ACCRUED EXPENSES

PBF Energy

Accrued expenses consisted of the following:



	September 30, 2013		December 31, 2012
Inventory-related accruals	$	445,753	$	287,929
Inventory supply and offtake arrangements	439,264		536,594
Excise and sales tax payable	27,651		40,776
Accrued transportation costs	23,979		20,338
Accrued interest	9,041		22,764
Accrued utilities	16,622		19,060
Customer deposits	28,104		26,541
Accrued salaries and benefits	5,995		15,212
Accrued construction in progress	7,649		16,481
Income taxes payable	—		1,275
Fair value of contingent consideration for refinery acquisition	—		21,358
Other	38,481		23,139
	$	1,042,539	$	1,031,467

PBF Holding

Accrued expenses consisted of the following:



	September 30, 2013		December 31, 2012
Inventory-related accruals	$	445,753	$	287,929
Inventory supply and offtake arrangements	439,264		536,594
Excise and sales tax payable	27,651		36,414
Accrued transportation costs	23,979		20,338
Accrued interest	9,041		22,764
Accrued utilities	16,622		19,060
Customer deposits	28,104		26,541
Accrued salaries and benefits	5,995		15,212
Accrued construction in progress	7,649		16,481
Fair value of contingent consideration for refinery acquisition	—		21,358
Other	39,545		23,227
	$	1,043,603	$	1,025,918

The Company has the obligation to repurchase certain intermediates and finished products that are held in the Company’s refinery storage tanks in accordance with the Intermediation Agreements with J. Aron commencing in July 2013 (see Note 5 Inventory Intermediation Agreements). As of September 30, 2013, a liability included in Inventory supply and offtake arrangements is recorded at market price for the J. Aron owned inventory held in the Company's storage tanks under the Intermediation Agreements, with any change in the market price being recorded in costs of sales.

Prior to July 1, 2013, the Company had the obligation to repurchase certain intermediates and lube products under its products offtake agreements with Morgan Stanley Capital Group Inc. (“MSCG”) that were held in the Company’s refinery storage tanks. A liability included in Inventory supply and offtake arrangements was recorded at market price for the volumes held in storage consistent with the terms of the offtake agreements with any change in the market price recorded in costs of sales. The liability represented the amount the Company expected to pay to repurchase the volumes held in storage. The Company recorded a non-cash benefit of $0 and $20,248 related to this liability in the three and nine months ended September 30, 2013, respectively. The Company recorded a non-cash charge of $30,249 and $17,309 related to this liability in the three and nine months ended September 30, 2012, respectively.