HollyFrontier 2014 Annual Report Download - page 51

Table of Content
43
Cash Flows – Financing Activities
Year Ended December 31, 2014 Compared to Year Ended December 31, 2013
Net cash flows used for financing activities were $838.4 million for the year ended December 31, 2014 compared to $1,160.0
million for the year ended December 31, 2013, a decrease of $321.6 million. During the year ended December 31, 2014, we
purchased $158.8 million in common stock, paid $647.2 million in dividends and recognized $2.0 million excess tax benefits on
our equity-based compensation. Also during this period, HEP received $642.3 million and repaid $434.3 million under the HEP
Credit Agreement, paid $156.2 million upon the redemption of HEP's 8.25% senior notes and paid distributions of $78.2 million
to noncontrolling interests. During the year ended December 31, 2013, we received $73.4 million from the sale of HEP common
units, purchased $225.0 million in common stock, paid $645.9 million in dividends, paid $301.0 million upon the redemption of
our 9.875% senior notes and recognized $2.6 million excess tax benefits on our equity-based compensation. Also during this
period, HEP received $310.6 million and repaid $368.6 million under the HEP Credit Agreement, paid distributions of $71.2
million to noncontrolling interests and received proceeds of $73.4 million upon its March 2013 common unit offering.
Year Ended December 31, 2013 Compared to Year Ended December 31, 2012
Net cash flows used for financing activities were $1,160.0 million for the year ended December 31, 2013 compared to $772.8
million for the year ended December 31, 2012, an increase of $387.2 million. During the year ended December 31, 2013, we
received $73.4 million from the sale of HEP common units, purchased $225.0 million in common stock, paid $645.9 million in
dividends, paid $301.0 million upon the redemption of our 9.875% senior notes and recognized $2.6 million excess tax benefits
on our equity-based compensation. Also during this period, HEP received $310.6 million and repaid $368.6 million under the HEP
Credit Agreement, paid distributions of $71.2 million to noncontrolling interests and received proceeds of $73.4 million upon its
March 2013 common unit offering. During the year ended December 31, 2012, we purchased $209.6 million in common stock,
paid $658.1 million in dividends, paid $205.0 million in principal on our 9.875% senior notes and recognized $23.4 million excess
tax benefits on our equity-based compensation. Also during this period, HEP received $294.8 million in net proceeds upon the
issuance of the HEP 6.5% senior notes, paid $185.0 million in principal on the HEP 6.25% senior notes, received $587.0 million
and repaid $366.0 million under the HEP Credit Agreement and paid distributions of $58.8 million to noncontrolling interests.
Additionally, UNEV joint venture partner contributions of $6.0 million were received during the year ended December 31, 2012.
Contractual Obligations and Commitments
The following table presents our long-term contractual obligations as of December 31, 2014 in total and by period due beginning
in 2015. The table below does not include our contractual obligations to HEP under our long-term transportation agreements as
these related-party transactions are eliminated in the Consolidated Financial Statements. A description of these agreements is
provided under “Holly Energy Partners, L.P.” under Items 1 and 2, “Business and Properties.” Also, the table below does not
reflect renewal options on our operating leases that are likely to be exercised. Payments Due by Period
Contractual Obligations and Commitments Total Less than 1
Year 1-3 Years 3-5 Years Over 5 Years
(In thousands)
HollyFrontier Corporation (1)
Long-term debt - principal (2) $ 183,167 $ 1,880 $ 4,514 $ 155,745 $ 21,028
Long-term debt - interest (3) 64,065 14,233 27,711 15,307 6,814
Supply agreements (4) 4,049,303 332,626 995,790 837,367 1,883,520
Transportation and storage agreements (5) 1,186,720 157,931 248,432 194,086 586,271
Other long-term obligations 25,110 12,932 12,153 25 —
Operating leases 87,827 22,573 36,801 20,234 8,219
5,596,192 542,175 1,325,401 1,222,764 2,505,852
Holly Energy Partners
Long-term debt - principal (6) 871,000 — — 571,000 300,000
Long-term debt - interest (7) 156,795 31,886 63,773 51,386 9,750
Pipeline operating and right of way leases 17,972 6,928 10,462 316 266
Other agreements 13,823 1,785 3,388 2,356 6,294
1,059,590 40,599 77,623 625,058 316,310
Total $ 6,655,782 $ 582,774 $ 1,403,024 $ 1,847,822 $ 2,822,162