ACCRUED EXPENSES

PBF Energy

Accrued expenses consisted of the following:



	March 31, 2014		December 31, 2013
Inventory-related accruals	$	684,726	$	533,012
Inventory supply and offtake arrangements	475,275		454,893
Accrued transportation costs	38,246		29,762
Excise and sales tax payable	36,698		42,814
Accrued utilities	29,777		25,959
Accrued salaries and benefits	20,246		10,799
Income taxes payable	15,655		—
Renewable energy credit obligations	13,482		15,955
Customer deposits	13,396		23,621
Accrued interest	9,023		22,570
Accrued construction in progress	8,277		33,747
Other	19,611		16,749
	$	1,364,412	$	1,209,881

PBF Holding

Accrued expenses consisted of the following:



	March 31, 2014		December 31, 2013
Inventory-related accruals	$	684,726	533,012
Inventory supply and offtake arrangements	475,275		454,893
Accrued transportation costs	38,246		29,762
Excise and sales tax payable	36,698		42,814
Accrued utilities	29,777		25,959
Accrued salaries and benefits	20,246		10,799
Renewable energy credit obligations	13,482		15,955
Customer deposits	13,396		23,621
Accrued interest	9,023		22,570
Accrued construction in progress	8,277		33,747
Other	19,611		17,813
	$	1,348,757	$	1,210,945

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, which commenced in July 2013. As of March 31, 2014, 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 cost of sales.

Prior to July 1, 2013, the Company had the obligation to repurchase certain intermediates and lube products under its products offtake agreements with Morgan Stanley Capital Group Inc. (“MSCG”) that were held in the Company’s refinery storage tanks in Delaware City and Paulsboro. 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 cost 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 $15,904 related to this liability in the three months ended March 31, 2013.

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.