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Additional Financial Information (Tables)
 9 Months Ended
Sep. 30, 2017
Supplemental Guarantor / Non-Guarantor Financial Information [Abstract]  
Condensed Consolidating Balance Sheet
Condensed Consolidating Balance Sheet
 
 
 
 
 
 
 
September 30, 2017
 
HollyFrontier
Corp. Before
Consolidation
of HEP
 
HEP Segment
 
Consolidations and Eliminations
 
Consolidated
 
 
(In thousands)
ASSETS
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
623,266

 
$
7,476

 
$
—

 
$
630,742

Accounts receivable, net
 
713,580

 
50,083

 
(49,315
)
 
714,348

Inventories
 
1,418,954

 
888

 
—

 
1,419,842

Income taxes receivable
 
—

 
—

 
—

 
—

Prepayments and other
 
36,810

 
1,407

 
(6,088
)
 
32,129

Total current assets
 
2,792,610

 
59,854

 
(55,403
)
 
2,797,061

 
 
 
 
 
 
 
 
 
Properties, plants and equipment, net
 
3,315,512

 
1,341,770

 
(220,451
)
 
4,436,831

Intangibles and other assets
 
2,412,156

 
501,683

 
624

 
2,914,463

Total assets
 
$
8,520,278

 
$
1,903,307

 
$
(275,230
)
 
$
10,148,355

 
 
 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
Accounts payable
 
$
1,127,840

 
$
23,143

 
$
(49,315
)
 
$
1,101,668

Income tax payable
 
64,255

 
—

 
—

 
64,255

Accrued liabilities
 
209,847

 
31,333

 
(6,088
)
 
235,092

Total current liabilities
 
1,401,942

 
54,476

 
(55,403
)
 
1,401,015

 
 
 
 
 
 
 
 
 
Long-term debt
 
991,448

 
1,245,066

 
—

 
2,236,514

Liability to HEP
 
199,210

 
—

 
(199,210
)
 
—

Deferred income taxes
 
841,600

 
522

 
—

 
842,122

Other long-term liabilities
 
142,087

 
61,361

 
(521
)
 
202,927

 
 
 
 
 
 
 
 
 
Investment in HEP
 
158,016

 
—

 
(158,016
)
 
—

Equity – HollyFrontier
 
4,785,975

 
450,591

 
(387,702
)
 
4,848,864

Equity – noncontrolling interest
 
—

 
91,291

 
525,622

 
616,913

Total liabilities and equity
 
$
8,520,278

 
$
1,903,307

 
$
(275,230
)
 
$
10,148,355

Condensed Consolidating Balance Sheet
 
 
 
 
 
 
 
December 31, 2016
 
HollyFrontier
Corp. Before
Consolidation
of HEP
 
HEP Segment
 
Consolidations and Eliminations
 
Consolidated
 
 
(In thousands)
ASSETS
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
706,922

 
$
3,657

 
$
—

 
$
710,579

Marketable securities
 
424,148

 
—

 
—

 
424,148

Accounts receivable, net
 
487,693

 
50,408

 
(58,902
)
 
479,199

Inventories
 
1,134,274

 
1,402

 
—

 
1,135,676

Income taxes receivable
 
68,371

 
—

 
—

 
68,371

Prepayments and other
 
37,379

 
1,486

 
(5,829
)
 
33,036

Total current assets
 
2,858,787

 
56,953

 
(64,731
)
 
2,851,009

 
 
 
 
 
 
 
 
 
Properties, plants and equipment, net
 
2,874,041

 
1,365,568

 
(231,161
)
 
4,008,448

Intangibles and other assets
 
2,077,683

 
497,966

 
555

 
2,576,204

Total assets
 
$
7,810,511

 
$
1,920,487

 
$
(295,337
)
 
$
9,435,661

 
 
 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
Accounts payable
 
$
967,347

 
$
26,942

 
$
(58,902
)
 
$
935,387

Accrued liabilities
 
115,878

 
37,793

 
(5,829
)
 
147,842

Total current liabilities
 
1,083,225

 
64,735

 
(64,731
)
 
1,083,229

 
 
 
 
 
 
 
 
 
Long-term debt
 
991,225

 
1,243,912

 
—

 
2,235,137

Liability to HEP
 
208,603

 
—

 
(208,603
)
 
—

Deferred income taxes
 
619,905

 
509

 
—

 
620,414

Other long-term liabilities
 
132,515

 
62,971

 
(590
)
 
194,896

 
 
 
 
 
 
 
 
 
Investment in HEP
 
136,435

 
—

 
(136,435
)
 
—

Equity – HollyFrontier
 
4,638,603

 
454,803

 
(412,012
)
 
4,681,394

Equity – noncontrolling interest
 
—

 
93,557

 
527,034

 
620,591

Total liabilities and equity
 
$
7,810,511

 
$
1,920,487

 
$
(295,337
)
 
$
9,435,661



Condensed Consolidating Statement of Income and Comprehensive Income
 
 
 
 
Three Months Ended September 30, 2017
 
HollyFrontier
Corp. Before
Consolidation
of HEP
 
HEP Segment
 
Consolidations and Eliminations
 
Consolidated
 
 
(In thousands)
Sales and other revenues
 
$
3,704,166

 
$
110,364

 
$
(95,283
)
 
$
3,719,247

Operating costs and expenses:
 
 
 
 
 
 
 
 
Cost of products sold
 
2,962,306

 
—

 
(73,776
)
 
2,888,530

Lower of cost or market inventory valuation adjustment
 
(111,128
)
 
—

 
—

 
(111,128
)
Operating expenses
 
306,407

 
35,998

 
(20,737
)
 
321,668

Selling, general and administrative
 
64,390

 
3,623

 
—

 
68,013

Depreciation and amortization
 
87,889

 
18,601

 
(3,606
)
 
102,884

Total operating costs and expenses
 
3,309,864

 
58,222

 
(98,119
)
 
3,269,967

Income from operations
 
394,302

 
52,142

 
2,836

 
449,280

Other income (expense):
 

 
 
 
 
 
 
Earnings of equity method investments
 
28,099

 
5,072

 
(28,099
)
 
5,072

Interest expense
 
(11,295
)
 
(13,970
)
 
(2,392
)
 
(27,657
)
Other, net
 
19,255

 
153

 
—

 
19,408

 
 
36,059

 
(8,745
)
 
(30,491
)
 
(3,177
)
Income before income taxes
 
430,361

 
43,397

 
(27,655
)
 
446,103

Income tax expense
 
158,456

 
(70
)
 
—

 
158,386

Net income
 
271,905

 
43,467

 
(27,655
)
 
287,717

Less net income (loss) attributable to noncontrolling interest
 
—

 
990

 
14,713

 
15,703

Net income attributable to HollyFrontier stockholders
 
$
271,905

 
$
42,477

 
$
(42,368
)
 
$
272,014

Comprehensive income attributable to HollyFrontier stockholders
 
$
284,832

 
$
42,454

 
$
(42,379
)
 
$
284,907
Condensed Consolidating Statement of Income and Comprehensive Income
Condensed Consolidating Statement of Income and Comprehensive Income
 
 
 
 
Three Months Ended September 30, 2017
 
HollyFrontier
Corp. Before
Consolidation
of HEP
 
HEP Segment
 
Consolidations and Eliminations
 
Consolidated
 
 
(In thousands)
Sales and other revenues
 
$
3,704,166

 
$
110,364

 
$
(95,283
)
 
$
3,719,247

Operating costs and expenses:
 
 
 
 
 
 
 
 
Cost of products sold
 
2,962,306

 
—

 
(73,776
)
 
2,888,530

Lower of cost or market inventory valuation adjustment
 
(111,128
)
 
—

 
—

 
(111,128
)
Operating expenses
 
306,407

 
35,998

 
(20,737
)
 
321,668

Selling, general and administrative
 
64,390

 
3,623

 
—

 
68,013

Depreciation and amortization
 
87,889

 
18,601

 
(3,606
)
 
102,884

Total operating costs and expenses
 
3,309,864

 
58,222

 
(98,119
)
 
3,269,967

Income from operations
 
394,302

 
52,142

 
2,836

 
449,280

Other income (expense):
 

 
 
 
 
 
 
Earnings of equity method investments
 
28,099

 
5,072

 
(28,099
)
 
5,072

Interest expense
 
(11,295
)
 
(13,970
)
 
(2,392
)
 
(27,657
)
Other, net
 
19,255

 
153

 
—

 
19,408

 
 
36,059

 
(8,745
)
 
(30,491
)
 
(3,177
)
Income before income taxes
 
430,361

 
43,397

 
(27,655
)
 
446,103

Income tax expense
 
158,456

 
(70
)
 
—

 
158,386

Net income
 
271,905

 
43,467

 
(27,655
)
 
287,717

Less net income (loss) attributable to noncontrolling interest
 
—

 
990

 
14,713

 
15,703

Net income attributable to HollyFrontier stockholders
 
$
271,905

 
$
42,477

 
$
(42,368
)
 
$
272,014

Comprehensive income attributable to HollyFrontier stockholders
 
$
284,832

 
$
42,454

 
$
(42,379
)
 
$
284,907




Condensed Consolidating Statement of Income and Comprehensive Income
 
 
 
 
 
 
Three Months Ended September 30, 2016
 
HollyFrontier
Corp. Before
Consolidation
of HEP
 
HEP Segment
 
Consolidations and Eliminations
 
Consolidated
 
(In thousands)
Sales and other revenues
 
$
2,832,206

 
$
92,611

 
$
(77,547
)
 
$
2,847,270

Operating costs and expenses:
 
 
 
 
 
 
 
 
Cost of products sold
 
2,414,254

 
—

 
(72,417
)
 
2,341,837

Lower of cost or market inventory valuation adjustment
 
312

 
—

 
—

 
312

Operating expenses
 
228,469

 
32,099

 
(4,336
)
 
256,232

Selling, general and administrative
 
30,329

 
2,665

 
—

 
32,994

Depreciation and amortization
 
76,225

 
18,515

 
(3,610
)
 
91,130

Total operating costs and expenses
 
2,749,589

 
53,279

 
(80,363
)
 
2,722,505

Income from operations
 
82,617

 
39,332

 
2,816

 
124,765

Other income (expense):
 
 
 
 
 
 
 
 
Earnings of equity method investments
 
23,414

 
3,767

 
(23,414
)
 
3,767

Interest expense
 
(2,042
)
 
(14,339
)
 
(2,391
)
 
(18,772
)
Other, net
 
(3
)
 
110

 
—

 
107

 
 
21,369

 
(10,462
)
 
(25,805
)
 
(14,898
)
Income before income taxes
 
103,986

 
28,870

 
(22,989
)
 
109,867

Income tax expense
 
22,135

 
61

 
—

 
22,196

Net income
 
81,851

 
28,809

 
(22,989
)
 
87,671

Less net income (loss) attributable to noncontrolling interest
 
(8
)
 
1,166

 
12,016

 
13,174

Net income attributable to HollyFrontier stockholders
 
$
81,859

 
$
27,643

 
$
(35,005
)
 
$
74,497

Comprehensive income attributable to HollyFrontier stockholders
 
$
83,632

 
$
27,760

 
$
(35,121
)
 
$
76,271




Condensed Consolidating Statement of Income and Comprehensive Income
 
 
 
 
Nine Months Ended September 30, 2017
 
HollyFrontier
Corp. Before
Consolidation
of HEP
 
HEP Segment
 
Consolidations and Eliminations
 
Consolidated
 
(In thousands)
Sales and other revenues
 
$
10,211,208

 
$
325,141

 
$
(277,755
)
 
$
10,258,594

Operating costs and expenses:
 
 
 
—

 
 
 
 
Cost of products sold
 
8,500,609

 
—

 
(217,482
)
 
8,283,127

Lower of cost or market inventory valuation adjustment
 
(15,323
)
 
—

 
—

 
(15,323
)
Operating expenses
 
899,803

 
102,584

 
(57,950
)
 
944,437

Selling, general and administrative
 
175,787

 
8,872

 
—

 
184,659

Depreciation and amortization
 
258,400

 
56,515

 
(10,709
)
 
304,206

Goodwill and asset impairment
 
19,247

 
—

 
—

 
19,247

Total operating costs and expenses
 
9,838,523

—

167,971

—

(286,141
)
—

9,720,353

Income (loss) from operations
 
372,685

 
157,170

 
8,386

 
538,241

Other income (expense):
 
 
 
 
 
 
 
 
Earnings of equity method investments
 
75,636

 
10,965

 
(75,636
)
 
10,965

Interest expense
 
(35,272
)
 
(41,052
)
 
(7,141
)
 
(83,465
)
Loss on early extinguishment of debt
 
—

 
(12,225
)
 
—

 
(12,225
)
Other, net
 
43,769

 
316

 
—

 
44,085

 
 
84,133

 
(41,996
)
 
(82,777
)
 
(40,640
)
Income before income taxes
 
456,818

 
115,174

 
(74,391
)
 
497,601

Income tax expense
 
173,429

 
164

 
—

 
173,593

Net income
 
283,389

 
115,010

 
(74,391
)
 
324,008

Less net income (loss) attributable to noncontrolling interest
 
(14
)
 
4,827

 
34,882

 
39,695

Net income attributable to HollyFrontier stockholders
 
$
283,403

 
$
110,183

 
$
(109,273
)
 
$
284,313

Comprehensive income attributable to HollyFrontier stockholders
 
$
304,503

 
$
110,149

 
$
(109,273
)
 
$
305,379



Condensed Consolidating Statement of Income and Comprehensive Income
 
 
 
 
 
 
Nine Months Ended September 30, 2016
 
HollyFrontier
Corp. Before
Consolidation
of HEP
 
HEP Segment
 
Consolidations and Eliminations
 
Consolidated
 
(In thousands)
Sales and other revenues
 
$
7,530,972

 
$
289,517

 
$
(239,857
)
 
$
7,580,632

Operating costs and expenses:
 
 
 
 
 
 
 
 
Cost of products sold
 
6,439,241

 
—

 
(224,086
)
 
6,215,155

Lower of cost or market inventory valuation adjustment
 
(194,282
)
 
—

 
—

 
(194,282
)
Operating expenses
 
684,388

 
89,067

 
(13,304
)
 
760,151

Selling, general and administrative
 
79,652

 
8,618

 
—

 
88,270

Depreciation and amortization
 
230,332

 
49,852

 
(10,751
)
 
269,433

Goodwill and asset impairment
 
654,084

 
—

 
—

 
654,084

Total operating costs and expenses
 
7,893,415

 
147,537

 
(248,141
)
 
7,792,811

Income (loss) from operations
 
(362,443
)
 
141,980

 
8,284

 
(212,179
)
Other income (expense):
 
 
 
 
 
 
 
 
Earnings of equity method investments
 
74,307

 
10,155

 
(74,307
)
 
10,155

Interest expense
 
(1,673
)
 
(35,926
)
 
(6,909
)
 
(44,508
)
Loss on early extinguishment of debt
 
(8,718
)
 
—

 
—

 
(8,718
)
Other, net
 
197

 
103

 
—

 
300

 
 
64,113

 
(25,668
)
 
(81,216
)
 
(42,771
)
Income (loss) before income taxes
 
(298,330
)
 
116,312

 
(72,932
)
 
(254,950
)
Income tax expense
 
6,249

 
210

 
—

 
6,459

Net income (loss)
 
(304,579
)
 
116,102

 
(72,932
)
 
(261,409
)
Less net income (loss) attributable to noncontrolling interest
 
(24
)
 
8,448

 
43,785

 
52,209

Net income (loss) attributable to HollyFrontier stockholders
 
$
(304,555
)
 
$
107,654

 
$
(116,717
)
 
$
(313,618
)
Comprehensive income (loss) attributable to HollyFrontier stockholders
 
$
(292,773
)
 
$
107,537

 
$
(116,600
)
 
$
(301,836
)
Condensed Consolidating Statement of Cash Flows
Condensed Consolidating Statement of Cash Flows
 
 
 
 
 
 
 
Nine Months Ended September 30, 2017
 
HollyFrontier
Corp. Before
Consolidation
of HEP
 
HEP Segment
 
Consolidations and Eliminations
 
Consolidated
 
 
(In thousands)
Cash flows from operating activities
 
$
701,021

 
$
177,762

 
$
(93,370
)
 
$
785,413

 
 
 
 
 
 
 
 
 
Cash flows from investing activities
 
 
 
 
 
 
 
 
Additions to properties, plants and equipment
 
(162,442
)
 
—

 
—

 
(162,442
)
Additions to properties, plants and equipment – HEP
 
—

 
(30,675
)
 
—

 
(30,675
)
Purchase of PCLI, net of cash acquired
 
(870,627
)
 
—

 
—

 
(870,627
)
Purchases of marketable securities
 
(41,565
)
 
—

 
—

 
(41,565
)
Sales and maturities of marketable securities
 
465,716

 
—

 
—

 
465,716

Other, net
 
1,006

 
1,715

 
(424
)
 
2,297

 
 
(607,912
)
 
(28,960
)
 
(424
)
 
(637,296
)
Cash flows from financing activities
 
 
 
 
 
 
 
 
Net borrowings under credit agreements
 
—

 
197,000

 
—

 
197,000

Proceeds from issuance of senior notes - HEP
 
—

 
101,750

 
—

 
101,750

Redemption of senior notes - HEP
 
—

 
(309,750
)
 
—

 
(309,750
)
Proceeds from issuance of common units - HEP
 
—

 
52,285

 
—

 
52,285

Dividends
 
(176,519
)
 
—

 
—

 
(176,519
)
Distributions to noncontrolling interest
 
—

 
(176,560
)
 
94,763

 
(81,797
)
Other, net
 
(2,744
)
 
(9,708
)
 
(969
)
 
(13,421
)
 
 
(179,263
)
 
(144,983
)
 
93,794

 
(230,452
)
 
 
 
 
 
 
 
 
 
Effect of exchange rates on cash flows
 
2,498

 
—

 
—

 
2,498

 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
 
 
 
 
 
 
 
Increase (decrease) for the period
 
(83,656
)
 
3,819

 
—

 
(79,837
)
Beginning of period
 
706,922

 
3,657

 
—

 
710,579

End of period
 
$
623,266

 
$
7,476

 
$
—

 
$
630,742




Condensed Consolidating Statement of Cash Flows
 
 
 
 
 
 
 
Nine Months Ended September 30, 2016
 
HollyFrontier
Corp. Before
Consolidation
of HEP
 
HEP Segment
 
Consolidations and Eliminations
 
Consolidated
 
 
(In thousands)
Cash flows from operating activities
 
$
335,983

 
$
184,268

 
$
(75,977
)
 
$
444,274

 
 
 
 
 
 
 
 
 
Cash flows from investing activities:
 
 
 
 
 
 
 
 
Additions to properties, plants and equipment
 
(291,362
)
 
—

 
—

 
(291,362
)
Additions to properties, plants and equipment – HEP
 
—

 
(96,115
)
 
—

 
(96,115
)
Purchase of equity method investment - HEP
 
—

 
(42,550
)
 
—

 
(42,550
)
Purchases of marketable securities
 
(155,091
)
 
—

 
—

 
(155,091
)
Sales and maturities of marketable securities
 
187,358

 
—

 
—

 
187,358

Other, net
 
396

 
210

 
—

 
606

 
 
(258,699
)
 
(138,455
)
 
—

 
(397,154
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
Net repayments under credit agreements
 
—

 
(332,000
)
 
—

 
(332,000
)
Proceeds from issuance of senior notes - HFC
 
246,690

 
—

 
—

 
246,690

Proceeds from issuance of senior notes - HEP
 
—

 
394,000

 
—

 
394,000

Proceeds from issuance of term loan
 
350,000

 
—

 
—

 
350,000

Proceeds from issuance of common units - HEP
 
—

 
22,791

 
—

 
22,791

Repayment of financing obligation
 
—

 
(39,500
)
 
—

 
(39,500
)
Purchase of treasury stock
 
(133,430
)
 
—

 
—

 
(133,430
)
Dividends
 
(175,194
)
 
—

 
—

 
(175,194
)
Distributions to noncontrolling interest
 
—

 
(142,548
)
 
75,977

 
(66,571
)
Contribution from general partner
 
(55,027
)
 
55,027

 
—

 
—

Other, net
 
(2,730
)
 
(11,388
)
 
—

 
(14,118
)
 
 
230,309

 
(53,618
)
 
75,977

 
252,668

 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
 
 
 
 
 
 
 
Increase (decrease) for the period:
 
307,593

 
(7,805
)
 
—

 
299,788

Beginning of period
 
51,520

 
15,013

 
—

 
66,533

End of period
 
$
359,113

 
$
7,208

 
$
—

 
$
366,321