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Derivative Financial Instruments | 9 Months Ended
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Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Financial Instruments | (10) Derivative Financial Instruments The following outlines the net notional buy (sell) position of our commodity derivative instruments held as of September 30, 2024 and December 31, 2023:
(in thousands of barrels) | Commodity |  | September 30, 2024 |  | December 31, 2023
Forwards | Crude |  | 193 |  |  | 247 |
Swaps | NYMEX Diesel Cracks (1) |  | — |  |  | (6,780) |
Swaps | NYMEX RBOB Cracks |  | — |  |  | (1,275) |
Swaps | NYMEX 2-1-1 Cracks |  | — |  |  | (3,030) |
Futures | Soybean Oil |  | (63) |  |  | — |
(1)As of September 30, 2024, the Company held offsetting NYMEX Diesel Crack commodity buy and sell positions of approximately 4 million barrels. The following outlines the balances of our commodity derivative instruments after the effects of contract netting and allocation of collateral and their classifications on our Condensed 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):
| September 30, 2024 |  | December 31, 2023
(in millions) | Assets |  | Liabilities |  | Assets |  | Liabilities
Other current assets | $ | 15 |  |  | $ | — |  |  | $ | 24 |  |  | $ | — |
Other long-term assets | 1 |  |  | — |  |  | 1 |  |  | — |
Other current liabilities | — |  |  | 7 |  |  | — |  |  | — |
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 Condensed Consolidated Statements of Operations:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions) | 2024 |  | 2023 |  | 2024 |  | 2023
Commodity derivative instruments | $ | 2 |  |  | $ | (106) |  |  | $ | 7 |  |  | $ | (65) |
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. As of September 30, 2024, the aggregate fair value of our derivative liabilities with credit risk-related contingent provisions was $5 million, for which $3 million in collateral has been posted.

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- 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
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