Supplemental Guarantor/Non-Guarantor Financial Information (Tables)

9 Months Ended

Sep. 30, 2015

Supplemental Guarantor / Non-Guarantor Financial Information [Abstract]

Condensed Consolidating Balance Sheet

Condensed Consolidating Balance Sheet
September 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	$	228,849	$	—	$	26	$	—		$	228,875	$	10,856	$	—		$	239,731
Marketable securities	387,053		—		—		—			387,053		—		—			387,053
Accounts receivable, net	3,542		516,964		2,775		—			523,281		32,968		(33,900		)	522,349
Intercompany accounts receivable	—		1,037,776		466,155		(1,503,931		)	—		—		—			—
Inventories	—		1,035,121		—		—			1,035,121		1,903		—			1,037,024
Deferred income tax assets	48,419		—		—		—			48,419		—		—			48,419
Prepayments and other	8,222		69,150		—		—			77,372		2,671		(6,946		)	73,097
Total current assets	676,085		2,659,011		468,956		(1,503,931		)	2,300,121		48,398		(40,846		)	2,307,673
Properties, plants and equip, net	33,404		3,160,133		941		—			3,194,478		1,031,902		(249,122		)	3,977,258
Investment in subsidiaries	7,199,848		361,459		—		(7,561,307		)	—		—		—			—
Intangibles and other assets	26,713		2,345,298		25,000		(25,000		)	2,372,011		418,960		(4,265		)	2,786,706
Total assets	$	7,936,050	$	8,525,901	$	494,897	$	(9,090,238	)	$	7,866,610	$	1,499,260	$	(294,233	)	$	9,071,637
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	18,350	$	930,939	$	—	$	—		$	949,289	$	11,236	$	(33,900	)	$	926,625
Intercompany accounts payable	1,503,931		—		—		(1,503,931		)	—		—		—			—
Income tax payable	39,536		—		—		—			39,536		—		—			39,536
Accrued liabilities	51,481		55,720		1,733		—			108,934		24,304		(6,946		)	126,292
Total current liabilities	1,613,298		986,659		1,733		(1,503,931		)	1,097,759		35,540		(40,846		)	1,092,453
Long-term debt	25,000		31,779		—		(25,000		)	31,779		951,067		—			982,846
Liability to HEP	—		224,195		—		—			224,195		—		(224,195		)	—
Deferred income tax liabilities	636,081		—		—		—			636,081		356		—			636,437
Other long-term liabilities	41,790		83,420		—		—			125,210		58,417		(5,410		)	178,217
Investment in HEP	—		—		131,705		—			131,705		—		(131,705		)	—
Equity – HollyFrontier	5,619,881		7,199,848		361,459		(7,561,307		)	5,619,881		359,136		(357,849		)	5,621,168
Equity – noncontrolling interest	—		—		—		—			—		94,744		465,772			560,516
Total liabilities and equity	$	7,936,050	$	8,525,901	$	494,897	$	(9,090,238	)	$	7,866,610	$	1,499,260	$	(294,233	)	$	9,071,637

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 September 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	$	107		$	3,571,188	$	1		$	—		$	3,571,296		$	88,389		$	(73,862	)	$	3,585,823
Operating costs and expenses:
Cost of products sold	—			2,726,848		—			(91		)	2,726,757			—			(72,898		)	2,653,859
Lower of cost or market inventory valuation adjustment	—			225,451		—			—			225,451			—			—			225,451
Operating expenses	—			239,653		—			796			240,449			25,095			(146		)	265,398
General and administrative	27,084			680		14			(705		)	27,073			3,673			—			30,746
Depreciation and amortization	2,861			72,584		8			—			75,453			15,919			(3,608		)	87,764
Total operating costs and expenses	29,945			3,265,216		22			—			3,295,183			44,687			(76,652		)	3,263,218
Income (loss) from operations	(29,838		)	305,972		(21		)	—			276,113			43,702			2,790			322,605
Other income (expense):
Earnings (loss) of equity method investments	336,756			22,006		21,799			(358,762		)	21,799			1,269			(21,799		)	1,269
Interest income (expense)	(998		)	1,740		219			—			961			(9,106		)	(2,284		)	(10,429		)
Gain on sale of assets	16			7,036		—			—			7,052			176			—			7,228
	335,774			30,782		22,018			(358,762		)	29,812			(7,661		)	(24,083		)	(1,932		)
Income before income taxes	305,936			336,754		21,997			(358,762		)	305,925			36,041			(21,293		)	320,673
Income tax provision	109,997			—		—			—			109,997			69			—			110,066
Net income	195,939			336,754		21,997			(358,762		)	195,928			35,972			(21,293		)	210,607
Less net income attributable to noncontrolling interest	—			—		(9		)	—			(9		)	831			13,463			14,285
Net income attributable to HollyFrontier stockholders	$	195,939		$	336,754	$	22,006		$	(358,762	)	$	195,937		$	35,141		$	(34,756	)	$	196,322
Comprehensive income attributable to HollyFrontier stockholders	$	190,414		$	327,419	$	21,903		$	(349,322	)	$	190,414		$	35,038		$	(34,653	)	$	190,799

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
Nine Months Ended September 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	$	381		$	10,247,056	$	1		$	—		$	10,247,438		$	261,624		$	(214,701	)	$	10,294,361
Operating costs and expenses:
Cost of products sold	—			8,004,718		—			(91		)	8,004,627			—			(211,920		)	7,792,707
Lower of cost or market inventory valuation adjustment	—			83,425		—			—			83,425			—			—			83,425
Operating expenses	—			696,446		—			796			697,242			78,350			(433		)	775,159
General and administrative	75,716			1,666		96			(705		)	76,773			9,659			—			86,432
Depreciation and amortization	7,769			213,628		24			—			221,421			44,869			(10,711		)	255,579
Total operating costs and expenses	83,485			8,999,883		120			—			9,083,488			132,878			(223,064		)	8,993,302
Income (loss) from operations	(83,104		)	1,247,173		(119		)	—			1,163,950			128,746			8,363			1,301,059
Other income (expense):
Earnings (loss) of equity method investments	1,314,982			54,375		62,416			(1,377,898		)	53,875			2,634			(62,416		)	(5,907		)
Interest income (expense)	(1,835		)	5,707		593			—			4,465			(26,926		)	(6,949		)	(29,410		)
Loss on early extinguishment of debt	(1,370		)	—		—			—			(1,370		)	—			—			(1,370		)
Gain on sale of assets	736			7,725		—			—			8,461			406			—			8,867
	1,312,513			67,807		63,009			(1,377,898		)	65,431			(23,886		)	(69,365		)	(27,820		)
Income before income taxes	1,229,409			1,314,980		62,890			(1,377,898		)	1,229,381			104,860			(61,002		)	1,273,239
Income tax provision	446,678			—		—			—			446,678			106			—			446,784
Net income	782,731			1,314,980		62,890			(1,377,898		)	782,703			104,754			(61,002		)	826,455
Less net income attributable to noncontrolling interest	—			—		(26		)	—			(26		)	6,601			35,858			42,433
Net income attributable to HollyFrontier stockholders	$	782,731		$	1,314,980	$	62,916		$	(1,377,898	)	$	782,729		$	98,153		$	(96,860	)	$	784,022
Comprehensive income attributable to HollyFrontier stockholders	$	762,002		$	1,280,517	$	62,606		$	(1,343,123	)	$	762,002		$	97,843		$	(96,550	)	$	763,295

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 Cash Flows

Condensed Consolidating Statement of Cash Flows
Nine Months Ended September 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	$	(525,515	)	$	1,257,692		$	72,388		$	—		$	804,565		$	165,527		$	(66,751	)	$	903,341
Cash flows from investing activities
Additions to properties, plants and equipment	(8,126		)	(408,422		)	(63		)	—			(416,611		)	—			—			(416,611		)
Additions to properties, plants and equipment – HEP	—			—			—			—			—			(57,286		)	—			(57,286		)
Purchase interest in equity company	—			—			—			—			—			(54,641		)	—			(54,641		)
Proceeds from sale of assets	—			15,187			—			—			15,187			644			—			15,831
Purchases of marketable securities	(402,984		)	—			—			—			(402,984		)	—			—			(402,984		)
Sales and maturities of marketable securities	490,251			—			—			—			490,251			—			—			490,251
Net advances to Parent	—			(863,068		)	(72,389		)	935,457			—			—			—			—
	79,141			(1,256,303		)	(72,452		)	935,457			(314,157		)	(111,283		)	—			(425,440		)
Cash flows from financing activities
Net borrowings under credit agreement – HEP	—			—			—			—			—			83,000			—			83,000
Redemption of senior notes - HFC	(155,156		)	—			—			—			(155,156		)	—			—			(155,156		)
Purchase of treasury stock	(481,766		)	—			—			—			(481,766		)	—			—			(481,766		)
Dividends	(187,372		)	—			—			—			(187,372		)	—			—			(187,372		)
Distributions to noncontrolling interest	—			—			—			—			—			(128,117		)	66,751			(61,366		)
Other, net	(1,020		)	(1,389		)	15			—			(2,394		)	(1,101		)	—			(3,495		)
Net advances from subsidiaries	935,457			—			—			(935,457		)	—			—			—			—
	110,143			(1,389		)	15			(935,457		)	(826,688		)	(46,218		)	66,751			(806,155		)
Cash and cash equivalents
Increase (decrease) for the period	(336,231		)	—			(49		)	—			(336,280		)	8,026			—			(328,254		)
Beginning of period	565,080			—			75			—			565,155			2,830			—			567,985
End of period	$	228,849		$	—		$	26		$	—		$	228,875		$	10,856		$	—		$	239,731

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
Purchases of marketable securities	(762,224		)	—			—			—			(762,224		)	—			—			(762,224		)
Sales and maturities of marketable securities	863,769			—			—			—			863,769			—			—			863,769
Other, net	—			5,021			—			—			5,021			—			—			5,021
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	—			—			—			—			—			(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
Other, net	(3,257		)	(1,231		)	493			—			(3,995		)	(1,064		)	—			(5,059		)
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