CVR ENERGY INC
For the period ended Dec 31, 2023. Filed Feb 21, 2024.
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FY2023 · Filed Feb 21, 2024
CVI$38.71-1.0%Stored close · as of Nov 10, 2026
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Consolidated Statements of Cash Flows for the Years Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year Ended December 31, | |||
|---|---|---|---|
| (in millions) | 2023 | 2022 | 2021 |
| Cash flows from operating activities: | |||
| Net income | $878 | $644 | $74 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 298 | 288 | 279 |
| Loss on lower of cost or net realizable value adjustments | 4 | — | — |
| Deferred income taxes and unrecognized tax benefits | 67 | (17) | (98) |
| Gain on marketable securities | — | — | (81) |
| Loss on asset disposals | 2 | 11 | 3 |
| Loss on extinguishment of debt | — | 1 | 8 |
| Unrealized (gain) loss on derivatives, net | (32) | 5 | (16) |
| Share-based compensation | 34 | 71 | 46 |
| Other items | 2 | 2 | 4 |
| Changes in assets and liabilities: | |||
| Accounts receivable | 51 | (78) | (91) |
| Inventories | 15 | (140) | (182) |
| Prepaid expenses and other current assets | 19 | (29) | 12 |
| Accounts payable | 37 | 78 | 122 |
| Deferred revenue | (24) | (20) | 27 |
| Other current liabilities | (391) | 158 | 290 |
| Other long-term assets and liabilities | (12) | (7) | (1) |
| Net cash provided by operating activities | 948 | 967 | 396 |
| Cash flows from investing activities: | |||
| Capital expenditures | (205) | (191) | (224) |
| Turnaround expenditures | (57) | (83) | (5) |
| Proceeds from sale of assets | 1 | — | 7 |
| Return of equity method investment | 22 | 3 | 1 |
| Acquisition of pipeline assets | — | — | (20) |
| Investment in marketable securities | — | — | 3 |
| Net cash used in investing activities | (239) | (271) | (238) |
| Cash flows from financing activities: | |||
| Proceeds from issuance of senior secured notes | 600 | — | 550 |
| Principal payments on senior secured notes | — | (65) | (582) |
| Repurchase of common units by CVR Partners | — | (12) | (1) |
| Dividends to CVR Energy’s stockholders | (453) | (483) | (241) |
| Distributions to CVR Partners’ noncontrolling interest holders | (178) | (129) | (31) |
| Other financing activities | (9) | (7) | (10) |
| Net cash used in financing activities | (40) | (696) | (315) |
| Net increase (decrease) in cash, cash equivalents, reserved funds and restricted cash | 669 | — | (157) |
| Cash, cash equivalents and restricted cash, beginning of period | 517 | 517 | 674 |
| Cash, cash equivalents, reserved funds and restricted cash, end of period | $1,186 | $517 | $517 |
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