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PBFX PBF Logistics

Document and Entity Information

Document and Entity Information - shares9 Months Ended
Sep. 30, 2021Oct. 22, 2021
Cover [Abstract]
Document Type10-Q
Document Quarterly Reporttrue
Document Period End DateSep. 30,
2021
Document Transition Reportfalse
Entity File Number001-36446
Entity Registrant NamePBF LOGISTICS LP
Entity Incorporation, State or Country CodeDE
Entity Tax Identification Number35-2470286
Entity Address, Address Line OneOne Sylvan Way, Second Floor
Entity Address, City or TownParsippany,
Entity Address, State or ProvinceNJ
Entity Address, Postal Zip Code07054
City Area Code973
Local Phone Number455-7500
Title of 12(b) SecurityCommon Units Representing Limited Partner Interests
Trading SymbolPBFX
Security Exchange NameNYSE
Entity Current Reporting StatusYes
Entity Interactive Data CurrentYes
Entity Filer CategoryAccelerated Filer
Entity Smaller Reporting Companyfalse
Entity Emerging Growth Companyfalse
Entity Shell Companyfalse
Entity Common Units, Units Outstanding (in shares)62,517,137
Entity Central Index Key0001582568
Amendment Flagfalse
Document Fiscal Period FocusQ3
Document Fiscal Year Focus2021
Current Fiscal Year End Date--12-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in ThousandsSep. 30, 2021Dec. 31, 2020
Current assets:
Cash and cash equivalents $ 28,647 $ 36,284
Accounts receivable - affiliates63,244 53,220
Accounts receivable6,009 11,382
Prepaids and other current assets4,383 2,590
Total current assets102,283 103,476
Property, plant and equipment, net798,832 820,174
Goodwill6,332 6,332
Other non-current assets3,132 3,570
Total assets910,579 933,552
Current liabilities:
Accounts payable - affiliates3,962 4,940
Accounts payable3,887 4,602
Accrued liabilities26,311 32,224
Deferred revenue2,741 2,117
Total current liabilities36,901 43,883
Long-term debt647,124 720,845
Other long-term liabilities1,377 1,607
Total liabilities685,402 766,335
Commitments and contingencies (Note 9)
Equity:
Common unitholders (62,517,137 and 62,364,838 units issued and outstanding, as of September 30, 2021 and December 31, 2020, respectively)225,177 167,217
Total equity225,177 167,217
Total liabilities and equity $ 910,579 $ 933,552

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - Common Units [Member] - sharesSep. 30, 2021Dec. 31, 2020
Common units issued (in shares)62,517,137 62,364,838
Common units outstanding (in shares)62,517,137 62,364,838

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands3 Months Ended9 Months Ended
Sep. 30, 2021Sep. 30, 2020Sep. 30, 2021Sep. 30, 2020
Revenue:
Affiliate $ 75,464 $ 70,716 $ 226,504 $ 218,681
Third-party13,389 18,294 39,692 52,487
Total revenue88,853 89,010 266,196 271,168
Costs and expenses:
Operating and maintenance expenses27,265 22,730 77,760 75,385
General and administrative expenses3,902 4,112 14,592 12,798
Depreciation and amortization9,787 14,305 28,468 36,821
Impairment expense0 7,000 0 7,000
Change in contingent consideration761 (14,765)2,565 (14,235)
Total costs and expenses41,715 33,382 123,385 117,769
Income from operations47,138 55,628 142,811 153,399
Other expense:
Interest expense, net(10,027)(10,544)(30,526)(33,929)
Amortization of loan fees and debt premium(423)(328)(1,278)(1,309)
Accretion on discounted liabilities(6)(594)(18)(1,726)
Net income $ 36,682 $ 44,162 $ 110,989 $ 116,435
Common Units [Member]
Net income per limited partner unit:
Common units - basic (in dollars per share) $ 0.58 $ 0.71 $ 1.77 $ 1.87
Common units - diluted (in dollars per share) $ 0.58 $ 0.71 $ 1.76 $ 1.87
Weighted-average limited partner units outstanding:
Common units - basic (in shares)62,887,914 62,519,105 62,820,193 62,424,217
Common units - diluted (in shares)62,997,487 62,529,489 62,934,116 62,429,475

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands3 Months Ended9 Months Ended12 Months Ended
Sep. 30, 2021Sep. 30, 2020Sep. 30, 2021Sep. 30, 2020Dec. 31, 2020
Cash flows from operating activities:
Net income $ 110,989 $ 116,435
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization $ 9,787 $ 14,305 28,468 36,821
Impairment expense0 7,000 0 7,000
Amortization of loan fees and debt premium423 328 1,278 1,309
Accretion on discounted liabilities6 594 18 1,726
Unit-based compensation expense4,658 3,242
Change in contingent consideration2,565 (14,235)
Changes in operating assets and liabilities:
Accounts receivable - affiliates(10,024)(7,846)
Accounts receivable5,373 (2,059)
Prepaids and other current assets(1,793)(565)
Accounts payable - affiliates(978)115
Accounts payable(639)(5,674)
Accrued liabilities3,382 7,748
Deferred revenue624 2,314
Other assets and liabilities(217)(4,902)
Net cash provided by operating activities143,704 141,429
Cash flows from investing activities:
Expenditures for property, plant and equipment(6,892)(9,635)
Net cash used in investing activities(6,892)(9,635)
Cash flows from financing activities:
Distributions to unitholders(56,216)(69,718)
Proceeds from revolving credit facility0 100,000
Repayment of revolving credit facility(75,000)(170,000)
Payment of contingent consideration(12,176)0
Deferred financing costs and other(1,057)809
Net cash used in financing activities(144,449)(138,909)
Net change in cash and cash equivalents(7,637)(7,115)
Cash and cash equivalents, beginning of period36,284 34,966 $ 34,966
Cash and cash equivalents, end of period $ 28,647 $ 27,851 28,647 27,851 $ 36,284
Supplemental disclosure of non-cash investing and financing activities:
Accrued and unpaid capital expenditures504 843
Contribution of net assets from PBF LLC $ 316 $ 0

DESCRIPTION OF THE BUSINESS AND

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION9 Months Ended
Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATIONDESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION PBF Logistics LP (“PBFX” or the “Partnership”) is a Delaware master limited partnership formed in February 2013. PBF Logistics GP LLC (“PBF GP” or “our general partner”) serves as the general partner of PBFX. PBF GP is wholly-owned by PBF Energy Company LLC (“PBF LLC”). PBF Energy Inc. (“PBF Energy”) is the sole managing member of PBF LLC and, as of September 30, 2021, owned 99.2% of the total economic interest in PBF LLC. In addition, PBF LLC is the sole managing member of PBF Holding Company LLC (“PBF Holding”), a Delaware limited liability company and affiliate of PBFX. PBF LLC owned 29,953,631 PBFX common units constituting an aggregate of 47.9% limited partner interest in PBFX, with the remaining 52.1% limited partner interest owned by public unitholders as of September 30, 2021. PBFX engages in the processing of crude oil and the receiving, handling, storage and transferring of crude oil, refined products, natural gas and intermediates. The Partnership generally does not take ownership of or receive any payments based on the value of the crude oil, products, natural gas or intermediates that it handles and does not engage in the trading of any commodities. PBFX’s assets are integral to the operations of PBF Holding’s refineries, and, as a result, the Partnership continues to generate a substantial majority of its revenue from transactions with PBF Holding. Additionally, certain of PBFX’s assets generate revenue from third-party transactions. Principles of Combination and Consolidation and Basis of Presentation In connection with, and subsequent to, PBFX’s initial public offering (“IPO”), the Partnership has acquired certain assets from PBF LLC (collectively referred to as the “Contributed Assets”). Such acquisitions completed subsequent to the IPO were made through a series of dropdown transactions with PBF LLC (collectively referred to as the “Acquisitions from PBF”). The assets, liabilities and results of operations of the Contributed Assets prior to their acquisition by PBFX are collectively referred to as the “Predecessor.” The transactions through which PBFX acquired the Contributed Assets were transfers of assets between entities under common control. The accompanying condensed consolidated financial statements and related notes present solely the consolidated financial position and consolidated financial results of PBFX. Refer to the Annual Report on Form 10-K for the year ended December 31, 2020 (the “2020 Form 10-K”) for additional information regarding the Acquisitions from PBF and the agreements that were entered into or amended with related parties in connection with these acquisitions. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, these unaudited condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, PBFX has included all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the financial position, results of operations and cash flows of PBFX for the periods presented. The results of operations for the three and nine months ended September 30, 2021 are not necessarily indicative of the results that may be expected for the full year. The Predecessor generally did not operate its respective assets for the purpose of generating revenue independent of other PBF Energy businesses prior to the IPO or the effective dates of the Acquisitions from PBF. All intercompany accounts and transactions have been eliminated.

REVENUE

REVENUE9 Months Ended
Sep. 30, 2021
Revenues [Abstract]
REVENUE2. REVENUE Revenue Recognition In accordance with FASB Accounting Standards Codification Topic 606 “Revenue from Contracts with Customers,” revenue is recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration to which the Partnership expects to be entitled in exchange for those goods or services. As disclosed in Note 11 “Segment Information” of the Notes to Condensed Consolidated Financial Statements, the Partnership’s business consists of two reportable segments: (i) Transportation and Terminaling and (ii) Storage. The following table provides information relating to the Partnership’s revenue for each service category by segment for the periods presented: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Transportation and Terminaling Segment Terminaling $ 37,628 $ 35,468 $ 114,849 $ 108,196 Pipeline 20,980 19,974 62,667 60,732 Other 11,110 11,550 34,387 35,016 Total 69,718 66,992 211,903 203,944 Storage Segment Storage 14,550 13,815 42,443 41,366 Other 4,585 8,203 11,850 25,858 Total 19,135 22,018 54,293 67,224 Total Revenue $ 88,853 $ 89,010 $ 266,196 $ 271,168 PBFX recognizes revenue by charging fees for crude oil and refined products terminaling, pipeline, storage and processing services based on contractual rates applied to the greater of contractual minimum volume commitments (“MVCs”), as applicable, or actual volumes transferred, stored or processed. Minimum Volume Commitments Transportation and Terminaling Segment The Partnership’s Transportation and Terminaling segment consists of product terminals, pipelines, crude unloading facilities and other facilities capable of transporting and handling crude oil, refined products and natural gas. Certain of the affiliate and third-party Transportation and Terminaling commercial agreements contain MVCs. Under these commercial agreements, if the Partnership’s customer fails to transport its minimum throughput volumes during any specified period, the customer will pay the Partnership an amount equal to the difference in actual volumes transported and/or throughput and the minimum volumes required under the agreement multiplied by the applicable contractual rate (each a “deficiency payment”). Deficiency payments are initially recorded as deferred revenue on the Partnership’s balance sheets for all contracts in which the MVC deficiency makeup period is contractually longer than a fiscal quarter. Certain of the Partnership’s customers may apply deficiency payment amounts as a credit against volumes throughput in excess of its MVC, as applicable, during subsequent quarters under the terms of the applicable agreement. The Partnership recognizes operating revenue for the deficiency payments when credits are used for volumes transported in excess of MVCs or at the end of the contractual period. Unused credits determined to have a remote chance of being utilized by customers in the future are recognized as operating revenue in the period when that determination is made. The use or recognition of the credits is recorded as a reduction to deferred revenue. Storage Segment The Partnership earns storage revenue under crude oil and refined products storage contracts. In addition, the Partnership earns storage revenue under its processing agreement at its East Coast storage facility. Certain of these affiliate and third-party contracts contain capacity reservation agreements, under which the Partnership collects a fee for reserving storage capacity for customers in its facilities. Customers generally pay reservation fees based on the level of storage capacity reserved rather than the actual volumes stored. MVC Payments to be Received As of September 30, 2021, MVC payments to be received, based on future performance obligations of the Partnership, related to noncancellable commercial terminaling, pipeline and storage agreements were as follows: Remainder of 2021 $ 30,021 2022 92,567 2023 89,204 2024 87,175 2025 86,937 Thereafter — Total MVC payments to be received (1)(2) $ 385,904 (1) All fixed consideration from contracts with customers is included in the amounts presented above. Variable consideration that is constrained or not required to be estimated is excluded. (2) Arrangements deemed leases are excluded from this table. Leases Lessor Disclosures The Partnership has leased certain of its assets under lease agreements with varying terms up to fifteen years, including leases of storage, terminaling, pipeline and processing assets. Certain of these leases include options to extend or renew the lease for one At inception, the Partnership determines if an arrangement contains a lease and whether that lease meets the classification criteria of a finance or operating lease. As of September 30, 2021, all of the Partnership’s leases have been determined to be operating leases. Some of the Partnership’s lease arrangements contain lease components ( e.g., MVCs) and non-lease components ( e.g., maintenance, labor charges, etc.). The Partnership accounts for the lease and non-lease components as a single lease component for every asset class. Certain of the Partnership’s lease agreements include MVCs that are adjusted periodically based on a specified index or rate. The leases are initially measured using the projected payments adjusted for the index or rate in effect at the commencement date. The Partnership’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Partnership expects to derive significant future benefits from its leased assets following the end of the lease term, as the remaining useful life would be sufficient to allow the Partnership to enter into new leases for such assets. In the normal course of business, the Partnership enters into contracts with PBF Holding and its refineries whereby PBF Holding and its refineries lease certain of the Partnership’s storage, terminaling and pipeline assets. The Partnership believes the terms and conditions under these leases are generally no less favorable to either party than those that could have been negotiated with unaffiliated parties with respect to similar services. The terms of these affiliate leases range from one The table below quantifies lease revenue for the three and nine months ended September 30, 2021 and 2020: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Affiliate $ 38,305 $ 36,212 $ 112,275 $ 112,600 Third-party 9,508 13,449 26,303 40,173 Total lease revenue $ 47,813 $ 49,661 $ 138,578 $ 152,773 Undiscounted Cash Flows The table below presents the fixed component of the undiscounted cash flows to be received for each of the periods presented for the Partnership’s operating leases with customers as of September 30, 2021: Remainder of 2021 $ 36,059 2022 134,791 2023 133,090 2024 131,874 2025 105,186 Thereafter 128,339 Total undiscounted cash flows to be received $ 669,339 Assets Under Lease The Partnership’s assets that are subject to lease are included in “Property, plant and equipment, net” within the Partnership’s condensed consolidated balance sheets. The table below quantifies, by category within property, plant and equipment, the assets that are subject to lease as of September 30, 2021 and December 31, 2020: September 30, December 31, Land $ 98,337 $ 98,337 Pipelines 321,998 321,254 Terminals and equipment 83,387 83,387 Storage facilities and processing units 182,819 182,600 686,541 685,578 Accumulated depreciation (127,853) (109,153) Net assets subject to lease $ 558,688 $ 576,425 Deferred Revenue The Partnership records deferred revenue when cash payments are received or due in advance of performance, including amounts which are refundable. Deferred revenue was $2,741 and $2,117 as of September 30, 2021 and December 31, 2020, respectively. The increase in the deferred revenue balance as of September 30, 2021 is primarily driven by the timing and extent of cash payments received in advance of satisfying the Partnership’s performance obligations for the comparative periods. The Partnership’s payment terms vary by the type and location of the customer and the services offered. The period between invoicing and when payment is due is not significant ( i.e., generally within two months). For certain services and customer types, the Partnership requires payment before the services are performed for the customer.

CURRENT EXPECTED CREDIT LOSSES

CURRENT EXPECTED CREDIT LOSSES9 Months Ended
Sep. 30, 2021
Credit Loss [Abstract]
CURRENT EXPECTED CREDIT LOSSESCURRENT EXPECTED CREDIT LOSSES Credit Losses The Partnership has exposure to credit losses through its collection of fees charged to customers for terminaling, pipeline, storage and processing services. The Partnership evaluates creditworthiness on an individual customer basis. The Partnership 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 Partnership 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 Partnership may require security in the form of letters of credit or cash payments in advance of product and services delivery for certain customers that are deemed higher risk. Additionally, the Partnership may hold customers’ product in storage at its facilities as collateral and/or deny access to its facilities, as allowable under commercial law or its contractual agreements, should payment not be received. The Partnership 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 coronavirus disease 2019 (“COVID-19”) pandemic and related governmental and consumer responses, the Partnership has been performing ongoing credit reviews of its customers including monitoring for any negative credit events such as customer bankruptcy or insolvency events. Based on its credit assessments, the Partnership may adjust payment terms or limit available trade credit for customers, and customers within certain industries, which are deemed to be at a higher risk. The Partnership 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 September 30, 2021 or December 31, 2020.

PROPERTY, PLANT AND EQUIPMENT,

PROPERTY, PLANT AND EQUIPMENT, NET9 Months Ended
Sep. 30, 2021
Property, Plant and Equipment [Abstract]
PROPERTY, PLANT AND EQUIPMENT, NETPROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment, net consisted of the following: September 30, December 31, Land $ 115,957 $ 115,957 Pipelines 346,072 345,328 Terminals and equipment 324,908 319,861 Storage facilities and processing units 202,007 200,662 Construction in progress 2,697 3,761 991,641 985,569 Accumulated depreciation (192,809) (165,395) Property, plant and equipment, net $ 798,832 $ 820,174

GOODWILL AND INTANGIBLES

GOODWILL AND INTANGIBLES9 Months Ended
Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLESGOODWILL AND INTANGIBLES The Partnership performed its annual goodwill impairment assessment as of July 1, 2021 and determined that the carrying value of goodwill was not impaired. As of September 30, 2021, the carrying amount of goodwill was $6,332, all of which was recorded within the Transportation and Terminaling segment. The Partnership’s net intangibles consisted of the following: September 30, December 31, Customer contracts $ 9,300 $ 9,300 Customer relationships 5,900 5,900 15,200 15,200 Accumulated amortization (12,272) (11,896) Total intangibles, net (1) $ 2,928 $ 3,304 (1) Total intangibles, net are included in “Other non-current assets” within the Partnership’s condensed consolidated balance sheets.

DEBT

DEBT9 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]
DEBTDEBT Total debt was comprised of the following: September 30, December 31, 2023 Notes $ 525,000 $ 525,000 Revolving Credit Facility (1)(2) 125,000 200,000 Total debt outstanding 650,000 725,000 Unamortized debt issuance costs (3,975) (5,754) Unamortized 2023 Notes premium 1,099 1,599 Net carrying value of debt $ 647,124 $ 720,845 ___________________ (1) PBFX had $4,008 of outstanding letters of credit and $370,992 available under its $500,000 amended and restated revolving credit facility with Wells Fargo Bank, National Association, as administrative agent and a syndicate of lenders (as amended, the “Revolving Credit Facility”) as of September 30, 2021. (2) During the nine months ended September 30, 2021, PBFX made net repayments of $75,000 under the Revolving Credit Facility. Fair Value Measurement A fair value hierarchy (Level 1, Level 2, or Level 3) is used to categorize fair value amounts based on the quality of inputs used to measure fair value. Accordingly, fair values derived from Level 1 inputs utilize quoted prices in active markets for identical assets or liabilities. Fair values derived from Level 2 inputs are based on quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are either directly or indirectly observable for the asset or liability. Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability.

EQUITY

EQUITY9 Months Ended
Sep. 30, 2021
Equity [Abstract]
EQUITYEQUITY PBFX had 32,563,506 outstanding common units held by the public as of September 30, 2021. PBF LLC owns 29,953,631 PBFX common units constituting an aggregate of 47.9% of PBFX’s limited partner interest as of September 30, 2021. Unit Activity The partnership agreement authorizes PBFX to issue an unlimited number of additional partnership interests for the consideration of, and on the terms and conditions determined by, PBFX’s general partner without the approval of the unitholders. It is possible that PBFX will fund future acquisitions through the issuance of additional common units, subordinated units or other partnership interests. The following tables present changes in PBFX common units outstanding: Three Months Ended September 30, 2021 2021 2020 Balance at beginning of period 62,510,376 62,349,592 Vesting of phantom units, net of forfeitures 6,761 10,932 Balance at end of period 62,517,137 62,360,524 Nine Months Ended September 30, 2021 2021 2020 Balance at beginning of period 62,364,838 62,130,035 Vesting of phantom units, net of forfeitures 152,299 230,489 Balance at end of period 62,517,137 62,360,524 Additionally, 325,384 of the Partnership’s phantom units issued under the PBFX 2014 Long-Term Incentive Plan vested and were converted into common units held by certain directors, officers and current and former employees of our general partner or its affiliates during the year ended December 31, 2020. Holders of any additional common units PBFX issues will be entitled to share equally with the then-existing common unitholders in PBFX’s distributions of available cash. Equity Activity The following tables summarize the changes in the carrying amount of the Partnership’s equity during the nine months ended September 30, 2021 and 2020: Common Units Balance at December 31, 2020 $ 167,217 Quarterly distributions to unitholders ($0.30 per unit) (18,926) Net income attributable to the partners 37,211 Unit-based compensation expense 989 Other 15 Balance at March 31, 2021 $ 186,506 Quarterly distributions to unitholders ($0.30 per unit) (19,023) Net income attributable to the partners 37,096 Unit-based compensation expense 2,834 Other (696) Balance at June 30, 2021 $ 206,717 Quarterly distributions to unitholders ($0.30 per unit) (19,012) Net income attributable to the partners 36,682 Unit-based compensation expense 835 Other (45) Balance at September 30, 2021 $ 225,177 Common Units Balance at December 31, 2019 $ 105,083 Quarterly distributions to unitholders ($0.52 per unit) (32,703) Net income attributable to the partners 34,813 Unit-based compensation expense (1) 1,302 Other (6) Balance at March 31, 2020 $ 108,489 Quarterly distributions to unitholders ($0.30 per unit) (18,843) Net income attributable to the partners 37,460 Unit-based compensation expense 945 Other (805) Balance at June 30, 2020 $ 127,246 Quarterly distributions to unitholders ($0.30 per unit) (18,847) Net income attributable to the partners 44,162 Unit-based compensation expense 995 Balance at September 30, 2020 $ 153,556 (1) Inclusive of $201 of expense associated with the accelerated vesting of phantom units in March 2020 for nonretirement eligible employees in accordance with their grant agreements. Cash Distributions PBFX’s partnership agreement sets forth the calculation to be used to determine the amount and priority of cash distributions that the unitholders and general partner will receive. During the nine months ended September 30, 2021, PBFX made distribution payments as follows: Related Earnings Period: Q4 2020 Q1 2021 Q2 2021 Distribution date March 17, 2021 May 27, 2021 August 26, 2021 Record date February 25, 2021 May 13, 2021 August 12, 2021 Per unit $ 0.30 $ 0.30 $ 0.30 To public common unitholders $ 9,724 $ 9,766 $ 9,769 To PBF LLC $ 8,986 $ 8,986 $ 8,986 Total distribution $ 18,710 $ 18,752 $ 18,755 The quarterly distributions to limited partners for the three and nine months ended September 30, 2021 and 2020 are shown in the table below. The Partnership’s distributions are declared subsequent to quarter end (distributions of $0.30 per unit were declared for each of the three-month periods ended September 30, 2021 and 2020, distributions of $0.30 per unit were declared for each of the three-month periods ended June 30, 2021 and 2020, and distributions of $0.30 per unit were declared for each of the three-month periods ended March 31, 2021 and 2020); therefore, the table represents total estimated distributions applicable to the period in which the distributions were earned: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Limited partners’ distributions: Common $ 19,015 $ 18,848 $ 57,060 $ 56,541 Total distributions $ 19,015 $ 18,848 $ 57,060 $ 56,541 Total cash distributions (1) $ 18,771 $ 18,708 $ 56,278 $ 56,119 (1) Excludes phantom unit distributions, which are accrued and paid upon vesting.

NET INCOME PER UNIT

NET INCOME PER UNIT9 Months Ended
Sep. 30, 2021
Earnings Per Share [Abstract]
NET INCOME PER UNITNET INCOME PER UNIT Earnings in excess of distributions are allocated to the limited partners based on their respective ownership interests. Payments made to PBFX’s unitholders are determined in relation to actual distributions declared and are not based on the net income (loss) allocations used in the calculation of net income (loss) per unit. Diluted net income per unit includes the effect of potentially dilutive units of PBFX’s common units that consist of unvested phantom units. There were 314,128 and 119,128 anti-dilutive phantom units for the three and nine months ended September 30, 2021, compared to 273,232 and 285,515 anti-dilutive phantom units for the three and nine months ended September 30, 2020. The following table shows the calculation of net income per limited partner unit: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Net income attributable to the partners: Distributions declared $ 19,015 $ 18,848 $ 57,060 $ 56,541 Earnings less distributions 17,667 25,314 53,929 59,894 Net income attributable to the partners $ 36,682 $ 44,162 $ 110,989 $ 116,435 Weighted-average units outstanding - basic 62,887,914 62,519,105 62,820,193 62,424,217 Weighted-average units outstanding - diluted 62,997,487 62,529,489 62,934,116 62,429,475 Net income per limited partner unit - basic $ 0.58 $ 0.71 $ 1.77 $ 1.87 Net income per limited partner unit - diluted 0.58 0.71 1.76 1.87

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES9 Months Ended
Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIESCOMMITMENTS AND CONTINGENCIES Environmental Matters PBFX’s assets, along with PBF Energy’s refineries, are subject to extensive and frequently changing federal, state and local laws and regulations, including, but not limited to, those relating to the discharge of materials into the environment or that otherwise relate to the protection of the environment (including in response to the potential impacts of climate change), waste management and the characteristics and the composition of fuels. Compliance with existing and anticipated laws and regulations can increase the overall cost of operating the Partnership’s assets, including remediation, operating costs and capital costs to construct, maintain and upgrade equipment and facilities. PBFX recorded a total liability related to environmental remediation obligations at certain of its assets of $1,769 and $1,760 as of September 30, 2021 and December 31, 2020, respectively, related to existing environmental liabilities. During the first quarter of 2019, the Partnership notified certain agencies of an oil sheen present in the Schuylkill River near one of its facilities. Clean-up, identification and mitigation of the source were immediately initiated. The Pennsylvania Department of Environmental Protection (“PADEP”) approved the Site Characterization Report submitted by the Partnership. A Remedial Action Plan was submitted to the PADEP in October 2020. The PADEP approved the Remedial Action Plan in January 2021, and the response activities are substantially complete. Future remediation costs and any potential penalties are currently not expected to be material to the Partnership. Contingent Consideration In connection with the Partnership’s acquisition of CPI Operations LLC from Crown Point International LLC (“Crown Point”) in October 2018, the purchase and sale agreement between the Partnership and Crown Point included an earn-out provision related to an existing commercial agreement with a third party, based on the future results of certain acquired idled assets (the “Contingent Consideration”). The Partnership and Crown Point agreed to share equally in the future operating profits of the restarted assets, as defined in the purchase and sale agreement, over a contractual term of up to three years starting in 2019. The Contingent Consideration recorded was $2,508 and $12,120 as of September 30, 2021 and December 31, 2020, respectively. The Contingent Consideration is included in “Accrued liabilities” within the Partnership’s condensed consolidated balance sheets. The Contingent Consideration is categorized in Level 3 of the fair value hierarchy and is estimated using a discounted cash flow model based on management’s estimate of the future cash flows associated with the recommenced idled assets. The changes in fair value of the obligation during the three and nine months ended September 30, 2021 and 2020 were impacted primarily due to the changes in the estimated future cash flows of the assets, accretion on the discounted liability and settlement payments made by the Partnership. Pursuant to the terms of the commercial agreement, the counterparty exercised its right to terminate the contract at the conclusion of the initial contract year, resulting in an adjustment in the fair value of the Contingent Consideration for the year ended December 31, 2020 of $16,429, reflecting the elimination of the estimated earn-out for years two and three of the performance period. Subsequent to the contract termination, the counterparty and the Partnership agreed to multiple extension agreements for certain of the originally contracted services on a limited basis through the third quarter of 2021. The operating profits resulting from the contract extension remain subject to the earn-out provision between the Partnership and Crown Point. As of the date of this Form 10-Q, the services with the counterparty have ceased. Any future agreements entered into related to the restarted processing unit assets could result in earn-out obligations for the Partnership during the three-year contractual period. The following table summarizes the changes in fair value of the Contingent Consideration for the three and nine months ended September 30, 2021 and 2020: Three Months Ended September 30, Nine Months Ended 2021 2020 2021 2020 Balance at beginning of period $ 1,748 $ 27,899 $ 12,120 $ 26,086 Accretion on discounted liabilities — 587 — 1,706 Settlements — — (12,176) — Unrealized charge (gain) included in earnings 760 (14,766) 2,564 (14,072) Balance at end of period $ 2,508 $ 13,720 $ 2,508 $ 13,720

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS9 Months Ended
Sep. 30, 2021
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONSRELATED PARTY TRANSACTIONS Agreements with PBF Energy Entities Commercial Agreements PBFX currently derives a majority of its revenue from long-term, fee-based agreements with PBF Holding, which generally include MVCs and contractual fee escalations for inflation adjustments and certain increases in operating costs. PBFX believes the terms and conditions under these agreements, as well as the Omnibus Agreement and the Services Agreement (each as defined below), each with PBF Holding, are generally no less favorable to either party than those that could have been negotiated with unaffiliated parties with respect to similar services. Refer to the 2020 Form 10-K for a more complete description of PBFX’s commercial agreements with PBF Holding, including those identified as leases, which were entered into prior to 2021. No new agreements or amendments were entered into during the nine months ended September 30, 2021. Other Agreements In addition to the commercial agreements described above, PBFX has entered into an omnibus agreement with PBF GP, PBF LLC and PBF Holding, which has been amended and restated in connection with certain of the Acquisitions from PBF (as amended, the “Omnibus Agreement”). This 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, PBFX has entered into an operation and management services and secondment agreement with PBF Holding and certain of its subsidiaries (as amended, the “Services Agreement”), pursuant to which PBF Holding and its subsidiaries provide PBFX with the personnel necessary for the Partnership to perform its obligations under its commercial agreements. PBFX reimburses PBF Holding for the use of such employees and the provision of certain infrastructure-related services to the extent applicable to its operations, including storm water discharge and waste water treatment, steam, potable water, access to certain roads and grounds, sanitary sewer access, electrical power, emergency response, filter press, fuel gas, API solids treatment, fire water and compressed air. The Services Agreement will terminate upon the termination of the Omnibus Agreement, provided that the Partnership may terminate any service upon 30-days’ notice. Refer to the 2020 Form 10-K for a more complete description of the Omnibus Agreement and the Services Agreement. Summary of Transactions A summary of revenue and expense transactions with the Partnership’s affiliates, including expenses directly charged and allocated to the Partnership, is as follows: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Revenue $ 75,464 $ 70,716 $ 226,504 $ 218,681 Operating and maintenance expenses 2,171 2,171 6,512 6,512 General and administrative expenses 1,816 1,895 5,531 5,843

SEGMENT INFORMATION

SEGMENT INFORMATION9 Months Ended
Sep. 30, 2021
Segment Reporting [Abstract]
SEGMENT INFORMATIONSEGMENT INFORMATION The Partnership’s operations are comprised of operating segments, which are strategic business units that offer different services in various geographical locations. PBFX has evaluated the performance of each operating segment based on its respective operating income. The operating segments adhere to the accounting polices used for the consolidated financial statements, as described in Note 2 “Summary of Accounting Policies” of the Notes to Consolidated Financial Statements in the 2020 Form 10-K. The Partnership’s operating segments are organized into two reportable segments: (i) Transportation and Terminaling and (ii) Storage. Operations that are not included in either the Transportation and Terminaling or the Storage segments are included in Corporate. The Partnership does not have any foreign operations. The Partnership’s Transportation and Terminaling segment consists of operating segments that include product terminals, pipelines, crude unloading facilities and other facilities capable of transporting and handling crude oil, refined products and natural gas. The Partnership’s Storage segment consists of operating segments that include storage and other facilities capable of processing crude oil and handling crude oil, refined products and intermediates. Revenue is generated from third-party transactions as well as commercial agreements entered into with PBF Holding under which the Partnership receives fees for transportation, terminaling, storage and processing services. The commercial agreements with PBF Holding are described in Note 10 “Related Party Transactions” of the Notes to Condensed Consolidated Financial Statements. Certain general and administrative expenses and interest and financing costs are included in Corporate as they are not directly attributable to a specific reporting segment. Identifiable assets are those used by the operating segments, whereas assets included in Corporate are principally cash, deposits and other assets that are not associated with operations. Three Months Ended September 30, 2021 Transportation and Terminaling Storage Corporate Consolidated Total Total revenue $ 69,718 $ 19,135 $ — $ 88,853 Depreciation and amortization 7,613 2,174 — 9,787 Income (loss) from operations 42,744 8,296 (3,902) 47,138 Other expense — — 10,456 10,456 Capital expenditures 3,281 102 — 3,383 Three Months Ended September 30, 2020 Transportation and Terminaling Storage Corporate Consolidated Total Total revenue $ 66,992 $ 22,018 $ — $ 89,010 Depreciation and amortization 7,010 7,295 — 14,305 Income (loss) from operations 43,377 16,363 (4,112) 55,628 Other expense — — 11,466 11,466 Capital expenditures 1,438 325 — 1,763 Nine Months Ended September 30, 2021 Transportation and Terminaling Storage Corporate Consolidated Total Total revenue $ 211,903 $ 54,293 $ — $ 266,196 Depreciation and amortization 21,953 6,515 — 28,468 Income (loss) from operations 134,801 22,602 (14,592) 142,811 Other expense — — 31,822 31,822 Capital expenditures 6,590 302 — 6,892 Nine Months Ended September 30, 2020 Transportation and Terminaling Storage Corporate Consolidated Total Total revenue $ 203,944 $ 67,224 $ — $ 271,168 Depreciation and amortization 21,105 15,716 — 36,821 Income (loss) from operations 127,557 38,640 (12,798) 153,399 Other expense — — 36,964 36,964 Capital expenditures 6,469 3,166 — 9,635 Balance at September 30, 2021 Transportation and Terminaling Storage Corporate Consolidated Total Total assets $ 686,222 $ 195,058 $ 29,299 $ 910,579 Balance at December 31, 2020 Transportation and Terminaling Storage Corporate Consolidated Total Total assets $ 715,308 $ 200,130 $ 18,114 $ 933,552

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS9 Months Ended
Sep. 30, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTSSUBSEQUENT EVENTS Cash Distribution On October 28, 2021, PBF GP’s board of directors announced a cash distribution, based on the results of the third quarter of 2021, of $0.30 per unit. The distribution is payable on November 30, 2021 to PBFX unitholders of record at the close of business on November 12, 2021.

DESCRIPTION OF THE BUSINESS A_2

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Policies)9 Months Ended
Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Recently Issued Accounting PronouncementsRecently Issued Accounting PronouncementsIn March 2020, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”). The amendments in ASU 2020-04 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 relationships and other transactions affected by the expected market transition from London Interbank Offering Rate (“LIBOR”) and other interbank rates if certain criteria are met. The amendments in ASU 2020-04 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 ASU 2020-04. The Partnership does not expect that the adoption of this guidance will have a material impact on its condensed consolidated financial statements and related disclosures.

REVENUE (Tables)

REVENUE (Tables)9 Months Ended
Sep. 30, 2021
Revenues [Abstract]
Revenue from External Customers by Products and Services [Table Text Block]The following table provides information relating to the Partnership’s revenue for each service category by segment for the periods presented: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Transportation and Terminaling Segment Terminaling $ 37,628 $ 35,468 $ 114,849 $ 108,196 Pipeline 20,980 19,974 62,667 60,732 Other 11,110 11,550 34,387 35,016 Total 69,718 66,992 211,903 203,944 Storage Segment Storage 14,550 13,815 42,443 41,366 Other 4,585 8,203 11,850 25,858 Total 19,135 22,018 54,293 67,224 Total Revenue $ 88,853 $ 89,010 $ 266,196 $ 271,168
Schedule of Future Minimum Volume Commitments to be received [Table Text Block]As of September 30, 2021, MVC payments to be received, based on future performance obligations of the Partnership, related to noncancellable commercial terminaling, pipeline and storage agreements were as follows: Remainder of 2021 $ 30,021 2022 92,567 2023 89,204 2024 87,175 2025 86,937 Thereafter — Total MVC payments to be received (1)(2) $ 385,904 (1) All fixed consideration from contracts with customers is included in the amounts presented above. Variable consideration that is constrained or not required to be estimated is excluded. (2) Arrangements deemed leases are excluded from this table.
Operating Lease, Lease Income [Table Text Block]The table below quantifies lease revenue for the three and nine months ended September 30, 2021 and 2020: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Affiliate $ 38,305 $ 36,212 $ 112,275 $ 112,600 Third-party 9,508 13,449 26,303 40,173 Total lease revenue $ 47,813 $ 49,661 $ 138,578 $ 152,773
Lessor, Operating Lease, Payments to be Received, Maturity [Table Text Block]The table below presents the fixed component of the undiscounted cash flows to be received for each of the periods presented for the Partnership’s operating leases with customers as of September 30, 2021: Remainder of 2021 $ 36,059 2022 134,791 2023 133,090 2024 131,874 2025 105,186 Thereafter 128,339 Total undiscounted cash flows to be received $ 669,339
Assets Under Lease [Table Text Block]The table below quantifies, by category within property, plant and equipment, the assets that are subject to lease as of September 30, 2021 and December 31, 2020: September 30, December 31, Land $ 98,337 $ 98,337 Pipelines 321,998 321,254 Terminals and equipment 83,387 83,387 Storage facilities and processing units 182,819 182,600 686,541 685,578 Accumulated depreciation (127,853) (109,153) Net assets subject to lease $ 558,688 $ 576,425

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT, NET (Tables)9 Months Ended
Sep. 30, 2021
Property, Plant and Equipment [Abstract]
Schedule of property, plant and equipmentProperty, plant and equipment, net consisted of the following: September 30, December 31, Land $ 115,957 $ 115,957 Pipelines 346,072 345,328 Terminals and equipment 324,908 319,861 Storage facilities and processing units 202,007 200,662 Construction in progress 2,697 3,761 991,641 985,569 Accumulated depreciation (192,809) (165,395) Property, plant and equipment, net $ 798,832 $ 820,174

GOODWILL AND INTANGIBLES (Table

GOODWILL AND INTANGIBLES (Tables)9 Months Ended
Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of net intangible assetsThe Partnership’s net intangibles consisted of the following: September 30, December 31, Customer contracts $ 9,300 $ 9,300 Customer relationships 5,900 5,900 15,200 15,200 Accumulated amortization (12,272) (11,896) Total intangibles, net (1) $ 2,928 $ 3,304 (1) Total intangibles, net are included in “Other non-current assets” within the Partnership’s condensed consolidated balance sheets.

DEBT (Tables)

DEBT (Tables)9 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of long-term debtTotal debt was comprised of the following: September 30, December 31, 2023 Notes $ 525,000 $ 525,000 Revolving Credit Facility (1)(2) 125,000 200,000 Total debt outstanding 650,000 725,000 Unamortized debt issuance costs (3,975) (5,754) Unamortized 2023 Notes premium 1,099 1,599 Net carrying value of debt $ 647,124 $ 720,845 ___________________ (1) PBFX had $4,008 of outstanding letters of credit and $370,992 available under its $500,000 amended and restated revolving credit facility with Wells Fargo Bank, National Association, as administrative agent and a syndicate of lenders (as amended, the “Revolving Credit Facility”) as of September 30, 2021. (2) During the nine months ended September 30, 2021, PBFX made net repayments of $75,000 under the Revolving Credit Facility.

EQUITY (Tables)

EQUITY (Tables)9 Months Ended
Sep. 30, 2021
Equity [Abstract]
Schedule of Stock by Class [Table Text Block]The following tables present changes in PBFX common units outstanding: Three Months Ended September 30, 2021 2021 2020 Balance at beginning of period 62,510,376 62,349,592 Vesting of phantom units, net of forfeitures 6,761 10,932 Balance at end of period 62,517,137 62,360,524 Nine Months Ended September 30, 2021 2021 2020 Balance at beginning of period 62,364,838 62,130,035 Vesting of phantom units, net of forfeitures 152,299 230,489 Balance at end of period 62,517,137 62,360,524
Schedule of Stockholders EquityThe following tables summarize the changes in the carrying amount of the Partnership’s equity during the nine months ended September 30, 2021 and 2020: Common Units Balance at December 31, 2020 $ 167,217 Quarterly distributions to unitholders ($0.30 per unit) (18,926) Net income attributable to the partners 37,211 Unit-based compensation expense 989 Other 15 Balance at March 31, 2021 $ 186,506 Quarterly distributions to unitholders ($0.30 per unit) (19,023) Net income attributable to the partners 37,096 Unit-based compensation expense 2,834 Other (696) Balance at June 30, 2021 $ 206,717 Quarterly distributions to unitholders ($0.30 per unit) (19,012) Net income attributable to the partners 36,682 Unit-based compensation expense 835 Other (45) Balance at September 30, 2021 $ 225,177 Common Units Balance at December 31, 2019 $ 105,083 Quarterly distributions to unitholders ($0.52 per unit) (32,703) Net income attributable to the partners 34,813 Unit-based compensation expense (1) 1,302 Other (6) Balance at March 31, 2020 $ 108,489 Quarterly distributions to unitholders ($0.30 per unit) (18,843) Net income attributable to the partners 37,460 Unit-based compensation expense 945 Other (805) Balance at June 30, 2020 $ 127,246 Quarterly distributions to unitholders ($0.30 per unit) (18,847) Net income attributable to the partners 44,162 Unit-based compensation expense 995 Balance at September 30, 2020 $ 153,556
Distributions Made to Limited Partner, by Distribution [Table Text Block]During the nine months ended September 30, 2021, PBFX made distribution payments as follows: Related Earnings Period: Q4 2020 Q1 2021 Q2 2021 Distribution date March 17, 2021 May 27, 2021 August 26, 2021 Record date February 25, 2021 May 13, 2021 August 12, 2021 Per unit $ 0.30 $ 0.30 $ 0.30 To public common unitholders $ 9,724 $ 9,766 $ 9,769 To PBF LLC $ 8,986 $ 8,986 $ 8,986 Total distribution $ 18,710 $ 18,752 $ 18,755
Distributions Made to UnitholdersThe quarterly distributions to limited partners for the three and nine months ended September 30, 2021 and 2020 are shown in the table below. The Partnership’s distributions are declared subsequent to quarter end (distributions of $0.30 per unit were declared for each of the three-month periods ended September 30, 2021 and 2020, distributions of $0.30 per unit were declared for each of the three-month periods ended June 30, 2021 and 2020, and distributions of $0.30 per unit were declared for each of the three-month periods ended March 31, 2021 and 2020); therefore, the table represents total estimated distributions applicable to the period in which the distributions were earned: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Limited partners’ distributions: Common $ 19,015 $ 18,848 $ 57,060 $ 56,541 Total distributions $ 19,015 $ 18,848 $ 57,060 $ 56,541 Total cash distributions (1) $ 18,771 $ 18,708 $ 56,278 $ 56,119 (1) Excludes phantom unit distributions, which are accrued and paid upon vesting.

NET INCOME PER UNIT (Tables)

NET INCOME PER UNIT (Tables)9 Months Ended
Sep. 30, 2021
Earnings Per Share [Abstract]
Summary of calculation of net income per unitThe following table shows the calculation of net income per limited partner unit: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Net income attributable to the partners: Distributions declared $ 19,015 $ 18,848 $ 57,060 $ 56,541 Earnings less distributions 17,667 25,314 53,929 59,894 Net income attributable to the partners $ 36,682 $ 44,162 $ 110,989 $ 116,435 Weighted-average units outstanding - basic 62,887,914 62,519,105 62,820,193 62,424,217 Weighted-average units outstanding - diluted 62,997,487 62,529,489 62,934,116 62,429,475 Net income per limited partner unit - basic $ 0.58 $ 0.71 $ 1.77 $ 1.87 Net income per limited partner unit - diluted 0.58 0.71 1.76 1.87

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)9 Months Ended
Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input ReconciliationThe following table summarizes the changes in fair value of the Contingent Consideration for the three and nine months ended September 30, 2021 and 2020: Three Months Ended September 30, Nine Months Ended 2021 2020 2021 2020 Balance at beginning of period $ 1,748 $ 27,899 $ 12,120 $ 26,086 Accretion on discounted liabilities — 587 — 1,706 Settlements — — (12,176) — Unrealized charge (gain) included in earnings 760 (14,766) 2,564 (14,072) Balance at end of period $ 2,508 $ 13,720 $ 2,508 $ 13,720

RELATED PARTY TRANSACTIONS - SU

RELATED PARTY TRANSACTIONS - SUMMARY OF TRANSACTIONS (Tables)9 Months Ended
Sep. 30, 2021
Related Party Transactions [Abstract]
Schedule of related party transactionsA summary of revenue and expense transactions with the Partnership’s affiliates, including expenses directly charged and allocated to the Partnership, is as follows: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Revenue $ 75,464 $ 70,716 $ 226,504 $ 218,681 Operating and maintenance expenses 2,171 2,171 6,512 6,512 General and administrative expenses 1,816 1,895 5,531 5,843

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)9 Months Ended
Sep. 30, 2021
Segment Reporting [Abstract]
Schedule of segment reporting Three Months Ended September 30, 2021 Transportation and Terminaling Storage Corporate Consolidated Total Total revenue $ 69,718 $ 19,135 $ — $ 88,853 Depreciation and amortization 7,613 2,174 — 9,787 Income (loss) from operations 42,744 8,296 (3,902) 47,138 Other expense — — 10,456 10,456 Capital expenditures 3,281 102 — 3,383 Three Months Ended September 30, 2020 Transportation and Terminaling Storage Corporate Consolidated Total Total revenue $ 66,992 $ 22,018 $ — $ 89,010 Depreciation and amortization 7,010 7,295 — 14,305 Income (loss) from operations 43,377 16,363 (4,112) 55,628 Other expense — — 11,466 11,466 Capital expenditures 1,438 325 — 1,763 Nine Months Ended September 30, 2021 Transportation and Terminaling Storage Corporate Consolidated Total Total revenue $ 211,903 $ 54,293 $ — $ 266,196 Depreciation and amortization 21,953 6,515 — 28,468 Income (loss) from operations 134,801 22,602 (14,592) 142,811 Other expense — — 31,822 31,822 Capital expenditures 6,590 302 — 6,892 Nine Months Ended September 30, 2020 Transportation and Terminaling Storage Corporate Consolidated Total Total revenue $ 203,944 $ 67,224 $ — $ 271,168 Depreciation and amortization 21,105 15,716 — 36,821 Income (loss) from operations 127,557 38,640 (12,798) 153,399 Other expense — — 36,964 36,964 Capital expenditures 6,469 3,166 — 9,635 Balance at September 30, 2021 Transportation and Terminaling Storage Corporate Consolidated Total Total assets $ 686,222 $ 195,058 $ 29,299 $ 910,579 Balance at December 31, 2020 Transportation and Terminaling Storage Corporate Consolidated Total Total assets $ 715,308 $ 200,130 $ 18,114 $ 933,552

DESCRIPTION OF THE BUSINESS A_3

DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Details)Sep. 30, 2021shares
PBF Energy [Member] | PBF LLC [Member]
Limited Partners' Capital Account [Line Items]
Percentage of total economic interest99.20%
Limited Partner, Affiliate [Member] | PBF LLC [Member]
Limited Partners' Capital Account [Line Items]
Limited partner interest percentage47.90%
Limited Partner, Public [Member]
Limited Partners' Capital Account [Line Items]
Limited partner interest percentage52.10%
Common Units [Member] | Limited Partner, Affiliate [Member] | PBF LLC [Member]
Limited Partners' Capital Account [Line Items]
Units owned (in shares)29,953,631

REVENUE (Details)

REVENUE (Details) $ in Thousands3 Months Ended9 Months Ended
Sep. 30, 2021USD ($)Sep. 30, 2020USD ($)Sep. 30, 2021USD ($)segmentSep. 30, 2020USD ($)Dec. 31, 2020USD ($)
Number of Operating Segments | segment2
Total revenue $ 88,853 $ 89,010 $ 266,196 $ 271,168
Remainder of 202130,021 30,021
202292,567 92,567
202389,204 89,204
202487,175 87,175
202586,937 86,937
Thereafter0 0
Total MVC payments to be received[1],[2] $ 385,904 $ 385,904
Lessor, lease term (up to)15 years15 years
Lessor, lease term, option to extend or renew (or more)1 year1 year
Percentage of Total Undiscounted Future Rental Income from Leased Assets Represented by Affiliated Leases96.00%96.00%
Total lease revenue $ 47,813 49,661 $ 138,578 152,773
Remainder of 202136,059 36,059
2022134,791 134,791
2023133,090 133,090
2024131,874 131,874
2025105,186 105,186
Thereafter128,339 128,339
Total undiscounted cash flows to be received669,339 669,339
Gross PP&E Assets Under Lease991,641 991,641 $ 985,569
Accumulated depreciation(192,809)(192,809)(165,395)
Net assets subject to lease798,832 798,832 820,174
Deferred revenue2,741 2,741 2,117
Transportation And Terminaling Segment [Member]
Total revenue69,718 66,992 211,903 203,944
Storage
Total revenue19,135 22,018 54,293 67,224
Property Subject to Operating Lease [Member]
Gross PP&E Assets Under Lease686,541 686,541 685,578
Accumulated depreciation(127,853)(127,853)(109,153)
Net assets subject to lease558,688 558,688 576,425
Land [Member]
Gross PP&E Assets Under Lease115,957 115,957 115,957
Land [Member] | Property Subject to Operating Lease [Member]
Gross PP&E Assets Under Lease98,337 98,337 98,337
Pipelines [Member]
Gross PP&E Assets Under Lease346,072 346,072 345,328
Pipelines [Member] | Property Subject to Operating Lease [Member]
Gross PP&E Assets Under Lease321,998 321,998 321,254
Terminals and equipment [Member]
Gross PP&E Assets Under Lease324,908 324,908 319,861
Terminals and equipment [Member] | Property Subject to Operating Lease [Member]
Gross PP&E Assets Under Lease83,387 83,387 83,387
Storage Facilities and Processing Units [Member]
Gross PP&E Assets Under Lease202,007 202,007 200,662
Storage Facilities and Processing Units [Member] | Property Subject to Operating Lease [Member]
Gross PP&E Assets Under Lease182,819 182,819 $ 182,600
Lease with Affiliate [Member]
Total lease revenue $ 38,305 36,212 $ 112,275 112,600
Lease with Affiliate [Member] | Minimum [Member]
Lessee, lease term1 year1 year
Lease with Affiliate [Member] | Maximum [Member]
Lessee, lease term15 years15 years
Third Party Lease [Member]
Total lease revenue $ 9,508 13,449 $ 26,303 40,173
Terminaling Service [Member] | Transportation And Terminaling Segment [Member]
Total revenue37,628 35,468 114,849 108,196
Pipeline Service [Member] | Transportation And Terminaling Segment [Member]
Total revenue20,980 19,974 62,667 60,732
Other Service [Member] | Transportation And Terminaling Segment [Member]
Total revenue11,110 11,550 34,387 35,016
Other Service [Member] | Storage
Total revenue4,585 8,203 11,850 25,858
Storage Service [Member] | Storage
Total revenue $ 14,550 $ 13,815 $ 42,443 $ 41,366
[1]All fixed consideration from contracts with customers is included in the amounts presented above. Variable consideration that is constrained or not required to be estimated is excluded.
[2]Arrangements deemed leases are excluded from this table.

CURRENT EXPECTED CREDIT LOSSES

CURRENT EXPECTED CREDIT LOSSES (Details) - USD ($)Sep. 30, 2021Dec. 31, 2020
Credit Loss [Abstract]
Allowance for doubtful accounts $ 0 $ 0

PROPERTY, PLANT AND EQUIPMENT_3

PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands9 Months Ended
Sep. 30, 2021Sep. 30, 2020Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross $ 991,641 $ 985,569
Accumulated depreciation(192,809)(165,395)
Property, plant and equipment, net798,832 820,174
Depreciation28,092 $ 31,065
Land [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross115,957 115,957
Pipelines [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross346,072 345,328
Terminals and equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross324,908 319,861
Storage Facilities and Processing Units [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross202,007 200,662
Construction in progress [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross $ 2,697 $ 3,761

GOODWILL AND INTANGIBLES (Detai

GOODWILL AND INTANGIBLES (Details) - USD ($) $ in Thousands9 Months Ended
Sep. 30, 2021Sep. 30, 2020Dec. 31, 2020
Goodwill [Line Items]
Intangible assets, gross (excluding goodwill) $ 15,200 $ 15,200
Accumulated amortization(12,272)(11,896)
Total intangibles, net[1]2,928 3,304
Amortization expense376 $ 5,756
Goodwill6,332 6,332
Customer Contracts [Member]
Goodwill [Line Items]
Intangible assets, gross (excluding goodwill)9,300 9,300
Customer Relationships [Member]
Goodwill [Line Items]
Intangible assets, gross (excluding goodwill) $ 5,900 $ 5,900
[1]Total intangibles, net are included in “Other non-current assets” within the Partnership’s condensed consolidated balance sheets.

DEBT - OUTSTANDING AMOUNTS (Det

DEBT - OUTSTANDING AMOUNTS (Details) - USD ($)9 Months Ended
Sep. 30, 2021Dec. 31, 2020Jul. 30, 2018
Debt Instrument [Line Items]
Total debt outstanding $ 650,000,000 $ 725,000,000
Unamortized debt issuance costs(3,975,000)(5,754,000)
Unamortized 2023 Notes premium1,099,000 1,599,000
Net carrying value of debt647,124,000 720,845,000
Repayments of line of credit75,000,000
Senior Notes [Member]
Debt Instrument [Line Items]
Total debt outstanding525,000,000 525,000,000
Line of Credit [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Total debt outstanding125,000,000 [1],[2] $ 200,000,000
Line of credit, outstanding4,008,000
Remaining borrowing capacity $ 370,992,000
Maximum borrowing capacity $ 500,000,000
[1]During the nine months ended September 30, 2021, PBFX made net repayments of $75,000 under the Revolving Credit Facility.
[2]PBFX had $4,008 of outstanding letters of credit and $370,992 available under its $500,000 amended and restated revolving credit facility with Wells Fargo Bank, National Association, as administrative agent and a syndicate of lenders (as amended, the “Revolving Credit Facility”) as of September 30, 2021.

DEBT (Details)

DEBT (Details) - USD ($) $ in ThousandsSep. 30, 2021Dec. 31, 2020
Debt Instrument [Line Items]
Debt, fair value $ 636,442 $ 703,025
Debt, carrying value $ 650,000 725,000
Senior Notes [Member]
Debt Instrument [Line Items]
Debt, interest rate6.875%
Debt, fair value $ 511,442 503,025
Debt, carrying value $ 525,000 $ 525,000

EQUITY (Details)

EQUITY (Details) - USD ($) $ / shares in Units, $ in ThousandsAug. 12, 2021May 13, 2021Feb. 25, 2021Sep. 30, 2021Jun. 30, 2021Mar. 31, 2021Sep. 30, 2020Jun. 30, 2020Mar. 31, 2020Sep. 30, 2021Sep. 30, 2020Dec. 31, 2020
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance $ 167,217 $ 167,217
Net income attributable to the partners110,989 $ 116,435
Ending balance $ 225,177 $ 225,177
Accelerated Vesting of Phantom Units for Nonretirement Eligible Employees in Accordance with grant agreements $ 201
Cash distribution (in dollars per share) $ 300 $ 0.30 $ 0.30 $ 0.30 $ 0.30 $ 0.30 $ 0.30 $ 0.30 $ 0.52
Limited Partner, Public [Member]
Capital Unit [Line Items]
Limited partner interest percentage52.10%52.10%
Limited Partner, Affiliate [Member] | PBF LLC [Member]
Capital Unit [Line Items]
Limited partner interest percentage47.90%47.90%
Common Units [Member]
Increase (Decrease) In Limited Partners' Capital [Roll Forward]
Balance at beginning of period (in shares)62,510,376 62,364,838 62,349,592 62,130,035 62,364,838 62,130,035
Balance at end of period (in shares)62,517,137 62,510,376 62,360,524 62,349,592 62,517,137 62,360,524
Common Units [Member] | Limited Partner [Member]
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning balance $ 206,717 $ 186,506 $ 167,217 $ 127,246 $ 108,489 $ 105,083 $ 167,217 $ 105,083
Quarterly distributions to unitholders(19,012)(19,023)(18,926)(18,847)(18,843)(32,703)
Net income attributable to the partners36,682 37,096 37,211 44,162 37,460 34,813
Unit-based compensation expense835 2,834 989 995 945 1,302 [1]
Other(45)(696)15 (805)(6)
Ending balance $ 225,177 $ 206,717 $ 186,506 $ 153,556 $ 127,246 $ 108,489 $ 225,177 $ 153,556
Common Units [Member] | Public Unit Holders [Member]
Capital Unit [Line Items]
Units owned (in shares)32,563,506 32,563,506
Common Units [Member] | Limited Partner, Affiliate [Member] | PBF LLC [Member]
Capital Unit [Line Items]
Units owned (in shares)29,953,631 29,953,631
Common Units [Member] | Phantom Unit Award [Member] | Limited Partner [Member]
Capital Unit [Line Items]
Shares, Issued (in shares)325,384
Increase (Decrease) In Limited Partners' Capital [Roll Forward]
Vesting of phantom units, net of forfeitures (in shares)6,761 10,932 152,299 230,489
[1]Inclusive of $201 of expense associated with the accelerated vesting of phantom units in March 2020 for nonretirement eligible employees in accordance with their grant agreements.

EQUITY - CASH DISTRIBUTIONS (De

EQUITY - CASH DISTRIBUTIONS (Details) - USD ($) $ / shares in Units, $ in ThousandsAug. 12, 2021May 13, 2021Feb. 25, 2021Sep. 30, 2021Jun. 30, 2021Mar. 31, 2021Sep. 30, 2020Jun. 30, 2020Mar. 31, 2020Sep. 30, 2021Sep. 30, 2020
Distribution Made to Limited Partner [Line Items]
Cash distribution (in dollars per share) $ 300 $ 0.30 $ 0.30 $ 0.30 $ 0.30 $ 0.30 $ 0.30 $ 0.30 $ 0.52
Cash distribution $ 18,755 $ 18,752 $ 18,710
Cash distribution per unit (in dollars per share) $ 0.30 $ 0.30 $ 0.30 $ 0.30 $ 0.30 $ 0.30
Distributions declared $ 19,015 $ 18,848 $ 57,060 $ 56,541
Cash Distribution [Member]
Distribution Made to Limited Partner [Line Items]
Distributions declared[1]18,771 18,708 56,278 56,119
Common Units [Member]
Distribution Made to Limited Partner [Line Items]
Distributions declared $ 19,015 $ 18,848 $ 57,060 $ 56,541
Limited Partner, Public [Member]
Distribution Made to Limited Partner [Line Items]
Cash distribution9,769 9,766 9,724
Limited Partner, Affiliate [Member] | PBF LLC [Member]
Distribution Made to Limited Partner [Line Items]
Cash distribution $ 8,986 $ 8,986 $ 8,986
[1]Excludes phantom unit distributions, which are accrued and paid upon vesting.  

NET INCOME PER UNIT (Details)

NET INCOME PER UNIT (Details) - USD ($) $ / shares in Units, $ in Thousands3 Months Ended9 Months Ended
Sep. 30, 2021Sep. 30, 2020Sep. 30, 2021Sep. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Distributions declared $ 19,015 $ 18,848 $ 57,060 $ 56,541
Weighted-average units outstanding - basic (in shares)62,887,914 62,519,105 62,820,193 62,424,217
Weighted-average units outstanding - diluted (in shares)62,997,487 62,529,489 62,934,116 62,429,475
Net income per limited partner unit - basic (in dollars per share) $ 0.58 $ 0.71 $ 1.77 $ 1.87
Net income per limited partner unit - diluted (in dollars per share) $ 0.58 $ 0.71 $ 1.76 $ 1.87
Common Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Distributions declared $ 19,015 $ 18,848 $ 57,060 $ 56,541
Earnings less distributions17,667 25,314 53,929 59,894
Net income attributable to the partners $ 36,682 $ 44,162 $ 110,989 $ 116,435
Phantom Unit Award [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)314,128 273,232 119,128 285,515

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details) $ in ThousandsOct. 01, 2018Sep. 30, 2021USD ($)Sep. 30, 2020USD ($)Sep. 30, 2021USD ($)Sep. 30, 2020USD ($)Dec. 31, 2020USD ($)earn-outYear
Loss Contingencies [Line Items]
Accrual for Environmental Loss Contingencies $ 1,769 $ 1,769 $ 1,760
Change in fair value of contingent consideration(2,565) $ 14,235
Contingent Consideration
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period1,748 $ 27,899 12,120 26,086 26,086
Accretion on discounted liabilities0 587 0 1,706
Settlements0 0 (12,176)0
Unrealized charge (gain) included in earnings760 (14,766)2,564 (14,072)
Balance at end of period2,508 $ 13,720 2,508 $ 13,720 12,120
East Coast Storage Assets Acquisition [Member]
Loss Contingencies [Line Items]
Term of Agreement3 years
Business Combination, Contingent Consideration, Liability $ 2,508 $ 2,508 12,120
Change in fair value of contingent consideration $ 16,429
Contract termination, elimination of estimated earn-out year two | earn-outYear2
Contract termination, elimination of estimated earn-out year three | earn-outYear3

RELATED PARTY TRANSACTIONS - _2

RELATED PARTY TRANSACTIONS - SUMMARY OF TRANSACTION (Details) - USD ($) $ in Thousands3 Months Ended9 Months Ended
Sep. 30, 2021Sep. 30, 2020Sep. 30, 2021Sep. 30, 2020
Related Party Transactions [Abstract]
Revenue $ 75,464 $ 70,716 $ 226,504 $ 218,681
Operating and maintenance expenses2,171 2,171 6,512 6,512
General and administrative expenses $ 1,816 $ 1,895 $ 5,531 $ 5,843

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) $ in Thousands3 Months Ended9 Months Ended
Sep. 30, 2021USD ($)Sep. 30, 2020USD ($)Sep. 30, 2021USD ($)segmentSep. 30, 2020USD ($)Dec. 31, 2020USD ($)
Segment Reporting Information [Line Items]
Reportable segments | segment2
Total revenue $ 88,853 $ 89,010 $ 266,196 $ 271,168
Depreciation and amortization9,787 14,305 28,468 36,821
Income (loss) from operations47,138 55,628 142,811 153,399
Other expense10,456 11,466 31,822 36,964
Capital expenditures3,383 1,763 6,892 9,635
Total assets910,579 910,579 $ 933,552
Corporate
Segment Reporting Information [Line Items]
Total revenue0 0 0 0
Depreciation and amortization0 0 0 0
Income (loss) from operations(3,902)(4,112)(14,592)(12,798)
Other expense10,456 11,466 31,822 36,964
Capital expenditures0 0 0 0
Total assets29,299 29,299 18,114
Transportation and Terminaling
Segment Reporting Information [Line Items]
Total revenue69,718 66,992 211,903 203,944
Depreciation and amortization7,613 7,010 21,953 21,105
Income (loss) from operations42,744 43,377 134,801 127,557
Other expense0 0 0 0
Capital expenditures3,281 1,438 6,590 6,469
Total assets686,222 686,222 715,308
Storage
Segment Reporting Information [Line Items]
Total revenue19,135 22,018 54,293 67,224
Depreciation and amortization2,174 7,295 6,515 15,716
Income (loss) from operations8,296 16,363 22,602 38,640
Other expense0 0 0 0
Capital expenditures102 $ 325 302 $ 3,166
Total assets $ 195,058 $ 195,058 $ 200,130

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details)Oct. 28, 2021$ / shares
Subsequent Event [Member]
Subsequent Event [Line Items]
Cash distribution (in dollars per share) $ 0.30