FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2017

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The tables below present information about the Company’s financial assets and liabilities measured and recorded at fair value on a recurring basis and indicate the fair value hierarchy of the inputs utilized to determine the fair values as of March 31, 2017 and December 31, 2016.

We have elected to offset the fair value amounts recognized for multiple derivative contracts executed with the same counterparty; however, fair value amounts by hierarchy level are presented on a gross basis in the tables below. We have posted cash margin with various counterparties to support hedging and trading activities. The cash margin posted is required by counterparties as collateral deposits and cannot be offset against the fair value of open contracts except in the event of default. We have no derivative contracts that are subject to master netting arrangements that are reflected gross on the balance sheet.

	As of March 31, 2017
	Fair Value Hierarchy						Total Gross Fair Value		Effect of Counter-party Netting		Net Carrying Value on Balance Sheet
	Level 1		Level 2		Level 3
Assets:
Money market funds	$	30,663	$	—	$	—	$	30,663	N/A		$	30,663
Commodity contracts	17,980		290		—		18,270		(16,422	)	1,848
Derivatives included with inventory intermediation agreement obligations	—		29,182		—		29,182		—		29,182
Liabilities:
Commodity contracts	13,132		3,290		—		16,422		(16,422	)	—
Catalyst lease obligations	—		48,558		—		48,558		—		48,558

	As of December 31, 2016
	Fair Value Hierarchy						Total Gross Fair Value		Effect of Counter-party Netting		Net Carrying Value on Balance Sheet
	Level 1		Level 2		Level 3
Assets:
Money market funds	$	342,837	$	—	$	—	$	342,837	N/A		$	342,837
Commodity contracts	948		35		—		983		(983	)	—
Derivatives included with inventory intermediation agreement obligations	—		6,058		—		6,058		—		6,058
Liabilities:
Commodity contracts	859		3,548		84		4,491		(983	)	3,508
Catalyst lease obligations	—		45,969		—		45,969		—		45,969

Schedule of Effect of Significant Unobservable Inputs

The table below summarizes the changes in fair value measurements of commodity contracts categorized in Level 3 of the fair value hierarchy:

	Three Months Ended March 31,
	2017			2016
Balance at beginning of period	$	(84	)	$	3,543
Purchases	—			—
Settlements	45			(256		)
Unrealized gain (loss) included in earnings	39			(1,372		)
Transfers into Level 3	—			—
Transfers out of Level 3	—			—
Balance at end of period	$	—		$	1,915

Schedule of Fair value of Debt

The table below summarizes the fair value and carrying value of debt as of March 31, 2017 and December 31, 2016.

	March 31, 2017				December 31, 2016
	Carrying value		Fair  value		Carrying  value		Fair value
Senior Secured Notes due 2020 (a)	$	671,189	$	692,332	$	670,867	$	696,098
Senior Secured Notes due 2023 (a)	500,000		506,911		500,000		498,801
Revolving Loan (b)	350,000		350,000		350,000		350,000
PBF Rail Term Loan (b)	33,358		33,358		35,000		35,000
Catalyst leases (c)	48,558		48,558		45,969		45,969
	1,603,105		1,631,159		1,601,836		1,625,868
Less - Current maturities	—		—		—		—
Less - Unamortized deferred financing costs	23,419		n/a		25,277		n/a
Long-term debt	$	1,579,686	$	1,631,159	$	1,576,559	$	1,625,868

(a) The estimated fair value, categorized as a Level 2 measurement, was calculated based on the present value of future expected payments utilizing implied current market interest rates based on quoted prices of the Senior Secured Notes.

(b) The estimated fair value approximates carrying value, categorized as a Level 2 measurement, as these borrowings bear interest based upon short-term floating market interest rates.

(c) Catalyst leases are valued using a market approach based upon commodity prices for similar instruments quoted in active markets and are categorized as a Level 2 measurement. The Company has elected the fair value option for accounting for its catalyst lease repurchase obligations as the Company’s liability is directly impacted by the change in fair value of the underlying catalyst.