XML 72 R52.htm IDEA: XBRL DOCUMENT v3.22.0.1

STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2021

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)						2021						2020						2019
PBF Energy options						$	17.3					$	16.1					$	15.8
PBF Energy restricted shares						2.8						5.3						6.5
PBF Energy performance awards						10.2						7.9						8.2
PBFX phantom units						5.3						4.9						6.8
						$	35.6					$	34.2					$	37.3

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, 2021						December 31, 2020						December 31, 2019
Expected life (in years)						6.00						6.08						6.25
Expected volatility						83.8		%				69.1		%				38.6		%
Dividend yield						0.00		%				1.41		%				3.54		%
Risk-free rate of return						1.37		%				0.81		%				2.16		%
Exercise price						$	13.91					$	13.58					$	34.11
Weighted average fair value per option granted						$	9.84					$	5.49					$	9.43

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, 2021						December 31, 2020						December 31, 2019
Expected life (in years)						3.12						2.89 - 3.14						2.17 - 2.88
Expected volatility						83.78		%				39.88% - 82.63%						37.19% - 41.70%
Dividend yield						0.00		%				0.00% - 4.28%						3.40% - 3.67%
Risk-free rate of return						0.87		%				0.26% - 1.34%						1.66% - 2.51%
Weighted average grant-date fair value per PSU						$	18.73					$	10.77					$	27.99

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 2021:

						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, 2021						13,790,777						$	25.69					7.12
Granted						1,700,621						13.91						10.00
Exercised						(52,400)						6.72						—
Forfeited						(389,239)						23.70						—
Outstanding at December 31, 2021						15,049,759						$	24.48					6.51
Exercisable and vested at December 31, 2021						9,397,483						$	27.72					5.26
Expected to vest at December 31, 2021						15,049,759						$	24.48					6.51

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, 2021						303,555						$	22.32
Granted						81,840						16.13
Vested						(229,462)						24.34
Forfeited						(246)						24.18
Nonvested at December 31, 2021						155,687						$	16.09

Unrecognized compensation expense related to PBF Energy Restricted Class A common stock at December 31, 2021 was $0.1 million, which will be recognized from 2022 through 2023.

The following table reflects activity related to our restricted stock:

						December 31, 2021						December 31, 2020						December 31, 2019
Weighted-average grant-date fair value per share of restricted stock granted						$	16.13					$	9.82					$	28.20
Fair value of restricted stock vested (in millions)						$	3.1					$	4.2					$	11.6

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, 2021						623,160						$	15.62
Granted						301,965						18.73
Vested						(179,600)						27.85
Nonvested at December 31, 2021						745,525						$	13.93

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:

						Number of PBF Energy Performance Units
Nonvested at January 1, 2021						16,071,745
Granted						11,782,926
Vested						(7,676,658)
Nonvested at December 31, 2021						20,178,013

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, 2021, 2020 and 2019 is set forth below:

						Number of Phantom Units						Weighted Average Grant Date Fair Value
Nonvested at January 1, 2021						769,688						$	15.29
Granted						344,546						14.50
Vested						(308,427)						17.07
Forfeited						(15,125)						12.81
Nonvested at December 31, 2021						790,682						$	14.30

The following table reflects activity related to our phantom units:

						December 31, 2021						December 31, 2020						December 31, 2019
Weighted-average grant-date fair value per phantom unit granted						$	14.50					$	8.14					$	21.39
Fair value of phantom unit vested (in millions)						$	4.6					$	3.2					$	6.2

X

- Definition

Schedule of Share-Based Payment Awards, Performance Awards, Valuation Assumptions [Table Text Block]

+ References

No definition available.

+ Details

Name:	pbf_ScheduleofShareBasedPaymentAwardsPerformanceAwardsValuationAssumptionsTableTextBlock
Namespace Prefix:	pbf_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)
-URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 14.F)
-URI http://asc.fasb.org/extlink&oid=122041274&loc=d3e301413-122809

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5047-113901

+ Details

Name:	us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of activity for award under share-based payment arrangement. Includes, but is not limited to, outstanding award at beginning and end of year, granted, exercised, forfeited, and weighted-average grant date fair value.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(2)
-URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901

+ Details

Name:	us-gaap_ScheduleOfShareBasedCompensationActivityTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901

+ Details

Name:	us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

No definition available.

+ Details

Name:	us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Details

Name:	srt_ConsolidatedEntitiesAxis=srt_ParentCompanyMember
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type:

X

- Details

Name:	us-gaap_AwardTypeAxis=us-gaap_EmployeeStockOptionMember
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type:

X

- Details

Name:	us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type:

X

- Details

Name:	us-gaap_AwardTypeAxis=pbf_PerformanceShareUnitsMember
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type:

X

- Details

Name:	us-gaap_AwardTypeAxis=pbf_PerformanceUnitsMember
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type:

X

- Details

Name:	dei_LegalEntityAxis=pbf_PBFXMember
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type:

X

- Details

Name:	us-gaap_AwardTypeAxis=us-gaap_PhantomShareUnitsPSUsMember
Namespace Prefix:
Data Type:	na
Balance Type:
Period Type: