Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2013

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 our investments in marketable securities, derivative instruments and senior notes at December 31, 2013 and December 31, 2012 were as follows:

					Fair Value by Input Level
Financial Instrument	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
			(In thousands)
December 31, 2013
Assets:
Marketable securities	$	725,160	$	725,160	$	—	$	725,160	$	—
Commodity price swaps	43,284		43,284		—		36,312		6,972
HEP interest rate swaps	1,670		1,670		—		1,670		—
Total assets	$	770,114	$	770,114	$	—	$	763,142	$	6,972
Liabilities:
NYMEX futures contracts	$	3,569	$	3,569	$	3,569	$	—	$	—
Commodity price swaps	83,349		83,349		—		41,059		42,290
HollyFrontier senior notes	155,054		161,250		—		161,250		—
HEP senior notes	444,630		471,750		—		471,750		—
HEP interest rate swaps	1,814		1,814		—		1,814		—
Total liabilities	$	688,416	$	721,732	$	3,569	$	675,873	$	42,290

December 31, 2012
Assets:
Marketable securities	$	635,702	$	635,702	$	—	$	635,702	$	—
Commodity price swaps	17,383		17,383		—		6,151		11,232
Total assets	$	653,085	$	653,085	$	—	$	641,853	$	11,232
Liabilities:
NYMEX futures contracts	$	5,563	$	5,563	$	5,563	$	—	$	—
Commodity price swaps	83,982		83,982		—		39,092		44,890
HollyFrontier senior notes	435,254		470,990		—		470,990		—
HEP senior notes	443,673		484,125		—		484,125		—
HEP interest rate swaps	3,430		3,430		—		3,430		—
Total liabilities	$	971,902	$	1,048,090	$	5,563	$	997,637	$	44,890

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, 2013 and 2012:

		Years Ended December 31,
Level 3 Financial Instruments		2013			2012
	(In thousands)
Asset (liability) balance at beginning of period		$	(33,658	)	$	31,616
Change in fair value:
Recognized in other comprehensive income		(71,751		)	(120,966		)
Recognized in cost of products sold		35,236			(39,463		)
Settlement date fair value of contractual maturities:
Recognized in sales and other revenues		20,060			98,750
Recognized in cost of products sold		14,795			(3,595		)
Liability balance at end of period		$	(35,318	)	$	(33,658	)