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Long-Term Debt and Finance Lease Obligations (Tables) | 9 Months Ended
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Sep. 30, 2020
Debt Disclosure [Abstract] |
Schedule of long-term debt and finance lease obligations | Long-term debt and finance lease obligations consist of the following:
(in millions) | September 30, 2020 |  | December 31, 2019
CVR Partners: |  |  |
9.25% Senior Secured Notes, due June 2023 | $ | 645 |  |  | $ | 645 |
6.50% Senior Notes, due April 2021, net of current portion (1) | — |  |  | 2 |
Unamortized discount and debt issuance costs | (12) |  |  | (15) |
Total CVR Partners debt, net of current portion | $ | 633 |  |  | $ | 632 |
CVR Refining: |  |  |
6.50% Senior Notes, due November 2022 (2) | $ | — |  |  | $ | 500 |
Finance lease obligations, net of current portion (3) | 56 |  |  | 61 |
Unamortized debt issuance cost | — |  |  | (3) |
Total CVR Refining debt, net of current portion | $ | 56 |  |  | $ | 558 |
CVR Energy: |  |  |
5.25% Senior Notes, due February 2025 | $ | 600 |  |  | $ | — |
5.75% Senior Notes, due February 2028 | 400 |  |  | — |
Unamortized debt issuance costs | (6) |  |  | — |
Total CVR Energy debt | 994 |  |  | — |
Total long-term debt and finance lease obligations, net of current portion | $ | 1,683 |  |  | $ | 1,190 |
Current portion of long-term debt and finance lease obligations (4) | 7 |  |  | 5 |
Total long-term debt and finance lease obligations, including current portion | $ | 1,690 |  |  | $ | 1,195 |
(1)The 6.50% Notes, due April 2021, mature within 12 months, and, therefore, the outstanding balance of $2 million has been classified as short-term debt as of September 30, 2020. (2)On January 27, 2020, the Company redeemed all of the 6.50% Senior Notes due November 2022 (the “2022 Notes”) for a redemption price equal to 101.083%, plus accrued and unpaid interest on the redeemed notes. (3)Current portion of finance lease obligations recognized was approximately $5 million and $5 million as of September 30, 2020 and December 31, 2019, respectively. (4)Amounts reported in Other current liabilities. Credit Agreements
(in millions) | Total Available Borrowing Capacity |  | Amount Borrowed as of September 30, 2020 |  | Outstanding Letters of Credit |  | Available Capacity as of September 30, 2020 |  | Maturity Date
CVR Partners: |  |  |  |  |  |  |  |  |
Asset Based (“Nitrogen Fertilizer ABL”) Credit Agreement (1)(2) | $ | 25 |  |  | $ | — |  |  | $ | — |  |  | $ | 25 |  |  | September 30, 2022
CVR Refining: |
Amended and Restated Asset Based (“Petroleum ABL”) Credit Agreement (3) | $ | 400 |  |  | $ | — |  |  | $ | 7 |  |  | $ | 393 |  |  | November 14, 2022
(1)Through December 31, 2020, loans under the Nitrogen Fertilizer ABL bear interest at an annual rate equal to (i) 2.00% plus LIBOR or (ii) 1.00% plus a base rate. Thereafter, loans will bear interest (i) at such rates if our quarterly excess availability is greater than 50% and (ii) (a) 2.50% plus LIBOR or (b) 1.50% plus a base rate, otherwise. (2)The Nitrogen Fertilizer ABL was amended on September 29, 2020, to, among other things, reduce the commitments thereunder to $35 million and extend the maturity date to September 30, 2022. Deferred financing costs of less than $1 million were capitalized related to this amendment and will be amortized from Prepaid expenses and other current assets and Other long-term assets over the remaining term of the Nitrogen Fertilizer ABL. (3)Loans under the Petroleum ABL bear interest at an annual rate equal to (i) (a) 1.50% plus LIBOR or (b) 0.50% plus a base rate, if our quarterly excess availability is greater than 50% and (ii) 1.75% plus LIBOR or (b) 0.75% plus a base rate, otherwise.

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