PBF Energy 2012 Annual Report Download - page 118
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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)
6 - DEFERRED CHARGES AND OTHER ASSETS, NET (Continued)
The Company recorded amortization expense related to deferred turnaround costs, catalyst and intangible assets
of $27,291, $13,776 and $61 for the years ended December 31, 2012, 2011 and 2010 respectively.
Intangible assets, net was comprised of permits and emission credits as follows:
December 31,
2012
December 31,
2011
Gross amount ........................................ $3,597 $ 3,701
Accumulated amortization ............................. (2,512) (1,998)
Net amount ..................................... $1,085 $ 1,703
7 - ACCRUED EXPENSES
Accrued expenses consisted of the following:
December 31,
2012
December 31,
2011
Inventory supply and offtake arrangements ........ $ 536,594 $ 641,588
Inventory-related accruals ...................... 287,929 203,636
Excise and sales tax payable .................... 40,776 36,635
Customer deposits ............................ 26,541 59,017
Accrued interest .............................. 22,764 1,894
Fair value of contingent consideration for refinery
acquisition ................................ 21,358 100,380
Accrued transportation costs .................... 20,338 18,110
Accrued utilities ............................. 19,060 17,615
Accrued construction in progress ................ 16,481 5,909
Accrued salaries and benefits ................... 15,212 48,300
Income taxes payable ......................... 1,275 —
Other ...................................... 24,146 47,728
$1,032,474 $1,180,812
The Company has the obligation to repurchase certain intermediates and lube products under the products offtake
agreements with MSCG that are held in the Company’s refinery storage tanks. A liability included in Inventory
supply and offtake arrangements is recorded at market price for the volumes held in storage consistent with the
terms of the offtake agreements with any change in the market price being recorded in costs of sales. The liability
represents the amount the Company expects to pay to repurchase the volumes held in storage. The Company
recorded non-cash charges of $11,619 and $22,082 related to this liability for the years ended December 31, 2012
and 2011, respectively.
F-26