XML 21 R6.htm IDEA: XBRL DOCUMENT v3.20.2
Consolidated Statements Of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities:      
Net income $ (150,407) $ (443,693) $ 493,303
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 130,178 270,753 248,329
Long-lived Asset and Goodwill, Impairments 436,908 436,908 152,712
Lower of cost or market inventory valuation adjustment (269,904) 290,560 (184,545)
Earnings of equity method investments, inclusive of distributions   (1,298) 0
Loss on early extinguishment of debt 0 25,915 0
Gain on sales-type lease (33,834) (33,834) 0
(Gain) loss on sale of assets   (357) 73
Deferred income taxes 34,696 (116,030) 58,193
Equity-based compensation expense   14,289 21,562
Change in fair value - derivative instruments   (9,377) 31,454
(Increase) decrease in current assets:      
Accounts receivable   281,011 (72,300)
Inventories   (764) (6,708)
Income taxes receivable   (72,382) (26,835)
Prepayments and other   9,704 14,020
Increase (decrease) in current liabilities:      
Accounts payable   (314,892) 292,893
Income taxes payable   (9,268) 7,826
Accrued liabilities   3,340 38,003
Turnaround expenditures   (49,248) (110,273)
Other, net   27,965 11,843
Net cash provided by (used for) operating activities   309,302 969,550
Cash flows from investing activities:      
Additions to properties, plants and equipment   (98,996) (102,717)
Purchase of business, net of cash acquired   0 (662,665)
Investment in equity company - HEP   (2,400) 0
Other, net   470 825
Net Cash Provided by (Used in) Investing Activities   (131,666) (782,309)
Cash flows from financing activities:      
Borrowings under credit agreement   168,000 175,000
Repayments under credit agreement   (138,500) (156,500)
Proceeds from issuance of senior notes - HEP   500,000 0
Proceeds from issuance of common units - HEP   (522,500) 0
Purchase of treasury stock   (1,243) (266,996)
Dividends   (114,430) (113,508)
Contribution from Joint Venture Partner   13,263 0
Proceeds from disgorgement of stockholder short-swing profits 603    
Shares withheld for tax withholding obligations   (843) (783)
Deferred financing costs   (8,714) 0
Proceeds from (Payments for) Other Financing Activities   456 (374)
Net cash used for financing activities   (155,519) (429,864)
Effect of exchange rate on cash flow   (4,770) 2,515
Cash and cash equivalents:      
Increase (decrease) for the period   17,347 (240,108)
Beginning of period   885,162 1,154,752
End of period 902,509 902,509 914,644
Cash paid during the period for:      
Interest   (64,003) (67,620)
Income taxes, net   (4,738) (138,587)
HEP      
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 24,008 47,986  
Long-lived Asset and Goodwill, Impairments     0
Lower of cost or market inventory valuation adjustment $ 0 0 0
Cash flows from investing activities:      
Additions to properties, plants and equipment   (30,740) (17,752)
Cash flows from financing activities:      
Payments to Noncontrolling Interests   $ (51,008) $ (66,703)