PBF Energy 2013 Annual Report Download - page 90

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We also have interest rate exposure in connection with our Statoil and MSCG crude oil agreements and J.
Aron Inventory Intermediation Agreements under which we pay a time value of money charge based on LIBOR.
Credit Risk
We are subject to risk of losses resulting from nonpayment or nonperformance by our counterparties. We
will continue to closely monitor the creditworthiness of customers to whom we grant credit and establish credit
limits in accordance with our credit policy.
Concentration Risk
MSCG and Sunoco accounted for 29% and 10%, respectively, of our total sales for the year ended
December 31, 2013 and 57% and 10%, respectively, of our total sales for the year ended December 31, 2012.
Sunoco accounted for 10% of total trade accounts receivable as of December 31, 2013 and Statoil and Sunoco
accounted for 28% and 10% of accounts receivables, respectively, as of December 31, 2012.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
The information required by this item is set forth beginning on page F-1 of this Annual Report on
Form 10-K.
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE
None.
ITEM 9A. CONTROLS AND PROCEDURES
Disclosure Controls and Procedures
Our management has evaluated, with the participation of our principal executive and principal financial
officers, the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the
Securities Exchange Act of 1934 as amended (the “Exchange Act”)) as of the end of the period covered by this
report, and has concluded that our disclosure controls and procedures are effective to provide reasonable assurance
that information required to be disclosed by us in the reports that we file or furnish under the Exchange Act is
recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms
including, without limitation, controls and procedures designed to ensure that information required to be disclosed
by us in the reports that we file or furnish under the Exchange Act is accumulated and communicated to our
management, including our principal executive and principal financial officers, as appropriate to allow timely
decisions regarding required disclosures.
Management's Report on Internal Control over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over financial
reporting as defined in Rule 13a-15(f) of the Exchange Act. The Company’s internal control system is designed
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting principles in the United States
of America. Due to its inherent limitations, internal control over financial reporting may not prevent or detect
misstatements. Therefore, even those systems determined to be effective can provide only reasonable assurance
with respect to financial statement preparation and presentation.
Management assessed the effectiveness of our internal control over financial reporting as of December
31, 2013, using the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission
in Internal Control — Integrated Framework (1992 framework). Based on such assessment, we conclude that as
of December 31, 2013, the Company’s internal control over financial reporting is effective.