Financial Instruments (Tables)

9 Months Ended

Sep. 30, 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 September 30, 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)
September 30, 2014
Assets:
Marketable securities	$	623,480	$	623,480	$	—	$	623,480	$	—
NYMEX futures contracts	1,848		1,848		1,848		—		—
Commodity price swaps	132,610		132,610		—		15,389		117,221
HEP interest rate swaps	1,545		1,545		—		1,545		—
Total assets	$	759,483	$	759,483	$	1,848	$	640,414	$	117,221
Liabilities:
Commodity price swaps	$	59,800	$	59,800	$	—	$	58,489	$	1,311
HollyFrontier senior notes	154,377		155,250		—		155,250		—
HEP senior notes	296,416		309,000		—		309,000		—
HEP interest rate swaps	1,231		1,231		—		1,231		—
Total liabilities	$	511,824	$	525,281	$	—	$	523,970	$	1,311

					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 and nine months ended September 30, 2014 and 2013:

	Three Months Ended September 30,						Nine Months Ended September 30,
Level 3 Financial Instruments	2014			2013			2014			2013
	(In thousands)
Asset (liability) balance at beginning of period	$	(75,637	)	$	37,126		$	(35,318	)	$	(33,658	)
Change in fair value:
Recognized in other comprehensive income	178,511			(9,956		)	65,816			(8,542		)
Recognized in cost of products sold	11,085			(17,194		)	12,970			30,027
Settlement date fair value of contractual maturities:
Recognized in sales and other revenues	6,202			10,138			80,476			25,454
Recognized in cost of products sold	(4,251		)	(8,460		)	(8,034		)	(1,627		)
Asset balance at end of period	$	115,910		$	11,654		$	115,910		$	11,654