Cover
Cover - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 16, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-33492 | ||
Entity Registrant Name | CVR Energy, Inc | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 61-1512186 | ||
Entity Address, Address Line One | 2277 Plaza Drive, Suite 500 | ||
Entity Address, City or Town | Sugar Land | ||
Entity Address, State or Province | TX | ||
Entity Address, Postal Zip Code | 77479 | ||
City Area Code | 281 | ||
Local Phone Number | 207-3200 | ||
Title of 12(b) Security | Common Stock, $0.01 par value per share | ||
Trading Symbol | CVI | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 879 | ||
Entity Common Stock, Shares Outstanding | 100,530,599 | ||
Documents Incorporated by Reference | Portions of the registrant’s Proxy Statement to be filed pursuant to Regulation 14A pertaining to the 2024 Annual Meeting of Stockholders are incorporated by reference into Part III hereof. The Company intends to file such Proxy Statement no later than 120 days after the end of the fiscal year covered by this Form 10-K. | ||
Entity Central Index Key | 0001376139 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Firm ID | 248 |
Auditor Name | GRANT THORNTON LLP |
Auditor Location | Dallas, Texas |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents (including $45 and $86, respectively, of consolidated variable interest entity (“VIE”)) | $ 581 | $ 510 |
Reserved funds for debt payment | 598 | 0 |
Accounts receivable, net (including $42 and $90, respectively, of VIE) | 286 | 358 |
Inventories (including $69 and $78, respectively, of VIE) | 604 | 624 |
Prepaid expenses and other current assets (including $10 and $11, respectively, of VIE) | 110 | 101 |
Total current assets | 2,179 | 1,593 |
Property, plant, and equipment, net (including $761 and $811, respectively, of VIE) | 2,221 | 2,247 |
Other long-term assets (including $48 and $24, respectively, of VIE) | 307 | 279 |
Total assets | 4,707 | 4,119 |
Current liabilities: | ||
Current portion of long-term debt and finance lease obligations | 606 | 6 |
Accounts payable (including $39 and $51, respectively, of VIE) | 530 | 497 |
Other current liabilities (including $37 and $75, respectively, of VIE) | 546 | 936 |
Total current liabilities | 1,682 | 1,439 |
Long-term liabilities: | ||
Long-term debt and finance lease obligations, net of current portion (including $547 and $547, respectively, of VIE) | 1,579 | 1,585 |
Deferred income taxes | 327 | 249 |
Other long-term liabilities (including $50 and $16, respectively, of VIE) | 81 | 55 |
Total long-term liabilities | 1,987 | 1,889 |
Commitments and contingencies (See Note 14) | ||
CVR Energy stockholders’ equity: | ||
Common stock, $0.01 par value per share; 350,000,000 shares authorized; 100,629,209 and 100,629,209 shares issued as of December 31, 2023 and 2022, respectively | 1 | 1 |
Additional paid-in-capital | 1,508 | 1,508 |
Accumulated deficit | (660) | (976) |
Treasury stock, 98,610 shares at cost | (2) | (2) |
Total CVR stockholders’ equity | 847 | 531 |
Noncontrolling interest | 191 | 260 |
Total equity | 1,038 | 791 |
Total liabilities and equity | $ 4,707 | $ 4,119 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 581 | $ 510 |
Accounts receivable | 286 | 358 |
Inventories | 604 | 624 |
Prepaid expenses and other current assets | 110 | 101 |
Property, plant and equipment, net | 2,221 | 2,247 |
Other long-term assets | 307 | 279 |
Current liabilities: | ||
Accounts payable | 530 | 497 |
Other current liabilities | 546 | 936 |
Long-term liabilities: | ||
Long-term debt and finance lease obligations, net of current portion | 1,579 | 1,585 |
Other long-term liabilities | $ 81 | $ 55 |
CVR Energy stockholders’ equity: | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 350,000,000 | 350,000,000 |
Common stock, issued (in shares) | 100,629,209 | 100,629,209 |
Treasury stock, common shares (in shares) | 98,610 | 98,610 |
Variable Interest Entities | ||
Current assets: | ||
Cash and cash equivalents | $ 45 | $ 86 |
Accounts receivable | 42 | 90 |
Inventories | 69 | 78 |
Prepaid expenses and other current assets | 10 | 11 |
Property, plant and equipment, net | 761 | 811 |
Other long-term assets | 48 | 24 |
Current liabilities: | ||
Accounts payable | 39 | 51 |
Other current liabilities | 37 | 75 |
Long-term liabilities: | ||
Long-term debt and finance lease obligations, net of current portion | 547 | 547 |
Other long-term liabilities | $ 50 | $ 16 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | |||
Net sales | $ 9,247 | $ 10,896 | $ 7,242 |
Operating costs and expenses: | |||
Cost of materials and other | 7,013 | 8,766 | 6,185 |
Direct operating expenses (exclusive of depreciation and amortization) | 670 | 719 | 569 |
Depreciation and amortization | 291 | 281 | 270 |
Cost of sales | 7,974 | 9,766 | 7,024 |
Selling, general and administrative expenses (exclusive of depreciation and amortization) | 141 | 149 | 119 |
Depreciation and amortization | 7 | 7 | 9 |
Loss on asset disposals | 2 | 11 | 3 |
Operating income | 1,123 | 963 | 87 |
Other (expense) income: | |||
Interest expense, net | (52) | (85) | (117) |
Investment income on marketable securities | 0 | 0 | 81 |
Other income (expense), net | 14 | (77) | 15 |
Income before income tax expense | 1,085 | 801 | 66 |
Income tax expense (benefit) | 207 | 157 | (8) |
Net income | 878 | 644 | 74 |
Less: Net income attributable to noncontrolling interest | 109 | 181 | 49 |
Net income attributable to CVR Energy stockholders | $ 769 | $ 463 | $ 25 |
Basic earnings per share (in dollars per share) | $ 7.65 | $ 4.60 | $ 0.25 |
Diluted earnings per share (in dollars per share) | $ 7.65 | $ 4.60 | $ 0.25 |
Weighted-average common shares outstanding: | |||
Basic (in shares) | 100.5 | 100.5 | 100.5 |
Diluted (in shares) | 100.5 | 100.5 | 100.5 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions | Total | Total CVR Stockholders’ Equity | $0.01 Par Value Common Stock | Additional Paid-In Capital | Accumulated Deficit | Treasury Stock | Noncontrolling Interest |
Beginning balance (in shares) at Dec. 31, 2020 | 100,629,209 | ||||||
Beginning balance at Dec. 31, 2020 | $ 1,219 | $ 1,019 | $ 1 | $ 1,510 | $ (490) | $ (2) | $ 200 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 74 | 25 | 25 | 49 | |||
Dividends paid to CVR Energy stockholders | (492) | (492) | (492) | ||||
Distributions from CVR Partners to public unitholders | (31) | (31) | |||||
Changes in equity due to CVR Partners’ common unit repurchases | (1) | (1) | |||||
Other | 1 | 1 | 1 | ||||
Ending balance (in shares) at Dec. 31, 2021 | 100,629,209 | ||||||
Ending balance at Dec. 31, 2021 | 770 | 553 | $ 1 | 1,510 | (956) | (2) | 217 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 644 | 463 | 463 | 181 | |||
Dividends paid to CVR Energy stockholders | (483) | (483) | (483) | ||||
Distributions from CVR Partners to public unitholders | (129) | (129) | |||||
Changes in equity due to CVR Partners’ common unit repurchases | (11) | (2) | (2) | (9) | |||
Ending balance (in shares) at Dec. 31, 2022 | 100,629,209 | ||||||
Ending balance at Dec. 31, 2022 | 791 | 531 | $ 1 | 1,508 | (976) | (2) | 260 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 878 | 769 | 769 | 109 | |||
Dividends paid to CVR Energy stockholders | (453) | (453) | (453) | ||||
Distributions from CVR Partners to public unitholders | (178) | (178) | |||||
Ending balance (in shares) at Dec. 31, 2023 | 100,629,209 | ||||||
Ending balance at Dec. 31, 2023 | $ 1,038 | $ 847 | $ 1 | $ 1,508 | $ (660) | $ (2) | $ 191 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Stockholders' Equity [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Net income | $ 878,000,000 | $ 644,000,000 | $ 74,000,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 298,000,000 | 288,000,000 | 279,000,000 |
Loss on lower of cost or net realizable value adjustments | 4,000,000 | 0 | 0 |
Deferred income taxes and unrecognized tax benefits | 67,000,000 | (17,000,000) | (98,000,000) |
Gain on marketable securities | 0 | 0 | (81,000,000) |
Loss on asset disposals | 2,000,000 | 11,000,000 | 3,000,000 |
Loss on extinguishment of debt | 0 | 1,000,000 | 8,000,000 |
Unrealized (gain) loss on derivatives, net | (32,000,000) | 5,000,000 | (16,000,000) |
Share-based compensation | 34,000,000 | 71,000,000 | 46,000,000 |
Other items | 2,000,000 | 2,000,000 | 4,000,000 |
Changes in assets and liabilities: | |||
Accounts receivable | 51,000,000 | (78,000,000) | (91,000,000) |
Inventories | 15,000,000 | (140,000,000) | (182,000,000) |
Prepaid expenses and other current assets | 19,000,000 | (29,000,000) | 12,000,000 |
Accounts payable | 37,000,000 | 78,000,000 | 122,000,000 |
Deferred revenue | (24,000,000) | (20,000,000) | 27,000,000 |
Other current liabilities | (391,000,000) | 158,000,000 | 290,000,000 |
Other long-term assets and liabilities | (12,000,000) | (7,000,000) | (1,000,000) |
Net cash provided by operating activities | 948,000,000 | 967,000,000 | 396,000,000 |
Cash flows from investing activities: | |||
Capital expenditures | (205,000,000) | (191,000,000) | (224,000,000) |
Turnaround expenditures | (57,000,000) | (83,000,000) | (5,000,000) |
Proceeds from sale of assets | 1,000,000 | 0 | 7,000,000 |
Return of equity method investment | 22,000,000 | 3,000,000 | 1,000,000 |
Acquisition of pipeline assets | 0 | 0 | (20,000,000) |
Investment in marketable securities | 0 | 0 | 3,000,000 |
Net cash used in investing activities | (239,000,000) | (271,000,000) | (238,000,000) |
Cash flows from financing activities: | |||
Proceeds from issuance of senior secured notes | 600,000,000 | 0 | 550,000,000 |
Principal payments on senior secured notes | 0 | (65,000,000) | (582,000,000) |
Repurchase of common units by CVR Partners | 0 | (12,000,000) | (1,000,000) |
Dividends to CVR Energy’s stockholders | (453,000,000) | (483,000,000) | (241,000,000) |
Distributions to CVR Partners’ noncontrolling interest holders | (178,000,000) | (129,000,000) | (31,000,000) |
Other financing activities | (9,000,000) | (7,000,000) | (10,000,000) |
Net cash used in financing activities | (40,000,000) | (696,000,000) | (315,000,000) |
Net increase (decrease) in cash, cash equivalents, reserved funds and restricted cash | 669,000,000 | 0 | (157,000,000) |
Cash, cash equivalents and restricted cash, beginning of period | 517,000,000 | 517,000,000 | 674,000,000 |
Cash, cash equivalents, reserved funds and restricted cash, end of period | $ 1,186,000,000 | $ 517,000,000 | $ 517,000,000 |
Organization and Nature of Busi
Organization and Nature of Business | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Nature of Business | (1) Organization and Nature of Business Organization CVR Energy, Inc. (“CVR Energy”, “CVR” , “we” , “us” , “our” , or the “Company”) is a diversified holding company primarily engaged in the petroleum refining and marketing industry (the “Petroleum Segment”) and the nitrogen fertilizer manufacturing industry through its interest in CVR Partners, LP, a publicly traded limited partnership (the “Nitrogen Fertilizer Segment” or “CVR Partners”). The Petroleum Segment refines and markets high value transportation fuels primarily in the form of gasoline and diesel fuels. CVR Partners produces and markets nitrogen fertilizers primarily in the form of urea ammonium nitrate (“UAN”) and ammonia. We also produce and market renewable diesel. CVR’s common stock is listed on the New York Stock Exchange (“NYSE”) under the symbol “CVI”. Icahn Enterprises L.P. and its affiliates (“IEP”) owned approximately 66% of the Company’s outstanding common stock as of December 31, 2023. Stock Repurchase Program - On October 23, 2019, the board of directors of the Company (the “Board”) authorized a stock repurchase program (the “Stock Repurchase Program”), which authorized the Company to repurchase up to $300 million of the Company’s common stock. The Company did not repurchase any of the Company’s common stock under the Stock Repurchase Program, which expired, in accordance with its terms, on October 22, 2023. CVR Partners, LP Interest Holders - As of December 31, 2023, public common unitholders held approximately 63% of CVR Partners’ outstanding common units and CVR Services, LLC (“CVR Services”), a wholly-owned subsidiary of CVR Energy, held the remaining approximately 37% of CVR Partners’ outstanding common units. In addition, CVR Services held 100% of the interest in CVR Partners’ general partner, CVR GP, LLC (“CVR GP”), which held a non-economic general partner interest in CVR Partners as of December 31, 2023. The noncontrolling interest reflected on the Consolidated Balance Sheets of CVR is only impacted by the results of, distributions from, and unit repurchases by CVR Partners. Unit Repurchase Program - On May 6, 2020, the board of directors of CVR Partners’ general partner (the “UAN GP Board”), on behalf of CVR Partners, authorized a unit repurchase program (the “Unit Repurchase Program”), which was increased on February 22, 2021. The Unit Repurchase Program, as increased, authorized CVR Partners to repurchase up to $20 million of the CVR Partners’ common units. During the year ended December 31, 2023, CVR Partners did not repurchase any common units. During the years ended December 31, 2022 and 2021, CVR Partners repurchased 111,695 and 24,378 common units, respectively, on the open market in accordance with a repurchase agreement under Rules 10b5-1 and 10b-18 of the Securities Exchange Act of 1934, as amended, at a cost of $12 million and $1 million, respectively, exclusive of transaction costs, or an average price of $110.98 and $21.69 per common unit, respectively. As of December 31, 2023, CVR Partners, considering all repurchases made since inception of the Unit Repurchase Program, had a nominal authorized amount remaining under the Unit Repurchase Program. This Unit Repurchase Program does not obligate CVR Partners to acquire any common units and may be cancelled, modified, or terminated by the UAN GP Board at any time. On February 20, 2024, the UAN GP Board, on behalf of CVR Partners, terminated the nominal authority remaining under the Unit Repurchase Program. Subsequent Events The Company evaluated subsequent events, if any, that would require an adjustment to the Company’s consolidated financial statements or require disclosure in the notes to the consolidated financial statements through the date of issuance of the consolidated financial statements. Where applicable, the notes to these consolidated financial statements have been updated to discuss all significant subsequent events which have occurred. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | (2) Summary of Significant Accounting Policies Principles of Consolidation The accompanying consolidated financial statements, prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”), include the accounts of the Company and its majority-owned direct and indirect subsidiaries. All intercompany accounts and transactions have been eliminated. The ownership interests of noncontrolling investors in CVR Partners are recorded as noncontrolling interests. CVR Energy has not recognized any other comprehensive income for the years ended December 31, 2023, 2022, and 2021. CVR Partners was determined to be a variable interest entity (“VIE”) and is consolidated by the Company. As the 100% owner of the general partner of CVR Partners, the Company has the sole ability to direct the activities that most significantly impact the economic performance of CVR Partners and is considered the primary beneficiary. Reclassifications Certain immaterial reclassifications have been made within the consolidated financial statements for prior periods to conform with current presentation. Use of Estimates The consolidated financial statements are prepared in conformity with GAAP, which requires management to make certain estimates and assumptions that affect the reported amounts and disclosure of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates are reviewed on an ongoing basis, based on currently available information. Changes in facts and circumstances may result in revised estimates, and actual results could differ from those estimates. Cash, Reserved Funds and Cash Equivalents Cash, reserved funds and cash equivalents include cash on hand, demand deposits, and investments in highly liquid money market accounts with original maturities of three months or less. We maintain cash and cash equivalent balances with few financial institutions, which may at times be in excess of federally insured levels. Restricted Cash Restricted cash consists of cash and claims to cash that are legally restricted, have been set aside for a specific purpose, and restricted as to usage or withdrawal and, therefore, not available for immediate or general purpose use. The Company has restricted cash that must be maintained in a commercial escrow account pending resolution of certain litigation matters and is discussed further in Note 14 (“Commitments and Contingencies”). Accounts Receivable, net Accounts receivable, net primarily consists of customer accounts receivable recorded at the invoiced amounts and generally do not bear interest. Allowances for doubtful accounts are based on historical loss experience, expected credit losses from current economic conditions, and management’s expectations of future economic conditions. The allowance is recorded when the receivable is deemed uncollectible and is booked to bad debt expense. The largest concentration of credit for any one customer was approximately 11% and 11% of the Accounts receivable, net balance at December 31, 2023 and 2022, respectively. During the years ended December 31, 2023 and 2022, the Company had no bad debt expense, and during the year ended December 31, 2021, the Company had nominal bad debt expense. Inventories Inventories consist primarily of domestic and foreign crude oil, blending stock and components, work-in-progress, fertilizer products, refined fuels and by-products, and renewable diesel, all of which are valued at the lower of GAAP First-In, First-Out (“FIFO”) cost or net realizable value. Certain inventories in the Petroleum and Nitrogen Fertilizer Segments, including other raw materials, spare parts, and supplies, are valued at the weighted moving-average cost, which approximates FIFO. The cost of inventories includes inbound freight costs. Property, Plant and Equipment, net Additions to property, plant and equipment, including capitalized interest and certain costs allocable to construction and property purchases, are recorded at cost. Expenditures for improvements that increase economic benefit or returns and/or extend useful life are capitalized. Depreciation is computed using the straight-line method over the estimated useful lives of the various classes of depreciable assets. The lives used in computing depreciation for significant asset classes are as follows: Asset Range of Useful Lives, in Years Land improvements 10 to 30 Buildings and improvements 1 to 30 Machinery and equipment 1 to 30 Furniture and fixtures 3 to 10 Right-of-use (“ROU”) finance leases 5 to 18 Other 5 to 30 Leasehold improvements and assets held under finance leases are depreciated or amortized utilizing the straight-line method over the shorter of the contractual lease term or the estimated useful life of the asset. Equity Method Investments The Company accounts for investments in which it has a noncontrolling interest, yet has significant influence over the entity, using the equity method of accounting, whereby the Company records its pro-rata share of earnings, contributions to, and distributions from joint ventures as adjustments to the investment balance in Other long-term assets on our Consolidated Balance Sheets. The pro-rata share of earnings is also recorded in Other income (expense), net on our Consolidated Statements of Operations. Leases At inception, the Company determines whether an arrangement is a lease and, if so, the appropriate lease classification. Operating leases are included as operating lease right-of-use (“ROU”) assets within Other long-term assets and lease liabilities within Other current liabilities and Other long-term liabilities on our Consolidated Balance Sheets. Finance leases are included as ROU finance leases within Property, plant, and equipment, net, and finance lease liabilities within Current portion of long-term debt and finance lease obligations and Long-term debt and finance lease obligations, net of current portion on our Consolidated Balance Sheets. Leases with an initial expected term of 12 months or less are considered short-term and are not recorded on our Consolidated Balance Sheets. The Company recognizes lease expense for these leases on a straight-line basis over the expected lease term. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of minimum lease payments over the lease term using an incremental borrowing rate with a maturity similar to the lease term. The lease term is modified to reflect options to extend or terminate the lease when it is reasonably certain we will exercise such option. The depreciable life of assets and leasehold improvements is limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise, in which case the depreciation policy in the “Property, Plant and Equipment, net” section above is applicable. The periodic lease payments are treated as payments of the lease obligation and interest is recorded as interest expense. A lease modification is assessed to conclude whether it is a separate new contract or a modified contract. If it is a modified contract, the Company reconsiders the lease classification and remeasures the lease. Deferred Financing Costs Lender and other third-party costs associated with debt issuances are deferred and amortized to interest expense and other financing costs using the effective-interest method over the term of the debt. Deferred financing costs related to line-of-credit arrangements are amortized using the straight-line method through the maturity date of the facility. The deferred financing costs are included net within Current portion of long-term debt and finance lease obligations, Long-term debt and finance lease obligations, net of current portion, and Other long-term liabilities, for the line-of-credit arrangements where no debt balance exists. Impairment of Long-Lived Assets Long-lived assets (excluding intangible assets with indefinite lives and deferred tax assets) are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the estimated undiscounted future net cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated undiscounted future net cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset exceeds their fair value. Assets to be disposed of are reported at the lower of their carrying value or fair value less cost to sell. Asset Retirement Obligations The Company records an asset retirement obligation (“ARO”) at fair value for the estimated cost to retire a tangible long-lived asset at the time the liability is incurred, which is generally when the asset is purchased, constructed, or leased. The liability is recorded when there is a legal or contractual obligation to incur costs to retire the asset and only when a reasonable estimate of the fair value can be made. Certain of the Company’s assets can be used for extended or indeterminate periods of time with proper maintenance and upgrades, which the Company intends, and has a historical practice of, to maintain and upgrade as technological advances are made available. As a result, the Company believes these assets have indeterminate lives for purposes of estimating AROs. A liability will be recognized at such time when sufficient information exists to estimate a date or range of potential settlement dates needed to employ a present value technique to estimate fair value. Loss Contingencies In the ordinary course of business, the Company may become party to lawsuits, administrative proceedings, and governmental investigations, including environmental, regulatory, and other matters. The outcome of these matters cannot always be predicted accurately, but the Company accrues liabilities for these matters if the Company has determined that it is probable a loss will be incurred, and the loss can be reasonably estimated. Accrued amounts are reflected in Other current liabilities or Other long-term liabilities depending on when the Company expects to expend such amounts. Environmental, Health & Safety (“EH&S”) Matters CVR Energy is subject to various federal, state, and local environmental, health, and safety rules and regulations. Liabilities related to future remediation costs of past environmental contamination of properties are recognized when the related costs are considered probable and can be reasonably estimated. Estimates of these costs are based upon currently available facts, internal and third-party assessments of contamination, available remediation technology, site-specific costs, and currently enacted laws and regulations. In reporting environmental liabilities, no offset is made for potential recoveries. Loss contingency accruals, including those for environmental remediation, are subject to periodic management review and revision as further information develops or circumstances change, and such accruals can take into account the legal liability of other parties. Environmental expenditures for capital assets are capitalized at the time of the expenditure when such costs provide future economic benefits. Accrued amounts are reflected in Other current liabilities or Other long-term liabilities depending on when the Company expects to expend such amounts. Revenue Recognition The Company’s revenue is generated from contracts with customers and is recognized at a point in time when performance obligations are satisfied by transferring control of the products or services to a customer. The transfer of control occurs upon shipment or delivery of the product, as the customer accepts the product, has title and significant risks and rewards of ownership of the product, physical possession of the product has been transferred, and we have the right to payment. The transaction prices of the Company’s contracts are either fixed or based on market indices, and any uncertainty related to the variable consideration when determining the transaction price is resolved on the pricing date or the date when the product is delivered. The payment terms depend on the product and type of contract, but generally require customers to pay within 30 days or less, and do not contain significant financing components. Any pass-through finished goods delivery costs reimbursed by customers are reported in Net sales, while an offsetting expense is included in Cost of materials and other. Non-monetary product exchanges and certain buy/sell transactions which are entered into in the normal course of business are included on a net cost basis in Cost of materials and other on our Consolidated Statements of Operations. Qualifying excise and other taxes collected from customers and remitted to governmental authorities are recorded as a reduction of the transaction price. Certain sales contracts of the Nitrogen Fertilizer Segment require customer prepayment prior to product delivery to guarantee a price and supply of nitrogen fertilizer. Deferred revenue is recorded at the point in time in which a prepaid contract is legally enforceable and the associated right to consideration is unconditional prior to transferring product to the customer. An associated receivable is recorded for uncollected prepaid contract amounts. Cost Classifications Cost of materials and other consists primarily of costs for crude oil, feedstock blendstocks, purchased refined products, purchased ammonia, purchased hydrogen, pet coke, Renewable Identification Numbers (“RINs”), derivative gains or losses, and freight and distribution. Direct operating expenses (exclusive of depreciation and amortization) consist primarily of energy and other utility costs, direct costs of labor, including applicable share-based compensation expense, property taxes, plant-related maintenance services, including turnaround expenses for the Nitrogen Fertilizer Segment, and environmental and safety compliance costs, as well as catalyst and chemical costs. Selling, general and administrative expenses (exclusive of depreciation and amortization) consist primarily of labor and other direct expenses associated with the Company’s corporate activities, including accounting, finance, information technology, human resources, legal, and other related administrative functions. For the Company’s Nitrogen Fertilizer Segment, Cost of materials and other and Direct operating expenses (exclusive of depreciation and amortization) are also impacted by changes in inventory balances, as these financial statement line items include inventory production costs. Derivatives On a regular basis, the Company enters into commodity contracts with counterparties for the purchases or sale of crude oil, blendstocks, various finished products, and RINs. These contracts usually meet the definition of a derivative and qualify for the normal purchase normal sale exception following the accrual method of accounting. All other derivative instruments are recorded in Prepaid expenses and other current assets, Other long-term assets, Other current liabilities, and Other long-term liabilities on our Consolidated Balance Sheets depending on the derivative position and when it will be settled, and are measured at fair value with changes to the fair value recognized in Cost of materials and other in the Consolidated Statements of Operations. The Nitrogen Fertilizer Segment may enter into forward contracts with fixed or indexed delivery prices to purchase portions of its natural gas requirements. These natural gas contracts are not treated as derivatives as they qualify for the normal purchase and normal sale exclusions. Accordingly, the fair value of these contracts are not recorded at the end of each reporting period. Fair Value of Financial Instruments Financial instruments consist of cash and cash equivalents, reserved funds, restricted cash, accounts receivable, accounts payable, operating and finance lease obligations and long-term debt are carried at cost and approximate their estimated fair value, except for the long-term debt. The Company’s derivative instruments and RFS obligations are recognized at fair value. Turnaround Expenses Turnarounds represent major maintenance activities that require the shutdown of significant parts of a plant to perform necessary inspections, cleanings, repairs, and replacements of assets. Costs incurred for routine repairs and maintenance or unplanned outages at our facilities are expensed as incurred. Planned turnaround activities for the Petroleum Segment vary in frequency dependent on refinery units, but generally occur every four Petroleum Segment - Consistent with others in the refining industry, the Petroleum Segment follows the deferral method of accounting for turnaround activities. Under the deferral method, the costs of turnarounds are deferred and amortized on a straight-line basis over a determined cycle, which represents the estimated time until the next turnaround occurs. Turnaround costs and related accumulated amortization are included in Other long-term assets on our Consolidated Balance Sheets. The amortization expense related to turnaround costs is included in Depreciation and amortization on our Consolidated Statements of Operations. During the years ended December 31, 2023, 2022, and 2021, the Petroleum Segment capitalized $60 million, $81 million, and $8 million, respectively. Capitalized turnaround costs are subject to impairment reviews, as discussed above. Nitrogen Fertilizer Segment - The Nitrogen Fertilizer Segment follows the direct-expense method of accounting for turnaround activities. Costs associated with these turnaround activities are included in Direct operating expenses (exclusive of depreciation and amortization) on our Consolidated Statements of Operations. During the years ended December 31, 2023, 2022, and 2021, the Nitrogen Fertilizer Segment incurred turnaround expenses of $2 million, $33 million, and $3 million, respectively. Share-Based Compensation The Company accounts for share-based compensation in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 718, Compensation — Stock Compensation . Currently, all of the Company’s share-based compensation awards, including those issued by CVR Partners, are liability-classified and are measured at fair value at the end of each reporting period based on the applicable closing share or unit price. Compensation expense will fluctuate based on changes in the applicable share or unit prices and expense reversals resulting from employee terminations prior to award vesting. Additionally, the Company has issued certain performance unit awards whose fair value is recognized as compensation expense only if the attainment of the performance conditions is considered probable. Uncertainties involved in this estimate include continued employment requirements and whether or not the performance conditions will be attained. The performance objectives are set in accordance with approved levels of the business plan for the fiscal year during the performance cycle and, therefore, are considered reasonably possible of being achieved. If this assumption proves not to be true and the awards do not vest, compensation expense recognized during the performance cycle will be reversed. There were no dilutive awards outstanding during the years ended December 31, 2023, 2022, and 2021. Income Taxes Income taxes are accounted for utilizing the asset and liability approach. Under this method, deferred tax assets and liabilities are recognized for the anticipated future tax consequences attributable to differences between the amounts recorded in the accounting books and their respective tax basis. Deferred amounts are measured using enacted tax rates expected to apply to taxable income in the year those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. In assessing the realizability of the deferred income tax assets, including net operating loss and state tax credit carryforwards, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred income tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Further, the Company recognizes interest expense (income) and penalties on uncertain tax positions and income tax deficiencies (refunds) in Income tax expense (benefit). Recent Accounting Pronouncements - Accounting Standards Issued But Not Yet Implemented In December 2023, FASB issued Accounting Standard Update (“ASU”) 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures, which requires enhanced income tax disclosures that reflect how operations and related tax risks, as well as how tax planning and operational opportunities, affect the tax rate and prospects for future cash flows. This standard is effective for the Company beginning January 1, 2025 with early adoption permitted. The Company is evaluating the effects of adopting this new accounting guidance on its disclosures but does not currently expect adoption will have a material impact on the Company’s consolidated financial statements. The Company does not intend to early adopt this ASU. In November 2023, FASB issued ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures , which includes requirements for more robust disclosures of significant segment expenses and measures of a segment’s profit and loss used in assessing performance. This standard is effective for the Company’s annual period beginning January 1, 2024 and interim periods beginning January 1, 2025 with early adoption permitted. The Company is still evaluating the effects of adopting this new accounting guidance on its disclosures. |
Inventory
Inventory | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventory | (3) Inventory Inventories consisted of the following: December 31, (in millions) 2023 2022 Finished goods $ 260 $ 297 Raw materials 226 206 In-process inventories 21 35 Parts, supplies and other 97 86 Total inventories $ 604 $ 624 At December 31, 2023, the renewables business had inventories with carrying amounts exceeding their net realizable value, which is estimated using indicative market pricing available at the time the estimate was made. As a result, we recognized a loss of $4 million in Cost of materials and other in the Company’s Consolidated Statements of Operations for the year ended December 31, 2023 to reflect the net realizable value of such inventories. No adjustment was necessary for the years ended December 31, 2022 and 2021. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | (4) Property, Plant and Equipment Property, plant, and equipment, net consisted of the following: December 31, (in millions) 2023 2022 Machinery and equipment $ 4,287 $ 4,194 Buildings and improvements 124 86 ROU finance leases 81 79 Land and improvements 74 72 Furniture and fixtures 33 37 Construction in progress 193 143 Other 15 15 4,807 4,626 Less: Accumulated depreciation and amortization (2,586) (2,379) Total property, plant and equipment, net $ 2,221 $ 2,247 Expenditures for routine maintenance and repair costs are expensed when incurred and are reported in Direct operating expenses (exclusive of depreciation and amortization) in the Company’s Consolidated Statements of Operations. For the years ended December 31, 2023, 2022, and 2021, depreciation and amortization expenses were $221 million, $221 million, and $206 million, respectively, and capitalized interest was $8 million, $5 million, and $7 million, respectively. During the years ended December 31, 2023, 2022, and 2021, the Company had not identified the existence of an impairment indicator for our long-lived asset groups as outlined under the FASB ASC Topic 360, Property, Plant, and Equipment . |
Equity Method Investments
Equity Method Investments | 12 Months Ended |
Dec. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | (5) Equity Method Investments In January 2023, CVR Partners and its subsidiary entered into a series of agreements with CapturePoint LLC, an unaffiliated Texas limited liability company, and certain unaffiliated third-party investors intended to qualify under the Internal Revenue Service (“IRS”) safe harbor described in Revenue Procedure 2020-12 for certain joint ventures that are eligible to claim certain tax credits available to joint ventures under Section 45Q of the Internal Revenue Code of 1986, as amended (“Section 45Q Credits”) and allow us to monetize Section 45Q Credits we expect to generate from January 6, 2023 until March 31, 2030 (the “45Q Transaction”). Among other items, the 45Q Transaction resulted in the creation of a joint venture entity, CVR-CapturePoint Parent LLC, which was accounted for by CVR Partners as an equity-method investment. We have the following investments which have applied the equity method of accounting and are presented within Other long-term assets on our Consolidated Balance Sheets: • CVR-CapturePoint Parent LLC (“CVRP JV”) - Through our subsidiaries, and in connection with the 45Q Transaction, we received a 50% interest in CVRP JV in connection with a modification to a carbon oxide contract (“CO Contract”) with a customer. We applied the VIE model under FASB ASC Topic 810, Consolidation, to our variable interest in CVRP JV and determined that CVRP JV is a VIE. While we concluded we are not the primary beneficiary of CVRP JV, we do have significant influence over CVRP JV’s operating and financial policies and, therefore, applied the equity method of accounting for our investment in CVRP JV. We deferred the recognition of the noncash consideration received and have recognized such revenue as the performance obligation associated with the CO Contract is satisfied. Refer to Note 9 (“Revenue”) for further discussion. We have elected to record our share of the earnings or loss of CVRP JV one quarter in arrears. Distributions received from CVRP JV will reduce our equity method investment and will be recorded in the period in which they are received. • Enable South Central Pipeline, LLC (“Enable JV”) - Through our subsidiaries, we own a 40% interest in Enable JV, which operates a 12-inch 26-mile crude oil pipeline with a capacity of approximately 80,000 barrels per day that is connected to the Wynnewood Refinery. The remaining interest in Enable JV is owned by Enable Midstream Partners, LP, which was merged with Energy Transfer LP in December 2021. • Midway Pipeline, LLC (“Midway JV”) - Through our subsidiaries, we own a 50% interest in Midway JV, which operates a 16-inch 99-mile crude oil pipeline with a capacity of approximately 131,000 barrels per day which connects the Coffeyville Refinery to the Cushing, Oklahoma oil hub. The remaining interest in Midway JV is owned by Plains Pipeline, L.P. (in millions) CVRP JV Enable JV Midway JV Total Balance at December 31, 2021 — 6 73 79 Cash distributions — (4) (9) (13) Equity income — 3 7 10 Balance at December 31, 2022 — 5 71 76 CVRP JV inception 46 — — 46 Cash distributions (1) (21) (4) (9) (34) Equity income — 4 8 12 Balance at December 31, 2023 $ 25 $ 5 $ 70 $ 100 (1) Of the CVRP JV amount, approximately $1 million related to incremental costs associated with obtaining the CO Contract were capitalized and included in Prepaid expenses and other current assets and Other long-term assets in our Consolidated Balance Sheets. As a result of exceeding certain carbon oxide capture and sequestration milestones during 2023, in February 2024, CVR Partners received a $2 million distribution from CVRP JV which will be recognized in the first quarter of 2024. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | (6) Leases Lease Overview We lease certain pipelines, storage tanks, railcars, office space, land, and equipment across our refining, fertilizer, and corporate operations. Most of our leases include one or more renewal options to extend the lease term, which can be exercised at our sole discretion. Certain leases also include options to purchase the leased asset. Certain of our lease agreements include rental payments, which are adjusted periodically for factors such as inflation. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Additionally, we do not have any material lessor or sub-leasing arrangements. Balance Sheet Summary as of December 31, 2023 and 2022 The following tables summarize the right-of-use (“ROU”) asset and lease liability balances for the Company’s operating and finance leases at December 31, 2023 and 2022: December 31, 2023 December 31, 2022 (in millions) Operating Leases Finance Leases Operating Leases Finance Leases ROU assets, net Pipeline and storage $ 12 $ 17 $ 16 $ 20 Railcars 12 — 11 — Real estate and other 29 14 13 15 Lease liability Pipelines and storage $ 12 $ 28 $ 16 $ 32 Railcars 12 — 11 — Real estate and other 25 16 13 16 Lease Expense Summary for the Year Ended December 31, 2023, 2022 and 2021 We recognize operating lease expense on a straight-line basis over the lease term within Direct operating expenses (exclusive of depreciation and amortization) and Cost of materials and other and finance lease expense on a straight-line basis over the lease term within Depreciation and amortization. For the years ended December 31, 2023, 2022, and 2021, we recognized lease expense comprised of the following components: Year Ended December 31, (in millions) 2023 2022 2021 Operating lease expense $ 18 $ 16 $ 15 Finance lease expense: Amortization of ROU asset $ 6 $ 6 $ 6 Interest expense on lease liability 4 5 5 Short-term lease expense $ 11 $ 11 $ 8 Lease Terms and Discount Rates The following outlines the remaining lease terms and discount rates used in the measurement of the Company’s ROU assets and lease liabilities at December 31, 2023 and 2022: December 31, 2023 December 31, 2022 Operating Leases Finance Leases Operating Leases Finance Leases Weighted-average remaining lease term 5.4 years 5.3 years 4.1 years 6.3 years Weighted-average discount rate 6.7 % 9.0 % 5.2 % 9.0 % Maturities of Lease Liabilities The following summarizes the remaining minimum lease payments through maturity of the Company’s lease liabilities at December 31, 2023: (in millions) Operating Leases Finance Leases Year Ended December 31, 2024 $ 17 $ 11 2025 12 11 2026 10 11 2027 6 10 2028 3 7 Thereafter 12 5 Total lease payments 60 55 Less: imputed interest (11) (11) Total lease liability $ 49 $ 44 The Company has entered into the following material lease commitments that have not yet commenced: • On February 21, 2022, Coffeyville Resources Nitrogen Fertilizer, LLC (“CRNF”) entered into the First Amendment to the On-Site Product Supply Agreement with Messer LLC (“Messer”), which amended the July 31, 2020 On-Site Product Supply Agreement (as amended, the “Messer Agreement”). Under the Messer Agreement, among other obligations, Messer is obligated to supply oxygen and make certain capital improvements during the term of the Messer Agreement, and CRNF is obligated to take as available and pay for oxygen from Messer’s facility. This arrangement for CRNF’s purchase of oxygen from Messer does not meet the definition of a lease under FASB ASC Topic 842, Leases (“Topic 842”), as CRNF does not expect to receive substantially all of the output, which includes oxygen, nitrogen, and compressed air, of Messer’s on-site production from its air separation unit over the life of the Messer Agreement. The Messer Agreement also obligates Messer to install a new oxygen storage vessel, related equipment and infrastructure (“Oxygen Storage Vessel” or “Vessel”) to be used solely by the Coffeyville Fertilizer Facility. The arrangement for the use of the Oxygen Storage Vessel meets the definition of a lease under Topic 842, as CRNF will receive all output associated with the Vessel. Based on terms outlined in the Messer Agreement, the Company expects the lease of the Oxygen Storage Vessel to be classified as a finance lease with an estimated amount within the range of $20 million to $25 million being capitalized upon lease commencement when the Vessel is placed in service, which is currently expected to occur in the second half of 2024. |
Leases | (6) Leases Lease Overview We lease certain pipelines, storage tanks, railcars, office space, land, and equipment across our refining, fertilizer, and corporate operations. Most of our leases include one or more renewal options to extend the lease term, which can be exercised at our sole discretion. Certain leases also include options to purchase the leased asset. Certain of our lease agreements include rental payments, which are adjusted periodically for factors such as inflation. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Additionally, we do not have any material lessor or sub-leasing arrangements. Balance Sheet Summary as of December 31, 2023 and 2022 The following tables summarize the right-of-use (“ROU”) asset and lease liability balances for the Company’s operating and finance leases at December 31, 2023 and 2022: December 31, 2023 December 31, 2022 (in millions) Operating Leases Finance Leases Operating Leases Finance Leases ROU assets, net Pipeline and storage $ 12 $ 17 $ 16 $ 20 Railcars 12 — 11 — Real estate and other 29 14 13 15 Lease liability Pipelines and storage $ 12 $ 28 $ 16 $ 32 Railcars 12 — 11 — Real estate and other 25 16 13 16 Lease Expense Summary for the Year Ended December 31, 2023, 2022 and 2021 We recognize operating lease expense on a straight-line basis over the lease term within Direct operating expenses (exclusive of depreciation and amortization) and Cost of materials and other and finance lease expense on a straight-line basis over the lease term within Depreciation and amortization. For the years ended December 31, 2023, 2022, and 2021, we recognized lease expense comprised of the following components: Year Ended December 31, (in millions) 2023 2022 2021 Operating lease expense $ 18 $ 16 $ 15 Finance lease expense: Amortization of ROU asset $ 6 $ 6 $ 6 Interest expense on lease liability 4 5 5 Short-term lease expense $ 11 $ 11 $ 8 Lease Terms and Discount Rates The following outlines the remaining lease terms and discount rates used in the measurement of the Company’s ROU assets and lease liabilities at December 31, 2023 and 2022: December 31, 2023 December 31, 2022 Operating Leases Finance Leases Operating Leases Finance Leases Weighted-average remaining lease term 5.4 years 5.3 years 4.1 years 6.3 years Weighted-average discount rate 6.7 % 9.0 % 5.2 % 9.0 % Maturities of Lease Liabilities The following summarizes the remaining minimum lease payments through maturity of the Company’s lease liabilities at December 31, 2023: (in millions) Operating Leases Finance Leases Year Ended December 31, 2024 $ 17 $ 11 2025 12 11 2026 10 11 2027 6 10 2028 3 7 Thereafter 12 5 Total lease payments 60 55 Less: imputed interest (11) (11) Total lease liability $ 49 $ 44 The Company has entered into the following material lease commitments that have not yet commenced: • On February 21, 2022, Coffeyville Resources Nitrogen Fertilizer, LLC (“CRNF”) entered into the First Amendment to the On-Site Product Supply Agreement with Messer LLC (“Messer”), which amended the July 31, 2020 On-Site Product Supply Agreement (as amended, the “Messer Agreement”). Under the Messer Agreement, among other obligations, Messer is obligated to supply oxygen and make certain capital improvements during the term of the Messer Agreement, and CRNF is obligated to take as available and pay for oxygen from Messer’s facility. This arrangement for CRNF’s purchase of oxygen from Messer does not meet the definition of a lease under FASB ASC Topic 842, Leases (“Topic 842”), as CRNF does not expect to receive substantially all of the output, which includes oxygen, nitrogen, and compressed air, of Messer’s on-site production from its air separation unit over the life of the Messer Agreement. The Messer Agreement also obligates Messer to install a new oxygen storage vessel, related equipment and infrastructure (“Oxygen Storage Vessel” or “Vessel”) to be used solely by the Coffeyville Fertilizer Facility. The arrangement for the use of the Oxygen Storage Vessel meets the definition of a lease under Topic 842, as CRNF will receive all output associated with the Vessel. Based on terms outlined in the Messer Agreement, the Company expects the lease of the Oxygen Storage Vessel to be classified as a finance lease with an estimated amount within the range of $20 million to $25 million being capitalized upon lease commencement when the Vessel is placed in service, which is currently expected to occur in the second half of 2024. |
Other Current Liabilities
Other Current Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Other Current Liabilities | (7) Other Current Liabilities Other current liabilities were as follows: December 31, (in millions) 2023 2022 Accrued Renewable Fuel Standard (“RFS”) obligation $ 329 $ 692 Personnel accruals 51 47 Accrued taxes other than income taxes 47 51 Accrued interest 26 24 Accrued income taxes 25 — Deferred revenue 16 48 Operating lease liabilities 14 15 Share-based compensation 13 31 Derivatives — 4 Other accrued expenses and liabilities 25 24 Total other current liabilities $ 546 $ 936 |
Long-Term Debt and Finance Leas
Long-Term Debt and Finance Lease Obligations | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Finance Lease Obligations | (8) Long-Term Debt and Finance Lease Obligations Long-term debt and finance lease obligations consisted of the following: December 31, (in millions) 2023 2022 CVR Energy: 5.25% Senior Notes, due February 2025, net of current portion (1) $ — $ 600 5.75% Senior Notes, due February 2028 400 400 8.50% Senior Notes, due January 2029 600 — Unamortized debt issuance costs (5) (4) Total CVR Energy debt 995 996 Petroleum Segment: Finance lease obligations, net of current portion 37 42 Total Petroleum Segment finance lease obligations, net of current portion 37 42 Nitrogen Fertilizer Segment: 6.125% Senior Secured Notes, due June 2028 550 550 Unamortized debt issuance costs (3) (3) Total Nitrogen Fertilizer Segment debt 547 547 Total long-term debt and finance lease obligations, net of current portion 1,579 1,585 Current portion of long-term debt and finance lease obligations (1) 606 6 Total long-term debt and finance lease obligations, including current portion $ 2,185 $ 1,591 (1) On December 21, 2023, the Company delivered a notice of redemption to the holders of its 5.25% Senior Notes, due February 2025 (the “2025 Notes”), that all outstanding amounts of the 2025 Notes, plus any accrued and unpaid interest to the redemption date, would be redeemed on February 15, 2024. As such, the outstanding balance of the $600 million principal amount of the 2025 Notes was classified as short-term as of December 31, 2023. On February 15, 2024, the 2025 Notes were redeemed in full, at par, plus accrued and unpaid interest to the redemption date. Credit Agreements (in millions) Total Available Borrowing Capacity Amount Borrowed as of December 31, 2023 Outstanding Letters of Credit Available Capacity as of December 31, 2023 Maturity Date CVR Energy: Amended and Restated Asset Based (“CVR Energy ABL”) Credit Agreement $ 275 $ — $ 26 $ 249 June 30, 2027 Nitrogen Fertilizer Segment: Asset Based (“CVR Partners ABL”) Credit Agreement $ 39 $ — $ — $ 39 September 26, 2028 CVR Energy 2029 Notes - On December 21, 2023, CVR Energy completed the issuance of $600 million in aggregate principal amount of 8.500% Senior Notes due 2029 (the “2029 Notes”). Interest on the 2029 Notes is payable semi-annually in arrears on February 15 and August 15 each year, commencing on February 15, 2024. The 2029 Notes mature on January 15, 2029, unless earlier redeemed or purchased. The 2029 Notes are fully and unconditionally guaranteed on a senior unsecured basis, jointly and severally, by all of the Company’s existing domestic subsidiaries (other than Wynnewood Insurance Corporation, CVR Aviation, LLC, CVR GP, LLC, CVR Partners, LP, UAN Services, LLC and each of their respective subsidiaries and CHC GP, LLC, RHC GP, LLC and FHC GP, LLC). In relation to the issuance of the 2029 Notes, the Company received $598 million of net cash proceeds, net of underwriting fees and certain other third-party fees and expenses associated with the offering. The debt issuance costs of the 2029 Notes totaled approximately $4 million and will be amortized over the term of the 2029 Notes as interest expense using the effective-interest amortization method. These proceeds were reserved for the payment of the 2025 Notes on February 15, 2024 and are presented in Reserved funds for debt payment on our Consolidated Balance Sheets as of December 31, 2023. On or after January 15, 2026, we may on any one or more occasions, redeem all or part of the 2029 Notes at the redemption price set forth below expressed as a percentage of the principal amount of the respective note, plus accrued and unpaid interest to the applicable redemption date. 12-month period beginning February 15, Percentage 2026 104.250% 2027 102.125% 2028 100.000% The indenture governing the 2029 Notes contains restrictive covenants limiting our ability and the ability of our restricted subsidiaries (as defined in the indenture) to: (i) incur additional indebtedness or issue certain shares of capital stock; (ii) grant or permit to exist liens on certain assets to secure debt; (iii) pay dividends or make other equity distributions; (iv) purchase or redeem capital stock; (v) make certain investments; (vi) sell assets; (vii) agree to certain restrictions on the ability of restricted subsidiaries to make distributions, loans or other asset transfers to the Company; (viii) consolidate, merge, sell or otherwise dispose of all or substantially all assets; or (ix) engage in transactions with affiliates. The indenture also contains customary events of default. 2025 Notes and 2028 Notes - On January 27, 2020, CVR Energy completed a private offering of $600 million aggregate principal amount of 5.25% Senior Unsecured Notes due 2025 (the “2025 Notes”) and $400 million aggregate principal amount of 5.75% Senior Unsecured Notes due 2028 (the “2028 Notes” and, collectively with the 2025 Notes, the “Notes”). Interest on the Notes is payable semi-annually in arrears on February 15 and August 15 each year, commencing on August 15, 2020. The 2025 Notes mature on February 15, 2025, unless earlier redeemed or repurchased by the issuers. The 2028 Notes mature on February 15, 2028, unless earlier redeemed or repurchased by the issuers. The Notes are jointly and severally guaranteed on a senior unsecured basis by the wholly-owned subsidiaries of CVR Energy with the exception of CVR Partners and its subsidiaries and certain immaterial wholly-owned subsidiaries of CVR Energy. On or after February 15, 2022 and February 15, 2023, we may on any one or more occasions, redeem all or part of the 2025 Notes and 2028 Notes, respectively, at the redemption prices set forth below expressed as a percentage of the principal amount of the respective notes, plus accrued and unpaid interest to the applicable redemption date. 2025 Notes 2028 Notes 12-month period beginning February 15, Percentage 12-month period beginning February 15, Percentage 2023 101.313% 2023 102.875% 2024 100.000% 2024 101.917% 2025 100.958% 2026 and thereafter 100.000% The indenture governing the Notes imposes covenants that will, among other things, limit our ability and the ability of our restricted subsidiaries to: (i) incur additional indebtedness or issue certain disqualified equity; (ii) create liens on certain assets to secure debt; (iii) pay dividends or make other equity distributions; (iv) purchase or redeem capital stock; (v) make certain investments; (vi) sell assets; (vii) agree to certain restrictions on the ability of restricted subsidiaries to make distributions, loans, or other asset transfers to us; (viii) consolidate, merge, sell, or otherwise dispose of all or substantially all of our assets; (ix) engage in transactions with affiliates; and (x) designate our restricted subsidiaries as unrestricted subsidiaries. In addition, the indenture contains customary events of default, the occurrence of which would result in or permit the trustee or the holders of at least 25% of the 2025 Notes and 2028 Notes to cause, amongst other available remedies, the acceleration of the respective notes. On April 12, 2022 and July 1, 2022, numerous additional indirect, wholly-owned subsidiaries of CVR Energy (the “Joining Subsidiaries”) executed and delivered supplemental indentures pursuant to which such Joining Subsidiaries unconditionally guaranteed all of the Company’s obligations under the Notes on the terms and conditions set forth in the note guarantee and the indenture governing the Notes. On February 15, 2024, CVR Energy redeemed all of the outstanding 2025 Notes, at par, and settled accrued interest of approximately $16 million through the date of redemption. As a result of this transaction, the Company will recognize a $1 million loss on extinguishment of debt in the first quarter of 2024, which consists of the write-off of unamortized deferred financing costs. CVR Energy ABL - Certain subsidiaries of the Company (the “Credit Parties”) are parties to that certain Amended and Restated ABL Credit Agreement, dated December 20, 2012, as heretofore amended (as amended, the “CVR Energy ABL”) with a group of lenders and Wells Fargo Bank, National Association, as administrative agent and collateral agent (the “Agent”). The CVR Energy ABL is a senior secured asset based revolving credit facility in an aggregate principal amount of up to $275 million with a $125 million incremental facility, which is subject to additional lender commitments and certain other conditions. The CVR Energy ABL provides for loans and letters of credit in an amount up to the aggregate availability under the facility, subject to meeting certain borrowing base conditions, with sub-limits of $30 million for swingline loans and $60 million (or $100 million if increased by the Agent) for letters of credit. The proceeds of the loans may be used for capital expenditures, working capital and general corporate purposes of the Credit Parties and their subsidiaries. The CVR Energy ABL is scheduled to mature on June 30, 2027. Loans under the CVR Energy ABL bear interest at an annual rate equal to, at the option of the borrowers, (i) (a) 1.50% plus the Term SOFR or (b) 0.50% plus a base rate, if CVR Refining, LP’s (“CVR Refining”) quarterly excess availability is greater than 50%, and (ii) (a) 1.75% plus the Term SOFR or (b) 0.75% plus a base rate, otherwise. All borrowings under the CVR Energy ABL are subject to the satisfaction of customary conditions, including absence of a default and accuracy of representations and warranties. The Credit Parties must also pay a commitment fee on the unutilized commitments and pay customary letter of credit fees. The CVR Energy ABL contains customary covenants for a financing of this type and requires the Credit Parties in certain circumstances to comply with a minimum fixed charge coverage ratio test, and contains other customary restrictive covenants that limit the Credit Parties’ ability and the ability of their subsidiaries to, among other things, incur liens, engage in a consolidation, merger and purchase or sale of assets, pay dividends, incur indebtedness, make advances, investment and loans, enter into affiliate transactions, issue equity interests, or create subsidiaries and unrestricted subsidiaries. On September 26, 2023, the Credit Parties entered into Amendment No. 4 to the Amended and Restated ABL Credit Agreement (the “CVR Energy ABL Amendment”), dated December 20, 2012, with Wells Fargo, as administrative agent and collateral agent, to make certain administrative updates thereto. The foregoing description of the CVR Energy ABL and CVR Energy ABL Amendment does not purport to be complete and is qualified in its entirety by its terms, which is furnished as an exhibit to this Report. Nitrogen Fertilizer Segment 2028 UAN Notes - On June 23, 2021, CVR Partners and Finance Co. (the “Issuers”), completed a private offering of $550 million aggregate principal amount of 6.125% Senior Secured Notes due 2028 (the “2028 UAN Notes”). Interest on the 2028 UAN Notes is payable semi-annually in arrears on June 15 and December 15 each year, commencing on December 15, 2021. The 2028 UAN Notes mature on June 15, 2028, unless earlier redeemed or repurchased by the Issuers. The 2028 UAN Notes are jointly and severally guaranteed on a senior secured basis by all the existing domestic subsidiaries of CVR Partners, excluding Finance Co. The Issuers may, at their option, at any time and from time to time prior to June 15, 2024, on any one or more occasions, redeem all or part of the 2028 UAN Notes, at a price equal to 100% of the principal amount plus a “make whole” premium, plus accrued and unpaid interest. On or after June 15, 2024, the Issuers may, on any one or more occasions, redeem all or part of the 2028 UAN Notes at the redemption prices set forth below, expressed as a percentage of the principal amount of the respective notes, plus accrued and unpaid interest to the applicable redemption date. 12-month period beginning June 15, Percentage 2024 103.063% 2025 101.531% 2026 and thereafter 100.000% The 2028 UAN Notes contain customary covenants for a financing of this type that, among other things, restricts CVR Partners’ ability and the ability of certain of its subsidiaries to: (i) sell assets; (ii) pay distributions on, redeem or repurchase CVR Partners’ units or redeem or repurchase its subordinated debt; (iii) make investments; (iv) incur or guarantee additional indebtedness or issue disqualified stock; (v) create or incur certain liens; (vi) enter into agreements that restrict distributions or other payments from CVR Partners’ restricted subsidiaries to CVR Partners; (vii) consolidate, merge or transfer all or substantially all of CVR Partners’ assets; (viii) engage in transactions with affiliates; and (ix) create unrestricted subsidiaries. The 2028 UAN Notes contains a permitted investment activity carveout that allows for the transfer of certain carbon capture assets to a joint venture for the purpose of monetizing potential tax credits. In addition, the indenture contains customary events of default, the occurrence of which would result in or permit the trustee or the holders of at least 25% of the 2028 UAN Notes to cause the acceleration of the 2028 UAN Notes, in addition to the pursuit of other available remedies. CVR Partners ABL - On September 26, 2023, CVR Partners and certain of its subsidiaries entered into Amendment No. 1 to the Credit Agreement (the “CVR Partners ABL Amendment”) with Wells Fargo Bank, National Association, a national banking association (“Wells Fargo”), as administrative agent, collateral agent and a lender. The CVR Partners ABL Amendment amended that certain Credit Agreement, dated as of September 30, 2021 (as amended, the “CVR Partners ABL”), by and among the credit parties thereto and Wells Fargo, as administrative agent, collateral agent and a lender, to, among other things, (i) increase the aggregate principal amount available under the credit facility by an additional $15 million to a total of $50 million in the aggregate, with an incremental facility of an additional $15 million in the aggregate subject to additional lender commitments and certain other conditions, and (ii) extend the maturity date by an additional four years to September 26, 2028. The CVR Partners ABL provides for loans and letters of credit, subject to meeting certain borrowing base conditions, with sub-limits of $4 million for swingline loans and $10 million for letters of credit. The proceeds of the loans may be used for general corporate purposes of CVR Partners and its subsidiaries. The foregoing description of the CVR Partners ABL Amendment does not purport to be complete and is qualified in its entirety by its terms, which is furnished as an exhibit to this Report. Loans under the CVR Partners ABL bear interest at an annual rate equal to, at the option of the borrowers, (i) (a) 1.615% plus the daily simple Secured Overnight Financing Rate (“SOFR”) or (b) 0.615% plus a base rate, if our quarterly excess availability is greater than or equal to 75%, (ii) (a) 1.865% plus SOFR or (b) 0.865% plus a base rate, if our quarterly excess availability is greater than or equal to 50% but less than 75%, or (iii) (a) 2.115% plus SOFR or (b) 1.115% plus a base rate, otherwise. The borrowers must also pay a commitment fee on the unutilized commitments and also pay customary letter of credit fees. The CVR Partners ABL contains customary covenants for a financing of this type and requires CVR Partners in certain circumstances to comply with a minimum fixed charge coverage ratio test and contains other restrictive covenants that limit the ability of CVR Partners and its subsidiaries ability to, among other things, incur liens, engage in a consolidation, merger, purchase or sale of assets, pay dividends, incur indebtedness, make advances, investments and loans, enter into affiliate transactions, issue certain equity interests, create subsidiaries and unrestricted subsidiaries, and create certain restrictions on the ability to make distributions, loans, and asset transfers among CVR Partners or its subsidiaries. Covenant Compliance The Company and its subsidiaries, as applicable, have been in compliance with all covenants of the CVR Energy ABL, the CVR Partners ABL, and the senior notes as of December 31, 2023. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | (9) Revenue The following tables present the Company’s revenue disaggregated by major product, which include a reconciliation of the disaggregated revenue by the Company’s reportable segments: Year Ended December 31, 2023 (in millions) Petroleum Segment (1) Nitrogen Fertilizer Segment Other / Eliminations Consolidated Gasoline $ 4,289 $ — $ — $ 4,289 Distillates (2) 3,748 — 193 3,941 Ammonia — 161 — 161 UAN — 431 — 431 Urea products — 29 — 29 Freight revenue (3) 19 42 — 61 Other products (4) 164 18 86 268 Revenue from product sales 8,220 681 279 9,180 Crude oil sales 66 — — 66 Other revenue 1 — — 1 Total revenue $ 8,287 $ 681 $ 279 $ 9,247 Year Ended December 31, 2022 (in millions) Petroleum Segment (1) Nitrogen Fertilizer Segment Other / Eliminations Consolidated Gasoline $ 4,830 $ — $ — $ 4,830 Distillates (2) 4,789 — 111 4,900 Ammonia — 200 — 200 UAN — 557 — 557 Urea products — 33 — 33 Freight revenue (3) 17 35 — 52 Other products (4) 244 11 30 285 Revenue from product sales 9,880 836 141 10,857 Crude oil sales 37 — — 37 Other revenue 2 — — 2 Total revenue $ 9,919 $ 836 $ 141 $ 10,896 Year Ended December 31, 2021 (in millions) Petroleum Segment (1) Nitrogen Fertilizer Segment Other / Eliminations Consolidated Gasoline $ 3,679 $ — $ — $ 3,679 Distillates (2) 2,809 — — 2,809 Ammonia — 146 — 146 UAN — 316 — 316 Urea products — 29 — 29 Freight revenue (3) 21 31 — 52 Other products (4) 163 11 (12) 162 Revenue from product sales 6,672 533 (12) 7,193 Crude oil sales 47 — — 47 Other revenue 2 — — 2 Total revenue $ 6,721 $ 533 $ (12) $ 7,242 (1) The Petroleum Segment may incur broker commissions or transportation costs prior to the transfer on certain sales. The broker costs are expensed since the contract durations are less than one year. Transportation costs are accounted for as fulfillment costs and are expensed as incurred. (2) Distillates consist primarily of diesel fuel, kerosene, jet fuel and renewable fuels activity. (3) Freight revenue recognized by the Petroleum Segment is primarily tariff and line loss charges rebilled to customers to reimburse the Petroleum Segment for expenses incurred from a pipeline operator. Freight revenue recognized by the Nitrogen Fertilizer Segment represents the pass-through finished goods delivery costs incurred prior to customer acceptance and are reimbursed by customers. An offsetting expense for freight is included in Cost of materials and other. (4) Other products for the Petroleum Segment consists primarily of (i) feedstock, heavy oils, and liquified petroleum gas sales, (ii) sulfur credits, and (iii) pipeline and processing fees. For the Nitrogen Fertilizer Segment, other products consists of sales of (i) nitric acid and (ii) carbon oxide, including sales made in connection with the 45Q Transaction and the noncash consideration received, which is recognized as the performance obligation associated with the CO Contract is satisfied over its term through April 2030. Revenue from the CO Contract is recognized over time based on carbon oxide volumes measured at delivery. The Other/Elimination columns include certain credits related to renewable fuel activity and eliminations of intercompany transactions. Remaining Performance Obligations We have spot and term contracts with customers and the transaction prices are either fixed or based on market indices (variable consideration). We do not disclose remaining performance obligations for contracts that have terms of one year or less and for contracts where the variable consideration was entirely allocated to an unsatisfied performance obligation. As of December 31, 2023, these contracts have a remaining duration of less than three years. As of December 31, 2023, the Nitrogen Fertilizer Segment had approximately $10 million of remaining performance obligations for contracts with an original expected duration of more than one year. The Nitrogen Fertilizer Segment expects to recognize $3 million of these performance obligations as revenue by the end of 2024, an additional $3 million in 2025, and the remaining balance thereafter. Contract Balances A summary of the Nitrogen Fertilizer Segment’s deferred revenue activity during the year ended December 31, 2023 is presented below: (in millions) Balance at December 31, 2022 $ 48 Add: New prepay contracts entered into during the period 51 Noncash consideration received as part of the 45Q Transaction 46 Less: Revenue recognized that was included in the contract liability balance at the beginning of the period (47) Revenue recognized related to contracts entered into during the period (41) Revenue recognized related to noncash consideration (6) Other changes (2) Total deferred revenue at December 31, 2023 49 Less: Current portion of deferred revenue $ (16) Total long-term deferred revenue $ 33 Major Customers Petroleum Segment - The Petroleum Segment had two customers that accounted for 10% or more of the petroleum net sales at approximately 15% and 12% for the year ended December 31, 2023, and 15% and 10% for the year ended December 31, 2022. The Petroleum Segment had one customer who comprised 16% of petroleum net sales for the year ended December 31, 2021. Nitrogen Fertilizer Segment - The Nitrogen Fertilizer Segment had two customers that accounted for 10% or more of the nitrogen fertilizer net sales at approximately 13% and 12% for the year ended December 31, 2023, and 16% and 14% for the year ended December 31, 2022. The Nitrogen Fertilizer Segment had one customer who comprised 13% of nitrogen fertilizer net sales for the year ended December 31, 2021. |
Derivative Financial Instrument
Derivative Financial Instruments and Investments | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments and Investments | (10) Derivative Financial Instruments and Investments Derivative Financial Instruments Our segments are subject to fluctuations of commodity prices caused by supply and economic conditions, weather, interest rates, and other factors. To manage the impact of price fluctuations of crude oil and other commodities in our results of operations and certain inventories, and to fix margins on future sales and purchases, the Petroleum Segment uses various commodity derivative instruments, such as futures and swaps. The Company has not designated any of its derivative contracts as hedge accounting and records changes in fair value and cash settlements in the Consolidated Statements of Operations. The following outlines the net notional buy (sell) position of our commodity derivative instruments held as of December 31, 2023 and 2022: December 31, (in thousands of barrels) Commodity 2023 2022 Forwards Crude 247 373 Swaps NYMEX Diesel Cracks (6,780) — Swaps NYMEX RBOB Cracks (1,275) — Swaps NYMEX 2-1-1 Cracks (3,030) — Futures Crude — (150) Futures ULSD — (215) Futures Soybean — (109) The following outlines the balances of our commodity derivative instruments as of December 31, 2023 and 2022 after the effects of contract netting and allocation of collateral and their classifications in the Consolidated Balance Sheets. Refer to Note 11 (“Fair Value Measurements”) for the gross amounts of the commodity derivative instruments (before the effects of contract netting and allocation of collateral): December 31, 2023 2022 (in millions) Assets Liabilities Assets Liabilities Prepaid expenses and other current assets $ 24 $ — $ — $ — Other long-term assets 1 — — — Other current liabilities — — — (4) The following table represents CVR Energy’s incurred realized and unrealized net gains (losses) from derivative activities, recorded in Cost of materials and other on the Consolidated Statements of Operations: Year Ended December 31, (in millions) 2023 2022 2021 Commodity derivative instruments $ 5 $ (55) $ (44) CVR Energy has certain derivative instruments that contain credit risk-related contingent provisions associated with our credit ratings. If our credit rating were to be downgraded, it would allow the counterparty to require us to post collateral or to request immediate, full settlement of derivative instruments in liability positions. There were no derivative liabilities with credit risk-related contingent provisions as of December 31, 2023 and 2022, and no collateral has been posted. Investments On January 18, 2022, the Company divested its remaining nominal investment in Delek US Holdings, Inc. (“Delek”). These investments were considered trading securities and the related income was $81 million during 2021, which was recorded in Prepaid expenses and other current assets on our Consolidated Balance Sheets. See further discussion in Note 17 (“Related Party Transactions”). |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | (11) Fair Value Measurements In accordance with FASB ASC Topic 820, Fair Value Measurements and Disclosures (“Topic 820”), certain assets and liabilities of the Company are measured at fair value on a recurring and nonrecurring basis at December 31, 2023 and 2022. Topic 820 utilizes a fair value hierarchy considering the inputs and valuation techniques used to measure fair value into the following three broad levels: • Level 1 — Quoted prices in active markets for identical assets or liabilities. • Level 2 — Observable inputs other than quoted prices included within Level 1 for the asset or liability either directly or indirectly, which include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets and liabilities in markets that are not active. • Level 3 — Unobservable inputs that are significant to the fair value of the asset or liability, which include valuation techniques that involve significant unobservable inputs and Company’s own assumptions of market inputs/valuation. Assets and liabilities measured at fair value on a recurring basis The following tables set forth information about the assets and liabilities measured at fair value on a recurring basis, by input level, as of December 31, 2023 and 2022. Such amounts are presented on a gross basis, before the effects of netting and allocation of collateral. The Company elected to offset the fair value amounts recognized for derivative assets and liabilities executed with the same counterparty under a master netting arrangement, including fair value amounts recognized for the right to reclaim or the obligation to return cash collateral. December 31, 2023 Fair Value Hierarchy Total gross fair value Contract netting Collateral netting (1) Net value (in millions) Level 1 Level 2 Level 3 Assets Commodity derivative instruments $ — $ 31 $ — $ 31 $ (6) $ — $ 25 Liabilities Commodity derivative instruments — (6) — (6) 6 — — RFS — (329) — (329) — — (329) December 31, 2022 Fair Value Hierarchy Total gross fair value Contract netting Collateral netting (1) Net value Level 1 Level 2 Level 3 Assets Commodity derivative instruments $ — $ 4 $ — $ 4 $ (4) $ — $ — Liabilities Commodity derivative instruments — (9) — (9) 4 1 (4) RFS — (692) — (692) — — (692) (1) At December 31, 2023 and 2022, the Company had $13 million and $7 million of collateral under master netting arrangements not offset against the derivatives within Prepaid expenses and other current assets on the Consolidated Balance Sheets, respectively, primarily related to initial margin requirements. The Petroleum Segment’s commodity derivative contracts consist of exchange traded futures, commodity price swaps, and sale and purchase forwards that are measured at fair value using a market approach based on available broker quoted market prices of identical or similar instruments. Similarly, RFS obligations are measured at fair value using a market approach based on available broker quoted market RIN prices for each specific or closest vintage year. The Company had no transfers of assets or liabilities between any of the above levels during the years ended December 31, 2023 and 2022. Assets and liabilities measured at fair value on a nonrecurring basis CVR Partners performed a nonrecurring fair value measurement of the equity interest received as part of the 45Q Transaction in the first quarter of 2023. Such valuation used a combination of the market approach and the discounted cash flow methodology with key inputs including the discount rate, contractual and expected future cash flows, and market multiples. CVR Partners determined the estimated fair value of the consideration received to be $46 million, which is a nonrecurring Level 3 measurement, as defined by Topic 820, based on the use of CVR Partners’ own assumptions described above. There are no other assets or liabilities that were measured at fair value on a nonrecurring basis as of December 31, 2023 and 2022. Assets and liabilities not required to be measured at fair value CVR Energy holds cash equivalents which consist primarily of bank time deposits with maturities of 90 days or less. Cash and cash equivalents and reserved funds had carrying and fair values of $1.2 billion and $510 million at December 31, 2023 and 2022, respectively, and are classified as Level 1 in the fair value hierarchy. Long-term debt of $2.1 billion and $1.5 billion at December 31, 2023 and 2022, respectively, had estimated fair values of $2.1 billion and$1.4 billion, respectively, and are classified as Level 2 in the fair value hierarchy. Other short-term financial assets and liabilities, which consist of reserved funds, restricted cash, accounts receivable, accounts payable, and operating and finance lease obligations, are carried at cost on the Consolidated Balance Sheets and approximate their estimated fair values. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation | (12) Share-Based Compensation Overview CVR Energy and CVR Partners have Long-Term Incentive Plans (collectively, the “LTIPs”) that permit the granting of options, stock and unit appreciation rights, restricted shares, restricted stock units, phantom units, unit awards, substitute awards, other unit-based awards, cash awards, dividend and distribution equivalent rights, share awards, and performance awards (including performance share units, performance units, and performance-based restricted stock). Individuals who are eligible to receive awards and grants under or in connection with the LTIPs include the employees, officers, and directors of the Company and CVR Partners. The Company had 6.8 million and 0.5 million shares available for future grants under the CVR Energy LTIP and CVR Partners LTIP, respectively, at December 31, 2023. Incentive and Phantom Unit Awards Incentive and phantom unit awards that have been granted to officers, employees, and directors (collectively, the “Share-Based Awards”) reflect the value of shares or units and dividends or distributions of CVR Energy or CVR Partners, as applicable. Each Share-Based Award and the related dividend or distribution equivalent right represents the right to receive, upon vesting, a cash payment equal to (i) the average fair market value of one share or unit, as applicable, in accordance with the award agreement, plus (ii) the per share or unit cash value of all dividends or distributions declared and paid, as applicable, from the grant date through the vesting date, subject to the terms of the applicable award agreement. The Share-Based Awards are generally graded-vesting awards, which vest over three years with one-third of the award vesting each year provided the grantee remains employed by the Company or its subsidiaries on the applicable vesting date. Compensation expense is recognized ratably, based on service provided to the Company and its subsidiaries, with the amount recognized fluctuating as a result of the Share-Based Awards being remeasured to fair value at the end of each reporting period due to their liability-award classification. A summary of activity for the Company’s Share-Based Awards for the year ended December 31, 2023 is presented below: Shares or Units (1) Weighted-Average Grant-Date Fair Value (per share or unit) Aggregate Intrinsic Value (in millions) Non-vested at December 31, 2022 1,738,620 $ 22.97 $ 68 Granted 776,684 33.12 Vested (1,018,432) 19.81 Forfeited (57,967) 24.61 Non-vested at December 31, 2023 1,438,905 $ 30.67 $ 47 (1) As of December 31, 2023, there are no outstanding awards under the LTIPs, and the only outstanding and unvested awards are issued in connection with and not under the LTIPs. Performance Unit Awards Pursuant to the amended employment agreement, effective December 22, 2021, with the Company’s current chief executive officer, the Company amended the performance award agreement (the “CEO Performance Award”). The CEO Performance Award represents the right to receive upon vesting, a cash payment equal to $10 million if the average closing price of the Company’s common stock over the 30-day trading period from January 6, 2025 through February 20, 2025 is equal to or greater than $60 per share. Under the CEO Performance Award, as of December 31, 2023 and 2022, the Company had no outstanding liability. Compensation Expense A summary of total share-based compensation expense and unrecognized compensation expense related to the Share-Based Awards and the Company’s performance awards during the years ended December 31, 2023, 2022, and 2021 is presented below: Expenses Unrecognized Expense For the year ended December 31, At December 31, 2023 (in millions) 2023 2022 2021 Amount Weighted-Average Remaining Years Share-Based Awards: Incentive Units $ 28 $ 45 $ 22 $ 32 1.7 CVR Partners - Phantom Units 6 26 27 5 1.8 Performance Unit Awards: CEO Performance Award (1) — — (3) 10 1.0 Total share-based compensation expense $ 34 $ 71 $ 46 $ 47 (1) All expenses, recognized and unrecognized, related to the CEO Performance Award are contingent upon whether the performance parameters are probable of being met. If the performance parameters are not met, no expense will be recognized. The total tax benefit recognized during the years ended December 31, 2023, 2022, and 2021 related to compensation expense was $9 million, $19 million, and $12 million, respectively. As of December 31, 2023 and 2022, the Company had a liability of $16 million and $35 million, respectively, for cash settled non-vested Share-Based Awards and associated dividend and distribution equivalent rights. For the years ended December 31, 2023, 2022, and 2021, the Company paid cash of $54 million, $58 million, and $30 million, respectively, to settle liability-classified awards upon vesting. Other Benefit Plans The Company sponsors and administers two defined-contribution 401(k) plans, the CVR Energy 401(k) Plan and the CVR Energy 401(k) Plan for Represented Employees (collectively, the “Plans”), in which the Company’s employees may participate. Participants in the Plans may elect to contribute a designated percentage of their eligible compensation in accordance with the Plans, subject to statutory limits. The Company provides a matching contribution of 100% of the first 6% of eligible compensation contributed by participants. Participants in the Plans are immediately vested in their individual contributions. The Plans provide for a three-year vesting schedule for the Company’s matching contributions and contain a provision to count service with predecessor organizations. The Company had contributions under the Plans of $12 million and $11 million for the years ended December 31, 2023 and 2022, respectively. The Company did not contribute under the Plans for the year ended December 31, 2021, as the Company’s matching contributions for the Plans were suspended effective January 1, 2021 and resumed effective January 1, 2022. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (13) Income Taxes As of December 31, 2023 and 2022, the Company’s Consolidated Balance Sheets reflected a payable of $25 million and receivable of $22 million, respectively, from the IRS and certain state jurisdictions. Income Tax Expense (Benefit) Income tax expense (benefit) is comprised of the following: Year Ended December 31, (in millions) 2023 2022 2021 Current: Federal $ 118 $ 156 $ 84 State 9 14 7 Total current 127 170 91 Deferred: Federal 73 (26) (76) State 7 13 (23) Total deferred 80 (13) (99) Total income tax expense (benefit) $ 207 $ 157 $ (8) The following is a reconciliation of total income tax expense (benefit) to income tax expense (benefit) computed by applying the statutory federal income tax rate to pretax income: Year Ended December 31, (in millions) 2023 2022 2021 Tax computed at federal statutory rate $ 228 $ 168 $ 14 State income taxes, net of federal tax benefit 28 28 3 Changes in enacted state tax rates, net of federal tax expense (5) — (10) State tax incentives, net of federal tax expense (11) (6) (6) Noncontrolling interest (23) (38) (10) Renewable fuel incentives (15) (7) — Other, net 5 12 1 Total income tax expense (benefit) $ 207 $ 157 $ (8) Deferred Tax Assets and Liabilities The income tax effect of temporary differences that give rise to the Deferred income tax assets and Deferred income tax liabilities at December 31, 2023 and 2022 are as follows: December 31, (in millions) 2023 2022 Deferred income tax assets: Personnel accruals $ 11 $ 14 Inventories 3 — Right of use lease liability 9 — Contingent liabilities 61 — State tax credit carryforward, net 12 8 Total gross deferred income tax assets 96 22 Unrealized gains/losses (6) — Prepaid expenses (6) — Right of use lease asset (10) — Investment in CVR Partners (60) (68) Investment in CVR Refining — (202) Investment in Joint Ventures (15) — Property, plant and equipment (295) — Turnaround costs (30) — Other (1) (1) Total gross deferred income tax liabilities (423) (271) Net deferred income tax liabilities $ (327) $ (249) Effective February 1, 2023, we completed a restructuring of our business to segregate the renewables business. The restructuring took place in several phases, and included the formation of new, wholly-owned subsidiaries of CVR Energy to which certain assets were transferred. See Part II, Item 7, Renewables Business , for further discussion of the restructuring. The Deferred income tax assets and Deferred income tax liabilities as of December 31, 2023 reflect such restructuring. Although realization is not assured, management believes that it is more likely than not that all of the deferred income tax assets will be realized, and therefore, no valuation allowance was recognized as of December 31, 2023 and 2022. As of December 31, 2023, CVR Energy has state tax credits of approximately $14 million, which are available to reduce future state income taxes. These credits have an indefinite carryover period. Uncertain Tax Positions A reconciliation of unrecognized tax benefits is as follows: Year Ended December 31, (in millions) 2023 2022 2021 Balance, beginning of year $ 11 $ 17 $ 17 Reductions related to expirations from statute of limitations (10) (6) — Balance, end of year $ 1 $ 11 $ 17 Included in the balance of unrecognized tax benefits as of December 31, 2023, 2022, and 2021 are $1 million, $9 million, and $13 million, respectively, of tax benefits that, if recognized, would affect the effective tax rate. Additionally, the Company reasonably believes that no unrecognized tax positions related to state income tax credits will be recognized by the end of 2024 as a result of the expiration of statute of limitations. No unrecognized tax benefits were netted with Deferred income tax asset carryforwards as of December 31, 2023. Approximately $2 million of unrecognized tax benefits were netted with Deferred income tax asset carryforwards as of December 31, 2022. The remaining unrecognized tax benefits are included in Other long-term liabilities in the Consolidated Balance Sheets. CVR Energy recognized $3 million interest benefit and no liability for interest as of December 31, 2023, $1 million interest expense and $3 million liability for interest as of December 31, 2022, and $1 million interest expense and $2 million liability for interest as of December 31, 2021. No penalties were recognized during 2023, 2022, or 2021. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (14) Commitments and Contingencies Unconditional Purchase Obligations The minimum required payments for unconditional purchase obligations as defined in ASC 440, Commitments , are as follows: (in millions) Unconditional Purchase Obligations Year Ended December 31, 2024 $ 73 2025 73 2026 67 2027 66 2028 66 Thereafter 147 $ 492 Expenses associated with these obligations are included in Direct operating expenses (exclusive of depreciation and amortization), and, for the years ended December 31, 2023, 2022, and 2021, totaled $72 million, $72 million, and $71 million, respectively. Crude Oil Supply Agreement The Petroleum Segment had a crude oil supply agreement with Vitol Inc. (“Vitol”) until December 31, 2023, pursuant to which Vitol supplied the Petroleum Segment with certain crude oil and intermediation logistics helping to reduce the amount of inventory held at certain locations and mitigate crude oil pricing risk. Volumes contracted under this agreement, as a percentage of the total crude oil purchases (in barrels), were approximately 26%, 34%, and 42% for the years ended December 31, 2023, 2022, and 2021, respectively. On June 28, 2023, the Company, through one of its indirect wholly owned subsidiaries, entered into a crude oil supply agreement (as amended, the “Gunvor Crude Oil Supply Agreement”) with Gunvor USA LLC (“Gunvor”), pursuant to which Gunvor will supply certain crude oil and intermediation logistics in connection with deliveries beginning on or about January 1, 2024. On December 21, 2023, we entered into that certain Amended and Restated Crude Oil Supply Agreement, which extended the initial term of the Gunvor Crude Oil Supply Agreement for one month, until January 31, 2026, and made certain other non-material updates. The term of the Gunvor Crude Oil Supply Agreement is subject to automatic one-year renewals following the expiration of the initial term in the absence of either party providing 180 days’ notice of termination. As part of the transition of the crude oil supply agreement from Vitol to Gunvor, on December 31, 2023, the Company purchased the final inventory remaining under the crude oil supply agreement with Vitol and sold it to Gunvor on January 1, 2024. The inventory purchased from Vitol was included within Inventories on the Consolidated Balance Sheets as of December 31, 2023. 45Q Transaction Under the agreements entered into in connection with the 45Q Transaction, the Company’s indirect subsidiary CRNF is obligated to meet certain minimum quantities of carbon oxide supply each year during the term of the agreement and is subject to fees of up to $15 million per year (reduced pro rata for partial years) to the unaffiliated third-party investors, subject to an overall $45 million cap, if these minimum quantities are not delivered. CVR Partners issued a guarantee to the unaffiliated third-party investors and certain affiliates involved in the 45Q Transaction of the payment and performance obligations of CRNF and CVRP JV, which include the aforementioned fees. This guarantee has no impacts on the accounting records of CVR Partners unless the parties fail to comply with the terms of the 45Q Transaction contracts. Contingencies Call Option Coverage Case - In January 2021, the Company’s primary and excess insurers (the “Insurers”) filed suit for declaratory judgment in the 434 th Judicial District Court of Fort Bend County, Texas seeking determination that the Insurers owe no indemnity coverage under policies with coverage limits of $50 million for the Company’s December 2022 settlement of the consolidated lawsuits (collectively, the “Call Option Lawsuits”) filed by purported former unitholders of CVR Refining on behalf of themselves and an alleged class of similarly situated unitholders against the Company and certain of its affiliates (the “Call Defendants”) relating to the Company’s exercise of the call option under the CVR Refining Amended and Restated Agreement of Limited Partnership assigned to it by CVR Refining’s general partner including the Stipulation, Compromise and Release (the “Settlement”), which Settlement was entered into in August 2022 and had no further impact on the Company’s financial position or results of operations beyond the $79 million recognized within Other (expense) income, net in the Consolidated Statements of Operations for the year ended December 31, 2022 to reflect the estimated probable loss. In November 2022, the court granted summary judgment in favor of the Insurers, which the Company has appealed, and which appeal remains pending and in its earliest stages. Also in January 2021, the Company filed suit against the Insurers in the Superior Court of the State of Delaware (the “Superior Court”) alleging breach of contract and breach of the implied covenant of good faith and fair dealing against their primary and excess insurers relating to their denial of coverage of the Call Defendants’ defense expenses and indemnity, as well as other conduct of the Insurers relating to the Call Option Lawsuits, which complaint was amended in January 2023 to seek recovery from the Insurers of all of the amounts paid in settlement of the Call Option Lawsuits. While our appeal of the Texas court decision and our Superior Court lawsuit remain pending, the Company does not expect the outcome of these lawsuits to have a material adverse impact on the Company’s financial position, results of operations, or cash flows. Renewable Fuel Standard - Coffeyville Resources Refining & Marketing, LLC (“CRRM”) and Wynnewood Refining Company, LLC (“WRC”, and together with CRRM, the “obligated-party subsidiaries”) are subject to the RFS implemented by the U.S. Environmental Protection Agency (the “EPA”), which requires obligated parties to either blend renewable fuels into their transportation fuels or purchase renewable fuel credits, known as RINs, in lieu of blending. The Petroleum Segment’s obligated-party subsidiaries are not able to blend the majority of their transportation fuels with renewable fuels and, unless their RFS obligations are waived or exempted, must either purchase RINs or obtain waiver credits for cellulosic biofuels in order to comply with the RFS. Additionally, the Petroleum Segment’s obligated-party subsidiaries purchase RINs generated from our renewable diesel operations, whose operating results are not included in either of our reportable segments, to partially satisfy their RFS obligations. For the years ended December 31, 2023, 2022, and 2021, the Company’s obligated-party subsidiaries recognized a benefit of approximately $114 million and an expense of $435 million and $435 million, respectively, for their compliance with the RFS (based on the 2020, 2021, 2022, and 2023 renewable volume obligation (“RVO”), for the respective periods, excluding the impacts of any exemptions or waivers to which the Company’s obligated-party subsidiaries may be entitled). The recognized amounts are included within Cost of materials and other on the Consolidated Statements of Operations and represent costs to comply with the RFS obligation through purchasing of RINs not otherwise reduced by blending of ethanol, biodiesel, or renewable diesel. At each reporting period, to the extent RINs purchased and generated through blending are less than the RFS obligation (excluding the impact of exemptions or waivers to which the Company may be entitled), the remaining position is valued using RIN market prices at period end for each specific or closest vintage year. As of December 31, 2023 and 2022, the Company’s obligated-party subsidiaries’ RFS positions were approximately $329 million and $692 million, respectively, and are recorded in Other current liabilities on the Consolidated Balance Sheets. RFS Disputes - In 2022, WRC joined certain other small refineries in bringing suit against the EPA in the United States Court of Appeals for the Fifth Circuit (the “Fifth Circuit”) challenging the EPA’s denials of WRC’s petitions for small refinery exemptions (“SREs”) under the RFS in April 2022 for WRC’s 2018 petition and in June 2022 for WRC’s 2017, 2019, 2020 and 2021 SRE petitions (collectively, the “2022 Denials”), which denials were based on a new standard for evaluating SREs announced by the EPA in December 2021 and retroactively applied. WRC and certain other refineries also challenged the July 2023 denial by EPA of additional SRE petitions based on the new standard, including WRC’s 2022 SRE petition. The Fifth Circuit also granted WRC a stay of enforcement for the 2022 compliance period and held the case in abeyance pending resolution of lawsuits in the Fifth Circuit, the United States Courts of Appeals for the Eleventh Circuit and the United States Courts of Appeals for the District of Columbia Circuit (the “DC Circuit”) relating to the 2022 Denials (collectively, the “2022 Denials Case”). In November 2023, the Fifth Circuit issued an opinion in WRC’s lawsuit relating to the 2022 Denials holding that the 2022 Denials were impermissibly retroactive and that the EPA’s interpretation of the SRE provisions of the RFS was contrary to law and arbitrary and capricious as applied to the Fifth Circuit petitioners’ SRE petitions. The Fifth Circuit vacated those denials, including those for WRC for 2017 through 2021, and remanded those SRE petitions to EPA for further consideration consistent with the Fifth Circuit’s ruling. EPA has not yet taken action on those SRE petitions since remand. While WRC’s stay relating to the 2022 compliance year remains in effect until resolution of the 2022 Denials Cases, its stays relating to the preceding compliance periods expired in January 2024. The Company’s other challenges against the EPA relating to the RFS remain pending, including: • WRC’s challenges to the EPA’s Final Rules issued in June 2022 and June 2023 establishing the 2020-2022 RVOs and 2023-2025 RVOs, respectively; and • WRC’s lawsuit against the EPA currently pending in the DC Circuit related to damages WRC incurred as a result of the EPA’s late grant of its 2018 SRE, which SRE was denied by the EPA in April 2022, which denial was vacated by the Fifth Circuit in November 2023 as noted above. The Company cannot yet determine at this time the outcomes of these matters. While we intend to prosecute these actions vigorously, if these matters are ultimately concluded in a manner adverse to the Company, they could have a material effect on the Company’s financial position, results of operations, or cash flows. Environmental, Health, and Safety (“EHS”) Matters Clean Air Act Matter - CRRM and certain of its affiliates settled claims brought in the United States District Court for the District of Kansas (“D. Kan”) by the United States, on behalf of the EPA, and the State of Kansas, on behalf of the Kansas Department of Health and Environment (“KDHE”) seeking both statutory and stipulated penalties primarily relating to the Coffeyville Refinery’s flares, heaters, and related matters. The terms of the settlement are set forth in a Consent Decree (“CD”) that was entered by the D. Kan on January 10, 2024. The EPA and KDHE sought stipulated penalties under a 2012 Consent Decree (the “Stipulated Claims”), which amount CRRM previously deposited into a commercial escrow account which were legally restricted for use and included in Prepaid expenses and other current assets on our Consolidated Balance Sheets as of December 31, 2023; those escrowed funds were released in February 2024 and the settlement was paid. The settlement did not and is not expected in the future to have a material adverse impact on the Company’s financial position, results of operations, or cash flows. Environmental Accruals - As of December 31, 2023 and 2022, environmental accruals |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Business Segments | (15) Business Segments CVR Energy’s revenues are primarily derived from two reportable segments: Petroleum and Nitrogen Fertilizer. The Company evaluates the performance of its segments based primarily on segment operating income (loss) and Earnings Before Interest, Taxes, Depreciation, and Amortization (“EBITDA”). For the purposes of the business segments disclosure, the Company presents operating income (loss) as it is the most comparable measure to the amounts presented on the Consolidated Statements of Operations. The other amounts reflect renewable fuels activities, intercompany eliminations, corporate cash and cash equivalents, income tax activities, and other corporate activities that are not allocated or aggregated to the reportable segments. The following tables summarize operating results and capital expenditures information by segment: Year Ended December 31, 2023 (in millions) Petroleum Segment Nitrogen Fertilizer Segment Other / Eliminations Consolidated Net sales $ 8,267 $ 681 $ 299 $ 9,247 Inter-segment fees and sales 20 — (20) — Total sales 8,287 681 279 9,247 Operating income (loss) $ 982 $ 201 $ (60) $ 1,123 Interest income (expense) 75 (29) (98) (52) Other income, net 14 Income before income tax expense $ 1,085 Depreciation and amortization $ 189 $ 80 $ 29 $ 298 Capital expenditures (1) 108 29 60 197 Year Ended December 31, 2022 (in millions) Petroleum Segment Nitrogen Fertilizer Segment Other / Eliminations Consolidated Net sales $ 9,902 $ 836 $ 158 $ 10,896 Inter-segment fees and sales 17 — (17) — Total sales 9,919 836 141 10,896 Operating income (loss) $ 719 $ 320 $ (76) $ 963 Interest income (expense) 41 (34) (92) (85) Other expense, net (77) Income before income tax expense $ 801 Depreciation and amortization $ 187 $ 82 $ 19 $ 288 Capital expenditures (1) 86 41 76 203 Year Ended December 31, 2021 (in millions) Petroleum Segment Nitrogen Fertilizer Segment Other / Eliminations Consolidated Net sales $ 6,710 $ 533 $ (1) $ 7,242 Inter-segment fees and sales 11 — (11) — Total sales 6,721 533 (12) 7,242 Operating (loss) income $ (27) $ 134 $ (20) $ 87 Interest income (expense) 21 (61) (77) (117) Investment income on marketable securities 81 Other income, net 15 Income before income tax benefit $ 66 Depreciation and amortization $ 203 $ 73 $ 3 $ 279 Capital expenditures (1) 50 26 150 226 The following table summarizes total assets by segment: December 31, (in millions) 2023 2022 Petroleum $ 2,978 $ 4,354 Nitrogen Fertilizer 975 1,100 Other, including inter-segment eliminations (2) 754 (1,335) Total assets $ 4,707 $ 4,119 (1) Capital expenditures are shown exclusive of capitalized turnaround expenditures and business combinations. (2) Other includes amounts for the Wynnewood renewable diesel unit project and renewable feedstock pretreater project. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | (16) Supplemental Cash Flow Information Cash flows related to income taxes, interest, leases, capital expenditures and deferred financing costs included in accounts payable, and noncash dividends were as follows: Year Ended December 31, (in millions) 2023 2022 2021 Supplemental disclosures: Cash paid for income taxes, net of refunds $ 93 $ 170 $ 72 Cash paid for interest 95 96 114 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 19 17 15 Operating cash flows from finance leases 4 5 5 Financing cash flows from finance leases 6 6 6 Noncash investing and financing activities: Change in capital expenditures included in accounts payable (1) (8) 12 2 Change in turnaround expenditures included in accounts payable 3 (2) 3 Change in deferred financing costs included in accounts payable — — 1 Noncash dividends to CVR Energy stockholders — — 251 (1) Capital expenditures are shown exclusive of capitalized turnaround expenditures. Cash, cash equivalents and restricted cash consisted of the following: As of December 31, (in millions) 2023 2022 Cash and cash equivalents $ 581 $ 510 Reserved funds (1) 598 — Restricted cash (2) 7 7 Cash, cash equivalents, reserved funds and restricted cash $ 1,186 $ 517 (1) Funds reserved for the redemption of the 2025 Notes in February 2024. See Note 8 (“Long-Term Debt and Finance Lease Obligations”) for further discussion. (2) The restricted cash balance is included within Prepaid expenses and other current assets on the Consolidated Balance Sheets. See Note 14 (“Commitments and Contingencies”) for further discussion. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | (17) Related Party Transactions Activity associated with the Company’s related party arrangements for the years ended December 31, 2023, 2022, and 2021 is summarized below: Related Party Activity Year Ended December 31, (in millions) 2023 2022 2021 Sales to related parties: CVRP JV CO Contract (1) $ 4 $ — $ — Purchases from related parties: Enable Joint Venture Transportation Agreement 12 10 11 Midway Joint Venture Agreement (2) 24 22 20 Payments: Dividends (3) 311 342 348 (1) Sales to related parties, included in Net sales in our Consolidated Statements of Operations, consists of CO sales to a CVRP JV subsidiary. (2) Purchases from related parties, included in Cost of materials and other in our Consolidated Statements of Operations, represents reimbursements for crude oil transportation services incurred on the Midway JV through Vitol as the intermediary purchasing agent. (3) See below for a summary of the dividends paid to IEP during the years ended December 31, 2023, 2022, and 2021. Enable Joint Venture Transportation and Terminalling Services Agreements We are party to a transportation agreement, effective September 19, 2016, as part of the Enable JV for an initial term of 20 years under which Enable provides transportation services for crude oil purchased within a defined geographic area. Additionally, we entered into a terminalling services agreement, effective September 19, 2016, with Enable JV under which it receives access to Enable JV’s terminal in Lawrence, Oklahoma to unload and pump crude oil into Enable JV’s pipeline for an initial term of 20 years. Dividends to CVR Energy Stockholders Dividends, if any, including the payment, amount and timing thereof, are determined at the discretion of the Board. IEP, through its ownership of the Company’s common stock, is entitled to receive dividends that are declared and paid by the Company based on the number of shares held at each record date. The following tables present quarterly and special dividends paid to the Company’s stockholders, including IEP, during 2023 and 2022 (amounts presented in table below may not add to totals presented due to rounding): Quarterly Dividends Paid ( in millions ) Related Period Date Paid Quarterly Dividends Public Stockholders IEP Total 2022 - 4th Quarter March 13, 2023 $ 0.50 $ 15 $ 36 $ 50 2023 - 1st Quarter May 22, 2023 0.50 15 36 50 2023 - 2nd Quarter August 21, 2023 0.50 15 36 50 2023 - 3rd Quarter November 20, 2023 0.50 17 33 50 Total 2023 quarterly dividends $ 2.00 $ 61 $ 140 $ 201 Special Dividends Paid ( in millions ) Related Period Date Paid Special Dividends Public Stockholders IEP Total 2023 - 2nd Quarter August 21, 2023 $ 1.00 $ 29 $ 71 $ 101 2023 - 3rd Quarter November 20, 2023 1.50 51 100 151 Total 2023 special dividends $ 2.50 $ 80 $ 171 $ 251 Quarterly Dividends Paid ( in millions ) Related Period Date Paid Quarterly Dividends Public Stockholders IEP Total 2022 - 1st Quarter May 23, 2022 $ 0.40 $ 12 $ 28 $ 40 2022 - 2nd Quarter August 22, 2022 0.40 12 28 40 2022 - 3rd Quarter November 21, 2022 0.40 12 28 40 Total 2022 quarterly dividends $ 1.20 $ 36 $ 85 $ 121 Special Dividends Paid ( in millions ) Related Period Date Paid Special Dividends Public Stockholders IEP Total 2022 - 2nd Quarter August 22, 2022 $ 2.60 $ 76 $ 185 $ 261 2022 - 3rd Quarter November 21, 2022 1.00 29 71 101 Total 2022 special dividends $ 3.60 $ 106 $ 256 $ 362 There were no quarterly dividends declared or paid during the first quarter of 2022 related to the fourth quarter of 2021, and there were no quarterly dividends declared or paid during 2021 related to the first, second, and third quarters of 2021 and fourth quarter of 2020. On May 26, 2021, the Company announced a special dividend of approximately $492 million, or equivalent to $4.89 per share of the Company’s common stock, to be paid in a combination of cash (the “Cash Distribution”) and the common stock of Delek held by the Company (the “Stock Distribution”). On June 10, 2021, the Company distributed an aggregate amount of approximately $241 million, or $2.40 per share of the Company’s common stock, pursuant to the Cash Distribution, and approximately 10,539,880 shares of Delek common stock, which represented approximately 14.3% of the outstanding shares of Delek common stock, pursuant to the Stock Distribution. IEP received approximately 7,464,652 shares of common stock of Delek and $171 million in cash. The Stock Distribution was recorded as a reduction to equity through a derecognition of our investment in Delek, and the Company recognized a gain of $112 million from the initial investment in Delek through the date of the Stock Distribution. For the fourth quarter of 2023, the Company, upon approval by the Board on February 20, 2024, declared a cash dividend of $0.50 per share, or $50 million, which is payable March 11, 2024 to shareholders of record as of March 4, 2024. Of this amount, IEP will receive $33 million due to its ownership interest in the Company’s shares. Distributions to CVR Partners ’ Unitholders Distributions, if any, including the payment, amount and timing thereof, and UAN GP Board’s distribution policy, including the definition of available cash, are subject to change at the discretion of the UAN GP Board. The following tables present quarterly distributions paid by CVR Partners to CVR Partners’ unitholders, including amounts received by the Company, as of December 31, 2023 and 2022 (amounts presented in tables below may not add to totals presented due to rounding): Quarterly Distributions Paid (in millions) Related Period Date Paid Quarterly Distributions Public Unitholders CVR Energy Total 2022 - 4th Quarter March 13, 2023 $ 10.50 $ 70 $ 41 $ 111 2023 - 1st Quarter May 22, 2023 10.43 70 41 110 2023 - 2nd Quarter August 21, 2023 4.14 28 16 44 2023 - 3rd Quarter November 20, 2023 1.55 10 6 16 Total 2023 quarterly distributions $ 26.62 $ 178 $ 104 $ 281 Quarterly Distributions Paid (in millions) Related Period Date Paid Quarterly Distributions Public Unitholders CVR Energy Total 2021 - 4th Quarter March 14, 2022 $ 5.24 $ 36 $ 20 $ 56 2022 - 1st Quarter May 23, 2022 2.26 15 9 24 2022 - 2nd Quarter August 22, 2022 10.05 67 39 106 2022 - 3rd Quarter November 21, 2022 1.77 12 7 19 Total 2022 quarterly distributions $ 19.32 $ 129 $ 75 $ 205 Quarterly Distributions Paid (in millions) Related Period Date Paid Quarterly Distributions Public Unitholders CVR Energy Total 2021 - 2nd Quarter August 23, 2021 $ 1.72 $ 12 $ 7 $ 18 2021 - 3rd Quarter November 22, 2021 2.93 20 11 31 Total 2021 quarterly distributions $ 4.65 $ 32 $ 18 $ 50 There were no quarterly distributions declared or paid by CVR Partners related to the first quarter of 2021 and the fourth quarter of 2020. For the fourth quarter of 2023, CVR Partners, upon approval by the UAN GP Board on February 20, 2024, declared a distribution of $1.68 per common unit, or $18 million, which is payable March 11, 2024 to unitholders of record as of March 4, 2024. Of this amount, CVR Energy will receive approximately $7 million, with the remaining amount payable to public unitholders. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) Attributable to Parent | $ 769 | $ 463 | $ 25 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Subsequent Events | Subsequent Events The Company evaluated subsequent events, if any, that would require an adjustment to the Company’s consolidated financial statements or require disclosure in the notes to the consolidated financial statements through the date of issuance of the consolidated financial statements. Where applicable, the notes to these consolidated financial statements have been updated to discuss all significant subsequent events which have occurred. |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements, prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”), include the accounts of the Company and its majority-owned direct and indirect subsidiaries. All intercompany accounts and transactions have been eliminated. The ownership interests of noncontrolling investors in CVR Partners are recorded as noncontrolling interests. CVR Energy has not recognized any other comprehensive income for the years ended December 31, 2023, 2022, and 2021. CVR Partners was determined to be a variable interest entity (“VIE”) and is consolidated by the Company. As the 100% owner of the general partner of CVR Partners, the Company has the sole ability to direct the activities that most significantly impact the economic performance of CVR Partners and is considered the primary beneficiary. |
Reclassifications | Reclassifications |
Use of Estimates | Use of Estimates The consolidated financial statements are prepared in conformity with GAAP, which requires management to make certain estimates and assumptions that affect the reported amounts and disclosure of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates are reviewed on an ongoing basis, based on currently available information. Changes in facts and circumstances may result in revised estimates, and actual results could differ from those estimates. |
Cash, Reserved Funds and Cash Equivalents | Cash, Reserved Funds and Cash Equivalents Cash, reserved funds and cash equivalents include cash on hand, demand deposits, and investments in highly liquid money market accounts with original maturities of three months or less. We maintain cash and cash equivalent balances with few financial institutions, which may at times be in excess of federally insured levels. |
Restricted Cash | Restricted Cash Restricted cash consists of cash and claims to cash that are legally restricted, have been set aside for a specific purpose, and restricted as to usage or withdrawal and, therefore, not available for immediate or general purpose use. The Company has restricted cash that must be maintained in a commercial escrow account pending resolution of certain litigation matters and is discussed further in Note 14 (“Commitments and Contingencies”). |
Accounts Receivable, net | Accounts Receivable, net |
Inventories | Inventories |
Property, Plant and Equipment, net | Property, Plant and Equipment, net Additions to property, plant and equipment, including capitalized interest and certain costs allocable to construction and property purchases, are recorded at cost. Expenditures for improvements that increase economic benefit or returns and/or extend useful life are capitalized. Depreciation is computed using the straight-line method over the estimated useful lives of the various classes of depreciable assets. The lives used in computing depreciation for significant asset classes are as follows: Asset Range of Useful Lives, in Years Land improvements 10 to 30 Buildings and improvements 1 to 30 Machinery and equipment 1 to 30 Furniture and fixtures 3 to 10 Right-of-use (“ROU”) finance leases 5 to 18 Other 5 to 30 |
Equity Method Investments | Equity Method Investments The Company accounts for investments in which it has a noncontrolling interest, yet has significant influence over the entity, using the equity method of accounting, whereby the Company records its pro-rata share of earnings, contributions to, and distributions from joint ventures as adjustments to the investment balance in Other long-term assets on our Consolidated Balance Sheets. The pro-rata share of earnings is also recorded in Other income (expense), net on our Consolidated Statements of Operations. |
Leases | Leases At inception, the Company determines whether an arrangement is a lease and, if so, the appropriate lease classification. Operating leases are included as operating lease right-of-use (“ROU”) assets within Other long-term assets and lease liabilities within Other current liabilities and Other long-term liabilities on our Consolidated Balance Sheets. Finance leases are included as ROU finance leases within Property, plant, and equipment, net, and finance lease liabilities within Current portion of long-term debt and finance lease obligations and Long-term debt and finance lease obligations, net of current portion on our Consolidated Balance Sheets. Leases with an initial expected term of 12 months or less are considered short-term and are not recorded on our Consolidated Balance Sheets. The Company recognizes lease expense for these leases on a straight-line basis over the expected lease term. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of minimum lease payments over the lease term using an incremental borrowing rate with a maturity similar to the lease term. The lease term is modified to reflect options to extend or terminate the lease when it is reasonably certain we will exercise such option. The depreciable life of assets and leasehold improvements is limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise, in which case the depreciation policy in the “Property, Plant and Equipment, net” section above is applicable. The periodic lease payments are treated as payments of the lease obligation and interest is recorded as interest expense. A lease modification is assessed to conclude whether it is a separate new contract or a modified contract. If it is a modified contract, the Company reconsiders the lease classification and remeasures the lease. |
Deferred Financing Costs | Deferred Financing Costs Lender and other third-party costs associated with debt issuances are deferred and amortized to interest expense and other financing costs using the effective-interest method over the term of the debt. Deferred financing costs related to line-of-credit arrangements are amortized using the straight-line method through the maturity date of the facility. The deferred financing costs are included net within Current portion of long-term debt and finance lease obligations, Long-term debt and finance lease obligations, net of current portion, and Other long-term liabilities, for the line-of-credit arrangements where no debt balance exists. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets Long-lived assets (excluding intangible assets with indefinite lives and deferred tax assets) are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the estimated undiscounted future net cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated undiscounted future net cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset exceeds their fair value. Assets to be disposed of are reported at the lower of their carrying value or fair value less cost to sell. |
Asset Retirement Obligations | Asset Retirement Obligations The Company records an asset retirement obligation (“ARO”) at fair value for the estimated cost to retire a tangible long-lived asset at the time the liability is incurred, which is generally when the asset is purchased, constructed, or leased. The liability is recorded when there is a legal or contractual obligation to incur costs to retire the asset and only when a reasonable estimate of the fair value can be made. Certain of the Company’s assets can be used for extended or indeterminate periods of time with proper maintenance and upgrades, which the Company intends, and has a historical practice of, to maintain and upgrade as technological advances are made available. As a result, the Company believes these assets have indeterminate lives for purposes of estimating AROs. A liability will be recognized at such time when sufficient information exists to estimate a date or range of potential settlement dates needed to employ a present value technique to estimate fair value. |
Loss Contingencies | Loss Contingencies In the ordinary course of business, the Company may become party to lawsuits, administrative proceedings, and governmental investigations, including environmental, regulatory, and other matters. The outcome of these matters cannot always be predicted accurately, but the Company accrues liabilities for these matters if the Company has determined that it is probable a loss will be incurred, and the loss can be reasonably estimated. Accrued amounts are reflected in Other current liabilities or Other long-term liabilities depending on when the Company expects to expend such amounts. |
Environmental, Health & Safety ("EH&S") Matters | Environmental, Health & Safety (“EH&S”) Matters CVR Energy is subject to various federal, state, and local environmental, health, and safety rules and regulations. Liabilities related to future remediation costs of past environmental contamination of properties are recognized when the related costs are considered probable and can be reasonably estimated. Estimates of these costs are based upon currently available facts, internal and third-party assessments of contamination, available remediation technology, site-specific costs, and currently enacted laws and regulations. In reporting environmental liabilities, no offset is made for potential recoveries. Loss contingency accruals, including those for environmental remediation, are subject to periodic management review and revision as further information develops or circumstances change, and such accruals can take into account the legal liability of other parties. Environmental expenditures for capital assets are capitalized at the time of the expenditure when such costs provide future economic benefits. Accrued amounts are reflected in Other current liabilities or Other long-term liabilities depending on when the Company expects to expend such amounts. |
Revenue Recognition and Cost Classifications | Revenue Recognition The Company’s revenue is generated from contracts with customers and is recognized at a point in time when performance obligations are satisfied by transferring control of the products or services to a customer. The transfer of control occurs upon shipment or delivery of the product, as the customer accepts the product, has title and significant risks and rewards of ownership of the product, physical possession of the product has been transferred, and we have the right to payment. The transaction prices of the Company’s contracts are either fixed or based on market indices, and any uncertainty related to the variable consideration when determining the transaction price is resolved on the pricing date or the date when the product is delivered. The payment terms depend on the product and type of contract, but generally require customers to pay within 30 days or less, and do not contain significant financing components. Any pass-through finished goods delivery costs reimbursed by customers are reported in Net sales, while an offsetting expense is included in Cost of materials and other. Non-monetary product exchanges and certain buy/sell transactions which are entered into in the normal course of business are included on a net cost basis in Cost of materials and other on our Consolidated Statements of Operations. Qualifying excise and other taxes collected from customers and remitted to governmental authorities are recorded as a reduction of the transaction price. Certain sales contracts of the Nitrogen Fertilizer Segment require customer prepayment prior to product delivery to guarantee a price and supply of nitrogen fertilizer. Deferred revenue is recorded at the point in time in which a prepaid contract is legally enforceable and the associated right to consideration is unconditional prior to transferring product to the customer. An associated receivable is recorded for uncollected prepaid contract amounts. Cost Classifications Cost of materials and other consists primarily of costs for crude oil, feedstock blendstocks, purchased refined products, purchased ammonia, purchased hydrogen, pet coke, Renewable Identification Numbers (“RINs”), derivative gains or losses, and freight and distribution. Direct operating expenses (exclusive of depreciation and amortization) consist primarily of energy and other utility costs, direct costs of labor, including applicable share-based compensation expense, property taxes, plant-related maintenance services, including turnaround expenses for the Nitrogen Fertilizer Segment, and environmental and safety compliance costs, as well as catalyst and chemical costs. Selling, general and administrative expenses (exclusive of depreciation and amortization) consist primarily of labor and other direct expenses associated with the Company’s corporate activities, including accounting, finance, information technology, human resources, legal, and other related administrative functions. For the Company’s Nitrogen Fertilizer Segment, Cost of materials and other and Direct operating expenses (exclusive of depreciation and amortization) are also impacted by changes in inventory balances, as these financial statement line items include inventory production costs. |
Derivatives | Derivatives On a regular basis, the Company enters into commodity contracts with counterparties for the purchases or sale of crude oil, blendstocks, various finished products, and RINs. These contracts usually meet the definition of a derivative and qualify for the normal purchase normal sale exception following the accrual method of accounting. All other derivative instruments are recorded in Prepaid expenses and other current assets, Other long-term assets, Other current liabilities, and Other long-term liabilities on our Consolidated Balance Sheets depending on the derivative position and when it will be settled, and are measured at fair value with changes to the fair value recognized in Cost of materials and other in the Consolidated Statements of Operations. The Nitrogen Fertilizer Segment may enter into forward contracts with fixed or indexed delivery prices to purchase portions of its natural gas requirements. These natural gas contracts are not treated as derivatives as they qualify for the normal purchase and normal sale exclusions. Accordingly, the fair value of these contracts are not recorded at the end of each reporting period. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Financial instruments consist of cash and cash equivalents, reserved funds, restricted cash, accounts receivable, accounts payable, operating and finance lease obligations and long-term debt are carried at cost and approximate their estimated fair value, except for the long-term debt. The Company’s derivative instruments and RFS obligations are recognized at fair value. |
Turnaround Expenses | Turnaround Expenses Turnarounds represent major maintenance activities that require the shutdown of significant parts of a plant to perform necessary inspections, cleanings, repairs, and replacements of assets. Costs incurred for routine repairs and maintenance or unplanned outages at our facilities are expensed as incurred. Planned turnaround activities for the Petroleum Segment vary in frequency dependent on refinery units, but generally occur every four Petroleum Segment - Consistent with others in the refining industry, the Petroleum Segment follows the deferral method of accounting for turnaround activities. Under the deferral method, the costs of turnarounds are deferred and amortized on a straight-line basis over a determined cycle, which represents the estimated time until the next turnaround occurs. Turnaround costs and related accumulated amortization are included in Other long-term assets on our Consolidated Balance Sheets. The amortization expense related to turnaround costs is included in Depreciation and amortization on our Consolidated Statements of Operations. During the years ended December 31, 2023, 2022, and 2021, the Petroleum Segment capitalized $60 million, $81 million, and $8 million, respectively. Capitalized turnaround costs are subject to impairment reviews, as discussed above. Nitrogen Fertilizer Segment |
Share-Based Compensation | Share-Based Compensation The Company accounts for share-based compensation in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 718, Compensation — Stock Compensation |
Income Taxes | Income Taxes Income taxes are accounted for utilizing the asset and liability approach. Under this method, deferred tax assets and liabilities are recognized for the anticipated future tax consequences attributable to differences between the amounts recorded in the accounting books and their respective tax basis. Deferred amounts are measured using enacted tax rates expected to apply to taxable income in the year those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. In assessing the realizability of the deferred income tax assets, including net operating loss and state tax credit carryforwards, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred income tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Further, the Company recognizes interest expense (income) and penalties on uncertain tax positions and income tax deficiencies (refunds) in Income tax expense (benefit). |
Recent Accounting Pronouncements - Accounting Standards Issued But Not Yet Implemented | Recent Accounting Pronouncements - Accounting Standards Issued But Not Yet Implemented In December 2023, FASB issued Accounting Standard Update (“ASU”) 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures, which requires enhanced income tax disclosures that reflect how operations and related tax risks, as well as how tax planning and operational opportunities, affect the tax rate and prospects for future cash flows. This standard is effective for the Company beginning January 1, 2025 with early adoption permitted. The Company is evaluating the effects of adopting this new accounting guidance on its disclosures but does not currently expect adoption will have a material impact on the Company’s consolidated financial statements. The Company does not intend to early adopt this ASU. In November 2023, FASB issued ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures , which includes requirements for more robust disclosures of significant segment expenses and measures of a segment’s profit and loss used in assessing performance. This standard is effective for the Company’s annual period beginning January 1, 2024 and interim periods beginning January 1, 2025 with early adoption permitted. The Company is still evaluating the effects of adopting this new accounting guidance on its disclosures. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Property, Plant and Equipment | The lives used in computing depreciation for significant asset classes are as follows: Asset Range of Useful Lives, in Years Land improvements 10 to 30 Buildings and improvements 1 to 30 Machinery and equipment 1 to 30 Furniture and fixtures 3 to 10 Right-of-use (“ROU”) finance leases 5 to 18 Other 5 to 30 Property, plant, and equipment, net consisted of the following: December 31, (in millions) 2023 2022 Machinery and equipment $ 4,287 $ 4,194 Buildings and improvements 124 86 ROU finance leases 81 79 Land and improvements 74 72 Furniture and fixtures 33 37 Construction in progress 193 143 Other 15 15 4,807 4,626 Less: Accumulated depreciation and amortization (2,586) (2,379) Total property, plant and equipment, net $ 2,221 $ 2,247 |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Components of Inventories | Inventories consisted of the following: December 31, (in millions) 2023 2022 Finished goods $ 260 $ 297 Raw materials 226 206 In-process inventories 21 35 Parts, supplies and other 97 86 Total inventories $ 604 $ 624 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property, Plant and Equipment | The lives used in computing depreciation for significant asset classes are as follows: Asset Range of Useful Lives, in Years Land improvements 10 to 30 Buildings and improvements 1 to 30 Machinery and equipment 1 to 30 Furniture and fixtures 3 to 10 Right-of-use (“ROU”) finance leases 5 to 18 Other 5 to 30 Property, plant, and equipment, net consisted of the following: December 31, (in millions) 2023 2022 Machinery and equipment $ 4,287 $ 4,194 Buildings and improvements 124 86 ROU finance leases 81 79 Land and improvements 74 72 Furniture and fixtures 33 37 Construction in progress 193 143 Other 15 15 4,807 4,626 Less: Accumulated depreciation and amortization (2,586) (2,379) Total property, plant and equipment, net $ 2,221 $ 2,247 |
Equity Method Investments (Tabl
Equity Method Investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Equity Method Investments | (in millions) CVRP JV Enable JV Midway JV Total Balance at December 31, 2021 — 6 73 79 Cash distributions — (4) (9) (13) Equity income — 3 7 10 Balance at December 31, 2022 — 5 71 76 CVRP JV inception 46 — — 46 Cash distributions (1) (21) (4) (9) (34) Equity income — 4 8 12 Balance at December 31, 2023 $ 25 $ 5 $ 70 $ 100 (1) Of the CVRP JV amount, approximately $1 million related to incremental costs associated with obtaining the CO Contract were capitalized and included in Prepaid expenses and other current assets and Other long-term assets in our Consolidated Balance Sheets. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Summary of Right of Use Asset and Lease Liability Balances for Operating and Finance Leases | The following tables summarize the right-of-use (“ROU”) asset and lease liability balances for the Company’s operating and finance leases at December 31, 2023 and 2022: December 31, 2023 December 31, 2022 (in millions) Operating Leases Finance Leases Operating Leases Finance Leases ROU assets, net Pipeline and storage $ 12 $ 17 $ 16 $ 20 Railcars 12 — 11 — Real estate and other 29 14 13 15 Lease liability Pipelines and storage $ 12 $ 28 $ 16 $ 32 Railcars 12 — 11 — Real estate and other 25 16 13 16 |
Lease Expense, Terms, and Discount Rates | For the years ended December 31, 2023, 2022, and 2021, we recognized lease expense comprised of the following components: Year Ended December 31, (in millions) 2023 2022 2021 Operating lease expense $ 18 $ 16 $ 15 Finance lease expense: Amortization of ROU asset $ 6 $ 6 $ 6 Interest expense on lease liability 4 5 5 Short-term lease expense $ 11 $ 11 $ 8 The following outlines the remaining lease terms and discount rates used in the measurement of the Company’s ROU assets and lease liabilities at December 31, 2023 and 2022: December 31, 2023 December 31, 2022 Operating Leases Finance Leases Operating Leases Finance Leases Weighted-average remaining lease term 5.4 years 5.3 years 4.1 years 6.3 years Weighted-average discount rate 6.7 % 9.0 % 5.2 % 9.0 % |
Summary of Remaining Minimum Lease Payments for Operating Leases | The following summarizes the remaining minimum lease payments through maturity of the Company’s lease liabilities at December 31, 2023: (in millions) Operating Leases Finance Leases Year Ended December 31, 2024 $ 17 $ 11 2025 12 11 2026 10 11 2027 6 10 2028 3 7 Thereafter 12 5 Total lease payments 60 55 Less: imputed interest (11) (11) Total lease liability $ 49 $ 44 |
Summary of Remaining Minimum Lease Payments for Finance Leases | The following summarizes the remaining minimum lease payments through maturity of the Company’s lease liabilities at December 31, 2023: (in millions) Operating Leases Finance Leases Year Ended December 31, 2024 $ 17 $ 11 2025 12 11 2026 10 11 2027 6 10 2028 3 7 Thereafter 12 5 Total lease payments 60 55 Less: imputed interest (11) (11) Total lease liability $ 49 $ 44 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Summary of Other Current Liabilities | Other current liabilities were as follows: December 31, (in millions) 2023 2022 Accrued Renewable Fuel Standard (“RFS”) obligation $ 329 $ 692 Personnel accruals 51 47 Accrued taxes other than income taxes 47 51 Accrued interest 26 24 Accrued income taxes 25 — Deferred revenue 16 48 Operating lease liabilities 14 15 Share-based compensation 13 31 Derivatives — 4 Other accrued expenses and liabilities 25 24 Total other current liabilities $ 546 $ 936 |
Long-Term Debt and Finance Le_2
Long-Term Debt and Finance Lease Obligations (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term debt and Finance Lease Obligations | Long-term debt and finance lease obligations consisted of the following: December 31, (in millions) 2023 2022 CVR Energy: 5.25% Senior Notes, due February 2025, net of current portion (1) $ — $ 600 5.75% Senior Notes, due February 2028 400 400 8.50% Senior Notes, due January 2029 600 — Unamortized debt issuance costs (5) (4) Total CVR Energy debt 995 996 Petroleum Segment: Finance lease obligations, net of current portion 37 42 Total Petroleum Segment finance lease obligations, net of current portion 37 42 Nitrogen Fertilizer Segment: 6.125% Senior Secured Notes, due June 2028 550 550 Unamortized debt issuance costs (3) (3) Total Nitrogen Fertilizer Segment debt 547 547 Total long-term debt and finance lease obligations, net of current portion 1,579 1,585 Current portion of long-term debt and finance lease obligations (1) 606 6 Total long-term debt and finance lease obligations, including current portion $ 2,185 $ 1,591 (1) On December 21, 2023, the Company delivered a notice of redemption to the holders of its 5.25% Senior Notes, due February 2025 (the “2025 Notes”), that all outstanding amounts of the 2025 Notes, plus any accrued and unpaid interest to the redemption date, would be redeemed on February 15, 2024. As such, the outstanding balance of the $600 million principal amount of the 2025 Notes was classified as short-term as of December 31, 2023. On February 15, 2024, the 2025 Notes were redeemed in full, at par, plus accrued and unpaid interest to the redemption date. Credit Agreements (in millions) Total Available Borrowing Capacity Amount Borrowed as of December 31, 2023 Outstanding Letters of Credit Available Capacity as of December 31, 2023 Maturity Date CVR Energy: Amended and Restated Asset Based (“CVR Energy ABL”) Credit Agreement $ 275 $ — $ 26 $ 249 June 30, 2027 Nitrogen Fertilizer Segment: Asset Based (“CVR Partners ABL”) Credit Agreement $ 39 $ — $ — $ 39 September 26, 2028 |
Debt Instrument Redemption | On or after January 15, 2026, we may on any one or more occasions, redeem all or part of the 2029 Notes at the redemption price set forth below expressed as a percentage of the principal amount of the respective note, plus accrued and unpaid interest to the applicable redemption date. 12-month period beginning February 15, Percentage 2026 104.250% 2027 102.125% 2028 100.000% On or after February 15, 2022 and February 15, 2023, we may on any one or more occasions, redeem all or part of the 2025 Notes and 2028 Notes, respectively, at the redemption prices set forth below expressed as a percentage of the principal amount of the respective notes, plus accrued and unpaid interest to the applicable redemption date. 2025 Notes 2028 Notes 12-month period beginning February 15, Percentage 12-month period beginning February 15, Percentage 2023 101.313% 2023 102.875% 2024 100.000% 2024 101.917% 2025 100.958% 2026 and thereafter 100.000% 12-month period beginning June 15, Percentage 2024 103.063% 2025 101.531% 2026 and thereafter 100.000% |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Revenue Disaggregated by Major Product | The following tables present the Company’s revenue disaggregated by major product, which include a reconciliation of the disaggregated revenue by the Company’s reportable segments: Year Ended December 31, 2023 (in millions) Petroleum Segment (1) Nitrogen Fertilizer Segment Other / Eliminations Consolidated Gasoline $ 4,289 $ — $ — $ 4,289 Distillates (2) 3,748 — 193 3,941 Ammonia — 161 — 161 UAN — 431 — 431 Urea products — 29 — 29 Freight revenue (3) 19 42 — 61 Other products (4) 164 18 86 268 Revenue from product sales 8,220 681 279 9,180 Crude oil sales 66 — — 66 Other revenue 1 — — 1 Total revenue $ 8,287 $ 681 $ 279 $ 9,247 Year Ended December 31, 2022 (in millions) Petroleum Segment (1) Nitrogen Fertilizer Segment Other / Eliminations Consolidated Gasoline $ 4,830 $ — $ — $ 4,830 Distillates (2) 4,789 — 111 4,900 Ammonia — 200 — 200 UAN — 557 — 557 Urea products — 33 — 33 Freight revenue (3) 17 35 — 52 Other products (4) 244 11 30 285 Revenue from product sales 9,880 836 141 10,857 Crude oil sales 37 — — 37 Other revenue 2 — — 2 Total revenue $ 9,919 $ 836 $ 141 $ 10,896 Year Ended December 31, 2021 (in millions) Petroleum Segment (1) Nitrogen Fertilizer Segment Other / Eliminations Consolidated Gasoline $ 3,679 $ — $ — $ 3,679 Distillates (2) 2,809 — — 2,809 Ammonia — 146 — 146 UAN — 316 — 316 Urea products — 29 — 29 Freight revenue (3) 21 31 — 52 Other products (4) 163 11 (12) 162 Revenue from product sales 6,672 533 (12) 7,193 Crude oil sales 47 — — 47 Other revenue 2 — — 2 Total revenue $ 6,721 $ 533 $ (12) $ 7,242 (1) The Petroleum Segment may incur broker commissions or transportation costs prior to the transfer on certain sales. The broker costs are expensed since the contract durations are less than one year. Transportation costs are accounted for as fulfillment costs and are expensed as incurred. (2) Distillates consist primarily of diesel fuel, kerosene, jet fuel and renewable fuels activity. (3) Freight revenue recognized by the Petroleum Segment is primarily tariff and line loss charges rebilled to customers to reimburse the Petroleum Segment for expenses incurred from a pipeline operator. Freight revenue recognized by the Nitrogen Fertilizer Segment represents the pass-through finished goods delivery costs incurred prior to customer acceptance and are reimbursed by customers. An offsetting expense for freight is included in Cost of materials and other. (4) Other products for the Petroleum Segment consists primarily of (i) feedstock, heavy oils, and liquified petroleum gas sales, (ii) sulfur credits, and (iii) pipeline and processing fees. For the Nitrogen Fertilizer Segment, other products consists of sales of (i) nitric acid and (ii) carbon oxide, including sales made in connection with the 45Q Transaction and the noncash consideration received, which is recognized as the performance obligation associated with the CO Contract is satisfied over its term through April 2030. Revenue from the CO Contract is recognized over time based on carbon oxide volumes measured at delivery. The Other/Elimination columns include certain credits related to renewable fuel activity and eliminations of intercompany transactions. |
Summary of Deferred Revenue Activity | A summary of the Nitrogen Fertilizer Segment’s deferred revenue activity during the year ended December 31, 2023 is presented below: (in millions) Balance at December 31, 2022 $ 48 Add: New prepay contracts entered into during the period 51 Noncash consideration received as part of the 45Q Transaction 46 Less: Revenue recognized that was included in the contract liability balance at the beginning of the period (47) Revenue recognized related to contracts entered into during the period (41) Revenue recognized related to noncash consideration (6) Other changes (2) Total deferred revenue at December 31, 2023 49 Less: Current portion of deferred revenue $ (16) Total long-term deferred revenue $ 33 |
Derivative Financial Instrume_2
Derivative Financial Instruments and Investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Outstanding Positions Held | The following outlines the net notional buy (sell) position of our commodity derivative instruments held as of December 31, 2023 and 2022: December 31, (in thousands of barrels) Commodity 2023 2022 Forwards Crude 247 373 Swaps NYMEX Diesel Cracks (6,780) — Swaps NYMEX RBOB Cracks (1,275) — Swaps NYMEX 2-1-1 Cracks (3,030) — Futures Crude — (150) Futures ULSD — (215) Futures Soybean — (109) |
Schedule of Derivative Offsetting Assets | The following outlines the balances of our commodity derivative instruments as of December 31, 2023 and 2022 after the effects of contract netting and allocation of collateral and their classifications in the Consolidated Balance Sheets. Refer to Note 11 (“Fair Value Measurements”) for the gross amounts of the commodity derivative instruments (before the effects of contract netting and allocation of collateral): December 31, 2023 2022 (in millions) Assets Liabilities Assets Liabilities Prepaid expenses and other current assets $ 24 $ — $ — $ — Other long-term assets 1 — — — Other current liabilities — — — (4) |
Schedule of Derivative Offsetting Liabilities | The following outlines the balances of our commodity derivative instruments as of December 31, 2023 and 2022 after the effects of contract netting and allocation of collateral and their classifications in the Consolidated Balance Sheets. Refer to Note 11 (“Fair Value Measurements”) for the gross amounts of the commodity derivative instruments (before the effects of contract netting and allocation of collateral): December 31, 2023 2022 (in millions) Assets Liabilities Assets Liabilities Prepaid expenses and other current assets $ 24 $ — $ — $ — Other long-term assets 1 — — — Other current liabilities — — — (4) |
Schedule of Gains (Losses) on Derivatives | The following table represents CVR Energy’s incurred realized and unrealized net gains (losses) from derivative activities, recorded in Cost of materials and other on the Consolidated Statements of Operations: Year Ended December 31, (in millions) 2023 2022 2021 Commodity derivative instruments $ 5 $ (55) $ (44) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following tables set forth information about the assets and liabilities measured at fair value on a recurring basis, by input level, as of December 31, 2023 and 2022. Such amounts are presented on a gross basis, before the effects of netting and allocation of collateral. The Company elected to offset the fair value amounts recognized for derivative assets and liabilities executed with the same counterparty under a master netting arrangement, including fair value amounts recognized for the right to reclaim or the obligation to return cash collateral. December 31, 2023 Fair Value Hierarchy Total gross fair value Contract netting Collateral netting (1) Net value (in millions) Level 1 Level 2 Level 3 Assets Commodity derivative instruments $ — $ 31 $ — $ 31 $ (6) $ — $ 25 Liabilities Commodity derivative instruments — (6) — (6) 6 — — RFS — (329) — (329) — — (329) December 31, 2022 Fair Value Hierarchy Total gross fair value Contract netting Collateral netting (1) Net value Level 1 Level 2 Level 3 Assets Commodity derivative instruments $ — $ 4 $ — $ 4 $ (4) $ — $ — Liabilities Commodity derivative instruments — (9) — (9) 4 1 (4) RFS — (692) — (692) — — (692) (1) |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Share-Based Compensation Expense | A summary of activity for the Company’s Share-Based Awards for the year ended December 31, 2023 is presented below: Shares or Units (1) Weighted-Average Grant-Date Fair Value (per share or unit) Aggregate Intrinsic Value (in millions) Non-vested at December 31, 2022 1,738,620 $ 22.97 $ 68 Granted 776,684 33.12 Vested (1,018,432) 19.81 Forfeited (57,967) 24.61 Non-vested at December 31, 2023 1,438,905 $ 30.67 $ 47 (1) As of December 31, 2023, there are no outstanding awards under the LTIPs, and the only outstanding and unvested awards are issued in connection with and not under the LTIPs. A summary of total share-based compensation expense and unrecognized compensation expense related to the Share-Based Awards and the Company’s performance awards during the years ended December 31, 2023, 2022, and 2021 is presented below: Expenses Unrecognized Expense For the year ended December 31, At December 31, 2023 (in millions) 2023 2022 2021 Amount Weighted-Average Remaining Years Share-Based Awards: Incentive Units $ 28 $ 45 $ 22 $ 32 1.7 CVR Partners - Phantom Units 6 26 27 5 1.8 Performance Unit Awards: CEO Performance Award (1) — — (3) 10 1.0 Total share-based compensation expense $ 34 $ 71 $ 46 $ 47 (1) All expenses, recognized and unrecognized, related to the CEO Performance Award are contingent upon whether the performance parameters are probable of being met. If the performance parameters are not met, no expense will be recognized. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Expense (Benefit) | Income tax expense (benefit) is comprised of the following: Year Ended December 31, (in millions) 2023 2022 2021 Current: Federal $ 118 $ 156 $ 84 State 9 14 7 Total current 127 170 91 Deferred: Federal 73 (26) (76) State 7 13 (23) Total deferred 80 (13) (99) Total income tax expense (benefit) $ 207 $ 157 $ (8) |
Schedule of Reconciliation of Total Income Tax Expense (Benefit) to Income Tax Expense (Benefit) Computed by Applying the Statutory Federal Income Tax Rate to Pre-Tax (Loss) Income | The following is a reconciliation of total income tax expense (benefit) to income tax expense (benefit) computed by applying the statutory federal income tax rate to pretax income: Year Ended December 31, (in millions) 2023 2022 2021 Tax computed at federal statutory rate $ 228 $ 168 $ 14 State income taxes, net of federal tax benefit 28 28 3 Changes in enacted state tax rates, net of federal tax expense (5) — (10) State tax incentives, net of federal tax expense (11) (6) (6) Noncontrolling interest (23) (38) (10) Renewable fuel incentives (15) (7) — Other, net 5 12 1 Total income tax expense (benefit) $ 207 $ 157 $ (8) |
Schedule of Income Tax Effect of Temporary Differences that Give Rise to Significant Portions of the Deferred Income Tax Assets and Deferred Income Tax Liabilities | The income tax effect of temporary differences that give rise to the Deferred income tax assets and Deferred income tax liabilities at December 31, 2023 and 2022 are as follows: December 31, (in millions) 2023 2022 Deferred income tax assets: Personnel accruals $ 11 $ 14 Inventories 3 — Right of use lease liability 9 — Contingent liabilities 61 — State tax credit carryforward, net 12 8 Total gross deferred income tax assets 96 22 Unrealized gains/losses (6) — Prepaid expenses (6) — Right of use lease asset (10) — Investment in CVR Partners (60) (68) Investment in CVR Refining — (202) Investment in Joint Ventures (15) — Property, plant and equipment (295) — Turnaround costs (30) — Other (1) (1) Total gross deferred income tax liabilities (423) (271) Net deferred income tax liabilities $ (327) $ (249) |
Schedule of Reconciliation of the Unrecognized Tax Benefits | A reconciliation of unrecognized tax benefits is as follows: Year Ended December 31, (in millions) 2023 2022 2021 Balance, beginning of year $ 11 $ 17 $ 17 Reductions related to expirations from statute of limitations (10) (6) — Balance, end of year $ 1 $ 11 $ 17 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Minimum Required Payments for Unconditional Purchase Obligations | The minimum required payments for unconditional purchase obligations as defined in ASC 440, Commitments , are as follows: (in millions) Unconditional Purchase Obligations Year Ended December 31, 2024 $ 73 2025 73 2026 67 2027 66 2028 66 Thereafter 147 $ 492 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Operating Results and Capital Expenditures Information by Segment | The following tables summarize operating results and capital expenditures information by segment: Year Ended December 31, 2023 (in millions) Petroleum Segment Nitrogen Fertilizer Segment Other / Eliminations Consolidated Net sales $ 8,267 $ 681 $ 299 $ 9,247 Inter-segment fees and sales 20 — (20) — Total sales 8,287 681 279 9,247 Operating income (loss) $ 982 $ 201 $ (60) $ 1,123 Interest income (expense) 75 (29) (98) (52) Other income, net 14 Income before income tax expense $ 1,085 Depreciation and amortization $ 189 $ 80 $ 29 $ 298 Capital expenditures (1) 108 29 60 197 Year Ended December 31, 2022 (in millions) Petroleum Segment Nitrogen Fertilizer Segment Other / Eliminations Consolidated Net sales $ 9,902 $ 836 $ 158 $ 10,896 Inter-segment fees and sales 17 — (17) — Total sales 9,919 836 141 10,896 Operating income (loss) $ 719 $ 320 $ (76) $ 963 Interest income (expense) 41 (34) (92) (85) Other expense, net (77) Income before income tax expense $ 801 Depreciation and amortization $ 187 $ 82 $ 19 $ 288 Capital expenditures (1) 86 41 76 203 Year Ended December 31, 2021 (in millions) Petroleum Segment Nitrogen Fertilizer Segment Other / Eliminations Consolidated Net sales $ 6,710 $ 533 $ (1) $ 7,242 Inter-segment fees and sales 11 — (11) — Total sales 6,721 533 (12) 7,242 Operating (loss) income $ (27) $ 134 $ (20) $ 87 Interest income (expense) 21 (61) (77) (117) Investment income on marketable securities 81 Other income, net 15 Income before income tax benefit $ 66 Depreciation and amortization $ 203 $ 73 $ 3 $ 279 Capital expenditures (1) 50 26 150 226 The following table summarizes total assets by segment: December 31, (in millions) 2023 2022 Petroleum $ 2,978 $ 4,354 Nitrogen Fertilizer 975 1,100 Other, including inter-segment eliminations (2) 754 (1,335) Total assets $ 4,707 $ 4,119 (1) Capital expenditures are shown exclusive of capitalized turnaround expenditures and business combinations. (2) Other includes amounts for the Wynnewood renewable diesel unit project and renewable feedstock pretreater project. |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Cash Flows Related to Income Taxes, Interest, Leases, Capital Expenditures, and Deferred Financing Costs included in Accounts Payable, and Non-Cash Dividends | Cash flows related to income taxes, interest, leases, capital expenditures and deferred financing costs included in accounts payable, and noncash dividends were as follows: Year Ended December 31, (in millions) 2023 2022 2021 Supplemental disclosures: Cash paid for income taxes, net of refunds $ 93 $ 170 $ 72 Cash paid for interest 95 96 114 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 19 17 15 Operating cash flows from finance leases 4 5 5 Financing cash flows from finance leases 6 6 6 Noncash investing and financing activities: Change in capital expenditures included in accounts payable (1) (8) 12 2 Change in turnaround expenditures included in accounts payable 3 (2) 3 Change in deferred financing costs included in accounts payable — — 1 Noncash dividends to CVR Energy stockholders — — 251 (1) Capital expenditures are shown exclusive of capitalized turnaround expenditures. |
Schedule of Cash and Cash Equivalents | Cash, cash equivalents and restricted cash consisted of the following: As of December 31, (in millions) 2023 2022 Cash and cash equivalents $ 581 $ 510 Reserved funds (1) 598 — Restricted cash (2) 7 7 Cash, cash equivalents, reserved funds and restricted cash $ 1,186 $ 517 (1) Funds reserved for the redemption of the 2025 Notes in February 2024. See Note 8 (“Long-Term Debt and Finance Lease Obligations”) for further discussion. (2) The restricted cash balance is included within Prepaid expenses and other current assets on the Consolidated Balance Sheets. See Note 14 (“Commitments and Contingencies”) for further discussion. |
Schedule of Restricted Cash | Cash, cash equivalents and restricted cash consisted of the following: As of December 31, (in millions) 2023 2022 Cash and cash equivalents $ 581 $ 510 Reserved funds (1) 598 — Restricted cash (2) 7 7 Cash, cash equivalents, reserved funds and restricted cash $ 1,186 $ 517 (1) Funds reserved for the redemption of the 2025 Notes in February 2024. See Note 8 (“Long-Term Debt and Finance Lease Obligations”) for further discussion. (2) The restricted cash balance is included within Prepaid expenses and other current assets on the Consolidated Balance Sheets. See Note 14 (“Commitments and Contingencies”) for further discussion. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | Activity associated with the Company’s related party arrangements for the years ended December 31, 2023, 2022, and 2021 is summarized below: Related Party Activity Year Ended December 31, (in millions) 2023 2022 2021 Sales to related parties: CVRP JV CO Contract (1) $ 4 $ — $ — Purchases from related parties: Enable Joint Venture Transportation Agreement 12 10 11 Midway Joint Venture Agreement (2) 24 22 20 Payments: Dividends (3) 311 342 348 (1) Sales to related parties, included in Net sales in our Consolidated Statements of Operations, consists of CO sales to a CVRP JV subsidiary. (2) Purchases from related parties, included in Cost of materials and other in our Consolidated Statements of Operations, represents reimbursements for crude oil transportation services incurred on the Midway JV through Vitol as the intermediary purchasing agent. (3) See below for a summary of the dividends paid to IEP during the years ended December 31, 2023, 2022, and 2021. |
Summary of Dividends Paid | The following tables present quarterly and special dividends paid to the Company’s stockholders, including IEP, during 2023 and 2022 (amounts presented in table below may not add to totals presented due to rounding): Quarterly Dividends Paid ( in millions ) Related Period Date Paid Quarterly Dividends Public Stockholders IEP Total 2022 - 4th Quarter March 13, 2023 $ 0.50 $ 15 $ 36 $ 50 2023 - 1st Quarter May 22, 2023 0.50 15 36 50 2023 - 2nd Quarter August 21, 2023 0.50 15 36 50 2023 - 3rd Quarter November 20, 2023 0.50 17 33 50 Total 2023 quarterly dividends $ 2.00 $ 61 $ 140 $ 201 Special Dividends Paid ( in millions ) Related Period Date Paid Special Dividends Public Stockholders IEP Total 2023 - 2nd Quarter August 21, 2023 $ 1.00 $ 29 $ 71 $ 101 2023 - 3rd Quarter November 20, 2023 1.50 51 100 151 Total 2023 special dividends $ 2.50 $ 80 $ 171 $ 251 Quarterly Dividends Paid ( in millions ) Related Period Date Paid Quarterly Dividends Public Stockholders IEP Total 2022 - 1st Quarter May 23, 2022 $ 0.40 $ 12 $ 28 $ 40 2022 - 2nd Quarter August 22, 2022 0.40 12 28 40 2022 - 3rd Quarter November 21, 2022 0.40 12 28 40 Total 2022 quarterly dividends $ 1.20 $ 36 $ 85 $ 121 Special Dividends Paid ( in millions ) Related Period Date Paid Special Dividends Public Stockholders IEP Total 2022 - 2nd Quarter August 22, 2022 $ 2.60 $ 76 $ 185 $ 261 2022 - 3rd Quarter November 21, 2022 1.00 29 71 101 Total 2022 special dividends $ 3.60 $ 106 $ 256 $ 362 |
Summary of Distributions Paid | The following tables present quarterly distributions paid by CVR Partners to CVR Partners’ unitholders, including amounts received by the Company, as of December 31, 2023 and 2022 (amounts presented in tables below may not add to totals presented due to rounding): Quarterly Distributions Paid (in millions) Related Period Date Paid Quarterly Distributions Public Unitholders CVR Energy Total 2022 - 4th Quarter March 13, 2023 $ 10.50 $ 70 $ 41 $ 111 2023 - 1st Quarter May 22, 2023 10.43 70 41 110 2023 - 2nd Quarter August 21, 2023 4.14 28 16 44 2023 - 3rd Quarter November 20, 2023 1.55 10 6 16 Total 2023 quarterly distributions $ 26.62 $ 178 $ 104 $ 281 Quarterly Distributions Paid (in millions) Related Period Date Paid Quarterly Distributions Public Unitholders CVR Energy Total 2021 - 4th Quarter March 14, 2022 $ 5.24 $ 36 $ 20 $ 56 2022 - 1st Quarter May 23, 2022 2.26 15 9 24 2022 - 2nd Quarter August 22, 2022 10.05 67 39 106 2022 - 3rd Quarter November 21, 2022 1.77 12 7 19 Total 2022 quarterly distributions $ 19.32 $ 129 $ 75 $ 205 Quarterly Distributions Paid (in millions) Related Period Date Paid Quarterly Distributions Public Unitholders CVR Energy Total 2021 - 2nd Quarter August 23, 2021 $ 1.72 $ 12 $ 7 $ 18 2021 - 3rd Quarter November 22, 2021 2.93 20 11 31 Total 2021 quarterly distributions $ 4.65 $ 32 $ 18 $ 50 |
Organization and Nature of Bu_2
Organization and Nature of Business (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Feb. 22, 2021 | Oct. 23, 2019 | |
Organization, Consolidation, and Presentation of Financial Statements [Line Items] | |||||
Stock Repurchase Program, authorized amount | $ 300,000,000 | ||||
CVR Partners | |||||
Organization, Consolidation, and Presentation of Financial Statements [Line Items] | |||||
Stock Repurchase Program, authorized amount | $ 20,000,000 | ||||
Percentage of interest held by public | 63% | ||||
Cost, inclusive of transaction costs, of repurchase of outstanding common units | $ 0 | $ 12,000,000 | $ 1,000,000 | ||
Common stock repurchased (in shares) | 111,695 | 24,378 | |||
Average price per common unit (in dollars per share) | $ 110.98 | $ 21.69 | |||
Amount remaining under Unit Repurchase Program | $ 0 | ||||
CVR Services | CVR Partners | |||||
Organization, Consolidation, and Presentation of Financial Statements [Line Items] | |||||
Percentage of common units owned by wholly-owned subsidiary | 37% | ||||
CVR Services | CVR GP | |||||
Organization, Consolidation, and Presentation of Financial Statements [Line Items] | |||||
Percentage of common units owned by general partner | 100% | ||||
Majority Shareholder | |||||
Organization, Consolidation, and Presentation of Financial Statements [Line Items] | |||||
Ownership percentage held by controlling stockholder | 66% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Principles of Consolidation (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | |||
Other comprehensive income recognized | $ 0 | $ 0 | $ 0 |
Ownership percentage | 100% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Accounts Receivable, net (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounts Receivable, net | |||
Bad debt expense | $ 0 | $ 0 | $ 0 |
Accounts receivable | Credit concentration | One Customer | |||
Accounts Receivable, net | |||
Largest concentrations of credit for any one customer | 11% | 11% |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Property, Plant and Equipment, net (Details) | Dec. 31, 2023 |
Maximum | |
Property, Plant and Equipment [Line Items] | |
Right-of-use (“ROU”) finance leases | 18 years |
Maximum | Land improvements | |
Property, Plant and Equipment [Line Items] | |
Useful life | 30 years |
Maximum | Buildings and improvements | |
Property, Plant and Equipment [Line Items] | |
Useful life | 30 years |
Maximum | Machinery and equipment | |
Property, Plant and Equipment [Line Items] | |
Useful life | 30 years |
Maximum | Furniture and fixtures | |
Property, Plant and Equipment [Line Items] | |
Useful life | 10 years |
Maximum | Other | |
Property, Plant and Equipment [Line Items] | |
Useful life | 30 years |
Minimum | |
Property, Plant and Equipment [Line Items] | |
Right-of-use (“ROU”) finance leases | 5 years |
Minimum | Land improvements | |
Property, Plant and Equipment [Line Items] | |
Useful life | 10 years |
Minimum | Buildings and improvements | |
Property, Plant and Equipment [Line Items] | |
Useful life | 1 year |
Minimum | Machinery and equipment | |
Property, Plant and Equipment [Line Items] | |
Useful life | 1 year |
Minimum | Furniture and fixtures | |
Property, Plant and Equipment [Line Items] | |
Useful life | 3 years |
Minimum | Other | |
Property, Plant and Equipment [Line Items] | |
Useful life | 5 years |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Turnaround Expenses (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Petroleum Segment | |||
Planned Major Maintenance Activities [Line Items] | |||
Turnaround costs capitalized | $ 60 | $ 81 | $ 8 |
Petroleum Segment | Minimum | |||
Planned Major Maintenance Activities [Line Items] | |||
Frequency of planned major maintenance activities | 4 years | ||
Petroleum Segment | Maximum | |||
Planned Major Maintenance Activities [Line Items] | |||
Frequency of planned major maintenance activities | 5 years | ||
Nitrogen Fertilizer Segment | |||
Planned Major Maintenance Activities [Line Items] | |||
Frequency of planned major maintenance activities | 3 years | ||
Turnaround expenses incurred | $ 2 | $ 33 | $ 3 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Earnings Per Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | |||
Dilutive awards outstanding (in shares) | 0 | 0 | 0 |
Inventory - Schedule of Compone
Inventory - Schedule of Components of Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 260 | $ 297 |
Raw materials | 226 | 206 |
In-process inventories | 21 | 35 |
Parts, supplies and other | 97 | 86 |
Total inventories | $ 604 | $ 624 |
Inventory - Narrative (Details)
Inventory - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |||
Loss on lower of cost or net realizable value adjustments | $ 4,000,000 | $ 0 | $ 0 |
Property, Plant and Equipment -
Property, Plant and Equipment - Summary of Property, Plant, and Equipment (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Finance lease, right-of-use asset, statement of financial position [extensible list] | Total property, plant and equipment, net | Total property, plant and equipment, net |
ROU finance leases | $ 81 | $ 79 |
Property, plant and equipment, gross | 4,807 | 4,626 |
Less: Accumulated depreciation and amortization | (2,586) | (2,379) |
Total property, plant and equipment, net | 2,221 | 2,247 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | 4,287 | 4,194 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | 124 | 86 |
Land and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | 74 | 72 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | 33 | 37 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | 193 | 143 |
Other | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | $ 15 | $ 15 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation and amortization | $ 298 | $ 288 | $ 279 |
Interest costs capitalized | 8 | 5 | 7 |
Property, plant and equipment, net | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation and amortization | $ 221 | $ 221 | $ 206 |
Equity Method Investments - Add
Equity Method Investments - Additional Information (Details) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Feb. 21, 2024 USD ($) | Dec. 31, 2023 USD ($) mi in bbl | Dec. 31, 2022 USD ($) | Jan. 31, 2023 | |
Related Party Transaction [Line Items] | ||||
Cash distributions | $ 34 | $ 13 | ||
CVRP JV | ||||
Related Party Transaction [Line Items] | ||||
Ownership percentage in joint venture | 50% | |||
Cash distributions | $ 21 | 0 | ||
CVRP JV | Subsequent Event | CVR Partners | ||||
Related Party Transaction [Line Items] | ||||
Cash distributions | $ 2 | |||
Enable JV | ||||
Related Party Transaction [Line Items] | ||||
Ownership percentage in joint venture | 40% | |||
Pipeline diameter (in inches) | in | 12 | |||
Pipeline length (in miles) | mi | 26 | |||
Pipeline capacity, barrels per day | bbl | 80,000 | |||
Cash distributions | $ 4 | 4 | ||
Midway JV | ||||
Related Party Transaction [Line Items] | ||||
Ownership percentage in joint venture | 50% | |||
Pipeline diameter (in inches) | in | 16 | |||
Pipeline length (in miles) | mi | 99 | |||
Pipeline capacity, barrels per day | bbl | 131,000 | |||
Cash distributions | $ 9 | $ 9 |
Equity Method Investments - Sch
Equity Method Investments - Schedule of Equity Method Investments (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Equity Method Investments [Roll Forward] | ||
Balance at beginning of period | $ 76 | $ 79 |
Cash distributions | (34) | (13) |
Equity income | 12 | 10 |
CVRP JV inception | 46 | |
Balance at end of period | 100 | 76 |
CVRP JV | ||
Equity Method Investments [Roll Forward] | ||
Balance at beginning of period | 0 | 0 |
Cash distributions | (21) | 0 |
Equity income | 0 | 0 |
CVRP JV inception | 46 | |
Balance at end of period | 25 | 0 |
Transaction costs capitalized | 1 | |
Enable JV | ||
Equity Method Investments [Roll Forward] | ||
Balance at beginning of period | 5 | 6 |
Cash distributions | (4) | (4) |
Equity income | 4 | 3 |
CVRP JV inception | 0 | |
Balance at end of period | 5 | 5 |
Midway JV | ||
Equity Method Investments [Roll Forward] | ||
Balance at beginning of period | 71 | 73 |
Cash distributions | (9) | (9) |
Equity income | 8 | 7 |
CVRP JV inception | 0 | |
Balance at end of period | $ 70 | $ 71 |
Leases - Additional Information
Leases - Additional Information (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 option | Feb. 21, 2022 USD ($) | |
Lessee, Lease, Description [Line Items] | ||
Number of options to extend the lease term | option | 1 | |
Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Finance lease not yet commenced | $ 20 | |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Finance lease not yet commenced | $ 25 |
Leases - Balance Sheet Summary
Leases - Balance Sheet Summary (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Operating Leases | ||
Lease liability | $ 49 | |
Finance Leases | ||
Lease liability | 44 | |
Pipeline and storage | ||
Operating Leases | ||
ROU assets, net | 12 | $ 16 |
Lease liability | 12 | 16 |
Finance Leases | ||
ROU assets, net | 17 | 20 |
Lease liability | 28 | 32 |
Railcars | ||
Operating Leases | ||
ROU assets, net | 12 | 11 |
Lease liability | 12 | 11 |
Finance Leases | ||
ROU assets, net | 0 | 0 |
Lease liability | 0 | 0 |
Real estate and other | ||
Operating Leases | ||
ROU assets, net | 29 | 13 |
Lease liability | 25 | 13 |
Finance Leases | ||
ROU assets, net | 14 | 15 |
Lease liability | $ 16 | $ 16 |
Leases - Lease Expense (Details
Leases - Lease Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Operating lease expense | $ 18 | $ 16 | $ 15 |
Finance lease expense: | |||
Amortization of ROU asset | 6 | 6 | 6 |
Interest expense on lease liability | 4 | 5 | 5 |
Short-term lease expense | $ 11 | $ 11 | $ 8 |
Leases - Lease Terms and Discou
Leases - Lease Terms and Discount Rates (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Weighted-average remaining lease term | ||
Operating Leases | 5 years 4 months 24 days | 4 years 1 month 6 days |
Finance Leases | 5 years 3 months 18 days | 6 years 3 months 18 days |
Weighted-average discount rate | ||
Operating Leases | 6.70% | 5.20% |
Finance Leases | 9% | 9% |
Leases - Remaining Minimum Leas
Leases - Remaining Minimum Lease Payments (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Operating Leases | |
2024 | $ 17 |
2025 | 12 |
2026 | 10 |
2027 | 6 |
2028 | 3 |
Thereafter | 12 |
Total lease payments | 60 |
Less: imputed interest | (11) |
Total lease liability | 49 |
Finance Leases | |
2024 | 11 |
2025 | 11 |
2026 | 11 |
2027 | 10 |
2028 | 7 |
Thereafter | 5 |
Total lease payments | 55 |
Less: imputed interest | (11) |
Lease liability | $ 44 |
Other Current Liabilities (Deta
Other Current Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Other Liabilities Disclosure [Abstract] | ||
Accrued Renewable Fuel Standard (“RFS”) obligation | $ 329 | $ 692 |
Personnel accruals | 51 | 47 |
Accrued taxes other than income taxes | 47 | 51 |
Accrued interest | 26 | 24 |
Accrued income taxes | 25 | 0 |
Deferred revenue | $ 16 | $ 48 |
Operating lease, liability, current, statement of financial position [extensible list] | Total other current liabilities | Total other current liabilities |
Operating lease liabilities | $ 14 | $ 15 |
Share-based compensation | 13 | 31 |
Derivatives | 0 | 4 |
Other accrued expenses and liabilities | 25 | 24 |
Total other current liabilities | $ 546 | $ 936 |
Long-Term Debt and Finance Le_3
Long-Term Debt and Finance Lease Obligations - Schedule of Long-term Debt (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 21, 2023 | Dec. 31, 2022 | Jun. 23, 2021 |
Debt Instrument [Line Items] | ||||
Finance lease, liability, noncurrent, statement of financial position [extensible list] | Total long-term debt and finance lease obligations, net of current portion | Total long-term debt and finance lease obligations, net of current portion | ||
Total long-term debt and finance lease obligations, net of current portion | $ 1,579 | $ 1,585 | ||
Current portion of long-term debt and finance lease obligations | 606 | 6 | ||
Total long-term debt and finance lease obligations, including current portion | 2,185 | 1,591 | ||
Petroleum Segment | ||||
Debt Instrument [Line Items] | ||||
Finance lease obligations, net of current portion | 37 | 42 | ||
Total long-term debt and finance lease obligations, net of current portion | 37 | 42 | ||
Nitrogen Fertilizer Segment | ||||
Debt Instrument [Line Items] | ||||
Unamortized debt issuance costs | (3) | (3) | ||
Total debt | $ 547 | 547 | ||
6.125% Senior Secured Notes, due June 2028 | Senior Notes | Nitrogen Fertilizer Segment | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 6.125% | 6.125% | ||
Total long-term debt, net of current portion, before finance lease obligations, debt issuance costs and discount | $ 550 | 550 | ||
CVR Energy | ||||
Debt Instrument [Line Items] | ||||
Unamortized debt issuance costs | (5) | (4) | ||
Total debt | $ 995 | 996 | ||
CVR Energy | 5.25% Senior Notes, due February 2025, net of current portion | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 5.25% | 5.25% | ||
Total long-term debt, net of current portion, before finance lease obligations, debt issuance costs and discount | $ 0 | 600 | ||
Short-term debt | $ 600 | |||
CVR Energy | 5.75% Senior Notes, due February 2028 | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 5.75% | |||
Total long-term debt, net of current portion, before finance lease obligations, debt issuance costs and discount | $ 400 | 400 | ||
CVR Energy | 8.50% Senior Notes, due January 2029 | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 8.50% | |||
Total long-term debt, net of current portion, before finance lease obligations, debt issuance costs and discount | $ 600 | $ 0 |
Long-Term Debt and Finance Le_4
Long-Term Debt and Finance Lease Obligations - Credit Agreement (Details) - Line of Credit - Revolving Credit Facility $ in Millions | Dec. 31, 2023 USD ($) |
Amended and Restated Asset Based (“CVR Energy ABL”) Credit Agreement | CVR Energy | |
Line of Credit Facility [Line Items] | |
Total Available Borrowing Capacity | $ 275 |
Amount Borrowed | 0 |
Outstanding Letters of Credit | 26 |
Available Capacity | 249 |
Asset Based (“CVR Partners ABL”) Credit Agreement | Nitrogen Fertilizer Segment | |
Line of Credit Facility [Line Items] | |
Total Available Borrowing Capacity | 39 |
Amount Borrowed | 0 |
Outstanding Letters of Credit | 0 |
Available Capacity | $ 39 |
Long-Term Debt and Finance Le_5
Long-Term Debt and Finance Lease Obligations - CVR Energy (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||
Feb. 15, 2024 | Dec. 21, 2023 | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 27, 2020 | |
Debt Instrument [Line Items] | |||||||
Loss on extinguishment of debt | $ 0 | $ 1,000,000 | $ 8,000,000 | ||||
8.500% Senior Notes, due January 15, 2029 | Senior Notes | CVR Energy | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument face amount | $ 600,000,000 | ||||||
Stated interest rate | 8.50% | ||||||
Proceeds from notes payable | $ 598,000,000 | ||||||
Payments of debt issuance costs | $ 4,000,000 | ||||||
5.250% Senior Notes, due February 2025 | Senior Notes | CVR Energy | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument face amount | $ 600,000,000 | ||||||
Stated interest rate | 5.25% | ||||||
Minimum percentage of notes held in order to cause acceleration of notes upon occurrence of events of default | 25% | ||||||
5.250% Senior Notes, due February 2025 | Senior Notes | CVR Energy | Subsequent Event | |||||||
Debt Instrument [Line Items] | |||||||
Repayments of senior debt | $ 16,000,000 | ||||||
5.250% Senior Notes, due February 2025 | Senior Notes | CVR Energy | Subsequent Event | Forecast | |||||||
Debt Instrument [Line Items] | |||||||
Loss on extinguishment of debt | $ 1,000,000 | ||||||
5.750% Senior Notes, due February 2028 | Senior Notes | CVR Energy | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument face amount | $ 400,000,000 | ||||||
Stated interest rate | 5.75% | ||||||
Minimum percentage of notes held in order to cause acceleration of notes upon occurrence of events of default | 25% | ||||||
Amended and Restated Asset Based (“CVR Energy ABL”) Credit Agreement | Line of Credit | CVR Energy | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Total Available Borrowing Capacity | $ 275,000,000 | ||||||
Amended and Restated Asset Based (“CVR Energy ABL”) Credit Agreement | Line of Credit | CVR Energy | Revolving Credit Facility | Quarterly Excess Availability Greater Than 50% | Secured Overnight Financing Rate (SOFR) | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 1.50% | ||||||
Amended and Restated Asset Based (“CVR Energy ABL”) Credit Agreement | Line of Credit | CVR Energy | Revolving Credit Facility | Quarterly Excess Availability Greater Than 50% | Base Rate | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 0.50% | ||||||
Amended and Restated Asset Based (“CVR Energy ABL”) Credit Agreement | Line of Credit | CVR Energy | Revolving Credit Facility | Quarterly Excess Availability Not Greater Than 50% | Secured Overnight Financing Rate (SOFR) | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 1.75% | ||||||
Amended and Restated Asset Based (“CVR Energy ABL”) Credit Agreement | Line of Credit | CVR Energy | Revolving Credit Facility | Quarterly Excess Availability Not Greater Than 50% | Base Rate | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 0.75% | ||||||
Amended and Restated Asset Based (“CVR Energy ABL”) Credit Agreement | Line of Credit | CVR Energy | Revolving Credit Facility | Wells Fargo Bank National Association | |||||||
Debt Instrument [Line Items] | |||||||
Total Available Borrowing Capacity | $ 275,000,000 | ||||||
Incremental facility, increase limit | 125,000,000 | ||||||
Amended and Restated Asset Based (“CVR Energy ABL”) Credit Agreement | Line of Credit | CVR Energy | Swingline Loans | Wells Fargo Bank National Association | |||||||
Debt Instrument [Line Items] | |||||||
Total Available Borrowing Capacity | 30,000,000 | ||||||
Amended and Restated Asset Based (“CVR Energy ABL”) Credit Agreement | Line of Credit | CVR Energy | Letter of Credit | Wells Fargo Bank National Association | |||||||
Debt Instrument [Line Items] | |||||||
Total Available Borrowing Capacity | 60,000,000 | ||||||
Amended and Restated Asset Based (“CVR Energy ABL”) Credit Agreement | Line of Credit | CVR Energy | Letter of Credit, Increased By Agent | Wells Fargo Bank National Association | |||||||
Debt Instrument [Line Items] | |||||||
Total Available Borrowing Capacity | $ 100,000,000 |
Long-Term Debt and Finance Le_6
Long-Term Debt and Finance Lease Obligations - 2029 Notes Redemption (Details) - 8.500% Senior Notes, due January 15, 2029 - Senior Notes - CVR Energy | 12 Months Ended |
Dec. 31, 2023 | |
Debt Instrument, Redemption, Period One | |
Debt Instrument, Redemption [Line Items] | |
Redemption prices as percentage of principal amount | 104.25% |
Debt Instrument, Redemption, Period Two | |
Debt Instrument, Redemption [Line Items] | |
Redemption prices as percentage of principal amount | 102.125% |
Debt Instrument, Redemption, Period Three | |
Debt Instrument, Redemption [Line Items] | |
Redemption prices as percentage of principal amount | 100% |
Long-Term Debt and Finance Le_7
Long-Term Debt and Finance Lease Obligations - 2025 Notes and 2028 Notes, Redemption (Details) - Senior Notes - CVR Energy | 12 Months Ended |
Dec. 31, 2023 | |
5.250% Senior Notes, due February 2025 | Debt Instrument, Redemption, Period One | |
Debt Instrument, Redemption [Line Items] | |
Redemption prices as percentage of principal amount | 101.313% |
5.250% Senior Notes, due February 2025 | Debt Instrument, Redemption, Period Two | |
Debt Instrument, Redemption [Line Items] | |
Redemption prices as percentage of principal amount | 100% |
5.750% Senior Notes, due February 2028 | Debt Instrument, Redemption, Period One | |
Debt Instrument, Redemption [Line Items] | |
Redemption prices as percentage of principal amount | 102.875% |
5.750% Senior Notes, due February 2028 | Debt Instrument, Redemption, Period Two | |
Debt Instrument, Redemption [Line Items] | |
Redemption prices as percentage of principal amount | 101.917% |
5.750% Senior Notes, due February 2028 | Debt Instrument, Redemption, Period Three | |
Debt Instrument, Redemption [Line Items] | |
Redemption prices as percentage of principal amount | 100.958% |
5.750% Senior Notes, due February 2028 | Redemption, Period Four | |
Debt Instrument, Redemption [Line Items] | |
Redemption prices as percentage of principal amount | 100% |
Long-Term Debt and Finance Le_8
Long-Term Debt and Finance Lease Obligations - Nitrogen Fertilizer Segment (Details) - USD ($) | 12 Months Ended | ||
Sep. 26, 2023 | Dec. 31, 2023 | Jun. 23, 2021 | |
6.125% Senior Secured Notes, due June 2028 | Debt Instrument, Redemption, Period One | |||
Debt Instrument [Line Items] | |||
Redemption of notes, percentage of par value at which notes were repurchased | 100% | ||
6.125% Senior Secured Notes, due June 2028 | Senior Notes | Nitrogen Fertilizer Segment | |||
Debt Instrument [Line Items] | |||
Debt instrument face amount | $ 550,000,000 | ||
Stated interest rate | 6.125% | 6.125% | |
9.25% Senior Secured Notes, due June 2023 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Minimum percentage of notes held in order to cause acceleration of notes upon occurrence of events of default | 25% | ||
Asset Based (“CVR Partners ABL”) Credit Agreement | Line of Credit | Revolving Credit Facility | CVR Partners | |||
Debt Instrument [Line Items] | |||
Incremental facility, increase limit | $ 15,000,000 | ||
Total Available Borrowing Capacity | $ 50,000,000 | ||
Line of credit facility, expiration period | 4 years | ||
Asset Based (“CVR Partners ABL”) Credit Agreement | Line of Credit | Revolving Credit Facility | Nitrogen Fertilizer Segment | |||
Debt Instrument [Line Items] | |||
Total Available Borrowing Capacity | $ 39,000,000 | ||
Asset Based (“CVR Partners ABL”) Credit Agreement | Line of Credit | Revolving Credit Facility | Quarterly Excess Availability Greater Than 75% | Secured Overnight Financing Rate (SOFR) | CVR Partners | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.615% | ||
Asset Based (“CVR Partners ABL”) Credit Agreement | Line of Credit | Revolving Credit Facility | Quarterly Excess Availability Greater Than 75% | Base Rate | CVR Partners | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 0.615% | ||
Asset Based (“CVR Partners ABL”) Credit Agreement | Line of Credit | Revolving Credit Facility | Quarterly Excess Availability Greater Than 50% But Less Than 75% | Secured Overnight Financing Rate (SOFR) | CVR Partners | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.865% | ||
Asset Based (“CVR Partners ABL”) Credit Agreement | Line of Credit | Revolving Credit Facility | Quarterly Excess Availability Greater Than 50% But Less Than 75% | Base Rate | CVR Partners | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 0.865% | ||
Asset Based (“CVR Partners ABL”) Credit Agreement | Line of Credit | Revolving Credit Facility | Quarterly Excess Availability Not Greater Than 50% | Secured Overnight Financing Rate (SOFR) | CVR Partners | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 2.115% | ||
Asset Based (“CVR Partners ABL”) Credit Agreement | Line of Credit | Revolving Credit Facility | Quarterly Excess Availability Not Greater Than 50% | Base Rate | CVR Partners | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.115% | ||
Asset Based (“CVR Partners ABL”) Credit Agreement | Line of Credit | Swingline Loans | CVR Partners | |||
Debt Instrument [Line Items] | |||
Total Available Borrowing Capacity | $ 4,000,000 | ||
Asset Based (“CVR Partners ABL”) Credit Agreement | Line of Credit | Letter of Credit | CVR Partners | |||
Debt Instrument [Line Items] | |||
Total Available Borrowing Capacity | $ 10,000,000 |
Long-Term Debt and Finance Le_9
Long-Term Debt and Finance Lease Obligations - Nitrogen Fertilizer Segment 2028 Notes, Redemption (Details) - 6.125% Senior Secured Notes, due June 2028 - Senior Notes - Nitrogen Fertilizer Segment | 12 Months Ended |
Dec. 31, 2023 | |
Debt Instrument, Redemption, Period One | |
Debt Instrument, Redemption [Line Items] | |
Redemption prices as percentage of principal amount | 103.063% |
Debt Instrument, Redemption, Period Two | |
Debt Instrument, Redemption [Line Items] | |
Redemption prices as percentage of principal amount | 101.531% |
Debt Instrument, Redemption, Period Three | |
Debt Instrument, Redemption [Line Items] | |
Redemption prices as percentage of principal amount | 100% |
Revenue - Revenue Disaggregated
Revenue - Revenue Disaggregated by Major Product (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Total revenue | $ 9,247 | $ 10,896 | $ 7,242 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |||
Disaggregation of Revenue [Line Items] | |||
Remaining performance obligation, expected timing of satisfaction, period | 3 years | ||
Revenue from product sales | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from product sales | $ 9,180 | 10,857 | 7,193 |
Gasoline | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from product sales | 4,289 | 4,830 | 3,679 |
Distillates | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from product sales | 3,941 | 4,900 | 2,809 |
Ammonia | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from product sales | 161 | 200 | 146 |
UAN | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from product sales | 431 | 557 | 316 |
Urea products | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from product sales | 29 | 33 | 29 |
Freight revenue | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from product sales | 61 | 52 | 52 |
Other products | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from product sales | 268 | 285 | 162 |
Crude oil sales | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from product sales | 66 | 37 | 47 |
Other revenue | |||
Disaggregation of Revenue [Line Items] | |||
Other revenue | 1 | 2 | 2 |
Petroleum Segment | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | 8,267 | 9,902 | 6,710 |
Nitrogen Fertilizer Segment | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | $ 681 | 836 | 533 |
Nitrogen Fertilizer Segment | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |||
Disaggregation of Revenue [Line Items] | |||
Remaining performance obligation, expected timing of satisfaction, period | 1 year | ||
Nitrogen Fertilizer Segment | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |||
Disaggregation of Revenue [Line Items] | |||
Remaining performance obligation, expected timing of satisfaction, period | 1 year | ||
Operating Segments | Petroleum Segment | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | $ 8,287 | 9,919 | 6,721 |
Operating Segments | Petroleum Segment | Revenue from product sales | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from product sales | 8,220 | 9,880 | 6,672 |
Operating Segments | Petroleum Segment | Gasoline | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from product sales | 4,289 | 4,830 | 3,679 |
Operating Segments | Petroleum Segment | Distillates | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from product sales | 3,748 | 4,789 | 2,809 |
Operating Segments | Petroleum Segment | Ammonia | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from product sales | 0 | 0 | 0 |
Operating Segments | Petroleum Segment | UAN | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from product sales | 0 | 0 | 0 |
Operating Segments | Petroleum Segment | Urea products | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from product sales | 0 | 0 | 0 |
Operating Segments | Petroleum Segment | Freight revenue | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from product sales | 19 | 17 | 21 |
Operating Segments | Petroleum Segment | Other products | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from product sales | 164 | 244 | 163 |
Operating Segments | Petroleum Segment | Crude oil sales | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from product sales | 66 | 37 | 47 |
Operating Segments | Petroleum Segment | Other revenue | |||
Disaggregation of Revenue [Line Items] | |||
Other revenue | 1 | 2 | 2 |
Operating Segments | Nitrogen Fertilizer Segment | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | 681 | 836 | 533 |
Operating Segments | Nitrogen Fertilizer Segment | Revenue from product sales | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from product sales | 681 | 836 | 533 |
Operating Segments | Nitrogen Fertilizer Segment | Gasoline | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from product sales | 0 | 0 | 0 |
Operating Segments | Nitrogen Fertilizer Segment | Distillates | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from product sales | 0 | 0 | 0 |
Operating Segments | Nitrogen Fertilizer Segment | Ammonia | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from product sales | 161 | 200 | 146 |
Operating Segments | Nitrogen Fertilizer Segment | UAN | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from product sales | 431 | 557 | 316 |
Operating Segments | Nitrogen Fertilizer Segment | Urea products | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from product sales | 29 | 33 | 29 |
Operating Segments | Nitrogen Fertilizer Segment | Freight revenue | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from product sales | 42 | 35 | 31 |
Operating Segments | Nitrogen Fertilizer Segment | Other products | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from product sales | 18 | 11 | 11 |
Operating Segments | Nitrogen Fertilizer Segment | Crude oil sales | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from product sales | 0 | 0 | 0 |
Operating Segments | Nitrogen Fertilizer Segment | Other revenue | |||
Disaggregation of Revenue [Line Items] | |||
Other revenue | 0 | 0 | 0 |
Corporate And Eliminations | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | 279 | 141 | (12) |
Corporate And Eliminations | Revenue from product sales | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from product sales | 279 | 141 | (12) |
Corporate And Eliminations | Gasoline | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from product sales | 0 | 0 | 0 |
Corporate And Eliminations | Distillates | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from product sales | 193 | 111 | 0 |
Corporate And Eliminations | Ammonia | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from product sales | 0 | 0 | 0 |
Corporate And Eliminations | UAN | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from product sales | 0 | 0 | 0 |
Corporate And Eliminations | Urea products | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from product sales | 0 | 0 | 0 |
Corporate And Eliminations | Freight revenue | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from product sales | 0 | 0 | 0 |
Corporate And Eliminations | Other products | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from product sales | 86 | 30 | (12) |
Corporate And Eliminations | Crude oil sales | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from product sales | 0 | 0 | 0 |
Corporate And Eliminations | Other revenue | |||
Disaggregation of Revenue [Line Items] | |||
Other revenue | $ 0 | $ 0 | $ 0 |
Revenue - Remaining Performance
Revenue - Remaining Performance Obligation (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, expected timing of satisfaction, period | 3 years |
Nitrogen Fertilizer Segment | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 10 |
Nitrogen Fertilizer Segment | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, expected timing of satisfaction, period | 1 year |
Remaining performance obligation | $ 3 |
Nitrogen Fertilizer Segment | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, expected timing of satisfaction, period | 1 year |
Remaining performance obligation | $ 3 |
Revenue - Deferred Revenue (Det
Revenue - Deferred Revenue (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Change in Contract with Customer, Liability [Roll Forward] | |
Balance at beginning of period | $ 48 |
Less: | |
Balance at end of period | 16 |
Nitrogen Fertilizer Segment | |
Change in Contract with Customer, Liability [Roll Forward] | |
Balance at beginning of period | 48 |
Add: | |
New prepay contracts entered into during the period | 51 |
Noncash consideration received as part of the 45Q Transaction | 46 |
Less: | |
Revenue recognized that was included in the contract liability balance at the beginning of the period | (47) |
Revenue recognized related to contracts entered into during the period | (41) |
Revenue recognized related to noncash consideration | (6) |
Other changes | (2) |
Balance at end of period | 49 |
Less: Current portion of deferred revenue | (16) |
Total long-term deferred revenue | $ 33 |
Revenue - Major Customers (Deta
Revenue - Major Customers (Details) - Net Sales - Customer concentration | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Petroleum Segment | Customer One | |||
Major Customers and Suppliers | |||
Concentration risk | 15% | 15% | |
Petroleum Segment | Customer Two | |||
Major Customers and Suppliers | |||
Concentration risk | 12% | 10% | |
Petroleum Segment | One Customer | |||
Major Customers and Suppliers | |||
Concentration risk | 16% | ||
Nitrogen Fertilizer Segment | Customer One | |||
Major Customers and Suppliers | |||
Concentration risk | 13% | 16% | |
Nitrogen Fertilizer Segment | Customer Two | |||
Major Customers and Suppliers | |||
Concentration risk | 12% | 14% | |
Nitrogen Fertilizer Segment | One Customer | |||
Major Customers and Suppliers | |||
Concentration risk | 13% |
Derivative Financial Instrume_3
Derivative Financial Instruments and Investments - Outstanding Positions Held (Details) - MBbls MBbls in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Forwards | Crude | Purchase Commitments | ||
Derivative [Line Items] | ||
Outstanding notional buy (sell) positions | (247) | (373) |
Swaps | NYMEX Diesel Cracks | Sell Position | ||
Derivative [Line Items] | ||
Outstanding notional buy (sell) positions | (6,780) | 0 |
Swaps | NYMEX RBOB Cracks | Sell Position | ||
Derivative [Line Items] | ||
Outstanding notional buy (sell) positions | (1,275) | 0 |
Swaps | NYMEX 2-1-1 Cracks | Sell Position | ||
Derivative [Line Items] | ||
Outstanding notional buy (sell) positions | (3,030) | 0 |
Futures | Crude | Sell Position | ||
Derivative [Line Items] | ||
Outstanding notional buy (sell) positions | 0 | (150) |
Futures | ULSD | Sell Position | ||
Derivative [Line Items] | ||
Outstanding notional buy (sell) positions | 0 | (215) |
Futures | Soybean | Sell Position | ||
Derivative [Line Items] | ||
Outstanding notional buy (sell) positions | 0 | (109) |
Derivative Financial Instrume_4
Derivative Financial Instruments and Investments - Schedule of Offsetting Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Prepaid expenses and other current assets | ||
Offsetting Assets And Liabilities [Line Items] | ||
Derivative assets | $ 24 | $ 0 |
Derivative liabilities | 0 | 0 |
Other long-term assets | ||
Offsetting Assets And Liabilities [Line Items] | ||
Derivative assets | 1 | 0 |
Derivative liabilities | 0 | 0 |
Other current liabilities | ||
Offsetting Assets And Liabilities [Line Items] | ||
Derivative assets | 0 | 0 |
Derivative liabilities | $ 0 | $ (4) |
Derivative Financial Instrume_5
Derivative Financial Instruments and Investments - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Aggregate fair value of our derivative liabilities | $ 0 | $ 0 | |
Fair value of collateral for derivate liabilities | 0 | 0 | |
Gain on marketable securities | $ 0 | $ 0 | $ 81,000,000 |
Derivative Financial Instrume_6
Derivative Financial Instruments and Investments - Schedule of Gains (Losses) on Derivatives (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Commodity derivative instruments | |||
Derivative [Line Items] | |||
Commodity derivative instruments | $ 5 | $ (55) | $ (44) |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Fair Value Hierarchy - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Liabilities | ||
Derivate asset, subject to master netting arrangement, collateral, obligation to return security not offset | $ 13 | $ 7 |
Commodity derivative instruments | ||
Assets | ||
Derivative assets | 31 | 4 |
Contract netting | (6) | (4) |
Collateral netting | 0 | 0 |
Net value | 25 | 0 |
Liabilities | ||
Derivative liabilities | (6) | (9) |
Contract netting | 6 | 4 |
Collateral netting | 0 | 1 |
Net value | 0 | (4) |
RFS | ||
Liabilities | ||
Derivative liabilities | (329) | (692) |
Contract netting | 0 | 0 |
Collateral netting | 0 | 0 |
Net value | (329) | (692) |
Level 1 | Commodity derivative instruments | ||
Assets | ||
Derivative assets | 0 | 0 |
Liabilities | ||
Derivative liabilities | 0 | 0 |
Level 1 | RFS | ||
Liabilities | ||
Derivative liabilities | 0 | 0 |
Level 2 | Commodity derivative instruments | ||
Assets | ||
Derivative assets | 31 | 4 |
Liabilities | ||
Derivative liabilities | (6) | (9) |
Level 2 | RFS | ||
Liabilities | ||
Derivative liabilities | (329) | (692) |
Level 3 | Commodity derivative instruments | ||
Assets | ||
Derivative assets | 0 | 0 |
Liabilities | ||
Derivative liabilities | 0 | 0 |
Level 3 | RFS | ||
Liabilities | ||
Derivative liabilities | $ 0 | $ 0 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
CVRP JV inception | $ 46 | |
Cash, cash equivalents, and reserved funds, carrying value | 1,200 | $ 510 |
Long-term debt | 2,100 | 1,500 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash, cash equivalents, and reserved funds, fair value | 1,200 | 510 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | 2,100 | $ 1,400 |
CVRP JV | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
CVRP JV inception | $ 46 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Details) | 12 Months Ended | |||
Dec. 22, 2021 USD ($) $ / shares | Dec. 31, 2023 USD ($) plan shares | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total tax benefit recognized during the year related to compensation expense | $ 9,000,000 | $ 19,000,000 | $ 12,000,000 | |
Liability for cash settled nonvested awards and associated dividend and distribution equivalent rights | 16,000,000 | 35,000,000 | ||
Amount of payout | $ 54,000,000 | 58,000,000 | 30,000,000 | |
Number of defined-contribution 401(k) plans | plan | 2 | |||
Matching contribution, percent | 100% | |||
Percent of eligible compensation contributed by participants | 6% | |||
Vesting period | 3 years | |||
Matching contributions made by the company | $ 12,000,000 | 11,000,000 | $ 0 | |
Phantom and Incentive Unit Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares right to receive cash payment on vesting equal to fair market value is received per award (in shares) | shares | 1 | |||
Vesting period | 3 years | |||
Phantom and Incentive Unit Awards | Vesting Year One | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting percentage | 33.33% | |||
Phantom and Incentive Unit Awards | Vesting Year Two | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting percentage | 33.33% | |||
Phantom and Incentive Unit Awards | Vesting Year Three | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting percentage | 33.33% | |||
CVR Energy LTIP | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares or units available for future grants (in shares) | shares | 6,800,000 | |||
CVR Partners LTIP | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares or units available for future grants (in shares) | shares | 500,000 | |||
CEO Performance Award | Performance Unit Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum cash payment | $ 10,000,000 | |||
Period for determination of cash payment value | 30 days | |||
Maximum price per share to trigger maximum cash payment (in dollars per share) | $ / shares | $ 60 | |||
Share-based arrangements, liability | $ 0 | $ 0 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Incentive and Phantom Unit Awards Activity (Details) - Share-Based Awards - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Shares or Units | ||
Non-vested at the beginning of the period (in shares) | 1,738,620 | |
Granted (in shares) | 776,684 | |
Vested (in shares) | (1,018,432) | |
Forfeited (in shares) | (57,967) | |
Non-vested at the end of the period (in shares) | 1,438,905 | |
Weighted-Average Grant-Date Fair Value (per share or unit) | ||
Non-vested at the beginning of the period (in dollars per share) | $ 22.97 | |
Granted (in dollars per share) | 33.12 | |
Vested (in dollars per share) | 19.81 | |
Forfeited (in dollars per share) | 24.61 | |
Non-vested at the end of the period (in dollars per share) | $ 30.67 | |
Aggregate Intrinsic Value | $ 47 | $ 68 |
LTIPs | ||
Shares or Units | ||
Non-vested at the end of the period (in shares) | 0 |
Share-Based Compensation - Sche
Share-Based Compensation - Schedule of Share-based Compensation Activity (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expenses | $ 34 | $ 71 | $ 46 |
Unrecognized Expense | 47 | ||
Incentive Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expenses | 28 | 45 | 22 |
Unrecognized Expense | $ 32 | ||
Weighted-Average Remaining Years | 1 year 8 months 12 days | ||
CVR Partners - Phantom Units | CVR Partners | CVR Partners Long Term Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expenses | $ 6 | 26 | 27 |
Unrecognized Expense | $ 5 | ||
Weighted-Average Remaining Years | 1 year 9 months 18 days | ||
Performance Unit Awards | CEO Performance Award | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expenses | $ 0 | $ 0 | $ (3) |
Unrecognized Expense | $ 10 | ||
Weighted-Average Remaining Years | 1 year |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes [Line Items] | |||
Taxes payable from the IRS and state jurisdictions | $ 25,000,000 | ||
Taxes receivable from the IRS and state jurisdictions | $ 22,000,000 | ||
Valuation allowance | 0 | 0 | |
Unrecognized tax benefits which, if recognized, would impact the company's effective tax rate | 1,000,000 | 9,000,000 | $ 13,000,000 |
Unrecognized tax benefits netted with deferred tax asset carryforwards | 0 | 2,000,000 | |
Interest expense (benefit) recognized on uncertain tax positions | 3,000,000 | 1,000,000 | 1,000,000 |
Liability for interest | 0 | 3,000,000 | 2,000,000 |
Penalties recognized on uncertain tax positions | 0 | $ 0 | $ 0 |
State | |||
Income Taxes [Line Items] | |||
Tax credit carry-forwards | 14,000,000 | ||
Unrecognized tax benefits reasonably possible to be recognized in next fiscal year | $ 0 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current: | |||
Federal | $ 118 | $ 156 | $ 84 |
State | 9 | 14 | 7 |
Total current | 127 | 170 | 91 |
Deferred: | |||
Federal | 73 | (26) | (76) |
State | 7 | 13 | (23) |
Total deferred | 80 | (13) | (99) |
Total income tax expense (benefit) | $ 207 | $ 157 | $ (8) |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Total Income Tax (Benefit) Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Tax computed at federal statutory rate | $ 228 | $ 168 | $ 14 |
State income taxes, net of federal tax benefit | 28 | 28 | 3 |
Changes in enacted state tax rates, net of federal tax expense | (5) | 0 | (10) |
State tax incentives, net of federal tax expense | (11) | (6) | (6) |
Noncontrolling interest | (23) | (38) | (10) |
Renewable fuel incentives | (15) | (7) | 0 |
Other, net | 5 | 12 | 1 |
Total income tax expense (benefit) | $ 207 | $ 157 | $ (8) |
Income Taxes - Schedule of In_2
Income Taxes - Schedule of Income Tax Effect of Temporary Differences (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred income tax assets: | ||
Personnel accruals | $ 11 | $ 14 |
Inventories | 3 | 0 |
Right of use lease liability | 9 | 0 |
Contingent liabilities | 61 | 0 |
State tax credit carryforward, net | 12 | 8 |
Total gross deferred income tax assets | 96 | 22 |
Deferred income tax liabilities: | ||
Unrealized gains/losses | (6) | 0 |
Prepaid expenses | (6) | 0 |
Right of use lease asset | (10) | 0 |
Investment in Joint Ventures | (15) | 0 |
Property, plant and equipment | (295) | 0 |
Turnaround costs | (30) | 0 |
Other | (1) | (1) |
Total gross deferred income tax liabilities | (423) | (271) |
Net deferred income tax liabilities | (327) | (249) |
CVR Partners | ||
Deferred income tax liabilities: | ||
Investment in CVR Partners and CVR Refining | (60) | (68) |
CVR Refining | ||
Deferred income tax liabilities: | ||
Investment in CVR Partners and CVR Refining | $ 0 | $ (202) |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of the Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of the unrecognized tax benefits | |||
Balance, beginning of year | $ 11 | $ 17 | $ 17 |
Reductions related to expirations from statute of limitations | (10) | (6) | 0 |
Balance, end of year | $ 1 | $ 11 | $ 17 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Minimum Required Payments for Unconditional Purchase Obligations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Unconditional Purchase Obligations | |||
2024 | $ 73 | ||
2025 | 73 | ||
2026 | 67 | ||
2027 | 66 | ||
2028 | 66 | ||
Thereafter | 147 | ||
Unconditional Purchase Obligations | 492 | ||
Amounts purchased under supply agreements | $ 72 | $ 72 | $ 71 |
Commitments and Contingencies_2
Commitments and Contingencies - Crude Oil Supply Agreement (Details) | 12 Months Ended | |||
Dec. 21, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Crude Oil Supply Agreement | Contracted Volume | Supplier Concentration Risk | Petroleum Segment | ||||
Loss Contingencies [Line Items] | ||||
Volume contracted throughout Vitol as percentage of total crude oil purchases | 26% | 34% | 42% | |
Gunvor Crude Oil Supply Agreement | ||||
Loss Contingencies [Line Items] | ||||
Collaborative arrangement, term extension | 1 month | |||
Renewal term of agreement | 1 year | |||
Notice of renewal period termination | 180 days |
Commitment and Contingencies -
Commitment and Contingencies - 45Q Transaction (Details) - CVRP JV - Collaborative Arrangement, Transaction with Party to Collaborative Arrangement and Third Party - CRNF $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Loss Contingencies [Line Items] | |
Collaborative arrangement, fee threshold per year | $ 15 |
Fees threshold cap | $ 45 |
Commitments and Contingencies_3
Commitments and Contingencies - Contingencies (Details) - Call Option Lawsuits - USD ($) $ in Millions | 1 Months Ended | |
Dec. 30, 2022 | Dec. 31, 2022 | |
Loss Contingencies [Line Items] | ||
Indemnity insurance, coverage limit | $ 50 | |
Loss contingency, estimate of possible loss | $ 79 |
Commitments and Contingencies_4
Commitments and Contingencies - Renewable Fuel Standards and RFS Disputes (Details) - EHS - Petroleum Segment - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Loss Contingencies [Line Items] | |||
Expense for compliance with RFS | $ (114) | $ 435 | $ 435 |
RFS obligation | $ 329 | $ 692 |
Commitments and Contingencies_5
Commitments and Contingencies - Environmental, Health, and Safety ("EHS") Matters (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Loss Contingencies [Line Items] | ||
Environmental loss contingency, statement of financial position [extensible enumeration] | Other current liabilities (including $37 and $75, respectively, of VIE), Other long-term liabilities (including $50 and $16, respectively, of VIE) | Other current liabilities (including $37 and $75, respectively, of VIE), Other long-term liabilities (including $50 and $16, respectively, of VIE) |
EHS | ||
Loss Contingencies [Line Items] | ||
Environmental accruals | $ 19 | $ 22 |
Business Segments - Additional
Business Segments - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2023 segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 2 |
Number of reportable segments | 2 |
Business Segments - Summary of
Business Segments - Summary of Operating Results, Capital Expenditures, and Total Asset Information by Segment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Total sales | $ 9,247 | $ 10,896 | $ 7,242 |
Operating income (loss) | 1,123 | 963 | 87 |
Interest income (expense) | (52) | (85) | (117) |
Investment income on marketable securities | 0 | 0 | 81 |
Other income (expense), net | 14 | (77) | 15 |
Income before income tax expense | 1,085 | 801 | 66 |
Depreciation and amortization | 298 | 288 | 279 |
Capital expenditures | 197 | 203 | 226 |
Assets | 4,707 | 4,119 | |
Petroleum Segment | |||
Segment Reporting Information [Line Items] | |||
Total sales | 8,267 | 9,902 | 6,710 |
Nitrogen Fertilizer Segment | |||
Segment Reporting Information [Line Items] | |||
Total sales | 681 | 836 | 533 |
Operating Segments | Petroleum Segment | |||
Segment Reporting Information [Line Items] | |||
Total sales | 8,287 | 9,919 | 6,721 |
Operating income (loss) | 982 | 719 | (27) |
Interest income (expense) | 75 | 41 | 21 |
Depreciation and amortization | 189 | 187 | 203 |
Capital expenditures | 108 | 86 | 50 |
Assets | 2,978 | 4,354 | |
Operating Segments | Nitrogen Fertilizer Segment | |||
Segment Reporting Information [Line Items] | |||
Total sales | 681 | 836 | 533 |
Operating income (loss) | 201 | 320 | 134 |
Interest income (expense) | (29) | (34) | (61) |
Depreciation and amortization | 80 | 82 | 73 |
Capital expenditures | 29 | 41 | 26 |
Assets | 975 | 1,100 | |
Corporate And Eliminations | |||
Segment Reporting Information [Line Items] | |||
Total sales | 279 | 141 | (12) |
Capital expenditures | 60 | ||
Assets | 754 | (1,335) | |
Inter-segment fees and sales | |||
Segment Reporting Information [Line Items] | |||
Total sales | (20) | (17) | (11) |
Inter-segment fees and sales | Petroleum Segment | |||
Segment Reporting Information [Line Items] | |||
Total sales | (20) | (17) | (11) |
Inter-segment fees and sales | Nitrogen Fertilizer Segment | |||
Segment Reporting Information [Line Items] | |||
Total sales | 0 | 0 | 0 |
Other/Eliminations | |||
Segment Reporting Information [Line Items] | |||
Total sales | 299 | 158 | (1) |
Operating income (loss) | (60) | (76) | (20) |
Interest income (expense) | (98) | (92) | (77) |
Depreciation and amortization | $ 29 | 19 | 3 |
Capital expenditures | $ 76 | $ 150 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information - Schedule of Cash Flows Related to Income Taxes, Interest, Leases, Capital Expenditures, and Deferred Financing Costs Included in Accounts Payable, and Non-Cash Dividends (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Supplemental disclosures: | |||
Cash paid for income taxes, net of refunds | $ 93 | $ 170 | $ 72 |
Cash paid for interest | 95 | 96 | 114 |
Cash paid for amounts included in the measurement of lease liabilities: | |||
Operating cash flows from operating leases | 19 | 17 | 15 |
Operating cash flows from finance leases | 4 | 5 | 5 |
Financing cash flows from finance leases | 6 | 6 | 6 |
Noncash investing and financing activities: | |||
Change in capital expenditures included in accounts payable | (8) | 12 | 2 |
Change in turnaround expenditures included in accounts payable | 3 | (2) | 3 |
Change in deferred financing costs included in accounts payable | 0 | 0 | 1 |
Noncash dividends to CVR Energy stockholders | $ 0 | $ 0 | $ 251 |
Supplemental Cash Flow Inform_4
Supplemental Cash Flow Information - Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Supplemental Cash Flow Elements [Abstract] | ||||
Cash and cash equivalents | $ 581 | $ 510 | ||
Reserved funds | 598 | 0 | ||
Restricted cash | 7 | 7 | ||
Cash, cash equivalents, reserved funds and restricted cash | $ 1,186 | $ 517 | $ 517 | $ 674 |
Related Party Transactions - Ex
Related Party Transactions - Expenses from Related Parties (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | |||
Total sales | $ 9,247 | $ 10,896 | $ 7,242 |
Dividends | 453 | 483 | 241 |
Related Party | CVRP JV CO Contract | |||
Related Party Transaction [Line Items] | |||
Total sales | 4 | 0 | 0 |
Related Party | Enable Joint Venture Transportation Agreement | |||
Related Party Transaction [Line Items] | |||
Purchases from related parties: | 12 | 10 | 11 |
Related Party | Midway Joint Venture Agreement | |||
Related Party Transaction [Line Items] | |||
Purchases from related parties: | 24 | 22 | 20 |
Dividends | |||
Related Party Transaction [Line Items] | |||
Dividends | $ 311 | $ 342 | $ 348 |
Related Party Transactions - En
Related Party Transactions - Enable Joint Venture Transportation and Terminalling Services Agreements (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Joint Venture Agreement | CVR Refining | |
Related Party Transaction [Line Items] | |
Initial term of agreement | 20 years |
Related Party Transactions - Di
Related Party Transactions - Dividends to CVR Energy Stockholders (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Nov. 20, 2023 | Aug. 21, 2023 | May 22, 2023 | Mar. 13, 2023 | Nov. 21, 2022 | Aug. 22, 2022 | May 23, 2022 | May 26, 2021 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | ||||||||||||
Quarterly Dividends Per Share (in dollars per share) | $ 0.50 | $ 0.50 | $ 0.50 | $ 0.50 | $ 0.40 | $ 0.40 | $ 0.40 | $ 0 | $ 2 | $ 1.20 | $ 0 | |
Quarterly Dividends Paid (in millions) | $ 50 | $ 50 | $ 50 | $ 50 | $ 40 | $ 40 | $ 40 | $ 201 | $ 121 | |||
Special Dividends Per Share (in dollars per share) | $ 1.50 | $ 1 | $ 1 | $ 2.60 | $ 4.89 | $ 2.50 | $ 3.60 | |||||
Special Dividends Paid (in millions) | $ 151 | $ 101 | $ 101 | $ 261 | $ 492 | $ 251 | $ 362 | |||||
Public Stockholders | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Quarterly Dividends Paid (in millions) | 17 | 15 | 15 | 15 | 12 | 12 | 12 | 61 | 36 | |||
Special Dividends Paid (in millions) | 51 | 29 | 29 | 76 | 80 | 106 | ||||||
IEP | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Quarterly Dividends Paid (in millions) | 33 | 36 | $ 36 | $ 36 | 28 | 28 | $ 28 | 140 | 85 | |||
Special Dividends Paid (in millions) | $ 100 | $ 71 | $ 71 | $ 185 | $ 171 | $ 256 |
Related Party Transactions - _2
Related Party Transactions - Dividends to CVR Energy Stockholders (Narrative) (Details) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||
Mar. 11, 2024 USD ($) | Feb. 20, 2024 USD ($) $ / shares | Nov. 20, 2023 USD ($) $ / shares | Aug. 21, 2023 USD ($) $ / shares | May 22, 2023 $ / shares | Mar. 13, 2023 $ / shares | Nov. 21, 2022 USD ($) $ / shares | Aug. 22, 2022 USD ($) $ / shares | May 23, 2022 $ / shares | Jun. 10, 2021 USD ($) $ / shares shares | May 26, 2021 USD ($) $ / shares | Mar. 31, 2022 $ / shares | Dec. 31, 2023 USD ($) $ / shares | Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2021 $ / shares | |
Related Party Transaction [Line Items] | |||||||||||||||
Quarterly Dividends Per Share (in dollars per share) | $ / shares | $ 0.50 | $ 0.50 | $ 0.50 | $ 0.50 | $ 0.40 | $ 0.40 | $ 0.40 | $ 0 | $ 2 | $ 1.20 | $ 0 | ||||
Special Dividends Paid (in millions) | $ 151 | $ 101 | $ 101 | $ 261 | $ 492 | $ 251 | $ 362 | ||||||||
Special Dividends Per Share (in dollars per share) | $ / shares | $ 1.50 | $ 1 | $ 1 | $ 2.60 | $ 4.89 | $ 2.50 | $ 3.60 | ||||||||
Payment of special dividends | $ 241 | ||||||||||||||
Special dividends paid (in dollars per share) | $ / shares | $ 2.40 | ||||||||||||||
Realized gain on investment | $ 112 | ||||||||||||||
Subsequent Event | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Dividends declared per share (in dollars per share) | $ / shares | $ 0.50 | ||||||||||||||
Dividends, cash | $ 50 | ||||||||||||||
IEP | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Proceeds from dividends received | $ 171 | ||||||||||||||
IEP | Subsequent Event | Forecast | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Proceeds from dividends received | $ 33 | ||||||||||||||
Delek US Holdings, Inc. | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Dividends paid to CVR Energy stockholders (in shares) | shares | 10,539,880 | ||||||||||||||
Outstanding shares of common stock, percent | 0.143 | ||||||||||||||
Delek US Holdings, Inc. | IEP | |||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||
Common stock dividends, shares received (in shares) | shares | 7,464,652 |
Related Party Transactions - _3
Related Party Transactions - Distributions to CVR Partners' Unitholders (Details) - CVR Partners - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||||||||||||
Nov. 20, 2023 | Aug. 21, 2023 | May 22, 2023 | Mar. 13, 2023 | Nov. 21, 2022 | Aug. 22, 2022 | May 23, 2022 | Mar. 14, 2022 | Nov. 22, 2021 | Aug. 23, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | |||||||||||||
Quarterly Distributions Per Common Unit (in dollars per share) | $ 1.55 | $ 4.14 | $ 10.43 | $ 10.50 | $ 1.77 | $ 10.05 | $ 2.26 | $ 5.24 | $ 2.93 | $ 1.72 | $ 26.62 | $ 19.32 | $ 4.65 |
Quarterly Distributions Paid (in millions) | $ 16 | $ 44 | $ 110 | $ 111 | $ 19 | $ 106 | $ 24 | $ 56 | $ 31 | $ 18 | $ 281 | $ 205 | $ 50 |
CVR Energy | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Quarterly Distributions Paid (in millions) | 6 | 16 | 41 | 41 | 7 | 39 | 9 | 20 | 11 | 7 | 104 | 75 | 18 |
Public Unitholders | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Quarterly Distributions Paid (in millions) | $ 10 | $ 28 | $ 70 | $ 70 | $ 12 | $ 67 | $ 15 | $ 36 | $ 20 | $ 12 | $ 178 | $ 129 | $ 32 |
Related Party Transactions - _4
Related Party Transactions - Distributions to CVR Partners' Unitholders (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Mar. 11, 2024 | Feb. 20, 2024 | Dec. 31, 2023 | |
CVR Partners | |||
Related Party Transaction [Line Items] | |||
Distributions declared related to quarterly results (in dollars per share) | $ 0 | ||
Distributions paid related to quarterly results (in dollars per share) | $ 0 | ||
CVR Partners | Subsequent Event | |||
Related Party Transaction [Line Items] | |||
Distributions declared (in dollars per share) | $ 1.68 | ||
Distributions declared | $ 18 | ||
CVR Energy | Forecast | Subsequent Event | |||
Related Party Transaction [Line Items] | |||
Proceeds from distribution | $ 7 |