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CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS (Tables)
 3 Months Ended
Mar. 31, 2015
Condensed Financial Information of Subsidiary Disclosure [Abstract]  
Condensed Consolidating Balance Sheet
CONDENSED CONSOLIDATING BALANCE SHEET
(UNAUDITED)
 
March 31, 2015
 
Issuer
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Combining and Consolidating Adjustments
 
Total
ASSETS
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
300,737

 
$
—

 
$
27,252

 
$
(1,153
)
 
$
326,836

Accounts receivable
415,415

 
11,585

 
14,185

 
—

 
441,185

Accounts receivable - affiliate
632

 
2,290

 
—

 
—

 
2,922

Inventories
522,688

 
421,921

 
184,598

 
—

 
1,129,207

Prepaid expense and other current assets
34,248

 
3,994

 
—

 
—

 
38,242

Due from related parties
17,427,231

 
19,391,771

 
2,124,464

 
(38,943,466
)
 
—

Total current assets
18,700,951

 
19,831,561

 
2,350,499

 
(38,944,619
)
 
1,938,392

 
 
 
 
 
 
 
 
 
 
Property, plant and equipment, net
64,900

 
1,680,683

 
55,250

 
—

 
1,800,833

Investment in subsidiaries
2,241,553

 
—

 
—

 
(2,241,553
)
 
—

Deferred charges and other assets, net
33,133

 
293,052

 
2,363

 
—

 
328,548

Total assets
$
21,040,537

 
$
21,805,296

 
$
2,408,112

 
$
(41,186,172
)
 
$
4,067,773

 
 
 
 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable
$
239,240

 
$
71,312

 
$
3,589

 
$
(1,153
)
 
$
312,988

Accounts payable - affiliate
13,920

 
30

 
—

 
—

 
13,950

Accrued expenses
319,168

 
525,841

 
153,814

 
—

 
998,823

Current portion of long-term debt
—

 
—

 
—

 
—

 
—

Deferred revenue
6,086

 
—

 
—

 
—

 
6,086

Due to related parties
17,850,076

 
19,008,184

 
2,085,206

 
(38,943,466
)
 
—

Total current liabilities
18,428,490

 
19,605,367

 
2,242,609

 
(38,944,619
)
 
1,331,847

 
 
 
 
 
 
 
 
 
 
Delaware Economic Development Authority loan
—

 
8,000

 
—

 
—

 
8,000

Long-term debt
668,792

 
34,520

 
37,921

 
—

 
741,233

Intercompany notes payable
153,023

 
—

 
—

 
—

 
153,023

Other long-term liabilities
23,975

 
43,438

 
—

 
—

 
67,413

Total liabilities
19,274,280

 
19,691,325

 
2,280,530

 
(38,944,619
)
 
2,301,516

 
 
 
 
 
 
 
 
 
 
Commitments and contingencies

 

 

 

 

 
 
 
 
 
 
 
 
 
 
Equity:
 
 
 
 
 
 
 
 
 
Member's equity
1,144,114

 
749,293

 
34,346

 
(783,639
)
 
1,144,114

Retained earnings (accumulated deficit)
648,548

 
1,373,066

 
93,236

 
(1,466,302
)
 
648,548

Accumulated other comprehensive (loss) income
(26,405
)
 
(8,388
)
 
—

 
8,388

 
(26,405
)
Total equity
1,766,257

 
2,113,971

 
127,582

 
(2,241,553
)
 
1,766,257

Total liabilities and equity
$
21,040,537

 
$
21,805,296

 
$
2,408,112

 
$
(41,186,172
)
 
$
4,067,773

13. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING
CONDENSED CONSOLIDATING BALANCE SHEET
(UNAUDITED)
 
December 31, 2014
 
Issuer
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Combining and Consolidating Adjustments
 
Total
ASSETS
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
185,381

 
$
704

 
$
34,334

 
$
(2,016
)
 
$
218,403

Accounts receivable
518,498

 
26,238

 
6,533

 
—

 
551,269

Accounts receivable - affiliate
529

 
2,694

 
—

 
—

 
3,223

Inventories
510,947

 
435,924

 
155,390

 
—

 
1,102,261

Prepaid expense and other current assets
26,964

 
5,193

 
—

 
—

 
32,157

Due from related parties
16,189,384

 
18,805,509

 
1,607,878

 
(36,602,771
)
 
—

Total current assets
17,431,703

 
19,276,262

 
1,804,135

 
(36,604,787
)
 
1,907,313

 
 
 
 
 
 
 
 
 
 
Property, plant and equipment, net
68,218

 
1,683,294

 
54,548

 
—

 
1,806,060

Investment in subsidiaries
2,569,636

 
—

 
—

 
(2,569,636
)
 
—

Deferred charges and other assets, net
34,840

 
293,098

 
2,579

 
—

 
330,517

Total assets
$
20,104,397

 
$
21,252,654

 
$
1,861,262

 
$
(39,174,423
)
 
$
4,043,890

 
 
 
 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable
$
235,791

 
$
92,984

 
$
8,423

 
$
(2,016
)
 
$
335,182

Accounts Payable - affiliate
11,600

 
30

 
—

 
—

 
11,630

Accrued expenses
487,783

 
450,856

 
191,331

 
—

 
1,129,970

Current portion of long-term debt
—

 
—

 
—

 
—

 
—

Deferred revenue
1,227

 
—

 
—

 
—

 
1,227

Due to related parties
16,924,490

 
18,151,095

 
1,527,186

 
(36,602,771
)
 
—

Total current liabilities
17,660,891

 
18,694,965

 
1,726,940

 
(36,604,787
)
 
1,478,009

 
 
 
 
 
 
 
 
 
 
Delaware Economic Development Authority loan
—

 
8,000

 
—

 
—

 
8,000

Long-term debt
668,520

 
36,559

 
37,270

 
—

 
742,349

Intercompany notes payable
122,264

 
—

 
—

 
—

 
122,264

Other long-term liabilities
22,206

 
40,546

 
—

 
—

 
62,752

Total liabilities
18,473,881

 
18,780,070

 
1,764,210

 
(36,604,787
)
 
2,413,374

 
 
 
 
 
 
 
 
 
 
Commitments and contingencies

 

 

 

 

 
 
 
 
 
 
 
 
 
 
Equity:
 
 
 
 
 
 
 
 
 
Member's equity
1,144,100

 
749,278

 
44,346

 
(793,624
)
 
1,144,100

Retained earnings
513,292

 
1,731,694

 
52,706

 
(1,784,400
)
 
513,292

Accumulated other comprehensive (loss) income
(26,876
)
 
(8,388
)
 
—

 
8,388

 
(26,876
)
Total equity
1,630,516

 
2,472,584

 
97,052

 
(2,569,636
)
 
1,630,516

Total liabilities and equity
$
20,104,397

 
$
21,252,654

 
$
1,861,262

 
$
(39,174,423
)
 
$
4,043,890
Condensed Consolidating Statement of Cash Flow
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW
(UNAUDITED)
 
Three Months Ended March 31, 2015
 
Issuer
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Combining and Consolidating Adjustments
 
Total
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
Net income (loss)
$
135,256

 
$
(358,666
)
 
$
40,528

 
$
318,138

 
$
135,256

Adjustments to reconcile net income to net
 
 
 
 
 
 
 
 
 
cash provided by operating activities:
 
 
 
 
 
 
 
 
 
Depreciation and amortization
4,823

 
42,789

 
670

 
—

 
48,282

Stock-based compensation
—

 
2,025

 
—

 
—

 
2,025

Change in fair value of catalyst lease obligations
—

 
(2,039
)
 
—

 
—

 
(2,039
)
Non-cash change in inventory repurchase obligations
—

 
66,509

 
—

 
—

 
66,509

Non-cash lower of cost or market inventory adjustment
(99,732
)
 
78,524

 
—

 
—

 
(21,208
)
Pension and other post retirement benefit costs
2,079

 
4,369

 
—

 
—

 
6,448

(Gain) loss on disposition of property, plant and equipment
(182
)
 
—

 
(177
)
 
—

 
(359
)
Equity in earnings of subsidiaries
318,138

 
—

 
—

 
(318,138
)
 
—

Changes in current assets and current liabilities:
 
 
 
 
 
 
 
 
 
Accounts receivable
103,083

 
14,653

 
(7,652
)
 
—

 
110,084

Amounts due to/from related parties
(273,044
)
 
271,231

 
4,434

 
—

 
2,621

Inventories
87,991

 
(59,790
)
 
(29,208
)
 
—

 
(1,007
)
Prepaid expenses and other current assets
(7,284
)
 
1,199

 
—

 
—

 
(6,085
)
Accounts payable
3,449

 
(21,672
)
 
(4,834
)
 
863

 
(22,194
)
Accrued expenses
(179,401
)
 
19,491

 
(37,517
)
 
—

 
(197,427
)
Deferred revenue
4,859

 
—

 
—

 
—

 
4,859

Other assets and liabilities
320

 
(2,601
)
 
2

 
—

 
(2,279
)
Net cash provided by (used in) operating activities
100,355

 
56,022

 
(33,754
)
 
863

 
123,486

 
 
 
 
 
 
 
 
 
 
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Expenditures for property, plant and equipment
(67,355
)
 
(33,392
)
 
—

 
—

 
(100,747
)
Expenditures for deferred turnaround costs
—

 
(18,376
)
 
—

 
—

 
(18,376
)
Expenditures for other assets
—

 
(4,958
)
 
—

 
—

 
(4,958
)
Investment in subsidiaries
10,000

 
—

 
—

 
(10,000
)
 
—

Proceeds from sale of assets
41,597

 
—

 
36,021

 
—

 
77,618

Net cash provided by (used in) investing activities
(15,758
)
 
(56,726
)
 
36,021

 
(10,000
)
 
(46,463
)
 
 
 
 
 
 
 
 
 
 
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Proceeds from members' capital contributions
—

 
—

 
(10,000
)
 
10,000

 
—

Distribution to members
—

 
—

 
—

 
—

 
—

Proceeds from intercompany notes payable
30,000

 
—

 
—

 
—

 
30,000

Proceeds from Rail Facility revolver borrowings
—

 
—

 
23,425

 
—

 
23,425

Repayments of revolver borrowings
—

 
—

 
—

 
—

 
—

Repayments of Rail Facility revolver borrowing
—

 
—

 
(22,774
)
 
—

 
(22,774
)
Deferred financing costs and other
759

 
—

 
—

 
—

 
759

Net cash provided by (used in) financing activities
30,759

 
—

 
(9,349
)
 
10,000

 
31,410

 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents
115,356

 
(704
)
 
(7,082
)
 
863

 
108,433

Cash and equivalents, beginning of period
185,381

 
704

 
34,334

 
(2,016
)
 
218,403

Cash and equivalents, end of period
$
300,737

 
$
—

 
$
27,252

 
$
(1,153
)
 
$
326,836

13. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW
(UNAUDITED)
 
Three Months Ended March 31, 2014
 
Issuer
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Combining and Consolidating Adjustments
 
Total
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
Net income (loss)
$
232,750

 
$
(304,829
)
 
$
—

 
$
304,829

 
$
232,750

Adjustments to reconcile net income to net
 
 
 
 
 
 
 
 
 
cash from operating activities:
 
 
 
 
 
 
 
 
 
Depreciation and amortization
5,115

 
29,733

 
—

 
—

 
34,848

Stock-based compensation
—

 
1,420

 
—

 
—

 
1,420

Change in fair value of catalyst lease obligations
—

 
2,001

 
—

 
—

 
2,001

Non-cash change in inventory repurchase obligations
—

 
(17,463
)
 
—

 
—

 
(17,463
)
Pension and other post retirement benefit costs
1,291

 
3,514

 
—

 
—

 
4,805

Gain on disposition of property, plant and equipment
(186
)
 
—

 
—

 
—

 
(186
)
Equity in earnings of subsidiaries
304,829

 
—

 
—

 
(304,829
)
 
—

Changes in current assets and current liabilities:
 
 
 
 
 
 
 
 
 
Accounts receivable
67,045

 
(39
)
 
—

 
—

 
67,006

Amounts due to/from related parties
(355,645
)
 
355,645

 
—

 
—

 
—

Inventories
(135,330
)
 
35,356

 
—

 
—

 
(99,974
)
Prepaid expenses and other current assets
14,137

 
1,581

 
—

 
—

 
15,718

Accounts payable
(134,695
)
 
(20,779
)
 
—

 
—

 
(155,474
)
Accrued expenses
174,049

 
5,932

 
—

 
—

 
179,981

Deferred revenue
(1,393
)
 
—

 
—

 
—

 
(1,393
)
Other assets and liabilities
(982
)
 
(2,685
)
 
—

 
—

 
(3,667
)
Net cash provided (used in) by operating activities
170,985

 
89,387

 
—

 
—

 
260,372

 
 
 
 
 
 
 
 
 
 
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Expenditures for property, plant and equipment
(4,595
)
 
(55,532
)
 
—

 
—

 
(60,127
)
Expenditures for refinery turnarounds costs
—

 
(23,128
)
 
—

 
—

 
(23,128
)
Expenditures for other assets
—

 
(7,157
)
 
—

 
—

 
(7,157
)
Proceeds from sale of assets
37,759

 
—

 
—

 
—

 
37,759

Net cash provided by (used in) investing activities
33,164

 
(85,817
)
 
—

 
—

 
(52,653
)
 
 
 
 
 
 
 
 
 
 
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Distributions to members
(29,661
)
 
—

 
—

 
—

 
(29,661
)
Proceeds from revolver borrowings
265,000

 
—

 
—

 
—

 
265,000

Repayments of revolver borrowings
(280,000
)
 
—

 
—

 
—

 
(280,000
)
Deferred financing costs and other
179

 
(3,072
)
 
—

 
—

 
(2,893
)
Net cash used in financing activities
(44,482
)
 
(3,072
)
 
—

 
—

 
(47,554
)
 
 
 
 
 
 
 
 
 
 
Net (decrease) increase in cash and cash equivalents
159,667

 
498

 
—

 
—

 
160,165

Cash and equivalents, beginning of period
76,179

 
791

 
—

 
—

 
76,970

Cash and equivalents, end of period
$
235,846

 
$
1,289

 
$
—

 
$
—

 
$
237,135