Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2015

Financial Instruments, Owned, at Fair Value [Abstract]

Carrying Amounts and Estimated Fair Values of Marketable Securities, Derivatives and Senior Notes

The carrying amounts and estimated fair values of investments in marketable securities, derivative instruments and senior notes at December 31, 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)
December 31, 2015
Assets:
Marketable securities	$	144,019	$	144,019	$	—	$	144,019	$	—
NYMEX futures contracts	3,469		3,469		3,469		—		—
Commodity price swaps	37,097		37,097		—		37,097		—
HEP interest rate swaps	304		304		—		304		—
Total assets	$	184,889	$	184,889	$	3,469	$	181,420	$	—
Liabilities:
Commodity price swaps	$	98,930	$	98,930	$	—	$	98,930	$	—
HEP senior notes	296,752		295,500		—		295,500		—
HEP interest rate swaps	114		114		—		114		—
Total liabilities	$	395,796	$	394,544	$	—	$	394,544	$	—

					Fair Value by Input Level
Financial Instrument	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
	(In thousands)
December 31, 2014
Assets:
Marketable securities	$	474,110	$	474,110	$	—	$	474,110	$	—
NYMEX futures contract	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	295,986		291,000		—		291,000		—
HEP interest rate swaps	1,065		1,065		—		1,065		—
Total liabilities	$	648,092	$	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 years ended December 31, 2015 and 2014:

		Years Ended December 31,
Level 3 Financial Instruments		2015			2014
	(In thousands)
Liability balance at beginning of period		$	—		$	(35,318	)
Change in fair value:
Recognized in other comprehensive income		3,852			304,275
Recognized in cost of products sold		—			14,876
Settlement date fair value of contractual maturities:
Recognized in sales and other revenues		(3,852		)	(88,326		)
Recognized in cost of products sold		—			(21,848		)
Transfer out of Level 3		—			(173,659		)
Liability balance at end of period		$	—		$	—