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CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS (Tables)
 6 Months Ended
Jun. 30, 2015
Condensed Financial Information of Subsidiary Disclosure [Abstract]  
Condensed Consolidating Balance Sheet
CONDENSED CONSOLIDATING BALANCE SHEET
(UNAUDITED)
 
June 30, 2015
 
Issuer
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Combining and Consolidating Adjustments
 
Total
ASSETS
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
409,502

 
$
529

 
$
26,511

 
$
(968
)
 
$
435,574

Accounts receivable
503,211

 
3,003

 
34,013

 
—

 
540,227

Accounts receivable - affiliate
536

 
1,295

 
—

 
—

 
1,831

Inventories
588,258

 
496,051

 
222,105

 
—

 
1,306,414

Prepaid expense and other current assets
21,791

 
6,492

 
—

 
—

 
28,283

Due from related parties
18,379,043

 
19,811,177

 
2,435,713

 
(40,625,933
)
 
—

Total current assets
19,902,341

 
20,318,547

 
2,718,342

 
(40,626,901
)
 
2,312,329

 
 
 
 
 
 
 
 
 
 
Property, plant and equipment, net
85,465

 
1,668,389

 
65,158

 
—

 
1,819,012

Investment in subsidiaries
2,018,715

 
—

 
—

 
(2,018,715
)
 
—

Deferred charges and other assets, net
31,393

 
272,540

 
2,357

 
—

 
306,290

Total assets
$
22,037,914

 
$
22,259,476

 
$
2,785,857

 
$
(42,645,616
)
 
$
4,437,631

 
 
 
 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable
$
283,506

 
$
66,570

 
$
4,608

 
$
(968
)
 
$
353,716

Accounts payable - affiliate
20,333

 
—

 
—

 
—

 
20,333

Accrued expenses
601,789

 
506,481

 
138,535

 
—

 
1,246,805

Current portion of long-term debt
—

 
—

 
—

 
—

 
—

Deferred revenue
7,218

 
—

 
—

 
—

 
7,218

Due to related parties
18,443,554

 
19,703,952

 
2,478,427

 
(40,625,933
)
 
—

Total current liabilities
19,356,400

 
20,277,003

 
2,621,570

 
(40,626,901
)
 
1,628,072

 
 
 
 
 
 
 
 
 
 
Delaware Economic Development Authority loan
—

 
8,000

 
—

 
—

 
8,000

Long-term debt
669,070

 
32,571

 
43,393

 
—

 
745,034

Intercompany notes payable
152,287

 
—

 
—

 
—

 
152,287

Other long-term liabilities
26,073

 
44,081

 
—

 
—

 
70,154

Total liabilities
20,203,830

 
20,361,655

 
2,664,963

 
(40,626,901
)
 
2,603,547

 
 
 
 
 
 
 
 
 
 
Commitments and contingencies

 

 

 

 

 
 
 
 
 
 
 
 
 
 
Equity:
 
 
 
 
 
 
 
 
 
Member's equity
1,129,834

 
734,923

 
39,346

 
(774,269
)
 
1,129,834

Retained earnings (accumulated deficit)
730,330

 
1,171,286

 
81,548

 
(1,252,834
)
 
730,330

Accumulated other comprehensive (loss) income
(26,080
)
 
(8,388
)
 
—

 
8,388

 
(26,080
)
Total equity
1,834,084

 
1,897,821

 
120,894

 
(2,018,715
)
 
1,834,084

Total liabilities and equity
$
22,037,914

 
$
22,259,476

 
$
2,785,857

 
$
(42,645,616
)
 
$
4,437,631

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)
 
Six Months Ended June 30, 2015
 
Issuer
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Combining and Consolidating Adjustments
 
Total
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
Net income (loss)
$
363,623

 
$
(560,449
)
 
$
28,843

 
$
531,606

 
$
363,623

Adjustments to reconcile net income to net
 
 
 
 
 
 
 
 
 
cash provided by operating activities:
 
 
 
 
 
 
 
 
 
Depreciation and amortization
9,154

 
86,689

 
1,535

 
—

 
97,378

Stock-based compensation
—

 
3,781

 
—

 
—

 
3,781

Change in fair value of catalyst lease obligations
—

 
(3,988
)
 
—

 
—

 
(3,988
)
Change in non-cash lower of cost or market inventory adjustment
(164,867
)
 
37,701

 
—

 
—

 
(127,166
)
Non-cash change in inventory repurchase obligations
—

 
89,203

 
—

 
—

 
89,203

Pension and other post retirement benefit costs
3,969

 
8,924

 
—

 
—

 
12,893

Gain on disposition of property, plant and equipment
(181
)
 
(233
)
 
(577
)
 
—

 
(991
)
Equity in earnings of subsidiaries
531,606

 
—

 
—

 
(531,606
)
 
—

Changes in current assets and current liabilities:
 
 
 
 
 
 
 
 
 
Accounts receivable
15,287

 
23,235

 
(27,480
)
 
—

 
11,042

Due to/from affiliates
(554,250
)
 
548,558

 
15,787

 
—

 
10,095

Inventories
87,556

 
(105,460
)
 
(66,715
)
 
—

 
(84,619
)
Prepaid expenses and other current assets
5,173

 
(1,299
)
 
—

 
—

 
3,874

Accounts payable
47,715

 
(26,414
)
 
(3,815
)
 
1,048

 
18,534

Accrued expenses
(37,550
)
 
(9,046
)
 
(52,796
)
 
—

 
(99,392
)
Deferred revenue
5,991

 
—

 
—

 
—

 
5,991

Other assets and liabilities
1,155

 
(5,846
)
 
(263
)
 
—

 
(4,954
)
Net cash provided by (used in) operating activities
314,381

 
85,356

 
(105,481
)
 
1,048

 
295,304

 
 
 
 
 
 
 
 
 
 
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Expenditures for property, plant and equipment
(166,857
)
 
(57,189
)
 
—

 
—

 
(224,046
)
Expenditures for deferred turnaround costs
—

 
(22,918
)
 
—

 
—

 
(22,918
)
Expenditures for other assets
—

 
(5,424
)
 
—

 
—

 
(5,424
)
Investment in subsidiaries
5,000

 
—

 
—

 
(5,000
)
 
—

Proceeds from sale of assets
41,597

 
—

 
96,534

 
—

 
138,131

Net cash provided by (used in) investing activities
(120,260
)
 
(85,531
)
 
96,534

 
(5,000
)
 
(114,257
)
 
 
 
 
 
 
 
 
 
 
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Proceeds from members' capital contributions
—

 
—

 
5,000

 
(5,000
)
 
—

Distribution to Parent
—

 
—

 
(10,000
)
 
10,000

 
—

Proceeds from intercompany notes payable
30,000

 
—

 
—

 
—

 
30,000

Proceeds from Rail Facility revolver borrowings
—

 
—

 
70,750

 
—

 
70,750

Repayments of Rail Facility revolver borrowing
—

 
—

 
(64,626
)
 
—

 
(64,626
)
Net cash provided by (used in) financing activities
30,000

 
—

 
1,124

 
5,000

 
36,124

 
 
 
 
 
 
 
 
 
 
Net increase in cash and cash equivalents
224,121

 
(175
)
 
(7,823
)
 
1,048

 
217,171

Cash and equivalents, beginning of period
185,381

 
704

 
34,334

 
(2,016
)
 
218,403

Cash and equivalents, end of period
$
409,502

 
$
529

 
$
26,511

 
$
(968
)
 
$
435,574

13. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW
(UNAUDITED)
 
Six Months Ended June 30, 2014
 
Issuer
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Combining and Consolidating Adjustments
 
Total
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
Net income (loss)
$
286,268

 
$
(550,677
)
 
$
(839
)
 
$
551,516

 
$
286,268

Adjustments to reconcile net income to net
 
 
 
 
 
 
 
 
 
cash from operating activities:
 
 
 
 
 
 
 
 
 
Depreciation and amortization
10,084

 
60,881

 
253

 
—

 
71,218

Stock-based compensation
—

 
2,728

 
—

 
—

 
2,728

Change in fair value of catalyst lease obligations
—

 
4,339

 
—

 
—

 
4,339

Non-cash change in inventory repurchase obligations
—

 
(7,973
)
 
—

 
—

 
(7,973
)
Pension and other post retirement benefit costs
2,777

 
7,761

 
—

 
—

 
10,538

(Gain) loss on disposition of property, plant and equipment
(186
)
 
6

 
—

 
—

 
(180
)
Equity in earnings of subsidiaries
551,516

 
—

 
—

 
(551,516
)
 
—

Changes in current assets and current liabilities:
 
 
 
 
 
 
 
 

Accounts receivable
(69,405
)
 
(47,174
)
 
—

 
—

 
(116,579
)
Due to/from affiliates
(716,895
)
 
719,419

 
1,261

 
—

 
3,785

Inventories
(256,121
)
 
7,027

 
—

 
—

 
(249,094
)
Prepaid expenses and other current assets
(7,076
)
 
1,204

 
(51
)
 
51

 
(5,872
)
Accounts payable
(23,483
)
 
(39,574
)
 
—

 
(51
)
 
(63,108
)
Accrued expenses
285,388

 
(3,321
)
 
—

 
—

 
282,067

Deferred revenue
(1,632
)
 
—

 
—

 
—

 
(1,632
)
Other assets and liabilities
(836
)
 
(3,232
)
 
—

 
—

 
(4,068
)
Net cash provided by operating activities
60,399

 
151,414

 
624

 
—

 
212,437

 
 
 
 
 
 
 
 
 
 
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Expenditures for property, plant and equipment
(6,588
)
 
(103,229
)
 
(12,811
)
 
—

 
(122,628
)
Expenditures for refinery turnarounds costs
—

 
(39,424
)
 
—

 
—

 
(39,424
)
Expenditures for other assets
—

 
(8,202
)
 
—

 
—

 
(8,202
)
Investment in subsidiaries
(7,187
)
 
—

 
—

 
7,187

 
—

Proceeds from sale of assets
37,759

 
—

 
—

 
—

 
37,759

Net cash provided by (used in) investing activities
23,984

 
(150,855
)
 
(12,811
)
 
7,187

 
(132,495
)
 
 
 
 
 
 
 
 
 
 
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Proceeds from members' capital contributions
328,664

 
—

 
7,187

 
(7,187
)
 
328,664

Distributions to members
(218,782
)
 
—

 
—

 
—

 
(218,782
)
Proceeds from intercompany notes payable
55,994

 
—

 
—

 
—

 
55,994

Proceeds from Rail Facility Revolver
—

 
—

 
8,225

 
—

 
8,225

Proceeds from revolver borrowings
395,000

 
—

 
—

 
—

 
395,000

Repayments of revolver borrowings
(410,000
)
 
—

 
—

 
—

 
(410,000
)
Deferred financing costs and other
544

 
—

 
(3,187
)
 
—

 
(2,643
)
Net cash provided by (used in) financing activities
151,420

 
—

 
12,225

 
(7,187
)
 
156,458

 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents
235,803

 
559

 
38

 
—

 
236,400

Cash and equivalents, beginning of period
76,179

 
791

 
—

 
—

 
76,970

Cash and equivalents, end of period
$
311,982

 
$
1,350

 
$
38

 
$
—

 
$
313,370