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Supplemental Guarantor/Non-Guarantor Financial Information
9 Months Ended
Sep. 30, 2015
Supplemental Guarantor / Non-Guarantor Financial Information [Abstract]  
Supplemental Guarantor/Non-Guarantor Financial Information
Supplemental Guarantor/Non-Guarantor Financial Information

Any borrowings pursuant to the HollyFrontier Credit Agreement are recourse to HollyFrontier and guaranteed by certain of our wholly-owned subsidiaries (“Guarantor Restricted Subsidiaries”). HEP, in which we have a 39% ownership interest at September 30, 2015, and its subsidiaries (collectively, “Non-Guarantor Non-Restricted Subsidiaries”), and certain of our other subsidiaries (“Non-Guarantor Restricted Subsidiaries”) have not guaranteed these obligations.

The following condensed consolidating financial information is provided for HollyFrontier Corporation (the “Parent”), the Guarantor Restricted Subsidiaries, the Non-Guarantor Restricted Subsidiaries and the Non-Guarantor Non-Restricted Subsidiaries. The information has been presented as if the Parent accounted for its ownership in the Guarantor Restricted Subsidiaries, and the Guarantor Restricted Subsidiaries accounted for the ownership of the Non-Guarantor Restricted Subsidiaries and Non-Guarantor Non-Restricted Subsidiaries, using the equity method of accounting. The Guarantor Restricted Subsidiaries and the Non-Guarantor Restricted Subsidiaries are collectively the “Restricted Subsidiaries.”
Condensed Consolidating Balance Sheet
 
 
 
 
 
 
 
 
 
 
September 30, 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
 
$
228,849

 
$

 
$
26

 
$

 
$
228,875

 
$
10,856

 
$

 
$
239,731

Marketable securities
 
387,053

 

 

 

 
387,053

 

 

 
387,053

Accounts receivable, net
 
3,542

 
516,964

 
2,775

 

 
523,281

 
32,968

 
(33,900
)
 
522,349

Intercompany accounts receivable
 

 
1,037,776

 
466,155

 
(1,503,931
)
 

 

 

 

Inventories
 

 
1,035,121

 

 

 
1,035,121

 
1,903

 

 
1,037,024

Deferred income tax assets
 
48,419

 

 

 

 
48,419

 

 

 
48,419

Prepayments and other
 
8,222

 
69,150

 

 

 
77,372

 
2,671

 
(6,946
)
 
73,097

Total current assets
 
676,085

 
2,659,011

 
468,956

 
(1,503,931
)
 
2,300,121

 
48,398

 
(40,846
)
 
2,307,673

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Properties, plants and equip, net
 
33,404

 
3,160,133

 
941

 

 
3,194,478

 
1,031,902

 
(249,122
)
 
3,977,258

Investment in subsidiaries
 
7,199,848

 
361,459

 

 
(7,561,307
)
 

 

 

 

Intangibles and other assets
 
26,713

 
2,345,298

 
25,000

 
(25,000
)
 
2,372,011

 
418,960

 
(4,265
)
 
2,786,706

Total assets
 
$
7,936,050

 
$
8,525,901

 
$
494,897

 
$
(9,090,238
)
 
$
7,866,610

 
$
1,499,260

 
$
(294,233
)
 
$
9,071,637

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accounts payable
 
$
18,350

 
$
930,939

 
$

 
$

 
$
949,289

 
$
11,236

 
$
(33,900
)
 
$
926,625

Intercompany accounts payable
 
1,503,931

 

 

 
(1,503,931
)
 

 

 

 

Income tax payable
 
39,536

 

 

 

 
39,536

 

 

 
39,536

Accrued liabilities
 
51,481

 
55,720

 
1,733

 

 
108,934

 
24,304

 
(6,946
)
 
126,292

Total current liabilities
 
1,613,298

 
986,659

 
1,733

 
(1,503,931
)
 
1,097,759

 
35,540

 
(40,846
)
 
1,092,453

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term debt
 
25,000

 
31,779

 

 
(25,000
)
 
31,779

 
951,067

 

 
982,846

Liability to HEP
 

 
224,195

 

 

 
224,195

 

 
(224,195
)
 

Deferred income tax liabilities
 
636,081

 

 

 

 
636,081

 
356

 

 
636,437

Other long-term liabilities
 
41,790

 
83,420

 

 

 
125,210

 
58,417

 
(5,410
)
 
178,217

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment in HEP
 

 

 
131,705

 

 
131,705

 

 
(131,705
)
 

Equity – HollyFrontier
 
5,619,881

 
7,199,848

 
361,459

 
(7,561,307
)
 
5,619,881

 
359,136

 
(357,849
)
 
5,621,168

Equity – noncontrolling interest
 

 

 

 

 

 
94,744

 
465,772

 
560,516

Total liabilities and equity
 
$
7,936,050

 
$
8,525,901

 
$
494,897

 
$
(9,090,238
)
 
$
7,866,610

 
$
1,499,260

 
$
(294,233
)
 
$
9,071,637


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
 
 
 
 
 
 
 
 
 
 
Three Months Ended September 30, 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
 
$
107

 
$
3,571,188

 
$
1

 
$

 
$
3,571,296

 
$
88,389

 
$
(73,862
)
 
$
3,585,823

Operating costs and expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cost of products sold
 

 
2,726,848

 

 
(91
)
 
2,726,757

 

 
(72,898
)
 
2,653,859

Lower of cost or market inventory valuation adjustment
 

 
225,451

 

 

 
225,451

 

 

 
225,451

Operating expenses
 

 
239,653

 

 
796

 
240,449

 
25,095

 
(146
)
 
265,398

General and administrative
 
27,084

 
680

 
14

 
(705
)
 
27,073

 
3,673

 

 
30,746

Depreciation and amortization
 
2,861

 
72,584

 
8

 

 
75,453

 
15,919

 
(3,608
)
 
87,764

Total operating costs and expenses
 
29,945

 
3,265,216

 
22

 

 
3,295,183

 
44,687

 
(76,652
)
 
3,263,218

Income (loss) from operations
 
(29,838
)
 
305,972

 
(21
)
 

 
276,113

 
43,702

 
2,790

 
322,605

Other income (expense):
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
Earnings (loss) of equity method investments
 
336,756

 
22,006

 
21,799

 
(358,762
)
 
21,799

 
1,269

 
(21,799
)
 
1,269

Interest income (expense)
 
(998
)
 
1,740

 
219

 

 
961

 
(9,106
)
 
(2,284
)
 
(10,429
)
Gain on sale of assets
 
16

 
7,036

 

 

 
7,052

 
176

 

 
7,228

 
 
335,774

 
30,782

 
22,018

 
(358,762
)
 
29,812

 
(7,661
)
 
(24,083
)
 
(1,932
)
Income before income taxes
 
305,936

 
336,754

 
21,997

 
(358,762
)
 
305,925

 
36,041

 
(21,293
)
 
320,673

Income tax provision
 
109,997

 

 

 

 
109,997

 
69

 

 
110,066

Net income
 
195,939

 
336,754

 
21,997

 
(358,762
)
 
195,928

 
35,972

 
(21,293
)
 
210,607

Less net income attributable to noncontrolling interest
 

 

 
(9
)
 

 
(9
)
 
831

 
13,463

 
14,285

Net income attributable to HollyFrontier stockholders
 
$
195,939

 
$
336,754

 
$
22,006

 
$
(358,762
)
 
$
195,937

 
$
35,141

 
$
(34,756
)
 
$
196,322

Comprehensive income attributable to HollyFrontier stockholders
 
$
190,414

 
$
327,419

 
$
21,903

 
$
(349,322
)
 
$
190,414

 
$
35,038

 
$
(34,653
)
 
$
190,799


Condensed Consolidating Statement of Income and Comprehensive Income
 
 
 
 
 
 
 
 
 
 
Three Months Ended September 30, 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
 
$
103

 
$
5,303,131

 
$

 
$

 
$
5,303,234

 
$
82,141

 
$
(67,820
)
 
$
5,317,555

Operating costs and expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cost of products sold
 

 
4,692,587

 

 

 
4,692,587

 

 
(66,694
)
 
4,625,893

Operating expenses
 

 
255,871

 

 

 
255,871

 
25,456

 
(370
)
 
280,957

General and administrative
 
24,904

 
530

 
36

 
(587
)
 
24,883

 
2,266

 

 
27,149

Depreciation and amortization
 
2,055

 
66,832

 

 
587

 
69,474

 
15,078

 
(3,607
)
 
80,945

Total operating costs and expenses
 
26,959

 
5,015,820

 
36

 

 
5,042,815

 
42,800

 
(70,671
)
 
5,014,944

Income (loss) from operations
 
(26,856
)
 
287,311

 
(36
)
 

 
260,419

 
39,341

 
2,851

 
302,611

Other income (expense):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings (loss) of equity method investments
 
305,736

 
17,021

 
19,040

 
(324,884
)
 
16,913

 
880

 
(19,040
)
 
(1,247
)
Interest income (expense)
 
(1,227
)
 
1,962

 
144

 

 
879

 
(8,585
)
 
(2,328
)
 
(10,034
)
Loss on sale of assets
 

 
(556
)
 

 

 
(556
)
 

 

 
(556
)
 
 
304,509

 
18,427

 
19,184

 
(324,884
)
 
17,236

 
(7,705
)
 
(21,368
)
 
(11,837
)
Income before income taxes
 
277,653

 
305,738

 
19,148

 
(324,884
)
 
277,655

 
31,636

 
(18,517
)
 
290,774

Income tax provision
 
103,174

 

 

 

 
103,174

 
42

 

 
103,216

Net income
 
174,479

 
305,738

 
19,148

 
(324,884
)
 
174,481

 
31,594

 
(18,517
)
 
187,558

Less net income attributable to noncontrolling interest
 

 

 

 

 

 
1,509

 
11,043

 
12,552

Net income attributable to HollyFrontier stockholders
 
$
174,479

 
$
305,738

 
$
19,148

 
$
(324,884
)
 
$
174,481

 
$
30,085

 
$
(29,560
)
 
$
175,006

Comprehensive income attributable to HollyFrontier stockholders
 
$
169,050

 
$
296,622

 
$
19,584

 
$
(316,206
)
 
$
169,050

 
$
30,520

 
$
(29,993
)
 
$
169,577


Condensed Consolidating Statement of Income and Comprehensive Income
 
 
 
 
 
 
 
 
 
 
Nine Months Ended
September 30, 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
 
$
381

 
$
10,247,056

 
$
1

 
$

 
$
10,247,438

 
$
261,624

 
$
(214,701
)
 
$
10,294,361

Operating costs and expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cost of products sold
 

 
8,004,718

 

 
(91
)
 
8,004,627

 

 
(211,920
)
 
7,792,707

Lower of cost or market inventory valuation adjustment
 

 
83,425

 

 

 
83,425

 

 

 
83,425

Operating expenses
 

 
696,446

 

 
796

 
697,242

 
78,350

 
(433
)
 
775,159

General and administrative
 
75,716

 
1,666

 
96

 
(705
)
 
76,773

 
9,659

 

 
86,432

Depreciation and amortization
 
7,769

 
213,628

 
24

 

 
221,421

 
44,869

 
(10,711
)
 
255,579

Total operating costs and expenses
 
83,485

 
8,999,883

 
120

 

 
9,083,488

 
132,878

 
(223,064
)
 
8,993,302

Income (loss) from operations
 
(83,104
)
 
1,247,173

 
(119
)
 

 
1,163,950

 
128,746

 
8,363

 
1,301,059

Other income (expense):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings (loss) of equity method investments
 
1,314,982

 
54,375

 
62,416

 
(1,377,898
)
 
53,875

 
2,634

 
(62,416
)
 
(5,907
)
Interest income (expense)
 
(1,835
)
 
5,707

 
593

 

 
4,465

 
(26,926
)
 
(6,949
)
 
(29,410
)
Loss on early extinguishment of debt
 
(1,370
)
 

 

 

 
(1,370
)
 

 

 
(1,370
)
Gain on sale of assets
 
736

 
7,725

 

 

 
8,461

 
406

 

 
8,867

 
 
1,312,513

 
67,807

 
63,009

 
(1,377,898
)
 
65,431

 
(23,886
)
 
(69,365
)
 
(27,820
)
Income before income taxes
 
1,229,409

 
1,314,980

 
62,890

 
(1,377,898
)
 
1,229,381

 
104,860

 
(61,002
)
 
1,273,239

Income tax provision
 
446,678

 

 

 

 
446,678

 
106

 

 
446,784

Net income
 
782,731

 
1,314,980

 
62,890

 
(1,377,898
)
 
782,703

 
104,754

 
(61,002
)
 
826,455

Less net income attributable to noncontrolling interest
 

 

 
(26
)
 

 
(26
)
 
6,601

 
35,858

 
42,433

Net income attributable to HollyFrontier stockholders
 
$
782,731

 
$
1,314,980

 
$
62,916

 
$
(1,377,898
)
 
$
782,729

 
$
98,153

 
$
(96,860
)
 
$
784,022

Comprehensive income attributable to HollyFrontier stockholders
 
$
762,002

 
$
1,280,517

 
$
62,606

 
$
(1,343,123
)
 
$
762,002

 
$
97,843

 
$
(96,550
)
 
$
763,295



Condensed Consolidating Statement of Income and Comprehensive Income
 
 
 
 
 
 
 
 
 
 
Nine Months Ended
September 30, 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
 
$
383

 
$
15,440,531

 
$
935

 
$

 
$
15,441,849

 
$
244,177

 
$
(204,818
)
 
$
15,481,208

Operating costs and expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cost of products sold
 

 
13,640,897

 

 

 
13,640,897

 

 
(201,538
)
 
13,439,359

Operating expenses
 

 
754,798

 

 

 
754,798

 
72,835

 
(1,056
)
 
826,577

General and administrative
 
70,354

 
4,038

 
112

 

 
74,504

 
7,933

 

 
82,437

Depreciation and amortization
 
5,855

 
221,999

 

 

 
227,854

 
45,739

 
(10,710
)
 
262,883

Total operating costs and expenses
 
76,209

 
14,621,732

 
112

 

 
14,698,053

 
126,507

 
(213,304
)
 
14,611,256

Income (loss) from operations
 
(75,826
)
 
818,799

 
823

 

 
743,796

 
117,670

 
8,486

 
869,952

Other income (expense):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings (loss) of equity method investments
 
871,883

 
47,589

 
51,455

 
(924,578
)
 
46,349

 
2,150

 
(51,455
)
 
(2,956
)
Interest income (expense)
 
(2,024
)
 
6,051

 
417

 

 
4,444

 
(27,365
)
 
(7,007
)
 
(29,928
)
Loss on early extinguishment of debt
 

 

 

 

 

 
(7,677
)
 

 
(7,677
)
Loss on sale of assets
 

 
(556
)
 

 

 
(556
)
 

 

 
(556
)
 
 
869,859

 
53,084

 
51,872

 
(924,578
)
 
50,237

 
(32,892
)
 
(58,462
)
 
(41,117
)
Income before income taxes
 
794,033

 
871,883

 
52,695

 
(924,578
)
 
794,033

 
84,778

 
(49,976
)
 
828,835

Income tax provision
 
292,017

 

 

 

 
292,017

 
145

 

 
292,162

Net income
 
502,016

 
871,883

 
52,695

 
(924,578
)
 
502,016

 
84,633

 
(49,976
)
 
536,673

Less net income attributable to noncontrolling interest
 

 

 

 

 

 
6,562

 
26,615

 
33,177

Net income attributable to HollyFrontier stockholders
 
$
502,016

 
$
871,883

 
$
52,695

 
$
(924,578
)
 
$
502,016

 
$
78,071

 
$
(76,591
)
 
$
503,496

Comprehensive income attributable to HollyFrontier stockholders
 
$
571,205

 
$
984,562

 
$
52,875

 
$
(1,037,437
)
 
$
571,205

 
$
78,250

 
$
(76,770
)
 
$
572,685


Condensed Consolidating Statement of Cash Flows
 
 
 
 
 
 
 
 
 
 
Nine Months Ended
September 30, 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
 
$
(525,515
)
 
$
1,257,692

 
$
72,388

 
$

 
$
804,565

 
$
165,527

 
$
(66,751
)
 
$
903,341

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash flows from investing activities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Additions to properties, plants and equipment
 
(8,126
)
 
(408,422
)
 
(63
)
 

 
(416,611
)
 

 

 
(416,611
)
Additions to properties, plants and equipment – HEP
 

 

 

 

 

 
(57,286
)
 

 
(57,286
)
Purchase interest in equity company
 

 

 

 

 

 
(54,641
)
 

 
(54,641
)
Proceeds from sale of assets
 

 
15,187

 

 

 
15,187

 
644

 

 
15,831

Purchases of marketable securities
 
(402,984
)
 

 

 

 
(402,984
)
 

 

 
(402,984
)
Sales and maturities of marketable securities
 
490,251

 

 

 

 
490,251

 

 

 
490,251

Net advances to Parent
 

 
(863,068
)
 
(72,389
)
 
935,457

 

 

 

 

 
 
79,141

 
(1,256,303
)
 
(72,452
)
 
935,457

 
(314,157
)
 
(111,283
)
 

 
(425,440
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash flows from financing activities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net borrowings under credit agreement – HEP
 

 

 

 

 

 
83,000

 

 
83,000

Redemption of senior notes - HFC
 
(155,156
)
 

 

 

 
(155,156
)
 

 

 
(155,156
)
Purchase of treasury stock
 
(481,766
)
 

 

 

 
(481,766
)
 

 

 
(481,766
)
Dividends
 
(187,372
)
 

 

 

 
(187,372
)
 

 

 
(187,372
)
Distributions to noncontrolling interest
 

 

 

 

 

 
(128,117
)
 
66,751

 
(61,366
)
Other, net
 
(1,020
)
 
(1,389
)
 
15

 

 
(2,394
)
 
(1,101
)
 

 
(3,495
)
Net advances from subsidiaries
 
935,457

 

 

 
(935,457
)
 

 

 

 

 
 
110,143

 
(1,389
)
 
15

 
(935,457
)
 
(826,688
)
 
(46,218
)
 
66,751

 
(806,155
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Increase (decrease) for the period
 
(336,231
)
 

 
(49
)
 

 
(336,280
)
 
8,026

 

 
(328,254
)
Beginning of period
 
565,080

 

 
75

 

 
565,155

 
2,830

 

 
567,985

End of period
 
$
228,849

 
$

 
$
26

 
$

 
$
228,875

 
$
10,856

 
$

 
$
239,731






Condensed Consolidating Statement of Cash Flows
 
 
 
 
 
 
 
 
 
 
Nine Months Ended
September 30, 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
 
$
(260,533
)
 
$
930,722

 
$
55,047

 
$

 
$
725,236

 
$
140,154

 
$
(59,457
)
 
$
805,933

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Additions to properties, plants and equipment
 
(8,373
)
 
(298,272
)
 
(831
)
 

 
(307,476
)
 

 

 
(307,476
)
Additions to properties, plants and equipment – HEP
 

 

 

 

 

 
(61,657
)
 

 
(61,657
)
Proceeds from sale of assets
 

 
14,711

 

 

 
14,711

 

 

 
14,711

Purchases of marketable securities
 
(762,224
)
 

 

 

 
(762,224
)
 

 

 
(762,224
)
Sales and maturities of marketable securities
 
863,769

 

 

 

 
863,769

 

 

 
863,769

Other, net
 

 
5,021

 

 

 
5,021

 

 

 
5,021

Net advances to Parent
 

 
(649,294
)
 
(54,565
)
 
703,859

 

 

 

 

 
 
93,172

 
(927,834
)
 
(55,396
)
 
703,859

 
(186,199
)
 
(61,657
)
 

 
(247,856
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net borrowings under credit agreement – HEP
 

 

 

 

 

 
192,000

 

 
192,000

Redemption of senior notes
 

 

 

 

 

 
(156,188
)
 

 
(156,188
)
Purchase of treasury stock
 
(133,150
)
 

 

 

 
(133,150
)
 

 

 
(133,150
)
Dividends
 
(485,766
)
 

 

 

 
(485,766
)
 

 

 
(485,766
)
Distributions to noncontrolling interest
 

 

 

 

 

 
(117,930
)
 
59,457

 
(58,473
)
Excess tax benefit from equity-based compensation
 
4,482

 

 

 

 
4,482

 

 

 
4,482

Other, net
 
(3,257
)
 
(1,231
)
 
493

 

 
(3,995
)
 
(1,064
)
 

 
(5,059
)
Net advances from subsidiaries
 
703,859

 

 

 
(703,859
)
 

 

 

 

 
 
86,168

 
(1,231
)
 
493

 
(703,859
)
 
(618,429
)
 
(83,182
)
 
59,457

 
(642,154
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Increase (decrease) for the period:
 
(81,193
)
 
1,657

 
144

 

 
(79,392
)
 
(4,685
)
 

 
(84,077
)
Beginning of period
 
931,920

 
1,817

 
14

 

 
933,751

 
6,352

 

 
940,103

End of period
 
$
850,727

 
$
3,474

 
$
158

 
$

 
$
854,359

 
$
1,667

 
$

 
$
856,026