XML 42 R18.htm IDEA: XBRL DOCUMENT v3.3.0.814
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS
9 Months Ended
Sep. 30, 2015
Condensed Financial Information of Subsidiary Disclosure [Abstract]  
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING
PBF Services Company, Delaware City Refining, PBF Power Marketing LLC, Paulsboro Refining Company LLC, Paulsboro Natural Gas Pipeline Company LLC and Toledo Refining Company LLC are 100% owned subsidiaries of PBF Holding and serve as guarantors of the obligations under the Senior Secured Notes. These guarantees are full and unconditional and joint and several. For purposes of the following footnote, PBF Holding is referred to as “Issuer.” The indenture dated February 9, 2012, among PBF Holding, PBF Finance, the guarantors party thereto and Wilmington Trust, National Association, governs subsidiaries designated as “Guarantor Subsidiaries.” PBF Rail Logistics Company LLC, PBF Transportation Company LLC and PBF Energy Limited are consolidated subsidiaries of the Company that are not guarantors of the Senior Secured Notes.

The Senior Secured Notes were co-issued by PBF Finance. For purposes of the following footnote, PBF Finance is referred to as “Co-Issuer.” The Co-Issuer has no independent assets or operations.

The following supplemental combining and condensed consolidating financial information reflects the Issuer’s separate accounts, the combined accounts of the Guarantor Subsidiaries and Non-Guarantor Subsidiaries, the combining and consolidating adjustments and eliminations and the Issuer’s consolidated accounts for the dates and periods indicated. For purposes of the following combining and consolidating information, the Issuer’s Investment in its subsidiaries is accounted for under the equity method of accounting.
. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING
CONDENSED CONSOLIDATING BALANCE SHEET
(UNAUDITED)
 
September 30, 2015
 
Issuer
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Combining and Consolidating Adjustments
 
Total
ASSETS
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
361,037

 
$
3

 
$
10,231

 
$
(1,850
)
 
$
369,421

Accounts receivable
369,071

 
18,649

 
7,904

 

 
395,624

Accounts receivable - affiliate
802

 
2,497

 

 

 
3,299

Inventories
547,225

 
376,182

 
177,775

 

 
1,101,182

Prepaid expense and other current assets
44,940

 
10,212

 

 

 
55,152

Due from related parties
19,279,650

 
20,178,357

 
2,867,690

 
(42,325,697
)
 

Total current assets
20,602,725

 
20,585,900

 
3,063,600

 
(42,327,547
)
 
1,924,678

 
 
 
 
 
 
 
 
 
 
Property, plant and equipment, net
21,630

 
1,692,834

 
100,043

 

 
1,814,507

Investment in subsidiaries
1,757,810

 

 

 
(1,757,810
)
 

Deferred charges and other assets, net
33,906

 
265,963

 
2,062

 

 
301,931

Total assets
$
22,416,071

 
$
22,544,697

 
$
3,165,705

 
$
(44,085,357
)
 
$
4,041,116

 
 
 
 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable
$
121,933

 
$
92,332

 
$
19

 
$
(1,850
)
 
$
212,434

Accounts payable - affiliate
24,272

 

 

 

 
24,272

Accrued expenses
536,121

 
430,464

 
82,652

 

 
1,049,237

Deferred revenue
4,174

 

 

 

 
4,174

Due to related parties
19,118,950

 
20,342,238

 
2,864,509

 
(42,325,697
)
 

Total current liabilities
19,805,450

 
20,865,034

 
2,947,180

 
(42,327,547
)
 
1,290,117

 
 
 
 
 
 
 
 
 
 
Delaware Economic Development Authority loan

 
8,000

 

 

 
8,000

Long-term debt
669,354

 
27,577

 
67,491

 

 
764,422

Intercompany notes payable
152,037

 

 

 

 
152,037

Other long-term liabilities
25,771

 
37,310

 

 

 
63,081

Total liabilities
20,652,612

 
20,937,921

 
3,014,671

 
(42,327,547
)
 
2,277,657

 
 
 
 
 
 
 
 
 
 
Commitments and contingencies

 

 

 

 

 
 
 
 
 
 
 
 
 
 
Equity:
 
 
 
 
 
 
 
 
 
Member's equity
1,131,992

 
736,016

 
39,346

 
(775,362
)
 
1,131,992

Retained earnings (accumulated deficit)
657,028

 
879,148

 
111,688

 
(990,836
)
 
657,028

Accumulated other comprehensive (loss) income
(25,561
)
 
(8,388
)
 

 
8,388

 
(25,561
)
Total equity
1,763,459

 
1,606,776

 
151,034

 
(1,757,810
)
 
1,763,459

Total liabilities and equity
$
22,416,071

 
$
22,544,697

 
$
3,165,705

 
$
(44,085,357
)
 
$
4,041,116

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

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 (accumulated deficit)
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

13. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOW
(UNAUDITED)
 
Nine Months Ended September 30, 2015
 
Issuer
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Combining and Consolidating Adjustments
 
Total
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
Net income (loss)
$
411,803

 
$
(852,587
)
 
$
58,981

 
$
793,606

 
$
411,803

Adjustments to reconcile net income to net
 
 
 
 
 
 
 
 
 
cash provided by operating activities:
 
 
 
 
 
 
 
 
 
Depreciation and amortization
13,085

 
130,513

 
2,377

 

 
145,975

Stock-based compensation

 
6,329

 

 

 
6,329

Change in fair value of catalyst lease obligations

 
(8,982
)
 

 

 
(8,982
)
Change in non-cash lower of cost or market inventory adjustment
(2,091
)
 
83,238

 

 

 
81,147

Non-cash change in inventory repurchase obligations

 
53,370

 

 

 
53,370

Pension and other post retirement benefit costs
5,769

 
13,571

 

 

 
19,340

Gain on disposition of property, plant and equipment
(251
)
 
(232
)
 
(650
)
 

 
(1,133
)
Equity in earnings of subsidiaries
793,606

 

 

 
(793,606
)
 

Changes in current assets and current liabilities:
 
 
 
 
 
 
 
 
 
Accounts receivable
149,427

 
7,589

 
(1,371
)
 

 
155,645

Due to/from affiliates
(729,595
)
 
818,461

 
(76,300
)
 

 
12,566

Inventories
(34,187
)
 
(54,258
)
 
(22,385
)
 

 
(110,830
)
Prepaid expenses and other current assets
(17,976
)
 
(5,019
)
 

 

 
(22,995
)
Accounts payable
(113,856
)
 
(654
)
 
(8,404
)
 
166

 
(122,748
)
Accrued expenses
(206,906
)
 
(27,197
)
 
(108,678
)
 

 
(342,781
)
Deferred revenue
2,947

 

 

 

 
2,947

Other assets and liabilities
(3,430
)
 
(18,276
)
 
(178
)
 

 
(21,884
)
Net cash provided by (used in) operating activities
268,345

 
145,866

 
(156,608
)
 
166

 
257,769

 
 
 
 
 
 
 
 
 
 
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Expenditures for property, plant and equipment
(188,364
)
 
(99,567
)
 

 

 
(287,931
)
Expenditures for deferred turnaround costs

 
(39,725
)
 

 

 
(39,725
)
Expenditures for other assets

 
(7,275
)
 

 

 
(7,275
)
Investment in subsidiaries
5,000

 

 

 
(5,000
)
 

Proceeds from sale of assets
60,902

 

 
107,368

 

 
168,270

Net cash (used in) provided by investing activities
(122,462
)
 
(146,567
)
 
107,368

 
(5,000
)
 
(166,661
)
 
 
 
 
 
 
 
 
 
 
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
29,773

 

 

 

 
29,773

Proceeds from Rail Facility revolver borrowings

 

 
102,075

 

 
102,075

Repayments of Rail Facility revolver borrowings

 

 
(71,938
)
 

 
(71,938
)
Net cash provided by financing activities
29,773

 

 
25,137

 
5,000

 
59,910

 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents
175,656

 
(701
)
 
(24,103
)
 
166

 
151,018

Cash and equivalents, beginning of period
185,381

 
704

 
34,334

 
(2,016
)
 
218,403

Cash and equivalents, end of period
$
361,037

 
$
3

 
$
10,231

 
$
(1,850
)
 
$
369,421

13. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING
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 from 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
)
Due to/from affiliates
(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 refinery turnarounds 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

Distributions 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 (decrease) 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