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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period endedSeptember 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from               to              

Commission file number: 001-33492
CVR ENERGY, INC.
(Exact name of registrant as specified in its charter)
Delaware
cvi-20200930_g1.gif
61-1512186
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
2277 Plaza Drive, Suite 500, Sugar Land, Texas 77479
(Address of principal executive offices) (Zip Code)
(281207-3200
(Registrant’s telephone number, including area code)
_____________________________________________________________
          Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par value per shareCVIThe New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes      No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes      No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer  Non-accelerated filer
Smaller reporting company  Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act). Yes      No 

There were 100,530,599 shares of the registrant’s common stock outstanding at October 30, 2020.



Table of Contents
TABLE OF CONTENTS
CVR Energy, Inc. - Quarterly Report on Form 10-Q
September 30, 2020


PART I. Financial InformationPART II. Other Information
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This Quarterly Report on Form 10-Q (including documents incorporated by reference herein) contains statements with respect to our expectations or beliefs as to future events. These types of statements are “forward-looking” and subject to uncertainties. See “Important Information Regarding Forward-Looking Statements” section of this filing.


September 30, 2020 | 2

Table of Contents
Important Information Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q (this “Report”) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including, but not limited to, those under Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control. All statements other than statements of historical fact, including without limitation, statements regarding future operations, financial position, estimated revenues and losses, growth, capital projects, stock or unit repurchases, impacts of legal proceedings, projected costs, prospects, plans and objectives are forward-looking statements. The words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project,” and similar terms and phrases are intended to identify forward-looking statements.

Although we believe our assumptions concerning future events are reasonable, a number of risks, uncertainties, and other factors could cause actual results and trends to differ materially from those projected or forward looking. Forward looking statements, as well as certain risks, contingencies or uncertainties that may impact our forward looking statements, include but are not limited to the following:
volatile margins in the refining industry and exposure to the risks associated with volatile crude oil, refined product and feedstock prices;
the availability of adequate cash and other sources of liquidity for the capital needs of our businesses;
the severity, magnitude, duration, and impact of the novel coronavirus 2019 (“COVID-19”) pandemic and of businesses’ and governments’ responses to such pandemic on our operations, personnel, commercial activity, and supply and demand across our and our customers’ and suppliers’ business;
changes in market conditions and market volatility arising from the COVID-19 pandemic, including crude oil and other commodity prices, demand for those commodities, storage and transportation capacities, and the impact of such changes on our operating results and financial position;
the ability to forecast our future financial condition, results of operations, revenues and expenses;
the effects of transactions involving forward and derivative instruments;
changes in laws, regulations and policies with respect to the export of crude oil, refined products or other hydrocarbons;
interruption in pipelines supplying feedstocks or distributing the petroleum business’ products;
competition in the petroleum and nitrogen fertilizer businesses including potential impacts of domestic and global supply and demand and/or domestic or international duties, tariffs, or similar costs;
capital expenditures;
changes in our or our segments’ credit profiles;
the cyclical and seasonal nature of the petroleum and nitrogen fertilizer businesses;
the supply, availability, and price levels of essential raw materials and feedstocks;
our production levels, including the risk of a material decline in those levels;
accidents or other unscheduled shutdowns or interruptions affecting our facilities, machinery, or equipment, or those of our suppliers or customers;
existing and future laws, rulings, and regulations, including but not limited to those relating to the environment, climate change and/or the transportation of production of hazardous chemicals like ammonia, including potential liabilities or capital requirements arising from such laws, rulings or regulations;
potential operating hazards from accidents, fire, severe weather, tornadoes, floods, or other natural disasters;
the impact of weather on the nitrogen fertilizer business including our ability to produce, market or sell fertilizer products profitability or at all;
rulings, judgements or settlements in litigation, tax or other legal or regulatory matters;
the dependence of the nitrogen fertilizer business on customers and distributors including to transport goods and equipment;
the reliance on, or the ability to procure economically or at all, pet coke our nitrogen fertilizer business purchases from CVR Refining, LP and third-party suppliers or the natural gas, electricity, oxygen, nitrogen, sulfur processing and compressed dry air and other products purchased from third parties by the nitrogen fertilizer and petroleum businesses;
risks associated with third party operation of or control over important facilities necessary for operation of our refineries and nitrogen fertilizer facilities;
risks of terrorism, cybersecurity attacks, and the security of chemical manufacturing facilities and other matters beyond our control;
our lack of diversification of assets or operating and supply areas;
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the petroleum business’ and the nitrogen fertilizer business’ dependence on significant customers and the creditworthiness and performance by counterparties;
the potential loss of the nitrogen fertilizer business’ transportation cost advantage over its competitors;
the potential inability to successfully implement our business strategies, including the completion of significant capital programs or projects;
our ability to continue to license the technology used for our operations;
our petroleum business’ ability to purchase renewable identification numbers (“RINs”) on a timely and cost effective basis;
our businesses’ ability to obtain, retain or renew environmental and other governmental permits, licenses or authorizations necessary for the operation of its business;
existing and proposed laws, rulings, and regulations, including but not limited to those relating to climate change, alternative energy or fuel sources, and existing and future regulations related to the end-use of our products or the application of fertilizers;
refinery and nitrogen fertilizer facilities’ operating hazards and interruptions, including unscheduled maintenance or downtime and the availability of adequate insurance coverage;
risks related to services provided by or competition among our subsidiaries, including conflicts of interests and control of CVR Partners’ general partner;
instability and volatility in the capital and credit markets;
restrictions in our debt agreements;
asset impairments and impacts thereof;
the variable nature of CVR Partners’ distributions, including the ability of its general partner to modify or revoke its distribution policy, or to cease making cash distributions on its common units;
risks associated with noncompliance by CVR Partners with continued listing standards of the New York Stock Exchange (the “NYSE”) or the effectiveness of the announced reverse unit split for regaining and maintaining compliance, including potential suspension or delisting and the impacts thereof on CVR Partners’ common unit price, valuation, access to capital, liquidity, the number of investors willing to hold or acquire CVR Partners’ common units, its ability to issue securities or obtain financing and the impact, cost, and timing of any reverse split;
changes in CVR Partners’ treatment as a partnership for U.S. federal income or state tax purposes;
our ability to recover under our insurance policies for damages or losses in full or at all; and
the factors described in greater detail under “Risk Factors” in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2019 and this Report and our other filings with the Securities and Exchange Commission (the “SEC”).

All forward looking statements contained in this Report only speak as of the date of this Report. We undertake no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that occur after the date of this Report, or to reflect the occurrence of unanticipated events, except to the extent required by law.

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PART I. FINANCIAL INFORMATION
Item 1.  Financial Statements

CVR ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(in millions)September 30, 2020December 31, 2019
ASSETS
Current assets:
Cash and cash equivalents (including $48 and $37, respectively, of consolidated variable interest entities (“VIEs”))
$672 $652 
Accounts receivable (including $19 and $34, respectively, of VIEs)
133 182 
Inventories (including $46 and $48, respectively, of VIEs)
266 373 
Prepaid expenses and other current assets (including $3 and $5, respectively, of VIEs)
183 67 
Total current assets 1,254 1,274 
Property, plant and equipment, net (including $913 and $952, respectively, of VIEs)
2,267 2,336 
Other long-term assets (including $18 and $61, respectively, of VIEs)
355 295 
Total assets $3,876 $3,905 
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable (including $25 and $24, respectively, of VIEs)
$242 $412 
Other current liabilities (including $44 and $52, respectively, of VIEs)
215 184 
Total current liabilities 457 596 
Long-term debt and finance lease obligations (including $633 and $632, respectively, of VIEs)
1,683 1,190 
Deferred income taxes379 396 
Other long-term liabilities (including $10 and $10, respectively, of VIEs)
55 55 
Total long-term liabilities 2,117 1,641 
Equity:
CVR stockholders’ equity:
Common stock $0.01 par value per share, 350,000,000 shares authorized, 100,629,209 and 100,629,209 shares issued as of September 30, 2020 and December 31, 2019, respectively.
1 1 
Additional paid-in-capital 1,508 1,507 
Accumulated deficit(423)(113)
Treasury stock, 98,610 shares at cost
(2)(2)
Total CVR stockholders’ equity
1,084 1,393 
Noncontrolling interest 218 275 
Total equity 1,302 1,668 
Total liabilities and equity $3,876 $3,905 

The accompanying notes are an integral part of these condensed consolidated financial statements.
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CVR ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
(in millions, except share data)2020201920202019
Net sales
$1,005 $1,622 $2,811 $4,794 
Operating costs and expenses:
Cost of materials and other
846 1,221 2,348 3,589 
Direct operating expenses (exclusive of depreciation and amortization)
116 139 353 397 
Depreciation and amortization
67 69 200 210 
Cost of sales
1,029 1,429 2,901 4,196 
Selling, general and administrative expenses (exclusive of depreciation and amortization)
20 29 65 85 
Depreciation and amortization
2 2 8 7 
Loss (gain) on asset disposals
 3 2 (5)
Goodwill impairment
  41  
Operating (loss) income
(46)159 (206)511 
Other (expense) income:
Interest expense, net
(31)(26)(98)(77)
Investment loss from marketable securities(65) (13) 
Other income, net
3 5 3 10 
(Loss) income before income tax expense
(139)138 (314)444 
Income tax (benefit) expense
(31)34 (73)110 
Net (loss) income
(108)104 (241)334 
Less: Net loss attributable to noncontrolling interest
(12)(15)(53)(2)
Net (loss) income attributable to CVR Energy stockholders
$(96)$119 $(188)$336 
Basic and diluted (loss) earnings per share
$(0.96)$1.18 $(1.87)$3.34 
Dividends declared per share
$ $0.75 $1.20 $2.25 
Weighted-average common shares outstanding:
Basic and diluted
100.5 100.5 100.5 100.5 

The accompanying notes are an integral part of these condensed consolidated financial statements.


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CVR ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(unaudited)
Common Stockholders
(in millions, except share data)Shares
Issued
$0.01 Par
Value
Common
Stock
Additional
Paid-In
Capital
Accumulated DeficitTreasury
Stock
Total CVR
Stockholders’
Equity
Noncontrolling
Interest
Total
Equity
Balance at December 31, 2019100,629,209 $1 $1,507 $(113)$(2)$1,393 $275 $1,668 
Dividends paid to CVR Energy stockholders
— — — (80)— (80)— (80)
Other
— — — (1)— (1)— (1)
Net loss
— — — (87)— (87)(14)(101)
Balance at March 31, 2020100,629,209 $1 $1,507 $(281)$(2)$1,225 $261 $1,486 
Dividends paid to CVR Energy stockholders
— — — (41)— (41)— (41)
Changes in equity due to CVR Partners’ common unit repurchases
— — 1 — — 1 (1) 
Net loss
— — — (5)— (5)(27)(32)
Balance at June 30, 2020100,629,209 1 $1,508 $(327)$(2)$1,180 $233 $1,413 
Changes in equity due to CVR Partners’ common unit repurchases
      (3)(3)
Net loss   (96) (96)(12)(108)
Balance at September 30, 2020100,629,209 $1 $1,508 $(423)$(2)$1,084 $218 $1,302 

Common Stockholders
(in millions, except share data)Shares
Issued
$0.01 Par
Value
Common
Stock
Additional
Paid-In
Capital
Accumulated DeficitTreasury
Stock
Total CVR
Stockholders’
Equity
Noncontrolling
Interest
Total
Equity
Balance at December 31, 2018100,629,209 $1 $1,474 $(187)$(2)$1,286 $657 $1,943 
Dividends paid to CVR Energy stockholders
— — — (75)— (75)— (75)
Distributions from CVR Partners to its public unitholders
— — — — — — (9)(9)
Acquisition of CVR Refining noncontrolling interest
— — (1)— — (1)(334)(335)
Effect of turnaround accounting change
— — 34 — — 34 — 34 
Other
— — (1)(1)— (2)— (2)
Net income
— — — 101 — 101 1 102 
Balance at March 31, 2019100,629,209 $1 $1,506 $(162)$(2)$1,343 $315 $1,658 
Dividends paid to CVR Energy stockholders
— — — (75)— (75)— (75)
Distributions from CVR Partners to its public unitholders
— — — — — — (5)(5)
Net income
— — — 116 — 116 12 128 
Balance at June 30, 2019100,629,209 $1 $1,506 $(121)$(2)$1,384 $322 $1,706 
Dividends paid to CVR Energy stockholders
— — — (75)— (75)— (75)
Distributions from CVR Partners to its public unitholders
— — — — — — (11)(11)
Net income (loss)
— — — 119 — 119 (15)104 
Balance at September 30, 2019100,629,209 $1 $1,506 $(77)$(2)$1,428 $296 $1,724 

The accompanying notes are an integral part of these condensed consolidated financial statements.



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CVR ENERGY, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
Nine Months Ended September 30,
(in millions)20202019
Cash flows from operating activities:
Net (loss) income $(241)$334 
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization
208 217 
Loss on lower of cost or net realizable value adjustment
59  
Goodwill impairment
41  
Unrealized loss on marketable securities20  
Change in deferred income tax expense(18)26 
Loss (gain) on disposition of assets2 (5)
Share-based compensation
 14 
Other items
8 (7)
Changes in assets and liabilities:
Current assets and liabilities(23)69 
Non-current assets and liabilities6 5 
Net cash provided by operating activities62 653 
Cash flows from investing activities:
Capital expenditures(101)(85)
Turnaround expenditures(158)(24)
Proceeds from sale of assets
1 36 
Investment in marketable securities
(140) 
Other investing activities
2  
Net cash used in investing activities(396)(73)
Cash flows from financing activities:
Proceeds from issuance of senior secured notes1,000  
Principal payments on senior secured notes(500) 
Call premium on extinguishment of debt(5) 
Repurchase of common units by CVR Partners(2) 
Acquisition of CVR Refining common units (301)
Dividends to CVR Energy’s stockholders(121)(225)
Distributions to CVR Refining or CVR Partners’ noncontrolling interest holders (25)
Other financing activities(11)(5)
Net cash provided by (used in) financing activities361 (556)
Net increase in cash, cash equivalents and restricted cash27 24 
Cash, cash equivalents and restricted cash, beginning of period652 668 
Cash, cash equivalents and restricted cash, end of period$679 $692 

The accompanying notes are an integral part of these condensed consolidated financial statements.



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NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

(1) Organization and Nature of Business

Organization

CVR Energy, Inc. (“CVR Energy,” “CVR,” “we,” “us,” “our,” or the “Company”) is a diversified holding company primarily engaged in the petroleum refining and nitrogen fertilizer manufacturing industries through its holdings in CVR Refining, LP (the “Petroleum Segment” or “CVR Refining”) and CVR Partners, LP (the “Nitrogen Fertilizer Segment” or “CVR Partners”). CVR Refining is an independent petroleum refiner and marketer of high value transportation fuels. CVR Partners produces and markets nitrogen fertilizers in the form of urea ammonium nitrate (“UAN”) and ammonia. CVR’s common stock is listed on the New York Stock Exchange (the “NYSE”) under the symbol “CVI.” Icahn Enterprises L.P. and its affiliates (“IEP”) owned approximately 71% of the Company’s outstanding common shares as of September 30, 2020.

CVR Partners, LP

Interest Holders - As of September 30, 2020, public common unit holders held approximately 65% of CVR Partners’ outstanding common units and CVR Services, LLC (“CVR Services”) (formerly Coffeyville Resources, LLC), a wholly-owned subsidiary of CVR Energy, held approximately 35% of CVR Partners’ outstanding common units. In addition, CVR Services held 100% of CVR Partners’ general partner, CVR GP, LLC (“CVR GP”), which held a non-economic general partner interest in CVR Partners as of September 30, 2020. Following the acquisition of the noncontrolling interest in CVR Refining in January 2019, the noncontrolling interest reflected on the condensed consolidated balance sheets of CVR is only impacted by the net income of, and distributions from, CVR Partners.

NYSE Listing Requirements and Reverse Split - On April 20, 2020, the average closing price of CVR Partners’ common units over a 30 consecutive trading-day period fell below $1.00 per common unit, resulting in noncompliance with the continued listing standards in Section 802.01C of the NYSE Listed Company Manual. CVR Partners received written notification of this noncompliance from the NYSE on April 22, 2020, and currently has until January 1, 2021 to regain compliance or be subject to the NYSE’s suspension and delisting procedures. See the Form 8-K filed by CVR Partners with the SEC on April 24, 2020 for further discussion. As of September 30, 2020, the average closing price of CVR Partners’ common units over the preceding consecutive 30 trading-day period remained below $1.00 per common unit.

On November 2, 2020, CVR Partners announced that the board of directors of its general partner (the “UAN GP Board”) had approved a 1-for-10 reverse split of CVR Partners’ common units to be effective at 5:00 p.m. Eastern Time on November 23, 2020, pursuant to which each ten common units of CVR Partners would be converted into one common unit of the Partnership (the “Reverse Unit Split”). In accordance with CVR Partners’ Agreement of Limited Partnership, as amended, following the Reverse Unit Split, any fractional units of record holders will be rounded up or down, as applicable, to the nearest whole common unit, with any fraction equal to or above 0.5 common units rounding up to the next higher common unit. Following the Reverse Unit Split, the number of CVR Partners common units outstanding would decrease from approximately 111 million common units to approximately 11 million common units, with proportionate adjustments to the common units under CVR Partners’ long-term incentive plan and outstanding awards thereunder.

The UAN GP Board determined the 1-for-10 ratio to be appropriate to meet CVR Partners’ goals of improving the marketability of its common units, regaining compliance with NYSE listing requirements, and reducing the risk of future noncompliance with such listing requirements.

CVR Partners’ common units are expected to begin trading on a split-adjusted basis when markets open on November 24, 2020, under the symbol “UAN” and a new CUSIP number.

Unit Repurchase Program - On May 6, 2020, the UAN GP Board, on behalf of CVR Partners, authorized a unit repurchase program (the “Unit Repurchase Program”). The Unit Repurchase Program enables CVR Partners to repurchase up to $10 million of its common units. During the three and nine months ended September 30, 2020, CVR Partners repurchased 1,403,784 and 2,294,002 common units, respectively, on the open market in accordance with a repurchase agreement under Rules 10b5-1 and 10b-18 of the Exchange Act, which was terminated on August 6, 2020, at a cost of $1 million and $2 million, respectively, inclusive of transaction costs, or an average price of $0.94 and $0.99 per common unit, respectively. At September 30, 2020, CVR Partners had $8 million in authority remaining under the Unit Repurchase Program. This Unit Repurchase Program does not obligate CVR Partners to acquire any common units and may be cancelled or terminated by the UAN GP Board at any time.
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NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(unaudited)

As a result of these repurchases, and the resulting change in CVR Energy’s ownership of CVR Partners while maintaining control, CVR Energy recognized an increase of $2.9 million to additional paid-in capital from the reduction of non-controlling interests totaling $3.9 million and the recognition of a deferred tax liability totaling $1.0 million from changes in its book versus tax basis in CVR Partners.

(2) Basis of Presentation

The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”). These condensed consolidated financial statements should be read in conjunction with the December 31, 2019 audited consolidated financial statements and notes thereto included in CVR Energy’s Annual Report on Form 10-K for the year ended December 31, 2019 (the “2019 Form 10-K”).

Our condensed consolidated financial statements include the consolidated results of CVR Partners, which is defined as a variable interest entity.

In the opinion of the Company’s management, the accompanying condensed consolidated financial statements reflect all adjustments that are necessary for fair presentation of the financial position and results of operations of the Company for the periods presented. Such adjustments are of a normal recurring nature, unless otherwise disclosed.

Certain reclassifications have been made within the condensed consolidated balance sheets as of December 31, 2019 and the condensed consolidated statements of operations for the three and nine months ended September 30, 2019. Catalyst inventory with a value of $17 million as of December 31, 2019 was reclassified during the first quarter of 2020 to Other long-term assets to conform to current presentation.

The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates. Results of operations and cash flows for the interim periods presented are not necessarily indicative of the results that will be realized for the year ending December 31, 2020 or any other interim or annual period.

(3) Recent Accounting Pronouncements and Accounting Changes

Recent Accounting Pronouncements - Adoption of Credit Losses Standard

In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2016-13, Financial Instruments - Credit Losses (Topic 326). The ASU replaces the incurred loss model with a current expected credit loss model for more timely recognition of expected impairment losses for most financial assets and certain other instruments that are not measured at fair value through net income. Effective January 1, 2020, we adopted this ASU with no material impact on the Company’s consolidated financial position or results of operations.

Recent Accounting Pronouncements - Adoption of Fair Value Measurement Standard

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820). The ASU eliminates such disclosures as the amount of, and reasons for, transfers between Level 1 and Level 2 of the fair value hierarchy. Certain disclosures are required to be applied on a retrospective basis and others on a prospective basis. Effective January 1, 2020, we adopted this ASU with no material impact on the Company’s disclosures.

New Accounting Standards Issued But Not Yet Implemented

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740). The ASU simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and modifies other areas of the topic to clarify the application of GAAP. Certain amendments within the standard are required to be applied on a retrospective basis and others on a prospective basis. This standard is effective for the Company beginning January 1, 2021, with early adoption permitted. The Company is evaluating the effect of adopting this new accounting guidance on its consolidated financial
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NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(unaudited)
statements, but does not currently expect adoption will have a material impact on the Company’s consolidated financial position or results of operations. The Company does not intend to early adopt this ASU.

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848). This ASU was issued because, by the end of 2021, banks will no longer be required to report information that is used to determine London Interbank Offered Rate (“LIBOR”), which is used globally by all types of entities. As a result, LIBOR could be discontinued, as well as other interest rates used globally. ASU 2020-04 provides companies with optional expedients for contract modifications under Topics 310, 470, 842, and 815-15, excluded components of certain hedging relationships, fair value hedges, and cash flow hedges, as well as certain exceptions, which are intended to help ease the potential accounting burden associated with transitioning away from these reference rates. Companies can apply the ASU immediately. However, the guidance will only be available for a limited time (generally through December 31, 2022). The Company is currently evaluating the impact that adopting this new accounting standard will have on its consolidated financial statements and related disclosures.

(4) Inventories

Inventories consisted of the following:
(in millions)September 30, 2020December 31, 2019
Finished goods$110 $177 
Raw materials73 112 
In-process inventories17 18 
Parts, supplies and other66 66 
Total inventories$266 $373 

As of March 31, 2020, the carrying amounts of the Petroleum Segment’s inventories exceeded their net realizable value (market value) by $58 million resulting in the recognition of a lower of cost or net realizable value adjustment. The $58 million loss represents the difference between the carrying value of the Petroleum Segment’s inventories accounted for using the first-in-first-out method and selling prices for refined products subsequent to March 31, 2020. No adjustment was necessary as of September 30, 2020, June 30, 2020, or December 31, 2019.

(5) Property, Plant and Equipment

Property, plant and equipment consisted of the following:
(in millions)September 30, 2020December 31, 2019
Machinery and equipment $3,871 $3,805 
Buildings and improvements88 87 
ROU finance leases81 81 
Land and improvements47 46 
Furniture and fixtures37 35 
Construction in progress91 95 
Other15 14 
4,230 4,163 
Less: Accumulated depreciation and amortization1,963 1,827 
Total property, plant and equipment, net$2,267 $2,336 
As of September 30, 2020, the Company had not identified the existence of an impairment indicator for our long-lived asset groups as outlined under ASC 360.

(6) Goodwill

One of the reporting units associated with our Nitrogen Fertilizer Segment’s Coffeyville, Kansas facility (the “Coffeyville Facility”) had a goodwill balance of $41 million at December 31, 2019. During the second quarter of 2020, following the completion of the spring planting season, the market pricing for ammonia and UAN, the Nitrogen Fertilizer Segment’s two
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NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(unaudited)
primary products, experienced significant pricing declines driven by updated market expectations around supply and demand fundamentals which were expected to continue into the second half of 2020. Additionally, significant uncertainty remained as to the nature and extent of impacts to be seen on the overall demand for corn and soybean given reduced ethanol production and broader economic conditions which have negatively impacted fertilizer demand. Therefore in connection with the preparation of the financial statements for the three months ended June 30, 2020, given the pricing declines experienced in the second quarter of 2020, further muting of our near-term economic recovery assumptions, and market price performance of CVR Partners’ common units, the Company concluded an impairment indicator was present and a triggering event under ASC 350 had occurred as of June 30, 2020. Significant assumptions inherent in the valuation methodologies for goodwill are employed and include, but are not limited to, prospective financial information, growth rates, discount rates, inflationary factors, and cost of capital. Based on the interim quantitative analysis, it was determined that the estimated fair value of the Coffeyville Facility reporting unit did not exceed its carrying value. As a result, the Company recorded a full, non-cash impairment charge of $41 million during the three months ended June 30, 2020. There is no goodwill balance remaining as of September 30, 2020.

(7) Leases

Lease Overview

We lease certain pipelines, storage tanks, railcars, office space, land, and equipment across our refining, fertilizer and corporate operations. Most leases include one or more options to renew, with renewal terms that can extend the lease term from one to 20 years or more. The exercise of lease renewal options is at our sole discretion. Certain leases also include options to purchase the leased property. The depreciable life of assets and leasehold improvements is limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Certain of our lease agreements include rental payments which are adjusted periodically for factors such as inflation. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Additionally, we do not have any material lessor or sub-leasing arrangements.

Balance Sheet Summary as of September 30, 2020 and December 31, 2019

The following tables summarize the right of use asset and lease liability balances for the Company’s operating and finance leases at September 30, 2020 and December 31, 2019:

(in millions)September 30, 2020December 31, 2019
Operating Leases:
ROU assets, net
Pipeline and storage$17 $20 
Railcars9 12 
Real estate and other16 16 
Lease liability
Pipelines and storage$17 $22 
Railcars9 12 
Real estate and other15 14 

(in millions)September 30, 2020December 31, 2019
Finance Leases:
ROU assets, net
Pipeline and storage$27 $29 
Real estate and other22 24 
Lease liability
Pipelines and storage$39 $40 
Real estate and other23 25 

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NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(unaudited)
Lease Expense Summary for the Three and Nine Months Ended September 30, 2020 and 2019

We recognize lease expense on a straight-line basis over the lease term. For the three and nine months ended September 30, 2020 and 2019, we recognized lease expense comprised of the following components:
Three Months Ended
September 30,
Nine Months Ended
September 30,
(in millions)2020201920202019
Operating lease expense$4 $4 $13 $12 
Finance lease expense:
Amortization of ROU$2 $2 $5 $5 
Interest expense on lease liability1 2 4 5 

Short-term lease expense, recognized within Direct operating expenses (exclusive of depreciation and amortization), was $2 million and $6 million for the three and nine months ended September 30, 2020, respectively, and $2 million and $6 million for the three and nine months ended September 30, 2019, respectively.

Lease Terms and Discount Rates

The following outlines the remaining lease terms and discount rates used in the measurement of the Company’s ROU assets and liabilities:
September 30, 2020December 31, 2019
Weighted-average remaining lease term (years)
Operating Leases3.33.7
Finance Leases8.49.0
Weighted-average discount rate
Operating Leases5.5 %5.6 %
Finance Leases9.0 %8.9 %

Maturities of Lease Liabilities

The following summarizes the remaining minimum lease payments through maturity of the Company’s right-of-use assets and liabilities at September 30, 2020:
(in millions)Operating LeasesFinancing
Leases
Remainder of 2020$4 $3 
202115 11 
202212 11 
20238 10 
20245 10 
Thereafter 43 
Total lease payments44 88 
Less: imputed interest(3)(26)
Total lease liability$41 $62 

On July 31, 2020, Coffeyville Resources Nitrogen Fertilizers, LLC (“CRNF”), a subsidiary of CVR Partners, and Messer LLC (“Messer”) entered into an On-Site Product Supply Agreement (the “Messer Agreement”). Under the Messer Agreement, among other obligations, Messer is obligated to supply and make certain capital improvements during the term of the Messer Agreement, and CRNF is obligated to take as available and pay for, oxygen, nitrogen, and compressed dry air from Messer’s facility. This arrangement for CRNFs purchase of oxygen, nitrogen, and dry air from Messer does not meet the definition of a lease under ASC 842, as CRNF does not expect to receive substantially all of the output of Messer’s on-site production from its
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NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(unaudited)
air separation unit over the life of the Messer Agreement. The Messer Agreement also obligates Messer to install a new oxygen storage vessel and related equipment to be used solely by the Coffeyville Facility. This arrangement for the use of the oxygen storage vessel and related equipment meets the definition of a lease under ASC 842, as CRNF will receive all output associated with the vessel. Based on terms outlined in the Messer Agreement, the Company expects the lease of the oxygen storage vessel to be classified as a financing lease with an amount between $20 and $25 million being capitalized upon lease commencement when the oxygen storage vessel is placed in service.

(8) Other Current Liabilities

Other current liabilities were as follows:

(in millions)September 30, 2020December 31, 2019
Accrued Renewable Fuel Standards (“RFS”) obligation$83 $7 
Accrued taxes other than income taxes33 28 
Accrued interest27 9 
Personnel accruals25 47 
Operating lease liabilities13 14 
Deferred revenue12 28 
Current portion of long-term debt and finance lease obligations7 5 
Share-based compensation6 6 
Accrued income taxes 24 
Accrued derivatives 7 
Other accrued expenses and liabilities9 9 
   Total other current liabilities$215 $184 

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NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
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(9) Long-Term Debt and Finance Lease Obligations

Long-term debt and finance lease obligations consist of the following:

(in millions)September 30, 2020December 31, 2019
CVR Partners:
9.25% Senior Secured Notes, due June 2023
$645 $645 
6.50% Senior Notes, due April 2021, net of current portion (1)
 2 
Unamortized discount and debt issuance costs(12)(15)
Total CVR Partners debt, net of current portion$633 $632 
CVR Refining:
6.50% Senior Notes, due November 2022 (2)
$ $500 
Finance lease obligations, net of current portion (3)56 61 
Unamortized debt issuance cost
 (3)
Total CVR Refining debt, net of current portion$56 $558 
CVR Energy:
5.25% Senior Notes, due February 2025
$600 $ 
5.75% Senior Notes, due February 2028
400