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Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2017
Financial Instruments, Owned, at Fair Value [Abstract]  
Fair Value Measurements Of Asset and Liability Instruments
The carrying amounts of marketable securities, derivative instruments and RINs credit obligations at September 30, 2017 and December 31, 2016 were as follows:
 
 
 
 
Fair Value by Input Level
 
 
Carrying Amount
 
Level 1
 
Level 2
 
Level 3
 
 
(In thousands)
September 30, 2017
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Commodity price swaps
 
$
5,556

 
$
—

 
$
5,556

 
$
—

Commodity forward contracts
 
1,358

 
—

 
1,358

 
—

Total assets
 
$
6,914

 
$
—

 
$
6,914

 
$
—

 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
NYMEX futures contracts
 
$
5,881

 
$
5,881

 
$
—

 
$
—

Commodity price swaps
 
16,030

 
—

 
12,401

 
3,629

Commodity forward contracts
 
1,611

 
—

 
1,611

 
—

RINs credit obligations (1)
 
22,586

 
—

 
22,586

 
—

Total liabilities
 
$
46,108

 
$
5,881

 
$
36,598

 
$
3,629

December 31, 2016
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Marketable securities
 
$
424,148

 
$
—

 
$
424,148

 
$
—

Commodity price swaps
 
14,563

 
—

 
14,358

 
205

Commodity forward contracts
 
5,905

 
—

 
5,905

 
—

HEP interest rate swaps
 
91

 
—

 
91

 
—

Total assets
 
$
444,707

 
$
—

 
$
444,502

 
$
205

 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
NYMEX futures contracts
 
$
1,975

 
$
1,975

 
$
—

 
$
—

Commodity price swaps
 
26,845

 
—

 
24,086

 
2,759

Commodity forward contracts
 
8,316

 
—

 
8,316

 
—

Foreign currency forward contracts
 
6,519

 
—

 
6,519

 
—

Total liabilities
 
$
43,655

 
$
1,975

 
$
38,921

 
$
2,759
Fair Value, Recurring Basis, Level 3 Roll Forward
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, 2017:
    
 
 
Three Months Ended
September 30, 2017
 
Nine Months Ended
September 30, 2017
Level 3 Instruments
 
 
 
 
(In thousands)
Liability balance at beginning of period
 
$
—

 
$
(2,554
)
Change in fair value:
 
 
 
 
Recognized in other comprehensive income
 
—

 
1,625

Recognized in cost of products sold
 
(3,629
)
 
(3,630
)
Settlement date fair value of contractual maturities:
 
 
 
 
Recognized in sales and other revenues
 
—

 
(165
)
Recognized in cost of products sold
 
—

 
1,095

Liability balance at end of period
 
$
(3,629
)
 
$
(3,629
)