SEGMENT INFORMATION The Companys operations are organized into two reportable segments, Refining and Logistics. Operations that are not included in the Refining and Logistics segments are included in Corporate. Intersegment transactions are eliminated in the consolidated financial statements and are included in Eliminations. Refining The Companys Refining segment includes the operations of its five refineries, including certain related logistics assets that are not owned by PBFX. The Companys refineries are located in Delaware City, Delaware, Paulsboro, New Jersey, Toledo, Ohio, New Orleans, Louisiana and Torrance, California. The refineries produce unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants and other petroleum products in the United States. The Company purchases crude oil, other feedstocks and blending components from various third-party suppliers. The Company sells products throughout the Northeast, Midwest, Gulf Coast and West Coast of the United States, as well as in other regions of the United States and Canada, and is able to ship products to other international destinations. Logistics The Companys Logistics segment is comprised of PBFX, a publicly-traded MLP, formed to own or lease, operate, develop and acquire crude oil and refined petroleum products terminals, pipelines, storage facilities and similar logistics assets. PBFXs assets primarily consist of rail and truck terminals and unloading racks, tank farms and pipelines that were acquired from or contributed by PBF LLC and are located at, or nearby, the Companys refineries. PBFX provides various rail, truck and marine terminaling services, pipeline transportation services and storage services to PBF Holding and/or its subsidiaries and third-party customers through fee-based commercial agreements. PBFX currently does not generate significant third-party revenue and intersegment related-party revenues are eliminated in consolidation. From a PBF Energy and PBF LLC perspective, the Companys chief operating decision maker evaluates the Logistics segment as a whole without regard to any of PBFXs individual operating segments. The Company evaluates the performance of its segments based primarily on income from operations. Income from operations includes those revenues and expenses that are directly attributable to management of the respective segment. The Logistics segments revenues include intersegment transactions with the Companys Refining segment at prices the Company believes are substantially equivalent to the prices that could have been negotiated with unaffiliated parties with respect to similar services. Activities of the Companys business that are not included in the two operating segments are included in Corporate. Such activities consist primarily of corporate staff operations and other items that are not specific to the normal operations of the two operating segments. The Company does not allocate non-operating income and expense items, including income taxes, to the individual segments. The Refinery segments operating subsidiaries and PBFX are primarily pass-through entities with respect to income taxes. Total assets of each segment consist of property, plant and equipment, inventories, cash and cash equivalents, accounts receivables and other assets directly associated with the segments operations. Corporate assets consist primarily of deferred tax assets, property, plant and equipment and other assets not directly related to the Companys refinery and logistic operations. Disclosures regarding the Companys reportable segments with reconciliations to consolidated totals for the years ended December 31, 2018 , 2017 and 2016 are presented below. In connection with the contribution by PBF LLC of the limited liability interests of the Development Assets to PBFX, the accompanying segment information has been retrospectively adjusted to include the historical results of the Development Assets in the Logistics segment for all periods presented prior to such contribution. Additionally, in connection with the adoption of ASU 2017-07, the accompanying segment information has been retrospectively adjusted for all periods presented, to reflect the reclassification of certain net periodic benefit costs from Operating expenses and General and administrative expenses to Other income (expense). PBF Energy Year Ended December 31, 2018 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 27,162,079 $ 283,440 $  $ (259,426 ) $ 27,186,093 Depreciation and amortization expense 329,317 29,809 10,634  369,760 Income (loss) from operations (1) 498,287 143,870 (266,218 ) (17,819 ) 358,120 Interest expense, net 7,601 43,033 119,277  169,911 Capital expenditures (2) 552,020 175,696 6,171  733,887 Year Ended December 31, 2017 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 21,769,703 $ 257,588 $  $ (240,654 ) $ 21,786,637 Depreciation and amortization expense 253,588 24,404 12,964  290,956 Income (loss) from operations (1) 814,033 143,379 (211,227 ) (14,565 ) 731,620 Interest expense, net 4,695 33,363 116,369  154,427 Capital expenditures (3) 633,294 90,258 3,483  727,035 Year Ended December 31, 2016 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 15,906,866 $ 189,006 $  $ (175,448 ) $ 15,920,424 Depreciation and amortization expense 200,935 15,406 5,835  222,176 Income (loss) from operations 557,839 105,240 (157,937 ) (5,679 ) 499,463 Interest expense, net 2,938 30,433 116,674  150,045 Capital expenditures (4) 1,468,696 123,946 20,229  1,612,871 Balance at December 31, 2018 Refining Logistics Corporate Eliminations Consolidated Total Total assets (5) $ 6,988,059 $ 956,353 $ 98,055 $ (37,052 ) $ 8,005,415 Balance at December 31, 2017 Refining Logistics Corporate Eliminations Consolidated Total Total assets (5) $ 7,287,384 $ 748,215 $ 123,211 $ (40,817 ) $ 8,117,993 PBF LLC Year Ended December 31, 2018 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 27,162,079 $ 283,440 $  $ (259,426 ) $ 27,186,093 Depreciation and amortization expense 329,317 29,809 10,634  369,760 Income (loss) from operations (1) 498,287 143,870 (264,468 ) (17,819 ) 359,870 Interest expense, net 7,601 43,033 127,787  178,421 Capital expenditures (2) 552,020 175,696 6,171  733,887 Year Ended December 31, 2017 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 21,769,703 $ 257,588 $  $ (240,654 ) $ 21,786,637 Depreciation and amortization expense 253,588 24,404 12,964  290,956 Income (loss) from operations (1) 814,033 143,379 (210,902 ) (14,565 ) 731,945 Interest expense, net 4,695 33,363 124,325  162,383 Capital expenditures (3) 633,294 90,258 3,483  727,035 Year Ended December 31, 2016 Refining Logistics Corporate Eliminations Consolidated Total Revenues $ 15,906,866 $ 189,006 $  $ (175,448 ) $ 15,920,424 Depreciation and amortization expense 200,935 15,406 5,835  222,176 Income (loss) from operations 557,839 105,240 (157,737 ) (5,679 ) 499,663 Interest expense, net 2,938 30,433 122,448  155,819 Capital expenditures (4) 1,468,696 123,946 20,229  1,612,871 Balance at December 31, 2018 Refining Logistics Corporate Eliminations Consolidated Total Total assets (5) $ 6,988,059 $ 956,353 $ 45,676 $ (37,052 ) $ 7,953,036 Balance at December 31, 2017 Refining Logistics Corporate Eliminations Consolidated Total Total assets (5) $ 7,287,384 $ 748,215 $ 44,203 $ (40,817 ) $ 8,038,985 (1) The Logistics segment includes 100% of the income from operations of TVPC as TVPC is consolidated by PBFX. PBFX records net income attributable to noncontrolling interest for the 50% equity interest in TVPC held by PBF Holding. PBF Holding (included in the Refining segment) records equity income in investee related to its 50% noncontrolling ownership interest in TVPC. For the purposes of the Companys consolidated financial statements, PBF Holdings equity income in investee and PBFXs net income attributable to noncontrolling interest eliminate in consolidation. (2) The Logistics segment includes capital expenditures of $58,356 for the PBFX acquisition of the Knoxville Terminals on April 16, 2018 and $74,989 for the PBFX acquisition of the East Coast Storage Assets on October 1, 2018. (3) The Logistics segment includes capital expenditures of $10,097 for the PBFX acquisition of the Toledo Products Terminal on April 17, 2017. (4) The Refining segment includes capital expenditures of $971,932 related to the acquisition of the Torrance refinery and related logistics assets that was completed in the third quarter of 2016. Additionally, the Refining segment includes capital expenditures of $2,659 for the working capital settlement related to the acquisition of the Chalmette refinery that was finalized in the first quarter of 2016. The Logistics segment includes $98,373 for the PBFX Plains Asset Purchase that was completed in the second quarter of 2016. (5) The Logistics segment includes 100% of the assets of TVPC as TVPC is consolidated by PBFX. PBFX records a noncontrolling interest for the 50% equity interest in TVPC held by PBF Holding. PBF Holding (included in the Refining segment) records an equity investment in TVPC reflecting its noncontrolling ownership interest. For the purposes of the Companys consolidated financial statements, PBFXs noncontrolling interest in TVPC and PBF Holdings equity investment in TVPC eliminate in consolidation.