PBF Energy 2012 Annual Report Download - page 160
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PAULSBORO REFINING BUSINESS
NOTES TO FINANCIAL STATEMENTS—(Continued)
The Business participated in the Parent’s centralized cash management program under which cash receipts and
cash disbursements were processed through the Parent’s cash accounts with a corresponding credit or charge to
an intercompany account. This intercompany account was included in the net parent investment.
As discussed above, Valero provided the Business with certain general and administrative services, including the
centralized corporate functions of legal, accounting, treasury, environmental, engineering, information
technology, and human resources. For these services, Valero charged the Business a portion of its total general
and administrative expenses incurred in the U.S. The general and administrative expenses represented the amount
of such costs allocated to the Business for the periods presented, with this allocation based on investments in
property, operating revenues, and payroll expenses. Management believed that the amount of general and
administrative expenses allocated to the Business was a reasonable approximation of the costs related to the
Business.
The following table summarizes the related-party transactions of the Business (in thousands):
Period from
January 1
through
December 16,
2010
Revenues. ....................................................................... $4,708,989
Cost of sales ..................................................................... 4,485,451
Operating expenses ................................................................ 3,071
General and administrative expenses .................................................. 14,606
F-68