| Fair Value Measurements of Asset and Liability Instruments |
The carrying amounts of derivative instruments and RINs receivable and credit obligations at June 30, 2023 and December 31, 2022 were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value by Input Level | | | Carrying Amount | | Level 1 | | Level 2 | | Level 3 | | | (In thousands) | | June 30, 2023 | | | | | | | | | | Assets: | | | | | | | | | | NYMEX futures contracts | | $ | 276 | | | $ | 276 | | | $ | — | | | $ | — | | | Commodity price swaps | | 4,383 | | | — | | | 4,383 | | | — | | | Commodity forward contracts | | 464 | | | — | | | 464 | | | — | | RINs receivable (1) | | 38,013 | | | — | | | 38,013 | | | — | | | Foreign currency forward contracts | | 2,832 | | | — | | | 2,832 | | | — | | | Total assets | | $ | 45,968 | | | $ | 276 | | | $ | 45,692 | | | $ | — | | | | | | | | | | | | Liabilities: | | | | | | | | | | | | | | | | | | | Commodity collar contracts | | $ | 10,626 | | | $ | — | | | $ | 10,626 | | | $ | — | | | | | | | | | | | | Commodity forward contracts | | 341 | | | — | | | 341 | | | — | | | Foreign currency forward contracts | | 6,377 | | | — | | | 6,377 | | | — | | RINs credit obligations (1) | | 38,013 | | | — | | | 38,013 | | | — | | | Total liabilities | | $ | 55,357 | | | $ | — | | | $ | 55,357 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value by Input Level | | | Carrying Amount | | Level 1 | | Level 2 | | Level 3 | | | (In thousands) | | December 31, 2022 | | | | | | | | | | Assets: | | | | | | | | | | Commodity price swaps | | $ | 342 | | | $ | — | | | $ | 342 | | | $ | — | | | Commodity forward contracts | | 2,949 | | | — | | | 2,949 | | | — | | RINs receivable (1) | | 81,232 | | | — | | | 81,232 | | | — | | | Foreign currency forward contracts | | 15,359 | | | — | | | 15,359 | | | — | | | Total assets | | $ | 99,882 | | | $ | — | | | $ | 99,882 | | | $ | — | | | | | | | | | | | | Liabilities: | | | | | | | | | | NYMEX futures contracts | | $ | 2,750 | | | $ | 2,750 | | | $ | — | | | $ | — | | | | | | | | | | | | Commodity collar contracts | | 6,275 | | | — | | | 6,275 | | | — | | | Commodity forward contracts | | 2,987 | | | — | | | 2,987 | | | — | | | | | | | | | | | RINs credit obligations (1) | | 81,232 | | | — | | | 81,232 | | | — | | | Total liabilities | | $ | 93,244 | | | $ | 2,750 | | | $ | 90,494 | | | $ | — | |
(1)REH Company is financially responsible for satisfaction of RINs credit obligations for all periods prior to the closing of the Sinclair Transactions. See Note 2 for additional information on RINs credit obligations assumed in the Sinclair Transactions.
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