XML 31 R5.htm IDEA: XBRL DOCUMENT v2.3.0.15
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands
9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Cash flows from operating activities:  
Net income$ 300,225$ 11,996
Adjustments to reconcile net income (loss) to net cash provided by operating activities:  
Depreciation and amortization66,07964,756
Provision for doubtful accounts190(4,070)
Amortization of deferred financing costs3,2772,386
Amortization of original issue discount382232
Deferred income taxes40,920178
Excess tax benefit of share-based compensation(1,475) 
Loss on disposition of assets2,2342,179
Loss on extinguishment of debt2,07815,052
Share-based compensation23,6368,357
Unrealized (gain) loss on derivatives6,801(3,582)
Changes in assets and liabilities:  
Accounts receivable(3,391)(23,948)
Inventories(61,757)36,900
Prepaid expenses and other current assets(17,590)(15,113)
Insurance receivable(12,325)(2,587)
Business interruption insurance proceeds3,360 
Insurance proceeds on Refinery incident4,000 
Other long-term assets(1,116)(574)
Accounts payable10,82210,282
Accrued income taxes(17,323)26,118
Deferred revenue1,880(2,399)
Other current liabilities(531)24,953
Accrued environmental liabilities(952)26
Other long-term liabilities(3,506)(94)
Net cash provided by operating activities345,918151,048
Cash flows from investing activities:  
Capital expenditures(46,631)(23,003)
Proceeds from the sale of assets3711
Insurance proceeds from UAN reactor rupture2,745 
Net cash used in investing activities(43,849)(22,992)
Cash flows from financing activities:  
Revolving debt payments (60,000)
Revolving debt borrowings 60,000
Proceeds net of original issue discount on issuance of senior notes 485,853
Principal payments on term debt(2,700)(479,503)
Payment of financing costs(10,695)(8,765)
Payment of capital lease obligation(4,876)(111)
Excess tax benefit of share-based compensation1,475 
Purchase of managing general partner interest and incentive distribution rights(26,001) 
Proceeds from issuance of CVR Partners long-term debt125,000 
Proceeds from CVR Partners initial public offering, net of offering costs324,880 
Distributions to noncontrolling interest holders(8,988) 
Payment of treasury stock(1,757)(49)
Net cash provided by (used in) financing activities396,338(2,575)
Net increase in cash and cash equivalents698,407125,481
Cash and cash equivalents, beginning of period200,04936,905
Cash and cash equivalents, end of period898,456162,386
Supplemental disclosures:  
Cash paid for income taxes, net of refunds (received)152,117(21,493)
Cash paid for interest, net of capitalized interest of $2,493 and $1,740 in 2011 and 2010, respectively25,18020,478
Cash funding of margin account for other derivative activities, net of withdrawals (received)12,412(1,896)
Non-cash investing and financing activities:  
Accrual of construction in progress additions19,511(1,800)
Reduction of senior notes for underwriting discount and financing costs 10,127
Receipt of marketable securities $ 23