PBF Energy 2013 Annual Report Download - page 111

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See notes to consolidated financial statements.
F- 15
PBF HOLDING COMPANY LLC
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Years Ended December 31,
2013 2012 2011
Cash flows from operating activities:
Net income $ 238,876 $ 805,312 $ 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
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 benefit costs 16,728 12,684 9,768
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)
Due to/from related party 14,721 (14,721) —
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 214,817 30,343 395,093
Deferred revenue (202,777) 21,309 122,895
Other assets and liabilities (20,403) (31,544) (5,251)
Net cash provided by operations 311,271 793,437 249,282
Cash flows from investing activities:
Acquisition of Toledo refinery, net of cash received for sale of assets — — (168,156)
Expenditures for property, plant and equipment (318,394) (175,900) (488,721)
Expenditures for deferred turnarounds costs (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 revolver borrowings 1,450,000 — —
Proceeds from intercompany notes payable 31,835 — —
Proceeds from member's capital contributions 1,757 — 408,397
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
Distributions to members (215,846) (160,965) —
Repayment of seller note for inventory — — (299,645)
Repayments of revolver borrowings (1,435,000) — —
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 (175,318) (370,005) 384,620
Net (decrease) increase in cash and cash equivalents (177,321) 204,125 (105,291)
Cash and equivalents, beginning of period 254,291 50,166 155,457
Cash and equivalents, end of period $ 76,970 $ 254,291 $ 50,166