CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS (Tables)

3 Months Ended

Mar. 31, 2014

Condensed Financial Information of Subsidiary Disclosure [Abstract]

Condensed Consolidating Balance Sheet

CONDENSED CONSOLIDATING BALANCE SHEET (UNAUDITED)

	March 31, 2014
	Issuer			Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Combining and Consolidating Adjustments			Total
ASSETS
Current assets:
Cash and cash equivalents	$	235,846		$	1,289	$	—	$	—		$	237,135
Accounts receivable	521,340			8,301		—		—			529,641
Inventories	953,337			592,918		—		—			1,546,255
Prepaid expense and other current assets	35,114			5,011		—		—			40,125
Due from related parties	12,709,103			17,255,733		—		(29,964,836		)	—
Total current assets	14,454,740			17,863,252		—		(29,964,836		)	2,353,156
Property, plant and equipment, net	24,288			1,733,697		—		—			1,757,985
Investment in subsidiaries	3,280,156			—		—		(3,280,156		)	—
Deferred charges and other assets, net	27,542			254,625		—		—			282,167
Total assets	$	17,786,726		$	19,851,574	$	—	$	(33,244,992	)	$	4,393,308
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	172,917		$	73,902	$	—	$	—		$	246,819
Accrued expenses	780,437			568,320		—		—			1,348,757
Current portion of long-term debt	—			12,491		—		—			12,491
Deferred revenue	6,373			—		—		—			6,373
Due to related parties	14,135,658			15,829,178		—		(29,964,836		)	—
Total current liabilities	15,095,385			16,483,891		—		(29,964,836		)	1,614,440
Delaware Economic Development Authority loan	—			12,000		—		—			12,000
Long-term debt	667,738			42,599		—		—			710,337
Intercompany notes payable	32,035			—		—		—			32,035
Other long-term liabilities	15,742			32,928		—		—			48,670
Total liabilities	15,810,900			16,571,418		—		(29,964,836		)	2,417,482
Commitments and contingencies
Equity:
Member's equity	933,502			667,511		—		(667,511		)	933,502
Retained earnings	1,056,616			2,610,891		—		(2,610,891		)	1,056,616
Accumulated other comprehensive (loss) income	(14,292		)	1,754		—		(1,754		)	(14,292		)
Total equity	1,975,826			3,280,156		—		(3,280,156		)	1,975,826
Total liabilities and equity	$	17,786,726		$	19,851,574	$	—	$	(33,244,992	)	$	4,393,308

16. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING

CONDENSED CONSOLIDATING BALANCE SHEET (UNAUDITED)

	December 31, 2013
	Issuer			Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Combining and Consolidating Adjustments			Total
ASSETS
Current assets:
Cash and cash equivalents	$	76,179		$	791	$	—	$	—		$	76,970
Accounts receivable	588,385			8,262		—		—			596,647
Inventories	818,007			627,510		—		—			1,445,517
Prepaid expense and other current assets	49,251			6,592		—		—			55,843
Due from related parties	11,807,063			16,600,151		—		(28,407,214		)	—
Total current assets	13,338,885			17,243,306		—		(28,407,214		)	2,174,977
Property, plant and equipment, net	60,746			1,720,843		—		—			1,781,589
Investment in subsidiaries	3,584,622			—		—		(3,584,622		)	—
Deferred charges and other assets, net	27,923			234,556		—		—			262,479
Total assets	$	17,012,176		$	19,198,705	$	—	$	(31,991,836	)	$	4,219,045
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	307,612		$	94,681	$	—	$	—		$	402,293
Accrued expenses	606,388			604,557		—		—			1,210,945
Current portion of long-term debt	—			12,029		—		—			12,029
Deferred revenue	7,766			—		—		—			7,766
Due to related parties	13,589,263			14,817,951		—		(28,407,214		)	—
Total current liabilities	14,511,029			15,529,218		—		(28,407,214		)	1,633,033
Delaware Economic Development Authority loan	—			12,000		—		—			12,000
Long-term debt	682,487			41,060		—		—			723,547
Intercompany notes payable	31,835			—		—		—			31,835
Other long-term liabilities	14,672			31,805		—		—			46,477
Total liabilities	15,240,023			15,614,083		—		(28,407,214		)	2,446,892
Commitments and contingencies
Equity:
Member's equity	933,164			667,173		—		(667,173		)	933,164
Retained earnings	853,527			2,915,720		—		(2,915,720		)	853,527
Accumulated other comprehensive (loss) income	(14,538		)	1,729		—		(1,729		)	(14,538		)
Total equity	1,772,153			3,584,622		—		(3,584,622		)	1,772,153
Total liabilities and equity	$	17,012,176		$	19,198,705	$	—	$	(31,991,836	)	$	4,219,045

Condensed Consolidating Statement of Operations and Comprehensive Income (Loss)

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)

	Three Months Ended March 31, 2014
	Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Combining and Consolidating Adjustments			Total
Revenues	$	4,745,995		$	379,411		$	—	$	(378,963	)	$	4,746,443
Costs and expenses:
Cost of sales, excluding depreciation	4,147,684			378,963			—		(378,963		)	4,147,684
Operating expenses, excluding depreciation	139			268,760			—		—			268,899
General and administrative expenses	31,776			4,848			—		—			36,624
Gain on sale of asset	(186		)	—			—		—			(186		)
Depreciation and amortization expense	3,481			29,734			—		—			33,215
	4,182,894			682,305			—		(378,963		)	4,486,236
Income (loss) from operations	563,101			(302,894		)	—		—			260,207
Other income (expense):
Equity in earnings (loss) of subsidiaries	(304,829		)	—			—		304,829			—
Change in fair value of catalyst leases	—			(2,001		)	—		—			(2,001		)
Interest expense, net	(25,522		)	66			—		—			(25,456		)
Net income (loss)	$	232,750		$	(304,829	)	$	—	$	304,829		$	232,750
Comprehensive income (loss)	$	232,996		$	(304,805	)	$	—	$	304,805		$	232,996

16. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

(UNAUDITED)

	Three Months Ended March 31, 2013
	Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Combining and Consolidating Adjustments			Total
Revenues	$	3,053,792		$	3,513,490		$	—	$	(1,769,435	)	$	4,797,847
Costs and expenses:
Cost of sales, excluding depreciation	3,407,534			2,797,002			—		(1,769,435		)	4,435,101
Operating expenses, excluding depreciation	—			206,015			—		—			206,015
General and administrative expenses	26,445			3,649			—		—			30,094
Depreciation and amortization expense	2,823			23,709			—		—			26,532
	3,436,802			3,030,375			—		(1,769,435		)	4,697,742
(Loss) income from operations	(383,010		)	483,115			—		—			100,105
Other income (expense):
Equity in earnings of subsidiaries	480,866			—			—		(480,866		)	—
Change in fair value of catalyst leases	—			(1,339		)	—		—			(1,339		)
Interest expense, net	(20,701		)	(910		)	—		—			(21,611		)
Net income	$	77,155		$	480,866		$	—	$	(480,866	)	$	77,155
Comprehensive income	$	77,047		$	480,866		$	—	$	(480,866	)	$	77,047

Condensed Consolidating Statement of Cash Flow

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW (UNAUDITED)

	Three Months Ended March 31, 2014
	Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Combining and Consolidating Adjustments			Total
Cash flows from operating activities:
Net income (loss)	$	232,750		$	(304,829	)	$	—	$	304,829		$	232,750
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization	5,115			29,733			—		—			34,848
Stock-based compensation	—			1,420			—		—			1,420
Change in fair value of catalyst lease obligations	—			2,001			—		—			2,001
Non-cash change in inventory repurchase obligations	—			(17,463		)	—		—			(17,463		)
Pension and other post retirement benefit costs	1,291			3,514			—		—			4,805
Gain on disposition of property, plant and equipment	(186		)	—			—		—			(186		)
Equity in earnings of subsidiaries	304,829			—			—		(304,829		)	—
Changes in current assets and current liabilities:
Accounts receivable	67,045			(39		)	—		—			67,006
Amounts due to/from related parties	(355,645		)	355,645			—		—			—
Inventories	(135,330		)	35,356			—		—			(99,974		)
Prepaid expenses and other current assets	14,137			1,581			—		—			15,718
Accounts payable	(134,695		)	(20,779		)	—		—			(155,474		)
Accrued expenses	174,049			5,932			—		—			179,981
Deferred revenue	(1,393		)	—			—		—			(1,393		)
Other assets and liabilities	(982		)	(2,685		)	—		—			(3,667		)
Net cash provided by operating activities	170,985			89,387			—		—			260,372
Cash flows from investing activities:
Expenditures for property, plant and equipment	(4,595		)	(55,532		)	—		—			(60,127		)
Expenditures for refinery turnarounds costs	—			(23,128		)	—		—			(23,128		)
Expenditures for other assets	—			(7,157		)	—		—			(7,157		)
Proceeds from sale of assets	37,759			—			—		—			37,759
Net cash provided by (used in) investing activities	33,164			(85,817		)	—		—			(52,653		)
Cash flows from financing activities:
Proceeds from revolver borrowings	265,000			—			—		—			265,000
Distribution to members	(29,661		)	—			—		—			(29,661		)
Repayments of revolver borrowings	(280,000		)	—			—		—			(280,000		)
Deferred financing costs and other	179			(3,072		)	—		—			(2,893		)
Net cash used in financing activities	(44,482		)	(3,072		)	—		—			(47,554		)
Net decrease in cash and cash equivalents	159,667			498			—		—			160,165
Cash and equivalents, beginning of period	76,179			791			—		—			76,970
Cash and equivalents, end of period	$	235,846		$	1,289		$	—	$	—		$	237,135

16. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW (UNAUDITED)

	Three Months Ended March 31, 2013
	Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Combining and Consolidating Adjustments			Total
Cash flows from operating activities:
Net income (loss)	$	77,155		$	480,866		$	—	$	(480,866	)	$	77,155
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization	4,391			23,751			—		—			28,142
Stock-based compensation	—			1,020			—		—			1,020
Change in fair value of catalyst lease obligations	—			1,339			—		—			1,339
Non-cash change in inventory repurchase obligations	—			(8,153		)	—		—			(8,153		)
Pension and other post retirement benefit costs	—			4,182			—		—			4,182
Equity in earnings of subsidiaries	(480,866		)	—			—		480,866			—
Changes in current assets and current liabilities:
Accounts receivable	(43,507		)	(115,543		)	—		—			(159,050		)
Amounts due to/from related parties	411,435			(384,204		)	—		—			27,231
Inventories	(52,846		)	74,906			—		—			22,060
Prepaid expenses and other current assets	(14,802		)	(400		)	—		—			(15,202		)
Accounts payable	39,652			76,511			—		—			116,163
Accrued expenses	159,378			(4,309		)	—		—			155,069
Deferred revenue	—			1,804			—		—			1,804
Other assets and liabilities	1,430			(10,531		)	—		—			(9,101		)
Net cash provided by operating activities	101,420			141,239			—		—			242,659
Cash flows from investing activities:
Expenditures for property, plant and equipment	(6,736		)	(49,416		)	—		—			(56,152		)
Expenditures for refinery turnarounds costs	—			(2,166		)	—		—			(2,166		)
Expenditures for other assets	—			(835		)	—		—			(835		)
Net cash used in investing activities	(6,736		)	(52,417		)	—		—			(59,153		)
Cash flows from financing activities:
Distributions to members	(32,976		)	—			—		—			(32,976		)
Deferred financing costs and other	(733		)	—			—		—			(733		)
Net cash used in financing activities	(33,709		)	—			—		—			(33,709		)
Net increase in cash and cash equivalents	60,975			88,822			—		—			149,797
Cash and equivalents, beginning of period	241,926			12,365			—		—			254,291
Cash and equivalents, end of period	$	302,901		$	101,187		$	—	$	—		$	404,088