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CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS (Tables)
 9 Months Ended
Sep. 30, 2015
Condensed Financial Information of Subsidiary Disclosure [Abstract]  
Condensed Consolidating Balance Sheet
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
Condensed Consolidating Statement of Cash Flow
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