XML 41 R8.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Cash flows from operating activities:    
Net income $ 149,313 $ 179,984
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 64,302 44,054
Allowance for doubtful accounts 88 164
Amortization of deferred financing costs 3,913 2,084
Amortization of original issue discount 270 255
Amortization of original issue premium (1,741)  
Deferred income taxes (12,479) 8,122
Excess tax benefit from share-based compensation (12)  
Loss on disposition of assets 872 2,177
Loss on extinguishment of debt   2,078
Share-based compensation 21,922 21,220
Unrealized (gain) loss on derivatives, net 81,281 (3,190)
Changes in assets and liabilities:    
Accounts receivable (31,220) (18,147)
Inventories 121,912 (68,774)
Prepaid expenses and other current assets (9,485) (13,847)
Insurance receivable 13 (8,969)
Business interruption insurance proceeds   2,870
Other long-term assets (1,596) (970)
Accounts payable (27,583) 5,187
Due to parent 28,335  
Accrued income taxes 58,607 30,139
Deferred revenue (4,651) (15,697)
Other current liabilities (6,108) (19,226)
Accrued environmental liabilities (86) (755)
Other long-term liabilities 1 13,878
Net cash provided by operating activities 435,868 162,637
Cash flows from investing activities:    
Capital expenditures (105,159) (20,979)
Proceeds from sale of assets 363 33
Insurance proceeds for UAN reactor rupture   225
Net cash used in investing activities (104,796) (20,721)
Cash flows from financing activities:    
Principal payments on long-term debt (115) (2,700)
Payment of capital lease obligations (452) (4,855)
Payment of financing costs (2,016) (10,498)
Purchase of managing general partner interest and incentive distribution rights   (26,001)
Proceeds from issuance of CVR Partners long-term debt   125,000
Proceeds from CVR Partners initial public offering, net of offering costs   325,136
Payment of treasury stock   (70)
Exercise of stock options 413  
Redemption of common units (89)  
Excess tax benefit of share-based compensation 12  
Distribution to CVR Partners' noncontrolling interest holders (24,565)  
Net cash (used in) provided by financing activities (26,812) 406,012
Net cash increase in cash and cash equivalents 304,260 547,928
Cash and cash equivalents, beginning of period 388,328 200,049
Cash and cash equivalents, end of period 692,588 747,977
Supplemental disclosures    
Cash paid for income taxes, net of refunds (received) 6,894 47,846
Cash paid for interest net of capitalized interest of $4,306 and $939 in 2012 and 2011, respectively 36,042 24,333
Non-cash investing and financing activities:    
Accrual of construction in progress additions $ (12,155) $ 4,985