Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2014

Financial Instruments, Owned, at Fair Value [Abstract]

Estimated Fair Values Of Debt Instruments

The carrying amounts and estimated fair values of our investments in marketable securities, derivative instruments and senior notes at March 31, 2014 and December 31, 2013 were as follows:

					Fair Value by Input Level
Financial Instrument	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
	(In thousands)
March 31, 2014
Assets:
Marketable securities	$	715,518	$	715,518	$	—	$	715,518	$	—
Commodity price swaps	129,128		129,128		—		110,015		19,113
Forward sales contracts	2,089		2,089		—		—		2,089
HEP interest rate swaps	1,628		1,628		—		1,628		—
Total assets	$	848,363	$	848,363	$	—	$	827,161	$	21,202
Liabilities:
NYMEX futures contracts	$	3,450	$	3,450	$	3,450	$	—	$	—
Commodity price swaps	76,297		76,297		—		32,622		43,675
HollyFrontier senior notes	154,830		160,688		—		160,688		—
HEP senior notes	296,090		319,500		—		319,500		—
HEP interest rate swaps	1,677		1,677		—		1,677		—
Total liabilities	$	532,344	$	561,612	$	3,450	$	514,487	$	43,675

					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

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 months ended March 31, 2014 and 2013:

	Three Months Ended March 31,
Level 3 Financial Instruments	2014			2013
	(In thousands)
Liability balance at beginning of period	$	(35,318	)	$	(33,658	)
Change in fair value:
Recognized in other comprehensive income	(22,137		)	(49,202		)
Recognized in cost of products sold	8,970			43,559
Settlement date fair value of contractual maturities:
Recognized in sales and other revenues	25,331			19,185
Recognized in cost of products sold	681			13,867
Liability balance at end of period	$	(22,473	)	$	(6,249	)