PBF Energy 2015 Annual Report Download - page 182
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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- 65
The valuation methods used to measure financial instruments at fair value are as follows:
• Money market funds categorized in Level 1 of the fair value hierarchy are measured at fair value based
on quoted market prices and included within cash and cash equivalents.
• Marketable securities, consisting primarily of US Treasury securities, categorized in Level 1 of the fair
value hierarchy are measured at fair value based on quoted market prices.
• Non-qualified pension plan 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 and included within deferred
charges and other assets, net.
• The commodity contracts categorized in Level 1 of the fair value hierarchy are measured at fair value
based on quoted prices in an active market. The commodity contracts categorized in Level 2 of the fair
value hierarchy are measured at fair value using a market approach based upon future commodity prices
for similar instruments quoted in active markets.
• The commodity contracts categorized in Level 3 of the fair value hierarchy consist of commodity price
swap contracts that relate to forecasted purchases of crude oil for which quoted forward market prices
are not readily available due to market illiquidity. The forward price used to value these swaps was derived
using broker quotes, prices from other third party sources and other available market based data.
• The derivatives included with inventory supply arrangement obligations, derivatives included with
inventory intermediation agreement obligations and the catalyst lease obligations are categorized in Level
2 of the fair value hierarchy and are measured at fair value using a market approach based upon commodity
prices for similar instruments quoted in active markets.
The table below summarizes the changes in fair value measurements of commodity contracts categorized in
Level 3 of the fair value hierarchy:
Year Ended December 31,
2015 2014
Balance at beginning of period $ 1,521 $ (23,365)
Purchases ——
Settlements (15,222)(22,055)
Unrealized loss included in earnings 17,244 46,941
Transfers into Level 3 ——
Transfers out of Level 3 ——
Balance at end of period $ 3,543 $ 1,521
There were no transfers between levels during the years ended December 31, 2015 and 2014, respectively.