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Table of Contents HOLLYFRONTIER CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Continued
78
Derivatives in Net Asset Position Derivatives in Net Liability Position
Gross Assets
Gross
Liabilities
Offset in
Balance Sheet
Net Assets
Recognized in
Balance Sheet Gross
Liabilities
Gross Assets
Offset in
Balance Sheet
Net
Liabilities
Recognized in
Balance Sheet
(In thousands)
December 31, 2013
Derivatives designated as cash flow hedging instruments:
Commodity price swap
contracts $ — $ — $ — $ 63,561 $ (23,679) $ 39,882
Interest rate swap contracts 1,670 — 1,670 1,814 — 1,814
$ 1,670 $ — $ 1,670 $ 65,375 $ (23,679) $ 41,696
Derivatives not designated as cash flow hedging instruments:
Commodity price swap
contracts $ 6,972 $ — $ 6,972 $ 19,766 $ (12,611) $ 7,155
NYMEX futures contracts — — — 3,569 — 3,569
$ 6,972 $ — $ 6,972 $ 23,335 $ (12,611) $ 10,724
Total net balance $ 8,642 $ 52,420
Balance sheet classification: Prepayment and other $ 6,972 Accrued liabilities $ 26,843
Intangibles and other 1,670 Other long-term liabilities 25,577
$ 8,642 $ 52,420
At December 31, 2014, we had a pre-tax net unrealized gain of $11.5 million classified in accumulated other comprehensive
income that relates to all accounting hedges having contractual maturities through 2017. Assuming commodity prices and interest
rates remain unchanged, an unrealized gain of $35.3 million will be effectively transferred from accumulated other comprehensive
income into the statement of income as the hedging instruments contractually mature over the next twelve-month period.
NOTE 13: Income Taxes
The provision for income taxes is comprised of the following:
Years Ended December 31,
2014 2013 2012
(In thousands)
Current
Federal $ 294,509 $ 270,024 $ 797,406
State 40,325 7,148 135,148
Deferred
Federal (168,756) 94,896 70,671
State (24,906) 19,508 24,737
$ 141,172 $ 391,576 $ 1,027,962