FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2020

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 June 30, 2020 and December 31, 2019.

The Company has elected to offset the fair value amounts recognized for multiple derivative contracts executed with the same counterparty; however, fair value amounts by hierarchy level are presented on a gross basis in the tables below. The Company has posted cash margin with various counterparties to support hedging and trading activities. The cash margin posted is required by counterparties as collateral deposits and cannot be offset against the fair value of open contracts except in the event of default. The Company has no derivative contracts that are subject to master netting arrangements that are reflected gross on the Condensed Consolidated Balance Sheets.

	As of June 30, 2020
	Fair Value Hierarchy						Total Gross Fair Value		Effect of Counter- party Netting			Net Carrying Value on Balance Sheet
(in millions)	Level 1		Level 2		Level 3
Assets:
Money market funds	$	401.2	$	—	$	—	$	401.2		N/A		$	401.2
Commodity contracts		0.1		7.0		1.3		8.4		(8.4	)		—
Derivatives included with inventory intermediation agreement obligations		—		24.4		—		24.4		—			24.4
Liabilities:
Commodity contracts		0.5		13.6		0.3		14.4		(8.4	)		6.0
Catalyst obligations		—		32.1		—		32.1		—			32.1
Contingent consideration obligation		—		—		13.4		13.4		—			13.4

	As of December 31, 2019
	Fair Value Hierarchy						Total Gross Fair Value		Effect of Counter- party Netting			Net Carrying Value on Balance Sheet
(in millions)	Level 1		Level 2		Level 3
Assets:
Money market funds	$	97.9	$	—	$	—	$	97.9		N/A		$	97.9
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

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	$	97.9	$	—	$	—	$	97.9		N/A		$	97.9
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	$	2.8	$	—	$	—	$	2.8		N/A		$	2.8
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 Fair value of Debt

The table below summarizes the carrying value and fair value of debt as of June 30, 2020 and December 31, 2019.

	June 30, 2020					December 31, 2019
(in millions)	Carrying value			Fair value		Carrying value			Fair value
2025 Senior Secured Notes (a)	$	1,000.0		$	1,074.3	$	—		$	—
2028 Senior Notes (a)		1,000.0			835.0		—			—
2025 Senior Notes (a)		725.0			661.8		725.0			776.5
2023 Senior Notes (b)		—			—		500.0			519.7
Revolving Credit Facility (c)	$	600.0		$	600.0	$	—		$	—
PBF Rail Term Loan (c)		11.0			11.0		14.5			14.5
Catalyst financing arrangements (d)		32.1			32.1		47.6			47.6
		3,368.1			3,214.2		1,287.1			1,358.3
Less - Unamortized deferred financing costs		(43.4	)		n/a		(24.3	)		n/a
Long-term debt	$	3,324.7		$	3,214.2	$	1,262.8		$	1,358.3

(a) The estimated fair value, categorized as a Level 2 measurement, was calculated based on the present value of future expected payments utilizing implied current market interest rates based on quoted prices of the outstanding senior notes.

(b) As disclosed in “Note 6 - Debt”, the 2023 Senior Notes were redeemed in full on February 14, 2020.

(c) The estimated fair value approximates carrying value, categorized as a Level 2 measurement, as these borrowings bear interest based upon short-term floating market interest rates.

(d) Catalyst financing arrangements are valued using a market approach based upon commodity prices for similar instruments quoted in active markets and are categorized as a Level 2 measurement. The Company has elected the fair value option for accounting for its catalyst repurchase obligations as the Company’s liability is directly impacted by the change in fair value of the underlying catalyst.

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
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
		1,287.1			1,358.3		1,290.9			1,233.7
Less - Current debt (c)		—			—		(2.4	)		(2.4	)
Less - Unamortized deferred financing costs		(24.3	)		n/a		(30.5	)		n/a
Long-term debt	$	1,262.8		$	1,358.3	$	1,258.0		$	1,231.3

(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.

(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 7 - Credit Facilities and Debt”, these notes became unsecured following the Collateral Fall-Away Event on May 30, 2017.

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The table below summarizes the changes in fair value measurements categorized in Level 3 of the fair value hierarchy:

(in millions)	Three Months Ended June 30, 2020			Six Months Ended June 30, 2020
Balance at beginning of period	$	24.3		$	—
Additions		—			77.3
Accretion on discounted liabilities		1.5			1.5
Settlements		0.4			0.4
Unrealized gain included in earnings		(13.8	)		(66.8	)
Balance at end of period	$	12.4		$	12.4