XML 23 R9.htm IDEA: XBRL DOCUMENT v3.6.0.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Cash flows from operating activities:      
Net income $ 8.9 $ 297.8 $ 309.4
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 193.1 164.1 154.4
Allowance for doubtful accounts 0.2 (0.1) (0.5)
Amortization of deferred financing costs and original issue discount 3.6 2.8 2.8
Amortization of debt fair value adjustment 1.2 0.0 0.0
Deferred income taxes (84.4) (10.4) 19.2
Excess income tax deficiency of share-based compensation 0.0 0.1 0.1
Loss on disposition of assets 0.5 1.8 0.4
Loss on extinguishment of debt 4.9 0.0 0.0
Share-based compensation 9.3 12.8 12.3
Gain on sale of available-for-sale securities (4.9) (20.1) 0.0
Unrealized gain on securities (0.3) 0.0 0.0
(Gain) loss on derivatives, net 19.4 28.6 (185.6)
Current period settlements on derivative contracts 36.4 (26.0) 122.2
Changes in assets and liabilities:      
Accounts receivable (47.5) 41.0 105.7
Inventories (7.3) 39.7 197.3
Prepaid expenses and other current assets (3.4) 40.4 10.7
Due to (from) parent 22.2 32.8 (44.6)
Other long-term assets (0.6) 3.8 (0.8)
Accounts payable (10.4) (14.3) (91.8)
Accrued income taxes (3.3) 4.2 (0.3)
Deferred revenue (20.4) (10.5) 12.9
Other current liabilities 151.2 (52.1) 15.0
Other long-term liabilities (0.9) 0.4 1.5
Net cash provided by operating activities 267.5 536.8 640.3
Cash flows from investing activities:      
Capital expenditures (132.7) (218.7) (218.4)
Proceeds from sale of assets 0.0 0.1 0.1
Acquisition of CVR Nitrogen, net of cash acquired (63.8) 0.0 0.0
Purchase of securities (4.2) 0.0 0.0
Investment in affiliates (5.6) 0.0 0.0
Purchase of available-for-sale securities (14.4) 0.0 (78.3)
Proceeds from sale of available-for-sale securities 19.3 68.0 0.0
Net cash used in investing activities (201.4) (150.6) (296.6)
Cash flows from financing activities:      
Proceeds on issuance of 2023 Notes, net of original issue discount 628.8 0.0 0.0
Principal and premium payments on 2021 Notes (322.2) 0.0 0.0
Payments of revolving debt (49.1) 0.0 0.0
Principal payments on CRNF credit facility (125.0) 0.0 0.0
Payment of capital lease obligations (1.7) (1.3) (1.2)
Payment of deferred financing costs (10.7) 0.0 0.0
Dividends to CVR Energy's stockholders (173.6) (173.7) (434.2)
Excess income tax deficiency of share-based compensation 0.0 (0.1) (0.1)
Net cash used in financing activities (95.4) (374.8) (432.1)
Net increase (decrease) in cash and cash equivalents (29.3) 11.4 (88.4)
Cash and cash equivalents, beginning of period 765.1 753.7 842.1
Cash and cash equivalents, end of period 735.8 765.1 753.7
Supplemental disclosures:      
Cash paid for income taxes, net of refunds (received) 45.5 57.9 123.5
Cash paid for interest net of capitalized interest of $5.4, $3.7, and $9.4 for the years ended December 31, 2016, 2015 and 2014, respectively 76.8 45.4 37.2
Non-cash investing and financing activities:      
Construction in progress additions included in accounts payable 15.8 22.3 21.6
Change in accounts payable related to construction in progress additions 6.0 0.7 (11.2)
Fair value of common units issued in a business combination 335.7 0.0 0.0
Fair value of debt assumed in a business combination 367.5 0.0 0.0
Reduction of proceeds from 2023 Notes from underwriting discount 16.1 0.0 0.0
CVR Refining, LP      
Cash flows from financing activities:      
Proceeds from CVR Refining's June 2014 offering, net of offering costs 0.0 0.0 188.3
Distributions to noncontrolling interest holders 0.0 (156.9) (136.7)
CVR Partners, LP      
Cash flows from financing activities:      
Distributions to noncontrolling interest holders $ (41.9) $ (42.8) $ (48.2)