NONCONTROLLING INTERESTS (Tables)

12 Months Ended

Dec. 31, 2017

Dec. 31, 2016

Noncontrolling Interest [Abstract]

Schedule of noncontrolling interest

The noncontrolling interest ownership percentages in PBF LLC as of the completion dates of each of the equity offerings and year ends occurring in the years ended December 31, 2017, 2016 and 2015 are calculated as follows:

	Holders of PBF LLC Series A Units		Outstanding Shares of PBF Energy Class A Common Stock		Total
January 1, 2015	9,170,696		81,981,119		91,151,815
	10.1	%	89.9	%	100	%
February 6, 2015 - Secondary offering	5,366,043		85,768,077		91,134,120
	5.9	%	94.1	%	100	%
October 13, 2015 - Equity offering	5,111,358		97,393,850		102,505,208
	5.0	%	95.0	%	100	%
December 31, 2015	4,985,358		97,781,933		102,767,291
	4.9	%	95.1	%	100	%
December 19, 2016 - Equity offering	4,120,902		109,004,047		113,124,949
	3.6	%	96.4	%	100	%
December 31, 2016	3,920,902		109,204,047		113,124,949
	3.5	%	96.5	%	100	%
December 31, 2017	3,767,464		110,565,531		114,332,995
	3.3	%	96.7	%	100	%

The noncontrolling interest ownership percentages in PBFX as of the DCR Products Pipeline and Truck Rack Acquisitions, the 2016 PBFX Equity Offerings and the years ended December 31, 2017, 2016 and 2015 are calculated as follows:

	Units of PBFX Held by the Public		Units of PBFX Held by PBF LLC (Including Subordinated Units)		Total
January 1, 2015	15,812,500		17,171,077		32,983,577
	47.9	%	52.1	%	100.0	%
May 15, 2015	15,812,500		18,459,497		34,271,997
	46.1	%	53.9	%	100.0	%
December 31, 2015	15,924,676		18,459,497		34,384,173
	46.3	%	53.7	%	100.0	%
April 5, 2016	18,799,676		18,459,497		37,259,173
	50.5	%	49.5	%	100.0	%
August 17, 2016	22,893,472		18,459,497		41,352,969
	55.4	%	44.6	%	100.0	%
December 31, 2016	23,271,174		18,459,497		41,730,671
	55.8	%	44.2	%	100.0	%
December 31, 2017	23,441,211		18,459,497		41,900,708
	55.9	%	44.1	%	100.0	%

Schedule of stockholders equity

STOCKHOLDERS’ AND MEMBERS’ EQUITY STRUCTURE

Class A Common Stock

Holders of Class A common stock are entitled to receive dividends when and if declared by the Board of Directors out of funds legally available therefore, subject to any statutory or contractual restrictions on the payment of dividends and to any restrictions on the payment of dividends imposed by the terms of any outstanding preferred stock. Upon the Company’s dissolution or liquidation or the sale of all or substantially all of the assets, after payment in full of all amounts required to be paid to creditors and to the holders of preferred stock having liquidation preferences, if any, the holders of shares of Class A common stock will be entitled to receive pro rata remaining assets available for distribution. Holders of shares of Class A common stock do not have preemptive, subscription, redemption or conversion rights.

Class B Common Stock

Holders of shares of Class B common stock are entitled, without regard to the number of shares of Class B common stock held by such holder, to one vote for each PBF LLC Series A Unit beneficially owned by such holder. Accordingly, the members of PBF LLC other than PBF Energy collectively have a number of votes in PBF Energy that is equal to the aggregate number of PBF LLC Series A Units that they hold.

Holders of shares of Class A common stock and Class B common stock vote together as a single class on all matters presented to stockholders for their vote or approval, except as otherwise required by applicable law.

Holders of Class B common stock do not have any right to receive dividends or to receive a distribution upon a liquidation or winding up of PBF Energy.

Preferred Stock

Authorized preferred stock may be issued in one or more series, with designations, powers and preferences as shall be designated by the Board of Directors.

PBF LLC Capital Structure

PBF LLC Series A Units

The allocation of profits and losses and distributions to PBF LLC Series A unit holders is governed by the Limited Liability Company Agreement of PBF LLC. These allocations are made on a pro rata basis with PBF LLC Series C Units. PBF LLC Series A unit holders do not have voting rights.

PBF LLC Series B Units

The PBF LLC Series B Units are intended to be “profit interests” within the meaning of Revenue Procedures 93-27 and 2001-43 of the Internal Revenue Service and have a stated value of zero at issuance. The PBF LLC Series B Units are held by certain of the Company’s current and former officers, have no voting rights and are designed to increase in value only after the Company’s financial sponsors achieve certain levels of return on their investment in PBF LLC Series A Units. Accordingly, the amounts paid to the holders of PBF LLC Series B Units, if any, will reduce only the amounts otherwise payable to the PBF LLC Series A Units held by the Company’s financial sponsors, and will not reduce or otherwise impact any amounts payable to PBF Energy (the holder of PBF LLC Series C Units), the holders of the Company’s Class A common stock or any other holder of PBF LLC Series A Units. The maximum number of PBF LLC Series B Units authorized to be issued is 1,000,000.

PBF LLC Series C Units

The PBF LLC Series C Units rank on a parity with the PBF LLC Series A Units as to distribution rights, voting rights and rights upon liquidation, winding up or dissolution. PBF LLC Series C Units are held solely by PBF Energy.

Information about the issued classes of PBF LLC units for the years ended December 31, 2017, 2016 and 2015, is as follows:

	Series A Units		Series B Units	Series C Units
Balance—January 1, 2015	9,170,696		1,000,000	81,981,119
Secondary offering transaction	(3,804,653	)	—	3,804,653
Issuances of restricted stock	—		—	247,720
Exercise of warrants and options	149,974		—	12,766
Exchange of Series A Units for Class A common stock of PBF Energy Inc.	(529,178	)	—	529,178
Redemption of C Units in connection with stock repurchase	—		—	(284,771	)
Surrender of units for tax withholding	(1,481	)	—	(8,732	)
October 2015 equity offering	—		—	11,500,000
Balance - December 31, 2015	4,985,358		1,000,000	97,781,933
Issuances of restricted stock	—		—	320,458
Exercise of warrants and options	25,550		—	11,650
Exchange of Series A Units for Class A common stock of PBF Energy Inc.	(1,090,006	)	—	1,090,006
December 2016 Equity Offering	—		—	10,000,000
Balance - December 31, 2016	3,920,902		1,000,000	109,204,047
Issuances of restricted stock	—		—	702,404
Exercise of warrants and options	64,373		—	462,500
Exchange of Series A Units for Class A common stock of PBF Energy Inc.	(196,580	)	—	196,580
Redemption of Series A Units by PBF Energy	(21,231	)	—	21,231
Balance - December 31, 2017	3,767,464		1,000,000	110,586,762

The warrants and options exercised in the table above include both non-compensatory and compensatory PBF LLC Series A warrants and options.

Treasury Stock

The Company’s Board of Directors authorized the repurchase of up to $300,000 of the Company’s Class A common stock (the “Repurchase Program”). On September 26, 2016, the Company’s Board of Directors approved a two year extension to the Repurchase Program. As a result of the extension, the Repurchase Program will expire on September 30, 2018. From the inception of the Repurchase Program through December 31, 2017, the Company has purchased approximately 6.05 million shares of the Company’s Class A common stock through open market transactions under the Repurchase Program, for a total of $150,804. There were no shares repurchased under the Repurchase program in either of the years ended December 31, 2017 or December 31, 2016.

These repurchases may be made from time to time through various methods, including open market transactions, block trades, accelerated share repurchases, privately negotiated transactions or otherwise, certain of which may be effected through Rule 10b5-1 and Rule 10b-18 plans. The timing and number of shares repurchased will depend on a variety of factors, including price, capital availability, legal requirements and economic and market conditions. The Company is not obligated to purchase any shares under the Repurchase Program, and repurchases may be suspended or discontinued at any time without prior notice.

As of December 31, 2017, the Company had $149,196 remaining in authorized expenditures under the Repurchase Program.

The Company also records Class A common stock surrendered to cover income tax withholdings for certain directors and employees and others pursuant to the vesting of certain awards under the Company’s equity-based compensation plans as treasury shares.

The following tables summarize the changes in equity for the controlling and noncontrolling interests of PBF Energy for the years ended December 31, 2017 and 2016:

	PBF Energy Inc. Equity			Noncontrolling Interest in PBF LLC			Noncontrolling Interest in PBF Holding			Noncontrolling Interest in PBFX			Total Equity
Balance at January 1, 2017	$	2,025,044		$	98,671		$	12,513		$	434,456		$	2,570,684
Comprehensive income	414,575			16,714			95			51,073			482,457
Dividends and distributions	(131,783		)	(4,584		)	(1,800		)	(44,636		)	(182,803		)
Stock-based compensation	21,503			—			—			5,345			26,848
Exercise of PBF LLC options and warrants, net	10,533			(598		)	—			—			9,935
Effects of exchanges of PBF LLC Series A Units on deferred tax assets and liabilities and tax receivable agreement obligation	(1,139		)	—			—			—			(1,139		)
Treasury stock purchases	(1,038		)	—			—			—			(1,038		)
Other	(1,041		)	—			—			(954		)	(1,995		)
Balance at December 31, 2017	$	2,336,654		$	110,203		$	10,808		$	445,284		$	2,902,949

	PBF Energy Inc. Equity			Noncontrolling Interest in PBF LLC			Noncontrolling Interest in PBF Holding			Noncontrolling Interest in PBFX			Total Equity
Balance at January 1, 2016	$	1,647,297		$	91,018		$	17,225		$	340,317		$	2,095,857
Comprehensive income	168,308			14,509			269			39,840			222,926
Dividends and distributions	(132,705		)	(6,728		)	—			(33,714		)	(173,147		)
Effects of equity offerings and exchanges of PBF LLC Series A Units on deferred tax assets and liabilities and tax receivable agreement obligation	(2,613		)	—			—			—			(2,613		)
Issuance of additional PBFX common units	54,944			—			—			83,434			138,378
Stock-based compensation	18,296			—			—			4,360			22,656
Exercise of PBF LLC options and warrants, net	1,058			(172		)	—			—			886
October 2015 Equity Offering	275,300			—			—			—			275,300
Treasury stock purchases	(743		)	—			—			—			(743		)
Other	(4,098		)	44			(4,981		)	219			(8,816		)
Balance at December 31, 2016	$	2,025,044		$	98,671		$	12,513		$	434,456		$	2,570,684

Schedule of comprehensive income (loss)

The following table summarizes the allocation of total comprehensive income between the controlling and noncontrolling interests of PBF Energy for the year ended December 31, 2017:

	Attributable to PBF Energy Inc. stockholders			Noncontrolling Interests			Total
Net income	$	415,517		$	67,914		$	483,431
Other comprehensive income (loss):
Unrealized loss on available for sale securities	(23		)	(1		)	(24		)
Amortization of defined benefit plans unrecognized net loss	(919		)	(31		)	(950		)
Total other comprehensive loss	(942		)	(32		)	(974		)
Total comprehensive income	$	414,575		$	67,882		$	482,457

The following table summarizes the allocation of total comprehensive income of PBF Energy between the controlling and noncontrolling interests for the year ended December 31, 2016:

	Attributable to PBF Energy Inc. stockholders			Noncontrolling Interest			Total
Net income	$	170,811		$	54,707		$	225,518
Other comprehensive income (loss):
Unrealized loss on available for sale securities	(41		)	(1		)	(42		)
Amortization of defined benefit plans unrecognized net loss	(2,462		)	(88		)	(2,550		)
Total other comprehensive loss	(2,503		)	(89		)	(2,592		)
Total comprehensive income	$	168,308		$	54,618		$	222,926

The following table summarizes the allocation of total comprehensive income of PBF Energy between the controlling and noncontrolling interests for the year ended December 31, 2015:

	Attributable to PBF Energy Inc. stockholders		Noncontrolling Interest		Total
Net income	$	146,401	$	49,132	$	195,533
Other comprehensive income:
Unrealized gain on available for sale securities	118		6		124
Amortization of defined benefit plans unrecognized net gain	1,887		95		1,982
Total other comprehensive income	2,005		101		2,106
Total comprehensive income	$	148,406	$	49,233	$	197,639