HOLLYFRONTIER CORP HFC Cash Flow

Hollyfrontier corp (HFC)

CashFlow / Yearly

Dec'19	Dec'18	Dec'17	Dec'16	Dec'15	Dec'14	Dec'13	Dec'12	Dec'11	Dec'10	Dec'09	Dec'08
Cash flows from operating activities:
Net income
872,352	1,177,224	881,242	-190,945	802,508	326,328	767,823	1,760,033	1,059,704	133,051	53,269	126,636
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization
509,925	437,324	409,937	363,027	346,151	363,381	303,446	242,868	159,707	117,529	99,633	63,789
Goodwill and Intangible Asset Impairment
152,700	0	19,247	654,084	0	0	-	-	-	-	-	-
Lower of cost or market inventory valuation adjustment
119,775	-136,305	108,685	-	-	-	-	-	-	-	-	-
Lower of cost or market inventory valuation adjustment
-	136,305	-	-291,938	226,979	397,478	0	0	-	-	-	-
Earnings of equity method investments, inclusive of distributions
213	149	-1,450	-961	-8,613	-5,257	-5,198	-701	-387	-482	419	-
Loss on early extinguishment of debt attributable to unamortized discount
0	0	2,475	8,718	-3,788	1,489	7,948	0	0	-	-	-
Remeasurement gain on HEP pipeline interest acquisitions
0	0	-36,254	0	0	-	-	-	-	-	-	-
(Gain) loss on sale of assets
50	2,171	508	-72	-8,677	866	0	326	0	0	14,479	5,958
Deferred income taxes
78,666	76,969	-137,522	98,592	-146,136	-193,662	114,404	95,408	-8,860	23,840	37,522	32,934
Equity-based compensation expense
42,269	42,172	42,337	25,561	30,367	29,598	35,775	39,203	26,825	11,498	7,549	7,467
Change in fair value - derivative instruments
36,888	31,515	4,265	12,155	-38,525	-22,668	-53,185	52,335	-306	-1,464	-175	-2,282
Excess tax expense from equity-based compensation
-	-	-	4,209	0	-	-	-	-	-	-	-
Loss on settlement of retirement benefit obligations, net of contributions
-	-	-	-	-	-	-16,771	19,524	6,049	-	-	-
Impairment of equity securities
-	-	-	-	-	-	-	-	-	-	-	3,724
(Increase) decrease in current assets:
Accounts receivable
150,437	-35,793	115,322	127,221	-238,392	108,876	-68,832	71,627	-373,591	-43,437	474,205	-331,978
Inventories
91,599	-136,551	162,297	1,869	33,717	78,842	15,929	205,013	56,828	96,854	17,904	-15,006
Income taxes receivable
32,368	-7,752	-50,601	68,371	-11,719	-94,237	34,419	-19,056	36,394	14,990	33,270	-10,006
Prepayments and other
3,633	10,340	6,753	-16,555	-13,291	-1,486	-1,377	9,366	14,214	-369	15,816	398
Increase (decrease) in current liabilities:
Accounts payable
312,794	-326,030	188,975	247,603	-406,339	-217,541	2,068	-194,051	-251,428	70,279	583,550	-393,186
Income taxes payable
-9,048	-15,281	18,525	8,142	11,500	19,642	0	-40,366	72,091	0	-	1,781
Accrued liabilities
13,748	53,281	57,227	16,142	-6,924	8,047	-41,229	-39,851	60,467	22,414	1,651	-2,149
Turnaround expenditures
318,415	217,228	135,104	125,254	89,365	96,803	193,920	159,707	32,023	34,966	33,541	34,751
Other, net
18,601	-18,855	-22,118	-5,881	24,231	-13,159	-21,878	-49,660	8,891	-5,702	-17,830	-6,738
Net cash provided by (used for) operating activities
1,548,611	1,554,416	951,390	606,948	985,868	758,596	869,174	1,662,687	1,338,391	283,255	211,545	155,490
Cash flows from investing activities:
Additions to properties, plants and equipment
263,651	256,888	227,449	372,195	483,034	366,135	368,514	290,334	158,026	103,722	269,552	383,742
Purchase of Red Giant Oil, net of cash acquired
-	-	-	0	-	-	-	-	-	-	-	-
Purchase of equity method investment - HEP
-	-	-	-	-	-	-	-	-	-	-	290
Purchase of business, net of cash acquired
662,665	54,179	870,627	0	0	-	11,301	0	0	-	267,141	-
Purchase of pipeline interests, net of cash acquired - HEP
17,886	0	0	-	-	-	-	-	-	-	-	-
Proceeds from sale of assets
194	3,100	1,377	849	19,264	16,633	7,802	0	0	-	-	-
Purchases of marketable securities
0	0	41,565	546,632	509,338	1,025,602	935,512	671,552	561,899	0	175,892	769,142
Acquisition of logistics assets from Sinclair Oil Company
-	-	-	-	-	-	-	-	-	-	-25,665	-
Increase in cash due to merger with Frontier
-	-	-	-	-	-	-	-	872,739	0	-	-
Investment in Sabine Biofuels
-	-	-	-	-	-	-	-	9,125	0	-	-
Net repayment of advances to Sabine Biofuels
-	-	-	-	-	-	-	-	0	-	-	-
Proceeds from sale of interest in Rio Grande Pipeline Company, net of transferred cash
-	-	-	-	-	-	-	-	-	-	31,865	-
Proceeds from sale of crude pipelines and tank age assets
-	-	-	-	-	-	-	-	-	-	-	171,000
Proceeds from sale of Holly Petroleum, Inc.
-	-	-	-	-	-	-	-	-	-	-	5,958
Increase in cash due to consolidation of Holly Energy Partners
-	-	-	-	-	-	-	-	-	-	-	7,295
Sales and maturities of marketable securities
0	0	465,716	266,603	839,513	1,276,447	846,143	297,711	301,020	0	230,281	945,461
Other, net
1,206	1,588	3,134	0	0	5,021	-8,740	-2,000	-	-	-	-
Net Cash Provided by (Used in) Investing Activities
-972,914	-360,520	-959,670	-801,597	-381,748	-292,322	-526,735	-711,104	228,494	-213,232	-534,603	-57,777
Cash flows from financing activities:
Borrowings under credit agreement
365,500	337,000	995,000	869,000	-	-	-	-	-	310,000	94,000	-
Repayments under credit agreement
323,000	426,000	536,000	1,028,000	-	-	-	-	-	310,000	94,000	-
Proceeds from issuance of senior notes - HEP
-	-	-	992,550	0	0	-	-	-	-	287,925	-
Proceeds from issuance of term loan - HFC
-	-	-	350,000	0	0	-	-	-	-	-	-
Proceeds from Plains financing transaction
-	-	-	-	-	-	-	-	-	-	40,000	-
Repayments of Other Long-term Debt
-	-	-	350,000	0	0	-	-	-	-	-	-
Proceeds from issuance of common units - HEP
-	-	-	-	155,156	0	300,973	205,000	8,203	-	-	-
Proceeds (repayments) of financing arrangements
0	32,547	0	-39,500	-	-	-	-	-	-	-	-
Repayment of financing obligation
-	-	-	-	0	0	-	-	-	-	-	-
Proceeds from issuance of common units - HEP
0	114,759	52,110	125,870	0	0	-	-	-	-	-	-
Redemption of senior notes
-	-	-	-	-	-	-	-	-	0	-	-
Proceeds from sale of HEP common units
-	-	-	-	-	-	73,444	0	0	-	-	-
Proceeds from common unit offerings HEP
-	-	-	-	-	-	73,444	-	-	-	-	-
Purchase of treasury stock
533,083	363,437	15,926	138,107	742,823	158,847	225,023	209,600	42,795	1,368	1,214	151,106
Structured stock repurchase arrangement
-	-	-	-	-	-	-	-	0	0	-	-
Contribution from joint venture partner
-	-	-	-	-	-	-	-	33,500	23,500	15,150	17,000
Dividends
225,170	233,544	235,508	234,004	246,908	647,197	645,920	658,085	252,133	31,868	30,123	29,064
Proceeds from Contributions from Affiliates
3,210	0	0	-	-	-	-	-	-	-	-	-
Excess tax benefit from equity-based compensation
-	-	-	-	-	2,040	2,562	23,361	1,804	-1,094	-1,209	5,694
Payments of Ordinary Dividends, Noncontrolling Interest
132,268	125,653	110,351	92,607	83,268	78,202	71,201	58,788	50,874	48,493	33,200	22,098
Shares withheld for tax withholding obligations
1,551	0	0	-	6,242	-	-	-	-	-	-	-
Purchase of units for incentive grants HEP
-	-	-	-	-	-	-	4,713	-	-	-	795
Deferred financing costs
-	-	-	-	-	-	-	-	-	3,121	8,842	913
Issuance of common stock upon exercise of options
-	-	-	-	-	-	-	-	-	-	134	1,005
Proceeds from (Payments for) Other Financing Activities
1,893	0	13,955	10,507	12,175	7,998	-8,368	4,574	-13,555	-910	-191	-
Net cash used for financing activities
-848,255	-664,328	-72,630	838,695	-1,105,572	-838,392	-1,160,035	-772,788	-217,082	34,482	406,849	-151,277
Effect of exchange rate on cash flow
2,968	-5,573	1,088	0	0	-	-	-	-	-	-	-
Cash and cash equivalents:
Increase (decrease) for the period
-269,590	523,995	-79,822	644,046	-501,452	-372,118	-817,596	178,795	1,349,803	104,505	83,791	-53,564
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest
133,809	130,106	124,375	54,074	46,442	55,716	76,647	101,709	78,483	66,674	39,995	14,346
Income taxes, net
178,967	252,644	93,272	40,236	586,447	237,907	372,846	983,618	552,487	62,084	19,344	21,084
HEP
Depreciation and amortization
96,706	98,492	77,660	68,811	-	-	-	-	-	-	-	-
Additions to properties, plants and equipment
30,112	54,141	44,810	107,595	-	-	-	-	-	-	-	-
Variable Interest Entity, Primary Beneficiary [Member]
Goodwill and Intangible Asset Impairment
0	-	0	0	-	-	-	-	-	-	-	-
Purchase of pipeline interests, net of cash acquired - HEP
0	0	245,446	42,627	-	-	-	-	-	-	-	-
Proceeds from issuance of senior notes
0	0	101,750	394,000	-	-	-	-	-	-	-	-
Redemption of senior notes - HEP
0	0	309,750	0	-	156,188	-	-	-	-	-	-