PBF Energy 2015 Annual Report Download - page 173
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PBF ENERGY INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(IN THOUSANDS, EXCEPT SHARE, UNIT, PER SHARE, PER UNIT AND BARREL DATA)
F- 56
The table below presents the fair values of the assets of the Company’s Qualified Plan as of December 31, 2015
and 2014 by level of fair value hierarchy. Assets categorized in Level 1 of the hierarchy are measured at fair value
using a market approach based on published net asset values of mutual funds. As noted above, the Company’s post
retirement medical plan is funded on a pay-as-you-go basis and has no assets.
Fair Value Measurements Using
Quoted Prices in Active Markets
(Level 1)
December 31,
2015 2014
Equities:
Domestic equities $ 17,660 $ 12,682
Developed international equities 8,320 5,600
Emerging market equities 4,017 2,629
Global low volatility equities 4,930 3,478
Fixed-income 22,495 16,517
Cash and cash equivalents 80 50
Total $ 57,502 $ 40,956
The Company’s investment strategy for its Qualified Plan is to achieve a reasonable return on assets that supports
the plan’s interest credit rating, subject to a moderate level of portfolio risk that provides liquidity. Consistent with
these financial objectives as of December 31, 2015, the plan's target allocations for plan assets are 60% invested
in equity securities and 40% fixed income investments. Equity securities include international stocks and a blend
of U.S. growth and value stocks of various sizes of capitalization. Fixed income securities include bonds and notes
issued by the U.S. government and its agencies, corporate bonds, and mortgage-backed securities. The aggregate
asset allocation is reviewed on an annual basis.
The overall expected long-term rate of return on plan assets for the Qualified Plan is based on the Company’s view
of long-term expectations and asset mix.
19. REVENUES
The following table provides information relating to the Company’s revenues from external customers for each
product or group of similar products for the periods:
Year Ended December 31,
2015 2014 2013
Gasoline and distillates $ 11,553,716 $ 17,050,096 $ 16,973,239
Chemicals 452,304 739,096 746,396
Asphalt and blackoils 536,496 706,494 690,305
Lubricants 266,371 410,466 468,315
Feedstocks and other 315,042 922,003 273,200
$ 13,123,929 $ 19,828,155 $ 19,151,455