HollyFrontier 2015 Annual Report Download - page 99

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Table of Contents HOLLYFRONTIER CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Continued
91
Condensed Consolidating Statement of Income and
Comprehensive Income
Year Ended December 31, 2015
HollyFrontier
Corp. Before
Consolidation
of HEP HEP Segment Consolidations and
Eliminations Consolidated
(In thousands)
Sales and other revenues $ 13,171,846 $ 358,875 $ (292,801) $ 13,237,920
Operating costs and expenses:
Cost of products sold 10,525,610 — (286,392) 10,239,218
Lower of cost or market valuation inventory
adjustment 226,979 — — 226,979
Operating expenses 960,352 103,305 (3,284) 1,060,373
General and administrative 108,290 12,556 — 120,846
Depreciation and amortization 299,233 61,236 (14,318) 346,151
Total operating costs and expenses 12,120,464 177,097 (303,994) 11,993,567
Income from operations 1,051,382 181,778 11,193 1,244,353
Other income (expense):
Earnings (loss) of equity method investments 78,969 4,803 (87,510) (3,738)
Interest income (expense) 6,098 (36,892) (9,285) (40,079)
Loss on early extinguishment of debt (1,370) — — (1,370)
Gain on sale of assets and other 8,916 486 — 9,402
92,613 (31,603) (96,795) (35,785)
Income before income taxes 1,143,995 150,175 (85,602) 1,208,568
Income tax provision 405,832 228 — 406,060
Net income 738,163 149,947 (85,602) 802,508
Less net income attributable to noncontrolling interest (30) 3,971 58,466 62,407
Net income attributable to HollyFrontier stockholders $ 738,193 $ 145,976 $ (144,068) $ 740,101
Comprehensive income attributable to HollyFrontier
stockholders $ 706,144 $ 138,920 $ (137,012) $ 708,052