HollyFrontier 2014 Annual Report Download - page 100

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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 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 $ 558 $ 19,706,833 $ 937 $ — $ 19,708,328 $ 332,626 $ (276,627) $ 19,764,327
Operating costs and expenses:
Cost of products sold — 17,500,601 — — 17,500,601 — (272,216) 17,228,385
Lower of cost or market
inventory adjustment — 397,478 — — 397,478 — — 397,478
Operating expenses 4,660 1,036,911 — — 1,041,571 104,801 (1,432) 1,144,940
General and administrative 98,200 4,914 671 — 103,785 10,824 — 114,609
Depreciation and amortization 8,041 309,101 7 — 317,149 60,548 (14,316) 363,381
Total operating costs and
expenses 110,901 19,249,005 678 — 19,360,584 176,173 (287,964) 19,248,793
Income (loss) from operations (110,343) 457,828 259 — 347,744 156,453 11,337 515,534
Other income (expense):
Earnings (loss) of equity
method investments 531,542 66,227 70,369 (602,763) 65,375 2,987 (70,369) (2,007)
Interest income (expense) (2,390) 8,043 568 — 6,221 (36,098) (9,339) (39,216)
Loss on early extinguishment of
debt — — — — — (7,677) — (7,677)
Gain (loss) on sale of assets 1,422 (556) — — 866 — — 866
530,574 73,714 70,937 (602,763) 72,462 (40,788) (79,708) (48,034)
Income before income taxes 420,231 531,542 71,196 (602,763) 420,206 115,665 (68,371) 467,500
Income tax provision 140,937 — — — 140,937 235 — 141,172
Net income 279,294 531,542 71,196 (602,763) 279,269 115,430 (68,371) 326,328
Less net income attributable to
noncontrolling interest — — (25) — (25) 8,288 36,773 45,036
Net income attributable to
HollyFrontier stockholders $ 279,294 $ 531,542 $ 71,221 $ (602,763) $ 279,294 $ 107,142 $ (105,144) $ 281,292
Comprehensive income
attributable to HollyFrontier
stockholders $ 306,366 $ 587,294 $ 71,259 $ (658,553) $ 306,366 $ 107,181 $ (105,183) $ 308,364