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FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended
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Mar. 31, 2016
Fair Value Disclosures [Abstract] |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The tables below present information about the Company's financial assets and liabilities measured and recorded at fair value on a recurring basis and indicate the fair value hierarchy of the inputs utilized to determine the fair values as of March 31, 2016 and December 31, 2015. We have elected to offset the fair value amounts recognized for multiple derivative contracts executed with the same counterparty; however, fair value amounts by hierarchy level are presented on a gross basis in the tables below. We have posted cash margin with various counterparties to support hedging and trading activities. The cash margin posted is required by counterparties as collateral deposits and cannot be offset against the fair value of open contracts except in the event of default. We have no derivative contracts that are subject to master netting arrangements that are reflected gross on the balance sheet.
| As of March 31, 2016
| Fair Value Hierarchy |  | Total Gross Fair Value |  | Effect of Counter-party Netting |  | Net Carrying Value on Balance Sheet
| Level 1 |  | Level 2 |  | Level 3 |  |
Assets: |  |  |  |  |  |  |  |  |  |  |
Money market funds | $ | 507,498 |  |  | $ | — |  |  | $ | — |  |  | $ | 507,498 |  |  | N/A |  |  | $ | 507,498 |
Marketable securities | 234,408 |  |  | — |  |  | — |  |  | 234,408 |  |  | N/A |  |  | 234,408 |
Commodity contracts | 29,761 |  |  | 21,346 |  |  | 1,915 |  |  | 53,022 |  |  | (38,338 | ) |  | 14,684 |
Derivatives included with inventory intermediation agreement obligations | — |  |  | 365 |  |  | — |  |  | 365 |  |  | — |  |  | 365 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Commodity contracts | 34,368 |  |  | 3,970 |  |  | — |  |  | 38,338 |  |  | (38,338 | ) |  | — |
Catalyst lease obligations | — |  |  | 34,688 |  |  | — |  |  | 34,688 |  |  | — |  |  | 34,688 |
| As of December 31, 2015
| Fair Value Hierarchy |  | Total Gross Fair Value |  | Effect of Counter-party Netting |  | Net Carrying Value on Balance Sheet
| Level 1 |  | Level 2 |  | Level 3 |
Assets: |  |  |  |  |  |  |  |  |  |  |
Money market funds | $ | 631,280 |  |  | $ | — |  |  | $ | — |  |  | $ | 631,280 |  |  | N/A |  |  | $ | 631,280 |
Marketable securities | 234,258 |  |  | — |  |  | — |  |  | 234,258 |  |  | N/A |  |  | 234,258 |
Commodity contracts | 63,810 |  |  | 31,256 |  |  | 3,543 |  |  | 98,609 |  |  | (52,482 | ) |  | 46,127 |
Derivatives included with inventory intermediation agreement obligations | — |  |  | 35,511 |  |  | — |  |  | 35,511 |  |  | — |  |  | 35,511 |
Derivatives included with inventory supply arrangement obligations | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Commodity contracts | 49,960 |  |  | 2,522 |  |  | — |  |  | 52,482 |  |  | (52,482 | ) |  | — |
Catalyst lease obligations | — |  |  | 31,802 |  |  | — |  |  | 31,802 |  |  | — |  |  | 31,802 |
Schedule of Effect of Significant Unobservable Inputs | The table below summarizes the changes in fair value measurements categorized in Level 3 of the fair value hierarchy:
|  | Three Months Ended March 31,
|  | 2016 |  | 2015
Balance at beginning of period |  | $ | 3,543 |  |  | $ | 1,521 |
Purchases |  | — |  |  | — |
Settlements |  | (256 | ) |  | (1,200 | )
Unrealized gain included in earnings |  | (1,372 | ) |  | 9,357 |
Transfers into Level 3 |  | — |  |  | — |
Transfers out of Level 3 |  | — |  |  | — |
Balance at end of period |  | $ | 1,915 |  |  | $ | 9,678 |
Schedule of Fair value of Debt | The table below summarizes the fair value and carrying value of debt as of March 31, 2016 and December 31, 2015.
| March 31, 2016 |  | December 31, 2015
| Carrying value |  | Fair value |  | Carrying value |  | Fair value
Senior Secured Notes due 2020 (a) | $ | 669,940 |  |  | $ | 702,571 |  |  | $ | 669,644 |  |  | $ | 706,246 |
Senior Secured Notes due 2023 (a) | 500,000 |  |  | 474,138 |  |  | 500,000 |  |  | 492,452 |
PBFX Senior Notes (a) | 350,000 |  |  | 339,216 |  |  | 350,000 |  |  | 321,722 |
PBFX Term Loan (b) | 234,200 |  |  | 234,200 |  |  | 234,200 |  |  | 234,200 |
Rail Facility (b) | 67,491 |  |  | 67,491 |  |  | 67,491 |  |  | 67,491 |
Catalyst leases (c) | 34,688 |  |  | 34,688 |  |  | 31,802 |  |  | 31,802 |
PBFX Revolving Credit Facility (b) | 24,500 |  |  | 24,500 |  |  | 24,500 |  |  | 24,500 |
Revolving Loan (b) | — |  |  | — |  |  | — |  |  | — |
| 1,880,819 |  |  | 1,876,804 |  |  | 1,877,637 |  |  | 1,878,413 |
Less - Current maturities | — |  |  | — |  |  | — |  |  | — |
Less - Unamortized deferred financing costs | 38,917 |  |  | n/a |  |  | 41,282 |  |  | n/a |
Long-term debt | $ | 1,841,902 |  |  | $ | 1,876,804 |  |  | $ | 1,836,355 |  |  | $ | 1,878,413 |
(a) The estimated fair value, categorized as a Level 2 measurement, was calculated based on the present value of future expected payments utilizing implied current market interest rates based on quoted prices of the Senior Secured Notes and the PBFX Senior Notes. (b) The estimated fair value approximates carrying value, categorized as a Level 2 measurement, as these borrowings bear interest based upon short-term floating market interest rates. (c) Catalyst leases are valued using a market approach based upon commodity prices for similar instruments quoted in active markets and are categorized as a Level 2 measurement. The Company has elected the fair value option for accounting for its catalyst lease repurchase obligations as the Company's liability is directly impacted by the change in fair value of the underlying catalyst.

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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19279-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements. + References No definition available. + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258 + Details
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