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Accounting Change - Turnaround Expenses (Tables)

12 Months Ended

Dec. 31, 2018

Accounting Changes and Error Corrections [Abstract]

Schedule of Effect of Turnaround Accounting Change on Financial Statements

The following presents the financial statement line items impacted by the turnaround accounting change for each of the periods presented within these consolidated financial statements.

Effect of Turnaround Accounting Change on Consolidated Balance Sheet as of December 31, 2018 and 2017

	December 31, 2018										December 31, 2017
(in millions)	As Previously Reported			Effect of Turnaround Accounting Change			As Stated				As Previously Reported			Effect of Turnaround Accounting Change			As Stated
Property, plant and equipment, net of accumulated depreciation	$	2,445		$	(15	)	$	2,430			$	2,588		$	(15	)	$	2,573
Other long-term assets (1)	169			108			277				141			161			302
Total assets	$	3,907		$	93		$	4,000			$	3,807		$	146		$	3,953
Long-term liabilities:
Deferred income taxes (2)	$	362		$	18		$	380			$	386		$	27		$	413
Total long-term liabilities	1,543			18			1,561				1,559			27			1,586
Equity:
CVR stockholders’ equity:
Additional paid-in-capital	$	1,473		$	1		$	1,474			$	1,197		$	—		$	1,197
Retained deficit	(226		)	39			(187		)		(277		)	69			(208		)
Total CVR stockholders’ equity	$	1,246		$	40		$	1,286			$	919		$	69		$	988
Noncontrolling interest	622			35			657				785			50			835
Total equity	$	1,868		$	75		$	1,943			$	1,704		$	119		$	1,823
Total liabilities and equity	$	3,907		$	93		$	4,000			$	3,807		$	146		$	3,953

(1) This represents the capitalized turnaround asset recognized due to the turnaround policy change.

(2) This represents the increase in deferred tax liability due to the recognition of the capitalized turnaround asset.

Effect of Turnaround Accounting on Consolidated Statement of Operations and Consolidated Statement of Cash Flows for the Years Ended December 31, 2018, 2017 and 2016

	Year Ended December 31,
	2018										2017										2016
(in millions)	As Previously Reported			Effect of Turnaround Accounting Change			As Stated				As Previously Reported			Effect of Turnaround Accounting Change			As Stated				As Previously Reported			Effect of Turnaround Accounting Change			As Stated
Consolidated Statement of Operations
Direct operating expenses	$	523		$	(6	)	$	517			$	598		$	(82	)	$	516			$	541		$	(38	)	$	503
Depreciation and amortization	202			61			263				203			44			247				184			36			220
Income tax expense (benefit)	89			(10		)	79				(217		)	(3		)	(220		)		(20		)	1			(19		)
Net income	$	411		$	(45	)	$	366			$	217		$	41		$	258			$	9		$	1		$	10
Less: Net income attributable to noncontrolling interest	122			(15		)	107				(18		)	13			(5		)		(16		)	1			(15		)
Net income attributable to CVR Energy stockholders	$	289		$	(30	)	$	259			$	235		$	28		$	263			$	25		$	—		$	25
Consolidated Statement of Cash Flows
Net cash provided by operating activities	$	620		$	8		$	628			$	168		$	80		$	248			$	267		$	70		$	337
Net cash used by investing activities	$	(100	)	$	(8	)	$	(108	)		$	(196	)	$	(80	)	$	(276	)		$	(201	)	$	(70	)	$	(271	)

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- References

No definition available.

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- Definition

Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22663-107794

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22644-107794

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22658-107794

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