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SEGMENT INFORMATION | 12 Months Ended
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Dec. 31, 2018
Segment Reporting [Abstract] |
SEGMENT INFORMATION | SEGMENT INFORMATION The Company’s operations are organized into two reportable segments, Refining and Logistics. Operations that are not included in the Refining and Logistics segments are included in Corporate. Intersegment transactions are eliminated in the consolidated financial statements and are included in Eliminations. Refining The Company’s Refining segment includes the operations of its five refineries, including certain related logistics assets that are not owned by PBFX. The Company’s refineries are located in Delaware City, Delaware, Paulsboro, New Jersey, Toledo, Ohio, New Orleans, Louisiana and Torrance, California. The refineries produce unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants and other petroleum products in the United States. The Company purchases crude oil, other feedstocks and blending components from various third-party suppliers. The Company sells products throughout the Northeast, Midwest, Gulf Coast and West Coast of the United States, as well as in other regions of the United States and Canada, and is able to ship products to other international destinations. Logistics The Company’s Logistics segment is comprised of PBFX, a publicly-traded MLP, formed to own or lease, operate, develop and acquire crude oil and refined petroleum products terminals, pipelines, storage facilities and similar logistics assets. PBFX’s assets primarily consist of rail and truck terminals and unloading racks, tank farms and pipelines that were acquired from or contributed by PBF LLC and are located at, or nearby, the Company’s refineries. PBFX provides various rail, truck and marine terminaling services, pipeline transportation services and storage services to PBF Holding and/or its subsidiaries and third-party customers through fee-based commercial agreements. PBFX currently does not generate significant third-party revenue and intersegment related-party revenues are eliminated in consolidation. From a PBF Energy and PBF LLC perspective, the Company’s chief operating decision maker evaluates the Logistics segment as a whole without regard to any of PBFX’s individual operating segments. The Company evaluates the performance of its segments based primarily on income from operations. Income from operations includes those revenues and expenses that are directly attributable to management of the respective segment. The Logistics segment’s revenues include intersegment transactions with the Company’s Refining segment at prices the Company believes are substantially equivalent to the prices that could have been negotiated with unaffiliated parties with respect to similar services. Activities of the Company’s business that are not included in the two operating segments are included in Corporate. Such activities consist primarily of corporate staff operations and other items that are not specific to the normal operations of the two operating segments. The Company does not allocate non-operating income and expense items, including income taxes, to the individual segments. The Refinery segment’s operating subsidiaries and PBFX are primarily pass-through entities with respect to income taxes. Total assets of each segment consist of property, plant and equipment, inventories, cash and cash equivalents, accounts receivables and other assets directly associated with the segment’s operations. Corporate assets consist primarily of deferred tax assets, property, plant and equipment and other assets not directly related to the Company’s refinery and logistic operations. Disclosures regarding the Company’s reportable segments with reconciliations to consolidated totals for the years ended December 31, 2018, 2017 and 2016 are presented below. In connection with the contribution by PBF LLC of the limited liability interests of the Development Assets to PBFX, the accompanying segment information has been retrospectively adjusted to include the historical results of the Development Assets in the Logistics segment for all periods presented prior to such contribution. Additionally, in connection with the adoption of ASU 2017-07, the accompanying segment information has been retrospectively adjusted for all periods presented, to reflect the reclassification of certain net periodic benefit costs from Operating expenses and General and administrative expenses to Other income (expense).
PBF Energy | Year Ended December 31, 2018
| Refining |  | Logistics |  | Corporate |  | Eliminations |  | Consolidated Total
Revenues | $ | 27,162,079 |  |  | $ | 283,440 |  |  | $ | — |  |  | $ | (259,426 | ) |  | $ | 27,186,093 |
Depreciation and amortization expense | 329,317 |  |  | 29,809 |  |  | 10,634 |  |  | — |  |  | 369,760 |
Income (loss) from operations (1) | 498,287 |  |  | 143,870 |  |  | (266,218 | ) |  | (17,819 | ) |  | 358,120 |
Interest expense, net | 7,601 |  |  | 43,033 |  |  | 119,277 |  |  | — |  |  | 169,911 |
Capital expenditures (2) | 552,020 |  |  | 175,696 |  |  | 6,171 |  |  | — |  |  | 733,887 |
| Year Ended December 31, 2017
| Refining |  | Logistics |  | Corporate |  | Eliminations |  | Consolidated Total
Revenues | $ | 21,769,703 |  |  | $ | 257,588 |  |  | $ | — |  |  | $ | (240,654 | ) |  | $ | 21,786,637 |
Depreciation and amortization expense | 253,588 |  |  | 24,404 |  |  | 12,964 |  |  | — |  |  | 290,956 |
Income (loss) from operations (1) | 814,033 |  |  | 143,379 |  |  | (211,227 | ) |  | (14,565 | ) |  | 731,620 |
Interest expense, net | 4,695 |  |  | 33,363 |  |  | 116,369 |  |  | — |  |  | 154,427 |
Capital expenditures (3) | 633,294 |  |  | 90,258 |  |  | 3,483 |  |  | — |  |  | 727,035 |
| Year Ended December 31, 2016
| Refining |  | Logistics |  | Corporate |  | Eliminations |  | Consolidated Total
Revenues | $ | 15,906,866 |  |  | $ | 189,006 |  |  | $ | — |  |  | $ | (175,448 | ) |  | $ | 15,920,424 |
Depreciation and amortization expense | 200,935 |  |  | 15,406 |  |  | 5,835 |  |  | — |  |  | 222,176 |
Income (loss) from operations | 557,839 |  |  | 105,240 |  |  | (157,937 | ) |  | (5,679 | ) |  | 499,463 |
Interest expense, net | 2,938 |  |  | 30,433 |  |  | 116,674 |  |  | — |  |  | 150,045 |
Capital expenditures (4) | 1,468,696 |  |  | 123,946 |  |  | 20,229 |  |  | — |  |  | 1,612,871 |
| Balance at December 31, 2018
| Refining |  | Logistics |  | Corporate |  | Eliminations |  | Consolidated Total
Total assets (5) | $ | 6,988,059 |  |  | $ | 956,353 |  |  | $ | 98,055 |  |  | $ | (37,052 | ) |  | $ | 8,005,415 |
| Balance at December 31, 2017
| Refining |  | Logistics |  | Corporate |  | Eliminations |  | Consolidated Total
Total assets (5) | $ | 7,287,384 |  |  | $ | 748,215 |  |  | $ | 123,211 |  |  | $ | (40,817 | ) |  | $ | 8,117,993 |
PBF LLC | Year Ended December 31, 2018
| Refining |  | Logistics |  | Corporate |  | Eliminations |  | Consolidated Total
Revenues | $ | 27,162,079 |  |  | $ | 283,440 |  |  | $ | — |  |  | $ | (259,426 | ) |  | $ | 27,186,093 |
Depreciation and amortization expense | 329,317 |  |  | 29,809 |  |  | 10,634 |  |  | — |  |  | 369,760 |
Income (loss) from operations (1) | 498,287 |  |  | 143,870 |  |  | (264,468 | ) |  | (17,819 | ) |  | 359,870 |
Interest expense, net | 7,601 |  |  | 43,033 |  |  | 127,787 |  |  | — |  |  | 178,421 |
Capital expenditures (2) | 552,020 |  |  | 175,696 |  |  | 6,171 |  |  | — |  |  | 733,887 |
| Year Ended December 31, 2017
| Refining |  | Logistics |  | Corporate |  | Eliminations |  | Consolidated Total
Revenues | $ | 21,769,703 |  |  | $ | 257,588 |  |  | $ | — |  |  | $ | (240,654 | ) |  | $ | 21,786,637 |
Depreciation and amortization expense | 253,588 |  |  | 24,404 |  |  | 12,964 |  |  | — |  |  | 290,956 |
Income (loss) from operations (1) | 814,033 |  |  | 143,379 |  |  | (210,902 | ) |  | (14,565 | ) |  | 731,945 |
Interest expense, net | 4,695 |  |  | 33,363 |  |  | 124,325 |  |  | — |  |  | 162,383 |
Capital expenditures (3) | 633,294 |  |  | 90,258 |  |  | 3,483 |  |  | — |  |  | 727,035 |
| Year Ended December 31, 2016
| Refining |  | Logistics |  | Corporate |  | Eliminations |  | Consolidated Total
Revenues | $ | 15,906,866 |  |  | $ | 189,006 |  |  | $ | — |  |  | $ | (175,448 | ) |  | $ | 15,920,424 |
Depreciation and amortization expense | 200,935 |  |  | 15,406 |  |  | 5,835 |  |  | — |  |  | 222,176 |
Income (loss) from operations | 557,839 |  |  | 105,240 |  |  | (157,737 | ) |  | (5,679 | ) |  | 499,663 |
Interest expense, net | 2,938 |  |  | 30,433 |  |  | 122,448 |  |  | — |  |  | 155,819 |
Capital expenditures (4) | 1,468,696 |  |  | 123,946 |  |  | 20,229 |  |  | — |  |  | 1,612,871 |
| Balance at December 31, 2018
| Refining |  | Logistics |  | Corporate |  | Eliminations |  | Consolidated Total
Total assets (5) | $ | 6,988,059 |  |  | $ | 956,353 |  |  | $ | 45,676 |  |  | $ | (37,052 | ) |  | $ | 7,953,036 |
| Balance at December 31, 2017
| Refining |  | Logistics |  | Corporate |  | Eliminations |  | Consolidated Total
Total assets (5) | $ | 7,287,384 |  |  | $ | 748,215 |  |  | $ | 44,203 |  |  | $ | (40,817 | ) |  | $ | 8,038,985 |
(1) | The Logistics segment includes 100% of the income from operations of TVPC as TVPC is consolidated by PBFX. PBFX records net income attributable to noncontrolling interest for the 50% equity interest in TVPC held by PBF Holding. PBF Holding (included in the Refining segment) records equity income in investee related to its 50% noncontrolling ownership interest in TVPC. For the purposes of the Company’s consolidated financial statements, PBF Holding’s equity income in investee and PBFX’s net income attributable to noncontrolling interest eliminate in consolidation.
(2) | The Logistics segment includes capital expenditures of $58,356 for the PBFX acquisition of the Knoxville Terminals on April 16, 2018 and $74,989 for the PBFX acquisition of the East Coast Storage Assets on October 1, 2018.
(3) | The Logistics segment includes capital expenditures of $10,097 for the PBFX acquisition of the Toledo Products Terminal on April 17, 2017.
(4) | The Refining segment includes capital expenditures of $971,932 related to the acquisition of the Torrance refinery and related logistics assets that was completed in the third quarter of 2016. Additionally, the Refining segment includes capital expenditures of $2,659 for the working capital settlement related to the acquisition of the Chalmette refinery that was finalized in the first quarter of 2016. The Logistics segment includes $98,373 for the PBFX Plains Asset Purchase that was completed in the second quarter of 2016.
(5) | The Logistics segment includes 100% of the assets of TVPC as TVPC is consolidated by PBFX. PBFX records a noncontrolling interest for the 50% equity interest in TVPC held by PBF Holding. PBF Holding (included in the Refining segment) records an equity investment in TVPC reflecting its noncontrolling ownership interest. For the purposes of the Company’s consolidated financial statements, PBFX’s noncontrolling interest in TVPC and PBF Holding’s equity investment in TVPC eliminate in consolidation.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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