Document and Entity Information
Document and Entity Information Document - shares | 9 Months Ended | |
Sep. 30, 2016 | Nov. 02, 2016 | |
Entity Information [Line Items] | ||
Entity Registrant Name | ICAHN ENTERPRISES L.P. | |
Trading Symbol | IEP | |
Entity Central Index Key | 813,762 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 141,693,617 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Current Reporting Status | Yes | |
Icahn Enterprises Holdings [Member] | ||
Entity Information [Line Items] | ||
Entity Registrant Name | ICAHN ENTERPRISES HOLDINGS L.P. | |
Entity Central Index Key | 1,034,563 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 0 | |
Entity Well-known Seasoned Issuer | No | |
Entity Current Reporting Status | Yes |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and cash equivalents | $ 2,002 | $ 2,078 |
Cash held at consolidated affiliated partnerships and restricted cash | 692 | 1,282 |
Investments | 9,987 | 15,351 |
Accounts receivable, net | 1,725 | 1,685 |
Inventories, net | 2,957 | 2,259 |
Property, plant and equipment, net | 11,446 | 9,678 |
Goodwill | 1,141 | 1,504 |
Intangible assets, net | 1,107 | 1,108 |
Other assets | 2,028 | 1,458 |
Total Assets | 33,085 | 36,403 |
LIABILITIES AND EQUITY | ||
Accounts payable | 1,717 | 1,416 |
Accrued expenses and other liabilities | 2,475 | 1,828 |
Deferred tax liability | 1,680 | 1,197 |
Securities sold, not yet purchased, at fair value | 1,210 | 794 |
Due to brokers | 3,030 | 7,317 |
Post-employment benefit liability | 1,204 | 1,224 |
Debt | 12,971 | 12,594 |
Total liabilities | 24,287 | 26,370 |
Commitments and contingencies (Note 17) | ||
Equity: | ||
Limited partners: Depositary units: 141,693,617 units issued and outstanding at September 30, 2016 and 131,481,059 units issued and outstanding at December 31, 2015 | 2,775 | 4,244 |
General partner | (287) | (257) |
Equity attributable to Icahn Enterprises | 2,488 | 3,987 |
Equity attributable to non-controlling interests | 6,310 | 6,046 |
Total equity | 8,798 | 10,033 |
Total Liabilities and Equity | 33,085 | 36,403 |
Icahn Enterprises Holdings [Member] | ||
ASSETS | ||
Cash and cash equivalents | 2,002 | 2,078 |
Cash held at consolidated affiliated partnerships and restricted cash | 692 | 1,282 |
Investments | 9,987 | 15,351 |
Accounts receivable, net | 1,725 | 1,685 |
Inventories, net | 2,957 | 2,259 |
Property, plant and equipment, net | 11,446 | 9,678 |
Goodwill | 1,141 | 1,504 |
Intangible assets, net | 1,107 | 1,108 |
Other assets | 2,053 | 1,482 |
Total Assets | 33,110 | 36,427 |
LIABILITIES AND EQUITY | ||
Accounts payable | 1,717 | 1,416 |
Accrued expenses and other liabilities | 2,475 | 1,828 |
Deferred tax liability | 1,680 | 1,197 |
Securities sold, not yet purchased, at fair value | 1,210 | 794 |
Due to brokers | 3,030 | 7,317 |
Post-employment benefit liability | 1,204 | 1,224 |
Debt | 12,971 | 12,594 |
Total liabilities | 24,287 | 26,370 |
Commitments and contingencies (Note 17) | ||
Equity: | ||
Limited partners: Depositary units: 141,693,617 units issued and outstanding at September 30, 2016 and 131,481,059 units issued and outstanding at December 31, 2015 | 2,827 | 4,310 |
General partner | (314) | (299) |
Equity attributable to Icahn Enterprises | 2,513 | 4,011 |
Equity attributable to non-controlling interests | 6,310 | 6,046 |
Total equity | 8,823 | 10,057 |
Total Liabilities and Equity | $ 33,110 | $ 36,427 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parentheticals) - shares | Sep. 30, 2016 | Dec. 31, 2015 |
Equity: | ||
Limited partners: Depositary units issued | 141,693,617 | 131,481,059 |
Limited partners: Depositary units outstanding | 141,693,617 | 131,481,059 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Revenues: | ||||
Net sales | $ 3,904 | $ 3,720 | $ 11,546 | $ 11,264 |
Other revenues from operations | 537 | 366 | 1,506 | 1,042 |
Net gain (loss) from investment activities | 418 | (947) | (826) | 236 |
Interest and dividend income | 27 | 36 | 97 | 136 |
Other income, net | 13 | 37 | 53 | 29 |
Total Revenues | 4,899 | 3,212 | 12,376 | 12,707 |
Expenses: | ||||
Cost of goods sold | 3,378 | 3,224 | 9,949 | 9,673 |
Other expenses from operations | 342 | 168 | 902 | 484 |
Selling, general and administrative | 603 | 418 | 1,736 | 1,423 |
Restructuring | 8 | 18 | 29 | 57 |
Impairment | 93 | 6 | 670 | 10 |
Interest expense | 222 | 296 | 665 | 853 |
Total Expenses | 4,646 | 4,130 | 13,951 | 12,500 |
Income (loss) before income tax expense | 253 | (918) | (1,575) | 207 |
Income tax expense | (15) | (22) | (81) | (184) |
Net income (loss) | 238 | (940) | (1,656) | 23 |
Less: net (income) loss attributable to non-controlling interests | (254) | 500 | 734 | (90) |
Net (loss) income attributable to Icahn Enterprises | (16) | (440) | (922) | (67) |
Net (loss) income attributable to Icahn Enterprises allocable to: | ||||
Limited partners | (16) | (432) | (904) | (66) |
General partner | 0 | (8) | (18) | (1) |
Net (loss) income attributable to Icahn Enterprises | $ (16) | $ (440) | $ (922) | $ (67) |
Basic (loss) income per LP unit | ||||
Basic (loss) income per LP unit | $ (0.12) | $ (3.40) | $ (6.70) | $ (0.53) |
Basic weighted average LP units outstanding | 139 | 127 | 135 | 125 |
Diluted (loss) income per LP unit | ||||
Diluted (loss) income per LP unit | $ (0.12) | $ (3.40) | $ (6.70) | $ (0.53) |
Diluted weighted average LP units outstanding | 139 | 127 | 135 | 125 |
Cash distributions declared per LP unit | $ 1.50 | $ 1.50 | $ 4.50 | $ 4.50 |
Icahn Enterprises Holdings [Member] | ||||
Revenues: | ||||
Net sales | $ 3,904 | $ 3,720 | $ 11,546 | $ 11,264 |
Other revenues from operations | 537 | 366 | 1,506 | 1,042 |
Net gain (loss) from investment activities | 418 | (947) | (826) | 236 |
Interest and dividend income | 27 | 36 | 97 | 136 |
Other income, net | 13 | 37 | 53 | 29 |
Total Revenues | 4,899 | 3,212 | 12,376 | 12,707 |
Expenses: | ||||
Cost of goods sold | 3,378 | 3,224 | 9,949 | 9,673 |
Other expenses from operations | 342 | 168 | 902 | 484 |
Selling, general and administrative | 603 | 418 | 1,736 | 1,423 |
Restructuring | 8 | 18 | 29 | 57 |
Impairment | 93 | 6 | 670 | 10 |
Interest expense | 222 | 296 | 664 | 852 |
Total Expenses | 4,646 | 4,130 | 13,950 | 12,499 |
Income (loss) before income tax expense | 253 | (918) | (1,574) | 208 |
Income tax expense | (15) | (22) | (81) | (184) |
Net income (loss) | 238 | (940) | (1,655) | 24 |
Less: net (income) loss attributable to non-controlling interests | (254) | 500 | 734 | (90) |
Net (loss) income attributable to Icahn Enterprises | (16) | (440) | (921) | (66) |
Net (loss) income attributable to Icahn Enterprises allocable to: | ||||
Limited partners | (16) | (436) | (912) | (65) |
General partner | 0 | (4) | (9) | (1) |
Net (loss) income attributable to Icahn Enterprises | $ (16) | $ (440) | $ (921) | $ (66) |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Net income (loss) | $ 238 | $ (940) | $ (1,656) | $ 23 |
Other comprehensive income (loss), net of tax: | ||||
Post-employment benefits | 7 | 10 | 17 | 34 |
Hedge instruments | 1 | 0 | 2 | (1) |
Translation adjustments and other | 3 | (97) | (10) | (200) |
Other comprehensive income (loss), net of tax | 11 | (87) | 9 | (167) |
Comprehensive income (loss) | 249 | (1,027) | (1,647) | (144) |
Less: Comprehensive (income) loss attributable to non-controlling interests | (257) | 519 | 727 | (53) |
Comprehensive income (loss) attributable to Icahn Enterprises | (8) | (508) | (920) | (197) |
Limited partners | ||||
Net income (loss) | (904) | (66) | ||
Other comprehensive income (loss), net of tax: | ||||
Other comprehensive income (loss), net of tax | 2 | (127) | ||
Comprehensive income (loss) attributable to Icahn Enterprises | (8) | (498) | (902) | (193) |
General partner | ||||
Net income (loss) | (18) | (1) | ||
Other comprehensive income (loss), net of tax: | ||||
Other comprehensive income (loss), net of tax | 0 | (3) | ||
Comprehensive income (loss) attributable to Icahn Enterprises | 0 | (10) | (18) | (4) |
Icahn Enterprises Holdings [Member] | ||||
Net income (loss) | 238 | (940) | (1,655) | 24 |
Other comprehensive income (loss), net of tax: | ||||
Post-employment benefits | 7 | 10 | 17 | 34 |
Hedge instruments | 1 | 0 | 2 | (1) |
Translation adjustments and other | 3 | (97) | (10) | (200) |
Other comprehensive income (loss), net of tax | 11 | (87) | 9 | (167) |
Comprehensive income (loss) | 249 | (1,027) | (1,646) | (143) |
Less: Comprehensive (income) loss attributable to non-controlling interests | (257) | 519 | 727 | (53) |
Comprehensive income (loss) attributable to Icahn Enterprises | (8) | (508) | (919) | (196) |
Icahn Enterprises Holdings [Member] | Limited partners | ||||
Net income (loss) | (912) | (65) | ||
Other comprehensive income (loss), net of tax: | ||||
Other comprehensive income (loss), net of tax | 2 | (129) | ||
Comprehensive income (loss) attributable to Icahn Enterprises | (8) | (503) | (910) | (194) |
Icahn Enterprises Holdings [Member] | General partner | ||||
Net income (loss) | (9) | (1) | ||
Other comprehensive income (loss), net of tax: | ||||
Other comprehensive income (loss), net of tax | 0 | (1) | ||
Comprehensive income (loss) attributable to Icahn Enterprises | $ 0 | $ (5) | $ (9) | $ (2) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Accumulated other comprehensive loss | $ 1,448 | $ 1,457 |
Icahn Enterprises Holdings [Member] | ||
Accumulated other comprehensive loss | $ 1,448 | $ 1,457 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Millions | Total | Icahn Enterprises Holdings [Member] | General partner | General partnerIcahn Enterprises Holdings [Member] | Limited partners | Limited partnersIcahn Enterprises Holdings [Member] | Total Partners' Equity | Total Partners' EquityIcahn Enterprises Holdings [Member] | Non-controlling Interests | Non-controlling InterestsIcahn Enterprises Holdings [Member] |
Equity at Dec. 31, 2014 | $ 12,390 | $ 12,413 | $ (229) | $ (285) | $ 5,672 | $ 5,751 | $ 5,443 | $ 5,466 | $ 6,947 | $ 6,947 |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||
Net loss | 23 | 24 | (1) | (1) | (66) | (65) | (67) | (66) | 90 | 90 |
Other comprehensive income | (167) | (167) | (3) | (1) | (127) | (129) | (130) | (130) | (37) | (37) |
Partnership distributions | (87) | (87) | (2) | (1) | (85) | (86) | (87) | (87) | 0 | 0 |
Investment segment contributions | 246 | 246 | 0 | 0 | 0 | 0 | 0 | 0 | 246 | 246 |
Dividends and distributions to non-controlling interests in subsidiaries | (190) | (190) | 0 | 0 | 0 | 0 | 0 | 0 | (190) | (190) |
Proceeds from subsidiary equity offering | 31 | 31 | 0 | 0 | 0 | 0 | 0 | 0 | 31 | 31 |
Acquisitions | 90 | 90 | 0 | 0 | 0 | 0 | 0 | 0 | 90 | 90 |
Changes in subsidiary equity and other | (50) | (50) | 0 | 0 | (19) | (19) | (19) | (19) | (31) | (31) |
Equity at Sep. 30, 2015 | 12,286 | 12,310 | (235) | (288) | 5,375 | 5,452 | 5,140 | 5,164 | 7,146 | 7,146 |
Equity at Dec. 31, 2015 | 10,033 | 10,057 | (257) | (299) | 4,244 | 4,310 | 3,987 | 4,011 | 6,046 | 6,046 |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||
Net loss | (1,656) | (1,655) | (18) | (9) | (904) | (912) | (922) | (921) | (734) | (734) |
Other comprehensive income | 9 | 9 | 0 | 0 | 2 | 2 | 2 | 2 | 7 | 7 |
Partnership distributions | (81) | (81) | (2) | (1) | (79) | (80) | (81) | (81) | 0 | 0 |
Partnership contribution | 1 | 1 | 1 | 1 | 0 | 0 | 1 | 1 | 0 | 0 |
Investment segment contributions | 498 | 498 | 0 | 0 | 0 | 0 | 0 | 0 | 498 | 498 |
Dividends and distributions to non-controlling interests in subsidiaries | (74) | (74) | 0 | 0 | 0 | 0 | 0 | 0 | (74) | (74) |
Acquisitions | 60 | 60 | (11) | (6) | (518) | (523) | (529) | (529) | 589 | 589 |
LP unit issuance | 35 | 35 | 0 | 0 | 35 | 35 | 35 | 35 | 0 | 0 |
Changes in subsidiary equity and other | (27) | (27) | 0 | 0 | (5) | (5) | (5) | (5) | (22) | (22) |
Equity at Sep. 30, 2016 | $ 8,798 | $ 8,823 | $ (287) | $ (314) | $ 2,775 | $ 2,827 | $ 2,488 | $ 2,513 | $ 6,310 | $ 6,310 |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (1,656) | $ 23 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
Net loss (gain) from securities transactions | (257) | 1,249 |
Purchases of securities | (1,440) | (3,753) |
Proceeds from sales of securities | 6,863 | 3,404 |
Purchases to cover securities sold, not yet purchased | (227) | (438) |
Proceeds from securities sold, not yet purchased | 589 | 1,261 |
Changes in receivables and payables relating to securities transactions | (5,087) | (598) |
Depreciation and amortization | 748 | 641 |
Impairment | 670 | 10 |
Equity earnings from non-consolidated affiliates | (48) | (43) |
Deferred taxes | 0 | 58 |
Other, net | 64 | (28) |
Changes in cash held at consolidated affiliated partnerships and restricted cash | 583 | 3 |
Changes in other operating assets and liabilities | 520 | (1,279) |
Net cash provided by operating activities | 1,322 | 510 |
Cash flows from investing activities: | ||
Capital expenditures | (615) | (1,067) |
Acquisition of businesses, net of cash acquired | (1,047) | (855) |
Purchases of investments | (97) | (107) |
Proceeds from sale of investments | 66 | 68 |
Other, net | 26 | 102 |
Net cash used in investing activities | (1,667) | (1,859) |
Cash flows from financing activities: | ||
Capital contributions by non-controlling interests | 505 | 246 |
Capital distributions to non-controlling interests | (7) | (1) |
Partnership contributions | 1 | 0 |
Partnership distributions | (81) | (87) |
Proceeds from offering of subsidiary equity | 0 | 31 |
Dividends and distributions to non-controlling interests in subsidiaries | (74) | (190) |
Proceeds from other borrowings | 1,905 | 1,284 |
Repayments of other borrowings | (1,959) | (737) |
Other, net | (11) | (68) |
Net cash provided by financing activities | 279 | 478 |
Effect of exchange rate changes on cash and cash equivalents | (22) | 0 |
Net change in cash of assets held for sale | 12 | 0 |
Net decrease in cash and cash equivalents | (76) | (871) |
Cash and cash equivalents, beginning of period | 2,078 | 2,912 |
Cash and cash equivalents, end of period | 2,002 | 2,041 |
Supplemental information: | ||
Cash payments for interest, net of amounts capitalized | 538 | 536 |
Net cash payments (refunds) for income taxes | 66 | 13 |
Investment in Pep Boys prior to acquiring a controlling interest | 160 | 0 |
Investment in Trump prior to acquiring a controlling interest | 126 | 0 |
LP unit issuance for remaining 25% interest in ARL | 35 | 0 |
Subsidiary common unit issuance for acquisition of CVR Nitrogen | 336 | 0 |
Fair value of equity investment in Ferrous Resources prior to acquisition of controlling interest | 0 | 36 |
Icahn Enterprises Holdings [Member] | ||
Cash flows from operating activities: | ||
Net income (loss) | (1,655) | 24 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
Net loss (gain) from securities transactions | (257) | 1,249 |
Purchases of securities | (1,440) | (3,753) |
Proceeds from sales of securities | 6,863 | 3,404 |
Purchases to cover securities sold, not yet purchased | (227) | (438) |
Proceeds from securities sold, not yet purchased | 589 | 1,261 |
Changes in receivables and payables relating to securities transactions | (5,087) | (598) |
Depreciation and amortization | 747 | 640 |
Impairment | 670 | 10 |
Equity earnings from non-consolidated affiliates | (48) | (43) |
Deferred taxes | 0 | 58 |
Other, net | 64 | (28) |
Changes in cash held at consolidated affiliated partnerships and restricted cash | 583 | 3 |
Changes in other operating assets and liabilities | 520 | (1,279) |
Net cash provided by operating activities | 1,322 | 510 |
Cash flows from investing activities: | ||
Capital expenditures | (615) | (1,067) |
Acquisition of businesses, net of cash acquired | (1,047) | (855) |
Purchases of investments | (97) | (107) |
Proceeds from sale of investments | 66 | 68 |
Other, net | 26 | 102 |
Net cash used in investing activities | (1,667) | (1,859) |
Cash flows from financing activities: | ||
Capital contributions by non-controlling interests | 505 | 246 |
Capital distributions to non-controlling interests | (7) | (1) |
Partnership contributions | 1 | 0 |
Partnership distributions | (81) | (87) |
Proceeds from offering of subsidiary equity | 0 | 31 |
Dividends and distributions to non-controlling interests in subsidiaries | (74) | (190) |
Proceeds from other borrowings | 1,905 | 1,284 |
Repayments of other borrowings | (1,959) | (737) |
Other, net | (11) | (68) |
Net cash provided by financing activities | 279 | 478 |
Effect of exchange rate changes on cash and cash equivalents | (22) | 0 |
Net change in cash of assets held for sale | 12 | 0 |
Net decrease in cash and cash equivalents | (76) | (871) |
Cash and cash equivalents, beginning of period | 2,078 | 2,912 |
Cash and cash equivalents, end of period | 2,002 | 2,041 |
Supplemental information: | ||
Cash payments for interest, net of amounts capitalized | 538 | 536 |
Net cash payments (refunds) for income taxes | 66 | 13 |
Investment in Pep Boys prior to acquiring a controlling interest | 160 | 0 |
Investment in Trump prior to acquiring a controlling interest | 126 | 0 |
LP unit issuance for remaining 25% interest in ARL | 35 | 0 |
Subsidiary common unit issuance for acquisition of CVR Nitrogen | 336 | 0 |
Fair value of equity investment in Ferrous Resources prior to acquisition of controlling interest | $ 0 | $ 36 |
Description of Business and Bas
Description of Business and Basis of Presentation | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Basis of Presentation | Description of Business and Basis of Presentation . General Icahn Enterprises L.P. (“Icahn Enterprises”) is a master limited partnership formed in Delaware on February 17, 1987. Icahn Enterprises Holdings L.P. (“Icahn Enterprises Holdings”) is a limited partnership formed in Delaware on February 17, 1987. References to "we," "our" or "us" herein include both Icahn Enterprises and Icahn Enterprises Holdings and their subsidiaries, unless the context otherwise requires. Icahn Enterprises owns a 99% limited partner interest in Icahn Enterprises Holdings. Icahn Enterprises G.P. Inc. (“Icahn Enterprises GP”), which is owned and controlled by Mr. Carl C. Icahn, owns a 1% general partner interest in each of Icahn Enterprises and Icahn Enterprises Holdings as of September 30, 2016 . Icahn Enterprises Holdings and its subsidiaries own substantially all of our assets and liabilities and conduct substantially all of our operations. Therefore, the financial results of Icahn Enterprises and Icahn Enterprises Holdings are substantially the same, with differences relating primarily to debt, as discussed further in Note 10 , " Debt ," and to the allocation of the general partner interest, which is reflected as an aggregate 1.99% general partner interest in the financial statements of Icahn Enterprises. In addition to the above, Mr. Icahn and his affiliates owned approximately 89.7% of Icahn Enterprises' outstanding depositary units as of September 30, 2016 . We are a diversified holding company owning subsidiaries currently engaged in the following continuing operating businesses: Investment, Automotive, Energy, Metals, Railcar, Gaming, Mining, Food Packaging, Real Estate and Home Fashion. We also report the results of our Holding Company, which includes the results of certain subsidiaries of Icahn Enterprises and Icahn Enterprises Holdings (unless otherwise noted), and investment activity and expenses associated with the Holding Company. Further information regarding our reporting segments is contained in Note 2 , “ Operating Units ,” and Note 13 , “ Segment Reporting .” We conduct and plan to continue to conduct our activities in such a manner as not to be deemed an investment company under the Investment Company Act of 1940, as amended (the “'40 Act”). Therefore, no more than 40% of our total assets can be invested in investment securities, as such term is defined in the '40 Act. In addition, we do not invest or intend to invest in securities as our primary business. We intend to structure our investments to continue to be taxed as a partnership rather than as a corporation under the applicable publicly traded partnership rules of the Internal Revenue Code, as amended. The accompanying condensed consolidated financial statements and related notes should be read in conjunction with our consolidated financial statements and related notes contained in our Annual Report on Form 10-K for the year ended December 31, 2015. The condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) related to interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations. The financial information contained herein is unaudited; however, management believes all adjustments have been made that are necessary to present fairly the results for the interim periods. All such adjustments are of a normal and recurring nature. Reclassifications Certain reclassifications from the prior year presentation have been made to conform to the current year presentation. Principles of Consolidation As of September 30, 2016 , our condensed consolidated financial statements include the accounts of (i) Icahn Enterprises and Icahn Enterprises Holdings and (ii) the wholly and majority owned subsidiaries of Icahn Enterprises and Icahn Enterprises Holdings, in addition to variable interest entities ("VIEs") in which we are the primary beneficiary. In evaluating whether we have a controlling financial interest in entities that we consolidate, we consider the following: (1) for voting interest entities, including limited partnerships and similar entities that are not VIEs, we consolidate these entities in which we own a majority of the voting interests; and (2) for VIEs, we consolidate these entities in which we are the primary beneficiary. See below for a discussion of our VIEs. Kick-out rights (which are the rights underlying the limited partners' ability to dissolve the limited partnership or otherwise remove the general partners and which are collectively referred to as "kick-out" rights) held through voting interests of partnerships and similar entities that are not VIEs are considered the equivalent of the equity interests of corporations that are not VIEs. All material intercompany accounts and transactions have been eliminated in consolidation. Except for our Investment segment, for those investments in which we own 50% or less but greater than 20%, we generally account for such investments using the equity method, while investments in affiliates of 20% or less are accounted for under the cost method. Acquisitions of Businesses We account for business combinations under the acquisition method of accounting (other than acquisitions of businesses under common control), which requires us to recognize separately from goodwill the assets acquired and the liabilities assumed at their acquisition date fair values. While we use our best estimates and assumptions to accurately value assets acquired and liabilities assumed at the acquisition date as well as contingent consideration, where applicable, our estimates are inherently uncertain and subject to refinement. Accounting for business combinations requires us to make significant estimates and assumptions, especially at the acquisition date including our estimates for intangible assets, contractual obligations assumed, pre-acquisition contingencies, and contingent consideration, where applicable. In valuing our acquisitions we estimate fair values based on industry data and trends and by reference to relevant market rates and transactions, and discounted cash flow valuation methods, among other factors. The discount rates used were commensurate with the inherent risks associated with each type of asset and the level and timing of cash flows appropriately reflect market participant assumptions. The primary items that generate goodwill include the value of the synergies between the acquired company and our existing businesses and the value of the acquired assembled workforce, neither of which qualifies for recognition as an intangible asset. The various acquisitions made during the nine months ended September 30, 2016 as discussed below, are not material, individually or in the aggregate, to our condensed consolidated financial statements. Automotive Pep Boys Acquisition On February 3, 2016, pursuant to a tender offer, Icahn Enterprises acquired a majority of the outstanding shares of Pep Boys - Manny, Moe and Jack ("Pep Boys"). On February 4, 2016, Icahn Enterprises completed the acquisition of the remaining outstanding shares of Pep Boys and our wholly owned subsidiary, IEP Parts Acquisition LLC, merged with and into Pep Boys, with Pep Boys surviving the merger as a wholly owned subsidiary of Icahn Enterprises Holdings. The primary reasons for the acquisition of Pep Boys were to add new product lines to our Automotive segment, to provide operating synergies, to strengthen distribution channels and enhance our Automotive segment's ability to better service its customers. The total value for the acquisition of Pep Boys was approximately $1.2 billion , including the fair value of our equity interest in Pep Boys just prior to our acquisition of a controlling interest. Prior to obtaining a controlling interest, we remeasured our equity interest in Pep Boys to its acquisition-date fair value of $121 million . The difference between the carrying value and the acquisition-date fair value of our equity interest in Pep Boys was immaterial. A preliminary valuation of the net assets of the Pep Boys acquisition resulted in $993 million allocated to tangible net assets and $210 million allocated to goodwill and other intangible net assets as of the acquisition date. Our allocation to other intangible net assets includes $59 million allocated to unfavorable leases liability which is included in accrued expenses and other liabilities on the condensed consolidated balance sheets. We are in the process of valuing the Pep Boys acquisition and have recorded provisional amounts based on preliminary estimates of fair value of net assets acquired, including goodwill. The provisional measurements of net assets are subject to change as we finalize the purchase price allocation. Our consolidated results for the nine months ended September 30, 2016 include total revenues of approximately $1.3 billion , net of intercompany eliminations, and net loss attributable to Icahn Enterprises and Icahn Enterprises Holdings of $8 million , net of intercompany eliminations, that are directly attributable to our acquisition of Pep Boys. After giving effect to the acquisition of Pep Boys as if it had occurred on January 1, 2015, Icahn Enterprises' pro forma revenue for the nine months ended September 30, 2016 and 2015 was approximately $12.5 billion and $14.3 billion , respectively, pro forma net (loss) income was approximately $(1.7) billion and $9 million , respectively, and pro forma net loss attributable to Icahn Enterprises was $963 million and $81 million , respectively. Additionally, pro forma basic and diluted loss per LP unit was $6.99 and $0.63 for the nine months ended September 30, 2016 and 2015 , respectively. Other Acquisition On May 26, 2016, Federal-Mogul completed the acquisition of the assets of a filter manufacturing business in Mexico, which primarily serves the Mexican market, for a purchase price of $25 million , net of cash acquired. The estimated fair value of net assets acquired at the acquisition date is $25 million . Federal-Mogul is in the process of finalizing certain customary post-closing adjustments which could affect the estimated fair value of assets acquired and liabilities assumed. Energy CVR Nitrogen, LP Acquisition On April 1, 2016, CVR Partners completed its acquisition of CVR Nitrogen, LP ("CVR Nitrogen") (formerly known as East Dubuque Nitrogen Partners, L.P. and also formerly known as Rentech Nitrogen Partners L.P.) and CVR Nitrogen GP, LLC (formerly known as East Dubuque Nitrogen GP, LLC and also formerly known as Rentech Nitrogen GP, LLC). In connection with this acquisition, CVR Partners issued approximately 40.2 million common units to CVR Nitrogen common unitholders with a fair market value of $336 million and paid $99 million in cash consideration and assumed $368 million fair value of debt. The total fair value of the purchase price consideration to be allocated was $440 million and the estimated fair value of net assets acquired at the acquisition date was $440 million . There were no identifiable intangible assets related to this acquisition. CVR Partners is in the process of finalizing certain customary post-closing adjustments which could affect the estimated fair value of assets acquired and liabilities assumed. CVR Nitrogen's debt arrangements that remained in place after the closing date of the acquisition included $320 million of its 6.5% notes due 2021, the majority of which were purchased in June 2016, as discussed further in Note 10 , " Debt ." On April 1, 2016, in connection with the acquisition of CVR Nitrogen, CVR Partners entered into a new $320 million senior term loan facility with American Entertainment Properties Corp. (the "AEPC Facility"), a wholly owned subsidiary of Icahn Enterprises, as the lender. In connection with the repayment of the substantial majority of CVR Nitrogen's 6.5% notes due 2021, the AEPC Facility was terminated. CVR Nitrogen, located in East Dubuque, Illinois, owns and operates a nitrogen fertilizer facility, producing primarily ammonia and UAN using natural gas as its facility's primary feedstock. The primary reasons for the mergers were to expand CVR Partners' geographical footprint, diversify its raw material feedstocks, widen its customer reach and increase its potential cash-flow generation. Gaming Trump Acquisition On September 9, 2014, Trump Entertainment Resorts, Inc. (“Trump”) and its subsidiaries filed voluntary Chapter 11 petitions in the United States Bankruptcy Court for the District of Delaware in Wilmington, Delaware. On February 26, 2016 (the "Effective Date"), Trump emerged from bankruptcy. Icahn Enterprises was the sole holder of Trump's senior secured debt. On the Effective Date, among other things, the existing pre-petition senior secured debt with a face amount of $286 million held by Icahn Enterprises was extinguished and converted into 100.0% of Trump’s New Common Stock (as defined in the bankruptcy plan). As a result, we became the 100.0% owner of Trump after reorganization and accordingly, obtained control and began consolidating the results of Trump on February 26, 2016. Trump owns the Trump Taj Mahal Casino Resort (the "Trump Taj Mahal"). The Trump Taj Mahal closed and ceased its casino and hotel operations on October 10, 2016. Prior to obtaining a controlling interest in Trump upon its emergence from bankruptcy, we remeasured our interest in Trump to its acquisition-date fair value of $126 million , resulting in a $16 million gain on investment activities. A valuation of the net assets of the Trump business resulted in $112 million allocated to tangible net assets and $14 million to intangible assets. As a result of the Trump Taj Mahal's closing, we recorded an aggregate impairment charge of $92 million for the three and nine months ended September 30, 2016 related to property, plant and equipment and intangible assets for our Gaming segment. See Note 5 , " Fair Value Measurements ," and Note 8 , " Goodwill and Intangible Assets, Net ," for further discussion regarding these impairment charges. Variable Interest Entities As further discussed below, the Financial Statement Accounting Standards Board's ("FASB") Accounting Standards Update ("ASU") No. 2015-02 became effective during the first quarter of 2016. ASU No. 2015-02 amends the current consolidation guidance, including introducing a separate consolidation analysis specific to limited partnerships and other similar entities. Specifically, under the revised consolidation analysis, limited partnerships and other similar entities are considered VIEs unless the limited partners hold substantive kick-out rights or participating rights. Although ASU No. 2015-02 changed the status of certain of our limited partnership entities as VIEs (as discussed below), we continue to consolidate these entities because we are the primary beneficiaries of such entities. Investment Our Investment segment is comprised of various private investment funds, including Icahn Partners L.P. ("Icahn Partners") and Icahn Partners Master Fund LP ("Master Fund") (collectively, the "Investment Funds"), through which we invest our proprietary capital. See Note 2 , " Operating Units - Investment," for further discussion regarding our Investment segment's business. We determined that each of the Investment Funds are considered VIEs because these limited partnerships lack both substantive kick-out and participating rights. Because we are the general partner in each of the Investment Funds and have significant limited partner interests in each of the Investment Funds, coupled with our significant exposure to losses and benefits in each of the Investment Funds, we are the primary beneficiary of each of the Investment Funds and therefore continue to consolidate each of the Investment Funds. Substantially all of the assets and liabilities of our Investment segment pertain to the Investment Funds. See Note 13 , " Segment Reporting ," for details of our condensed balance sheets for our Investment segment. Energy We conduct our Energy segment through our majority ownership in CVR Energy Inc. ("CVR"). CVR owns petroleum refining and nitrogen fertilizer manufacturing businesses held through CVR Refining, LP (“CVR Refining”) and CVR Partners, LP (“CVR Partners”), respectively, and each are considered VIEs. See Note 2 , " Operating Units - Energy," for further discussion regarding our Energy segment's business. Our Energy segment determined that CVR Refining and CVR Partners are each considered VIEs because each of these limited partnerships lack both substantive kick-out and participating rights. In addition, our Energy segment also concluded that based upon its general partner's roles and rights in CVR Refining and CVR Partners as afforded by their respective partnership agreements, coupled with its exposure to losses and benefits in each of CVR Refining and CVR Partners through its significant limited partner interests, intercompany credit facilities and services agreements, CVR determined that it is the primary beneficiary of both CVR Refining and CVR Partners. Based upon this evaluation, CVR continues to consolidate both CVR Refining and CVR Partners. The assets and liabilities of our Energy segment that are directly related to CVR Refining and CVR Partners included in our condensed consolidated balance sheets are as follows: September 30, 2016 December 31, 2015 (in millions) Cash and cash equivalents $ 351 $ 237 Property, plant and equipment, net 3,365 2,674 Inventories 323 290 Goodwill — 574 Intangible assets, net 323 337 Other assets 79 115 Accounts payable, accrued expenses and other liabilities 436 333 Debt 1,167 667 Icahn Enterprises Holdings As discussed above, Icahn Enterprises Holdings and its subsidiaries own substantially all of our assets and liabilities and conduct substantially all of our operations. We determined that Icahn Enterprises Holdings is a VIE because it lacks both substantive kick-out and participating rights. Icahn Enterprises is the primary beneficiary of Icahn Enterprises Holdings principally based on its 99% limited partner interest in Icahn Enterprises Holdings and therefore continues to consolidate Icahn Enterprises Holdings. The condensed consolidated financial statements of Icahn Enterprises Holdings are included in this Report. Fair Value of Financial Instruments The carrying values of cash and cash equivalents, cash held at consolidated affiliated partnerships and restricted cash, accounts receivable, due from brokers, accounts payable, accrued expenses and other liabilities and due to brokers are deemed to be reasonable estimates of their fair values because of their short-term nature. See Note 4 , “ Investments and Related Matters ,” and Note 5 , “ Fair Value Measurements ,” for a detailed discussion of our investments. The fair value of our long-term debt is based on the quoted market prices for the same or similar issues or on the current rates offered to us for debt of the same remaining maturities. The carrying value and estimated fair value of our long-term debt as of September 30, 2016 was approximately $13.0 billion and $12.8 billion , respectively. The carrying value and estimated fair value of our long-term debt as of December 31, 2015 was approximately $12.6 billion and $12.2 billion , respectively. Restricted Cash Our restricted cash balance was $569 million and $966 million as of September 30, 2016 and December 31, 2015 , respectively. Inventories As discussed above we acquired Pep Boys on February 3, 2016. Pep Boys' inventories are valued at lower of cost or market and cost of goods sold is determined using the last-in, first-out ("LIFO") method. Pep Boys is currently the only subsidiary of ours that uses LIFO in determining cost of goods sold. As inventories of Pep Boys have been revalued to fair value as a result of our acquisition on February 3, 2016, there are immaterial differences between inventory balances calculated using LIFO as compared to inventory balances calculated using first-in, first-out as of September 30, 2016 . Adoption of New Accounting Standards In February 2015, the FASB issued ASU No. 2015-02, Amendments to the Consolidation Analysis , which amends FASB ASC Topic 810, Consolidations . This ASU amends the current consolidation guidance, including introducing a separate consolidation analysis specific to limited partnerships and other similar entities. This ASU requires that limited partnerships and similar legal entities provide partners with either substantive kick-out rights or substantive participating rights over the general partner in order to be considered a voting interest entity. The specialized consolidation model and guidance for limited partnerships and similar legal entities have been eliminated. There is no longer a presumption that a general partner should consolidate a limited partnership. For limited partnerships and similar legal entities that qualify as voting interest entities, a limited partner with a controlling financial interest should consolidate a limited partnership. A controlling financial interest may be achieved through holding a limited partner interest that provides substantive kick-out rights. The standard is effective for annual periods beginning after December 15, 2015. As a result of adopting this guidance in the first quarter of 2016, while certain of our limited partnership entities are now considered VIEs, we continue to consolidate these limited partnerships. See above for further discussion regarding our VIEs. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, which amends FASB ASC Subtopic 835-30, Interest - Imputation of Interest. The new standard requires that all costs incurred to issue debt be presented in the balance sheet as a direct deduction from the carrying value of the debt. Given the absence of authoritative guidance within this ASU regarding debt issuance costs related to line-of-credit, the SEC staff has stated that it would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred issuance costs ratably over the term of the line-of-credit arrangement. The standard is effective for interim and annual periods beginning after December 15, 2015 and is required to be applied on a retrospective basis. Early adoption is permitted. The adoption of this guidance resulted in a reclassification of debt issuance costs on our condensed consolidated balance sheets to debt in the amount of $39 million as of December 31, 2015. In September 2015, the FASB issued ASU No. 2015-16, Simplifying the Accounting for Measurement-Period Adjustments , which amends FASB ASC Topic 805, Business Combinations . This ASU eliminates the requirement to retrospectively adjust provisional amounts recognized at the acquisition dates of business combinations. Rather, this ASU requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. This ASU is effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. The amendments in this ASU should be applied prospectively to adjustments to provisional amounts that occur after the effective date with earlier application permitted for financial statements that have not been issued. The adoption of this guidance in the first quarter of 2016 did not have a material impact on our condensed consolidated financial position, results of operations, comprehensive income, cash flows and disclosures. Recently Issued Accounting Standards In May 2014, the FASB issued ASU No. 2014-09, creating a new topic, FASB ASC Topic 606, Revenue from Contracts with Customers , superseding revenue recognition requirements in FASB ASC Topic 605, Revenue Recognition . This ASU requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. In addition, an entity is required to disclose sufficient information to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. This ASU was amended by ASU No. 2015-14, issued in August 2015, which deferred the original effective date by one year; the effective date of this ASU is for fiscal years, and interim reporting periods within those years, beginning after December 15, 2017, using one of two retrospective application methods. In addition, the FASB issued other amendments during 2016 to FASB ASC Topic 606, Revenue from Contracts with Customers , that include implementation guidance to principal versus agent considerations, guidance to identifying performance obligations and licensing guidance and other narrow scope improvements. Early adoption is permitted only as of the annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. Given the complexity of our operations, we continue to evaluate the impact of these guidance on our consolidated financial position, results of operations, comprehensive income, cash flows and disclosures. We will adopt these new guidance on January 1, 2018 using the modified retrospective application method. In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory , which amends FASB ASC Topic 330, Inventory . This ASU requires entities to measure inventory at the lower of cost or net realizable value and eliminates the option that currently exists for measuring inventory at market value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. This ASU is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. This ASU should be applied prospectively with earlier application permitted as of the beginning of an interim period or annual reporting period. We anticipate that the adoption of this guidance will have minimal impact on our consolidated financial position, results of operations, comprehensive income, cash flows and disclosures. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall , which amends FASB ASC Topic 825, Financial Instruments . This ASU requires that equity investments (except those accounted for under the equity method of accounting or those that result in the consolidation of the investee) to be measured at fair value with changes recognized in earnings. However, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment. In addition, there were other amendments to certain disclosure and presentation matters pertaining to financial instruments, including the requirement of an entity to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. This ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The amendments in this ASU should be applied by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The amendments related to equity securities without readily determinable fair values should be applied prospectively to equity investments that exist as of the date of adoption. Early application is permitted for certain matters only. We are currently evaluating the impact of this guidance on our consolidated financial position, results of operations, comprehensive income, cash flows and disclosures. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , which supersedes FASB ASC Topic 840, Leases . This ASU requires the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous guidance. In addition, among other changes to the accounting for leases, this ASU retains the distinction between finance leases and operating leases. The classification criteria for distinguishing between finance leases and operating leases are substantially similar to the classification criteria for distinguishing between capital leases and operating leases in the previous guidance. This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The amendments in this ASU should be applied using a modified retrospective approach. Early application is permitted. We are currently evaluating the impact of this guidance on our consolidated financial position, results of operations, comprehensive income, cash flows and disclosures. In March 2016, the FASB issued ASU No. 2016-07, Simplifying the transition to equity method of accounting , which amends FASB ASC Topic 323, Investments - Equity Method and Joint Ventures . This ASU eliminates the retroactive adjustment of an investment that qualifies for the equity method as a result of an increase in the level of ownership or degree of influence as if the equity method had been in effect during all previous periods that the investment had been held. The amendments in this ASU are effective for interim and annual fiscal years beginning after December 15, 2016. Earlier application is permitted. We anticipate that the adoption of this guidance will have minimal impact on our consolidated financial position, results of operations, comprehensive income, cash flows and disclosures. In June 2016, the FASB issued ASU No. 2016-13, Measurement of credit losses on financial instruments , which amends FASB ASC Topic 326, Financial Instruments - Credit Losses. This ASU requires financial assets measured at amortized cost to be presented at the net amount to be collected and broadens the information, including forecasted information incorporating more timely information, that an entity must consider in developing its expected credit loss estimate for assets measured. We are currently evaluating the impact of this guidance on our consolidated financial position, results of operations, comprehensive income, cash flows and disclosures. In August 2016, the FASB issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payment s, which amends FASB ASC Topic 230, Statement of Cash Flows. This ASU seeks to reduce the diversity currently in practice by providing guidance on the presentation of eight specific cash flow issues in the statement of cash flows. This ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. We are currently evaluating the impact of this guidance on our consolidated statement of cash flows. In October 2016, the FASB issued ASU No. 2016-16, Intra-Entity Transfers of Assets Other Than Inventory , which amends FASB ASC Topic 740, Income Taxes . This ASU requires the recognition of income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. Current GAAP prohibits the recognition of current and deferred incomes taxes for an intra-entity asset transfer until the asset has been sold to an outside party. This ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact of this guidance on our consolidated financial position, results of operations, comprehensive income, cash flows and disclosures. In October 2016, the FASB issued ASU No. 2016-17, Interests Held Through Related Parties That Are Under Common Control, which amends FASB ASC Topic 810, Consolidation . This ASU requires that a reporting entity, in determining whether it satisfies the characteristics of a primary beneficiary, to include all of its direct variable interests in a VIE and, on a proportionate basis, its indirect variable interests in a VIE held through related parties, including related parties that are under common control with the reporting entity. Current GAAP requires that a single decision maker to consider indirect interests in the entity held through related parties to be t |
Operating Units
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Operating Units | Operating Units . Investment Our Investment segment is comprised of various private investment funds, including the Investment Funds, through which we invest our proprietary capital. We and certain of Mr. Icahn's wholly owned affiliates are the sole investors in the Investment Funds. Icahn Onshore LP and Icahn Offshore LP (together, the "General Partners") act as the general partner of Icahn Partners and the Master Fund, respectively. The General Partners provide investment advisory and certain administrative and back office services to the Investment Funds but do not provide such services to any other entities, individuals or accounts. Interests in the Investment Funds are not offered to outside investors. We had interests in the Investment Funds with a fair value of approximately $1.8 billion and $3.4 billion as of September 30, 2016 and December 31, 2015 , respectively. Automotive We conduct our Automotive segment through our majority ownership in Federal-Mogul Holdings Corporation ("Federal-Mogul"), our wholly owned subsidiary IEH Auto Parts Holding LLC ("IEH Auto"), effective June 1, 2015, and our wholly owned subsidiary Pep Boys, effective February 3, 2016. Federal-Mogul is a leading global supplier of a broad range of components, accessories and systems to the automotive, small engine, heavy-duty, marine, railroad, agricultural, off-road, aerospace and energy, industrial and transport markets, including customers in both the original equipment manufacturers and servicers (“OE”) market and the replacement market (“aftermarket”). Federal-Mogul’s customers include the world’s largest automotive OEs and major distributors and retailers in the independent aftermarket. Federal-Mogul operates with two end-customer focused businesses. The Powertrain business unit focuses on original equipment products for automotive, heavy duty and industrial applications. The Motorparts business unit sells and distributes a broad portfolio of products in the global aftermarket, while also serving original equipment manufacturers with products including braking, chassis, wipers and other vehicle components. As of September 30, 2016 , we owned approximately 82.0% of the total outstanding common stock of Federal-Mogul. On September 6, 2016, we, through our wholly owned subsidiary, IEH FM Holdings LLC commenced a cash tender offer (the "Federal-Mogul Tender Offer) to acquire, subject to the terms and conditions of the Federal-Mogul Merger Agreement, all of the issued and outstanding shares of Federal-Mogul’s common stock not already owned by us. See Part II, Item 5, "Other Information - Federal-Mogul Tender Offer," of this Report for further discussion regarding this transaction. Pep Boys has 805 locations in the automotive aftermarket industry located throughout the United States and Puerto Rico. Pep Boys stores are organized into a hub and spoke network consisting of Supercenters and Service & Tire Centers. Supercenters average approximately 20,000 square feet and combine a parts and accessories store with professional service centers that perform a full range of automotive maintenance and repair services. Most of the Pep Boys Supercenters also have a commercial sales program that provides prompt delivery of parts, tires and equipment to automotive repair shops and dealers. Service & Tire Centers, which average approximately 6,000 square feet, provide automotive maintenance and repair services in neighborhood locations that are conveniently located where our customers live or work. IEH Auto has 21 distribution centers and 284 corporate-owned jobber stores (including 14 satellite locations) in the United States and supports a network of more than 2,000 independent wholesalers. Through its banner and technical support programs as well as its offering of premium auto parts, IEH Auto has built its reputation on being the partner of choice for independent entrepreneurs eager to tap into the strength of large network. Pep Boys and IEH Auto are being operated together in order to grow their sales to do-it-for-me ("DIFM") distributors and DIFM service professionals, to grow their automotive service business, and to maintain their do-it-yourself customer bases by offering the newest and broadest product assortment in the automotive aftermarket. In addition, Federal-Mogul is operated independently from Pep Boys and IEH Auto. Transactions among Federal-Mogul, Pep Boys and IEH Auto have been eliminated in consolidation. Accounts Receivable, net Federal-Mogul's subsidiaries in Brazil, France, Germany, Italy, Canada and the United States are party to accounts receivable factoring and securitization facilities. Gross accounts receivable transferred under these facilities were $519 million and $408 million as of September 30, 2016 and December 31, 2015, respectively. Of those gross amounts, $510 million and $401 million , respectively, qualify as sales as defined in FASB ASC Topic 860, Transfers and Servicing . The remaining transferred receivables were pledged as collateral and accounted for as secured borrowings and recorded in the condensed consolidated balance sheets within accounts receivable, net and debt. Under the terms of these facilities, Federal-Mogul is not obligated to draw cash immediately upon the transfer of accounts receivable. As of September 30, 2016 and December 31, 2015, Federal-Mogul had undrawn cash related to such transferred receivables of $1 million and $1 million , respectively. Proceeds from the transfers of accounts receivable qualifying as sales were $311 million and $380 million for the three months ended September 30, 2016 and 2015, respectively, and approximately $1.2 billion and $1.2 billion for the nine months ended September 30, 2016 and 2015, respectively. Expenses associated with transfers of receivables were $2 million and $3 million for the three months ended September 30, 2016 and 2015, respectively, and $9 million and $7 million for the nine months ended September 30, 2016 and 2015, respectively. Such expenses were recorded in the condensed consolidated statements of operations within other income (loss), net. Where Federal-Mogul receives a fee to service and monitor these transferred receivables, such fees are sufficient to offset the costs and as such, a servicing asset or liability is not incurred as a result of such activities. Certain of the facilities contain terms that require Federal-Mogul to share in the credit risk of the sold receivables. The maximum exposure to Federal-Mogul associated with certain of these facilities' terms were $5 million and $11 million as of September 30, 2016 and December 31, 2015, respectively. Restructuring Federal-Mogul recorded restructuring expenses of $7 million and $18 million for the three months ended September 30, 2016 and 2015, respectively, and $28 million and $57 million for the nine months ended September 30, 2016 and 2015, respectively. These restructuring expenses, primarily consisting of employee costs and headcount reductions, pertain to all restructuring programs that Federal-Mogul has initiated in order to improve its operating performance. Federal-Mogul's restructuring expenses for the nine months ended September 30, 2016 are aimed at optimizing its cost structure. Federal-Mogul expects to complete these programs in 2017 and incur additional restructuring and other charges of $1 million . For programs previously initiated in prior periods, Federal-Mogul expects to complete these programs in 2018 and incur additional restructuring charges of approximately $4 million . Energy We conduct our Energy segment through our majority ownership in CVR. CVR is a diversified holding company primarily engaged in the petroleum refining and nitrogen fertilizer manufacturing industries through its holdings in CVR Refining and CVR Partners, respectively. 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. As of September 30, 2016 , CVR owned 100% of the general partners of CVR Refining and CVR Partners and approximately 66% of the common units of CVR Refining and approximately 34% of the common units of CVR Partners. As of September 30, 2016 , we owned approximately 82.0% of the total outstanding common stock of CVR. In addition, as of September 30, 2016 , we owned approximately 3.9% of the total outstanding common units of CVR Refining directly. Petroleum Business CVR Refining's petroleum business includes a 115,000 barrels per calendar day ("bpcd") rated capacity complex full coking medium-sour crude oil refinery in Coffeyville, Kansas and a 70,000 bpcd rated capacity complex crude oil refinery in Wynnewood, Oklahoma. The Coffeyville refinery is situated on approximately 440 acres in southeast Kansas, approximately 100 miles from Cushing, Oklahoma, a major crude oil trading and storage hub. The Wynnewood refinery is situated on approximately 400 acres located approximately 65 miles south of Oklahoma City, Oklahoma and approximately 130 miles from Cushing, Oklahoma. In addition to the refineries, CVR's petroleum business owns and operates the following: (i) a crude oil gathering system with a gathering capacity of over 65,000 barrels per day ("bpd") serving Kansas, Oklahoma, Missouri, Nebraska, Colorado and Texas; (ii) a 170,000 bpd pipeline system (supported by approximately 340 miles of active owned and leased pipeline) that transports crude oil to its Coffeyville refinery from its Broome Station facility near Caney, Kansas; (iii) approximately 6.4 million barrels of company owned and leased crude oil storage capacity; (iv) a rack marketing division supplying product through tanker trucks directly to customers located in close geographic proximity to Coffeyville, Kansas and Wynnewood, Oklahoma and at throughput terminals on Magellan and NuStar Energy, LP's ("NuStar") refined products distribution systems; and (v) over 4.5 million barrels of combined refinery related storage capacity. On August 2, 2016, we sold 250,000 common units of CVR Refining. As a result of this transaction, we and our affiliates collectively own 69.99% of CVR Refining. See Part II, Item 5, "Other Information - CVR Refining Call Right," of this Report for further discussion regarding this transaction. Nitrogen Fertilizer Business CVR Partners' nitrogen fertilizer business consists of a nitrogen fertilizer manufacturing facility located in Coffeyville, Kansas that utilizes a petroleum coke, or pet coke, gasification process to produce nitrogen fertilizer and a nitrogen fertilizer manufacturing facility located in East Dubuque, Illinois that uses natural gas to produce nitrogen fertilizer (as a result of the acquisition of CVR Nitrogen as discussed above). The facility in Coffeyville includes a 1,300 ton-per-day ammonia unit, a 3,000 ton-per-day UAN unit and a gasifier complex having a capacity of 89 million standard cubic feet per day of hydrogen. The facility in East Dubuque includes a 1,025 ton-per-day ammonia unit and a 1,100 ton-per-day UAN unit. Metals We conduct our Metals segment through our indirect wholly owned subsidiary, PSC Metals, Inc. (“PSC Metals”). PSC Metals collects industrial and obsolete scrap metal, processes it into reusable forms and supplies the recycled metals to its customers, including electric-arc furnace mills, integrated steel mills, foundries, and secondary smelters and metals brokers. PSC Metals’ ferrous products include busheling, plate and structural, shredded, sheared and bundled scrap metal and other purchased scrap metal such as turnings (steel machining fragments), and cast furnace iron. PSC Metals processes the scrap into a size, density and purity required by customers to meet their production needs. PSC Metals also processes non-ferrous metals, including aluminum, copper, brass, stainless steel and nickel-bearing metals. Non-ferrous products are a significant raw material in the production of aluminum and copper alloys used in manufacturing. PSC Metals also operates a steel products business that includes the supply of secondary plate and structural grade pipe that is sold into niche markets for counterweights, piling and foundations, construction materials and infrastructure end-markets. PSC Metals also purchases end of life vehicles, dismantles those vehicles, resells valuable parts, and ships the resulting vehicle hulks to its shredder yards. Railcar We conduct our Railcar segment through our majority ownership interest in ARI and our wholly owned subsidiary American Railcar Leasing, LLC ("ARL"). ARI manufactures railcars that are offered for sale or lease, custom and standard railcar components and other industrial products, primarily aluminum and special alloy steel castings. These products are sold to various types of companies including shippers, leasing companies, industrial companies, and Class I railroads. ARI leases railcars that it manufactures to certain markets that include the chemical, mineral, petrochemical, food and agriculture, and energy industries. ARI provides railcar services consisting of railcar repair services, ranging from full to light repair, engineering and on-site repairs and maintenance through its various repair facilities, including mini repair shops and mobile repair units. ARL is engaged in the business of leasing railcars to customers with specific requirements whose products require specialized railcars dedicated to transporting, storing, and preserving the integrity of their products. These products are primarily in the chemical, mineral, petrochemical, food and agriculture, and energy industries. Transactions between ARI and ARL have been eliminated in consolidation. As of September 30, 2016 , we owned approximately 61.2% of the total outstanding common stock of ARI. Gaming We conduct our Gaming segment through our majority ownership in Tropicana and, effective February 26, 2016, our wholly owned subsidiary, Trump, which owns the Trump Taj Mahal. The Trump Taj Mahal closed and ceased its casino and hotel operations on October 10, 2016. Tropicana owns and operates a diversified, multi-jurisdictional collection of casino gaming properties. The eight casino facilities it operates feature approximately 392,000 square feet of gaming space with 7,900 slot machines, 300 table games and 5,500 hotel rooms with two casino facilities located in Nevada and one in each of Mississippi, Missouri, Indiana, Louisiana, New Jersey and Aruba. Trump Taj Mahal is located in Atlantic City, New Jersey and features approximately 160,000 square feet of gaming space with 2,500 slot machines, 130 table games and 2,000 hotel rooms. In addition, Trump also owns an idled casino property in Atlantic City, New Jersey, Trump Plaza Hotel and Casino, which ceased operations in September 2014. As of September 30, 2016 , we owned approximately 68.8% of the total outstanding common stock of Tropicana. Mining We conduct our Mining segment through our majority ownership in Ferrous Resources. We obtained control of and consolidated the results of Ferrous Resources during the second quarter of 2015. Ferrous Resources acquired certain rights to iron ore mineral resources in Brazil and develops mining operations and related infrastructure to produce and sell iron ore products to the global steel industry. Ferrous Resources has acquired significant iron ore assets in the State of Minas Gerais, Brazil, known as Viga, Viga Norte, Esperança, Serrinha and Santanense. In addition, Ferrous Resources has acquired certain mineral rights near Jacuípe in the State of Bahia, Brazil. Of the assets acquired, Viga, Esperança and Santanense are already extracting and producing iron ore, while the other assets are at an early stage of exploration. In response to the current depressed iron ore price environment, Ferrous Resources decided to temporarily suspend Esperança's and Santanense's operations during the first quarter of 2015 in order to study alternatives to further reduce cost of production and improve product quality and therefore to improve profitability and margin per metric ton. As of September 30, 2016 , we owned approximately 77.2% of the total outstanding common stock of Ferrous Resources. Food Packaging We conduct our Food Packaging segment through our majority ownership in Viskase Companies, Inc. ("Viskase"). Viskase is a worldwide leader in the production and sale of cellulosic, fibrous and plastic casings for the processed meat and poultry industry. Viskase currently operates nine manufacturing facilities, six distribution centers and three service centers throughout North America, Europe, South America and Asia and derived approximately 70% of its total net sales from customers located outside the United States for the nine months ended September 30, 2016 . As of September 30, 2016 , we owned approximately 75.3% of the total outstanding common stock of Viskase. Real Estate Our Real Estate segment consists of rental real estate, property development and club activities. As of September 30, 2016 , we owned 15 commercial rental real estate properties. Our property development operations are run primarily through Bayswater Development LLC, a real estate investment, management and development subsidiary that focuses primarily on the construction and sale of single-family and multi-family homes, lots in subdivisions and planned communities and raw land for residential development. Our New Seabury development property in Cape Cod, Massachusetts and our Grand Harbor development property in Vero Beach, Florida include land for future residential development of approximately 239 and 1,128 units of residential housing, respectively. Both our developments operate golf and club operations as well. In addition, our Real Estate segment owns an unfinished development property which is located on approximately 23 acres in Las Vegas, Nevada. Home Fashion We conduct our Home Fashion segment through our indirect wholly owned subsidiary, WestPoint Home LLC (“WPH”), a manufacturer and distributor of home fashion consumer products. WPH is engaged in the business of designing, marketing, manufacturing, sourcing, distributing and selling home fashion consumer products. WPH markets a broad range of manufactured and sourced bed, bath, basic bedding, and other textile products, including sheets, pillowcases, bedspreads, quilts, comforters and duvet covers, bath and beach towels, bath accessories, bed skirts, bed pillows, flocked blankets, woven blankets and throws and mattress pads. WPH recognizes revenue primarily through the sale of home fashion products to a variety of retail and institutional customers. In addition, WPH receives a small portion of its revenues through the licensing of its trademarks. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2016 | |
Related Party Transaction [Line Items] | |
Related Party Transactions | Related Party Transactions . Our amended and restated agreement of limited partnership expressly permits us to enter into transactions with our general partner or any of its affiliates, including, without limitation, buying or selling properties from or to our general partner and any of its affiliates and borrowing and lending money from or to our general partner and any of its affiliates, subject to limitations contained in our partnership agreement and the Delaware Revised Uniform Limited Partnership Act. The indentures governing our indebtedness contain certain covenants applicable to transactions with affiliates. Investment Mr. Icahn, along with his affiliates (excluding Icahn Enterprises and Icahn Enterprises Holdings), makes investments in the Investment Funds. During the nine months ended September 30, 2016 and 2015, affiliates of Mr. Icahn made net investments aggregating $498 million and $246 million , respectively, in the Investment Funds. As of September 30, 2016 and December 31, 2015, the total fair market value of investments in the Investment Funds made by Mr. Icahn and his affiliates (excluding Icahn Enterprises and Icahn Enterprises Holdings) was approximately $4.1 billion and $4.1 billion , respectively, representing approximately 69% and 55% , respectively, of the Investment Funds' assets under management. Icahn Capital LP ("Icahn Capital") pays for expenses pertaining to the operation, administration and investment activities of our Investment segment for the benefit of the Investment Funds (including salaries, benefits and rent). Effective April 1, 2011, based on an expense-sharing arrangement, certain expenses borne by Icahn Capital are reimbursed by the Investment Funds. For the three months ended September 30, 2016 , $21 million was allocated to the Investment Funds based on this expense-sharing arrangement. During the three months ended September 30, 2015 , there was a reversal of expenses allocated to the Investment Funds due to the performance of a certain fund, resulting in an expense reallocation of $24 million to Icahn Capital based on this expense-sharing arrangement. For the nine months ended September 30, 2016 and 2015, $28 million and $204 million , respectively, was allocated to the Investment Funds based on this expense-sharing arrangement. Railcar ARL Acquisition On February 29, 2016, Icahn Enterprises entered into a contribution agreement with IRL Holding, LLC ("IRL"), an affiliate of Mr. Icahn, to acquire the remaining 25% economic interest in ARL not already owned by us. Pursuant to this contribution agreement, we contributed 685,367 newly issued depositary units of Icahn Enterprises to IRL in exchange for the remaining 25% economic interest in ARL. As a result of the transaction, we own a 100% economic interest in ARL. This transaction was authorized by the independent committee of the board of directors of the general partner of Icahn Enterprises. The independent committee was advised by independent counsel and retained an independent financial advisor which rendered a fairness opinion. Agreements with ACF Industries LLC ARI has from time to time purchased components from ACF Industries LLC ("ACF"), an affiliate of Mr. Icahn, under a long-term agreement, as well as on a purchase order basis. ACF is a manufacturer and fabricator of specialty railcar parts and miscellaneous steel products. Under the manufacturing services agreement entered into in 1994 and amended in 2005, ACF agreed to manufacture and distribute, at ARI’s instruction, various railcar components. In consideration for these services, ARI agreed to pay ACF based on agreed upon rates. The agreement automatically renews unless written notice is provided by ARI. Also in April 2015, ARI entered into a parts purchasing and sale agreement with ACF. The agreement was unanimously approved by the independent directors of ARI’s and Icahn Enterprises' audit committee. Under this agreement, ARI and ACF may, from time to time, purchase and sell to each other certain parts for railcars ("Railcar Parts"). ARI also provides a non-exclusive and non-assignable license of certain intellectual property related to the manufacture and sale of Railcar Parts to ARI. The buyer under the agreement must pay the market price of the parts as determined in the agreement or as stated on a public website for all ARI customers. ARI may provide designs, engineering and purchasing support, including all materials and components to ACF. Subject to certain early termination events, the agreement terminates on December 31, 2020. ARI purchased $2 million and $4 million of components from ACF for the three months ended September 30, 2016 and 2015, respectively, and $4 million and $13 million of components from ACF for the nine months ended September 30, 2016 and 2015, respectively. In January 2013, ARI entered into a purchasing and engineering services agreement and license with ACF. The agreement was unanimously approved by the independent directors of ARI’s and Icahn Enterprises' audit committee on the basis that the terms of the agreement were not materially less favorable to ARI than those that could have been obtained in a comparable transaction with an unrelated person. Under this agreement, ARI provides purchasing support and engineering services to ACF in connection with ACF’s manufacture and sale of tank railcars at its facility in Milton, Pennsylvania. Additionally, ARI has granted ACF a nonexclusive, non-assignable license to certain of ARI’s intellectual property, including certain designs, specifications, processes and manufacturing know-how required to manufacture and sell tank railcars during the term of the agreement. In November 2015, ARI and ACF amended this agreement to, among other provisions, extend the termination date to December 31, 2016 from December 31, 2015, subject to certain early termination events. In consideration for the services and license provided by ARI to ACF in conjunction with the agreement, ACF pays ARI a royalty and, if any, a share of the net profits ("ACF Profits") earned on each railcar manufactured and sold by ACF under the agreement, in an aggregate amount equal to 30% of such ACF Profits, as calculated under the agreement. ACF Profits are net of certain of ACF’s start-up and shutdown expenses and certain maintenance capital. If no ACF Profits are realized on a railcar manufactured and sold by ACF pursuant to the agreement, ARI will still be entitled to the royalty for such railcar and will not share in any losses incurred by ACF in connection therewith. In addition, any railcar components supplied by ARI to ACF for the manufacture of these railcars are provided at fair market value. Under the agreement, ACF had the exclusive right to manufacture and sell subject tank railcars for any new orders scheduled for delivery to customers on or before January 31, 2014. ARI has the exclusive right to any sales opportunities for such tank railcars for any new orders scheduled for delivery after that date and through termination of the agreement. ARI also has the right to assign any sales opportunity to ACF, and ACF has the right, but not the obligation, to accept such sales opportunity. Any sales opportunity accepted by ACF will not be reflected in ARI’s orders or backlog. ARI's revenues under this agreement were zero and $3 million for the three months ended September 30, 2016 and 2015, respectively, and less than $1 million and $9 million for the nine months ended September 30, 2016 and 2015, respectively. Such revenues were recorded for sales of railcar components to ACF and for royalties and profits on railcars sold by ACF. In April 2015, ARI entered into a repair services and support agreement with ACF. The agreement was unanimously approved by the independent directors of ARI’s and Icahn Enterprises' audit committee. Under this agreement, ARI provides certain sales and administrative and technical services, materials and purchasing support and engineering services to ACF to provide repair and retrofit services ("Repair Services"). Additionally, ARI provides a non-exclusive and non-assignable license of certain intellectual property related to the Repair Services for railcars. ARI receives 30% of the net profits (as defined in the agreement) for Repair Services related to all railcars not owned by ARL or its subsidiaries and 20% of the net profits for Repair Services related to all railcars owned by ARL or its subsidiaries, if any, but does not absorb any losses incurred by ACF. Under the agreement, ARI has the exclusive right to sales opportunities related to Repair Services, except for any sales opportunity related to Repair Services presented to ACF by ARL with respect to ARL-owned railcars. ARI also has the right to assign any sales opportunities related to Repair Services to ACF, and ACF has the right, but not the obligation, to accept such sales opportunity. Subject to certain early termination events, the agreement terminates on December 31, 2020. For each of the three and nine months ended September 30, 2016 , revenues of less than $1 million were recorded under this agreement. No revenues were recorded under this agreement for each of the three and nine months ended September 30, 2015 . In April 2013, AEP Leasing LLC entered into an agreement (the "ACF Agreement") with ACF whereby AEP Leasing would purchase railcars from ACF. The ACF Agreement was assumed by ARL in connection with our purchase of economic interest in ARL. The ACF Agreement was unanimously approved by Icahn Enterprises' audit committee consisting of independent directors, who were advised by independent counsel and an independent financial advisor on the basis that the terms were not less favorable than those terms that could have been obtained in a comparable transaction with an unaffiliated third party. Under this agreement, purchases of railcars from ACF were $9 million for the nine months ended September 30, 2015 . There were no purchases of railcars from ACF under this agreement for the nine months ended September 30, 2016 . In addition to the above purchases, on a contract-by-contract basis, ARL purchased zero and $16 million of railcars from ACF for the three months ended September 30, 2016 and 2015, respectively, and $14 million and $43 million of railcars from ACF for the nine months ended September 30, 2016 and 2015, respectively. Insight Portfolio Group LLC Insight Portfolio Group LLC (“Insight Portfolio Group”) is an entity formed and controlled by Mr. Icahn in order to maximize the potential buying power of a group of entities with which Mr. Icahn has a relationship in negotiating with a wide range of suppliers of goods, services and tangible and intangible property at negotiated rates. In 2013, Icahn Enterprises Holdings acquired a minority equity interest in Insight Portfolio Group and agreed to pay a portion of Insight Portfolio Group's operating expenses. In addition to the minority equity interest held by Icahn Enterprises Holdings, certain subsidiaries of Icahn Enterprises Holdings, including Federal-Mogul, CVR, PSC Metals, ARI, ARL, Tropicana, Viskase and WPH also acquired minority equity interests in Insight Portfolio Group and agreed to pay a portion of Insight Portfolio Group's operating expenses. A number of other entities with which Mr. Icahn has a relationship also acquired equity interests in Insight Portfolio Group and also agreed to pay certain of Insight Portfolio Group's operating expenses. For each of the three months ended September 30, 2016 and 2015 less than $1 million was paid in respect to certain of Insight Portfolio Group's operating expenses. For each of the nine months ended September 30, 2016 and 2015, $2 million were paid in respect to certain of Insight Portfolio Group's operating expenses. |
Investments and Related Matters
Investments and Related Matters | 9 Months Ended |
Sep. 30, 2016 | |
Investments and Related Matters [Abstract] | |
Investments and Related Matters | Investments and Related Matters . Investment Investments, and securities sold, not yet purchased consist of equities, bonds, bank debt and other corporate obligations, all of which are reported at fair value in our condensed consolidated balance sheets. These investments are considered trading securities. In addition, our Investment segment has certain derivative transactions which are discussed in Note 6 , " Financial Instruments - Investment Segment and Holding Company." The carrying value and detail of security type and business sector with respect to investments and securities sold, not yet purchased held by our Investment segment consist of the following: September 30, 2016 December 31, 2015 Assets (in millions) Investments: Equity securities: Basic materials $ 904 $ 563 Communications 176 407 Consumer, non-cyclical 2,729 3,684 Consumer, cyclical 298 115 Diversified 19 17 Energy 1,464 1,461 Financial 2,167 2,094 Industrial 240 188 Technology 1,031 5,795 9,028 14,324 Corporate debt: Consumer, non-cyclical 103 — Consumer, cyclical 170 55 Financial 4 4 Sovereign debt — 13 Utilities 12 — 289 72 Mortgage-backed securities: Financial — 157 $ 9,317 $ 14,553 Liabilities Securities sold, not yet purchased, at fair value: Equity securities: Consumer, non-cyclical $ 4 $ 794 Consumer, cyclical 891 — Energy 14 — Financial 129 — Industrial 116 — 1,154 794 Debt securities: Consumer, cyclical 56 — $ 1,210 $ 794 The portion of trading gains (losses) that relates to trading securities still held by our Investment segment was $754 million and approximately $(2.2) billion for the three months ended September 30, 2016 and 2015, respectively, and $626 million and approximately $(1.9) billion for the nine months ended September 30, 2016 and 2015, respectively. Our Investment segment assesses the applicability of equity method accounting with respect to their investments based on a combination of qualitative and quantitative factors, including overall stock ownership of the Investment Funds combined with those of our affiliates along with board of directors representation. As of September 30, 2016 , the Investment Funds and their affiliates collectively owned approximately 21.1% of Herbalife Ltd. ("Herbalife"). Our Investment segment applied the fair value option to Herbalife because this investment would have otherwise been subject to the equity method of accounting during the third quarter of 2016. Our Investment segment recorded net gains of $52 million and $119 million for the three and nine months ended September 30, 2016 , respectively, with respect to its investment in Herbalife. As of September 30, 2016 , the fair value of the Investment Funds' investment in Herbalife was $973 million and was included in investments in our condensed consolidated balance sheets. We believe that the Investment Funds' investment in Herbalife is not material to our condensed consolidated financial statements . Other Segments The carrying value of investments held by our other segments and our Holding Company consist of the following: September 30, 2016 December 31, 2015 (in millions) Equity method investments $ 302 $ 323 Other investments 368 475 $ 670 $ 798 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | Fair Value Measurements . U.S. GAAP requires enhanced disclosures about investments and non-recurring non-financial assets and non-financial liabilities that are measured and reported at fair value and has established a hierarchal disclosure framework that prioritizes and ranks the level of market price observability used in measuring investments or non-financial assets and liabilities at fair value. Market price observability is impacted by a number of factors, including the type of investment and the characteristics specific to the investment. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Investments and non-financial assets and/or liabilities measured and reported at fair value are classified and disclosed in one of the following categories: Level 1 - Quoted prices are available in active markets for identical investments as of the reporting date. The types of investments included in Level 1 include listed equities and listed derivatives. We do not adjust the quoted price for these investments, even in situations where we hold a large position. Level 2 - Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. Investments that are generally included in this category include corporate bonds and loans, less liquid and restricted equity securities and certain over-the-counter derivatives. The inputs and assumptions of our Level 2 investments are derived from market observable sources including reported trades, broker/dealer quotes and other pertinent data. Level 3 - Pricing inputs are unobservable for the investment and non-financial asset and/or liability and include situations where there is little, if any, market activity for the investment or non-financial asset and/or liability. The inputs into the determination of fair value require significant management judgment or estimation. Fair value is determined using comparable market transactions and other valuation methodologies, adjusted as appropriate for liquidity, credit, market and/or other risk factors. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to the investment. Significant transfers, if any, between the levels within the fair value hierarchy are recognized at the beginning of the reporting period when changes in circumstances require such transfers. The following table summarizes the valuation of our investments, derivative contracts, securities sold not yet purchased and other liabilities by the above fair value hierarchy levels measured on a recurring and non-recurring basis as of September 30, 2016 and December 31, 2015: September 30, 2016 December 31, 2015 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets (in millions) Investments (Note 4) $ 9,037 $ 405 $ 243 $ 9,685 $ 14,447 $ 289 $ 292 $ 15,028 Derivative contracts, at fair value (1) — 20 — 20 — 259 — 259 $ 9,037 $ 425 $ 243 $ 9,705 $ 14,447 $ 548 $ 292 $ 15,287 Liabilities Securities sold, not yet purchased (Note 4) $ 1,154 $ 56 $ — $ 1,210 $ 794 $ — $ — $ 794 Other liabilities — 112 — 112 — 3 — 3 Derivative contracts, at fair value (2) — 768 — 768 — 36 — 36 $ 1,154 $ 936 $ — $ 2,090 $ 794 $ 39 $ — $ 833 (1) Amounts are classified within other assets in our condensed consolidated balance sheets. (2) Amounts are classified within accrued expenses and other liabilities in our condensed consolidated balance sheets. Assets Measured at Fair Value on a Recurring Basis for Which We Use Level 3 Inputs to Determine Fair Value The changes in investments measured at fair value on a recurring basis for which we use Level 3 inputs to determine fair value are as follows: Nine Months Ended 2016 2015 (in millions) Balance at January 1 $ 283 $ 229 Net realized and unrealized gains (losses) (1) 10 (40 ) Purchases 50 100 Net transfers out (121 ) (44 ) Balance at September 30 $ 222 $ 245 (1) Includes net unrealized losses of $6 million and $40 million for the nine months ended September 30, 2016 and 2015, respectively, relating to investments still held at September 30 of each respective period and which are included in net (loss) gain from investment activities in the condensed consolidated statements of operations. During the first quarter of 2016, we transferred out a Level 3 corporate debt investment in the amount of $126 million . See Note 2 , " Operating Units - Gaming," for further discussion regarding this transaction. During 2015, the Holding Company made a certain investment classified as trading securities in the amount of $100 million , which is considered a Level 3 investment due to unobservable market data and is measured at fair value on a recurring basis. We purchased an additional $50 million of this investment during the nine months ended September 30, 2016 . We determined the fair value of this investment using internally developed models and other valuation techniques. As of September 30, 2016 and December 31, 2015, the fair value of this investment was $207 million and $157 million , respectively. During 2015, the Holding Company obtained control of, and consolidated, Ferrous Resources, which was previously considered a Level 3 investment due to unobservable market data. The fair value of our investment in Ferrous Resources immediately prior to obtaining control was $36 million , which was transferred out of Level 3 investments during the second quarter of 2015. In addition, during the three months ended September 30, 2015 , our Gaming segment received $10 million as reimbursement for certain approved capital expenditures. Assets Measured at Fair Value on a Non-Recurring Basis for Which We Use Level 3 Inputs to Determine Fair Value We have certain investments in debt securities classified as held-to-maturity within our Gaming segment since we have the ability and intent to hold the bonds to maturity. The debt securities are classified as Level 3 investments measured at fair value on a non-recurring basis and therefore are excluded from the roll forward of Level 3 investments measured on a recurring basis above. As of September 30, 2016 and December 31, 2015, the fair value of these debt securities was $21 million and $9 million , respectively, with the increase resulting from our acquisition of Trump during the first quarter of 2016. During the nine months ended September 30, 2016 , our Energy segment recorded a goodwill impairment charge of $574 million , which represented the full amount of the remaining goodwill allocated to this segment. Additionally, during the nine months ended September 30, 2016 , our Gaming segment recorded an intangible asset impairment charge of $14 million , which represented the full amount of intangible assets allocated to Trump. Refer to Note 8 , " Goodwill and Intangible Assets, Net ," for further discussion. During the nine months ended September 30, 2016 , we recorded an aggregate $82 million of impairment relating to property, plant and equipment at our Gaming and Automotive segments. During the nine months ended September 30, 2015 , we recorded impairment charges of $10 million relating to property, plant and equipment at our Automotive segment. We determined the fair value of property, plant and equipment by applying probability weighted, expected present value techniques to the estimated future cash flows using assumptions a market participant would utilize. |
Financial Instruments
Financial Instruments | 9 Months Ended |
Sep. 30, 2016 | |
Financial Instruments [Abstract] | |
Financial Instruments | Financial Instruments . Certain derivative contracts with a single counterparty executed by the Investment Funds, by our Automotive segment with a single counterparty or by our Energy segment with a single counterparty, or by our Holding Company with a single counterparty are reported on a net-by-counterparty basis where a legal right of offset exists under an enforceable netting agreement. Values for the derivative financial instruments, principally swaps, forwards, over-the-counter options and other conditional and exchange contracts, are reported on a net-by-counterparty basis. As a result, the net exposure to counterparties is reported in either other assets or accrued expenses and other liabilities in our condensed consolidated balance sheets. Investment Segment and Holding Company The Investment Funds currently maintain cash deposits and cash equivalents with financial institutions. Certain account balances may not be covered by the Federal Deposit Insurance Corporation, while other accounts may exceed federally insured limits. The Investment Funds have prime broker arrangements in place with multiple prime brokers as well as a custodian bank. The Investment Funds also have relationships with several financial institutions with which they trade derivative and other financial instruments. In the normal course of business, the Investment Funds and the Holding Company may trade various financial instruments and enter into certain investment activities, which may give rise to off-balance-sheet risks, with the objective of capital appreciation or as economic hedges against other securities or the market as a whole. The Investment Funds' and the Holding Company's investments may include futures, options, swaps and securities sold, not yet purchased. These financial instruments represent future commitments to purchase or sell other financial instruments or to exchange an amount of cash based on the change in an underlying instrument at specific terms at specified future dates. Risks arise with these financial instruments from potential counterparty non-performance and from changes in the market values of underlying instruments. Securities sold, not yet purchased, at fair value represent obligations to deliver the specified security, thereby creating a liability to repurchase the security in the market at prevailing prices. Accordingly, these transactions result in off-balance-sheet risk, as the satisfaction of the obligations may exceed the amount recognized in our condensed consolidated balance sheets. Our investments in securities and amounts due from brokers are partially restricted until we satisfy the obligation to deliver the securities sold, not yet purchased. The Investment Funds and the Holding Company may enter into derivative contracts, including swap contracts, futures contracts and option contracts. The Investment Funds may also enter into foreign currency derivative contracts with the objective of capital appreciation or to economically hedge against foreign currency exchange rate risks on all or a portion of their non-U.S. dollar denominated investments. The Investment Funds and the Holding Company have entered into various types of swap contracts with other counterparties. These agreements provide that they are entitled to receive or are obligated to pay in cash an amount equal to the increase or decrease, respectively, in the value of the underlying shares, debt and other instruments that are the subject of the contracts, during the period from inception of the applicable agreement to its expiration. In addition, pursuant to the terms of such agreements, they are entitled to receive or obligated to pay other amounts, including interest, dividends and other distributions made in respect of the underlying shares, debt and other instruments during the specified time frame. They are also required to pay to the counterparty a floating interest rate equal to the product of the notional amount multiplied by an agreed-upon rate, and they receive interest on any cash collateral that they post to the counterparty at the federal funds or LIBOR rate in effect for such period. The Investment Funds and the Holding Company may trade futures contracts. A futures contract is a firm commitment to buy or sell a specified quantity of a standardized amount of a deliverable grade commodity, security, currency or cash at a specified price and specified future date unless the contract is closed before the delivery date. Payments (or variation margin) are made or received by the Investment Funds and the Holding Company each day, depending on the daily fluctuations in the value of the contract, and the whole value change is recorded as an unrealized gain or loss by the Investment Funds and the Holding Company. When the contract is closed, the Investment Funds and the Holding Company record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The Investment Funds and the Holding Company may utilize forward contracts to seek to protect their assets denominated in foreign currencies and precious metals holdings from losses due to fluctuations in foreign exchange rates and spot rates. The Investment Funds' and the Holding Company's exposure to credit risk associated with non-performance of such forward contracts is limited to the unrealized gains or losses inherent in such contracts, which are recognized in other assets and accrued expenses and other liabilities in our condensed consolidated balance sheets. The Investment Funds may also enter into foreign currency contracts for purposes other than hedging denominated securities. When entering into a foreign currency forward contract, the Investment Funds agree to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date unless the contract is closed before such date. The Investment Funds record unrealized gains or losses on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into such contracts and the forward rates at the reporting date. The Investment Funds may also purchase and write option contracts. As a writer of option contracts, the Investment Funds receive a premium at the outset and then bear the market risk of unfavorable changes in the price of the underlying financial instrument. As a result of writing option contracts, the Investment Funds are obligated to purchase or sell, at the holder's option, the underlying financial instrument. Accordingly, these transactions result in off-balance-sheet risk, as the Investment Funds' satisfaction of the obligations may exceed the amount recognized in our condensed consolidated balance sheets. At September 30, 2016 , the maximum payout amounts relating to certain put options written by the Investment Funds were approximately $1.4 billion , all of which were related to covered put options on existing short positions on certain stock indices. At December 31, 2015, the maximum payout amounts relating to certain put options written by the Investment Funds were approximately $5.9 billion , of which approximately $5.9 billion related to covered put options on existing short positions on certain stock and credit indices. As of September 30, 2016 and December 31, 2015, there were unrealized gains of $6 million and $67 million , respectively, with respect to these put options. Certain terms of the Investment Funds' contracts with derivative counterparties, which are standard and customary to such contracts, contain certain triggering events that would give the counterparties the right to terminate the derivative instruments. In such events, the counterparties to the derivative instruments could request immediate payment on derivative instruments in net liability positions. The aggregate fair value of all of the Investment Funds' derivative instruments with credit-risk-related contingent features that are in a liability position at September 30, 2016 and December 31, 2015 was $766 million and $33 million , respectively. At September 30, 2016 and December 31, 2015, the Investment Funds had $492 million and $883 million , respectively, posted as collateral for derivative positions, including those derivative instruments with credit-risk-related contingent features; these amounts are included in cash held at consolidated affiliated partnerships and restricted cash in our condensed consolidated balance sheets. U.S. GAAP requires the disclosure of information about obligations under certain guarantee arrangements. Such guarantee arrangements requiring disclosure include contracts that contingently require the guarantor to make payments to the guaranteed party based on another entity's failure to perform under an agreement as well as indirect guarantees of the indebtedness of others. Each Investment Fund's assets may be held in one or more accounts maintained for the Investment Fund by its prime brokers or at other brokers or custodian banks, which may be located in various jurisdictions. The prime brokers, brokers and custodian banks are subject to various laws and regulations in the relevant jurisdictions in the event of their insolvency. Accordingly, the practical effect of these laws and their application to the Investment Funds' assets may be subject to substantial variations, limitations and uncertainties. The insolvency of any of the prime brokers, brokers, custodian banks or clearing corporations may result in the loss of all or a substantial portion of the Investment Funds' assets or in a significant delay in the Investment Funds' having access to those assets. Credit concentrations may arise from investment activities and may be impacted by changes in economic, industry or political factors. The Investment Funds and the Holding Company routinely execute transactions with counterparties in the financial services industry, resulting in credit concentration with respect to this industry. In the ordinary course of business, the Investment Funds and the Holding Company may also be subject to a concentration of credit risk to a particular counterparty. The Investment Funds and the Holding Company seek to mitigate these risks by actively monitoring exposures, collateral requirements and the creditworthiness of our counterparties. Automotive Commodity Price Risk Federal-Mogul's production processes are dependent upon the supply of certain raw materials that are exposed to price fluctuations on the open market. The primary purpose of Federal-Mogul's commodity price forward contract activity is to manage the volatility associated with forecasted purchases. Federal-Mogul monitors its commodity price risk exposures regularly to maximize the overall effectiveness of its commodity forward contracts. Principal raw materials hedged include copper, nickel, tin, zinc, high-grade aluminum and aluminum alloy. Forward contracts are used to mitigate commodity price risk associated with raw materials, generally related to purchases forecast for up to 15 months in the future. Federal-Mogul had commodity price hedge contracts outstanding with combined notional values of $17 million and $28 million at September 30, 2016 and December 31, 2015, respectively, substantially all of which mature within one year in each of the respective periods and all of which were designated as hedging instruments for accounting purposes. Federal-Mogul had recorded a net asset of $1 million and a net liability of $3 million as of September 30, 2016 and December 31, 2015, respectively, with respect to these hedging positions. Unrealized net losses of zero and $2 million were recorded in accumulated other comprehensive loss as of September 30, 2016 and December 31, 2015, respectively. Foreign Currency Risk Federal-Mogul manufactures and sells its products in North America, South America, Asia, Europe and Africa. As a result, Federal-Mogul's financial results could be significantly affected by factors such as changes in foreign currency exchange rates or weak economic conditions in foreign markets in which it manufactures and sells its products. Federal-Mogul's operating results are primarily exposed to changes in exchange rates between the U.S. dollar and various global currencies. Federal-Mogul generally tries to use natural hedges within its foreign currency activities, including the matching of revenues and costs, to minimize foreign currency risk. Where natural hedges are not in place, Federal-Mogul considers managing certain aspects of its foreign currency activities and larger transactions through the use of foreign currency options or forward contracts. Principal currencies hedged have historically included the euro, British pound and Polish zloty. Foreign currency forwards are also used in conjunction with Federal-Mogul's commodity hedging program. As part of its hedging program, Federal-Mogul attempts to limit hedge ineffectiveness by matching terms of the commodity purchases with the hedging instrument. Federal-Mogul does not hold any foreign currency price hedge contracts as of September 30, 2016 or December 31, 2015. Concentrations of Credit Risk Financial instruments including cash equivalents, derivative contracts, and accounts receivable, expose Federal-Mogul to counter-party credit risk for non-performance. Federal-Mogul’s counterparties for cash equivalents and derivative contracts are banks and financial institutions that meet its requirement of high credit standing. Federal-Mogul's counterparties for derivative contracts are substantial investment and commercial banks with significant experience using such derivatives. Federal-Mogul manages its credit risk through policies requiring minimum credit standing and limiting credit exposure to any one counter-party and through monitoring counter-party credit risks. Federal-Mogul's concentration of credit risk related to derivative contracts at September 30, 2016 and December 31, 2015 was not material. Energy CVR is subject to price fluctuations caused by supply conditions, weather, economic conditions, interest rate fluctuations and other factors. To manage price risk on crude oil and other inventories and to fix margins on certain future production, CVR from time to time enters into various commodity derivative transactions. CVR has adopted accounting standards that impose extensive record-keeping requirements in order to designate a derivative financial instrument as a hedge. CVR holds derivative instruments, such as exchange-traded crude oil futures and certain over-the-counter forward swap agreements, which it believes provide an economic hedge on future transactions, but such instruments are not designated as hedges for GAAP purposes. Gains or losses related to the change in fair value and periodic settlements of these derivative instruments are included in other income (loss), net in the condensed consolidated statements of operations. Commodity Swaps CVR Refining enters into commodity swap contracts in order to fix the margin on a portion of future production. Additionally, CVR Refining may enter into price and basis swaps in order to fix the price on a portion of its commodity purchases and product sales. The physical volumes are not exchanged and these contracts are net settled with cash. The contract fair value of the commodity swaps is reflected on the condensed consolidated balance sheets with changes in fair value currently recognized in the condensed consolidated statement of operations. Quoted prices for similar assets or liabilities in active markets (Level 2) are considered to determine the fair values for the purpose of marking to market the hedging instruments at each period end. At December 31, 2015, CVR Refining had open commodity hedging instruments consisting of 2.5 million barrels of crack spreads primarily to fix the margin on a portion of its future gasoline and distillate production. During the first quarter of 2016, CVR Refining settled a number of the open crack spread positions and entered into offsetting positions to effectively lock in the gain on the remaining positions to be settled in 2016. During the third quarter of 2016, CVR Refining entered into contracts consisting of 2.2 million barrels of crack spreads to fix the margin on a portion of its future production. At September 30, 2016 , CVR Refining had open commodity hedging instruments consisting of 2.2 million barrels net of 2-1-1 crack spreads, 0.2 million barrels net of heating crack spreads and 0.3 million barrels of price and basis swaps. The fair value of the outstanding contracts at September 30, 2016 and December 31, 2015 was a net asset of $5 million and $45 million , respectively. CVR Refining recognized a net loss of $2 million and net gain of $3 million for the three months ended September 30, 2016 and 2015, respectively, and net loss of $4 million and $60 million for the nine months ended September 30, 2016 and 2015, respectively, which are included in other income (loss), net in the condensed consolidated statements of operations. Interest Rate Swaps Coffeyville Resources Nitrogen Fertilizers, LLC ("CRNF"), a subsidiary of CVR Partners, had two floating-to-fixed interest rate swap agreements for the purpose of hedging the interest rate risk associated with a portion of its $125 million floating rate term debt, which matured in April 2016. The aggregate notional amount covered under these agreements totaled $62.5 million (split evenly between the two agreements) which commenced on August 12, 2011 and expired on February 12, 2016. The interest rate swaps agreements terminated in February 2016. The realized losses on the interest rate swaps reclassified from accumulated other comprehensive loss into interest expense was less than $1 million for each of the three and nine months ended September 30, 2016 and 2015. Consolidated Derivative Information The volume of our derivative activities based on their notional exposure, categorized by primary underlying risk, is as follows: September 30, 2016 December 31, 2015 Long Notional Exposure Short Notional Exposure Long Notional Exposure Short Notional Exposure Primary underlying risk: (in millions) Credit swaps (1) $ 203 $ 503 $ 187 $ 2,306 Equity swaps 291 15,793 1,343 14,167 Foreign currency forwards — 872 — 842 Interest rate swap contracts (2) — — — 137 Commodity contracts 22 459 43 643 (1) The short notional amount on our credit default swap positions is approximately $2.6 billion and $10.0 billion as of September 30, 2016 and December 31, 2015, respectively. However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is approximately $0.5 billion and $2.3 billion as of September 30, 2016 and December 31, 2015, respectively. (2) The short notional amount on certain of our interest rate contracts with a three month duration is approximately $16.0 billion as of December 31, 2015. We assume that interest rates will not fall below zero and therefore our downside short notional exposure to loss on these contracts is $74 million (of the total $137 million disclosed in the above table) as of December 31, 2015. The following table presents the consolidated fair values of our derivatives that are not designated as hedging instruments: Derivatives Not Designated as Hedging Instruments Asset Derivatives (1) Liability Derivatives (2) September 30, 2016 December 31, 2015 September 30, 2016 December 31, 2015 (in millions) Equity contracts $ 17 $ 339 $ 694 $ 122 Foreign exchange contracts — — 1 19 Credit contracts 14 45 70 53 Interest rate swap contracts — — — — Commodity contracts 7 46 21 10 Sub-total 38 430 786 204 Netting across contract types (3) (18 ) (171 ) (18 ) (171 ) Total (3) $ 20 $ 259 $ 768 $ 33 (1) Net asset derivatives are located within other assets in our condensed consolidated balance sheets. (2) Net liability derivatives are located within accrued expenses and other liabilities in our condensed consolidated balance sheets. (3) Excludes netting of cash collateral received and posted. The total collateral posted at September 30, 2016 and December 31, 2015 was $492 million and $883 million , respectively, across all counterparties. The following table presents the amount of gain (loss) recognized in the condensed consolidated statements of operations for our derivatives not designated as hedging instruments: (Loss) Gain Recognized in Income (1) Derivatives Not Designated as Hedging Instruments Three Months Ended Nine Months Ended 2016 2015 2016 2015 (in millions) Equity contracts $ (448 ) $ 892 $ (1,106 ) $ 741 Foreign exchange contracts (7 ) (2 ) (21 ) 134 Credit contracts (44 ) 387 87 536 Interest rate contracts — — (12 ) — Commodity contracts 32 57 (36 ) 6 $ (467 ) $ 1,334 $ (1,088 ) $ 1,417 (1) Gains (losses) recognized on derivatives are classified in net gain (loss) from investment activities in our condensed consolidated statements of operations for our Investment segment and are included in other income (loss), net for all other segments. |
Inventories, Net (Notes)
Inventories, Net (Notes) | 9 Months Ended |
Sep. 30, 2016 | |
Inventories, Net [Abstract] | |
Inventory Disclosure [Text Block] | Inventories, Net . Inventories, net consists of the following: September 30, 2016 December 31, 2015 (in millions) Raw materials $ 480 $ 457 Work in process 302 292 Finished goods 2,175 1,510 $ 2,957 $ 2,259 |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, Net | 9 Months Ended |
Sep. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets, Net | Goodwill and Intangible Assets, Net . Goodwill consists of the following: September 30, 2016 December 31, 2015 Gross Carrying Amount Accumulated Impairment Net Carrying Value Gross Carrying Amount Accumulated Impairment Net Carrying Value (in millions) Automotive $ 1,668 $ (537 ) $ 1,131 $ 1,457 $ (537 ) $ 920 Energy 930 (930 ) — 930 (356 ) 574 Railcar 7 — 7 7 — 7 Food Packaging 3 — 3 3 — 3 $ 2,608 $ (1,467 ) $ 1,141 $ 2,397 $ (893 ) $ 1,504 Intangible assets, net consists of the following: September 30, 2016 December 31, 2015 Gross Carrying Amount Accumulated Amortization Net Carrying Value Gross Carrying Amount Accumulated Amortization Net Carrying Value (in millions) Definite-lived intangible assets: Customer relationships $ 1,060 $ (456 ) $ 604 $ 1,041 $ (408 ) $ 633 Developed technology 144 (101 ) 43 144 (90 ) 54 In-place leases 121 (80 ) 41 121 (73 ) 48 Gasification technology license 60 (11 ) 49 60 (9 ) 51 Other 47 (21 ) 26 44 (20 ) 24 $ 1,432 $ (669 ) $ 763 $ 1,410 $ (600 ) $ 810 Indefinite-lived intangible assets: Trademarks and brand names $ 306 $ 260 Gaming licenses 38 38 344 298 Intangible assets, net $ 1,107 $ 1,108 Amortization expense associated with definite-lived intangible assets was $22 million and $25 million for the three months ended September 30, 2016 and 2015, respectively, and $69 million and $70 million for the nine months ended September 30, 2016 and 2015, respectively. We utilize the straight-line method of amortization, recognized over the estimated useful lives of the assets. For our segments discussed below, the fair values of our reporting units are based upon consideration of various valuation methodologies, one of which is projecting future cash flows discounted at rates commensurate with the risks involved (“DCF”). Assumptions used in a DCF require the exercise of significant judgment, including judgment about appropriate discount rates and terminal values, growth rates, and the amount and timing of expected future cash flows. The forecasted cash flows are based on current plans and for years beyond that plan, the estimates are based on assumed growth rates. We believe that our assumptions are consistent with the plans and estimates used to manage the underlying businesses. The discount rates, which are intended to reflect the risks inherent in future cash flow projections, used in a DCF are based on estimates of the weighted-average cost of capital of a market participant. Such estimates are derived from our analysis of peer companies and consider the industry weighted average return on debt and equity from a market participant perspective. Automotive As further discussed in Note 1 , " Description of Business and Basis of Presentation - Acquisitions of Businesses," during the first quarter of 2016, we acquired Pep Boys and allocated $48 million to trademarks and brand names, $19 million to customer relationships, $3 million to other definite-lived intangible assets and $199 million to goodwill as of the acquisition date. None of the goodwill is deductible for income tax purposes. We continue to finalize the valuation of the Pep Boys acquisition and have recorded provisional amounts based on preliminary estimates of fair value of net assets acquired, including goodwill. The provisional measurements of net assets are subject to change as we finalize the purchase price allocation. Due to the complexity in the "Step 2" goodwill impairment analysis, we finalized our Automotive segment's goodwill impairment for the year ended December 31, 2015 for the Motorparts reporting unit during the third quarter of 2016 and noted that no additional adjustments to goodwill were required during the third quarter of 2016. We are currently performing the annual goodwill impairment tests as of October 1, 2016 for all of the reporting units within our Automotive segment and expect to finalize these goodwill impairment tests during the fourth quarter of 2016. Energy Due to worsening sales trends for our Energy segment's Petroleum reporting unit, we performed an interim goodwill impairment analysis during the first quarter of 2016. Based on this analysis, our Energy segment recognized a goodwill impairment charge of $574 million , which represented the full amount of the remaining goodwill allocated to the Petroleum reporting unit. Due to the complexity in the "Step 2" goodwill impairment test performed during the first quarter of 2016, we finalized the assessment of our Energy segment's goodwill impairment during the third quarter of 2016 and noted that no additional adjustments to goodwill were required during the third quarter of 2016. We perform the annual goodwill impairment test for our Energy segment as of April 30 of each year, or more frequently if impairment indicators exist. Due to worsening sales trends for our Energy segment's Fertilizer reporting unit, we performed an interim goodwill impairment analysis during the fourth quarter of 2015. Due to the complexity in the "Step 2" goodwill impairment test performed during the fourth quarter of 2015, we finalized the assessment of our Energy segment's goodwill impairment for the Fertilizer reporting unit during the first quarter of 2016 and noted that no additional adjustments to goodwill were required for the first quarter of 2016. Railcar We perform the annual goodwill impairment test as of November 1 of each year for our Railcar segment. For purposes of goodwill impairment testing, our Railcar segment's manufacturing reporting unit is the only reporting unit with allocated goodwill. We assess qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is greater than its carrying amount. If, however, we had determined that it was more likely than not that the fair value of the reporting unit was less than its carrying amount, then we would perform the first step of the two-step goodwill impairment test. In evaluating whether it is more likely than not that the fair value of the reporting unit is greater than its carrying amount, we considered various qualitative and quantitative factors, including macroeconomic conditions, railcar industry trends and the fact that our railcar manufacturing reporting unit has historical positive operating cash flows that we anticipate will continue. After assessing these factors, we determined that it was more likely than not the fair value of our railcar manufacturing reporting unit was greater than its carrying amount, and therefore no further testing was necessary. Gaming As further discussed in Note 1 , " Description of Business and Basis of Presentation - Acquisitions of Businesses," during the first quarter of 2016, we acquired Trump and allocated $13 million to trademarks and brand names and $1 million to customer relationships as of the acquisition date. As discussed in Note 2 , " Operating Units - Gaming," the Trump Taj Mahal closed and ceased its casino and hotel operations on October 10, 2016. As a result of this triggering event, for the three and nine months ended September 30, 2016 , we recorded an intangible asset impairment charge of $14 million , which represented the full amount of intangible assets allocated to Trump. |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 9 Months Ended |
Sep. 30, 2016 | |
Property, Plant and Equipment, Net [Abstract] | |
Property, Plant and Equipment, Net | Property, Plant and Equipment, Net . Property, plant and equipment, net consists of the following: Useful Life September 30, 2016 December 31, 2015 (in years) (in millions) Land $ 959 $ 614 Buildings and improvements 4 - 40 3,029 2,456 Machinery, equipment and furniture 1 - 30 7,544 6,047 Assets leased to others 15 - 39 4,061 3,994 Construction in progress 558 676 16,151 13,787 Less: Accumulated depreciation and amortization (4,705 ) (4,109 ) Property, plant and equipment, net $ 11,446 $ 9,678 Assets leased to others are related to our Railcar and Real Estate segments. Included in assets leased to others in the table above are our Railcar segment's railcars for lease in the amount of approximately $3.6 billion and $3.6 billion as of September 30, 2016 and December 31, 2015, respectively. Additionally, included in assets leased to others in the table above are our Real Estate segment's properties on lease in the amount of $420 million and $423 million as of September 30, 2016 and December 31, 2015, respectively. Aggregate accumulated depreciation pertaining to assets leased to others is approximately $1.1 billion and $1.1 billion as of September 30, 2016 and December 31, 2015, respectively. Depreciation and amortization expense related to property, plant and equipment was $237 million and $190 million for the three months ended September 30, 2016 and 2015, respectively, and $675 million and $556 million for the nine months ended September 30, 2016 and 2015, respectively. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Debt | Debt . Debt consists of the following: September 30, 2016 December 31, 2015 (in millions) 5.875% senior unsecured notes due 2022 - Icahn Enterprises/Icahn Enterprises Holdings $ 1,339 $ 1,338 6.00% senior unsecured notes due 2020 - Icahn Enterprises/Icahn Enterprises Holdings 1,705 1,706 4.875% senior unsecured notes due 2019 - Icahn Enterprises/Icahn Enterprises Holdings 1,271 1,270 3.50% senior unsecured notes due 2017 - Icahn Enterprises/Icahn Enterprises Holdings 1,174 1,172 Debt and credit facilities - Automotive 3,324 3,121 Debt facilities - Energy 1,120 619 Debt and credit facilities - Railcar 2,343 2,671 Credit facilities - Gaming 287 289 Credit facilities - Food Packaging 265 267 Other 143 141 $ 12,971 $ 12,594 Except for those described below, there were no other significant changes to our consolidated debt during the nine months ended September 30, 2016 as compared to that reported in our Annual Report on Form 10-K for the year ended December 31, 2015. Additionally, where applicable, we or our subsidiaries were in compliance with all covenants for their respective debt instruments as of September 30, 2016 and December 31, 2015. Senior Unsecured Notes - Icahn Enterprises and Icahn Enterprises Holdings Senior Unsecured Notes Covenants As of September 30, 2016 and December 31, 2015, we were in compliance with all covenants, including maintaining certain minimum financial ratios, as defined in the indentures. Additionally, as of September 30, 2016 , based on covenants in the indentures governing our senior unsecured notes, we are not permitted to incur additional indebtedness. Debt and Credit Facilities - Automotive Federal-Mogul Credit Facility During the first quarter of 2016, Federal-Mogul increased its borrowing capacity under a certain revolving credit facility (the "Federal-Mogul Replacement Revolver Facility") by $50 million to $600 million . As of September 30, 2016 and December 31, 2015, the outstanding balance on the Federal-Mogul Replacement Revolver Facility was $390 million and $340 million , respectively. As of September 30, 2016 and December 31, 2015, the borrowing availability under the Federal-Mogul Replacement Revolver Facility was $173 million and $170 million , respectively. Federal-Mogul had $37 million and $40 million of letters of credit outstanding as of September 30, 2016 and December 31, 2015, respectively, pertaining to the Federal-Mogul Replacement Revolver Facility. To the extent letters of credit associated with the Federal-Mogul Replacement Revolver Facility are issued, there will be a corresponding decrease in borrowings available under this facility. There was also $37 million of availability under foreign credit facilities at September 30, 2016 . IEP Auto Credit Facility On August 16, 2016, IEP Auto Holdings LLC ("IEP Auto"), a wholly owned subsidiary of ours and parent company of IEH Auto and Pep Boys, executed a new loan and security agreement (the “IEP Auto Credit Facility”) providing for borrowings of up to $675 million . A portion of the proceeds from the new IEP Auto Credit Facility was used to repay in full both the IEH Auto Revolving Credit Facility and Pep Boys Revolving Credit Facility (each as defined and discussed below). In addition, the IEP Auto Credit Facility replaced both the IEH Auto Revolving Credit Facility and Pep Boys Revolving Credit Facility. The IEP Auto Credit Facility consists of an asset-based revolving credit facility and a first in-last out revolving credit facility with a schedule maturity date of August 16, 2021 and August 16, 2019, respectively. The interest rates on the IEP Auto Credit Facility range from LIBOR plus a margin of 1.25% to 2.75% for LIBOR Rate borrowings or Prime Rate plus 0.25% to 1.75% for Prime Rate borrowings at the election of IEP Auto. As of September 30, 2016 , IEP Auto had an aggregate $225 million outstanding under the IEP Auto Credit Facility. As of September 30, 2016 , there was $43 million in letters of credit outstanding with respect to the IEP Auto Credit Facility. To the extent letters of credit associated with the IEP Auto Credit Facility are issued, there will be a corresponding decrease in borrowings available under this facility. As of September 30, 2016 , taking into account the borrowing base requirements (including reduction for amounts outstanding under the trade payable program), there was $129 million of availability under the IEP Auto Credit Facility. IEH Auto Credit Facility On November 25, 2015, IEH Auto entered into a senior secured asset based revolving credit facility (the "IEH Auto Revolving Credit Facility") for $125 million . On January 25, 2016, the IEH Auto Credit Facility was amended and restated to increase the revolver commitments to $210 million . As discussed above, the IEH Auto Revolving Credit Facility was paid in full from a portion of the proceeds from the IEP Auto Credit Facility and terminated during the third quarter of 2016. Pep Boys Credit Facility Pep Boys had a revolving credit agreement (the "Pep Boys Revolving Credit Facility") providing for borrowings of up to $300 million , with an original maturity date of July 26, 2016. The maturity date of this revolving credit agreement was extended to October 24, 2016. As discussed above, the Pep Boys Revolving Credit Facility was paid in full from a portion of the proceeds from the IEP Auto Credit Facility and terminated during the third quarter of 2016. Debt and Credit Facilities - Energy CVR Refining Credit Facility As of September 30, 2016 , CVR Refining and its subsidiaries had availability under its existing amended and restated asset backed credit facility (the "CVR Refining Credit Facility") of $323 million and had letters of credit outstanding of $28 million . There were no borrowings outstanding under the CVR Refining Credit Facility as of September 30, 2016 . Availability under the CVR Refining Credit Facility was limited by borrowing base conditions as of September 30, 2016 . CVR Partners 2011 Credit Facility CVR Partners' credit facility included a term loan in the amount of $125 million and a revolving credit facility. No amounts were outstanding under the revolving credit facility. On April 1, 2016, CVR Partners repaid all amounts outstanding with respect to its term loan under the credit facility and the credit facility was terminated. CVR Partners 2023 Senior Notes On June 10, 2016, CVR Partners and CVR Nitrogen Finance Corporation, an indirect wholly-owned subsidiary of CVR Partners, certain subsidiary guarantors named therein and Wilmington Trust, National Association, as trustee and as collateral trustee, completed a private offering of $645 million aggregate principal amount of 9.25% Senior Secured Notes due 2023 (the "CVR Partners 2023 Notes"). The CVR Partners 2023 Notes mature on June 15, 2023, unless earlier redeemed or repurchased by the issuers. Interest on the CVR Partners 2023 Notes is payable semi-annually in arrears on June 15 and December 15 of each year, beginning on December 15, 2016. The CVR Partners 2023 Notes are guaranteed on a senior secured basis by all of the Nitrogen Fertilizer Partnership’s existing subsidiaries. The CVR Partners 2023 Notes were issued at a $16 million discount, which is being amortized over the term of the CVR Partners 2023 Notes as interest expense using the effective-interest method. CVR Partners received $623 million of cash proceeds, net of the original issue discount and underwriting fees, but before deducting other third-party fees and expenses associated with the offering. The net proceeds from the sale of the CVR Partners 2023 Notes were used to: (i) repay all amounts outstanding under the senior term loan credit facility with Coffeyville Resources, LLC; (ii) finance the CVR Nitrogen 2021 Notes tender offer (discussed below) and (iii) to pay related fees and expenses. The CVR Partners 2023 Notes contain customary covenants for a financing of this type that, among other things, restrict CVR Partners' ability and the ability of certain of its subsidiaries to: (i) sell assets; (ii) pay distributions on, redeem or repurchase CVR Partners' units or redeem or repurchase its subordinated debt; (iii) make investments; (iv) incur or guarantee additional indebtedness or issue preferred units; (v) create or incur certain liens; (vi) enter into agreements that restrict distributions or other payments from CVR Partners' restricted subsidiaries to CVR Partners; (vii) consolidate, merge or transfer all or substantially all of CVR Partners' assets; (viii) engage in transactions with affiliates; and (ix) create unrestricted subsidiaries. CVR Nitrogen 2021 Notes Prior to the acquisition of CVR Nitrogen by CVR Partners, CVR Nitrogen and CVR Nitrogen Finance Corporation (together the "CVR Nitrogen 2021 Notes Issuers") issued $320 million of 6.5% senior secured notes due 2021 (the "CVR Nitrogen 2021 Notes"). The CVR Nitrogen 2021 Notes are scheduled to mature on April 15, 2021, unless repurchased or redeemed earlier in accordance with their terms. On April 29, 2016, the CVR Nitrogen 2021 Notes Issuers commenced a cash tender offer (the "CVR Nitrogen Tender Offer") to purchase any and all of the outstanding CVR Nitrogen 2021 Notes. In connection with the CVR Nitrogen Tender Offer, the CVR Nitrogen 2021 Notes Issuers solicited the consents of holders of the notes to certain proposed amendments to the indenture governing the notes (the "Consent Solicitation"). As a result of the CVR Nitrogen Tender Offer, on June 10, 2016, the CVR Nitrogen 2021 Notes Issuers repurchased $315 million of the CVR Nitrogen 2021 Notes, representing approximately 98.5% of the total outstanding principal amount of the notes at a purchase price of $1,015 per $1,000 in principal amount. The total amount paid related to the CVR Nitrogen Tender Offer was $320 million , including a premium of $5 million . Additionally, the CVR Nitrogen 2021 Notes Issuers paid $3 million for accrued and unpaid interest for the tendered notes up to the settlement date. CVR Partners received the requisite consents in respect of the CVR Nitrogen 2021 Notes in connection with the Consent Solicitation to amend the indenture governing the CVR Nitrogen 2021 Notes. As a result, the CVR Nitrogen 2021 Notes Issuers executed a supplemental indenture, dated as of June 10, 2016, which eliminated or modified substantially all of the restrictive covenants relating to CVR Nitrogen and its subsidiaries, eliminated all events of default other than failure to pay principal, premium or interest on the CVR Nitrogen 2021 Notes, eliminated all conditions to satisfaction and discharge, and released the liens on the collateral securing the CVR Nitrogen 2021 Notes. The repurchase of a portion of the CVR Nitrogen 2021 Notes resulted in a loss on extinguishment of debt of $5 million for the nine months ended September 30, 2016 . Concurrently with, but separately from the CVR Nitrogen Tender Offer, the CVR Nitrogen 2021 Notes Issuers also commenced an offer to purchase all of the outstanding CVR Nitrogen 2021 Notes at a price equal to 101% of the principal amount thereof, as required as a result of the acquisition of CVR Nitrogen (the "Change of Control Offer"). The offer expired on June 28, 2016. As a result of the Change of Control Offer, CVR Partners repurchased less than $1 million of CVR Nitrogen 2021 Notes at a purchase price of $1,010 per $1,000 in principal amount. The total amount paid related to the Change of Control offer was less than $1 million, including a nominal amount of premium and accrued and unpaid interest. As of September 30, 2016 , a principal amount of $4 million of the CVR Nitrogen 2021 Notes remained outstanding following the consummation of the CVR Nitrogen Tender Offer. CVR Partners 2016 Credit Facility On September 30, 2016, CVR Partners entered into a senior secured asset based revolving credit facility (the "CVR Partners Credit Facility") providing for availability of up to $50 million with an incremental facility, which permits an increase in borrowings of up to $25 million in the aggregate subject to additional lender commitments and certain other conditions. The proceeds of the loans may be used for capital expenditures and working capital and general corporate purposes of CVR Partners and its subsidiaries. The CVR Partners Credit Facility provides for loans and standby letters of credit in an amount up to the aggregate availability under the facility, subject to meeting certain borrowing base conditions, with sub-limits of the lesser of 10.0% of the total facility commitment and $5 million for swingline loans and $10 million for letters of credit. The CVR Partners Credit Facility is scheduled to mature on September 30, 2021. At the option of the borrowers, loans under the CVR Partners Credit Facility initially bear interest at an annual rate equal to (i) 2.0% plus LIBOR or (ii) 1.0% plus a base rate, subject to a 0.5% step-down based on the previous quarter’s excess availability. The borrowers must also pay a commitment fee on the unutilized commitments and also pay customary letter of credit fees. The CVR Partners Credit Facility also contains customary covenants for a financing of this type that limit the ability of the Nitrogen Fertilizer Partnership and its subsidiaries 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 equity interests or create subsidiaries and unrestricted subsidiaries. The CVR Partners Credit Facility also contains a fixed charge coverage ratio financial covenant, as defined therein. As of September 30, 2016 , CVR Partners and its subsidiaries had availability under the CVR Partners Credit Facility of $48 million . There were no borrowings outstanding under the CVR Partners Credit Facility as of September 30, 2016 . Debt and Credit Facilities - Railcar ARI 2015 Credit Facility In December 2015, ARI completed a financing of its railcar lease fleet with availability of up to $200 million under a credit agreement. The initial amount drawn from the revolving credit facility ("ARI Revolving Loan") obtained at closing amounted to $100 million , net of fees and expenses. In February 2016, ARI repaid amounts outstanding under the ARI Revolving Loan in full and as of September 30, 2016 , ARI had borrowing availability of $200 million under the ARI Revolving Loan. As of September 30, 2016 and December 31, 2015, the net book value of the railcars that were pledged as part of ARI's credit facilities was $549 million and $564 million , respectively. ARL 2016 Term Loan On September 28, 2016, NCI IV LLC (f/k/a ARI First LLC), a wholly owned subsidiary of ARL, entered into a secured term facility with PNC Equipment Finance in the amount of $150 million with an interest rate based on 30 day LIBOR with a maturity date of September 27, 2017. The net proceeds and cash on hand were used to pay off a certain debt of NCI IV LLC that matured during the third quarter of 2016 in the amount of $208 million . |
Pensions, Other Post-employment
Pensions, Other Post-employment Benefits and Employee Benefit Plans | 9 Months Ended |
Sep. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Pensions,Other Post-employment Benefits and Employee Benefit Plans | Pension, Other Post-employment Benefits and Employee Benefit Plans . Federal-Mogul, ARI and Viskase each sponsor several defined benefit pension plans (the ''Pension Benefits'') (and, in the case of Viskase, its pension plans include defined contribution plans). Additionally, Federal-Mogul and Viskase each sponsors health care and life insurance benefits (''Other Post-Employment Benefits'' or "OPEB") for certain employees and retirees around the world. The Pension Benefits are funded based on the funding requirements of federal and international laws and regulations, as applicable, in advance of benefit payments and the Other Post-Employment Benefits as benefits are provided to participating employees. As prescribed by applicable U.S. GAAP, Federal-Mogul, ARI and Viskase each uses, as applicable, appropriate actuarial methods and assumptions in accounting for its defined benefit pension plans, non-pension post-employment benefits, and disability, early retirement and other post-employment benefits. The measurement date for all defined benefit plans is December 31 of each year. Components of net periodic benefit cost for the three and nine months ended September 30, 2016 and 2015 are as follows: Pension Benefits OPEB Three Months Ended Three Months Ended 2016 2015 2016 2015 (in millions) Service cost $ 5 $ 5 $ — $ — Interest cost 17 18 3 3 Expected return on plan assets (14 ) (18 ) — — Amortization of actuarial losses 6 6 1 2 Amortization of prior service credit — — (1 ) (1 ) $ 14 $ 11 $ 3 $ 4 Pension Benefits OPEB Nine Months Ended Nine Months Ended 2016 2015 2016 2015 (in millions) Service cost $ 13 $ 15 $ — $ — Interest cost 51 50 9 10 Expected return on plan assets (43 ) (53 ) — — Amortization of actuarial losses 17 20 2 4 Amortization of prior service credit — — (3 ) (3 ) $ 38 $ 32 $ 8 $ 11 |
Net Income Per LP Unit
Net Income Per LP Unit | 9 Months Ended |
Sep. 30, 2016 | |
Net Income Per LP Unit [Abstract] | |
Net Income Per LP Unit | Net Income Per LP Unit . The following table sets forth the allocation of net income attributable to Icahn Enterprises allocable to limited partners and the computation of basic and diluted income per LP unit of Icahn Enterprises for the periods indicated: Three Months Ended Nine Months Ended 2016 2015 2016 2015 (in millions, except per unit data) Net (loss) income attributable to Icahn Enterprises $ (16 ) $ (440 ) $ (922 ) $ (67 ) Net (loss) income attributable to Icahn Enterprises allocable to limited partners (98.01% allocation) $ (16 ) $ (432 ) $ (904 ) $ (66 ) Basic and diluted (loss) income per LP unit $ (0.12 ) $ (3.40 ) $ (6.70 ) $ (0.53 ) Basic and diluted weighted average LP units outstanding 139 127 135 125 LP Unit Issuance As disclosed in Note 3 , " Related Party Transactions ," pursuant to a certain contribution agreement, on February 29, 2016, we contributed 685,367 newly issued depositary units of Icahn Enterprises to IRL in exchange for the remaining 25% economic interest in ARL. LP Unit Distributions On February 23, 2016, Icahn Enterprises declared a quarterly distribution in the amount of $1.50 per depositary unit in which each depositary unit holder had the option to make an election to receive either cash or additional depositary units. As a result, on April 12, 2016, Icahn Enterprises distributed an aggregate 2,824,186 depositary units to unit holders electing to receive depositary units in connection with this distribution. On April 29, 2016, Icahn Enterprises declared a quarterly distribution in the amount of $1.50 per depositary unit in which each depositary unit holder had the option to make an election to receive either cash or additional depositary units. As a result, on June 16, 2016, Icahn Enterprises distributed an aggregate 3,116,976 depositary units to unit holders electing to receive depositary units in connection with this distribution. On August 3, 2016, Icahn Enterprises declared a quarterly distribution in the amount of $1.50 per depositary unit in which each depositary unit holder had the option to make an election to receive either cash or additional depositary units. As a result, on September 19, 2016, Icahn Enterprises distributed an aggregate 3,586,029 depositary units to unit holders electing to receive depositary units in connection with this distribution. Mr. Icahn and his affiliates elected to receive a majority of their proportionate share of these distributions in depositary units. As of November 2, 2016 , Mr. Icahn and his affiliates owned 89.7% of Icahn Enterprises outstanding depositary units. |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting . We are a diversified holding company owning subsidiaries currently engaged in the following continuing operating businesses: Investment, Automotive, Energy, Metals, Railcar, Gaming, Mining, Food Packaging, Real Estate and Home Fashion. We also report the results of our Holding Company, which includes the results of certain subsidiaries of Icahn Enterprises and Icahn Enterprises Holdings, and investment activity and expenses associated with the Holding Company. Our determination of what constitutes an operating segment is based on the various industries in which our businesses operate and how we manage those businesses in accordance with our investment strategy. We assess and measure segment operating results based on net income from continuing operations attributable to Icahn Enterprises and Icahn Enterprises Holdings, as disclosed below. Certain terms of financings for certain of our segments impose restrictions on the segments' ability to transfer funds to us, including restrictions on dividends, distributions, loans and other transactions. See Note 2 , “ Operating Units ,” for a detailed description of each of our reporting segments. Icahn Enterprises' condensed statements of operations by reporting segment for the three and nine months ended September 30, 2016 and 2015 are presented below: Three Months Ended September 30, 2016 Investment Automotive Energy Metals Railcar Gaming Mining Food Packaging Real Estate Home Fashion Holding Company Consolidated (in millions) Revenues: Net sales $ — $ 2,346 $ 1,240 $ 72 $ 94 $ — $ 18 $ 81 $ 5 $ 48 $ — $ 3,904 Other revenues from operations — 116 — — 133 268 — — 20 — — 537 Net gain from investment activities 412 — 5 — — — — — — — 1 418 Interest and dividend income 24 — 1 — — — — — — — 2 27 Other (loss) income, net (1 ) 14 (2 ) — 1 3 (1 ) (1 ) — — — 13 435 2,476 1,244 72 228 271 17 80 25 48 3 4,899 Expenses: Cost of goods sold — 1,899 1,195 78 86 — 13 61 4 42 — 3,378 Other expenses from operations — 122 — — 80 127 — — 13 — — 342 Selling, general and administrative 21 382 35 4 10 118 4 12 4 10 3 603 Restructuring — 7 — 1 — — — — — — — 8 Impairment — 1 — — — 92 — — — — — 93 Interest expense 52 41 26 — 22 3 2 4 — — 72 222 73 2,452 1,256 83 198 340 19 77 21 52 75 4,646 Income (loss) before income tax (expense) benefit 362 24 (12 ) (11 ) 30 (69 ) (2 ) 3 4 (4 ) (72 ) 253 Income tax (expense) benefit — 9 4 5 (9 ) (14 ) (1 ) (1 ) — — (8 ) (15 ) Net income (loss) 362 33 (8 ) (6 ) 21 (83 ) (3 ) 2 4 (4 ) (80 ) 238 Less: net (income) loss attributable to non-controlling interests (251 ) (4 ) 10 — (3 ) (6 ) 1 (1 ) — — — (254 ) Net income (loss) attributable to Icahn Enterprises $ 111 $ 29 $ 2 $ (6 ) $ 18 $ (89 ) $ (2 ) $ 1 $ 4 $ (4 ) $ (80 ) $ (16 ) Supplemental information: Capital expenditures $ — $ 98 $ 23 $ 1 $ 42 $ 15 $ 7 $ 5 $ — $ 3 $ — $ 194 Depreciation and amortization (1) $ — $ 115 $ 68 $ 6 $ 35 $ 18 $ 2 $ 4 $ 4 $ 1 $ — $ 253 Three Months Ended September 30, 2015 Investment Automotive Energy Metals Railcar Gaming Mining Food Packaging Real Estate Home Fashion Holding Company Consolidated (in millions) Revenues: Net sales $ — $ 1,980 $ 1,409 $ 92 $ 92 $ — $ 12 $ 86 $ 1 $ 48 $ — $ 3,720 Other revenues from operations — — — — 126 219 — — 21 — — 366 Net gain (loss) from investment activities (948 ) — — — — — — — — — 1 (947 ) Interest and dividend income 32 1 — — 1 1 1 — — — — 36 Other (loss) income, net (1 ) 6 13 — 3 — (2 ) (5 ) 20 1 2 37 (917 ) 1,987 1,422 92 222 220 11 81 42 49 3 3,212 Expenses: Cost of goods sold — 1,660 1,270 102 69 — 14 68 — 41 — 3,224 Other expenses from operations — — — — 51 104 — — 13 — — 168 Selling, general and administrative (24 ) 269 34 5 12 84 5 14 4 9 6 418 Restructuring — 18 — — — — — — — — — 18 Impairment — 6 — — — — — — — — — 6 Interest expense 148 37 12 — 20 3 — 3 1 — 72 296 124 1,990 1,316 107 152 191 19 85 18 50 78 4,130 (Loss) income before income tax (expense) benefit (1,041 ) (3 ) 106 (15 ) 70 29 (8 ) (4 ) 24 (1 ) (75 ) (918 ) Income tax (expense) benefit — (7 ) (17 ) 7 (16 ) (12 ) 1 — — — 22 (22 ) Net (loss) income (1,041 ) (10 ) 89 (8 ) 54 17 (7 ) (4 ) 24 (1 ) (53 ) (940 ) Less: net loss (income) attributable to non-controlling interests 562 (1 ) (39 ) — (19 ) (5 ) 1 1 — — — 500 Net (loss) income attributable to Icahn Enterprises $ (479 ) $ (11 ) $ 50 $ (8 ) $ 35 $ 12 $ (6 ) $ (3 ) $ 24 $ (1 ) $ (53 ) $ (440 ) Supplemental information: Capital expenditures $ — $ 111 $ 55 $ 4 $ 133 $ 16 $ 12 $ 6 $ — $ 1 $ — $ 338 Depreciation and amortization (1) $ — $ 89 $ 56 $ 8 $ 32 $ 17 $ 3 $ 6 $ 5 $ 1 $ — $ 217 Nine Months Ended September 30, 2016 Investment Automotive Energy Metals Railcar Gaming Mining Food Packaging Real Estate Home Fashion Holding Company Consolidated (in millions) Revenues: Net sales $ — $ 7,140 $ 3,429 $ 206 $ 315 $ — $ 49 $ 243 $ 13 $ 151 $ — $ 11,546 Other revenues from operations — 314 — — 398 740 — — 54 — — 1,506 Net (loss) income from investment activities (841 ) — 5 — — — — — — — 10 (826 ) Interest and dividend income 84 2 1 — 2 — 1 — — — 7 97 Other (loss) income, net (3 ) 60 (10 ) 1 4 3 (9 ) 4 1 1 1 53 (760 ) 7,516 3,425 207 719 743 41 247 68 152 18 12,376 Expenses: Cost of goods sold — 5,797 3,297 217 270 — 43 185 10 130 — 9,949 Other expenses from operations — 323 — — 186 358 — — 35 — — 902 Selling, general and administrative 28 1,131 103 14 32 329 12 39 9 28 11 1,736 Restructuring — 28 — 1 — — — — — — — 29 Impairment — 4 574 — — 92 — — — — — 670 Interest expense 184 118 56 — 66 9 5 10 1 — 216 665 212 7,401 4,030 232 554 788 60 234 55 158 227 13,951 (Loss) income before income tax (expense) benefit (972 ) 115 (605 ) (25 ) 165 (45 ) (19 ) 13 13 (6 ) (209 ) (1,575 ) Income tax (expense) benefit — (12 ) 17 12 (42 ) (24 ) (2 ) (5 ) — — (25 ) (81 ) Net (loss) income (972 ) 103 (588 ) (13 ) 123 (69 ) (21 ) 8 13 (6 ) (234 ) (1,656 ) Less: net loss (income) attributable to non-controlling interests 526 (18 ) 259 — (25 ) (11 ) 5 (2 ) — — — 734 Net (loss) income attributable to Icahn Enterprises $ (446 ) $ 85 $ (329 ) $ (13 ) $ 98 $ (80 ) $ (16 ) $ 6 $ 13 $ (6 ) $ (234 ) $ (922 ) Supplemental information: Capital expenditures $ — $ 306 $ 106 $ 3 $ 104 $ 63 $ 12 $ 11 $ — $ 10 $ — $ 615 Depreciation and amortization (1) $ — $ 332 $ 191 $ 17 $ 103 $ 53 $ 3 $ 15 $ 15 $ 5 $ — $ 734 Nine Months Ended September 30, 2015 Investment Automotive Energy Metals Railcar Gaming Mining Food Packaging Real Estate Home Fashion Holding Company Consolidated (in millions) Revenues: Net sales $ — $ 5,831 $ 4,422 $ 301 $ 281 $ — $ 18 $ 262 $ 2 $ 147 $ — $ 11,264 Other revenues from operations — — — — 367 615 — — 60 — — 1,042 Net gain (loss) from investment activities 231 — 36 — — — — — — — (31 ) 236 Interest and dividend income 125 4 1 — 2 1 1 — — — 2 136 Other (loss) income, net (1 ) 41 (51 ) 3 5 (1 ) (3 ) (8 ) 41 1 2 29 355 5,876 4,408 304 655 615 16 254 103 148 (27 ) 12,707 Expenses: Cost of goods sold — 4,950 3,839 328 208 — 20 201 1 126 — 9,673 Other expenses from operations — — — — 151 297 — — 36 — — 484 Selling, general and administrative 206 722 99 15 31 253 7 37 9 25 19 1,423 Restructuring — 57 — — — — — — — — — 57 Impairment — 10 — — — — — — — — — 10 Interest expense 412 107 36 — 61 9 1 9 2 — 216 853 618 5,846 3,974 343 451 559 28 247 48 151 235 12,500 (Loss) income before income tax (expense) benefit (263 ) 30 434 (39 ) 204 56 (12 ) 7 55 (3 ) (262 ) 207 Income tax (expense) benefit — (30 ) (87 ) 17 (50 ) (23 ) (1 ) (5 ) — — (5 ) (184 ) Net (loss) income (263 ) — 347 (22 ) 154 33 (13 ) 2 55 (3 ) (267 ) 23 Less: net loss (income) attributable to non-controlling interests 144 (4 ) (166 ) — (56 ) (10 ) 3 (1 ) — — — (90 ) Net (loss) income attributable to Icahn Enterprises $ (119 ) $ (4 ) $ 181 $ (22 ) $ 98 $ 23 $ (10 ) $ 1 $ 55 $ (3 ) $ (267 ) $ (67 ) Supplemental information: Capital expenditures $ — $ 328 $ 142 $ 23 $ 463 $ 77 $ 14 $ 15 $ 1 $ 4 $ — $ 1,067 Depreciation and amortization (1) $ — $ 257 $ 172 $ 22 $ 93 $ 46 $ 4 $ 15 $ 16 $ 5 $ — $ 630 (1) Excludes amounts related to the amortization of deferred financing costs and debt discounts and premiums included in interest expense in the amounts of $6 million and $5 million for the three months ended September 30, 2016 and 2015, respectively, and $14 million and $11 million for the nine months ended September 30, 2016 and 2015, respectively. Icahn Enterprises' condensed balance sheets by reporting segment as of September 30, 2016 and December 31, 2015 are presented below: September 30, 2016 Investment Automotive Energy Metals Railcar Gaming Mining Food Packaging Real Estate Home Fashion Holding Company Consolidated (in millions) ASSETS Cash and cash equivalents $ 14 $ 375 $ 763 $ 5 $ 299 $ 290 $ 2 $ 47 $ 13 $ 2 $ 192 $ 2,002 Cash held at consolidated affiliated partnerships and restricted cash 615 4 — 5 44 13 — 2 2 5 2 692 Investments 9,317 275 — — 36 36 — — — — 323 9,987 Accounts receivable, net — 1,405 140 32 33 12 2 57 3 41 — 1,725 Inventories, net — 2,335 323 39 85 — 25 78 — 72 — 2,957 Property, plant and equipment, net — 3,383 3,392 103 2,767 821 144 150 607 76 3 11,446 Goodwill and intangible assets, net — 1,790 322 4 7 74 — 7 41 3 — 2,248 Other assets 977 503 91 14 77 230 23 85 18 6 4 2,028 Total assets $ 10,923 $ 10,070 $ 5,031 $ 202 $ 3,348 $ 1,476 $ 196 $ 426 $ 684 $ 205 $ 524 $ 33,085 LIABILITIES AND EQUITY Accounts payable, accrued expenses and other liabilities $ 774 $ 2,795 $ 1,445 $ 31 $ 360 $ 167 $ 38 $ 63 $ 15 $ 35 $ 149 $ 5,872 Securities sold, not yet purchased, at fair value 1,210 — — — — — — — — — — 1,210 Due to brokers 3,030 — — — — — — — — — — 3,030 Post-employment benefit liability — 1,142 — 2 8 — — 52 — — — 1,204 Debt — 3,338 1,167 — 2,343 287 56 265 25 1 5,489 12,971 Total liabilities 5,014 7,275 2,612 33 2,711 454 94 380 40 36 5,638 24,287 Equity attributable to Icahn Enterprises 1,825 2,457 1,054 169 424 750 79 31 644 169 (5,114 ) 2,488 Equity attributable to non-controlling interests 4,084 338 1,365 — 213 272 23 15 — — — 6,310 Total equity 5,909 2,795 2,419 169 637 1,022 102 46 644 169 (5,114 ) 8,798 Total liabilities and equity $ 10,923 $ 10,070 $ 5,031 $ 202 $ 3,348 $ 1,476 $ 196 $ 426 $ 684 $ 205 $ 524 $ 33,085 December 31, 2015 Investment Automotive Energy Metals Railcar Gaming Mining Food Packaging Real Estate Home Fashion Holding Company Consolidated (in millions) ASSETS Cash and cash equivalents $ 10 $ 201 $ 765 $ 12 $ 623 $ 217 $ 14 $ 37 $ 19 $ 14 $ 166 $ 2,078 Cash held at consolidated affiliated partnerships and restricted cash 1,199 — — 4 53 14 — 1 2 6 3 1,282 Investments 14,553 296 — — 27 26 — — — — 449 15,351 Accounts receivable, net — 1,418 96 26 36 9 4 60 2 34 — 1,685 Inventories, net — 1,656 290 39 97 — 32 77 — 68 — 2,259 Property, plant and equipment, net — 2,386 2,698 116 2,767 740 134 152 610 72 3 9,678 Goodwill and intangible assets, net — 1,556 911 5 7 74 — 8 48 3 — 2,612 Other assets 378 430 128 13 71 201 19 81 20 9 108 1,458 Total assets $ 16,140 $ 7,943 $ 4,888 $ 215 $ 3,681 $ 1,281 $ 203 $ 416 $ 701 $ 206 $ 729 $ 36,403 LIABILITIES AND EQUITY Accounts payable, accrued expenses and other liabilities $ 488 $ 2,061 $ 1,366 $ 30 $ 299 $ 118 $ 30 $ 62 $ 17 $ 30 $ (60 ) $ 4,441 Securities sold, not yet purchased, at fair value 794 — — — — — — — — — — 794 Due to brokers 7,317 — — — — — — — — — — 7,317 Post-employment benefit liability — 1,163 — 2 8 — — 51 — — — 1,224 Debt — 3,135 667 1 2,671 289 50 267 28 — 5,486 12,594 Total liabilities 8,599 6,359 2,033 33 2,978 407 80 380 45 30 5,426 26,370 Equity attributable to Icahn Enterprises 3,428 1,270 1,508 182 742 604 95 23 656 176 (4,697 ) 3,987 Equity attributable to non-controlling interests 4,113 314 1,347 — (39 ) 270 28 13 — — — 6,046 Total equity 7,541 1,584 2,855 182 703 874 123 36 656 176 (4,697 ) 10,033 Total liabilities and equity $ 16,140 $ 7,943 $ 4,888 $ 215 $ 3,681 $ 1,281 $ 203 $ 416 $ 701 $ 206 $ 729 $ 36,403 Icahn Enterprises Holdings Due to the structure of our business, the consolidated results of operations for Icahn Enterprises and Icahn Enterprises Holdings are substantially the same. Differences primarily relate to non-cash portions of interest expense as well as due to/due from balances between Icahn Enterprises and Icahn Enterprises Holdings and are only reflected in the results of operations for the Holding Company. Segment information for Icahn Enterprises Holdings is presented below for significant financial statement line items affected by these differences. Three Months Ended September 30, December 31, 2016 2015 2016 2015 Interest Expense Net Income (Loss) Net Income (Loss) Attributable to Icahn Enterprises Holdings Interest Expense Net (Loss) Income Net (Loss) Income Attributable to Icahn Enterprises Holdings Total Assets Total Assets (in millions) (in millions) Investment $ 52 $ 362 $ 111 $ 148 $ (1,041 ) $ (479 ) $ 10,923 $ 16,140 Automotive 41 33 29 37 (10 ) (11 ) 10,070 7,943 Energy 26 (8 ) 2 12 89 50 5,031 4,888 Metals — (6 ) (6 ) — (8 ) (8 ) 202 215 Railcar 22 21 18 20 54 35 3,348 3,681 Gaming 3 (83 ) (89 ) 3 17 12 1,476 1,281 Mining 2 (3 ) (2 ) — (7 ) (6 ) 196 203 Food Packaging 4 2 1 3 (4 ) (3 ) 426 416 Real Estate — 4 4 1 24 24 684 701 Home Fashion — (4 ) (4 ) — (1 ) (1 ) 205 206 Holding Company 72 (80 ) (80 ) 72 (53 ) (53 ) 549 753 Consolidated $ 222 $ 238 $ (16 ) $ 296 $ (940 ) $ (440 ) $ 33,110 $ 36,427 Nine Months Ended 2016 2015 Interest Expense Net (Loss) Income Net (Loss) Income Attributable to Icahn Enterprises Holdings Interest Expense Net (Loss) Income Net (Loss) Income Attributable to Icahn Enterprises Holdings (in millions) Investment $ 184 $ (972 ) $ (446 ) $ 412 $ (263 ) $ (119 ) Automotive 118 103 85 107 — (4 ) Energy 56 (588 ) (329 ) 36 347 181 Metals — (13 ) (13 ) — (22 ) (22 ) Railcar 66 123 98 61 154 98 Gaming 9 (69 ) (80 ) 9 33 23 Mining 5 (21 ) (16 ) 1 (13 ) (10 ) Food Packaging 10 8 6 9 2 1 Real Estate 1 13 13 2 55 55 Home Fashion — (6 ) (6 ) — (3 ) (3 ) Holding Company 215 (233 ) (233 ) 215 (266 ) (266 ) Consolidated $ 664 $ (1,655 ) $ (921 ) $ 852 $ 24 $ (66 ) Amounts related to the amortization of deferred financing costs and debt discounts and premiums included in interest expense for the consolidated results of Icahn Enterprises Holdings were $6 million and $5 million for the three months ended September 30, 2016 and 2015, respectively, and $14 million and $10 million for the nine months ended September 30, 2016 and 2015, respectively. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes . For the three months ended September 30, 2016 , each of Icahn Enterprises and Icahn Enterprises Holdings recorded an income tax expense of $15 million on pre-tax income of $253 million compared to an income tax expense of $22 million on pre-tax loss of $918 million for the three months ended September 30, 2015 . Our effective income tax rate was 5.9% and (2.4)% for the three months ended September 30, 2016 and 2015, respectively. For the three months ended September 30, 2016 , the effective tax rate was lower than the statutory federal rate of 35% , primarily due to partnership income not subject to taxation, as such income is allocated to the partners. For the three months ended September 30, 2015 , the effective tax rate was lower than the statutory federal rate of 35% , primarily due to partnership losses for which there was no tax benefit, as such taxes are the responsibility of the partners. For the nine months ended September 30, 2016 , each of Icahn Enterprises and Icahn Enterprises Holdings recorded an income tax expense of $81 million on pre-tax loss of approximately $1.6 billion compared to an income tax expense of $184 million on pre-tax income of $207 million for the nine months ended September 30, 2015 . Our effective income tax rate was (5.1)% and 88.9% for the nine months ended September 30, 2016 and 2015, respectively. For the nine months ended September 30, 2016 , the effective tax rate was lower than the statutory federal rate of 35% , primarily due to partnership losses for which there was no tax benefit, as such losses are allocated to the partners, and goodwill impairment not deductible for tax purposes. For the nine months ended September 30, 2015 , the effective tax rate was higher than the statutory federal rate of 35% , primarily due to partnership losses not subject to taxation, as such taxes are the responsibility of the partners. |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Accumulated Other Comprehensive Loss | Changes in Accumulated Other Comprehensive Loss . Changes in accumulated other comprehensive loss consists of the following: Post-Employment Benefits, Net of Tax Hedge Instruments, Net of Tax Translation Adjustments and Other, Net of Tax Total (in millions) Balance, December 31, 2015 $ (632 ) $ (25 ) $ (800 ) $ (1,457 ) Other comprehensive income (loss) before reclassifications, net of tax 1 — (9 ) (8 ) Reclassifications from accumulated other comprehensive income (loss) to earnings 16 2 (1 ) 17 Other comprehensive income (loss), net of tax 17 2 (10 ) 9 Balance, September 30, 2016 $ (615 ) $ (23 ) $ (810 ) $ (1,448 ) |
Other Income (Loss), Net
Other Income (Loss), Net | 9 Months Ended |
Sep. 30, 2016 | |
Other (Loss) Income, Net [Abstract] | |
Other (Loss) Income, Net | Other Income (Loss), Net . Other income (loss), net consists of the following: Three Months Ended Nine Months Ended 2016 2015 2016 2015 (in millions) Realized and unrealized (loss) gain on derivatives, net (Note 6) $ (2 ) $ 12 $ (5 ) $ (52 ) (Loss) gain on disposition of assets, net (1 ) 19 10 39 Loss on extinguishment of debt (Note 10) — — (5 ) (2 ) Equity earnings from non-consolidated affiliates 12 11 48 43 Gain on acquisition — (1 ) — 2 Foreign currency transaction loss (2 ) (6 ) (4 ) (8 ) Other 6 2 9 7 $ 13 $ 37 $ 53 $ 29 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies . Automotive Environmental Matters Federal-Mogul is a defendant in lawsuits filed, or the recipient of administrative orders issued or demand letters received, in various jurisdictions pursuant to the Federal Comprehensive Environmental Response Compensation and Liability Act of 1980 (“CERCLA”) or other similar national, provincial or state environmental remedial laws. These laws provide that responsible parties may be liable to pay for remediating contamination resulting from hazardous substances that were discharged into the environment by them, by prior owners or occupants of property they currently own or operate, or by others to whom they sent such substances for treatment or other disposition at third party locations. Federal-Mogul has been notified by the United States Environmental Protection Agency, other national environmental agencies, and various provincial and state agencies that it may be a potentially responsible party (“PRP”) under such laws for the cost of remediating hazardous substances pursuant to CERCLA and other national and state or provincial environmental laws. PRP designation often results in the funding of site investigations and subsequent remedial activities. Many of the sites that are likely to be the costliest to remediate are often current or former commercial waste disposal facilities to which numerous companies sent wastes. Despite the potential joint and several liability that might be imposed on Federal-Mogul under CERCLA and some of the other laws pertaining to these sites, its share of the total waste sent to these sites has generally been small. Federal-Mogul believes its exposure for liability at these sites is limited. Federal-Mogul has also identified certain other present and former properties at which it may be responsible for cleaning up or addressing environmental contamination, in some cases as a result of contractual commitments and/or federal or state environmental laws. Federal-Mogul is actively seeking to resolve these actual and potential statutory, regulatory and contractual obligations. Although difficult to quantify based on the complexity of the issues, Federal-Mogul has accrued amounts corresponding to its best estimate of the costs associated with such regulatory and contractual obligations on the basis of available information from site investigations and best professional judgment of consultants. Total environmental liabilities, determined on an undiscounted basis, were $12 million and $14 million as of September 30, 2016 and December 31, 2015, respectively, and are included in accrued expenses and other liabilities in our condensed consolidated balance sheets. Federal-Mogul believes that recorded environmental liabilities will be adequate to cover its estimated liability for its exposure in respect to such matters. In the event that such liabilities were to significantly exceed the amounts recorded by Federal-Mogul, our Automotive segment's results of operations could be materially affected. At September 30, 2016 , Federal-Mogul estimates reasonably possible material additional losses, above and beyond its best estimate of required remediation costs as recorded, to approximate $44 million . Asset Retirement Obligations Federal-Mogul has identified sites with contractual obligations and several sites that are closed or expected to be closed and sold. In connection with these sites, Federal-Mogul has accrued $16 million and $16 million as of September 30, 2016 and December 31, 2015, respectively, for asset retirement obligations ("ARO"), primarily related to anticipated costs of removing hazardous building materials at its facilities, and has considered impairment issues that may result from capitalization of these ARO amounts. Federal-Mogul has conditional asset retirement obligations ("CARO"), primarily related to removal costs of hazardous materials in buildings, for which it believes reasonable cost estimates cannot be made at this time because it does not believe it has a reasonable basis to assign probabilities to a range of potential settlement dates for these retirement obligations. Accordingly, Federal-Mogul is currently unable to determine amounts to accrue for CARO at such sites. Other Matters On April 25, 2014, a group of plaintiffs brought an action against Federal-Mogul Products, Inc. (“F-M Products”), a wholly-owned subsidiary of Federal-Mogul, alleging injuries and damages associated with the discharge of chlorinated hydrocarbons by the former owner of a facility located in Kentucky. Since 1998, when F-M Products acquired the facility, it has been cooperating with the applicable regulatory agencies on remediating the prior discharges pursuant to an order entered into by the facility’s former owner. Federal-Mogul does not currently believe that the outcome of this litigation will have a material effect on its condensed consolidation financial position, results of operations or cash flows. Energy Unconditional Purchase Obligations CVR leases various equipment, including railcars, and real properties under long-term operating leases expiring at various dates. For each of the three months ended September 30, 2016 and 2015 lease expense was $2 million and for the nine months ended September 30, 2016 and 2015 lease expense was $6 million and $7 million , respectively. The lease agreements have various remaining terms. Some agreements are renewable, at CVR's option, for additional periods. It is expected, in the ordinary course of business, that leases will be renewed or replaced as they expire. Additionally, in the normal course of business, CVR has long-term commitments to purchase oxygen, nitrogen, electricity, storage capacity and pipeline transportation services. Crude Oil Supply Agreement On August 31, 2012, Coffeyville Resources Refining & Marketing, LLC ("CRRM"), a subsidiary of CVR Refining, and Vitol Inc. ("Vitol") entered into an Amended and Restated Crude Oil Supply Agreement (the "Vitol Agreement"). Under the Vitol Agreement, Vitol supplies the petroleum business with crude oil and intermediation logistics, which helps to reduce the Refining Partnership's inventory position and mitigate crude oil pricing risk. The Vitol Agreement will automatically renew for successive one-year terms (each such term, a "Renewal Term") unless either party provides the other with notice of nonrenewal at least 180 days prior to the expiration of any Renewal Term. The Vitol Agreement currently extends through December 31, 2017. Litigation From time to time, CVR is involved in various lawsuits arising in the normal course of business, including matters such as those described below under "Environmental, Health and Safety Matters." Liabilities related to such litigation are recognized when the related costs are probable and can be reasonably estimated. These provisions are reviewed at least quarterly and adjusted to reflect the impacts of negotiations, settlements, rulings, advice of legal counsel and other information and events pertaining to a particular case. It is possible that management’s estimates of the outcomes will change due to uncertainties inherent in litigation and settlement negotiations. Except as described below for our Energy segment, there were no new proceedings or material developments in proceedings that we previously reported in our annual report on Form 10-K for the year ended December 31, 2015. In the opinion of CVR's management, the ultimate resolution of any other litigation matters is not expected to have a material adverse effect on the accompanying condensed consolidated financial statements. There can be no assurance that management’s beliefs or opinions with respect to liability for potential litigation matters are accurate. Rentech Nitrogen Mergers Litigation As previously disclosed in our 2015 Form 10-K, two class action lawsuits were filed in connection with the East Dubuque Merger, (i) the "Mustard Lawsuit", which was filed in the Court of Chancery of the State of Delaware, and (ii) the "Sloan Lawsuit" (together with Mustard Lawsuit, the "Merger Lawsuits"), which was filed in the United States District Court for the Central District of California. The Merger Lawsuits alleged (among other things) breach of fiduciary duties and inadequate disclosure, in each case, in connection with the East Dubuque Merger. In February 2016, the parties to the Merger Lawsuits entered into a memorandum of understanding providing for the proposed settlement of the Merger Lawsuits. The parties subsequently entered into a stipulation of settlement, which was subject to customary conditions including court approval following notice to the CVR Nitrogen unitholders. In July 2016, the Mustard Lawsuit was dismissed, and in October 2016, the United States District Court for the Central District of California issued an order and judgment approving the settlement of the Sloan Lawsuit. The settlement resolves and releases all claims by unitholders of CVR Nitrogen challenging the East Dubuque Merger. The plaintiff’s counsel in the Sloan Lawsuit has filed a petition for the award of attorneys’ fees, which remains pending with the Court. CVR Partners does not believe the settlement or the award of attorneys’ fees will have a material adverse effect on its business, financial condition or results of operation. Environmental, Health and Safety Matters ("EHS") The petroleum and nitrogen fertilizer businesses are subject to various stringent federal, state, and local EHS rules and regulations. Liabilities related to EHS matters are recognized when the related costs are probable and can be reasonably estimated. Estimates of these costs are based upon currently available facts, existing technology, site-specific costs, and currently enacted laws and regulations. In reporting EHS liabilities, no offset is made for potential recoveries. CRRM, CRNF, Coffeyville Resources Crude Transportation, LLC ("CRCT"), Wynnewood Refining Company, LLC ("WRC") and Coffeyville Resources Terminal, LLC ("CRT") own and/or operate manufacturing and ancillary operations at various locations directly related to petroleum refining and distribution and nitrogen fertilizer manufacturing. Therefore, CRRM, CRNF, CRCT, WRC and CRT have exposure to potential EHS liabilities related to past and present EHS conditions at these locations. Under the Comprehensive Environmental Response, Compensation, and Liability Act ("CERCLA"), the Resource Conservation and Recovery Act ("RCRA"), and related state laws, certain persons may be liable for the release or threatened release of hazardous substances. These persons can include the current owner or operator of property where a release or threatened release occurred, any persons who owned or operated the property when the release occurred, and any persons who disposed of, or arranged for the transportation or disposal of, hazardous substances at a contaminated property. Liability under CERCLA is strict, and under certain circumstances, joint and several, so that any responsible party may be held liable for the entire cost of investigating and remediating the release of hazardous substances. Similarly, the Oil Pollution Act generally subjects owners and operators of facilities to strict, joint and several liability for all containment and clean-up costs, natural resource damages, and potential governmental oversight costs arising from oil spills into the waters of the United States, which has been broadly interpreted to include most water bodies including intermittent streams. CRRM, CRNF, CRCT, WRC and CRT are subject to extensive and frequently changing federal, state and local environmental and health and safety laws and regulations governing the emission and release of hazardous substances into the environment, the treatment and discharge of waste water, and the storage, handling, use and transportation of petroleum and nitrogen products, and the characteristics and composition of gasoline and diesel fuels. The ultimate impact of complying with evolving laws and regulations is not always clearly known or determinable due in part to the fact that our operations may change over time and certain implementing regulations for laws, such as the federal Clean Air Act, have not yet been finalized, are under governmental or judicial review or are being revised. These laws and regulations could result in increased capital, operating and compliance costs. As previously reported in our 2015 Form 10-K, the petroleum and nitrogen fertilizer businesses are party to, or otherwise subject to administrative orders and consent decrees with federal, state and local environmental authorities, as applicable, addressing corrective actions under RCRA, the Clean Air Act and the Clean Water Act. The petroleum business also is subject to (i) the Mobile Source Air Toxic II ("MSAT II") rule which requires reductions of benzene in gasoline; (ii) the Renewable Fuel Standard ("RFS"), which requires refiners to either blend "renewable fuels" in with their transportation fuels or purchase renewable fuel credits, known as RINs, in lieu of blending; and (iii) "Tier 3" gasoline sulfur standards. Except as otherwise described below, there have been no new developments or material changes to the environmental accruals or expected capital expenditures related to compliance with the foregoing environmental matters from those provided in our 2015 Form 10-K. CRRM, CRNF, CRCT, WRC and CRT each believe it is in substantial compliance with existing EHS rules and regulations. There can be no assurance that the EHS matters described or referenced herein or other EHS matters which may develop in the future will not have a material adverse effect on our Energy segment's business, financial condition, or results of operations. On August 1, 2016, CRCT received a Notice of Probable Violation, Proposed Civil Penalty and Proposed Compliance Order (the "NOPV") from the U.S. Department of Transportation's Pipeline and Hazardous Materials Safety Administration (the "PHMSA"). The NOPV alleges violations of the Pipeline Safety Regulations, Title 49, Code of Federal Regulations. The alleged violations include alleged failures (during various time periods) to (i) conduct quarterly notification drills, (ii) maintain certain required records, (iii) utilize certain required safety equipment (including line markers), (iv) take certain pipeline integrity management activities, (v) conduct certain cathodic protection testing, and (vi) make certain atmospheric corrosion inspections. The preliminary assessed civil penalty is approximately $0.5 million and the NOPV contained a compliance order outlining remedial compliance steps to be undertaken by CRCT. CRCT paid approximately $160,000 of the preliminary assessed civil penalty, is contesting and requesting mitigation of the remainder, and is also requesting reconsideration of the proposed compliance order. Although CVR Refining cannot predict with certainty the ultimate resolution of the claims asserted, CVR Refining does not believe that the claims in the NOPV will have a material adverse effect on CVR Refining's business, financial condition or results of operations. As of September 30, 2016 and December 31, 2015, our Energy segment had environmental accruals of $5 million and $4 million , respectively. CVR's management periodically reviews and, as appropriate, revises its environmental accruals. Based on current information and regulatory requirements, CVR's management believes that the accruals established for environmental expenditures are adequate. Environmental expenditures are capitalized when such expenditures are expected to result in future economic benefits. Capital expenditures incurred for environmental compliance and efficiency of the operations were $7 million and $9 million for the three months ended September 30, 2016 and 2015, respectively, and $13 million and $27 million for the nine months ended September 30, 2016 and 2015, respectively. The cost of RINs was $58 million and $19 million for three months ended September 30, 2016 and 2015, respectively, and $152 million and $93 million for nine months ended September 30, 2016 and 2015, respectively. As of September 30, 2016 and December 31, 2015, the petroleum business' biofuel blending obligation was $127 million and $10 million , respectively, which was recorded in accrued expenses and other liabilities on the condensed consolidated balance sheets. Joint Venture Agreement On September 19, 2016, Coffeyville Resources Pipeline, LLC ("CRPLLC"), an indirect wholly owned subsidiary of CVR, entered into an agreement with Velocity Central Oklahoma Pipeline LLC ("Velocity") related to their joint ownership of Velocity Pipeline Partners, LLC ("VPP"), which will construct, own and operate a crude oil pipeline. CRPLLC holds a 40% interest in VPP. Velocity holds a 60% interest in VPP and serves as the day-to-day operator of VPP. As of September 30, 2016 , CRPLLC has contributed $3 million to VPP and expects to contribute a total of approximately $9 million during the pipeline construction. Metals Environmental Matters Certain of PSC Metals' facilities are environmentally impaired in part as a result of operating practices at the sites prior to their acquisition by PSC Metals and as a result of PSC Metals' operations. PSC Metals has established procedures to periodically evaluate these sites, giving consideration to the nature and extent of the contamination. PSC Metals has provided for the remediation of these sites based upon management's judgment and prior experience. PSC Metals has estimated the liability to remediate these sites to be $28 million and $29 million at September 30, 2016 and December 31, 2015, respectively. Management believes, based on past experience, that the vast majority of these environmental liabilities and costs will be assessed and paid over an extended period of time. PSC Metals believes that it will be able to fund such costs in the ordinary course of business. Estimates of PSC Metals' liability for remediation of a particular site and the method and ultimate cost of remediation require a number of assumptions that are inherently difficult to make, and the ultimate outcome may be materially different from current estimates. Moreover, because PSC Metals has disposed of waste materials at numerous third-party disposal facilities, it is possible that PSC Metals will be identified as a PRP at additional sites. The impact of such future events cannot be estimated at the current time. PSC Metals has been designated as a PRP under U.S. federal and state superfund laws with respect to certain sites with which PSC Metals may have had a direct or indirect involvement. It is alleged that PSC Metals and its subsidiaries or their predecessors transported waste to the sites, disposed of waste at the sites or operated the sites in question. In addition, PSC Metals recently learned that its Knoxville location was the subject of investigations by the State of Tennessee under the federal Superfund law. These investigations were performed by the State of Tennessee pursuant to a contract with the EPA. PSC Metals is exploring a potential settlement of the matter. Currently, PSC Metals cannot assess the impact of any cost or liability associated with these investigations. With respect to all other matters in which PSC Metals has been designated as a PRP under U.S. federal and state superfund laws, PSC Metals has reviewed the nature and extent of the allegations, the number, connection and financial ability of other named and unnamed PRPs and the nature and estimated cost of the likely remedy. Based on reviewing the nature and extent of the allegations, PSC Metals has estimated its liability to remediate these sites to be immaterial as of both September 30, 2016 and December 31, 2015. If it is determined that PSC Metals has liability to remediate those sites and that more expensive remediation approaches are required in the future, PSC Metals could incur additional obligations, which could be material. In November and December of 2011, PSC Metals received three notices of violation ("NOV") from the Missouri Department of Natural Resources (“MDNR”) for hazardous waste and water violations related to its Festus, Missouri location. PSC Metals has entered into a settlement with MDNR that resolves these NOVs. Currently, PSC Metals believes that it has established adequate reserves for the cost of this settlement. In addition, PSC Metals believes that it has a claim for indemnification against the prior owner of the facility associated with the above-referenced notices of violation. MDNR and PSC Metals, as part of the resolution of MDNR's NOVs, have undertaken sampling for lead at residences near PSC Metals' Festus yard. Approximately 67 residences were sampled and tested, and of those, approximately 15 tested above residential standards for lead contamination. PSC Metals has entered into a settlement agreement with MDNR which resolves MNDR’s claims and requires limited soil remediation at the 15 residences. PSC Metals is in the process of completing the remediation required by the settlement agreement. Currently, PSC Metals believes that it has adequately reserved for the cost of remediation associated with its Festus yard and the residential areas near the yard. However, PSC Metals cannot assess its liability with certainty at this time. Additionally, PSC Metals believes that liability for off-site contamination was retained by the prior owner of the Festus yard and accordingly, it would have a claim for indemnification against the prior owner. In late February 2016, the PSC Metals shredder in Beaver Falls, Pennsylvania unknowingly processed scrap obtained from a third party containing radioactive material. Processing and transfer of that material resulted in the contamination of equipment there, and two other PSC Metals facilities. PSC Metals notified the appropriate governmental authorities and is working with those agencies and qualified specialist companies to properly remediate the contaminated facilities and dispose of the contaminated material. PSC Metals believes that the cost of the remediation effort and any business interruption costs are covered by insurance and its financial exposure would be immaterial. Remediation efforts are ongoing and PSC Metals expects that the impacted facilities will be operational in the fourth quarter of 2016. Railcar On October 24, 2014, ARI filed a complaint in United States District Court for the Southern District of New York against Gyansys, Inc. ("Gyansys"). The complaint asserts a claim against Gyansys for breaching its contract with ARI to implement an enterprise resource planning system. ARI seeks to recover monetary damages in an amount still to be determined, but which ARI alleged exceeds $25 million . Gyansys filed a response to the suit denying its responsibility. It also counterclaimed against ARI for a breach of contract and wrongful termination, seeking damages in excess of $10 million and equitable relief. At this time, ARI does not have sufficient information to reasonably form an estimate of the potential outcome (gain or loss) of this litigation. On September 12, 2015, the court denied ARI's motion to dismiss the wrongful termination counterclaim. A trial date has been tentatively scheduled for January 17, 2017. However, ARI believes that Gyansys' counterclaims lack merit and will continue to vigorously defend against these counterclaims. FRA Directive On September 30, 2016, the Federal Railroad Administration ("FRA") released Railworthiness Directive Number 2016-01 (the "FRA Directive"). The FRA Directive addressed certain welding practices in one weld area in specified DOT 111 tank railcars manufactured between 2009 and 2015 by ARI and ACF. The FRA became involved as a result of one tank railcar manufactured by ARI having a leak that was identified in 2014. The FRA Directive indicated that approximately 14,800 general purpose tank railcars could be subject to the FRA Directive. The FRA Directive requires owners of all subject railcars to identify tank railcars in their respective fleets covered by the FRA Directive by October 30, 2016 and to ensure appropriate inspection, testing and repairs, if needed, during a period that ranges from 12 to 24 months from September 30, 2016, depending on the commodity service of the railcar. Owners, including our Railcar segment as a railcar lessor, and lessees of the subject railcars will likely incur future costs associated with compliance with this requirement including but not limited to, freight costs for transporting these railcars to and from repair facilities, inspection, cleaning and repair, if necessary. Lessors of subject railcars, including our Railcar segment in its capacity as a lessor, may also experience loss of revenue during periods of rent abatement, if applicable, as a result of railcars being out of service due to compliance with the FRA Directive. The incurrence of such costs and/or any such loss of revenue may be subject to the terms of any applicable warranty coverage and the terms of any applicable lease. Our Railcar segment's contractual obligations under its operating leases for railcars in its lease fleet may vary from lease to lease. Our Railcar segment has evaluated its potential exposure related to the FRA Directive and has established a loss contingency of $32 million to cover its probable and estimable liabilities, as of September 30, 2016 , with respect to its remedial response to the FRA Directive, taking into account currently available information and its contractual obligations in its capacity as both a manufacturer and lessor of railcars subject to the FRA Directive. This amount is included in accrued expenses and other liabilities on the condensed consolidated balance sheet and will continue to be evaluated as our Railcar segment and its customers' compliance with the FRA Directive progresses and our Railcar segment's understanding of the impact the FRA Directive may have on its business, including results of operations and cash flows, evolves. Legal fees incurred with respect to this matter will be expensed in the period in which they occur, in accordance with our Railcar segment's accounting policy. Other Matters Mr. Icahn, through certain affiliates, owns 100% of Icahn Enterprises GP and approximately 89.7% of Icahn Enterprises' outstanding depositary units as of September 30, 2016 . Applicable pension and tax laws make each member of a “controlled group” of entities, generally defined as entities in which there is at least an 80% common ownership interest, jointly and severally liable for certain pension plan obligations of any member of the controlled group. These pension obligations include ongoing contributions to fund the plan, as well as liability for any unfunded liabilities that may exist at the time the plan is terminated. In addition, the failure to pay these pension obligations when due may result in the creation of liens in favor of the pension plan or the Pension Benefit Guaranty Corporation ("PBGC") against the assets of each member of the controlled group. As a result of the more than 80% ownership interest in us by Mr. Icahn’s affiliates, we and our subsidiaries are subject to the pension liabilities of entities in which Mr. Icahn has a direct or indirect ownership interest of at least 80%. As a result of our ownership of more than 80% in our subsidiaries, we and our subsidiaries are subject to the pension liabilities of all entities in which Mr. Icahn has a direct or indirect ownership interest of at least 80%. ACF and Federal-Mogul, are the sponsors of several pension plans. All the minimum funding requirements of the Internal Revenue Code, as amended, and the Employee Retirement Income Security Act of 1974, as amended by the Pension Protection Act of 2006, for these plans have been met as of September 30, 2016 and December 31, 2015. If the plans were voluntarily terminated, they would be underfunded by approximately $550 million and $589 million as of September 30, 2016 and December 31, 2015, respectively. These results are based on the most recent information provided by the plans’ actuaries. These liabilities could increase or decrease, depending on a number of factors, including future changes in benefits, investment returns, and the assumptions used to calculate the liability. As members of the controlled group, we would be liable for any failure of ACF and Federal-Mogul to make ongoing pension contributions or to pay the unfunded liabilities upon a termination of the pension plans of ACF and Federal-Mogul. In addition, other entities now or in the future within the controlled group in which we are included may have pension plan obligations that are, or may become, underfunded and we would be liable for any failure of such entities to make ongoing pension contributions or to pay the unfunded liabilities upon termination of such plans. The current underfunded status of the pension plans of ACF and Federal-Mogul requires them to notify the PBGC of certain “reportable events,” such as if we cease to be a member of the ACF and Federal-Mogul controlled group, or if we make certain extraordinary dividends or stock redemptions. The obligation to report could cause us to seek to delay or reconsider the occurrence of such reportable events. Starfire Holding Corporation ("Starfire") which is 99.4% owned by Mr. Icahn, has undertaken to indemnify us and our subsidiaries from losses resulting from any imposition of certain pension funding or termination liabilities that may be imposed on us and our subsidiaries or our assets as a result of being a member of the Icahn controlled group. The Starfire indemnity (which does not extend to pension liabilities of our subsidiaries that would be imposed on us as a result of our interest in these subsidiaries and not as a result of Mr. Icahn and his affiliates holding more than an 80% ownership interest in us, and as such would not extend to the unfunded pension termination liability for Federal-Mogul) provides, among other things, that so long as such contingent liabilities exist and could be imposed on us, Starfire will not make any distributions to its stockholders that would reduce its net worth to below $250 million . Nonetheless, Starfire may not be able to fund its indemnification obligations to us. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events . Icahn Enterprises Distribution On November 1, 2016 , the Board of Directors of the general partner of Icahn Enterprises declared a quarterly distribution in the amount of $1.50 per depositary unit. The quarterly distribution is payable in either cash or additional depositary units, at the election of each depositary unit holder and will be paid on or about December 19, 2016 to depositary unit holders of record at the close of business on November 14, 2016 . Depositary unit holders have until December 7, 2016 to make an election to receive either cash or additional depositary units; if a holder does not make an election, it will automatically be deemed to have elected to receive the dividend in cash. Depositary unit holders who elect to receive additional depositary units will receive units valued at the volume weighted average trading price of the units on NASDAQ during the 5 consecutive trading days ending December 14, 2016 . No fractional depositary units will be issued pursuant to the dividend payment. Icahn Enterprises will make a cash payment in lieu of issuing fractional depositary units to any holders electing to receive depositary units. Any holders that would only be eligible to receive a fraction of a depositary unit based on the above calculation will receive a cash payment. |
Description of Business and B27
Description of Business and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Schedule of Significant Accounting Policies [Line Items] | |
Reclassifications [Policy Text Block] | Reclassifications Certain reclassifications from the prior year presentation have been made to conform to the current year presentation. |
Principals of consolidation [Policy Text Block] | Principles of Consolidation As of September 30, 2016 , our condensed consolidated financial statements include the accounts of (i) Icahn Enterprises and Icahn Enterprises Holdings and (ii) the wholly and majority owned subsidiaries of Icahn Enterprises and Icahn Enterprises Holdings, in addition to variable interest entities ("VIEs") in which we are the primary beneficiary. In evaluating whether we have a controlling financial interest in entities that we consolidate, we consider the following: (1) for voting interest entities, including limited partnerships and similar entities that are not VIEs, we consolidate these entities in which we own a majority of the voting interests; and (2) for VIEs, we consolidate these entities in which we are the primary beneficiary. See below for a discussion of our VIEs. Kick-out rights (which are the rights underlying the limited partners' ability to dissolve the limited partnership or otherwise remove the general partners and which are collectively referred to as "kick-out" rights) held through voting interests of partnerships and similar entities that are not VIEs are considered the equivalent of the equity interests of corporations that are not VIEs. All material intercompany accounts and transactions have been eliminated in consolidation. Except for our Investment segment, for those investments in which we own 50% or less but greater than 20%, we generally account for such investments using the equity method, while investments in affiliates of 20% or less are accounted for under the cost method. |
Fair value of financial instruments [Policy Text Block] | Fair Value of Financial Instruments The carrying values of cash and cash equivalents, cash held at consolidated affiliated partnerships and restricted cash, accounts receivable, due from brokers, accounts payable, accrued expenses and other liabilities and due to brokers are deemed to be reasonable estimates of their fair values because of their short-term nature. See Note 4 , “ Investments and Related Matters ,” and Note 5 , “ Fair Value Measurements ,” for a detailed discussion of our investments. The fair value of our long-term debt is based on the quoted market prices for the same or similar issues or on the current rates offered to us for debt of the same remaining maturities. The carrying value and estimated fair value of our long-term debt as of September 30, 2016 was approximately $13.0 billion and $12.8 billion , respectively. The carrying value and estimated fair value of our long-term debt as of December 31, 2015 was approximately $12.6 billion and $12.2 billion , respectively. |
Restricted cash [Policy Text Block] | Restricted Cash Our restricted cash balance was $569 million and $966 million as of September 30, 2016 and December 31, 2015 , respectively. |
Adoption of new accounting pronouncements [Policy Text Block] | Adoption of New Accounting Standards In February 2015, the FASB issued ASU No. 2015-02, Amendments to the Consolidation Analysis , which amends FASB ASC Topic 810, Consolidations . This ASU amends the current consolidation guidance, including introducing a separate consolidation analysis specific to limited partnerships and other similar entities. This ASU requires that limited partnerships and similar legal entities provide partners with either substantive kick-out rights or substantive participating rights over the general partner in order to be considered a voting interest entity. The specialized consolidation model and guidance for limited partnerships and similar legal entities have been eliminated. There is no longer a presumption that a general partner should consolidate a limited partnership. For limited partnerships and similar legal entities that qualify as voting interest entities, a limited partner with a controlling financial interest should consolidate a limited partnership. A controlling financial interest may be achieved through holding a limited partner interest that provides substantive kick-out rights. The standard is effective for annual periods beginning after December 15, 2015. As a result of adopting this guidance in the first quarter of 2016, while certain of our limited partnership entities are now considered VIEs, we continue to consolidate these limited partnerships. See above for further discussion regarding our VIEs. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, which amends FASB ASC Subtopic 835-30, Interest - Imputation of Interest. The new standard requires that all costs incurred to issue debt be presented in the balance sheet as a direct deduction from the carrying value of the debt. Given the absence of authoritative guidance within this ASU regarding debt issuance costs related to line-of-credit, the SEC staff has stated that it would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred issuance costs ratably over the term of the line-of-credit arrangement. The standard is effective for interim and annual periods beginning after December 15, 2015 and is required to be applied on a retrospective basis. Early adoption is permitted. The adoption of this guidance resulted in a reclassification of debt issuance costs on our condensed consolidated balance sheets to debt in the amount of $39 million as of December 31, 2015. In September 2015, the FASB issued ASU No. 2015-16, Simplifying the Accounting for Measurement-Period Adjustments , which amends FASB ASC Topic 805, Business Combinations . This ASU eliminates the requirement to retrospectively adjust provisional amounts recognized at the acquisition dates of business combinations. Rather, this ASU requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. This ASU is effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. The amendments in this ASU should be applied prospectively to adjustments to provisional amounts that occur after the effective date with earlier application permitted for financial statements that have not been issued. The adoption of this guidance in the first quarter of 2016 did not have a material impact on our condensed consolidated financial position, results of operations, comprehensive income, cash flows and disclosures. |
Recently issued accounting pronouncements [Policy Text Block] | Recently Issued Accounting Standards In May 2014, the FASB issued ASU No. 2014-09, creating a new topic, FASB ASC Topic 606, Revenue from Contracts with Customers , superseding revenue recognition requirements in FASB ASC Topic 605, Revenue Recognition . This ASU requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. In addition, an entity is required to disclose sufficient information to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. This ASU was amended by ASU No. 2015-14, issued in August 2015, which deferred the original effective date by one year; the effective date of this ASU is for fiscal years, and interim reporting periods within those years, beginning after December 15, 2017, using one of two retrospective application methods. In addition, the FASB issued other amendments during 2016 to FASB ASC Topic 606, Revenue from Contracts with Customers , that include implementation guidance to principal versus agent considerations, guidance to identifying performance obligations and licensing guidance and other narrow scope improvements. Early adoption is permitted only as of the annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. Given the complexity of our operations, we continue to evaluate the impact of these guidance on our consolidated financial position, results of operations, comprehensive income, cash flows and disclosures. We will adopt these new guidance on January 1, 2018 using the modified retrospective application method. In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory , which amends FASB ASC Topic 330, Inventory . This ASU requires entities to measure inventory at the lower of cost or net realizable value and eliminates the option that currently exists for measuring inventory at market value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. This ASU is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. This ASU should be applied prospectively with earlier application permitted as of the beginning of an interim period or annual reporting period. We anticipate that the adoption of this guidance will have minimal impact on our consolidated financial position, results of operations, comprehensive income, cash flows and disclosures. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall , which amends FASB ASC Topic 825, Financial Instruments . This ASU requires that equity investments (except those accounted for under the equity method of accounting or those that result in the consolidation of the investee) to be measured at fair value with changes recognized in earnings. However, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment. In addition, there were other amendments to certain disclosure and presentation matters pertaining to financial instruments, including the requirement of an entity to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. This ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The amendments in this ASU should be applied by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The amendments related to equity securities without readily determinable fair values should be applied prospectively to equity investments that exist as of the date of adoption. Early application is permitted for certain matters only. We are currently evaluating the impact of this guidance on our consolidated financial position, results of operations, comprehensive income, cash flows and disclosures. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , which supersedes FASB ASC Topic 840, Leases . This ASU requires the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous guidance. In addition, among other changes to the accounting for leases, this ASU retains the distinction between finance leases and operating leases. The classification criteria for distinguishing between finance leases and operating leases are substantially similar to the classification criteria for distinguishing between capital leases and operating leases in the previous guidance. This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The amendments in this ASU should be applied using a modified retrospective approach. Early application is permitted. We are currently evaluating the impact of this guidance on our consolidated financial position, results of operations, comprehensive income, cash flows and disclosures. In March 2016, the FASB issued ASU No. 2016-07, Simplifying the transition to equity method of accounting , which amends FASB ASC Topic 323, Investments - Equity Method and Joint Ventures . This ASU eliminates the retroactive adjustment of an investment that qualifies for the equity method as a result of an increase in the level of ownership or degree of influence as if the equity method had been in effect during all previous periods that the investment had been held. The amendments in this ASU are effective for interim and annual fiscal years beginning after December 15, 2016. Earlier application is permitted. We anticipate that the adoption of this guidance will have minimal impact on our consolidated financial position, results of operations, comprehensive income, cash flows and disclosures. In June 2016, the FASB issued ASU No. 2016-13, Measurement of credit losses on financial instruments , which amends FASB ASC Topic 326, Financial Instruments - Credit Losses. This ASU requires financial assets measured at amortized cost to be presented at the net amount to be collected and broadens the information, including forecasted information incorporating more timely information, that an entity must consider in developing its expected credit loss estimate for assets measured. We are currently evaluating the impact of this guidance on our consolidated financial position, results of operations, comprehensive income, cash flows and disclosures. In August 2016, the FASB issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payment s, which amends FASB ASC Topic 230, Statement of Cash Flows. This ASU seeks to reduce the diversity currently in practice by providing guidance on the presentation of eight specific cash flow issues in the statement of cash flows. This ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. We are currently evaluating the impact of this guidance on our consolidated statement of cash flows. In October 2016, the FASB issued ASU No. 2016-16, Intra-Entity Transfers of Assets Other Than Inventory , which amends FASB ASC Topic 740, Income Taxes . This ASU requires the recognition of income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. Current GAAP prohibits the recognition of current and deferred incomes taxes for an intra-entity asset transfer until the asset has been sold to an outside party. This ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact of this guidance on our consolidated financial position, results of operations, comprehensive income, cash flows and disclosures. In October 2016, the FASB issued ASU No. 2016-17, Interests Held Through Related Parties That Are Under Common Control, which amends FASB ASC Topic 810, Consolidation . This ASU requires that a reporting entity, in determining whether it satisfies the characteristics of a primary beneficiary, to include all of its direct variable interests in a VIE and, on a proportionate basis, its indirect variable interests in a VIE held through related parties, including related parties that are under common control with the reporting entity. Current GAAP requires that a single decision maker to consider indirect interests in the entity held through related parties to be the equivalent of direct interests in their entirety. This ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact of this guidance on our consolidated financial position, results of operations, comprehensive income, cash flows and disclosures. |
Variable Interest Entity Disclosure [Text Block] | Variable Interest Entities As further discussed below, the Financial Statement Accounting Standards Board's ("FASB") Accounting Standards Update ("ASU") No. 2015-02 became effective during the first quarter of 2016. ASU No. 2015-02 amends the current consolidation guidance, including introducing a separate consolidation analysis specific to limited partnerships and other similar entities. Specifically, under the revised consolidation analysis, limited partnerships and other similar entities are considered VIEs unless the limited partners hold substantive kick-out rights or participating rights. Although ASU No. 2015-02 changed the status of certain of our limited partnership entities as VIEs (as discussed below), we continue to consolidate these entities because we are the primary beneficiaries of such entities. Investment Our Investment segment is comprised of various private investment funds, including Icahn Partners L.P. ("Icahn Partners") and Icahn Partners Master Fund LP ("Master Fund") (collectively, the "Investment Funds"), through which we invest our proprietary capital. See Note 2 , " Operating Units - Investment," for further discussion regarding our Investment segment's business. We determined that each of the Investment Funds are considered VIEs because these limited partnerships lack both substantive kick-out and participating rights. Because we are the general partner in each of the Investment Funds and have significant limited partner interests in each of the Investment Funds, coupled with our significant exposure to losses and benefits in each of the Investment Funds, we are the primary beneficiary of each of the Investment Funds and therefore continue to consolidate each of the Investment Funds. Substantially all of the assets and liabilities of our Investment segment pertain to the Investment Funds. See Note 13 , " Segment Reporting ," for details of our condensed balance sheets for our Investment segment. Energy We conduct our Energy segment through our majority ownership in CVR Energy Inc. ("CVR"). CVR owns petroleum refining and nitrogen fertilizer manufacturing businesses held through CVR Refining, LP (“CVR Refining”) and CVR Partners, LP (“CVR Partners”), respectively, and each are considered VIEs. See Note 2 , " Operating Units - Energy," for further discussion regarding our Energy segment's business. Our Energy segment determined that CVR Refining and CVR Partners are each considered VIEs because each of these limited partnerships lack both substantive kick-out and participating rights. In addition, our Energy segment also concluded that based upon its general partner's roles and rights in CVR Refining and CVR Partners as afforded by their respective partnership agreements, coupled with its exposure to losses and benefits in each of CVR Refining and CVR Partners through its significant limited partner interests, intercompany credit facilities and services agreements, CVR determined that it is the primary beneficiary of both CVR Refining and CVR Partners. Based upon this evaluation, CVR continues to consolidate both CVR Refining and CVR Partners. The assets and liabilities of our Energy segment that are directly related to CVR Refining and CVR Partners included in our condensed consolidated balance sheets are as follows: September 30, 2016 December 31, 2015 (in millions) Cash and cash equivalents $ 351 $ 237 Property, plant and equipment, net 3,365 2,674 Inventories 323 290 Goodwill — 574 Intangible assets, net 323 337 Other assets 79 115 Accounts payable, accrued expenses and other liabilities 436 333 Debt 1,167 667 Icahn Enterprises Holdings As discussed above, Icahn Enterprises Holdings and its subsidiaries own substantially all of our assets and liabilities and conduct substantially all of our operations. We determined that Icahn Enterprises Holdings is a VIE because it lacks both substantive kick-out and participating rights. Icahn Enterprises is the primary beneficiary of Icahn Enterprises Holdings principally based on its 99% limited partner interest in Icahn Enterprises Holdings and therefore continues to consolidate Icahn Enterprises Holdings. The condensed consolidated financial statements of Icahn Enterprises Holdings are included in this Report. |
Business Combinations Policy [Policy Text Block] | Acquisitions of Businesses We account for business combinations under the acquisition method of accounting (other than acquisitions of businesses under common control), which requires us to recognize separately from goodwill the assets acquired and the liabilities assumed at their acquisition date fair values. While we use our best estimates and assumptions to accurately value assets acquired and liabilities assumed at the acquisition date as well as contingent consideration, where applicable, our estimates are inherently uncertain and subject to refinement. Accounting for business combinations requires us to make significant estimates and assumptions, especially at the acquisition date including our estimates for intangible assets, contractual obligations assumed, pre-acquisition contingencies, and contingent consideration, where applicable. In valuing our acquisitions we estimate fair values based on industry data and trends and by reference to relevant market rates and transactions, and discounted cash flow valuation methods, among other factors. The discount rates used were commensurate with the inherent risks associated with each type of asset and the level and timing of cash flows appropriately reflect market participant assumptions. The primary items that generate goodwill include the value of the synergies between the acquired company and our existing businesses and the value of the acquired assembled workforce, neither of which qualifies for recognition as an intangible asset. |
Automotive Segment [Member] | |
Schedule of Significant Accounting Policies [Line Items] | |
Inventory, Policy [Policy Text Block] | Inventories As discussed above we acquired Pep Boys on February 3, 2016. Pep Boys' inventories are valued at lower of cost or market and cost of goods sold is determined using the last-in, first-out ("LIFO") method. Pep Boys is currently the only subsidiary of ours that uses LIFO in determining cost of goods sold. As inventories of Pep Boys have been revalued to fair value as a result of our acquisition on February 3, 2016, there are immaterial differences between inventory balances calculated using LIFO as compared to inventory balances calculated using first-in, first-out as of September 30, 2016 . |
Segment Reporting (Policies)
Segment Reporting (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Determination of what constitutes a segment [Policy Text Block] | Our determination of what constitutes an operating segment is based on the various industries in which our businesses operate and how we manage those businesses in accordance with our investment strategy. We assess and measure segment operating results based on net income from continuing operations attributable to Icahn Enterprises and Icahn Enterprises Holdings |
Description of Business and B29
Description of Business and Basis of Presentation Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Energy Segment [Member] | |
Schedule of Significant Accounting Policies [Line Items] | |
Schedule of Variable Interest Entities [Table Text Block] | September 30, 2016 December 31, 2015 (in millions) Cash and cash equivalents $ 351 $ 237 Property, plant and equipment, net 3,365 2,674 Inventories 323 290 Goodwill — 574 Intangible assets, net 323 337 Other assets 79 115 Accounts payable, accrued expenses and other liabilities 436 333 Debt 1,167 667 |
Investments and Related Matte30
Investments and Related Matters (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Investment Segment [Member] | |
Investment and Related Matters [Line Items] | |
Investment | September 30, 2016 December 31, 2015 Assets (in millions) Investments: Equity securities: Basic materials $ 904 $ 563 Communications 176 407 Consumer, non-cyclical 2,729 3,684 Consumer, cyclical 298 115 Diversified 19 17 Energy 1,464 1,461 Financial 2,167 2,094 Industrial 240 188 Technology 1,031 5,795 9,028 14,324 Corporate debt: Consumer, non-cyclical 103 — Consumer, cyclical 170 55 Financial 4 4 Sovereign debt — 13 Utilities 12 — 289 72 Mortgage-backed securities: Financial — 157 $ 9,317 $ 14,553 Liabilities Securities sold, not yet purchased, at fair value: Equity securities: Consumer, non-cyclical $ 4 $ 794 Consumer, cyclical 891 — Energy 14 — Financial 129 — Industrial 116 — 1,154 794 Debt securities: Consumer, cyclical 56 — $ 1,210 $ 794 |
Other Segments [Member] | |
Investment and Related Matters [Line Items] | |
Investment | Other Segments The carrying value of investments held by our other segments and our Holding Company consist of the following: September 30, 2016 December 31, 2015 (in millions) Equity method investments $ 302 $ 323 Other investments 368 475 $ 670 $ 798 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following table summarizes the valuation of our investments, derivative contracts, securities sold not yet purchased and other liabilities by the above fair value hierarchy levels measured on a recurring and non-recurring basis as of September 30, 2016 and December 31, 2015: September 30, 2016 December 31, 2015 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets (in millions) Investments (Note 4) $ 9,037 $ 405 $ 243 $ 9,685 $ 14,447 $ 289 $ 292 $ 15,028 Derivative contracts, at fair value (1) — 20 — 20 — 259 — 259 $ 9,037 $ 425 $ 243 $ 9,705 $ 14,447 $ 548 $ 292 $ 15,287 Liabilities Securities sold, not yet purchased (Note 4) $ 1,154 $ 56 $ — $ 1,210 $ 794 $ — $ — $ 794 Other liabilities — 112 — 112 — 3 — 3 Derivative contracts, at fair value (2) — 768 — 768 — 36 — 36 $ 1,154 $ 936 $ — $ 2,090 $ 794 $ 39 $ — $ 833 (1) Amounts are classified within other assets in our condensed consolidated balance sheets. (2) Amounts are classified within accrued expenses and other liabilities in our condensed consolidated balance sheets. |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The changes in investments measured at fair value on a recurring basis for which we use Level 3 inputs to determine fair value are as follows: Nine Months Ended 2016 2015 (in millions) Balance at January 1 $ 283 $ 229 Net realized and unrealized gains (losses) (1) 10 (40 ) Purchases 50 100 Net transfers out (121 ) (44 ) Balance at September 30 $ 222 $ 245 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Derivative [Line Items] | |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | The volume of our derivative activities based on their notional exposure, categorized by primary underlying risk, is as follows: September 30, 2016 December 31, 2015 Long Notional Exposure Short Notional Exposure Long Notional Exposure Short Notional Exposure Primary underlying risk: (in millions) Credit swaps (1) $ 203 $ 503 $ 187 $ 2,306 Equity swaps 291 15,793 1,343 14,167 Foreign currency forwards — 872 — 842 Interest rate swap contracts (2) — — — 137 Commodity contracts 22 459 43 643 (1) The short notional amount on our credit default swap positions is approximately $2.6 billion and $10.0 billion as of September 30, 2016 and December 31, 2015, respectively. However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is approximately $0.5 billion and $2.3 billion as of September 30, 2016 and December 31, 2015, respectively. (2) The short notional amount on certain of our interest rate contracts with a three month duration is approximately $16.0 billion as of December 31, 2015. We assume that interest rates will not fall below zero and therefore our downside short notional exposure to loss on these contracts is $74 million (of the total $137 million disclosed in the above table) as of December 31, 20 |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following table presents the consolidated fair values of our derivatives that are not designated as hedging instruments: Derivatives Not Designated as Hedging Instruments Asset Derivatives (1) Liability Derivatives (2) September 30, 2016 December 31, 2015 September 30, 2016 December 31, 2015 (in millions) Equity contracts $ 17 $ 339 $ 694 $ 122 Foreign exchange contracts — — 1 19 Credit contracts 14 45 70 53 Interest rate swap contracts — — — — Commodity contracts 7 46 21 10 Sub-total 38 430 786 204 Netting across contract types (3) (18 ) (171 ) (18 ) (171 ) Total (3) $ 20 $ 259 $ 768 $ 33 (1) Net asset derivatives are located within other assets in our condensed consolidated balance sheets. (2) Net liability derivatives are located within accrued expenses and other liabilities in our condensed consolidated balance sheets. (3) Excludes netting of cash collateral received and posted. The total collateral posted at September 30, 2016 and December 31, 2015 was $492 million and $883 million , respectively, across all counterparties. The following table presents the amount of gain (loss) recognized in the condensed consolidated statements of operations for our derivatives not designated as hedging instruments: (Loss) Gain Recognized in Income (1) Derivatives Not Designated as Hedging Instruments Three Months Ended Nine Months Ended 2016 2015 2016 2015 (in millions) Equity contracts $ (448 ) $ 892 $ (1,106 ) $ 741 Foreign exchange contracts (7 ) (2 ) (21 ) 134 Credit contracts (44 ) 387 87 536 Interest rate contracts — — (12 ) — Commodity contracts 32 57 (36 ) 6 $ (467 ) $ 1,334 $ (1,088 ) $ 1,417 (1) Gains (losses) recognized on derivatives are classified in net gain (loss) from investment activities in our condensed consolidated statements of operations for our Investment segment and are included in other income (loss), net for all other segments. |
Inventories, Net (Tables)
Inventories, Net (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Inventories, Net [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Inventories, net consists of the following: September 30, 2016 December 31, 2015 (in millions) Raw materials $ 480 $ 457 Work in process 302 292 Finished goods 2,175 1,510 $ 2,957 $ 2,259 |
Goodwill and Intangible Asset34
Goodwill and Intangible Assets, Net (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Goodwill consists of the following: September 30, 2016 December 31, 2015 Gross Carrying Amount Accumulated Impairment Net Carrying Value Gross Carrying Amount Accumulated Impairment Net Carrying Value (in millions) Automotive $ 1,668 $ (537 ) $ 1,131 $ 1,457 $ (537 ) $ 920 Energy 930 (930 ) — 930 (356 ) 574 Railcar 7 — 7 7 — 7 Food Packaging 3 — 3 3 — 3 $ 2,608 $ (1,467 ) $ 1,141 $ 2,397 $ (893 ) $ 1,504 |
Schedule of Definite-Lived and Infinite-Lived Intangible Assets | Intangible assets, net consists of the following: September 30, 2016 December 31, 2015 Gross Carrying Amount Accumulated Amortization Net Carrying Value Gross Carrying Amount Accumulated Amortization Net Carrying Value (in millions) Definite-lived intangible assets: Customer relationships $ 1,060 $ (456 ) $ 604 $ 1,041 $ (408 ) $ 633 Developed technology 144 (101 ) 43 144 (90 ) 54 In-place leases 121 (80 ) 41 121 (73 ) 48 Gasification technology license 60 (11 ) 49 60 (9 ) 51 Other 47 (21 ) 26 44 (20 ) 24 $ 1,432 $ (669 ) $ 763 $ 1,410 $ (600 ) $ 810 Indefinite-lived intangible assets: Trademarks and brand names $ 306 $ 260 Gaming licenses 38 38 344 298 Intangible assets, net $ 1,107 $ 1,108 |
Property, Plant and Equipment35
Property, Plant and Equipment, Net (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Property, Plant and Equipment, Net [Abstract] | |
Schedule of Property, Plant and Equipment, Net | Property, plant and equipment, net consists of the following: Useful Life September 30, 2016 December 31, 2015 (in years) (in millions) Land $ 959 $ 614 Buildings and improvements 4 - 40 3,029 2,456 Machinery, equipment and furniture 1 - 30 7,544 6,047 Assets leased to others 15 - 39 4,061 3,994 Construction in progress 558 676 16,151 13,787 Less: Accumulated depreciation and amortization (4,705 ) (4,109 ) Property, plant and equipment, net $ 11,446 $ 9,678 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Debt Instrument [Line Items] | |
Schedule of Long-term Debt Instruments | Debt consists of the following: September 30, 2016 December 31, 2015 (in millions) 5.875% senior unsecured notes due 2022 - Icahn Enterprises/Icahn Enterprises Holdings $ 1,339 $ 1,338 6.00% senior unsecured notes due 2020 - Icahn Enterprises/Icahn Enterprises Holdings 1,705 1,706 4.875% senior unsecured notes due 2019 - Icahn Enterprises/Icahn Enterprises Holdings 1,271 1,270 3.50% senior unsecured notes due 2017 - Icahn Enterprises/Icahn Enterprises Holdings 1,174 1,172 Debt and credit facilities - Automotive 3,324 3,121 Debt facilities - Energy 1,120 619 Debt and credit facilities - Railcar 2,343 2,671 Credit facilities - Gaming 287 289 Credit facilities - Food Packaging 265 267 Other 143 141 $ 12,971 $ 12,594 |
Pensions, Other Post-employme37
Pensions, Other Post-employment Benefits and Employee Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Net Periodic Benefit Costs | Components of net periodic benefit cost for the three and nine months ended September 30, 2016 and 2015 are as follows: Pension Benefits OPEB Three Months Ended Three Months Ended 2016 2015 2016 2015 (in millions) Service cost $ 5 $ 5 $ — $ — Interest cost 17 18 3 3 Expected return on plan assets (14 ) (18 ) — — Amortization of actuarial losses 6 6 1 2 Amortization of prior service credit — — (1 ) (1 ) $ 14 $ 11 $ 3 $ 4 Pension Benefits OPEB Nine Months Ended Nine Months Ended 2016 2015 2016 2015 (in millions) Service cost $ 13 $ 15 $ — $ — Interest cost 51 50 9 10 Expected return on plan assets (43 ) (53 ) — — Amortization of actuarial losses 17 20 2 4 Amortization of prior service credit — — (3 ) (3 ) $ 38 $ 32 $ 8 $ 11 |
Net Income Per LP Unit (Tables)
Net Income Per LP Unit (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Net Income Per LP Unit [Abstract] | |
Schedule Of Earnings Per LP Unit | The following table sets forth the allocation of net income attributable to Icahn Enterprises allocable to limited partners and the computation of basic and diluted income per LP unit of Icahn Enterprises for the periods indicated: Three Months Ended Nine Months Ended 2016 2015 2016 2015 (in millions, except per unit data) Net (loss) income attributable to Icahn Enterprises $ (16 ) $ (440 ) $ (922 ) $ (67 ) Net (loss) income attributable to Icahn Enterprises allocable to limited partners (98.01% allocation) $ (16 ) $ (432 ) $ (904 ) $ (66 ) Basic and diluted (loss) income per LP unit $ (0.12 ) $ (3.40 ) $ (6.70 ) $ (0.53 ) Basic and diluted weighted average LP units outstanding 139 127 135 125 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting Information [Line Items] | |
Condensed statements of operations by reporting segment | Icahn Enterprises' condensed statements of operations by reporting segment for the three and nine months ended September 30, 2016 and 2015 are presented below: Three Months Ended September 30, 2016 Investment Automotive Energy Metals Railcar Gaming Mining Food Packaging Real Estate Home Fashion Holding Company Consolidated (in millions) Revenues: Net sales $ — $ 2,346 $ 1,240 $ 72 $ 94 $ — $ 18 $ 81 $ 5 $ 48 $ — $ 3,904 Other revenues from operations — 116 — — 133 268 — — 20 — — 537 Net gain from investment activities 412 — 5 — — — — — — — 1 418 Interest and dividend income 24 — 1 — — — — — — — 2 27 Other (loss) income, net (1 ) 14 (2 ) — 1 3 (1 ) (1 ) — — — 13 435 2,476 1,244 72 228 271 17 80 25 48 3 4,899 Expenses: Cost of goods sold — 1,899 1,195 78 86 — 13 61 4 42 — 3,378 Other expenses from operations — 122 — — 80 127 — — 13 — — 342 Selling, general and administrative 21 382 35 4 10 118 4 12 4 10 3 603 Restructuring — 7 — 1 — — — — — — — 8 Impairment — 1 — — — 92 — — — — — 93 Interest expense 52 41 26 — 22 3 2 4 — — 72 222 73 2,452 1,256 83 198 340 19 77 21 52 75 4,646 Income (loss) before income tax (expense) benefit 362 24 (12 ) (11 ) 30 (69 ) (2 ) 3 4 (4 ) (72 ) 253 Income tax (expense) benefit — 9 4 5 (9 ) (14 ) (1 ) (1 ) — — (8 ) (15 ) Net income (loss) 362 33 (8 ) (6 ) 21 (83 ) (3 ) 2 4 (4 ) (80 ) 238 Less: net (income) loss attributable to non-controlling interests (251 ) (4 ) 10 — (3 ) (6 ) 1 (1 ) — — — (254 ) Net income (loss) attributable to Icahn Enterprises $ 111 $ 29 $ 2 $ (6 ) $ 18 $ (89 ) $ (2 ) $ 1 $ 4 $ (4 ) $ (80 ) $ (16 ) Supplemental information: Capital expenditures $ — $ 98 $ 23 $ 1 $ 42 $ 15 $ 7 $ 5 $ — $ 3 $ — $ 194 Depreciation and amortization (1) $ — $ 115 $ 68 $ 6 $ 35 $ 18 $ 2 $ 4 $ 4 $ 1 $ — $ 253 Three Months Ended September 30, 2015 Investment Automotive Energy Metals Railcar Gaming Mining Food Packaging Real Estate Home Fashion Holding Company Consolidated (in millions) Revenues: Net sales $ — $ 1,980 $ 1,409 $ 92 $ 92 $ — $ 12 $ 86 $ 1 $ 48 $ — $ 3,720 Other revenues from operations — — — — 126 219 — — 21 — — 366 Net gain (loss) from investment activities (948 ) — — — — — — — — — 1 (947 ) Interest and dividend income 32 1 — — 1 1 1 — — — — 36 Other (loss) income, net (1 ) 6 13 — 3 — (2 ) (5 ) 20 1 2 37 (917 ) 1,987 1,422 92 222 220 11 81 42 49 3 3,212 Expenses: Cost of goods sold — 1,660 1,270 102 69 — 14 68 — 41 — 3,224 Other expenses from operations — — — — 51 104 — — 13 — — 168 Selling, general and administrative (24 ) 269 34 5 12 84 5 14 4 9 6 418 Restructuring — 18 — — — — — — — — — 18 Impairment — 6 — — — — — — — — — 6 Interest expense 148 37 12 — 20 3 — 3 1 — 72 296 124 1,990 1,316 107 152 191 19 85 18 50 78 4,130 (Loss) income before income tax (expense) benefit (1,041 ) (3 ) 106 (15 ) 70 29 (8 ) (4 ) 24 (1 ) (75 ) (918 ) Income tax (expense) benefit — (7 ) (17 ) 7 (16 ) (12 ) 1 — — — 22 (22 ) Net (loss) income (1,041 ) (10 ) 89 (8 ) 54 17 (7 ) (4 ) 24 (1 ) (53 ) (940 ) Less: net loss (income) attributable to non-controlling interests 562 (1 ) (39 ) — (19 ) (5 ) 1 1 — — — 500 Net (loss) income attributable to Icahn Enterprises $ (479 ) $ (11 ) $ 50 $ (8 ) $ 35 $ 12 $ (6 ) $ (3 ) $ 24 $ (1 ) $ (53 ) $ (440 ) Supplemental information: Capital expenditures $ — $ 111 $ 55 $ 4 $ 133 $ 16 $ 12 $ 6 $ — $ 1 $ — $ 338 Depreciation and amortization (1) $ — $ 89 $ 56 $ 8 $ 32 $ 17 $ 3 $ 6 $ 5 $ 1 $ — $ 217 Nine Months Ended September 30, 2016 Investment Automotive Energy Metals Railcar Gaming Mining Food Packaging Real Estate Home Fashion Holding Company Consolidated (in millions) Revenues: Net sales $ — $ 7,140 $ 3,429 $ 206 $ 315 $ — $ 49 $ 243 $ 13 $ 151 $ — $ 11,546 Other revenues from operations — 314 — — 398 740 — — 54 — — 1,506 Net (loss) income from investment activities (841 ) — 5 — — — — — — — 10 (826 ) Interest and dividend income 84 2 1 — 2 — 1 — — — 7 97 Other (loss) income, net (3 ) 60 (10 ) 1 4 3 (9 ) 4 1 1 1 53 (760 ) 7,516 3,425 207 719 743 41 247 68 152 18 12,376 Expenses: Cost of goods sold — 5,797 3,297 217 270 — 43 185 10 130 — 9,949 Other expenses from operations — 323 — — 186 358 — — 35 — — 902 Selling, general and administrative 28 1,131 103 14 32 329 12 39 9 28 11 1,736 Restructuring — 28 — 1 — — — — — — — 29 Impairment — 4 574 — — 92 — — — — — 670 Interest expense 184 118 56 — 66 9 5 10 1 — 216 665 212 7,401 4,030 232 554 788 60 234 55 158 227 13,951 (Loss) income before income tax (expense) benefit (972 ) 115 (605 ) (25 ) 165 (45 ) (19 ) 13 13 (6 ) (209 ) (1,575 ) Income tax (expense) benefit — (12 ) 17 12 (42 ) (24 ) (2 ) (5 ) — — (25 ) (81 ) Net (loss) income (972 ) 103 (588 ) (13 ) 123 (69 ) (21 ) 8 13 (6 ) (234 ) (1,656 ) Less: net loss (income) attributable to non-controlling interests 526 (18 ) 259 — (25 ) (11 ) 5 (2 ) — — — 734 Net (loss) income attributable to Icahn Enterprises $ (446 ) $ 85 $ (329 ) $ (13 ) $ 98 $ (80 ) $ (16 ) $ 6 $ 13 $ (6 ) $ (234 ) $ (922 ) Supplemental information: Capital expenditures $ — $ 306 $ 106 $ 3 $ 104 $ 63 $ 12 $ 11 $ — $ 10 $ — $ 615 Depreciation and amortization (1) $ — $ 332 $ 191 $ 17 $ 103 $ 53 $ 3 $ 15 $ 15 $ 5 $ — $ 734 Nine Months Ended September 30, 2015 Investment Automotive Energy Metals Railcar Gaming Mining Food Packaging Real Estate Home Fashion Holding Company Consolidated (in millions) Revenues: Net sales $ — $ 5,831 $ 4,422 $ 301 $ 281 $ — $ 18 $ 262 $ 2 $ 147 $ — $ 11,264 Other revenues from operations — — — — 367 615 — — 60 — — 1,042 Net gain (loss) from investment activities 231 — 36 — — — — — — — (31 ) 236 Interest and dividend income 125 4 1 — 2 1 1 — — — 2 136 Other (loss) income, net (1 ) 41 (51 ) 3 5 (1 ) (3 ) (8 ) 41 1 2 29 355 5,876 4,408 304 655 615 16 254 103 148 (27 ) 12,707 Expenses: Cost of goods sold — 4,950 3,839 328 208 — 20 201 1 126 — 9,673 Other expenses from operations — — — — 151 297 — — 36 — — 484 Selling, general and administrative 206 722 99 15 31 253 7 37 9 25 19 1,423 Restructuring — 57 — — — — — — — — — 57 Impairment — 10 — — — — — — — — — 10 Interest expense 412 107 36 — 61 9 1 9 2 — 216 853 618 5,846 3,974 343 451 559 28 247 48 151 235 12,500 (Loss) income before income tax (expense) benefit (263 ) 30 434 (39 ) 204 56 (12 ) 7 55 (3 ) (262 ) 207 Income tax (expense) benefit — (30 ) (87 ) 17 (50 ) (23 ) (1 ) (5 ) — — (5 ) (184 ) Net (loss) income (263 ) — 347 (22 ) 154 33 (13 ) 2 55 (3 ) (267 ) 23 Less: net loss (income) attributable to non-controlling interests 144 (4 ) (166 ) — (56 ) (10 ) 3 (1 ) — — — (90 ) Net (loss) income attributable to Icahn Enterprises $ (119 ) $ (4 ) $ 181 $ (22 ) $ 98 $ 23 $ (10 ) $ 1 $ 55 $ (3 ) $ (267 ) $ (67 ) Supplemental information: Capital expenditures $ — $ 328 $ 142 $ 23 $ 463 $ 77 $ 14 $ 15 $ 1 $ 4 $ — $ 1,067 Depreciation and amortization (1) $ — $ 257 $ 172 $ 22 $ 93 $ 46 $ 4 $ 15 $ 16 $ 5 $ — $ 630 (1) Excludes amounts related to the amortization of deferred financing costs and debt discounts and premiums included in interest expense in the amounts of $6 million and $5 million for the three months ended September 30, 2016 and 2015, respectively, and $14 million and $11 million for the nine months ended September 30, 2016 and 2015, respectively. |
Condensed balance sheets by reporting segment | Icahn Enterprises' condensed balance sheets by reporting segment as of September 30, 2016 and December 31, 2015 are presented below: September 30, 2016 Investment Automotive Energy Metals Railcar Gaming Mining Food Packaging Real Estate Home Fashion Holding Company Consolidated (in millions) ASSETS Cash and cash equivalents $ 14 $ 375 $ 763 $ 5 $ 299 $ 290 $ 2 $ 47 $ 13 $ 2 $ 192 $ 2,002 Cash held at consolidated affiliated partnerships and restricted cash 615 4 — 5 44 13 — 2 2 5 2 692 Investments 9,317 275 — — 36 36 — — — — 323 9,987 Accounts receivable, net — 1,405 140 32 33 12 2 57 3 41 — 1,725 Inventories, net — 2,335 323 39 85 — 25 78 — 72 — 2,957 Property, plant and equipment, net — 3,383 3,392 103 2,767 821 144 150 607 76 3 11,446 Goodwill and intangible assets, net — 1,790 322 4 7 74 — 7 41 3 — 2,248 Other assets 977 503 91 14 77 230 23 85 18 6 4 2,028 Total assets $ 10,923 $ 10,070 $ 5,031 $ 202 $ 3,348 $ 1,476 $ 196 $ 426 $ 684 $ 205 $ 524 $ 33,085 LIABILITIES AND EQUITY Accounts payable, accrued expenses and other liabilities $ 774 $ 2,795 $ 1,445 $ 31 $ 360 $ 167 $ 38 $ 63 $ 15 $ 35 $ 149 $ 5,872 Securities sold, not yet purchased, at fair value 1,210 — — — — — — — — — — 1,210 Due to brokers 3,030 — — — — — — — — — — 3,030 Post-employment benefit liability — 1,142 — 2 8 — — 52 — — — 1,204 Debt — 3,338 1,167 — 2,343 287 56 265 25 1 5,489 12,971 Total liabilities 5,014 7,275 2,612 33 2,711 454 94 380 40 36 5,638 24,287 Equity attributable to Icahn Enterprises 1,825 2,457 1,054 169 424 750 79 31 644 169 (5,114 ) 2,488 Equity attributable to non-controlling interests 4,084 338 1,365 — 213 272 23 15 — — — 6,310 Total equity 5,909 2,795 2,419 169 637 1,022 102 46 644 169 (5,114 ) 8,798 Total liabilities and equity $ 10,923 $ 10,070 $ 5,031 $ 202 $ 3,348 $ 1,476 $ 196 $ 426 $ 684 $ 205 $ 524 $ 33,085 December 31, 2015 Investment Automotive Energy Metals Railcar Gaming Mining Food Packaging Real Estate Home Fashion Holding Company Consolidated (in millions) ASSETS Cash and cash equivalents $ 10 $ 201 $ 765 $ 12 $ 623 $ 217 $ 14 $ 37 $ 19 $ 14 $ 166 $ 2,078 Cash held at consolidated affiliated partnerships and restricted cash 1,199 — — 4 53 14 — 1 2 6 3 1,282 Investments 14,553 296 — — 27 26 — — — — 449 15,351 Accounts receivable, net — 1,418 96 26 36 9 4 60 2 34 — 1,685 Inventories, net — 1,656 290 39 97 — 32 77 — 68 — 2,259 Property, plant and equipment, net — 2,386 2,698 116 2,767 740 134 152 610 72 3 9,678 Goodwill and intangible assets, net — 1,556 911 5 7 74 — 8 48 3 — 2,612 Other assets 378 430 128 13 71 201 19 81 20 9 108 1,458 Total assets $ 16,140 $ 7,943 $ 4,888 $ 215 $ 3,681 $ 1,281 $ 203 $ 416 $ 701 $ 206 $ 729 $ 36,403 LIABILITIES AND EQUITY Accounts payable, accrued expenses and other liabilities $ 488 $ 2,061 $ 1,366 $ 30 $ 299 $ 118 $ 30 $ 62 $ 17 $ 30 $ (60 ) $ 4,441 Securities sold, not yet purchased, at fair value 794 — — — — — — — — — — 794 Due to brokers 7,317 — — — — — — — — — — 7,317 Post-employment benefit liability — 1,163 — 2 8 — — 51 — — — 1,224 Debt — 3,135 667 1 2,671 289 50 267 28 — 5,486 12,594 Total liabilities 8,599 6,359 2,033 33 2,978 407 80 380 45 30 5,426 26,370 Equity attributable to Icahn Enterprises 3,428 1,270 1,508 182 742 604 95 23 656 176 (4,697 ) 3,987 Equity attributable to non-controlling interests 4,113 314 1,347 — (39 ) 270 28 13 — — — 6,046 Total equity 7,541 1,584 2,855 182 703 874 123 36 656 176 (4,697 ) 10,033 Total liabilities and equity $ 16,140 $ 7,943 $ 4,888 $ 215 $ 3,681 $ 1,281 $ 203 $ 416 $ 701 $ 206 $ 729 $ 36,403 |
Icahn Enterprises Holdings [Member] | |
Segment Reporting Information [Line Items] | |
Segment information | Icahn Enterprises Holdings Due to the structure of our business, the consolidated results of operations for Icahn Enterprises and Icahn Enterprises Holdings are substantially the same. Differences primarily relate to non-cash portions of interest expense as well as due to/due from balances between Icahn Enterprises and Icahn Enterprises Holdings and are only reflected in the results of operations for the Holding Company. Segment information for Icahn Enterprises Holdings is presented below for significant financial statement line items affected by these differences. Three Months Ended September 30, December 31, 2016 2015 2016 2015 Interest Expense Net Income (Loss) Net Income (Loss) Attributable to Icahn Enterprises Holdings Interest Expense Net (Loss) Income Net (Loss) Income Attributable to Icahn Enterprises Holdings Total Assets Total Assets (in millions) (in millions) Investment $ 52 $ 362 $ 111 $ 148 $ (1,041 ) $ (479 ) $ 10,923 $ 16,140 Automotive 41 33 29 37 (10 ) (11 ) 10,070 7,943 Energy 26 (8 ) 2 12 89 50 5,031 4,888 Metals — (6 ) (6 ) — (8 ) (8 ) 202 215 Railcar 22 21 18 20 54 35 3,348 3,681 Gaming 3 (83 ) (89 ) 3 17 12 1,476 1,281 Mining 2 (3 ) (2 ) — (7 ) (6 ) 196 203 Food Packaging 4 2 1 3 (4 ) (3 ) 426 416 Real Estate — 4 4 1 24 24 684 701 Home Fashion — (4 ) (4 ) — (1 ) (1 ) 205 206 Holding Company 72 (80 ) (80 ) 72 (53 ) (53 ) 549 753 Consolidated $ 222 $ 238 $ (16 ) $ 296 $ (940 ) $ (440 ) $ 33,110 $ 36,427 Nine Months Ended 2016 2015 Interest Expense Net (Loss) Income Net (Loss) Income Attributable to Icahn Enterprises Holdings Interest Expense Net (Loss) Income Net (Loss) Income Attributable to Icahn Enterprises Holdings (in millions) Investment $ 184 $ (972 ) $ (446 ) $ 412 $ (263 ) $ (119 ) Automotive 118 103 85 107 — (4 ) Energy 56 (588 ) (329 ) 36 347 181 Metals — (13 ) (13 ) — (22 ) (22 ) Railcar 66 123 98 61 154 98 Gaming 9 (69 ) (80 ) 9 33 23 Mining 5 (21 ) (16 ) 1 (13 ) (10 ) Food Packaging 10 8 6 9 2 1 Real Estate 1 13 13 2 55 55 Home Fashion — (6 ) (6 ) — (3 ) (3 ) Holding Company 215 (233 ) (233 ) 215 (266 ) (266 ) Consolidated $ 664 $ (1,655 ) $ (921 ) $ 852 $ 24 $ (66 ) |
Changes in Accumulated Other 40
Changes in Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | Changes in accumulated other comprehensive loss consists of the following: Post-Employment Benefits, Net of Tax Hedge Instruments, Net of Tax Translation Adjustments and Other, Net of Tax Total (in millions) Balance, December 31, 2015 $ (632 ) $ (25 ) $ (800 ) $ (1,457 ) Other comprehensive income (loss) before reclassifications, net of tax 1 — (9 ) (8 ) Reclassifications from accumulated other comprehensive income (loss) to earnings 16 2 (1 ) 17 Other comprehensive income (loss), net of tax 17 2 (10 ) 9 Balance, September 30, 2016 $ (615 ) $ (23 ) $ (810 ) $ (1,448 ) |
Other Income (Loss), Net (Table
Other Income (Loss), Net (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Other (Loss) Income, Net [Abstract] | |
Schedule of Other Nonoperating Income (Expense) | Other income (loss), net consists of the following: Three Months Ended Nine Months Ended 2016 2015 2016 2015 (in millions) Realized and unrealized (loss) gain on derivatives, net (Note 6) $ (2 ) $ 12 $ (5 ) $ (52 ) (Loss) gain on disposition of assets, net (1 ) 19 10 39 Loss on extinguishment of debt (Note 10) — — (5 ) (2 ) Equity earnings from non-consolidated affiliates 12 11 48 43 Gain on acquisition — (1 ) — 2 Foreign currency transaction loss (2 ) (6 ) (4 ) (8 ) Other 6 2 9 7 $ 13 $ 37 $ 53 $ 29 |
Description of Business and B42
Description of Business and Basis of Presentation (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | May 26, 2016 | Apr. 01, 2016 | Feb. 26, 2016 | Feb. 04, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 |
Entity Information [Line Items] | |||||||||
Impairment | $ 93 | $ 6 | $ 670 | $ 10 | |||||
Cash held at consolidated affiliated partnerships and restricted cash | 692 | 692 | $ 1,282 | ||||||
Debt | 12,971 | 12,971 | 12,594 | ||||||
Fair value of long-term debt | 12,800 | 12,800 | 12,200 | ||||||
Restricted cash [Member] | |||||||||
Entity Information [Line Items] | |||||||||
Cash held at consolidated affiliated partnerships and restricted cash | 569 | $ 569 | 966 | ||||||
Icahn Enterprises G.P. [Member] | |||||||||
Entity Information [Line Items] | |||||||||
General partner ownership percentage in Icahn Enterprises | 1.00% | ||||||||
General partner ownership interest in Icahn Enterprises Holdings | 1.00% | ||||||||
Aggregate general partner ownership interest of parent and operating subsidiary | 1.99% | ||||||||
Mr. Icahn and his affiliates [Member] | |||||||||
Entity Information [Line Items] | |||||||||
Affiliate ownership interest in Icahn Enterprises | 89.70% | ||||||||
Icahn Enterprises Holdings [Member] | |||||||||
Entity Information [Line Items] | |||||||||
Percentage of equity ownership in operating subsidiary | 99.00% | ||||||||
Impairment | 93 | 6 | $ 670 | 10 | |||||
Cash held at consolidated affiliated partnerships and restricted cash | 692 | 692 | 1,282 | ||||||
Debt | 12,971 | $ 12,971 | 12,594 | ||||||
Debt | |||||||||
Entity Information [Line Items] | |||||||||
Affect on prior year financial statements from adopting new accounting principle | 39 | ||||||||
Automotive Segment [Member] | |||||||||
Entity Information [Line Items] | |||||||||
Percentage of equity ownership in operating subsidiary | 82.00% | ||||||||
Impairment | 1 | 6 | $ 4 | 10 | |||||
Cash held at consolidated affiliated partnerships and restricted cash | 4 | 4 | 0 | ||||||
Debt | 3,338 | 3,338 | 3,135 | ||||||
Automotive Segment [Member] | Pep Boys [Member] | |||||||||
Entity Information [Line Items] | |||||||||
Consideration transferred to acquire business | $ 1,200 | ||||||||
Fair value of equity interest in acquiree just prior to obtaining a controlling interest | 121 | ||||||||
Recognized net tangible assets from business combination | 993 | ||||||||
Recognized goodwill and other intangible net assets from business combination | 210 | ||||||||
Recognized unfavorable lease intangible liability from business combination | 59 | ||||||||
Revenue of acquiree since acquisition date included in consolidated results | 1,300 | ||||||||
Net income (loss) of acquiree attributable to Icahn Enterprises since acquisition date included in consolidated results | (8) | ||||||||
Pro forma revenue | 12,500 | 14,300 | |||||||
Pro forma net income (loss) | (1,700) | 9 | |||||||
Pro forma net Income (loss) attributable to Icahn Enterprises | $ (963) | $ (81) | |||||||
Pro forma basic income (loss) per LP unit | $ (6.99) | $ (0.63) | |||||||
Pro forma diluted income (loss) per LP unit | $ (6.99) | $ (0.63) | |||||||
Automotive Segment [Member] | Other acquisition [Member] | |||||||||
Entity Information [Line Items] | |||||||||
Consideration transferred to acquire business | $ 25 | ||||||||
Recognized net tangible assets from business combination | $ 25 | ||||||||
Energy Segment [Member] | |||||||||
Entity Information [Line Items] | |||||||||
Impairment | 0 | 0 | $ 574 | $ 0 | |||||
Cash held at consolidated affiliated partnerships and restricted cash | 0 | 0 | 0 | ||||||
Debt | 1,167 | 1,167 | 667 | ||||||
Energy Segment [Member] | CVR Nitrogen [Member] | |||||||||
Entity Information [Line Items] | |||||||||
Consideration transferred to acquire business | $ 440 | ||||||||
Recognized net tangible assets from business combination | $ 440 | ||||||||
Subsidiary units issued to acquire entity | 40.2 | ||||||||
Value of equity interest in subsidiary issued to acquire business | $ 336 | ||||||||
Payments to acquire businesses | 99 | ||||||||
Liabilities of acquiree incurred from business combination | 368 | ||||||||
Debt | 320 | ||||||||
Intercompany debt, face amount | $ 320 | ||||||||
Energy Segment [Member] | Cash and Cash Equivalents [Member] | |||||||||
Entity Information [Line Items] | |||||||||
VIE Carrying amount of assets | 351 | 351 | 237 | ||||||
Energy Segment [Member] | Property, Plant and Equipment [Member] | |||||||||
Entity Information [Line Items] | |||||||||
VIE Carrying amount of assets | 3,365 | 3,365 | 2,674 | ||||||
Energy Segment [Member] | Inventories | |||||||||
Entity Information [Line Items] | |||||||||
VIE Carrying amount of assets | 323 | 323 | 290 | ||||||
Energy Segment [Member] | Goodwill | |||||||||
Entity Information [Line Items] | |||||||||
VIE Carrying amount of assets | 0 | 0 | 574 | ||||||
Energy Segment [Member] | Intangible assets, net | |||||||||
Entity Information [Line Items] | |||||||||
VIE Carrying amount of assets | 323 | 323 | 337 | ||||||
Energy Segment [Member] | Other assets | |||||||||
Entity Information [Line Items] | |||||||||
VIE Carrying amount of assets | 79 | 79 | 115 | ||||||
Energy Segment [Member] | Accounts payable, accrued expenses and other liabilities [Member] | |||||||||
Entity Information [Line Items] | |||||||||
VIE Carrying amount of liabilities | 436 | 436 | 333 | ||||||
Energy Segment [Member] | Debt | |||||||||
Entity Information [Line Items] | |||||||||
VIE Carrying amount of liabilities | 1,167 | 1,167 | 667 | ||||||
Gaming Segment [Member] | |||||||||
Entity Information [Line Items] | |||||||||
Impairment | 92 | $ 0 | 92 | $ 0 | |||||
Cash held at consolidated affiliated partnerships and restricted cash | 13 | 13 | 14 | ||||||
Debt | $ 287 | $ 287 | $ 289 | ||||||
Gaming Segment [Member] | Trump [Member] | |||||||||
Entity Information [Line Items] | |||||||||
Fair value of equity interest in acquiree just prior to obtaining a controlling interest | $ 126 | ||||||||
Gain on remeasuring fair value of equity interest in acquiree just prior to obtaining a controlling interest | 16 | ||||||||
Recognized net tangible assets from business combination | 112 | ||||||||
Recognized goodwill and other intangible net assets from business combination | $ 14 | ||||||||
Face value of pre-petition debt | $ 286 |
Operating Units Investment Segm
Operating Units Investment Segment (Details) - USD ($) $ in Billions | Sep. 30, 2016 | Dec. 31, 2015 |
Investment Funds [Member] | ||
Segment Reporting Information [Line Items] | ||
Fair value of our interest in Funds of subsidiary | $ 1.8 | $ 3.4 |
Operating Units Automotive Segm
Operating Units Automotive Segment (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016USD ($)ft² | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)ft² | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) | |
Segment Reporting Information [Line Items] | |||||
Restructuring | $ 8,000,000 | $ 18,000,000 | $ 29,000,000 | $ 57,000,000 | |
Automotive Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Percentage of equity ownership in subsidiary | 82.00% | ||||
Gross amount of transferred receivables under factoring arrangement | 519,000,000 | $ 519,000,000 | $ 408,000,000 | ||
Gross amount of transferred receivables under factoring arrangements qualifying as sales | 510,000,000 | 510,000,000 | 401,000,000 | ||
Undrawn cash with respect to transferred receivables | 1,000,000 | 1,000,000 | 1,000,000 | ||
Proceeds from transferred receivables under factoring arrangements qualifying as sales | 311,000,000 | 380,000,000 | 1,200,000,000 | 1,200,000,000 | |
Expenses associated with transferred receivables under factoring arrangements | 2,000,000 | 3,000,000 | 9,000,000 | 7,000,000 | |
Maximum exposure associated with transferred receivables under factoring arrangements | 5,000,000 | 5,000,000 | $ 11,000,000 | ||
Restructuring | 7,000,000 | $ 18,000,000 | 28,000,000 | $ 57,000,000 | |
Federal-Mogul [Member] | Cost restructure program [Member] | Automotive Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Expected additional cost to complete restructuring programs | 1,000,000 | 1,000,000 | |||
Federal-Mogul [Member] | Prior restructuring programs | Automotive Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Expected additional cost to complete restructuring programs | $ 4,000,000 | $ 4,000,000 | |||
Pep Boys [Member] | Automotive Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Number of locations | 805 | 805 | |||
Automotive supercenter, square footage | ft² | 20,000 | 20,000 | |||
Service center, square footage | ft² | 6,000 | 6,000 | |||
IEH Auto [Member] | Automotive Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Number of distribution centers | 21 | 21 | |||
Number of stores | 284 | 284 | |||
Number of independent wholesalers in network | 2,000 | 2,000 |
Operating Units Energy Segment
Operating Units Energy Segment (Details) ft³ / d in Millions, bbl in Millions | 9 Months Ended |
Sep. 30, 2016ft²ft³ / dbbl / dT / dmilesbbl | |
CVR Refining, LP [Member] | |
Segment Reporting Information [Line Items] | |
Percentage of equity ownership in subsidiary | 3.90% |
CVR Refining, LP [Member] | Energy Segment [Member] | |
Segment Reporting Information [Line Items] | |
Percentage of equity ownership in subsidiary | 66.00% |
CVR Partners, LP [Member] | Energy Segment [Member] | |
Segment Reporting Information [Line Items] | |
Percentage of equity ownership in subsidiary | 34.00% |
CVR Energy, Inc. [Member] | |
Segment Reporting Information [Line Items] | |
Percentage of equity ownership in subsidiary | 82.00% |
Crude oil gathering [Member] | Energy Segment [Member] | |
Segment Reporting Information [Line Items] | |
Barrels per day | bbl / d | 65,000 |
Pipeline transportation of oil [Member] | Energy Segment [Member] | |
Segment Reporting Information [Line Items] | |
Barrels per day | bbl / d | 170,000 |
Crude oil pipeline length (in miles) | miles | 340 |
Production barrels of oil storage capacity | bbl | 6.4 |
Production barrels of oil combined refinery related storage capacity | bbl | 4.5 |
Coffeyville, Kansas [Member] | Energy Segment [Member] | |
Segment Reporting Information [Line Items] | |
Area of land (acres) | ft² | 440 |
Coffeyville, Kansas [Member] | Petroleum [Member] | Energy Segment [Member] | |
Segment Reporting Information [Line Items] | |
Barrels per day | bbl / d | 115,000 |
Coffeyville, Kansas [Member] | Nitrogen Fertilizer [Member] | Energy Segment [Member] | |
Segment Reporting Information [Line Items] | |
Ton-per-day ammonia unit facility | T / d | 1,300 |
Ton-per-day of Urea and Ammonium Nitrate unit facility | T / d | 3,000 |
Cubic feet of hydrogen per day gasifiation complex | ft³ / d | 89 |
Wynnewood, Oklahoma [Member] | Energy Segment [Member] | |
Segment Reporting Information [Line Items] | |
Area of land (acres) | ft² | 400 |
Wynnewood, Oklahoma [Member] | Petroleum [Member] | Energy Segment [Member] | |
Segment Reporting Information [Line Items] | |
Barrels per day | bbl / d | 70,000 |
East Dubuque [Member] | Nitrogen Fertilizer [Member] | Energy Segment [Member] | |
Segment Reporting Information [Line Items] | |
Ton-per-day ammonia unit facility | T / d | 1,025 |
Ton-per-day of Urea and Ammonium Nitrate unit facility | T / d | 1,100 |
Operating Units Gaming Segment
Operating Units Gaming Segment (Details) - Gaming Segment [Member] | 9 Months Ended |
Sep. 30, 2016ft²table_gameshotel_roomscasinosslot_machines | |
Tropicana [Member] | |
Segment Reporting Information [Line Items] | |
Number of casinos | 8 |
Square footage of casino space | ft² | 392,000 |
Number of slot machines | slot_machines | 7,900 |
Number of table games | table_games | 300 |
Number of hotel rooms | hotel_rooms | 5,500 |
Percentage of equity ownership in subsidiary | 68.80% |
Tropicana [Member] | MISSOURI | |
Segment Reporting Information [Line Items] | |
Number of casinos | 1 |
Tropicana [Member] | LOUISIANA | |
Segment Reporting Information [Line Items] | |
Number of casinos | 1 |
Tropicana [Member] | NEVADA | |
Segment Reporting Information [Line Items] | |
Number of casinos | 2 |
Tropicana [Member] | INDIANA | |
Segment Reporting Information [Line Items] | |
Number of casinos | 1 |
Tropicana [Member] | NEW JERSEY | |
Segment Reporting Information [Line Items] | |
Number of casinos | 1 |
Tropicana [Member] | ARUBA | |
Segment Reporting Information [Line Items] | |
Number of casinos | 1 |
Tropicana [Member] | MISSISSIPPI | |
Segment Reporting Information [Line Items] | |
Number of casinos | 1 |
Trump [Member] | |
Segment Reporting Information [Line Items] | |
Square footage of casino space | ft² | 160,000 |
Number of slot machines | slot_machines | 2,500 |
Number of table games | table_games | 130 |
Number of hotel rooms | hotel_rooms | 2,000 |
Operating Units Other Segments
Operating Units Other Segments (Details) | 9 Months Ended |
Sep. 30, 2016real_estate_propertiesdistribution_centersreal_estate_property_unitsmanufacturing_facilities | |
Real Estate Segment [Member] | |
Segment Reporting Information [Line Items] | |
Number of Real Estate commercial rental properties | real_estate_properties | 15 |
Ferrous Resources [Member] | |
Segment Reporting Information [Line Items] | |
Percentage of equity ownership in subsidiary | 77.20% |
ARI [Member] | |
Segment Reporting Information [Line Items] | |
Percentage of equity ownership in subsidiary | 61.20% |
Viskase [Member] | |
Segment Reporting Information [Line Items] | |
Percentage of equity ownership in subsidiary | 75.30% |
Number of Manufacturing Facilities | manufacturing_facilities | 9 |
Number of distribution centers | distribution_centers | 6 |
Net sales from customers located outside the U.S. | 70.00% |
MASSACHUSETTS | Real Estate Segment [Member] | |
Segment Reporting Information [Line Items] | |
Number of units of residential housing in future development | 239 |
FLORIDA | Real Estate Segment [Member] | |
Segment Reporting Information [Line Items] | |
Number of units of residential housing in future development | 1,128 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | Feb. 29, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 |
Mr. Icahn and his affiliates [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Investment in funds | $ 498 | $ 246 | ||||
Insight Portfolio Group LLC [Member] | Operating expenses | ||||||
Related Party Transaction [Line Items] | ||||||
Expenses from transactions with related party | $ 1 | $ 1 | 2 | $ 2 | ||
Icahn Capital [Member] | Expense sharing agreement [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Expenses charged by related party | 21 | (24) | $ 28 | 204 | ||
Investment Funds [Member] | Mr. Icahn and his affiliates [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Percentage fair value of investments in Funds that is attributable to Mr. Icahn | 69.00% | 55.00% | ||||
Investment Funds [Member] | Mr. Icahn and his affiliates [Member] | Investment in Funds [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transaction, balance | 4,100 | $ 4,100 | $ 4,100 | |||
ARI [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Percentage of equity ownership in operating subsidiary | 61.20% | |||||
ARI [Member] | ACF [Member] | Railcar Sales [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Revenues from transactions with related party | 0 | 3 | $ 1 | 9 | ||
ARI [Member] | ACF [Member] | Railcar repair services and support [Member] [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Revenues from transactions with related party | 1 | 0 | 1 | 0 | ||
ARI [Member] | ACF [Member] | Railcar component sales [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Revenues from transactions with related party | 2 | 4 | $ 4 | 13 | ||
ARL [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Percentage of equity ownership in operating subsidiary | 100.00% | |||||
ARL [Member] | ACF [Member] | Railcar Sales [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Expenses from transactions with related party | $ 0 | $ 16 | $ 14 | 43 | ||
Railcar Segment [Member] | ARL [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
LP units issued as consideration for acquisition | 685,367 | |||||
Agreements with ACF [Member] | ARL [Member] | ACF [Member] | Railcar Sales [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Expenses from transactions with related party | $ 0 | $ 9 |
Investments and Related Matte49
Investments and Related Matters Investment Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Schedule of Investments [Line Items] | |||||
Investments | $ 9,987 | $ 9,987 | $ 15,351 | ||
Securities sold, not yet purchased, at fair value | 1,210 | 1,210 | 794 | ||
Investment Segment [Member] | |||||
Schedule of Investments [Line Items] | |||||
Investments | 9,317 | 9,317 | 14,553 | ||
Securities sold, not yet purchased, at fair value | 1,210 | 1,210 | 794 | ||
Portion of trading gains (loss) that relates to trading securities still held | 754 | $ (2,200) | 626 | $ (1,900) | |
Investment Segment [Member] | Equity securities: | |||||
Schedule of Investments [Line Items] | |||||
Investments | 9,028 | 9,028 | 14,324 | ||
Securities sold, not yet purchased, at fair value | 1,154 | 1,154 | 794 | ||
Investment Segment [Member] | Corporate debt: | |||||
Schedule of Investments [Line Items] | |||||
Investments | 289 | 289 | 72 | ||
Investment Segment [Member] | Basic materials | Equity securities: | |||||
Schedule of Investments [Line Items] | |||||
Investments | 904 | 904 | 563 | ||
Investment Segment [Member] | Communications | Equity securities: | |||||
Schedule of Investments [Line Items] | |||||
Investments | 176 | 176 | 407 | ||
Investment Segment [Member] | Consumer, non-cyclical | Equity securities: | |||||
Schedule of Investments [Line Items] | |||||
Investments | 2,729 | 2,729 | 3,684 | ||
Securities sold, not yet purchased, at fair value | 4 | 4 | 794 | ||
Investment Segment [Member] | Consumer, non-cyclical | Corporate debt: | |||||
Schedule of Investments [Line Items] | |||||
Investments | 103 | 103 | 0 | ||
Investment Segment [Member] | Consumer, cyclical | Equity securities: | |||||
Schedule of Investments [Line Items] | |||||
Investments | 298 | 298 | 115 | ||
Securities sold, not yet purchased, at fair value | 891 | 891 | 0 | ||
Investment Segment [Member] | Consumer, cyclical | Corporate debt: | |||||
Schedule of Investments [Line Items] | |||||
Investments | 170 | 170 | 55 | ||
Investment Segment [Member] | Diversified | Equity securities: | |||||
Schedule of Investments [Line Items] | |||||
Investments | 19 | 19 | 17 | ||
Investment Segment [Member] | Energy | Equity securities: | |||||
Schedule of Investments [Line Items] | |||||
Investments | 1,464 | 1,464 | 1,461 | ||
Securities sold, not yet purchased, at fair value | 14 | 14 | 0 | ||
Investment Segment [Member] | Energy | Corporate debt: | |||||
Schedule of Investments [Line Items] | |||||
Securities sold, not yet purchased, at fair value | 56 | 56 | 0 | ||
Investment Segment [Member] | Financial | Equity securities: | |||||
Schedule of Investments [Line Items] | |||||
Investments | 2,167 | 2,167 | 2,094 | ||
Securities sold, not yet purchased, at fair value | 129 | 129 | 0 | ||
Investment Segment [Member] | Financial | Corporate debt: | |||||
Schedule of Investments [Line Items] | |||||
Investments | 4 | 4 | 4 | ||
Investment Segment [Member] | Financial | Mortgage-backed securities: | |||||
Schedule of Investments [Line Items] | |||||
Investments | 0 | 0 | 157 | ||
Investment Segment [Member] | Industrial | Equity securities: | |||||
Schedule of Investments [Line Items] | |||||
Investments | 240 | 240 | 188 | ||
Securities sold, not yet purchased, at fair value | 116 | 116 | 0 | ||
Investment Segment [Member] | Technology | Equity securities: | |||||
Schedule of Investments [Line Items] | |||||
Investments | 1,031 | 1,031 | 5,795 | ||
Investment Segment [Member] | Sovereign debt | Corporate debt: | |||||
Schedule of Investments [Line Items] | |||||
Investments | 0 | 0 | 13 | ||
Investment Segment [Member] | Utilities | Corporate debt: | |||||
Schedule of Investments [Line Items] | |||||
Investments | $ 12 | $ 12 | $ 0 | ||
Herbalife [Member] | Investment Segment [Member] | |||||
Schedule of Investments [Line Items] | |||||
Ownership percentage in investment measured at fair value that would otherwise be accounted for under equity method | 21.10% | 21.10% | |||
Unrealized gain on investment at fair value that would otherwise be accounted for under equity method | $ 52 | $ 119 | |||
Fair value of equity method investment under fair value option | $ 973 | $ 973 |
Investments and Related Matte50
Investments and Related Matters Other Segments (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Schedule of Investments [Line Items] | ||
Investments | $ 9,987 | $ 15,351 |
Other investments | ||
Schedule of Investments [Line Items] | ||
Investments | 9,685 | 15,028 |
Other Segments [Member] | ||
Schedule of Investments [Line Items] | ||
Investments | 670 | 798 |
Other Segments [Member] | Equity method investments | ||
Schedule of Investments [Line Items] | ||
Investments | 302 | 323 |
Other Segments [Member] | Other investments | ||
Schedule of Investments [Line Items] | ||
Investments | $ 368 | $ 475 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Measurement (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 | |
Assets [Abstract] | |||
Investments | $ 9,987 | $ 15,351 | |
Derivative contracts, at fair value (asset) | [1] | 20 | 259 |
Assets, Fair Value Disclosure | 9,705 | 15,287 | |
Liabilities [Abstract] | |||
Securities sold, not yet purchased, at fair value | 1,210 | 794 | |
Other liabilities | 112 | 3 | |
Derivative contracts at fair value (liability) | [2] | 768 | 36 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 2,090 | 833 | |
Fair Value, Inputs, Level 1 [Member] | |||
Assets [Abstract] | |||
Assets, Fair Value Disclosure | 9,037 | 14,447 | |
Liabilities [Abstract] | |||
Securities sold, not yet purchased, at fair value | 1,154 | 794 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 1,154 | 794 | |
Fair Value, Inputs, Level 2 [Member] | |||
Assets [Abstract] | |||
Assets, Fair Value Disclosure | 425 | 548 | |
Liabilities [Abstract] | |||
Securities sold, not yet purchased, at fair value | 56 | 0 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 936 | 39 | |
Fair Value, Inputs, Level 3 [Member] | |||
Assets [Abstract] | |||
Assets, Fair Value Disclosure | 243 | 292 | |
Liabilities [Abstract] | |||
Securities sold, not yet purchased, at fair value | 0 | 0 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 | |
Other Segments and Holding Company [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Assets [Abstract] | |||
Derivative contracts, at fair value (asset) | [1] | 0 | 0 |
Liabilities [Abstract] | |||
Other liabilities | 0 | 0 | |
Derivative contracts at fair value (liability) | [2] | 0 | 0 |
Other Segments and Holding Company [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Assets [Abstract] | |||
Derivative contracts, at fair value (asset) | [1] | 20 | 259 |
Liabilities [Abstract] | |||
Other liabilities | 112 | 3 | |
Derivative contracts at fair value (liability) | [2] | 768 | 36 |
Other Segments and Holding Company [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Assets [Abstract] | |||
Derivative contracts, at fair value (asset) | [1] | 0 | 0 |
Liabilities [Abstract] | |||
Other liabilities | 0 | 0 | |
Derivative contracts at fair value (liability) | [2] | 0 | 0 |
Other investments | |||
Assets [Abstract] | |||
Investments | 9,685 | 15,028 | |
Other investments | Other Segments and Holding Company [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Assets [Abstract] | |||
Investments | 9,037 | 14,447 | |
Other investments | Other Segments and Holding Company [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Assets [Abstract] | |||
Investments | 405 | 289 | |
Other investments | Other Segments and Holding Company [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Assets [Abstract] | |||
Investments | $ 243 | $ 292 | |
[1] | Amounts are classified within other assets in our condensed consolidated balance sheets. | ||
[2] | Amounts are classified within accrued expenses and other liabilities in our condensed consolidated balance sheets. |
Fair Value Measurements Changes
Fair Value Measurements Changes in Fair Value Level 3 (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Millions | 9 Months Ended | ||||
Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, [Roll Forward] | |||||
Unrealized gain included in earnings related to Level 3 assets still held at period end | $ 6 | $ 40 | |||
Fair Value, Measurements, Recurring [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, [Roll Forward] | |||||
Fair value of investments measured at fair value on a recurring basis | 222 | 245 | |||
Other Segments and Holding Company [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, [Roll Forward] | |||||
Fair value of investments measured at fair value on a recurring basis | $ 283 | $ 229 | |||
Net realized and unrealized gains (losses)(1) | [1] | 10 | (40) | ||
Purchases | 50 | ||||
Net transfers out | $ (121) | (44) | |||
Trading Securities [Member] | Other Segments and Holding Company [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, [Roll Forward] | |||||
Purchases | $ 100 | ||||
[1] | Includes net unrealized losses of $6 million and $40 million for the nine months ended September 30, 2016 and 2015, respectively, relating to investments still held at September 30 of each respective period and which are included in net (loss) gain from investment activities in the condensed consolidated statements of operations. |
Fair Value Measurements Narrati
Fair Value Measurements Narrative (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair value of equity investment in Ferrous Resources prior to acquisition of controlling interest | $ 0 | $ (36) | |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Impairment of PP&E | 82 | 10 | |
Gaming Segment [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Impairment of intangible assets | 14 | ||
Gaming Segment [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Transfer out of Level 3 | 126 | ||
Gaming Segment [Member] | Held-to-maturity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair value of investments measured at fair value on a non-recurring basis | 21 | $ 9 | |
Holding Company [Member] | Trading Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Purchases of level 3 investment | 50 | $ 100 | |
Fair value of investments measured at fair value on a recurring basis | 207 | $ 157 | |
Energy Segment [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Impairment of goodwill | $ 574 |
Financial Instruments Investmen
Financial Instruments Investment Segment and Holding Company Narrative (Details) - Investment Funds [Member] - Investment Segment [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Sep. 30, 2016 | |
Derivative [Line Items] | ||
Maximum payout amount relating to certain put options | $ 5,900 | |
Maximum payout amount relating to certain covered put options on existing short positions | 5,900 | |
Fair value derivative instruments with credit risk related contingent features in a liability position | 33 | $ 766 |
Collateral for derivative positions | 883 | $ 492 |
Put Option [Member] | ||
Derivative [Line Items] | ||
Unrealized gains relating to certain put options | $ 67 |
Financial Instruments Automotiv
Financial Instruments Automotive Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 | |
Derivative [Line Items] | |||
Derivative contracts, at fair value (asset) | [1] | $ 20 | $ 259 |
Derivative contracts at fair value (liability) | [2] | 768 | 36 |
Interest rate swap contracts | |||
Derivative [Line Items] | |||
Notional value of interest rate swap agreements | 16,000 | ||
Automotive Segment [Member] | Federal-Mogul [Member] | Cash Flow Hedging [Member] | Commodity contracts | |||
Derivative [Line Items] | |||
Notional value of interest rate swap agreements | 17 | 28 | |
Automotive Segment [Member] | Federal-Mogul [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||
Derivative [Line Items] | |||
Unrealized losses recorded in accumulated other comprehensive loss | 0 | 2 | |
Accrued Expenses and Other Liabilities [Member] | Automotive Segment [Member] | Federal-Mogul [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||
Derivative [Line Items] | |||
Derivative contracts, at fair value (asset) | $ 1 | ||
Derivative contracts at fair value (liability) | $ 3 | ||
[1] | Amounts are classified within other assets in our condensed consolidated balance sheets. | ||
[2] | Amounts are classified within accrued expenses and other liabilities in our condensed consolidated balance sheets. |
Financial Instruments Energy Na
Financial Instruments Energy Narrative (Details) bbl in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)bbl | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($)bbl | |
Commodity contracts | Energy Segment [Member] | Not Designated as Hedging Instrument [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Number of barrels | bbl | 2.5 | ||||
2-1-1 crack spreads [Member] | Energy Segment [Member] | Not Designated as Hedging Instrument [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Number of barrels | bbl | 2.2 | ||||
Heating oil crack spreads [Member] | Energy Segment [Member] | Not Designated as Hedging Instrument [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Number of barrels | bbl | 0.2 | ||||
Price and basis swap [Member] | Energy Segment [Member] | Not Designated as Hedging Instrument [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Number of barrels | bbl | 0.3 | ||||
Interest rate swap contracts | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional value of interest rate swap agreements | $ 16,000 | ||||
Cash Flow Hedging [Member] | Interest rate swap contracts | Energy Segment [Member] | Designated as Hedging Instrument [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional value of interest rate swap agreements | $ 62.5 | $ 62.5 | |||
Interest rate swap losses relcassed from AOCI to interest expense | (1) | $ (1) | (1) | $ (1) | |
Accrued Expenses and Other Liabilities [Member] | Commodity contracts | Energy Segment [Member] | Not Designated as Hedging Instrument [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative asset | 5 | 5 | $ 45 | ||
Other Income (Loss) Not Specified [Member] | Commodity contracts | Energy Segment [Member] | Not Designated as Hedging Instrument [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Realized gain or loss on derivatives | (2) | $ 3 | (4) | $ (60) | |
Term Loan [Member] | Debt Facility [Member] | Energy Segment [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Portion of debt that is hedged | $ 125 | $ 125 |
Financial Instruments Derivativ
Financial Instruments Derivative Activities Table (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 | |
Credit swaps(1) | |||
Derivative [Line Items] | |||
Long Notional Exposure | [1] | $ 203 | $ 187 |
Notional value of interest rate swap agreements | 2,600 | 10,000 | |
Short Notional Exposure | [1] | 503 | 2,306 |
Equity swaps | |||
Derivative [Line Items] | |||
Long Notional Exposure | 291 | 1,343 | |
Short Notional Exposure | 15,793 | 14,167 | |
Foreign currency forwards | |||
Derivative [Line Items] | |||
Long Notional Exposure | 0 | 0 | |
Short Notional Exposure | 872 | 842 | |
Interest rate swap contracts | |||
Derivative [Line Items] | |||
Long Notional Exposure | [2] | 0 | 0 |
Notional value of interest rate swap agreements | 16,000 | ||
Short Notional Exposure | [2] | 0 | 137 |
Notional Exposure of Derivatives, Short Position, less than three months | 74 | ||
Commodity contracts | |||
Derivative [Line Items] | |||
Long Notional Exposure | 22 | 43 | |
Short Notional Exposure | $ 459 | $ 643 | |
[1] | The short notional amount on our credit default swap positions is approximately $2.6 billion and $10.0 billion as of September 30, 2016 and December 31, 2015, respectively. However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is approximately $0.5 billion and $2.3 billion as of September 30, 2016 and December 31, 2015, respectively. | ||
[2] | The short notional amount on certain of our interest rate contracts with a three month duration is approximately $16.0 billion as of December 31, 2015. We assume that interest rates will not fall below zero and therefore our downside short notional exposure to loss on these contracts is $74 million (of the total $137 million disclosed in the above table) as of December 31, 20 |
Financial Instruments Derivat58
Financial Instruments Derivatives Not Designated as Hedging, Fair Value Table (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 | |
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | |||
Derivative contracts, at fair value (asset) | [1] | $ 20 | $ 259 |
Derivative contracts at fair value (liability) | [2] | 768 | 36 |
Not Designated as Hedging Instrument [Member] | Other assets | |||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | |||
Asset Derivatives, Gross | [3] | 38 | 430 |
Netting across contract types | [3],[4] | (18) | (171) |
Derivative contracts, at fair value (asset) | [3],[4] | 20 | 259 |
Not Designated as Hedging Instrument [Member] | Other assets | Equity contracts | |||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | |||
Asset Derivatives, Gross | [3] | 17 | 339 |
Not Designated as Hedging Instrument [Member] | Other assets | Foreign exchange contracts | |||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | |||
Asset Derivatives, Gross | [3] | 0 | 0 |
Not Designated as Hedging Instrument [Member] | Other assets | Credit contracts | |||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | |||
Asset Derivatives, Gross | [3] | 14 | 45 |
Not Designated as Hedging Instrument [Member] | Other assets | Interest rate swap contracts | |||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | |||
Asset Derivatives, Gross | [3] | 0 | 0 |
Not Designated as Hedging Instrument [Member] | Other assets | Commodity contracts | |||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | |||
Asset Derivatives, Gross | [3] | 7 | 46 |
Not Designated as Hedging Instrument [Member] | Accrued Expenses and Other Liabilities [Member] | |||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | |||
Liability Derivatives, Gross | [5] | 786 | 204 |
Netting across contract types | [4],[5] | (18) | (171) |
Derivative contracts at fair value (liability) | [4],[5] | 768 | 33 |
Not Designated as Hedging Instrument [Member] | Accrued Expenses and Other Liabilities [Member] | Equity contracts | |||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | |||
Liability Derivatives, Gross | [5] | 694 | 122 |
Not Designated as Hedging Instrument [Member] | Accrued Expenses and Other Liabilities [Member] | Foreign exchange contracts | |||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | |||
Liability Derivatives, Gross | [5] | 1 | 19 |
Not Designated as Hedging Instrument [Member] | Accrued Expenses and Other Liabilities [Member] | Credit contracts | |||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | |||
Liability Derivatives, Gross | [5] | 70 | 53 |
Not Designated as Hedging Instrument [Member] | Accrued Expenses and Other Liabilities [Member] | Interest rate swap contracts | |||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | |||
Liability Derivatives, Gross | [5] | 0 | 0 |
Not Designated as Hedging Instrument [Member] | Accrued Expenses and Other Liabilities [Member] | Commodity contracts | |||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | |||
Liability Derivatives, Gross | [5] | 21 | 10 |
Investment Funds [Member] | Investment Segment [Member] | |||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | |||
Collateral for derivative positions | $ 492 | $ 883 | |
[1] | Amounts are classified within other assets in our condensed consolidated balance sheets. | ||
[2] | Amounts are classified within accrued expenses and other liabilities in our condensed consolidated balance sheets. | ||
[3] | Net asset derivatives are located within other assets in our condensed consolidated balance sheets. | ||
[4] | Excludes netting of cash collateral received and posted. The total collateral posted at September 30, 2016 and December 31, 2015 was $492 million and $883 million, respectively, across all counterparties. | ||
[5] | Net liability derivatives are located within accrued expenses and other liabilities in our condensed consolidated balance sheets. |
Financial Instruments Gain (Los
Financial Instruments Gain (Loss) Recognized on Derivatives Not Designated as Hedging Table (Details) - Net gain from investment activities [Member] - Not Designated as Hedging Instrument [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (loss) on derivatives not designated as hedging instruments recognized in income | [1] | $ (467) | $ 1,334 | $ (1,088) | $ 1,417 |
Equity contracts | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (loss) on derivatives not designated as hedging instruments recognized in income | [1] | (448) | 892 | (1,106) | 741 |
Foreign exchange contracts | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (loss) on derivatives not designated as hedging instruments recognized in income | [1] | (7) | (2) | (21) | 134 |
Credit contracts | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (loss) on derivatives not designated as hedging instruments recognized in income | [1] | (44) | 387 | 87 | 536 |
Interest rate contracts | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (loss) on derivatives not designated as hedging instruments recognized in income | [1] | 0 | 0 | (12) | 0 |
Commodity contracts | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (loss) on derivatives not designated as hedging instruments recognized in income | [1] | $ 32 | $ 57 | $ (36) | $ 6 |
[1] | Gains (losses) recognized on derivatives are classified in net gain (loss) from investment activities in our condensed consolidated statements of operations for our Investment segment and are included in other income (loss), net for all other segments. |
Inventories, Net (Details)
Inventories, Net (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Inventories, Net [Abstract] | ||
Raw materials | $ 480 | $ 457 |
Work in process | 302 | 292 |
Finished goods | 2,175 | 1,510 |
Inventory, net | $ 2,957 | $ 2,259 |
Goodwill and Intangible Asset61
Goodwill and Intangible Assets, Net Goodwill Table (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Goodwill [Line Items] | ||
Goodwill, Gross | $ 2,608 | $ 2,397 |
Goodwill, Accumulated Impairment | (1,467) | (893) |
Goodwill, Net Carrying Value | 1,141 | 1,504 |
Automotive Segment [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Gross | 1,668 | 1,457 |
Goodwill, Accumulated Impairment | (537) | (537) |
Goodwill, Net Carrying Value | 1,131 | 920 |
Energy Segment [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Gross | 930 | 930 |
Goodwill, Accumulated Impairment | (930) | (356) |
Goodwill, Net Carrying Value | 0 | 574 |
Railcar Segment [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Gross | 7 | 7 |
Goodwill, Accumulated Impairment | 0 | 0 |
Goodwill, Net Carrying Value | 7 | 7 |
Food Packaging Segment [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Gross | 3 | 3 |
Goodwill, Accumulated Impairment | 0 | 0 |
Goodwill, Net Carrying Value | $ 3 | $ 3 |
Goodwill and Intangible Asset62
Goodwill and Intangible Assets, Net Definite-lived and Indefinite-lived Intangible Assets Table (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Definite-lived intangible assets: [Abstract] | ||
Definite-lived intangible assets, Gross Carrying Amount | $ 1,432 | $ 1,410 |
Definite-lived intangible assets, Accumulated Amortization | (669) | (600) |
Definite-lived intangible assets, Net Carrying Value | 763 | 810 |
Indefinite-lived intangible assets: [Abstract] | ||
Indefinite-lived intangible assets, Net Carrying Value | 344 | 298 |
Intangible assets, net | 1,107 | 1,108 |
Trademarks and brand names [Member] | ||
Indefinite-lived intangible assets: [Abstract] | ||
Indefinite-lived intangible assets, Net Carrying Value | 306 | 260 |
Gaming licenses | ||
Indefinite-lived intangible assets: [Abstract] | ||
Indefinite-lived intangible assets, Net Carrying Value | 38 | 38 |
Customer relationships | ||
Definite-lived intangible assets: [Abstract] | ||
Definite-lived intangible assets, Gross Carrying Amount | 1,060 | 1,041 |
Definite-lived intangible assets, Accumulated Amortization | (456) | (408) |
Definite-lived intangible assets, Net Carrying Value | 604 | 633 |
Developed technology | ||
Definite-lived intangible assets: [Abstract] | ||
Definite-lived intangible assets, Gross Carrying Amount | 144 | 144 |
Definite-lived intangible assets, Accumulated Amortization | (101) | (90) |
Definite-lived intangible assets, Net Carrying Value | 43 | 54 |
In-place leases | ||
Definite-lived intangible assets: [Abstract] | ||
Definite-lived intangible assets, Gross Carrying Amount | 121 | 121 |
Definite-lived intangible assets, Accumulated Amortization | (80) | (73) |
Definite-lived intangible assets, Net Carrying Value | 41 | 48 |
Gasification technology license | ||
Definite-lived intangible assets: [Abstract] | ||
Definite-lived intangible assets, Gross Carrying Amount | 60 | 60 |
Definite-lived intangible assets, Accumulated Amortization | (11) | (9) |
Definite-lived intangible assets, Net Carrying Value | 49 | 51 |
Other | ||
Definite-lived intangible assets: [Abstract] | ||
Definite-lived intangible assets, Gross Carrying Amount | 47 | 44 |
Definite-lived intangible assets, Accumulated Amortization | (21) | (20) |
Definite-lived intangible assets, Net Carrying Value | $ 26 | $ 24 |
Goodwill and Intangible Asset63
Goodwill and Intangible Assets, Net Narrative (Details) - USD ($) $ in Millions | Feb. 04, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 |
Goodwill and Intangible Assets [Line Items] | |||||
Amortization expense associated with definite-lived intangible assets | $ 22 | $ 25 | $ 69 | $ 70 | |
Pep Boys [Member] | Automotive Segment [Member] | |||||
Goodwill and Intangible Assets [Line Items] | |||||
Allocation to goodwill | $ 199 | ||||
Goodwill amount expected to be deductible | 0 | ||||
Fair Value, Inputs, Level 3 [Member] | Energy Segment [Member] | |||||
Goodwill and Intangible Assets [Line Items] | |||||
Impairment of goodwill | 574 | ||||
Fair Value, Inputs, Level 3 [Member] | Gaming Segment [Member] | |||||
Goodwill and Intangible Assets [Line Items] | |||||
Impairment of intangible assets | $ 14 | ||||
Trademarks and brand names [Member] | Pep Boys [Member] | Automotive Segment [Member] | |||||
Goodwill and Intangible Assets [Line Items] | |||||
Allocation to indefinite-lived intangible assets | 48 | ||||
Trademarks and brand names [Member] | Trump [Member] | Gaming Segment [Member] | |||||
Goodwill and Intangible Assets [Line Items] | |||||
Allocation to indefinite-lived intangible assets | 13 | ||||
Other Intangible Assets [Member] | Pep Boys [Member] | Automotive Segment [Member] | |||||
Goodwill and Intangible Assets [Line Items] | |||||
Allocation to indefinite-lived intangible assets | 3 | ||||
Customer relationships | Pep Boys [Member] | Automotive Segment [Member] | |||||
Goodwill and Intangible Assets [Line Items] | |||||
Allocation to definite-lived intangible assets | 19 | ||||
Customer relationships | Trump [Member] | Gaming Segment [Member] | |||||
Goodwill and Intangible Assets [Line Items] | |||||
Allocation to definite-lived intangible assets | $ 1 |
Property, Plant and Equipment64
Property, Plant and Equipment, Net (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | $ 16,151 | $ 16,151 | $ 13,787 | ||
Less: Accumulated depreciation and amortization | (4,705) | (4,705) | (4,109) | ||
Property, plant and equipment, net | 11,446 | 11,446 | 9,678 | ||
Depreciation and amortization expense related to property, plant and equipment | 237 | $ 190 | 675 | $ 556 | |
Land | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 959 | 959 | 614 | ||
Buildings and improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 3,029 | $ 3,029 | 2,456 | ||
Buildings and improvements | Minimum [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, useful life (in years) | 4 years | ||||
Buildings and improvements | Maximum [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, useful life (in years) | 40 years | ||||
Machinery, equipment and furniture | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 7,544 | $ 7,544 | 6,047 | ||
Machinery, equipment and furniture | Minimum [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, useful life (in years) | 1 year | ||||
Machinery, equipment and furniture | Maximum [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, useful life (in years) | 30 years | ||||
Assets leased to others | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 4,061 | $ 4,061 | 3,994 | ||
Less: Accumulated depreciation and amortization | (1,100) | $ (1,100) | (1,100) | ||
Assets leased to others | Minimum [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, useful life (in years) | 15 years | ||||
Assets leased to others | Maximum [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, useful life (in years) | 39 years | ||||
Construction in progress | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 558 | $ 558 | 676 | ||
Railcars [Member] | Assets leased to others | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 3,600 | 3,600 | 3,600 | ||
Real estate properties [Member] | Assets leased to others | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | $ 420 | $ 420 | $ 423 |
Debt Table (Details)
Debt Table (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Debt | $ 12,971 | $ 12,594 |
Automotive Segment [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 3,338 | 3,135 |
Energy Segment [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 1,167 | 667 |
Gaming Segment [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 287 | 289 |
Railcar Segment [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 2,343 | 2,671 |
Food Packaging Segment [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 265 | 267 |
Senior unsecured notes [Member] | 2022 Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 1,339 | 1,338 |
Senior unsecured notes [Member] | 2020 Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 1,705 | 1,706 |
Senior unsecured notes [Member] | 2019 Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 1,271 | 1,270 |
Senior unsecured notes [Member] | 2017 Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 1,174 | 1,172 |
Senior unsecured notes [Member] | Railcar Segment [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 2,343 | 2,671 |
Debt facilities [Member] | Automotive Segment [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 3,324 | 3,121 |
Debt facilities [Member] | Energy Segment [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 1,120 | 619 |
Secured credit facilities [Member] | Gaming Segment [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 287 | 289 |
Secured credit facilities [Member] | Food Packaging Segment [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 265 | 267 |
Other Debt Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Debt | $ 143 | $ 141 |
Debt Narrative - Debt Facilitie
Debt Narrative - Debt Facilities - Automotive (Details) - Automotive Segment [Member] - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2016 | Dec. 31, 2015 | Nov. 25, 2015 | |
Federal-Mogul Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit facility increase in borrowing capacity | $ 50 | ||
Line of credit facility borrowing capacity | 600 | ||
Line of credit facility amount outstanding | 390 | $ 340 | |
Line of credit facility unused borrowing availability | 173 | 170 | |
Letters of credit outstanding amount | 37 | $ 40 | |
IEP Auto Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit facility borrowing capacity | 675 | ||
Line of credit facility amount outstanding | 225 | ||
Line of credit facility unused borrowing availability | 129 | ||
Letters of credit outstanding amount | 43 | ||
IEH Auto Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit facility borrowing capacity | 210 | $ 125 | |
Pep Boys Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit facility borrowing capacity | $ 300 |
Debt Narrative - Debt and Credi
Debt Narrative - Debt and Credit Facilities - Energy (Details) - Energy Segment [Member] - USD ($) $ in Millions | Jun. 10, 2016 | Sep. 30, 2016 | Sep. 30, 2016 | Apr. 13, 2011 |
CVR Refining Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility borrowing capacity | $ 323 | $ 323 | ||
Letters of credit outstanding amount | 28 | 28 | ||
Line of credit facility amount outstanding | 0 | 0 | ||
CVR Partners 2011 Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility amount outstanding | 0 | 0 | ||
Debt | $ 125 | |||
CVR Partners 2023 Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt | $ 645 | |||
Interest rate | 9.25% | |||
Discount on debt | $ 16 | |||
Proceeds from issuance of debt | 623 | |||
CVR Nitrogen 2021 Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt | $ 320 | 4 | 4 | |
Interest rate | 6.50% | |||
Face value of repurchased debt | $ 315 | |||
Amount paid for repurchased debt | 320 | |||
Premium paid on repurchased debt | 5 | |||
Interest paid on repurchased debt | $ 3 | |||
Loss on extinguishment of debt | (5) | (5) | ||
CVR Partners 2016 Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility borrowing capacity | 50 | 50 | ||
Additional borrowing availability | 25 | |||
Line of credit facility unused borrowing availability | 48 | 48 | ||
Line of credit facility amount outstanding | $ 0 | $ 0 |
Debt Narrative - Debt and Cre68
Debt Narrative - Debt and Credit Facilities - Railcar (Details) - Railcar Segment [Member] - USD ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 28, 2016 | Dec. 31, 2015 | Dec. 30, 2015 | |
Debt Instrument [Line Items] | ||||
Railcars pledged as collateral | $ 549 | $ 564 | ||
Amount of debt repaid | 208 | |||
ARI Revolving Loan | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility borrowing capacity | $ 200 | |||
Line of credit facility amount outstanding | $ 100 | |||
Line of credit facility unused borrowing availability | $ 200 | |||
ARL Term Loan Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt | $ 150 |
Pensions, Other Post-employme69
Pensions, Other Post-employment Benefits and Employee Benefit Plans Net Periodic Benefit Cost (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Pension Benefits | ||||
Net Periodic Benefit Cost [Line Items] | ||||
Service cost | $ 5 | $ 5 | $ 13 | $ 15 |
Interest cost | 17 | 18 | 51 | 50 |
Expected return on plan assets | (14) | (18) | (43) | (53) |
Amortization of actuarial losses | 6 | 6 | 17 | 20 |
Amortization of prior service credit | 0 | 0 | 0 | 0 |
Net periodic benefit cost | 14 | 11 | 38 | 32 |
OPEB | ||||
Net Periodic Benefit Cost [Line Items] | ||||
Service cost | 0 | 0 | 0 | 0 |
Interest cost | 3 | 3 | 9 | 10 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of actuarial losses | 1 | 2 | 2 | 4 |
Amortization of prior service credit | (1) | (1) | (3) | (3) |
Net periodic benefit cost | $ 3 | $ 4 | $ 8 | $ 11 |
Net Income Per LP Unit (Details
Net Income Per LP Unit (Details) - USD ($) $ / shares in Units, $ in Millions | Nov. 02, 2016 | Nov. 01, 2016 | Sep. 19, 2016 | Aug. 03, 2016 | Jun. 16, 2016 | Apr. 29, 2016 | Apr. 12, 2016 | Feb. 29, 2016 | Feb. 23, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 |
Earnings Per LP Unit [Line Items] | |||||||||||||
Net (loss) income attributable to Icahn Enterprises | $ (16) | $ (440) | $ (922) | $ (67) | |||||||||
Net (loss) income attributable to Icahn Enterprises allocable to limited partners (98.01% allocation) | $ (16) | $ (432) | $ (904) | $ (66) | |||||||||
Basic (loss) income per LP unit | $ (0.12) | $ (3.40) | $ (6.70) | $ (0.53) | |||||||||
Basic weighted average LP units outstanding | 139,000,000 | 127,000,000 | 135,000,000 | 125,000,000 | |||||||||
Diluted (loss) income per LP unit | $ (0.12) | $ (3.40) | $ (6.70) | $ (0.53) | |||||||||
Diluted weighted average LP units outstanding | 139,000,000 | 127,000,000 | 135,000,000 | 125,000,000 | |||||||||
Distribution made to limited partners, Unit distribution | 3,586,029 | 3,116,976 | 2,824,186 | ||||||||||
Distribution declared per depositary unit | $ 1.50 | $ 1.50 | $ 1.50 | ||||||||||
Mr. Icahn and his affiliates [Member] | |||||||||||||
Earnings Per LP Unit [Line Items] | |||||||||||||
Affiliate ownership interest in Icahn Enterprises | 89.70% | ||||||||||||
Subsequent Event [Member] | |||||||||||||
Earnings Per LP Unit [Line Items] | |||||||||||||
Distribution declared per depositary unit | $ 1.50 | ||||||||||||
Subsequent Event [Member] | Mr. Icahn and his affiliates [Member] | |||||||||||||
Earnings Per LP Unit [Line Items] | |||||||||||||
Affiliate ownership interest in Icahn Enterprises | 89.70% | ||||||||||||
Railcar Segment [Member] | |||||||||||||
Earnings Per LP Unit [Line Items] | |||||||||||||
Net (loss) income attributable to Icahn Enterprises | $ 18 | $ 35 | $ 98 | $ 98 | |||||||||
ARL [Member] | Railcar Segment [Member] | |||||||||||||
Earnings Per LP Unit [Line Items] | |||||||||||||
LP units issued as consideration for acquisition | 685,367 |
Condensed Statement of Operatio
Condensed Statement of Operations By Reporting Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | ||
Segment Reporting Information [Line Items] | ||||||
Total assets | $ 33,085 | $ 33,085 | $ 36,403 | |||
Revenues: | ||||||
Net sales | 3,904 | $ 3,720 | 11,546 | $ 11,264 | ||
Other revenues from operations | 537 | 366 | 1,506 | 1,042 | ||
Net gain from investment activities | 418 | (947) | (826) | 236 | ||
Interest and dividend income | 27 | 36 | 97 | 136 | ||
Other (loss) income, net | 13 | 37 | 53 | 29 | ||
Total Revenues | 4,899 | 3,212 | 12,376 | 12,707 | ||
Expenses: | ||||||
Cost of goods sold | 3,378 | 3,224 | 9,949 | 9,673 | ||
Other expenses from operations | 342 | 168 | 902 | 484 | ||
Selling, general and administrative | 603 | 418 | 1,736 | 1,423 | ||
Restructuring | 8 | 18 | 29 | 57 | ||
Impairment | 93 | 6 | 670 | 10 | ||
Interest expense | 222 | 296 | 665 | 853 | ||
Total Expenses | 4,646 | 4,130 | 13,951 | 12,500 | ||
Income before income tax expense | 253 | (918) | (1,575) | 207 | ||
Income tax expense | (15) | (22) | (81) | (184) | ||
Net income (loss) | 238 | (940) | (1,656) | 23 | ||
Less: net (income) loss attributable to non-controlling interests | (254) | 500 | 734 | (90) | ||
Net (loss) income attributable to Icahn Enterprises | (16) | (440) | (922) | (67) | ||
Supplemental information: | ||||||
Capital expenditures | 194 | 338 | 615 | 1,067 | ||
Depreciation and amortization | [1] | 253 | 217 | 734 | 630 | |
Amortization included in interest expense | 6 | 5 | 14 | 11 | ||
Investment Segment [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total assets | 10,923 | 10,923 | 16,140 | |||
Revenues: | ||||||
Net sales | 0 | 0 | 0 | 0 | ||
Other revenues from operations | 0 | 0 | 0 | 0 | ||
Net gain from investment activities | 412 | (948) | (841) | 231 | ||
Interest and dividend income | 24 | 32 | 84 | 125 | ||
Other (loss) income, net | (1) | (1) | (3) | (1) | ||
Total Revenues | 435 | (917) | (760) | 355 | ||
Expenses: | ||||||
Cost of goods sold | 0 | 0 | 0 | 0 | ||
Other expenses from operations | 0 | 0 | 0 | 0 | ||
Selling, general and administrative | 21 | (24) | 28 | 206 | ||
Restructuring | 0 | 0 | 0 | 0 | ||
Impairment | 0 | 0 | 0 | 0 | ||
Interest expense | 52 | 148 | 184 | 412 | ||
Total Expenses | 73 | 124 | 212 | 618 | ||
Income before income tax expense | 362 | (1,041) | (972) | (263) | ||
Income tax expense | 0 | 0 | 0 | 0 | ||
Net income (loss) | 362 | (1,041) | (972) | (263) | ||
Less: net (income) loss attributable to non-controlling interests | (251) | 562 | 526 | 144 | ||
Net (loss) income attributable to Icahn Enterprises | 111 | (479) | (446) | (119) | ||
Supplemental information: | ||||||
Capital expenditures | 0 | 0 | 0 | 0 | ||
Depreciation and amortization | [1] | 0 | 0 | 0 | 0 | |
Automotive Segment [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total assets | 10,070 | 10,070 | 7,943 | |||
Revenues: | ||||||
Net sales | 2,346 | 1,980 | 7,140 | 5,831 | ||
Other revenues from operations | 116 | 0 | 314 | 0 | ||
Net gain from investment activities | 0 | 0 | 0 | 0 | ||
Interest and dividend income | 0 | 1 | 2 | 4 | ||
Other (loss) income, net | 14 | 6 | 60 | 41 | ||
Total Revenues | 2,476 | 1,987 | 7,516 | 5,876 | ||
Expenses: | ||||||
Cost of goods sold | 1,899 | 1,660 | 5,797 | 4,950 | ||
Other expenses from operations | 122 | 0 | 323 | 0 | ||
Selling, general and administrative | 382 | 269 | 1,131 | 722 | ||
Restructuring | 7 | 18 | 28 | 57 | ||
Impairment | 1 | 6 | 4 | 10 | ||
Interest expense | 41 | 37 | 118 | 107 | ||
Total Expenses | 2,452 | 1,990 | 7,401 | 5,846 | ||
Income before income tax expense | 24 | (3) | 115 | 30 | ||
Income tax expense | (9) | 7 | 12 | (30) | ||
Net income (loss) | 33 | (10) | 103 | 0 | ||
Less: net (income) loss attributable to non-controlling interests | (4) | (1) | (18) | (4) | ||
Net (loss) income attributable to Icahn Enterprises | 29 | (11) | 85 | (4) | ||
Supplemental information: | ||||||
Capital expenditures | 98 | 111 | 306 | 328 | ||
Depreciation and amortization | [1] | 115 | 89 | 332 | 257 | |
Energy Segment [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total assets | 5,031 | 5,031 | 4,888 | |||
Revenues: | ||||||
Net sales | 1,240 | 1,409 | 3,429 | 4,422 | ||
Other revenues from operations | 0 | 0 | 0 | 0 | ||
Net gain from investment activities | 5 | 0 | 5 | 36 | ||
Interest and dividend income | 1 | 0 | 1 | 1 | ||
Other (loss) income, net | (2) | 13 | (10) | (51) | ||
Total Revenues | 1,244 | 1,422 | 3,425 | 4,408 | ||
Expenses: | ||||||
Cost of goods sold | 1,195 | 1,270 | 3,297 | 3,839 | ||
Other expenses from operations | 0 | 0 | 0 | 0 | ||
Selling, general and administrative | 35 | 34 | 103 | 99 | ||
Restructuring | 0 | 0 | 0 | 0 | ||
Impairment | 0 | 0 | 574 | 0 | ||
Interest expense | 26 | 12 | 56 | 36 | ||
Total Expenses | 1,256 | 1,316 | 4,030 | 3,974 | ||
Income before income tax expense | (12) | 106 | (605) | 434 | ||
Income tax expense | (4) | 17 | (17) | (87) | ||
Net income (loss) | (8) | 89 | (588) | 347 | ||
Less: net (income) loss attributable to non-controlling interests | 10 | (39) | 259 | (166) | ||
Net (loss) income attributable to Icahn Enterprises | 2 | 50 | (329) | 181 | ||
Supplemental information: | ||||||
Capital expenditures | 23 | 55 | 106 | 142 | ||
Depreciation and amortization | [1] | 68 | 56 | 191 | 172 | |
Metals Segment [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total assets | 202 | 202 | 215 | |||
Revenues: | ||||||
Net sales | 72 | 92 | 206 | 301 | ||
Other revenues from operations | 0 | 0 | 0 | 0 | ||
Net gain from investment activities | 0 | 0 | 0 | 0 | ||
Interest and dividend income | 0 | 0 | 0 | 0 | ||
Other (loss) income, net | 0 | 0 | 1 | 3 | ||
Total Revenues | 72 | 92 | 207 | 304 | ||
Expenses: | ||||||
Cost of goods sold | 78 | 102 | 217 | 328 | ||
Other expenses from operations | 0 | 0 | 0 | 0 | ||
Selling, general and administrative | 4 | 5 | 14 | 15 | ||
Restructuring | 1 | 0 | 1 | 0 | ||
Impairment | 0 | 0 | 0 | 0 | ||
Interest expense | 0 | 0 | 0 | 0 | ||
Total Expenses | 83 | 107 | 232 | 343 | ||
Income before income tax expense | (11) | (15) | (25) | (39) | ||
Income tax expense | (5) | (7) | (12) | 17 | ||
Net income (loss) | (6) | (8) | (13) | (22) | ||
Less: net (income) loss attributable to non-controlling interests | 0 | 0 | 0 | 0 | ||
Net (loss) income attributable to Icahn Enterprises | (6) | (8) | (13) | (22) | ||
Supplemental information: | ||||||
Capital expenditures | 1 | 4 | 3 | 23 | ||
Depreciation and amortization | [1] | 6 | 8 | 17 | 22 | |
Railcar Segment [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total assets | 3,348 | 3,348 | 3,681 | |||
Revenues: | ||||||
Net sales | 94 | 92 | 315 | 281 | ||
Other revenues from operations | 133 | 126 | 398 | 367 | ||
Net gain from investment activities | 0 | 0 | 0 | 0 | ||
Interest and dividend income | 0 | 1 | 2 | 2 | ||
Other (loss) income, net | 1 | 3 | 4 | 5 | ||
Total Revenues | 228 | 222 | 719 | 655 | ||
Expenses: | ||||||
Cost of goods sold | 86 | 69 | 270 | 208 | ||
Other expenses from operations | 80 | 51 | 186 | 151 | ||
Selling, general and administrative | 10 | 12 | 32 | 31 | ||
Restructuring | 0 | 0 | 0 | 0 | ||
Impairment | 0 | 0 | 0 | 0 | ||
Interest expense | 22 | 20 | 66 | 61 | ||
Total Expenses | 198 | 152 | 554 | 451 | ||
Income before income tax expense | 30 | 70 | 165 | 204 | ||
Income tax expense | 9 | 16 | 42 | (50) | ||
Net income (loss) | 21 | 54 | 123 | 154 | ||
Less: net (income) loss attributable to non-controlling interests | (3) | (19) | (25) | (56) | ||
Net (loss) income attributable to Icahn Enterprises | 18 | 35 | 98 | 98 | ||
Supplemental information: | ||||||
Capital expenditures | 42 | 133 | 104 | 463 | ||
Depreciation and amortization | [1] | 35 | 32 | 103 | 93 | |
Gaming Segment [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total assets | 1,476 | 1,476 | 1,281 | |||
Revenues: | ||||||
Net sales | 0 | 0 | 0 | 0 | ||
Other revenues from operations | 268 | 219 | 740 | 615 | ||
Net gain from investment activities | 0 | 0 | 0 | 0 | ||
Interest and dividend income | 0 | 1 | 0 | 1 | ||
Other (loss) income, net | 3 | 0 | 3 | (1) | ||
Total Revenues | 271 | 220 | 743 | 615 | ||
Expenses: | ||||||
Cost of goods sold | 0 | 0 | 0 | 0 | ||
Other expenses from operations | 127 | 104 | 358 | 297 | ||
Selling, general and administrative | 118 | 84 | 329 | 253 | ||
Restructuring | 0 | 0 | 0 | 0 | ||
Impairment | 92 | 0 | 92 | 0 | ||
Interest expense | 3 | 3 | 9 | 9 | ||
Total Expenses | 340 | 191 | 788 | 559 | ||
Income before income tax expense | (69) | 29 | (45) | 56 | ||
Income tax expense | 14 | 12 | 24 | (23) | ||
Net income (loss) | (83) | 17 | (69) | 33 | ||
Less: net (income) loss attributable to non-controlling interests | (6) | (5) | (11) | (10) | ||
Net (loss) income attributable to Icahn Enterprises | (89) | 12 | (80) | 23 | ||
Supplemental information: | ||||||
Capital expenditures | 15 | 16 | 63 | 77 | ||
Depreciation and amortization | [1] | 18 | 17 | 53 | 46 | |
Mining segment [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total assets | 196 | 196 | 203 | |||
Revenues: | ||||||
Net sales | 18 | 12 | 49 | 18 | ||
Other revenues from operations | 0 | 0 | 0 | 0 | ||
Net gain from investment activities | 0 | 0 | 0 | 0 | ||
Interest and dividend income | 0 | 1 | 1 | 1 | ||
Other (loss) income, net | (1) | (2) | (9) | (3) | ||
Total Revenues | 17 | 11 | 41 | 16 | ||
Expenses: | ||||||
Cost of goods sold | 13 | 14 | 43 | 20 | ||
Other expenses from operations | 0 | 0 | 0 | 0 | ||
Selling, general and administrative | 4 | 5 | 12 | 7 | ||
Restructuring | 0 | 0 | 0 | 0 | ||
Impairment | 0 | 0 | 0 | 0 | ||
Interest expense | 2 | 0 | 5 | 1 | ||
Total Expenses | 19 | 19 | 60 | 28 | ||
Income before income tax expense | (2) | (8) | (19) | (12) | ||
Income tax expense | 1 | (1) | 2 | 1 | ||
Net income (loss) | (3) | (7) | (21) | (13) | ||
Less: net (income) loss attributable to non-controlling interests | 1 | 1 | 5 | 3 | ||
Net (loss) income attributable to Icahn Enterprises | (2) | (6) | (16) | (10) | ||
Supplemental information: | ||||||
Capital expenditures | 7 | 12 | 12 | 14 | ||
Depreciation and amortization | [1] | 2 | 3 | 3 | 4 | |
Food Packaging Segment [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total assets | 426 | 426 | 416 | |||
Revenues: | ||||||
Net sales | 81 | 86 | 243 | 262 | ||
Other revenues from operations | 0 | 0 | 0 | 0 | ||
Net gain from investment activities | 0 | 0 | 0 | 0 | ||
Interest and dividend income | 0 | 0 | 0 | 0 | ||
Other (loss) income, net | (1) | (5) | 4 | (8) | ||
Total Revenues | 80 | 81 | 247 | 254 | ||
Expenses: | ||||||
Cost of goods sold | 61 | 68 | 185 | 201 | ||
Other expenses from operations | 0 | 0 | 0 | 0 | ||
Selling, general and administrative | 12 | 14 | 39 | 37 | ||
Restructuring | 0 | 0 | 0 | 0 | ||
Impairment | 0 | 0 | 0 | 0 | ||
Interest expense | 4 | 3 | 10 | 9 | ||
Total Expenses | 77 | 85 | 234 | 247 | ||
Income before income tax expense | 3 | (4) | 13 | 7 | ||
Income tax expense | 1 | 0 | 5 | (5) | ||
Net income (loss) | 2 | (4) | 8 | 2 | ||
Less: net (income) loss attributable to non-controlling interests | (1) | 1 | (2) | (1) | ||
Net (loss) income attributable to Icahn Enterprises | 1 | (3) | 6 | 1 | ||
Supplemental information: | ||||||
Capital expenditures | 5 | 6 | 11 | 15 | ||
Depreciation and amortization | [1] | 4 | 6 | 15 | 15 | |
Real Estate Segment [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total assets | 684 | 684 | 701 | |||
Revenues: | ||||||
Net sales | 5 | 1 | 13 | 2 | ||
Other revenues from operations | 20 | 21 | 54 | 60 | ||
Net gain from investment activities | 0 | 0 | 0 | 0 | ||
Interest and dividend income | 0 | 0 | 0 | 0 | ||
Other (loss) income, net | 0 | 20 | 1 | 41 | ||
Total Revenues | 25 | 42 | 68 | 103 | ||
Expenses: | ||||||
Cost of goods sold | 4 | 0 | 10 | 1 | ||
Other expenses from operations | 13 | 13 | 35 | 36 | ||
Selling, general and administrative | 4 | 4 | 9 | 9 | ||
Restructuring | 0 | 0 | 0 | 0 | ||
Impairment | 0 | 0 | 0 | 0 | ||
Interest expense | 0 | 1 | 1 | 2 | ||
Total Expenses | 21 | 18 | 55 | 48 | ||
Income before income tax expense | 4 | 24 | 13 | 55 | ||
Income tax expense | 0 | 0 | 0 | 0 | ||
Net income (loss) | 4 | 24 | 13 | 55 | ||
Less: net (income) loss attributable to non-controlling interests | 0 | 0 | 0 | 0 | ||
Net (loss) income attributable to Icahn Enterprises | 4 | 24 | 13 | 55 | ||
Supplemental information: | ||||||
Capital expenditures | 0 | 0 | 0 | 1 | ||
Depreciation and amortization | [1] | 4 | 5 | 15 | 16 | |
Home Fashion Segment [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total assets | 205 | 205 | 206 | |||
Revenues: | ||||||
Net sales | 48 | 48 | 151 | 147 | ||
Other revenues from operations | 0 | 0 | 0 | 0 | ||
Net gain from investment activities | 0 | 0 | 0 | 0 | ||
Interest and dividend income | 0 | 0 | 0 | 0 | ||
Other (loss) income, net | 0 | 1 | 1 | 1 | ||
Total Revenues | 48 | 49 | 152 | 148 | ||
Expenses: | ||||||
Cost of goods sold | 42 | 41 | 130 | 126 | ||
Other expenses from operations | 0 | 0 | 0 | 0 | ||
Selling, general and administrative | 10 | 9 | 28 | 25 | ||
Restructuring | 0 | 0 | 0 | 0 | ||
Impairment | 0 | 0 | 0 | 0 | ||
Interest expense | 0 | 0 | 0 | 0 | ||
Total Expenses | 52 | 50 | 158 | 151 | ||
Income before income tax expense | (4) | (1) | (6) | (3) | ||
Income tax expense | 0 | 0 | 0 | 0 | ||
Net income (loss) | (4) | (1) | (6) | (3) | ||
Less: net (income) loss attributable to non-controlling interests | 0 | 0 | 0 | 0 | ||
Net (loss) income attributable to Icahn Enterprises | (4) | (1) | (6) | (3) | ||
Supplemental information: | ||||||
Capital expenditures | 3 | 1 | 10 | 4 | ||
Depreciation and amortization | [1] | 1 | 1 | 5 | 5 | |
Holding Company [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total assets | 524 | 524 | 729 | |||
Revenues: | ||||||
Net sales | 0 | 0 | 0 | 0 | ||
Other revenues from operations | 0 | 0 | 0 | 0 | ||
Net gain from investment activities | 1 | 1 | 10 | (31) | ||
Interest and dividend income | 2 | 0 | 7 | 2 | ||
Other (loss) income, net | 0 | 2 | 1 | 2 | ||
Total Revenues | 3 | 3 | 18 | (27) | ||
Expenses: | ||||||
Cost of goods sold | 0 | 0 | 0 | 0 | ||
Other expenses from operations | 0 | 0 | 0 | 0 | ||
Selling, general and administrative | 3 | 6 | 11 | 19 | ||
Restructuring | 0 | 0 | 0 | 0 | ||
Impairment | 0 | 0 | 0 | 0 | ||
Interest expense | 72 | 72 | 216 | 216 | ||
Total Expenses | 75 | 78 | 227 | 235 | ||
Income before income tax expense | (72) | (75) | (209) | (262) | ||
Income tax expense | 8 | (22) | 25 | (5) | ||
Net income (loss) | (80) | (53) | (234) | (267) | ||
Less: net (income) loss attributable to non-controlling interests | 0 | 0 | 0 | 0 | ||
Net (loss) income attributable to Icahn Enterprises | (80) | (53) | (234) | (267) | ||
Supplemental information: | ||||||
Capital expenditures | 0 | 0 | 0 | 0 | ||
Depreciation and amortization | [1] | 0 | 0 | 0 | 0 | |
Icahn Enterprises Holdings [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total assets | 33,110 | 33,110 | 36,427 | |||
Revenues: | ||||||
Net sales | 3,904 | 3,720 | 11,546 | 11,264 | ||
Other revenues from operations | 537 | 366 | 1,506 | 1,042 | ||
Net gain from investment activities | 418 | (947) | (826) | 236 | ||
Interest and dividend income | 27 | 36 | 97 | 136 | ||
Other (loss) income, net | 13 | 37 | 53 | 29 | ||
Total Revenues | 4,899 | 3,212 | 12,376 | 12,707 | ||
Expenses: | ||||||
Cost of goods sold | 3,378 | 3,224 | 9,949 | 9,673 | ||
Other expenses from operations | 342 | 168 | 902 | 484 | ||
Selling, general and administrative | 603 | 418 | 1,736 | 1,423 | ||
Restructuring | 8 | 18 | 29 | 57 | ||
Impairment | 93 | 6 | 670 | 10 | ||
Interest expense | 222 | 296 | 664 | 852 | ||
Total Expenses | 4,646 | 4,130 | 13,950 | 12,499 | ||
Income before income tax expense | 253 | (918) | (1,574) | 208 | ||
Income tax expense | (15) | (22) | (81) | (184) | ||
Net income (loss) | 238 | (940) | (1,655) | 24 | ||
Less: net (income) loss attributable to non-controlling interests | (254) | 500 | 734 | (90) | ||
Net (loss) income attributable to Icahn Enterprises | (16) | (440) | (921) | (66) | ||
Supplemental information: | ||||||
Amortization included in interest expense | 6 | 5 | 14 | 10 | ||
Icahn Enterprises Holdings [Member] | Investment Segment [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total assets | 10,923 | 10,923 | 16,140 | |||
Expenses: | ||||||
Interest expense | 52 | 148 | 184 | 412 | ||
Net income (loss) | 362 | (1,041) | (972) | (263) | ||
Net (loss) income attributable to Icahn Enterprises | 111 | (479) | (446) | (119) | ||
Icahn Enterprises Holdings [Member] | Automotive Segment [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total assets | 10,070 | 10,070 | 7,943 | |||
Expenses: | ||||||
Interest expense | 41 | 37 | 118 | 107 | ||
Net income (loss) | 33 | (10) | 103 | 0 | ||
Net (loss) income attributable to Icahn Enterprises | 29 | (11) | 85 | (4) | ||
Icahn Enterprises Holdings [Member] | Energy Segment [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total assets | 5,031 | 5,031 | 4,888 | |||
Expenses: | ||||||
Interest expense | 26 | 12 | 56 | 36 | ||
Net income (loss) | (8) | 89 | (588) | 347 | ||
Net (loss) income attributable to Icahn Enterprises | 2 | 50 | (329) | 181 | ||
Icahn Enterprises Holdings [Member] | Metals Segment [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total assets | 202 | 202 | 215 | |||
Expenses: | ||||||
Interest expense | 0 | 0 | 0 | 0 | ||
Net income (loss) | (6) | (8) | (13) | (22) | ||
Net (loss) income attributable to Icahn Enterprises | (6) | (8) | (13) | (22) | ||
Icahn Enterprises Holdings [Member] | Railcar Segment [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total assets | 3,348 | 3,348 | 3,681 | |||
Expenses: | ||||||
Interest expense | 22 | 20 | 66 | 61 | ||
Net income (loss) | 21 | 54 | 123 | 154 | ||
Net (loss) income attributable to Icahn Enterprises | 18 | 35 | 98 | 98 | ||
Icahn Enterprises Holdings [Member] | Gaming Segment [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total assets | 1,476 | 1,476 | 1,281 | |||
Expenses: | ||||||
Interest expense | 3 | 3 | 9 | 9 | ||
Net income (loss) | (83) | 17 | (69) | 33 | ||
Net (loss) income attributable to Icahn Enterprises | (89) | 12 | (80) | 23 | ||
Icahn Enterprises Holdings [Member] | Mining segment [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total assets | 196 | 196 | 203 | |||
Expenses: | ||||||
Interest expense | 2 | 0 | 5 | 1 | ||
Net income (loss) | (3) | (7) | (21) | (13) | ||
Net (loss) income attributable to Icahn Enterprises | (2) | (6) | (16) | (10) | ||
Icahn Enterprises Holdings [Member] | Food Packaging Segment [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total assets | 426 | 426 | 416 | |||
Expenses: | ||||||
Interest expense | 4 | 3 | 10 | 9 | ||
Net income (loss) | 2 | (4) | 8 | 2 | ||
Net (loss) income attributable to Icahn Enterprises | 1 | (3) | 6 | 1 | ||
Icahn Enterprises Holdings [Member] | Real Estate Segment [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total assets | 684 | 684 | 701 | |||
Expenses: | ||||||
Interest expense | 0 | 1 | 1 | 2 | ||
Net income (loss) | 4 | 24 | 13 | 55 | ||
Net (loss) income attributable to Icahn Enterprises | 4 | 24 | 13 | 55 | ||
Icahn Enterprises Holdings [Member] | Home Fashion Segment [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total assets | 205 | 205 | 206 | |||
Expenses: | ||||||
Interest expense | 0 | 0 | 0 | 0 | ||
Net income (loss) | (4) | (1) | (6) | (3) | ||
Net (loss) income attributable to Icahn Enterprises | (4) | (1) | (6) | (3) | ||
Icahn Enterprises Holdings [Member] | Holding Company [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Total assets | 549 | 549 | $ 753 | |||
Expenses: | ||||||
Interest expense | 72 | 72 | 215 | 215 | ||
Net income (loss) | (80) | (53) | (233) | (266) | ||
Net (loss) income attributable to Icahn Enterprises | $ (80) | $ (53) | $ (233) | $ (266) | ||
[1] | Excludes amounts related to the amortization of deferred financing costs and debt discounts and premiums included in interest expense in the amounts of $6 million and $5 million for the three months ended September 30, 2016 and 2015, respectively, and $14 million and $11 million for the nine months ended September 30, 2016 and 2015, respectively. |
Condensed Balance Sheets By Rep
Condensed Balance Sheets By Reporting Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
ASSETS | ||||||
Cash and cash equivalents | $ 2,002 | $ 2,041 | $ 2,002 | $ 2,041 | $ 2,078 | $ 2,912 |
Cash held at consolidated affiliated partnerships and restricted cash | 692 | 692 | 1,282 | |||
Investments | 9,987 | 9,987 | 15,351 | |||
Accounts receivable, net | 1,725 | 1,725 | 1,685 | |||
Inventories, net | 2,957 | 2,957 | 2,259 | |||
Property, plant and equipment, net | 11,446 | 11,446 | 9,678 | |||
Goodwill and intangible assets, net | 2,248 | 2,248 | 2,612 | |||
Other assets | 2,028 | 2,028 | 1,458 | |||
Total assets | 33,085 | 33,085 | 36,403 | |||
LIABILITIES AND EQUITY | ||||||
Accounts payable, accrued expenses and other liabilities | 5,872 | 5,872 | 4,441 | |||
Securities sold, not yet purchased, at fair value | 1,210 | 1,210 | 794 | |||
Due to brokers | 3,030 | 3,030 | 7,317 | |||
Post-employment benefit liability | 1,204 | 1,204 | 1,224 | |||
Debt | 12,971 | 12,971 | 12,594 | |||
Total assets | 24,287 | 24,287 | 26,370 | |||
Equity attributable to Icahn Enterprises | 2,488 | 2,488 | 3,987 | |||
Equity attributable to non-controlling interests | 6,310 | 6,310 | 6,046 | |||
Total equity | 8,798 | 12,286 | 8,798 | 12,286 | 10,033 | 12,390 |
Total liabilities and equity | 33,085 | 33,085 | 36,403 | |||
Interest expense | 222 | 296 | 665 | 853 | ||
Net income (loss) | 238 | (940) | (1,656) | 23 | ||
Net (loss) income attributable to Icahn Enterprises | (16) | (440) | (922) | (67) | ||
Investment Segment [Member] | ||||||
ASSETS | ||||||
Cash and cash equivalents | 14 | 14 | 10 | |||
Cash held at consolidated affiliated partnerships and restricted cash | 615 | 615 | 1,199 | |||
Investments | 9,317 | 9,317 | 14,553 | |||
Accounts receivable, net | 0 | 0 | 0 | |||
Inventories, net | 0 | 0 | 0 | |||
Property, plant and equipment, net | 0 | 0 | 0 | |||
Goodwill and intangible assets, net | 0 | 0 | 0 | |||
Other assets | 977 | 977 | 378 | |||
Total assets | 10,923 | 10,923 | 16,140 | |||
LIABILITIES AND EQUITY | ||||||
Accounts payable, accrued expenses and other liabilities | 774 | 774 | 488 | |||
Securities sold, not yet purchased, at fair value | 1,210 | 1,210 | 794 | |||
Due to brokers | 3,030 | 3,030 | 7,317 | |||
Post-employment benefit liability | 0 | 0 | 0 | |||
Debt | 0 | 0 | 0 | |||
Total assets | 5,014 | 5,014 | 8,599 | |||
Equity attributable to Icahn Enterprises | 1,825 | 1,825 | 3,428 | |||
Equity attributable to non-controlling interests | 4,084 | 4,084 | 4,113 | |||
Total equity | 5,909 | 5,909 | 7,541 | |||
Total liabilities and equity | 10,923 | 10,923 | 16,140 | |||
Interest expense | 52 | 148 | 184 | 412 | ||
Net income (loss) | 362 | (1,041) | (972) | (263) | ||
Net (loss) income attributable to Icahn Enterprises | 111 | (479) | (446) | (119) | ||
Automotive Segment [Member] | ||||||
ASSETS | ||||||
Cash and cash equivalents | 375 | 375 | 201 | |||
Cash held at consolidated affiliated partnerships and restricted cash | 4 | 4 | 0 | |||
Investments | 275 | 275 | 296 | |||
Accounts receivable, net | 1,405 | 1,405 | 1,418 | |||
Inventories, net | 2,335 | 2,335 | 1,656 | |||
Property, plant and equipment, net | 3,383 | 3,383 | 2,386 | |||
Goodwill and intangible assets, net | 1,790 | 1,790 | 1,556 | |||
Other assets | 503 | 503 | 430 | |||
Total assets | 10,070 | 10,070 | 7,943 | |||
LIABILITIES AND EQUITY | ||||||
Accounts payable, accrued expenses and other liabilities | 2,795 | 2,795 | 2,061 | |||
Securities sold, not yet purchased, at fair value | 0 | 0 | 0 | |||
Due to brokers | 0 | 0 | 0 | |||
Post-employment benefit liability | 1,142 | 1,142 | 1,163 | |||
Debt | 3,338 | 3,338 | 3,135 | |||
Total assets | 7,275 | 7,275 | 6,359 | |||
Equity attributable to Icahn Enterprises | 2,457 | 2,457 | 1,270 | |||
Equity attributable to non-controlling interests | 338 | 338 | 314 | |||
Total equity | 2,795 | 2,795 | 1,584 | |||
Total liabilities and equity | 10,070 | 10,070 | 7,943 | |||
Interest expense | 41 | 37 | 118 | 107 | ||
Net income (loss) | 33 | (10) | 103 | 0 | ||
Net (loss) income attributable to Icahn Enterprises | 29 | (11) | 85 | (4) | ||
Energy Segment [Member] | ||||||
ASSETS | ||||||
Cash and cash equivalents | 763 | 763 | 765 | |||
Cash held at consolidated affiliated partnerships and restricted cash | 0 | 0 | 0 | |||
Investments | 0 | 0 | 0 | |||
Accounts receivable, net | 140 | 140 | 96 | |||
Inventories, net | 323 | 323 | 290 | |||
Property, plant and equipment, net | 3,392 | 3,392 | 2,698 | |||
Goodwill and intangible assets, net | 322 | 322 | 911 | |||
Other assets | 91 | 91 | 128 | |||
Total assets | 5,031 | 5,031 | 4,888 | |||
LIABILITIES AND EQUITY | ||||||
Accounts payable, accrued expenses and other liabilities | 1,445 | 1,445 | 1,366 | |||
Securities sold, not yet purchased, at fair value | 0 | 0 | 0 | |||
Due to brokers | 0 | 0 | 0 | |||
Post-employment benefit liability | 0 | 0 | 0 | |||
Debt | 1,167 | 1,167 | 667 | |||
Total assets | 2,612 | 2,612 | 2,033 | |||
Equity attributable to Icahn Enterprises | 1,054 | 1,054 | 1,508 | |||
Equity attributable to non-controlling interests | 1,365 | 1,365 | 1,347 | |||
Total equity | 2,419 | 2,419 | 2,855 | |||
Total liabilities and equity | 5,031 | 5,031 | 4,888 | |||
Interest expense | 26 | 12 | 56 | 36 | ||
Net income (loss) | (8) | 89 | (588) | 347 | ||
Net (loss) income attributable to Icahn Enterprises | 2 | 50 | (329) | 181 | ||
Metals Segment [Member] | ||||||
ASSETS | ||||||
Cash and cash equivalents | 5 | 5 | 12 | |||
Cash held at consolidated affiliated partnerships and restricted cash | 5 | 5 | 4 | |||
Investments | 0 | 0 | 0 | |||
Accounts receivable, net | 32 | 32 | 26 | |||
Inventories, net | 39 | 39 | 39 | |||
Property, plant and equipment, net | 103 | 103 | 116 | |||
Goodwill and intangible assets, net | 4 | 4 | 5 | |||
Other assets | 14 | 14 | 13 | |||
Total assets | 202 | 202 | 215 | |||
LIABILITIES AND EQUITY | ||||||
Accounts payable, accrued expenses and other liabilities | 31 | 31 | 30 | |||
Securities sold, not yet purchased, at fair value | 0 | 0 | 0 | |||
Due to brokers | 0 | 0 | 0 | |||
Post-employment benefit liability | 2 | 2 | 2 | |||
Debt | 0 | 0 | 1 | |||
Total assets | 33 | 33 | 33 | |||
Equity attributable to Icahn Enterprises | 169 | 169 | 182 | |||
Equity attributable to non-controlling interests | 0 | 0 | 0 | |||
Total equity | 169 | 169 | 182 | |||
Total liabilities and equity | 202 | 202 | 215 | |||
Interest expense | 0 | 0 | 0 | 0 | ||
Net income (loss) | (6) | (8) | (13) | (22) | ||
Net (loss) income attributable to Icahn Enterprises | (6) | (8) | (13) | (22) | ||
Railcar Segment [Member] | ||||||
ASSETS | ||||||
Cash and cash equivalents | 299 | 299 | 623 | |||
Cash held at consolidated affiliated partnerships and restricted cash | 44 | 44 | 53 | |||
Investments | 36 | 36 | 27 | |||
Accounts receivable, net | 33 | 33 | 36 | |||
Inventories, net | 85 | 85 | 97 | |||
Property, plant and equipment, net | 2,767 | 2,767 | 2,767 | |||
Goodwill and intangible assets, net | 7 | 7 | 7 | |||
Other assets | 77 | 77 | 71 | |||
Total assets | 3,348 | 3,348 | 3,681 | |||
LIABILITIES AND EQUITY | ||||||
Accounts payable, accrued expenses and other liabilities | 360 | 360 | 299 | |||
Securities sold, not yet purchased, at fair value | 0 | 0 | 0 | |||
Due to brokers | 0 | 0 | 0 | |||
Post-employment benefit liability | 8 | 8 | 8 | |||
Debt | 2,343 | 2,343 | 2,671 | |||
Total assets | 2,711 | 2,711 | 2,978 | |||
Equity attributable to Icahn Enterprises | 424 | 424 | 742 | |||
Equity attributable to non-controlling interests | 213 | 213 | (39) | |||
Total equity | 637 | 637 | 703 | |||
Total liabilities and equity | 3,348 | 3,348 | 3,681 | |||
Interest expense | 22 | 20 | 66 | 61 | ||
Net income (loss) | 21 | 54 | 123 | 154 | ||
Net (loss) income attributable to Icahn Enterprises | 18 | 35 | 98 | 98 | ||
Gaming Segment [Member] | ||||||
ASSETS | ||||||
Cash and cash equivalents | 290 | 290 | 217 | |||
Cash held at consolidated affiliated partnerships and restricted cash | 13 | 13 | 14 | |||
Investments | 36 | 36 | 26 | |||
Accounts receivable, net | 12 | 12 | 9 | |||
Inventories, net | 0 | 0 | 0 | |||
Property, plant and equipment, net | 821 | 821 | 740 | |||
Goodwill and intangible assets, net | 74 | 74 | 74 | |||
Other assets | 230 | 230 | 201 | |||
Total assets | 1,476 | 1,476 | 1,281 | |||
LIABILITIES AND EQUITY | ||||||
Accounts payable, accrued expenses and other liabilities | 167 | 167 | 118 | |||
Securities sold, not yet purchased, at fair value | 0 | 0 | 0 | |||
Due to brokers | 0 | 0 | 0 | |||
Post-employment benefit liability | 0 | 0 | 0 | |||
Debt | 287 | 287 | 289 | |||
Total assets | 454 | 454 | 407 | |||
Equity attributable to Icahn Enterprises | 750 | 750 | 604 | |||
Equity attributable to non-controlling interests | 272 | 272 | 270 | |||
Total equity | 1,022 | 1,022 | 874 | |||
Total liabilities and equity | 1,476 | 1,476 | 1,281 | |||
Interest expense | 3 | 3 | 9 | 9 | ||
Net income (loss) | (83) | 17 | (69) | 33 | ||
Net (loss) income attributable to Icahn Enterprises | (89) | 12 | (80) | 23 | ||
Mining segment [Member] | ||||||
ASSETS | ||||||
Cash and cash equivalents | 2 | 2 | 14 | |||
Cash held at consolidated affiliated partnerships and restricted cash | 0 | 0 | 0 | |||
Investments | 0 | 0 | 0 | |||
Accounts receivable, net | 2 | 2 | 4 | |||
Inventories, net | 25 | 25 | 32 | |||
Property, plant and equipment, net | 144 | 144 | 134 | |||
Goodwill and intangible assets, net | 0 | 0 | 0 | |||
Other assets | 23 | 23 | 19 | |||
Total assets | 196 | 196 | 203 | |||
LIABILITIES AND EQUITY | ||||||
Accounts payable, accrued expenses and other liabilities | 38 | 38 | 30 | |||
Securities sold, not yet purchased, at fair value | 0 | 0 | 0 | |||
Due to brokers | 0 | 0 | 0 | |||
Post-employment benefit liability | 0 | 0 | 0 | |||
Debt | 56 | 56 | 50 | |||
Total assets | 94 | 94 | 80 | |||
Equity attributable to Icahn Enterprises | 79 | 79 | 95 | |||
Equity attributable to non-controlling interests | 23 | 23 | 28 | |||
Total equity | 102 | 102 | 123 | |||
Total liabilities and equity | 196 | 196 | 203 | |||
Interest expense | 2 | 0 | 5 | 1 | ||
Net income (loss) | (3) | (7) | (21) | (13) | ||
Net (loss) income attributable to Icahn Enterprises | (2) | (6) | (16) | (10) | ||
Food Packaging Segment [Member] | ||||||
ASSETS | ||||||
Cash and cash equivalents | 47 | 47 | 37 | |||
Cash held at consolidated affiliated partnerships and restricted cash | 2 | 2 | 1 | |||
Investments | 0 | 0 | 0 | |||
Accounts receivable, net | 57 | 57 | 60 | |||
Inventories, net | 78 | 78 | 77 | |||
Property, plant and equipment, net | 150 | 150 | 152 | |||
Goodwill and intangible assets, net | 7 | 7 | 8 | |||
Other assets | 85 | 85 | 81 | |||
Total assets | 426 | 426 | 416 | |||
LIABILITIES AND EQUITY | ||||||
Accounts payable, accrued expenses and other liabilities | 63 | 63 | 62 | |||
Securities sold, not yet purchased, at fair value | 0 | 0 | 0 | |||
Due to brokers | 0 | 0 | 0 | |||
Post-employment benefit liability | 52 | 52 | 51 | |||
Debt | 265 | 265 | 267 | |||
Total assets | 380 | 380 | 380 | |||
Equity attributable to Icahn Enterprises | 31 | 31 | 23 | |||
Equity attributable to non-controlling interests | 15 | 15 | 13 | |||
Total equity | 46 | 46 | 36 | |||
Total liabilities and equity | 426 | 426 | 416 | |||
Interest expense | 4 | 3 | 10 | 9 | ||
Net income (loss) | 2 | (4) | 8 | 2 | ||
Net (loss) income attributable to Icahn Enterprises | 1 | (3) | 6 | 1 | ||
Real Estate Segment [Member] | ||||||
ASSETS | ||||||
Cash and cash equivalents | 13 | 13 | 19 | |||
Cash held at consolidated affiliated partnerships and restricted cash | 2 | 2 | 2 | |||
Investments | 0 | 0 | 0 | |||
Accounts receivable, net | 3 | 3 | 2 | |||
Inventories, net | 0 | 0 | 0 | |||
Property, plant and equipment, net | 607 | 607 | 610 | |||
Goodwill and intangible assets, net | 41 | 41 | 48 | |||
Other assets | 18 | 18 | 20 | |||
Total assets | 684 | 684 | 701 | |||
LIABILITIES AND EQUITY | ||||||
Accounts payable, accrued expenses and other liabilities | 15 | 15 | 17 | |||
Securities sold, not yet purchased, at fair value | 0 | 0 | 0 | |||
Due to brokers | 0 | 0 | 0 | |||
Post-employment benefit liability | 0 | 0 | 0 | |||
Debt | 25 | 25 | 28 | |||
Total assets | 40 | 40 | 45 | |||
Equity attributable to Icahn Enterprises | 644 | 644 | 656 | |||
Equity attributable to non-controlling interests | 0 | 0 | 0 | |||
Total equity | 644 | 644 | 656 | |||
Total liabilities and equity | 684 | 684 | 701 | |||
Interest expense | 0 | 1 | 1 | 2 | ||
Net income (loss) | 4 | 24 | 13 | 55 | ||
Net (loss) income attributable to Icahn Enterprises | 4 | 24 | 13 | 55 | ||
Home Fashion Segment [Member] | ||||||
ASSETS | ||||||
Cash and cash equivalents | 2 | 2 | 14 | |||
Cash held at consolidated affiliated partnerships and restricted cash | 5 | 5 | 6 | |||
Investments | 0 | 0 | 0 | |||
Accounts receivable, net | 41 | 41 | 34 | |||
Inventories, net | 72 | 72 | 68 | |||
Property, plant and equipment, net | 76 | 76 | 72 | |||
Goodwill and intangible assets, net | 3 | 3 | 3 | |||
Other assets | 6 | 6 | 9 | |||
Total assets | 205 | 205 | 206 | |||
LIABILITIES AND EQUITY | ||||||
Accounts payable, accrued expenses and other liabilities | 35 | 35 | 30 | |||
Securities sold, not yet purchased, at fair value | 0 | 0 | 0 | |||
Due to brokers | 0 | 0 | 0 | |||
Post-employment benefit liability | 0 | 0 | 0 | |||
Debt | 1 | 1 | 0 | |||
Total assets | 36 | 36 | 30 | |||
Equity attributable to Icahn Enterprises | 169 | 169 | 176 | |||
Equity attributable to non-controlling interests | 0 | 0 | 0 | |||
Total equity | 169 | 169 | 176 | |||
Total liabilities and equity | 205 | 205 | 206 | |||
Interest expense | 0 | 0 | 0 | 0 | ||
Net income (loss) | (4) | (1) | (6) | (3) | ||
Net (loss) income attributable to Icahn Enterprises | (4) | (1) | (6) | (3) | ||
Holding Company [Member] | ||||||
ASSETS | ||||||
Cash and cash equivalents | 192 | 192 | 166 | |||
Cash held at consolidated affiliated partnerships and restricted cash | 2 | 2 | 3 | |||
Investments | 323 | 323 | 449 | |||
Accounts receivable, net | 0 | 0 | 0 | |||
Inventories, net | 0 | 0 | 0 | |||
Property, plant and equipment, net | 3 | 3 | 3 | |||
Goodwill and intangible assets, net | 0 | 0 | 0 | |||
Other assets | 4 | 4 | 108 | |||
Total assets | 524 | 524 | 729 | |||
LIABILITIES AND EQUITY | ||||||
Accounts payable, accrued expenses and other liabilities | 149 | 149 | (60) | |||
Securities sold, not yet purchased, at fair value | 0 | 0 | 0 | |||
Due to brokers | 0 | 0 | 0 | |||
Post-employment benefit liability | 0 | 0 | 0 | |||
Debt | 5,489 | 5,489 | 5,486 | |||
Total assets | 5,638 | 5,638 | 5,426 | |||
Equity attributable to Icahn Enterprises | (5,114) | (5,114) | (4,697) | |||
Equity attributable to non-controlling interests | 0 | 0 | 0 | |||
Total equity | (5,114) | (5,114) | (4,697) | |||
Total liabilities and equity | 524 | 524 | 729 | |||
Interest expense | 72 | 72 | 216 | 216 | ||
Net income (loss) | (80) | (53) | (234) | (267) | ||
Net (loss) income attributable to Icahn Enterprises | (80) | (53) | (234) | (267) | ||
Holding Company [Member] | ||||||
ASSETS | ||||||
Cash and cash equivalents | 2,002 | 2,041 | 2,002 | 2,041 | 2,078 | 2,912 |
Cash held at consolidated affiliated partnerships and restricted cash | 692 | 692 | 1,282 | |||
Investments | 9,987 | 9,987 | 15,351 | |||
Accounts receivable, net | 1,725 | 1,725 | 1,685 | |||
Inventories, net | 2,957 | 2,957 | 2,259 | |||
Property, plant and equipment, net | 11,446 | 11,446 | 9,678 | |||
Total assets | 33,110 | 33,110 | 36,427 | |||
LIABILITIES AND EQUITY | ||||||
Securities sold, not yet purchased, at fair value | 1,210 | 1,210 | 794 | |||
Due to brokers | 3,030 | 3,030 | 7,317 | |||
Post-employment benefit liability | 1,204 | 1,204 | 1,224 | |||
Debt | 12,971 | 12,971 | 12,594 | |||
Total assets | 24,287 | 24,287 | 26,370 | |||
Equity attributable to Icahn Enterprises | 2,513 | 2,513 | 4,011 | |||
Equity attributable to non-controlling interests | 6,310 | 6,310 | 6,046 | |||
Total equity | 8,823 | 12,310 | 8,823 | 12,310 | 10,057 | $ 12,413 |
Total liabilities and equity | 33,110 | 33,110 | 36,427 | |||
Interest expense | 222 | 296 | 664 | 852 | ||
Net income (loss) | 238 | (940) | (1,655) | 24 | ||
Net (loss) income attributable to Icahn Enterprises | (16) | (440) | (921) | (66) | ||
Holding Company [Member] | Investment Segment [Member] | ||||||
ASSETS | ||||||
Total assets | 10,923 | 10,923 | 16,140 | |||
LIABILITIES AND EQUITY | ||||||
Interest expense | 52 | 148 | 184 | 412 | ||
Net income (loss) | 362 | (1,041) | (972) | (263) | ||
Net (loss) income attributable to Icahn Enterprises | 111 | (479) | (446) | (119) | ||
Holding Company [Member] | Automotive Segment [Member] | ||||||
ASSETS | ||||||
Total assets | 10,070 | 10,070 | 7,943 | |||
LIABILITIES AND EQUITY | ||||||
Interest expense | 41 | 37 | 118 | 107 | ||
Net income (loss) | 33 | (10) | 103 | 0 | ||
Net (loss) income attributable to Icahn Enterprises | 29 | (11) | 85 | (4) | ||
Holding Company [Member] | Energy Segment [Member] | ||||||
ASSETS | ||||||
Total assets | 5,031 | 5,031 | 4,888 | |||
LIABILITIES AND EQUITY | ||||||
Interest expense | 26 | 12 | 56 | 36 | ||
Net income (loss) | (8) | 89 | (588) | 347 | ||
Net (loss) income attributable to Icahn Enterprises | 2 | 50 | (329) | 181 | ||
Holding Company [Member] | Metals Segment [Member] | ||||||
ASSETS | ||||||
Total assets | 202 | 202 | 215 | |||
LIABILITIES AND EQUITY | ||||||
Interest expense | 0 | 0 | 0 | 0 | ||
Net income (loss) | (6) | (8) | (13) | (22) | ||
Net (loss) income attributable to Icahn Enterprises | (6) | (8) | (13) | (22) | ||
Holding Company [Member] | Railcar Segment [Member] | ||||||
ASSETS | ||||||
Total assets | 3,348 | 3,348 | 3,681 | |||
LIABILITIES AND EQUITY | ||||||
Interest expense | 22 | 20 | 66 | 61 | ||
Net income (loss) | 21 | 54 | 123 | 154 | ||
Net (loss) income attributable to Icahn Enterprises | 18 | 35 | 98 | 98 | ||
Holding Company [Member] | Gaming Segment [Member] | ||||||
ASSETS | ||||||
Total assets | 1,476 | 1,476 | 1,281 | |||
LIABILITIES AND EQUITY | ||||||
Interest expense | 3 | 3 | 9 | 9 | ||
Net income (loss) | (83) | 17 | (69) | 33 | ||
Net (loss) income attributable to Icahn Enterprises | (89) | 12 | (80) | 23 | ||
Holding Company [Member] | Mining segment [Member] | ||||||
ASSETS | ||||||
Total assets | 196 | 196 | 203 | |||
LIABILITIES AND EQUITY | ||||||
Interest expense | 2 | 0 | 5 | 1 | ||
Net income (loss) | (3) | (7) | (21) | (13) | ||
Net (loss) income attributable to Icahn Enterprises | (2) | (6) | (16) | (10) | ||
Holding Company [Member] | Food Packaging Segment [Member] | ||||||
ASSETS | ||||||
Total assets | 426 | 426 | 416 | |||
LIABILITIES AND EQUITY | ||||||
Interest expense | 4 | 3 | 10 | 9 | ||
Net income (loss) | 2 | (4) | 8 | 2 | ||
Net (loss) income attributable to Icahn Enterprises | 1 | (3) | 6 | 1 | ||
Holding Company [Member] | Real Estate Segment [Member] | ||||||
ASSETS | ||||||
Total assets | 684 | 684 | 701 | |||
LIABILITIES AND EQUITY | ||||||
Interest expense | 0 | 1 | 1 | 2 | ||
Net income (loss) | 4 | 24 | 13 | 55 | ||
Net (loss) income attributable to Icahn Enterprises | 4 | 24 | 13 | 55 | ||
Holding Company [Member] | Home Fashion Segment [Member] | ||||||
ASSETS | ||||||
Total assets | 205 | 205 | 206 | |||
LIABILITIES AND EQUITY | ||||||
Interest expense | 0 | 0 | 0 | 0 | ||
Net income (loss) | (4) | (1) | (6) | (3) | ||
Net (loss) income attributable to Icahn Enterprises | (4) | (1) | (6) | (3) | ||
Holding Company [Member] | Holding Company [Member] | ||||||
ASSETS | ||||||
Total assets | 549 | 549 | $ 753 | |||
LIABILITIES AND EQUITY | ||||||
Interest expense | 72 | 72 | 215 | 215 | ||
Net income (loss) | (80) | (53) | (233) | (266) | ||
Net (loss) income attributable to Icahn Enterprises | $ (80) | $ (53) | $ (233) | $ (266) |
Income Taxes Income Taxes (Deta
Income Taxes Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense | $ 15 | $ 22 | $ 81 | $ 184 |
(Loss) income before income tax expense | $ 253 | $ (918) | $ (1,575) | $ 207 |
Effective income tax rate | 5.90% | (2.40%) | (5.10%) | 88.90% |
Statutory federal income tax rate | 35.00% | 35.00% | 35.00% | 35.00% |
Changes in Accumulated Other 74
Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |||||
AOCI, Post-employment benefts, net of tax | $ (615) | $ (615) | $ (632) | ||
AOCI, Hedge instruments, net of tax | (23) | (23) | (25) | ||
AOCI, Translation adjustments and other, net of tax | (810) | (810) | (800) | ||
Accumulated other comprehensive loss, net of tax | (1,448) | (1,448) | $ (1,457) | ||
OCI, Post-employment benefts before reclassificaitons, net of tax | 1 | ||||
OCI, Hedge instruments before reclassificaitons, net of tax | 0 | ||||
OCI, Translation adjustments and other before reclassificaitons, net of tax | (9) | ||||
Other comprehensive income, before reclassifications to income | (8) | ||||
OCI, Post-employment benefts reclassificaitons to income, net of tax | 16 | ||||
OCI, Hedge instruments reclassificaitons to income, net of tax | 2 | ||||
OCI, Translation adjustments and other reclassificaitons to income, net of tax | (1) | ||||
Other comprehensive income, portion representing reclassificaitons to earnings | 17 | ||||
OCI, Post-employment benefts, net of tax | 7 | $ 10 | 17 | $ 34 | |
OCI, Hedge instruments, net of tax | 1 | 0 | 2 | (1) | |
OCI, Translation adjustments and other, net of tax | 3 | (97) | (10) | (200) | |
Other comprehensive income (loss), net of tax | $ 11 | $ (87) | $ 9 | $ (167) |
Other Income (Loss), Net (Detai
Other Income (Loss), Net (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Component of Other Income (Loss), Net [Line Items] | ||||
Other income, net | $ 13 | $ 37 | $ 53 | $ 29 |
Realized and unrealized gain (loss) on derivatives, net | ||||
Component of Other Income (Loss), Net [Line Items] | ||||
Other income, net | (2) | 12 | (5) | (52) |
(Loss) gain on disposition of assets | ||||
Component of Other Income (Loss), Net [Line Items] | ||||
Other income, net | (1) | 19 | 10 | 39 |
Loss on extinguishment of debt | ||||
Component of Other Income (Loss), Net [Line Items] | ||||
Other income, net | 0 | 0 | (5) | (2) |
Equity earnings from non-consolidated affiliates | ||||
Component of Other Income (Loss), Net [Line Items] | ||||
Other income, net | 12 | 11 | 48 | 43 |
Gain on acquisition [Member] | ||||
Component of Other Income (Loss), Net [Line Items] | ||||
Other income, net | 0 | (1) | 0 | 2 |
Foreign currency translation loss | ||||
Component of Other Income (Loss), Net [Line Items] | ||||
Other income, net | (2) | (6) | (4) | (8) |
Other | ||||
Component of Other Income (Loss), Net [Line Items] | ||||
Other income, net | $ 6 | $ 2 | $ 9 | $ 7 |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies (Details) - USD ($) $ in Millions | Oct. 25, 2014 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 |
Mr. Icahn and his affiliates [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Affiliate ownership interest | 89.70% | |||||
ACF [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Defined benefit plan underfunded amount | $ 550 | $ 550 | $ 589 | |||
Starfire Holding Corporation [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Ownership percentage by Mr. Icahn | 99.40% | 99.40% | ||||
Net worth floor for which distributions to stockholders would be limited while contingent liabilities exist that can be imposed on us | $ 250 | $ 250 | ||||
Metals Segment [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Accrued environmental liabilities | 28 | 28 | 29 | |||
Railcar Segment [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Litigation claim gain amount | $ 25 | |||||
Litigation counterclaim amount | $ 10 | |||||
Loss Contingency, Loss in Period | 32 | 32 | ||||
Automotive Segment [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Accrued environmental liabilities | 12 | 12 | 14 | |||
Possible material additional losses, above and beyond best estimate of required remediation costs | 44 | |||||
Asset retirement obligation | 16 | 16 | 16 | |||
Energy Segment [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Rent expense on operating leases | 2 | $ 2 | 6 | $ 7 | ||
Accrued environmental liabilities | 5 | 5 | 4 | |||
Environmental remediation expense | 7 | 9 | 13 | 27 | ||
Cost of RINs | 58 | $ 19 | 152 | $ 93 | ||
Biofuel blending obligation | $ 127 | $ 127 | $ 10 | |||
Icahn Enterprises G.P. [Member] | Mr. Icahn and his affiliates [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Affiliate ownership in parent company general partner | 100.00% |
Subsequent Events (Details)
Subsequent Events (Details) - $ / shares | Nov. 01, 2016 | Aug. 03, 2016 | Apr. 29, 2016 | Feb. 23, 2016 |
Subsequent Event [Line Items] | ||||
Distribution declared per depositary unit | $ 1.50 | $ 1.50 | $ 1.50 | |
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Distribution declared per depositary unit | $ 1.50 |