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Table of Contents HOLLYFRONTIER CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Continued
93
Condensed Consolidating Statement of Income and Comprehensive Income
Year Ended December 31, 2013 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 $ 878 $ 20,105,726 $ 153 $ — $ 20,106,757 $ 307,053 $ (253,250) $ 20,160,560
Operating costs and expenses:
Cost of products sold — 17,641,119 — — 17,641,119 — (248,892) 17,392,227
Operating expenses — 995,194 — — 995,194 97,081 (1,425) 1,090,850
General and administrative 113,231 2,752 231 — 116,214 11,749 — 127,963
Depreciation and amortization 5,548 247,514 — — 253,062 64,701 (14,317) 303,446
Total operating costs and
expenses 118,779 18,886,579 231 — 19,005,589 173,531 (264,634) 18,914,486
Income (loss) from operations (117,901) 1,219,147 (78) — 1,101,168 133,522 11,384 1,246,074
Other income (expense):
Earnings of equity method
investments 1,280,868 52,752 57,186 (1,338,518) 52,288 2,826 (57,186) (2,072)
Interest income (expense) (15,849) 8,969 542 — (6,338) (46,849) (9,307) (62,494)
Loss on early extinguishment of
debt (22,109) — — — (22,109) — — (22,109)
1,242,910 61,721 57,728 (1,338,518) 23,841 (44,023) (66,493) (86,675)
Income before income taxes 1,125,009 1,280,868 57,650 (1,338,518) 1,125,009 89,499 (55,109) 1,159,399
Income tax provision 391,243 — — — 391,243 333 — 391,576
Net income 733,766 1,280,868 57,650 (1,338,518) 733,766 89,166 (55,109) 767,823
Less net income attributable to
noncontrolling interest — — — — — 6,632 25,349 31,981
Net income attributable to
HollyFrontier stockholders $ 733,766 $ 1,280,868 $ 57,650 $ (1,338,518) $ 733,766 $ 82,534 $ (80,458) $ 735,842
Comprehensive income
attributable to HollyFrontier
stockholders $ 743,013 $ 1,258,370 $ 59,470 $ (1,317,840) $ 743,013 $ 84,354 $ (82,278) $ 745,089
Condensed Consolidating Statement of Income and Comprehensive Income
Year Ended December 31, 2012 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 $ 494 $ 20,043,335 $ 174 $ — $ 20,044,003 $ 288,501 $ (241,780) $ 20,090,724
Operating costs and expenses:
Cost of products sold — 16,078,948 — — 16,078,948 — (238,305) 15,840,643
Operating expenses — 906,098 — — 906,098 89,395 (527) 994,966
General and administrative 118,860 1,519 128 — 120,507 7,594 — 128,101
Depreciation and amortization 4,172 181,735 — — 185,907 57,789 (828) 242,868
Total operating costs and
expenses 123,032 17,168,300 128 — 17,291,460 154,778 (239,660) 17,206,578
Income (loss) from operations (122,538) 2,875,035 46 — 2,752,543 133,723 (2,120) 2,884,146
Other income (expense):
Earnings of equity method
investments 2,921,077 49,347 49,066 (2,970,865) 48,625 3,364 (49,066) 2,923
Interest income (expense) (41,564) (3,631) 676 — (44,519) (57,219) 2,338 (99,400)
Gain on sale of marketable
securities — 326 — — 326 — — 326
2,879,513 46,042 49,742 (2,970,865) 4,432 (53,855) (46,728) (96,151)
Income before income taxes 2,756,975 2,921,077 49,788 (2,970,865) 2,756,975 79,868 (48,848) 2,787,995
Income tax provision 1,027,591 — — — 1,027,591 371 — 1,027,962
Net income 1,729,384 2,921,077 49,788 (2,970,865) 1,729,384 79,497 (48,848) 1,760,033
Less net income attributable to
noncontrolling interest — — — — — 1,153 31,708 32,861
Net income attributable to
HollyFrontier stockholders $ 1,729,384 $ 2,921,077 $ 49,788 $ (2,970,865) $ 1,729,384 $ 78,344 $ (80,556) $ 1,727,172
Comprehensive income
attributable to HollyFrontier
stockholders $ 1,643,086 $ 2,728,675 $ 50,610 $ (2,779,285) $ 1,643,086 $ 79,166 $ (81,378) $ 1,640,874