XML 16 R5.htm IDEA: XBRL DOCUMENT v3.7.0.1
Condensed Consolidated Statement of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Gain (Loss) on Extinguishment of Debt $ 25,451 $ 0
Net income (loss) (270,916) 83,076
Adjustments to reconcile net income (loss) to net cash provided by (used in) operations:    
Depreciation and amortization 122,849 107,945
Stock-based compensation 10,134 9,999
Change in fair value of catalyst leases 1,484 4,633
Deferred income taxes 5,123 27,060
Non-cash lower of cost or market inventory adjustment 167,134 (216,843)
Non-cash change in inventory repurchase obligations (3,107) 26,172
Pension and other post-retirement benefit costs 21,121 15,355
Income (Loss) from Equity Method Investments 7,419 0
Proceeds from Equity Method Investment, Dividends or Distributions 12,254 0
Loss on sale of assets 912 3,222
Net cash (used in) provided by operations (205,819) 147,808
Changes in operating assets and liabilities:    
Accounts receivable 6,121 (190,645)
Due to/from affiliates (13,505) (2,457)
Inventories (178,738) 82,579
Prepaid expense and other current assets (18,038) (16,422)
Accounts payable (144,819) 58,642
Accrued expenses 106,073 164,247
Deferred revenue (7,408) 3,767
Other assets and liabilities (40,525) (12,522)
Cash flows from investing activities:    
Expenditures for property, plant and equipment (179,575) (110,035)
Expenditures for deferred turnaround costs (214,375) (106,649)
Expenditures for other assets (23,747) (21,325)
Chalmette Acquisition working capital settlement 0 2,659
Proceeds from Sale of Productive Assets 0 6,860
Net cash used in investing activities (417,697) (233,808)
Cash flows from financing activities:    
Contributions from PBF LLC 97,000 0
Distributions to members (5,252) (61,667)
Proceeds from Related Party Debt 0 635
Repayment of affiliate notes payable 0 (517)
Proceeds from revolver borrowings 290,000 550,000
Repayments of Lines of Credit (290,000) 0
Net cash provided by (used in) financing activities 110,830 481,481
Net (decrease) increase in cash and cash equivalents (512,686) 395,481
Cash and equivalents, beginning of period 626,705 914,749
Cash and equivalents, end of period 114,019 1,310,230
Non-cash activities:    
Forgiveness of related party debt 86,298  
Payments of Financing Costs 12,414 0
2025 Senior Notes [Member]    
Cash flows from financing activities:    
Proceeds from Issuance of Long-term Debt 725,000 0
Rail Term Loan [Member]    
Cash flows from financing activities:    
Proceeds from Issuance of Long-term Debt (3,295) 0
2020 Senior Secured Notes [Member]    
Cash flows from financing activities:    
Proceeds from Issuance of Long-term Debt (690,209) 0
Rail Facility [Member]    
Cash flows from financing activities:    
Repayments of Lines of Credit $ 0 $ (6,970)