PBF Energy 2012 Annual Report Download - page 99

PBF ENERGY INC. AND SUBSIDIARIES
(COMBINED AND CONSOLIDATED WITH PBF ENERGY COMPANY LLC AND SUBSIDIARIES)
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
Year ended December 31,
2012 2011 2010
Cash flows from operating activities
Net income (loss) ..................................................................... $ 804,037 $ 242,671 $ (44,357)
Adjustments to reconcile net income to net cash provided by operations:
Depreciation and amortization ....................................................... 97,650 56,919 1,530
Stock-based compensation .......................................................... 2,954 2,516 2,300
Change in fair value of catalyst lease obligation ......................................... 3,724 (7,316) 1,217
Change in fair value of contingent consideration ........................................ 2,768 5,215 —
Non-cash change in inventory repurchase obligations .................................... 4,576 25,329 2,043
Write-off of unamortized deferred financing fees ........................................ 4,391 — —
Pension and other post retirement benefit costs .......................................... 12,684 9,769 372
(Gain) loss on sale of assets ......................................................... (2,329) — 56
Changes in current assets and current liabilities:
Accounts receivable ............................................................... (187,544) (279,315) (36,438)
Inventories ...................................................................... (80,097) (512,054) 14,126
Other current assets ............................................................... 49,971 (56,953) (8,649)
Accounts payable ................................................................. 73,990 249,765 23,294
Accrued expenses ................................................................. 35,892 395,093 40,474
Deferred revenue ................................................................. 21,309 122,895 3,000
Other assest and liabilities .......................................................... (31,543) (5,252) (176)
Net cash provided by (used in) operations .......................................... 812,433 249,282 (1,208)
Cash flows from investing activities
Acquisition of Toledo refinery, net of cash received from sale of assets .......................... — (168,156) —
Acquisition of Paulsboro refinery and pipeline .............................................. — — (204,911)
Acquisition of Delaware City refinery assets ............................................... — — (224,275)
Expenditures for property, plant and equipment ............................................. (175,900) (488,721) (72,118)
Expenditures for deferred turnarounds costs ................................................ (38,633) (62,823) —
Expenditures for other assets ............................................................ (8,155) (23,339) —
Proceeds from sale of assets ............................................................ 3,381 4,700 —
Other ............................................................................... — (854) (8)
Net cash used in investing activities .............................................. (219,307) (739,193) (501,312)
Cash flows from financing activities
Proceeds from members’ capital contributions to PBF Energy Company LLC (former controlling
interest) ........................................................................... — 408,397 483,055
Proceeds from exercise of Series A options and warrants of PBF Energy Company LLC ............. 13,107 — —
Distribution to PBF Energy Company LLC members ......................................... (160,965) — —
Proceeds from sale of Class A common stock, net of underwriters’ discount of $33,702 ............. 579,058 — —
Purchase of PBF Energy Company LLC Series A units from existing unit holders .................. (571,160) — —
Payment of costs associated with initial public offering ....................................... (8,408) — —
Proceeds from 8.25% Senior secured notes ................................................. 665,806 — —
Proceeds from long-term debt ........................................................... 430,000 488,894 125,000
Proceeds from Economic Development Authority loan ....................................... — — 20,000
Proceeds from catalyst lease ............................................................ 9,452 18,624 17,740
Repayment of seller note for inventory .................................................... — (299,645) —
Repayment of long-term debt ........................................................... (1,184,597) (220,401) —
Payment of contingent consideration related to acquisition of Toledo refinery ..................... (103,642) — —
Deferred financing costs and other ....................................................... (26,059) (11,249) (6,589)
Net cash (used in) provided by financing activities ................................... (357,408) 384,620 639,206
Net increase (decrease) in cash and cash equivalents ............................................. 235,718 (105,291) 136,686
Cash and equivalents, beginning of period ................................................... 50,166 155,457 18,771
Cash and equivalents, end of period ......................................................... $ 285,884 $ 50,166 $ 155,457
Supplemental cash flow disclosures
Non-cash activities:
Promissory note issued for Toledo refinery acquisition ....................................... $ — $200,000 $ —
Senior secured seller note issued for Paulsboro refinery acquisition ............................. — — 160,000
Seller note issued for acquisition of inventory .............................................. — 299,645 —
Fair value of Toledo refinery contingent consideration ........................................ — 117,017 —
Accrued construction in progress ......................................................... 16,481 5,909 40,429
Non-cash impact of inventory supply and offtake agreements on inventory and accrued expenses ..... 99,705 322,399 292,353
Cash paid during the year for:
Interest (including capitalized interest of $6,697 and $13,027 in 2012 and 2011) ................... 89,233 67,020 —
Income taxes ........................................................................ — — —
See notes to consolidated financial statements.
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