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Fair Value Measurements
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements
(10) Fair Value Measurements
Assets and liabilities measured at fair value on a recurring basis
The following tables set forth information about the assets and liabilities measured at fair value on a recurring basis, by input level, as of September 30, 2025 and December 31, 2024. Such amounts are presented on a gross basis, before the effects of netting and allocation of collateral. The Company elected to offset the fair value amounts recognized for derivative assets and liabilities executed with the same counterparty under a master netting arrangement, including fair value amounts recognized for the right to reclaim or the obligation to return cash collateral.
September 30, 2025
Fair Value HierarchyTotal gross fair valueContract netting
Collateral netting (1)
Net value
(in millions)Level 1Level 2Level 3
Assets
Commodity derivative instruments$— $18 $— $18 $(15)$— $3 
Liabilities
Commodity derivative instruments— 21 —21 (15)— 6 
RFS— 93 —93 — — 93 
December 31, 2024
Fair Value HierarchyTotal gross fair valueContract netting
Collateral netting (1)
Net value
(in millions)Level 1Level 2Level 3
Assets
Commodity derivative instruments$— $17 $— $17 $(13)$— $4 
Liabilities
Commodity derivative instruments— 13 —13 (13)— — 
RFS— 323 —323 — — 323 
(1)At September 30, 2025 and December 31, 2024, the Company had $8 million and $3 million of collateral under master netting arrangements not offset against the derivatives within Other current assets on the Condensed Consolidated Balance Sheets, respectively, primarily related to initial margin requirements.
The Company’s commodity derivative contracts consist of exchange traded futures, commodity price swaps, and sale and purchase forwards that are measured at fair value using a market approach based on available broker quoted market prices of identical or similar instruments. Similarly, RFS obligations are measured at fair value using a market approach based on available broker quoted market renewable fuel credits, known as renewable identification numbers (“RINs”), spot prices for each specific or closest vintage year.
The Company had no transfers of assets or liabilities between any of the above levels during the nine months ended September 30, 2025 and year ended December 31, 2024.
Assets and liabilities not required to be measured at fair value
CVR Energy holds cash equivalents which consist primarily of bank time deposits with maturities of 90 days or less. Cash and cash equivalents and reserved funds had carrying and fair values of $670 million and $987 million at September 30, 2025 and December 31, 2024, respectively, and are classified as Level 1 in the fair value hierarchy.
Long-term debt of $1.8 billion and $1.9 billion at September 30, 2025 and December 31, 2024, respectively, had estimated fair values of $1.6 billion and $1.5 billion, respectively, and are classified as Level 2 in the fair value hierarchy.
Other short-term financial assets and liabilities, which consist of restricted cash, accounts receivable, accounts payable, and operating and finance lease obligations, are carried at cost on the Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024 and approximate their estimated fair values.