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EQUITY
 6 Months Ended
Jun. 30, 2024
Noncontrolling Interest [Abstract]  
EQUITY EQUITY
Noncontrolling Interest in PBF LLC
PBF Energy is the sole managing member of, and has a controlling interest in, PBF LLC. As the sole managing member of PBF LLC, PBF Energy operates and controls all of the business and affairs of PBF LLC and its subsidiaries. PBF Energy’s equity interest in PBF LLC was approximately 99.3% as of both June 30, 2024 and December 31, 2023.
PBF Energy consolidates the financial results of PBF LLC and its subsidiaries, and records a noncontrolling interest for the economic interest in PBF Energy held by the members of PBF LLC other than PBF Energy. Noncontrolling interest on the Condensed Consolidated Statements of Operations includes the portion of net income or loss attributable to the economic interest in PBF Energy held by the members of PBF LLC other than PBF Energy. Noncontrolling interest on the Condensed Consolidated Balance Sheets reflects the portion of net assets of PBF Energy attributable to the members of PBF LLC other than PBF Energy.
The noncontrolling interest ownership percentages in PBF LLC as of December 31, 2023 and June 30, 2024 are calculated as follows:
Holders of PBF LLC Series A UnitsOutstanding Shares of PBF Energy Class A Common Stock
Total *
December 31, 2023862,780120,440,620121,303,400
0.7%99.3%100.0%
June 30, 2024862,779117,148,630118,011,409
0.7%99.3%100.0%
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*    Assumes all of the holders of PBF LLC Series A Units exchange their PBF LLC Series A Units for shares of PBF Energy’s Class A common stock on a one-for-one basis.
Noncontrolling Interest in PBF Holding
In connection with the acquisition of the Chalmette refinery, PBF Holding records noncontrolling interest in two subsidiaries of Chalmette Refining. PBF Holding, through Chalmette Refining, owns an 80% ownership interest in both Collins Pipeline Company and T&M Terminal Company. In the three and six months ended June 30, 2024, the Company recorded a noncontrolling interest in the earnings of these subsidiaries of less than $0.1 million, respectively. In the three and six months ended June 30, 2023, the Company recorded a noncontrolling interest in the earnings of these subsidiaries of less than $0.1 million and approximately $0.4 million, respectively.
Changes in Equity and Noncontrolling Interest
The following tables summarize the changes in equity for the controlling and noncontrolling interest of PBF Energy for the six months ended June 30, 2024 and 2023, respectively:
(in millions)PBF Energy Inc. EquityNoncontrolling
Interest in PBF LLC		Noncontrolling
Interest in PBF Holding 		Total Equity
Balance at January 1, 2024$6,488.3 $129.9 $13.1 $6,631.3 
Comprehensive income
41.9 0.1 — 42.0 
Dividends and distributions(59.4)(1.2)— (60.6)
Stock-based compensation expense14.9 — — 14.9 
Transactions in connection with stock-based compensation plans23.9 — — 23.9 
Exchanges of PBF Energy Company LLC Series A Units for PBF Energy Class A common stock0.6 (0.6)— — 
Treasury stock purchases(245.1)— — (245.1)
Balance at June 30, 2024$6,265.1 $128.2 $13.1 $6,406.4 
(in millions)PBF Energy Inc. EquityNoncontrolling
Interest in PBF LLC		Noncontrolling
Interest in PBF Holding		Total Equity
Balance at January 1, 2023$4,929.2 $114.6 $12.2 $5,056.0 
Comprehensive income
1,402.5 13.4 0.4 1,416.3 
Dividends and distributions(51.3)(2.2)— (53.5)
Stock-based compensation expense13.7 — — 13.7 
Transactions in connection with stock-based compensation plans20.4 — — 20.4 
Treasury Stock Purchases (269.7)— — (269.7)
Other0.1 — — 0.1 
Balance at June 30, 2023$6,044.9 $125.8 $12.6 $6,183.3 
Treasury Stock
On December 12, 2022, the Board of Directors authorized the repurchase of PBF Energy's Class A common stock (as amended from time to time, the “Repurchase Program”). As further approved on February 13, 2024, the Repurchase Program currently allows for repurchases of up to $1.75 billion and has a program expiration date of December 2025. During the three and six months ended June 30, 2024, the Company purchased 1,952,089 and 4,513,149 shares of PBF Energy’s Class A common stock under the Repurchase Program for $100.1 million and $225.1 million, respectively, inclusive of commissions paid, through open market transactions. During the three and six months ended June 30, 2023, the Company purchased 2,663,591 and 6,710,877 shares of PBF Energy’s Class A common stock under the Repurchase Program for $100.0 million and $267.6 million, respectively, inclusive of commissions paid, through open market transactions.
Treasury stock repurchases can be made from time to time through various methods, including open market transactions, block trades, accelerated share repurchases, privately negotiated transactions or otherwise, certain of which could be effected through Rule 10b5-1 plans. The timing and number of shares repurchased depends on a variety of factors, including price, capital availability, legal requirements, and economic and market conditions. The Company is not obligated to purchase any shares under the Repurchase Program, and repurchases could be suspended or discontinued at any time without prior notice.
The Company records PBF Energy Class A common stock surrendered to cover income tax withholdings for certain directors and employees and others pursuant to the vesting of certain awards under the Company’s equity-based compensation plans as treasury shares.