(7) December 31, 2011 amounts have been recast as if UNEV had been under
our control at December 31, 2011. The impact on partners' equity from
this recast was an increase of $314 million at December 31, 2011.
Accounting rules for transactions between companies under common control
require pre-acquisition periods to reflect HFC's historic basis in
transferred assets and liabilities, notwithstanding how the transaction
is ultimately financed. With the close of the UNEV acquisition in July
2012, we adjusted partners' equity to reflect the actual financing of
the transaction. This included cash consideration of approximately
$260.9 million which was financed through long-term borrowings.
The reduction in partners' equity when comparing the reported periods is
due principally to the recast accounting treatment.
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