CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS (Tables)

9 Months Ended

Sep. 30, 2014

Condensed Financial Information of Subsidiary Disclosure [Abstract]

Condensed Consolidating Balance Sheet

CONDENSED CONSOLIDATING BALANCE SHEET

(UNAUDITED)

	September 30, 2014
	Issuer			Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Combining and Consolidating Adjustments			Total
ASSETS
Current assets:
Cash and cash equivalents	$	357,793		$	—	$	4,972	$	(2,418	)	$	360,347
Accounts receivable	657,490			9,038		31,871		—			698,399
Accounts receivable - affiliate	381			898		—		—			1,279
Inventories	1,140,238			566,600		80,627		—			1,787,465
Prepaid expense and other current assets	23,668			6,563		—		—			30,231
Due from related parties	14,336,236			18,349,820		383,844		(33,069,900		)	—
Total current assets	16,515,806			18,932,919		501,314		(33,072,318		)	2,877,721
Property, plant and equipment, net	72,517			1,698,909		55,442		—			1,826,868
Investment in subsidiaries	2,932,907			—		—		(2,932,907		)	—
Deferred charges and other assets, net	36,584			245,017		2,795		—			284,396
Total assets	$	19,557,814		$	20,876,845	$	559,551	$	(36,005,225	)	$	4,988,985
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	281,814		$	73,776	$	24,171	$	(2,418	)	$	377,343
Accounts payable - affiliate	5,246			31		—		—			5,277
Accrued expenses	739,458			514,377		137,955		—			1,391,790
Current portion of long-term debt	—			—		—		—			—
Deferred revenue	1,749			—		—		—			1,749
Due to related parties	15,426,541			17,312,136		331,223		(33,069,900		)	—
Total current liabilities	16,454,808			17,900,320		493,349		(33,072,318		)	1,776,159
Delaware Economic Development Authority loan	—			8,000		—		—			8,000
Long-term debt	668,253			39,325		35,925		—			743,503
Intercompany notes payable	123,732			—		—		—			123,732
Other long-term liabilities	17,470			26,570		—		—			44,040
Total liabilities	17,264,263			17,974,215		529,274		(33,072,318		)	2,695,434
Commitments and contingencies
Equity:
Member's equity	1,198,843			804,003		22,990		(826,993		)	1,198,843
Retained earnings (accumulated deficit)	1,108,630			2,097,011		7,287		(2,104,298		)	1,108,630
Accumulated other comprehensive (loss) income	(13,922		)	1,616		—		(1,616		)	(13,922		)
Total equity	2,293,551			2,902,630		30,277		(2,932,907		)	2,293,551
Total liabilities and equity	$	19,557,814		$	20,876,845	$	559,551	$	(36,005,225	)	$	4,988,985

15. 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)

	Nine Months Ended September 30, 2014
	Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Combining and Consolidating Adjustments			Total
Revenues	$	15,305,698		$	1,201,888		$	386,046		$	(1,585,477	)	$	15,308,155
Costs and expenses:
Cost of sales, excluding depreciation	13,785,158			1,199,614			377,279			(1,585,477		)	13,776,574
Operating expenses, excluding depreciation	160			679,361			17			—			679,538
General and administrative expenses	90,821			12,701			(17		)	—			103,505
(Gain) loss on sale of assets	(186		)	24			—			—			(162		)
Depreciation and amortization expense	10,122			125,031			264			—			135,417
	13,886,075			2,016,731			377,543			(1,585,477		)	14,694,872
Income (loss) from operations	1,419,623			(814,843		)	8,503			—			613,283
Other income (expense):
Equity in earnings (loss) of subsidiaries	(811,424		)	—			—			811,424			—
Change in fair value of catalyst leases	—			1,204			—			—			1,204
Interest (expense) income, net	$	(69,416	)	$	(5,072	)	$	(1,216	)	$	—		$	(75,704	)
Net income (loss)	$	538,783		$	(818,711	)	$	7,287		$	811,424		$	538,783
Comprehensive income (loss)	$	539,399		$	(818,711	)	$	7,287		$	811,424		$	539,399

15. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)

	Nine Months Ended September 30, 2013
	Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Combining and Consolidating Adjustments			Total
Revenues	$	11,375,513		$	7,060,883		$	—	$	(4,101,376	)	$	14,335,020
Costs and expenses:
Cost of sales, excluding depreciation	12,078,314			5,417,839			—		(4,101,376		)	13,394,777
Operating expenses, excluding depreciation	(310		)	601,555			—		—			601,245
General and administrative expenses	61,607			10,281			—		—			71,888
(Gain) loss on sale of asset	(254		)	206			—		—			(48		)
Depreciation and amortization expense	9,457			72,073			—		—			81,530
	12,148,814			6,101,954			—		(4,101,376		)	14,149,392
(Loss) income from operations	(773,301		)	958,929			—		—			185,628
Other income (expense):
Equity in earnings of subsidiaries	958,402			—			—		(958,402		)	—
Change in fair value of catalyst leases	—			3,118			—		—			3,118
Interest expense, net	(66,067		)	(3,645		)	—		—			(69,712		)
Net income (loss)	$	119,034		$	958,402		$	—	$	(958,402	)	$	119,034
Comprehensive income (loss)	$	119,365		$	958,402		$	—	$	(958,402	)	$	119,365

Condensed Consolidating Statement of Cash Flow

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW

(UNAUDITED)

	Nine Months Ended September 30, 2014
	Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Combining and Consolidating Adjustments			Total
Cash flows from operating activities:
Net income (loss)	$	538,783		$	(818,711	)	$	7,287		$	811,424		$	538,783
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization	15,123			125,053			687			—			140,863
Stock-based compensation	—			4,725			—			—			4,725
Change in fair value of catalyst lease obligations	—			(1,204		)	—			—			(1,204		)
Non-cash change in inventory repurchase obligations	—			(31,602		)	—			—			(31,602		)
Pension and other post retirement benefit costs	4,607			11,855			—			—			16,462
(Gain) loss on disposition of property, plant and equipment	(186		)	24			—			—			(162		)
Equity in earnings of subsidiaries	811,424			—			—			(811,424		)	—
Changes in current assets and current liabilities:
Accounts receivable	(69,105		)	(776		)	(31,871		)	—			(101,752		)
Amounts due to/from related parties	(890,671		)	947,290			(52,621		)	—			3,998
Inventories	(322,231		)	24,320			(80,627		)	—			(378,538		)
Prepaid expenses and other current assets	25,583			29			—			—			25,612
Accounts payable	(76,856		)	(20,905		)	24,171			(2,418		)	(76,008		)
Accrued expenses	133,070			(2,376		)	137,955			—			268,649
Deferred revenue	(6,017		)	—			—			—			(6,017		)
Other assets and liabilities	(1,851		)	(13,889		)	—			—			(15,740		)
Net cash provided by (used in) operating activities	161,673			223,833			4,981			(2,418		)	388,069
Cash flows from investing activities:
Expenditures for property, plant and equipment	(44,993		)	(152,755		)	(55,706		)	—			(253,454		)
Expenditures for deferred turnaround costs	—			(58,423		)	—			—			(58,423		)
Expenditures for other assets	—			(13,446		)	—			—			(13,446		)
Investment in subsidiaries	(22,990		)	—			—			22,990			—
Proceeds from sale of assets	74,343			—			—			—			74,343
Net cash provided by (used in) investing activities	6,360			(224,624		)	(55,706		)	22,990			(250,980		)
Cash flows from financing activities:
Proceeds from members' capital contributions	328,664			—			22,990			(22,990		)	328,664
Distribution to members	(283,680		)	—			—			—			(283,680		)
Proceeds from intercompany notes payable	90,761			—			—			—			90,761
Proceeds from Rail Facility revolver borrowings	—			—			35,925			—			35,925
Proceeds from revolver borrowings	395,000			—			—			—			395,000
Repayments of revolver borrowings	(410,000		)	—			—			—			(410,000		)
Deferred financing costs and other	(7,164		)	—			(3,218		)	—			(10,382		)
Net cash provided by (used in) financing activities	113,581			—			55,697			(22,990		)	146,288
Net increase in cash and cash equivalents	281,614			(791		)	4,972			(2,418		)	283,377
Cash and equivalents, beginning of period	76,179			791			—			—			76,970
Cash and equivalents, end of period	$	357,793		$	—		$	4,972		$	(2,418	)	$	360,347

15. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW

(UNAUDITED)

	Nine Months Ended September 30, 2013
	Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Combining and Consolidating Adjustments			Total
Cash flows from operating activities:
Net income (loss)	$	119,034		$	958,402		$	—	$	(958,402	)	$	119,034
Adjustments to reconcile net income to net
cash from operating activities:
Depreciation and amortization	14,273			72,144			—		—			86,417
Stock-based compensation	—			2,750			—		—			2,750
Change in fair value of catalyst lease obligations	—			(3,118		)	—		—			(3,118		)
Non-cash change in inventory repurchase obligations	—			(13,362		)	—		—			(13,362		)
Pension and other post retirement benefit costs	3,541			9,113			—		—			12,654
Gain on disposition of property, plant and equipment	(254		)	206			—		—			(48		)
Equity in earnings of subsidiaries	(958,402		)	—			—		958,402			—
Changes in current assets and current liabilities:
Accounts receivable	(224,005		)	149,922			—		—			(74,083		)
Amounts due to/from related parties	870,141			(855,420		)	—		—			14,721
Inventories	(187,760		)	218,925			—		—			31,165
Prepaid expenses and other current assets	(34,886		)	(7,859		)	—		—			(42,745		)
Accounts payable	278,675			(74,810		)	—		—			203,865
Accrued expenses	118,507			(65,994		)	—		—			52,513
Deferred revenue	1,882			(210,543		)	—		—			(208,661		)
Other assets and liabilities	122			(18,497		)	—		—			(18,375		)
Net cash (used in) provided by operating activities	868			161,859			—		—			162,727
Cash flows from investing activities:
Expenditures for property, plant and equipment	(75,099		)	(126,807		)	—		—			(201,906		)
Expenditures for refinery turnarounds costs	—			(15,859		)	—		—			(15,859		)
Expenditures for other assets	—			(10,584		)	—		—			(10,584		)
Proceeds from sale of assets	30,826			—			—		—			30,826
Net cash used in investing activities	(44,273		)	(153,250		)	—		—			(197,523		)
Cash flows from financing activities:
Distributions to members	(186,684		)	—			—		—			(186,684		)
Proceeds from intercompany notes payable	31,632			—			—		—			31,632
Proceeds from revolver borrowings	745,000			—			—		—			745,000
Repayments of revolver borrowings	(730,000		)	—			—		—			(730,000		)
Payment of contingent consideration related to acquisition of Toledo refinery	—			(21,357		)	—		—			(21,357		)
Deferred financing costs and other	(1,661		)	992			—		—			(669		)
Net cash used in financing activities	(141,713		)	(20,365		)	—		—			(162,078		)
Net (decrease) increase in cash and cash equivalents	(185,118		)	(11,756		)	—		—			(196,874		)
Cash and equivalents, beginning of period	241,926			12,365			—		—			254,291
Cash and equivalents, end of period	$	56,808		$	609		$	—	$	—		$	57,417