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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Summary of the income tax provision | The income tax provision in the PBF Energy Consolidated Statements of Operations consists of the following:
| Year Ended December 31,
(in millions) | 2024 |  | 2023 |  | 2022
Current (benefit) expense: |  |  |  |  |
Federal | $ | (10.6) |  |  | $ | 140.9 |  |  | $ | 75.8 |
Foreign | — |  |  | (0.3) |  |  | 0.3 |
State | 21.4 |  |  | 46.2 |  |  | 88.5 |
Total current | 10.8 |  |  | 186.8 |  |  | 164.6 |
Deferred (benefit) expense: |  |  |  |  |
Federal | (156.6) |  |  | 387.7 |  |  | 379.9 |
Foreign | (4.8) |  |  | 3.1 |  |  | (0.9) |
State | (77.8) |  |  | 146.2 |  |  | 41.2 |
Total deferred | (239.2) |  |  | 537.0 |  |  | 420.2 |
Total provision for income taxes | $ | (228.4) |  |  | $ | 723.8 |  |  | $ | 584.8 |
Schedule of effective income tax rate reconciliation | The difference between PBF Energy’s effective income tax rate and the United States statutory rate is reconciled below:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
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) | 5.0 | % |  | 5.0 | % |  | 4.9 | %
Nondeductible/nontaxable items | 3.3 | % |  | (0.5) | % |  | (0.4) | %
Rate differential from foreign jurisdictions | (0.2) | % |  | — | % |  | — | %
Provision to return adjustment | 0.2 | % |  | (0.1) | % |  | — | %
Adjustment to deferred tax assets and liabilities for change in tax rates | — | % |  | — | % |  | (0.2) | %
Deferred tax asset valuation allowance | — | % |  | — | % |  | (8.9) | %
Other | 0.7 | % |  | (0.1) | % |  | 0.5 | %
Effective tax rate | 30.0 | % |  | 25.3 | % |  | 16.9 | %
Schedule of income tax | For financial reporting purposes, income (loss) before income taxes attributable to PBF Energy Inc. stockholders includes the following components:
| Year Ended December 31,
(in millions) | 2024 |  | 2023 |  | 2022
United States income (loss) | $ | (739.8) |  |  | $ | 2,852.4 |  |  | $ | 3,464.2 |
Foreign income (loss) | (22.4) |  |  | 11.9 |  |  | (2.6) |
Total income (loss) before income taxes attributable to PBF Energy Inc. stockholders | $ | (762.2) |  |  | $ | 2,864.3 |  |  | $ | 3,461.6 |
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, 2024 |  | December 31, 2023
Deferred tax assets |  |  |
Purchase interest step-up | $ | 165.0 |  |  | $ | 171.6 |
Pension, employee benefits and compensation | 53.3 |  |  | 96.5 |
Net operating loss carry forwards | 297.5 |  |  | 3.4 |
Environmental liabilities | 39.0 |  |  | 40.4 |
Lease liabilities | 317.4 |  |  | 305.9 |
Other | 50.7 |  |  | 27.0 |
Total deferred tax assets | 922.9 |  |  | 644.8 |
Deferred tax liabilities |  |  |
Property, plant and equipment | 1,122.0 |  |  | 1,062.2 |
Inventory | 60.3 |  |  | 68.6 |
Right of use assets | 314.5 |  |  | 303.5 |
Equity method investment in SBR | 249.6 |  |  | 278.8 |
Other | 12.5 |  |  | 5.0 |
Total deferred tax liabilities | 1,758.9 |  |  | 1,718.1 |
Net deferred tax liability | $ | (836.0) |  |  | $ | (1,073.3) |
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 | 2020
New Jersey | 2020
Michigan | 2020
Delaware | 2021
Indiana | 2021
Pennsylvania | 2021
New York | 2021
Louisiana | 2021
California | 2020

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
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