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Derivative Financial Instruments | 3 Months Ended
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Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Financial Instruments | (9) Derivative Financial Instruments The following outlines the net notional buy (sell) position of our commodity derivative instruments held as of March 31, 2025 and December 31, 2024:
(in thousands of barrels) | Commodity |  | March 31, 2025 |  | December 31, 2024
Forwards | Crude |  | (68) |  |  | (11) |
Swaps | NYMEX Diesel Cracks (1) |  | (150) |  |  | (63) |
Futures | Crude |  | (500) |  |  | — |
Futures | ULSD |  | (60) |  |  | (80) |
Futures | Soybean |  | (111) |  |  | 79 |
(1)As of March 31, 2025, the Company held offsetting NYMEX Diesel Crack commodity buy and sell positions of approximately 3.1 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 10 (“Fair Value Measurements”) for the gross amounts of the commodity derivative instruments (before the effects of contract netting and allocation of collateral):
| March 31, 2025 |  | December 31, 2024
(in millions) | Assets |  | Liabilities |  | Assets |  | Liabilities
Other current assets | $ | 8 |  |  | $ | — |  |  | $ | 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 Condensed Consolidated Statements of Operations:
| Three Months Ended March 31, |  |
(in millions) | 2025 |  | 2024 |  |  |  |
Commodity derivative instruments | $ | 15 |  |  | $ | (18) |  |  |  |  |
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 March 31, 2025, there were no derivative liabilities with credit risk-related contingent provisions.

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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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