PBF Energy 2013 Annual Report Download - page 115

Download and view the complete annual report

Please find page 115 of the 2013 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.

Page out of 172

  • 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

PBF ENERGY INC. AND
PBF HOLDING COMPANY LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(IN THOUSANDS, EXCEPT SHARE, UNIT, PER SHARE, PER UNIT AND BARREL DATA)
F- 19
outstanding units. As the sole managing member of PBF LLC, PBF Energy operates and controls all of the business
and affairs of PBF LLC and its subsidiaries. In connection with the Secondary Offering, Blackstone and First
Reserve exchanged 15,950,000 Series A Units of PBF LLC for an equivalent number of shares of Class A common
stock of PBF Energy, which increased PBF Energy's interest in PBF LLC to approximately 40.9% as of December
31, 2013.
PBF Energy consolidates the financial results of PBF LLC and its subsidiaries, and records a noncontrolling interest
for the economic interest in PBF Energy held by the members of PBF LLC other than PBF Energy. Noncontrolling
interest on the consolidated statements of operations represents the portion of net income or loss attributable to
the economic interest in PBF Energy held by the members of PBF LLC other than PBF Energy. Noncontrolling
interest on the consolidated balance sheets represents the portion of net assets of PBF Energy attributable to the
members of PBF LLC other than PBF Energy. The noncontrolling interest ownership percentages of PBF Energy
are calculated as follows:
Holders of
PBF LLC Series
A Units
Outstanding
Shares
of PBF Energy
Class A
Common
Stock Total *
December 18, 2012 72,974,072 23,567,686 96,541,758
75.6% 24.4% 100%
December 31, 2012 72,972,131 23,571,221 96,543,352
75.6% 24.4% 100%
June 12, 2013 57,027,225 39,563,835 96,591,060
59.0% 41.0% 100%
December 31, 2013 57,201,674 39,665,473 96,867,147
59.1% 40.9% 100%
* Assumes all of the holders of PBF LLC Series A Units exchange their PBF LLC Series A Units for shares
of the PBF Energy’s Class A common stock on a one-for-one basis.
Comprehensive income includes net income and other comprehensive income (loss) arising from activity related
to the Company’s defined benefit employee benefit plan and unrealized gain on available for sale securities. The
following table summarizes the allocation of total comprehensive income between the controlling and
noncontrolling interests of PBF Energy for the year ended December 31, 2013:
Attributable to
PBF Energy Inc.
Noncontrolling
Interest Total
Net income $ 39,540 $ 174,545 $ 214,085
Other comprehensive income (loss):
Unrealized loss on available for sale securities (126)(182)(308)
Amortization of defined benefit plans unrecognized
net loss (2,144)(3,145)(5,289)
Total other comprehensive loss (2,270)(3,327)(5,597)
Total comprehensive income $ 37,270 $ 171,218 $ 208,488
The following table summarizes the allocation of total comprehensive income of PBF Energy between the
controlling and noncontrolling interests for the year ended December 31, 2012: