INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2017



	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015

United States	$	749,559		$	343,875		$	170,829
Foreign	(18,458		)	(35,414		)	62,297
Total income before income taxes attributable to PBF Energy Inc. stockholders	$	731,101		$	308,461		$	233,126

Summary of the income tax provision

The income tax provision in the PBF Energy consolidated financial statements of operations consists of the following:



	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
Current expense (benefit):
Federal	$	1,534		$	(87,829	)	$	77,954
Foreign	75			—			—
State	142			(19,279		)	14,378
Total current	1,751			(107,108		)	92,332

Deferred expense (benefit):
Federal	250,042			205,502			(27,046		)
Foreign	(3,595		)	(8,412		)	28,157
State	67,386			47,668			(6,718		)
Total deferred	313,833			244,758			(5,607		)
Total provision for income taxes	$	315,584		$	137,650		$	86,725

Schedule of effective income tax rate reconciliation



	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015
Current expense (benefit):
Federal	$	1,534		$	(87,829	)	$	77,954
Foreign	75			—			—
State	142			(19,279		)	14,378
Total current	1,751			(107,108		)	92,332

Deferred expense (benefit):
Federal	250,042			205,502			(27,046		)
Foreign	(3,595		)	(8,412		)	28,157
State	67,386			47,668			(6,718		)
Total deferred	313,833			244,758			(5,607		)
Total provision for income taxes	$	315,584		$	137,650		$	86,725

The difference between the PBF Energy’s effective income tax rate and the United States statutory rate is reconciled below:



	Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015

Provision at Federal statutory rate	35.0	%	35.0	%	35.0	%
Increase (decrease) attributable to flow-through of certain tax adjustments:
State income taxes (net of federal income tax)	4.6	%	4.6	%	4.6	%
Nondeductible/nontaxable items	0.2	%	0.1	%	0.2	%
Manufacturer’s benefit deduction	—	%	1.9	%	(2.3	)%
Rate differential from foreign jurisdictions	0.3	%	1.5	%	(6.3	)%
Provision to return adjustment	—	%	(0.4	)%	—	%
Adjustment to deferred tax assets and liabilities for change in tax rates	2.8	%	1.7	%	5.1	%
Other	0.3	%	0.2	%	0.9	%
Effective tax rate	43.2	%	44.6	%	37.2	%

Summary of the components of deferred tax assets and liabilities

A summary of the components of deferred tax assets and deferred tax liabilities follows:



	December 31, 2017		December 31, 2016
Deferred tax assets
Purchase interest step-up	$	325,405	$	639,340
Inventory	—		90,133
Pension, employee benefits and compensation	40,455		42,573
Hedging	24,175		8,696
Net operating loss carry forwards	137,887		128,283
Environmental liabilities	38,388		73,031
Other	3,709		5,859
Total deferred tax assets	570,019		987,915
Valuation allowances	—		—
Total deferred tax assets, net	570,019		987,915

Deferred tax liabilities
Property, plant and equipment	528,336		628,373
Inventory	21,200		22,269
Other	—		3,666
Total deferred tax liabilities	549,536		654,308
Net deferred tax assets	$	20,483	$	333,607

Summary of income tax examinations

Income tax years that remain subject to examination by material jurisdictions, where an examination has not already concluded are all years including and subsequent to:



United States
Federal	2014
New Jersey	2013
Michigan	2013
Delaware	2014
Indiana	2014
Pennsylvania	2014
New York	2014
Louisiana	2015
California	2016