XML 115 R6.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Consolidated Statements of Cash Flows - 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 provided by 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)
Debt extinguishment costs 0 0 25,500
Pension and other post-retirement benefit costs 44,800 47,400 42,200
Income from equity method 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
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
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
Distributions 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)
Repayments of note payable 0 5,600 1,200
Settlements of catalyst obligations (6,500) (9,100) 10,800
Deferred financing costs and other (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
Non-cash activities:      
Accrued and unpaid capital expenditures 36,000 89,500 25,400
Assets acquired under operating leases 1,168,000 0 0
Assets acquired under finance leases 26,300 0 0
Distribution of assets to PBF Energy Company LLC 169,100 13,700 25,500
Conversion of affiliate notes payable to capital contribution 0 0 86,300
Note payable issued for purchase of property, plant and equipment 0 0 6,800
Cash paid during the year for:      
Interest (net of capitalized interest of $17.6, $9.3 and $5.9 in 2019, 2018 and 2017, respectively) 107,000 124,400 131,400
Income taxes 1,200 600 0
2020 Senior Secured Notes [Member]      
Cash flows from financing activities:      
Repayments of Long-term Debt 0 0 (690,200)
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:      
Distributions to members $ 0 $ 0 $ (1,800)