PBF Energy 2013 Annual Report Download - page 81

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74
At December 31, 2013, the LIFO value of intermediates and finished products owned by J. Aron included
within inventory on our balance sheet was $378.3 million. The corresponding accrued liability for such
intermediates and finished products was $378.3 million at that date.
Capital Spending
Capital spending was $415.7 million for the year ended December 31, 2013, which primarily included safety
related enhancements and facility improvements at the refinery and the continued expansion of the rail unloading
facilities at our Delaware City refinery.
We are pursuing capital project opportunities designed to increase the profitability of our Toledo refinery.
These projects are expected to improve crude sourcing and flexibility, further diversify our product sales into higher
margin chemicals and improve the ULSD and total liquid yield from the Toledo refinery. We spent approximately
$30.7 million through December 31, 2013 related to these capital projects and estimate aggregate total capital
expenditures of approximately $85.0 million through the end of 2015.
Contractual Obligations and Commitments
The following table summarizes our material contractual payment obligations as of December 31, 2013:
Payments due by period
Total
Less than
1 year 1-3 Years 3-5 Years
More than
5 years
Long-term debt (a) $ 743,589 $ 26,887 $ 41,202 $ — $ 675,500
Interest payments on debt facilities (a) 423,417 72,466 143,312 124,046 83,593
Delaware Economic Development
Authority Loan (b) — ——— —
Operating Leases (c) 311,323 59,410 101,721 81,877 68,315
Purchase obligations (d):
Crude Supply and Offtake Agreements 454,893 454,893 — — —
Other Supply and Capacity
Agreements 483,351 60,023 98,207 91,544 233,577
Construction obligations 13,088 13,088 — — —
Environmental obligations (e) 14,874 2,907 1,492 1,439 9,036
Pension and post-retirement obligations (f) 96,023 6,669 9,287 17,257 62,810
Tax receivable agreement obligations (g) 287,316 12,541 53,604 32,821 188,350
Total contractual cash obligations $ 2,827,874 $ 708,884 $ 448,825 $ 348,984 $ 1,321,181
(a) Long-term Debt and Interest Payments on Debt Facilities
Long-term obligations represent (i) the repayment of the outstanding revolving credit agreement; (ii) the
repayment of indebtedness incurred in connection with the senior secured notes offering; and (iii) the repayment
of our catalyst lease obligations on their maturity dates.
Interest payments on debt facilities include cash interest payments on the Senior Secured Notes, catalyst
lease obligations, plus cash payments for the commitment fee on the unused ABL Revolving Credit Facility and
letter of credit fees on the letters of credit outstanding at December 31, 2013. With the exception of our catalyst
leases and outstanding borrowings on the Revolver, we have no long-term debt maturing before 2020 as of
December 31, 2013.