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Table of Content
55
HOLLYFRONTIER CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
December 31,
2014 2013
ASSETS
Current assets:
Cash and cash equivalents (HEP: $2,830 and $6,352, respectively) $ 567,985 $ 940,103
Marketable securities 474,110 725,160
Total cash, cash equivalents and short-term marketable securities 1,042,095 1,665,263
Accounts receivable: Product and transportation (HEP: $40,129 and $34,736, respectively) 507,040 665,098
Crude oil resales 82,865 43,704
589,905 708,802
Inventories: Crude oil and refined products 920,104 1,241,448
Materials, supplies and other (HEP: $1,940 and $1,591, respectively) 115,027 112,799
1,035,131 1,354,247
Income taxes receivable 11,719 109,376
Prepayments and other (HEP: $2,443 and $2,283, respectively) 104,148 58,756
Total current assets 2,782,998 3,896,444
Properties, plants and equipment, at cost (HEP: $1,269,161 and $1,199,594, respectively) 4,852,441 4,343,857
Less accumulated depreciation (HEP: $(244,850) and $(194,619), respectively) (1,181,902) (949,261)
3,670,539 3,394,596
Other assets: Turnaround costs 257,153 258,436
Goodwill (HEP: $288,991 and $288,991, respectively) 2,331,781 2,331,922
Intangibles and other (HEP: $73,928 and $74,979, respectively) 188,169 175,341
2,777,103 2,765,699
Total assets $ 9,230,640 $ 10,056,739
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable (HEP: $17,881 and $22,898, respectively) $ 1,108,138 $ 1,325,376
Income taxes payable 19,642 —
Accrued liabilities (HEP: $26,321 and $28,668, respectively) 106,214 125,115
Deferred income tax liabilities 17,409 223,999
Total current liabilities 1,251,403 1,674,490
Long-term debt (HEP: $867,579 and $807,630, respectively) 1,054,890 997,519
Deferred income taxes (HEP: $367 and $336, respectively) 646,870 616,842
Other long-term liabilities (HEP: $47,170 and $35,918, respectively) 176,758 158,490
Equity:
HollyFrontier stockholders’ equity:
Preferred stock, $1.00 par value – 5,000,000 shares authorized; none issued — —
Common stock $.01 par value – 320,000,000 shares authorized; 255,962,866 shares issued as of
December 31, 2014 and December 31, 2013 2,560 2,560
Additional capital 4,003,628 3,990,630
Retained earnings 2,778,577 3,144,480
Accumulated other comprehensive income 27,894 822
Common stock held in treasury, at cost – 59,876,776 and 57,132,515 shares as of
December 31, 2014 and December 31, 2013, respectively (1,289,075)(1,138,872)
Total HollyFrontier stockholders’ equity 5,523,584 5,999,620
Noncontrolling interest 577,135 609,778
Total equity 6,100,719 6,609,398
Total liabilities and equity $ 9,230,640 $ 10,056,739
Parenthetical amounts represent asset and liability balances attributable to Holly Energy Partners, L.P. (“HEP”) as of December 31, 2014 and December 31,
2013. HEP is a consolidated variable interest entity.
See accompanying notes.