PBF Energy 2012 Annual Report Download - page 157
Download and view the complete annual report
Please find page 157 of the 2012 PBF Energy annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147 -
148 -
149 -
150 -
151 -
152 -
153 -
154 -
155 -
156 -
157 -
158 -
159 -
160 -
161 -
162 -
163 -
164 -
165 -
166 -
167 -
168
-
169
-
170
-
171
-
172
-
173
-
174
-
175
-
176
-
177
-
178
-
179
-
180
 |
 |
PAULSBORO REFINING BUSINESS
NOTES TO FINANCIAL STATEMENTS—(Continued)
9 - INCOME TAXES
The amounts presented below relate only to the Business and were calculated as if the Business filed separate
federal and state income tax returns.
Components of income tax expense (benefit) were as follows (in thousands):
Period from
January 1
through
December 16,
2010
Current:
Federal ..................................................................... $ (39,492)
State ....................................................................... —
Total current ............................................................. (39,492)
Deferred:
Federal ..................................................................... (247,514)
State ....................................................................... (35,955)
Total deferred ............................................................ (283,470)
Income tax expense (benefit) ............................................ $(322,962)
The following is a reconciliation of total income tax expense (benefit) to income taxes computed by applying the
U.S. statutory federal income tax rate (35% for all periods presented) to income (loss) before income tax expense
(benefit) (in thousands):
Period from
January 1
through
December 16,
2010
Federal income tax expense (benefit) at the U.S. statutory rate .............................. $(355,150)
U.S. state income tax expense (benefit), net of U.S. federal income tax effect .................. (23,371)
U.S. manufacturing deduction ....................................................... 2,540
Change in valuation allowance ....................................................... 52,644
Other, net ....................................................................... 375
Income tax expense (benefit) .................................................... $(322,962)
F-65