Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 29, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-35120 | |
Entity Registrant Name | CVR PARTNERS, LP | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 56-2677689 | |
Entity Address, Address Line One | 2277 Plaza Drive, Suite 500 | |
Entity Address, City or Town | Sugar Land | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77479 | |
City Area Code | 281 | |
Local Phone Number | 207-3200 | |
Title of 12(b) Security | Common units representing limited partner interests | |
Trading Symbol | UAN | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 10,681,332 | |
Entity Central Index Key | 0001425292 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 100,669 | $ 30,559 |
Accounts receivable | 32,928 | 36,896 |
Inventories | 59,026 | 42,349 |
Prepaid expenses and other current assets | 3,127 | 8,410 |
Total current assets | 195,750 | 118,214 |
Property, plant, and equipment, net | 856,686 | 897,847 |
Other long-term assets | 15,868 | 16,819 |
Total assets | 1,068,304 | 1,032,880 |
Current liabilities: | ||
Accounts payable | 38,807 | 19,544 |
Accounts payable to affiliates | 6,409 | 5,217 |
Deferred revenue | 33,754 | 30,631 |
Other current liabilities | 36,219 | 20,949 |
Total current liabilities | 115,189 | 76,341 |
Long-term liabilities: | ||
Long-term debt, net of current portion | 625,234 | 633,942 |
Other long-term liabilities | 15,876 | 8,356 |
Total long-term liabilities | 641,110 | 642,298 |
Commitments and contingencies (See Note 11) | ||
Partners’ capital: | ||
Common unitholders, 10,681,332 and 10,705,710 units issued and outstanding at September 30, 2021 and December 31, 2020, respectively | 312,004 | 314,240 |
General partner interest | 1 | 1 |
Total partners’ capital | 312,005 | 314,241 |
Total liabilities and partners’ capital | $ 1,068,304 | $ 1,032,880 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parentheticals) - shares | Sep. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Common unitholders, issued (in units) | 10,681,332 | 10,705,710 |
Common unitholders, outstanding (in units) | 10,681,332 | 10,705,710 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement [Abstract] | ||||
Net sales | $ 144,715 | $ 79,482 | $ 343,660 | $ 259,654 |
Operating costs and expenses: | ||||
Cost of materials and other | 26,114 | 21,736 | 69,974 | 67,675 |
Direct operating expenses (exclusive of depreciation and amortization) | 48,260 | 38,555 | 138,626 | 113,686 |
Depreciation and amortization | 17,406 | 18,029 | 52,648 | 56,997 |
Cost of sales | 91,780 | 78,320 | 261,248 | 238,358 |
Selling, general and administrative expenses | 6,619 | 4,232 | 19,310 | 14,038 |
Loss on asset disposal | 0 | 39 | 477 | 120 |
Goodwill impairment | 0 | 0 | 0 | 40,969 |
Operating income (loss) | 46,316 | (3,109) | 62,625 | (33,831) |
Other (expense) income: | ||||
Interest expense, net | (11,313) | (15,877) | (50,564) | (47,550) |
Other income, net | 26 | 57 | 4,623 | 122 |
Income (loss) before income tax expense | 35,029 | (18,929) | 16,684 | (81,259) |
Income tax expense | 0 | 23 | 19 | 40 |
Net income (loss) | $ 35,029 | $ (18,952) | $ 16,665 | $ (81,299) |
Basic loss per unit (in dollars per unit) | $ 3.28 | $ (1.70) | $ 1.56 | $ (7.22) |
Diluted loss per unit (in dollars per unit) | 3.28 | (1.70) | 1.56 | (7.22) |
Distributions declared per common unit (in dollars per unit) | $ 1.72 | $ 0 | $ 1.72 | $ 0 |
Weighted-average common units outstanding: | ||||
Basic (in units) | 10,681 | 11,129 | 10,686 | 11,258 |
Diluted (in units) | 10,681 | 11,129 | 10,686 | 11,258 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF PARTNERS' CAPITAL (unaudited) - USD ($) $ in Thousands | Total | General Partner Interest | Common Units |
Beginning balance (in units) at Dec. 31, 2019 | 11,328,297 | ||
Beginning balance at Dec. 31, 2019 | $ 419,544 | $ 1 | $ 419,543 |
Increase (Decrease) in Partners' Capital | |||
Land exchange with affiliate | (116) | (116) | |
Net income (loss) | (20,735) | $ (20,735) | |
Ending balance (in units) at Mar. 31, 2020 | 11,328,297 | ||
Ending balance at Mar. 31, 2020 | 398,693 | 1 | $ 398,692 |
Beginning balance (in units) at Dec. 31, 2019 | 11,328,297 | ||
Beginning balance at Dec. 31, 2019 | 419,544 | 1 | $ 419,543 |
Increase (Decrease) in Partners' Capital | |||
Net income (loss) | (81,299) | ||
Ending balance (in units) at Sep. 30, 2020 | 11,098,897 | ||
Ending balance at Sep. 30, 2020 | 335,852 | 1 | $ 335,851 |
Beginning balance (in units) at Mar. 31, 2020 | 11,328,297 | ||
Beginning balance at Mar. 31, 2020 | 398,693 | 1 | $ 398,692 |
Increase (Decrease) in Partners' Capital | |||
Repurchase of common units (in units) | (89,022) | ||
Repurchase of common units | (955) | $ (955) | |
Net income (loss) | (41,612) | $ (41,612) | |
Ending balance (in units) at Jun. 30, 2020 | 11,239,275 | ||
Ending balance at Jun. 30, 2020 | 356,126 | 1 | $ 356,125 |
Increase (Decrease) in Partners' Capital | |||
Repurchase of common units (in units) | (140,378) | ||
Repurchase of common units | (1,322) | $ (1,322) | |
Net income (loss) | (18,952) | $ (18,952) | |
Ending balance (in units) at Sep. 30, 2020 | 11,098,897 | ||
Ending balance at Sep. 30, 2020 | 335,852 | 1 | $ 335,851 |
Beginning balance (in units) at Dec. 31, 2020 | 10,705,710 | ||
Beginning balance at Dec. 31, 2020 | 314,241 | 1 | $ 314,240 |
Increase (Decrease) in Partners' Capital | |||
Repurchase of common units (in units) | (24,378) | ||
Repurchase of common units | (529) | $ (529) | |
Net income (loss) | (25,384) | $ (25,384) | |
Ending balance (in units) at Mar. 31, 2021 | 10,681,332 | ||
Ending balance at Mar. 31, 2021 | 288,328 | 1 | $ 288,327 |
Beginning balance (in units) at Dec. 31, 2020 | 10,705,710 | ||
Beginning balance at Dec. 31, 2020 | 314,241 | 1 | $ 314,240 |
Increase (Decrease) in Partners' Capital | |||
Net income (loss) | 16,665 | ||
Ending balance (in units) at Sep. 30, 2021 | 10,681,332 | ||
Ending balance at Sep. 30, 2021 | 312,005 | 1 | $ 312,004 |
Beginning balance (in units) at Mar. 31, 2021 | 10,681,332 | ||
Beginning balance at Mar. 31, 2021 | 288,328 | 1 | $ 288,327 |
Increase (Decrease) in Partners' Capital | |||
Net income (loss) | 7,020 | $ 7,020 | |
Ending balance (in units) at Jun. 30, 2021 | 10,681,332 | ||
Ending balance at Jun. 30, 2021 | 295,348 | 1 | $ 295,347 |
Increase (Decrease) in Partners' Capital | |||
Cash distributions to common unitholders - Affiliates | (6,694) | (6,694) | |
Cash distributions to common unitholders - Non-affiliates | (11,678) | (11,678) | |
Net income (loss) | 35,029 | $ 35,029 | |
Ending balance (in units) at Sep. 30, 2021 | 10,681,332 | ||
Ending balance at Sep. 30, 2021 | $ 312,005 | $ 1 | $ 312,004 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 35,029 | $ 16,665 | $ (81,299) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 17,406 | 52,648 | 56,997 |
Goodwill impairment | 0 | 0 | 40,969 |
Share-based compensation | 15,459 | (121) | |
Loss on extinguishment of debt | 200 | 8,299 | 0 |
Other adjustments | 3,142 | 4,089 | |
Change in assets and liabilities: | |||
Current assets and liabilities | 21,009 | 7,381 | |
Non-current assets and liabilities | 3,046 | 1,201 | |
Net cash provided by operating activities | 120,268 | 29,217 | |
Cash flows from investing activities: | |||
Capital expenditures | (10,248) | (15,174) | |
Proceeds from sale of assets | 42 | 48 | |
Net cash used in investing activities | (10,206) | (15,126) | |
Cash flows from financing activities: | |||
Repurchase of common units | (529) | (2,277) | |
Proceeds from issuance of senior secured notes | 550,000 | 0 | |
Principal payments on senior secured notes | (567,240) | 0 | |
Cash distributions to common unitholders - Affiliates | (6,694) | 0 | |
Cash distributions to common unitholders - Non-affiliates | (11,678) | 0 | |
Payment of deferred financing costs | (3,733) | (448) | |
Other financing activities | (78) | (75) | |
Net cash used in financing activities | (39,952) | (2,800) | |
Net increase in cash and cash equivalents | 70,110 | 11,291 | |
Cash and cash equivalents, beginning of period | 30,559 | 36,994 | |
Cash and cash equivalents, end of period | $ 100,669 | $ 100,669 | $ 48,285 |
Organization and Nature of Busi
Organization and Nature of Business | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Nature of Business | (1) Organization and Nature of Business CVR Partners, LP (“CVR Partners” or the “Partnership”) is a Delaware limited partnership formed by CVR Energy, Inc. (together with its subsidiaries, but excluding the Partnership and its subsidiaries, “CVR Energy”) to own, operate and grow its nitrogen fertilizer business. The Partnership produces nitrogen fertilizer products at two manufacturing facilities, which are located in Coffeyville, Kansas (the “Coffeyville Facility”) and East Dubuque, Illinois (the “East Dubuque Facility”). Both facilities manufacture ammonia and are able to further upgrade to other nitrogen fertilizer products, principally urea ammonium nitrate (“UAN”). Nitrogen fertilizer is used by farmers to improve the yield and quality of their crops, primarily corn and wheat. The Partnership’s products are sold on a wholesale basis in the United States of America. As used in these financial statements, references to CVR Partners, the Partnership, “we”, “us”, and “our” may refer to consolidated subsidiaries of CVR Partners or one or both of the facilities, as the context may require. Interest Holders As of September 30, 2021, public common unitholders held approximately 64% of the Partnership’s outstanding limited partner interests; CVR Services, LLC (“CVR Services”), a wholly-owned subsidiary of CVR Energy, held approximately 36% of the Partnership’s outstanding limited partner interests; and CVR GP, LLC (“CVR GP” or the “general partner”), a wholly owned subsidiary of CVR Energy, held 100% of the Partnership’s general partner interest. As of September 30, 2021, Icahn Enterprises L.P. and its affiliates owned approximately 71% of the common stock of CVR Energy. Unit Repurchase Program On May 6, 2020, the board of directors of the Partnership’s general partner (the “Board”), on behalf of the Partnership, authorized a unit repurchase program (the “Unit Repurchase Program”). The Unit Repurchase Program enables the Partnership to repurchase up to $10 million of the Partnership’s common units. On February 22, 2021, the Board authorized an additional $10 million for the Unit Repurchase Program. During the three months ended September 30, 2021, the Partnership did not repurchase any common units. During the nine months ended September 30, 2021, the Partnership repurchased 24,378 common units on the open market in accordance with a repurchase agreement under Rules 10b5-1 and 10b-18 of the Securities Exchange Act of 1934, as amended, at a cost of $0.5 million, inclusive of transaction costs, or an average price of $21.70 per common unit. During the three and nine months ended September 30, 2020, as adjusted to reflect the impact of the 1-for-10 reverse unit split of the Partnership’s common units that was effective as of November 23, 2020, the Partnership repurchased 140,378 and 229,400 common units, respectively, at a cost of $1.3 million and $2.3 million, respectively, inclusive of transaction costs, or an average price of $9.42 and $9.92 per common unit, respectively. As of September 30, 2021, the Partnership had $12.4 million in authority remaining under the Unit Repurchase Program. This Unit Repurchase Program does not obligate the Partnership to acquire any common units and may be cancelled or terminated by the Board at any time. Management and Operations |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | (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 (“SEC”). These condensed consolidated financial statements should be read in conjunction with the December 31, 2020 audited consolidated financial statements and notes thereto included in the 2020 Form 10-K. In the opinion of the Partnership’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 Partnership for the periods presented. Such adjustments are of a normal recurring nature, unless otherwise disclosed. 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, 2021 or any other interim or annual period. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | (3) Recent Accounting Pronouncements Recent Accounting Pronouncements - Adoption of Income Taxes Standard In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“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. Effective January 1, 2021, we adopted this ASU with no material impact on the Partnership’s consolidated financial position or results of operations. Recent Accounting Pronouncements - Adoption of Codification Improvements Standard In October 2020, the FASB issued ASU 2020-10, Codification Improvements. The ASU amends various sections of the codification in the FASB’s ongoing efforts to simplify and improve guidance. Effective January 1, 2021, we adopted this ASU with no material impact on the Partnership’s consolidated financial position or results of operations. Recent Accounting Pronouncements - New Accounting Standards Issued But Not Yet Implemented 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. ASU 2021-01 clarifies certain optional expedients and exceptions for contract modifications and hedge accounting. Companies can apply the ASU immediately. However, the guidance will only be available for a limited time (generally through December 31, 2022). The Partnership is currently evaluating the impact of adopting this new accounting standard, but does not expect it to have a material impact on its consolidated financial statements and related disclosures. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | (4) Inventories Inventories consisted of the following: (in thousands) September 30, 2021 December 31, 2020 Finished goods $ 22,393 $ 9,815 Raw materials 787 152 Parts, supplies and other 35,846 32,382 Total inventories $ 59,026 $ 42,349 |
Property, Plant and Equipment
Property, Plant and Equipment | 9 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | (5) Property, Plant and Equipment Property, plant and equipment consisted of the following: (in thousands) September 30, 2021 December 31, 2020 Machinery and equipment $ 1,393,816 $ 1,388,735 Buildings and improvements 17,598 17,598 Automotive equipment 16,696 16,608 Land and improvements 14,199 14,132 Construction in progress 18,090 12,098 Other 2,220 1,721 1,462,619 1,450,892 Less: Accumulated depreciation and amortization 605,933 553,045 Total property, plant and equipment, net $ 856,686 $ 897,847 As of September 30, 2021, the Partnership had not identified the existence of an impairment indicator for our long-lived asset groups as outlined under ASC Topic 360, Property, Plant, and Equipment . |
Leases
Leases | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Leases | (6) Leases Lease Overview We lease railcars and certain facilities to support the Partnership’s operations. Most leases include one or more options to renew, with renewal terms that can extend the lease term from one Balance Sheet Summary as of September 30, 2021 and December 31, 2020 The following tables summarize the right-of-use (“ROU”) asset and lease liability balances for the Partnership’s operating and finance leases at September 30, 2021 and December 31, 2020 : September 30, 2021 December 31, 2020 (in thousands) Operating Leases Finance Leases Operating Leases Finance Leases ROU asset, net Railcars $ 5,363 $ — $ 7,327 $ — Real estate and other 2,849 60 3,040 101 Lease liability Railcars $ 5,363 $ — $ 7,696 $ — Real estate and other 716 18 867 105 Lease Expense Summary for the Three and Nine Months Ended September 30, 2021 and 2020 We recognize lease expense on a straight-line basis over the lease term and short-term lease expense within Direct operating expenses (exclusive of depreciation and amortization). For the three and nine months ended September 30, 2021 and 2020, we recognized lease expense comprised of the following components: Three Months Ended Nine Months Ended (in thousands) 2021 2020 2021 2020 Operating lease expense $ 956 $ 1,000 $ 2,876 $ 3,144 Finance lease expense: Amortization of ROU asset $ 33 $ 25 $ 77 $ 75 Interest expense on lease liability 1 1 2 5 Short-term lease expense $ 121 $ 113 $ 421 $ 316 Lease Terms and Discount Rates The following outlines the remaining lease terms and discount rates used in the measurement of the Partnership’s ROU assets and liabilities at September 30, 2021 and December 31, 2020: September 30, 2021 December 31, 2020 Operating Leases Finance Leases Operating Leases Finance Leases Weighted-average remaining lease term 2.3 years 0.6 years 2.9 years 1.3 years Weighted-average discount rate 5.1 % 4.0 % 5.1 % 4.0 % Maturities of Lease Liabilities The following summarizes the remaining minimum lease payments through maturity of the Partnership’s ROU assets and liabilities at September 30, 2021: (in thousands) Operating Leases Finance Leases Remainder of 2021 $ 914 $ 18 2022 3,220 — 2023 1,359 — 2024 676 — 2025 261 — Thereafter — — Total lease payments 6,430 18 Less: imputed interest (351) — Total lease liability $ 6,079 $ 18 |
Leases | (6) Leases Lease Overview We lease railcars and certain facilities to support the Partnership’s operations. Most leases include one or more options to renew, with renewal terms that can extend the lease term from one Balance Sheet Summary as of September 30, 2021 and December 31, 2020 The following tables summarize the right-of-use (“ROU”) asset and lease liability balances for the Partnership’s operating and finance leases at September 30, 2021 and December 31, 2020 : September 30, 2021 December 31, 2020 (in thousands) Operating Leases Finance Leases Operating Leases Finance Leases ROU asset, net Railcars $ 5,363 $ — $ 7,327 $ — Real estate and other 2,849 60 3,040 101 Lease liability Railcars $ 5,363 $ — $ 7,696 $ — Real estate and other 716 18 867 105 Lease Expense Summary for the Three and Nine Months Ended September 30, 2021 and 2020 We recognize lease expense on a straight-line basis over the lease term and short-term lease expense within Direct operating expenses (exclusive of depreciation and amortization). For the three and nine months ended September 30, 2021 and 2020, we recognized lease expense comprised of the following components: Three Months Ended Nine Months Ended (in thousands) 2021 2020 2021 2020 Operating lease expense $ 956 $ 1,000 $ 2,876 $ 3,144 Finance lease expense: Amortization of ROU asset $ 33 $ 25 $ 77 $ 75 Interest expense on lease liability 1 1 2 5 Short-term lease expense $ 121 $ 113 $ 421 $ 316 Lease Terms and Discount Rates The following outlines the remaining lease terms and discount rates used in the measurement of the Partnership’s ROU assets and liabilities at September 30, 2021 and December 31, 2020: September 30, 2021 December 31, 2020 Operating Leases Finance Leases Operating Leases Finance Leases Weighted-average remaining lease term 2.3 years 0.6 years 2.9 years 1.3 years Weighted-average discount rate 5.1 % 4.0 % 5.1 % 4.0 % Maturities of Lease Liabilities The following summarizes the remaining minimum lease payments through maturity of the Partnership’s ROU assets and liabilities at September 30, 2021: (in thousands) Operating Leases Finance Leases Remainder of 2021 $ 914 $ 18 2022 3,220 — 2023 1,359 — 2024 676 — 2025 261 — Thereafter — — Total lease payments 6,430 18 Less: imputed interest (351) — Total lease liability $ 6,079 $ 18 |
Other Current Liabilities
Other Current Liabilities | 9 Months Ended |
Sep. 30, 2021 | |
Payables and Accruals [Abstract] | |
Other Current Liabilities | (7) Other Current Liabilities Other current liabilities consisted of the following: (in thousands) September 30, 2021 December 31, 2020 Accrued interest $ 11,326 $ 2,506 Share-based compensation 8,002 442 Personnel accruals 7,060 7,475 Operating lease liabilities 3,317 3,309 Sales incentives 2,888 2,215 Accrued taxes other than income taxes 2,196 1,769 Prepaid revenue contracts 145 197 Current portion of long-term debt and finance lease obligations 18 2,240 Other accrued expenses and liabilities 1,267 796 Total other current liabilities $ 36,219 $ 20,949 |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | (8) Long-Term Debt Long-term debt consists of the following: (in thousands) September 30, 2021 December 31, 2020 9.25% Senior Secured Notes, due June 2023 (1)(5) $ 80,000 $ 645,000 6.125% Senior Secured Notes, due June 2028 (1) 550,000 — Unamortized discount and debt issuance costs (2) (4,766) (11,058) Total long-term debt and finance lease obligations, net of current portion 625,234 633,942 Current portion of long-term debt and finance lease obligations (3)(4) 18 2,240 Total long-term debt and finance lease obligations, including current portion $ 625,252 $ 636,182 (1) The estimated fair value of the 9.25% Senior Secured Notes due June 2023 (the “2023 Notes”) was approximately $80.2 million and $645.7 million as of September 30, 2021 and December 31, 2020, respectively. The estimated fair value of the 6.125% Senior Secured Notes due June 2028 was approximately $576.8 million as of September 30, 2021. These estimates of fair value are a Level 2 measurement as they were determined by quotations obtained from a broker-dealer who makes a market in these and similar securities. (2) For the three and nine months ended September 30, 2021, amortization of the discount on debt and amortization of deferred financing costs reported as Interest expense, net totaled approximately $0.2 million and $2.2 million, respectively, and for the three and nine months ended September 30, 2020, Interest expense, net totaled approximately $1.0 million and $2.8 million, respectively. (3) The $2.2 million outstanding balance of the 6.50% Notes, due April 2021, was paid in full on April 15, 2021. (4) Current portion of finance lease obligations recognized was nominal as of September 30, 2021. Amount is reported in Other current liabilities. (5) The call price of the 2023 Notes decreased to par on June 15, 2021. On June 23, 2021 and September 23, 2021, the Partnership redeemed $550 million and $15 million, respectively, of the 2023 Notes at par, plus accrued and unpaid interest. The remaining balance of $80 million is outstanding as of September 30, 2021. Credit Agreements (in thousands) Total Available Borrowing Capacity Amount Borrowed as of September 30, 2021 Outstanding Letters of Credit Available Capacity as of September 30, 2021 Maturity Date ABL Credit Facility (1)(2)(3) $ 35,000 $ — $ — $ 35,000 September 30, 2024 (1) On September 30, 2021, the Partnership entered into a senior secured asset based credit agreement with an aggregate principal amount of up to $35.0 million with a maturity date of September 30, 2024 (the “ABL Credit Facility”) and terminated its $35.0 million ABL Credit Agreement , dated as of September 30, 2016, as amended (the “2016 ABL Credit Agreement”). (2) Beginning September 30, 2021, loans under the Partnership’s ABL Credit Facility bear interest at an annual rate equal to, at the option of the borrowers, (i) (a) 1.615% plus the daily simple Secured Overnight Financing Rate (“SOFR”) or (b) 0.615% plus a base rate, if our quarterly excess availability is greater than or equal to 75%, (ii) (a) 1.865% plus SOFR or (b) 0.865% plus a base rate, if our quarterly excess availability is greater than or equal to 50% but less than 75%, or (iii) (a) 2.115% plus SOFR or (b) 1.115% plus a base rate, otherwise. (3) Amortization expense was $0.1 million and $0.3 million for the three and nine months ended September 30, 2021, respectively, and $0.1 million and $0.2 million for the three and nine months ended September 30, 2020, respectively. 2028 Notes - On June 23, 2021, CVR Partners and its subsidiary, CVR Nitrogen Finance Corporation (“Finance Co.” and, together with CVR Partners, the “Issuers”), completed a private offering of $550 million aggregate principal amount of 6.125% Senior Secured Notes due June 2028 (the “2028 Notes”). Interest on the 2028 Notes is payable semi-annually in arrears on June 15 and December 15 each year, commencing on December 15, 2021. The 2028 Notes mature on June 15, 2028, unless earlier redeemed or repurchased by the Issuers. The 2028 Notes are jointly and severally guaranteed on a senior secured basis by all the existing domestic subsidiaries of CVR Partners, excluding Finance Co. In relation to the issuance of the 2028 Notes, the Partnership received $546.7 million of net cash proceeds, net of underwriting fees and other third-party fees and expenses associated with the offering. The debt issuance costs of the 2028 Notes totaled approximately $3.9 million and are being amortized over the term of the 2028 Notes as interest expense using the effective-interest amortization method. We may, at our option, at any time and from time to time prior to June 15, 2024, on any one or more occasions, redeem all or part of the 2028 Notes at a price equal to 100% of the principal amount plus a “make whole” premium, plus accrued and unpaid interest. On or after June 15, 2024, we may, on any one or more occasions, redeem all or part of the 2028 Notes at the redemption prices set forth below, expressed as a percentage of the principal amount of the respective notes, plus accrued and unpaid interest to the applicable redemption date. 12-month period beginning June 15, Percentage 2024 103.063% 2025 101.531% 2026 and thereafter 100.000% The indenture governing the 2028 Notes contains covenants that are substantially the same as the indenture governing the 2023 Notes. However, the 2028 Notes contain a permitted investment activity carveout that allows for the transfer of certain carbon capture assets to a joint venture for the purpose of monetizing potential tax credits. 2023 Notes - On June 23, 2021, the Partnership redeemed $550 million aggregate principal amount of the outstanding 2023 Notes at par and settled accrued interest of approximately $1.1 million through the date of redemption. As a result of this transaction, the Partnership recognized in Interest expense, net a $7.8 million loss on extinguishment of debt in the second quarter of 2021, which includes the write-off of unamortized deferred financing costs and original issue discount of $2.9 million and $4.9 million, respectively. On September 23, 2021, the Partnership redeemed $15 million aggregate principal amount of the outstanding 2023 Notes at par and settled accrued interest of approximately $0.4 million through the date of redemption. As a result of the redemption, the Partnership recognized in Interest expense, net a $0.2 million loss on extinguishment of debt in the third quarter of 2021, which includes the write-off of unamortized deferred financing costs and discount of $0.1 million and $0.1 million, respectively. ABL Credit Facility - On September 30, 2021, CVR Partners, LP and its subsidiaries, CVR Nitrogen, LP, East Dubuque Nitrogen Fertilizers, LLC, Coffeyville Resources Nitrogen Fertilizers, LLC, CVR Nitrogen Holdings, LLC, Finance Co. and CVR Nitrogen GP, LLC, entered into the ABL Credit Facility with Wells Fargo Bank National Association, a national banking association (“Wells Fargo”), as administrative agent, collateral agent, and lender. The ABL Credit Facility has an aggregate principal amount of availability of up to $35.0 million with an incremental facility, which permits an increase in borrowings of up to $15.0 million in the aggregate subject to additional lender commitments and certain other conditions. The proceeds of the loans may be used for general corporate purposes of the Partnership and its subsidiaries. The ABL Credit Facility provides for loans and letters of credit, subject to meeting certain borrowing base conditions, with sub-limits of $3.5 million for swingline loans and $10.0 million for letters of credit. The ABL Credit Facility is scheduled to mature on September 30, 2024. Loans under the ABL Credit Facility initially bear interest at an annual rate equal to, at the option of the borrowers, (i) 1.615% plus SOFR or (ii) 0.615% plus a base rate. Based on the previous quarter’s excess availability, such annual rate could increase to, at the option of the borrowers, (i) 2.115% plus SOFR or (ii) 1.115% plus a base rate. The borrowers must also pay a commitment fee on the unutilized commitments and also pay customary letter of credit fees. The ABL Credit Facility contains customary covenants for a financing of this type and requires the Partnership in certain circumstances to comply with a minimum fixed charge coverage ratio test and contains other restrictive covenants that limit the ability of the Partnership and its subsidiaries ability to, among other things, incur liens, engage in a consolidation, merger, purchase or sale of assets, pay dividends, incur indebtedness, make advances, investments and loans, enter into affiliate transactions, issue certain equity interests, create subsidiaries and unrestricted subsidiaries, and create certain restrictions on the ability to make distributions, loans, and asset transfers among the Partnership or its subsidiaries. In connection with the ABL Credit Facility, the Partnership incurred lender and other third-party costs of $0.8 million which have been deferred in Prepaid expenses and other current assets and Other long-term assets and are being amortized as interest expense over the term of the ABL Credit Facility using the straight-line amortization method. 2016 ABL Credit Agreement - On September 30, 2021, the Partnership terminated its 2016 ABL Credit Agreement, which had no outstanding borrowings. As a result of the termination, the Partnership recognized in Interest expense, net a loss on extinguishment of $0.3 million, which is comprised of the write-off of unamortized deferred financing costs. Covenant Compliance The Partnership and its subsidiaries were in compliance with all covenants under their respective debt instruments as of September 30, 2021. |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | (9) Revenue The following table presents the Partnership’s revenue, disaggregated by major product: Three Months Ended Nine Months Ended (in thousands) 2021 2020 2021 2020 Ammonia $ 26,550 $ 12,995 $ 68,180 $ 63,906 UAN 98,312 51,042 223,972 153,350 Urea products 8,168 3,385 19,746 10,453 Net sales, exclusive of freight and other 133,030 67,422 311,898 227,709 Freight revenue 9,249 9,545 24,234 24,222 Other revenue 2,436 2,515 7,528 7,723 Net sales $ 144,715 $ 79,482 $ 343,660 $ 259,654 Transaction Price Allocated to Remaining Performance Obligations As of September 30, 2021, the Partnership had approximately $6.7 million of remaining performance obligations for contracts with an original expected duration of more than one year. The Partnership expects to recognize approximately $1.3 million of these performance obligations as revenue by the end of 2021, an additional $3.5 million in 2022, and the remaining balance thereafter. Contract Balances The Partnership’s deferred revenue is a contract liability that primarily relates to nitrogen fertilizer sales contracts requiring customer prepayment prior to product delivery to guarantee a price and supply of nitrogen fertilizer. Deferred revenue is recorded at the point in time in which a prepaid contract is legally enforceable and the associated right to consideration is unconditional prior to transferring product to the customer. An associated receivable is recorded for uncollected prepaid contract amounts. Contracts requiring prepayment are generally short-term in nature and, as discussed above, revenue is recognized at the point in time in which the customer obtains control of the product. A summary of the deferred revenue activity for the nine months ended September 30, 2021 is presented below: (in thousands) Balance at December 31, 2020 $ 30,631 Add: New prepay contracts entered into during the period (1) 54,252 Less: Revenue recognized that was included in the contract liability balance at the beginning of the period (29,735) Revenue recognized related to contracts entered into during the period (21,253) Other changes (141) Balance at September 30, 2021 $ 33,754 (1) Includes $50.2 million where payment associated with prepaid contracts was collected as of September 30, 2021. |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation | (10) Share-Based Compensation A summary of compensation expense for the three and nine months ended September 30, 2021 and 2020 is presented below: Three Months Ended Nine Months Ended (in thousands) 2021 2020 2021 2020 Phantom Units $ 4,563 $ 144 $ 13,096 $ (54) Other Awards (1) 925 (96) 2,363 (67) Total share-based compensation expense $ 5,488 $ 48 $ 15,459 $ (121) (1) Other awards include the allocation of compensation expense for certain employees of CVR Energy and certain of its subsidiaries who perform services for the Partnership under the services agreement with CVR Energy and the Limited Partnership Agreement, respectively, and participate in equity compensation plans of CVR Partners’ affiliates. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (11) Commitments and Contingencies There have been no material changes in the Partnership’s commitments and contingencies disclosed in the 2020 Form 10-K. In the ordinary course of business, the Partnership may become party to lawsuits, administrative proceedings, and governmental investigations, including environmental, regulatory, and other matters. The outcome of these matters cannot always be predicted accurately, but the Partnership accrues liabilities for these matters if the Partnership has determined that it is probable a loss has been incurred and the loss can be reasonably estimated. While it is not possible to predict the outcome of such proceedings, if one or more of them were decided against us, the Partnership believes there would be no material impact on its consolidated financial statements. The Partnership continues to monitor its contractual arrangements and customer, vendor, and supplier relationships to determine whether and to what extent, if any, the impacts of the COVID-19 pandemic or ongoing price volatility will impair or excuse the performance of the Partnership or its subsidiaries or their customers, vendors, or suppliers under existing agreements. As of September 30, 2021, the Partnership had not experienced a material financial impact from any actual or threatened impairment of or excuse in its or others’ performance under such agreements. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 9 Months Ended |
Sep. 30, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | (12) Supplemental Cash Flow Information Cash flows related to income taxes, interest, leases, and capital expenditures and deferred financing costs included in accounts payable are as follows: Nine Months Ended (in thousands) 2021 2020 Supplemental disclosures: Cash paid for interest $ 31,547 $ 30,058 Cash paid for income taxes, net of refunds 27 73 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 2,745 3,049 Operating cash flows from finance leases 2 5 Financing cash flows from finance leases 78 75 Non-cash investing and financing activities: Change in capital expenditures included in accounts payable 3,279 (1,411) Change in deferred financing costs included in accounts payable 677 — |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | (13) Related Party Transactions Activity associated with the Partnership’s related party arrangements for the three and nine months ended September 30, 2021 and 2020 is summarized below. Related Party Activity Three Months Ended Nine Months Ended (in thousands) 2021 2020 2021 2020 Sales to related parties (1) $ 7 $ 107 $ 308 $ 989 Purchases from related parties (2) 11,286 5,025 29,109 16,289 September 30, 2021 December 31, 2020 Due to related parties (3) 2,891 694 (1) Sales to related parties, included in Net sales, consist primarily of sales of feedstocks and services to Coffeyville Resources Refining & Marketing, LLC (“CRRM”) under the Master Service Agreement with Coffeyville Resources Nitrogen Fertilizers, LLC (the “Coffeyville MSA”). (2) Purchases from related parties, included in Cost of materials and other, Direct operating expenses (exclusive of depreciation and amortization), and Selling, general and administrative expenses, consist primarily of pet coke and hydrogen purchased from CRRM under the Coffeyville MSA and services provided by CVR Services under the Corporate Master Service Agreement (the “Corporate MSA”). (3) Due to related parties, included in Accounts payable to affiliates, consists primarily of amounts to be received or payable for feedstocks and other supplies and services provided by CRRM and CVR Services under the Coffeyville MSA and Corporate MSA. Distributions to CVR Partners’ Unitholders Distributions, if any, including the payment, amount, and timing thereof, are subject to change at the discretion of the Board. The following table presents distributions paid by the Partnership to CVR Partners’ unitholders, including amounts paid to CVR Energy, as of September 30, 2021. Dividends Paid (in thousands) Related Period Date Paid Dividend Per Common Unit Unitholders CVR Energy Total 2021 - 2nd Quarter August 23, 2021 $ 1.72 $ 11,678 $ 6,694 $ 18,372 There were no distributions declared or paid by the Partnership related to the first quarter of 2021 and fourth quarter of 2020, and no distributions were declared or paid during 2020. For the third quarter of 2021, the Partnership, upon approval by the Board on November 1, 2021, declared a distribution of $2.93 per common unit, or $31.3 million, which is payable November 22, 2021 to unitholders of record as of November 12, 2021. Of this amount, CVR Energy will receive approximately $11.4 million, with the remaining amount payable to public unitholders. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
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 (“SEC”). These condensed consolidated financial statements should be read in conjunction with the December 31, 2020 audited consolidated financial statements and notes thereto included in the 2020 Form 10-K. In the opinion of the Partnership’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 Partnership for the periods presented. Such adjustments are of a normal recurring nature, unless otherwise disclosed. 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, 2021 or any other interim or annual period. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements - Adoption of Income Taxes Standard In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“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. Effective January 1, 2021, we adopted this ASU with no material impact on the Partnership’s consolidated financial position or results of operations. Recent Accounting Pronouncements - Adoption of Codification Improvements Standard In October 2020, the FASB issued ASU 2020-10, Codification Improvements. The ASU amends various sections of the codification in the FASB’s ongoing efforts to simplify and improve guidance. Effective January 1, 2021, we adopted this ASU with no material impact on the Partnership’s consolidated financial position or results of operations. Recent Accounting Pronouncements - New Accounting Standards Issued But Not Yet Implemented 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. ASU 2021-01 clarifies certain optional expedients and exceptions for contract modifications and hedge accounting. Companies can apply the ASU immediately. However, the guidance will only be available for a limited time (generally through December 31, 2022). The Partnership is currently evaluating the impact of adopting this new accounting standard, but does not expect it to have a material impact on its consolidated financial statements and related disclosures. |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of inventories | Inventories consisted of the following: (in thousands) September 30, 2021 December 31, 2020 Finished goods $ 22,393 $ 9,815 Raw materials 787 152 Parts, supplies and other 35,846 32,382 Total inventories $ 59,026 $ 42,349 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Summary of costs and accumulated depreciation for property, plant, and equipment | Property, plant and equipment consisted of the following: (in thousands) September 30, 2021 December 31, 2020 Machinery and equipment $ 1,393,816 $ 1,388,735 Buildings and improvements 17,598 17,598 Automotive equipment 16,696 16,608 Land and improvements 14,199 14,132 Construction in progress 18,090 12,098 Other 2,220 1,721 1,462,619 1,450,892 Less: Accumulated depreciation and amortization 605,933 553,045 Total property, plant and equipment, net $ 856,686 $ 897,847 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Summary of right of use asset and lease liability balances for operating and finance leases | The following tables summarize the right-of-use (“ROU”) asset and lease liability balances for the Partnership’s operating and finance leases at September 30, 2021 and December 31, 2020 : September 30, 2021 December 31, 2020 (in thousands) Operating Leases Finance Leases Operating Leases Finance Leases ROU asset, net Railcars $ 5,363 $ — $ 7,327 $ — Real estate and other 2,849 60 3,040 101 Lease liability Railcars $ 5,363 $ — $ 7,696 $ — Real estate and other 716 18 867 105 |
Lease expense, terms, and discount rates | For the three and nine months ended September 30, 2021 and 2020, we recognized lease expense comprised of the following components: Three Months Ended Nine Months Ended (in thousands) 2021 2020 2021 2020 Operating lease expense $ 956 $ 1,000 $ 2,876 $ 3,144 Finance lease expense: Amortization of ROU asset $ 33 $ 25 $ 77 $ 75 Interest expense on lease liability 1 1 2 5 Short-term lease expense $ 121 $ 113 $ 421 $ 316 The following outlines the remaining lease terms and discount rates used in the measurement of the Partnership’s ROU assets and liabilities at September 30, 2021 and December 31, 2020: September 30, 2021 December 31, 2020 Operating Leases Finance Leases Operating Leases Finance Leases Weighted-average remaining lease term 2.3 years 0.6 years 2.9 years 1.3 years Weighted-average discount rate 5.1 % 4.0 % 5.1 % 4.0 % |
Summary of remaining minimum lease payments for operating leases | The following summarizes the remaining minimum lease payments through maturity of the Partnership’s ROU assets and liabilities at September 30, 2021: (in thousands) Operating Leases Finance Leases Remainder of 2021 $ 914 $ 18 2022 3,220 — 2023 1,359 — 2024 676 — 2025 261 — Thereafter — — Total lease payments 6,430 18 Less: imputed interest (351) — Total lease liability $ 6,079 $ 18 |
Summary of remaining minimum lease payments for finance leases | The following summarizes the remaining minimum lease payments through maturity of the Partnership’s ROU assets and liabilities at September 30, 2021: (in thousands) Operating Leases Finance Leases Remainder of 2021 $ 914 $ 18 2022 3,220 — 2023 1,359 — 2024 676 — 2025 261 — Thereafter — — Total lease payments 6,430 18 Less: imputed interest (351) — Total lease liability $ 6,079 $ 18 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Payables and Accruals [Abstract] | |
Other current liabilities | Other current liabilities consisted of the following: (in thousands) September 30, 2021 December 31, 2020 Accrued interest $ 11,326 $ 2,506 Share-based compensation 8,002 442 Personnel accruals 7,060 7,475 Operating lease liabilities 3,317 3,309 Sales incentives 2,888 2,215 Accrued taxes other than income taxes 2,196 1,769 Prepaid revenue contracts 145 197 Current portion of long-term debt and finance lease obligations 18 2,240 Other accrued expenses and liabilities 1,267 796 Total other current liabilities $ 36,219 $ 20,949 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt | Long-term debt consists of the following: (in thousands) September 30, 2021 December 31, 2020 9.25% Senior Secured Notes, due June 2023 (1)(5) $ 80,000 $ 645,000 6.125% Senior Secured Notes, due June 2028 (1) 550,000 — Unamortized discount and debt issuance costs (2) (4,766) (11,058) Total long-term debt and finance lease obligations, net of current portion 625,234 633,942 Current portion of long-term debt and finance lease obligations (3)(4) 18 2,240 Total long-term debt and finance lease obligations, including current portion $ 625,252 $ 636,182 (1) The estimated fair value of the 9.25% Senior Secured Notes due June 2023 (the “2023 Notes”) was approximately $80.2 million and $645.7 million as of September 30, 2021 and December 31, 2020, respectively. The estimated fair value of the 6.125% Senior Secured Notes due June 2028 was approximately $576.8 million as of September 30, 2021. These estimates of fair value are a Level 2 measurement as they were determined by quotations obtained from a broker-dealer who makes a market in these and similar securities. (2) For the three and nine months ended September 30, 2021, amortization of the discount on debt and amortization of deferred financing costs reported as Interest expense, net totaled approximately $0.2 million and $2.2 million, respectively, and for the three and nine months ended September 30, 2020, Interest expense, net totaled approximately $1.0 million and $2.8 million, respectively. (3) The $2.2 million outstanding balance of the 6.50% Notes, due April 2021, was paid in full on April 15, 2021. (4) Current portion of finance lease obligations recognized was nominal as of September 30, 2021. Amount is reported in Other current liabilities. (5) The call price of the 2023 Notes decreased to par on June 15, 2021. On June 23, 2021 and September 23, 2021, the Partnership redeemed $550 million and $15 million, respectively, of the 2023 Notes at par, plus accrued and unpaid interest. The remaining balance of $80 million is outstanding as of September 30, 2021. Credit Agreements (in thousands) Total Available Borrowing Capacity Amount Borrowed as of September 30, 2021 Outstanding Letters of Credit Available Capacity as of September 30, 2021 Maturity Date ABL Credit Facility (1)(2)(3) $ 35,000 $ — $ — $ 35,000 September 30, 2024 (1) On September 30, 2021, the Partnership entered into a senior secured asset based credit agreement with an aggregate principal amount of up to $35.0 million with a maturity date of September 30, 2024 (the “ABL Credit Facility”) and terminated its $35.0 million ABL Credit Agreement , dated as of September 30, 2016, as amended (the “2016 ABL Credit Agreement”). (2) Beginning September 30, 2021, loans under the Partnership’s ABL Credit Facility bear interest at an annual rate equal to, at the option of the borrowers, (i) (a) 1.615% plus the daily simple Secured Overnight Financing Rate (“SOFR”) or (b) 0.615% plus a base rate, if our quarterly excess availability is greater than or equal to 75%, (ii) (a) 1.865% plus SOFR or (b) 0.865% plus a base rate, if our quarterly excess availability is greater than or equal to 50% but less than 75%, or (iii) (a) 2.115% plus SOFR or (b) 1.115% plus a base rate, otherwise. (3) Amortization expense was $0.1 million and $0.3 million for the three and nine months ended September 30, 2021, respectively, and $0.1 million and $0.2 million for the three and nine months ended September 30, 2020, respectively. |
Debt instrument redemption | On or after June 15, 2024, we may, on any one or more occasions, redeem all or part of the 2028 Notes at the redemption prices set forth below, expressed as a percentage of the principal amount of the respective notes, plus accrued and unpaid interest to the applicable redemption date. 12-month period beginning June 15, Percentage 2024 103.063% 2025 101.531% 2026 and thereafter 100.000% |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of revenue | The following table presents the Partnership’s revenue, disaggregated by major product: Three Months Ended Nine Months Ended (in thousands) 2021 2020 2021 2020 Ammonia $ 26,550 $ 12,995 $ 68,180 $ 63,906 UAN 98,312 51,042 223,972 153,350 Urea products 8,168 3,385 19,746 10,453 Net sales, exclusive of freight and other 133,030 67,422 311,898 227,709 Freight revenue 9,249 9,545 24,234 24,222 Other revenue 2,436 2,515 7,528 7,723 Net sales $ 144,715 $ 79,482 $ 343,660 $ 259,654 |
Summary of deferred revenue activity | A summary of the deferred revenue activity for the nine months ended September 30, 2021 is presented below: (in thousands) Balance at December 31, 2020 $ 30,631 Add: New prepay contracts entered into during the period (1) 54,252 Less: Revenue recognized that was included in the contract liability balance at the beginning of the period (29,735) Revenue recognized related to contracts entered into during the period (21,253) Other changes (141) Balance at September 30, 2021 $ 33,754 (1) Includes $50.2 million where payment associated with prepaid contracts was collected as of September 30, 2021. |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of share-based compensation expense | A summary of compensation expense for the three and nine months ended September 30, 2021 and 2020 is presented below: Three Months Ended Nine Months Ended (in thousands) 2021 2020 2021 2020 Phantom Units $ 4,563 $ 144 $ 13,096 $ (54) Other Awards (1) 925 (96) 2,363 (67) Total share-based compensation expense $ 5,488 $ 48 $ 15,459 $ (121) (1) Other awards include the allocation of compensation expense for certain employees of CVR Energy and certain of its subsidiaries who perform services for the Partnership under the services agreement with CVR Energy and the Limited Partnership Agreement, respectively, and participate in equity compensation plans of CVR Partners’ affiliates. |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of cash flows related to income taxes, interest, leases, and capital expenditures included in accounts payable | Cash flows related to income taxes, interest, leases, and capital expenditures and deferred financing costs included in accounts payable are as follows: Nine Months Ended (in thousands) 2021 2020 Supplemental disclosures: Cash paid for interest $ 31,547 $ 30,058 Cash paid for income taxes, net of refunds 27 73 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 2,745 3,049 Operating cash flows from finance leases 2 5 Financing cash flows from finance leases 78 75 Non-cash investing and financing activities: Change in capital expenditures included in accounts payable 3,279 (1,411) Change in deferred financing costs included in accounts payable 677 — |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
Schedule of related party transactions | Activity associated with the Partnership’s related party arrangements for the three and nine months ended September 30, 2021 and 2020 is summarized below. Related Party Activity Three Months Ended Nine Months Ended (in thousands) 2021 2020 2021 2020 Sales to related parties (1) $ 7 $ 107 $ 308 $ 989 Purchases from related parties (2) 11,286 5,025 29,109 16,289 September 30, 2021 December 31, 2020 Due to related parties (3) 2,891 694 (1) Sales to related parties, included in Net sales, consist primarily of sales of feedstocks and services to Coffeyville Resources Refining & Marketing, LLC (“CRRM”) under the Master Service Agreement with Coffeyville Resources Nitrogen Fertilizers, LLC (the “Coffeyville MSA”). (2) Purchases from related parties, included in Cost of materials and other, Direct operating expenses (exclusive of depreciation and amortization), and Selling, general and administrative expenses, consist primarily of pet coke and hydrogen purchased from CRRM under the Coffeyville MSA and services provided by CVR Services under the Corporate Master Service Agreement (the “Corporate MSA”). (3) Due to related parties, included in Accounts payable to affiliates, consists primarily of amounts to be received or payable for feedstocks and other supplies and services provided by CRRM and CVR Services under the Coffeyville MSA and Corporate MSA. |
Summary of distributions paid | The following table presents distributions paid by the Partnership to CVR Partners’ unitholders, including amounts paid to CVR Energy, as of September 30, 2021. Dividends Paid (in thousands) Related Period Date Paid Dividend Per Common Unit Unitholders CVR Energy Total 2021 - 2nd Quarter August 23, 2021 $ 1.72 $ 11,678 $ 6,694 $ 18,372 |
Organization and Nature of Bu_2
Organization and Nature of Business (Details) | Nov. 23, 2020 | Sep. 30, 2021USD ($)manufacturing_facilityshares | Sep. 30, 2020USD ($)$ / sharesshares | Sep. 30, 2021USD ($)manufacturing_facility$ / sharesshares | Sep. 30, 2020USD ($)$ / sharesshares | Feb. 22, 2021USD ($) | May 06, 2020USD ($) |
Formation of the Partnership, Organization and Nature of Business | |||||||
Number of manufacturing facilities | manufacturing_facility | 2 | 2 | |||||
Percentage of limited partner interest held by the public | 64.00% | ||||||
Unit Repurchase Program, authorized amount | $ 10,000,000 | $ 10,000,000 | |||||
Common units repurchased on open market (in units) | shares | 0 | 140,378 | 24,378 | 229,400 | |||
Cost, inclusive of transaction costs, of repurchase of outstanding common units | $ 1,300,000 | $ 500,000 | $ 2,300,000 | ||||
Average price per common unit (in dollars per unit) | $ / shares | $ 9.42 | $ 21.70 | $ 9.92 | ||||
Reverse unit split, conversion ratio | 0.1 | ||||||
Amount remaining in authority under Unit Repurchase Program | $ 12,400,000 | $ 12,400,000 | |||||
CVR Energy, Inc | IEP Energy LLC | |||||||
Formation of the Partnership, Organization and Nature of Business | |||||||
Aggregate ownership percentage | 71.00% | 71.00% | |||||
CVR Partners | CVR Services | |||||||
Formation of the Partnership, Organization and Nature of Business | |||||||
Limited partner interest | 36.00% | ||||||
CVR Partners | CVR GP | |||||||
Formation of the Partnership, Organization and Nature of Business | |||||||
General partner interest | 100.00% |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 22,393 | $ 9,815 |
Raw materials | 787 | 152 |
Parts, supplies and other | 35,846 | 32,382 |
Total inventories | $ 59,026 | $ 42,349 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Property, Plant, and Equipment | ||
Total property, plant and equipment, gross | $ 1,462,619 | $ 1,450,892 |
Less: Accumulated depreciation and amortization | 605,933 | 553,045 |
Total property, plant and equipment, net | 856,686 | 897,847 |
Machinery and equipment | ||
Property, Plant, and Equipment | ||
Total property, plant and equipment, gross | 1,393,816 | 1,388,735 |
Buildings and improvements | ||
Property, Plant, and Equipment | ||
Total property, plant and equipment, gross | 17,598 | 17,598 |
Automotive equipment | ||
Property, Plant, and Equipment | ||
Total property, plant and equipment, gross | 16,696 | 16,608 |
Land and improvements | ||
Property, Plant, and Equipment | ||
Total property, plant and equipment, gross | 14,199 | 14,132 |
Construction in progress | ||
Property, Plant, and Equipment | ||
Total property, plant and equipment, gross | 18,090 | 12,098 |
Other | ||
Property, Plant, and Equipment | ||
Total property, plant and equipment, gross | $ 2,220 | $ 1,721 |
Leases - Additional Information
Leases - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2021 | |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Renewal term | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Renewal term | 20 years |
Leases - Balance Sheet Summary
Leases - Balance Sheet Summary (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Operating Leases | ||
Lease liability | $ 6,079 | |
Finance Leases | ||
Lease liability | 18 | |
Railcars | ||
Operating Leases | ||
ROU asset, net | 5,363 | $ 7,327 |
Lease liability | 5,363 | 7,696 |
Finance Leases | ||
ROU asset, net | 0 | 0 |
Lease liability | 0 | 0 |
Real estate and other | ||
Operating Leases | ||
ROU asset, net | 2,849 | 3,040 |
Lease liability | 716 | 867 |
Finance Leases | ||
ROU asset, net | 60 | 101 |
Lease liability | $ 18 | $ 105 |
Leases - Lease Expense (Details
Leases - Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Leases [Abstract] | ||||
Operating lease expense | $ 956 | $ 1,000 | $ 2,876 | $ 3,144 |
Finance lease expense: | ||||
Amortization of ROU asset | 33 | 25 | 77 | 75 |
Interest expense on lease liability | 1 | 1 | 2 | 5 |
Short-term lease expense | $ 121 | $ 113 | $ 421 | $ 316 |
Leases - Lease Terms and Discou
Leases - Lease Terms and Discount Rates (Details) | Sep. 30, 2021 | Dec. 31, 2020 |
Weighted-average remaining lease term | ||
Operating Leases | 2 years 3 months 18 days | 2 years 10 months 24 days |
Finance Leases | 7 months 6 days | 1 year 3 months 18 days |
Weighted-average discount rate | ||
Operating Leases | 5.10% | 5.10% |
Finance Leases | 4.00% | 4.00% |
Leases - Remaining Minimum Leas
Leases - Remaining Minimum Lease Payments (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Operating Leases | |
Remainder of 2021 | $ 914 |
2022 | 3,220 |
2023 | 1,359 |
2024 | 676 |
2025 | 261 |
Thereafter | 0 |
Total lease payments | 6,430 |
Less: imputed interest | (351) |
Total lease liability | 6,079 |
Finance Leases | |
Remainder of 2021 | 18 |
2022 | 0 |
2023 | 0 |
2024 | 0 |
2025 | 0 |
Thereafter | 0 |
Total lease payments | 18 |
Less: imputed interest | 0 |
Total lease liability | $ 18 |
Other Current Liabilities (Deta
Other Current Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | ||
Accrued interest | $ 11,326 | $ 2,506 |
Share-based compensation | 8,002 | 442 |
Personnel accruals | $ 7,060 | $ 7,475 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Total other current liabilities | Total other current liabilities |
Operating lease liabilities | $ 3,317 | $ 3,309 |
Sales incentives | 2,888 | 2,215 |
Accrued taxes other than income taxes | 2,196 | 1,769 |
Prepaid revenue contracts | 145 | 197 |
Current portion of long-term debt and finance lease obligations | 18 | 2,240 |
Other accrued expenses and liabilities | 1,267 | 796 |
Total other current liabilities | $ 36,219 | $ 20,949 |
Long-Term Debt - Components of
Long-Term Debt - Components of Long-Term Debt (Details) - USD ($) $ in Thousands | Sep. 23, 2021 | Jun. 23, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Apr. 15, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||||||||
Unamortized discount and debt issuance costs | $ (4,766) | $ (4,766) | $ (11,058) | |||||
Total long-term debt and finance lease obligations, net of current portion | 625,234 | 625,234 | 633,942 | |||||
Current portion of long-term debt and finance lease obligations | 18 | 18 | 2,240 | |||||
Total long-term debt and finance lease obligations, including current portion | 625,252 | 625,252 | 636,182 | |||||
Current portion of finance lease obligations | 0 | 0 | ||||||
Payment for redemption of debt | 567,240 | $ 0 | ||||||
9.25% Senior Secured Notes, due June 2023 | Level 2 | ||||||||
Debt Instrument [Line Items] | ||||||||
Estimated fair value of total long-term debt outstanding | 80,200 | 80,200 | 645,700 | |||||
6.125% Senior Secured Notes, due June 2028 | Level 2 | ||||||||
Debt Instrument [Line Items] | ||||||||
Estimated fair value of total long-term debt outstanding | 576,800 | 576,800 | ||||||
Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Amortization of deferred financing costs | $ (200) | $ (1,000) | $ (2,200) | $ (2,800) | ||||
Senior Notes | 9.25% Senior Secured Notes, due June 2023 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, percentage rate | 9.25% | 9.25% | ||||||
Total long-term debt, net of current portion, before debt issuance costs and discount | $ 80,000 | $ 80,000 | $ 645,000 | |||||
Payment for redemption of debt | $ 15,000 | $ 550,000 | ||||||
Senior Notes | 6.125% Senior Secured Notes, due June 2028 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, percentage rate | 6.125% | 6.125% | 6.125% | |||||
Total long-term debt, net of current portion, before debt issuance costs and discount | $ 550,000 | $ 550,000 | ||||||
Senior Notes | 6.50% Senior Notes, due April 2021 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, percentage rate | 6.50% | |||||||
Outstanding balance of debt classified as short-term | $ 2,200 |
Long-Term Debt - Credit Facilit
Long-Term Debt - Credit Facilities Outstanding (Details) - ABL Credit Agreement - Line of Credit - Revolving credit facility - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Line of Credit Facility [Line Items] | ||||
Total Available Borrowing Capacity | $ 35,000 | $ 35,000 | ||
Amount Borrowed | 0 | 0 | ||
Outstanding Letters of Credit | 0 | 0 | ||
Available Capacity | 35,000 | 35,000 | ||
Borrowing capacity terminated | 35,000 | 35,000 | ||
Amortization expense | $ 100 | $ 100 | $ 300 | $ 200 |
SOFR | Quarterly Excess Availability Greater Than 75% | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable rate | 1.615% | |||
SOFR | Quarterly Excess Availability Greater Than 50% But Less Than 75% | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable rate | 1.865% | |||
SOFR | Quarterly Excess Availability Not Greater Than 50% | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable rate | 2.115% | |||
Base Rate | Quarterly Excess Availability Greater Than 75% | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable rate | 0.615% | |||
Base Rate | Quarterly Excess Availability Greater Than 50% But Less Than 75% | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable rate | 0.865% | |||
Base Rate | Quarterly Excess Availability Not Greater Than 50% | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable rate | 1.115% |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Details) - USD ($) $ in Thousands | Sep. 23, 2021 | Jun. 23, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 |
Debt Instrument [Line Items] | ||||||
Proceeds from issuance of senior secured notes | $ 550,000 | $ 0 | ||||
Payment for redemption of debt | 567,240 | 0 | ||||
Loss on extinguishment of debt | $ 200 | $ 7,800 | $ 8,299 | $ 0 | ||
6.125% Senior Secured Notes, due June 2028 | Prior to June 15, 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Redemption of notes, percentage of par value at which notes were repurchased | 100.00% | |||||
6.125% Senior Secured Notes, due June 2028 | Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument face amount | $ 550,000 | |||||
Debt instrument, percentage rate | 6.125% | 6.125% | 6.125% | |||
Proceeds from issuance of senior secured notes | $ 546,700 | |||||
Debt issuance costs | 3,900 | |||||
9.25% Senior Secured Notes, due June 2023 | Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, percentage rate | 9.25% | 9.25% | ||||
Payment for redemption of debt | $ 15,000 | 550,000 | ||||
Accrued interest settled upon redemption | $ 400 | $ 1,100 | ||||
Deferred financing costs | $ 100 | 2,900 | $ 100 | |||
Unamortized discount | 100 | $ 4,900 | 100 | |||
ABL Credit Agreement | Line of Credit | ||||||
Debt Instrument [Line Items] | ||||||
Debt issuance costs | 800 | 800 | ||||
Loss on extinguishment of debt | 300 | |||||
ABL Credit Agreement | Line of Credit | Revolving credit facility | ||||||
Debt Instrument [Line Items] | ||||||
Aggregate principal amount of availability (up to) | 35,000 | $ 35,000 | ||||
ABL Credit Agreement | Line of Credit | Revolving credit facility | Quarterly Excess Availability Greater Than 75% | SOFR | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.615% | |||||
ABL Credit Agreement | Line of Credit | Revolving credit facility | Quarterly Excess Availability Greater Than 75% | Base Rate | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 0.615% | |||||
ABL Credit Agreement | Line of Credit | Revolving credit facility | Quarterly Excess Availability Not Greater Than 50% | SOFR | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 2.115% | |||||
ABL Credit Agreement | Line of Credit | Revolving credit facility | Quarterly Excess Availability Not Greater Than 50% | Base Rate | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.115% | |||||
ABL Credit Agreement | Line of Credit | Revolving credit facility | Wells Fargo Bank National Association | ||||||
Debt Instrument [Line Items] | ||||||
Aggregate principal amount of availability (up to) | 35,000 | $ 35,000 | ||||
Incremental facility, increase limit | 15,000 | 15,000 | ||||
ABL Credit Agreement | Line of Credit | Swingline Loan | Wells Fargo Bank National Association | ||||||
Debt Instrument [Line Items] | ||||||
Aggregate principal amount of availability (up to) | 3,500 | 3,500 | ||||
ABL Credit Agreement | Line of Credit | Letter of Credit | Wells Fargo Bank National Association | ||||||
Debt Instrument [Line Items] | ||||||
Aggregate principal amount of availability (up to) | $ 10,000 | $ 10,000 |
Long-Term Debt - Debt Instrumen
Long-Term Debt - Debt Instrument Redemption (Details) - 6.125% Senior Secured Notes, due June 2028 | 9 Months Ended |
Sep. 30, 2021 | |
2024 | |
Debt Instrument, Redemption [Line Items] | |
Redemption of notes, percentage of par value at which notes were repurchased | 103.063% |
2025 | |
Debt Instrument, Redemption [Line Items] | |
Redemption of notes, percentage of par value at which notes were repurchased | 101.531% |
2026 and thereafter | |
Debt Instrument, Redemption [Line Items] | |
Redemption of notes, percentage of par value at which notes were repurchased | 100.00% |
Revenue - Revenue Disaggregated
Revenue - Revenue Disaggregated by Product (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 144,715 | $ 79,482 | $ 343,660 | $ 259,654 |
Net sales, exclusive of freight and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 133,030 | 67,422 | 311,898 | 227,709 |
Ammonia | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 26,550 | 12,995 | 68,180 | 63,906 |
UAN | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 98,312 | 51,042 | 223,972 | 153,350 |
Urea products | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 8,168 | 3,385 | 19,746 | 10,453 |
Freight revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 9,249 | 9,545 | 24,234 | 24,222 |
Other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 2,436 | $ 2,515 | $ 7,528 | $ 7,723 |
Revenue - Remaining performance
Revenue - Remaining performance obligations (Details) $ in Millions | Sep. 30, 2021USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 6.7 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 1.3 |
Remaining performance obligation, expected timing of satisfaction, period | 3 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 3.5 |
Remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 1.9 |
Remaining performance obligation, expected timing of satisfaction, period |
Revenue - Summary of Deferred R
Revenue - Summary of Deferred Revenue Activity (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Change in Contract with Customer, Liability [Roll Forward] | |
Balance at beginning of period | $ 30,631 |
Add: | |
New prepay contracts entered into during the period | 54,252 |
Less: | |
Revenue recognized that was included in the contract liability balance at the beginning of the period | (29,735) |
Revenue recognized related to contracts entered into during the period | (21,253) |
Other changes | (141) |
Balance at end of period | 33,754 |
Prepaid contracts, payment collected | $ 50,200 |
Share-Based Compensation - Shar
Share-Based Compensation - Share-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share-Based Compensation | ||||
Total share-based compensation expense | $ 5,488 | $ 48 | $ 15,459 | $ (121) |
Phantom Units | ||||
Share-Based Compensation | ||||
Total share-based compensation expense | 4,563 | 144 | 13,096 | (54) |
Other Awards | ||||
Share-Based Compensation | ||||
Total share-based compensation expense | $ 925 | $ (96) | $ 2,363 | $ (67) |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Supplemental disclosures: | ||
Cash paid for interest | $ 31,547 | $ 30,058 |
Cash paid for income taxes, net of refunds | 27 | 73 |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | 2,745 | 3,049 |
Operating cash flows from finance leases | 2 | 5 |
Financing cash flows from finance leases | 78 | 75 |
Non-cash investing and financing activities: | ||
Change in capital expenditures included in accounts payable | 3,279 | (1,411) |
Change in deferred financing costs included in accounts payable | $ 677 | $ 0 |
Related Party Transactions - Re
Related Party Transactions - Related Party Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |||||
Sales to related parties | $ 7 | $ 107 | $ 308 | $ 989 | |
Purchases from related parties | 11,286 | $ 5,025 | 29,109 | $ 16,289 | |
Due to related parties | $ 2,891 | $ 2,891 | $ 694 |
Related Party Transactions - Di
Related Party Transactions - Distributions (Details) - USD ($) $ / shares in Units, $ in Millions | Nov. 22, 2021 | Nov. 01, 2021 | Aug. 23, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 |
Related Party Transaction [Line Items] | ||||||||
Distributions declared per common unit (in dollars per unit) | $ 1.72 | $ 0 | $ 1.72 | $ 0 | ||||
Distributions paid per common unit (in dollars per unit) | $ 1.72 | |||||||
CVR Energy | Forecast | ||||||||
Related Party Transaction [Line Items] | ||||||||
Proceeds from distribution | $ 11.4 | |||||||
CVR Partners | ||||||||
Related Party Transaction [Line Items] | ||||||||
Distributions declared per common unit (in dollars per unit) | 0 | $ 0 | ||||||
Distributions paid per common unit (in dollars per unit) | $ 0 | $ 0 | ||||||
Subsequent Event | ||||||||
Related Party Transaction [Line Items] | ||||||||
Distributions declared per common unit (in dollars per unit) | $ 2.93 | |||||||
Distribution declared | $ 31.3 |
Related Party Transactions - Su
Related Party Transactions - Summary of Distributions Paid (Details) $ / shares in Units, $ in Thousands | Aug. 23, 2021USD ($)$ / shares |
Related Party Transaction [Line Items] | |
Distributions paid per common unit (in dollars per unit) | $ / shares | $ 1.72 |
Distributions paid | $ 18,372 |
CVR Energy, Inc | |
Related Party Transaction [Line Items] | |
Distributions paid | 6,694 |
Common Units | |
Related Party Transaction [Line Items] | |
Distributions paid | $ 11,678 |