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SEGMENT INFORMATION | 6 Months Ended
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Jun. 30, 2024
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 or Logistics segments, including the Company’s share of SBR’s results, are included in Corporate. Intersegment transactions are eliminated in the Condensed Consolidated Financial Statements and are included in the Eliminations column below. 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 partnership formed to own or lease, operate, develop, and acquire crude oil and refined 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 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 receivable and other assets directly associated with the segment’s operations. Corporate assets consist primarily of the Company’s equity method investment in SBR, 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 three and six months ended June 30, 2024 and June 30, 2023 are presented below.
| Three Months Ended June 30, 2024
(in millions) | Refining |  | Logistics |  | Corporate |  | Eliminations |  | Consolidated Total
Revenues | $ | 8,726.6 |  |  | $ | 98.5 |  |  | $ | — |  |  | $ | (89.0) |  |  | $ | 8,736.1 |
Depreciation and amortization expense | 145.7 |  |  | 9.1 |  |  | 3.3 |  |  | — |  |  | 158.1 |
Income (loss) from operations | (46.9) |  |  | 51.0 |  |  | (78.7) |  |  | — |  |  | (74.6) |
Interest (income) expense, net | (2.7) |  |  | (0.4) |  |  | 20.4 |  |  | — |  |  | 17.3 |
Capital expenditures | 330.3 |  |  | 0.6 |  |  | 2.5 |  |  | — |  |  | 333.4 |
| Three Months Ended June 30, 2023
| Refining |  | Logistics |  | Corporate |  | Eliminations |  | Consolidated Total
Revenues | $ | 9,148.4 |  |  | $ | 94.0 |  |  | $ | — |  |  | $ | (84.8) |  |  | $ | 9,157.6 |
Depreciation and amortization expense | 133.0 |  |  | 9.2 |  |  | 2.3 |  |  | — |  |  | 144.5 |
Income from operations (1) | 455.6 |  |  | 51.9 |  |  | 881.7 |  |  | — |  |  | 1,389.2 |
Interest (income) expense, net | (6.9) |  |  | 0.1 |  |  | 20.6 |  |  | — |  |  | 13.8 |
Capital expenditures (2) | 362.1 |  |  | 2.4 |  |  | 2.5 |  |  | — |  |  | 367.0 |
| Six Months Ended June 30, 2024
| Refining |  | Logistics |  | Corporate |  | Eliminations |  | Consolidated Total
Revenues | $ | 17,363.0 |  |  | $ | 194.6 |  |  | $ | — |  |  | $ | (175.9) |  |  | $ | 17,381.7 |
Depreciation and amortization expense | 278.0 |  |  | 18.2 |  |  | 6.5 |  |  | — |  |  | 302.7 |
Income (loss) from operations (1) | 123.7 |  |  | 96.1 |  |  | (149.3) |  |  | — |  |  | 70.5 |
Interest (income) expense, net | (6.8) |  |  | (1.0) |  |  | 35.6 |  |  | — |  |  | 27.8 |
Capital expenditures (2) | 613.4 |  |  | 1.7 |  |  | 3.0 |  |  | — |  |  | 618.1 |
| Six Months Ended June 30, 2023
| Refining |  | Logistics |  | Corporate |  | Eliminations |  | Consolidated Total
Revenues | $ | 18,433.9 |  |  | $ | 192.5 |  |  | $ | — |  |  | $ | (173.8) |  |  | $ | 18,452.6 |
Depreciation and amortization expense | 265.9 |  |  | 18.2 |  |  | 4.2 |  |  | — |  |  | 288.3 |
Income from operations (1) | 981.3 |  |  | 101.6 |  |  | 838.7 |  |  | — |  |  | 1,921.6 |
Interest (income) expense, net | (11.0) |  |  | 3.8 |  |  | 39.7 |  |  | — |  |  | 32.5 |
Capital expenditures (2) | 741.3 |  |  | 5.1 |  |  | 3.7 |  |  | — |  |  | 750.1 |
| Balance at June 30, 2024
| Refining |  | Logistics |  | Corporate |  | Eliminations |  | Consolidated Total
Total assets (3) | $ | 12,295.2 |  |  | $ | 789.3 |  |  | $ | 1,030.4 |  |  | $ | (38.8) |  |  | $ | 14,076.1 |
| Balance at December 31, 2023
| Refining |  | Logistics |  | Corporate |  | Eliminations |  | Consolidated Total
Total assets (3) | $ | 12,590.6 |  |  | $ | 816.8 |  |  | $ | 1,024.1 |  |  | $ | (43.7) |  |  | $ | 14,387.8 |
___________________________________ (1) Income (loss) from operations within Corporate for the six months ended June 30, 2024 includes an $8.7 million reduction of the gain associated with the formation of the SBR equity method investment. Income from operations within Corporate for both the three and six months ended June 30, 2023 includes the $968.9 million gain on formation of the SBR equity method investment. (2) For the six months ended June 30, 2024, the Company’s refining segment includes $5.6 million of capital expenditures related to the Renewable Diesel Facility. For the three and six months ended June 30, 2023, the Company’s refining segment included $107.4 million and $265.3 million, respectively, of capital expenditures related to the Renewable Diesel Facility. (3) As of June 30, 2024 and December 31, 2023, Corporate assets include the Company’s Equity method investment in SBR of $867.3 million and $881.0 million, respectively.

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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://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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