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Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2023

Related Party Transactions [Abstract]

Schedule of related party transactions

Activity associated with the Company’s related party arrangements for the three months ended March 31, 2023 and 2022 is summarized below:

Related Party Activity

			Three Months Ended March 31,
(in millions)			2023						2022
Sales to related parties:
CVRP JV CO Contract (1)			$	1					$	—
Purchases from related parties:
Enable Joint Venture Transportation Agreement			3						2
Midway Joint Venture Agreement (2)			6						5
Payments:
Dividends (3)			36						—

(1)Sales to related parties, included in Net sales in our condensed consolidated financial statements, consists of CO sales to a CVRP JV subsidiary.

(2)Purchases from related parties, included in Cost of materials and other in our condensed consolidated financial statements, represents reimbursements for crude oil transportation services incurred on the Midway JV through Vitol as the intermediary purchasing agent.

(3)See below for a summary of the dividends paid to IEP during the three months ended March 31, 2023 and year ended December 31, 2022.

Summary of dividends paid

The following tables present quarterly dividends, excluding any special dividends, paid to the Company’s stockholders, including IEP, during 2023 and 2022 (amounts presented in table below may not add to totals presented due to rounding):

																		Quarterly Dividends Paid (in millions)
Related Period						Date Paid						Quarterly Dividends Per Share						Public Stockholders						IEP						Total
2022 - 4th Quarter						March 13, 2023						$	0.50					$	15					$	36					$	50

																		Quarterly Dividends Paid (in millions)
Related Period						Date Paid						Quarterly Dividends Per Share						Public Stockholders						IEP						Total
2022 - 1st Quarter						May 23, 2022						$	0.40					$	12					$	28					$	40
2022 - 2nd Quarter						August 22, 2022						0.40						12						28						40
2022 - 3rd Quarter						November 21, 2022						0.40						12						28						40
Total 2022 quarterly dividends												$	1.20					$	35					$	85					$	121

Summary of distributions paid

The following tables present quarterly distributions paid by CVR Partners to its unitholders, including amounts received by the Company, during 2023 and 2022 (amounts presented in tables below may not add to totals presented due to rounding):

																		Quarterly Distributions Paid (in millions)
Related Period						Date Paid						Quarterly Distributions Per Common Unit						Public Unitholders						CVR Energy						Total
2022 - 4th Quarter						March 13, 2023						$	10.50					$	70					$	41					$	111

																		Quarterly Distributions Paid (in millions)
Related Period						Date Paid						Quarterly Distributions  Per Common Unit						Public Unitholders						CVR Energy						Total
2021 - 4th Quarter						March 14, 2022						$	5.24					$	36					$	20					$	56
2022 - 1st Quarter						May 23, 2022						2.26						15						9						24
2022 - 2nd Quarter						August 22, 2022						10.05						67						39						106
2022 - 3rd Quarter						November 21, 2022						1.77						12						7						19
Total 2022 quarterly distributions												$	19.32					$	130					$	75					$	205

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- Definition

Tabular disclosure of payment of cash or stock made to limited partner of limited partnership (LP).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

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- Definition

Tabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates.

+ References

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