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Long-Term Debt and Finance Lease Obligations | 9 Months Ended
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Sep. 30, 2024
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 consisted of the following:
(in millions) | September 30, 2024 |  | December 31, 2023
CVR Energy: |  |  |
5.75% Senior Notes, due February 2028 | $ | 400 |  |  | $ | 400 |
8.50% Senior Notes, due January 2029 | 600 |  |  | 600 |
Unamortized debt issuance costs | (5) |  |  | (5) |
Total CVR Energy debt | 995 |  |  | 995 |
Petroleum Segment: |  |  |
Finance lease obligations, net of current portion | 31 |  |  | 37 |
Total Petroleum Segment finance lease obligations, net of current portion | 31 |  |  | 37 |
Nitrogen Fertilizer Segment: |  |  |
6.125% Senior Secured Notes, due June 2028 | 550 |  |  | 550 |
Unamortized debt issuance costs | (2) |  |  | (3) |
Total Nitrogen Fertilizer Segment debt | 548 |  |  | 547 |
Total long-term debt and finance lease obligations, net of current portion | 1,574 |  |  | 1,579 |
Current portion of long-term debt and finance lease obligations | 8 |  |  | 606 |
Total long-term debt and finance lease obligations, including current portion | $ | 1,582 |  |  | $ | 2,185 |
Credit Agreements
(in millions) | Total Available Borrowing Capacity |  | Amount Borrowed as of September 30, 2024 |  | Outstanding Letters of Credit |  | Available Capacity as of September 30, 2024 |  | Maturity Date
CVR Energy: |  |  |  |  |  |  |  |  |
CVR Energy’s Amended and Restated ABL Credit Agreement (“CVR Energy ABL”) (1) | $ | 314 |  |  | $ | — |  |  | $ | 24 |  |  | $ | 290 |  |  | June 30, 2027
Nitrogen Fertilizer Segment: |  |  |  |  |  |  |  |  |
CVR Partners’ Credit Agreement (“CVR Partners ABL”) | $ | 39 |  |  | $ | — |  |  | $ | — |  |  | $ | 39 |  |  | September 26, 2028
(1)As permitted under the CVR Energy ABL, certain subsidiaries of the Company entered into an Incremental Commitment Agreement on September 25, 2024 for an amount of $70 million, which increased the total aggregate principal amount available under the CVR Energy ABL from $275 million to $345 million. CVR Energy 2029 Notes - On December 21, 2023, CVR Energy completed the issuance of $600 million in aggregate principal amount of 8.50% Senior Notes, due 2029 (the “2029 Notes”). Interest on the 2029 Notes is payable semi-annually in arrears on February 15 and August 15 each year, commencing on February 15, 2024. The 2029 Notes mature on January 15, 2029, unless earlier redeemed or purchased. See Part II, Item 8 of the 2023 Form 10-K for further details of the 2029 Notes. In relation to the issuance of the 2029 Notes, the Company received $598 million of net cash proceeds, net of underwriting fees and certain other third-party fees and expenses associated with the offering. These proceeds were reserved for the payment of the Company’s 5.25% Senior Notes, due 2025 (the “2025 Notes”) on February 15, 2024, and were presented in Reserved funds for debt payment on our Condensed Consolidated Balance Sheet as of December 31, 2023. 2025 Notes - On December 21, 2023, the Company delivered a notice of redemption to the holders of its 2025 Notes that all outstanding amounts of the 2025 Notes, plus any accrued and unpaid interest to the redemption date, would be redeemed on February 15, 2024. As such, the outstanding balance of the $600 million principal amount of the 2025 Notes was classified as short-term as of December 31, 2023. On February 15, 2024, CVR Energy redeemed all of the outstanding 2025 Notes, at par, and settled accrued interest of approximately $16 million through the date of redemption. As a result of this transaction, the Company recognized in Interest expense, net a $1 million loss on extinguishment of debt on our Condensed Consolidated Statements of Operations for the nine months ended September 30, 2024, which consisted of the write-off of unamortized deferred financing costs. Covenant Compliance The Company and its subsidiaries were in compliance with all covenants under their respective debt instruments as of September 30, 2024.

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- Definition The entire disclosure for 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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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