Supplemental Guarantor/Non-Guarantor Financial Information (Tables)

3 Months Ended

Mar. 31, 2015

Supplemental Guarantor / Non-Guarantor Financial Information [Abstract]

Condensed Consolidating Balance Sheet

Condensed Consolidating Balance Sheet
March 31, 2015	Parent		Guarantor Restricted Subsidiaries		Non- Guarantor Restricted Subsidiaries		Eliminations			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	$	588,246	$	—	$	44	$	—		$	588,290	$	5,802	$	—		$	594,092
Marketable securities	414,507		—		—		—			414,507		—		—			414,507
Accounts receivable, net	9,538		518,569		11,299		—			539,406		39,855		(52,408		)	526,853
Intercompany accounts receivable	—		300,829		421,108		(721,937		)	—		—		—			—
Inventories	—		1,113,717		—		—			1,113,717		1,961		—			1,115,678
Prepayments and other	13,308		53,708		—		—			67,016		2,428		(4,796		)	64,648
Total current assets	1,025,599		1,986,823		432,451		(721,937		)	2,722,936		50,046		(57,204		)	2,715,778
Properties, plants and equip, net	32,610		2,956,913		950		—			2,990,473		1,046,987		(256,300		)	3,781,160
Investment in subsidiaries	6,280,300		323,760		—		(6,604,060		)	—		—		—			—
Intangibles and other assets	30,178		2,378,469		25,000		(25,000		)	2,408,647		360,986		(4,444		)	2,765,189
Total assets	$	7,368,687	$	7,645,965	$	458,401	$	(7,350,997	)	$	8,122,056	$	1,458,019	$	(317,948	)	$	9,262,127
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	2,852	$	951,974	$	—	$	—		$	954,826	$	28,491	$	(52,408	)	$	930,909
Intercompany accounts payable	721,937		—		—		(721,937		)	—		—		—			—
Income tax payable	112,016		—		—		—			112,016		—		—			112,016
Accrued liabilities	39,545		59,500		1,955		—			101,000		16,771		(4,796		)	112,975
Deferred income tax liabilities	16,503		—		—		—			16,503		—		—			16,503
Total current liabilities	892,853		1,011,474		1,955		(721,937		)	1,184,345		45,262		(57,204		)	1,172,403
Long-term debt	178,908		32,719		—		(25,000		)	186,627		890,742		—			1,077,369
Liability to HEP	—		230,374		—		—			230,374		—		(230,374		)	—
Deferred income tax liabilities	630,610		—		—		—			630,610		420		—			631,030
Other long-term liabilities	43,994		91,098		—		—			135,092		52,322		(5,592		)	181,822
Investment in HEP	—		—		132,686		—			132,686		—		(132,686		)	—
Equity – HollyFrontier	5,622,322		6,280,300		323,760		(6,604,060		)	5,622,322		373,154		(368,630		)	5,626,846
Equity – noncontrolling interest	—		—		—		—			—		96,119		476,538			572,657
Total liabilities and equity	$	7,368,687	$	7,645,965	$	458,401	$	(7,350,997	)	$	8,122,056	$	1,458,019	$	(317,948	)	$	9,262,127

Condensed Consolidating Balance Sheet
December 31, 2014	Parent		Guarantor Restricted Subsidiaries		Non- Guarantor Restricted Subsidiaries		Eliminations			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	$	565,080	$	—	$	75	$	—		$	565,155	$	2,830	$	—		$	567,985
Marketable securities	474,068		42		—		—			474,110		—		—			474,110
Accounts receivable, net	5,107		579,526		3,774		—			588,407		40,129		(38,631		)	589,905
Intercompany accounts receivable	—		171,341		397,540		(568,881		)	—		—		—			—
Inventories	—		1,033,191		—		—			1,033,191		1,940		—			1,035,131
Income taxes receivable	11,719		—		—		—			11,719		—		—			11,719
Prepayments and other	14,734		95,194		—		—			109,928		2,443		(8,223		)	104,148
Total current assets	1,070,708		1,879,294		401,389		(568,881		)	2,782,510		47,342		(46,854		)	2,782,998
Properties, plants and equip, net	31,808		2,873,350		902		—			2,906,060		1,024,311		(259,832		)	3,670,539
Investment in subsidiaries	5,912,233		291,912		—		(6,204,145		)	—		—		—			—
Intangibles and other assets	30,082		2,388,844		25,000		(25,000		)	2,418,926		362,919		(4,742		)	2,777,103
Total assets	$	7,044,831	$	7,433,400	$	427,291	$	(6,798,026	)	$	8,107,496	$	1,434,572	$	(311,428	)	$	9,230,640
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	11,457	$	1,117,429	$	2	$	—		$	1,128,888	$	17,881	$	(38,631	)	$	1,108,138
Intercompany accounts payable	568,881		—		—		(568,881		)	—		—		—			—
Income taxes payable	19,642		—		—		—			19,642		—		—			19,642
Accrued liabilities	41,403		45,331		1,382		—			88,116		26,321		(8,223		)	106,214
Deferred income tax liabilities	17,409		—		—		—			17,409		—		—			17,409
Total current liabilities	658,792		1,162,760		1,384		(568,881		)	1,254,055		44,202		(46,854		)	1,251,403
Long-term debt	179,144		33,167		—		(25,000		)	187,311		867,579		—			1,054,890
Liability to HEP	—		233,217		—		—			233,217		—		(233,217		)	—
Deferred income tax liabilities	646,503		—		—		—			646,503		367		—			646,870
Other long-term liabilities	43,451		92,023		—		—			135,474		47,170		(5,886		)	176,758
Investment in HEP	—		—		133,995		—			133,995		—		(133,995		)	—
Equity – HollyFrontier	5,516,941		5,912,233		291,912		(6,204,145		)	5,516,941		380,172		(373,529		)	5,523,584
Equity – noncontrolling interest	—		—		—		—			—		95,082		482,053			577,135
Total liabilities and equity	$	7,044,831	$	7,433,400	$	427,291	$	(6,798,026	)	$	8,107,496	$	1,434,572	$	(311,428	)	$	9,230,640

Condensed Consolidating Statement of Income and Comprehensive Income

Condensed Consolidating Statement of Income and Comprehensive Income
Three Months Ended March 31, 2015	Parent			Guarantor Restricted Subsidiaries			Non- Guarantor Restricted Subsidiaries			Eliminations			HollyFrontier Corp. Before Consolidation of HEP			Non-Guarantor Non-Restricted Subsidiaries (HEP Segment)			Consolidations and Eliminations			Consolidated
	(In thousands)
Sales and other revenues	$	106		$	2,989,392		$	—		$	—		$	2,989,498		$	89,756		$	(72,628	)	$	3,006,626
Operating costs and expenses:
Cost of products sold	—			2,322,881			—			—			2,322,881			—			(71,508		)	2,251,373
Lower of cost or market inventory valuation adjustment	—			(6,546		)	—			—			(6,546		)	—			—			(6,546		)
Operating expenses	—			236,003			—			—			236,003			27,966			(373		)	263,596
General and administrative	25,824			415			40			—			26,279			3,290			—			29,569
Depreciation and amortization	2,326			66,924			8			—			69,258			14,290			(3,536		)	80,012
Total operating costs and expenses	28,150			2,619,677			48			—			2,647,875			45,546			(75,417		)	2,618,004
Income (loss) from operations	(28,044		)	369,715			(48		)	—			341,623			44,210			2,789			388,622
Other income (expense):
Earnings (loss) of equity method investments	384,401			12,035			20,442			(404,977		)	11,901			734			(20,442		)	(7,807		)
Interest income (expense)	(302		)	2,049			175			—			1,922			(8,767		)	(2,347		)	(9,192		)
Gain on sale of assets	6			602			—			—			608			158			—			766
	384,105			14,686			20,617			(404,977		)	14,431			(7,875		)	(22,789		)	(16,233		)
Income before income taxes	356,061			384,401			20,569			(404,977		)	356,054			36,335			(20,000		)	372,389
Income tax provision	129,627			—			—			—			129,627			101			—			129,728
Net income	226,434			384,401			20,569			(404,977		)	226,427			36,234			(20,000		)	242,661
Less net income attributable to noncontrolling interest	—			—			(7		)	—			(7		)	4,027			11,765			15,785
Net income attributable to HollyFrontier stockholders	$	226,434		$	384,401		$	20,576		$	(404,977	)	$	226,434		$	32,207		$	(31,765	)	$	226,876
Comprehensive income attributable to HollyFrontier stockholders	$	214,912		$	365,536		$	20,281		$	(385,817	)	$	214,912		$	31,912		$	(31,470	)	$	215,354

Condensed Consolidating Statement of Income and Comprehensive Income
Three Months Ended March 31, 2014	Parent			Guarantor Restricted Subsidiaries		Non- Guarantor Restricted Subsidiaries		Eliminations			HollyFrontier Corp. Before Consolidation of HEP		Non-Guarantor Non-Restricted Subsidiaries (HEP Segment)			Consolidations and Eliminations			Consolidated
	(In thousands)
Sales and other revenues	$	101		$	4,775,123	$	971	$	—		$	4,776,195	$	87,012		$	(72,154	)	$	4,791,053
Operating costs and expenses:
Cost of products sold	—			4,209,722		—		—			4,209,722		—			(71,102		)	4,138,620
Operating expenses	—			251,476		—		—			251,476		22,812			(322		)	273,966
General and administrative	21,107			2,626		39		—			23,772		3,151			—			26,923
Depreciation and amortization	1,790			67,107		—		—			68,897		15,184			(3,533		)	80,548
Total operating costs and expenses	22,897			4,530,931		39		—			4,553,867		41,147			(74,957		)	4,520,057
Income (loss) from operations	(22,796		)	244,192		932		—			222,328		45,865			2,803			270,996
Other income (expense):
Earnings (loss) of equity method investments	262,359			16,022		16,283		(279,704		)	14,960		522			(16,283		)	(801		)
Interest income (expense)	(424		)	2,145		130		—			1,851		(10,451		)	(2,342		)	(10,942		)
Loss on early extinguishment of debt	—			—		—		—			—		(7,677		)	—			(7,677		)
	261,935			18,167		16,413		(279,704		)	16,811		(17,606		)	(18,625		)	(19,420		)
Income before income taxes	239,139			262,359		17,345		(279,704		)	239,139		28,259			(15,822		)	251,576
Income tax provision	87,539			—		—		—			87,539		75			—			87,614
Net income	151,600			262,359		17,345		(279,704		)	151,600		28,184			(15,822		)	163,962
Less net income attributable to noncontrolling interest	—			—		—		—			—		3,637			8,264			11,901
Net income attributable to HollyFrontier stockholders	$	151,600		$	262,359	$	17,345	$	(279,704	)	$	151,600	$	24,547		$	(24,086	)	$	152,061
Comprehensive income attributable to HollyFrontier stockholders	$	204,842		$	349,384	$	17,382	$	(366,766	)	$	204,842	$	24,585		$	(24,124	)	$	205,303

Condensed Consolidating Statement of Cash Flows

Condensed Consolidating Statement of Cash Flows
Three Months Ended March 31, 2015	Parent			Guarantor Restricted Subsidiaries			Non- Guarantor Restricted Subsidiaries			Eliminations			HollyFrontier Corp. Before Consolidation of HEP			Non-Guarantor Non-Restricted Subsidiaries (HEP Segment)			Consolidations and Eliminations			Consolidated
	(In thousands)
Cash flows from operating activities	$	(68,504	)	$	258,441		$	17,831		$	—		$	207,768		$	60,767		$	(21,643	)	$	246,892
Cash flows from investing activities
Additions to properties, plants and equipment	(3,124		)	(131,006		)	(56		)	—			(134,186		)	—			—			(134,186		)
Additions to properties, plants and equipment – HEP	—			—			—			—			—			(38,433		)	—			(38,433		)
Other, net	—			814			—			—			814			—			—			814
Purchases of marketable securities	(118,816		)	—			—			—			(118,816		)	—			—			(118,816		)
Sales and maturities of marketable securities	178,524			—			—			—			178,524			—			—			178,524
Net advances to Parent	—			(135,235		)	(17,821		)	153,056			—			—			—			—
	56,584			(265,427		)	(17,877		)	153,056			(73,664		)	(38,433		)	—			(112,097		)
Cash flows from financing activities
Net borrowings under credit agreement – HEP	—			—			—			—			—			23,000			—			23,000
Inventory repurchase obligation	—			7,434			—			—			7,434			—			—			7,434
Purchase of treasury stock	(55,065		)	—			—			—			(55,065		)	—			—			(55,065		)
Dividends	(62,335		)	—			—			—			(62,335		)	—			—			(62,335		)
Distributions to noncontrolling interest	—			—			—			—			—			(42,115		)	21,643			(20,472		)
Other, net	(570		)	(448		)	15			—			(1,003		)	(247		)	—			(1,250		)
Net advances from subsidiaries	153,056			—			—			(153,056		)	—			—			—			—
	35,086			6,986			15			(153,056		)	(110,969		)	(19,362		)	21,643			(108,688		)
Cash and cash equivalents
Increase (decrease) for the period	23,166			—			(31		)	—			23,135			2,972			—			26,107
Beginning of period	565,080			—			75			—			565,155			2,830			—			567,985
End of period	$	588,246		$	—		$	44		$	—		$	588,290		$	5,802		$	—		$	594,092

Condensed Consolidating Statement of Cash Flows
Three Months Ended March 31, 2014	Parent			Guarantor Restricted Subsidiaries			Non- Guarantor Restricted Subsidiaries			Eliminations			HollyFrontier Corp. Before Consolidation of HEP			Non-Guarantor Non-Restricted Subsidiaries (HEP Segment)			Consolidations and Eliminations			Consolidated
	(In thousands)
Cash flows from operating activities	$	(23,564	)	$	381,180		$	17,477		$	—		$	375,093		$	39,047		$	(19,211	)	$	394,929
Cash flows from investing activities:
Additions to properties, plants and equipment	(3,163		)	(100,483		)	(31		)	—			(103,677		)	—			—			(103,677		)
Additions to properties, plants and equipment – HEP	—			—			—			—			—			(20,604		)	—			(20,604		)
Purchases of marketable securities	(244,030		)	—			—			—			(244,030		)	—			—			(244,030		)
Sales and maturities of marketable securities	253,676			—			—			—			253,676			—			—			253,676
Other, net	—			1,586			—			—			1,586			—			—			1,586
Net advances to Parent	—			(302,773		)	(17,412		)	320,185			—			—			—			—
	6,483			(401,670		)	(17,443		)	320,185			(92,445		)	(20,604		)	—			(113,049		)
Cash flows from financing activities:
Net borrowings under credit agreement – HEP	—			—			—			—			—			174,700			—			174,700
Redemption of senior notes	—			—			—			—			—			(156,188		)	—			(156,188		)
Inventory repurchase obligation				21,126									21,126			—			—			21,126
Purchase of treasury stock	(13,988		)	—			—			—			(13,988		)	—			—			(13,988		)
Dividends	(158,614		)	—			—			—			(158,614		)	—			—			(158,614		)
Distributions to noncontrolling interest	—			—			—			—			—			(38,092		)	19,211			(18,881		)
Excess tax benefit from equity-based compensation	5,156			—			—			—			5,156			—			—			5,156
Other, net	—			(398		)	75			—			(323		)	(336		)	—			(659		)
Net advances from subsidiaries	320,185			—			—			(320,185		)	—			—			—			—
	152,739			20,728			75			(320,185		)	(146,643		)	(19,916		)	19,211			(147,348		)
Cash and cash equivalents
Increase (decrease) for the period:	135,658			238			109			—			136,005			(1,473		)	—			134,532
Beginning of period	931,920			1,817			14			—			933,751			6,352			—			940,103
End of period	$	1,067,578		$	2,055		$	123		$	—		$	1,069,756		$	4,879		$	—		$	1,074,635