XML 20 R9.htm IDEA: XBRL DOCUMENT v3.24.2.u1Close
Condensed Consolidated Statement of Cash Flows - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net income $ 41.5 $ 1,416.3
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 310.5 299.7
Stock-based compensation 21.0 18.9
Change in fair value of catalyst obligations 0.0 (1.2)
Deferred income taxes 9.3 311.6
Non-cash change in inventory repurchase obligations 0.0 8.5
Change in fair value of contingent consideration, net (3.3) (32.9)
Pension and other post-retirement benefit costs 26.0 23.9
Loss from equity method investment 13.2 0.0
Loss (gain) on formation of SBR equity method investment 8.7 (968.9)
Loss (gain) on sale of assets 0.7 (1.4)
Changes in operating assets and liabilities:    
Accounts receivable (147.7) 87.7
Inventories 318.9 (143.6)
Prepaid and other current assets (38.1) (38.5)
Accounts payable 195.5 (203.3)
Accrued expenses (208.2) (286.9)
Deferred revenue (43.1) 34.8
Payment related to Tax Receivable Agreement (44.8) 0.0
Other assets and liabilities (19.0) (19.0)
Net cash provided by operating activities 441.1 505.7 Close
Cash flows from investing activities:    
Expenditures for property, plant, and equipment (193.1) (447.1)
Expenditures for deferred turnaround costs (400.2) (268.0)
Expenditures for other assets (24.8) (35.0)
Proceeds from sale of assets 0.0 4.4
Equity method investment - return of capital 0.5 431.0
Net cash used in investing activities (617.6) (314.7) Close
Cash flows from financing activities:    
Dividend payments (58.9) (50.9)
Distributions to PBF Energy Company LLC members other than PBF Energy (1.1) (2.2)
Redemption of PBFX 2023 Senior Notes 0.0 (525.0)
Payments on financing leases (6.1) (5.8)
Proceeds from insurance premium financing 46.1 35.0
Payments of contingent consideration 0.0 (80.1)
Transactions in connection with stock-based compensation plans, net 5.4 20.4
Share repurchases of PBF Energy’s Class A common stock (225.1) (267.6)
Deferred financing costs and other, net (0.1) (1.5)
Net cash used in financing activities (239.8) (877.7) Close
Net change in cash and cash equivalents (416.3) (686.7) Close
Cash and cash equivalents, beginning of period 1,783.5 2,203.6
Cash and cash equivalents, end of period 1,367.2 1,516.9
Non-cash activities:    
Accrued and unpaid capital expenditures 70.2 109.5
Assets acquired or remeasured under operating and financing leases 138.3 174.1
SBR Contribution Receivable 0.0 429.6
Contribution of assets to SBR equity method investment (8.7) (739.8)
Settlement of affiliate note payable to fund investment in SBR working capital 0.0 (74.9)
Cash paid during the period for:    
Interest (net of capitalized interest of $9.1 million and $28.2 million in 2024 and 2023, respectively) 68.6 54.3
Income taxes $ 13.5 $ 127.4