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PBF Finance

Document and Entity Information

Document and Entity Information Document - shares3 Months Ended
Mar. 31, 2021May 03, 2021
Entity Information [Line Items]
Entity Registrant NamePBF HOLDING Co LLC
Entity Central Index Key0001566011
Document Type10-Q
Amendment Flagfalse
Document Period End DateMar. 31,
2021
Document Fiscal Period FocusQ1
Document Fiscal Year Focus2021
Current Fiscal Year End Date--12-31
Entity Filer CategoryNon-accelerated Filer
Entity Current Reporting StatusNo
Entity Shell Companyfalse
Entity Emerging Growth Companyfalse
Entity Small Businessfalse
Entity Interactive Data CurrentYes
Entity Common Stock, Shares Outstanding0
Document Quarterly Reporttrue
Document Transition Reportfalse
PBF Finance Corporation [Member]
Entity Information [Line Items]
Entity Registrant NamePBF FINANCE CORPORATION
Entity Central Index Key0001566097
Entity Common Stock, Shares Outstanding100

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Current assets:
Cash and cash equivalents $ 1,496.4 $ 1,570.1
Accounts receivable859.6 501.5
Accounts receivable - affiliate5.6 4.9
Inventories2,312.4 1,686.2
Prepaid and other current assets136 56.4
Total current assets4,810 3,819.1
Property, plant and equipment, net4,014.3 4,023.1
Deferred charges and other assets, net836.6 862.7
Total assets10,951.9 10,192.6
Current liabilities:
Accounts payable704.1 402.3
Accounts payable - affiliate59 53.2
Accrued expenses2,579.1 1,881.8
Current operating lease liabilities148.5
Current debt5.6 7.4
Deferred revenue19.3 45.1
Total current liabilities3,515.6 2,553.7
Long-term debt3,946 3,932.8
Deferred tax liabilities29.3 38.7
Long-term operating lease liabilities1,063.6
Long-term financing lease liabilities - third party66 68.3
Other long-term liabilities283 267
Total liabilities8,903.5 8,101.8
Commitments and contingencies (Note 8)
Equity:
Member’s equity2,825.6 2,809.7
Retained earnings (accumulated deficit)(781.5)(723.4)
Accumulated other comprehensive loss(6.5)(6.1)
Total PBF Holding Company LLC equity2,037.6 2,080.2
Noncontrolling interest10.8 10.6
Total equity2,048.4 2,090.8
Total liabilities and equity10,951.9 10,192.6
Third Party Lease [Member]
Current assets:
Lease right of use assets - third party740.4 916.7
Lease right of use assets - affiliate663.9 836.3
Current liabilities:
Current operating lease liabilities61.6 78.3
Long-term operating lease liabilities599.9 755.9
Lease with Affiliate [Member]
Current assets:
Lease right of use assets - affiliate550.6 571
Current liabilities:
Current operating lease liabilities86.9 85.6
Long-term operating lease liabilities $ 463.7 $ 485.4

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Income Statement [Abstract]
Revenues $ 4,913.2 $ 5,260
Cost and expenses:
Cost of products and other4,263 6,033.4
Operating expenses (excluding depreciation and amortization expense as reflected below)460.2 507.5
Depreciation and amortization expense104.7 105.4
Cost of sales4,827.9 6,646.3
General and administrative expenses (excluding depreciation and amortization expense as reflected below)42.9 78.2
Depreciation and amortization expense3.4 2.9
Change in fair value of contingent consideration29.5 (53)
Gain on sale of assets(0.6)0
Total cost and expenses4,903.1 6,674.4
Income (loss) from operations10.1 (1,414.4)
Other income (expense):
Interest expense, net(69.6)(36.5)
Change in fair value of catalyst obligations(10)11.7
Debt extinguishment costs0 (22.2)
Other non-service components of net periodic benefit cost2 1
Income (loss) before income taxes(67.5)(1,460.4)
Income tax (benefit) expense(10.6)14.2
Net income (loss)(56.9)(1,474.6)
Less: net income attributable to noncontrolling interests0.2 0
Net income (loss) attributable to PBF Holding Company LLC $ (57.1) $ (1,474.6)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss) $ (56.9) $ (1,474.6)
Other comprehensive income (loss):
Unrealized (loss) gain on available for sale securities(0.6)0.6
Net gain on pension and other post-retirement benefits0.2 0.2
Total other comprehensive income (loss)(0.4)0.8
Comprehensive income (loss)(57.3)(1,473.8)
Less: comprehensive income attributable to noncontrolling interests0.2 0
Comprehensive income (loss) attributable to PBF Holding Company LLC $ (57.5) $ (1,473.8)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Equity Statement - USD ($) $ in MillionsTotalMember's Equity [Member]Accumulated Other Comprehensive Loss [Member]Retained Earnings [Member]Noncontrolling Interest [Member]
Beginning balance at Dec. 31, 2019 $ 3,897.2 $ 2,739.1 $ (9.7) $ 1,156.9 $ 10.9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Member distributions(21.1)0 0 (21.1)0
Stock-based compensation expense6.8 6.8 0 0 0
Comprehensive income (loss)(1,473.8)0 0.8 (1,474.6)0
Ending balance at Mar. 31, 20202,409.1 2,745.9 (8.9)(338.8)10.9
Beginning balance at Dec. 31, 20202,090.8 2,809.7 (6.1)(723.4)10.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Member distributions(1)0 0 (1)0
Capital contributions from PBF LLC10 10 0 0 0
Stock-based compensation expense5.9 5.9 0 0 0
Comprehensive income (loss)(57.3)0 (0.4)(57.1)0.2
Ending balance at Mar. 31, 2021 $ 2,048.4 $ 2,825.6 $ (6.5) $ (781.5) $ 10.8

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Cash flows from operating activities:
Net income (loss) $ (56.9) $ (1,474.6)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization111.8 110.8
Stock-based compensation6.4 8.3
Change in fair value of catalyst obligations10 (11.7)
Deferred income taxes(9.4)14.2
Non-cash change in inventory repurchase obligations8 (67.9)
Non-cash lower of cost or market inventory adjustment(405.6)1,285.6
Change in fair value of contingent consideration29.5 (53)
Debt extinguishment costs0 22.2
Pension and other post-retirement benefit costs12.8 13.1
Gain on sale of assets(0.6)0
Changes in operating assets and liabilities:
Accounts receivable(358)394.7
Due to/from affiliates5.1 32
Inventories(220.6)74.3
Prepaid and other current assets(79.6)(44.8)
Accounts payable291 (198.7)
Accrued expenses638.1 (367)
Deferred revenue(25.8)16.9
Other assets and liabilities(23.8)(9)
Net cash used in operating activities(67.6)(254.6)
Cash flows from investing activities:
Expenditures for property, plant and equipment(36.1)(59.2)
Expenditures for deferred turnaround costs(16.8)(69.1)
Expenditures for other assets(6.3)(4.6)
Acquisition of Martinez refinery0 (1,176.2)
Net cash used in investing activities(59.2)(1,309.1)
Cash flows from financing activities:
Contributions from PBF LLC10 0
Distributions to members(1)(21.1)
Proceeds from revolver borrowings0 1,150
Repayments of revolver borrowings0 (250)
Payments on financing leases(3.5)(2.6)
Proceeds from insurance premium financing48.9 45.3
Deferred financing costs and other0.5 (12.3)
Net cash provided by financing activities53.1 1,390
Net decrease in cash and cash equivalents(73.7)(173.7)
Cash and cash equivalents, beginning of period1,570.1 763.1
Cash and cash equivalents, end of period1,496.4 589.4
Non-cash activities:
Accrued and unpaid capital expenditures42.2 125.2
Assets acquired or remeasured under operating and financing leases(152.8)111.1
Fair value of the Martinez Contingent Consideration at acquisition0 77.3
Cash paid during the period for:
Interest (net of capitalized interest of $2.2 million and $3.3 million in 2021 and 2020, respectively)38.9 13.4
Income taxes0.1 0
Capitalized interest2.2 3.3
2028 Senior Notes [Member]
Cash flows from financing activities:
Proceeds from Issuance of Long-term Debt0 1,000
2023 Senior Notes [Member]
Cash flows from financing activities:
Repayments of Long-term Debt0 (517.5)
Rail Term Loan [Member]
Cash flows from financing activities:
Repayments of Long-term Debt $ (1.8) $ (1.8)

DESCRIPTION OF THE BUSINESS AND

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION3 Months Ended
Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATIONDESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION Description of the Business PBF Holding Company LLC (“PBF Holding”), a Delaware limited liability company, and PBF Finance Corporation (“PBF Finance”), a wholly-owned subsidiary of PBF Holding, together with the Company’s consolidated subsidiaries, owns and operates oil refineries and related facilities in North America. PBF Holding is a wholly-owned subsidiary of PBF Energy Company LLC (“PBF LLC”). PBF Energy Inc. (“PBF Energy”) is the sole managing member of, and owner of an equity interest representing approximately 99.2% of the outstanding economic interest in, PBF LLC as of March 31, 2021. PBF Investments LLC, Toledo Refining Company LLC, Paulsboro Refining Company LLC, Delaware City Refining Company LLC, Chalmette Refining, L.L.C. (“Chalmette Refining”), PBF Energy Western Region LLC, Torrance Refining Company LLC, Torrance Logistics Company LLC and Martinez Refining Company LLC are PBF LLC’s principal operating subsidiaries and are all wholly-owned subsidiaries of PBF Holding. Collectively, PBF Holding and its consolidated subsidiaries are referred to hereinafter as the “Company”. PBF Logistics GP LLC (“PBF GP”) serves as the general partner of PBF Logistics LP (“PBFX”). PBF GP is wholly-owned by PBF LLC. In a series of transactions, PBF Holding has distributed certain assets to PBF LLC, which in turn contributed those assets to PBFX (as described in “Note 7 - Related Party Transactions”). Substantially all of the Company’s operations are in the United States. As of March 31, 2021, the Company’s oil refineries are all engaged in the refining of crude oil and other feedstocks into petroleum products, and have been aggregated to form one reportable segment. To generate earnings and cash flows from operations, the Company is primarily dependent upon processing crude oil and selling refined petroleum products at margins sufficient to cover fixed and variable costs and other expenses. Crude oil and refined petroleum products are commodities, and factors that are largely out of the Company’s control can cause prices to vary over time. The resulting potential margin volatility can have a material effect on the Company’s financial position, earnings and cash flows. 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 accounting principles generally accepted in the United States of America (“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 PBF Holding and PBF Finance financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2020. The results of operations for the three months ended March 31, 2021 are not necessarily indicative of the results to be expected for the full year. COVID-19 and Market Developments The impact of the unprecedented global health and economic crisis sparked by the novel coronavirus (“COVID-19”) pandemic and related adverse impact on economic and commercial activity has resulted in a significant reduction in demand for refined petroleum and petrochemical products. This significant demand reduction has had an adverse impact on the Company’s results of operations and liquidity position as of and for the three months ended March 31, 2021. In response, the Company has reduced throughput rates across its entire refining system and is currently operating all refineries at reduced rates. It is impossible to estimate the duration or significance of the financial impact that will result from the COVID-19 pandemic. However, the extent of the impact of the COVID-19 pandemic on the Company’s business, financial condition, results of operations and liquidity will depend largely on future developments, including the duration of the outbreak, particularly within the geographic areas where the Company operates, the effectiveness of the vaccine programs, and the related impact on overall economic activity, all of which cannot be predicted with certainty at this time. East Coast Refining Reconfiguration On December 31, 2020, the Company reconfigured the Delaware City and Paulsboro refineries temporarily idling certain of its major processing units at the Paulsboro refinery, in order to operate the two refineries as one functional unit referred to as the “East Coast Refining System”. The reconfiguration process resulted in lower overall throughput and inventory levels in addition to decreases in capital and operating costs. Interim Impairment Assessment The global crisis resulting from the spread of the COVID-19 pandemic continues to have a substantial impact on the economy and overall consumer demand for energy and hydrocarbon products. As a result of the sustained decrease in such demand which has resulted in sustained throughput reductions across the Company’s refineries, the Company determined an impairment triggering event had occurred. As such, the Company performed an interim impairment assessment on certain long-lived assets as of March 31, 2021. As a result of the interim impairment test, the Company concluded that the carrying values of its long-lived assets were not impaired when comparing the carrying value of the long-lived assets to the estimated undiscounted future cash flows expected to result from use of the assets over their remaining estimated useful lives. If adverse market conditions persist or there is further deterioration in the general economic environment due to the COVID-19 pandemic, there could be additional indicators that the Company’s assets are impaired requiring evaluation that may result in future impairment charges to earnings. Recently Issued Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the effects of reference rate reform on financial reporting”. The amendments in this ASU provide optional guidance to alleviate the burden in accounting for reference rate reform, by allowing certain expedients and exceptions in applying GAAP to contracts, hedging relationship and other transactions affected by the expected market transition from London Interbank Offered Rate and other interbank rates. The amendments in this ASU are effective for all entities at any time beginning on March 12, 2020 through December 31, 2022 and may be applied from the beginning of an interim period that includes the issuance date of the ASU. The Company does not expect that the adoption of this guidance will have a material impact on its Consolidated Financial Statements and related disclosures.

ACQUISITIONS

ACQUISITIONS3 Months Ended
Mar. 31, 2021
Business Combinations [Abstract]
ACQUISITIONSACQUISITIONS Martinez Acquisition On February 1, 2020, the Company acquired from Equilon Enterprises LLC d/b/a Shell Oil Products US (the "Seller"), the Martinez refinery and related logistics assets (collectively, the "Martinez Acquisition"), pursuant to a sale and purchase agreement dated June 11, 2019 (the “Sale and Purchase Agreement”). The Martinez refinery, located in Martinez, California, is a high-conversion, dual-coking facility that is strategically positioned in Northern California and provides for operating and commercial synergies with the Torrance refinery located in Southern California. In addition to refining assets, the Martinez Acquisition includes a number of onsite logistics assets, including a deep-water marine facility, product distribution terminals and refinery crude and product storage facilities. The aggregate purchase price for the Martinez Acquisition was $1,253.4 million, including final working capital of $216.1 million and the Martinez Contingent Consideration, as defined below. The transaction was financed through a combination of cash on hand, including proceeds from the $1.0 billion in aggregate principal amount of 6.00% senior unsecured notes due 2028 (the “2028 Senior Notes”), and borrowings under PBF Holding’s asset-based revolving credit agreement (the “Revolving Credit Facility”). The Company accounted for the Martinez Acquisition as a business combination under GAAP whereby it recognizes assets acquired and liabilities assumed in an acquisition at their estimated fair values as of the date of acquisition. The total purchase consideration and the fair values of the assets and liabilities at the acquisition date were as follows: (in millions) Purchase Price Gross purchase price $ 960.0 Working capital, including post close adjustments 216.1 Contingent consideration (a) 77.3 Total consideration $ 1,253.4 ___________________ (a) The Martinez Acquisition included an obligation for the Company to make post-closing earn-out payments to the Seller based on certain earnings thresholds of the Martinez refinery (as set forth in the Sale and Purchase Agreement), for a period of up to four years following the acquisition closing date (the “Martinez Contingent Consideration”). The Company recorded the Martinez Contingent Consideration based on its estimated fair value of $77.3 million at the acquisition date, which was recorded within “Other long-term liabilities” within the Condensed Consolidated Balance Sheets. Subsequent changes in the fair value of the Martinez Contingent Consideration are recorded in the Condensed Consolidated Statement of Operations. The following table summarizes the final amounts recognized for assets acquired and liabilities assumed as of the acquisition date: (in millions) Fair Value Allocation Inventories $ 224.1 Prepaid and other current assets 5.4 Property, plant and equipment 987.9 Operating lease right of use assets (a) 7.8 Financing lease right of use assets (a) 63.5 Deferred charges and other assets, net 63.7 Accrued expenses (1.4) Current operating lease liabilities (1.9) Current financing lease liabilities (b) (6.0) Long-term operating lease liabilities (5.9) Long-term financing lease liabilities (57.5) Other long-term liabilities - Environmental obligation (26.3) Fair value of net assets acquired $ 1,253.4 ____________________________ (a) Operating and Financing lease right of use assets are recorded in Lease right of use assets - third-party within the Condensed Consolidated Balance Sheets. (b) Current financing lease liabilities are recorded in Accrued expenses within the Condensed Consolidated Balance Sheets. The Company’s Condensed Consolidated Financial Statements for the three months ended March 31, 2021 include the results of operations of the Martinez refinery and related logistics assets subsequent to the Martinez Acquisition. The same period in 2020 includes the results of operations of such assets from the date of the Martinez Acquisition on February 1, 2020 to March 31, 2020 during which period the Martinez refinery and related logistic assets contributed revenues of $467.7 million and net loss of $205.3 million. On an unaudited pro-forma basis, the revenues and net income (loss) of the Company, assuming the acquisition had occurred on January 1, 2020, are shown below. The unaudited pro-forma information does not purport to present what the Company’s actual results would have been had the Martinez Acquisition occurred on January 1, 2020, nor is the financial information indicative of the results of future operations. The unaudited pro-forma financial information includes the depreciation and amortization expense related to the Martinez Acquisition and interest expense associated with the related financing. Three Months Ended March 31, 2020 (Unaudited, in millions) Pro-forma revenues $ 5,623.8 Pro-forma net loss attributable to PBF Holding (1,505.9) Acquisition Expenses

CURRENT EXPECTED CREDIT LOSSES

CURRENT EXPECTED CREDIT LOSSES3 Months Ended
Mar. 31, 2021
Credit Loss [Abstract]
CURRENT EXPECTED CREDIT LOSSESCURRENT EXPECTED CREDIT LOSSES Credit Losses The Company has exposure to credit losses primarily through its sales of refined products. The Company evaluates creditworthiness on an individual customer basis. The Company utilizes a financial review model for purposes of evaluating creditworthiness which is based on information from financial statements and credit reports. The financial review model enables the Company to assess the customer’s risk profile and determine credit limits on the basis of their financial strength, including but not limited to, their liquidity, leverage, debt serviceability, longevity and how they pay their bills. The Company may require security in the form of letters of credit or cash payments in advance of product delivery for certain customers that are deemed higher risk. The Company’s payment terms on its trade receivables are relatively short, generally 30 days or less for a substantial majority of its refined products. As a result, the Company’s collection risk is mitigated to a certain extent by the fact that sales are collected in a relatively short period of time, allowing for the ability to reduce exposure on defaults if collection issues are identified. Notwithstanding, the Company reviews each customer’s credit risk profile at least annually or more frequently if warranted. Following the widespread market disruption that has resulted from the COVID-19 pandemic and related governmental responses, the Company has been performing ongoing credit reviews of its customers including monitoring for any negative credit events such as customer bankruptcy or insolvency events. As a result, the Company has adjusted payment terms or limited available trade credit for certain customers, as well as for customers within industries that are deemed to be at higher risk. The Company performs a quarterly allowance for doubtful accounts analysis to assess whether an allowance needs to be recorded for any outstanding trade receivables. In estimating credit losses, management reviews accounts that are past due, have known disputes or have experienced any negative credit events that may result in future collectability issues. There was no allowance for doubtful accounts recorded as of March 31, 2021 or December 31, 2020.

INVENTORIES

INVENTORIES3 Months Ended
Mar. 31, 2021
Inventory Disclosure [Abstract]
INVENTORIESINVENTORIES Inventories consisted of the following: March 31, 2021 (in millions) Titled Inventory Inventory Intermediation Agreements Total Crude oil and feedstocks $ 1,177.2 $ — $ 1,177.2 Refined products and blendstocks 994.7 267.5 1,262.2 Warehouse stock and other 137.0 — 137.0 $ 2,308.9 $ 267.5 $ 2,576.4 Lower of cost or market adjustment (205.0) (59.0) (264.0) Total inventories $ 2,103.9 $ 208.5 $ 2,312.4 December 31, 2020 (in millions) Titled Inventory Inventory Intermediation Agreements Total Crude oil and feedstocks $ 1,018.9 $ — $ 1,018.9 Refined products and blendstocks 933.7 266.5 1,200.2 Warehouse stock and other 136.7 — 136.7 $ 2,089.3 $ 266.5 $ 2,355.8 Lower of cost or market adjustment (572.4) (97.2) (669.6) Total inventories $ 1,516.9 $ 169.3 $ 1,686.2 Inventory under the amended and restated inventory intermediation agreements with J. Aron & Company, a subsidiary of The Goldman Sachs Group, Inc. (“J. Aron”) (as amended and restated from time to time, the “Inventory Intermediation Agreements”), includes crude oil, intermediate and certain finished products (the “J. Aron Products”) purchased or produced by the Paulsboro and Delaware City refineries and sold to counterparties in connection with such agreements. This inventory is held in the Company’s storage tanks at the Delaware City and Paulsboro refineries and at a PBFX storage facility (collectively, the “J. Aron Storage Tanks”). During the three months ended March 31, 2021, the Company recorded an adjustment to value its inventories to the lower of cost or market which increased income from operations by $405.6 million, reflecting the net change in the lower of cost or market (“LCM”) inventory reserve from $669.6 million at December 31, 2020 to $264.0 million at March 31, 2021. During the three months ended March 31, 2020, the Company recorded an adjustment to value its inventories to the lower of cost or market which decreased income from operations by $1,285.6 million, reflecting the net change in the LCM inventory reserve from $401.6 million at December 31, 2019 to $1,687.2 million at March 31, 2020.

ACCRUED EXPENSES

ACCRUED EXPENSES3 Months Ended
Mar. 31, 2021
Payables and Accruals [Abstract]
ACCRUED EXPENSESACCRUED EXPENSES Accrued expenses consisted of the following: (in millions) March 31, 2021 December 31, 2020 Inventory-related accruals $ 1,026.3 $ 695.0 Renewable energy credit and emissions obligations 848.3 528.1 Inventory intermediation agreements 202.7 225.8 Excise and sales tax payable 120.8 119.7 Accrued transportation costs 74.1 72.1 Accrued interest 67.9 40.2 Accrued utilities 48.1 58.6 Accrued refinery maintenance and support costs 46.9 35.7 Accrued salaries and benefits 33.3 40.1 Accrued capital expenditures 14.7 14.4 Current finance lease liabilities 13.2 14.4 Environmental liabilities 11.2 11.4 Customer deposits 4.9 4.0 Other 66.7 22.3 Total accrued expenses $ 2,579.1 $ 1,881.8 The Company has the obligation to repurchase the J. Aron Products that are held in its J. Aron Storage Tanks in accordance with the Inventory Intermediation Agreements with J. Aron. As of March 31, 2021 and December 31, 2020, a liability is recognized for the Inventory Intermediation Agreements and is recorded at market price for the J. Aron owned inventory held in the Company’s J. Aron Storage Tanks under the Inventory Intermediation Agreements, with any change in the market price being recorded in Cost of products and other. The Company is subject to obligations to purchase Renewable Identification Numbers (“RINs”) required to comply with the Renewable Fuel Standard. The Company’s overall RINs obligation is based on a percentage of domestic shipments of on-road fuels as established by Environmental Protection Agency. To the degree the Company is unable to blend the required amount of biofuels to satisfy its RINs obligation, RINs must be purchased on the open market to avoid penalties and fines. The Company records its RINs obligation on a net basis in Accrued expenses when its RINs liability is greater than the amount of RINs earned and purchased in a given period and in Prepaid and other current assets when the amount of RINs earned and purchased is greater than the RINs liability. In addition, the Company is subject to obligations to comply with federal and state legislative and regulatory measures, including regulations in the state of California pursuant to Assembly Bill 32, to address environmental compliance and greenhouse gas and other emissions. These requirements include incremental costs to operate and maintain our facilities as well as to implement and manage new emission controls and programs. Renewable energy credit and emissions obligations fluctuate with the volume of applicable product sales and timing of credit purchases.

CREDIT FACILITIES AND DEBT

CREDIT FACILITIES AND DEBT3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]
CREDIT FACILITIES AND DEBTCREDIT FACILITIES AND DEBT Debt outstanding consists of the following: (in millions) March 31, 2021 December 31, 2020 2025 Senior Secured Notes $ 1,250.0 $ 1,250.0 2028 Senior Notes 1,000.0 1,000.0 2025 Senior Notes 725.0 725.0 Revolving Credit Facility 900.0 900.0 PBF Rail Term Loan 5.6 7.4 Catalyst financing arrangements 112.5 102.5 3,993.1 3,984.9 Less—Current debt (5.6) (7.4) Unamortized premium 0.6 0.6 Unamortized deferred financing costs (42.1) (45.3) Long-term debt $ 3,946.0 $ 3,932.8

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS3 Months Ended
Mar. 31, 2021
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONSRELATED PARTY TRANSACTIONS Transactions and Agreements with PBFX The Company entered into agreements with PBFX that establish fees for certain general and administrative services, and operational and maintenance services provided by the Company to PBFX. In addition, the Company executed terminal, pipeline and storage services agreements with PBFX under which PBFX provides commercial transportation, terminaling, storage and pipeline services to the Company. These agreements with PBFX include: Contribution Agreements Immediately prior to the closing of certain contribution agreements, which PBF LLC entered into with PBFX (collectively referred to as the “Contribution Agreements”), the Company contributed certain assets to PBF LLC. PBF LLC in turn contributed those assets to PBFX pursuant to the Contribution Agreements. Certain proceeds received by PBF LLC from PBFX in accordance with the Contribution Agreements were subsequently contributed by PBF LLC to the Company. Commercial Agreements The Company has entered into long-term, fee-based commercial agreements with PBFX relating to assets associated with the Contribution Agreements, the majority of which include a minimum volume commitment and are supported by contractual fee escalations for inflation adjustments and certain increases in operating costs. Under these agreements, PBFX provides various pipeline, rail and truck terminaling and storage services to the Company and the Company has committed to provide PBFX with minimum fees based on minimum monthly throughput volumes. The Company believes the terms and conditions under these agreements, as well as the Omnibus Agreement and the Services Agreement (each as defined below) with PBFX, are generally no less favorable to either party than those that could have been negotiated with unaffiliated parties with respect to similar services. Other Agreements In addition to the commercial agreements described above, the Company has entered into an omnibus agreement with PBFX, PBF GP and PBF LLC, which has been amended and restated in connection with certain Contribution Agreements (as amended, the “Omnibus Agreement”). The Omnibus Agreement addresses the payment of an annual fee for the provision of various general and administrative services and reimbursement of salary and benefit costs for certain PBF Energy employees. Additionally, the Company and certain of its subsidiaries have entered into an operation and management services and secondment agreement with PBFX (as amended, the “Services Agreement”), pursuant to which the Company and its subsidiaries provide PBFX with the personnel necessary for PBFX to perform its obligations under its commercial agreements. PBFX reimburses the Company 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. The Services Agreement will terminate upon the termination of the Omnibus Agreement, provided that PBFX may terminate any service upon 30-days’ notice. Refer to the Company’s 2020 Annual Report on Form 10-K (“Note 11 - Related Party Transactions” of the Notes to Consolidated Financial Statements) for a more complete description of the agreements with PBFX that were entered into prior to 2021. No new material agreements or amendments were entered into during the three months ended March 31, 2021. Summary of Transactions with PBFX A summary of the Company’s affiliate transactions with PBFX is as follows: Three Months Ended March 31, (in millions) 2021 2020 Reimbursements under affiliate agreements: Services Agreement $ 2.2 $ 2.2 Omnibus Agreement 1.8 2.0 Total expenses under affiliate agreements 75.9 75.5 Total reimbursements under the Omnibus Agreement are included in General and administrative expenses and reimbursements under the Services Agreement and expenses under affiliate agreements are included in Cost of products and other in the Company’s Condensed Consolidated Statements of Operations.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES3 Months Ended
Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIESCOMMITMENTS AND CONTINGENCIES In the ordinary conduct of the Company’s business, the Company is from time to time subject to lawsuits, investigations and claims, including class action proceedings, mass tort actions, tort actions, environmental claims and employee-related matters. The outcome of these matters cannot always be predicted accurately, but the Company accrues liabilities for these matters if the Company has determined that it is probable a loss has been incurred and the loss can be reasonably estimated. For such ongoing matters for which we have not recorded a liability but losses are reasonably possible, we are unable to estimate a range of possible losses at this time due to various reasons that may include but are not limited to, matters being in an early stage and not fully developed through pleadings, discovery or court proceedings, number of potential claimants being unknown or uncertainty regarding a number of different factors underlying the potential claims. However, the ultimate resolution of one or more of these contingencies could result in an adverse outcome that may have a material effect on our financial position, results of operations or cash flows. Environmental Matters The Company’s refineries, pipelines and related operations are subject to extensive and frequently changing federal, state and local laws and regulations, including, but not limited to, those relating to the discharge of materials into the environment or that otherwise relate to the protection of the environment, waste management and the characteristics and the compositions of fuels. Compliance with existing and anticipated laws and regulations can increase the overall cost of operating the refineries, including remediation, operating costs and capital costs to construct, maintain and upgrade equipment and facilities. These laws and permits raise potential exposure to future claims and lawsuits involving environmental and safety matters which could include soil and water contamination, air pollution, personal injury and property damage allegedly caused by substances which the Company manufactured, handled, used, released or disposed of, transported, or that relate to pre-existing conditions for which the Company has assumed responsibility. The Company believes that its current operations are in compliance with existing environmental and safety requirements. However, there have been and will continue to be ongoing discussions about environmental and safety matters between the Company and federal and state authorities, including notices of violations, citations and other enforcement actions, some of which have resulted or may result in changes to operating procedures and in capital expenditures. While it is often difficult to quantify future environmental or safety related expenditures, the Company anticipates that continuing capital investments and changes in operating procedures will be required for the foreseeable future to comply with existing and new requirements, as well as evolving interpretations and more strict enforcement of existing laws and regulations. In connection with the acquisition of the Torrance refinery and related logistics assets, the Company assumed certain pre-existing environmental liabilities totaling $112.3 million as of March 31, 2021 ($113.7 million as of December 31, 2020), related to certain environmental remediation obligations to address existing soil and groundwater contamination and monitoring activities and other clean-up activities, which reflects the current estimated cost of the remediation obligations. The current portion of the environmental liability is recorded in Accrued expenses and the non-current portion is recorded in Other long-term liabilities. The aggregate environmental liability reflected in the Company’s Condensed Consolidated Balance Sheets was $150.7 million and $151.9 million at March 31, 2021 and December 31, 2020, respectively, of which $139.5 million and $140.5 million, respectively, were classified as Other long-term liabilities. These liabilities include remediation and monitoring costs expected to be incurred over an extended period of time. Estimated liabilities could increase in the future when the results of ongoing investigations become known, are considered probable and can be reasonably estimated. Contingent Consideration In connection with the Martinez Acquisition, the Sale and Purchase Agreement includes an earn-out provision based on certain earnings thresholds of the Martinez refinery. Pursuant to the agreement, the Company will make payments to the Seller based on the future earnings of the Martinez refinery in excess of certain thresholds, as defined in the agreement, for a period of up to four years following the acquisition closing date. The Company recorded the acquisition date fair value of the earn-out provision as contingent consideration within “Other long-term liabilities” within the Company’s Condensed Consolidated Balance Sheets. Subsequent changes in the fair value of the Martinez Contingent Consideration are recorded in the Condensed Consolidated Statement of Operations. The value of the Martinez Contingent Consideration was estimated to be $29.5 million as of March 31, 2021 and zero as of December 31, 2020, representing the anticipated future earn-out payments, if any.

LEASES

LEASES3 Months Ended
Mar. 31, 2021
Leases [Abstract]
LEASESLEASES The Company leases office space, office equipment, refinery support facilities and equipment, railcars and other logistics assets primarily under non-cancelable operating leases, with terms typically ranging from one The Company determines whether a contract is or contains a lease at inception of the contract and whether that lease meets the classification criteria of a finance or operating lease. When available, the Company uses the rate implicit in the lease to discount lease payments to present value; however, most of the Company’s leases do not provide a readily determinable implicit rate. Therefore, the Company must discount lease payments based on an estimate of its incremental borrowing rate. For substantially all classes of underlying assets, the Company has elected the practical expedient not to separate lease and non-lease components, which allows for combining the components if certain criteria are met. For certain leases of refinery support facilities, the Company accounts for the non-lease service component separately. There are no material residual value guarantees associated with any of the Company’s leases. There are no significant restrictions or covenants included in the Company’s lease agreements other than those that are customary in such arrangements. Certain of the Company’s leases, primarily for the Company’s commercial and logistics asset classes, include provisions for variable payments. These variable payments are typically determined based on a measure of throughput or actual days the asset has operated during the contract term or another measure of usage and are not included in the initial measurement of lease liabilities and right of use assets. Lease Position as of March 31, 2021 and December 31, 2020 The table below provides the lease related assets and liabilities recorded on the Company’s Condensed Consolidated Balance Sheets for the periods presented: (in millions) Classification on the Balance Sheet March 31, 2021 December 31, 2020 Assets Operating lease assets - third party Lease right of use assets - third party $ 663.9 $ 836.3 Operating lease assets - affiliate Lease right of use assets - affiliate 550.6 571.0 Finance lease assets Lease right of use assets - third party 76.5 80.4 Total lease right of use assets $ 1,291.0 $ 1,487.7 Liabilities Current liabilities: Operating lease liabilities - third party Current operating lease liabilities - third party $ 61.6 $ 78.3 Operating lease liabilities - affiliate Current operating lease liabilities - affiliate 86.9 85.6 Finance lease liabilities - third party Accrued expenses 13.2 14.4 Noncurrent liabilities: Operating lease liabilities - third party Long-term operating lease liabilities - third party 599.9 755.9 Operating lease liabilities - affiliate Long-term operating lease liabilities - affiliate 463.7 485.4 Finance lease liabilities - third party Long-term financing lease liabilities - third-party 66.0 68.3 Total lease liabilities $ 1,291.3 $ 1,487.9 Lease Costs The table below provides certain information related to costs for the Company’s leases for the periods presented: Three Months Ended March 31, Lease Costs (in millions) 2021 2020 Components of total lease costs: Finance lease costs Amortization of lease right of use assets $ 3.9 $ 2.9 Interest on lease liabilities 1.1 0.9 Operating lease costs 75.1 60.5 Short-term lease costs 16.1 22 Variable lease costs 7.0 10.6 Total lease costs $ 103.2 $ 96.9 Other Information The table below provides supplemental cash flow information related to leases for the periods presented (in millions): Three Months Ended March 31, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 75.2 $ 60.8 Operating cash flows for finance leases 1.1 0.9 Financing cash flows for finance leases 3.5 2.6 Supplemental non-cash changes to lease liabilities from obtaining or remeasuring right of use assets (152.8) 111.1 Lease Term and Discount Rate The table below presents certain information related to the weighted average remaining lease term and weighted average discount rate for the Company’s leases as of March 31, 2021: Weighted average remaining lease term - operating leases 10.1 years Weighted average remaining lease term - finance leases 6.9 years Weighted average discount rate - operating leases 13.1 % Weighted average discount rate - finance leases 5.5 % Undiscounted Cash Flows The table below reconciles the fixed component of the undiscounted cash flows for each of the periods presented to the lease liabilities recorded on the Condensed Consolidated Balance Sheets as of March 31, 2021: Amounts due within twelve months of March 31, (in millions) Finance Leases Operating Leases 2021 $ 17.2 $ 280.0 2022 12.8 261.1 2023 12.8 240.9 2024 12.7 234.0 2025 11.1 197.7 Thereafter 28.9 1,022.9 Total minimum lease payments 95.5 2,236.6 Less: effect of discounting 16.3 1,024.5 Present value of future minimum lease payments 79.2 1,212.1 Less: current obligations under leases 13.2 148.5 Long-term lease obligations $ 66.0 $ 1,063.6 As of March 31, 2021, the Company has entered into certain leases that have not yet commenced. Such leases include a 15-year lease for water treatment equipment, with future lease payments estimated to total approximately $34.1 million. No other such pending leases, either individually or in the aggregate, are material. There are no material lease arrangements in which the Company is the lessor. In the normal course of business, the Company enters into certain affiliate lease arrangements with PBFX for the use of certain storage, terminaling and pipeline assets. The Company believes that the terms and conditions under these leases are generally no less favorable to either party than those that could have been negotiated with unaffiliated parties with respect to similar services. The terms for these affiliate leases generally range from seven

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS3 Months Ended
Mar. 31, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
EMPLOYEE BENEFIT PLANSEMPLOYEE BENEFIT PLANS Effective February 1, 2020, the Company amended the PBF Energy Pension Plan to, among other things, incorporate into the plan all employees who became employed at the Company’s Martinez, California location on February 1, 2020, in connection with the Martinez Acquisition. The components of net periodic benefit cost related to the Company’s defined benefit plans consisted of the following: (in millions) Three Months Ended March 31, Pension Benefits 2021 2020 Components of net periodic benefit cost: Service cost $ 14.4 $ 13.8 Interest cost 1.3 1.8 Expected return on plan assets (3.6) (3.1) Amortization of prior service cost and actuarial loss — 0.1 Net periodic benefit cost $ 12.1 $ 12.6 (in millions) Three Months Ended March 31, Post-Retirement Medical Plan 2021 2020 Components of net periodic benefit cost: Service cost $ 0.4 $ 0.3 Interest cost 0.1 0.1 Amortization of prior service cost and actuarial loss 0.2 0.1 Net periodic benefit cost $ 0.7 $ 0.5

REVENUES

REVENUES3 Months Ended
Mar. 31, 2021
Revenues [Abstract]
REVENUESREVENUES In accordance with FASB Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (ASC 606”), revenues are recognized when control of the promised goods or services is transferred to the Company’s customers, in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The following table provides information relating to the Company’s revenues from external customers for each product or group of similar products for the periods presented: Three Months Ended March 31, (in millions) 2021 2020 Gasoline and distillates $ 4,230.1 $ 4,570.4 Asphalt and blackoils 215.4 207.0 Feedstocks and other 212.3 311.3 Chemicals 194.7 112.8 Lubricants 60.7 58.5 Total Revenues $ 4,913.2 $ 5,260.0 The Company’s revenues are generated from the sale of refined petroleum products. These revenues are largely based on the current spot market prices of the products sold, which represent consideration specifically allocable to the products being sold on a given day, and the Company recognizes those revenues upon delivery and transfer of title to the products to our customers. The time at which delivery and transfer of title occurs is the point when the Company’s control of the products is transferred to the Company’s customers and when its performance obligation to its customers is fulfilled. Delivery and transfer of title are specifically agreed to between the Company and customers within the contracts. The Company also has contracts which contain fixed pricing, tiered pricing, minimum volume features with makeup periods, or other factors that have not materially been affected by ASC 606 . Deferred Revenue The Company records deferred revenue when cash payments are received or are due in advance of performance, including amounts which are refundable. Deferred revenue was $19.3 million and $45.1 million as of March 31, 2021 and December 31, 2020, respectively. Fluctuations in the deferred revenue balance are primarily driven by the timing and extent of cash payments received or due in advance of satisfying the Company’s performance obligations. The Company’s payment terms vary by type and location of customers and the products offered. The period between invoicing and when payment is due is not significant (i.e. generally within two months). For certain products or services and customer types, the Company requires payment before the products or services are delivered to the customer.

INCOME TAXES

INCOME TAXES3 Months Ended
Mar. 31, 2021
Income Tax Disclosure [Abstract]
INCOME TAXESINCOME TAXES PBF Holding is a limited liability company treated as a “flow-through” entity for income tax purposes. Accordingly, there is generally no benefit or expense for federal or state income tax in the PBF Holding financial statements apart from the income tax attributable to two subsidiaries acquired in connection with the acquisition of Chalmette Refining and the Company’s wholly-owned Canadian subsidiary, PBF Energy Limited, which are treated as C-Corporations for income tax purposes. The reported income tax provision in the PBF Holding Condensed Consolidated Financial Statements of Operations consists of the following: Three Months Ended March 31, (in millions) 2021 2020 Current income tax benefit $ (1.2) $ — Deferred income tax (benefit) expense (9.4) 14.2 Total income tax (benefit) expense $ (10.6) $ 14.2

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTSFAIR 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 March 31, 2021 and December 31, 2020. The Company has elected to offset the fair value amounts recognized for multiple derivative contracts executed with the same counterparty; however, fair value amounts by hierarchy level are presented on a gross basis in the tables below. The Company has posted cash margin with various counterparties to support hedging and trading activities. The cash margin posted is required by counterparties as collateral deposits and cannot be offset against the fair value of open contracts except in the event of default. The Company has no derivative contracts that are subject to master netting arrangements that are reflected gross on the Condensed Consolidated Balance Sheets. As of March 31, 2021 Fair Value Hierarchy Total Gross Fair Value Effect of Counter-party Netting Net Carrying Value on Balance Sheet (in millions) Level 1 Level 2 Level 3 Assets: Money market funds $ 312.4 $ — $ — $ 312.4 N/A $ 312.4 Commodity contracts 24.9 — — 24.9 (22.4) 2.5 Derivatives included with inventory intermediation agreement obligations — 3.3 — 3.3 — 3.3 Liabilities: Commodity contracts 22.4 — — 22.4 (22.4) — Catalyst obligations — 112.5 — 112.5 — 112.5 Contingent consideration obligation — — 29.5 29.5 — 29.5 As of December 31, 2020 Fair Value Hierarchy Total Gross Fair Value Effect of Counter-party Netting Net Carrying Value on Balance Sheet (in millions) Level 1 Level 2 Level 3 Assets: Money market funds $ 402.3 $ — $ — $ 402.3 N/A $ 402.3 Commodity contracts 2.5 3.5 — 6.0 (6.0) — Derivatives included with inventory intermediation agreement obligations — 11.3 — 11.3 — 11.3 Liabilities: Commodity contracts 2.3 6.7 — 9.0 (6.0) 3.0 Catalyst obligations — 102.5 — 102.5 — 102.5 Contingent consideration obligation — — — — — — The valuation methods used to measure financial instruments at fair value are as follows: • Money market funds categorized in Level 1 of the fair value hierarchy are measured at fair value based on quoted market prices and included within Cash and cash equivalents. • The commodity contracts categorized in Level 1 of the fair value hierarchy are measured at fair value based on quoted prices in an active market. The commodity contracts categorized in Level 2 of the fair value hierarchy are measured at fair value using a market approach based upon future commodity prices for similar instruments quoted in active markets. • The derivatives included with inventory intermediation agreement obligations and the catalyst obligations are categorized in Level 2 of the fair value hierarchy and are measured at fair value using a market approach based upon commodity prices for similar instruments quoted in active markets. • When applicable, commodity contracts categorized in Level 3 of the fair value hierarchy consist of commodity price swap contracts that relate to forecasted purchases of crude oil for which quoted forward market prices are not readily available due to market illiquidity. The forward prices used to value these swaps are derived using broker quotes, prices from other third-party sources and other available market based data. • The contingent considerations obligation at March 31, 2021 and December 31, 2020 are categorized in Level 3 of the fair value hierarchy and are estimated using discounted cash flow models based on management’s estimate of the future cash flows related to the earn-out periods. Non-qualified pension plan assets are measured at fair value using a market approach based on published net asset values of mutual funds as a practical expedient. As of March 31, 2021 and December 31, 2020, $20.7 million and $21.2 million, respectively, were included within Deferred charges and other assets, net for these non-qualified pension plan assets. The table below summarizes the changes in fair value measurements categorized in Level 3 of the fair value hierarchy, which primarily includes the change in estimated future earnings related to the Martinez Contingent Consideration: Three Months Ended March 31, (in millions) 2021 2020 Balance at beginning of period $ — $ — Additions — 77.3 Unrealized loss (gain) included in earnings 29.5 (53.0) Balance at end of period $ 29.5 $ 24.3 There were no transfers between levels during the three months ended March 31, 2021 or the three months ended March 31, 2020. Fair value of debt The table below summarizes the carrying value and fair value of debt as of March 31, 2021 and December 31, 2020. March 31, 2021 December 31, 2020 (in millions) Carrying Fair Carrying Fair 2025 Senior Secured Notes (a) $ 1,250.0 $ 1,280.4 $ 1,250.0 $ 1,232.9 2028 Senior Notes (a) 1,000.0 733.0 1,000.0 562.5 2025 Senior Notes (a) 725.0 584.0 725.0 475.3 Revolving Credit Facility (b) 900.0 900.0 900.0 900.0 PBF Rail Term Loan (b) 5.6 5.6 7.4 7.4 Catalyst financing arrangements (c) 112.5 112.5 102.5 102.5 3,993.1 3,615.5 3,984.9 3,280.6 Less - Current debt (5.6) (5.6) (7.4) (7.4) Unamortized premium 0.6 n/a 0.6 n/a Less - Unamortized deferred financing costs (42.1) n/a (45.3) n/a Long-term debt $ 3,946.0 $ 3,609.9 $ 3,932.8 $ 3,273.2 (a) The estimated fair value, categorized as a Level 2 measurement, was calculated based on the present value of future expected payments utilizing implied current market interest rates based on quoted prices of the outstanding senior notes. (b) 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.

DERIVATIVES

DERIVATIVES3 Months Ended
Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVESDERIVATIVES The Company uses derivative instruments to mitigate certain exposures to commodity price risk. The Company entered into the Inventory Intermediation Agreements that contain purchase obligations for certain volumes of crude oil, intermediates and refined products. The purchase obligations related to crude oil, intermediates and refined products under these agreements are derivative instruments that have been designated as fair value hedges in order to hedge the commodity price volatility of certain refinery inventory. The fair value of these purchase obligation derivatives is based on market prices of the underlying crude oil, intermediates and refined products. The level of activity for these derivatives is based on the level of operating inventories. As of March 31, 2021 and December 31, 2020, there were no barrels of crude oil and feedstocks outstanding under these derivative instruments designated as fair value hedges. As of March 31, 2021, there were 2,306,301 barrels of intermediates and refined products (2,604,736 barrels at December 31, 2020) outstanding under these derivative instruments designated as fair value hedges. These volumes represent the notional value of the contract. The Company also enters into economic hedges primarily consisting of commodity derivative contracts that are not designated as hedges and are used to manage price volatility in certain crude oil and feedstock inventories as well as crude oil, feedstock, and refined product sales or purchases. The objective in entering into economic hedges is consistent with the objectives discussed above for fair value hedges. As of March 31, 2021, there were 18,975,000 barrels of crude oil and 3,138,000 barrels of refined products (7,183,000 and 2,810,000, respectively, as of December 31, 2020), outstanding under short and long term commodity derivative contracts not designated as hedges representing the notional value of the contracts. The Company also uses derivative instruments to mitigate the risk associated with the price of credits needed to comply with various governmental and regulatory environmental compliance programs. For such contracts that represent derivatives, the Company elects the normal purchase normal sale exception under ASC 815, Derivatives and Hedging , and therefore does not record them at fair value. The following tables provide information regarding the fair values of derivative instruments as of March 31, 2021 and December 31, 2020, and the line items in the Condensed Consolidated Balance Sheets in which fair values are reflected. Description Balance Sheet Location Fair Value (in millions) Derivatives designated as hedging instruments: March 31, 2021: Derivatives included with the inventory intermediation agreement obligations Accrued expenses $ 3.3 December 31, 2020: Derivatives included with the inventory intermediation agreement obligations Accrued expenses $ 11.3 Derivatives not designated as hedging instruments: March 31, 2021: Commodity contracts Accounts receivable $ 2.5 December 31, 2020: Commodity contracts Accounts receivable $ (3.0) The following table provides information regarding gains or losses recognized in income on derivative instruments and the line items in the Condensed Consolidated Statements of Operations in which such gains and losses are reflected. Description Location of Gain or (Loss) Recognized in Income on Derivatives Gain or (Loss) (in millions) Derivatives designated as hedging instruments: For the three months ended March 31, 2021: Derivatives included with the inventory intermediation agreement obligations Cost of products and other $ (8.0) For the three months ended March 31, 2020: Derivatives included with the inventory intermediation agreement obligations Cost of products and other $ 67.9 Derivatives not designated as hedging instruments: For the three months ended March 31, 2021: Commodity contracts Cost of products and other $ (14.8) For the three months ended March 31, 2020: Commodity contracts Cost of products and other $ 78.2 Hedged items designated in fair value hedges: For the three months ended March 31, 2021: Crude oil, intermediate and refined product inventory Cost of products and other $ 8.0 For the three months ended March 31, 2020: Crude oil, intermediate and refined product inventory Cost of products and other $ (67.9)

DESCRIPTION OF THE BUSINESS A_2

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Policies)3 Months Ended
Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of PresentationBasis 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 accounting principles generally accepted in the United States of America (“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 PBF Holding and PBF Finance financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2020. The results of operations for the three months ended March 31, 2021 are not necessarily indicative of the results to be expected for the full year.
Interim Impairment AssessmentInterim Impairment Assessment The global crisis resulting from the spread of the COVID-19 pandemic continues to have a substantial impact on the economy and overall consumer demand for energy and hydrocarbon products. As a result of the sustained decrease in such demand which has resulted in sustained throughput reductions across the Company’s refineries, the Company determined an impairment triggering event had occurred. As such, the Company performed an interim impairment assessment on certain long-lived assets as of March 31, 2021. As a result of the interim impairment test, the Company concluded that the carrying values of its long-lived assets were not impaired when comparing the carrying value of the long-lived assets to the estimated undiscounted future cash flows expected to result from use of the assets over their remaining estimated useful lives. If adverse market conditions persist or there is further deterioration in the general economic environment due to the COVID-19 pandemic, there could be additional indicators that the Company’s assets are impaired requiring evaluation that may result in future impairment charges to earnings.
Recently Issued Accounting PronouncementsRecently Issued Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the effects of reference rate reform on financial reporting”. The amendments in this ASU provide optional guidance to alleviate the burden in accounting for reference rate reform, by allowing certain expedients and exceptions in applying GAAP to contracts, hedging relationship and other transactions affected by the expected market transition from London Interbank Offered Rate and other interbank rates. The amendments in this ASU are effective for all entities at any time beginning on March 12, 2020 through December 31, 2022 and may be applied from the beginning of an interim period that includes the issuance date of the ASU. The Company does not expect that the adoption of this guidance will have a material impact on its Consolidated Financial Statements and related disclosures.

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)3 Months Ended
Mar. 31, 2021
Business Combinations [Abstract]
Business Combination, Consideration Transferred, Working Capital Adjustments [Table Text Block]The total purchase consideration and the fair values of the assets and liabilities at the acquisition date were as follows: (in millions) Purchase Price Gross purchase price $ 960.0 Working capital, including post close adjustments 216.1 Contingent consideration (a) 77.3 Total consideration $ 1,253.4 ___________________
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]The following table summarizes the final amounts recognized for assets acquired and liabilities assumed as of the acquisition date: (in millions) Fair Value Allocation Inventories $ 224.1 Prepaid and other current assets 5.4 Property, plant and equipment 987.9 Operating lease right of use assets (a) 7.8 Financing lease right of use assets (a) 63.5 Deferred charges and other assets, net 63.7 Accrued expenses (1.4) Current operating lease liabilities (1.9) Current financing lease liabilities (b) (6.0) Long-term operating lease liabilities (5.9) Long-term financing lease liabilities (57.5) Other long-term liabilities - Environmental obligation (26.3) Fair value of net assets acquired $ 1,253.4 ____________________________ (a) Operating and Financing lease right of use assets are recorded in Lease right of use assets - third-party within the Condensed Consolidated Balance Sheets.
Business Acquisition, Pro Forma Information [Table Text Block]Three Months Ended March 31, 2020 (Unaudited, in millions) Pro-forma revenues $ 5,623.8 Pro-forma net loss attributable to PBF Holding (1,505.9)

INVENTORIES (Tables)

INVENTORIES (Tables)3 Months Ended
Mar. 31, 2021
Inventory Disclosure [Abstract]
Schedule of InventoryInventories consisted of the following: March 31, 2021 (in millions) Titled Inventory Inventory Intermediation Agreements Total Crude oil and feedstocks $ 1,177.2 $ — $ 1,177.2 Refined products and blendstocks 994.7 267.5 1,262.2 Warehouse stock and other 137.0 — 137.0 $ 2,308.9 $ 267.5 $ 2,576.4 Lower of cost or market adjustment (205.0) (59.0) (264.0) Total inventories $ 2,103.9 $ 208.5 $ 2,312.4 December 31, 2020 (in millions) Titled Inventory Inventory Intermediation Agreements Total Crude oil and feedstocks $ 1,018.9 $ — $ 1,018.9 Refined products and blendstocks 933.7 266.5 1,200.2 Warehouse stock and other 136.7 — 136.7 $ 2,089.3 $ 266.5 $ 2,355.8 Lower of cost or market adjustment (572.4) (97.2) (669.6) Total inventories $ 1,516.9 $ 169.3 $ 1,686.2

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)3 Months Ended
Mar. 31, 2021
Payables and Accruals [Abstract]
Schedule of accrued expensesAccrued expenses consisted of the following: (in millions) March 31, 2021 December 31, 2020 Inventory-related accruals $ 1,026.3 $ 695.0 Renewable energy credit and emissions obligations 848.3 528.1 Inventory intermediation agreements 202.7 225.8 Excise and sales tax payable 120.8 119.7 Accrued transportation costs 74.1 72.1 Accrued interest 67.9 40.2 Accrued utilities 48.1 58.6 Accrued refinery maintenance and support costs 46.9 35.7 Accrued salaries and benefits 33.3 40.1 Accrued capital expenditures 14.7 14.4 Current finance lease liabilities 13.2 14.4 Environmental liabilities 11.2 11.4 Customer deposits 4.9 4.0 Other 66.7 22.3 Total accrued expenses $ 2,579.1 $ 1,881.8

CREDIT FACILITIES AND DEBT (Tab

CREDIT FACILITIES AND DEBT (Tables)3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of Long-term Debt InstrumentsDebt outstanding consists of the following: (in millions) March 31, 2021 December 31, 2020 2025 Senior Secured Notes $ 1,250.0 $ 1,250.0 2028 Senior Notes 1,000.0 1,000.0 2025 Senior Notes 725.0 725.0 Revolving Credit Facility 900.0 900.0 PBF Rail Term Loan 5.6 7.4 Catalyst financing arrangements 112.5 102.5 3,993.1 3,984.9 Less—Current debt (5.6) (7.4) Unamortized premium 0.6 0.6 Unamortized deferred financing costs (42.1) (45.3) Long-term debt $ 3,946.0 $ 3,932.8

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)3 Months Ended
Mar. 31, 2021
Related Party Transactions [Abstract]
Schedule of related party transactionsA summary of the Company’s affiliate transactions with PBFX is as follows: Three Months Ended March 31, (in millions) 2021 2020 Reimbursements under affiliate agreements: Services Agreement $ 2.2 $ 2.2 Omnibus Agreement 1.8 2.0 Total expenses under affiliate agreements 75.9 75.5

LEASES (Tables)

LEASES (Tables)3 Months Ended
Mar. 31, 2021
Leases [Abstract]
Assets and Liabilities, Lessee [Table Text Block]The table below provides the lease related assets and liabilities recorded on the Company’s Condensed Consolidated Balance Sheets for the periods presented: (in millions) Classification on the Balance Sheet March 31, 2021 December 31, 2020 Assets Operating lease assets - third party Lease right of use assets - third party $ 663.9 $ 836.3 Operating lease assets - affiliate Lease right of use assets - affiliate 550.6 571.0 Finance lease assets Lease right of use assets - third party 76.5 80.4 Total lease right of use assets $ 1,291.0 $ 1,487.7 Liabilities Current liabilities: Operating lease liabilities - third party Current operating lease liabilities - third party $ 61.6 $ 78.3 Operating lease liabilities - affiliate Current operating lease liabilities - affiliate 86.9 85.6 Finance lease liabilities - third party Accrued expenses 13.2 14.4 Noncurrent liabilities: Operating lease liabilities - third party Long-term operating lease liabilities - third party 599.9 755.9 Operating lease liabilities - affiliate Long-term operating lease liabilities - affiliate 463.7 485.4 Finance lease liabilities - third party Long-term financing lease liabilities - third-party 66.0 68.3 Total lease liabilities $ 1,291.3 $ 1,487.9
Lease, Cost [Table Text Block]The table below provides certain information related to costs for the Company’s leases for the periods presented: Three Months Ended March 31, Lease Costs (in millions) 2021 2020 Components of total lease costs: Finance lease costs Amortization of lease right of use assets $ 3.9 $ 2.9 Interest on lease liabilities 1.1 0.9 Operating lease costs 75.1 60.5 Short-term lease costs 16.1 22 Variable lease costs 7.0 10.6 Total lease costs $ 103.2 $ 96.9
Supplemental Cash Flow and Other Information [Table Text Block]The table below provides supplemental cash flow information related to leases for the periods presented (in millions): Three Months Ended March 31, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 75.2 $ 60.8 Operating cash flows for finance leases 1.1 0.9 Financing cash flows for finance leases 3.5 2.6 Supplemental non-cash changes to lease liabilities from obtaining or remeasuring right of use assets (152.8) 111.1 Lease Term and Discount Rate The table below presents certain information related to the weighted average remaining lease term and weighted average discount rate for the Company’s leases as of March 31, 2021: Weighted average remaining lease term - operating leases 10.1 years Weighted average remaining lease term - finance leases 6.9 years Weighted average discount rate - operating leases 13.1 % Weighted average discount rate - finance leases 5.5 %
Lessee, Operating Lease, Liability, Maturity [Table Text Block]The table below reconciles the fixed component of the undiscounted cash flows for each of the periods presented to the lease liabilities recorded on the Condensed Consolidated Balance Sheets as of March 31, 2021: Amounts due within twelve months of March 31, (in millions) Finance Leases Operating Leases 2021 $ 17.2 $ 280.0 2022 12.8 261.1 2023 12.8 240.9 2024 12.7 234.0 2025 11.1 197.7 Thereafter 28.9 1,022.9 Total minimum lease payments 95.5 2,236.6 Less: effect of discounting 16.3 1,024.5 Present value of future minimum lease payments 79.2 1,212.1 Less: current obligations under leases 13.2 148.5 Long-term lease obligations $ 66.0 $ 1,063.6

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)3 Months Ended
Mar. 31, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Schedule of net periodic benefit costThe components of net periodic benefit cost related to the Company’s defined benefit plans consisted of the following: (in millions) Three Months Ended March 31, Pension Benefits 2021 2020 Components of net periodic benefit cost: Service cost $ 14.4 $ 13.8 Interest cost 1.3 1.8 Expected return on plan assets (3.6) (3.1) Amortization of prior service cost and actuarial loss — 0.1 Net periodic benefit cost $ 12.1 $ 12.6 (in millions) Three Months Ended March 31, Post-Retirement Medical Plan 2021 2020 Components of net periodic benefit cost: Service cost $ 0.4 $ 0.3 Interest cost 0.1 0.1 Amortization of prior service cost and actuarial loss 0.2 0.1 Net periodic benefit cost $ 0.7 $ 0.5

REVENUES (Tables)

REVENUES (Tables)3 Months Ended
Mar. 31, 2021
Revenues [Abstract]
Revenue from External Customers by Products and Services [Table Text Block]The following table provides information relating to the Company’s revenues from external customers for each product or group of similar products for the periods presented: Three Months Ended March 31, (in millions) 2021 2020 Gasoline and distillates $ 4,230.1 $ 4,570.4 Asphalt and blackoils 215.4 207.0 Feedstocks and other 212.3 311.3 Chemicals 194.7 112.8 Lubricants 60.7 58.5 Total Revenues $ 4,913.2 $ 5,260.0

INCOME TAXES INCOME TAX EXPENSE

INCOME TAXES INCOME TAX EXPENSE (Tables)3 Months Ended
Mar. 31, 2021
INCOME TAX EXPENSE [Abstract]
Schedule of components of income tax provision (benefit)The reported income tax provision in the PBF Holding Condensed Consolidated Financial Statements of Operations consists of the following: Three Months Ended March 31, (in millions) 2021 2020 Current income tax benefit $ (1.2) $ — Deferred income tax (benefit) expense (9.4) 14.2 Total income tax (benefit) expense $ (10.6) $ 14.2

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring BasisThe 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 March 31, 2021 and December 31, 2020. The Company has elected to offset the fair value amounts recognized for multiple derivative contracts executed with the same counterparty; however, fair value amounts by hierarchy level are presented on a gross basis in the tables below. The Company has posted cash margin with various counterparties to support hedging and trading activities. The cash margin posted is required by counterparties as collateral deposits and cannot be offset against the fair value of open contracts except in the event of default. The Company has no derivative contracts that are subject to master netting arrangements that are reflected gross on the Condensed Consolidated Balance Sheets. As of March 31, 2021 Fair Value Hierarchy Total Gross Fair Value Effect of Counter-party Netting Net Carrying Value on Balance Sheet (in millions) Level 1 Level 2 Level 3 Assets: Money market funds $ 312.4 $ — $ — $ 312.4 N/A $ 312.4 Commodity contracts 24.9 — — 24.9 (22.4) 2.5 Derivatives included with inventory intermediation agreement obligations — 3.3 — 3.3 — 3.3 Liabilities: Commodity contracts 22.4 — — 22.4 (22.4) — Catalyst obligations — 112.5 — 112.5 — 112.5 Contingent consideration obligation — — 29.5 29.5 — 29.5 As of December 31, 2020 Fair Value Hierarchy Total Gross Fair Value Effect of Counter-party Netting Net Carrying Value on Balance Sheet (in millions) Level 1 Level 2 Level 3 Assets: Money market funds $ 402.3 $ — $ — $ 402.3 N/A $ 402.3 Commodity contracts 2.5 3.5 — 6.0 (6.0) — Derivatives included with inventory intermediation agreement obligations — 11.3 — 11.3 — 11.3 Liabilities: Commodity contracts 2.3 6.7 — 9.0 (6.0) 3.0 Catalyst obligations — 102.5 — 102.5 — 102.5 Contingent consideration obligation — — — — — —
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input ReconciliationThe table below summarizes the changes in fair value measurements categorized in Level 3 of the fair value hierarchy, which primarily includes the change in estimated future earnings related to the Martinez Contingent Consideration: Three Months Ended March 31, (in millions) 2021 2020 Balance at beginning of period $ — $ — Additions — 77.3 Unrealized loss (gain) included in earnings 29.5 (53.0) Balance at end of period $ 29.5 $ 24.3
Schedule of Fair value of DebtThe table below summarizes the carrying value and fair value of debt as of March 31, 2021 and December 31, 2020. March 31, 2021 December 31, 2020 (in millions) Carrying Fair Carrying Fair 2025 Senior Secured Notes (a) $ 1,250.0 $ 1,280.4 $ 1,250.0 $ 1,232.9 2028 Senior Notes (a) 1,000.0 733.0 1,000.0 562.5 2025 Senior Notes (a) 725.0 584.0 725.0 475.3 Revolving Credit Facility (b) 900.0 900.0 900.0 900.0 PBF Rail Term Loan (b) 5.6 5.6 7.4 7.4 Catalyst financing arrangements (c) 112.5 112.5 102.5 102.5 3,993.1 3,615.5 3,984.9 3,280.6 Less - Current debt (5.6) (5.6) (7.4) (7.4) Unamortized premium 0.6 n/a 0.6 n/a Less - Unamortized deferred financing costs (42.1) n/a (45.3) n/a Long-term debt $ 3,946.0 $ 3,609.9 $ 3,932.8 $ 3,273.2 (a) The estimated fair value, categorized as a Level 2 measurement, was calculated based on the present value of future expected payments utilizing implied current market interest rates based on quoted prices of the outstanding senior notes. (b) 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.

DERIVATIVES (Tables)

DERIVATIVES (Tables)3 Months Ended
Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Fair Value of Derivative InstrumentsThe following tables provide information regarding the fair values of derivative instruments as of March 31, 2021 and December 31, 2020, and the line items in the Condensed Consolidated Balance Sheets in which fair values are reflected. Description Balance Sheet Location Fair Value (in millions) Derivatives designated as hedging instruments: March 31, 2021: Derivatives included with the inventory intermediation agreement obligations Accrued expenses $ 3.3 December 31, 2020: Derivatives included with the inventory intermediation agreement obligations Accrued expenses $ 11.3 Derivatives not designated as hedging instruments: March 31, 2021: Commodity contracts Accounts receivable $ 2.5 December 31, 2020: Commodity contracts Accounts receivable $ (3.0)
Schedule of Derivative Instruments, Gain (Loss) Recognized in IncomeThe following table provides information regarding gains or losses recognized in income on derivative instruments and the line items in the Condensed Consolidated Statements of Operations in which such gains and losses are reflected. Description Location of Gain or (Loss) Recognized in Income on Derivatives Gain or (Loss) (in millions) Derivatives designated as hedging instruments: For the three months ended March 31, 2021: Derivatives included with the inventory intermediation agreement obligations Cost of products and other $ (8.0) For the three months ended March 31, 2020: Derivatives included with the inventory intermediation agreement obligations Cost of products and other $ 67.9 Derivatives not designated as hedging instruments: For the three months ended March 31, 2021: Commodity contracts Cost of products and other $ (14.8) For the three months ended March 31, 2020: Commodity contracts Cost of products and other $ 78.2 Hedged items designated in fair value hedges: For the three months ended March 31, 2021: Crude oil, intermediate and refined product inventory Cost of products and other $ 8.0 For the three months ended March 31, 2020: Crude oil, intermediate and refined product inventory Cost of products and other $ (67.9)

DESCRIPTION OF THE BUSINESS A_3

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Details)3 Months Ended
Mar. 31, 2021segment
Description of Business [Line Items]
Number of reportable segments1
PBF Energy [Member] | Class A Common Stock [Member]
Description of Business [Line Items]
Percentage of ownership in PBF LLC99.20%

ACQUISITIONS (Additional Inform

ACQUISITIONS (Additional Information) (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020Jan. 24, 2020
Business Acquisition [Line Items]
Business Combination, Acquisition Related Costs $ 0 $ 11.5
2028 Senior Notes [Member]
Business Acquisition [Line Items]
Interest rate6.00%
Long-term Debt $ 1,000
Martinez Acquisition [Member]
Business Acquisition [Line Items]
Term of Agreement4 years

ACQUISITIONS (Purchase Price) (

ACQUISITIONS (Purchase Price) (Details) - USD ($) $ in MillionsFeb. 01, 2020Mar. 31, 2021Mar. 31, 2020
Business Acquisition [Line Items]
Gross purchase price $ 0 $ 1,176.2
Martinez Acquisition [Member]
Business Acquisition [Line Items]
Gross purchase price $ 960
Working capital, including post close adjustments216.1
Contingent consideration[1]77.3
Total consideration $ 1,253.4
[1]The Martinez Acquisition included an obligation for the Company to make post-closing earn-out payments to the Seller based on certain earnings thresholds of the Martinez refinery (as set forth in the Sale and Purchase Agreement), for a period of up to four years following the acquisition closing date (the “Martinez Contingent Consideration”). The Company recorded the Martinez Contingent Consideration based on its estimated fair value of $77.3 million at the acquisition date, which was recorded within “Other long-term liabilities” within the Condensed Consolidated Balance Sheets. Subsequent changes in the fair value of the Martinez Contingent Consideration are recorded in the Condensed Consolidated Statement of Operations.

ACQUISITIONS (Assets and Liabil

ACQUISITIONS (Assets and Liabilities Acquired) (Details) - Martinez Acquisition [Member] $ in MillionsFeb. 01, 2020USD ($)
Business Acquisition [Line Items]
Inventories $ 224.1
Prepaid and other current assets5.4
Property, plant and equipment987.9
Operating lease right of use assets7.8 [1]
Financing lease right of use assets63.5 [1]
Deferred charges and other assets, net63.7
Accrued expenses(1.4)
Current operating lease liabilities(1.9)
Current financing lease liabilities(6)[2]
Long-term operating lease liabilities(5.9)
Long-term financing lease liabilities(57.5)
Other long-term liabilities - Environmental obligation(26.3)
Fair value of net assets acquired $ 1,253.4
[1]Operating and Financing lease right of use assets are recorded in Lease right of use assets - third-party within the Condensed Consolidated Balance Sheets.
[2]Current financing lease liabilities are recorded in Accrued expenses within the Condensed Consolidated Balance Sheets.

ACQUISITIONS (Pro Forma Informa

ACQUISITIONS (Pro Forma Information) (Details) - USD ($) $ in Millions2 Months Ended3 Months Ended
Mar. 31, 2020Mar. 31, 2021Mar. 31, 2020
Business Acquisition [Line Items]
Revenues $ 4,913.2 $ 5,260
Net Income (Loss) Attributable to Parent $ (57.1)(1,474.6)
Martinez Acquisition [Member]
Business Acquisition [Line Items]
Pro-forma revenues5,623.8
Pro-forma net loss attributable to PBF Holding $ (1,505.9)
Revenues $ 467.7
Net Income (Loss) Attributable to Parent $ 205.3

CURRENT EXPECTED CREDIT LOSSES

CURRENT EXPECTED CREDIT LOSSES (Details) - USD ($)Mar. 31, 2021Dec. 31, 2020
Credit Loss [Abstract]
Accounts Receivable, Allowance for Credit Loss $ 0 $ 0

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020Dec. 31, 2019
Inventory [Line Items]
Crude oil and feedstocks $ 1,177.2 $ 1,018.9
Refined products and blendstocks1,262.2 1,200.2
Warehouse stock and other137 136.7
Inventory, Gross2,576.4 2,355.8
Lower of cost or market adjustment(264)(669.6)
Total inventories2,312.4 1,686.2
Income (Loss) from Operations10.1 $ (1,414.4)
Scenario, Adjustment [Member]
Inventory [Line Items]
Lower of cost or market adjustment(264)(1,687.2)(669.6) $ (401.6)
Income (Loss) from Operations405.6 $ 1,285.6
Titled Inventory [Member]
Inventory [Line Items]
Crude oil and feedstocks1,177.2 1,018.9
Refined products and blendstocks994.7 933.7
Warehouse stock and other137 136.7
Inventory, Gross2,308.9 2,089.3
Lower of cost or market adjustment(205)(572.4)
Total inventories2,103.9 1,516.9
Inventory Supply and Offtake Arrangements [Member]
Inventory [Line Items]
Crude oil and feedstocks0 0
Refined products and blendstocks267.5 266.5
Warehouse stock and other0 0
Inventory, Gross267.5 266.5
Lower of cost or market adjustment(59)(97.2)
Total inventories $ 208.5 $ 169.3

ACCRUED EXPENSES (Details)

ACCRUED EXPENSES (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Accrued Expenses:
Inventory-related accruals $ 1,026.3 $ 695
Renewable energy credit and emissions obligations848.3 528.1
Inventory intermediation agreements202.7 225.8
Excise and sales tax payable120.8 119.7
Accrued transportation costs74.1 72.1
Accrued interest67.9 40.2
Accrued utilities48.1 58.6
Accrued refinery maintenance and support costs46.9 35.7
Accrued salaries and benefits33.3 40.1
Accrued capital expenditures14.7 14.4
Current finance lease liabilities13.2 14.4
Environmental liabilities11.2 11.4
Customer deposits4.9 4
Other66.7 22.3
Total accrued expenses $ 2,579.1 $ 1,881.8

DEBT (Details)

DEBT (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020Jan. 24, 2020
Debt Instrument [Line Items]
Long-term Line of Credit $ 900
Long-term Debt, Gross $ 3,993.1 3,984.9
Current debt(5.6)(7.4)
Unamortized premium0.6 0.6
Unamortized deferred financing costs(42.1)(45.3)
Long-term debt3,946 3,932.8
2028 Senior Notes [Member]
Debt Instrument [Line Items]
Long-term Debt $ 1,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long-term Line of Credit900
2028 Senior Notes [Member]
Debt Instrument [Line Items]
Long-term Debt[1]1,000 1,000
2025 Senior Secured Notes [Member]
Debt Instrument [Line Items]
Long-term Debt[1]1,250 1,250
2025 Senior Notes [Member]
Debt Instrument [Line Items]
Long-term Debt[1]725 725
Notes Payable to Banks [Member] | PBF Rail Logistics Company LLC [Member]
Debt Instrument [Line Items]
Long-term Debt[2]5.6 7.4
Catalyst Obligation [Member]
Debt Instrument [Line Items]
Long-term Debt[3] $ 112.5 $ 102.5
[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 outstanding senior 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 financing arrangements are valued using a market approach based upon commodity prices for similar instruments quoted in active markets and are categorized as a Level 2 measurement. The Company has elected the fair value option for accounting for its catalyst repurchase obligations as the Company’s liability is directly impacted by the change in fair value of the underlying catalyst.

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - PBF Logistics LP [Member] - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Cost of Sales [Member]
Related Party Transaction [Line Items]
Total expenses under affiliate agreements $ 75.9 $ 75.5
Services Agreement [Member] | General and Administrative Expense [Member]
Related Party Transaction [Line Items]
Total expenses under affiliate agreements2.2 2.2
Omnibus Agreement [Member] | General and Administrative Expense [Member]
Related Party Transaction [Line Items]
Total expenses under affiliate agreements $ 1.8 $ 2

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Dec. 31, 2020
Loss Contingencies [Line Items]
Environmental liability $ 150.7 $ 151.9
Martinez Acquisition [Member]
Loss Contingencies [Line Items]
Term of Agreement4 years
Business Combination, Contingent Consideration, Liability $ 29.5 0
Other Noncurrent Liabilities [Member]
Loss Contingencies [Line Items]
Environmental liability139.5 140.5
Environmental Issue [Member] | Torrance Refinery [Member]
Loss Contingencies [Line Items]
Environmental liability $ 112.3 $ 113.7

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Lessee, Lease, Description [Line Items]
Lessee, Lease Not Yet Commenced, Term Of Contract15 years
Lessee, Leases Not Yet Commenced, Liability $ 34.1
Operating lease costs $ 75.1 $ 60.5
Minimum [Member]
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Term of Contract1 year
Maximum [Member]
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Term of Contract20 years
Lease with Affiliate [Member]
Lessee, Lease, Description [Line Items]
Operating lease costs $ 32.3 $ 32.3
Lease with Affiliate [Member] | Minimum [Member]
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Term of Contract7 years
Lease with Affiliate [Member] | Maximum [Member]
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Term of Contract15 years

Leases - Lease Assets and Liabi

Leases - Lease Assets and Liabilities (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Lease Assets and Liabilities [Line Items]
Financing lease right of use assets - third party $ 76.5 $ 80.4
Lease, Right-of-Use Asset1,291 1,487.7
Operating Lease, Liability, Current148.5
Current finance lease liabilities13.2 14.4
Operating Lease, Liability, Noncurrent1,063.6
Long-term financing lease liabilities - third party66 68.3
Lease Liability1,291.3 1,487.9
Third Party Lease [Member]
Lease Assets and Liabilities [Line Items]
Lease right of use assets - affiliate663.9 836.3
Operating Lease, Liability, Current61.6 78.3
Operating Lease, Liability, Noncurrent599.9 755.9
Lease with Affiliate [Member]
Lease Assets and Liabilities [Line Items]
Lease right of use assets - affiliate550.6 571
Operating Lease, Liability, Current86.9 85.6
Operating Lease, Liability, Noncurrent $ 463.7 $ 485.4

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Finance lease costs
Amortization of lease right of use assets $ 3.9 $ 2.9
Interest on lease liabilities1.1 0.9
Operating lease costs75.1 60.5
Short-term lease costs16.1 22
Variable lease costs7 10.6
Total lease costs $ 103.2 $ 96.9

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow and Other Information (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases $ 75.2 $ 60.8
Operating cash flows for finance leases1.1 0.9
Financing cash flows for finance leases3.5 2.6
Assets acquired or remeasured under operating and financing leases $ (152.8) $ 111.1
Weighted average remaining lease term - operating leases10 years 1 month 6 days
Weighted average remaining lease term - finance leases6 years 10 months 24 days
Weighted average discount rate - operating leases13.10%
Weighted average discount rate - finance leases5.50%

Leases - Maturity of Lease Liab

Leases - Maturity of Lease Liabilities (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Finance Leases
2021 $ 17.2
202212.8
202312.8
202412.7
202511.1
Thereafter28.9
Total minimum lease payments95.5
Less: effect of discounting16.3
Present value of future minimum lease payments79.2
Less: current obligations under leases13.2 $ 14.4
Long-term lease obligations66 $ 68.3
Operating Leases
2021280
2022261.1
2023240.9
2024234
2025197.7
Thereafter1,022.9
Total minimum lease payments2,236.6
Less: effect of discounting1,024.5
Present value of future minimum lease payments1,212.1
Less: current obligations under leases148.5
Long-term lease obligations $ 1,063.6

EMPLOYEE BENEFIT PLANS (Details

EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Pension Plan, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost $ 14.4 $ 13.8
Interest cost1.3 1.8
Expected return on plan assets(3.6)(3.1)
Amortization of prior service cost and actuarial loss0 0.1
Net periodic benefit cost12.1 12.6
Post Retirement Medical Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost0.4 0.3
Interest cost0.1 0.1
Amortization of prior service cost and actuarial loss0.2 0.1
Net periodic benefit cost $ 0.7 $ 0.5

REVENUES (Details)

REVENUES (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Revenues $ 4,913.2 $ 5,260
Deferred revenue19.3 $ 45.1
Gasoline And Distillate [Member]
Revenues4,230.1 4,570.4
Asphalt and Residual Oil [Member]
Revenues215.4 207
Feedstocks and other [Member]
Revenues212.3 311.3
Chemicals [Member]
Revenues194.7 112.8
Lubricants [Member]
Revenues $ 60.7 $ 58.5

INCOME TAXES Income Taxes (Deta

INCOME TAXES Income Taxes (Details) $ in Millions3 Months Ended
Mar. 31, 2021USD ($)subsidiaryMar. 31, 2020USD ($)
Income Tax Disclosure [Abstract]
Number Of Subsidiaries Acquired | subsidiary2
Current income tax benefit $ (1.2) $ 0
Deferred income tax (benefit) expense(9.4)14.2
Total income tax (benefit) expense $ (10.6) $ 14.2

FAIR VALUE MEASUREMENTS (Measur

FAIR VALUE MEASUREMENTS (Measured on Recurring Basis) (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Defined Benefit Plan, Plan Assets, Amount $ 20.7 $ 21.2
Commodity contract [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability, Fair Value, Amount Not Offset Against Collateral22.4 9
Derivative, Collateral, Right to Reclaim Cash(22.4)(6)
Derivative Liability0 3
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 Collateral22.4 2.3
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 Collateral0 6.7
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 Collateral0 0
Catalyst Obligation [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, Collateral, Right to Reclaim Cash0 0
Obligations, Fair Value Disclosure112.5 102.5
Catalyst Obligation [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Obligations, Fair Value Disclosure0 0
Catalyst Obligation [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Obligations, Fair Value Disclosure112.5 102.5
Catalyst Obligation [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Obligations, Fair Value Disclosure0 0
Contingent Consideration
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, Collateral, Right to Reclaim Cash0 0
Obligations, Fair Value Disclosure29.5 0
Contingent Consideration | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Obligations, Fair Value Disclosure0 0
Contingent Consideration | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Obligations, Fair Value Disclosure0 0
Contingent Consideration | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Obligations, Fair Value Disclosure29.5 0
Money market funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents312.4 402.3
Money market funds [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents312.4 402.3
Money market funds [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents0 0
Money market funds [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents0 0
Commodity contract [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Amount Not Offset Against Collateral24.9 6
Derivative assets, Effect of Counter-party Netting(22.4)(6)
Derivative assets, Net Carrying Value on Balance Sheet2.5 0
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 Collateral24.9 2.5
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 Collateral0 3.5
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 Collateral0 0
Inventory Intermediation Agreement Obligation [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset, Fair Value, Amount Not Offset Against Collateral3.3 11.3
Derivative assets, Effect of Counter-party Netting0 0
Derivative assets, Net Carrying Value on Balance Sheet3.3 11.3
Inventory Intermediation Agreement Obligation [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 Collateral0 0
Inventory Intermediation Agreement Obligation [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 Collateral3.3 11.3
Inventory Intermediation Agreement Obligation [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 $ 0

FAIR VALUE MEASUREMENTS (Change

FAIR VALUE MEASUREMENTS (Change in Fair Value at Level 3) (Details) - USD ($)3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Change in Fair Value Measurement Categorized in Level 3 [Roll Forward]
Transfers into Level 3 $ 0 $ 0
Transfers out of Level 30 0
Contingent Consideration
Change in Fair Value Measurement Categorized in Level 3 [Roll Forward]
Balance at beginning of period0 0
Additions0 77,300,000
Unrealized loss (gain) included in earnings29,500,000 (53,000,000)
Balance at end of period $ 29,500,000 $ 24,300,000

FAIR VALUE MEASUREMENTS (Fair V

FAIR VALUE MEASUREMENTS (Fair Value and Carrying Value of Debt) (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, Fair value $ 3,615.5 $ 3,280.6
Long-term Line of Credit900
Long-term Debt, Gross3,993.1 3,984.9
Long-Term Debt And Capital Lease Obligations, Current, Fair Value Disclosure(5.6)(7.4)
Current debt(5.6)(7.4)
Unamortized premium0.6 0.6
Unamortized deferred financing costs(42.1)(45.3)
Long-term Debt, Excluding Current Maturities3,946 3,932.8
Long-term debt, excluding current maturities, Fair value3,609.9 3,273.2
Revolving Credit Facility [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Line of Credit900
2025 Senior Secured Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt[1]1,250 1,250
Long-term debt, Fair value[1]1,280.4 1,232.9
2028 Senior Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt[1]1,000 1,000
Long-term debt, Fair value[1]733 562.5
2025 Senior Notes [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt[1]725 725
Long-term debt, Fair value[1]584 475.3
Line of Credit [Member] | Revolving Credit Facility [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Line of Credit[2]900 900
Lines of Credit, Fair Value Disclosure[2]900 900
Catalyst Obligation [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt[3]112.5 102.5
Long-term debt, Fair value[3]112.5 102.5
PBF Rail Logistics Company LLC [Member] | Notes Payable to Banks [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt[2]5.6 7.4
Long-term debt, Fair value[2] $ 5.6 $ 7.4
[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 outstanding senior 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 financing arrangements are valued using a market approach based upon commodity prices for similar instruments quoted in active markets and are categorized as a Level 2 measurement. The Company has elected the fair value option for accounting for its catalyst repurchase obligations as the Company’s liability is directly impacted by the change in fair value of the underlying catalyst.

DERIVATIVES (Narrative) (Detail

DERIVATIVES (Narrative) (Details) - bblMar. 31, 2021Dec. 31, 2020
Crude Oil and Feedstock Inventory [Member] | Fair Value Hedging [Member]
Derivative [Line Items]
Derivative, notional amount, volume0 0
Intermediates and Refined Products Inventory [Member] | Fair Value Hedging [Member]
Derivative [Line Items]
Derivative, notional amount, volume2,306,301 2,604,736
Crude Oil Commodity Contract [Member] | Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative, notional amount, volume18,975,000 7,183,000
Refined Product Commodity Contract [Member] | Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Derivative, notional amount, volume3,138,000 2,810,000

DERIVATIVES (Fair Value of Deri

DERIVATIVES (Fair Value of Derivative Instruments) (Details) - USD ($) $ in MillionsMar. 31, 2021Dec. 31, 2020
Designated as Hedging Instrument [Member] | Inventory Intermediation Agreement Obligation [Member] | Accrued Expenses [Member]
Derivatives, Fair Value [Line Items]
Fair Value Asset/(Liability) $ 3.3 $ 11.3
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Accounts Receivable
Derivatives, Fair Value [Line Items]
Fair Value Asset/(Liability) $ 2.5 $ (3)

DERIVATIVES (Gain (Loss) Recogn

DERIVATIVES (Gain (Loss) Recognized in Income) (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Fair Value Hedge Ineffectiveness, Net $ 0 $ 0
Inventory Intermediation Agreement Obligation [Member] | Designated as Hedging Instrument [Member] | Cost of Sales [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain or (Loss) Recognized in Income on Derivatives(8)67.9
Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | Cost of Sales [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain or (Loss) Recognized in Income on Derivatives(14.8)78.2
Intermediates and Refined Products Inventory [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | Cost of Sales [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain or (Loss) Recognized in Income on Derivatives $ 8 $ (67.9)