HollyFrontier 2015 Annual Report Download - page 100

Download and view the complete annual report

Please find page 100 of the 2015 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 122

  • 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

Table of Contents HOLLYFRONTIER CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Continued
92
Condensed Consolidating Statement of Income and
Comprehensive Income
Year Ended December 31, 2014
HollyFrontier
Corp. Before
Consolidation
of HEP HEP Segment Consolidations and
Eliminations Consolidated
(In thousands)
Sales and other revenues $ 19,708,328 $ 332,626 $ (276,627) $ 19,764,327
Operating costs and expenses:
Cost of products sold 17,500,601 — (272,216) 17,228,385
Lower of cost or market inventory valuation
adjustment 397,478 — — 397,478
Operating expenses 1,041,571 104,801 (1,432) 1,144,940
General and administrative 103,785 10,824 — 114,609
Depreciation and amortization 317,149 60,548 (14,316) 363,381
Total operating costs and expenses 19,360,584 176,173 (287,964) 19,248,793
Income from operations 347,744 156,453 11,337 515,534
Other income (expense):
Earnings (loss) of equity method investments 65,375 2,987 (70,369) (2,007)
Interest income (expense) 6,221 (36,098) (9,339) (39,216)
Loss on early extinguishment of debt — (7,677) — (7,677)
Gain on sale of assets and other 866 — — 866
72,462 (40,788) (79,708) (48,034)
Income before income taxes 420,206 115,665 (68,371) 467,500
Income tax provision 140,937 235 — 141,172
Net income 279,269 115,430 (68,371) 326,328
Less net income attributable to noncontrolling interest (25) 8,288 36,773 45,036
Net income attributable to HollyFrontier stockholders $ 279,294 $ 107,142 $ (105,144) $ 281,292
Comprehensive income attributable to HollyFrontier
stockholders $ 306,366 $ 107,181 $ (105,183) $ 308,364