|
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDINGS (Statement of Cash Flows) (Details) (USD $)
In Thousands, unless otherwise specified
|
9 Months Ended |
|
Sep. 30, 2013
|
Sep. 30, 2012
|
| Cash flows from operating activities: |
|
|
| Net income |
$ 111,988 |
$ 539,774 |
| Adjustments to reconcile net income to net cash from operating activities: |
|
|
| Depreciation and amortization |
86,417 |
71,144 |
| Stock-based compensation |
2,750 |
1,707 |
| Change in fair value of catalyst lease obligation |
(3,118) |
6,929 |
| Change in fair value of contingent consideration |
0 |
2,076 |
| Non-cash change in inventory repurchase obligations |
(13,362) |
5,126 |
| Write-off of unamortized deferred financing fees |
0 |
4,391 |
| Loss (gain) on sale of assets |
(48) |
(2,430) |
| Pension and other post retirement benefits costs |
12,654 |
9,513 |
| Changes in current assets and current liabilities: |
|
|
| Accounts receivable |
(74,083) |
(179,989) |
| Inventories |
31,165 |
85,179 |
| Other current assets |
(42,745) |
36,971 |
| Accounts payable |
203,865 |
(39,153) |
| Accrued expenses |
48,811 |
(56,404) |
| Deferred revenue |
(208,661) |
13,719 |
| Other assets and liabilities |
(20,249) |
(29,731) |
| Net cash provided by operations |
142,581 |
468,822 |
| Cash flow from investing activities: |
|
|
| Expenditures for property, plant and equipment |
(201,906) |
(102,004) |
| Expenditures for deferred turnarounds cost |
(15,859) |
(27,501) |
| Expenditures for other assets |
(10,584) |
(7,731) |
| Proceeds from sale of assets |
30,826 |
3,381 |
| Net cash used in investing activities |
(197,523) |
(133,855) |
| Proceeds from revolver borrowings |
745,000 |
0 |
| Cash flows from financing activities: |
|
|
| Proceeds from member's capital contributions |
0 |
250 |
| Proceeds from 8.25% senior secured notes |
0 |
665,806 |
| Proceeds from long-term debt |
0 |
430,000 |
| Proceeds from catalyst lease |
0 |
9,452 |
| Distribution to members |
(140,457) |
(15,081) |
| Repayments of revolver borrowings |
(730,000) |
0 |
| Payment of contingent consideration related to acquistion of Toledo refinery |
(21,357) |
(103,642) |
| Repayments of long-term debt |
0 |
(1,184,597) |
| Deferred financing costs and other |
(669) |
(17,273) |
| Net cash used in financing activities |
(173,525) |
(215,085) |
| Net increase (decrease) in cash and cash equivalents |
(228,467) |
119,882 |
| Cash and equivalents, beginning of period |
285,884 |
50,166 |
| Cash and equivalents, end of period |
57,417 |
170,048 |
|
Issuer [Member]
|
|
|
| Cash flows from operating activities: |
|
|
| Net income |
119,034 |
539,793 |
| Adjustments to reconcile net income to net cash from operating activities: |
|
|
| Depreciation and amortization |
14,273 |
8,847 |
| Stock-based compensation |
0 |
0 |
| Change in fair value of catalyst lease obligation |
0 |
0 |
| Change in fair value of contingent consideration |
0 |
0 |
| Non-cash change in inventory repurchase obligations |
0 |
0 |
| Write-off of unamortized deferred financing fees |
0 |
4,391 |
| Loss (gain) on sale of assets |
(254) |
0 |
| Pension and other post retirement benefits costs |
3,541 |
1,594 |
| Equity in earnings of subsidiaries |
(958,402) |
(1,654,329) |
| Changes in current assets and current liabilities: |
|
|
| Accounts receivable |
(224,005) |
(410,412) |
| Inventories |
(187,760) |
(540,547) |
| Other current assets |
(34,886) |
(8,501) |
| Accounts payable |
278,675 |
63,779 |
| Accrued expenses |
118,507 |
347,790 |
| Deferred revenue |
1,882 |
3,912 |
| Amounts due to/from related parties |
870,141 |
1,710,567 |
| Other assets and liabilities |
122 |
(2,723) |
| Net cash provided by operations |
868 |
64,161 |
| Cash flow from investing activities: |
|
|
| Expenditures for property, plant and equipment |
(75,099) |
(13,859) |
| Expenditures for deferred turnarounds cost |
0 |
0 |
| Expenditures for other assets |
0 |
0 |
| Proceeds from intercompany notes payable |
31,632 |
|
| Proceeds from sale of assets |
30,826 |
0 |
| Net cash used in investing activities |
(44,273) |
(13,859) |
| Proceeds from revolver borrowings |
745,000 |
|
| Cash flows from financing activities: |
|
|
| Proceeds from member's capital contributions |
|
250 |
| Proceeds from 8.25% senior secured notes |
|
665,806 |
| Proceeds from long-term debt |
|
430,000 |
| Proceeds from catalyst lease |
|
0 |
| Distribution to members |
(186,684) |
(15,081) |
| Repayments of revolver borrowings |
(730,000) |
|
| Payment of contingent consideration related to acquistion of Toledo refinery |
0 |
(103,642) |
| Repayments of long-term debt |
|
(823,749) |
| Deferred financing costs and other |
(1,661) |
(17,273) |
| Net cash used in financing activities |
(141,713) |
136,311 |
| Net increase (decrease) in cash and cash equivalents |
(185,118) |
186,613 |
| Cash and equivalents, beginning of period |
241,926 |
3,124 |
| Cash and equivalents, end of period |
56,808 |
189,737 |
|
Guarantors Subsidiaries [Member]
|
|
|
| Cash flows from operating activities: |
|
|
| Net income |
958,402 |
1,654,310 |
| Adjustments to reconcile net income to net cash from operating activities: |
|
|
| Depreciation and amortization |
72,144 |
62,297 |
| Stock-based compensation |
2,750 |
1,707 |
| Change in fair value of catalyst lease obligation |
(3,118) |
6,929 |
| Change in fair value of contingent consideration |
0 |
2,076 |
| Non-cash change in inventory repurchase obligations |
(13,362) |
5,126 |
| Write-off of unamortized deferred financing fees |
0 |
0 |
| Loss (gain) on sale of assets |
206 |
(2,430) |
| Pension and other post retirement benefits costs |
9,113 |
7,919 |
| Equity in earnings of subsidiaries |
0 |
0 |
| Changes in current assets and current liabilities: |
|
|
| Accounts receivable |
149,922 |
230,423 |
| Inventories |
218,925 |
625,726 |
| Other current assets |
(7,859) |
45,472 |
| Accounts payable |
(74,810) |
(77,121) |
| Accrued expenses |
(65,994) |
(404,194) |
| Deferred revenue |
(210,543) |
9,807 |
| Amounts due to/from related parties |
(855,420) |
(1,710,567) |
| Other assets and liabilities |
(18,497) |
(27,008) |
| Net cash provided by operations |
161,859 |
430,472 |
| Cash flow from investing activities: |
|
|
| Expenditures for property, plant and equipment |
(126,807) |
(88,145) |
| Expenditures for deferred turnarounds cost |
(15,859) |
(27,501) |
| Expenditures for other assets |
(10,584) |
(7,731) |
| Proceeds from intercompany notes payable |
0 |
|
| Proceeds from sale of assets |
0 |
3,381 |
| Net cash used in investing activities |
(153,250) |
(119,996) |
| Proceeds from revolver borrowings |
0 |
|
| Cash flows from financing activities: |
|
|
| Proceeds from member's capital contributions |
|
0 |
| Proceeds from 8.25% senior secured notes |
|
0 |
| Proceeds from long-term debt |
|
0 |
| Proceeds from catalyst lease |
|
9,452 |
| Distribution to members |
0 |
0 |
| Repayments of revolver borrowings |
0 |
|
| Payment of contingent consideration related to acquistion of Toledo refinery |
(21,357) |
0 |
| Repayments of long-term debt |
|
(360,848) |
| Deferred financing costs and other |
992 |
0 |
| Net cash used in financing activities |
(20,365) |
(351,396) |
| Net increase (decrease) in cash and cash equivalents |
(11,756) |
(40,920) |
| Cash and equivalents, beginning of period |
12,365 |
47,042 |
| Cash and equivalents, end of period |
609 |
6,122 |
|
Non-Guarantor Subsidiaries [Member]
|
|
|
| Cash flows from operating activities: |
|
|
| Net income |
0 |
0 |
| Adjustments to reconcile net income to net cash from operating activities: |
|
|
| Depreciation and amortization |
0 |
0 |
| Stock-based compensation |
0 |
0 |
| Change in fair value of catalyst lease obligation |
0 |
0 |
| Change in fair value of contingent consideration |
0 |
0 |
| Non-cash change in inventory repurchase obligations |
0 |
0 |
| Write-off of unamortized deferred financing fees |
0 |
0 |
| Loss (gain) on sale of assets |
0 |
0 |
| Pension and other post retirement benefits costs |
0 |
0 |
| Equity in earnings of subsidiaries |
0 |
0 |
| Changes in current assets and current liabilities: |
|
|
| Accounts receivable |
0 |
0 |
| Inventories |
0 |
0 |
| Other current assets |
0 |
0 |
| Accounts payable |
0 |
0 |
| Accrued expenses |
0 |
0 |
| Deferred revenue |
0 |
0 |
| Amounts due to/from related parties |
0 |
0 |
| Other assets and liabilities |
0 |
0 |
| Net cash provided by operations |
0 |
0 |
| Cash flow from investing activities: |
|
|
| Expenditures for property, plant and equipment |
0 |
0 |
| Expenditures for deferred turnarounds cost |
0 |
0 |
| Expenditures for other assets |
0 |
0 |
| Proceeds from intercompany notes payable |
0 |
|
| Proceeds from sale of assets |
0 |
0 |
| Net cash used in investing activities |
0 |
0 |
| Proceeds from revolver borrowings |
0 |
|
| Cash flows from financing activities: |
|
|
| Proceeds from member's capital contributions |
|
0 |
| Proceeds from 8.25% senior secured notes |
|
0 |
| Proceeds from long-term debt |
|
0 |
| Proceeds from catalyst lease |
|
0 |
| Distribution to members |
0 |
0 |
| Repayments of revolver borrowings |
0 |
|
| Payment of contingent consideration related to acquistion of Toledo refinery |
0 |
0 |
| Repayments of long-term debt |
|
0 |
| Deferred financing costs and other |
0 |
0 |
| Net cash used in financing activities |
0 |
0 |
| Net increase (decrease) in cash and cash equivalents |
0 |
0 |
| Cash and equivalents, beginning of period |
0 |
0 |
| Cash and equivalents, end of period |
0 |
0 |
|
Combining and Consolidated Adjustments [Member]
|
|
|
| Cash flows from operating activities: |
|
|
| Net income |
(958,402) |
(1,654,329) |
| Adjustments to reconcile net income to net cash from operating activities: |
|
|
| Depreciation and amortization |
0 |
0 |
| Stock-based compensation |
0 |
0 |
| Change in fair value of catalyst lease obligation |
0 |
0 |
| Change in fair value of contingent consideration |
0 |
0 |
| Non-cash change in inventory repurchase obligations |
0 |
0 |
| Write-off of unamortized deferred financing fees |
0 |
0 |
| Loss (gain) on sale of assets |
0 |
0 |
| Pension and other post retirement benefits costs |
0 |
0 |
| Equity in earnings of subsidiaries |
958,402 |
1,654,329 |
| Changes in current assets and current liabilities: |
|
|
| Accounts receivable |
0 |
0 |
| Inventories |
0 |
0 |
| Other current assets |
0 |
0 |
| Accounts payable |
0 |
(25,811) |
| Accrued expenses |
0 |
0 |
| Deferred revenue |
0 |
0 |
| Amounts due to/from related parties |
0 |
0 |
| Other assets and liabilities |
0 |
0 |
| Net cash provided by operations |
0 |
(25,811) |
| Cash flow from investing activities: |
|
|
| Expenditures for property, plant and equipment |
0 |
0 |
| Expenditures for deferred turnarounds cost |
0 |
0 |
| Expenditures for other assets |
0 |
0 |
| Proceeds from intercompany notes payable |
0 |
|
| Proceeds from sale of assets |
0 |
0 |
| Net cash used in investing activities |
0 |
0 |
| Proceeds from revolver borrowings |
0 |
|
| Cash flows from financing activities: |
|
|
| Proceeds from member's capital contributions |
|
0 |
| Proceeds from 8.25% senior secured notes |
|
0 |
| Proceeds from long-term debt |
|
0 |
| Proceeds from catalyst lease |
|
0 |
| Distribution to members |
0 |
0 |
| Repayments of revolver borrowings |
0 |
|
| Payment of contingent consideration related to acquistion of Toledo refinery |
0 |
0 |
| Repayments of long-term debt |
|
0 |
| Deferred financing costs and other |
0 |
0 |
| Net cash used in financing activities |
0 |
0 |
| Net increase (decrease) in cash and cash equivalents |
0 |
(25,811) |
| Cash and equivalents, beginning of period |
0 |
0 |
| Cash and equivalents, end of period |
0 |
(25,811) |
|
PBF Holding Company LLC [Member]
|
|
|
| Cash flows from operating activities: |
|
|
| Net income |
119,034 |
539,774 |
| Adjustments to reconcile net income to net cash from operating activities: |
|
|
| Depreciation and amortization |
86,417 |
71,144 |
| Stock-based compensation |
2,750 |
1,707 |
| Change in fair value of catalyst lease obligation |
(3,118) |
6,929 |
| Change in fair value of contingent consideration |
0 |
2,076 |
| Non-cash change in inventory repurchase obligations |
(13,362) |
5,126 |
| Write-off of unamortized deferred financing fees |
0 |
4,391 |
| Loss (gain) on sale of assets |
(48) |
(2,430) |
| Pension and other post retirement benefits costs |
12,654 |
9,513 |
| Equity in earnings of subsidiaries |
0 |
0 |
| Changes in current assets and current liabilities: |
|
|
| Accounts receivable |
(74,083) |
(179,989) |
| Inventories |
31,165 |
85,179 |
| Other current assets |
(42,745) |
36,971 |
| Accounts payable |
203,865 |
(39,153) |
| Accrued expenses |
52,513 |
(56,404) |
| Deferred revenue |
(208,661) |
13,719 |
| Amounts due to/from related parties |
14,721 |
0 |
| Other assets and liabilities |
(18,375) |
(29,731) |
| Net cash provided by operations |
162,727 |
468,822 |
| Cash flow from investing activities: |
|
|
| Expenditures for property, plant and equipment |
(201,906) |
(102,004) |
| Expenditures for deferred turnarounds cost |
(15,859) |
(27,501) |
| Expenditures for other assets |
(10,584) |
(7,731) |
| Proceeds from intercompany notes payable |
31,632 |
0 |
| Proceeds from sale of assets |
30,826 |
3,381 |
| Net cash used in investing activities |
(197,523) |
(133,855) |
| Proceeds from revolver borrowings |
745,000 |
0 |
| Cash flows from financing activities: |
|
|
| Proceeds from member's capital contributions |
0 |
250 |
| Proceeds from 8.25% senior secured notes |
0 |
665,806 |
| Proceeds from long-term debt |
0 |
430,000 |
| Proceeds from catalyst lease |
0 |
9,452 |
| Distribution to members |
(186,684) |
(15,081) |
| Repayments of revolver borrowings |
(730,000) |
0 |
| Payment of contingent consideration related to acquistion of Toledo refinery |
(21,357) |
(103,642) |
| Repayments of long-term debt |
0 |
(1,184,597) |
| Deferred financing costs and other |
(669) |
(17,273) |
| Net cash used in financing activities |
(162,078) |
(215,085) |
| Net increase (decrease) in cash and cash equivalents |
(196,874) |
119,882 |
| Cash and equivalents, beginning of period |
254,291 |
50,166 |
| Cash and equivalents, end of period |
$ 57,417 |
$ 170,048 |