PBF Energy 2015 Annual Report Download - page 127

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See notes to consolidated financial statements.
F- 10
PBF ENERGY INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Year Ended December 31,
2015 2014 2013
Cash flows from operating activities:
Net income $ 195,533 $ 78,271 214,085
Adjustments to reconcile net income to net cash provided by operations:
Depreciation and amortization 207,004 188,209 118,001
Stock-based compensation 13,497 7,181 3,753
Change in fair value of catalyst lease obligation (10,184) (3,969) (4,691)
Deferred income taxes (5,607) (49,387) 16,681
Change in tax receivable agreement liability (18,150) (2,990) 8,540
Non-cash change in inventory repurchase obligations 63,389 (93,246) (20,492)
Non-cash lower of cost or market inventory adjustment 427,226 690,110 —
Pension and other post-retirement benefits costs 26,982 22,600 16,728
Gain on disposition of property, plant and equipment (1,004) (895) (183)
Changes in current assets and current liabilities:
Accounts receivable 97,636 45,378 (92,851)
Inventories (271,892) (394,031) 45,991
Prepaid expenses and other current assets (3,661) (17,057) (42,455)
Accounts payable (24,291) (67,025) 42,236
Accrued expenses (36,805) 61,785 209,479
Deferred revenue 2,816 (6,539) (202,777)
Payable to related parties pursuant to tax receivable agreement (67,643) — —
Other assets and liabilities (34,422) (2,070) (20,716)
Net cash provided by operations 560,424 456,325 291,329
Cash flow from investing activities:
Acquisition of Chalmette Refining, net of cash acquired (565,304) — —
Expenditures for property, plant and equipment (353,964) (476,389) (318,394)
Expenditures for deferred turnaround costs (53,576) (137,688) (64,616)
Expenditures for other assets (8,236) (17,255) (32,692)
Proceeds from sale of assets 168,270 202,654 102,428
Purchase of marketable securities (2,067,286) (1,918,637) —
Maturities of marketable securities 2,067,983 1,683,708 —
Net cash used in investing activities $ (812,113) $ (663,607) $ (313,274)