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Related Party Transactions | 3 Months Ended
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Mar. 31, 2024
Related Party Transactions [Abstract] |
Related Party Transactions | (16) Related Party Transactions Activity associated with the Company’s related party arrangements for the three months ended March 31, 2024 and 2023 is summarized below:
|  |  | Three Months Ended March 31,
(in millions) |  |  |  |  | 2024 |  | 2023
Sales to related parties: |  |  |  |  |  |  |
CVRP JV CO Contract (1) |  |  |  |  | $ | 1 |  |  | $ | 1 |
Purchases from related parties: |  |  |  |  |  |  |
Enable Joint Venture Transportation Agreement |  |  |  |  | 3 |  |  | 3 |
Midway Joint Venture Agreement (2) |  |  |  |  | 7 |  |  | 6 |
Payments: |  |  |  |  |  |  |
Dividends (3) |  |  |  |  | 33 |  |  | 36 |
(1)Sales to related parties, included in Net sales in our Condensed Consolidated Statements of Operations, 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 Statements of Operations, represents reimbursements for crude oil transportation services incurred on the Midway JV through the intermediary purchasing agent. (3)See below for a summary of the dividends paid to IEP during the three months ended March 31, 2024 and year ended December 31, 2023. Dividends to CVR Energy Stockholders Dividends, if any, including the payment, amount and timing thereof, are determined at the discretion of the Board. IEP, through its ownership of the Company’s common stock, is entitled to receive dividends that are declared and paid by the Company based on the number of shares held at each record date. The following tables present quarterly and special dividends paid to the Company’s stockholders, including IEP, during 2024 and 2023 (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
2023 - 4th Quarter |  | March 11, 2024 |  | $ | 0.50 |  |  | $ | 17 |  |  | $ | 33 |  |  | $ | 50 |
|  |  |  |  |  | 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 |
2023 - 1st Quarter |  | May 22, 2023 |  | $ | 0.50 |  |  | $ | 15 |  |  | $ | 36 |  |  | $ | 50 |
2023 - 2nd Quarter |  | August 21, 2023 |  | 0.50 |  |  | 15 |  |  | 36 |  |  | 50 |
2023 - 3rd Quarter |  | November 20, 2023 |  | 0.50 |  |  | 17 |  |  | 33 |  |  | 50 |
Total 2023 quarterly dividends |  | $ | 2.00 |  |  | $ | 61 |  |  | $ | 140 |  |  | $ | 201 |
|  |  |  |  |  | Special Dividends Paid (in millions)
Related Period |  | Date Paid |  | Special Dividends Per Share |  | Public Stockholders |  | IEP |  | Total
2023 - 2nd Quarter |  | August 21, 2023 |  | $ | 1.00 |  |  | $ | 29 |  |  | $ | 71 |  |  | $ | 101 |
2023 - 3rd Quarter |  | November 20, 2023 |  | 1.50 |  |  | 51 |  |  | 100 |  |  | 151 |
Total 2023 special dividends |  | $ | 2.50 |  |  | $ | 80 |  |  | $ | 171 |  |  | $ | 251 |
For the first quarter of 2024, the Company, upon approval by the Board on April 29, 2024, declared a cash dividend of $0.50 per share, or $50 million, which is payable May 20, 2024 to shareholders of record as of May 13, 2024. Of this amount, IEP will receive $33 million due to its ownership interest in the Company’s shares. Distributions to CVR Partners’ Unitholders Distributions, if any, including the payment, amount and timing thereof, and UAN GP Board’s distribution policy, including the definition of available cash, are subject to change at the discretion of the UAN GP Board. The following tables present quarterly distributions paid by CVR Partners to CVR Partners’ unitholders, including amounts received by the Company, during 2024 and 2023 (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
2023 - 4th Quarter |  | March 11, 2024 |  | $ | 1.68 |  |  | $ | 11 |  |  | $ | 7 |  |  | $ | 18 |
|  |  |  |  |  | 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 |
2023 - 1st Quarter |  | May 22, 2023 |  | 10.43 |  |  | 70 |  |  | 41 |  |  | 110 |
2023 - 2nd Quarter |  | August 21, 2023 |  | 4.14 |  |  | 28 |  |  | 16 |  |  | 44 |
2023 - 3rd Quarter |  | November 20, 2023 |  | 1.55 |  |  | 10 |  |  | 6 |  |  | 16 |
Total 2023 quarterly distributions |  | $ | 26.62 |  |  | $ | 178 |  |  | $ | 104 |  |  | $ | 281 |
For the first quarter of 2024, CVR Partners, upon approval by the UAN GP Board on April 29, 2024, declared a distribution of $1.92 per common unit, or $20 million, which is payable May 20, 2024 to unitholders of record as of May 13, 2024. Of this amount, CVR Energy will receive approximately $7 million, with the remaining amount payable to public unitholders.

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