Guarantor Financial Information (Tables)

9 Months Ended

Sep. 30, 2019

Condensed Financial Information Disclosure [Abstract]

Condensed Consolidated Balance Sheet



	September 30, 2019
(in millions)	Parent		Subsidiary Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Intercompany Elimination			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	5	$	548	$	54	$	85		$	—		$	692
Accounts receivable	—		—		166		15			—			181
Intercompany receivable	6		—		—		20			(26		)	—
Inventories	—		—		331		57			—			388
Prepaid expenses and other current assets	100		2		—		13			(49		)	66
Total current assets	111		550		551		190			(75		)	1,327
Property, plant and equipment, net of accumulated depreciation	—		1		1,388		967			—			2,356
Investment in and advances from subsidiaries	1,332		1,589		435		424			(3,780		)	—
Other long-term assets	—		4		226		49			—			279
Total assets	$	1,443	$	2,144	$	2,600	$	1,630		$	(3,855	)	$	3,962
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	1	$	2	$	347	$	40		$	—		$	390
Intercompany payables	—		—		26		—			(26		)	—
Other current liabilities	6		25		41		177			(49		)	200
Total current liabilities	7		27		414		217			(75		)	590
Long-term liabilities:
Long-term debt and finance lease obligations, net of current portion	—		497		61		632			—			1,190
Investment and advances from subsidiaries	—		—		—		1,046			(1,046		)	—
Deferred income taxes	3		—		—		402			—			405
Other long-term liabilities	4		1		33		14			—			52
Total long-term liabilities	7		498		94		2,094			(1,046		)	1,647
Commitments and contingencies
Equity:
Total CVR stockholders’ equity	1,429		1,619		2,092		(977		)	(2,734		)	1,429
Noncontrolling interest	—		—		—		296			—			296
Total equity	1,429		1,619		2,092		(681		)	(2,734		)	1,725
Total liabilities and equity	$	1,443	$	2,144	$	2,600	$	1,630		$	(3,855	)	$	3,962

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		$	349	$	252	$	64		$	—		$	668
Accounts receivable	—			—		107		62			—			169
Intercompany receivable	6			—		4		—			(10		)	—
Inventories	—			—		316		64			—			380
Prepaid expenses and other current assets	31			2		47		3			(7		)	76
Total current assets	40			351		726		193			(17		)	1,293
Property, plant and equipment, net of accumulated depreciation	—			3		1,409		1,018			—			2,430
Investment in and advances from subsidiaries	1,263			1,693		173		—			(3,129		)	—
Other long-term assets	—			2		231		44			—			277
Total assets	$	1,303		$	2,049	$	2,539	$	1,255		$	(3,146	)	$	4,000
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	1		$	3	$	291	$	25		$	—		$	320
Intercompany payables	—			—		—		10			(10		)	—
Other current liabilities	6			14		65		98			(7		)	176
Total current liabilities	7			17		356		133			(17		)	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		993			(1,099		)	—
Deferred income taxes	(24		)	—		—		404			—			380
Other long-term liabilities	3			1		6		4			—			14
Total long-term liabilities	(21		)	497		154		2,030			(1,099		)	1,561
Commitments and contingencies
Equity:
Total CVR stockholders’ equity	1,317			1,207		2,029		(1,237		)	(2,030		)	1,286
Noncontrolling interest	—			328		—		329			—			657
Total equity	1,317			1,535		2,029		(908		)	(2,030		)	1,943
Total liabilities and equity	$	1,303		$	2,049	$	2,539	$	1,255		$	(3,146	)	$	4,000

Guarantor Consolidated Statement of Operations

Condensed Consolidated Statement of Operations



	Three Months Ended September 30, 2019
(in millions)	Parent			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Intercompany Eliminations			Consolidated
Net sales	$	—		$	—		$	1,535		$	89		$	(2	)	$	1,622
Operating costs and expenses:
Cost of materials and other	—			—			1,202			21			(2		)	1,221
Direct operating expenses (exclusive of depreciation and amortization as reflected below)	—			—			91			48			—			139
Depreciation and amortization	—			—			51			18			—			69
Cost of sales	—			—			1,344			87			(2		)	1,429
Selling, general and administrative expenses (exclusive of depreciation and amortization as reflected below)	5			2			15			7			—			29
Depreciation and amortization	—			—			2			—			—			2
Loss on asset disposals	—			—			—			3			—			3
Operating income (loss)	(5		)	(2		)	174			(8		)	—			159
Other income (expense):
Interest expense, net	(3		)	(7		)	(2		)	(14		)	—			(26		)
Other income, net	—			—			4			1			—			5
Income (loss) from subsidiaries	136			176			(10		)	(5		)	(297		)	—
Income (loss) before income taxes	128			167			166			(26		)	(297		)	138
Income tax expense	9			—			—			25			—			34
Net income (loss)	119			167			166			(51		)	(297		)	104
Less: Net loss attributable to noncontrolling interest	—			—			—			(15		)	—			(15		)
Net income (loss) attributable to CVR Energy stockholders	$	119		$	167		$	166		$	(36	)	$	(297	)	$	119

Condensed Consolidated Statement of Operations



	Three Months Ended September 30, 2018
(in millions)	Parent			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Intercompany Eliminations			Consolidated
Net sales	$	—		$	—		$	1,857		$	81		$	(3	)	$	1,935
Operating costs and expenses:
Cost of materials and other	—			—			1,539			20			(3		)	1,556
Direct operating expenses (exclusive of depreciation and amortization as reflected below)	—			—			84			35			—			119
Depreciation and amortization	—			—			46			17			—			63
Cost of sales	—			—			1,669			72			(3		)	1,738
Selling, general and administrative expenses (exclusive of depreciation and amortization as reflected below)	4			2			14			7			—			27
Depreciation and amortization	—			1			2			—			—			3
Loss on asset disposals	—			—			1			—			—			1
Operating income (loss)	(4		)	(3		)	171			2			—			166
Other income (expense):
Interest expense, net	—			(9		)	(2		)	(15		)	—			(26		)
Other income, net	—			—			3			—			—			3
Income (loss) from subsidiaries	84			173			(10		)	(11		)	(236		)	—
Income (loss) before income taxes	80			161			162			(24		)	(236		)	143
Income tax expense (benefit)	(1		)	—			—			34			—			33
Net income (loss)	81			161			162			(58		)	(236		)	110
Less: Net income (loss) attributable to noncontrolling interest	—			38			—			(9		)	—			29
Net income (loss) attributable to CVR Energy stockholders	$	81		$	123		$	162		$	(49	)	$	(236	)	$	81

Condensed Consolidated Statement of Operations



	Nine Months Ended September 30, 2019
(in millions)	Parent			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Intercompany Eliminations			Consolidated
Net sales	$	—		$	—		$	4,484		$	318		$	(8	)	$	4,794
Operating costs and expenses:
Cost of materials and other	—			—			3,525			72			(8		)	3,589
Direct operating expenses (exclusive of depreciation and amortization as reflected below)	—			—			269			128			—			397
Depreciation and amortization	—			—			150			60			—			210
Cost of sales	—			—			3,944			260			(8		)	4,196
Selling, general and administrative expenses (exclusive of depreciation and amortization as reflected below)	15			6			45			19			—			85
Depreciation and amortization	—			1			5			1			—			7
(Gain) loss on asset disposals	—			—			(8		)	3			—			(5		)
Operating income (loss)	(15		)	(7		)	498			35			—			511
Other income (expense):
Interest expense, net	(7		)	(15		)	(8		)	(47		)	—			(77		)
Other income, net	—			—			10			—			—			10
Income (loss) from subsidiaries	389			500			(14		)	(21		)	(854		)	—
Income (loss) before income taxes	367			478			486			(33		)	(854		)	444
Income tax expense	31			—			—			79			—			110
Net income (loss)	336			478			486			(112		)	(854		)	334
Less: Net income (loss) attributable to noncontrolling interest	—			5			—			(7		)	—			(2		)
Net income (loss) attributable to CVR Energy stockholders	$	336		$	473		$	486		$	(105	)	$	(854	)	$	336

Condensed Consolidated Statement of Operations



	Nine Months Ended September 30, 2018
(in millions)	Parent			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Intercompany Eliminations			Consolidated
Net sales	$	—		$	—		$	5,138		$	253		$	(5	)	$	5,386
Operating costs and expenses:
Cost of materials and other	—			—			4,238			62			(5		)	4,295
Direct operating expenses (exclusive of depreciation and amortization as reflected below)	—			—			269			121			—			390
Depreciation and amortization	—			—			143			53			—			196
Cost of sales	—			—			4,650			236			(5		)	4,881
Selling, general and administrative expenses (exclusive of depreciation and amortization as reflected below)	12			8			44			19			—			83
Depreciation and amortization	—			2			5			1			—			8
Loss on asset disposals	—			—			4			1			—			5
Operating income (loss)	(12		)	(10		)	435			(4		)	—			409
Other income (expense):
Interest expense, net	—			(25		)	(7		)	(47		)	—			(79		)
Other income, net	—			—			6			—			—			6
Income (loss) from subsidiaries	194			431			(34		)	(35		)	(556		)	—
Income (loss) before income taxes	182			396			400			(86		)	(556		)	336
Income tax expense (benefit)	(3		)	—			—			68			—			65
Net income (loss)	185			396			400			(154		)	(556		)	271
Less: Net income (loss) attributable to noncontrolling interest	—			118			—			(32		)	—			86
Net income (loss) attributable to CVR Energy stockholders	$	185		$	278		$	400		$	(122	)	$	(556	)	$	185

Guarantor Consolidated Statement of Cash Flows

Condensed Consolidated Statement of Cash Flows



	Nine Months Ended September 30, 2019
(in millions)	Parent			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Intercompany Elimination			Consolidated
Net cash provided by (used in) operating activities	$	(123	)	$	(12	)	$	616		$	172		$	—		$	653

Cash flows from investing activities:
Capital expenditures	—			—			(76		)	(9		)	—			(85		)
Turnaround expenditures	—			—			(24		)	—			—			(24		)
Investment in affiliates, net of return of investment	652			243			263			(22		)	(1,136		)	—
Proceeds from sale of assets	—			—			36			—			—			36
Net cash provided by (used in) investing activities	652			243			199			(31		)	(1,136		)	(73		)

Cash flows from financing activities:
Dividends to CVR Energy stockholders	(225		)	—			—			—			—			(225		)
Acquisition of CVR Refining common units	(301		)	—			—			—			—			(301		)
Distributions to CVR Partners’ noncontrolling interest holders	—			—			—			(25		)	—			(25		)
Distributions or intercompany advances to other CVR Energy subsidiaries	—			(32		)	(1,011		)	(93		)	1,136			—
Other financing activities	(1		)	—			(2		)	(2		)	—			(5		)
Net cash provided by (used in) financing activities	(527		)	(32		)	(1,013		)	(120		)	1,136			(556		)
Net increase (decrease) in cash and cash equivalents	2			199			(198		)	21			—			24
Cash and cash equivalents, beginning of period	3			349			252			64			—			668
Cash and cash equivalents, end of period	$	5		$	548		$	54		$	85		$	—		$	692

Condensed Consolidated Statement of Cash Flows



	Nine Months Ended September 30, 2018
(in millions)	Parent			Subsidiary Issuer			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Intercompany Elimination			Consolidated
Net cash provided by (used in) operating activities	$	(2	)	$	(10	)	$	598		$	(60	)	$	—		$	526

Cash flows from investing activities:
Capital expenditures	—			(2		)	(51		)	(15		)	—			(68		)
Turnaround expenditures	—			—			(7		)	—			—			(7		)
Investment in affiliates, net of return of investment	162			793			383			168			(1,506		)	—
Other investing activities	—			—			1			—			—			1
Net cash provided by (used in) investing activities	162			791			326			153			(1,506		)	(74		)

Cash flows from financing activities:
Dividends to CVR Energy stockholders	(162		)	—			—			—			—			(162		)
Distributions to CVR Refining or CVR Partners’ noncontrolling interest holders	—			—			—			(67		)	—			(67		)
Distributions or intercompany advances to other CVR Energy subsidiaries	—			(550		)	(943		)	(13		)	1,506			—
Other financing activities	—			—			(2		)	(1		)	—			(3		)
Net cash provided by (used in) financing activities	(162		)	(550		)	(945		)	(81		)	1,506			(232		)
Net increase (decrease) in cash and cash equivalents	(2		)	231			(21		)	12			—			220
Cash and cash equivalents, beginning of period	4			163			264			51			—			482
Cash and cash equivalents, end of period	$	2		$	394		$	243		$	63		$	—		$	702