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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2020
Accounting Policies [Abstract] |
Schedule of inventories | Inventories consisted of the following:
| December 31,
(in millions) | 2020 |  | 2019
Finished goods | $ | 133 |  |  | $ | 177 |
Raw materials | 83 |  |  | 112 |
In-process inventories | 16 |  |  | 18 |
Parts and supplies | 66 |  |  | 66 |
Total Inventories | $ | 298 |  |  | $ | 373 |
Schedule of lives used in computing depreciation for depreciable assets and components of property, plant and equipment, net | The lives used in computing depreciation for significant asset classes are as follows:
Asset |  | Range of Useful Lives, in Years
Land and improvements |  | 10 to 30
Buildings and improvements |  | 1 to 30
Machinery and equipment |  | 2 to 30
Furniture and fixtures |  | 3 to 10
Right-of-use (“ROU”) finance leases |  | 3 to 18
Other |  | 5 to 30
Property, plant and equipment, net consisted of the following:
| December 31,
(in millions) | 2020 |  | 2019
Machinery and equipment | $ | 3,881 |  |  | $ | 3,805 |
Buildings and improvements | 88 |  |  | 87 |
ROU finance leases | 80 |  |  | 81 |
Land and improvements | 47 |  |  | 46 |
Furniture and fixtures | 38 |  |  | 35 |
Construction in progress | 100 |  |  | 95 |
Other | 15 |  |  | 14 |
| 4,249 |  |  | 4,163 |
Less: Accumulated depreciation | 2,009 |  |  | 1,827 |
Total Property, plant and equipment, net | $ | 2,240 |  |  | $ | 2,336 |
Effect of accounting standards adoption and accounting changes on financial statements | The following presents the financial statement line items impacted by the Petroleum Segment turnaround accounting change for each of the periods presented within these consolidated financial statements. Effect of Turnaround Accounting on Consolidated Statement of Operations and Consolidated Statement of Cash Flows for the Year Ended December 31, 2018
| Year Ended December 31,
| 2018 |  |  |  |
(in millions) | As Previously Reported |  | Effect of Turnaround Accounting Change |  | As Stated |  |  |  |  |  |  |  |  |  |  |  |
Consolidated Statement of Operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct operating expenses | $ | 523 |  |  | $ | (6) |  |  | $ | 517 |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization | 202 |  |  | 61 |  |  | 263 |  |  |  |  |  |  |  |  |  |  |  |  |
Income tax expense (benefit) | 89 |  |  | (10) |  |  | 79 |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) | $ | 411 |  |  | $ | (45) |  |  | $ | 366 |  |  |  |  |  |  |  |  |  |  |  |  |
Less: Net income (loss) attributable to noncontrolling interest | 122 |  |  | (15) |  |  | 107 |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) attributable to CVR Energy stockholders | $ | 289 |  |  | $ | (30) |  |  | $ | 259 |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated Statement of Cash Flows |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net cash provided by operating activities | $ | 620 |  |  | $ | 8 |  |  | $ | 628 |  |  |  |  |  |  |  |  |  |  |  |  |
Net cash used by investing activities | $ | (100) |  |  | $ | (8) |  |  | $ | (108) |  |  |  |  |  |  |  |  |  |  |  |  |

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