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STOCK-BASED COMPENSATION (Tables) | 12 Months Ended
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Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Schedule of stock-based compensation expense | Stock-based compensation expense included in general and administrative expenses consisted of the following:
|  | Years Ended December 31,
(in millions) |  | 2020 |  | 2019 |  | 2018
PBF Energy options |  | $ | 16.1 |  |  | $ | 15.8 |  |  | $ | 11.5 |
PBF Energy restricted shares |  | 5.3 |  |  | 6.5 |  |  | 7.5 |
PBF Energy performance awards |  | 7.9 |  |  | 8.2 |  |  | 1.2 |
PBFX phantom units |  | 4.9 |  |  | 6.8 |  |  | 5.8 |
|  | $ | 34.2 |  |  | $ | 37.3 |  |  | $ | 26.0 |
Weighted average assumptions | The Black-Scholes option-pricing model values used to value stock option awards granted were determined based on the following weighted average assumptions:
|  | December 31, 2020 |  | December 31, 2019 |  | December 31, 2018
Expected life (in years) |  | 6.08 |  | 6.25 |  | 6.25
Expected volatility |  | 69.1 | % |  | 38.6 | % |  | 35.8 | %
Dividend yield |  | 1.41 | % |  | 3.54 | % |  | 3.49 | %
Risk-free rate of return |  | 0.81 | % |  | 2.16 | % |  | 2.82 | %
Exercise price |  | $ | 13.58 |  |  | $ | 34.11 |  |  | $ | 35.25 |
Weighted average fair value per option granted |  | $ | 5.49 |  |  | $ | 9.43 |  |  | $ | 9.55 |
Schedule of Share-Based Payment Awards, Performance Awards, Valuation Assumptions [Table Text Block] | The grant date fair value was calculated using a Monte Carlo valuation model with the following assumptions:
|  | December 31, 2020 |  | December 31, 2019 |  | December 31, 2018
Expected life (in years) |  | 2.89 - 3.14 |  | 2.17 - 2.88 |  | 2.17
Expected volatility |  | 39.88% - 82.63% |  | 37.19% - 41.70% |  | 39.04 | %
Dividend yield |  | 0.00% - 4.28% |  | 3.40% - 3.67% |  | 2.95 | %
Risk-free rate of return |  | 0.26% - 1.34% |  | 1.66% - 2.51% |  | 2.89 | %
Weighted average grant-date fair value per PSU |  | $ | 10.77 |  |  | $ | 27.99 |  |  | $ | 50.23 |
PBF Energy [Member] | Performance share units [Member] |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Summary of Share-based compensation activity | The following table summarizes activity for PBF Energy performance share awards:
|  | Number of PBF Energy Performance Share Units (“PSU”) |  | Weighted Average Grant Date Fair Value
Nonvested at January 1, 2020 |  | 360,797 |  |  | $ | 39.03 |
Granted |  | 446,267 |  |  | 10.77 |
Vested (a) |  | (179,072) |  |  | 50.23 |
Forfeited |  | (4,832) |  |  | 33.01 |
Nonvested at December 31, 2020 |  | 623,160 |  |  | $ | 15.62 |
(a) In 2020, PSU’s with fair value of $0.8 million were vested.
PBF Energy [Member] | Employee Stock Option [Member] |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Summary of Share-based compensation activity | The following table summarizes activity for PBF Energy options for 2020:
|  | Number of PBF Energy Class A Common Stock Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life (in years)
Stock-based awards, outstanding at January 1, 2020 |  | 10,073,916 |  |  | $ | 30.47 |  |  | 7.17
Granted |  | 3,947,726 |  |  | 13.58 |  |  | 10.00
Exercised |  | (7,500) |  |  | 26.00 |  |  | — |
Forfeited |  | (223,365) |  |  | 26.96 |  |  | — |
Outstanding at December 31, 2020 |  | 13,790,777 |  |  | $ | 25.69 |  |  | 7.12
Exercisable and vested at December 31, 2020 |  | 7,124,039 |  |  | $ | 29.12 |  |  | 5.49
Expected to vest at December 31, 2020 |  | 13,790,777 |  |  | $ | 25.69 |  |  | 7.12
PBF Energy [Member] | Restricted Stock [Member] |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Summary of Share-based compensation activity | The following table summarizes activity for PBF Energy restricted stock:
|  | Number of PBF Energy Restricted Class A Common Stock |  | Weighted Average Grant Date Fair Value
Nonvested at January 1, 2020 |  | 492,225 |  |  | $ | 27.21 |
Granted |  | 159,377 |  |  | 9.82 |
Vested |  | (347,855) |  |  | 23.51 |
Forfeited |  | (192) |  |  | 24.18 |
Nonvested at December 31, 2020 |  | 303,555 |  |  | $ | 22.32 |
Unrecognized compensation expense related to PBF Energy Restricted Class A common stock at December 31, 2020 was $1.5 million, which will be recognized from 2021 through 2023. The following table reflects activity related to our restricted stock:
|  | December 31, 2020 |  | December 31, 2019 |  | December 31, 2018
Weighted-average grant-date fair value per share of restricted stock granted |  | $ | 9.82 |  |  | $ | 28.20 |  |  | $ | 47.24 |
Fair value of restricted stock vested (in millions) |  | $ | 4.2 |  |  | $ | 11.6 |  |  | $ | 13.0 |
PBF Energy [Member] | Performance Units [Member] |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Summary of Share-based compensation activity | The following table summarizes activity for PBF Energy performance unit awards:
(in millions) |  | Number of PBF Energy Performance Units (in equivalent $’s)
Nonvested at January 1, 2020 |  | $ | 15.1 |
Granted |  | 8.5 |
Vested (a) |  | (7.3) |
Forfeited |  | (0.2) |
Nonvested at December 31, 2020 |  | $ | 16.1 |
(a) In 2020, Performance Units with fair value of $3.2 million were vested.
PBFX [Member] | Phantom Share Units (PSUs) [Member] |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Summary of Share-based compensation activity | A summary of PBFX’s unit award activity for the years ended December 31, 2020, 2019 and 2018 is set forth below:
|  | Number of Phantom Units |  | Weighted Average Grant Date Fair Value
Nonvested at January 1, 2020 |  | 761,840 |  |  | $ | 20.77 |
Granted |  | 342,482 |  |  | 8.14 |
Vested |  | (325,384) |  |  | 20.63 |
Forfeited |  | (9,250) |  |  | 13.34 |
Nonvested at December 31, 2020 |  | 769,688 |  |  | $ | 15.29 |
The following table reflects activity related to our phantom units:
|  | December 31, 2020 |  | December 31, 2019 |  | December 31, 2018
Weighted-average grant-date fair value per share of phantom unit granted |  | $ | 8.14 |  |  | $ | 21.39 |  |  | $ | 19.95 |
Fair value of phantom unit vested (in millions) |  | $ | 3.2 |  |  | $ | 6.2 |  |  | $ | 4.7 |

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