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) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
N/A | N/A | N/A |
Large accelerated filer | Accelerated filer | Non-accelerated filer | Smaller reporting company | Emerging growth company | |||||||||||||||||||||||||
PBF Holding Company LLC | ¨ | ¨ | x | ¨ | ¨ | ||||||||||||||||||||||||
PBF Finance Corporation | ¨ | ¨ | x | ¨ | ¨ |
Refinery | Region | Nelson Complexity Index (1) | Throughput Capacity (in barrels per day) (1) | PADD | Crude Processed (2) | Source (2) | ||||||||||||||
Delaware City | East Coast | 13.6 | 180,000 | 1 | light sweet through heavy sour | water, rail | ||||||||||||||
Paulsboro | East Coast | 10.4 (3) | 105,000(3) | 1 | light sweet through heavy sour | water | ||||||||||||||
Toledo | Mid-Continent | 11.0 | 180,000 | 2 | light sweet | pipeline, truck, rail | ||||||||||||||
Chalmette | Gulf Coast | 13.0 | 185,000 | 3 | light sweet through heavy sour | water, pipeline | ||||||||||||||
Torrance | West Coast | 13.8 | 166,000 | 5 | medium and heavy | pipeline, water, truck | ||||||||||||||
Martinez | West Coast | 16.1 | 157,000 | 5 | medium and heavy | pipeline and water |
Delaware City Refinery Units | Nameplate Capacity | ||||
Crude Distillation Unit | 180,000 | ||||
Vacuum Distillation Unit | 105,000 | ||||
Fluid Catalytic Cracking Unit | 82,000 | ||||
Hydrotreating Units | 180,000 | ||||
Hydrocracking Unit | 24,000 | ||||
Catalytic Reforming Unit | 43,000 | ||||
Benzene / Toluene Extraction Unit | 15,000 | ||||
Butane Isomerization Unit | 6,000 | ||||
Alkylation Unit | 12,500 | ||||
Polymerization Unit | 16,000 | ||||
Fluid Coking Unit | 54,500 |
Paulsboro Refinery Units | Nameplate Capacity | |||||||
Crude Distillation Units (1) | 105,000 | |||||||
Vacuum Distillation Units (1) | 50,000 | |||||||
Fluid Catalytic Cracking Unit (1) | Idled | |||||||
Hydrotreating Units (1) | 61,000 | |||||||
Catalytic Reforming Unit (1) | Idled | |||||||
Alkylation Unit (1) | Idled | |||||||
Lube Oil Processing Unit | 12,000 | |||||||
Delayed Coking Unit (1) | Idled | |||||||
Propane Deasphalting Unit | 11,000 |
Refinery Units | Nameplate Capacity | ||||
Crude Distillation Unit | 180,000 | ||||
Fluid Catalytic Cracking Unit | 82,000 | ||||
Hydrotreating Units | 95,000 | ||||
Hydrocracking Unit | 52,000 | ||||
Catalytic Reforming Units | 52,000 | ||||
Alkylation Unit | 11,000 | ||||
Polymerization Unit | 7,000 | ||||
UDEX Unit | 16,300 |
Refinery Units | Nameplate Capacity | ||||
Crude Distillation Units | 185,000 | ||||
Vacuum Distillation Unit | 114,000 | ||||
Fluid Catalytic Cracking Unit | 75,000 | ||||
Hydrotreating Units | 189,000 | ||||
Delayed Coking Unit | 42,000 | ||||
Catalytic Reforming Unit | 42,000 | ||||
Alkylation Unit | 17,000 | ||||
Aromatics Extraction Unit | 17,000 |
Refinery Units | Nameplate Capacity | ||||
Crude Distillation Unit | 166,000 | ||||
Vacuum Distillation Unit | 102,000 | ||||
Fluid Catalytic Cracking Unit | 90,000 | ||||
Hydrotreating Units | 155,500 | ||||
Hydrocracking Unit | 25,000 | ||||
Alkylation Unit | 25,500 | ||||
Delayed Coking Unit | 58,000 |
Refinery Units | Nameplate Capacity | |||||||
Crude Distillation Unit | 157,000 | |||||||
Vacuum Distillation Unit | 102,000 | |||||||
Fluid Catalytic Cracking Unit | 72,000 | |||||||
Hydrotreating Units | 268,000 | |||||||
Hydrocracking Unit | 42,900 | |||||||
Alkylation Unit | 12,500 | |||||||
Delayed Coking Unit | 25,500 | |||||||
Flexi Coking Unit | 22,500 | |||||||
Isomerization Unit | 15,000 |
Contribution Agreement | Effective Date | Assets Contributed | Total Consideration | ||||||||
Contribution Agreement I | 5/8/2014 | DCR Rail Terminal and the Toledo Truck Terminal | 74,053 PBFX common units and 15,886,553 PBFX subordinated units | ||||||||
Contribution Agreement II | 9/16/2014 | DCR West Rack | $135.0 million in cash and $15.0 million through the issuance of 589,536 PBFX common units | ||||||||
Contribution Agreement III | 12/2/2014 | Toledo Storage Facility | $135.0 million in cash and $15.0 million through the issuance of 620,935 PBFX common units | ||||||||
Contribution Agreement IV | 5/5/2015 | DCR Products Pipeline and DCR Truck Rack | $112.5 million in cash and $30.5 million through the issuance of 1,288,420 PBFX common units | ||||||||
Contribution Agreement V | 8/31/2016 | Torrance Valley Pipeline (50% equity interest in TVPC) | $175.0 million in cash | ||||||||
Contribution Agreement VI | 2/15/2017 | Paulsboro Natural Gas Pipeline | $11.6 million affiliate promissory note | ||||||||
Contribution Agreements VII-X | 7/16/2018 | Development Assets | $31.6 million through the issuance of 1,494,134 PBFX common units | ||||||||
Contribution Agreement XI | 4/24/2019 | Remaining 50% equity interest in TVPC | $200.0 million in cash |
Location | Number of employees | Employees covered by collective bargaining agreements | Collective bargaining agreements | Expiration date | ||||||||||||||||||||||
Headquarters | 397 | — | N/A | N/A | ||||||||||||||||||||||
Delaware City refinery | 518 | 358 | USW | January 2022 | ||||||||||||||||||||||
Paulsboro refinery | 442 | 260 | IOW | March 2022 | ||||||||||||||||||||||
Toledo refinery | 483 | 313 | USW | February 2022 | ||||||||||||||||||||||
Chalmette refinery | 543 | 307 | USW | January 2022 | ||||||||||||||||||||||
Torrance refinery | 564 | 297 12 | USW IBEW | January 2022 January 2022 | ||||||||||||||||||||||
Torrance logistics | 106 | 42 4 | USW USW | April 2021 January 2022 | ||||||||||||||||||||||
Martinez refinery | 585 | 314 24 | USW IBEW | February 2022 February 2022 | ||||||||||||||||||||||
Total employees | 3,638 | 1,931 |
Year Ended December 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Reimbursements under affiliate agreements: | ||||||||||||||||||||
Services Agreement | $ | 8.7 | $ | 8.6 | $ | 7.5 | ||||||||||||||
Omnibus Agreement | 7.6 | 7.7 | 7.5 | |||||||||||||||||
Total expenses under affiliate agreements | 289.4 | 300.9 | 259.4 |
Year Ended December 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Revenues | $ | 15,045.0 | $ | 24,468.9 | $ | 27,164.0 | ||||||||||||||
Cost and expenses: | ||||||||||||||||||||
Cost of products and other | 14,548.2 | 21,667.7 | 24,744.6 | |||||||||||||||||
Operating expenses (excluding depreciation and amortization expense as reflected below) | 1,835.2 | 1,684.3 | 1,654.8 | |||||||||||||||||
Depreciation and amortization expense | 498.0 | 386.7 | 329.7 | |||||||||||||||||
Cost of sales | 16,881.4 | 23,738.7 | 26,729.1 | |||||||||||||||||
General and administrative expenses (excluding depreciation and amortization expense as reflected below) | 229.0 | 258.7 | 253.8 | |||||||||||||||||
Depreciation and amortization expense | 11.3 | 10.8 | 10.6 | |||||||||||||||||
Change in fair value of contingent consideration | (79.3) | — | — | |||||||||||||||||
Impairment Expense | 91.8 | — | — | |||||||||||||||||
Equity income in investee | — | (7.9) | (17.8) | |||||||||||||||||
Gain on sale of assets | (477.8) | (29.9) | (43.1) | |||||||||||||||||
Total cost and expenses | 16,656.4 | 23,970.4 | 26,932.6 | |||||||||||||||||
Income (loss) from operations | (1,611.4) | 498.5 | 231.4 | |||||||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest expense, net | (210.3) | (108.7) | (127.1) | |||||||||||||||||
Change in fair value of catalyst obligations | (11.8) | (9.7) | 5.6 | |||||||||||||||||
Debt extinguishment costs | (22.2) | — | — | |||||||||||||||||
Other non-service components of net periodic benefit cost | 4.3 | (0.2) | 1.1 | |||||||||||||||||
Income (loss) before income taxes | (1,851.4) | 379.9 | 111.0 | |||||||||||||||||
Income tax expense (benefit) | 6.1 | (8.3) | 8.0 | |||||||||||||||||
Net income (loss) | (1,857.5) | 388.2 | 103.0 | |||||||||||||||||
Less: net income (loss) attributable to noncontrolling interests | (0.3) | — | 0.1 | |||||||||||||||||
Net income (loss) attributable to PBF Holding Company LLC | $ | (1,857.2) | $ | 388.2 | $ | 102.9 | ||||||||||||||
Consolidated gross margin | $ | (1,836.4) | $ | 730.2 | $ | 434.9 | ||||||||||||||
Gross refining margin (1) | 496.8 | 2,801.2 | 2,419.4 |
Year Ended December 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Key Operating Information | ||||||||||||||||||||
Production (bpd in thousands) | 737.1 | 825.2 | 854.5 | |||||||||||||||||
Crude oil and feedstocks throughput (bpd in thousands) | 727.7 | 823.1 | 849.7 | |||||||||||||||||
Total crude oil and feedstocks throughput (millions of barrels) | 266.3 | 300.4 | 310.0 | |||||||||||||||||
Consolidated gross margin per barrel of throughput | $ | (6.90) | $ | 2.44 | $ | 1.39 | ||||||||||||||
Gross refining margin, excluding special items, per barrel of throughput (1) | $ | 3.23 | $ | 8.51 | $ | 9.09 | ||||||||||||||
Refinery operating expense, per barrel of throughput | $ | 6.89 | $ | 5.61 | $ | 5.34 | ||||||||||||||
Crude and feedstocks (% of total throughput) (2) | ||||||||||||||||||||
Heavy | 42 | % | 32 | % | 36 | % | ||||||||||||||
Medium | 26 | % | 28 | % | 30 | % | ||||||||||||||
Light | 17 | % | 26 | % | 21 | % | ||||||||||||||
Other feedstocks and blends | 15 | % | 14 | % | 13 | % | ||||||||||||||
Total throughput | 100 | % | 100 | % | 100 | % | ||||||||||||||
Yield (% of total throughput) | ||||||||||||||||||||
Gasoline and gasoline blendstocks | 51 | % | 49 | % | 50 | % | ||||||||||||||
Distillates and distillate blendstocks | 30 | % | 32 | % | 32 | % | ||||||||||||||
Lubes | 1 | % | 1 | % | 1 | % | ||||||||||||||
Chemicals | 1 | % | 2 | % | 2 | % | ||||||||||||||
Other | 18 | % | 16 | % | 16 | % | ||||||||||||||
Total yield | 101 | % | 100 | % | 101 | % | ||||||||||||||
_________________ | ||||||||||||||||||||
(1) See Non-GAAP Financial Measures. | ||||||||||||||||||||
(2) We define heavy crude oil as crude oil with an API gravity of less than 24 degrees. We define medium crude oil as crude oil with API gravity between 24 and 35 degrees. We define light crude oil as crude oil with an API gravity higher than 35 degrees. |
Year Ended December 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
(dollars per barrel, except as noted) | ||||||||||||||||||||
Dated Brent crude oil | $ | 41.62 | $ | 64.34 | $ | 71.34 | ||||||||||||||
West Texas Intermediate (WTI) crude oil | $ | 39.25 | $ | 57.03 | $ | 65.20 | ||||||||||||||
Light Louisiana Sweet (LLS) crude oil | $ | 41.13 | $ | 62.67 | $ | 70.23 | ||||||||||||||
Alaska North Slope (ANS) crude oil | $ | 42.20 | $ | 65.00 | $ | 71.54 | ||||||||||||||
Crack Spreads | ||||||||||||||||||||
Dated Brent (NYH) 2-1-1 | $ | 9.11 | $ | 12.68 | $ | 13.17 | ||||||||||||||
WTI (Chicago) 4-3-1 | $ | 6.30 | $ | 15.25 | $ | 14.84 | ||||||||||||||
LLS (Gulf Coast) 2-1-1 | $ | 7.59 | $ | 12.43 | $ | 12.30 | ||||||||||||||
ANS (West Coast-LA) 4-3-1 | $ | 11.30 | $ | 18.46 | $ | 15.48 | ||||||||||||||
ANS (West Coast-SF) 3-2-1 | $ | 9.99 | $ | 17.16 | $ | 14.49 | ||||||||||||||
Crude Oil Differentials | ||||||||||||||||||||
Dated Brent (foreign) less WTI | $ | 2.37 | $ | 7.31 | $ | 6.14 | ||||||||||||||
Dated Brent less Maya (heavy, sour) | $ | 5.37 | $ | 6.76 | $ | 8.70 | ||||||||||||||
Dated Brent less WTS (sour) | $ | 2.33 | $ | 8.09 | $ | 13.90 | ||||||||||||||
Dated Brent less ASCI (sour) | $ | 1.81 | $ | 3.73 | $ | 4.64 | ||||||||||||||
WTI less WCS (heavy, sour) | $ | 10.72 | $ | 13.61 | $ | 26.93 | ||||||||||||||
WTI less Bakken (light, sweet) | $ | 2.41 | $ | 0.66 | $ | 2.86 | ||||||||||||||
WTI less Syncrude (light, sweet) | $ | 2.13 | $ | 0.18 | $ | 6.84 | ||||||||||||||
WTI less LLS (light, sweet) | $ | (1.88) | $ | (5.64) | $ | (5.03) | ||||||||||||||
WTI less ANS (light, sweet) | $ | (2.95) | $ | (7.97) | $ | (6.34) | ||||||||||||||
Natural gas (dollars per MMBTU) | $ | 2.13 | $ | 2.53 | $ | 3.07 | ||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||||||||||||||
$ | per barrel of throughput | $ | per barrel of throughput | $ | per barrel of throughput | ||||||||||||||||||||||||
Calculation of consolidated gross margin: | |||||||||||||||||||||||||||||
Revenues | $ | 15,045.0 | $ | 56.49 | $ | 24,468.9 | $ | 81.45 | $ | 27,164.0 | $ | 87.60 | |||||||||||||||||
Less: Cost of sales | 16,881.4 | 63.39 | 23,738.7 | 79.01 | 26,729.1 | 86.21 | |||||||||||||||||||||||
Consolidated gross margin | $ | (1,836.4) | $ | (6.90) | $ | 730.2 | $ | 2.44 | $ | 434.9 | $ | 1.39 | |||||||||||||||||
Reconciliation of consolidated gross margin to gross refining margin: | |||||||||||||||||||||||||||||
Consolidated gross margin | $ | (1,836.4) | $ | (6.90) | $ | 730.2 | $ | 2.44 | $ | 434.9 | $ | 1.39 | |||||||||||||||||
Add: Refinery operating expense | 1,835.2 | 6.89 | 1,684.3 | 5.61 | 1,654.8 | 5.34 | |||||||||||||||||||||||
Add: Refinery depreciation expense | 498.0 | 1.87 | 386.7 | 1.29 | 329.7 | 1.06 | |||||||||||||||||||||||
Gross refining margin | $ | 496.8 | $ | 1.86 | $ | 2,801.2 | $ | 9.34 | $ | 2,419.4 | $ | 7.79 | |||||||||||||||||
Special Items: (1) | |||||||||||||||||||||||||||||
Add: Non-cash LCM inventory adjustment | 268.0 | 1.01 | (250.2) | (0.83) | 351.3 | 1.13 | |||||||||||||||||||||||
Add: LIFO inventory decrement | 83.0 | 0.31 | — | — | — | — | |||||||||||||||||||||||
Add: Early railcar return expense | 12.5 | 0.05 | — | — | 52.3 | 0.17 | |||||||||||||||||||||||
Gross refining margin excluding special items | $ | 860.3 | $ | 3.23 | $ | 2,551.0 | $ | 8.51 | $ | 2,823.0 | $ | 9.09 |
Year Ended December 31, | |||||||||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||||||||
Reconciliation of net income (loss) to EBITDA and EBITDA excluding special items: | |||||||||||||||||||||||
Net income (loss) | $ | (1,857.5) | $ | 388.2 | $ | 103.0 | |||||||||||||||||
Add: Depreciation and amortization expense | 509.3 | 397.5 | 340.3 | ||||||||||||||||||||
Add: Interest expense, net | 210.3 | 108.7 | 127.1 | ||||||||||||||||||||
Add: Income tax (benefit) expense | 6.1 | (8.3) | 8.0 | ||||||||||||||||||||
EBITDA | $ | (1,131.8) | $ | 886.1 | $ | 578.4 | |||||||||||||||||
Special Items: (1) | |||||||||||||||||||||||
Add: Non-cash LCM inventory adjustment | 268.0 | (250.2) | 351.3 | ||||||||||||||||||||
Add: Change in fair value of contingent consideration | (79.3) | — | — | ||||||||||||||||||||
Add: Gain on sale of hydrogen plants | (471.1) | — | — | ||||||||||||||||||||
Add: Gain on Torrance land sales | (8.1) | (33.1) | (43.8) | ||||||||||||||||||||
Add: Impairment expense | 91.8 | — | — | ||||||||||||||||||||
Add: LIFO inventory decrement | 83.0 | — | — | ||||||||||||||||||||
Add: Severance costs and reconfiguration costs | 30.0 | — | — | ||||||||||||||||||||
Add: Early railcar return expense | 12.5 | — | 52.3 | ||||||||||||||||||||
Add: Debt extinguishment costs | 22.2 | — | — | ||||||||||||||||||||
EBITDA excluding special items | $ | (1,182.8) | $ | 602.8 | $ | 938.2 | |||||||||||||||||
Reconciliation of EBITDA to Adjusted EBITDA: | |||||||||||||||||||||||
EBITDA | $ | (1,131.8) | $ | 886.1 | $ | 578.4 | |||||||||||||||||
Add: Stock based compensation | 29.3 | 30.5 | 20.2 | ||||||||||||||||||||
Add: Change in fair value of catalyst obligations | 11.8 | 9.7 | (5.6) | ||||||||||||||||||||
Add: Non-cash LCM inventory adjustment (1) | 268.0 | (250.2) | 351.3 | ||||||||||||||||||||
Add: Change in fair value of contingent consideration (1) | (79.3) | — | — | ||||||||||||||||||||
Add: Gain on sale of hydrogen plants (1) | (471.1) | — | — | ||||||||||||||||||||
Add: Gain on Torrance land sales (1) | (8.1) | (33.1) | (43.8) | ||||||||||||||||||||
Add: Impairment expense (1) | 91.8 | — | — | ||||||||||||||||||||
Add: LIFO inventory decrement (1) | 83.0 | — | — | ||||||||||||||||||||
Add: Severance costs and reconfiguration costs (1) | 30.0 | — | — | ||||||||||||||||||||
Add: Early railcar return expense (1) | 12.5 | — | 52.3 | ||||||||||||||||||||
Add: Debt extinguishment costs (1) | 22.2 | — | — | ||||||||||||||||||||
Adjusted EBITDA | $ | (1,141.7) | $ | 643.0 | $ | 952.8 |
2020 | 2019 | 2018 | |||||||||||||||
January 1, | $ | 401.6 | $ | 651.8 | $ | 300.5 | |||||||||||
December 31, | 669.6 | 401.6 | 651.8 |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Net LCM inventory adjustment (charge) benefit in both income (loss) from operations and net income (loss) | $ | (268.0) | $ | 250.2 | $ | (351.3) |
December 31, 2020 | |||||
Debt, including current maturities: (1) | |||||
2025 Senior Secured Notes | $ | 1,250.0 | |||
2028 Senior Notes | 1,000.0 | ||||
2025 Senior Notes | 725.0 | ||||
Revolving Credit Facility | 900.0 | ||||
PBF Rail Term Loan | 7.4 | ||||
Catalyst financing arrangements | 102.5 | ||||
Total debt | 3,984.9 | ||||
Unamortized deferred financing costs | (45.3) | ||||
Unamortized premium | 0.6 | ||||
Total debt, net of unamortized deferred financing costs and premium | 3,940.2 | ||||
Total Equity | 2,090.8 | ||||
Total Capitalization (2) | $ | 6,031.0 | |||
Total Debt to Capitalization Ratio | 65 | % |
Total Commitment | Amount Borrowed as of December 31, 2020 | Outstanding Letters of Credit | Borrowing base Availability | Expiration date | ||||||||||||||||||||||||||||
Revolving Credit Facility (a) | $ | 3,400.0 | $ | 900.0 | $ | 184.4 | $ | 2,759.2 | May 2023 |
Payments due by period | |||||||||||||||||||||||||||||
Total | Less than 1 year | 1-3 Years | 3-5 Years | More than 5 years | |||||||||||||||||||||||||
Credit Facilities and debt (a) | $ | 3,984.8 | $ | 86.2 | $ | 923.6 | $ | 1,975.0 | $ | 1,000.0 | |||||||||||||||||||
Interest payments on credit facilities and debt (a) | 1,290.7 | 264.2 | 504.2 | 372.3 | 150.0 | ||||||||||||||||||||||||
Leases and other rental-related commitments (b) | 3,220.1 | 392.8 | 667.0 | 586.1 | 1,574.2 | ||||||||||||||||||||||||
Purchase obligations (c): | |||||||||||||||||||||||||||||
Crude and Feedstock Supply and Inventory Intermediation Agreements | 14,406.6 | 4,879.4 | 6,966.1 | 2,561.1 | — | ||||||||||||||||||||||||
Other Supply and Capacity Agreements | 254.6 | 83.9 | 53.0 | 35.1 | 82.6 | ||||||||||||||||||||||||
AB32 Settlement Obligations | 249.7 | 249.7 | — | — | — | ||||||||||||||||||||||||
Minimum volume commitments with PBFX (d) | 467.8 | 115.7 | 178.3 | 173.8 | — | ||||||||||||||||||||||||
Construction obligations | 31.1 | 31.1 | — | — | — | ||||||||||||||||||||||||
Environmental obligations (e) | 158.2 | 11.7 | 33.8 | 17.7 | 95.0 | ||||||||||||||||||||||||
Pension and post-retirement obligations (f) | 312.5 | 36.9 | 34.2 | 28.5 | 212.9 | ||||||||||||||||||||||||
Total contractual cash obligations | $ | 24,376.1 | $ | 6,151.6 | $ | 9,360.2 | $ | 5,749.6 | $ | 3,114.7 |
Summarized Balance Sheets (in millions) | December 31, 2020 | December 31, 2019 | |||||||||
ASSETS | |||||||||||
Current Assets (1) | $ | 3,559.0 | $ | 3,500.0 | |||||||
Non-Current Assets | 5,990.0 | 4,842.5 | |||||||||
Due from non-guarantor subsidiaries | 13,813.0 | 12,311.4 | |||||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities (1) | $ | 2,350.0 | $ | 2,364.8 | |||||||
Long-term liabilities | 5,411.0 | 2,300.6 | |||||||||
Due to non-guarantor subsidiaries | 13,770.0 | 12,295.9 | |||||||||
(1) Includes $4.9 million and $53.2 million of accounts receivables and accounts payables, respectively, related to transactions with PBFX as of December 31, 2020. Includes $6.5 million and $48.1 million of accounts receivables and accounts payables, respectively, related to transactions with PBFX as of December 31, 2019. Refer to “Note 11 - Related Party Transactions” of the Notes to Consolidated Financial Statements for further disclosures. |
Summarized Statements of Operations (in millions) | December 31, 2020 | December 31, 2019 | ||||||||||||
Revenues | $ | 14,732.0 | $ | 24,178.8 | ||||||||||
Cost of sales | 15,394.0 | 20,748.0 | ||||||||||||
Gross margin | (662.0) | 3,430.8 | ||||||||||||
Income (loss) from operations | (445.2) | 3,189.5 | ||||||||||||
Net income (loss) | (680.9) | 3,054.9 | ||||||||||||
Net income (loss) attributable to PBF Holding Company LLC | (680.6) | 3,054.8 | ||||||||||||
Non-guarantor intercompany sales with the Issuer and Guarantor subsidiaries | $ | 1,197.2 | $ | 2,759.1 | ||||||||||
Non-guarantor intercompany cost of sales with the Issuer and Guarantor subsidiaries | 20.6 | 92.4 | ||||||||||||
Affiliate revenues related to transactions with PBFX (1) | 16.3 | 16.3 | ||||||||||||
Affiliate expenses related to transactions with PBFX (1) | 289.4 | 300.9 | ||||||||||||
(1) Refer to “Note 11 - Related Party Transactions” of our Notes to Condensed Consolidated Financial Statements for further information. |
Name | Age (as of December 31, 2020) | Position | ||||||||||||
Thomas J. Nimbley | 69 | Chief Executive Officer | ||||||||||||
Matthew C. Lucey | 47 | President | ||||||||||||
Erik Young | 43 | Senior Vice President, Chief Financial Officer | ||||||||||||
Paul Davis | 58 | President, Western Region | ||||||||||||
Thomas L. O’Connor | 48 | Senior Vice President, Commercial | ||||||||||||
Herman Seedorf | 69 | Senior Vice President, Refining | ||||||||||||
Trecia Canty | 51 | Senior Vice President, General Counsel & Corporate Secretary |
(in thousands) | 2020 | 2019 | |||||||||
Audit Fees (1) | $ | 4,660.0 | $ | 4,254.0 | |||||||
Audit-related Fees (2) | 576.0 | 33.5 | |||||||||
Tax Fees (3) | 57.8 | 78.3 | |||||||||
Total Fees | $ | 5,293.8 | $ | 4,365.8 | |||||||
(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 related accounting consultation services provided to support the performance of such audits. Fees, and related expenses, are for services performed in connection with the audit of our fiscal years ended December 31, 2020 and 2019 financial statements regardless of when incurred. | |||||||||||
(2) Represents fees for professional services rendered in connection with various filings for PBF Holding and its indirect parent, PBF Energy, including (i) services rendered in connection with the filing of multiple registration statements with the SEC and (ii) attestation services performed in connection with certain regulatory filings. | |||||||||||
(3) Represents fees associated with tax services rendered for income tax planning and sales, use and excise tax matters. |
Number | Description | |||||||
Contribution Agreement dated as of April 24, 2019 by and between PBF Energy Company LLC and PBF Logistics LP (incorporated by reference to Exhibit 2.1 filed with PBF Energy Inc.’s Current Report on Form 8-K dated April 26, 2019 (File No. 001-35764)) | ||||||||
Sale and Purchase Agreement dated June 11, 2019 by and between PBF Holding Company LLC and Equilon Enterprises LLC d/b/a Shell Oil Products US (incorporated by reference to Exhibit 2.1 filed with PBF Energy Inc.’s Current Report on Form 8-K dated June 11, 2019 (File No. 001-35764)). | ||||||||
Amendment No. 1 dated February 1, 2020 to Sale and Purchase Agreement dated June 11, 2019 by and between PBF Holding Company LLC and Equilon Enterprises LLC d/b/a Shell Oil Products US (incorporated by reference to Exhibit 2.2 filed with PBF Energy Inc.'s Current Report on Form 8-K dated February 6, 2020 (File No. 001-35764)). | ||||||||
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 dated January 14, 2013 (Registration No. 333-186007)). | ||||||||
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)). | ||||||||
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)). | ||||||||
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)). | ||||||||
Indenture dated as of May 30, 2017, 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 and Authenticating Agent and form of 7.25% Senior Note (included as Exhibit A) (incorporated by reference to Exhibit 4.1 of PBF Holding Company LLC’s Current Report on Form 8-K (File No. 001-35764) filed on May 30, 2017). | ||||||||
Indenture dated as of January 24, 2020, 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 and Authenticating Agent and form of 6.00% Senior Notes due 2028 (included as Exhibit A) (incorporated by reference to Exhibit 4.1 filed with PBF Energy Inc.’s Current Report on Form 8-K dated January 24, 2020 (File No. 001-35764)). | ||||||||
Registration Rights Agreement dated January 24, 2020, among PBF Holding Company LLC and PBF Finance Corporation, the Guarantors named therein and BofA Securities, Inc., 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 January 24, 2020 (File No. 001-35764)). | ||||||||
First Supplemental Indenture dated February 3, 2020, among PBF Holding Company LLC, PBF Finance Corporation, Martinez Refining Company LLC, Martinez Terminal Company LLC, Wilmington Trust, National Association, as trustee, and Deutsche Bank Trust Company Americas, as paying agent, transfer agent, registrar and authenticating agent (6.00% Senior Notes due 2028) (incorporated by reference to Exhibit 4.3 filed with PBF Energy Inc.’s Quarterly Report on Form 10-Q dated May 15, 2020 (File No. 001-35764). | ||||||||
First Supplemental Indenture dated February 3, 2020, among PBF Holding Company LLC, PBF Finance Corporation, Martinez Refining Company LLC, Martinez Terminal Company LLC, Wilmington Trust, National Association, as trustee, and Deutsche Bank Trust Company Americas, as paying agent, transfer agent, registrar and authenticating agent (7.25% Senior Notes due 2025) (incorporated by reference to Exhibit 4.4 filed with PBF Energy Inc.’s Quarterly Report on Form 10-Q dated May 15, 2020 (File No. 001-35764). | ||||||||
Eighth Supplemental Indenture dated March 4, 2020, among PBFX Ace Holdings LLC, PBF Logistics LP, PBF Logistics Finance Corporation, and Deutsche Bank Trust Company Americas, as trustee (incorporated by reference to Exhibit 4.1 filed with PBF Logistics LP’s Quarterly Report on Form 10-Q dated May 15, 2020 (File No. 001-36446)). | ||||||||
Indenture dated as of May 13, 2020, among PBF Holding Company LLC, PBF Finance Corporation, the Guarantors named on the signature pages thereto, Wilmington Trust, National Association, as Trustee, Paying Agent, Registrar, Transfer Agent, Authenticating Agent and Notes Collateral Agent and form of 9.25% Senior Secured Notes due 2025 (included as exhibit A) (incorporated by reference to Exhibit 4.1 filed with PBF Energy Inc.’s Current Report on Form 8-K dated May 13, 2020 (File No. 001-35764)). | ||||||||
Supplemental Indenture dated December 21, 2020, among PBF Holding Company LLC, PBF Finance Corporation, the Guarantors named on the signature pages thereto, Wilmington Trust, National Association, as Trustee, Paying Agent, Registrar, Transfer Agent, Authenticating Agent and Notes Collateral Agent (9.25% Senior Secured Notes due 2025) (incorporated by reference to Exhibit 4.3 filed with PBF Energy Inc.’s Current Report on Form 8-K dated December 22, 2020 (File No. 001-35764)). | ||||||||
PBF Energy Inc. Amended and Restated 2012 Equity Incentive Plan (incorporated by reference to DEF 14A filed with PBF Energy Inc.’s Proxy Statement dated March 22, 2016 (File No. 001-35764)). | ||||||||
PBF Energy Inc. Amended and Restated 2017 Equity Incentive Plan (incorporated by reference to Appendix A to PBF Energy Inc.’s Definitive Proxy Statement on Schedule 14A filed on April 13, 2018 (File No. 001-35764)). | ||||||||
Form of PBF Energy Non-Qualified Stock Option Agreement (prior to 2020) under the Amended and Restated PBF Energy Inc. 2017 Equity Incentive Plan (incorporated by reference to Exhibit 10.1 filed with PBF Energy Inc.’s Current Report on Form 8-K dated November 2, 2018 (File No. 001-35764)). | ||||||||
Form of PBF Energy Performance Share Unit Award Agreement (prior to 2020) under the Amended and Restated PBF Energy Inc. 2017 Equity Incentive Plan (incorporated by reference to Exhibit 10.2 filed with PBF Energy Inc.’s Current Report on Form 8-K dated November 2, 2018 (File No. 001-35764)). | ||||||||
Form of PBF Energy Performance Unit Award Agreement (prior to 2020) under the Amended and Restated PBF Energy Inc. 2017 Equity Incentive Plan (incorporated by reference to Exhibit 10.3 filed with PBF Energy Inc.’s Current Report on Form 8-K dated November 2, 2018 (File No. 001-35764)). | ||||||||
Form of PBF Energy Non-Qualified Stock Option Agreement (2020 and thereafter) under the Amended and Restated PBF Energy Inc. 2017 Equity Incentive Plan (incorporated by reference to Exhibit 10.1 filed with PBF Energy Inc.’s Current Report on Form 8-K dated November 13, 2020 (File No. 001-35764)). | ||||||||
Form of PBF Energy Performance Share Unit Award Agreement (2020 and thereafter) under the Amended and Restated PBF Energy Inc. 2017 Equity Incentive Plan (incorporated by reference to Exhibit 10.2 filed with PBF Energy Inc.’s Current Report on Form 8-K dated November 13, 2020 (File No. 001-35764)). | ||||||||
Form of PBF Energy Performance Unit Award Agreement (2020 and thereafter) under the Amended and Restated PBF Energy Inc. 2017 Equity Incentive Plan (incorporated by reference to Exhibit 10.3 filed with PBF Energy Inc.’s Current Report on Form 8-K dated November 13, 2020 (File No. 001-35764)). | ||||||||
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)). | ||||||||
Form of Restricted Stock Agreement for Non-Employee Directors under the PBF Energy Inc. 2017 Equity Incentive Plan (incorporated by reference to Exhibit 10.4 filed with PBF Energy Inc.’s Quarterly Report on Form 10-Q dated August 3, 2017 (File No. 001-35764)). | ||||||||
Form of 2017 Equity Incentive Plan Restricted Stock Agreement for employees (incorporated by reference to Exhibit 10.1 of PBF Energy Inc.’s Current Report on Form 8-K (File No. 001-35764) filed on October 31, 2017). | ||||||||
Form of 2017 Equity Incentive Plan Non-Qualified Stock Agreement (incorporated by reference to Exhibit 10.2 of PBF Energy Inc.’s Current Report on Form 8-K (File No. 001-35764) filed on October 31, 2017). | ||||||||
Form of Amended and Restated Non-Qualified Stock Option Agreement under the PBF Energy Inc. 2017 Equity Incentive Plan (incorporated by reference to Exhibit 10.1 filed with PBF Energy Inc.’s Current Report on Form 8-K dated February 16, 2018 (File No. 001-35764)). | ||||||||
Amended and Restated Restricted Stock Agreement for non-employee Directors under the PBF Energy Inc. 2017 Equity Incentive Plan. (incorporated by reference to Exhibit 10.3 of PBF Energy Inc.’s Annual Report on Form 10-K (File No. 001-35764) filed on February 23, 2018). | ||||||||
Form of Amended and Restated Restricted Stock Agreement for employees under PBF Energy Inc. 2017 Equity Incentive Plan (incorporated by reference to Exhibit 10.7 of PBF Energy Inc.’s Annual Report on Form 10-K (File No. 001-35764) filed on February 23, 2018). | ||||||||
Transportation Services Agreement dated as of August 31, 2016 among PBF Holding Company LLC and Torrance Valley Pipeline Company LLC (incorporated by reference to Exhibit 10.3 filed with PBF Energy Inc.’s Current Report on Form 8-K dated September 7, 2016 (File No. 001-35764)). | ||||||||
Pipeline Service Order dated as of August 31, 2016, by and between Torrance Valley Pipeline Company LLC, and PBF Holding Company LLC (incorporated by reference to Exhibit 10.4 filed with PBF Energy Inc.’s Current Report on Form 8-K dated September 7, 2016 (File No. 001-35764)). | ||||||||
Pipeline Service Order dated as of August 31, 2016, by and between Torrance Valley Pipeline Company LLC, and PBF Holding Company LLC (incorporated by reference to Exhibit 10.5 filed with PBF Energy Inc.’s Current Report on Form 8-K dated September 7, 2016 (File No. 001-35764)). | ||||||||
Dedicated Storage Service Order dated as of August 31, 2016, by and between Torrance Valley Pipeline Company LLC, and PBF Holding Company LLC (incorporated by reference to Exhibit 10.6 filed with PBF Energy Inc.’s Current Report on Form 8-K dated September 7, 2016 (File No. 001-35764)). | ||||||||
Throughput Storage Service Order dated as of August 31, 2016, by and between Torrance Valley Pipeline Company LLC, and PBF Holding Company LLC (incorporated by reference to Exhibit 10.7 filed with PBF Energy Inc.’s Current Report on Form 8-K dated September 7, 2016 (File No. 001-35764)). | ||||||||
Asset Purchase Agreement dated as of April 17, 2020, among PBF Holding Company LLC, Torrance Refining Company LLC, Martinez Refining Company LLC, Delaware City Refining Company LLC and Air Products and Chemicals Inc. (incorporated by reference to Exhibit 10.1 filed with PBF Energy Inc.’s Current Report on Form 8-K dated April 22, 2020 (File No. 001-35764)) | ||||||||
Transition Services Agreement dated as of April 17, 2020, among PBF Holding Company LLC, Torrance Refining Company LLC, Martinez Refining Company LLC, Delaware City Refining Company LLC and Air Products and Chemicals Inc. and Air Products West Coast Hydrogen LLC (incorporated by reference to Exhibit 10.2 filed with PBF Energy Inc.’s Current Report on Form 8-K dated April 22, 2020 (File No. 001-35764). | ||||||||
Guarantee Agreement dated as of April 17, 2020 among PBF Energy Inc. PBF Energy Company LLC and Air Products and Chemicals Inc. (incorporated by reference to Exhibit 10.3 filed with PBF Energy Inc.’s Current Report on Form 8-K dated April 22, 2020 (File No. 001-35764). | ||||||||
Senior Secured Revolving Credit Agreement dated as of May 2, 2018 (incorporated by reference to Exhibit 10.1 filed with PBF Energy Inc.’s Current Report on Form 8-K dated May 7, 2018 (File No. 001-35764)). | ||||||||
Second Amendment dated as of May 7, 2020 to Senior Secured Revolving Credit Agreement dated as of May 2, 2018, as amended (incorporated by reference to Exhibit 10.1 filed with PBF Energy Inc.’s Current Report on Form 8-K dated May 7, 2020 (File No. 001-35764)). | ||||||||
Amendment dated as of February 18, 2020 to Senior Secured Revolving Credit Agreement dated as of May 2, 2018 (incorporated by reference to Exhibit 10.3 filed with PBF Energy Inc.’s Quarterly Report on Form 10-Q dated May 15, 2020 (File No. 001-35764). | ||||||||
Sixth Amended and Restated Operation and Management Services and Secondment Agreement dated as of July 31, 2018, among PBF Holding Company LLC, Delaware City Refining Company LLC, Toledo Refining Company LLC, Torrance Refining Company LLC, Torrance Logistics Company LLC, Chalmette Refining L.L.C., Paulsboro Refining Company LLC, PBF Logistics GP LLC, PBF Logistics LP, DCR Storage and Loading LLC, Delaware City Terminaling Company LLC, Toledo Terminaling Company LLC, Delaware Pipeline Company LLC, Delaware City Logistics Company LLC, Paulsboro Terminaling Company LLC, Paulsboro Natural Gas Pipeline Company LLC, Toledo Rail Logistics Company LLC, Chalmette Logistics Company LLC and PBFX Operating Company LLC (incorporated by reference to Exhibit 10.3 filed with PBF Logistics LP’s Quarterly Report on Form 10-Q dated October 31, 2018 (File No. 001-36446)). | ||||||||
Fifth Amended and Restated Omnibus Agreement dated as of July 31, 2018, among PBF Holding Company LLC, PBF Energy Company LLC, PBF Logistics GP LLC and PBF Logistics LP (incorporated by reference to Exhibit 10.2 filed with PBF Logistics LP’s Quarterly Report on Form 10-Q dated October 31, 2018 (File No. 001-36446)). | ||||||||
Amended and Restated Delaware City Rail Terminaling Services Agreement (incorporated by reference to Exhibit 10.1 filed with PBF Logistics LP’s Quarterly Report on Form 10-Q dated May 3, 2018 (File No. 001-36446)). | ||||||||
Amended and Restated Delaware City West Ladder Rack Terminaling Services Agreement (incorporated by reference to Exhibit 10.2 filed with PBF Logistics LP’s Quarterly Report on Form 10-Q dated May 3, 2018 (File No. 001-36446)). | ||||||||
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)). | ||||||||
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)). | ||||||||
Second Amended and Restated Inventory Intermediation Agreement dated as of August 29, 2019, among J. Aron & Company LLC, PBF Holding Company LLC and Paulsboro Refining Company LLC (incorporated by reference to Exhibit 10.1 filed with PBF Energy Inc.’s Current Report on Form 8-K dated September 4, 2019 (File No. 001-35764)). | ||||||||
Second Amended and Restated Inventory Intermediation Agreement dated as of August 29, 2019, among J. Aron & Company LLC, PBF Holding Company LLC and Delaware City Refining Company LLC (incorporated by reference to Exhibit 10.2 filed with PBF Energy Inc.’s Current Report on Form 8-K dated September 4, 2019 (File No. 001-35764)) | ||||||||
Amended to the Inventory Intermediation Agreement dated as of November 19, 2020, among J. Aron & Company LLC, PBF Holding Company LLC and Paulsboro Refining Company LLC (incorporated by reference to Exhibit 10.34 filed with PBF Energy Inc.’s Annual Report on Form 10-K dated February 18, 2021 (File No. 001-35764)). | ||||||||
Amended to the Inventory Intermediation Agreement dated as of November 19, 2020, among J. Aron & Company LLC, PBF Holding Company LLC and Delaware City Refining Company LLC (incorporated by reference to Exhibit 10.35 filed with PBF Energy Inc.’s Annual Report on Form 10-K dated February 18, 2021 (File No. 001-35764)). | ||||||||
Amendment to Amended and Restated Delaware City Rail Terminaling Service Agreement dated February 13, 2019 among PBF Holding Company LLC, Delaware City Terminaling Company LLC and CPI Operations LLC (incorporated by reference to Exhibit 10.2 filed with PBF Energy Inc.’s Current Report on Form 8-K dated February 14, 2019 (File No. 001-35764)). | ||||||||
Terminaling Service Agreement dated February 13, 2019 among PBF Holding Company LLC, Delaware City Terminaling Company LLC and CPI Operations LLC (incorporated by reference to Exhibit 10.3 filed with PBF Energy Inc.’s Current Report on Form 8-K dated February 14, 2019 (File No. 001-35764)). | ||||||||
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 Quarterly Report on Form 10-Q dated August 7, 2014 (File No. 001-35764)). | ||||||||
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 dated December 16, 2014 (File No. 001-36446)). | ||||||||
Lease Agreement dated as of February 15, 2017 by and between PBFX Operating Company LLC and Chalmette Refining, L.L.C. (incorporated by reference to Exhibit 10.3 of PBF Energy Inc.’s Current Report on Form 8-K (File No. 001-35764) filed on February 22, 2017). | ||||||||
Storage Services Agreement dated as of February 15, 2017 by and between PBFX Operating Company LLC and PBF Holding Company LLC (incorporated by reference to Exhibit 10.1 of PBF Energy Inc.’s Current Report on Form 8-K (File No. 001-35764) filed on February 22, 2017). | ||||||||
Firm Transportation Service Agreement dated as of August 3, 2017, by and between Paulsboro Natural Gas Pipeline Company LLC and Paulsboro Refining Company LLC (incorporated by reference to Exhibit 10.1 with PBF Logistics LP’s Quarterly Report on Form 10-Q dated November 2, 2017 (File No. 001-36446). | ||||||||
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)). | ||||||||
Joinder Agreement to the ABL Security Agreement dated as of February 1, 2020, among Martinez Refining Company LLC, Martinez Terminal Company LLC and Bank of America, N.A., as Administrative Agent (incorporated by reference to Exhibit 10.1 filed with PBF Energy Inc.’s Quarterly Report on Form 10-Q dated May 15, 2020 (File No. 001-35764). | ||||||||
Joinder Agreement to the Credit Agreement dated as of February 1, 2020, among PBF Holding Company LLC, the Guarantors named on the signature pages thereto including Martinez Refining Company LLC, Martinez Terminal Company LLC and Bank of America, N.A., as Administrative Agent to Senior Secured Revolving Credit Agreement dated as of May 2, 2018 (incorporated by reference to Exhibit 10.2 filed with PBF Energy Inc.’s Quarterly Report on Form 10-Q dated May 15, 2020 (File No. 001-35764). | ||||||||
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 dated February 29, 2016 (File No. 001-35764)). | ||||||||
Employment Agreement dated as of April 1, 2014 between PBF Investments LLC and Timothy Paul Davis (incorporated by reference to Exhibit 10.4 filed with PBF Energy Inc.’s Quarterly Report on Form 10-Q dated May 7, 2014 (File No. 001-35764)). | ||||||||
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 Quarterly Report on Form 10-Q dated May 7, 2014 (File No. 001-35764)). | ||||||||
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)). | ||||||||
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)). | ||||||||
Subsidiaries of PBF Holding Company LLC | ||||||||
List of Guarantor Subsidiaries | ||||||||
Power of Attorney (included on signature page) | ||||||||
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 | ||||||||
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 | ||||||||
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 | ||||||||
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. | ||||
† | Portions of the exhibits have been omitted because such information is both (i) not material and (ii) could be competitively harmful if publicly disclosed. | ||||
(1) | This exhibit should not be deemed to be “filed” for purposes of Section 18 of the Exchange Act. |
December 31, 2020 | December 31, 2019 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable | |||||||||||
Accounts receivable - affiliate | |||||||||||
Inventories | |||||||||||
Prepaid and other current assets | |||||||||||
Total current assets | |||||||||||
Property, plant and equipment, net | |||||||||||
Lease right of use assets - third party | |||||||||||
Lease right of use assets - affiliate | |||||||||||
Deferred charges and other assets, net | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | $ | |||||||||
Accounts payable - affiliate | |||||||||||
Accrued expenses | |||||||||||
Deferred revenue | |||||||||||
Current operating lease liabilities - third party | |||||||||||
Current operating lease liabilities - affiliate | |||||||||||
Current debt | |||||||||||
Total current liabilities | |||||||||||
Long-term debt | |||||||||||
Deferred tax liabilities | |||||||||||
Long-term operating lease liabilities - third party | |||||||||||
Long-term operating lease liabilities - affiliate | |||||||||||
Long-term financing lease liabilities - third party | |||||||||||
Other long-term liabilities | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies (Note 12) | |||||||||||
Equity: | |||||||||||
PBF Holding Company LLC equity | |||||||||||
Member’s equity | |||||||||||
Retained earnings (accumulated deficit) | ( | ||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Total PBF Holding Company LLC equity | |||||||||||
Noncontrolling interest | |||||||||||
Total equity | |||||||||||
Total liabilities and equity | $ | $ |
Year Ended December 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Revenues | $ | $ | $ | |||||||||||||||||
Cost and expenses: | ||||||||||||||||||||
Cost of products and other | ||||||||||||||||||||
Operating expenses (excluding depreciation and amortization expense as reflected below) | ||||||||||||||||||||
Depreciation and amortization expense | ||||||||||||||||||||
Cost of sales | ||||||||||||||||||||
General and administrative expenses (excluding depreciation and amortization expense as reflected below) | ||||||||||||||||||||
Depreciation and amortization expense | ||||||||||||||||||||
Change in fair value of contingent consideration | ( | |||||||||||||||||||
Impairment Expense | ||||||||||||||||||||
Equity income in investee | ( | ( | ||||||||||||||||||
Gain on sale of assets | ( | ( | ( | |||||||||||||||||
Total cost and expenses | ||||||||||||||||||||
Income (loss) from operations | ( | |||||||||||||||||||
Other income (expense): | ||||||||||||||||||||
Interest expense, net | ( | ( | ( | |||||||||||||||||
Change in fair value of catalyst obligations | ( | ( | ||||||||||||||||||
Debt extinguishment costs | ( | |||||||||||||||||||
Other non-service components of net periodic benefit cost | ( | |||||||||||||||||||
Income (loss) before income taxes | ( | |||||||||||||||||||
Income tax expense (benefit) | ( | |||||||||||||||||||
Net income (loss) | ( | |||||||||||||||||||
Less: net income (loss) attributable to noncontrolling interests | ( | |||||||||||||||||||
Net income (loss) attributable to PBF Holding Company LLC | $ | ( | $ | $ |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Net income (loss) | $ | ( | $ | $ | |||||||||||||
Other comprehensive income (loss): | |||||||||||||||||
Unrealized (loss) gain on available for sale securities | ( | ( | |||||||||||||||
Net gain on pension and other post-retirement benefits | |||||||||||||||||
Total other comprehensive income | |||||||||||||||||
Comprehensive income (loss) | ( | ||||||||||||||||
Less: comprehensive income (loss) attributable to noncontrolling interests | ( | ||||||||||||||||
Comprehensive income (loss) attributable to PBF Holding Company LLC | $ | ( | $ | $ |
Member's Equity | Accumulated Other Comprehensive Income (Loss) | Retained Earnings (Accumulated Deficit) | Noncontrolling Interest | Total Equity | ||||||||||||||||||||||||||||
Balance, January 1, 2018 | $ | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||
Member distributions | ( | ( | ||||||||||||||||||||||||||||||
Capital contributions from PBF LLC | ||||||||||||||||||||||||||||||||
Distribution of assets to PBF LLC | ( | ( | ||||||||||||||||||||||||||||||
Stock based compensation | ||||||||||||||||||||||||||||||||
Comprehensive income | ||||||||||||||||||||||||||||||||
Other | ( | ( | ( | |||||||||||||||||||||||||||||
Balance, December 31, 2018 | ( | |||||||||||||||||||||||||||||||
Member distributions | ( | ( | ||||||||||||||||||||||||||||||
Capital contributions from PBF LLC | ||||||||||||||||||||||||||||||||
Distribution of assets to PBF LLC | ( | ( | ||||||||||||||||||||||||||||||
Distribution of TVPC investment | ( | ( | ||||||||||||||||||||||||||||||
Stock based compensation | ||||||||||||||||||||||||||||||||
Comprehensive income | ||||||||||||||||||||||||||||||||
Balance, December 31, 2019 | ( | |||||||||||||||||||||||||||||||
Member distributions | ( | ( | ||||||||||||||||||||||||||||||
Capital contributions from PBF LLC | ||||||||||||||||||||||||||||||||
Stock based compensation | ||||||||||||||||||||||||||||||||
Comprehensive income (loss) | ( | ( | ( | |||||||||||||||||||||||||||||
Balance, December 31, 2020 | $ | $ | ( | $ | ( | $ | $ |
Year Ended December 31, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Cash flows from operating activities: | |||||||||||||||||
Net income (loss) | $ | ( | $ | $ | |||||||||||||
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | |||||||||||||||||
Depreciation and amortization | |||||||||||||||||
Impairment expense | |||||||||||||||||
Stock-based compensation | |||||||||||||||||
Change in fair value of catalyst obligations | ( | ||||||||||||||||
Deferred income taxes | ( | ||||||||||||||||
Non-cash change in inventory repurchase obligations | ( | ( | |||||||||||||||
Non-cash lower of cost or market inventory adjustment | ( | ||||||||||||||||
Change in fair value of contingent consideration | ( | ||||||||||||||||
Debt extinguishment costs | |||||||||||||||||
Pension and other post-retirement benefit costs | |||||||||||||||||
Income from equity method investee | ( | ( | |||||||||||||||
Distributions from equity method investee | |||||||||||||||||
Gain on sale of assets | ( | ( | ( | ||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||
Accounts receivable | ( | ||||||||||||||||
Due to/from affiliates | ( | ||||||||||||||||
Inventories | ( | ( | |||||||||||||||
Prepaid and other current assets | ( | ( | |||||||||||||||
Accounts payable | ( | ( | |||||||||||||||
Accrued expenses | ( | ||||||||||||||||
Deferred revenue | ( | ||||||||||||||||
Other assets and liabilities | ( | ( | |||||||||||||||
Net cash (used in) provided by operating activities | $ | ( | $ | $ | |||||||||||||
Cash flows from investing activities: | |||||||||||||||||
Expenditures for property, plant and equipment | ( | ( | ( | ||||||||||||||
Expenditures for deferred turnaround costs | ( | ( | ( | ||||||||||||||
Expenditures for other assets | ( | ( | ( | ||||||||||||||
Acquisition of Martinez refinery | ( | ||||||||||||||||
Proceeds from sale of assets | |||||||||||||||||
Equity method investment - return of capital | |||||||||||||||||
Net cash used in investing activities | $ | ( | $ | ( | $ | ( | |||||||||||
Cash flows from financing activities: | |||||||||||||||||
Contributions from PBF LLC | $ | $ | $ | ||||||||||||||
Distributions to members | ( | ( | ( | ||||||||||||||
Proceeds from 2025 9.25% Senior Secured Notes | |||||||||||||||||
Proceeds from 2028 6.00% Senior Notes | |||||||||||||||||
Redemption of 2023 7.00% Senior Notes | ( | ||||||||||||||||
Proceeds from revolver borrowings | |||||||||||||||||
Repayments of revolver borrowings | ( | ( | ( | ||||||||||||||
Repayments of PBF Rail Term Loan | ( | ( | ( | ||||||||||||||
Repayments of note payable | ( | ||||||||||||||||
Settlements of catalyst obligations | ( | ( | ( | ||||||||||||||
Proceeds from catalyst financing arrangements | |||||||||||||||||
Payments on financing leases | ( | ||||||||||||||||
Deferred financing costs and other | ( | ( | ( | ||||||||||||||
Net cash provided by (used in) financing activities | $ | $ | $ | ( | |||||||||||||
Net increase in cash and cash equivalents | |||||||||||||||||
Cash and cash equivalents, beginning of period | |||||||||||||||||
Cash and cash equivalents, end of period | $ | $ | $ |
Supplemental cash flow disclosures | |||||||||||||||||
Non-cash activities: | |||||||||||||||||
Accrued and unpaid capital expenditures | $ | $ | $ | ||||||||||||||
Assets acquired under operating and financing leases | |||||||||||||||||
Fair value of the Martinez Contingent Consideration at acquisition | |||||||||||||||||
Distribution of assets to PBF Energy Company LLC | |||||||||||||||||
Cash paid during the year for: | |||||||||||||||||
Interest (net of capitalized interest of $ | $ | $ | $ | ||||||||||||||
Income taxes |
Process units and equipment | ||||||||
Pipeline and equipment | ||||||||
Buildings | ||||||||
Computers, furniture and fixtures | ||||||||
Leasehold improvements | ||||||||
Railcars |
(in millions) | Purchase Price | ||||
Gross purchase price | $ | ||||
Working capital, including post close adjustments | |||||
Contingent consideration (a) | |||||
Total consideration | $ |
(in millions) | Fair Value Allocation | ||||
Inventories | $ | ||||
Prepaid and other current assets | |||||
Property, plant and equipment | |||||
Operating lease right of use assets (a) | |||||
Financing lease right of use assets (a) | |||||
Deferred charges and other assets, net | |||||
Accrued expenses | ( | ||||
Current operating lease liabilities | ( | ||||
Current financing lease liabilities (b) | ( | ||||
Long-term operating lease liabilities | ( | ||||
Long-term financing lease liabilities | ( | ||||
Other long-term liabilities - environmental obligation | ( | ||||
Fair value of net assets acquired | $ |
Year Ended December 31, 2020 | Year Ended December 31, 2019 | ||||||||||
(Unaudited, in millions) | |||||||||||
Pro-forma revenues | $ | $ | |||||||||
Pro-forma net income (loss) attributable to PBF Holding | ( | ||||||||||
December 31, 2020 | |||||||||||||||||
(in millions) | Titled Inventory | Inventory Intermediation Agreements | Total | ||||||||||||||
Crude oil and feedstocks | $ | $ | $ | ||||||||||||||
Refined products and blendstocks | |||||||||||||||||
Warehouse stock and other | |||||||||||||||||
$ | $ | $ | |||||||||||||||
Lower of cost or market adjustment | ( | ( | ( | ||||||||||||||
Total inventories | $ | $ | $ |
December 31, 2019 | |||||||||||||||||
(in millions) | Titled Inventory | Inventory Intermediation Agreements | Total | ||||||||||||||
Crude oil and feedstocks | $ | $ | $ | ||||||||||||||
Refined products and blendstocks | |||||||||||||||||
Warehouse stock and other | |||||||||||||||||
$ | $ | $ | |||||||||||||||
Lower of cost or market adjustment | ( | ( | ( | ||||||||||||||
Total inventories | $ | $ | $ |
(in millions) | December 31, 2020 | December 31, 2019 | ||||||||||||
Land | $ | $ | ||||||||||||
Processing units, pipelines and equipment | ||||||||||||||
Buildings and leasehold improvements | ||||||||||||||
Computers, furniture and fixtures | ||||||||||||||
Construction in progress | ||||||||||||||
Less - Accumulated depreciation | ( | ( | ||||||||||||
Total property, plant and equipment, net | $ | $ |
(in millions) | December 31, 2020 | December 31, 2019 | |||||||||
Deferred turnaround costs, net | $ | $ | |||||||||
Catalyst, net | |||||||||||
Environmental credits | |||||||||||
Linefill | |||||||||||
Pension plan assets | |||||||||||
Intangible assets, net | |||||||||||
Other | |||||||||||
Total deferred charges and other assets, net | $ | $ |
(in millions) | December 31, 2020 | December 31, 2019 | |||||||||
Intangible assets - gross | $ | $ | |||||||||
Accumulated amortization | ( | ( | |||||||||
Intangible assets - net | $ | $ |
(in millions) | December 31, 2020 | December 31, 2019 | |||||||||
Inventory-related accruals | $ | $ | |||||||||
Renewable energy credit and emissions obligations | |||||||||||
Inventory intermediation agreements | |||||||||||
Excise and sales tax payable | |||||||||||
Accrued transportation costs | |||||||||||
Accrued utilities | |||||||||||
Accrued interest | |||||||||||
Accrued salaries and benefits | |||||||||||
Accrued refinery maintenance and support costs | |||||||||||
Accrued capital expenditures | |||||||||||
Current finance lease liabilities | |||||||||||
Environmental liabilities | |||||||||||
Customer deposits | |||||||||||
Other | |||||||||||
Total accrued expenses | $ | $ |
(in millions) | December 31, 2020 | December 31, 2019 | ||||||||||||
2025 Senior Secured Notes | $ | $ | ||||||||||||
2028 Senior Notes | ||||||||||||||
2025 Senior Notes | ||||||||||||||
2023 Senior Notes | ||||||||||||||
Revolving Credit Facility | ||||||||||||||
PBF Rail Term Loan | ||||||||||||||
Catalyst financing arrangements | ||||||||||||||
Less - Current debt | ( | |||||||||||||
Unamortized deferred financing costs | ( | ( | ||||||||||||
Long-term debt | $ | $ |
Refinery | Metal | Annual interest rate | Expiration date | |||||||||||||||||
Paulsboro | Platinum | % | December 2022 | |||||||||||||||||
Delaware City | Platinum | % | October 2021(1) | |||||||||||||||||
Delaware City | Palladium | % | September 2021(1) | |||||||||||||||||
Toledo | Platinum | % | September 2021(1) | |||||||||||||||||
Chalmette | Platinum | % | October 2021(1) | |||||||||||||||||
Chalmette | Platinum | % | November 2022 | |||||||||||||||||
Torrance | Platinum | % | July 2022 | |||||||||||||||||
Martinez | Platinum | % | September 2021(1) | |||||||||||||||||
Martinez | Palladium | % | September 2021(1) |
Year Ending December 31, | |||||
2021 | $ | ||||
2022 | |||||
2023 | |||||
2024 | |||||
2025 | |||||
Thereafter | |||||
$ |
(in millions) | December 31, 2020 | December 31, 2019 | ||||||||||||
Environmental liabilities | $ | $ | ||||||||||||
Defined benefit pension plan liabilities | ||||||||||||||
Post-retirement medical plan liabilities | ||||||||||||||
Early railcar return liability | ||||||||||||||
Other | ||||||||||||||
Total other long-term liabilities | $ | $ |
Contribution Agreement | Effective Date | Assets Contributed | Total Consideration | ||||||||
Contribution Agreements VII-X | 7/16/2018 | Development Assets (a) | $ | ||||||||
Contribution Agreement XI | 4/24/2019 | Remaining | $ |
Agreements | Initiation Date | Initial Term | Renewals (a) | MVC | Force Majeure | ||||||||||||
Transportation and Terminaling | |||||||||||||||||
Amended and Restated Rail Agreements (b) | 5/8/2014 | N/A | PBF Holding or PBFX can declare | ||||||||||||||
Toledo Truck Unloading & Terminaling Services Agreement (c) | 5/8/2014 | ||||||||||||||||
Toledo Storage Facility Storage and Terminaling Services Agreement- Terminaling Facility (c) | 12/12/2014 | ||||||||||||||||
Delaware Pipeline Services Agreement | 5/15/2015 | ||||||||||||||||
Delaware Pipeline Services Agreement- Magellan Connection | 11/1/2016 | See note (d) | See note (d) | ||||||||||||||
Delaware City Truck Loading Services Agreement- Gasoline | 5/15/2015 | ||||||||||||||||
Delaware City Truck Loading Services Agreement- LPGs | 5/15/2015 | ||||||||||||||||
East Coast Terminals Terminaling Services Agreements (e) | 5/1/2016 | Various (f) | Evergreen | ||||||||||||||
East Coast Terminals Tank Lease Agreements | 5/1/2016 | Various (f) | Evergreen | ||||||||||||||
Torrance Valley Pipeline Transportation Services Agreement- North Pipeline (c) | 8/31/2016 | ||||||||||||||||
Torrance Valley Pipeline Transportation Services Agreement- South Pipeline (c) | 8/31/2016 | ||||||||||||||||
Torrance Valley Pipeline Transportation Services Agreement- Midway Storage Tank (c) | 8/31/2016 | ||||||||||||||||
Torrance Valley Pipeline Transportation Services Agreement- Emidio Storage Tank (c) | 8/31/2016 | ||||||||||||||||
Torrance Valley Pipeline Transportation Services Agreement- Belridge Storage Tank (c) | 8/31/2016 | ||||||||||||||||
Paulsboro Natural Gas Pipeline Services Agreement (c) | 8/4/2017 | Evergreen | |||||||||||||||
Knoxville Terminals Agreement- Terminaling Services | 4/16/2018 | Evergreen | Various (j) | ||||||||||||||
Knoxville Terminals Agreement- Storage Services | 4/16/2018 | Evergreen | |||||||||||||||
Toledo Rail Loading Agreement (c) | 7/31/2018 | Various (k) | |||||||||||||||
Chalmette Terminal Throughput Agreement | 7/31/2018 | Evergreen | N/A | ||||||||||||||
Chalmette Rail Unloading Agreement | 7/31/2018 | ||||||||||||||||
DSL Ethanol Throughput Agreement (c) | 7/31/2018 | ||||||||||||||||
Delaware City Terminaling Services Agreement (l) | 1/1/2022 | ||||||||||||||||
Storage | |||||||||||||||||
Toledo Storage Facility Storage and Terminaling Services Agreement- Storage Facility (c) | 12/12/2014 | PBF Holding or PBFX can declare | |||||||||||||||
Chalmette Storage Agreement (c) | See note (m) | ||||||||||||||||
East Coast Storage Assets Terminal Storage Agreement (c) | 1/1/2019 | Evergreen |
Year Ended December 31, | ||||||||||||||||||||
(in millions) | 2020 | 2019 | 2018 | |||||||||||||||||
Reimbursements under affiliate agreements: | ||||||||||||||||||||
Services Agreement | $ | $ | $ | |||||||||||||||||
Omnibus Agreement | ||||||||||||||||||||
Total expenses under affiliate agreements |
Year Ending December 31, | (in millions) | ||||
2021 | $ | ||||
2022 | |||||
2023 | |||||
2024 | |||||
2025 | |||||
Thereafter | |||||
Total obligations | $ |
(in millions) | Classification on the Balance Sheet | December 31, 2020 | December 31, 2019 | |||||||||||||||||
Assets | ||||||||||||||||||||
Operating lease assets - third party | Lease right of use assets - third party | $ | $ | |||||||||||||||||
Operating lease assets - affiliate | Lease right of use assets - affiliate | |||||||||||||||||||
Finance lease assets | Lease right of use assets - third party | |||||||||||||||||||
Total lease right of use assets | $ | $ | ||||||||||||||||||
Liabilities | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Operating lease liabilities - third party | Current operating lease liabilities - third party | $ | $ | |||||||||||||||||
Operating lease liabilities - affiliate | Current operating lease liabilities - affiliate | |||||||||||||||||||
Finance lease liabilities - third party | Accrued expenses | |||||||||||||||||||
Noncurrent liabilities: | ||||||||||||||||||||
Operating lease liabilities - third party | Long-term operating lease liabilities - third party | |||||||||||||||||||
Operating lease liabilities - affiliate | Long-term operating lease liabilities - affiliate | |||||||||||||||||||
Finance lease liabilities - third party | Long-term financing lease liabilities - third party | |||||||||||||||||||
Total lease liabilities | $ | $ |
Lease Costs (in millions) | December 31, 2020 | December 31, 2019 | ||||||||||||
Components of total lease costs: | ||||||||||||||
Finance lease costs | ||||||||||||||
Amortization of lease right of use assets | $ | $ | ||||||||||||
Interest on lease liabilities | ||||||||||||||
Operating lease costs | ||||||||||||||
Short-term lease costs | ||||||||||||||
Variable lease costs | ||||||||||||||
Total lease costs | $ | $ |
Years Ended December 31, | ||||||||||||||
2020 | 2019 | |||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||||
Operating cash flows for operating leases | $ | $ | ||||||||||||
Operating cash flows for finance leases | ||||||||||||||
Financing cash flows for finance leases | ||||||||||||||
Supplemental non-cash amounts of lease liabilities arising from obtaining right-of-use assets |
Weighted average remaining lease term - operating leases | ||||||||
Weighted average remaining lease term - finance leases | ||||||||
Weighted average discount rate - operating leases | % | |||||||
Weighted average discount rate - finance leases | % |
Amounts due in the year ended December 31, (in millions) | Finance Leases | Operating Leases | ||||||||||||
2021 | $ | $ | ||||||||||||
2022 | ||||||||||||||
2023 | ||||||||||||||
2024 | ||||||||||||||
2025 | ||||||||||||||
Thereafter | ||||||||||||||
Total minimum lease payments | ||||||||||||||
Less: effect of discounting | ||||||||||||||
Present value of future minimum lease payments | ||||||||||||||
Less: current obligations under leases | ||||||||||||||
Long-term lease obligations | $ | $ |
Years Ended December 31, | ||||||||||||||||||||
(in millions) | 2020 | 2019 | 2018 | |||||||||||||||||
PBF Energy options | $ | $ | $ | |||||||||||||||||
PBF Energy restricted shares | ||||||||||||||||||||
PBF Energy performance awards | ||||||||||||||||||||
$ | $ | $ |
December 31, 2020 | December 31, 2019 | December 31, 2018 | ||||||||||||||||||
Expected life (in years) | ||||||||||||||||||||
Expected volatility | % | % | % | |||||||||||||||||
Dividend yield | % | % | % | |||||||||||||||||
Risk-free rate of return | % | % | % | |||||||||||||||||
Exercise price | $ | $ | $ | |||||||||||||||||
Weighted average grant-date fair value per PSU | $ | $ | $ |
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, 2020 | $ | |||||||||||||||||||
Granted | ||||||||||||||||||||
Exercised | ( | — | ||||||||||||||||||
Forfeited | ( | — | ||||||||||||||||||
Outstanding at December 31, 2020 | $ | |||||||||||||||||||
Exercisable and vested at December 31, 2020 | $ | |||||||||||||||||||
Expected to vest at December 31, 2020 | $ |
Number of PBF Energy Restricted Class A Common Stock | Weighted Average Grant Date Fair Value | |||||||||||||
Nonvested at January 1, 2020 | $ | |||||||||||||
Granted | ||||||||||||||
Vested | ( | |||||||||||||
Forfeited | ( | |||||||||||||
Nonvested at December 31, 2020 | $ |
December 31, 2020 | December 31, 2019 | December 31, 2018 | ||||||||||||||||||
Weighted-average grant-date fair value per share of restricted stock granted | $ | $ | $ | |||||||||||||||||
Fair value of restricted stock vested (in millions) | $ | $ | $ |
December 31, 2020 | December 31, 2019 | December 31, 2018 | ||||||||||||||||||
Expected life (in years) | ||||||||||||||||||||
Expected volatility | % | |||||||||||||||||||
Dividend yield | % | |||||||||||||||||||
Risk-free rate of return | % | |||||||||||||||||||
Weighted average grant-date fair value per PSU | $ | $ | $ |
Number of PBF Energy Performance Share Units (“PSUs”) | Weighted Average Grant Date Fair Value | |||||||||||||
Nonvested at January 1, 2020 | $ | |||||||||||||
Granted | ||||||||||||||
Vested (a) | ( | |||||||||||||
Forfeited | ( | |||||||||||||
Nonvested at December 31, 2020 | $ | |||||||||||||
(in millions) | Number of PBF Energy Performance Units (in equivalent $’s) | |||||||
Nonvested at January 1, 2020 | $ | |||||||
Granted | ||||||||
Vested (a) | ( | |||||||
Forfeited | ( | |||||||
Nonvested at December 31, 2020 | $ | |||||||
Pension Plans | Post-Retirement Medical Plan | |||||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | $ | $ | $ | ||||||||||||||||||||||
Service cost | ||||||||||||||||||||||||||
Interest cost | ||||||||||||||||||||||||||
Plan amendments | ||||||||||||||||||||||||||
Benefit payments | ( | ( | ( | ( | ||||||||||||||||||||||
Actuarial loss (gain) | ( | |||||||||||||||||||||||||
Projected benefit obligation at end of year | $ | $ | $ | $ | ||||||||||||||||||||||
Change in plan assets: | ||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | $ | $ | $ | ||||||||||||||||||||||
Actual return on plan assets | ||||||||||||||||||||||||||
Benefits paid | ( | ( | ( | ( | ||||||||||||||||||||||
Employer contributions | ||||||||||||||||||||||||||
Fair value of plan assets at end of year | $ | $ | $ | $ | ||||||||||||||||||||||
Reconciliation of funded status: | ||||||||||||||||||||||||||
Fair value of plan assets at end of year | $ | $ | $ | $ | ||||||||||||||||||||||
Less benefit obligations at end of year | ||||||||||||||||||||||||||
Funded status at end of year | $ | ( | $ | ( | $ | ( | $ | ( |
(in millions) | Pension Benefits | Post-Retirement Medical Plan | ||||||||||||
2021 | $ | $ | ||||||||||||
2022 | ||||||||||||||
2023 | ||||||||||||||
2024 | ||||||||||||||
2025 | ||||||||||||||
Years 2026-2030 |
Pension Benefits | Post-Retirement Medical Plan | |||||||||||||||||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||
Components of net periodic benefit cost: | ||||||||||||||||||||||||||||||||||||||
Service cost | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Interest cost | ||||||||||||||||||||||||||||||||||||||
Expected return on plan assets | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Amortization of prior service cost and actuarial loss | ||||||||||||||||||||||||||||||||||||||
Net periodic benefit cost | $ | $ | $ | $ | $ | $ |
Pension Benefits | Post-Retirement Medical Plan | |||||||||||||||||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||
Prior service costs | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Net actuarial (gain) loss | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Amortization of losses and prior service cost | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||
Total changes in other comprehensive (income) loss | $ | ( | $ | ( | $ | $ | $ | ( | $ | ( |
Pension Benefits | Post-Retirement Medical Plan | |||||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Prior service costs | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Net actuarial (loss) gain | ( | ( | ||||||||||||||||||||||||
Total | $ | ( | $ | ( | $ | ( | $ |
Qualified Plan | Supplemental Plan | Post-Retirement Medical Plan | ||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||
Discount rate - benefit obligations | % | % | % | % | % | % | ||||||||||||||||||||||||||||||||
Rate of compensation increase | % | % | % | % |
Qualified Plan | Supplemental Plan | Post-Retirement Medical Plan | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||
Discount rates: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective rate for service cost | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective rate for interest cost | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective rate for interest on service cost | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash balance interest credit rate | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Expected long-term rate of return on plan assets | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||
Rate of compensation increase | N/A | N/A | N/A |
Post-Retirement Medical Plan | ||||||||||||||
2020 | 2019 | |||||||||||||
Health care cost trend rate assumed for next year | % | % | ||||||||||||
Rate to which the cost trend rate was assumed to decline (the ultimate trend rate) | % | % | ||||||||||||
Year that the rate reaches the ultimate trend rate |
Fair Value Measurements Using NAV as Practical Expedient (Level 2) | ||||||||||||||
December 31, | ||||||||||||||
(in millions) | 2020 | 2019 | ||||||||||||
Equities: | ||||||||||||||
Domestic equities | $ | $ | ||||||||||||
Developed international equities | ||||||||||||||
Global low volatility equities | ||||||||||||||
Emerging market equities | ||||||||||||||
Fixed-income | ||||||||||||||
Real Estate | ||||||||||||||
Cash and cash equivalents | ||||||||||||||
Total | $ | $ |
Year Ended December 31, | ||||||||||||||||||||
(in millions) | 2020 | 2019 | 2018 | |||||||||||||||||
Gasoline and distillates | $ | $ | $ | |||||||||||||||||
Feedstocks and other | ||||||||||||||||||||
Asphalt and blackoils | ||||||||||||||||||||
Chemicals | ||||||||||||||||||||
Lubricants | ||||||||||||||||||||
Total Revenues | $ | $ | $ |
(in millions) | December 31, 2020 | December 31, 2019 | December 31, 2018 | ||||||||||||||
Current income tax (benefit) expense | $ | ( | $ | $ | |||||||||||||
Deferred income tax expense (benefit) | ( | ||||||||||||||||
Total income tax expense (benefit) | $ | $ | ( | $ |
(in millions) | December 31, 2020 | December 31, 2019 | |||||||||
Deferred tax assets | |||||||||||
Net operating loss carry forwards | $ | $ | |||||||||
Other | |||||||||||
Total deferred tax assets | |||||||||||
Valuation allowances | |||||||||||
Total deferred tax assets, net | |||||||||||
Deferred tax liabilities | |||||||||||
Property, plant and equipment | |||||||||||
Inventory | |||||||||||
Total deferred tax liabilities | |||||||||||
Net deferred tax liability | $ | ( | $ | ( |
As of December 31, 2020 | |||||||||||||||||||||||||||||||||||
Fair Value Hierarchy | |||||||||||||||||||||||||||||||||||
(in millions) | 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 | $ | $ | $ | $ | N/A | $ | |||||||||||||||||||||||||||||
Commodity contracts | ( | ||||||||||||||||||||||||||||||||||
Derivatives included with inventory supply arrangement obligations | |||||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||
Commodity contracts | ( | ||||||||||||||||||||||||||||||||||
Catalyst obligations | |||||||||||||||||||||||||||||||||||
Contingent consideration obligation | — | — | — | — | — | — | |||||||||||||||||||||||||||||
As of December 31, 2019 | |||||||||||||||||||||||||||||||||||
Fair Value Hierarchy | |||||||||||||||||||||||||||||||||||
(in millions) | 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 | $ | $ | $ | $ | N/A | $ | |||||||||||||||||||||||||||||
Commodity contracts | ( | ||||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||
Commodity contracts | ( | ||||||||||||||||||||||||||||||||||
Catalyst obligations | |||||||||||||||||||||||||||||||||||
Derivatives included with inventory intermediation agreement obligations |
Year Ended December 31, | |||||
(in millions) | 2020 | ||||
Balance at beginning of period | $ | ||||
Additions | |||||
Accretion on discounted liabilities | |||||
Settlements | ( | ||||
Unrealized gain included in earnings | ( | ||||
Balance at end of period | $ |
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||
(in millions) | Carrying value | Fair value | Carrying value | Fair value | |||||||||||||||||||
2025 Senior Secured Notes (a) | $ | $ | $ | $ | |||||||||||||||||||
2028 Senior Notes (a) | |||||||||||||||||||||||
2025 Senior Notes (a) | |||||||||||||||||||||||
2023 Senior Notes (a) (b) | |||||||||||||||||||||||
Revolving Credit Facility(c) | |||||||||||||||||||||||
PBF Rail Term Loan (c) | |||||||||||||||||||||||
Catalyst financing arrangements (d) | |||||||||||||||||||||||
Less - Current debt | ( | ( | |||||||||||||||||||||
Less - Unamortized deferred financing costs | ( | n/a | ( | n/a | |||||||||||||||||||
Long-term debt | $ | $ | $ | $ |
Description | Balance Sheet Location | Fair Value Asset/(Liability) | ||||||
(in millions) | ||||||||
Derivatives designated as hedging instruments: | ||||||||
December 31, 2020: | ||||||||
Derivatives included with the inventory intermediation agreement obligations | Accrued expenses | $ | ||||||
December 31, 2019: | ||||||||
Derivatives included with the inventory intermediation agreement obligations | Accrued expenses | $ | ( | |||||
Derivatives not designated as hedging instruments: | ||||||||
December 31, 2020: | ||||||||
Commodity contracts | Accounts receivable | $ | ( | |||||
December 31, 2019: | ||||||||
Commodity contracts | Accounts receivable | $ |
Description | Location of Gain or (Loss) Recognized in Income on Derivatives | Gain or (Loss) Recognized in Income on Derivatives | ||||||
(in millions) | ||||||||
Derivatives designated as hedging instruments: | ||||||||
For the year ended December 31, 2020: | ||||||||
Derivatives included with the inventory intermediation agreement obligations | Cost of products and other | $ | ||||||
For the year ended December 31, 2019: | ||||||||
Derivatives included with the inventory intermediation agreement obligations | Cost of products and other | $ | ( | |||||
For the year ended December 31, 2018: | ||||||||
Derivatives included with the inventory intermediation agreement obligations | Cost of products and other | $ | ||||||
Derivatives not designated as hedging instruments: | ||||||||
For the year ended December 31, 2020: | ||||||||
Commodity contracts | Cost of products and other | $ | ||||||
For the year ended December 31, 2019: | ||||||||
Commodity contracts | Cost of products and other | $ | ||||||
For the year ended December 31, 2018: | ||||||||
Commodity contracts | Cost of products and other | $ | ( | |||||
Hedged items designated in fair value hedges: | ||||||||
For the year ended December 31, 2020: | ||||||||
Crude oil, intermediate and refined product inventory | Cost of products and other | $ | ( | |||||
For the year ended December 31, 2019: | ||||||||
Crude oil, intermediate and refined product inventory | Cost of products and other | $ | ||||||
For the year ended December 31, 2018: | ||||||||
Intermediate and refined product inventory | Cost of products and other | $ | ( | |||||
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 3, 2021 | ||||||||||||
(Thomas J. Nimbley) | (Principal Executive Officer) | |||||||||||||
/s/ Erik Young | Senior Vice President, Chief Financial Officer | March 3, 2021 | ||||||||||||
(Erik Young) | (Principal Financial Officer) | |||||||||||||
/s/ John Barone | Chief Accounting Officer | March 3, 2021 | ||||||||||||
(John Barone) | (Principal Accounting Officer) | |||||||||||||
/s/ Trecia Canty | Director | March 3, 2021 | ||||||||||||
(Trecia Canty) | ||||||||||||||
/s/ Matthew C. Lucey | Director | March 3, 2021 | ||||||||||||
(Matthew C. Lucey) |
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 | |||||||
PBF Power Marketing LLC | Delaware | |||||||
Paulsboro Refining Company LLC | Delaware | |||||||
Toledo Refining Company LLC | Delaware | |||||||
PBF Finance Corporation | Delaware | |||||||
PBF International Inc. | Delaware | |||||||
PBF Rail Logistics Company LLC | Delaware | |||||||
PBF Transportation Company LLC | Delaware | |||||||
Chalmette Refining, L.L.C. | Delaware | |||||||
MOEM Pipeline LLC | Delaware | |||||||
Collins Pipeline Company | Delaware | |||||||
T&M Terminal Company | Delaware | |||||||
PBF Energy Western Region LLC | Delaware | |||||||
Torrance Refining Company LLC | Delaware | |||||||
Torrance Logistics Company LLC | Delaware | |||||||
Torrance Basin Pipeline Company LLC | Delaware | |||||||
Torrance Pipeline Company LLC | Delaware | |||||||
PBFWR Logistics Holdings LLC | Delaware | |||||||
Martinez Refining Company LLC | Delaware | |||||||
Martinez Terminal Company LLC | Delaware | |||||||
Martinez Pipeline Company LLC | Delaware | |||||||
PBF Energy Limited | British Columbia |
Exhibit 22.1 | ||||||||
PBF Holding Company LLC | ||||||||
List of Guarantor Subsidiaries | ||||||||
The following subsidiaries of PBF Holding Company (the "Company") were, as of December 31, 2020, guarantors of the Company’s 7.25% Senior Notes due 2025, 6.000% Senior Notes due 2028, and 9.25% Senior Secured Notes due 2025 : | ||||||||
Name: | Jurisdiction of Incorporation or Organization: | |||||||
PBF Services Company LLC | Delaware | |||||||
PBF Investments LLC | Delaware | |||||||
Delaware City Refining Company LLC | Delaware | |||||||
PBF Power Marketing LLC | Delaware | |||||||
Paulsboro Refining Company LLC | Delaware | |||||||
Toledo Refining Company LLC | Delaware | |||||||
PBF International Inc. | Delaware | |||||||
Chalmette Refining, L.L.C. | Delaware | |||||||
PBF Energy Western Region LLC | Delaware | |||||||
Torrance Refining Company LLC | Delaware | |||||||
Martinez Refining Company LLC | Delaware |
/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 3, 2021 |
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 3, 2021 |
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Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ (1,857.5) | $ 388.2 | $ 103.0 |
Other comprehensive income (loss): | |||
Unrealized (loss) gain on available for sale securities | (0.1) | 0.4 | (0.1) |
Net gain on pension and other post-retirement benefits | 3.7 | 13.8 | 3.1 |
Total other comprehensive income | 3.6 | 14.2 | 3.0 |
Comprehensive income (loss) | (1,853.9) | 402.4 | 106.0 |
Less: comprehensive income (loss) attributable to noncontrolling interests | (0.3) | 0.0 | 0.1 |
Comprehensive income (loss) attributable to PBF Holding Company LLC | $ (1,853.6) | $ 402.4 | $ 105.9 |
Consolidated Statements of Changes in Equity - USD ($) $ in Millions |
Total |
Member's Equity [Member] |
Accumulated Other Comprehensive Loss [Member] |
Retained Earnings [Member] |
Noncontrolling Interest [Member] |
---|---|---|---|---|---|
Beginning balance at Dec. 31, 2017 | $ 3,184.0 | $ 2,359.7 | $ (26.9) | $ 840.4 | $ 10.8 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Member distributions | (52.6) | 0.0 | 0.0 | (52.6) | 0.0 |
Capital contributions from PBF LLC | 287.0 | 287.0 | 0.0 | 0.0 | 0.0 |
Distribution of assets to PBF LLC | (13.7) | (13.7) | 0.0 | 0.0 | 0.0 |
Stock based compensation | 19.7 | 19.7 | 0.0 | 0.0 | 0.0 |
Comprehensive income (loss) | 106.0 | 0.0 | 3.0 | 102.9 | 0.1 |
Other | (0.6) | (0.2) | 0.0 | (0.4) | 0.0 |
Ending balance at Dec. 31, 2018 | 3,529.8 | 2,652.5 | (23.9) | 890.3 | 10.9 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Member distributions | (121.6) | 0.0 | 0.0 | (121.6) | 0.0 |
Capital contributions from PBF LLC | 228.5 | 228.5 | 0.0 | 0.0 | 0.0 |
Distribution of assets to PBF LLC | (0.3) | (0.3) | 0.0 | 0.0 | 0.0 |
Distribution of TVPC investment | (168.8) | (168.8) | 0.0 | 0.0 | 0.0 |
Stock based compensation | 27.2 | 27.2 | 0.0 | 0.0 | 0.0 |
Comprehensive income (loss) | 402.4 | 0.0 | 14.2 | 388.2 | 0.0 |
Ending balance at Dec. 31, 2019 | 3,897.2 | 2,739.1 | (9.7) | 1,156.9 | 10.9 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Member distributions | (23.1) | 0.0 | 0.0 | (23.1) | 0.0 |
Capital contributions from PBF LLC | 42.4 | 42.4 | 0.0 | 0.0 | 0.0 |
Stock based compensation | 28.2 | 28.2 | 0.0 | 0.0 | 0.0 |
Comprehensive income (loss) | (1,853.9) | 0.0 | 3.6 | (1,857.2) | (0.3) |
Ending balance at Dec. 31, 2020 | $ 2,090.8 | $ 2,809.7 | $ (6.1) | $ (723.4) | $ 10.6 |
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION |
12 Months Ended |
---|---|
Dec. 31, 2020 | |
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 99.2% of the outstanding economic interest in PBF LLC as of December 31, 2020. PBF Investments LLC, Toledo Refining Company LLC, Paulsboro Refining Company LLC (“PRC”), Delaware City Refining Company LLC (“DCR”), Chalmette Refining, L.L.C. (“Chalmette Refining”), PBF Energy Western Region LLC, Torrance Refining Company LLC, Torrance Logistics Company LLC and Martinez Refining Company LLC are PBF LLC’s principal operating subsidiaries and are all wholly-owned subsidiaries of PBF Holding. 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”). 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 contributed to PBFX the assets and liabilities of certain crude oil terminaling assets. In a series of additional transactions subsequent to the PBFX Offering, PBF Holding distributed certain additional assets to PBF LLC, which in turn contributed those assets to PBFX (as described in “Note 11 - Related Party Transactions”). Substantially all of the Company’s operations are in the United States. As of December 31, 2020, the Company’s 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 that are largely out of the Company’s control can cause prices to vary over time. The resulting potential margin volatility can have a material effect on the Company’s financial position, earnings and cash flows. COVID-19 and Market Developments The impact of the unprecedented global health and economic crisis sparked by the novel coronavirus (“COVID-19”) pandemic and related adverse impact on economic and commercial activity has resulted in a significant reduction in demand for refined petroleum and petrochemical products. This significant demand reduction has had an adverse impact on the Company’s results of operations and liquidity position for the year ended December 31, 2020. In response, the Company has reduced throughput rates across its entire refining system and is currently operating all refineries at reduced rates. It is impossible to estimate the duration or significance of the financial impact that will result from the COVID-19 pandemic. However, the extent of the impact of the COVID-19 pandemic on the Company’s business, financial condition, results of operations and liquidity will depend largely on future developments, including the duration of the outbreak, particularly within the geographic areas where the Company operates, and the related impact on overall economic activity, all of which are uncertain and cannot be predicted with certainty at this time.
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. Cost Classifications Cost of products and other consists of the cost of crude oil, other feedstocks, blendstocks and purchased refined products and the related in-bound freight and transportation costs. Operating expenses (excluding depreciation and amortization) consists of direct costs of labor, maintenance and services, utilities, property taxes, environmental compliance costs and other direct operating costs incurred in connection with our refining operations. Such expenses exclude depreciation related to refining and logistics assets that are integral to the refinery production process, which is presented separately as Depreciation and amortization expense as a component of Cost of sales on the Company’s Consolidated Statements of Operations. Reclassification As of December 31, 2020, Financing lease right of use assets - third party, previously included in Deferred charges and other assets, net, in the Consolidated Balance Sheets, are reflected within Lease right of use assets - third party, which is inclusive of all third party lease right of use assets. Financing lease liabilities - third party, previously included in Other long-term liabilities, in the Consolidated Balance Sheets, are presented as separate line items in the Consolidated Financial Statements. The amounts related to such balance sheet accounts have also been reclassified in their respective footnotes for prior periods to conform to the 2020 presentation. Use of Estimates The preparation of the financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) 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. Impairment Assessment The global crisis resulting from the spread of the COVID-19 pandemic continues to have a substantial impact on the economy and overall consumer demand for energy and hydrocarbon products. As a result of the enduring throughput reductions across the Company’s refineries and continued decrease in demand for the Company’s products, the Company determined an impairment triggering event had occurred as of December 31, 2020. As such, the Company performed an impairment assessment on its long-lived assets as of December 31, 2020. As a result of the impairment test, the Company concluded that the carrying values of its long-lived assets were not impaired when comparing the carrying value of the long-lived assets to the estimated undiscounted future cash flows expected to result from use of the assets over their remaining estimated useful life. In connection with the Company’s ongoing strategic response plan to deal with the COVID-19 pandemic and its East Coast Refining Reconfiguration (as defined in “Note 6 - Property, Plant and Equipment, net”), it recorded an impairment charge of approximately $91.8 million associated to the write-down of certain assets and project abandonments. Refer to “Note 6 - Property, Plant and Equipment, net” for further details. If adverse market conditions persist or there is further deterioration in the general economic environment due to the COVID-19 pandemic, there could be additional indicators that the Company’s assets are impaired requiring evaluation that may result in future impairment charges to earnings. 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. Certain of the Company’s acquisitions may include earn-out provisions or other forms of contingent consideration. As of the acquisition date, the Company records contingent consideration, as applicable, at the estimated fair value of expected future payments associated with the earn-out. Any changes to the recorded fair value of contingent consideration, subsequent to the measurement period, will be recognized as earnings in the period in which it occurs. 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, 2020, only one customer, Royal Dutch Shell, accounted for 10% or more of the Company’s revenues (approximately 13%). For the years ended December 31, 2019 and 2018 no single customer amounted to greater than or equal to 10% of the Company’s revenues. As of December 31, 2020, only one customer, Royal Dutch Shell, accounted for 10% or more of the Company’s total trade accounts receivable (approximately 17%). No single customer accounted for 10% or more of the Company’s total trade accounts receivable as of December 31, 2019. Revenue, Deferred Revenue and Accounts Receivable Effective January 1, 2018, the Company adopted ASC 606, Revenues from Contracts with Customers (“ASC 606”). As a result, the Company has changed its accounting policy for the recognition of revenue from contracts with customers. The Company sells various refined products primarily through its refinery subsidiaries and recognizes revenue related to the sale of products when control of the promised goods or services is transferred to the customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Refer to “Note 17 - Revenues” for further discussion of the Company’s revenue recognition policy, including deferred revenues and the practical expedients elected as part of the transition to ASC 606. During 2019, PBF Holding and its subsidiaries, DCR and PRC, entered into amendments to the existing inventory intermediation agreements (as amended in the first quarter of 2019 and amended and restated in the third quarter of 2019, the “Inventory Intermediation Agreements”) with J. Aron & Company, a subsidiary of The Goldman Sachs Group, Inc. (“J. Aron”), pursuant to which certain terms of the existing inventory intermediation agreements were amended, including, among other things, the maturity date. On March 29, 2019 the Inventory Intermediation Agreement by and among J. Aron, PBF Holding and DCR was amended to add the PBFX assets acquired from Crown Point International, LLC in October 2018 (the “East Coast Storage Assets”) as a location and crude oil as a new product type to be included in the J. Aron Products (as defined in “Note 5 - Inventories”) sold to J. Aron by DCR. On August 29, 2019 the Inventory Intermediation Agreement by and among J. Aron, PBF Holding and PRC was extended to December 31, 2021, which term may be further extended by mutual consent of the parties to December 31, 2022 and the Inventory Intermediation Agreement by and among J. Aron, PBF Holding and DCR was extended to June 30, 2021, which term may be further extended by mutual consent of the parties to June 30, 2022. Pursuant to each Inventory Intermediation Agreement, J. Aron purchases and holds title to the J. Aron Products produced by the refinery and delivered into the J. Aron Storage Tanks (as defined in “Note 5 - Inventories”). The J. Aron Products are sold back to the Company as the J. Aron Products are discharged out of the J. Aron Storage Tanks. These purchases and sales are settled monthly at the daily market prices related to those J. Aron Products. These transactions are considered to be made in contemplation of each other and, accordingly, do not result in the recognition of a sale when title passes from the East Coast refineries to J. Aron. Additionally, J. Aron has the right to store the J. Aron Products purchased in J. Aron Storage Tanks under the Inventory Intermediation Agreements and will retain these storage rights for the term of the agreements. PBF Holding continues to market and sell the J. Aron Products independently to third parties. 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, 2020 and 2019. 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. Leases Effective January 1, 2019, the Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2016-02, Leases (“ASC 842”), using the modified retrospective approach. As of the date of implementation on January 1, 2019, the impact of the adoption of ASC 842 resulted in the recognition of a right of use asset and lease liability on the Company’s Consolidated Balance Sheets of approximately $853.9 million of which $604.4 million is attributable to leases with affiliates. The Company leases office space, office equipment, refinery facilities and equipment, railcars and other logistics assets primarily under non-cancelable operating leases, with terms typically ranging from to twenty years, subject to certain renewal options as applicable. The Company considers those renewal or termination options that are reasonably certain to be exercised in the determination of the lease term and initial measurement of lease liabilities and right-of-use assets. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. Interest expense for finance leases is incurred based on the carrying value of the lease liability. Leases with an initial term of 12 months or less are not recorded on the Company’s Consolidated Balance Sheets. The Company determines whether a contract is or contains a lease at inception of the contract and whether that lease meets the classification criteria of a finance or operating lease. When available, the Company uses the rate implicit in the lease to discount lease payments to present value; however, most of the Company’s leases do not provide a readily determinable implicit rate. Therefore, the Company must discount lease payments based on an estimate of its incremental borrowing rate. For substantially all classes of underlying assets, the Company has elected the practical expedient not to separate lease and non-lease components, which allows for combining the components if certain criteria are met. For certain leases of refinery support facilities, the Company accounts for the non-lease service component separately. 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 metal catalysts, 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. The amortization period generally ranges from 3 to 6 years; however, based upon the specific facts and circumstances, different periods of deferral occur. As a result of the East Coast Refining Reconfiguration (as defined in “Note - 6 Property, Plant and Equipment, net), certain major processing units were temporarily idled. As such, the Company accelerated the recognition of approximately $56.2 million of unamortized deferred turnaround costs associated with these idled units. Precious metal catalysts, linefill and certain other intangibles 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. 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 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 utilizes assumptions that it believes are reasonable, future events and changing market conditions may impact management’s assumptions, which could produce different results. Investments in Equity Method Investments For equity investments that are not required to be consolidated under the variable or voting interest model, the Company evaluates the level of influence it is able to exercise over an entity’s operations to determine whether to use the equity method of accounting. The Company’s judgment regarding the level of control over an equity method investment includes considering key factors such as its ownership interest, participation in policy-making and other significant decisions and material intercompany transactions. Amounts recognized for equity method investments are included in equity method investments in the consolidated balance sheet and adjusted for the Company’s share of the net earnings and losses of the investee and cash distributions, which are included in the consolidated statements of operations and the consolidated statements of cash flows. Amounts recognized for earnings in excess of distributions of the Company’s equity method investments are included in the operating section of the consolidated statements of cash flows. The Company evaluates its equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may be impaired. A loss is recorded in earnings in the current period to write down the carrying value of the investment to fair value if a decline in the value of an equity method investment is determined to be other than temporary. 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 administrative expense with forfeitures recognized in the period they occur. PBF Energy grants performance share unit awards and performance unit awards to certain key employees. Performance awards granted to employees prior to November 1, 2020 are based on a -year performance cycle with four measurement periods and performance awards granted to employees after November 1, 2020 are based on a -year performance cycle having a single measurement period. The payout for each, which ranges from 0% to 200%, is based on the relative ranking of the total shareholder return (“TSR”) of PBF Energy’s common stock as compared to the TSR of a selected group of industry peer companies over an average of four measurement periods. The performance share unit awards and performance unit awards are each measured at fair value based on Monte Carlo simulation models. The performance share unit awards will be settled in PBF Energy Class A common stock and are accounted for as equity awards and the performance unit awards will be settled in cash and are accounted for as liability awards. 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 expense 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 and the Company’s wholly-owned Canadian subsidiary, PBF Energy Limited (“PBF Ltd.”). These subsidiaries are treated as C-corporations for tax purposes. The State tax returns for all years since 2015 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 obligations 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 and the risk associated with the price of credits needed to comply with various governmental and regulatory environmental compliance programs. The accounting treatment for commodity and environmental compliance 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 Consolidated Balance Sheets 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 Adopted Accounting Pronouncements In August 2018, the FASB issued ASU No. 2018-14, “Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20)”, to improve the effectiveness of benefit plan disclosures in the notes to financial statements by facilitating clear communication of the information required by GAAP that is most important to users of each entity’s financial statements. The amendments in this ASU modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. Additionally, the amendments in this ASU remove disclosures that no longer are considered cost beneficial, clarify the specific requirements of disclosures, and add disclosure requirements identified as relevant. The amendments in this ASU are effective for fiscal years ending after December 15, 2020, for public business entities and early adoption is permitted for all entities. The Company adopted this ASU effective January 1, 2020, which did not have a material impact on its Consolidated Financial Statements. Refer to “Note 16 - Employee Benefits Plans” for further disclosure related to our adoption of this pronouncement. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). This guidance amends the guidance on measuring credit losses on financial assets held at amortized cost. ASU 2016-13 requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company adopted this ASU effective January 1, 2020, which did not have a material impact on its Consolidated Financial Statements. Refer to “Note 4 - Current Expected Credit Losses” for further disclosure related to our adoption of this pronouncement. Recently Issued Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the effects of reference rate reform on financial reporting”. The amendments in this ASU provide optional guidance to alleviate the burden in accounting for reference rate reform, by allowing certain expedients and exceptions in applying GAAP to contracts, hedging relationship and other transactions affected by the expected market transition from London Interbank Offered Rate (“LIBOR”) and other interbank rates. The amendments in this ASU are effective for all entities at any time beginning on March 12, 2020 through December 31, 2022 and may be applied from the beginning of an interim period that includes the issuance date of the ASU. The Company is currently evaluating the impact of this new standard on its Consolidated Financial Statements and related disclosures.
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ACQUISITIONS |
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Business Combinations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACQUISITIONS | 3. ACQUISITIONS Martinez Acquisition On February 1, 2020, the Company acquired from Equilon Enterprises LLC d/b/a Shell Oil Products US (the "Seller"), the Martinez refinery and related logistics assets (collectively, the "Martinez Acquisition"), pursuant to a sale and purchase agreement dated June 11, 2019 (the “Sale and Purchase Agreement”). The Martinez refinery, located in Martinez, California, is a high-conversion, dual-coking facility that is strategically positioned in Northern California and provides for operating and commercial synergies with the Torrance refinery located in Southern California. In addition to refining assets, the Martinez Acquisition includes a number of onsite logistics assets, including a deep-water marine facility, product distribution terminals and refinery crude and product storage facilities. The aggregate purchase price for the Martinez Acquisition was $1,253.4 million, including final working capital of $216.1 million and the Martinez Contingent Consideration, as defined below. The transaction was financed through a combination of cash on hand, including proceeds from the 2028 Senior Notes (as defined in “Note 9 - Credit Facilities and Debt”), and borrowings under PBF Holding’s asset-based revolving credit agreement (the “Revolving Credit Facility”). The Company accounted for the Martinez Acquisition as a business combination under GAAP whereby it recognizes assets acquired and liabilities assumed in an acquisition at their estimated fair values as of the date of acquisition. The final purchase price and fair value allocation were completed as of September 30, 2020. The total purchase consideration and the fair values of the assets and liabilities at the acquisition date were as follows:
_______________________ (a) The Martinez Acquisition includes an obligation for the Company to make post-closing earn-out payments to the Seller based on certain earnings thresholds of the Martinez refinery (as set forth in the Sale and Purchase Agreement), for a period of up to four years following the acquisition closing date (the “Martinez Contingent Consideration”). The Company recorded the Martinez Contingent Consideration based on its estimated fair value of $77.3 million at the acquisition date, which was recorded within “Other long-term liabilities” within the Consolidated Balance Sheets. The following table summarizes the final amounts recognized for assets acquired and liabilities assumed as of the acquisition date:
_____________________________ (a) Operating and Financing lease right of use assets are recorded in Lease right of use assets - third party within the Consolidated Balance Sheets. (b) Current financing lease liabilities are recorded in Accrued expenses within the Consolidated Balance Sheets. The Company’s Consolidated Financial Statements for the year ended December 31, 2020 include the results of operations of the Martinez refinery and related logistics assets subsequent to the Martinez Acquisition. The same period in 2019 does not include the results of operations of such assets. On an unaudited pro-forma basis, the revenues and net income (loss) of the Company, assuming the acquisition had occurred on January 1, 2019, are shown below. The unaudited pro-forma information does not purport to present what the Company’s actual results would have been had the Martinez Acquisition occurred on January 1, 2019, 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 Martinez Acquisition and interest expense associated with the related financing.
Acquisition Expenses The Company incurred acquisition-related costs of $11.1 million for the year ended December 31, 2020 consisting primarily of consulting and legal expenses related to the Martinez Acquisition. There were no acquisition-related costs the year ended December 31, 2019 and December 31, 2018, respectively. These costs are included in General and administrative expenses within the Consolidated Statements of Operations.
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Credit Losses |
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Credit Loss [Abstract] | |
CURRENT EXPECTED CREDIT LOSSES | 4. CURRENT EXPECTED CREDIT LOSSES Credit Losses The Company has exposure to credit losses primarily through its sales of refined products. The Company evaluates creditworthiness on an individual customer basis. The Company utilizes a financial review model for purposes of evaluating creditworthiness which is based on information from financial statements and credit reports. The financial review model enables the Company to assess the customer’s risk profile and determine credit limits on the basis of their financial strength, including but not limited to, their liquidity, leverage, debt serviceability, longevity and how they pay their bills. The Company may require security in the form of letters of credit or cash payments in advance of product delivery for certain customers that are deemed higher risk. The Company’s payment terms on its trade receivables are relatively short, generally 30 days or less for a substantial majority of its refined products. As a result, the Company’s collection risk is mitigated to a certain extent by the fact that sales are collected in a relatively short period of time, allowing for the ability to reduce exposure on defaults if collection issues are identified. Notwithstanding, the Company reviews each customer’s credit risk profile at least annually or more frequently if warranted. Following the widespread market disruption that has resulted from the COVID-19 pandemic and related governmental responses, the Company has been performing ongoing credit reviews of its customers including monitoring for any negative credit events such as customer bankruptcy or insolvency events. As a result, the Company has adjusted payment terms or limited available trade credit for certain customers, as well as for customers within industries that are deemed to be at higher risk. The Company performs a quarterly allowance for doubtful accounts analysis to assess whether an allowance needs to be recorded for any outstanding trade receivables. In estimating credit losses, management reviews accounts that are past due, have known disputes or have experienced any negative credit events that may result in future collectability issues. There was no allowance for doubtful accounts recorded as of December 31, 2020 and December 31, 2019, respectively.
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INVENTORIES |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVENTORIES | INVENTORIES Inventories consisted of the following:
Inventory under the Inventory Intermediation Agreements includes crude oil, intermediate and certain finished products (the “J. Aron Products”) purchased or produced by the Paulsboro and Delaware City refineries and sold to counterparties in connection with such agreements. This inventory is held in the Company’s storage tanks at the Delaware City and Paulsboro refineries and at PBFX’s East Coast Storage Assets, (collectively the “J. Aron Storage Tanks”). During the year ended December 31, 2020, the Company recorded an adjustment to value its inventories to the lower of cost or market which decreased income from operations by $268.0 million, reflecting the net change in the lower of cost or market (“LCM”) inventory reserve from $401.6 million at December 31, 2019 to $669.6 million at December 31, 2020. During the year ended December 31, 2019, the Company recorded an adjustment to value its inventories to the lower of cost or market which increased income from operations by $250.2 million, reflecting the net change in the LCM inventory reserve from $651.8 million at December 31, 2018 to $401.6 million at December 31, 2019. An actual valuation of inventories valued under the LIFO method is made at the end of each year based on inventory levels and costs at that time. The Company recorded a charge related to a LIFO layer decrement of $83.0 million and $4.9 million during the years ended December 31, 2020 and December 31, 2019, respectively. The majority of the decrement recorded in 2020 related to the Company’s East Coast LIFO inventory layer and the reduction in the Company’s East Coast inventory experienced as part of the East Coast Refining Reconfiguration (as defined in “Note 6 - Property, Plant and Equipment, net”).
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PROPERTY, PLANT AND EQUIPMENT, NET |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PROPERTY, PLANT AND EQUIPMENT, NET | PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment, net consisted of the following:
Depreciation expense for the years ended December 31, 2020, 2019 and 2018 was $179.4 million, $140.7 million and $133.1 million, respectively. The Company capitalized $11.9 million and $17.6 million in interest during 2020 and 2019, respectively, in connection with construction in progress. East Coast Refining Reconfiguration On December 31, 2020, the Company reconfigured the Delaware and Paulsboro refineries (the “East Coast Refining Reconfiguration”) temporarily idling certain of its major processing units at the Paulsboro refinery, in order to operate the two refineries as one functional unit referred to as the “East Coast Refining System”. The reconfiguration process resulted in lower overall throughput and inventory levels in addition to decreases in capital and operating costs. The Company abandoned certain projects related to assets under construction related to these idled assets, resulting in an impairment charge of approximately $11.9 million and a corresponding decrease to its construction in progress account in the fourth quarter of 2020. Capital Project Abandonments In connection with the Company’s ongoing strategic response plan to deal with the COVID-19 pandemic and its East Coast Refining Reconfiguration, it assessed its refinery wide slate of capital projects that were either in process or not yet placed into service as of December 31, 2020. Based on this assessment and the Company’s strategic plan to reduce capital expenditures, it decided to abandon various capital projects across the refinery system, resulting in an impairment charge of approximately $79.9 million in the fourth quarter of 2020. Sale of Hydrogen Plants On April 17, 2020, the Company closed on the sale of five hydrogen plants to Air Products and Chemicals, Inc. (“Air Products”) in a sale-leaseback transaction for gross cash proceeds of $530.0 million and recognized a gain of $471.1 million. In connection with the sale, the Company entered into a transition services agreement which was followed by the execution of long-term supply agreements in August 2020. Refer to “Note 13 - Leases” for further information. Torrance Land Sales On December 30, 2020, August 1, 2019 and August 7, 2018, the Company closed on third-party sales of parcels of real property acquired as part of the Torrance refinery, but not part of the refinery itself. The sales resulted in a gain of approximately $8.1 million, $33.1 million and $43.8 million in the fourth quarter of 2020, third quarter of 2019 and third quarter of 2018, respectively, included within (Gain) loss on sale of assets in the Consolidated Statements of Operations.
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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:
Catalyst, net includes $115.2 million and $74.5 million of indefinite-lived precious metal catalysts (both owned or financed as part of existing catalyst financing arrangements) as of December 31, 2020 and December 31, 2019, respectively. The Company recorded amortization expense related to deferred turnaround costs, catalyst and intangible assets of $315.7 million, $256.8 million and $207.2 million for the years ended December 31, 2020, 2019 and 2018, respectively. Included in the current year amortization expense is approximately $56.2 million of accelerated unamortized deferred turnaround costs associated with assets that were idled as part of the East Coast Refining Reconfiguration. Intangible assets, net primarily consists of permits and emission credits. Our net balance as of December 31, 2020 and December 31, 2019 is shown below:
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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 the J. Aron Products that are held in its J. Aron Storage Tanks in accordance with the Inventory Intermediation Agreements with J. Aron. As of December 31, 2020 and December 31, 2019, a liability is recognized for the Inventory Intermediation Agreements and is recorded at market price for the J. Aron owned inventory held in the Company’s J. Aron Storage Tanks under the Inventory Intermediation Agreements, with any change in the market price being recorded in Cost of products and other. 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 United States Environmental Protection Agency (“EPA”). To the degree the Company is unable to blend the required amount of biofuels to satisfy its 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 and other current assets when the amount of RINs earned and purchased is greater than the RINs liability. In addition, the Company is subject to obligations to comply with federal and state legislative and regulatory measures, including regulations in the state of California pursuant to Assembly Bill 32 (“AB32”), to address environmental compliance and greenhouse gas and other emissions. These requirements include incremental costs to operate and maintain our facilities as well as to implement and manage new emission controls and programs. Renewable energy credit and emissions obligations fluctuate with the volume of applicable product sales and timing of credit purchases.
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CREDIT FACILITY AND LONG-TERM DEBT |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CREDIT FACILITY AND LONG-TERM DEBT | CREDIT FACILITIES AND DEBT Long-term debt outstanding consisted of the following:
2025 Senior Secured Notes On May 13, 2020, PBF Holding entered into an indenture among PBF Holding and PBF Holding’s wholly-owned subsidiary, PBF Finance Corporation (“PBF Finance” and together with PBF Holding, the “Issuers”), the guarantors named therein (collectively the “Guarantors”), and Wilmington Trust, National Association, as Trustee, Paying Agent, Registrar, Transfer Agent, Authenticating Agent and Notes Collateral Agent, under which the Issuers issued $1.0 billion in aggregate principal amount of 9.25% senior secured notes due 2025 (the “initial 2025 Senior Secured Notes”). The Issuers received net proceeds of approximately $982.9 million from the offering after deducting the initial purchasers’ discount and offering expenses. On December 21, 2020 PBF Holding issued an additional $250.0 million in aggregate principal amount of tack on 9.25% senior secured notes due 2025 (the “additional 2025 Senior Secured Notes”). The additional 2025 Senior Secured Notes were issued at an offering price of 100.25% plus accrued and unpaid interest from and including, November 15, 2020. The additional 2025 Senior Secured Notes were issued under the indenture governing the initial 2025 Senior Secured Notes and, together with the additional 2025 Senior Secured Notes, the (“2025 Senior Secured Notes”). The additional 2025 Senior Secured Notes are treated as a single series with the initial 2025 Senior Secured Notes and have the same terms except that a portion of the additional 2025 Senior Secured Notes were issued initially under a new temporary CUSIP number to be used during the 40-day distribution compliance period. The Issuers received net proceeds of approximately $245.7 million from the offering after deducting the initial purchasers’ discount and estimated offering expenses. The 2025 Senior Secured Notes are guaranteed on a senior secured basis by substantially all of PBF Holding’s subsidiaries. The 2025 Senior Secured Notes and guarantees are senior obligations and secured, subject to certain exceptions and permitted liens, on a first-priority basis, by substantially all of PBF Holding's and the guarantors’ present and future assets (other than assets securing the Revolving Credit Facility), which may also constitute collateral securing certain hedging obligations and any existing or future indebtedness that is permitted to be secured on a pari passu basis with the 2025 Senior Secured Notes. The 2025 Senior Secured Notes and guarantees are senior secured obligations and rank equal in right of payment with all of the Issuers’ and the Guarantors’ existing and future senior indebtedness, including the Revolving Credit Facility, the 6.00% senior unsecured notes due 2028 (the “2028 Senior Notes”) and the 7.25% senior unsecured notes due 2025 (the “2025 Senior Notes”). The 2025 Senior Secured Notes and guarantees rank effectively senior to all of the Issuers’ and the Guarantors’ existing and future indebtedness that is not secured by the collateral (including the Revolving Credit Facility, the 2028 Senior Notes and the 2025 Senior Notes), subject to permitted liens on such collateral and certain other exceptions, and senior in right of payment to the Issuers’ and the Guarantors’ existing and future indebtedness that is expressly subordinated in right of payment thereto. The 2025 Senior Secured Notes and the guarantees are effectively subordinated to any of the Issuers’ and the Guarantors’ existing or future secured indebtedness that is secured by liens on assets owned by the Company that do not constitute part of the collateral securing the 2025 Senior Secured Notes and the guarantees (including the assets securing the Revolving Credit Facility) to the extent of the value of the collateral securing such indebtedness. The 2025 Senior Secured Notes and the guarantees are structurally subordinated to any existing or future indebtedness and other obligations of the Issuers’ non-guarantor subsidiaries. In addition, the 2025 Senior Secured Notes contain customary terms, events of default and covenants for an issuer of non-investment grade debt securities. These covenants include limitations on the incurrence of additional indebtedness, equity issuances, and payments. Many of these covenants will cease to apply or will be modified if the 2025 Senior Secured Notes are rated investment grade. At any time prior to May 15, 2022, the Issuers may on any one or more occasions redeem up to 35% of the aggregate principal amount of the 2025 Senior Secured Notes in an amount not greater than the net cash proceeds of certain equity offerings at a redemption price equal to 109.250% of the principal amount of the 2025 Senior Secured Notes, plus any accrued and unpaid interest through the date of redemption. On or after May 15, 2022, the Issuers may redeem all or part of the 2025 Senior Secured Notes, in each case at the redemption prices described in the indenture, together with any accrued and unpaid interest through the date of redemption. In addition, prior to May 15, 2022, the Issuers may redeem all or part of the 2025 Senior Secured Notes at a “make-whole” redemption price described in the indenture, together with any accrued and unpaid interest to the date of redemption. In addition, the Issuers may redeem in the aggregate up to 35% of the original aggregate principal amount of the 2025 Senior Secured Notes using net proceeds of any loan received pursuant to a Regulatory Debt Facility (as defined in the indenture) at a redemption price equal to 104.625% of the principal amount of the notes redeemed, plus accrued and unpaid interest to the redemption date as long as any such redemption occurs on or prior to 120 days after receipt of such net proceeds. 2028 Senior Notes On January 24, 2020, PBF Holding entered into an indenture among the Issuers, the Guarantors, Wilmington Trust, National Association, as Trustee and Deutsche Bank Trust Company Americas, as Paying Agent, Registrar, Transfer Agent and Authenticating Agent, under which the Issuers issued $1.0 billion in aggregate principal amount of the 6.00% 2028 Senior Notes. The Issuers received net proceeds of approximately $987.0 million from the offering after deducting the initial purchasers’ discount and offering expenses. The Company primarily used the net proceeds to fully redeem the 7.00% senior notes due 2023 (the “2023 Senior Notes”), including accrued and unpaid interest, on February 14, 2020, and to fund a portion of the cash consideration for the Martinez Acquisition. The difference between the carrying value of the 2023 Senior Notes on the date they were reacquired and the amount for which they were reacquired has been classified as Debt extinguishment costs in the Consolidated Statements of Operations. The 2028 Senior Notes included a registration rights arrangement whereby the Issuer and the Guarantors agreed to file with the U.S. Securities and Exchange Commission and use commercially reasonable efforts to consummate an offer to exchange the 2028 Senior Notes for an issue of registered notes with terms substantially identical to the notes not later than 365 days after the date of the original issuance of the notes. This registration statement was declared effective on October 14, 2020 and the exchange was consummated during the fourth quarter of 2020. As such, the Company did not have to transfer any consideration as a result of the registration rights agreement and thus no loss contingency was recorded. The 2028 Senior Notes are guaranteed on a senior unsecured basis by substantially all of PBF Holding’s subsidiaries. The 2028 Senior Notes and guarantees are senior unsecured obligations and rank equal in right of payment with all of the Issuers’ and the Guarantors’ existing and future indebtedness, including PBF Holding’s Revolving Credit Facility, the 2025 Senior Notes and the 2025 Senior Secured Notes. The 2028 Senior Notes and the guarantees rank senior in right of payment to the Issuers’ and the Guarantors’ existing and future indebtedness that is expressly subordinated in right of payment thereto. The 2028 Senior Notes and the guarantees are effectively subordinated to any of the Issuers’ and the Guarantors’ existing or future secured indebtedness (including the Revolving Credit Facility) to the extent of the value of the collateral securing such indebtedness. The 2028 Senior Notes and the guarantees are structurally subordinated to any existing or future indebtedness and other obligations of the Issuers’ non-guarantor subsidiaries. In addition, the 2028 Senior Notes contain customary terms, events of default and covenants for an issuer of non-investment grade debt securities. These covenants include limitations on the incurrence of additional indebtedness, equity issuances, and payments. Many of these covenants will cease to apply or will be modified if the 2028 Senior Notes are rated investment grade. At any time prior to February 15, 2023, the Issuers may on any one or more occasions redeem up to 35% of the aggregate principal amount of the 2028 Senior Notes in an amount not greater than the net cash proceeds of certain equity offerings at a redemption price equal to 106.000% of the principal amount of the 2028 Senior Notes, plus any accrued and unpaid interest through the date of redemption. On or after February 15, 2023, the Issuers may redeem all or part of the 2028 Senior Notes, in each case at the redemption prices described in the indenture, together with any accrued and unpaid interest through the date of redemption. In addition, prior to February 15, 2023, the Issuers may redeem all or part of the 2028 Senior Notes at a “make-whole” redemption price described in the indenture, together with any accrued and unpaid interest through the date of redemption. 2025 Senior Notes On May 30, 2017, PBF Holding entered into an indenture among Issuers, the Guarantors, Wilmington Trust, National Association, as Trustee, and Deutsche Bank Trust Company Americas, as Paying Agent, Registrar, Transfer Agent and Authenticating Agent, under which the Issuers issued $725.0 million in aggregate principal amount of 7.25% 2025 Senior Notes. The Issuers received net proceeds of approximately $711.6 million from the offering after deducting the initial purchasers’ discount and offering expenses, all of which was used to fund the cash tender offer (the “Tender Offer”) for any and all of its outstanding 8.25% Senior Secured Notes due 2020 (the “2020 Senior Secured Notes”), to pay the related redemption price and accrued and unpaid interest for any 2020 Senior Secured Notes which remained outstanding after the completion of the Tender Offer, and for general corporate purposes. The 2025 Senior Notes are guaranteed by substantially all of PBF Holding’s subsidiaries. The 2025 Senior Notes and guarantees are senior unsecured obligations which rank equal in right of payment with all of the Issuers’ and the Guarantors’ existing and future senior indebtedness, including the Revolving Credit Facility, the 2028 Senior Notes and the 2025 Senior Secured Notes. The 2025 Senior Notes and the guarantees rank senior in right of payment to the Issuers’ and the Guarantors’ existing and future indebtedness that is expressly subordinated in right of payment thereto. The 2025 Senior Notes and the guarantees are effectively subordinated to any of the Issuers’ and the Guarantors’ existing or future secured indebtedness (including the Revolving Credit Facility) to the extent of the value of the collateral securing such indebtedness. The 2025 Senior Notes and the guarantees are structurally subordinated to any existing or future indebtedness and other obligations of the Issuers’ non-guarantor subsidiaries. PBF Holding has optional redemption rights to repurchase all or a portion of the 2025 Senior Notes at varying prices which are no less than 100% of the principal amount plus accrued and unpaid interest. The holders of the 2025 Senior 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. In addition, the 2025 Senior Notes contain customary terms, events of default and covenants for an issuer of non-investment grade debt securities that limit certain types of additional debt, equity issuances, and payments. Many of these covenants will cease to apply or will be modified if the 2025 Senior Notes are rated investment grade. Revolving Credit Facility On May 2, 2018, PBF Holding and certain of its wholly-owned subsidiaries, as borrowers or subsidiary guarantors, replaced the existing asset-based revolving credit agreement dated as of August 15, 2014 with the new Revolving Credit Facility. The Revolving Credit Facility has a maximum commitment of $3.4 billion, a maturity date of May 2023 and redefines certain components of the Borrowing Base, as defined in the agreement governing the Revolving Credit Facility (the “Revolving Credit Agreement”), to make more funding available for working capital needs and other general corporate purposes. An accordion feature allows for commitments of up to $3.5 billion. Borrowings under the Revolving Credit Facility bear interest at the Alternative Base Rate plus the Applicable Margin or at the Adjusted LIBOR plus the Applicable Margin (all as defined in the Revolving Credit Agreement). The Applicable Margin ranges from 0.25% to 1.00% for Alternative Base Rate Loans and from 1.25% to 2.00% for Adjusted LIBOR Loans, in each case depending on the Company’s corporate credit rating. In addition, the LC Participation Fee ranges from 1.00% to 1.75% depending on the Company’s corporate credit rating and the Fronting Fee is capped at 0.25%. The Revolving Credit Agreement contains customary covenants and restrictions on the activities of PBF Holding and its subsidiaries, including, but not limited to, limitations on incurring additional indebtedness, liens, negative pledges, guarantees, investments, loans, asset sales, mergers and acquisitions, prepayment of other debt, distributions, dividends and the repurchase of capital stock, transactions with affiliates and the ability of PBF Holding to change the nature of its business or its fiscal year; all as defined in the Revolving Credit Agreement. In addition, the Revolving Credit Agreement has a financial covenant which requires that if at any time Excess Availability, as defined in the Revolving Credit 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) $100.0 million, and until such time as Excess Availability is greater than the Financial Covenant Testing Amount and $100.0 million for a period of 12 or more consecutive days, PBF Holding will not permit the Consolidated Fixed Charge Coverage Ratio, as defined in the Revolving Credit Agreement and determined as of the last day of the most recently completed quarter, to be less than 1 to 1. PBF Holding’s obligations under the Revolving Credit Facility are (a) guaranteed by each of its domestic operating subsidiaries that are not Excluded Subsidiaries (as defined in the Revolving Credit Agreement) and (b) secured by a lien on (i) PBF LLC’s equity interest in PBF Holding and (ii) 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 definition of collateral), all accounts receivable, all hydrocarbon inventory (other than the J. Aron 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. On February 18, 2020, in connection with its entry into a $300.0 million uncommitted receivables purchase facility (the “Receivables Facility”), the Company amended the Revolving Credit Agreement and entered into a related intercreditor agreement to allow it to sell certain Eligible Receivables (as defined in the Revolving Credit Agreement) derived from the sale of refined product over truck racks. Under the Receivables Facility, the Company sells such receivables to a bank subject to bank approval and certain conditions. The sales of receivables under the Receivables Facility are absolute and irrevocable but subject to certain repurchase obligations under certain circumstances. On May 7, 2020, the Company further amended the Revolving Credit Facility, to increase PBF Holding’s ability to incur certain secured debt from an amount equal to 10% of its total assets to 20% of its total assets. During 2020 the Company used advances under the Revolving Credit Facility to fund the Martinez Acquisition and other capital expenditures and working capital requirements. Outstanding borrowings under the Revolving Credit Facility as of December 31, 2020 were $900.0 million. There were no outstanding borrowings under the Revolving Credit Facility as of December 31, 2019. Issued letters of credit were $184.4 million and $221.4 million, as of December 31, 2020 and December 31, 2019, respectively. PBF Rail Term Loan On December 22, 2016, PBF Rail Logistics Company LLC (“PBF Rail”) entered into a $35.0 million term loan (the “PBF Rail Term Loan”). The PBF Rail Term Loan amortizes monthly over its year term and bears interest at a rate equal to one month LIBOR plus the margin as defined in the agreement governing the PBF Rail Term Loan (the “Rail Credit Agreement”). As security for the PBF Rail Term Loan, PBF Rail pledged, among other things: (i) certain Eligible Railcars; (ii) the Debt Service Reserve Account (as defined in the Rail Credit Agreement); and (iii) PBF Holding’s membership interest in PBF Rail. Additionally, the Rail Credit Agreement contains customary terms, events of default and covenants for transactions of this nature. PBF Rail may at any time repay the PBF Rail Term Loan without penalty in the event that railcars securing the loan are sold, scrapped or otherwise removed from the collateral pool. The outstanding balances under the PBF Rail Term Loan were $7.4 million and $14.5 million as of December 31, 2020 and December 31, 2019, respectively. As the PBF Rail Term Loan expires in December 2021, the outstanding balance as of December 31, 2020 is reflected as Current debt on the Consolidated Balance Sheets. Precious Metal Catalyst Financing Arrangements Certain subsidiaries of the Company have entered into agreements whereby such subsidiary sold a portion of its precious metal catalysts to a major commercial bank and subsequently refinanced the precious metal catalysts under contractual arrangements. The volume of the precious metal catalysts and the interest rate are fixed over the term of each financing arrangement. At maturity, the Company must repurchase the applicable precious metal catalysts, or otherwise settle its obligation with the counterparty, at its then fair market value. The Company believes that there is a substantial market for precious metal catalysts and that it will be able to release such catalysts at maturity. The Company treated these transactions as financing arrangements, and the related payments are recorded as interest expense over the agreements’ terms. The Company has elected the fair value option for accounting for its catalyst repurchase obligations as the Company’s liability is directly impacted by the change in value of the underlying precious metal catalysts. 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 of the catalyst financing arrangements at each of the Company’s refineries as of December 31, 2020 are included in the following table:
__________________ (1) These catalyst financing arrangements are included in Long-term debt as of December 31, 2020 as the Company has the ability and intent to finance this debt through availability under other credit facilities if the catalyst financing arrangements are not renewed at maturity. In total, aggregate annual catalyst financing fees were approximately $2.7 million and $0.7 million as of December 31, 2020 and 2019, respectively. Debt Maturities Debt maturing in the next five years and thereafter is as follows (in millions):
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OTHER LONG-TERM LIABILITIES |
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Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OTHER LONG-TERM LIABILITIES | OTHER LONG-TERM LIABILITIES Other long-term liabilities consisted of the following:
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RELATED PARTY TRANSACTIONS |
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Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS Transactions and Agreements with PBFX 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, pipeline 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 Immediately prior to the closing of certain contribution agreements, which PBF LLC entered into with PBFX (as defined in the table below, and collectively referred to as the “Contribution Agreements”), PBF Holding contributed certain assets to PBF LLC. PBF LLC in turn contributed those assets to PBFX pursuant to the Contribution Agreements. Certain proceeds received by PBF LLC from PBFX in accordance with the Contribution Agreements were subsequently contributed by PBF LLC to PBF Holding. The Contribution Agreements entered during the years ended December 31, 2020, 2019 and 2018 include the following:
(a) On July 16, 2018, PBFX entered into four contribution agreements with PBF LLC pursuant to which the Company contributed to PBF LLC certain of its subsidiaries (the “Development Assets Contribution Agreements”). Pursuant to the Development Asset Contribution Agreements, the Company contributed all of the issued and outstanding limited liability company interests of: Toledo Rail Logistics Company LLC, whose assets consist of a loading and unloading rail facility located at the Toledo refinery (the “Toledo Rail Products Facility”); Chalmette Logistics Company LLC, whose assets consist of a truck loading rack facility (the “Chalmette Truck Rack”) and a rail yard facility (the “Chalmette Rosin Yard”), both of which are located at the Chalmette refinery; Paulsboro Terminaling Company LLC, whose assets consist of a lube oil terminal facility located at the Paulsboro refinery (the “Paulsboro Lube Oil Terminal”); and DCR Storage and Loading Company LLC, whose assets consist of an ethanol storage facility located at the Delaware City refinery (collectively with the Toledo Rail Products Facility, the Chalmette Truck Rack, the Chalmette Rosin Yard, and the Paulsboro Lube Oil Terminal, the “Development Assets”) to PBF LLC. PBFX Operating Company LP, PBFX’s wholly-owned subsidiary, in turn acquired the limited liability company interests in the Development Assets from PBF LLC in connection with the Development Assets Contribution Agreements effective as of July 31, 2018. (b) On April 24, 2019, PBFX entered into a contribution agreement with PBF LLC, pursuant to which the Company contributed to PBF LLC, which in turn contributed to PBFX, all of the issued and outstanding limited liability company interests of TVP Holding Company LLC (“TVP Holding”) for total consideration of $200.0 million (the “TVPC Acquisition”). Prior to the TVPC Acquisition, TVP Holding (then a subsidiary of PBF Holding) owned a 50% equity interest in Torrance Valley Pipeline Company LLC (“TVPC”). Subsequent to the closing of the TVPC Acquisition on May 31, 2019, PBFX owns 100% of the equity interest in TVPC. Refer to the Company’s 2019 Annual Report on Form 10-K (“Note 9 - Related Party Transactions” of the Notes to Consolidated Financial Statements) for a more complete description of the Contribution Agreements with PBFX that were entered into prior to 2018. Commercial Agreements with PBFX PBF Holding has entered into long-term, fee-based commercial agreements with PBFX relating to assets associated with the Contribution Agreements described above, the majority of which include a minimum volume commitment (“MVC”) and are supported by contractual fee escalations for inflation adjustments and certain increases in operating costs. Under these agreements, PBFX provides various pipeline, 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. PBF Holding believes the terms and conditions under these agreements, as well as the Omnibus Agreement (as defined below) and the Services Agreement (as defined below) each with PBFX, are generally no less favorable to either party than those that could have been negotiated with unaffiliated parties with respect to similar services. These commercial agreements (as defined in the table below) with PBFX include:
____________________ (a)PBF Holding has the option to extend the agreements for up to two additional -year terms, as applicable. (b)The Amended and Restated Rail Agreements, as amended and effective as of January 1, 2018, include the Amended and Restated Delaware City Rail Terminaling Services Agreement and the Amended and Restated Delaware West Ladder Rack Terminaling Services Agreement, each between Delaware City Terminaling Company LLC (“DCTC”) and PBF Holding, with the service fees thereunder being adjusted, including the addition of an ancillary fee paid by PBF Holding on an actual cost basis. In determining payments due under the Amended and Restated Rail Agreements, excess volumes throughput under the agreements shall apply against required payments in respect to the minimum throughput commitments on a quarterly basis and, to the extent not previously applied, on an annual basis against the MVCs. Effective January 1, 2019, the existing Amended and Restated Rail Agreements were further amended for the inclusion of services through certain rail infrastructure at the East Coast Storage Assets. (c)These commercial agreements with PBFX are considered leases. (d)In connection with the inclusion of an additional destination at the Magellan connection under the Delaware Pipeline Services Agreement, PBF Holding and Delaware Pipeline Company LLC agreed to a two-year, five-month MVC (the “Magellan MVC”) under the Delaware Pipeline Services Agreement. The Magellan MVC expired on March 31, 2019, subsequent to which PBFX has been billing actual throughput on the Magellan connection. (e)Subsequent to the PBFX acquisition of the Toledo, Ohio refined products terminal assets (the “Toledo Products Terminal”), the Toledo Products Terminal was added to the East Coast Terminals Terminaling Services Agreements. (f)The East Coast Terminals related party agreements include varying initial term lengths, ranging from to five years. (g)The East Coast Terminals Terminaling Services Agreements have no MVCs and are billed based on actual volumes throughput, other than a terminaling services agreement between PBFX’s East Coast Terminals’ Paulsboro, New Jersey location and PBF Holding’s Paulsboro refinery with a 15,000 bpd MVC. (h)Reflects the overall capacity as stipulated by the storage agreement. The storage MVC is subject to the effective operating capacity of each tank, which can be impacted by routine tank maintenance and other factors. PBF Holding’s available shell capacity may be subject to change as agreed to by PBF Holding and PBFX. (i)In connection with the TVPC Acquisition on May 31, 2019, the Torrance Valley Pipeline Transportation Services Agreement- South Pipeline was amended and restated to increase the MVC from 70,000 bpd to 75,000 bpd. (j)The minimum throughput revenue commitment for the Knoxville Terminals Agreement- Terminaling Services is $0.9 million for year one, $1.8 million for year two and $2.7 million for year three and thereafter. (k)Under the Toledo Rail Loading Agreement, PBF Holding has minimum throughput commitments for (i) 30 railcars per day of products and (ii) 11.5 railcars per day of premium products. The Toledo Rail Loading Agreement also specifies a maximum throughput rate of 50 railcars per day. (l)The Delaware City Terminaling Services Agreement between DCTC and PBF Holding will commence in 2022 subsequent to the expiration of the Amended and Restated Rail Agreements and includes additional services to be provided by PBFX as operator of other rail facilities owned by PBF Holding’s subsidiaries. (m)The Chalmette Storage Services Agreement was entered into on February 15, 2017 and commenced on November 1, 2017. Omnibus Agreement In addition to the commercial agreements described above, PBF Holding entered into an omnibus agreement with PBFX, PBF GP and PBF LLC, which has been amended and restated in connection with certain of the Contribution Agreements with PBFX, PBF GP and PBF LLC (as amended, the “Omnibus Agreement”) 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, as well as (i) PBF LLC’s agreement not to compete with PBFX under certain circumstances, subject to certain exceptions, (ii) 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, and (iii) a license to use the PBF Logistics trademark and name. The annual fee under the Omnibus Agreement for the year ended December 31, 2020 was $7.6 million, inclusive of obligations under the Omnibus Agreement to reimburse PBF Holding for certain compensation and benefit costs of employees who devote more than 50% of their time to PBFX for the year ending December 31, 2020. The Company currently estimates to receive an annual fee of $8.3 million, inclusive of estimated obligations under the Omnibus Agreement to reimburse PBF Holding for certain compensation and benefit costs of employees who devote more than 50% of their time to PBFX for the year ending December 31, 2021. Services Agreement Additionally, PBF Holding and certain of its subsidiaries entered into an operation and management services and secondment agreement with PBFX (as amended, the “Services Agreement”), pursuant to which PBF Holding and its subsidiaries provide PBFX with the personnel necessary for PBFX to perform its obligations under the commercial agreements. PBFX reimburses 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. For the year ended December 31, 2020, PBFX paid an annual fee of $8.7 million to PBF Holding pursuant to the Services Agreement and is estimated to pay the same annual fee to PBF Holding pursuant to the Services Agreement for the year ending December 31, 2021. The Services Agreement will terminate upon the termination of the Omnibus Agreement, provided that PBFX may terminate any service on 30-days’ notice. Summary of Transactions with PBFX A summary of our affiliate transactions with PBFX is as follows:
Total reimbursements under the Omnibus Agreement are included in General and administrative expenses and reimbursements under the Services Agreement and expenses under affiliate agreements are included in Cost of products and other in the Company’s statements of operations. Financial SponsorsAs of December 31, 2013 PBF Energy’s financial sponsors had received the full return of their 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 the investment funds associated with the initial investors in PBF LLC 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 such investment funds (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 the investment funds associated with the initial investors in PBF LLC 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. There were no distributions to PBF LLC Series B unitholders for the years ending December 31, 2020 and 2019.
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COMMITMENTS AND CONTINGENCIES |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Other Commitments In addition to commitments related to lease obligations accounted for in accordance with ASC 842 and disclosed in “Note 13 - Leases”, the Company is party to third party agreements which provide for the treatment of wastewater and the supply of hydrogen and steam for certain of its refineries as well as minimum volume commitments under certain affiliate agreements with PBFX. The fixed and determinable amounts related to obligations under these agreements are as follows:
Employment Agreements The Company has entered into various 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 1.50 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, pipelines and related operations 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. These laws and permits raise potential exposure to future claims and lawsuits involving environmental and safety matters which could include soil and water contamination, air pollution, personal injury and property damage allegedly caused by substances which the Company manufactured, handled, used, released or disposed of, transported, or that relate to pre-existing conditions for which the Company has assumed responsibility. The Company believes that its current operations are in substantial compliance with existing environmental and safety requirements. However, there have been and will continue to be ongoing discussions about environmental and safety matters between the Company and federal and state authorities, including notices of violations, citations and other enforcement actions, some of which have resulted or may result in changes to operating procedures and in capital expenditures. While it is often difficult to quantify future environmental or safety related expenditures, the Company anticipates that continuing capital investments and changes in operating procedures will be required for the foreseeable future to comply with existing and new requirements, as well as evolving interpretations and more strict enforcement of existing laws and regulations. In connection with the acquisition of the Torrance refinery and related logistics assets, the Company assumed certain pre-existing environmental liabilities totaling $113.7 million as of December 31, 2020 ($121.3 million as of December 31, 2019), related to certain environmental remediation obligations to address existing soil and groundwater contamination and monitoring activities and other clean-up activities, which reflects the current estimated cost of the remediation obligations. The current portion of the environmental liability is recorded in Accrued expenses and the non-current portion is recorded in Other long-term liabilities. The Company expects to make aggregate payments for this liability of approximately $52.7 million over the next five years. The aggregate environmental liability reflected in the Company’s Consolidated Balance Sheets was $151.9 million and $132.2 million at December 31, 2020 and December 31, 2019, respectively, of which $140.5 million and $119.9 million, respectively, were classified as Other long-term liabilities. These liabilities include remediation and monitoring costs expected to be incurred over an extended period of time. Estimated liabilities could increase in the future when the results of ongoing investigations become known, are considered probable and can be reasonably estimated. Applicable Federal and State Regulatory Requirements The Company’s operations and many of the products it manufactures are subject to certain specific requirements of the Clean Air Act (the “CAA”) and related state and local regulations. The CAA contains provisions that require capital expenditures for the installation of certain air pollution control devices at the Company’s refineries. Subsequent rule making authorized by the CAA or similar laws or new agency interpretations of existing rules, may necessitate additional expenditures in future years. 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, all of the Northeastern states and Washington DC have adopted sulfur controls on heating oil. Most of the Northeastern states require heating oil with 15 PPM or less sulfur. The mandate and other requirements are not expected to have a material impact on the Company’s financial position, results of operations or cash flows. EPA issued the final Tier 3 Gasoline standards on March 3, 2014 under the CAA. This final rule establishes more stringent vehicle emission standards and further reduces the sulfur content of gasoline starting in January 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. 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 refineries are complying with these new requirements as planned, either directly or using flexibility provided by sulfur credits generated or purchased in advance as an economic optimization. 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 Company is required to comply with the renewable fuel standard implemented by EPA, which sets annual quotas for the quantity of renewable fuels (such as ethanol) that must be blended into motor fuels consumed in the United States (the “Renewable Fuel Standard”). In July 2018, EPA issued proposed amendments to the Renewable Fuel Standard program regulations that would establish annual percentage standards for cellulosic biofuel, biomass-based diesel, advanced biofuel, and renewable fuels that would apply to all gasoline and diesel produced in the U.S. or imported in the year 2019. In addition, the separate proposal includes a proposed biomass-based diesel applicable volume for 2020. It is likely that RIN production will continue to be lower than needed forcing obligated parties, such as the Company, to purchase cellulosic waiver credits or purchase excess RINs from suppliers on the open market. EPA published a Final Rule to the Clean Water Act 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 as soon as possible, but state agencies have the discretion to establish implementation time lines. The Company has evaluated, and continues to evaluate, the impact of this regulation, and at this time does not expect this regulation to materially impact the Company’s financial position, results of operations or cash flows. The Company is subject to greenhouse gas emission control regulations in the state of California pursuant to AB32. AB32 imposes a statewide cap on greenhouse gas emissions, including emissions from transportation fuels, with the aim of returning the state to 1990 emission levels by 2020. AB32 is implemented through two market mechanisms including the Low Carbon Fuel Standard and Cap and Trade. The Company is responsible for the AB32 obligations related to the Torrance refinery beginning on July 1, 2016 and the Martinez refinery beginning on February 1, 2020 and must purchase emission credits to comply with these obligations. Additionally, in September 2016, the state of California enacted Senate Bill 32 (“SB32”) which further reduces greenhouse gas emissions targets to 40 percent below 1990 levels by 2030. California Air Resources Board also amended the LCFS in 2018 to require a 20% reduction by 2030. The Company recovers the majority of these costs from its customers, and does not expect these obligations to materially impact the Company’s financial position, results of operations, or cash flows. To the degree there are unfavorable changes to AB32 or SB32 regulations or the Company is unable to recover such compliance costs from customers, these regulations could have a material adverse effect on our financial position, results of operations and cash flows. The Company is subject to obligations to purchase RINs. On February 15, 2017, the Company received a notification that EPA records indicated that PBF Holding used potentially invalid RINs that were in fact verified under EPA’s RIN Quality Assurance Program (“QAP”) by an independent auditor as QAP A RINs. Under the regulations, use of potentially invalid QAP A RINs provided the user with an affirmative defense from civil penalties provided certain conditions are met. The Company has asserted the affirmative defense and if accepted by EPA will not be required to replace these RINs and will not be subject to civil penalties under the program. It is reasonably possible that EPA will not accept the Company’s defense and may assess penalties in these matters but any such amount is not expected to have a material impact on the Company’s financial position, results of operations or cash flows. As of January 1, 2011, the Company is required to comply with EPA’s Control of Hazardous Air Pollutants From Mobile Sources, or MSAT2, regulations on gasoline that impose reductions in the benzene content of its produced gasoline. The Company purchases benzene credits to meet these requirements when necessary. The Company may implement capital projects to reduce the amount of benzene credits that the Company needs to purchase. In additions, the Renewable Fuel Standards mandate the blending of prescribed percentages of renewable fuels (e.g., ethanol and biofuels) into the Company’s produced gasoline and diesel. These requirements, other requirements of the CAA and other presently existing or future environmental regulations may cause the Company to make substantial capital expenditures as well as the purchase of credits at significant cost, to enable its refineries to produce products that meet applicable requirements. The federal Comprehensive Environmental Response, Compensation and Liability Act of 1980 (“CERCLA”), also known as “Superfund,” imposes liability, without regard to fault or the legality of the original conduct, on certain classes of persons who are considered to be responsible for the release of a “hazardous substance” into the environment. These persons include the current or former owner or operator of the disposal site or sites where the release occurred and companies that disposed of or arranged for the disposal of the hazardous substances. Under CERCLA, such persons may be subject to joint and several liability for investigation and the costs of cleaning up the hazardous substances that have been released into the environment, for damages to natural resources and for the costs of certain health studies. As discussed more fully above, certain of the Company’s sites are subject to these laws and the Company may be held liable for investigation and remediation costs or claims for natural resource damages. It is not uncommon for neighboring landowners and other third parties to file claims for personal injury and property damage allegedly caused by hazardous substances or other pollutants released into the environment. Analogous state laws impose similar responsibilities and liabilities on responsible parties. In the Company’s current normal operations, it has generated waste, some of which falls within the statutory definition of a “hazardous substance” and some of which may have been disposed of at sites that may require cleanup under Superfund. 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. Contingent Consideration In connection with the Martinez Acquisition, the Sale and Purchase Agreement includes an earn-out provision based on certain earnings thresholds of the Martinez refinery. Pursuant to the agreement, the Company will make payments to the Seller based on the future earnings of the Martinez refinery in excess of certain thresholds, as defined in the agreement, for a period of up to four years following the acquisition closing date. The Company recorded the acquisition date fair value of the earn-out provision as contingent consideration of $77.3 million within “Other long-term liabilities” within the Company’s Consolidated Balance Sheets. There was no balance under the Martinez Contingent Consideration as of December 31, 2020, representing no anticipated future earn-out payments. 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 unitholders (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 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 99.2% interest in PBF LLC as of December 31, 2020 (99.0% as of December 31, 2019). PBF LLC generally obtains funding to pay its tax distributions by causing PBF Holding to distribute cash to PBF LLC and from distributions it receives from PBFX. No liability for the Tax Receivable Agreement was recognized by PBF Energy as of December 31, 2020.
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LEASES (Notes) |
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Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LEASES | LEASES The Company leases office space, office equipment, refinery support facilities and equipment, railcars and other logistics assets primarily under non-cancelable operating leases, with terms typically ranging from to twenty years, subject to certain renewal options as applicable. The Company considers those renewal or termination options that are reasonably certain to be exercised in the determination of the lease term and initial measurement of lease liabilities and right-of-use assets. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. Interest expense for finance leases is incurred based on the carrying value of the lease liability. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company determines whether a contract is or contains a lease at inception of the contract and whether that lease meets the classification criteria of a finance or operating lease. When available, the Company uses the rate implicit in the lease to discount lease payments to present value; however, most of the Company’s leases do not provide a readily determinable implicit rate. Therefore, the Company must discount lease payments based on an estimate of its incremental borrowing rate. For substantially all classes of underlying assets, the Company has elected the practical expedient not to separate lease and non-lease components, which allows for combining the components if certain criteria are met. For certain leases of refinery support facilities, the Company accounts for the non-lease service component separately. There are no material residual value guarantees associated with any of the Company’s leases. There are no significant restrictions or covenants included in the Company’s lease agreements other than those that are customary in such arrangements. Certain of the Company’s leases, primarily for the Company’s commercial and logistics asset classes, include provisions for variable payments. These variable payments are typically determined based on a measure of throughput or actual days the asset has operated during the contract term or another measure of usage and are not included in the initial measurement of lease liabilities and right-of-use assets. Lease Position as of December 31, 2020 and December 31, 2019 The table below presents the lease related assets and liabilities recorded on the Company’s Consolidated Balance Sheets as of December 31, 2020 and December 31, 2019:
Lease Costs The table below presents certain information related to costs for the Company’s leases for the year ended December 31, 2020 and December 31, 2019:
Sale-leaseback Transactions On April 17, 2020, the Company closed on the sale of five hydrogen plants to Air Products in a sale-leaseback transaction for gross cash proceeds of $530.0 million and recognized a gain of $471.1 million. In connection with the sale, the Company entered into a transition services agreement through which Air Products will exclusively supply hydrogen, steam, carbon dioxide and other products (the “Products”) to the Martinez, Torrance and Delaware City refineries for a specified period (not expected to exceed 18 months). The transition services agreement also requires certain maintenance and operating activities to be provided by PBF Holding, for which the Company will be reimbursed, during the term of the agreement. In August 2020, the parties executed long-term supply agreements through which Air Products will supply the Products for a term of fifteen years at these same refineries. As a result of these transactions, the Company recorded lease right of use assets and corresponding operating lease liabilities of approximately $504.0 million. There were no net gains or losses on any sale-leaseback transactions for the year ended December 31, 2020. Other Information The table below presents supplemental cash flow information related to leases for the year ended December 31, 2020 and December 31, 2019 (in millions):
Lease Term and Discount Rate The table below presents certain information related to the weighted average remaining lease term and weighted average discount rate for the Company’s leases as of December 31, 2020:
Undiscounted Cash Flows The table below reconciles the fixed component of the undiscounted cash flows for each of the periods presented to the lease liabilities recorded on the Consolidated Balance Sheets as of December 31, 2020:
As of December 31, 2020, the Company has entered into certain leases that have not yet commenced. Such leases include a 15-year lease for water treatment equipment, with future lease payments estimated to total approximately $34.1 million, and is not expected to commence prior to April 1, 2021. No other such pending leases, either individually or in the aggregate, are material. There are no material lease arrangements in which the Company is the lessor. In the normal course of business, the Company enters into certain affiliate lease arrangements with PBFX for the use of certain storage, terminaling and pipeline assets. The Company believes the terms and conditions under these leases are generally no less favorable to either party than those that could have been negotiated with unaffiliated parties with respect to similar services. The terms for these affiliate leases generally range from to fifteen years. The Company uses the same methodology for discounting the lease payments on affiliate leases as it does for third party leases as described above. For the year ended December 31, 2020 and December 31, 2019 , the Company incurred operating lease costs, related to affiliate operating leases, of $129.1 million and $130.0 million, respectively.
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EQUITY STRUCTURE |
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Equity [Abstract] | |
EQUITY STRUCTURE | EQUITY STRUCTURE PBF Holding has no common stock outstanding. As of December 31, 2020, 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. PBF Energy Capital Structure PBF Energy 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. PBF Energy 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 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. 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 unitholders 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 unitholders 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 (“IRS”) and have a stated value of zero at issuance. The PBF LLC Series B Units are held by certain of the Company’s current and former 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 Chalmette Acquisition, PBF Holding recorded noncontrolling interests in two subsidiaries of Chalmette Refining. PBF Holding, through Chalmette Refining, owns an 80% ownership interest in both Collins Pipeline Company and T&M Terminal Company. In both of the years ended December 31, 2020 and 2019 the Company recorded earnings attributable to the noncontrolling interest in these subsidiaries of less than $0.3 million.
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STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION Stock-based compensation expense included in general and administrative expenses consisted of the following:
PBF Energy options PBF Energy grants stock options which represent the right to purchase share of PBF Energy’s common stock at its fair market value, which is the closing price of PBF Energy’s common stock on the date of grant. Stock options have a maximum term of ten years from the date they are granted, and vest over a requisite service period of three years, or four years for grants prior to November 2020, subject to acceleration in certain circumstances. The Company uses the Black-Scholes option-pricing model to estimate the fair value of stock options granted, which requires the input of subjective assumptions. The Black-Scholes option-pricing model values used to value stock option awards granted were determined based on the following weighted average assumptions:
The following table summarizes activity for PBF Energy options for 2020.
At December 31, 2020 the total intrinsic value of stock options outstanding and exercisable were $1.0 million and $0.0 million, respectively. The total intrinsic value of stock options exercised during the years ended December 31, 2020, 2019 and 2018 was $0.0 million, $0.3 million and $12.4 million, respectively. Unrecognized compensation expense related to PBF Energy options at December 31, 2020 was $38.5 million, which will be recognized from 2021 through 2024. Restricted Stock Awards The Company grants restricted stock to employees and non-employee directors. In general, restricted stock granted to our employees vest over a requisite services period of four years, subject to acceleration in certain circumstances. Restricted stock recipients who received grants subsequent to May 2017 have voting rights; however, dividends are accrued and will be paid upon vesting. Restricted stock units granted to non-employee directors are considered to vest immediately at the time of the grant for accounting purposes, as they are non-forfeitable, but are issued in equal annual installments on each of the first three anniversaries of the grant date. The non-vested shares are not transferable and are held by our transfer agent. The fair values of restricted stock are equal to the market price of our common stock on the grant date. The following table summarizes activity for PBF Energy restricted stock:
Unrecognized compensation expense related to PBF Energy Restricted Class A common stock at December 31, 2020 was $1.5 million, which will be recognized from 2021 through 2023. The following table reflects activity related to our restricted stock:
Performance Awards The Company grants performance share awards, which are paid in stock, and performance share unit awards, which are paid in cash, (collectively, the “performance awards”) to certain key employees. Performance awards granted to employees prior to November 1, 2020 are based on a -year performance cycle (the “performance cycle”) with four measurement periods, and performance awards granted to employees after November 1, 2020, are based on a -year performance cycle having a single measurement period. The performance awards will vest on the last day of the performance cycle, subject to forfeiture or acceleration under certain circumstances set forth in the award agreement. The number of performance awards that will ultimately vest is based on the Company’s total shareholder return over the performance cycle. The number of shares ultimately issued or cash paid under these awards can range from zero to 200% of target award amounts. Performance Share Unit Awards The performance share unit awards are accounted for as equity awards, for which the fair value was determined on the grant date by application of a Monte Carlo valuation model. The grant date fair value was calculated using a Monte Carlo valuation model with the following assumptions:
The risk-free interest rate for the remaining performance period as of the grant date is based on a linear interpolation of published yields of traded U.S. Treasury Interest-Only STRIP Bonds. The dividend yield assumption is based on the annualized most recent quarterly dividend divided by the stock price on the grant date. The assumption for the expected volatility of the Company’s stock price reflects the average of PBF Energy’s common stock historical and implied volatility. The following table summarizes activity for PBF Energy performance share awards:
As of December 31, 2020, unrecognized compensation cost related to performance share unit awards was $6.3 million, which is expected to be recognized over a weighted average period of 2.20 years. Performance Unit awards The performance unit awards are dollar denominated with a target value of $1.00, with actual payout of up to $2.00 per unit (or 200 percent of target). The performance unit awards are settled in cash based on the payout amount determined at the end of the performance cycle. The Company accounts for the performance unit awards as liability awards which the Company recorded at fair market value on the date of grant. Subsequently, the performance unit awards will be marked-to-market at the end of each fiscal quarter by application of a Monte Carlo simulation model. The following table summarizes activity for PBF Energy performance unit awards:
As of December 31, 2020, unrecognized compensation cost related to performance unit awards was $4.8 million, which is expected to be recognized over a weighted average period of 2.47 years.
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EMPLOYEE BENEFIT PLANS |
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Retirement Benefits [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 IRS 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 $32.7 million, $27.5 million and $26.3 million for the years ended December 31, 2020, 2019 and 2018, 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 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 Consolidated Balance Sheets. The plan assets and benefit obligations are measured as of the Consolidated Balance Sheet date. The non-union Delaware City employees and all Paulsboro, Toledo, Chalmette, Torrance and Martinez 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 Energy Corporation 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, amended in 2015 to include Chalmette employees, amended in 2016 to include Torrance employees and amended in 2020 to include Martinez 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, 2020 and 2019 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, 2020 and 2019. The accumulated benefit obligation for the defined benefit plans approximated $281.5 million and $228.0 million at December 31, 2020 and 2019, 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 $55.3 million to the Company’s Pension Plans during 2021. The components of net periodic benefit cost were as follows for the years ended December 31, 2020, 2019 and 2018:
Lump sum payments made by the Supplemental Plan to employees retiring in 2020, 2019 and 2018 did not exceed the Plan’s total service and interest costs expected for those years. The pre-tax amounts recognized in other comprehensive (income) loss for the years ended December 31, 2020, 2019 and 2018 were as follows:
The pre-tax amounts in accumulated other comprehensive income (loss) as of December 31, 2020 and 2019 that have not yet been recognized as components of net periodic costs were as follows:
The weighted average assumptions used to determine the benefit obligations as of December 31, 2020 and 2019 were as follows:
The weighted average assumptions used to determine the net periodic benefit costs for the years ended December 31, 2020, 2019 and 2018 were as follows:
The assumed health care cost trend rates as of December 31, 2020 and 2019 were as follows:
The table below presents the fair values of the assets of the Company’s Qualified Plan as of December 31, 2020 and 2019 by level of fair value hierarchy. Assets categorized in Level 2 of the hierarchy consist of collective trusts and are measured at fair value based on the closing net asset value (“NAV”) as determined by the fund manager and reported daily. 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, 2020, the plan’s target allocations for plan assets are 54% invested in equity securities, 40% fixed income investments and 6% in real estate. 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.
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REVENUES |
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REVENUES | REVENUES Adoption of ASC 606, Revenue from Contracts with Customers Effective January 1, 2018, the Company adopted ASC 606. The Company adopted ASC 606 using the modified retrospective method, which has been applied for the years ended December 31, 2020, 2019 and 2018. The Company did not record a cumulative effect adjustment upon initially applying ASC 606 as there was not a significant impact upon adoption; however, the details of significant qualitative and quantitative disclosure changes upon implementing ASC 606 are detailed below. Revenue Recognition Revenues are recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. 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 presented:
The majority of the Company’s revenues are generated from the sale of refined petroleum products. These revenues are largely based on the current spot (market) prices of the products sold, which represent consideration specifically allocable to the products being sold on a given day, and the Company recognizes those revenues upon delivery and transfer of title to the products to our customers. The time at which delivery and transfer of title occurs is the point when the Company’s control of the products is transferred to the Company’s customers and when its performance obligation to its customers is fulfilled. Delivery and transfer of title are specifically agreed to between the Company and customers within the contracts. The Company also has contracts which contain fixed pricing, tiered pricing, minimum volume features with makeup periods, or other factors that have not materially been affected by the Company’s adoption of ASC 606. Deferred Revenues The Company records deferred revenues when cash payments are received or are due in advance of performance, including amounts which are refundable. Deferred revenue was $45.1 million and $17.0 million as of December 31, 2020 and December 31, 2019, respectively. Fluctuations in the deferred revenue balance are primarily driven by the timing and extent of cash payments received or due in advance of satisfying the Company’s performance obligations. The Company’s payment terms vary by type and location of customers and the products offered. The period between invoicing and when payment is due is not significant (i.e. generally within two months). For certain products or services and customer types, the Company requires payment before the products or services are delivered to the customer. Significant Judgment and Practical Expedients For performance obligations related to sales of products, the Company has determined that customers are able to direct the use of, and obtain substantially all of the benefits from, the products at the point in time that the products are delivered. The Company has determined that the transfer of control upon delivery to the customer’s requested destination accurately depicts the transfer of goods. Upon the delivery of the products and transfer of control, the Company generally has the present right to payment and the customers bear the risks and rewards of ownership of the products. The Company has elected the practical expedient to not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which the Company recognizes revenue at the amount to which it has the right to invoice for services performed.
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INCOME TAXES |
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INCOME TAXES | INCOME TAXES PBF Holding is a limited liability company treated as a “flow-through” entity for income tax purposes. Accordingly, there is generally no benefit or expense for federal or state income tax in the PBF Holding financial statements apart from the income tax attributable to two subsidiaries acquired in connection with the acquisition of Chalmette Refining and PBF Ltd. that are treated as C-Corporations for income tax purposes. The reported income tax (benefit) expense in the PBF Holding Consolidated Statements of Operations consists of the following:
A summary of the components of PBF Holding’s deferred tax assets and deferred tax liabilities consists of the following:
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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, 2020 and 2019. The Company has elected to offset the fair value amounts recognized for multiple derivative contracts executed with the same counterparty; however, fair value amounts by hierarchy level are presented on a gross basis in the tables below. The Company has posted cash margin with various counterparties to support hedging and trading activities. The cash margin posted is required by counterparties as collateral deposits and cannot be offset against the fair value of open contracts except in the event of default. The Company has no derivative contracts that are subject to master netting arrangements that are reflected gross on the Consolidated Balance Sheets.
The valuation methods used to measure financial instruments at fair value are as follows: •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. •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 derivatives included with inventory intermediation agreement obligations and the catalyst 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. •When applicable, 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 prices used to value these swaps are derived using broker quotes, prices from other third party sources and other available market based data. •The contingent consideration obligation at December 31, 2020 is categorized in Level 3 of the fair value hierarchy and is estimated using discounted cash flow models based on management’s estimate of the future cash flows related to the earn-out periods. Non-qualified pension plan assets are measured at fair value using a market approach based on published net asset values of mutual funds as a practical expedient. As of December 31, 2020 and 2019, $21.2 million and $10.3 million, respectively, were included within Deferred charges and other assets, net for these non-qualified pension plan assets. The table below summarizes the changes in fair value measurements categorized in Level 3 of the fair value hierarchy, which primarily includes the change in estimated future earnings related to the Martinez Contingent Consideration :
There were no transfers between levels during the years ended December 31, 2020 and 2019, respectively. Fair value of debt The table below summarizes the fair value and carrying value of debt as of December 31, 2020 and 2019.
_______________ (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 outstanding senior notes. (b) As disclosed in “Note 9 - Credit Facilities and Debt”, the 2023 Senior Notes were redeemed in full on February 14, 2020. (c) 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. (d) Catalyst financing arrangements 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 repurchase obligations as the Company’s liability is directly impacted by the change in fair value of the underlying catalyst.
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DERIVATIVES |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DERIVATIVES | DERIVATIVESThe Company uses derivative instruments to mitigate certain exposures to commodity price risk. The Company entered into the Inventory Intermediation Agreements that contain purchase obligations for certain volumes of crude oil, intermediates and refined products. The purchase obligations related to crude oil, 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, intermediates and refined products. The level of activity for these derivatives is based on the level of operating inventories. As of December 31, 2020, there were no barrels of crude oil and feedstocks (27,580 barrels at December 31, 2019) outstanding under these derivative instruments designated as fair value hedges. As of December 31, 2020, there were 2,604,736 barrels of intermediates and refined products (3,430,635 barrels at December 31, 2019) outstanding under these derivative instruments designated as fair value 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, 2020, there were 7,183,000 barrels of crude oil and 2,810,000 barrels of refined products (5,511,000 and 5,788,000, respectively, as of December 31, 2019), outstanding under short and long term commodity derivative contracts not designated as hedges representing the notional value of the contracts. The Company also uses derivative instruments to mitigate the risk associated with the price of credits needed to comply with various governmental and regulatory environmental compliance programs. For such contracts that represent derivatives the Company elects the normal purchase normal sale exception under ASC 815, Derivatives and Hedging, and therefore does not record them at fair value. The following tables provide information about the fair values of these derivative instruments as of December 31, 2020 and December 31, 2019 and the line items in the Consolidated Balance Sheets in which the fair values are reflected.
The following table provides information about the gains or losses recognized in income on these derivative instruments and the line items in the Consolidated Statements of Operations in which such gains and losses are reflected.
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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 PresentationThese Consolidated Financial Statements include the accounts of PBF Holding and its consolidated subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost Classifications | Cost Classifications Cost of products and other consists of the cost of crude oil, other feedstocks, blendstocks and purchased refined products and the related in-bound freight and transportation costs. Operating expenses (excluding depreciation and amortization) consists of direct costs of labor, maintenance and services, utilities, property taxes, environmental compliance costs and other direct operating costs incurred in connection with our refining operations. Such expenses exclude depreciation related to refining and logistics assets that are integral to the refinery production process, which is presented separately as Depreciation and amortization expense as a component of Cost of sales on the Company’s Consolidated Statements of Operations.
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Reclassification, Policy | Reclassification As of December 31, 2020, Financing lease right of use assets - third party, previously included in Deferred charges and other assets, net, in the Consolidated Balance Sheets, are reflected within Lease right of use assets - third party, which is inclusive of all third party lease right of use assets. Financing lease liabilities - third party, previously included in Other long-term liabilities, in the Consolidated Balance Sheets, are presented as separate line items in the Consolidated Financial Statements. The amounts related to such balance sheet accounts have also been reclassified in their respective footnotes for prior periods to conform to the 2020 presentation.
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Use of Estimates | Use of Estimates The preparation of the financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) 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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Impairment or Disposal of Long-Lived Assets, Policy | Impairment Assessment The global crisis resulting from the spread of the COVID-19 pandemic continues to have a substantial impact on the economy and overall consumer demand for energy and hydrocarbon products. As a result of the enduring throughput reductions across the Company’s refineries and continued decrease in demand for the Company’s products, the Company determined an impairment triggering event had occurred as of December 31, 2020. As such, the Company performed an impairment assessment on its long-lived assets as of December 31, 2020. As a result of the impairment test, the Company concluded that the carrying values of its long-lived assets were not impaired when comparing the carrying value of the long-lived assets to the estimated undiscounted future cash flows expected to result from use of the assets over their remaining estimated useful life. In connection with the Company’s ongoing strategic response plan to deal with the COVID-19 pandemic and its East Coast Refining Reconfiguration (as defined in “Note 6 - Property, Plant and Equipment, net”), it recorded an impairment charge of approximately $91.8 million associated to the write-down of certain assets and project abandonments. Refer to “Note 6 - Property, Plant and Equipment, net” for further details. If adverse market conditions persist or there is further deterioration in the general economic environment due to the COVID-19 pandemic, there could be additional indicators that the Company’s assets are impaired requiring evaluation that may result in future impairment charges to earnings.
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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. Certain of the Company’s acquisitions may include earn-out provisions or other forms of contingent consideration. As of the acquisition date, the Company records contingent consideration, as applicable, at the estimated fair value of expected future payments associated with the earn-out. Any changes to the recorded fair value of contingent consideration, subsequent to the measurement period, will be recognized as earnings in the period in which it occurs.
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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, 2020, only one customer, Royal Dutch Shell, accounted for 10% or more of the Company’s revenues (approximately 13%). For the years ended December 31, 2019 and 2018 no single customer amounted to greater than or equal to 10% of the Company’s revenues. As of December 31, 2020, only one customer, Royal Dutch Shell, accounted for 10% or more of the Company’s total trade accounts receivable (approximately 17%). No single customer accounted for 10% or more of the Company’s total trade accounts receivable as of December 31, 2019.
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Revenue, Deferred Revenue and Accounts Receivable | Revenue, Deferred Revenue and Accounts Receivable Effective January 1, 2018, the Company adopted ASC 606, Revenues from Contracts with Customers (“ASC 606”). As a result, the Company has changed its accounting policy for the recognition of revenue from contracts with customers. The Company sells various refined products primarily through its refinery subsidiaries and recognizes revenue related to the sale of products when control of the promised goods or services is transferred to the customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Refer to “Note 17 - Revenues” for further discussion of the Company’s revenue recognition policy, including deferred revenues and the practical expedients elected as part of the transition to ASC 606. During 2019, PBF Holding and its subsidiaries, DCR and PRC, entered into amendments to the existing inventory intermediation agreements (as amended in the first quarter of 2019 and amended and restated in the third quarter of 2019, the “Inventory Intermediation Agreements”) with J. Aron & Company, a subsidiary of The Goldman Sachs Group, Inc. (“J. Aron”), pursuant to which certain terms of the existing inventory intermediation agreements were amended, including, among other things, the maturity date. On March 29, 2019 the Inventory Intermediation Agreement by and among J. Aron, PBF Holding and DCR was amended to add the PBFX assets acquired from Crown Point International, LLC in October 2018 (the “East Coast Storage Assets”) as a location and crude oil as a new product type to be included in the J. Aron Products (as defined in “Note 5 - Inventories”) sold to J. Aron by DCR. On August 29, 2019 the Inventory Intermediation Agreement by and among J. Aron, PBF Holding and PRC was extended to December 31, 2021, which term may be further extended by mutual consent of the parties to December 31, 2022 and the Inventory Intermediation Agreement by and among J. Aron, PBF Holding and DCR was extended to June 30, 2021, which term may be further extended by mutual consent of the parties to June 30, 2022. Pursuant to each Inventory Intermediation Agreement, J. Aron purchases and holds title to the J. Aron Products produced by the refinery and delivered into the J. Aron Storage Tanks (as defined in “Note 5 - Inventories”). The J. Aron Products are sold back to the Company as the J. Aron Products are discharged out of the J. Aron Storage Tanks. These purchases and sales are settled monthly at the daily market prices related to those J. Aron Products. These transactions are considered to be made in contemplation of each other and, accordingly, do not result in the recognition of a sale when title passes from the East Coast refineries to J. Aron. Additionally, J. Aron has the right to store the J. Aron Products purchased in J. Aron Storage Tanks under the Inventory Intermediation Agreements and will retain these storage rights for the term of the agreements. PBF Holding continues to market and sell the J. Aron Products independently to third parties.
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Allowance for Doubtful Accounts | 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, 2020 and 2019. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Excise Taxes | 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 | 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.
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Lessee, Leases | Leases Effective January 1, 2019, the Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2016-02, Leases (“ASC 842”), using the modified retrospective approach. As of the date of implementation on January 1, 2019, the impact of the adoption of ASC 842 resulted in the recognition of a right of use asset and lease liability on the Company’s Consolidated Balance Sheets of approximately $853.9 million of which $604.4 million is attributable to leases with affiliates. The Company leases office space, office equipment, refinery facilities and equipment, railcars and other logistics assets primarily under non-cancelable operating leases, with terms typically ranging from to twenty years, subject to certain renewal options as applicable. The Company considers those renewal or termination options that are reasonably certain to be exercised in the determination of the lease term and initial measurement of lease liabilities and right-of-use assets. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. Interest expense for finance leases is incurred based on the carrying value of the lease liability. Leases with an initial term of 12 months or less are not recorded on the Company’s Consolidated Balance Sheets. The Company determines whether a contract is or contains a lease at inception of the contract and whether that lease meets the classification criteria of a finance or operating lease. When available, the Company uses the rate implicit in the lease to discount lease payments to present value; however, most of the Company’s leases do not provide a readily determinable implicit rate. Therefore, the Company must discount lease payments based on an estimate of its incremental borrowing rate. For substantially all classes of underlying assets, the Company has elected the practical expedient not to separate lease and non-lease components, which allows for combining the components if certain criteria are met. For certain leases of refinery support facilities, the Company accounts for the non-lease service component separately.
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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 metal catalysts, 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. The amortization period generally ranges from 3 to 6 years; however, based upon the specific facts and circumstances, different periods of deferral occur. As a result of the East Coast Refining Reconfiguration (as defined in “Note - 6 Property, Plant and Equipment, net), certain major processing units were temporarily idled. As such, the Company accelerated the recognition of approximately $56.2 million of unamortized deferred turnaround costs associated with these idled units. Precious metal catalysts, linefill and certain other intangibles 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. Deferred financing costs are capitalized when incurred and amortized over the life of the loan (generally 1 to 8 years).
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Finite-Lived Intangible Assets | Intangible assets with finite lives primarily consist of emission credits and permits and are amortized over their estimated useful lives (generally 1 to 10 years). | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 utilizes 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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Investments in Equity Method Investments | Investments in Equity Method Investments For equity investments that are not required to be consolidated under the variable or voting interest model, the Company evaluates the level of influence it is able to exercise over an entity’s operations to determine whether to use the equity method of accounting. The Company’s judgment regarding the level of control over an equity method investment includes considering key factors such as its ownership interest, participation in policy-making and other significant decisions and material intercompany transactions. Amounts recognized for equity method investments are included in equity method investments in the consolidated balance sheet and adjusted for the Company’s share of the net earnings and losses of the investee and cash distributions, which are included in the consolidated statements of operations and the consolidated statements of cash flows. Amounts recognized for earnings in excess of distributions of the Company’s equity method investments are included in the operating section of the consolidated statements of cash flows. The Company evaluates its equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may be impaired. A loss is recorded in earnings in the current period to write down the carrying value of the investment to fair value if a decline in the value of an equity method investment is determined to be other than temporary.
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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 administrative expense with forfeitures recognized in the period they occur. PBF Energy grants performance share unit awards and performance unit awards to certain key employees. Performance awards granted to employees prior to November 1, 2020 are based on a -year performance cycle with four measurement periods and performance awards granted to employees after November 1, 2020 are based on a -year performance cycle having a single measurement period. The payout for each, which ranges from 0% to 200%, is based on the relative ranking of the total shareholder return (“TSR”) of PBF Energy’s common stock as compared to the TSR of a selected group of industry peer companies over an average of four measurement periods. The performance share unit awards and performance unit awards are each measured at fair value based on Monte Carlo simulation models. The performance share unit awards will be settled in PBF Energy Class A common stock and are accounted for as equity awards and the performance unit awards will be settled in cash and are accounted for as liability awards.
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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 expense 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 and the Company’s wholly-owned Canadian subsidiary, PBF Energy Limited (“PBF Ltd.”). These subsidiaries are treated as C-corporations for tax purposes. The State tax returns for all years since 2015 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 obligations 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 and the risk associated with the price of credits needed to comply with various governmental and regulatory environmental compliance programs. The accounting treatment for commodity and environmental compliance 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 Consolidated Balance Sheets 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 Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements | Recently Adopted Accounting Pronouncements In August 2018, the FASB issued ASU No. 2018-14, “Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20)”, to improve the effectiveness of benefit plan disclosures in the notes to financial statements by facilitating clear communication of the information required by GAAP that is most important to users of each entity’s financial statements. The amendments in this ASU modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. Additionally, the amendments in this ASU remove disclosures that no longer are considered cost beneficial, clarify the specific requirements of disclosures, and add disclosure requirements identified as relevant. The amendments in this ASU are effective for fiscal years ending after December 15, 2020, for public business entities and early adoption is permitted for all entities. The Company adopted this ASU effective January 1, 2020, which did not have a material impact on its Consolidated Financial Statements. Refer to “Note 16 - Employee Benefits Plans” for further disclosure related to our adoption of this pronouncement. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). This guidance amends the guidance on measuring credit losses on financial assets held at amortized cost. ASU 2016-13 requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company adopted this ASU effective January 1, 2020, which did not have a material impact on its Consolidated Financial Statements. Refer to “Note 4 - Current Expected Credit Losses” for further disclosure related to our adoption of this pronouncement. Recently Issued Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the effects of reference rate reform on financial reporting”. The amendments in this ASU provide optional guidance to alleviate the burden in accounting for reference rate reform, by allowing certain expedients and exceptions in applying GAAP to contracts, hedging relationship and other transactions affected by the expected market transition from London Interbank Offered Rate (“LIBOR”) and other interbank rates. The amendments in this ASU are effective for all entities at any time beginning on March 12, 2020 through December 31, 2022 and may be applied from the beginning of an interim period that includes the issuance date of the ASU. The Company is currently evaluating the impact of this new standard on its Consolidated Financial Statements and related disclosures.
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) |
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Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Useful Lives | Depreciation is computed using the straight-line method over the following estimated useful lives:
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ACQUISITIONS (Tables) |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination, Consideration Transferred | The total purchase consideration and the fair values of the assets and liabilities at the acquisition date were as follows:
_______________________ (a) The Martinez Acquisition includes an obligation for the Company to make post-closing earn-out payments to the Seller based on certain earnings thresholds of the Martinez refinery (as set forth in the Sale and Purchase Agreement), for a period of up to four years following the acquisition closing date (the “Martinez Contingent Consideration”). The Company recorded the Martinez Contingent Consideration based on its estimated fair value of $77.3 million at the acquisition date, which was recorded within “Other long-term liabilities” within the Consolidated Balance Sheets.
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Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the final amounts recognized for assets acquired and liabilities assumed as of the acquisition date:
_____________________________ (a) Operating and Financing lease right of use assets are recorded in Lease right of use assets - third party within the Consolidated Balance Sheets. (b) Current financing lease liabilities are recorded in Accrued expenses within the Consolidated Balance Sheets.
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Business Acquisition, Pro Forma Information |
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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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Summary of property, plant and equipment | Property, plant and equipment, net 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 primarily consists of permits and emission credits. Our net balance as of December 31, 2020 and December 31, 2019 is shown below:
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ACCRUED EXPENSES (Tables) |
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Schedule of accrued expenses | Accrued expenses consisted of the following:
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CREDIT FACILITY AND LONG-TERM DEBT (Tables) |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of long-term debt outstanding | Long-term debt outstanding consisted of the following:
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Schedule of details of catalyst financing arrangements [Table Text Block] | Details of the catalyst financing arrangements at each of the Company’s refineries as of December 31, 2020 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 (in millions):
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OTHER LONG-TERM LIABILITIES (Tables) |
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of other long-term liabilities | Other long-term liabilities consisted of the following:
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RELATED PARTY TRANSACTIONS (Tables) |
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Commercial Agreements [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of related party transactions | These commercial agreements (as defined in the table below) with PBFX include:
____________________ (a)PBF Holding has the option to extend the agreements for up to two additional -year terms, as applicable. (b)The Amended and Restated Rail Agreements, as amended and effective as of January 1, 2018, include the Amended and Restated Delaware City Rail Terminaling Services Agreement and the Amended and Restated Delaware West Ladder Rack Terminaling Services Agreement, each between Delaware City Terminaling Company LLC (“DCTC”) and PBF Holding, with the service fees thereunder being adjusted, including the addition of an ancillary fee paid by PBF Holding on an actual cost basis. In determining payments due under the Amended and Restated Rail Agreements, excess volumes throughput under the agreements shall apply against required payments in respect to the minimum throughput commitments on a quarterly basis and, to the extent not previously applied, on an annual basis against the MVCs. Effective January 1, 2019, the existing Amended and Restated Rail Agreements were further amended for the inclusion of services through certain rail infrastructure at the East Coast Storage Assets. (c)These commercial agreements with PBFX are considered leases. (d)In connection with the inclusion of an additional destination at the Magellan connection under the Delaware Pipeline Services Agreement, PBF Holding and Delaware Pipeline Company LLC agreed to a two-year, five-month MVC (the “Magellan MVC”) under the Delaware Pipeline Services Agreement. The Magellan MVC expired on March 31, 2019, subsequent to which PBFX has been billing actual throughput on the Magellan connection. (e)Subsequent to the PBFX acquisition of the Toledo, Ohio refined products terminal assets (the “Toledo Products Terminal”), the Toledo Products Terminal was added to the East Coast Terminals Terminaling Services Agreements. (f)The East Coast Terminals related party agreements include varying initial term lengths, ranging from to five years. (g)The East Coast Terminals Terminaling Services Agreements have no MVCs and are billed based on actual volumes throughput, other than a terminaling services agreement between PBFX’s East Coast Terminals’ Paulsboro, New Jersey location and PBF Holding’s Paulsboro refinery with a 15,000 bpd MVC. (h)Reflects the overall capacity as stipulated by the storage agreement. The storage MVC is subject to the effective operating capacity of each tank, which can be impacted by routine tank maintenance and other factors. PBF Holding’s available shell capacity may be subject to change as agreed to by PBF Holding and PBFX. (i)In connection with the TVPC Acquisition on May 31, 2019, the Torrance Valley Pipeline Transportation Services Agreement- South Pipeline was amended and restated to increase the MVC from 70,000 bpd to 75,000 bpd. (j)The minimum throughput revenue commitment for the Knoxville Terminals Agreement- Terminaling Services is $0.9 million for year one, $1.8 million for year two and $2.7 million for year three and thereafter. (k)Under the Toledo Rail Loading Agreement, PBF Holding has minimum throughput commitments for (i) 30 railcars per day of products and (ii) 11.5 railcars per day of premium products. The Toledo Rail Loading Agreement also specifies a maximum throughput rate of 50 railcars per day. (l)The Delaware City Terminaling Services Agreement between DCTC and PBF Holding will commence in 2022 subsequent to the expiration of the Amended and Restated Rail Agreements and includes additional services to be provided by PBFX as operator of other rail facilities owned by PBF Holding’s subsidiaries. (m)The Chalmette Storage Services Agreement was entered into on February 15, 2017 and commenced on November 1, 2017.
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Contribution Agreements [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of related party transactions | The Contribution Agreements entered during the years ended December 31, 2020, 2019 and 2018 include the following:
(a) On July 16, 2018, PBFX entered into four contribution agreements with PBF LLC pursuant to which the Company contributed to PBF LLC certain of its subsidiaries (the “Development Assets Contribution Agreements”). Pursuant to the Development Asset Contribution Agreements, the Company contributed all of the issued and outstanding limited liability company interests of: Toledo Rail Logistics Company LLC, whose assets consist of a loading and unloading rail facility located at the Toledo refinery (the “Toledo Rail Products Facility”); Chalmette Logistics Company LLC, whose assets consist of a truck loading rack facility (the “Chalmette Truck Rack”) and a rail yard facility (the “Chalmette Rosin Yard”), both of which are located at the Chalmette refinery; Paulsboro Terminaling Company LLC, whose assets consist of a lube oil terminal facility located at the Paulsboro refinery (the “Paulsboro Lube Oil Terminal”); and DCR Storage and Loading Company LLC, whose assets consist of an ethanol storage facility located at the Delaware City refinery (collectively with the Toledo Rail Products Facility, the Chalmette Truck Rack, the Chalmette Rosin Yard, and the Paulsboro Lube Oil Terminal, the “Development Assets”) to PBF LLC. PBFX Operating Company LP, PBFX’s wholly-owned subsidiary, in turn acquired the limited liability company interests in the Development Assets from PBF LLC in connection with the Development Assets Contribution Agreements effective as of July 31, 2018. (b) On April 24, 2019, PBFX entered into a contribution agreement with PBF LLC, pursuant to which the Company contributed to PBF LLC, which in turn contributed to PBFX, all of the issued and outstanding limited liability company interests of TVP Holding Company LLC (“TVP Holding”) for total consideration of $200.0 million (the “TVPC Acquisition”). Prior to the TVPC Acquisition, TVP Holding (then a subsidiary of PBF Holding) owned a 50% equity interest in Torrance Valley Pipeline Company LLC (“TVPC”). Subsequent to the closing of the TVPC Acquisition on May 31, 2019, PBFX owns 100% of the equity interest in TVPC.
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PBF Logistics LP [Member] | Commercial Agreements [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of related party transactions | A summary of our affiliate transactions with PBFX is as follows:
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COMMITMENTS AND CONTINGENCIES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Future minimum rental payments for operating leases | The fixed and determinable amounts related to obligations under these agreements are as follows:
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LEASES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets and Liabilities, Lessee [Table Text Block] | The table below presents the lease related assets and liabilities recorded on the Company’s Consolidated Balance Sheets as of December 31, 2020 and December 31, 2019:
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Lease, Cost [Table Text Block] | The table below presents certain information related to costs for the Company’s leases for the year ended December 31, 2020 and December 31, 2019:
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Cash Flow, Lessee [Table Text Block] | The table below presents supplemental cash flow information related to leases for the year ended December 31, 2020 and December 31, 2019 (in millions):
Lease Term and Discount Rate The table below presents certain information related to the weighted average remaining lease term and weighted average discount rate for the Company’s leases as of December 31, 2020:
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Lessee, Liability, Maturity [Table Text Block] | The table below reconciles the fixed component of the undiscounted cash flows for each of the periods presented to the lease liabilities recorded on the Consolidated Balance Sheets as of December 31, 2020:
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STOCK-BASED COMPENSATION (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of stock-based compensation expense | Stock-based compensation expense included in general and administrative expenses consisted of the following:
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Weighted average assumptions |
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Schedule of share-based payment awards, performance awards, valuation assumptions | The grant date fair value was calculated using a Monte Carlo valuation model with the following assumptions:
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Employee Stock Option [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of share-based compensation activity | The following table summarizes activity for PBF Energy options for 2020.
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Restricted Stock [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of share-based compensation activity | The following table summarizes activity for PBF Energy restricted stock:
Unrecognized compensation expense related to PBF Energy Restricted Class A common stock at December 31, 2020 was $1.5 million, which will be recognized from 2021 through 2023. The following table reflects activity related to our restricted stock:
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Performance share units [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of share-based compensation activity | The following table summarizes activity for PBF Energy performance share awards:
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Performance Units [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of share-based compensation activity | The following table summarizes activity for PBF Energy performance unit awards:
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EMPLOYEE BENEFIT PLANS (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [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, 2020 and 2019 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, 2020, 2019 and 2018:
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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, 2020, 2019 and 2018 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 income (loss) as of December 31, 2020 and 2019 that have not yet been recognized as components of net periodic costs were as follows:
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Schedule of assumptions used | The weighted average assumptions used to determine the benefit obligations as of December 31, 2020 and 2019 were as follows:
The weighted average assumptions used to determine the net periodic benefit costs for the years ended December 31, 2020, 2019 and 2018 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, 2020 and 2019 were as follows:
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Schedule of fair value of assets of the Company's Qualified Plan | The table below presents the fair values of the assets of the Company’s Qualified Plan as of December 31, 2020 and 2019 by level of fair value hierarchy. Assets categorized in Level 2 of the hierarchy consist of collective trusts and are measured at fair value based on the closing net asset value (“NAV”) as determined by the fund manager and reported daily. 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) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues [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 presented:
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INCOME TAXES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Income Tax (Benefit) Expense | The reported income tax (benefit) expense in the PBF Holding Consolidated Statements of Operations consists of the following:
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Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | A summary of the components of PBF Holding’s deferred tax assets and deferred tax liabilities consists of the following:
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FAIR VALUE MEASUREMENTS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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, 2020 and 2019. The Company has elected to offset the fair value amounts recognized for multiple derivative contracts executed with the same counterparty; however, fair value amounts by hierarchy level are presented on a gross basis in the tables below. The Company has posted cash margin with various counterparties to support hedging and trading activities. The cash margin posted is required by counterparties as collateral deposits and cannot be offset against the fair value of open contracts except in the event of default. The Company has no derivative contracts that are subject to master netting arrangements that are reflected gross on the Consolidated Balance Sheets.
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Schedule of Effect of Significant Unobservable Inputs | The table below summarizes the changes in fair value measurements categorized in Level 3 of the fair value hierarchy, which primarily includes the change in estimated future earnings related to the Martinez Contingent Consideration :
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Schedule of Fair value of Debt | The table below summarizes the fair value and carrying value of debt as of December 31, 2020 and 2019.
_______________ (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 outstanding senior notes. (b) As disclosed in “Note 9 - Credit Facilities and Debt”, the 2023 Senior Notes were redeemed in full on February 14, 2020. (c) 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. (d) Catalyst financing arrangements 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 repurchase obligations as the Company’s liability is directly impacted by the change in fair value of the underlying catalyst.
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DERIVATIVES (Tables) |
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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, 2020 and December 31, 2019 and the line items in the Consolidated Balance Sheets in which the fair values are reflected.
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Schedule of Derivative Instruments, Gain (Loss) Recognized in Income | The following table provides information about the gains or losses recognized in income on these derivative instruments and the line items in the Consolidated Statements of Operations in which such gains and losses are reflected.
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DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Details) - segment |
12 Months Ended | |
---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
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Description of Business [Line Items] | ||
Percentage of ownership in PBF LLC | 100.00% | |
Number of Reportable Segments | 1 | |
PBF Energy [Member] | Class A Common Stock [Member] | ||
Description of Business [Line Items] | ||
Percentage of ownership in PBF LLC | 99.20% | 99.00% |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Impairment Assessment) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Impairment Assessment [Line Items] | |||
Impairment Expense | $ 91.8 | $ 0.0 | $ 0.0 |
East Coast Refining | |||
Impairment Assessment [Line Items] | |||
Impairment Expense | $ 91.8 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Concentration of Credit Risk) (Details) - Customer Concentration Risk [Member] - numberOfCustomers |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Revenues [Member] | |||
Concentration Risk [Line Items] | |||
Number of Customers to Account for More than 10% | 1 | 0 | 0 |
Concentration Risk, Benchmark Description | 10 | ||
Revenues [Member] | Royal Dutch Shell | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 13.00% | ||
Accounts Receivables [Member] | |||
Concentration Risk [Line Items] | |||
Number of Customers to Account for More than 10% | 1 | 0 | |
Concentration Risk, Benchmark Description | 10 | ||
Accounts Receivables [Member] | Royal Dutch Shell | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 17.00% |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Allowance for Doubtful Accounts) (Details) - USD ($) |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Accounting Policies [Abstract] | ||
Allowance for doubtful accounts | $ 0 | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Leases) (Details) - USD ($) $ in Millions |
Dec. 31, 2020 |
Jan. 01, 2019 |
---|---|---|
Lessee, Lease, Description [Line Items] | ||
Operating Lease, Right-of-Use Asset | $ 853.9 | |
Operating Lease, Liability | $ 1,405.2 | 853.9 |
Minimum [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Non-cancelable operating lease term | 1 year | |
Lease with Affiliate [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Operating Lease, Right-of-Use Asset | 604.4 | |
Operating Lease, Liability | $ 604.4 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Deferred Charges and Other Assets, Net) (Details) $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2020
USD ($)
| |
Finite-Lived Intangible Assets [Line Items] | |
Accelerated Amortization, Deferred Turnaround Costs | $ 56.2 |
Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Refinery turnaround amortization period | 3 years |
Amortization over life of loan | 1 year |
Intangible assets estimated useful lives | 1 year |
Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Refinery turnaround amortization period | 6 years |
Amortization over life of loan | 8 years |
Intangible assets estimated useful lives | 10 years |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Stock-Based Compensation) (Details) - Performance Share Units And Performance Unit Awards [Member] |
12 Months Ended |
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Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 3 years |
Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Distribution Percentage Based On Performance Measurements | 0.00% |
Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Distribution Percentage Based On Performance Measurements | 200.00% |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Income Taxes) (Details) |
12 Months Ended |
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Dec. 31, 2020
state
| |
Accounting Policies [Abstract] | |
Number of subsidiaries acquired | 2 |
ACQUISITIONS (Purchase Price) (Details) - Martinez Acquisition - USD ($) $ in Millions |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Feb. 01, 2020 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
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Business Acquisition [Line Items] | ||||||
Payment to Acquire Business | $ 960.0 | $ 1,176.2 | $ 0.0 | $ 0.0 | ||
Working capital | 216.1 | |||||
Business Combination, Contingent Consideration, Initial Estimate | [1] | 77.3 | ||||
Total consideration | $ 1,253.4 | |||||
Term of Agreement | 4 years | |||||
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ACQUISITIONS (Assets and Liabilities Acquired) (Details) - Martinez Acquisition $ in Millions |
Feb. 01, 2020
USD ($)
|
|||||
---|---|---|---|---|---|---|
Business Acquisition [Line Items] | ||||||
Inventories | $ 224.1 | |||||
Prepaid and other current assets | 5.4 | |||||
Property, plant and equipment | 987.9 | |||||
Operating lease right of use assets | 7.8 | [1] | ||||
Financing lease right of use assets | 63.5 | [1] | ||||
Deferred charges and other assets, net | 63.7 | |||||
Accrued expenses | (1.4) | |||||
Current operating lease liabilities | (1.9) | |||||
Current financing lease liabilities | (6.0) | [2] | ||||
Long-term operating lease liabilities | (5.9) | |||||
Long-term financing lease liabilities | (57.5) | |||||
Other long-term liabilities - environmental obligation | (26.3) | |||||
Fair value of net assets acquired | $ 1,253.4 | |||||
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ACQUISITIONS (Pro Forma Information) (Details) - Martinez Acquisition - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
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Business Acquisition [Line Items] | ||
Pro forma revenues | $ 15,408.8 | $ 28,283.8 |
Pro forma net income attributable to PBF Holding Company LLC | $ (1,888.5) | $ 124.9 |
ACQUISITIONS (Additional Information) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Business Acquisition [Line Items] | |||
Acquisition costs | $ 11.1 | $ 0.0 | $ 0.0 |
Credit Losses (Details) - USD ($) |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Credit Loss [Abstract] | ||
Allowance for doubtful accounts | $ 0 | $ 0 |
DEFERRED CHARGES AND OTHER ASSETS, NET (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Deferred turnaround costs, net | $ 598,200 | $ 722,700 | |
Catalyst, net | 155,200 | 132,700 | |
Environmental credits | 39,600 | 37,800 | |
Linefill | 27,400 | 19,500 | |
Pension plan assets | 21,200 | 10,300 | |
Intangible assets, net | 500 | 500 | |
Other | 20,600 | 6,500 | |
Total deferred charges and other assets, net | 862,700 | 930,000 | |
Accelerated Amortization, Deferred Turnaround Costs | 56,200 | ||
Amortization expense | 315,700 | 256,800 | $ 207,200 |
Intangible Assets, Net [Abstract] | |||
Intangible assets - gross | 4,000 | 4,000 | |
Accumulated amortization | (3,500) | (3,500) | |
Intangible assets - net | 500 | 500 | |
Indefinitely-Lived Precious Metal [Member] | |||
Catalyst, net | $ 115,200 | $ 74,500 |
ACCRUED EXPENSES (Details) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Accrued Expenses: | ||
Inventory-related accruals | $ 695.0 | $ 1,103.2 |
Renewable energy credit and emissions obligations | 528.1 | 17.7 |
Inventory intermediation agreements | 225.8 | 278.1 |
Excise and sales tax payable | 119.7 | 98.4 |
Accrued transportation costs | 72.1 | 88.7 |
Accrued utilities | 58.6 | 40.1 |
Accrued interest | 40.2 | 6.8 |
Accrued salaries and benefits | 40.1 | 77.4 |
Accrued refinery maintenance and support costs | 35.7 | 16.9 |
Accrued capital expenditures | 14.4 | 31.0 |
Current finance lease liabilities | 14.4 | 6.5 |
Environmental liabilities | 11.4 | 12.3 |
Customer deposits | 4.0 | 1.8 |
Other | 22.3 | 12.5 |
Total accrued expenses | $ 1,881.8 | $ 1,791.4 |
CREDIT FACILITY AND LONG-TERM DEBT (Summary of Long-Term Debt) (Details) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 22, 2016 |
||
---|---|---|---|---|---|
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | $ 3,985.5 | $ 1,287.1 | |||
Less—Current debt | (7.4) | 0.0 | |||
Unamortized Debt Issuance Expense | (45.3) | (24.3) | |||
Long-term Debt, Excluding Current Maturities | 3,932.8 | 1,262.8 | |||
Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Line of Credit | 900.0 | 0.0 | |||
2025 Senior Secured Notes | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt | 1,250.6 | 0.0 | |||
2028 Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt | 1,000.0 | 0.0 | |||
2025 Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt | 725.0 | 725.0 | |||
2023 Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt | 0.0 | 500.0 | |||
PBF Rail Term Loan [Member] | PBF Rail Logistics Company LLC [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt | 7.4 | 14.5 | $ 35.0 | ||
Catalyst Obligation [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt | $ 102.5 | $ 47.6 | |||
Catalyst Financing Arrangement [Member] | Paulsboro Catalyst [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt fixed interest rate | 1.47% | ||||
Catalyst Financing Arrangement [Member] | Delaware City Catalyst - Platinum | |||||
Debt Instrument [Line Items] | |||||
Debt fixed interest rate | [1] | 2.75% | |||
Catalyst Financing Arrangement [Member] | Delaware City Catalyst - Palladium | |||||
Debt Instrument [Line Items] | |||||
Debt fixed interest rate | [1] | 3.45% | |||
Catalyst Financing Arrangement [Member] | Toledo Catalyst [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt fixed interest rate | [1] | 4.05% | |||
Catalyst Financing Arrangement [Member] | Chalmette Catalyst - Due 2021 | |||||
Debt Instrument [Line Items] | |||||
Debt fixed interest rate | [1] | 2.10% | |||
Catalyst Financing Arrangement [Member] | Chalmette Catalyst - Due 2022 | |||||
Debt Instrument [Line Items] | |||||
Debt fixed interest rate | 1.80% | ||||
Catalyst Financing Arrangement [Member] | Torrance Catalyst [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt fixed interest rate | 1.78% | ||||
Catalyst Financing Arrangement [Member] | Martinez Catalyst - Platinum | |||||
Debt Instrument [Line Items] | |||||
Debt fixed interest rate | [1] | 4.05% | |||
Catalyst Financing Arrangement [Member] | Martinez Catalyst - Palladium | |||||
Debt Instrument [Line Items] | |||||
Debt fixed interest rate | [1] | 3.45% | |||
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CREDIT FACILITY AND LONG-TERM DEBT (Debt Maturities) (Details) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2021 | $ 86.3 | |
2022 | 23.6 | |
2023 | 900.0 | |
2024 | 0.0 | |
2025 | 1,975.6 | |
Thereafter | 1,000.0 | |
Long-term Debt | $ 3,985.5 | $ 1,287.1 |
OTHER LONG-TERM LIABILITIES (Details) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Other Long-Term Liabilities [Abstract] | ||
Environmental liabilities | $ 140.5 | $ 119.9 |
Defined benefit pension plan liabilities | 73.5 | 73.8 |
Early railcar return liability | 13.9 | 17.6 |
Post-retirement medical plan liabilities | 22.0 | 17.5 |
Other | 17.1 | 4.1 |
Other long-term liabilities | $ 267.0 | $ 232.9 |
RELATED PARTY TRANSACTIONS (Details) - USD ($) |
12 Months Ended | |
---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Series B Units [Member] | Guarantor, Affiliated Entity [Member] | ||
Related Party Transaction [Line Items] | ||
Distribution To Unitholders | $ 0 | $ 0 |
RELATED PARTY TRANSACTIONS (Contribution Agreements) (Details) - USD ($) $ in Millions |
May 31, 2019 |
May 30, 2019 |
Apr. 24, 2019 |
Jul. 16, 2018 |
---|---|---|---|---|
Torrance Valley Pipeline Company LLC [Member] | TVP Holding [Member] | ||||
Related Party Transaction [Line Items] | ||||
Percentage of ownership in subsidiaries | 50.00% | |||
Torrance Valley Pipeline Company LLC [Member] | PBF Logistics LP [Member] | ||||
Related Party Transaction [Line Items] | ||||
Percentage of ownership in subsidiaries | 100.00% | |||
PBF Logistics LP [Member] | Torrance Valley Pipeline Company LLC [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related Party, Distribution of Property | $ 200.0 | |||
PBF Logistics LP [Member] | Developmental Assets | ||||
Related Party Transaction [Line Items] | ||||
Related Party, Distribution of Property | $ 31.6 |
RELATED PARTY TRANSACTIONS (Commercial Agreements) (Details) $ in Millions |
12 Months Ended | 33 Months Ended | |||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 01, 2022
bbl / d
renewal
|
May 31, 2019
bbl / d
|
Jan. 01, 2019
bbl
|
Jul. 31, 2018
Railcars_per_day
bbl / d
renewal
|
Apr. 16, 2018
USD ($)
bbl
|
Nov. 01, 2017
bbl
renewal
|
Aug. 04, 2017
dekatherm_per_day
|
Nov. 01, 2016 |
Aug. 31, 2016
bbl / d
renewal
bbl
|
May 01, 2016
bbl / d
|
May 15, 2015
bbl / d
renewal
|
Dec. 12, 2014
bbl / d
renewal
bbl
|
May 08, 2014
bbl / d
renewal
|
Jan. 24, 2013
bbl
|
Dec. 31, 2020
renewal
|
May 30, 2019
bbl / d
|
||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||||
Number of Contract Renewals | 2 | ||||||||||||||||||||||||||||||||||
Term of Renewal | 5 years | ||||||||||||||||||||||||||||||||||
Amended and Restated Rail Agreement [Member] | PBF Logistics LP [Member] | |||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||||
Term of Agreement | [1] | 7 years 8 months | |||||||||||||||||||||||||||||||||
Oil And Gas Plant, Collaborative Agreement, Minimum Throughput Capacity | bbl / d | [1] | 125,000 | |||||||||||||||||||||||||||||||||
Toledo Truck Unloading & Terminaling Services Agreement [Member] | PBF Logistics LP [Member] | |||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||||
Term of Agreement | 7 years 8 months | ||||||||||||||||||||||||||||||||||
Number of Contract Renewals | 2 | ||||||||||||||||||||||||||||||||||
Term of Renewal | 5 years | ||||||||||||||||||||||||||||||||||
Oil And Gas Plant, Collaborative Agreement, Minimum Throughput Capacity | bbl / d | 5,500 | ||||||||||||||||||||||||||||||||||
Toledo Storage Facility Storage and Terminaling Services Agreement [Member] | Toledo Terminaling Facility [Member] | PBF Logistics LP [Member] | |||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||||
Term of Agreement | [2] | 10 years | |||||||||||||||||||||||||||||||||
Number of Contract Renewals | [2] | 2 | |||||||||||||||||||||||||||||||||
Term of Renewal | [2] | 5 years | |||||||||||||||||||||||||||||||||
Oil And Gas Plant, Collaborative Agreement, Minimum Throughput Capacity | bbl / d | [2] | 4,400 | |||||||||||||||||||||||||||||||||
Toledo Storage Facility Storage and Terminaling Services Agreement [Member] | Toledo Storage Facility [Member] | PBF Logistics LP [Member] | |||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||||
Term of Agreement | [2] | 10 years | |||||||||||||||||||||||||||||||||
Number of Contract Renewals | [2] | 2 | |||||||||||||||||||||||||||||||||
Term of Renewal | [2] | 5 years | |||||||||||||||||||||||||||||||||
Oil And Gas Plant, Maximum Storage Capacity | bbl | [2],[3] | 3,849,271 | |||||||||||||||||||||||||||||||||
Delaware Pipeline Services Agreement [Member] | PBF Logistics LP [Member] | |||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||||
Term of Agreement | 10 years 8 months | ||||||||||||||||||||||||||||||||||
Number of Contract Renewals | 2 | ||||||||||||||||||||||||||||||||||
Term of Renewal | 5 years | ||||||||||||||||||||||||||||||||||
Oil And Gas Plant, Collaborative Agreement, Minimum Throughput Capacity | bbl / d | 50,000 | ||||||||||||||||||||||||||||||||||
Delaware Pipeline Services Agreement - Magellan Connection [Member] | PBF Logistics LP [Member] | |||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||||
Term of Agreement | [4] | 2 years 5 months | |||||||||||||||||||||||||||||||||
Delaware City Truck Loading Services Agreement [Member] | Refined Clean Product [Member] | PBF Logistics LP [Member] | |||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||||
Term of Agreement | 10 years 8 months | ||||||||||||||||||||||||||||||||||
Number of Contract Renewals | 2 | ||||||||||||||||||||||||||||||||||
Term of Renewal | 5 years | ||||||||||||||||||||||||||||||||||
Oil And Gas Plant, Collaborative Agreement, Minimum Throughput Capacity | bbl / d | 30,000 | ||||||||||||||||||||||||||||||||||
Delaware City Truck Loading Services Agreement [Member] | LPGs [Member] | PBF Logistics LP [Member] | |||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||||
Term of Agreement | 10 years 8 months | ||||||||||||||||||||||||||||||||||
Number of Contract Renewals | 2 | ||||||||||||||||||||||||||||||||||
Term of Renewal | 5 years | ||||||||||||||||||||||||||||||||||
Oil And Gas Plant, Collaborative Agreement, Minimum Throughput Capacity | bbl / d | 5,000 | ||||||||||||||||||||||||||||||||||
East Coast Terminals Terminaling Services Agreements [Member] | PBF Logistics LP [Member] | |||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||||
Oil And Gas Plant, Collaborative Agreement, Minimum Throughput Capacity | bbl / d | [5],[6],[7] | 15,000 | |||||||||||||||||||||||||||||||||
East Coast Terminals Tank Lease Agreements [Member] | PBF Logistics LP [Member] | |||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||||
Oil And Gas Plant, Maximum Storage Capacity | bbl | [3],[7] | 350,000 | |||||||||||||||||||||||||||||||||
Torrance Valley Pipeline Transportation Services Agreement [Member] | Torrance Valley Pipeline - North [Member] | PBF Logistics LP [Member] | |||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||||
Term of Agreement | [2] | 10 years | |||||||||||||||||||||||||||||||||
Number of Contract Renewals | [2] | 2 | |||||||||||||||||||||||||||||||||
Term of Renewal | [2] | 5 years | |||||||||||||||||||||||||||||||||
Oil And Gas Plant, Collaborative Agreement, Minimum Throughput Capacity | bbl / d | [2] | 50,000 | |||||||||||||||||||||||||||||||||
Torrance Valley Pipeline Transportation Services Agreement [Member] | Torrance Valley Pipeline - South [Member] | PBF Logistics LP [Member] | |||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||||
Term of Agreement | [2] | 10 years | |||||||||||||||||||||||||||||||||
Number of Contract Renewals | [2] | 2 | |||||||||||||||||||||||||||||||||
Term of Renewal | [2] | 5 years | |||||||||||||||||||||||||||||||||
Oil And Gas Plant, Collaborative Agreement, Minimum Throughput Capacity | bbl / d | 75,000 | 75,000 | [2],[8] | 70,000 | |||||||||||||||||||||||||||||||
Torrance Valley Pipeline Transportation Services Agreement [Member] | Torrance Valley Pipeline - Midway Storage Tanks [Member] | PBF Logistics LP [Member] | |||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||||
Term of Agreement | [2] | 10 years | |||||||||||||||||||||||||||||||||
Number of Contract Renewals | [2] | 2 | |||||||||||||||||||||||||||||||||
Term of Renewal | [2] | 5 years | |||||||||||||||||||||||||||||||||
Oil And Gas Plant, Maximum Storage Capacity | bbl | [2],[3] | 55,000 | |||||||||||||||||||||||||||||||||
Torrance Valley Pipeline Transportation Services Agreement [Member] | Torrance Valley Pipeline - Emidio Storage Tanks [Member] | PBF Logistics LP [Member] | |||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||||
Term of Agreement | [2] | 10 years | |||||||||||||||||||||||||||||||||
Number of Contract Renewals | [2] | 2 | |||||||||||||||||||||||||||||||||
Term of Renewal | [2] | 5 years | |||||||||||||||||||||||||||||||||
Oil And Gas Plant, Collaborative Agreement, Minimum Throughput Capacity | bbl / d | [2] | 900,000 | |||||||||||||||||||||||||||||||||
Torrance Valley Pipeline Transportation Services Agreement [Member] | Torrance Valley Pipeline - Belridge Storage Tanks [Member] | PBF Logistics LP [Member] | |||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||||
Term of Agreement | [2] | 10 years | |||||||||||||||||||||||||||||||||
Number of Contract Renewals | [2] | 2 | |||||||||||||||||||||||||||||||||
Term of Renewal | [2] | 5 years | |||||||||||||||||||||||||||||||||
Oil And Gas Plant, Collaborative Agreement, Minimum Throughput Capacity | bbl / d | [2] | 770,000 | |||||||||||||||||||||||||||||||||
Paulsboro Natural Gas Pipeline Services Agreement [Member] | PBF Logistics LP [Member] | |||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||||
Term of Agreement | [2] | 15 years | |||||||||||||||||||||||||||||||||
Oil And Gas Plant, Maximum Storage Capacity | dekatherm_per_day | [2] | 60,000 | |||||||||||||||||||||||||||||||||
Knoxville Terminals Agreement [Member] | Terminaling Service [Member] | PBF Logistics LP [Member] | |||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||||
Term of Agreement | 5 years | ||||||||||||||||||||||||||||||||||
Knoxville Terminals Agreement [Member] | Terminaling Service [Member] | PBF Logistics LP [Member] | Agreement Period One [Member] | |||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||||
Oil and Gas Plant, Collaborative Agreement, Minimum Revenue Commitment | $ | 0.9 | ||||||||||||||||||||||||||||||||||
Knoxville Terminals Agreement [Member] | Terminaling Service [Member] | PBF Logistics LP [Member] | Agreement Period Two [Member] | |||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||||
Oil and Gas Plant, Collaborative Agreement, Minimum Revenue Commitment | $ | 1.8 | ||||||||||||||||||||||||||||||||||
Knoxville Terminals Agreement [Member] | Terminaling Service [Member] | PBF Logistics LP [Member] | Agreement Period Three [Member] | |||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||||
Oil and Gas Plant, Collaborative Agreement, Minimum Revenue Commitment | $ | 2.7 | ||||||||||||||||||||||||||||||||||
Knoxville Terminals Agreement [Member] | Storage Services | PBF Logistics LP [Member] | |||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||||
Term of Agreement | 5 years | ||||||||||||||||||||||||||||||||||
Oil And Gas Plant, Maximum Storage Capacity | bbl | [3] | 115,334 | |||||||||||||||||||||||||||||||||
Toledo Rail Loading Agreement [Member] | PBF Logistics LP [Member] | |||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||||
Term of Agreement | [9] | 7 years 5 months | |||||||||||||||||||||||||||||||||
Number of Contract Renewals | 2 | ||||||||||||||||||||||||||||||||||
Term of Renewal | 5 years | ||||||||||||||||||||||||||||||||||
Oil and Gas Plant, Collaborative Agreement, Maximum Throughput Capacity | Railcars_per_day | 50 | ||||||||||||||||||||||||||||||||||
Toledo Rail Loading Agreement [Member] | Product [Member] | PBF Logistics LP [Member] | |||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||||
Oil And Gas Plant, Collaborative Agreement, Minimum Throughput Capacity | Railcars_per_day | 30 | ||||||||||||||||||||||||||||||||||
Toledo Rail Loading Agreement [Member] | Premium Product [Member] | PBF Logistics LP [Member] | |||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||||
Oil And Gas Plant, Collaborative Agreement, Minimum Throughput Capacity | Railcars_per_day | 11.5 | ||||||||||||||||||||||||||||||||||
Chalmette Terminal Throughput Agreement [Member] | PBF Logistics LP [Member] | |||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||||
Term of Agreement | 1 year | ||||||||||||||||||||||||||||||||||
Chalmette Rail Unloading Agreement [Member] | PBF Logistics LP [Member] | |||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||||
Term of Agreement | 7 years 5 months | ||||||||||||||||||||||||||||||||||
Number of Contract Renewals | 2 | ||||||||||||||||||||||||||||||||||
Term of Renewal | 5 years | ||||||||||||||||||||||||||||||||||
Oil And Gas Plant, Collaborative Agreement, Minimum Throughput Capacity | bbl / d | 7,600 | ||||||||||||||||||||||||||||||||||
DSL Ethanol Throughput Agreement [Member] | PBF Logistics LP [Member] | |||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||||
Term of Agreement | [2] | 7 years 5 months | |||||||||||||||||||||||||||||||||
Number of Contract Renewals | [2] | 2 | |||||||||||||||||||||||||||||||||
Term of Renewal | [2] | 5 years | |||||||||||||||||||||||||||||||||
Oil And Gas Plant, Collaborative Agreement, Minimum Throughput Capacity | bbl / d | [2] | 5,000 | |||||||||||||||||||||||||||||||||
Delaware City Terminaling Services Agreement [Member] | PBF Logistics LP [Member] | Scenario, Forecast [Member] | |||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||||
Term of Agreement | 4 years | ||||||||||||||||||||||||||||||||||
Number of Contract Renewals | 2 | ||||||||||||||||||||||||||||||||||
Term of Renewal | 5 years | ||||||||||||||||||||||||||||||||||
Oil And Gas Plant, Collaborative Agreement, Minimum Throughput Capacity | bbl / d | 95,000 | ||||||||||||||||||||||||||||||||||
Chalmette Storage Agreement [Member] | PBF Logistics LP [Member] | |||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||||
Term of Agreement | [2] | 10 years | |||||||||||||||||||||||||||||||||
Number of Contract Renewals | [2] | 2 | |||||||||||||||||||||||||||||||||
Term of Renewal | [2] | 5 years | |||||||||||||||||||||||||||||||||
Oil And Gas Plant, Maximum Storage Capacity | bbl | [2],[3] | 625,000 | |||||||||||||||||||||||||||||||||
East Coast Storage Assets Terminal Storage Agreement [Member] | PBF Logistics LP [Member] | |||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||||
Term of Agreement | 8 years | ||||||||||||||||||||||||||||||||||
Oil And Gas Plant, Maximum Storage Capacity | bbl | [3] | 2,953,725 | |||||||||||||||||||||||||||||||||
East Coast Terminals commercial agreements [Member] | PBF Logistics LP [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||||
Term of Agreement | 1 year | ||||||||||||||||||||||||||||||||||
East Coast Terminals commercial agreements [Member] | PBF Logistics LP [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||||
Term of Agreement | 5 years | ||||||||||||||||||||||||||||||||||
|
RELATED PARTY TRANSACTIONS (Omnibus and Services Agreements) (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Jan. 01, 2020 |
Dec. 31, 2020 |
|
Related Party Transaction [Line Items] | ||
Related Party Transaction, Annual Fee Increase | $ 8.3 | |
PBF Logistics LP [Member] | Fifth Amended and Restated Omnibus Agreement [Member] | ||
Related Party Transaction [Line Items] | ||
Term of Agreement | 10 years | |
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | $ 7.6 | |
PBF Logistics LP [Member] | Services Agreement [Member] | ||
Related Party Transaction [Line Items] | ||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | $ 8.7 |
RELATED PARTY TRANSACTIONS (Summary of Transactions with PBFX) (Details) - PBF Logistics LP [Member] - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
General and Administrative Expense [Member] | Services Agreement [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Amounts of Transaction | $ 8.7 | $ 8.6 | $ 7.5 |
General and Administrative Expense [Member] | Omnibus Agreement [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Amounts of Transaction | 7.6 | 7.7 | 7.5 |
Cost of Sales [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Amounts of Transaction | $ 289.4 | $ 300.9 | $ 259.4 |
COMMITMENTS AND CONTINGENCIES (Details) $ in Millions |
12 Months Ended | ||||
---|---|---|---|---|---|
Feb. 01, 2020
USD ($)
|
Mar. 03, 2014
ppm
|
Dec. 31, 2020
USD ($)
ppm
|
Dec. 31, 2010
ppm
|
Dec. 31, 2019
USD ($)
|
|
Environmental Matters | |||||
Environmental liabilities | $ 151.9 | $ 132.2 | |||
Environmental liabilities, Lont-Term | $ 140.5 | $ 119.9 | |||
Applicable Federal and State Regulatory Requirements | |||||
Maximum amount of sulfur allowed in heating oil (in ppm) | ppm | 10 | 80 | |||
Tax Receivable Agreement [Abstract] | |||||
Percent of tax benefit received from increases in tax basis paid to stockholders | 85.00% | ||||
Percentage of ownership in PBF LLC | 100.00% | ||||
Payable to Related Parties, Tax Receivable Agreement | $ 0.0 | ||||
Martinez Acquistion | |||||
Contingent Consideration | |||||
Term of Agreement | 4 years | ||||
Business Combination, Contingent Consideration, Initial Estimate | $ 77.3 | ||||
Business Combination, Contingent Consideration, Liability | $ 0.0 | ||||
PBF Energy [Member] | Class A Common Stock [Member] | |||||
Tax Receivable Agreement [Abstract] | |||||
Percentage of ownership in PBF LLC | 99.20% | 99.00% | |||
Environmental Issue [Member] | Torrance Refinery [Member] | |||||
Environmental Matters | |||||
Environmental liabilities | $ 113.7 | $ 121.3 | |||
Accrual For Environmental Loss Contingencies, Expected Future Payments Over Next Five Years | $ 52.7 | ||||
Executive [Member] | Minimum [Member] | |||||
Employment Agreements | |||||
Potential lump sum payment as a multiple of base salary | 1.50 | ||||
Executive [Member] | Maximum [Member] | |||||
Employment Agreements | |||||
Potential lump sum payment as a multiple of base salary | 2.99 | ||||
Northeastern States [Member] | Environmental Issue [Member] | |||||
Applicable Federal and State Regulatory Requirements | |||||
Maximum amount of sulfur allowed in heating oil (in ppm) | ppm | 15 | ||||
NEW YORK | Environmental Issue [Member] | |||||
Applicable Federal and State Regulatory Requirements | |||||
Maximum amount of sulfur allowed in heating oil (in ppm) | ppm | 15 |
COMMITMENTS AND CONTINGENCIES (Future Minimum Rental Payments) (Details) $ in Millions |
Dec. 31, 2020
USD ($)
|
---|---|
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2021 | $ 159.3 |
2022 | 107.3 |
2023 | 104.6 |
2024 | 99.5 |
2025 | 99.3 |
Thereafter | 42.9 |
Total future obligation payments due | $ 612.9 |
LEASES (Details) $ in Millions |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Apr. 17, 2020
USD ($)
hydrogenPlants
|
Dec. 31, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
|
Dec. 31, 2018
USD ($)
|
Aug. 01, 2020
USD ($)
|
Jan. 01, 2019
USD ($)
|
|
Lessee, Lease, Description [Line Items] | ||||||
Number of Hydrogen Plants Sold | hydrogenPlants | 5 | |||||
Sale Leaseback Transaction, Gross Proceeds, Investing Activities | $ 530.0 | |||||
Gain (Loss) on Disposition of Property Plant Equipment | $ 477.8 | $ 29.9 | $ 43.1 | |||
Lease right of use assets - affiliate | $ 853.9 | |||||
Operating Lease, Liability | 1,405.2 | $ 853.9 | ||||
Net gains (losses) on sale-leaseback transactions | $ 0.0 | |||||
Lessee, Lease Not Yet Commenced, Term Of Contract | 15 years | |||||
Lessee, Leases Not Yet Commenced, Liability | $ 34.1 | |||||
Operating lease costs | 291.2 | 239.6 | ||||
Air Products and Chemical, Inc. | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Sale Leaseback Transaction, Gross Proceeds, Investing Activities | $ 530.0 | |||||
Gain (Loss) on Disposition of Property Plant Equipment | $ 471.1 | |||||
Air Products and Chemical, Inc. | Transition Service Agreement | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Supply Commitment, Period | 18 months | |||||
Minimum [Member] | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Non-cancelable operating lease term | 1 year | |||||
Maximum [Member] | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Non-cancelable operating lease term | 20 years | |||||
Lease with Affiliate [Member] | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Lease right of use assets - affiliate | $ 571.0 | 650.3 | ||||
Operating lease costs | $ 129.1 | $ 130.0 | ||||
Lease with Affiliate [Member] | Minimum [Member] | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Non-cancelable operating lease term | 7 years | |||||
Lease with Affiliate [Member] | Maximum [Member] | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Non-cancelable operating lease term | 15 years | |||||
Hydrogen Supply | Air Products and Chemical, Inc. | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Non-cancelable operating lease term | 15 years | |||||
Lease right of use assets - affiliate | $ 504.0 | |||||
Operating Lease, Liability | $ 504.0 |
LEASES (Lease Assets and Liabilities) (Details) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
Jan. 01, 2019 |
---|---|---|---|
Lease right of use assets - affiliate | $ 853.9 | ||
Finance lease assets | $ 80.4 | $ 24.2 | |
Lease right of use assets - third party | 1,487.7 | 980.6 | |
Current operating lease liabilities | 163.9 | ||
Current finance lease liabilities | 14.4 | 6.5 | |
Long-term lease obligations | 1,241.3 | ||
Long-term finance lease liabilities | 68.3 | 18.4 | |
Lease Liability | 1,487.9 | 980.1 | |
Third Party Lease [Member] | |||
Lease right of use assets - affiliate | 836.3 | 306.1 | |
Lease right of use assets - third party | 916.7 | 330.3 | |
Current operating lease liabilities | 78.3 | 72.0 | |
Long-term lease obligations | 755.9 | 232.9 | |
Long-term finance lease liabilities | 68.3 | 18.4 | |
Lease with Affiliate [Member] | |||
Lease right of use assets - affiliate | 571.0 | 650.3 | |
Current operating lease liabilities | 85.6 | 79.2 | |
Long-term lease obligations | $ 485.4 | $ 571.1 |
LEASES (Lease Cost) (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Leases [Abstract] | ||
Finance lease costs, Amortization of lease right of use assets | $ 14.0 | $ 2.0 |
Finance lease costs, Interest on lease liabilities | 4.3 | 0.8 |
Operating lease costs | 291.2 | 239.6 |
Short-term lease costs | 92.3 | 89.2 |
Variable lease costs | 31.1 | 31.6 |
Total lease costs | $ 432.9 | $ 363.2 |
LEASES (Supplemental Cash Flow and Other Information) (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Leases - Supplemental Cash Flow and Other Information [Abstract] | ||
Operating cash flows for operating leases | $ 292.4 | $ 241.1 |
Operating cash flows for finance leases | 4.3 | 0.8 |
Financing cash flows for finance leases | 12.4 | 1.4 |
Supplemental non-cash amounts of lease liabilities arising from obtaining right-of-use assets | $ 702.0 | $ 340.2 |
Weighted average remaining lease term - operating leases | 10 years 7 months 6 days | |
Weighted average remaining lease term - finance leases | 7 years 1 month 6 days | |
Weighted average discount rate - operating leases | 9.10% | |
Weighted average discount rate - finance leases | 5.50% |
LEASES (Maturity of Lease Liabilities) (Details) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
Jan. 01, 2019 |
---|---|---|---|
Finance Lease Liabilities, Payments, Due [Abstract] | |||
2021 | $ 18.6 | ||
2022 | 12.8 | ||
2023 | 12.8 | ||
2024 | 12.8 | ||
2025 | 11.4 | ||
Thereafter | 31.7 | ||
Total minimum lease payments | 100.1 | ||
Less: effect of discounting | 17.4 | ||
Present value of future minimum lease payments | 82.7 | ||
Less: current obligations under leases | 14.4 | $ 6.5 | |
Long-term lease obligations | 68.3 | $ 18.4 | |
Operating Lease Liabilities, Payments Due [Abstract] | |||
2021 | 282.1 | ||
2022 | 261.3 | ||
2023 | 239.1 | ||
2024 | 237.7 | ||
2025 | 197.3 | ||
Thereafter | 1,027.7 | ||
Total minimum lease payments | 2,245.2 | ||
Less: effect of discounting | 840.0 | ||
Present value of future minimum lease payments | 1,405.2 | $ 853.9 | |
Less: current obligations under leases | 163.9 | ||
Long-term lease obligations | $ 1,241.3 |
EQUITY STRUCTURE (Additional Information) (Details) |
12 Months Ended | |
---|---|---|
Dec. 31, 2020
USD ($)
state
vote
shares
|
Dec. 31, 2019
USD ($)
|
|
Class of Stock [Line Items] | ||
Shares outstanding | shares | 0 | |
Percentage of ownership in PBF LLC | 100.00% | |
Number of subsidiaries acquired | state | 2 | |
Net Income (Loss) Attributable to Noncontrolling Interest | $ | $ 300,000 | |
PBF Energy [Member] | Class B Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Number of votes per share | vote | 1 | |
Collins Pipeline Company And T&M Terminal Company [Member] | ||
Class of Stock [Line Items] | ||
Noncontrolling Interest, ownership Percentage by Parent | 80.00% | |
PBF Finance Corporation [Member] | ||
Class of Stock [Line Items] | ||
Shares outstanding | shares | 100 | |
PBF LLC [Member] | Series B Units [Member] | ||
Class of Stock [Line Items] | ||
Equity unit, stated value per share | $ | $ 0 | |
Number of units authorized | shares | 1,000,000 | |
Chalmette Refining [Member] | Collins Pipeline Company And T&M Terminal Company [Member] | ||
Class of Stock [Line Items] | ||
Noncontrolling Interest, ownership Percentage by Parent | 80.00% | |
Noncontrolling Interest [Member] | ||
Class of Stock [Line Items] | ||
Net Income (Loss) Attributable to Noncontrolling Interest | $ | $ 300,000 |
STOCK-BASED COMPENSATION (Share-Based Compensation Expense) (Details) - General and Administrative Expense [Member] - PBF Energy [Member] - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Allocated share-based compensation expense | $ 29.3 | $ 30.5 | $ 20.2 |
Employee Stock Option [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Allocated share-based compensation expense | 16.1 | 15.8 | 11.5 |
Restricted Stock [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Allocated share-based compensation expense | 5.3 | 6.5 | 7.5 |
Performance Shares [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Allocated share-based compensation expense | $ 7.9 | $ 8.2 | $ 1.2 |
STOCK-BASED COMPENSATION (Weighted Average Assumptions) (Details) - PBF Energy [Member] - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected life (in years) | 6 years 29 days | 6 years 3 months | 6 years 3 months |
Expected volatility | 69.10% | 38.60% | 35.80% |
Dividend yield | 1.41% | 3.54% | 3.49% |
Risk-free rate of return | 0.81% | 2.16% | 2.82% |
Exercise price (in dollars per share) | $ 13.58 | $ 34.11 | $ 35.25 |
Weighted average fair value per unit (in dollars per share) | 5.49 | 9.43 | $ 9.55 |
Granted (in dollars per share) | 13.58 | ||
Performance Share Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected life (in years) | 2 years 2 months 1 day | ||
Expected volatility | 39.04% | ||
Dividend yield | 2.95% | ||
Risk-free rate of return | 2.89% | ||
Granted (in dollars per share) | $ 10.77 | $ 27.99 | $ 50.23 |
Performance Share Units | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected life (in years) | 2 years 10 months 20 days | 2 years 2 months 1 day | |
Expected volatility | 39.88% | 37.19% | |
Dividend yield | 0.00% | 3.40% | |
Risk-free rate of return | 0.26% | 1.66% | |
Performance Share Units | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected life (in years) | 3 years 1 month 20 days | 2 years 10 months 17 days | |
Expected volatility | 82.63% | 41.70% | |
Dividend yield | 4.28% | 3.67% | |
Risk-free rate of return | 1.34% | 2.51% |
STOCK-BASED COMPENSATION (Share-Based Compensation Activity) (Details) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Weighted Average Remaining Contractual Life | |||
Total estimated fair value, granted in period | $ 4.2 | $ 11.6 | $ 13.0 |
Employee Stock Option [Member] | PBF Energy [Member] | |||
Options & Restricted Stock | |||
Options, beginning balance (in shares) | 10,073,916 | ||
Granted (in shares) | 3,947,726 | ||
Exercised/Vested (in shares) | (7,500) | ||
Forfeited (in shares) | (223,365) | ||
Options, ending balance (in shares) | 13,790,777 | 10,073,916 | |
Options exercisable and vested (in shares) | 7,124,039 | ||
Options expected to vest (in shares) | 13,790,777 | ||
Weighted Average Exercise Price | |||
Weighted average exercise price (in dollars per share) | $ 25.69 | $ 30.47 | |
Granted (in dollars per share) | 13.58 | ||
Exercised (in dollars per share) | 26.00 | ||
Forfeited (in dollars per share) | 26.96 | ||
Weighted average exercise price, exercisable and vested (in dollars per share) | 29.12 | ||
Weighted average exercise price, expected to vest (in dollars per share) | $ 25.69 | ||
Weighted Average Remaining Contractual Life | |||
Weighted average remaining contractual term, outstanding (in years) | 7 years 1 month 13 days | 7 years 2 months 1 day | |
Weighted average remaining contractual term, granted (in years) | 10 years | ||
Weighted average remaining contractual term, exercisable and vested (in years) | 5 years 5 months 26 days | ||
Weighted average remaining contractual term, expected to vest (in years) | 7 years 1 month 13 days | ||
Restricted Stock [Member] | PBF Energy [Member] | |||
Options & Restricted Stock | |||
Options, beginning balance (in shares) | 492,225 | ||
Granted (in shares) | 159,377 | ||
Exercised/Vested (in shares) | (347,855) | ||
Forfeited (in shares) | (192) | ||
Options, ending balance (in shares) | 303,555 | 492,225 | |
Weighted Average Exercise Price | |||
Weighted average exercise price (in dollars per share) | $ 22.32 | $ 27.21 | |
Granted (in dollars per share) | 9.82 | $ 28.20 | $ 47.24 |
Exercised (in dollars per share) | 23.51 | ||
Forfeited (in dollars per share) | $ 24.18 |
STOCK-BASED COMPENSATION (Summary of Unit Activity) (Details) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||||
Total estimated fair value, granted in period | $ 4.2 | $ 11.6 | $ 13.0 | |||||
Performance Units [Member] | PBF Energy [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Beginning Balance (in shares) | 15,100,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 8,500,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares (in shares | [1] | (7,300,000) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares) | (200,000) | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 16,100,000 | 15,100,000 | ||||||
Total estimated fair value, granted in period | $ 3.2 | |||||||
Performance Share Units | PBF Energy [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares (in shares | (179,072) | [2] | (50.23) | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 623,160 | 360,797 | ||||||
Weighted average exercise price (in dollars per share) | $ 15.62 | $ 39.03 | ||||||
Granted (in shares) | 446,267 | |||||||
Granted (in dollars per share) | $ 10.77 | $ 27.99 | $ 50.23 | |||||
Forfeited (in dollars per share) | $ 33.01 | |||||||
Forfeited (in shares) | (4,832) | |||||||
Total estimated fair value, granted in period | $ 0.8 | |||||||
|
STOCK-BASED COMPENSATION (Additional Information) (Details) - USD ($) |
2 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total estimated fair value, granted in period | $ 4,200,000 | $ 11,600,000 | $ 13,000,000.0 | |
Employee Stock Option [Member] | PBF Energy [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expiration period | 10 years | |||
Vesting period | 3 years | 4 years | ||
Weighted average fair value per unit (in dollars per share) | $ 5.49 | $ 9.43 | $ 9.55 | |
Total intrinsic value of stock options outstanding | $ 1,000,000.0 | $ 1,000,000.0 | ||
Total intrinsic value of stock options exercisable | 0.0 | 0.0 | ||
Total intrinsic value of stock options exercised during period | 0.0 | $ 300,000 | $ 12,400,000 | |
Unrecognized compensation expense | 38,500,000 | $ 38,500,000 | ||
Restricted Stock [Member] | PBF Energy [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 4 years | |||
Unrecognized compensation expense | 1,500,000 | $ 1,500,000 | ||
Performance Share Units And Performance Unit Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 3 years | |||
Performance Share Units And Performance Unit Awards [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Distribution Percentage Based On Performance Measurements | 0.00% | |||
Performance Share Units And Performance Unit Awards [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Distribution Percentage Based On Performance Measurements | 200.00% | |||
Performance Share Units And Performance Unit Awards [Member] | PBF Energy [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 3 years | |||
Performance Share Units And Performance Unit Awards [Member] | PBF Energy [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Distribution Percentage Based On Performance Measurements | 0.00% | |||
Performance Share Units And Performance Unit Awards [Member] | PBF Energy [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Distribution Percentage Based On Performance Measurements | 200.00% | |||
Performance share units [Member] | PBF Energy [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense | 6,300,000 | $ 6,300,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 2 months 12 days | |||
Performance Units [Member] | PBF Energy [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total estimated fair value, granted in period | $ 3,200,000 | |||
Unrecognized compensation expense | 4,800,000 | $ 4,800,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 5 months 19 days | |||
Share-based compensation, Performance Unit, Payout, At Target | 1.00 | $ 1.00 | ||
Performance Units [Member] | PBF Energy [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation, Performance Unit, Payout, At Target | $ 2 | $ 2 |
EMPLOYEE BENEFIT PLANS (Changes in Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan) (Details) - USD ($) $ in Millions |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Pension Benefits [Member] | |||||
Change in benefit obligation: | |||||
Benefit obligation at beginning of year | $ 271.2 | $ 218.4 | |||
Service cost | 59.0 | 43.6 | $ 47.4 | ||
Interest cost | 6.9 | 8.3 | 5.8 | ||
Plan amendments | 0.0 | 0.0 | |||
Benefit payments | (18.0) | (9.0) | |||
Actuarial loss (gain) | 10.2 | 9.9 | |||
Projected benefit obligation at end of year | 329.3 | 271.2 | 218.4 | ||
Change in plan assets: | |||||
Fair value of plan assets at beginning of year | 197.4 | 143.4 | |||
Actual return on plan assets | 28.6 | 29.0 | |||
Benefits paid | (18.0) | (9.0) | |||
Employer contributions | 47.8 | 34.0 | |||
Fair value of plan assets at end of year | 255.8 | 197.4 | 143.4 | ||
Reconciliation of funded status: | |||||
Fair value of plan assets at end of year | 255.8 | 197.4 | 143.4 | $ 255.8 | $ 197.4 |
Less benefit obligations at end of year | 271.2 | 271.2 | 218.4 | 329.3 | 271.2 |
Funded status at end of year | (73.5) | (73.8) | |||
Post Retirement Medical Plan [Member] | |||||
Change in benefit obligation: | |||||
Benefit obligation at beginning of year | 17.5 | 19.3 | |||
Service cost | 1.0 | 1.0 | 1.1 | ||
Interest cost | 0.4 | 0.7 | 0.7 | ||
Plan amendments | 1.8 | 0.0 | |||
Benefit payments | (0.6) | (1.3) | |||
Actuarial loss (gain) | 1.9 | (2.2) | |||
Projected benefit obligation at end of year | 22.0 | 17.5 | 19.3 | ||
Change in plan assets: | |||||
Fair value of plan assets at beginning of year | 0.0 | 0.0 | |||
Actual return on plan assets | 0.0 | 0.0 | |||
Benefits paid | (0.6) | (1.3) | |||
Employer contributions | 0.6 | 1.3 | |||
Fair value of plan assets at end of year | 0.0 | 0.0 | 0.0 | ||
Reconciliation of funded status: | |||||
Fair value of plan assets at end of year | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Less benefit obligations at end of year | $ 17.5 | $ 17.5 | $ 19.3 | 22.0 | 17.5 |
Funded status at end of year | $ (22.0) | $ (17.5) |
EMPLOYEE BENEFIT PLANS (Expected Benefit Payments) (Details) $ in Millions |
Dec. 31, 2020
USD ($)
|
---|---|
Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2021 | $ 35.4 |
2022 | 20.4 |
2023 | 17.8 |
2024 | 20.4 |
2025 | 23.5 |
Years 2026-2030 | 156.2 |
Post Retirement Medical Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2021 | 2.1 |
2022 | 2.0 |
2023 | 1.9 |
2024 | 1.7 |
2025 | 1.7 |
Years 2026-2030 | $ 7.8 |
EMPLOYEE BENEFIT PLANS (Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 59.0 | $ 43.6 | $ 47.4 |
Interest cost | 6.9 | 8.3 | 5.8 |
Expected return on plan assets | (12.5) | (9.6) | (8.5) |
Amortization of prior service cost and actuarial loss | 0.3 | 0.3 | 0.2 |
Net periodic benefit cost | 53.7 | 42.6 | 44.9 |
Post Retirement Medical Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 1.0 | 1.0 | 1.1 |
Interest cost | 0.4 | 0.7 | 0.7 |
Expected return on plan assets | 0.0 | 0.0 | 0.0 |
Amortization of prior service cost and actuarial loss | 0.6 | 0.5 | 0.7 |
Net periodic benefit cost | $ 2.0 | $ 2.2 | $ 2.5 |
EMPLOYEE BENEFIT PLANS (Pre-tax Amounts Recognized in Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prior service costs | $ 0.0 | $ 0.0 | $ 0.0 |
Net actuarial (gain) loss | (5.9) | (10.7) | 1.9 |
Amortization of losses and prior service cost | (0.3) | (0.3) | (0.8) |
Total changes in other comprehensive (income) loss | (6.2) | (11.0) | 1.1 |
Prior service costs | (0.6) | (0.7) | |
Net actuarial (loss) gain | (8.4) | (14.5) | |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | (9.0) | (15.2) | |
Post Retirement Medical Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prior service costs | 1.8 | 0.0 | 0.0 |
Net actuarial (gain) loss | 1.9 | (2.3) | (3.4) |
Amortization of losses and prior service cost | (0.6) | (0.5) | (0.7) |
Total changes in other comprehensive (income) loss | 3.1 | (2.8) | $ (4.1) |
Prior service costs | (5.0) | (4.0) | |
Net actuarial (loss) gain | 3.9 | 6.1 | |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | $ (1.1) | $ 2.1 |
EMPLOYEE BENEFIT PLANS (Pre-tax Amounts in AOCI Not Yet Recognized as Components of Net Periodic Costs) (Details) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prior service costs | $ (0.6) | $ (0.7) |
Net actuarial (loss) gain | (8.4) | (14.5) |
Total | (9.0) | (15.2) |
Post Retirement Medical Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prior service costs | (5.0) | (4.0) |
Net actuarial (loss) gain | 3.9 | 6.1 |
Total | $ (1.1) | $ 2.1 |
EMPLOYEE BENEFIT PLANS (Assumptions Used) (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Pension Benefits [Member] | |||
Weighted Average Assumptions Used to Determine Benefit Obligations | |||
Discount rate | 2.36% | 3.21% | |
Rate of compensation increase | 4.28% | 4.28% | |
Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs | |||
Expected long-term rate of return on plan assets | 5.75% | 6.00% | 6.25% |
Rate of compensation increase | 4.28% | 4.55% | 4.53% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Weighted-Average Interest Crediting Rate | 2.19% | 3.34% | 2.88% |
Pension Benefits [Member] | Service Cost [Member] | |||
Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs | |||
Discount rate | 2.94% | 4.24% | 3.62% |
Pension Benefits [Member] | Effective rate for interest cost [Member] | |||
Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs | |||
Discount rate | 2.50% | 3.92% | 3.21% |
Pension Benefits [Member] | Effective rate for interest on service cost [Member] | |||
Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs | |||
Discount rate | 2.59% | 4.00% | 3.32% |
Supplemental Employee Retirement Plan [Member] | |||
Weighted Average Assumptions Used to Determine Benefit Obligations | |||
Discount rate | 2.21% | 3.09% | |
Rate of compensation increase | 4.50% | 4.50% | |
Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs | |||
Rate of compensation increase | 4.50% | 5.00% | 5.00% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Weighted-Average Interest Crediting Rate | 2.19% | 3.34% | 2.88% |
Supplemental Employee Retirement Plan [Member] | Service Cost [Member] | |||
Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs | |||
Discount rate | 2.79% | 4.19% | 3.58% |
Supplemental Employee Retirement Plan [Member] | Effective rate for interest cost [Member] | |||
Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs | |||
Discount rate | 2.33% | 3.83% | 3.15% |
Supplemental Employee Retirement Plan [Member] | Effective rate for interest on service cost [Member] | |||
Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs | |||
Discount rate | 2.42% | 3.90% | 3.24% |
Post Retirement Medical Plan [Member] | |||
Weighted Average Assumptions Used to Determine Benefit Obligations | |||
Discount rate | 1.90% | 2.88% | |
Rate of compensation increase | 0.00% | 0.00% | |
Post Retirement Medical Plan [Member] | Service Cost [Member] | |||
Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs | |||
Discount rate | 2.86% | 4.21% | 3.59% |
Post Retirement Medical Plan [Member] | Effective rate for interest cost [Member] | |||
Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs | |||
Discount rate | 2.21% | 3.69% | 2.97% |
Post Retirement Medical Plan [Member] | Effective rate for interest on service cost [Member] | |||
Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs | |||
Discount rate | 2.68% | 4.09% | 3.46% |
EMPLOYEE BENEFIT PLANS (Assumed Health Care Cost Trend Rates) (Details) - Post Retirement Medical Plan [Member] |
12 Months Ended | |
---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Defined Benefit Plan Disclosure [Line Items] | ||
Health care cost trend rate assumed for next year | 5.40% | 5.70% |
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 | 2038 |
EMPLOYEE BENEFIT PLANS (Fair Value of Assets of the Company's Qualified Plan) (Details) - Pension Benefits [Member] - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
---|---|---|---|
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at end of year | $ 255.8 | $ 197.4 | $ 143.4 |
Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at end of year | 255.8 | 197.4 | |
Level 1 [Member] | Domestic Equities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at end of year | 64.4 | 47.8 | |
Level 1 [Member] | Developed International Equities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at end of year | 38.2 | 29.5 | |
Level 1 [Member] | Emerging Market Equities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at end of year | 20.7 | 14.9 | |
Level 1 [Member] | Global Low Volatility Equities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at end of year | 22.5 | 16.9 | |
Level 1 [Member] | Fixed-Income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at end of year | 95.7 | 74.9 | |
Level 1 [Member] | Real Estate [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at end of year | 13.3 | 8.3 | |
Level 1 [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at end of year | $ 1.0 | $ 5.1 |
EMPLOYEE BENEFIT PLANS (Additional Information) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Defined Benefit Plan Disclosure [Line Items] | |||
Maximum age to receive health care coverage | 65 years | ||
Accumulated benefit obligation | $ 281.5 | $ 228.0 | |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Required service period for employee participation | 30 days | ||
Basic contributions as a percentage of annual salary | 50.00% | ||
Company matching contribution, percent of match | 200.00% | ||
Company matching contribution, percent of employees' annual pay | 3.00% | ||
Contribution to the qualified defined contribution plans | $ 32.7 | $ 27.5 | $ 26.3 |
Estimated future contributions in 2019 | $ 55.3 | ||
Pension Benefits [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan asset allocations | 54.00% | ||
Pension Benefits [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan asset allocations | 40.00% | ||
Pension Benefits [Member] | Real Estate [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan asset allocations | 6.00% |
REVENUES (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Product Information [Line Items] | |||
Revenues | $ 15,045.0 | $ 24,468.9 | $ 27,164.0 |
Deferred revenue | 45.1 | 17.0 | |
Gasoline and Distillates [Member] | |||
Product Information [Line Items] | |||
Revenues | 12,799.4 | 21,278.4 | 23,032.6 |
Feedstocks and other [Member] | |||
Product Information [Line Items] | |||
Revenues | 935.5 | 806.9 | 1,374.2 |
Asphalt and blackoils [Member] | |||
Product Information [Line Items] | |||
Revenues | 777.9 | 1,426.4 | 1,592.9 |
Chemicals [Member] | |||
Product Information [Line Items] | |||
Revenues | 351.5 | 682.3 | 842.8 |
Lubricants [Member] | |||
Product Information [Line Items] | |||
Revenues | $ 180.7 | $ 274.9 | $ 321.5 |
INCOME TAXES (Narrative) (Details) |
12 Months Ended |
---|---|
Dec. 31, 2020
state
| |
Class of Stock [Line Items] | |
Number of subsidiaries acquired | 2 |
INCOME TAXES (Components of Income Tax (Benefit) Expense) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Income Tax Disclosure [Abstract] | |||
Current income tax (benefit) expense | $ (1.2) | $ 0.5 | $ 0.8 |
Deferred income tax expense (benefit) | 7.3 | (8.8) | 7.2 |
Total income tax expense (benefit) | $ 6.1 | $ (8.3) | $ 8.0 |
INCOME TAXES (Components of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Deferred tax assets | ||
Net operating loss carry forwards | $ 0.1 | $ 1.8 |
Other | 0.0 | 0.4 |
Total deferred tax assets | 0.1 | 2.2 |
Valuation allowances | 0.0 | 0.0 |
Total deferred tax assets, net | 0.1 | 2.2 |
Deferred tax liabilities | ||
Property, plant and equipment | 17.5 | 17.3 |
Inventory | 21.3 | 16.3 |
Total deferred tax liabilities | 38.8 | 33.6 |
Net deferred tax liability | $ (38.7) | $ (31.4) |
FAIR VALUE MEASUREMENTS (Measured on Recurring Basis) (Details) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
---|---|---|---|
Pension Plan [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 255.8 | $ 197.4 | $ 143.4 |
Level 1 [Member] | Pension Plan [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 255.8 | 197.4 | |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 10.3 | ||
Commodity contract [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 9.0 | 33.8 | |
Derivative, Collateral, Right to Reclaim Cash | (6.0) | (33.8) | |
Derivative Liability | 3.0 | 0.0 | |
Commodity contract [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 2.3 | 32.8 | |
Commodity contract [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 6.7 | 1.0 | |
Commodity contract [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 0.0 | 0.0 | |
Catalyst Obligation [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Obligations, Fair Value Disclosure | 102.5 | 47.6 | |
Derivative, Collateral, Right to Reclaim Cash | 0.0 | 0.0 | |
Derivative Liability | 102.5 | 47.6 | |
Catalyst Obligation [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Obligations, Fair Value Disclosure | 0.0 | 0.0 | |
Catalyst Obligation [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Obligations, Fair Value Disclosure | 102.5 | 47.6 | |
Catalyst Obligation [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Obligations, Fair Value Disclosure | 0.0 | 0.0 | |
Inventory Intermediation Agreement Obligation [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 1.3 | ||
Derivative, Collateral, Right to Reclaim Cash | 0.0 | ||
Derivative Liability | 1.3 | ||
Inventory Intermediation Agreement Obligation [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 0.0 | ||
Inventory Intermediation Agreement Obligation [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 1.3 | ||
Inventory Intermediation Agreement Obligation [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 0.0 | ||
Money market funds [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and Cash Equivalents, Fair Value Disclosure | 402.3 | 97.9 | |
Money market funds [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and Cash Equivalents, Fair Value Disclosure | 402.3 | 97.9 | |
Money market funds [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and Cash Equivalents, Fair Value Disclosure | 0.0 | 0.0 | |
Money market funds [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and Cash Equivalents, Fair Value Disclosure | 0.0 | 0.0 | |
Commodity contract [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 6.0 | 34.0 | |
Derivative, Collateral, Obligation to Return Cash | (6.0) | (33.8) | |
Derivative Asset | 0.0 | 0.2 | |
Commodity contract [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 2.5 | 32.5 | |
Commodity contract [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 3.5 | 1.5 | |
Commodity contract [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 0.0 | $ 0.0 | |
Inventory Intermediation Agreement Obligation [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 11.3 | ||
Derivative, Collateral, Obligation to Return Cash | 0.0 | ||
Derivative Asset | 11.3 | ||
Inventory Intermediation Agreement Obligation [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 0.0 | ||
Inventory Intermediation Agreement Obligation [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 11.3 | ||
Inventory Intermediation Agreement Obligation [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 0.0 | ||
Other Assets [Member] | Pension Plan [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 21.2 |
FAIR VALUE MEASUREMENTS (Fair Value and Carrying Value of Debt) (Details) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 22, 2016 |
||||||
---|---|---|---|---|---|---|---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Long-term Debt, Gross | $ 3,985.5 | $ 1,287.1 | |||||||
Less - Current debt | (7.4) | 0.0 | |||||||
Unamortized Debt Issuance Expense | (45.3) | (24.3) | |||||||
Long-term debt | 3,932.8 | 1,262.8 | |||||||
Long-term Debt, Fair Value | 3,280.6 | 1,358.3 | |||||||
Less - Current maturities, Fair value | [1] | (7.4) | 0.0 | ||||||
Long-term debt, Fair value | 3,273.2 | 1,358.3 | |||||||
Revolving Credit Facility [Member] | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Long-term Line of Credit | 900.0 | 0.0 | |||||||
Lines of Credit, Fair Value Disclosure | 900.0 | 0.0 | |||||||
2025 Senior Secured Notes | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Long-term Debt | 1,250.6 | 0.0 | |||||||
Long-term Debt, Fair Value | 1,232.9 | 0.0 | |||||||
2028 Senior Notes [Member] | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Long-term Debt | 1,000.0 | 0.0 | |||||||
Long-term Debt, Fair Value | 562.5 | 0.0 | |||||||
2025 Senior Notes [Member] | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Long-term Debt | 725.0 | 725.0 | |||||||
Long-term Debt, Fair Value | [2] | 475.3 | 776.5 | ||||||
2023 Senior Notes [Member] | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Long-term Debt | 0.0 | 500.0 | |||||||
Long-term Debt, Fair Value | [2] | 0.0 | 519.7 | ||||||
Catalyst Obligation [Member] | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Long-term Debt | 102.5 | 47.6 | |||||||
Long-term Debt, Fair Value | [1] | 102.5 | 47.6 | ||||||
PBF Rail Logistics Company LLC [Member] | PBF Rail Term Loan [Member] | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Long-term Debt | 7.4 | 14.5 | $ 35.0 | ||||||
Long-term Debt, Fair Value | [3] | $ 7.4 | $ 14.5 | ||||||
|
FAIR VALUE MEASUREMENTS (Change in Fair Value at Level 3) (Details) - USD ($) |
12 Months Ended | |
---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Transfers into Level 3 | $ 0 | $ 0 |
Contingent Consideration | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period | 0 | |
Purchases | 77,300,000 | |
Settlements | 1,500,000 | |
Unrealized gain (loss) included in earnings | (77,800,000) | |
Balance at end of period | 0 | $ 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Accretion | $ 2,000,000.0 |
DERIVATIVES (Narrative) (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020
USD ($)
bbl
|
Dec. 31, 2019
USD ($)
bbl
|
Dec. 31, 2018
USD ($)
|
|
Derivative [Line Items] | |||
Gain (loss) on fair value hedge ineffectiveness | $ | $ 0 | $ 0 | $ 0 |
Crude Oil and Feedstock Inventory [Member] | Fair Value Hedging [Member] | |||
Derivative [Line Items] | |||
Derivative, Nonmonetary Notional Amount | 0 | 27,580 | |
Intermediates and Refined Products Inventory [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, Nonmonetary Notional Amount | 2,604,736 | 3,430,635 | |
Crude Oil Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, Nonmonetary Notional Amount | 7,183,000 | 5,511,000 | |
Refined Product Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, Nonmonetary Notional Amount | 2,810,000 | 5,788,000 |
DERIVATIVES (Fair Value of Derivative Instruments) (Details) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Designated as Hedging Instrument [Member] | Inventory Intermediation Agreement Obligation [Member] | Accrued Expenses [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value Asset/(Liability) | $ 11.3 | $ (1.3) |
Not Designated as Hedging Instrument [Member] | Commodity contract [Member] | Accounts Receivable [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value Asset/(Liability) | $ (3.0) | $ 0.2 |
DERIVATIVES (Gain (Loss) Recognized in Income) (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on fair value hedge ineffectiveness | $ 0 | $ 0 | $ 0 |
Designated as Hedging Instrument [Member] | Cost of Sales [Member] | Inventory Intermediation Agreement Obligation [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain or (Loss) Recognized in Income on Derivatives | 12,600,000 | (25,400,000) | 31,800,000 |
Designated as Hedging Instrument [Member] | Cost of Sales [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 | (12,600,000) | 25,400,000 | (31,800,000) |
Not Designated as Hedging Instrument [Member] | Cost of Sales [Member] | Commodity Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain or (Loss) Recognized in Income on Derivatives | $ 44,400,000 | $ 36,500,000 | $ (123,800,000) |
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