HollyFrontier 2013 Annual Report Download - page 101

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93
NOTE 21: Supplemental Guarantor/Non-Guarantor Financial Information
Our obligations under the HollyFrontier Senior Notes have been jointly and severally guaranteed by the substantial majority of
our existing and future restricted subsidiaries (“Guarantor Restricted Subsidiaries”). These guarantees are full and unconditional.
HEP, in which we have a 39% ownership interest at December 31, 2013, 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.”
Certain reclassifications have been made to intercompany balances in our prior year condensed parent company balance sheet to
conform with our current year presentation. Additionally, we have made certain revisions to our prior year condensed statements
of cash flows to reclassify intercompany lending and distribution activity between operating, investing and financing activities.
Condensed Consolidating Balance Sheet
December 31, 2013 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 $ 931,920 $ 1,817 $ 14 $ — $ 933,751 $ 6,352 $ — $ 940,103
Marketable securities 725,160 — — — 725,160 — — 725,160
Accounts receivable, net 6,095 698,109 8,075 — 712,279 34,736 (38,213) 708,802
Intercompany accounts receivable — 149,907 313,623 (463,530) — — — —
Inventories — 1,352,656 — — 1,352,656 1,591 — 1,354,247
Income taxes receivable 109,376 — — — 109,376 — — 109,376
Prepayments and other 21,843 45,413 — — 67,256 2,283 (10,783) 58,756
Total current assets 1,794,394 2,247,902 321,712 (463,530) 3,900,478 44,962 (48,996) 3,896,444
Properties, plants and equip, net 30,007 2,633,739 24 — 2,663,770 1,004,975 (274,149) 3,394,596
Investment in subsidiaries 5,722,025 216,687 — (5,938,712) — — — —
Intangibles and other assets 23,034 2,380,268 25,000 (25,000) 2,403,302 363,970 (1,573) 2,765,699
Total assets $ 7,569,460 $ 7,478,596 $ 346,736 $ (6,427,242) $ 8,967,550 $ 1,413,907 $ (324,718) $ 10,056,739
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable $ 16,704 $ 1,323,603 $ 383 $ — $ 1,340,690 $ 22,898 $ (38,212) $ 1,325,376
Intercompany accounts payable 463,530 — — (463,530) — — — —
Accrued liabilities 43,254 63,181 795 — 107,230 28,668 (10,783) 125,115
Deferred income tax liabilities 223,999 — — — 223,999 — — 223,999
Total current liabilities 747,487 1,386,784 1,178 (463,530) 1,671,919 51,566 (48,995) 1,674,490
Long-term debt 180,054 34,835 — (25,000) 189,889 807,630 — 997,519
Liability to HEP — 245,536 — — 245,536 — (245,536) —
Deferred income tax liabilities 611,555 — — — 611,555 5,287 — 616,842
Other long-term liabilities 35,874 89,416 — — 125,290 35,918 (2,718) 158,490
Investment in HEP — — 128,871 — 128,871 — (128,871) —
Equity – HollyFrontier 5,994,490 5,722,025 216,687 (5,938,712) 5,994,490 416,018 (410,888) 5,999,620
Equity – noncontrolling interest — — — — — 97,488 512,290 609,778
Total liabilities and equity $ 7,569,460 $ 7,478,596 $ 346,736 $ (6,427,242) $ 8,967,550 $ 1,413,907 $ (324,718) $ 10,056,739
Table of Contents HOLLYFRONTIER CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Continued