(8) Shareholders Equity

The following table summarizes the shareholders equity and non-controlling interest balances for the three months ended March 31, 2019 and March 31, 2018.



(in millions)	Total CVR Stockholders’ Equity			Noncontrolling Interest			Total Equity
Balance at December 31, 2018	$	1,286		$	657		$	1,943
Net income	101			1			102
Dividends to CVR Energy stockholders	(75		)	—			(75		)
Distributions to CVR Partners’ public unitholders	—			(9		)	(9		)
Effect of turnaround accounting change	34			—			34
Acquisition of CVR Refining common units (1)	(1		)	(334		)	(335		)
Other	(2		)	—			(2		)
Balance at March 31, 2019	$	1,343		$	315		$	1,658

(1) Included within this amount is $34 million which reflects the impact of the change in accounting policy for turnaround expenditures.



(in millions)	Total CVR Stockholders’ Equity			Noncontrolling Interest			Total Equity
Balance at December 31, 2017	$	919		$	785		$	1,704
Net income	60			33			93
Dividends to CVR Energy stockholders	(43		)	—			(43		)
Distributions to CVR Refining public unitholders	—			(23		)	(23		)
Effect of turnaround accounting change	68			50			118
Balance at March 31, 2018	$	1,004		$	845		$	1,849

Dividends to CVR Energy Stockholders

On February 20, 2019, the Company’s board of directors declared a cash dividend for the fourth quarter of 2018 to the Company’s stockholders of $0.75 per share, or $75 million in the aggregate. The dividend was paid on March 11, 2019. Of this amount, IEP received $54 million in respect of its ownership interest in the Company’s shares. Dividends are subject to change at the discretion of the board of directors.

For the first quarter of 2019, the Company, upon approval by the Company’s board of directors on April 24, 2019, declared a cash dividend of $0.75 per share, or $75 million payable, on May 13, 2019 to shareholders of record as of May 6, 2019. Of this amount, IEP will receive $54 million due to its ownership interest in the Company’s shares.

Distributions to CVR Partners’ Unitholders

For the fourth quarter of 2018, CVR Partners declared a cash distribution of $0.12 per common unit, or $13.9 million, which was paid on March 11, 2019. Of this amount, the Company received approximately $5 million, with the remaining amount payable to public unitholders.

For the first quarter of 2019, CVR Partners, upon approval by CVR GP’s board of directors on April 24, 2019, declared a distribution of $0.07 per common unit, or $8 million, payable on May 13, 2019 to unitholders of record as of May 6, 2019. Of this amount, the Company will receive approximately $3 million, with the remaining amount payable to public unitholders. Distributions are subject to change at the discretion of the board of directors of CVR Partners’ general partner.