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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Net income $ 2,162.0 $ 2,972.8 $ 315.5
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 591.6 533.9 483.8
Stock-based compensation 51.5 54.3 35.6
Change in fair value of catalyst obligations (1.1) 2.0 (8.5)
Deferred income taxes 537.0 420.2 11.7
Change in Tax Receivable Agreement liability (2.0) 290.3 48.3
Non-cash change in inventory repurchase obligations 0.0 (5.4) (8.4)
Non-cash lower of cost or market inventory adjustment 0.0 0.0 (669.6)
Change in fair value of contingent consideration, net (45.8) 48.3 32.4
Loss (gain) on extinguishment of debt 5.7 66.1 (79.9)
Pension and other post-retirement benefit costs 47.9 47.6 50.8
Loss from equity method investment 45.3 0.0 0.0
Gain on formation of SBR equity method investment (925.1) 0.0 0.0
(Gain) loss on sale of assets (1.3) 0.9 (3.0)
Changes in operating assets and liabilities:      
Accounts receivable 93.8 (178.8) (764.7)
Inventories (409.0) (258.5) (149.3)
Prepaid and other current assets (102.0) (5.4) (16.2)
Accounts payable 124.7 (95.7) 480.7
Accrued expenses (743.5) 881.0 797.9
Deferred revenue 23.5 (2.1) (4.5)
Other assets and liabilities (114.7) 0.5 (75.3)
Net cash provided by operating activities 1,338.5 4,772.0 477.3 Close
Cash flows from investing activities:      
Expenditures for property, plant and equipment (659.6) (633.3) (249.1)
Expenditures for deferred turnaround costs (473.5) (311.6) (117.7)
Expenditures for other assets (40.5) (66.0) (28.9)
Equity method investment - contribution (15.4) 0.0 0.0
Equity method investment - return of capital 846.0 0.0 0.0
Proceeds from sale of assets 4.4 0.0 7.2
Net cash used in investing activities (338.6) (1,010.9) (388.5) Close
Cash flows from financing activities:      
PBFX Merger Transaction payment 0.0 (303.7) 0.0
Dividend payments (105.8) (24.7) 0.0
Distributions to PBFX Public Unitholders 0.0 (40.3) (39.0)
Payments of capital distribution (5.3) (8.6) 0.0
Settlements of precious metal catalyst obligations (3.1) (56.2) (31.7)
Payments on financing leases (14.1) (11.3) (17.8)
Proceeds from insurance premium financing 13.0 2.1 0.0
Transactions in connection with stock-based compensation plans, net 38.3 67.8 (4.6)
Payments of contingent consideration (80.1) (3.1) (12.2)
Share repurchases of PBF Energy’s Class A common stock (532.5) (156.4) 0.0
Deferred financing costs and other (35.8) (31.3) 3.4
Net cash used in financing activities (1,420.0) (2,899.0) (356.8) Close
Net change in cash and cash equivalents (420.1) 862.1 (268.0) Close
Cash and cash equivalents, beginning of period 2,203.6 1,341.5 1,609.5
Cash and cash equivalents, end of period 1,783.5 2,203.6 1,341.5
Non-cash activities:      
Accrued and unpaid capital expenditures 145.0 166.1 104.0
Assets acquired or remeasured under operating and financing leases 271.6 54.7 (106.6)
Contribution of assets to SBR equity method investment (748.3) 0.0 0.0
Settlement of affiliate note payable to fund investment in SBR working capital (74.9) 0.0 0.0
Cash paid during year for:      
Interest, net of capitalized interest of $38.2, $25.0 and $9.1 in 2023, 2022 and 2021, respectively 103.6 249.7 307.0
Income taxes 299.0 148.9 5.7
Collins Pipeline Company And T&M Terminal Company      
Cash flows from financing activities:      
Payments of capital distribution 0.0 0.0 (0.7)
2030 Senior Notes      
Cash flows from financing activities:      
Proceeds from issuance of long-term debt 496.6 0.0 0.0
2028 Senior Notes      
Adjustments to reconcile net income to net cash provided by operating activities:      
Loss (gain) on extinguishment of debt   (3.6) (62.4)
Cash flows from financing activities:      
Repayments of long-term debt 0.0 (21.1) (109.3)
2025 Senior Notes      
Adjustments to reconcile net income to net cash provided by operating activities:      
Loss (gain) on extinguishment of debt   (0.2) (17.5)
Cash flows from financing activities:      
Repayments of long-term debt   (4.8) (37.5)
2025 Senior Notes Redeemed      
Cash flows from financing activities:      
Repayments of long-term debt (666.2) 0.0 0.0
2025 Senior Notes Repurchased      
Cash flows from financing activities:      
Repayments of long-term debt 0.0 (4.8) (37.5)
2025 Senior Secured Notes      
Adjustments to reconcile net income to net cash provided by operating activities:      
Loss (gain) on extinguishment of debt   (69.9)  
Cash flows from financing activities:      
Repayments of long-term debt 0.0 (1,307.4) 0.0
PBF Energy Revolving Credit Facility      
Cash flows from financing activities:      
Proceeds from revolver borrowings 0.0 400.0 0.0
Repayments of revolver borrowings 0.0 (1,300.0) 0.0
PBFX Revolving Credit Facility      
Cash flows from financing activities:      
Repayments of revolver borrowings 0.0 (100.0) (100.0)
PBFX 2023 Senior Notes      
Cash flows from financing activities:      
Repayments of Short-Term Debt (525.0) 0.0 0.0
Rail Term Loan      
Cash flows from financing activities:      
Repayments of long-term debt $ 0.0 $ 0.0 $ (7.4)