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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- 66
23. CONSOLIDATING FINANCIAL STATEMENTS OF PBF HOLDING
CONSOLIDATING STATEMENT OF CASH FLOW
Year Ended December 31, 2012
Issuer
Guarantor
Subsidiaries
Non-
Guarantor
Subsidiaries
Combining
and
Consolidating
Adjustments Total
Cash flows from operating activities:
Net income $ 805,312 $ 1,921,040 $ — $ (1,921,040) $ 805,312
Adjustments to reconcile net income to net cash provided
by operating activities:
Depreciation and amortization 13,466 84,184 — — 97,650
Stock-based compensation — 2,954 — — 2,954
Change in fair value of catalyst lease obligation — 3,724 — — 3,724
Change in fair value of contingent consideration — 2,768 — — 2,768
Non-cash change in inventory repurchase obligations — 4,576 — — 4,576
Write-off of unamortized deferred financing fees 4,391 — — — 4,391
Pension and other post retirement benefit costs 2,125 10,559 — — 12,684
Gain on disposition of property, plant and equipment — (2,329)— —
(2,329)
Equity in earnings of subsidiaries (1,921,040) — — 1,921,040 —
Changes in current assets and current liabilities:
Accounts receivable (306,999) 119,455 — — (187,544)
Amounts due to/from related parties 1,736,986 (1,751,707)— —
(14,721)
Inventories (664,225) 584,128 — — (80,097)
Other current assets 78 49,893 — — 49,971
Accounts payable 193,151 (119,161) — — 73,990
Accrued expenses 419,735 (389,392) — — 30,343
Deferred revenue — 21,309 — — 21,309
Other assets and liabilities (9,023) (22,521)— —
(31,544)
Net cash provided by operating activities 273,957 519,480 — — 793,437
Cash flows from investing activities:
Expenditures for property, plant and equipment (16,546) (159,354)— —
(175,900)
Expenditures for refinery turnarounds costs — (38,633)— —
(38,633)
Expenditures for other assets — (8,155)— —
(8,155)
Proceeds from sale of assets — 3,381 — — 3,381
Net cash used in investing activities (16,546) (202,761)— —
(219,307)
Cash flows from financing activities:
Proceeds from Senior Secured Notes 665,806 — — — 665,806
Proceeds from long-term debt 430,000 — — — 430,000
Proceeds from catalyst lease — 9,452 — — 9,452
Distributions to members (160,965) — — — (160,965)
Repayments of long-term debt (823,749) (360,848)— —
(1,184,597)
Payment of contingent consideration related to
acquisition of Toledo refinery (103,642) — — — (103,642)
Deferred financing costs and other (26,059) — — — (26,059)
Net cash used in financing activities (18,609) (351,396)— —
(370,005)
Net increase (decrease) in cash and cash equivalents 238,802 (34,677) — — 204,125
Cash and equivalents, beginning of period 3,124 47,042 — — 50,166
Cash and equivalents, end of period $ 241,926 $ 12,365 $ — $ — $ 254,291