Document and Entity Information
Document and Entity Information Document - USD ($) | 12 Months Ended | ||||||
Dec. 31, 2019 | Feb. 18, 2020 | Jun. 30, 2019 | Dec. 31, 2018 | Aug. 14, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Entity Information [Line Items] | |||||||
Document Type | 10-K | ||||||
Document Annual Report | true | ||||||
Document Period End Date | Dec. 31, 2019 | ||||||
Document Transition Report | false | ||||||
Entity File Number | 001-35764 | ||||||
Entity Registrant Name | PBF ENERGY INC. | ||||||
Entity Incorporation, State or Country Code | DE | ||||||
Entity Tax Identification Number | 45-3763855 | ||||||
Entity Address, Address Line One | One Sylvan Way, Second Floor | ||||||
Entity Address, City or Town | Parsippany | ||||||
Entity Address, State or Province | NJ | ||||||
Entity Address, Postal Zip Code | 07054 | ||||||
City Area Code | 973 | ||||||
Local Phone Number | 455-7500 | ||||||
Title of 12(b) Security | Class A Common Stock, par value $.001 | ||||||
Trading Symbol | PBF | ||||||
Security Exchange Name | NYSE | ||||||
Entity Well-known Seasoned Issuer | Yes | ||||||
Entity Voluntary Filers | No | ||||||
Entity Current Reporting Status | Yes | ||||||
Entity Interactive Data Current | Yes | ||||||
Entity Filer Category | Large Accelerated Filer | ||||||
Entity Small Business | false | ||||||
Entity Emerging Growth Company | false | ||||||
Entity Shell Company | false | ||||||
Entity Public Float | $ 3,719,104,999 | ||||||
Ownership Percentage of Equity Held | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | ||
Documents Incorporated by Reference | PBF Energy Inc. intends to file with the Securities and Exchange Commission a definitive Proxy Statement for its Annual Meeting of Stockholders within 120 days after December 31, 2019 . Portions of the Proxy Statement are incorporated by reference in Part III of this Form 10-K to the extent stated herein. | ||||||
Entity Central Index Key | 0001534504 | ||||||
Amendment Flag | false | ||||||
Document Fiscal Period Focus | FY | ||||||
Document Fiscal Year Focus | 2019 | ||||||
Current Fiscal Year End Date | --12-31 | ||||||
Class A Common Stock [Member] | |||||||
Entity Information [Line Items] | |||||||
Entity Common Stock, Shares Outstanding (in shares) | 119,784,833 | ||||||
Class A Common Stock [Member] | PBF Energy [Member] | |||||||
Entity Information [Line Items] | |||||||
Ownership Percentage of Equity Held | 99.00% | ||||||
Class B Common Stock [Member] | |||||||
Entity Information [Line Items] | |||||||
Entity Common Stock, Shares Outstanding (in shares) | 20 | ||||||
PBF LLC [Member] | |||||||
Entity Information [Line Items] | |||||||
Entity File Number | 333-206728-02 | ||||||
Entity Registrant Name | PBF Energy Co LLC | ||||||
Entity Incorporation, State or Country Code | DE | ||||||
Entity Tax Identification Number | 61-1622166 | ||||||
Entity Well-known Seasoned Issuer | No | ||||||
Entity Voluntary Filers | No | ||||||
Entity Current Reporting Status | Yes | ||||||
Entity Interactive Data Current | Yes | ||||||
Entity Filer Category | Non-accelerated Filer | ||||||
Entity Small Business | false | ||||||
Entity Emerging Growth Company | false | ||||||
Entity Shell Company | false | ||||||
Entity Central Index Key | 0001645026 | ||||||
PBF LLC [Member] | Class A Common Stock [Member] | |||||||
Entity Information [Line Items] | |||||||
Entity Common Stock, Shares Outstanding (in shares) | 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | ||
Current assets: | ||||
Cash and cash equivalents (PBFX: $35.0 and $19.9, respectively) | $ 814.9 | $ 597.3 | ||
Accounts receivable | 835 | 718.2 | ||
Inventories | 2,122.2 | 1,865.8 | ||
Prepaid and other current assets | 51.6 | 55.6 | ||
Total current assets | 3,823.7 | 3,236.9 | ||
Property, plant and equipment, net (PBFX: $854.6 and $862.1, respectively) | 4,023.2 | 3,820.9 | ||
Deferred tax assets | 0 | 48.5 | ||
Operating lease right of use assets | 306.4 | |||
Deferred charges and other assets, net | 979.1 | 899.1 | ||
Total assets | 9,132.4 | [1] | 8,005.4 | [2] |
Current liabilities: | ||||
Accounts payable | 601.4 | 488.4 | ||
Accrued expenses | 1,815.6 | 1,623.6 | ||
Deferred revenue | 20.1 | 20.1 | ||
Current operating lease liabilities | 72.1 | |||
Current debt | 0 | 2.4 | ||
Total current liabilities | 2,509.2 | 2,134.5 | ||
Long-term debt (PBFX: $802.1 and $673.3, respectively) | 2,064.9 | 1,931.3 | ||
Payable to related parties pursuant to Tax Receivable Agreement | 373.5 | 373.5 | ||
Deferred tax liabilities | 96.9 | 40.4 | ||
Long-term operating lease liabilities | 233.1 | |||
Other long-term liabilities | 269.3 | 277.2 | ||
Total liabilities | 5,546.9 | 4,756.9 | ||
Equity: | ||||
Preferred stock, $0.001 par value, 100,000,000 shares authorized, no shares outstanding at December 31, 2019 and 2018 | 0 | 0 | ||
Treasury stock, at cost, 6,424,787 shares outstanding at December 31, 2019 and 6,274,261 shares outstanding at December 31, 2018 | (165.7) | (160.8) | ||
Additional paid in capital | 2,812.3 | 2,633.8 | ||
Retained earnings | 401.2 | 225.8 | ||
Accumulated other comprehensive loss | (8.3) | (22.4) | ||
Total PBF Energy Inc. equity | 3,039.6 | 2,676.5 | ||
Noncontrolling interest | 545.9 | 572 | ||
Total equity | 3,585.5 | 3,248.5 | ||
Total liabilities and equity | 9,132.4 | 8,005.4 | ||
Class A Common Stock [Member] | ||||
Equity: | ||||
Common stock, value, issued | 0.1 | 0.1 | ||
Class B Common Stock [Member] | ||||
Equity: | ||||
Common stock, value, issued | $ 0 | $ 0 | ||
[1] | (1) On April 24, 2019, PBFX entered into the TVPC Contribution Agreement, pursuant to which PBF LLC contributed to PBFX all of the issued and outstanding limited liability company interests of TVP Holding. Prior to the TVPC Acquisition, TVP Holding owned a 50% membership interest in TVPC. Subsequent to the closing of the TVPC Acquisition on May 31, 2019, PBFX owns 100% of the membership interests in TVPC. | |||
[2] | (5) Prior to the TVPC Contribution Agreement, the Logistics segment included 100% of the assets of TVPC, as TVPC was consolidated by PBFX. PBFX recorded a noncontrolling interest for the 50% equity interest in TVPC held by PBF Holding. PBF Holding (included in the Refining segment) recorded an equity investment in TVPC reflecting its noncontrolling ownership interest. For purposes of the Company’s Consolidated Financial Statements, PBFX’s noncontrolling interest in TVPC and PBF Holding’s equity investment in TVPC eliminated in consolidation. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Cash and cash equivalents (PBFX: $35.0 and $19.9, respectively) | $ 814.9 | $ 597.3 |
Preferred stock, par value (USD per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Property, plant and equipment, net (PBFX: $854.6 and $862.1, respectively) | $ 4,023.2 | $ 3,820.9 |
Long-term debt (PBFX: $802.1 and $673.3, respectively) | $ 2,064.9 | $ 1,931.3 |
Class A Common Stock [Member] | ||
Common stock, par value (USD per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares outstanding (in shares) | 119,804,971 | 119,874,191 |
Treasury stock, at cost, 6,274,261 shares outstanding at December 31, 2018 and 6,132,884 shares outstanding at December 31, 2017 (in shares) | 6,424,787 | 6,274,261 |
Class B Common Stock [Member] | ||
Common stock, par value (USD per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 1,000,000 | 1,000,000 |
Common stock, shares outstanding (in shares) | 20 | 20 |
PBF Logistics LP [Member] | ||
Cash and cash equivalents (PBFX: $35.0 and $19.9, respectively) | $ 35 | $ 19.9 |
Property, plant and equipment, net (PBFX: $854.6 and $862.1, respectively) | 854.6 | 862.1 |
Long-term debt (PBFX: $802.1 and $673.3, respectively) | 802.1 | 673.3 |
PBF LLC [Member] | ||
Cash and cash equivalents (PBFX: $35.0 and $19.9, respectively) | 813.7 | 596 |
Property, plant and equipment, net (PBFX: $854.6 and $862.1, respectively) | 4,023.2 | 3,820.9 |
Long-term debt (PBFX: $802.1 and $673.3, respectively) | $ 2,064.9 | $ 1,931.3 |
PBF LLC [Member] | Series B Units [Member] | ||
Common Unit, Issued | 1,000,000 | 1,000,000 |
Common Unit, Outstanding | 1,000,000 | 1,000,000 |
PBF LLC [Member] | Series A Units [Member] | ||
Common Unit, Issued | 1,215,317 | 1,206,325 |
Common Unit, Outstanding | 1,215,317 | 1,206,325 |
PBF LLC [Member] | Series C Units [Member] | ||
Common Unit, Issued | 119,826,202 | 119,895,422 |
Common Unit, Outstanding | 119,826,202 | 119,895,422 |
Consolidated Balance Sheets PBF
Consolidated Balance Sheets PBF LLC BALANCE SHEET - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | ||
Current assets: | ||||
Cash and cash equivalents (PBFX: $35.0 and $19.9, respectively) | $ 814,900,000 | $ 597,300,000 | ||
Accounts receivable | 835,000,000 | 718,200,000 | ||
Inventories | 2,122,200,000 | 1,865,800,000 | ||
Prepaid and other current assets | 51,600,000 | 55,600,000 | ||
Total current assets | 3,823,700,000 | 3,236,900,000 | ||
Property, plant and equipment, net (PBFX: $854.6 and $862.1, respectively) | 4,023,200,000 | 3,820,900,000 | ||
Operating lease right of use assets | 306,400,000 | |||
Deferred charges and other assets, net | 979,100,000 | 899,100,000 | ||
Total assets | 9,132,400,000 | [1] | 8,005,400,000 | [2] |
Current liabilities: | ||||
Accounts payable | 601,400,000 | 488,400,000 | ||
Accrued expenses | 1,815,600,000 | 1,623,600,000 | ||
Deferred revenue | 20,100,000 | 20,100,000 | ||
Current operating lease liabilities | 72,100,000 | |||
Current debt | 0 | 2,400,000 | ||
Total current liabilities | 2,509,200,000 | 2,134,500,000 | ||
Long-term debt (PBFX: $802.1 and $673.3, respectively) | 2,064,900,000 | 1,931,300,000 | ||
Deferred tax liabilities | 96,900,000 | 40,400,000 | ||
Long-term operating lease liabilities | 233,100,000 | |||
Other long-term liabilities | 269,300,000 | 277,200,000 | ||
Total liabilities | 5,546,900,000 | 4,756,900,000 | ||
Members' Equity | ||||
Treasury Stock, Value | (165,700,000) | (160,800,000) | ||
Retained earnings | 401,200,000 | 225,800,000 | ||
Accumulated other comprehensive loss | (8,300,000) | (22,400,000) | ||
Total PBF Energy Inc. equity | 3,039,600,000 | 2,676,500,000 | ||
Noncontrolling interest | 545,900,000 | 572,000,000 | ||
Total equity | 3,585,500,000 | 3,248,500,000 | ||
Total liabilities and equity | 9,132,400,000 | 8,005,400,000 | ||
PBF LLC [Member] | ||||
Current assets: | ||||
Cash and cash equivalents (PBFX: $35.0 and $19.9, respectively) | 813,700,000 | 596,000,000 | ||
Accounts receivable | 834,000,000 | 718,200,000 | ||
Inventories | 2,122,200,000 | 1,865,800,000 | ||
Prepaid and other current assets | 51,600,000 | 55,100,000 | ||
Total current assets | 3,821,500,000 | 3,235,100,000 | ||
Property, plant and equipment, net (PBFX: $854.6 and $862.1, respectively) | 4,023,200,000 | 3,820,900,000 | ||
Operating lease right of use assets | 306,400,000 | |||
Deferred charges and other assets, net | 978,000,000 | 897,100,000 | ||
Total assets | 9,129,100,000 | [1] | 7,953,100,000 | [2] |
Current liabilities: | ||||
Accounts payable | 601,400,000 | 488,400,000 | ||
Accrued expenses | 1,846,200,000 | 1,642,700,000 | ||
Deferred revenue | 20,100,000 | 20,100,000 | ||
Current operating lease liabilities | 72,100,000 | |||
Current debt | 0 | 2,400,000 | ||
Total current liabilities | 2,539,800,000 | 2,153,600,000 | ||
Long-term debt (PBFX: $802.1 and $673.3, respectively) | 2,064,900,000 | 1,931,300,000 | ||
Affiliate note payable | 376,400,000 | 326,100,000 | ||
Deferred tax liabilities | 31,400,000 | 40,400,000 | ||
Long-term operating lease liabilities | 233,100,000 | |||
Other long-term liabilities | 269,300,000 | 277,200,000 | ||
Total liabilities | 5,514,900,000 | 4,728,600,000 | ||
Commitments and contingencies (Note 13) | ||||
Temporary Equity | ||||
Temporary Equity, Carrying Amount, Attributable to Parent | 5,100,000 | 5,100,000 | ||
Members' Equity | ||||
Treasury Stock, Value | (165,700,000) | (160,800,000) | ||
Retained earnings | 1,142,400,000 | 914,300,000 | ||
Accumulated other comprehensive loss | (9,700,000) | (23,900,000) | ||
Total PBF Energy Inc. equity | 3,176,400,000 | 2,759,600,000 | ||
Noncontrolling interest | 432,700,000 | 459,800,000 | ||
Total equity | 3,609,100,000 | 3,219,400,000 | ||
Total liabilities and equity | $ 9,129,100,000 | $ 7,953,100,000 | ||
PBF LLC [Member] | Series B Units [Member] | ||||
Common Unit, Issued | 1,000,000 | 1,000,000 | ||
Members' Equity | ||||
Series A Units, 1,215,317 and 1,206,325 issued and outstanding at December 31, 2019 and 2018, no par or stated value | $ 0 | |||
Common Unit, Outstanding | 1,000,000 | 1,000,000 | ||
PBF LLC [Member] | Series A Units [Member] | ||||
Common Unit, Issued | 1,215,317 | 1,206,325 | ||
Members' Equity | ||||
Series A Units, 1,215,317 and 1,206,325 issued and outstanding at December 31, 2019 and 2018, no par or stated value | $ 20,000,000 | $ 20,200,000 | ||
Common Unit, Outstanding | 1,215,317 | 1,206,325 | ||
PBF LLC [Member] | Series C Units [Member] | ||||
Common Unit, Issued | 119,826,202 | 119,895,422 | ||
Members' Equity | ||||
Series A Units, 1,215,317 and 1,206,325 issued and outstanding at December 31, 2019 and 2018, no par or stated value | $ 2,189,400,000 | $ 2,009,800,000 | ||
Common Unit, Outstanding | 119,826,202 | 119,895,422 | ||
[1] | (1) On April 24, 2019, PBFX entered into the TVPC Contribution Agreement, pursuant to which PBF LLC contributed to PBFX all of the issued and outstanding limited liability company interests of TVP Holding. Prior to the TVPC Acquisition, TVP Holding owned a 50% membership interest in TVPC. Subsequent to the closing of the TVPC Acquisition on May 31, 2019, PBFX owns 100% of the membership interests in TVPC. | |||
[2] | (5) Prior to the TVPC Contribution Agreement, the Logistics segment included 100% of the assets of TVPC, as TVPC was consolidated by PBFX. PBFX recorded a noncontrolling interest for the 50% equity interest in TVPC held by PBF Holding. PBF Holding (included in the Refining segment) recorded an equity investment in TVPC reflecting its noncontrolling ownership interest. For purposes of the Company’s Consolidated Financial Statements, PBFX’s noncontrolling interest in TVPC and PBF Holding’s equity investment in TVPC eliminated in consolidation. |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Income Statement [Abstract] | ||||
Revenues | $ 24,508.2 | $ 27,186.1 | $ 21,786.6 | |
Cost and expenses: | ||||
Cost of products and other | 21,387.5 | 24,503.4 | 18,863.6 | |
Operating expenses (excluding depreciation and amortization expense as reflected below) | 1,782.3 | 1,721 | 1,684.4 | |
Depreciation and amortization expense | 425.3 | 359.1 | 278 | |
Cost of sales | 23,595.1 | 26,583.5 | 20,826 | |
General and administrative expenses (excluding depreciation and amortization expense as reflected below) | 284 | 277 | 214.5 | |
Depreciation and amortization expense | 10.8 | 10.6 | 13 | |
Change in contingent consideration | (0.8) | 0 | 0 | |
(Gain) loss on sale of assets | (29.9) | (43.1) | 1.5 | |
Total cost and expenses | 23,859.2 | 26,828 | 21,055 | |
Income from operations | [1] | 649 | 358.1 | 731.6 |
Other income (expense): | ||||
Interest expense, net | (159.6) | (169.9) | (154.4) | |
Change in Tax Receivable Agreement liability | 0 | 13.9 | 250.9 | |
Change in fair value of catalyst obligations | (9.7) | 5.6 | (2.2) | |
Debt extinguishment costs | 0 | 0 | (25.5) | |
Other non-service components of net periodic benefit cost | (0.2) | 1.1 | (1.4) | |
Income before income taxes | 479.5 | 208.8 | 799 | |
Income tax expense | 104.3 | 33.5 | 315.6 | |
Net income | 375.2 | 175.3 | 483.4 | |
Less: net income attributable to noncontrolling interests | 55.8 | 47 | 67.8 | |
Net income attributable to PBF Energy Inc. stockholders | $ 319.4 | $ 128.3 | $ 415.6 | |
Weighted-average shares of Class A common stock outstanding | ||||
Basic (in shares) | [2] | 119,887,646 | 115,190,262 | 109,779,407 |
Diluted (in shares) | 121,853,299 | 118,773,606 | 113,898,845 | |
Net income available to Class A common stock per share: | ||||
Basic (in usd per share) | $ 2.66 | $ 1.11 | $ 3.78 | |
Diluted (in usd per share) | $ 2.64 | $ 1.10 | $ 3.73 | |
[1] | (2) Prior to the TVPC Contribution Agreement, the Logistics segment included 100% of the income from operations of TVPC, as TVPC was consolidated by PBFX. PBFX recorded net income attributable to noncontrolling interest for the 50% equity interest in TVPC held by PBF Holding. PBF Holding (included in the Refining segment) recorded equity income in investee related to its 50% noncontrolling ownership interest in TVPC. For purposes of the Company’s Consolidated Financial Statements, PBF Holding’s equity income in investee and PBFX’s net income attributable to noncontrolling interest eliminated in consolidation. | |||
[2] | The net income attributable to PBF Energy, used in the numerator of the diluted earnings per share calculation is adjusted to reflect the net income, as well as the corresponding income tax expense (based on a 24.9% , 26.0% and 39.6% annualized statutory corporate tax rate for the years ended December 31, 2019 , 2018 and 2017 ) attributable to the converted units. |
Consolidated Statements of Op_2
Consolidated Statements of Operations PBF LLC STATEMENT OF OPERATIONS - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Income Statement [Abstract] | |||||
Revenues | $ 24,508.2 | $ 27,186.1 | $ 21,786.6 | ||
Cost and expenses: | |||||
Cost of products and other | 21,387.5 | 24,503.4 | 18,863.6 | ||
Operating expenses (excluding depreciation and amortization expense as reflected below) | 1,782.3 | 1,721 | 1,684.4 | ||
Depreciation and amortization expense | 425.3 | 359.1 | 278 | ||
Cost of sales | 23,595.1 | 26,583.5 | 20,826 | ||
General and administrative expenses (excluding depreciation and amortization expense as reflected below) | 284 | 277 | 214.5 | ||
Depreciation and amortization expense | 10.8 | 10.6 | 13 | ||
Change in contingent consideration | (0.8) | 0 | 0 | ||
(Gain) loss on sale of assets | (29.9) | (43.1) | 1.5 | ||
Total cost and expenses | 23,859.2 | 26,828 | 21,055 | ||
Income from operations | [1] | 649 | 358.1 | 731.6 | |
Other Income and Expenses [Abstract] | |||||
Change in fair value of catalyst obligations | (9.7) | 5.6 | (2.2) | ||
Debt extinguishment costs | 0 | 0 | (25.5) | ||
Interest expense, net | (159.6) | (169.9) | (154.4) | ||
Other non-service components of net periodic benefit cost | (0.2) | 1.1 | (1.4) | ||
Income before income taxes | 479.5 | 208.8 | 799 | ||
Income tax expense | 104.3 | 33.5 | 315.6 | ||
Net income | 375.2 | 175.3 | 483.4 | ||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 55.9 | 47 | 67.8 | ||
Net income attributable to PBF Energy Inc. stockholders | 319.4 | 128.3 | 415.6 | ||
PBF LLC [Member] | |||||
Income Statement [Abstract] | |||||
Revenues | 24,508.2 | 27,186.1 | 21,786.6 | ||
Cost and expenses: | |||||
Cost of products and other | 21,387.5 | 24,503.4 | 18,863.6 | ||
Operating expenses (excluding depreciation and amortization expense as reflected below) | 1,782.3 | 1,721 | 1,684.4 | ||
Depreciation and amortization expense | 425.3 | 359.1 | 278 | ||
Cost of sales | 23,595.1 | 26,583.5 | 20,826 | ||
General and administrative expenses (excluding depreciation and amortization expense as reflected below) | 282.3 | 275.2 | 214.2 | ||
Depreciation and amortization expense | 10.8 | 10.6 | 13 | ||
Change in contingent consideration | (0.8) | 0 | 0 | ||
(Gain) loss on sale of assets | (29.9) | (43.1) | 1.5 | ||
Total cost and expenses | 23,857.5 | 26,826.2 | 21,054.7 | ||
Income from operations | [1] | 650.7 | [2] | 359.9 | 731.9 |
Other Income and Expenses [Abstract] | |||||
Change in fair value of catalyst obligations | (9.7) | 5.6 | (2.2) | ||
Debt extinguishment costs | 0 | 0 | (25.5) | ||
Interest expense, net | (169.1) | (178.5) | (162.3) | ||
Other non-service components of net periodic benefit cost | (0.2) | 1.1 | (1.4) | ||
Income before income taxes | 471.7 | 188.1 | 540.5 | ||
Income tax expense | (8.3) | 8 | (10.8) | ||
Net income | 480 | 180.1 | 551.3 | ||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 51.5 | 42.3 | 51.2 | ||
Net income attributable to PBF Energy Inc. stockholders | 428.5 | 137.8 | 500.1 | ||
Noncontrolling Interest [Member] | |||||
Other Income and Expenses [Abstract] | |||||
Net income | $ 55.8 | 47 | 67.8 | ||
Noncontrolling Interest [Member] | PBF LLC [Member] | |||||
Other Income and Expenses [Abstract] | |||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | $ 42.3 | $ 51.2 | |||
[1] | (2) Prior to the TVPC Contribution Agreement, the Logistics segment included 100% of the income from operations of TVPC, as TVPC was consolidated by PBFX. PBFX recorded net income attributable to noncontrolling interest for the 50% equity interest in TVPC held by PBF Holding. PBF Holding (included in the Refining segment) recorded equity income in investee related to its 50% noncontrolling ownership interest in TVPC. For purposes of the Company’s Consolidated Financial Statements, PBF Holding’s equity income in investee and PBFX’s net income attributable to noncontrolling interest eliminated in consolidation. | ||||
[2] | (1) On April 24, 2019, PBFX entered into the TVPC Contribution Agreement, pursuant to which PBF LLC contributed to PBFX all of the issued and outstanding limited liability company interests of TVP Holding. Prior to the TVPC Acquisition, TVP Holding owned a 50% membership interest in TVPC. Subsequent to the closing of the TVPC Acquisition on May 31, 2019, PBFX owns 100% of the membership interests in TVPC. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||||||||||
Net income | $ 69.1 | $ 86.3 | $ (21.6) | $ 241.4 | $ (346.7) | $ 192.5 | $ 287.7 | $ 41.8 | $ 375.2 | $ 175.3 | $ 483.4 |
Other comprehensive income (loss): | |||||||||||
Unrealized gain (loss) on available for sale securities | 0.4 | (0.1) | |||||||||
Net gain (loss) on pension and other post-retirement benefits | 13.8 | 3.1 | (1) | ||||||||
Total other comprehensive income (loss) | 14.2 | 3 | (1) | ||||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 389.4 | 178.3 | 482.4 | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 55.9 | 47 | 67.8 | ||||||||
Comprehensive income attributable to PBF Energy Inc. stockholders | $ 333.5 | $ 131.3 | $ 414.6 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income PBF LLC STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||||||||||
Net income | $ 69.1 | $ 86.3 | $ (21.6) | $ 241.4 | $ (346.7) | $ 192.5 | $ 287.7 | $ 41.8 | $ 375.2 | $ 175.3 | $ 483.4 |
Other comprehensive income (loss): | |||||||||||
Unrealized gain (loss) on available for sale securities | 0.4 | (0.1) | |||||||||
Net gain (loss) on pension and other post-retirement benefits | 13.8 | 3.1 | (1) | ||||||||
Total other comprehensive income (loss) | 14.2 | 3 | (1) | ||||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 389.4 | 178.3 | 482.4 | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 55.9 | 47 | 67.8 | ||||||||
Comprehensive income attributable to PBF Energy Inc. stockholders | 333.5 | 131.3 | 414.6 | ||||||||
PBF LLC [Member] | |||||||||||
Statement of Comprehensive Income [Abstract] | |||||||||||
Net income | $ 80.4 | $ 108.1 | $ (35.9) | $ 327.4 | $ (502.2) | $ 244.9 | $ 385.7 | $ 51.7 | 480 | 180.1 | 551.3 |
Other comprehensive income (loss): | |||||||||||
Unrealized gain (loss) on available for sale securities | 0.4 | (0.1) | 0 | ||||||||
Net gain (loss) on pension and other post-retirement benefits | 13.8 | 3.1 | (1) | ||||||||
Total other comprehensive income (loss) | 14.2 | 3 | (1) | ||||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 494.2 | 183.1 | 550.3 | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 51.5 | 42.3 | 51.2 | ||||||||
Comprehensive income attributable to PBF Energy Inc. stockholders | $ 442.7 | $ 140.8 | $ 499.1 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity Statement - USD ($) $ in Millions | Total | Class A Common Stock [Member] | Class B Common Stock [Member] | Common Stock [Member]Class A Common Stock [Member] | Common Stock [Member]Class B Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Treasury Stock [Member] | Public Offering [Member]Common Stock [Member]Class A Common Stock [Member] | Public Offering [Member]Additional Paid-in Capital [Member] | PBF LLC [Member] | PBF LLC [Member]Common Stock [Member]Series C Units [Member] | PBF LLC [Member]Accumulated Other Comprehensive Loss [Member] | PBF LLC [Member]Retained Earnings [Member] | PBF LLC [Member]Noncontrolling Interest [Member] | PBF LLC [Member]Treasury Stock [Member] |
Beginning balance (in shares) at Dec. 31, 2016 | 109,204,047 | 28 | 6,087,963 | 109,204,047 | ||||||||||||||
Beginning balance at Dec. 31, 2016 | $ 2,570.5 | $ 0.1 | $ 0 | $ 2,245.8 | $ (24.5) | $ (44.9) | $ 545.6 | $ (151.6) | $ 2,487.6 | $ 1,630.2 | $ (25.9) | $ 545 | $ 446.9 | $ (151.6) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Comprehensive income | 482.4 | (0.9) | 415.5 | 67.8 | 550.3 | (1) | 500.1 | 51.2 | ||||||||||
Exercise of warrants and options (in shares) | 462,500 | 462,500 | ||||||||||||||||
Exercise of warrants and options | 9.9 | 10.5 | (0.6) | (0.6) | $ 0 | |||||||||||||
Distributions to PBF Energy Company LLC members | (4.5) | (4.5) | ||||||||||||||||
Distributions to PBF Logistics LP public unitholders | (44.6) | (44.6) | ||||||||||||||||
Stock-based compensation (in shares) | 702,404 | |||||||||||||||||
Stock based compensation | 26.8 | 21.5 | 5.3 | 26.8 | $ 21.5 | 5.3 | ||||||||||||
Dividends | (131.8) | (131.8) | ||||||||||||||||
Dividends per common share (in dollars per share) | $ 1.20 | |||||||||||||||||
Exchange of PBF Energy Company LLC Series A Units for Class A common stock (in shares) | 196,580 | (3) | 196,580 | |||||||||||||||
Exchange of PBF Energy Company LLC Series A Units for Class A common stock | 0 | 0 | $ 2.3 | |||||||||||||||
Record deferred tax assets and liabilities and tax receivable agreement obligation | (1.1) | (1.1) | ||||||||||||||||
Treasury stock purchases (in shares) | (44,921) | |||||||||||||||||
Treasury stock purchases | 0 | (1) | $ (1) | (1) | (1) | |||||||||||||
Other | (4.7) | (2) | (2.7) | (2.9) | (2) | (0.9) | ||||||||||||
Ending balance, shares (in shares) at Dec. 31, 2017 | 110,565,531 | 25 | 6,132,884 | 110,586,762 | ||||||||||||||
Ending balance at Dec. 31, 2017 | 2,902.9 | $ 0.1 | $ 0 | 2,277.7 | (25.4) | 236.8 | 566.3 | $ (152.6) | 2,878.5 | $ 1,655 | (26.9) | 906.8 | 456.1 | (152.6) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures (in shares) | 702,404 | |||||||||||||||||
Distribution To Unitholders | 182.7 | 136.3 | 46.4 | |||||||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 1 | $ 1 | ||||||||||||||||
Redemption of Units (in shares) | 21,231 | |||||||||||||||||
Comprehensive income | 178.3 | 3 | 128.3 | 47 | 183.1 | 3 | 137.8 | 42.3 | ||||||||||
Exercise of warrants and options (in shares) | 708,091 | 708,091 | ||||||||||||||||
Exercise of warrants and options | 14 | 14 | (8.5) | $ (5.9) | ||||||||||||||
Adjustment to Additional Paid in Capital, Income Tax Effect from Share-based Compensation, Net | (5.4) | (4.8) | (0.6) | |||||||||||||||
Distributions to PBF Energy Company LLC members | (2.1) | (2.1) | ||||||||||||||||
Distributions to PBF Logistics LP public unitholders | (49.5) | (49.5) | ||||||||||||||||
Stock-based compensation (in shares) | 43,311 | 43,311 | ||||||||||||||||
Stock based compensation | 25.4 | 19.7 | 5.7 | 25.4 | $ 19.7 | 5.7 | ||||||||||||
Dividends | (139.3) | (139.3) | ||||||||||||||||
Dividends per common share (in dollars per share) | $ 1.20 | |||||||||||||||||
Stock issued during period (in shares) | 6,000,000 | 6,000,000 | ||||||||||||||||
Stock issued during period | 287.3 | $ 0 | $ 287.3 | 287.3 | $ 287.3 | 0 | ||||||||||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 34.9 | 28.6 | 6.3 | |||||||||||||||
Exchange of PBF Energy Company LLC Series A Units for Class A common stock (in shares) | 2,698,635 | (5) | 2,698,635 | |||||||||||||||
Exchange of PBF Energy Company LLC Series A Units for Class A common stock | 0 | 0 | $ 17.3 | |||||||||||||||
Record deferred tax assets and liabilities and tax receivable agreement obligation | (4.9) | (4.9) | ||||||||||||||||
Noncontrolling Interest | 34.9 | 34.9 | $ 28.6 | 6.3 | ||||||||||||||
Treasury stock purchases (in shares) | 141,377 | (141,377) | 141,377 | |||||||||||||||
Treasury stock purchases | 0 | (8.2) | $ (8.2) | 0 | $ 8.2 | (8.2) | ||||||||||||
Other | 6.9 | 8 | (1.1) | 9.6 | $ (0.4) | 11.1 | (1.1) | |||||||||||
Ending balance, shares (in shares) at Dec. 31, 2018 | 119,874,191 | 20 | 119,874,191 | 20 | 6,274,261 | 119,895,422 | ||||||||||||
Ending balance at Dec. 31, 2018 | 3,248.5 | $ 0.1 | $ 0 | 2,633.8 | (22.4) | 225.8 | 572 | $ (160.8) | 3,219.4 | $ 2,009.8 | (23.9) | 914.3 | 459.8 | (160.8) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Distribution To Unitholders | 190.9 | 141.4 | 49.5 | |||||||||||||||
Comprehensive income | 389.4 | 14.1 | 319.4 | 55.9 | 494.2 | 14.2 | 428.5 | 51.5 | ||||||||||
Exercise of warrants and options (in shares) | 16,831 | 16,831 | ||||||||||||||||
Exercise of warrants and options | 0.3 | $ 0 | (0.3) | (4.7) | $ (4.6) | |||||||||||||
Adjustment to Additional Paid in Capital, Income Tax Effect from Share-based Compensation, Net | (4.8) | (4.6) | (0.2) | |||||||||||||||
Distributions to PBF Energy Company LLC members | (3.2) | (3.2) | ||||||||||||||||
Distributions to PBF Logistics LP public unitholders | (64.1) | (64.1) | ||||||||||||||||
Stock-based compensation (in shares) | 54,475 | 54,475 | ||||||||||||||||
Stock based compensation | 34 | 27.2 | 6.8 | 34 | $ 27.2 | 6.8 | ||||||||||||
Dividends | (143.8) | (143.8) | ||||||||||||||||
Dividends per common share (in dollars per share) | $ 1.20 | |||||||||||||||||
Exchange of PBF Energy Company LLC Series A Units for Class A common stock (in shares) | 10,000 | 0 | 10,000 | |||||||||||||||
Exchange of PBF Energy Company LLC Series A Units for Class A common stock | 0 | $ 0 | 0 | $ 0.1 | ||||||||||||||
Record deferred tax assets and liabilities and tax receivable agreement obligation | (1.3) | (1.3) | ||||||||||||||||
Noncontrolling Interest | 132.5 | 152 | (19.5) | 132.5 | $ 152 | (19.5) | ||||||||||||
Treasury stock purchases (in shares) | 150,526 | (150,526) | 150,526 | |||||||||||||||
Treasury stock purchases | 0 | (4.9) | $ (4.9) | 0 | $ 4.9 | (4.9) | ||||||||||||
Other | 2 | 0 | 0 | 0.2 | 1.8 | (1.8) | $ 0 | 0 | (1.8) | |||||||||
Ending balance, shares (in shares) at Dec. 31, 2019 | 119,804,971 | 20 | 119,804,971 | 20 | 6,424,787 | 119,826,202 | ||||||||||||
Ending balance at Dec. 31, 2019 | $ 3,585.5 | $ 0.1 | $ 0 | $ 2,812.3 | $ (8.3) | $ 401.2 | $ 545.9 | $ (165.7) | 3,609.1 | $ 2,189.4 | $ (9.7) | 1,142.4 | 432.7 | $ (165.7) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Distribution To Unitholders | $ 264.5 | $ 200.4 | $ 64.1 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity PBF LLC STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Millions | Total | Accumulated Other Comprehensive Loss [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Treasury Stock [Member] | PBF LLC [Member] | PBF LLC [Member]Common Stock [Member]Series A Units [Member] | PBF LLC [Member]Common Stock [Member]Series C Units [Member] | PBF LLC [Member]Accumulated Other Comprehensive Loss [Member] | PBF LLC [Member]Retained Earnings [Member] | PBF LLC [Member]Noncontrolling Interest [Member] | PBF LLC [Member]Treasury Stock [Member] |
Beginning balance (in shares) at Dec. 31, 2016 | 6,087,963 | 3,920,902 | 109,204,047 | |||||||||
Beginning balance at Dec. 31, 2016 | $ 2,570.5 | $ (24.5) | $ (44.9) | $ 545.6 | $ (151.6) | $ 2,487.6 | $ 43 | $ 1,630.2 | $ (25.9) | $ 545 | $ 446.9 | $ (151.6) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Comprehensive income | 482.4 | (0.9) | 415.5 | 67.8 | 550.3 | (1) | 500.1 | 51.2 | ||||
Exercise of warrants and options (in shares) | 64,373 | 462,500 | ||||||||||
Exercise of warrants and options | 9.9 | (0.6) | (0.6) | $ (0.6) | $ 0 | |||||||
Exchange of PBF Energy Company LLC Series A Units for Class A common stock (in shares) | (196,580) | 196,580 | ||||||||||
Exchange of PBF Energy Company LLC Series A Units for Class A common stock | 0 | 0 | $ (2.3) | $ (2.3) | ||||||||
Redemption of Units (in shares) | (21,231) | 21,231 | ||||||||||
Treasury stock purchases (in shares) | (44,921) | |||||||||||
Distribution To Unitholders | (182.7) | (136.3) | (46.4) | |||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures (in shares) | 702,404 | |||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 1 | $ 1 | ||||||||||
Stock based compensation | 26.8 | 5.3 | 26.8 | $ 21.5 | 5.3 | |||||||
Treasury stock purchases | 0 | $ (1) | (1) | (1) | ||||||||
Other | (4.7) | (2) | (2.7) | (2.9) | (2) | (0.9) | ||||||
Ending balance, shares (in shares) at Dec. 31, 2017 | 6,132,884 | 3,767,464 | 110,586,762 | |||||||||
Ending balance at Dec. 31, 2017 | 2,902.9 | (25.4) | 236.8 | 566.3 | $ (152.6) | 2,878.5 | $ 40.1 | $ 1,655 | (26.9) | 906.8 | 456.1 | (152.6) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Comprehensive income | 178.3 | 3 | 128.3 | 47 | 183.1 | 3 | 137.8 | 42.3 | ||||
Exercise of warrants and options (in shares) | 137,496 | 708,091 | ||||||||||
Exercise of warrants and options | 14 | (8.5) | $ (2.6) | $ (5.9) | ||||||||
Exchange of PBF Energy Company LLC Series A Units for Class A common stock (in shares) | (2,698,635) | 2,698,635 | ||||||||||
Exchange of PBF Energy Company LLC Series A Units for Class A common stock | 0 | 0 | $ 17.3 | $ (17.3) | ||||||||
Stock issued during period (in shares) | 6,000,000 | |||||||||||
Stock issued during period | (287.3) | (287.3) | $ (287.3) | 0 | ||||||||
Treasury stock purchases (in shares) | (141,377) | 141,377 | ||||||||||
Distribution To Unitholders | (190.9) | (141.4) | (49.5) | |||||||||
Noncontrolling Interest | 34.9 | 34.9 | $ 28.6 | 6.3 | ||||||||
Stock-based compensation (in shares) | 43,311 | |||||||||||
Stock based compensation | 25.4 | 5.7 | 25.4 | $ 19.7 | 5.7 | |||||||
Treasury stock purchases | 0 | $ (8.2) | 0 | 8.2 | (8.2) | |||||||
Other | 6.9 | (1.1) | 9.6 | $ (0.4) | 11.1 | (1.1) | ||||||
Ending balance, shares (in shares) at Dec. 31, 2018 | 6,274,261 | 1,206,325 | 119,895,422 | |||||||||
Ending balance at Dec. 31, 2018 | 3,248.5 | (22.4) | 225.8 | 572 | $ (160.8) | 3,219.4 | $ 20.2 | $ 2,009.8 | (23.9) | 914.3 | 459.8 | (160.8) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Comprehensive income | 389.4 | 14.1 | 319.4 | 55.9 | 494.2 | 14.2 | 428.5 | 51.5 | ||||
Exercise of warrants and options (in shares) | 18,992 | 16,831 | ||||||||||
Exercise of warrants and options | 0.3 | (4.7) | $ (0.1) | $ (4.6) | ||||||||
Exchange of PBF Energy Company LLC Series A Units for Class A common stock (in shares) | (10,000) | 10,000 | ||||||||||
Exchange of PBF Energy Company LLC Series A Units for Class A common stock | 0 | 0 | $ 0.1 | $ (0.1) | ||||||||
Treasury stock purchases (in shares) | (150,526) | 150,526 | ||||||||||
Distribution To Unitholders | (264.5) | (200.4) | (64.1) | |||||||||
Noncontrolling Interest | 132.5 | (19.5) | 132.5 | $ 152 | (19.5) | |||||||
Stock-based compensation (in shares) | 54,475 | |||||||||||
Stock based compensation | 34 | 6.8 | 34 | $ 27.2 | 6.8 | |||||||
Treasury stock purchases | 0 | $ (4.9) | 0 | 4.9 | (4.9) | |||||||
Other | 2 | 0 | 0.2 | 1.8 | (1.8) | $ 0 | 0 | (1.8) | ||||
Ending balance, shares (in shares) at Dec. 31, 2019 | 6,424,787 | 1,215,317 | 119,826,202 | |||||||||
Ending balance at Dec. 31, 2019 | $ 3,585.5 | $ (8.3) | $ 401.2 | $ 545.9 | $ (165.7) | $ 3,609.1 | $ 20 | $ 2,189.4 | $ (9.7) | $ 1,142.4 | $ 432.7 | $ (165.7) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net income | $ 375.2 | $ 175.3 | $ 483.4 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 447.5 | 378.6 | 299.9 |
Stock-based compensation | 37.3 | 26 | 26.8 |
Change in fair value of catalyst obligations | 9.7 | (5.6) | 2.2 |
Deferred income taxes | 103.7 | 32.7 | 313.8 |
Change in Tax Receivable Agreement liability | 0 | (13.9) | (250.9) |
Non-cash change in inventory repurchase obligations | 25.4 | (31.8) | 13.8 |
Non-cash lower of cost or market inventory adjustment | (250.2) | 351.3 | (295.5) |
Debt extinguishment costs | 0 | 0 | 25.5 |
Pension and other post-retirement benefit costs | 44.8 | 47.4 | 42.2 |
Change in fair value of contingent consideration | (0.8) | 0 | 0 |
(Gain) loss on sale of assets | (29.9) | (43.1) | 1.5 |
Changes in operating assets and liabilities: | |||
Accounts receivable | (116.1) | 234.3 | (332.4) |
Inventories | (6.3) | (3.3) | (54.7) |
Prepaid and other current assets | 2.7 | 10.1 | 73.5 |
Accounts payable | 137.5 | (111.6) | 34.6 |
Accrued expenses | 208.1 | (227.1) | 359.5 |
Deferred revenue | 0.1 | 11.2 | (4.4) |
Payable to related parties pursuant to Tax Receivable Agreement | 0 | 0 | 0 |
Other assets and liabilities | (55.2) | 7.5 | (53.1) |
Net cash provided by operating activities | 933.5 | 838 | 685.7 |
Cash flows from investing activities: | |||
Expenditures for property, plant and equipment | (404.9) | (317.5) | (306.7) |
Expenditures for deferred turnaround costs | (299.3) | (266) | (379.1) |
Expenditures for other assets | (44.7) | (17) | (31.2) |
Proceeds from sale of assets | 36.3 | 48.3 | 0 |
Purchase of marketable securities | 0 | 0 | (75) |
Maturities of marketable securities | 0 | 0 | 115.1 |
Net cash used in investing activities | (712.6) | (685.6) | (687) |
Cash flows from financing activities: | |||
Net proceeds from issuance of PBF Energy Class A common stock | 0 | 287.3 | 0 |
Net proceeds from issuance of PBFX common units | 132.5 | 34.9 | 0 |
Dividend payments | (143.5) | (139) | (131.7) |
Distributions to PBFX public unitholders | (62.5) | (48.2) | (43.5) |
Distributions to PBF Energy Company LLC members other than PBF Energy | (3.2) | (2.1) | (4.5) |
Proceeds from revolver borrowings | 1,350 | 0 | 490 |
Repayments of revolver borrowings | (1,350) | (350) | (490) |
Repayments of note payable | 0 | (5.6) | (1.2) |
Deferred payment for the East Coast Storage Assets Acquisition | (32) | 0 | 0 |
Settlements of catalyst obligations | (6.5) | (9.1) | 10.8 |
Taxes paid for net settlement of equity-based compensation | (4.8) | (5.4) | 0 |
Proceeds from stock options exercised | 0 | 14 | 10.5 |
Purchases of treasury stock | (4.9) | (8.2) | (1) |
Deferred financing costs and other | 1.6 | (16.2) | (17.1) |
Net cash used in financing activities | (3.3) | (128.1) | (172) |
Net increase (decrease) in cash and cash equivalents | 217.6 | 24.3 | (173.3) |
Cash and equivalents, beginning of period | 597.3 | 573 | 746.3 |
Cash and equivalents, end of period | 814.9 | 597.3 | 573 |
Non-cash activities: | |||
Accrued and unpaid capital expenditures | 37.2 | 90.2 | 26.8 |
Assets acquired under operating leases | 408.6 | 0 | 0 |
Assets acquired under finance leases | 26.3 | 0 | 0 |
Deferred payment for PBFX East Coast Storage Assets Acquisition | 32 | 0 | 0 |
East Coast Storage Assets Acquisition contingent consideration | 0 | 21.1 | 0 |
Note payable issued for purchase of property, plant and equipment | 0 | 0 | 6.8 |
Cash paid during year for: | |||
Interest, net of capitalized interest of $18.1, $9.5 and $7.2 in 2019, 2018 and 2017, respectively | 154 | 164.4 | 166.5 |
Income taxes | 2.7 | 0.7 | 0 |
2025 Senior Notes [Member] | |||
Cash flows from financing activities: | |||
Proceeds from 2025 Senior Notes | 0 | 0 | 725 |
2020 Senior Secured Notes [Member] | |||
Cash flows from financing activities: | |||
Repayments of PBFX Term Loan borrowings | 0 | 0 | (690.2) |
PBFX Revolving Credit Facility [Member] | |||
Cash flows from financing activities: | |||
Proceeds from revolver borrowings | 228 | 170 | 20 |
Repayments of revolver borrowings | (101) | (43.7) | (179.5) |
PBFX Term Loan [Member] | |||
Cash flows from financing activities: | |||
Repayments of PBFX Term Loan borrowings | 0 | 0 | (39.7) |
Rail Term Loan [Member] | |||
Cash flows from financing activities: | |||
Repayments of PBFX Term Loan borrowings | (7) | (6.8) | (6.6) |
PBFX Senior Notes [Member] | |||
Cash flows from financing activities: | |||
Proceeds from PBFX 2023 Senior Notes | 0 | 0 | 178.5 |
Toledo Terminal Acquisition [Member] | |||
Cash flows from investing activities: | |||
Payments to Acquire Businesses, Gross | 0 | 0 | (10.1) |
Knoxville Terminals Purchase [Member] | |||
Cash flows from investing activities: | |||
Payments to Acquire Businesses, Gross | 0 | (58.4) | 0 |
East Coast Storage Assets Acquisition [Member] | |||
Cash flows from investing activities: | |||
Payments to Acquire Businesses, Gross | 0 | (75) | 0 |
Cash flows from financing activities: | |||
Deferred payment for the East Coast Storage Assets Acquisition | 0 | (30.9) | 0 |
Non-cash activities: | |||
Deferred payment for PBFX East Coast Storage Assets Acquisition | 0 | 30.9 | 0 |
Collins Pipeline Company And T&M Terminal Company [Member] | |||
Cash flows from financing activities: | |||
Distributions to PBF Energy Company LLC members other than PBF Energy | $ 0 | $ 0 | $ (1.8) |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Capitalized interest | $ 18.1 | $ 9.5 | $ 7.2 |
PBF LLC [Member] | |||
Interest, net of capitalized interest of $18.1, $9.5 and $7.2 in 2019, 2018 and 2017, respectively | 154 | 164.4 | 166.5 |
Capitalized interest | $ 18.1 | $ 9.5 | $ 7.2 |
Consolidated Statements of Ca_3
Consolidated Statements of Cash Flows PBF LLC STATEMENT OF CASH FLOW - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net Cash Provided by (Used in) Operating Activities [Abstract] | |||
Net income | $ 375.2 | $ 175.3 | $ 483.4 |
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] | |||
Depreciation and amortization | 447.5 | 378.6 | 299.9 |
Stock-based compensation | 37.3 | 26 | 26.8 |
Change in fair value of catalyst obligations | 9.7 | (5.6) | 2.2 |
Deferred income taxes | 103.7 | 32.7 | 313.8 |
Non-cash change in inventory repurchase obligations | 25.4 | (31.8) | 13.8 |
Non-cash lower of cost or market inventory adjustment | (250.2) | 351.3 | (295.5) |
Debt extinguishment costs | 0 | 0 | 25.5 |
Pension and other post-retirement benefit costs | 44.8 | 47.4 | 42.2 |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Asset | (0.8) | 0 | 0 |
(Gain) loss on sale of assets | (29.9) | (43.1) | 1.5 |
Changes in operating assets and liabilities: | |||
Accounts receivable | (116.1) | 234.3 | (332.4) |
Inventories | (6.3) | (3.3) | (54.7) |
Prepaid and other current assets | 2.7 | 10.1 | 73.5 |
Accounts payable | 137.5 | (111.6) | 34.6 |
Accrued expenses | 208.1 | (227.1) | 359.5 |
Deferred revenue | 0.1 | 11.2 | (4.4) |
Other assets and liabilities | (55.2) | 7.5 | (53.1) |
Net cash provided by operating activities | 933.5 | 838 | 685.7 |
Cash flows from investing activities: | |||
Expenditures for property, plant and equipment | (404.9) | (317.5) | (306.7) |
Expenditures for deferred turnaround costs | (299.3) | (266) | (379.1) |
Expenditures for other assets | (44.7) | (17) | (31.2) |
Proceeds from sale of assets | 36.3 | 48.3 | 0 |
Purchase of marketable securities | 0 | 0 | (75) |
Maturities of marketable securities | 0 | 0 | 115.1 |
Net cash used in investing activities | (712.6) | (685.6) | (687) |
Cash flows from financing activities: | |||
Dividend payments | (143.5) | (139) | (131.7) |
Distributions to PBFX public unitholders | (62.5) | (48.2) | (43.5) |
Payments of Capital Distribution | (3.2) | (2.1) | (4.5) |
Proceeds from revolver borrowings | 1,350 | 0 | 490 |
Repayments of revolver borrowings | (1,350) | (350) | (490) |
Repayments of note payable | 0 | (5.6) | (1.2) |
Catalyst Lease Settlements | 6.5 | 9.1 | (10.8) |
Taxes paid for net settlement of equity-based compensation | (4.8) | (5.4) | 0 |
Proceeds from stock options exercised | 0 | 14 | 10.5 |
Purchases of treasury stock | (4.9) | (8.2) | (1) |
Deferred financing costs and other | 1.6 | (16.2) | (17.1) |
Net cash used in financing activities | (3.3) | (128.1) | (172) |
Net increase (decrease) in cash and cash equivalents | 217.6 | 24.3 | (173.3) |
Cash and equivalents, beginning of period | 597.3 | 573 | 746.3 |
Cash and equivalents, end of period | 814.9 | 597.3 | 573 |
Non-cash activities: | |||
Note payable issued for purchase of property, plant and equipment | 0 | 0 | 6.8 |
Accrued and unpaid capital expenditures | 37.2 | 90.2 | 26.8 |
Other Payments to Acquire Businesses | (32) | 0 | 0 |
East Coast Storage Assets Acquisition contingent consideration | 0 | 21.1 | 0 |
Cash paid during year for: | |||
Capitalized interest | 18.1 | 9.5 | 7.2 |
Income taxes | 2.7 | 0.7 | 0 |
Assets acquired under operating leases | 408.6 | 0 | 0 |
Assets acquired under finance leases | 26.3 | 0 | 0 |
PBF LLC [Member] | |||
Net Cash Provided by (Used in) Operating Activities [Abstract] | |||
Net income | 480 | 180.1 | 551.3 |
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] | |||
Depreciation and amortization | 447.5 | 378.6 | 299.9 |
Stock-based compensation | 37.3 | 26 | 26.8 |
Change in fair value of catalyst obligations | 9.7 | (5.6) | 2.2 |
Deferred income taxes | (8.8) | 7.2 | (12.5) |
Non-cash change in inventory repurchase obligations | 25.4 | (31.8) | 13.8 |
Non-cash lower of cost or market inventory adjustment | (250.2) | 351.3 | (295.5) |
Debt extinguishment costs | 0 | 0 | 25.5 |
Pension and other post-retirement benefit costs | 44.8 | 47.4 | 42.2 |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Asset | (0.8) | 0 | 0 |
(Gain) loss on sale of assets | (29.9) | (43.1) | 1.5 |
Changes in operating assets and liabilities: | |||
Accounts receivable | (115.1) | 234.3 | (332.4) |
Inventories | (6.3) | (3.3) | (54.7) |
Prepaid and other current assets | 2.2 | (1.1) | (9.9) |
Accounts payable | 137.5 | (111.6) | 34.6 |
Accrued expenses | 219.5 | (226.3) | 358.5 |
Deferred revenue | 0.1 | 11.2 | (4.4) |
Other assets and liabilities | (56) | 7.4 | (52.9) |
Net cash provided by operating activities | 936.9 | 820.7 | 594 |
Cash flows from investing activities: | |||
Expenditures for property, plant and equipment | (404.9) | (317.5) | (306.7) |
Expenditures for deferred turnaround costs | (299.3) | (266) | (379.1) |
Expenditures for other assets | (44.7) | (17) | (31.2) |
Proceeds from sale of assets | 36.3 | 48.3 | 0 |
Purchase of marketable securities | 0 | 0 | (75) |
Maturities of marketable securities | 0 | 0 | 115.1 |
Net cash used in investing activities | (712.6) | (685.6) | (687) |
Cash flows from financing activities: | |||
Proceeds from Issuance of Common Stock | 0 | 287.3 | 0 |
Dividend payments | (146.7) | (141.1) | (136.2) |
Distributions to PBFX public unitholders | (62.5) | (48.2) | (43.5) |
Payments of Capital Distribution | 0 | 0 | (1.8) |
Proceeds from PBFX 2023 Senior Notes | 0 | 0 | 178.5 |
Proceeds from revolver borrowings | 1,350 | 0 | 490 |
Repayments of revolver borrowings | (1,350) | (350) | (490) |
Proceeds from Related Party Debt | (3.1) | 44.1 | 102.5 |
Repayments of note payable | 0 | (5.6) | (1.2) |
Catalyst Lease Settlements | 6.5 | 9.1 | (10.8) |
Taxes paid for net settlement of equity-based compensation | (4.8) | (8.7) | 0 |
Repayments of PBFX Term Loan borrowings | 0 | 0 | (39.7) |
Proceeds from stock options exercised | 0 | 0.2 | 0 |
Purchases of treasury stock | (4.9) | (8.2) | (1) |
Deferred financing costs and other | 1.4 | (16.2) | (17.1) |
Net cash used in financing activities | (6.6) | (101.1) | (80) |
Net increase (decrease) in cash and cash equivalents | 217.7 | 34 | (173) |
Cash and equivalents, beginning of period | 596 | 562 | 735 |
Cash and equivalents, end of period | 813.7 | 596 | 562 |
Non-cash activities: | |||
Note payable issued for purchase of property, plant and equipment | 0 | 0 | 6.8 |
Accrued and unpaid capital expenditures | 37.2 | 90.2 | 26.8 |
Other Payments to Acquire Businesses | (32) | 0 | 0 |
East Coast Storage Assets Acquisition contingent consideration | 0 | 21.1 | 0 |
Cash paid during year for: | |||
Capitalized interest | 18.1 | 9.5 | 7.2 |
Interest, net of capitalized interest of $18.1, $9.5 and $7.2 in 2019, 2018 and 2017, respectively | 154 | 164.4 | 166.5 |
Income taxes | 1.2 | 0.6 | 0 |
Assets acquired under operating leases | 408.6 | 0 | 0 |
Assets acquired under finance leases | 26.3 | 0 | 0 |
Noncash Affiliate Note Payable, Member Distribution | 53.4 | 0 | 0 |
PBF Logistics LP [Member] | |||
Cash flows from financing activities: | |||
Proceeds from Issuance of Common Stock | 132.5 | 34.9 | 0 |
Toledo Terminal Acquisition [Member] | |||
Cash flows from investing activities: | |||
Payments to Acquire Businesses, Gross | 0 | 0 | (10.1) |
Toledo Terminal Acquisition [Member] | PBF LLC [Member] | |||
Cash flows from investing activities: | |||
Payments to Acquire Businesses, Gross | 0 | 0 | (10.1) |
Knoxville Terminals Purchase [Member] | |||
Cash flows from investing activities: | |||
Payments to Acquire Businesses, Gross | 0 | (58.4) | 0 |
Knoxville Terminals Purchase [Member] | PBF LLC [Member] | |||
Cash flows from investing activities: | |||
Payments to Acquire Businesses, Gross | 0 | (58.4) | 0 |
East Coast Storage Assets Acquisition [Member] | |||
Cash flows from investing activities: | |||
Payments to Acquire Businesses, Gross | 0 | (75) | 0 |
Non-cash activities: | |||
Other Payments to Acquire Businesses | 0 | (30.9) | 0 |
East Coast Storage Assets Acquisition [Member] | PBF LLC [Member] | |||
Cash flows from investing activities: | |||
Payments to Acquire Businesses, Gross | 0 | (75) | 0 |
2025 Senior Notes [Member] | |||
Cash flows from financing activities: | |||
Proceeds from 2025 Senior Notes | 0 | 0 | 725 |
2025 Senior Notes [Member] | PBF LLC [Member] | |||
Cash flows from financing activities: | |||
Proceeds from 2025 Senior Notes | 0 | 0 | 725 |
2020 Senior Secured Notes [Member] | |||
Cash flows from financing activities: | |||
Repayments of PBFX Term Loan borrowings | 0 | 0 | (690.2) |
2020 Senior Secured Notes [Member] | PBF LLC [Member] | |||
Cash flows from financing activities: | |||
Repayments of PBFX Term Loan borrowings | 0 | 0 | (690.2) |
Rail Term Loan [Member] | |||
Cash flows from financing activities: | |||
Repayments of PBFX Term Loan borrowings | (7) | (6.8) | (6.6) |
Rail Term Loan [Member] | PBF LLC [Member] | |||
Cash flows from financing activities: | |||
Repayments of PBFX Term Loan borrowings | (7) | (6.8) | (6.6) |
PBFX Revolving Credit Facility [Member] | |||
Cash flows from financing activities: | |||
Proceeds from revolver borrowings | 228 | 170 | 20 |
Repayments of revolver borrowings | (101) | (43.7) | (179.5) |
PBFX Revolving Credit Facility [Member] | PBF LLC [Member] | |||
Cash flows from financing activities: | |||
Proceeds from revolver borrowings | 228 | 170 | 20 |
Repayments of revolver borrowings | $ (101) | $ (43.7) | $ (179.5) |
DESCRIPTION OF THE BUSINESS AND
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION | DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION Description of the Business PBF Energy Inc. (“PBF Energy”) was formed as a Delaware corporation on November 7, 2011 and is the sole managing member of PBF Energy Company LLC (“PBF LLC”), a Delaware limited liability company, with a controlling interest in PBF LLC and its subsidiaries. PBF Energy consolidates the financial results of PBF LLC and its subsidiaries and records a noncontrolling interest in its Consolidated Financial Statements representing the economic interests of PBF LLC’s members other than PBF Energy (refer to “Note 16 - Noncontrolling Interests”). PBF Energy holds a 99.0% economic interest in PBF LLC as of December 31, 2019 through its ownership of PBF LLC Series C Units, which are held solely by PBF Energy. Holders of PBF LLC Series A Units, which are held by parties other than PBF Energy (“the members of PBF LLC other than PBF Energy”), hold the remaining 1.0% economic interest in PBF LLC. The PBF LLC Series C Units rank on parity with the PBF LLC Series A Units as to distribution rights, voting rights and rights upon liquidation, winding up or dissolution. In addition, the amended and restated limited liability company agreement of PBF LLC provides that any PBF LLC Series A Units acquired by PBF Energy will automatically be reclassified as PBF LLC Series C Units in connection with such acquisition. PBF LLC, together with its consolidated subsidiaries, owns and operates oil refineries and related facilities in North America. PBF Holding Company LLC (“PBF Holding”) is a wholly-owned subsidiary of PBF LLC. PBF Investments LLC, Toledo Refining Company LLC (“Toledo Refining” or “TRC”), Paulsboro Refining Company LLC (“Paulsboro Refining” or “PRC”), Delaware City Refining Company LLC (“Delaware City Refining” or “DCR”), Chalmette Refining, L.L.C. (“Chalmette Refining”), PBF Energy Western Region LLC (“PBF Western Region”), Torrance Refining Company LLC (“Torrance Refining”) and Torrance Logistics Company LLC are PBF LLC’s principal operating subsidiaries and are all wholly-owned subsidiaries of PBF Holding. Discussions or areas of the Notes to Consolidated Financial Statements that either apply only to PBF Energy or PBF LLC are clearly noted in such footnotes. At December 31, 2019 , PBF LLC also held a 48.2% limited partner interest in PBF Logistics LP (“PBFX”), a publicly-traded master limited partnership (“MLP”) (refer to “Note 3 - PBF Logistics LP”). PBF Logistics GP LLC (“PBF GP”) owns the noneconomic general partner interest and serves as the general partner of PBFX and is wholly-owned by PBF LLC. PBF Energy, through its ownership of PBF LLC, consolidates the financial results of PBFX and its subsidiaries and records a noncontrolling interest in its consolidated financial statements representing the economic interests of PBFX’s unitholders other than PBF LLC (refer to “Note 16 - Noncontrolling Interests”). Collectively, PBF Energy and its consolidated subsidiaries, including PBF LLC, PBF Holding, PBF GP and PBFX are referred to hereinafter as the “Company” unless the context otherwise requires. Substantially all of the Company’s operations are in the United States. The Company operates in two reportable business segments: Refining and Logistics. The Company’s oil refineries are all engaged in the refining of crude oil and other feedstocks into petroleum products, and are aggregated into the Refining segment. PBFX is a publicly-traded MLP that was formed to operate logistics assets such as crude oil and refined petroleum products terminals, pipelines and storage facilities. The Logistics segment consists solely of PBFX’s operations. 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. Public Offerings In connection with certain of the secondary offerings completed in 2015, 2014 and 2013, investment funds associated with the initial investors in PBF LLC exchanged all of their PBF LLC Series A Units for an equal number of shares of PBF Energy Class A common stock which were subsequently sold to the public and, accordingly, no longer hold any PBF LLC Series A Units. The holders of PBF LLC Series B Units, which include certain current and former executive officers of PBF Energy, had the right to receive a portion of the proceeds of the sale of the PBF Energy Class A common stock by the investment funds associated with the initial investors in PBF LLC. PBF Energy did not receive any proceeds from any of the secondary offerings. Since the secondary offerings, PBF Energy has completed a series of follow-on equity offerings. Such transactions occurring in the three years ended December 31, 2019 are discussed in “Note 16 - Noncontrolling Interest”. As a result of these equity offerings and certain other transactions such as stock option exercises, as of December 31, 2019 , PBF Energy owned 119,826,202 PBF LLC Series C Units and the Company’s current and former executive officers and directors and certain employees and others beneficially owned 1,215,317 PBF LLC Series A Units. As of December 31, 2019 , the holders of PBF Energy’s issued and outstanding shares of Class A common stock have 99.0% of the voting power in the Company and the members of PBF LLC other than PBF Energy through their holdings of Class B common stock have the remaining 1.0% of the voting power in the Company. Tax Receivable Agreement PBF LLC intends to have an election under Section 754 of the Internal Revenue Code (the “Code”) in effect for each taxable year in which an exchange of PBF LLC Series A Units for PBF Energy Class A common stock as described above occurs, which may result in an adjustment to the tax basis of the assets of PBF LLC at the time of an exchange of PBF LLC Series A Units. As a result of both the initial purchase of PBF LLC Series A Units from the PBF LLC Series A unitholders in connection with the initial public offering of PBF Energy Class A common stock which closed on December 18, 2012 and subsequent exchanges, PBF Energy will become entitled to a proportionate share of the existing tax basis of the assets of PBF LLC. In addition, the purchase of PBF LLC Series A Units and subsequent exchanges have resulted in and are expected to continue to result in increases in the tax basis of the assets of PBF LLC that otherwise would not have been available. Both this proportionate share and these increases in tax basis may reduce the amount of tax that PBF Energy would otherwise be required to pay in the future. These increases in tax basis may also decrease gains (or increase losses) on future dispositions of certain capital assets to the extent tax basis is allocated to those capital assets. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation and Presentation These Consolidated Financial Statements include the accounts of PBF Energy and subsidiaries in which PBF Energy has a controlling interest. All intercompany accounts and transactions have been eliminated in consolidation. In 2019, the Company has changed its presentation from thousands to millions, as applicable, and as a result, any necessary rounding adjustments have been made to prior year disclosed amounts. Cost Classifications Cost of products and other consists of the cost of crude oil, other feedstocks, blendstocks and purchased refined products and the related in-bound freight and transportation costs. Operating expenses (excluding depreciation and amortization) consists of direct costs of labor, maintenance and services, utilities, property taxes, environmental compliance costs and other direct operating costs incurred in connection with our refining operations. Such expenses exclude depreciation related to refining and logistics assets that are integral to the refinery production process, which is presented separately as Depreciation and amortization expense as a component of Cost of sales on the Company’s Consolidated Statements of Operations. Use of Estimates The preparation of the financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the related disclosures. Actual results could differ from those estimates. Business Combinations We use the acquisition method of accounting for the recognition of assets acquired and liabilities assumed in business combinations at their estimated fair values as of the date of acquisition. Any excess consideration transferred over the estimated fair values of the identifiable net assets acquired is recorded as goodwill. Significant judgment is required in estimating the fair value of assets acquired. As a result, in the case of significant acquisitions, we obtain the assistance of third-party valuation specialists in estimating fair values of tangible and intangible assets based on available historical information and on expectations and assumptions about the future, considering the perspective of marketplace participants. While management believes those expectations and assumptions are reasonable, they are inherently uncertain. Unanticipated market or macroeconomic events and circumstances may occur, which could affect the accuracy or validity of the estimates and assumptions. Certain of the Company’s acquisitions may include earn-out provisions or other forms of contingent consideration. As of the acquisition date, the Company records contingent consideration, as applicable, at the estimated fair value of expected future payments associated with the earn-out. Any changes to the recorded fair value of contingent consideration, subsequent to the measurement period, will be recognized as earnings in the period in which it occurs. Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. The carrying amount of the cash equivalents approximates fair value due to the short-term maturity of those instruments. Concentrations of Credit Risk For the years ended December 31, 2019 , 2018 and 2017 no single customer amounted to greater than or equal to 10% of the Company’s revenues. No single customer accounted for 10% or more of our total trade accounts receivable as of December 31, 2019 or December 31, 2018 . Revenue, Deferred Revenue and Accounts Receivable Prior to January 1, 2018, the Company recognized revenue from customers when all of the following criteria were met: (i) persuasive evidence of an exchange arrangement existed, (ii) delivery had occurred or services had been rendered, (iii) the buyer’s price was fixed or determinable and (iv) collectability was reasonably assured. Amounts billed in advance of the period in which the service was rendered or product delivered were recorded as deferred revenue. Effective January 1, 2018, the Company adopted ASC 606, as defined below under “Recently Adopted Accounting Guidance”. As a result, the Company has changed its accounting policy for the recognition of revenue from contracts with customers. Revenues are recognized when control of the promised goods or services is transferred to the customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Refer to “Note 19 - Revenues” for further discussion of the Company’s revenue recognition policy, including deferred revenues and the practical expedients elected as part of the transition to ASC 606. During 2019, PBF Holding and its subsidiaries, DCR and PRC, entered into amendments to the existing inventory intermediation agreements (as amended in the first quarter of 2019 and amended and restated in the third quarter of 2019, the “Inventory Intermediation Agreements”) with J. Aron & Company, a subsidiary of The Goldman Sachs Group, Inc. (“J. Aron”), pursuant to which certain terms of the existing inventory intermediation agreements were amended, including, among other things, the maturity date. On March 29, 2019 the Inventory Intermediation Agreement by and among J. Aron, PBF Holding and DCR was amended to add the PBFX East Coast Storage Assets (as defined in “Note 3 - PBF Logistics LP”) as a location and crude oil as a new product type to be included in the J. Aron Products (as defined in “Note 5 - Inventories”) sold to J. Aron by DCR. On August 29, 2019 the Inventory Intermediation Agreement by and among J. Aron, PBF Holding and PRC was extended to December 31, 2021, which term may be further extended by mutual consent of the parties to December 31, 2022 and the Inventory Intermediation Agreement by and among J. Aron, PBF Holding and DCR was extended to June 30, 2021, which term may be further extended by mutual consent of the parties to June 30, 2022. Pursuant to each Inventory Intermediation Agreement, J. Aron continues to purchase and hold title to the J. Aron Products produced by the Paulsboro and Delaware City refineries (the “East Coast Refineries”), respectively, and delivered into the Company’s J. Aron Storage Tanks (as defined in “Note 5 - Inventories”). Furthermore, J. Aron agrees to sell the J. Aron Products back to the East Coast Refineries as the J. Aron Products are discharged out of its J. Aron Storage Tanks. These purchases and sales are settled monthly at the daily market prices related to those J. Aron Products. These transactions are considered to be made in contemplation of each other and, accordingly, do not result in the recognition of a sale when title passes from the East Coast Refineries to J. Aron. Additionally, J. Aron has the right to store the J. Aron Products purchased in J. Aron Storage Tanks under the Inventory Intermediation Agreements and will retain these storage rights for the term of the agreements. PBF Holding continues to market and sell the J. Aron Products independently to third parties. Accounts receivable are carried at invoiced amounts. An allowance for doubtful accounts is established, if required, to report such amounts at their estimated net realizable value. In estimating probable losses, management reviews accounts that are past due and determines if there are any known disputes. There was no allowance for doubtful accounts at December 31, 2019 and 2018 . Excise taxes on sales of refined products that are collected from customers and remitted to various governmental agencies are reported on a net basis. Inventory Inventories are carried at the lower of cost or market. The cost of crude oil, feedstocks, blendstocks and refined products are determined under the last-in first-out (“LIFO”) method using the dollar value LIFO method with increments valued based on average purchase prices during the year. The cost of supplies and other inventories is determined principally on the weighted average cost method. Property, Plant and Equipment Property, plant and equipment additions are recorded at cost. The Company capitalizes costs associated with the preliminary, pre-acquisition and development/construction stages of a major construction project. The Company capitalizes the interest cost associated with major construction projects based on the effective interest rate of total borrowings. The Company also capitalizes costs incurred in the acquisition and development of software for internal use, including the costs of software, materials, consultants and payroll-related costs for employees incurred in the application development stage. Depreciation is computed using the straight-line method over the following estimated useful lives: Process units and equipment 5-25 years Pipeline and equipment 5-25 years Buildings 25 years Computers, furniture and fixtures 3-7 years Leasehold improvements 20 years Railcars 50 years Maintenance and repairs are charged to operating expenses as they are incurred. Improvements and betterments, which extend the lives of the assets, are capitalized. Deferred Charges and Other Assets, Net Deferred charges and other assets include refinery turnaround costs, catalyst, precious metal catalysts, linefill, deferred financing costs and intangible assets. Refinery turnaround costs, which are incurred in connection with planned major maintenance activities, are capitalized when incurred and amortized on a straight-line basis over the period of time estimated to lapse until the next turnaround occurs. The amortization period generally ranges from 3 to 6 years; however, based upon the specific facts and circumstances, different periods of deferral occur. Precious metal catalysts, linefill and certain other intangibles are considered indefinite-lived assets as they are not expected to deteriorate in their prescribed functions. Such assets are assessed for impairment in connection with the Company’s review of its long-lived assets as indicators of impairment develop. Deferred financing costs are capitalized when incurred and amortized over the life of the loan (generally 1 to 8 years ). Intangible assets with finite lives primarily consist of emission credits, permits and customer relationships and are amortized over their estimated useful lives (generally 1 to 10 years ). Long-Lived Assets and Definite-Lived Intangibles The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate the carrying value may not be recoverable. Impairment is evaluated by comparing the carrying value of the long-lived assets to the estimated undiscounted future cash flows expected to result from use of the assets and their ultimate disposition. If such analysis indicates that the carrying value of the long-lived assets is not considered to be recoverable, the carrying value is reduced to the fair value. Impairment assessments inherently involve judgment as to assumptions about expected future cash flows and the impact of market conditions on those assumptions. Although management utilizes assumptions that it believes are reasonable, future events and changing market conditions may impact management’s assumptions, which could produce different results. Asset Retirement Obligations The Company records an asset retirement obligation at fair value for the estimated cost to retire a tangible long-lived asset at the time the Company incurs that liability, which is generally when the asset is purchased, constructed, or leased. The Company records the liability when it has a legal or contractual obligation to incur costs to retire the asset and when a reasonable estimate of the fair value of the liability can be made. If a reasonable estimate cannot be made at the time the liability is incurred, the Company will record the liability when sufficient information is available to estimate the liability’s fair value. Certain of the Company’s asset retirement obligations are based on its legal obligation to perform remedial activity at its refinery sites when it permanently ceases operations of the long-lived assets. The Company therefore considers the settlement date of these obligations to be indeterminable. Accordingly, the Company cannot calculate an associated asset retirement liability for these obligations at this time. The Company will measure and recognize the fair value of these asset retirement obligations when the settlement date is determinable. Environmental Matters Liabilities for future remediation costs are recorded when environmental assessments and/or remedial efforts are probable and the costs can be reasonably estimated. Other than for assessments, the timing and magnitude of these accruals generally are based on the completion of investigations or other studies or a commitment to a formal plan of action. Environmental liabilities are based on best estimates of probable future costs using currently available technology and applying current regulations, as well as the Company’s own internal environmental policies. The measurement of environmental remediation liabilities may be discounted to reflect the time value of money if the aggregate amount and timing of cash payments of the liabilities are fixed or reliably determinable. The actual settlement of the Company’s liability for environmental matters could materially differ from its estimates due to a number of uncertainties such as the extent of contamination, changes in environmental laws and regulations, potential improvements in remediation technologies and the participation of other responsible parties. Stock-Based Compensation Stock-based compensation includes the accounting effect of options to purchase PBF Energy Class A common stock granted by the Company to certain employees, Series A warrants issued or granted by PBF LLC to employees in connection with their acquisition of PBF LLC Series A units, options to acquire Series A units of PBF LLC granted by PBF LLC to certain employees, Series B units of PBF LLC that were granted to certain members of management and restricted PBF LLC Series A Units and restricted PBF Energy Class A common stock granted to certain directors and officers. The estimated fair value of the options to purchase PBF Energy Class A common stock and the PBF LLC Series A warrants and options is based on the Black-Scholes option pricing model and the fair value of the PBF LLC Series B units is estimated based on a Monte Carlo simulation model. The estimated fair value is amortized as stock-based compensation expense on a straight-line method over the vesting period and included in General and administrative expense with forfeitures recognized in the period they occur. Additionally, stock-based compensation includes unit-based compensation provided to certain officers, non-employee directors and seconded employees of PBFX’s general partner, PBF GP, or its affiliates, consisting of PBFX phantom units. The fair value of PBFX’s phantom units are measured based on the fair market value of the underlying common units on the date of grant based on the common unit closing price on the grant date. The estimated fair value of PBFX’s phantom units is amortized over the vesting period using the straight-line method. Awards vest over a four year service period. The phantom unit awards may be settled in common units, cash or a combination of both. Expenses related to unit-based compensation are also included in General and administrative expenses with forfeitures recognized in the period they occur. Beginning in 2018, PBF Energy granted performance share awards and performance unit awards to certain key employees. Both types of awards have a three -year performance cycle and the payout for each, which ranges from 0% to 200% , is based on the relative ranking of the total shareholder return (“TSR”) of PBF Energy’s common stock as compared to the TSR of a selected group of industry peer companies over an average of four measurement periods. The performance share and performance unit awards are each measured at fair value based on Monte Carlo simulation models. The performance share awards will be settled in PBF Energy Class A common stock and are accounted for as equity awards and the performance unit awards will be settled in cash and are accounted for as liability awards. Income Taxes As a result of the PBF Energy’s acquisition of PBF LLC Series A Units or exchanges of PBF LLC Series A Units for PBF Energy Class A common stock, PBF Energy expects to benefit from amortization and other tax deductions reflecting the step up in tax basis in the acquired assets. Those deductions will be allocated to PBF Energy and will be taken into account in reporting PBF Energy’s taxable income. As a result of a federal income tax election made by PBF LLC, applicable to a portion of PBF Energy’s acquisition of PBF LLC Series A Units, the income tax basis of the assets of PBF LLC, underlying a portion of the units PBF Energy acquired, has been adjusted based upon the amount that PBF Energy paid for that portion of its PBF LLC Series A Units. PBF Energy entered into the Tax Receivable Agreement (as defined in “Note 13 - Commitments and Contingencies”) which provides for the payment by PBF Energy equal to 85% of the amount of the benefits, if any, that PBF Energy is deemed to realize as a result of (i) increases in tax basis and (ii) certain other tax benefits related to entering into the Tax Receivable Agreement, including tax benefits attributable to payments under the Tax Receivable Agreement. As a result of these transactions, PBF Energy’s tax basis in its share of PBF LLC’s assets will be higher than the book basis of these same assets. This resulted in a deferred tax asset of $278.1 million as of December 31, 2019 , of which the majority is expected to be realized over 10 years as the tax basis of these assets is amortized. Deferred taxes are provided using a liability method, whereby deferred tax assets are recognized for deductible temporary differences and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences represent the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effect of changes in tax laws and rates on the date of enactment. PBF Energy recognizes tax benefits for uncertain tax positions only if it is more likely than not that the position is sustainable based on its technical merits. Interest and penalties on uncertain tax positions are included as a component of the provision for income taxes on the Consolidated Statements of Operations. As a result of the reduction of the corporate federal tax rate to 21% as part of the Tax Cuts and Jobs Act (the “TCJA”), the liability associated with the Tax Receivable Agreement was reduced. Accordingly, the deferred tax assets associated with the payments made or expected to be made related to the Tax Receivable Agreement liability were also reduced. The Federal tax returns for all years since 2016 and state tax returns for all years since 2014 (see “Note 20 - Income Taxes”) are subject to examination by the respective tax authorities. Net Income Per Share Net income per share is calculated by dividing the net income available to PBF Energy Class A common stockholders by the weighted average number of shares of PBF Energy Class A common stock outstanding during the period. Diluted net income per share is calculated by dividing the net income available to PBF Energy Class A common stockholders, adjusted for the net income attributable to the noncontrolling interest and the assumed income tax expense thereon, by the weighted average number of PBF Energy Class A common shares outstanding during the period adjusted to include the assumed exchange of all PBF LLC Series A units outstanding for PBF Energy Class A common stock, if applicable under the if converted method, and the potentially dilutive effect of outstanding options to purchase shares of PBF Energy Class A common stock, performance share awards and options and warrants to purchase PBF LLC Series A Units, subject to forfeiture utilizing the treasury stock method. Pension and Other Post-Retirement Benefits The Company recognizes an asset for the overfunded status or a liability for the underfunded status of its pension and post-retirement benefit plans. The funded status is recorded within Other long-term liabilities or assets. Changes in the plans’ funded status are recognized in other comprehensive income in the period the change occurs. Fair Value Measurement A fair value hierarchy (Level 1, Level 2, or Level 3) is used to categorize fair value amounts based on the quality of inputs used to measure fair value. Accordingly, fair values derived from Level 1 inputs utilize quoted prices in active markets for identical assets or liabilities. Fair values derived from Level 2 inputs are based on quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are either directly or indirectly observable for the asset or liability. Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. The Company uses appropriate valuation techniques based on the available inputs to measure the fair values of its applicable assets and liabilities. When available, the Company measures fair value using Level 1 inputs because they generally provide the most reliable evidence of fair value. In some valuations, the inputs may fall into different levels in the hierarchy. In these cases, the asset or liability level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurements. Financial Instruments The estimated fair value of financial instruments has been determined based on the Company’s assessment of available market information and appropriate valuation methodologies. The Company’s non-derivative financial instruments that are included in current assets and current liabilities are recorded at cost in the Consolidated Balance Sheets. The estimated fair value of these financial instruments approximates their carrying value due to their short-term nature. Derivative instruments are recorded at fair value in the Consolidated Balance Sheets. The Company’s commodity contracts are measured and recorded at fair value using Level 1 inputs based on quoted prices in an active market, Level 2 inputs based on quoted market prices for similar instruments, or Level 3 inputs based on third-party sources and other available market based data. The Company’s catalyst obligations and derivatives related to the Company’s crude oil and feedstocks and refined product purchase obligations are measured and recorded at fair value using Level 2 inputs on a recurring basis, based on observable market prices for similar instruments. Derivative Instruments The Company is exposed to market risk, primarily related to changes in commodity prices for the crude oil and feedstocks used in the refining process as well as the prices of the refined products sold and the risk associated with the price of credits needed to comply with various governmental and regulatory environmental compliance programs. The accounting treatment for commodity and environmental compliance contracts depends on the intended use of the particular contract and on whether or not the contract meets the definition of a derivative. All derivative instruments, not designated as normal purchases or sales, are recorded in the Consolidated Balance Sheets as either assets or liabilities measured at their fair values. Changes in the fair value of derivative instruments that either are not designated or do not qualify for hedge accounting treatment or normal purchase or normal sale accounting are recognized currently in earnings. Contracts qualifying for the normal purchase and sales exemption are accounted for upon settlement. Cash flows related to derivative instruments that are not designated or do not qualify for hedge accounting treatment are included in operating activities. The Company designates certain derivative instruments as fair value hedges of a particular risk associated with a recognized asset or liability. At the inception of the hedge designation, the Company documents the relationship between the hedging instrument and the hedged item, as well as its risk management objective and strategy for undertaking various hedge transactions. Derivative gains and losses related to these fair value hedges, including hedge ineffectiveness, are recorded in cost of sales along with the change in fair value of the hedged asset or liability attributable to the hedged risk. Cash flows related to derivative instruments that are designated as fair value hedges are included in operating activities. Economic hedges are hedges not designated as fair value or cash flow hedges for accounting purposes that are used to (i) manage price volatility in certain refinery feedstock and refined product inventories, and (ii) manage price volatility in certain forecasted refinery feedstock purchases and refined product sales. These instruments are recorded at fair value and changes in the fair value of the derivative instruments are recognized currently in cost of sales. Derivative accounting is complex and requires management judgment in the following respects: identification of derivatives and embedded derivatives, determination of the fair value of derivatives, documentation of hedge relationships, assessment and measurement of hedge ineffectiveness and election and designation of the normal purchases and sales exception. All of these judgments, depending upon their timing and effect, can have a significant impact on the Company’s earnings. Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standard Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, “Leases (Topic 842)” (Accounting Standards Codification “ASC” 842) to increase the transparency and comparability of leases. ASC 842 supersedes the lease accounting guidance in ASC 840 - “Leases” (“ASC 840”). ASC 842 requires lessees to recognize a lease liability and a corresponding lease asset for virtually all lease contracts. It also requires additional disclosures about leasing arrangements. The Company elected to utilize the “package” of three expedients, as defined in ASC 842, which retains the lease classification and initial direct costs for any leases that existed prior to adoption of the standard. The Company also has elected to not evaluate land easements that existed as of, or expired before, adoption of the new standard. The Company’s Consolidated Financial Statements for the periods prior to the adoption of ASC 842 are not adjusted and are reported in accordance with the Company’s historical accounting policy. As of the date of implementation on January 1, 2019, the impact of the adoption of ASC 842 resulted in the recognition of a right of use asset and lease payable obligation on the Company’s Consolidated Balance Sheets of approximately $250.0 million . As the right of use asset and the lease payable obligation were the same upon adoption of ASC 842, there was no cumulative effect on the Company’s retained earnings. See “Note 14 - Leases” for further details. In August 2017, the FASB issued ASU No. 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities” (“ASU 2017-12”). The amendments in ASU 2017-12 more closely align the results of cash flow and fair value hedge accounting with risk management activities in the consolidated financial statements. The amendments expand the ability to hedge nonfinancial and financial risk components, reduce complexity in fair value hedges of interest rate risk, eliminate the requirement to separately measure and report hedge ineffectiveness, and eases certain hedge effectiveness assessment requirements. The guidance in ASU 2017-12 also provided transition relief to make it easier for entities to apply certain amendments to existing hedges (including fair value hedges) where the hedge documentation needs to be modified. The presentation and disclosure requirements of ASU 2017-12 were applied prospectively. The Company adopted the amendments in this ASU effective January 1, 2019, which did not have a material impact on its Consolidated Financial Statements and related disclosures. In June 2018, the FASB issued ASU No. 2018-07, “Compensation - Stock Compensation (Topic 718): Targeted Improvements to Non-employee Share-Based Payment Accounting” (“ASU 2018-07”). ASU 2018-07 expands the scope of Topic 718, Compensation - Stock Compensation, to include share-based payment transactions for acquiring goods and services from non-employees. As a result, non-employee share-based transactions will be measured by estimating the fair value of the equity instruments at the grant date, taking into consideration the probability of satisfying performance conditions. In addition, ASU 2018-07 also clarifies that any share-based payment awards issued to customers should be evaluated under ASC 606, Revenues from Contracts with Customers (“ASC 606”). The Company adopted the amendments in this ASU effective January 1, 2019, which did not have a material impact on its Consolidated Financial Statements and related disclosures. In August 2018, the FASB issued ASU 2018-15, “Intangibles-Goodwill and Other-Internal-Use Software” (Subtopic 350-40) (“ASU 2018-15”). This guidance addresses a customer’s accounting for implementation costs incurred in a cloud computing arrangement that is a service contract. ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in such arrangements with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. This guidance is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years, with early adoption permitted. This guidance should be applied on either a retrospective or prospective basis. The Company has elected to early adopt this guidance in the second quarter of 2019 on a prospective basis. The Company’s adoption of ASU 2018-15 did not have a material impact on its Consolidated Financial Statements and related disclosures. Recently Issued Accounting Pronouncements In August 2018, the FASB issued ASU No. 2018-14, “Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20)”, to improve the effectiveness of benefit plan disclosures in the notes to financial statements by facilitating clear communication of the information required by GAAP that is most important to users of each entity’s financial statements. The amendments in this ASU modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. Additionally, the amendments in this ASU remove disclosures that no longer are considered cost beneficial, clarify the specific requirements of disclosures, and add disclosure requirements identified as relevant. The amendments in this ASU are effective for fiscal years ending after December 15, 2020, for public business entities and early adoption is permitted for all entities. |
PBF LOGISTICS LP
PBF LOGISTICS LP | 12 Months Ended |
Dec. 31, 2019 | |
PBF LOGISTICS LP [Abstract] | |
PBF LOGISTICS LP | PBF LOGISTICS LP PBFX is a fee-based, growth-oriented, publicly-traded Delaware MLP formed by PBF Energy to own or lease, operate, develop and acquire crude oil and refined petroleum products terminals, pipelines, storage facilities and similar logistics assets. PBFX engages in the receiving, handling, storage and transferring of crude oil, refined products, natural gas and intermediates from sources located throughout the United States and Canada for PBF Energy in support of its refineries, as well as for third-party customers. As of December 31, 2019 , a substantial majority of PBFX’s revenues are derived from long-term, fee-based commercial agreements with PBF Holding, which include minimum volume commitments, for receiving, handling, storing and transferring crude oil, refined products and natural gas. PBF Energy also has agreements with PBFX that establish fees for certain general and administrative services and operational and maintenance services provided by PBF Holding to PBFX. These transactions, other than those with third parties, are eliminated by PBF Energy and PBF LLC in consolidation. PBFX, a variable interest entity, is consolidated by PBF Energy through its ownership of PBF LLC. PBF LLC, through its ownership of PBF GP, has the sole ability to direct the activities of PBFX that most significantly impact its economic performance. PBF LLC is considered to be the primary beneficiary of PBFX for accounting purposes. As of December 31, 2019 , PBF LLC held a 48.2% limited partner interest in PBFX (consisting of 29,953,631 common units), with the remaining 51.8% limited partner interest held by the public unitholders. PBF LLC also indirectly owned a non-economic general partner interest in PBFX through its wholly-owned subsidiary, PBF GP, the general partner of PBFX. Since its inception in 2014, PBFX has entered in a series of transactions including drop-down transactions, acquisitions, and offerings. Such transactions occurring in the three years ended December 31, 2019 are discussed below. Offerings and Equity Transactions On April 24, 2019, PBFX entered into subscription agreements to sell an aggregate of 6,585,500 common units to certain institutional investors in a registered direct public offering (the “2019 Registered Direct Offering”) for gross proceeds of approximately $135.0 million . The 2019 Registered Direct Offering closed on April 29, 2019. On February 28, 2019, PBFX closed on the transaction contemplated by the Equity Restructuring Agreement (the “IDR Restructuring Agreement”) with PBF LLC and PBF GP, pursuant to which PBFX’s incentive distribution rights (the “IDRs”) held by PBF LLC were canceled and converted into 10,000,000 newly issued PBFX common units (the “IDR Restructuring”). Subsequent to the closing of the IDR Restructuring, no distributions were made to PBF LLC with respect to the IDRs and the newly issued PBFX common units are entitled to normal distributions by PBFX. Prior to the IDR Restructuring, the IDRs entitled PBF LLC to receive increasing percentages, up to a maximum of 50.0% , of the cash PBFX distributed from operating surplus in excess of $0.345 per unit per quarter. As a result of the payment on May 31, 2017 by PBFX of its distribution for the first quarter of 2017, the financial tests required for conversion of all of PBFX’s previously outstanding subordinated units into common units were satisfied. As a result, all of PBFX’s subordinated units, which were owned by PBF LLC, converted on a one -for-one basis into common units effective June 1, 2017. On July 30, 2018, PBFX closed on a common unit purchase agreement with certain funds managed by Tortoise Capital Advisors, L.L.C. providing for the issuance and sale in a registered direct offering (the “2018 Registered Direct Offering”) of an aggregate of 1,775,750 of its common units for net proceeds of approximately $34.9 million . TVPC Acquisition On April 24, 2019, PBFX entered into a contribution agreement with PBF LLC (the “TVPC Contribution Agreement”), pursuant to which PBF LLC contributed to PBFX all of the issued and outstanding limited liability company interests of TVP Holding Company LLC (“TVP Holding”) for total consideration of $200.0 million (the “TVPC Acquisition”). Prior to the TVPC Acquisition, TVP Holding owned a 50% membership interest in Torrance Valley Pipeline Company LLC (“TVPC”). Subsequent to the closing of the TVPC Acquisition on May 31, 2019, PBFX owns 100% of the membership interests in TVPC. July 2018 Drop-down Transaction On July 16, 2018, PBFX entered into four contribution agreements with PBF LLC (the “Development Assets Contribution Agreements”). Pursuant to the Development Asset Contribution Agreements, PBF LLC contributed all of the issued and outstanding limited liability company interests of: Toledo Rail Logistics Company LLC, whose assets consist of a loading and unloading rail facility located at the Toledo refinery (the “Toledo Rail Products Facility”); Chalmette Logistics Company LLC, whose assets consist of a truck loading rack facility (the “Chalmette Truck Rack”) and a rail yard facility (the “Chalmette Rosin Yard”), both of which are located at the Chalmette refinery; Paulsboro Terminaling Company LLC, whose assets consist of a lube oil terminal facility located at the Paulsboro refinery (the “Paulsboro Lube Oil Terminal”); and DCR Storage and Loading Company LLC, whose assets consist of an ethanol storage facility located at the Delaware City refinery (the “Delaware Ethanol Storage Facility” and collectively with the Toledo Rail Products Facility, the Chalmette Truck Rack, the Chalmette Rosin Yard, and the Paulsboro Lube Oil Terminal, the “Development Assets”), to PBFX Op Co effective July 31, 2018. In consideration for the Development Assets limited liability company interests, PBFX delivered to PBF LLC total consideration of $31.6 million , consisting of 1,494,134 common units of PBFX (the “Development Asset Acquisition”). East Coast Storage Assets Acquisition On October 1, 2018, PBFX closed the acquisition of CPI Operations LLC, whose assets include a storage facility with multi-use storage capacity, an Aframax-capable marine facility, a rail facility, a truck terminal, equipment, contracts and certain other idled assets (collectively, the “East Coast Storage Assets”) located on the Delaware River near Paulsboro, New Jersey (the “East Coast Storage Assets Acquisition”), which had been contemplated by a purchase and sale agreement dated as of July 16, 2018 between PBFX and Crown Point International, LLC (“Crown Point”) and is further described in “Note 4 - Acquisitions”. Knoxville Terminals Purchase On April 16, 2018, PBFX completed the purchase of two refined product terminals located in Knoxville, Tennessee, which include product tanks, pipeline connections to the Colonial and Plantation pipeline systems and truck loading facilities with nine loading bays (the “Knoxville Terminals”) from Cummins Terminals, Inc. for total cash consideration of approximately $58.0 million , excluding working capital adjustments (the “Knoxville Terminals Purchase”). The transaction was financed through a combination of cash on hand and borrowings under the PBFX Revolving Credit Facility (as defined in “Note 9 - Credit Facilities and Debt”). Chalmette Storage Tank Lease Effective February 2017, PBF Holding and PBFX Op Co entered into a ten -year storage services agreement, under which PBFX, through PBFX Op Co, assumed construction of a crude oil storage tank at PBF Holding's Chalmette Refinery (the “Chalmette Storage Tank”), commencing on November 1, 2017 upon the completion of construction of the Chalmette Storage Tank. PBFX Op Co and Chalmette Refining have entered into a twenty -year lease for the premises upon which the tank is located and a project management agreement pursuant to which Chalmette Refining managed the construction of the tank, which expired upon the completion of the Chalmette Storage Tank in November 2017. February 2017 Drop-down Transaction On February 15, 2017, PBFX entered into a contribution agreement (the “PNGPC Contribution Agreement”) between PBFX and PBF LLC. Pursuant to the PNGPC Contribution Agreement, PBF LLC contributed to PBFX’s wholly-owned subsidiary PBFX Operating Company LLC (“PBFX Op Co”) all of the issued and outstanding limited liability company interests of Paulsboro Natural Gas Pipeline Company LLC (“PNGPC”). PNGPC owns and operates an existing interstate natural gas pipeline that originates in Delaware County, Pennsylvania, at an interconnection with Texas Eastern pipeline that runs under the Delaware River and terminates at the delivery point to PBF Holding’s Paulsboro refinery, and is subject to regulation by the Federal Energy Regulatory Commission (“FERC”). In connection with the PNGPC Contribution Agreement, PBFX constructed a new pipeline to replace the existing pipeline, which commenced services in August 2017 (the “Paulsboro Natural Gas Pipeline”). In consideration for the PNGPC limited liability company interests, PBFX delivered to PBF LLC (i) an $11.6 million intercompany promissory note in favor of Paulsboro Refining Company LLC, a wholly-owned subsidiary of PBF Holding, (ii) an expansion rights and right of first refusal agreement in favor of PBF LLC with respect to the Paulsboro Natural Gas Pipeline and (iii) an assignment and assumption agreement with respect to certain outstanding litigation involving PNGPC and the existing pipeline. |
ACQUISITIONS
ACQUISITIONS | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
ACQUISITIONS | ACQUISITIONS East Coast Storage Assets Acquisition On October 1, 2018, PBFX closed the East Coast Storage Assets Acquisition, which had been contemplated by a purchase and sale agreement dated as of July 16, 2018 between PBFX and Crown Point. The East Coast Storage Assets consist of a storage facility with multi-use storage capacity, an Aframax-capable marine facility, a rail facility, a truck terminal, equipment, contracts and certain other idled assets located on the Delaware River near Paulsboro, New Jersey. Additionally, the East Coast Storage Assets Acquisition includes an earn-out provision related to an existing commercial agreement with a third-party, based on the future results of certain of the acquired idled assets (the “Contingent Consideration”), which recommenced operations in October 2019. The aggregate purchase price for the East Coast Storage Assets Acquisition was $127.0 million , including working capital and the Contingent Consideration, which was comprised of an initial payment at closing of $75.0 million with a remaining balance of $32.0 million that was paid on October 1, 2019. The consideration was financed through a combination of cash on hand and borrowings under the PBFX Revolving Credit Facility. The final purchase price and fair value allocation were completed as of September 30, 2019. PBFX accounted for the East Coast Storage Assets Acquisition as a business combination in accordance with GAAP whereby PBFX recognizes assets acquired and liabilities assumed 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* $ 105.9 Working capital adjustments — Contingent consideration** 21.1 Total consideration $ 127.0 * Includes $30.9 million net present value payable of $32.0 million due to Crown Point one year after closing, which was included in “Accrued expenses” on the Consolidated Balance Sheets at December 31, 2018. The remaining $32.0 million payment was paid in full on October 1, 2019. ** The short-term Contingent Consideration is included in “Accrued expenses” and the long-term Contingent Consideration is included in “Other long-term liabilities” in the Consolidated Balance Sheets. The following table summarizes the final amounts recognized for assets acquired and liabilities assumed as of the acquisition date: (in millions) Fair Value Allocation Accounts receivable $ 0.4 Prepaid and other current assets 0.6 Property, plant and equipment 115.6 Intangible assets* 13.3 Accounts payable (0.9 ) Accrued expenses (1.3 ) Other long-term liabilities (0.7 ) Fair value of net assets acquired $ 127.0 * Intangible assets are included in “Deferred charges and other assets” within the Consolidated Balance Sheets. The East Coast Storage Asset Acquisition includes consideration in the form of the Contingent Consideration. Pursuant to the purchase and sale agreement, PBFX and Crown Point will 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. PBFX recorded the Contingent Consideration based on its estimated fair value of $21.1 million at the acquisition date, which was recorded in “Other long-term liabilities” within the Consolidated Balance Sheets. The Company’s Consolidated Financial Statements for the year ended December 31, 2019 include the results of operations of the East Coast Storage Assets for the full year. The Company’s Consolidated Financial Statements for the year ended December 31, 2018 include the results of operations of the East Coast Storage Assets since the date of its acquisition on October 1, 2018, during which period the East Coast Storage Assets contributed third-party revenue of $5.9 million , and net income of $0.8 million . On an unaudited pro forma basis, the revenues and net income of the Company, assuming the acquisition had occurred on January 1, 2017, are shown below. The unaudited pro forma information does not purport to present what the Company’s actual results would have been had the East Coast Storage Assets Acquisition occurred on January 1, 2017, 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 East Coast Storage Assets Acquisition and interest expense associated with the related financing. Year Ended December 31, 2018 Year Ended December 31, 2017 (Unaudited) PBF Energy Pro forma revenues $ 27,203.5 $ 21,800.7 Pro forma net income attributable to PBF Energy Inc. stockholders 124.6 400.8 Pro forma net income available to Class A common stock per share: Basic $ 1.08 $ 3.64 Diluted $ 1.07 $ 3.60 PBF LLC Pro forma revenues $ 27,203.5 $ 21,800.7 Pro forma net income attributable to PBF LLC 130.2 451.6 Acquisition Expenses The Company incurred acquisition related costs consisting primarily of consulting and legal expenses related to completed, pending and non-consummated acquisitions of $11.6 million , $2.9 million and $1.0 million in the years ended December 31, 2019 , 2018 and 2017 |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES Inventories consisted of the following: December 31, 2019 (in millions) Titled Inventory Inventory Intermediation Agreements Total Crude oil and feedstocks $ 1,071.4 $ 2.7 $ 1,074.1 Refined products and blendstocks 976.0 352.9 1,328.9 Warehouse stock and other 120.8 — 120.8 $ 2,168.2 $ 355.6 $ 2,523.8 Lower of cost or market adjustment (324.8 ) (76.8 ) (401.6 ) Total inventories $ 1,843.4 $ 278.8 $ 2,122.2 December 31, 2018 (in millions) Titled Inventory Inventory Intermediation Agreements Total Crude oil and feedstocks $ 1,044.8 $ — $ 1,044.8 Refined products and blendstocks 1,026.9 334.8 1,361.7 Warehouse stock and other 111.1 — 111.1 $ 2,182.8 $ 334.8 $ 2,517.6 Lower of cost or market adjustment (557.2 ) (94.6 ) (651.8 ) Total inventories $ 1,625.6 $ 240.2 $ 1,865.8 Inventory under the Inventory Intermediation Agreements includes crude oil, intermediate and certain finished products (the “J. Aron Products”) purchased or produced by the East Coast Refineries and sold to counterparties in connection with the Inventory Intermediation Agreements with J. Aron. This inventory is held in the Company’s storage tanks at the Delaware City and Paulsboro refineries and at PBFX’s East Coast Storage Assets, (collectively the “J. Aron Storage Tanks”). During the year ended December 31, 2019 , the Company recorded an adjustment to value its inventories to the lower of cost or market which increased income from operations by $250.2 million , reflecting the net change in the lower of cost or market (“LCM”) inventory reserve from $651.8 million at December 31, 2018 to $401.6 million at December 31, 2019 . During the year ended December 31, 2018 , the Company recorded an adjustment to value its inventories to the lower of cost or market which decreased income from operations by $351.3 million , reflecting the net change in the LCM inventory reserve from $300.5 million at December 31, 2017 to $651.8 million at December 31, 2018 . An actual valuation of inventories valued under the LIFO method is made at the end of each year based on inventory levels and costs at that time. We recorded a pre-tax charge related to a LIFO layer decrement of $4.9 million and $21.9 million in the Refining segment during the years ended December 31, 2019 and 2018 , respectively. |
PROPERTY, PLANT AND EQUIPMENT,
PROPERTY, PLANT AND EQUIPMENT, NET | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT, NET | PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment, net consisted of the following: (in millions) December 31, December 31, Land $ 360.5 $ 351.5 Processing units, pipelines and equipment 4,108.0 3,741.1 Buildings and leasehold improvements 64.6 58.2 Computers, furniture and fixtures 143.5 127.0 Construction in progress 312.2 328.1 4,988.8 4,605.9 Less—Accumulated depreciation (965.6 ) (785.0 ) Total property, plant and equipment, net $ 4,023.2 $ 3,820.9 Depreciation expense for the years ended December 31, 2019 , 2018 and 2017 was $178.0 million , $162.2 million and $147.0 million , respectively. The Company capitalized $18.1 million and $9.5 million in interest during 2019 and 2018 , respectively, in connection with construction in progress. Torrance Land Sale On August 1, 2019 and August 7, 2018, the Company closed on third-party sales of parcels of real property acquired as part of the Torrance refinery, but not part of the refinery itself. The sales resulted in a gain of approximately $33.1 million and $43.8 million |
DEFERRED CHARGES AND OTHER ASSE
DEFERRED CHARGES AND OTHER ASSETS, NET | 12 Months Ended |
Dec. 31, 2019 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
DEFERRED CHARGES AND OTHER ASSETS, NET | DEFERRED CHARGES AND OTHER ASSETS, NET Deferred charges and other assets, net consisted of the following: PBF Energy (in millions) December 31, December 31, Deferred turnaround costs, net $ 722.7 $ 673.1 Catalyst, net 132.7 124.3 Environmental credits 37.8 37.8 Intangible assets, net 24.3 25.6 Finance lease assets 24.2 — Linefill 19.5 19.5 Pension plan assets 10.3 9.7 Other 7.6 9.1 Total deferred charges and other assets, net $ 979.1 $ 899.1 PBF LLC (in millions) December 31, December 31, Deferred turnaround costs, net $ 722.7 $ 673.1 Catalyst, net 132.7 124.3 Environmental credits 37.8 37.8 Intangible assets, net 24.3 25.6 Finance lease assets 24.2 — Linefill 19.5 19.5 Pension plan assets 10.3 9.7 Other 6.5 7.1 Total deferred charges and other assets, net $ 978.0 $ 897.1 Catalyst, net includes $74.5 million and $73.1 million of indefinitely-lived precious metal catalysts as of December 31, 2019 and December 31, 2018 , respectively. The Company recorded amortization expense related to deferred turnaround costs, catalyst and intangible assets of $258.1 million , $207.6 million and $144.0 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. Intangible assets, net primarily consists of customer relationships, permits and emission credits. Our net balance as of December 31, 2019 and December 31, 2018 is shown below: (in millions) December 31, December 31, Intangible assets - gross $ 29.5 $ 29.5 Accumulated amortization (5.2 ) (3.9 ) Intangible assets - net $ 24.3 $ 25.6 |
ACCRUED EXPENSES
ACCRUED EXPENSES | 12 Months Ended |
Dec. 31, 2019 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES | ACCRUED EXPENSES Accrued expenses consisted of the following: PBF Energy (in millions) December 31, December 31, Inventory-related accruals $ 1,103.2 $ 846.3 Inventory intermediation agreements 278.1 249.4 Excise and sales tax payable 98.6 149.4 Accrued transportation costs 88.7 53.6 Accrued salaries and benefits 81.1 89.8 Accrued utilities 40.1 49.8 Accrued capital expenditures 32.2 60.6 Renewable energy credit and emissions obligations 17.7 27.1 Accrued refinery maintenance and support costs 16.9 19.0 Environmental liabilities 12.8 7.0 Accrued interest 12.1 12.1 Contingent Consideration - East Coast Storage Assets Acquisition 10.0 — Current finance lease liabilities 6.5 — Customer deposits 1.8 5.6 Deferred payment - East Coast Storage Assets Acquisition — 30.9 Other 15.8 23.0 Total accrued expenses $ 1,815.6 $ 1,623.6 PBF LLC (in millions) December 31, December 31, Inventory-related accruals $ 1,103.2 $ 846.3 Inventory intermediation agreements 278.1 249.4 Excise and sales tax payable 98.6 149.4 Accrued transportation costs 88.7 53.6 Accrued salaries and benefits 81.1 89.8 Accrued utilities 40.1 49.8 Accrued interest 39.5 29.9 Accrued capital expenditures 32.2 60.6 Renewable energy credit and emissions obligations 17.7 27.1 Accrued refinery maintenance and support costs 16.9 19.0 Environmental liabilities 12.8 7.0 Contingent Consideration - East Coast Storage Assets Acquisition 10.0 — Current finance lease liabilities 6.5 — Customer deposits 1.8 5.6 Deferred payment - East Coast Storage Assets Acquisition — 30.9 Other 19.0 24.3 Total accrued expenses $ 1,846.2 $ 1,642.7 The Company has the obligation to repurchase the J. Aron Products that are held in its J. Aron Storage Tanks in accordance with the Inventory Intermediation Agreements with J. Aron. As of December 31, 2019 and December 31, 2018 , a liability is recognized for the Inventory Intermediation Agreements and is recorded at market price for the J. Aron owned inventory held in its J. Aron Storage Tanks under the Inventory Intermediation Agreements, with any change in the market price being recorded in Cost of products and other. The Company is subject to obligations to purchase Renewable Identification Numbers (“RINs”) required to comply with the Renewable Fuels Standard. The Company’s overall RINs obligation is based on a percentage of domestic shipments of on-road fuels as established by Environmental Protection Agency (“EPA”). To the degree the Company is unable to blend the required amount of biofuels to satisfy its RINs obligation, RINs must be purchased on the open market to avoid penalties and fines. The Company records its RINs obligation on a net basis in Accrued expenses when its RINs liability is greater than the amount of RINs earned and purchased in a given period and in Prepaid and other current assets when the amount of RINs earned and purchased is greater than the RINs liability. In addition, the Company is subject to obligations to comply with federal and state legislative and regulatory measures, including regulations in the state of California pursuant to Assembly Bill 32 (“AB32”), to address environmental compliance and greenhouse gas and other emissions. These requirements include incremental costs to operate and maintain our facilities as well as to implement and manage new emission controls and programs. Renewable energy credit and emissions obligations fluctuate with the volume of applicable product sales and timing of credit purchases. |
CREDIT FACILITY AND LONG-TERM D
CREDIT FACILITY AND LONG-TERM DEBT | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
CREDIT FACILITY AND LONG-TERM DEBT | CREDIT FACILITIES AND DEBT Long-term debt outstanding consisted of the following: (in millions) December 31, December 31, 2025 Senior Notes $ 725.0 $ 725.0 2023 Senior Notes 500.0 500.0 PBFX 2023 Senior Notes 527.2 527.8 PBFX Revolving Credit Facility 283.0 156.0 PBF Rail Term Loan 14.5 21.6 Catalyst financing arrangements 47.6 44.3 Revolving Credit Facility — — 2,097.3 1,974.7 Less—Current debt — (2.4 ) Unamortized deferred financing costs (32.4 ) (41.0 ) Long-term debt $ 2,064.9 $ 1,931.3 PBF Holding Revolving Credit Facility On May 2, 2018, PBF Holding and certain of its wholly-owned subsidiaries, as borrowers or subsidiary guarantors, replaced the existing asset-based revolving credit agreement dated as of August 15, 2014 with a new asset-based revolving credit agreement (the “Revolving Credit Facility"). The Revolving Credit Facility has a maximum commitment of $3.4 billion , a maturity date of May 2023 and redefines certain components of the Borrowing Base, as defined in the agreement governing the Revolving Credit Facility (the “Revolving Credit Agreement”), to make more funding available for working capital needs and other general corporate purposes. An accordion feature allows for commitments of up to $3.5 billion . Borrowings under the Revolving Credit Facility bear interest at the Alternative Base Rate plus the Applicable Margin or at the Adjusted LIBOR plus the Applicable Margin (all as defined in the Revolving Credit Agreement). The Applicable Margin ranges from 0.25% to 1.00% for Alternative Base Rate Loans and from 1.25% to 2.00% for Adjusted LIBOR Loans, in each case depending on the Company’s corporate credit rating. In addition, the LC Participation Fee ranges from 1.00% to 1.75% depending on the Company’s corporate credit rating and the Fronting Fee is capped at 0.25% . The Revolving Credit Agreement contains customary covenants and restrictions on the activities of PBF Holding and its subsidiaries, including, but not limited to, limitations on incurring additional indebtedness, liens, negative pledges, guarantees, investments, loans, asset sales, mergers and acquisitions, prepayment of other debt, distributions, dividends and the repurchase of capital stock, transactions with affiliates and the ability of PBF Holding to change the nature of its business or its fiscal year; all as defined in the Revolving Credit Agreement. In addition, the Revolving Credit Agreement has a financial covenant which requires that if at any time Excess Availability, as defined in the Revolving Credit Agreement, is less than the greater of (i) 10% of the lesser of the then existing Borrowing Base and the then aggregate Revolving Commitments of the Lenders (the “Financial Covenant Testing Amount”), and (ii) $100.0 million , and until such time as Excess Availability is greater than the Financial Covenant Testing Amount and $100.0 million for a period of 12 or more consecutive days, PBF Holding will not permit the Consolidated Fixed Charge Coverage Ratio, as defined in the Revolving Credit Agreement and determined as of the last day of the most recently completed quarter, to be less than 1 to 1 . PBF Holding’s obligations under the Revolving Credit Facility are (a) guaranteed by each of its domestic operating subsidiaries that are not Excluded Subsidiaries (as defined in the Revolving Credit Agreement) and (b) secured by a lien on (i) PBF LLC’s equity interest in PBF Holding and (ii) certain assets of PBF Holding and the subsidiary guarantors, including all deposit accounts (other than zero balance accounts, cash collateral accounts, trust accounts and/or payroll accounts, all of which are excluded from the definition of collateral), all accounts receivable, all hydrocarbon inventory (other than the J. Aron Products owned by J. Aron pursuant to the Inventory Intermediation Agreements) and to the extent evidencing, governing, securing or otherwise related to the foregoing, all general intangibles, chattel paper, instruments, documents, letter of credit rights and supporting obligations; and all products and proceeds of the foregoing. There were no outstanding borrowings under the Revolving Credit Facility as of December 31, 2019 and December 31, 2018 . Issued letters of credit were $221.4 million and $400.7 million as of December 31, 2019 and 2018 , respectively. PBFX Credit Facilities On May 14, 2014, in connection with the PBFX initial public offering (the “PBFX Offering”), PBFX entered into a five -year, $275.0 million senior secured revolving credit facility (the “2014 PBFX Revolving Credit Facility”) with the administrative agent and a syndicate of lenders. On July 30, 2018, PBFX replaced the 2014 PBFX Revolving Credit Facility with a $500.0 million amended and restated revolving credit facility (as amended, the “PBFX Revolving Credit Facility”). The PBFX Revolving Credit Facility is available to fund working capital, acquisitions, distributions, capital expenditures, and other general partnership purposes and is guaranteed by a guaranty of collection from PBF LLC. PBFX has the ability to increase the maximum amount of the PBFX Revolving Credit Facility by up to $250.0 million to a total facility size of $750.0 million , subject to receiving increased commitments from the lenders or other financial institutions and satisfaction of certain conditions. The PBFX Revolving Credit Facility includes a $75.0 million sublimit for standby letters of credit and a $25.0 million sublimit for swingline loans. Obligations under the PBFX Revolving Credit Facility are guaranteed by PBFX’s restricted subsidiaries, and are secured by a first priority lien on PBFX’s assets and those of PBFX’s restricted subsidiaries. The maturity date of the PBFX Revolving Credit Facility is July 30, 2023, but may be extended for one year on up to two occasions, subject to certain customary terms and conditions. Borrowings under the PBFX Revolving Credit Facility bear interest at the Alternative Base Rate plus the Applicable Margin or the Adjusted LIBOR Rate plus an Applicable Margin, all as defined in the agreement governing the PBFX Revolving Credit Facility (the “PBFX Revolving Credit Agreement”). The Applicable Margin ranges from 0.75% to 1.75% for Alternative Base Rate Loans and from 1.75% to 2.75% for Adjusted LIBOR Rate Loans in each case depending on PBFX’s Consolidated Total Leverage Ratio, as defined in the PBFX Revolving Credit Agreement. The PBFX Revolving Credit Agreement contains affirmative and negative covenants customary for revolving credit facilities of this nature which, among other things, limit or restrict PBFX’s ability and the ability of its restricted subsidiaries to incur or guarantee debt, incur liens, make investments, make restricted payments, amend material contracts, engage in certain business activities, engage in mergers, consolidations and other organizational changes, sell, transfer or otherwise dispose of assets, enter into burdensome agreements, or enter into transactions with affiliates on terms which are not at arm’s length. Additionally, commencing with the Measurement Period ending September 30, 2018, PBFX is required to maintain (a) Consolidated Interest Coverage Ratio of at least 2.50 to 1.00 ; (b) Consolidated Total Leverage Ratio of not greater than 4.50 to 1.00 ; and (c) Consolidated Senior Secured Leverage Ratio of not greater than 3.50 to 1.00 (all terms as defined in the PBFX Revolving Credit Agreement). The PBFX Revolving Credit Agreement contains events of default customary for transactions of their nature, including, but not limited to (and subject to any applicable grace periods when applicable), the failure to pay any principal, interest or fees when due, failure to perform or observe any covenant contained in the PBFX Revolving Credit Agreement or related documentation, any representation or warranty made in the agreements or related documentation being untrue in any material respect when made, default under certain material debt agreements, commencement of bankruptcy or other insolvency proceedings, certain changes in PBFX’s ownership or the ownership or board composition of PBF GP and material judgments or orders. Upon the occurrence and during the continuation of an event of default under the PBFX Revolving Credit Agreement, the lenders may, among other things, terminate their commitments, declare any outstanding loans to be immediately due and payable and/or exercise remedies against PBFX and the collateral as may be available to the lenders under the PBFX Revolving Credit Agreement and related documentation or applicable law. During 2018 PBFX used advances under the PBFX Revolving Credit Facility and the 2014 PBFX Revolving Credit Facility to fund the Knoxville Terminals Purchase, the East Coast Storage Asset Acquisition, the TVPC Acquisition and other capital expenditures and working capital requirements. The PBFX Revolving Credit Facility may be repaid, from time-to-time, without penalty. As of December 31, 2019 , there were $283.0 million of borrowings and $4.8 million of letters of credit outstanding. At December 31, 2018 , there were $156.0 million of borrowings and $4.0 million of letters of credit outstanding under the PBFX Revolving Credit Facility. PBFX 2023 Senior Notes On May 12, 2015, PBFX entered into an indenture among PBFX, PBF Logistics Finance Corporation, a Delaware corporation and wholly-owned subsidiary of PBFX (“PBF Logistics Finance”, and together with PBFX, the “Issuers”), the Guarantors named therein and Deutsche Bank Trust Company Americas, as Trustee, under which the Issuers issued $350.0 million in aggregate principal amount of 6.875% Senior Notes due 2023. On October 6, 2017, PBFX entered into a supplemental indenture for the purpose of issuing an additional $175.0 million in aggregate principal amount of 6.875% Senior Notes due 2023 (together with the initially issued notes, the “PBFX 2023 Senior Notes”). The additional amount of the PBFX 2023 Senior Notes were issued at 102% of face value, or an effective interest rate of 6.442% . The additional amount of the PBFX 2023 Senior Notes are treated as a single series with the initially issued PBFX 2023 Senior Notes and have the same terms as those of the initially issued PBFX 2023 Senior Notes, except that (i) the additional amount of PBFX 2023 Senior Notes are subject to a separate registration rights agreement, and (ii) the additional amount of PBFX 2023 Senior Notes were issued initially under CUSIP numbers different from the initially issued PBFX 2023 Senior Notes. PBF LLC agreed to a limited guarantee of collection of the principal amount of the PBFX 2023 Senior Notes, but is not otherwise subject to the covenants of the indenture. The PBFX 2023 Senior Notes are general senior unsecured obligations of the Issuers and are equal in right of payment with all of the Issuers’ existing and future senior indebtedness, including amounts outstanding under the PBFX Revolving Credit Facility. The PBFX 2023 Senior Notes are effectively subordinated to all of the Issuers’ and the Guarantors’ existing and future secured debt, including the PBFX Revolving Credit Facility, to the extent of the value of the assets securing that secured debt and will be structurally subordinated to all indebtedness of PBFX’s subsidiaries that do not guarantee the PBFX 2023 Senior Notes. The PBFX 2023 Senior Notes will be senior to any future subordinated indebtedness the Issuers may incur. The PBFX indenture contains customary terms, events of default and covenants for transactions of this nature. These covenants include limitations on PBFX’s and its restricted subsidiaries’ ability to, among other things: (i) make investments; (ii) incur additional indebtedness or issue preferred units; (iii) pay dividends or make distributions on units or redeem or repurchase its subordinated debt; (iv) create liens; (v) incur dividend or other payment restrictions affecting subsidiaries; (vi) sell assets; (vii) merge or consolidate with other entities; and (viii) enter into transactions with affiliates. These covenants are subject to a number of important limitations and exceptions. PBFX has optional redemption rights to repurchase all or a portion of the PBFX 2023 Senior Notes at varying prices which are no less than 100% of the principal amount, plus accrued and unpaid interest. The holders of the PBFX 2023 Senior Notes have repurchase options exercisable only upon a change in control, certain asset dispositions, or in event of default as defined in the indenture. The outstanding balances under the PBFX 2023 Senior Notes were $525.0 million as of December 31, 2019 and December 31, 2018 , respectively. Senior Notes On February 9, 2012, PBF Holding and PBF Holding’s wholly-owned subsidiary, PBF Finance Corporation (“PBF Finance”), completed the offering of $675.5 million aggregate principal amount of 8.25% Senior Secured Notes due 2020 (the “2020 Senior Secured Notes”). On November 24, 2015, PBF Holding and PBF Holding’s wholly-owned subsidiary, PBF Finance, completed an offering of $500.0 million in aggregate principal amount of 7.00% Senior Secured Notes due 2023 (the “2023 Senior Notes”, and together with the 2020 Senior Secured Notes, the “Senior Secured Notes”). The net proceeds from this offering were approximately $490.0 million after deducting the initial purchasers’ discount and offering expenses. The Senior Secured Notes were secured on a first-priority basis by substantially all of the present and future assets of PBF Holding and its subsidiaries (other than assets securing the Revolving Credit Facility). Payment of the Senior Secured Notes is jointly and severally guaranteed by substantially all of PBF Holding’s subsidiaries. PBF Holding has optional redemption rights to repurchase all or a portion of the Senior Secured Notes at varying prices no less than 100% of the principal amounts of the notes plus accrued and unpaid interest. The holders of the Senior Secured Notes have repurchase options exercisable only upon a change in control, certain asset sale transactions, or in event of a default as defined in the indenture agreement. In addition, the Senior Secured Notes contain customary terms, events of default and covenants for an issuer of non-investment grade debt securities including limitations on PBF Holding’s and its restricted subsidiaries’ ability to, among other things, (1) incur additional indebtedness or issue certain preferred stock; (2) make equity distributions; (3) pay dividends on or repurchase capital stock or make other restricted payments; (4) enter into transactions with affiliates; (5) create liens; (6) engage in mergers and consolidations or otherwise sell all or substantially all of its assets; (7) designate subsidiaries as unrestricted subsidiaries; (8) make certain investments; and (9) limit the ability of restricted subsidiaries to make payments to PBF Holding. At all times after (a) a covenant suspension event (which requires that the Senior Secured Notes have investment grade ratings from Moody’s Investors Service, Inc. and Standard & Poor’s Financial Services LLC or (b) a Collateral Fall-Away Event, as defined in the indenture, the Senior Secured Notes will become unsecured. On May 30, 2017, PBF Holding entered into an Indenture (the “Indenture”) among PBF Holding and PBF Finance (the “Issuers”), the guarantors named therein (collectively the “Guarantors”) and Wilmington Trust, National Association, as Trustee, under which the Issuers issued $725.0 million in aggregate principal amount of 7.25% senior notes due 2025 (the “2025 Senior Notes”). The Issuers received net proceeds of approximately $711.6 million from the offering after deducting the initial purchasers’ discount and offering expenses, all of which was used to fund the cash tender offer (the “Tender Offer”) for any and all of its outstanding 2020 Senior Secured Notes, to pay the related redemption price and accrued and unpaid interest for any 2020 Senior Secured Notes which remained outstanding after the completion of the Tender Offer, and for general corporate purposes. The difference between the carrying value of the 2020 Senior Secured Notes on the date they were reacquired and the amount for which they were reacquired has been classified as debt extinguishment costs in the Consolidated Statements of Operations. The 2025 Senior Notes are guaranteed by substantially all of PBF Holding’s subsidiaries. The 2025 Senior Notes and guarantees are senior unsecured obligations which rank equal in right of payment with all of the Issuers’ and the Guarantors’ existing and future senior indebtedness, including PBF Holding’s Revolving Credit Facility and 2023 Senior Notes. The 2025 Senior Notes and the guarantees rank senior in right of payment to the Issuers’ and the Guarantors’ existing and future indebtedness that is expressly subordinated in right of payment thereto. The 2025 Senior Notes and the guarantees are effectively subordinated to any of the Issuers’ and the Guarantors’ existing or future secured indebtedness (including the Revolving Credit Facility) to the extent of the value of the collateral securing such indebtedness. The 2025 Senior Notes and the guarantees are structurally subordinated to any existing or future indebtedness and other obligations of the Issuers’ non-guarantor subsidiaries. PBF Holding has optional redemption rights to repurchase all or a portion of the 2025 Senior Notes at varying prices which are no less than 100% of the principal amount plus accrued and unpaid interest. The holders of the 2025 Senior Notes have repurchase options exercisable only upon a change in control, certain asset sale transactions, or in event of a default as defined in the Indenture. In addition, the 2025 Senior Notes contain customary terms, events of default and covenants for an issuer of non-investment grade debt securities that limit certain types of additional debt, equity issuances, and payments. Many of these covenants will cease to apply or will be modified if the 2025 Senior Notes are rated investment grade. Upon the satisfaction and discharge of the 2020 Senior Secured Notes in connection with the closing of the Tender Offer and the redemption described above, a Collateral Fall-Away Event under the indenture governing the 2023 Senior Notes occurred on May 30, 2017, and the 2023 Senior Notes became unsecured and certain covenants were modified, as provided for in the indenture governing the 2023 Senior Notes and related documents. The 2025 Senior Notes and the 2023 Senior Notes are collectively referred to as the “Senior Notes”. As disclosed in “Note 25, Subsequent Events”, on January 24, 2020, PBF Holding issued $1.0 billion in aggregate principal amount of 6.00% senior unsecured notes due 2028 (the “2028 Senior Notes”). The proceeds from this notes issuance were used in part to subsequently redeem its outstanding 2023 Senior Notes. PBF Rail Term Loan On December 22, 2016, PBF Rail Logistics Company LLC (“PBF Rail”) entered into a $35.0 million term loan (the “PBF Rail Term Loan”) with a bank previously party to the Rail Facility. The PBF Rail Term Loan amortizes monthly over its five year term and bears interest at a rate equal to one month LIBOR plus the margin as defined in the agreement governing the PBF Rail Term Loan (the “Rail Credit Agreement”). As security for the PBF Rail Term Loan, PBF Rail pledged, among other things: (i) certain Eligible Railcars; (ii) the Debt Service Reserve Account (as defined in the Rail Credit Agreement); and (iii) PBF Holding’s membership interest in PBF Rail. Additionally, the Rail Credit Agreement contains customary terms, events of default and covenants for transactions of this nature. PBF Rail may at any time repay the PBF Rail Term Loan without penalty in the event that railcars securing the loan are sold, scrapped or otherwise removed from the collateral pool. The outstanding balances under the PBF Rail Term Loan were $14.5 million and $21.6 million as of December 31, 2019 and 2018 , respectively. Precious Metal Catalyst Financing Arrangements Certain subsidiaries of the Company have entered into agreements whereby such subsidiary sold a portion of its precious metal catalysts to a major commercial bank and then borrowed back the precious metal catalysts under financing arrangements. The volume of the precious metal catalysts and the interest rate are fixed over the term of each financing arrangement. At maturity, the Company must repurchase the precious metal catalysts in question at its then fair market value. The Company believes that there is a substantial market for precious metal catalysts and that it will be able to release such catalysts at maturity. The Company treated these transactions as financing arrangements, and the related payments are recorded as interest expense over the agreements’ terms. The Company has elected the fair value option for accounting for its catalyst repurchase obligations as the Company’s liability is directly impacted by the change in value of the underlying catalysts. The fair value of these repurchase obligations as reflected in the fair value of long-term debt outstanding table below is measured using Level 2 inputs. Details of the catalyst financing arrangements at each of the Company’s refineries as of December 31, 2019 are included in the following table: Annual interest rate Expiration date Paulsboro catalyst financing arrangement 1.47 % December 2022 Delaware City catalyst financing arrangement 1.35 % October 2020 (1) Toledo catalyst financing arrangement 1.75 % June 2020 (1) Chalmette catalyst financing arrangements 2.10 % October 2021 1.80 % November 2022 Torrance catalyst financing arrangement 1.78 % July 2022 __________________ (1) These catalyst financing arrangements are included in Long-term debt as of December 31, 2019 as the Company has the ability and intent to finance this debt through availability under other credit facilities if the catalyst financing arrangements are not renewed at maturity. In total, aggregate annual catalyst financing fees were approximately $0.7 million and $1.0 million as of December 31, 2019 and 2018 , respectively. Debt Maturities Debt maturing in the next five years and thereafter is as follows: Year Ending December 31, 2020 $ 21.4 2021 19.8 2022 20.9 2023 1,310.2 2024 — Thereafter 725.0 $ 2,097.3 |
AFFILIATE NOTE PAYABLE - PBF LL
AFFILIATE NOTE PAYABLE - PBF LLC | 12 Months Ended |
Dec. 31, 2019 | |
Marketable Securities [Abstract] | |
MARKETABLE SECURITIES | 10. AFFILIATE NOTE PAYABLE - PBF LLC As of December 31, 2019 and December 31, 2018 , PBF LLC had an outstanding note payable with PBF Energy for an aggregate principal amount of $376.4 million and $326.1 million , respectively. During the second quarter of 2019, the note payable was amended to extend the maturity date from April 2020 to April 2030. The note has an annual interest rate of 2.5% and may be prepaid in whole or in part at any time, at the option of PBF LLC without penalty or premium. |
OTHER LONG-TERM LIABILITIES
OTHER LONG-TERM LIABILITIES | 12 Months Ended |
Dec. 31, 2019 | |
Other Liabilities Disclosure [Abstract] | |
OTHER LONG-TERM LIABILITIES | OTHER LONG-TERM LIABILITIES Other long-term liabilities consisted of the following: (in millions) December 31, December 31, Environmental liabilities $ 121.8 $ 137.2 Defined benefit pension plan liabilities 73.8 75.0 Long-term finance lease liabilities 18.4 — Early railcar return liability 17.6 23.3 Post-retirement medical plan liabilities 17.5 19.3 East Coast Storage Assets Contingent Consideration 16.1 21.6 Other 4.1 0.8 Total other long-term liabilities $ 269.3 $ 277.2 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS Pursuant to the amended and restated limited liability company agreement of PBF LLC, the holders of PBF LLC Series B Units are entitled to an interest in the amounts received by the investment funds associated with the initial investors in PBF LLC in excess of their original investment in the form of PBF LLC distributions and from the shares of PBF Energy Class A common stock issuable to such investment funds (for their own account and on behalf of the holders of PBF LLC Series B Units) upon an exchange, and the proceeds from the sale of such shares. Such proceeds received by the investment funds associated with the initial investors in PBF LLC are distributed to the holders of the PBF LLC Series B Units in accordance with the distribution percentages specified in the PBF LLC amended and restated limited liability company agreement. There were no distributions to PBF LLC Series B unitholders for the years ended December 31, 2019 , 2018 and 2017 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Other Commitments In addition to commitments related to lease obligations accounted for in accordance with ASC 842 and disclosed in “Note 14 - Leases”, the Company is party to agreements which provide for the treatment of wastewater and the supply of hydrogen and steam for certain of its refineries. The Company made purchases of $65.0 million, $68.6 million and $64.1 million under these supply agreements for the years ended December 31, 2019 , 2018 and 2017 , respectively. The fixed and determinable amounts related to obligations under these agreements are as follows: Year Ending December 31, (in millions) 2020 $ 30.5 2021 26.3 2022 20.4 2023 20.4 2024 20.4 Thereafter 96.1 Total obligations $ 214.1 Employment Agreements The Company has entered into various employment agreements with members of executive management and certain other key personnel that include automatic annual renewals, unless canceled. Under some of the agreements, certain of the executives would receive a lump sum payment of between 1.50 to 2.99 times their base salary and continuation of certain employee benefits for the same period upon termination by the Company “Without Cause”, or by the employee “For Good Reason”, or upon a “Change in Control”, as defined in the agreements. Upon death or disability, certain of the Company’s executives, or their estates, would receive a lump sum payment of at least one half of their base salary. Environmental Matters The Company’s refineries, pipelines and related operations are subject to extensive and frequently changing federal, state and local laws and regulations, including, but not limited to, those relating to the discharge of materials into the environment or that otherwise relate to the protection of the environment, waste management and the characteristics and the compositions of fuels. Compliance with existing and anticipated laws and regulations can increase the overall cost of operating the refineries, including remediation, operating costs and capital costs to construct, maintain and upgrade equipment and facilities. These laws and permits raise potential exposure to future claims and lawsuits involving environmental and safety matters which could include soil and water contamination, air pollution, personal injury and property damage allegedly caused by substances which the Company manufactured, handled, used, released or disposed of, transported, or that relate to pre-existing conditions for which the Company has assumed responsibility. The Company believes that its current operations are in substantial compliance with existing environmental and safety requirements. However, there have been and will continue to be ongoing discussions about environmental and safety matters between the Company and federal and state authorities, including notices of violations, citations and other enforcement actions, some of which have resulted or may result in changes to operating procedures and in capital expenditures. While it is often difficult to quantify future environmental or safety related expenditures, the Company anticipates that continuing capital investments and changes in operating procedures will be required for the foreseeable future to comply with existing and new requirements, as well as evolving interpretations and more strict enforcement of existing laws and regulations. In connection with the acquisition of the Torrance refinery and related logistics assets, the Company assumed certain pre-existing environmental liabilities totaling $121.3 million as of December 31, 2019 ( $130.8 million as of December 31, 2018 ), related to certain environmental remediation obligations to address existing soil and groundwater contamination and monitoring activities and other clean-up activities, which reflects the current estimated cost of the remediation obligations. The current portion of the environmental liability is recorded in Accrued expenses and the non-current portion is recorded in Other long-term liabilities. The Company expects to make aggregate payments for this liability of $57.4 million over the next five years. The environmental liability reflected in the Company’s Consolidated Balance Sheets was $134.6 million and $144.2 million at December 31, 2019 and December 31, 2018 , respectively, of which $121.8 million and $137.2 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. During the first quarter of 2019, PBFX 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. PBFX is working on a remedial investigation and action plan with the state agency. Although response activities are nearly complete, remediation costs will not be finalized until the action plan is complete. Incremental costs are not expected to be material to the Company. Applicable Federal and State Regulatory Requirements The Company’s operations and many of the products it manufactures are subject to certain specific requirements of the Clean Air Act (the “CAA”) and related state and local regulations. The CAA contains provisions that require capital expenditures for the installation of certain air pollution control devices at the Company’s refineries. Subsequent rule making authorized by the CAA or similar laws or new agency interpretations of existing rules, may necessitate additional expenditures in future years. In 2010, New York State adopted a Low-Sulfur Heating Oil mandate that, beginning July 1, 2012, requires all heating oil sold in New York State to contain no more than 15 parts per million (“PPM”) sulfur. Since July 1, 2012, other states in the Northeast market began requiring heating oil sold in their state to contain no more than 15 PPM sulfur. Currently, all of the Northeastern states and Washington DC have adopted sulfur controls on heating oil. Most of the Northeastern states require heating oil with 15 PPM or less sulfur. The mandate and other requirements are not expected to have a material impact on the Company’s financial position, results of operations or cash flows. EPA issued the final Tier 3 Gasoline standards on March 3, 2014 under the CAA. This final rule establishes more stringent vehicle emission standards and further reduces the sulfur content of gasoline starting in January 2017. The new standard is set at 10 PPM sulfur in gasoline on an annual average basis starting January 1, 2017, with a credit trading program to provide compliance flexibility. EPA responded to industry comments on the proposed rule and maintained the per gallon sulfur cap on gasoline at the existing 80 PPM cap. The refineries are complying with these new requirements as planned, either directly or using flexibility provided by sulfur credits generated or purchased in advance as an economic optimization. The standards set by the new rule are not expected to have a material impact on the Company’s financial position, results of operations or cash flows. The Company is required to comply with the Renewable Fuel Standard (“RFS”) implemented by EPA, which sets annual quotas for the quantity of renewable fuels (such as ethanol) that must be blended into motor fuels consumed in the United States. In July 2018, EPA issued proposed amendments to RFS program regulations that would establish annual percentage standards for cellulosic biofuel, biomass-based diesel, advanced biofuel, and renewable fuels that would apply to all gasoline and diesel produced in the U.S. or imported in the year 2019. In addition, the separate proposal includes a proposed biomass-based diesel applicable volume for 2020. It is likely that RIN production will continue to be lower than needed forcing obligated parties, such as the Company, to purchase cellulosic waiver credits or purchase excess RINs from suppliers on the open market. In addition, on November 26, 2018 EPA finalized revisions to an existing air regulation concerning Maximum Achievable Control Technologies for Petroleum Refineries. The regulation requires additional continuous monitoring systems for eligible process safety valves relieving to atmosphere, minimum flare gas heat (Btu) content, and delayed coke drum vent controls to be installed by January 30, 2019. In addition, a program for ambient fence line monitoring for benzene was implemented prior to the deadline of January 30, 2018. The regulation does not have a material impact on our financial position, results of operations or cash flows. EPA published a Final Rule to the Clean Water Act Section 316(b) in August 2014 regarding cooling water intake structures, which includes requirements for petroleum refineries. The purpose of this rule is to prevent fish from being trapped against cooling water intake screens (impingement) and to prevent fish from being drawn through cooling water systems (entrainment). Facilities will be required to implement best technology available as soon as possible, but state agencies have the discretion to establish implementation time lines. The Company has evaluated, and continues to evaluate, the impact of this regulation, and at this time does not expect this regulation to materially impact the Company’s financial position, results of operations or cash flows. The Company is subject to greenhouse gas emission control regulations in the state of California pursuant to AB32. AB32 imposes a statewide cap on greenhouse gas emissions, including emissions from transportation fuels, with the aim of returning the state to 1990 emission levels by 2020. AB32 is implemented through two market mechanisms including the Low Carbon Fuel Standard and Cap and Trade, which was extended for an additional ten years to 2030 in July 2017. The Company is responsible for the AB32 obligations related to the Torrance refinery beginning on July 1, 2016 and must purchase emission credits to comply with these obligations. Additionally, in September 2016, the state of California enacted Senate Bill 32 (“SB32”) which further reduces greenhouse gas emissions targets to 40 percent below 1990 levels by 2030. The Company recovers the majority of these costs from its customers, and does not expect these obligations to materially impact the Company’s financial position, results of operations, or cash flows. To the degree there are unfavorable changes to AB32 or SB32 regulations or the Company is unable to recover such compliance costs from customers, these regulations could have a material adverse effect on our financial position, results of operations and cash flows. The Company is subject to obligations to purchase RINs. On February 15, 2017, the Company received a notification that EPA records indicated that PBF Holding used potentially invalid RINs that were in fact verified under EPA’s RIN Quality Assurance Program (“QAP”) by an independent auditor as QAP A RINs. Under the regulations, use of potentially invalid QAP A RINs provided the user with an affirmative defense from civil penalties provided certain conditions are met. The Company has asserted the affirmative defense and if accepted by EPA will not be required to replace these RINs and will not be subject to civil penalties under the program. It is reasonably possible that EPA will not accept the Company’s defense and may assess penalties in these matters but any such amount is not expected to have a material impact on the Company’s financial position, results of operations or cash flows. As of January 1, 2011, the Company is required to comply with EPA’s Control of Hazardous Air Pollutants From Mobile Sources, or MSAT2, regulations on gasoline that impose reductions in the benzene content of its produced gasoline. The Company purchases benzene credits to meet these requirements when necessary. The Company may implement capital projects to reduce the amount of benzene credits that the Company needs to purchase. In additions, the renewable fuel standards mandate the blending of prescribed percentages of renewable fuels (e.g., ethanol and biofuels) into the Company’s produced gasoline and diesel. These requirements, other requirements of the CAA and other presently existing or future environmental regulations may cause the Company to make substantial capital expenditures as well as the purchase of credits at significant cost, to enable its refineries to produce products that meet applicable requirements. The federal Comprehensive Environmental Response, Compensation and Liability Act of 1980 (“CERCLA”), also known as “Superfund,” imposes liability, without regard to fault or the legality of the original conduct, on certain classes of persons who are considered to be responsible for the release of a “hazardous substance” into the environment. These persons include the current or former owner or operator of the disposal site or sites where the release occurred and companies that disposed of or arranged for the disposal of the hazardous substances. Under CERCLA, such persons may be subject to joint and several liability for investigation and the costs of cleaning up the hazardous substances that have been released into the environment, for damages to natural resources and for the costs of certain health studies. As discussed more fully above, certain of the Company’s sites are subject to these laws and the Company may be held liable for investigation and remediation costs or claims for natural resource damages. It is not uncommon for neighboring landowners and other third parties to file claims for personal injury and property damage allegedly caused by hazardous substances or other pollutants released into the environment. Analogous state laws impose similar responsibilities and liabilities on responsible parties. In the Company’s current normal operations, it has generated waste, some of which falls within the statutory definition of a “hazardous substance” and some of which may have been disposed of at sites that may require cleanup under Superfund. The Company is also currently subject to certain other existing environmental claims and proceedings. The Company believes that there is only a remote possibility that future costs related to any of these other known contingent liability exposures would have a material impact on its financial position, results of operations or cash flows. Tax Receivable Agreement PBF Energy entered into a tax receivable agreement with the PBF LLC Series A and PBF LLC Series B unitholders (the “Tax Receivable Agreement”) that provides for the payment by PBF Energy to such persons of an amount equal to 85% of the amount of the benefits, if any, that PBF Energy is deemed to realize as a result of (i) increases in tax basis, as described below, and (ii) certain other tax benefits related to entering into the Tax Receivable Agreement, including tax benefits attributable to payments under the Tax Receivable Agreement. For purposes of the Tax Receivable Agreement, the benefits deemed realized by PBF Energy will be computed by comparing the actual income tax liability of PBF Energy (calculated with certain assumptions) to the amount of such taxes that PBF Energy would have been required to pay had there been no increase to the tax basis of the assets of PBF LLC as a result of purchases or exchanges of PBF LLC Series A Units for shares of PBF Energy Class A common stock and had PBF Energy not entered into the Tax Receivable Agreement. The term of the Tax Receivable Agreement will continue until all such tax benefits have been utilized or expired unless: (i) PBF Energy exercises its right to terminate the Tax Receivable Agreement, (ii) PBF Energy breaches any of its material obligations under the Tax Receivable Agreement or (iii) certain changes of control occur, in which case all obligations under the Tax Receivable Agreement will generally be accelerated and due as calculated under certain assumptions. The payment obligations under the Tax Receivable Agreement are obligations of PBF Energy and not of PBF LLC, PBF Holding or PBFX. In general, PBF Energy expects to obtain funding for these annual payments from PBF LLC, primarily through tax distributions, which PBF LLC makes on a pro-rata basis to its owners. Such owners include PBF Energy, which holds a 99.0% interest in PBF LLC as of both December 31, 2019 and December 31, 2018 . PBF LLC generally obtains funding to pay its tax distributions by causing PBF Holding to distribute cash to PBF LLC and from distributions it receives from PBFX. As a result of the reduction of the corporate federal tax rate to 21% as part of the TCJA, the liability associated with the Tax Receivable Agreement was reduced. Accordingly, the deferred tax assets associated with the payments made or expected to be made related to the Tax Receivable Agreement liability were also reduced. PBF Energy has recognized a liability for the Tax Receivable Agreement of $373.5 million as of December 31, 2019 and December 31, 2018 |
LEASES (Notes)
LEASES (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
LEASES | LEASES The Company leases office space, office equipment, refinery facilities and equipment, railcars and other logistics assets primarily under non-cancelable operating leases, with terms typically ranging from one to twenty years , subject to certain renewal options as applicable. The Company considers those renewal or termination options that are reasonably certain to be exercised in the determination of the lease term and initial measurement of lease liabilities and right-of-use assets. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. Interest expense for finance leases is incurred based on the carrying value of the lease liability. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company determines whether a contract is or contains a lease at inception of the contract and whether that lease meets the classification criteria of a finance or operating lease. When available, the Company uses the rate implicit in the lease to discount lease payments to present value; however, most of the Company’s leases do not provide a readily determinable implicit rate. Therefore, the Company must discount lease payments based on an estimate of its incremental borrowing rate. The Company does not separate lease and nonlease components of contracts for any of its asset classes. 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 is operated during the contract term or another measure of usage and are not included in the initial measurement of lease liabilities and right-of-use assets. Lease Position as of December 31, 2019 The table below presents the lease related assets and liabilities recorded on the Company’s Consolidated Balance Sheets as of December 31, 2019 : (in millions) Classification on the Balance Sheet December 31, 2019 Assets Operating lease assets Operating lease right of use assets $ 306.4 Finance lease assets Deferred charges and other assets, net 24.2 Total lease right of use assets $ 330.6 Liabilities Current liabilities: Operating lease liabilities Current operating lease liabilities $ 72.1 Finance lease liabilities Accrued expenses 6.5 Noncurrent liabilities: Operating lease liabilities Long-term operating lease liabilities 233.1 Finance lease liabilities Other long-term liabilities 18.4 Total lease liabilities $ 330.1 Lease Costs The table below presents certain information related to costs for the Company’s leases for the year ended December 31, 2019 : Lease Costs (in millions) Year Ended December 31, 2019 Components of total lease costs: Finance lease costs Amortization of right of use assets $ 2.0 Interest on lease liabilities 0.8 Operating lease costs 109.8 Short-term lease costs 89.2 Variable lease costs 8.3 Total lease costs $ 210.1 There were no net gains or losses on any sale-leaseback transactions for the year ended December 31, 2019 . Other Information The table below presents supplemental cash flow information related to leases for the year ended December 31, 2019 (in millions): Year Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 110.3 Operating cash flows for finance leases 0.8 Financing cash flows for finance leases 1.4 Supplemental non-cash amounts of lease liabilities arising from obtaining right-of-use assets 184.9 Lease Term and Discount Rate The table below presents certain information related to the weighted average remaining lease term and weighted average discount rate for the Company’s leases as of December 31, 2019 : Weighted average remaining lease term - operating leases 12.8 years Weighted average remaining lease term - finance leases 6.1 years Weighted average discount rate - operating leases 7.48 % Weighted average discount rate - finance leases 5.98 % Undiscounted Cash Flows The table below reconciles the fixed component of the undiscounted cash flows for each of the periods presented to the lease liabilities recorded on the Consolidated Balance Sheets as of December 31, 2019 : Amounts due in the year ended December 31, (in millions) Finance Leases Operating Leases 2020 $ 7.8 $ 92.4 2021 7.8 58.5 2022 2.0 41.5 2023 2.0 31.9 2024 2.0 33.2 Thereafter 8.8 231.6 Total minimum lease payments 30.4 489.1 Less: effect of discounting 5.5 183.9 Present value of future minimum lease payments 24.9 305.2 Less: current obligations under leases 6.5 72.1 Long-term lease obligations $ 18.4 $ 233.1 As of December 31, 2019 , the Company has entered into certain leases that have not yet commenced. Such leases include a 15 -year lease for hydrogen supply, with future lease payments estimated to total approximately $212.6 |
STOCKHOLDERS' AND MEMBERS' EQUI
STOCKHOLDERS' AND MEMBERS' EQUITY STRUCTURE | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Equity [Abstract] | ||
STOCKHOLDERS’ AND MEMBERS’ EQUITY STRUCTURE | STOCKHOLDERS’ AND MEMBERS’ EQUITY STRUCTURE PBF Energy Capital Structure Class A Common Stock Holders of Class A common stock are entitled to receive dividends when and if declared by the Board of Directors out of funds legally available therefore, subject to any statutory or contractual restrictions on the payment of dividends and to any restrictions on the payment of dividends imposed by the terms of any outstanding preferred stock. Upon the Company’s dissolution or liquidation or the sale of all or substantially all of the assets, after payment in full of all amounts required to be paid to creditors and to the holders of preferred stock having liquidation preferences, if any, the holders of shares of Class A common stock will be entitled to receive pro rata remaining assets available for distribution. Holders of shares of Class A common stock do not have preemptive, subscription, redemption or conversion rights. Class B Common Stock Holders of shares of Class B common stock are entitled, without regard to the number of shares of Class B common stock held by such holder, to one vote for each PBF LLC Series A Unit beneficially owned by such holder. Accordingly, the members of PBF LLC other than PBF Energy collectively have a number of votes in PBF Energy that is equal to the aggregate number of PBF LLC Series A Units that they hold. Holders of shares of Class A common stock and Class B common stock vote together as a single class on all matters presented to stockholders for their vote or approval, except as otherwise required by applicable law. Holders of Class B common stock do not have any right to receive dividends or to receive a distribution upon a liquidation or winding up of PBF Energy. Preferred Stock Authorized preferred stock may be issued in one or more series, with designations, powers and preferences as shall be designated by the Board of Directors. PBF LLC Capital Structure PBF LLC Series A Units The allocation of profits and losses and distributions to PBF LLC Series A unitholders is governed by the limited liability company agreement of PBF LLC. These allocations are made on a pro rata basis with PBF LLC Series C Units. PBF LLC Series A unitholders do not have voting rights. PBF LLC Series B Units The PBF LLC Series B Units are intended to be “profit interests” within the meaning of Revenue Procedures 93-27 and 2001-43 of the Internal Revenue Service and have a stated value of zero at issuance. The PBF LLC Series B Units are held by certain of the Company’s current and former officers, have no voting rights and are designed to increase in value only after the Company’s financial sponsors achieve certain levels of return on their investment in PBF LLC Series A Units. Accordingly, the amounts paid to the holders of PBF LLC Series B Units, if any, will reduce only the amounts otherwise payable to the PBF LLC Series A Units held by the Company’s financial sponsors, and will not reduce or otherwise impact any amounts payable to PBF Energy (the holder of PBF LLC Series C Units), the holders of the Company’s Class A common stock or any other holder of PBF LLC Series A Units. The maximum number of PBF LLC Series B Units authorized to be issued is 1,000,000 . PBF LLC Series C Units The PBF LLC Series C Units rank on a parity with the PBF LLC Series A Units as to distribution rights, voting rights and rights upon liquidation, winding up or dissolution. PBF LLC Series C Units are held solely by PBF Energy. Treasury Stock The Company’s Board of Directors previously authorized the repurchase of up to $300.0 million of the PBF Energy Class A common stock (the “Repurchase Program”). From the inception of the Repurchase Program through its expiration date, the Company has purchased approximately 6,050,717 shares of the PBF Energy Class A common stock through open market transactions under the Repurchase Program, for a total of $150.8 million . The Repurchase Program expired on September 30, 2018 and was not renewed. These repurchases were made from time to time through various methods, including open market transactions, block trades, accelerated share repurchases, privately negotiated transactions or otherwise, certain of which may be effected through Rule 10b5-1 and Rule 10b-18 plans. The timing and number of shares repurchased depended on a variety of factors, including price, capital availability, legal requirements and economic and market conditions. The Company was not obligated to purchase any shares under the Repurchase Program, and repurchases may have been suspended or discontinued at any time without prior notice. The Company also records PBF Energy Class A common stock surrendered to cover income tax withholdings for certain directors and employees and others pursuant to the vesting of certain awards under the Company’s equity-based compensation plans as treasury shares. The following tables summarize the changes in equity for the controlling and noncontrolling interests of PBF Energy for the years ended December 31, 2019 , 2018 and 2017 : PBF Energy (in millions) PBF Energy Noncontrolling Noncontrolling Interest in PBF Holding Noncontrolling Total Equity Balance at January 1, 2019 $ 2,676.5 $ 112.2 $ 10.9 $ 448.9 $ 3,248.5 Comprehensive income 333.5 4.4 — 51.5 389.4 Dividends and distributions (143.8 ) (3.2 ) — (64.1 ) (211.1 ) Effects of changes in PBFX ownership interest on deferred tax assets and liabilities (1.3 ) — — — (1.3 ) Issuance of additional PBFX common units 152.0 — — (19.5 ) 132.5 Stock-based compensation 27.2 — — 6.8 34.0 Exercise of PBF LLC and PBF Energy options and warrants, net 0.3 — — — 0.3 Taxes paid for net settlement of equity-based compensation (4.6 ) (0.2 ) — — (4.8 ) Other (0.2 ) — — (1.8 ) (2.0 ) Balance at December 31, 2019 $ 3,039.6 $ 113.2 $ 10.9 $ 421.8 $ 3,585.5 | PBF Energy (in millions) PBF Energy Noncontrolling Noncontrolling Interest in PBF Holding Noncontrolling Total Equity Balance at January 1, 2018 $ 2,336.6 $ 110.2 $ 10.8 $ 445.3 $ 2,902.9 Comprehensive income 131.3 4.7 0.1 42.2 178.3 Dividends and distributions (139.3 ) (2.1 ) — (49.5 ) (190.9 ) Effects of equity offerings and exchanges of PBF LLC Series A Units on deferred tax assets and liabilities and tax receivable agreement obligation (4.9 ) — — — (4.9 ) Issuance of additional PBFX common units 28.6 — — 6.3 34.9 Stock-based compensation 19.7 — — 5.7 25.4 August 2018 Equity Offering 287.3 — — — 287.3 Exercise of PBF LLC and PBF Energy options and warrants, net 14.0 — — — 14.0 Taxes paid for net settlement of equity-based compensation (4.8 ) (0.6 ) — — (5.4 ) Other 8.0 — — (1.1 ) 6.9 Balance at December 31, 2018 $ 2,676.5 $ 112.2 $ 10.9 $ 448.9 $ 3,248.5 |
NONCONTROLLING INTERESTS
NONCONTROLLING INTERESTS | 12 Months Ended |
Dec. 31, 2019 | |
Noncontrolling Interest [Abstract] | |
NONCONTROLLING INTERESTS | NONCONTROLLING INTERESTS Noncontrolling Interest in PBF LLC PBF Energy is the sole managing member of, and has a controlling interest in, PBF LLC. As the sole managing member of PBF LLC, PBF Energy operates and controls all of the business and affairs of PBF LLC and its subsidiaries. PBF Energy’s equity interest in PBF LLC was approximately 99.0% as of December 31, 2019 and 2018 , respectively. PBF Energy consolidates the financial results of PBF LLC and its subsidiaries, and records a noncontrolling interest for the economic interest in PBF Energy held by the members of PBF LLC other than PBF Energy. Noncontrolling interest on the Consolidated Statements of Operations includes the portion of net income or loss attributable to the economic interest in PBF Energy held by the members of PBF LLC other than PBF Energy. Noncontrolling interest on the Consolidated Balance Sheets represents the portion of net assets of PBF Energy attributable to the members of PBF LLC other than PBF Energy. The noncontrolling interest ownership percentages in PBF LLC as of the completion dates of each of the equity offerings and as of the years ended December 31, 2019 , 2018 and 2017 are calculated as follows: Holders of Outstanding Shares Total January 1, 2017 3,920,902 109,204,047 113,124,949 3.5 % 96.5 % 100.0 % December 31, 2017 3,767,464 110,565,531 114,332,995 3.3 % 96.7 % 100.0 % August 14, 2018 - Equity offering 1,206,325 119,852,874 121,059,199 1.0 % 99.0 % 100.0 % December 31, 2018 1,206,325 119,874,191 121,080,516 1.0 % 99.0 % 100.0 % December 31, 2019 1,215,317 119,804,971 121,020,288 1.0 % 99.0 % 100.0 % Noncontrolling Interest in PBFX PBF LLC held a 48.2% limited partner interest in PBFX, with the remaining 51.8% limited partner interest owned by the public common unitholders as of December 31, 2019 . PBF LLC is also the sole member of PBF GP, the general partner of PBFX. As noted in “Note 3 - PBF Logistics LP”, pursuant to the IDR Restructuring, the IDRs held by PBF LLC were canceled and converted into newly issued common units. In addition, PBFX issued 6,585,500 common units to certain institutional investors in connection with the 2019 Registered Direct Offering on April 29, 2019. PBF Energy, through its ownership of PBF LLC, consolidates the financial results of PBFX, and records a noncontrolling interest for the economic interest in PBFX held by the public common unitholders. Noncontrolling interest on the Consolidated Statements of Operations includes the portion of net income or loss attributable to the economic interest in PBFX held by the public common unitholders of PBFX other than PBF Energy (through its ownership in PBF LLC). Noncontrolling interest on the Consolidated Balance Sheets includes the portion of net assets of PBFX attributable to the public common unitholders of PBFX. The noncontrolling interest ownership percentages in PBFX as of the 2018 Registered Direct Offering, the Development Assets Acquisition, the 2019 Registered Direct Offering and the years ended December 31, 2019 , 2018 and 2017 are calculated as follows: Units of PBFX Held by the Public Units of PBFX Held by PBF LLC (Including Subordinated Units) Total January 1, 2017 23,271,174 18,459,497 41,730,671 55.8 % 44.2 % 100.0 % December 31, 2017 23,441,211 18,459,497 41,900,708 55.9 % 44.1 % 100.0 % July 30, 2018 - Registered Direct Offering 25,391,037 18,459,497 43,850,534 57.9 % 42.1 % 100.0 % July 31, 2018 - Development Assets consideration 25,391,037 19,953,631 45,344,668 56.0 % 44.0 % 100.0 % December 31, 2018 25,395,032 19,953,631 45,348,663 56.0 % 44.0 % 100.0 % April 29, 2019 - Registered Direct Offering 32,047,718 29,953,631 62,001,349 51.7 % 48.3 % 100.0 % December 31, 2019 32,176,404 29,953,631 62,130,035 51.8 % 48.2 % 100.0 % Noncontrolling Interest in PBF Holding In connection with the acquisition of the Chalmette refinery, PBF Holding recorded noncontrolling interests in two subsidiaries of Chalmette Refining. PBF Holding, through Chalmette Refining, owns an 80% ownership interest in both Collins Pipeline Company and T&M Terminal Company. In both of the years ended December 31, 2019 and 2018 the Company recorded a noncontrolling interest in the earnings of these subsidiaries of less than $0.2 million . Changes in Equity and Noncontrolling Interests On August 14, 2018, PBF Energy completed a public offering of an aggregate of 6,000,000 shares of its Class A common stock (the “August 2018 Equity Offering”) for net proceeds of $287.3 million , after deducting underwriting discounts and commissions and other offering expenses. The following tables summarize the changes in equity for the controlling and noncontrolling interests of PBF Energy for the years ended December 31, 2019 , 2018 and 2017 : PBF Energy (in millions) PBF Energy Noncontrolling Noncontrolling Interest in PBF Holding Noncontrolling Total Equity Balance at January 1, 2019 $ 2,676.5 $ 112.2 $ 10.9 $ 448.9 $ 3,248.5 Comprehensive income 333.5 4.4 — 51.5 389.4 Dividends and distributions (143.8 ) (3.2 ) — (64.1 ) (211.1 ) Effects of changes in PBFX ownership interest on deferred tax assets and liabilities (1.3 ) — — — (1.3 ) Issuance of additional PBFX common units 152.0 — — (19.5 ) 132.5 Stock-based compensation 27.2 — — 6.8 34.0 Exercise of PBF LLC and PBF Energy options and warrants, net 0.3 — — — 0.3 Taxes paid for net settlement of equity-based compensation (4.6 ) (0.2 ) — — (4.8 ) Other (0.2 ) — — (1.8 ) (2.0 ) Balance at December 31, 2019 $ 3,039.6 $ 113.2 $ 10.9 $ 421.8 $ 3,585.5 PBF Energy (in millions) PBF Energy Noncontrolling Noncontrolling Interest in PBF Holding Noncontrolling Total Equity Balance at January 1, 2018 $ 2,336.6 $ 110.2 $ 10.8 $ 445.3 $ 2,902.9 Comprehensive income 131.3 4.7 0.1 42.2 178.3 Dividends and distributions (139.3 ) (2.1 ) — (49.5 ) (190.9 ) Effects of equity offerings and exchanges of PBF LLC Series A Units on deferred tax assets and liabilities and tax receivable agreement obligation (4.9 ) — — — (4.9 ) Issuance of additional PBFX common units 28.6 — — 6.3 34.9 Stock-based compensation 19.7 — — 5.7 25.4 August 2018 Equity Offering 287.3 — — — 287.3 Exercise of PBF LLC and PBF Energy options and warrants, net 14.0 — — — 14.0 Taxes paid for net settlement of equity-based compensation (4.8 ) (0.6 ) — — (5.4 ) Other 8.0 — — (1.1 ) 6.9 Balance at December 31, 2018 $ 2,676.5 $ 112.2 $ 10.9 $ 448.9 $ 3,248.5 PBF Energy (in millions) PBF Energy Noncontrolling Noncontrolling Interest in PBF Holding Noncontrolling Total Equity Balance at January 1, 2017 $ 2,024.9 $ 98.7 $ 12.5 $ 434.4 $ 2,570.5 Comprehensive income 414.6 16.6 0.1 51.1 482.4 Dividends and distributions (131.8 ) (4.5 ) (1.8 ) (44.6 ) (182.7 ) Stock-based compensation 21.5 — — 5.3 26.8 Exercise of PBF LLC and PBF Energy options and warrants, net 10.5 (0.6 ) — — 9.9 Effects of exchanges of PBF LLC Series A Units on deferred tax assets and liabilities and tax receivable agreement obligation (1.1 ) — — — (1.1 ) Other (2.0 ) — — (0.9 ) (2.9 ) Balance at December 31, 2017 $ 2,336.6 $ 110.2 $ 10.8 $ 445.3 $ 2,902.9 The following tables summarize the changes in equity for the controlling and noncontrolling interests of PBF LLC for the years ended December 31, 2019 , 2018 , and 2017 respectively: PBF LLC (in millions) PBF Energy Company LLC Equity Noncontrolling Interest in PBF Holding Noncontrolling Total Equity Balance at January 1, 2019 $ 2,759.6 $ 10.9 $ 448.9 $ 3,219.4 Comprehensive income 442.7 — 51.5 494.2 Dividends and distributions (200.4 ) — (64.1 ) (264.5 ) Issuance of additional PBFX common units 152.0 — (19.5 ) 132.5 Stock-based compensation 27.2 — 6.8 34.0 Exercise of Series A options and warrants, net (4.7 ) — — (4.7 ) Other — — (1.8 ) (1.8 ) Balance at December 31, 2019 $ 3,176.4 $ 10.9 $ 421.8 $ 3,609.1 PBF LLC (in millions) PBF Energy Company LLC Equity Noncontrolling Interest in PBF Holding Noncontrolling Total Equity Balance at January 1, 2018 $ 2,422.4 $ 10.8 $ 445.3 $ 2,878.5 Comprehensive income 140.8 0.1 42.2 183.1 Dividends and distributions (141.4 ) (49.5 ) (190.9 ) Issuance of additional PBFX common units 28.6 — 6.3 34.9 Stock-based compensation 19.7 — 5.7 25.4 Exercise of Series A options and warrants, net (8.5 ) — — (8.5 ) Issuance of Series C units in connection with the August 2018 Equity Offering 287.3 — — 287.3 Other 10.7 — (1.1 ) 9.6 Balance at December 31, 2018 $ 2,759.6 $ 10.9 $ 448.9 $ 3,219.4 PBF LLC (in millions) PBF Energy Company LLC Equity Noncontrolling Interest in PBF Holding Noncontrolling Total Equity Balance at January 1, 2017 $ 2,040.7 $ 12.5 $ 434.4 $ 2,487.6 Comprehensive income 499.1 0.1 51.1 550.3 Dividends and distributions (136.3 ) (1.8 ) (44.6 ) (182.7 ) Grant of restricted shares 1.0 — — 1.0 Stock-based compensation 21.5 — 5.3 26.8 Exercise of Series A options and warrants, net (0.6 ) — — (0.6 ) Treasury stock purchases (1.0 ) — — (1.0 ) Other (2.0 ) — (0.9 ) (2.9 ) Balance at December 31, 2017 $ 2,422.4 $ 10.8 $ 445.3 $ 2,878.5 Comprehensive Income Comprehensive income includes net income and other comprehensive income (loss) arising from activity related to the Company’s defined employee benefit plan and unrealized gain (loss) on available-for-sale securities. The following table summarizes the allocation of total comprehensive income of PBF Energy between the controlling and noncontrolling interests for the year ended December 31, 2019 : PBF Energy (in millions) Attributable to PBF Energy Inc. stockholders Noncontrolling Interests Total Net income $ 319.4 $ 55.8 $ 375.2 Other comprehensive income: Unrealized gain on available for sale securities 0.4 — 0.4 Amortization of defined benefit plans unrecognized net gain 13.7 0.1 13.8 Total other comprehensive income 14.1 0.1 14.2 Total comprehensive income $ 333.5 $ 55.9 $ 389.4 The following table summarizes the allocation of total comprehensive income of PBF Energy between the controlling and noncontrolling interests for the year ended December 31, 2018 : PBF Energy (in millions) Attributable to PBF Energy Inc. stockholders Noncontrolling Interest Total Net income $ 128.3 $ 47.0 $ 175.3 Other comprehensive income (loss): Unrealized loss on available for sale securities (0.1 ) — (0.1 ) Amortization of defined benefit plans unrecognized net gain 3.1 — 3.1 Total other comprehensive income 3.0 — 3.0 Total comprehensive income $ 131.3 $ 47.0 $ 178.3 The following table summarizes the allocation of total comprehensive income of PBF Energy between the controlling and noncontrolling interests for the year ended December 31, 2017 : PBF Energy (in millions) Attributable to PBF Energy Inc. stockholders Noncontrolling Interest Total Net income $ 415.6 $ 67.8 $ 483.4 Other comprehensive loss: Amortization of defined benefit plans unrecognized net loss (1.0 ) — (1.0 ) Total other comprehensive loss (1.0 ) — (1.0 ) Total comprehensive income $ 414.6 $ 67.8 $ 482.4 The following table summarizes the allocation of total comprehensive income of PBF LLC between the controlling and noncontrolling interests for the year ended December 31, 2019 : PBF LLC (in millions) Attributable to PBF LLC Noncontrolling Interests Total Net income $ 428.5 $ 51.5 $ 480.0 Other comprehensive income: Unrealized gain on available for sale securities 0.4 — 0.4 Amortization of defined benefit plans unrecognized net gain 13.8 — 13.8 Total other comprehensive income 14.2 — 14.2 Total comprehensive income $ 442.7 $ 51.5 $ 494.2 The following table summarizes the allocation of total comprehensive income of PBF LLC between the controlling and noncontrolling interests for the year ended December 31, 2018 : PBF LLC (in millions) Attributable to Noncontrolling Interest Total Net income $ 137.8 $ 42.3 $ 180.1 Other comprehensive income (loss): Unrealized loss on available for sale securities (0.1 ) — (0.1 ) Amortization of defined benefit plans unrecognized net gain 3.1 — 3.1 Total other comprehensive income 3.0 — 3.0 Total comprehensive income $ 140.8 $ 42.3 $ 183.1 The following table summarizes the allocation of total comprehensive income of PBF LLC between the controlling and noncontrolling interests for the year ended December 31, 2017 : PBF LLC (in millions) Attributable to Noncontrolling Interest Total Net income $ 500.1 $ 51.2 $ 551.3 Other comprehensive loss: Amortization of defined benefit plans unrecognized net loss (1.0 ) — (1.0 ) Total other comprehensive loss (1.0 ) — (1.0 ) Total comprehensive income $ 499.1 $ 51.2 $ 550.3 |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION The Company grants awards of PBF Energy Class A common stock and PBFX phantom units under its equity incentive plans which authorize the granting of various stock and stock-related awards to directors, employees, prospective employees and non-employees. Awards include non-qualified or incentive stock options, stock appreciation rights, stock awards (including restricted stock) and phantom unit awards, cash awards and performance awards that vest over a period determined by the plans. Stock-based compensation expense included in general and administrative expenses consisted of the following: Years Ended December 31, (in millions) 2019 2018 2017 PBF Energy options $ 15.8 $ 11.5 $ 9.4 PBF Energy restricted shares 6.5 7.5 12.1 PBF Energy performance awards 8.2 1.2 — PBFX phantom units 6.8 5.8 5.3 $ 37.3 $ 26.0 $ 26.8 PBF Energy options PBF Energy grants stock options which represent the right to purchase share of the Company’s common stock at its fair market value, which is the closing price of PBF Energy’s common stock on the date of grant. Stock options have a maximum term of ten years from the date they are granted, and vest over a requisite service period of four years subject to acceleration in certain circumstances. The Company uses the Black-Scholes option-pricing model to estimate the fair value of stock options granted, which requires the input of subjective assumptions. The Black-Scholes option-pricing model values used to value stock option awards granted were determined based on the following weighted average assumptions: December 31, 2019 December 31, 2018 December 31, 2017 Expected life (in years) 6.25 6.25 6.25 Expected volatility 38.6 % 35.8 % 39.5 % Dividend yield 3.54 % 3.49 % 4.58 % Risk-free rate of return 2.16 % 2.82 % 2.09 % Exercise price $ 34.11 $ 35.25 $ 26.52 The following table summarizes activity for PBF Energy options for the years ended December 31, 2019 , 2018 and 2017 . Number of Weighted Weighted Stock-based awards, outstanding at January 1, 2017 5,970,625 $ 27.37 8.02 Granted 1,638,075 26.52 10.00 Exercised (462,500 ) 25.65 — Forfeited (263,425 ) 27.71 — Outstanding at December 31, 2017 6,882,775 $ 27.27 7.82 Granted 2,500,742 35.25 10.00 Exercised (884,878 ) 27.57 — Forfeited (141,981 ) 33.49 — Outstanding at December 31, 2018 8,356,658 $ 29.60 7.48 Granted 1,899,909 34.11 10.00 Exercised (49,656 ) 24.23 — Forfeited (132,995 ) 31.65 — Outstanding at December 31, 2019 10,073,916 $ 30.47 7.17 Exercisable and vested at December 31, 2019 5,345,051 $ 28.37 5.94 Exercisable and vested at December 31, 2018 3,531,066 $ 27.39 6.27 Exercisable and vested at December 31, 2017 2,958,875 $ 27.58 6.77 Expected to vest at December 31, 2019 10,073,916 $ 30.47 7.17 The total estimated fair value of PBF Energy options granted in 2019 and 2018 was $17.9 million and $23.9 million and the weighted average per unit fair value was $9.43 and $9.55 . The total intrinsic value of stock options outstanding and exercisable at December 31, 2019 , was $ 27.0 million and $ 20.0 million , respectively. The total intrinsic value of stock options outstanding and exercisable at December 31, 2018 , was $36.5 million and $19.4 million , respectively. The total intrinsic value of stock options exercised during the years ended December 31, 2019 and 2018 was $0.3 million and $12.4 million , respectively. Unrecognized compensation expense related to PBF Energy options at December 31, 2019 was $34.5 million , which will be recognized from 2020 through 2023. Restricted Stock Awards The Company grants restricted stock to employees and non-employee directors. In general, restricted stock granted to our employees vest over a requisite services period of four years , subject to acceleration in certain circumstances. Restricted stock recipients who received grants subsequent to May 2017 have the right to vote such stock; however, dividends are accrued and will be paid upon vesting. Restricted stock units granted to non-employee directors are considered to vest immediately at the time of the grant for accounting purposes, as they are non-forfeitable, but are issued in equal annual installments on each of the first three anniversaries of the grant date. The non-vested shares are not transferable and are held by our transfer agent. The fair values of restricted stock are equal to the market price of our common stock on the grant date. The following table summarizes activity for PBF Energy restricted stock: Number of Weighted Average Grant Date Fair Value Nonvested at January 1, 2017 521,369 $ 24.89 Granted 762,425 25.86 Vested (172,978 ) 24.99 Forfeited (15,100 ) 24.18 Nonvested at December 31, 2017 1,095,716 $ 25.56 Granted 58,830 47.24 Vested (345,073 ) 26.13 Forfeited (15,519 ) 24.18 Nonvested at December 31, 2018 793,954 $ 26.88 Granted 58,324 28.20 Vested (356,204 ) 26.68 Forfeited (3,849 ) 24.18 Nonvested at December 31, 2019 492,225 $ 27.21 Unrecognized compensation expense related to PBF Energy Restricted Class A common stock at December 31, 2019 was $5.3 million , which will be recognized from 2020 through 2023. Performance Awards The Company grants performance share awards, which are paid in stock, and performance share unit awards, which are paid in cash, (collectively, the “performance awards”) to certain key employees. Performance awards granted to employees are based on a three -year performance period (the “performance cycle”). The performance awards will vest on the last day of the performance cycle, subject to forfeiture or acceleration under certain circumstances set forth in the award agreement. The number of performance awards that will ultimately vest is based on the Company’s total shareholder return over the performance. The number of shares ultimately issued or cash paid under these awards can range from zero to 200% of target award amounts. Performance Share Unit Awards The performance share awards are accounted for as equity awards, for which the fair value was determined on the grant date by application of a Monte Carlo valuation model. The grant date fair value was calculated using a Monte Carlo valuation model with the following assumptions: December 31, 2019 December 31, 2018 Expected life (in years) 2.17 - 2.88 2.17 Expected volatility 37.19% - 41.70% 39.04 % Dividend yield 3.40% - 3.67% 2.95 % Risk-free rate of return 1.66% - 2.51% 2.89 % Weighted average fair value per PSU $ 27.99 $ 50.23 The following table summarizes activity for PBF Energy performance share awards: Number of Weighted Average Grant Date Fair Value Nonvested at January 1, 2018 — $ — Granted 179,072 50.23 Forfeited — — Nonvested at December 31, 2018 179,072 $ 50.23 Granted 181,725 27.99 Forfeited — — Nonvested at December 31, 2019 360,797 $ 39.03 The risk-free interest rate for the remaining performance period as of the grant date is based on a linear interpolation of published yields of traded U.S. Treasury Interest-Only STRIP Bonds. The dividend yield assumption is based on the annualized most recent quarterly dividend divided by the stock price on the grant date. The assumption for the expected volatility of the Company’s stock price reflects the average of PBF Energy’s common stock historical and implied volatility. As of December 31, 2019 , unrecognized compensation cost related to performance share unit awards was $8.5 million , which is expected to be recognized over a weighted average period of two years . Performance Unit awards The performance unit awards are dollar denominated with a target value of $1.00 , with actual payout of up to $2.00 per unit (or 200 percent of target). The performance unit awards are settled in cash based on the payout amount determined at the end of the performance cycle. The Company accounts for the performance unit awards as liability awards which the Company recorded at fair market value on the date of grant. Subsequently, the performance unit awards will be marked-to-market at the end of each fiscal quarter by application of a Monte Carlo simulation model. The following table summarizes activity for PBF Energy performance unit awards: Number of Nonvested at January 1, 2018 — Granted 7,279,188 Forfeited — Nonvested at December 31, 2018 7,279,188 Granted 7,751,658 Forfeited — Nonvested at December 31, 2019 15,030,846 As of December 31, 2019 , unrecognized compensation cost related to performance unit awards was $8.2 million , which is expected to be recognized over a weighted average period of two years . PBFX Phantom Units PBF GP’s board of directors adopted the PBF Logistics LP 2014 Long-Term Incentive Plan (the “PBFX LTIP”) in connection with the completion of the PBFX Offering. The PBFX LTIP is for the benefit of employees, consultants, service providers and non-employee directors of the general partner and its affiliates. In the years ended December 31, 2019 , 2018 and 2017 , PBFX issued phantom unit awards under the PBFX LTIP to certain directors, officers and employees of our general partner or its affiliates as compensation. The fair value of each phantom unit on the grant date is equal to the market price of PBFX’s common unit on that date. The estimated fair value of PBFX’s phantom units is amortized using the straight-line method over the vesting period of four years , subject to acceleration if certain conditions are met. Total unrecognized compensation cost related to PBFX’s nonvested phantom units totaled $7.5 million and $7.0 million as of December 31, 2019 and 2018 , respectively, which is expected to be recognized over a weighted-average period of four years . The fair value of nonvested service phantom units outstanding as of December 31, 2019 and 2018 , totaled $15.8 million and $14.7 million , respectively. A summary of PBFX’s unit award activity for the years ended December 31, 2019 , 2018 and 2017 is set forth below: Number of Phantom Units Weighted Average Grant Date Fair Value Nonvested at January 1, 2017 564,880 $ 22.47 Granted 319,940 20.97 Vested (217,171 ) 23.15 Forfeited (24,875 ) 21.23 Nonvested at December 31, 2017 642,774 $ 21.54 Granted 328,052 19.95 Vested (233,993 ) 22.71 Forfeited (20,125 ) 18.81 Nonvested at December 31, 2018 716,708 $ 20.53 Granted 343,848 21.39 Vested (292,341 ) 20.20 Forfeited (6,375 ) 20.31 Nonvested at December 31, 2019 761,840 $ 20.77 |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS Defined Contribution Plan The Company’s defined contribution plan covers all employees. Employees are eligible to participate as of the first day of the month following 30 days of service. Participants can make basic contributions up to 50 percent of their annual salary subject to Internal Revenue Service limits. The Company matches participants’ contributions at the rate of 200 percent of the first 3 percent of each participant’s total basic contribution based on the participant’s total annual salary. The Company’s contribution to the qualified defined contribution plans was $27.5 million , $26.3 million and $23.3 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. Defined Benefit and Post-Retirement Medical Plans The Company sponsors a noncontributory defined benefit pension plan (the “Qualified Plan”) with a policy to fund pension liabilities in accordance with the limits imposed by the Employee Retirement Income Security Act of 1974 and Federal income tax laws. In addition, the Company sponsors a supplemental pension plan covering certain employees, which provides incremental payments that would have been payable from the Company’s principal pension plan, were it not for limitations imposed by income tax regulations (the “Supplemental Plan”). The funded status is measured as the difference between plan assets at fair value and the projected benefit obligation which is to be recognized in the Consolidated Balance Sheets. The plan assets and benefit obligations are measured as of the Consolidated Balance Sheet date. The non-union Delaware City employees and all Paulsboro, Toledo, Chalmette and Torrance employees became eligible to participate in the Company’s defined benefit plans as of the respective acquisition dates. The union Delaware City employees became eligible to participate in the Company’s defined benefit plans upon commencement of normal operations. The Company did not assume any of the employees’ pension liability accrued prior to the respective acquisitions. The Company formed the Post-Retirement Medical Plan on December 31, 2010 to provide health care coverage continuation from date of retirement to age 65 for qualifying employees associated with the Paulsboro acquisition. The Company credited the qualifying employees with their prior service under Valero Energy Corporation which resulted in the recognition of a liability for the projected benefit obligation. The Post-Retirement Medical Plan was amended during 2013 to include all corporate employees, amended in 2014 to include Delaware City and Toledo employees, amended in 2015 to include Chalmette employees and amended in 2016 to include Torrance employees. The changes in the benefit obligation, the changes in fair value of plan assets, and the funded status of the Company’s Pension and Post-Retirement Medical Plans as of and for the years ended December 31, 2019 and 2018 were as follows: Pension Plans Post-Retirement Medical Plan (in millions) 2019 2018 2019 2018 Change in benefit obligation: Benefit obligation at beginning of year $ 218.4 $ 185.2 $ 19.3 $ 21.6 Service cost 43.6 47.4 1.0 1.1 Interest cost 8.3 5.8 0.7 0.7 Benefit payments (9.0 ) (7.2 ) (1.3 ) (0.7 ) Actuarial loss (gain) 9.9 (12.8 ) (2.2 ) (3.4 ) Projected benefit obligation at end of year $ 271.2 $ 218.4 $ 17.5 $ 19.3 Change in plan assets: Fair value of plan assets at beginning of year $ 143.4 $ 121.7 $ — $ — Actual return on plan assets 29.0 (6.2 ) — — Benefits paid (9.0 ) (7.2 ) (1.3 ) (0.7 ) Employer contributions 34.0 35.1 1.3 0.7 Fair value of plan assets at end of year $ 197.4 $ 143.4 $ — $ — Reconciliation of funded status: Fair value of plan assets at end of year $ 197.4 $ 143.4 $ — $ — Less benefit obligations at end of year 271.2 218.4 17.5 19.3 Funded status at end of year $ (73.8 ) $ (75.0 ) $ (17.5 ) $ (19.3 ) The accumulated benefit obligations for the Company’s Pension Plans exceed the fair value of the assets of those plans at December 31, 2019 and 2018 . The accumulated benefit obligation for the defined benefit plans approximated $228.0 million and $184.5 million at December 31, 2019 and 2018 , respectively. Benefit payments, which reflect expected future services that the Company expects to pay are as follows for the years ended December 31: (in millions) Pension Benefits Post-Retirement Medical Plan 2020 $ 14.7 $ 1.4 2021 17.3 1.5 2022 21.0 1.5 2023 19.3 1.5 2024 21.8 1.4 Years 2025-2029 143.8 7.3 The Company’s funding policy for its defined benefit plans is to contribute amounts sufficient to meet legal funding requirements, plus any additional amounts that may be appropriate considering the funded status of the plans, tax consequences, the cash flow generated by the Company and other factors. The Company plans to contribute approximately $34.8 million to the Company’s Pension Plans during 2020 . The components of net periodic benefit cost were as follows for the years ended December 31, 2019 , 2018 and 2017 : Pension Benefits Post-Retirement Medical Plan (in millions) 2019 2018 2017 2019 2018 2017 Components of net periodic benefit cost: Service cost $ 43.6 $ 47.4 $ 40.6 $ 1.0 $ 1.1 $ 1.2 Interest cost 8.3 5.8 4.3 0.7 0.7 0.8 Expected return on plan assets (9.6 ) (8.5 ) (5.8 ) — — — Settlement loss recognized — — 1.0 — — — Amortization of prior service cost and actuarial loss 0.3 0.2 0.5 0.5 0.7 0.6 Net periodic benefit cost $ 42.6 $ 44.9 $ 40.6 $ 2.2 $ 2.5 $ 2.6 Lump sum payments made by the Supplemental Plan to employees retiring in 2019 and 2018 did not exceed the Plan’s total service and interest costs expected for those years. Lump sum payments made by the Supplemental Plan to employees retiring in 2017 exceeded the Plan’s total service and interest costs expected for 2017. Settlement losses are required to be recorded when lump sum payments exceed total service and interest costs. As a result, the 2017 pension expense included a settlement expense related to our cumulative lump sum payments made during the year ended December 31, 2017. The pre-tax amounts recognized in other comprehensive income (loss) for the years ended December 31, 2019 , 2018 and 2017 were as follows: Pension Benefits Post-Retirement Medical Plan (in millions) 2019 2018 2017 2019 2018 2017 Prior service costs $ — $ — $ 0.5 $ — $ — $ — Net actuarial (gain) loss (10.7 ) 1.9 5.0 (2.3 ) (3.4 ) (2.5 ) Amortization of losses and prior service cost (0.3 ) (0.8 ) (1.4 ) (0.5 ) (0.7 ) (0.6 ) Total changes in other comprehensive (income) loss $ (11.0 ) $ 1.1 $ 4.1 $ (2.8 ) $ (4.1 ) $ (3.1 ) The pre-tax amounts in accumulated other comprehensive income (loss) as of December 31, 2019 , and 2018 that have not yet been recognized as components of net periodic costs were as follows: Pension Benefits Post-Retirement Medical Plan (in millions) 2019 2018 2019 2018 Prior service costs $ (0.7 ) $ (0.8 ) $ (4.0 ) $ (4.7 ) Net actuarial (loss) gain (14.5 ) (24.1 ) 6.1 4.0 Total $ (15.2 ) $ (24.9 ) $ 2.1 $ (0.7 ) The following pre-tax amounts included in accumulated other comprehensive income (loss) as of December 31, 2019 are expected to be recognized as components of net periodic benefit cost during the year ended December 31, 2020 : (in millions) Pension Benefits Post-Retirement Medical Plan Amortization of prior service costs $ — $ (0.7 ) Amortization of net actuarial (loss) gain (0.2 ) 0.3 Total $ (0.2 ) $ (0.4 ) The weighted average assumptions used to determine the benefit obligations as of December 31, 2019 , and 2018 were as follows: Qualified Plan Supplemental Plan Post-Retirement Medical Plan 2019 2018 2019 2018 2019 2018 Discount rate - benefit obligations 3.21 % 4.22 % 3.09 % 4.17 % 2.88 % 3.99 % Rate of compensation increase 4.28 % 4.55 % 4.50 % 5.00 % — — The weighted average assumptions used to determine the net periodic benefit costs for the years ended December 31, 2019 , 2018 and 2017 were as follows: Qualified Plan Supplemental Plan Post-Retirement Medical Plan 2019 2018 2017 2019 2018 2017 2019 2018 2017 Discount rates: Effective rate for service cost 4.24% 3.62% 4.15% 4.19% 3.58% 4.17% 4.21% 3.59% 4.10% Effective rate for interest cost 3.92% 3.21% 3.38% 3.83% 3.15% 3.20% 3.69% 2.97% 3.11% Effective rate for interest on service cost 4.00% 3.32% 3.59% 3.90% 3.24% 3.63% 4.09% 3.46% 3.84% Expected long-term rate of return on plan assets 6.00% 6.25% 6.50% N/A N/A N/A N/A N/A N/A Rate of compensation increase 4.55% 4.53% 4.81% 5.00% 5.00% 5.50% N/A N/A N/A The assumed health care cost trend rates as of December 31, 2019 and 2018 were as follows: Post-Retirement Medical Plan 2019 2018 Health care cost trend rate assumed for next year 5.7 % 5.8 % Rate to which the cost trend rate was assumed to decline (the ultimate trend rate) 4.5 % 4.5 % Year that the rate reaches the ultimate trend rate 2038 2038 Assumed health care cost trend rates have a significant effect on the amounts reported for retiree health care plans. A one percentage-point change in assumed health care cost trend rates would have the following effects on the medical post-retirement benefits: (in millions) 1% Increase 1% Decrease Effect on total service and interest cost components $ — $ — Effect on accumulated post-retirement benefit obligation 0.2 (0.2 ) The table below presents the fair values of the assets of the Company’s Qualified Plan as of December 31, 2019 and 2018 by level of fair value hierarchy. Assets categorized in Level 2 of the hierarchy consist of collective trusts and are measured at fair value based on the closing net asset value (“NAV”) as determined by the fund manager and reported daily. As noted above, the Company’s post-retirement medical plan is funded on a pay-as-you-go basis and has no assets. Fair Value Measurements Using NAV as Practical Expedient (Level 2) December 31, (in millions) 2019 2018 Equities: Domestic equities $ 47.8 $ 34.8 Developed international equities 29.5 19.2 Global low volatility equities 16.9 11.4 Emerging market equities 14.9 10.3 Fixed-income 74.9 59.7 Real Estate 8.3 7.9 Cash and cash equivalents 5.1 0.1 Total $ 197.4 $ 143.4 The Company’s investment strategy for its Qualified Plan is to achieve a reasonable return on assets that supports the plan’s interest credit rating, subject to a moderate level of portfolio risk that provides liquidity. Consistent with these financial objectives as of December 31, 2019 , the plan’s target allocations for plan assets are 54% invested in equity securities, 40% fixed income investments and 6% in real estate. Equity securities include international stocks and a blend of U.S. growth and value stocks of various sizes of capitalization. Fixed income securities include bonds and notes issued by the U.S. government and its agencies, corporate bonds, and mortgage-backed securities. The aggregate asset allocation is reviewed on an annual basis. The overall expected long-term rate of return on plan assets for the Qualified Plan is based on the Company’s view of long-term expectations and asset mix. |
REVENUES
REVENUES | 12 Months Ended |
Dec. 31, 2019 | |
REVENUE [Abstract] | |
REVENUES | REVENUES Adoption of ASC 606, “Revenue from Contracts with Customers” Prior to January 1, 2018, the Company recognized revenue from customers when all of the following criteria were met: (i) persuasive evidence of an exchange arrangement existed, (ii) delivery had occurred or services had been rendered, (iii) the buyer’s price was fixed or determinable and (iv) collectability was reasonably assured. Amounts billed in advance of the period in which the service was rendered or product delivered were recorded as deferred revenue. Effective January 1, 2018, the Company adopted ASC 606. As a result, the Company has changed its accounting policy for the recognition of revenue from contracts with customers as detailed below. The Company adopted ASC 606 using the modified retrospective method, which has been applied for the years ended December 31, 2019 and 2018 . The Company has applied ASC 606 only to those contracts that were not complete as of January 1, 2018. As such, the financial information for prior periods has not been adjusted and continues to be reported under ASC 605 “Revenue Recognition”. The Company did not record a cumulative effect adjustment upon initially applying ASC 606 as there was not a significant impact upon adoption; however, the details of significant qualitative and quantitative disclosure changes upon implementing ASC 606 are detailed below. Revenue Recognition Revenues are recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. As described in “Note 21 - Segment Information”, the Company’s business consists of the Refining Segment and Logistics Segment. The following table provides information relating to the Company’s revenues for each product or group of similar products or services by segment for the periods presented. Year Ended December 31, (in millions) 2019 2018 2017 Refining Segment: Gasoline and distillates $ 21,278.4 $ 23,032.6 $ 18,316.1 Asphalt and blackoils 1,426.4 1,592.9 1,162.3 Feedstocks and other 806.9 1,372.3 1,215.7 Chemicals 682.3 842.8 770.5 Lubricants 274.9 321.5 305.1 Total Revenues $ 24,468.9 $ 27,162.1 $ 21,769.7 Logistics Segment: Logistics 340.2 283.4 257.6 Total revenue prior to eliminations $ 24,809.1 $ 27,445.5 $ 22,027.3 Elimination of intercompany revenue (300.9 ) (259.4 ) (240.7 ) Total Revenues $ 24,508.2 $ 27,186.1 $ 21,786.6 The majority of the Company’s revenues are generated from the sale of refined petroleum products reported in the Refining segment. 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 Refining segment 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. The Company’s logistics segment revenues are generated by charging fees for crude oil and refined products terminaling, storage and pipeline services based on the greater of contractual minimum volume commitments, as applicable, or the delivery of actual volumes based on contractual rates applied to throughput or storage volumes. A majority of the Company’s logistics revenues are generated by intercompany transactions and are eliminated in consolidation. Deferred Revenues The Company records deferred revenues when cash payments are received or are due in advance of performance, including amounts which are refundable. Deferred revenue was $20.1 million as of December 31, 2019 and December 31, 2018 , respectively. Fluctuations in the deferred revenue balance are primarily driven by the timing and extent of cash payments received or due in advance of satisfying the Company’s performance obligations. The Company’s payment terms vary by type and location of customers and the products offered. The period between invoicing and when payment is due is not significant (i.e. generally within two months). For certain products or services and customer types, the Company requires payment before the products or services are delivered to the customer. Significant Judgment and Practical Expedients For performance obligations related to sales of products, the Company has determined that customers are able to direct the use of, and obtain substantially all of the benefits from, the products at the point in time that the products are delivered. The Company has determined that the transfer of control upon delivery to the customer’s requested destination accurately depicts the transfer of goods. Upon the delivery of the products and transfer of control, the Company generally has the present right to payment and the customers bear the risks and rewards of ownership of the products. The Company has elected the practical expedient to not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which the Company recognizes revenue at the amount to which it has the right to invoice for services performed. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES PBF Energy is required to file federal and applicable state corporate income tax returns and recognizes income taxes on its pre-tax income, which to-date has consisted primarily of its share of PBF LLC’s pre-tax income (see “Note 15 - Stockholders’ and Members’ Equity Structure”). PBF LLC is organized as a limited liability company and PBFX is an MLP, both of which are treated as “flow-through” entities for federal income tax purposes and therefore are not subject to income taxes apart from the income tax attributable to the two subsidiaries acquired in connection with the acquisition of Chalmette Refining and PBF Holding’s wholly-owned Canadian subsidiary, PBF Energy Limited, that are treated as C-Corporations for income tax purposes. Tax Cuts and Jobs Act On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the TCJA. The TCJA makes broad and complex changes to the U.S. tax code, including, but not limited to, (1) reducing the U.S. federal corporate tax rate from 35 percent to 21 percent; (2) requiring companies to pay a one-time transition tax on certain unrepatriated earnings of foreign subsidiaries (the “Transition Tax”); (3) generally eliminating U.S. federal income taxes on dividends from foreign subsidiaries; (4) requiring a current inclusion in U.S. federal taxable income of certain earnings of controlled foreign corporations; (5) eliminating the corporate alternative minimum tax (“AMT”) and changing how existing AMT credits can be realized; (6) creating the base erosion anti-abuse tax, a new minimum tax; (7) creating a new limitation on deductible interest expense; and (8) changing rules related to uses and limitations of net operating loss carryforwards created in tax years beginning after December 31, 2017. In connection with the enactment of the TCJA, PBF Energy recorded a net tax expense of $20.2 million in the year ending December 31, 2017 as further discussed below. The other legislative areas within TCJA, such as the Transition Tax and the Global Low-Taxed Intangible Income, did not have a material impact on the provision for income taxes. Additionally, the new legislation did not have any impact on the need for a valuation allowance. Given the Company’s reversing taxable temporary differences and history of generating book income, no valuation allowances have been provided for all periods presented. The Company has completed its accounting for the impact of the TCJA and has recorded no additional material items. The income tax provision in the PBF Energy Consolidated Statements of Operations consists of the following: (in millions) Year Ended Year Ended Year Ended Current expense: Federal $ 0.2 $ 0.8 $ 1.5 Foreign 0.1 — 0.1 State 0.3 — 0.2 Total current 0.6 0.8 1.8 Deferred expense (benefit): Federal 91.8 18.7 250.0 Foreign (8.7 ) 7.2 (3.6 ) State 20.6 6.8 67.4 Total deferred 103.7 32.7 313.8 Total provision for income taxes $ 104.3 $ 33.5 $ 315.6 The difference between PBF Energy’s effective income tax rate and the United States statutory rate is reconciled below: Year Ended Year Ended Year Ended Provision at Federal statutory rate 21.0 % 21.0 % 35.0 % Increase (decrease) attributable to flow-through of certain tax adjustments: State income taxes (net of federal income tax) 3.9 % 5.0 % 4.6 % Nondeductible/nontaxable items 0.1 % 1.0 % 0.2 % Rate differential from foreign jurisdictions (0.2 )% 0.9 % 0.3 % Provision to return adjustment (0.1 )% (4.0 )% — % Adjustment to deferred tax assets and liabilities for change in tax rates (0.5 )% — % 2.8 % Stock-based compensation 0.1 % (2.6 )% — % Other 0.3 % (0.6 )% 0.3 % Effective tax rate 24.6 % 20.7 % 43.2 % PBF Energy’s effective income tax rate for the years ended December 31, 2019 , 2018 and 2017 , including the impact of income attributable to noncontrolling interests of $55.8 million , $47.0 million and $67.8 million , respectively, was 21.8% , 16.0% and 39.5% , respectively. For the year ended December 31, 2019, PBF Energy’s effective tax rate was materially consistent with its statutory federal and state tax rates. For the year ended December 31, 2018, the main drivers of PBF Energy’s reduced effective tax rate related to the treatment of stock-based compensation excess tax benefits under recently adopted ASU No. 2017-09, “Compensation—Stock Compensation”, and the provision to return adjustments primarily attributable to the state business mix apportionment. During 2017, PBF Energy made a one-time adjustment to deferred tax assets and liabilities in relation to the TCJA. The net result of the adjustment was a charge of approximately $20.2 million , or an increase to the tax rate of 2.8% . Under GAAP, PBF Energy is required to recognize the effect of the TCJA in the period of enactment. As such, net income tax expense recorded in 2017 consisted of a net tax expense of $193.5 million associated with the remeasurement of Tax Receivable Agreement associated deferred tax assets and a net tax benefit of $173.3 million for the reduction of our deferred tax liabilities as a result of the TCJA. For years starting before January 1, 2018, the Company’s foreign earnings are taxed at a lower income tax rate as compared to its domestic operations. Accordingly, the Company recognized an income tax expense in 2017 as its foreign entity’s operations resulted in a loss. For financial reporting purposes, income before income taxes attributable to PBF Energy Inc. stockholders includes the following components: (in millions) Year Ended Year Ended Year Ended United States income $ 450.0 $ 134.3 $ 749.7 Foreign income (loss) (26.3 ) 27.5 (18.5 ) Total income before income taxes attributable to PBF Energy Inc. stockholders $ 423.7 $ 161.8 $ 731.2 A summary of the components of PBF Energy’s deferred tax assets and deferred tax liabilities consists of the following: (in millions) December 31, 2019 December 31, 2018 Deferred tax assets Purchase interest step-up $ 278.1 $ 306.2 Inventory 10.5 47.0 Pension, employee benefits and compensation 60.3 55.1 Hedging 3.3 3.1 Net operating loss carry forwards 136.3 134.7 Environmental liabilities 33.6 38.1 Lease obligation liability 83.4 — Interest expense limitation carry forwards 31.5 — Other 29.2 2.7 Total deferred tax assets 666.2 586.9 Valuation allowances — — Total deferred tax assets, net 666.2 586.9 Deferred tax liabilities Property, plant and equipment 678.1 578.8 Right of use asset 83.6 — Other 1.4 — Total deferred tax liabilities 763.1 578.8 Net deferred tax (liabilities) assets $ (96.9 ) $ 8.1 As of December 31, 2019 , PBF Energy has federal and state income tax net operating loss carry forwards of $551.5 million and $23.6 million , respectively. The portion of the federal net operating loss carry forward that was generated in years prior to 2018 expires in varying amounts through 2037. A federal net operating loss of $23.1 million from 2019 has an indefinite carry forward period and can be used to offset 80% of taxable income in future years. The state net operating loss carry forwards expire at various dates from 2029 through 2039. The Company has not recorded any valuation allowances against these assets, as it is deemed “more likely than not” that the deferred tax assets will be realized, based on the Company’s historical earnings, forecasted income, and the reversal of temporary differences. The reported income tax (benefit) expense in the PBF LLC Consolidated Statements of Operations consists of the following: (in millions) Year Ended Year Ended Year Ended Current income tax expense $ 0.5 $ 0.8 $ 1.7 Deferred income tax (benefit) expense (8.8 ) 7.2 (12.5 ) Total income tax (benefit) expense $ (8.3 ) $ 8.0 $ (10.8 ) Income tax years that remain subject to examination by material jurisdictions, where an examination has not already concluded are all years including and subsequent to: United States Federal 2016 New Jersey 2014 Michigan 2015 Delaware 2016 Indiana 2016 Pennsylvania 2016 New York 2016 Louisiana 2016 California 2016 The Company does not have any unrecognized tax benefits. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION The Company’s operations are organized into two reportable segments, Refining and Logistics. Operations that are not included in the Refining and Logistics segments are included in Corporate. Intersegment transactions are eliminated in the Consolidated Financial Statements and are included in Eliminations. Refining The Company’s Refining segment includes the operations of its five refineries, including certain related logistics assets that are not owned by PBFX. The Company’s refineries are located in Delaware City, Delaware, Paulsboro, New Jersey, Toledo, Ohio, Chalmette, Louisiana and Torrance, California. The refineries produce unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants and other petroleum products in the United States. The Company purchases crude oil, other feedstocks and blending components from various third-party suppliers. The Company sells products throughout the Northeast, Midwest, Gulf Coast and West Coast of the United States, as well as in other regions of the United States and Canada, and is able to ship products to other international destinations. Logistics The Company’s Logistics segment is comprised of PBFX, a publicly-traded MLP, formed to own or lease, operate, develop and acquire crude oil and refined petroleum products terminals, pipelines, storage facilities and similar logistics assets. PBFX’s assets primarily consist of rail and truck terminals and unloading racks, tank farms and pipelines that were acquired from or contributed by PBF LLC and are located at, or nearby, the Company’s refineries. PBFX provides various rail, truck and marine terminaling services, pipeline transportation services and storage services to PBF Holding and/or its subsidiaries and third-party customers through fee-based commercial agreements. PBFX currently does not generate significant third-party revenues and intersegment related-party revenues are eliminated in consolidation. From a PBF Energy and PBF LLC perspective, the Company’s chief operating decision maker evaluates the Logistics segment as a whole without regard to any of PBFX’s individual operating segments. The Company evaluates the performance of its segments based primarily on income from operations. Income from operations includes those revenues and expenses that are directly attributable to management of the respective segment. The Logistics segment’s revenues include intersegment transactions with the Company’s Refining segment at prices the Company believes are substantially equivalent to the prices that could have been negotiated with unaffiliated parties with respect to similar services. Activities of the Company’s business that are not included in the two operating segments are included in Corporate. Such activities consist primarily of corporate staff operations and other items that are not specific to the normal operations of the two operating segments. The Company does not allocate non-operating income and expense items, including income taxes, to the individual segments. The Refinery segment’s operating subsidiaries and PBFX are primarily pass-through entities with respect to income taxes. Total assets of each segment consist of property, plant and equipment, inventories, cash and cash equivalents, accounts receivables and other assets directly associated with the segment’s operations. Corporate assets consist primarily of deferred tax assets, property, plant and equipment and other assets not directly related to the Company’s refinery and logistics operations. Disclosures regarding the Company’s reportable segments with reconciliations to consolidated totals for the years ended December 31, 2019 , 2018 and 2017 are presented below. In connection with certain contributions by PBF LLC to PBFX, the accompanying segment information has been retrospectively adjusted to include the historical results of those assets in the Logistics segment for all periods presented prior to such contributions. PBF Energy (in millions) Year Ended December 31, 2019 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 24,468.9 $ 340.2 $ — $ (300.9 ) $ 24,508.2 Depreciation and amortization expense 386.7 38.6 10.8 — 436.1 Income (loss) from operations (1)(2) 767.9 159.3 (270.3 ) (7.9 ) 649.0 Interest expense, net 1.3 51.1 107.2 — 159.6 Capital expenditures 708.9 31.7 8.3 — 748.9 Year Ended December 31, 2018 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 27,162.1 $ 283.4 $ — $ (259.4 ) $ 27,186.1 Depreciation and amortization expense 329.3 29.8 10.6 — 369.7 Income (loss) from operations (2) 498.2 143.9 (266.2 ) (17.8 ) 358.1 Interest expense, net 7.6 43.0 119.3 — 169.9 Capital expenditures (3) 552.0 175.7 6.2 — 733.9 Year Ended December 31, 2017 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 21,769.7 $ 257.6 $ — $ (240.7 ) $ 21,786.6 Depreciation and amortization expense 253.6 24.4 13.0 — 291.0 Income (loss) from operations (2) 814.0 143.4 (211.2 ) (14.6 ) 731.6 Interest expense, net 4.7 33.4 116.3 — 154.4 Capital expenditures (4) 633.3 90.3 3.5 — 727.1 Balance at December 31, 2019 Refining Logistics Corporate Eliminations Consolidated Total Total assets (1) $ 8,154.8 $ 973.0 $ 52.7 $ (48.1 ) $ 9,132.4 Balance at December 31, 2018 Refining Logistics Corporate Eliminations Consolidated Total Total assets (5) $ 6,988.0 $ 956.4 $ 98.1 $ (37.1 ) $ 8,005.4 PBF LLC (in millions) Year Ended December 31, 2019 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 24,468.9 $ 340.2 $ — $ (300.9 ) $ 24,508.2 Depreciation and amortization expense 386.7 38.6 10.8 — 436.1 Income (loss) from operations (1)(2) 767.9 159.3 (268.6 ) (7.9 ) 650.7 Interest expense, net 1.3 51.1 116.7 — 169.1 Capital expenditures 708.9 31.7 8.3 — 748.9 Year Ended December 31, 2018 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 27,162.1 $ 283.4 $ — $ (259.4 ) $ 27,186.1 Depreciation and amortization expense 329.3 29.8 10.6 — 369.7 Income (loss) from operations (2) 498.2 143.9 (264.4 ) (17.8 ) 359.9 Interest expense, net 7.6 43.0 127.9 — 178.5 Capital expenditures (3) 552.0 175.7 6.2 — 733.9 Year Ended December 31, 2017 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 21,769.7 $ 257.6 $ — $ (240.7 ) $ 21,786.6 Depreciation and amortization expense 253.6 24.4 13.0 — 291.0 Income (loss) from operations (2) 814.0 143.4 (210.9 ) (14.6 ) 731.9 Interest expense, net 4.7 33.4 124.2 — 162.3 Capital expenditures (4) 633.3 90.3 3.5 — 727.1 Balance at December 31, 2019 Refining Logistics Corporate Eliminations Consolidated Total Total assets (1) $ 8,154.8 $ 973.0 $ 49.4 $ (48.1 ) $ 9,129.1 Balance at December 31, 2018 Refining Logistics Corporate Eliminations Consolidated Total Total assets (5) $ 6,988.0 $ 956.4 $ 45.8 $ (37.1 ) $ 7,953.1 (1) On April 24, 2019, PBFX entered into the TVPC Contribution Agreement, pursuant to which PBF LLC contributed to PBFX all of the issued and outstanding limited liability company interests of TVP Holding. Prior to the TVPC Acquisition, TVP Holding owned a 50% membership interest in TVPC. Subsequent to the closing of the TVPC Acquisition on May 31, 2019, PBFX owns 100% of the membership interests in TVPC. (2) Prior to the TVPC Contribution Agreement, the Logistics segment included 100% of the income from operations of TVPC, as TVPC was consolidated by PBFX. PBFX recorded net income attributable to noncontrolling interest for the 50% equity interest in TVPC held by PBF Holding. PBF Holding (included in the Refining segment) recorded equity income in investee related to its 50% noncontrolling ownership interest in TVPC. For purposes of the Company’s Consolidated Financial Statements, PBF Holding’s equity income in investee and PBFX’s net income attributable to noncontrolling interest eliminated in consolidation. (3) The Logistics segment includes capital expenditures of $58.4 million for the PBFX acquisition of the Knoxville Terminals on April 16, 2018 and $75.0 million for the PBFX acquisition of the East Coast Storage Assets on October 1, 2018. (4) The Logistics segment includes capital expenditures of $10.1 million for the PBFX acquisition of the Toledo, Ohio refined products terminal assets (the “Toledo Products Terminal”) on April 17, 2017. (5) Prior to the TVPC Contribution Agreement, the Logistics segment included 100% of the assets of TVPC, as TVPC was consolidated by PBFX. PBFX recorded a noncontrolling interest for the 50% equity interest in TVPC held by PBF Holding. PBF Holding (included in the Refining segment) recorded an equity investment in TVPC reflecting its noncontrolling ownership interest. For purposes of the Company’s Consolidated Financial Statements, PBFX’s noncontrolling interest in TVPC and PBF Holding’s equity investment in TVPC eliminated in consolidation. |
NET INCOME PER SHARE OF PBF ENE
NET INCOME PER SHARE OF PBF ENERGY | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
NET INCOME PER SHARE OF PBF ENERGY | NET INCOME PER SHARE OF PBF ENERGY The following table sets forth the computation of basic and diluted net income per share of PBF Energy Class A common stock attributable to PBF Energy for the periods presented: (in millions, except share and per share amounts) Year Ended December 31, Basic Earnings Per Share: 2019 2018 2017 Allocation of earnings: Net income attributable to PBF Energy Inc. stockholders $ 319.4 $ 128.3 $ 415.6 Less: Income allocated to participating securities 0.5 0.7 1.0 Income available to PBF Energy Inc. stockholders - basic $ 318.9 $ 127.6 $ 414.6 Denominator for basic net income per PBF Energy Class A common share-weighted average shares 119,887,646 115,190,262 109,779,407 Basic net income attributable to PBF Energy per Class A common share $ 2.66 $ 1.11 $ 3.78 Diluted Earnings Per Share: Numerator: Income available to PBF Energy Inc. stockholders - basic $ 318.9 $ 127.6 $ 414.6 Plus: Net income attributable to noncontrolling interest (1) 4.3 4.6 16.7 Less: Income tax expense on net income attributable to noncontrolling interest (1) (1.0 ) (1.2 ) (6.6 ) Numerator for diluted net income per Class A common share - net income attributable to PBF Energy Inc. stockholders (1) $ 322.2 $ 131.0 $ 424.7 Denominator (1) : Denominator for basic net income per PBF Energy Class A common share-weighted average shares 119,887,646 115,190,262 109,779,407 Effect of dilutive securities: Conversion of PBF LLC Series A Units 1,207,581 1,938,089 3,823,783 Common stock equivalents (2) 758,072 1,645,255 295,655 Denominator for diluted net income per PBF Energy Class A common share-adjusted weighted average shares 121,853,299 118,773,606 113,898,845 Diluted net income attributable to PBF Energy Inc. stockholders per Class A common share $ 2.64 $ 1.10 $ 3.73 —————————— (1) The diluted earnings per share calculation generally assumes the conversion of all outstanding PBF LLC Series A Units to PBF Energy Class A common stock. The net income attributable to PBF Energy, used in the numerator of the diluted earnings per share calculation is adjusted to reflect the net income, as well as the corresponding income tax expense (based on a 24.9% , 26.0% and 39.6% annualized statutory corporate tax rate for the years ended December 31, 2019 , 2018 and 2017 ) attributable to the converted units. (2) Represents an adjustment to weighted-average diluted shares outstanding to assume the full exchange of common stock equivalents, including options and warrants for PBF LLC Series A Units and performance share units and options for shares of PBF Energy Class A common stock as calculated under the treasury stock method (to the extent the impact of such exchange would not be anti-dilutive). Common stock equivalents exclude the effects of performance share units and options and warrants to purchase 6,765,526 , 1,293,242 and 6,820,275 shares of PBF Energy Class A common stock and PBF LLC Series A units because they are anti-dilutive for the years ended December 31, 2019, 2018 and 2017 , respectively. For periods showing a net loss, all common stock equivalents and unvested restricted stock are considered anti-dilutive. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS The tables below present information about the Company’s financial assets and liabilities measured and recorded at fair value on a recurring basis and indicate the fair value hierarchy of the inputs utilized to determine the fair values as of December 31, 2019 and 2018 . The Company has elected to offset the fair value amounts recognized for multiple derivative contracts executed with the same counterparty; however, fair value amounts by hierarchy level are presented on a gross basis in the tables below. The Company has posted cash margin with various counterparties to support hedging and trading activities. The cash margin posted is required by counterparties as collateral deposits and cannot be offset against the fair value of open contracts except in the event of default. The Company has no derivative contracts that are subject to master netting arrangements that are reflected gross on the Consolidated Balance Sheets. As of December 31, 2019 Fair Value Hierarchy (in millions) Level 1 Level 2 Level 3 Total Gross Fair Value Effect of Counter-party Netting Net Carrying Value on Balance Sheet Assets: Money market funds $ 111.8 $ — $ — $ 111.8 N/A $ 111.8 Commodity contracts 32.5 1.5 — 34.0 (33.8 ) 0.2 Liabilities: Commodity contracts 32.8 1.0 — 33.8 (33.8 ) — Catalyst obligations — 47.6 — 47.6 — 47.6 Derivatives included with inventory intermediation agreement obligations — 1.3 — 1.3 — 1.3 As of December 31, 2018 Fair Value Hierarchy (in millions) Level 1 Level 2 Level 3 Total Gross Fair Value Effect of Counter-party Netting Net Carrying Value on Balance Sheet Assets: Money market funds $ 16.7 $ — $ — $ 16.7 N/A $ 16.7 Commodity contracts 1.2 8.9 — 10.1 (2.9 ) 7.2 Derivatives included with inventory intermediation agreement obligations — 24.1 — 24.1 — 24.1 Liabilities: Commodity contracts 2.7 0.2 — 2.9 (2.9 ) — Catalyst obligations — 44.3 — 44.3 — 44.3 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. Non-qualified pension plan assets are measured at fair value using a market approach based on published net asset values of mutual funds as a practical expedient. As of December 31, 2019 and 2018 , $10.3 million and $9.7 million , respectively, were included within Deferred charges and other assets, net for these non-qualified pension plan assets. There were no transfers between levels during the years ended December 31, 2019 and 2018 , respectively. Fair value of debt The table below summarizes the fair value and carrying value of debt as of December 31, 2019 and 2018 . December 31, 2019 December 31, 2018 (in millions) Carrying value Fair value Carrying value Fair value 2025 Senior Notes (a) $ 725.0 $ 776.5 $ 725.0 $ 688.4 2023 Senior Notes (a) (d) 500.0 519.7 500.0 479.4 PBFX 2023 Senior Notes (a) 527.2 543.0 527.8 515.3 PBF Rail Term Loan (b) 14.5 14.5 21.6 21.6 Catalyst financing arrangements (c) 47.6 47.6 44.3 44.3 PBFX Revolving Credit Facility (b) 283.0 283.0 156.0 156.0 2,097.3 2,184.3 1,974.7 1,905.0 Less - Current debt (c) — — (2.4 ) (2.4 ) Less - Unamortized deferred financing costs (32.4 ) n/a (41.0 ) n/a Long-term debt $ 2,064.9 $ 2,184.3 $ 1,931.3 $ 1,902.6 (a) The estimated fair value, categorized as a Level 2 measurement, was calculated based on the present value of future expected payments utilizing implied current market interest rates based on quoted prices of the Senior Notes and PBFX 2023 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. (c) 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. (d) As disclosed in “Note 9 - Credit Facilities and Debt”, these notes became unsecured following the Collateral Fall-Away Event on May 30, 2017. |
DERIVATIVES
DERIVATIVES | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES | DERIVATIVES 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 December 31, 2019 , there were 27,580 barrels of crude oil and feedstocks ( no barrels at December 31, 2018 ) outstanding under these derivative instruments designated as fair value hedges. As of December 31, 2019 , there were 3,430,635 barrels of intermediates and refined products ( 3,350,166 barrels at December 31, 2018 ) outstanding under these derivative instruments designated as fair value hedges. These volumes represent the notional value of the contract. The Company also enters into economic hedges primarily consisting of commodity derivative contracts that are not designated as hedges and are used to manage price volatility in certain crude oil and feedstock inventories as well as crude oil, feedstock, and refined product sales or purchases. The objective in entering into economic hedges is consistent with the objectives discussed above for fair value hedges. As of December 31, 2019 , there were 5,511,000 barrels of crude oil and 5,788,000 barrels of refined products ( 5,801,000 and 1,609,000 , respectively, as of December 31, 2018 ), outstanding under short and long term commodity derivative contracts not designated as hedges representing the notional value of the contracts. The Company also uses derivative instruments to mitigate the risk associated with the price of credits needed to comply with various governmental and regulatory environmental compliance programs. For such contracts that represent derivatives the Company elects the normal purchase normal sale exception under ASC 815, Derivatives and Hedging, and therefore does not record them at fair value. The following tables provide information about the fair values of these derivative instruments as of December 31, 2019 and December 31, 2018 and the line items in the Consolidated Balance Sheets in which the fair values are reflected. Description Balance Sheet Location Fair Value Asset/(Liability) (in millions) Derivatives designated as hedging instruments: December 31, 2019: Derivatives included with the inventory intermediation agreement obligations Accrued expenses $ (1.3 ) December 31, 2018: Derivatives included with the inventory intermediation agreement obligations Accrued expenses $ 24.1 Derivatives not designated as hedging instruments: December 31, 2019: Commodity contracts Accounts receivable $ 0.2 December 31, 2018: Commodity contracts Accounts receivable $ 7.2 The following table provides information about the gains or losses recognized in income on these derivative instruments and the line items in the Consolidated Statements of Operations in which such gains and losses are reflected. Description Location of Gain or (Loss) Recognized in Income on Derivatives Gain or (Loss) Recognized in Income on Derivatives (in millions) Derivatives designated as hedging instruments: For the year ended December 31, 2019: Derivatives included with the inventory intermediation agreement obligations Cost of products and other $ (25.4 ) For the year ended December 31, 2018: Derivatives included with the inventory intermediation agreement obligations Cost of products and other $ 31.8 For the year ended December 31, 2017: Derivatives included with the inventory intermediation agreement obligations Cost of products and other $ (13.8 ) Derivatives not designated as hedging instruments: For the year ended December 31, 2019: Commodity contracts Cost of products and other $ 36.5 For the year ended December 31, 2018: Commodity contracts Cost of products and other $ (123.8 ) For the year ended December 31, 2017: Commodity contracts Cost of products and other $ (85.4 ) Hedged items designated in fair value hedges: For the year ended December 31, 2019: Crude oil, intermediate and refined product inventory Cost of products and other $ 25.4 For the year ended December 31, 2018: Intermediate and refined product inventory Cost of products and other $ (31.8 ) For the year ended December 31, 2017: Intermediate and refined product inventory Cost of products and other $ 13.8 The Company had no ineffectiveness related to the fair value hedges as of December 31, 2019 , 2018 and 2017 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | . SUBSEQUENT EVENTS 2028 Senior Notes Offering On January 24, 2020, PBF Holding issued $1.0 billion in aggregate principal amount of 6.00% senior unsecured notes due 2028 for net proceeds of $989.0 million after deducting the initial purchasers’ discount and estimated offering expenses. The proceeds from this notes issuance were used in part to pay the related redemption price and accrued and unpaid interest on the 2023 Senior Notes, to pay a portion of the cash consideration for the Martinez acquisition, and for general corporate purposes. Martinez Acquisition On February 1, 2020, the Company completed its acquisition of the Martinez refinery and related logistics assets (collectively, the “Martinez Acquisition”) from Equilon Enterprises LLC d/b/a Shell Oil Products US (the "Seller"). 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 purchase price for the Martinez Acquisition was $960.0 million plus approximately $230.0 million for estimated hydrocarbon inventory, which is subject to final valuation. In addition, PBF Holding also has an obligation to make certain post-closing payments to the Seller if certain conditions are met including earn-out payments 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 closing. The transaction was financed through a combination of cash on hand, including proceeds from the 2028 Senior Notes offering and borrowings under our Revolving Credit Facility. Redemption of 2023 Senior Notes On February 14, 2020, the Company exercised its rights under the indenture governing the 2023 Senior Notes to redeem all of the outstanding 2023 Senior Notes at a price of 103.5% of the aggregate principal amount thereof plus accrued and unpaid interest. The aggregate redemption price for all 2023 Senior Notes approximated $517.5 million plus accrued and unpaid interest. Receivables Purchase Agreement On February 18, 2020, in connection with the entry into a $300.0 million uncommitted receivables purchase facility (the “Receivables Facility”), the Company amended the Revolving Credit Facility and entered into a related intercreditor agreement to allow the Company to sell certain eligible receivables. Under the Receivables Facility, the Company will sell receivables to a third-party buyer subject to their approval and subject to certain conditions. The sales of receivables under the Receivables Facility are absolute and irrevocable but subject to certain repurchase obligations under certain circumstances. Dividend Declared On February 13, 2020 , PBF Energy announced a dividend of $0.30 per share on outstanding PBF Energy Class A common stock. The dividend is payable on March 17, 2020 to PBF Energy Class A common stockholders of record as of February 25, 2020 . PBFX Distributions On February 13, 2020 , the Board of Directors of PBF GP announced a distribution of $0.5200 per unit on outstanding common units of PBFX. The distribution is payable on March 17, 2020 to PBFX unitholders of record as of February 25, 2020 . |
QUARTERLY FINANCIAL DATA
QUARTERLY FINANCIAL DATA | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY FINANCIAL DATA | QUARTERLY FINANCIAL DATA (unaudited, in millions, except per share data) The following table summarizes quarterly financial data for the years ended December 31, 2019 and 2018 . PBF Energy 2019 Quarter Ended (in millions) March 31 June 30 September 30 December 31 Revenues $ 5,216.2 $ 6,560.0 $ 6,430.5 $ 6,301.5 Income from operations 364.6 9.5 151.9 123.0 Net income (loss) 241.4 (21.6 ) 86.3 69.1 Net income (loss) attributable to PBF Energy Inc. stockholders 229.2 (32.2 ) 69.4 53.0 Earnings (loss) per common share - assuming dilution $ 1.89 $ (0.27 ) $ 0.57 $ 0.44 2018 Quarter Ended March 31 June 30 September 30 December 31 Revenues $ 5,802.8 $ 7,444.1 $ 7,646.3 $ 6,292.9 Income (loss) from operations 95.7 422.3 286.3 (446.2 ) Net income (loss) 41.8 287.7 192.5 (346.7 ) Net income (loss) attributable to PBF Energy Inc. stockholders 30.4 272.1 179.6 (353.8 ) Earnings (loss) per common share -assuming dilution $ 0.27 $ 2.37 $ 1.50 $ (2.97 ) PBF LLC 2019 Quarter Ended (in millions) March 31 June 30 September 30 December 31 Revenues $ 5,216.2 $ 6,560.0 $ 6,430.5 $ 6,301.5 Income from operations 364.9 9.9 152.3 123.6 Net income (loss) 327.4 (35.9 ) 108.1 80.4 Net income (loss) attributable to PBF Energy Company LLC 318.4 (47.0 ) 92.1 65.0 2018 Quarter Ended March 31 June 30 September 30 December 31 Revenues $ 5,802.8 $ 7,444.1 $ 7,646.3 $ 6,292.9 Income (loss) from operations 95.9 422.8 286.6 (445.4 ) Net income (loss) 51.7 385.7 244.9 (502.2 ) Net income (loss) attributable to PBF Energy Company LLC 41.5 376.3 234.4 (514.4 ) During the three months ended December 31, 2019 , the Company recorded an adjustment to value its inventories to the lower of cost or market which decreased income from operations by $26.8 million reflecting the change in the LCM inventory reserve from $374.8 million at September 30, 2019 to $401.6 million at December 31, 2019 . During the three months ended December 31, 2018 , the Company recorded an adjustment to value its inventories to the lower of cost or market which decreased income from operations by $651.8 million reflecting the change in the LCM inventory reserve from no LCM inventory reserve at September 30, 2018 to $651.8 million at December 31, 2018 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Cost Classification Policy [Text Block] | Cost Classifications Cost of products and other consists of the cost of crude oil, other feedstocks, blendstocks and purchased refined products and the related in-bound freight and transportation costs. Operating expenses (excluding depreciation and amortization) consists of direct costs of labor, maintenance and services, utilities, property taxes, environmental compliance costs and other direct operating costs incurred in connection with our refining operations. Such expenses exclude depreciation related to refining and logistics assets that are integral to the refinery production process, which is presented separately as Depreciation and amortization expense as a component of Cost of sales on the Company’s Consolidated Statements of Operations. |
Principles of Consolidation and Presentation | Principles of Consolidation and Presentation These Consolidated Financial Statements include the accounts of PBF Energy and subsidiaries in which PBF Energy has a controlling interest. All intercompany accounts and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of the financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the related disclosures. Actual results could differ from those estimates. |
Business Combinations | Business Combinations We use the acquisition method of accounting for the recognition of assets acquired and liabilities assumed in business combinations at their estimated fair values as of the date of acquisition. Any excess consideration transferred over the estimated fair values of the identifiable net assets acquired is recorded as goodwill. Significant judgment is required in estimating the fair value of assets acquired. As a result, in the case of significant acquisitions, we obtain the assistance of third-party valuation specialists in estimating fair values of tangible and intangible assets based on available historical information and on expectations and assumptions about the future, considering the perspective of marketplace participants. While management believes those expectations and assumptions are reasonable, they are inherently uncertain. Unanticipated market or macroeconomic events and circumstances may occur, which could affect the accuracy or validity of the estimates and assumptions. |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Concentrations of Credit Risk | Concentrations of Credit Risk For the years ended December 31, 2019 , 2018 and 2017 no single customer amounted to greater than or equal to 10% of the Company’s revenues. No single customer accounted for 10% or more of our total trade accounts receivable as of December 31, 2019 or December 31, 2018 . |
Revenue, Deferred Revenue and Accounts Receivable | Revenue, Deferred Revenue and Accounts Receivable Prior to January 1, 2018, the Company recognized revenue from customers when all of the following criteria were met: (i) persuasive evidence of an exchange arrangement existed, (ii) delivery had occurred or services had been rendered, (iii) the buyer’s price was fixed or determinable and (iv) collectability was reasonably assured. Amounts billed in advance of the period in which the service was rendered or product delivered were recorded as deferred revenue. Effective January 1, 2018, the Company adopted ASC 606, as defined below under “Recently Adopted Accounting Guidance”. As a result, the Company has changed its accounting policy for the recognition of revenue from contracts with customers. Revenues are recognized when control of the promised goods or services is transferred to the customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Refer to “Note 19 - Revenues” for further discussion of the Company’s revenue recognition policy, including deferred revenues and the practical expedients elected as part of the transition to ASC 606. During 2019, PBF Holding and its subsidiaries, DCR and PRC, entered into amendments to the existing inventory intermediation agreements (as amended in the first quarter of 2019 and amended and restated in the third quarter of 2019, the “Inventory Intermediation Agreements”) with J. Aron & Company, a subsidiary of The Goldman Sachs Group, Inc. (“J. Aron”), pursuant to which certain terms of the existing inventory intermediation agreements were amended, including, among other things, the maturity date. On March 29, 2019 the Inventory Intermediation Agreement by and among J. Aron, PBF Holding and DCR was amended to add the PBFX East Coast Storage Assets (as defined in “Note 3 - PBF Logistics LP”) as a location and crude oil as a new product type to be included in the J. Aron Products (as defined in “Note 5 - Inventories”) sold to J. Aron by DCR. On August 29, 2019 the Inventory Intermediation Agreement by and among J. Aron, PBF Holding and PRC was extended to December 31, 2021, which term may be further extended by mutual consent of the parties to December 31, 2022 and the Inventory Intermediation Agreement by and among J. Aron, PBF Holding and DCR was extended to June 30, 2021, which term may be further extended by mutual consent of the parties to June 30, 2022. Pursuant to each Inventory Intermediation Agreement, J. Aron continues to purchase and hold title to the J. Aron Products produced by the Paulsboro and Delaware City refineries (the “East Coast Refineries”), respectively, and delivered into the Company’s J. Aron Storage Tanks (as defined in “Note 5 - Inventories”). Furthermore, J. Aron agrees to sell the J. Aron Products back to the East Coast Refineries as the J. Aron Products are discharged out of its J. Aron Storage Tanks. These purchases and sales are settled monthly at the daily market prices related to those J. Aron Products. These transactions are considered to be made in contemplation of each other and, accordingly, do not result in the recognition of a sale when title passes from the East Coast Refineries to J. Aron. Additionally, J. Aron has the right to store the J. Aron Products purchased in J. Aron Storage Tanks under the Inventory Intermediation Agreements and will retain these storage rights for the term of the agreements. PBF Holding continues to market and sell the J. Aron Products independently to third parties. |
Allowance for Doubtful Accounts | Accounts receivable are carried at invoiced amounts. An allowance for doubtful accounts is established, if required, to report such amounts at their estimated net realizable value. In estimating probable losses, management reviews accounts that are past due and determines if there are any known disputes. There was no allowance for doubtful accounts at December 31, 2019 and 2018 . |
Excise Taxes | Excise taxes on sales of refined products that are collected from customers and remitted to various governmental agencies are reported on a net basis. |
Inventory | Inventory Inventories are carried at the lower of cost or market. The cost of crude oil, feedstocks, blendstocks and refined products are determined under the last-in first-out (“LIFO”) method using the dollar value LIFO method with increments valued based on average purchase prices during the year. The cost of supplies and other inventories is determined principally on the weighted average cost method. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment additions are recorded at cost. The Company capitalizes costs associated with the preliminary, pre-acquisition and development/construction stages of a major construction project. The Company capitalizes the interest cost associated with major construction projects based on the effective interest rate of total borrowings. The Company also capitalizes costs incurred in the acquisition and development of software for internal use, including the costs of software, materials, consultants and payroll-related costs for employees incurred in the application development stage. Depreciation is computed using the straight-line method over the following estimated useful lives: Process units and equipment 5-25 years Pipeline and equipment 5-25 years Buildings 25 years Computers, furniture and fixtures 3-7 years Leasehold improvements 20 years Railcars 50 years Maintenance and repairs are charged to operating expenses as they are incurred. Improvements and betterments, which extend the lives of the assets, are capitalized. |
Deferred Charges and Other Assets, Net | Deferred Charges and Other Assets, Net Deferred charges and other assets include refinery turnaround costs, catalyst, precious metal catalysts, linefill, deferred financing costs and intangible assets. Refinery turnaround costs, which are incurred in connection with planned major maintenance activities, are capitalized when incurred and amortized on a straight-line basis over the period of time estimated to lapse until the next turnaround occurs. The amortization period generally ranges from 3 to 6 years; however, based upon the specific facts and circumstances, different periods of deferral occur. Precious metal catalysts, linefill and certain other intangibles are considered indefinite-lived assets as they are not expected to deteriorate in their prescribed functions. Such assets are assessed for impairment in connection with the Company’s review of its long-lived assets as indicators of impairment develop. Deferred financing costs are capitalized when incurred and amortized over the life of the loan (generally 1 to 8 years ). |
Finite-Lived Intangible Assets | Intangible assets with finite lives primarily consist of emission credits, permits and customer relationships and are amortized over their estimated useful lives (generally 1 to 10 years ). |
Long-Lived Assets and Definite-Lived Intangibles | Long-Lived Assets and Definite-Lived Intangibles The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate the carrying value may not be recoverable. Impairment is evaluated by comparing the carrying value of the long-lived assets to the estimated undiscounted future cash flows expected to result from use of the assets and their ultimate disposition. If such analysis indicates that the carrying value of the long-lived assets is not considered to be recoverable, the carrying value is reduced to the fair value. Impairment assessments inherently involve judgment as to assumptions about expected future cash flows and the impact of market conditions on those assumptions. Although management utilizes assumptions that it believes are reasonable, future events and changing market conditions may impact management’s assumptions, which could produce different results. |
Asset Retirement Obligations | Asset Retirement Obligations The Company records an asset retirement obligation at fair value for the estimated cost to retire a tangible long-lived asset at the time the Company incurs that liability, which is generally when the asset is purchased, constructed, or leased. The Company records the liability when it has a legal or contractual obligation to incur costs to retire the asset and when a reasonable estimate of the fair value of the liability can be made. If a reasonable estimate cannot be made at the time the liability is incurred, the Company will record the liability when sufficient information is available to estimate the liability’s fair value. Certain of the Company’s asset retirement obligations are based on its legal obligation to perform remedial activity at its refinery sites when it permanently ceases operations of the long-lived assets. The Company therefore considers the settlement date of these obligations to be indeterminable. Accordingly, the Company cannot calculate an associated asset retirement liability for these obligations at this time. The Company will measure and recognize the fair value of these asset retirement obligations when the settlement date is determinable. |
Environmental Matters | Environmental Matters Liabilities for future remediation costs are recorded when environmental assessments and/or remedial efforts are probable and the costs can be reasonably estimated. Other than for assessments, the timing and magnitude of these accruals generally are based on the completion of investigations or other studies or a commitment to a formal plan of action. Environmental liabilities are based on best estimates of probable future costs using currently available technology and applying current regulations, as well as the Company’s own internal environmental policies. The measurement of environmental remediation liabilities may be discounted to reflect the time value of money if the aggregate amount and timing of cash payments of the liabilities are fixed or reliably determinable. The actual settlement of the Company’s liability for environmental matters could materially differ from its estimates due to a number of uncertainties such as the extent of contamination, changes in environmental laws and regulations, potential improvements in remediation technologies and the participation of other responsible parties. |
Stock-Based Compensation | Stock-Based Compensation Stock-based compensation includes the accounting effect of options to purchase PBF Energy Class A common stock granted by the Company to certain employees, Series A warrants issued or granted by PBF LLC to employees in connection with their acquisition of PBF LLC Series A units, options to acquire Series A units of PBF LLC granted by PBF LLC to certain employees, Series B units of PBF LLC that were granted to certain members of management and restricted PBF LLC Series A Units and restricted PBF Energy Class A common stock granted to certain directors and officers. The estimated fair value of the options to purchase PBF Energy Class A common stock and the PBF LLC Series A warrants and options is based on the Black-Scholes option pricing model and the fair value of the PBF LLC Series B units is estimated based on a Monte Carlo simulation model. The estimated fair value is amortized as stock-based compensation expense on a straight-line method over the vesting period and included in General and administrative expense with forfeitures recognized in the period they occur. Additionally, stock-based compensation includes unit-based compensation provided to certain officers, non-employee directors and seconded employees of PBFX’s general partner, PBF GP, or its affiliates, consisting of PBFX phantom units. The fair value of PBFX’s phantom units are measured based on the fair market value of the underlying common units on the date of grant based on the common unit closing price on the grant date. The estimated fair value of PBFX’s phantom units is amortized over the vesting period using the straight-line method. Awards vest over a four year service period. The phantom unit awards may be settled in common units, cash or a combination of both. Expenses related to unit-based compensation are also included in General and administrative expenses with forfeitures recognized in the period they occur. Beginning in 2018, PBF Energy granted performance share awards and performance unit awards to certain key employees. Both types of awards have a three -year performance cycle and the payout for each, which ranges from 0% to 200% , is based on the relative ranking of the total shareholder return (“TSR”) of PBF Energy’s common stock as compared to the TSR of a selected group of industry peer companies over an average of four measurement periods. The performance share and performance unit awards are each measured at fair value based on Monte Carlo simulation models. The performance share awards will be settled in PBF Energy Class A common stock and are accounted for as equity awards and the performance unit awards will be settled in cash and are accounted for as liability awards. |
Income Taxes | Income Taxes As a result of the PBF Energy’s acquisition of PBF LLC Series A Units or exchanges of PBF LLC Series A Units for PBF Energy Class A common stock, PBF Energy expects to benefit from amortization and other tax deductions reflecting the step up in tax basis in the acquired assets. Those deductions will be allocated to PBF Energy and will be taken into account in reporting PBF Energy’s taxable income. As a result of a federal income tax election made by PBF LLC, applicable to a portion of PBF Energy’s acquisition of PBF LLC Series A Units, the income tax basis of the assets of PBF LLC, underlying a portion of the units PBF Energy acquired, has been adjusted based upon the amount that PBF Energy paid for that portion of its PBF LLC Series A Units. PBF Energy entered into the Tax Receivable Agreement (as defined in “Note 13 - Commitments and Contingencies”) which provides for the payment by PBF Energy equal to 85% of the amount of the benefits, if any, that PBF Energy is deemed to realize as a result of (i) increases in tax basis and (ii) certain other tax benefits related to entering into the Tax Receivable Agreement, including tax benefits attributable to payments under the Tax Receivable Agreement. As a result of these transactions, PBF Energy’s tax basis in its share of PBF LLC’s assets will be higher than the book basis of these same assets. This resulted in a deferred tax asset of $278.1 million as of December 31, 2019 , of which the majority is expected to be realized over 10 years as the tax basis of these assets is amortized. Deferred taxes are provided using a liability method, whereby deferred tax assets are recognized for deductible temporary differences and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences represent the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effect of changes in tax laws and rates on the date of enactment. PBF Energy recognizes tax benefits for uncertain tax positions only if it is more likely than not that the position is sustainable based on its technical merits. Interest and penalties on uncertain tax positions are included as a component of the provision for income taxes on the Consolidated Statements of Operations. As a result of the reduction of the corporate federal tax rate to 21% as part of the Tax Cuts and Jobs Act (the “TCJA”), the liability associated with the Tax Receivable Agreement was reduced. Accordingly, the deferred tax assets associated with the payments made or expected to be made related to the Tax Receivable Agreement liability were also reduced. The Federal tax returns for all years since 2016 and state tax returns for all years since 2014 (see “Note 20 - Income Taxes”) are subject to examination by the respective tax authorities. |
Net Income Per Share | Net Income Per Share |
Pension and Other Post-Retirement Benefits | Pension and Other Post-Retirement Benefits The Company recognizes an asset for the overfunded status or a liability for the underfunded status of its pension and post-retirement benefit plans. The funded status is recorded within Other long-term liabilities or assets. Changes in the plans’ funded status are recognized in other comprehensive income in the period the change occurs. |
Fair Value Measurement | Fair Value Measurement A fair value hierarchy (Level 1, Level 2, or Level 3) is used to categorize fair value amounts based on the quality of inputs used to measure fair value. Accordingly, fair values derived from Level 1 inputs utilize quoted prices in active markets for identical assets or liabilities. Fair values derived from Level 2 inputs are based on quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are either directly or indirectly observable for the asset or liability. Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. The Company uses appropriate valuation techniques based on the available inputs to measure the fair values of its applicable assets and liabilities. When available, the Company measures fair value using Level 1 inputs because they generally provide the most reliable evidence of fair value. In some valuations, the inputs may fall into different levels in the hierarchy. In these cases, the asset or liability level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurements. |
Financial Instruments | Financial Instruments The estimated fair value of financial instruments has been determined based on the Company’s assessment of available market information and appropriate valuation methodologies. The Company’s non-derivative financial instruments that are included in current assets and current liabilities are recorded at cost in the Consolidated Balance Sheets. The estimated fair value of these financial instruments approximates their carrying value due to their short-term nature. Derivative instruments are recorded at fair value in the Consolidated Balance Sheets. The Company’s commodity contracts are measured and recorded at fair value using Level 1 inputs based on quoted prices in an active market, Level 2 inputs based on quoted market prices for similar instruments, or Level 3 inputs based on third-party sources and other available market based data. The Company’s catalyst obligations and derivatives related to the Company’s crude oil and feedstocks and refined product purchase obligations are measured and recorded at fair value using Level 2 inputs on a recurring basis, based on observable market prices for similar instruments. |
Derivative Instruments | Derivative Instruments The Company is exposed to market risk, primarily related to changes in commodity prices for the crude oil and feedstocks used in the refining process as well as the prices of the refined products sold and the risk associated with the price of credits needed to comply with various governmental and regulatory environmental compliance programs. The accounting treatment for commodity and environmental compliance contracts depends on the intended use of the particular contract and on whether or not the contract meets the definition of a derivative. All derivative instruments, not designated as normal purchases or sales, are recorded in the Consolidated Balance Sheets as either assets or liabilities measured at their fair values. Changes in the fair value of derivative instruments that either are not designated or do not qualify for hedge accounting treatment or normal purchase or normal sale accounting are recognized currently in earnings. Contracts qualifying for the normal purchase and sales exemption are accounted for upon settlement. Cash flows related to derivative instruments that are not designated or do not qualify for hedge accounting treatment are included in operating activities. The Company designates certain derivative instruments as fair value hedges of a particular risk associated with a recognized asset or liability. At the inception of the hedge designation, the Company documents the relationship between the hedging instrument and the hedged item, as well as its risk management objective and strategy for undertaking various hedge transactions. Derivative gains and losses related to these fair value hedges, including hedge ineffectiveness, are recorded in cost of sales along with the change in fair value of the hedged asset or liability attributable to the hedged risk. Cash flows related to derivative instruments that are designated as fair value hedges are included in operating activities. Economic hedges are hedges not designated as fair value or cash flow hedges for accounting purposes that are used to (i) manage price volatility in certain refinery feedstock and refined product inventories, and (ii) manage price volatility in certain forecasted refinery feedstock purchases and refined product sales. These instruments are recorded at fair value and changes in the fair value of the derivative instruments are recognized currently in cost of sales. Derivative accounting is complex and requires management judgment in the following respects: identification of derivatives and embedded derivatives, determination of the fair value of derivatives, documentation of hedge relationships, assessment and measurement of hedge ineffectiveness and election and designation of the normal purchases and sales exception. All of these judgments, depending upon their timing and effect, can have a significant impact on the Company’s earnings. |
Recently Issued Accounting Pronouncements | Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standard Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, “Leases (Topic 842)” (Accounting Standards Codification “ASC” 842) to increase the transparency and comparability of leases. ASC 842 supersedes the lease accounting guidance in ASC 840 - “Leases” (“ASC 840”). ASC 842 requires lessees to recognize a lease liability and a corresponding lease asset for virtually all lease contracts. It also requires additional disclosures about leasing arrangements. The Company elected to utilize the “package” of three expedients, as defined in ASC 842, which retains the lease classification and initial direct costs for any leases that existed prior to adoption of the standard. The Company also has elected to not evaluate land easements that existed as of, or expired before, adoption of the new standard. The Company’s Consolidated Financial Statements for the periods prior to the adoption of ASC 842 are not adjusted and are reported in accordance with the Company’s historical accounting policy. As of the date of implementation on January 1, 2019, the impact of the adoption of ASC 842 resulted in the recognition of a right of use asset and lease payable obligation on the Company’s Consolidated Balance Sheets of approximately $250.0 million . As the right of use asset and the lease payable obligation were the same upon adoption of ASC 842, there was no cumulative effect on the Company’s retained earnings. See “Note 14 - Leases” for further details. In August 2017, the FASB issued ASU No. 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities” (“ASU 2017-12”). The amendments in ASU 2017-12 more closely align the results of cash flow and fair value hedge accounting with risk management activities in the consolidated financial statements. The amendments expand the ability to hedge nonfinancial and financial risk components, reduce complexity in fair value hedges of interest rate risk, eliminate the requirement to separately measure and report hedge ineffectiveness, and eases certain hedge effectiveness assessment requirements. The guidance in ASU 2017-12 also provided transition relief to make it easier for entities to apply certain amendments to existing hedges (including fair value hedges) where the hedge documentation needs to be modified. The presentation and disclosure requirements of ASU 2017-12 were applied prospectively. The Company adopted the amendments in this ASU effective January 1, 2019, which did not have a material impact on its Consolidated Financial Statements and related disclosures. In June 2018, the FASB issued ASU No. 2018-07, “Compensation - Stock Compensation (Topic 718): Targeted Improvements to Non-employee Share-Based Payment Accounting” (“ASU 2018-07”). ASU 2018-07 expands the scope of Topic 718, Compensation - Stock Compensation, to include share-based payment transactions for acquiring goods and services from non-employees. As a result, non-employee share-based transactions will be measured by estimating the fair value of the equity instruments at the grant date, taking into consideration the probability of satisfying performance conditions. In addition, ASU 2018-07 also clarifies that any share-based payment awards issued to customers should be evaluated under ASC 606, Revenues from Contracts with Customers (“ASC 606”). The Company adopted the amendments in this ASU effective January 1, 2019, which did not have a material impact on its Consolidated Financial Statements and related disclosures. In August 2018, the FASB issued ASU 2018-15, “Intangibles-Goodwill and Other-Internal-Use Software” (Subtopic 350-40) (“ASU 2018-15”). This guidance addresses a customer’s accounting for implementation costs incurred in a cloud computing arrangement that is a service contract. ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in such arrangements with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. This guidance is effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years, with early adoption permitted. This guidance should be applied on either a retrospective or prospective basis. The Company has elected to early adopt this guidance in the second quarter of 2019 on a prospective basis. The Company’s adoption of ASU 2018-15 did not have a material impact on its Consolidated Financial Statements and related disclosures. Recently Issued Accounting Pronouncements In August 2018, the FASB issued ASU No. 2018-14, “Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20)”, to improve the effectiveness of benefit plan disclosures in the notes to financial statements by facilitating clear communication of the information required by GAAP that is most important to users of each entity’s financial statements. The amendments in this ASU modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. Additionally, the amendments in this ASU remove disclosures that no longer are considered cost beneficial, clarify the specific requirements of disclosures, and add disclosure requirements identified as relevant. The amendments in this ASU are effective for fiscal years ending after December 15, 2020, for public business entities and early adoption is permitted for all entities. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Useful lives of property, plant and equipment | Depreciation is computed using the straight-line method over the following estimated useful lives: Process units and equipment 5-25 years Pipeline and equipment 5-25 years Buildings 25 years Computers, furniture and fixtures 3-7 years Leasehold improvements 20 years Railcars 50 years Property, plant and equipment, net consisted of the following: (in millions) December 31, December 31, Land $ 360.5 $ 351.5 Processing units, pipelines and equipment 4,108.0 3,741.1 Buildings and leasehold improvements 64.6 58.2 Computers, furniture and fixtures 143.5 127.0 Construction in progress 312.2 328.1 4,988.8 4,605.9 Less—Accumulated depreciation (965.6 ) (785.0 ) Total property, plant and equipment, net $ 4,023.2 $ 3,820.9 |
ACQUISITIONS (Tables)
ACQUISITIONS (Tables) - East Coast Storage Assets Acquisition [Member] | 12 Months Ended |
Dec. 31, 2019 | |
Business Acquisition [Line Items] | |
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* $ 105.9 Working capital adjustments — Contingent consideration** 21.1 Total consideration $ 127.0 * Includes $30.9 million net present value payable of $32.0 million due to Crown Point one year after closing, which was included in “Accrued expenses” on the Consolidated Balance Sheets at December 31, 2018. The remaining $32.0 million payment was paid in full on October 1, 2019. ** The short-term Contingent Consideration is included in “Accrued expenses” and the long-term Contingent Consideration is included in “Other long-term liabilities” in the Consolidated Balance Sheets. |
Business Acquisition, Pro Forma Information [Table Text Block] | Year Ended December 31, 2018 Year Ended December 31, 2017 (Unaudited) PBF Energy Pro forma revenues $ 27,203.5 $ 21,800.7 Pro forma net income attributable to PBF Energy Inc. stockholders 124.6 400.8 Pro forma net income available to Class A common stock per share: Basic $ 1.08 $ 3.64 Diluted $ 1.07 $ 3.60 PBF LLC Pro forma revenues $ 27,203.5 $ 21,800.7 Pro forma net income attributable to PBF LLC 130.2 451.6 |
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 Accounts receivable $ 0.4 Prepaid and other current assets 0.6 Property, plant and equipment 115.6 Intangible assets* 13.3 Accounts payable (0.9 ) Accrued expenses (1.3 ) Other long-term liabilities (0.7 ) Fair value of net assets acquired $ 127.0 * Intangible assets are included in “Deferred charges and other assets” within the Consolidated Balance Sheets. |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventories consisted of the following: December 31, 2019 (in millions) Titled Inventory Inventory Intermediation Agreements Total Crude oil and feedstocks $ 1,071.4 $ 2.7 $ 1,074.1 Refined products and blendstocks 976.0 352.9 1,328.9 Warehouse stock and other 120.8 — 120.8 $ 2,168.2 $ 355.6 $ 2,523.8 Lower of cost or market adjustment (324.8 ) (76.8 ) (401.6 ) Total inventories $ 1,843.4 $ 278.8 $ 2,122.2 December 31, 2018 (in millions) Titled Inventory Inventory Intermediation Agreements Total Crude oil and feedstocks $ 1,044.8 $ — $ 1,044.8 Refined products and blendstocks 1,026.9 334.8 1,361.7 Warehouse stock and other 111.1 — 111.1 $ 2,182.8 $ 334.8 $ 2,517.6 Lower of cost or market adjustment (557.2 ) (94.6 ) (651.8 ) Total inventories $ 1,625.6 $ 240.2 $ 1,865.8 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT, NET (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Summary of property, plant and equipment | Depreciation is computed using the straight-line method over the following estimated useful lives: Process units and equipment 5-25 years Pipeline and equipment 5-25 years Buildings 25 years Computers, furniture and fixtures 3-7 years Leasehold improvements 20 years Railcars 50 years Property, plant and equipment, net consisted of the following: (in millions) December 31, December 31, Land $ 360.5 $ 351.5 Processing units, pipelines and equipment 4,108.0 3,741.1 Buildings and leasehold improvements 64.6 58.2 Computers, furniture and fixtures 143.5 127.0 Construction in progress 312.2 328.1 4,988.8 4,605.9 Less—Accumulated depreciation (965.6 ) (785.0 ) Total property, plant and equipment, net $ 4,023.2 $ 3,820.9 |
DEFERRED CHARGES AND OTHER AS_2
DEFERRED CHARGES AND OTHER ASSETS, NET (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of deferred charges and other assets, net | Deferred charges and other assets, net consisted of the following: PBF Energy (in millions) December 31, December 31, Deferred turnaround costs, net $ 722.7 $ 673.1 Catalyst, net 132.7 124.3 Environmental credits 37.8 37.8 Intangible assets, net 24.3 25.6 Finance lease assets 24.2 — Linefill 19.5 19.5 Pension plan assets 10.3 9.7 Other 7.6 9.1 Total deferred charges and other assets, net $ 979.1 $ 899.1 PBF LLC (in millions) December 31, December 31, Deferred turnaround costs, net $ 722.7 $ 673.1 Catalyst, net 132.7 124.3 Environmental credits 37.8 37.8 Intangible assets, net 24.3 25.6 Finance lease assets 24.2 — Linefill 19.5 19.5 Pension plan assets 10.3 9.7 Other 6.5 7.1 Total deferred charges and other assets, net $ 978.0 $ 897.1 |
Intangible assets, net | Intangible assets, net primarily consists of customer relationships, permits and emission credits. Our net balance as of December 31, 2019 and December 31, 2018 is shown below: (in millions) December 31, December 31, Intangible assets - gross $ 29.5 $ 29.5 Accumulated amortization (5.2 ) (3.9 ) Intangible assets - net $ 24.3 $ 25.6 |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Payables and Accruals [Abstract] | |
Schedule of accrued expenses | Accrued expenses consisted of the following: PBF Energy (in millions) December 31, December 31, Inventory-related accruals $ 1,103.2 $ 846.3 Inventory intermediation agreements 278.1 249.4 Excise and sales tax payable 98.6 149.4 Accrued transportation costs 88.7 53.6 Accrued salaries and benefits 81.1 89.8 Accrued utilities 40.1 49.8 Accrued capital expenditures 32.2 60.6 Renewable energy credit and emissions obligations 17.7 27.1 Accrued refinery maintenance and support costs 16.9 19.0 Environmental liabilities 12.8 7.0 Accrued interest 12.1 12.1 Contingent Consideration - East Coast Storage Assets Acquisition 10.0 — Current finance lease liabilities 6.5 — Customer deposits 1.8 5.6 Deferred payment - East Coast Storage Assets Acquisition — 30.9 Other 15.8 23.0 Total accrued expenses $ 1,815.6 $ 1,623.6 |
CREDIT FACILITY AND LONG-TERM_2
CREDIT FACILITY AND LONG-TERM DEBT (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Summary of long-term debt outstanding | Details of the catalyst financing arrangements at each of the Company’s refineries as of December 31, 2019 are included in the following table: Annual interest rate Expiration date Paulsboro catalyst financing arrangement 1.47 % December 2022 Delaware City catalyst financing arrangement 1.35 % October 2020 (1) Toledo catalyst financing arrangement 1.75 % June 2020 (1) Chalmette catalyst financing arrangements 2.10 % October 2021 1.80 % November 2022 Torrance catalyst financing arrangement 1.78 % July 2022 Long-term debt outstanding consisted of the following: (in millions) December 31, December 31, 2025 Senior Notes $ 725.0 $ 725.0 2023 Senior Notes 500.0 500.0 PBFX 2023 Senior Notes 527.2 527.8 PBFX Revolving Credit Facility 283.0 156.0 PBF Rail Term Loan 14.5 21.6 Catalyst financing arrangements 47.6 44.3 Revolving Credit Facility — — 2,097.3 1,974.7 Less—Current debt — (2.4 ) Unamortized deferred financing costs (32.4 ) (41.0 ) Long-term debt $ 2,064.9 $ 1,931.3 |
Schedule of debt maturing in the next five years and thereafter | Debt maturing in the next five years and thereafter is as follows: Year Ending December 31, 2020 $ 21.4 2021 19.8 2022 20.9 2023 1,310.2 2024 — Thereafter 725.0 $ 2,097.3 |
OTHER LONG-TERM LIABILITIES (Ta
OTHER LONG-TERM LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of other long-term liabilities | Other long-term liabilities consisted of the following: (in millions) December 31, December 31, Environmental liabilities $ 121.8 $ 137.2 Defined benefit pension plan liabilities 73.8 75.0 Long-term finance lease liabilities 18.4 — Early railcar return liability 17.6 23.3 Post-retirement medical plan liabilities 17.5 19.3 East Coast Storage Assets Contingent Consideration 16.1 21.6 Other 4.1 0.8 Total other long-term liabilities $ 269.3 $ 277.2 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future minimum rental payments for operating leases | The fixed and determinable amounts related to obligations under these agreements are as follows: Year Ending December 31, (in millions) 2020 $ 30.5 2021 26.3 2022 20.4 2023 20.4 2024 20.4 Thereafter 96.1 Total obligations $ 214.1 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Assets and Liabilities, Lessee [Table Text Block] | The table below presents the lease related assets and liabilities recorded on the Company’s Consolidated Balance Sheets as of December 31, 2019 : (in millions) Classification on the Balance Sheet December 31, 2019 Assets Operating lease assets Operating lease right of use assets $ 306.4 Finance lease assets Deferred charges and other assets, net 24.2 Total lease right of use assets $ 330.6 Liabilities Current liabilities: Operating lease liabilities Current operating lease liabilities $ 72.1 Finance lease liabilities Accrued expenses 6.5 Noncurrent liabilities: Operating lease liabilities Long-term operating lease liabilities 233.1 Finance lease liabilities Other long-term liabilities 18.4 Total lease liabilities $ 330.1 |
Lease, Cost [Table Text Block] | Lease Costs The table below presents certain information related to costs for the Company’s leases for the year ended December 31, 2019 : Lease Costs (in millions) Year Ended December 31, 2019 Components of total lease costs: Finance lease costs Amortization of right of use assets $ 2.0 Interest on lease liabilities 0.8 Operating lease costs 109.8 Short-term lease costs 89.2 Variable lease costs 8.3 Total lease costs $ 210.1 |
Cash Flow, Lessee [Table Text Block] | Other Information The table below presents supplemental cash flow information related to leases for the year ended December 31, 2019 (in millions): Year Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 110.3 Operating cash flows for finance leases 0.8 Financing cash flows for finance leases 1.4 Supplemental non-cash amounts of lease liabilities arising from obtaining right-of-use assets 184.9 Lease Term and Discount Rate The table below presents certain information related to the weighted average remaining lease term and weighted average discount rate for the Company’s leases as of December 31, 2019 : Weighted average remaining lease term - operating leases 12.8 years Weighted average remaining lease term - finance leases 6.1 years Weighted average discount rate - operating leases 7.48 % Weighted average discount rate - finance leases 5.98 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Undiscounted Cash Flows The table below reconciles the fixed component of the undiscounted cash flows for each of the periods presented to the lease liabilities recorded on the Consolidated Balance Sheets as of December 31, 2019 : Amounts due in the year ended December 31, (in millions) Finance Leases Operating Leases 2020 $ 7.8 $ 92.4 2021 7.8 58.5 2022 2.0 41.5 2023 2.0 31.9 2024 2.0 33.2 Thereafter 8.8 231.6 Total minimum lease payments 30.4 489.1 Less: effect of discounting 5.5 183.9 Present value of future minimum lease payments 24.9 305.2 Less: current obligations under leases 6.5 72.1 Long-term lease obligations $ 18.4 $ 233.1 |
NONCONTROLLING INTERESTS (Table
NONCONTROLLING INTERESTS (Tables) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of noncontrolling interest | The noncontrolling interest ownership percentages in PBF LLC as of the completion dates of each of the equity offerings and as of the years ended December 31, 2019 , 2018 and 2017 are calculated as follows: Holders of Outstanding Shares Total January 1, 2017 3,920,902 109,204,047 113,124,949 3.5 % 96.5 % 100.0 % December 31, 2017 3,767,464 110,565,531 114,332,995 3.3 % 96.7 % 100.0 % August 14, 2018 - Equity offering 1,206,325 119,852,874 121,059,199 1.0 % 99.0 % 100.0 % December 31, 2018 1,206,325 119,874,191 121,080,516 1.0 % 99.0 % 100.0 % December 31, 2019 1,215,317 119,804,971 121,020,288 1.0 % 99.0 % 100.0 % The noncontrolling interest ownership percentages in PBFX as of the 2018 Registered Direct Offering, the Development Assets Acquisition, the 2019 Registered Direct Offering and the years ended December 31, 2019 , 2018 and 2017 are calculated as follows: Units of PBFX Held by the Public Units of PBFX Held by PBF LLC (Including Subordinated Units) Total January 1, 2017 23,271,174 18,459,497 41,730,671 55.8 % 44.2 % 100.0 % December 31, 2017 23,441,211 18,459,497 41,900,708 55.9 % 44.1 % 100.0 % July 30, 2018 - Registered Direct Offering 25,391,037 18,459,497 43,850,534 57.9 % 42.1 % 100.0 % July 31, 2018 - Development Assets consideration 25,391,037 19,953,631 45,344,668 56.0 % 44.0 % 100.0 % December 31, 2018 25,395,032 19,953,631 45,348,663 56.0 % 44.0 % 100.0 % April 29, 2019 - Registered Direct Offering 32,047,718 29,953,631 62,001,349 51.7 % 48.3 % 100.0 % December 31, 2019 32,176,404 29,953,631 62,130,035 51.8 % 48.2 % 100.0 % | |
Schedule of stockholders equity | STOCKHOLDERS’ AND MEMBERS’ EQUITY STRUCTURE PBF Energy Capital Structure Class A Common Stock Holders of Class A common stock are entitled to receive dividends when and if declared by the Board of Directors out of funds legally available therefore, subject to any statutory or contractual restrictions on the payment of dividends and to any restrictions on the payment of dividends imposed by the terms of any outstanding preferred stock. Upon the Company’s dissolution or liquidation or the sale of all or substantially all of the assets, after payment in full of all amounts required to be paid to creditors and to the holders of preferred stock having liquidation preferences, if any, the holders of shares of Class A common stock will be entitled to receive pro rata remaining assets available for distribution. Holders of shares of Class A common stock do not have preemptive, subscription, redemption or conversion rights. Class B Common Stock Holders of shares of Class B common stock are entitled, without regard to the number of shares of Class B common stock held by such holder, to one vote for each PBF LLC Series A Unit beneficially owned by such holder. Accordingly, the members of PBF LLC other than PBF Energy collectively have a number of votes in PBF Energy that is equal to the aggregate number of PBF LLC Series A Units that they hold. Holders of shares of Class A common stock and Class B common stock vote together as a single class on all matters presented to stockholders for their vote or approval, except as otherwise required by applicable law. Holders of Class B common stock do not have any right to receive dividends or to receive a distribution upon a liquidation or winding up of PBF Energy. Preferred Stock Authorized preferred stock may be issued in one or more series, with designations, powers and preferences as shall be designated by the Board of Directors. PBF LLC Capital Structure PBF LLC Series A Units The allocation of profits and losses and distributions to PBF LLC Series A unitholders is governed by the limited liability company agreement of PBF LLC. These allocations are made on a pro rata basis with PBF LLC Series C Units. PBF LLC Series A unitholders do not have voting rights. PBF LLC Series B Units The PBF LLC Series B Units are intended to be “profit interests” within the meaning of Revenue Procedures 93-27 and 2001-43 of the Internal Revenue Service and have a stated value of zero at issuance. The PBF LLC Series B Units are held by certain of the Company’s current and former officers, have no voting rights and are designed to increase in value only after the Company’s financial sponsors achieve certain levels of return on their investment in PBF LLC Series A Units. Accordingly, the amounts paid to the holders of PBF LLC Series B Units, if any, will reduce only the amounts otherwise payable to the PBF LLC Series A Units held by the Company’s financial sponsors, and will not reduce or otherwise impact any amounts payable to PBF Energy (the holder of PBF LLC Series C Units), the holders of the Company’s Class A common stock or any other holder of PBF LLC Series A Units. The maximum number of PBF LLC Series B Units authorized to be issued is 1,000,000 . PBF LLC Series C Units The PBF LLC Series C Units rank on a parity with the PBF LLC Series A Units as to distribution rights, voting rights and rights upon liquidation, winding up or dissolution. PBF LLC Series C Units are held solely by PBF Energy. Treasury Stock The Company’s Board of Directors previously authorized the repurchase of up to $300.0 million of the PBF Energy Class A common stock (the “Repurchase Program”). From the inception of the Repurchase Program through its expiration date, the Company has purchased approximately 6,050,717 shares of the PBF Energy Class A common stock through open market transactions under the Repurchase Program, for a total of $150.8 million . The Repurchase Program expired on September 30, 2018 and was not renewed. These repurchases were made from time to time through various methods, including open market transactions, block trades, accelerated share repurchases, privately negotiated transactions or otherwise, certain of which may be effected through Rule 10b5-1 and Rule 10b-18 plans. The timing and number of shares repurchased depended on a variety of factors, including price, capital availability, legal requirements and economic and market conditions. The Company was not obligated to purchase any shares under the Repurchase Program, and repurchases may have been suspended or discontinued at any time without prior notice. The Company also records PBF Energy Class A common stock surrendered to cover income tax withholdings for certain directors and employees and others pursuant to the vesting of certain awards under the Company’s equity-based compensation plans as treasury shares. The following tables summarize the changes in equity for the controlling and noncontrolling interests of PBF Energy for the years ended December 31, 2019 , 2018 and 2017 : PBF Energy (in millions) PBF Energy Noncontrolling Noncontrolling Interest in PBF Holding Noncontrolling Total Equity Balance at January 1, 2019 $ 2,676.5 $ 112.2 $ 10.9 $ 448.9 $ 3,248.5 Comprehensive income 333.5 4.4 — 51.5 389.4 Dividends and distributions (143.8 ) (3.2 ) — (64.1 ) (211.1 ) Effects of changes in PBFX ownership interest on deferred tax assets and liabilities (1.3 ) — — — (1.3 ) Issuance of additional PBFX common units 152.0 — — (19.5 ) 132.5 Stock-based compensation 27.2 — — 6.8 34.0 Exercise of PBF LLC and PBF Energy options and warrants, net 0.3 — — — 0.3 Taxes paid for net settlement of equity-based compensation (4.6 ) (0.2 ) — — (4.8 ) Other (0.2 ) — — (1.8 ) (2.0 ) Balance at December 31, 2019 $ 3,039.6 $ 113.2 $ 10.9 $ 421.8 $ 3,585.5 | PBF Energy (in millions) PBF Energy Noncontrolling Noncontrolling Interest in PBF Holding Noncontrolling Total Equity Balance at January 1, 2018 $ 2,336.6 $ 110.2 $ 10.8 $ 445.3 $ 2,902.9 Comprehensive income 131.3 4.7 0.1 42.2 178.3 Dividends and distributions (139.3 ) (2.1 ) — (49.5 ) (190.9 ) Effects of equity offerings and exchanges of PBF LLC Series A Units on deferred tax assets and liabilities and tax receivable agreement obligation (4.9 ) — — — (4.9 ) Issuance of additional PBFX common units 28.6 — — 6.3 34.9 Stock-based compensation 19.7 — — 5.7 25.4 August 2018 Equity Offering 287.3 — — — 287.3 Exercise of PBF LLC and PBF Energy options and warrants, net 14.0 — — — 14.0 Taxes paid for net settlement of equity-based compensation (4.8 ) (0.6 ) — — (5.4 ) Other 8.0 — — (1.1 ) 6.9 Balance at December 31, 2018 $ 2,676.5 $ 112.2 $ 10.9 $ 448.9 $ 3,248.5 |
Schedule of comprehensive income (loss) | The following table summarizes the allocation of total comprehensive income of PBF Energy between the controlling and noncontrolling interests for the year ended December 31, 2019 : PBF Energy (in millions) Attributable to PBF Energy Inc. stockholders Noncontrolling Interests Total Net income $ 319.4 $ 55.8 $ 375.2 Other comprehensive income: Unrealized gain on available for sale securities 0.4 — 0.4 Amortization of defined benefit plans unrecognized net gain 13.7 0.1 13.8 Total other comprehensive income 14.1 0.1 14.2 Total comprehensive income $ 333.5 $ 55.9 $ 389.4 The following table summarizes the allocation of total comprehensive income of PBF Energy between the controlling and noncontrolling interests for the year ended December 31, 2018 : PBF Energy (in millions) Attributable to PBF Energy Inc. stockholders Noncontrolling Interest Total Net income $ 128.3 $ 47.0 $ 175.3 Other comprehensive income (loss): Unrealized loss on available for sale securities (0.1 ) — (0.1 ) Amortization of defined benefit plans unrecognized net gain 3.1 — 3.1 Total other comprehensive income 3.0 — 3.0 Total comprehensive income $ 131.3 $ 47.0 $ 178.3 The following table summarizes the allocation of total comprehensive income of PBF Energy between the controlling and noncontrolling interests for the year ended December 31, 2017 : PBF Energy (in millions) Attributable to PBF Energy Inc. stockholders Noncontrolling Interest Total Net income $ 415.6 $ 67.8 $ 483.4 Other comprehensive loss: Amortization of defined benefit plans unrecognized net loss (1.0 ) — (1.0 ) Total other comprehensive loss (1.0 ) — (1.0 ) Total comprehensive income $ 414.6 $ 67.8 $ 482.4 | |
PBF LLC [Member] | ||
Schedule of noncontrolling interest | The following tables summarize the changes in equity for the controlling and noncontrolling interests of PBF LLC for the years ended December 31, 2019 , 2018 , and 2017 respectively: PBF LLC (in millions) PBF Energy Company LLC Equity Noncontrolling Interest in PBF Holding Noncontrolling Total Equity Balance at January 1, 2019 $ 2,759.6 $ 10.9 $ 448.9 $ 3,219.4 Comprehensive income 442.7 — 51.5 494.2 Dividends and distributions (200.4 ) — (64.1 ) (264.5 ) Issuance of additional PBFX common units 152.0 — (19.5 ) 132.5 Stock-based compensation 27.2 — 6.8 34.0 Exercise of Series A options and warrants, net (4.7 ) — — (4.7 ) Other — — (1.8 ) (1.8 ) Balance at December 31, 2019 $ 3,176.4 $ 10.9 $ 421.8 $ 3,609.1 PBF LLC (in millions) PBF Energy Company LLC Equity Noncontrolling Interest in PBF Holding Noncontrolling Total Equity Balance at January 1, 2018 $ 2,422.4 $ 10.8 $ 445.3 $ 2,878.5 Comprehensive income 140.8 0.1 42.2 183.1 Dividends and distributions (141.4 ) (49.5 ) (190.9 ) Issuance of additional PBFX common units 28.6 — 6.3 34.9 Stock-based compensation 19.7 — 5.7 25.4 Exercise of Series A options and warrants, net (8.5 ) — — (8.5 ) Issuance of Series C units in connection with the August 2018 Equity Offering 287.3 — — 287.3 Other 10.7 — (1.1 ) 9.6 Balance at December 31, 2018 $ 2,759.6 $ 10.9 $ 448.9 $ 3,219.4 PBF LLC (in millions) PBF Energy Company LLC Equity Noncontrolling Interest in PBF Holding Noncontrolling Total Equity Balance at January 1, 2017 $ 2,040.7 $ 12.5 $ 434.4 $ 2,487.6 Comprehensive income 499.1 0.1 51.1 550.3 Dividends and distributions (136.3 ) (1.8 ) (44.6 ) (182.7 ) Grant of restricted shares 1.0 — — 1.0 Stock-based compensation 21.5 — 5.3 26.8 Exercise of Series A options and warrants, net (0.6 ) — — (0.6 ) Treasury stock purchases (1.0 ) — — (1.0 ) Other (2.0 ) — (0.9 ) (2.9 ) Balance at December 31, 2017 $ 2,422.4 $ 10.8 $ 445.3 $ 2,878.5 | |
Schedule of comprehensive income (loss) | The following table summarizes the allocation of total comprehensive income of PBF LLC between the controlling and noncontrolling interests for the year ended December 31, 2019 : PBF LLC (in millions) Attributable to PBF LLC Noncontrolling Interests Total Net income $ 428.5 $ 51.5 $ 480.0 Other comprehensive income: Unrealized gain on available for sale securities 0.4 — 0.4 Amortization of defined benefit plans unrecognized net gain 13.8 — 13.8 Total other comprehensive income 14.2 — 14.2 Total comprehensive income $ 442.7 $ 51.5 $ 494.2 The following table summarizes the allocation of total comprehensive income of PBF LLC between the controlling and noncontrolling interests for the year ended December 31, 2018 : PBF LLC (in millions) Attributable to Noncontrolling Interest Total Net income $ 137.8 $ 42.3 $ 180.1 Other comprehensive income (loss): Unrealized loss on available for sale securities (0.1 ) — (0.1 ) Amortization of defined benefit plans unrecognized net gain 3.1 — 3.1 Total other comprehensive income 3.0 — 3.0 Total comprehensive income $ 140.8 $ 42.3 $ 183.1 The following table summarizes the allocation of total comprehensive income of PBF LLC between the controlling and noncontrolling interests for the year ended December 31, 2017 : PBF LLC (in millions) Attributable to Noncontrolling Interest Total Net income $ 500.1 $ 51.2 $ 551.3 Other comprehensive loss: Amortization of defined benefit plans unrecognized net loss (1.0 ) — (1.0 ) Total other comprehensive loss (1.0 ) — (1.0 ) Total comprehensive income $ 499.1 $ 51.2 $ 550.3 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-Based Payment Awards, Performance Awards, Valuation Assumptions [Table Text Block] | The performance share awards are accounted for as equity awards, for which the fair value was determined on the grant date by application of a Monte Carlo valuation model. The grant date fair value was calculated using a Monte Carlo valuation model with the following assumptions: December 31, 2019 December 31, 2018 Expected life (in years) 2.17 - 2.88 2.17 Expected volatility 37.19% - 41.70% 39.04 % Dividend yield 3.40% - 3.67% 2.95 % Risk-free rate of return 1.66% - 2.51% 2.89 % Weighted average fair value per PSU $ 27.99 $ 50.23 |
Schedule of stock-based compensation expense | Stock-based compensation expense included in general and administrative expenses consisted of the following: Years Ended December 31, (in millions) 2019 2018 2017 PBF Energy options $ 15.8 $ 11.5 $ 9.4 PBF Energy restricted shares 6.5 7.5 12.1 PBF Energy performance awards 8.2 1.2 — PBFX phantom units 6.8 5.8 5.3 $ 37.3 $ 26.0 $ 26.8 |
Weighted average assumptions | The Black-Scholes option-pricing model values used to value stock option awards granted were determined based on the following weighted average assumptions: December 31, 2019 December 31, 2018 December 31, 2017 Expected life (in years) 6.25 6.25 6.25 Expected volatility 38.6 % 35.8 % 39.5 % Dividend yield 3.54 % 3.49 % 4.58 % Risk-free rate of return 2.16 % 2.82 % 2.09 % Exercise price $ 34.11 $ 35.25 $ 26.52 |
PBF Energy [Member] | Performance share units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Share-based compensation activity | The following table summarizes activity for PBF Energy performance share awards: Number of Weighted Average Grant Date Fair Value Nonvested at January 1, 2018 — $ — Granted 179,072 50.23 Forfeited — — Nonvested at December 31, 2018 179,072 $ 50.23 Granted 181,725 27.99 Forfeited — — Nonvested at December 31, 2019 360,797 $ 39.03 |
PBF Energy [Member] | Employee Stock Option [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Share-based compensation activity | The following table summarizes activity for PBF Energy options for the years ended December 31, 2019 , 2018 and 2017 . Number of Weighted Weighted Stock-based awards, outstanding at January 1, 2017 5,970,625 $ 27.37 8.02 Granted 1,638,075 26.52 10.00 Exercised (462,500 ) 25.65 — Forfeited (263,425 ) 27.71 — Outstanding at December 31, 2017 6,882,775 $ 27.27 7.82 Granted 2,500,742 35.25 10.00 Exercised (884,878 ) 27.57 — Forfeited (141,981 ) 33.49 — Outstanding at December 31, 2018 8,356,658 $ 29.60 7.48 Granted 1,899,909 34.11 10.00 Exercised (49,656 ) 24.23 — Forfeited (132,995 ) 31.65 — Outstanding at December 31, 2019 10,073,916 $ 30.47 7.17 Exercisable and vested at December 31, 2019 5,345,051 $ 28.37 5.94 Exercisable and vested at December 31, 2018 3,531,066 $ 27.39 6.27 Exercisable and vested at December 31, 2017 2,958,875 $ 27.58 6.77 Expected to vest at December 31, 2019 10,073,916 $ 30.47 7.17 |
PBF Energy [Member] | Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Share-based compensation activity | The following table summarizes activity for PBF Energy restricted stock: Number of Weighted Average Grant Date Fair Value Nonvested at January 1, 2017 521,369 $ 24.89 Granted 762,425 25.86 Vested (172,978 ) 24.99 Forfeited (15,100 ) 24.18 Nonvested at December 31, 2017 1,095,716 $ 25.56 Granted 58,830 47.24 Vested (345,073 ) 26.13 Forfeited (15,519 ) 24.18 Nonvested at December 31, 2018 793,954 $ 26.88 Granted 58,324 28.20 Vested (356,204 ) 26.68 Forfeited (3,849 ) 24.18 Nonvested at December 31, 2019 492,225 $ 27.21 |
PBF Energy [Member] | Performance Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Share-based compensation activity | The following table summarizes activity for PBF Energy performance unit awards: Number of Nonvested at January 1, 2018 — Granted 7,279,188 Forfeited — Nonvested at December 31, 2018 7,279,188 Granted 7,751,658 Forfeited — Nonvested at December 31, 2019 15,030,846 |
PBFX [Member] | Phantom Share Units (PSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Share-based compensation activity | A summary of PBFX’s unit award activity for the years ended December 31, 2019 , 2018 and 2017 is set forth below: Number of Phantom Units Weighted Average Grant Date Fair Value Nonvested at January 1, 2017 564,880 $ 22.47 Granted 319,940 20.97 Vested (217,171 ) 23.15 Forfeited (24,875 ) 21.23 Nonvested at December 31, 2017 642,774 $ 21.54 Granted 328,052 19.95 Vested (233,993 ) 22.71 Forfeited (20,125 ) 18.81 Nonvested at December 31, 2018 716,708 $ 20.53 Granted 343,848 21.39 Vested (292,341 ) 20.20 Forfeited (6,375 ) 20.31 Nonvested at December 31, 2019 761,840 $ 20.77 |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Schedule of changes in benefit obligations, fair value of plan assets, and funded status of plan | The changes in the benefit obligation, the changes in fair value of plan assets, and the funded status of the Company’s Pension and Post-Retirement Medical Plans as of and for the years ended December 31, 2019 and 2018 were as follows: Pension Plans Post-Retirement Medical Plan (in millions) 2019 2018 2019 2018 Change in benefit obligation: Benefit obligation at beginning of year $ 218.4 $ 185.2 $ 19.3 $ 21.6 Service cost 43.6 47.4 1.0 1.1 Interest cost 8.3 5.8 0.7 0.7 Benefit payments (9.0 ) (7.2 ) (1.3 ) (0.7 ) Actuarial loss (gain) 9.9 (12.8 ) (2.2 ) (3.4 ) Projected benefit obligation at end of year $ 271.2 $ 218.4 $ 17.5 $ 19.3 Change in plan assets: Fair value of plan assets at beginning of year $ 143.4 $ 121.7 $ — $ — Actual return on plan assets 29.0 (6.2 ) — — Benefits paid (9.0 ) (7.2 ) (1.3 ) (0.7 ) Employer contributions 34.0 35.1 1.3 0.7 Fair value of plan assets at end of year $ 197.4 $ 143.4 $ — $ — Reconciliation of funded status: Fair value of plan assets at end of year $ 197.4 $ 143.4 $ — $ — Less benefit obligations at end of year 271.2 218.4 17.5 19.3 Funded status at end of year $ (73.8 ) $ (75.0 ) $ (17.5 ) $ (19.3 ) |
Schedule of expected benefit payments | Benefit payments, which reflect expected future services that the Company expects to pay are as follows for the years ended December 31: (in millions) Pension Benefits Post-Retirement Medical Plan 2020 $ 14.7 $ 1.4 2021 17.3 1.5 2022 21.0 1.5 2023 19.3 1.5 2024 21.8 1.4 Years 2025-2029 143.8 7.3 |
Schedule of net periodic benefit cost | The components of net periodic benefit cost were as follows for the years ended December 31, 2019 , 2018 and 2017 : Pension Benefits Post-Retirement Medical Plan (in millions) 2019 2018 2017 2019 2018 2017 Components of net periodic benefit cost: Service cost $ 43.6 $ 47.4 $ 40.6 $ 1.0 $ 1.1 $ 1.2 Interest cost 8.3 5.8 4.3 0.7 0.7 0.8 Expected return on plan assets (9.6 ) (8.5 ) (5.8 ) — — — Settlement loss recognized — — 1.0 — — — Amortization of prior service cost and actuarial loss 0.3 0.2 0.5 0.5 0.7 0.6 Net periodic benefit cost $ 42.6 $ 44.9 $ 40.6 $ 2.2 $ 2.5 $ 2.6 |
Schedule of pre-tax amounts recognized in other comprehensive income (loss) | The pre-tax amounts recognized in other comprehensive income (loss) for the years ended December 31, 2019 , 2018 and 2017 were as follows: Pension Benefits Post-Retirement Medical Plan (in millions) 2019 2018 2017 2019 2018 2017 Prior service costs $ — $ — $ 0.5 $ — $ — $ — Net actuarial (gain) loss (10.7 ) 1.9 5.0 (2.3 ) (3.4 ) (2.5 ) Amortization of losses and prior service cost (0.3 ) (0.8 ) (1.4 ) (0.5 ) (0.7 ) (0.6 ) Total changes in other comprehensive (income) loss $ (11.0 ) $ 1.1 $ 4.1 $ (2.8 ) $ (4.1 ) $ (3.1 ) |
Schedule of pre-tax amounts in accumulated other comprehensive loss not yet recognized as components of net periodic costs | The pre-tax amounts in accumulated other comprehensive income (loss) as of December 31, 2019 , and 2018 that have not yet been recognized as components of net periodic costs were as follows: Pension Benefits Post-Retirement Medical Plan (in millions) 2019 2018 2019 2018 Prior service costs $ (0.7 ) $ (0.8 ) $ (4.0 ) $ (4.7 ) Net actuarial (loss) gain (14.5 ) (24.1 ) 6.1 4.0 Total $ (15.2 ) $ (24.9 ) $ 2.1 $ (0.7 ) |
Schedule of pre-tax amounts in accumulated other comprehensive loss to be recognized over next fiscal year | The following pre-tax amounts included in accumulated other comprehensive income (loss) as of December 31, 2019 are expected to be recognized as components of net periodic benefit cost during the year ended December 31, 2020 : (in millions) Pension Benefits Post-Retirement Medical Plan Amortization of prior service costs $ — $ (0.7 ) Amortization of net actuarial (loss) gain (0.2 ) 0.3 Total $ (0.2 ) $ (0.4 ) |
Schedule of assumptions used | The weighted average assumptions used to determine the benefit obligations as of December 31, 2019 , and 2018 were as follows: Qualified Plan Supplemental Plan Post-Retirement Medical Plan 2019 2018 2019 2018 2019 2018 Discount rate - benefit obligations 3.21 % 4.22 % 3.09 % 4.17 % 2.88 % 3.99 % Rate of compensation increase 4.28 % 4.55 % 4.50 % 5.00 % — — The weighted average assumptions used to determine the net periodic benefit costs for the years ended December 31, 2019 , 2018 and 2017 were as follows: Qualified Plan Supplemental Plan Post-Retirement Medical Plan 2019 2018 2017 2019 2018 2017 2019 2018 2017 Discount rates: Effective rate for service cost 4.24% 3.62% 4.15% 4.19% 3.58% 4.17% 4.21% 3.59% 4.10% Effective rate for interest cost 3.92% 3.21% 3.38% 3.83% 3.15% 3.20% 3.69% 2.97% 3.11% Effective rate for interest on service cost 4.00% 3.32% 3.59% 3.90% 3.24% 3.63% 4.09% 3.46% 3.84% Expected long-term rate of return on plan assets 6.00% 6.25% 6.50% N/A N/A N/A N/A N/A N/A Rate of compensation increase 4.55% 4.53% 4.81% 5.00% 5.00% 5.50% N/A N/A N/A |
Schedule of assumed health care cost trend rates | The assumed health care cost trend rates as of December 31, 2019 and 2018 were as follows: Post-Retirement Medical Plan 2019 2018 Health care cost trend rate assumed for next year 5.7 % 5.8 % Rate to which the cost trend rate was assumed to decline (the ultimate trend rate) 4.5 % 4.5 % Year that the rate reaches the ultimate trend rate 2038 2038 |
Schedule of effect of one-percentage-point change in assumed health care cost trend rates | Assumed health care cost trend rates have a significant effect on the amounts reported for retiree health care plans. A one percentage-point change in assumed health care cost trend rates would have the following effects on the medical post-retirement benefits: (in millions) 1% Increase 1% Decrease Effect on total service and interest cost components $ — $ — Effect on accumulated post-retirement benefit obligation 0.2 (0.2 ) |
Schedule of fair value of assets of the Company's Qualified Plan | The table below presents the fair values of the assets of the Company’s Qualified Plan as of December 31, 2019 and 2018 by level of fair value hierarchy. Assets categorized in Level 2 of the hierarchy consist of collective trusts and are measured at fair value based on the closing net asset value (“NAV”) as determined by the fund manager and reported daily. As noted above, the Company’s post-retirement medical plan is funded on a pay-as-you-go basis and has no assets. Fair Value Measurements Using NAV as Practical Expedient (Level 2) December 31, (in millions) 2019 2018 Equities: Domestic equities $ 47.8 $ 34.8 Developed international equities 29.5 19.2 Global low volatility equities 16.9 11.4 Emerging market equities 14.9 10.3 Fixed-income 74.9 59.7 Real Estate 8.3 7.9 Cash and cash equivalents 5.1 0.1 Total $ 197.4 $ 143.4 |
REVENUES (Tables)
REVENUES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
REVENUE [Abstract] | |
Revenues from external customers for each product or group of similar products | The following table provides information relating to the Company’s revenues for each product or group of similar products or services by segment for the periods presented. Year Ended December 31, (in millions) 2019 2018 2017 Refining Segment: Gasoline and distillates $ 21,278.4 $ 23,032.6 $ 18,316.1 Asphalt and blackoils 1,426.4 1,592.9 1,162.3 Feedstocks and other 806.9 1,372.3 1,215.7 Chemicals 682.3 842.8 770.5 Lubricants 274.9 321.5 305.1 Total Revenues $ 24,468.9 $ 27,162.1 $ 21,769.7 Logistics Segment: Logistics 340.2 283.4 257.6 Total revenue prior to eliminations $ 24,809.1 $ 27,445.5 $ 22,027.3 Elimination of intercompany revenue (300.9 ) (259.4 ) (240.7 ) Total Revenues $ 24,508.2 $ 27,186.1 $ 21,786.6 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Operating Loss Carryforwards [Line Items] | |
Income Tax | (in millions) Year Ended Year Ended Year Ended United States income $ 450.0 $ 134.3 $ 749.7 Foreign income (loss) (26.3 ) 27.5 (18.5 ) Total income before income taxes attributable to PBF Energy Inc. stockholders $ 423.7 $ 161.8 $ 731.2 |
Summary of the income tax provision | The income tax provision in the PBF Energy Consolidated Statements of Operations consists of the following: (in millions) Year Ended Year Ended Year Ended Current expense: Federal $ 0.2 $ 0.8 $ 1.5 Foreign 0.1 — 0.1 State 0.3 — 0.2 Total current 0.6 0.8 1.8 Deferred expense (benefit): Federal 91.8 18.7 250.0 Foreign (8.7 ) 7.2 (3.6 ) State 20.6 6.8 67.4 Total deferred 103.7 32.7 313.8 Total provision for income taxes $ 104.3 $ 33.5 $ 315.6 |
Schedule of effective income tax rate reconciliation | (in millions) Year Ended Year Ended Year Ended Current expense: Federal $ 0.2 $ 0.8 $ 1.5 Foreign 0.1 — 0.1 State 0.3 — 0.2 Total current 0.6 0.8 1.8 Deferred expense (benefit): Federal 91.8 18.7 250.0 Foreign (8.7 ) 7.2 (3.6 ) State 20.6 6.8 67.4 Total deferred 103.7 32.7 313.8 Total provision for income taxes $ 104.3 $ 33.5 $ 315.6 The difference between PBF Energy’s effective income tax rate and the United States statutory rate is reconciled below: Year Ended Year Ended Year Ended Provision at Federal statutory rate 21.0 % 21.0 % 35.0 % Increase (decrease) attributable to flow-through of certain tax adjustments: State income taxes (net of federal income tax) 3.9 % 5.0 % 4.6 % Nondeductible/nontaxable items 0.1 % 1.0 % 0.2 % Rate differential from foreign jurisdictions (0.2 )% 0.9 % 0.3 % Provision to return adjustment (0.1 )% (4.0 )% — % Adjustment to deferred tax assets and liabilities for change in tax rates (0.5 )% — % 2.8 % Stock-based compensation 0.1 % (2.6 )% — % Other 0.3 % (0.6 )% 0.3 % Effective tax rate 24.6 % 20.7 % 43.2 % |
Summary of the components of deferred tax assets and liabilities | A summary of the components of PBF Energy’s deferred tax assets and deferred tax liabilities consists of the following: (in millions) December 31, 2019 December 31, 2018 Deferred tax assets Purchase interest step-up $ 278.1 $ 306.2 Inventory 10.5 47.0 Pension, employee benefits and compensation 60.3 55.1 Hedging 3.3 3.1 Net operating loss carry forwards 136.3 134.7 Environmental liabilities 33.6 38.1 Lease obligation liability 83.4 — Interest expense limitation carry forwards 31.5 — Other 29.2 2.7 Total deferred tax assets 666.2 586.9 Valuation allowances — — Total deferred tax assets, net 666.2 586.9 Deferred tax liabilities Property, plant and equipment 678.1 578.8 Right of use asset 83.6 — Other 1.4 — Total deferred tax liabilities 763.1 578.8 Net deferred tax (liabilities) assets $ (96.9 ) $ 8.1 |
Summary of income tax examinations | Income tax years that remain subject to examination by material jurisdictions, where an examination has not already concluded are all years including and subsequent to: United States Federal 2016 New Jersey 2014 Michigan 2015 Delaware 2016 Indiana 2016 Pennsylvania 2016 New York 2016 Louisiana 2016 California 2016 |
PBF LLC [Member] | |
Operating Loss Carryforwards [Line Items] | |
Summary of the income tax provision | The reported income tax (benefit) expense in the PBF LLC Consolidated Statements of Operations consists of the following: (in millions) Year Ended Year Ended Year Ended Current income tax expense $ 0.5 $ 0.8 $ 1.7 Deferred income tax (benefit) expense (8.8 ) 7.2 (12.5 ) Total income tax (benefit) expense $ (8.3 ) $ 8.0 $ (10.8 ) |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |
Schedule of Segment Reporting Information, by Segment | PBF Energy (in millions) Year Ended December 31, 2019 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 24,468.9 $ 340.2 $ — $ (300.9 ) $ 24,508.2 Depreciation and amortization expense 386.7 38.6 10.8 — 436.1 Income (loss) from operations (1)(2) 767.9 159.3 (270.3 ) (7.9 ) 649.0 Interest expense, net 1.3 51.1 107.2 — 159.6 Capital expenditures 708.9 31.7 8.3 — 748.9 Year Ended December 31, 2018 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 27,162.1 $ 283.4 $ — $ (259.4 ) $ 27,186.1 Depreciation and amortization expense 329.3 29.8 10.6 — 369.7 Income (loss) from operations (2) 498.2 143.9 (266.2 ) (17.8 ) 358.1 Interest expense, net 7.6 43.0 119.3 — 169.9 Capital expenditures (3) 552.0 175.7 6.2 — 733.9 Year Ended December 31, 2017 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 21,769.7 $ 257.6 $ — $ (240.7 ) $ 21,786.6 Depreciation and amortization expense 253.6 24.4 13.0 — 291.0 Income (loss) from operations (2) 814.0 143.4 (211.2 ) (14.6 ) 731.6 Interest expense, net 4.7 33.4 116.3 — 154.4 Capital expenditures (4) 633.3 90.3 3.5 — 727.1 Balance at December 31, 2019 Refining Logistics Corporate Eliminations Consolidated Total Total assets (1) $ 8,154.8 $ 973.0 $ 52.7 $ (48.1 ) $ 9,132.4 Balance at December 31, 2018 Refining Logistics Corporate Eliminations Consolidated Total Total assets (5) $ 6,988.0 $ 956.4 $ 98.1 $ (37.1 ) $ 8,005.4 PBF LLC (in millions) Year Ended December 31, 2019 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 24,468.9 $ 340.2 $ — $ (300.9 ) $ 24,508.2 Depreciation and amortization expense 386.7 38.6 10.8 — 436.1 Income (loss) from operations (1)(2) 767.9 159.3 (268.6 ) (7.9 ) 650.7 Interest expense, net 1.3 51.1 116.7 — 169.1 Capital expenditures 708.9 31.7 8.3 — 748.9 Year Ended December 31, 2018 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 27,162.1 $ 283.4 $ — $ (259.4 ) $ 27,186.1 Depreciation and amortization expense 329.3 29.8 10.6 — 369.7 Income (loss) from operations (2) 498.2 143.9 (264.4 ) (17.8 ) 359.9 Interest expense, net 7.6 43.0 127.9 — 178.5 Capital expenditures (3) 552.0 175.7 6.2 — 733.9 Year Ended December 31, 2017 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 21,769.7 $ 257.6 $ — $ (240.7 ) $ 21,786.6 Depreciation and amortization expense 253.6 24.4 13.0 — 291.0 Income (loss) from operations (2) 814.0 143.4 (210.9 ) (14.6 ) 731.9 Interest expense, net 4.7 33.4 124.2 — 162.3 Capital expenditures (4) 633.3 90.3 3.5 — 727.1 Balance at December 31, 2019 Refining Logistics Corporate Eliminations Consolidated Total Total assets (1) $ 8,154.8 $ 973.0 $ 49.4 $ (48.1 ) $ 9,129.1 Balance at December 31, 2018 Refining Logistics Corporate Eliminations Consolidated Total Total assets (5) $ 6,988.0 $ 956.4 $ 45.8 $ (37.1 ) $ 7,953.1 (1) On April 24, 2019, PBFX entered into the TVPC Contribution Agreement, pursuant to which PBF LLC contributed to PBFX all of the issued and outstanding limited liability company interests of TVP Holding. Prior to the TVPC Acquisition, TVP Holding owned a 50% membership interest in TVPC. Subsequent to the closing of the TVPC Acquisition on May 31, 2019, PBFX owns 100% of the membership interests in TVPC. (2) Prior to the TVPC Contribution Agreement, the Logistics segment included 100% of the income from operations of TVPC, as TVPC was consolidated by PBFX. PBFX recorded net income attributable to noncontrolling interest for the 50% equity interest in TVPC held by PBF Holding. PBF Holding (included in the Refining segment) recorded equity income in investee related to its 50% noncontrolling ownership interest in TVPC. For purposes of the Company’s Consolidated Financial Statements, PBF Holding’s equity income in investee and PBFX’s net income attributable to noncontrolling interest eliminated in consolidation. (3) The Logistics segment includes capital expenditures of $58.4 million for the PBFX acquisition of the Knoxville Terminals on April 16, 2018 and $75.0 million for the PBFX acquisition of the East Coast Storage Assets on October 1, 2018. (4) The Logistics segment includes capital expenditures of $10.1 million for the PBFX acquisition of the Toledo, Ohio refined products terminal assets (the “Toledo Products Terminal”) on April 17, 2017. (5) Prior to the TVPC Contribution Agreement, the Logistics segment included 100% of the assets of TVPC, as TVPC was consolidated by PBFX. PBFX recorded a noncontrolling interest for the 50% equity interest in TVPC held by PBF Holding. PBF Holding (included in the Refining segment) recorded an equity investment in TVPC reflecting its noncontrolling ownership interest. For purposes of the Company’s Consolidated Financial Statements, PBFX’s noncontrolling interest in TVPC and PBF Holding’s equity investment in TVPC eliminated in consolidation. |
NET INCOME PER SHARE OF PBF E_2
NET INCOME PER SHARE OF PBF ENERGY (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Computation of basic and diluted net income per common share | The following table sets forth the computation of basic and diluted net income per share of PBF Energy Class A common stock attributable to PBF Energy for the periods presented: (in millions, except share and per share amounts) Year Ended December 31, Basic Earnings Per Share: 2019 2018 2017 Allocation of earnings: Net income attributable to PBF Energy Inc. stockholders $ 319.4 $ 128.3 $ 415.6 Less: Income allocated to participating securities 0.5 0.7 1.0 Income available to PBF Energy Inc. stockholders - basic $ 318.9 $ 127.6 $ 414.6 Denominator for basic net income per PBF Energy Class A common share-weighted average shares 119,887,646 115,190,262 109,779,407 Basic net income attributable to PBF Energy per Class A common share $ 2.66 $ 1.11 $ 3.78 Diluted Earnings Per Share: Numerator: Income available to PBF Energy Inc. stockholders - basic $ 318.9 $ 127.6 $ 414.6 Plus: Net income attributable to noncontrolling interest (1) 4.3 4.6 16.7 Less: Income tax expense on net income attributable to noncontrolling interest (1) (1.0 ) (1.2 ) (6.6 ) Numerator for diluted net income per Class A common share - net income attributable to PBF Energy Inc. stockholders (1) $ 322.2 $ 131.0 $ 424.7 Denominator (1) : Denominator for basic net income per PBF Energy Class A common share-weighted average shares 119,887,646 115,190,262 109,779,407 Effect of dilutive securities: Conversion of PBF LLC Series A Units 1,207,581 1,938,089 3,823,783 Common stock equivalents (2) 758,072 1,645,255 295,655 Denominator for diluted net income per PBF Energy Class A common share-adjusted weighted average shares 121,853,299 118,773,606 113,898,845 Diluted net income attributable to PBF Energy Inc. stockholders per Class A common share $ 2.64 $ 1.10 $ 3.73 —————————— (1) The diluted earnings per share calculation generally assumes the conversion of all outstanding PBF LLC Series A Units to PBF Energy Class A common stock. The net income attributable to PBF Energy, used in the numerator of the diluted earnings per share calculation is adjusted to reflect the net income, as well as the corresponding income tax expense (based on a 24.9% , 26.0% and 39.6% annualized statutory corporate tax rate for the years ended December 31, 2019 , 2018 and 2017 ) attributable to the converted units. (2) Represents an adjustment to weighted-average diluted shares outstanding to assume the full exchange of common stock equivalents, including options and warrants for PBF LLC Series A Units and performance share units and options for shares of PBF Energy Class A common stock as calculated under the treasury stock method (to the extent the impact of such exchange would not be anti-dilutive). Common stock equivalents exclude the effects of performance share units and options and warrants to purchase 6,765,526 , 1,293,242 and 6,820,275 shares of PBF Energy Class A common stock and PBF LLC Series A units because they are anti-dilutive for the years ended December 31, 2019, 2018 and 2017 , respectively. For periods showing a net loss, all common stock equivalents and unvested restricted stock are considered anti-dilutive. |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The tables below present information about the Company’s financial assets and liabilities measured and recorded at fair value on a recurring basis and indicate the fair value hierarchy of the inputs utilized to determine the fair values as of December 31, 2019 and 2018 . The Company has elected to offset the fair value amounts recognized for multiple derivative contracts executed with the same counterparty; however, fair value amounts by hierarchy level are presented on a gross basis in the tables below. The Company has posted cash margin with various counterparties to support hedging and trading activities. The cash margin posted is required by counterparties as collateral deposits and cannot be offset against the fair value of open contracts except in the event of default. The Company has no derivative contracts that are subject to master netting arrangements that are reflected gross on the Consolidated Balance Sheets. As of December 31, 2019 Fair Value Hierarchy (in millions) Level 1 Level 2 Level 3 Total Gross Fair Value Effect of Counter-party Netting Net Carrying Value on Balance Sheet Assets: Money market funds $ 111.8 $ — $ — $ 111.8 N/A $ 111.8 Commodity contracts 32.5 1.5 — 34.0 (33.8 ) 0.2 Liabilities: Commodity contracts 32.8 1.0 — 33.8 (33.8 ) — Catalyst obligations — 47.6 — 47.6 — 47.6 Derivatives included with inventory intermediation agreement obligations — 1.3 — 1.3 — 1.3 As of December 31, 2018 Fair Value Hierarchy (in millions) Level 1 Level 2 Level 3 Total Gross Fair Value Effect of Counter-party Netting Net Carrying Value on Balance Sheet Assets: Money market funds $ 16.7 $ — $ — $ 16.7 N/A $ 16.7 Commodity contracts 1.2 8.9 — 10.1 (2.9 ) 7.2 Derivatives included with inventory intermediation agreement obligations — 24.1 — 24.1 — 24.1 Liabilities: Commodity contracts 2.7 0.2 — 2.9 (2.9 ) — Catalyst obligations — 44.3 — 44.3 — 44.3 |
Schedule of Effect of Significant Unobservable Inputs | Non-qualified pension plan assets are measured at fair value using a market approach based on published net asset values of mutual funds as a practical expedient. As of December 31, 2019 and 2018 , $10.3 million and $9.7 million , respectively, were included within Deferred charges and other assets, net for these non-qualified pension plan assets. |
Schedule of Fair value of Debt | The table below summarizes the fair value and carrying value of debt as of December 31, 2019 and 2018 . December 31, 2019 December 31, 2018 (in millions) Carrying value Fair value Carrying value Fair value 2025 Senior Notes (a) $ 725.0 $ 776.5 $ 725.0 $ 688.4 2023 Senior Notes (a) (d) 500.0 519.7 500.0 479.4 PBFX 2023 Senior Notes (a) 527.2 543.0 527.8 515.3 PBF Rail Term Loan (b) 14.5 14.5 21.6 21.6 Catalyst financing arrangements (c) 47.6 47.6 44.3 44.3 PBFX Revolving Credit Facility (b) 283.0 283.0 156.0 156.0 2,097.3 2,184.3 1,974.7 1,905.0 Less - Current debt (c) — — (2.4 ) (2.4 ) Less - Unamortized deferred financing costs (32.4 ) n/a (41.0 ) n/a Long-term debt $ 2,064.9 $ 2,184.3 $ 1,931.3 $ 1,902.6 (a) The estimated fair value, categorized as a Level 2 measurement, was calculated based on the present value of future expected payments utilizing implied current market interest rates based on quoted prices of the Senior Notes and PBFX 2023 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. (c) 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. (d) As disclosed in “Note 9 - Credit Facilities and Debt”, these notes became unsecured following the Collateral Fall-Away Event on May 30, 2017. |
DERIVATIVES (Tables)
DERIVATIVES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Value of Derivative Instruments | The following tables provide information about the fair values of these derivative instruments as of December 31, 2019 and December 31, 2018 and the line items in the Consolidated Balance Sheets in which the fair values are reflected. Description Balance Sheet Location Fair Value Asset/(Liability) (in millions) Derivatives designated as hedging instruments: December 31, 2019: Derivatives included with the inventory intermediation agreement obligations Accrued expenses $ (1.3 ) December 31, 2018: Derivatives included with the inventory intermediation agreement obligations Accrued expenses $ 24.1 Derivatives not designated as hedging instruments: December 31, 2019: Commodity contracts Accounts receivable $ 0.2 December 31, 2018: Commodity contracts Accounts receivable $ 7.2 |
Schedule of Derivative Instruments, Gain (Loss) Recognized in Income | The following table provides information about the gains or losses recognized in income on these derivative instruments and the line items in the Consolidated Statements of Operations in which such gains and losses are reflected. Description Location of Gain or (Loss) Recognized in Income on Derivatives Gain or (Loss) Recognized in Income on Derivatives (in millions) Derivatives designated as hedging instruments: For the year ended December 31, 2019: Derivatives included with the inventory intermediation agreement obligations Cost of products and other $ (25.4 ) For the year ended December 31, 2018: Derivatives included with the inventory intermediation agreement obligations Cost of products and other $ 31.8 For the year ended December 31, 2017: Derivatives included with the inventory intermediation agreement obligations Cost of products and other $ (13.8 ) Derivatives not designated as hedging instruments: For the year ended December 31, 2019: Commodity contracts Cost of products and other $ 36.5 For the year ended December 31, 2018: Commodity contracts Cost of products and other $ (123.8 ) For the year ended December 31, 2017: Commodity contracts Cost of products and other $ (85.4 ) Hedged items designated in fair value hedges: For the year ended December 31, 2019: Crude oil, intermediate and refined product inventory Cost of products and other $ 25.4 For the year ended December 31, 2018: Intermediate and refined product inventory Cost of products and other $ (31.8 ) For the year ended December 31, 2017: Intermediate and refined product inventory Cost of products and other $ 13.8 |
QUARTERLY FINANCIAL DATA (Table
QUARTERLY FINANCIAL DATA (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Summary of quarterly financial data | The following table summarizes quarterly financial data for the years ended December 31, 2019 and 2018 . PBF Energy 2019 Quarter Ended (in millions) March 31 June 30 September 30 December 31 Revenues $ 5,216.2 $ 6,560.0 $ 6,430.5 $ 6,301.5 Income from operations 364.6 9.5 151.9 123.0 Net income (loss) 241.4 (21.6 ) 86.3 69.1 Net income (loss) attributable to PBF Energy Inc. stockholders 229.2 (32.2 ) 69.4 53.0 Earnings (loss) per common share - assuming dilution $ 1.89 $ (0.27 ) $ 0.57 $ 0.44 2018 Quarter Ended March 31 June 30 September 30 December 31 Revenues $ 5,802.8 $ 7,444.1 $ 7,646.3 $ 6,292.9 Income (loss) from operations 95.7 422.3 286.3 (446.2 ) Net income (loss) 41.8 287.7 192.5 (346.7 ) Net income (loss) attributable to PBF Energy Inc. stockholders 30.4 272.1 179.6 (353.8 ) Earnings (loss) per common share -assuming dilution $ 0.27 $ 2.37 $ 1.50 $ (2.97 ) |
PBF LLC [Member] | |
Summary of quarterly financial data | PBF LLC 2019 Quarter Ended (in millions) March 31 June 30 September 30 December 31 Revenues $ 5,216.2 $ 6,560.0 $ 6,430.5 $ 6,301.5 Income from operations 364.9 9.9 152.3 123.6 Net income (loss) 327.4 (35.9 ) 108.1 80.4 Net income (loss) attributable to PBF Energy Company LLC 318.4 (47.0 ) 92.1 65.0 2018 Quarter Ended March 31 June 30 September 30 December 31 Revenues $ 5,802.8 $ 7,444.1 $ 7,646.3 $ 6,292.9 Income (loss) from operations 95.9 422.8 286.6 (445.4 ) Net income (loss) 51.7 385.7 244.9 (502.2 ) Net income (loss) attributable to PBF Energy Company LLC 41.5 376.3 234.4 (514.4 ) |
DESCRIPTION OF THE BUSINESS A_2
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Details) $ in Millions | Apr. 24, 2019shares | Aug. 14, 2018shares | Dec. 31, 2019USD ($)reportable_segmentshares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | Apr. 29, 2019 | Jul. 31, 2018 | Jul. 30, 2018 | Dec. 31, 2016shares |
Description of Business [Line Items] | |||||||||
Number Of Reporting Segments | reportable_segment | 2 | ||||||||
Public offering (in shares) | 6,585,500 | 6,000,000 | |||||||
Net proceeds from issuance of PBF Energy Class A common stock | $ | $ 0 | $ 287.3 | $ 0 | ||||||
Shares outstanding (in shares) | 121,059,199 | 121,020,288 | 121,080,516 | 114,332,995 | 113,124,949 | ||||
Ownership Percentage of Equity Held | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Percent of tax benefit received from increases in tax basis paid to stockholders | 85.00% | ||||||||
Limited Partners' Capital Account, Ownership Percentage | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | ||
PBF Energy [Member] | Class A Common Stock [Member] | |||||||||
Description of Business [Line Items] | |||||||||
Shares outstanding (in shares) | 119,852,874 | 119,804,971 | 119,874,191 | 110,565,531 | 109,204,047 | ||||
Ownership Percentage of Equity Held | 99.00% | ||||||||
PBF LLC [Member] | Series C Units [Member] | |||||||||
Description of Business [Line Items] | |||||||||
Shares outstanding (in shares) | 119,826,202 | ||||||||
PBF LLC [Member] | Series A Units [Member] | |||||||||
Description of Business [Line Items] | |||||||||
Shares outstanding (in shares) | 1,206,325 | 1,215,317 | 1,206,325 | 3,767,464 | 3,920,902 | ||||
Ownership Percentage of Equity Held | 1.00% | 1.00% | 1.00% | 3.30% | 3.50% | ||||
PBF Energy Inc. [Member] | Class A Common Stock [Member] | |||||||||
Description of Business [Line Items] | |||||||||
Ownership Percentage of Equity Held | 99.00% | 99.00% | 96.70% | 96.50% | |||||
Limited Partner [Member] | PBF LLC [Member] | |||||||||
Description of Business [Line Items] | |||||||||
Limited Partners' Capital Account, Ownership Percentage | 48.20% | 44.00% | 44.10% | 48.30% | 44.00% | 42.10% | 44.20% |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Concentration of Credit Risk) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Concentration Risk [Line Items] | |||
Purchase interest step-up | $ 278.1 | $ 306.2 | |
Customer Concentration Risk [Member] | Revenues [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 0.00% | 0.00% | 0.00% |
Customer Concentration Risk [Member] | Accounts Receivables [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 0.00% | 0.00% |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Allowance for Doubtful Accounts) (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Accounting Policies [Abstract] | ||
Allowance for doubtful accounts | $ 0 | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Property, Plant, and Equipment) (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Refinery turnaround amortization period | 3 years |
Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Refinery turnaround amortization period | 6 years |
Process Units and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 5 years |
Process Units and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 25 years |
Pipeline and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 5 years |
Pipeline and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 25 years |
Buildings [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 25 years |
Computers, Furniture and Fixtures [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 3 years |
Computers, Furniture and Fixtures [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 7 years |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 20 years |
Railcars [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 50 years |
SUMMARY OF SIGNIFICANT ACCOUN_7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Deferred Charges and Other Assets, Net) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | |||
Other non-service component of net periodic benefit costs | $ 0.2 | $ (1.1) | $ 1.4 |
Minimum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Refinery turnaround amortization period | 3 years | ||
Intangible assets estimated useful lives | 1 year | ||
Maximum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Refinery turnaround amortization period | 6 years | ||
Intangible assets estimated useful lives | 10 years | ||
Revolving Credit Facility And Senior Secured Notes [Member] | Minimum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization over life of loan | 1 year | ||
Revolving Credit Facility And Senior Secured Notes [Member] | Maximum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization over life of loan | 8 years |
SUMMARY OF SIGNIFICANT ACCOUN_8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Income Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Loss Carryforwards [Line Items] | ||
Percent of tax benefit received from increases in tax basis paid to stockholders | 85.00% | |
Unrealized deferred tax asset | $ 278.1 | $ 306.2 |
Realization period for deferred tax asset | 10 years | |
Corporate Federal Tax Rate | 21.00% |
SUMMARY OF SIGNIFICANT ACCOUN_9
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES New Accounting Pronouncements (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Jan. 01, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating lease right of use assets | $ 306.4 | $ 250 |
Operating Lease, Liability | $ 305.2 | $ 250 |
SUMMARY OF SIGNIFICANT ACCOU_10
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Change in Presentation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cost of products and other | $ 21,387.5 | $ 24,503.4 | $ 18,863.6 |
Operating Expenses | 1,782.3 | 1,721 | 1,684.4 |
Depreciation and amortization expense | 425.3 | 359.1 | 278 |
Cost of sales | 23,595.1 | 26,583.5 | 20,826 |
General and administrative expenses (excluding depreciation and amortization expense as reflected below) | 284 | 277 | 214.5 |
Depreciation and amortization expense | 10.8 | 10.6 | 13 |
(Gain) loss on sale of assets | (29.9) | (43.1) | 1.5 |
Total cost and expenses | $ 23,859.2 | $ 26,828 | $ 21,055 |
SUMMARY OF SIGNIFICANT ACCOU_11
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Stock-Based Compensation) (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Phantom Share Units (PSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 4 years |
PBF Energy [Member] | Performance Share Units And Performance Share Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 3 years |
PBF Energy [Member] | Minimum [Member] | Performance Share Units And Performance Share Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Distribution Percentage Based On Performance Measurements | 0.00% |
PBF Energy [Member] | Maximum [Member] | Performance Share Units And Performance Share Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Distribution Percentage Based On Performance Measurements | 200.00% |
PBF LOGISTICS LP (Details)
PBF LOGISTICS LP (Details) - USD ($) $ / shares in Units, $ in Millions | May 31, 2019 | Jun. 01, 2017 | Feb. 28, 2017 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Apr. 29, 2019 | Jul. 31, 2018 | Jul. 30, 2018 | Dec. 31, 2016 |
Limited Partners' Capital Account, Ownership Percentage | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Purchase of marketable securities | $ 0 | $ 0 | $ (75) | ||||||||
PBF Logistics LP [Member] | |||||||||||
IDR maximum percentage distribution | 50.00% | ||||||||||
IDR, Distribution in Excess (in dollars per share) | $ 0.345 | ||||||||||
Common Stock, Conversion Basis | 1 | ||||||||||
PBF LLC [Member] | |||||||||||
Purchase of marketable securities | $ 0 | $ 0 | $ (75) | ||||||||
Limited Partner [Member] | PBF LLC [Member] | |||||||||||
Limited Partners' Capital Account, Ownership Percentage | 48.20% | 44.00% | 44.10% | 48.30% | 44.00% | 42.10% | 44.20% | ||||
Limited Partner [Member] | Public Unit Holders [Member] | |||||||||||
Limited Partners' Capital Account, Ownership Percentage | 51.80% | 56.00% | 55.90% | 51.70% | 56.00% | 57.90% | 55.80% | ||||
Limited Partner [Member] | Common Units [Member] | PBF LLC [Member] | |||||||||||
Partners' Capital Account, Units (in shares) | 29,953,631 | ||||||||||
PBFX Operating Company LLC [Member] | PBF Holding Company LLC [Member] | |||||||||||
Term of Agreement | 10 years | ||||||||||
Torrance Valley Pipeline Company LLC [Member] | TVP Holding [Member] | |||||||||||
Wholly Owned Subsidiary, Percentage of Ownership | 50.00% | ||||||||||
Torrance Valley Pipeline Company LLC [Member] | PBF Logistics LP [Member] | |||||||||||
Wholly Owned Subsidiary, Percentage of Ownership | 100.00% |
PBF LOGISTICS LP OFFERINGS AND
PBF LOGISTICS LP OFFERINGS AND EQUITY TRANSACTIONS (Details) | Apr. 24, 2019USD ($)shares | Aug. 14, 2018shares | Jul. 30, 2018USD ($)shares | Jul. 16, 2018USD ($)agreementshares | Jun. 01, 2017 | Dec. 31, 2019USD ($) | Dec. 31, 2019USD ($)$ / shares | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Feb. 28, 2019shares |
Proceeds from issuance of stock | $ 0 | $ 287,300,000 | $ 0 | |||||||
Stock issued during period | $ 135,000,000 | $ 287,300,000 | ||||||||
Stock issued during period (in shares) | shares | 6,585,500 | 6,000,000 | ||||||||
PBF Logistics LP [Member] | ||||||||||
Common Stock, Conversion Basis | 1 | |||||||||
Incentive Distribution, Distribution | $ 0 | |||||||||
IDR maximum percentage distribution | 50.00% | |||||||||
IDR, Distribution in Excess (in dollars per share) | $ / shares | $ 0.345 | |||||||||
Limited Partner, Public [Member] | ||||||||||
Partners' Capital Account, Units, Sold in Public Offering (in shares) | shares | 1,775,750 | |||||||||
Proceeds from issuance of stock | $ 34,900,000 | |||||||||
Development Assets Acquisition [Member] | ||||||||||
Related Party Transaction, Number Of Contribution Agreements Entered Into | agreement | 4 | |||||||||
Stock issued during period | $ 31,600,000 | |||||||||
Stock issued during period (in shares) | shares | 1,494,134 | |||||||||
PBF LLC [Member] | Common Units [Member] | PBF Logistics LP [Member] | ||||||||||
Stock Issued During Period, Shares, Conversion of Incentive Distribution Rights | shares | 10,000,000 |
PBF LOGISTICS LP ACQUISITIONS (
PBF LOGISTICS LP ACQUISITIONS (Details) $ in Millions | Apr. 24, 2019USD ($)shares | Aug. 14, 2018shares | Jul. 16, 2018USD ($)agreementshares | Apr. 16, 2018USD ($)bay | Nov. 01, 2017 | Feb. 28, 2017 | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Feb. 15, 2017USD ($) |
Stock issued during period | $ 135 | $ 287.3 | ||||||||
Stock issued during period (in shares) | shares | 6,585,500 | 6,000,000 | ||||||||
Payments to Acquire Property, Plant, and Equipment | $ 404.9 | 317.5 | $ 306.7 | |||||||
Maturities of marketable securities | 0 | 0 | 115.1 | |||||||
Proceeds from revolver borrowings | 1,350 | 0 | 490 | |||||||
Torrance Valley Pipeline Company LLC [Member] | ||||||||||
Business Combination, Consideration Transferred | $ 200 | |||||||||
Knoxville Terminals Purchase [Member] | ||||||||||
Number Of Loading Bays Acquired | bay | 9 | |||||||||
Payments to Acquire Property, Plant, and Equipment | $ 58 | |||||||||
Payment to acquire business | $ 0 | $ 58.4 | $ 0 | |||||||
PBF Logistics LP [Member] | Knoxville Terminals Purchase [Member] | ||||||||||
Debt Instrument, Face Amount | $ 11.6 | |||||||||
PBFX Operating Company LLC [Member] | Chalmette Refinery [Member] | ||||||||||
Term of Agreement | 20 years | |||||||||
PBFX Operating Company LLC [Member] | PBF Holding Company LLC [Member] | ||||||||||
Term of Agreement | 10 years | |||||||||
Development Assets Acquisition [Member] | ||||||||||
Related Party Transaction, Number Of Contribution Agreements Entered Into | agreement | 4 | |||||||||
Stock issued during period | $ 31.6 | |||||||||
Stock issued during period (in shares) | shares | 1,494,134 |
ACQUISITIONS (Purchase Price) (
ACQUISITIONS (Purchase Price) (Details) - USD ($) $ in Millions | Oct. 01, 2019 | Oct. 01, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Business Acquisition [Line Items] | ||||||
Deferred payment for PBFX East Coast Storage Assets Acquisition | $ 32 | $ 0 | $ 0 | |||
Maturities of marketable securities | 0 | 0 | 115.1 | |||
East Coast Storage Assets Acquisition contingent consideration | 0 | 21.1 | 0 | |||
Proceeds from revolver borrowings | 1,350 | 0 | 490 | |||
Payments to Acquire Property, Plant, and Equipment | 404.9 | 317.5 | 306.7 | |||
East Coast Storage Assets Acquisition [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Term of Agreement | 3 years | |||||
Deferred payment for PBFX East Coast Storage Assets Acquisition | $ 32 | $ 30.9 | 0 | 30.9 | 0 | |
Payment to acquire business | $ 0 | $ 75 | $ 0 | |||
Business Combination, Consideration Transferred, Initial Estimate | 105.9 | |||||
Total consideration | 127 | |||||
Business Combination, Consideration Transferred, Working Capital Adjustments | 0 | |||||
East Coast Storage Assets Acquisition contingent consideration | 21.1 | |||||
Business Combination, Contingent Consideration, Liability | [1] | 21.1 | ||||
Payments to Acquire Property, Plant, and Equipment | $ 75 | |||||
[1] | ** The short-term Contingent Consideration is included in “Accrued expenses” and the long-term Contingent Consideration is included in “Other long-term liabilities” in the Consolidated Balance Sheets. |
ACQUISITIONS (Assets and Liabil
ACQUISITIONS (Assets and Liabilities Acquired) (Details) - East Coast Storage Assets Acquisition [Member] $ in Millions | Oct. 01, 2018USD ($) |
Business Acquisition [Line Items] | |
Accounts receivable | $ 0.4 |
Prepaid expenses and other current assets | 0.6 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 13.3 |
Property, plant and equipment | 115.6 |
Accounts payable | (0.9) |
Accrued expenses | (1.3) |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | (0.7) |
Fair value of net assets acquired | $ 127 |
ACQUISITIONS (Pro Forma Informa
ACQUISITIONS (Pro Forma Information) (Details) - East Coast Storage Assets Acquisition [Member] - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Business Acquisition [Line Items] | ||
Pro forma revenue | $ 27,203.5 | $ 21,800.7 |
Pro forma net income (loss) | $ 124.6 | $ 400.8 |
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ 1.08 | $ 3.64 |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ 1.07 | $ 3.60 |
PBF LLC [Member] | ||
Business Acquisition [Line Items] | ||
Pro forma revenue | $ 27,203.5 | $ 21,800.7 |
Pro forma net income (loss) | $ 130.2 | $ 451.6 |
ACQUISITIONS (Additional Inform
ACQUISITIONS (Additional Information) (Details) - USD ($) $ in Millions | Oct. 01, 2018 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Business Acquisition [Line Items] | ||||||||||||
Business Combination, Acquisition Related Costs | $ 11.6 | $ 2.9 | $ 1 | |||||||||
Revenues | 24,508.2 | 27,186.1 | 21,786.6 | |||||||||
Net income | $ 69.1 | $ 86.3 | $ (21.6) | $ 241.4 | $ (346.7) | $ 192.5 | $ 287.7 | $ 41.8 | 375.2 | 175.3 | 483.4 | |
East Coast Storage Assets Acquisition [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Purchase price after adjustments | $ 127 | |||||||||||
Cash paid | $ 0 | $ 75 | $ 0 | |||||||||
Revenues | 5.9 | |||||||||||
Income (Loss) Attributable to Parent, before Tax | $ 0.8 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Inventory [Line Items] | ||||||||||||||
Crude oil and feedstocks | $ 1,074.1 | $ 1,044.8 | $ 1,074.1 | $ 1,044.8 | ||||||||||
Refined products and blendstocks | 1,328.9 | 1,361.7 | 1,328.9 | 1,361.7 | ||||||||||
Warehouse stock and other | 120.8 | 111.1 | 120.8 | 111.1 | ||||||||||
Other Inventory, Gross | 2,523.8 | 2,517.6 | 2,523.8 | 2,517.6 | ||||||||||
Lower of cost or market adjustment | (401.6) | (651.8) | (401.6) | (651.8) | $ (300.5) | |||||||||
Total inventories | 2,122.2 | 1,865.8 | 2,122.2 | 1,865.8 | ||||||||||
Income (loss) from operations | 123 | $ 151.9 | $ 9.5 | $ 364.6 | (446.2) | $ 286.3 | $ 422.3 | $ 95.7 | 649 | [1] | 358.1 | [1] | 731.6 | [1] |
Net income (loss) | 69.1 | $ 86.3 | $ (21.6) | $ 241.4 | (346.7) | $ 192.5 | $ 287.7 | $ 41.8 | 375.2 | 175.3 | $ 483.4 | |||
Inventory, LIFO Reserve, Effect on Income, Net | 4.9 | 21.9 | ||||||||||||
Titled Inventory [Member] | ||||||||||||||
Inventory [Line Items] | ||||||||||||||
Crude oil and feedstocks | 1,071.4 | 1,044.8 | 1,071.4 | 1,044.8 | ||||||||||
Refined products and blendstocks | 976 | 1,026.9 | 976 | 1,026.9 | ||||||||||
Warehouse stock and other | 120.8 | 111.1 | 120.8 | 111.1 | ||||||||||
Other Inventory, Gross | 2,168.2 | 2,182.8 | 2,168.2 | 2,182.8 | ||||||||||
Lower of cost or market adjustment | (324.8) | (557.2) | (324.8) | (557.2) | ||||||||||
Total inventories | 1,843.4 | 1,625.6 | 1,843.4 | 1,625.6 | ||||||||||
Inventory Supply and Offtake Arrangements [Member] | ||||||||||||||
Inventory [Line Items] | ||||||||||||||
Crude oil and feedstocks | 2.7 | 0 | 2.7 | 0 | ||||||||||
Refined products and blendstocks | 352.9 | 334.8 | 352.9 | 334.8 | ||||||||||
Warehouse stock and other | 0 | 0 | 0 | 0 | ||||||||||
Other Inventory, Gross | 355.6 | 334.8 | 355.6 | 334.8 | ||||||||||
Lower of cost or market adjustment | (76.8) | (94.6) | (76.8) | (94.6) | ||||||||||
Total inventories | $ 278.8 | $ 240.2 | 278.8 | 240.2 | ||||||||||
Adjustment [Member] | ||||||||||||||
Inventory [Line Items] | ||||||||||||||
Income (loss) from operations | $ 250.2 | $ (351.3) | ||||||||||||
[1] | (2) Prior to the TVPC Contribution Agreement, the Logistics segment included 100% of the income from operations of TVPC, as TVPC was consolidated by PBFX. PBFX recorded net income attributable to noncontrolling interest for the 50% equity interest in TVPC held by PBF Holding. PBF Holding (included in the Refining segment) recorded equity income in investee related to its 50% noncontrolling ownership interest in TVPC. For purposes of the Company’s Consolidated Financial Statements, PBF Holding’s equity income in investee and PBFX’s net income attributable to noncontrolling interest eliminated in consolidation. |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 4,988.8 | $ 4,605.9 | |
Less - Accumulated depreciation | (965.6) | (785) | |
Property, plant and equipment, net | 4,023.2 | 3,820.9 | |
Depreciation | 178 | 162.2 | $ 147 |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 29.9 | 43.1 | $ (1.5) |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 360.5 | 351.5 | |
Process units, pipelines and equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 4,108 | 3,741.1 | |
Building and Building Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 64.6 | 58.2 | |
Computers furniture and fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 143.5 | 127 | |
Construction in progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 312.2 | 328.1 | |
Capitalized interest | 18.1 | 9.5 | |
Torrance Refinery [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ (33.1) | $ (43.8) |
DEFERRED CHARGES AND OTHER AS_3
DEFERRED CHARGES AND OTHER ASSETS, NET (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2016 | |
Deferred turnaround costs, net | $ 722.7 | $ 673.1 | |
Catalyst, net | 132.7 | 124.3 | |
Environmental Credits | 37.8 | 37.8 | |
Intangible assets, net | 24.3 | 25.6 | |
Finance Lease, Right-of-Use Asset | 24.2 | 0 | |
Linefill | 19.5 | 19.5 | |
Pension plan assets | 10.3 | 9.7 | |
Other | 7.6 | 9.1 | |
Total deferred charges and other assets, net | 979.1 | 899.1 | |
Amortization expense | 258.1 | 207.6 | $ 144 |
Intangible Assets, Net [Abstract] | |||
Intangible assets - gross | 29.5 | 29.5 | |
Accumulated amortization | (5.2) | (3.9) | |
Intangible assets - net | 24.3 | 25.6 | |
PBF LLC [Member] | |||
Deferred turnaround costs, net | 722.7 | 673.1 | |
Catalyst, net | 132.7 | 124.3 | |
Environmental Credits | 37.8 | 37.8 | |
Intangible assets, net | 24.3 | 25.6 | |
Finance Lease, Right-of-Use Asset | 24.2 | 0 | |
Restricted Cash and Cash Equivalents | 19.5 | 19.5 | |
Pension plan assets | 10.3 | 9.7 | |
Other | 6.5 | 7.1 | |
Total deferred charges and other assets, net | 978 | 897.1 | |
Indefinitely-Lived Precious Metal [Member] | |||
Catalyst, net | $ 74.5 | $ 73.1 |
ACCRUED EXPENSES (Details)
ACCRUED EXPENSES (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Accrued Expenses: | ||
Inventory-related accruals | $ 1,103.2 | $ 846.3 |
Inventory intermediation agreements | 278.1 | 249.4 |
Accrued capital expenditures | 88.7 | 53.6 |
Accrued salaries and benefits | 81.1 | 89.8 |
Environmental liability | 12.8 | 7 |
Finance lease liabilities | 6.5 | 0 |
Excise and sales tax payable | 98.6 | 149.4 |
Accrued utilities | 40.1 | 49.8 |
Deferred payment - East Coast Storage Assets Acquisition | 0 | 30.9 |
Accrued refinery maintenance and support costs | 16.9 | 19 |
Accrued interest | 12.1 | 12.1 |
Business Combination, Contingent Consideration, Liability, Current | 10 | 0 |
Customer deposits | 1.8 | 5.6 |
Renewable energy credit obligations | 17.7 | 27.1 |
Accrued construction in progress | 32.2 | 60.6 |
Other | 15.8 | 23 |
Accrued expenses | 1,815.6 | 1,623.6 |
PBF LLC [Member] | ||
Accrued Expenses: | ||
Inventory-related accruals | 1,103.2 | 846.3 |
Inventory intermediation agreements | 278.1 | 249.4 |
Accrued capital expenditures | 88.7 | 53.6 |
Accrued salaries and benefits | 81.1 | 89.8 |
Environmental liability | 12.8 | 7 |
Finance lease liabilities | 6.5 | 0 |
Excise and sales tax payable | 98.6 | 149.4 |
Accrued utilities | 40.1 | 49.8 |
Deferred payment - East Coast Storage Assets Acquisition | 0 | 30.9 |
Accrued refinery maintenance and support costs | 17.7 | 27.1 |
Accrued interest | 1.8 | 5.6 |
Business Combination, Contingent Consideration, Liability, Current | 10 | 0 |
Customer deposits | 16.9 | 19 |
Renewable energy credit obligations | 39.5 | 29.9 |
Accrued construction in progress | 32.2 | 60.6 |
Other | 19 | 24.3 |
Accrued expenses | $ 1,846.2 | $ 1,642.7 |
CREDIT FACILITY AND LONG-TERM_3
CREDIT FACILITY AND LONG-TERM DEBT (Details) | Feb. 14, 2020 | Jan. 24, 2020USD ($) | May 02, 2018USD ($) | Oct. 06, 2017USD ($) | May 30, 2017USD ($) | Dec. 22, 2016USD ($) | Nov. 24, 2015USD ($) | May 14, 2014USD ($)renewal | Feb. 09, 2012USD ($) | Oct. 31, 2012USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jul. 30, 2018USD ($) | May 12, 2015USD ($) | |||
Debt Instrument [Line Items] | ||||||||||||||||||
Less—Current maturities | $ 0 | $ 2,400,000 | ||||||||||||||||
Long-term Debt, Gross | 2,097,300,000 | 1,974,700,000 | ||||||||||||||||
Repayments of Lines of Credit | $ 1,350,000,000 | 350,000,000 | $ 490,000,000 | |||||||||||||||
2023 Senior Secured Notes [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt fixed interest rate | 7.00% | |||||||||||||||||
Long-term Debt | $ 500,000,000 | |||||||||||||||||
2020 Senior Secured Notes [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt fixed interest rate | 8.25% | |||||||||||||||||
Long-term Debt | $ 675,500,000 | |||||||||||||||||
2025 Senior Notes [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt fixed interest rate | 7.25% | |||||||||||||||||
Proceeds from Debt, Net of Issuance Costs | $ 711,600,000 | |||||||||||||||||
Redemption price as a percentage | 100.00% | |||||||||||||||||
Long-term Debt | $ 725,000,000 | |||||||||||||||||
New PBFX Senior Notes [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 6.442% | |||||||||||||||||
PBFX Senior Notes [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Face Amount | $ 525,000,000 | 525,000,000 | $ 350,000,000 | |||||||||||||||
Debt fixed interest rate | 6.875% | |||||||||||||||||
Redemption price as a percentage | 100.00% | |||||||||||||||||
Line of Credit [Member] | Revolving Loan [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Maximum borrowing capacity | $ 3,400,000,000 | |||||||||||||||||
Line of Credit Facility, Available Increase in Borrowing Capacity | $ 3,500,000,000 | |||||||||||||||||
Maximum borrowing capacity, as a percentage of aggregate borrowing capacity | 10.00% | |||||||||||||||||
Alternative maximum borrowing capacity | $ 100,000,000 | |||||||||||||||||
Effective consolidated fixed charge coverage ratio during period | 1 | |||||||||||||||||
Long-term Line of Credit | 0 | [1] | 0 | |||||||||||||||
Line of Credit [Member] | Revolving Loan [Member] | Maximum [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.25% | |||||||||||||||||
Line of Credit [Member] | Revolving Loan [Member] | Company Credit Rating [Member] | Minimum [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Basis spread on variable rate | 1.00% | |||||||||||||||||
Line of Credit [Member] | Revolving Loan [Member] | Company Credit Rating [Member] | Maximum [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Basis spread on variable rate | 1.75% | |||||||||||||||||
Line of Credit [Member] | Revolving Loan [Member] | Base Rate [Member] | Minimum [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Basis spread on variable rate | 0.25% | |||||||||||||||||
Line of Credit [Member] | Revolving Loan [Member] | Base Rate [Member] | Maximum [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Basis spread on variable rate | 1.00% | |||||||||||||||||
Line of Credit [Member] | Revolving Loan [Member] | LIBOR [Member] | Minimum [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Basis spread on variable rate | 1.25% | |||||||||||||||||
Line of Credit [Member] | Revolving Loan [Member] | LIBOR [Member] | Maximum [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Basis spread on variable rate | 2.00% | |||||||||||||||||
Line of Credit [Member] | Standby Letters of Credit [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Long-term Line of Credit | 221,400,000 | 400,700,000 | ||||||||||||||||
New PBFX Senior Notes [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument, Face Amount | $ 175,000,000 | |||||||||||||||||
Debt fixed interest rate | 6.875% | |||||||||||||||||
Debt Instrument, Issuance Percentage Of Face Amount | 102.00% | |||||||||||||||||
Senior Secured Notes [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Redemption price as a percentage | 100.00% | |||||||||||||||||
2023 Senior Secured Notes [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Proceeds from Debt, Net of Issuance Costs | $ 490,000,000 | |||||||||||||||||
Long-term Debt | 500,000,000 | 500,000,000 | ||||||||||||||||
Financing Arrangements [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Facility fee | $ 700,000 | 1,000,000 | ||||||||||||||||
Financing Arrangements [Member] | Paulsboro Catalyst Lease [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt fixed interest rate | 1.47% | |||||||||||||||||
Financing Arrangements [Member] | Toledo Catalyst Lease [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt fixed interest rate | 1.75% | |||||||||||||||||
Financing Arrangements [Member] | Delaware City Catalyst Lease [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt fixed interest rate | 1.35% | |||||||||||||||||
Financing Arrangements [Member] | Chalmette Catalyst Lease [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt fixed interest rate | 2.10% | |||||||||||||||||
Financing Arrangements [Member] | Chalmette Catalyst Lease 2019 [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt fixed interest rate | 1.80% | |||||||||||||||||
Financing Arrangements [Member] | Torrance Catalyst Lease [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt fixed interest rate | 1.78% | |||||||||||||||||
PBF Rail Logistics Company LLC [Member] | Notes Payable to Banks [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Long-term Debt | $ 35,000,000 | [1] | $ 14,500,000 | 21,600,000 | [1] | |||||||||||||
Debt instrument term | 5 years | |||||||||||||||||
PBF Logistics LP [Member] | PBFX Senior Notes [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Long-term Debt | 527,200,000 | 527,800,000 | ||||||||||||||||
PBF Logistics LP [Member] | Line of Credit [Member] | Revolving Loan [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Maximum borrowing capacity | $ 500,000,000 | |||||||||||||||||
Long-term Line of Credit | 283,000,000 | 156,000,000 | ||||||||||||||||
Letters of Credit Outstanding, Amount | $ 4,800,000 | $ 4,000,000 | ||||||||||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 25,000,000 | |||||||||||||||||
PBF Logistics LP [Member] | Secured Debt [Member] | Revolving Loan [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Maximum borrowing capacity | 750,000,000 | |||||||||||||||||
Line of Credit Facility, Available Increase in Borrowing Capacity | $ 250,000,000 | |||||||||||||||||
Debt instrument term | 5 years | |||||||||||||||||
Line of Credit Facility, Maximum Amount Outstanding During Period | $ 275,000,000 | |||||||||||||||||
Debt Instrument, Renewal Term | 1 year | |||||||||||||||||
Debt Instrument, Number Of Renewals | renewal | 2 | |||||||||||||||||
Debt Instrument, Covenant, Consolidated Interest Leverage Ratio, Minimum | 2.50 | |||||||||||||||||
Debt Instrument, Covenant, Leverage Ratio, Maximum | 4.50 | |||||||||||||||||
Debt Instrument, Covenant, Consolidated Senior Secured Leverage Ratio, Maximum | 3.50 | |||||||||||||||||
PBF Logistics LP [Member] | Secured Debt [Member] | Revolving Loan [Member] | Base Rate [Member] | Minimum [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Basis spread on variable rate | 0.75% | |||||||||||||||||
PBF Logistics LP [Member] | Secured Debt [Member] | Revolving Loan [Member] | Base Rate [Member] | Maximum [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Basis spread on variable rate | 1.75% | |||||||||||||||||
PBF Logistics LP [Member] | Secured Debt [Member] | Revolving Loan [Member] | LIBOR [Member] | Minimum [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Basis spread on variable rate | 1.75% | |||||||||||||||||
PBF Logistics LP [Member] | Secured Debt [Member] | Revolving Loan [Member] | LIBOR [Member] | Maximum [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Basis spread on variable rate | 2.75% | |||||||||||||||||
PBF Logistics LP [Member] | Standby Letters of Credit [Member] | Revolving Loan [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 75,000,000 | |||||||||||||||||
Subsequent Event [Member] | 2023 Senior Secured Notes [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Redemption price as a percentage | 103.50% | |||||||||||||||||
Subsequent Event [Member] | 2028 Senior Notes [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt fixed interest rate | 6.00% | |||||||||||||||||
Proceeds from Debt, Net of Issuance Costs | $ 989,000,000 | |||||||||||||||||
Long-term Debt | $ 1,000,000,000 | |||||||||||||||||
[1] | 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. |
CREDIT FACILITY AND LONG-TERM_4
CREDIT FACILITY AND LONG-TERM DEBT (Summary of Long-Term Debt) (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 22, 2016 | [1] | May 12, 2015 | ||
Debt Instrument [Line Items] | |||||||
Long-term Debt, Gross | $ 2,097,300,000 | $ 1,974,700,000 | |||||
Less—Current maturities | 0 | (2,400,000) | |||||
Unamortized Debt Issuance Expense | (32,400,000) | (41,000,000) | |||||
Long-term debt (PBFX: $802.1 and $673.3, respectively) | 2,064,900,000 | 1,931,300,000 | |||||
Line of Credit [Member] | Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Line of Credit | 0 | [1] | 0 | ||||
PBFX Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt fixed interest rate | 6.875% | ||||||
2025 Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt | 725,000,000 | 725,000,000 | |||||
2023 Senior Secured Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt | 500,000,000 | 500,000,000 | |||||
PBF Rail Logistics Company LLC [Member] | Notes Payable to Banks [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt | 14,500,000 | 21,600,000 | [1] | $ 35,000,000 | |||
PBF Logistics LP [Member] | Line of Credit [Member] | Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Line of Credit | 283,000,000 | 156,000,000 | |||||
PBF Logistics LP [Member] | PBFX Senior Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt | 527,200,000 | 527,800,000 | |||||
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Catalyst lease obligations [Member] | Catalyst Financing Arrangement [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Debt | 47,600,000 | $ 44,300,000 | |||||
Long-term Debt, Gross | $ 47,600,000 | ||||||
[1] | 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. |
CREDIT FACILITY AND LONG-TERM_5
CREDIT FACILITY AND LONG-TERM DEBT (Debt Maturities) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2019 | $ 21.4 | |
2020 | 19.8 | |
2021 | 20.9 | |
2022 | 1,310.2 | |
2023 | 0 | |
Thereafter | 725 | |
Long-term Debt and Capital Lease Obligations | $ 2,097.3 | $ 1,974.7 |
AFFILIATE NOTE PAYABLE - PBF _2
AFFILIATE NOTE PAYABLE - PBF LLC (Details) - PBF LLC [Member] - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Affiliate note payable | $ 376.4 | $ 326.1 |
Notes Payable, Other Payables [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.50% |
OTHER LONG-TERM LIABILITIES (De
OTHER LONG-TERM LIABILITIES (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Other Long-Term Liabilities [Abstract] | ||
Environmental liabilities | $ 121.8 | $ 137.2 |
Defined benefit pension plan liabilities | 73.8 | 75 |
Long-term finance lease liabilities | 18.4 | 0 |
Early railcar return liability | 17.6 | 23.3 |
Post-retirement medical plan liabilities | 17.5 | 19.3 |
East Coast Storage Assets Contingent Consideration | 16.1 | 21.6 |
Other | 4.1 | 0.8 |
Total other long-term liabilities | $ 269.3 | $ 277.2 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Blackstone and First Reserve [Member] | Series B Units [Member] | |||
Related Party Transaction [Line Items] | |||
Distribution To Unitholders | $ 0 | $ 0 | $ 0 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details) $ in Millions | Mar. 03, 2014ppm | Dec. 31, 2019USD ($)ppm | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2010ppm | Apr. 29, 2019 | Aug. 14, 2018 | Jul. 31, 2018 | Jul. 30, 2018 | Dec. 31, 2016 |
Commitments and Contingencies Disclosure [Abstract] | ||||||||||
Inventory purchases | $ 65 | $ 68.6 | $ 64.1 | |||||||
Loss Contingencies [Line Items] | ||||||||||
Non-cancelable operating lease term | 20 years | |||||||||
Environmental Matters | ||||||||||
Environmental liability | $ 134.6 | 144.2 | ||||||||
Maximum amount of sulfur allowed in heating oil (in ppm) | ppm | 10 | 80 | ||||||||
Environmental liabilities | $ 121.8 | $ 137.2 | ||||||||
Percent of tax benefit received from increases in tax basis paid to stockholders | 85.00% | |||||||||
Limited Partners' Capital Account, Ownership Percentage | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | |||
Ownership Percentage of Equity Held | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | |||||
Payable to Related Parties, Tax Receivable Agreement | $ 373.5 | |||||||||
PBF Energy [Member] | Class A Common Stock [Member] | ||||||||||
Environmental Matters | ||||||||||
Ownership Percentage of Equity Held | 99.00% | |||||||||
PBF Energy Inc. [Member] | Class A Common Stock [Member] | ||||||||||
Environmental Matters | ||||||||||
Ownership Percentage of Equity Held | 99.00% | 96.70% | 99.00% | 96.50% | ||||||
Environmental Issue [Member] | Torrance Refinery [Member] | ||||||||||
Environmental Matters | ||||||||||
Environmental liability | $ 121.3 | $ 130.8 | ||||||||
Expected future payments | $ 57.4 | |||||||||
Minimum [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Non-cancelable operating lease term | 1 year | |||||||||
Executive [Member] | Minimum [Member] | ||||||||||
Employee Agreements | ||||||||||
Potential lump sum payment as a multiple of base salary | 1.50 | |||||||||
Potential payment upon death or disability as a multiple of base salary | 0.50 | |||||||||
Executive [Member] | Maximum [Member] | ||||||||||
Employee Agreements | ||||||||||
Potential lump sum payment as a multiple of base salary | 2.99 | |||||||||
New York [Member] | Environmental Issue [Member] | ||||||||||
Environmental Matters | ||||||||||
Maximum amount of sulfur allowed in heating oil (in ppm) | ppm | 15 | |||||||||
Northeastern States [Member] | Environmental Issue [Member] | ||||||||||
Environmental Matters | ||||||||||
Maximum amount of sulfur allowed in heating oil (in ppm) | ppm | 15 |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES (Future Minimum Rental Payments) (Details) $ in Millions | Dec. 31, 2019USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2016 | $ 30.5 |
2017 | 26.3 |
2018 | 20.4 |
2019 | 20.4 |
2020 | 20.4 |
Thereafter | 96.1 |
Total future obligation payments due | $ 214.1 |
LEASES (Details)
LEASES (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Lessee, Lease, Description [Line Items] | |
Non-cancelable operating lease term | 20 years |
Minimum [Member] | |
Lessee, Lease, Description [Line Items] | |
Non-cancelable operating lease term | 1 year |
Hydrogen Supply [Member] | |
Lessee, Lease, Description [Line Items] | |
Lessee, Leases Not Yet Commenced, Liability | $ 212.6 |
Hydrogen Supply - Second Quarter 2020 [Member] | |
Lessee, Lease, Description [Line Items] | |
Lessee, Lease Not Yet Commenced, Term Of Contract | 15 years |
LEASES (Lease Assets and Liabil
LEASES (Lease Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Leases [Abstract] | |||
Operating lease right of use assets | $ 306.4 | $ 250 | |
Finance Lease, Right-of-Use Asset | 24.2 | $ 0 | |
Lease, Right of Use Asset | 330.6 | ||
Current operating lease liabilities | 72.1 | ||
Finance lease liabilities | 6.5 | 0 | |
Long-term operating lease liabilities | 233.1 | ||
Finance Lease, Liability, Noncurrent | 18.4 | $ 0 | |
Total lease liabilities | $ 330.1 |
LEASES (Lease Cost) (Details)
LEASES (Lease Cost) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases - Lease Assets and Liabilities [Abstract] | |
Finance Lease, Right-of-Use Asset, Amortization | $ 2 |
Finance Lease, Interest Expense | 0.8 |
Operating lease cost | 109.8 |
Short-term lease cost | 89.2 |
Variable lease cost | 8.3 |
Total lease cost | $ 210.1 |
LEASES (Supplemental Cash Flow
LEASES (Supplemental Cash Flow and Other Information) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | |
Operating cash flows for operating leases | $ 110.3 | |||
Finance Lease, Interest Payment on Liability | 0.8 | |||
Finance Lease, Principal Payments | 1.4 | |||
Supplemental non-cash amounts of lease liabilities arising from obtaining right-of-use assets | 408.6 | $ 0 | $ 0 | |
Weighted average remaining lease term - operating leases | 12 years 9 months 18 days | |||
Finance Lease, Weighted Average Remaining Lease Term | 6 years 1 month 6 days | |||
Weighted average discount rate - operating leases | 7.48% | |||
Finance Lease, Weighted Average Discount Rate, Percent | 5.98% | |||
Adjustments for New Accounting Pronouncement [Member] | ||||
Supplemental non-cash amounts of lease liabilities arising from obtaining right-of-use assets | $ 184.9 |
LEASES (Maturity of Lease Liabi
LEASES (Maturity of Lease Liabilities) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |
Finance Leases | |||
2019 | $ 7.8 | ||
2020 | 7.8 | ||
2021 | 2 | ||
2022 | 2 | ||
2023 | 2 | ||
Thereafter | 8.8 | ||
Total minimum lease payments | 30.4 | ||
Less: effect of discounting | 5.5 | ||
Present value of future minimum lease payments | 24.9 | ||
Finance lease liabilities | 6.5 | $ 0 | |
Finance Lease, Liability, Noncurrent | 18.4 | $ 0 | |
Operating Leases | |||
2019 | 92.4 | ||
2020 | 58.5 | ||
2021 | 41.5 | ||
2022 | 31.9 | ||
2023 | 33.2 | ||
Thereafter | 231.6 | ||
Total minimum lease payments | 489.1 | ||
Less: effect of discounting | 183.9 | ||
Present value of future minimum lease payments | 305.2 | $ 250 | |
Less: current obligations under leases | 72.1 | ||
Long-term operating lease liabilities | $ 233.1 | ||
Hydrogen Supply - Second Quarter 2020 [Member] | |||
Lessee, Lease Not Yet Commenced, Term Of Contract | 15 years | ||
Hydrogen Supply [Member] | |||
Lessee, Leases Not Yet Commenced, Liability | $ 212.6 |
STOCKHOLDERS' AND MEMBERS' EQ_2
STOCKHOLDERS' AND MEMBERS' EQUITY STRUCTURE (Additional Information) (Details) | 12 Months Ended | |
Dec. 31, 2019USD ($)vote / sharesshares | Aug. 19, 2014USD ($) | |
Class B Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Number of votes per share | vote / shares | 1 | |
Class A Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Stock Repurchase Program, Authorized Amount | $ 300,000,000 | |
PBF LLC [Member] | Series B Units [Member] | ||
Class of Stock [Line Items] | ||
Series A Units, 1,215,317 and 1,206,325 issued and outstanding at December 31, 2019 and 2018, no par or stated value | $ 0 | |
Number of units authorized | shares | 1,000,000,000 |
STOCKHOLDERS' AND MEMBERS' EQ_3
STOCKHOLDERS' AND MEMBERS' EQUITY STRUCTURE (Summary of PBF LLC Units) (Details) - shares | Apr. 24, 2019 | Aug. 14, 2018 |
Class of Stock [Line Items] | ||
Stock issued during period (in shares) | 6,585,500 | 6,000,000 |
STOCKHOLDERS' AND MEMBERS' EQ_4
STOCKHOLDERS' AND MEMBERS' EQUITY STRUCTURE Treasury Stock (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Class of Stock [Line Items] | ||
Treasury stock, at cost, 6,050,717 shares outstanding at December 31, 2015 and 5,765,946 shares outstanding at December 31, 2014 | $ 165.7 | $ 160.8 |
Class A Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Treasury stock, at cost, 6,274,261 shares outstanding at December 31, 2018 and 6,132,884 shares outstanding at December 31, 2017 (in shares) | 6,424,787 | 6,274,261 |
Repurchase Program [Member] | Class A Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Treasury stock, at cost, 6,274,261 shares outstanding at December 31, 2018 and 6,132,884 shares outstanding at December 31, 2017 (in shares) | 6,050,717 | |
Treasury stock, at cost, 6,050,717 shares outstanding at December 31, 2015 and 5,765,946 shares outstanding at December 31, 2014 | $ 150.8 |
NONCONTROLLING INTERESTS (Detai
NONCONTROLLING INTERESTS (Details) - USD ($) $ in Millions | Apr. 24, 2019 | Aug. 14, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Apr. 29, 2019 | Jul. 31, 2018 | Jul. 30, 2018 | Dec. 31, 2016 |
Noncontrolling Interest [Line Items] | |||||||||
Shares outstanding (in shares) | 121,059,199 | 121,020,288 | 121,080,516 | 114,332,995 | 113,124,949 | ||||
Ownership Percentage of Equity Held | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Stock issued during period (in shares) | 6,585,500 | 6,000,000 | |||||||
Limited Partners' Capital Account, Ownership Percentage | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | ||
Proceeds from Issuance of Common Stock | $ 287.3 | ||||||||
PBF LLC [Member] | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Proceeds from Issuance of Common Stock | $ 0 | $ 287.3 | $ 0 | ||||||
Series A Units [Member] | PBF LLC [Member] | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Shares outstanding (in shares) | 1,206,325 | 1,215,317 | 1,206,325 | 3,767,464 | 3,920,902 | ||||
Ownership Percentage of Equity Held | 1.00% | 1.00% | 1.00% | 3.30% | 3.50% | ||||
Class A Common Stock [Member] | PBF Energy [Member] | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Shares outstanding (in shares) | 119,852,874 | 119,804,971 | 119,874,191 | 110,565,531 | 109,204,047 | ||||
Ownership Percentage of Equity Held | 99.00% | ||||||||
Class A Common Stock [Member] | PBF Energy Inc. [Member] | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Ownership Percentage of Equity Held | 99.00% | 99.00% | 96.70% | 96.50% | |||||
Limited Partner [Member] | PBF LLC [Member] | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Limited Partners' Capital Account, Ownership Percentage | 48.20% | 44.00% | 44.10% | 48.30% | 44.00% | 42.10% | 44.20% | ||
Limited Partner [Member] | Public Unit Holders [Member] | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Stock issued during period (in shares) | 6,585,500 | ||||||||
Limited Partners' Capital Account, Ownership Percentage | 51.80% | 56.00% | 55.90% | 51.70% | 56.00% | 57.90% | 55.80% |
NONCONTROLLING INTERESTS PBF LL
NONCONTROLLING INTERESTS PBF LLC Noncontrolling Interest (Details) - USD ($) $ in Millions | Apr. 24, 2019 | Aug. 14, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Apr. 29, 2019 | Jul. 31, 2018 | Jul. 30, 2018 | Dec. 31, 2016 |
Noncontrolling Interest [Line Items] | |||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 3,585.5 | $ 3,248.5 | $ 2,902.9 | $ 2,570.5 | |||||
Limited Partners' Capital Account, Ownership Percentage | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | ||
Stock issued during period (in shares) | 6,585,500 | 6,000,000 | |||||||
Shares outstanding (in shares) | 121,059,199 | 121,020,288 | 121,080,516 | 114,332,995 | 113,124,949 | ||||
Ownership Percentage of Equity Held | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | ||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 333.5 | $ 131.3 | $ 414.6 | ||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 55.9 | 47 | 67.8 | ||||||
Comprehensive income | 389.4 | 178.3 | 482.4 | ||||||
Dividends and Distributions | 211.1 | 190.9 | 182.7 | ||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | (132.5) | (34.9) | |||||||
Adjustments to Additional Paid in Capital, Share-based Compensation and Exercise of Stock Options | 34 | 25.4 | 26.8 | ||||||
Stock Issued During Period, Value, Stock Options Exercised | 0.3 | 14 | 9.9 | ||||||
Stock issued during period | $ 135 | 287.3 | |||||||
Stock Redeemed or Called During Period, Value | 0 | 0 | 0 | ||||||
Noncontrolling Interest, Other | 2 | (6.9) | 2.9 | ||||||
Parent [Member] | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 3,039.6 | 2,676.5 | 2,336.6 | $ 2,024.9 | |||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 333.5 | 131.3 | 414.6 | ||||||
Comprehensive income | 333.5 | 131.3 | 414.6 | ||||||
Dividends and Distributions | 143.8 | 139.3 | 131.8 | ||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | (152) | ||||||||
Adjustments to Additional Paid in Capital, Share-based Compensation and Exercise of Stock Options | 27.2 | 19.7 | 21.5 | ||||||
Stock Issued During Period, Value, Stock Options Exercised | 0.3 | 14 | 10.5 | ||||||
Stock issued during period | 287.3 | ||||||||
Noncontrolling Interest, Other | 0.2 | (8) | 2 | ||||||
Noncontrolling Interest - PBF LLC [Member] | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 113.2 | 112.2 | 110.2 | 98.7 | |||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 4.4 | 4.7 | 16.6 | ||||||
Dividends and Distributions | 3.2 | 2.1 | 4.5 | ||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | 0 | 0 | |||||||
Adjustments to Additional Paid in Capital, Share-based Compensation and Exercise of Stock Options | 0 | 0 | 0 | ||||||
Stock Issued During Period, Value, Stock Options Exercised | 0 | 0 | (0.6) | ||||||
Stock issued during period | 0 | ||||||||
Noncontrolling Interest, Other | 0 | 0 | 0 | ||||||
Noncontrolling Interest - PBF Holding [Member] | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 10.9 | 10.9 | 10.8 | 12.5 | |||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 0 | 0.1 | 0.1 | ||||||
Dividends and Distributions | 0 | 0 | 1.8 | ||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | 0 | 0 | |||||||
Adjustments to Additional Paid in Capital, Share-based Compensation and Exercise of Stock Options | 0 | 0 | 0 | ||||||
Stock Issued During Period, Value, Stock Options Exercised | 0 | 0 | 0 | ||||||
Stock issued during period | 0 | ||||||||
Noncontrolling Interest, Other | 0 | 0 | 0 | ||||||
Noncontrolling interest - PBF Logistics LP [Member] | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 421.8 | 448.9 | 445.3 | 434.4 | |||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 51.5 | 42.2 | 51.1 | ||||||
Dividends and Distributions | 64.1 | 49.5 | 44.6 | ||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | 19.5 | ||||||||
Adjustments to Additional Paid in Capital, Share-based Compensation and Exercise of Stock Options | 6.8 | 5.7 | 5.3 | ||||||
Stock Issued During Period, Value, Stock Options Exercised | 0 | 0 | 0 | ||||||
Stock issued during period | 0 | ||||||||
Noncontrolling Interest, Other | 1.8 | 1.1 | 0.9 | ||||||
PBF LLC [Member] | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 3,609.1 | 3,219.4 | 2,878.5 | 2,487.6 | |||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 442.7 | 140.8 | 499.1 | ||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 51.5 | 42.3 | 51.2 | ||||||
Comprehensive income | 494.2 | 183.1 | 550.3 | ||||||
Dividends and Distributions | 264.5 | 190.9 | 182.7 | ||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | (132.5) | (34.9) | |||||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 1 | ||||||||
Adjustments to Additional Paid in Capital, Share-based Compensation and Exercise of Stock Options | 34 | 25.4 | 26.8 | ||||||
Stock Issued During Period, Value, Stock Options Exercised | 4.7 | 8.5 | 0.6 | ||||||
Stock issued during period | 287.3 | ||||||||
Stock Redeemed or Called During Period, Value | 0 | 0 | 1 | ||||||
Noncontrolling Interest, Other | 1.8 | (9.6) | 2.9 | ||||||
PBF LLC [Member] | Parent [Member] | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 3,176.4 | 2,759.6 | 2,422.4 | $ 2,040.7 | |||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 442.7 | 140.8 | 499.1 | ||||||
Comprehensive income | 442.7 | 140.8 | 499.1 | ||||||
Dividends and Distributions | 200.4 | 141.4 | 136.3 | ||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | (152) | (28.6) | |||||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 1 | ||||||||
Adjustments to Additional Paid in Capital, Share-based Compensation and Exercise of Stock Options | 27.2 | 19.7 | 21.5 | ||||||
Stock Issued During Period, Value, Stock Options Exercised | 4.7 | 8.5 | 0.6 | ||||||
Stock Redeemed or Called During Period, Value | 1 | ||||||||
Noncontrolling Interest, Other | 0 | (10.7) | 2 | ||||||
PBF LLC [Member] | Noncontrolling Interest - PBF LLC [Member] | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 421.8 | 448.9 | 445.3 | ||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 51.5 | ||||||||
Dividends and Distributions | 64.1 | ||||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | 19.5 | (6.3) | |||||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 0 | ||||||||
Adjustments to Additional Paid in Capital, Share-based Compensation and Exercise of Stock Options | 6.8 | ||||||||
Stock Issued During Period, Value, Stock Options Exercised | 0 | 0 | 0 | ||||||
Stock issued during period | 0 | ||||||||
Stock Redeemed or Called During Period, Value | 0 | ||||||||
Noncontrolling Interest, Other | 1.8 | ||||||||
PBF LLC [Member] | Noncontrolling interest - PBF Logistics LP [Member] | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 10.9 | 10.9 | 10.8 | ||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 0 | ||||||||
Dividends and Distributions | 0 | 1.8 | |||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | 0 | 0 | |||||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 0 | ||||||||
Adjustments to Additional Paid in Capital, Share-based Compensation and Exercise of Stock Options | 0 | 0 | 0 | ||||||
Stock Issued During Period, Value, Stock Options Exercised | 0 | 0 | 0 | ||||||
Stock issued during period | 0 | ||||||||
Stock Redeemed or Called During Period, Value | 0 | ||||||||
Noncontrolling Interest, Other | $ 0 | $ 0 | $ 0 | ||||||
Series A Units [Member] | PBF LLC [Member] | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Shares outstanding (in shares) | 1,206,325 | 1,215,317 | 1,206,325 | 3,767,464 | 3,920,902 | ||||
Ownership Percentage of Equity Held | 1.00% | 1.00% | 1.00% | 3.30% | 3.50% | ||||
Class A Common Stock [Member] | PBF Energy [Member] | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Shares outstanding (in shares) | 119,852,874 | 119,804,971 | 119,874,191 | 110,565,531 | 109,204,047 | ||||
Ownership Percentage of Equity Held | 99.00% | ||||||||
Class A Common Stock [Member] | PBF Energy Inc. [Member] | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Ownership Percentage of Equity Held | 99.00% | 99.00% | 96.70% | 96.50% |
NONCONTROLLING INTERESTS PBFX N
NONCONTROLLING INTERESTS PBFX Noncontrolling Interest (Details) - shares | Apr. 24, 2019 | Aug. 14, 2018 | Dec. 31, 2019 | Apr. 29, 2019 | Dec. 31, 2018 | Jul. 31, 2018 | Jul. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Noncontrolling Interest [Line Items] | |||||||||
Limited Partners' Capital Account, Ownership Percentage | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | ||
Stock issued during period (in shares) | 6,585,500 | 6,000,000 | |||||||
Common Units [Member] | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Common units, outstanding (in shares) | 62,130,035 | 62,001,349 | 45,348,663 | 45,344,668 | 43,850,534 | 41,900,708 | 41,730,671 | ||
Common Units [Member] | Public Unit Holders [Member] | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Common units, outstanding (in shares) | 32,176,404 | 32,047,718 | 25,395,032 | 25,391,037 | 25,391,037 | 23,441,211 | 23,271,174 | ||
Common Units [Member] | PBF LLC [Member] | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Common units, outstanding (in shares) | 29,953,631 | 29,953,631 | 19,953,631 | 19,953,631 | 18,459,497 | 18,459,497 | 18,459,497 | ||
Limited Partner [Member] | Public Unit Holders [Member] | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Limited Partners' Capital Account, Ownership Percentage | 51.80% | 51.70% | 56.00% | 56.00% | 57.90% | 55.90% | 55.80% | ||
Stock issued during period (in shares) | 6,585,500 | ||||||||
Limited Partner [Member] | PBF LLC [Member] | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Limited Partners' Capital Account, Ownership Percentage | 48.20% | 48.30% | 44.00% | 44.00% | 42.10% | 44.10% | 44.20% |
NONCONTROLLING INTERESTS Noncon
NONCONTROLLING INTERESTS Noncontrolling Interest (Details) - USD ($) $ in Millions | Apr. 24, 2019 | Aug. 14, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Apr. 29, 2019 | Jul. 31, 2018 | Jul. 30, 2018 | Dec. 31, 2016 |
Noncontrolling Interest [Line Items] | |||||||||
Limited Partners' Capital Account, Ownership Percentage | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 3,585.5 | $ 3,248.5 | $ 2,902.9 | $ 2,570.5 | |||||
Comprehensive income (loss) attributable to PBF Energy Inc. stockholders | (333.5) | (131.3) | (414.6) | ||||||
Less: comprehensive income attributable to noncontrolling interests | 55.9 | 47 | 67.8 | ||||||
Comprehensive income | 389.4 | 178.3 | 482.4 | ||||||
Dividends and Distributions | (211.1) | (190.9) | (182.7) | ||||||
Noncontrolling Interest | 132.5 | 34.9 | |||||||
Adjustments to Additional Paid in Capital, Share-based Compensation and Exercise of Stock Options | 34 | 25.4 | 26.8 | ||||||
Stock issued during period | $ 135 | 287.3 | |||||||
Record deferred tax assets and liabilities and tax receivable agreement obligation | (1.3) | (4.9) | (1.1) | ||||||
Stock Issued During Period, Value, Stock Options Exercised | (0.3) | (14) | (9.9) | ||||||
Adjustment to Additional Paid in Capital, Income Tax Effect from Share-based Compensation, Net | (4.8) | (5.4) | |||||||
Stock issued during period (in shares) | 6,585,500 | 6,000,000 | |||||||
Stockholders' Equity, Other | (2) | 6.9 | (2.9) | ||||||
Parent [Member] | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 3,039.6 | 2,676.5 | 2,336.6 | 2,024.9 | |||||
Comprehensive income (loss) attributable to PBF Energy Inc. stockholders | (333.5) | (131.3) | (414.6) | ||||||
Comprehensive income | 333.5 | 131.3 | 414.6 | ||||||
Dividends and Distributions | (143.8) | (139.3) | (131.8) | ||||||
Noncontrolling Interest | 152 | ||||||||
Adjustments to Additional Paid in Capital, Share-based Compensation and Exercise of Stock Options | 27.2 | 19.7 | 21.5 | ||||||
Stock issued during period | 287.3 | ||||||||
Record deferred tax assets and liabilities and tax receivable agreement obligation | (1.3) | (4.9) | (1.1) | ||||||
Stock Issued During Period, Value, Stock Options Exercised | (0.3) | (14) | (10.5) | ||||||
Adjustment to Additional Paid in Capital, Income Tax Effect from Share-based Compensation, Net | (4.6) | (4.8) | |||||||
Stockholders' Equity, Other | (0.2) | 8 | (2) | ||||||
Noncontrolling Interest - PBF LLC [Member] | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 113.2 | 112.2 | 110.2 | 98.7 | |||||
Less: comprehensive income attributable to noncontrolling interests | 4.4 | 4.7 | 16.6 | ||||||
Dividends and Distributions | (3.2) | (2.1) | (4.5) | ||||||
Noncontrolling Interest | 0 | 0 | |||||||
Adjustments to Additional Paid in Capital, Share-based Compensation and Exercise of Stock Options | 0 | 0 | 0 | ||||||
Stock issued during period | 0 | ||||||||
Record deferred tax assets and liabilities and tax receivable agreement obligation | 0 | 0 | 0 | ||||||
Stock Issued During Period, Value, Stock Options Exercised | 0 | 0 | 0.6 | ||||||
Adjustment to Additional Paid in Capital, Income Tax Effect from Share-based Compensation, Net | (0.2) | (0.6) | |||||||
Stockholders' Equity, Other | 0 | 0 | 0 | ||||||
Treasury Stock [Member] | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (165.7) | (160.8) | (152.6) | (151.6) | |||||
Noncontrolling Interest - PBF Holding [Member] | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 10.9 | 10.9 | 10.8 | 12.5 | |||||
Less: comprehensive income attributable to noncontrolling interests | 0 | 0.1 | 0.1 | ||||||
Dividends and Distributions | 0 | 0 | (1.8) | ||||||
Noncontrolling Interest | 0 | 0 | |||||||
Adjustments to Additional Paid in Capital, Share-based Compensation and Exercise of Stock Options | 0 | 0 | 0 | ||||||
Stock issued during period | 0 | ||||||||
Record deferred tax assets and liabilities and tax receivable agreement obligation | 0 | 0 | 0 | ||||||
Stock Issued During Period, Value, Stock Options Exercised | 0 | 0 | 0 | ||||||
Adjustment to Additional Paid in Capital, Income Tax Effect from Share-based Compensation, Net | 0 | 0 | |||||||
Stockholders' Equity, Other | 0 | 0 | 0 | ||||||
Noncontrolling interest - PBF Logistics LP [Member] | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 421.8 | 448.9 | 445.3 | 434.4 | |||||
Less: comprehensive income attributable to noncontrolling interests | 51.5 | 42.2 | 51.1 | ||||||
Dividends and Distributions | (64.1) | (49.5) | (44.6) | ||||||
Noncontrolling Interest | (19.5) | ||||||||
Adjustments to Additional Paid in Capital, Share-based Compensation and Exercise of Stock Options | 6.8 | 5.7 | 5.3 | ||||||
Stock issued during period | 0 | ||||||||
Record deferred tax assets and liabilities and tax receivable agreement obligation | 0 | 0 | 0 | ||||||
Stock Issued During Period, Value, Stock Options Exercised | 0 | 0 | 0 | ||||||
Adjustment to Additional Paid in Capital, Income Tax Effect from Share-based Compensation, Net | 0 | 0 | |||||||
Stockholders' Equity, Other | (1.8) | (1.1) | (0.9) | ||||||
PBF LLC [Member] | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 3,609.1 | 3,219.4 | 2,878.5 | 2,487.6 | |||||
Comprehensive income (loss) attributable to PBF Energy Inc. stockholders | (442.7) | (140.8) | (499.1) | ||||||
Less: comprehensive income attributable to noncontrolling interests | 51.5 | 42.3 | 51.2 | ||||||
Comprehensive income | 494.2 | 183.1 | 550.3 | ||||||
Dividends and Distributions | (264.5) | (190.9) | (182.7) | ||||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 1 | ||||||||
Noncontrolling Interest | 132.5 | 34.9 | |||||||
Adjustments to Additional Paid in Capital, Share-based Compensation and Exercise of Stock Options | 34 | 25.4 | 26.8 | ||||||
Stock issued during period | 287.3 | ||||||||
Stock Issued During Period, Value, Stock Options Exercised | (4.7) | (8.5) | (0.6) | ||||||
Stockholders' Equity, Other | (1.8) | 9.6 | (2.9) | ||||||
PBF LLC [Member] | Parent [Member] | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 3,176.4 | 2,759.6 | 2,422.4 | 2,040.7 | |||||
Comprehensive income (loss) attributable to PBF Energy Inc. stockholders | (442.7) | (140.8) | (499.1) | ||||||
Comprehensive income | 442.7 | 140.8 | 499.1 | ||||||
Dividends and Distributions | (200.4) | (141.4) | (136.3) | ||||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 1 | ||||||||
Noncontrolling Interest | 152 | 28.6 | |||||||
Adjustments to Additional Paid in Capital, Share-based Compensation and Exercise of Stock Options | 27.2 | 19.7 | 21.5 | ||||||
Stock Issued During Period, Value, Stock Options Exercised | (4.7) | (8.5) | (0.6) | ||||||
Stockholders' Equity, Other | 0 | 10.7 | (2) | ||||||
PBF LLC [Member] | Noncontrolling Interest - PBF LLC [Member] | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 421.8 | 448.9 | 445.3 | ||||||
Less: comprehensive income attributable to noncontrolling interests | 51.5 | ||||||||
Dividends and Distributions | (64.1) | ||||||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 0 | ||||||||
Noncontrolling Interest | (19.5) | 6.3 | |||||||
Adjustments to Additional Paid in Capital, Share-based Compensation and Exercise of Stock Options | 6.8 | ||||||||
Stock issued during period | 0 | ||||||||
Stock Issued During Period, Value, Stock Options Exercised | 0 | 0 | 0 | ||||||
Stockholders' Equity, Other | (1.8) | ||||||||
PBF LLC [Member] | Treasury Stock [Member] | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (165.7) | (160.8) | (152.6) | $ (151.6) | |||||
PBF LLC [Member] | Noncontrolling interest - PBF Logistics LP [Member] | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 10.9 | 10.9 | 10.8 | ||||||
Less: comprehensive income attributable to noncontrolling interests | 0 | ||||||||
Dividends and Distributions | 0 | (1.8) | |||||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 0 | ||||||||
Noncontrolling Interest | 0 | 0 | |||||||
Adjustments to Additional Paid in Capital, Share-based Compensation and Exercise of Stock Options | 0 | 0 | 0 | ||||||
Stock issued during period | 0 | ||||||||
Stock Issued During Period, Value, Stock Options Exercised | 0 | 0 | 0 | ||||||
Stockholders' Equity, Other | $ 0 | $ 0 | $ 0 | ||||||
Collins Pipeline Company And T&M Terminal Company [Member] | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Limited Partners' Capital Account, Ownership Percentage | 80.00% | ||||||||
Noncontrolling Interest in Limited Partnerships | $ 0.2 | ||||||||
Limited Partner [Member] | PBF LLC [Member] | |||||||||
Noncontrolling Interest [Line Items] | |||||||||
Limited Partners' Capital Account, Ownership Percentage | 48.20% | 44.00% | 44.10% | 48.30% | 44.00% | 42.10% | 44.20% |
NONCONTROLLING INTERESTS Other
NONCONTROLLING INTERESTS Other Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | $ 55.9 | $ 47 | $ 67.8 | ||||||||
Net income | $ 69.1 | $ 86.3 | $ (21.6) | $ 241.4 | $ (346.7) | $ 192.5 | $ 287.7 | $ 41.8 | 375.2 | 175.3 | 483.4 |
Unrealized gain (loss) on available for sale securities | 0.4 | (0.1) | |||||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 13.8 | 3.1 | (1) | ||||||||
Total other comprehensive income (loss) | 14.2 | 3 | (1) | ||||||||
Comprehensive income | 389.4 | 178.3 | 482.4 | ||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 389.4 | 178.3 | 482.4 | ||||||||
Parent [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Net income | 319.4 | 128.3 | 415.6 | ||||||||
Unrealized gain (loss) on available for sale securities | 0.4 | (0.1) | |||||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 13.7 | 3.1 | (1) | ||||||||
Total other comprehensive income (loss) | 14.1 | 3 | (1) | ||||||||
Comprehensive income | 333.5 | 131.3 | 414.6 | ||||||||
Noncontrolling Interest [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Net income | 55.8 | 47 | 67.8 | ||||||||
Unrealized gain (loss) on available for sale securities | 0 | 0 | |||||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 0.1 | 0 | 0 | ||||||||
Total other comprehensive income (loss) | 0.1 | 0 | 0 | ||||||||
Comprehensive income | 55.9 | 47 | 67.8 | ||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | 55.9 | 47 | 67.8 | ||||||||
PBF LLC [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 51.5 | 42.3 | 51.2 | ||||||||
Net income | $ 80.4 | $ 108.1 | $ (35.9) | $ 327.4 | $ (502.2) | $ 244.9 | $ 385.7 | $ 51.7 | 480 | 180.1 | 551.3 |
Unrealized gain (loss) on available for sale securities | 0.4 | (0.1) | 0 | ||||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 13.8 | 3.1 | (1) | ||||||||
Total other comprehensive income (loss) | 14.2 | 3 | (1) | ||||||||
Comprehensive income | 494.2 | 183.1 | 550.3 | ||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 494.2 | 183.1 | 550.3 | ||||||||
PBF LLC [Member] | Parent [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Net income | 428.5 | 137.8 | 500.1 | ||||||||
Unrealized gain (loss) on available for sale securities | 0.4 | ||||||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 13.8 | (1) | |||||||||
Total other comprehensive income (loss) | 14.2 | 3 | (1) | ||||||||
Comprehensive income | 442.7 | 140.8 | 499.1 | ||||||||
PBF LLC [Member] | Noncontrolling Interest [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 42.3 | 51.2 | |||||||||
Unrealized gain (loss) on available for sale securities | 0 | 0 | |||||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 0 | 0 | 0 | ||||||||
Total other comprehensive income (loss) | 0 | 0 | 0 | ||||||||
Comprehensive income | 51.5 | 42.3 | 51.2 | ||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | $ 51.5 | $ 42.3 | $ 51.2 |
STOCK-BASED COMPENSATION (Share
STOCK-BASED COMPENSATION (Share-Based Compensation Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
General and Administrative Expense [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Allocated share-based compensation expense | $ 37.3 | $ 26 | $ 26.8 |
General and Administrative Expense [Member] | PBF Logistics LP [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Allocated share-based compensation expense | 6.8 | 5.8 | 5.3 |
Performance Shares [Member] | General and Administrative Expense [Member] | PBF Energy [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Allocated share-based compensation expense | $ 8.2 | $ 1.2 | $ 0 |
Employee Stock Option [Member] | PBF Energy [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Granted (in shares) | 1,899,909 | 2,500,742 | 1,638,075 |
Employee Stock Option [Member] | General and Administrative Expense [Member] | PBF Energy [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Allocated share-based compensation expense | $ 15.8 | $ 11.5 | $ 9.4 |
Restricted Stock [Member] | PBF Energy [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Granted (in shares) | 58,324 | 58,830 | 762,425 |
Restricted Stock [Member] | General and Administrative Expense [Member] | PBF Energy [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Allocated share-based compensation expense | $ 6.5 | $ 7.5 | $ 12.1 |
STOCK-BASED COMPENSATION (Weigh
STOCK-BASED COMPENSATION (Weighted Average Assumptions) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
PBF Energy [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected life (in years) | 6 years 3 months | 6 years 3 months | 6 years 3 months |
Expected volatility | 38.60% | 35.80% | 39.50% |
Dividend yield | 3.54% | 3.49% | 4.58% |
Risk-free rate of return | 2.16% | 2.82% | 2.09% |
Exercise price (in dollars per share) | $ 34.11 | $ 35.25 | $ 26.52 |
PBF LLC [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 4 years | ||
Employee Stock Option [Member] | PBF Energy [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 4 years | ||
Performance share units [Member] | PBF Energy [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share (in dollars per share) | $ 27.99 | $ 50.23 | |
Expected life (in years) | 2 years 2 months 1 day | ||
Expected volatility | 39.04% | ||
Dividend yield | 2.95% | ||
Risk-free rate of return | 2.89% | ||
Maximum [Member] | Performance share units [Member] | PBF Energy [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected life (in years) | 2 years 10 months 18 days | ||
Expected volatility | 41.70% | ||
Dividend yield | 3.67% | ||
Risk-free rate of return | 2.51% | ||
Minimum [Member] | Performance share units [Member] | PBF Energy [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected life (in years) | 2 years 2 months 1 day | ||
Expected volatility | 37.19% | ||
Dividend yield | 3.40% | ||
Risk-free rate of return | 1.66% |
STOCK-BASED COMPENSATION (Sha_2
STOCK-BASED COMPENSATION (Share-Based Compensation Activity) (Details) - PBF Energy [Member] - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Performance Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense | $ 8.2 | |||
Options | ||||
Options, beginning balance (in shares) | 7,279,188 | 0 | ||
Granted (in shares) | 7,751,658 | 7,279,188 | ||
Forfeited (in shares) | 0 | 0 | ||
Options, ending balance (in shares) | 15,030,846 | 7,279,188 | 0 | |
Performance share units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense | $ 8.5 | |||
Options | ||||
Options, beginning balance (in shares) | 179,072 | 0 | ||
Granted (in shares) | 181,725 | 179,072 | ||
Forfeited (in shares) | 0 | 0 | ||
Options, ending balance (in shares) | 360,797 | 179,072 | 0 | |
Granted (in dollars per share) | $ 27.99 | $ 50.23 | ||
Weighted Average Exercise Price | ||||
Weighted average exercise price, beginning balance (in dollars per share) | 50.23 | 0 | ||
Granted (in dollars per share) | 27.99 | 50.23 | ||
Forfeited (in dollars per share) | 0 | 0 | ||
Weighted average exercise price, ending balance (in dollars per share) | $ 39.03 | $ 50.23 | $ 0 | |
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense | $ 5.3 | |||
Options | ||||
Options, beginning balance (in shares) | 793,954 | 1,095,716 | 521,369 | |
Granted (in shares) | 58,324 | 58,830 | 762,425 | |
Exercised (in shares) | (356,204) | (345,073) | (172,978) | |
Forfeited (in shares) | (3,849) | (15,519) | (15,100) | |
Options, ending balance (in shares) | 492,225 | 793,954 | 1,095,716 | 521,369 |
Weighted Average Exercise Price | ||||
Weighted average exercise price, beginning balance (in dollars per share) | $ 26.88 | $ 25.56 | $ 24.89 | |
Granted (in dollars per share) | 28.20 | 47.24 | 25.86 | |
Exercised (in dollars per share) | 26.68 | 26.13 | 24.99 | |
Forfeited (in dollars per share) | 24.18 | 24.18 | 24.18 | |
Weighted average exercise price, ending balance (in dollars per share) | $ 27.21 | $ 26.88 | $ 25.56 | $ 24.89 |
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense | $ 34.5 | |||
Options | ||||
Options, beginning balance (in shares) | 8,356,658 | 6,882,775 | 5,970,625 | |
Granted (in shares) | 1,899,909 | 2,500,742 | 1,638,075 | |
Exercised (in shares) | (49,656) | (884,878) | (462,500) | |
Forfeited (in shares) | (132,995) | (141,981) | (263,425) | |
Options, ending balance (in shares) | 10,073,916 | 8,356,658 | 6,882,775 | 5,970,625 |
Options exercisable and vested (in shares) | 5,345,051 | 3,531,066 | 2,958,875 | |
Options expected to vest (in shares) | 10,073,916 | |||
Weighted Average Exercise Price | ||||
Weighted average exercise price, beginning balance (in dollars per share) | $ 29.60 | $ 27.27 | $ 27.37 | |
Granted (in dollars per share) | 34.11 | 35.25 | 26.52 | |
Exercised (in dollars per share) | 24.23 | 27.57 | 25.65 | |
Forfeited (in dollars per share) | 31.65 | 33.49 | 27.71 | |
Weighted average exercise price, ending balance (in dollars per share) | 30.47 | 29.60 | 27.27 | $ 27.37 |
Weighted average exercise price, exercisable and vested (in dollars per share) | 28.37 | $ 27.39 | $ 27.58 | |
Weighted average exercise price, expected to vest (in dollars per share) | $ 30.47 | |||
Weighted average remaining contractual term, outstanding (in years) | 7 years 2 months 1 day | 7 years 5 months 23 days | 7 years 9 months 25 days | 8 years 7 days |
Weighted average remaining contractual term, granted (in years) | 10 years | 10 years | 10 years | |
Weighted average remaining contractual term, exercisable and vested (in years) | 5 years 11 months 8 days | 6 years 3 months 7 days | 6 years 9 months 7 days | |
Weighted average remaining contractual term, expected to vest (in years) | 7 years 2 months 1 day |
STOCK-BASED COMPENSATION (Summa
STOCK-BASED COMPENSATION (Summary of Unit Activity) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
PBF LLC [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 4 years | ||
Performance share units [Member] | PBF Energy [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense | $ 8.5 | ||
Weighted Average Grant Date Fair Value | |||
Granted (in dollars per share) | $ 27.99 | $ 50.23 | |
Forfeited (in dollars per share) | $ 0 | $ 0 | |
Performance Units [Member] | PBF Energy [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense | $ 8.2 | ||
Phantom Share Units (PSUs) [Member] | |||
Non-Vested Units | |||
Units, beginning balance (in shares) | 716,708 | 642,774 | 564,880 |
Granted (in shares) | 343,848 | 328,052 | 319,940 |
Vested (in shares) | (292,341) | (233,993) | (217,171) |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Intrinsic Value, Amount Per Share (in dollars per share) | $ 20.20 | $ 22.71 | $ 23.15 |
Forfeited (in shares) | (6,375) | (20,125) | (24,875) |
Units, ending balance (in shares) | 761,840 | 716,708 | 642,774 |
Weighted Average Grant Date Fair Value | |||
Granted (in dollars per share) | $ 21.39 | $ 19.95 | $ 20.97 |
Forfeited (in dollars per share) | 20.31 | 18.81 | 21.23 |
Weighted average grant date fair value, ending balance (in dollars per share) | $ 20.77 | $ 20.53 | $ 21.54 |
Phantom Share Units (PSUs) [Member] | PBFX [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 4 years | ||
Unrecognized compensation expense | $ 7.5 | $ 7 | |
Weighted average recognized period | 4 years | ||
Weighted Average Grant Date Fair Value | |||
Weighted average grant date fair value, beginning balance | $ 14.7 |
STOCK-BASED COMPENSATION (Addit
STOCK-BASED COMPENSATION (Additional Information) (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Phantom Share Units (PSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 4 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares) | 6,375 | 20,125 | 24,875 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value (in dollars per share) | $ 20.53 | $ 20.77 | $ 20.53 | $ 21.54 | $ 22.47 |
PBF Energy [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expected volatility | 38.60% | 35.80% | 39.50% | ||
Dividend yield | 3.54% | 3.49% | 4.58% | ||
Risk-free rate of return | 2.16% | 2.82% | 2.09% | ||
PBF Energy [Member] | Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 4 years | ||||
Granted in period (in shares) | 1,899,909 | 2,500,742 | 1,638,075 | ||
Expiration period | 10 years | ||||
Total estimated fair value, granted in period | $ 17,900,000 | $ 23,900,000 | |||
Weighted average fair value per unit (in dollars per share) | $ 9.43 | $ 9.55 | |||
Total intrinsic value of stock options outstanding | $ 36,500,000 | $ 27,000,000 | $ 36,500,000 | ||
Total intrinsic value of stock options exercisable | $ 19,400,000 | 20,000,000 | 19,400,000 | ||
Total intrinsic value of stock options exercised during period | 300,000 | $ 12,400,000 | |||
Unrecognized compensation expense | $ 34,500,000 | ||||
PBF Energy [Member] | Performance share units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted in period (in shares) | 181,725 | 179,072 | |||
Unrecognized compensation expense | $ 8,500,000 | ||||
Expected volatility | 39.04% | ||||
Dividend yield | 2.95% | ||||
Risk-free rate of return | 2.89% | ||||
PBF Energy [Member] | Performance Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation, Performance Unit, Payout | $ 1 | ||||
Granted in period (in shares) | 7,751,658 | 7,279,188 | |||
Unrecognized compensation expense | $ 8,200,000 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years | ||||
PBF Energy [Member] | Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 4 years | ||||
Granted in period (in shares) | 58,324 | 58,830 | 762,425 | ||
Unrecognized compensation expense | $ 5,300,000 | ||||
PBF Energy [Member] | Performance Share Units And Performance Share Awards [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 3 years | ||||
PBF LLC [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 4 years | ||||
PBFX [Member] | Phantom Share Units (PSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Fair Value | $ 14,700,000 | $ 15,800,000 | $ 14,700,000 | ||
Vesting period | 4 years | ||||
Unrecognized compensation expense | $ 7,000,000 | $ 7,500,000 | $ 7,000,000 | ||
Minimum [Member] | PBF Energy [Member] | Performance share units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Distribution Percentage Based On Performance Measurements | 0.00% | ||||
Expected volatility | 37.19% | ||||
Dividend yield | 3.40% | ||||
Risk-free rate of return | 1.66% | ||||
Minimum [Member] | PBF Energy [Member] | Performance Share Units And Performance Share Awards [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation, Performance Unit, Payout | $ 0 | ||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Distribution Percentage Based On Performance Measurements | 0.00% | ||||
Maximum [Member] | PBF Energy [Member] | Performance share units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Distribution Percentage Based On Performance Measurements | 200.00% | ||||
Expected volatility | 41.70% | ||||
Dividend yield | 3.67% | ||||
Risk-free rate of return | 2.51% | ||||
Maximum [Member] | PBF Energy [Member] | Performance Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation, Performance Unit, Payout | $ 2 | ||||
Maximum [Member] | PBF Energy [Member] | Performance Share Units And Performance Share Awards [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation, Performance Unit, Payout | $ 2 | ||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Distribution Percentage Based On Performance Measurements | 200.00% |
EMPLOYEE BENEFIT PLANS (Changes
EMPLOYEE BENEFIT PLANS (Changes in Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |
Pension Benefits [Member] | |||||
Change in benefit obligation: | |||||
Benefit obligation at beginning of year | $ 218.4 | $ 185.2 | |||
Service cost | 43.6 | 47.4 | $ 40.6 | ||
Interest cost | 8.3 | 5.8 | 4.3 | ||
Benefit payments | 9 | 7.2 | |||
Actuarial loss (gain) | 9.9 | (12.8) | |||
Projected benefit obligation at end of year | 271.2 | 218.4 | 185.2 | ||
Change in plan assets: | |||||
Fair value of plan assets at beginning of year | 143.4 | 121.7 | |||
Actual return on plan assets | 29 | (6.2) | |||
Benefits paid | 9 | 7.2 | |||
Employer contributions | 34 | 35.1 | |||
Fair value of plan assets at end of year | 197.4 | 143.4 | 121.7 | ||
Reconciliation of funded status: | |||||
Fair value of plan assets at end of year | 143.4 | 143.4 | 121.7 | $ 197.4 | $ 143.4 |
Less benefit obligation at end of year | 271.2 | 218.4 | 185.2 | 271.2 | 218.4 |
Funded status at end of year | (73.8) | (75) | |||
Post Retirement Medical Plan [Member] | |||||
Change in benefit obligation: | |||||
Benefit obligation at beginning of year | 19.3 | 21.6 | |||
Service cost | 1 | 1.1 | 1.2 | ||
Interest cost | 0.7 | 0.7 | 0.8 | ||
Benefit payments | 1.3 | 0.7 | |||
Actuarial loss (gain) | (2.2) | (3.4) | |||
Projected benefit obligation at end of year | 17.5 | 19.3 | 21.6 | ||
Change in plan assets: | |||||
Fair value of plan assets at beginning of year | 0 | 0 | |||
Actual return on plan assets | 0 | 0 | |||
Benefits paid | 1.3 | 0.7 | |||
Employer contributions | 1.3 | 0.7 | |||
Fair value of plan assets at end of year | 0 | 0 | 0 | ||
Reconciliation of funded status: | |||||
Fair value of plan assets at end of year | 0 | 0 | 0 | 0 | 0 |
Less benefit obligation at end of year | $ 17.5 | $ 21.6 | $ 21.6 | 17.5 | 19.3 |
Funded status at end of year | $ (17.5) | $ (19.3) |
EMPLOYEE BENEFIT PLANS (Expecte
EMPLOYEE BENEFIT PLANS (Expected Benefit Payments) (Details) $ in Millions | Dec. 31, 2019USD ($) |
Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2019 | $ 14.7 |
2020 | 17.3 |
2021 | 21 |
2022 | 19.3 |
2023 | 21.8 |
Year 2023- 2027 | 143.8 |
Post Retirement Medical Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2019 | 1.4 |
2020 | 1.5 |
2021 | 1.5 |
2022 | 1.5 |
2023 | 1.4 |
Year 2023- 2027 | $ 7.3 |
EMPLOYEE BENEFIT PLANS (Net Per
EMPLOYEE BENEFIT PLANS (Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 43.6 | $ 47.4 | $ 40.6 |
Interest cost | 8.3 | 5.8 | 4.3 |
Expected return on plan assets | (9.6) | (8.5) | (5.8) |
Settlement loss recognized | 0 | 0 | 1 |
Amortization of prior service cost and actuarial loss | 0.3 | 0.2 | 0.5 |
Net periodic benefit cost | 42.6 | 44.9 | 40.6 |
Post Retirement Medical Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 1 | 1.1 | 1.2 |
Interest cost | 0.7 | 0.7 | 0.8 |
Expected return on plan assets | 0 | 0 | 0 |
Settlement loss recognized | 0 | 0 | 0 |
Amortization of prior service cost and actuarial loss | 0.5 | 0.7 | 0.6 |
Net periodic benefit cost | $ 2.2 | $ 2.5 | $ 2.6 |
EMPLOYEE BENEFIT PLANS (Pre-tax
EMPLOYEE BENEFIT PLANS (Pre-tax Amounts Recognized in Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prior service costs | $ 0 | $ 0 | $ 0.5 |
Net actuarial loss (gain) | (10.7) | 1.9 | 5 |
Amortization of losses and prior service cost | (0.3) | (0.8) | (1.4) |
Total changes in other comprehensive (income) loss | (11) | 1.1 | 4.1 |
Post Retirement Medical Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Prior service costs | 0 | 0 | 0 |
Net actuarial loss (gain) | (2.3) | (3.4) | (2.5) |
Amortization of losses and prior service cost | (0.5) | (0.7) | (0.6) |
Total changes in other comprehensive (income) loss | $ (2.8) | $ (4.1) | $ (3.1) |
EMPLOYEE BENEFIT PLANS (Pre-t_2
EMPLOYEE BENEFIT PLANS (Pre-tax Amounts in AOCI Not Yet Recognized as Components of Net Periodic Costs) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prior service costs | $ (0.7) | $ (0.8) |
Net actuarial (loss) gain | (14.5) | (24.1) |
Total | (15.2) | (24.9) |
Post Retirement Medical Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prior service costs | (4) | (4.7) |
Net actuarial (loss) gain | 6.1 | 4 |
Total | $ 2.1 | $ (0.7) |
EMPLOYEE BENEFIT PLANS (Pre-t_3
EMPLOYEE BENEFIT PLANS (Pre-tax Amounts in AOCI to be Recognized Over Next Fiscal Year) (Details) $ in Millions | Dec. 31, 2019USD ($) |
Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Amortization of prior service costs | $ 0 |
Amortization of net actuarial (loss) gain | (0.2) |
Total | (0.2) |
Post Retirement Medical Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Amortization of prior service costs | (0.7) |
Amortization of net actuarial (loss) gain | 0.3 |
Total | $ (0.4) |
EMPLOYEE BENEFIT PLANS (Assumpt
EMPLOYEE BENEFIT PLANS (Assumptions Used) (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pension Benefits [Member] | |||
Weighted Average Assumptions Used to Determine Benefit Obligations | |||
Discount rate | 3.21% | 4.22% | |
Rate of compensation increase | 4.28% | 4.55% | |
Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs | |||
Expected long-term rate of return on plan assets | 6.00% | 6.25% | 6.50% |
Rate of compensation increase | 4.55% | 4.53% | 4.81% |
Supplemental Employee Retirement Plan [Member] | |||
Weighted Average Assumptions Used to Determine Benefit Obligations | |||
Discount rate | 3.09% | 4.17% | |
Rate of compensation increase | 4.50% | 5.00% | |
Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs | |||
Rate of compensation increase | 5.00% | 5.00% | 5.50% |
Post Retirement Medical Plan [Member] | |||
Weighted Average Assumptions Used to Determine Benefit Obligations | |||
Discount rate | 2.88% | 3.99% | |
Rate of compensation increase | 0.00% | 0.00% | |
Service Cost [Member] | Pension Benefits [Member] | |||
Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs | |||
Discount rate | 4.24% | 3.62% | 4.15% |
Service Cost [Member] | Supplemental Employee Retirement Plan [Member] | |||
Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs | |||
Discount rate | 4.19% | 3.58% | 4.17% |
Service Cost [Member] | Post Retirement Medical Plan [Member] | |||
Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs | |||
Discount rate | 4.21% | 3.59% | 4.10% |
Effective rate for interest cost [Member] | Pension Benefits [Member] | |||
Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs | |||
Discount rate | 3.92% | 3.21% | 3.38% |
Effective rate for interest cost [Member] | Supplemental Employee Retirement Plan [Member] | |||
Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs | |||
Discount rate | 3.83% | 3.15% | 3.20% |
Effective rate for interest cost [Member] | Post Retirement Medical Plan [Member] | |||
Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs | |||
Discount rate | 3.69% | 2.97% | 3.11% |
Effective rate for interest on service cost [Member] | Pension Benefits [Member] | |||
Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs | |||
Discount rate | 4.00% | 3.32% | 3.59% |
Effective rate for interest on service cost [Member] | Supplemental Employee Retirement Plan [Member] | |||
Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs | |||
Discount rate | 3.90% | 3.24% | 3.63% |
Effective rate for interest on service cost [Member] | Post Retirement Medical Plan [Member] | |||
Weighted Average Assumptions Used to Determine Net Periodic Benefit Costs | |||
Discount rate | 4.09% | 3.46% | 3.84% |
EMPLOYEE BENEFIT PLANS (Assumed
EMPLOYEE BENEFIT PLANS (Assumed Health Care Cost Trend Rates) (Details) - Post Retirement Medical Plan [Member] | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Health care cost trend rate assumed for next year | 5.70% | 5.80% |
Rate to which the cost trend rate was assumed to decline (the ultimate trend rate) | 4.50% | 4.50% |
Year that the rate reached the ultimate trend rate | 2038 | 2038 |
EMPLOYEE BENEFIT PLANS (Effect
EMPLOYEE BENEFIT PLANS (Effect of One-percentage-point Change in Assumed Health Care Cost Trend Rates) (Details) - Post Retirement Medical Plan [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Effect on total of service and interest cost components, 1% increase | $ 0 |
Effect on total of service and interest cost components, 1% decrease | 0 |
Effect on accumulated postretirement benefit obligation, 1% increase | 0.2 |
Effect on accumulated postretirement benefit obligation, 1% decrease | $ (0.2) |
EMPLOYEE BENEFIT PLANS (Fair Va
EMPLOYEE BENEFIT PLANS (Fair Value of Assets of the Company's Qualified Plan) (Details) - Pension Benefits [Member] - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at beginning of year | $ 197.4 | $ 143.4 | $ 121.7 |
Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at beginning of year | 197.4 | 143.4 | |
Level 1 [Member] | Domestic Equities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at beginning of year | 47.8 | 34.8 | |
Level 1 [Member] | Developed International Equities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at beginning of year | 29.5 | 19.2 | |
Level 1 [Member] | Emerging Market Equities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at beginning of year | 14.9 | 10.3 | |
Level 1 [Member] | Global Low Volatility Equities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at beginning of year | 16.9 | 11.4 | |
Level 1 [Member] | Fixed-Income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at beginning of year | 74.9 | 59.7 | |
Level 1 [Member] | Real Estate [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at beginning of year | 8.3 | 7.9 | |
Level 1 [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at beginning of year | $ 5.1 | $ 0.1 |
EMPLOYEE BENEFIT PLANS (Additio
EMPLOYEE BENEFIT PLANS (Additional Information) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Maximum age to receive health care coverage | 65 years | ||
Accumulated benefit obligation | $ 228 | $ 184.5 | |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at end of year | $ 197.4 | 143.4 | $ 121.7 |
Required service period for employee participation | 30 days | ||
Basic contributions as a percentage of annual salary | 50.00% | ||
Company matching contribution, percent of match | 200.00% | ||
Company matching contribution, percent of employees' annual pay | 3.00% | ||
Contribution to the qualified defined contribution plans | $ 27.5 | 26.3 | $ 23.3 |
Estimated future contributions in 2019 | $ 34.8 | ||
Pension Benefits [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan asset allocations | 54.00% | ||
Pension Benefits [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan asset allocations | 40.00% | ||
Pension Benefits [Member] | Real Estate [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan asset allocations | 6.00% | ||
Level 1 [Member] | Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at end of year | $ 197.4 | 143.4 | |
Level 1 [Member] | Pension Benefits [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at end of year | 74.9 | 59.7 | |
Level 1 [Member] | Pension Benefits [Member] | Real Estate [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at end of year | $ 8.3 | $ 7.9 |
REVENUES (Details)
REVENUES (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Product Information [Line Items] | |||||||||||
Deferred revenue | $ 20.1 | $ 20.1 | $ 20.1 | $ 20.1 | |||||||
Revenues | $ 6,301.5 | $ 6,430.5 | $ 6,560 | $ 5,216.2 | $ 6,292.9 | $ 7,646.3 | $ 7,444.1 | $ 5,802.8 | 24,508.2 | 27,186.1 | $ 21,786.6 |
Revenues | 24,508.2 | 27,186.1 | 21,786.6 | ||||||||
Refining Group [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Revenues | 24,468.9 | 27,162.1 | 21,769.7 | ||||||||
Revenues | 24,468.9 | 27,162.1 | 21,769.7 | ||||||||
Refining Group [Member] | Gasoline and Distillates [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Revenues | 21,278.4 | 23,032.6 | 18,316.1 | ||||||||
Refining Group [Member] | Chemicals [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Revenues | 682.3 | 842.8 | 770.5 | ||||||||
Refining Group [Member] | Lubricants [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Revenues | 274.9 | 321.5 | 305.1 | ||||||||
Refining Group [Member] | Asphalt and Residual Oils [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Revenues | 1,426.4 | 1,592.9 | 1,162.3 | ||||||||
Refining Group [Member] | Other [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Revenues | 806.9 | 1,372.3 | 1,215.7 | ||||||||
Logistics Group [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Revenues | 340.2 | 283.4 | 257.6 | ||||||||
Prior to elimination [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Revenues | 24,809.1 | 27,445.5 | 22,027.3 | ||||||||
Intersegment Eliminations [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Revenues | $ (300.9) | $ (259.4) | $ (240.7) |
INCOME TAXES (Components of Inc
INCOME TAXES (Components of Income Tax) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Class of Stock [Line Items] | |||
Operating Loss Carryforwards | $ 551.5 | ||
Less: net income attributable to noncontrolling interests | 55.8 | $ 47 | $ 67.8 |
Current expense: | |||
Federal | 0.2 | 0.8 | 1.5 |
Current Foreign Tax Expense (Benefit) | 0.1 | 0 | 0.1 |
State | 0.3 | 0 | 0.2 |
Deferred expense (benefit): | |||
Federal | 91.8 | 18.7 | 250 |
Foreign | (8.7) | 7.2 | (3.6) |
State | 20.6 | 6.8 | 67.4 |
Total deferred | 103.7 | 32.7 | 313.8 |
Total tax benefit | 104.3 | 33.5 | 315.6 |
Net Tax Expense, Tax Cut and Jobs Act | $ (20.2) | ||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 2.80% | ||
Tax Expense, Change in Federal Tax Rate | $ (193.5) | ||
Tax Benefit, Change in Deferred Tax Liabilities | 173.3 | ||
Current Income Tax Expense (Benefit) | 0.6 | 0.8 | 1.8 |
PBF LLC [Member] | |||
Deferred expense (benefit): | |||
Total deferred | (8.8) | 7.2 | (12.5) |
Total tax benefit | (8.3) | 8 | (10.8) |
Current Income Tax Expense (Benefit) | 0.5 | $ 0.8 | $ 1.7 |
State and Local Jurisdiction [Member] | |||
Class of Stock [Line Items] | |||
Operating Loss Carryforwards | $ 23.6 |
INCOME TAXES (Effective Income
INCOME TAXES (Effective Income Tax Rate Reconciliation) (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Effective Income Tax Rate Reconciliation, Noncontrolling Interest Income (Loss), Percent | 21.80% | 16.00% | 39.50% |
Provision at Federal statutory rate | 21.00% | 21.00% | 35.00% |
State income taxes (net of federal income tax) | 3.90% | 5.00% | 4.60% |
Nondeductible/nontaxable items | 0.10% | 1.00% | 0.20% |
Rate differential from foreign jurisdictions | (0.20%) | 0.90% | 0.30% |
Provision to return adjustment | (0.10%) | (4.00%) | 0.00% |
Adjustment to deferred tax assets and liabilities for change in tax rates | (0.50%) | 0.00% | 2.80% |
Share-based compensation | 0.10% | (2.60%) | 0.00% |
Other | 0.30% | (0.60%) | 0.30% |
Effective tax rate | 24.60% | 20.70% | 43.20% |
INCOME TAXES (Components of Def
INCOME TAXES (Components of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets | ||
Purchase interest step-up | $ 278.1 | $ 306.2 |
Deferred Tax Asset, Interest Expense Limitation Carry-forward | 31.5 | 0 |
Inventory | 10.5 | 47 |
Pension, employee benefits and compensation | 60.3 | 55.1 |
Hedging | 3.3 | 3.1 |
Net operating loss carry forwards | 136.3 | 134.7 |
Environmental liabilities | 33.6 | 38.1 |
Deferred Tax Asset, Leasing Arrangement | 83.4 | 0 |
Other | 29.2 | 2.7 |
Total deferred tax assets | 666.2 | 586.9 |
Valuation allowances | 0 | 0 |
Total deferred tax assets, net | 666.2 | 586.9 |
Deferred tax liabilities | ||
Property, plant and equipment | 678.1 | 578.8 |
Right of use asset | 83.6 | 0 |
Other | 1.4 | 0 |
Total deferred tax liabilities | 763.1 | 578.8 |
Net deferred tax liabilities | (96.9) | |
Net deferred tax assets | $ 8.1 | |
Operating Loss Carryforwards | 551.5 | |
Internal Revenue Service (IRS) [Member] | ||
Deferred tax liabilities | ||
Operating Loss Carryforwards | 23.1 | |
State and Local Jurisdiction [Member] | ||
Deferred tax liabilities | ||
Operating Loss Carryforwards | $ 23.6 |
INCOME TAXES (Income Tax Examin
INCOME TAXES (Income Tax Examinations) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Income Tax Examination [Line Items] | |
Operating Loss Carryforwards | $ 551.5 |
Federal [Member] | |
Income Tax Examination [Line Items] | |
Income tax years that remain subject to examination | 2016 |
New Jersey [Member] | |
Income Tax Examination [Line Items] | |
Income tax years that remain subject to examination | 2014 |
Michigan [Member] | |
Income Tax Examination [Line Items] | |
Income tax years that remain subject to examination | 2015 |
Delaware [Member] | |
Income Tax Examination [Line Items] | |
Income tax years that remain subject to examination | 2016 |
Indiana [Member] | |
Income Tax Examination [Line Items] | |
Income tax years that remain subject to examination | 2016 |
Pennsylvania [Member] | |
Income Tax Examination [Line Items] | |
Income tax years that remain subject to examination | 2016 |
New York [Member] | |
Income Tax Examination [Line Items] | |
Income tax years that remain subject to examination | 2016 |
Louisiana [Member] | |
Income Tax Examination [Line Items] | |
Income tax years that remain subject to examination | 2016 |
CALIFORNIA | |
Income Tax Examination [Line Items] | |
Income tax years that remain subject to examination | 2016 |
INCOME TAXES Income by Jurisdic
INCOME TAXES Income by Jurisdiction (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax [Line Items] | |||
Operating Loss Carryforwards | $ 551.5 | ||
Income before income taxes | 479.5 | $ 208.8 | $ 799 |
PBF Energy [Member] | |||
Income Tax [Line Items] | |||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | 450 | 134.3 | 749.7 |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | (26.3) | 27.5 | (18.5) |
Income before income taxes | $ 423.7 | $ 161.8 | $ 731.2 |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) | 12 Months Ended |
Dec. 31, 2019reportable_segmentsegment | |
Segment Reporting Information [Line Items] | |
Number Of Reporting Segments | reportable_segment | 2 |
Number of Operating Segments | segment | 2 |
SEGMENT INFORMATION Schedule of
SEGMENT INFORMATION Schedule of Segment Reporting (Details) - USD ($) | May 31, 2019 | Oct. 01, 2018 | Apr. 16, 2018 | Apr. 17, 2017 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Aug. 31, 2016 | ||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Total assets | $ 9,132,400,000 | [1] | $ 8,005,400,000 | [2] | $ 9,132,400,000 | [1] | $ 8,005,400,000 | [2] | ||||||||||||||
Revenues | 24,508,200,000 | 27,186,100,000 | $ 21,786,600,000 | |||||||||||||||||||
Revenues | 6,301,500,000 | $ 6,430,500,000 | $ 6,560,000,000 | $ 5,216,200,000 | 6,292,900,000 | $ 7,646,300,000 | $ 7,444,100,000 | $ 5,802,800,000 | 24,508,200,000 | 27,186,100,000 | 21,786,600,000 | |||||||||||
Cost, Depreciation, Amortization and Depletion | 436,100,000 | 369,700,000 | 291,000,000 | |||||||||||||||||||
Income (loss) from operations | 123,000,000 | 151,900,000 | 9,500,000 | 364,600,000 | (446,200,000) | 286,300,000 | 422,300,000 | 95,700,000 | 649,000,000 | [3] | 358,100,000 | [3] | 731,600,000 | [3] | ||||||||
Interest and Debt Expense | 159,600,000 | 169,900,000 | 154,400,000 | |||||||||||||||||||
Capital Expenditures | 748,900,000 | 733,900,000 | [4] | 727,100,000 | [5] | |||||||||||||||||
Logistics Group [Member] | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Revenues | 340,200,000 | 283,400,000 | 257,600,000 | |||||||||||||||||||
Refining Group [Member] | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Total assets | 8,154,800,000 | [1] | 6,988,000,000 | [2] | 8,154,800,000 | [1] | 6,988,000,000 | [2] | ||||||||||||||
Revenues | 24,468,900,000 | 27,162,100,000 | 21,769,700,000 | |||||||||||||||||||
Revenues | 24,468,900,000 | 27,162,100,000 | 21,769,700,000 | |||||||||||||||||||
Cost, Depreciation, Amortization and Depletion | 386,700,000 | 329,300,000 | 253,600,000 | |||||||||||||||||||
Income (loss) from operations | [3] | 767,900,000 | [1] | 498,200,000 | 814,000,000 | |||||||||||||||||
Interest and Debt Expense | 1,300,000 | 7,600,000 | 4,700,000 | |||||||||||||||||||
Capital Expenditures | 708,900,000 | 552,000,000 | [4] | 633,300,000 | [5] | |||||||||||||||||
PBF Logistics LP [Member] | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Total assets | 973,000,000 | [1] | 956,400,000 | [2] | 973,000,000 | [1] | 956,400,000 | [2] | ||||||||||||||
Revenues | 340,200,000 | 283,400,000 | 257,600,000 | |||||||||||||||||||
Cost, Depreciation, Amortization and Depletion | 38,600,000 | 29,800,000 | 24,400,000 | |||||||||||||||||||
Income (loss) from operations | [3] | 159,300,000 | [1] | 143,900,000 | 143,400,000 | |||||||||||||||||
Interest and Debt Expense | 51,100,000 | 43,000,000 | 33,400,000 | |||||||||||||||||||
Capital Expenditures | 31,700,000 | 175,700,000 | [4] | 90,300,000 | [5] | |||||||||||||||||
Corporate Segment [Member] | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Total assets | 52,700,000 | [1] | 98,100,000 | [2] | 52,700,000 | [1] | 98,100,000 | [2] | ||||||||||||||
Revenues | 0 | 0 | 0 | |||||||||||||||||||
Cost, Depreciation, Amortization and Depletion | 10,800,000 | 10,600,000 | 13,000,000 | |||||||||||||||||||
Income (loss) from operations | [3] | (270,300,000) | [1] | (266,200,000) | (211,200,000) | |||||||||||||||||
Interest and Debt Expense | 107,200,000 | 119,300,000 | 116,300,000 | |||||||||||||||||||
Capital Expenditures | 8,300,000 | 6,200,000 | [4] | 3,500,000 | [5] | |||||||||||||||||
Intersegment Eliminations [Member] | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Total assets | (48,100,000) | [1] | (37,100,000) | [2] | (48,100,000) | [1] | (37,100,000) | [2] | ||||||||||||||
Revenues | (300,900,000) | (259,400,000) | (240,700,000) | |||||||||||||||||||
Cost, Depreciation, Amortization and Depletion | 0 | 0 | 0 | |||||||||||||||||||
Income (loss) from operations | [3] | (7,900,000) | [1] | (17,800,000) | (14,600,000) | |||||||||||||||||
Interest and Debt Expense | 0 | 0 | 0 | |||||||||||||||||||
Capital Expenditures | 0 | 0 | [4] | 0 | [5] | |||||||||||||||||
Knoxville Terminals [Member] | Logistics Group [Member] | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Capital Expenditures | $ 58,400,000 | |||||||||||||||||||||
East Coast Storage Assets Acquisition [Member] | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Revenues | 5,900,000 | |||||||||||||||||||||
East Coast Storage Assets Acquisition [Member] | Logistics Group [Member] | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Capital Expenditures | $ 75,000,000 | |||||||||||||||||||||
Toledo Terminal Acquisition [Member] | Logistics Group [Member] | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Capital Expenditures | $ 10,100,000 | |||||||||||||||||||||
Torrance Valley Pipeline Company LLC [Member] | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Subsidiary, Consolidation Percentage | 100.00% | |||||||||||||||||||||
PBF LLC [Member] | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Total assets | 9,129,100,000 | [1] | 7,953,100,000 | [2] | 9,129,100,000 | [1] | 7,953,100,000 | [2] | ||||||||||||||
Revenues | 24,508,200,000 | 27,186,100,000 | 21,786,600,000 | |||||||||||||||||||
Revenues | 6,301,500,000 | 6,430,500,000 | 6,560,000,000 | 5,216,200,000 | 6,292,900,000 | 7,646,300,000 | 7,444,100,000 | 5,802,800,000 | 24,508,200,000 | 27,186,100,000 | 21,786,600,000 | |||||||||||
Cost, Depreciation, Amortization and Depletion | 436,100,000 | 369,700,000 | 291,000,000 | |||||||||||||||||||
Income (loss) from operations | 123,600,000 | $ 152,300,000 | $ 9,900,000 | $ 364,900,000 | (445,400,000) | $ 286,600,000 | $ 422,800,000 | $ 95,900,000 | 650,700,000 | [1],[3] | 359,900,000 | [3] | 731,900,000 | [3] | ||||||||
Interest and Debt Expense | 169,100,000 | 178,500,000 | 162,300,000 | |||||||||||||||||||
Capital Expenditures | 748,900,000 | 733,900,000 | [4] | 727,100,000 | [5] | |||||||||||||||||
PBF LLC [Member] | Refining Group [Member] | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Total assets | 8,154,800,000 | [1] | 6,988,000,000 | [2] | 8,154,800,000 | [1] | 6,988,000,000 | [2] | ||||||||||||||
Revenues | 24,468,900,000 | 27,162,100,000 | 21,769,700,000 | |||||||||||||||||||
Cost, Depreciation, Amortization and Depletion | 386,700,000 | 329,300,000 | 253,600,000 | |||||||||||||||||||
Income (loss) from operations | [3] | 767,900,000 | [1] | 498,200,000 | 814,000,000 | |||||||||||||||||
Interest and Debt Expense | 1,300,000 | 7,600,000 | 4,700,000 | |||||||||||||||||||
Capital Expenditures | 708,900,000 | 552,000,000 | [4] | 633,300,000 | [5] | |||||||||||||||||
PBF LLC [Member] | PBF Logistics LP [Member] | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Total assets | 973,000,000 | [1] | 956,400,000 | [2] | 973,000,000 | [1] | 956,400,000 | [2] | ||||||||||||||
Revenues | 340,200,000 | 283,400,000 | 257,600,000 | |||||||||||||||||||
Cost, Depreciation, Amortization and Depletion | 38,600,000 | 29,800,000 | 24,400,000 | |||||||||||||||||||
Income (loss) from operations | [3] | 159,300,000 | [1] | 143,900,000 | 143,400,000 | |||||||||||||||||
Interest and Debt Expense | 51,100,000 | 43,000,000 | 33,400,000 | |||||||||||||||||||
Capital Expenditures | 31,700,000 | 175,700,000 | [4] | 90,300,000 | [5] | |||||||||||||||||
PBF LLC [Member] | Corporate Segment [Member] | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Total assets | 49,400,000 | [1] | 45,800,000 | [2] | 49,400,000 | [1] | 45,800,000 | [2] | ||||||||||||||
Revenues | 0 | 0 | 0 | |||||||||||||||||||
Cost, Depreciation, Amortization and Depletion | 10,800,000 | 10,600,000 | 13,000,000 | |||||||||||||||||||
Income (loss) from operations | [3] | (268,600,000) | [1] | (264,400,000) | (210,900,000) | |||||||||||||||||
Interest and Debt Expense | 116,700,000 | 127,900,000 | 124,200,000 | |||||||||||||||||||
Capital Expenditures | 8,300,000 | 6,200,000 | [4] | 3,500,000 | [5] | |||||||||||||||||
PBF LLC [Member] | Intersegment Eliminations [Member] | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Total assets | $ (48,100,000) | [1] | $ (37,100,000) | [2] | (48,100,000) | [1] | (37,100,000) | [2] | ||||||||||||||
Revenues | $ (300,900,000) | $ (259,400,000) | $ (240,700,000) | |||||||||||||||||||
PBFX [Member] | Torrance Valley Pipeline Company LLC [Member] | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Noncontrolling Interest in Variable Interest Entity | $ 0.50 | |||||||||||||||||||||
Torrance Valley Pipeline Company LLC [Member] | TVP Holding [Member] | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Wholly Owned Subsidiary, Percentage of Ownership | 50.00% | |||||||||||||||||||||
Torrance Valley Pipeline Company LLC [Member] | PBF Logistics LP [Member] | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Wholly Owned Subsidiary, Percentage of Ownership | 100.00% | |||||||||||||||||||||
[1] | (1) On April 24, 2019, PBFX entered into the TVPC Contribution Agreement, pursuant to which PBF LLC contributed to PBFX all of the issued and outstanding limited liability company interests of TVP Holding. Prior to the TVPC Acquisition, TVP Holding owned a 50% membership interest in TVPC. Subsequent to the closing of the TVPC Acquisition on May 31, 2019, PBFX owns 100% of the membership interests in TVPC. | |||||||||||||||||||||
[2] | (5) Prior to the TVPC Contribution Agreement, the Logistics segment included 100% of the assets of TVPC, as TVPC was consolidated by PBFX. PBFX recorded a noncontrolling interest for the 50% equity interest in TVPC held by PBF Holding. PBF Holding (included in the Refining segment) recorded an equity investment in TVPC reflecting its noncontrolling ownership interest. For purposes of the Company’s Consolidated Financial Statements, PBFX’s noncontrolling interest in TVPC and PBF Holding’s equity investment in TVPC eliminated in consolidation. | |||||||||||||||||||||
[3] | (2) Prior to the TVPC Contribution Agreement, the Logistics segment included 100% of the income from operations of TVPC, as TVPC was consolidated by PBFX. PBFX recorded net income attributable to noncontrolling interest for the 50% equity interest in TVPC held by PBF Holding. PBF Holding (included in the Refining segment) recorded equity income in investee related to its 50% noncontrolling ownership interest in TVPC. For purposes of the Company’s Consolidated Financial Statements, PBF Holding’s equity income in investee and PBFX’s net income attributable to noncontrolling interest eliminated in consolidation. | |||||||||||||||||||||
[4] | (3) The Logistics segment includes capital expenditures of $58.4 million for the PBFX acquisition of the Knoxville Terminals on April 16, 2018 and $75.0 million for the PBFX acquisition of the East Coast Storage Assets on October 1, 2018. | |||||||||||||||||||||
[5] | (4) The Logistics segment includes capital expenditures of $10.1 million for the PBFX acquisition of the Toledo, Ohio refined products terminal assets (the “Toledo Products Terminal”) on April 17, 2017. |
NET INCOME PER SHARE OF PBF E_3
NET INCOME PER SHARE OF PBF ENERGY (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||
Undistributed Earnings (Loss) Allocated to Participating Securities, Basic | $ 0.5 | $ 0.7 | $ 1 | |||||||||
Effective tax rate | 24.90% | 26.00% | 39.60% | |||||||||
Net Income (Loss) Available to Common Stockholders, Basic | $ 318.9 | $ 127.6 | $ 414.6 | |||||||||
Basic Earnings Per Share: | ||||||||||||
Numerator for basic net income per Class A common share-net income attributable to PBF Energy | $ 53 | $ 69.4 | $ (32.2) | $ 229.2 | $ (353.8) | $ 179.6 | $ 272.1 | $ 30.4 | $ 319.4 | $ 128.3 | $ 415.6 | |
Denominator for basic net income per Class A common share-weighted average shares (in shares) | [1] | 119,887,646 | 115,190,262 | 109,779,407 | ||||||||
Basic net income attributable to PBF Energy per Class A common share (in usd per share) | $ 2.66 | $ 1.11 | $ 3.78 | |||||||||
Diluted Earnings Per Share: | ||||||||||||
Net income attributable to PBF Energy | $ 53 | $ 69.4 | $ (32.2) | $ 229.2 | $ (353.8) | $ 179.6 | $ 272.1 | $ 30.4 | $ 319.4 | $ 128.3 | $ 415.6 | |
Plus: Net income attributable to noncontrolling interest | [1] | 4.3 | 4.6 | 16.7 | ||||||||
Less: Income tax on net income per Class A common share | [1] | (1) | (1.2) | (6.6) | ||||||||
Numerator for diluted net income per Class A common share | [1] | $ 322.2 | $ 131 | $ 424.7 | ||||||||
Denominator for basic net income per Class A common share-weighted average shares (in shares) | [1] | 119,887,646 | 115,190,262 | 109,779,407 | ||||||||
Effect of dilutive securities: | ||||||||||||
Conversion of PBF LLC Series A Units | [1] | 1,207,581 | 1,938,089 | 3,823,783 | ||||||||
Incremental Common Shares Attributable to Dilutive Effect of Call Options and Warrants | [1],[2] | 758,072 | 1,645,255 | 295,655 | ||||||||
Denominator for diluted net income per common share-adjusted weighted average shares (in shares) | 121,853,299 | 118,773,606 | 113,898,845 | |||||||||
Diluted net income attributable to PBF Energy per Class A common share (in usd per share) | $ 0.44 | $ 0.57 | $ (0.27) | $ 1.89 | $ (2.97) | $ 1.50 | $ 2.37 | $ 0.27 | $ 2.64 | $ 1.10 | $ 3.73 | |
Employee Stock Option [Member] | ||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||
Antidilutive common stock excluded from computation of dilutive earnings per share (in shares) | 6,765,526 | 1,293,242 | 6,820,275 | |||||||||
[1] | The net income attributable to PBF Energy, used in the numerator of the diluted earnings per share calculation is adjusted to reflect the net income, as well as the corresponding income tax expense (based on a 24.9% , 26.0% and 39.6% annualized statutory corporate tax rate for the years ended December 31, 2019 , 2018 and 2017 ) attributable to the converted units. | |||||||||||
[2] | . Common stock equivalents exclude the effects of performance share units and options and warrants to purchase 6,765,526 , 1,293,242 and 6,820,275 shares of PBF Energy Class A common stock and PBF LLC Series A units because they are anti-dilutive for the years ended December 31, 2019, 2018 and 2017 |
FAIR VALUE MEASUREMENTS (Measur
FAIR VALUE MEASUREMENTS (Measured on Recurring Basis) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-term Debt, Gross | $ 2,097.3 | $ 1,974.7 | |
Fair Value, Measurements, Recurring [Member] | Commodity contract [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 33.8 | 2.9 | |
Derivative, Collateral, Right to Reclaim Cash | (33.8) | (2.9) | |
Derivative Liability | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Commodity contract [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 32.8 | ||
Derivative Liability | 2.7 | ||
Fair Value, Measurements, Recurring [Member] | Commodity contract [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 1 | ||
Derivative Liability | 0.2 | ||
Fair Value, Measurements, Recurring [Member] | Commodity contract [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 0 | ||
Derivative Liability | 0 | ||
Fair Value, Measurements, Recurring [Member] | Catalyst lease obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative, Collateral, Right to Reclaim Cash | 0 | 0 | |
Obligations, Fair Value Disclosure | 47.6 | 44.3 | |
Fair Value, Measurements, Recurring [Member] | Catalyst lease obligations [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Obligations, Fair Value Disclosure | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Catalyst lease obligations [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Obligations, Fair Value Disclosure | 44.3 | ||
Fair Value, Measurements, Recurring [Member] | Catalyst lease obligations [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Obligations, Fair Value Disclosure | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Inventory Supply Arrangement Obligation [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 1.3 | ||
Derivative, Collateral, Right to Reclaim Cash | 0 | ||
Derivative Liability | 1.3 | ||
Fair Value, Measurements, Recurring [Member] | Inventory Supply Arrangement Obligation [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 0 | ||
Fair Value, Measurements, Recurring [Member] | Inventory Supply Arrangement Obligation [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 1.3 | ||
Fair Value, Measurements, Recurring [Member] | Inventory Supply Arrangement Obligation [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 0 | ||
Fair Value, Measurements, Recurring [Member] | Money market funds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and Cash Equivalents, Fair Value Disclosure | 111.8 | 16.7 | |
Fair Value, Measurements, Recurring [Member] | Money market funds [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and Cash Equivalents, Fair Value Disclosure | 111.8 | 16.7 | |
Fair Value, Measurements, Recurring [Member] | Money market funds [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Money market funds [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Commodity contract [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 34 | 10.1 | |
Derivative, Collateral, Obligation to Return Cash | (33.8) | (2.9) | |
Derivative Asset | 0.2 | 7.2 | |
Fair Value, Measurements, Recurring [Member] | Commodity contract [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 32.5 | 1.2 | |
Fair Value, Measurements, Recurring [Member] | Commodity contract [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 1.5 | 8.9 | |
Fair Value, Measurements, Recurring [Member] | Commodity contract [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 0 | ||
Derivative Asset | 0 | ||
Fair Value, Measurements, Recurring [Member] | 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 Collateral | 24.1 | ||
Derivative, Collateral, Obligation to Return Cash | 0 | ||
Derivative Asset | 24.1 | ||
Fair Value, Measurements, Recurring [Member] | 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 Collateral | 0 | ||
Fair Value, Measurements, Recurring [Member] | 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 Collateral | 24.1 | ||
Fair Value, Measurements, Recurring [Member] | 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 | ||
Pension Benefits [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 197.4 | 143.4 | $ 121.7 |
Pension Benefits [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 197.4 | 143.4 | |
Pension Benefits [Member] | Other Assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 10.3 | $ 9.7 | |
Catalyst Financing Arrangement [Member] | Fair Value, Measurements, Recurring [Member] | Catalyst lease obligations [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-term Debt, Gross | $ 47.6 |
FAIR VALUE MEASUREMENTS (Fair V
FAIR VALUE MEASUREMENTS (Fair Value and Carrying Value of Debt) (Details) - USD ($) $ in Millions | Oct. 01, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 22, 2016 | [4] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Long-term debt, Fair value | $ 2,184.3 | $ 1,905 | |||||||
Proceeds from revolver borrowings | 1,350 | 0 | $ 490 | ||||||
Long-term Debt, Gross | 2,097.3 | 1,974.7 | |||||||
Less—Current maturities | 0 | (2.4) | |||||||
Less - Current maturities, Fair value | 0 | [1] | (2.4) | ||||||
Unamortized Debt Issuance Expense | (32.4) | (41) | |||||||
Long-term debt | 2,064.9 | 1,931.3 | |||||||
Long-term debt, Fair value | 2,184.3 | 1,902.6 | |||||||
2025 Senior Notes [Member] | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Long-term Debt | 725 | 725 | |||||||
Long-term debt, Fair value | [2] | 776.5 | 688.4 | ||||||
2023 Senior Secured Notes [Member] | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Long-term Debt | 500 | 500 | |||||||
Long-term debt, Fair value | [2],[3] | 519.7 | 479.4 | ||||||
PBFX Senior Notes [Member] | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Long-term debt, Fair value | [2] | 543 | 515.3 | ||||||
Catalyst lease [Member] | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Long-term Debt | 44.3 | ||||||||
Long-term debt, Fair value | [1] | 47.6 | 44.3 | ||||||
PBF Logistics LP [Member] | PBFX Senior Notes [Member] | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Long-term Debt | 527.2 | 527.8 | |||||||
PBF Rail Logistics Company LLC [Member] | Notes Payable to Banks [Member] | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Long-term Debt | 14.5 | 21.6 | [4] | $ 35 | |||||
Long-term debt, Fair value | [4] | 14.5 | 21.6 | ||||||
Revolving Credit Facility [Member] | PBF Logistics LP [Member] | Line of Credit [Member] | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Proceeds from revolver borrowings | $ 75 | ||||||||
Lines of Credit, Fair Value Disclosure | [4],[5] | 283 | 156 | ||||||
Catalyst lease [Member] | Fair Value, Measurements, Recurring [Member] | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Obligations, Fair Value Disclosure | $ 47.6 | 44.3 | |||||||
Catalyst lease [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | |||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Obligations, Fair Value Disclosure | $ 44.3 | ||||||||
[1] | 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. | ||||||||
[2] | The estimated fair value, categorized as a Level 2 measurement, was calculated based on the present value of future expected payments utilizing implied current market interest rates based on quoted prices of the Senior Notes and PBFX 2023 Senior Notes. | ||||||||
[3] | (d) As disclosed in “Note 9 - Credit Facilities and Debt”, these notes became unsecured following the Collateral Fall-Away Event on May 30, 2017. | ||||||||
[4] | 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. | ||||||||
[5] |
DERIVATIVES (Narrative) (Detail
DERIVATIVES (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2019USD ($)bbl | Dec. 31, 2018USD ($)bbl | Dec. 31, 2017USD ($) | |
Derivative [Line Items] | |||
Gain (loss) on fair value hedge ineffectiveness | $ | $ 0 | $ 0 | $ 0 |
Crude Oil and Feedstock Inventory [Member] | Fair Value Hedging [Member] | |||
Derivative [Line Items] | |||
Derivative, notional amount, volume | 27,580 | 0 | |
Intermediates and Refined Products Inventory [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, notional amount, volume | 3,430,635 | 3,350,166 | |
Crude Oil Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, notional amount, volume | 5,511,000 | 5,801,000 | |
Refined Product Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, notional amount, volume | 5,788,000 | 1,609,000 |
DERIVATIVES (Fair Value of Deri
DERIVATIVES (Fair Value of Derivative Instruments) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Designated as Hedging Instrument [Member] | Inventory Intermediation Agreement Obligation [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value Asset/(Liability) | $ (1.3) | $ 24.1 |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value Asset/(Liability) | $ 7.2 | |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Accounts Receivable [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value Asset/(Liability) | $ 0.2 |
DERIVATIVES (Gain (Loss) Recogn
DERIVATIVES (Gain (Loss) Recognized in Income) (Details) - Cost of Sales [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Designated as Hedging Instrument [Member] | Inventory Intermediation Agreement Obligation [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain or (Loss) Recognized in Income on Derivatives | $ (25.4) | $ 31.8 | $ (13.8) |
Designated as Hedging Instrument [Member] | Intermediates and Refined Products Inventory [Member] | Fair Value Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain or (Loss) Recognized in Income on Derivatives | 25.4 | (31.8) | 13.8 |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain or (Loss) Recognized in Income on Derivatives | $ 36.5 | $ (123.8) | $ (85.4) |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - USD ($) | Feb. 14, 2020 | Feb. 13, 2020 | Feb. 01, 2020 | Jan. 24, 2020 | Feb. 18, 2020 | Nov. 24, 2015 |
2023 Senior Secured Notes [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Long-term Debt | $ 500,000,000 | |||||
Debt fixed interest rate | 7.00% | |||||
Subsequent Event [Member] | PBF Energy Inc. [Member] | Class A Common Stock [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Dividends declared per share (in dollars per share) | $ 0.30 | |||||
Subsequent Event [Member] | PBF Logistics LP [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Cash Distribution Per Unit (in dollars per share) | $ 0.5200 | |||||
Subsequent Event [Member] | Martinez Refinery [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Business Combination, Consideration Transferred, Working Capital Adjustments | $ 230,000,000 | |||||
Business Combination, Contingent Consideration, Earnout Payment, If Circumstances Met, Period | 4 years | |||||
Business Combination, Consideration Transferred | $ 960,000,000 | |||||
Subsequent Event [Member] | 2028 Senior Notes [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Long-term Debt | $ 1,000,000,000 | |||||
Debt fixed interest rate | 6.00% | |||||
Proceeds from Debt, Net of Issuance Costs | $ 989,000,000 | |||||
Subsequent Event [Member] | 2023 Senior Secured Notes [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Debt Instrument, Redemption Price, Percentage | 103.50% | |||||
Repayments of Long-term Debt | $ 517,500,000 | |||||
Subsequent Event [Member] | Line of Credit [Member] | Uncommitted Receivables Purchase Facility [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Maximum borrowing capacity | $ 300,000,000 |
QUARTERLY FINANCIAL DATA (Detai
QUARTERLY FINANCIAL DATA (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Revenues | $ 6,301,500,000 | $ 6,430,500,000 | $ 6,560,000,000 | $ 5,216,200,000 | $ 6,292,900,000 | $ 7,646,300,000 | $ 7,444,100,000 | $ 5,802,800,000 | $ 24,508,200,000 | $ 27,186,100,000 | $ 21,786,600,000 | |||
Income (loss) from operations | 123,000,000 | 151,900,000 | 9,500,000 | 364,600,000 | (446,200,000) | 286,300,000 | 422,300,000 | 95,700,000 | 649,000,000 | [1] | 358,100,000 | [1] | 731,600,000 | [1] |
Net income (loss) | 69,100,000 | 86,300,000 | (21,600,000) | 241,400,000 | (346,700,000) | 192,500,000 | 287,700,000 | 41,800,000 | 375,200,000 | 175,300,000 | 483,400,000 | |||
Net income attributable to PBF Energy | $ 53,000,000 | $ 69,400,000 | $ (32,200,000) | $ 229,200,000 | $ (353,800,000) | $ 179,600,000 | $ 272,100,000 | $ 30,400,000 | $ 319,400,000 | $ 128,300,000 | $ 415,600,000 | |||
Earnings (loss) per common share - assuming dilution | $ 0.44 | $ 0.57 | $ (0.27) | $ 1.89 | $ (2.97) | $ 1.50 | $ 2.37 | $ 0.27 | $ 2.64 | $ 1.10 | $ 3.73 | |||
Inventory Valuation Reserves | $ (401,600,000) | $ (374,800,000) | $ (651,800,000) | $ 0 | $ (401,600,000) | $ (651,800,000) | ||||||||
Change in Non-cash Lower of Cost or Market Adjustment | 26,800,000 | 651,800,000 | 250,200,000 | (351,300,000) | $ 295,500,000 | |||||||||
PBF LLC [Member] | ||||||||||||||
Revenues | 6,301,500,000 | 6,430,500,000 | $ 6,560,000,000 | $ 5,216,200,000 | 6,292,900,000 | 7,646,300,000 | $ 7,444,100,000 | $ 5,802,800,000 | 24,508,200,000 | 27,186,100,000 | 21,786,600,000 | |||
Income (loss) from operations | 123,600,000 | 152,300,000 | 9,900,000 | 364,900,000 | (445,400,000) | 286,600,000 | 422,800,000 | 95,900,000 | 650,700,000 | [1],[2] | 359,900,000 | [1] | 731,900,000 | [1] |
Net income (loss) | 80,400,000 | 108,100,000 | (35,900,000) | 327,400,000 | (502,200,000) | 244,900,000 | 385,700,000 | 51,700,000 | 480,000,000 | 180,100,000 | 551,300,000 | |||
Net income attributable to PBF Energy | $ 65,000,000 | $ 92,100,000 | $ (47,000,000) | $ 318,400,000 | $ (514,400,000) | $ 234,400,000 | $ 376,300,000 | $ 41,500,000 | 428,500,000 | 137,800,000 | 500,100,000 | |||
Change in Non-cash Lower of Cost or Market Adjustment | $ 250,200,000 | $ (351,300,000) | $ 295,500,000 | |||||||||||
[1] | (2) Prior to the TVPC Contribution Agreement, the Logistics segment included 100% of the income from operations of TVPC, as TVPC was consolidated by PBFX. PBFX recorded net income attributable to noncontrolling interest for the 50% equity interest in TVPC held by PBF Holding. PBF Holding (included in the Refining segment) recorded equity income in investee related to its 50% noncontrolling ownership interest in TVPC. For purposes of the Company’s Consolidated Financial Statements, PBF Holding’s equity income in investee and PBFX’s net income attributable to noncontrolling interest eliminated in consolidation. | |||||||||||||
[2] | (1) On April 24, 2019, PBFX entered into the TVPC Contribution Agreement, pursuant to which PBF LLC contributed to PBFX all of the issued and outstanding limited liability company interests of TVP Holding. Prior to the TVPC Acquisition, TVP Holding owned a 50% membership interest in TVPC. Subsequent to the closing of the TVPC Acquisition on May 31, 2019, PBFX owns 100% of the membership interests in TVPC. |