PBF Energy 2013 Annual Report Download - page 126
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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- 30
The Company commenced the restart of the Delaware City refinery during June 2011 and began depreciating the
assets placed in service effective July 1, 2011. Depreciation expense for the years ended December 31, 2013, 2012
and 2011 was $79,413, $64,947 and $39,968, respectively. The Company capitalized $5,672 and $6,697 in interest
during 2013 and 2012, respectively, in connection with construction in progress.
6. DEFERRED CHARGES AND OTHER ASSETS, NET
Deferred charges and other assets, net consisted of the following:
December 31,
2013
December 31,
2012
Deferred turnaround costs, net $ 119,383 $ 78,128
Catalyst 88,964 66,377
Deferred financing costs, net 26,541 30,987
Restricted cash 12,117 12,114
Linefill 9,636 8,042
Intangible assets, net 653 1,085
Other 5,185 616
$ 262,479 $ 197,349
The Company recorded amortization expense related to deferred turnaround costs, catalyst and intangible assets
of $32,066, $27,291 and $13,776 for the years ended December 31, 2013, 2012 and 2011 respectively.
Intangible assets, net was comprised of permits and emission credits as follows:
December 31,
2013
December 31,
2012
Gross amount $ 3,597 $ 3,597
Accumulated amortization (2,944)(2,512)
Net amount $ 653 $ 1,085