Supplemental Guarantor/Non-Guarantor Financial Information (Tables)

6 Months Ended

Jun. 30, 2013

Supplemental Guarantor / Non-Guarantor Financial Information [Abstract]

Condensed Consolidating Balance Sheet

Condensed Consolidating Balance Sheet
June 30, 2013	Parent			Guarantor Restricted Subsidiaries		Non- Guarantor Restricted Subsidiaries		Eliminations			HollyFrontier Corp. Before Consolidation of HEP		Non-Guarantor Non-Restricted Subsidiaries (HEP Segment)		Eliminations			Consolidated
	(In thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	1,333,604		$	7,098	$	2	$	—		$	1,340,704	$	8,716	$	—		$	1,349,420
Marketable securities	632,706			9		—		—			632,715		—		—			632,715
Accounts receivable, net	7,188			760,043		11,202		—			778,433		36,121		(43,749		)	770,805
Intercompany accounts receivable (payable)	(1,158,007		)	877,163		280,844		—			—		—		—			—
Inventories	—			1,548,660		—		—			1,548,660		1,783		—			1,550,443
Income taxes receivable	62,431			—		—		—			62,431		—		—			62,431
Prepayments and other	15,169			70,142		—		—			85,311		2,531		(5,504		)	82,338
Total current assets	893,091			3,263,115		292,048		—			4,448,254		49,151		(49,253		)	4,448,152
Properties, plants and equip, net	26,909			2,509,329		—		—			2,536,238		1,002,957		(281,364		)	3,257,831
Marketable securities (long-term)	3,393			—		—		—			3,393		—		—			3,393
Investment in subsidiaries	6,399,298			192,104		—		(6,591,402		)	—		—		—			—
Intangibles and other assets	15,557			2,405,660		25,000		(25,000		)	2,421,217		365,194		(1,853		)	2,784,558
Total assets	$	7,338,248		$	8,370,208	$	317,048	$	(6,616,402	)	$	9,409,102	$	1,417,302	$	(332,470	)	$	10,493,934
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	76,278		$	1,539,237	$	—	$	—		$	1,615,515	$	13,720	$	(35,865	)	$	1,593,370
Income taxes payable	—			—		—		—			—		—		—			—
Accrued liabilities	50,167			64,369		1,394		—			115,930		24,607		(5,504		)	135,033
Deferred income tax liabilities	151,288			—		—		—			151,288		—		—			151,288
Total current liabilities	277,733			1,603,606		1,394		—			1,882,733		38,327		(41,369		)	1,879,691
Long-term debt	180,488			35,596		—		(25,000		)	191,084		799,152		—			990,236
Liability to HEP	—			251,764		—		—			251,764		—		(251,764		)	—
Deferred income tax liabilities	574,580			—		—		—			574,580		5,287		—			579,867
Other long-term liabilities	37,045			79,944		—		—			116,989		30,770		(2,997		)	144,762
Investment in HEP	—			—		123,550		—			123,550		—		(123,550		)	—
Equity – HollyFrontier	6,268,402			6,399,298		192,104		(6,591,402		)	6,268,402		444,600		(447,569		)	6,265,433
Equity – noncontrolling interest	—			—		—		—			—		99,166		534,779			633,945
Total liabilities and equity	$	7,338,248		$	8,370,208	$	317,048	$	(6,616,402	)	$	9,409,102	$	1,417,302	$	(332,470	)	$	10,493,934

Condensed Consolidating Balance Sheet
December 31, 2012	Parent			Guarantor Restricted Subsidiaries		Non- Guarantor Restricted Subsidiaries			Eliminations			HollyFrontier Corp. Before Consolidation of HEP		Non-Guarantor Non-Restricted Subsidiaries (HEP Segment)		Eliminations			Consolidated
	(In thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	1,748,808		$	3,652	$	2		$	—		$	1,752,462	$	5,237	$	—		$	1,757,699
Marketable securities	630,579			7		—			—			630,586		—		—			630,586
Accounts receivable, net	4,788			627,262		—			—			632,050		38,097		(35,917		)	634,230
Intercompany accounts receivable (payable)	(546,655		)	285,291		261,364			—			—		—		—			—
Inventories	—			1,318,373		—			—			1,318,373		1,259		—			1,319,632
Income taxes receivable	74,957			—		—			—			74,957		—		—			74,957
Prepayments and other	21,867			34,667		—			—			56,534		2,360		(5,733		)	53,161
Total current assets	1,934,344			2,269,252		261,366			—			4,464,962		46,953		(41,650		)	4,470,265
Properties, plants and equip, net	24,209			2,444,398		—			—			2,468,607		1,014,556		(288,463		)	3,194,700
Marketable securities (long-term)	5,116			—		—			—			5,116		—		—			5,116
Investment in subsidiaries	5,251,396			74,120		—			(5,325,516		)	—		—		—			—
Intangibles and other assets	11,825			2,284,329		25,000			(25,000		)	2,296,154		365,291		(2,529		)	2,658,916
Total assets	$	7,226,890		$	7,072,099	$	286,366		$	(5,350,516	)	$	9,234,839	$	1,426,800	$	(332,642	)	$	10,328,997
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	1,941		$	1,336,097	$	—		$	—		$	1,338,038	$	12,030	$	(35,917	)	$	1,314,151
Income taxes payable	—			—		—			—			—		—		—			—
Accrued liabilities	71,226			105,298		581			—			177,105		23,705		(5,733		)	195,077
Deferred income tax liabilities	145,225			—		(9		)	—			145,216		—		—			145,216
Total current liabilities	218,392			1,441,395		572			—			1,660,359		35,735		(41,650		)	1,654,444
Long-term debt	460,254			36,311		—			(25,000		)	471,565		864,673		—			1,336,238
Liability to HEP	—			257,777		—			—			257,777		—		(257,777		)	—
Deferred income tax liabilities	530,544			—		1,175			—			531,719		—		4,951			536,670
Other long-term liabilities	48,757			85,220		—			—			133,977		28,683		(3,673		)	158,987
Investment in HEP	—			—		210,499			—			210,499		—		(210,499		)	—
Equity – HollyFrontier	5,968,943			5,251,396		74,120			(5,325,516		)	5,968,943		382,207		(298,196		)	6,052,954
Equity – noncontrolling interest	—			—		—			—			—		115,502		474,202			589,704
Total liabilities and equity	$	7,226,890		$	7,072,099	$	286,366		$	(5,350,516	)	$	9,234,839	$	1,426,800	$	(332,642	)	$	10,328,997

Condensed Consolidating Statement of Comprehensive Income

Condensed Consolidating Statement of Income and Comprehensive Income
Three Months Ended June 30, 2013	Parent			Guarantor Restricted Subsidiaries		Non- Guarantor Restricted Subsidiaries			Eliminations			HollyFrontier Corp. Before Consolidation of HEP			Non-Guarantor Non-Restricted Subsidiaries (HEP Segment)			Eliminations			Consolidated
	(In thousands)
Sales and other revenues	$	100		$	5,286,984	$	31		$	—		$	5,287,115		$	75,121		$	(63,388	)	$	5,298,848
Operating costs and expenses:
Cost of products sold	—			4,518,737		92			282			4,519,111			—			(62,303		)	4,456,808
Operating expenses	—			255,874		19			—			255,893			22,010			(361		)	277,542
General and administrative	30,242			630		28			—			30,900			3,100			—			34,000
Depreciation and amortization	1,400			57,043		—			—			58,443			15,619			(3,570		)	70,492
Total operating costs and expenses	31,642			4,832,284		139			282			4,864,347			40,729			(66,234		)	4,838,842
Income (loss) from operations	(31,542		)	454,700		(108		)	(282		)	422,768			34,392			2,846			460,006
Other income (expense):
Earnings (loss) of equity method investments	469,228			12,592		14,401			(483,655		)	12,566			746			(14,401		)	(1,089		)
Interest income (expense)	(7,456		)	1,936		134			294			(5,092		)	(11,624		)	(2,300		)	(19,016		)
Loss on early extinguishment of debt	(22,109		)	—		—			—			(22,109		)	—			—			(22,109		)
	439,663			14,528		14,535			(483,361		)	(14,635		)	(10,878		)	(16,701		)	(42,214		)
Income before income taxes	408,121			469,228		14,427			(483,643		)	408,133			23,514			(13,855		)	417,792
Income tax provision	151,698			—		—			—			151,698			345			—			152,043
Net income	256,423			469,228		14,427			(483,643		)	256,435			23,169			(13,855		)	265,749
Less net income attributable to noncontrolling interest	—			—		—			—			—			1,130			7,638			8,768
Net income attributable to HollyFrontier stockholders	$	256,423		$	469,228	$	14,427		$	(483,643	)	$	256,435		$	22,039		$	(21,493	)	$	256,981
Comprehensive income attributable to HollyFrontier stockholders	$	286,296		$	489,146	$	15,900		$	(505,034	)	$	286,308		$	23,512		$	(22,966	)	$	286,854

Condensed Consolidating Statement of Income and Comprehensive Income
Three Months Ended June 30, 2012	Parent			Guarantor Restricted Subsidiaries		Non- Guarantor Restricted Subsidiaries		Eliminations			HollyFrontier Corp. Before Consolidation of HEP			Non-Guarantor Non-Restricted Subsidiaries (HEP Segment)			Eliminations			Consolidated
	(In thousands)
Sales and other revenues	$	100		$	4,795,647	$	45	$	—		$	4,795,792		$	67,103		$	(56,214	)	$	4,806,681
Operating costs and expenses:
Cost of products sold	—			3,737,228		—		489			3,737,717			—			(55,953		)	3,681,764
Operating expenses	—			202,222		—		(336		)	201,886			20,371			469			222,726
General and administrative	29,451			138		31		—			29,620			2,486			—			32,106
Depreciation and amortization	876			47,325		—		—			48,201			12,317			(3,570		)	56,948
Total operating costs and expenses	30,327			3,986,913		31		153			4,017,424			35,174			(59,054		)	3,993,544
Income (loss) from operations	(30,227		)	808,734		14		(153		)	778,368			31,929			2,840			813,137
Other income (expense):
Earnings of equity method investments	822,160			11,395		11,114		(833,463		)	11,206			794			(11,114		)	886
Interest income (expense)	(13,424		)	1,705		175		224			(11,320		)	(12,664		)	(2,277		)	(26,261		)
Gain on sale of marketable equity securities	—			326		—		—			326			—			—			326
	808,736			13,426		11,289		(833,239		)	212			(11,870		)	(13,391		)	(25,049		)
Income before income taxes	778,509			822,160		11,303		(833,392		)	778,580			20,059			(10,551		)	788,088
Income tax provision	285,643			—		—		—			285,643			75			—			285,718
Net income	492,866			822,160		11,303		(833,392		)	492,937			19,984			(10,551		)	502,370
Less net income attributable to noncontrolling interest	—			—		—		—			—			(683		)	9,554			8,871
Net income attributable to HollyFrontier stockholders	$	492,866		$	822,160	$	11,303	$	(833,392	)	$	492,937		$	20,667		$	(20,105	)	$	493,499
Comprehensive income attributable to HollyFrontier stockholders	$	515,862		$	852,772	$	11,204	$	(863,905	)	$	515,933		$	20,568		$	(20,006	)	$	516,495

Condensed Consolidating Statement of Income and Comprehensive Income
Six Months Ended June 30, 2013	Parent			Guarantor Restricted Subsidiaries		Non- Guarantor Restricted Subsidiaries			Eliminations			HollyFrontier Corp. Before Consolidation of HEP			Non-Guarantor Non-Restricted Subsidiaries (HEP Segment)			Eliminations			Consolidated
	(In thousands)
Sales and other revenues	$	631		$	9,979,410	$	63		$	—		$	9,980,104		$	151,605		$	(125,072	)	$	10,006,637
Operating costs and expenses:
Cost of products sold	—			8,371,865		—			415			8,372,280			—			(122,937		)	8,249,343
Operating expenses	—			495,297		—			—			495,297			48,039			(695		)	542,641
General and administrative	54,373			2,405		88			—			56,866			6,332			—			63,198
Depreciation and amortization	2,326			117,663		—			—			119,989			29,368			(7,103		)	142,254
Total operating costs and expenses	56,699			8,987,230		88			415			9,044,432			83,739			(130,735		)	8,997,436
Income (loss) from operations	(56,068		)	992,180		(25		)	(415		)	935,672			67,866			5,663			1,009,201
Other income (expense):
Earnings (loss) of equity method investments	1,020,119			24,206		26,393			(1,046,758		)	23,960			1,403			(26,393		)	(1,030		)
Interest income (expense)	(14,677		)	3,733		271			446			(10,227		)	(24,006		)	(4,572		)	(38,805		)
Loss on early extinguishment of debt	(22,109		)	—		—			—			(22,109		)	—			—			(22,109		)
	983,333			27,939		26,664			(1,046,312		)	(8,376		)	(22,603		)	(30,965		)	(61,944		)
Income before income taxes	927,265			1,020,119		26,639			(1,046,727		)	927,296			45,263			(25,302		)	947,257
Income tax provision	337,737			—		—			—			337,737			400			—			338,137
Net income	589,528			1,020,119		26,639			(1,046,727		)	589,559			44,863			(25,302		)	609,120
Less net income attributable to noncontrolling interest	—			—		—			—			—			4,020			14,450			18,470
Net income attributable to HollyFrontier stockholders	$	589,528		$	1,020,119	$	26,639		$	(1,046,727	)	$	589,559		$	40,843		$	(39,752	)	$	590,650
Comprehensive income attributable to HollyFrontier stockholders	$	631,160		$	1,057,542	$	28,731		$	(1,086,242	)	$	631,191		$	42,935		$	(41,844	)	$	632,282

Condensed Consolidating Statement of Income and Comprehensive Income
Six Months Ended June 30, 2012	Parent			Guarantor Restricted Subsidiaries		Non- Guarantor Restricted Subsidiaries		Eliminations			HollyFrontier Corp. Before Consolidation of HEP			Non-Guarantor Non-Restricted Subsidiaries (HEP Segment)			Eliminations			Consolidated
	(In thousands)
Sales and other revenues	$	199		$	9,715,384	$	102	$	—		$	9,715,685		$	134,680		$	(111,946	)	$	9,738,419
Operating costs and expenses:
Cost of products sold	—			7,978,529		—		980			7,979,509			—			(110,828		)	7,868,681
Operating expenses	—			424,337		—		(721		)	423,616			40,401			336			464,353
General and administrative	54,424			639		46		—			55,109			4,525			—			59,634
Depreciation and amortization	1,979			92,499		—		—			94,478			25,712			(7,140		)	113,050
Total operating costs and expenses	56,403			8,496,004		46		259			8,552,712			70,638			(117,632		)	8,505,718
Income (loss) from operations	(56,204		)	1,219,380		56		(259		)	1,162,973			64,042			5,686			1,232,701
Other income (expense):
Earnings of equity method investments	1,243,221			19,897		19,489		(1,263,140		)	19,467			1,625			(19,489		)	1,603
Interest income (expense)	(27,447		)	3,618		374		728			(22,727		)	(31,834		)	(4,555		)	(59,116		)
Gain on sale of marketable securities	—			326		—		—			326			—			—			326
	1,215,774			23,841		19,863		(1,262,412		)	(2,934		)	(30,209		)	(24,044		)	(57,187		)
Income before income taxes	1,159,570			1,243,221		19,919		(1,262,671		)	1,160,039			33,833			(18,358		)	1,175,514
Income tax provision	425,974			—		—		—			425,974			150			—			426,124
Net income	733,596			1,243,221		19,919		(1,262,671		)	734,065			33,683			(18,358		)	749,390
Less net income attributable to noncontrolling interest	—			—		—		—			—			(1,240		)	15,435			14,195
Net income attributable to HollyFrontier stockholders	$	733,596		$	1,243,221	$	19,919	$	(1,262,671	)	$	734,065		$	34,923		$	(33,793	)	$	735,195
Comprehensive income attributable to HollyFrontier stockholders	$	661,298		$	1,117,681	$	20,204	$	(1,137,416	)	$	661,767		$	35,208		$	(34,078	)	$	662,897

Condensed Consolidating Statement of Cash Flows

Condensed Consolidating Statement of Cash Flows
Six Months Ended June 30, 2013	Parent			Guarantor Restricted Subsidiaries			Non- Guarantor Restricted Subsidiaries			HollyFrontier Corp. Before Consolidation of HEP			Non-Guarantor Non-Restricted Subsidiaries (HEP Segment)			Eliminations			Consolidated
	(In thousands)
Cash flows from operating activities	$	241,004		$	162,285		$	1,499		$	404,788		$	81,542		$	(34,815	)	$	451,515
Cash flows from investing activities
Additions to properties, plants and equip	(5,025		)	(148,917		)	—			(153,942		)	—			—			(153,942		)
Additions to properties, plants and equip – HEP	—			—			—			—			(16,861		)	—			(16,861		)
Proceeds from sale of property	—			3,321			—			3,321			2,481			—			5,802
Investment in Sabine Biofuels	—			(2,000		)	—			(2,000		)	—			—			(2,000		)
Advances to Sabine Biofuels	—			(13,700		)	—			(13,700		)	—			—			(13,700		)
Purchases of marketable securities	(399,154		)	—			—			(399,154		)	—			—			(399,154		)
Sales and maturities of marketable securities	398,762			—			—			398,762			—			—			398,762
	(5,417		)	(161,296		)	—			(166,713		)	(14,380		)	—			(181,093		)
Cash flows from financing activities
Net repayments under credit agreement – HEP	—			—			—			—			(66,000		)	—			(66,000		)
Redemption of senior notes - HFC	(286,812		)	—			—			(286,812		)	—			—			(286,812		)
Redemption premium on early extinguishment of debt	(14,161		)	—			—			(14,161		)	—			—			(14,161		)
Proceeds from sale of HEP common units	73,444			—			—			73,444			—			—			73,444
Proceeds from common unit offerings - HEP	—			—			—			—			73,444			—			73,444
Purchase of treasury stock	(159,432		)	—			—			(159,432		)	—			—			(159,432		)
Contribution from general partner	—			—			(1,499		)	(1,499		)	1,499			—			—
Dividends	(264,867		)	—			—			(264,867		)	—			—			(264,867		)
Distributions to noncontrolling interest	—			—			—			—			(69,419		)	34,815			(34,604		)
Excess tax benefit from equity-based compensation	1,037			—			—			1,037			—			—			1,037
Purchase of units for incentive grants - HEP	—			—			—			—			(2,934		)	—			(2,934		)
Other	—			2,457			—			2,457			(273		)	—			2,184
	(650,791		)	2,457			(1,499		)	(649,833		)	(63,683		)	34,815			(678,701		)
Cash and cash equivalents
Increase (decrease) for the period	(415,204		)	3,446			—			(411,758		)	3,479			—			(408,279		)
Beginning of period	1,748,808			3,652			2			1,752,462			5,237			—			1,757,699
End of period	$	1,333,604		$	7,098		$	2		$	1,340,704		$	8,716		$	—		$	1,349,420

Condensed Consolidating Statement of Cash Flows
Six Months Ended June 30, 2012	Parent			Guarantor Restricted Subsidiaries			Non- Guarantor Restricted Subsidiaries		HollyFrontier Corp. Before Consolidation of HEP			Non-Guarantor Non-Restricted Subsidiaries (HEP Segment)			Eliminations			Consolidated
	(In thousands)
Cash flows from operating activities	$	347,534		$	45,516		$	—	$	393,050		$	67,011		$	(30,558	)	$	429,503
Cash flows from investing activities:
Additions to properties, plants and equip	(1,679		)	(102,722		)	—		(104,401		)	—			—			(104,401		)
Additions to properties, plants and equip – HEP	—			—			—		—			(23,619		)	—			(23,619		)
Investment in Sabine Biofuels	—			(2,000		)	—		(2,000		)	—			—			(2,000		)
Purchases of marketable securities	(166,429		)	—			—		(166,429		)	—			—			(166,429		)
Sales and maturities of marketable securities	151,066			930			—		151,996			—			—			151,996
	(17,042		)	(103,792		)	—		(120,834		)	(23,619		)	—			(144,453		)
Cash flows from financing activities:
Net borrowings under credit agreement – HEP	—			—			—		—			(30,000		)	—			(30,000		)
Repayment of promissory notes	—			72,900			—		72,900			(72,900		)	—			—
Net proceeds from issuance of senior notes - HEP	—			—			—		—			294,750			—			294,750
Principal tender on senior notes - HFC	(5,000		)	—			—		(5,000		)	—			—			(5,000		)
Principal tender on senior notes - HEP	—			—			—		—			(185,000		)	—			(185,000		)
Purchase of treasury stock	(189,771		)	—			—		(189,771		)	—			—			(189,771		)
Structured stock repurchase arrangement	(100,000		)	—			—		(100,000		)	—			—			(100,000		)
Contribution to HEP	—			(9,000		)	—		(9,000		)	9,000			—			—
Contribution from joint venture partner	—			—			—		—			6,000			—			6,000
Dividends	(249,958		)	—			—		(249,958		)	—			—			(249,958		)
Distributions to noncontrolling interest	—			—			—		—			(59,977		)	31,033			(28,944		)
Excess tax benefit from equity-based compensation	4,762			—			—		4,762			—			—			4,762
Purchase of units for restricted grants - HEP	—			—			—		—			(4,533		)	—			(4,533		)
Deferred financing costs	—			(67		)	—		(67		)	(3,162		)	—			(3,229		)
Other	—			(635		)	—		(635		)	277			(475		)	(833		)
	(539,967		)	63,198			—		(476,769		)	(45,545		)	30,558			(491,756		)
Cash and cash equivalents
Increase (decrease) for the period:	(209,475		)	4,922			—		(204,553		)	(2,153		)	—			(206,706		)
Beginning of period	1,575,891			(3,358		)	2		1,572,535			6,369			—			1,578,904
End of period	$	1,366,416		$	1,564		$	2	$	1,367,982		$	4,216		$	—		$	1,372,198