FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2018

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 June 30, 2018 and December 31, 2017.

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 June 30 2018
	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	$	13,173	$	—	$	—	$	13,173	N/A		$	13,173
Commodity contracts	65,389		5,999		—		71,388		(71,388	)	—
Liabilities:
Commodity contracts	75,477		37,397		—		112,874		(71,388	)	41,486
Catalyst lease obligations	—		45,430		—		45,430		—		45,430
Derivatives included with inventory intermediation agreement obligations	—		10,259		—		10,259		—		10,259

	As of December 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	$	4,730	$	—	$	—	$	4,730	N/A		$	4,730
Commodity contracts	10,031		357		—		10,388		(10,388	)	—
Liabilities:
Commodity contracts	51,673		33,035		—		84,708		(10,388	)	74,320
Catalyst lease obligations	—		59,048		—		59,048		—		59,048
Derivatives included with inventory intermediation agreement obligations	—		7,721		—		7,721		—		7,721

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 June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
Balance at beginning of period	$	—	$	—	$	—	$	(84	)
Purchases	—		—		—		—
Settlements	—		—		—		45
Unrealized gain included in earnings	—		—		—		39
Transfers into Level 3	—		—		—		—
Transfers out of Level 3	—		—		—		—
Balance at end of period	$	—	$	—	$	—	$	—

Schedule of Fair value of Debt

The table below summarizes the fair value and carrying value of debt as of June 30, 2018 and December 31, 2017.

	June 30, 2018						December 31, 2017
	Carrying value			Fair  value			Carrying  value			Fair value
2025 Senior Notes (a)	$	725,000		$	763,255		$	725,000		$	763,945
2023 Senior Notes (a)	500,000			521,660			500,000			522,101
Revolving Credit Agreement (b)	350,000			350,000			350,000			350,000
PBF Rail Term Loan (b)	24,982			24,982			28,366			28,366
Catalyst leases (c)	45,430			45,430			59,048			59,048
	1,645,412			1,705,327			1,662,414			1,723,460
Less - Current debt (c)	(1,298		)	(1,298		)	(10,987		)	(10,987		)
Less - Unamortized deferred financing costs	(33,653		)	n/a			(25,178		)	n/a
Long-term debt	$	1,610,461		$	1,704,029		$	1,626,249		$	1,712,473

(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 7.00% senior notes due 2023 and the 7.25% senior notes due 2025 (collectively, the “Senior 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. During 2017, Delaware City Refining entered into two platinum bridge leases which were settled as of June 30, 2018 and the Company entered into a new platinum bridge lease, which will expire in the first quarter of 2019. The total outstanding balance related to these bridge leases as of June 30, 2018 and December 31, 2017 was $1,298 and $10,987, respectively, and is included in Current debt on the Company’s Condensed Consolidated balance sheet.