PBF Energy 2013 Annual Report Download - page 105

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See notes to consolidated financial statements.
F- 9
PBF ENERGY INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(COMBINED AND CONSOLIDATED WITH PBF ENERGY COMPANY LLC AND SUBSIDIARIES)
(in thousands)
Year Ended December 31,
2013 2012 2011
Cash flows from operating activities:
Net income $ 214,085 $ 804,037 242,671
Adjustments to reconcile net income to net cash provided by operations:
Depreciation and amortization 118,001 97,650 56,919
Stock-based compensation 3,753 2,954 2,516
Change in fair value of catalyst lease obligation (4,691) 3,724 (7,316)
Change in fair value of contingent consideration — 2,768 5,215
Deferred income taxes 16,681 — —
Change in tax receivable agreement liability 8,540 — —
Non-cash change in inventory repurchase obligations (20,492) 4,576 25,329
Write-off of unamortized deferred financing fees — 4,391 —
Pension and other post retirement benefits costs 16,728 12,684 9,769
Gain on disposition of property, plant and equipment (183) (2,329) —
Changes in current assets and current liabilities:
Accounts receivable (92,851) (187,544) (279,315)
Inventories 45,991 (80,097) (512,054)
Other current assets (42,455) 49,971 (56,953)
Accounts payable 42,236 73,990 249,765
Accrued expenses 209,479 35,892 395,093
Deferred revenue (202,777) 21,309 122,895
Other assets and liabilities (20,716) (31,543) (5,252)
Net cash provided by operations 291,329 812,433 249,282
Cash flow from investing activities:
Acquisition of Toledo refinery, net of cash received from sale of assets — — (168,156)
Expenditures for property, plant and equipment (318,394) (175,900) (488,721)
Expenditures for deferred turnarounds cost (64,616) (38,633) (62,823)
Expenditures for other assets (32,692) (8,155) (23,339)
Proceeds from sale of assets 102,428 3,381 4,700
Other — — (854)
Net cash used in investing activities (313,274) (219,307) (739,193)
Cash flows from financing activities:
Proceeds from members' capital contributions to PBF Energy Company LLC (former controlling interest) — — 408,397
Exercise of Series A options and warrants of PBF Energy Company LLC, net 1,757 13,107 —
Distribution to PBF Energy Company LLC members (157,745) (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) —
Dividend payments (37,917) — —
Proceeds from Senior Secured Notes — 665,806 —
Proceeds from long-term debt — 430,000 488,894
Proceeds from catalyst lease 14,337 9,452 18,624
Proceeds from revolver borrowings 1,450,000 — —
Repayments of revolver borrowings (1,435,000) — —
Repayment of seller note inventory — — (299,645)
Repayments of long-term debt — (1,184,597) (220,401)
Payment of contingent consideration related to acquisition of Toledo refinery (21,357) (103,642) —
Deferred financing costs and other (1,044) (26,059) (11,249)
Net cash (used in) provided by financing activities (186,969) (357,408) 384,620
Net (decrease) increase in cash and cash equivalents (208,914) 235,718 (105,291)
Cash and equivalents, beginning of period 285,884 50,166 155,457
Cash and equivalents, end of period $ 76,970 $ 285,884 $ 50,166