XML 64 R53.htm IDEA: XBRL DOCUMENT v3.7.0.1
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS (Statement of Cash Flows) (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operating activities:        
Net income (loss) $ (205,376) $ 181,504 $ (270,916) $ 83,076
Adjustments to reconcile net income to net cash from operating activities:        
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 5,161 (5,576) 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
Gain (Loss) on Extinguishment of Debt 25,451 0 25,451 0
Pension and other post-retirement benefit costs     21,121 15,355
Income (Loss) from Equity Method Investments 3,820 0 7,419 0
Proceeds from Equity Method Investment, Dividends or Distributions     12,254 0
Gain (Loss) on Disposition of Property Plant Equipment     912 3,222
Equity in earnings of subsidiaries 0 0 0 0
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)
Net cash (used in) provided by operations     (205,819) 147,808
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)
Investment in subsidiary       0
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:        
Parent Distribution       0
Distribution 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
Payment of Financing and Stock Issuance Costs     12,414  
Net cash provided by (used in) financing activities     110,830 481,481
Proceeds from members' capital contributions     97,000 0
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 1,310,230 114,019 1,310,230
Issuer [Member]        
Cash flows from operating activities:        
Net income (loss) (205,376) 181,504 (270,916) 83,076
Adjustments to reconcile net income to net cash from operating activities:        
Depreciation and amortization     11,596 7,405
Stock-based compensation     0 0
Change in fair value of catalyst leases     0 0
Deferred income taxes     0 0
Non-cash lower of cost or market inventory adjustment     167,134 (200,063)
Non-cash change in inventory repurchase obligations     (3,107) 0
Gain (Loss) on Extinguishment of Debt 25,451   25,451  
Pension and other post-retirement benefit costs     3,304 3,464
Income (Loss) from Equity Method Investments 0   0  
Proceeds from Equity Method Investment, Dividends or Distributions     0  
Gain (Loss) on Disposition of Property Plant Equipment     0 0
Equity in earnings of subsidiaries (338,171) (292,212) (703,300) (684,805)
Changes in operating assets and liabilities:        
Accounts receivable     21,334 (190,245)
Due to/from affiliates     (1,111,279) (838,988)
Inventories     (141,219) 91,094
Prepaid expense and other current assets     (3,314) (4,255)
Accounts payable     (120,026) 80,299
Accrued expenses     178,794 175,598
Deferred revenue     (6,002) 3,767
Other assets and liabilities     (15,218) (10,304)
Net cash (used in) provided by operations     (560,168) (114,347)
Cash flows from investing activities:        
Expenditures for property, plant and equipment     (287) (11,765)
Expenditures for deferred turnaround costs     0 0
Expenditures for other assets     0 0
Investment in subsidiary       (12,800)
Chalmette Acquisition working capital settlement       0
Proceeds from Sale of Productive Assets       0
Net cash used in investing activities     (287) 1,035
Cash flows from financing activities:        
Parent Distribution       0
Distribution to members     (5,252) (61,667)
Proceeds from Related Party Debt       635
Repayment of affiliate notes payable       (517)
Proceeds from revolver borrowings     290,000 550,000
Repayments of Lines of Credit     290,000  
Increase (Decrease) in Due to Other Related Parties     (5,453)  
Payment of Financing and Stock Issuance Costs     12,414  
Net cash provided by (used in) financing activities     108,672 488,451
Proceeds from members' capital contributions     97,000  
Net (decrease) increase in cash and cash equivalents     (451,783) 375,139
Cash and equivalents, beginning of period     530,085 882,820
Cash and equivalents, end of period 78,302 1,257,959 78,302 1,257,959
Guarantor Subsidiaries [Member]        
Cash flows from operating activities:        
Net income (loss) (346,937) (270,173) (709,620) (639,394)
Adjustments to reconcile net income to net cash from operating activities:        
Depreciation and amortization     107,430 96,645
Stock-based compensation     10,134 9,999
Change in fair value of catalyst leases     1,484 4,633
Deferred income taxes     0 0
Non-cash lower of cost or market inventory adjustment     0 (16,780)
Non-cash change in inventory repurchase obligations     0 26,172
Gain (Loss) on Extinguishment of Debt 0   0  
Pension and other post-retirement benefit costs     17,817 11,891
Income (Loss) from Equity Method Investments 0   0  
Proceeds from Equity Method Investment, Dividends or Distributions     0  
Gain (Loss) on Disposition of Property Plant Equipment     912 24
Equity in earnings of subsidiaries 1,442 0 3,335 0
Changes in operating assets and liabilities:        
Accounts receivable     3,501 6,084
Due to/from affiliates     1,029,667 798,315
Inventories     0 (11,455)
Prepaid expense and other current assets     (14,716) (12,365)
Accounts payable     (24,140) (24,617)
Accrued expenses     (42,903) (2,269)
Deferred revenue     (1,418) 0
Other assets and liabilities     (13,881) (3,305)
Net cash (used in) provided by operations     360,932 243,578
Cash flows from investing activities:        
Expenditures for property, plant and equipment     (179,019) (98,259)
Expenditures for deferred turnaround costs     (214,375) (106,649)
Expenditures for other assets     (23,747) (21,325)
Investment in subsidiary       0
Chalmette Acquisition working capital settlement       (2,659)
Proceeds from Sale of Productive Assets       0
Net cash used in investing activities     (417,141) (228,892)
Cash flows from financing activities:        
Parent Distribution       0
Distribution to members     0 0
Proceeds from Related Party Debt       0
Repayment of affiliate notes payable       0
Proceeds from revolver borrowings     0 0
Repayments of Lines of Credit     0  
Increase (Decrease) in Due to Other Related Parties     5,453  
Payment of Financing and Stock Issuance Costs     0  
Net cash provided by (used in) financing activities     5,453 0
Proceeds from members' capital contributions     0  
Net (decrease) increase in cash and cash equivalents     (50,756) 14,686
Cash and equivalents, beginning of period     56,717 6,236
Cash and equivalents, end of period 5,961 20,922 5,961 20,922
Non-Guarantor Subsidiaries [Member]        
Cash flows from operating activities:        
Net income (loss) 10,208 (22,039) 9,655 (45,411)
Adjustments to reconcile net income to net cash from operating activities:        
Depreciation and amortization     3,823 3,895
Stock-based compensation     0 0
Change in fair value of catalyst leases     0 0
Deferred income taxes     5,123 27,060
Non-cash lower of cost or market inventory adjustment     0 0
Non-cash change in inventory repurchase obligations     0 0
Gain (Loss) on Extinguishment of Debt 0   0  
Pension and other post-retirement benefit costs     0 0
Income (Loss) from Equity Method Investments 3,820   7,419  
Proceeds from Equity Method Investment, Dividends or Distributions     12,254  
Gain (Loss) on Disposition of Property Plant Equipment     0 3,198
Equity in earnings of subsidiaries 0 0 0 0
Changes in operating assets and liabilities:        
Accounts receivable     (18,714) (6,484)
Due to/from affiliates     68,107 38,216
Inventories     (37,519) 2,940
Prepaid expense and other current assets     (8) 198
Accounts payable     (2,116) 1,030
Accrued expenses     (29,818) (9,082)
Deferred revenue     12 0
Other assets and liabilities     (11,426) 1,087
Net cash (used in) provided by operations     (8,046) 16,647
Cash flows from investing activities:        
Expenditures for property, plant and equipment     (269) (11)
Expenditures for deferred turnaround costs     0 0
Expenditures for other assets     0 0
Investment in subsidiary       0
Chalmette Acquisition working capital settlement       0
Proceeds from Sale of Productive Assets       6,860
Net cash used in investing activities     (269) 6,849
Cash flows from financing activities:        
Parent Distribution       12,800
Distribution to members     0 0
Proceeds from Related Party Debt       0
Repayment of affiliate notes payable       0
Proceeds from revolver borrowings     0 0
Repayments of Lines of Credit     0  
Increase (Decrease) in Due to Other Related Parties     0  
Payment of Financing and Stock Issuance Costs     0  
Net cash provided by (used in) financing activities     (3,295) (19,770)
Proceeds from members' capital contributions     0  
Net (decrease) increase in cash and cash equivalents     (11,610) 3,726
Cash and equivalents, beginning of period     41,366 28,968
Cash and equivalents, end of period 29,756 32,694 29,756 32,694
PBF Holding Company LLC [Member]        
Cash flows from financing activities:        
Increase (Decrease) in Due to Other Related Parties     0  
Consolidation, Eliminations [Member]        
Cash flows from operating activities:        
Net income (loss) 336,729 292,212 699,965 684,805
Adjustments to reconcile net income to net cash from operating activities:        
Depreciation and amortization     0 0
Stock-based compensation     0 0
Change in fair value of catalyst leases     0 0
Deferred income taxes     0 0
Non-cash lower of cost or market inventory adjustment     0 0
Non-cash change in inventory repurchase obligations     0 0
Gain (Loss) on Extinguishment of Debt 0   0  
Pension and other post-retirement benefit costs     0 0
Income (Loss) from Equity Method Investments 0   0  
Proceeds from Equity Method Investment, Dividends or Distributions     0  
Gain (Loss) on Disposition of Property Plant Equipment     0 0
Equity in earnings of subsidiaries 336,729 292,212 699,965 684,805
Changes in operating assets and liabilities:        
Accounts receivable     0 0
Due to/from affiliates     0 0
Inventories     0 0
Prepaid expense and other current assets     0 0
Accounts payable     1,463 1,930
Accrued expenses     0 0
Deferred revenue     0 0
Other assets and liabilities     0 0
Net cash (used in) provided by operations     1,463 1,930
Cash flows from investing activities:        
Expenditures for property, plant and equipment     0 0
Expenditures for deferred turnaround costs     0 0
Expenditures for other assets     0 0
Investment in subsidiary       12,800
Chalmette Acquisition working capital settlement       0
Proceeds from Sale of Productive Assets       0
Net cash used in investing activities     0 (12,800)
Cash flows from financing activities:        
Parent Distribution       (12,800)
Distribution to members     0 0
Proceeds from Related Party Debt       0
Repayment of affiliate notes payable       0
Proceeds from revolver borrowings     0 0
Repayments of Lines of Credit     0  
Increase (Decrease) in Due to Other Related Parties     0  
Payment of Financing and Stock Issuance Costs     0  
Net cash provided by (used in) financing activities     0 12,800
Proceeds from members' capital contributions     0  
Net (decrease) increase in cash and cash equivalents     1,463 1,930
Cash and equivalents, beginning of period     (1,463) (3,275)
Cash and equivalents, end of period $ 0 $ (1,345) 0 (1,345)
Rail Facility [Member]        
Cash flows from financing activities:        
Repayments of Lines of Credit     0 6,970
Rail Facility [Member] | Issuer [Member]        
Cash flows from financing activities:        
Repayments of Lines of Credit       0
Rail Facility [Member] | Guarantor Subsidiaries [Member]        
Cash flows from financing activities:        
Repayments of Lines of Credit       0
Rail Facility [Member] | Non-Guarantor Subsidiaries [Member]        
Cash flows from financing activities:        
Repayments of Lines of Credit       6,970
Rail Facility [Member] | Consolidation, Eliminations [Member]        
Cash flows from financing activities:        
Repayments of Lines of Credit       0
2025 Senior Notes [Member]        
Cash flows from financing activities:        
Proceeds from Issuance of Debt     725,000  
2025 Senior Notes [Member] | Issuer [Member]        
Cash flows from financing activities:        
Proceeds from Issuance of Debt     725,000  
2025 Senior Notes [Member] | Guarantor Subsidiaries [Member]        
Cash flows from financing activities:        
Proceeds from Issuance of Debt     0  
2025 Senior Notes [Member] | Non-Guarantor Subsidiaries [Member]        
Cash flows from financing activities:        
Proceeds from Issuance of Debt     0  
2025 Senior Notes [Member] | Consolidation, Eliminations [Member]        
Cash flows from financing activities:        
Proceeds from Issuance of Debt     0  
2020 Senior Secured Notes [Member]        
Cash flows from financing activities:        
Repayments of Long-term Debt     690,209 0
2020 Senior Secured Notes [Member] | Issuer [Member]        
Cash flows from financing activities:        
Repayments of Long-term Debt     690,209  
2020 Senior Secured Notes [Member] | Guarantor Subsidiaries [Member]        
Cash flows from financing activities:        
Repayments of Long-term Debt     0  
2020 Senior Secured Notes [Member] | Non-Guarantor Subsidiaries [Member]        
Cash flows from financing activities:        
Repayments of Long-term Debt     0  
2020 Senior Secured Notes [Member] | Consolidation, Eliminations [Member]        
Cash flows from financing activities:        
Repayments of Long-term Debt     0  
Rail Term Loan [Member]        
Cash flows from financing activities:        
Repayments of Long-term Debt     3,295 $ 0
Repayments of Debt     (3,295)  
Rail Term Loan [Member] | Issuer [Member]        
Cash flows from financing activities:        
Repayments of Debt     0  
Rail Term Loan [Member] | Guarantor Subsidiaries [Member]        
Cash flows from financing activities:        
Repayments of Debt     0  
Rail Term Loan [Member] | Non-Guarantor Subsidiaries [Member]        
Cash flows from financing activities:        
Repayments of Debt     (3,295)  
Rail Term Loan [Member] | Consolidation, Eliminations [Member]        
Cash flows from financing activities:        
Repayments of Debt     $ 0