FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2019

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 March 31, 2019 and December 31, 2018.

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 Condensed Consolidated Balance Sheets.

	As of March 31, 2019
	Fair Value Hierarchy						Total Gross Fair Value		Effect of Counter-party Netting		Net Carrying Value on Balance Sheet
(in millions)	Level 1		Level 2		Level 3
Assets:
Money market funds	$	2.9	$	—	$	—	$	2.9	N/A		$	2.9
Commodity contracts	3.5		11.7		—		15.2		(5.3	)	9.9
Derivatives included with inventory intermediation agreement obligations	—		9.8		—		9.8		—		9.8
Liabilities:
Commodity contracts	5.0		0.3		—		5.3		(5.3	)	—
Catalyst lease obligations	—		47.4		—		47.4		—		47.4

	As of December 31, 2018
	Fair Value Hierarchy						Total Gross Fair Value		Effect of Counter-party Netting		Net Carrying Value on Balance Sheet
(in millions)	Level 1		Level 2		Level 3
Assets:
Money market funds	$	2.8	$	—	$	—	$	2.8	N/A		$	2.8
Commodity contracts	1.2		8.9		—		10.1		(2.9	)	7.2
Derivatives included with inventory intermediation agreement obligations	—		24.1		—		24.1		—		24.1
Liabilities:
Commodity contracts	2.7		0.2		—		2.9		(2.9	)	—
Catalyst lease obligations	—		44.3		—		44.3		—		44.3

Schedule of Fair value of Debt

The table below summarizes the fair value and carrying value of debt as of March 31, 2019 and December 31, 2018.

	March 31, 2019						December 31, 2018
(in millions)	Carrying value			Fair  value			Carrying  value			Fair value
2025 Senior Notes (a)	$	725.0		$	745.9		$	725.0		$	688.4
2023 Senior Notes (a)	500.0			515.6			500.0			479.4
Revolving Credit Facility (b)	250.0			250.0			—			—
PBF Rail Term Loan (b)	19.8			19.8			21.6			21.6
Catalyst leases (c)	47.4			47.4			44.3			44.3
	1,542.2			1,578.7			1,290.9			1,233.7
Less - Current debt (c)	(2.5		)	(2.5		)	(2.4		)	(2.4		)
Less - Unamortized deferred financing costs	(29.0		)	n/a			(30.5		)	n/a
Long-term debt	$	1,510.7		$	1,576.2		$	1,258.0		$	1,231.3

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(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 2018, Toledo Refining and Chalmette Refining entered into two platinum bridge leases which were settled in April 2019 and Delaware City Refining entered into a new platinum bridge lease, which will expire in the second quarter of 2019. These leases are payable at maturity and are not anticipated to be renewed. The total outstanding balance related to these bridge leases as of March 31, 2019 and December 31, 2018 was $2.5 million and $2.4 million, respectively, and is included in Current debt in the Company’s Condensed Consolidated Balance Sheets.