XML 20 R8.htm IDEA: XBRL DOCUMENT v3.24.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net income (loss) $ (452.1) $ 1,819.1
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 444.3 418.8
Stock-based compensation 30.1 27.7
Change in fair value of catalyst obligations 0.0 (1.1)
Deferred income taxes 0.0 (5.9)
Non-cash change in inventory repurchase obligations 0.0 25.1
Non-cash lower of cost or market inventory adjustment 154.5 0.0
Change in fair value of contingent consideration, net (3.3) 32.4
Loss on extinguishment of debt 0.0 5.7
Pension and other post-retirement benefit costs 38.9 35.9
Loss (gain) on sale of assets 0.7 (1.3)
Changes in operating assets and liabilities:    
Accounts receivable 113.9 (102.4)
Due to/from affiliates 4.3 1.9
Inventories 422.9 (331.9)
Prepaid and other current assets (0.8) (128.7)
Accounts payable 26.6 411.9
Accrued expenses (459.0) (1,035.7)
Deferred revenue (23.6) 41.6
Other assets and liabilities (41.9) (60.8)
Net cash provided by operating activities 255.5 1,152.3
Cash flows from investing activities:    
Expenditures for property, plant, and equipment (292.3) (569.5)
Expenditures for deferred turnaround costs (447.7) (322.9)
Expenditures for other assets (28.3) (39.5)
Proceeds from sale of assets 0.0 4.4
Net cash used in investing activities (768.3) (927.5)
Cash flows from financing activities:    
Contributions from PBF LLC 185.0 1,109.6
Payment of contingent consideration 0.0 (80.1)
Settlement of precious metal catalyst obligations 0.0 (3.1)
Payments on financing leases (9.1) (11.1)
Proceeds from insurance premium financing 17.7 8.7
Deferred financing costs and other, net (0.1) (35.7)
Net cash used in financing activities (288.4) (501.8)
Net change in cash and cash equivalents (801.2) (277.0)
Cash and cash equivalents, beginning of period 1,760.8 2,153.9
Cash and cash equivalents, end of period 959.6 1,876.9
Non-cash activities:    
Distribution of assets to PBF Energy Company LLC (8.8) 844.8
Accrued and unpaid capital expenditures 52.8 64.5
Assets acquired or remeasured under operating and financing leases 238.7 231.2
Cash paid during the period for:    
Interest (net of capitalized interest of $13.4 million and $32.9 million in 2024 and 2023, respectively) 93.4 98.0
Income taxes 0.7 1.5
7.875% senior unsecured notes due 2030 (“2030 Senior Notes”)    
Cash flows from financing activities:    
Proceeds from 2030 7.875% Senior Notes 0.0 496.6
2025 Senior Notes    
Cash flows from financing activities:    
Redemption of 2025 7.25% Senior Notes 0.0 (666.2)
Members    
Cash flows from financing activities:    
Distributions to members $ (481.9) $ (1,320.5)