PBF ENERGY INC. PBF Cash Flow

Pbf energy inc. (PBF)

CashFlow / Yearly

Dec'19	Dec'18	Dec'17	Dec'16	Dec'15	Dec'14	Dec'13	Dec'12	Dec'11
Cash flows from operating activities:
Net income (loss)
375,200	175,300	483,400	225,518	195,533	78,271	214,085	804,037	242,671
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization
447,500	378,600	299,900	232,948	207,004	188,209	118,001	97,650	56,919
Stock-based compensation
37,300	26,000	26,800	22,656	13,497	7,181	3,753	2,954	2,516
Change in fair value of catalyst obligations
-9,700	5,600	-2,200	1,422	10,184	3,969	4,691	-3,724	7,316
Deferred income taxes
103,700	32,700	313,800	244,758	-5,607	-49,387	16,681	0	0
Change in Tax Receivable Agreement liability
0	-13,900	-250,900	-12,908	-18,150	-2,990	8,540	0	0
Non-cash change in inventory repurchase obligations
25,400	-31,800	13,800	29,453	63,389	-93,246	-20,492	4,576	25,329
Non-cash lower of cost or market inventory adjustment
250,200	-351,300	295,500	521,348	-427,226	690,110	0	0	-
Debt extinguishment costs
0	0	-25,500	0	0	-	-	-	-
Write-off of unamortized deferred financing fees
-	-	-	-	-	-	-	4,391	0
Pension and other post-retirement benefit costs
44,800	47,400	42,200	37,986	26,982	22,600	16,728	12,684	9,769
Change in fair value of contingent consideration
800	0	0	-	-	-	-	-2,768	-5,215
(Gain) loss on sale of assets
29,900	43,100	-1,500	-11,374	1,004	895	183	2,329	0
Changes in operating assets and liabilities:
Accounts receivable
116,100	-234,300	332,400	165,416	-97,636	-45,378	92,851	187,544	279,315
Inventories
6,300	3,300	54,700	-236,602	271,892	394,031	-45,991	80,097	512,054
Prepaid and other current assets
-2,700	-10,100	-73,500	54,341	3,661	17,057	42,455	-49,971	56,953
Accounts payable
137,500	-111,600	34,600	217,566	-24,291	-67,025	42,236	73,990	249,765
Accrued expenses
208,100	-227,100	359,500	217,820	-36,805	61,785	209,479	35,892	395,093
Deferred revenue
100	11,200	-4,400	9,249	2,816	-6,539	-202,777	21,309	122,895
Payable to related parties pursuant to Tax Receivable Agreement
0	0	0	-50,771	-67,643	0	0	-	-
Other assets and liabilities
55,200	-7,500	53,100	27,790	34,422	2,070	20,716	31,543	5,252
Net cash used in operating activities
933,500	838,000	685,700	651,934	560,424	456,325	291,329	812,433	249,282
Cash flows from investing activities:
Acquisition of Toledo refinery, net of cash received from sale of assets
-	-	-	-	-	-	-	-	168,156
Expenditures for property, plant and equipment
404,900	317,500	306,700	298,737	353,964	476,389	318,394	175,900	488,721
Expenditures for deferred turnaround costs
299,300	266,000	379,100	198,664	53,576	137,688	64,616	38,633	62,823
Expenditures for other assets
44,700	17,000	31,200	42,506	8,236	17,255	32,692	8,155	23,339
Acquisition of Knoxville Terminals by PBFX
-	-	-	-	-	-	0	-	-
Proceeds from sale of assets
36,300	48,300	0	24,692	168,270	202,654	102,428	3,381	4,700
Purchase of marketable securities
0	0	75,000	1,909,965	2,067,286	1,918,637	0	0	-
Maturities of marketable securities
0	0	115,100	2,104,209	2,067,983	1,683,708	0	0	-
Other
-	-	-	-	-	-	-	-	854
Net cash used in investing activities
-712,600	-685,600	-687,000	-1,393,935	-812,113	-663,607	-313,274	-219,307	-739,193
Cash flows from financing activities:
Offering costs for issuance of PBFX common units
-	-	-	-	-	5,000	0	0	-
Exercise of Series A options and warrants of PBF Energy Company LLC, net
-	-	-	-	-	78	-	-	-
Net proceeds from issuance of PBFX common units
-	-	-	-	-	-	-	579,058	0
Distributions to PBF Energy Company LLC members other than PBF Energy
3,200	2,100	4,500	21,947	19,386	87,187	157,745	160,965	0
Net proceeds from issuance of PBFX common units
132,500	34,900	0	138,378	0	340,957	0	0	-
Purchase of PBF Energy Company LLC Series A units from existing unit holders
-	-	-	-	-	-	-	571,160	0
Payment of costs associated with initial public offering
-	-	-	-	-	-	-	8,408	-
Distributions to PBFX public unitholders
62,500	48,200	43,500	32,806	22,830	7,397	0	0	-
Dividend payments
143,500	139,000	131,700	117,486	106,584	88,613	37,917	0	0
Proceeds from 2028 6.00% Senior Notes
-	-	-	-	-	300,000	0	0	-
Repayments of debt
-	-	-	-	-	65,100	0	1,184,597	220,401
Proceeds from catalyst lease
-	-	-	-	-	-	-	-	18,624
Proceeds from borrowings
1,350,000	0	490,000	550,000	170,000	395,000	1,450,000	0	0
Proceeds from Senior Secured Notes
-	-	-	-	-	-	-	665,806	0
Proceeds from long-term debt
-	-	-	-	-	-	-	430,000	488,894
Repayments of note payable
-	-	-	-	0	0	14,337	9,452	-
Repayments of revolver borrowings
1,350,000	350,000	490,000	200,000	170,000	410,000	1,435,000	0	0
Deferred payment for the East Coast Storage Assets Acquisition
32,000	0	0	-	-	-	-	-	-
Settlements of catalyst obligations
6,500	9,100	-10,800	-15,586	-	-	-	-	-
Proceeds from member's capital contributions
-	-	-	-	-	-	-	-	408,397
Net proceeds from issuance of PBF Energy Class A common stock
0	287,300	0	275,300	344,000	0	0	13,107	0
Taxes paid for net settlement of stock-based compensation
4,800	5,400	0	0	-	-	-	-	-
Proceeds from stock options exercised
0	14,000	10,500	0	0	-	1,757	-	-
Payment of contingent consideration related to acquisition of Toledo refinery
-	-	-	-	-	-	21,357	103,642	0
Proceeds from Rail Facility revolver borrowings
-	-	-	-	-	-	-	0	-
Repayments of Rail Facility revolver borrowings
-	-	-	-	-	-	-	0	-
Purchase of treasury stock
4,900	8,200	1,000	743	8,073	142,731	0	0	-
Deferred financing costs and other
1,600	-16,200	-17,100	0	17,828	14,036	1,044	26,059	11,249
Net cash provided by financing activities
-3,300	-128,100	-172,000	543,955	798,136	528,185	-186,969	-357,408	384,620
Net increase (decrease) in cash and cash equivalents
217,600	24,300	-173,300	-198,046	546,447	320,903	-208,914	235,718	-105,291
Non-cash activities:
Conversion of Delaware Economic Development Authority loan to grant
-	-	-	4,000	4,000	4,000	8,000	0	0
Accrued and unpaid capital expenditures
37,200	90,200	26,800	35,595	7,974	33,296	33,747	16,481	5,909
Assets acquired under operating leases
408,600	0	0	-	-	-	-	-	-
Assets acquired under finance leases
26,300	0	0	-	-	-	-	-	-
Other Payments to Acquire Businesses
32,000	0	0	-	-	-	-	-	-
East Coast Storage Assets Acquisition contingent consideration
0	21,100	0	0	-	-	-	-	-
Promissory not issued for Toledo refinery acquisition
-	-	-	-	-	-	-	-	200,000
Seller note issued for acquisition of inventory
-	-	-	-	-	-	-	-	299,645
Note payable issued for purchase of property, plant and equipment
0	0	6,800	0	-	-	-	-	-
Cash paid during year for:
Interest, net of capitalized interest of $18.1, $9.5 and $7.2 in 2019, 2018 and 2017, respectively
154,000	164,400	166,500	137,599	96,859	98,499	92,848	89,233	67,020
Income taxes
2,700	700	0	3,841	124,040	65,500	1,065	0	0
Proceeds from PBFX revolver borrowings
-	-	-	-	-	-	-	0	-
Repayments of PBFX Term Loan borrowings
-	-	-	-	-	-	-	0	-
Repayments of note payable
0	5,600	1,200	0	0	-	-	-	299,645
Chalmette Refinery [Member]
Payments to Acquire Businesses, Gross
-	-	-	2,659	-	-	-	-	-
Toledo Terminal Acquisition [Member]
Payments to Acquire Businesses, Gross
0	0	10,100	0	-	-	-	-	-
Knoxville Terminals Purchase [Member]
Payments to Acquire Businesses, Gross
0	58,400	0	0	-	-	-	-	-
East Coast Storage Assets Acquisition [Member]
Payments to Acquire Businesses, Gross
0	75,000	0	0	-	-	-	-	-
Deferred payment for the East Coast Storage Assets Acquisition
0	30,900	0	0	-	-	-	-	-
Other Payments to Acquire Businesses
0	30,900	0	-	-	-	-	-	-
Torrance Refinery [Member]
Payments to Acquire Businesses, Gross
-	-	-	971,932	-	-	-	-	-
East Coast Terminals [Member]
Payments to Acquire Businesses, Gross
-	-	-	98,373	-	-	-	-	-
Collins Pipeline Company And T&M Terminal Company [Member]
Distributions to PBF Energy Company LLC members other than PBF Energy
0	0	1,800	0	-	-	-	-	-
2025 Senior Notes [Member]
Proceeds from 2025 Senior Notes
0	0	725,000	0	-	-	-	-	-
Rail Term Loan [Member]
Proceeds from PBFX Term Loan borrowings
-	-	-	35,000	-	-	-	-	-
Repayments of debt
7,000	6,800	6,600	0	-	-	-	-	-
2020 Senior Secured Notes [Member]
Repayments of Long-term Debt
0	0	690,200	0	-	-	-	-	-
PBFX Term Loan [Member]
Repayments of Long-term Debt
0	0	39,700	194,536	-	-	-	-	-
PBFX Revolving Credit Facility [Member]
Proceeds from borrowings
228,000	170,000	20,000	194,700	-	-	-	-	-
Repayments of revolver borrowings
101,000	43,700	179,500	30,000	-	-	-	-	-
Rail Facility [Member]
Repayments of revolver borrowings
-	-	-	67,491	-	-	-	-	-
PBFX Senior Notes [Member]
Proceeds from PBFX 2023 Senior Notes
0	0	178,500	0	-	-	-	-	-