Supplemental Guarantor/Non-Guarantor Financial Information (Tables)

3 Months Ended

Mar. 31, 2013

Supplemental Guarantor / Non-Guarantor Financial Information [Abstract]

Condensed Consolidating Balance Sheet

Condensed Consolidating Balance Sheet
March 31, 2013	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	$	1,854,247		$	—	$	2	$	—		$	1,854,249	$	18,193	$	—		$	1,872,442
Marketable securities	665,685			9		—		—			665,694		—		—			665,694
Accounts receivable, net	4,766			650,601		7,763		—			663,130		37,129		(43,735		)	656,524
Intercompany accounts receivable (payable)	(765,537		)	499,248		266,289		—			—		—		—			—
Inventories	—			1,469,309		—		—			1,469,309		1,491		—			1,470,800
Income taxes receivable	37,904			—		—		—			37,904		—		—			37,904
Prepayments and other	22,859			39,266		—		—			62,125		1,984		(4,163		)	59,946
Total current assets	1,819,924			2,658,433		274,054		—			4,752,411		58,797		(47,898		)	4,763,310
Properties, plants and equip, net	25,019			2,468,535		—		—			2,493,554		1,005,577		(284,933		)	3,214,198
Marketable securities (long-term)	5,000			—		—		—			5,000		—		—			5,000
Investment in subsidiaries	5,909,650			175,693		—		(6,085,343		)	—		—		—			—
Intangibles and other assets	17,096			2,334,619		40,418		(25,000		)	2,367,133		363,998		(17,467		)	2,713,664
Total assets	$	7,776,689		$	7,637,280	$	314,472	$	(6,110,343	)	$	9,618,098	$	1,428,372	$	(350,298	)	$	10,696,172
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	68,099		$	1,294,946	$	—	$	—		$	1,363,045	$	12,346	$	(35,972	)	$	1,339,419
Income taxes payable	151,403			—		—		—			151,403		—		—			151,403
Accrued liabilities	52,552			63,281		1,200		—			117,033		14,135		(4,163		)	127,005
Deferred income tax liabilities	149,127			—		—		—			149,127		—		—			149,127
Total current liabilities	421,181			1,358,227		1,200		—			1,780,608		26,481		(40,135		)	1,766,954
Long-term debt	460,374			35,958		—		(25,000		)	471,332		811,913		—			1,283,245
Liability to HEP	—			254,789		—		—			254,789		—		(254,789		)	—
Deferred income tax liabilities	549,151			—		—		—			549,151		4,951		—			554,102
Other long-term liabilities	57,168			78,656		—		—			135,824		30,193		(3,193		)	162,824
Investment in HEP	—			—		137,579		—			137,579		—		(137,579		)	—
Equity – HollyFrontier	6,288,815			5,909,650		175,693		(6,085,343		)	6,288,815		453,256		(456,278		)	6,285,793
Equity – noncontrolling interest	—			—		—		—			—		101,578		541,676			643,254
Total liabilities and equity	$	7,776,689		$	7,637,280	$	314,472	$	(6,110,343	)	$	9,618,098	$	1,428,372	$	(350,298	)	$	10,696,172

Condensed Consolidating Balance Sheet
December 31, 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	$	1,748,808		$	3,652	$	2		$	—		$	1,752,462	$	5,237	$	—		$	1,757,699
Marketable securities	630,579			7		—			—			630,586		—		—			630,586
Accounts receivable, net	4,788			627,262		—			—			632,050		38,097		(35,917		)	634,230
Intercompany accounts receivable (payable)	(546,655		)	285,291		261,364			—			—		—		—			—
Inventories	—			1,318,373		—			—			1,318,373		1,259		—			1,319,632
Income taxes receivable	74,957			—		—			—			74,957		—		—			74,957
Prepayments and other	21,867			34,667		—			—			56,534		2,360		(5,733		)	53,161
Total current assets	1,934,344			2,269,252		261,366			—			4,464,962		46,953		(41,650		)	4,470,265
Properties, plants and equip, net	24,209			2,444,398		—			—			2,468,607		1,014,556		(288,463		)	3,194,700
Marketable securities (long-term)	5,116			—		—			—			5,116		—		—			5,116
Investment in subsidiaries	5,251,396			74,120		—			(5,325,516		)	—		—		—			—
Intangibles and other assets	11,825			2,284,329		25,000			(25,000		)	2,296,154		365,291		(2,529		)	2,658,916
Total assets	$	7,226,890		$	7,072,099	$	286,366		$	(5,350,516	)	$	9,234,839	$	1,426,800	$	(332,642	)	$	10,328,997
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	1,941		$	1,336,097	$	—		$	—		$	1,338,038	$	12,030	$	(35,917	)	$	1,314,151
Income taxes payable	—			—		—			—			—		—		—			—
Accrued liabilities	71,226			105,298		581			—			177,105		23,705		(5,733		)	195,077
Deferred income tax liabilities	145,225			—		(9		)	—			145,216		—		—			145,216
Total current liabilities	218,392			1,441,395		572			—			1,660,359		35,735		(41,650		)	1,654,444
Long-term debt	460,254			36,311		—			(25,000		)	471,565		864,673		—			1,336,238
Liability to HEP	—			257,777		—			—			257,777		—		(257,777		)	—
Deferred income tax liabilities	530,544			—		1,175			—			531,719		—		4,951			536,670
Other long-term liabilities	48,757			85,220		—			—			133,977		28,683		(3,673		)	158,987
Investment in HEP	—			—		210,499			—			210,499		—		(210,499		)	—
Equity – HollyFrontier	5,968,943			5,251,396		74,120			(5,325,516		)	5,968,943		382,207		(298,196		)	6,052,954
Equity – noncontrolling interest	—			—		—			—			—		115,502		474,202			589,704
Total liabilities and equity	$	7,226,890		$	7,072,099	$	286,366		$	(5,350,516	)	$	9,234,839	$	1,426,800	$	(332,642	)	$	10,328,997

Condensed Consolidating Statement of Comprehensive Income

Condensed Consolidating Statement of Income and Comprehensive Income
Three Months Ended March 31, 2013	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	$	531		$	4,692,426	$	32		$	—		$	4,692,989		$	76,484		$	(61,684	)	$	4,707,789
Operating costs and expenses:
Cost of products sold	—			3,853,128		(92		)	133			3,853,169			—			(60,634		)	3,792,535
Operating expenses	—			239,423		(19		)	—			239,404			26,029			(334		)	265,099
General and administrative	24,131			1,775		60			—			25,966			3,232			—			29,198
Depreciation and amortization	926			60,620		—			—			61,546			13,749			(3,533		)	71,762
Total operating costs and expenses	25,057			4,154,946		(51		)	133			4,180,085			43,010			(64,501		)	4,158,594
Income (loss) from operations	(24,526		)	537,480		83			(133		)	512,904			33,474			2,817			549,195
Other income (expense):
Earnings of equity method investments	550,891			11,614		11,992			(563,103		)	11,394			657			(11,992		)	59
Interest income (expense)	(7,221		)	1,797		137			152			(5,135		)	(12,382		)	(2,272		)	(19,789		)
	543,670			13,411		12,129			(562,951		)	6,259			(11,725		)	(14,264		)	(19,730		)
Income before income taxes	519,144			550,891		12,212			(563,084		)	519,163			21,749			(11,447		)	529,465
Income tax provision	186,039			—		—			—			186,039			55			—			186,094
Net income	333,105			550,891		12,212			(563,084		)	333,124			21,694			(11,447		)	343,371
Less net income attributable to noncontrolling interest	—			—		—			—			—			2,890			6,812			9,702
Net income attributable to HollyFrontier stockholders	$	333,105		$	550,891	$	12,212		$	(563,084	)	$	333,124		$	18,804		$	(18,259	)	$	333,669
Comprehensive income attributable to HollyFrontier stockholders	$	344,864		$	568,396	$	12,831		$	(581,208	)	$	344,883		$	19,423		$	(18,878	)	$	345,428

Condensed Consolidating Statement of Income and Comprehensive Income
Three Months Ended March 31, 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	$	99		$	4,919,737	$	57	$	—		$	4,919,893		$	67,577		$	(55,732	)	$	4,931,738
Operating costs and expenses:
Cost of products sold	—			4,241,301		—		491			4,241,792			—			(54,875		)	4,186,917
Operating expenses	—			222,115		—		(385		)	221,730			20,030			(133		)	241,627
General and administrative	24,973			501		15		—			25,489			2,039			—			27,528
Depreciation and amortization	1,103			45,174		—		—			46,277			13,395			(3,570		)	56,102
Total operating costs and expenses	26,076			4,509,091		15		106			4,535,288			35,464			(58,578		)	4,512,174
Income (loss) from operations	(25,977		)	410,646		42		(106		)	384,605			32,113			2,846			419,564
Other income (expense):
Earnings of equity method investments	421,061			8,502		8,375		(429,677		)	8,261			831			(8,375		)	717
Interest income (expense)	(14,023		)	1,913		199		504			(11,407		)	(19,170		)	(2,278		)	(32,855		)
	407,038			10,415		8,574		(429,173		)	(3,146		)	(18,339		)	(10,653		)	(32,138		)
Income before income taxes	381,061			421,061		8,616		(429,279		)	381,459			13,774			(7,807		)	387,426
Income tax provision	140,331			—		—		—			140,331			75			—			140,406
Net income	240,730			421,061		8,616		(429,279		)	241,128			13,699			(7,807		)	247,020
Less net income attributable to noncontrolling interest	—			—		—		—			—			(557		)	5,881			5,324
Net income attributable to HollyFrontier stockholders	$	240,730		$	421,061	$	8,616	$	(429,279	)	$	241,128		$	14,256		$	(13,688	)	$	241,696
Comprehensive income attributable to HollyFrontier stockholders	$	145,436		$	264,909	$	9,000	$	(273,511	)	$	145,834		$	14,640		$	(14,072	)	$	146,402

Condensed Consolidating Statement of Cash Flows

Condensed Consolidating Statement of Cash Flows
Three Months Ended March 31, 2013	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	$	176,731		$	58,316		$	1,499		$	236,546		$	29,438		$	(17,421	)	$	248,563
Cash flows from investing activities
Additions to properties, plants and equip	(1,736		)	(65,215		)	—			(66,951		)	—			—			(66,951		)
Additions to properties, plants and equip – HEP	—			—			—			—			(5,013		)	—			(5,013		)
Proceeds from sale of property	—			—			—			—			2,290			—			2,290
Purchases of marketable securities	(178,251		)	—			—			(178,251		)	—			—			(178,251		)
Sales and maturities of marketable securities	143,280			—			—			143,280			—			—			143,280
	(36,707		)	(65,215		)	—			(101,922		)	(2,723		)	—			(104,645		)
Cash flows from financing activities
Net repayments under credit agreement – HEP	—			—			—			—			(53,000		)	—			(53,000		)
Proceeds from sale of HEP common units	73,444			—			—			73,444			—			—			73,444
Proceeds from common unit offerings - HEP	—			—			—			—			73,444			—			73,444
Purchase of treasury stock	(6,610		)	—			—			(6,610		)	—			—			(6,610		)
Contribution from general partner	—			—			(1,499		)	(1,499		)	1,499			—			—
Dividends	(102,163		)	—			—			(102,163		)	—			—			(102,163		)
Distributions to noncontrolling interest	—			—			—			—			(32,709		)	17,421			(15,288		)
Excess tax benefit from equity-based compensation	744			—			—			744			—			—			744
Purchase of units for incentive grants - HEP	—			—			—			—			(2,719		)	—			(2,719		)
Other	—			3,247			—			3,247			(274		)	—			2,973
	(34,585		)	3,247			(1,499		)	(32,837		)	(13,759		)	17,421			(29,175		)
Cash and cash equivalents
Increase (decrease) for the period	105,439			(3,652		)	—			101,787			12,956			—			114,743
Beginning of period	1,748,808			3,652			2			1,752,462			5,237			—			1,757,699
End of period	$	1,854,247		$	—		$	2		$	1,854,249		$	18,193		$	—		$	1,872,442

Condensed Consolidating Statement of Cash Flows
Three Months Ended March 31, 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	$	253,124		$	(3,659	)	$	—	$	249,465		$	19,296		$	(14,856	)	$	253,905
Cash flows from investing activities:
Additions to properties, plants and equip	(1,019		)	(46,114		)	—		(47,133		)	—			—			(47,133		)
Additions to properties, plants and equip – HEP	—			—			—		—			(14,254		)	—			(14,254		)
Investment in Sabine Biofuels	—			(1,200		)	—		(1,200		)	—			—			(1,200		)
Purchases of marketable securities	(106,573		)	—			—		(106,573		)	—			—			(106,573		)
Sales and maturities of marketable securities	100,480			—			—		100,480			—			—			100,480
	(7,112		)	(47,314		)	—		(54,426		)	(14,254		)	—			(68,680		)
Cash flows from financing activities:
Net borrowings under credit agreement – HEP	—			—			—		—			(45,000		)	—			(45,000		)
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 - HEP	—			—			—		—			(157,761		)	—			(157,761		)
Purchase of treasury stock	(62,532		)	—			—		(62,532		)	—			—			(62,532		)
Contribution from joint venture partner	—			(9,000		)	—		(9,000		)	14,500			—			5,500
Dividends	(126,019		)	—			—		(126,019		)	—			—			(126,019		)
Distributions to noncontrolling interest	—			—			—		—			(29,716		)	15,325			(14,391		)
Excess tax benefit from equity-based compensation	3,792			—			—		3,792			—			—			3,792
Purchase of units for restricted grants - HEP	—			—			—		—			(1,283		)	—			(1,283		)
Deferred financing costs	—			—			—		—			(1,123		)	—			(1,123		)
Other	—			(313		)	—		(313		)	270			(469		)	(512		)
	(184,759		)	63,587			—		(121,172		)	1,737			14,856			(104,579		)
Cash and cash equivalents
Increase (decrease) for the period:	61,253			12,614			—		73,867			6,779			—			80,646
Beginning of period	1,575,891			(3,358		)	2		1,572,535			6,369			—			1,578,904
End of period	$	1,637,144		$	9,256		$	2	$	1,646,402		$	13,148		$	—		$	1,659,550