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Long-Term Debt and Finance Lease Obligations (Tables) | 12 Months Ended
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Dec. 31, 2020
Debt Disclosure [Abstract] |
Schedule of long-term debt |
| December 31,
(in millions) | 2020 |  | 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 | (11) |  |  | (15) |
Total CVR Partners debt | $ | 634 |  |  | $ | 632 |
CVR Refining: |  |  |
6.50% Senior Notes, due November 2022 (2) | $ | — |  |  | $ | 500 |
Finance lease obligations, net of current portion (3) | 55 |  |  | 61 |
Unamortized debt issuance cost | — |  |  | (3) |
Total CVR Refining debt | 55 |  |  | 558 |
CVR Energy: |  |  |
5.250% Senior Notes, due February 2025 | $ | 600 |  |  | $ | — |
5.750% Senior Notes, due February 2028 | 400 |  |  | — |
Unamortized debt issuance cost | (6) |  |  | — |
Total CVR Energy debt | 994 |  |  | — |
Total long-term debt and finance lease obligations | $ | 1,683 |  |  | $ | 1,190 |
Current portion of long-term debt and finance lease obligations (1)(3) | 8 |  |  | 5 |
Total long-term debt and finance lease obligations, including current portion | $ | 1,691 |  |  | $ | 1,195 |
(1)The 6.50% Senior Notes, due April 2021, mature within 12 months, and, therefore, the outstanding balance of $2 million has been classified as short-term as of December 31, 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 was approximately $6 million and $5 million as of December 31, 2020 and 2019, respectively. Credit Agreements
(in millions) | Total Capacity |  | Amount Borrowed as of December 31, 2020 |  | Outstanding Letters of Credit |  | Available Capacity as of December 31, 2020 |  | Maturity Date
CVR Partners: |  |  |  |  |  |  |  |  |
Asset Based (“Nitrogen Fertilizer ABL”) Credit Agreement (1)(2) | $ | 20 |  |  | $ | — |  |  | $ | — |  |  | $ | 20 |  |  | September 30, 2022
CVR Refining: |  |  |  |  |  |  |  |  |
Amended and Restated Asset Based (“Petroleum ABL”) Credit Agreement (3) | $ | 400 |  |  | $ | — |  |  | $ | 35 |  |  | $ | 365 |  |  | November 14, 2022
(1)Through December 31, 2020, loans under the Nitrogen Fertilizer ABL bear interest at an annual rate equal to (i) 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) 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 extended 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 Nitrogen Fertilizer ABL. (3)Loans under the Petroleum ABL bear interest at an annual rate equal to (i) 0.50% plus a base rate, if our quarterly excess availability is greater than 50% and (ii) 0.75% plus a base rate, otherwise.
Schedule of redemption prices as percentage of principal amount | On or after June 15, 2019, the 2023 Notes Issuers may on any one or more occasions, redeem all or part of the 2023 Notes at the redemption prices set forth below expressed as a percentage of the principal amount of the 2023 Notes plus accrued and unpaid interest to the applicable redemption date.
12-month period beginning June 15, |  | Percentage
2020 |  | 102.313%
2021 and thereafter |  | 100.000%
On or after February 15, 2022 and February 15, 2023, we may on any one or more occasions, redeem all or part of the 2025 Notes and 2028 Notes, respectively, at the redemption prices set forth below expressed as a percentage of the principal amount of the respective notes, plus accrued and unpaid interest to the applicable redemption date.
2025 Notes |  | 2028 Notes
12-month period beginning February 15, |  | Percentage |  | 12-month period beginning February 15, |  | Percentage
2022 |  | 102.625% |  | 2023 |  | 102.875%
2023 |  | 101.313% |  | 2024 |  | 101.917%
2024 and thereafter |  | 100.000% |  | 2025 |  | 100.958%
|  |  |  | 2026 and thereafter |  | 100.000%

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- Definition Tabular disclosure of debt instruments or arrangements with redemption features. Includes, but is not limited to, description of debt redemption features, percentage price at which debt can be redeemed by the issuer, and period start and end for debt maturity or redemption. + References No definition available. + Details
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