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NONCONTROLLING INTEREST OF PBF ENERGY AND PBFX | 3 Months Ended
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Mar. 31, 2016
Noncontrolling Interest [Abstract] |
NONCONTROLLING INTEREST OF PBF ENERGY AND PBFX | NONCONTROLLING INTEREST OF PBF ENERGY AND PBFX Noncontrolling Interest in PBF LLC PBF Energy is the sole managing member of, and has a controlling interest in, PBF LLC. 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. As of December 31, 2015 and March 31, 2016, PBF Energy’s equity interest in PBF LLC represented approximately 95.1% and 95.2%, respectively, of the outstanding interests. 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 includes 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 includes the portion of net assets of PBF Energy attributable to the members of PBF LLC other than PBF Energy. The noncontrolling interest ownership percentage of PBF LLC as of March 31, 2016 and December 31, 2015 is calculated as follows:
| Holders of PBF LLC Series A Units |  | Outstanding Shares of PBF Energy Class A Common Stock |  | Total *
December 31, 2015 | 4,985,358 |  |  | 97,781,933 |  |  | 102,767,291 |
| 4.9 | % |  | 95.1 | % |  | 100.0 | %
March 31, 2016 | 4,947,401 |  |  | 97,816,106 |  |  | 102,763,507 |
| 4.8 | % |  | 95.2 | % |  | 100.0 | %
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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.
Noncontrolling Interest in PBFX PBF LLC holds a 53.7% limited partner interest in PBFX and owns all of PBFX’s incentive distribution rights, with the remaining 46.3% limited partner interest owned by public common unit holders as of March 31, 2016. PBF LLC is also the sole member of PBF GP, the general partner of PBFX. PBF Energy, through its ownership of PBF LLC, consolidates the financial results of PBFX, and records a noncontrolling interest for the economic interest in PBFX held by the public common unit holders. Noncontrolling interest on the consolidated statements of operations includes the portion of net income or loss attributable to the economic interest in PBFX held by the public common unit holders of PBFX other than PBF Energy (through its ownership in PBF LLC). Noncontrolling interest on the consolidated balance sheets includes the portion of net assets of PBFX attributable to the public common unit holders of PBFX. The noncontrolling interest ownership percentage of PBFX as of March 31, 2016 and December 31, 2015, is calculated as follows:
| Units of PBFX Held by the Public |  | Units of PBFX Held by PBF LLC (Including Subordinated Units) |  | Total
December 31, 2015 | 15,924,676 |  |  | 18,459,497 |  |  | 34,384,173 |
| 46.3 | % |  | 53.7 | % |  | 100.0 | %
March 31, 2016 | 15,924,676 |  |  | 18,459,497 |  |  | 34,384,173 |
| 46.3 | % |  | 53.7 | % |  | 100.0 | %
Noncontrolling Interest in PBF Holding Subsequent to the Chalmette Acquisition, PBF Holding recorded noncontrolling interests in two subsidiaries of Chalmette Refining. PBF Holding, through Chalmette Refining, owns an 80% ownership interest in both Collins Pipeline Company and T&M Terminal Company. The Company recorded a noncontrolling interest in the earnings of these subsidiaries of $303 for the three months ended March 31, 2016. The following table summarizes the changes in equity for the controlling and noncontrolling interests of PBF Energy for the three months ended March 31, 2016 and 2015:
| PBF Energy Inc. Equity |  | Noncontrolling Interest in PBF LLC |  | Noncontrolling Interest in PBFX |  | Total Equity
Balance at January 1, 2016 | $ | 1,647,297 |  |  | $ | 108,243 |  |  | $ | 340,317 |  |  | $ | 2,095,857 |
Comprehensive income | (28,796 | ) |  | (2,411 | ) |  | 8,493 |  |  | (22,714 | )
Dividends and distributions | (29,342 | ) |  | (1,487 | ) |  | (6,694 | ) |  | (37,523 | )
Stock-based compensation | 2,621 |  |  | — |  |  | 729 |  |  | 3,350 |
Exercise of PBF LLC options and warrants, net | 1,058 |  |  | (190 | ) |  | — |  |  | 868 |
Other | (442 | ) |  | (5,145 | ) |  | (505 | ) |  | (6,092 | )
Balance at March 31, 2016 | $ | 1,592,396 |  |  | $ | 99,010 |  |  | $ | 342,340 |  |  | $ | 2,033,746 |
| PBF Energy Inc. Equity |  | Noncontrolling Interest in PBF LLC |  | Noncontrolling Interest in PBFX |  | Total Equity
Balance at January 1, 2015 | $ | 1,218,213 |  |  | $ | 138,734 |  |  | $ | 336,369 |  |  | $ | 1,693,316 |
Comprehensive income | 87,766 |  |  | 7,814 |  |  | 8,010 |  |  | 103,590 |
Dividends and distributions | (25,733 | ) |  | (1,610 | ) |  | (5,309 | ) |  | (32,652 | )
Record deferred tax asset and liabilities and tax receivable agreement associated with secondary offerings | 1,297 |  |  | — |  |  | — |  |  | 1,297 |
Record allocation of noncontrolling interest upon completion of secondary offerings | 39,976 |  |  | (39,976 | ) |  | — |  |  | — |
Stock-based compensation | 1,930 |  |  | 95 |  |  | 930 |  |  | 2,955 |
Exercise of PBF LLC options and warrants, net | — |  |  | (383 | ) |  | — |  |  | (383 | )
Purchase of treasury stock | (407 | ) |  | — |  |  | — |  |  | (407 | )
Balance at March 31, 2015 | $ | 1,323,042 |  |  | $ | 104,674 |  |  | $ | 340,000 |  |  | $ | 1,767,716 |

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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 + Details
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