XML 40 R8.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Millions, unless otherwise specified
 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Cash flows from operating activities:    
Net income $ 357.7 $ 484.4
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 75.9 69.2
Allowance for doubtful accounts (0.4) 0.6
Amortization of deferred financing costs 1.4 1.5
Deferred income taxes (25.1) (101.2)
Loss on disposition of assets 0.4 0
Loss on extinguishment of debt 0 26.1
Share-based compensation 8.9 10.3
Gain on derivatives, net (145.3) (100.5)
Current period settlements on derivative contracts 55.0 (37.8)
Changes in assets and liabilities:    
Accounts receivable (6.6) (67.1)
Inventories (2.1) (60.7)
Prepaid expenses and other current assets 6.3 6.9
Insurance receivable 0 1.3
Other long-term assets (0.9) (0.2)
Accounts payable 28.6 (41.9)
Due to parent 27.9 128.1
Accrued income tax 11.0 13.8
Deferred revenue (0.3) 0.5
Other current liabilities 13.1 47.9
Accrued environmental liabilities (0.1) (0.2)
Other long-term liabilities 0.1 0
Net cash provided by operating activities 405.5 381.0
Cash flows from investing activities:    
Capital expenditures (114.9) (114.6)
Proceeds from sale of asset 0.2 0.1
Purchase of available-for-sale securities (78.3) (18.6)
Net cash used in investing activities (193.0) (133.1)
Cash flows from financing activities:    
Payment of capital lease obligations (0.7) (0.6)
Payments on senior secured notes 0 (243.4)
Payment of financing costs 0 (0.2)
Redemption of common units 0 (0.2)
Dividends to CVR Energy's stockholders (130.2) (1,107.1)
Net cash used in financing activities (55.9) (9.4)
Net increase in cash and cash equivalents 156.6 238.5
Cash and cash equivalents, beginning of period 842.1 896.0
Cash and cash equivalents, end of period 998.7 1,134.5
Supplemental disclosures:    
Cash paid for income taxes, net of refunds 100.7 152.6
Cash paid for interest net of capitalized interest of $5.2 and $1.2 in 2014 and 2013, respectively 17.9 33.2
Non-cash investing and financing activities:    
Construction in process additions included in accounts payable 23.5 38.1
Change in accounts payable related to construction in process additions (9.3) (18.1)
CVR Refining, LP
    
Cash flows from financing activities:    
Distributions to noncontrolling interest holders (61.2) (43.6)
CVR Partners, LP
    
Cash flows from financing activities:    
Distributions to noncontrolling interest holders (27.7) (17.8)
Initial Public Offering | CVR Refining, LP
    
Cash flows from financing activities:    
Proceeds from CVR Refining's offering, net of offering costs 0 655.7
Underwritten Offering | CVR Refining, LP
    
Cash flows from financing activities:    
Proceeds from CVR Refining's offering, net of offering costs 0 393.7
Private placement | CVR Refining, LP
    
Cash flows from financing activities:    
Proceeds from CVR Refining's offering, net of offering costs 0 61.5
Second Underwritten Offering | CVR Refining, LP
    
Cash flows from financing activities:    
Proceeds from CVR Refining's offering, net of offering costs 163.9 0
Secondary Offering | CVR Partners, LP
    
Cash flows from financing activities:    
Proceeds from CVR Refining's offering, net of offering costs $ 0 $ 292.6