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Related Party Transactions | 3 Months Ended
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Mar. 31, 2020
Related Party Transactions [Abstract] |
Related Party Transactions | (15) Related Party Transactions Activity associated with the Company’s related party arrangements for the three months ended March 31, 2020 and 2019 is summarized below: Expenses from related parties
|  |  |  |  | Three Months Ended March 31, |  |
(in millions) |  |  |  |  | 2020 |  | 2019
Cost of materials and other |  |  |  |  |  |  |
Joint Venture Transportation Agreement: |  |  |  |  |  |  |
Enable |  |  |  |  | $ | 3 |  |  | $ | 2 |
Payments made |  |  |  |  |  |  |
Dividends (1) |  |  |  |  | 57 |  |  | 54 |
(1)See below for a summary of the dividends paid to IEP for the three months ended March 31, 2020.
Agency Arrangement with IEP On February 4, 2020, CVR Energy and Icahn Enterprises Holdings LP (“IEH”), a subsidiary of IEP, entered into an agency arrangement wherein IEH would act as the agent for CVR Energy. Under this arrangement, the Company invested approximately $140 million in certain marketable securities of Delek US Holdings, Inc. (“Delek”) (NYSE ticker symbol: DK) and could make additional investments in Delek or invest in other public companies in the future under this arrangement. The Company reimbursed IEH for all costs associated with the initial purchase and did not incur any additional fees as part of this transaction. Property Exchange On October 22, 2019, the audit committee of CVR Energy and the Conflicts Committee of the board of directors of CVR GP each agreed to authorize the exchange of certain parcels of property owned by subsidiaries of CVR Energy with an equal number of parcels owned by subsidiaries of CVR Partners, all located in Coffeyville, Kansas (the “Property Exchange”). On February 19, 2020, a subsidiary of CVR Energy and a subsidiary of CVR Partners executed the Property Exchange agreement. This Property Exchange will enable each such subsidiary to create a more usable, contiguous parcel of land near its own operating footprint. This transaction resulted in no net impact on the Company’s condensed consolidated financial statements. Dividends to CVR Energy Stockholders The following tables present dividends paid to the Company’s stockholders, including IEP, during 2020 and 2019 (amounts presented in tables below may not add to totals presented due to rounding).
|  |  |  |  |  | Dividends Paid (in millions) |  |  |  |
Related Period |  | Date Paid |  | Dividend Per Share |  | Stockholders |  | IEP |  | Total
2019 - 4th Quarter |  | March 9, 2020 |  | $ | 0.80 |  |  | $ | 23 |  |  | $ | 57 |  |  | $ | 80 |
|  |  |  |  |  | Dividends Paid (in millions) |  |  |  |
Related Period |  | Date Paid |  | Dividend Per Share |  | Stockholders |  | IEP |  | Total
2018 - 4th Quarter |  | March 11, 2019 |  | $ | 0.75 |  |  | $ | 22 |  |  | $ | 53 |  |  | $ | 75 |
2019 - 1st Quarter |  | May 13, 2019 |  | 0.75 |  |  | 22 |  |  | 53 |  |  | 75 |
2019 - 2nd Quarter |  | August 12, 2019 |  | 0.75 |  |  | 22 |  |  | 53 |  |  | 75 |
2019 - 3rd Quarter |  | November 11, 2019 |  | 0.80 |  |  | 23 |  |  | 57 |  |  | 80 |
Total |  |  |  | $ | 3.05 |  |  | $ | 90 |  |  | $ | 217 |  |  | $ | 307 |
For the first quarter of 2020, the Company, upon approval by the Company’s Board of Directors on May 6, 2020, declared a cash dividend of $0.40 per share, or $40 million, which is payable on May 26, 2020 to shareholders of record as of May 18, 2020. Of this amount, IEP will receive $28 million due to its ownership interest in the Company’s shares. Dividends, if any, including the payment, amount and timing thereof, are subject to change at the discretion of the Company’s Board of Directors. Distributions to CVR Partners’ Unitholders
Distributions, if any, including the payment, amount and timing thereof, are subject to change at the discretion of the Board of Directors of CVR Partners’ general partner. There were no distributions paid by CVR Partners during the three months ended March 31, 2020 related to the fourth quarter of 2019, and no distributions were declared for the first quarter of 2020. The following table presents distributions paid by the Partnership to CVR Partners’ unitholders, including amounts paid to CVR Energy, during 2019.
|  |  |  |  |  | Distributions Paid (in thousands) |  |  |  |
Related Period |  | Date Paid |  | Distribution Per Common Unit |  | Public Unitholders |  | CVR Energy |  | Total
2018 - 4th Quarter |  | March 11, 2019 |  | $ | 0.12 |  |  | $ | 8,924 |  |  | $ | 4,670 |  |  | $ | 13,594 |
2019 - 1st Quarter |  | May 13, 2019 |  | 0.07 |  |  | 5,205 |  |  | 2,724 |  |  | 7,929 |
2019 - 2nd Quarter |  | August 12, 2019 |  | 0.14 |  |  | 10,411 |  |  | 5,449 |  |  | 15,860 |
2019 - 3rd Quarter |  | November 11, 2019 |  | 0.07 |  |  | 5,205 |  |  | 2,724 |  |  | 7,930 |
Total |  |  |  | $ | 0.40 |  |  | $ | 29,745 |  |  | $ | 15,567 |  |  | $ | 45,313 |

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- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -URI http://asc.fasb.org/topic&trid=2122745 + Details
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