Document_and_Entity_Informatio
Document and Entity Information Document | 6 Months Ended | |
Jun. 30, 2014 | Aug. 11, 2014 | |
Entity Information [Line Items] | ' | ' |
Entity Registrant Name | 'PBF HOLDING CO LLC | ' |
Entity Central Index Key | '0001566011 | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Document Fiscal Year Focus | '2014 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Common Stock, Shares Outstanding | ' | 0 |
PBF Finance Corporation [Member] | ' | ' |
Entity Information [Line Items] | ' | ' |
Entity Registrant Name | 'PBF FINANCE CORPORATION | ' |
Entity Central Index Key | '0001566097 | ' |
Entity Common Stock, Shares Outstanding | ' | 100 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | $313,370 | $76,970 | $69,230 | $254,291 |
Accounts receivable | 713,226 | 596,647 | ' | ' |
Accounts receivable - affiliate | 3,997 | 0 | ' | ' |
Inventories | 1,711,851 | 1,445,517 | ' | ' |
Prepaid expense and other current assets | 61,715 | 55,843 | ' | ' |
Total current assets | 2,804,159 | 2,174,977 | ' | ' |
Property, plant and equipment, net | 1,788,884 | 1,781,589 | ' | ' |
Deferred charges and other assets, net | 284,143 | 262,479 | ' | ' |
Total assets | 4,877,186 | 4,219,045 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable | 339,185 | 402,293 | ' | ' |
Accounts payable - affiliate | 7,782 | 0 | ' | ' |
Accrued expenses | 1,496,834 | 1,210,945 | ' | ' |
Current portion of long-term debt | 13,009 | 12,029 | ' | ' |
Deferred revenue | 6,134 | 7,766 | ' | ' |
Total current liabilities | 1,862,944 | 1,633,033 | ' | ' |
Delaware Economic Development Authority loan | 12,000 | 12,000 | ' | ' |
Long-term debt | 720,637 | 723,547 | ' | ' |
Intercompany notes payable | 88,403 | 31,835 | ' | ' |
Other long-term liabilities | 54,947 | 46,477 | ' | ' |
Total liabilities | 2,738,931 | 2,446,892 | ' | ' |
Commitments and contingencies (Note 9) | ' | ' | ' | ' |
Equity: | ' | ' | ' | ' |
Member's equity | 1,231,236 | 933,164 | ' | ' |
Retained earnings | 921,013 | 853,527 | ' | ' |
Accumulated other comprehensive loss | -13,994 | -14,538 | ' | ' |
Total equity | 2,138,255 | 1,772,153 | ' | ' |
Total liabilities and equity | $4,877,186 | $4,219,045 | ' | ' |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenues | $5,301,709 | $4,678,293 | $10,048,152 | $9,476,141 |
Cost and expenses: | ' | ' | ' | ' |
Cost of sales, excluding depreciation | 4,943,238 | 4,295,979 | 9,090,922 | 8,731,081 |
Operating expenses, excluding depreciation | 209,781 | 202,583 | 478,680 | 408,599 |
General and administrative expenses | 32,095 | 19,141 | 68,719 | 49,235 |
Gain on sale of assets | 6 | 0 | -180 | 0 |
Depreciation and amortization expense | 34,516 | 27,563 | 67,731 | 54,093 |
Total cost and expenses | 5,219,636 | 4,545,266 | 9,705,872 | 9,243,008 |
Income from operations | 82,073 | 133,027 | 342,280 | 233,133 |
Other income (expenses) | ' | ' | ' | ' |
Change in fair value of catalyst leases | -2,338 | 6,820 | -4,339 | 5,481 |
Interest expense, net | -26,217 | -21,738 | -51,673 | -43,349 |
Net income | $53,518 | $118,109 | $286,268 | $195,265 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net income | $53,518 | $118,109 | $286,268 | $195,265 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Unrealized gain on available for sale securities | 66 | -6 | 95 | -6 |
Net gain (loss) on pension and other postretirement benefits | 232 | 324 | 449 | 216 |
Total other comprehensive income (loss) | 298 | 318 | 544 | 210 |
Comprehensive income | $53,816 | $118,427 | $286,812 | $195,475 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statement of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Net income | $286,268 | $195,265 |
Adjustments to reconcile net income to net cash provided by operations: | ' | ' |
Depreciation and amortization | 71,218 | 57,353 |
Stock-based compensation | 2,728 | 1,977 |
Change in fair value of catalyst lease obligations | 4,339 | -5,481 |
Non-cash change in inventory repurchase obligations | -7,973 | -17,377 |
Pension and other post retirement benefit costs | 10,538 | 8,472 |
Gain on disposition of property, plant and equipment | -180 | 0 |
Changes in current assets and current liabilities: | ' | ' |
Accounts receivable | -116,579 | -87,556 |
Due to/from affiliates | 3,785 | 14,721 |
Inventories | -249,094 | -183,038 |
Prepaid expenses and other current assets | -5,872 | -32,748 |
Accounts payable | -63,108 | -132,490 |
Accrued expenses | 282,067 | 195,311 |
Deferred revenue | -1,632 | -26,594 |
Other assets and liabilities | -4,068 | -8,366 |
Net cash provided by operations | 212,437 | -20,551 |
Cash flow from investing activities: | ' | ' |
Expenditures for property, plant and equipment | -122,628 | -105,084 |
Expenditures for deferred turnaround cost | -39,424 | -4,551 |
Expenditures for other assets | -8,202 | -3,089 |
Proceeds from sale of assets | 37,759 | 0 |
Net cash used in investing activities | -132,495 | -112,724 |
Cash flows from financing activities: | ' | ' |
Proceeds from members' capital contributions | 328,664 | 0 |
Distribution to PBF Energy Company LLC members | -218,782 | -155,802 |
Proceeds from intercompany notes payable | 55,994 | 31,632 |
Proceeds from Rail Facility revolver borrowings | 8,225 | 0 |
Proceeds from revolver borrowings | 395,000 | 160,000 |
Repayments of revolver borrowings | -410,000 | -65,000 |
Payment of contingent consideration related to acquisition of Toledo refinery | 0 | 21,357 |
Deferred financing costs and other | -2,643 | -1,259 |
Net cash used in financing activities | 156,458 | -51,786 |
Net increase (decrease) in cash and cash equivalents | 236,400 | -185,061 |
Cash and equivalents, beginning of period | 76,970 | 254,291 |
Cash and equivalents, end of period | 313,370 | 69,230 |
Non-cash activities: | ' | ' |
Conversion of Delaware Economic Development Authority loan to grant | 0 | 4,000 |
Accrued construction in progress | 28,302 | 3,300 |
Distribution of assets to PBF Energy Company LLC | $30,906 | $0 |
DESCRIPTION_OF_THE_BUSINESS_AN
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 2014 | |
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"), 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 90.5% of the outstanding economic interest in, PBF LLC. PBF Finance Corporation ("PBF Finance") is a wholly-owned subsidiary of PBF Holding. Delaware City Refining Company LLC, Delaware Pipeline Company LLC, PBF Power Marketing LLC, Paulsboro Refining Company LLC, Paulsboro Natural Gas Pipeline Company LLC and Toledo Refining Company LLC are PBF Holding’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") of 15,812,500 common units. PBF Logistics GP LLC (“PBF GP”) serves as the general partner of PBFX. PBF GP is wholly-owned by PBF LLC. In connection with the PBFX Offering, PBF Holding distributed to PBF LLC, the assets and liabilities of certain crude oil terminaling assets, which were immediately contributed by PBF LLC to PBFX. The assets were previously owned and operated by PBF Holding’s subsidiaries, Delaware City Refining Company LLC and Toledo Refining Company LLC. The initial assets distributed consist of the Delaware City Rail Unloading Terminal (“DCR Rail Terminal”), which was part of PBF Holding’s Delaware City, Delaware refinery, and the Toledo Truck Unloading Terminal (“Toledo Truck Terminal” and together with DCR Rail Terminal, the “Contributed Assets”), which was part of PBF Holding’s Toledo, Ohio refinery. The Contributed Assets did not generate third party or intra-entity revenue prior to the PBFX Offering. The exchange for the Contributed Assets is described in the Contribution and Conveyance Agreement (refer to Note 8 "Related Party Transactions" of our Notes to Condensed Consolidated Financial Statements). | |
Substantially all of the Company’s operations are in the United States. The Company’s three oil refineries are all engaged in the refining of crude oil and other feedstocks into petroleum products, and have been aggregated to form one reportable segment. To generate earnings and cash flows from operations, the Company is primarily dependent upon processing crude oil and selling refined petroleum products at margins sufficient to cover fixed and variable costs and other expenses. Crude oil and refined petroleum products are commodities and factors largely out of the Company’s control can cause prices to vary over time. The potential margin volatility can have a material effect on the Company’s financial position, earnings and cash flow. | |
Basis of Presentation | |
The unaudited condensed consolidated financial information furnished herein reflects all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, considered necessary for a fair presentation of the financial position and the results of operations and cash flows of the Company for the periods presented. All intercompany accounts and transactions have been eliminated in consolidation. These unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. These interim condensed consolidated financial statements should be read in conjunction with the financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2013 of PBF Holding Company LLC and PBF Finance Corporation. The results of operations for the three and six months ended June 30, 2014 are not necessarily indicative of the results to be expected for the full year. | |
Recent Accounting Pronouncements | |
In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09"), which establishes a comprehensive new revenue recognition model designed to depict the transfer of goods or services to a customer in an amount that reflects the consideration the entity expects to be entitled to receive in exchange for those goods or services and requires significantly enhanced revenue disclosures. ASU 2014-09 will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The standard is effective for interim and annual periods beginning after December 15, 2016 and permits the use of either the retrospective or cumulative effect transition method. Early adoption is not permitted. The Company is currently evaluating the impact of this new standard on its consolidated financial statements and related disclosures. |
INVENTORIES
INVENTORIES | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Inventory Disclosure [Abstract] | ' | |||||||||||
INVENTORIES | ' | |||||||||||
INVENTORIES | ||||||||||||
Inventories consisted of the following: | ||||||||||||
June 30, 2014 | ||||||||||||
Titled Inventory | Inventory Supply and Offtake Arrangements | Total | ||||||||||
Crude oil and feedstocks | $ | 739,095 | $ | 101,756 | $ | 840,851 | ||||||
Refined products and blendstocks | 485,126 | 350,481 | 835,607 | |||||||||
Warehouse stock and other | 35,393 | — | 35,393 | |||||||||
$ | 1,259,614 | $ | 452,237 | $ | 1,711,851 | |||||||
December 31, 2013 | ||||||||||||
Titled Inventory | Inventory Supply and Offtake Arrangements | Total | ||||||||||
Crude oil and feedstocks | $ | 518,599 | $ | 89,837 | $ | 608,436 | ||||||
Refined products and blendstocks | 425,033 | 378,286 | 803,319 | |||||||||
Warehouse stock and other | 33,762 | — | 33,762 | |||||||||
$ | 977,394 | $ | 468,123 | $ | 1,445,517 | |||||||
Inventory under inventory supply and offtake arrangements includes certain crude oil stored at the Company’s Delaware City refinery's storage facilities that the Company will purchase as it is consumed in connection with its crude supply agreement; and light finished products sold to counterparties in connection with the intermediation agreements and stored in the Paulsboro and Delaware City refineries' storage facilities. | ||||||||||||
At June 30, 2014 and December 31, 2013, the replacement value of inventories exceeded the LIFO carrying value by approximately $133,957 and $78,407, respectively. |
DEFERRED_CHARGES_AND_OTHER_ASS
DEFERRED CHARGES AND OTHER ASSETS, NET | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
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: | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Deferred turnaround costs, net | $ | 138,212 | $ | 119,383 | ||||
Catalyst | 91,557 | 88,964 | ||||||
Deferred financing costs, net | 25,267 | 26,541 | ||||||
Restricted cash | 13,617 | 12,117 | ||||||
Linefill | 9,667 | 9,636 | ||||||
Intangible assets, net | 492 | 653 | ||||||
Other | 5,331 | 5,185 | ||||||
$ | 284,143 | $ | 262,479 | |||||
ACCRUED_EXPENSES
ACCRUED EXPENSES | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
ACCRUED EXPENSES | ' | |||||||
ACCRUED EXPENSES | ||||||||
Accrued expenses consisted of the following: | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Inventory-related accruals | $ | 859,836 | 533,012 | |||||
Inventory supply and offtake arrangements | 414,266 | 454,893 | ||||||
Accrued transportation costs | 55,656 | 29,762 | ||||||
Excise and sales tax payable | 35,605 | 42,814 | ||||||
Accrued salaries and benefits | 31,300 | 10,799 | ||||||
Accrued construction in progress | 28,302 | 33,747 | ||||||
Accrued interest | 23,281 | 22,570 | ||||||
Accrued utilities | 16,629 | 25,959 | ||||||
Customer deposits | 11,150 | 23,621 | ||||||
Renewable energy credit obligations | 3,946 | 15,955 | ||||||
Other | 16,863 | 17,813 | ||||||
$ | 1,496,834 | $ | 1,210,945 | |||||
The Company has the obligation to repurchase certain intermediates and finished products that are held in the Company’s refinery storage tanks in accordance with the Inventory Intermediation Agreements with J. Aron. A liability included in Inventory supply and offtake arrangements is recorded at market price for the J. Aron owned inventory held in the Company's storage tanks under the Inventory Intermediation Agreements, with any change in the market price being recorded in cost of sales. | ||||||||
Prior to July 1, 2013, the Company had the obligation to repurchase certain intermediates and lube products under its products offtake agreements with Morgan Stanley Capital Group Inc. (“MSCG”) that were held in the Company’s refinery storage tanks in Delaware City and Paulsboro. These offtake agreements with MSCG terminated in July 2013. A liability included in Inventory supply and offtake arrangements was recorded at market price for the volumes held in storage consistent with the terms of the offtake agreements with any change in the market price recorded in cost of sales. The liability represented the amount the Company expected to pay to repurchase the volumes held in storage. The Company recorded a non-cash benefit of $4,344 and $20,248 related to this liability for the three and six months ended June 30, 2013, respectively. | ||||||||
The Company is subject to obligations to purchase Renewable Identification Numbers ("RINs") required to comply with the Renewable Fuels Standard. The Company's overall RINs obligation is based on a percentage of domestic shipments of on-road fuels as established by the Environmental Protection Agency ("EPA"). To the degree the Company is unable to blend the required amount of biofuels to satisfy our RINs obligation, RINs must be purchased on the open market to avoid penalties and fines. The Company records its RINs obligation on a net basis in Accrued expenses when its RINs liability is greater than the amount of RINs earned and purchased in a given period and in Prepaid expenses and other current assets when the amount of RINs earned and purchased is greater than the RINs liability. |
CREDIT_FACILITY_Notes
CREDIT FACILITY (Notes) | 6 Months Ended |
Jun. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
CREDIT FACILITY | ' |
. CREDIT FACILITY | |
Effective March 25, 2014, PBF Rail Logistics Company LLC (“PBF Rail”), an indirect wholly-owned subsidiary of PBF Holding, entered into a $250,000 secured revolving credit agreement (the “Rail Facility”) with a consortium of eleven lenders, including Credit Agricole Corporate & Investment Bank (“CA-CIB”) as Administrative Agent. The primary purpose of the Rail Facility is to fund the acquisition by PBF Rail of approximately two thousand coiled and insulated crude tank cars and approximately one thousand non-coiled and non-insulated general purpose crude tank cars (the "Eligible Railcars") before December 2015. | |
The amount advanced under the Rail Facility will equal 70% of the lesser of the aggregate Appraised Value of the Eligible Railcars, or the aggregate Purchase Price of such Eligible Railcars, as these terms are defined in the credit agreement. On the first anniversary of the closing, the advance rate will adjust automatically to 65%. The Rail Facility matures on March 31, 2016 and all outstanding advances must be repaid at that time. At any time prior to maturity PBF Rail may repay and re-borrow any advances without premium or penalty. | |
At PBF Rail's election, advances will bear interest at a rate per annum equal to one month LIBOR plus the Facility Margin for Eurodollar Loans, or the Corporate Base Rate plus the Facility Margin for Base Rate Loans (the Corporate Base Rate is equal to the higher of the prime rate as determined by CA-CIB, the Federal Funds Rate plus 50 basis points, or one month Libor plus 100 basis points), all as defined in the credit agreement. In addition, there is a commitment fee on the unused portion. Interest and fees are payable monthly. | |
The lenders received a perfected, first priority security interest in all of PBF Rail assets, including but not limited to (i) the Eligible Railcars, (ii) all railcar marks and other intangibles, (iii) the rights of PBF Rail under the Transportation Services Agreement (“TSA”) entered into between PBF Rail and PBF Holding, (iv) the accounts of PBF Rail, and (v) proceeds from the sale or other disposition of the Eligible Railcars, including insurance proceeds. In addition, the lenders received a pledge of the membership interest of PBF Rail held by PBF Transportation Company LLC, a wholly-owned subsidiary of PBF Holding. The obligations of PBF Holding under the TSA are guaranteed by each of Delaware City Refining Company LLC, Paulsboro Refining Company LLC, and Toledo Refining Company LLC. | |
At June 30, 2014, there was $8,225 outstanding under the Rail Facility. |
INCOME_TAXES
INCOME TAXES | 6 Months Ended |
Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
INCOME TAXES | ' |
INCOME TAXES | |
PBF Holding is a limited liability company treated as a "flow-through" entity for income tax purposes. Accordingly, there is no benefit or provision for federal or state income tax in the PBF Holding financial statements. |
INTERCOMPANY_NOTE_PAYABLE
INTERCOMPANY NOTE PAYABLE | 6 Months Ended |
Jun. 30, 2014 | |
INTERCOMPANY NOTE PAYABLE [Abstract] | ' |
INTERCOMPANY NOTE PAYABLE | ' |
INTERCOMPANY NOTES PAYABLE | |
As of June 30, 2014, PBF Holding had outstanding notes payable with PBF Energy and PBF LLC for an aggregate principal amount of $88,403 ($31,835 as of December 31, 2013). The notes have an interest rate of 2.5% and a five year term but may be prepaid in whole or in part at any time, at the option of PBF Holding, without penalty or premium. |
RELATED_PARTY_TRANSACTIONS_Not
RELATED PARTY TRANSACTIONS (Notes) | 6 Months Ended | |
Jun. 30, 2014 | ||
Related Party Transactions [Abstract] | ' | |
RELATED PARTY TRANSACTIONS | ' | |
RELATED PARTY TRANSACTIONS | ||
In connection with the PBFX Offering, 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 services agreements with PBFX under which PBFX provides commercial transportation and terminaling services to the Company. | ||
The agreements described below became effective on May 14, 2014, concurrent with the closing of the PBFX Offering. | ||
Contribution and Conveyance Agreement | ||
On May 8, 2014, PBFX, PBF GP, PBF Energy, PBF LLC, PBF Holding, Delaware City Refining Company LLC ("DCR"), Delaware City Terminaling Company LLC ("Delaware City Terminaling") and Toledo Refining Company LLC ("TRC") entered into the Contribution and Conveyance Agreement (the “Contribution Agreement”). The following transactions occurred pursuant to the Contribution Agreement: | ||
• | DCR distributed all of the interests in Delaware City Terminaling and TRC distributed the Toledo Truck Terminal, in each case, to PBF Holding at their historical cost. | |
• | PBF Holding contributed, at their historical cost, (i) all of the interests in Delaware City Terminaling and (ii) the Toledo Truck Terminal to PBFX in exchange for (a) 74,053 common units and 15,886,553 subordinated units representing an aggregate 50.2% limited partner interest in PBFX, (b) all of PBFX’s incentive distribution rights, (c) the right to receive a distribution of $30,000 from PBFX as reimbursement for certain preformation capital expenditures attributable to the contributed assets, and (d) the right to receive a distribution of $298,664; and in connection with the foregoing, PBFX redeemed PBF Holding’s initial partner interests in PBFX for $1. | |
• | PBF Holding distributed to PBF LLC (i) its interest in PBF GP, (ii) the common units, subordinated units and incentive distribution rights, (iii) the right to receive a distribution of $30,000 as reimbursement for certain preformation capital expenditures, and (iv) the right to receive a distribution of $298,664. | |
Commercial Agreements | ||
In connection with the PBFX Offering, PBF Holding entered into two long-term, fee-based agreements with PBFX (for rail and truck terminaling services), subject to minimum volume commitments. Under these agreements, PBFX provides various rail and truck terminaling services to PBF Holding and PBF Holding has committed to provide PBFX with minimum fees based on minimum monthly throughput volumes of crude oil. Each of these agreements terminate on the first December 31st following the seventh anniversary and may be extended, at PBF Holding's option, for up to two additional five-year terms. The fees under each of these agreements are indexed for inflation and any increase in our operating costs for providing such services to subsidiaries of PBF Energy. | ||
Delaware City Rail Terminaling Services Agreement | ||
PBF Holding entered into a rail terminaling services agreement with PBFX to obtain terminaling services at the DCR Rail Terminal (the “DCR Terminaling Agreement”). Under the DCR Terminaling Agreement, PBF Holding is obligated to throughput aggregate volumes of crude oil of at least 75,000 bpd through September 30, 2014 and of at least 85,000 bpd for each quarter thereafter (in each case, calculated on a quarterly average basis) for a terminaling service fee of $2.00 per barrel, which will decrease to $0.50 per barrel to the extent volumes exceed the minimum throughput commitment. PBF Holding also pays PBFX for providing related ancillary services at the terminal that are specified in the agreement. The terminaling service fee is subject to (i) increase or decrease on January 1 of each year, beginning on January 1, 2015, by the amount of any change in the Producer Price Index, provided that the fee may not be adjusted below the initial amount and (ii) increase by the increase in any operating costs that increase greater than the Producer Price Index reasonably incurred by PBFX in connection with providing the services and ancillary services under the DCR Terminaling Agreement. | ||
For the three and six months ended June 30, 2014, PBF Holding paid PBFX $7,200 for fees related to the DCR Terminaling Agreement. | ||
Toledo Truck Unloading & Terminaling Agreement | ||
PBF Holding entered into a truck unloading and terminaling services agreement with PBFX to obtain terminaling services at the Toledo Truck Terminal (“Toledo Terminaling Agreement”). Under the Toledo Terminaling Agreement, PBF Holding is obligated to throughput aggregate volumes of crude oil of at least 4,000 bpd (calculated on a quarterly average basis) for a terminaling service fee of $1.00 per barrel. The Toledo Terminaling Agreement was amended and restated effective as of June 1, 2014, to among other things, increase the minimum throughput volume commitment from 4,000 bpd to 5,500 bpd beginning August 1, 2014. PBF Holding also pays PBFX for providing related ancillary services at the terminal which are specified in the Toledo Terminaling Agreement. The terminaling service fee is subject to (i) increase or decrease on January 1 of each year, beginning on January 1, 2015, by the amount of any change in the Producer Price Index, provided that the fee may not be adjusted below the initial amount and (ii) increase by the increase in any operating costs that increase greater than the Producer Price Index reasonably incurred by PBFX in connection with providing the services and ancillary services under the Toledo Terminaling Agreement. | ||
For the three and six months ended June 30, 2014, PBF Holding paid PBFX $582 for fees related to the Toledo Terminaling Agreement. | ||
Omnibus Agreement | ||
PBF Holding entered into an Omnibus Agreement (the “Omnibus Agreement”) by and among PBFX, PBF GP, PBF LLC and PBF Holding for the provision of executive management services and support for accounting and finance, legal, human resources, information technology, environmental, health and safety, and other administrative functions. | ||
The Omnibus Agreement addresses the following matters: | ||
• | PBFX’s obligation to pay PBF LLC an administrative fee, initially in the amount of $2,300 per year, for the provision by PBF LLC of centralized corporate services (which fee is in addition to certain expenses of PBF GP and its affiliates that are reimbursed under the First Amended and Restated Agreement of Limited Partnership of PBFX (the "Partnership Agreement"); | |
• | PBFX’s obligation to reimburse PBF LLC for the salaries and benefits costs of employees who devote more than 50% of their time to PBFX, which we currently estimate will be $900 annually; | |
• | PBFX’s agreement to reimburse PBF LLC for all other direct or allocated costs and expenses incurred by PBF LLC on PBFX’s behalf; | |
• | PBF LLC’s agreement not to compete with PBFX under certain circumstances, subject to certain exceptions; | |
• | PBFX’s right of first offer for ten years to acquire certain logistics assets retained by PBF Energy following the Offering, including certain logistics assets that PBF LLC or its subsidiaries may construct or acquire in the future, subject to certain exceptions; | |
• | a license to use the PBF Logistics trademark and name; and | |
• | PBF Holding’s agreement to reimburse PBFX for certain expenditures up to $20,000 per event (net of any insurance recoveries) related to the Contributed Assets for a period of five years after the closing of the PBFX Offering, and PBFX agreement to bear the costs associated with the expansion of the DCR Rail Terminal crude unloading capability. The liability arising from this agreement is classified as "Accounts Payable - Affiliate" on the PBF Holding consolidated balance sheet. | |
For the three and six months ended June 30, 2014, PBF Holding received from PBFX $422 for fees related to the Omnibus Agreement. | ||
Operation and Management Services and Secondment Agreement | ||
PBF Holding and certain of its subsidiaries entered into an operation and management services and secondment agreement (the “Services Agreement”) with PBFX, pursuant to which PBF Holding and its subsidiaries will provide PBFX with the personnel necessary for PBFX to perform its obligations under its commercial agreements. PBFX will reimburse PBF Holding for the use of such employees and the provision of certain infrastructure-related services to the extent applicable to its operations, including storm water discharge and waste water treatment, steam, potable water, access to certain roads and grounds, sanitary sewer access, electrical power, emergency response, filter press, fuel gas, API solids treatment, fire water and compressed air. In addition, PBFX will pay an annual fee of $490 to PBF Holding for the provision of such services pursuant to the Services Agreement. The Services Agreement will terminate upon the termination of the Omnibus Agreement, provided that PBFX may terminate any service on 30 days’ notice. | ||
For the three and six months ended June 30, 2014, PBF Holding received from PBFX $66 for fees related to the Services Agreement. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
COMMITMENTS AND CONTINGENCIES | ' |
COMMITMENTS AND CONTINGENCIES | |
Environmental Matters | |
The Company’s refineries are subject to extensive and frequently changing federal, state and local laws and regulations, including, but not limited to, those relating to the discharge of materials into the environment or that otherwise relate to the protection of the environment, waste management and the characteristics and the compositions of fuels. Compliance with existing and anticipated laws and regulations can increase the overall cost of operating the refineries, including remediation, operating costs and capital costs to construct, maintain and upgrade equipment and facilities. | |
In connection with the Paulsboro refinery acquisition, the Company assumed certain environmental remediation obligations. The environmental liability of $11,149 recorded as of June 30, 2014 ($9,869 as of December 31, 2013) represents the present value of expected future costs discounted at a rate of 8%. The current portion of the environmental liability is recorded in accrued expenses and the non-current portion is recorded in other long-term liabilities. A trust fund related to this liability in the amount of $12,117, acquired in the Paulsboro acquisition, is recorded as restricted cash in deferred charges and other assets, net as of June 30, 2014 and December 31, 2013. | |
In connection with the acquisition of the Delaware City assets, Valero Energy Corporation ("Valero") remains responsible for certain pre-acquisition environmental obligations up to $20,000 and the predecessor to Valero in ownership of the refinery retains other historical obligations. | |
In connection with the acquisition of the Delaware City assets and the Paulsboro refinery, the Company and Valero purchased ten year, $75,000 environmental insurance policies to insure against unknown environmental liabilities at each site. In connection with the Toledo refinery acquisition, Sunoco, Inc. (R&M) ("Sunoco") remains responsible for environmental remediation for conditions that existed on the closing date for twenty years from March 1, 2011. | |
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. As of July 1, 2014, five additional Northeastern states began requiring heating oils with 500 PPM or less sulfur. All of the heating oil we currently produce meets these specifications. The mandate and other requirements do not currently have a material impact on the Company's financial position, results of operations or cash flows. | |
The EPA issued the final Tier 3 Gasoline standards on March 3, 2014 under the Clean Air Act. This final rule establishes more stringent vehicle emission standards and further reduces the sulfur content of gasoline starting in January of 2017. The new standard is set at 10 PPM sulfur in gasoline on an annual average basis starting January 1, 2017, with a credit trading program to provide compliance flexibility. The EPA responded to industry comments on the proposed rule and maintained the per gallon sulfur cap on gasoline at the existing 80 PPM cap. The standards set by the new rule are not expected to have a material impact on the Company’s financial position, results of operations or cash flows. | |
The EPA was required to release the final annual standards for the Reformulated Fuels Standard ("RFS") for 2014 no later than Nov 29, 2013. The EPA did not meet this requirement but did release the proposed standards for 2014. In the proposed standards the EPA responded to the industry discussion around the apparent infeasibility of compliance in 2014 if the EPA issued standards following the requirements of the Energy Independence and Security Act. The EPA indicated it would use its waiver authority under the RFS 2 program ("RFS 2") and set standards for renewable fuel recognizing the practical constraints in requiring ethanol blending into gasoline above 10%. The EPA also indicated it would reduce the advanced biofuel requirement and hold constant the biomass based diesel requirements at the 2013 level. The cellulosic requirement would be increased over the 2013 volume and, as has been the case in each of the prior years, the EPA would likely be overstating the actual production. Renewable fuel groups have been vocal in advocating changes to the proposed standards in general due to the lower volumes mandated. The EPA is targeting to finalize the 2014 RFS 2 standards by the fall of 2014. Depending on the actual requirements of the final standards when they are issued, the final standards may have a material impact on the Company's cost of compliance with RFS 2. | |
On June 1, 2012, the EPA issued final amendments to the New Source Performance Standards ("NSPS") for petroleum refineries, including standards for emissions of nitrogen oxides from process heaters and work practice standards and monitoring requirements for flares. The Company has evaluated the impact of the regulation and amended standards on its refinery operations and currently does not expect the cost to comply by July 1, 2015 with the amended NSPS to be material. | |
In addition, the EPA proposed a Final Rule to the Clean Water Act ("CWA") Section 316(b) regarding cooling water intake structures. The next phase will include requirements for petroleum refineries. The rule was shared with the public in May 2014, but has not yet been published in the Federal Register. The purpose of this rule is to prevent fish from being trapped against cooling water intake screens (impingement) and to prevent fish from being drawn through cooling water systems (entrainment). Facilities will be required to implement Best Technology Available (BTA) as soon as possible, but gives state agencies the discretion to establish implementation time lines. The Company continues to evaluate the impact of this regulation, and at this time does not anticipate it having a material impact on the Company’s financial position, results of operations or cash flows. | |
On June 14, 2013, two administrative appeals were filed by the Sierra Club and Delaware Audubon regarding a permit DCR obtained to allow loading of crude oil onto barges. The appeals allege that both the loading of crude oil onto barges and the operation of the Delaware City rail unloading terminal violate Delaware’s Coastal Zone Act. The first appeal is Number 2013-1 before the State Coastal Zone Industrial Control Board (the “CZ Board”), and the second appeal is before the Environmental Appeals Board and appeals Secretary’s Order No. 2013-A-0020. The CZ Board held a hearing on the first appeal on July 16, 2013, and ruled in favor of DCR and the State of Delaware and dismissed Appellants’ appeal for lack of standing. Sierra Club and Delaware Audubon have appealed that decision to the Delaware Superior Court, New Castle County, Case No. N13A-09-001 ALR, and DCR and the State have filed cross-appeals. Briefs have been filed in this appeal and the court issued a stay until briefs are filed in the second appeal. A hearing on the second appeal before the Environmental Appeals Board (the “EAB”), case no. 2013-06, was held on January 13, 2014, and the EAB ruled in favor of DCR and the State and dismissed the appeal for lack of jurisdiction. The Appellants filed a Notice of Appeal with the Superior Court appealing the EAB’s decision and briefs are scheduled to be filed in the third quarter of 2014. If the Appellants in one or both of these matters ultimately prevail, the outcome may have a material adverse effect on our financial condition, results of operations or cash flows. | |
The Company is also currently subject to certain other existing environmental claims and proceedings. The Company believes that there is only a remote possibility that future costs related to any of these other known contingent liability exposures would have a material impact on its financial position, results of operations or cash flows. | |
PBF LLC Limited Liability Company Agreement | |
The holders of limited liability company interests in PBF LLC, including PBF Energy, generally have to include for purposes of calculating their U.S. federal, state and local income taxes their share of any taxable income of PBF LLC, regardless of whether such holders receive cash distributions from PBF LLC. PBF LLC obtains funding to pay its tax distributions by causing the Company to distribute cash to PBF LLC and from distributions it receives from PBFX. PBF Energy ultimately may not receive cash distributions from PBF LLC equal to its share of such taxable income or even equal to the actual tax due with respect to that income. For example, PBF LLC is required to include in taxable income PBF LLC’s allocable share of PBFX’s taxable income and gains (such share to be determined pursuant to the partnership agreement of PBFX), regardless of the amount of cash distributions received by PBF LLC from PBFX, and such taxable income and gains will flow-through to PBF Energy to the extent of its allocable share of the taxable income of PBF LLC. As a result, at certain times, the amount of cash otherwise ultimately available to PBF Energy on account of its indirect interest in PBFX may not be sufficient for PBF Energy to pay the amount of taxes it will owe on account of its indirect interests in PBFX. | |
Taxable income of PBF LLC generally is allocated to the holders of PBF LLC units (including PBF Energy) pro rata in accordance with their respective share of the net profits and net losses of PBF LLC. In general, PBF LLC is required to make periodic tax distributions to the members of PBF LLC, including PBF Energy, pro rata in accordance with their respective percentage interests for such period (as determined under the amended and restated limited liability company agreement of PBF LLC), subject to available cash and applicable law and contractual restrictions (including pursuant to our debt instruments) and based on certain assumptions. Generally, these tax distributions are required to be in an amount equal to our estimate of the taxable income of PBF LLC for the year multiplied by an assumed tax rate equal to the highest effective marginal combined U.S. federal, state and local income tax rate prescribed for an individual or corporate resident in New York, New York (taking into account the nondeductibility of certain expenses). If, with respect to any given calendar year, the aggregate periodic tax distributions were less than the actual taxable income of PBF LLC multiplied by the assumed tax rate, PBF LLC is required to make a “true up” tax distribution, no later than March 15 of the following year, equal to such difference, subject to the available cash and borrowings of PBF LLC. PBF LLC obtains funding to pay its tax distributions by causing the Company to distribute cash to PBF LLC and from distributions it receives from PBFX. | |
Tax Receivable Agreement | |
PBF Energy (the Company's indirect parent) entered into a tax receivable agreement with the PBF LLC Series A and PBF LLC Series B Unit holders (the “Tax Receivable Agreement”) that provides for the payment by PBF Energy to such persons of an amount equal to 85% of the amount of the benefits, if any, that PBF Energy is deemed to realize as a result of (i) increases in tax basis, as described below, and (ii) certain other tax benefits related to entering into the Tax Receivable Agreement, including tax benefits attributable to payments under the Tax Receivable Agreement. For purposes of the Tax Receivable Agreement, the benefits deemed realized by PBF Energy will be computed by comparing the actual income tax liability of PBF Energy (calculated with certain assumptions) to the amount of such taxes that PBF Energy would have been required to pay had there been no increase to the tax basis of the assets of PBF LLC as a result of purchases or exchanges of PBF LLC Series A Units for shares of PBF Energy's Class A common stock and had PBF Energy not entered into the Tax Receivable Agreement. The term of the Tax Receivable Agreement will continue until all such tax benefits have been utilized or expired unless: (i) PBF Energy exercises its right to terminate the Tax Receivable Agreement, (ii) PBF Energy breaches any of its material obligations under the Tax Receivable Agreement or (iii) certain changes of control occur, in which case all obligations under the Tax Receivable Agreement will generally be accelerated and due as calculated under certain assumptions. | |
The payment obligations under the Tax Receivable Agreement are obligations of PBF Energy and not of PBF LLC or the Company. In general, PBF Energy expects to obtain funding for these annual payments from PBF LLC, primarily through tax distributions, which it makes on a pro-rata basis to its owners. Such owners include PBF Energy, which holds a 90.5% interest in PBF LLC as of June 30, 2014 (40.9% as of December 31, 2013). PBF LLC obtains funding to pay its tax distributions by causing the Company to distribute cash to PBF LLC and from distributions it receives from PBFX. |
EMPLOYEE_BENEFIT_PLANS
EMPLOYEE BENEFIT PLANS | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | |||||||||||||||
EMPLOYEE BENEFIT PLANS | ' | |||||||||||||||
EMPLOYEE BENEFIT PLANS | ||||||||||||||||
The components of net periodic benefit cost related to the Company’s defined benefit plans consisted of the following: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
Pension Benefits | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Components of net periodic benefit cost: | ||||||||||||||||
Service cost | $ | 4,851 | $ | 3,699 | $ | 9,142 | $ | 7,397 | ||||||||
Interest cost | 601 | 248 | 1,171 | 496 | ||||||||||||
Expected return on plan assets | (539 | ) | (138 | ) | (1,063 | ) | (276 | ) | ||||||||
Amortization of prior service costs | 10 | 3 | 12 | 5 | ||||||||||||
Amortization of loss | 258 | 105 | 480 | 210 | ||||||||||||
Net periodic benefit cost | $ | 5,181 | $ | 3,917 | $ | 9,742 | $ | 7,832 | ||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
Post Retirement Medical Plan | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Components of net periodic benefit cost: | ||||||||||||||||
Service cost | $ | 300 | $ | 181 | $ | 478 | $ | 363 | ||||||||
Interest cost | 135 | 84 | 228 | 167 | ||||||||||||
Amortization of prior service costs | 75 | — | 55 | — | ||||||||||||
Amortization of gain | 1 | — | (4 | ) | — | |||||||||||
Net periodic benefit cost | $ | 511 | $ | 265 | $ | 757 | $ | 530 | ||||||||
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended | ||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||
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 June 30, 2014 and December 31, 2013. | |||||||||||||||||||||||
We have elected to offset the fair value amounts recognized for multiple derivative contracts executed with the same counterparty; however, fair value amounts by hierarchy level are presented on a gross basis in the tables below. We have posted cash margin with various counterparties to support hedging and trading activities. The cash margin posted is required by counterparties as collateral deposits and cannot be offset against the fair value of open contracts except in the event of default. We have no derivative contracts that are subject to master netting arrangements that are reflected gross on the balance sheet. | |||||||||||||||||||||||
As of June 30, 2014 | |||||||||||||||||||||||
Fair Value Hierarchy | Total Gross Fair Value | Effect of Counter-party Netting | Net Carrying Value on Balance Sheet | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Money market funds | $ | 5,546 | $ | — | $ | — | $ | 5,546 | N/A | $ | 5,546 | ||||||||||||
Non-qualified pension plan assets | 5,047 | — | — | 5,047 | N/A | 5,047 | |||||||||||||||||
Commodity contracts | 15,017 | 15,971 | 2,827 | 33,815 | (12,628 | ) | 21,187 | ||||||||||||||||
Derivatives included with intermediation agreement obligations | — | 15,059 | — | 15,059 | — | 15,059 | |||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Catalyst lease obligations | — | 57,429 | — | 57,429 | N/A | 57,429 | |||||||||||||||||
Commodity contracts | 220 | 12,845 | 138 | 13,203 | (12,628 | ) | 575 | ||||||||||||||||
Derivatives included with inventory supply arrangement obligations | — | 1,247 | — | 1,247 | — | 1,247 | |||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||
Fair Value Hierarchy | Total | ||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Money market funds | $ | 5,857 | $ | — | $ | — | $ | 5,857 | |||||||||||||||
Non-qualified pension plan assets | 4,905 | — | — | 4,905 | |||||||||||||||||||
Commodity contracts | 4,252 | 6,681 | — | 10,933 | |||||||||||||||||||
Derivatives included with inventory intermediation agreement obligations | — | 6,016 | — | 6,016 | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Commodity contracts | — | 6,989 | 23,365 | 30,354 | |||||||||||||||||||
Catalyst lease obligations | — | 53,089 | — | 53,089 | |||||||||||||||||||
Derivatives included with inventory supply arrangement obligations | — | 177 | — | 177 | |||||||||||||||||||
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. | ||||||||||||||||||||||
• | Non-qualified pension plan assets categorized in Level 1 of the fair value hierarchy are measured at fair value using a market approach based on published net asset values of mutual funds and included within Deferred charges and other assets, net. | ||||||||||||||||||||||
• | The commodity contracts categorized in Level 1 of the fair value hierarchy are measured at fair value based on quoted prices in an active market. The commodity contracts categorized in Level 2 of the fair value hierarchy are measured at fair value using a market approach based upon future commodity prices for similar instruments quoted in active markets. | ||||||||||||||||||||||
• | The commodity contracts categorized in Level 3 of the fair value hierarchy consist of commodity price swap contracts that relate to forecasted purchases of crude oil for which quoted forward market prices are not readily available due to market illiquidity. The forward price used to value these swaps was derived using broker quotes, prices from other third party sources and other available market based data. | ||||||||||||||||||||||
• | The derivatives included with inventory supply arrangement obligations, derivatives included with inventory intermediation agreement obligations and the catalyst lease obligations are categorized in Level 2 of the fair value hierarchy and are measured at fair value using a market approach based upon commodity prices for similar instruments quoted in active markets. | ||||||||||||||||||||||
The table below summarizes the changes in fair value measurements categorized in Level 3 of the fair value hierarchy: | |||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Balance at beginning of period | $ | (3,751 | ) | $ | 21,358 | $ | (23,365 | ) | $ | 21,358 | |||||||||||||
Purchases | — | — | — | — | |||||||||||||||||||
Settlements | 4,972 | (21,358 | ) | 3,667 | (21,358 | ) | |||||||||||||||||
Unrealized gain included in earnings | 1,468 | — | 22,387 | — | |||||||||||||||||||
Transfers into Level 3 | — | — | — | — | |||||||||||||||||||
Transfers out of Level 3 | — | — | — | — | |||||||||||||||||||
Balance at end of period | $ | 2,689 | $ | — | $ | 2,689 | $ | — | |||||||||||||||
There were no transfers between levels during the three and six months ended June 30, 2014 and 2013, respectively. | |||||||||||||||||||||||
Fair value of debt | |||||||||||||||||||||||
The table below summarizes the fair value and carrying value as of June 30, 2014 and December 31, 2013. | |||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||||||||
value | value | value | value | ||||||||||||||||||||
Senior secured notes (a) | $ | 667,992 | $ | 671,936 | $ | 667,487 | $ | 697,568 | |||||||||||||||
Revolving Loan (b) | — | — | 15,000 | 15,000 | |||||||||||||||||||
Rail Facility (b) | 8,225 | 8,225 | — | — | |||||||||||||||||||
Catalyst leases (c) | 57,429 | 57,429 | 53,089 | 53,089 | |||||||||||||||||||
733,646 | 737,590 | 735,576 | 765,657 | ||||||||||||||||||||
Less - Current maturities | 13,009 | 13,009 | 12,029 | 12,029 | |||||||||||||||||||
Long-term debt | $ | 720,637 | $ | 724,581 | $ | 723,547 | $ | 753,628 | |||||||||||||||
(a) The estimated fair value, categorized as a Level 2 measurement, was calculated based on the present value of future expected payments utilizing implied current market interest rates based on quoted prices of the senior secured notes. | |||||||||||||||||||||||
(b) The estimated fair value approximates carrying value, categorized as a Level 2 measurement, as these borrowings bear interest based upon short-term floating market interest rates. | |||||||||||||||||||||||
(c) Catalyst leases are valued using a market approach based upon commodity prices for similar instruments quoted in active markets and are categorized as a Level 2 measurement. The Company has elected the fair value option for accounting for its catalyst lease repurchase obligations as the Company's liability is directly impacted by the change in fair value of the underlying catalyst. |
DERIVATIVES
DERIVATIVES | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||
DERIVATIVES | ' | ||||
DERIVATIVES | |||||
The Company uses derivative instruments to mitigate certain exposures to commodity price risk. The Company’s crude supply agreements contain purchase obligations for certain volumes of crude oil and other feedstocks. In addition, the Company entered into Inventory Intermediation Agreements commencing in July 2013 that contain purchase obligations for certain volumes of intermediates and refined products. The purchase obligations related to crude oil, feedstocks, intermediates and refined products under these agreements are derivative instruments that have been designated as fair value hedges in order to hedge the commodity price volatility of certain refinery inventory. The fair value of these purchase obligation derivatives is based on market prices of the underlying crude oil and refined products. The level of activity for these derivatives is based on the level of operating inventories. | |||||
As of June 30, 2014, there were 958,599 barrels of crude oil and feedstocks (838,829 barrels at December 31, 2013) outstanding under these derivative instruments designated as fair value hedges and no barrels (no barrels at December 31, 2013) outstanding under these derivative instruments not designated as hedges. As of June 30, 2014, there were 3,250,581 barrels of intermediates and refined products (3,274,047 barrels at December 31, 2013) outstanding under these derivative instruments designated as fair value hedges and no barrels (no barrels at December 31, 2013) outstanding under these derivative instruments not designated as hedges. These volumes represent the notional value of the contract. | |||||
The Company also enters into economic hedges primarily consisting of commodity derivative contracts that are not designated as hedges and are used to manage price volatility in certain crude oil and feedstock inventories as well as crude oil, feedstock, and refined product sales or purchases. The objective in entering into economic hedges is consistent with the objectives discussed above for fair value hedges. As of June 30, 2014, there were 88,319,388 barrels of crude oil and 521,321 barrels of refined products (43,199,000 and 0, respectively, as of December 31, 2013), outstanding under short and long term commodity derivative contracts not designated as hedges representing the notional value of the contracts. | |||||
The following tables provide information about the fair values of these derivative instruments as of June 30, 2014 and December 31, 2013 and the line items in the consolidated balance sheet in which the fair values are reflected. | |||||
Description | Balance Sheet Location | Fair Value | |||
Asset/(Liability) | |||||
Derivatives designated as hedging instruments: | |||||
June 30, 2014: | |||||
Derivatives included with inventory supply arrangement obligations | Accrued expenses | $ | (1,247 | ) | |
Derivatives included with the intermediation agreement obligations | Accrued expenses | $ | 15,059 | ||
December 31, 2013: | |||||
Derivatives included with inventory supply arrangement obligations | Accrued expenses | $ | (177 | ) | |
Derivatives included with the intermediation agreement obligations | Accrued expenses | $ | 6,016 | ||
Derivatives not designated as hedging instruments: | |||||
June 30, 2014: | |||||
Commodity contracts | Accounts receivable | $ | 21,187 | ||
Commodity contracts | Accrued expenses | $ | (575 | ) | |
December 31, 2013: | |||||
Commodity contracts | Accrued expenses | $ | (19,421 | ) | |
The following tables provide information about the gain or loss recognized in income on these derivative instruments and the line items in the consolidated financial statements in which such gains and losses are reflected. | |||||
Description | Location of Gain or (Loss) Recognized in | Gain or (Loss) | |||
Income on Derivatives | Recognized in | ||||
Income on Derivatives | |||||
Derivatives designated as hedging instruments: | |||||
For the three months ended June 30, 2014: | |||||
Derivatives included with inventory supply arrangement obligations | Cost of sales | $ | (3,719 | ) | |
Derivatives included with the intermediation agreement obligations | Cost of sales | $ | (5,770 | ) | |
For the three months ended June 30, 2013: | |||||
Derivatives included with inventory supply arrangement obligations | Cost of sales | $ | 4,880 | ||
Derivatives included with the intermediation agreement obligations | Cost of sales | $ | — | ||
For the six months ended June 30, 2014: | |||||
Derivatives included with inventory supply arrangement obligations | Cost of sales | $ | (1,069 | ) | |
Derivatives included with the intermediation agreement obligations | Cost of sales | $ | 9,042 | ||
For the six months ended June 30, 2013: | |||||
Derivatives included with inventory supply arrangement obligations | Cost of sales | $ | (2,871 | ) | |
Derivatives included with the intermediation agreement obligations | Cost of sales | $ | — | ||
Derivatives not designated as hedging instruments: | |||||
For the three months ended June 30, 2014: | |||||
Commodity contracts | Cost of sales | $ | (41,119 | ) | |
For the three months ended June 30, 2013: | |||||
Commodity contracts | Cost of sales | $ | (4,728 | ) | |
For the six months ended June 30, 2014: | |||||
Commodity contracts | Cost of sales | $ | 31,278 | ||
For the six months ended June 30, 2013: | |||||
Commodity contracts | Cost of sales | $ | 13,949 | ||
Hedged items designated in fair value hedges: | |||||
For the three months ended June 30, 2014: | |||||
Crude oil and feedstock inventory | Cost of sales | $ | 3,719 | ||
Intermediate and refined product inventory | Cost of sales | $ | 5,770 | ||
For the three months ended June 30, 2013: | |||||
Crude oil and feedstock inventory | Cost of sales | $ | 6,393 | ||
Intermediate and refined product inventory | Cost of sales | $ | — | ||
For the six months ended June 30, 2014: | |||||
Crude oil and feedstock inventory | Cost of sales | $ | 1,069 | ||
Intermediate and refined product inventory | Cost of sales | $ | (9,042 | ) | |
For the six months ended June 30, 2013: | |||||
Crude oil and feedstock inventory | Cost of sales | $ | 3,505 | ||
Intermediate and refined product inventory | Cost of sales | $ | — | ||
The Company had no ineffectiveness related to the Company's fair value hedges for the three and six months ended June 30, 2014 and a gain of $11,273 and $634 for the three and six months ended June 30, 2013, which was recorded in cost of sales. Gains and losses due to ineffectiveness, resulting from the difference in the forward and spot rates of the underlying crude inventory related to the derivatives included with inventory supply arrangement obligations, were excluded from the assessment of hedge effectiveness. |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2014 | |
Subsequent Events [Abstract] | ' |
SUBSEQUENT EVENTS | ' |
SUBSEQUENT EVENTS | |
Distributions | |
On July 30 2014, PBF Energy, PBF Holding's indirect parent, declared a dividend of $0.30 per share on its outstanding Class A common stock. The dividend is payable on August 27, 2014 to Class A common stockholders of record at the close of business on August 11, 2014. PBF Holding intends to make a distribution to PBF LLC, which in turn will make pro-rata distributions to its members, including PBF Energy. PBF Energy will then use this distribution to fund the dividend payments to the shareholders of PBF Energy. | |
Crude Oil Acquisition Agreement Termination | |
Effective July 31, 2014, PBF Holding terminated the Amended and Restated Crude Oil Acquisition Agreement, dated as of March 1, 2012 as amended (the "Crude Oil Acquisition Agreement") with MSCG. Under the terms of the Crude Oil Acquisition Agreement, the Company acquired substantially all of its crude oil for its subsidiary's Toledo refinery from MSCG through delivery at various interstate pipeline locations. No early termination penalties will be incurred by the Company as a result of the termination. | |
Toledo Catalyst Lease | |
In July 2014, the Toledo catalyst lease expired and the Company entered into a new catalyst lease agreement with a three year term and an annual fixed interest rate of 1.99%. The annual lease expense is approximately $326. |
CONDENSED_CONSOLIDATING_FINANC
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Condensed Financial Information of Subsidiary Disclosure [Abstract] | ' | |||||||||||||||||||
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS | ' | |||||||||||||||||||
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING | ||||||||||||||||||||
PBF Services Company, Delaware City Refining Company LLC, Delaware Pipeline Company LLC, PBF Power Marketing LLC, Paulsboro Refining Company LLC, Paulsboro Natural Gas Pipeline Company LLC, Toledo Refining Company LLC and PBF Investments LLC are 100% owned subsidiaries of PBF Holding and serve as guarantors of the obligations under the senior secured notes. These guarantees are full and unconditional and joint and several. For purposes of the following footnote, PBF Holding is referred to as “Issuer.” The indenture dated February 9, 2012, among PBF Holding, PBF Finance, the guarantors party thereto and Wilmington Trust, National Association, governs subsidiaries designated as “Guarantor Subsidiaries.” PBF Rail Logistics Company LLC and PBF Transportation Company LLC are consolidated subsidiaries of the Company that are not guarantors of the senior secured notes. | ||||||||||||||||||||
The senior secured notes were co-issued by PBF Finance. For purposes of the following footnote, PBF Finance is referred to as “Co-Issuer.” The Co-Issuer has no independent assets or operations. | ||||||||||||||||||||
The following supplemental combining and condensed consolidating financial information reflects the Issuer’s separate accounts, the combined accounts of the Guarantor Subsidiaries, the combining and consolidating adjustments and eliminations and the Issuer’s consolidated accounts for the dates and periods indicated. For purposes of the following combining and consolidating information, the Issuer’s Investment in its subsidiaries and the Guarantor Subsidiaries’ Investment in its subsidiaries are accounted for under the equity method of accounting. | ||||||||||||||||||||
. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||
Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combining and Consolidating Adjustments | Total | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 311,982 | $ | 1,350 | $ | 38 | $ | — | $ | 313,370 | ||||||||||
Accounts receivable | 657,790 | 55,436 | — | — | 713,226 | |||||||||||||||
Accounts receivable - affiliate | 506 | 3,491 | — | — | 3,997 | |||||||||||||||
Inventories | 1,074,128 | 637,723 | — | — | 1,711,851 | |||||||||||||||
Prepaid expense and other current assets | 56,327 | 5,388 | 51 | (51 | ) | 61,715 | ||||||||||||||
Due from related parties | 13,295,126 | 17,778,473 | 360 | (31,073,959 | ) | — | ||||||||||||||
Total current assets | 15,395,859 | 18,481,861 | 449 | (31,074,010 | ) | 2,804,159 | ||||||||||||||
Property, plant and equipment, net | 22,939 | 1,737,069 | 28,876 | — | 1,788,884 | |||||||||||||||
Investment in subsidiaries | 3,209,535 | — | — | (3,209,535 | ) | — | ||||||||||||||
Deferred charges and other assets, net | 25,955 | 255,212 | 2,976 | — | 284,143 | |||||||||||||||
Total assets | $ | 18,654,288 | $ | 20,474,142 | $ | 32,301 | $ | (34,283,545 | ) | $ | 4,877,186 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable | $ | 284,129 | $ | 55,107 | $ | — | $ | (51 | ) | $ | 339,185 | |||||||||
Accounts payable - affiliate | 7,782 | — | — | — | 7,782 | |||||||||||||||
Accrued expenses | 891,776 | 588,951 | 16,107 | — | 1,496,834 | |||||||||||||||
Current portion of long-term debt | — | 13,009 | — | — | 13,009 | |||||||||||||||
Deferred revenue | 6,134 | — | — | — | 6,134 | |||||||||||||||
Due to related parties | 14,552,915 | 16,519,423 | 1,621 | (31,073,959 | ) | — | ||||||||||||||
Total current liabilities | 15,742,736 | 17,176,490 | 17,728 | (31,074,010 | ) | 1,862,944 | ||||||||||||||
Delaware Economic Development Authority loan | — | 12,000 | — | — | 12,000 | |||||||||||||||
Long-term debt | 667,992 | 44,420 | 8,225 | — | 720,637 | |||||||||||||||
Intercompany notes payable | 88,403 | — | — | — | 88,403 | |||||||||||||||
Other long-term liabilities | 16,902 | 38,045 | — | — | 54,947 | |||||||||||||||
Total liabilities | 16,516,033 | 17,270,955 | 25,953 | (31,074,010 | ) | 2,738,931 | ||||||||||||||
Commitments and contingencies | ||||||||||||||||||||
Equity: | ||||||||||||||||||||
Member's equity | 1,231,236 | 836,314 | 7,187 | (843,501 | ) | 1,231,236 | ||||||||||||||
Retained earnings (accumulated deficit) | 921,013 | 2,365,043 | (839 | ) | (2,364,204 | ) | 921,013 | |||||||||||||
Accumulated other comprehensive (loss) income | (13,994 | ) | 1,830 | — | (1,830 | ) | (13,994 | ) | ||||||||||||
Total equity | 2,138,255 | 3,203,187 | 6,348 | (3,209,535 | ) | 2,138,255 | ||||||||||||||
Total liabilities and equity | $ | 18,654,288 | $ | 20,474,142 | $ | 32,301 | $ | (34,283,545 | ) | $ | 4,877,186 | |||||||||
14. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||
Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combining and Consolidating Adjustments | Total | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 76,179 | $ | 791 | $ | — | $ | — | $ | 76,970 | ||||||||||
Accounts receivable | 588,385 | 8,262 | — | — | 596,647 | |||||||||||||||
Inventories | 818,007 | 627,510 | — | — | 1,445,517 | |||||||||||||||
Prepaid expense and other current assets | 49,251 | 6,592 | — | — | 55,843 | |||||||||||||||
Due from related parties | 11,807,063 | 16,600,151 | — | (28,407,214 | ) | — | ||||||||||||||
Total current assets | 13,338,885 | 17,243,306 | — | (28,407,214 | ) | 2,174,977 | ||||||||||||||
Property, plant and equipment, net | 60,746 | 1,720,843 | — | — | 1,781,589 | |||||||||||||||
Investment in subsidiaries | 3,584,622 | — | — | (3,584,622 | ) | — | ||||||||||||||
Deferred charges and other assets, net | 27,923 | 234,556 | — | — | 262,479 | |||||||||||||||
Total assets | $ | 17,012,176 | $ | 19,198,705 | $ | — | $ | (31,991,836 | ) | $ | 4,219,045 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable | $ | 307,612 | $ | 94,681 | $ | — | $ | — | $ | 402,293 | ||||||||||
Accrued expenses | 606,388 | 604,557 | — | — | 1,210,945 | |||||||||||||||
Current portion of long-term debt | — | 12,029 | — | — | 12,029 | |||||||||||||||
Deferred revenue | 7,766 | — | — | — | 7,766 | |||||||||||||||
Due to related parties | 13,589,263 | 14,817,951 | — | (28,407,214 | ) | — | ||||||||||||||
Total current liabilities | 14,511,029 | 15,529,218 | — | (28,407,214 | ) | 1,633,033 | ||||||||||||||
Delaware Economic Development Authority loan | — | 12,000 | — | — | 12,000 | |||||||||||||||
Long-term debt | 682,487 | 41,060 | — | — | 723,547 | |||||||||||||||
Intercompany notes payable | 31,835 | — | — | — | 31,835 | |||||||||||||||
Other long-term liabilities | 14,672 | 31,805 | — | — | 46,477 | |||||||||||||||
Total liabilities | 15,240,023 | 15,614,083 | — | (28,407,214 | ) | 2,446,892 | ||||||||||||||
Commitments and contingencies | ||||||||||||||||||||
Equity: | ||||||||||||||||||||
Member's equity | 933,164 | 667,173 | — | (667,173 | ) | 933,164 | ||||||||||||||
Retained earnings | 853,527 | 2,915,720 | — | (2,915,720 | ) | 853,527 | ||||||||||||||
Accumulated other comprehensive (loss) income | (14,538 | ) | 1,729 | — | (1,729 | ) | (14,538 | ) | ||||||||||||
Total equity | 1,772,153 | 3,584,622 | — | (3,584,622 | ) | 1,772,153 | ||||||||||||||
Total liabilities and equity | $ | 17,012,176 | $ | 19,198,705 | $ | — | $ | (31,991,836 | ) | $ | 4,219,045 | |||||||||
14. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||||||
Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combining and Consolidating Adjustments | Total | ||||||||||||||||
Revenues | $ | 10,046,951 | $ | 739,071 | $ | 460 | $ | (738,330 | ) | $ | 10,048,152 | |||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of sales, excluding depreciation | 9,090,621 | 737,870 | 761 | (738,330 | ) | 9,090,922 | ||||||||||||||
Operating expenses, excluding depreciation | 35 | 478,645 | — | — | 478,680 | |||||||||||||||
General and administrative expenses | 60,320 | 8,399 | — | — | 68,719 | |||||||||||||||
(Gain) loss on sale of assets | (186 | ) | 6 | — | — | (180 | ) | |||||||||||||
Depreciation and amortization expense | 6,823 | 60,866 | 42 | — | 67,731 | |||||||||||||||
9,157,613 | 1,285,786 | 803 | (738,330 | ) | 9,705,872 | |||||||||||||||
Income (loss) from operations | 889,338 | (546,715 | ) | (343 | ) | — | 342,280 | |||||||||||||
Other income (expense): | ||||||||||||||||||||
Equity in earnings (loss) of subsidiaries | (551,516 | ) | — | — | 551,516 | — | ||||||||||||||
Change in fair value of catalyst leases | — | (4,339 | ) | — | — | (4,339 | ) | |||||||||||||
Interest (expense) income, net | $ | (51,554 | ) | $ | 377 | $ | (496 | ) | $ | — | $ | (51,673 | ) | |||||||
Net income (loss) | $ | 286,268 | $ | (550,677 | ) | $ | (839 | ) | $ | 551,516 | $ | 286,268 | ||||||||
Comprehensive income (loss) | $ | 286,812 | $ | (550,582 | ) | $ | (839 | ) | $ | 551,421 | $ | 286,812 | ||||||||
14. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||
Six Months Ended June 30, 2013 | ||||||||||||||||||||
Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combining and Consolidating Adjustments | Total | ||||||||||||||||
Revenues | $ | 6,561,777 | $ | 6,315,781 | $ | — | $ | (3,401,417 | ) | $ | 9,476,141 | |||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of sales, excluding depreciation | 7,453,784 | 4,678,714 | — | (3,401,417 | ) | 8,731,081 | ||||||||||||||
Operating expenses, excluding depreciation | (141 | ) | 408,740 | — | — | 408,599 | ||||||||||||||
General and administrative expenses | 42,040 | 7,195 | — | — | 49,235 | |||||||||||||||
Depreciation and amortization expense | 6,138 | 47,955 | — | — | 54,093 | |||||||||||||||
7,501,821 | 5,142,604 | — | (3,401,417 | ) | 9,243,008 | |||||||||||||||
(Loss) income from operations | (940,044 | ) | 1,173,177 | — | — | 233,133 | ||||||||||||||
Other income (expense): | ||||||||||||||||||||
Equity in earnings of subsidiaries | 1,176,634 | — | — | (1,176,634 | ) | — | ||||||||||||||
Change in fair value of catalyst leases | — | 5,481 | — | — | 5,481 | |||||||||||||||
Interest expense, net | (41,325 | ) | (2,024 | ) | — | — | (43,349 | ) | ||||||||||||
Net income (loss) | $ | 195,265 | $ | 1,176,634 | $ | — | $ | (1,176,634 | ) | $ | 195,265 | |||||||||
Comprehensive income (loss) | $ | 195,475 | $ | 1,176,634 | $ | — | $ | (1,176,634 | ) | $ | 195,475 | |||||||||
14. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW | ||||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||||||
Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combining and Consolidating Adjustments | Total | ||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net income (loss) | $ | 286,268 | $ | (550,677 | ) | $ | (839 | ) | $ | 551,516 | $ | 286,268 | ||||||||
Adjustments to reconcile net income to net | ||||||||||||||||||||
cash provided by operating activities: | ||||||||||||||||||||
Depreciation and amortization | 10,084 | 60,881 | 253 | — | 71,218 | |||||||||||||||
Stock-based compensation | — | 2,728 | — | — | 2,728 | |||||||||||||||
Change in fair value of catalyst lease obligations | — | 4,339 | — | — | 4,339 | |||||||||||||||
Non-cash change in inventory repurchase obligations | — | (7,973 | ) | — | — | (7,973 | ) | |||||||||||||
Pension and other post retirement benefit costs | 2,777 | 7,761 | — | — | 10,538 | |||||||||||||||
(Gain) loss on disposition of property, plant and equipment | (186 | ) | 6 | — | — | (180 | ) | |||||||||||||
Equity in earnings of subsidiaries | 551,516 | — | — | (551,516 | ) | — | ||||||||||||||
Changes in current assets and current liabilities: | ||||||||||||||||||||
Accounts receivable | (69,405 | ) | (47,174 | ) | — | — | (116,579 | ) | ||||||||||||
Amounts due to/from related parties | (716,895 | ) | 719,419 | 1,261 | — | 3,785 | ||||||||||||||
Inventories | (256,121 | ) | 7,027 | — | — | (249,094 | ) | |||||||||||||
Prepaid expenses and other current assets | (7,076 | ) | 1,204 | (51 | ) | 51 | (5,872 | ) | ||||||||||||
Accounts payable | (23,483 | ) | (39,574 | ) | — | (51 | ) | (63,108 | ) | |||||||||||
Accrued expenses | 285,388 | (3,321 | ) | — | — | 282,067 | ||||||||||||||
Deferred revenue | (1,632 | ) | — | — | — | (1,632 | ) | |||||||||||||
Other assets and liabilities | (836 | ) | (3,232 | ) | — | — | (4,068 | ) | ||||||||||||
Net cash provided by (used in) operating activities | 60,399 | 151,414 | 624 | — | 212,437 | |||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Expenditures for property, plant and equipment | (6,588 | ) | (103,229 | ) | (12,811 | ) | — | (122,628 | ) | |||||||||||
Expenditures for deferred turnaround costs | — | (39,424 | ) | — | — | (39,424 | ) | |||||||||||||
Expenditures for other assets | — | (8,202 | ) | — | — | (8,202 | ) | |||||||||||||
Investment in subsidiaries | (7,187 | ) | — | — | 7,187 | — | ||||||||||||||
Proceeds from sale of assets | 37,759 | — | — | — | 37,759 | |||||||||||||||
Net cash provided by (used in) investing activities | 23,984 | (150,855 | ) | (12,811 | ) | 7,187 | (132,495 | ) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Proceeds from members' capital contributions | 328,664 | — | 7,187 | (7,187 | ) | 328,664 | ||||||||||||||
Distribution to members | (218,782 | ) | — | — | — | (218,782 | ) | |||||||||||||
Proceeds from intercompany notes payable | 55,994 | — | — | — | 55,994 | |||||||||||||||
Proceeds from Rail Facility Revolver | — | — | 8,225 | — | 8,225 | |||||||||||||||
Proceeds from revolver borrowings | 395,000 | — | — | — | 395,000 | |||||||||||||||
Repayments of revolver borrowings | (410,000 | ) | — | — | — | (410,000 | ) | |||||||||||||
Deferred financing costs and other | 544 | — | (3,187 | ) | — | (2,643 | ) | |||||||||||||
Net cash provided by (used in) financing activities | 151,420 | — | 12,225 | (7,187 | ) | 156,458 | ||||||||||||||
Net increase in cash and cash equivalents | 235,803 | 559 | 38 | — | 236,400 | |||||||||||||||
Cash and equivalents, beginning of period | 76,179 | 791 | — | — | 76,970 | |||||||||||||||
Cash and equivalents, end of period | $ | 311,982 | $ | 1,350 | $ | 38 | $ | — | $ | 313,370 | ||||||||||
14. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW | ||||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||
Six Months Ended June 30, 2013 | ||||||||||||||||||||
Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combining and Consolidating Adjustments | Total | ||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net income (loss) | $ | 195,265 | $ | 1,176,634 | $ | — | $ | (1,176,634 | ) | $ | 195,265 | |||||||||
Adjustments to reconcile net income to net | ||||||||||||||||||||
cash from operating activities: | ||||||||||||||||||||
Depreciation and amortization | 9,339 | 48,014 | — | — | 57,353 | |||||||||||||||
Stock-based compensation | — | 1,977 | — | — | 1,977 | |||||||||||||||
Change in fair value of catalyst lease obligations | — | (5,481 | ) | — | — | (5,481 | ) | |||||||||||||
Non-cash change in inventory repurchase obligations | — | (17,377 | ) | — | — | (17,377 | ) | |||||||||||||
Pension and other post retirement benefit costs | — | 8,472 | — | — | 8,472 | |||||||||||||||
Equity in earnings of subsidiaries | (1,176,634 | ) | — | — | 1,176,634 | — | ||||||||||||||
Changes in current assets and current liabilities: | ||||||||||||||||||||
Accounts receivable | (9,505 | ) | (78,051 | ) | — | — | (87,556 | ) | ||||||||||||
Amounts due to/from related parties | 832,549 | (817,828 | ) | — | — | 14,721 | ||||||||||||||
Inventories | (203,625 | ) | 20,587 | — | — | (183,038 | ) | |||||||||||||
Prepaid expenses and other current assets | (22,191 | ) | (10,557 | ) | — | — | (32,748 | ) | ||||||||||||
Accounts payable | (12,985 | ) | (119,505 | ) | — | — | (132,490 | ) | ||||||||||||
Accrued expenses | 237,384 | (42,073 | ) | — | — | 195,311 | ||||||||||||||
Deferred revenue | — | (26,594 | ) | — | — | (26,594 | ) | |||||||||||||
Other assets and liabilities | 4,114 | (12,480 | ) | — | — | (8,366 | ) | |||||||||||||
Net cash (used in) provided by operating activities | (146,289 | ) | 125,738 | — | — | (20,551 | ) | |||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Expenditures for property, plant and equipment | (18,240 | ) | (86,844 | ) | — | — | (105,084 | ) | ||||||||||||
Expenditures for refinery turnarounds costs | — | (4,551 | ) | — | — | (4,551 | ) | |||||||||||||
Expenditures for other assets | — | (3,089 | ) | — | — | (3,089 | ) | |||||||||||||
Net cash used in investing activities | (18,240 | ) | (94,484 | ) | — | — | (112,724 | ) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Distributions to members | (155,802 | ) | — | — | — | (155,802 | ) | |||||||||||||
Proceeds from intercompany notes payable | 31,632 | — | — | — | 31,632 | |||||||||||||||
Proceeds from revolver borrowings | 160,000 | — | — | — | 160,000 | |||||||||||||||
Repayments of revolver borrowings | (65,000 | ) | — | — | — | (65,000 | ) | |||||||||||||
Payment of contingent consideration related to acquisition of Toledo refinery | — | (21,357 | ) | — | — | (21,357 | ) | |||||||||||||
Deferred financing costs and other | (1,044 | ) | (215 | ) | — | — | (1,259 | ) | ||||||||||||
Net cash used in financing activities | (30,214 | ) | (21,572 | ) | — | — | (51,786 | ) | ||||||||||||
Net (decrease) increase in cash and cash equivalents | (194,743 | ) | 9,682 | — | — | (185,061 | ) | |||||||||||||
Cash and equivalents, beginning of period | 241,926 | 12,365 | — | — | 254,291 | |||||||||||||||
Cash and equivalents, end of period | $ | 47,183 | $ | 22,047 | $ | — | $ | — | $ | 69,230 | ||||||||||
DESCRIPTION_OF_THE_BUSINESS_AN1
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION RECENT ACCOUNTING PRONOUNCEMENT (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
RECENT ACCOUNTING PRONOUCEMENT [Abstract] | ' |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
Recent Accounting Pronouncements | |
In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09"), which establishes a comprehensive new revenue recognition model designed to depict the transfer of goods or services to a customer in an amount that reflects the consideration the entity expects to be entitled to receive in exchange for those goods or services and requires significantly enhanced revenue disclosures. ASU 2014-09 will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The standard is effective for interim and annual periods beginning after December 15, 2016 and permits the use of either the retrospective or cumulative effect transition method. Early adoption is not permitted. The Company is currently evaluating the impact of this new standard on its consolidated financial statements and related disclosures. |
INVENTORIES_Tables
INVENTORIES (Tables) | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Inventory Disclosure [Abstract] | ' | |||||||||||
Schedule of Inventory | ' | |||||||||||
Inventories consisted of the following: | ||||||||||||
June 30, 2014 | ||||||||||||
Titled Inventory | Inventory Supply and Offtake Arrangements | Total | ||||||||||
Crude oil and feedstocks | $ | 739,095 | $ | 101,756 | $ | 840,851 | ||||||
Refined products and blendstocks | 485,126 | 350,481 | 835,607 | |||||||||
Warehouse stock and other | 35,393 | — | 35,393 | |||||||||
$ | 1,259,614 | $ | 452,237 | $ | 1,711,851 | |||||||
December 31, 2013 | ||||||||||||
Titled Inventory | Inventory Supply and Offtake Arrangements | Total | ||||||||||
Crude oil and feedstocks | $ | 518,599 | $ | 89,837 | $ | 608,436 | ||||||
Refined products and blendstocks | 425,033 | 378,286 | 803,319 | |||||||||
Warehouse stock and other | 33,762 | — | 33,762 | |||||||||
$ | 977,394 | $ | 468,123 | $ | 1,445,517 | |||||||
DEFERRED_CHARGES_AND_OTHER_ASS1
DEFERRED CHARGES AND OTHER ASSETS, NET (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
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: | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Deferred turnaround costs, net | $ | 138,212 | $ | 119,383 | ||||
Catalyst | 91,557 | 88,964 | ||||||
Deferred financing costs, net | 25,267 | 26,541 | ||||||
Restricted cash | 13,617 | 12,117 | ||||||
Linefill | 9,667 | 9,636 | ||||||
Intangible assets, net | 492 | 653 | ||||||
Other | 5,331 | 5,185 | ||||||
$ | 284,143 | $ | 262,479 | |||||
ACCRUED_EXPENSES_Tables
ACCRUED EXPENSES (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Schedule of accrued expenses | ' | |||||||
Accrued expenses consisted of the following: | ||||||||
June 30, | December 31, | |||||||
2014 | 2013 | |||||||
Inventory-related accruals | $ | 859,836 | 533,012 | |||||
Inventory supply and offtake arrangements | 414,266 | 454,893 | ||||||
Accrued transportation costs | 55,656 | 29,762 | ||||||
Excise and sales tax payable | 35,605 | 42,814 | ||||||
Accrued salaries and benefits | 31,300 | 10,799 | ||||||
Accrued construction in progress | 28,302 | 33,747 | ||||||
Accrued interest | 23,281 | 22,570 | ||||||
Accrued utilities | 16,629 | 25,959 | ||||||
Customer deposits | 11,150 | 23,621 | ||||||
Renewable energy credit obligations | 3,946 | 15,955 | ||||||
Other | 16,863 | 17,813 | ||||||
$ | 1,496,834 | $ | 1,210,945 | |||||
EMPLOYEE_BENEFIT_PLANS_Tables
EMPLOYEE BENEFIT PLANS (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | |||||||||||||||
Schedule of net periodic benefit cost | ' | |||||||||||||||
The components of net periodic benefit cost related to the Company’s defined benefit plans consisted of the following: | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
Pension Benefits | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Components of net periodic benefit cost: | ||||||||||||||||
Service cost | $ | 4,851 | $ | 3,699 | $ | 9,142 | $ | 7,397 | ||||||||
Interest cost | 601 | 248 | 1,171 | 496 | ||||||||||||
Expected return on plan assets | (539 | ) | (138 | ) | (1,063 | ) | (276 | ) | ||||||||
Amortization of prior service costs | 10 | 3 | 12 | 5 | ||||||||||||
Amortization of loss | 258 | 105 | 480 | 210 | ||||||||||||
Net periodic benefit cost | $ | 5,181 | $ | 3,917 | $ | 9,742 | $ | 7,832 | ||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
Post Retirement Medical Plan | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Components of net periodic benefit cost: | ||||||||||||||||
Service cost | $ | 300 | $ | 181 | $ | 478 | $ | 363 | ||||||||
Interest cost | 135 | 84 | 228 | 167 | ||||||||||||
Amortization of prior service costs | 75 | — | 55 | — | ||||||||||||
Amortization of gain | 1 | — | (4 | ) | — | |||||||||||
Net periodic benefit cost | $ | 511 | $ | 265 | $ | 757 | $ | 530 | ||||||||
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended | ||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||
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 June 30, 2014 and December 31, 2013. | |||||||||||||||||||||||
We have elected to offset the fair value amounts recognized for multiple derivative contracts executed with the same counterparty; however, fair value amounts by hierarchy level are presented on a gross basis in the tables below. We have posted cash margin with various counterparties to support hedging and trading activities. The cash margin posted is required by counterparties as collateral deposits and cannot be offset against the fair value of open contracts except in the event of default. We have no derivative contracts that are subject to master netting arrangements that are reflected gross on the balance sheet. | |||||||||||||||||||||||
As of June 30, 2014 | |||||||||||||||||||||||
Fair Value Hierarchy | Total Gross Fair Value | Effect of Counter-party Netting | Net Carrying Value on Balance Sheet | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Money market funds | $ | 5,546 | $ | — | $ | — | $ | 5,546 | N/A | $ | 5,546 | ||||||||||||
Non-qualified pension plan assets | 5,047 | — | — | 5,047 | N/A | 5,047 | |||||||||||||||||
Commodity contracts | 15,017 | 15,971 | 2,827 | 33,815 | (12,628 | ) | 21,187 | ||||||||||||||||
Derivatives included with intermediation agreement obligations | — | 15,059 | — | 15,059 | — | 15,059 | |||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Catalyst lease obligations | — | 57,429 | — | 57,429 | N/A | 57,429 | |||||||||||||||||
Commodity contracts | 220 | 12,845 | 138 | 13,203 | (12,628 | ) | 575 | ||||||||||||||||
Derivatives included with inventory supply arrangement obligations | — | 1,247 | — | 1,247 | — | 1,247 | |||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||
Fair Value Hierarchy | Total | ||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Money market funds | $ | 5,857 | $ | — | $ | — | $ | 5,857 | |||||||||||||||
Non-qualified pension plan assets | 4,905 | — | — | 4,905 | |||||||||||||||||||
Commodity contracts | 4,252 | 6,681 | — | 10,933 | |||||||||||||||||||
Derivatives included with inventory intermediation agreement obligations | — | 6,016 | — | 6,016 | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Commodity contracts | — | 6,989 | 23,365 | 30,354 | |||||||||||||||||||
Catalyst lease obligations | — | 53,089 | — | 53,089 | |||||||||||||||||||
Derivatives included with inventory supply arrangement obligations | — | 177 | — | 177 | |||||||||||||||||||
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: | |||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Balance at beginning of period | $ | (3,751 | ) | $ | 21,358 | $ | (23,365 | ) | $ | 21,358 | |||||||||||||
Purchases | — | — | — | — | |||||||||||||||||||
Settlements | 4,972 | (21,358 | ) | 3,667 | (21,358 | ) | |||||||||||||||||
Unrealized gain included in earnings | 1,468 | — | 22,387 | — | |||||||||||||||||||
Transfers into Level 3 | — | — | — | — | |||||||||||||||||||
Transfers out of Level 3 | — | — | — | — | |||||||||||||||||||
Balance at end of period | $ | 2,689 | $ | — | $ | 2,689 | $ | — | |||||||||||||||
Schedule of Fair value of Debt | ' | ||||||||||||||||||||||
The table below summarizes the fair value and carrying value as of June 30, 2014 and December 31, 2013. | |||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||||||||
value | value | value | value | ||||||||||||||||||||
Senior secured notes (a) | $ | 667,992 | $ | 671,936 | $ | 667,487 | $ | 697,568 | |||||||||||||||
Revolving Loan (b) | — | — | 15,000 | 15,000 | |||||||||||||||||||
Rail Facility (b) | 8,225 | 8,225 | — | — | |||||||||||||||||||
Catalyst leases (c) | 57,429 | 57,429 | 53,089 | 53,089 | |||||||||||||||||||
733,646 | 737,590 | 735,576 | 765,657 | ||||||||||||||||||||
Less - Current maturities | 13,009 | 13,009 | 12,029 | 12,029 | |||||||||||||||||||
Long-term debt | $ | 720,637 | $ | 724,581 | $ | 723,547 | $ | 753,628 | |||||||||||||||
(a) The estimated fair value, categorized as a Level 2 measurement, was calculated based on the present value of future expected payments utilizing implied current market interest rates based on quoted prices of the senior secured notes. | |||||||||||||||||||||||
(b) The estimated fair value approximates carrying value, categorized as a Level 2 measurement, as these borrowings bear interest based upon short-term floating market interest rates. | |||||||||||||||||||||||
(c) Catalyst leases are valued using a market approach based upon commodity prices for similar instruments quoted in active markets and are categorized as a Level 2 measurement. |
DERIVATIVES_Tables
DERIVATIVES (Tables) | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
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 June 30, 2014 and December 31, 2013 and the line items in the consolidated balance sheet in which the fair values are reflected. | |||||
Description | Balance Sheet Location | Fair Value | |||
Asset/(Liability) | |||||
Derivatives designated as hedging instruments: | |||||
June 30, 2014: | |||||
Derivatives included with inventory supply arrangement obligations | Accrued expenses | $ | (1,247 | ) | |
Derivatives included with the intermediation agreement obligations | Accrued expenses | $ | 15,059 | ||
December 31, 2013: | |||||
Derivatives included with inventory supply arrangement obligations | Accrued expenses | $ | (177 | ) | |
Derivatives included with the intermediation agreement obligations | Accrued expenses | $ | 6,016 | ||
Derivatives not designated as hedging instruments: | |||||
June 30, 2014: | |||||
Commodity contracts | Accounts receivable | $ | 21,187 | ||
Commodity contracts | Accrued expenses | $ | (575 | ) | |
December 31, 2013: | |||||
Commodity contracts | Accrued expenses | $ | (19,421 | ) | |
Schedule of Derivative Instruments, Gain (Loss) Recognized in Income | ' | ||||
The following tables provide information about the gain or loss recognized in income on these derivative instruments and the line items in the consolidated financial statements in which such gains and losses are reflected. | |||||
Description | Location of Gain or (Loss) Recognized in | Gain or (Loss) | |||
Income on Derivatives | Recognized in | ||||
Income on Derivatives | |||||
Derivatives designated as hedging instruments: | |||||
For the three months ended June 30, 2014: | |||||
Derivatives included with inventory supply arrangement obligations | Cost of sales | $ | (3,719 | ) | |
Derivatives included with the intermediation agreement obligations | Cost of sales | $ | (5,770 | ) | |
For the three months ended June 30, 2013: | |||||
Derivatives included with inventory supply arrangement obligations | Cost of sales | $ | 4,880 | ||
Derivatives included with the intermediation agreement obligations | Cost of sales | $ | — | ||
For the six months ended June 30, 2014: | |||||
Derivatives included with inventory supply arrangement obligations | Cost of sales | $ | (1,069 | ) | |
Derivatives included with the intermediation agreement obligations | Cost of sales | $ | 9,042 | ||
For the six months ended June 30, 2013: | |||||
Derivatives included with inventory supply arrangement obligations | Cost of sales | $ | (2,871 | ) | |
Derivatives included with the intermediation agreement obligations | Cost of sales | $ | — | ||
Derivatives not designated as hedging instruments: | |||||
For the three months ended June 30, 2014: | |||||
Commodity contracts | Cost of sales | $ | (41,119 | ) | |
For the three months ended June 30, 2013: | |||||
Commodity contracts | Cost of sales | $ | (4,728 | ) | |
For the six months ended June 30, 2014: | |||||
Commodity contracts | Cost of sales | $ | 31,278 | ||
For the six months ended June 30, 2013: | |||||
Commodity contracts | Cost of sales | $ | 13,949 | ||
Hedged items designated in fair value hedges: | |||||
For the three months ended June 30, 2014: | |||||
Crude oil and feedstock inventory | Cost of sales | $ | 3,719 | ||
Intermediate and refined product inventory | Cost of sales | $ | 5,770 | ||
For the three months ended June 30, 2013: | |||||
Crude oil and feedstock inventory | Cost of sales | $ | 6,393 | ||
Intermediate and refined product inventory | Cost of sales | $ | — | ||
For the six months ended June 30, 2014: | |||||
Crude oil and feedstock inventory | Cost of sales | $ | 1,069 | ||
Intermediate and refined product inventory | Cost of sales | $ | (9,042 | ) | |
For the six months ended June 30, 2013: | |||||
Crude oil and feedstock inventory | Cost of sales | $ | 3,505 | ||
Intermediate and refined product inventory | Cost of sales | $ | — | ||
CONDENSED_CONSOLIDATING_FINANC1
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS (Tables) | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Condensed Financial Information of Subsidiary Disclosure [Abstract] | ' | |||||||||||||||||||
Condensed Consolidating Balance Sheet | ' | |||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||
Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combining and Consolidating Adjustments | Total | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 311,982 | $ | 1,350 | $ | 38 | $ | — | $ | 313,370 | ||||||||||
Accounts receivable | 657,790 | 55,436 | — | — | 713,226 | |||||||||||||||
Accounts receivable - affiliate | 506 | 3,491 | — | — | 3,997 | |||||||||||||||
Inventories | 1,074,128 | 637,723 | — | — | 1,711,851 | |||||||||||||||
Prepaid expense and other current assets | 56,327 | 5,388 | 51 | (51 | ) | 61,715 | ||||||||||||||
Due from related parties | 13,295,126 | 17,778,473 | 360 | (31,073,959 | ) | — | ||||||||||||||
Total current assets | 15,395,859 | 18,481,861 | 449 | (31,074,010 | ) | 2,804,159 | ||||||||||||||
Property, plant and equipment, net | 22,939 | 1,737,069 | 28,876 | — | 1,788,884 | |||||||||||||||
Investment in subsidiaries | 3,209,535 | — | — | (3,209,535 | ) | — | ||||||||||||||
Deferred charges and other assets, net | 25,955 | 255,212 | 2,976 | — | 284,143 | |||||||||||||||
Total assets | $ | 18,654,288 | $ | 20,474,142 | $ | 32,301 | $ | (34,283,545 | ) | $ | 4,877,186 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable | $ | 284,129 | $ | 55,107 | $ | — | $ | (51 | ) | $ | 339,185 | |||||||||
Accounts payable - affiliate | 7,782 | — | — | — | 7,782 | |||||||||||||||
Accrued expenses | 891,776 | 588,951 | 16,107 | — | 1,496,834 | |||||||||||||||
Current portion of long-term debt | — | 13,009 | — | — | 13,009 | |||||||||||||||
Deferred revenue | 6,134 | — | — | — | 6,134 | |||||||||||||||
Due to related parties | 14,552,915 | 16,519,423 | 1,621 | (31,073,959 | ) | — | ||||||||||||||
Total current liabilities | 15,742,736 | 17,176,490 | 17,728 | (31,074,010 | ) | 1,862,944 | ||||||||||||||
Delaware Economic Development Authority loan | — | 12,000 | — | — | 12,000 | |||||||||||||||
Long-term debt | 667,992 | 44,420 | 8,225 | — | 720,637 | |||||||||||||||
Intercompany notes payable | 88,403 | — | — | — | 88,403 | |||||||||||||||
Other long-term liabilities | 16,902 | 38,045 | — | — | 54,947 | |||||||||||||||
Total liabilities | 16,516,033 | 17,270,955 | 25,953 | (31,074,010 | ) | 2,738,931 | ||||||||||||||
Commitments and contingencies | ||||||||||||||||||||
Equity: | ||||||||||||||||||||
Member's equity | 1,231,236 | 836,314 | 7,187 | (843,501 | ) | 1,231,236 | ||||||||||||||
Retained earnings (accumulated deficit) | 921,013 | 2,365,043 | (839 | ) | (2,364,204 | ) | 921,013 | |||||||||||||
Accumulated other comprehensive (loss) income | (13,994 | ) | 1,830 | — | (1,830 | ) | (13,994 | ) | ||||||||||||
Total equity | 2,138,255 | 3,203,187 | 6,348 | (3,209,535 | ) | 2,138,255 | ||||||||||||||
Total liabilities and equity | $ | 18,654,288 | $ | 20,474,142 | $ | 32,301 | $ | (34,283,545 | ) | $ | 4,877,186 | |||||||||
14. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||
Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combining and Consolidating Adjustments | Total | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 76,179 | $ | 791 | $ | — | $ | — | $ | 76,970 | ||||||||||
Accounts receivable | 588,385 | 8,262 | — | — | 596,647 | |||||||||||||||
Inventories | 818,007 | 627,510 | — | — | 1,445,517 | |||||||||||||||
Prepaid expense and other current assets | 49,251 | 6,592 | — | — | 55,843 | |||||||||||||||
Due from related parties | 11,807,063 | 16,600,151 | — | (28,407,214 | ) | — | ||||||||||||||
Total current assets | 13,338,885 | 17,243,306 | — | (28,407,214 | ) | 2,174,977 | ||||||||||||||
Property, plant and equipment, net | 60,746 | 1,720,843 | — | — | 1,781,589 | |||||||||||||||
Investment in subsidiaries | 3,584,622 | — | — | (3,584,622 | ) | — | ||||||||||||||
Deferred charges and other assets, net | 27,923 | 234,556 | — | — | 262,479 | |||||||||||||||
Total assets | $ | 17,012,176 | $ | 19,198,705 | $ | — | $ | (31,991,836 | ) | $ | 4,219,045 | |||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Accounts payable | $ | 307,612 | $ | 94,681 | $ | — | $ | — | $ | 402,293 | ||||||||||
Accrued expenses | 606,388 | 604,557 | — | — | 1,210,945 | |||||||||||||||
Current portion of long-term debt | — | 12,029 | — | — | 12,029 | |||||||||||||||
Deferred revenue | 7,766 | — | — | — | 7,766 | |||||||||||||||
Due to related parties | 13,589,263 | 14,817,951 | — | (28,407,214 | ) | — | ||||||||||||||
Total current liabilities | 14,511,029 | 15,529,218 | — | (28,407,214 | ) | 1,633,033 | ||||||||||||||
Delaware Economic Development Authority loan | — | 12,000 | — | — | 12,000 | |||||||||||||||
Long-term debt | 682,487 | 41,060 | — | — | 723,547 | |||||||||||||||
Intercompany notes payable | 31,835 | — | — | — | 31,835 | |||||||||||||||
Other long-term liabilities | 14,672 | 31,805 | — | — | 46,477 | |||||||||||||||
Total liabilities | 15,240,023 | 15,614,083 | — | (28,407,214 | ) | 2,446,892 | ||||||||||||||
Commitments and contingencies | ||||||||||||||||||||
Equity: | ||||||||||||||||||||
Member's equity | 933,164 | 667,173 | — | (667,173 | ) | 933,164 | ||||||||||||||
Retained earnings | 853,527 | 2,915,720 | — | (2,915,720 | ) | 853,527 | ||||||||||||||
Accumulated other comprehensive (loss) income | (14,538 | ) | 1,729 | — | (1,729 | ) | (14,538 | ) | ||||||||||||
Total equity | 1,772,153 | 3,584,622 | — | (3,584,622 | ) | 1,772,153 | ||||||||||||||
Total liabilities and equity | $ | 17,012,176 | $ | 19,198,705 | $ | — | $ | (31,991,836 | ) | $ | 4,219,045 | |||||||||
Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) | ' | |||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||||||
Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combining and Consolidating Adjustments | Total | ||||||||||||||||
Revenues | $ | 10,046,951 | $ | 739,071 | $ | 460 | $ | (738,330 | ) | $ | 10,048,152 | |||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of sales, excluding depreciation | 9,090,621 | 737,870 | 761 | (738,330 | ) | 9,090,922 | ||||||||||||||
Operating expenses, excluding depreciation | 35 | 478,645 | — | — | 478,680 | |||||||||||||||
General and administrative expenses | 60,320 | 8,399 | — | — | 68,719 | |||||||||||||||
(Gain) loss on sale of assets | (186 | ) | 6 | — | — | (180 | ) | |||||||||||||
Depreciation and amortization expense | 6,823 | 60,866 | 42 | — | 67,731 | |||||||||||||||
9,157,613 | 1,285,786 | 803 | (738,330 | ) | 9,705,872 | |||||||||||||||
Income (loss) from operations | 889,338 | (546,715 | ) | (343 | ) | — | 342,280 | |||||||||||||
Other income (expense): | ||||||||||||||||||||
Equity in earnings (loss) of subsidiaries | (551,516 | ) | — | — | 551,516 | — | ||||||||||||||
Change in fair value of catalyst leases | — | (4,339 | ) | — | — | (4,339 | ) | |||||||||||||
Interest (expense) income, net | $ | (51,554 | ) | $ | 377 | $ | (496 | ) | $ | — | $ | (51,673 | ) | |||||||
Net income (loss) | $ | 286,268 | $ | (550,677 | ) | $ | (839 | ) | $ | 551,516 | $ | 286,268 | ||||||||
Comprehensive income (loss) | $ | 286,812 | $ | (550,582 | ) | $ | (839 | ) | $ | 551,421 | $ | 286,812 | ||||||||
14. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||
Six Months Ended June 30, 2013 | ||||||||||||||||||||
Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combining and Consolidating Adjustments | Total | ||||||||||||||||
Revenues | $ | 6,561,777 | $ | 6,315,781 | $ | — | $ | (3,401,417 | ) | $ | 9,476,141 | |||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of sales, excluding depreciation | 7,453,784 | 4,678,714 | — | (3,401,417 | ) | 8,731,081 | ||||||||||||||
Operating expenses, excluding depreciation | (141 | ) | 408,740 | — | — | 408,599 | ||||||||||||||
General and administrative expenses | 42,040 | 7,195 | — | — | 49,235 | |||||||||||||||
Depreciation and amortization expense | 6,138 | 47,955 | — | — | 54,093 | |||||||||||||||
7,501,821 | 5,142,604 | — | (3,401,417 | ) | 9,243,008 | |||||||||||||||
(Loss) income from operations | (940,044 | ) | 1,173,177 | — | — | 233,133 | ||||||||||||||
Other income (expense): | ||||||||||||||||||||
Equity in earnings of subsidiaries | 1,176,634 | — | — | (1,176,634 | ) | — | ||||||||||||||
Change in fair value of catalyst leases | — | 5,481 | — | — | 5,481 | |||||||||||||||
Interest expense, net | (41,325 | ) | (2,024 | ) | — | — | (43,349 | ) | ||||||||||||
Net income (loss) | $ | 195,265 | $ | 1,176,634 | $ | — | $ | (1,176,634 | ) | $ | 195,265 | |||||||||
Comprehensive income (loss) | $ | 195,475 | $ | 1,176,634 | $ | — | $ | (1,176,634 | ) | $ | 195,475 | |||||||||
Condensed Consolidating Statement of Cash Flow | ' | |||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW | ||||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||||||
Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combining and Consolidating Adjustments | Total | ||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net income (loss) | $ | 286,268 | $ | (550,677 | ) | $ | (839 | ) | $ | 551,516 | $ | 286,268 | ||||||||
Adjustments to reconcile net income to net | ||||||||||||||||||||
cash provided by operating activities: | ||||||||||||||||||||
Depreciation and amortization | 10,084 | 60,881 | 253 | — | 71,218 | |||||||||||||||
Stock-based compensation | — | 2,728 | — | — | 2,728 | |||||||||||||||
Change in fair value of catalyst lease obligations | — | 4,339 | — | — | 4,339 | |||||||||||||||
Non-cash change in inventory repurchase obligations | — | (7,973 | ) | — | — | (7,973 | ) | |||||||||||||
Pension and other post retirement benefit costs | 2,777 | 7,761 | — | — | 10,538 | |||||||||||||||
(Gain) loss on disposition of property, plant and equipment | (186 | ) | 6 | — | — | (180 | ) | |||||||||||||
Equity in earnings of subsidiaries | 551,516 | — | — | (551,516 | ) | — | ||||||||||||||
Changes in current assets and current liabilities: | ||||||||||||||||||||
Accounts receivable | (69,405 | ) | (47,174 | ) | — | — | (116,579 | ) | ||||||||||||
Amounts due to/from related parties | (716,895 | ) | 719,419 | 1,261 | — | 3,785 | ||||||||||||||
Inventories | (256,121 | ) | 7,027 | — | — | (249,094 | ) | |||||||||||||
Prepaid expenses and other current assets | (7,076 | ) | 1,204 | (51 | ) | 51 | (5,872 | ) | ||||||||||||
Accounts payable | (23,483 | ) | (39,574 | ) | — | (51 | ) | (63,108 | ) | |||||||||||
Accrued expenses | 285,388 | (3,321 | ) | — | — | 282,067 | ||||||||||||||
Deferred revenue | (1,632 | ) | — | — | — | (1,632 | ) | |||||||||||||
Other assets and liabilities | (836 | ) | (3,232 | ) | — | — | (4,068 | ) | ||||||||||||
Net cash provided by (used in) operating activities | 60,399 | 151,414 | 624 | — | 212,437 | |||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Expenditures for property, plant and equipment | (6,588 | ) | (103,229 | ) | (12,811 | ) | — | (122,628 | ) | |||||||||||
Expenditures for deferred turnaround costs | — | (39,424 | ) | — | — | (39,424 | ) | |||||||||||||
Expenditures for other assets | — | (8,202 | ) | — | — | (8,202 | ) | |||||||||||||
Investment in subsidiaries | (7,187 | ) | — | — | 7,187 | — | ||||||||||||||
Proceeds from sale of assets | 37,759 | — | — | — | 37,759 | |||||||||||||||
Net cash provided by (used in) investing activities | 23,984 | (150,855 | ) | (12,811 | ) | 7,187 | (132,495 | ) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Proceeds from members' capital contributions | 328,664 | — | 7,187 | (7,187 | ) | 328,664 | ||||||||||||||
Distribution to members | (218,782 | ) | — | — | — | (218,782 | ) | |||||||||||||
Proceeds from intercompany notes payable | 55,994 | — | — | — | 55,994 | |||||||||||||||
Proceeds from Rail Facility Revolver | — | — | 8,225 | — | 8,225 | |||||||||||||||
Proceeds from revolver borrowings | 395,000 | — | — | — | 395,000 | |||||||||||||||
Repayments of revolver borrowings | (410,000 | ) | — | — | — | (410,000 | ) | |||||||||||||
Deferred financing costs and other | 544 | — | (3,187 | ) | — | (2,643 | ) | |||||||||||||
Net cash provided by (used in) financing activities | 151,420 | — | 12,225 | (7,187 | ) | 156,458 | ||||||||||||||
Net increase in cash and cash equivalents | 235,803 | 559 | 38 | — | 236,400 | |||||||||||||||
Cash and equivalents, beginning of period | 76,179 | 791 | — | — | 76,970 | |||||||||||||||
Cash and equivalents, end of period | $ | 311,982 | $ | 1,350 | $ | 38 | $ | — | $ | 313,370 | ||||||||||
14. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW | ||||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||
Six Months Ended June 30, 2013 | ||||||||||||||||||||
Issuer | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Combining and Consolidating Adjustments | Total | ||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net income (loss) | $ | 195,265 | $ | 1,176,634 | $ | — | $ | (1,176,634 | ) | $ | 195,265 | |||||||||
Adjustments to reconcile net income to net | ||||||||||||||||||||
cash from operating activities: | ||||||||||||||||||||
Depreciation and amortization | 9,339 | 48,014 | — | — | 57,353 | |||||||||||||||
Stock-based compensation | — | 1,977 | — | — | 1,977 | |||||||||||||||
Change in fair value of catalyst lease obligations | — | (5,481 | ) | — | — | (5,481 | ) | |||||||||||||
Non-cash change in inventory repurchase obligations | — | (17,377 | ) | — | — | (17,377 | ) | |||||||||||||
Pension and other post retirement benefit costs | — | 8,472 | — | — | 8,472 | |||||||||||||||
Equity in earnings of subsidiaries | (1,176,634 | ) | — | — | 1,176,634 | — | ||||||||||||||
Changes in current assets and current liabilities: | ||||||||||||||||||||
Accounts receivable | (9,505 | ) | (78,051 | ) | — | — | (87,556 | ) | ||||||||||||
Amounts due to/from related parties | 832,549 | (817,828 | ) | — | — | 14,721 | ||||||||||||||
Inventories | (203,625 | ) | 20,587 | — | — | (183,038 | ) | |||||||||||||
Prepaid expenses and other current assets | (22,191 | ) | (10,557 | ) | — | — | (32,748 | ) | ||||||||||||
Accounts payable | (12,985 | ) | (119,505 | ) | — | — | (132,490 | ) | ||||||||||||
Accrued expenses | 237,384 | (42,073 | ) | — | — | 195,311 | ||||||||||||||
Deferred revenue | — | (26,594 | ) | — | — | (26,594 | ) | |||||||||||||
Other assets and liabilities | 4,114 | (12,480 | ) | — | — | (8,366 | ) | |||||||||||||
Net cash (used in) provided by operating activities | (146,289 | ) | 125,738 | — | — | (20,551 | ) | |||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Expenditures for property, plant and equipment | (18,240 | ) | (86,844 | ) | — | — | (105,084 | ) | ||||||||||||
Expenditures for refinery turnarounds costs | — | (4,551 | ) | — | — | (4,551 | ) | |||||||||||||
Expenditures for other assets | — | (3,089 | ) | — | — | (3,089 | ) | |||||||||||||
Net cash used in investing activities | (18,240 | ) | (94,484 | ) | — | — | (112,724 | ) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Distributions to members | (155,802 | ) | — | — | — | (155,802 | ) | |||||||||||||
Proceeds from intercompany notes payable | 31,632 | — | — | — | 31,632 | |||||||||||||||
Proceeds from revolver borrowings | 160,000 | — | — | — | 160,000 | |||||||||||||||
Repayments of revolver borrowings | (65,000 | ) | — | — | — | (65,000 | ) | |||||||||||||
Payment of contingent consideration related to acquisition of Toledo refinery | — | (21,357 | ) | — | — | (21,357 | ) | |||||||||||||
Deferred financing costs and other | (1,044 | ) | (215 | ) | — | — | (1,259 | ) | ||||||||||||
Net cash used in financing activities | (30,214 | ) | (21,572 | ) | — | — | (51,786 | ) | ||||||||||||
Net (decrease) increase in cash and cash equivalents | (194,743 | ) | 9,682 | — | — | (185,061 | ) | |||||||||||||
Cash and equivalents, beginning of period | 241,926 | 12,365 | — | — | 254,291 | |||||||||||||||
Cash and equivalents, end of period | $ | 47,183 | $ | 22,047 | $ | — | $ | — | $ | 69,230 | ||||||||||
DESCRIPTION_OF_THE_BUSINESS_AN2
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Details) | Jun. 30, 2014 | 14-May-14 |
Class A Common Stock [Member] | Common Units [Member] | |
PBF Energy Inc. [Member] | IPO [Member] | |
Description of Business [Line Items] | ' | ' |
Percentage of ownership in PBF LLC | 90.50% | ' |
Partners' Capital Account, Units, Sold in Public Offering | ' | 15,812,500 |
INVENTORIES_Details
INVENTORIES (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory [Line Items] | ' | ' |
Crude oil and feedstocks | $840,851 | $608,436 |
Refined products and blendstocks | 835,607 | 803,319 |
Other Inventory, Supplies, Gross | 35,393 | 33,762 |
Total inventory | 1,711,851 | 1,445,517 |
Excess of replacement value of inventory over LIFO carrying value | 133,957 | 78,407 |
Titled Inventory [Member] | ' | ' |
Inventory [Line Items] | ' | ' |
Crude oil and feedstocks | 739,095 | 518,599 |
Refined products and blendstocks | 485,126 | 425,033 |
Other Inventory, Supplies, Gross | 35,393 | 33,762 |
Total inventory | 1,259,614 | 977,394 |
Inventory Supply and Offtake Arrangements [Member] | ' | ' |
Inventory [Line Items] | ' | ' |
Crude oil and feedstocks | 101,756 | 89,837 |
Refined products and blendstocks | 350,481 | 378,286 |
Other Inventory, Supplies, Gross | 0 | 0 |
Total inventory | $452,237 | $468,123 |
DEFERRED_CHARGES_AND_OTHER_ASS2
DEFERRED CHARGES AND OTHER ASSETS, NET (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ' |
Deferred turnaround costs, net | $138,212 | $119,383 |
Catalyst | 91,557 | 88,964 |
Deferred financing costs, net | 25,267 | 26,541 |
Restricted cash | 13,617 | 12,117 |
Linefill | 9,667 | 9,636 |
Intangible assets, net | 492 | 653 |
Other | 5,331 | 5,185 |
Deferred charges and other assets | $284,143 | $262,479 |
ACCRUED_EXPENSES_Details
ACCRUED EXPENSES (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | Morgan Stanley Capital Group, Inc [Member] | Morgan Stanley Capital Group, Inc [Member] | ||
Repurchase Agreement Counterparty [Line Items] | ' | ' | ' | ' |
Non-cash benefit related to repurchase obligation | ' | ' | $4,344 | $20,248 |
Accrued Expenses: | ' | ' | ' | ' |
Excise and sales tax payable | 859,836 | 533,012 | ' | ' |
Inventory supply and offtake arrangements | 414,266 | 454,893 | ' | ' |
Accrued utilities | 55,656 | 29,762 | ' | ' |
Excise and sales tax payable | 35,605 | 42,814 | ' | ' |
Accrued utilities | 16,629 | 25,959 | ' | ' |
Accrued salaries and benefits | 31,300 | 10,799 | ' | ' |
Renewable energy credit obligations | 3,946 | 15,955 | ' | ' |
Customer deposits | 11,150 | 23,621 | ' | ' |
Accrued interest | 23,281 | 22,570 | ' | ' |
Accrued construction in progress | 28,302 | 33,747 | ' | ' |
Other | 16,863 | 17,813 | ' | ' |
Accrued expenses | $1,496,834 | $1,210,945 | ' | ' |
CREDIT_FACILITY_Details
CREDIT FACILITY (Details) (Line of Credit [Member], USD $) | Jun. 30, 2014 | Mar. 24, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
Rail Facility [Domain] | Rail Facility [Domain] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | |
Immediately | First Anniversary | |||
Debt Instrument [Line Items] | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | $8,225,000 | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | $250,000,000 | ' | ' |
Debt Instrument, Advances, Borrowing Base, As a Percentage | ' | ' | 70.00% | 65.00% |
INTERCOMPANY_NOTE_PAYABLE_Deta
INTERCOMPANY NOTE PAYABLE (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | Notes Payable, Other Payables [Member] | ||
Debt Instrument [Line Items] | ' | ' | ' |
Intercompany notes payable | $88,403 | $31,835 | ' |
Debt fixed interest rate | ' | ' | 2.50% |
Note payable term | ' | ' | '5 years |
RELATED_PARTY_TRANSACTIONS_Det
RELATED PARTY TRANSACTIONS (Details) (USD $) | 6 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | ||||||||||
Jun. 30, 2014 | Jun. 30, 2014 | 14-May-14 | 14-May-14 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | 14-May-14 | 14-May-14 | 14-May-14 | 14-May-14 | 14-May-14 | 14-May-14 | 14-May-14 | 14-May-14 | 14-May-14 | 14-May-14 | 14-May-14 | 14-May-14 | |
PBF Logistics LP [Member] | PBF Logistics LP [Member] | PBF Logistics LP [Member] | PBF Logistics LP [Member] | Cost of Sales [Member] | Cost of Sales [Member] | Cost of Sales [Member] | Cost of Sales [Member] | General and Administrative Expense [Member] | General and Administrative Expense [Member] | Operating Expense [Member] | Operating Expense [Member] | Services Agreement [Member] | Services Agreement [Member] | Services Agreement [Member] | Agreement Period One [Member] | Agreement Period Two [Member] | Agreement Period Three [Member] | PBF Logistics LP [Member] | PBF Logistics LP [Member] | PBF Logistics LP [Member] | PBF Logistics LP [Member] | PBF Logistics LP [Member] | Limited Partner [Member] | |
Fee Based Agreement [Member] | Omnibus Agreement [Member] | Services Agreement [Member] | Services Agreement [Member] | PBF Logistics LP [Member] | PBF Logistics LP [Member] | PBF Logistics LP [Member] | PBF Logistics LP [Member] | PBF Logistics LP [Member] | PBF Logistics LP [Member] | PBF Logistics LP [Member] | PBF Logistics LP [Member] | Delaware City Rail Unloading Terminal [Member] | Toledo Truck Unloading Terminal [Member] | Toledo Truck Unloading Terminal [Member] | Services Agreement [Member] | Services Agreement [Member] | Services Agreement [Member] | PBF LLC [Member] | PBF LLC [Member] | PBF LLC [Member] | Common Units [Member] | Subordinated Units [Member] | PBF Logistics LP [Member] | |
fee_based_agreement | DCR Terminaling Agreement [Member] | DCR Terminaling Agreement [Member] | Toledo Terminaling Agreement [Member] | Toledo Terminaling Agreement [Member] | Omnibus Agreement [Member] | Omnibus Agreement [Member] | Services Agreement [Member] | Services Agreement [Member] | PBF Logistics LP [Member] | PBF Logistics LP [Member] | PBF Logistics LP [Member] | Delaware City Rail Unloading Terminal [Member] | Delaware City Rail Unloading Terminal [Member] | Toledo Truck Unloading Terminal [Member] | Contribution Agreement [Member] | Contribution Agreement [Member] | Contribution Agreement [Member] | PBF LLC [Member] | PBF LLC [Member] | PBF LLC [Member] | ||||
DCR Terminaling Agreement [Member] | Toledo Terminaling Agreement [Member] | Toledo Terminaling Agreement [Member] | PBF Logistics LP [Member] | PBF Logistics LP [Member] | PBF Logistics LP [Member] | Contribution Agreement [Member] | Contribution Agreement [Member] | |||||||||||||||||
DCR Terminaling Agreement [Member] | DCR Terminaling Agreement [Member] | Toledo Terminaling Agreement [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Partners' Capital Account, Units, Issued In Non-Cash Exchange | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 74,053 | 15,886,553 | ' |
Related Party Transaction, Number of Agreements With Related Party | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party, Annual Fee | ' | ' | ' | $490,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transaction, Notice Of Withdrawal Period | ' | ' | '30 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transaction, Amounts of Transaction | ' | ' | ' | ' | 7,200,000 | 7,200,000 | 582,000 | 582,000 | 422,000 | 422,000 | 82,000 | 66,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transaction, Annual Fee | ' | 2,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transaction, Expense Reimbursement, Salaries and Benefit Costs Reimbursement, Minimum Time Commitment to Company, Percent | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transaction, Estimated Annual Salaries and Benefits Costs Reimbursable | ' | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transaction, Maximum Reimbursement per Event, Net of Insurance Recoveries | ' | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party, Transaction Period | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Oil And Gas Plant, Collaborative Agreement, Minimum Throughput Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000 | ' | 75,000 | 85,000 | 5,500 | ' | ' | ' | ' | ' | ' |
Oil And Gas Plant, Terminaling Services Fee, Base Commitment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Oil And Gas Plant, Terminaling Services Fee, Fee For Volume Above Minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transaction, Number of Agreement Extensions Available | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transaction, Agreement Extension, Term | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Limited Partners' Capital Account, Ownership Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.20% |
Rights To Distribution Made To Limited Partner, Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,000,000 | ' | 30,000,000 | ' | ' | ' |
Rights To Distribution Made To Limited Partner | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 298,664,000 | ' | 298,664,000 | ' | ' | ' |
Partners' Capital Account, Redemptions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1 | ' | ' | ' | ' |
RELATED_PARTY_TRANSACTIONS_CON
RELATED PARTY TRANSACTIONS CONTRIBUTION AND CONVEYANCE AGREEMENT (Details) (PBF Logistics LP [Member], USD $) | 0 Months Ended | |
14-May-14 | 14-May-14 | |
PBF LLC [Member] | Contribution Agreement [Member] | ' | ' |
Rights To Distribution Made To Limited Partner | ' | $298,664,000 |
Partners' Capital Account, Redemptions | 1 | ' |
Subordinated Units [Member] | PBF LLC [Member] | Contribution Agreement [Member] | ' | ' |
Partners' Capital Account, Units, Issued In Non-Cash Exchange | 15,886,553 | ' |
Common Units [Member] | PBF LLC [Member] | Contribution Agreement [Member] | ' | ' |
Partners' Capital Account, Units, Issued In Non-Cash Exchange | 74,053 | ' |
Limited Partner [Member] | PBF LLC [Member] | ' | ' |
Limited Partners' Capital Account, Ownership Percentage | 50.20% | 50.20% |
PBF LLC [Member] | Contribution Agreement [Member] | ' | ' |
Rights To Distribution Made To Limited Partner | $298,664,000 | $298,664,000 |
RELATED_PARTY_TRANSACTIONS_COM
RELATED PARTY TRANSACTIONS COMMERCIAL AGREEMENT (Details) (PBF Logistics LP [Member], USD $) | 6 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | 14-May-14 | 14-May-14 | 14-May-14 | 14-May-14 | 14-May-14 | 14-May-14 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
Fee Based Agreement [Member] | Toledo Truck Unloading Terminal [Member] | Toledo Truck Unloading Terminal [Member] | Toledo Truck Unloading Terminal [Member] | Delaware City Rail Unloading Terminal [Member] | Delaware City Rail Unloading Terminal [Member] | Delaware City Rail Unloading Terminal [Member] | Cost of Sales [Member] | Cost of Sales [Member] | Cost of Sales [Member] | Cost of Sales [Member] | |
fee_based_agreement | Services Agreement [Member] | Services Agreement [Member] | Agreement Period Three [Member] | Services Agreement [Member] | Agreement Period Two [Member] | Agreement Period One [Member] | Toledo Terminaling Agreement [Member] | Toledo Terminaling Agreement [Member] | DCR Terminaling Agreement [Member] | DCR Terminaling Agreement [Member] | |
Toledo Terminaling Agreement [Member] | Toledo Terminaling Agreement [Member] | Services Agreement [Member] | DCR Terminaling Agreement [Member] | Services Agreement [Member] | Services Agreement [Member] | ||||||
Toledo Terminaling Agreement [Member] | DCR Terminaling Agreement [Member] | DCR Terminaling Agreement [Member] | |||||||||
Related Party Transaction, Number of Agreements With Related Party | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transaction, Number of Agreement Extensions Available | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transaction, Agreement Extension, Term | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Oil And Gas Plant, Collaborative Agreement, Minimum Throughput Capacity | ' | 4,000 | ' | 5,500 | ' | 85,000 | 75,000 | ' | ' | ' | ' |
Oil And Gas Plant, Terminaling Services Fee, Base Commitment | ' | ' | 1 | ' | 2 | ' | ' | ' | ' | ' | ' |
Oil And Gas Plant, Terminaling Services Fee, Fee For Volume Above Minimum | ' | ' | ' | ' | 0.5 | ' | ' | ' | ' | ' | ' |
Related Party Transaction, Amounts of Transaction | ' | ' | ' | ' | ' | ' | ' | $582 | $582 | $7,200 | $7,200 |
RELATED_PARTY_TRANSACTIONS_OMN
RELATED PARTY TRANSACTIONS OMNIBUS AGREEMENT (Details) (Omnibus Agreement [Member], PBF Logistics LP [Member], USD $) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2014 | Jun. 30, 2014 | |
Related Party Transaction, Annual Fee | ' | $2,300,000 |
Related Party Transaction, Expense Reimbursement, Salaries and Benefit Costs Reimbursement, Minimum Time Commitment to Company, Percent | ' | 50.00% |
Related Party Transaction, Estimated Annual Salaries and Benefits Costs Reimbursable | ' | 900,000 |
Related Party Transaction, Maximum Reimbursement per Event, Net of Insurance Recoveries | ' | 20,000,000 |
Related Party, Transaction Period | ' | '5 years |
General and Administrative Expense [Member] | ' | ' |
Related Party Transaction, Amounts of Transaction | $422,000 | $422,000 |
RELATED_PARTY_TRANSACTIONS_OPE
RELATED PARTY TRANSACTIONS OPERATION AND MANAGEMENT SERVICE AGREEMENT (Details) (PBF Logistics LP [Member], Services Agreement [Member], USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | |
14-May-14 | 14-May-14 | Jun. 30, 2014 | Jun. 30, 2014 | |
Operating Expense [Member] | Operating Expense [Member] | |||
Related Party, Annual Fee | ' | $490,000 | ' | ' |
Related Party Transaction, Notice Of Withdrawal Period | '30 days | ' | ' | ' |
Related Party Transaction, Amounts of Transaction | ' | ' | $82,000 | $66,000 |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Details) (USD $) | 6 Months Ended | 6 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | |||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2010 | Jun. 30, 2014 |
PBF Energy [Member] | PBF Energy [Member] | Environmental Issue [Member] | Environmental Issue [Member] | Environmental Issue [Member] | Environmental Issue [Member] | Environmental Issue [Member] | Environmental Issue [Member] | |||
Class A Common Stock [Member] | Class A Common Stock [Member] | ppm | Valero [Member] | PBF Energy and Valero [Member] | New York [Member] | Northeastern states [Member] | ||||
ppm | ppm | |||||||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Environmental liability | ' | ' | ' | ' | $11,149 | $9,869 | ' | ' | ' | ' |
Discount rate used for environmental liability assessment | ' | ' | ' | ' | 8.00% | ' | ' | ' | ' | ' |
Restricted cash for environmental liabilities | 13,617 | 12,117 | ' | ' | 12,117 | ' | ' | ' | ' | ' |
Maximum pre-disposal environmental obligations of Valero | ' | ' | ' | ' | ' | ' | $20,000 | $75,000 | ' | ' |
Term of insurance policies | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' |
Maximum amount of sulfur allowed in heating oil (in ppm) | ' | ' | ' | ' | 10 | ' | ' | ' | 15 | 500 |
Public Utilities, Description of Specific Regulatory Liabilities | ' | ' | ' | ' | '80 | ' | ' | ' | ' | ' |
Percent of tax benefit received from increases in tax basis paid to stockholders | 85.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of ownership in PBF LLC | ' | ' | 90.50% | 40.90% | ' | ' | ' | ' | ' | ' |
EMPLOYEE_BENEFIT_PLANS_Details
EMPLOYEE BENEFIT PLANS (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Pension Plan, Defined Benefit [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | $4,851 | $3,699 | $9,142 | $7,397 |
Interest cost | 601 | 248 | 1,171 | 496 |
Expected return on plan assets | -539 | -138 | -1,063 | -276 |
Amortization of prior service costs | 10 | 3 | 12 | 5 |
Amortization of loss | 258 | 105 | 480 | 210 |
Net periodic benefit cost | 5,181 | 3,917 | 9,742 | 7,832 |
Post Retirement Medical Plan [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 300 | 181 | 478 | 363 |
Interest cost | 135 | 84 | 228 | 167 |
Amortization of prior service costs | 75 | 0 | 55 | 0 |
Amortization of loss | 1 | 0 | -4 | 0 |
Net periodic benefit cost | $511 | $265 | $757 | $530 |
FAIR_VALUE_MEASUREMENTS_Measur
FAIR VALUE MEASUREMENTS (Measured on Recurring Basis) (Details) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||||
Commodity contract [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | $2,689 | ($3,751) | ($23,365) | $0 | $21,358 | $21,358 |
Fair Value, Measurements, Recurring [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 5,047 | ' | 4,905 | ' | ' | ' |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 5,047 | ' | 4,905 | ' | ' | ' |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ' | 0 | ' | ' | ' |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ' | 0 | ' | ' | ' |
Fair Value, Measurements, Recurring [Member] | Catalyst lease obligations [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Catalyst lease obligations | 57,429 | ' | 53,089 | ' | ' | ' |
Fair Value, Measurements, Recurring [Member] | Catalyst lease obligations [Member] | Level 1 [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Catalyst lease obligations | 0 | ' | 0 | ' | ' | ' |
Fair Value, Measurements, Recurring [Member] | Catalyst lease obligations [Member] | Level 2 [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Catalyst lease obligations | 57,429 | ' | 53,089 | ' | ' | ' |
Fair Value, Measurements, Recurring [Member] | Catalyst lease obligations [Member] | Level 3 [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Catalyst lease obligations | 0 | ' | 0 | ' | ' | ' |
Fair Value, Measurements, Recurring [Member] | Commodity contract [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 13,203 | ' | ' | ' | ' | ' |
Derivative, Collateral, Right to Reclaim Cash | -12,628 | ' | ' | ' | ' | ' |
Derivative Liability | 575 | ' | 30,354 | ' | ' | ' |
Fair Value, Measurements, Recurring [Member] | Commodity contract [Member] | Level 1 [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 220 | ' | ' | ' | ' | ' |
Derivative Liability | ' | ' | 0 | ' | ' | ' |
Fair Value, Measurements, Recurring [Member] | Commodity contract [Member] | Level 2 [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 12,845 | ' | ' | ' | ' | ' |
Derivative Liability | ' | ' | 6,989 | ' | ' | ' |
Fair Value, Measurements, Recurring [Member] | Commodity contract [Member] | Level 3 [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 138 | ' | ' | ' | ' | ' |
Derivative Liability | ' | ' | 23,365 | ' | ' | ' |
Fair Value, Measurements, Recurring [Member] | Derivatives included with inventory supply arrangement obligations [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 1,247 | ' | ' | ' | ' | ' |
Derivative, Collateral, Right to Reclaim Cash | 0 | ' | ' | ' | ' | ' |
Derivative Liability | 1,247 | ' | 177 | ' | ' | ' |
Fair Value, Measurements, Recurring [Member] | Derivatives included with inventory supply arrangement obligations [Member] | Level 1 [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 0 | ' | ' | ' | ' | ' |
Derivative Liability | ' | ' | 0 | ' | ' | ' |
Fair Value, Measurements, Recurring [Member] | Derivatives included with inventory supply arrangement obligations [Member] | Level 2 [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 1,247 | ' | ' | ' | ' | ' |
Derivative Liability | ' | ' | 177 | ' | ' | ' |
Fair Value, Measurements, Recurring [Member] | Derivatives included with inventory supply arrangement obligations [Member] | Level 3 [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 0 | ' | ' | ' | ' | ' |
Derivative Liability | ' | ' | 0 | ' | ' | ' |
Fair Value, Measurements, Recurring [Member] | Money market funds [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 5,546 | ' | 5,857 | ' | ' | ' |
Fair Value, Measurements, Recurring [Member] | Money market funds [Member] | Level 1 [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 5,546 | ' | 5,857 | ' | ' | ' |
Fair Value, Measurements, Recurring [Member] | Money market funds [Member] | Level 2 [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 0 | ' | 0 | ' | ' | ' |
Fair Value, Measurements, Recurring [Member] | Money market funds [Member] | Level 3 [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 0 | ' | 0 | ' | ' | ' |
Fair Value, Measurements, Recurring [Member] | Commodity contract [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 33,815 | ' | ' | ' | ' | ' |
Derivative assets, Effect of Counter-party Netting | -12,628 | ' | ' | ' | ' | ' |
Derivative assets, Net Carrying Value on Balance Sheet | 21,187 | ' | 10,933 | ' | ' | ' |
Fair Value, Measurements, Recurring [Member] | Commodity contract [Member] | Level 1 [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 15,017 | ' | ' | ' | ' | ' |
Derivative assets, Net Carrying Value on Balance Sheet | ' | ' | 4,252 | ' | ' | ' |
Fair Value, Measurements, Recurring [Member] | Commodity contract [Member] | Level 2 [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 15,971 | ' | ' | ' | ' | ' |
Derivative assets, Net Carrying Value on Balance Sheet | ' | ' | 6,681 | ' | ' | ' |
Fair Value, Measurements, Recurring [Member] | Commodity contract [Member] | Level 3 [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 2,827 | ' | ' | ' | ' | ' |
Derivative assets, Net Carrying Value on Balance Sheet | ' | ' | 0 | ' | ' | ' |
Fair Value, Measurements, Recurring [Member] | Derivatives included with intermediation agreement obligations [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 15,059 | ' | ' | ' | ' | ' |
Derivative assets, Effect of Counter-party Netting | 0 | ' | ' | ' | ' | ' |
Derivative assets, Net Carrying Value on Balance Sheet | 15,059 | ' | 6,016 | ' | ' | ' |
Fair Value, Measurements, Recurring [Member] | Derivatives included with intermediation agreement obligations [Member] | Level 1 [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 0 | ' | ' | ' | ' | ' |
Derivative assets, Net Carrying Value on Balance Sheet | ' | ' | 0 | ' | ' | ' |
Fair Value, Measurements, Recurring [Member] | Derivatives included with intermediation agreement obligations [Member] | Level 2 [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 15,059 | ' | ' | ' | ' | ' |
Derivative assets, Net Carrying Value on Balance Sheet | ' | ' | 6,016 | ' | ' | ' |
Fair Value, Measurements, Recurring [Member] | Derivatives included with intermediation agreement obligations [Member] | Level 3 [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 0 | ' | ' | ' | ' | ' |
Derivative assets, Net Carrying Value on Balance Sheet | ' | ' | $0 | ' | ' | ' |
FAIR_VALUE_MEASUREMENTS_Change
FAIR VALUE MEASUREMENTS (Change in Fair Value at Level 3) (Details) (Commodity Contract [Member], USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Commodity Contract [Member] | ' | ' | ' | ' |
Change in Fair Value Measurement Categorized in Level 3 [Roll Forward] | ' | ' | ' | ' |
Balance at beginning of period | $3,751 | ($21,358) | $23,365 | ($21,358) |
Purchases | 0 | 0 | 0 | 0 |
Settlements | 4,972 | -21,358 | 3,667 | -21,358 |
Unrealized loss included in earnings | 1,468 | 0 | 22,387 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Balance at end of period | ($2,689) | $0 | ($2,689) | $0 |
FAIR_VALUE_MEASUREMENTS_Fair_V
FAIR VALUE MEASUREMENTS (Fair Value and Carrying Value of Debt) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Long-term debt, Carrying value | $733,646 | $735,576 | ||
Long-term debt, Fair value | 737,590 | 765,657 | ||
Current portion of long-term debt | 13,009 | 12,029 | ||
Long-Term Debt And Capital Lease Obligations, Current, Fair Value Disclosure | 13,009 | 12,029 | ||
Long-term debt | 720,637 | 723,547 | ||
Long-term debt, excluding current maturities, Fair value | 724,581 | 753,628 | ||
Senior secured notes [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Long-term debt, Carrying value | 667,992 | [1] | 667,487 | [1] |
Long-term debt, Fair value | 671,936 | [1] | 697,568 | [1] |
Long-term Line of Credit | 0 | [2] | 15,000 | [2] |
Lines of Credit, Fair Value Disclosure | 0 | [2] | 15,000 | [2] |
Rail Facility [Domain] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Long-term Line of Credit | 8,225 | [3] | 0 | [3] |
Lines of Credit, Fair Value Disclosure | 8,225 | [3] | 0 | [3] |
Catalyst lease [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Long-term debt, Carrying value | 57,429 | [3] | 53,089 | [3] |
Long-term debt, Fair value | $57,429 | [3] | $53,089 | [3] |
[1] | The estimated fair value, categorized as a Level 2 measurement, was calculated based on the present value of future expected payments utilizing implied current market interest rates based on quoted prices of the senior secured notes. | |||
[2] | 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. | |||
[3] | Catalyst leases are valued using a market approach based upon commodity prices for similar instruments quoted in active markets and are categorized as a Level 2 measurement. The Company has elected the fair value option for accounting for its catalyst lease repurchase obligations as the Company's liability is directly impacted by the change in fair value of the underlying catalyst. |
DERIVATIVES_Narrative_Details
DERIVATIVES (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 |
Crude Oil and Feedstock Inventory [Member] | Crude Oil and Feedstock Inventory [Member] | Crude Oil and Feedstock Inventory [Member] | Crude Oil and Feedstock Inventory [Member] | Intermediates and Refined Products Inventory [Member] | Intermediates and Refined Products Inventory [Member] | Intermediates and Refined Products Inventory [Member] | Intermediates and Refined Products Inventory [Member] | Crude Oil Commodity Contract [Member] | Crude Oil Commodity Contract [Member] | Refined Product Commodity Contract [Member] | Refined Product Commodity Contract [Member] | |||||
Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | Fair Value Hedging [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | |||||
bbl | bbl | bbl | bbl | bbl | bbl | bbl | bbl | bbl | bbl | bbl | bbl | |||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, notional amount, volume | ' | ' | ' | ' | 0 | 0 | 958,599 | 838,829 | 0 | 0 | 3,250,581 | 3,274,047 | 88,319,388 | 43,199,000 | 521,321 | 0 |
Loss on fair value hedge ineffectiveness | $0 | ($11,273) | $0 | ($634) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
DERIVATIVES_Fair_Value_of_Deri
DERIVATIVES (Fair Value of Derivative Instruments) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Designated as Hedging Instrument [Member] | Inventory Supply Arrangement Obligation [Member] | Accrued Expenses [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair Value Asset/(Liability) | ($1,247) | ($177) |
Designated as Hedging Instrument [Member] | Inventory Intermediation Agreement Obligation [Member] | Accrued Expenses [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair Value Asset/(Liability) | 15,059 | 6,016 |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Accrued Expenses [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair Value Asset/(Liability) | -575 | ' |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Accounts Receivable [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Fair Value Asset/(Liability) | $21,187 | ($19,421) |
DERIVATIVES_Gain_Loss_Recogniz
DERIVATIVES (Gain (Loss) Recognized in Income) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net | $0 | $11,273 | $0 | $634 |
Designated as Hedging Instrument [Member] | Inventory Supply Arrangement Obligation [Member] | Cost of Sales [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gain or (Loss) Recognized in Income on Derivatives | -3,719 | 4,880 | -1,069 | -2,871 |
Designated as Hedging Instrument [Member] | Inventory Intermediation Agreement Obligation [Member] | Cost of Sales [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gain or (Loss) Recognized in Income on Derivatives | -5,770 | 0 | 9,042 | 0 |
Designated as Hedging Instrument [Member] | Crude Oil and Feedstock Inventory [Member] | Cost of Sales [Member] | Fair Value Hedging [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gain or (Loss) Recognized in Income on Derivatives | 3,719 | 6,393 | 1,069 | 3,505 |
Designated as Hedging Instrument [Member] | Intermediates and Refined Products Inventory [Member] | Cost of Sales [Member] | Fair Value Hedging [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gain or (Loss) Recognized in Income on Derivatives | 5,770 | 0 | -9,042 | 0 |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Cost of Sales [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gain or (Loss) Recognized in Income on Derivatives | ($41,119) | ($4,728) | $31,278 | $13,949 |
SUBSEQUENT_EVENTS_Details
SUBSEQUENT EVENTS (Details) (Subsequent Event [Member], USD $) | 0 Months Ended | 1 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Jul. 30, 2014 | Jul. 31, 2014 |
PBF Energy [Member] | Toledo Catalyst Lease [Member] | |
Class A Common Stock [Member] | Capital Lease Obligations [Member] | |
Subsequent Event [Line Items] | ' | ' |
Dividends declared per share | $0.30 | ' |
Debt fixed interest rate | ' | 1.99% |
Capital Leases, Income Statement, Interest Expense | ' | $326 |
CONDENSED_CONSOLIDATING_FINANC2
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Revenues | $5,301,709 | $4,678,293 | $10,048,152 | $9,476,141 | ' |
Cost of sales, excluding depreciation | 4,943,238 | 4,295,979 | 9,090,922 | 8,731,081 | ' |
Net income | 53,518 | 118,109 | 286,268 | 195,265 | ' |
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 | ' |
Accounts receivable | -713,226 | ' | -713,226 | ' | -596,647 |
Accounts payable | -339,185 | ' | -339,185 | ' | -402,293 |
PBF Services Company [Member] | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Percentage of ownership in subsidiaries | ' | ' | 100.00% | ' | ' |
Delaware City Refining Company LLC [Member] | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Percentage of ownership in subsidiaries | ' | ' | 100.00% | ' | ' |
Delaware Pipeline Company LLC [Member] | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Percentage of ownership in subsidiaries | ' | ' | 100.00% | ' | ' |
PBF Power Marketing LLC [Member] | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Percentage of ownership in subsidiaries | ' | ' | 100.00% | ' | ' |
Paulsboro Refining Company LLC [Member] | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Percentage of ownership in subsidiaries | ' | ' | 100.00% | ' | ' |
Paulsboro Natural Gas Pipeline Company LLC [Member] | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Percentage of ownership in subsidiaries | ' | ' | 100.00% | ' | ' |
Toledo Refining Company LLC [Member] | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Percentage of ownership in subsidiaries | ' | ' | 100.00% | ' | ' |
Investments LLC [Member] | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Percentage of ownership in subsidiaries | ' | ' | 100.00% | ' | ' |
Guarantors Subsidiaries [Member] | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Revenues | 359,660 | 2,802,291 | 739,071 | 6,315,781 | ' |
Cost of sales, excluding depreciation | 358,907 | 1,881,712 | 737,870 | 4,678,714 | ' |
Net income | -245,848 | 695,768 | -550,677 | 1,176,634 | ' |
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 | ' |
Accounts receivable | -55,436 | ' | -55,436 | ' | -8,262 |
Accounts payable | -55,107 | ' | -55,107 | ' | -94,681 |
Issuer [Member] | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Revenues | 5,300,956 | 3,507,984 | 10,046,951 | 6,561,777 | ' |
Cost of sales, excluding depreciation | 4,942,937 | 4,046,249 | 9,090,621 | 7,453,784 | ' |
Net income | 53,518 | 118,109 | 286,268 | 195,265 | ' |
Equity in earnings of subsidiaries | -246,687 | 695,768 | -551,516 | 1,176,634 | ' |
Accounts receivable | -657,790 | ' | -657,790 | ' | -588,385 |
Accounts payable | ($284,129) | ' | ($284,129) | ' | ($307,612) |
CONDENSED_CONSOLIDATING_FINANC3
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS (Balance Sheet) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | $313,370 | $76,970 | $69,230 | $254,291 |
Accounts receivable | 713,226 | 596,647 | ' | ' |
Accounts receivable - affiliate | 3,997 | 0 | ' | ' |
Inventories | 1,711,851 | 1,445,517 | ' | ' |
Prepaid expense and other current assets | 61,715 | 55,843 | ' | ' |
Due from related party | 0 | 0 | ' | ' |
Total current assets | 2,804,159 | 2,174,977 | ' | ' |
Property, plant and equipment, net | 1,788,884 | 1,781,589 | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' |
Deferred charges and other assets, net | 284,143 | 262,479 | ' | ' |
Total assets | 4,877,186 | 4,219,045 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable | 339,185 | 402,293 | ' | ' |
Accounts payable - affiliate | 7,782 | 0 | ' | ' |
Accrued expenses | 1,496,834 | 1,210,945 | ' | ' |
Current portion of long-term debt | 13,009 | 12,029 | ' | ' |
Deferred revenue | 6,134 | 7,766 | ' | ' |
Due to related parties | 0 | 0 | ' | ' |
Total current liabilities | 1,862,944 | 1,633,033 | ' | ' |
Delaware Economic Development Authority loan | 12,000 | 12,000 | ' | ' |
Long-term debt | 720,637 | 723,547 | ' | ' |
Intercompany notes payable | 88,403 | 31,835 | ' | ' |
Other long-term liabilities | 54,947 | 46,477 | ' | ' |
Total liabilities | 2,738,931 | 2,446,892 | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
Equity: | ' | ' | ' | ' |
Member's equity | 1,231,236 | 933,164 | ' | ' |
Retained earnings (accumulated deficit) | 921,013 | 853,527 | ' | ' |
Accumulated other comprehensive loss | -13,994 | -14,538 | ' | ' |
Total equity | 2,138,255 | 1,772,153 | ' | ' |
Total liabilities and equity | 4,877,186 | 4,219,045 | ' | ' |
Issuer [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 311,982 | 76,179 | 47,183 | 241,926 |
Accounts receivable | 657,790 | 588,385 | ' | ' |
Accounts receivable - affiliate | 506 | ' | ' | ' |
Inventories | 1,074,128 | 818,007 | ' | ' |
Prepaid expense and other current assets | 56,327 | 49,251 | ' | ' |
Due from related party | 13,295,126 | 11,807,063 | ' | ' |
Total current assets | 15,395,859 | 13,338,885 | ' | ' |
Property, plant and equipment, net | 22,939 | 60,746 | ' | ' |
Investment in subsidiaries | 3,209,535 | 3,584,622 | ' | ' |
Deferred charges and other assets, net | 25,955 | 27,923 | ' | ' |
Total assets | 18,654,288 | 17,012,176 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable | 284,129 | 307,612 | ' | ' |
Accounts payable - affiliate | 7,782 | ' | ' | ' |
Accrued expenses | 891,776 | 606,388 | ' | ' |
Current portion of long-term debt | 0 | 0 | ' | ' |
Deferred revenue | 6,134 | 7,766 | ' | ' |
Due to related parties | 14,552,915 | 13,589,263 | ' | ' |
Total current liabilities | 15,742,736 | 14,511,029 | ' | ' |
Delaware Economic Development Authority loan | 0 | 0 | ' | ' |
Long-term debt | 667,992 | 682,487 | ' | ' |
Intercompany notes payable | 88,403 | 31,835 | ' | ' |
Other long-term liabilities | 16,902 | 14,672 | ' | ' |
Total liabilities | 16,516,033 | 15,240,023 | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
Equity: | ' | ' | ' | ' |
Member's equity | 1,231,236 | 933,164 | ' | ' |
Retained earnings (accumulated deficit) | 921,013 | 853,527 | ' | ' |
Accumulated other comprehensive loss | -13,994 | -14,538 | ' | ' |
Total equity | 2,138,255 | 1,772,153 | ' | ' |
Total liabilities and equity | 18,654,288 | 17,012,176 | ' | ' |
Guarantors Subsidiaries [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 1,350 | 791 | 22,047 | 12,365 |
Accounts receivable | 55,436 | 8,262 | ' | ' |
Accounts receivable - affiliate | 3,491 | ' | ' | ' |
Inventories | 637,723 | 627,510 | ' | ' |
Prepaid expense and other current assets | 5,388 | 6,592 | ' | ' |
Due from related party | 17,778,473 | 16,600,151 | ' | ' |
Total current assets | 18,481,861 | 17,243,306 | ' | ' |
Property, plant and equipment, net | 1,737,069 | 1,720,843 | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' |
Deferred charges and other assets, net | 255,212 | 234,556 | ' | ' |
Total assets | 20,474,142 | 19,198,705 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable | 55,107 | 94,681 | ' | ' |
Accounts payable - affiliate | 0 | ' | ' | ' |
Accrued expenses | 588,951 | 604,557 | ' | ' |
Current portion of long-term debt | 13,009 | 12,029 | ' | ' |
Deferred revenue | 0 | 0 | ' | ' |
Due to related parties | 16,519,423 | 14,817,951 | ' | ' |
Total current liabilities | 17,176,490 | 15,529,218 | ' | ' |
Delaware Economic Development Authority loan | 12,000 | 12,000 | ' | ' |
Long-term debt | 44,420 | 41,060 | ' | ' |
Intercompany notes payable | 0 | 0 | ' | ' |
Other long-term liabilities | 38,045 | 31,805 | ' | ' |
Total liabilities | 17,270,955 | 15,614,083 | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
Equity: | ' | ' | ' | ' |
Member's equity | 836,314 | 667,173 | ' | ' |
Retained earnings (accumulated deficit) | 2,365,043 | 2,915,720 | ' | ' |
Accumulated other comprehensive loss | 1,830 | 1,729 | ' | ' |
Total equity | 3,203,187 | 3,584,622 | ' | ' |
Total liabilities and equity | 20,474,142 | 19,198,705 | ' | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 38 | 0 | 0 | 0 |
Accounts receivable | 0 | 0 | ' | ' |
Accounts receivable - affiliate | 0 | ' | ' | ' |
Inventories | 0 | 0 | ' | ' |
Prepaid expense and other current assets | 51 | 0 | ' | ' |
Due from related party | 360 | 0 | ' | ' |
Total current assets | 449 | 0 | ' | ' |
Property, plant and equipment, net | 28,876 | 0 | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' |
Deferred charges and other assets, net | 2,976 | 0 | ' | ' |
Total assets | 32,301 | 0 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable | 0 | 0 | ' | ' |
Accounts payable - affiliate | 0 | ' | ' | ' |
Accrued expenses | 16,107 | 0 | ' | ' |
Current portion of long-term debt | 0 | 0 | ' | ' |
Deferred revenue | 0 | 0 | ' | ' |
Due to related parties | 1,621 | 0 | ' | ' |
Total current liabilities | 17,728 | 0 | ' | ' |
Delaware Economic Development Authority loan | 0 | 0 | ' | ' |
Long-term debt | 8,225 | 0 | ' | ' |
Intercompany notes payable | 0 | 0 | ' | ' |
Other long-term liabilities | 0 | 0 | ' | ' |
Total liabilities | 25,953 | 0 | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
Equity: | ' | ' | ' | ' |
Member's equity | 7,187 | 0 | ' | ' |
Retained earnings (accumulated deficit) | -839 | 0 | ' | ' |
Accumulated other comprehensive loss | 0 | 0 | ' | ' |
Total equity | 6,348 | 0 | ' | ' |
Total liabilities and equity | 32,301 | 0 | ' | ' |
Combining and Consolidated Adjustments [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable | 0 | 0 | ' | ' |
Accounts receivable - affiliate | 0 | ' | ' | ' |
Inventories | 0 | 0 | ' | ' |
Prepaid expense and other current assets | -51 | 0 | ' | ' |
Due from related party | -31,073,959 | -28,407,214 | ' | ' |
Total current assets | -31,074,010 | -28,407,214 | ' | ' |
Property, plant and equipment, net | 0 | 0 | ' | ' |
Investment in subsidiaries | -3,209,535 | -3,584,622 | ' | ' |
Deferred charges and other assets, net | 0 | 0 | ' | ' |
Total assets | -34,283,545 | -31,991,836 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable | -51 | 0 | ' | ' |
Accounts payable - affiliate | 0 | ' | ' | ' |
Accrued expenses | 0 | 0 | ' | ' |
Current portion of long-term debt | 0 | 0 | ' | ' |
Deferred revenue | 0 | 0 | ' | ' |
Due to related parties | -31,073,959 | -28,407,214 | ' | ' |
Total current liabilities | -31,074,010 | -28,407,214 | ' | ' |
Delaware Economic Development Authority loan | 0 | 0 | ' | ' |
Long-term debt | 0 | 0 | ' | ' |
Intercompany notes payable | 0 | 0 | ' | ' |
Other long-term liabilities | 0 | 0 | ' | ' |
Total liabilities | -31,074,010 | -28,407,214 | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
Equity: | ' | ' | ' | ' |
Member's equity | -843,501 | -667,173 | ' | ' |
Retained earnings (accumulated deficit) | -2,364,204 | -2,915,720 | ' | ' |
Accumulated other comprehensive loss | -1,830 | -1,729 | ' | ' |
Total equity | -3,209,535 | -3,584,622 | ' | ' |
Total liabilities and equity | ($34,283,545) | ($31,991,836) | ' | ' |
CONDENSED_CONSOLIDATING_FINANC4
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS (Statement of Operations) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenues | $5,301,709 | $4,678,293 | $10,048,152 | $9,476,141 |
Cost and expenses: | ' | ' | ' | ' |
Cost of sales, excluding depreciation | 4,943,238 | 4,295,979 | 9,090,922 | 8,731,081 |
Operating expenses, excluding depreciation | 209,781 | 202,583 | 478,680 | 408,599 |
General and administrative expenses | 32,095 | 19,141 | 68,719 | 49,235 |
Gain on sale of asset | 6 | 0 | -180 | 0 |
Depreciation and amortization expense | 34,516 | 27,563 | 67,731 | 54,093 |
Total cost and expenses | 5,219,636 | 4,545,266 | 9,705,872 | 9,243,008 |
Income from operations | 82,073 | 133,027 | 342,280 | 233,133 |
Other income (expenses) | ' | ' | ' | ' |
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 |
Change in fair value of catalyst leases | -2,338 | 6,820 | -4,339 | 5,481 |
Interest expense, net | -26,217 | -21,738 | -51,673 | -43,349 |
Net income | 53,518 | 118,109 | 286,268 | 195,265 |
Comprehensive income | 53,816 | 118,427 | 286,812 | 195,475 |
Combining and Consolidated Adjustments [Member] | ' | ' | ' | ' |
Revenues | -359,367 | -1,631,982 | -738,330 | -3,401,417 |
Cost and expenses: | ' | ' | ' | ' |
Cost of sales, excluding depreciation | -359,367 | -1,631,982 | -738,330 | -3,401,417 |
Operating expenses, excluding depreciation | 0 | 0 | 0 | 0 |
General and administrative expenses | 0 | 0 | 0 | 0 |
Gain on sale of asset | 0 | ' | 0 | ' |
Depreciation and amortization expense | 0 | 0 | 0 | 0 |
Total cost and expenses | -359,367 | -1,631,982 | -738,330 | -3,401,417 |
Income from operations | 0 | 0 | 0 | 0 |
Other income (expenses) | ' | ' | ' | ' |
Equity in earnings of subsidiaries | 246,687 | -695,768 | 551,516 | -1,176,634 |
Change in fair value of catalyst leases | 0 | 0 | 0 | 0 |
Interest expense, net | 0 | 0 | 0 | 0 |
Net income | 246,687 | -695,768 | 551,516 | -1,176,634 |
Comprehensive income | 246,616 | -695,768 | 551,421 | -1,176,634 |
Guarantors Subsidiaries [Member] | ' | ' | ' | ' |
Revenues | 359,660 | 2,802,291 | 739,071 | 6,315,781 |
Cost and expenses: | ' | ' | ' | ' |
Cost of sales, excluding depreciation | 358,907 | 1,881,712 | 737,870 | 4,678,714 |
Operating expenses, excluding depreciation | 209,885 | 202,725 | 478,645 | 408,740 |
General and administrative expenses | 3,551 | 3,546 | 8,399 | 7,195 |
Gain on sale of asset | 6 | ' | 6 | ' |
Depreciation and amortization expense | 31,132 | 24,246 | 60,866 | 47,955 |
Total cost and expenses | 603,481 | 2,112,229 | 1,285,786 | 5,142,604 |
Income from operations | -243,821 | 690,062 | -546,715 | 1,173,177 |
Other income (expenses) | ' | ' | ' | ' |
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 |
Change in fair value of catalyst leases | -2,338 | 6,820 | -4,339 | 5,481 |
Interest expense, net | 311 | -1,114 | 377 | -2,024 |
Net income | -245,848 | 695,768 | -550,677 | 1,176,634 |
Comprehensive income | -245,777 | 695,768 | -550,582 | 1,176,634 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Revenues | 460 | 0 | 460 | 0 |
Cost and expenses: | ' | ' | ' | ' |
Cost of sales, excluding depreciation | 761 | 0 | 761 | 0 |
Operating expenses, excluding depreciation | 0 | 0 | 0 | 0 |
General and administrative expenses | 0 | 0 | 0 | 0 |
Gain on sale of asset | 0 | ' | 0 | ' |
Depreciation and amortization expense | 42 | 0 | 42 | 0 |
Total cost and expenses | 803 | 0 | 803 | 0 |
Income from operations | -343 | 0 | -343 | 0 |
Other income (expenses) | ' | ' | ' | ' |
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 |
Change in fair value of catalyst leases | 0 | 0 | 0 | 0 |
Interest expense, net | -496 | 0 | -496 | 0 |
Net income | -839 | 0 | -839 | 0 |
Comprehensive income | -839 | 0 | -839 | 0 |
Issuer [Member] | ' | ' | ' | ' |
Revenues | 5,300,956 | 3,507,984 | 10,046,951 | 6,561,777 |
Cost and expenses: | ' | ' | ' | ' |
Cost of sales, excluding depreciation | 4,942,937 | 4,046,249 | 9,090,621 | 7,453,784 |
Operating expenses, excluding depreciation | -104 | -142 | 35 | -141 |
General and administrative expenses | 28,544 | 15,595 | 60,320 | 42,040 |
Gain on sale of asset | 0 | ' | -186 | ' |
Depreciation and amortization expense | 3,342 | 3,317 | 6,823 | 6,138 |
Total cost and expenses | 4,974,719 | 4,065,019 | 9,157,613 | 7,501,821 |
Income from operations | 326,237 | -557,035 | 889,338 | -940,044 |
Other income (expenses) | ' | ' | ' | ' |
Equity in earnings of subsidiaries | -246,687 | 695,768 | -551,516 | 1,176,634 |
Change in fair value of catalyst leases | 0 | 0 | 0 | 0 |
Interest expense, net | -26,032 | -20,624 | -51,554 | -41,325 |
Net income | 53,518 | 118,109 | 286,268 | 195,265 |
Comprehensive income | $53,816 | $118,427 | $286,812 | $195,475 |
CONDENSED_CONSOLIDATING_FINANC5
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS (Statement of Cash Flows) (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $286,268 | $195,265 |
Adjustments to reconcile net income to net cash from operating activities: | ' | ' |
Depreciation and amortization | 71,218 | 57,353 |
Stock-based compensation | 2,728 | 1,977 |
Change in fair value of catalyst lease obligations | 4,339 | -5,481 |
Non-cash change in inventory repurchase obligations | -7,973 | -17,377 |
Gain on sale of assets | -180 | 0 |
Pension and other post retirement benefit costs | 10,538 | 8,472 |
Equity in earnings of subsidiaries | 0 | 0 |
Changes in current assets and current liabilities: | ' | ' |
Accounts receivable | -116,579 | -87,556 |
Inventories | -249,094 | -183,038 |
Prepaid expenses and other current assets | -5,872 | -32,748 |
Accounts payable | -63,108 | -132,490 |
Accrued expenses | 282,067 | 195,311 |
Deferred revenue | -1,632 | -26,594 |
Amounts due to/from related parties | 3,785 | 14,721 |
Other assets and liabilities | -4,068 | -8,366 |
Net cash provided by operations | 212,437 | -20,551 |
Cash flow from investing activities: | ' | ' |
Expenditures for property, plant and equipment | -122,628 | -105,084 |
Expenditures for deferred turnaround cost | -39,424 | -4,551 |
Expenditures for other assets | -8,202 | -3,089 |
Investment in subsidiary | 0 | ' |
Proceeds from sale of assets | 37,759 | 0 |
Net cash used in investing activities | -132,495 | -112,724 |
Proceeds from revolver borrowings | 395,000 | 160,000 |
Proceeds from members' capital contributions | 328,664 | 0 |
Cash flows from financing activities: | ' | ' |
Distribution to members | -218,782 | -155,802 |
Repayments of revolver borrowings | -410,000 | -65,000 |
Deferred financing costs and other | -2,643 | -1,259 |
Net cash used in financing activities | 156,458 | -51,786 |
Proceeds from intercompany notes payable | 55,994 | 31,632 |
Proceeds from Rail Facility revolver borrowings | 8,225 | 0 |
Net increase (decrease) in cash and cash equivalents | 236,400 | -185,061 |
Cash and equivalents, beginning of period | 76,970 | 254,291 |
Cash and equivalents, end of period | 313,370 | 69,230 |
Payment of contingent consideration related to acquisition of Toledo refinery | 0 | 21,357 |
Issuer [Member] | ' | ' |
Cash flows from operating activities: | ' | ' |
Net income | 286,268 | 195,265 |
Adjustments to reconcile net income to net cash from operating activities: | ' | ' |
Depreciation and amortization | 10,084 | 9,339 |
Stock-based compensation | 0 | 0 |
Change in fair value of catalyst lease obligations | 0 | 0 |
Non-cash change in inventory repurchase obligations | 0 | 0 |
Gain on sale of assets | -186 | ' |
Pension and other post retirement benefit costs | 2,777 | 0 |
Equity in earnings of subsidiaries | 551,516 | -1,176,634 |
Changes in current assets and current liabilities: | ' | ' |
Accounts receivable | -69,405 | -9,505 |
Inventories | -256,121 | -203,625 |
Prepaid expenses and other current assets | -7,076 | -22,191 |
Accounts payable | -23,483 | -12,985 |
Accrued expenses | 285,388 | 237,384 |
Deferred revenue | -1,632 | 0 |
Amounts due to/from related parties | -716,895 | 832,549 |
Other assets and liabilities | -836 | 4,114 |
Net cash provided by operations | 60,399 | -146,289 |
Cash flow from investing activities: | ' | ' |
Expenditures for property, plant and equipment | -6,588 | -18,240 |
Expenditures for deferred turnaround cost | 0 | 0 |
Expenditures for other assets | 0 | 0 |
Investment in subsidiary | 7,187 | ' |
Proceeds from sale of assets | 37,759 | ' |
Net cash used in investing activities | 23,984 | -18,240 |
Proceeds from revolver borrowings | 395,000 | 160,000 |
Proceeds from members' capital contributions | 328,664 | ' |
Cash flows from financing activities: | ' | ' |
Distribution to members | -218,782 | -155,802 |
Repayments of revolver borrowings | -410,000 | -65,000 |
Deferred financing costs and other | 544 | -1,044 |
Net cash used in financing activities | 151,420 | -30,214 |
Proceeds from intercompany notes payable | 55,994 | 31,632 |
Proceeds from Rail Facility revolver borrowings | 0 | ' |
Net increase (decrease) in cash and cash equivalents | 235,803 | -194,743 |
Cash and equivalents, beginning of period | 76,179 | 241,926 |
Cash and equivalents, end of period | 311,982 | 47,183 |
Payment of contingent consideration related to acquisition of Toledo refinery | ' | 0 |
Guarantors Subsidiaries [Member] | ' | ' |
Cash flows from operating activities: | ' | ' |
Net income | -550,677 | 1,176,634 |
Adjustments to reconcile net income to net cash from operating activities: | ' | ' |
Depreciation and amortization | 60,881 | 48,014 |
Stock-based compensation | 2,728 | 1,977 |
Change in fair value of catalyst lease obligations | 4,339 | -5,481 |
Non-cash change in inventory repurchase obligations | -7,973 | -17,377 |
Gain on sale of assets | 6 | ' |
Pension and other post retirement benefit costs | 7,761 | 8,472 |
Equity in earnings of subsidiaries | 0 | 0 |
Changes in current assets and current liabilities: | ' | ' |
Accounts receivable | -47,174 | -78,051 |
Inventories | 7,027 | 20,587 |
Prepaid expenses and other current assets | 1,204 | -10,557 |
Accounts payable | -39,574 | -119,505 |
Accrued expenses | -3,321 | -42,073 |
Deferred revenue | 0 | -26,594 |
Amounts due to/from related parties | 719,419 | -817,828 |
Other assets and liabilities | -3,232 | -12,480 |
Net cash provided by operations | 151,414 | 125,738 |
Cash flow from investing activities: | ' | ' |
Expenditures for property, plant and equipment | -103,229 | -86,844 |
Expenditures for deferred turnaround cost | -39,424 | -4,551 |
Expenditures for other assets | -8,202 | -3,089 |
Investment in subsidiary | 0 | ' |
Proceeds from sale of assets | 0 | ' |
Net cash used in investing activities | -150,855 | -94,484 |
Proceeds from revolver borrowings | 0 | 0 |
Proceeds from members' capital contributions | 0 | ' |
Cash flows from financing activities: | ' | ' |
Distribution to members | 0 | 0 |
Repayments of revolver borrowings | 0 | 0 |
Deferred financing costs and other | 0 | -215 |
Net cash used in financing activities | 0 | -21,572 |
Proceeds from intercompany notes payable | 0 | 0 |
Proceeds from Rail Facility revolver borrowings | 0 | ' |
Net increase (decrease) in cash and cash equivalents | 559 | 9,682 |
Cash and equivalents, beginning of period | 791 | 12,365 |
Cash and equivalents, end of period | 1,350 | 22,047 |
Payment of contingent consideration related to acquisition of Toledo refinery | ' | 21,357 |
Non-Guarantor Subsidiaries [Member] | ' | ' |
Cash flows from operating activities: | ' | ' |
Net income | -839 | 0 |
Adjustments to reconcile net income to net cash from operating activities: | ' | ' |
Depreciation and amortization | 253 | 0 |
Stock-based compensation | 0 | 0 |
Change in fair value of catalyst lease obligations | 0 | 0 |
Non-cash change in inventory repurchase obligations | 0 | 0 |
Gain on sale of assets | 0 | ' |
Pension and other post retirement benefit costs | 0 | 0 |
Equity in earnings of subsidiaries | 0 | 0 |
Changes in current assets and current liabilities: | ' | ' |
Accounts receivable | 0 | 0 |
Inventories | 0 | 0 |
Prepaid expenses and other current assets | -51 | 0 |
Accounts payable | 0 | 0 |
Accrued expenses | 0 | 0 |
Deferred revenue | 0 | 0 |
Amounts due to/from related parties | 1,261 | 0 |
Other assets and liabilities | 0 | 0 |
Net cash provided by operations | 624 | 0 |
Cash flow from investing activities: | ' | ' |
Expenditures for property, plant and equipment | -12,811 | 0 |
Expenditures for deferred turnaround cost | 0 | 0 |
Expenditures for other assets | 0 | 0 |
Investment in subsidiary | 0 | ' |
Proceeds from sale of assets | 0 | ' |
Net cash used in investing activities | -12,811 | 0 |
Proceeds from revolver borrowings | 0 | 0 |
Proceeds from members' capital contributions | 7,187 | ' |
Cash flows from financing activities: | ' | ' |
Distribution to members | 0 | 0 |
Repayments of revolver borrowings | 0 | 0 |
Deferred financing costs and other | -3,187 | 0 |
Net cash used in financing activities | 12,225 | 0 |
Proceeds from intercompany notes payable | 0 | 0 |
Proceeds from Rail Facility revolver borrowings | 8,225 | ' |
Net increase (decrease) in cash and cash equivalents | 38 | 0 |
Cash and equivalents, beginning of period | 0 | 0 |
Cash and equivalents, end of period | 38 | 0 |
Payment of contingent consideration related to acquisition of Toledo refinery | ' | 0 |
Combining and Consolidated Adjustments [Member] | ' | ' |
Cash flows from operating activities: | ' | ' |
Net income | 551,516 | -1,176,634 |
Adjustments to reconcile net income to net cash from operating activities: | ' | ' |
Depreciation and amortization | 0 | 0 |
Stock-based compensation | 0 | 0 |
Change in fair value of catalyst lease obligations | 0 | 0 |
Non-cash change in inventory repurchase obligations | 0 | 0 |
Gain on sale of assets | 0 | ' |
Pension and other post retirement benefit costs | 0 | 0 |
Equity in earnings of subsidiaries | -551,516 | 1,176,634 |
Changes in current assets and current liabilities: | ' | ' |
Accounts receivable | 0 | 0 |
Inventories | 0 | 0 |
Prepaid expenses and other current assets | 51 | 0 |
Accounts payable | -51 | 0 |
Accrued expenses | 0 | 0 |
Deferred revenue | 0 | 0 |
Amounts due to/from related parties | 0 | 0 |
Other assets and liabilities | 0 | 0 |
Net cash provided by operations | 0 | 0 |
Cash flow from investing activities: | ' | ' |
Expenditures for property, plant and equipment | 0 | 0 |
Expenditures for deferred turnaround cost | 0 | 0 |
Expenditures for other assets | 0 | 0 |
Investment in subsidiary | -7,187 | ' |
Proceeds from sale of assets | 0 | ' |
Net cash used in investing activities | 7,187 | 0 |
Proceeds from revolver borrowings | 0 | 0 |
Proceeds from members' capital contributions | -7,187 | ' |
Cash flows from financing activities: | ' | ' |
Distribution to members | 0 | 0 |
Repayments of revolver borrowings | 0 | 0 |
Deferred financing costs and other | 0 | 0 |
Net cash used in financing activities | -7,187 | 0 |
Proceeds from intercompany notes payable | 0 | 0 |
Proceeds from Rail Facility revolver borrowings | 0 | ' |
Net increase (decrease) in cash and cash equivalents | 0 | 0 |
Cash and equivalents, beginning of period | 0 | 0 |
Cash and equivalents, end of period | 0 | 0 |
Payment of contingent consideration related to acquisition of Toledo refinery | ' | $0 |