RELATED PARTY TRANSACTIONS |
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| RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS Summary of Transactions with SBR A summary of the Company’s related party transactions with SBR is as follows:
Total sales, consisting of refined product sales, and purchases, primarily related to environmental credit and hydrocarbon purchases, under the commercial agreements with SBR are included within Revenues and Cost of products and other, respectively, on the Company’s Condensed Consolidated Statements of Operations. Additionally, the Condensed Consolidated Balance Sheets include $81.7 million and $48.1 million recorded within Accounts receivable and Accrued expenses, respectively, related to transactions with SBR as of March 31, 2026 ($44.1 million and $39.4 million, respectively, as of December 31, 2025). SBR Loan Contributions made to equity method investees at times are in the form of loan agreements. Loans provided to equity method investees that are made based on the Company’s proportionate ownership percentage are accounted for as “in-substance capital contributions” and are treated as an increase to the investment. Principal and interest payments received on loans treated as in-substance capital contributions are assessed under the cumulative earnings approach to determine if the distribution received represents a return on capital or a return of capital. Return on capital distributions are recorded as an operating cash flow whereas return of capital distributions are recorded as an investing cash flow. SBR Term Loan PBF Holding Company LLC (“PBF Holding”) has agreed to provide a limited guaranty in connection with a $100.0 million term loan originally entered into by SBR and its wholly owned subsidiary, SBR Marketing LLC (“SBR Marketing”), in April 2025. Under the guaranty and subject to the terms and conditions set forth therein, PBF Holding is guaranteeing SBR and SBR Marketing’s certain payment and performance obligations under the term loan, with the guaranty capped at 50% of such obligations, commensurate with the Company’s 50% equity interest in SBR. The Company currently believes that the likelihood of performance under this guaranty is remote.
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