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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- 31
7. ACCRUED EXPENSES
PBF Energy
Accrued expenses consisted of the following:
December 31,
2013
December 31,
2012
Inventory-related accruals $ 533,012 $ 287,929
Inventory supply and offtake arrangements 454,893 536,594
Excise and sales tax payable 42,814 40,776
Accrued construction in progress 33,747 16,481
Accrued transportation costs 29,762 20,338
Accrued utilities 25,959 19,060
Customer deposits 23,621 26,541
Accrued interest 22,570 22,764
Renewable energy credit obligations 15,955 —
Accrued salaries and benefits 10,799 15,212
Income taxes payable — 1,275
Fair value of contingent consideration for refinery acquisition — 21,358
Other 16,749 23,139
$ 1,209,881 $ 1,031,467
PBF Holding
Accrued expenses consisted of the following:
December 31,
2013
December 31,
2012
Inventory-related accruals $ 533,012 $ 287,929
Inventory supply and offtake arrangements 454,893 536,594
Excise and sales tax payable 42,814 36,414
Accrued construction in progress 33,747 16,481
Accrued transportation costs 29,762 20,338
Accrued utilities 25,959 19,060
Customer deposits 23,621 26,541
Accrued interest 22,570 22,764
Renewable energy credit obligations 15,955 —
Accrued salaries and benefits 10,799 15,212
Fair value of contingent consideration for refinery acquisition — 21,358
Other 17,813 23,227
$ 1,210,945 $ 1,025,918
The Company has the obligation to repurchase certain intermediates and finished products that are held in the
Company’s refinery storage tanks in accordance with the Inventory Intermediation Agreements with J. Aron
commencing in July 2013. As of December 31, 2013, a liability included in Inventory supply and offtake