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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2020
Operating Loss Carryforwards [Line Items] |
Summary of the income tax provision | The income tax provision in the PBF Energy Consolidated Statements of Operations consists of the following:
(in millions) | Year Ended December 31, 2020 |  | Year Ended December 31, 2019 |  | Year Ended December 31, 2018
Current expense (benefit): |  |  |  |  |
Federal | $ | (1.7) |  |  | $ | 0.2 |  |  | $ | 0.8 |
Foreign | — |  |  | 0.1 |  |  | — |
State | 2.2 |  |  | 0.3 |  |  | — |
Total current | 0.5 |  |  | 0.6 |  |  | 0.8 |
Deferred expense (benefit): |  |  |  |  |
Federal | (6.6) |  |  | 91.8 |  |  | 18.7 |
Foreign | 5.4 |  |  | (8.7) |  |  | 7.2 |
State | 2.8 |  |  | 20.6 |  |  | 6.8 |
Total deferred | 1.6 |  |  | 103.7 |  |  | 32.7 |
Total provision for income taxes | $ | 2.1 |  |  | $ | 104.3 |  |  | $ | 33.5 |
Schedule of effective income tax rate reconciliation |
(in millions) | Year Ended December 31, 2020 |  | Year Ended December 31, 2019 |  | Year Ended December 31, 2018
Current expense (benefit): |  |  |  |  |
Federal | $ | (1.7) |  |  | $ | 0.2 |  |  | $ | 0.8 |
Foreign | — |  |  | 0.1 |  |  | — |
State | 2.2 |  |  | 0.3 |  |  | — |
Total current | 0.5 |  |  | 0.6 |  |  | 0.8 |
Deferred expense (benefit): |  |  |  |  |
Federal | (6.6) |  |  | 91.8 |  |  | 18.7 |
Foreign | 5.4 |  |  | (8.7) |  |  | 7.2 |
State | 2.8 |  |  | 20.6 |  |  | 6.8 |
Total deferred | 1.6 |  |  | 103.7 |  |  | 32.7 |
Total provision for income taxes | $ | 2.1 |  |  | $ | 104.3 |  |  | $ | 33.5 |
The difference between PBF Energy’s effective income tax rate and the United States statutory rate is reconciled below:
| Year Ended December 31, 2020 |  | Year Ended December 31, 2019 |  | Year Ended December 31, 2018
Provision at Federal statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Increase (decrease) attributable to flow-through of certain tax adjustments: |  |  |  |  |
State income taxes (net of federal income tax) | 5.6 | % |  | 3.9 | % |  | 5.0 | %
Nondeductible/nontaxable items | (0.1) | % |  | 0.1 | % |  | 1.0 | %
Rate differential from foreign jurisdictions | — | % |  | (0.2) | % |  | 0.9 | %
Provision to return adjustment | (0.1) | % |  | (0.1) | % |  | (4.0) | %
Adjustment to deferred tax assets and liabilities for change in tax rates | 0.1 | % |  | (0.5) | % |  | — | %
Stock-based compensation | — | % |  | 0.1 | % |  | (2.6) | %
Deferred tax asset valuation allowance | (25.8) | % |  | — | % |  | — | %
Other | (0.9) | % |  | 0.3 | % |  | (0.6) | %
Effective tax rate | (0.2) | % |  | 24.6 | % |  | 20.7 | %
Schedule of Income Tax | For financial reporting purposes, income (loss) before income taxes attributable to PBF Energy Inc. stockholders includes the following components:
(in millions) | Year Ended December 31, 2020 |  | Year Ended December 31, 2019 |  | Year Ended December 31, 2018
United States income (loss) | $ | (1,413.0) |  |  | $ | 450.0 |  |  | $ | 134.3 |
Foreign income (loss) | 22.7 |  |  | (26.3) |  |  | 27.5 |
Total income (loss) before income taxes attributable to PBF Energy Inc. stockholders | $ | (1,390.3) |  |  | $ | 423.7 |  |  | $ | 161.8 |
Summary of the components of deferred tax assets and liabilities | A summary of the components of PBF Energy’s deferred tax assets and deferred tax liabilities consists of the following:
(in millions) | December 31, 2020 |  | December 31, 2019
Deferred tax assets |  |  |
Purchase interest step-up | $ | 155.2 |  |  | $ | 278.1 |
Inventory | 146.5 |  |  | 10.5 |
Pension, employee benefits and compensation | 48.5 |  |  | 60.3 |
Hedging | 4.3 |  |  | 3.3 |
Net operating loss carry forwards | 566.9 |  |  | 136.3 |
Environmental liabilities | 100.8 |  |  | 33.6 |
Lease liabilities | 223.4 |  |  | 83.4 |
Interest expense limitation carry forwards | 55.8 |  |  | 31.5 |
Other | 28.4 |  |  | 29.2 |
Total deferred tax assets | 1,329.8 |  |  | 666.2 |
Valuation allowances | (358.4) |  |  | — |
Total deferred tax assets, net | 971.4 |  |  | 666.2 |
Deferred tax liabilities |  |  |
Property, plant and equipment | 845.1 |  |  | 678.1 |
Right of use assets | 223.4 |  |  | 83.6 |
Other | 2.5 |  |  | 1.4 |
Total deferred tax liabilities | 1,071.0 |  |  | 763.1 |
Net deferred tax liabilities | $ | (99.6) |  |  | $ | (96.9) |
Summary of income tax examinations | Income tax years that remain subject to examination by material jurisdictions, where an examination has not already concluded are all years including and subsequent to:
United States |
Federal | 2017
New Jersey | 2015
Michigan | 2016
Delaware | 2017
Indiana | 2017
Pennsylvania | 2017
New York | 2017
Louisiana | 2017
California | 2016
PBF LLC [Member] |
Operating Loss Carryforwards [Line Items] |
Summary of the income tax provision | The reported income tax (benefit) expense in the PBF LLC Consolidated Statements of Operations consists of the following:
(in millions) | Year Ended December 31, 2020 |  | Year Ended December 31, 2019 |  | Year Ended December 31, 2018
Current income tax (benefit) expense | $ | (1.2) |  |  | $ | 0.5 |  |  | $ | 0.8 |
Deferred income tax expense (benefit) | 7.3 |  |  | (8.8) |  |  | 7.2 |
Total income tax expense (benefit) | $ | 6.1 |  |  | $ | (8.3) |  |  | $ | 8.0 |

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