ACCRUED EXPENSES

PBF Energy

Accrued expenses consisted of the following:



	December 31, 2013		December 31, 2012
Inventory-related accruals	$	533,012	$	287,929
Inventory supply and offtake arrangements	454,893		536,594
Excise and sales tax payable	42,814		40,776
Accrued construction in progress	33,747		16,481
Accrued transportation costs	29,762		20,338
Accrued utilities	25,959		19,060
Customer deposits	23,621		26,541
Accrued interest	22,570		22,764
Renewable energy credit obligations	15,955		—
Accrued salaries and benefits	10,799		15,212
Income taxes payable	—		1,275
Fair value of contingent consideration for refinery acquisition	—		21,358
Other	16,749		23,139
	$	1,209,881	$	1,031,467

PBF Holding

Accrued expenses consisted of the following:



	December 31, 2013		December 31, 2012
Inventory-related accruals	$	533,012	$	287,929
Inventory supply and offtake arrangements	454,893		536,594
Excise and sales tax payable	42,814		36,414
Accrued construction in progress	33,747		16,481
Accrued transportation costs	29,762		20,338
Accrued utilities	25,959		19,060
Customer deposits	23,621		26,541
Accrued interest	22,570		22,764
Renewable energy credit obligations	15,955		—
Accrued salaries and benefits	10,799		15,212
Fair value of contingent consideration for refinery acquisition	—		21,358
Other	17,813		23,227
	$	1,210,945	$	1,025,918

The Company has the obligation to repurchase certain intermediates and finished products that are held in the Company’s refinery storage tanks in accordance with the Inventory Intermediation Agreements with J. Aron commencing in July 2013. As of December 31, 2013, a liability included in Inventory supply and offtake arrangements is recorded at market price for the J. Aron owned inventory held in the Company's storage tanks under the Inventory Intermediation Agreements, with any change in the market price being recorded in costs of sales.

Prior to July 1, 2013, the Company had the obligation to repurchase certain intermediates and lube products under its Offtake Agreements that were held in the Company’s refinery storage tanks. A liability included in Inventory supply and Offtake Arrangements was recorded at market price for the volumes held in storage consistent with the terms of the Offtake Agreements with any change in the market price recorded in costs of sales. The liability represented the amount the Company expected to pay to repurchase the volumes held in storage. The Company recorded a non-cash benefit of $20,248 and a non-cash charge of $11,619 related to this liability in the years ended December 31, 2013 and 2012, respectively.

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 the Environmental Protection Agency ("EPA"). To the degree the Company is unable to blend the required amount of biofuels to satisfy our 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 expenses and other current assets when the amount of RINs earned and purchased is greater than the RINs liability.