PBF Energy 2012 Annual Report Download - page 103

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PBF ENERGY INC. AND SUBSIDIARIES
(COMBINED AND CONSOLIDATED WITH PBF ENERGY COMPANY LLC AND SUBSIDIARIES)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(IN THOUSANDS, EXCEPT SHARE, UNIT AND BARREL DATA)
1- ORGANIZATION AND BASIS OF PRESENTATION (Continued)
Noncontrolling Interest
As a result of the IPO and the related reorganization transactions, PBF Energy is the sole managing member of,
and has a controlling voting 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 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 PBF LLC Series A Unit holders. Noncontrolling interest on the consolidated
statements of operations represents the portion of net income or loss attributable to the economic interest in PBF
Energy held by the PBF LLC Series A Unit holders. Noncontrolling interest on the consolidated balance sheets
represents the portion of net assets of PBF Energy attributable to the PBF LLC Series A Unit holders, based on
the number of PBF LLC Series A units held by such holders. The noncontrolling interest ownership percentage
as of December 18, 2012 and December 31, 2012 is calculated as follows:
Holders of
PBF LLC Series
A Units
PBF Energy
Outstanding
Class A
Common
Shares Total *
December 18, 2012 ..................... 72,974,072 23,567,686 96,541,758
75.6% 24.4% 100%
December 31, 2012 ..................... 72,972,131 23,571,221 96,543,352
75.6% 24.4% 100%
* Assumes all of the holders of PBF LLC Series A Units exchange their PBF LLC Series A Units for shares of
the PBF Energy’s Class A common stock on a one-for-one basis.
The noncontrolling interest associated with the initial investment by PBF Energy in PBF LLC is calculated as
follows:
PBF LLC equity balance as of December 31, 2012 ...... $1,759,584
PBF LLC Series B temporary equity as of December 31,
2012 ......................................... 4,580
Less: PBF LLC accumulated other comprehensive
income from December 18, 2012 through
December 31, 2012 ......................... 252
Less: PBF LLC net income from December 18, 2012
through December 31, 2012 .................. (13,236)
Total PBF LLC equity at IPO ....................... 1,751,180
PBF Energy equity adjustments at IPO (1) .......... 531,306
Less: PBF Energy investment in PBF LLC ........ (570,650)
PBF Energy equity at IPO .......................... 1,711,836
Noncontrolling ownership interest ............... 75.6%
Balance of non controlling interest as of December 18,
2012 ......................................... $1,293,977
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