Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2015

Financial Instruments, Owned, at Fair Value [Abstract]

Estimated Fair Values Of Debt Instruments

The carrying amounts and estimated fair values of investments in marketable securities, derivative instruments and senior notes at September 30, 2015 and December 31, 2014 were as follows:

					Fair Value by Input Level
Financial Instrument	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
	(In thousands)
September 30, 2015
Assets:
Marketable securities	$	387,053	$	387,053	$	—	$	387,053	$	—
NYMEX futures contracts	5,064		5,064		5,064		—		—
Commodity price swaps	113,956		113,956		—		113,956		—
Forward contracts	2,496		2,496		—		2,496		—
Total assets	$	508,569	$	508,569	$	5,064	$	503,505	$	—
Liabilities:
Commodity price swaps	$	140,194	$	140,194	$	—	$	140,194	$	—
HEP senior notes	297,067		288,000		—		288,000		—
HEP interest rate swaps	834		834		—		834		—
Total liabilities	$	438,095	$	429,028	$	—	$	429,028	$	—

December 31, 2014
Assets:
Marketable securities	$	474,110	$	474,110	$	—	$	474,110	$	—
NYMEX futures contracts	17,619		17,619		17,619		—		—
Commodity price swaps	208,296		208,296		—		208,296		—
HEP interest rate swaps	1,019		1,019		—		1,019		—
Total assets	$	701,044	$	701,044	$	17,619	$	683,425	$	—
Liabilities:
Commodity price swaps	$	196,897	$	196,897	$	—	$	196,897	$	—
HollyFrontier senior notes	154,144		155,250		—		155,250		—
HEP senior notes	296,579		291,000		—		291,000		—
HEP interest rate swaps	1,065		1,065		—		1,065		—
Total liabilities	$	648,685	$	644,212	$	—	$	644,212	$	—

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table presents the changes in fair value of our Level 3 assets and liabilities (all related to derivative instruments) for the three and nine months ended September 30, 2015 and 2014:

	Three Months Ended September 30,					Nine Months Ended September 30,
Level 3 Financial Instruments	2015		2014			2015			2014
	(In thousands)
Liability balance at beginning of period	$	—	$	(75,637	)	$	—		$	(35,318	)
Change in fair value:
Recognized in other comprehensive income	—		178,511			3,852			65,816
Recognized in cost of products sold	—		11,085			—			12,970
Settlement date fair value of contractual maturities:
Recognized in sales and other revenues	—		6,202			(3,852		)	80,476
Recognized in cost of products sold	—		(4,251		)	—			(8,034		)
Asset balance at end of period	$	—	$	115,910		$	—		$	115,910