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Other Comprehensive Income (Loss) | 6 Months Ended
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Jun. 30, 2024
Other Comprehensive Income (Loss), before Tax [Abstract] |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) The components and allocated tax effects of other comprehensive income (loss) are as follows:
|  | Before-Tax |  | Tax Expense (Benefit) |  | After-Tax
|  | (In thousands)
Three Months Ended June 30, 2024 |  |  |  |  |  |
Net change in foreign currency translation adjustment |  | $ | (5,241) |  |  | $ | (1,101) |  |  | $ | (4,140) |
Net unrealized loss on hedging instruments |  | (456) |  |  | (110) |  |  | (346) |
Net change in pension and other post-retirement benefit obligations |  | (716) |  |  | (166) |  |  | (550) |
Other comprehensive loss attributable to HF Sinclair stockholders |  | $ | (6,413) |  |  | $ | (1,377) |  |  | $ | (5,036) |
Three Months Ended June 30, 2023 |  |  |  |  |  |
Net change in foreign currency translation adjustment |  | $ | 9,852 |  |  | $ | 2,076 |  |  | $ | 7,776 |
Net unrealized loss on hedging instruments |  | (271) |  |  | (66) |  |  | (205) |
Net change in pension and other post-retirement benefit obligations |  | (960) |  |  | (233) |  |  | (727) |
Other comprehensive income attributable to HF Sinclair stockholders |  | $ | 8,621 |  |  | $ | 1,777 |  |  | $ | 6,844 |
|  | Before-Tax |  | Tax Expense (Benefit) |  | After-Tax
|  | (In thousands)
Six Months Ended June 30, 2024 |  |  |  |  |  |
Net change in foreign currency translation adjustment |  | $ | (17,847) |  |  | $ | (3,744) |  |  | $ | (14,103) |
Net unrealized loss on hedging activities |  | (456) |  |  | (110) |  |  | (346) |
Net change in pension and other post-retirement benefit obligations |  | (1,415) |  |  | (335) |  |  | (1,080) |
Other comprehensive loss attributable to HF Sinclair stockholders |  | $ | (19,718) |  |  | $ | (4,189) |  |  | $ | (15,529) |
Six Months Ended June 30, 2023 |  |  |  |  |  |
Net change in foreign currency translation adjustment |  | $ | 12,778 |  |  | $ | 2,690 |  |  | $ | 10,088 |
Net change in pension and other post-retirement benefit obligations |  | (1,920) |  |  | (466) |  |  | (1,454) |
Other comprehensive income attributable to HF Sinclair stockholders |  | $ | 10,858 |  |  | $ | 2,224 |  |  | $ | 8,634 |
The following table presents the statements of income line item effects for reclassifications out of accumulated other comprehensive income (“AOCI”):
|  | Three Months Ended June 30, |  |
AOCI Component |  | 2024 |  | 2023 |  | Statement of Income Line Item
|  | (In thousands) |  |
Hedging instruments: |  |  |  |  |  |
Commodity price swaps |  | $ | (305) |  |  | $ | 271 |  |  | Sales and other revenues
|  | (74) |  |  | 66 |  |  | Income tax expense (benefit)
|  | (231) |  |  | 205 |  |  | Net of tax
Other post-retirement benefit obligations: |  |  |  |  |  |
Pension obligations |  | (215) |  |  | 45 |  |  | Gain (loss) on sale of assets and other
|  | (61) |  |  | 11 |  |  | Income tax expense (benefit)
|  | (154) |  |  | 34 |  |  | Net of tax
Post-retirement healthcare obligations |  | 935 |  |  | 918 |  |  | Gain on sale of assets and other
|  | 228 |  |  | 223 |  |  | Income tax expense
|  | 707 |  |  | 695 |  |  | Net of tax
Retirement restoration plan |  | (4) |  |  | (3) |  |  | Loss on sale of assets and other
|  | (1) |  |  | (1) |  |  | Income tax benefit
|  | (3) |  |  | (2) |  |  | Net of tax
Total reclassifications for the period |  | $ | 319 |  |  | $ | 932 |  |  |
|  | Six Months Ended June 30, |  |
AOCI Component |  | 2024 |  | 2023 |  | Statement of Income Line Item
|  | (In thousands) |  |
Hedging instruments: |  |  |  |  |  |
Commodity price swaps |  | $ | (4,592) |  |  | $ | 270 |  |  | Sales and other revenues
|  | (1,113) |  |  | 65 |  | Income tax expense
|  | (3,479) |  |  | 205 |  |  | Net of tax
Other post-retirement benefit obligations: |  |  |  |  |  |
Pension obligations |  | (432) |  |  | 90 |  | Gain (loss) on sale of assets and other
|  | (114) |  |  | 22 |  | Income tax expense
|  | (318) |  |  | 68 |  |  | Net of tax
Post-retirement healthcare obligations |  | 1,857 |  |  | 1,836 |  | Gain on sale of assets and other
|  | 451 |  |  | 445 |  | Income tax expense
|  | 1,406 |  |  | 1,391 |  |  | Net of tax
Retirement restoration plan |  | (10) |  |  | (6) |  |  | Gain on sale of assets and other
|  | (2) |  |  | (1) |  |  | Income tax benefit
|  | (8) |  |  | (5) |  |  | Net of tax
Total reclassifications for the period |  | $ | (2,399) |  |  | $ | 1,659 |  |  |
Accumulated other comprehensive loss in the equity section of our consolidated balance sheets includes:
|  | June 30, 2024 |  | December 31, 2023
|  | (In thousands)
Foreign currency translation adjustment |  | $ | (37,129) |  |  | $ | (23,026) |
Unrealized gain on pension obligations |  | 1,051 |  |  | 619 |
Unrealized gain on post-retirement benefit obligations |  | 9,111 |  |  | 10,623 |
Unrealized loss on hedging instruments |  | (346) |  |  | — |
Accumulated other comprehensive loss |  | $ | (27,313) |  |  | $ | (11,784) |

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- Definition The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(19)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(21)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(23)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/220/tableOfContent + Details
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