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Long-Term Debt and Finance Lease Obligations (Tables)
 3 Months Ended
Mar. 31, 2021
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)March 31, 2021December 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 debt995 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 CapacityAmount Borrowed as of March 31, 2021Outstanding Letters of CreditAvailable Capacity as of March 31, 2021Maturity 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.