Supplemental Guarantor/Non-Guarantor Financial Information (Tables)

9 Months Ended

Sep. 30, 2013

Supplemental Guarantor / Non-Guarantor Financial Information [Abstract]

Condensed Consolidating Balance Sheet

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 Comprehensive Income

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

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