Guarantor Financial Information (Tables)

3 Months Ended

Mar. 31, 2019

Condensed Financial Information Disclosure [Abstract]

Guarantor Consolidating Balance Sheet

Condensed Consolidating Balance Sheet

	March 31, 2019
(in millions)	Parent			Subsidiary Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Intercompany Elimination			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	8		$	306	$	54	$	99	$	—		$	467
Accounts receivable	—			—		176		17		—			193
Due to/from parent	4			—		—		—		—			4
Intercompany receivable	(65		)	—		13		73		(21		)	—
Inventories	—			—		331		72		—			403
Prepaid expenses and other current assets	26			—		30		—		2			58
Total current assets	(27		)	306		604		261		(19		)	1,125
Property, plant and equipment, net of accumulated depreciation	—			—		1,418		1,000		—			2,418
Investment in and advances from subsidiaries	1,444			1,696		166		1,726		(5,032		)	—
Other long-term assets	—			1		278		52		—			331
Total assets	$	1,417		$	2,003	$	2,466	$	3,039	$	(5,051	)	$	3,874
LIABILITIES AND PARTNERS’ CAPITAL
Current liabilities:
Accounts payable	$	1		$	—	$	334	$	24	$	—		$	359
Intercompany payables	—			—		8		13		(21		)	—
Other current liabilities	49			14		76		80		2			221
Total current liabilities	50			14		418		117		(19		)	580
Long-term liabilities:
Long-term debt and finance lease obligations, net of current portion	—			496		64		631		—			1,191
Investment and advances from subsidiaries	—			—		—		16		(16		)	—
Deferred income taxes	20			—		—		375		—			395
Other long-term liabilities	4			—		35		11		—			50
Total long-term liabilities	24			496		99		1,033		(16		)	1,636
Commitments and contingencies
Equity:
Total CVR stockholders’ equity	1,343			1,493		1,949		1,574		(5,016		)	1,343
Noncontrolling interest	—			—		—		315		—			315
Total equity	1,343			1,493		1,949		1,889		(5,016		)	1,658
Total liabilities and equity	$	1,417		$	2,003	$	2,466	$	3,039	$	(5,051	)	$	3,874

Condensed Consolidating Balance Sheet

	December 31, 2018
(in millions)	Parent			Subsidiary Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Intercompany Elimination			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	3		$	340	$	261	$	64	$	—		$	668
Accounts receivable	—			—		107		62		—			169
Due to/from parent	4			—		—		—		—			4
Intercompany receivable	6			—		4		—		(10		)	—
Inventories	—			—		316		64		—			380
Prepaid expenses and other current assets	27			1		49		4		(9		)	72
Total current assets	40			341		737		194		(19		)	1,293
Property, plant and equipment, net of accumulated depreciation	—			—		1,413		1,017		—			2,430
Investment in and advances from subsidiaries	1,228			1,601		172		1,440		(4,441		)	—
Other long-term assets	—			1		231		45		—			277
Total assets	$	1,268		$	1,943	$	2,553	$	2,696	$	(4,460	)	$	4,000
LIABILITIES AND PARTNERS’ CAPITAL
Current liabilities:
Accounts payable	$	1		$	—	$	293	$	26	$	—		$	320
Intercompany payables	—			—		—		10		(10		)	—
Other current liabilities	6			7		74		97		(8		)	176
Total current liabilities	7			7		367		133		(18		)	496
Long-term liabilities:
Long-term debt and finance lease obligations, net of current portion	—			496		42		629		—			1,167
Investment and advances from subsidiaries	—			—		106		—		(106		)	—
Deferred income taxes	(24		)	—		—		404		—			380
Other long-term liabilities	3			—		7		4		—			14
Total long-term liabilities	(21		)	496		155		1,037		(106		)	1,561
Commitments and contingencies
Equity:
Total CVR stockholders’ equity	1,282			1,440		1,701		1,199		(4,336		)	1,286
Noncontrolling interest	—			—		330		327		—			657
Total equity	1,282			1,440		2,031		1,526		(4,336		)	1,943
Total liabilities and equity	$	1,268		$	1,943	$	2,553	$	2,696	$	(4,460	)	$	4,000

Guarantor Consolidated Statement of Operations

Condensed Consolidating Statement of Operations

	Three Months Ended March 31, 2019
(in millions)	Parent			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Intercompany Eliminations			Consolidated
Net sales	$	—		$	—		$	1,397		$	92		$	(3	)	$	1,486
Operating costs and expenses:
Cost of materials and other	—			—			1,080			24			(3		)	1,101
Direct operating expenses (exclusive of depreciation and amortization as reflected below)	—			—			91			35			—			126
Depreciation and amortization	—			—			48			17			—			65
Cost of sales	—			—			1,219			76			(3		)	1,292
Selling, general and administrative expenses (exclusive of depreciation and amortization as reflected below)	5			—			18			7			—			30
Depreciation and amortization	—			—			2			—			—			2
Loss on asset disposals	—			—			2			—			—			2
Operating income (loss)	(5		)	—			156			9			—			160
Other income (expense):
Interest expense, net	(1		)	(7		)	(2		)	(16		)	—			(26		)
Other income, net	—			—			3			—			—			3
Income (loss) from subsidiaries	121			144			(9		)	(9		)	(247		)	—
Income (loss) before income taxes	115			137			148			(16		)	(247		)	137
Income tax expense (benefit)	14			—			—			21			—			35
Net income (loss)	101			137			148			(37		)	(247		)	102
Less: Net income attributable to noncontrolling interest	—			—			5			(4		)	—			1
Net income (loss) attributable to CVR Energy stockholders	$	101		$	137		$	143		$	(33	)	$	(247	)	$	101

Condensed Consolidating Statement of Operations

	Three Months Ended March 31, 2018
(in millions)	Parent			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Intercompany Eliminations			Consolidated
Net sales	$	—		$	—		$	1,458		$	80		$	(1	)	$	1,537
Operating costs and expenses:
Cost of materials and other	—			—			1,158			23			(1		)	1,180
Direct operating expenses (exclusive of depreciation and amortization as reflected below)	—			—			91			39			—			130
Depreciation and amortization	—			—			48			16			—			64
Cost of sales	—			—			1,297			78			(1		)	1,374
Selling, general and administrative expenses (exclusive of depreciation and amortization as reflected below)	3			—			15			6			—			24
Depreciation and amortization	—			—			3			—			—			3
Loss on asset disposals	—			—			—			—			—			—
Operating income (loss)	(3		)	—			143			(4		)	—			136
Other income (expense):
Interest expense, net	—			(8		)	(3		)	(16		)	—			(27		)
Other income, net	—			—			1			1			—			2
Income (loss) from subsidiaries	62			144			(15		)	(10		)	(181		)	—
Income (loss) before income taxes	59			136			126			(29		)	(181		)	111
Income tax expense (benefit)	(1		)	—			—			19			—			18
Net income (loss)	60			136			126			(48		)	(181		)	93
Less: Net income attributable to noncontrolling interest	—			—			46			(13		)	—			33
Net income (loss) attributable to CVR Energy stockholders	$	60		$	136		$	80		$	(35	)	$	(181	)	$	60

Guarantor Consolidated Statement of Cash Flows

Condensed Consolidating Statement of Cash Flows

	Three Months Ended March 31, 2019
(in millions)	Parent			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Intercompany Elimination			Consolidated
Net cash provided by (used in) operating activities	$	40		$	1		$	176		$	12		$	(1	)	$	228
Cash flows from investing activities:
Capital expenditures	—			—			(25		)	(4		)	—			(29		)
Turnaround expenditures	—			—			(13		)	—			—			(13		)
Investment in affiliates, net of return of investment	341			(28		)	(137		)	41			(217		)	—
Other investing activities	—			—			—			—			—			—
Net cash provided by (used in) investing activities	341			(28		)	(175		)	37			(217		)	(42		)
Cash flows from financing activities:
Dividends to CVR Energy stockholders	(75		)	—			—			—			—			(75		)
Acquisition of CVR Refining common units	(301		)	—			—			—			—			(301		)
Distributions to CVR Partners’ noncontrolling interest holders	—			—			—			(9		)	—			(9		)
Distributions or intercompany advances to other CVR Energy subsidiaries	—			(7		)	(206		)	(5		)	218			—
Other financing activities	—			—			(2		)	—			—			(2		)
Net cash provided by (used in) financing activities	(376		)	(7		)	(208		)	(14		)	218			(387		)
Net increase (decrease) in cash and cash equivalents	5			(34		)	(207		)	35			—			(201		)
Cash and cash equivalents, beginning of period	3			340			261			64			—			668
Cash and cash equivalents, end of period	$	8		$	306		$	54		$	99		$	—		$	467

Condensed Consolidating Statement of Cash Flows

	Three Months Ended March 31, 2018
(in millions)	Parent			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Intercompany Elimination			Consolidated
Net cash provided by (used in) operating activities	$	12		$	2		$	8		$	5		$	(1	)	$	26
Cash flows from investing activities:
Capital expenditures	(1		)	—			(15		)	(4		)	—			(20		)
Turnaround expenditures	—			—			(1		)	—			—			(1		)
Investment in affiliates, net of return of investment	36			25			(221		)	(14		)	174			—
Other investing activities	—			—			—			—			—			—
Net cash provided by (used in) investing activities	35			25			(237		)	(18		)	174			(21		)
Cash flows from financing activities:
CVR Energy shareholder dividends	(43		)	—			—			—			—			(43		)
Distributions to CVR Refining noncontrolling interest holders	—			—			(20		)	—			—			(20		)
Distributions to CVR Partners’ noncontrolling interest holders	—			—			—			(3		)	—			(3		)
Distributions or intercompany advances to other CVR Energy subsidiaries	—			(92		)	238			27			(173		)	—
Other financing activities	—			—			(2		)	1			—			(1		)
Net cash provided by (used in) financing activities	(43		)	(92		)	216			25			(173		)	(67		)
Net increase (decrease) in cash and cash equivalents	4			(65		)	(13		)	12			—			(62		)
Cash and cash equivalents, beginning of period	4			163			264			51			—			482
Cash and cash equivalents, end of period	$	8		$	98		$	251		$	63		$	—		$	420