CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS (Tables)

12 Months Ended

Dec. 31, 2016

Condensed Financial Information of Subsidiary Disclosure [Abstract]

Condensed Consolidating Balance Sheet

	December 31, 2016
	Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Combining and Consolidating Adjustments			Total
ASSETS
Current assets:
Cash and cash equivalents	$	530,085		$	56,717		$	41,366	$	(1,463	)	$	626,705
Accounts receivable	599,147			7,999			8,735		—			615,881
Accounts receivable - affiliate	2,432			4,504			695		—			7,631
Inventories	1,680,058			—			183,502		—			1,863,560
Prepaid expense and other current assets	27,443			12,933			160		—			40,536
Due from related parties	24,141,120			21,883,569			4,692,799		(50,717,488		)	—
Total current assets	26,980,285			21,965,722			4,927,257		(50,718,951		)	3,154,313
Property, plant and equipment, net	33,772			2,452,877			242,050		—			2,728,699
Investment in subsidiaries	705,034			440,377			—		(1,145,411		)	—
Investment in equity method investee	—			—			179,882		—			179,882
Deferred charges and other assets, net	12,317			491,673			13		—			504,003
Total assets	$	27,731,408		$	25,350,649		$	5,349,202	$	(51,864,362	)	$	6,566,897
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	360,260		$	157,277		$	14,291	$	(1,463	)	$	530,365
Accounts payable - affiliate	37,077			786			—		—			37,863
Accrued expenses	1,094,581			201,935			166,213		—			1,462,729
Deferred revenue	10,901			1,438			1		—			12,340
Due to related parties	22,027,065			24,031,520			4,658,903		(50,717,488		)	—
Total current liabilities	23,529,884			24,392,956			4,839,408		(50,718,951		)	2,043,297
Delaware Economic Development Authority loan				—			—		—			—
Long-term debt	1,496,085			45,908			34,566		—			1,576,559
Affiliate notes payable	86,298			—			—		—			86,298
Deferred tax liabilities	—			—			45,699		—			45,699
Other long-term liabilities	30,208			192,204			3,699		—			226,111
Due to related party - long term	—			—			—		—			—
Total liabilities	25,142,475			24,631,068			4,923,372		(50,718,951		)	3,977,964
Commitments and contingencies
Equity:
Member's equity	2,155,863			1,714,997			374,067		(2,089,064		)	2,155,863
Retained earnings	446,519			(999,693		)	51,763		947,930			446,519
Accumulated other comprehensive loss	(25,962		)	(8,236		)	—		8,236			(25,962		)
Total PBF Holding Company LLC equity	2,576,420			707,068			425,830		(1,132,898		)	2,576,420
Noncontrolling interest	12,513			12,513			—		(12,513		)	$	12,513
Total equity	2,588,933			719,581			425,830		(1,145,411		)	2,588,933
Total liabilities and equity	$	27,731,408		$	25,350,649		$	5,349,202	$	(51,864,362	)	$	6,566,897

22. CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING

CONSOLIDATING BALANCE SHEET

	December 31, 2015
	Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Combining and Consolidating Adjustments			Total
ASSETS
Current assets:
Cash and cash equivalents	$	882,820		$	6,236		$	28,968	$	(3,275	)	$	914,749
Accounts receivable	430,809			11,057			12,893		—			454,759
Accounts receivable - affiliate	917			2,521			—		—			3,438
Inventories	608,646			363,151			202,475		—			1,174,272
Prepaid expense and other current assets	24,243			9,074			384		—			33,701
Due from related parties	20,236,649			20,547,503			3,262,382		(44,046,534		)	—
Total current assets	22,184,084			20,939,542			3,507,102		(44,049,809		)	2,580,919
Property, plant and equipment, net	25,240			1,960,066			225,784		—			2,211,090
Investment in subsidiaries	1,740,111			143,349			—		(1,883,460		)	—
Deferred charges and other assets, net	23,973			265,240			1,500		—			290,713
Due from related party - long term	—			—			20,577		(20,577		)	—
Total assets	$	23,973,408		$	23,308,197		$	3,754,963	$	(45,953,846	)	$	5,082,722
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	196,988		$	113,564		$	7,566	$	(3,275	)	$	314,843
Accounts payable - affiliate	23,949			—			—		—			23,949
Accrued expenses	503,179			495,842			118,414		—			1,117,435
Deferred revenue	4,043			—			—		—			4,043
Due to related parties	19,787,807			21,026,310			3,232,417		(44,046,534		)	—
Total current liabilities	20,515,966			21,635,716			3,358,397		(44,049,809		)	1,460,270
Delaware Economic Development Authority loan	—			4,000			—		—			4,000
Long-term debt	1,137,980			31,717			67,023		—			1,236,720
Affiliate notes payable	470,047			—			—		—			470,047
Deferred tax liabilities	—			—			20,577		—			20,577
Other long-term liabilities	28,131			41,693			—		—			69,824
Due to related party - long term	—			20,577			—		(20,577		)	—
Total liabilities	22,152,124			21,733,703			3,445,997		(44,070,386		)	3,261,438
Commitments and contingencies
Equity:
Member's equity	1,479,175			1,062,717			182,696		(1,245,413		)	1,479,175
Retained earnings	349,654			502,788			126,270		(629,058		)	349,654
Accumulated other comprehensive loss	(24,770		)	(8,236		)	—		8,236			(24,770		)
Total PBF Holding Company LLC equity	1,804,059			1,557,269			308,966		(1,866,235		)	1,804,059
Noncontrolling interest	17,225			17,225			—		(17,225		)	17,225
Total equity	1,821,284			1,574,494			308,966		(1,883,460		)	1,821,284
Total liabilities and equity	$	23,973,408		$	23,308,197		$	3,754,963	$	(45,953,846	)	$	5,082,722

Condensed Consolidating Statement of Operations and Comprehensive Income (Loss)

	Year Ended December 31, 2016
	Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Combining and Consolidating Adjustments			Total
Revenues	$	15,808,556		$	800,647		$	1,524,691		$	(2,225,357	)	$	15,908,537
Costs, expenses and other
Cost of sales, excluding depreciation	13,813,293			649,242			1,527,910			(2,225,357		)	13,765,088
Operating expenses, excluding depreciation	41			1,356,572			33,969			—			1,390,582
General and administrative expenses	123,150			27,602			(1,109		)	—			149,643
Equity income in investee	—			—			(5,679		)	—			(5,679		)
Gain on sale of asset	2,392			150			8,832			—			11,374
Depreciation and amortization expense	5,836			194,701			9,303			—			209,840
Total costs, expenses and other	13,944,712			2,228,267			1,573,226			(2,225,357		)	15,520,848
Income (loss) from operations	1,863,844			(1,427,620		)	(48,535		)	—			387,689
Other income (expense)
Equity in earnings of subsidiaries	(1,502,243		)	(74,507		)	—			1,576,750			—
Change in fair value of catalyst lease	—			1,422			—			—			1,422
Interest expense, net	(125,715		)	(1,538		)	(2,283		)	—			(129,536		)
Income (loss) before income taxes	235,886			(1,502,243		)	(50,818		)	1,576,750			259,575
Income tax expense	—			—			23,689			—			23,689
Net income (loss)	235,886			(1,502,243		)	(74,507		)	1,576,750			235,886
Less income attributable to noncontrolling interests	269			269			—			(269		)	269
Net income (loss) attributable to PBF Holding Company LLC	$	235,617		$	(1,502,512	)	$	(74,507	)	$	1,577,019		$	235,617
Comprehensive income (loss) attributable to PBF Holding Company LLC	$	233,025		$	(1,502,512	)	$	(74,507	)	$	1,577,019		$	233,025

22. CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING

CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

	Year Ended December 31, 2015
	Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Combining and Consolidating Adjustments			Total
Revenues	$	13,085,122		$	884,930		$	1,633,818		$	(2,479,941	)	$	13,123,929
Costs, expenses and other
Cost of sales, excluding depreciation	11,514,115			1,026,846			1,550,579			(2,479,941		)	11,611,599
Operating expenses, excluding depreciation	(3,683		)	891,534			1,517			—			889,368
General and administrative expenses	143,580			21,016			2,308			—			166,904
Gain on sale of asset	(249		)	(105		)	(650		)	—			(1,004		)
Depreciation and amortization expense	9,687			178,578			2,845			—			191,110
Total costs, expenses and other	11,663,450			2,117,869			1,556,599			(2,479,941		)	12,857,977
Income (loss) from operations	1,421,672			(1,232,939		)	77,219			—			265,952
Other income (expense)
Equity in earnings of subsidiaries	(1,154,420		)	—			—			1,154,420			—
Change in fair value of catalyst lease	—			10,184			—			—			10,184
Interest expense, net	(79,310		)	(5,876		)	(3,008		)	—			(88,194		)
Income (loss) before income taxes	187,942			(1,228,631		)	74,211			1,154,420			187,942
Income tax expense	—			—			648			—			648
Net income (loss)	187,942			(1,228,631		)	73,563			1,154,420			187,294
Less income attributable to noncontrolling interests	274			274			—			(274		)	274
Net income (loss) attributable to PBF Holding Company LLC	$	187,668		$	(1,228,905	)	$	73,563		$	1,154,694		$	187,020
Comprehensive income (loss) attributable to PBF Holding Company LLC	$	189,774		$	(1,228,905	)	$	73,563		$	1,154,694		$	189,126

22. CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING

CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

	Year Ended December 31, 2014
	Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Combining and Consolidating Adjustments			Total
Revenues	$	19,847,045		$	1,402,253		$	1,007,407		$	(2,428,550	)	$	19,828,155
Costs, expenses and other
Cost of sales, excluding depreciation	18,467,533			1,522,901			952,170			(2,428,550		)	18,514,054
Operating expenses, excluding depreciation	218			880,339			144			—			880,701
General and administrative expenses	123,692			16,259			199			—			140,150
Gain on sale of assets	(277		)	—			(618		)	—			(895		)
Depreciation and amortization expense	13,583			164,525			888			—			178,996
Total costs, expenses and other	18,604,749			2,584,024			952,783			(2,428,550		)	19,713,006
Income (loss) from operations	1,242,296			(1,181,771		)	54,624			—			115,149
Other income (expense)
Equity in earnings of subsidiaries	(1,131,321		)	—			—			1,131,321			—
Change in fair value of catalyst lease	—			3,969			—			—			3,969
Interest expense, net	(89,858		)	(6,225		)	(1,918		)	—			(98,001		)
Income (loss) before income taxes	21,117			(1,184,027		)	52,706			1,131,321			21,117
Income tax expense	—			—			—			—			—
Net income (loss)	21,117			(1,184,027		)	52,706			1,131,321			21,117
Less net income attributable to noncontrolling interests	—			—			—			—			—
Net income (loss) attributable to PBF Holding Company LLC	$	21,117		$	(1,184,027	)	$	52,706		$	1,131,321		$	21,117
Comprehensive income (loss) attributable to PBF Holding Company LLC	$	8,779		$	(1,194,031	)	$	52,706		$	1,141,325		$	8,779

Condensed Consolidating Statement of Cash Flow

	Year Ended December 31, 2016
	Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Combining and Consolidating Adjustments			Total
Cash flows from operating activities:
Net income (loss)	$	235,886		$	(1,502,243	)	$	(74,507	)	$	1,576,750		$	235,886
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	14,874			194,722			9,337			—			218,933
Stock-based compensation	—			18,296			—			—			18,296
Change in fair value of catalyst lease obligation	—			(1,422		)	—			—			(1,422		)
Deferred income taxes	—			—			19,802			—			19,802
Non-cash change in inventory repurchase obligations	29,453			—			—			—			29,453
Non-cash lower of cost or market inventory adjustment	(521,348		)	—			—			—			(521,348		)
Pension and other post retirement benefit costs	7,139			30,848			—			—			37,987
Equity (income) loss in investee	—			—			(5,679		)	—			(5,679		)
Loss (gain) on sale of assets	2,392			150			8,832			—			11,374
Equity in earnings of subsidiaries	1,502,243			74,507			—			(1,576,750		)	—
Changes in operating assets and liabilities:
Accounts receivable	(168,338		)	3,058			4,158			—			(161,122		)
Due to/from affiliates	(2,031,933		)	2,046,280			(4,626		)	—			9,721
Inventories	217,629			—			18,973			—			236,602
Prepaid expenses and other current assets	(3,200		)	(2,675		)	92			—			(5,783		)
Accounts payable	163,272			41,025			7,405			1,812			213,514
Accrued expenses	531,613			(353,591		)	49,964			—			227,986
Deferred revenue	6,858			1,438			1			—			8,297
Other assets and liabilities	(5,833		)	(16,238		)	1,193			—			(20,878		)
Net cash provided by (used in) operating activities	(19,293		)	534,155			34,945			1,812			551,619
Cash flows from investing activities:
Acquisition of Torrance refinery and related logistics assets	(971,932		)	—			—			—			(971,932		)
Acquisition of Chalmette refinery, net of cash acquired	—			(2,659		)	—			—			(2,659		)
Expenditures for property, plant and equipment	(21,563		)	(255,434		)	(5,433		)	—			(282,430		)
Expenditures for refinery turnarounds costs	—			(198,664		)	—			—			(198,664		)
Expenditures for other assets	—			(42,506		)	—			—			(42,506		)
Return on investment in subsidiaries	12,800			—			—			(12,800		)	—
Capital contributions to subsidiaries	(8,287		)	—			—			8,287			—
Proceeds from sale of assets	4,802			—			19,890			—			24,692
Net cash (used in) provided by investing activities	(984,180		)	(499,263		)	14,457			(4,513		)	(1,473,499		)

22. CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING CONSOLIDATING STATEMENT OF CASH FLOW (Continued)

Cash flows from financing activities:
Proceeds from parent's capital contributions	—			—		8,287			(8,287		)	—
Contributions from PBF LLC	450,300			—		—			—			450,300
Distribution to parent	—			—		(12,800		)	12,800			—
Distributions to members	(139,434		)	—		—			—			(139,434		)
Proceeds from affiliate notes payable	43,396			—		—			—			43,396
Repayments of affiliate notes payable	(53,524		)	—		—			—			(53,524		)
Proceeds from revolver borrowings	550,000			—		—			—			550,000
Repayments of revolver borrowings	(200,000		)	—		—			—			(200,000		)
Repayments of Rail Facility revolver borrowings	—			—		(67,491		)	—			(67,491		)
Proceeds from PBF Rail Term Loan	—			—		35,000			—			35,000
Additional catalyst lease	—			15,589		—			—			15,589
Net cash provided by financing activities	650,738			15,589		(37,004		)	4,513			633,836
Net increase (decrease) in cash and cash equivalents	(352,735		)	50,481		12,398			1,812			(288,044		)
Cash and equivalents, beginning of period	882,820			6,236		28,968			(3,275		)	914,749
Cash and equivalents, end of period	$	530,085		$	56,717	$	41,366		$	(1,463	)	$	626,705

22. CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING

CONSOLIDATING STATEMENT OF CASH FLOW

	Year Ended December 31, 2015
	Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Combining and Consolidating Adjustments			Total
Cash flows from operating activities:
Net income (loss)	$	187,942		$	(1,228,631	)	$	73,563		$	1,154,420		$	187,294
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	17,063			178,601			3,719			—			199,383
Stock-based compensation	—			9,218			—			—			9,218
Change in fair value of catalyst lease obligation	—			(10,184		)	—			—			(10,184		)
Non-cash change in inventory repurchase obligations	—			63,389			—			—			63,389
Non-cash lower of cost or market inventory adjustment	279,785			147,441			—			—			427,226
Pension and other post retirement benefit cost	7,576			19,406			—			—			26,982
Gain on sale of assets	(249		)	(105		)	(650		)	—			(1,004		)
Equity in earnings of subsidiaries	1,154,420			—			—			(1,154,420		)	—
Changes in operating assets and liabilities:
Accounts receivable	87,689			16,124			(6,177		)	—			97,636
Due to/from affiliates	(1,018,176		)	1,133,364			(103,084		)	—			12,104
Inventories	(108,751		)	(116,074		)	(47,067		)	—			(271,892		)
Prepaid expense and other current assets	2,721			(2,999		)	(353		)	—			(631		)
Accounts payable	(38,609		)	15,710			(857		)	(1,259		)	(25,015		)
Accrued expenses	27,925			8,172			(73,834		)	—			(37,737		)
Deferred revenue	2,816			—			—			—			2,816
Other assets and liabilities	(423		)	(26,769		)	10			—			(27,182		)
Net cash provided by (used in) operating activities	601,729			206,663			(154,730		)	(1,259		)	652,403
Cash flows from investing activities:
Acquisition of Chalmette refinery, net of cash acquired	(601,311		)	19,042			16,965			—			(565,304		)
Expenditures for property, plant and equipment	(193,898		)	(158,361		)	(106		)	—			(352,365		)
Expenditures for refinery turnarounds costs	—			(53,576		)	—			—			(53,576		)
Expenditures for other assets	—			(8,236		)	—			—			(8,236		)
Investment in subsidiaries	10,000			—			—			(10,000		)	—
Capital contributions to subsidiaries	(5,000		)	—			—			5,000			—
Proceeds from sale of assets	60,902			—			107,368			—			168,270
Net cash (used in) provided by investing activities	(729,307		)	(201,131		)	124,227			(5,000		)	(811,211		)
Cash flows from financing activities:
Proceeds from member's capital contributions	345,000			—			5,000			(5,000		)	345,000
Distribution to parent	—			—			(10,000		)	10,000			—
Distributions to members	(350,658		)	—			—			—			(350,658		)
Proceeds from intercompany notes payable	347,783			—			—			—			347,783
Proceeds from revolver borrowings	170,000			—			—			—			170,000
Repayments of revolver borrowings	(170,000		)	—			—			—			(170,000		)
Proceeds from Rail Facility revolver borrowings	—			—			102,075			—			102,075
Repayments of Rail Facility revolver borrowings	—			—			(71,938		)	—			(71,938		)
Proceeds from Senior Secured Notes	500,000			—			—			—			500,000
Deferred financing costs and other	(17,108		)	—			—			—			(17,108		)
Net cash provided by financing activities	825,017			—			25,137			5,000			855,154
Net increase (decrease) in cash and cash equivalents	697,439			5,532			(5,366		)	(1,259		)	696,346
Cash and equivalents, beginning of period	185,381			704			34,334			(2,016		)	218,403
Cash and equivalents, end of period	$	882,820		$	6,236		$	28,968		$	(3,275	)	$	914,749

22. CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING

CONSOLIDATING STATEMENT OF CASH FLOW

	Year Ended December 31, 2014
	Issuer			Guarantors Subsidiaries			Non-Guarantors Subsidiaries			Combining and Consolidated Adjustments			Total
Cash flows from operating activities:
Net income (loss)	$	21,117		$	(1,184,027	)	$	52,706		$	1,131,321		$	21,117
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization	20,334			164,550			1,528			—			186,412
Stock-based compensation	—			6,095			—			—			6,095
Change in fair value of catalyst lease obligation	—			(3,969		)	—			—			(3,969		)
Non-cash change in inventory repurchase obligations	—			(93,246		)	—			—			(93,246		)
Non-cash lower of cost or market inventory adjustment	566,412			123,698			—			—			690,110
Pension and other post retirement benefit costs	6,426			16,174			—			—			22,600
Gain on sale of assets	(277		)	—			(618		)	—			(895		)
Equity in earnings of subsidiaries	1,131,321			—			—			(1,131,321		)	—
Changes in operating assets and liabilities:
Accounts receivable	69,887			(17,976		)	(6,533		)	—			45,378
Due to/from affiliates	(1,227,851		)	1,328,439			(92,181		)	—			8,407
Inventories	(259,352		)	20,711			(155,390		)	—			(394,031		)
Prepaid expense and other current assets	22,287			1,399			—			—			23,686
Accounts payable	(71,821		)	(1,697		)	8,423			(2,016		)	(67,111		)
Accrued expenses	(131,903		)	471			191,331			—			59,899
Deferred revenue	(6,539		)	—			—			—			(6,539		)
Other assets and liabilities	(1,966		)	(258		)	(1		)	—			(2,225		)
Net cash provided by (used in) operating activities	138,075			360,364			(735		)	(2,016		)	495,688
Cash flows from investing activities:
Expenditures for property, plant and equipment	(152,814		)	(205,508		)	(112,138		)	—			(470,460		)
Expenditures for deferred turnaround costs	—			(137,688		)	—			—			(137,688		)
Expenditures for other assets	—			(17,255		)	—			—			(17,255		)
Capital contributions to subsidiaries	(44,346		)	—			—			44,346			—
Proceeds from sale of assets	133,845			—			68,809			—			202,654
Net cash (used in) provided by investing activities	(63,315		)	(360,451		)	(43,329		)	44,346			(422,749		)
Cash flows from financing activities:
Contributions from PBF LLC	328,664			—			44,346			(44,346		)	328,664
Distributions to members	(361,352		)	—			—			—			(361,352		)
Proceeds from affiliate notes payable	90,631			—			—			—			90,631
Proceeds from revolver borrowings	395,000			—			—			—			395,000
Repayments of revolver borrowings	(410,000		)	—			—			—			(410,000		)
Proceeds from Rail Facility revolver borrowings	—			—			83,095			—			83,095
Repayment of Rail Facility revolver borrowings	—			—			(45,825		)	—			(45,825		)
Deferred financing costs and other	(8,501		)	—			(3,218		)	—			(11,719		)
Net cash provided by (used in) financing activities	34,442			—			78,398			(44,346		)	68,494
Net increase (decrease) in cash and cash equivalents	109,202			(87		)	34,334			(2,016		)	141,433
Cash and equivalents, beginning of period	76,179			791			—			—			76,970
Cash and equivalents, end of period	$	185,381		$	704		$	34,334		$	(2,016	)	$	218,403