PBF Energy 2013 Annual Report Download - page 145

Download and view the complete annual report

Please find page 145 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- 49
17. REVENUES
The following table provides information relating to the Company’s revenues from external customers for each
product or group of similar products for the periods:
Year Ended December 31,
2013 2012 2011
Gasoline and distillates $ 16,973,239 $ 17,878,957 $ 13,182,234
Chemicals 746,396 705,373 344,311
Lubricants 468,315 517,921 525,095
Clarified slurry oil 357,580 272,220 —
Asphalt and residual oils 332,725 370,420 441,638
Liquefied petroleum gases 260,181 380,747 430,435
Other 13,019 13,049 36,625
$ 19,151,455 $ 20,138,687 $ 14,960,338
18. INCOME TAXES
PBF Energy
For periods following PBF Energy’s IPO, PBF Energy is required to file federal and applicable state corporate
income tax returns and recognizes income taxes on its pre-tax income, which to-date has consisted primarily of
its share (approximately 24.4% prior to the Secondary Offering and approximately 40.9% subsequent to the
Secondary Offering) of PBF LLC’s pre-tax income. PBF LLC is organized as a limited liability company which
is treated as a "flow-through" entity for income tax purposes and therefore is not subject to income taxes. As a
result, the PBF Energy consolidated financial statements do not reflect a benefit or provision for income taxes for
PBF LLC for periods prior to the IPO or any benefit or provision for income taxes on the pre-tax income or loss
attributable to the noncontrolling interest in PBF LLC.
The income tax provision in the PBF Energy consolidated financial statements of operations consists of the
following:
Year Ended
December 31,
2013
Year Ended
December 31,
2012
Current expense:
Federal $ — $ —
State — —
Total current — —
Deferred expense:
Federal 15,406 1,134
State 1,275 141
Total deferred 16,681 1,275
Total provision for income taxes $ 16,681 $ 1,275