CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS (Tables)

6 Months Ended

Jun. 30, 2013

Condensed Financial Information of Subsidiary Disclosure [Abstract]

CONDENSED CONSOLIDATING BALANCE SHEET (UNAUDITED)



	June 30, 2013
	Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Combining and Consolidated Adjustments			Total
ASSETS
Current assets:
Cash and cash equivalents	$	47,183		$	22,047		$	—	$	—		$	69,230
Accounts receivable	316,504			274,848			—		—			591,352
Inventories	867,850			669,723			—		—			1,537,573
Prepaid expense and other current assets	31,026			15,110			—		—			46,136
Due from related parties	9,901,707			12,753,447			—		(22,655,154		)	—
Total current assets	11,164,270			13,735,175			—		(22,655,154		)	2,244,291

Property, plant and equipment, net	39,757			1,645,347			—		—			1,685,104
Investment in subsidiaries	2,122,924			—			—		(2,122,924		)	—
Deferred charges and other assets, net	29,680			157,557			—		—			187,237
Total assets	$	13,356,631		$	15,538,079		$	—	$	(24,778,078	)	$	4,116,632

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	184,639		$	42,928		$	—	$	—		$	227,567
Accrued expenses	601,323			426,864			—		—			1,028,187
Deferred revenue	—			183,949			—		—			183,949
Due to related parties	9,979,868			12,675,286			—		(22,655,154		)	—
Total current liabilities	10,765,830			13,329,027			—		(22,655,154		)	1,439,703

Delaware Economic Development Authority loan	—			16,000			—		—			16,000
Long-term debt	762,002			37,961			—		—			799,963
Intercompany notes payable	31,632			—			—		—			31,632
Other long-term liabilities	5,130			32,167			—		—			37,297
Total liabilities	11,564,594			13,415,155			—		(22,655,154		)	2,324,595

Commitments and contingencies

Equity:
Member's equity	930,808			664,789			—		(664,789		)	930,808
Retained earnings (accumulated deficit)	869,960			1,459,703			—		(1,459,703		)	869,960
Accumulated other comprehensive loss	(8,731		)	(1,568		)	—		1,568			(8,731		)
Total equity	1,792,037			2,122,924			—		(2,122,924		)	1,792,037
Total liabilities and equity	$	13,356,631		$	15,538,079		$	—	$	(24,778,078	)	$	4,116,632

17. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING

CONDENSED CONSOLIDATING BALANCE SHEET (UNAUDITED)



	December 31, 2012
	Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Combining and Consolidated Adjustments			Total
ASSETS
Current assets:
Cash and cash equivalents	$	241,926		$	12,365		$	—	$	—		$	254,291
Accounts receivable	306,999			196,797			—		—			503,796
Inventories	664,225			832,894			—		—			1,497,119
Prepaid expense and other current assets	8,835			4,553			—		—			13,388
Due from related parties	6,770,893			8,105,364			—		(14,861,536		)	14,721
Total current assets	7,992,878			9,151,973			—		(14,861,536		)	2,283,315

Property, plant and equipment, net	28,200			1,607,387			—		—			1,635,587
Investment in subsidiaries	945,622			—			—		(945,622		)	—
Deferred charges and other assets, net	31,081			166,268			—		—			197,349
Total assets	$	8,997,781		$	10,925,628		$	—	$	(15,807,158	)	$	4,116,251

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	197,624		$	162,433		$	—	$	—		$	360,057
Accrued expenses	363,536			662,382			—		—			1,025,918
Deferred revenue	—			210,543			—		—			210,543
Due to related parties	6,016,505			8,845,031			—		(14,861,536		)	—
Total current liabilities	6,577,665			9,880,389			—		(14,861,536		)	1,596,518

Delaware Economic Development Authority loan	—			20,000			—		—			20,000
Long-term debt	666,538			43,442			—		—			709,980
Other long-term liabilities	1,924			36,175			—		—			38,099
Total liabilities	7,246,127			9,980,006			—		(14,861,536		)	2,364,597

Commitments and contingencies

Equity:
Member's equity	930,098			664,108			—		(664,108		)	930,098
Retained earnings	830,497			283,076			—		(283,076		)	830,497
Accumulated other comprehensive loss	(8,941		)	(1,562		)	—		1,562			(8,941		)
Total equity	1,751,654			945,622			—		(945,622		)	1,751,654
Total liabilities and equity	$	8,997,781		$	10,925,628		$	—	$	(15,807,158	)	$	4,116,251

Condensed Consolidating Statement of Operations and Comprehensive Income (Loss)

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED)



	Three Months Ended June 30, 2013
	Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Combining and Consolidated Adjustments			Total

Revenues	$	3,507,984		$	2,802,291		$	—	$	(1,631,982	)	$	4,678,293

Costs and expenses:
Cost of sales, excluding depreciation	4,046,249			1,881,712			—		(1,631,982		)	4,295,979
Operating expenses, excluding depreciation	(142		)	202,725			—		—			202,583
General and administrative expenses	15,595			3,546			—		—			19,141
Depreciation and amortization expense	3,317			24,246			—		—			27,563
	4,065,019			2,112,229			—		(1,631,982		)	4,545,266

Income (loss) from operations	(557,035		)	690,062			—		—			133,027

Other income (expense):
Equity in earnings of subsidiaries	695,768			—			—		(695,768		)	—
Change in fair value of catalyst lease	—			6,820			—		—			6,820
Interest expense, net	(20,624		)	(1,114		)	—		—			(21,738		)
Net income	$	118,109		$	695,768		$	—	$	(695,768	)	$	118,109

Comprehensive Income	$	118,427		$	695,768		$	—	$	(695,768	)	$	118,427

17. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED)



	Three Months Ended June 30, 2012
	Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Combining and Consolidated Adjustments			Total

Revenues	$	2,124,901		$	3,112,506		$	—	$	(160,392	)	$	5,077,015

Costs and expenses:
Cost of sales, excluding depreciation	2,774,980			1,664,458			—		(160,392		)	4,279,046
Operating expenses, excluding depreciation	—			170,702			—		—			170,702
General and administrative expenses	22,600			2,686			—		—			25,286
Loss on sale of asset	—			53			—		—			53
Depreciation and amortization expense	1,389			21,033			—		—			22,422
	2,798,969			1,858,932			—		(160,392		)	4,497,509

Income (loss) from operations	(674,068		)	1,253,574			—		—			579,506

Other income (expense):
Equity in earnings (loss) of subsidiaries	1,252,145			—			—		(1,252,145		)	—
Change in fair value of catalyst lease	—			5,371			—		—			5,371
Change in fair value of contingent consideration	—			(692		)	—		—			(692		)
Interest expense, net	(22,335		)	(6,108		)	—		—			(28,443		)
Net income	$	555,742		$	1,252,145		$	—	$	(1,252,145	)	$	555,742

Comprehensive Income	$	555,745		$	1,252,148		$	—	$	(1,252,148	)	$	555,745

17. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED)



	Six Months Ended June 30, 2013
	Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Combining and Consolidated Adjustments			Total

Revenues	$	6,561,777		$	6,315,781		$	—	$	(3,401,417	)	$	9,476,141

Costs and expenses:
Cost of sales, excluding depreciation	7,453,784			4,678,714			—		(3,401,417		)	8,731,081
Operating expenses, excluding depreciation	(141		)	408,740			—		—			408,599
General and administrative expenses	42,040			7,195			—		—			49,235
Depreciation and amortization expense	6,138			47,955			—		—			54,093
	7,501,821			5,142,604			—		(3,401,417		)	9,243,008

Income (loss) from operations	(940,044		)	1,173,177			—		—			233,133

Other income (expense):
Equity in earnings (loss) of subsidiaries	1,176,634			—			—		(1,176,634		)	—
Change in fair value of catalyst lease	—			5,481			—		—			5,481
Interest expense, net	(41,325		)	(2,024		)	—		—			(43,349		)
Net income	$	195,265		$	1,176,634		$	—	$	(1,176,634	)	$	195,265

Comprehensive Income	$	195,475		$	1,176,634		$	—	$	(1,176,634	)	$	195,475

17. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED)



	Six Months Ended June 30, 2012
	Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Combining and Consolidated Adjustments			Total

Revenues	$	2,845,520		$	7,455,629		$	—	$	(508,028	)	$	9,793,121

Costs and expenses:
Cost of sales, excluding depreciation	3,581,841			5,865,426			—		(508,028		)	8,939,239
Operating expenses, excluding depreciation	—			358,845			—		—			358,845
General and administrative expenses	34,556			4,544			—		—			39,100
Gain on sale of asset	—			(2,450		)	—		—			(2,450		)
Depreciation and amortization expense	2,939			40,024			—		—			42,963
	3,619,336			6,266,389			—		(508,028		)	9,377,697

Income (loss) from operations	(773,816		)	1,189,240			—		—			415,424

Other income (expense):
Equity in earnings (loss) of subsidiaries	1,170,639			—			—		(1,170,639		)	—
Change in fair value of catalyst lease	—			(978		)	—		—			(978		)
Change in fair value of contingent consideration	—			(1,384		)	—		—			(1,384		)
Interest expense, net	(43,612		)	(16,239		)	—		—			(59,851		)
Net income	$	353,211		$	1,170,639		$	—	$	(1,170,639	)	$	353,211

Comprehensive Income	$	353,228		$	1,170,639		$	—	$	(1,170,639	)	$	353,228

Condensed Consolidating Statement of Cash Flow

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW (UNAUDITED)



	Six Months Ended June 30, 2013
	Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Combining and Consolidated Adjustments			Total
Cash flows from operating activities:
Net income	$	195,265		$	1,176,634		$	—	$	(1,176,634	)	$	195,265
Adjustments to reconcile net income to net
cash from operating activities:
Depreciation and amortization	9,339			48,014			—		—			57,353
Stock based compensation	—			1,977			—		—			1,977
Change in fair value of catalyst lease obligation	—			(5,481		)	—		—			(5,481		)
Non-cash change in inventory repurchase obligations	—			(17,377		)	—		—			(17,377		)
Pension and other post retirement benefit costs	—			8,472			—		—			8,472
Equity in earnings of subsidiaries	(1,176,634		)	—			—		1,176,634			—
Changes in operating assets and liabilities:
Accounts receivable	(9,505		)	(78,051		)	—		—			(87,556		)
Inventories	(203,625		)	20,587			—		—			(183,038		)
Other current assets	(22,191		)	(10,557		)	—		—			(32,748		)
Accounts payable	(12,985		)	(119,505		)	—		—			(132,490		)
Accrued expenses	237,384			(42,073		)	—		—			195,311
Deferred revenue	—			(26,594		)	—		—			(26,594		)
Amounts due to/from related parties	832,549			(817,828		)	—		—			14,721
Other assets and liabilities	4,114			(12,480		)	—		—			(8,366		)
Net cash (used in) provided by operating activities	(146,289		)	125,738			—		—			(20,551		)

Cash flows from investing activities:
Expenditures for property, plant and equipment	(18,240		)	(86,844		)	—		—			(105,084		)
Expenditures for refinery turnarounds costs	—			(4,551		)	—		—			(4,551		)
Expenditures for other assets	—			(3,089		)	—		—			(3,089		)
Net cash provided by (used in) investing activities	(18,240		)	(94,484		)	—		—			(112,724		)

Cash flows from financing activities:
Proceeds from revolver borrowings	160,000			—			—		—			160,000
Proceeds from intercompany notes payable	31,632			—			—		—			31,632
Distribution to members	(155,802		)	—			—		—			(155,802		)
Repayments of revolver borrowings	(65,000		)	—			—		—			(65,000		)
Payment of contingent consideration related to acquisition of Toledo refinery	—			(21,357		)	—		—			(21,357		)
Deferred financing costs and other	(1,044		)	(215		)	—		—			(1,259		)
Net cash used in financing activities	(30,214		)	(21,572		)	—		—			(51,786		)

Net (decrease) increase in cash and cash equivalents	(194,743		)	9,682			—		—			(185,061		)
Cash and equivalents, beginning of period	241,926			12,365			—		—			254,291
Cash and equivalents, end of period	$	47,183		$	22,047		$	—	$	—		$	69,230

17. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW (UNAUDITED)



	Six Months Ended June 30, 2012
	Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Combining and Consolidated Adjustments			Total
Cash flows from operating activities:
Net income	$	353,211		$	1,170,639		$	—	$	(1,170,639	)	$	353,211
Adjustments to reconcile net income to net
cash from operating activities:
Depreciation and amortization	5,456			40,024			—		—			45,480
Stock based compensation	—			1,047			—		—			1,047
Change in fair value of catalyst lease obligation	—			978			—		—			978
Change in fair value of contingent consideration	—			1,384			—		—			1,384
Non-cash change in inventory repurchase obligations	—			(12,611		)	—		—			(12,611		)
Write off of unamortized deferred financing fees	4,391			—			—		—			4,391
Gain on sale of assets	—			(2,450		)	—		—			(2,450		)
Pension and other post retirement benefit costs	17			6,318			—		—			6,335
Equity in earnings of subsidiaries	(1,170,639		)	—			—		1,170,639			—
Changes in operating assets and liabilities:
Accounts receivable	(392,653		)	260,657			—		—			(131,996		)
Inventories	(533,530		)	467,776			—		—			(65,754		)
Other current assets	(5,778		)	46,976			—		—			41,198
Accounts payable	21,201			(5,570		)	—		(9,749		)	5,882
Accrued expenses	57,022			(136,343		)	—		—			(79,321		)
Deferred revenue	—			(22,311		)	—		—			(22,311		)
Amounts due to/from related parties	1,317,885			(1,317,885		)	—		—			—
Other assets and liabilities	(651		)	(27,438		)	—		—			(28,089		)
Net cash (used in) provided by operating activities	(344,068		)	471,191			—		(9,749		)	117,374

Cash flows from investing activities:
Expenditures for property, plant and equipment	(9,904		)	(54,219		)	—		—			(64,123		)
Expenditures for refinery turnarounds costs	—			(22,609		)	—		—			(22,609		)
Expenditures for other assets	—			(6,503		)	—		—			(6,503		)
Proceeds from sale of assets	—			3,381			—		—			3,381
Net cash used in investing activities	(9,904		)	(79,950		)	—		—			(89,854		)

Cash flows from financing activities:
Proceeds from member contributions	250			—			—		—			250
Proceeds from senior secured notes	665,806			—			—		—			665,806
Proceeds from long-term debt	430,000			—			—		—			430,000
Proceeds from catalyst lease	—			9,452			—		—			9,452
Distributions to members	(12,860		)	—			—		—			(12,860		)
Repayments of long-term debt	(698,750		)	(342,968		)	—		—			(1,041,718		)
Payment of contingent consideration related to acquisition of Toledo refinery	—			(103,642		)	—		—			(103,642		)
Deferred financing costs and other	(16,246		)	—			—		—			(16,246		)
Net cash provided by (used in) financing activities	368,200			(437,158		)	—		—			(68,958		)

Net increase (decrease) in cash and cash equivalents	14,228			(45,917		)	—		(9,749		)	(41,438		)
Cash and equivalents, beginning of period	3,124			47,042			—		—			50,166
Cash and equivalents, end of period	$	17,352		$	1,125		$	—	$	(9,749	)	$	8,728