XML 69 R6.htm IDEA: XBRL DOCUMENT v2.4.1.9
Consolidated Statements Of Cash Flows (USD $)
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Cash flows from operating activities:      
Net income $ 326,328,000us-gaap_ProfitLoss $ 767,823,000us-gaap_ProfitLoss $ 1,760,033,000us-gaap_ProfitLoss
Adjustments to reconcile net income to net cash provided by operating activities:      
Lower of cost or market inventory adjustment 397,478,000us-gaap_InventoryWriteDown 0us-gaap_InventoryWriteDown 0us-gaap_InventoryWriteDown
Depreciation and amortization 363,381,000us-gaap_DepreciationDepletionAndAmortization 303,446,000us-gaap_DepreciationDepletionAndAmortization 242,868,000us-gaap_DepreciationDepletionAndAmortization
Net loss of equity method investments, inclusive of distributions 5,257,000us-gaap_IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions 5,198,000us-gaap_IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions 701,000us-gaap_IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions
Loss on early extinguishment of debt attributable to unamortized discount 1,489,000hfc_LossonExtinguishmentofDebtDuetoUnamortizedDiscount 7,948,000hfc_LossonExtinguishmentofDebtDuetoUnamortizedDiscount 0hfc_LossonExtinguishmentofDebtDuetoUnamortizedDiscount
Gain on sale of assets 866,000us-gaap_GainLossOnDispositionOfAssets1 0us-gaap_GainLossOnDispositionOfAssets1 326,000us-gaap_GainLossOnDispositionOfAssets1
Deferred income taxes (193,662,000)us-gaap_DeferredIncomeTaxExpenseBenefit 114,404,000us-gaap_DeferredIncomeTaxExpenseBenefit 95,408,000us-gaap_DeferredIncomeTaxExpenseBenefit
Equity-based compensation expense 29,598,000us-gaap_ShareBasedCompensation 35,775,000us-gaap_ShareBasedCompensation 39,203,000us-gaap_ShareBasedCompensation
Change in fair value – derivative instruments (22,668,000)us-gaap_UnrealizedGainLossOnDerivatives (53,185,000)us-gaap_UnrealizedGainLossOnDerivatives 52,335,000us-gaap_UnrealizedGainLossOnDerivatives
Loss on settlement of retirement benefit obligations, net of contributions 0hfc_Definedbenefitplanlossduetosettlementsnetofcontributions 16,771,000hfc_Definedbenefitplanlossduetosettlementsnetofcontributions (19,524,000)hfc_Definedbenefitplanlossduetosettlementsnetofcontributions
(Increase) decrease in current assets:      
Accounts receivable 108,876,000us-gaap_IncreaseDecreaseInAccountsReceivable (68,832,000)us-gaap_IncreaseDecreaseInAccountsReceivable 71,627,000us-gaap_IncreaseDecreaseInAccountsReceivable
Inventories (78,842,000)us-gaap_IncreaseDecreaseInInventories (15,929,000)us-gaap_IncreaseDecreaseInInventories (205,013,000)us-gaap_IncreaseDecreaseInInventories
Income taxes receivable 94,237,000us-gaap_IncreaseDecreaseInIncomeTaxesReceivable (34,419,000)us-gaap_IncreaseDecreaseInIncomeTaxesReceivable 19,056,000us-gaap_IncreaseDecreaseInIncomeTaxesReceivable
Prepayments and other 1,486,000us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets 1,377,000us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets (9,366,000)us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
Increase (decrease) in current liabilities:      
Accounts payable (217,541,000)us-gaap_IncreaseDecreaseInAccountsPayable 2,068,000us-gaap_IncreaseDecreaseInAccountsPayable (194,051,000)us-gaap_IncreaseDecreaseInAccountsPayable
Income taxes payable 19,642,000us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable 0us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable (40,366,000)us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable
Accrued liabilities 8,047,000us-gaap_IncreaseDecreaseInAccruedLiabilities (41,229,000)us-gaap_IncreaseDecreaseInAccruedLiabilities (39,851,000)us-gaap_IncreaseDecreaseInAccruedLiabilities
Turnaround expenditures (96,803,000)hfc_IncreaseDecreaseinTurnaroundExpenditures (193,920,000)hfc_IncreaseDecreaseinTurnaroundExpenditures (159,707,000)hfc_IncreaseDecreaseinTurnaroundExpenditures
Other, net 13,159,000us-gaap_OtherNoncashIncomeExpense 21,878,000us-gaap_OtherNoncashIncomeExpense 49,660,000us-gaap_OtherNoncashIncomeExpense
Net cash provided by operating activities 758,596,000us-gaap_NetCashProvidedByUsedInOperatingActivities [1] 869,174,000us-gaap_NetCashProvidedByUsedInOperatingActivities [1] 1,662,687,000us-gaap_NetCashProvidedByUsedInOperatingActivities [1]
Cash flows from investing activities:      
Additions to properties, plants and equipment (485,002,000)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment (373,271,000)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment (290,334,000)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment
Proceeds from sale of assets 16,633,000us-gaap_ProceedsFromSaleOfProductiveAssets 7,802,000us-gaap_ProceedsFromSaleOfProductiveAssets 0us-gaap_ProceedsFromSaleOfProductiveAssets
Acquisition of trucking operations 0us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired (11,301,000)us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired 0us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired
Purchases of marketable securities (1,025,602,000)us-gaap_PaymentsToAcquireAvailableForSaleSecurities (935,512,000)us-gaap_PaymentsToAcquireAvailableForSaleSecurities (671,552,000)us-gaap_PaymentsToAcquireAvailableForSaleSecurities
Sales and maturities of marketable securities 1,276,447,000us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities 846,143,000us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities 297,711,000us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
Other, net 5,021,000us-gaap_PaymentsForProceedsFromOtherInvestingActivities (8,740,000)us-gaap_PaymentsForProceedsFromOtherInvestingActivities (2,000,000)us-gaap_PaymentsForProceedsFromOtherInvestingActivities
Net cash used for investing activities (292,322,000)us-gaap_NetCashProvidedByUsedInInvestingActivities (526,735,000)us-gaap_NetCashProvidedByUsedInInvestingActivities (711,104,000)us-gaap_NetCashProvidedByUsedInInvestingActivities
Cash flows from financing activities:      
Redemption of senior notes - HFC 0us-gaap_RepaymentsOfSeniorDebt (300,973,000)us-gaap_RepaymentsOfSeniorDebt (205,000,000)us-gaap_RepaymentsOfSeniorDebt
Repayments of Long-term Debt (156,188,000)us-gaap_RepaymentsOfLongTermDebt    
Proceeds from sale of HEP common units 0hfc_ProceedsfromsaleofHEPcommonunits 73,444,000hfc_ProceedsfromsaleofHEPcommonunits 0hfc_ProceedsfromsaleofHEPcommonunits
Purchase of treasury stock (158,847,000)us-gaap_PaymentsForRepurchaseOfCommonStock (225,023,000)us-gaap_PaymentsForRepurchaseOfCommonStock (209,600,000)us-gaap_PaymentsForRepurchaseOfCommonStock
Dividends (647,197,000)us-gaap_PaymentsOfDividendsCommonStock (645,920,000)us-gaap_PaymentsOfDividendsCommonStock (658,085,000)us-gaap_PaymentsOfDividendsCommonStock
Distributions to noncontrolling interest (78,202,000)us-gaap_PaymentsOfDividendsMinorityInterest (71,201,000)us-gaap_PaymentsOfDividendsMinorityInterest (58,788,000)us-gaap_PaymentsOfDividendsMinorityInterest
Excess tax benefit from equity-based compensation 2,040,000us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities 2,562,000us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities 23,361,000us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
Purchase of units for incentive grants – HEP (3,577,000)us-gaap_PaymentsForRepurchaseOfOtherEquity (5,313,000)us-gaap_PaymentsForRepurchaseOfOtherEquity (4,713,000)us-gaap_PaymentsForRepurchaseOfOtherEquity
Other, net (7,998,000)us-gaap_ProceedsFromPaymentsForOtherFinancingActivities (8,368,000)us-gaap_ProceedsFromPaymentsForOtherFinancingActivities 4,574,000us-gaap_ProceedsFromPaymentsForOtherFinancingActivities
Net cash used for financing activities (838,392,000)us-gaap_NetCashProvidedByUsedInFinancingActivities (1,160,035,000)us-gaap_NetCashProvidedByUsedInFinancingActivities (772,788,000)us-gaap_NetCashProvidedByUsedInFinancingActivities
Cash and cash equivalents:      
Increase (decrease) for the period (372,118,000)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease (817,596,000)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease 178,795,000us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
Beginning of period 940,103,000us-gaap_CashAndCashEquivalentsAtCarryingValue 1,757,699,000us-gaap_CashAndCashEquivalentsAtCarryingValue 1,578,904,000us-gaap_CashAndCashEquivalentsAtCarryingValue
End of period 567,985,000us-gaap_CashAndCashEquivalentsAtCarryingValue 940,103,000us-gaap_CashAndCashEquivalentsAtCarryingValue 1,757,699,000us-gaap_CashAndCashEquivalentsAtCarryingValue
Cash paid during the period for:      
Interest 55,716,000us-gaap_InterestPaid 76,647,000us-gaap_InterestPaid 101,709,000us-gaap_InterestPaid
Income taxes 237,907,000us-gaap_IncomeTaxesPaid 372,846,000us-gaap_IncomeTaxesPaid 983,618,000us-gaap_IncomeTaxesPaid
HEP      
Cash flows from investing activities:      
Additions to properties, plants and equipment (79,819,000)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment
/ us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis
= us-gaap_VariableInterestEntityPrimaryBeneficiaryMember
(51,856,000)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment
/ us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis
= us-gaap_VariableInterestEntityPrimaryBeneficiaryMember
(44,929,000)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment
/ us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis
= us-gaap_VariableInterestEntityPrimaryBeneficiaryMember
Proceeds from sale of assets   7,802,000us-gaap_ProceedsFromSaleOfProductiveAssets
/ us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis
= us-gaap_VariableInterestEntityPrimaryBeneficiaryMember
 
Cash flows from financing activities:      
Borrowings under credit agreement – HEP 642,300,000us-gaap_ProceedsFromLongTermLinesOfCredit
/ us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis
= us-gaap_VariableInterestEntityPrimaryBeneficiaryMember
310,600,000us-gaap_ProceedsFromLongTermLinesOfCredit
/ us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis
= us-gaap_VariableInterestEntityPrimaryBeneficiaryMember
587,000,000us-gaap_ProceedsFromLongTermLinesOfCredit
/ us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis
= us-gaap_VariableInterestEntityPrimaryBeneficiaryMember
Repayments under credit agreement – HEP (434,300,000)us-gaap_RepaymentsOfLongTermLinesOfCredit
/ us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis
= us-gaap_VariableInterestEntityPrimaryBeneficiaryMember
(368,600,000)us-gaap_RepaymentsOfLongTermLinesOfCredit
/ us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis
= us-gaap_VariableInterestEntityPrimaryBeneficiaryMember
(366,000,000)us-gaap_RepaymentsOfLongTermLinesOfCredit
/ us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis
= us-gaap_VariableInterestEntityPrimaryBeneficiaryMember
Net proceeds from issuance of senior notes – HEP 0us-gaap_ProceedsFromIssuanceOfSeniorLongTermDebt
/ us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis
= us-gaap_VariableInterestEntityPrimaryBeneficiaryMember
0us-gaap_ProceedsFromIssuanceOfSeniorLongTermDebt
/ us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis
= us-gaap_VariableInterestEntityPrimaryBeneficiaryMember
294,750,000us-gaap_ProceedsFromIssuanceOfSeniorLongTermDebt
/ us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis
= us-gaap_VariableInterestEntityPrimaryBeneficiaryMember
Repayments of Long-term Debt 156,188,000us-gaap_RepaymentsOfLongTermDebt
/ us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis
= us-gaap_VariableInterestEntityPrimaryBeneficiaryMember
0us-gaap_RepaymentsOfLongTermDebt
/ us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis
= us-gaap_VariableInterestEntityPrimaryBeneficiaryMember
185,000,000us-gaap_RepaymentsOfLongTermDebt
/ us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis
= us-gaap_VariableInterestEntityPrimaryBeneficiaryMember
Proceeds from common unit offerings – HEP 0us-gaap_ProceedsFromIssuanceOfCommonStock
/ us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis
= us-gaap_VariableInterestEntityPrimaryBeneficiaryMember
73,444,000us-gaap_ProceedsFromIssuanceOfCommonStock
/ us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis
= us-gaap_VariableInterestEntityPrimaryBeneficiaryMember
0us-gaap_ProceedsFromIssuanceOfCommonStock
/ us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis
= us-gaap_VariableInterestEntityPrimaryBeneficiaryMember
Distributions to noncontrolling interest (78,202,000)us-gaap_PaymentsOfDividendsMinorityInterest
/ us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis
= us-gaap_VariableInterestEntityPrimaryBeneficiaryMember
(71,201,000)us-gaap_PaymentsOfDividendsMinorityInterest
/ us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis
= us-gaap_VariableInterestEntityPrimaryBeneficiaryMember
(58,788,000)us-gaap_PaymentsOfDividendsMinorityInterest
/ us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis
= us-gaap_VariableInterestEntityPrimaryBeneficiaryMember
Cash and cash equivalents:      
Beginning of period 6,352,000us-gaap_CashAndCashEquivalentsAtCarryingValue
/ us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis
= us-gaap_VariableInterestEntityPrimaryBeneficiaryMember
   
End of period $ 2,830,000us-gaap_CashAndCashEquivalentsAtCarryingValue
/ us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis
= us-gaap_VariableInterestEntityPrimaryBeneficiaryMember
$ 6,352,000us-gaap_CashAndCashEquivalentsAtCarryingValue
/ us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis
= us-gaap_VariableInterestEntityPrimaryBeneficiaryMember
 
[1] (1) Parent operating cash flows include cash inflows of $403.1 million, $806.0 million, and $2,727.6 million for the years ended December 31, 2014, 2013 and 2012, respectively, representing distributions of earnings from the Restricted Subsidiaries.