Additional Financial Information (Tables)

3 Months Ended

Mar. 31, 2016

Supplemental Guarantor / Non-Guarantor Financial Information [Abstract]



Condensed Consolidating Balance Sheet
March 31, 2016		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		$	101,987	$	9,034	$	—		$	111,021
Accounts receivable, net		429,153		41,055		(39,294		)	430,914
Inventories		889,816		2,122		—			891,938
Income tax receivable		32,813		—		—			32,813
Prepayments and other		31,176		3,059		(1,651		)	32,584
Total current assets		1,484,945		55,270		(40,945		)	1,499,270

Properties, plants and equipment, net		3,345,759		1,092,443		(241,945		)	4,196,257
Intangibles and other assets		2,438,585		459,887		288			2,898,760
Total assets		$	7,269,289	$	1,607,600	$	(282,602	)	$	8,594,287

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable		$	752,085	$	18,480	$	(39,294	)	$	731,271
Accrued liabilities		139,914		16,074		(1,651		)	154,337
Total current liabilities		891,999		34,554		(40,945		)	885,608

Long-term debt		246,224		1,061,944		—			1,308,168
Liability to HEP		217,987		—		(217,987		)	—
Deferred income tax liabilities		543,850		458		—			544,308
Other long-term liabilities		158,479		55,381		(855		)	213,005

Investment in HEP		125,673		—		(125,673		)	—
Equity – HollyFrontier		5,085,077		359,023		(357,276		)	5,086,824
Equity – noncontrolling interest		—		96,240		460,134			556,374
Total liabilities and equity		$	7,269,289	$	1,607,600	$	(282,602	)	$	8,594,287



Condensed Consolidating Balance Sheet
December 31, 2015		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		$	51,520	$	15,013	$	—		$	66,533
Marketable securities		144,019		—		—			144,019
Accounts receivable, net		355,020		41,075		(44,117		)	351,978
Inventories		839,897		1,972		—			841,869
Prepayments and other		48,288		3,082		(7,704		)	43,666
Total current assets		1,438,744		61,142		(51,821		)	1,448,065

Properties, plants and equipment, net		3,261,494		1,099,683		(245,515		)	4,115,662
Intangibles and other assets		2,410,879		417,574		(3,881		)	2,824,572
Total assets		$	7,111,117	$	1,578,399	$	(301,217	)	$	8,388,299

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable		$	738,024	$	22,583	$	(44,117	)	$	716,490
Income taxes payable		8,142		—		—			8,142
Accrued liabilities		117,346		26,341		(7,704		)	135,983
Total current liabilities		863,512		48,924		(51,821		)	860,615

Long-term debt		31,288		1,008,752		—			1,040,040
Liability to HEP		220,998		—		(220,998		)	—
Deferred income tax liabilities		497,475		431		—			497,906
Other long-term liabilities		125,614		59,376		(5,025		)	179,965

Investment in HEP		120,721		—		(120,721		)	—
Equity – HollyFrontier		5,251,509		366,487		(364,581		)	5,253,415
Equity – noncontrolling interest		—		94,429		461,929			556,358
Total liabilities and equity		$	7,111,117	$	1,578,399	$	(301,217	)	$	8,388,299

Condensed Consolidating Statement of Income and Comprehensive Income



Condensed Consolidating Statement of Income and Comprehensive Income
Three Months Ended March 31, 2016		HollyFrontier Corp. Before Consolidation of HEP			Non-Guarantor Non-Restricted Subsidiaries (HEP Segment)			Consolidations and Eliminations			Consolidated
	(In thousands)
Sales and other revenues		$	1,999,697		$	102,010		$	(82,983	)	$	2,018,724
Operating costs and expenses:
Cost of products sold		1,703,068			—			(77,905		)	1,625,163
Lower of cost or market inventory valuation adjustment		(56,121		)	—			—			(56,121		)
Operating expenses		230,017			26,823			(4,257		)	252,583
General and administrative		22,530			3,091			—			25,621
Depreciation and amortization		75,421			16,029			(3,570		)	87,880
Total operating costs and expenses		1,974,915			45,943			(85,732		)	1,935,126
Income from operations		24,782			56,067			2,749			83,598
Other income (expense):
Earnings of equity method investments		25,797			2,765			(25,797		)	2,765
Interest income (expense)		708			(10,423		)	(2,297		)	(12,012		)
Loss on early extinguishment of debt		(8,718		)	—			—			(8,718		)
Gain (loss) on sale of assets and other		73			(8		)	—			65
		17,860			(7,666		)	(28,094		)	(17,900		)
Income before income taxes		42,642			48,401			(25,345		)	65,698
Income tax provision		22,212			96			—			22,308
Net income		20,430			48,305			(25,345		)	43,390
Less net income (loss) attributable to noncontrolling interest		(7		)	4,927			17,217			22,137
Net income attributable to HollyFrontier stockholders		$	20,437		$	43,378		$	(42,562	)	$	21,253
Comprehensive income attributable to HollyFrontier stockholders		$	20,026		$	43,200		$	(42,384	)	$	20,842



Condensed Consolidating Statement of Income and Comprehensive Income
Three Months Ended March 31, 2015		HollyFrontier Corp. Before Consolidation of HEP			Non-Guarantor Non-Restricted Subsidiaries (HEP Segment)			Consolidations and Eliminations			Consolidated
	(In thousands)
Sales and other revenues		$	2,989,498		$	89,756		$	(72,628	)	$	3,006,626
Operating costs and expenses:
Cost of products sold		2,322,881			—			(71,508		)	2,251,373
Lower of cost or market inventory valuation adjustment		(6,546		)	—			—			(6,546		)
Operating expenses		236,003			27,966			(373		)	263,596
General and administrative		26,279			3,290			—			29,569
Depreciation and amortization		69,258			14,290			(3,536		)	80,012
Total operating costs and expenses		2,647,875			45,546			(75,417		)	2,618,004
Income from operations		341,623			44,210			2,789			388,622
Other income (expense):
Earnings (loss) of equity method investments		11,901			734			(20,442		)	(7,807		)
Interest income (expense)		1,922			(8,767		)	(2,347		)	(9,192		)
Gain on sale of assets and other		608			158			—			766
		14,431			(7,875		)	(22,789		)	(16,233		)
Income before income taxes		356,054			36,335			(20,000		)	372,389
Income tax provision		129,627			101			—			129,728
Net income		226,427			36,234			(20,000		)	242,661
Less net income (loss) attributable to noncontrolling interest		(7		)	4,027			11,765			15,785
Net income attributable to HollyFrontier stockholders		$	226,434		$	32,207		$	(31,765	)	$	226,876
Comprehensive income attributable to HollyFrontier stockholders		$	214,912		$	31,912		$	(31,470	)	$	215,354

Condensed Consolidating Statement of Cash Flows



Condensed Consolidating Statement of Cash Flows
Three Months Ended March 31, 2016		HollyFrontier Corp. Before Consolidation of HEP			Non-Guarantor Non-Restricted Subsidiaries (HEP Segment)			Consolidations and Eliminations			Consolidated
	(In thousands)
Cash flows from operating activities		$	(8,257	)	$	39,372		$	(24,479	)	$	6,636

Cash flows from investing activities
Additions to properties, plants and equipment		(131,700		)	—			—			(131,700		)
Additions to properties, plants and equipment – HEP		—			(17,873		)	—			(17,873		)
Proceeds from sale of assets		258			—			—			258
Purchases of marketable securities		(4,082		)	—			—			(4,082		)
Sales and maturities of marketable securities		148,204			—			—			148,204
		12,680			(17,873		)	—			(5,193		)

Cash flows from financing activities
Net borrowings under credit agreements		—			53,000			—			53,000
Net proceeds from issuance of senior notes		246,690			—			—			246,690
Inventory repurchase obligation		693			—			—			693
Purchase of treasury stock		(133,430		)	—			—			(133,430		)
Dividends		(58,602		)	—			—			(58,602		)
Distributions to noncontrolling interest		—			(46,210		)	24,479			(21,731		)
Repayment of financing obligation		—			(39,500		)	—			(39,500		)
Contribution from general partner		(9,122		)	9,122			—			—
Other, net		(185		)	(3,890		)	—			(4,075		)
		46,044			(27,478		)	24,479			43,045

Cash and cash equivalents
Increase (decrease) for the period		50,467			(5,979		)	—			44,488
Beginning of period		51,520			15,013			—			66,533
End of period		$	101,987		$	9,034		$	—		$	111,021



Condensed Consolidating Statement of Cash Flows
Three Months Ended March 31, 2015		HollyFrontier Corp. Before Consolidation of HEP			Non-Guarantor Non-Restricted Subsidiaries (HEP Segment)			Consolidations and Eliminations			Consolidated
	(In thousands)
Cash flows from operating activities		$	207,509		$	61,026		$	(21,643	)	$	246,892

Cash flows from investing activities:
Additions to properties, plants and equipment		(120,892		)	—			—			(120,892		)
Additions to properties, plants and equipment – HEP		—			(51,727		)	—			(51,727		)
Purchases of marketable securities		(118,816		)	—			—			(118,816		)
Sales and maturities of marketable securities		178,524			—			—			178,524
Proceeds from sale of assets		814			—			—			814
		(60,370		)	(51,727		)	—			(112,097		)

Cash flows from financing activities:
Net borrowings under credit agreement – HEP		—			23,000			—			23,000
Inventory repurchase obligation		7,434			—			—			7,434
Purchase of treasury stock		(55,065		)	—			—			(55,065		)
Dividends		(62,335		)	—			—			(62,335		)
Distributions to noncontrolling interest		—			(42,115		)	21,643			(20,472		)
Contribution from general partner		(13,035		)	13,035			—			—
Other, net		(1,003		)	(247		)	—			(1,250		)
		(124,004		)	(6,327		)	21,643			(108,688		)

Cash and cash equivalents
Increase (decrease) for the period:		23,135			2,972			—			26,107
Beginning of period		565,155			2,830			—			567,985
End of period		$	588,290		$	5,802		$	—		$	594,092