HollyFrontier 2013 Annual Report Download - page 89

Download and view the complete annual report

Please find page 89 of the 2013 HollyFrontier annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 126

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126

81
Derivatives in Net Asset Position Derivatives in Net Liability Position
Gross Assets
Gross
Liabilities
Offset in
Balance Sheet
Net Assets
Recognized in
Balance Sheet Gross
Liabilities
Gross Assets
Offset in
Balance Sheet
Net
Liabilities
Recognized in
Balance Sheet
(In thousands)
December 31, 2012
Derivatives designated as cash flow hedging instruments:
Commodity price swap
contracts $ — $ — $ — $ 37,828 $ (17,383) $ 20,445
Interest rate swap contracts — — — 3,430 — 3,430
$ — $ — $ — $ 41,258 $ (17,383) $ 23,875
Derivatives not designated as cash flow hedging instruments:
Commodity price swap
contracts $ — $ — $ — $ 46,154 $ — $ 46,154
NYMEX futures contracts — — — 5,563 — 5,563
$ — $ — $ — $ 51,717 $ — $ 51,717
Total net balance $ — $ 75,592
Balance sheet classification: Accrued liabilities $ 62,388
Other long-term liabilities 13,204
$ 75,592
At December 31, 2013, we had a pre-tax net unrealized loss of $44.3 million classified in accumulated other comprehensive income
that relates to all accounting hedges having contractual maturities through 2017. Assuming commodity prices and interest rates
remain unchanged, an unrealized loss of $22.2 million will be effectively transferred from accumulated other comprehensive
income into the statement of income as the hedging instruments contractually mature over the next twelve-month period.
NOTE 14: Income Taxes
The provision for income taxes is comprised of the following:
Years Ended December 31,
2013 2012 2011
(In thousands)
Current
Federal $ 270,024 $ 797,406 $ 499,535
State 7,148 135,148 91,316
Deferred
Federal 94,896 70,671 (9,679)
State 19,508 24,737 819
$ 391,576 $ 1,027,962 $ 581,991
Table of Contents HOLLYFRONTIER CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Continued