Supplemental Guarantor/Non-Guarantor Financial Information (Tables)

3 Months Ended

Mar. 31, 2014

Supplemental Guarantor / Non-Guarantor Financial Information [Abstract]

Condensed Consolidating Balance Sheet

Condensed Consolidating Balance Sheet
March 31, 2014	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	$	1,067,578	$	2,055	$	123	$	—		$	1,069,756	$	4,879	$	—		$	1,074,635
Marketable securities	709,468		—		—		—			709,468		—		—			709,468
Accounts receivable, net	5,855		676,984		4,724		—			687,563		34,425		(33,650		)	688,338
Intercompany accounts receivable	—		446,024		337,691		(783,715		)	—		—		—			—
Inventories	—		1,588,698		—		—			1,588,698		1,594		—			1,590,292
Income taxes receivable	12,431		—		—		—			12,431		—		—			12,431
Prepayments and other	16,940		95,930		—		—			112,870		1,905		(4,430		)	110,345
Total current assets	1,812,272		2,809,691		342,538		(783,715		)	4,180,786		42,803		(38,080		)	4,185,509
Properties, plants and equip, net	31,381		2,676,401		56		—			2,707,838		1,005,077		(270,616		)	3,442,299
Marketable securities (long-term)	6,050		—		—		—			6,050		—		—			6,050
Investment in subsidiaries	6,071,959		234,594		—		(6,306,553		)	—		—		—			—
Intangibles and other assets	24,432		2,360,973		25,000		(25,000		)	2,385,405		362,655		(1,360		)	2,746,700
Total assets	$	7,946,094	$	8,081,659	$	367,594	$	(7,115,268	)	$	9,280,079	$	1,410,535	$	(310,056	)	$	10,380,558
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	4,479	$	1,584,007	$	384	$	—		$	1,588,870	$	15,753	$	(33,650	)	$	1,570,973
Intercompany accounts payable	783,715		—		—		(783,715		)	—		—		—			—
Accrued liabilities	38,164		71,934		1,228		—			111,326		14,107		(4,430		)	121,003
Deferred income tax liabilities	224,534		—		—		—			224,534		—		—			224,534
Total current liabilities	1,050,892		1,655,941		1,612		(783,715		)	1,924,730		29,860		(38,080		)	1,916,510
Long-term debt	179,831		34,436		—		(25,000		)	189,267		833,790		—			1,023,057
Liability to HEP	—		242,463		—		—			242,463		—		(242,463		)	—
Deferred income tax liabilities	639,021		—		—		—			639,021		5,312		—			644,333
Other long-term liabilities	36,406		76,860		—		—			113,266		37,395		(2,504		)	148,157
Investment in HEP	—		—		131,388		—			131,388		—		(131,388		)	—
Equity – HollyFrontier	6,039,944		6,071,959		234,594		(6,306,553		)	6,039,944		405,427		(400,285		)	6,045,086
Equity – noncontrolling interest	—		—		—		—			—		98,751		504,664			603,415
Total liabilities and equity	$	7,946,094	$	8,081,659	$	367,594	$	(7,115,268	)	$	9,280,079	$	1,410,535	$	(310,056	)	$	10,380,558

Condensed Consolidating Balance Sheet
December 31, 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	$	931,920	$	1,817	$	14	$	—		$	933,751	$	6,352	$	—		$	940,103
Marketable securities	725,160		—		—		—			725,160		—		—			725,160
Accounts receivable, net	6,095		698,109		8,075		—			712,279		34,736		(38,213		)	708,802
Intercompany accounts receivable	—		149,907		313,623		(463,530		)	—		—		—			—
Inventories	—		1,352,656		—		—			1,352,656		1,591		—			1,354,247
Income taxes receivable	109,376		—		—		—			109,376		—		—			109,376
Prepayments and other	21,843		45,413		—		—			67,256		2,283		(10,783		)	58,756
Total current assets	1,794,394		2,247,902		321,712		(463,530		)	3,900,478		44,962		(48,996		)	3,896,444
Properties, plants and equip, net	30,007		2,633,739		24		—			2,663,770		1,004,975		(274,149		)	3,394,596
Investment in subsidiaries	5,722,025		216,687		—		(5,938,712		)	—		—		—			—
Intangibles and other assets	23,034		2,380,268		25,000		(25,000		)	2,403,302		363,970		(1,573		)	2,765,699
Total assets	$	7,569,460	$	7,478,596	$	346,736	$	(6,427,242	)	$	8,967,550	$	1,413,907	$	(324,718	)	$	10,056,739
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	16,704	$	1,323,603	$	383	$	—		$	1,340,690	$	22,898	$	(38,212	)	$	1,325,376
Intercompany accounts payable	463,530		—		—		(463,530		)	—		—		—			—
Accrued liabilities	43,254		63,181		795		—			107,230		28,668		(10,783		)	125,115
Deferred income tax liabilities	223,999		—		—		—			223,999		—		—			223,999
Total current liabilities	747,487		1,386,784		1,178		(463,530		)	1,671,919		51,566		(48,995		)	1,674,490
Long-term debt	180,054		34,835		—		(25,000		)	189,889		807,630		—			997,519
Liability to HEP	—		245,536		—		—			245,536		—		(245,536		)	—
Deferred income tax liabilities	611,555		—		—		—			611,555		5,287		—			616,842
Other long-term liabilities	35,874		89,416		—		—			125,290		35,918		(2,718		)	158,490
Investment in HEP	—		—		128,871		—			128,871		—		(128,871		)	—
Equity – HollyFrontier	5,994,490		5,722,025		216,687		(5,938,712		)	5,994,490		416,018		(410,888		)	5,999,620
Equity – noncontrolling interest	—		—		—		—			—		97,488		512,290			609,778
Total liabilities and equity	$	7,569,460	$	7,478,596	$	346,736	$	(6,427,242	)	$	8,967,550	$	1,413,907	$	(324,718	)	$	10,056,739

Condensed Consolidating Statement of Comprehensive Income

Condensed Consolidating Statement of Income and Comprehensive Income
Three Months Ended March 31, 2014	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	$	101		$	4,775,123	$	971	$	—		$	4,776,195	$	87,012		$	(72,154	)	$	4,791,053
Operating costs and expenses:
Cost of products sold	—			4,209,722		—		—			4,209,722		—			(71,102		)	4,138,620
Operating expenses	—			251,476		—		—			251,476		22,812			(322		)	273,966
General and administrative	21,107			2,626		39		—			23,772		3,151			—			26,923
Depreciation and amortization	1,790			67,107		—		—			68,897		15,184			(3,533		)	80,548
Total operating costs and expenses	22,897			4,530,931		39		—			4,553,867		41,147			(74,957		)	4,520,057
Income (loss) from operations	(22,796		)	244,192		932		—			222,328		45,865			2,803			270,996
Other income (expense):
Earnings (loss) of equity method investments	262,359			16,022		16,283		(279,704		)	14,960		522			(16,283		)	(801		)
Interest income (expense)	(424		)	2,145		130		—			1,851		(10,451		)	(2,342		)	(10,942		)
Loss on early extinguishment of debt	—			—		—		—			—		(7,677		)	—			(7,677		)
	261,935			18,167		16,413		(279,704		)	16,811		(17,606		)	(18,625		)	(19,420		)
Income before income taxes	239,139			262,359		17,345		(279,704		)	239,139		28,259			(15,822		)	251,576
Income tax provision	87,539			—		—		—			87,539		75			—			87,614
Net income	151,600			262,359		17,345		(279,704		)	151,600		28,184			(15,822		)	163,962
Less net income attributable to noncontrolling interest	—			—		—		—			—		3,637			8,264			11,901
Net income attributable to HollyFrontier stockholders	$	151,600		$	262,359	$	17,345	$	(279,704	)	$	151,600	$	24,547		$	(24,086	)	$	152,061
Comprehensive income attributable to HollyFrontier stockholders	$	204,842		$	349,384	$	17,382	$	(366,766	)	$	204,842	$	24,585		$	(24,124	)	$	205,303

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)			Consolidations and 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		41			—			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		82			—			4,180,085			43,010			(64,501		)	4,158,594
Income (loss) from operations	(24,526		)	537,480		(50		)	—			512,904			33,474			2,817			549,195
Other income (expense):
Earnings of equity method investments	550,910			11,633		11,992			(563,141		)	11,394			657			(11,992		)	59
Interest income (expense)	(7,221		)	1,797		289			—			(5,135		)	(12,382		)	(2,272		)	(19,789		)
	543,689			13,430		12,281			(563,141		)	6,259			(11,725		)	(14,264		)	(19,730		)
Income before income taxes	519,163			550,910		12,231			(563,141		)	519,163			21,749			(11,447		)	529,465
Income tax provision	186,039			—		—			—			186,039			55			—			186,094
Net income	333,124			550,910		12,231			(563,141		)	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	$	333,124		$	550,910	$	12,231		$	(563,141	)	$	333,124		$	18,804		$	(18,259	)	$	333,669
Comprehensive income attributable to HollyFrontier stockholders	$	344,883		$	568,415	$	12,850		$	(581,265	)	$	344,883		$	19,423		$	(18,878	)	$	345,428

Condensed Consolidating Statement of Cash Flows

Condensed Consolidating Statement of Cash Flows
Three Months Ended March 31, 2014	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)
Cash flows from operating activities	$	(23,564	)	$	381,180		$	17,477		$	—		$	375,093		$	39,047		$	(19,211	)	$	394,929
Cash flows from investing activities
Additions to properties, plants and equipment	(3,163		)	(100,483		)	(31		)	—			(103,677		)	—			—			(103,677		)
Additions to properties, plants and equipment – HEP	—			—			—			—			—			(20,604		)	—			(20,604		)
Investment in Sabine Biofuels	—			(1,000		)	—			—			(1,000		)	—			—			(1,000		)
Net advances to Sabine Biofuels	—			2,586			—			—			2,586			—			—			2,586
Purchases of marketable securities	(244,030		)	—			—			—			(244,030		)	—			—			(244,030		)
Sales and maturities of marketable securities	253,676			—			—			—			253,676			—			—			253,676
Net advances to Parent	—			(302,773		)	(17,412		)	320,185			—			—			—			—
	6,483			(401,670		)	(17,443		)	320,185			(92,445		)	(20,604		)	—			(113,049		)
Cash flows from financing activities
Net repayments under credit agreement – HEP	—			—			—			—			—			174,700			—			174,700
Redemption of senior notes - HEP	—			—			—			—			—			(156,188		)	—			(156,188		)
Inventory repurchase obligation	—			21,126			—			—			21,126			—			—			21,126
Purchase of treasury stock	(13,988		)	—			—			—			(13,988		)	—			—			(13,988		)
Dividends	(158,614		)	—			—			—			(158,614		)	—			—			(158,614		)
Distributions to noncontrolling interest	—			—			—			—			—			(38,092		)	19,211			(18,881		)
Excess tax benefit from equity-based compensation	5,156			—			—			—			5,156			—			—			5,156
Purchase of units for incentive grants - HEP	—			—			—			—			—			(336		)	—			(336		)
Deferred financing costs and other	—			(398		)	75			—			(323		)	—			—			(323		)
Net advances from subsidiaries	320,185			—			—			(320,185		)	—			—			—			—
	152,739			20,728			75			(320,185		)	(146,643		)	(19,916		)	19,211			(147,348		)
Cash and cash equivalents
Increase (decrease) for the period	135,658			238			109			—			136,005			(1,473		)	—			134,532
Beginning of period	931,920			1,817			14			—			933,751			6,352			—			940,103
End of period	$	1,067,578		$	2,055		$	123		$	—		$	1,069,756		$	4,879		$	—		$	1,074,635

Condensed Consolidating Statement of Cash Flows
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)			Consolidations and Eliminations			Consolidated
	(In thousands)
Cash flows from operating activities	$	(56,933	)	$	282,983		$	10,496		$	—		$	236,546		$	29,438		$	(17,421	)	$	248,563
Cash flows from investing activities:
Additions to properties, plants and equipment	(1,736		)	(65,215		)	—			—			(66,951		)	—			—			(66,951		)
Additions to properties, plants and equipment – 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
Net advances to Parent	—			(224,667		)	(8,997		)	233,664			—			—			—			—
	(36,707		)	(289,882		)	(8,997		)	233,664			(101,922		)	(2,723		)	—			(104,645		)
Cash flows from financing activities:
Net borrowings under credit agreement – HEP	—			—			—			—			—			(53,000		)	—			(53,000		)
Proceeds from common unit offerings - HEP	73,444			—			—			—			73,444			73,444			—			146,888
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		)
Deferred financing costs and other	—			3,247			—			—			3,247			(274		)	—			2,973
Net advances from subsidiaries	233,664			—			—			(233,664		)	—			—			—			—
	199,079			3,247			(1,499		)	(233,664		)	(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