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Long-Term Debt and Finance Lease Obligations | 3 Months Ended
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Mar. 31, 2021
Debt Disclosure [Abstract] |
Long-Term Debt and Finance Lease Obligations | (8) Long-Term Debt and Finance Lease Obligations Long-term debt and finance lease obligations consist of the following:
(in millions) | March 31, 2021 |  | December 31, 2020
CVR Partners: |  |  |
9.25% Senior Secured Notes, due June 2023 (1) | $ | 645 |  |  | $ | 645 |
Unamortized discount and debt issuance costs | (10) |  |  | (11) |
Total CVR Partners debt, net of current portion | $ | 635 |  |  | $ | 634 |
CVR Refining: |  |  |
Finance lease obligations, net of current portion (2) | 53 |  |  | 55 |
Total CVR Refining debt, net of current portion | $ | 53 |  |  | $ | 55 |
CVR Energy: |  |  |
5.25% Senior Notes, due February 2025 | $ | 600 |  |  | $ | 600 |
5.75% Senior Notes, due February 2028 | 400 |  |  | 400 |
Unamortized debt issuance costs | (5) |  |  | (6) |
Total CVR Energy debt | 995 |  |  | 994 |
Total long-term debt and finance lease obligations, net of current portion | $ | 1,683 |  |  | $ | 1,683 |
Current portion of long-term debt and finance lease obligations (2)(3) | 8 |  |  | 8 |
Total long-term debt and finance lease obligations, including current portion | $ | 1,691 |  |  | $ | 1,691 |
(1)The call price of the 2023 Notes decreases to par on June 15, 2021. (2)Current portion of finance lease obligations recognized was approximately $6 million and $6 million as of March 31, 2021 and December 31, 2020, respectively. Amounts reported in Other current liabilities. (3)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 March 31, 2021 and December 31, 2020. Amounts reported in Other current liabilities. On April 15, 2021, the 2021 Notes matured, and the Company paid the outstanding balance, plus accrued and unpaid interest. Credit Agreements
(in millions) | Total Available Borrowing Capacity |  | Amount Borrowed as of March 31, 2021 |  | Outstanding Letters of Credit |  | Available Capacity as of March 31, 2021 |  | Maturity Date
CVR Partners: |  |  |  |  |  |  |  |  |
Asset Based (“Nitrogen Fertilizer ABL”) Credit Agreement (1) | $ | 25 |  |  | $ | — |  |  | $ | — |  |  | $ | 25 |  |  | September 30, 2022
CVR Refining: |  |  |  |  |  |  |  |  |
Amended and Restated Asset Based (“Petroleum ABL”) Credit Agreement (2) | $ | 400 |  |  | $ | — |  |  | $ | 36 |  |  | $ | 364 |  |  | November 14, 2022
(1)Beginning January 1, 2021, loans under the Nitrogen Fertilizer ABL bear interest at an annual rate equal to (i) (a) 2.00% plus LIBOR, to the extent available, or (b) 1.00% plus a base rate, if our quarterly excess availability is greater than 50% and (ii) (a) 2.50% plus LIBOR, to the extent available, or (b) 1.50% plus a base rate, otherwise. (2)Loans under the Petroleum ABL bear interest at an annual rate equal to (i) (a) 1.50% plus LIBOR, to the extent available, or (b) 0.50% plus a base rate, if our quarterly excess availability is greater than 50% and (ii) (a) 1.75% plus LIBOR, to the extent available, or (b) 0.75% plus a base rate, otherwise. Covenant Compliance The Company and its subsidiaries were in compliance with all covenants under their respective debt instruments as of March 31, 2021.

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- Definition The entire disclosure for debt and capital lease obligations can be reported. Information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Also includes descriptions and amounts of capital leasing arrangements that consist of direct financing, sales type and leveraged leases. Disclosure may include the effect on the balance sheet and the income statement resulting from a change in lease classification for leases that at inception would have been classified differently had guidance been in effect at the inception of the original lease. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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