PBF Energy 2013 Annual Report Download - page 146

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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- 50
The difference between the PBF Energy’s effective income tax rate and the United States statutory rate is reconciled
below:
Year Ended
December 31,
2013
Year Ended
December 31,
2012
Provision at Federal statutory rate 35.0 % 35.0%
Increase (decrease) attributable to flow-through of certain tax
adjustments:
State income taxes (net of federal income tax) 5.0 % 4.4%
Non deductible/nontaxable items 7.0 % —%
Adjustment to deferred tax assets and liabilities for change in
tax rates due to business mix (14.5)% —%
Other (2.8)% 0.1%
Effective tax rate 29.7 % 39.5%
A summary of the components of deferred tax assets and deferred tax liabilities follows:
December 31, 2013 December 31, 2012
Deferred tax assets
Purchase interest step-up $ 310,132 $ 181,257
Net operating loss carry forwards 14,327 6,087
Other 21,423 9,503
Total deferred tax assets 345,882 196,847
Valuation allowances — —
Total deferred tax assets, net 345,882 196,847
Deferred tax liabilities
Property, plant and equipment 140,330 69,088
Inventory 9,390 6,534
Other 1,399 646
Total deferred tax liabilities 151,119 76,268
Net deferred tax assets (liabilities) $ 194,763 $ 120,579
PBF Energy has federal and state income tax net operating loss carry forwards of $37,139 and $23,641, respectively,
which will expire at various dates from 2022 through 2033.