Supplemental Guarantor/Non-Guarantor Financial Information (Tables)

9 Months Ended

Sep. 30, 2012

Supplemental Guarantor / Non-Guarantor Financial Information [Abstract]

Condensed Consolidating Balance Sheet

Condensed Consolidating Balance Sheet
September 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	$	2,053,324	$	2,089		$	2		$	—		$	2,055,415	$	1,993	$	—		$	2,057,408
Marketable securities	280,401		8			—			—			280,409		—		—			280,409
Accounts receivable, net	2,265		732,777			—			—			735,042		42,832		(41,000		)	736,874
Intercompany accounts receivable (payable)	1,175,041		(1,431,906		)	256,865			—			—		—		—			—
Inventories	—		1,484,217			—			—			1,484,217		1,233		—			1,485,450
Income taxes receivable	40,544		—			4			—			40,548		—		—			40,548
Prepayments and other	6,557		29,973			—			—			36,530		3,080		(8,378		)	31,232
Total current assets	3,558,132		817,158			256,871			—			4,632,161		49,138		(49,378		)	4,631,921
Properties, plants and equip, net	22,483		2,108,183			—			—			2,130,666		994,926		(5,660		)	3,119,932
Marketable securities (long-term)	5,519		—			—			—			5,519		—		—			5,519
Investment in subsidiaries	3,251,918		280,048			(181,421		)	(3,350,545		)	—		—		—			—
Intangibles and other assets	9,608		2,215,337			25,000			(25,000		)	2,224,945		365,087		(1,468		)	2,588,564
Total assets	$	6,847,660	$	5,420,726		$	100,450		$	(3,375,545	)	$	8,993,291	$	1,409,151	$	(56,506	)	$	10,345,936
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	135,714	$	1,424,692		$	4		$	—		$	1,560,410	$	11,303	$	(40,999	)	$	1,530,714
Income taxes payable	2,319		148,580			—			—			150,899		—		—			150,899
Accrued liabilities	87,232		120,858			954			—			209,044		19,315		(8,379		)	219,980
Deferred income tax liabilities	191,958		(16,381		)	(10		)	—			175,567		—		—			175,567
Total current liabilities	417,223		1,677,749			948			—			2,095,920		30,618		(49,378		)	2,077,160
Long-term debt	460,139		27,704			—			—			487,843		874,434		(16,050		)	1,346,227
Deferred income tax liabilities	189,613		203,766			875			—			394,254		—		4,951			399,205
Other long-term liabilities	91,153		92,733			—			(25,000		)	158,886		7,574		(2,612		)	163,848
Investment in HEP	—		166,856			—			—			166,856		—		(166,856		)	—
Equity – HollyFrontier	5,689,532		3,251,918			98,627			(3,350,545		)	5,689,532		396,644		(321,900		)	5,764,276
Equity – noncontrolling interest	—		—			—			—			—		99,881		495,339			595,220
Total liabilities and equity	$	6,847,660	$	5,420,726		$	100,450		$	(3,375,545	)	$	8,993,291	$	1,409,151	$	(56,506	)	$	10,345,936

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	)	$	2		$	—		$	1,572,535	$	6,369	$	—		$	1,578,904
Marketable securities	210,886			753			—			—			211,639		—		—			211,639
Accounts receivable, net	8,317			698,911			—			—			707,228		37,290		(35,661		)	708,857
Intercompany accounts receivable (payable)	3,075,563			(3,373,844		)	298,281			—			—		—		—			—
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			4			—			221,811		2,246		(4,607		)	219,450
Total current assets	4,977,309			(1,361,970		)	298,287			—			3,913,626		47,388		(40,268		)	3,920,746
Properties, plants and equip, net	26,702			2,026,105			—			—			2,052,807		1,006,379		(6,281		)	3,052,905
Marketable securities (long-term)	50,067			—			—			—			50,067		—		—			50,067
Investment in subsidiaries	846,359			295,902			(240,060		)	(902,201		)	—		—		—			—
Intangibles and other assets	19,329			2,242,197			—			—			2,261,526		364,893		(73,894		)	2,552,525
Total assets	$	5,919,766		$	3,202,234		$	58,227		$	(902,201	)	$	8,278,026	$	1,418,660	$	(120,443	)	$	9,576,243
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	23,497		$	1,494,790		$	359		$	—		$	1,518,646	$	21,709	$	(35,661	)	$	1,504,694
Income taxes payable	(109,320		)	149,686			—			—			40,366		—		—			40,366
Accrued liabilities	53,390			103,981			1,170			—			158,541		16,006		(4,607		)	169,940
Deferred income tax liabilities	192,073			(16,390		)	—			—			175,683		—		—			175,683
Total current liabilities	159,640			1,732,067			1,529			—			1,893,236		37,715		(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	4,830,401			846,359			55,842			(902,201		)	4,830,401		679,182		(305,573		)	5,204,010
Equity – noncontrolling interest	—			—			—			—			—		99,002		532,888			631,890
Total liabilities and equity	$	5,919,766		$	3,202,234		$	58,227		$	(902,201	)	$	8,278,026	$	1,418,660	$	(120,443	)	$	9,576,243

Condensed Consolidating Statement of Comprehensive Income

Condensed Consolidating Statement of Income and Comprehensive Income
Three Months Ended September 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	$	195		$	5,192,846		$	35		$	—		$	5,193,076		$	72,496		$	(60,774	)	$	5,204,798
Operating costs and expenses:
Cost of products sold	—			3,958,261			—			—			3,958,261			—			(59,525		)	3,898,736
Operating expenses	—			213,021			9			—			213,030			21,324			(495		)	233,859
General and administrative	26,723			637			28			—			27,388			1,399			—			28,787
Depreciation and amortization	4,665			48,018			—			—			52,683			12,636			(207		)	65,112
Total operating costs and expenses	31,388			4,219,937			37			—			4,251,362			35,359			(60,227		)	4,226,494
Income (loss) from operations	(31,193		)	972,909			(2		)	—			941,714			37,137			(547		)	978,304
Other income (expense):
Earnings of equity method investments	988,255			15,720			15,586			(1,004,000		)	15,561			877			(15,586		)	852
Interest income (expense)	(6,747		)	(374		)	161			—			(6,960		)	(12,432		)	508			(18,884		)
	981,508			15,346			15,747			(1,004,000		)	8,601			(11,555		)	(15,078		)	(18,032		)
Income before income taxes	950,315			988,255			15,745			(1,004,000		)	950,315			25,582			(15,625		)	960,272
Income tax provision	349,485			—			—			—			349,485			137			—			349,622
Net income	600,830			988,255			15,745			(1,004,000		)	600,830			25,445			(15,625		)	610,650
Less net income attributable to noncontrolling interest	—			—			—			—			—			10,277			—			10,277
Net income attributable to HollyFrontier stockholders	$	600,830		$	988,255		$	15,745		$	(1,004,000	)	$	600,830		$	15,168		$	(15,625	)	$	600,373
Comprehensive income attributable to HollyFrontier stockholders	$	502,238		$	1,018,987		$	15,745		$	(1,004,000	)	$	532,970		$	14,932		$	(15,625	)	$	532,277

Condensed Consolidating Statement of Income and Comprehensive Income
Three Months Ended September 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	$	266		$	5,164,628		$	33	$	—		$	5,164,927		$	49,131		$	(40,660	)	$	5,173,398
Operating costs and expenses:
Cost of products sold	—			4,029,997			—		—			4,029,997			—			(40,070		)	3,989,927
Operating expenses	—			213,002			7		—			213,009			15,015			(141		)	227,883
General and administrative	39,555			1,562			—		—			41,117			2,024			—			43,141
Depreciation and amortization	872			35,070			—		—			35,942			7,505			(207		)	43,240
Total operating costs and expenses	40,427			4,279,631			7		—			4,320,065			24,544			(40,418		)	4,304,191
Income (loss) from operations	(40,161		)	884,997			26		—			844,862			24,587			(242		)	869,207
Other income (expense):
Earnings of equity method investments	892,420			8,400			8,469		(900,929		)	8,360			641			(8,469		)	532
Interest income (expense)	(15,162		)	(977		)	14		—			(16,125		)	(9,391		)	646			(24,870		)
Merger transaction costs	(9,100		)	—			—		—			(9,100		)	—			—			(9,100		)
	868,158			7,423			8,483		(900,929		)	(16,865		)	(8,750		)	(7,823		)	(33,438		)
Income before income taxes	827,997			892,420			8,509		(900,929		)	827,997			15,837			(8,065		)	835,769
Income tax provision	304,835			—			—		—			304,835			(77		)	—			304,758
Net income	523,162			892,420			8,509		(900,929		)	523,162			15,914			(8,065		)	531,011
Less net income attributable to noncontrolling interest	—			—			—		—			—			7,923			—			7,923
Net income attributable to HollyFrontier stockholders	$	523,162		$	892,420		$	8,509	$	(900,929	)	$	523,162		$	7,991		$	(8,065	)	$	523,088
Comprehensive income attributable to HollyFrontier stockholders	$	514,759		$	913,835		$	8,509	$	(900,929	)	$	536,174		$	8,368		$	(8,065	)	$	536,477

Condensed Consolidating Statement of Income and Comprehensive Income
Nine Months Ended September 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	$	394		$	14,908,154		$	138	$	—		$	14,908,686		$	207,250		$	(172,719	)	$	14,943,217
Operating costs and expenses:
Cost of products sold	—			11,932,230			—		—			11,932,230			—			(164,813		)	11,767,417
Operating expenses	—			642,153			33		—			642,186			61,724			(5,698		)	698,212
General and administrative	81,147			1,299			50		—			82,496			5,925			—			88,421
Depreciation and amortization	6,644			133,456			—		—			140,100			38,683			(621		)	178,162
Total operating costs and expenses	87,791			12,709,138			83		—			12,797,012			106,332			(171,132		)	12,732,212
Income (loss) from operations	(87,397		)	2,199,016			55		—			2,111,674			100,918			(1,587		)	2,211,005
Other income (expense):
Earnings of equity method investments	2,240,275			42,707			42,163		(2,283,029		)	42,116			2,502			(42,163		)	2,455
Interest income (expense)	(34,194		)	(1,774		)	536		—			(35,432		)	(44,306		)	1,738			(78,000		)
Gain on sale of marketable securities	—			326			—		—			326			—			—			326
	2,206,081			41,259			42,699		(2,283,029		)	7,010			(41,804		)	(40,425		)	(75,219		)
Income before income taxes	2,118,684			2,240,275			42,754		(2,283,029		)	2,118,684			59,114			(42,012		)	2,135,786
Income tax provision	775,459			—			—		—			775,459			287			—			775,746
Net income	1,343,225			2,240,275			42,754		(2,283,029		)	1,343,225			58,827			(42,012		)	1,360,040
Less net income attributable to noncontrolling interest	—			—			—		—			—			24,472			—			24,472
Net income attributable to HollyFrontier stockholders	$	1,343,225		$	2,240,275		$	42,754	$	(2,283,029	)	$	1,343,225		$	34,355		$	(42,012	)	$	1,335,568
Comprehensive income attributable to HollyFrontier stockholders	$	1,179,627		$	2,263,429		$	42,754	$	(2,283,029	)	$	1,202,781		$	34,405		$	(42,012	)	$	1,195,174

Condensed Consolidating Statement of Income and Comprehensive Income
Nine Months Ended September 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	$	1,067		$	10,432,420		$	33		$	—		$	10,433,520		$	144,916		$	(111,320	)	$	10,467,116
Operating costs and expenses:
Cost of products sold	—			8,531,358			—			—			8,531,358			—			(109,719		)	8,421,639
Operating expenses	—			459,679			186			—			459,865			41,821			285			501,971
General and administrative	71,884			1,769			—			—			73,653			4,988			—			78,641
Depreciation and amortization	2,719			81,875			—			—			84,594			22,407			(621		)	106,380
Total operating costs and expenses	74,603			9,074,681			186			—			9,149,470			69,216			(110,055		)	9,108,631
Income (loss) from operations	(73,536		)	1,357,739			(153		)	—			1,284,050			75,700			(1,265		)	1,358,485
Other income (expense):
Earnings of equity method investments	1,380,375			25,231			25,454			(1,405,715		)	25,345			1,848			(25,454		)	1,739
Interest income (expense)	(27,033		)	(2,595		)	39			—			(29,589		)	(27,789		)	1,853			(55,525		)
Merger transaction costs	(15,114		)	—			—			—			(15,114		)	—			—			(15,114		)
	1,338,228			22,636			25,493			(1,405,715		)	(19,358		)	(25,941		)	(23,601		)	(68,900		)
Income before income taxes	1,264,692			1,380,375			25,340			(1,405,715		)	1,264,692			49,759			(24,866		)	1,289,585
Income tax provision	465,561			—			—			—			465,561			169			—			465,730
Net income	799,131			1,380,375			25,340			(1,405,715		)	799,131			49,590			(24,866		)	823,855
Less net income attributable to noncontrolling interest	—			—			—			—			—			23,838			—			23,838
Net income attributable to HollyFrontier stockholders	$	799,131		$	1,380,375		$	25,340		$	(1,405,715	)	$	799,131		$	25,752		$	(24,866	)	$	800,017
Comprehensive income attributable to HollyFrontier stockholders	$	790,561		$	1,401,542		$	25,340		$	(1,405,715	)	$	811,728		$	26,701		$	(24,866	)	$	813,563

Condensed Consolidating Statement of Cash Flows

Condensed Consolidating Statement of Cash Flows
Nine Months Ended September 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	$	1,260,731		$	(142,743	)	$	—	$	1,117,988		$	100,652		$	(46,852	)	$	1,171,788
Cash flows from investing activities
Additions to properties, plants and equip	(4,993		)	(173,242		)	—		(178,235		)	—			—			(178,235		)
Additions to properties, plants and equip – HEP	—			—			—		—			(29,302		)	—			(29,302		)
Investment in Sabine Biofuels	—			(2,000		)	—		(2,000		)	—			—			(2,000		)
Purchases of marketable securities	(236,315		)	—			—		(236,315		)	—			—			(236,315		)
Sales and maturities of marketable securities	211,286			930			—		212,216			—			—			212,216
	(30,022		)	(174,312		)	—		(204,334		)	(29,302		)	—			(233,636		)
Cash flows from financing activities
Net borrowings under credit agreement – HEP	—			—			—		—			231,000			—			231,000
Repayment of promissory notes	—			72,900			—		72,900			(72,900		)	—			—
Net proceeds from issuance of senior notes - HEP	—			—			—		—			294,750			—			294,750
Principal tender on senior notes - HFC	(205,000		)	—			—		(205,000		)	—			—			(205,000		)
Principal tender on senior notes - HEP	—			—			—		—			(185,000		)	—			(185,000		)
Purchase of treasury stock	(190,307		)	—			—		(190,307		)	—			—			(190,307		)
Structured stock repurchase agreement	8,620			—			—		8,620			—			—			8,620
Contribution from joint venture partner	—			—			—		—			6,000			—			6,000
Contribution from general partner	—			(10,286		)	—		(10,286		)	10,286			—			—
Distribution from HEP upon UNEV transfer	—			260,922			—		260,922			(260,922		)	—			—
Dividends	(382,610		)	—			—		(382,610		)	—			—			(382,610		)
Distributions to noncontrolling interest	—			—			—		—			(91,063		)	47,314			(43,749		)
Excess tax benefit from equity-based compensation	16,021			—			—		16,021			—			—			16,021
Purchase of units for incentive grants - HEP	—			—			—		—			(4,919		)	—			(4,919		)
Deferred financing costs	—			(67		)	—		(67		)	(3,222		)	—			(3,289		)
Other	—			(967		)	—		(967		)	264			(462		)	(1,165		)
	(753,276		)	322,502			—		(430,774		)	(75,726		)	46,852			(459,648		)
Cash and cash equivalents
Increase (decrease) for the period	477,433			5,447			—		482,880			(4,376		)	—			478,504
Beginning of period	1,575,891			(3,358		)	2		1,572,535			6,369			—			1,578,904
End of period	$	2,053,324		$	2,089		$	2	$	2,055,415		$	1,993		$	—		$	2,057,408

Condensed Consolidating Statement of Cash Flows
Nine Months Ended September 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	$	1,690,926		$	(664,988	)	$	—	$	1,025,938		$	93,299		$	(30,034	)	$	1,089,203
Cash flows from investing activities:
Additions to properties, plants and equip	(6,056		)	(92,372		)	—		(98,428		)	—			—			(98,428		)
Additions to properties, plants and equip – HEP	—			—			—		—			(175,795		)	—			(175,795		)
Investment in Sabine Biofuels	(9,125		)	—			—		(9,125		)	—			—			(9,125		)
Cash received in merger with Frontier	182			871,976			—		872,158			—			—			872,158
Purchases of marketable securities	(370,042		)	—			—		(370,042		)	—			—			(370,042		)
Sales and maturities of marketable securities	194,386			—			—		194,386			—			—			194,386
	(190,655		)	779,604			—		588,949			(175,795		)	—			413,154
Cash flows from financing activities:
Net borrowings under credit agreement – HEP	—			—			—		—			43,000			—			43,000
Purchase of treasury stock	(38,955		)	—			—		(38,955		)	—			—			(38,955		)
Principal tender on senior notes – HFC	(15		)	—			—		(15		)	—			—			(15		)
Contribution to HEP	—			(96,000		)	—		(96,000		)	96,000			—			—
Contribution from UNEV joint venture partner	—			—			—		—			27,500			—			27,500
Dividends	(129,377		)	—			—		(129,377		)	—			—			(129,377		)
Distributions to noncontrolling interest	—			—			—		—			(67,963		)	30,034			(37,929		)
Excess tax benefit from equity-based compensation	1,399			—			—		1,399			—			—			1,399
Purchase of units for restricted grants - HEP	—			—			—		—			(1,641		)	—			(1,641		)
Deferred financing costs	(8,574		)	—			—		(8,574		)	(3,150		)	—			(11,724		)
Other	—			(857		)	—		(857		)	—			—			(857		)
	(175,522		)	(96,857		)	—		(272,379		)	93,746			30,034			(148,599		)
Cash and cash equivalents
Increase (decrease) for the period:	1,324,749			17,759			—		1,342,508			11,250			—			1,353,758
Beginning of period	230,082			(9,035		)	2		221,049			8,052			—			229,101
End of period	$	1,554,831		$	8,724		$	2	$	1,563,557		$	19,302		$	—		$	1,582,859