PBF Energy Inc. Leases Disclosure
| (in millions) | Classification on the Balance Sheet | December 31, 2025 | December 31, 2024 | |||||||||||||||||
| Assets | ||||||||||||||||||||
| Operating lease assets | $ | 725.7 | $ | 802.4 | ||||||||||||||||
| Finance lease assets | 34.0 | 42.9 | ||||||||||||||||||
| Total lease right of use assets | $ | 759.7 | $ | 845.3 | ||||||||||||||||
| Liabilities | ||||||||||||||||||||
| Current liabilities: | ||||||||||||||||||||
| Operating lease liabilities | Current operating lease liabilities | $ | 184.4 | $ | 187.8 | |||||||||||||||
| Finance lease liabilities | 12.2 | 11.2 | ||||||||||||||||||
| Noncurrent liabilities: | ||||||||||||||||||||
| Operating lease liabilities | Long-term operating lease liabilities | 543.0 | 622.2 | |||||||||||||||||
| Finance lease liabilities | Long-term financing lease liabilities | 25.8 | 35.4 | |||||||||||||||||
| Total lease liabilities | $ | 765.4 | $ | 856.6 | ||||||||||||||||
Lease Costs (in millions) | December 31, 2025 | December 31, 2024 | ||||||||||||
| Components of total lease costs: | ||||||||||||||
| Finance lease costs | ||||||||||||||
| Amortization of right of use assets | $ | 11.4 | $ | 14.0 | ||||||||||
| Interest on lease liabilities | 2.9 | 3.6 | ||||||||||||
| Operating lease costs | 321.7 | 289.6 | ||||||||||||
| Short-term lease costs | 69.7 | 78.7 | ||||||||||||
| Variable lease costs | 39.2 | 27.0 | ||||||||||||
| Sub-lease income | (2.9) | (3.0) | ||||||||||||
| Total lease costs | $ | 442.0 | $ | 409.9 | ||||||||||
| Years Ended December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||
| Operating cash flows for operating leases | $ | 327.4 | $ | 289.1 | |||||||
| Operating cash flows for finance leases | 2.9 | 3.6 | |||||||||
| Financing cash flows for finance leases | 11.2 | 12.2 | |||||||||
| Supplemental non-cash quantification of assets acquired or remeasured under operating and financing leases | 156.2 | 288.6 | |||||||||
| Weighted average remaining lease term - operating leases | 8.8 years | ||||
| Weighted average remaining lease term - finance leases | 2.9 years | ||||
| Weighted average discount rate - operating leases | 13.9 | % | |||
| Weighted average discount rate - finance leases | 7.2 | % | |||
Amounts due in the year ended December 31, (in millions) | Finance Leases | Operating Leases | ||||||||||||
| 2026 | $ | 14.5 | $ | 268.7 | ||||||||||
| 2027 | 14.5 | 147.5 | ||||||||||||
| 2028 | 11.8 | 113.2 | ||||||||||||
| 2029 | 1.4 | 98.7 | ||||||||||||
| 2030 | — | 96.3 | ||||||||||||
| Thereafter | — | 532.6 | ||||||||||||
| Total minimum lease payments | 42.2 | 1,257.0 | ||||||||||||
| Less: effect of discounting | 4.2 | 529.6 | ||||||||||||
| Present value of future minimum lease payments | 38.0 | 727.4 | ||||||||||||
| Less: current obligations under leases | 12.2 | 184.4 | ||||||||||||
| Long-term lease obligations | $ | 25.8 | $ | 543.0 | ||||||||||
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.