HollyFrontier 2013 Annual Report Download - page 104

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96
Condensed Consolidating Statement of Income and Comprehensive Income
Year Ended December 31, 2011 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 $ 1,008 $ 15,392,446 $ 74 $ — $ 15,393,528 $ 212,995 $ (166,995) $ 15,439,528
Operating costs and expenses:
Cost of products sold — 12,844,333 — — 12,844,333 — (164,255) 12,680,078
Operating expenses — 687,381 (362) — 687,019 63,029 (1,967) 748,081
General and administrative 111,093 2,445 — — 113,538 6,576 — 120,114
Depreciation and amortization 4,165 123,082 — — 127,247 33,288 (828) 159,707
Total operating costs and expenses 115,258 13,657,241 (362) — 13,772,137 102,893 (167,050) 13,707,980
Income (loss) from operations (114,250) 1,735,205 436 — 1,621,391 110,102 55 1,731,548
Other income (expense):
Earnings of equity method
investments 1,771,022 38,546 38,308 (1,809,820) 38,056 2,552 (38,308) 2,300
Interest income (expense) (38,619) (2,729) 54 — (41,294) (38,209) 2,464 (77,039)
Merger transaction costs (15,114) — — — (15,114) — — (15,114)
1,717,289 35,817 38,362 (1,809,820) (18,352) (35,657) (35,844) (89,853)
Income before income taxes 1,603,039 1,771,022 38,798 (1,809,820) 1,603,039 74,445 (35,789) 1,641,695
Income tax provision 581,757 — — — 581,757 234 — 581,991
Net income 1,021,282 1,771,022 38,798 (1,809,820) 1,021,282 74,211 (35,789) 1,059,704
Less net income attributable to
noncontrolling interest — — — — — (859) 37,166 36,307
Net income attributable to
HollyFrontier stockholders $ 1,021,282 $ 1,771,022 $ 38,798 $ (1,809,820) $ 1,021,282 $ 75,070 $ (72,955) $ 1,023,397
Comprehensive income
attributable to HollyFrontier
stockholders $ 1,125,163 $ 1,945,142 $ 39,544 $ (1,984,686) $ 1,125,163 $ 75,816 $ (73,701) $ 1,127,278
Table of Contents HOLLYFRONTIER CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Continued