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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Net income $ 483,431 $ 225,518 $ 195,533
Adjustments to reconcile net income to net cash provided by operations:      
Depreciation and amortization 299,860 232,948 207,004
Stock-based compensation 26,848 22,656 13,497
Change in fair value of catalyst leases 2,247 (1,422) (10,184)
Deferred income taxes 313,833 244,758 (5,607)
Change in tax receivable agreement liability (250,922) (12,908) (18,150)
Non-cash change in inventory repurchase obligations 13,779 29,453 63,389
Change in Non-cash Lower of Cost or Market Adjustment (295,532) (521,348) 427,226
Pension and other post-retirement benefit costs 42,242 37,986 26,982
Loss (gain) on sale of assets 1,458 11,374 (1,004)
Changes in operating assets and liabilities:      
Accounts receivable (332,377) (165,416) 97,636
Inventories (54,705) 236,602 (271,892)
Prepaid and other current assets 73,526 (54,341) (3,661)
Accounts payable 34,604 217,566 (24,291)
Accrued expenses 359,549 217,820 (36,805)
Deferred revenue (4,359) 9,249 2,816
Payable to related parties pursuant to tax receivable agreement 0 (50,771) (67,643)
Other assets and liabilities (53,072) (27,790) (34,422)
Net cash provided by operations 685,861 651,934 560,424
Cash flows from investing activities:      
Expenditures for property, plant and equipment (306,681) (298,737) (353,964)
Expenditures for deferred turnaround costs (379,114) (198,664) (53,576)
Expenditures for other assets (31,143) (42,506) (8,236)
Proceeds from sale of assets 0 24,692 168,270
Purchase of marketable securities (75,036) (1,909,965) (2,067,286)
Maturities of marketable securities 115,060 2,104,209 2,067,983
Net cash used in investing activities (687,011) (1,393,935) (812,113)
Cash flows from financing activities:      
Proceeds from issuance of PBFX common units, net of underwriters’ discount and commissions 0 138,378 0
Proceeds from stock options exercised 10,532 0 0
Distributions to PBF Energy Company LLC members other than PBF Energy (4,584) (21,947) (19,386)
Distributions to PBFX public unit holders (43,510) (32,806) (22,830)
Dividend payments (131,686) (117,486) (106,584)
Proceeds from revolver borrowings 490,000 550,000 170,000
Repayments of note payable 10,830 15,586 0
Repayments of revolver borrowings (490,000) (200,000) (170,000)
Repayments of Notes Payable (1,210) 0 0
Proceeds from sale of Class A common stock, net of underwriters’ discount 0 275,300 344,000
Purchases of treasury stock (1,038) (743) (8,073)
Deferred financing costs and other (17,131) 0 (17,828)
Net cash (used in) provided by financing activities (172,103) 543,955 798,136
Net (decrease) increase in cash and cash equivalents (173,253) (198,046) 546,447
Cash and equivalents, beginning of period 746,274 944,320 397,873
Cash and equivalents, end of period 573,021 746,274 944,320
Non-cash activities:      
Conversion of Delaware Economic Development Authority loan to grant 0 4,000 4,000
Accrued construction in progress and unpaid fixed assets 26,805 35,595 7,974
Contingent Consideration Classified as Equity, Fair Value Disclosure 6,831 0 0
Cash paid during year for:      
Interest (including capitalized interest of $7,156, $8,452 and $3,529 in 2017, 2016 and 2015, respectively) 166,538 137,599 96,859
Income taxes 0 3,841 124,040
Gain (Loss) on Extinguishment of Debt 25,451 0 0
2025 Senior Notes [Member]      
Cash flows from financing activities:      
Proceeds from PBFX Term Loan borrowings 725,000 0 0
2020 Senior Secured Notes [Member]      
Cash flows from financing activities:      
Repayments of PBFX Term Loan borrowings (690,209) 0 0
PBFX Revolving Credit Facility [Member]      
Cash flows from financing activities:      
Proceeds from revolver borrowings 20,000 194,700 24,500
Repayments of revolver borrowings (179,500) (30,000) (275,100)
PBFX Term Loan [Member]      
Cash flows from financing activities:      
Repayments of PBFX Term Loan borrowings (39,664) (194,536) (700)
2023 Senior Secured Notes [Member]      
Cash flows from financing activities:      
Proceeds from Issuance of Senior Long-term Debt 0 0 500,000
Rail Facility [Member]      
Cash flows from financing activities:      
Proceeds from revolver borrowings 0 0 102,075
Repayments of revolver borrowings 0 (67,491) (71,938)
Rail Term Loan [Member]      
Cash flows from financing activities:      
Proceeds from PBFX Term Loan borrowings 0 35,000 0
Repayments of PBFX Term Loan borrowings (6,633) 0 0
PBFX Senior Notes [Member]      
Cash flows from financing activities:      
Proceeds from Issuance of Senior Long-term Debt 178,500 0 350,000
Chalmette Refinery [Member]      
Cash flows from investing activities:      
Acquisition of Chalmette Refining, net of cash acquired 0 (2,659) (565,304)
Toledo Terminal Acquisition [Member]      
Cash flows from investing activities:      
Acquisition of Chalmette Refining, net of cash acquired (10,097) 0 0
Torrance Refinery [Member]      
Cash flows from investing activities:      
Acquisition of Chalmette Refining, net of cash acquired 0 (971,932) 0
East Coast Terminals [Member]      
Cash flows from investing activities:      
Acquisition of Chalmette Refining, net of cash acquired 0 (98,373) 0
Collins Pipeline Company And T&M Terminal Company [Member]      
Cash flows from financing activities:      
Distributions to PBF Energy Company LLC members other than PBF Energy $ (1,800) $ 0 $ 0