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SEGMENT INFORMATION | 12 Months Ended
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Dec. 31, 2020
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 six 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, Chalmette, Louisiana, Torrance, California and Martinez, 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, Canada and Mexico, 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 revenues 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 Refining 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 non-operating property, plant and equipment and other assets not directly related to the Company’s refinery and logistics operations. Disclosures regarding the Company’s reportable segments with reconciliations to consolidated totals for the years ended December 31, 2020, 2019 and 2018 are presented below. In connection with certain contributions by PBF LLC to PBFX, the accompanying segment information is retrospectively adjusted to include the historical results of those assets in the Logistics segment for all periods presented prior to such contributions, as applicable.
| Year Ended December 31, 2020
PBF Energy (in millions) | Refining |  | Logistics |  | Corporate |  | Eliminations |  | Consolidated Total
Revenues | $ | 15,045.0 |  |  | $ | 360.3 |  |  | $ | — |  |  | $ | (289.4) |  |  | $ | 15,115.9 |
Depreciation and amortization expense | 498.0 |  |  | 53.7 |  |  | 11.3 |  |  | — |  |  | 563.0 |
Income (loss) from operations | (1,450.4) |  |  | 195.3 |  |  | (161.7) |  |  | — |  |  | (1,416.8) |
Interest expense, net | 1.7 |  |  | 47.9 |  |  | 208.6 |  |  | — |  |  | 258.2 |
Capital expenditures (1) | 1,546.6 |  |  | 12.3 |  |  | 10.7 |  |  | — |  |  | 1,569.6 |
| Year Ended December 31, 2019
| Refining |  | Logistics |  | Corporate |  | Eliminations |  | Consolidated Total
Revenues | $ | 24,468.9 |  |  | $ | 340.2 |  |  | $ | — |  |  | $ | (300.9) |  |  | $ | 24,508.2 |
Depreciation and amortization expense | 386.7 |  |  | 38.6 |  |  | 10.8 |  |  | — |  |  | 436.1 |
Income (loss) from operations (2) (3) | 767.9 |  |  | 159.3 |  |  | (270.3) |  |  | (7.9) |  |  | 649.0 |
Interest expense, net | 1.3 |  |  | 51.1 |  |  | 107.2 |  |  | — |  |  | 159.6 |
Capital expenditures | 708.9 |  |  | 31.7 |  |  | 8.3 |  |  | — |  |  | 748.9 |
| Year Ended December 31, 2018
| Refining |  | Logistics |  | Corporate |  | Eliminations |  | Consolidated Total
Revenues | $ | 27,162.1 |  |  | $ | 283.4 |  |  | $ | — |  |  | $ | (259.4) |  |  | $ | 27,186.1 |
Depreciation and amortization expense | 329.3 |  |  | 29.8 |  |  | 10.6 |  |  | — |  |  | 369.7 |
Income (loss) from operations (3) | 498.2 |  |  | 143.9 |  |  | (266.2) |  |  | (17.8) |  |  | 358.1 |
Interest expense, net | 7.6 |  |  | 43.0 |  |  | 119.3 |  |  | — |  |  | 169.9 |
Capital expenditures (4) | 552.0 |  |  | 175.7 |  |  | 6.2 |  |  | — |  |  | 733.9 |
| Balance at December 31, 2020
| Refining |  | Logistics |  | Corporate |  | Eliminations |  | Consolidated Total
Total assets | $ | 9,565.0 |  |  | $ | 933.6 |  |  | $ | 54.4 |  |  | $ | (53.2) |  |  | $ | 10,499.8 |
| Balance at December 31, 2019
| Refining |  | Logistics |  | Corporate |  | Eliminations |  | Consolidated Total
Total assets (2) | $ | 8,154.8 |  |  | $ | 973.0 |  |  | $ | 52.7 |  |  | $ | (48.1) |  |  | $ | 9,132.4 |
| Year Ended December 31, 2020
PBF LLC (in millions) | Refining |  | Logistics |  | Corporate |  | Eliminations |  | Consolidated Total
Revenues | $ | 15,045.0 |  |  | $ | 360.3 |  |  | $ | — |  |  | $ | (289.4) |  |  | $ | 15,115.9 |
Depreciation and amortization expense | 498.0 |  |  | 53.7 |  |  | 11.3 |  |  | — |  |  | 563.0 |
Income (loss) from operations | (1,450.4) |  |  | 195.3 |  |  | (160.9) |  |  | — |  |  | (1,416.0) |
Interest expense, net | 1.7 |  |  | 47.9 |  |  | 218.9 |  |  | — |  |  | 268.5 |
Capital expenditures (1) | 1,546.6 |  |  | 12.3 |  |  | 10.7 |  |  | — |  |  | 1,569.6 |
| Year Ended December 31, 2019
| Refining |  | Logistics |  | Corporate |  | Eliminations |  | Consolidated Total
Revenues | $ | 24,468.9 |  |  | $ | 340.2 |  |  | $ | — |  |  | $ | (300.9) |  |  | $ | 24,508.2 |
Depreciation and amortization expense | 386.7 |  |  | 38.6 |  |  | 10.8 |  |  | — |  |  | 436.1 |
Income (loss) from operations (2) (3) | 767.9 |  |  | 159.3 |  |  | (268.6) |  |  | (7.9) |  |  | 650.7 |
Interest expense, net | 1.3 |  |  | 51.1 |  |  | 116.7 |  |  | — |  |  | 169.1 |
Capital expenditures | 708.9 |  |  | 31.7 |  |  | 8.3 |  |  | — |  |  | 748.9 |
| Year Ended December 31, 2018
| Refining |  | Logistics |  | Corporate |  | Eliminations |  | Consolidated Total
Revenues | $ | 27,162.1 |  |  | $ | 283.4 |  |  | $ | — |  |  | $ | (259.4) |  |  | $ | 27,186.1 |
Depreciation and amortization expense | 329.3 |  |  | 29.8 |  |  | 10.6 |  |  | — |  |  | 369.7 |
Income (loss) from operations (3) | 498.2 |  |  | 143.9 |  |  | (264.4) |  |  | (17.8) |  |  | 359.9 |
Interest expense, net | 7.6 |  |  | 43.0 |  |  | 127.9 |  |  | — |  |  | 178.5 |
Capital expenditures (4) | 552.0 |  |  | 175.7 |  |  | 6.2 |  |  | — |  |  | 733.9 |
| Balance at December 31, 2020
| Refining |  | Logistics |  | Corporate |  | Eliminations |  | Consolidated Total
Total assets | $ | 9,565.0 |  |  | $ | 933.6 |  |  | $ | 52.3 |  |  | $ | (53.2) |  |  | $ | 10,497.7 |
| Balance at December 31, 2019
| Refining |  | Logistics |  | Corporate |  | Eliminations |  | Consolidated Total
Total assets (2) | $ | 8,154.8 |  |  | $ | 973.0 |  |  | $ | 49.4 |  |  | $ | (48.1) |  |  | $ | 9,129.1 |
(1) The Refining segment includes capital expenditures of $1,176.2 million for the acquisition of the Martinez refinery in the first quarter of 2020. (2) On April 24, 2019, PBFX entered into the TVPC Contribution Agreement, pursuant to which PBF LLC contributed to PBFX all of the issued and outstanding limited liability company interests of TVP Holding. Prior to the TVPC Acquisition, TVP Holding owned a 50% membership interest in TVPC. Subsequent to the closing of the TVPC Acquisition on May 31, 2019, PBFX owns 100% of the membership interests in TVPC. (3) Prior to the TVPC Contribution Agreement, the Logistics segment included 100% of the income from operations of TVPC, as TVPC was consolidated by PBFX. PBFX recorded net income attributable to noncontrolling interest for the 50% equity interest in TVPC held by PBF Holding. PBF Holding (included in the Refining segment) recorded equity income in investee related to its 50% noncontrolling ownership interest in TVPC. For 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. (4) The Logistics segment includes capital expenditures of $58.4 million for the PBFX acquisition of the Knoxville Terminals on April 16, 2018 and $75.0 million for the PBFX acquisition of the East Coast Storage Assets on October 1, 2018.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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