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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- 65
23. CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING
CONSOLIDATING STATEMENT OF CASH FLOW
Year Ended December 31, 2013
Issuer
Guarantor
Subsidiaries
Non-
Guarantor
Subsidiaries
Combining
and
Consolidating
Adjustments Total
Cash flows from operating activities:
Net income $ 238,876 $ 722,673 $ — $ (722,673) $ 238,876
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 19,296 98,705 — — 118,001
Stock-based compensation — 3,753 — — 3,753
Change in fair value of catalyst lease obligation — (4,691) — — (4,691)
Change in fair value of contingent consideration — — — — —
Non-cash change in inventory repurchase obligations — (20,492) — — (20,492)
Write-off of unamortized deferred financing fees — — — — —
Pension and other post retirement benefit costs 4,575 12,153 — — 16,728
Gain on disposition of property, plant and equipment (388) 205 — — (183)
Equity in earnings of subsidiaries (722,673) — — 722,673 —
Changes in current assets and current liabilities:
Accounts receivable (281,386) 188,535 — — (92,851)
Amounts due to/from related parties 626,623 (611,902) — — 14,721
Inventories (153,782) 199,773 — — 45,991
Other current assets (40,416) (2,039) — — (42,455)
Accounts payable 109,988 (67,752) — — 42,236
Accrued expenses 222,194 (7,377) — — 214,817
Deferred revenue 7,766 (210,543) — — (202,777)
Other assets and liabilities (1,140) (19,263) — — (20,403)
Net cash provided by operating activities 29,533 281,738 — — 311,271
Cash flows from investing activities:
Expenditures for property, plant and equipment (127,653) (190,741) — — (318,394)
Expenditures for refinery turnarounds costs — (64,616) — — (64,616)
Expenditures for other assets — (32,692) — — (32,692)
Proceeds from sale of assets 102,428 — — — 102,428
Net cash used in investing activities (25,225) (288,049) — — (313,274)
Cash flows from financing activities:
Proceeds from revolver borrowings 1,450,000 — — — $ 1,450,000
Proceeds from intercompany notes payable 31,835 — — — 31,835
Proceeds from member's capital contributions — 1,757 — — 1,757
Proceeds from catalyst lease — 14,337 — — 14,337
Distribution to members (215,846) — — — (215,846)
Repayments of revolver borrowings (1,435,000) — — — (1,435,000)
Payment of contingent consideration related to
acquisition of Toledo refinery — (21,357) — — (21,357)
Deferred financing costs and other (1,044) — — — (1,044)
Net cash used in financing activities (170,055) (5,263) — — (175,318)
Net decrease in cash and cash equivalents (165,747) (11,574) — — (177,321)
Cash and equivalents, beginning of period 241,926 12,365 — — 254,291
Cash and equivalents, end of period $ 76,179 $ 791 $ — $ — $ 76,970