XML 61 R23.htm IDEA: XBRL DOCUMENT v3.2.0.727
Related Party Transactions
 6 Months Ended
Jun. 30, 2015
Related Party Transactions [Abstract]  
Related Party Transactions
(13) Related Party Transactions

Icahn Enterprises

In May 2012, IEP announced that it had acquired control of CVR pursuant to a tender offer to purchase all of the issued and outstanding shares of the Company's common stock. As of June 30, 2015, IEP and its affiliates owned approximately 82% of all common shares outstanding.

The following is a summary of dividends paid to the Company's stockholders, including IEP, for the respective quarters to which the distributions relate:
 
December 31, 2014
 
March 31, 2015
 
Total Dividends Paid in 2015
 
(in millions, except per share data)
Amount paid to IEP
$
35.6

 
$
35.6

 
$
71.2

Amounts paid to public stockholders
7.8

 
7.8

 
15.6

Total amount paid
$
43.4

 
$
43.4

 
$
86.8

Per common share
$
0.50

 
$
0.50

 
$
1.00

Shares outstanding
86.8

 
86.8

 
 


Tax Allocation Agreement

CVR is a member of the consolidated federal tax group of AEPC, a wholly-owned subsidiary of IEP, and has entered into a Tax Allocation Agreement. Refer to Note 7 ("Income Taxes") for a discussion of related party transactions under the Tax Allocation Agreement.
Insight Portfolio Group

Insight Portfolio Group LLC ("Insight Portfolio Group") is an entity formed by Mr. Icahn in order to maximize the potential buying power of a group of entities with which Mr. Icahn has a relationship in negotiating with a wide range of suppliers of goods, services and tangible and intangible property at negotiated rates. In January 2013, CVR Energy acquired a minority equity interest in Insight Portfolio Group and agreed to pay a portion of Insight Portfolio Group's operating expenses in 2013 and subsequent periods. The Company paid Insight Portfolio Group $0.1 million and $0, respectively, during the three months ended June 30, 2015 and 2014. The Company paid Insight Portfolio Group approximately $0.1 million during each of the six months ended June 30, 2015 and 2014. The Company may purchase a variety of goods and services as a member of the buying group at prices and terms that management believes would be more favorable than those which would be achieved on a stand-alone basis.