Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Oct. 22, 2019 | |
Cover page. | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2019 | |
Document Transition Report | false | |
Entity File Number | 001-35120 | |
Entity Registrant Name | CVR PARTNERS, LP | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 56-2677689 | |
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 units representing limited partner interests | |
Trading Symbol | UAN | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 113,282,973 | |
Entity Central Index Key | 0001425292 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 83,667 | $ 61,776 |
Accounts receivable | 14,909 | 61,662 |
Inventories | 56,864 | 63,554 |
Prepaid expenses and other current assets | 4,608 | 6,989 |
Total current assets | 160,048 | 193,981 |
Property, plant, and equipment, net | 964,502 | 1,015,240 |
Goodwill | 40,969 | 40,969 |
Other long-term assets | 14,803 | 4,198 |
Total assets | 1,180,322 | 1,254,388 |
Current liabilities: | ||
Accounts payable | 29,389 | 26,789 |
Accounts payable to affiliates | 2,131 | 2,976 |
Deferred revenue | 16,448 | 68,804 |
Other current liabilities | 36,687 | 24,066 |
Total current liabilities | 84,655 | 122,635 |
Long-term debt | 631,520 | 628,989 |
Other long-term liabilities | 11,791 | 2,938 |
Total long-term liabilities | 643,311 | 631,927 |
Commitments and contingencies (see Note 11) | ||
Partners’ capital: | ||
Common unitholders, 113,282,973 units issued and outstanding at September 30, 2019 and December 31, 2018 | 452,355 | 499,825 |
General partner interest | 1 | 1 |
Total partners’ capital | 452,356 | 499,826 |
Total liabilities and partners’ capital | $ 1,180,322 | $ 1,254,388 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parentheticals) - shares | Sep. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Common unitholders, issued (in units) | 113,282,973 | 113,282,973 |
Common unitholders, outstanding (in units) | 113,282,973 | 113,282,973 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Statement [Abstract] | ||||
Net sales | $ 88,582 | $ 79,909 | $ 318,115 | $ 252,965 |
Operating costs and expenses: | ||||
Cost of materials and other | 21,617 | 19,590 | 71,347 | 61,198 |
Direct operating expenses (exclusive of depreciation and amortization) | 47,554 | 35,334 | 128,004 | 121,468 |
Depreciation and amortization | 18,418 | 16,035 | 60,032 | 52,866 |
Cost of sales | 87,589 | 70,959 | 259,383 | 235,532 |
Selling, general and administrative expenses | 6,326 | 6,393 | 19,637 | 18,955 |
Loss on asset disposals | 2,184 | 28 | 2,629 | 160 |
Operating (loss) income | (7,517) | 2,529 | 36,466 | (1,682) |
Other (expense) income: | ||||
Interest expense, net | (15,621) | (15,693) | (46,870) | (47,080) |
Other income, net | 174 | 30 | 229 | 100 |
Net loss before income taxes | (22,964) | (13,134) | (10,175) | (48,662) |
Income tax expense (benefit) | 12 | 12 | (88) | (6) |
Net loss | $ (22,976) | $ (13,146) | $ (10,087) | $ (48,656) |
Basic and diluted loss per unit data (in dollars per unit) | $ (0.20) | $ (0.12) | $ (0.09) | $ (0.43) |
Distributions declared per common unit (in dollars per unit) | $ 0.14 | $ 0 | $ 0.33 | $ 0 |
Weighted-average common units outstanding: | ||||
Basic and Diluted (in units) | 113,283 | 113,283 | 113,283 | 113,283 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF PARTNERS' CAPITAL (unaudited) - USD ($) $ in Thousands | Total | General Partner Interest | Common Units |
Beginning balance (in units) at Dec. 31, 2017 | 113,282,973 | ||
Beginning balance at Dec. 31, 2017 | $ 549,853 | $ 1 | $ 549,852 |
Increase (Decrease) in Partners' Capital | |||
Net income (loss) | (19,051) | $ (19,051) | |
Ending balance (in units) at Mar. 31, 2018 | 113,282,973 | ||
Ending balance at Mar. 31, 2018 | 530,802 | 1 | $ 530,801 |
Beginning balance (in units) at Dec. 31, 2017 | 113,282,973 | ||
Beginning balance at Dec. 31, 2017 | 549,853 | 1 | $ 549,852 |
Increase (Decrease) in Partners' Capital | |||
Net income (loss) | (48,656) | ||
Ending balance (in units) at Sep. 30, 2018 | 113,282,973 | ||
Ending balance at Sep. 30, 2018 | 501,197 | 1 | $ 501,196 |
Beginning balance (in units) at Mar. 31, 2018 | 113,282,973 | ||
Beginning balance at Mar. 31, 2018 | 530,802 | 1 | $ 530,801 |
Increase (Decrease) in Partners' Capital | |||
Net income (loss) | (16,459) | $ (16,459) | |
Ending balance (in units) at Jun. 30, 2018 | 113,282,973 | ||
Ending balance at Jun. 30, 2018 | 514,343 | 1 | $ 514,342 |
Increase (Decrease) in Partners' Capital | |||
Net income (loss) | (13,146) | $ (13,146) | |
Ending balance (in units) at Sep. 30, 2018 | 113,282,973 | ||
Ending balance at Sep. 30, 2018 | 501,197 | 1 | $ 501,196 |
Beginning balance (in units) at Dec. 31, 2018 | 113,282,973 | ||
Beginning balance at Dec. 31, 2018 | 499,826 | 1 | $ 499,825 |
Increase (Decrease) in Partners' Capital | |||
Cash distributions to common unitholders - Affiliates | (4,670) | (4,670) | |
Cash distributions to common unitholders - Non-affiliates | (8,924) | (8,924) | |
Net income (loss) | (6,079) | $ (6,079) | |
Ending balance (in units) at Mar. 31, 2019 | 113,282,973 | ||
Ending balance at Mar. 31, 2019 | 480,153 | 1 | $ 480,152 |
Beginning balance (in units) at Dec. 31, 2018 | 113,282,973 | ||
Beginning balance at Dec. 31, 2018 | 499,826 | 1 | $ 499,825 |
Increase (Decrease) in Partners' Capital | |||
Net income (loss) | (10,087) | ||
Ending balance (in units) at Sep. 30, 2019 | 113,282,973 | ||
Ending balance at Sep. 30, 2019 | 452,356 | 1 | $ 452,355 |
Beginning balance (in units) at Mar. 31, 2019 | 113,282,973 | ||
Beginning balance at Mar. 31, 2019 | 480,153 | 1 | $ 480,152 |
Increase (Decrease) in Partners' Capital | |||
Cash distributions to common unitholders - Affiliates | (2,724) | (2,724) | |
Cash distributions to common unitholders - Non-affiliates | (5,205) | (5,205) | |
Net income (loss) | 18,968 | $ 18,968 | |
Ending balance (in units) at Jun. 30, 2019 | 113,282,973 | ||
Ending balance at Jun. 30, 2019 | 491,192 | 1 | $ 491,191 |
Increase (Decrease) in Partners' Capital | |||
Cash distributions to common unitholders - Affiliates | (5,449) | (5,449) | |
Cash distributions to common unitholders - Non-affiliates | (10,411) | (10,411) | |
Net income (loss) | (22,976) | $ (22,976) | |
Ending balance (in units) at Sep. 30, 2019 | 113,282,973 | ||
Ending balance at Sep. 30, 2019 | $ 452,356 | $ 1 | $ 452,355 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flows from operating activities: | ||
Net loss | $ (10,087) | $ (48,656) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 60,032 | 52,866 |
Share-based compensation | 2,970 | 2,695 |
Other adjustments | 5,256 | 2,640 |
Change in assets and liabilities: | ||
Current assets and liabilities | 9,283 | 16,490 |
Non-current assets and liabilities | 1,218 | 1,083 |
Net cash provided by operating activities | 68,672 | 27,118 |
Cash flows from investing activities: | ||
Capital expenditures | (9,487) | (15,022) |
Proceeds from sale of assets | 89 | 172 |
Net cash used in investing activities | (9,398) | (14,850) |
Cash flows from financing activities: | ||
Cash distributions to common unitholders - Affiliates | (12,843) | 0 |
Cash distributions to common unitholders - Non-affiliates | (24,540) | 0 |
Net cash used in financing activities | (37,383) | 0 |
Net increase in cash and cash equivalents | 21,891 | 12,268 |
Cash and cash equivalents, beginning of period | 61,776 | 49,173 |
Cash and cash equivalents, end of period | $ 83,667 | $ 61,441 |
Organization and Nature of Busi
Organization and Nature of Business | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Nature of Business | (1) Organization and Nature of Business CVR Partners, LP (referred to as “CVR Partners” or the “Partnership”) is a Delaware limited partnership formed by CVR Energy, Inc. (together with its subsidiaries, but excluding the Partnership and its subsidiaries, “CVR Energy”) to own, operate and grow its nitrogen fertilizer business. The Partnership produces nitrogen fertilizer products at two manufacturing facilities, which are located in Coffeyville, Kansas (the “Coffeyville Facility”) and East Dubuque, Illinois (the “East Dubuque Facility”). The Coffeyville Facility sells and distributes products to destinations located principally on the Union Pacific railroad, the BNSF Railway railroad, or as direct shipments to customers, while the East Dubuque Facility primarily sells to customers located within 200 miles of the facility. As used in these financial statements, references to CVR Partners, the Partnership, “we”, “us”, and “our” may refer to consolidated subsidiaries of CVR Partners or one or both of the facilities, as the context may require. As of September 30, 2019 , public security holders held approximately 66% of the Partnership’s outstanding limited partner interests and Coffeyville Resources, LLC (“CRLLC”), a wholly-owned subsidiary of CVR Energy, held approximately 34% of the Partnership’s outstanding limited partner interests and 100% of the Partnership’s general partner interest is held by CVR GP, LLC (“CVR GP” or the “general partner”), a wholly owned subsidiary of CVR Energy. As of September 30, 2019 , Icahn Enterprises L.P. (“IEP”) and its affiliates owned approximately 71% of the common stock of CVR Energy. Management and Operations The Partnership, including CVR GP, is party to a number of agreements with CVR Energy and its subsidiaries to manage certain business relationships between the Partnership and the other parties thereto. The various rights and responsibilities of the Partnership, and its partners, are set forth in the Partnership’s limited partnership agreement and, as applicable, those agreements with CVR Energy. CVR GP manages and operates the Partnership via a combination of the general partner’s senior management team and CVR Energy’s senior management team pursuant to a services agreement among CVR Energy, CVR GP and the Partnership. See Note 13 (“Related Party Transactions”) |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | (2) Basis of Presentation The accompanying condensed consolidated financial statements have been 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 (the “SEC”). These condensed consolidated financial statements should be read in conjunction with the December 31, 2018 audited consolidated financial statements and notes thereto included in CVR Partners’ Annual Report on Form 10-K for the year ended December 31, 2018 (the “ 2018 Form 10-K”). In the opinion of the Partnership’s management, the accompanying condensed consolidated financial statements reflect all adjustments that are necessary for fair presentation of the financial position and results of operations of the Partnership for the periods presented. Such adjustments are of a normal recurring nature, unless otherwise disclosed. Certain reclassifications have been made within the condensed consolidated statements of operations for the three and nine months ended September 30, 2018 to conform with current presentation. The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates. Results of operations and cash flows for the interim periods presented are not necessarily indicative of the results that will be realized for the year ending December 31, 2019 or any other interim or annual period. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | (3) Recent Accounting Pronouncements Recent Accounting Pronouncement - Adoption of New Lease Standard In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2016-02, “ Leases ” (“ASU 2016-02”), creating a new topic, FASB ASC Topic 842, “Leases” (“Topic 842”), which supersedes lease requirements in FASB ASC Topic 840, “Leases.” The new standard revises accounting for operating leases by a lessee, among other changes, and requires a lessee to recognize a liability related to future lease payments and a right-of-use (“ROU”) asset representing its right to use the underlying asset for the lease term on the balance sheet. The ROU asset is classified as Other long-term assets on the condensed consolidated balance sheet. The current and long-term lease liabilities are classified as Other current liabilities and Other long-term liabilities , respectively, on the condensed consolidated balance sheet. We adopted Topic 842 as of January 1, 2019, electing the option to apply the transition provisions at the adoption date instead of the earliest comparative period presented in the financial statements. In connection with the adoption of Topic 842, we made the following elections: • Under the short-term lease exception provided for in Topic 842, only ROU assets and the related lease liabilities for leases with an initial term greater than one year were recognized; • The accounting treatment for existing land easements was carried forward; • Lease and non-lease components were not, and will not, be bifurcated for all of the Partnership’s asset groups; and • The portfolio approach was, and will continue to be, used in the selection of the discount rate used to calculate minimum lease payments and the related ROU asset and operating lease liability amounts. The adoption of Topic 842 on January 1, 2019 incrementally impacted the Partnership’s condensed consolidated balance sheet as of that date. The following presents the financial statement line items impacted by the Partnership’s Topic 842 adoption. Effect of Topic 842 Adoption on the Condensed Consolidated Balance Sheet as of January 1, 2019 (in thousands) December 31, 2018 As Stated Effect of Adoption of Topic 842 - Leases (Unaudited) January 1, 2019 As Adjusted Current assets: Prepaid expenses and other current assets $ 6,989 $ (2,650 ) (1) $ 4,339 Total currents assets 193,981 (2,650 ) 191,331 Other long-term assets 4,198 16,923 (2) 21,121 Total assets $ 1,254,388 $ 14,273 $ 1,268,661 Current liabilities: Other current liabilities $ 24,066 $ 3,462 (3) $ 27,528 Total current liabilities 122,635 3,462 126,097 Long-term liabilities: Other long-term liabilities 2,938 10,811 (3) 13,749 Total long-term liabilities 631,927 10,811 642,738 Equity: Total liabilities and partners’ capital $ 1,254,388 $ 14,273 $ 1,268,661 (1) Represents lease prepayments reclassified to ROU assets. (2) Represents recognition of initial ROU assets for operating leases, including the reclassification of certain lease prepayments. (3) Represents the initial recognition of lease liabilities. New Accounting Standards Issued But Not Yet Implemented In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820). The ASU eliminates such disclosures as the amount of, and reasons for, transfers between Level 1 and Level 2 of the fair value hierarchy. Certain disclosures are required to be applied on a retrospective basis and others on a prospective basis. This ASU is effective for the Partnership beginning January 1, 2020, with early adoption permitted. The Partnership is evaluating the effect of adopting this ASU, but does not currently expect adoption will have a material impact on the Partnership’s disclosures. In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40). This ASU addresses customer’s accounting for implementation costs incurred in a cloud computing arrangement that is a service |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | (4) Inventories Inventories consisted of the following: (in thousands) September 30, 2019 December 31, 2018 Finished goods $ 19,919 $ 25,136 Raw materials 362 439 Parts, supplies and other 36,583 37,979 Total inventories $ 56,864 $ 63,554 |
Property, Plant and Equipment
Property, Plant and Equipment | 9 Months Ended |
Sep. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | (5) Property, Plant and Equipment Property, plant and equipment consisted of the following: (in thousands) September 30, 2019 December 31, 2018 Machinery and equipment $ 1,360,019 $ 1,362,965 Buildings and improvements 17,116 17,116 Automotive equipment 16,719 16,773 Land and improvements 13,751 13,250 Construction in progress 17,299 15,126 Other 1,654 2,753 1,426,558 1,427,983 Less: Accumulated depreciation 462,056 412,743 Total property, plant and equipment, net $ 964,502 $ 1,015,240 On October 22, 2019 , the Audit Committee of CVR Energy and the Conflicts Committee of the Board of Directors of the general partner of CVR Partners each agreed to authorize the exchange of certain parcels of property owned by subsidiaries of CVR Energy with an equal number of parcels owned by subsidiaries of CVR Partners, all located in Coffeyville, Kansas (the “Property Swap”). This Property Swap will enable each such subsidiary to create a more usable contiguous parcel of land near its own operating footprint. The Partnership will account for this transaction in accordance with the ASC 805-50 guidance on transferring assets between entities under common control. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Leases | (6) Leases Lease Overview We lease railcars and certain facilities to support the Partnership’s operations. Most leases include one or more options to renew, with renewal terms that can extend the lease term from one to 20 years or more. The exercise of lease renewal options is at our sole discretion. Certain leases also include options to purchase the leased property. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. 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. Effect of Initial Adoption of New Lease Standard - January 1, 2019 ROU Assets . Upon initial recognition, our ROU assets for operating and finance leases were comprised of the following: (in thousands) January 1, 2019 (initial recognition) Railcar leases $ 14,255 Real Estate and other leases 18 Total ROU assets $ 14,273 Lease Liabilities . Upon initial recognition, our lease liabilities for operating and finance leases were comprised of the following: (in thousands) January 1, 2019 (initial recognition) Current liabilities: Operating leases $ 3,462 Long-term liabilities: Operating leases 10,811 Total lease liabilities $ 14,273 Balance Sheet Summary for the Period Ended September 30, 2019 The following tables summarize the ROU asset and lease liability balances for the Partnership’s operating and finance leases at September 30, 2019 : (in thousands) September 30, 2019 Operating Leases: ROU asset, net Railcars $ 11,454 Real estate and other 2,396 Lease liability Railcars $ 11,666 Financing Leases: ROU asset, net Real estate and other $ 226 Lease liability Real estate and other $ 229 Lease Expense Summary for the Three and Nine months ended September 30, 2019 We recognize lease expense on a straight-line basis over the lease term. For the three and nine months ended September 30, 2019 , we recognized lease expense comprised of the following components: (in thousands) Three Months Ended Nine Months Ended Operating lease expense $ 1,023 $ 3,069 Financing lease expense: Amortization of ROU asset $ 25 $ 297 Interest expense on lease liability 2 17 Short-term lease expense, recognized within direct operating expenses, was $0.2 million and $0.3 million for the three and nine months ended September 30, 2019 , respectively. Lease Terms and Discount Rates The following outlines the remaining lease terms and discount rates used in the measurement of the Partnership’s ROU assets and liabilities: September 30, 2019 January 1, 2019 (initial recognition) Weighted-average remaining lease term (years) Operating Leases 3.7 4.3 Finance Leases 2.5 0.5 Weighted-average discount rate Operating Leases 5.1 % 5.1 % Finance Leases 3.9 % 8.0 % Maturities of Lease Liabilities The following summarizes the remaining minimum lease payments through maturity of the Partnership’s ROU assets and liabilities at September 30, 2019 : (in thousands) Operating Leases Financing Leases Remainder of 2019 $ 1,023 $ 27 2020 3,602 107 2021 3,430 107 2022 2,990 — 2023 1,133 — Thereafter 648 — Total lease payments 12,826 241 Less: imputed interest (1,160 ) (12 ) Total lease liability $ 11,666 $ 229 |
Leases | (6) Leases Lease Overview We lease railcars and certain facilities to support the Partnership’s operations. Most leases include one or more options to renew, with renewal terms that can extend the lease term from one to 20 years or more. The exercise of lease renewal options is at our sole discretion. Certain leases also include options to purchase the leased property. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. 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. Effect of Initial Adoption of New Lease Standard - January 1, 2019 ROU Assets . Upon initial recognition, our ROU assets for operating and finance leases were comprised of the following: (in thousands) January 1, 2019 (initial recognition) Railcar leases $ 14,255 Real Estate and other leases 18 Total ROU assets $ 14,273 Lease Liabilities . Upon initial recognition, our lease liabilities for operating and finance leases were comprised of the following: (in thousands) January 1, 2019 (initial recognition) Current liabilities: Operating leases $ 3,462 Long-term liabilities: Operating leases 10,811 Total lease liabilities $ 14,273 Balance Sheet Summary for the Period Ended September 30, 2019 The following tables summarize the ROU asset and lease liability balances for the Partnership’s operating and finance leases at September 30, 2019 : (in thousands) September 30, 2019 Operating Leases: ROU asset, net Railcars $ 11,454 Real estate and other 2,396 Lease liability Railcars $ 11,666 Financing Leases: ROU asset, net Real estate and other $ 226 Lease liability Real estate and other $ 229 Lease Expense Summary for the Three and Nine months ended September 30, 2019 We recognize lease expense on a straight-line basis over the lease term. For the three and nine months ended September 30, 2019 , we recognized lease expense comprised of the following components: (in thousands) Three Months Ended Nine Months Ended Operating lease expense $ 1,023 $ 3,069 Financing lease expense: Amortization of ROU asset $ 25 $ 297 Interest expense on lease liability 2 17 Short-term lease expense, recognized within direct operating expenses, was $0.2 million and $0.3 million for the three and nine months ended September 30, 2019 , respectively. Lease Terms and Discount Rates The following outlines the remaining lease terms and discount rates used in the measurement of the Partnership’s ROU assets and liabilities: September 30, 2019 January 1, 2019 (initial recognition) Weighted-average remaining lease term (years) Operating Leases 3.7 4.3 Finance Leases 2.5 0.5 Weighted-average discount rate Operating Leases 5.1 % 5.1 % Finance Leases 3.9 % 8.0 % Maturities of Lease Liabilities The following summarizes the remaining minimum lease payments through maturity of the Partnership’s ROU assets and liabilities at September 30, 2019 : (in thousands) Operating Leases Financing Leases Remainder of 2019 $ 1,023 $ 27 2020 3,602 107 2021 3,430 107 2022 2,990 — 2023 1,133 — Thereafter 648 — Total lease payments 12,826 241 Less: imputed interest (1,160 ) (12 ) Total lease liability $ 11,666 $ 229 |
Other Current Liabilities
Other Current Liabilities | 9 Months Ended |
Sep. 30, 2019 | |
Payables and Accruals [Abstract] | |
Other Current Liabilities | (7) Other Current Liabilities Other current liabilities consisted of the following: (in thousands) September 30, 2019 December 31, 2018 Accrued interest $ 17,470 $ 2,516 Personnel accruals 7,099 7,993 Share-based compensation 4,959 2,667 Operating lease liabilities 3,220 — Sales incentives 613 1,727 Prepaid revenue contracts 459 5,863 Other accrued expenses and liabilities 2,867 3,300 Total other current liabilities $ 36,687 $ 24,066 Other current liabilities include amounts accrued by the Partnership and owed to CVR Energy and its affiliates of $4.7 million and $3.5 million at September 30, 2019 and December 31, 2018 , respectively. See Note 13 (“Related Party Transactions”) |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | (8) Long-Term Debt Long-term debt consists of the following: (in thousands) September 30, 2019 December 31, 2018 9.25% Senior Secured Notes, due 2023 (1) $ 645,000 $ 645,000 6.50% Notes, due 2021 2,240 2,240 Unamortized discount and debt issuance costs (15,720 ) (18,251 ) Total long-term debt $ 631,520 $ 628,989 (1) The estimated fair value of long-term debt outstanding was approximately $672.4 million and $670.8 million as of September 30, 2019 and December 31, 2018 , respectively. Credit Facility (in thousands) Total Capacity Amount Borrowed as of September 30, 2019 Outstanding Letters of Credit Available Capacity as of September 30, 2019 Maturity Date Asset Based (“AB”) Credit Facility (2) $ 47,517 $ — $ — $ 47,517 September 30, 2021 (2) At the option of the borrowers, loans under the AB Credit Facility initially bear interest at an annual rate equal to (i) 2.00% plus LIBOR or (ii) 1.00% plus a base rate, subject to a 0.50% step-down based on the previous quarter’s excess availability. Covenant Compliance The Partnership is in compliance with all covenants of the AB Credit Facility, the 9.25% Senior Secured Notes, and the 6.50% Notes as of September 30, 2019 . |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | (9) Revenue The following table presents the Partnership’s revenue, disaggregated by major product: Three Months Ended Nine Months Ended (in thousands) 2019 2018 2019 2018 Ammonia $ 11,110 $ 11,391 $ 74,416 $ 51,361 UAN 61,970 52,681 199,576 156,838 Urea products 4,575 4,987 14,251 14,834 Net sales, exclusive of freight and other 77,655 69,059 288,243 223,033 Freight revenue 8,752 8,805 23,909 23,908 Other revenue 2,175 2,045 5,963 6,024 Net sales $ 88,582 $ 79,909 $ 318,115 $ 252,965 The Partnership sells its products, on a wholesale basis, under a contract or by purchase order. The Partnership’s contracts with customers generally contain fixed pricing and most have terms of less than one year. The Partnership recognizes revenue at the point in time at which the customer obtains control of the product, which is generally upon delivery and acceptance by the customer. The customer acceptance point is stated in the contract and may be at one of the Partnership’s manufacturing facilities, at one of the Partnership’s off-site loading facilities or at the customer’s designated facility. Freight revenue recognized by the Partnership represents the pass-through finished goods delivery costs incurred prior to customer acceptance and is reimbursed by customers. An offsetting expense for freight is included in Cost of materials and other . Qualifying taxes collected from customers and remitted to governmental authorities are not included in reported revenues. Depending on the product sold and the type of contract, payments from customers are generally either due prior to delivery or within 15 to 30 days of product delivery. The Partnership generally provides no warranty other than the implicit promise that goods delivered are free of liens and encumbrances and meet the agreed upon specifications. Product returns are rare, and as such, the Partnership does not record a specific warranty reserve or consider activities related to such warranty, if any, to be a separate performance obligation. The Partnership has an immaterial amount of variable consideration for contracts with an original duration of less than a year. A small portion of the Partnership’s revenue includes contracts extending beyond one year, some of which contain variable pricing in which the majority of the variability is attributed to the market-based pricing. The Partnership’s contracts do not contain a significant financing component. The Partnership has an immaterial amount of fee-based revenue, included in other revenue in the table above, that is recognized based on the net amount of the proceeds received. Transaction price allocated to remaining performance obligations As of September 30, 2019 , the Partnership had approximately $7.3 million of remaining performance obligations for contracts with an original expected duration of more than one year. The Partnership expects to recognize approximately 20% of these performance obligations as revenue by the end of 2019 , an additional 40% in 2020 , and the remaining balance thereafter. The Partnership has elected to not disclose the amount of transaction price allocated to remaining performance obligations for contracts with an original expected duration of less than one year. The Partnership has elected to not disclose variable consideration allocated to wholly unsatisfied performance obligations that are based on market prices that have not yet been determined. Contract balances The Partnership’s deferred revenue is a contract liability that primarily relates to fertilizer sales contracts requiring 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. Contracts requiring prepayment are generally short-term in nature and, as discussed above, revenue is recognized at the point in time in which the customer obtains control of the product. At September 30, 2019 , $0.4 million of the deferred revenue balance pertained to prepaid contracts where the associated receivable was recognized as it had not yet been collected by the Partnership. A summary of the deferred revenue activity for the nine months ended September 30, 2019 is presented below: (in thousands) Balance at December 31, 2018 $ 68,804 Add: New prepay contracts entered into during the period (1) 24,121 Less: Revenue recognized that was included in the contract liability balance at the beginning of the period 67,823 Revenue recognized related to contracts entered into during the period 8,174 Other changes 480 Balance at September 30, 2019 $ 16,448 (1) Includes $23.7 million where payment associated with prepaid contracts was collected. |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Sep. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation | (10) Share-Based Compensation A summary of compensation expense for the three and nine months ended September 30, 2019 and 2018 is presented below: Three Months Ended Nine Months Ended (in thousands) 2019 2018 2019 2018 Phantom Units $ 544 $ 710 $ 2,089 $ 1,663 Other Awards (1) 208 486 881 1,032 Total share-based compensation expense $ 752 $ 1,196 $ 2,970 $ 2,695 (1) Other awards include the allocation of compensation expense for certain employees of CVR Energy and certain of its subsidiaries who perform services for the Partnership under the services agreement with CVR Energy and the Limited Partnership Agreement, respectively, and participate in equity compensation plans of CVR Partners’ affiliates. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (11) Commitments and Contingencies Except as noted below, there have been no material changes in the Partnership’s commitments and contingencies disclosed in the 2018 Form 10-K. In the ordinary course of business, the Partnership 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 Partnership accrues liabilities for these matters if the Partnership has determined that it is probable a loss has been incurred and the loss can be reasonably estimated. While it is not possible to predict the outcome of such proceedings, if one or more of them were decided against us, the Partnership believes there would be no material impact on its consolidated financial statements. Litigation In 2008, Coffeyville Resources Nitrogen Fertilizer LLC (“CRNF”), a subsidiary of CVR Partners LP, protested the reclassification and reassessment by Montgomery County, Kansas (the “County”) of CRNF’s nitrogen fertilizer plant following expiration of its ten year property tax abatement that expired on December 31, 2007, which reclassification and reassessment resulted in an increase in CRNF’s annual property tax expense in excess of $10 million per year for the 2008 through 2012 tax years. Despite its protest, CRNF fully accrued and paid these property taxes. In February 2013, the County and CRNF agreed to a settlement for tax years 2009 through 2012 which resulted in decreased property taxes through 2017, leaving 2008 in dispute. In 2013, the Kansas Court of Appeals overturned an adverse ruling of the Kansas Board of Tax Appeals (“BOTA”) and instructed BOTA to classify each CRNF asset on an asset-by-asset basis. In March 2015, BOTA concluded its classification and determined a substantial majority of CRNF’s assets in dispute were personal property for the 2008 tax year. In September 2018, the Kansas Court of Appeals upheld BOTA’s property tax determinations in CRNF’s favor. In October 2018, the County petitioned the Kansas Supreme Court to review the Court of Appeals determination. Subsequent briefs were filed by CRNF and the County. In April 2019, CRNF and the County executed an agreement under which the County agreed to withdraw its petition to the Kansas Supreme Court and CRNF is expected to recover $7.9 million through favorable property tax assessments from 2019 through 2028, subject to the terms of the settlement agreement. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 9 Months Ended |
Sep. 30, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | (12) Supplemental Cash Flow Information Cash flows related to interest, leases, and capital expenditures included in accounts payable are as follows: Nine Months Ended September 30, (in thousands) 2019 2018 Supplemental disclosures: Cash paid for interest $ 30,102 $ 30,244 Cash paid for amounts included in the measurement of lease liabilities (1): Operating cash flows from operating leases 3,069 Operating cash flows from finance leases 17 Financing cash flows from finance leases 297 Non-cash investing activities: Change in capital expenditures included in accounts payable 2,087 734 (1) The lease standard was adopted on January 1, 2019 on a prospective basis. Therefore only 2019 disclosures are applicable to be included within the table above. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | (13) Related Party Transactions Activity associated with the Partnership’s related party arrangements for the three and nine months ended September 30, 2019 and 2018 is summarized below. Sales to related parties Three Months Ended Nine Months Ended (in thousands) Related Party 2019 2018 2019 2018 Net Sales Feedstock and Shared Services Agreement CRRM (1) $ 113 $ — $ 115 $ 292 Expenses from related parties Three Months Ended Nine Months Ended (in thousands) Related Party 2019 2018 2019 2018 Cost of materials and other Coke Supply Agreement CRRM (1) $ 705 $ 1,057 $ 3,255 $ 2,133 Hydrogen Purchase and Sale Agreement CRRM (1) 984 1,072 3,719 3,157 Direct operating expenses (exclusive of depreciation and amortization) Services Agreement CVR Energy $ 797 $ 761 $ 2,586 $ 2,145 Limited Partnership Agreement CVR GP 219 242 595 572 Selling, general and administrative expenses Services Agreement CVR Energy $ 3,915 $ 3,595 $ 11,724 $ 10,353 Limited Partnership Agreement CVR GP 651 626 2,191 1,920 Amounts due to related parties (in thousands) Related Party September 30, 2019 December 31, 2018 Prepaid expenses and other current assets Feedstock and Shared Services Agreement CRRM (1) $ 128 $ — Accounts payable to affiliates Feedstock and Shared Services Agreement CRRM (1) $ 681 $ 1,106 Hydrogen Purchase and Sale Agreement and other CRRM (1) 348 324 Coke Supply Agreement CRRM (1) 132 138 Services Agreement CVR GP 970 1,372 Other current liabilities Limited Partnership Agreement CVR GP $ 1,697 $ 1,179 Services Agreement CVR Energy 3,009 2,352 Other long-term liabilities Limited Partnership Agreement CVR Energy $ 530 $ 503 (1) Coffeyville Resources Refining & Marketing, LLC, an indirect, wholly-owned subsidiary of CVR Energy Distributions to CVR Partners’ Unitholders The following table presents distributions paid by the Partnership to CVR Partners’ unitholders, including amounts paid to CVR Energy, as of September 30, 2019 . Dividends Paid (in thousands) Related Period Date Paid Dividend Per Common Unit Unitholders CVR Energy Total 2018 - 4th Quarter March 11, 2019 $ 0.12 $ 8,924 $ 4,670 $ 13,594 2019 - 1st Quarter May 13, 2019 0.07 5,205 2,724 7,929 2019 - 2nd Quarter August 12, 2019 0.14 10,411 5,449 15,860 Total $ 0.33 $ 24,540 $ 12,843 $ 37,383 For the third quarter of 2019 , the Partnership, upon approval by the Board of Directors of CVR Partners’ general partner on October 22, 2019 , declared a distribution of $0.07 per common unit, or $7.9 million , which is payable November 12, 2019 to unitholders of record as of November 4, 2019 . Of this amount, CVR Energy will receive approximately $2.7 million , with the remaining amount payable to public unitholders. Distributions, if any, including the payment, amount and timing thereof, are subject to change at the discretion of the Board of Directors of CVR Partners’ general partner. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | The accompanying condensed consolidated financial statements have been 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 (the “SEC”). These condensed consolidated financial statements should be read in conjunction with the December 31, 2018 audited consolidated financial statements and notes thereto included in CVR Partners’ Annual Report on Form 10-K for the year ended December 31, 2018 (the “ 2018 Form 10-K”). In the opinion of the Partnership’s management, the accompanying condensed consolidated financial statements reflect all adjustments that are necessary for fair presentation of the financial position and results of operations of the Partnership for the periods presented. Such adjustments are of a normal recurring nature, unless otherwise disclosed. Certain reclassifications have been made within the condensed consolidated statements of operations for the three and nine months ended September 30, 2018 to conform with current presentation. The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates. Results of operations and cash flows for the interim periods presented are not necessarily indicative of the results that will be realized for the year ending December 31, 2019 or any other interim or annual period. |
Recent Accounting Pronouncements | Recent Accounting Pronouncement - Adoption of New Lease Standard In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2016-02, “ Leases ” (“ASU 2016-02”), creating a new topic, FASB ASC Topic 842, “Leases” (“Topic 842”), which supersedes lease requirements in FASB ASC Topic 840, “Leases.” The new standard revises accounting for operating leases by a lessee, among other changes, and requires a lessee to recognize a liability related to future lease payments and a right-of-use (“ROU”) asset representing its right to use the underlying asset for the lease term on the balance sheet. The ROU asset is classified as Other long-term assets on the condensed consolidated balance sheet. The current and long-term lease liabilities are classified as Other current liabilities and Other long-term liabilities , respectively, on the condensed consolidated balance sheet. We adopted Topic 842 as of January 1, 2019, electing the option to apply the transition provisions at the adoption date instead of the earliest comparative period presented in the financial statements. In connection with the adoption of Topic 842, we made the following elections: • Under the short-term lease exception provided for in Topic 842, only ROU assets and the related lease liabilities for leases with an initial term greater than one year were recognized; • The accounting treatment for existing land easements was carried forward; • Lease and non-lease components were not, and will not, be bifurcated for all of the Partnership’s asset groups; and • The portfolio approach was, and will continue to be, used in the selection of the discount rate used to calculate minimum lease payments and the related ROU asset and operating lease liability amounts. The adoption of Topic 842 on January 1, 2019 incrementally impacted the Partnership’s condensed consolidated balance sheet as of that date. The following presents the financial statement line items impacted by the Partnership’s Topic 842 adoption. Effect of Topic 842 Adoption on the Condensed Consolidated Balance Sheet as of January 1, 2019 (in thousands) December 31, 2018 As Stated Effect of Adoption of Topic 842 - Leases (Unaudited) January 1, 2019 As Adjusted Current assets: Prepaid expenses and other current assets $ 6,989 $ (2,650 ) (1) $ 4,339 Total currents assets 193,981 (2,650 ) 191,331 Other long-term assets 4,198 16,923 (2) 21,121 Total assets $ 1,254,388 $ 14,273 $ 1,268,661 Current liabilities: Other current liabilities $ 24,066 $ 3,462 (3) $ 27,528 Total current liabilities 122,635 3,462 126,097 Long-term liabilities: Other long-term liabilities 2,938 10,811 (3) 13,749 Total long-term liabilities 631,927 10,811 642,738 Equity: Total liabilities and partners’ capital $ 1,254,388 $ 14,273 $ 1,268,661 (1) Represents lease prepayments reclassified to ROU assets. (2) Represents recognition of initial ROU assets for operating leases, including the reclassification of certain lease prepayments. (3) Represents the initial recognition of lease liabilities. New Accounting Standards Issued But Not Yet Implemented In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820). The ASU eliminates such disclosures as the amount of, and reasons for, transfers between Level 1 and Level 2 of the fair value hierarchy. Certain disclosures are required to be applied on a retrospective basis and others on a prospective basis. This ASU is effective for the Partnership beginning January 1, 2020, with early adoption permitted. The Partnership is evaluating the effect of adopting this ASU, but does not currently expect adoption will have a material impact on the Partnership’s disclosures. In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40). This ASU addresses customer’s accounting for implementation costs incurred in a cloud computing arrangement that is a service |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Effect of Topic 842 on Balance Sheet | The following presents the financial statement line items impacted by the Partnership’s Topic 842 adoption. Effect of Topic 842 Adoption on the Condensed Consolidated Balance Sheet as of January 1, 2019 (in thousands) December 31, 2018 As Stated Effect of Adoption of Topic 842 - Leases (Unaudited) January 1, 2019 As Adjusted Current assets: Prepaid expenses and other current assets $ 6,989 $ (2,650 ) (1) $ 4,339 Total currents assets 193,981 (2,650 ) 191,331 Other long-term assets 4,198 16,923 (2) 21,121 Total assets $ 1,254,388 $ 14,273 $ 1,268,661 Current liabilities: Other current liabilities $ 24,066 $ 3,462 (3) $ 27,528 Total current liabilities 122,635 3,462 126,097 Long-term liabilities: Other long-term liabilities 2,938 10,811 (3) 13,749 Total long-term liabilities 631,927 10,811 642,738 Equity: Total liabilities and partners’ capital $ 1,254,388 $ 14,273 $ 1,268,661 (1) Represents lease prepayments reclassified to ROU assets. (2) Represents recognition of initial ROU assets for operating leases, including the reclassification of certain lease prepayments. (3) Represents the initial recognition of lease liabilities. |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of inventories | Inventories consisted of the following: (in thousands) September 30, 2019 December 31, 2018 Finished goods $ 19,919 $ 25,136 Raw materials 362 439 Parts, supplies and other 36,583 37,979 Total inventories $ 56,864 $ 63,554 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Summary of costs and accumulated depreciation for property, plant, and equipment | Property, plant and equipment consisted of the following: (in thousands) September 30, 2019 December 31, 2018 Machinery and equipment $ 1,360,019 $ 1,362,965 Buildings and improvements 17,116 17,116 Automotive equipment 16,719 16,773 Land and improvements 13,751 13,250 Construction in progress 17,299 15,126 Other 1,654 2,753 1,426,558 1,427,983 Less: Accumulated depreciation 462,056 412,743 Total property, plant and equipment, net $ 964,502 $ 1,015,240 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Right-of-use assets for operating and finance leases | Upon initial recognition, our ROU assets for operating and finance leases were comprised of the following: (in thousands) January 1, 2019 (initial recognition) Railcar leases $ 14,255 Real Estate and other leases 18 Total ROU assets $ 14,273 |
Lease liabilities for operating and finance leases | Upon initial recognition, our lease liabilities for operating and finance leases were comprised of the following: (in thousands) January 1, 2019 (initial recognition) Current liabilities: Operating leases $ 3,462 Long-term liabilities: Operating leases 10,811 Total lease liabilities $ 14,273 |
Summary of right of use asset and lease liability balances for operating and finance leases | The following tables summarize the ROU asset and lease liability balances for the Partnership’s operating and finance leases at September 30, 2019 : (in thousands) September 30, 2019 Operating Leases: ROU asset, net Railcars $ 11,454 Real estate and other 2,396 Lease liability Railcars $ 11,666 Financing Leases: ROU asset, net Real estate and other $ 226 Lease liability Real estate and other $ 229 |
Lease expense, terms, and discount rates | For the three and nine months ended September 30, 2019 , we recognized lease expense comprised of the following components: (in thousands) Three Months Ended Nine Months Ended Operating lease expense $ 1,023 $ 3,069 Financing lease expense: Amortization of ROU asset $ 25 $ 297 Interest expense on lease liability 2 17 The following outlines the remaining lease terms and discount rates used in the measurement of the Partnership’s ROU assets and liabilities: September 30, 2019 January 1, 2019 (initial recognition) Weighted-average remaining lease term (years) Operating Leases 3.7 4.3 Finance Leases 2.5 0.5 Weighted-average discount rate Operating Leases 5.1 % 5.1 % Finance Leases 3.9 % 8.0 % |
Summary of remaining minimum lease payments for operating leases | The following summarizes the remaining minimum lease payments through maturity of the Partnership’s ROU assets and liabilities at September 30, 2019 : (in thousands) Operating Leases Financing Leases Remainder of 2019 $ 1,023 $ 27 2020 3,602 107 2021 3,430 107 2022 2,990 — 2023 1,133 — Thereafter 648 — Total lease payments 12,826 241 Less: imputed interest (1,160 ) (12 ) Total lease liability $ 11,666 $ 229 |
Summary of remaining minimum lease payments for finance leases | The following summarizes the remaining minimum lease payments through maturity of the Partnership’s ROU assets and liabilities at September 30, 2019 : (in thousands) Operating Leases Financing Leases Remainder of 2019 $ 1,023 $ 27 2020 3,602 107 2021 3,430 107 2022 2,990 — 2023 1,133 — Thereafter 648 — Total lease payments 12,826 241 Less: imputed interest (1,160 ) (12 ) Total lease liability $ 11,666 $ 229 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Payables and Accruals [Abstract] | |
Other current liabilities | Other current liabilities consisted of the following: (in thousands) September 30, 2019 December 31, 2018 Accrued interest $ 17,470 $ 2,516 Personnel accruals 7,099 7,993 Share-based compensation 4,959 2,667 Operating lease liabilities 3,220 — Sales incentives 613 1,727 Prepaid revenue contracts 459 5,863 Other accrued expenses and liabilities 2,867 3,300 Total other current liabilities $ 36,687 $ 24,066 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt | Long-term debt consists of the following: (in thousands) September 30, 2019 December 31, 2018 9.25% Senior Secured Notes, due 2023 (1) $ 645,000 $ 645,000 6.50% Notes, due 2021 2,240 2,240 Unamortized discount and debt issuance costs (15,720 ) (18,251 ) Total long-term debt $ 631,520 $ 628,989 (1) The estimated fair value of long-term debt outstanding was approximately $672.4 million and $670.8 million as of September 30, 2019 and December 31, 2018 , respectively. Credit Facility (in thousands) Total Capacity Amount Borrowed as of September 30, 2019 Outstanding Letters of Credit Available Capacity as of September 30, 2019 Maturity Date Asset Based (“AB”) Credit Facility (2) $ 47,517 $ — $ — $ 47,517 September 30, 2021 (2) At the option of the borrowers, loans under the AB Credit Facility initially bear interest at an annual rate equal to (i) 2.00% plus LIBOR or (ii) 1.00% plus a base rate, subject to a 0.50% step-down based on the previous quarter’s excess availability. |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of revenue | The following table presents the Partnership’s revenue, disaggregated by major product: Three Months Ended Nine Months Ended (in thousands) 2019 2018 2019 2018 Ammonia $ 11,110 $ 11,391 $ 74,416 $ 51,361 UAN 61,970 52,681 199,576 156,838 Urea products 4,575 4,987 14,251 14,834 Net sales, exclusive of freight and other 77,655 69,059 288,243 223,033 Freight revenue 8,752 8,805 23,909 23,908 Other revenue 2,175 2,045 5,963 6,024 Net sales $ 88,582 $ 79,909 $ 318,115 $ 252,965 |
Summary of deferred revenue activity | A summary of the deferred revenue activity for the nine months ended September 30, 2019 is presented below: (in thousands) Balance at December 31, 2018 $ 68,804 Add: New prepay contracts entered into during the period (1) 24,121 Less: Revenue recognized that was included in the contract liability balance at the beginning of the period 67,823 Revenue recognized related to contracts entered into during the period 8,174 Other changes 480 Balance at September 30, 2019 $ 16,448 (1) Includes $23.7 million where payment associated with prepaid contracts was collected. |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of share-based compensation expense | A summary of compensation expense for the three and nine months ended September 30, 2019 and 2018 is presented below: Three Months Ended Nine Months Ended (in thousands) 2019 2018 2019 2018 Phantom Units $ 544 $ 710 $ 2,089 $ 1,663 Other Awards (1) 208 486 881 1,032 Total share-based compensation expense $ 752 $ 1,196 $ 2,970 $ 2,695 (1) Other awards include the allocation of compensation expense for certain employees of CVR Energy and certain of its subsidiaries who perform services for the Partnership under the services agreement with CVR Energy and the Limited Partnership Agreement, respectively, and participate in equity compensation plans of CVR Partners’ affiliates. |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of cash flows related to interest, leases, and capital expenditures included in accounts payable | Cash flows related to interest, leases, and capital expenditures included in accounts payable are as follows: Nine Months Ended September 30, (in thousands) 2019 2018 Supplemental disclosures: Cash paid for interest $ 30,102 $ 30,244 Cash paid for amounts included in the measurement of lease liabilities (1): Operating cash flows from operating leases 3,069 Operating cash flows from finance leases 17 Financing cash flows from finance leases 297 Non-cash investing activities: Change in capital expenditures included in accounts payable 2,087 734 (1) The lease standard was adopted on January 1, 2019 on a prospective basis. Therefore only 2019 disclosures are applicable to be included within the table above. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Related Party Transactions [Abstract] | |
Schedule of related party transactions | Activity associated with the Partnership’s related party arrangements for the three and nine months ended September 30, 2019 and 2018 is summarized below. Sales to related parties Three Months Ended Nine Months Ended (in thousands) Related Party 2019 2018 2019 2018 Net Sales Feedstock and Shared Services Agreement CRRM (1) $ 113 $ — $ 115 $ 292 Expenses from related parties Three Months Ended Nine Months Ended (in thousands) Related Party 2019 2018 2019 2018 Cost of materials and other Coke Supply Agreement CRRM (1) $ 705 $ 1,057 $ 3,255 $ 2,133 Hydrogen Purchase and Sale Agreement CRRM (1) 984 1,072 3,719 3,157 Direct operating expenses (exclusive of depreciation and amortization) Services Agreement CVR Energy $ 797 $ 761 $ 2,586 $ 2,145 Limited Partnership Agreement CVR GP 219 242 595 572 Selling, general and administrative expenses Services Agreement CVR Energy $ 3,915 $ 3,595 $ 11,724 $ 10,353 Limited Partnership Agreement CVR GP 651 626 2,191 1,920 Amounts due to related parties (in thousands) Related Party September 30, 2019 December 31, 2018 Prepaid expenses and other current assets Feedstock and Shared Services Agreement CRRM (1) $ 128 $ — Accounts payable to affiliates Feedstock and Shared Services Agreement CRRM (1) $ 681 $ 1,106 Hydrogen Purchase and Sale Agreement and other CRRM (1) 348 324 Coke Supply Agreement CRRM (1) 132 138 Services Agreement CVR GP 970 1,372 Other current liabilities Limited Partnership Agreement CVR GP $ 1,697 $ 1,179 Services Agreement CVR Energy 3,009 2,352 Other long-term liabilities Limited Partnership Agreement CVR Energy $ 530 $ 503 (1) Coffeyville Resources Refining & Marketing, LLC, an indirect, wholly-owned subsidiary of CVR Energy |
Schedule of distributions paid | The following table presents distributions paid by the Partnership to CVR Partners’ unitholders, including amounts paid to CVR Energy, as of September 30, 2019 . Dividends Paid (in thousands) Related Period Date Paid Dividend Per Common Unit Unitholders CVR Energy Total 2018 - 4th Quarter March 11, 2019 $ 0.12 $ 8,924 $ 4,670 $ 13,594 2019 - 1st Quarter May 13, 2019 0.07 5,205 2,724 7,929 2019 - 2nd Quarter August 12, 2019 0.14 10,411 5,449 15,860 Total $ 0.33 $ 24,540 $ 12,843 $ 37,383 |
Organization and Nature of Bu_2
Organization and Nature of Business (Details) | 9 Months Ended |
Sep. 30, 2019manufacturing_facilitymi | |
Formation of the Partnership, Organization and Nature of Business | |
Number of manufacturing facilities | manufacturing_facility | 2 |
Percentage of limited partner interest held by the public | 66.00% |
CVR Energy, Inc | IEP Energy LLC | |
Formation of the Partnership, Organization and Nature of Business | |
Aggregate ownership percentage | 71.00% |
CVR Partners LP | CRLLC | |
Formation of the Partnership, Organization and Nature of Business | |
Limited partner interest | 34.00% |
CVR Refining GP, LLC | CRLLC | |
Formation of the Partnership, Organization and Nature of Business | |
General partner interest | 100.00% |
East Dubuque Facility | |
Formation of the Partnership, Organization and Nature of Business | |
Manufacturing Facility, Primary Sales Radius | mi | 200 |
Recent Accounting Pronounceme_3
Recent Accounting Pronouncements - Effect of Topic 842 (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Current assets: | |||
Prepaid expenses and other current assets | $ 4,608 | $ 4,339 | $ 6,989 |
Total currents assets | 160,048 | 191,331 | 193,981 |
Other long-term assets | 14,803 | 21,121 | 4,198 |
Total assets | 1,180,322 | 1,268,661 | 1,254,388 |
Current liabilities: | |||
Other current liabilities | 36,687 | 27,528 | 24,066 |
Total current liabilities | 84,655 | 126,097 | 122,635 |
Long-term liabilities: | |||
Other long-term liabilities | 11,791 | 13,749 | 2,938 |
Total long-term liabilities | 643,311 | 642,738 | 631,927 |
Equity: | |||
Total liabilities and partners’ capital | $ 1,180,322 | 1,268,661 | $ 1,254,388 |
Effect of Adoption of Topic 842 - Leases | |||
Current assets: | |||
Prepaid expenses and other current assets | (2,650) | ||
Total currents assets | (2,650) | ||
Other long-term assets | 16,923 | ||
Total assets | 14,273 | ||
Current liabilities: | |||
Other current liabilities | 3,462 | ||
Total current liabilities | 3,462 | ||
Long-term liabilities: | |||
Other long-term liabilities | 10,811 | ||
Total long-term liabilities | 10,811 | ||
Equity: | |||
Total liabilities and partners’ capital | $ 14,273 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 19,919 | $ 25,136 |
Raw materials | 362 | 439 |
Parts, supplies and other | 36,583 | 37,979 |
Total inventories | $ 56,864 | $ 63,554 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Property, Plant, and Equipment | ||
Total property, plant and equipment, gross | $ 1,426,558 | $ 1,427,983 |
Less: Accumulated depreciation | 462,056 | 412,743 |
Total property, plant and equipment, net | 964,502 | 1,015,240 |
Machinery and equipment | ||
Property, Plant, and Equipment | ||
Total property, plant and equipment, gross | 1,360,019 | 1,362,965 |
Buildings and improvements | ||
Property, Plant, and Equipment | ||
Total property, plant and equipment, gross | 17,116 | 17,116 |
Automotive equipment | ||
Property, Plant, and Equipment | ||
Total property, plant and equipment, gross | 16,719 | 16,773 |
Land and improvements | ||
Property, Plant, and Equipment | ||
Total property, plant and equipment, gross | 13,751 | 13,250 |
Construction in progress | ||
Property, Plant, and Equipment | ||
Total property, plant and equipment, gross | 17,299 | 15,126 |
Other | ||
Property, Plant, and Equipment | ||
Total property, plant and equipment, gross | $ 1,654 | $ 2,753 |
Leases - Additional Information
Leases - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2019 | |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Renewal term | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Renewal term | 20 years |
Leases - ROU Assets (Details)
Leases - ROU Assets (Details) $ in Thousands | Jan. 01, 2019USD ($) |
Lessee, Lease, Description [Line Items] | |
Total ROU assets | $ 14,273 |
Railcar leases | |
Lessee, Lease, Description [Line Items] | |
Total ROU assets | 14,255 |
Real Estate and other leases | |
Lessee, Lease, Description [Line Items] | |
Total ROU assets | $ 18 |
Leases - Lease Liabilities (Det
Leases - Lease Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jan. 01, 2019 |
Current liabilities: | ||
Operating leases | $ 3,220 | $ 3,462 |
Long-term liabilities: | ||
Operating leases | 10,811 | |
Total lease liabilities | $ 14,273 |
Leases - Balance Sheet Summary
Leases - Balance Sheet Summary (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Operating Leases: | |
Lease liability | $ 11,666 |
Financing Leases: | |
Lease liability | 229 |
Railcars | |
Operating Leases: | |
ROU asset, net | 11,454 |
Lease liability | 11,666 |
Real estate and other | |
Operating Leases: | |
ROU asset, net | 2,396 |
Financing Leases: | |
ROU asset, net | 226 |
Lease liability | $ 229 |
Leases - Lease Expense (Details
Leases - Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Leases [Abstract] | ||
Operating lease expense | $ 1,023 | $ 3,069 |
Financing lease expense: | ||
Amortization of ROU asset | 25 | 297 |
Interest expense on lease liability | 2 | 17 |
Short-term lease expense | $ 200 | $ 300 |
Leases - Lease Terms and Discou
Leases - Lease Terms and Discount Rates (Details) | Sep. 30, 2019 | Jan. 01, 2019 |
Weighted-average remaining lease term (years) | ||
Operating Leases | 3 years 8 months 12 days | 4 years 3 months 18 days |
Finance Leases | 2 years 6 months | 6 months |
Weighted-average discount rate | ||
Operating Leases | 5.10% | 5.10% |
Finance Leases | 3.90% | 8.00% |
Leases - Remaining Minimum Leas
Leases - Remaining Minimum Lease Payments (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Operating Leases | |
Remainder of 2019 | $ 1,023 |
2020 | 3,602 |
2021 | 3,430 |
2022 | 2,990 |
2023 | 1,133 |
Thereafter | 648 |
Total lease payments | 12,826 |
Less: imputed interest | (1,160) |
Total lease liability | 11,666 |
Financing Leases | |
Remainder of 2019 | 27 |
2020 | 107 |
2021 | 107 |
2022 | 0 |
2023 | 0 |
Thereafter | 0 |
Total lease payments | 241 |
Less: imputed interest | (12) |
Total lease liability | $ 229 |
Other Current Liabilities (Deta
Other Current Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Payables and Accruals [Abstract] | |||
Accrued interest | $ 17,470 | $ 2,516 | |
Personnel accruals | 7,099 | 7,993 | |
Share-based compensation | 4,959 | 2,667 | |
Operating lease liabilities | 3,220 | $ 3,462 | |
Sales incentives | 613 | 1,727 | |
Prepaid revenue contracts | 459 | 5,863 | |
Other accrued expenses and liabilities | 2,867 | 3,300 | |
Total other current liabilities | 36,687 | $ 27,528 | 24,066 |
Affiliate balances | $ 4,700 | $ 3,500 |
Long-Term Debt - Components of
Long-Term Debt - Components of Long-Term Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Unamortized discount and debt issuance costs | $ (15,720) | $ (18,251) |
Total long-term debt | 631,520 | 628,989 |
Estimated fair value of total long-term debt outstanding | 672,400 | 670,800 |
Senior Notes | 9.25% Senior Secured Notes, due 2023 | ||
Debt Instrument [Line Items] | ||
Total long-term debt, before debt issuance costs and discount | $ 645,000 | 645,000 |
Debt instrument, percentage rate | 9.25% | |
Senior Notes | 6.50% Notes, due 2021 | ||
Debt Instrument [Line Items] | ||
Total long-term debt, before debt issuance costs and discount | $ 2,240 | $ 2,240 |
Debt instrument, percentage rate | 6.50% |
Long-Term Debt - Credit Facilit
Long-Term Debt - Credit Facilities Outstanding (Details) - Asset Based (AB) Credit Facility - Line of Credit - Revolving credit facility | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Line of Credit Facility [Line Items] | |
Total Capacity | $ 47,517,000 |
Amount Borrowed | 0 |
Outstanding Letters of Credit | 0 |
Available Capacity | $ 47,517,000 |
LIBOR | |
Line of Credit Facility [Line Items] | |
Basis spread on variable rate | 2.00% |
Base Rate | |
Line of Credit Facility [Line Items] | |
Basis spread on variable rate | 1.00% |
Step-down percentage based on the previous quarter's excess availability | 0.50% |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Details) - Senior Notes | Sep. 30, 2019 |
9.25% Senior Secured Notes, due 2023 | |
Debt Instrument [Line Items] | |
Debt instrument, percentage rate | 9.25% |
6.50% Notes, due 2021 | |
Debt Instrument [Line Items] | |
Debt instrument, percentage rate | 6.50% |
Revenue - Revenue Disaggregate
Revenue - Revenue Disaggregated by Product (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 88,582 | $ 79,909 | $ 318,115 | $ 252,965 |
Net sales, exclusive of freight and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 77,655 | 69,059 | 288,243 | 223,033 |
Ammonia | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 11,110 | 11,391 | 74,416 | 51,361 |
UAN | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 61,970 | 52,681 | 199,576 | 156,838 |
Urea products | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 4,575 | 4,987 | 14,251 | 14,834 |
Freight revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 8,752 | 8,805 | 23,909 | 23,908 |
Other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 2,175 | $ 2,045 | $ 5,963 | $ 6,024 |
Revenue - Additional Informati
Revenue - Additional Information (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 7.3 |
Deferred revenue balance pertaining to prepaid contracts where associated receivable was recognized as it had not yet been collected | $ 0.4 |
Minimum | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Payment terms | 15 days |
Maximum | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Payment terms | 30 days |
Revenue - Remaining performanc
Revenue - Remaining performance obligations (Details) | Sep. 30, 2019 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, percentage | 20.00% |
Remaining performance obligation, expected timing of satisfaction, period | 3 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, percentage | 40.00% |
Remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, percentage | 40.00% |
Remaining performance obligation, expected timing of satisfaction, period |
Revenue - Summary of Deferred
Revenue - Summary of Deferred Revenue Activity (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Change in Contract with Customer, Liability [Roll Forward] | |
Balance at beginning of period | $ 68,804 |
Add: | |
New prepay contracts entered into during the period (1) | 24,121 |
Less: | |
Revenue recognized that was included in the contract liability balance at the beginning of the period | 67,823 |
Revenue recognized related to contracts entered into during the period | 8,174 |
Other changes | 480 |
Balance at end of period | 16,448 |
Prepaid contracts, payment collected | $ 23,700 |
Share-Based Compensation - Shar
Share-Based Compensation - Share-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Share-Based Compensation | ||||
Total share-based compensation expense | $ 752 | $ 1,196 | $ 2,970 | $ 2,695 |
Phantom Units | ||||
Share-Based Compensation | ||||
Total share-based compensation expense | 544 | 710 | 2,089 | 1,663 |
Other Awards | ||||
Share-Based Compensation | ||||
Total share-based compensation expense | $ 208 | $ 486 | $ 881 | $ 1,032 |
Commitments and Contingencies
Commitments and Contingencies - Litigation (Details) - CRNF - USD ($) $ in Millions | Dec. 31, 2007 | Apr. 30, 2019 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2008 |
Long-term Purchase Commitment [Line Items] | |||||||
Property tax abatement period | 10 years | ||||||
Increase in annual property tax expense (in excess of) | $ 10 | $ 10 | $ 10 | $ 10 | $ 10 | ||
Recoverable amount through favorable property tax assessments | $ 7.9 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Supplemental disclosures: | ||
Cash paid for interest | $ 30,102 | $ 30,244 |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | 3,069 | |
Operating cash flows from finance leases | 17 | |
Financing cash flows from finance leases | 297 | |
Non-cash investing activities: | ||
Change in capital expenditures included in accounts payable | $ 2,087 | $ 734 |
Related Party Transactions - Sa
Related Party Transactions - Sales to Related Parties (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Related Party Transaction [Line Items] | ||||
Net sales | $ 88,582 | $ 79,909 | $ 318,115 | $ 252,965 |
CRRM | Feedstock and Shared Services Agreement | ||||
Related Party Transaction [Line Items] | ||||
Net sales | $ 113 | $ 0 | $ 115 | $ 292 |
Related Party Transactions - Ex
Related Party Transactions - Expenses From Related Parties (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Related Party Transaction [Line Items] | ||||
Cost of materials and other | $ 21,617 | $ 19,590 | $ 71,347 | $ 61,198 |
Direct operating expenses (exclusive of depreciation and amortization) | 47,554 | 35,334 | 128,004 | 121,468 |
Selling, general and administrative expenses | 6,326 | 6,393 | 19,637 | 18,955 |
Coke Supply Agreement | CRRM | Petroleum coke | ||||
Related Party Transaction [Line Items] | ||||
Cost of materials and other | 705 | 1,057 | 3,255 | 2,133 |
Hydrogen Purchase and Sale Agreement | CRRM | Hydrogen | ||||
Related Party Transaction [Line Items] | ||||
Cost of materials and other | 984 | 1,072 | 3,719 | 3,157 |
Services Agreement | CVR Energy | ||||
Related Party Transaction [Line Items] | ||||
Direct operating expenses (exclusive of depreciation and amortization) | 797 | 761 | 2,586 | 2,145 |
Selling, general and administrative expenses | 3,915 | 3,595 | 11,724 | 10,353 |
Limited Partnership Agreement | CVR GP | ||||
Related Party Transaction [Line Items] | ||||
Direct operating expenses (exclusive of depreciation and amortization) | 219 | 242 | 595 | 572 |
Selling, general and administrative expenses | $ 651 | $ 626 | $ 2,191 | $ 1,920 |
Related Party Transactions - Am
Related Party Transactions - Amounts Due to Related Parties (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Related Party Transaction [Line Items] | ||
Accounts payable to affiliates | $ 2,131 | $ 2,976 |
Other current liabilities | 4,700 | 3,500 |
Feedstock and Shared Services Agreement | CRRM | ||
Related Party Transaction [Line Items] | ||
Prepaid expenses and other current assets | 128 | 0 |
Accounts payable to affiliates | 681 | 1,106 |
Hydrogen Purchase and Sale Agreement and other | CRRM | Hydrogen | ||
Related Party Transaction [Line Items] | ||
Accounts payable to affiliates | 348 | 324 |
Coke Supply Agreement | CRRM | Petroleum coke | ||
Related Party Transaction [Line Items] | ||
Accounts payable to affiliates | 132 | 138 |
Services Agreement | CVR GP | ||
Related Party Transaction [Line Items] | ||
Accounts payable to affiliates | 970 | 1,372 |
Services Agreement | CVR Energy | ||
Related Party Transaction [Line Items] | ||
Other current liabilities | 3,009 | 2,352 |
Limited Partnership Agreement | CVR GP | ||
Related Party Transaction [Line Items] | ||
Other current liabilities | 1,697 | 1,179 |
Limited Partnership Agreement | CVR Energy | ||
Related Party Transaction [Line Items] | ||
Other long-term liabilities | $ 530 | $ 503 |
Related Party Transactions - Di
Related Party Transactions - Distributions Paid (Details) - USD ($) $ / shares in Units, $ in Thousands | Nov. 12, 2019 | Oct. 22, 2019 | Aug. 12, 2019 | May 13, 2019 | Mar. 11, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 |
Distribution Made to Limited Partner [Line Items] | |||||||||
Dividend Per Common Unit (in dollars per share) | $ 0.14 | $ 0.07 | $ 0.12 | $ 0.33 | |||||
Distributions Paid | $ 15,860 | $ 7,929 | $ 13,594 | $ 37,383 | |||||
Distributions declared per common unit (in dollars per unit) | $ 0.14 | $ 0 | $ 0.33 | $ 0 | |||||
Subsequent Event | |||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||
Distributions declared per common unit (in dollars per unit) | $ 0.07 | ||||||||
Distributions declared | $ 7,900 | ||||||||
CVR Energy | |||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||
Distributions Paid | 5,449 | 2,724 | 4,670 | $ 12,843 | |||||
CVR Energy | Forecast | |||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||
Distributions Paid | $ 2,700 | ||||||||
Unitholders | |||||||||
Distribution Made to Limited Partner [Line Items] | |||||||||
Distributions Paid | $ 10,411 | $ 5,205 | $ 8,924 | $ 24,540 |