Supplemental Guarantor/Non-Guarantor Financial Information (Tables)

9 Months Ended

Sep. 30, 2014

Supplemental Guarantor / Non-Guarantor Financial Information [Abstract]

Condensed Consolidating Balance Sheet

Condensed Consolidating Balance Sheet
September 30, 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	$	850,727	$	3,474	$	158	$	—		$	854,359	$	1,667	$	—		$	856,026
Marketable securities	623,480		—		—		—			623,480		—		—			623,480
Accounts receivable, net	9,752		675,673		3,358		—			688,783		35,972		(34,504		)	690,251
Intercompany accounts receivable	—		788,868		379,045		(1,167,913		)	—		—		—			—
Inventories	—		1,577,672		—		—			1,577,672		1,793		—			1,579,465
Income taxes receivable	32,888		—		—		—			32,888		—		—			32,888
Prepayments and other	9,920		107,367		—		—			117,287		2,626		(8,290		)	111,623
Total current assets	1,526,767		3,153,054		382,561		(1,167,913		)	3,894,469		42,058		(42,794		)	3,893,733
Properties, plants and equip, net	32,525		2,774,100		855		—			2,807,480		1,016,223		(263,438		)	3,560,265
Investment in subsidiaries	6,707,737		270,685		—		(6,978,422		)	—		—		—			—
Intangibles and other assets	23,823		2,344,385		25,000		(25,000		)	2,368,208		360,499		(935		)	2,727,772
Total assets	$	8,290,852	$	8,542,224	$	408,416	$	(8,171,335	)	$	9,070,157	$	1,418,780	$	(307,167	)	$	10,181,770
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	15,748	$	1,444,787	$	—	$	—		$	1,460,535	$	15,084	$	(34,504	)	$	1,441,115
Intercompany accounts payable	1,167,913		—		—		(1,167,913		)	—		—		—			—
Accrued liabilities	51,334		53,302		1,161		—			105,797		25,426		(8,290		)	122,933
Deferred income tax liabilities	222,701		—		—		—			222,701		—		—			222,701
Total current liabilities	1,457,696		1,498,089		1,161		(1,167,913		)	1,789,033		40,510		(42,794		)	1,786,749
Long-term debt	179,377		33,603		—		(25,000		)	187,980		851,416		—			1,039,396
Liability to HEP	—		236,305		—		—			236,305		—		(236,305		)	—
Deferred income tax liabilities	654,355		—		—		—			654,355		5,311		—			659,666
Other long-term liabilities	31,253		66,490		—		—			97,743		39,446		(2,078		)	135,111
Investment in HEP	—		—		136,570		—			136,570		—		(136,570		)	—
Equity – HollyFrontier	5,968,171		6,707,737		270,685		(6,978,422		)	5,968,171		386,255		(380,269		)	5,974,157
Equity – noncontrolling interest	—		—		—		—			—		95,842		490,849			586,691
Total liabilities and equity	$	8,290,852	$	8,542,224	$	408,416	$	(8,171,335	)	$	9,070,157	$	1,418,780	$	(307,167	)	$	10,181,770

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 September 30, 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	$	103		$	5,303,131		$	—		$	—		$	5,303,234		$	82,141		$	(67,820	)	$	5,317,555
Operating costs and expenses:
Cost of products sold	—			4,692,587			—			—			4,692,587			—			(66,694		)	4,625,893
Operating expenses	—			255,871			—			—			255,871			25,456			(370		)	280,957
General and administrative	24,904			530			36			(587		)	24,883			2,266			—			27,149
Depreciation and amortization	2,055			66,832			—			587			69,474			15,078			(3,607		)	80,945
Total operating costs and expenses	26,959			5,015,820			36			—			5,042,815			42,800			(70,671		)	5,014,944
Income (loss) from operations	(26,856		)	287,311			(36		)	—			260,419			39,341			2,851			302,611
Other income (expense):
Earnings (loss) of equity method investments	305,736			17,021			19,040			(324,884		)	16,913			880			(19,040		)	(1,247		)
Interest income (expense)	(1,227		)	1,962			144			—			879			(8,585		)	(2,328		)	(10,034		)
Loss on sale of assets	—			(556		)	—			—			(556		)	—			—			(556		)
	304,509			18,427			19,184			(324,884		)	17,236			(7,705		)	(21,368		)	(11,837		)
Income before income taxes	277,653			305,738			19,148			(324,884		)	277,655			31,636			(18,517		)	290,774
Income tax provision	103,174			—			—			—			103,174			42			—			103,216
Net income	174,479			305,738			19,148			(324,884		)	174,481			31,594			(18,517		)	187,558
Less net income attributable to noncontrolling interest	—			—			—			—			—			1,509			11,043			12,552
Net income attributable to HollyFrontier stockholders	$	174,479		$	305,738		$	19,148		$	(324,884	)	$	174,481		$	30,085		$	(29,560	)	$	175,006
Comprehensive income attributable to HollyFrontier stockholders	$	169,050		$	296,622		$	19,584		$	(316,206	)	$	169,050		$	30,520		$	(29,993	)	$	169,577

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 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
Nine Months Ended September 30, 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	$	383		$	15,440,531		$	935	$	—		$	15,441,849		$	244,177		$	(204,818	)	$	15,481,208
Operating costs and expenses:
Cost of products sold	—			13,640,897			—		—			13,640,897			—			(201,538		)	13,439,359
Operating expenses	—			754,798			—		—			754,798			72,835			(1,056		)	826,577
General and administrative	70,354			4,038			112		—			74,504			7,933			—			82,437
Depreciation and amortization	5,855			221,999			—		—			227,854			45,739			(10,710		)	262,883
Total operating costs and expenses	76,209			14,621,732			112		—			14,698,053			126,507			(213,304		)	14,611,256
Income (loss) from operations	(75,826		)	818,799			823		—			743,796			117,670			8,486			869,952
Other income (expense):
Earnings (loss) of equity method investments	871,883			47,589			51,455		(924,578		)	46,349			2,150			(51,455		)	(2,956		)
Interest income (expense)	(2,024		)	6,051			417		—			4,444			(27,365		)	(7,007		)	(29,928		)
Loss on early extinguishment of debt	—			—			—		—			—			(7,677		)	—			(7,677		)
Loss on sale of assets	—			(556		)	—		—			(556		)	—			—			(556		)
	869,859			53,084			51,872		(924,578		)	50,237			(32,892		)	(58,462		)	(41,117		)
Income before income taxes	794,033			871,883			52,695		(924,578		)	794,033			84,778			(49,976		)	828,835
Income tax provision	292,017			—			—		—			292,017			145			—			292,162
Net income	502,016			871,883			52,695		(924,578		)	502,016			84,633			(49,976		)	536,673
Less net income attributable to noncontrolling interest	—			—			—		—			—			6,562			26,615			33,177
Net income attributable to HollyFrontier stockholders	$	502,016		$	871,883		$	52,695	$	(924,578	)	$	502,016		$	78,071		$	(76,591	)	$	503,496
Comprehensive income attributable to HollyFrontier stockholders	$	571,205		$	984,562		$	52,875	$	(1,037,437	)	$	571,205		$	78,250		$	(76,770	)	$	572,685

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 Cash Flows

Condensed Consolidating Statement of Cash Flows
Nine Months Ended September 30, 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	$	(260,533	)	$	930,722		$	55,047		$	—		$	725,236		$	140,154		$	(59,457	)	$	805,933
Cash flows from investing activities
Additions to properties, plants and equipment	(8,373		)	(298,272		)	(831		)	—			(307,476		)	—			—			(307,476		)
Additions to properties, plants and equipment – HEP	—			—			—			—			—			(61,657		)	—			(61,657		)
Proceeds from sale of assets	—			14,711			—			—			14,711			—			—			14,711
Investment in Sabine Biofuels	—			(5,000		)	—			—			(5,000		)	—			—			(5,000		)
Repayments from Sabine Biofuels	—			10,021			—			—			10,021			—			—			10,021
Purchases of marketable securities	(762,224		)	—			—			—			(762,224		)	—			—			(762,224		)
Sales and maturities of marketable securities	863,769			—			—			—			863,769			—			—			863,769
Net advances to Parent	—			(649,294		)	(54,565		)	703,859			—			—			—			—
	93,172			(927,834		)	(55,396		)	703,859			(186,199		)	(61,657		)	—			(247,856		)
Cash flows from financing activities
Net borrowings under credit agreement – HEP	—			—			—			—			—			192,000			—			192,000
Redemption of senior notes - HEP	—			—			—			—			—			(156,188		)	—			(156,188		)
Purchase of treasury stock	(133,150		)	—			—			—			(133,150		)	—			—			(133,150		)
Dividends	(485,766		)	—			—			—			(485,766		)	—			—			(485,766		)
Distributions to noncontrolling interest	—			—			—			—			—			(117,930		)	59,457			(58,473		)
Excess tax benefit from equity-based compensation	4,482			—			—			—			4,482			—			—			4,482
Purchase of units for incentive grants - HEP	—			—			—			—			—			(1,064		)	—			(1,064		)
Deferred financing costs and other	(3,257		)	(1,231		)	493			—			(3,995		)	—			—			(3,995		)
Net advances from subsidiaries	703,859			—			—			(703,859		)	—			—			—			—
	86,168			(1,231		)	493			(703,859		)	(618,429		)	(83,182		)	59,457			(642,154		)
Cash and cash equivalents
Increase (decrease) for the period	(81,193		)	1,657			144			—			(79,392		)	(4,685		)	—			(84,077		)
Beginning of period	931,920			1,817			14			—			933,751			6,352			—			940,103
End of period	$	850,727		$	3,474		$	158		$	—		$	854,359		$	1,667		$	—		$	856,026

Condensed Consolidating Statement of Cash Flows
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)
Cash flows from operating activities	$	(377,762	)	$	1,066,429		$	41,380		$	—		$	730,047		$	124,922		$	(52,806	)	$	802,163
Cash flows from investing activities:
Additions to properties, plants and equipment	(8,056		)	(247,034		)	—			—			(255,090		)	—			—			(255,090		)
Additions to properties, plants and equipment – HEP	—			—			—			—			—			(31,099		)	—			(31,099		)
Acquisition of trucking operations	—			(11,301		)	—			—			(11,301		)	—			—			(11,301		)
Proceeds from sale of assets	—			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
Net advances to Parent	—			(801,939		)	(39,882		)	841,821			—			—			—			—
	(34,456		)	(1,070,993		)	(39,882		)	841,821			(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	(300,973		)	—			—			—			(300,973		)	—			—			(300,973		)
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		)
Deferred financing costs and other	—			912			—			—			912			(244		)	—			668
Net advances from subsidiaries	841,821			—			—			(841,821		)	—			—			—			—
	(53,327		)	912			(1,499		)	(841,821		)	(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