XML 60 R21.htm IDEA: XBRL DOCUMENT v3.24.3
Business Segments
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Business Segments
(14) Business Segments

CVR Energy’s revenues are primarily derived from the two reportable segments: Petroleum and Nitrogen Fertilizer. The Company evaluates the performance of its segments based primarily on segment operating income (loss) and Earnings Before Interest, Taxes, Depreciation, and Amortization (“EBITDA”). For the purposes of the business segments disclosure, the Company presents operating income (loss) as it is the most comparable measure to the amounts presented on the Condensed Consolidated Statements of Operations. The other amounts reflect renewable fuels transactions, intercompany eliminations,
corporate cash and cash equivalents, income tax activities, and other corporate activities that are not allocated or aggregated to the reportable segments.

The following table summarizes certain operating results and capital expenditures information by segment:
Three Months Ended September 30,
20242023
(in millions)
Petroleum Segment
Nitrogen Fertilizer Segment
Other / EliminationConsolidated
Petroleum Segment
Nitrogen Fertilizer Segment
Other / EliminationConsolidated
Net sales$1,645 $124 $64 $1,833 $2,293 $131 $99 $2,522 
Inter-segment fees and sales3 1 (4)— 5 — (5)— 
Total sales1,648 125 60 1,833 2,298 131 93 2,522 
Operating (loss) income$(119)$11 $(5)$(113)$431 $8 $6 $445 
Interest expense, net(18)(11)
Other income, net3 4 
(Loss) income before income tax expense$(128)$438 
Depreciation and amortization$40 $25 $10 $75 $50 $23 $8 $81 
Capital expenditures (1)
28 10 1 39 26 8 17 51 

Nine Months Ended September 30,
20242023
(in millions)
Petroleum Segment
Nitrogen Fertilizer Segment
Other / EliminationConsolidated
Petroleum Segment
Nitrogen Fertilizer Segment
Other / EliminationConsolidated
Net sales$5,155 $385 $123 $5,663 $6,273 $540 $232 $7,045 
Inter-segment fees and sales10 1 (11)— 17 — (17)— 
Total net sales5,165 386 112 5,663 6,290 540 215 7,045 
Operating income (loss)$9 $65 $(37)$37 $838 $184 $(22)$1,000 
Interest expense, net(56)(44)
Other income, net10 10 
(Loss) income before income tax expense$(9)$966 
Depreciation and amortization$133 $64 $27 $224 $141 $59 $21 $221 
Capital expenditures (1)
97 19 14 130 79 18 51 148 

The following table summarizes total assets by segment:
(in millions)September 30, 2024December 31, 2023
Petroleum$2,804 $2,978 
Nitrogen Fertilizer987 975 
Other, including intersegment eliminations87 754 
Total assets$3,878 $4,707 
(1)Capital expenditures are shown exclusive of capitalized turnaround expenditures.