XML 43 R103.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS (Statement of Cash Flows) (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:      
Net income $ 388,200 $ 103,000 $ 457,200
Adjustments to reconcile net income to net cash from operating activities:      
Depreciation and amortization 404,400 346,700 274,700
Stock-based compensation 30,500 20,200 21,500
Change in fair value of catalyst obligations 9,700 (5,600) 2,200
Deferred income taxes (8,800) 7,200 (12,500)
Non-cash change in inventory repurchase obligations 25,400 (31,800) 13,800
Non-cash lower of cost or market inventory adjustment (250,200) 351,300 (295,500)
Pension and other post-retirement benefit costs 44,800 47,400 42,200
Equity income in investee (7,900) (17,800) (14,600)
Distributions from equity method investee 7,900 17,800 20,200
(Gain) loss on sale of assets (29,900) (43,100) 1,500
Equity in earnings (loss) of subsidiaries 0 0 0
Debt extinguishment costs 0 0 25,500
Distribution received from subsidiaries     0
Changes in operating assets and liabilities:      
Accounts receivable (115,900) 240,400 (335,200)
Due to/from affiliates 12,600 (3,500) 3,200
Inventories (8,000) (1,500) (54,700)
Prepaid and other current assets 4,400 (2,900) (9,200)
Accounts payable 132,000 (110,700) 34,500
Accrued expenses 209,500 (233,000) 353,100
Deferred revenue (200) 9,600 (4,800)
Other assets and liabilities (58,900) 1,300 (52,000)
Net cash provided by operations 789,600 695,000 471,100
Cash flows from investing activities:      
Expenditures for property, plant and equipment (373,100) (277,300) (232,600)
Expenditures for deferred turnaround costs (299,300) (266,000) (379,100)
Expenditures for other assets (44,700) (17,000) (31,200)
Proceeds from sale of assets 36,300 48,300 0
Equity method investment - return of capital 600 2,400 1,300
Return on investment in subsidiaries 0 2,400 1,300
Increase (Decrease) Due from Other Related Parties 0    
Net cash used in investing activities (680,200) (509,600) (641,600)
Cash flows from financing activities:      
Contributions from PBF LLC 228,500 287,000 97,000
Parent Distribution 0    
Distribution to members (121,600) (52,600) (61,200)
Payment received for affiliate note receivable 0 0 11,600
Proceeds from 2025 Senior Notes 0 0 725,000
Proceeds from revolver borrowings (1,350,000) 0 (490,000)
Repayments of revolver borrowings (1,350,000) (350,000) (490,000)
Proceeds from affiliate notes payable     (690,200)
Repayments of note payable 0 (5,600) (1,200)
Settlements of catalyst obligations (6,500) (9,100) 10,800
Repayments of Related Party Debt     490,000
Due to/from affiliates 0   0
Payments of Financing Costs (1,400) (12,800) (13,400)
Net cash provided by (used in) financing activities 92,000 (149,900) 70,000
Net increase (decrease) in cash and cash equivalents 201,400 35,500 (100,500)
Cash and equivalents, beginning of period 561,700 526,200 626,700
Cash and equivalents, end of period 763,100 561,700 526,200
Rail Facility [Member]      
Cash flows from financing activities:      
Repayments of revolver borrowings     (1,200)
Rail Term Loan [Member]      
Cash flows from financing activities:      
Repayments of Long-term Debt (7,000) (6,800) (6,600)
Collins Pipeline Company And T&M Terminal Company [Member]      
Cash flows from financing activities:      
Distribution to members 0 0 (1,800)
Combining and Consolidated Adjustments [Member]      
Cash flows from operating activities:      
Net income 1,473,400 1,274,200 1,347,900
Adjustments to reconcile net income to net cash from operating activities:      
Depreciation and amortization 0 0 0
Stock-based compensation 0 0 0
Change in fair value of catalyst obligations 0 0 0
Deferred income taxes 0 0 0
Non-cash change in inventory repurchase obligations 0 0 0
Non-cash lower of cost or market inventory adjustment 0 0 0
Pension and other post-retirement benefit costs 0 0 0
Equity income in investee 0 0 0
Distributions from equity method investee 0 0 0
(Gain) loss on sale of assets 0 0 0
Equity in earnings (loss) of subsidiaries (1,473,400) (1,274,200) (1,347,900)
Debt extinguishment costs     0
Distribution received from subsidiaries     (7,200)
Changes in operating assets and liabilities:      
Accounts receivable 0 0 0
Due to/from affiliates 0 0 0
Inventories 0 0 0
Prepaid and other current assets 0 0 0
Accounts payable 0 0 1,500
Accrued expenses 0 0 0
Deferred revenue 0 0 0
Other assets and liabilities 0 0 0
Net cash provided by operations 0 0 (5,700)
Cash flows from investing activities:      
Expenditures for property, plant and equipment 0 0 0
Expenditures for deferred turnaround costs 0 0 0
Expenditures for other assets 0 0 0
Proceeds from sale of assets 0 0 900
Equity method investment - return of capital 0    
Return on investment in subsidiaries (5,600) 0 0
Increase (Decrease) Due from Other Related Parties 5,700    
Net cash used in investing activities 100 0 900
Cash flows from financing activities:      
Contributions from PBF LLC 0 0 0
Parent Distribution (5,600)    
Distribution to members 0 0 0
Payment received for affiliate note receivable     0
Proceeds from 2025 Senior Notes     0
Proceeds from revolver borrowings 0   0
Repayments of revolver borrowings 0 0  
Proceeds from affiliate notes payable     0
Repayments of note payable   0  
Settlements of catalyst obligations 0 0 0
Repayments of Related Party Debt     0
Due to/from affiliates (5,700)   (900)
Payments of Financing Costs 0 0 0
Net cash provided by (used in) financing activities (100) 0 6,300
Net increase (decrease) in cash and cash equivalents 0 0 1,500
Cash and equivalents, beginning of period 0 0 (1,500)
Cash and equivalents, end of period 0 0 0
Combining and Consolidated Adjustments [Member] | Rail Facility [Member]      
Cash flows from financing activities:      
Repayments of revolver borrowings     0
Combining and Consolidated Adjustments [Member] | Rail Term Loan [Member]      
Cash flows from financing activities:      
Repayments of Long-term Debt 0 0 0
Combining and Consolidated Adjustments [Member] | Collins Pipeline Company And T&M Terminal Company [Member]      
Cash flows from financing activities:      
Distribution to members     7,200
Issuer [Member]      
Cash flows from operating activities:      
Net income 388,200 103,000 457,200
Adjustments to reconcile net income to net cash from operating activities:      
Depreciation and amortization 17,000 16,900 20,000
Stock-based compensation 1,200 200 0
Change in fair value of catalyst obligations 0 0 0
Deferred income taxes 0 0 0
Non-cash change in inventory repurchase obligations 25,400 (31,800) 13,800
Non-cash lower of cost or market inventory adjustment (250,200) 351,300 (295,500)
Pension and other post-retirement benefit costs 9,200 7,800 6,600
Equity income in investee 0 0 0
Distributions from equity method investee 0 0 0
(Gain) loss on sale of assets 0 0 0
Equity in earnings (loss) of subsidiaries 1,456,600 1,302,900 1,349,200
Debt extinguishment costs     25,500
Distribution received from subsidiaries     0
Changes in operating assets and liabilities:      
Accounts receivable (98,000) 213,100 (304,100)
Due to/from affiliates (1,661,700) (1,608,500) (1,696,100)
Inventories 22,200 (54,200) (6,700)
Prepaid and other current assets 2,000 (100) 6,900
Accounts payable 160,500 (135,600) 53,500
Accrued expenses 45,900 (43,200) 288,400
Deferred revenue (300) 9,500 (4,800)
Other assets and liabilities (13,300) 32,600 (11,800)
Net cash provided by operations 104,700 163,900 (97,900)
Cash flows from investing activities:      
Expenditures for property, plant and equipment (8,300) (6,200) (1,900)
Expenditures for deferred turnaround costs 0 0 0
Expenditures for other assets 0 0 0
Proceeds from sale of assets 0 0 (900)
Equity method investment - return of capital 0    
Return on investment in subsidiaries 5,600 0 0
Increase (Decrease) Due from Other Related Parties (5,700)    
Net cash used in investing activities (8,400) (6,200) (2,800)
Cash flows from financing activities:      
Contributions from PBF LLC 228,500 287,000 97,000
Parent Distribution 0    
Distribution to members (116,300) (42,500) (61,200)
Payment received for affiliate note receivable     0
Proceeds from 2025 Senior Notes     725,000
Proceeds from revolver borrowings (1,350,000)   490,000
Repayments of revolver borrowings (1,350,000) (350,000)  
Proceeds from affiliate notes payable     690,200
Repayments of note payable   0  
Settlements of catalyst obligations 0 0 0
Repayments of Related Party Debt     (490,000)
Due to/from affiliates 0   0
Payments of Financing Costs (500) (12,800) (13,400)
Net cash provided by (used in) financing activities 111,700 (118,300) 57,200
Net increase (decrease) in cash and cash equivalents 208,000 39,400 (43,500)
Cash and equivalents, beginning of period 526,000 486,600 530,100
Cash and equivalents, end of period 734,000 526,000 486,600
Issuer [Member] | Rail Facility [Member]      
Cash flows from financing activities:      
Repayments of revolver borrowings     0
Issuer [Member] | Rail Term Loan [Member]      
Cash flows from financing activities:      
Repayments of Long-term Debt 0 0 0
Issuer [Member] | Collins Pipeline Company And T&M Terminal Company [Member]      
Cash flows from financing activities:      
Distribution to members     0
Guarantors Subsidiaries [Member]      
Cash flows from operating activities:      
Net income (1,456,600) (1,302,900) (1,349,200)
Adjustments to reconcile net income to net cash from operating activities:      
Depreciation and amortization 379,500 322,000 247,000
Stock-based compensation 29,300 20,000 21,500
Change in fair value of catalyst obligations 9,700 (5,600) 2,200
Deferred income taxes 0 0 0
Non-cash change in inventory repurchase obligations 0 0 0
Non-cash lower of cost or market inventory adjustment 0 0 0
Pension and other post-retirement benefit costs 35,600 39,600 35,600
Equity income in investee 0 0 0
Distributions from equity method investee 0 0 0
(Gain) loss on sale of assets (29,900) (43,100) 1,500
Equity in earnings (loss) of subsidiaries 16,800 (28,700) (1,300)
Debt extinguishment costs     0
Distribution received from subsidiaries     7,200
Changes in operating assets and liabilities:      
Accounts receivable 600 400 400
Due to/from affiliates 1,735,400 1,483,800 1,709,800
Inventories 0 0 0
Prepaid and other current assets 2,600 (2,900) (14,400)
Accounts payable (31,100) 31,000 (28,100)
Accrued expenses 7,400 20,600 (38,000)
Deferred revenue 100 100 0
Other assets and liabilities (36,000) (10,200) (19,100)
Net cash provided by operations 663,400 524,100 575,100
Cash flows from investing activities:      
Expenditures for property, plant and equipment (351,800) (268,900) (230,200)
Expenditures for deferred turnaround costs (299,300) (266,000) (379,100)
Expenditures for other assets (44,700) (17,000) (31,200)
Proceeds from sale of assets 36,300 48,300 0
Equity method investment - return of capital 0    
Return on investment in subsidiaries 0 0 0
Increase (Decrease) Due from Other Related Parties 0    
Net cash used in investing activities (659,500) (503,600) (640,500)
Cash flows from financing activities:      
Contributions from PBF LLC 0 0 0
Parent Distribution 0    
Distribution to members (5,300) (10,100) 0
Payment received for affiliate note receivable     11,600
Proceeds from 2025 Senior Notes     0
Proceeds from revolver borrowings 0   0
Repayments of revolver borrowings 0 0  
Proceeds from affiliate notes payable     0
Repayments of note payable   (5,600)  
Settlements of catalyst obligations (6,500) (9,100) 10,800
Repayments of Related Party Debt     0
Due to/from affiliates 5,700   900
Payments of Financing Costs (900) 0 0
Net cash provided by (used in) financing activities (7,000) (24,800) 22,100
Net increase (decrease) in cash and cash equivalents (3,100) (4,300) (43,300)
Cash and equivalents, beginning of period 9,100 13,400 56,700
Cash and equivalents, end of period 6,000 9,100 13,400
Guarantors Subsidiaries [Member] | Rail Facility [Member]      
Cash flows from financing activities:      
Repayments of revolver borrowings     (1,200)
Guarantors Subsidiaries [Member] | Rail Term Loan [Member]      
Cash flows from financing activities:      
Repayments of Long-term Debt 0 0 0
Guarantors Subsidiaries [Member] | Collins Pipeline Company And T&M Terminal Company [Member]      
Cash flows from financing activities:      
Distribution to members     0
Non-Guarantor Subsidiaries [Member]      
Cash flows from operating activities:      
Net income (16,800) 28,700 1,300
Adjustments to reconcile net income to net cash from operating activities:      
Depreciation and amortization 7,900 7,800 7,700
Stock-based compensation 0 0 0
Change in fair value of catalyst obligations 0 0 0
Deferred income taxes (8,800) 7,200 (12,500)
Non-cash change in inventory repurchase obligations 0 0 0
Non-cash lower of cost or market inventory adjustment 0 0 0
Pension and other post-retirement benefit costs 0 0 0
Equity income in investee (7,900) (17,800) (14,600)
Distributions from equity method investee 7,900 17,800 20,200
(Gain) loss on sale of assets 0 0 0
Equity in earnings (loss) of subsidiaries 0 0 0
Debt extinguishment costs     0
Distribution received from subsidiaries     0
Changes in operating assets and liabilities:      
Accounts receivable (18,500) 26,900 (31,500)
Due to/from affiliates (61,100) 121,200 (10,500)
Inventories (30,200) 52,700 (48,000)
Prepaid and other current assets (200) 100 (1,700)
Accounts payable 2,600 (6,100) 7,600
Accrued expenses 156,200 (210,400) 102,700
Deferred revenue 0 0 0
Other assets and liabilities (9,600) (21,100) (21,100)
Net cash provided by operations 21,500 7,000 (400)
Cash flows from investing activities:      
Expenditures for property, plant and equipment (13,000) (2,200) (500)
Expenditures for deferred turnaround costs 0 0 0
Expenditures for other assets 0 0 0
Proceeds from sale of assets 0 0 0
Equity method investment - return of capital 600    
Return on investment in subsidiaries 0 2,400 1,300
Increase (Decrease) Due from Other Related Parties 0    
Net cash used in investing activities (12,400) 200 800
Cash flows from financing activities:      
Contributions from PBF LLC 0 0 0
Parent Distribution 5,600    
Distribution to members 0 0 0
Payment received for affiliate note receivable     0
Proceeds from 2025 Senior Notes     0
Proceeds from revolver borrowings 0   0
Repayments of revolver borrowings 0 0  
Proceeds from affiliate notes payable     0
Repayments of note payable   0  
Settlements of catalyst obligations 0 0 0
Repayments of Related Party Debt     0
Due to/from affiliates 0   0
Payments of Financing Costs 0 0 0
Net cash provided by (used in) financing activities (12,600) (6,800) (15,600)
Net increase (decrease) in cash and cash equivalents (3,500) 400 (15,200)
Cash and equivalents, beginning of period 26,600 26,200 41,400
Cash and equivalents, end of period 23,100 26,600 26,200
Non-Guarantor Subsidiaries [Member] | Rail Facility [Member]      
Cash flows from financing activities:      
Repayments of revolver borrowings     0
Non-Guarantor Subsidiaries [Member] | Rail Term Loan [Member]      
Cash flows from financing activities:      
Repayments of Long-term Debt $ (7,000) $ (6,800) (6,600)
Non-Guarantor Subsidiaries [Member] | Collins Pipeline Company And T&M Terminal Company [Member]      
Cash flows from financing activities:      
Distribution to members     $ (9,000)