Guarantor Financial Information (Tables)

6 Months Ended

Jun. 30, 2019

Condensed Financial Information Disclosure [Abstract]

Condensed Consolidated Balance Sheet



	June 30, 2019
(in millions)	Parent		Subsidiary Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Intercompany Elimination			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	5	$	416	$	48	$	71		$	—		$	540
Accounts receivable	—		—		145		23			—			168
Due to/from parent	—		—		—		—			—			—
Intercompany receivable	5		—		10		8			(23		)	—
Inventories	—		—		334		56			—			390
Prepaid expenses and other current assets	57		2		2		—			(2		)	59
Total current assets	67		418		539		158			(25		)	1,157
Property, plant and equipment, net of accumulated depreciation	—		1		1,393		982			—			2,376
Investment in and advances from subsidiaries	1,314		1,647		296		—			(3,257		)	—
Other long-term assets	7		4		236		50			—			297
Total assets	$	1,388	$	2,070	$	2,464	$	1,190		$	(3,282	)	$	3,830
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	1	$	3	$	301	$	18		$	—		$	323
Intercompany payables	—		—		—		23			(23		)	—
Other current liabilities	—		14		61		86			(2		)	159
Total current liabilities	1		17		362		127			(25		)	482
Long-term liabilities:
Long-term debt and finance lease obligations, net of current portion	—		497		63		630			—			1,190
Investment and advances from subsidiaries	—		—		—		852			(852		)	—
Deferred income taxes	—		—		—		401			—			401
Other long-term liabilities	3		1		33		14			—			51
Total long-term liabilities	3		498		96		1,897			(852		)	1,642
Commitments and contingencies
Equity:
Total CVR stockholders’ equity	1,384		1,555		2,006		(1,156		)	(2,405		)	1,384
Noncontrolling interest	—		—		—		322			—			322
Total equity	1,384		1,555		2,006		(834		)	(2,405		)	1,706
Total liabilities and equity	$	1,388	$	2,070	$	2,464	$	1,190		$	(3,282	)	$	3,830

Condensed Consolidated Balance Sheet



	December 31, 2018
(in millions)	Parent			Subsidiary Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Intercompany Elimination			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	3		$	340	$	261	$	64	$	—		$	668
Accounts receivable	—			—		107		62		—			169
Due to/from parent	4			—		—		—		—			4
Intercompany receivable	6			—		4		—		(10		)	—
Inventories	—			—		316		64		—			380
Prepaid expenses and other current assets	27			1		49		4		(9		)	72
Total current assets	40			341		737		194		(19		)	1,293
Property, plant and equipment, net of accumulated depreciation	—			—		1,413		1,017		—			2,430
Investment in and advances from subsidiaries	1,232			1,601		172		1,440		(4,445		)	—
Other long-term assets	—			1		231		45		—			277
Total assets	$	1,272		$	1,943	$	2,553	$	2,696	$	(4,464	)	$	4,000
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	1		$	—	$	293	$	26	$	—		$	320
Intercompany payables	—			—		—		10		(10		)	—
Other current liabilities	6			7		74		97		(8		)	176
Total current liabilities	7			7		367		133		(18		)	496
Long-term liabilities:
Long-term debt and finance lease obligations, net of current portion	—			496		42		629		—			1,167
Investment and advances from subsidiaries	—			—		106		—		(106		)	—
Deferred income taxes	(24		)	—		—		404		—			380
Other long-term liabilities	3			—		7		4		—			14
Total long-term liabilities	(21		)	496		155		1,037		(106		)	1,561
Commitments and contingencies
Equity:
Total CVR stockholders’ equity	1,286			1,440		1,702		1,198		(4,340		)	1,286
Noncontrolling interest	—			—		329		328		—			657
Total equity	1,286			1,440		2,031		1,526		(4,340		)	1,943
Total liabilities and equity	$	1,272		$	1,943	$	2,553	$	2,696	$	(4,464	)	$	4,000

Guarantor Consolidated Statement of Operations

Condensed Consolidated Statement of Operations



	Three Months Ended June 30, 2019
(in millions)	Parent			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Intercompany Eliminations			Consolidated
Net sales	$	—		$	—		$	1,553		$	138		$	(4	)	$	1,687
Operating costs and expenses:
Cost of materials and other	—			—			1,245			26			(4		)	1,267
Direct operating expenses (exclusive of depreciation and amortization as reflected below)	—			—			87			45			—			132
Depreciation and amortization	—			—			51			25			—			76
Cost of sales	—			—			1,383			96			(4		)	1,475
Selling, general and administrative expenses (exclusive of depreciation and amortization as reflected below)	4			2			14			7			—			27
Depreciation and amortization	—			—			2			—			—			2
Gain on asset disposals	—			—			(9		)	—			—			(9		)
Operating income (loss)	(4		)	(2		)	163			35			—			192
Other income (expense):
Interest expense, net	(2		)	(7		)	(2		)	(15		)	—			(26		)
Other income, net	—			—			3			—			—			3
Income (loss) from subsidiaries	131			165			3			(8		)	(291		)	—
Income (loss) before income taxes	125			156			167			12			(291		)	169
Income tax expense (benefit)	9			—			—			32			—			41
Net income (loss)	116			156			167			(20		)	(291		)	128
Less: Net income attributable to noncontrolling interest	—			—			—			12			—			12
Net income (loss) attributable to CVR Energy stockholders	$	116		$	156		$	167		$	(32	)	$	(291	)	$	116

Condensed Consolidated Statement of Operations



	Three Months Ended June 30, 2018
(in millions)	Parent			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Intercompany Eliminations			Consolidated
Net sales	$	—		$	—		$	1,824		$	93		$	(3	)	$	1,914
Operating costs and expenses:
Cost of materials and other	—			—			1,544			19			(3		)	1,560
Direct operating expenses (exclusive of depreciation and amortization as reflected below)	—			—			94			46			—			140
Depreciation and amortization	—			—			47			21			—			68
Cost of sales	—			—			1,685			86			(3		)	1,768
Selling, general and administrative expenses (exclusive of depreciation and amortization as reflected below)	5			4			16			6			—			31
Depreciation and amortization	—			1			2			—			—			3
Loss on asset disposals	—			—			5			—			—			5
Operating income (loss)	(5		)	(5		)	116			1			—			107
Other income (expense):
Interest expense, net	—			(9		)	(2		)	(15		)	—			(26		)
Other income, net	—			—			2			—			—			2
Income (loss) from subsidiaries	47			117			(11		)	(13		)	(140		)	—
Income (loss) before income taxes	42			103			105			(27		)	(140		)	83
Income tax expense (benefit)	(1		)	—			—			16			—			15
Net income (loss)	43			103			105			(43		)	(140		)	68
Less: Net income attributable to noncontrolling interest	—			—			36			(11		)	—			25
Net income (loss) attributable to CVR Energy stockholders	$	43		$	103		$	69		$	(32	)	$	(140	)	$	43

Condensed Consolidated Statement of Operations



	Six Months Ended June 30, 2019
(in millions)	Parent			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Intercompany Eliminations			Consolidated
Net sales	$	—		$	—		$	2,948		$	230		$	(5	)	$	3,173
Operating costs and expenses:
Cost of materials and other	—			—			2,323			50			(5		)	2,368
Direct operating expenses (exclusive of depreciation and amortization as reflected below)	—			—			178			80			—			258
Depreciation and amortization	—			—			99			42			—			141
Cost of sales	—			—			2,600			172			(5		)	2,767
Selling, general and administrative expenses (exclusive of depreciation and amortization as reflected below)	9			4			30			14			—			57
Depreciation and amortization	—			—			3			1			—			4
(Gain) loss on asset disposals	—			—			(8		)	1			—			(7		)
Operating income (loss)	(9		)	(4		)	323			42			—			352
Other income (expense):
Interest expense, net	(4		)	(12		)	(6		)	(30		)	—			(52		)
Other income, net	—			—			6			—			—			6
Income (loss) from subsidiaries	252			324			(4		)	(17		)	(555		)	—
Income (loss) before income taxes	239			308			319			(5		)	(555		)	306
Income tax expense (benefit)	22			—			—			54			—			76
Net income (loss)	217			308			319			(59		)	(555		)	230
Less: Net income attributable to noncontrolling interest	—			—			5			8			—			13
Net income (loss) attributable to CVR Energy stockholders	$	217		$	308		$	314		$	(67	)	$	(555	)	$	217

Condensed Consolidated Statement of Operations



	Six Months Ended June 30, 2018
(in millions)	Parent			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Intercompany Eliminations			Consolidated
Net sales	$	—		$	—		$	3,281		$	173		$	(3	)	$	3,451
Operating costs and expenses:
Cost of materials and other	—			—			2,700			42			(3		)	2,739
Direct operating expenses (exclusive of depreciation and amortization as reflected below)	—			—			186			85			—			271
Depreciation and amortization	—			—			94			37			—			131
Cost of sales	—			—			2,980			164			(3		)	3,141
Selling, general and administrative expenses (exclusive of depreciation and amortization as reflected below)	8			5			30			12			—			55
Depreciation and amortization	—			1			4			1			—			6
Loss on asset disposals	—			—			4			1			—			5
Operating income (loss)	(8		)	(6		)	263			(5		)	—			244
Other income (expense):
Interest expense, net	—			(17		)	(6		)	(30		)	—			(53		)
Other income, net	—			—			3			—			—			3
Income (loss) from subsidiaries	109			261			(23		)	(24		)	(323		)	—
Income (loss) before income taxes	101			238			237			(59		)	(323		)	194
Income tax expense (benefit)	(2		)	—			—			35			—			33
Net income (loss)	103			238			237			(94		)	(323		)	161
Less: Net income attributable to noncontrolling interest	—			—			81			(23		)	—			58
Net income (loss) attributable to CVR Energy stockholders	$	103		$	238		$	156		$	(71	)	$	(323	)	$	103

Guarantor Consolidated Statement of Cash Flows

Condensed Consolidated Statement of Cash Flows



	Six Months Ended June 30, 2019
(in millions)	Parent			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Intercompany Elimination			Consolidated
Net cash provided by (used in) operating activities	$	(59	)	$	(8	)	$	391		$	60		$	—		$	384

Cash flows from investing activities:
Capital expenditures	—			(1		)	(48		)	(6		)	—			(55		)
Turnaround expenditures	—			—			(24		)	—			—			(24		)
Investment in affiliates, net of return of investment	512			107			160			27			(806		)	—
Other investing activities	—			—			35			1			—			36
Net cash provided by (used in) investing activities	512			106			123			22			(806		)	(43		)

Cash flows from financing activities:
Dividends to CVR Energy stockholders	(150		)	—			—			—			—			(150		)
Acquisition of CVR Refining common units	(301		)	—			—			—			—			(301		)
Distributions to CVR Partners’ noncontrolling interest holders	—			—			—			(14		)	—			(14		)
Distributions or intercompany advances to other CVR Energy subsidiaries	—			(22		)	(725		)	(59		)	806			—
Other financing activities	—			—			(2		)	(2		)	—			(4		)
Net cash provided by (used in) financing activities	(451		)	(22		)	(727		)	(75		)	806			(469		)
Net increase (decrease) in cash and cash equivalents	2			76			(213		)	7			—			(128		)
Cash and cash equivalents, beginning of period	3			340			261			64			—			668
Cash and cash equivalents, end of period	$	5		$	416		$	48		$	71		$	—		$	540

Condensed Consolidated Statement of Cash Flows



	Six Months Ended June 30, 2018
(in millions)	Parent			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Intercompany Elimination			Consolidated
Net cash provided by (used in) operating activities	$	67		$	(15	)	$	310		$	(125	)	$	1		$	238

Cash flows from investing activities:
Capital expenditures	—			(2		)	(32		)	(9		)	—			(43		)
Turnaround expenditures	—			—			(5		)	—			—			(5		)
Investment in affiliates, net of return of investment	21			444			241			171			(877		)	—
Other investing activities	—			—			(2		)	—			—			(2		)
Net cash provided by (used in) investing activities	21			442			202			162			(877		)	(50		)

Cash flows from financing activities:
Dividends to CVR Energy stockholders	(87		)	—			—			—			—			(87		)
Distributions to CVR Refining or CVR Partners’ noncontrolling interest holders	—			—			—			(48		)	—			(48		)
Distributions or intercompany advances to other CVR Energy subsidiaries	—			(337		)	(530		)	(9		)	876			—
Other financing activities	—			—			—			(1		)	—			(1		)
Net cash provided by (used in) financing activities	(87		)	(337		)	(530		)	(58		)	876			(136		)
Net increase (decrease) in cash and cash equivalents	1			90			(18		)	(21		)	—			52
Cash and cash equivalents, beginning of period	4			163			264			51			—			482
Cash and cash equivalents, end of period	$	5		$	253		$	246		$	30		$	—		$	534