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Table of Contents HOLLYFRONTIER CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Continued
94
Condensed Consolidating Statement of Cash Flows
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)
Cash flows from operating
activities (1) $ 174,022 $ 880,213 $ 1,187 $ (403,090) $ 652,332 $ 186,757 $ (80,493) $ 758,596
Cash flow from investing
activities
Additions to properties, plants
and equipment (9,769) (474,324) (909) — (485,002) — — (485,002)
Additions to properties, plants
and equipment – HEP — — — — — (79,819) — (79,819)
Proceeds from sale of assets — 16,633 — — 16,633 — — 16,633
Purchases of marketable
securities (1,025,560) (42) — — (1,025,602) — — (1,025,602)
Sales and maturities of
marketable securities 1,276,447 — — — 1,276,447 — — 1,276,447
Other, net — 5,021 — — 5,021 — — 5,021
Net intercompany advances — (24,562) (719) 25,281 — — — —
241,118 (477,274) (1,628) 25,281 (212,503) (79,819) — (292,322)
Cash flows from financing
activities
Net borrowings under credit
agreement – HEP — — — — — 208,000 — 208,000
Redemption of senior notes -
HEP — — — — — (156,188) — (156,188)
Purchase of treasury stock (158,847) — — — (158,847) — — (158,847)
Dividends (647,197) — — — (647,197) — — (647,197)
Distributions to noncontrolling
interest — — — — — (158,695) 80,493 (78,202)
Excess tax benefit from equity-
based compensation 2,040 — — — 2,040 — — 2,040
Other, net (3,257) (1,666) 502 — (4,421) (3,577) — (7,998)
Net receipt of intercompany
advances 25,281 — — (25,281) — — — —
Distributions to Parent (1) — (403,090) — 403,090 — — — —
(781,980) (404,756) 502 377,809 (808,425) (110,460) 80,493 (838,392)
Cash and cash equivalents
Increase (decrease) for the
period (366,840) (1,817) 61 — (368,596) (3,522) — (372,118)
Beginning of period 931,920 1,817 14 — 933,751 6,352 — 940,103
End of period $ 565,080 $ — $ 75 $ — $ 565,155 $ 2,830 $ — $ 567,985
(1) Parent operating cash flows include cash inflows of $403.1 million, $806.0 million, and $2,727.6 million for the years ended
December 31, 2014, 2013 and 2012, respectively, representing distributions of earnings from the Restricted Subsidiaries.