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Related Party Transactions
3 Months Ended
Mar. 31, 2022
Related Party Transactions [Abstract]  
Related Party Transactions
(15) Related Party Transactions

Activity associated with the Company’s related party arrangements for the three months ended March 31, 2022 and 2021 is summarized below:

Expenses from Related Parties
Three Months Ended
March 31,
(in millions)20222021
Cost of materials and other:
Enable Joint Venture Transportation Agreement$2 $

Corporate Master Service Agreement

On April 12, 2022, in connection with our Corporate Master Service Agreement effective January 1, 2020, by and among our wholly owned subsidiary, CVR Services, and certain other of our subsidiaries, including but not limited to CVR Partners and its subsidiaries, pursuant to which CVR Services provides the service recipients thereunder with management and other professional services (the “Corporate MSA”), 18 indirect, wholly owned subsidiaries of CVR Energy, including but not limited to CVR Renew, were joined as service recipients under the Corporate MSA.

Dividends to CVR Energy Stockholders

Dividends, if any, including the payment, amount and timing thereof, are determined in the discretion of CVR Energy’s board of directors (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. No dividends were 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 first quarter of 2022, the Company, upon approval by the Company’s Board of Directors on May 2, 2022, declared a cash dividend of $0.40 per share, or $40 million, which is payable May 23, 2022 to shareholders of record as of May 13, 2022. Of this amount, IEP will receive $28 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, are subject to change at the discretion of the UAN GP Board. The following table presents distributions paid by CVR Partners to its unitholders, including amounts received by the Company, during 2022 and 2021 (amounts presented in tables below may not add to totals presented due to rounding).
Distributions Paid (in millions)
Related PeriodDate PaidDistributions
Per Common Unit
Public
Unitholders
CVR EnergyTotal
2021 - 4th QuarterMarch 14, 2022$5.24 $36 $20 $56 
Distributions Paid (in millions)
Related PeriodDate PaidDistributions
 Per Common Unit
Public
Unitholders
CVR EnergyTotal
2021 - 2nd QuarterAugust 23, 2021$1.72 $11 $$18 
2021 - 3rd QuarterNovember 22, 20212.93 20 11 31 
Total distributions$4.65 $31 $18 $50 

There were no distributions declared or paid by CVR Partners related to the first quarter of 2021 and fourth quarter of 2020.

For the first quarter of 2022, CVR Partners, upon approval by the UAN GP Board on May 2, 2022, declared a distribution of $2.26 per common unit, or $24 million, which is payable May 23, 2022 to unitholders of record as of May 13, 2022. Of this amount, CVR Energy will receive approximately $9 million, with the remaining amount payable to public unitholders.