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FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended
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Dec. 31, 2020
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, 2020 and 2019. The Company has 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. The Company has 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. The Company has no derivative contracts that are subject to master netting arrangements that are reflected gross on the Consolidated Balance Sheets.
| As of December 31, 2020
| Fair Value Hierarchy |  |  |  |  |  |
(in millions) | 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 | $ | 411.6 |  |  | $ | — |  |  | $ | — |  |  | $ | 411.6 |  |  | N/A |  | $ | 411.6 |
Commodity contracts | 2.5 |  |  | 3.5 |  |  | — |  |  | 6.0 |  |  | (6.0) |  |  | — |
Derivatives included with inventory intermediation agreement obligations | — |  |  | 11.3 |  |  | — |  |  | 11.3 |  |  | — |  |  | 11.3 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Commodity contracts | 2.3 |  |  | 6.7 |  |  | — |  |  | 9.0 |  |  | (6.0) |  |  | 3.0 |
Catalyst obligations | — |  |  | 102.5 |  |  | — |  |  | 102.5 |  |  | — |  |  | 102.5 |
Contingent consideration obligation | — |  |  | — |  |  | 12.1 |  |  | 12.1 |  |  | — |  |  | 12.1 |
| As of December 31, 2019
| Fair Value Hierarchy |  |  |  |  |  |
(in millions) | 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 | $ | 111.8 |  |  | $ | — |  |  | $ | — |  |  | $ | 111.8 |  |  | N/A |  | $ | 111.8 |
Commodity contracts | 32.5 |  |  | 1.5 |  |  | — |  |  | 34.0 |  |  | (33.8) |  |  | 0.2 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Commodity contracts | 32.8 |  |  | 1.0 |  |  | — |  |  | 33.8 |  |  | (33.8) |  |  | — |
Catalyst obligations | — |  |  | 47.6 |  |  | — |  |  | 47.6 |  |  | — |  |  | 47.6 |
Derivatives included with inventory intermediation agreement obligations | — |  |  | 1.3 |  |  | — |  |  | 1.3 |  |  | — |  |  | 1.3 |
Contingent consideration obligation | — |  |  | — |  |  | 26.1 |  |  | 26.1 |  |  | — |  |  | 26.1 |
Schedule of Effect of Significant Unobservable Inputs | The table below summarizes the changes in fair value measurements categorized in Level 3 of the fair value hierarchy, which primarily includes the change in estimated future earnings related to both the Martinez Contingent Consideration and the PBFX Contingent Consideration:
| Year Ended December 31,
(in millions) | 2020 |  | 2019 |  |  |  |  |
Balance at beginning of period | $ | 26.1 |  |  | $ | 21.6 |  |  |  |  |  |
Additions | 77.3 |  |  | — |  |  |  |  |  |
Accretion on discounted liabilities | 3.8 |  |  | 1.9 |  |  |  |  |  |
Settlements | (3.0) |  |  | — |  |  |  |  |  |
Unrealized gain included in earnings | (92.1) |  |  | 2.6 |  |  |  |  |  |
Balance at end of period | $ | 12.1 |  |  | $ | 26.1 |  |  |  |  |  |
Schedule of Fair value of Debt | The table below summarizes the fair value and carrying value of debt as of December 31, 2020 and 2019.
| December 31, 2020 |  | December 31, 2019
(in millions) | Carrying value |  | Fair value |  | Carrying value |  | Fair value
2025 Senior Secured Notes (a) | $ | 1,250.6 |  |  | $ | 1,232.9 |  |  | $ | — |  |  | $ | — |
2028 Senior Notes (a) | 1,000.0 |  |  | 562.5 |  |  | — |  |  | — |
2025 Senior Notes (a) | 725.0 |  |  | 475.3 |  |  | 725.0 |  |  | 776.5 |
2023 Senior Notes (a) (b) | — |  |  | — |  |  | 500.0 |  |  | 519.7 |
PBFX 2023 Senior Notes (a) | 526.6 |  |  | 503.0 |  |  | 527.2 |  |  | 543.0 |
Revolving Credit Facility (c) | 900.0 |  |  | 900.0 |  |  | — |  |  | — |
PBFX Revolving Credit Facility (c) | 200.0 |  |  | 200.0 |  |  | 283.0 |  |  | 283.0 |
PBF Rail Term Loan (c) | 7.4 |  |  | 7.4 |  |  | 14.5 |  |  | 14.5 |
Catalyst financing arrangements (d) | 102.5 |  |  | 102.5 |  |  | 47.6 |  |  | 47.6 |
| 4,712.1 |  |  | 3,983.6 |  |  | 2,097.3 |  |  | 2,184.3 |
Less - Current debt | (7.4) |  |  | (7.4) |  |  | — |  |  | — |
Less - Unamortized deferred financing costs | (51.1) |  |  | n/a |  | (32.4) |  |  | n/a
Long-term debt | $ | 4,653.6 |  |  | $ | 3,976.2 |  |  | $ | 2,064.9 |  |  | $ | 2,184.3 |
_________________________ (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 outstanding senior notes. (b) As disclosed in “Note 10 - Credit Facilities and Debt”, the 2023 Senior Notes were redeemed in full on February 14, 2020. (c) 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. (d) Catalyst financing arrangements 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 repurchase obligations as the Company’s liability is directly impacted by the change in fair value of the underlying catalyst.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258 + 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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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