Supplemental Guarantor/Non-Guarantor Financial Information (Tables)

6 Months Ended

Jun. 30, 2015

Supplemental Guarantor / Non-Guarantor Financial Information [Abstract]

Condensed Consolidating Balance Sheet

Condensed Consolidating Balance Sheet
June 30, 2015	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	$	222,905	$	—	$	30	$	—		$	222,935	$	10,424	$	—		$	233,359
Marketable securities	392,859		—		—		—			392,859		—		—			392,859
Accounts receivable, net	8,171		611,393		3,068		—			622,632		40,044		(36,569		)	626,107
Intercompany accounts receivable	—		718,610		442,187		(1,160,797		)	—		—		—			—
Inventories	—		1,187,984		—		—			1,187,984		1,934		—			1,189,918
Income taxes receivable	8,351		—		—		—			8,351		—		—			8,351
Prepayments and other	13,363		59,273		—		—			72,636		2,804		(6,495		)	68,945
Total current assets	645,649		2,577,260		445,285		(1,160,797		)	2,507,397		55,206		(43,064		)	2,519,539
Properties, plants and equip, net	34,079		3,043,121		949		—			3,078,149		1,042,975		(252,729		)	3,868,395
Investment in subsidiaries	6,868,051		335,342		—		(7,203,393		)	—		—		—			—
Intangibles and other assets	29,262		2,371,616		25,000		(25,000		)	2,400,878		360,888		(4,414		)	2,757,352
Total assets	$	7,577,041	$	8,327,339	$	471,234	$	(8,389,190	)	$	7,986,424	$	1,459,069	$	(300,207	)	$	9,145,286
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	3,543	$	1,067,290	$	—	$	—		$	1,070,833	$	16,128	$	(36,569	)	$	1,050,392
Intercompany accounts payable	1,160,797		—		—		(1,160,797		)	—		—		—			—
Income tax payable	7,569		—		—		—			7,569		—		—			7,569
Accrued liabilities	41,886		50,843		1,127		—			93,856		25,885		(6,495		)	113,246
Deferred income tax liabilities	69,284		—		—		—			69,284		—		—			69,284
Total current liabilities	1,283,079		1,118,133		1,127		(1,160,797		)	1,241,542		42,013		(43,064		)	1,240,491
Long-term debt	25,000		32,257		—		(25,000		)	32,257		900,905		—			933,162
Liability to HEP	—		227,304		—		—			227,304		—		(227,304		)	—
Deferred income tax liabilities	627,205		—		—		—			627,205		332		—			627,537
Other long-term liabilities	43,822		81,594		—		—			125,416		56,283		(5,558		)	176,141
Investment in HEP	—		—		134,765		—			134,765		—		(134,765		)	—
Equity – HollyFrontier	5,597,935		6,868,051		335,342		(7,203,393		)	5,597,935		365,071		(359,947		)	5,603,059
Equity – noncontrolling interest	—		—		—		—			—		94,465		470,431			564,896
Total liabilities and equity	$	7,577,041	$	8,327,339	$	471,234	$	(8,389,190	)	$	7,986,424	$	1,459,069	$	(300,207	)	$	9,145,286

Condensed Consolidating Balance Sheet
December 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	$	565,080	$	—	$	75	$	—		$	565,155	$	2,830	$	—		$	567,985
Marketable securities	474,068		42		—		—			474,110		—		—			474,110
Accounts receivable, net	5,107		579,526		3,774		—			588,407		40,129		(38,631		)	589,905
Intercompany accounts receivable	—		171,341		397,540		(568,881		)	—		—		—			—
Inventories	—		1,033,191		—		—			1,033,191		1,940		—			1,035,131
Income taxes receivable	11,719		—		—		—			11,719		—		—			11,719
Prepayments and other	14,734		95,194		—		—			109,928		2,443		(8,223		)	104,148
Total current assets	1,070,708		1,879,294		401,389		(568,881		)	2,782,510		47,342		(46,854		)	2,782,998
Properties, plants and equip, net	31,808		2,873,350		902		—			2,906,060		1,024,311		(259,832		)	3,670,539
Investment in subsidiaries	5,912,233		291,912		—		(6,204,145		)	—		—		—			—
Intangibles and other assets	30,082		2,388,844		25,000		(25,000		)	2,418,926		362,919		(4,742		)	2,777,103
Total assets	$	7,044,831	$	7,433,400	$	427,291	$	(6,798,026	)	$	8,107,496	$	1,434,572	$	(311,428	)	$	9,230,640
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	11,457	$	1,117,429	$	2	$	—		$	1,128,888	$	17,881	$	(38,631	)	$	1,108,138
Intercompany accounts payable	568,881		—		—		(568,881		)	—		—		—			—
Income taxes payable	19,642		—		—		—			19,642		—		—			19,642
Accrued liabilities	41,403		45,331		1,382		—			88,116		26,321		(8,223		)	106,214
Deferred income tax liabilities	17,409		—		—		—			17,409		—		—			17,409
Total current liabilities	658,792		1,162,760		1,384		(568,881		)	1,254,055		44,202		(46,854		)	1,251,403
Long-term debt	179,144		33,167		—		(25,000		)	187,311		867,579		—			1,054,890
Liability to HEP	—		233,217		—		—			233,217		—		(233,217		)	—
Deferred income tax liabilities	646,503		—		—		—			646,503		367		—			646,870
Other long-term liabilities	43,451		92,023		—		—			135,474		47,170		(5,886		)	176,758
Investment in HEP	—		—		133,995		—			133,995		—		(133,995		)	—
Equity – HollyFrontier	5,516,941		5,912,233		291,912		(6,204,145		)	5,516,941		380,172		(373,529		)	5,523,584
Equity – noncontrolling interest	—		—		—		—			—		95,082		482,053			577,135
Total liabilities and equity	$	7,044,831	$	7,433,400	$	427,291	$	(6,798,026	)	$	8,107,496	$	1,434,572	$	(311,428	)	$	9,230,640

Condensed Consolidating Statement of Income and Comprehensive Income

Condensed Consolidating Statement of Income and Comprehensive Income
Three Months Ended June 30, 2015	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	$	168		$	3,686,476		$	—		$	—		$	3,686,644		$	83,479		$	(68,211	)	$	3,701,912
Operating costs and expenses:
Cost of products sold	—			2,954,989			—			—			2,954,989			—			(67,514		)	2,887,475
Lower of cost or market inventory valuation adjustment	—			(135,480		)	—			—			(135,480		)	—			—			(135,480		)
Operating expenses	—			220,790			—			—			220,790			25,289			86			246,165
General and administrative	22,808			571			42			—			23,421			2,696			—			26,117
Depreciation and amortization	2,582			74,120			8			—			76,710			14,660			(3,567		)	87,803
Total operating costs and expenses	25,390			3,114,990			50			—			3,140,430			42,645			(70,995		)	3,112,080
Income (loss) from operations	(25,222		)	571,486			(50		)	—			546,214			40,834			2,784			589,832
Other income (expense):
Earnings (loss) of equity method investments	593,825			20,334			20,175			(614,159		)	20,175			631			(20,175		)	631
Interest income (expense)	(537		)	1,918			199			—			1,580			(9,053		)	(2,318		)	(9,791		)
Loss on early extinguishment of debt	(1,368		)	—			—			—			(1,368		)	—			—			(1,368		)
Gain on sale of assets	714			87			—			—			801			72			—			873
	592,634			22,339			20,374			(614,159		)	21,188			(8,350		)	(22,493		)	(9,655		)
Income before income taxes	567,412			593,825			20,324			(614,159		)	567,402			32,484			(19,709		)	580,177
Income tax provision	207,054			—			—			—			207,054			(64		)	—			206,990
Net income	360,358			593,825			20,324			(614,159		)	360,348			32,548			(19,709		)	373,187
Less net income attributable to noncontrolling interest	—			—			(10		)	—			(10		)	1,743			10,630			12,363
Net income attributable to HollyFrontier stockholders	$	360,358		$	593,825		$	20,334		$	(614,159	)	$	360,358		$	30,805		$	(30,339	)	$	360,824
Comprehensive income attributable to HollyFrontier stockholders	$	356,676		$	588,016		$	20,422		$	(608,438	)	$	356,676		$	30,893		$	(30,427	)	$	357,142

Condensed Consolidating Statement of Income and Comprehensive Income
Three Months Ended June 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	$	179		$	5,362,277	$	(36	)	$	—		$	5,362,420	$	75,024		$	(64,844	)	$	5,372,600
Operating costs and expenses:
Cost of products sold	—			4,738,586		—			—			4,738,586		—			(63,740		)	4,674,846
Operating expenses	—			247,451		—			—			247,451		24,567			(364		)	271,654
General and administrative	24,343			1,469		37			—			25,849		2,516			—			28,365
Depreciation and amortization	2,010			87,473		—			—			89,483		15,477			(3,570		)	101,390
Total operating costs and expenses	26,353			5,074,979		37			—			5,101,369		42,560			(67,674		)	5,076,255
Income (loss) from operations	(26,174		)	287,298		(73		)	—			261,051		32,464			2,830			296,345
Other income (expense):
Earnings (loss) of equity method investments	303,788			14,546		16,132			(319,990		)	14,476		748			(16,132		)	(908		)
Interest income (expense)	(373		)	1,944		143			—			1,714		(8,329		)	(2,337		)	(8,952		)
	303,415			16,490		16,275			(319,990		)	16,190		(7,581		)	(18,469		)	(9,860		)
Income before income taxes	277,241			303,788		16,202			(319,990		)	277,241		24,883			(15,639		)	286,485
Income tax provision	101,304			—		—			—			101,304		28			—			101,332
Net income	175,937			303,788		16,202			(319,990		)	175,937		24,855			(15,639		)	185,153
Less net income attributable to noncontrolling interest	—			—		—			—			—		1,416			7,308			8,724
Net income attributable to HollyFrontier stockholders	$	175,937		$	303,788	$	16,202		$	(319,990	)	$	175,937	$	23,439		$	(22,947	)	$	176,429
Comprehensive income attributable to HollyFrontier stockholders	$	197,313		$	338,556	$	15,909		$	(354,465	)	$	197,313	$	23,145		$	(22,653	)	$	197,805

Condensed Consolidating Statement of Income and Comprehensive Income
Six Months Ended June 30, 2015	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	$	274		$	6,675,868		$	—		$	—		$	6,676,142		$	173,235		$	(140,839	)	$	6,708,538
Operating costs and expenses:
Cost of products sold	—			5,277,870			—			—			5,277,870			—			(139,022		)	5,138,848
Lower of cost or market inventory valuation adjustment	—			(142,026		)	—			—			(142,026		)	—			—			(142,026		)
Operating expenses	—			456,793			—			—			456,793			53,255			(287		)	509,761
General and administrative	48,632			986			82			—			49,700			5,986			—			55,686
Depreciation and amortization	4,908			141,044			16			—			145,968			28,950			(7,103		)	167,815
Total operating costs and expenses	53,540			5,734,667			98			—			5,788,305			88,191			(146,412		)	5,730,084
Income (loss) from operations	(53,266		)	941,201			(98		)	—			887,837			85,044			5,573			978,454
Other income (expense):
Earnings (loss) of equity method investments	978,226			32,369			40,617			(1,019,136		)	32,076			1,365			(40,617		)	(7,176		)
Interest income (expense)	(839		)	3,967			374			—			3,502			(17,820		)	(4,665		)	(18,983		)
Loss on early extinguishment of debt	(1,368		)	—			—			—			(1,368		)	—			—			(1,368		)
Gain on sale of assets	720			689			—			—			1,409			230			—			1,639
	976,739			37,025			40,991			(1,019,136		)	35,619			(16,225		)	(45,282		)	(25,888		)
Income before income taxes	923,473			978,226			40,893			(1,019,136		)	923,456			68,819			(39,709		)	952,566
Income tax provision	336,681			—			—			—			336,681			37			—			336,718
Net income	586,792			978,226			40,893			(1,019,136		)	586,775			68,782			(39,709		)	615,848
Less net income attributable to noncontrolling interest	—			—			(17		)	—			(17		)	5,770			22,395			28,148
Net income attributable to HollyFrontier stockholders	$	586,792		$	978,226		$	40,910		$	(1,019,136	)	$	586,792		$	63,012		$	(62,104	)	$	587,700
Comprehensive income attributable to HollyFrontier stockholders	$	571,588		$	953,098		$	40,703		$	(993,801	)	$	571,588		$	62,805		$	(61,897	)	$	572,496

Condensed Consolidating Statement of Income and Comprehensive Income
Six Months Ended June 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	$	280		$	10,137,400	$	935	$	—		$	10,138,615	$	162,036		$	(136,998	)	$	10,163,653
Operating costs and expenses:
Cost of products sold	—			8,948,308		—		—			8,948,308		—			(134,842		)	8,813,466
Operating expenses	—			498,927		—		—			498,927		47,379			(686		)	545,620
General and administrative	45,450			4,095		76		—			49,621		5,667			—			55,288
Depreciation and amortization	3,800			154,580		—		—			158,380		30,661			(7,103		)	181,938
Total operating costs and expenses	49,250			9,605,910		76		—			9,655,236		83,707			(142,631		)	9,596,312
Income (loss) from operations	(48,970		)	531,490		859		—			483,379		78,329			5,633			567,341
Other income (expense):
Earnings (loss) of equity method investments	566,147			30,568		32,415		(599,694		)	29,436		1,270			(32,415		)	(1,709		)
Interest income (expense)	(797		)	4,089		273		—			3,565		(18,780		)	(4,679		)	(19,894		)
Loss on early extinguishment of debt	—			—		—		—			—		(7,677		)	—			(7,677		)
	565,350			34,657		32,688		(599,694		)	33,001		(25,187		)	(37,094		)	(29,280		)
Income before income taxes	516,380			566,147		33,547		(599,694		)	516,380		53,142			(31,461		)	538,061
Income tax provision	188,843			—		—		—			188,843		103			—			188,946
Net income	327,537			566,147		33,547		(599,694		)	327,537		53,039			(31,461		)	349,115
Less net income attributable to noncontrolling interest	—			—		—		—			—		5,053			15,572			20,625
Net income attributable to HollyFrontier stockholders	$	327,537		$	566,147	$	33,547	$	(599,694	)	$	327,537	$	47,986		$	(47,033	)	$	328,490
Comprehensive income attributable to HollyFrontier stockholders	$	402,155		$	687,940	$	33,291	$	(721,231	)	$	402,155	$	47,730		$	(46,777	)	$	403,108

Condensed Consolidating Statement of Cash Flows

Condensed Consolidating Statement of Cash Flows
Six Months Ended June 30, 2015	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	$	(348,026	)	$	803,368		$	47,880		$	—		$	503,222		$	110,611		$	(43,893	)	$	569,940
Cash flows from investing activities
Additions to properties, plants and equipment	(7,180		)	(259,857		)	(63		)	—			(267,100		)	—			—			(267,100		)
Additions to properties, plants and equipment – HEP	—			—			—			—			—			(49,813		)	—			(49,813		)
Purchases of marketable securities	(246,008		)	—			—			—			(246,008		)	—			—			(246,008		)
Sales and maturities of marketable securities	327,310			—			—			—			327,310			—			—			327,310
Other, net	—			1,846			—			—			1,846			386			—			2,232
Net advances to Parent	—			(544,445		)	(47,877		)	592,322			—			—			—			—
	74,122			(802,456		)	(47,940		)	592,322			(183,952		)	(49,427		)	—			(233,379		)
Cash flows from financing activities
Net borrowings under credit agreement – HEP	—			—			—			—			—			33,000			—			33,000
Redemption of senior notes - HFC	(155,156		)	—			—			—			(155,156		)	—			—			(155,156		)
Purchase of treasury stock	(320,132		)	—			—			—			(320,132		)	—			—			(320,132		)
Accelerated stock repurchase forward contract	(60,000		)	—			—			—			(60,000		)	—			—			(60,000		)
Dividends	(125,192		)	—			—			—			(125,192		)	—			—			(125,192		)
Distributions to noncontrolling interest	—			—			—			—			—			(85,489		)	43,893			(41,596		)
Other, net	(113		)	(912		)	15			—			(1,010		)	(1,101		)	—			(2,111		)
Net advances from subsidiaries	592,322			—			—			(592,322		)	—			—			—			—
	(68,271		)	(912		)	15			(592,322		)	(661,490		)	(53,590		)	43,893			(671,187		)
Cash and cash equivalents
Increase (decrease) for the period	(342,175		)	—			(45		)	—			(342,220		)	7,594			—			(334,626		)
Beginning of period	565,080			—			75			—			565,155			2,830			—			567,985
End of period	$	222,905		$	—		$	30		$	—		$	222,935		$	10,424		$	—		$	233,359

Condensed Consolidating Statement of Cash Flows
Six Months Ended June 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	$	(144,972	)	$	773,845		$	38,968		$	—		$	667,841		$	92,667		$	(39,029	)	$	721,479
Cash flows from investing activities:
Additions to properties, plants and equipment	(6,329		)	(199,132		)	(526		)	—			(205,987		)	—			—			(205,987		)
Additions to properties, plants and equipment – HEP	—			—			—			—			—			(38,782		)	—			(38,782		)
Purchases of marketable securities	(498,080		)	—			—			—			(498,080		)	—			—			(498,080		)
Sales and maturities of marketable securities	543,604			—			—			—			543,604			—			—			543,604
Other, net	—			5,021			—			—			5,021			—			—			5,021
Net advances to Parent	—			(582,930		)	(38,604		)	621,534			—			—			—			—
	39,195			(777,041		)	(39,130		)	621,534			(155,442		)	(38,782		)	—			(194,224		)
Cash flows from financing activities:
Net borrowings under credit agreement – HEP	—			—			—			—			—			180,000			—			180,000
Redemption of senior notes	—			—			—			—			—			(156,188		)	—			(156,188		)
Inventory repurchase obligation				5,964									5,964			—			—			5,964
Purchase of treasury stock	(20,135		)	—			—			—			(20,135		)	—			—			(20,135		)
Dividends	(323,088		)	—			—			—			(323,088		)	—			—			(323,088		)
Distributions to noncontrolling interest	—			—			—			—			—			(77,577		)	39,029			(38,548		)
Excess tax benefit from equity-based compensation	3,778			—			—			—			3,778			—			—			3,778
Other, net	—			(808		)	375			—			(433		)	(406		)	—			(839		)
Net advances from subsidiaries	621,534			—			—			(621,534		)	—			—			—			—
	282,089			5,156			375			(621,534		)	(333,914		)	(54,171		)	39,029			(349,056		)
Cash and cash equivalents
Increase (decrease) for the period:	176,312			1,960			213			—			178,485			(286		)	—			178,199
Beginning of period	931,920			1,817			14			—			933,751			6,352			—			940,103
End of period	$	1,108,232		$	3,777		$	227		$	—		$	1,112,236		$	6,066		$	—		$	1,118,302