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FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2017
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The tables below present information about the Company’s financial assets and liabilities measured and recorded at fair value on a recurring basis and indicate the fair value hierarchy of the inputs utilized to determine the fair values as of December 31, 2017 and 2016.

We have elected to offset the fair value amounts recognized for multiple derivative contracts executed with the same counterparty; however, fair value amounts by hierarchy level are presented on a gross basis in the tables below. We have posted cash margin with various counterparties to support hedging and trading activities. The cash margin posted is required by counterparties as collateral deposits and cannot be offset against the fair value of open contracts except in the event of default. We have no derivative contracts that are subject to master netting arrangements that are reflected gross on the balance sheet.

 
As of December 31, 2017
 
Fair Value Hierarchy
 
 
 
 
 
 
 
Level 1
 
Level 2
 
Level 3
 
Total Gross Fair Value
 
Effect of Counter-party Netting
 
Net Carrying Value on Balance Sheet
Assets:
 
 
 
 
 
 
 
 
 
 
 
Money market funds
$
4,730

 
$
—

 
$
—

 
$
4,730

 
N/A

 
$
4,730

Commodity contracts
10,031

 
357

 
—

 
10,388

 
(10,388
)
 
—

Liabilities:
 
 
 
 
 
 
 
 
 
 
 
Commodity contracts
51,673

 
33,035

 
—

 
84,708

 
(10,388
)
 
74,320

Catalyst lease obligations
—

 
59,048

 
—

 
59,048

 
—

 
59,048

Derivatives included with inventory intermediation agreement obligations
—

 
7,721

 
—

 
7,721

 
—

 
7,721



 
As of December 31, 2016
 
Fair Value Hierarchy
 
 
 
 
 
 
 
Level 1
 
Level 2
 
Level 3
 
Total Gross Fair Value
 
Effect of Counter-party Netting
 
Net Carrying Value on Balance Sheet
Assets:
 
 
 
 
 
 
 
 
 
 
 
Money market funds
$
342,837

 
$
—

 
$
—

 
$
342,837

 
N/A

 
$
342,837

Marketable securities
40,024

 
—

 
—

 
40,024

 
N/A

 
40,024

Commodity contracts
948

 
35

 
—

 
983

 
(983
)
 
—

Derivatives included with inventory intermediation agreement obligations
—

 
6,058

 
—

 
6,058

 
—

 
6,058

Liabilities:
 
 
 
 
 
 
 
 
 
 
 
Commodity contracts
859

 
3,548

 
84

 
4,491

 
(983
)
 
3,508

Catalyst lease obligations
—

 
45,969

 
—

 
45,969

 
—

 
45,969
Schedule of Effect of Significant Unobservable Inputs

Non-qualified pension plan assets are measured at fair value using a market approach based on published net asset values of mutual funds as a practical expedient. As of December 31, 2017 and 2016, $9,593 and $9,440, respectively, were included within Deferred charges and other assets, net for these non-qualified pension plan assets.

The table below summarizes the changes in fair value measurements of commodity contracts categorized in Level 3 of the fair value hierarchy:
 
Year Ended December 31,
 
2017
 
2016
Balance at beginning of period
$
(84
)
 
$
3,543

Purchases
—

 
—

Settlements
45

 
(1,149
)
Unrealized gain (loss) included in earnings
39

 
(2,478
)
Transfers into Level 3
—

 
—

Transfers out of Level 3
—

 
—

Balance at end of period
$
—

 
$
(84
)
Schedule of Fair value of Debt
The table below summarizes the fair value and carrying value of debt as of December 31, 2017 and 2016.

 
December 31, 2017
 
December 31, 2016
 
Carrying
value
 
Fair
 value
 
Carrying
 value
 
Fair
value
Senior notes due 2025 (a)
$
725,000

 
$
763,945

 
$
—

 
$
—

Senior notes due 2023 (a) (d)
500,000

 
522,101

 
500,000

 
498,801

Senior secured notes due 2020 (a)
—

 
—

 
670,867

 
696,098

PBFX senior notes (a)
528,374

 
544,118

 
350,000

 
346,135

PBFX Term Loan (b)
—

 
—

 
39,664

 
39,664

PBF Rail Term Loan (b)
28,366

 
28,366

 
35,000

 
35,000

Catalyst leases (c)
59,048

 
59,048

 
45,969

 
45,969

PBFX Revolving Credit Facility (b)
29,700

 
29,700

 
189,200

 
189,200

Revolving Loan (b)
350,000

 
350,000

 
350,000

 
350,000

 
2,220,488

 
2,297,278

 
2,180,700

 
2,200,867

Less - Current debt
(10,987
)
(c) 
(10,987
)
 
(39,664
)
 
(39,664
)
Less - Unamortized deferred financing costs
(34,459
)
 
n/a

 
(32,466
)
 
n/a

Long-term debt
$
2,175,042

 
$
2,286,291

 
$
2,108,570

 
$
2,161,203


(a) The estimated fair value, categorized as a Level 2 measurement, was calculated based on the present value of future expected payments utilizing implied current market interest rates based on quoted prices of the Senior Notes, Senior Secured Notes and PBFX Senior Notes.
(b) The estimated fair value approximates carrying value, categorized as a Level 2 measurement, as these borrowings bear interest based upon short-term floating market interest rates.
(c) Catalyst leases are valued using a market approach based upon commodity prices for similar instruments quoted in active markets and are categorized as a Level 2 measurement. The Company has elected the fair value option for accounting for its catalyst lease repurchase obligations as the Company’s liability is directly impacted by the change in fair value of the underlying catalyst.