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Recent Accounting Pronouncements and Accounting Changes (Tables) | 6 Months Ended
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Jun. 30, 2019
Accounting Policies [Abstract] |
Effect of accounting standards adoption and accounting changes on financial statements | The following presents the financial statement line items impacted by the turnaround accounting change and the Company’s Topic 842 adoption as of the respective dates. Effect of Topic 842 Adoption on Condensed Consolidated Balance Sheet as of January 1, 2019
(in millions) | December 31, 2018 As Stated (1) |  | Effect of Adoption of Topic 842 - Leases (Unaudited) |  | January 1, 2019 As Adjusted
Current assets: |  |  |  |  |
Prepaid expenses and other current assets | $ | 72 |  |  | $ | (3 | ) | (2) | $ | 69 |
Total currents assets | 1,293 |  |  | (3 | ) |  | 1,290 |
Property, plant and equipment, net of accumulated depreciation | 2,430 |  |  | 26 |  | (3) | 2,456 |
Other long-term assets | 277 |  |  | 56 |  | (4) | 333 |
Total assets | $ | 4,000 |  |  | $ | 79 |  |  | $ | 4,079 |
Current liabilities: |  |  |  |  |
Other current liabilities | $ | 176 |  |  | $ | 16 |  | (5) | $ | 192 |
Total current liabilities | 496 |  |  | 16 |  |  | 512 |
Long-term debt and finance lease obligations | 1,167 |  |  | 23 |  | (3) | 1,190 |
Other long-term liabilities | 14 |  |  | 40 |  | (5) | 54 |
Total long-term liabilities | 1,561 |  |  | 63 |  |  | 1,624 |
Equity: |  |  |  |  |
Total liabilities and equity | $ | 4,000 |  |  | $ | 79 |  |  | $ | 4,079 |
(1) | Represents the retrospectively adjusted balance sheet amounts upon reflection of the turnaround accounting change, for which the Recast Form 8-K for 2018 was filed on June 12, 2019, prior to the adoption of Topic 842.
(2) | Represents lease prepayments reclassified to ROU assets.
(3) | The additional $26 million right-of-use asset and $23 million in lease liability represents a lease with a third-party that met the definition of a finance lease under ASC 842 as compared to an operating lease under ASC 840.
(4) | Represents recognition of initial ROU assets for operating leases, including the reclassification of certain lease prepayments as noted above.
(5) | Represents the initial recognition of lease liabilities.
Due to the retrospective adjustments for the turnaround accounting change, the three and six months ended June 30, 2018 condensed consolidated statement of operations and the six months ended June 30, 2018 condensed consolidated statement of cash flows have been recast. The impacts to previously reported amounts are shown below only for those line items impacted. Effect of Turnaround Accounting on Condensed Consolidated Statement of Operations for the Three Months Ended June 30, 2018
(in millions) | As Previously Reported |  | Effect of Turnaround Accounting Change (Unaudited) |  | As Stated
Condensed Consolidated Statement of Operations |  |  |  |  |
Direct operating expenses (exclusive of depreciation and amortization as reflected below) | $ | 141 |  |  | $ | (1 | ) |  | $ | 140 |
Depreciation and amortization | 52 |  |  | 16 |  |  | 68 |
Income tax expense | 17 |  |  | (2 | ) |  | 15 |
Net income | 79 |  |  | (11 | ) |  | 68 |
Less: Net income attributable to noncontrolling interest | 28 |  |  | (3 | ) |  | 25 |
Net income attributable to CVR Energy stockholders | $ | 51 |  |  | $ | (8 | ) |  | $ | 43 |
Effect of Turnaround Accounting on Condensed Consolidated Statement of Operations and Condensed Consolidated Statement of Cash Flows for the Six Months Ended June 30, 2018
(in millions) | As Previously Reported |  | Effect of Turnaround Accounting Change (Unaudited) |  | As Stated
Condensed Consolidated Statement of Operations |  |  |  |  |
Direct operating expenses (exclusive of depreciation and amortization as reflected below) | $ | 273 |  |  | $ | (2 | ) |  | $ | 271 |
Depreciation and amortization | 102 |  |  | 29 |  |  | 131 |
Income tax expense | 38 |  |  | (5 | ) |  | 33 |
Net income | 183 |  |  | (22 | ) |  | 161 |
Less: Net income attributable to noncontrolling interest | 66 |  |  | (8 | ) |  | 58 |
Net income attributable to CVR Energy stockholders | $ | 117 |  |  | $ | (14 | ) |  | $ | 103 |
Condensed Consolidated Statement of Cash Flows |  |  |  |  |
Net cash provided by operating activities | $ | 229 |  |  | $ | 9 |  |  | $ | 238 |
Net cash used by investing activities | $ | (41 | ) |  | $ | (9 | ) |  | $ | (50 | )

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