XML 30 R53.htm IDEA: XBRL DOCUMENT v3.19.3
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS (Statement of Cash Flows) (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Condensed Financial Statements, Captions [Line Items]        
Proceeds from Sale of Equity Method Investments     $ 0  
Cash flows from operating activities:        
Net income $ 79,500 $ 224,700 335,100 $ 624,600
Adjustments to reconcile net income to net cash from operating activities:        
Depreciation and amortization     301,100 255,600
Stock-based compensation     22,800 14,100
Change in fair value of catalyst leases     6,400 (5,800)
Deferred income taxes (2,200) (800) (7,500) (5,500)
Non-cash change in inventory repurchase obligations     11,400 10,700
Non-cash lower of cost or market inventory adjustment     (277,000) (300,500)
Pension and other post-retirement benefit costs     33,600 35,500
Income from equity method investee 0 (4,700) (7,900) (13,100)
Distributions from equity method investee     7,900 13,100
Gain on sale of assets     (31,800) (43,100)
Equity in earnings of subsidiaries 0 0 0 0
Changes in operating assets and liabilities:        
Accounts receivable     (162,900) (113,600)
Due to/from affiliates     29,200 (16,700)
Inventories     10,600 (46,900)
Prepaid and other current assets     900 (8,600)
Accounts payable     54,900 (106,100)
Accrued expenses     74,600 302,600
Deferred revenue     (7,000) 4,500
Other assets and liabilities     (50,200) (6,400)
Net cash provided by operating activities     344,200 594,400
Cash flows from investing activities:        
Expenditures for property, plant and equipment     (285,800) (165,700)
Expenditures for deferred turnaround costs     (282,600) (201,000)
Expenditures for other assets     (38,200) (16,900)
Proceeds from sale of assets     36,300 48,300
Equity method investment - return of capital     600 3,100
Due to/from affiliates     0 0
Net cash (used in) provided by investing activities     (569,700) (332,200)
Cash flows from financing activities:        
Contributions from PBF LLC     228,500 287,000
Distribution to members     (95,700) (36,100)
Proceeds from affiliate notes payable     0  
Repayments of Long-term Debt     (5,200)  
Proceeds from revolver borrowings     1,350,000 0
Repayment of note payable       (5,600)
Due to/from affiliates     0 0
Repayments of revolver borrowings     (1,350,000) 0
Repayment of note payable     0 (5,600)
Catalyst lease settlements     (3,500) (9,500)
Proceeds from insurance premium financing     7,500 7,000
Deferred financing costs and other     (500) (12,700)
Net cash provided by financing activities     131,100 225,000
Net (decrease) increase in cash and cash equivalents     (94,400) 487,200
Cash and equivalents, beginning of period     561,700 526,200
Cash and equivalents, end of period 467,300 1,013,400 467,300 1,013,400
Rail Facility [Member]        
Cash flows from financing activities:        
Repayments of Long-term Debt       (5,100)
2020 Senior Secured Notes [Member]        
Cash flows from financing activities:        
Repayments of Long-term Debt     0  
Issuer [Member]        
Condensed Financial Statements, Captions [Line Items]        
Proceeds from Sale of Equity Method Investments     0  
Cash flows from operating activities:        
Net income 79,500 224,700 335,100 624,600
Adjustments to reconcile net income to net cash from operating activities:        
Depreciation and amortization     12,400 12,500
Stock-based compensation     900 0
Change in fair value of catalyst leases     0 0
Deferred income taxes     0 0
Non-cash change in inventory repurchase obligations     11,400 10,700
Non-cash lower of cost or market inventory adjustment     (277,000) (300,500)
Pension and other post-retirement benefit costs     6,600 5,600
Income from equity method investee   0 0 0
Distributions from equity method investee     0 0
Gain on sale of assets     0 0
Equity in earnings of subsidiaries 339,400 261,600 1,099,300 943,600
Changes in operating assets and liabilities:        
Accounts receivable     (151,400) (120,700)
Due to/from affiliates     (1,249,200) (1,103,100)
Inventories     62,100 (83,700)
Prepaid and other current assets     4,300 (4,800)
Accounts payable     85,000 (69,500)
Accrued expenses     (135,200) 300,500
Deferred revenue     (7,100) 4,400
Other assets and liabilities     (11,700) 32,300
Net cash provided by operating activities     (214,500) 251,900
Cash flows from investing activities:        
Expenditures for property, plant and equipment     (6,300) (4,700)
Expenditures for deferred turnaround costs     0 0
Expenditures for other assets     0 0
Proceeds from sale of assets     0 0
Equity method investment - return of capital     0 0
Due to/from affiliates     (1,800) (1,100)
Net cash (used in) provided by investing activities     (8,100) (5,800)
Cash flows from financing activities:        
Contributions from PBF LLC     228,500 287,000
Distribution to members     (93,900) (36,100)
Proceeds from affiliate notes payable     0  
Repayments of Long-term Debt     0  
Proceeds from revolver borrowings     1,350,000  
Repayment of note payable       0
Due to/from affiliates     0 0
Repayments of revolver borrowings     (1,350,000)  
Repayment of note payable     0  
Catalyst lease settlements     0 0
Proceeds from insurance premium financing     600 500
Deferred financing costs and other     0 (12,700)
Net cash provided by financing activities     135,200 238,700
Net (decrease) increase in cash and cash equivalents     (87,400) 484,800
Cash and equivalents, beginning of period     526,000 486,600
Cash and equivalents, end of period 438,600 971,400 438,600 971,400
Issuer [Member] | Rail Facility [Member]        
Cash flows from financing activities:        
Repayments of Long-term Debt       0
Issuer [Member] | 2020 Senior Secured Notes [Member]        
Cash flows from financing activities:        
Repayments of Long-term Debt     0  
Guarantor Subsidiaries [Member]        
Condensed Financial Statements, Captions [Line Items]        
Proceeds from Sale of Equity Method Investments     0  
Cash flows from operating activities:        
Net income (339,400) (261,600) (1,099,300) (943,600)
Adjustments to reconcile net income to net cash from operating activities:        
Depreciation and amortization     282,800 237,300
Stock-based compensation     21,900 14,100
Change in fair value of catalyst leases     6,400 (5,800)
Deferred income taxes     0 0
Non-cash change in inventory repurchase obligations     0 0
Non-cash lower of cost or market inventory adjustment     0 0
Pension and other post-retirement benefit costs     27,000 29,900
Income from equity method investee   0 0 0
Distributions from equity method investee     0 0
Gain on sale of assets     (31,800) (43,100)
Equity in earnings of subsidiaries 2,100 0 12,500 9,000
Changes in operating assets and liabilities:        
Accounts receivable     1,500 (4,000)
Due to/from affiliates     1,397,300 1,112,100
Inventories     0 0
Prepaid and other current assets     (4,000) (4,700)
Accounts payable     (35,800) (34,200)
Accrued expenses     (1,800) (6,000)
Deferred revenue     100 100
Other assets and liabilities     (29,100) (21,800)
Net cash provided by operating activities     547,700 339,300
Cash flows from investing activities:        
Expenditures for property, plant and equipment     (267,900) (159,700)
Expenditures for deferred turnaround costs     (282,600) (201,000)
Expenditures for other assets     (38,200) (16,900)
Proceeds from sale of assets     36,300 48,300
Equity method investment - return of capital     0 0
Due to/from affiliates     0 0
Net cash (used in) provided by investing activities     (552,400) (329,300)
Cash flows from financing activities:        
Contributions from PBF LLC     0 0
Distribution to members     (1,800) 0
Proceeds from affiliate notes payable     0  
Repayments of Long-term Debt     0  
Proceeds from revolver borrowings     0  
Repayment of note payable       (5,600)
Due to/from affiliates     1,800 1,100
Repayments of revolver borrowings     0  
Repayment of note payable     0  
Catalyst lease settlements     (3,500) 9,500
Proceeds from insurance premium financing     6,900 6,500
Deferred financing costs and other     (500) 0
Net cash provided by financing activities     2,900 (7,500)
Net (decrease) increase in cash and cash equivalents     (1,800) 2,500
Cash and equivalents, beginning of period     9,100 13,500
Cash and equivalents, end of period 7,300 16,000 7,300 16,000
Guarantor Subsidiaries [Member] | Rail Facility [Member]        
Cash flows from financing activities:        
Repayments of Long-term Debt       0
Guarantor Subsidiaries [Member] | 2020 Senior Secured Notes [Member]        
Cash flows from financing activities:        
Repayments of Long-term Debt     0  
Non-Guarantor Subsidiaries [Member]        
Condensed Financial Statements, Captions [Line Items]        
Proceeds from Sale of Equity Method Investments     0  
Cash flows from operating activities:        
Net income (2,100) 0 (12,500) (9,000)
Adjustments to reconcile net income to net cash from operating activities:        
Depreciation and amortization     5,900 5,800
Stock-based compensation     0 0
Change in fair value of catalyst leases     0 0
Deferred income taxes     (7,500) (5,500)
Non-cash change in inventory repurchase obligations     0 0
Non-cash lower of cost or market inventory adjustment     0 0
Pension and other post-retirement benefit costs     0 0
Income from equity method investee   (4,700) (7,900) (13,100)
Distributions from equity method investee     7,900 13,100
Gain on sale of assets     0 0
Equity in earnings of subsidiaries 0 0 0 0
Changes in operating assets and liabilities:        
Accounts receivable     (13,000) 11,100
Due to/from affiliates     (118,900) (25,700)
Inventories     (51,500) 36,800
Prepaid and other current assets     600 900
Accounts payable     5,700 (2,400)
Accrued expenses     211,600 8,100
Deferred revenue     0 0
Other assets and liabilities     (9,400) (16,900)
Net cash provided by operating activities     11,000 3,200
Cash flows from investing activities:        
Expenditures for property, plant and equipment     (11,600) (1,300)
Expenditures for deferred turnaround costs     0 0
Expenditures for other assets     0 0
Proceeds from sale of assets     0 0
Equity method investment - return of capital     600 3,100
Due to/from affiliates     0 0
Net cash (used in) provided by investing activities     (11,000) 1,800
Cash flows from financing activities:        
Contributions from PBF LLC     0 0
Distribution to members     0 0
Proceeds from affiliate notes payable     0  
Repayments of Long-term Debt     (5,200)  
Proceeds from revolver borrowings     0  
Repayment of note payable       0
Due to/from affiliates     0 0
Repayments of revolver borrowings     0  
Repayment of note payable     0  
Catalyst lease settlements     0 0
Proceeds from insurance premium financing     0 0
Deferred financing costs and other     0 0
Net cash provided by financing activities     (5,200) (5,100)
Net (decrease) increase in cash and cash equivalents     (5,200) (100)
Cash and equivalents, beginning of period     26,600 26,100
Cash and equivalents, end of period 21,400 26,000 21,400 26,000
Non-Guarantor Subsidiaries [Member] | Rail Facility [Member]        
Cash flows from financing activities:        
Repayments of Long-term Debt       (5,100)
Non-Guarantor Subsidiaries [Member] | 2020 Senior Secured Notes [Member]        
Cash flows from financing activities:        
Repayments of Long-term Debt     0  
Consolidation, Eliminations [Member]        
Condensed Financial Statements, Captions [Line Items]        
Proceeds from Sale of Equity Method Investments     0  
Cash flows from operating activities:        
Net income 341,500 261,600 1,111,800 952,600
Adjustments to reconcile net income to net cash from operating activities:        
Depreciation and amortization     0 0
Stock-based compensation     0 0
Change in fair value of catalyst leases     0 0
Deferred income taxes     0 0
Non-cash change in inventory repurchase obligations     0 0
Non-cash lower of cost or market inventory adjustment     0 0
Pension and other post-retirement benefit costs     0 0
Income from equity method investee   0 0 0
Distributions from equity method investee     0 0
Gain on sale of assets     0 0
Equity in earnings of subsidiaries (341,500) (261,600) (1,111,800) (952,600)
Changes in operating assets and liabilities:        
Accounts receivable     0 0
Due to/from affiliates     0 0
Inventories     0 0
Prepaid and other current assets     0 0
Accounts payable     0 0
Accrued expenses     0 0
Deferred revenue     0 0
Other assets and liabilities     0 0
Net cash provided by operating activities     0 0
Cash flows from investing activities:        
Expenditures for property, plant and equipment     0 0
Expenditures for deferred turnaround costs     0 0
Expenditures for other assets     0 0
Proceeds from sale of assets     0 0
Equity method investment - return of capital     0 0
Due to/from affiliates     1,800 1,100
Net cash (used in) provided by investing activities     1,800 1,100
Cash flows from financing activities:        
Contributions from PBF LLC     0 0
Distribution to members     0 0
Proceeds from affiliate notes payable     0  
Repayments of Long-term Debt     0  
Proceeds from revolver borrowings     0  
Repayment of note payable       0
Due to/from affiliates     (1,800) (1,100)
Repayments of revolver borrowings     0  
Repayment of note payable     0  
Catalyst lease settlements     0 0
Proceeds from insurance premium financing     0 0
Deferred financing costs and other     0 0
Net cash provided by financing activities     (1,800) (1,100)
Net (decrease) increase in cash and cash equivalents     0 0
Cash and equivalents, beginning of period     0 0
Cash and equivalents, end of period $ 0 $ 0 0 0
Consolidation, Eliminations [Member] | Rail Facility [Member]        
Cash flows from financing activities:        
Repayments of Long-term Debt       $ 0
Consolidation, Eliminations [Member] | 2020 Senior Secured Notes [Member]        
Cash flows from financing activities:        
Repayments of Long-term Debt     $ 0