Supplemental Guarantor/Non-Guarantor Financial Information (Tables)

6 Months Ended

Jun. 30, 2012

Supplemental Guarantor / Non-Guarantor Financial Information [Abstract]

Condensed Consolidating Balance Sheet

Condensed Consolidating Balance Sheet
June 30, 2012	Parent		Guarantor Restricted Subsidiaries			Non- Guarantor Restricted Subsidiaries			Eliminations			HollyFrontier Corp. Before Consolidation of HEP		Non-Guarantor Non-Restricted Subsidiaries (HEP Segment)		Eliminations			Consolidated
	(In thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	1,366,416	$	1,564		$	2		$	—		$	1,367,982	$	4,216	$	—		$	1,372,198
Marketable securities	266,477		6			—			—			266,483		—		—			266,483
Accounts receivable, net	2,771		600,822			1,051			—			604,644		30,169		(31,087		)	603,726
Intercompany accounts receivable (payable)	2,378,862		(2,686,908		)	308,046			—			—		—		—			—
Inventories	—		1,308,493			—			—			1,308,493		1,326		—			1,309,819
Income taxes receivable	93,644		—			4			—			93,648		—		—			93,648
Prepayments and other	13,396		47,437			1,043			—			61,876		2,084		(4,142		)	59,818
Total current assets	4,121,566		(728,586		)	310,146			—			3,703,126		37,795		(35,229		)	3,705,692
Properties, plants and equip, net	20,116		2,085,903			403,452			—			2,509,471		584,702		(5,867		)	3,088,306
Marketable securities (long-term)	9,765		—			—			—			9,765		—		—			9,765
Investment in subsidiaries	2,331,322		629,603			(244,218		)	(2,716,707		)	—		—		—			—
Intangibles and other assets	9,804		2,204,370			25,000			(25,000		)	2,214,174		366,173		(1,578		)	2,578,769
Total assets	$	6,492,573	$	4,191,290		$	494,380		$	(2,741,707	)	$	8,436,536	$	988,670	$	(42,674	)	$	9,382,532
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	28,972	$	1,086,102		$	2,534		$	—		$	1,117,608	$	9,695	$	(31,087	)	$	1,096,216
Income taxes payable	13,712		148,553			—			—			162,265		—		—			162,265
Accrued liabilities	67,237		48,259			4,715			—			120,211		17,749		(4,142		)	133,818
Deferred income tax liabilities	185,777		(16,381		)	(10		)	—			169,386		—		—			169,386
Total current liabilities	295,698		1,266,533			7,239			—			1,569,470		27,444		(35,229		)	1,561,685
Long-term debt	669,983		28,173			—			—			698,156		613,195		(16,188		)	1,295,163
Deferred income tax liabilities	163,090		247,020			967			—			411,077		—		4,951			416,028
Other long-term liabilities	90,426		93,132			—			(25,000		)	158,558		6,195		(2,722		)	162,031
Investment in HEP	—		225,110			—			—			225,110		—		(225,110		)	—
Equity – HollyFrontier	5,273,376		2,331,322			486,174			(2,817,496		)	5,273,376		341,836		(285,751		)	5,329,461
Equity – noncontrolling interest	—		—			—			100,789			100,789		—		517,375			618,164
Total liabilities and equity	$	6,492,573	$	4,191,290		$	494,380		$	(2,741,707	)	$	8,436,536	$	988,670	$	(42,674	)	$	9,382,532

Condensed Consolidating Balance Sheet
December 31, 2011	Parent			Guarantor Restricted Subsidiaries			Non- Guarantor Restricted Subsidiaries			Eliminations			HollyFrontier Corp. Before Consolidation of HEP		Non-Guarantor Non-Restricted Subsidiaries (HEP Segment)		Eliminations			Consolidated
	(In thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	1,575,891		$	(3,358	)	$	3,102		$	—		$	1,575,635	$	3,269	$	—		$	1,578,904
Marketable securities	210,886			753			—			—			211,639		—		—			211,639
Accounts receivable, net	8,317			699,056			3,074			—			710,447		34,071		(35,661		)	708,857
Intercompany accounts receivable (payable)	3,075,563			(3,374,597		)	299,034			—			—		—		—			—
Inventories	—			1,113,136			—			—			1,113,136		1,483		—			1,114,619
Income taxes receivable	87,273			4			—			—			87,277		—		—			87,277
Prepayments and other	19,379			202,428			1,089			—			222,896		1,161		(4,607		)	219,450
Total current assets	4,977,309			(1,362,578		)	306,299			—			3,921,030		39,984		(40,268		)	3,920,746
Properties, plants and equip, net	26,702			2,043,257			398,984			—			2,468,943		590,243		(6,281		)	3,052,905
Marketable securities (long-term)	50,067			—			—			—			50,067		—		—			50,067
Investment in subsidiaries	1,160,801			593,118			(240,060		)	(1,513,859		)	—		—		—			—
Intangibles and other assets	19,329			2,242,197			—			—			2,261,526		364,893		(73,894		)	2,552,525
Total assets	$	6,234,208		$	3,515,994		$	465,223		$	(1,513,859	)	$	8,701,566	$	995,120	$	(120,443	)	$	9,576,243
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	23,497		$	1,494,453		$	10,999		$	—		$	1,528,949	$	11,406	$	(35,661	)	$	1,504,694
Income taxes payable	(109,320		)	149,686			—			—			40,366		—		—			40,366
Accrued liabilities	53,390			103,636			1,236			—			158,262		16,285		(4,607		)	169,940
Deferred income tax liabilities	192,073			(16,390		)	—			—			175,683		—		—			175,683
Total current liabilities	159,640			1,731,385			12,235			—			1,903,260		27,691		(40,268		)	1,890,683
Long-term debt	651,261			54,070			—			—			705,331		598,761		(89,350		)	1,214,742
Deferred income tax liabilities	162,021			295,893			856			—			458,770		—		4,951			463,721
Other long-term liabilities	116,443			52,892			—			—			169,335		4,000		(2,138		)	171,197
Investment in HEP	—			220,953			—			—			220,953		—		(220,953		)	—
Equity – HollyFrontier Corporation	5,144,843			1,160,801			452,132			(1,612,933		)	5,144,843		364,668		(305,501		)	5,204,010
Equity – noncontrolling interest	—			—			—			99,074			99,074		—		532,816			631,890
Total liabilities and equity	$	6,234,208		$	3,515,994		$	465,223		$	(1,513,859	)	$	8,701,566	$	995,120	$	(120,443	)	$	9,576,243

Condensed Consolidating Statement of Comprehensive Income [Table Text Block]

Condensed Consolidating Statement of Income and Comprehensive Income
Three Months Ended June 30, 2012	Parent			Guarantor Restricted Subsidiaries			Non- Guarantor Restricted Subsidiaries			Eliminations			HollyFrontier Corp. Before Consolidation of HEP			Non-Guarantor Non-Restricted Subsidiaries (HEP Segment)			Eliminations			Consolidated
	(In thousands)
Sales and other revenues	$	100		$	4,795,719		$	4,061		$	(2,670	)	$	4,797,210		$	63,692		$	(54,221	)	$	4,806,681
Operating costs and expenses:
Cost of products sold	—			3,737,717			—			(2,596		)	3,735,121			—			(53,357		)	3,681,764
Operating expenses	—			201,876			3,061			—			204,937			17,923			(134		)	222,726
General and administrative	29,451			146			22			—			29,619			2,487			—			32,106
Depreciation and amortization	876			43,963			3,588			—			48,427			8,728			(207		)	56,948
Total operating costs and expenses	30,327			3,983,702			6,671			(2,596		)	4,018,104			29,138			(53,698		)	3,993,544
Income (loss) from operations	(30,227		)	812,017			(2,610		)	(74		)	779,106			34,554			(523		)	813,137
Other income (expense):
Earnings of equity method investments	823,251			11,927			13,613			(835,086		)	13,705			794			(13,613		)	886
Interest income (expense)	(13,424		)	(944		)	176			—			(14,192		)	(12,665		)	596			(26,261		)
Gain on sale of marketable securities	—			326			—			—			326			—			—			326
	809,827			11,309			13,789			(835,086		)	(161		)	(11,871		)	(13,017		)	(25,049		)
Income before income taxes	779,600			823,326			11,179			(835,160		)	778,945			22,683			(13,540		)	788,088
Income tax provision	285,643			—			—			—			285,643			75			—			285,718
Net income	493,957			823,326			11,179			(835,160		)	493,302			22,608			(13,540		)	502,370
Less net income attributable to noncontrolling interest	—			—			—			(656		)	(656		)	—			9,527			8,871
Net income attributable to HollyFrontier stockholders	$	493,957		$	823,326		$	11,179		$	(834,504	)	$	493,958		$	22,608		$	(23,067	)	$	493,499
Comprehensive income attributable to HollyFrontier stockholders	$	509,400		$	830,977		$	11,179		$	(834,504	)	$	517,052		$	22,373		$	(22,930	)	$	516,495

Condensed Consolidating Statement of Income and Comprehensive Income
Three Months Ended June 30, 2011	Parent			Guarantor Restricted Subsidiaries			Non- Guarantor Restricted Subsidiaries			Eliminations			HollyFrontier Corp. Before Consolidation of HEP			Non-Guarantor Non-Restricted Subsidiaries (HEP Segment)			Eliminations			Consolidated
	(In thousands)
Sales and other revenues	$	153		$	2,953,226		$	—		$	—		$	2,953,379		$	50,940		$	(37,186	)	$	2,967,133
Operating costs and expenses:
Cost of products sold	—			2,483,435			—			—			2,483,435			—			(36,340		)	2,447,095
Operating expenses	—			124,992			121			—			125,113			14,366			(134		)	139,345
General and administrative	16,976			133			—			—			17,109			1,573			—			18,682
Depreciation and amortization	907			23,644			179			—			24,730			7,309			(207		)	31,832
Total operating costs and expenses	17,883			2,632,204			300			—			2,650,387			23,248			(36,681		)	2,636,954
Income (loss) from operations	(17,730		)	321,022			(300		)	—			302,992			27,692			(505		)	330,179
Other income (expense):
Earnings of equity method investments	329,496			9,268			9,480			(338,764		)	9,480			467			(9,480		)	467
Interest income (expense)	(5,063		)	(795		)	13			—			(5,845		)	(9,286		)	595			(14,536		)
Merger transaction costs	(2,316		)	—			—			—			(2,316		)	—			—			(2,316		)
	322,117			8,473			9,493			(338,764		)	1,319			(8,819		)	(8,885		)	(16,385		)
Income before income taxes	304,387			329,495			9,193			(338,764		)	304,311			18,873			(9,390		)	313,794
Income tax provision	111,943			—			—			—			111,943			18			—			111,961
Net income	192,444			329,495			9,193			(338,764		)	192,368			18,855			(9,390		)	201,833
Less net income attributable to noncontrolling interest	—			—			—			(75		)	(75		)	—			9,673			9,598
Net income attributable to HollyFrontier stockholders	$	192,444		$	329,495		$	9,193		$	(338,689	)	$	192,443		$	18,855		$	(19,063	)	$	192,235
Comprehensive income attributable to HollyFrontier stockholders	$	192,510		$	329,113		$	9,193		$	(338,689	)	$	192,127		$	19,126		$	(19,240	)	$	192,013

Condensed Consolidating Statement of Income and Comprehensive Income
Six Months Ended June 30, 2012	Parent			Guarantor Restricted Subsidiaries			Non- Guarantor Restricted Subsidiaries			Eliminations			HollyFrontier Corp. Before Consolidation of HEP			Non-Guarantor Non-Restricted Subsidiaries (HEP Segment)			Eliminations			Consolidated
	(In thousands)
Sales and other revenues	$	199		$	9,715,457		$	8,179		$	(5,614	)	$	9,718,221		$	127,207		$	(107,009	)	$	9,738,419
Operating costs and expenses:
Cost of products sold	—			7,979,509			—			(5,540		)	7,973,969			—			(105,288		)	7,868,681
Operating expenses	—			423,667			6,117			(75		)	429,709			34,911			(267		)	464,353
General and administrative	54,424			662			22			—			55,108			4,526			—			59,634
Depreciation and amortization	1,979			85,774			7,124			—			94,877			18,587			(414		)	113,050
Total operating costs and expenses	56,403			8,489,612			13,263			(5,615		)	8,553,663			58,024			(105,969		)	8,505,718
Income (loss) from operations	(56,204		)	1,225,845			(5,084		)	1			1,164,558			69,183			(1,040		)	1,232,701
Other income (expense):
Earnings of equity method investments	1,247,902			23,131			26,577			(1,271,055		)	26,555			1,625			(26,577		)	1,603
Interest income (expense)	(27,447		)	(1,400		)	375			—			(28,472		)	(31,835		)	1,191			(59,116		)
Gain on sale of marketable securities	—			326			—			—			326			—			—			326
	1,220,455			22,057			26,952			(1,271,055		)	(1,591		)	(30,210		)	(25,386		)	(57,187		)
Income before income taxes	1,164,251			1,247,902			21,868			(1,271,054		)	1,162,967			38,973			(26,426		)	1,175,514
Income tax provision	425,974			—			—			—			425,974			150			—			426,124
Net income	738,277			1,247,902			21,868			(1,271,054		)	736,993			38,823			(26,426		)	749,390
Less net income attributable to noncontrolling interest	—			—			—			(1,285		)	(1,285		)	—			15,480			14,195
Net income attributable to HollyFrontier stockholders	$	738,277		$	1,247,902		$	21,868		$	(1,269,769	)	$	738,278		$	38,823		$	(41,906	)	$	735,195
Comprehensive income attributable to HollyFrontier stockholders	$	673,129		$	1,240,467		$	21,868		$	(1,269,769	)	$	665,695		$	39,508		$	(42,306	)	$	662,897

Condensed Consolidating Statement of Income and Comprehensive Income
Six Months Ended June 30, 2011	Parent			Guarantor Restricted Subsidiaries			Non- Guarantor Restricted Subsidiaries			Eliminations			HollyFrontier Corp. Before Consolidation of HEP			Non-Guarantor Non-Restricted Subsidiaries (HEP Segment)			Eliminations			Consolidated
	(In thousands)
Sales and other revenues	$	801		$	5,268,318		$	—		$	—		$	5,269,119		$	95,945		$	(71,346	)	$	5,293,718
Operating costs and expenses:
Cost of products sold	—			4,501,361			—			—			4,501,361			—			(69,649		)	4,431,712
Operating expenses	—			246,677			509			—			247,186			27,162			(260		)	274,088
General and administrative	32,329			235			—			—			32,564			2,936			—			35,500
Depreciation and amortization	1,847			46,805			358			—			49,010			14,544			(414		)	63,140
Total operating costs and expenses	34,176			4,795,078			867			—			4,830,121			44,642			(70,323		)	4,804,440
Income (loss) from operations	(33,375		)	473,240			(867		)	—			438,998			51,303			(1,023		)	489,278
Other income (expense):
Earnings of equity method investments	488,453			16,831			17,500			(505,284		)	17,500			1,207			(17,500		)	1,207
Interest income (expense)	(11,872		)	(1,618		)	26			—			(13,464		)	(18,398		)	1,207			(30,655		)
Merger transaction costs	(6,014		)	—			—			—			(6,014		)	—			—			(6,014		)
	470,567			15,213			17,526			(505,284		)	(1,978		)	(17,191		)	(16,293		)	(35,462		)
Income before income taxes	437,192			488,453			16,659			(505,284		)	437,020			34,112			(17,316		)	453,816
Income tax provision	160,726			—			—			—			160,726			246			—			160,972
Net income	276,466			488,453			16,659			(505,284		)	276,294			33,866			(17,316		)	292,844
Less net income attributable to noncontrolling interest	—			—			—			(172		)	(172		)	—			16,087			15,915
Net income attributable to HollyFrontier stockholders	$	276,466		$	488,453		$	16,659		$	(505,112	)	$	276,466		$	33,866		$	(33,403	)	$	276,929
Comprehensive income attributable to HollyFrontier stockholders	$	276,337		$	488,204		$	16,659		$	(505,111	)	$	276,089		$	36,440		$	(35,443	)	$	277,086

Condensed Consolidating Statement of Cash Flows

Condensed Consolidating Statement of Cash Flows
Six Months Ended June 30, 2012	Parent			Guarantor Restricted Subsidiaries			Non- Guarantor Restricted Subsidiaries			HollyFrontier Corp. Before Consolidation of HEP			Non-Guarantor Non-Restricted Subsidiaries (HEP Segment)			Eliminations			Consolidated
	(In thousands)
Cash flows from operating activities	$	347,534		$	45,516		$	(6,489	)	$	386,561		$	73,500		$	(30,558	)	$	429,503
Cash flows from investing activities
Additions to properties, plants and equip	(1,679		)	(102,722		)	(11,611		)	(116,012		)	—			—			(116,012		)
Additions to properties, plants and equip – HEP	—			—			—			—			(12,008		)	—			(12,008		)
Investment in Sabine Biofuels	—			(2,000		)	—			(2,000		)	—			—			(2,000		)
Purchases of marketable securities	(166,429		)	—			—			(166,429		)	—			—			(166,429		)
Sales and maturities of marketable securities	151,066			930			—			151,996			—			—			151,996
	(17,042		)	(103,792		)	(11,611		)	(132,445		)	(12,008		)	—			(144,453		)
Cash flows from financing activities
Net repayments under credit agreement – HEP	—			—			—			—			(30,000		)	—			(30,000		)
Repayment of promissory notes	—			72,900			—			72,900			(72,900		)	—			—
Net proceeds from issuance of senior notes - HEP	—			—			—			—			294,750			—			294,750
Repayment of senior notes - HFC	(5,000		)	—			—			(5,000		)	—			—			(5,000		)
Principal tender on senior notes - HEP	—			—			—			—			(185,000		)	—			(185,000		)
Purchase of treasury stock	(189,771		)	—			—			(189,771		)	—			—			(189,771		)
Net prepayment related to structured stock repurchase agreement	(100,000		)	—			—			(100,000		)	—			—			(100,000		)
Contribution from joint venture partner	—			(9,000		)	15,000			6,000			—			—			6,000
Dividends	(249,958		)	—			—			(249,958		)	—			—			(249,958		)
Distributions to noncontrolling interest	—			—			—			—			(59,977		)	31,033			(28,944		)
Excess tax benefit from equity-based compensation	4,762			—			—			4,762			—			—			4,762
Purchase of units for restricted grants - HEP	—			—			—			—			(4,533		)	—			(4,533		)
Deferred financing costs	—			(67		)	—			(67		)	(3,162		)	—			(3,229		)
Other	—			(635		)	—			(635		)	277			(475		)	(833		)
	(539,967		)	63,198			15,000			(461,769		)	(60,545		)	30,558			(491,756		)
Cash and cash equivalents
Increase (decrease) for the period	(209,475		)	4,922			(3,100		)	(207,653		)	947			—			(206,706		)
Beginning of period	1,575,891			(3,358		)	3,102			1,575,635			3,269			—			1,578,904
End of period	$	1,366,416		$	1,564		$	2		$	1,367,982		$	4,216		$	—		$	1,372,198

Condensed Consolidating Statement of Cash Flows
Six Months Ended June 30, 2011	Parent			Guarantor Restricted Subsidiaries			Non- Guarantor Restricted Subsidiaries			HollyFrontier Corp. Before Consolidation of HEP			Non-Guarantor Non-Restricted Subsidiaries (HEP Segment)			Eliminations			Consolidated
	(In thousands)
Cash flows from operating activities	$	304,061		$	122,324		$	5,051		$	431,436		$	46,289		$	(19,729	)	$	457,996
Cash flows from investing activities:
Additions to properties, plants and equip	(2,623		)	(51,382		)	(79,400		)	(133,405		)	—			—			(133,405		)
Additions to properties, plants and equip – HEP	—			—			—			—			(22,900		)	—			(22,900		)
Investment in Sabine Biofuels	(9,125		)	—			—			(9,125		)	—			—			(9,125		)
Purchases of marketable securities	(157,782		)	—			—			(157,782		)	—			—			(157,782		)
Sales and maturities of marketable securities	68,150			—			—			68,150			—			—			68,150
	(101,380		)	(51,382		)	(79,400		)	(232,162		)	(22,900		)	—			(255,062		)
Cash flows from financing activities:
Net borrowings under credit agreement – HEP	—			—			—			—			27,000			—			27,000
Purchase of treasury stock	(2,996		)	—			—			(2,996		)	—			—			(2,996		)
Contribution from joint venture partner	—			(63,000		)	79,500			16,500			—			—			16,500
Dividends	(15,984		)	—			—			(15,984		)	—			—			(15,984		)
Distributions to noncontrolling interest	—			—			—			—			(44,862		)	19,729			(25,133		)
Excess tax benefit from equity-based compensation	498			—			—			498			—			—			498
Purchase of units for restricted grants - HEP	—			—			—			—			(1,379		)	—			(1,379		)
Deferred financing costs	(140		)	—			—			(140		)	(3,149		)	—			(3,289		)
Other	—			(563		)	—			(563		)	—			—			(563		)
	(18,622		)	(63,563		)	79,500			(2,685		)	(22,390		)	19,729			(5,346		)
Cash and cash equivalents
Increase (decrease) for the period:	184,059			7,379			5,151			196,589			999			—			197,588
Beginning of period	230,082			(9,035		)	7,651			228,698			403			—			229,101
End of period	$	414,141		$	(1,656	)	$	12,802		$	425,287		$	1,402		$	—		$	426,689