PBF Energy 2013 Annual Report Download - page 149

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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- 53
(2) Represents an adjustment to weighted-average diluted shares outstanding to assume the full exchange
of common stock equivalents, including options and warrants for PBF LLC Series A Units and options
for shares of PBF Energy Class A common stock. Common stock equivalents excludes the effects of
options to purchase 1,320,000 and 682,500 shares of PBF Energy Class A common stock because they
are anti-dilutive for the years ended December 31, 2013 and 2012, respectively.
20. FAIR VALUE MEASUREMENTS
The tables below present information about the Company's financial assets and liabilities measured and recorded
at fair value on a recurring basis and indicate the fair value hierarchy of the inputs utilized to determine the fair
values as of December 31, 2013 and 2012.
December 31, 2013
Level 1 Level 2 Level 3 Total
Assets:
Money market funds $ 5,857 $ — $ — $ 5,857
Non-qualified pension plan assets 4,905 — — 4,905
Commodity contracts 4,252 6,681 — 10,933
Derivatives included with inventory
intermediation agreement
obligations — 6,016 — 6,016
Liabilities:
Commodity contracts — 6,989 23,365 30,354
Derivatives included with inventory
supply arrangement obligations — 177 — 177
Catalyst lease obligations — 53,089 — 53,089
December 31, 2012
Level 1 Level 2 Level 3 Total
Assets:
Money market funds $ 175,786 $ — $ — $ 175,786
Commodity contracts 3,303 — — 3,303
Derivatives included with inventory
supply arrangement obligations — 5,595 — 5,595
Liabilities:
Catalyst lease obligations — 43,442 — 43,442
Commodity contracts — 1,872 — 1,872
Contingent consideration for refinery
acquisition — — 21,358 21,358
The valuation methods used to measure financial instruments at fair value are as follows:
• Money market funds categorized in Level 1 of the fair value hierarchy are measured at fair value based
on quoted market prices and included within cash and cash equivalents.
• Non-qualified pension plan assets categorized in Level 1 of the hierarchy are measured at fair value using
a market approach based on published net asset values of mutual funds and included within deferred
charges and other assets, net.