XML 13 R2.htm IDEA: XBRL DOCUMENT v3.19.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Jun. 30, 2019
Mar. 31, 2019
Jan. 01, 2019
Dec. 31, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2017
Jun. 30, 2017
Current assets:                
Cash and cash equivalents $ 156.8     $ 561.7 $ 442.7   $ 526.2 $ 442.7
Accounts receivable 984.7     710.7        
Accounts receivable - affiliate 5.5     12.0        
Inventories 2,312.6     1,864.1        
Prepaid and other current assets 86.5     52.5        
Total current assets 3,546.1     3,201.0        
Property, plant and equipment, net 3,063.2     2,971.2        
Investment in equity method investee 0.0     169.5        
Operating Lease, Right-of-Use Asset 933.7   $ 853.9          
Deferred charges and other assets, net 1,027.7     871.8        
Total assets 8,556.5     7,213.5        
Current liabilities:                
Accounts payable 438.8     483.8        
Accounts payable - affiliate 47.3     49.5        
Accrued expenses 1,803.1     1,579.0        
Operating Lease, Liability, Current 152.6              
Current debt [1] 1.3     2.4        
Deferred revenue 22.4     17.1        
Total current liabilities 2,465.5     2,131.8        
Long-term debt 1,260.2     1,258.0        
Deferred tax liabilities 35.1     40.4        
Operating Lease, Liability, Noncurrent 766.4              
Other long-term liabilities 255.3     253.5        
Total liabilities 4,782.5     3,683.7        
Commitments and contingencies (Note 5)            
Equity:                
Member’s equity 2,699.8     2,652.5        
Retained earnings 1,086.4     890.3        
Accumulated other comprehensive loss (23.2)     (23.9)        
Total PBF Holding Company LLC equity 3,763.0     3,518.9        
Noncontrolling interest 11.0     10.9        
Total equity 3,774.0 $ 3,825.0   3,529.8 $ 3,589.1 $ 3,219.7 $ 3,183.9  
Total liabilities and equity 8,556.5     7,213.5        
Third Party Lease [Member]                
Current assets:                
Operating Lease, Right-of-Use Asset 236.5     0.0        
Current liabilities:                
Operating Lease, Liability, Current 80.1     0.0        
Operating Lease, Liability, Noncurrent 155.9     0.0        
Lease with Affiliate [Member]                
Current assets:                
Operating Lease, Right-of-Use Asset 683.0   $ 604.4 0.0        
Current liabilities:                
Operating Lease, Liability, Current 72.5     0.0        
Operating Lease, Liability, Noncurrent $ 610.5     $ 0.0        
[1] 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 were not renewed. During 2018 Delaware City Refining entered into a new platinum bridge lease, which will expire in the third quarter of 2019. This lease is payable at maturity and is not anticipated to be renewed. The total outstanding balance related to these bridge leases as of June 30, 2019 and December 31, 2018 was $1.3 million and $2.4 million, respectively, and is included in Current debt in the Company’s Condensed Consolidated Balance Sheets.