PBF Energy 2015 Annual Report Download - page 176

PBF ENERGY INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(IN THOUSANDS, EXCEPT SHARE, UNIT, PER SHARE, PER UNIT AND BARREL DATA)
F- 59
A summary of the components of deferred tax assets and deferred tax liabilities follows:
December 31, 2015 December 31, 2014
Deferred tax assets
Purchase interest step-up $ 698,477 $ 752,416
Inventory 357,250 206,681
Pension, employee benefits and compensation 40,452 35,246
Hedging 8,384 —
Other 22,557 21,953
Total deferred tax assets 1,127,120 1,016,296
Valuation allowances — —
Total deferred tax assets, net 1,127,120 1,016,296
Deferred tax liabilities
Property, plant and equipment 485,976 421,901
Inventory 29,502 —
Investment in partnership 13,665 —
Other 25,287 26,848
Total deferred tax liabilities 554,430 448,749
Net deferred tax assets $ 572,690 $ 567,547
PBF Energy had federal and state income tax net operating loss carry forwards which were fully utilized in 2014.
Income tax years that remain subject to examination by material jurisdictions, where an examination has not already
concluded are all years including and subsequent to:
United States
Federal 2012
New Jersey 2012
Michigan 2012
Delaware 2012
Indiana 2012
Pennsylvania 2012
New York 2012
Louisiana 2015
PBF Energy does not have any unrecognized tax benefits.