XML 42 R28.htm IDEA: XBRL DOCUMENT v3.10.0.1

Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Gain (loss) on derivatives

Gain (Loss) on Derivatives
	Three Months Ended June 30,								Six Months Ended June 30,
	2018				2017				2018				2017
	(in millions)
Realized gain on commodity derivatives	$	19			$	—			$	33			$	1
Realized loss on margin account	(2		)		—				(2		)		—
Total realized gain on derivatives, net	$	17			$	—			$	31			$	1

Schedule of open commodity derivative instruments

Open Commodity Derivative Instruments
	June 30, 2018			December 31, 2017
	(in millions of barrels)
Commodity Swap Instruments:
2-1-1 Crack spreads	—			7
Distillate Crack spreads	—			4
Gasoline Crack spreads	—			4
Purchase and Sale Commitments:
Canadian crude oil	4			6

Schedule of fair value of commodity derivatives

Fair Value of Commodity Derivatives
	June 30, 2018				December 31, 2017
	(in millions)
Net unrealized gain (loss) on outstanding commodity derivative contracts	$	(26	)		$	(64	)

Derivative offsetting assets

The offsetting assets and liabilities for CVR Refining's derivatives as of June 30, 2018 and December 31, 2017 are recorded as current assets and current liabilities in prepaid expenses and other current assets and accrued expenses and other current liabilities, respectively, in the Condensed Consolidated Balance Sheets as follows:

	As of June 30, 2018
Description	Gross  Current Assets				Gross Amounts Offset				Net Current Assets  Presented				Cash Collateral  Not Offset				Net Amount
	(in millions)
Commodity Derivatives	$	6			$	(5	)		$	1			$	—			$	1
Total	$	6			$	(5	)		$	1			$	—			$	1
	As of June 30, 2018
Description	Gross  Current Liabilities				Gross Amounts Offset				Net Current Liabilities  Presented				Cash Collateral  Not Offset				Net Amount
	(in millions)
Commodity Derivatives	$	32			$	(5	)		$	27			$	—			$	27
Total	$	32			$	(5	)		$	27			$	—			$	27

	As of December 31, 2017
Description	Gross  Current Assets				Gross Amounts Offset				Net Current Assets  Presented				Cash Collateral  Not Offset				Net Amount
	(in millions)
Commodity Derivatives	$	7			$	(7	)		$	—			$	—			$	—
Total	$	7			$	(7	)		$	—			$	—			$	—
	As of December 31, 2017
Description	Gross  Current Liabilities				Gross Amounts Offset				Net Current Liabilities  Presented				Cash Collateral  Not Offset				Net Amount
	(in millions)
Commodity Derivatives	$	71			$	(7	)		$	64			$	—			$	64
Total	$	71			$	(7	)		$	64			$	—			$	64

Derivative offsetting liabilities

The offsetting assets and liabilities for CVR Refining's derivatives as of June 30, 2018 and December 31, 2017 are recorded as current assets and current liabilities in prepaid expenses and other current assets and accrued expenses and other current liabilities, respectively, in the Condensed Consolidated Balance Sheets as follows:

	As of June 30, 2018
Description	Gross  Current Assets				Gross Amounts Offset				Net Current Assets  Presented				Cash Collateral  Not Offset				Net Amount
	(in millions)
Commodity Derivatives	$	6			$	(5	)		$	1			$	—			$	1
Total	$	6			$	(5	)		$	1			$	—			$	1
	As of June 30, 2018
Description	Gross  Current Liabilities				Gross Amounts Offset				Net Current Liabilities  Presented				Cash Collateral  Not Offset				Net Amount
	(in millions)
Commodity Derivatives	$	32			$	(5	)		$	27			$	—			$	27
Total	$	32			$	(5	)		$	27			$	—			$	27

	As of December 31, 2017
Description	Gross  Current Assets				Gross Amounts Offset				Net Current Assets  Presented				Cash Collateral  Not Offset				Net Amount
	(in millions)
Commodity Derivatives	$	7			$	(7	)		$	—			$	—			$	—
Total	$	7			$	(7	)		$	—			$	—			$	—
	As of December 31, 2017
Description	Gross  Current Liabilities				Gross Amounts Offset				Net Current Liabilities  Presented				Cash Collateral  Not Offset				Net Amount
	(in millions)
Commodity Derivatives	$	71			$	(7	)		$	64			$	—			$	64
Total	$	71			$	(7	)		$	64			$	—			$	64

X

- References

No definition available.

+ Details

Name:	us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of derivative and other financial assets that are subject to offsetting, including master netting arrangements.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=51824906&loc=SL20225862-175312

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=51824906&loc=SL20225877-175312

+ Details

Name:	us-gaap_OffsettingAssetsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of derivative and other financial liabilities that are subject to offsetting, including master netting arrangements.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=51824906&loc=SL20225862-175312

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=51824906&loc=SL20225877-175312

+ Details

Name:	us-gaap_OffsettingLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624181-113959

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5618551-113959

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959

+ Details

Name:	us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624163-113959

+ Details

Name:	us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the notional amounts of outstanding derivative positions.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579245-113959

+ Details

Name:	us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration