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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Schedule of income tax expense (benefit)

Income tax expense (benefit) is comprised of the following:

	Year Ended December 31,
	2016				2015				2014
	(in millions)
Current
Federal	$	67.2			$	74.9			$	76.1
State	(7.0		)		14.5				16.6
Total current	60.2				89.4				92.7
Deferred
Federal	(61.0		)		2.7				8.3
State	(19.0		)		(7.6		)		(3.3		)
Total deferred	(80.0		)		(4.9		)		5.0
Total income tax expense (benefit)	$	(19.8	)		$	84.5			$	97.7

Schedule of reconciliation of total income tax expense (benefit) to income tax expense (benefit) computed by applying the statutory federal income tax rate (35%) to pre-tax income (loss)

The following is a reconciliation of total income tax expense (benefit) to income tax expense (benefit) computed by applying the statutory federal income tax rate (35%) to pretax income (loss):

	Year Ended December 31,
	2016				2015				2014
	(in millions)
Tax computed at federal statutory rate	$	(3.8	)		$	133.8			$	142.5
State income taxes, net of federal tax benefit	(8.0		)		11.7				14.0
State tax incentives, net of federal tax expense	(8.8		)		(7.2		)		(5.4		)
Domestic production activities deduction	(4.3		)		(5.9		)		(5.5		)
Non-deductible share-based compensation	—				—				0.2
Noncontrolling interest	5.5				(44.9		)		(47.4		)
Other, net	(0.4		)		(3.0		)		(0.7		)
Total income tax expense (benefit)	$	(19.8	)		$	84.5			$	97.7

Schedule of income tax effect of temporary differences that give rise to significant portions of the deferred income tax assets and deferred income tax liabilities

As of December 31, 2016, CVR has Kansas state income tax credits of approximately $1.4 million, which are available to reduce future Kansas state income taxes. These credits, if not used, will expire in 2032. Additionally, CVR has Oklahoma state income tax credits of approximately $25.7 million which are available to reduce future Oklahoma state income taxes. These credits have an indefinite life.

The income tax effect of temporary differences that give rise to significant portions of the deferred income tax assets and deferred income tax liabilities at December 31, 2016 and 2015 are as follows:

	Year Ended December 31,
	2016				2015
	(in millions)
Deferred income tax assets:
Personnel accruals	$	1.3			$	1.5
State tax credit carryforward, net	10.5				11.0
Contingent liabilities	—				0.1
Other	0.1				—
Total gross deferred income tax assets	11.9				12.6
Deferred income tax liabilities:
Property, plant, and equipment	(3.8		)		(3.1		)
Investment in CVR Partners	(89.2		)		(83.4		)
Investment in CVR Refining	(497.8		)		(565.3		)
Prepaid expenses	(0.3		)		(0.3		)
Other	(0.7		)		(0.2		)
Total gross deferred income tax liabilities	(591.8		)		(652.3		)
Net deferred income tax liabilities	$	(579.9	)		$	(639.7	)

Schedule of reconciliation of the unrecognized tax benefits

A reconciliation of the unrecognized tax benefits for the years ended December 31, 2016, 2015 and 2014 is as follows:

	Year Ended December 31,
	2016				2015				2014
	(in millions)
Balance beginning of year	$	49.0			$	55.5			$	45.2
Increase based on prior year tax positions	—				—				0.5
Decrease based on prior year tax positions	—				—				—
Increases in current year tax positions	—				9.8				9.8
Settlements	—				—				—
Reductions related to expirations of statute of limitations	(4.9		)		(16.3		)		—
Balance end of year	$	44.1			$	49.0			$	55.5

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32639-109319

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15A
-URI http://asc.fasb.org/extlink&oid=65882285&loc=SL6600010-109319

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-Name Accounting Standards Codification
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