XML 66 R18.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Derivative Financial Instruments and Investments | 12 Months Ended
--- | ---
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Financial Instruments and Investments | (10) Derivative Financial Instruments and Investments Derivative Financial Instruments Our segments are subject to fluctuations of commodity prices caused by supply and economic conditions, weather, interest rates, and other factors. To manage the impact of price fluctuations of crude oil and other commodities in our results of operations and certain inventories, and to fix margins on future sales and purchases, the Petroleum Segment uses various commodity derivative instruments, such as futures and swaps. The Company has not designated any of its derivative contracts as hedge accounting and records changes in fair value and cash settlements in the Consolidated Statements of Operations. The following outlines the net notional buy (sell) position of our commodity derivative instruments held as of December 31, 2023 and 2022:
|  |  | December 31,
(in thousands of barrels) | Commodity |  | 2023 |  | 2022
Forwards | Crude |  | 247 |  |  | 373 |
Swaps | NYMEX Diesel Cracks |  | (6,780) |  |  | — |
Swaps | NYMEX RBOB Cracks |  | (1,275) |  |  | — |
Swaps | NYMEX 2-1-1 Cracks |  | (3,030) |  |  | — |
Futures | Crude |  | — |  |  | (150) |
Futures | ULSD |  | — |  |  | (215) |
Futures | Soybean |  | — |  |  | (109) |
The following outlines the balances of our commodity derivative instruments as of December 31, 2023 and 2022 after the effects of contract netting and allocation of collateral and their classifications in the Consolidated Balance Sheets. Refer to Note 11 (“Fair Value Measurements”) for the gross amounts of the commodity derivative instruments (before the effects of contract netting and allocation of collateral):
| December 31,
| 2023 |  | 2022
(in millions) | Assets |  | Liabilities |  | Assets |  | Liabilities
Prepaid expenses and other current assets | $ | 24 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Other long-term assets | 1 |  |  | — |  |  | — |  |  | — |
Other current liabilities | — |  |  | — |  |  | — |  |  | (4) |
The following table represents CVR Energy’s incurred realized and unrealized net gains (losses) from derivative activities, recorded in Cost of materials and other on the Consolidated Statements of Operations:
| Year Ended December 31,
(in millions) | 2023 |  | 2022 |  | 2021
Commodity derivative instruments | $ | 5 |  |  | $ | (55) |  |  | $ | (44) |
CVR Energy has certain derivative instruments that contain credit risk-related contingent provisions associated with our credit ratings. If our credit rating were to be downgraded, it would allow the counterparty to require us to post collateral or to request immediate, full settlement of derivative instruments in liability positions. There were no derivative liabilities with credit risk-related contingent provisions as of December 31, 2023 and 2022, and no collateral has been posted. Investments On January 18, 2022, the Company divested its remaining nominal investment in Delek US Holdings, Inc. (“Delek”). These investments were considered trading securities and the related income was $81 million during 2021, which was recorded in Prepaid expenses and other current assets on our Consolidated Balance Sheets. See further discussion in Note 17 (“Related Party Transactions”).

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480237/815-40-50-5 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-5C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 815 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//815/tableOfContent + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration