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Supplemental Guarantor/Non-Guarantor Financial Information
9 Months Ended
Sep. 30, 2013
Supplemental Guarantor / Non-Guarantor Financial Information [Abstract]  
Supplemental Guarantor/Non-Guarantor Financial Information
Supplemental Guarantor/Non-Guarantor Financial Information

Our obligations under the HollyFrontier Senior Notes have been jointly and severally guaranteed by the substantial majority of our existing and future restricted subsidiaries (“Guarantor Restricted Subsidiaries”). These guarantees are full and unconditional. HEP, in which we have a 39% ownership interest at September 30, 2013, and its subsidiaries (collectively, “Non-Guarantor Non-Restricted Subsidiaries”), and certain of our other subsidiaries (“Non-Guarantor Restricted Subsidiaries”) have not guaranteed these obligations.

The following condensed consolidating financial information is provided for HollyFrontier Corporation (the “Parent”), the Guarantor Restricted Subsidiaries, the Non-Guarantor Restricted Subsidiaries and the Non-Guarantor Non-Restricted Subsidiaries. The information has been presented as if the Parent accounted for its ownership in the Guarantor Restricted Subsidiaries, and the Guarantor Restricted Subsidiaries accounted for the ownership of the Non-Guarantor Restricted Subsidiaries and Non-Guarantor Non-Restricted Subsidiaries, using the equity method of accounting. The Guarantor Restricted Subsidiaries and the Non-Guarantor Restricted Subsidiaries are collectively the “Restricted Subsidiaries.”
Condensed Consolidating Balance Sheet
 
 
 
 
 
 
 
 
 
 
September 30, 2013
 
Parent
 
Guarantor
Restricted
Subsidiaries
 
Non-
Guarantor
Restricted
Subsidiaries
 
Eliminations
 
HollyFrontier
Corp. Before
Consolidation
of HEP
 
Non-Guarantor
Non-Restricted
Subsidiaries
(HEP Segment)
 
Consolidations and Eliminations
 
Consolidated
 
 
(In thousands)
ASSETS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
1,283,263

 
$

 
$
1

 
$

 
$
1,283,264

 
$
11,220

 
$

 
$
1,294,484

Marketable securities
 
656,739

 
10

 

 

 
656,749

 

 

 
656,749

Accounts receivable, net
 
5,381

 
741,421

 
15,816

 

 
762,618

 
35,876

 
(42,822
)
 
755,672

Intercompany accounts receivable (payable)
 
(1,393,289
)
 
1,097,290

 
295,999

 

 

 

 

 

Inventories
 

 
1,546,535

 

 

 
1,546,535

 
1,638

 

 
1,548,173

Income taxes receivable
 
74,287

 

 

 

 
74,287

 

 

 
74,287

Prepayments and other
 
7,814

 
78,318

 

 

 
86,132

 
2,701

 
(8,063
)
 
80,770

Total current assets
 
634,195

 
3,463,574

 
311,816

 

 
4,409,585

 
51,435

 
(50,885
)
 
4,410,135

Properties, plants and equip, net
 
28,187

 
2,563,268

 

 

 
2,591,455

 
998,557

 
(277,757
)
 
3,312,255

Marketable securities (long-term)
 
5,415

 

 

 

 
5,415

 

 

 
5,415

Investment in subsidiaries
 
6,563,916

 
207,555

 

 
(6,771,471
)
 

 

 

 

Intangibles and other assets
 
16,045

 
2,392,983

 
25,000

 
(25,000
)
 
2,409,028

 
363,376

 
(1,565
)
 
2,770,839

Total assets
 
$
7,247,758

 
$
8,627,380

 
$
336,816

 
$
(6,796,471
)
 
$
9,415,483

 
$
1,413,368

 
$
(330,207
)
 
$
10,498,644

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accounts payable
 
$
8,669

 
$
1,627,317

 
$
1,799

 
$

 
$
1,637,785

 
$
13,001

 
$
(34,816
)
 
$
1,615,970

Accrued liabilities
 
58,450

 
70,121

 
1,206

 

 
129,777

 
22,324

 
(8,063
)
 
144,038

Deferred income tax liabilities
 
133,940

 

 

 

 
133,940

 

 

 
133,940

Total current liabilities
 
201,059

 
1,697,438

 
3,005

 

 
1,901,502

 
35,325

 
(42,879
)
 
1,893,948

Long-term debt
 
180,272

 
35,221

 

 
(25,000
)
 
190,493

 
809,391

 

 
999,884

Liability to HEP
 

 
248,602

 

 

 
248,602

 

 
(248,602
)
 

Deferred income tax liabilities
 
652,856

 

 

 

 
652,856

 
5,287

 

 
658,143

Other long-term liabilities
 
37,886

 
82,203

 

 

 
120,089

 
33,139

 
(2,709
)
 
150,519

Investment in HEP
 

 

 
126,256

 

 
126,256

 

 
(126,256
)
 

Equity – HollyFrontier
 
6,175,685

 
6,563,916

 
207,555

 
(6,771,471
)
 
6,175,685

 
432,081

 
(433,607
)
 
6,174,159

Equity – noncontrolling interest
 

 

 

 

 

 
98,145

 
523,846

 
621,991

Total liabilities and equity
 
$
7,247,758

 
$
8,627,380

 
$
336,816

 
$
(6,796,471
)
 
$
9,415,483

 
$
1,413,368

 
$
(330,207
)
 
$
10,498,644


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)
 
Consolidations and 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

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 Income and Comprehensive Income
 
 
 
 
 
 
 
 
 
 
Three Months Ended September 30, 2013
 
Parent
 
Guarantor
Restricted
Subsidiaries
 
Non-
Guarantor
Restricted
Subsidiaries
 
Eliminations
 
HollyFrontier
Corp. Before
Consolidation
of HEP
 
Non-Guarantor
Non-Restricted
Subsidiaries
(HEP Segment)
 
Consolidations and Eliminations
 
Consolidated
 
 
(In thousands)
Sales and other revenues
 
$
146

 
$
5,315,037

 
$
28

 
$

 
$
5,315,211

 
$
77,625

 
$
(65,714
)
 
$
5,327,122

Operating costs and expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cost of products sold
 

 
4,874,603

 

 

 
4,874,603

 

 
(64,613
)
 
4,809,990

Operating expenses
 

 
234,987

 

 

 
234,987

 
21,687

 
(356
)
 
256,318

General and administrative
 
25,995

 
422

 
105

 

 
26,522

 
2,415

 

 
28,937

Depreciation and amortization
 
1,496

 
65,195

 

 

 
66,691

 
19,042

 
(3,606
)
 
82,127

Total operating costs and expenses
 
27,491

 
5,175,207

 
105

 

 
5,202,803

 
43,144

 
(68,575
)
 
5,177,372

Income (loss) from operations
 
(27,345
)
 
139,830

 
(77
)
 

 
112,408

 
34,481

 
2,861

 
149,750

Other income (expense):
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
Earnings (loss) of equity method investments
 
158,437

 
16,207

 
16,822

 
(175,320
)
 
16,146

 
835

 
(16,822
)
 
159

Interest income (expense)
 
(782
)
 
2,400

 
138

 

 
1,756

 
(11,812
)
 
(2,416
)
 
(12,472
)
 
 
157,655

 
18,607

 
16,960

 
(175,320
)
 
17,902

 
(10,977
)
 
(19,238
)
 
(12,313
)
Income before income taxes
 
130,310

 
158,437

 
16,883

 
(175,320
)
 
130,310

 
23,504

 
(16,377
)
 
137,437

Income tax provision
 
48,488

 

 

 

 
48,488

 
40

 

 
48,528

Net income
 
81,822

 
158,437

 
16,883

 
(175,320
)
 
81,822

 
23,464

 
(16,377
)
 
88,909

Less net income attributable to noncontrolling interest
 

 

 

 

 

 
1,172

 
5,447

 
6,619

Net income attributable to HollyFrontier stockholders
 
$
81,822

 
$
158,437

 
$
16,883

 
$
(175,320
)
 
$
81,822

 
$
22,292

 
$
(21,824
)
 
$
82,290

Comprehensive income attributable to HollyFrontier stockholders
 
$
84,790

 
$
163,317

 
$
16,450

 
$
(179,767
)
 
$
84,790

 
$
21,859

 
$
(21,391
)
 
$
85,258


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)
 
Consolidations and Eliminations
 
Consolidated
 
 
(In thousands)
Sales and other revenues
 
$
195

 
$
5,192,770

 
$
36

 
$

 
$
5,193,001

 
$
72,570

 
$
(60,773
)
 
$
5,204,798

Operating costs and expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cost of products sold
 

 
3,958,400

 

 

 
3,958,400

 

 
(59,664
)
 
3,898,736

Operating expenses
 

 
212,890

 

 

 
212,890

 
21,323

 
(354
)
 
233,859

General and administrative
 
26,723

 
627

 
37

 

 
27,387

 
1,400

 

 
28,787

Depreciation and amortization
 
4,665

 
51,083

 

 

 
55,748

 
12,971

 
(3,607
)
 
65,112

Total operating costs and expenses
 
31,388

 
4,223,000

 
37

 

 
4,254,425

 
35,694

 
(63,625
)
 
4,226,494

Income (loss) from operations
 
(31,193
)
 
969,770

 
(1
)
 

 
938,576

 
36,876

 
2,852

 
978,304

Other income (expense):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings of equity method investments
 
987,230

 
15,002

 
14,866

 
(1,002,257
)
 
14,841

 
877

 
(14,866
)
 
852

Interest income (expense)
 
(6,747
)
 
2,458

 
162

 

 
(4,127
)
 
(12,472
)
 
(2,285
)
 
(18,884
)
 
 
980,483

 
17,460

 
15,028

 
(1,002,257
)
 
10,714

 
(11,595
)
 
(17,151
)
 
(18,032
)
Income before income taxes
 
949,290

 
987,230

 
15,027

 
(1,002,257
)
 
949,290

 
25,281

 
(14,299
)
 
960,272

Income tax provision
 
349,485

 

 

 

 
349,485

 
137

 

 
349,622

Net income
 
599,805

 
987,230

 
15,027

 
(1,002,257
)
 
599,805

 
25,144

 
(14,299
)
 
610,650

Less net income attributable to noncontrolling interest
 

 

 

 

 

 
582

 
9,695

 
10,277

Net income attributable to HollyFrontier stockholders
 
$
599,805

 
$
987,230

 
$
15,027

 
$
(1,002,257
)
 
$
599,805

 
$
24,562

 
$
(23,994
)
 
$
600,373

Comprehensive income attributable to HollyFrontier stockholders
 
$
531,709

 
$
875,768

 
$
14,791

 
$
(890,559
)
 
$
531,709

 
$
24,326

 
$
(23,758
)
 
$
532,277



Condensed Consolidating Statement of Income and Comprehensive Income
 
 
 
 
 
 
 
 
 
 
Nine Months Ended September 30, 2013
 
Parent
 
Guarantor
Restricted
Subsidiaries
 
Non-
Guarantor
Restricted
Subsidiaries
 
Eliminations
 
HollyFrontier
Corp. Before
Consolidation
of HEP
 
Non-Guarantor
Non-Restricted
Subsidiaries
(HEP Segment)
 
Consolidations and Eliminations
 
Consolidated
 
 
(In thousands)
Sales and other revenues
 
$
777

 
$
15,294,447

 
$
91

 
$

 
$
15,295,315

 
$
229,230

 
$
(190,786
)
 
$
15,333,759

Operating costs and expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cost of products sold
 

 
13,246,883

 

 

 
13,246,883

 

 
(187,550
)
 
13,059,333

Operating expenses
 

 
730,284

 

 

 
730,284

 
69,726

 
(1,051
)
 
798,959

General and administrative
 
80,368

 
2,827

 
193

 

 
83,388

 
8,747

 

 
92,135

Depreciation and amortization
 
3,822

 
182,858

 

 

 
186,680

 
48,410

 
(10,709
)
 
224,381

Total operating costs and expenses
 
84,190

 
14,162,852

 
193

 

 
14,247,235

 
126,883

 
(199,310
)
 
14,174,808

Income (loss) from operations
 
(83,413
)
 
1,131,595

 
(102
)
 

 
1,048,080

 
102,347

 
8,524

 
1,158,951

Other income (expense):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings (loss) of equity method investments
 
1,178,587

 
40,413

 
43,215

 
(1,222,109
)
 
40,106

 
2,238

 
(43,215
)
 
(871
)
Interest income (expense)
 
(15,459
)
 
6,579

 
409

 

 
(8,471
)
 
(35,818
)
 
(6,988
)
 
(51,277
)
Loss on early extinguishment of debt
 
(22,109
)
 

 

 

 
(22,109
)
 

 

 
(22,109
)
 
 
1,141,019

 
46,992

 
43,624

 
(1,222,109
)
 
9,526

 
(33,580
)
 
(50,203
)
 
(74,257
)
Income before income taxes
 
1,057,606

 
1,178,587

 
43,522

 
(1,222,109
)
 
1,057,606

 
68,767

 
(41,679
)
 
1,084,694

Income tax provision
 
386,225

 

 

 

 
386,225

 
440

 

 
386,665

Net income
 
671,381

 
1,178,587

 
43,522

 
(1,222,109
)
 
671,381

 
68,327

 
(41,679
)
 
698,029

Less net income attributable to noncontrolling interest
 

 

 

 

 

 
5,192

 
19,897

 
25,089

Net income attributable to HollyFrontier stockholders
 
$
671,381

 
$
1,178,587

 
$
43,522

 
$
(1,222,109
)
 
$
671,381

 
$
63,135

 
$
(61,576
)
 
$
672,940

Comprehensive income attributable to HollyFrontier stockholders
 
$
715,981

 
$
1,220,890

 
$
45,181

 
$
(1,266,071
)
 
$
715,981

 
$
64,794

 
$
(63,235
)
 
$
717,540



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)
 
Consolidations and 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
 

 
11,937,909

 

 

 
11,937,909

 

 
(170,492
)
 
11,767,417

Operating expenses
 

 
636,506

 

 

 
636,506

 
61,724

 
(18
)
 
698,212

General and administrative
 
81,147

 
1,266

 
83

 

 
82,496

 
5,925

 

 
88,421

Depreciation and amortization
 
6,644

 
143,582

 

 

 
150,226

 
38,683

 
(10,747
)
 
178,162

Total operating costs and expenses
 
87,791

 
12,719,263

 
83

 

 
12,807,137

 
106,332

 
(181,257
)
 
12,732,212

Income (loss) from operations
 
(87,397
)
 
2,188,891

 
55

 

 
2,101,549

 
100,918

 
8,538

 
2,211,005

Other income (expense):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings of equity method investments
 
2,230,920

 
34,899

 
34,355

 
(2,265,866
)
 
34,308

 
2,502

 
(34,355
)
 
2,455

Interest income (expense)
 
(34,194
)
 
6,804

 
536

 

 
(26,854
)
 
(44,306
)
 
(6,840
)
 
(78,000
)
Gain on sale of marketable equity securities
 

 
326

 

 

 
326

 

 

 
326

 
 
2,196,726

 
42,029

 
34,891

 
(2,265,866
)
 
7,780

 
(41,804
)
 
(41,195
)
 
(75,219
)
Income before income taxes
 
2,109,329

 
2,230,920

 
34,946

 
(2,265,866
)
 
2,109,329

 
59,114

 
(32,657
)
 
2,135,786

Income tax provision
 
775,459

 

 

 

 
775,459

 
287

 

 
775,746

Net income
 
1,333,870

 
2,230,920

 
34,946

 
(2,265,866
)
 
1,333,870

 
58,827

 
(32,657
)
 
1,360,040

Less net income attributable to noncontrolling interest
 

 

 

 

 

 
(658
)
 
25,130

 
24,472

Net income attributable to HollyFrontier stockholders
 
$
1,333,870

 
$
2,230,920

 
$
34,946

 
$
(2,265,866
)
 
$
1,333,870

 
$
59,485

 
$
(57,787
)
 
$
1,335,568

Comprehensive income attributable to HollyFrontier stockholders
 
$
1,193,476

 
$
1,993,918

 
$
34,995

 
$
(2,028,913
)
 
$
1,193,476

 
$
59,534

 
$
(57,836
)
 
$
1,195,174


Condensed Consolidating Statement of Cash Flows
 
 
 
 
 
 
 
 
Nine Months Ended September 30, 2013
 
Parent
 
Guarantor
Restricted
Subsidiaries
 
Non-
Guarantor
Restricted
Subsidiaries
 
HollyFrontier
Corp. Before
Consolidation
of HEP
 
Non-Guarantor
Non-Restricted
Subsidiaries
(HEP Segment)
 
Consolidations and Eliminations
 
Consolidated
 
 
(In thousands)
Cash flows from operating activities
 
$
464,059

 
$
264,490

 
$
1,498

 
$
730,047

 
$
124,922

 
$
(52,806
)
 
$
802,163

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash flows from investing activities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Additions to properties, plants and equip
 
(8,056
)
 
(247,034
)
 

 
(255,090
)
 

 

 
(255,090
)
Additions to properties, plants and equip – HEP
 

 

 

 

 
(31,099
)
 

 
(31,099
)
Acquisition of trucking operations
 

 
(11,301
)
 

 
(11,301
)
 

 

 
(11,301
)
Proceeds from sale of property and equipment
 

 
3,321

 

 
3,321

 
2,481

 

 
5,802

Investment in Sabine Biofuels
 

 
(3,000
)
 

 
(3,000
)
 

 

 
(3,000
)
Net advances to Sabine Biofuels
 

 
(11,040
)
 

 
(11,040
)
 

 

 
(11,040
)
Purchases of marketable securities
 
(672,701
)
 

 

 
(672,701
)
 

 

 
(672,701
)
Sales and maturities of marketable securities
 
646,301

 

 

 
646,301

 

 

 
646,301

 
 
(34,456
)
 
(269,054
)
 

 
(303,510
)
 
(28,618
)
 

 
(332,128
)
Cash flows from financing activities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net repayments under credit agreement – HEP
 

 

 

 

 
(56,000
)
 

 
(56,000
)
Redemption of senior notes - HFC
 
(286,812
)
 

 

 
(286,812
)
 

 

 
(286,812
)
Redemption premium on early extinguishment of debt
 
(14,161
)
 

 

 
(14,161
)
 

 

 
(14,161
)
Proceeds from common unit offerings - HEP
 
73,444

 

 

 
73,444

 
73,444

 

 
146,888

Purchase of treasury stock
 
(184,947
)
 

 

 
(184,947
)
 

 

 
(184,947
)
Contribution from general partner
 

 

 
(1,499
)
 
(1,499
)
 
1,499

 

 

Dividends
 
(485,411
)
 

 

 
(485,411
)
 

 

 
(485,411
)
Distributions to noncontrolling interest
 

 

 

 

 
(105,641
)
 
52,806

 
(52,835
)
Excess tax benefit from equity-based compensation
 
2,739

 

 

 
2,739

 

 

 
2,739

Purchase of units for incentive grants - HEP
 

 

 

 

 
(3,379
)
 

 
(3,379
)
Other
 

 
912

 

 
912

 
(244
)
 

 
668

 
 
(895,148
)
 
912

 
(1,499
)
 
(895,735
)
 
(90,321
)
 
52,806

 
(933,250
)
Cash and cash equivalents
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Increase (decrease) for the period
 
(465,545
)
 
(3,652
)
 
(1
)
 
(469,198
)
 
5,983

 

 
(463,215
)
Beginning of period
 
1,748,808

 
3,652

 
2

 
1,752,462

 
5,237

 

 
1,757,699

End of period
 
$
1,283,263

 
$

 
$
1

 
$
1,283,264

 
$
11,220

 
$

 
$
1,294,484




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)
 
Consolidations and 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

Redemption of 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 arrangement
 
8,620

 

 

 
8,620

 

 

 
8,620

Contribution to HEP
 

 
(10,286
)
 

 
(10,286
)
 
10,286

 

 

Contribution from joint venture partner
 

 

 

 

 
6,000

 

 
6,000

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 and other
 

 
(1,034
)
 

 
(1,034
)
 
(2,958
)
 
(462
)
 
(4,454
)
 
 
(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