XML 18 R6.htm IDEA: XBRL DOCUMENT v3.20.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities:    
Net income (loss) $ (956.1) $ 255.6
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization 229.4 198.4
Stock-based compensation 16.4 15.7
Change in fair value of catalyst obligations (6.6) 2.6
Deferred income taxes 9.8 (5.3)
Non-cash change in inventory repurchase obligations (25.7) 35.0
Non-cash lower of cost or market inventory adjustment 701.4 (324.0)
Change in fair value of contingent consideration (65.4) 0.0
Debt extinguishment costs 22.2 0.0
Pension and other post-retirement benefit costs 27.3 22.4
Income from equity method investee 0.0 (7.9)
Distributions from equity method investee 0.0 7.9
(Gain) loss on sale of assets (471.1) 0.8
Changes in operating assets and liabilities:    
Accounts receivable 403.7 (274.1)
Due to/from affiliates 6.3 12.9
Inventories 24.8 (124.6)
Prepaid and other current assets (54.6) (34.1)
Accounts payable (185.9) (34.3)
Accrued expenses (360.4) 200.0
Deferred revenue 1.1 5.3
Other assets and liabilities (24.5) (28.3)
Net cash used in operating activities (707.9) (76.0)
Cash flows from investing activities:    
Expenditures for property, plant and equipment (112.6) (190.9)
Expenditures for deferred turnaround costs (159.2) (261.9)
Expenditures for other assets (7.2) (33.9)
Acquisition of Martinez refinery (1,176.2) 0.0
Proceeds from sale of assets 529.4 0.0
Equity method investment - return of capital 0.0 0.6
Net cash used in investing activities (925.8) (486.1)
Cash flows from financing activities:    
Contributions from PBF LLC 24.4 202.5
Distributions to members (21.1) (59.4)
Proceeds from revolver borrowings 1,150.0 1,250.0
Repayments of revolver borrowings (550.0) (1,250.0)
Settlement of catalyst obligations (8.8) (1.2)
Payments on financing leases (5.7) 0.0
Proceeds from insurance premium financing 33.8 18.9
Deferred financing costs and other (27.8) (0.1)
Net cash provided by financing activities 2,073.7 157.2
Net increase (decrease) in cash and cash equivalents 440.0 (404.9)
Cash and cash equivalents, beginning of period 763.1 561.7
Cash and cash equivalents, end of period 1,203.1 156.8
Non-cash activities:    
Accrued and unpaid capital expenditures 29.8 39.5
Assets acquired under operating and financing leases 224.3 1,014.1
Fair value of the Martinez Contingent Consideration at acquisition 77.3 0.0
Distribution of assets to PBF Energy Company LLC 0.0 169.1
Cash paid during the period for:    
Interest (net of capitalized interest of $5.6 and $7.8 in 2020 and 2019, respectively) 49.2 49.7
Capitalized interest 5.6 7.8
Income taxes 0.1 0.7
2025 Senior Secured Notes [Member]    
Cash flows from financing activities:    
Proceeds from Issuance of Long-term Debt 1,000.0 0.0
2028 Senior Notes [Member]    
Cash flows from financing activities:    
Proceeds from Issuance of Long-term Debt 1,000.0 0.0
2023 Senior Notes [Member]    
Cash flows from financing activities:    
Repayments of Long-term Debt (517.5) 0.0
Rail Term Loan [Member]    
Cash flows from financing activities:    
Repayments of Long-term Debt $ (3.6) $ (3.5)