31, 2015. |
FAIR VALUE MEASUREMENTS |
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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 December 31, 2015 and 2014. We have 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. We have 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. We have no derivative contracts that are subject to master netting arrangements that are reflected gross on the balance sheet.
The valuation methods used to measure financial instruments at fair value are as follows:
The table below summarizes the changes in fair value measurements of commodity contracts categorized in Level 3 of the fair value hierarchy:
There were no transfers between levels during the years ended December 31, 2015 and 2014, respectively. Fair value of debt The table below summarizes the fair value and carrying value as of December 31, 2015 and 2014.
(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 Senior Secured 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. |
DERIVATIVES |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DERIVATIVES | DERIVATIVES The Company uses derivative instruments to mitigate certain exposures to commodity price risk. The Company’s crude supply agreements contained purchase obligations for certain volumes of crude oil and other feedstocks. In addition, the Company entered into Inventory Intermediation Agreements that contain purchase obligations for certain volumes of intermediates and refined products. The purchase obligations related to crude oil, feedstocks, 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 and refined products. The level of activity for these derivatives is based on the level of operating inventories. As of December 31, 2015, there were no barrels of crude oil and feedstocks (662,579 barrels at December 31, 2014) outstanding under these derivative instruments designated as fair value hedges and no barrels (no barrels at December 31, 2014) outstanding under these derivative instruments not designated as hedges. As of December 31, 2015, there were 3,776,011 barrels of intermediates and refined products (3,106,325 barrels at December 31, 2014) outstanding under these derivative instruments designated as fair value hedges and no barrels (no barrels at December 31, 2014) outstanding under these derivative instruments not designated as 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 December 31, 2015, there were 39,577,000 barrels of crude oil and 4,599,136 barrels of refined products (47,339,000 and 1,970,871, respectively, as of December 31, 2014), 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 December 31, 2015 and December 31, 2014 and the line items in the consolidated balance sheet in which the fair values are reflected.
The following tables provide information about the gains or losses recognized in income on these derivative instruments and the line items in the consolidated financial statements in which such gains and losses are reflected.
The Company had no ineffectiveness related to the fair value hedges as of December 31, 2015 and 2014. Ineffectiveness related to the Company's fair value hedges resulted in a loss of $7,264 for the year ended December 31 2013, recorded in cost of sales. Gains and losses due to ineffectiveness, resulting from the difference in the forward and spot rates of the underlying crude inventory related to the derivatives included with inventory supply arrangement obligations, were excluded from the assessment of hedge effectiveness. |
SUBSEQUENT EVENTS |
12 Months Ended |
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Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Dividend Declared On February 11, 2016, PBF Energy, PBF Holding's indirect parent, announced a dividend of $0.30 per share on outstanding Class A common stock. The dividend was paid on March 8, 2016 to Class A common stockholders of record at the close of business on February 22, 2016. PBF Holding made a distribution of $30,829 to PBF LLC, which in turn made pro-rata distributions to its members, including PBF Energy. PBF Energy then used this distribution to fund the dividend payments to shareholders of PBF Energy. |
CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS [Disclosure] |
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Condensed Financial Information of Subsidiary Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS | CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING PBF Services Company, Delaware City Refining Company LLC, PBF Power Marketing LLC, Paulsboro Refining Company LLC, Paulsboro Natural Gas Pipeline Company LLC, Toledo Refining Company LLC, Chalmette Refining, L.L.C. and PBF Investments LLC are 100% owned subsidiaries of PBF Holding and serve as guarantors of the obligations under the Senior Secured Notes. These guarantees are full and unconditional and joint and several. For purposes of the following footnote, PBF Holding is referred to as “Issuer”. The indentures dated February 9, 2012 and November 24, 2015, among PBF Holding, PBF Finance, the guarantors party thereto and Wilmington Trust, National Association, governs subsidiaries designated as “Guarantor Subsidiaries”. PBF Energy Limited, PBF Transportation Company LLC, PBF Rail Logistics Company LLC, MOEM Pipeline LLC, Collins Pipeline Company and T&M Terminal Company are consolidated subsidiaries of the Company that are not guarantors of the Senior Secured Notes. The Senior Secured Notes were co-issued by PBF Finance. For purposes of the following footnote, PBF Finance is referred to as “Co-Issuer.” The Co-Issuer has no independent assets or operations. The following supplemental combining and consolidating financial information reflects the Issuer’s separate accounts, the combined accounts of the Guarantor Subsidiaries, the combining and consolidating adjustments and eliminations and the Issuer’s consolidated accounts for the dates and periods indicated. For purposes of the following combining and consolidating information, the Issuer’s investments in its subsidiaries and the Guarantor Subsidiaries’ investments in its subsidiaries are accounted for under the equity method of accounting. . CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONSOLIDATING BALANCE SHEET
22. CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONSOLIDATING BALANCE SHEET
CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
22. CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
22. CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONSOLIDATING STATEMENT OF CASH FLOW
22. CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONSOLIDATING STATEMENT OF CASH FLOW (Continued)
22. CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONSOLIDATING STATEMENT OF CASH FLOW
22. CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONSOLIDATING STATEMENT OF CASH FLOW
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||
Principles of Consolidation and Presentation | Principles of Consolidation and Presentation These consolidated financial statements include the accounts of PBF Holding and its consolidated subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. |
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Reclassification | Reclassification Certain amounts previously reported in the Company's consolidated financial statements for prior periods have been reclassified to conform to the 2015 presentation. These reclassifications include presentation of deferred financing costs and debt due to the adoption of a recently adopted accounting pronouncement (as discussed below). |
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Use of Estimates | Use of Estimates The preparation of the financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the related disclosures. Actual results could differ from those estimates. |
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Business Combinations | Business Combinations We use the acquisition method of accounting for the recognition of assets acquired and liabilities assumed in business combinations at their estimated fair values as of the date of acquisition. Any excess consideration transferred over the estimated fair values of the identifiable net assets acquired is recorded as goodwill. Significant judgment is required in estimating the fair value of assets acquired. As a result, in the case of significant acquisitions, we obtain the assistance of third-party valuation specialists in estimating fair values of tangible and intangible assets based on available historical information and on expectations and assumptions about the future, considering the perspective of marketplace participants. While management believes those expectations and assumptions are reasonable, they are inherently uncertain. Unanticipated market or macroeconomic events and circumstances may occur, which could affect the accuracy or validity of the estimates and assumptions. |
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Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. The carrying amount of the cash equivalents approximates fair value due to the short-term maturity of those instruments. |
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Concentration of Credit Risk | Concentrations of Credit Risk For the year ended December 31, 2015 no single customer amounted to greater than or equal to 10% of the Company's revenue. Only one customer, ExxonMobil Oil Corporation (“ExxonMobil”), accounted for 10% or more of our total trade accounts receivables as of December 31, 2015. Following the Chalmette Acquisition on November 1, 2015, ExxonMobil and its affiliates represented approximately 18% of our total trade accounts receivable as of December 31, 2015. For the year ended December 31, 2014, no single customer amounted to greater than or equal to 10% of the Company's revenues. No single customer accounted for 10% or more of our total trade accounts receivable as of December 31, 2014. For the year ended December 31, 2013, Morgan Stanley Capital Group, Inc. (“MSCG”) and Sunoco, Inc. (R&M) (“Sunoco”) accounted for 29% and 10% of the Company’s revenues, respectively. |
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Revenue, Deferred Revenue and Accounts Receivable | Revenue, Deferred Revenue and Accounts Receivable The Company sells various refined products primarily through its refinery subsidiaries and recognizes revenue related to the sale of products when there is persuasive evidence of an agreement, the sales prices are fixed or determinable, collectability is reasonably assured and when products are shipped or delivered in accordance with their respective agreements. Revenue for services is recorded when the services have been provided. Certain of the Company's refineries have products offtake agreements with third-parties under which these third parties purchase a portion of the refineries' daily gasoline production. The refineries also sell their products through short-term contracts or on the spot market. Prior to July 1, 2013, the Company’s Paulsboro and Delaware City refineries sold light finished products, certain intermediates and lube base oils to MSCG under products offtake agreements with each refinery (the “Offtake Agreements”). On a daily basis, MSCG purchased and paid for the refineries’ production of light finished products as they were produced, delivered to the refineries’ storage tanks, and legal title passed to MSCG. Revenue on these product sales was deferred until they shipped out of the storage facility by MSCG. Under the Offtake Agreements, the Company’s Paulsboro and Delaware City refineries also entered into purchase and sale transactions of certain intermediates and lube base oils whereby MSCG purchased and paid for the refineries’ production of certain intermediates and lube products as they were produced and legal title passed to MSCG. The intermediate products were held in the refineries’ storage tanks until they were needed for further use in the refining process. The intermediates may also have been sold to third parties. The refineries had the right to repurchase lube products and did so to supply other third parties with that product. When the refineries needed intermediates or lube products, the products were drawn out of the storage tanks, title passed back to the refineries and MSCG was paid for those products. These transactions occurred at the daily market price for the related products. These transactions were considered to be made in contemplation of each other and, accordingly, did not result in the recognition of a sale when title passed from the refineries to MSCG. Inventory remained at cost and the net cash receipts resulted in a liability that was recorded at market price for the volumes held in storage with any change in the market price being recorded in costs of sales. The liability represented the amount the Company expected to pay to repurchase the volumes held in storage. While MSCG had legal title, it had the right to encumber and/or sell these products and any such sales by MSCG resulted in sales being recognized by the refineries when products were shipped out of the storage facility. As the exclusive vendor of intermediate products to the refineries, MSCG had the obligation to provide the intermediate products to the refineries as they were needed. Accordingly, sales by MSCG to others were limited and only made with the Company or its subsidiaries’ approval. As of July 1, 2013, the Company terminated the Offtake Agreements for the Company’s Paulsboro and Delaware City refineries. The Company entered into two separate inventory intermediation agreements (“Inventory Intermediation Agreements”) with J. Aron & Company (“J. Aron”) on June 26, 2013 which commenced upon the termination of the Offtake Agreements with MSCG. On May 29, 2015, PBF Holding entered into amended and restated inventory intermediation agreements (the “A&R Intermediation Agreements”) with J. Aron pursuant to which certain terms of the existing inventory intermediation agreements were amended, including, among other things, pricing and an extension of the term for a period of two years from the original expiry date of July 1, 2015, subject to certain early termination rights. In addition, the A&R Intermediation Agreements include one-year renewal clauses by mutual consent of both parties. Pursuant to each A&R Intermediation Agreement, J. Aron will continue to purchase and hold title to certain of the intermediate and finished products (the “Products”) produced by the Paulsboro and Delaware City refineries (the “Refineries”), respectively, and delivered into tanks at the Refineries. Furthermore, J. Aron agrees to sell the Products back to Paulsboro refinery and Delaware City refinery as the Products are discharged out of the Refineries' tanks. J. Aron has the right to store the Products purchased in tanks under the A&R Intermediation Agreements and will retain these storage rights for the term of the agreements. PBF Holding will continue to market and sell the Products independently to third parties. Until December 31, 2015, the Company's Delaware City refinery sold and purchased feedstocks under a supply agreement with Statoil (the “Crude Supply Agreement”). This Crude Supply Agreement expired on December 31, 2015. Statoil purchased the refineries' production of certain feedstocks or purchased feedstocks from third parties on the refineries' behalf. Legal title to the feedstocks were held by Statoil and the feedstocks were held in the refineries' storage tanks until they were needed for further use in the refining process. At that time, the products were drawn out of the storage tanks and purchased by the refinery. These purchases and sales were settled monthly at the daily market prices related to those products. These transactions were considered to be made in contemplation of each other and, accordingly, did not result in the recognition of a sale when title passed from the refineries to Statoil. Inventory remained at cost and the net cash receipts resulted in a liability which is discussed further in the Inventory note below. The Company terminated its supply agreement with Statoil for its Paulsboro refinery in March 2013, at which time the Company began to purchase from Statoil the feedstocks owned by them at that date that had been purchased on its behalf. Subsequent to the expiration of the Delaware City Crude Supply Agreement, the Company began to purchase all of its crude and feedstock needs independently from a variety of suppliers on the spot market or through term agreements. Accounts receivable are carried at invoiced amounts. An allowance for doubtful accounts is established, if required, to report such amounts at their estimated net realizable value. In estimating probable losses, management reviews accounts that are past due and determines if there are any known disputes. There was no allowance for doubtful accounts at December 31, 2015 and 2014. Excise taxes on sales of refined products that are collected from customers and remitted to various governmental agencies are reported on a net basis. |
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Inventory | Inventory Inventories are carried at the lower of cost or market. The cost of crude oil, feedstocks, blendstocks and refined products are determined under the last-in first-out (“LIFO”) method using the dollar value LIFO method with increments valued based on average purchase prices during the year. The cost of supplies and other inventories is determined principally on the weighted average cost method. The Company had the obligation to purchase and sell feedstocks under a supply agreement with Statoil for its Delaware City refinery. This Crude Supply Agreement expired on December 31, 2015. The Company's Paulsboro refinery also had a crude supply agreement with Statoil that was terminated in March 2013. Prior to the expiration or termination of these agreements, Statoil purchased the refineries' production of certain feedstocks or purchased feedstocks from third parties on the refineries' behalf. The Company took title to the crude oil as it was delivered to the processing units, in accordance with the Crude Supply Agreement; however, the Company was obligated to purchase all the crude oil held by Statoil on the Company’s behalf upon termination of the agreement at the then market price. The Paulsboro crude supply agreement also included an obligation to purchase a fixed volume of feedstocks from Statoil on the later of maturity or when the arrangement is terminated based on a forward market price of West Texas Intermediate crude oil. As a result of the purchase obligations, the Company recorded the inventory of crude oil and feedstocks in the refineries’ storage facilities. The Company determined the purchase obligations were contracts that contain derivatives that changed in value based on changes in commodity prices. Such changes in the fair value of these derivatives were included in cost of sales. Prior to July 31, 2014, the Company’s Toledo refinery acquired substantially all of its crude oil from MSCG under a crude oil acquisition agreement (the “Toledo Crude Oil Acquisition Agreement”). Under the Toledo Crude Oil Acquisition Agreement, the Company took title to crude oil at various pipeline locations for delivery to the refinery or sale to third parties. The Company recorded the crude oil inventory when it received title. Payment for the crude oil was due to MSCG under the Toledo Crude Oil Acquisition Agreement three days after the crude oil was delivered to the Toledo refinery processing units or upon sale to a third party. The Company terminated the Toledo Crude Oil Acquisition Agreement effective July 31, 2014 and began to source its crude oil needs independently. |
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Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment additions are recorded at cost. The Company capitalizes costs associated with the preliminary, pre-acquisition and development/construction stages of a major construction project. The Company capitalizes the interest cost associated with major construction projects based on the effective interest rate of total borrowings. The Company also capitalizes costs incurred in the acquisition and development of software for internal use, including the costs of software, materials, consultants and payroll-related costs for employees incurred in the application development stage. Depreciation is computed using the straight-line method over the following estimated useful lives:
Maintenance and repairs are charged to operating expenses as they are incurred. Improvements and betterments, which extend the lives of the assets, are capitalized. |
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Deferred Charges and Other Assets, Net | Deferred Charges and Other Assets, Net Deferred charges and other assets include refinery turnaround costs, catalyst, precious metals catalyst, linefill, deferred financing costs and intangible assets. Refinery turnaround costs, which are incurred in connection with planned major maintenance activities, are capitalized when incurred and amortized on a straight-line basis over the period of time estimated to lapse until the next turnaround occurs (generally 3 to 5 years). Precious metals catalyst and linefill are considered indefinite-lived assets as they are not expected to deteriorate in their prescribed functions. Such assets are assessed for impairment in connection with the Company’s review of its long-lived assets as indicators of impairment develop. Deferred financing costs are capitalized when incurred and amortized over the life of the loan (generally 1 to 8 years). Intangible assets with finite lives primarily consist of catalyst, emission credits and permits and are amortized over their estimated useful lives (generally 1 to 10 years). |
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Long-Lived Assets and Definite-Lived Intangibles | Long-Lived Assets and Definite-Lived Intangibles The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate the carrying value may not be recoverable. Impairment is evaluated by comparing the carrying value of the long-lived assets to the estimated undiscounted future cash flows expected to result from use of the assets and their ultimate disposition. If such analysis indicates that the carrying value of the long-lived assets is not considered to be recoverable, the carrying value is reduced to the fair value. Impairment assessments inherently involve judgment as to assumptions about expected future cash flows and the impact of market conditions on those assumptions. Although management would utilize assumptions that it believes are reasonable, future events and changing market conditions may impact management’s assumptions, which could produce different results. |
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Asset Retirement Obligations | Asset Retirement Obligations The Company records an asset retirement obligation at fair value for the estimated cost to retire a tangible long-lived asset at the time the Company incurs that liability, which is generally when the asset is purchased, constructed, or leased. The Company records the liability when it has a legal or contractual obligation to incur costs to retire the asset and when a reasonable estimate of the fair value of the liability can be made. If a reasonable estimate cannot be made at the time the liability is incurred, the Company will record the liability when sufficient information is available to estimate the liability’s fair value. Certain of the Company’s asset retirement obligations are based on its legal obligation to perform remedial activity at its refinery sites when it permanently ceases operations of the long-lived assets. The Company therefore considers the settlement date of these obligations to be indeterminable. Accordingly, the Company cannot calculate an associated asset retirement liability for these obligations at this time. The Company will measure and recognize the fair value of these asset retirement obligations when the settlement date is determinable. |
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Environmental Matters | Environmental Matters Liabilities for future remediation costs are recorded when environmental assessments and/or remedial efforts are probable and the costs can be reasonably estimated. Other than for assessments, the timing and magnitude of these accruals generally are based on the completion of investigations or other studies or a commitment to a formal plan of action. Environmental liabilities are based on best estimates of probable future costs using currently available technology and applying current regulations, as well as the Company’s own internal environmental policies. The measurement of environmental remediation liabilities may be discounted to reflect the time value of money if the aggregate amount and timing of cash payments of the liabilities are fixed or reliably determinable. The actual settlement of the Company’s liability for environmental matters could materially differ from its estimates due to a number of uncertainties such as the extent of contamination, changes in environmental laws and regulations, potential improvements in remediation technologies and the participation of other responsible parties. |
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Stock-Based Compensation | Stock-Based Compensation Stock-based compensation includes the accounting effect of options to purchase PBF Energy Class A common stock granted by PBF Energy to certain PBF Holding employees, Series A warrants issued or granted by PBF LLC to employees in connection with their acquisition of PBF LLC Series A units, options to acquire Series A units of PBF LLC granted by PBF LLC to certain employees, Series B units of PBF LLC that were granted to certain members of management and restricted PBF LLC Series A Units and restricted PBF Energy Class A common stock granted to certain directors and officers. The estimated fair value of the options to purchase PBF Energy Class A common stock and the PBF LLC Series A warrants and options, is based on the Black-Scholes option pricing model and the fair value of the PBF LLC Series B units is estimated based on a Monte Carlo simulation model. The estimated fair value is amortized as stock-based compensation expense on a straight-line method over the vesting period and included in general and administration expense. |
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Income Taxes | Income Taxes As PBF Holding is a limited liability company treated as a “flow-through” entity for income tax purposes, there is no benefit or provision for federal or state income tax in the accompanying financial statements apart from the income taxes attributable to two subsidiaries acquired in connection with the acquisition of Chalmette Refining that are treated as C-corporations for tax purposes. The Federal and state tax returns for all years since 2012 are subject to examination by the respective tax authorities. |
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Pension and Other Post-Retirement Benefits | Pension and Other Post-Retirement Benefits The Company recognizes an asset for the overfunded status or a liability for the underfunded status of its pension and post-retirement benefit plans. The funded status is recorded within other long-term liabilities or assets. Changes in the plans’ funded status are recognized in other comprehensive income in the period the change occurs. |
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Fair Value Measurement | Fair Value Measurement A fair value hierarchy (Level 1, Level 2, or Level 3) is used to categorize fair value amounts based on the quality of inputs used to measure fair value. Accordingly, fair values derived from Level 1 inputs utilize quoted prices in active markets for identical assets or liabilities. Fair values derived from Level 2 inputs are based on quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are either directly or indirectly observable for the asset or liability. Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. The Company uses appropriate valuation techniques based on the available inputs to measure the fair values of its applicable assets and liabilities. When available, the Company measures fair value using Level 1 inputs because they generally provide the most reliable evidence of fair value. In some valuations, the inputs may fall into different levels in the hierarchy. In these cases, the asset or liability level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurements. |
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Financial Instruments | Financial Instruments The estimated fair value of financial instruments has been determined based on the Company’s assessment of available market information and appropriate valuation methodologies. The Company’s non-derivative financial instruments that are included in current assets and current liabilities are recorded at cost in the consolidated balance sheets. The estimated fair value of these financial instruments approximates their carrying value due to their short-term nature. Derivative instruments are recorded at fair value in the consolidated balance sheets. The Company’s commodity contracts are measured and recorded at fair value using Level 1 inputs based on quoted prices in an active market, Level 2 inputs based on quoted market prices for similar instruments, or Level 3 inputs based on third party sources and other available market based data. The Company’s catalyst lease obligation and derivatives related to the Company’s crude oil and feedstocks and refined product purchase obligations are measured and recorded at fair value using Level 2 inputs on a recurring basis, based on observable market prices for similar instruments. |
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Derivative Instruments | Derivative Instruments The Company is exposed to market risk, primarily related to changes in commodity prices for the crude oil and feedstocks used in the refining process as well as the prices of the refined products sold. The accounting treatment for commodity contracts depends on the intended use of the particular contract and on whether or not the contract meets the definition of a derivative. All derivative instruments, not designated as normal purchases or sales, are recorded in the balance sheet as either assets or liabilities measured at their fair values. Changes in the fair value of derivative instruments that either are not designated or do not qualify for hedge accounting treatment or normal purchase or normal sale accounting are recognized currently in earnings. Contracts qualifying for the normal purchase and sales exemption are accounted for upon settlement. Cash flows related to derivative instruments that are not designated or do not qualify for hedge accounting treatment are included in operating activities. The Company designates certain derivative instruments as fair value hedges of a particular risk associated with a recognized asset or liability. At the inception of the hedge designation, the Company documents the relationship between the hedging instrument and the hedged item, as well as its risk management objective and strategy for undertaking various hedge transactions. Derivative gains and losses related to these fair value hedges, including hedge ineffectiveness, are recorded in cost of sales along with the change in fair value of the hedged asset or liability attributable to the hedged risk. Cash flows related to derivative instruments that are designated as fair value hedges are included in operating activities. Economic hedges are hedges not designated as fair value or cash flow hedges for accounting purposes that are used to (i) manage price volatility in certain refinery feedstock and refined product inventories, and (ii) manage price volatility in certain forecasted refinery feedstock purchases and refined product sales. These instruments are recorded at fair value and changes in the fair value of the derivative instruments are recognized currently in cost of sales. Derivative accounting is complex and requires management judgment in the following respects: identification of derivatives and embedded derivatives, determination of the fair value of derivatives, documentation of hedge relationships, assessment and measurement of hedge ineffectiveness and election and designation of the normal purchases and sales exception. All of these judgments, depending upon their timing and effect, can have a significant impact on the Company’s earnings. |
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Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In February 2015, the FASB issued ASU No. 2015-02, “Consolidations (Topic 810): Amendments to the Consolidation Analysis” (“ASU 2015-02”), which amends current consolidation guidance including changes to both the variable and voting interest models used by companies to evaluate whether an entity should be consolidated. The requirements from ASU 2015-02 are effective for interim and annual periods beginning after December 15, 2015, and early adoption is permitted. The Company is currently evaluating the impact of this new standard on its consolidated financial statements and related disclosures. In April 2015, the FASB issued ASU No. 2015-03, “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs” (“ASU 2015-03”), which requires debt issuance costs related to a recognized debt liability to be presented on the balance sheet as a direct deduction from the debt liability rather than as an asset. The standard is effective for interim and annual periods beginning after December 15, 2015 and early adoption is permitted. The Company early adopted the new standard in its consolidated financial statements and related disclosures, which resulted in a reclassification of $32,217 and $30,128 of deferred financing costs from other assets to long-term debt as of December 31, 2015 and December 31, 2014, respectively. In August 2015, the FASB issued ASU No. 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date” (“ASU 2015-14”), which defers the effective date of ASU 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”) for all entities by one year. The guidance in ASU 2014-09 will replace most existing revenue recognition guidance in GAAP when it becomes effective. Under ASU 2015-14, this guidance becomes effective for interim and annual periods beginning after December 15, 2017 and permits the use of either the retrospective or cumulative effect transition method. Under ASU 2015-14, early adoption is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The Company continues to evaluate the impact of this new standard on its consolidated financial statements and related disclosures. In September 2015, the FASB issued ASU No. 2015-16, “Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments” (“ASU 2015-16”), which requires (i) that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined, (ii) that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date, (iii)that an entity present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. Under ASU 2015-16, this guidance becomes effective for annual periods beginning after December 15, 2016 and interim periods within annual periods beginning after December 15, 2017 with prospective application with early adoption permitted. The Company is currently evaluating the impact of this new standard on its consolidated financial statements and related disclosures and expects to early adopt this guidance for periods beginning after December 31, 2015. In November 2015, the FASB issued ASU 2015-17 (Topic 740), “Balance Sheet Classification of Deferred Taxes” (“ASU 2015-17”) which is intended to simplify the presentation of deferred taxes in a classified balance sheet. This guidance states that deferred tax assets and deferred tax liabilities should be presented as noncurrent in a classified statement of financial position. Under ASU 2015-17, this guidance becomes effective for annual periods beginning after December 15, 2016 and interim periods within those annual periods with early adoption permitted as of the beginning of an annual or interim period after issuance of the ASU. The Company is currently evaluating the impact of this new standard on its consolidated financial statements and related disclosures and expects to early adopt this guidance for periods beginning after December 31, 2015. In January 2016, the FASB issued ASU No. 2016-01, “Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities” (“ASU 2016-01”), which amends how entities measure equity investments that do not result in consolidation and are not accounted for under the equity method and how they present changes in the fair value of financial liabilities measured under the fair value option that are attributable to their own credit. ASU 2016-01 also changes certain disclosure requirements and other aspects of current GAAP but does not change the guidance for classifying and measuring investments in debt securities and loans. Under ASU 2016-01, this guidance becomes effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted in certain circumstances. The Company is currently evaluating the impact of this new standard on its consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02”), to increase the transparency and comparability about leases among entities. The new guidance 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. ASU 2016-02 is effective for interim and annual periods beginning after December 15, 2018, and requires a modified retrospective approach to adoption. Early adoption is permitted. The Company is currently evaluating the impact of this new standard on its consolidated financial statements and related disclosures. |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) |
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Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Useful lives of property, plant and equipment | Depreciation is computed using the straight-line method over the following estimated useful lives:
Property, plant and equipment consisted of the following:
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ACQUISITIONS (Tables) |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The total purchase consideration and the estimated fair values of the assets and liabilities at the acquisition date were as follows:
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Business Acquisition, Pro Forma Information | The unaudited pro forma financial information includes the depreciation and amortization expense related to the acquisition and interest expense associated with the Chalmette acquisition financing.
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INVENTORIES (Tables) |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventory | Inventories consisted of the following:
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PROPERTY, PLANT AND EQUIPMENT, NET (Tables) |
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Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of property, plant and equipment | Depreciation is computed using the straight-line method over the following estimated useful lives:
Property, plant and equipment consisted of the following:
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DEFERRED CHARGES AND OTHER ASSETS, NET (Tables) |
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Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of deferred charges and other assets, net | Deferred charges and other assets, net consisted of the following:
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Intangible assets, net | Intangible assets, net was comprised of permits and emission credits as follows:
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ACCRUED EXPENSES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of accrued expenses | Accrued expenses consisted of the following:
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CREDIT FACILITY AND LONG-TERM DEBT (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of long-term debt outstanding | Long-term debt outstanding consisted of the following:
Details on the catalyst leases at each of our refineries as of December 31, 2015 are included in the following table:
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Schedule of debt maturing in the next five years and thereafter | Debt maturing in the next five years and thereafter is as follows:
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OTHER LONG-TERM LIABILITIES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of other long-term liabilities | Other long-term liabilities consisted of the following:
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COMMITMENTS AND CONTINGENCIES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||
Future minimum rental payments for operating leases | The fixed and determinable amounts of the obligations under these agreements and total minimum future annual rentals, exclusive of related costs, are approximately:
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STOCK-BASED COMPENSATION (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of stock-based compensation expense | Stock-based compensation expense included in general and administrative expenses consisted of the following:
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Summary of Share-based compensation activity | The following table summarizes activity for PBF LLC Series A compensatory warrants and options for the years ended December 31, 2015, 2014 and 2013:
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Summary of activity for PBF LLC Series B Units | The following table summarizes activity for PBF LLC Series B Units for the year ended December 31, 2013:
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Weighted average assumptions | The estimated fair value of PBF Energy options granted during the years ended December 31, 2015, 2014 and 2013 was determined using the Black-Scholes pricing model with the following weighted average assumptions:
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EMPLOYEE BENEFIT PLANS (Tables) |
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of changes in benefit obligations, fair value of plan assets, and funded status of plan | The changes in the benefit obligation, the changes in fair value of plan assets, and the funded status of the Company’s Pension and Post-Retirement Medical Plans as of and for the years ended December 31, 2015 and 2014 were as follows:
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Schedule of expected benefit payments | Benefit payments, which reflect expected future services, that the Company expects to pay are as follows for the years ended December 31:
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Schedule of net periodic benefit cost | The components of net periodic benefit cost were as follows for the years ended December 31, 2015, 2014 and 2013:
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Schedule of pre-tax amounts recognized in other comprehensive income (loss) | The pre-tax amounts recognized in other comprehensive income (loss) for the years ended December 31, 2015, 2014 and 2013 were as follows:
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Schedule of pre-tax amounts in accumulated other comprehensive loss not yet recognized as components of net periodic costs | The pre-tax amounts in accumulated other comprehensive loss as of December 31, 2015 and 2014 that have not yet been recognized as components of net periodic costs were as follows:
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Schedule of pre-tax amounts in accumulated other comprehensive loss to be recognized over next fiscal year | The following pre-tax amounts included in accumulated other comprehensive loss as of December 31, 2015 are expected to be recognized as components of net period benefit cost during the year ended December 31, 2016:
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Schedule of assumptions used | The weighted average assumptions used to determine the net periodic benefit costs for the years ended December 31, 2015, 2014 and 2013 were as follows:
The weighted average assumptions used to determine the benefit obligations as of December 31, 2015 and 2014 were as follows:
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Schedule of assumed health care cost trend rates | The assumed health care cost trend rates as of December 31, 2015 and 2014 were as follows:
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Schedule of effect of one-percentage-point change in assumed health care cost trend rates | Assumed health care costs trend rates have a significant effect on the amounts reported for retiree health care plans. A one percentage-point change in assumed health care costs trend rates would have the following effects on the medical post-retirement benefits:
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Schedule of fair value of assets of the Company's Qualified Plan | The tables below present the fair values of the assets of the Company’s Qualified Plan as of December 31, 2015 and 2014 by level of fair value hierarchy. Assets categorized in Level 1 of the hierarchy are measured at fair value using a market approach based on published net asset values of mutual funds. As noted above, the Company’s post retirement medical plan is funded on a pay-as-you-go basis and has no assets.
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REVENUES (Tables) |
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Oil and Gas Revenue [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues from external customers for each product or group of similar products | The following table provides information relating to the Company’s revenues from external customers for each product or group of similar products for the periods:
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FAIR VALUE MEASUREMENTS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 December 31, 2015 and 2014. We have 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. We have 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. We have no derivative contracts that are subject to master netting arrangements that are reflected gross on the balance sheet.
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Schedule of Effect of Significant Unobservable Inputs | The table below summarizes the changes in fair value measurements of commodity contracts categorized in Level 3 of the fair value hierarchy:
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Schedule of Fair value of Debt | The table below summarizes the fair value and carrying value as of December 31, 2015 and 2014.
(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 Senior Secured 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. |
DERIVATIVES (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 December 31, 2015 and December 31, 2014 and the line items in the consolidated balance sheet in which the fair values are reflected.
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Schedule of Derivative Instruments, Gain (Loss) Recognized in Income | The following tables provide information about the gains or losses recognized in income on these derivative instruments and the line items in the consolidated financial statements in which such gains and losses are reflected.
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CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Condensed Financial Information of Subsidiary Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet |
22. CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONSOLIDATING BALANCE SHEET
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Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) |
22. CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
22. CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
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Condensed Consolidating Statement of Cash Flow |
22. CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONSOLIDATING STATEMENT OF CASH FLOW (Continued)
22. CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONSOLIDATING STATEMENT OF CASH FLOW
22. CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONSOLIDATING STATEMENT OF CASH FLOW
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Concentration of Credit Risk) (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Concentration Risk [Line Items] | |||
Allowance for Doubtful Accounts Receivable | $ 0 | $ 0 | |
Customer Concentration Risk [Member] | Revenues [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 0.00% | 0.00% | |
Customer Concentration Risk [Member] | Accounts Receivables [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 0.00% | ||
Customer Concentration Risk [Member] | ExxonMobil Oil Corporation [Member] | Accounts Receivables [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 18.00% | ||
Customer Concentration Risk [Member] | MSCG [Member] | Revenues [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 29.00% | ||
Customer Concentration Risk [Member] | Sunoco, Inc. [Member] | Revenues [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 10.00% |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Deferred Charges and Other Assets, Net) (Details) |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Refinery turnaround amortization period | 3 years |
Intangible assets estimated useful lives | 1 year |
Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Refinery turnaround amortization period | 5 years |
Intangible assets estimated useful lives | 10 years |
Revolving Credit Facility And Senior Secured Notes [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization over life of loan | 1 year |
Revolving Credit Facility And Senior Secured Notes [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization over life of loan | 8 years |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Recently Issued Accounting Pronouncements (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Deferred financing costs, net | $ 32,217 | $ 30,128 |
New Accounting Pronouncement, Early Adoption, Effect [Member] | Other Assets [Member] | ||
Deferred financing costs, net | $ (32,217) | $ (30,128) |
ACQUISITIONS (Purchase Price) (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Nov. 01, 2015 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
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Business Combinations [Abstract] | ||||
Net cash | $ 565,083 | $ 565,304 | $ 0 | $ 0 |
Preliminary estimate of payable to Seller for working capital adjustments | 19,263 | |||
Cash acquired | (19,042) | |||
Total estimated consideration | $ 565,304 |
ACQUISITIONS (Assets and Liabilities Acquired) (Details) - Chalmette Refining L.L.C. [Member] $ in Thousands |
Nov. 01, 2015
USD ($)
|
---|---|
Business Acquisition [Line Items] | |
Accounts receivable | $ 1,126 |
Inventories | 268,751 |
Prepaid expenses and other current assets | 913 |
Property, plant and equipment | 356,961 |
Deferred charges and other assets | 8,312 |
Accounts payable | (4,870) |
Accrued expenses | (28,347) |
Deferred tax liability | (20,577) |
Noncontrolling interest | (16,965) |
Estimated fair value of net assets acquired | $ 565,304 |
ACQUISITIONS (Pro Forma Information) (Details) - Chalmette Refining L.L.C. [Member] - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Business Acquisition [Line Items] | ||
Revenues | $ 16,811,922 | $ 26,685,661 |
Net income attributable to PBF Holdings LLC | $ 397,108 | $ 47,030 |
DEFERRED CHARGES AND OTHER ASSETS, NET (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Deferred turnaround costs, net | $ 177,236 | $ 204,987 | |
Catalyst | 77,725 | 77,322 | |
Linefill | 13,504 | 10,230 | |
Restricted cash | 1,500 | 1,521 | |
Intangible assets, net | 219 | 357 | |
Other | 20,529 | 5,972 | |
Deferred charges and other assets | 290,713 | 300,389 | |
Amortization expense | 102,636 | 65,452 | $ 32,066 |
Intangible Assets, Net [Abstract] | |||
Gross amount | 3,597 | 3,599 | |
Accumulated amortization | (3,378) | (3,242) | |
Net amount | $ 219 | $ 357 |
ACCRUED EXPENSES (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Accrued Expenses: | ||
Inventory-related accruals | $ 548,800 | $ 588,297 |
Inventory supply and intermediation arrangements | 252,380 | 253,549 |
Accrued transportation costs | 91,546 | 59,959 |
Accrued salaries and benefits | 61,011 | 55,993 |
Excise and sales tax payable | 34,129 | 40,444 |
Accrued construction in progress | 7,400 | 31,452 |
Customer deposits | 20,395 | 24,659 |
Accrued interest | 22,313 | 22,946 |
Accrued utilities | 25,192 | 22,337 |
Renewable energy credit obligations | 19,472 | 286 |
Other | 34,797 | 30,048 |
Accrued expenses | $ 1,117,435 | $ 1,129,970 |
CREDIT FACILITY AND LONG-TERM DEBT (Debt Maturities) (Details) $ in Thousands |
Dec. 31, 2015
USD ($)
|
---|---|
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2016 | $ 17,252 |
2017 | 77,164 |
2018 | 4,877 |
2019 | 0 |
2020 | 669,644 |
Thereafter | 500,000 |
Long-term Debt | $ 1,268,937 |
INTERCOMPANY NOTE PAYABLE (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Debt Instrument [Line Items] | ||
Intercompany notes payable | $ 470,047 | $ 122,264 |
PBF Holding [Member] | Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Debt fixed interest rate | 2.50% | |
Debt instrument term | 5 years |
OTHER LONG-TERM LIABILITIES (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Other Long-Term Liabilities [Abstract] | ||
Other long-term liabilities | $ 69,824 | $ 62,752 |
PBF Holding [Member] | ||
Other Long-Term Liabilities [Abstract] | ||
Defined benefit pension plan liabilities | 42,509 | 40,142 |
Post retiree medical plan | 17,729 | 14,740 |
Environmental liabilities | 8,189 | 7,870 |
Other | 1,397 | 0 |
Other long-term liabilities | $ 69,824 | $ 62,752 |
COMMITMENTS AND CONTINGENCIES (Future Minimum Rental Payments) (Details) $ in Thousands |
Dec. 31, 2015
USD ($)
|
---|---|
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2016 | $ 138,890 |
2017 | 131,057 |
2018 | 122,286 |
2019 | 95,397 |
2020 | 94,666 |
Thereafter | 237,435 |
Total future obligation payments due | $ 819,731 |
STOCK-BASED COMPENSATION (Weighted Average Assumptions) (Details) - PBF Energy Inc. [Member] - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected life (in years) | 6 years 3 months | 6 years 3 months | 6 years 3 months |
Expected volatility | 38.40% | 52.00% | 52.10% |
Dividend yield | 3.96% | 4.82% | 4.43% |
Risk-free rate of return | 1.58% | 1.80% | 1.53% |
Exercise price | $ 30.28 | $ 24.78 | $ 27.79 |
STOCK-BASED COMPENSATION (Summary of Unit Activity) (Details) - PBF LLC [Member] - Series B Units [Member] |
12 Months Ended |
---|---|
Dec. 31, 2013
$ / shares
shares
| |
Non-Vested Units | |
Units, beginning balance | 250,000 |
Allocated | 0 |
Vested | (250,000) |
Forfeited | 0 |
Units, ending balance | 0 |
Weighted Average Grant Date Fair Value | |
Weighted average grant date fair value, beginning balance | $ / shares | $ 5.11 |
Vested | $ / shares | 5.11 |
Forfeited | $ / shares | 0.00 |
Weighted average grant date fair value, ending balance | $ / shares | $ 0.00 |
EMPLOYEE BENEFIT PLANS (Expected Benefit Payments) (Details) $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2015
USD ($)
| |
Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | $ 16,700 |
2016 | 11,125 |
2017 | 8,271 |
2018 | 9,403 |
2019 | 10,694 |
2020 | 13,429 |
Year 2021 - 2024 | 88,044 |
Post Retirement Medical Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2016 | 843 |
2017 | 1,141 |
2018 | 1,296 |
2019 | 1,580 |
2020 | 1,788 |
Year 2021 - 2024 | $ 8,835 |
EMPLOYEE BENEFIT PLANS (Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | $ 16,700 | ||
Service cost | 24,298 | $ 19,407 | $ 14,794 |
Interest cost | 2,974 | 2,404 | 992 |
Expected return on plan assets | (3,422) | (2,156) | (550) |
Amortization of prior service costs | 53 | 39 | 11 |
Amortization of loss | 1,228 | 1,033 | 421 |
Net periodic benefit cost | 25,131 | 20,727 | 15,668 |
Post Retirement Medical Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 967 | 1,099 | 726 |
Interest cost | 558 | 520 | 334 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service costs | 326 | 258 | 0 |
Amortization of loss | 0 | (4) | 0 |
Net periodic benefit cost | $ 1,851 | $ 1,873 | $ 1,060 |
EMPLOYEE BENEFIT PLANS (Pre-tax Amounts Recognized in Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prior service costs (credits) | $ 0 | $ 529 | $ 0 |
Net actuarial loss (gain) | (2,220) | 8,151 | 8,235 |
Amortization of loss | (1,281) | (1,072) | (432) |
Total changes in other comprehensive loss (income) | (3,501) | 7,608 | 7,803 |
Post Retirement Medical Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prior service costs (credits) | 1,533 | 3,911 | (860) |
Net actuarial loss (gain) | 312 | 1,201 | (1,654) |
Amortization of loss | (326) | (255) | 0 |
Total changes in other comprehensive loss (income) | $ 1,519 | $ 4,857 | $ (2,514) |
EMPLOYEE BENEFIT PLANS (Pre-tax Amounts in AOCI Not Yet Recognized as Components of Net Periodic Costs) (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prior service (costs) credits | $ (529) | $ (582) |
Net actuarial (loss) gain | (19,841) | (23,762) |
Total | (20,370) | (24,344) |
Post Retirement Medical Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prior service (costs) credits | (3,999) | (2,793) |
Net actuarial (loss) gain | (391) | (78) |
Total | $ (4,390) | $ (2,871) |
EMPLOYEE BENEFIT PLANS (Pre-tax Amounts in AOCI to be Recognized Over Next Fiscal Year) (Details) $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2015
USD ($)
| |
Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Amortization of prior service costs (credits) | $ (53) |
Amortization of net actuarial loss (gain) | (775) |
Total | (828) |
Post Retirement Medical Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Amortization of prior service costs (credits) | (436) |
Amortization of net actuarial loss (gain) | 0 |
Total | $ (436) |
EMPLOYEE BENEFIT PLANS (Assumed Health Care Cost Trend Rates) (Details) - Post Retirement Medical Plan [Member] |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Defined Benefit Plan Disclosure [Line Items] | ||
Health care cost trend rate assumed for next year | 6.10% | 6.70% |
Rate to which the cost trend rate was assumed to decline (the ultimate trend rate) | 4.50% | 4.50% |
Year that the rate reached the ultimate trend rate | 2038 | 2027 |
EMPLOYEE BENEFIT PLANS (Effect of One-percentage-point Change in Assumed Health Care Cost Trend Rates) (Details) - Post Retirement Medical Plan [Member] $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2015
USD ($)
| |
Defined Benefit Plan Disclosure [Line Items] | |
Effect on total of service and interest cost components, 1% increase | $ 21 |
Effect on total of service and interest cost components, 1% decrease | (20) |
Effect on accumulated postretirement benefit obligation, 1% increase | 413 |
Effect on accumulated postretirement benefit obligation, 1% decrease | $ (388) |
REVENUES (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Product Information [Line Items] | |||
Revenues | $ 13,123,929 | $ 19,828,155 | $ 19,151,455 |
Gasoline and Distillates [Member] | |||
Product Information [Line Items] | |||
Revenues | 11,553,716 | 17,050,096 | 16,973,239 |
Chemicals [Member] | |||
Product Information [Line Items] | |||
Revenues | 452,304 | 739,096 | 746,396 |
Asphalt and blackoils [Member] | |||
Product Information [Line Items] | |||
Revenues | 536,496 | 706,494 | 690,305 |
Lubricants [Member] | |||
Product Information [Line Items] | |||
Revenues | 266,371 | 410,466 | 468,315 |
Other [Member] | |||
Product Information [Line Items] | |||
Revenues | $ 315,042 | $ 922,003 | $ 273,200 |
FAIR VALUE MEASUREMENTS (Change in Fair Value at Level 3) (Details) - USD ($) |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Transfers into Level 3 | $ 0 | $ 0 |
Commodity Contract [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period | 1,521,000 | (23,365,000) |
Purchases | 0 | 0 |
Settlements | (15,222,000) | (22,055,000) |
Unrealized loss included in earnings | 17,244,000 | 46,941,000 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Balance at end of period | $ 3,543,000 | $ 1,521,000 |
DERIVATIVES (Narrative) (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015
USD ($)
bbl
|
Dec. 31, 2014
USD ($)
bbl
|
Dec. 31, 2013
USD ($)
|
|
Derivative [Line Items] | |||
Gain (loss) on fair value hedge ineffectiveness | $ | $ 0 | $ 0 | $ (7,264,000) |
Crude Oil and Feedstock Inventory [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, notional amount, volume | 0 | 0 | |
Crude Oil and Feedstock Inventory [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, notional amount, volume | 0 | 662,579 | |
Intermediates and Refined Products Inventory [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, notional amount, volume | 0 | 0 | |
Intermediates and Refined Products Inventory [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, notional amount, volume | 3,776,011 | 3,106,325 | |
Crude Oil Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, notional amount, volume | 39,577,000 | 47,339,000 | |
Refined Product Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, notional amount, volume | 4,599,136 | 1,970,871 |
DERIVATIVES (Fair Value of Derivative Instruments) (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Designated as Hedging Instrument [Member] | Inventory Supply Arrangement Obligation [Member] | Accrued Expenses [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value Asset/(Liability) | $ 0 | $ 4,251 |
Designated as Hedging Instrument [Member] | Inventory Intermediation Agreement Obligation [Member] | Accrued Expenses [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value Asset/(Liability) | 35,511 | 94,834 |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Accrued Expenses [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value Asset/(Liability) | $ 31,155 | |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Accounts Receivable [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value Asset/(Liability) | $ 46,127 |
DERIVATIVES (Gain (Loss) Recognized in Income) (Details) - Cost of Sales [Member] - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Designated as Hedging Instrument [Member] | Inventory Supply Arrangement Obligation [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain or (Loss) Recognized in Income on Derivatives | $ (4,251) | $ 4,428 | $ (5,773) |
Designated as Hedging Instrument [Member] | Inventory Intermediation Agreement Obligation [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain or (Loss) Recognized in Income on Derivatives | (59,323) | 88,818 | 6,016 |
Designated as Hedging Instrument [Member] | Crude Oil and Feedstock Inventory [Member] | Fair Value Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain or (Loss) Recognized in Income on Derivatives | 4,251 | (4,428) | (1,491) |
Designated as Hedging Instrument [Member] | Intermediates and Refined Products Inventory [Member] | Fair Value Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain or (Loss) Recognized in Income on Derivatives | 59,323 | (88,818) | (6,016) |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain or (Loss) Recognized in Income on Derivatives | $ 32,416 | $ 146,016 | $ (88,962) |
SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Feb. 11, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Subsequent Event [Line Items] | ||||
Payments of Capital Distribution | $ 350,658 | $ 361,352 | $ 215,846 | |
Subsequent Event [Member] | PBF Energy Inc. [Member] | ||||
Subsequent Event [Line Items] | ||||
Payments of Capital Distribution | $ 30,829 | |||
Subsequent Event [Member] | PBF Energy Inc. [Member] | Class A Common Stock [Member] | ||||
Subsequent Event [Line Items] | ||||
Dividends declared per share | $ 0.30 |
CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS (Narrative) (Details) |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
PBF Services Company [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Percentage of ownership in subsidiaries | 100.00% |
Delaware City Refining Company LLC [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Percentage of ownership in subsidiaries | 100.00% |
Delaware Pipeline Company LLC [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Percentage of ownership in subsidiaries | 100.00% |
PBF Power Marketing LLC [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Percentage of ownership in subsidiaries | 100.00% |
Paulsboro Refining Company LLC [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Percentage of ownership in subsidiaries | 100.00% |
Paulsboro Natural Gas Pipeline Company LLC [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Percentage of ownership in subsidiaries | 100.00% |
Toledo Refining Company LLC [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Percentage of ownership in subsidiaries | 100.00% |
PBF Investments LLC [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Percentage of ownership in subsidiaries | 100.00% |
CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS (Balance Sheet) (Details) - USD ($) |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
Jun. 30, 2010 |
---|---|---|---|---|---|
Current assets: | |||||
Cash and cash equivalents | $ 914,749,000 | $ 218,403,000 | $ 76,970,000 | $ 254,291,000 | |
Accounts receivable | 454,759,000 | 551,269,000 | |||
Accounts receivable - affiliate | 3,438,000 | 3,223,000 | |||
Inventories | 1,174,272,000 | 1,102,261,000 | |||
Prepaid expense and other current assets | 33,701,000 | 32,157,000 | |||
Due from related party | 0 | 0 | |||
Total current assets | 2,580,919,000 | 1,907,313,000 | |||
Property, plant and equipment, net | 2,211,090,000 | 1,806,060,000 | |||
Investment in subsidiaries | 0 | 0 | |||
Deferred charges and other assets, net | 290,713,000 | 300,389,000 | |||
Due from Related Parties, Noncurrent | 0 | ||||
Total assets | 5,082,722,000 | 4,013,762,000 | |||
Current liabilities: | |||||
Accounts payable | 314,843,000 | 335,182,000 | |||
Accounts payable | 23,949,000 | 11,630,000 | |||
Accrued expenses | 1,117,435,000 | 1,129,970,000 | |||
Current portion of long-term debt | 0 | 0 | |||
Deferred revenue | 4,043,000 | 1,227,000 | |||
Due to related parties | 0 | 0 | |||
Total current liabilities | 1,460,270,000 | 1,478,009,000 | |||
Delaware Economic Development Authority loan | 4,000,000 | 8,000,000 | $ 20,000,000 | ||
Long-term debt | 1,236,720,000 | 712,221,000 | |||
Intercompany notes payable | 470,047,000 | 122,264,000 | |||
Deferred tax liabilities | 20,577,000 | 0 | |||
Other long-term liabilities | 69,824,000 | 62,752,000 | |||
Due to Related Parties, Noncurrent | 0 | ||||
Total liabilities | $ 3,261,438,000 | $ 2,383,246,000 | |||
Commitments and contingencies | |||||
Equity: | |||||
Member's equity | $ 1,479,175,000 | $ 1,144,100,000 | |||
Retained earnings | 349,654,000 | 513,292,000 | |||
Accumulated other comprehensive loss | (24,770,000) | (26,876,000) | |||
Total PBF Holding Company LLC equity | 1,804,059,000 | 1,630,516,000 | |||
Noncontrolling interest | 17,225,000 | 0 | |||
Total equity | 1,821,284,000 | 1,630,516,000 | 1,772,153,000 | 1,751,654,000 | |
Total liabilities and equity | 5,082,722,000 | 4,013,762,000 | |||
Issuer [Member] | |||||
Current assets: | |||||
Cash and cash equivalents | 882,820,000 | 185,381,000 | 76,179,000 | 241,926,000 | |
Accounts receivable | 430,809,000 | 518,498,000 | |||
Accounts receivable - affiliate | 917,000 | 529,000 | |||
Inventories | 608,646,000 | 510,947,000 | |||
Prepaid expense and other current assets | 24,243,000 | 26,964,000 | |||
Due from related party | 20,236,649,000 | 16,189,384,000 | |||
Total current assets | 22,184,084,000 | 17,431,703,000 | |||
Property, plant and equipment, net | 25,240,000 | 68,218,000 | |||
Investment in subsidiaries | 1,740,111,000 | 2,569,636,000 | |||
Deferred charges and other assets, net | 23,973,000 | 5,899,000 | |||
Due from Related Parties, Noncurrent | 0 | ||||
Total assets | 23,973,408,000 | 20,075,456,000 | |||
Current liabilities: | |||||
Accounts payable | 196,988,000 | 235,791,000 | |||
Accounts payable | 23,949,000 | 11,600,000 | |||
Accrued expenses | 503,179,000 | 487,783,000 | |||
Current portion of long-term debt | 0 | 0 | |||
Deferred revenue | 4,043,000 | 1,227,000 | |||
Due to related parties | 19,787,807,000 | 16,924,490,000 | |||
Total current liabilities | 20,515,966,000 | 17,660,891,000 | |||
Delaware Economic Development Authority loan | 0 | 0 | |||
Long-term debt | 1,137,980,000 | 639,579,000 | |||
Intercompany notes payable | 470,047,000 | 122,264,000 | |||
Deferred tax liabilities | 0 | ||||
Other long-term liabilities | 28,131,000 | 22,206,000 | |||
Due to Related Parties, Noncurrent | 0 | ||||
Total liabilities | $ 22,152,124,000 | $ 18,444,940,000 | |||
Commitments and contingencies | |||||
Equity: | |||||
Member's equity | $ 1,479,175,000 | $ 1,144,100,000 | |||
Retained earnings | 349,654,000 | 513,292,000 | |||
Accumulated other comprehensive loss | (24,770,000) | (26,876,000) | |||
Total PBF Holding Company LLC equity | 1,804,059,000 | ||||
Noncontrolling interest | 17,225,000 | 0 | |||
Total equity | 1,821,284,000 | 1,630,516,000 | |||
Total liabilities and equity | 23,973,408,000 | 20,075,456,000 | |||
Guarantors Subsidiaries [Member] | |||||
Current assets: | |||||
Cash and cash equivalents | 6,236,000 | 704,000 | 791,000 | 12,365,000 | |
Accounts receivable | 11,057,000 | 26,238,000 | |||
Accounts receivable - affiliate | 2,521,000 | 2,694,000 | |||
Inventories | 363,151,000 | 435,924,000 | |||
Prepaid expense and other current assets | 9,074,000 | 5,193,000 | |||
Due from related party | 20,547,503,000 | 18,805,509,000 | |||
Total current assets | 20,939,542,000 | 19,276,262,000 | |||
Property, plant and equipment, net | 1,960,066,000 | 1,683,294,000 | |||
Investment in subsidiaries | 143,349,000 | 0 | |||
Deferred charges and other assets, net | 265,240,000 | 292,990,000 | |||
Due from Related Parties, Noncurrent | 0 | ||||
Total assets | 23,308,197,000 | 21,252,546,000 | |||
Current liabilities: | |||||
Accounts payable | 113,564,000 | 92,984,000 | |||
Accounts payable | 0 | 30,000 | |||
Accrued expenses | 495,842,000 | 450,856,000 | |||
Current portion of long-term debt | 0 | 0 | |||
Deferred revenue | 0 | 0 | |||
Due to related parties | 21,026,310,000 | 18,151,095,000 | |||
Total current liabilities | 21,635,716,000 | 18,694,965,000 | |||
Delaware Economic Development Authority loan | 4,000,000 | 8,000,000 | |||
Long-term debt | 31,717,000 | 36,451,000 | |||
Intercompany notes payable | 0 | 0 | |||
Deferred tax liabilities | 0 | ||||
Other long-term liabilities | 41,693,000 | 40,546,000 | |||
Due to Related Parties, Noncurrent | 20,577,000 | ||||
Total liabilities | $ 21,733,703,000 | $ 18,779,962,000 | |||
Commitments and contingencies | |||||
Equity: | |||||
Member's equity | $ 1,062,717,000 | $ 749,278,000 | |||
Retained earnings | 502,788,000 | 1,731,694,000 | |||
Accumulated other comprehensive loss | (8,236,000) | (8,388,000) | |||
Total PBF Holding Company LLC equity | 1,557,269,000 | ||||
Noncontrolling interest | 17,225,000 | 0 | |||
Total equity | 1,574,494,000 | 2,472,584,000 | |||
Total liabilities and equity | 23,308,197,000 | 21,252,546,000 | |||
Non-Guarantor Subsidiaries [Member] | |||||
Current assets: | |||||
Cash and cash equivalents | 28,968,000 | 34,334,000 | 0 | 0 | |
Accounts receivable | 12,893,000 | 6,533,000 | |||
Accounts receivable - affiliate | 0 | 0 | |||
Inventories | 202,475,000 | 155,390,000 | |||
Prepaid expense and other current assets | 384,000 | 0 | |||
Due from related party | 3,262,382,000 | 1,607,878,000 | |||
Total current assets | 3,507,102,000 | 1,804,135,000 | |||
Property, plant and equipment, net | 225,784,000 | 54,548,000 | |||
Investment in subsidiaries | 0 | 0 | |||
Deferred charges and other assets, net | 1,500,000 | 1,500,000 | |||
Due from Related Parties, Noncurrent | 20,577,000 | ||||
Total assets | 3,754,963,000 | 1,860,183,000 | |||
Current liabilities: | |||||
Accounts payable | 7,566,000 | 8,423,000 | |||
Accounts payable | 0 | 0 | |||
Accrued expenses | 118,414,000 | 191,331,000 | |||
Current portion of long-term debt | 0 | 0 | |||
Deferred revenue | 0 | 0 | |||
Due to related parties | 3,232,417,000 | 1,527,186,000 | |||
Total current liabilities | 3,358,397,000 | 1,726,940,000 | |||
Delaware Economic Development Authority loan | 0 | 0 | |||
Long-term debt | 67,023,000 | 36,191,000 | |||
Intercompany notes payable | 0 | 0 | |||
Deferred tax liabilities | 20,577,000 | ||||
Other long-term liabilities | 0 | 0 | |||
Due to Related Parties, Noncurrent | 0 | ||||
Total liabilities | $ 3,445,997,000 | $ 1,763,131,000 | |||
Commitments and contingencies | |||||
Equity: | |||||
Member's equity | $ 182,696,000 | $ 44,346,000 | |||
Retained earnings | 126,270,000 | 52,706,000 | |||
Accumulated other comprehensive loss | 0 | 0 | |||
Total PBF Holding Company LLC equity | 308,966,000 | ||||
Noncontrolling interest | 0 | 0 | |||
Total equity | 308,966,000 | 97,052,000 | |||
Total liabilities and equity | 3,754,963,000 | 1,860,183,000 | |||
Combining and Consolidated Adjustments [Member] | |||||
Current assets: | |||||
Cash and cash equivalents | (3,275,000) | (2,016,000) | $ 0 | $ 0 | |
Accounts receivable | 0 | 0 | |||
Accounts receivable - affiliate | 0 | 0 | |||
Inventories | 0 | 0 | |||
Prepaid expense and other current assets | 0 | 0 | |||
Due from related party | (44,046,534,000) | (36,602,771,000) | |||
Total current assets | (44,049,809,000) | (36,604,787,000) | |||
Property, plant and equipment, net | 0 | 0 | |||
Investment in subsidiaries | (1,883,460,000) | (2,569,636,000) | |||
Deferred charges and other assets, net | 0 | 0 | |||
Due from Related Parties, Noncurrent | (20,577,000) | ||||
Total assets | (45,953,846,000) | (39,174,423,000) | |||
Current liabilities: | |||||
Accounts payable | (3,275,000) | (2,016,000) | |||
Accounts payable | 0 | 0 | |||
Accrued expenses | 0 | 0 | |||
Current portion of long-term debt | 0 | 0 | |||
Deferred revenue | 0 | 0 | |||
Due to related parties | (44,046,534,000) | (36,602,771,000) | |||
Total current liabilities | (44,049,809,000) | (36,604,787,000) | |||
Delaware Economic Development Authority loan | 0 | 0 | |||
Long-term debt | 0 | 0 | |||
Intercompany notes payable | 0 | 0 | |||
Deferred tax liabilities | 0 | ||||
Other long-term liabilities | 0 | 0 | |||
Due to Related Parties, Noncurrent | (20,577,000) | ||||
Total liabilities | $ (44,070,386,000) | $ (36,604,787,000) | |||
Commitments and contingencies | |||||
Equity: | |||||
Member's equity | $ (1,245,413,000) | $ (793,624,000) | |||
Retained earnings | (629,058,000) | (1,784,400,000) | |||
Accumulated other comprehensive loss | 8,236,000 | 8,388,000 | |||
Total PBF Holding Company LLC equity | (1,866,235,000) | ||||
Noncontrolling interest | (17,225,000) | 0 | |||
Total equity | (1,883,460,000) | (2,569,636,000) | |||
Total liabilities and equity | $ (45,953,846,000) | $ (39,174,423,000) |
CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS (Statement of Operations) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Revenues | $ 13,123,929 | $ 19,828,155 | $ 19,151,455 |
Cost and expenses: | |||
Cost of sales, excluding depreciation | 11,611,599 | 18,514,054 | 17,803,314 |
Operating expenses, excluding depreciation | 889,368 | 880,701 | 812,652 |
General and administrative expenses | 166,904 | 140,150 | 95,794 |
Gain on sale of asset | (1,004) | (895) | (183) |
Depreciation and amortization expense | 191,110 | 178,996 | 111,479 |
Total cost and expenses | 12,857,977 | 19,713,006 | 18,823,056 |
Income from operations | 265,952 | 115,149 | 328,399 |
Other income (expense) | |||
Equity in earnings (loss) of subsidiaries | 0 | 0 | 0 |
Change in fair value of catalyst lease | 10,184 | 3,969 | 4,691 |
Acquisition related costs | 0 | ||
Interest expense, net | (88,194) | (98,001) | (94,214) |
Income before income taxes | 187,942 | 21,117 | 238,876 |
Income tax expense | 648 | 0 | 0 |
Net income | 187,294 | 21,117 | 238,876 |
Less income attributable to noncontrolling interests | 274 | 0 | 0 |
Net income attributable to PBF Holding Company LLC | 187,020 | 21,117 | 238,876 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 189,126 | 8,779 | 233,279 |
Issuer [Member] | |||
Revenues | 13,085,122 | 19,847,045 | 16,190,178 |
Cost and expenses: | |||
Cost of sales, excluding depreciation | 11,514,115 | 18,467,533 | 16,486,851 |
Operating expenses, excluding depreciation | (3,683) | 218 | (482) |
General and administrative expenses | 143,580 | 123,692 | 82,284 |
Gain on sale of asset | (249) | (277) | (388) |
Depreciation and amortization expense | 9,687 | 13,583 | 12,856 |
Total cost and expenses | 11,663,450 | 18,604,749 | 16,581,121 |
Income from operations | 1,421,672 | 1,242,296 | (390,943) |
Other income (expense) | |||
Equity in earnings (loss) of subsidiaries | (1,154,420) | (1,131,321) | 722,673 |
Change in fair value of catalyst lease | 0 | 0 | 0 |
Acquisition related costs | 0 | ||
Interest expense, net | (79,310) | (89,858) | (92,854) |
Income before income taxes | 187,942 | 21,117 | 238,876 |
Income tax expense | 0 | 0 | 0 |
Net income | 187,942 | 21,117 | 238,876 |
Less income attributable to noncontrolling interests | 274 | 0 | 0 |
Net income attributable to PBF Holding Company LLC | 187,668 | 21,117 | 238,876 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 189,774 | 8,779 | 233,279 |
Guarantors Subsidiaries [Member] | |||
Revenues | 884,930 | 1,402,253 | 7,641,498 |
Cost and expenses: | |||
Cost of sales, excluding depreciation | 1,026,846 | 1,522,901 | 5,996,684 |
Operating expenses, excluding depreciation | 891,534 | 880,339 | 813,134 |
General and administrative expenses | 21,016 | 16,259 | 13,510 |
Gain on sale of asset | (105) | 0 | 205 |
Depreciation and amortization expense | 178,578 | 164,525 | 98,623 |
Total cost and expenses | 2,117,869 | 2,584,024 | 6,922,156 |
Income from operations | (1,232,939) | (1,181,771) | 719,342 |
Other income (expense) | |||
Equity in earnings (loss) of subsidiaries | 0 | 0 | 0 |
Change in fair value of catalyst lease | 10,184 | 3,969 | 0 |
Acquisition related costs | 4,691 | ||
Interest expense, net | (5,876) | (6,225) | (1,360) |
Income before income taxes | (1,228,631) | (1,184,027) | 722,673 |
Income tax expense | 0 | 0 | 0 |
Net income | (1,228,631) | (1,184,027) | 722,673 |
Less income attributable to noncontrolling interests | 274 | 0 | 0 |
Net income attributable to PBF Holding Company LLC | (1,228,905) | (1,184,027) | 722,673 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (1,228,905) | (1,194,031) | 724,930 |
Non-Guarantor Subsidiaries [Member] | |||
Revenues | 1,633,818 | 1,007,407 | 0 |
Cost and expenses: | |||
Cost of sales, excluding depreciation | 1,550,579 | 952,170 | 0 |
Operating expenses, excluding depreciation | 1,517 | 144 | 0 |
General and administrative expenses | 2,308 | 199 | 0 |
Gain on sale of asset | (650) | (618) | 0 |
Depreciation and amortization expense | 2,845 | 888 | 0 |
Total cost and expenses | 1,556,599 | 952,783 | 0 |
Income from operations | 77,219 | 54,624 | 0 |
Other income (expense) | |||
Equity in earnings (loss) of subsidiaries | 0 | 0 | 0 |
Change in fair value of catalyst lease | 0 | 0 | 0 |
Acquisition related costs | 0 | ||
Interest expense, net | (3,008) | (1,918) | 0 |
Income before income taxes | 74,211 | 52,706 | 0 |
Income tax expense | 648 | 0 | 0 |
Net income | 73,563 | 52,706 | 0 |
Less income attributable to noncontrolling interests | 0 | 0 | 0 |
Net income attributable to PBF Holding Company LLC | 73,563 | 52,706 | 0 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 73,563 | 52,706 | 0 |
Combining and Consolidated Adjustments [Member] | |||
Revenues | (2,479,941) | (2,428,550) | (4,680,221) |
Cost and expenses: | |||
Cost of sales, excluding depreciation | (2,479,941) | (2,428,550) | (4,680,221) |
Operating expenses, excluding depreciation | 0 | 0 | 0 |
General and administrative expenses | 0 | 0 | 0 |
Gain on sale of asset | 0 | 0 | 0 |
Depreciation and amortization expense | 0 | 0 | 0 |
Total cost and expenses | (2,479,941) | (2,428,550) | (4,680,221) |
Income from operations | 0 | 0 | 0 |
Other income (expense) | |||
Equity in earnings (loss) of subsidiaries | 1,154,420 | 1,131,321 | (722,673) |
Change in fair value of catalyst lease | 0 | 0 | 0 |
Acquisition related costs | 0 | ||
Interest expense, net | 0 | 0 | 0 |
Income before income taxes | 1,154,420 | 1,131,321 | (722,673) |
Income tax expense | 0 | 0 | 0 |
Net income | 1,154,420 | 1,131,321 | (722,673) |
Less income attributable to noncontrolling interests | (274) | 0 | 0 |
Net income attributable to PBF Holding Company LLC | 1,154,694 | 1,131,321 | (722,673) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 1,154,694 | 1,141,325 | $ (724,930) |
PBF Holding [Member] | |||
Other income (expense) | |||
Equity in earnings (loss) of subsidiaries | 0 | 0 | |
Net income | $ 187,294 | $ 21,117 |
CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS (Statement of Cash Flows) (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Nov. 01, 2015 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Cash flows from operating activities: | ||||
Net income | $ 187,294 | $ 21,117 | $ 238,876 | |
Adjustments to reconcile net income to net cash from operating activities: | ||||
Depreciation and amortization | 199,383 | 186,412 | 118,001 | |
Stock-based compensation | 9,218 | 6,095 | 3,753 | |
Change in fair value of catalyst lease obligation | (10,184) | (3,969) | (4,691) | |
Non-cash change inventory repurchase obligations | 63,389 | (93,246) | (20,492) | |
Non-cash lower of cost or market inventory adjustment | 427,226 | 690,110 | 0 | |
Gain on disposition of property, plant and equipment | (1,004) | (895) | (183) | |
Pension and other post retirement benefits costs | 26,982 | 22,600 | 16,728 | |
(Gain) loss on sale of assets | (1,004) | (895) | (183) | |
Equity Method Investment, Controlling Interest in Income (Loss) of Subsidiary | 0 | 0 | 0 | |
Changes in current assets and current liabilities: | ||||
Accounts receivable | 97,636 | 45,378 | (92,851) | |
Due to/from affiliates | 12,104 | 8,407 | 14,721 | |
Inventories | (271,892) | (394,031) | 45,991 | |
Prepaid expense and other current assets | (631) | 23,686 | (42,455) | |
Accounts payable | (25,015) | (67,111) | 42,236 | |
Accrued expenses | (37,737) | 59,899 | 214,817 | |
Deferred revenue | 2,816 | (6,539) | (202,777) | |
Increase (Decrease) in Other Operating Assets and Liabilities, Net | (27,182) | (2,225) | (20,403) | |
Net cash provided by operations | 652,403 | 495,688 | 311,271 | |
Cash flow from investing activities: | ||||
Payments to acquire businesses | $ 565,083 | 565,304 | 0 | 0 |
Expenditures for property, plant and equipment | (352,365) | (470,460) | (318,394) | |
Payments for Deferred Turnaround Costs | (53,576) | (137,688) | (64,616) | |
Payments to Acquire Other Productive Assets | (8,236) | (17,255) | (32,692) | |
Proceeds from sale of assets | 168,270 | 202,654 | 102,428 | |
Net cash used in investing activities | (811,211) | (422,749) | (313,274) | |
Cash flows from financing activities: | ||||
Proceeds from revolver borrowings | 170,000 | 395,000 | 1,450,000 | |
Proceeds from intercompany notes payable | 347,783 | 90,631 | 31,835 | |
Proceeds from members' capital contributions | 345,000 | 328,664 | 1,757 | |
Distribution to members | (350,658) | (361,352) | (215,846) | |
Repayments of revolver borrowings | (170,000) | (410,000) | (1,435,000) | |
Business Combination, Payment of Contingent Consideration | 0 | 0 | (21,357) | |
Proceeds from Rail Facility revolver borrowings | 102,075 | 83,095 | 0 | |
Repayments of Rail Facility revolver borrowings | (71,938) | (45,825) | 0 | |
Proceeds from 2023 Senior Secured Notes | 500,000 | 0 | 0 | |
Proceeds from catalyst lease | 0 | 0 | 14,337 | |
Deferred financing costs | (17,108) | (11,719) | (1,044) | |
Net cash provided by (used in) financing activities | 855,154 | 68,494 | (175,318) | |
Net increase (decrease) in cash and cash equivalents | 696,346 | 141,433 | (177,321) | |
Cash and equivalents, beginning of period | 218,403 | 76,970 | 254,291 | |
Cash and equivalents, end of period | 914,749 | 218,403 | 76,970 | |
Issuer [Member] | ||||
Cash flows from operating activities: | ||||
Net income | 187,942 | 21,117 | 238,876 | |
Adjustments to reconcile net income to net cash from operating activities: | ||||
Depreciation and amortization | 17,063 | 20,334 | 19,296 | |
Stock-based compensation | 0 | 0 | 0 | |
Change in fair value of catalyst lease obligation | 0 | 0 | 0 | |
Non-cash change inventory repurchase obligations | 0 | 0 | 0 | |
Non-cash lower of cost or market inventory adjustment | 279,785 | 566,412 | ||
Gain on disposition of property, plant and equipment | (249) | (277) | (388) | |
Pension and other post retirement benefits costs | 7,576 | 6,426 | 4,575 | |
(Gain) loss on sale of assets | (249) | (277) | (388) | |
Equity Method Investment, Controlling Interest in Income (Loss) of Subsidiary | 1,154,420 | 1,131,321 | (722,673) | |
Changes in current assets and current liabilities: | ||||
Accounts receivable | 87,689 | 69,887 | (281,386) | |
Due to/from affiliates | (1,018,176) | (1,227,851) | 626,623 | |
Inventories | (108,751) | (259,352) | (153,782) | |
Prepaid expense and other current assets | 2,721 | 22,287 | (40,416) | |
Accounts payable | (38,609) | (71,821) | 109,988 | |
Accrued expenses | 27,925 | (131,903) | 222,194 | |
Deferred revenue | 2,816 | (6,539) | 7,766 | |
Increase (Decrease) in Other Operating Assets and Liabilities, Net | (423) | (1,966) | (1,140) | |
Net cash provided by operations | 601,729 | 138,075 | 29,533 | |
Cash flow from investing activities: | ||||
Payments to acquire businesses | 601,311 | |||
Expenditures for property, plant and equipment | (193,898) | (152,814) | (127,653) | |
Payments for Deferred Turnaround Costs | 0 | 0 | 0 | |
Payments to Acquire Other Productive Assets | 0 | 0 | 0 | |
Investment in subsidiary | 10,000 | (44,346) | ||
Capital Contribution to Subsidiaries | (5,000) | |||
Proceeds from sale of assets | 60,902 | 133,845 | 102,428 | |
Net cash used in investing activities | (729,307) | (63,315) | (25,225) | |
Cash flows from financing activities: | ||||
Proceeds from revolver borrowings | 170,000 | 395,000 | 1,450,000 | |
Proceeds from intercompany notes payable | 347,783 | 90,631 | 31,835 | |
Proceeds from members' capital contributions | 345,000 | 328,664 | 0 | |
Distribution to members | (350,658) | (361,352) | (215,846) | |
Repayments of revolver borrowings | (170,000) | (410,000) | (1,435,000) | |
Business Combination, Payment of Contingent Consideration | 0 | |||
Proceeds from Rail Facility revolver borrowings | 0 | 0 | ||
Repayments of Rail Facility revolver borrowings | 0 | 0 | ||
Proceeds from 2023 Senior Secured Notes | 500,000 | |||
Other | 0 | |||
Proceeds from catalyst lease | 0 | |||
Deferred financing costs | (17,108) | (8,501) | (1,044) | |
Net cash provided by (used in) financing activities | 825,017 | 34,442 | (170,055) | |
Net increase (decrease) in cash and cash equivalents | 697,439 | 109,202 | (165,747) | |
Cash and equivalents, beginning of period | 185,381 | 76,179 | 241,926 | |
Cash and equivalents, end of period | 882,820 | 185,381 | 76,179 | |
Guarantors Subsidiaries [Member] | ||||
Cash flows from operating activities: | ||||
Net income | (1,228,631) | (1,184,027) | 722,673 | |
Adjustments to reconcile net income to net cash from operating activities: | ||||
Depreciation and amortization | 178,601 | 164,550 | 98,705 | |
Stock-based compensation | 9,218 | 6,095 | 3,753 | |
Change in fair value of catalyst lease obligation | (10,184) | (3,969) | (4,691) | |
Non-cash change inventory repurchase obligations | 63,389 | (93,246) | (20,492) | |
Non-cash lower of cost or market inventory adjustment | 147,441 | 123,698 | ||
Gain on disposition of property, plant and equipment | (105) | 0 | 205 | |
Pension and other post retirement benefits costs | 19,406 | 16,174 | 12,153 | |
(Gain) loss on sale of assets | (105) | 0 | 205 | |
Equity Method Investment, Controlling Interest in Income (Loss) of Subsidiary | 0 | 0 | 0 | |
Changes in current assets and current liabilities: | ||||
Accounts receivable | 16,124 | (17,976) | 188,535 | |
Due to/from affiliates | 1,133,364 | 1,328,439 | (611,902) | |
Inventories | (116,074) | 20,711 | 199,773 | |
Prepaid expense and other current assets | (2,999) | 1,399 | (2,039) | |
Accounts payable | 15,710 | (1,697) | (67,752) | |
Accrued expenses | 8,172 | 471 | (7,377) | |
Deferred revenue | 0 | 0 | (210,543) | |
Increase (Decrease) in Other Operating Assets and Liabilities, Net | (26,769) | (258) | (19,263) | |
Net cash provided by operations | 206,663 | 360,364 | 281,738 | |
Cash flow from investing activities: | ||||
Payments to acquire businesses | (19,042) | |||
Expenditures for property, plant and equipment | (158,361) | (205,508) | (190,741) | |
Payments for Deferred Turnaround Costs | (53,576) | (137,688) | (64,616) | |
Payments to Acquire Other Productive Assets | (8,236) | (17,255) | (32,692) | |
Investment in subsidiary | 0 | 0 | ||
Capital Contribution to Subsidiaries | 0 | |||
Proceeds from sale of assets | 0 | 0 | 0 | |
Net cash used in investing activities | (201,131) | (360,451) | (288,049) | |
Cash flows from financing activities: | ||||
Proceeds from revolver borrowings | 0 | 0 | 0 | |
Proceeds from intercompany notes payable | 0 | 0 | 0 | |
Proceeds from members' capital contributions | 0 | 0 | 1,757 | |
Distribution to members | 0 | 0 | 0 | |
Repayments of revolver borrowings | 0 | 0 | 0 | |
Business Combination, Payment of Contingent Consideration | (21,357) | |||
Proceeds from Rail Facility revolver borrowings | 0 | 0 | ||
Repayments of Rail Facility revolver borrowings | 0 | 0 | ||
Proceeds from 2023 Senior Secured Notes | 0 | |||
Other | 0 | |||
Proceeds from catalyst lease | 14,337 | |||
Deferred financing costs | 0 | 0 | 0 | |
Net cash provided by (used in) financing activities | 0 | 0 | (5,263) | |
Net increase (decrease) in cash and cash equivalents | 5,532 | (87) | (11,574) | |
Cash and equivalents, beginning of period | 704 | 791 | 12,365 | |
Cash and equivalents, end of period | 6,236 | 704 | 791 | |
Non-Guarantor Subsidiaries [Member] | ||||
Cash flows from operating activities: | ||||
Net income | 73,563 | 52,706 | 0 | |
Adjustments to reconcile net income to net cash from operating activities: | ||||
Depreciation and amortization | 3,719 | 1,528 | 0 | |
Stock-based compensation | 0 | 0 | 0 | |
Change in fair value of catalyst lease obligation | 0 | 0 | 0 | |
Non-cash change inventory repurchase obligations | 0 | |||
Non-cash lower of cost or market inventory adjustment | 0 | 0 | ||
Gain on disposition of property, plant and equipment | (650) | (618) | 0 | |
Pension and other post retirement benefits costs | 0 | 0 | 0 | |
(Gain) loss on sale of assets | (650) | (618) | 0 | |
Equity Method Investment, Controlling Interest in Income (Loss) of Subsidiary | 0 | 0 | 0 | |
Changes in current assets and current liabilities: | ||||
Accounts receivable | (6,177) | (6,533) | 0 | |
Due to/from affiliates | (103,084) | (92,181) | 0 | |
Inventories | (47,067) | (155,390) | 0 | |
Prepaid expense and other current assets | (353) | 0 | 0 | |
Accounts payable | (857) | 8,423 | 0 | |
Accrued expenses | (73,834) | 191,331 | 0 | |
Deferred revenue | 0 | 0 | 0 | |
Increase (Decrease) in Other Operating Assets and Liabilities, Net | 10 | (1) | 0 | |
Net cash provided by operations | (154,730) | (735) | 0 | |
Cash flow from investing activities: | ||||
Payments to acquire businesses | (16,965) | |||
Expenditures for property, plant and equipment | (106) | (112,138) | 0 | |
Payments for Deferred Turnaround Costs | 0 | 0 | 0 | |
Payments to Acquire Other Productive Assets | 0 | 0 | 0 | |
Investment in subsidiary | 0 | 0 | ||
Capital Contribution to Subsidiaries | 0 | |||
Proceeds from sale of assets | 107,368 | 68,809 | 0 | |
Net cash used in investing activities | 124,227 | (43,329) | 0 | |
Cash flows from financing activities: | ||||
Proceeds from revolver borrowings | 0 | 0 | 0 | |
Proceeds from intercompany notes payable | 0 | 0 | 0 | |
Proceeds from members' capital contributions | 5,000 | 44,346 | 0 | |
Distribution to members | 0 | 0 | 0 | |
Repayments of revolver borrowings | 0 | 0 | 0 | |
Business Combination, Payment of Contingent Consideration | 0 | |||
Proceeds from Rail Facility revolver borrowings | 102,075 | 83,095 | ||
Repayments of Rail Facility revolver borrowings | (71,938) | (45,825) | ||
Proceeds from 2023 Senior Secured Notes | 0 | |||
Other | 0 | |||
Proceeds from catalyst lease | 0 | |||
Deferred financing costs | 0 | (3,218) | 0 | |
Net cash provided by (used in) financing activities | 25,137 | 78,398 | 0 | |
Net increase (decrease) in cash and cash equivalents | (5,366) | 34,334 | 0 | |
Cash and equivalents, beginning of period | 34,334 | 0 | 0 | |
Cash and equivalents, end of period | 28,968 | 34,334 | 0 | |
Combining and Consolidated Adjustments [Member] | ||||
Cash flows from operating activities: | ||||
Net income | 1,154,420 | 1,131,321 | (722,673) | |
Adjustments to reconcile net income to net cash from operating activities: | ||||
Depreciation and amortization | 0 | 0 | 0 | |
Stock-based compensation | 0 | 0 | 0 | |
Change in fair value of catalyst lease obligation | 0 | 0 | 0 | |
Non-cash change inventory repurchase obligations | 0 | |||
Non-cash lower of cost or market inventory adjustment | 0 | 0 | ||
Gain on disposition of property, plant and equipment | 0 | 0 | 0 | |
Pension and other post retirement benefits costs | 0 | 0 | 0 | |
(Gain) loss on sale of assets | 0 | 0 | 0 | |
Equity Method Investment, Controlling Interest in Income (Loss) of Subsidiary | (1,154,420) | (1,131,321) | 722,673 | |
Changes in current assets and current liabilities: | ||||
Accounts receivable | 0 | 0 | 0 | |
Due to/from affiliates | 0 | 0 | 0 | |
Inventories | 0 | 0 | 0 | |
Prepaid expense and other current assets | 0 | 0 | 0 | |
Accounts payable | (1,259) | (2,016) | 0 | |
Accrued expenses | 0 | 0 | 0 | |
Deferred revenue | 0 | 0 | 0 | |
Increase (Decrease) in Other Operating Assets and Liabilities, Net | 0 | 0 | 0 | |
Net cash provided by operations | (1,259) | (2,016) | 0 | |
Cash flow from investing activities: | ||||
Payments to acquire businesses | 0 | |||
Expenditures for property, plant and equipment | 0 | 0 | 0 | |
Payments for Deferred Turnaround Costs | 0 | 0 | 0 | |
Payments to Acquire Other Productive Assets | 0 | 0 | 0 | |
Investment in subsidiary | (10,000) | 44,346 | ||
Capital Contribution to Subsidiaries | 5,000 | |||
Proceeds from sale of assets | 0 | 0 | 0 | |
Net cash used in investing activities | (5,000) | 44,346 | 0 | |
Cash flows from financing activities: | ||||
Proceeds from revolver borrowings | 0 | 0 | 0 | |
Proceeds from intercompany notes payable | 0 | 0 | 0 | |
Proceeds from members' capital contributions | (5,000) | (44,346) | 0 | |
Distribution to members | 0 | 0 | 0 | |
Repayments of revolver borrowings | 0 | 0 | 0 | |
Business Combination, Payment of Contingent Consideration | 0 | |||
Proceeds from Rail Facility revolver borrowings | 0 | 0 | ||
Repayments of Rail Facility revolver borrowings | 0 | 0 | ||
Proceeds from 2023 Senior Secured Notes | 0 | |||
Other | 0 | |||
Proceeds from catalyst lease | 0 | |||
Deferred financing costs | 0 | 0 | 0 | |
Net cash provided by (used in) financing activities | 5,000 | (44,346) | 0 | |
Net increase (decrease) in cash and cash equivalents | (1,259) | (2,016) | 0 | |
Cash and equivalents, beginning of period | (2,016) | 0 | 0 | |
Cash and equivalents, end of period | (3,275) | (2,016) | 0 | |
PBF Holding [Member] | ||||
Cash flows from operating activities: | ||||
Net income | 187,294 | 21,117 | ||
Adjustments to reconcile net income to net cash from operating activities: | ||||
Depreciation and amortization | 199,383 | 186,412 | ||
Stock-based compensation | 9,218 | 6,095 | ||
Change in fair value of catalyst lease obligation | (10,184) | (3,969) | ||
Non-cash change inventory repurchase obligations | 63,389 | (93,246) | ||
Non-cash lower of cost or market inventory adjustment | 427,226 | 690,110 | ||
Gain on disposition of property, plant and equipment | (1,004) | (895) | ||
Pension and other post retirement benefits costs | 26,982 | 22,600 | ||
Equity Method Investment, Controlling Interest in Income (Loss) of Subsidiary | 0 | 0 | ||
Changes in current assets and current liabilities: | ||||
Accounts receivable | 97,636 | 45,378 | ||
Due to/from affiliates | 12,104 | 8,407 | ||
Inventories | (271,892) | (394,031) | ||
Prepaid expense and other current assets | (631) | 23,686 | ||
Accounts payable | (25,015) | (67,111) | ||
Accrued expenses | (37,737) | 59,899 | ||
Deferred revenue | 2,816 | (6,539) | ||
Increase (Decrease) in Other Operating Assets and Liabilities, Net | (27,182) | (2,225) | ||
Net cash provided by operations | 652,403 | 495,688 | ||
Cash flow from investing activities: | ||||
Payments to acquire businesses | 565,304 | |||
Expenditures for property, plant and equipment | (352,365) | (470,460) | ||
Payments for Deferred Turnaround Costs | (53,576) | (137,688) | ||
Payments to Acquire Other Productive Assets | (8,236) | (17,255) | ||
Investment in subsidiary | 0 | 0 | ||
Capital Contribution to Subsidiaries | 0 | |||
Proceeds from sale of assets | 168,270 | 202,654 | ||
Net cash used in investing activities | (811,211) | (422,749) | ||
Cash flows from financing activities: | ||||
Proceeds from revolver borrowings | 170,000 | 395,000 | ||
Proceeds from intercompany notes payable | 347,783 | 90,631 | ||
Proceeds from members' capital contributions | 345,000 | 328,664 | ||
Distribution to members | (350,658) | (361,352) | ||
Repayments of revolver borrowings | (170,000) | (410,000) | ||
Proceeds from Rail Facility revolver borrowings | 102,075 | 83,095 | ||
Repayments of Rail Facility revolver borrowings | (71,938) | (45,825) | ||
Proceeds from 2023 Senior Secured Notes | 500,000 | |||
Other | 0 | |||
Deferred financing costs | (17,108) | (11,719) | ||
Net cash provided by (used in) financing activities | 855,154 | 68,494 | ||
Net increase (decrease) in cash and cash equivalents | 696,346 | 141,433 | ||
Cash and equivalents, beginning of period | 218,403 | 76,970 | ||
Cash and equivalents, end of period | $ 914,749 | $ 218,403 | $ 76,970 |
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