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NONCONTROLLING INTEREST OF PBF ENERGY | 9 Months Ended
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Sep. 30, 2013
Noncontrolling Interest [Abstract] |
NONCONTROLLING INTEREST OF PBF ENERGY | NONCONTROLLING INTEREST OF PBF ENERGY As a result of the PBF Energy IPO and the related reorganization transactions on December 18, 2012, PBF Energy became the sole managing member of, and had a controlling interest in, PBF LLC which represented 24.4% of the outstanding units. As the sole managing member of PBF LLC, PBF Energy operates and controls all of the business and affairs of PBF LLC and its subsidiaries. In connection with the Secondary Offering, Blackstone and First Reserve exchanged 15,950,000 Series A Units of PBF LLC for an equivalent number of shares of Class A common stock of PBF Energy, which increased PBF Energy's interest in PBF LLC to approximately 40.9%. PBF Energy consolidates the financial results of PBF LLC and its subsidiaries, and records a noncontrolling interest for the economic interest in PBF Energy held by the members of PBF LLC other than PBF Energy. Noncontrolling interest on the consolidated statements of operations represents the portion of net income or loss attributable to the economic interest in PBF Energy held by the members of PBF LLC other than PBF Energy. Noncontrolling interest on the consolidated balance sheets represents the portion of net assets of PBF Energy attributable to the members of PBF LLC other than PBF Energy. The noncontrolling interest ownership percentage as of September 30, 2013, June 12, 2013 (the completion date of the Secondary Offering) and December 31, 2012 is calculated as follows:
| Holders of PBF LLC Series A Units |  | Outstanding Shares of PBF Energy Class A Common Stock |  | Total *
December 31, 2012 | 72,972,131 |  |  | 23,571,221 |  |  | 96,543,352 |
| 75.6 | % |  | 24.4 | % |  | 100 | %
June 12, 2013 | 57,027,225 |  |  | 39,563,835 |  |  | 96,591,060 |
| 59.0 | % |  | 41.0 | % |  | 100 | %
September 30, 2013 | 57,237,488 |  |  | 39,581,613 |  |  | 96,819,101 |
| 59.1 | % |  | 40.9 | % |  | 100 | %
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* | Assumes all of the holders of PBF LLC Series A Units exchange their PBF LLC Series A Units for shares of PBF Energy’s Class A common stock on a one-for-one basis.
The following table summarizes the changes in equity for the controlling and noncontrolling interests of PBF Energy for the nine months ended September 30, 2013:
| PBF Energy Inc. Equity |  | Noncontrolling Interest |  | Total Equity
Balance at January 1, 2013 | $ | 419,754 |  |  | $ | 1,303,791 |  |  | $ | 1,723,545 |
Net income | 8,384 |  |  | 103,604 |  |  | 111,988 |
Dividend and distributions | (26,042 | ) |  | (140,457 | ) |  | (166,499 | )
Record deferred tax asset and liabilities and tax receivable agreement associated with Secondary Offering | (23,654 | ) |  | — |  |  | (23,654 | )
Record allocation of non controlling interest upon completion of Secondary Offering | 260,243 |  |  | (260,243 | ) |  | — |
Stock-based compensation | 1,636 |  |  | 1,114 |  |  | 2,750 |
Exercise of PBF LLC options and warrants, net | — |  |  | 375 |  |  | 375 |
Other comprehensive income | 167 |  |  | 164 |  |  | 331 |
Exchange of PBF LLC Series A Units for Class A common stock | 16 |  |  | (16 | ) |  | — |
Balance at September 30, 2013 | $ | 640,504 |  |  | $ | 1,008,332 |  |  | $ | 1,648,836 |

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- Definition The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.31) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=18733093&loc=SL4573702-111684 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 38 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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