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FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended
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Dec. 31, 2018
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 December 31, 2018 and 2017. 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 consolidated balance sheet.
| As of December 31, 2018
| Fair Value Hierarchy |  |  |  |  |  |
| Level 1 |  | Level 2 |  | Level 3 |  | Total Gross Fair Value |  | Effect of Counter-party Netting |  | Net Carrying Value on Balance Sheet
Assets: |  |  |  |  |  |  |  |  |  |  |
Money market funds | $ | 16,702 |  |  | $ | — |  |  | $ | — |  |  | $ | 16,702 |  |  | N/A |  |  | $ | 16,702 |
Commodity contracts | 1,230 |  |  | 8,872 |  |  |  |  | 10,102 |  |  | (2,895 | ) |  | 7,207 |
Derivatives included with inventory intermediation agreement obligations | — |  |  | 24,069 |  |  | — |  |  | 24,069 |  |  | — |  |  | 24,069 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Commodity contracts | 2,685 |  |  | 210 |  |  | — |  |  | 2,895 |  |  | (2,895 | ) |  | — |
Catalyst lease obligations | — |  |  | 44,353 |  |  | — |  |  | 44,353 |  |  | — |  |  | 44,353 |
| As of December 31, 2017
| Fair Value Hierarchy |  |  |  |  |  |
| Level 1 |  | Level 2 |  | Level 3 |  | Total Gross Fair Value |  | Effect of Counter-party Netting |  | Net Carrying Value on Balance Sheet
Assets: |  |  |  |  |  |  |  |  |  |  |
Money market funds | $ | 4,730 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,730 |  |  | N/A |  |  | $ | 4,730 |
Commodity contracts | 10,031 |  |  | 357 |  |  | — |  |  | 10,388 |  |  | (10,388 | ) |  | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Commodity contracts | 51,673 |  |  | 33,035 |  |  | — |  |  | 84,708 |  |  | (10,388 | ) |  | 74,320 |
Catalyst lease obligations | — |  |  | 59,048 |  |  | — |  |  | 59,048 |  |  | — |  |  | 59,048 |
Derivatives included with inventory intermediation agreement obligations | — |  |  | 7,721 |  |  | — |  |  | 7,721 |  |  | — |  |  | 7,721 |
Schedule of Effect of Significant Unobservable Inputs | Non-qualified pension plan assets are measured at fair value using a market approach based on published net asset values of mutual funds as a practical expedient. As of December 31, 2018 and 2017, $9,694 and $9,593, respectively, were included within Deferred charges and other assets, net for these non-qualified pension plan assets. The table below summarizes the changes in fair value measurements of commodity contracts categorized in Level 3 of the fair value hierarchy:
| Year Ended December 31,
| 2018 |  | 2017
Balance at beginning of period | $ | — |  |  | $ | (84 | )
Purchases | — |  |  | — |
Settlements | — |  |  | 45 |
Unrealized gain (loss) included in earnings | — |  |  | 39 |
Transfers into Level 3 | — |  |  | — |
Transfers out of Level 3 | — |  |  | — |
Balance at end of period | $ | — |  |  | $ | — |
Schedule of Fair value of Debt | The table below summarizes the fair value and carrying value of debt as of December 31, 2018 and 2017.
| December 31, 2018 |  | December 31, 2017
| Carrying value |  | Fair value |  | Carrying value |  | Fair value
2025 Senior Notes (a) | $ | 725,000 |  |  | $ | 688,420 |  |  | $ | 725,000 |  |  | $ | 763,945 |
2023 Senior Notes (a) (e) | 500,000 |  |  | 479,387 |  |  | 500,000 |  |  | 522,101 |
PBFX 2023 Senior Notes (a) | 527,819 |  |  | 515,336 |  |  | 528,374 |  |  | 544,118 |
PBF Rail Term Loan (b) | 21,554 |  |  | 21,554 |  |  | 28,366 |  |  | 28,366 |
Catalyst leases (c) | 44,353 |  |  | 44,353 |  |  | 59,048 |  |  | 59,048 |
PBFX Revolving Credit Facility (b) (d) | 156,000 |  |  | 156,000 |  |  | 29,700 |  |  | 29,700 |
Revolving Credit Facility (b) | — |  |  | — |  |  | 350,000 |  |  | 350,000 |
| 1,974,726 |  |  | 1,905,050 |  |  | 2,220,488 |  |  | 2,297,278 |
Less - Current debt (c) | (2,378 | ) |  | (2,378 | ) |  | (10,987 | ) |  | (10,987 | )
Less - Unamortized deferred financing costs | (41,032 | ) |  | n/a |  |  | (34,459 | ) |  | n/a |
Long-term debt | $ | 1,931,316 |  |  | $ | 1,902,672 |  |  | $ | 2,175,042 |  |  | $ | 2,286,291 |
(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 Notes and PBFX 2023 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. During 2017 Delaware City Refining entered into two platinum bridge leases which were settled during the second quarter of 2018. During 2018 Delaware City Refining, Toledo Refining and Chalmette Refining entered into three new platinum bridge leases which will expire in 2019. The bridge leases are payable at maturity and are not anticipated to be renewed. The total outstanding balance related to these bridge leases as of December 31, 2018 was $2,378 and is included in Current debt in the Company’s consolidated balance sheet. (d) On October 1, 2018, PBFX borrowed $75,000 to fund the East Coast Storage Acquisition. Refer to “Note 3 - PBF Logistics LP” for more details. (e) As discussed in “Note 9 - Credit Facility and Debt”, these notes became unsecured following the Collateral Fall-Away Event on May 30, 2017.

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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=66048111&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=66048111&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=66048111&loc=d3e19190-110258 + Details
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