HollyFrontier 2014 Annual Report Download - page 87
Download and view the complete annual report
Please find page 87 of the 2014 HollyFrontier annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77 -
78 -
79 -
80 -
81 -
82 -
83 -
84 -
85 -
86 -
87 -
88 -
89 -
90 -
91 -
92 -
93 -
94 -
95 -
96 -
97 -
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
 |
 |
Table of Contents HOLLYFRONTIER CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Continued
79
The statutory federal income tax rate applied to pre-tax book income reconciles to income tax expense as follows:
Years Ended December 31,
2014 2013 2012
(In thousands)
Tax computed at statutory rate $ 163,625 $ 405,790 $ 975,798
State income taxes, net of federal tax benefit 13,641 21,363 110,739
Domestic production activities deduction (20,998)(22,101)(54,745)
Noncontrolling interest in net income (17,431)(12,378)(12,783)
Uncertain tax positions — (193) 7,309
Other 2,335 (905) 1,644
$ 141,172 $ 391,576 $ 1,027,962
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities
for financial reporting purposes and the amounts used for income tax purposes. Our deferred income tax assets and liabilities as
of December 31, 2014 and 2013 are as follows:
December 31, 2014
Assets Liabilities Total
(In thousands)
Deferred income taxes
Accrued employee benefits $ 6,854 $ — $ 6,854
Accrued environmental costs 5,930 — 5,930
Hedging instruments — (21,185)(21,185)
Inventory differences — (7,375)(7,375)
Prepaid insurance — (4,793)(4,793)
Prepayments and other 3,160 — 3,160
Total current 15,944 (33,353)(17,409)
Properties, plants and equipment (due primarily to tax in
excess of book depreciation) —(581,017)(581,017)
Accrued employee benefits 16,120 — 16,120
Accrued post-retirement benefits 9,716 — 9,716
Accrued environmental costs 24,814 — 24,814
Hedging instruments 9,584 — 9,584
Deferred turnaround costs — (110,827)(110,827)
Net operating loss and tax credit carryforwards 10,119 — 10,119
Investment in HEP — (25,244)(25,244)
Other — (135)(135)
Total noncurrent 70,353 (717,223)(646,870)
Total $ 86,297 $ (750,576) $ (664,279)