CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS

12 Months Ended

Dec. 31, 2017

Condensed Financial Information of Subsidiary Disclosure [Abstract]

CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS

CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING

PBF Services Company, Delaware City Refining Company LLC, PBF Power Marketing LLC, Paulsboro Refining Company LLC, Toledo Refining Company LLC, Chalmette Refining, L.L.C., PBF Energy Western Region LLC, Torrance Refining Company LLC, Torrance Logistics Company LLC, PBF International Inc. and PBF Investments LLC are 100% owned subsidiaries of PBF Holding and serve as guarantors of the obligations under the Senior Notes. These guarantees are full and unconditional and joint and several. For purposes of the following footnote, PBF Holding is referred to as “Issuer”. The indentures dated November 24, 2015 and May 30, 2017, among PBF Holding, PBF Finance, the guarantors party thereto and Wilmington Trust, National Association, governs subsidiaries designated as “Guarantor Subsidiaries”. PBF Energy Limited, PBF Transportation Company LLC, PBF Rail Logistics Company LLC, Chalmette Logistics Company LLC, Paulsboro Terminaling Company LLC, MOEM Pipeline LLC, Collins Pipeline Company, T&M Terminal Company, TVP Holding, Torrance Basin Pipeline Company LLC and Torrance Pipeline Company LLC are consolidated subsidiaries of the Company that are not guarantors of the Senior Notes. Additionally, our 50% equity investment in Torrance Valley Pipeline Company, held by TVP Holding is included in our Non-Guarantor financial position and results of operations and cash flows as TVP Holding is not a guarantor of the Senior Notes.

The Senior Notes were co-issued by PBF Finance. For purposes of the following footnote, PBF Finance is referred to as “Co-Issuer.” The Co-Issuer has no independent assets or operations.

The following supplemental combining and consolidating financial information reflects the Issuer’s separate accounts, the combined accounts of the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries, the combining and consolidating adjustments and eliminations and the Issuer’s consolidated accounts for the dates and periods indicated. For purposes of the following combining and consolidating information, the Issuer’s investment in its subsidiaries and the Guarantor subsidiaries’ investments in their subsidiaries are accounted for under the equity method of accounting.

. CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING

CONSOLIDATING BALANCE SHEET

	December 31, 2017
	Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Combining and Consolidating Adjustments			Total
ASSETS
Current assets:
Cash and cash equivalents	$	486,568		$	13,456		$	26,136	$	—		$	526,160
Accounts receivable	903,298			7,605			40,226		—			951,129
Accounts receivable - affiliate	2,321			5,300			731		—			8,352
Inventories	1,982,315			—			231,482		—			2,213,797
Prepaid and other current assets	20,523			27,100			1,900		—			49,523
Due from related parties	28,632,914			23,302,660			6,820,693		(58,756,267		)	—
Total current assets	32,027,939			23,356,121			7,121,168		(58,756,267		)	3,748,961
Property, plant and equipment, net	21,785			2,547,229			236,376		—			2,805,390
Investment in subsidiaries	—			413,136			—		(413,136		)	—
Investment in equity method investee	—			—			171,903		—			171,903
Deferred charges and other assets, net	30,141			749,749			34		—			779,924
Total assets	$	32,079,865		$	27,066,235		$	7,529,481	$	(59,169,403	)	$	7,506,178
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	413,829		$	137,149		$	21,954	$	—		$	572,932
Accounts payable - affiliate	39,952			865			—		—			40,817
Accrued expenses	1,409,212			122,722			268,925		—			1,800,859
Current debt	—			10,987			—		—			10,987
Deferred revenue	6,005			1,472			18		—			7,495
Note payable	—			5,621			—		—			5,621
Due to related parties	24,813,299			27,166,679			6,776,289		(58,756,267		)	—
Total current liabilities	26,682,297			27,445,495			7,067,186		(58,756,267		)	2,438,711
Long-term debt	1,550,206			48,024			28,019		—			1,626,249
Deferred tax liabilities	—			—			33,155		—			33,155
Other long-term liabilities	30,612			189,204			4,145		—			223,961
Investment in subsidiaries	632,648			—			—		(632,648		)	—
Total liabilities	28,895,763			27,682,723			7,132,505		(59,388,915		)	4,322,076
Commitments and contingencies
Equity:
Member’s equity	2,359,791			1,731,268			343,940		(2,075,208		)	2,359,791
Retained earnings	840,431			(2,348,904		)	53,036		2,295,868			840,431
Accumulated other comprehensive loss	(26,928		)	(9,660		)	—		9,660			(26,928		)
Total PBF Holding Company LLC equity	3,173,294			(627,296		)	396,976		230,320			3,173,294
Noncontrolling interest	10,808			10,808			—		(10,808		)	10,808
Total equity	3,184,102			(616,488		)	396,976		219,512			3,184,102
Total liabilities and equity	$	32,079,865		$	27,066,235		$	7,529,481	$	(59,169,403	)	$	7,506,178

21. CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING

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 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
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
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

CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING

CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

	Year Ended December 31, 2017
	Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Combining and Consolidating Adjustments			Total
Revenues	$	21,489,767		$	1,488,687		$	2,376,654		$	(3,582,630	)	$	21,772,478
Cost and expenses:
Cost of products and other	19,354,399			962,929			2,361,129			(3,582,630		)	19,095,827
Operating expenses (excluding depreciation and amortization expense as reflected below)	(42		)	1,596,113			31,545			—			1,627,616
Depreciation and amortization expense	—			246,662			7,609			—			254,271
Cost of sales	19,354,357			2,805,704			2,400,283			(3,582,630		)	20,977,714
General and administrative expenses (excluding depreciation and amortization expense as reflected below)	170,437			28,258			(531		)	—			198,164
Depreciation and amortization expense	12,964			—			—			—			12,964
Equity income in investee	—			—			(14,565		)	—			(14,565		)
Loss on sale of asset	—			1,458			—			—			1,458
Total cost and expenses	19,537,758			2,835,420			2,385,187			(3,582,630		)	21,175,735
Income (loss) from operations	1,952,009			(1,346,733		)	(8,533		)	—			596,743
Other income (expense):
Equity in earnings of subsidiaries	(1,349,208		)	1,273			—			1,347,935			—
Change in fair value of catalyst leases	—			(2,247		)	—			—			(2,247		)
Debt extinguishment costs	(25,451		)	—			—			—			(25,451		)
Interest expense, net	(120,150		)	(1,501		)	(977		)	—			(122,628		)
Income (loss) before income taxes	457,200			(1,349,208		)	(9,510		)	1,347,935			446,417
Income tax benefit	—			—			(10,783		)	—			(10,783		)
Net income (loss)	457,200			(1,349,208		)	1,273			1,347,935			457,200
Less: net income attributable to noncontrolling interests	95			95			—			(95		)	95
Net income (loss) attributable to PBF Holding Company LLC	$	457,105		$	(1,349,303	)	$	1,273		$	1,348,030		$	457,105
Comprehensive income (loss) attributable to PBF Holding Company LLC	$	456,139		$	(1,349,303	)	$	1,273		$	1,348,030		$	456,139

21. CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING

CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

	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
Cost and expenses:
Cost of products and other	13,813,293			649,242			1,527,910			(2,225,357		)	13,765,088
Operating expenses (excluding depreciation and amortization expense as reflected below)	41			1,356,572			33,969			—			1,390,582
Depreciation and amortization expense	—			194,702			9,303			—			204,005
Cost of sales	13,813,334			2,200,516			1,571,182			(2,225,357		)	15,359,675
General and administrative expenses (excluding depreciation and amortization expense as reflected below)	123,150			27,602			(1,109		)	—			149,643
Depreciation and amortization expense	5,835			—			—			—			5,835
Equity income in investee	—			—			(5,679		)	—			(5,679		)
Loss on sale of asset	2,392			150			8,832			—			11,374
Total cost and expenses	13,944,711			2,228,268			1,573,226			(2,225,357		)	15,520,848
Income (loss) from operations	1,863,845			(1,427,621		)	(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 leases	—			1,422			—			—			1,422
Interest expense, net	(125,715		)	(1,538		)	(2,283		)	—			(129,536		)
Income (loss) before income taxes	235,887			(1,502,244		)	(50,818		)	1,576,750			259,575
Income tax expense	—			—			23,689			—			23,689
Net income (loss)	235,887			(1,502,244		)	(74,507		)	1,576,750			235,886
Less: net income attributable to noncontrolling interests	269			269			—			(269		)	269
Net income (loss) attributable to PBF Holding Company LLC	$	235,618		$	(1,502,513	)	$	(74,507	)	$	1,577,019		$	235,617
Comprehensive income (loss) attributable to PBF Holding Company LLC	$	233,026		$	(1,502,513	)	$	(74,507	)	$	1,577,019		$	233,025

21. 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
Cost and expenses
Cost of products and other	11,514,115			1,026,846			1,550,579			(2,479,941		)	11,611,599
Operating expenses (excluding depreciation and amortization expense as reflected below)	(3,683		)	891,534			1,517			—			889,368
Depreciation and amortization expense	—			178,577			2,845			—			181,422
Cost of sales	11,510,432			2,096,957			1,554,941			(2,479,941		)	12,682,389
General and administrative expenses (excluding depreciation and amortization expense as reflected below)	143,580			21,016			2,308			—			166,904
Depreciation and amortization expense	9,688			—			—			—			9,688
Gain on sale of assets	(249		)	(105		)	(650		)	—			(1,004		)
Total cost and expenses	11,663,451			2,117,868			1,556,599			(2,479,941		)	12,857,977
Income (loss) from operations	1,421,671			(1,232,938		)	77,219			—			265,952
Other income (expense):
Equity in earnings of subsidiaries	(1,154,420		)	—			—			1,154,420			—
Change in fair value of catalyst leases	—			10,184			—			—			10,184
Interest expense, net	(79,310		)	(5,876		)	(3,008		)	—			(88,194		)
Income (loss) before income taxes	187,941			(1,228,630		)	74,211			1,154,420			187,942
Income tax expense	—			—			648			—			648
Net income (loss)	187,941			(1,228,630		)	73,563			1,154,420			187,294
Less: net income attributable to noncontrolling interests	274			274			—			(274		)	274
Net income (loss) attributable to PBF Holding Company LLC	$	187,667		$	(1,228,904	)	$	73,563		$	1,154,694		$	187,020
Comprehensive income (loss) attributable to PBF Holding Company LLC	$	189,773		$	(1,228,904	)	$	73,563		$	1,154,694		$	189,126

CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING

CONSOLIDATING STATEMENT OF CASH FLOWS

	Year Ended December 31, 2017
	Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Combining and Consolidating Adjustments			Total
Cash flows from operating activities:
Net income (loss)	$	457,200		$	(1,349,208	)	$	1,273		$	1,347,935		$	457,200
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Depreciation and amortization	19,971			246,984			7,696			—			274,651
Stock-based compensation	—			21,503			—			—			21,503
Change in fair value of catalyst leases	—			2,247			—			—			2,247
Deferred income taxes	—			—			(12,526		)	—			(12,526		)
Non-cash change in inventory repurchase obligations	13,779			—			—			—			13,779
Non-cash lower of cost or market inventory adjustment	(295,532		)	—			—			—			(295,532		)
Debt extinguishment costs	25,451			—			—			—			25,451
Distribution received from subsidiaries	—			7,200			—			(7,200		)	—
Pension and other post-retirement benefit costs	6,607			35,635			—			—			42,242
Equity income in investee	—			—			(14,565		)	—			(14,565		)
Distributions from equity method investee	—			—			20,244			—			20,244
Loss on sale of assets	—			1,458			—			—			1,458
Equity in earnings of subsidiaries	1,349,208			(1,273		)	—			(1,347,935		)	—
Changes in operating assets and liabilities:
Accounts receivable	(304,151		)	394			(31,491		)	—			(335,248		)
Due to/from affiliates	(1,696,091		)	1,709,868			(10,544		)	—			3,233
Inventories	(6,725		)	—			(47,980		)	—			(54,705		)
Prepaid and other current assets	6,922			(14,373		)	(1,740		)	—			(9,191		)
Accounts payable	53,569			(28,168		)	7,663			1,463			34,527
Accrued expenses	288,434			(38,022		)	102,703			—			353,115
Deferred revenue	(4,896		)	34			17			—			(4,845		)
Other assets and liabilities	(11,740		)	(19,098		)	(21,136		)	—			(51,974		)
Net cash (used in) provided by operating activities	(97,994		)	575,181			(386		)	(5,737		)	471,064
Cash flows from investing activities:
Expenditures for property, plant and equipment	(1,884		)	(230,261		)	(511		)	—			(232,656		)
Expenditures for refinery turnarounds costs	—			(379,114		)	—			—			(379,114		)
Expenditures for other assets	—			(31,143		)	—			—			(31,143		)
Equity method investment - return of capital	—			—			1,300			—			1,300
Due to/from affiliates	(856		)	—			—			856			—
Net cash (used in) provided by investing activities	$	(2,740	)	$	(640,518	)	$	789		$	856		$	(641,613	)

21. CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING

CONSOLIDATING STATEMENT OF CASH FLOWS (Continued)

Cash flows from financing activities:
Contributions from PBF LLC	$	97,000		$	—		$	—		$	—		$	97,000
Distributions to members	(61,149		)	—			—			—			(61,149		)
Distributions to T&M and Collins shareholders	—			—			(9,000		)	7,200			(1,800		)
Payment received for affiliate note receivable	—			11,600			—			—			11,600
Proceeds from 2025 7.25% Senior Notes	725,000			—			—			—			725,000
Cash paid to extinguish 2020 8.25% Senior Secured Notes	(690,209		)	—			—			—			(690,209		)
Proceeds from revolver borrowings	490,000			—			—			—			490,000
Repayments of revolver borrowings	(490,000		)	—			—			—			(490,000		)
Repayments of PBF Rail Term Loan	—			—			(6,633		)	—			(6,633		)
Proceeds from catalyst lease	—			10,830			—			—			10,830
Repayments of note payable	—			(1,210		)	—			—			(1,210		)
Due to/from affiliates	—			856			—			(856		)	—
Deferred financing costs and other	(13,425		)	—			—			—			(13,425		)
Net cash provided by (used in) financing activities	57,217			22,076			(15,633		)	6,344			70,004
Net (decrease) increase in cash and cash equivalents	(43,517		)	(43,261		)	(15,230		)	1,463			(100,545		)
Cash and equivalents, beginning of period	530,085			56,717			41,366			(1,463		)	626,705
Cash and equivalents, end of period	$	486,568		$	13,456		$	26,136		$	—		$	526,160

21. CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING

CONSOLIDATING STATEMENT OF CASH FLOWS

	Year Ended December 31, 2016
	Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Combining and Consolidating Adjustments			Total
Cash flows from operating activities:
Net income (loss)	$	235,887		$	(1,502,244	)	$	(74,507	)	$	1,576,750		$	235,886
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Depreciation and amortization	14,873			194,723			9,337			—			218,933
Stock-based compensation	—			18,296			—			—			18,296
Change in fair value of catalyst leases	—			(1,422		)	—			—			(1,422		)
Non-cash change in inventory repurchase obligations	29,453			—			—			—			29,453
Deferred income taxes	—			—			19,802			—			19,802
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
Loss on sale of assets	2,392			150			8,832			—			11,374
Equity in earnings of subsidiaries	1,502,243			74,507			—			(1,576,750		)	—
Equity income in investee	—			—			(5,679		)	—			(5,679		)
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 expense 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 (used in) provided by 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		)
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		)
Investment in subsidiaries	12,800			—			—			(12,800		)	—
Chalmette Acquisition working capital settlement	—			(2,659		)	—			—			(2,659		)
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	)

21. CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING

CONSOLIDATING STATEMENT OF CASH FLOWS (Continued)

Cash flows from financing activities:
Proceeds from member’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		)
Proceeds from PBF Rail Term Loan	—			—		35,000			—			35,000
Repayments of Rail Facility revolver borrowings	—			—		(67,491		)	—			(67,491		)
Proceeds from catalyst lease	—			15,589		—			—			15,589
Net cash provided by (used in) financing activities	650,738			15,589		(37,004		)	4,513			633,836
Net (decrease) increase 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

21. CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING

CONSOLIDATING STATEMENT OF CASH FLOWS

	Year Ended December 31, 2015
	Issuer			Guarantors Subsidiaries			Non-Guarantors Subsidiaries			Combining and Consolidated Adjustments			Total
Cash flows from operating activities:
Net income (loss)	$	187,941		$	(1,228,630	)	$	73,563		$	1,154,420		$	187,294
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	17,064			178,600			3,719			—			199,383
Stock-based compensation	—			9,218			—			—			9,218
Change in fair value of catalyst leases	—			(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 costs	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 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 turnaround 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:
Contributions from PBF LLC	345,000			—			5,000			(5,000		)	345,000
Distribution to parent	—			—			(10,000		)	10,000			—
Distributions to members	(350,658		)	—			—			—			(350,658		)
Proceeds from affiliate 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