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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, 2021
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, Texas
75201
(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 Section 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  
162,496,235 shares of Common Stock, par value $.01 per share, were outstanding on October 29, 2021.


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HOLLYFRONTIER CORPORATION
INDEX
 
 Page
PART I. FINANCIAL INFORMATION
September 30, 2021 (Unaudited) and December 31, 2020
Three and Nine Months Ended September 30, 2021 and 2020
Three and Nine Months Ended September 30, 2021 and 2020
Nine Months Ended September 30, 2021 and 2020
Three and Nine Months Ended September 30, 2021 and 2020
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. Unless specifically noted, 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:

our ability to successfully integrate the operation of the Puget Sound refinery with our existing operations;
(i) our ability to successfully close the Sinclair acquisition, which requires receipt of approval from our stockholders and certain regulatory approvals (including clearance by antitrust authorities necessary to complete the Sinclair acquisition on the terms and timeline desired); (ii) disruption the Sinclair acquisition may cause to customers, vendors, business partners and our ongoing business; (iii) once closed, our ability to integrate the operations of Sinclair with our existing operations and fully realize the expected synergies of the Sinclair acquisition on the expected timeline; and (iv) the cost and potential for a delay in closing as a result of litigation challenging the Sinclair transactions;
the demand for and supply of crude oil and refined products, including uncertainty regarding the effects of the continuing COVID-19 pandemic on future demand;
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;
the effects of current and/or future governmental and environmental regulations and policies, including the effects of current and/or future 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 capital guidance;
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;
3

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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.

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. You should not put any undue reliance on any forward-looking statements. 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, 2020 and Part II, Item 1A of our Quarterly Report on Form 10-Q for the quarters ended March 31, 2021 and June 30, 2021 and in this Quarterly Report on Form 10-Q, 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 diesel 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,
2021
December 31, 2020
 (Unaudited)
ASSETS
Current assets:
Cash and cash equivalents (HEP:$12,816 and $21,990, respectively)
$1,481,562 $1,368,318 
Accounts receivable: Product and transportation (HEP: $12,121 and $14,543, respectively)
772,769 590,526 
Crude oil resales
76,392 39,510 
849,161 630,036 
Inventories: Crude oil and refined products1,698,706 989,296 
Materials, supplies and other (HEP: $1,054 and $895, respectively)
188,374 184,180 
1,887,080 1,173,476 
Income taxes receivable98,404 91,348 
Prepayments and other (HEP: $2,571 and $8,591, respectively)
38,816 47,583 
Total current assets4,355,023 3,310,761 
Properties, plants and equipment, at cost (HEP: $2,194,659 and $2,119,295, respectively)
7,812,670 7,299,517 
Less accumulated depreciation (HEP: $(695,124) and $(644,149), respectively)
(2,946,119)(2,726,378)
4,866,551 4,573,139 
Operating lease right-of-use assets (HEP: $70,034 and $72,480, respectively)
395,947 350,548 
Other assets: Turnaround costs
345,314 314,816 
Goodwill (HEP: $312,873 and $312,873, respectively)
2,293,305 2,293,935 
Intangibles and other (HEP: $218,012 and $224,430, respectively)
641,041 663,665 
3,279,660 3,272,416 
Total assets$12,897,181 $11,506,864 
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable (HEP: $26,008 and $28,565, respectively)
$1,460,769 $1,000,959 
Income taxes payable19,887 1,801 
Operating lease liabilities (HEP: $3,761 and $3,827, respectively)
106,686 97,937 
Accrued liabilities (HEP: $16,931 and $29,518, respectively)
456,866 274,459 
Total current liabilities2,044,208 1,375,156 
Long-term debt (HEP: $1,333,309 and $1,405,603, respectively)
3,072,352 3,142,718 
Noncurrent operating lease liabilities (HEP: $66,648 and $68,454, respectively)
314,650 285,785 
Deferred income taxes (HEP: $397 and $449, respectively)
870,610 713,703 
Other long-term liabilities (HEP: $44,277 and $55,105, respectively)
265,822 267,299 
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; 256,046,051 shares issued as of September 30, 2021 and December 31, 2020
2,560 2,560 
Additional capital4,232,504 4,207,672 
Retained earnings4,453,366 3,913,179 
Accumulated other comprehensive income4,460 13,462 
Common stock held in treasury, at cost – 93,553,647 and 93,632,391 shares as of September 30, 2021 and December 31, 2020, respectively
(2,966,150)(2,968,512)
Total HollyFrontier stockholders’ equity5,726,740 5,168,361 
Noncontrolling interest602,799 553,842 
Total equity6,329,539 5,722,203 
Total liabilities and equity$12,897,181 $11,506,864 

Parenthetical amounts represent asset and liability balances attributable to Holly Energy Partners, L.P. (“HEP”) as of September 30, 2021 and December 31, 2020. HEP is a variable interest entity.

See accompanying notes.
6

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

 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2021202020212020
Sales and other revenues$4,685,059 $2,819,400 $12,766,475 $8,282,875 
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)
3,822,858 2,377,238 10,608,892 6,647,960 
Lower of cost or market inventory valuation adjustment
 (62,849)(318,862)227,711 
3,822,858 2,314,389 10,290,030 6,875,671 
Operating expenses (exclusive of depreciation and amortization)
352,520 332,496 1,086,620 964,200 
Selling, general and administrative expenses (exclusive of depreciation and amortization)
91,056 74,453 250,785 237,559 
Depreciation and amortization121,220 125,280 369,341 396,033 
Long-lived asset impairment   436,908 
Total operating costs and expenses4,387,654 2,846,618 11,996,776 8,910,371 
Income (loss) from operations297,405 (27,218)769,699 (627,496)
Other income (expense):
Earnings of equity method investments3,689 1,316 8,875 5,186 
Interest income1,018 1,011 3,078 6,590 
Interest expense(26,892)(30,589)(94,220)(85,923)
Gain on business interruption insurance settlement 81,000  81,000 
Gain on tariff settlement  51,500  
Gain on sales-type leases   33,834 
Loss on early extinguishment of debt   (25,915)
Gain (loss) on foreign currency transactions(3,492)1,030 (4,226)(918)
Gain on sale of assets and other85,779 1,368 95,596 4,790 
60,102 55,136 60,603 18,644 
Income (loss) before income taxes357,507 27,918 830,302 (608,852)
Income tax expense (benefit):
Current(12,784)35,826 (10,794)(41,221)
Deferred67,550 (31,253)160,738 (147,283)
54,766 4,573 149,944 (188,504)
Net income (loss)302,741 23,345 680,358 (420,348)
Less net income attributable to noncontrolling interest21,954 25,746 82,504 63,353 
Net income (loss) attributable to HollyFrontier stockholders
$280,787 $(2,401)$597,854 $(483,701)
Earnings (loss) per share:
Basic$1.71 $(0.01)$3.63 $(2.99)
Diluted$1.71 $(0.01)$3.63 $(2.99)
Average number of common shares outstanding:
Basic162,551 162,015 162,518 161,927 
Diluted162,551 162,015 162,518 161,927 

See accompanying notes.
7

Table of Content
HOLLYFRONTIER CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
(In thousands)
 
 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2021202020212020
Net income (loss)$302,741 $23,345 $680,358 $(420,348)
Other comprehensive income (loss):
Foreign currency translation adjustment(6,636)7,727 (10,411)(2,149)
Hedging instruments:
Change in fair value of cash flow hedging instruments
1,012 (2,094)(17,030)(7,329)
Reclassification adjustments to net income (loss) on settlement of cash flow hedging instruments
(52)4,586 18,772 3,411 
Net unrealized gain (loss) on hedging instruments960 2,492 1,742 (3,918)
Pension and other post-retirement benefit obligations:
Actuarial loss on pension plans   (45)
Pension plans gain reclassified to net income(101) (306) 
Actuarial gain on post-retirement healthcare plans   3 
Post-retirement healthcare plans gain reclassified to net income(838) (2,513) 
Retirement restoration plan loss reclassified to net income9  27  
Net change in pension and other post-retirement benefit obligations(930) (2,792)(42)
Other comprehensive income (loss) before income taxes(6,606)10,219 (11,461)(6,109)
Income tax expense (benefit)(1,413)2,342 (2,459)(1,437)
Other comprehensive income (loss)(5,193)7,877 (9,002)(4,672)
Total comprehensive income (loss)297,548 31,222 671,356 (425,020)
Less noncontrolling interest in comprehensive income21,954 25,746 82,504 63,353 
Comprehensive income (loss) attributable to HollyFrontier stockholders
$275,594 $5,476 $588,852 $(488,373)

See accompanying notes.

8

Table of Content
HOLLYFRONTIER CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
 Nine Months Ended September 30,
 20212020
Cash flows from operating activities:
Net income (loss)$680,358 $(420,348)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization369,341 396,033 
Long-lived asset impairment 436,908 
Lower of cost or market inventory valuation adjustment(318,862)227,711 
Earnings of equity method investments, inclusive of distributions (238)
Loss on early extinguishment of debt 25,915 
Gain on sales-type leases (33,834)
Gain on sale of assets(89,831)(257)
Deferred income taxes160,738 (147,283)
Equity-based compensation expense29,663 22,221 
Change in fair value – derivative instruments(19,483)(3,727)
(Increase) decrease in current assets:
Accounts receivable(220,645)325,796 
Inventories(399,630)104,640 
Income taxes receivable(7,336)(64,162)
Prepayments and other10,369 14,403 
Increase (decrease) in current liabilities:
Accounts payable438,541 (387,259)
Income taxes payable18,164 (21,379)
Accrued liabilities215,817 (22,037)
Turnaround expenditures(116,646)(73,822)
Other, net(11,064)11,769 
Net cash provided by operating activities739,494 391,050 
Cash flows from investing activities:
Additions to properties, plants and equipment(471,412)(174,366)
Additions to properties, plants and equipment – HEP(76,933)(38,642)
Proceeds from sale of assets106,352 1,094 
Investment in equity company - HEP (2,438)
Distributions from equity method investments in excess of equity earnings3,517 701 
Net cash used for investing activities(438,476)(213,651)
Cash flows from financing activities:
Borrowings under credit agreements210,500 219,500 
Repayments under credit agreements(283,500)(237,000)
Proceeds from issuance of senior notes - HFC 748,925 
Proceeds from issuance of senior notes - HEP 500,000 
Redemption of senior notes - HEP (522,500)
Purchase of treasury stock(613)(3,350)
Dividends(57,663)(171,603)
Distributions to noncontrolling interests(57,217)(70,941)
Contributions from noncontrolling interests21,285 15,382 
Payments on finance leases(2,047)(2,149)
Deferred financing costs(14,500)(13,511)
Other, net(414)454 
Net cash provided by (used for) financing activities(184,169)463,207 
Effect of exchange rate on cash flow(3,605)(880)
Cash and cash equivalents:
Increase for the period113,244 639,726 
Beginning of period1,368,318 885,162 
End of period$1,481,562 $1,524,888 
Supplemental disclosure of cash flow information:
Cash (paid) received during the period for:
Interest$(87,229)$(83,325)
Income taxes, net$20,959 $(52,270)
Increase in accrued and unpaid capital expenditures$4,339 $19,533 

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 IncomeTreasury StockNon-controlling InterestTotal
Equity
 
Balance at December 31, 2020$2,560 $4,207,672 $3,913,179 $13,462 $(2,968,512)$553,842 $5,722,203 
Net income— — 148,217 — — 34,633 182,850 
Dividends ($0.35 declared per common share)
— — (57,663)— — — (57,663)
Distributions to noncontrolling interest holders
— — — — — (19,977)(19,977)
Other comprehensive loss, net of tax
— — — (8,804)— — (8,804)
Issuance of common stock under incentive compensation plans— 56 — — (56)— — 
Equity-based compensation— 9,088 — — — 682 9,770 
Purchase of treasury stock
— — — — (12)— (12)
Purchase of HEP units for restricted grants
— — — — — (68)(68)
Contributions from noncontrolling interests
— — — — — 9,747 9,747 
Balance at March 31, 2021$2,560 $4,216,816 $4,003,733 $4,658 $(2,968,580)$578,859 $5,838,046 
Net income— — 168,850 — — 25,917 194,767 
Distributions to noncontrolling interest holders
— — — — — (18,211)(18,211)
Other comprehensive income, net of tax
— — — 4,995 — — 4,995 
Issuance of common stock under incentive compensation plans— (2,629)— — 2,629 — — 
Equity-based compensation— 10,845 — — — 527 11,372 
Purchase of treasury stock
— — — — (479)— (479)
Purchase of HEP units for restricted grants
— — — — — (2)(2)
Contributions from noncontrolling interests
— — — — — 9,779 9,779 
Other— — (23)— — — (23)
Balance at June 30, 2021$2,560 $4,225,032 $4,172,560 $9,653 $(2,966,430)$596,869 $6,040,244 
Net income— — 280,787 — — 21,954 302,741 
Distributions to noncontrolling interest holders
— — — — — (19,029)(19,029)
Other comprehensive loss, net of tax
— — — (5,193)— — (5,193)
Issuance of common stock under incentive compensation plans— (402)— — 402 — — 
Equity-based compensation— 7,874 — — — 647 8,521 
Purchase of treasury stock
— — — — (122)— (122)
Contributions from noncontrolling interests— — — — — 2,358 2,358 
Other— — 19 — — — 19 
Balance at September 30, 2021$2,560 $4,232,504 $4,453,366 $4,460 $(2,966,150)$602,799 $6,329,539 

10


HollyFrontier Stockholders' Equity
Common Stock Additional CapitalRetained EarningsAccumulated Other Comprehensive IncomeTreasury 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— (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— (527)— — 527 — — 
Equity-based compensation— 7,484 — —