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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2017
Financial Instruments, Owned, at Fair Value [Abstract]  
Carrying Amounts and Estimated Fair Values of Marketable Securities, Derivatives and Senior Notes
The carrying amounts of marketable securities, derivative instruments and RINs credit obligations at December 31, 2017 and December 31, 2016 were as follows:
 
 
 
 
Fair Value by Input Level
Financial Instrument
 
Carrying Amount
 
Level 1
 
Level 2
 
Level 3
 
 
(In thousands)
December 31, 2017
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
Commodity forward contracts
 
$
3,840

 
$
—

 
$
3,840

 
$
—

Total assets
 
$
3,840

 
$
—

 
$
3,840

 
$
—

 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
NYMEX futures contracts
 
$
3,360

 
$
3,360

 
$
—

 
$
—

Commodity price swaps
 
2,424

 
—

 
2,424

 
—

Commodity forward contracts
 
1,020

 
—

 
1,020

 
—

RINs credit obligations (1)
 
8,931

 
—

 
8,931

 
—

Total liabilities
 
$
15,735

 
$
3,360

 
$
12,375

 
$
—

 
 
 
 
Fair Value by Input Level
Financial Instrument
 
Carrying Amount
 
Level 1
 
Level 2
 
Level 3
 
 
(In thousands)
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, 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, 2017 and 2016:

 
 
Years Ended December 31,
Level 3 Financial Instruments
 
2017
 
2016
 
(In thousands)
Liability balance at beginning of period
 
$
(2,554
)
 
$
—

Change in fair value:
 
 
 
 
Recognized in other comprehensive income
 
1,626

 
(1,460
)
Recognized in cost of products sold
 
(4,664
)
 
(1,094
)
Settlement date fair value of contractual maturities:
 
 
 
 
Recognized in sales and other revenues
 
(165
)
 
—

Recognized in cost of products sold
 
5,757

 
—

Liability balance at end of period
 
$
—

 
$
(2,554
)