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Summary of Significant Accounting Policies (Tables)

12 Months Ended

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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