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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________________________________________________
FORM 10-Q
_________________________________________________________________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from    __________   to   ____________         
Commission File Number 1-3876
_________________________________________________________________
HOLLYFRONTIER CORPORATION
(Exact name of registrant as specified in its charter)
Delaware75-1056913
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer Identification No.)
2828 N. Harwood, Suite 1300
Dallas
Texas75201
(Address of principal executive offices)(Zip Code)
(214) 871-3555
(Registrant’s telephone number, including area code)
_________________________________________________________________
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to 12(b) of the Securities Exchange Act of 1934:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock $0.01 par valueHFCNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes      No  
162,017,259 shares of Common Stock, par value $.01 per share, were outstanding on October 30, 2020.


Table of Content
HOLLYFRONTIER CORPORATION
INDEX
 
 Page
PART I. FINANCIAL INFORMATION
September 30, 2020 (Unaudited) and December 31, 2019
Three and Nine Months Ended September 30, 2020 and 2019
Three and Nine Months Ended September 30, 2020 and 2019
Nine Months Ended September 30, 2020 and 2019
Three and Nine Months Ended September 30, 2020 and 2019
Index to Exhibits
Signatures
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FORWARD-LOOKING STATEMENTS

References herein to HollyFrontier Corporation (“HollyFrontier”) include HollyFrontier and its consolidated subsidiaries. In accordance with the Securities and Exchange Commission’s (“SEC”) “Plain English” guidelines, this Quarterly Report on Form 10-Q has been written in the first person. In this document, the words “we,” “our,” “ours” and “us” refer only to HollyFrontier and its consolidated subsidiaries or to HollyFrontier or an individual subsidiary and not to any other person with certain exceptions. Generally, the words “we,” “our,” “ours” and “us” include Holly Energy Partners, L.P. (“HEP”) and its subsidiaries as consolidated subsidiaries of HollyFrontier, unless when used in disclosures of transactions or obligations between HEP and HollyFrontier or its other subsidiaries. This document contains certain disclosures of agreements that are specific to HEP and its consolidated subsidiaries and do not necessarily represent obligations of HollyFrontier. When used in descriptions of agreements and transactions, “HEP” refers to HEP and its consolidated subsidiaries.

This Quarterly Report on Form 10-Q contains certain “forward-looking statements” within the meaning of the federal securities laws. All statements, other than statements of historical fact included in this Form 10-Q, including, but not limited to, those under “Results of Operations,” “Liquidity and Capital Resources” and “Risk Management” in Part I, Item 2 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and those in Part II, Item 1 “Legal Proceedings” are forward-looking statements. Forward-looking statements use words such as “anticipate,” “project,” “expect,” “plan,” “goal,” “forecast,” “intend,” “should,” “would,” “could,” “believe,” “may,” and similar expressions and statements regarding our plans and objectives for future operations. These statements are based on management’s beliefs and assumptions using currently available information and expectations as of the date hereof, are not guarantees of future performance and involve certain risks and uncertainties. All statements concerning our expectations for future results of operations are based on forecasts for our existing operations and do not include the potential impact of any future acquisitions. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot assure you that our expectations will prove to be correct. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in these statements. Any differences could be caused by a number of factors including, but not limited to:

the extraordinary market environment and effects of the COVID-19 pandemic, including the continuation of a material decline in demand for refined petroleum products in markets we serve;
risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products or lubricant and specialty products in our markets;
the spread between market prices for refined products and market prices for crude oil;
the possibility of constraints on the transportation of refined products or lubricant and specialty products;
the possibility of inefficiencies, curtailments or shutdowns in refinery operations or pipelines, whether due to infection in the workforce or in response to reductions in demand;
effects of governmental and environmental regulations and policies, including the effects of current restrictions on various commercial and economic activities in response to the COVID-19 pandemic;
the availability and cost of our financing;
the effectiveness of our capital investments and marketing strategies;
our efficiency in carrying out and consummating construction projects, including our ability to complete announced capital projects, such as the conversion of the Cheyenne Refinery to a renewable diesel facility and the construction of the Artesia renewable diesel unit and pretreatment unit, on time and within budget;
our ability to timely obtain or maintain permits, including those necessary for operations or capital projects,
our ability to acquire refined or lubricant product operations or pipeline and terminal operations on acceptable terms and to integrate any existing or future acquired operations;
the possibility of terrorist or cyberattacks and the consequences of any such attacks;
general economic conditions, including uncertainty regarding the timing, pace and extent of an economic recovery in the United States;
further deterioration in gross margins or a prolonged economic slowdown due to the COVID-19 pandemic which could result in an impairment of goodwill and / or additional long-lived asset impairments; and
other financial, operational and legal risks and uncertainties detailed from time to time in our SEC filings.

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Cautionary statements identifying important factors that could cause actual results to differ materially from our expectations are set forth in this Form 10-Q, including without limitation the forward-looking statements that are referred to above. When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements set forth under the heading “Risk Factors” included in Item 1A in our Annual Report on Form 10-K for the year ended December 31, 2019 and our Quarterly Report on Form 10-Q for the quarter ended June 30, 2020 and in conjunction with the discussion in this Form 10-Q in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” under the headings “Outlook” and “Liquidity and Capital Resources.” All forward-looking statements included in this Form 10-Q and all subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. The forward-looking statements speak only as of the date made and, other than as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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DEFINITIONS

Within this report, the following terms have these specific meanings:

BPD” means the number of barrels per calendar day of crude oil or petroleum products.

BPSD” means the number of barrels per stream day (barrels of capacity in a 24 hour period) of crude oil or petroleum products.

Base oil” is a lubricant grade oil initially produced from refining crude oil or through chemical synthesis that is used in producing lubricant products such as lubricating greases, motor oil and metal processing fluids.

Black wax crude oil” is a low sulfur, low gravity crude oil produced in the Uintah Basin in Eastern Utah that has certain characteristics that require specific facilities to transport, store and refine into transportation fuels.

Cracking” means the process of breaking down larger, heavier and more complex hydrocarbon molecules into simpler and lighter molecules.

Crude oil distillation” means the process of distilling vapor from liquid crudes, usually by heating, and condensing the vapor slightly above atmospheric pressure turning it back to liquid in order to purify, fractionate or form the desired products.

FCC,” or fluid catalytic cracking, means a refinery process that breaks down large complex hydrocarbon molecules into smaller more useful ones using a circulating bed of catalyst at relatively high temperatures.

LPG” means liquid petroleum gases.

Lubricant” or “lube” means a solvent neutral paraffinic product used in commercial heavy duty engine oils, passenger car oils and specialty products for industrial applications such as heat transfer, metalworking, rubber and other general process oil.

MMBTU” means one million British thermal units.

Rack back” represents the portion of our Lubricants and Specialty Products business operations that entails the processing of feedstocks into base oils.

Rack forward” represents the portion of our Lubricants and Specialty Products business operations that entails the processing of base oils into finished lubricants and the packaging, distribution and sale to customers.

Refinery gross margin” means the difference between average net sales price and average cost per barrel sold. This does not include the associated depreciation and amortization costs.

Renewable diesel” means a fuel derived from vegetable oils or animal fats that is produced through various processes, most commonly through hydrotreating, reacting the feedstock with hydrogen under temperatures and pressure in the presence of a catalyst.

“RINs” means renewable identification numbers and refers to serial numbers assigned to credits generated from renewable fuel production under the Environmental Protection Agency’s Renewable Fuel Standard (“RFS”) regulations, which require blending renewable fuels into the nation’s fuel supply. In lieu of blending, refiners may purchase these transferable credits in order to comply with the regulations.

Sour crude oil” means crude oil containing quantities of sulfur greater than 0.4 percent by weight, while “sweet crude oil” means crude oil containing quantities of sulfur equal to or less than 0.4 percent by weight.

Vacuum distillation” means the process of distilling vapor from liquid crudes, usually by heating, and condensing the vapor below atmospheric pressure turning it back to a liquid in order to purify, fractionate or form the desired products.

“White oil” is an extremely pure, highly-refined petroleum product that has a wide variety of applications ranging from pharmaceutical to cosmetic products.

“WTI” means West Texas Intermediate and is a grade of crude oil used as a common benchmark in oil pricing. WTI is a sweet crude oil and has a relatively low density.


5

Table of Content
PART I. FINANCIAL INFORMATION

Item 1. Financial Statements
HOLLYFRONTIER CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
September 30,
2020
December 31, 2019
 (Unaudited)
ASSETS
Current assets:
Cash and cash equivalents (HEP:$18,091 and $13,287, respectively)
$1,524,888 $885,162 
Accounts receivable: Product and transportation (HEP: $13,856 and $18,732, respectively)
525,247 834,771 
Crude oil resales
26,667 44,914 
551,914 879,685 
Inventories: Crude oil and refined products933,683 1,282,789 
Materials, supplies and other (HEP: $828 and $833, respectively)
203,981 191,413 
1,137,664 1,474,202 
Income taxes receivable70,008 5,478 
Prepayments and other (HEP: $5,454 and $6,795, respectively)
34,354 61,662 
Total current assets3,318,828 3,306,189 
Properties, plants and equipment, at cost (HEP: $2,067,282 and $2,047,674, respectively)
7,173,262 7,237,297 
Less accumulated depreciation (HEP: $(608,520) and $(552,786), respectively)
(2,645,390)(2,414,585)
4,527,872 4,822,712 
Operating lease right-of-use assets (HEP: $3,164 and $2,652, respectively)
365,045 467,109 
Other assets: Turnaround costs349,185 521,278 
Goodwill (HEP: $312,873 and $312,873, respectively)
2,374,930 2,373,907 
Intangibles and other (HEP: $351,225 and $319,569, respectively)
643,881 673,646 
3,367,996 3,568,831 
Total assets$11,579,741 $12,164,841 
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable (HEP: $21,221 and $18,050, respectively)
$825,021 $1,215,555 
Income taxes payable6,698 27,965 
Operating lease liabilities (HEP: $3,787 and $3,608, respectively)
98,790 104,415 
Accrued liabilities (HEP: $28,372 and $30,418, respectively)
306,341 337,993 
Total current liabilities1,236,850 1,685,928 
Long-term debt (HEP: $1,439,874 and $1,462,031, respectively)
3,176,349 2,455,640 
Noncurrent operating lease liabilities (HEP: $68,681 and $72,000, respectively)
300,468 364,420 
Deferred income taxes (HEP: $432 and $424, respectively)
728,899 889,270 
Other long-term liabilities (HEP: $57,638 and $59,021, respectively)
260,606 260,157 
Equity:
HollyFrontier stockholders’ equity:
Preferred stock, $1.00 par value – 5,000,000 shares authorized; none issued
  
Common stock $.01 par value – 320,000,000 shares authorized; 256,042,554 shares issued as of September 30, 2020 and December 31, 2019
2,560 2,560 
Additional capital4,217,128 4,204,547 
Retained earnings4,088,816 4,744,120 
Accumulated other comprehensive income10,102 14,774 
Common stock held in treasury, at cost – 94,026,587 and 94,196,029 shares as of September 30, 2020 and December 31, 2019, respectively
(2,982,463)(2,987,808)
Total HollyFrontier stockholders’ equity5,336,143 5,978,193 
Noncontrolling interest540,426 531,233 
Total equity5,876,569 6,509,426 
Total liabilities and equity$11,579,741 $12,164,841 

Parenthetical amounts represent asset and liability balances attributable to Holly Energy Partners, L.P. (“HEP”) as of September 30, 2020 and December 31, 2019. HEP is a variable interest entity.

See accompanying notes.
6

Table of Content
HOLLYFRONTIER CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands, except per share data)

 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2020201920202019
Sales and other revenues$2,819,400 $4,424,828 $8,282,875 $13,104,690 
Operating costs and expenses:
Cost of products sold (exclusive of depreciation and amortization):
Cost of products sold (exclusive of lower of cost or market inventory valuation adjustment)
2,377,238 3,403,767 6,647,960 10,307,856 
Lower of cost or market inventory valuation adjustment
(62,849)34,062 227,711 (150,483)
2,314,389 3,437,829 6,875,671 10,157,373 
Operating expenses (exclusive of depreciation and amortization)
332,496 345,578 964,200 1,010,422 
Selling, general and administrative expenses (exclusive of depreciation and amortization)
74,453 87,626 237,559 260,977 
Depreciation and amortization125,280 127,016 396,033 375,345 
Long-lived asset and goodwill impairments  436,908 152,712 
Total operating costs and expenses2,846,618 3,998,049 8,910,371 11,956,829 
Income (loss) from operations(27,218)426,779 (627,496)1,147,861 
Other income (expense):
Earnings of equity method investments1,316 1,334 5,186 5,217 
Interest income1,011 6,164 6,590 17,127 
Interest expense(30,589)(36,027)(85,923)(106,938)
Gain on business interruption insurance settlement81,000  81,000  
Gain on sales-type leases  33,834  
Loss on early extinguishment of debt  (25,915) 
Gain (loss) on foreign currency transactions1,030 395 (918)4,873 
Other, net1,368 2,356 4,790 3,005 
55,136 (25,778)18,644 (76,716)
Income (loss) before income taxes27,918 401,001 (608,852)1,071,145 
Income tax expense (benefit):
Current35,826 58,255 (41,221)176,903 
Deferred(31,253)44,766 (147,283)102,959 
4,573 103,021 (188,504)279,862 
Net income (loss)23,345 297,980 (420,348)791,283 
Less net income attributable to noncontrolling interest25,746 36,167 63,353 79,500 
Net income (loss) attributable to HollyFrontier stockholders
$(2,401)$261,813 $(483,701)$711,783 
Earnings (loss) per share attributable to HollyFrontier stockholders:
Basic$(0.01)$1.60 $(2.99)$4.23 
Diluted$(0.01)$1.58 $(2.99)$4.20 
Average number of common shares outstanding:
Basic162,015 163,676 161,927 167,935 
Diluted162,015 165,011 161,927 169,125 

See accompanying notes.
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Table of Content
HOLLYFRONTIER CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
(In thousands)
 
 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2020201920202019
Net income (loss)$23,345 $297,980 $(420,348)$791,283 
Other comprehensive income (loss):
Foreign currency translation adjustment7,727 (9,311)(2,149)4,212 
Hedging instruments:
Change in fair value of cash flow hedging instruments
(2,094)(1,989)(7,329)12,909 
Reclassification adjustments to net income (loss) on settlement of cash flow hedging instruments
4,586 (5,573)3,411 (12,537)
Net unrealized gain (loss) on hedging instruments2,492 (7,562)(3,918)372 
Pension and other post-retirement benefit obligations:
Actuarial loss on pension plans  (45) 
Actuarial gain on post-retirement healthcare plans  3  
Net change in pension and other post-retirement benefit obligations  (42) 
Other comprehensive income (loss) before income taxes10,219 (16,873)(6,109)4,584 
Income tax expense (benefit)2,342 (3,888)(1,437)990 
Other comprehensive income (loss)7,877 (12,985)(4,672)3,594 
Total comprehensive income (loss)31,222 284,995 (425,020)794,877 
Less noncontrolling interest in comprehensive income25,746 36,167 63,353 79,500 
Comprehensive income (loss) attributable to HollyFrontier stockholders
$5,476 $248,828 $(488,373)$715,377 

See accompanying notes.

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Table of Content
HOLLYFRONTIER CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
 Nine Months Ended September 30,
 20202019
Cash flows from operating activities:
Net income (loss)$(420,348)$791,283 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization396,033 375,345 
Long-lived asset and goodwill impairments436,908 152,712 
Lower of cost or market inventory valuation adjustment227,711 (150,483)
Earnings of equity method investments, inclusive of distributions(238)280 
Loss on early extinguishment of debt25,915  
Gain on sales-type leases(33,834) 
(Gain) loss on sale of assets(257)202 
Deferred income taxes(147,283)102,959 
Equity-based compensation expense22,221 30,635 
Change in fair value – derivative instruments(3,727)19,880 
(Increase) decrease in current assets:
Accounts receivable325,796 (116,793)
Inventories104,640 (47,409)
Income taxes receivable(64,162)13,704 
Prepayments and other14,403 17,710 
Increase (decrease) in current liabilities:
Accounts payable(387,259)321,537 
Income taxes payable(21,379)808 
Accrued liabilities(22,037)54,779 
Turnaround expenditures(73,822)(152,431)
Other, net11,769 (3,314)
Net cash provided by operating activities391,050 1,411,404 
Cash flows from investing activities:
Additions to properties, plants and equipment(174,366)(171,229)
Additions to properties, plants and equipment – HEP(38,642)(23,828)
Purchase of Sonneborn, net of cash acquired (662,665)
Investment in equity company - HEP(2,438) 
Other, net1,795 958 
Net cash used for investing activities(213,651)(856,764)
Cash flows from financing activities:
Borrowings under credit agreements219,500 269,500 
Repayments under credit agreements(237,000)(257,000)
Proceeds from issuance of senior notes - HFC748,925  
Proceeds from issuance of senior notes - HEP500,000  
Redemption of senior notes - HEP(522,500) 
Purchase of treasury stock(3,350)(471,976)
Dividends(171,603)(168,008)
Distributions to noncontrolling interests(70,941)(100,095)
Contributions from noncontrolling interests15,382  
Payments on finance leases(2,149)(1,158)
Deferred financing costs(13,511) 
Other, net454 (600)
Net cash provided by (used for) financing activities463,207 (729,337)
Effect of exchange rate on cash flow(880)1,801 
Cash and cash equivalents:
Increase (decrease) for the period639,726 (172,896)
Beginning of period885,162 1,154,752 
End of period$1,524,888 $981,856 
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest$(83,325)$(93,929)
Income taxes, net$(52,270)$(163,232)

See accompanying notes.
9


HOLLYFRONTIER CORPORATION
CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited)
(In thousands except per share data)
HollyFrontier Stockholders' Equity
Common Stock Additional CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Treasury StockNon-controlling InterestTotal
Equity
 
Balance at December 31, 2019$2,560 $4,204,547 $4,744,120 $14,774 $(2,987,808)$531,233 $6,509,426 
Net income (loss)— — (304,623)— — 11,337 (293,286)
Dividends ($0.35 declared per common share)
— — (57,248)— — — (57,248)
Distributions to noncontrolling interest holders
— — — — — (33,918)(33,918)
Other comprehensive loss, net of tax
— — — (26,923)— — (26,923)
Issuance of common stock under incentive compensation plans, net of forfeitures
— (2,037)— — 2,037 — — 
Equity-based compensation— 5,824 — — — 506 6,330 
Purchase of treasury stock
— — — — (1,062)— (1,062)
Purchase of HEP units for restricted grants
— — — — — (145)(145)
Contributions from noncontrolling interests
— — — — — 7,304 7,304 
Balance at March 31, 2020$2,560 $4,208,334 $4,382,249 $(12,149)$(2,986,833)$516,317 $6,110,478 
Net income (loss)— — (176,677)— — 26,270 (150,407)
Dividends ($0.35 declared per common share)
— — (57,182)— — — (57,182)
Distributions to noncontrolling interest holders
— — — — — (17,090)(17,090)
Other comprehensive income, net of tax
— — — 14,374 — — 14,374 
Issuance of common stock under incentive compensation plans, net of forfeitures
— (527)— — 527 — — 
Equity-based compensation— 7,484 — — — 475 7,959 
Purchase of treasury stock
— — — — (181)— (181)
Purchase of HEP units for restricted grants
— — — — — (2)(2)
Contributions from noncontrolling interests
— — — — — 5,959 5,959 
Reclamation of stockholder short-swing profit
— 603 — — — — 603 
Balance at June 30, 2020$2,560 $4,215,894 $4,148,390 $2,225 $(2,986,487)$531,929 $5,914,511 
Net income— — (2,401)— — 25,746 23,345 
Dividends ($0.35 declared per common share)
— — (57,173)— — — (57,173)
Distributions to noncontrolling interest holders
— — — — — (19,933)(19,933)
Other comprehensive loss, net of tax
— — — 7,877 — — 7,877 
Issuance of common stock under incentive compensation plans, net of tax
— (6,131)— — 6,131 — — 
Equity-based compensation— 7,365 — — — 567 7,932 
Purchase of treasury stock
— — — — (2,107)— (2,107)
Purchase of HEP units for restricted grants
— — — — — (2)(2)
Contributions from noncontrolling interests— — — — — 2,119 2,119 
Balance at September 30, 2020$2,560 $4,217,128 $4,088,816 $10,102 $(2,982,463)$540,426 $5,876,569 
10


HollyFrontier Stockholders' Equity
Common Stock Additional CapitalRetained EarningsAccumulated Other Comprehensive IncomeTreasury StockNon-controlling InterestTotal
Equity
 
Balance at December 31, 2018$2,560 $4,196,125 $4,196,902 $13,623 $(2,490,639)$540,488 $6,459,059 
Net income— — 253,055 — — 23,431 276,486 
Dividends ($0.33 declared per common share)
— — (56,849)— — — (56,849)
Distributions to noncontrolling interest holders
— — — — — (33,673)(33,673)
Other comprehensive income, net of tax
— — — 13,775 — — 13,775 
Issuance of common stock under incentive compensation plans, net of forfeitures
— 3 — — (3)— — 
Equity-based compensation— 8,713 — — — 661 9,374 
Purchase of treasury stock — — — — (73,225)— (73,225)
Purchase of HEP units for restricted grants
— — — — — (373)(373)
Balance at March 31, 2019$2,560 $4,204,841 $4,393,108 $27,398 $(2,563,867)$530,534 $6,594,574 
Net income— — 196,915 — — 19,902 216,817 
Dividends ($0.33 declared per common share)
— — (56,659)— — — (56,659)
Distributions to noncontrolling interest holders
— — — — — (33,030)(33,030)
Other comprehensive income, net of tax
— — — 2,804 — — 2,804 
Equity attributable to HEP common unit issuances, net of tax
— — — — — (140)(140)
Issuance of common stock under incentive compensation plans, net of forfeitures
— (138)— — 138 — — 
Equity-based compensation— 11,602 — — — 586 12,188 
Purchase of treasury stock (205,555)(205,555)
Balance at June 30, 2019$2,560 $4,216,305 $4,533,364 $30,202 $(2,769,284)$517,852 $6,530,999 
Net income— — 261,813 — — 36,167 297,980 
Dividends ($0.33 declared per common share)
— — (54,500)— — — (54,500)
Distributions to noncontrolling interest holders
— — — — — (33,392)(33,392)
Other comprehensive loss, net of tax— — — (12,985)— — (12,985)
Issuance of common stock under incentive compensation plans, net of tax
— (80)— — 80 — — 
Equity-based compensation— 8,545 — — — 528 9,073 
Purchase of treasury stock — — — — (195,812)— (195,812)
Balance at September 30, 2019$2,560 $4,224,770 $4,740,677