Document and Entity Information
Document and Entity Information Document - shares | 3 Months Ended | |
Mar. 31, 2019 | May 01, 2019 | |
Entity Information [Line Items] | ||
Entity Registrant Name | ICAHN ENTERPRISES L.P. | |
Trading Symbol | IEP | |
Entity Central Index Key | 0000813762 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 196,236,214 | |
Entity Small Business | false | |
Entity Current Reporting Status | Yes | |
Icahn Enterprises Holdings | ||
Entity Information [Line Items] | ||
Entity Registrant Name | ICAHN ENTERPRISES HOLDINGS L.P. | |
Entity Central Index Key | 0001034563 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 0 | |
Entity Small Business | false | |
Entity Current Reporting Status | Yes |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash and cash equivalents | $ 2,764 | $ 2,656 |
Cash held at consolidated affiliated partnerships and restricted cash | 2,299 | 2,682 |
Investments | 8,103 | 8,337 |
Due from brokers | 1,224 | 664 |
Accounts receivable, net | 517 | 474 |
Inventories, net | 1,852 | 1,779 |
Property, plant and equipment, net | 4,682 | 4,688 |
Goodwill | 255 | 247 |
Intangible assets, net | 464 | 501 |
Assets held for sale | 364 | 333 |
Other assets | 1,300 | 1,128 |
Total Assets | 23,824 | 23,489 |
LIABILITIES AND EQUITY | ||
Accounts payable | 894 | 832 |
Accrued expenses and other liabilities | 1,896 | 900 |
Deferred tax liability | 685 | 694 |
Unrealized loss on derivative contracts | 722 | 36 |
Securities sold, not yet purchased, at fair value | 447 | 468 |
Due to brokers | 0 | 141 |
Liabilities held for sale | 136 | 112 |
Debt | 7,392 | 7,326 |
Total liabilities | 12,172 | 10,509 |
Commitments and contingencies (Note 17) | ||
Equity: | ||
Limited partners: Depositary units: 191,376,753 units issued and outstanding at March 31, 2019 and 191,366,097 units issued and outstanding at December 31, 2018 | 6,643 | 7,350 |
General partner | (804) | (790) |
Equity attributable to Icahn Enterprises | 5,839 | 6,560 |
Equity attributable to non-controlling interests | 5,813 | 6,420 |
Total equity | 11,652 | 12,980 |
Total Liabilities and Equity | 23,824 | 23,489 |
Icahn Enterprises Holdings | ||
ASSETS | ||
Cash and cash equivalents | 2,764 | 2,656 |
Cash held at consolidated affiliated partnerships and restricted cash | 2,299 | 2,682 |
Investments | 8,103 | 8,337 |
Due from brokers | 1,224 | 664 |
Accounts receivable, net | 517 | 474 |
Inventories, net | 1,852 | 1,779 |
Property, plant and equipment, net | 4,682 | 4,688 |
Goodwill | 255 | 247 |
Intangible assets, net | 464 | 501 |
Assets held for sale | 364 | 333 |
Other assets | 1,332 | 1,160 |
Total Assets | 23,856 | 23,521 |
LIABILITIES AND EQUITY | ||
Accounts payable | 894 | 832 |
Accrued expenses and other liabilities | 1,896 | 900 |
Deferred tax liability | 685 | 694 |
Unrealized loss on derivative contracts | 722 | 36 |
Securities sold, not yet purchased, at fair value | 447 | 468 |
Due to brokers | 0 | 141 |
Liabilities held for sale | 136 | 112 |
Debt | 7,396 | 7,330 |
Total liabilities | 12,176 | 10,513 |
Commitments and contingencies (Note 17) | ||
Equity: | ||
Limited partners: Depositary units: 191,376,753 units issued and outstanding at March 31, 2019 and 191,366,097 units issued and outstanding at December 31, 2018 | 6,738 | 7,452 |
General partner | (871) | (864) |
Equity attributable to Icahn Enterprises | 5,867 | 6,588 |
Equity attributable to non-controlling interests | 5,813 | 6,420 |
Total equity | 11,680 | 13,008 |
Total Liabilities and Equity | $ 23,856 | $ 23,521 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parentheticals) - shares | Mar. 31, 2019 | Dec. 31, 2018 |
Equity: | ||
Limited partners: Depositary units issued | 191,376,753 | 191,366,097 |
Limited partners: Depositary units outstanding | 191,376,753 | 191,366,097 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenues: | ||
Net sales | $ 2,300 | $ 2,364 |
Other revenues from operations | 162 | 158 |
Net (loss) gain from investment activities | (674) | 432 |
Interest and dividend income | 64 | 26 |
Other income, net | 3 | 3 |
Total Revenues | 1,855 | 2,983 |
Expenses: | ||
Cost of goods sold | 1,900 | 1,987 |
Other expenses from operations | 131 | 125 |
Selling, general and administrative | 336 | 338 |
Restructuring, net | 7 | 2 |
Interest expense | 139 | 147 |
Total Expenses | 2,513 | 2,599 |
(Loss) income from continuing operations before income tax expense | (658) | 384 |
Income tax expense | (6) | (17) |
(Loss) income from continuing operations | (664) | 367 |
Income from discontinued operations | 0 | 45 |
Net (loss) income | (664) | 412 |
Less: net (loss) income attributable to non-controlling interests | (270) | 280 |
Net (loss) income attributable to Icahn Enterprises | (394) | 132 |
Net (loss) income attributable to Icahn Enterprises allocated to: | ||
Net (loss) income attributable to Icahn Enterprises from continuing operations | (394) | 98 |
Income from discontinued operations attributable to Icahn Enterprises | 0 | 34 |
Limited partners | (386) | 129 |
General partner | (8) | 3 |
Net (loss) income attributable to Icahn Enterprises | $ (394) | $ 132 |
Basic income (loss) per LP unit | ||
Basic income from continuing operations per LP unit | $ (2.02) | $ 0.55 |
Basic income from discontinued operations per LP unit | 0 | 0.19 |
Basic income (loss) per LP unit | $ (2.02) | $ 0.74 |
Basic weighted average LP units outstanding | 191 | 174 |
Diluted income (loss) per LP unit | ||
Diluted income from continuing operations per LP unit | $ (2.02) | $ 0.55 |
Diluted income from discontinued operations per LP unit | 0 | 0.19 |
Diluted income (loss) per LP unit | $ (2.02) | $ 0.74 |
Diluted weighted average LP units outstanding | 191 | 175 |
Cash distributions declared per LP unit | $ 2 | $ 1.75 |
Icahn Enterprises Holdings | ||
Revenues: | ||
Net sales | $ 2,300 | $ 2,364 |
Other revenues from operations | 162 | 158 |
Net (loss) gain from investment activities | (674) | 432 |
Interest and dividend income | 64 | 26 |
Other income, net | 3 | 3 |
Total Revenues | 1,855 | 2,983 |
Expenses: | ||
Cost of goods sold | 1,900 | 1,987 |
Other expenses from operations | 131 | 125 |
Selling, general and administrative | 336 | 338 |
Restructuring, net | 7 | 2 |
Interest expense | 139 | 147 |
Total Expenses | 2,513 | 2,599 |
(Loss) income from continuing operations before income tax expense | (658) | 384 |
Income tax expense | (6) | (17) |
(Loss) income from continuing operations | (664) | 367 |
Income from discontinued operations | 0 | 45 |
Net (loss) income | (664) | 412 |
Less: net (loss) income attributable to non-controlling interests | (270) | 280 |
Net (loss) income attributable to Icahn Enterprises | (394) | 132 |
Net (loss) income attributable to Icahn Enterprises allocated to: | ||
Net (loss) income attributable to Icahn Enterprises from continuing operations | (394) | 98 |
Income from discontinued operations attributable to Icahn Enterprises | 0 | 34 |
Limited partners | (390) | 131 |
General partner | (4) | 1 |
Net (loss) income attributable to Icahn Enterprises | $ (394) | $ 132 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Net (loss) income | $ (664) | $ 412 |
Other comprehensive income (loss), net of tax: | ||
Post-retirement benefits | 1 | 11 |
Hedge instruments | 0 | (1) |
Translation adjustments and other | (1) | 33 |
Other comprehensive income, net of tax | 0 | 43 |
Comprehensive (loss) income | (664) | 455 |
Less: Comprehensive (loss) income attributable to non-controlling interests | (270) | 283 |
Comprehensive (loss) income attributable to Icahn Enterprises | (394) | 172 |
Limited partners | ||
Net (loss) income | (386) | 129 |
Other comprehensive income (loss), net of tax: | ||
Other comprehensive income, net of tax | 40 | |
Comprehensive (loss) income attributable to Icahn Enterprises | (386) | 169 |
General partner | ||
Net (loss) income | (8) | 3 |
Other comprehensive income (loss), net of tax: | ||
Other comprehensive income, net of tax | 0 | |
Comprehensive (loss) income attributable to Icahn Enterprises | (8) | 3 |
Icahn Enterprises Holdings | ||
Net (loss) income | (664) | 412 |
Other comprehensive income (loss), net of tax: | ||
Post-retirement benefits | 1 | 11 |
Hedge instruments | 0 | (1) |
Translation adjustments and other | (1) | 33 |
Other comprehensive income, net of tax | 0 | 43 |
Comprehensive (loss) income | (664) | 455 |
Less: Comprehensive (loss) income attributable to non-controlling interests | (270) | 283 |
Comprehensive (loss) income attributable to Icahn Enterprises | (394) | 172 |
Icahn Enterprises Holdings | Limited partners | ||
Net (loss) income | (390) | 131 |
Other comprehensive income (loss), net of tax: | ||
Other comprehensive income, net of tax | 39 | |
Comprehensive (loss) income attributable to Icahn Enterprises | (390) | 170 |
Icahn Enterprises Holdings | General partner | ||
Net (loss) income | (4) | 1 |
Other comprehensive income (loss), net of tax: | ||
Other comprehensive income, net of tax | 1 | |
Comprehensive (loss) income attributable to Icahn Enterprises | $ (4) | $ 2 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Millions | Total | Icahn Enterprises Holdings | General partner | General partnerIcahn Enterprises Holdings | Limited partners | Limited partnersIcahn Enterprises Holdings | Total Partners' Equity | Total Partners' EquityIcahn Enterprises Holdings | Non-controlling Interests | Non-controlling InterestsIcahn Enterprises Holdings |
Equity at Dec. 31, 2017 | $ 11,486 | $ 11,513 | $ (234) | $ (286) | $ 5,402 | $ 5,481 | $ 5,168 | $ 5,195 | $ 6,318 | $ 6,318 |
Increase (Decrease) in Equity | ||||||||||
Net loss | 412 | 412 | 3 | 1 | 129 | 131 | 132 | 132 | 280 | 280 |
Other comprehensive loss | 43 | 43 | 0 | 1 | 40 | 39 | 40 | 40 | 3 | 3 |
Partnership distributions | (310) | (310) | (6) | (3) | (304) | (307) | (310) | (310) | 0 | 0 |
Investment segment contributions | 280 | 280 | 0 | 0 | 0 | 0 | 0 | 0 | 280 | 280 |
Dividends and distributions to non-controlling interests in subsidiaries | (31) | (31) | 0 | 0 | 0 | 0 | 0 | 0 | (31) | (31) |
Cumulative effect adjustment from adoption of accounting principle | (20) | (20) | 0 | 0 | (20) | (20) | (20) | (20) | 0 | 0 |
Changes in subsidiary equity and other | 2 | 2 | 0 | 0 | (8) | (8) | (8) | (8) | 10 | 10 |
Equity at Mar. 31, 2018 | 11,862 | 11,889 | (237) | (287) | 5,239 | 5,316 | 5,002 | 5,029 | 6,860 | 6,860 |
Equity at Dec. 31, 2018 | 12,980 | 13,008 | (790) | (864) | 7,350 | 7,452 | 6,560 | 6,588 | 6,420 | 6,420 |
Increase (Decrease) in Equity | ||||||||||
Net loss | (664) | (664) | (8) | (4) | (386) | (390) | (394) | (394) | (270) | (270) |
Other comprehensive loss | 0 | 0 | ||||||||
Partnership distributions | (391) | (391) | (8) | (4) | (383) | (387) | (391) | (391) | 0 | 0 |
Dividends and distributions to non-controlling interests in subsidiaries | (30) | (30) | 0 | 0 | 0 | 0 | 0 | 0 | (30) | (30) |
Changes in subsidiary equity and other | (243) | (243) | 2 | 1 | 62 | 63 | 64 | 64 | (307) | (307) |
Equity at Mar. 31, 2019 | $ 11,652 | $ 11,680 | $ (804) | $ (871) | $ 6,643 | $ 6,738 | $ 5,839 | $ 5,867 | $ 5,813 | $ 5,813 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash flows from operating activities: | ||
Net (loss) income | $ (664) | $ 412 |
Adjustments to reconcile net (loss) income to net cash used in operating activities: | ||
Income from discontinued operations | 0 | (45) |
Net gain from securities transactions | (505) | (285) |
Purchases of securities | (584) | (886) |
Proceeds from sales of securities | 966 | 3,130 |
Purchases to cover securities sold, not yet purchased | (113) | (690) |
Proceeds from securities sold, not yet purchased | 17 | 0 |
Changes in receivables and payables relating to securities transactions | (663) | (1,824) |
Depreciation and amortization | 123 | 128 |
Deferred taxes | (8) | 20 |
Other, net | 5 | 6 |
Changes in operating assets and liabilities | 1,138 | (673) |
Net cash used in operating activities from continuing operations | (288) | (707) |
Net cash provided by operating activities from discontinued operations | 0 | 112 |
Net cash used in operating activities | (288) | (595) |
Cash flows from investing activities: | ||
Capital expenditures | (65) | (62) |
Acquisition of businesses, net of cash acquired | (10) | (1) |
Purchases of investments | (25) | (5) |
Proceeds from sale of investments | 424 | 0 |
Other, net | (10) | 15 |
Net cash provided by (used in) investing activities from continuing operations | 314 | (53) |
Net cash used in investing activities from discontinued operations | 0 | (154) |
Net cash provided by (used in) investing activities | 314 | (207) |
Cash flows from financing activities: | ||
Investment segment contributions from non-controlling interests | 0 | 280 |
Proceeds from offering of subsidiary equity | 0 | 6 |
Purchase of additional interests in consolidated subsidiaries | (241) | 0 |
Dividends and distributions to non-controlling interests in subsidiaries | (30) | (28) |
Proceeds from subsidiary borrowings | 269 | 331 |
Repayments of subsidiary borrowings | (271) | (349) |
Other, net | 1 | (2) |
Net cash (used in) provided by financing activities from continuing operations | (272) | 238 |
Net cash used in financing activities from discontinued operations | 0 | (13) |
Net cash (used in) provided by financing activities | (272) | 225 |
Effect of exchange rate changes on cash and cash equivalents and restricted cash and restricted cash equivalents | (1) | (3) |
Add back change in cash and restricted cash of assets held for sale | (28) | 60 |
Net (decrease) increase in cash and cash equivalents and restricted cash and restricted cash equivalents | (275) | (520) |
Cash and cash equivalents and restricted cash and restricted cash equivalents, beginning of period | 5,338 | 1,911 |
Cash and cash equivalents and restricted cash and restricted cash equivalents, end of period | 5,063 | 1,391 |
Icahn Enterprises Holdings | ||
Cash flows from operating activities: | ||
Net (loss) income | (664) | 412 |
Adjustments to reconcile net (loss) income to net cash used in operating activities: | ||
Income from discontinued operations | 0 | (45) |
Net gain from securities transactions | (505) | (285) |
Purchases of securities | (584) | (886) |
Proceeds from sales of securities | 966 | 3,130 |
Purchases to cover securities sold, not yet purchased | (113) | (690) |
Proceeds from securities sold, not yet purchased | 17 | 0 |
Changes in receivables and payables relating to securities transactions | (663) | (1,824) |
Depreciation and amortization | 123 | 128 |
Deferred taxes | (8) | 20 |
Other, net | 5 | 6 |
Changes in operating assets and liabilities | 1,138 | (673) |
Net cash used in operating activities from continuing operations | (288) | (707) |
Net cash provided by operating activities from discontinued operations | 0 | 112 |
Net cash used in operating activities | (288) | (595) |
Cash flows from investing activities: | ||
Capital expenditures | (65) | (62) |
Acquisition of businesses, net of cash acquired | (10) | (1) |
Purchases of investments | (25) | (5) |
Proceeds from sale of investments | 424 | 0 |
Other, net | (10) | 15 |
Net cash provided by (used in) investing activities from continuing operations | 314 | (53) |
Net cash used in investing activities from discontinued operations | 0 | (154) |
Net cash provided by (used in) investing activities | 314 | (207) |
Cash flows from financing activities: | ||
Investment segment contributions from non-controlling interests | 0 | 280 |
Proceeds from offering of subsidiary equity | 0 | 6 |
Purchase of additional interests in consolidated subsidiaries | (241) | 0 |
Dividends and distributions to non-controlling interests in subsidiaries | (30) | (28) |
Proceeds from subsidiary borrowings | 269 | 331 |
Repayments of subsidiary borrowings | (271) | (349) |
Other, net | 1 | (2) |
Net cash (used in) provided by financing activities from continuing operations | (272) | 238 |
Net cash used in financing activities from discontinued operations | 0 | (13) |
Net cash (used in) provided by financing activities | (272) | 225 |
Effect of exchange rate changes on cash and cash equivalents and restricted cash and restricted cash equivalents | (1) | (3) |
Add back change in cash and restricted cash of assets held for sale | (28) | 60 |
Net (decrease) increase in cash and cash equivalents and restricted cash and restricted cash equivalents | (275) | (520) |
Cash and cash equivalents and restricted cash and restricted cash equivalents, beginning of period | 5,338 | 1,911 |
Cash and cash equivalents and restricted cash and restricted cash equivalents, end of period | $ 5,063 | $ 1,391 |
Description of Business
Description of Business | 3 Months Ended |
Mar. 31, 2019 | |
Description of Business [Abstract] | |
Description of Business | Description of Business . Overview 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 March 31, 2019 . 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 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 91.7% of Icahn Enterprises' outstanding depositary units as of March 31, 2019 . Description of Continuing Operating Businesses We are a diversified holding company owning subsidiaries currently engaged in the following continuing operating businesses: Investment, Energy, Automotive, Food Packaging, Metals, Real Estate, Home Fashion and Mining . 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 our Holding Company. Our historical results also report the results of our Railcar segment through the date we sold our last remaining railcars on lease, which occurred in the third quarter of 2018. See Note 12 , " Segment Reporting ," for a reconciliation of each of our reporting segment's results of operations to our consolidated results. Certain additional information with respect to our segments is discussed below. Investment Our Investment segment is comprised of various private investment funds ("Investment Funds") in which we have general partner interests and through which we invest our proprietary capital. As general partner, we 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. We and certain of Mr. Icahn's wholly-owned affiliates are the only investors in the Investment Funds. Interests in the Investment Funds are not offered to outside investors. We had interests in the Investment Funds with a fair value of approximately $4.8 billion and $5.1 billion as of March 31, 2019 and December 31, 2018 , respectively. Energy We conduct our Energy segment through our majority owned subsidiary, CVR Energy, Inc. ("CVR Energy"). CVR Energy is a diversified holding company primarily engaged in the petroleum refining and nitrogen fertilizer manufacturing businesses through its holdings in CVR Refining, LP ("CVR Refining") and CVR Partners, LP ("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 and ammonia. As of March 31, 2019 , we owned approximately 70.8% of the total outstanding common stock of CVR Energy. On January 29, 2019, CVR Energy, pursuant to the exercise of its right to purchase all of the issued and outstanding common units in CVR Refining, purchased the remaining common units of CVR Refining not already owned by CVR Energy, including the purchase of CVR Refining common units owned directly by us. Prior to this, CVR Energy owned approximately 80.6% of the common units of CVR Refining and we directly owned approximately 3.9% of the common units of CVR Refining. As a result of exercising its purchase right, as of January 29, 2019, CVR Energy owns all of the common units of CVR Refining and we no longer have any direct ownership in CVR Refining. In addition, the common units of CVR Refining have subsequently ceased to be publicly traded or listed on the New York Stock Exchange any other national securities exchange. The remaining common units of CVR Refining acquired in this transaction were purchased for $241 million , excluding the amount paid by CVR Energy to us for the common units of CVR Refining directly owned by us. Automotive We conduct our Automotive segment through our wholly-owned subsidiary, Icahn Automotive Group LLC ("Icahn Automotive"). Icahn Automotive is engaged in the retail and wholesale distribution of automotive parts in the aftermarket as well as providing automotive repair and maintenance services to its customers. Our Automotive segment also includes our investment in 767 Auto Leasing LLC ("767 Leasing"), a joint venture created to purchase vehicles for lease, as described further in Note 3 , " Related Party Transactions ." Food Packaging We conduct our Food Packaging segment through our majority owned subsidiary, Viskase Companies, Inc. ("Viskase"). During January 2018, Viskase received $50 million in connection with its common stock rights offering. In connection with this rights offering, we fully exercised our subscription rights under our basic and over subscription privileges to purchase additional shares of Viskase common stock, thereby increasing our ownership of Viskase from 74.6% to 78.6% , for an aggregate additional investment of $44 million . Viskase is a producer of cellulosic, fibrous and plastic casings used to prepare and package processed meat products. Metals We conduct our Metals segment through our wholly-owned subsidiary, PSC Metals LLC (“PSC Metals”). PSC Metals is principally engaged in the business of collecting, processing and selling ferrous and non-ferrous metals, as well as the processing and distribution of steel pipe and plate products. PSC Metals collects industrial and obsolete scrap metal, processes it into reusable forms and supplies the recycled metals to its customers . Real Estate Our Real Estate operations consist primarily of rental real estate, property development and associated club activities. Our rental real estate operations consist primarily of office and industrial properties leased to single corporate tenants. Our property development operations are run primarily through 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 property development locations also operate golf and club operations. In addition, our Real Estate operations also includes a hotel, timeshare and casino resort property in Aruba as well as a casino property in Atlantic City, New Jersey, which ceased operations in 2014 prior to our obtaining control of the property. Home Fashion We conduct our Home Fashion segment through our wholly-owned subsidiary, WestPoint Home LLC (“WPH”). WPH's business consists of manufacturing, sourcing, marketing, distributing and selling home fashion consumer products. Mining We conduct our Mining segment through our majority owned subsidiary, Ferrous Resources Ltd. ("Ferrous Resources"). As of March 31, 2019 , we owned approximately 77.2% of the total outstanding common stock of Ferrous Resources. 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. On December 5, 2018, we announced a definitive agreement to sell Ferrous Resources for total consideration of $550 million . The transaction is expected to close in the second half of 2019. This transaction met all the criteria to be classified as held for sale on December 5, 2018 upon execution of the definitive agreement. Railcar We conducted our Railcar segment through our wholly-owned subsidiary, American Railcar Leasing, LLC ("ARL"). ARL operated a leasing business consisting of purchased railcars leased to third parties under operating leases. During 2018, we sold all remaining railcars of ARL not previously sold and as a result, our business no longer includes an active Railcar segment. For the three months ended March 31, 2018 , we had proceeds of $15 million in connection with the sale of railcars and we recorded a pretax gain on disposition of assets of $4 million . Description of Discontinued Operating Businesses We also report discontinued operations previously reported in our Automotive and Railcar segments and former Gaming segment. Our discontinued Automotive operations consists of our previously wholly-owned subsidiary, Federal-Mogul LLC ("Federal-Mogul"). Our discontinued Gaming operations consists of our previous majority ownership in Tropicana Entertainment Inc. ("Tropicana"). Our discontinued Railcar operations consists of our previous majority ownership in American Railcar Industries, Inc. ("ARI"). Each of these businesses were sold in the fourth quarter of 2018 and are reflected in discontinued operations for the three months ended March 31, 2018 . See Note 13 , " Discontinued Operations |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies (Notes) | 3 Months Ended |
Mar. 31, 2019 | |
Basis of Presentation and Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | Basis of Presentation and Summary of Significant Accounting Policies . 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 “Investment Company Act”). Therefore, no more than 40% of our total assets can be invested in investment securities, as such term is defined in the Investment Company 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. Events beyond our control, including significant appreciation or depreciation in the market value of certain of our publicly traded holdings or adverse developments with respect to our ownership of certain of our subsidiaries, could result in our inadvertently becoming an investment company that is required to register under the Investment Company Act. Our recent sales of Federal-Mogul, Tropicana and ARI did not result in our being considered an investment company. However, additional transactions involving the sale of certain assets could result in our being considered an investment company. Following such events or transactions, an exemption under the Investment Company Act would provide us up to one year to take steps to avoid becoming classified as an investment company. We expect to take steps to avoid becoming classified as an investment company, but no assurance can be made that we will successfully be able to take the steps necessary to avoid becoming classified as an investment company. 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, 2018 . 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. Principles of Consolidation As of March 31, 2019 , 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, 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. Except for our Investment segment, for equity investments in which we own 50% or less but greater than 20%, we generally account for such investments using the equity method. All other equity investments are accounted for at fair value. Change in Accounting Principle Effective January 1, 2019, CVR Energy revised its accounting policy method for the costs of planned major maintenance activities ("turnarounds") specific to its petroleum business from being expensed as incurred (the direct expensing method) to the deferral method. Turnarounds are planned shutdowns of refinery processing units for significant overhaul and refurbishment. Under the deferral method, the costs of turnarounds are deferred and amortized on a straight-line basis over a four-year period, which represents the estimated time until the next turnaround occurs. The new method of accounting for turnarounds is considered preferable as it is more consistent with the accounting policy of CVR Energy's peer companies and better reflects the economic substance of the benefits earned from turnaround expenditures. The comparative condensed consolidated balance sheet as of December 31, 2018 and condensed consolidated statement of operations and cash flows for the three months ended March 31, 2018 have been retrospectively adjusted to apply the new accounting method. These turnaround costs, and related accumulated amortization, are included within other assets in the condensed consolidated balance sheets. The amortization expense related to turnaround costs is included in cost of goods sold in the condensed consolidated statement of operations. CVR Partners will continue to follow the direct expensing method therefore this change had no impact on its current or comparative condensed consolidated financial statements. As a result of this accounting change, our Energy segment increased other assets by $108 million and decreased property, plant and equipment, net by $15 million as of December 31, 2018 . In addition, our Energy segment increased deferred tax liability by $18 million and total equity by $75 million , including $31 million attributable to Icahn Enterprises and Icahn Enterprises Holdings as of December 31, 2018 . As of December 31, 2017, our Energy segment increased total equity by $118 million , including $62 million attributable to Icahn Enterprises and Icahn Enterprises Holdings. For the three months ended March 31, 2018 , the effect on net income for our Energy segment as a result of this accounting change was a reduction to net income of $11 million , including a $5 million reduction attributable to Icahn Enterprises and Icahn Enterprises Holdings. The impact on net income was comprised of a $14 million increase to cost of goods sold and a $3 million decrease to income tax expense for the three months ended March 31, 2018 . Reclassifications Certain other reclassifications have been made within the condensed consolidated statements of operations to include gain (loss) on derivatives within cost of goods sold for our Energy segment. Prior year balances have been reclassified to conform to the current year presentation. The reclassification of gain on derivatives from other income, net to costs of goods sold was $59 million for the three months ended March 31, 2018 . These reclassifications did not have an impact on previously reported net income. We have also recast certain historical results for discontinued operations, which we disclose in Note 13 , " Discontinued Operations ." In addition, certain other reclassifications from the prior year presentation have been made to conform to the current year presentation, which did not have an impact on previously reported net income and equity and are not deemed material. Consolidated Variable Interest Entities The following is a discussion of variable interest entities in which we are deemed to be the primary beneficiary and in which we therefore consolidate. In addition, as discussed in Note 3 , " Related Party Transactions ," we have a variable interest in an entity in which we are not the primary beneficiary and therefore we do not consolidate. Icahn Enterprises Holdings We determined that Icahn Enterprises Holdings is a VIE because it is a limited partnership that lacks both substantive kick-out and participating rights. Although Icahn Enterprises is not the general partner of Icahn Enterprises Holdings, Icahn Enterprises is deemed to be the primary beneficiary of Icahn Enterprises Holdings principally based on its 99% limited partner interest in Icahn Enterprises Holdings, as well as our related party relationship with the general partner, and therefore continues to consolidate Icahn Enterprises Holdings. The condensed consolidated financial statements of Icahn Enterprises Holdings are included in this Report. The balances with respect to Icahn Enterprises Holdings' consolidated VIEs are discussed below, comprising the Investment Funds, CVR Refining (prior to January 2019), CVR Partners and Viskase. Investment 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 have a general partner interest 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. Energy CVR Refining (prior to January 2019) and CVR Partners are each considered VIEs because each of these limited partnerships lack both substantive kick-out and participating rights. In addition, CVR Energy 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, it is the primary beneficiary of both CVR Refining (prior to January 2019) and CVR Partners. Based upon this evaluation, CVR Energy continues to consolidate both CVR Refining (prior to January 2019) and CVR Partners. Food Packaging Viskase holds a variable interest in a joint venture for which Viskase is the primary beneficiary. Viskase's interest in the joint venture includes a 50% equity interest and also relates to the sales, operations, administrative and financial support to the joint venture through providing many of the assets used in its business. The following table includes balances of assets and liabilities of VIE's included in Icahn Enterprises Holdings' condensed consolidated balance sheets. March 31, 2019 December 31, 2018 (in millions) Cash and cash equivalents $ 97 $ 415 Cash held at consolidated affiliated partnerships and restricted cash 2,286 2,648 Investments 7,130 6,951 Due from brokers 1,224 664 Property, plant and equipment, net 1,164 3,012 Inventories, net 72 380 Intangible assets, net 266 278 Other assets 55 971 Accounts payable, accrued expenses and other liabilities 851 534 Securities sold, not yet purchased, at fair value 447 468 Due to brokers — 141 Debt 630 1,170 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, a ccounts 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 and other non-financial assets and/or liabilities . 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 March 31, 2019 was approximately $7.4 billion and $7.5 billion , respectively. The carrying value and estimated fair value of our long-term debt as of December 31, 2018 was approximately $7.3 billion and $7.3 billion , respectively. Cash Flow Cash and cash equivalents and restricted cash and restricted cash equivalents on our condensed consolidated statements of cash flows is comprised of (i) cash and cash equivalents and (ii) cash held at consolidated affiliated partnerships and restricted cash. Cash Held at Consolidated Affiliated Partnerships and Restricted Cash Our cash held at consolidated affiliated partnerships balance was $1,673 million and $2,648 million as of March 31, 2019 and December 31, 2018 , respectively. C ash held at consolidated affiliated partnerships relates to our Investment segment and consists of cash and cash equivalents held by the Investment Funds that, although not legally restricted, are not available to fund the general liquidity needs of the Investment segment or Icahn Enterprises. Our restricted cash balance was $626 million and $34 million as of March 31, 2019 and December 31, 2018 , respectively. Restricted cash primarily relates to our Investment segment's cash pledged and held for margin requirements on derivative transactions. Leases As discussed below, on January 1, 2019, we adopted FASB ASC Topic 842, Leases , using the modified retrospective approach, which does not require the application of this Topic to periods prior to January 1, 2019. With the exception of the requirement to recognize right-of-use assets on the balance sheet for operating leases in which we are the lessee beginning in 2019, our accounting policy with respect to leases is not significantly different from prior periods and therefore, our prior period accounting policy is not separately disclosed. Financing leases under current U.S. GAAP are classified and accounted for in substantially the same manner as capital leases under prior U.S. GAAP and therefore, we do not distinguish between financing leases and capital leases unless the context requires. The determination of whether an arrangement is or contains a lease occurs at inception. We account for arrangements that contain lease and non-lease components as a single lease component for all classes of underlying assets. Leases in which we are the lessor are primarily within our Real Estate segment. Refer to Real Estate below for further discussion. In addition, all of our businesses, including our Real Estate segment, enter into lease arrangements as the lessee. The following is our accounting policy for leases in which we are the lessee. All Segments and Holding Company Leases are classified as either operating or financing by the lessee depending on whether or not the lease terms provide for control of the underlying asset to be transferred to the lessee. When control transfers to the lessee, we classify the lease as a financing lease. All other leases are recorded as operating leases. Effective January 1, 2019, for all leases with an initial lease term in excess of twelve months, we record a right-of-use asset with a corresponding liability in the condensed consolidated balance sheet. Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at commencement of the lease based on the present value of lease payments over the lease term. Right-of-use assets are adjusted for any lease payments made on or before commencement of the lease, less any lease incentives received. As most of our leases do not provide an implicit rate, we use the incremental borrowing rate with respect to each of our businesses based on the information available at commencement of the lease in determining the present value of lease payments. We use the implicit rate when readily determinable. The lease terms used in the determination of our right-of-use assets and liabilities reflect any options to extend or terminate the lease when it is reasonably certain that we will exercise such option. We and our subsidiaries, independently of each other, apply a portfolio approach to account for the right-of-use assets and lease liabilities when we or our subsidiaries do not believe that applying the portfolio approach would be materially different from accounting for right-of-use assets and lease liabilities individually. Operating lease expense is recorded as a single expense recognized on a straight-line basis over the lease term and is net of sub-lease income. Operating lease right-of-use assets are amortized for the difference between the straight-line expense less the accretion of interest of the related lease liability. Financing lease expense consists of interest expense on the financing lease liability as well as amortization of the right-of-use financing lease assets on a straight-line basis over the lease term. Real Estate Leases are classified as either operating, sales-type or direct financing by the lessor. Our Real Estate segment's net lease portfolio consists of commercial real estate leased to others under long-term operating leases and we account for these leases in accordance with ASC Topic 842. These assets leased to others are recorded at cost, net of accumulated depreciation, and are included in property, plant and equipment, net on our condensed consolidated balance sheets. Assets leased to others are depreciated on a straight-line basis over the useful lives of the assets, ranging from 5 years to 39 years . Lease revenue is recognized on a straight-line basis over the lease term. Cash receipts for all lease payments received are included in net cash flows from operating activities in the condensed consolidated statements of cash flows. Our Real Estate segment's accounting policy for assets leased to others is not significantly different from prior periods. Revenue From Contracts With Customers and Contract Balances Due to the nature of our business, we derive revenue from various sources in various industries. With the exception of all of our Investment segment's and our Holding Company's revenues, and our Real Estate segment's leasing revenue, our revenue is generally derived from contracts with customers in accordance with U.S. GAAP. Such revenue from contracts with customers are included in net sales and other revenues from operations in the condensed consolidated statements of operations, however, our Real Estate segment's leasing revenue, as disclosed in Note 9 , " Leases ," is also included in other revenues from operations. Related contract assets are included in accounts receivable, net or other assets and related contract liabilities are included in accrued expenses and other liabilities in the condensed consolidated balance sheets. Our disaggregation of revenue information includes our net sales and other revenues from operations for each of our reporting segments as well as additional disaggregation of revenue information for our Energy and Automotive segments. See Note 12 , " Segment Reporting ," for our complete disaggregation of revenue information. In addition, we disclose additional information with respect to revenue from contracts with customers and contract balances for our Energy and Automotive segments below. Energy Our Energy segment's deferred revenue is a contract liability that primarily relates to fertilizer sales contracts requiring customer prepayment prior to product delivery to guarantee a price and supply of nitrogen fertilizer. Deferred revenue is recorded at the point in time in which a prepaid contract is legally enforceable and the associated right to consideration is unconditional prior to transferring product to the customer. An associated receivable is recorded for uncollected prepaid contract amounts. Contracts requiring prepayment are generally short-term in nature and, as discussed above, revenue is recognized at the point in time in which the customer obtains control of the product. Our Energy segment had deferred revenue of $65 million and $69 million as of March 31, 2019 and December 31, 2018 , respectively. For the three months ended March 31, 2019 and 2018 , our Energy segment recorded revenue of $12 million and $12 million , respectively, with respect to deferred revenue outstanding as of the beginning of each respective period. As of March 31, 2019 , our Energy segment had $10 million of remaining performance obligations for contracts with an original expected duration of more than one year. Our Energy segment expects to recognize approximately $4 million of these performance obligations as revenue by the end of 2019 and the remaining balance thereafter. Automotive Our Automotive segment has deferred revenue with respect to extended warranty plans of $41 million and $42 million as of March 31, 2019 and December 31, 2018 . For the three months ended March 31, 2019 and 2018 , our Automotive segment recorded revenue of $6 million and $4 million , respectively, with respect to deferred revenue outstanding as of the beginning of each respective period. Adoption of New Accounting Standards Lease Accounting Standards Updates 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 right-of-use 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 financing leases and operating leases are substantially similar to the classification criteria for distinguishing between capital leases and operating leases under previous guidance. Furthermore, quantitative and qualitative disclosures, including disclosures regarding significant judgments made by management, will be required. 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. In addition, in July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842), which provides an additional (and optional) transition method to adopt the new leases standard. We adopted the new leases standards using the new transition method option effective January 1, 2019, which required a cumulative-effect adjustment recognized in equity at such date. No adjustment to prior period presentation and disclosure were required. The most significant impact related to the recognition of right-of-use assets and lease liabilities in the condensed consolidated balance sheets for long-term operating leases with the significant majority of the impact within our Automotive segment, and to a lesser extent, our Energy and Food Packaging segments. Our Automotive segment has identified approximately 2,300 leases, primarily for real estate (operating leases) and vehicles (financing leases) and recognized operating lease right-of-use assets of $589 million (which reflects the impact of above market leases, net of below market leases) and related liabilities of $621 million as of January 1, 2019 as well as financing lease right-of-use assets and obligations of $24 million and $27 million , respectively. Our Energy segment recognized operating lease right-of-use assets and liabilities of $56 million and financing lease right-of-use assets and obligations of $26 million and $23 million , respectively, as of January 1, 2019. Our Food Packaging segment recognized operating lease right-of-use assets and liabilities of $42 million as of January 1, 2019 and financing lease right-of-use assets and obligations of $1 million . The aggregate impact for all other segments was the recognition of operating lease right-of-use assets and liabilities of $28 million as of January 1, 2019. Other Accounting Standards Updates In March 2017, the FASB issued ASU 2017-08, Premium Amortization on Purchased Callable Debt Securities , which amends FASB ASC Sub-Topic 310-20, Receivables-Nonrefundable Fees and Other Costs . This ASU amends the amortization period for certain purchased callable debt securities held at a premium by shortening the amortization period for the premium to the earliest call date. This ASU is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. We have adopted this standard on January 1, 2019 using the modified retrospective application method. The adoption of this standard did not have a significant impact on our condensed consolidated financial statements. In August 2017, the FASB issued ASU 2017-12, Targeted Improvements to Accounting for Hedging Activities , which amends FASB ASC Topic 815, Derivatives and Hedging . This ASU includes amendments to existing guidance to better align an entity’s risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. This ASU is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. We have adopted this standard on January 1, 2019. The adoption of this standard did not have a significant impact on our condensed consolidated financial statements. In February 2018, the FASB issued ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income , which amends FASB ASC Topic 220, Income Statement - Reporting Comprehensive Income . This ASU allows a reclassification out of accumulated other comprehensive loss within equity for standard tax effects resulting from the Tax Cuts and Jobs Act and consequently, eliminates the stranded tax effects resulting from the Tax Cuts and Jobs Act. This ASU is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. We have adopted this standard effective on January 1, 2019. See Note 15 , " Changes in Accumulated Other Comprehensive Loss ," for the impact on our accumulated other comprehensive loss, which is attributable to our Food Packaging segment. Recently Issued Accounting Standards 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. This ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early application is permitted for fiscal years beginning after December 15, 2018. We are currently evaluating the impact of this standard on our consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurements , which amends FASB ASC Topic 820, Fair Value Measurements . This ASU eliminates, modifies and adds various disclosure requirements on fair value measurements. This ASU is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Certain disclosures are required to be applied using a retrospective approach and others using a prospective approach. Early adoption is permitted. We are currently evaluating the impact of this standard on our consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract , which amends FASB ASC Subtopic 350-40, Intangibles-Goodwill and Other-Internal-Use Software |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions . Our second 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 Funds During the three months ended March 31, 2018 , Mr. Icahn and his affiliates (excluding us) invested $280 million in the Investment Funds, net of redemptions. As of March 31, 2019 and December 31, 2018 , the total fair market value of investments in the Investment Funds made by Mr. Icahn and his affiliates (excluding us) was approximately $4.7 billion and $5.0 billion , respectively, representing approximately 50% and 50% of the Investment Funds' assets under management as of each respective date. We pay 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 us are reimbursed by the Investment Funds. For the three months ended March 31, 2019 and 2018 , $3 million and $1 million , respectively, was allocated to the Investment Funds based on this expense-sharing arrangement. Hertz Global Holdings, Inc. As discussed in Note 4 , " Investments and Related Matters ," the Investment Funds have an investment in the common stock of Hertz Global Holdings, Inc. ("Hertz") measured at fair value that would have otherwise been subject to the equity method of accounting. Icahn Automotive provides services to Hertz in the ordinary course of business. For the three months ended March 31, 2019 and 2018 , revenue from Hertz was $12 million and $6 million , respectively. Additionally, Federal-Mogul had payments to Hertz in the ordinary course of business of $1 million for the three months ended March 31, 2018 . In addition to our transactions with Hertz disclosed above, in January 2018, we entered into a Master Motor Vehicle Lease and Management Agreement with Hertz, pursuant to which Hertz granted 767 Leasing the option to acquire certain vehicles from Hertz at rates aligned with the rates at which Hertz sells vehicles to third parties. Under this agreement, Hertz will lease the vehicles that 767 Leasing purchases from Hertz, or from third parties, under a mutually developed fleet plan and Hertz will manage, service, repair, sell and maintain those leased vehicles on behalf of 767 Leasing. Additionally, Hertz will rent the leased vehicles to transportation network company drivers from rental counters within locations leased or owned by us. This agreement has an initial term of 18 months and is subject to automatic six-month renewals thereafter, unless terminated by either party (with or without cause) prior to the start of any such six-month renewal. Our agreement with Hertz was unanimously approved by the independent directors of Icahn Enterprises' audit committee. Due to the nature of our involvement with 767 Leasing, which includes guaranteeing the payment obligations of 767 Leasing and sharing in the profits of 767 Leasing with Hertz, we determined that 767 Leasing is a variable interest entity. Furthermore, we determined that we are not the primary beneficiary as we do not have the power to direct the activities of 767 Leasing that most significantly impact its economic performance. Therefore, we do not consolidate the results of 767 Leasing. Our exposure to loss with respect to 767 Leasing is primarily limited to our direct investment in 767 Leasing as well as any payment obligations of 767 Leasing that we guarantee, which are not material at March 31, 2019 and December 31, 2018 . As of March 31, 2019 and December 31, 2018 , 767 Leasing had assets of $87 million and $60 million , respectively, primarily vehicles for lease, and liabilities of $1 million and $1 million , respectively. For the three months ended March 31, 2019 and 2018 , our Automotive segment invested $25 million and $5 million , respectively, in 767 Leasing. As of March 31, 2019 and December 31, 2018 , our Automotive segment had an equity method investment in 767 Leasing of $86 million and $59 million , respectively. ACF Industries LLC Our Railcar operations, prior to December 5, 2018 (the date we closed on the sale of ARI), had certain transactions with ACF Industries LLC ("ACF"), an affiliate of Mr. Icahn, under various agreements, as well as on a purchase order basis. ACF is a manufacturer and fabricator of specialty railcar parts and miscellaneous steel products. Agreements and transactions with ACF include the following: • Railcar component purchases from ACF; • Railcar parts purchases from and sales to ACF; • Railcar purchasing and engineering services agreements with ACF; • Lease of certain intellectual property to ACF; and • Railcar repair services and support for ACF Purchases from ACF were $1 million for the three months ended March 31, 2018 . For the three months ended March 31, 2018 , revenues from ACF were not material. 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. Icahn Enterprises Holdings has 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 ours, including CVR Energy, Viskase, PSC Metals, WPH, Federal-Mogul (prior to October 1, 2018), ARI (prior to December 5, 2018) and Tropicana (prior to October 1, 2018) 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 have minority equity interests in Insight Portfolio Group and also agreed to pay certain of Insight Portfolio Group's operating expenses. For the three months ended March 31, 2019 and 2018 , we and certain of our subsidiaries paid certain of Insight Portfolio Group's operating expenses of $1 million and $2 million |
Investments and Related Matters
Investments and Related Matters | 3 Months Ended |
Mar. 31, 2019 | |
Schedule of Investments [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 ." The carrying value and detail by security type, including business sector for equity securities, with respect to investments and securities sold, not yet purchased held by our Investment segment consist of the following: March 31, 2019 December 31, 2018 Assets (in millions) Investments: Equity securities: Basic materials $ 456 $ 414 Consumer, non-cyclical 2,005 2,161 Consumer, cyclical 1,627 1,161 Energy 1,654 1,598 Financial 209 167 Technology 819 1,040 Other 175 145 6,945 6,686 Corporate debt securities 185 181 $ 7,130 $ 6,867 Liabilities Securities sold, not yet purchased, at fair value: Equity securities: Consumer, non-cyclical $ 42 $ 57 Consumer, cyclical 96 106 Energy 309 305 447 468 Corporate debt securities — — $ 447 $ 468 The portion of unrealized gains that relates to securities still held by our Investment segment, primarily equity securities, was $558 million and $175 million for the three months ended March 31, 2019 and 2018 , respectively. Our Investment segment is deemed to have significant influence with respect to its investments in Hertz, Herbalife Ltd. ("Herbalife") and Caesars Entertainment Corporation ("Caesars") after considering the collective ownership in such entities by the Investment Funds and affiliates of Mr. Icahn, as well as their collective representation on each of the boards of directors. Our Investment segment has elected the fair value option with respect to each of these investments as such investments would have otherwise been subject to the equity method of accounting. Hertz, Herbalife and Caesars each file annual, quarterly and current reports, and proxy and information statements with the SEC, which are publicly available. As of March 31, 2019 , the Investment Funds owned approximately 23.1% of the outstanding common stock of Hertz. Our Investment segment recorded net gains (losses) of $95 million and $(52) million for the three months ended March 31, 2019 and 2018 , respectively, with respect to its investment in Hertz. As of March 31, 2019 and December 31, 2018 , the aggregate fair value of our Investment segment's investment in Hertz was $337 million and $320 million , respectively. As of March 31, 2019 , the Investment Funds owned approximately 18.4% of the outstanding common stock of Herbalife. Our Investment segment recorded net (losses) gains of $(168) million and $544 million for the three months ended March 31, 2019 and 2018 , respectively, with respect to its investment in Herbalife. As of March 31, 2019 and December 31, 2018 , the aggregate fair value of our Investment segment's investment in Herbalife was approximately $1.5 billion and $1.7 billion , respectively. As of March 31, 2019 , the Investment Funds owned approximately 11.7% of the outstanding common stock of Caesars. We obtained significant influence over Caesars, and elected the fair value option with respect to our investment in Caesars, beginning in the first quarter of 2019. Our Investment segment recorded net gains of $26 million for the three months ended March 31, 2019 with respect to its investment in Caesars. As of March 31, 2019 , the aggregate fair value of our Investment segment's investment in Caesars was $690 million . Other Segments and Holding Company With the exception of certain equity method investments at our operating subsidiaries and our Holding Company disclosed in the table below, our investments are measured at fair value in our condensed consolidated balance sheets. The carrying value of investments held by our other segments and our Holding Company consist of the following: March 31, 2019 December 31, 2018 (in millions) Equity method investments $ 169 $ 143 Other investments (measured at fair value) 804 1,327 $ 973 $ 1,470 The portion of unrealized (losses) gains that relates to equity securities still held by our Other segments and Holding Company was $(154) million and $23 million for the three months ended March 31, 2019 and 2018 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements . U.S. GAAP requires enhanced disclosures about investments and non-recurring non-financial assets and 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 and non-financial assets and/or liabilities as of the reporting date. 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 where all significant inputs are observable. 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, the investments', non-financial assets' and/or liabilities' 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. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table summarizes the valuation of our assets and liabilities by the above fair value hierarchy levels measured on a recurring basis: March 31, 2019 December 31, 2018 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets (in millions) Investments (Note 4) $ 7,598 $ 321 $ 3 $ 7,922 $ 7,493 $ 317 $ 372 $ 8,182 Derivative contracts, at fair value (Note 6) (1) — 27 — 27 7 517 — 524 $ 7,598 $ 348 $ 3 $ 7,949 $ 7,500 $ 834 $ 372 $ 8,706 Liabilities Securities sold, not yet purchased (Note 4) $ 447 $ — $ — $ 447 $ 468 $ — $ — $ 468 Other liabilities — 16 — 16 — 2 — 2 Derivative contracts, at fair value (Note 6) — 722 — 722 — 36 — 36 $ 447 $ 738 $ — $ 1,185 $ 468 $ 38 $ — $ 506 (1) Amounts are classified within other assets 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: Three Months Ended March 31, 2019 2018 (in millions) Balance at January 1 $ 372 $ 278 Net gains recognized in income 89 23 Sales (458 ) — Balance at March 31 $ 3 $ 301 As of December 31, 2018 , we had a certain equity investment which was considered a Level 3 investment due to unobservable market data and was measured at fair value on a recurring basis. We determined the fair value of this investment based on recent market transactions. During the three months ended March 31, 2019 |
Financial Instruments
Financial Instruments | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Financial Instruments . Overview Investment In the normal course of business, the Investment Funds 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' 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. Credit concentrations may arise from investment activities and may be impacted by changes in economic, industry or political factors. The Investment Funds routinely execute transactions with counterparties in the financial services industry, resulting in credit concentration with respect to the financial services industry. In the ordinary course of business, the Investment Funds may also be subject to a concentration of credit risk to a particular counterparty. The Investment Funds seek to mitigate these risks by actively monitoring exposures, collateral requirements and the creditworthiness of its counterparties. The Investment Funds 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 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 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. When the contract is closed, the Investment Funds 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 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' 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. 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 each of March 31, 2019 and December 31, 2018 was zero . The following table summarizes the volume of our Investment segment's derivative activities based on their notional exposure, categorized by primary underlying risk: March 31, 2019 December 31, 2018 Long Notional Exposure Short Notional Exposure Long Notional Exposure Short Notional Exposure Primary underlying risk: (in millions) Equity contracts $ 686 $ 10,870 $ 118 $ 8,368 Credit contracts (1) — 563 — 479 Commodity contracts — 59 — 114 (1) The short notional amount on our credit default swap positions was approximately $2.5 billion at March 31, 2019 . However, because credit spreads cannot compress below zero, our downside short notional exposure is $563 million as of March 31, 2019 . The short notional amount on our credit default swap positions was approximately $1.8 billion as of December 31, 2018 . However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is $479 million as of December 31, 2018 . Energy CVR Refining 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 Refining from time to time enters into various commodity derivative transactions. CVR Refining 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 under U.S. GAAP. There are no premiums paid or received at inception of the derivative contracts and upon settlement. CVR Refining's commodity derivatives include commodity swaps and forward purchase and sale commitments. CVR Refining did not have open commodity swap instruments at March 31, 2019 and December 31, 2018 . As of March 31, 2019 and December 31, 2018 , CVR Refining had open forward purchase and sale commitments for 2 million barrels and 2 million barrels, respectively, of Canadian crude oil priced at fixed differentials that are not considered probable of physical settlement and are accounted for as derivatives. Consolidated Derivative Information Certain derivative contracts executed by the Investment Funds with a single counterparty or by our Energy segment 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. The following table presents the consolidated fair values of our derivatives that are not designated as hedging instruments in accordance with U.S GAAP: Asset Derivatives (1) Liability Derivatives March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 (in millions) Equity contracts $ 28 $ 568 $ 736 $ 170 Credit contracts 12 76 — — Commodity contracts 1 15 — 1 Sub-total 41 659 736 171 Netting across contract types (2) (14 ) (135 ) (14 ) (135 ) Total (2) $ 27 $ 524 $ 722 $ 36 (1) Net asset derivatives are classified within other assets in our condensed consolidated balance sheets. (2) Excludes netting of cash collateral received and posted. The total collateral posted at March 31, 2019 and December 31, 2018 was $613 million and $0 million , respectively, across all counterparties, which are included in cash held at consolidated affiliated partnerships and restricted cash in the condensed consolidated balance sheets. 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: Gain (Loss) Recognized in Income (1) Three Months Ended March 31, 2019 2018 (in millions) Equity contracts $ (1,101 ) $ 58 Credit contracts (64 ) 53 Commodity contracts 2 95 $ (1,163 ) $ 206 (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 cost of goods sold for our Energy segment. (Losses) gains recognized on derivatives for our Investment segment were $(1,179) million and $147 million for the three months ended March 31, 2019 and 2018 , respectively. Gains recognized on derivatives for our Energy segment were $16 million and $59 million for the three months ended March 31, 2019 and 2018 |
Inventories, Net (Notes)
Inventories, Net (Notes) | 3 Months Ended |
Mar. 31, 2019 | |
Inventory, Net [Abstract] | |
Inventories, Net | Inventories, Net . Inventories, net consists of the following: March 31, 2019 December 31, 2018 (in millions) Raw materials $ 220 $ 217 Work in process 99 70 Finished goods 1,533 1,492 $ 1,852 $ 1,779 |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, Net | 3 Months Ended |
Mar. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets, Net | Goodwill and Intangible Assets, Net . Goodwill consists of the following: March 31, 2019 December 31, 2018 Gross Carrying Amount Accumulated Impairment Net Carrying Value Gross Carrying Amount Accumulated Impairment Net Carrying Value (in millions) Automotive $ 336 $ (87 ) $ 249 $ 328 $ (87 ) $ 241 Food Packaging 6 — 6 6 — 6 $ 342 $ (87 ) $ 255 $ 334 $ (87 ) $ 247 Intangible assets, net consists of the following: March 31, 2019 December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Value Gross Carrying Amount Accumulated Amortization Net Carrying Value (in millions) Definite-lived intangible assets: Customer relationships $ 396 $ (138 ) $ 258 $ 396 $ (134 ) $ 262 Other 278 (134 ) 144 316 (139 ) 177 $ 674 $ (272 ) $ 402 $ 712 $ (273 ) $ 439 Indefinite-lived intangible assets $ 62 $ 62 Intangible assets, net $ 464 $ 501 Amortization expense associated with definite-lived intangible assets was $10 million and $12 million for the three months ended March 31, 2019 and 2018 , respectively. We utilize the straight-line method of amortization, recognized over the estimated useful lives of the assets. Acquisitions during the three months ended March 31, 2019 were not material individually or in the aggregate. As a result of certain acquisitions, our Automotive segment allocated $8 million to goodwill and $1 million |
Leases (Notes)
Leases (Notes) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Leases | Leases . All Segments and Holding Company We have operating and finance leases primarily within our Automotive, Energy and Food Packaging segments. Our Automotive segment leases assets, primarily real estate (operating) and vehicles (financing) and which primarily consist of leases that expire within 10 years. Our Energy segment leases certain pipelines, storage tanks, railcars, office space, land and equipment (operating and financing). Our Food Packaging segment leases assets, primarily real estate and vehicles (primarily operating). Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Right-of-use assets and related liabilities are recorded on the balance sheet for leases with an initial lease term in excess of twelve months and therefore, do not include any lease arrangements with initial lease terms of twelve months or less. Right-of-use assets and lease liabilities are as follows: March 31, 2019 December 31, 2018 (in millions) Operating Leases: Right-of-use assets (other assets) $ 678 $ — Lease liabilities (accrued expenses and other liabilities) 708 — Financing Leases: Right-of-use assets (property, plant and equipment, net) 81 51 Lease liabilities (debt) 95 54 Additional information with respect to our operating leases as of March 31, 2019 is presented below. The lease terms and discount rates for our Energy, Automotive and Food Packaging segments represent weighted averages based on their respective lease liability balances. Operating Leases Right-Of-Use Assets Lease Liabilities Lease Term Discount Rate (in millions) Energy $ 51 $ 50 4.0 years 5.8% Automotive 560 591 5.6 years 5.6% Food Packaging 41 41 10.5 years 6.1% Other segments and Holding Company 26 26 $ 678 $ 708 The components of lease expense are presented in the following table. Operating lease expense is net of immaterial amounts for sublease income. Three Months Ended March 31, 2019 2018 (in millions) Operating lease expense $ 49 $ 38 Amortization of financing lease right-of-use assets $ 4 $ 1 Interest expense on financing lease liabilities 2 — Maturities of lease liabilities as of March 31, 2019 are as follows: Year Operating Leases Financing Leases (in millions) Remainder of 2019 $ 141 $ 13 2020 168 18 2021 146 14 2022 124 13 2023 79 12 Thereafter 194 68 Total lease payments 852 138 Less: imputed interest (144 ) (43 ) $ 708 $ 95 Real Estate Our Real Estate segment leases real estate, primarily commercial properties under long-term operating leases. As of March 31, 2019 and December 31, 2018 , our Real Estate segment has assets leased to others included in property, plant and equipment of $219 million and $217 million , respectively, net of accumulated depreciation. Our Real Estate segment's revenue from operating leases were $8 million and $10 million for the three months ended March 31, 2019 and 2018 , respectively, and are included in other revenue from operations in the condensed consolidated statements of operations. Our Real Estate segment's anticipated future receipts of minimum operating lease payments receivable are $25 million for the remainder of 2019, $33 million in 2020 and $10 million |
Debt
Debt | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Debt . Debt consists of the following: March 31, 2019 December 31, 2018 (in millions) Holding Company: 6.000% senior unsecured notes due 2020 $ 1,702 $ 1,702 5.875% senior unsecured notes due 2022 1,344 1,344 6.250% senior unsecured notes due 2022 1,213 1,213 6.750% senior unsecured notes due 2024 498 498 6.375% senior unsecured notes due 2025 748 748 5,505 5,505 Reporting Segments: Energy 1,196 1,170 Automotive 405 372 Food Packaging 271 273 Metals 1 — Real Estate 2 2 Home Fashion 12 4 1,887 1,821 Total Debt $ 7,392 $ 7,326 Covenants All of our subsidiaries are currently in compliance with all covenants and restrictions as described in the various executed agreements and contracts with respect to each debt instrument. These covenants include limitations on indebtedness, liens, investments, acquisitions, asset sales, dividends and other restricted payments and affiliate and extraordinary transactions. Non-Cash Charges to Interest Expense The amortization of deferred financing costs and debt discounts and premiums included in interest expense in the condensed consolidated statements of operations were $1 million and $1 million for the three months ended March 31, 2019 and 2018 |
Net Income Per LP Unit
Net Income Per LP Unit | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Unit [Abstract] | |
Net Income Per LP Unit | Net Income Per LP Unit . The components of the computation of basic and diluted income (loss) per LP unit from continuing and discontinued operations of Icahn Enterprises are as follows: Three Months Ended March 31, 2019 2018 (in millions, except per unit data) Net (loss) income attributable to Icahn Enterprises from continuing operations $ (394 ) $ 98 Net (loss) income attributable to Icahn Enterprises from continuing operations allocated to limited partners (98.01% allocation) $ (386 ) $ 96 Net income attributable to Icahn Enterprises from discontinued operations allocated to limited partners (98.01% allocation) $ — $ 33 Basic (loss) income per LP unit: Continuing operations $ (2.02 ) $ 0.55 Discontinued operations 0.00 0.19 $ (2.02 ) $ 0.74 Basic weighted average LP units outstanding 191 174 Diluted (loss) income per LP unit: Continuing operations $ (2.02 ) $ 0.55 Discontinued operations 0.00 0.19 $ (2.02 ) $ 0.74 Diluted weighted average LP units outstanding 191 175 As their effect would have been anti-dilutive, two million weighted average units have been excluded from the calculation of diluted income per LP unit for the three months ended March 31, 2019 . One million weighted average units are dilutive for the three months ended March 31, 2018 relating to potentially dilutive units as discussed below, with no income effect. LP Unit Distribution On February 26, 2019, Icahn Enterprises declared a quarterly distribution in the amount of $2.00 per depositary unit in which each depositary unitholder had the option to make an election to receive either cash or additional depositary units. Because the depositary unitholder has the election to receive the distribution either in cash or additional depositary units, we recorded a unit distribution liability of $391 million as the unit distribution had not been made as of March 31, 2019 . In addition, the unit distribution liability, which is included in accrued expenses and other liabilities in the condensed consolidated balance sheets, is considered a potentially dilutive security and is considered in the calculation of diluted income per LP unit as disclosed above. Any difference between the liability recorded and the amount representing the aggregate value of the number of depositary units distributed and cash paid would be charged to equity. Mr. Icahn and his affiliates elected to receive their proportionate share of the quarterly distribution in depositary units. On April 17, 2019, Icahn Enterprises distributed an aggregate 4,859,461 depositary units to unitholders electing to receive depositary units, of which an aggregate of 4,784,706 depositary units were distributed to Mr. Icahn and his affiliates. In connection with this distribution, aggregate cash distributions to all depositary unitholders was $26 million in April 2019. 2017 Incentive Plan During the three months ended March 31, 2019 and 2018 , Icahn Enterprises distributed 10,656 and 15,071 |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting . We report segment information based on the various industries in which our businesses operate and how we manage those businesses in accordance with our investment strategies, which may include: identifying and acquiring undervalued assets and businesses, often through the purchase of distressed securities; increasing value through management, financial or other operational changes; and managing complex legal, regulatory or financial issues, which may include bankruptcy or insolvency, environmental, zoning, permitting and licensing issues. Therefore, although many of our businesses are operated under separate local management, certain of our businesses are grouped together when they operate within a similar industry, comprising similarities in products, customers, production processes and regulatory environments, and when such businesses, when considered together, may be managed in accordance with one or more investment strategies specific to those businesses. Among other measures, we assess and measure segment operating results based on net income from continuing operations attributable to Icahn Enterprises and Icahn Enterprises Holdings. Certain terms of financings for certain of our businesses impose restrictions on the business' ability to transfer funds to us, including restrictions on dividends, distributions, loans and other transactions. Condensed Statements of Operations Icahn Enterprises' condensed statements of operations by reporting segment are presented below. Icahn Enterprises Holdings' condensed statements of operations are substantially the same, with immaterial differences relating to our Holding Company's interest expense. Three Months Ended March 31, 2019 Investment Energy Automotive Food Packaging Metals Real Estate Home Fashion Mining Railcar Holding Company Consolidated (in millions) Revenues: Net sales $ — $ 1,486 $ 550 $ 95 $ 93 $ 2 $ 39 $ 35 $ — $ — $ 2,300 Other revenues from operations — — 143 — — 19 — — — — 162 Net loss from investment activities (609 ) — — — — — — — — (65 ) (674 ) Interest and dividend income 42 — — — — — — 1 — 21 64 Other (loss) income, net (1 ) 1 4 (3 ) — 2 — — — — 3 (568 ) 1,487 697 92 93 23 39 36 — (44 ) 1,855 Expenses: Cost of goods sold — 1,303 375 75 92 2 33 20 — — 1,900 Other expenses from operations — — 119 — — 12 — — — — 131 Selling, general and administrative 2 37 252 15 4 5 10 7 — 4 336 Restructuring, net — — — 7 — — — — — — 7 Interest expense 18 26 5 4 — — — 2 — 84 139 20 1,366 751 101 96 19 43 29 — 88 2,513 (Loss) income from continuing operations before income tax (expense) benefit (588 ) 121 (54 ) (9 ) (3 ) 4 (4 ) 7 — (132 ) (658 ) Income tax (expense) benefit — (31 ) 12 4 — — — (1 ) — 10 (6 ) Net (loss) income from continuing operations (588 ) 90 (42 ) (5 ) (3 ) 4 (4 ) 6 — (122 ) (664 ) Less: net (loss) income from continuing operations attributable to non-controlling interests (293 ) 24 — (2 ) — — — 1 — — (270 ) Net (loss) income from continuing operations attributable to Icahn Enterprises $ (295 ) $ 66 $ (42 ) $ (3 ) $ (3 ) $ 4 $ (4 ) $ 5 $ — $ (122 ) $ (394 ) Supplemental information: Capital expenditures $ — $ 29 $ 13 $ 7 $ 5 $ 6 $ 1 $ 4 $ — $ — $ 65 Depreciation and amortization $ — $ 83 $ 24 $ 6 $ 4 $ 4 $ 2 $ — $ — $ — $ 123 Three Months Ended March 31, 2018 Investment Energy Automotive Food Packaging Metals Real Estate Home Fashion Mining Railcar Holding Company Consolidated (in millions) Revenues: Net sales $ — $ 1,537 $ 549 $ 97 $ 118 $ 1 $ 42 $ 20 $ — $ — $ 2,364 Other revenues from operations — — 137 — — 21 — — — — 158 Net gain from investment activities 410 — — — — — — — — 22 432 Interest and dividend income 18 — — — — 5 — — — 3 26 Other income (loss), net — 2 — (6 ) 1 — — — 5 1 3 428 1,539 686 91 119 27 42 20 5 26 2,983 Expenses: Cost of goods sold — 1,385 361 77 110 1 36 17 — — 1,987 Other expenses from operations — — 113 — — 12 — — — — 125 Selling, general and administrative 1 32 258 15 5 6 9 6 — 6 338 Restructuring, net — — — — — — 2 — — — 2 Interest expense 26 27 3 4 — 1 — 2 — 84 147 27 1,444 735 96 115 20 47 25 — 90 2,599 Income (loss) from continuing operations before income tax (expense) benefit 401 95 (49 ) (5 ) 4 7 (5 ) (5 ) 5 (64 ) 384 Income tax (expense) benefit — (14 ) 15 2 — — — (1 ) — (19 ) (17 ) Net income (loss) from continuing operations 401 81 (34 ) (3 ) 4 7 (5 ) (6 ) 5 (83 ) 367 Less: net income (loss) from continuing operations attributable to non-controlling interests 240 31 — — — — — (2 ) — — 269 Net income (loss) from continuing operations attributable to Icahn Enterprises $ 161 $ 50 $ (34 ) $ (3 ) $ 4 $ 7 $ (5 ) $ (4 ) $ 5 $ (83 ) $ 98 Supplemental information: Capital expenditures $ — $ 20 $ 19 $ 5 $ 1 $ 3 $ 1 $ 13 $ — $ — $ 62 Depreciation and amortization $ — $ 83 $ 24 $ 7 $ 5 $ 5 $ 2 $ 2 $ — $ — $ 128 Disaggregation of Revenue In addition to the condensed statements of operations by reporting segment above, we provide additional disaggregated revenue information for and Energy and Automotive segments below. Energy Disaggregated revenue for our Energy segment net sales is presented below: Three Months Ended March 31, 2019 2018 (in millions) Petroleum products $ 1,394 $ 1,457 Nitrogen fertilizer products 92 80 $ 1,486 $ 1,537 Automotive Disaggregated revenue for our Automotive segment net sales and other revenues from operations is presented below: Three Months Ended March 31, 2019 2018 (in millions) Automotive services $ 327 $ 316 Aftermarket parts sales 366 370 $ 693 $ 686 Condensed Balance Sheets Icahn Enterprises' condensed balance sheets by reporting segment are presented below. Icahn Enterprises Holdings' condensed balance sheets are substantially the same, with immaterial differences relating to our Holding Company's other assets, debt and equity attributable to Icahn Enterprises Holdings. March 31, 2019 Investment Energy Automotive Food Packaging Metals Real Estate Home Fashion Mining Holding Company Consolidated (in millions) ASSETS Cash and cash equivalents $ 7 $ 467 $ 65 $ 33 $ 11 $ 41 $ 1 $ — $ 2,139 $ 2,764 Cash held at consolidated affiliated partnerships and restricted cash 2,286 — — 1 1 2 2 — 7 2,299 Investments 7,130 83 86 — — 15 — — 789 8,103 Accounts receivable, net — 193 168 76 49 3 28 — — 517 Inventories, net — 403 1,233 103 40 — 73 — — 1,852 Property, plant and equipment, net — 3,004 951 168 115 376 68 — — 4,682 Goodwill and intangible assets, net — 273 391 32 2 21 — — — 719 Assets held for sale — 33 — — 1 — — 330 — 364 Other assets 1,268 232 769 139 22 34 11 — 49 2,524 Total assets $ 10,691 $ 4,688 $ 3,663 $ 552 $ 241 $ 492 $ 183 $ 330 $ 2,984 $ 23,824 LIABILITIES AND EQUITY Accounts payable, accrued expenses and other liabilities $ 730 $ 1,171 $ 1,426 $ 212 $ 66 $ 46 $ 42 $ — $ 504 $ 4,197 Securities sold, not yet purchased, at fair value 447 — — — — — — — — 447 Liabilities held for sale — — — — — — — 136 — 136 Debt — 1,196 405 271 1 2 12 — 5,505 7,392 Total liabilities 1,177 2,367 1,831 483 67 48 54 136 6,009 12,172 Equity attributable to Icahn Enterprises 4,772 1,290 1,832 52 174 444 129 171 (3,025 ) 5,839 Equity attributable to non-controlling interests 4,742 1,031 — 17 — — — 23 — 5,813 Total equity 9,514 2,321 1,832 69 174 444 129 194 (3,025 ) 11,652 Total liabilities and equity $ 10,691 $ 4,688 $ 3,663 $ 552 $ 241 $ 492 $ 183 $ 330 $ 2,984 $ 23,824 December 31, 2018 Investment Energy Automotive Food Packaging Metals Real Estate Home Fashion Mining Holding Company Consolidated (in millions) ASSETS Cash and cash equivalents $ 5 $ 668 $ 43 $ 46 $ 20 $ 39 $ 1 $ — $ 1,834 $ 2,656 Cash held at consolidated affiliated partnerships and restricted cash 2,648 — — 1 1 26 2 — 4 2,682 Investments 6,867 84 59 — — 15 — — 1,312 8,337 Accounts receivable, net — 169 149 74 48 3 31 — — 474 Inventories, net — 380 1,203 93 39 — 64 — — 1,779 Property, plant and equipment, net — 3,027 941 169 115 367 69 — — 4,688 Goodwill and intangible assets, net — 278 412 32 2 24 — — — 748 Assets held for sale — 33 — — 1 — — 299 — 333 Other assets 1,230 192 217 96 7 34 5 — 11 1,792 Total assets $ 10,750 $ 4,831 $ 3,024 $ 511 $ 233 $ 508 $ 172 $ 299 $ 3,161 $ 23,489 LIABILITIES AND EQUITY Accounts payable, accrued expenses and other liabilities $ 181 $ 1,043 $ 905 $ 164 $ 56 $ 41 $ 35 $ — $ 178 $ 2,603 Securities sold, not yet purchased, at fair value 468 — — — — — — — — 468 Liabilities held for sale — — — — — — — 112 — 112 Debt — 1,170 372 273 — 2 4 — 5,505 7,326 Total liabilities 649 2,213 1,277 437 56 43 39 112 5,683 10,509 Equity attributable to Icahn Enterprises 5,066 1,274 1,747 55 177 465 133 165 (2,522 ) 6,560 Equity attributable to non-controlling interests 5,035 1,344 — 19 — — — 22 — 6,420 Total equity 10,101 2,618 1,747 74 177 465 133 187 (2,522 ) 12,980 Total liabilities and equity $ 10,750 $ 4,831 $ 3,024 $ 511 $ 233 $ 508 $ 172 $ 299 $ 3,161 $ 23,489 |
Discontinued Operations (Notes)
Discontinued Operations (Notes) | 3 Months Ended |
Mar. 31, 2019 | |
Discontinued Operations [Abstract] | |
Discontinued Operations | Discontinued Operations . Income from discontinued operations is summarized as follows: Three Months Ended March 31, 2018 Federal-Mogul Tropicana ARI Total Revenues: (in millions) Net sales $ 2,056 $ — $ 64 $ 2,120 Other revenues from operations — 219 52 271 Net gain on investment activities — — 1 1 Interest and dividend income 1 1 — 2 Other income, net 8 — 1 9 2,065 220 118 2,403 Expenses: Cost of goods sold 1,765 — 58 1,823 Other expenses from operations — 102 29 131 Selling, general and administrative 220 89 9 318 Interest expense 44 1 5 50 2,029 192 101 2,322 Income from discontinued operations before income tax expense 36 28 17 81 Income tax expense (23 ) (7 ) (6 ) (36 ) Income from discontinued operations 13 21 11 45 Less: income from discontinued operations attributable to non-controlling interests 3 3 5 11 Income from discontinued operations attributable to Icahn Enterprises $ 10 $ 18 $ 6 $ 34 Supplemental information: Capital expenditures $ 118 $ 21 $ 19 $ 158 Depreciation and amortization $ 100 $ 19 $ 15 $ 134 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes . For the three months ended March 31, 2019 , we recorded an income tax expense of $6 million on pre-tax loss from continuing operations of $658 million compared to an income tax expense of $17 million on pre-tax income from continuing operations of $384 million for the three months ended March 31, 2018 . Our effective income tax rate was (0.9)% and 4.4% for the three months ended March 31, 2019 and 2018 , respectively. For the three months ended March 31, 2019 , the effective tax rate was lower than the statutory federal rate of 21% , primarily due to partnership loss for which there was no tax benefit, as such loss is allocated to the partners. For the three months ended March 31, 2018 , the effective tax rate was lower than the statutory federal rate of 21% |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Changes In Accumulated Other Comprehensive Loss | Changes in Accumulated Other Comprehensive Loss . Changes in accumulated other comprehensive loss consists of the following: Post-Retirement Benefits, Net of Tax Translation Adjustments and Other, Net of Tax Total (in millions) Balance, December 31, 2018 $ (47 ) $ (38 ) $ (85 ) Other comprehensive income (loss) before reclassifications, net of tax — (1 ) (1 ) Reclassifications from accumulated other comprehensive loss to earnings 1 — 1 Other comprehensive income (loss), net of tax 1 (1 ) — Elimination of stranded tax effects resulting from tax legislation (6 ) — (6 ) Balance, March 31, 2019 $ (52 ) $ (39 ) $ (91 ) |
Other Income (Loss), Net
Other Income (Loss), Net | 3 Months Ended |
Mar. 31, 2019 | |
Other (Loss) Income, Net [Abstract] | |
Other Income, Net | Other Income, Net . Other income, net consists of the following: Three Months Ended March 31, 2019 2018 (in millions) Equity earnings from non-consolidated affiliates $ 4 $ 2 (Loss) gain on disposition of assets, net (4 ) 5 Foreign currency transaction (loss) income (2 ) 1 Non-service pension and other post-retirement benefits expense (1 ) (7 ) Other 6 2 $ 3 $ 3 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies . Environmental Matters Due to the nature of our business, certain of our subsidiaries' operations are subject to numerous existing and proposed laws and governmental regulations designed to protect the environment, particularly regarding plant wastes and emissions and solid waste disposal. Our consolidated environmental liabilities were $36 million and $37 million as of March 31, 2019 and December 31, 2018 , respectively, primarily within our Metals and Energy segments and which are included in accrued expenses and other liabilities in our condensed consolidated balance sheets. We do not believe that environmental matters will have a material adverse impact on our consolidated results of operations and financial condition. On August 21, 2018, CVR Refining received a letter from the United States Department of Justice (the “DOJ”) on behalf of the Environmental Protection Agency (the "EPA") and Kansas Department of Health and Environment (“KDHE”) alleging violations of the Clean Air Act and a 2012 Consent Decree between CVR Refining, the United States (on behalf of the EPA) and KDHE at CVR Energy's Coffeyville refinery. In September 2018, CVR Refining executed a tolling agreement with the DOJ and KDHE extending time for negotiation regarding the agencies’ allegations through March 2019, which was extended in March 2019 through November 30, 2019. At this time CVR Energy cannot reasonably estimate the potential penalties, costs, fines or other expenditures that may result from this matter or any subsequent enforcement or litigation relating thereto and, therefore, CVR Energy cannot determine if the ultimate outcome of this matter will have a material impact on its financial position, results of operations or cash flows. Renewable Fuel Standards CVR Refining is subject to the Renewable Fuel Standard ("RFS") of the EPA which requires refiners to either blend "renewable fuels" in with their transportation fuels or purchase renewable fuel credits, known as renewable identification numbers (“RINs”), in lieu of blending. CVR Refining is not able to blend the substantial majority of its transportation fuels and has to purchase RINs on the open market, as well as waiver credits for cellulosic biofuels from the EPA, in order to comply with the RFS. For the three months ended March 31, 2019 and 2018, our Energy segment recognized expense of $13 million and a benefit of $23 million , respectively, which is included in cost of goods sold in the condensed consolidated statements of operations. Our Energy segment's cost to comply with the RFS includes the purchased cost of RINs, the impact of recognizing CVR Refining's uncommitted biofuel blending obligation at fair value based on market prices at each reporting date and is reduced by the valuation change of RINs purchases in excess of CVR Refining's RFS obligation as of the reporting date. Litigation From time to time, we and our subsidiaries are involved in various lawsuits arising in the normal course of business. We do not believe that such normal routine litigation will have a material effect on our financial condition or results of operations. Energy CVR Energy, CVR Refining and its general partner, Icahn Enterprises and certain other affiliates and individuals have each been named in nine lawsuits filed in the Court of Chancery of the State of Delaware by purported former unitholders of CVR Refining, on behalf of themselves and an alleged class of similarly situated unitholders (the “Call Option Lawsuits”). The Call Option Lawsuits primarily allege breach of contract, tortious interference and breach of the implied covenant of good faith and fair dealing and seek monetary damages and attorneys’ fees, among other remedies, relating to CVR Energy's exercise of the call option under the CVR Refining Amended and Restated Agreement of Limited Partnership assigned to it by CVR Refining’s general partner. The Call Option Lawsuits are in the earliest stages of litigation. CVR Energy believes the Call Option Lawsuits are without merit and intends to vigorously defend against them. Other Matters Pension Obligations Mr. Icahn, through certain affiliates, owns 100% of Icahn Enterprises GP and approximately 91.7% of Icahn Enterprises' outstanding depositary units as of March 31, 2019 . 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 (the "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%, which includes the liabilities of pension plans sponsored by ACF. All the minimum funding requirements of the Internal Revenue Code, as amended, and the Employee Retirement Income Security Act of 1974, as amended, for the ACF plans have been met as of March 31, 2019 . If the plans were voluntarily terminated, they would be underfunded by approximately $61 million as of March 31, 2019 . These results are based on the most recent information provided by the plans’ actuary. 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 to make ongoing pension contributions or to pay the unfunded liabilities upon a termination of the ACF pension plans. 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 ACF pension plans requires them to notify the PBGC of certain “reportable events,” such as if we cease to be a member of the ACF 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 99.6% 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, including ACF. The Starfire indemnity 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. Other |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information (Notes) | 3 Months Ended |
Mar. 31, 2019 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information . Supplemental cash flow information from continuing operations consists of the following: Three Months Ended March 31, 2019 2018 (in millions) Cash payments for interest, net of amounts capitalized $ 157 $ 159 Net cash (receipts) payments for income taxes, net of refunds (2 ) 1 Non-cash proceeds from sale of investment 34 — Distribution payable 391 310 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events . Icahn Enterprises Distribution On April 30, 2019 , the Board of Directors of the general partner of Icahn Enterprises declared a quarterly distribution in the amount of $2.00 per depositary unit, which will be paid on or about June 20, 2019 to depositary unitholders of record at the close of business on May 13, 2019 . Depositary unitholders will have until June 10, 2019 to make an election to receive either cash or additional depositary units; if a unitholder does not make an election, it will automatically be deemed to have elected to receive the distribution in cash. Depositary unitholders 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 June 17, 2019 . No fractional depositary units will be issued pursuant to the distribution payment. Icahn Enterprises will make a cash payment in lieu of issuing fractional depositary units to any unitholders electing to receive depositary units. Any unitholders that would only be eligible to receive a fraction of a depositary unit based on the above calculation will receive a cash payment. Potential Open Market Sale Agreement On May 2, 2019, Icahn Enterprises announced its intention to enter into an Open Market Sale Agreement, pursuant to which Icahn Enterprises may sell its depositary units, from time to time, for up to $400 million |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |
Consolidation, Policy | Principles of Consolidation As of March 31, 2019 , 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, 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. |
Accounting Changes [Text Block] | Change in Accounting Principle Effective January 1, 2019, CVR Energy revised its accounting policy method for the costs of planned major maintenance activities ("turnarounds") specific to its petroleum business from being expensed as incurred (the direct expensing method) to the deferral method. Turnarounds are planned shutdowns of refinery processing units for significant overhaul and refurbishment. Under the deferral method, the costs of turnarounds are deferred and amortized on a straight-line basis over a four-year period, which represents the estimated time until the next turnaround occurs. The new method of accounting for turnarounds is considered preferable as it is more consistent with the accounting policy of CVR Energy's peer companies and better reflects the economic substance of the benefits earned from turnaround expenditures. The comparative condensed consolidated balance sheet as of December 31, 2018 and condensed consolidated statement of operations and cash flows for the three months ended March 31, 2018 have been retrospectively adjusted to apply the new accounting method. These turnaround costs, and related accumulated amortization, are included within other assets in the condensed consolidated balance sheets. The amortization expense related to turnaround costs is included in cost of goods sold in the condensed consolidated statement of operations. CVR Partners will continue to follow the direct expensing method therefore this change had no impact on its current or comparative condensed consolidated financial statements. As a result of this accounting change, our Energy segment increased other assets by $108 million and decreased property, plant and equipment, net by $15 million as of December 31, 2018 . In addition, our Energy segment increased deferred tax liability by $18 million and total equity by $75 million , including $31 million attributable to Icahn Enterprises and Icahn Enterprises Holdings as of December 31, 2018 . As of December 31, 2017, our Energy segment increased total equity by $118 million , including $62 million attributable to Icahn Enterprises and Icahn Enterprises Holdings. For the three months ended March 31, 2018 , the effect on net income for our Energy segment as a result of this accounting change was a reduction to net income of $11 million , including a $5 million reduction attributable to Icahn Enterprises and Icahn Enterprises Holdings. The impact on net income was comprised of a $14 million increase to cost of goods sold and a $3 million decrease to income tax expense for the three months ended March 31, 2018 |
Reclassifications [Text Block] | Reclassifications Certain other reclassifications have been made within the condensed consolidated statements of operations to include gain (loss) on derivatives within cost of goods sold for our Energy segment. Prior year balances have been reclassified to conform to the current year presentation. The reclassification of gain on derivatives from other income, net to costs of goods sold was $59 million for the three months ended March 31, 2018 . These reclassifications did not have an impact on previously reported net income. We have also recast certain historical results for discontinued operations, which we disclose in Note 13 , " Discontinued Operations |
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | Consolidated Variable Interest Entities The following is a discussion of variable interest entities in which we are deemed to be the primary beneficiary and in which we therefore consolidate. In addition, as discussed in Note 3 , " Related Party Transactions ," we have a variable interest in an entity in which we are not the primary beneficiary and therefore we do not consolidate. Icahn Enterprises Holdings We determined that Icahn Enterprises Holdings is a VIE because it is a limited partnership that lacks both substantive kick-out and participating rights. Although Icahn Enterprises is not the general partner of Icahn Enterprises Holdings, Icahn Enterprises is deemed to be the primary beneficiary of Icahn Enterprises Holdings principally based on its 99% limited partner interest in Icahn Enterprises Holdings, as well as our related party relationship with the general partner, and therefore continues to consolidate Icahn Enterprises Holdings. The condensed consolidated financial statements of Icahn Enterprises Holdings are included in this Report. The balances with respect to Icahn Enterprises Holdings' consolidated VIEs are discussed below, comprising the Investment Funds, CVR Refining (prior to January 2019), CVR Partners and Viskase. Investment 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 have a general partner interest 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. Energy CVR Refining (prior to January 2019) and CVR Partners are each considered VIEs because each of these limited partnerships lack both substantive kick-out and participating rights. In addition, CVR Energy 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, it is the primary beneficiary of both CVR Refining (prior to January 2019) and CVR Partners. Based upon this evaluation, CVR Energy continues to consolidate both CVR Refining (prior to January 2019) and CVR Partners. Food Packaging |
Fair Value of Financial Instruments, Policy | 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, a ccounts 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 and other non-financial assets and/or liabilities |
Statement of cash flow, policy [Policy Text Block] | Cash FlowCash and cash equivalents and restricted cash and restricted cash equivalents on our condensed consolidated statements of cash flows is comprised of (i) cash and cash equivalents and (ii) cash held at consolidated affiliated partnerships and restricted cash. |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Held at Consolidated Affiliated Partnerships and Restricted Cash Our cash held at consolidated affiliated partnerships balance was $1,673 million and $2,648 million as of March 31, 2019 and December 31, 2018 , respectively. C ash held at consolidated affiliated partnerships relates to our Investment segment and consists of cash and cash equivalents held by the Investment Funds that, although not legally restricted, are not available to fund the general liquidity needs of the Investment segment or Icahn Enterprises. Our restricted cash balance was $626 million and $34 million as of March 31, 2019 and December 31, 2018 , respectively. Restricted cash primarily relates to our Investment segment's cash pledged and held for margin requirements on derivative transactions. |
Lessee, Leases [Policy Text Block] | Leases As discussed below, on January 1, 2019, we adopted FASB ASC Topic 842, Leases , using the modified retrospective approach, which does not require the application of this Topic to periods prior to January 1, 2019. With the exception of the requirement to recognize right-of-use assets on the balance sheet for operating leases in which we are the lessee beginning in 2019, our accounting policy with respect to leases is not significantly different from prior periods and therefore, our prior period accounting policy is not separately disclosed. Financing leases under current U.S. GAAP are classified and accounted for in substantially the same manner as capital leases under prior U.S. GAAP and therefore, we do not distinguish between financing leases and capital leases unless the context requires. The determination of whether an arrangement is or contains a lease occurs at inception. We account for arrangements that contain lease and non-lease components as a single lease component for all classes of underlying assets. Leases in which we are the lessor are primarily within our Real Estate segment. Refer to Real Estate below for further discussion. In addition, all of our businesses, including our Real Estate segment, enter into lease arrangements as the lessee. The following is our accounting policy for leases in which we are the lessee. All Segments and Holding Company Leases are classified as either operating or financing by the lessee depending on whether or not the lease terms provide for control of the underlying asset to be transferred to the lessee. When control transfers to the lessee, we classify the lease as a financing lease. All other leases are recorded as operating leases. Effective January 1, 2019, for all leases with an initial lease term in excess of twelve months, we record a right-of-use asset with a corresponding liability in the condensed consolidated balance sheet. Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at commencement of the lease based on the present value of lease payments over the lease term. Right-of-use assets are adjusted for any lease payments made on or before commencement of the lease, less any lease incentives received. As most of our leases do not provide an implicit rate, we use the incremental borrowing rate with respect to each of our businesses based on the information available at commencement of the lease in determining the present value of lease payments. We use the implicit rate when readily determinable. The lease terms used in the determination of our right-of-use assets and liabilities reflect any options to extend or terminate the lease when it is reasonably certain that we will exercise such option. We and our subsidiaries, independently of each other, apply a portfolio approach to account for the right-of-use assets and lease liabilities when we or our subsidiaries do not believe that applying the portfolio approach would be materially different from accounting for right-of-use assets and lease liabilities individually. |
Lessor, Leases [Policy Text Block] | Real Estate Leases are classified as either operating, sales-type or direct financing by the lessor. Our Real Estate segment's net lease portfolio consists of commercial real estate leased to others under long-term operating leases and we account for these leases in accordance with ASC Topic 842. These assets leased to others are recorded at cost, net of accumulated depreciation, and are included in property, plant and equipment, net on our condensed consolidated balance sheets. Assets leased to others are depreciated on a straight-line basis over the useful lives of the assets, ranging from 5 years to 39 years |
New Accounting Pronouncements | Adoption of New Accounting Standards Lease Accounting Standards Updates 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 right-of-use 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 financing leases and operating leases are substantially similar to the classification criteria for distinguishing between capital leases and operating leases under previous guidance. Furthermore, quantitative and qualitative disclosures, including disclosures regarding significant judgments made by management, will be required. 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. In addition, in July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842), which provides an additional (and optional) transition method to adopt the new leases standard. We adopted the new leases standards using the new transition method option effective January 1, 2019, which required a cumulative-effect adjustment recognized in equity at such date. No adjustment to prior period presentation and disclosure were required. The most significant impact related to the recognition of right-of-use assets and lease liabilities in the condensed consolidated balance sheets for long-term operating leases with the significant majority of the impact within our Automotive segment, and to a lesser extent, our Energy and Food Packaging segments. Our Automotive segment has identified approximately 2,300 leases, primarily for real estate (operating leases) and vehicles (financing leases) and recognized operating lease right-of-use assets of $589 million (which reflects the impact of above market leases, net of below market leases) and related liabilities of $621 million as of January 1, 2019 as well as financing lease right-of-use assets and obligations of $24 million and $27 million , respectively. Our Energy segment recognized operating lease right-of-use assets and liabilities of $56 million and financing lease right-of-use assets and obligations of $26 million and $23 million , respectively, as of January 1, 2019. Our Food Packaging segment recognized operating lease right-of-use assets and liabilities of $42 million as of January 1, 2019 and financing lease right-of-use assets and obligations of $1 million . The aggregate impact for all other segments was the recognition of operating lease right-of-use assets and liabilities of $28 million as of January 1, 2019. Other Accounting Standards Updates In March 2017, the FASB issued ASU 2017-08, Premium Amortization on Purchased Callable Debt Securities , which amends FASB ASC Sub-Topic 310-20, Receivables-Nonrefundable Fees and Other Costs . This ASU amends the amortization period for certain purchased callable debt securities held at a premium by shortening the amortization period for the premium to the earliest call date. This ASU is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. We have adopted this standard on January 1, 2019 using the modified retrospective application method. The adoption of this standard did not have a significant impact on our condensed consolidated financial statements. In August 2017, the FASB issued ASU 2017-12, Targeted Improvements to Accounting for Hedging Activities , which amends FASB ASC Topic 815, Derivatives and Hedging . This ASU includes amendments to existing guidance to better align an entity’s risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. This ASU is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. We have adopted this standard on January 1, 2019. The adoption of this standard did not have a significant impact on our condensed consolidated financial statements. In February 2018, the FASB issued ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income , which amends FASB ASC Topic 220, Income Statement - Reporting Comprehensive Income . This ASU allows a reclassification out of accumulated other comprehensive loss within equity for standard tax effects resulting from the Tax Cuts and Jobs Act and consequently, eliminates the stranded tax effects resulting from the Tax Cuts and Jobs Act. This ASU is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. We have adopted this standard effective on January 1, 2019. See Note 15 , " Changes in Accumulated Other Comprehensive Loss |
Description of New Accounting Pronouncements Not yet Adopted | Recently Issued Accounting Standards 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. This ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early application is permitted for fiscal years beginning after December 15, 2018. We are currently evaluating the impact of this standard on our consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurements , which amends FASB ASC Topic 820, Fair Value Measurements . This ASU eliminates, modifies and adds various disclosure requirements on fair value measurements. This ASU is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Certain disclosures are required to be applied using a retrospective approach and others using a prospective approach. Early adoption is permitted. We are currently evaluating the impact of this standard on our consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract , which amends FASB ASC Subtopic 350-40, Intangibles-Goodwill and Other-Internal-Use Software |
Fair Value Measurements (Polici
Fair Value Measurements (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Determination of when transfers between fair value levels occurs | In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the investments', non-financial assets' and/or liabilities' 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. |
Segment Reporting (Policies)
Segment Reporting (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Determination of what constitutes a segment | We report segment information based on the various industries in which our businesses operate and how we manage those businesses in accordance with our investment strategies, which may include: identifying and acquiring undervalued assets and businesses, often through the purchase of distressed securities; increasing value through management, financial or other operational changes; and managing complex legal, regulatory or financial issues, which may include bankruptcy or insolvency, environmental, zoning, permitting and licensing issues. Therefore, although many of our businesses are operated under separate local management, certain of our businesses are grouped together when they operate within a similar industry, comprising similarities in products, customers, production processes and regulatory environments, and when such businesses, when considered together, may be managed in accordance with one or more investment strategies specific to those businesses. Among other measures, we assess and measure segment operating results based on net income from continuing operations attributable to Icahn Enterprises and Icahn Enterprises Holdings. Certain terms of financings for certain of our businesses impose restrictions on the business' ability to transfer funds to us, including restrictions on dividends, distributions, loans and other transactions. |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Icahn Enterprises Holdings | |
Variable Interest Entity [Line Items] | |
Variable interest entities | March 31, 2019 December 31, 2018 (in millions) Cash and cash equivalents $ 97 $ 415 Cash held at consolidated affiliated partnerships and restricted cash 2,286 2,648 Investments 7,130 6,951 Due from brokers 1,224 664 Property, plant and equipment, net 1,164 3,012 Inventories, net 72 380 Intangible assets, net 266 278 Other assets 55 971 Accounts payable, accrued expenses and other liabilities 851 534 Securities sold, not yet purchased, at fair value 447 468 Due to brokers — 141 Debt 630 1,170 |
Investments and Related Matte_2
Investments and Related Matters (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Investment Segment | |
Schedule of Investments [Line Items] | |
Investments | March 31, 2019 December 31, 2018 Assets (in millions) Investments: Equity securities: Basic materials $ 456 $ 414 Consumer, non-cyclical 2,005 2,161 Consumer, cyclical 1,627 1,161 Energy 1,654 1,598 Financial 209 167 Technology 819 1,040 Other 175 145 6,945 6,686 Corporate debt securities 185 181 $ 7,130 $ 6,867 Liabilities Securities sold, not yet purchased, at fair value: Equity securities: Consumer, non-cyclical $ 42 $ 57 Consumer, cyclical 96 106 Energy 309 305 447 468 Corporate debt securities — — $ 447 $ 468 |
Other Segments and Holding Company | |
Schedule of Investments [Line Items] | |
Investments | March 31, 2019 December 31, 2018 (in millions) Equity method investments $ 169 $ 143 Other investments (measured at fair value) 804 1,327 $ 973 $ 1,470 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Assets measured at fair value on a recurring basis | March 31, 2019 December 31, 2018 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets (in millions) Investments (Note 4) $ 7,598 $ 321 $ 3 $ 7,922 $ 7,493 $ 317 $ 372 $ 8,182 Derivative contracts, at fair value (Note 6) (1) — 27 — 27 7 517 — 524 $ 7,598 $ 348 $ 3 $ 7,949 $ 7,500 $ 834 $ 372 $ 8,706 Liabilities Securities sold, not yet purchased (Note 4) $ 447 $ — $ — $ 447 $ 468 $ — $ — $ 468 Other liabilities — 16 — 16 — 2 — 2 Derivative contracts, at fair value (Note 6) — 722 — 722 — 36 — 36 $ 447 $ 738 $ — $ 1,185 $ 468 $ 38 $ — $ 506 (1) Amounts are classified within other assets 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 | Three Months Ended March 31, 2019 2018 (in millions) Balance at January 1 $ 372 $ 278 Net gains recognized in income 89 23 Sales (458 ) — Balance at March 31 $ 3 $ 301 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Derivative [Line Items] | |
Fair value and income recognized for derivatives not designated as hedging instruments | The following table presents the consolidated fair values of our derivatives that are not designated as hedging instruments in accordance with U.S GAAP: Asset Derivatives (1) Liability Derivatives March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 (in millions) Equity contracts $ 28 $ 568 $ 736 $ 170 Credit contracts 12 76 — — Commodity contracts 1 15 — 1 Sub-total 41 659 736 171 Netting across contract types (2) (14 ) (135 ) (14 ) (135 ) Total (2) $ 27 $ 524 $ 722 $ 36 (1) Net asset derivatives are classified within other assets in our condensed consolidated balance sheets. (2) Excludes netting of cash collateral received and posted. The total collateral posted at March 31, 2019 and December 31, 2018 was $613 million and $0 million , respectively, across all counterparties, which are included in cash held at consolidated affiliated partnerships and restricted cash in the condensed consolidated balance sheets. 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: Gain (Loss) Recognized in Income (1) Three Months Ended March 31, 2019 2018 (in millions) Equity contracts $ (1,101 ) $ 58 Credit contracts (64 ) 53 Commodity contracts 2 95 $ (1,163 ) $ 206 (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 cost of goods sold for our Energy segment. (Losses) gains recognized on derivatives for our Investment segment were $(1,179) million and $147 million for the three months ended March 31, 2019 and 2018 , respectively. Gains recognized on derivatives for our Energy segment were $16 million and $59 million for the three months ended March 31, 2019 and 2018 |
Investment Segment | |
Derivative [Line Items] | |
Notional exposure of derivative instruments | March 31, 2019 December 31, 2018 Long Notional Exposure Short Notional Exposure Long Notional Exposure Short Notional Exposure Primary underlying risk: (in millions) Equity contracts $ 686 $ 10,870 $ 118 $ 8,368 Credit contracts (1) — 563 — 479 Commodity contracts — 59 — 114 (1) The short notional amount on our credit default swap positions was approximately $2.5 billion at March 31, 2019 . However, because credit spreads cannot compress below zero, our downside short notional exposure is $563 million as of March 31, 2019 . The short notional amount on our credit default swap positions was approximately $1.8 billion as of December 31, 2018 . However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is $479 million as of December 31, 2018 |
Inventories, Net (Tables)
Inventories, Net (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Inventory, Net [Abstract] | |
Inventories, net | Inventories, net consists of the following: March 31, 2019 December 31, 2018 (in millions) Raw materials $ 220 $ 217 Work in process 99 70 Finished goods 1,533 1,492 $ 1,852 $ 1,779 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets, Net (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | March 31, 2019 December 31, 2018 Gross Carrying Amount Accumulated Impairment Net Carrying Value Gross Carrying Amount Accumulated Impairment Net Carrying Value (in millions) Automotive $ 336 $ (87 ) $ 249 $ 328 $ (87 ) $ 241 Food Packaging 6 — 6 6 — 6 $ 342 $ (87 ) $ 255 $ 334 $ (87 ) $ 247 |
Intangible assets, net | March 31, 2019 December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Value Gross Carrying Amount Accumulated Amortization Net Carrying Value (in millions) Definite-lived intangible assets: Customer relationships $ 396 $ (138 ) $ 258 $ 396 $ (134 ) $ 262 Other 278 (134 ) 144 316 (139 ) 177 $ 674 $ (272 ) $ 402 $ 712 $ (273 ) $ 439 Indefinite-lived intangible assets $ 62 $ 62 Intangible assets, net $ 464 $ 501 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Lessee right-of-use assets and liabilities [Table Text Block] | March 31, 2019 December 31, 2018 (in millions) Operating Leases: Right-of-use assets (other assets) $ 678 $ — Lease liabilities (accrued expenses and other liabilities) 708 — Financing Leases: Right-of-use assets (property, plant and equipment, net) 81 51 Lease liabilities (debt) 95 54 |
Operating lease terms and discount rates [Table Text Block] | Operating Leases Right-Of-Use Assets Lease Liabilities Lease Term Discount Rate (in millions) Energy $ 51 $ 50 4.0 years 5.8% Automotive 560 591 5.6 years 5.6% Food Packaging 41 41 10.5 years 6.1% Other segments and Holding Company 26 26 $ 678 $ 708 |
Lease, Cost [Table Text Block] | Three Months Ended March 31, 2019 2018 (in millions) Operating lease expense $ 49 $ 38 Amortization of financing lease right-of-use assets $ 4 $ 1 Interest expense on financing lease liabilities 2 — |
Lessee operating and financing lease liability maturities [Table Text Block] | Year Operating Leases Financing Leases (in millions) Remainder of 2019 $ 141 $ 13 2020 168 18 2021 146 14 2022 124 13 2023 79 12 Thereafter 194 68 Total lease payments 852 138 Less: imputed interest (144 ) (43 ) $ 708 $ 95 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | March 31, 2019 December 31, 2018 (in millions) Holding Company: 6.000% senior unsecured notes due 2020 $ 1,702 $ 1,702 5.875% senior unsecured notes due 2022 1,344 1,344 6.250% senior unsecured notes due 2022 1,213 1,213 6.750% senior unsecured notes due 2024 498 498 6.375% senior unsecured notes due 2025 748 748 5,505 5,505 Reporting Segments: Energy 1,196 1,170 Automotive 405 372 Food Packaging 271 273 Metals 1 — Real Estate 2 2 Home Fashion 12 4 1,887 1,821 Total Debt $ 7,392 $ 7,326 |
Net Income Per LP Unit (Tables)
Net Income Per LP Unit (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Unit [Abstract] | |
Net income per LP unit | Three Months Ended March 31, 2019 2018 (in millions, except per unit data) Net (loss) income attributable to Icahn Enterprises from continuing operations $ (394 ) $ 98 Net (loss) income attributable to Icahn Enterprises from continuing operations allocated to limited partners (98.01% allocation) $ (386 ) $ 96 Net income attributable to Icahn Enterprises from discontinued operations allocated to limited partners (98.01% allocation) $ — $ 33 Basic (loss) income per LP unit: Continuing operations $ (2.02 ) $ 0.55 Discontinued operations 0.00 0.19 $ (2.02 ) $ 0.74 Basic weighted average LP units outstanding 191 174 Diluted (loss) income per LP unit: Continuing operations $ (2.02 ) $ 0.55 Discontinued operations 0.00 0.19 $ (2.02 ) $ 0.74 Diluted weighted average LP units outstanding 191 175 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |
Condensed statements of operations by reporting segment | Three Months Ended March 31, 2019 Investment Energy Automotive Food Packaging Metals Real Estate Home Fashion Mining Railcar Holding Company Consolidated (in millions) Revenues: Net sales $ — $ 1,486 $ 550 $ 95 $ 93 $ 2 $ 39 $ 35 $ — $ — $ 2,300 Other revenues from operations — — 143 — — 19 — — — — 162 Net loss from investment activities (609 ) — — — — — — — — (65 ) (674 ) Interest and dividend income 42 — — — — — — 1 — 21 64 Other (loss) income, net (1 ) 1 4 (3 ) — 2 — — — — 3 (568 ) 1,487 697 92 93 23 39 36 — (44 ) 1,855 Expenses: Cost of goods sold — 1,303 375 75 92 2 33 20 — — 1,900 Other expenses from operations — — 119 — — 12 — — — — 131 Selling, general and administrative 2 37 252 15 4 5 10 7 — 4 336 Restructuring, net — — — 7 — — — — — — 7 Interest expense 18 26 5 4 — — — 2 — 84 139 20 1,366 751 101 96 19 43 29 — 88 2,513 (Loss) income from continuing operations before income tax (expense) benefit (588 ) 121 (54 ) (9 ) (3 ) 4 (4 ) 7 — (132 ) (658 ) Income tax (expense) benefit — (31 ) 12 4 — — — (1 ) — 10 (6 ) Net (loss) income from continuing operations (588 ) 90 (42 ) (5 ) (3 ) 4 (4 ) 6 — (122 ) (664 ) Less: net (loss) income from continuing operations attributable to non-controlling interests (293 ) 24 — (2 ) — — — 1 — — (270 ) Net (loss) income from continuing operations attributable to Icahn Enterprises $ (295 ) $ 66 $ (42 ) $ (3 ) $ (3 ) $ 4 $ (4 ) $ 5 $ — $ (122 ) $ (394 ) Supplemental information: Capital expenditures $ — $ 29 $ 13 $ 7 $ 5 $ 6 $ 1 $ 4 $ — $ — $ 65 Depreciation and amortization $ — $ 83 $ 24 $ 6 $ 4 $ 4 $ 2 $ — $ — $ — $ 123 Three Months Ended March 31, 2018 Investment Energy Automotive Food Packaging Metals Real Estate Home Fashion Mining Railcar Holding Company Consolidated (in millions) Revenues: Net sales $ — $ 1,537 $ 549 $ 97 $ 118 $ 1 $ 42 $ 20 $ — $ — $ 2,364 Other revenues from operations — — 137 — — 21 — — — — 158 Net gain from investment activities 410 — — — — — — — — 22 432 Interest and dividend income 18 — — — — 5 — — — 3 26 Other income (loss), net — 2 — (6 ) 1 — — — 5 1 3 428 1,539 686 91 119 27 42 20 5 26 2,983 Expenses: Cost of goods sold — 1,385 361 77 110 1 36 17 — — 1,987 Other expenses from operations — — 113 — — 12 — — — — 125 Selling, general and administrative 1 32 258 15 5 6 9 6 — 6 338 Restructuring, net — — — — — — 2 — — — 2 Interest expense 26 27 3 4 — 1 — 2 — 84 147 27 1,444 735 96 115 20 47 25 — 90 2,599 Income (loss) from continuing operations before income tax (expense) benefit 401 95 (49 ) (5 ) 4 7 (5 ) (5 ) 5 (64 ) 384 Income tax (expense) benefit — (14 ) 15 2 — — — (1 ) — (19 ) (17 ) Net income (loss) from continuing operations 401 81 (34 ) (3 ) 4 7 (5 ) (6 ) 5 (83 ) 367 Less: net income (loss) from continuing operations attributable to non-controlling interests 240 31 — — — — — (2 ) — — 269 Net income (loss) from continuing operations attributable to Icahn Enterprises $ 161 $ 50 $ (34 ) $ (3 ) $ 4 $ 7 $ (5 ) $ (4 ) $ 5 $ (83 ) $ 98 Supplemental information: Capital expenditures $ — $ 20 $ 19 $ 5 $ 1 $ 3 $ 1 $ 13 $ — $ — $ 62 Depreciation and amortization $ — $ 83 $ 24 $ 7 $ 5 $ 5 $ 2 $ 2 $ — $ — $ 128 |
Condensed balance sheets by reporting segment | March 31, 2019 Investment Energy Automotive Food Packaging Metals Real Estate Home Fashion Mining Holding Company Consolidated (in millions) ASSETS Cash and cash equivalents $ 7 $ 467 $ 65 $ 33 $ 11 $ 41 $ 1 $ — $ 2,139 $ 2,764 Cash held at consolidated affiliated partnerships and restricted cash 2,286 — — 1 1 2 2 — 7 2,299 Investments 7,130 83 86 — — 15 — — 789 8,103 Accounts receivable, net — 193 168 76 49 3 28 — — 517 Inventories, net — 403 1,233 103 40 — 73 — — 1,852 Property, plant and equipment, net — 3,004 951 168 115 376 68 — — 4,682 Goodwill and intangible assets, net — 273 391 32 2 21 — — — 719 Assets held for sale — 33 — — 1 — — 330 — 364 Other assets 1,268 232 769 139 22 34 11 — 49 2,524 Total assets $ 10,691 $ 4,688 $ 3,663 $ 552 $ 241 $ 492 $ 183 $ 330 $ 2,984 $ 23,824 LIABILITIES AND EQUITY Accounts payable, accrued expenses and other liabilities $ 730 $ 1,171 $ 1,426 $ 212 $ 66 $ 46 $ 42 $ — $ 504 $ 4,197 Securities sold, not yet purchased, at fair value 447 — — — — — — — — 447 Liabilities held for sale — — — — — — — 136 — 136 Debt — 1,196 405 271 1 2 12 — 5,505 7,392 Total liabilities 1,177 2,367 1,831 483 67 48 54 136 6,009 12,172 Equity attributable to Icahn Enterprises 4,772 1,290 1,832 52 174 444 129 171 (3,025 ) 5,839 Equity attributable to non-controlling interests 4,742 1,031 — 17 — — — 23 — 5,813 Total equity 9,514 2,321 1,832 69 174 444 129 194 (3,025 ) 11,652 Total liabilities and equity $ 10,691 $ 4,688 $ 3,663 $ 552 $ 241 $ 492 $ 183 $ 330 $ 2,984 $ 23,824 December 31, 2018 Investment Energy Automotive Food Packaging Metals Real Estate Home Fashion Mining Holding Company Consolidated (in millions) ASSETS Cash and cash equivalents $ 5 $ 668 $ 43 $ 46 $ 20 $ 39 $ 1 $ — $ 1,834 $ 2,656 Cash held at consolidated affiliated partnerships and restricted cash 2,648 — — 1 1 26 2 — 4 2,682 Investments 6,867 84 59 — — 15 — — 1,312 8,337 Accounts receivable, net — 169 149 74 48 3 31 — — 474 Inventories, net — 380 1,203 93 39 — 64 — — 1,779 Property, plant and equipment, net — 3,027 941 169 115 367 69 — — 4,688 Goodwill and intangible assets, net — 278 412 32 2 24 — — — 748 Assets held for sale — 33 — — 1 — — 299 — 333 Other assets 1,230 192 217 96 7 34 5 — 11 1,792 Total assets $ 10,750 $ 4,831 $ 3,024 $ 511 $ 233 $ 508 $ 172 $ 299 $ 3,161 $ 23,489 LIABILITIES AND EQUITY Accounts payable, accrued expenses and other liabilities $ 181 $ 1,043 $ 905 $ 164 $ 56 $ 41 $ 35 $ — $ 178 $ 2,603 Securities sold, not yet purchased, at fair value 468 — — — — — — — — 468 Liabilities held for sale — — — — — — — 112 — 112 Debt — 1,170 372 273 — 2 4 — 5,505 7,326 Total liabilities 649 2,213 1,277 437 56 43 39 112 5,683 10,509 Equity attributable to Icahn Enterprises 5,066 1,274 1,747 55 177 465 133 165 (2,522 ) 6,560 Equity attributable to non-controlling interests 5,035 1,344 — 19 — — — 22 — 6,420 Total equity 10,101 2,618 1,747 74 177 465 133 187 (2,522 ) 12,980 Total liabilities and equity $ 10,750 $ 4,831 $ 3,024 $ 511 $ 233 $ 508 $ 172 $ 299 $ 3,161 $ 23,489 |
Energy Segment | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of revenue | Three Months Ended March 31, 2019 2018 (in millions) Petroleum products $ 1,394 $ 1,457 Nitrogen fertilizer products 92 80 $ 1,486 $ 1,537 |
Automotive Segment | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of revenue | Three Months Ended March 31, 2019 2018 (in millions) Automotive services $ 327 $ 316 Aftermarket parts sales 366 370 $ 693 $ 686 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Discontinued Operations [Abstract] | |
Discontinued Operations | Three Months Ended March 31, 2018 Federal-Mogul Tropicana ARI Total Revenues: (in millions) Net sales $ 2,056 $ — $ 64 $ 2,120 Other revenues from operations — 219 52 271 Net gain on investment activities — — 1 1 Interest and dividend income 1 1 — 2 Other income, net 8 — 1 9 2,065 220 118 2,403 Expenses: Cost of goods sold 1,765 — 58 1,823 Other expenses from operations — 102 29 131 Selling, general and administrative 220 89 9 318 Interest expense 44 1 5 50 2,029 192 101 2,322 Income from discontinued operations before income tax expense 36 28 17 81 Income tax expense (23 ) (7 ) (6 ) (36 ) Income from discontinued operations 13 21 11 45 Less: income from discontinued operations attributable to non-controlling interests 3 3 5 11 Income from discontinued operations attributable to Icahn Enterprises $ 10 $ 18 $ 6 $ 34 Supplemental information: Capital expenditures $ 118 $ 21 $ 19 $ 158 Depreciation and amortization $ 100 $ 19 $ 15 $ 134 |
Changes in Accumulated Other _2
Changes in Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Accumulated other comprehensive income (loss) | Post-Retirement Benefits, Net of Tax Translation Adjustments and Other, Net of Tax Total (in millions) Balance, December 31, 2018 $ (47 ) $ (38 ) $ (85 ) Other comprehensive income (loss) before reclassifications, net of tax — (1 ) (1 ) Reclassifications from accumulated other comprehensive loss to earnings 1 — 1 Other comprehensive income (loss), net of tax 1 (1 ) — Elimination of stranded tax effects resulting from tax legislation (6 ) — (6 ) Balance, March 31, 2019 $ (52 ) $ (39 ) $ (91 ) |
Other Income (Loss), Net (Table
Other Income (Loss), Net (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Other (Loss) Income, Net [Abstract] | |
Other income (loss), net | Three Months Ended March 31, 2019 2018 (in millions) Equity earnings from non-consolidated affiliates $ 4 $ 2 (Loss) gain on disposition of assets, net (4 ) 5 Foreign currency transaction (loss) income (2 ) 1 Non-service pension and other post-retirement benefits expense (1 ) (7 ) Other 6 2 $ 3 $ 3 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental cash flow information | Three Months Ended March 31, 2019 2018 (in millions) Cash payments for interest, net of amounts capitalized $ 157 $ 159 Net cash (receipts) payments for income taxes, net of refunds (2 ) 1 Non-cash proceeds from sale of investment 34 — Distribution payable 391 310 |
(Details)
(Details) - USD ($) $ in Millions | Jan. 29, 2019 | Jan. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 05, 2018 |
Description of Business [Line Items] | ||||||
Payments to acquire additional interest in subsidiaries | $ 241 | $ 0 | ||||
Icahn Enterprises Holdings | ||||||
Description of Business [Line Items] | ||||||
Percentage of equity ownership in operating subsidiary | 99.00% | |||||
Payments to acquire additional interest in subsidiaries | $ 241 | 0 | ||||
Investment Funds | ||||||
Description of Business [Line Items] | ||||||
Fair value of interest in subsidiary | $ 4,800 | $ 5,100 | ||||
CVR Refining | ||||||
Description of Business [Line Items] | ||||||
Percentage of equity ownership in operating subsidiary | 3.90% | |||||
CVR Energy | ||||||
Description of Business [Line Items] | ||||||
Percentage of equity ownership in operating subsidiary | 70.80% | |||||
Ferrous Resources | ||||||
Description of Business [Line Items] | ||||||
Percentage of equity ownership in operating subsidiary | 77.20% | |||||
Aggregate consideration for business to be disposed of | $ 550 | |||||
Icahn Enterprises G.P. | ||||||
Description of Business [Line Items] | ||||||
General partner ownership percentage in Icahn Enterprises | 1.00% | |||||
Aggregate general partner ownership interest of parent and operating subsidiary | 1.99% | |||||
Icahn Enterprises G.P. | Icahn Enterprises Holdings | ||||||
Description of Business [Line Items] | ||||||
General partner ownership percentage in Icahn Enterprises | 1.00% | |||||
Mr. Icahn and affiliates | ||||||
Description of Business [Line Items] | ||||||
Affiliate ownership interest in Icahn Enterprises | 91.70% | |||||
Energy Segment | CVR Refining | ||||||
Description of Business [Line Items] | ||||||
Percentage of equity ownership in operating subsidiary | 80.60% | |||||
Payments to acquire additional interest in subsidiaries | $ 241 | |||||
Railcar Segment | ARL [Member] | ||||||
Description of Business [Line Items] | ||||||
(Loss) gain on disposition of assets, net | $ 4 | |||||
aggregate consideration for business disposed of | $ 15 | |||||
Food Packaging Segment | Viskase | ||||||
Description of Business [Line Items] | ||||||
Percentage of equity ownership in operating subsidiary | 78.60% | 74.60% | ||||
Contribution to subsidiary | $ 44 | |||||
Proceeds from subsidiary rights offering | $ 50 |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies (Details) $ in Millions | 3 Months Ended | ||||
Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Jan. 01, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
Operating lease right-of-use asset | $ 678 | ||||
Operating lease liability | 708 | ||||
Financing lease liability | 95 | ||||
Fair value of long-term debt | 7,500 | $ 7,300 | |||
Restricted cash | 2,299 | 2,682 | |||
Debt | 7,392 | 7,326 | |||
Cash held at consolidated affiliated partnerships | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
Restricted cash | 1,673 | 2,648 | |||
Restricted cash | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
Restricted cash | 626 | 34 | |||
Energy Segment | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
Operating lease right-of-use asset | 51 | $ 56 | |||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income | $ (11) | ||||
Prior period reclassification adjustment | (59) | ||||
Operating lease liability | 50 | 56 | |||
Financing lease right-of-use asset | 26 | ||||
Financing lease liability | 23 | ||||
Restricted cash | 0 | 0 | |||
Deferred revenue | 65 | 69 | |||
Recognition of Deferred Revenue | 12 | 12 | |||
Revenue, remaining performance obligation | 10 | ||||
Revenue, current portion of remaining performance obligation | 4 | ||||
Debt | 1,196 | 1,170 | |||
Real Estate Segment | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
Restricted cash | 2 | 26 | |||
Debt | $ 2 | 2 | |||
Automotive Segment | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
Number of leases | 2,300 | ||||
Operating lease right-of-use asset | $ 560 | 589 | |||
Operating lease liability | 591 | 621 | |||
Financing lease right-of-use asset | 24 | ||||
Financing lease liability | 27 | ||||
Restricted cash | 0 | 0 | |||
Deferred revenue | 41 | 42 | |||
Recognition of Deferred Revenue | 6 | 4 | |||
Debt | 405 | 372 | |||
Food Packaging Segment | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
Operating lease right-of-use asset | 41 | 42 | |||
Operating lease liability | 41 | 42 | |||
Financing lease right-of-use asset | 1 | ||||
Financing lease liability | 1 | ||||
Restricted cash | 1 | 1 | |||
Debt | $ 271 | 273 | |||
Other Segments | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
Operating lease right-of-use asset | 28 | ||||
Operating lease liability | $ 28 | ||||
Icahn Enterprises Holdings | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
Percentage of equity ownership in operating subsidiary | 99.00% | ||||
Restricted cash | $ 2,299 | 2,682 | |||
Debt | 7,396 | 7,330 | |||
Cash and cash equivalents | Icahn Enterprises Holdings | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
Assets of VIE's | 97 | 415 | |||
Cash held at consolidated affiliated partnerships and restricted cash | Icahn Enterprises Holdings | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
Assets of VIE's | 2,286 | 2,648 | |||
Investments | Icahn Enterprises Holdings | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
Assets of VIE's | 7,130 | 6,951 | |||
Due from brokers | Icahn Enterprises Holdings | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
Assets of VIE's | 1,224 | 664 | |||
Property, plant and equipment, net | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
Financing lease right-of-use asset | 81 | 51 | |||
Property, plant and equipment, net | Energy Segment | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | (15) | ||||
Property, plant and equipment, net | Icahn Enterprises Holdings | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
Assets of VIE's | 1,164 | 3,012 | |||
Deferred tax liability | Energy Segment | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 18 | ||||
Total equity | Energy Segment | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 75 | $ 118 | |||
Inventories, net | Icahn Enterprises Holdings | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
Assets of VIE's | 72 | 380 | |||
Intangible assets, net | Icahn Enterprises Holdings | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
Assets of VIE's | 266 | 278 | |||
Other assets | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
Operating lease right-of-use asset | 678 | 0 | |||
Other assets | Energy Segment | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 108 | ||||
Other assets | Icahn Enterprises Holdings | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
Assets of VIE's | 55 | 971 | |||
Accounts payable, accrued expenses and other liabilities | Icahn Enterprises Holdings | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
Liabilities of VIE's | 851 | 534 | |||
Securities sold, not yet purchased, at fair value | Icahn Enterprises Holdings | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
Liabilities of VIE's | 447 | 468 | |||
Due to brokers | Icahn Enterprises Holdings | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
Liabilities of VIE's | 0 | 141 | |||
Debt | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
Financing lease liability | 95 | 54 | |||
Debt | Icahn Enterprises Holdings | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
Liabilities of VIE's | $ 630 | 1,170 | |||
Attributable to Icahn Enterprises | Total equity | Energy Segment | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 31 | $ 62 | |||
Attributable to Icahn Enterprises | Energy Segment | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income | (5) | ||||
Cost of goods sold | Energy Segment | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income | 14 | ||||
Income tax expense | Energy Segment | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income | $ (3) | ||||
Minimum | Real Estate Segment | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
Description of Lessor Leasing Arrangements, Operating Leases | 5 years | ||||
Maximum | Real Estate Segment | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
Description of Lessor Leasing Arrangements, Operating Leases | 39 years |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Mr. Icahn and affiliates | Investment in funds | |||
Related Party Transaction [Line Items] | |||
Amount of transaction with related party | $ 280 | ||
Related party transaction, balance | $ 4,700 | $ 5,000 | |
Percentage fair value of investments in Funds that is attributable to Mr. Icahn | 50.00% | 50.00% | |
Consolidated VIE | Expense sharing arrangement | |||
Related Party Transaction [Line Items] | |||
Amount of transaction with related party | $ 3 | 1 | |
Hertz (equity method investee) | Receipts and revenue from related party | |||
Related Party Transaction [Line Items] | |||
Amount of transaction with related party | 12 | 6 | |
Hertz (equity method investee) | Payments to and purchases from related party | |||
Related Party Transaction [Line Items] | |||
Amount of transaction with related party | 1 | ||
ACF | Payments to and purchases from related party | |||
Related Party Transaction [Line Items] | |||
Amount of transaction with related party | 1 | ||
Insight Portfolio Group LLC | Buying group operating expenses | |||
Related Party Transaction [Line Items] | |||
Amount of transaction with related party | 1 | 2 | |
767 Leasing | Automotive Segment | |||
Related Party Transaction [Line Items] | |||
Assets at non-consolidated VIE | 87 | $ 60 | |
Liabilities at non-consolidated VIE | 1 | 1 | |
investment in nonconsolidated VIE | 25 | $ 5 | |
investment in related parties | $ 86 | $ 59 |
Investments and Related Matte_3
Investments and Related Matters Investment Segment (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Schedule of Investments [Line Items] | |||
Investments | $ 8,103 | $ 8,337 | |
Securities sold, not yet purchased, at fair value | 447 | 468 | |
Investment Segment | |||
Schedule of Investments [Line Items] | |||
Investments | 7,130 | 6,867 | |
Securities sold, not yet purchased, at fair value | 447 | 468 | |
Unrealized gain on debt and equity securities still held | 558 | $ 175 | |
Investment Segment | Equity securities: | |||
Schedule of Investments [Line Items] | |||
Investments | 6,945 | 6,686 | |
Securities sold, not yet purchased, at fair value | 447 | 468 | |
Investment Segment | Corporate debt securities | |||
Schedule of Investments [Line Items] | |||
Investments | 185 | 181 | |
Investment Segment | Basic materials | Equity securities: | |||
Schedule of Investments [Line Items] | |||
Investments | 456 | 414 | |
Investment Segment | Consumer, non-cyclical | Equity securities: | |||
Schedule of Investments [Line Items] | |||
Investments | 2,005 | 2,161 | |
Securities sold, not yet purchased, at fair value | 42 | 57 | |
Investment Segment | Consumer, cyclical | Equity securities: | |||
Schedule of Investments [Line Items] | |||
Investments | 1,627 | 1,161 | |
Securities sold, not yet purchased, at fair value | 96 | 106 | |
Investment Segment | Consumer, cyclical | Corporate debt securities | |||
Schedule of Investments [Line Items] | |||
Securities sold, not yet purchased, at fair value | 0 | 0 | |
Investment Segment | Energy | Equity securities: | |||
Schedule of Investments [Line Items] | |||
Investments | 1,654 | 1,598 | |
Securities sold, not yet purchased, at fair value | 309 | 305 | |
Investment Segment | Financial | Equity securities: | |||
Schedule of Investments [Line Items] | |||
Investments | 209 | 167 | |
Investment Segment | Technology | Equity securities: | |||
Schedule of Investments [Line Items] | |||
Investments | 819 | 1,040 | |
Investment Segment | Other | Equity securities: | |||
Schedule of Investments [Line Items] | |||
Investments | $ 175 | 145 | |
Hertz | Investment Segment | |||
Schedule of Investments [Line Items] | |||
Ownership percentage in investment measured at fair value that would otherwise be accounted for under equity method | 23.10% | ||
Unrealized gain (loss) on equity method investments under fair value option | $ 95 | (52) | |
Fair value of equity method investment under fair value option | $ 337 | 320 | |
Herbalife | Investment Segment | |||
Schedule of Investments [Line Items] | |||
Ownership percentage in investment measured at fair value that would otherwise be accounted for under equity method | 18.40% | ||
Unrealized gain (loss) on equity method investments under fair value option | $ (168) | $ 544 | |
Fair value of equity method investment under fair value option | $ 1,500 | $ 1,700 | |
Caesars | Investment Segment | |||
Schedule of Investments [Line Items] | |||
Ownership percentage in investment measured at fair value that would otherwise be accounted for under equity method | 11.70% | ||
Unrealized gain (loss) on equity method investments under fair value option | $ 26 | ||
Fair value of equity method investment under fair value option | $ 690 |
Investments and Related Matte_4
Investments and Related Matters Other Segments and Holding Company (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Schedule of Investments [Line Items] | |||
Investments | $ 8,103 | $ 8,337 | |
Other Segments and Holding Company | |||
Schedule of Investments [Line Items] | |||
Unrealized gains (losses) that relate to equity securities still held | (154) | $ 23 | |
Investments | 973 | 1,470 | |
Other Segments and Holding Company | Equity method investments | |||
Schedule of Investments [Line Items] | |||
Investments | 169 | 143 | |
Other Segments and Holding Company | Other investments (measured at fair value) | |||
Schedule of Investments [Line Items] | |||
Investments | $ 804 | $ 1,327 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Measurement (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | |
Liabilities [Abstract] | |||
Securities sold, not yet purchased, at fair value | $ 447 | $ 468 | |
Derivative contracts at fair value (liability) | 722 | 36 | |
Recurring measurement | |||
Assets [Abstract] | |||
Investments | 7,922 | 8,182 | |
Derivative contracts, at fair value (asset) | [1] | 27 | 524 |
Assets, Fair Value Disclosure | 7,949 | 8,706 | |
Liabilities [Abstract] | |||
Securities sold, not yet purchased, at fair value | 447 | 468 | |
Other liabilities | 16 | 2 | |
Derivative contracts at fair value (liability) | 722 | 36 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 1,185 | 506 | |
Recurring measurement | Level 1 | |||
Assets [Abstract] | |||
Investments | 7,598 | 7,493 | |
Derivative contracts, at fair value (asset) | [1] | 0 | 7 |
Assets, Fair Value Disclosure | 7,598 | 7,500 | |
Liabilities [Abstract] | |||
Securities sold, not yet purchased, at fair value | 447 | 468 | |
Other liabilities | 0 | 0 | |
Derivative contracts at fair value (liability) | 0 | 0 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 447 | 468 | |
Recurring measurement | Level 2 | |||
Assets [Abstract] | |||
Investments | 321 | 317 | |
Derivative contracts, at fair value (asset) | [1] | 27 | 517 |
Assets, Fair Value Disclosure | 348 | 834 | |
Liabilities [Abstract] | |||
Securities sold, not yet purchased, at fair value | 0 | 0 | |
Other liabilities | 16 | 2 | |
Derivative contracts at fair value (liability) | 722 | 36 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 738 | 38 | |
Recurring measurement | Level 3 | |||
Assets [Abstract] | |||
Investments | 3 | 372 | |
Derivative contracts, at fair value (asset) | [1] | 0 | 0 |
Assets, Fair Value Disclosure | 3 | 372 | |
Liabilities [Abstract] | |||
Securities sold, not yet purchased, at fair value | 0 | 0 | |
Other liabilities | 0 | 0 | |
Derivative contracts at fair value (liability) | 0 | 0 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 0 | $ 0 | |
[1] | Amounts are classified within other assets in our condensed consolidated balance sheets. |
Fair Value Measurements Changes
Fair Value Measurements Changes in Fair Value Level 3 (Details) - Recurring measurement - Level 3 - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, [Roll Forward] | ||||
Fair value of assets measured at fair value on a recurring basis | $ 3 | $ 301 | $ 372 | $ 278 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 89 | 23 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | $ (458) | $ 0 |
Financial Instruments Narrative
Financial Instruments Narrative (Details) bbl in Millions, $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019USD ($)bbl | Dec. 31, 2018USD ($)bbl | |
Investment Segment | ||
Derivative [Line Items] | ||
Fair value derivative instruments with credit risk related contingent features in a liability position | $ | $ 0 | $ 0 |
Not designated as hedging instrument | Commodity contracts not considered probable of settlement [Member] | Energy Segment | ||
Derivative [Line Items] | ||
Volume of derivatives (barrels) | bbl | 2 | 2 |
Financial Instruments Derivativ
Financial Instruments Derivative Activities Table (Details) - Investment Segment - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | |
Equity contracts | |||
Derivative [Line Items] | |||
Long Notional Exposure | $ 686 | $ 118 | |
Short Notional Exposure | 10,870 | 8,368 | |
Credit contracts | |||
Derivative [Line Items] | |||
Long Notional Exposure | [1] | 0 | 0 |
Short Notional Exposure | [1] | 563 | 479 |
Commodity contracts | |||
Derivative [Line Items] | |||
Long Notional Exposure | 0 | 0 | |
Short Notional Exposure | 59 | 114 | |
Credit Default Swap [Member] | |||
Derivative [Line Items] | |||
Short notional amount of credit default swap positions | $ 2,500 | $ 1,800 | |
[1] | The short notional amount on our credit default swap positions was approximately $2.5 billion at March 31, 2019 . However, because credit spreads cannot compress below zero, our downside short notional exposure is $563 million as of March 31, 2019 . The short notional amount on our credit default swap positions was approximately $1.8 billion as of December 31, 2018 . However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is $479 million as of December 31, 2018 |
Financial Instruments Derivat_2
Financial Instruments Derivatives Not Designated as Hedging, Fair Value Table (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | |
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | |||
Derivative contracts at fair value (liability) | $ 722 | $ 36 | |
Not designated as hedging instrument | Other assets | |||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | |||
Asset Derivatives, Gross | [1] | 41 | 659 |
Netting across contract types | [1],[2] | (14) | (135) |
Derivative contracts, at fair value (asset) | [1],[2] | 27 | 524 |
Not designated as hedging instrument | Other assets | Equity contracts | |||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | |||
Asset Derivatives, Gross | [1] | 28 | 568 |
Not designated as hedging instrument | Other assets | Credit contracts | |||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | |||
Asset Derivatives, Gross | [1] | 12 | 76 |
Not designated as hedging instrument | Other assets | Commodity contracts | |||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | |||
Asset Derivatives, Gross | [1] | 1 | 15 |
Not designated as hedging instrument | Accrued expenses and other liabilities | |||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | |||
Liability Derivatives, Gross | 736 | 171 | |
Netting across contract types | [2] | (14) | (135) |
Derivative contracts at fair value (liability) | [2] | 722 | 36 |
Not designated as hedging instrument | Accrued expenses and other liabilities | Equity contracts | |||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | |||
Liability Derivatives, Gross | 736 | 170 | |
Not designated as hedging instrument | Accrued expenses and other liabilities | Credit contracts | |||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | |||
Liability Derivatives, Gross | 0 | 0 | |
Not designated as hedging instrument | Accrued expenses and other liabilities | Commodity contracts | |||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | |||
Liability Derivatives, Gross | 0 | 1 | |
Investment Segment | |||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | |||
Collateral for derivative positions | $ 613 | $ 0 | |
[1] | Net asset derivatives are classified within other assets in our condensed consolidated balance sheets. | ||
[2] | Excludes netting of cash collateral received and posted. The total collateral posted at March 31, 2019 and December 31, 2018 was $613 million and $0 million |
Financial Instruments Gain (Los
Financial Instruments Gain (Loss) Recognized on Derivatives Not Designated as Hedging Table (Details) - Not designated as hedging instrument - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on derivatives not designated as hedging instruments recognized in income | [1] | $ (1,163) | $ 206 |
Equity contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on derivatives not designated as hedging instruments recognized in income | [1] | (1,101) | 58 |
Credit contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on derivatives not designated as hedging instruments recognized in income | [1] | (64) | 53 |
Commodity contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on derivatives not designated as hedging instruments recognized in income | [1] | 2 | 95 |
Investment Segment | Net gain from investment activities | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on derivatives not designated as hedging instruments recognized in income | [1] | (1,179) | 147 |
Energy Segment | Cost of goods sold | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on derivatives not designated as hedging instruments recognized in income | [1] | $ 16 | $ 59 |
[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 cost of goods sold for our Energy segment. (Losses) gains recognized on derivatives for our Investment segment were $(1,179) million and $147 million for the three months ended March 31, 2019 and 2018 , respectively. Gains recognized on derivatives for our Energy segment were $16 million and $59 million for the three months ended March 31, 2019 and 2018 |
Inventories, Net (Details)
Inventories, Net (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Inventory, Net [Abstract] | ||
Raw materials | $ 220 | $ 217 |
Work in process | 99 | 70 |
Finished goods | 1,533 | 1,492 |
Inventory, net | $ 1,852 | $ 1,779 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets, Net Goodwill Table (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Goodwill [Line Items] | ||
Gross carrying amount of goodwill | $ 342 | $ 334 |
Accumulated impairment of goodwill | (87) | (87) |
Net carrying amount of goodwill | 255 | 247 |
Automotive Segment | ||
Goodwill [Line Items] | ||
Goodwill, Acquired During Period | 8 | |
Gross carrying amount of goodwill | 336 | 328 |
Accumulated impairment of goodwill | (87) | (87) |
Net carrying amount of goodwill | 249 | 241 |
Food Packaging Segment | ||
Goodwill [Line Items] | ||
Gross carrying amount of goodwill | 6 | 6 |
Accumulated impairment of goodwill | 0 | 0 |
Net carrying amount of goodwill | $ 6 | $ 6 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets, Net Definite-lived and Indefinite-lived Intangible Assets Table (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Definite-lived intangible assets: [Abstract] | |||
Gross carrying amount of definite-lived intangible assets | $ 674 | $ 712 | |
Accumulated amortization of definite-lived intangible assets | (272) | (273) | |
Net carrying amount of definite-lived intangible assets | 402 | 439 | |
Amortization of Intangible Assets | 10 | $ 12 | |
Net carrying amount of indefinite-lived intangible assets | 62 | 62 | |
Intangible assets, net | 464 | 501 | |
Customer relationships | |||
Definite-lived intangible assets: [Abstract] | |||
Gross carrying amount of definite-lived intangible assets | 396 | 396 | |
Accumulated amortization of definite-lived intangible assets | (138) | (134) | |
Net carrying amount of definite-lived intangible assets | 258 | 262 | |
Other | |||
Definite-lived intangible assets: [Abstract] | |||
Gross carrying amount of definite-lived intangible assets | 278 | 316 | |
Accumulated amortization of definite-lived intangible assets | (134) | (139) | |
Net carrying amount of definite-lived intangible assets | 144 | $ 177 | |
Automotive Segment | |||
Definite-lived intangible assets: [Abstract] | |||
Finite-lived Intangible Assets Acquired | $ 1 |
Leases (Details)
Leases (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Jan. 01, 2019 | Dec. 31, 2018 | |
Lessee, Lease, Description [Line Items] | ||||
Operating lease right-of-use asset | $ 678 | |||
Operating lease liability | 708 | |||
Financing lease liability | 95 | |||
Operating lease expense | 49 | $ 38 | ||
Amortization of financing lease right-of-use assets | 4 | 1 | ||
Interest expense on financing lease liabilities | 2 | 0 | ||
Property, plant and equipment, net | 4,682 | $ 4,688 | ||
Energy Segment | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease right-of-use asset | 51 | $ 56 | ||
Operating lease liability | $ 50 | 56 | ||
Lessee, Operating Lease, Term of Contract | 4 years | |||
Operating lease weighted average discount rate (percent) | 5.80% | |||
Financing lease right-of-use asset | 26 | |||
Financing lease liability | 23 | |||
Property, plant and equipment, net | $ 3,004 | 3,027 | ||
Automotive Segment | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease right-of-use asset | 560 | 589 | ||
Operating lease liability | $ 591 | 621 | ||
Lessee, Operating Lease, Term of Contract | 5 years 7 months 6 days | |||
Operating lease weighted average discount rate (percent) | 5.60% | |||
Financing lease right-of-use asset | 24 | |||
Financing lease liability | 27 | |||
Property, plant and equipment, net | $ 951 | 941 | ||
Food Packaging Segment | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease right-of-use asset | 41 | 42 | ||
Operating lease liability | $ 41 | 42 | ||
Lessee, Operating Lease, Term of Contract | 10 years 6 months | |||
Operating lease weighted average discount rate (percent) | 6.10% | |||
Financing lease right-of-use asset | 1 | |||
Financing lease liability | $ 1 | |||
Property, plant and equipment, net | $ 168 | 169 | ||
Other Segments and Holding Company | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease right-of-use asset | 26 | |||
Operating lease liability | 26 | |||
Real Estate Segment | ||||
Lessee, Lease, Description [Line Items] | ||||
Property, plant and equipment, net | 376 | 367 | ||
Operating lease rental revenue | 8 | $ 10 | ||
Operating lease minimum lease payments to be received in remainder of 2019 | 25 | |||
Operating lease minimum lease payments to be received in 2020 | 33 | |||
Operating lease minimum lease payments to be received after 2020 | 10 | |||
Assets leased to others | Real Estate Segment | ||||
Lessee, Lease, Description [Line Items] | ||||
Property, plant and equipment, net | 219 | 217 | ||
Other assets | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease right-of-use asset | 678 | 0 | ||
Accrued expenses and other liabilities | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease liability | 708 | 0 | ||
Property, plant and equipment, net | ||||
Lessee, Lease, Description [Line Items] | ||||
Financing lease right-of-use asset | 81 | 51 | ||
Debt | ||||
Lessee, Lease, Description [Line Items] | ||||
Financing lease liability | $ 95 | $ 54 |
Leases Lease Liability Maturiti
Leases Lease Liability Maturities (Details) $ in Millions | Mar. 31, 2019USD ($) |
Operating Lease Liabilities, Payments Due [Abstract] | |
Remainder of 2019 | $ 141 |
2020 | 168 |
2021 | 146 |
2022 | 124 |
2023 | 79 |
Thereafter | 194 |
Total lease payments | 852 |
Less: imputed interest | (144) |
Operating lease liability | 708 |
Finance Lease Liabilities, Payments, Due [Abstract] | |
Remainder of 2019 | 13 |
2020 | 18 |
2021 | 14 |
2022 | 13 |
2023 | 12 |
Thereafter | 68 |
Total lease payments | 138 |
Less: imputed interest | (43) |
Financing lease liability | $ 95 |
Debt (Details)
Debt (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | |||
Debt | $ 7,392 | $ 7,326 | |
Amortization included in interest expense | 1 | $ 1 | |
Holding Company | |||
Debt Instrument [Line Items] | |||
Debt | 5,505 | 5,505 | |
Energy Segment | |||
Debt Instrument [Line Items] | |||
Debt | 1,196 | 1,170 | |
Automotive Segment | |||
Debt Instrument [Line Items] | |||
Debt | 405 | 372 | |
Food Packaging Segment | |||
Debt Instrument [Line Items] | |||
Debt | 271 | 273 | |
Metals Segment | |||
Debt Instrument [Line Items] | |||
Debt | 1 | 0 | |
Real Estate Segment | |||
Debt Instrument [Line Items] | |||
Debt | 2 | 2 | |
Home Fashion Segment | |||
Debt Instrument [Line Items] | |||
Debt | 12 | 4 | |
Reporting Segments | |||
Debt Instrument [Line Items] | |||
Debt | 1,887 | 1,821 | |
6.000% senior unsecured notes due 2020 | Holding Company | |||
Debt Instrument [Line Items] | |||
Debt | 1,702 | 1,702 | |
5.875% senior unsecured notes due 2022 | Holding Company | |||
Debt Instrument [Line Items] | |||
Debt | 1,344 | 1,344 | |
6.250% senior unsecured notes due 2022 | Holding Company | |||
Debt Instrument [Line Items] | |||
Debt | 1,213 | 1,213 | |
6.750% senior unsecured notes due 2024 | Holding Company | |||
Debt Instrument [Line Items] | |||
Debt | 498 | 498 | |
6.375% senior unsecured notes due 2025 | Holding Company | |||
Debt Instrument [Line Items] | |||
Debt | $ 748 | $ 748 |
Net Income Per LP Unit (Details
Net Income Per LP Unit (Details) - USD ($) $ / shares in Units, $ in Millions | Apr. 30, 2019 | Apr. 17, 2019 | Feb. 26, 2019 | Apr. 30, 2019 | Mar. 31, 2019 | Mar. 31, 2018 |
Earnings Per LP Unit [Line Items] | ||||||
Anti-dilutive shares excluded from weighted average shares calculation | 2,000,000 | |||||
Weighted Average Number Diluted Shares Outstanding Adjustment | 1,000,000 | |||||
Net (loss) income attributable to Icahn Enterprises from continuing operations | $ (394) | $ 98 | ||||
Income from discontinued operations attributable to Icahn Enterprises | $ 0 | $ 34 | ||||
Basic income from continuing operations per LP unit | $ (2.02) | $ 0.55 | ||||
Basic income from discontinued operations per LP unit | 0 | 0.19 | ||||
Basic income (loss) per LP unit | $ (2.02) | $ 0.74 | ||||
Basic weighted average LP units outstanding | 191,000,000 | 174,000,000 | ||||
Diluted income from continuing operations per LP unit | $ (2.02) | $ 0.55 | ||||
Diluted income from discontinued operations per LP unit | 0 | 0.19 | ||||
Diluted income (loss) per LP unit | $ (2.02) | $ 0.74 | ||||
Diluted weighted average LP units outstanding | 191,000,000 | 175,000,000 | ||||
Distribution declared per LP unit | $ 2 | |||||
Distribution payable | $ 391 | $ 310 | ||||
Restricted units vested during period (number of units) | 10,656 | 15,071 | ||||
Limited partners | ||||||
Earnings Per LP Unit [Line Items] | ||||||
Net (loss) income attributable to Icahn Enterprises from continuing operations | $ (386) | $ 96 | ||||
Income from discontinued operations attributable to Icahn Enterprises | $ 0 | $ 33 | ||||
Subsequent event | ||||||
Earnings Per LP Unit [Line Items] | ||||||
Distribution declared per LP unit | $ 2 | |||||
LP units distributed | 4,859,461 | |||||
Aggregate cash distributions to depositary unitholders | $ 26 | |||||
Subsequent event | Mr. Icahn and affiliates | ||||||
Earnings Per LP Unit [Line Items] | ||||||
LP units distributed | 4,784,706 |
Condensed Statement of Operatio
Condensed Statement of Operations By Reporting Segment (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenues: | ||
Net sales | $ 2,300 | $ 2,364 |
Other revenues from operations | 162 | 158 |
Net (loss) gain from investment activities | (674) | 432 |
Interest and dividend income | 64 | 26 |
Other income, net | 3 | 3 |
Total Revenues | 1,855 | 2,983 |
Expenses: | ||
Cost of goods sold | 1,900 | 1,987 |
Other expenses from operations | 131 | 125 |
Selling, general and administrative | 336 | 338 |
Restructuring, net | 7 | 2 |
Interest expense | 139 | 147 |
Total Expenses | 2,513 | 2,599 |
Income (loss) from continuing operations before income tax benefit (expense) | (658) | 384 |
Income tax expense | (6) | (17) |
(Loss) income from continuing operations | (664) | 367 |
Less: net income (loss) attributable to non-controlling interests | (270) | 269 |
Net (loss) income attributable to Icahn Enterprises from continuing operations | (394) | 98 |
Supplemental information: | ||
Capital expenditures | 65 | 62 |
Depreciation and amortization | 123 | 128 |
Investment Segment | ||
Revenues: | ||
Net sales | 0 | 0 |
Other revenues from operations | 0 | 0 |
Net (loss) gain from investment activities | (609) | 410 |
Interest and dividend income | 42 | 18 |
Other income, net | (1) | 0 |
Total Revenues | (568) | 428 |
Expenses: | ||
Cost of goods sold | 0 | 0 |
Other expenses from operations | 0 | 0 |
Selling, general and administrative | 2 | 1 |
Restructuring, net | 0 | 0 |
Interest expense | 18 | 26 |
Total Expenses | 20 | 27 |
Income (loss) from continuing operations before income tax benefit (expense) | (588) | 401 |
Income tax expense | 0 | 0 |
(Loss) income from continuing operations | (588) | 401 |
Less: net income (loss) attributable to non-controlling interests | (293) | 240 |
Net (loss) income attributable to Icahn Enterprises from continuing operations | (295) | 161 |
Supplemental information: | ||
Capital expenditures | 0 | 0 |
Depreciation and amortization | 0 | 0 |
Energy Segment | ||
Revenues: | ||
Net sales | 1,486 | 1,537 |
Other revenues from operations | 0 | 0 |
Net (loss) gain from investment activities | 0 | 0 |
Interest and dividend income | 0 | 0 |
Other income, net | 1 | 2 |
Total Revenues | 1,487 | 1,539 |
Expenses: | ||
Cost of goods sold | 1,303 | 1,385 |
Other expenses from operations | 0 | 0 |
Selling, general and administrative | 37 | 32 |
Restructuring, net | 0 | 0 |
Interest expense | 26 | 27 |
Total Expenses | 1,366 | 1,444 |
Income (loss) from continuing operations before income tax benefit (expense) | 121 | 95 |
Income tax expense | (31) | (14) |
(Loss) income from continuing operations | 90 | 81 |
Less: net income (loss) attributable to non-controlling interests | 24 | 31 |
Net (loss) income attributable to Icahn Enterprises from continuing operations | 66 | 50 |
Supplemental information: | ||
Capital expenditures | 29 | 20 |
Depreciation and amortization | 83 | 83 |
Automotive Segment | ||
Revenues: | ||
Net sales | 550 | 549 |
Other revenues from operations | 143 | 137 |
Net (loss) gain from investment activities | 0 | 0 |
Interest and dividend income | 0 | 0 |
Other income, net | 4 | 0 |
Total Revenues | 697 | 686 |
Expenses: | ||
Cost of goods sold | 375 | 361 |
Other expenses from operations | 119 | 113 |
Selling, general and administrative | 252 | 258 |
Restructuring, net | 0 | 0 |
Interest expense | 5 | 3 |
Total Expenses | 751 | 735 |
Income (loss) from continuing operations before income tax benefit (expense) | (54) | (49) |
Income tax expense | 12 | 15 |
(Loss) income from continuing operations | (42) | (34) |
Less: net income (loss) attributable to non-controlling interests | 0 | 0 |
Net (loss) income attributable to Icahn Enterprises from continuing operations | (42) | (34) |
Supplemental information: | ||
Capital expenditures | 13 | 19 |
Depreciation and amortization | 24 | 24 |
Food Packaging Segment | ||
Revenues: | ||
Net sales | 95 | 97 |
Other revenues from operations | 0 | 0 |
Net (loss) gain from investment activities | 0 | 0 |
Interest and dividend income | 0 | 0 |
Other income, net | (3) | (6) |
Total Revenues | 92 | 91 |
Expenses: | ||
Cost of goods sold | 75 | 77 |
Other expenses from operations | 0 | 0 |
Selling, general and administrative | 15 | 15 |
Restructuring, net | 7 | 0 |
Interest expense | 4 | 4 |
Total Expenses | 101 | 96 |
Income (loss) from continuing operations before income tax benefit (expense) | (9) | (5) |
Income tax expense | 4 | 2 |
(Loss) income from continuing operations | (5) | (3) |
Less: net income (loss) attributable to non-controlling interests | (2) | 0 |
Net (loss) income attributable to Icahn Enterprises from continuing operations | (3) | (3) |
Supplemental information: | ||
Capital expenditures | 7 | 5 |
Depreciation and amortization | 6 | 7 |
Metals Segment | ||
Revenues: | ||
Net sales | 93 | 118 |
Other revenues from operations | 0 | 0 |
Net (loss) gain from investment activities | 0 | 0 |
Interest and dividend income | 0 | 0 |
Other income, net | 0 | 1 |
Total Revenues | 93 | 119 |
Expenses: | ||
Cost of goods sold | 92 | 110 |
Other expenses from operations | 0 | 0 |
Selling, general and administrative | 4 | 5 |
Restructuring, net | 0 | 0 |
Interest expense | 0 | 0 |
Total Expenses | 96 | 115 |
Income (loss) from continuing operations before income tax benefit (expense) | (3) | 4 |
Income tax expense | 0 | 0 |
(Loss) income from continuing operations | (3) | 4 |
Less: net income (loss) attributable to non-controlling interests | 0 | 0 |
Net (loss) income attributable to Icahn Enterprises from continuing operations | (3) | 4 |
Supplemental information: | ||
Capital expenditures | 5 | 1 |
Depreciation and amortization | 4 | 5 |
Real Estate Segment | ||
Revenues: | ||
Net sales | 2 | 1 |
Other revenues from operations | 19 | 21 |
Net (loss) gain from investment activities | 0 | 0 |
Interest and dividend income | 0 | 5 |
Other income, net | 2 | 0 |
Total Revenues | 23 | 27 |
Expenses: | ||
Cost of goods sold | 2 | 1 |
Other expenses from operations | 12 | 12 |
Selling, general and administrative | 5 | 6 |
Restructuring, net | 0 | 0 |
Interest expense | 0 | 1 |
Total Expenses | 19 | 20 |
Income (loss) from continuing operations before income tax benefit (expense) | 4 | 7 |
Income tax expense | 0 | 0 |
(Loss) income from continuing operations | 4 | 7 |
Less: net income (loss) attributable to non-controlling interests | 0 | 0 |
Net (loss) income attributable to Icahn Enterprises from continuing operations | 4 | 7 |
Supplemental information: | ||
Capital expenditures | 6 | 3 |
Depreciation and amortization | 4 | 5 |
Home Fashion Segment | ||
Revenues: | ||
Net sales | 39 | 42 |
Other revenues from operations | 0 | 0 |
Net (loss) gain from investment activities | 0 | 0 |
Interest and dividend income | 0 | 0 |
Other income, net | 0 | 0 |
Total Revenues | 39 | 42 |
Expenses: | ||
Cost of goods sold | 33 | 36 |
Other expenses from operations | 0 | 0 |
Selling, general and administrative | 10 | 9 |
Restructuring, net | 0 | 2 |
Interest expense | 0 | 0 |
Total Expenses | 43 | 47 |
Income (loss) from continuing operations before income tax benefit (expense) | (4) | (5) |
Income tax expense | 0 | 0 |
(Loss) income from continuing operations | (4) | (5) |
Less: net income (loss) attributable to non-controlling interests | 0 | 0 |
Net (loss) income attributable to Icahn Enterprises from continuing operations | (4) | (5) |
Supplemental information: | ||
Capital expenditures | 1 | 1 |
Depreciation and amortization | 2 | 2 |
Mining Segment | ||
Revenues: | ||
Net sales | 35 | 20 |
Other revenues from operations | 0 | 0 |
Net (loss) gain from investment activities | 0 | 0 |
Interest and dividend income | 1 | 0 |
Other income, net | 0 | 0 |
Total Revenues | 36 | 20 |
Expenses: | ||
Cost of goods sold | 20 | 17 |
Other expenses from operations | 0 | 0 |
Selling, general and administrative | 7 | 6 |
Restructuring, net | 0 | 0 |
Interest expense | 2 | 2 |
Total Expenses | 29 | 25 |
Income (loss) from continuing operations before income tax benefit (expense) | 7 | (5) |
Income tax expense | (1) | (1) |
(Loss) income from continuing operations | 6 | (6) |
Less: net income (loss) attributable to non-controlling interests | 1 | (2) |
Net (loss) income attributable to Icahn Enterprises from continuing operations | 5 | (4) |
Supplemental information: | ||
Capital expenditures | 4 | 13 |
Depreciation and amortization | 0 | 2 |
Railcar Segment | ||
Revenues: | ||
Net sales | 0 | 0 |
Other revenues from operations | 0 | 0 |
Net (loss) gain from investment activities | 0 | 0 |
Interest and dividend income | 0 | 0 |
Other income, net | 0 | 5 |
Total Revenues | 0 | 5 |
Expenses: | ||
Cost of goods sold | 0 | 0 |
Other expenses from operations | 0 | 0 |
Selling, general and administrative | 0 | 0 |
Restructuring, net | 0 | 0 |
Interest expense | 0 | 0 |
Total Expenses | 0 | 0 |
Income (loss) from continuing operations before income tax benefit (expense) | 0 | 5 |
Income tax expense | 0 | 0 |
(Loss) income from continuing operations | 0 | 5 |
Less: net income (loss) attributable to non-controlling interests | 0 | 0 |
Net (loss) income attributable to Icahn Enterprises from continuing operations | 0 | 5 |
Supplemental information: | ||
Capital expenditures | 0 | 0 |
Depreciation and amortization | 0 | 0 |
Holding Company | ||
Revenues: | ||
Net sales | 0 | 0 |
Other revenues from operations | 0 | 0 |
Net (loss) gain from investment activities | (65) | 22 |
Interest and dividend income | 21 | 3 |
Other income, net | 0 | 1 |
Total Revenues | (44) | 26 |
Expenses: | ||
Cost of goods sold | 0 | 0 |
Other expenses from operations | 0 | 0 |
Selling, general and administrative | 4 | 6 |
Restructuring, net | 0 | 0 |
Interest expense | 84 | 84 |
Total Expenses | 88 | 90 |
Income (loss) from continuing operations before income tax benefit (expense) | (132) | (64) |
Income tax expense | 10 | (19) |
(Loss) income from continuing operations | (122) | (83) |
Less: net income (loss) attributable to non-controlling interests | 0 | 0 |
Net (loss) income attributable to Icahn Enterprises from continuing operations | (122) | (83) |
Supplemental information: | ||
Capital expenditures | 0 | 0 |
Depreciation and amortization | $ 0 | $ 0 |
Segment Reporting Disaggregatio
Segment Reporting Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Energy Segment | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | $ 1,486 | $ 1,537 |
Automotive Segment | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 693 | 686 |
Petroleum products | Energy Segment | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 1,394 | 1,457 |
Nitrogen fertilizer products | Energy Segment | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 92 | 80 |
Automotive services | Automotive Segment | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 327 | 316 |
Aftermarket parts sales | Automotive Segment | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | $ 366 | $ 370 |
Condensed Balance Sheets By Rep
Condensed Balance Sheets By Reporting Segment (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
ASSETS | ||||
Cash and cash equivalents | $ 2,764 | $ 2,656 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 2,299 | 2,682 | ||
Investments | 8,103 | 8,337 | ||
Accounts receivable, net | 517 | 474 | ||
Inventories, net | 1,852 | 1,779 | ||
Property, plant and equipment, net | 4,682 | 4,688 | ||
Goodwill and intangible assets, net | 719 | 748 | ||
Assets held for sale | 364 | 333 | ||
Other assets | 2,524 | 1,792 | ||
Total assets | 23,824 | 23,489 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 4,197 | 2,603 | ||
Securities sold, not yet purchased, at fair value | 447 | 468 | ||
Liabilities held for sale | 136 | 112 | ||
Debt | 7,392 | 7,326 | ||
Total liabilities | 12,172 | 10,509 | ||
Equity attributable to Icahn Enterprises | 5,839 | 6,560 | ||
Equity attributable to non-controlling interests | 5,813 | 6,420 | ||
Total equity | 11,652 | 12,980 | $ 11,862 | $ 11,486 |
Total liabilities and equity | 23,824 | 23,489 | ||
Investment Segment | ||||
ASSETS | ||||
Cash and cash equivalents | 7 | 5 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 2,286 | 2,648 | ||
Investments | 7,130 | 6,867 | ||
Accounts receivable, net | 0 | 0 | ||
Inventories, net | 0 | 0 | ||
Property, plant and equipment, net | 0 | 0 | ||
Goodwill and intangible assets, net | 0 | 0 | ||
Assets held for sale | 0 | 0 | ||
Other assets | 1,268 | 1,230 | ||
Total assets | 10,691 | 10,750 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 730 | 181 | ||
Securities sold, not yet purchased, at fair value | 447 | 468 | ||
Liabilities held for sale | 0 | 0 | ||
Debt | 0 | 0 | ||
Total liabilities | 1,177 | 649 | ||
Equity attributable to Icahn Enterprises | 4,772 | 5,066 | ||
Equity attributable to non-controlling interests | 4,742 | 5,035 | ||
Total equity | 9,514 | 10,101 | ||
Total liabilities and equity | 10,691 | 10,750 | ||
Energy Segment | ||||
ASSETS | ||||
Cash and cash equivalents | 467 | 668 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 0 | 0 | ||
Investments | 83 | 84 | ||
Accounts receivable, net | 193 | 169 | ||
Inventories, net | 403 | 380 | ||
Property, plant and equipment, net | 3,004 | 3,027 | ||
Goodwill and intangible assets, net | 273 | 278 | ||
Assets held for sale | 33 | 33 | ||
Other assets | 232 | 192 | ||
Total assets | 4,688 | 4,831 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 1,171 | 1,043 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Liabilities held for sale | 0 | 0 | ||
Debt | 1,196 | 1,170 | ||
Total liabilities | 2,367 | 2,213 | ||
Equity attributable to Icahn Enterprises | 1,290 | 1,274 | ||
Equity attributable to non-controlling interests | 1,031 | 1,344 | ||
Total equity | 2,321 | 2,618 | ||
Total liabilities and equity | 4,688 | 4,831 | ||
Automotive Segment | ||||
ASSETS | ||||
Cash and cash equivalents | 65 | 43 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 0 | 0 | ||
Investments | 86 | 59 | ||
Accounts receivable, net | 168 | 149 | ||
Inventories, net | 1,233 | 1,203 | ||
Property, plant and equipment, net | 951 | 941 | ||
Goodwill and intangible assets, net | 391 | 412 | ||
Assets held for sale | 0 | 0 | ||
Other assets | 769 | 217 | ||
Total assets | 3,663 | 3,024 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 1,426 | 905 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Liabilities held for sale | 0 | 0 | ||
Debt | 405 | 372 | ||
Total liabilities | 1,831 | 1,277 | ||
Equity attributable to Icahn Enterprises | 1,832 | 1,747 | ||
Equity attributable to non-controlling interests | 0 | 0 | ||
Total equity | 1,832 | 1,747 | ||
Total liabilities and equity | 3,663 | 3,024 | ||
Food Packaging Segment | ||||
ASSETS | ||||
Cash and cash equivalents | 33 | 46 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 1 | 1 | ||
Investments | 0 | 0 | ||
Accounts receivable, net | 76 | 74 | ||
Inventories, net | 103 | 93 | ||
Property, plant and equipment, net | 168 | 169 | ||
Goodwill and intangible assets, net | 32 | 32 | ||
Assets held for sale | 0 | 0 | ||
Other assets | 139 | 96 | ||
Total assets | 552 | 511 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 212 | 164 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Liabilities held for sale | 0 | 0 | ||
Debt | 271 | 273 | ||
Total liabilities | 483 | 437 | ||
Equity attributable to Icahn Enterprises | 52 | 55 | ||
Equity attributable to non-controlling interests | 17 | 19 | ||
Total equity | 69 | 74 | ||
Total liabilities and equity | 552 | 511 | ||
Metals Segment | ||||
ASSETS | ||||
Cash and cash equivalents | 11 | 20 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 1 | 1 | ||
Investments | 0 | 0 | ||
Accounts receivable, net | 49 | 48 | ||
Inventories, net | 40 | 39 | ||
Property, plant and equipment, net | 115 | 115 | ||
Goodwill and intangible assets, net | 2 | 2 | ||
Assets held for sale | 1 | 1 | ||
Other assets | 22 | 7 | ||
Total assets | 241 | 233 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 66 | 56 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Liabilities held for sale | 0 | 0 | ||
Debt | 1 | 0 | ||
Total liabilities | 67 | 56 | ||
Equity attributable to Icahn Enterprises | 174 | 177 | ||
Equity attributable to non-controlling interests | 0 | 0 | ||
Total equity | 174 | 177 | ||
Total liabilities and equity | 241 | 233 | ||
Real Estate Segment | ||||
ASSETS | ||||
Cash and cash equivalents | 41 | 39 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 2 | 26 | ||
Investments | 15 | 15 | ||
Accounts receivable, net | 3 | 3 | ||
Inventories, net | 0 | 0 | ||
Property, plant and equipment, net | 376 | 367 | ||
Goodwill and intangible assets, net | 21 | 24 | ||
Assets held for sale | 0 | 0 | ||
Other assets | 34 | 34 | ||
Total assets | 492 | 508 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 46 | 41 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Liabilities held for sale | 0 | 0 | ||
Debt | 2 | 2 | ||
Total liabilities | 48 | 43 | ||
Equity attributable to Icahn Enterprises | 444 | 465 | ||
Equity attributable to non-controlling interests | 0 | 0 | ||
Total equity | 444 | 465 | ||
Total liabilities and equity | 492 | 508 | ||
Home Fashion Segment | ||||
ASSETS | ||||
Cash and cash equivalents | 1 | 1 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 2 | 2 | ||
Investments | 0 | 0 | ||
Accounts receivable, net | 28 | 31 | ||
Inventories, net | 73 | 64 | ||
Property, plant and equipment, net | 68 | 69 | ||
Goodwill and intangible assets, net | 0 | 0 | ||
Assets held for sale | 0 | 0 | ||
Other assets | 11 | 5 | ||
Total assets | 183 | 172 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 42 | 35 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Liabilities held for sale | 0 | 0 | ||
Debt | 12 | 4 | ||
Total liabilities | 54 | 39 | ||
Equity attributable to Icahn Enterprises | 129 | 133 | ||
Equity attributable to non-controlling interests | 0 | 0 | ||
Total equity | 129 | 133 | ||
Total liabilities and equity | 183 | 172 | ||
Mining Segment | ||||
ASSETS | ||||
Cash and cash equivalents | 0 | 0 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 0 | 0 | ||
Investments | 0 | 0 | ||
Accounts receivable, net | 0 | 0 | ||
Inventories, net | 0 | 0 | ||
Property, plant and equipment, net | 0 | 0 | ||
Goodwill and intangible assets, net | 0 | 0 | ||
Assets held for sale | 330 | 299 | ||
Other assets | 0 | 0 | ||
Total assets | 330 | 299 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 0 | 0 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Liabilities held for sale | 136 | 112 | ||
Debt | 0 | 0 | ||
Total liabilities | 136 | 112 | ||
Equity attributable to Icahn Enterprises | 171 | 165 | ||
Equity attributable to non-controlling interests | 23 | 22 | ||
Total equity | 194 | 187 | ||
Total liabilities and equity | 330 | 299 | ||
Holding Company | ||||
ASSETS | ||||
Cash and cash equivalents | 2,139 | 1,834 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 7 | 4 | ||
Investments | 789 | 1,312 | ||
Accounts receivable, net | 0 | 0 | ||
Inventories, net | 0 | 0 | ||
Property, plant and equipment, net | 0 | 0 | ||
Goodwill and intangible assets, net | 0 | 0 | ||
Assets held for sale | 0 | 0 | ||
Other assets | 49 | 11 | ||
Total assets | 2,984 | 3,161 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 504 | 178 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Liabilities held for sale | 0 | 0 | ||
Debt | 5,505 | 5,505 | ||
Total liabilities | 6,009 | 5,683 | ||
Equity attributable to Icahn Enterprises | (3,025) | (2,522) | ||
Equity attributable to non-controlling interests | 0 | 0 | ||
Total equity | (3,025) | (2,522) | ||
Total liabilities and equity | $ 2,984 | $ 3,161 |
Discontinued Operations Income
Discontinued Operations Income From Discontinued Operations (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Income from discontinued operations | $ 0 | $ 45 |
Income from discontinued operations attributable to Icahn Enterprises | $ 0 | 34 |
Discontinued operations, held for sale or disposed of by sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net sales | 2,120 | |
Other revenues from operations | 271 | |
Net gain on investment activities | 1 | |
Interest and dividend income | 2 | |
Other (loss) income, net | 9 | |
Revenue | 2,403 | |
Cost of goods sold | 1,823 | |
Other expenses from operations | 131 | |
Selling, general and administrative | 318 | |
Interest expense | 50 | |
Expenses | 2,322 | |
Income from discontinued operations before income tax expense | 81 | |
Income tax expense | (36) | |
Income from discontinued operations | 45 | |
Less: income from discontinued operations attributable to non-controlling interests | 11 | |
Income from discontinued operations attributable to Icahn Enterprises | 34 | |
Capital expenditures | 158 | |
Depreciation and amortization | 134 | |
Federal-Mogul | Discontinued operations, held for sale or disposed of by sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net sales | 2,056 | |
Other revenues from operations | 0 | |
Net gain on investment activities | 0 | |
Interest and dividend income | 1 | |
Other (loss) income, net | 8 | |
Revenue | 2,065 | |
Cost of goods sold | 1,765 | |
Other expenses from operations | 0 | |
Selling, general and administrative | 220 | |
Interest expense | 44 | |
Expenses | 2,029 | |
Income from discontinued operations before income tax expense | 36 | |
Income tax expense | (23) | |
Income from discontinued operations | 13 | |
Less: income from discontinued operations attributable to non-controlling interests | 3 | |
Income from discontinued operations attributable to Icahn Enterprises | 10 | |
Capital expenditures | 118 | |
Depreciation and amortization | 100 | |
Tropicana | Discontinued operations, held for sale or disposed of by sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net sales | 0 | |
Other revenues from operations | 219 | |
Net gain on investment activities | 0 | |
Interest and dividend income | 1 | |
Other (loss) income, net | 0 | |
Revenue | 220 | |
Cost of goods sold | 0 | |
Other expenses from operations | 102 | |
Selling, general and administrative | 89 | |
Interest expense | 1 | |
Expenses | 192 | |
Income from discontinued operations before income tax expense | 28 | |
Income tax expense | (7) | |
Income from discontinued operations | 21 | |
Less: income from discontinued operations attributable to non-controlling interests | 3 | |
Income from discontinued operations attributable to Icahn Enterprises | 18 | |
Capital expenditures | 21 | |
Depreciation and amortization | 19 | |
ARI | Discontinued operations, held for sale or disposed of by sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net sales | 64 | |
Other revenues from operations | 52 | |
Net gain on investment activities | 1 | |
Interest and dividend income | 0 | |
Other (loss) income, net | 1 | |
Revenue | 118 | |
Cost of goods sold | 58 | |
Other expenses from operations | 29 | |
Selling, general and administrative | 9 | |
Interest expense | 5 | |
Expenses | 101 | |
Income from discontinued operations before income tax expense | 17 | |
Income tax expense | (6) | |
Income from discontinued operations | 11 | |
Less: income from discontinued operations attributable to non-controlling interests | 5 | |
Income from discontinued operations attributable to Icahn Enterprises | 6 | |
Capital expenditures | 19 | |
Depreciation and amortization | $ 15 |
Income Taxes Income Taxes (Deta
Income Taxes Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Income tax (benefit) expense | $ 6 | $ 17 |
Income (loss) from continuing operations before income tax benefit (expense) | $ (658) | $ 384 |
Effective income tax rate | (0.90%) | 4.40% |
Statutory federal income tax rate | 21.00% | 21.00% |
Changes in Accumulated Other _3
Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |||
AOCI, Post-employment benefits, net of tax | $ (52) | $ (47) | |
AOCI, Translation adjustments and other, net of tax | (39) | (38) | |
Accumulated other comprehensive loss, net of tax | (91) | $ (85) | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, after Tax | 0 | ||
Other comprehensive income, translation adjustments and other, before reclassificaitons, net of tax | (1) | ||
Other comprehensive income, before reclassifications to income, net of tax | (1) | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, after Tax | 1 | ||
Reclassificaion of translation adjustments and other in AOCI into earnings, net of tax | 0 | ||
Other comprehensive income, portion representing reclassificaitons to earnings, net of tax | 1 | ||
Post-retirement benefits | 1 | $ 11 | |
Translation adjustments and other | (1) | 33 | |
Other comprehensive loss | 0 | $ 43 | |
Elimination of stranded tax effects resulting from tax legislation, Defined benefit plan | (6) | ||
Elimination of stranded tax effects resulting from tax legislation | (6) | ||
Elimination of stranded tax effects resulting from tax legislation, translation adjustments and other | $ 0 |
Other Income (Loss), Net (Detai
Other Income (Loss), Net (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Component of Other Income (Loss), Net [Line Items] | ||
Other income, net | $ 3 | $ 3 |
Equity earnings from non-consolidated affiliates | ||
Component of Other Income (Loss), Net [Line Items] | ||
Other income, net | 4 | 2 |
(Loss) gain on disposition of assets, net | ||
Component of Other Income (Loss), Net [Line Items] | ||
Other income, net | (4) | 5 |
Foreign currency transaction (loss) income | ||
Component of Other Income (Loss), Net [Line Items] | ||
Other income, net | (2) | 1 |
Non-service pension and other post-retirement benefits expense | ||
Component of Other Income (Loss), Net [Line Items] | ||
Other income, net | (1) | (7) |
Other | ||
Component of Other Income (Loss), Net [Line Items] | ||
Other income, net | $ 6 | $ 2 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Mr. Icahn and affiliates | |||
Loss Contingencies [Line Items] | |||
Affiliate ownership interest | 91.70% | ||
ACF | |||
Loss Contingencies [Line Items] | |||
Defined benefit plan underfunded amount | $ 61 | ||
Starfire Holding Corporation | |||
Loss Contingencies [Line Items] | |||
Ownership percentage by Mr. Icahn | 99.60% | ||
Pension funding indemnity agreement with subsidiary | $ 250 | ||
Energy Segment | |||
Loss Contingencies [Line Items] | |||
RINs costs (benefit) | $ 13 | $ (23) | |
Icahn Enterprises G.P. | Mr. Icahn and affiliates | |||
Loss Contingencies [Line Items] | |||
Affiliate ownership in parent company general partner | 100.00% | ||
Accrued expenses and other liabilities | |||
Loss Contingencies [Line Items] | |||
Accrued environmental liabilities | $ 36 | $ 37 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Supplemental Cash Flow Information [Abstract] | ||
Cash payments for interest, net of amounts capitalized | $ 157 | $ 159 |
Net cash (receipts) payments for income taxes, net of refunds | (2) | 1 |
Non-cash proceeds from sale of investment | 34 | 0 |
Distribution payable | $ 391 | $ 310 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions | May 02, 2019 | Apr. 30, 2019 | Feb. 26, 2019 |
Subsequent Event [Line Items] | |||
Distribution declared per LP unit | $ 2 | ||
Subsequent event | |||
Subsequent Event [Line Items] | |||
Distribution declared per LP unit | $ 2 | ||
Potential aggregate sales proceeds from equity offering | $ 400 |