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Condensed Consolidated Statement of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Net income $ 255,164 $ 148,148
Adjustments to reconcile net income to net cash provided by operations:    
Depreciation and amortization 197,365 162,565
Stock-based compensation 13,549 12,658
Change in fair value of catalyst leases 1,011 4,556
Deferred income taxes 641 27,813
Non-cash lower of cost or market inventory adjustment (97,943) (320,833)
Non-cash change in inventory repurchase obligations (26,659) 29,317
Debt extinguishment costs 25,451 0
Pension and other post-retirement benefit costs 31,682 25,894
(Income) from equity method investee 11,218 1,621
Distributions from equity method investee 16,897 0
Loss on sale of assets 940 11,381
Changes in operating assets and liabilities:    
Accounts receivable (159,026) (194,898)
Due to/from affiliates (2,318) 8,194
Inventories (349,189) 54,052
Prepaid expense and other current assets (4,107) (20,203)
Accounts payable (103,069) 50,297
Accrued expenses 401,674 308,047
Deferred revenue (9,044) 8,029
Other assets and liabilities (57,387) (21,880)
Net cash provided by operations 124,414 291,516
Cash flows from investing activities:    
Acquisition of Torrance refinery and related logistics assets 0 (971,932)
Expenditures for property, plant and equipment (211,224) (187,743)
Expenditures for deferred turnaround costs (341,598) (138,936)
Expenditures for other assets (31,096) (27,735)
Chalmette Acquisition working capital settlement 0 2,659
Proceeds from sale of assets 0 13,030
Equity method investment - return of capital 451 0
Net cash used in investing activities (583,467) (1,315,975)
Cash flows from financing activities:    
Contributions from PBF LLC 97,000 175,000
Distributions to members (39,315) (92,503)
Proceeds from affiliate notes payable 0 635
Repayment of affiliate notes payable 0 (517)
Repayments of Lines of Credit 490,000 0
Proceeds from revolver borrowings 490,000 550,000
Proceeds from catalyst lease 0 7,927
Deferred financing costs and other 13,424 0
Net cash provided by (used in) financing activities 74,093 629,085
Cash and equivalents, beginning of period 626,705 914,749
Cash and equivalents, end of period 241,745 519,375
Non-cash activities:    
Accrued and unpaid capital expenditures 6,831 0
2025 Senior Notes [Member]    
Cash flows from financing activities:    
Proceeds from 2025 7.25% Senior Notes 725,000 0
Rail Term Loan [Member]    
Cash flows from financing activities:    
Repayments of Long-term Debt 4,959 0
2020 Senior Secured Notes [Member]    
Cash flows from financing activities:    
Repayments of Long-term Debt 690,209 0
Rail Facility [Member]    
Cash flows from financing activities:    
Repayments of Lines of Credit $ 0 $ 11,457