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INCOME TAXES (Tables)

12 Months Ended

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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