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FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2021

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, 2021 and 2020.

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, 2021
			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			$	270.1					$	—					$	—					$	270.1					N/A						$	270.1
Commodity contracts			71.5						—						—						71.5						(71.5)						—
Derivatives included within inventory intermediation agreement obligations			—						19.7						—						19.7						—						19.7
Liabilities:
Commodity contracts			79.7						3.8						—						83.5						(71.5)						12.0
Catalyst obligations			—						58.4						—						58.4						—						58.4
Renewable energy credit and emissions obligations			—						953.9						—						953.9						—						953.9
Contingent consideration obligation			—						—						32.3						32.3						—						32.3

			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 within 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
Renewable energy credit and emissions obligations			—						528.1						—						528.1												528.1
Contingent consideration obligation			—						—						12.1						12.1						—						12.1

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)			2021						2020
Balance at beginning of period			$	12.1					$	26.1
Additions			—						77.3
Accretion on discounted liabilities			—						3.8
Settlements			(12.2)						(3.0)
Unrealized loss (gain) included in earnings			32.4						(92.1)
Balance at end of period			$	32.3					$	12.1

Schedule of Fair value of Debt

The table below summarizes the fair value and carrying value of debt as of December 31, 2021 and 2020.

			December 31, 2021												December 31, 2020
(in millions)			Carrying value						Fair  value						Carrying  value						Fair value
2025 Senior Secured Notes (a)			$	1,250.0					$	1,192.7					$	1,250.0					$	1,232.9
2028 Senior Notes (a)			826.5						520.9						1,000						562.5
2025 Senior Notes (a)			669.5						475.9						725.0						475.3
PBFX 2023 Senior Notes (a)			525.0						513.7						525.0						503.0
Revolving Credit Facility (b)			900.0						900.0						900.0						900.0
PBFX Revolving Credit Facility (b)			100.0						100.0						200.0						200.0
PBF Rail Term Loan (b)			—						—						7.4						7.4
Catalyst financing arrangements (c)			58.4						58.4						102.5						102.5
			4,329.4						3,761.6						4,709.9						3,983.6
Less - Current debt			—						—						(7.4)						(7.4)
Unamortized premium			1.4						n/a						2.2						n/a
Less - Unamortized deferred financing costs			(35.0)						n/a						(51.1)						n/a
Long-term debt			$	4,295.8					$	3,761.6					$	4,653.6					$	3,976.2

_________________________

(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) 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.

(c) 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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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.

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-Publisher FASB
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Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements.

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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)
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

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