XML 126 R115.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS (Statement of Cash Flows) (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Cash flows from operating activities:      
Net income $ 214,085 $ 804,037 $ 242,671
Adjustments to reconcile net income to net cash from operating activities:      
Depreciation and amortization 118,001 97,650 56,919
Stock-based compensation 3,753 2,954 2,516
Change in fair value of catalyst lease obligation (4,691) 3,724 (7,316)
Change in fair value of contingent consideration 0 2,768 5,215
Non-cash change in inventory repurchase obligations (20,492) 4,576 25,329
Write-off of unamortized deferred financing fees 0 4,391 0
Gain on sale of assets (183) (2,329) 0
Pension and other post retirement benefits costs 16,728 12,684 9,769
Changes in current assets and current liabilities:      
Accounts receivable (92,851) (187,544) (279,315)
Inventories 45,991 (80,097) (512,054)
Other current assets (42,455) 49,971 (56,953)
Accounts payable 42,236 73,990 249,765
Accrued expenses 209,479 35,892 395,093
Deferred revenue (202,777) 21,309 122,895
Other assets and liabilities (20,716) (31,543) (5,252)
Net cash provided by operations 291,329 812,433 249,282
Cash flow from investing activities:      
Acquisition of Toledo refinery, net of cash received from sale of assets 0 0 (168,156)
Expenditures for property, plant and equipment (318,394) (175,900) (488,721)
Expenditures for deferred turnarounds cost (64,616) (38,633) (62,823)
Expenditures for other assets (32,692) (8,155) (23,339)
Proceeds from sale of assets 102,428 3,381 4,700
Other 0 0 (854)
Net cash used in investing activities (313,274) (219,307) (739,193)
Cash flows from financing activities:      
Proceeds from revolver borrowings 1,450,000 0 0
Proceeds from member's capital contributions 0 0 408,397
Proceeds from Senior Secured Notes 0 665,806 0
Proceeds from long-term debt 0 430,000 488,894
Proceeds from catalyst lease 14,337 9,452 18,624
Distribution to members (157,745) (160,965) 0
Repayments of revolver borrowings (1,435,000) 0 0
Payment of contingent consideration related to acquisition of Toledo refinery (21,357) (103,642) 0
Repayments of long-term debt 0 (1,184,597) (220,401)
Repayment of seller note inventory 0 0 (299,645)
Deferred financing costs and other 0 (8,408) 0
Net cash (used in) provided by financing activities (186,969) (357,408) 384,620
Net increase (decrease) in cash and cash equivalents (208,914) 235,718 (105,291)
Cash and equivalents, beginning of period 285,884 50,166 155,457
Cash and equivalents, end of period 76,970 285,884 50,166
Issuer [Member]
     
Cash flows from operating activities:      
Net income 238,876 805,312 242,671
Adjustments to reconcile net income to net cash from operating activities:      
Depreciation and amortization 19,296 13,466 4,877
Stock-based compensation 0 0 0
Change in fair value of catalyst lease obligation 0 0 0
Change in fair value of contingent consideration 0 0 0
Non-cash change in inventory repurchase obligations 0 0 0
Write-off of unamortized deferred financing fees 0 4,391  
Gain on sale of assets (388) 0  
Pension and other post retirement benefits costs 4,575 2,125 1,241
Equity in earnings of subsidiaries (722,673) (1,921,040) (326,170)
Changes in current assets and current liabilities:      
Accounts receivable (281,386) (306,999) 0
Inventories (153,782) (664,225) 0
Other current assets (40,416) 78 (8,896)
Accounts payable 109,988 193,151 4,456
Accrued expenses 222,194 419,735 46,724
Deferred revenue 7,766 0 0
Amounts due to/from related parties 626,623 1,736,986  
Other assets and liabilities (1,140) (9,023) (1,029)
Net cash provided by operations 29,533 273,957 (36,126)
Cash flow from investing activities:      
Acquisition of Toledo refinery, net of cash received from sale of assets     0
Expenditures for property, plant and equipment (127,653) (16,546) (17,202)
Expenditures for deferred turnarounds cost 0 0 0
Expenditures for other assets 0 0 0
Proceeds from sale of assets 102,428 0 0
Amounts due to/from related parties     (750,630)
Other     0
Net cash used in investing activities (25,225) (16,546) (767,832)
Cash flows from financing activities:      
Proceeds from revolver borrowings 1,450,000    
Proceeds from intercompany notes payable 31,835    
Proceeds from member's capital contributions 0   408,397
Proceeds from Senior Secured Notes   665,806  
Proceeds from long-term debt   430,000 470,000
Proceeds from catalyst lease 0 0 0
Distribution to members (215,846) (160,965)  
Repayments of revolver borrowings (1,435,000)    
Payment of contingent consideration related to acquisition of Toledo refinery 0 (103,642)  
Repayments of long-term debt   (823,749) (201,250)
Repayment of seller note inventory     0
Deferred financing costs and other (1,044) (26,059) (10,737)
Net cash (used in) provided by financing activities (170,055) (18,609) 666,410
Net increase (decrease) in cash and cash equivalents (165,747) 238,802 (137,548)
Cash and equivalents, beginning of period 241,926 3,124 140,672
Cash and equivalents, end of period 76,179 241,926 3,124
Guarantors Subsidiaries [Member]
     
Cash flows from operating activities:      
Net income 722,673 1,921,040 326,170
Adjustments to reconcile net income to net cash from operating activities:      
Depreciation and amortization 98,705 84,184 52,042
Stock-based compensation 3,753 2,954 2,516
Change in fair value of catalyst lease obligation (4,691) 3,724 (7,316)
Change in fair value of contingent consideration 0 2,768 5,215
Non-cash change in inventory repurchase obligations (20,492) 4,576 25,329
Write-off of unamortized deferred financing fees 0 0  
Gain on sale of assets 205 (2,329)  
Pension and other post retirement benefits costs 12,153 10,559 8,527
Equity in earnings of subsidiaries 0 0 0
Changes in current assets and current liabilities:      
Accounts receivable 188,535 119,455 (279,315)
Inventories 199,773 584,128 (512,054)
Other current assets (2,039) 49,893 (48,057)
Accounts payable (67,752) (119,161) 245,309
Accrued expenses (7,377) (389,392) 348,369
Deferred revenue (210,543) 21,309 122,895
Amounts due to/from related parties (611,902) (1,751,707)  
Other assets and liabilities (19,263) (22,521) (4,222)
Net cash provided by operations 281,738 519,480 285,408
Cash flow from investing activities:      
Acquisition of Toledo refinery, net of cash received from sale of assets     (168,156)
Expenditures for property, plant and equipment (190,741) (159,354) (471,519)
Expenditures for deferred turnarounds cost (64,616) (38,633) (62,823)
Expenditures for other assets (32,692) (8,155) (23,339)
Proceeds from sale of assets 0 3,381 4,700
Amounts due to/from related parties     0
Other     (854)
Net cash used in investing activities (288,049) (202,761) (721,991)
Cash flows from financing activities:      
Proceeds from revolver borrowings 0    
Proceeds from intercompany notes payable 0    
Proceeds from member's capital contributions 1,757   0
Proceeds from Senior Secured Notes   0  
Proceeds from long-term debt   0 18,894
Proceeds from catalyst lease 14,337 9,452 18,624
Distribution to members 0 0  
Repayments of revolver borrowings 0    
Payment of contingent consideration related to acquisition of Toledo refinery (21,357) 0  
Repayments of long-term debt   (360,848) (19,151)
Repayment of seller note inventory     (299,645)
Deferred financing costs and other 0 0 (512)
Net cash (used in) provided by financing activities (5,263) (351,396) 468,840
Net increase (decrease) in cash and cash equivalents (11,574) (34,677) 32,257
Cash and equivalents, beginning of period 12,365 47,042 14,785
Cash and equivalents, end of period 791 12,365 47,042
Non-Guarantor Subsidiaries [Member]
     
Cash flows from operating activities:      
Net income 0 0 0
Adjustments to reconcile net income to net cash from operating activities:      
Depreciation and amortization 0 0 0
Stock-based compensation 0 0 0
Change in fair value of catalyst lease obligation 0 0 0
Change in fair value of contingent consideration 0 0 0
Non-cash change in inventory repurchase obligations 0 0 0
Write-off of unamortized deferred financing fees 0 0  
Gain on sale of assets 0 0  
Pension and other post retirement benefits costs 0 0 0
Equity in earnings of subsidiaries 0 0 0
Changes in current assets and current liabilities:      
Accounts receivable 0 0 0
Inventories 0 0 0
Other current assets 0 0 0
Accounts payable 0 0 0
Accrued expenses 0 0 0
Deferred revenue 0 0 0
Amounts due to/from related parties 0 0  
Other assets and liabilities 0 0 0
Net cash provided by operations 0 0 0
Cash flow from investing activities:      
Acquisition of Toledo refinery, net of cash received from sale of assets     0
Expenditures for property, plant and equipment 0 0 0
Expenditures for deferred turnarounds cost 0 0 0
Expenditures for other assets 0 0 0
Proceeds from sale of assets 0 0 0
Amounts due to/from related parties     0
Other     0
Net cash used in investing activities 0 0 0
Cash flows from financing activities:      
Proceeds from revolver borrowings 0    
Proceeds from intercompany notes payable 0    
Proceeds from member's capital contributions 0   0
Proceeds from Senior Secured Notes   0  
Proceeds from long-term debt   0 0
Proceeds from catalyst lease 0 0 0
Distribution to members 0 0  
Repayments of revolver borrowings 0    
Payment of contingent consideration related to acquisition of Toledo refinery 0 0  
Repayments of long-term debt   0 0
Repayment of seller note inventory     0
Deferred financing costs and other 0 0 0
Net cash (used in) provided by financing activities 0 0 0
Net increase (decrease) in cash and cash equivalents 0 0 0
Cash and equivalents, beginning of period 0 0 0
Cash and equivalents, end of period 0 0 0
Combining and Consolidated Adjustments [Member]
     
Cash flows from operating activities:      
Net income (722,673) (1,921,040) (326,170)
Adjustments to reconcile net income to net cash from operating activities:      
Depreciation and amortization 0 0 0
Stock-based compensation 0 0 0
Change in fair value of catalyst lease obligation 0 0 0
Change in fair value of contingent consideration 0 0 0
Non-cash change in inventory repurchase obligations 0 0 0
Write-off of unamortized deferred financing fees 0 0  
Gain on sale of assets 0 0  
Pension and other post retirement benefits costs 0 0 0
Equity in earnings of subsidiaries 722,673 1,921,040 326,170
Changes in current assets and current liabilities:      
Accounts receivable 0 0 0
Inventories 0 0 0
Other current assets 0 0 0
Accounts payable 0 0 0
Accrued expenses 0 0 0
Deferred revenue 0 0 0
Amounts due to/from related parties 0 0  
Other assets and liabilities 0 0 0
Net cash provided by operations 0 0 0
Cash flow from investing activities:      
Acquisition of Toledo refinery, net of cash received from sale of assets     0
Expenditures for property, plant and equipment 0 0 0
Expenditures for deferred turnarounds cost 0 0 0
Expenditures for other assets 0 0 0
Proceeds from sale of assets 0 0 0
Amounts due to/from related parties     750,630
Other     0
Net cash used in investing activities 0 0 750,630
Cash flows from financing activities:      
Proceeds from revolver borrowings 0    
Proceeds from intercompany notes payable 0    
Proceeds from member's capital contributions 0   0
Proceeds from Senior Secured Notes   0  
Proceeds from long-term debt   0 0
Proceeds from catalyst lease 0 0 0
Distribution to members 0 0  
Repayments of revolver borrowings 0    
Payment of contingent consideration related to acquisition of Toledo refinery 0 0  
Repayments of long-term debt   0 0
Repayment of seller note inventory     0
Deferred financing costs and other 0 0 0
Net cash (used in) provided by financing activities 0 0 (750,630)
Net increase (decrease) in cash and cash equivalents 0 0 0
Cash and equivalents, beginning of period 0 0 0
Cash and equivalents, end of period 0 0 0
PBF Holding [Member]
     
Cash flows from operating activities:      
Net income 238,876 805,312 242,671
Adjustments to reconcile net income to net cash from operating activities:      
Depreciation and amortization 118,001 97,650 56,919
Stock-based compensation 3,753 2,954 2,516
Change in fair value of catalyst lease obligation (4,691) 3,724 (7,316)
Change in fair value of contingent consideration 0 2,768 5,215
Non-cash change in inventory repurchase obligations (20,492) 4,576 25,329
Write-off of unamortized deferred financing fees 0 4,391 0
Gain on sale of assets (183) (2,329) 0
Pension and other post retirement benefits costs 16,728 12,684 9,768
Equity in earnings of subsidiaries 0 0 0
Changes in current assets and current liabilities:      
Accounts receivable (92,851) (187,544) (279,315)
Inventories 45,991 (80,097) (512,054)
Other current assets (42,455) 49,971 (56,953)
Accounts payable 42,236 73,990 249,765
Accrued expenses 214,817 30,343 395,093
Deferred revenue (202,777) 21,309 122,895
Amounts due to/from related parties 14,721 (14,721) 0
Other assets and liabilities (20,403) (31,544) (5,251)
Net cash provided by operations 311,271 793,437 249,282
Cash flow from investing activities:      
Acquisition of Toledo refinery, net of cash received from sale of assets 0 0 (168,156)
Expenditures for property, plant and equipment (318,394) (175,900) (488,721)
Expenditures for deferred turnarounds cost (64,616) (38,633) (62,823)
Expenditures for other assets (32,692) (8,155) (23,339)
Proceeds from sale of assets 102,428 3,381 4,700
Amounts due to/from related parties     0
Other 0 0 (854)
Net cash used in investing activities (313,274) (219,307) (739,193)
Cash flows from financing activities:      
Proceeds from revolver borrowings 1,450,000 0 0
Proceeds from intercompany notes payable 31,835 0 0
Proceeds from member's capital contributions 1,757 0 408,397
Proceeds from Senior Secured Notes 0 665,806 0
Proceeds from long-term debt 0 430,000 488,894
Proceeds from catalyst lease 14,337 9,452 18,624
Distribution to members (215,846) (160,965) 0
Repayments of revolver borrowings (1,435,000) 0 0
Payment of contingent consideration related to acquisition of Toledo refinery (21,357) (103,642) 0
Repayments of long-term debt 0 (1,184,597) (220,401)
Repayment of seller note inventory 0 0 (299,645)
Deferred financing costs and other (1,044) (26,059) (11,249)
Net cash (used in) provided by financing activities (175,318) (370,005) 384,620
Net increase (decrease) in cash and cash equivalents (177,321) 204,125 (105,291)
Cash and equivalents, beginning of period 254,291 50,166 155,457
Cash and equivalents, end of period $ 76,970 $ 254,291 $ 50,166