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Selected Quarterly Financial Information (unaudited) | 12 Months Ended
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Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract] |
Selected Quarterly Financial Information (unaudited) | (19) Selected Quarterly Financial Information (unaudited) Summarized quarterly financial data for December 31, 2015 and 2014.
| Year Ended December 31, 2015
| Quarter
| First |  | Second |  | Third |  | Fourth
| (in millions, except per share data)
Net sales | $ | 1,388.9 |  |  | $ | 1,624.2 |  |  | $ | 1,408.8 |  |  | $ | 1,010.6 |
Operating costs and expenses: |  |  |  |  |  |  |
Cost of product sold (exclusive of depreciation and amortization) | 1,073.6 |  |  | 1,192.2 |  |  | 1,076.7 |  |  | 847.9 |
Direct operating expenses (exclusive of depreciation and amortization) | 111.4 |  |  | 115.4 |  |  | 145.8 |  |  | 212.1 |
Flood insurance recovery | — |  |  | (27.3 | ) |  | — |  |  | — |
Selling, general and administrative (exclusive of depreciation and amortization) | 25.3 |  |  | 27.2 |  |  | 26.1 |  |  | 20.4 |
Depreciation and amortization | 42.0 |  |  | 42.5 |  |  | 38.7 |  |  | 40.9 |
Total operating costs and expenses | 1,252.3 |  |  | 1,350.0 |  |  | 1,287.3 |  |  | 1,121.3 |
Operating income (loss) | 136.6 |  |  | 274.2 |  |  | 121.5 |  |  | (110.7 | )
Other income (expense): |  |  |  |  |  |  |
Interest expense and other financing costs | (12.7 | ) |  | (11.9 | ) |  | (11.9 | ) |  | (11.9 | )
Interest income | 0.2 |  |  | 0.3 |  |  | 0.3 |  |  | 0.2 |
Gain (loss) on derivatives, net | (51.4 | ) |  | (12.6 | ) |  | 11.8 |  |  | 23.6 |
Other income, net | 36.0 |  |  | 0.2 |  |  | 0.3 |  |  | 0.2 |
Total other income (expense) | (27.9 | ) |  | (24.0 | ) |  | 0.5 |  |  | 12.1 |
Income (loss) before income taxes | 108.7 |  |  | 250.2 |  |  | 122.0 |  |  | (98.6 | )
Income tax expense (benefit) | 24.0 |  |  | 58.1 |  |  | 23.1 |  |  | (20.7 | )
Net income (loss) | 84.7 |  |  | 192.1 |  |  | 98.9 |  |  | (77.9 | )
Less: Net income (loss) attributable to noncontrolling interest | 29.8 |  |  | 90.2 |  |  | 41.0 |  |  | (32.9 | )
Net income (loss) attributable to CVR Energy stockholders | $ | 54.9 |  |  | $ | 101.9 |  |  | $ | 57.9 |  |  | $ | (45.0 | )
Basic earnings (loss) per share | $ | 0.63 |  |  | $ | 1.17 |  |  | $ | 0.67 |  |  | $ | (0.52 | )
Diluted earnings (loss) per share | $ | 0.63 |  |  | $ | 1.17 |  |  | $ | 0.67 |  |  | $ | (0.52 | )
Dividends declared per share | $ | 0.50 |  |  | $ | 0.50 |  |  | $ | 0.50 |  |  | $ | 0.50 |
Weighted-average common shares outstanding |  |  |  |  |  |  |
Basic | 86.8 |  |  | 86.8 |  |  | 86.8 |  |  | 86.8 |
Diluted | 86.8 |  |  | 86.8 |  |  | 86.8 |  |  | 86.8 |
| Year Ended December 31, 2014
| Quarter
| First |  | Second |  | Third |  | Fourth
| (in millions, except per share data)
Net sales | $ | 2,447.4 |  |  | $ | 2,540.3 |  |  | $ | 2,279.9 |  |  | $ | 1,841.8 |
Operating costs and expenses: |  |  |  |  |  |  |
Cost of product sold (exclusive of depreciation and amortization) | 2,076.9 |  |  | 2,189.0 |  |  | 2,066.7 |  |  | 1,733.4 |
Direct operating expenses (exclusive of depreciation and amortization) | 123.4 |  |  | 120.1 |  |  | 136.8 |  |  | 134.7 |
Selling, general and administrative (exclusive of depreciation and amortization) | 26.3 |  |  | 28.0 |  |  | 31.8 |  |  | 23.5 |
Depreciation and amortization | 37.3 |  |  | 38.6 |  |  | 37.8 |  |  | 40.8 |
Total operating costs and expenses | 2,263.9 |  |  | 2,375.7 |  |  | 2,273.1 |  |  | 1,932.4 |
Operating income (loss) | 183.5 |  |  | 164.6 |  |  | 6.8 |  |  | (90.6 | )
Other income (expense): |  |  |  |  |  |  |
Interest expense and other financing costs | (10.1 | ) |  | (9.3 | ) |  | (9.4 | ) |  | (11.2 | )
Interest income | 0.2 |  |  | 0.2 |  |  | 0.3 |  |  | 0.2 |
Gain on derivatives, net | 109.4 |  |  | 35.9 |  |  | 25.7 |  |  | 14.5 |
Other income (expense), net | 0.1 |  |  | (2.2 | ) |  | 2.1 |  |  | (3.6 | )
Total other income (expense) | 99.6 |  |  | 24.6 |  |  | 18.7 |  |  | (0.1 | )
Income (loss) before income taxes | 283.1 |  |  | 189.2 |  |  | 25.5 |  |  | (90.7 | )
Income tax expense (benefit) | 69.4 |  |  | 45.2 |  |  | 4.2 |  |  | (21.0 | )
Net income (loss) | 213.7 |  |  | 144.0 |  |  | 21.3 |  |  | (69.7 | )
Less: Net income (loss) attributable to noncontrolling interest | 87.0 |  |  | 60.3 |  |  | 13.4 |  |  | (25.3 | )
Net income (loss) attributable to CVR Energy stockholders | $ | 126.7 |  |  | $ | 83.7 |  |  | $ | 7.9 |  |  | $ | (44.4 | )
Basic earnings (loss) per share | $ | 1.46 |  |  | $ | 0.96 |  |  | $ | 0.09 |  |  | $ | (0.51 | )
Diluted earnings (loss) per share | $ | 1.46 |  |  | $ | 0.96 |  |  | $ | 0.09 |  |  | $ | (0.51 | )
Dividends declared per share | $ | 0.75 |  |  | $ | 0.75 |  |  | $ | 2.75 |  |  | $ | 0.75 |
Weighted-average common shares outstanding |  |  |  |  |  |  |
Basic | 86.8 |  |  | 86.8 |  |  | 86.8 |  |  | 86.8 |
Diluted | 86.8 |  |  | 86.8 |  |  | 86.8 |  |  | 86.8 |
Factors Impacting the Comparability of Quarterly Results of Operations As discussed in Note 2 ("Summary of Significant Accounting Policies"), the Coffeyville refinery completed the first phase of its current major scheduled turnaround in mid-November 2015 at a total cost of approximately $101.5 million. Additionally, the Coffeyville refinery incurred approximately $0.7 million in turnaround costs related to the second phase scheduled to begin in late February 2016. In total, the Coffeyville refinery incurred $102.2 million of major scheduled turnaround expenses for the year ended December 31, 2015, of which approximately $1.7 million, $15.6 million and $84.9 million were included in the second, third and fourth quarters of 2015, respectively. These costs are included in direct operating expenses (exclusive of depreciation and amortization) in the Consolidated Statements of Operations. As discussed in Note 13 ("Commitments and Contingencies"), CRRM received an insurance recovery from its environmental insurance carriers in the second quarter of 2015 as a result of the flood and crude oil discharge at the Coffeyville refinery on June/July 2007. As discussed in Note 7 ("Insurance Claims"), the fire at the Coffeyville refinery's isomerization unit adversely impacted production of refined products for the petroleum business in the third quarter of 2014. Total gross repair and other costs recorded related to the incident for the year ended December 31, 2014 were approximately $6.3 million and are included in direct operating expenses (exclusive of depreciation and amortization) in the Consolidated Statements of Operations. During the fourth quarter of 2014, the FCCU at the Wynnewood refinery was offline for approximately 16 days for necessary repairs. As a result of the FCCU outage, crude throughput and production at the Wynnewood refinery was significantly reduced during the fourth quarter of 2014. Additionally, the Refining Partnership incurred approximately $8.5 million in costs to repair the FCCU for the year ended December 31, 2014. These costs are included in direct operating expenses (exclusive of depreciation and amortization) in the Consolidated Statements of Operations. As discussed in Note 4 ("Inventories"), the Refining Partnership recorded a lower of FIFO cost or market inventory adjustment of approximately $36.8 million during the fourth quarter of 2014, which is included in cost of product sold (exclusive of depreciation and amortization) in the Consolidated Statements of Operations.

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- Definition The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=51655806&loc=d3e765-108305 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=51825399&loc=d3e1280-108306 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=51655806&loc=d3e725-108305 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 302 -Paragraph a + Details
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