Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Feb. 26, 2015 | Jun. 30, 2014 |
Entity Information [Line Items] | |||
Entity Registrant Name | ICAHN ENTERPRISES L.P. | ||
Entity Central Index Key | 813762 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE | ||
Entity Common Stock, Shares Outstanding | 123,103,414 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $1,415 | ||
Icahn Enterprises Holdings [Member] | |||
Entity Information [Line Items] | |||
Entity Registrant Name | ICAHN ENTERPRISES HOLDINGS L.P. | ||
Entity Central Index Key | 1034563 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Non-accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE | ||
Entity Common Stock, Shares Outstanding | 0 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
ASSETS | ||
Cash and cash equivalents | $2,912 | $3,262 |
Cash held at consolidated affiliated partnerships and restricted cash | 1,435 | 396 |
Investments | 14,500 | 12,261 |
Accounts receivable, net | 1,691 | 1,750 |
Inventories, net | 1,879 | 1,902 |
Property, plant and equipment, net | 8,955 | 8,077 |
Goodwill | 2,000 | 2,074 |
Intangible assets, net | 1,088 | 1,113 |
Other assets | 1,320 | 910 |
Total Assets | 35,780 | 31,745 |
LIABILITIES AND EQUITY | ||
Accounts payable | 1,387 | 1,353 |
Accrued expenses and other liabilities | 2,235 | 2,196 |
Deferred tax liability | 1,255 | 1,394 |
Securities sold, not yet purchased, at fair value | 337 | 884 |
Due to brokers | 5,197 | 2,203 |
Post-employment benefit liability | 1,391 | 1,111 |
Debt | 11,588 | 9,295 |
Total liabilities | 23,390 | 18,436 |
Commitments and contingencies (Note 17) | ||
Equity: | ||
Limited partners: Depositary units: 123,103,414 and 115,900,309 units issued and outstanding at December 31, 2014 and 2013, respectively | 5,672 | 6,308 |
General partner | -229 | -216 |
Equity attributable to Icahn Enterprises | 5,443 | 6,092 |
Equity attributable to non-controlling interests | 6,947 | 7,217 |
Total equity | 12,390 | 13,309 |
Total Liabilities and Equity | 35,780 | 31,745 |
Icahn Enterprises Holdings [Member] | ||
ASSETS | ||
Cash and cash equivalents | 2,912 | 3,262 |
Cash held at consolidated affiliated partnerships and restricted cash | 1,435 | 396 |
Investments | 14,500 | 12,261 |
Accounts receivable, net | 1,691 | 1,750 |
Inventories, net | 1,879 | 1,902 |
Property, plant and equipment, net | 8,955 | 8,077 |
Goodwill | 2,000 | 2,074 |
Intangible assets, net | 1,088 | 1,113 |
Other assets | 1,343 | 926 |
Total Assets | 35,803 | 31,761 |
LIABILITIES AND EQUITY | ||
Accounts payable | 1,387 | 1,353 |
Accrued expenses and other liabilities | 2,235 | 2,196 |
Deferred tax liability | 1,255 | 1,394 |
Securities sold, not yet purchased, at fair value | 337 | 884 |
Due to brokers | 5,197 | 2,203 |
Post-employment benefit liability | 1,391 | 1,111 |
Debt | 11,588 | 9,289 |
Total liabilities | 23,390 | 18,430 |
Commitments and contingencies (Note 17) | ||
Equity: | ||
Limited partners: Depositary units: 123,103,414 and 115,900,309 units issued and outstanding at December 31, 2014 and 2013, respectively | 5,751 | 6,393 |
General partner | -285 | -279 |
Equity attributable to Icahn Enterprises | 5,466 | 6,114 |
Equity attributable to non-controlling interests | 6,947 | 7,217 |
Total equity | 12,413 | 13,331 |
Total Liabilities and Equity | $35,803 | $31,761 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) | Dec. 31, 2014 | Dec. 31, 2013 |
Equity: | ||
Limited partners: Depositary units issued | 123,103,414 | 115,900,309 |
Limited partners: Depositary units outstanding | 123,103,414 | 115,900,309 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues: | |||
Net sales | $18,072 | $17,785 | $14,574 |
Other revenues from operations | 1,250 | 988 | 951 |
Net (loss) gain from investment activities | -564 | 1,694 | 343 |
Interest and dividend income | 217 | 194 | 103 |
Other income (loss), net | 182 | 21 | -175 |
Total Revenues | 19,157 | 20,682 | 15,796 |
Expenses: | |||
Cost of goods sold | 16,485 | 15,809 | 12,606 |
Other expenses from operations | 613 | 504 | 502 |
Selling, general and administrative | 1,625 | 1,417 | 1,275 |
Restructuring | 84 | 50 | 31 |
Impairment | 135 | 16 | 129 |
Interest expense | 847 | 560 | 572 |
Total Expenses | 19,789 | 18,356 | 15,115 |
(Loss) income before income tax benefit | -632 | 2,326 | 681 |
Income tax benefit | 103 | 118 | 81 |
Net (loss) income | -529 | 2,444 | 762 |
Less: net loss (income) attributable to non-controlling interests | 156 | -1,419 | -366 |
Net (loss) income attributable to Icahn Enterprises | -373 | 1,025 | 396 |
Net (loss) income attributable to Icahn Enterprises allocable to: | |||
Limited partners | -366 | 1,005 | 379 |
General partner | -7 | 20 | 17 |
Net (loss) income attributable to Icahn Enterprises | -373 | 1,025 | 396 |
Basic (loss) income per LP unit | ($3.08) | $9.14 | $3.72 |
Basic weighted average LP units outstanding | 119 | 110 | 102 |
Diluted (loss) income per LP unit | ($3.08) | $9.07 | $3.72 |
Diluted weighted average LP units outstanding | 119 | 111 | 102 |
Cash distributions declared per LP unit | $6 | $4.50 | $0.40 |
Icahn Enterprises Holdings [Member] | |||
Revenues: | |||
Net sales | 18,072 | 17,785 | 14,574 |
Other revenues from operations | 1,250 | 988 | 951 |
Net (loss) gain from investment activities | -564 | 1,694 | 343 |
Interest and dividend income | 217 | 194 | 103 |
Other income (loss), net | 182 | 21 | -175 |
Total Revenues | 19,157 | 20,682 | 15,796 |
Expenses: | |||
Cost of goods sold | 16,485 | 15,809 | 12,606 |
Other expenses from operations | 613 | 504 | 502 |
Selling, general and administrative | 1,625 | 1,417 | 1,275 |
Restructuring | 84 | 50 | 31 |
Impairment | 135 | 16 | 129 |
Interest expense | 846 | 560 | 571 |
Total Expenses | 19,788 | 18,356 | 15,114 |
(Loss) income before income tax benefit | -631 | 2,326 | 682 |
Income tax benefit | 103 | 118 | 81 |
Net (loss) income | -528 | 2,444 | 763 |
Less: net loss (income) attributable to non-controlling interests | 156 | -1,419 | -366 |
Net (loss) income attributable to Icahn Enterprises | -372 | 1,025 | 397 |
Net (loss) income attributable to Icahn Enterprises allocable to: | |||
Limited partners | -368 | 1,015 | 384 |
General partner | -4 | 10 | 13 |
Net (loss) income attributable to Icahn Enterprises | ($372) | $1,025 | $397 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net (loss) income | ($529) | $2,444 | $762 |
Other comprehensive (loss) income, net of tax: | |||
Post-employment benefits | -228 | 175 | -224 |
Hedge instruments | 0 | 8 | 46 |
Translation adjustments and other | -260 | -6 | 51 |
Other comprehensive (loss) income, net of tax | -488 | 177 | -127 |
Comprehensive (loss) income | -1,017 | 2,621 | 635 |
Less: Comprehensive loss (income) attributable to non-controlling interests | 278 | -1,463 | -337 |
Comprehensive (loss) income attributable to Icahn Enterprises | -739 | 1,158 | 298 |
Limited partners | |||
Other comprehensive (loss) income, net of tax: | |||
Comprehensive (loss) income attributable to Icahn Enterprises | -724 | 1,135 | 283 |
General partner | |||
Other comprehensive (loss) income, net of tax: | |||
Comprehensive (loss) income attributable to Icahn Enterprises | -15 | 23 | 15 |
Icahn Enterprises Holdings [Member] | |||
Net (loss) income | -528 | 2,444 | 763 |
Other comprehensive (loss) income, net of tax: | |||
Post-employment benefits | -228 | 175 | -224 |
Hedge instruments | 0 | 8 | 46 |
Translation adjustments and other | -260 | -6 | 51 |
Other comprehensive (loss) income, net of tax | -488 | 177 | -127 |
Comprehensive (loss) income | -1,016 | 2,621 | 636 |
Less: Comprehensive loss (income) attributable to non-controlling interests | 278 | -1,463 | -337 |
Comprehensive (loss) income attributable to Icahn Enterprises | -738 | 1,158 | 299 |
Icahn Enterprises Holdings [Member] | Limited partners | |||
Other comprehensive (loss) income, net of tax: | |||
Comprehensive (loss) income attributable to Icahn Enterprises | -731 | 1,146 | 287 |
Icahn Enterprises Holdings [Member] | General partner | |||
Other comprehensive (loss) income, net of tax: | |||
Comprehensive (loss) income attributable to Icahn Enterprises | ($7) | $12 | $12 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Accumulated other comprehensive loss | $1,293 | $805 |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes in Equity (USD $) | Total | General partner | Limited partners | Held in Treasury | Total Partners' Equity | Non-controlling Interests | Icahn Enterprises Holdings [Member] | Icahn Enterprises Holdings [Member] | Icahn Enterprises Holdings [Member] | Icahn Enterprises Holdings [Member] | Icahn Enterprises Holdings [Member] |
In Millions, except Share data, unless otherwise specified | General partner | Limited partners | Total Partners' Equity | Non-controlling Interests | |||||||
Equity at Dec. 31, 2011 | $7,871 | ($271) | $4,038 | ($12) | $3,755 | $4,116 | $7,892 | ($311) | $4,087 | $3,776 | $4,116 |
Treasury units at Dec. 31, 2011 | 1,137,200 | ||||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||||
Net (loss) income | 762 | 17 | 379 | 0 | 396 | 366 | 763 | 13 | 384 | 397 | 366 |
Other comprehensive income | -127 | -2 | -96 | 0 | -98 | -29 | -127 | -1 | -97 | -98 | -29 |
Cancellation of treasury units | 0 | 0 | -12 | 12 | 0 | 0 | |||||
Cancellation of treasury units | -1,137,200 | ||||||||||
Partnership contributions | 513 | 13 | 500 | 0 | 513 | 0 | 513 | 6 | 507 | 513 | 0 |
Partnership distributions | -41 | -1 | -40 | 0 | -41 | 0 | -41 | 0 | -41 | -41 | 0 |
Investment segment distributions | -79 | 0 | 0 | 0 | 0 | -79 | -79 | 0 | 0 | 0 | -79 |
Distributions paid to non-controlling interests in subsidiary | -30 | 0 | 0 | 0 | 0 | -30 | -30 | 0 | 0 | 0 | -30 |
Acquisition of CVR | 984 | 0 | 135 | 0 | 135 | 849 | 984 | 0 | 135 | 135 | 849 |
Changes in subsidiary equity and other | -37 | 0 | 9 | 0 | 9 | -46 | -37 | 0 | 9 | 9 | -46 |
Equity at Dec. 31, 2012 | 9,816 | -244 | 4,913 | 0 | 4,669 | 5,147 | 9,838 | -293 | 4,984 | 4,691 | 5,147 |
Held in Treasury at Dec. 31, 2012 | 0 | ||||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||||
Net (loss) income | 2,444 | 20 | 1,005 | 0 | 1,025 | 1,419 | 2,444 | 10 | 1,015 | 1,025 | 1,419 |
Other comprehensive income | 177 | 3 | 130 | 0 | 133 | 44 | 177 | 2 | 131 | 133 | 44 |
Acquisition of ARL | -242 | -5 | -237 | 0 | -242 | 0 | -242 | -3 | -239 | -242 | |
Partnership contributions | 593 | 12 | 581 | 0 | 593 | 0 | 593 | 6 | 587 | 593 | 0 |
Partnership distributions | -51 | -1 | -50 | 0 | -51 | 0 | -51 | -1 | -50 | -51 | 0 |
Investment segment contributions | 46 | 0 | 0 | 0 | 0 | 46 | 46 | 0 | 0 | 0 | 46 |
Distributions paid to non-controlling interests in subsidiary | -379 | 0 | 0 | 0 | 0 | -379 | -379 | 0 | 0 | 0 | -379 |
Proceeds from subsidiary equity offerings | 1,056 | 2 | 88 | 0 | 90 | 966 | 1,056 | 1 | 89 | 90 | 966 |
Changes in subsidiary equity and other | -151 | -3 | -122 | 0 | -125 | -26 | -151 | -1 | -124 | -125 | -26 |
Equity at Dec. 31, 2013 | 13,309 | -216 | 6,308 | 0 | 6,092 | 7,217 | 13,331 | -279 | 6,393 | 6,114 | 7,217 |
Held in Treasury at Dec. 31, 2013 | 0 | ||||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||||
Net (loss) income | -529 | -7 | -366 | 0 | -373 | -156 | -528 | -4 | -368 | -372 | -156 |
Other comprehensive income | -488 | -8 | -358 | 0 | -366 | -122 | -488 | -3 | -363 | -366 | -122 |
Partnership distributions | -125 | -2 | -123 | 0 | -125 | 0 | -125 | -1 | -124 | -125 | 0 |
Investment segment contributions | 500 | 0 | 0 | 0 | 0 | 500 | 500 | 0 | 0 | 0 | 500 |
Distributions paid to non-controlling interests in subsidiary | -642 | 0 | 0 | 0 | 0 | -642 | -642 | 0 | 0 | 0 | -642 |
Proceeds from subsidiary equity offerings | 160 | 0 | 10 | 0 | 10 | 150 | 160 | 0 | 10 | 10 | 150 |
Changes in subsidiary equity and other | 205 | 4 | 201 | 0 | 205 | 0 | 205 | 2 | 203 | 205 | 0 |
Equity at Dec. 31, 2014 | $12,390 | ($229) | $5,672 | $0 | $5,443 | $6,947 | $12,413 | ($285) | $5,751 | $5,466 | $6,947 |
Held in Treasury at Dec. 31, 2014 | 0 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net (loss) income | ($529) | $2,444 | $762 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
Net gain from securities transactions | -614 | -3,754 | -1,488 |
Purchases of securities | -6,523 | -7,425 | -2,592 |
Proceeds from sales of securities | 5,079 | 4,664 | 7,167 |
Purchases to cover securities sold, not yet purchased | -980 | -46 | -5,160 |
Proceeds from securities sold, not yet purchased | 342 | 365 | 1,307 |
Changes in receivables and payables relating to securities transactions | 2,888 | 2,715 | 1,775 |
Loss on extinguishment of debt | 162 | 0 | 10 |
Depreciation and amortization | 809 | 742 | 635 |
Impairment | 135 | 16 | 129 |
Deferred taxes | -191 | -157 | -297 |
Other, net | -2 | 73 | 6 |
Changes in cash held at consolidated affiliated partnerships and restricted cash | -1,045 | 591 | -453 |
Accounts receivable, net | 103 | 26 | -193 |
Inventories, net | 82 | 39 | 32 |
Other assets | -136 | -154 | 1 |
Accounts payable | -21 | 31 | -151 |
Accrued expenses and other liabilities | 51 | 547 | 117 |
Net cash (used in) provided by operating activities | -390 | 717 | 1,607 |
Cash flows from investing activities: | |||
Capital expenditures | -1,411 | -1,161 | -936 |
Acquisition of ARL | 0 | -279 | 0 |
Acquisitions of businesses, net of cash acquired | -558 | -6 | -1,361 |
Proceeds from sale of investments | 0 | 38 | 202 |
Purchases of investments | -78 | -86 | -250 |
Other, net | 90 | 38 | 23 |
Net cash used in investing activities | -1,957 | -1,456 | -2,322 |
Cash flows from financing activities: | |||
Investment segment distributions | 0 | -185 | -17 |
Investment segment contributions | 500 | 46 | 0 |
Partnership contributions | 0 | 593 | 513 |
Partnership distributions | -125 | -51 | -41 |
Proceeds from offering of subsidiary equity | 188 | 1,308 | 0 |
Distributions to non-controlling interests in subsidiaries | -642 | -379 | -68 |
Proceeds from issuance of senior unsecured notes | 4,991 | 493 | 1,030 |
Repayments of senior unsecured notes | -3,625 | 0 | 0 |
Proceeds from other borrowings | 4,794 | 591 | 1,076 |
Repayments of borrowings | -4,031 | -1,526 | -996 |
Other, net | -43 | 17 | -17 |
Net cash provided by financing activities | 2,007 | 907 | 1,480 |
Effect of exchange rate changes on cash and cash equivalents | -10 | -14 | 15 |
Net (decrease) increase in cash and cash equivalents | -350 | 154 | 780 |
Cash and cash equivalents, beginning of period | 3,262 | 3,108 | 2,328 |
Cash and cash equivalents, end of period | 2,912 | 3,262 | 3,108 |
Supplemental information: | |||
Cash payments for interest, net of amounts capitalized | 607 | 482 | 501 |
Net cash payments for income taxes | 115 | 126 | 236 |
Distribution payable to Icahn Enterprises unitholders | 0 | 142 | 0 |
Non-cash investment segment contribution | 0 | 185 | 0 |
Acquisition of non-controlling interest in CVR | 0 | 0 | 135 |
Construction in progress additions included in liabilities | 33 | 36 | 62 |
Changes in accounts payable relating to construction in progress additions | -11 | -23 | 26 |
Icahn Enterprises Holdings [Member] | |||
Cash flows from operating activities: | |||
Net (loss) income | -528 | 2,444 | 763 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
Net gain from securities transactions | -614 | -3,754 | -1,488 |
Purchases of securities | -6,523 | -7,425 | -2,592 |
Proceeds from sales of securities | 5,079 | 4,664 | 7,167 |
Purchases to cover securities sold, not yet purchased | -980 | -46 | -5,160 |
Proceeds from securities sold, not yet purchased | 342 | 365 | 1,307 |
Changes in receivables and payables relating to securities transactions | 2,888 | 2,715 | 1,775 |
Loss on extinguishment of debt | 162 | 0 | 10 |
Depreciation and amortization | 808 | 742 | 634 |
Impairment | 135 | 16 | 129 |
Deferred taxes | -191 | -157 | -297 |
Other, net | -2 | 73 | 6 |
Changes in cash held at consolidated affiliated partnerships and restricted cash | -1,045 | 591 | -453 |
Accounts receivable, net | 103 | 26 | -193 |
Inventories, net | 82 | 39 | 32 |
Other assets | -136 | -154 | 1 |
Accounts payable | -21 | 31 | -151 |
Accrued expenses and other liabilities | 51 | 547 | 117 |
Net cash (used in) provided by operating activities | -390 | 717 | 1,607 |
Cash flows from investing activities: | |||
Capital expenditures | -1,411 | -1,161 | -936 |
Acquisition of ARL | 0 | -279 | 0 |
Acquisitions of businesses, net of cash acquired | -558 | -6 | -1,361 |
Proceeds from sale of investments | 0 | 38 | 202 |
Purchases of investments | -78 | -86 | -250 |
Other, net | 90 | 38 | 23 |
Net cash used in investing activities | -1,957 | -1,456 | -2,322 |
Cash flows from financing activities: | |||
Investment segment distributions | 0 | -185 | -17 |
Investment segment contributions | 500 | 46 | 0 |
Partnership contributions | 0 | 593 | 513 |
Partnership distributions | -125 | -51 | -41 |
Proceeds from offering of subsidiary equity | 188 | 1,308 | 0 |
Distributions to non-controlling interests in subsidiaries | -642 | -379 | -68 |
Proceeds from issuance of senior unsecured notes | 4,991 | 493 | 1,030 |
Repayments of senior unsecured notes | -3,625 | 0 | 0 |
Proceeds from other borrowings | 4,794 | 591 | 1,076 |
Repayments of borrowings | -4,031 | -1,526 | -996 |
Other, net | -43 | 17 | -17 |
Net cash provided by financing activities | 2,007 | 907 | 1,480 |
Effect of exchange rate changes on cash and cash equivalents | -10 | -14 | 15 |
Net (decrease) increase in cash and cash equivalents | -350 | 154 | 780 |
Cash and cash equivalents, beginning of period | 3,262 | 3,108 | 2,328 |
Cash and cash equivalents, end of period | 2,912 | 3,262 | 3,108 |
Supplemental information: | |||
Cash payments for interest, net of amounts capitalized | 607 | 482 | 501 |
Net cash payments for income taxes | 115 | 126 | 236 |
Distribution payable to Icahn Enterprises unitholders | 0 | 142 | 0 |
Non-cash investment segment contribution | 0 | 185 | 0 |
Acquisition of non-controlling interest in CVR | 0 | 0 | 135 |
Construction in progress additions included in liabilities | 33 | 36 | 62 |
Changes in accounts payable relating to construction in progress additions | ($11) | ($23) | $26 |
Description_of_Business_and_Ba
Description of Business and Basis of Presentation | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Basis of Presentation | Description of Business and Basis of Presentation. |
General | |
Icahn Enterprises L.P. (“Icahn Enterprises”) is a master limited partnership formed in Delaware on February 17, 1987. Icahn Enterprises Holdings L.P. (“Icahn Enterprises Holdings”) is a limited partnership formed in Delaware on February 17, 1987. References to "we," "our" or "us" herein include both Icahn Enterprises and Icahn Enterprises Holdings and their subsidiaries, unless the context otherwise requires. | |
Icahn Enterprises owns a 99% limited partner interest in Icahn Enterprises Holdings. Icahn Enterprises G.P. Inc. (“Icahn Enterprises GP”), which is owned and controlled by Mr. Carl C. Icahn, owns a 1% general partner interest in each of Icahn Enterprises and Icahn Enterprises Holdings. Icahn Enterprises Holdings and its subsidiaries own substantially all of our assets and liabilities and conduct substantially all of our operations. Therefore, the financial results of Icahn Enterprises and Icahn Enterprises Holdings are substantially the same, with differences relating primarily to debt, as discussed further in Note 10, "Debt," and 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 108,810,845, or approximately 88.4%, of Icahn Enterprises' outstanding depositary units as of December 31, 2014. | |
We are a diversified holding company owning subsidiaries currently engaged in the following continuing operating businesses: Investment, Automotive, Energy, Metals, Railcar, Gaming, Food Packaging, Real Estate and Home Fashion. We also report the results of our Holding Company, which includes the results of certain subsidiaries of Icahn Enterprises and Icahn Enterprises Holdings (unless otherwise noted), and investment activity and expenses associated with the Holding Company. Further information regarding our continuing reportable segments is contained in Note 3, “Operating Units,” and Note 13, “Segment and Geographic Reporting.” | |
We conduct and plan to continue to conduct our activities in such a manner as not to be deemed an investment company under the Investment Company Act of 1940, as amended (the “'40 Act”). Therefore, no more than 40% of our total assets can be invested in investment securities, as such term is defined in the '40 Act. In addition, we do not invest or intend to invest in securities as our primary business. We intend to structure our investments to continue to be taxed as a partnership rather than as a corporation under the applicable publicly traded partnership rules of the Internal Revenue Code, as amended (the “Code”). |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Summary of Significant Accounting Policies [Abstract] | ||||||||
Significant Accounting Policies [Text Block] | Summary of Significant Accounting Policies. | |||||||
As discussed in Note 1, “Description of Business and Basis of Presentation,” we operate in several diversified segments. The accounting policies related to the specific segments or industries are differentiated, as required, in the list of significant accounting policies set out below. | ||||||||
Principles of Consolidation | ||||||||
Our 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 those entities in which we have a controlling interest as a general partner interest. In evaluating whether we have a controlling financial interest in entities that we consolidate, we consider the following: (1) for voting interest entities, we consolidate these entities in which we own a majority of the voting interests; and (2) for limited partnership entities, we consolidate these entities if we are the general partner of such entities and for which no substantive kick-out rights (the rights underlying the limited partners' ability to dissolve the limited partnership or otherwise remove the general partners are collectively referred to as “kick-out” rights) or participating rights exist. All material intercompany accounts and transactions have been eliminated in consolidation. | ||||||||
Except for our Investment segment, for those investments in which we own 50% or less but greater than 20%, we account for such investments using the equity method, while investments in affiliates of 20% or less are accounted for under the cost method. | ||||||||
Reclassifications | ||||||||
Certain reclassifications from the prior year presentation have been made to conform to the current year presentation. | ||||||||
Use of Estimates in Preparation of Financial Statements | ||||||||
The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the period. The more significant estimates include: (1) the valuation allowances of accounts receivable and inventory; (2) the valuation of goodwill, indefinite-lived intangible assets and long-lived assets; (3) deferred tax assets; (4) environmental liabilities; (5) fair value of investments and derivatives; and (6) post-employment benefit liabilities. Actual results may differ from the estimates and assumptions used in preparing the consolidated financial statements. | ||||||||
Cash and Cash Equivalents | ||||||||
We consider short-term investments, which are highly liquid with original maturities of three months or less at date of purchase, to be cash equivalents. | ||||||||
Cash Held at Consolidated Affiliated Partnerships and Restricted Cash | ||||||||
Cash held at consolidated affiliated partnerships primarily consists of cash and cash equivalents held by our Investment Funds (as defined herein) that, although not legally restricted, is not available to fund the general liquidity needs of the Investment segment or Icahn Enterprises. Restricted cash primarily relates to cash pledged and held for margin requirements on derivative transactions. | ||||||||
Our consolidated restricted cash balance was approximately $1.3 billion and $330 million as of December 31, 2014 and 2013, respectively. | ||||||||
Investments and Related Transactions | ||||||||
Investment | ||||||||
Investment Transactions and Related Investment Income (Loss). Investment transactions of the Investment Funds are recorded on a trade date basis. Realized gains or losses on sales of investments are based on the first-in, first-out or the specific identification method. Realized and unrealized gains or losses on investments are recorded in the consolidated statements of operations. Interest income and expenses are recorded on an accrual basis and dividends are recorded on the ex-dividend date. Premiums and discounts on fixed income securities are amortized using the effective yield method. | ||||||||
Investments held by the Investment segment are accounted for as trading securities. Our Investment segment applies the fair value option to those investments that are otherwise subject to the equity method. | ||||||||
Valuation of Investments. Securities of the Investment Funds that are listed on a securities exchange are valued at their last sales price on the primary securities exchange on which such securities are traded on such date. Securities that are not listed on any exchange but are traded over-the-counter are valued at the mean between the last “bid” and “ask” price for such security on such date. Securities and other instruments for which market quotes are not readily available are valued at fair value as determined in good faith by the applicable General Partner. | ||||||||
Foreign Currency Transactions. The books and records of the Investment Funds are maintained in U.S. dollars. Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the rate of exchange in effect at the balance sheet date. Transactions during the period denominated in currencies other than U.S. dollars are translated at the rate of exchange applicable on the date of the transaction. Foreign currency translation gains and losses are recorded in the consolidated statements of operations. The Investment Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities. Such fluctuations are reflected in “Net gain (loss) from investment activities” in the consolidated statement of operations. | ||||||||
Fair Values of Financial Instruments. The fair values of the Investment Funds' assets and liabilities that qualify as financial instruments under applicable U.S. GAAP approximate the carrying amounts presented in the consolidated balance sheets. | ||||||||
Securities Sold, Not Yet Purchased. The Investment Funds may sell an investment they do not own in anticipation of a decline in the fair value of that investment. When the Investment Funds sell an investment short, they must borrow the investment sold short and deliver it to the broker-dealer through which they made the short sale. A gain, limited to the price at which the Investment Funds sold the investment short, or a loss, unlimited in amount, will be recognized upon the cover of the short sale. | ||||||||
Due From Brokers. Due from brokers represents cash balances with the Investment Funds' clearing brokers and is included in other assets in the consolidated balance sheets. These funds as well as fully-paid for and marginable securities are essentially restricted to the extent that they serve as collateral against securities sold, not yet purchased. Due from brokers may also include unrestricted balances with derivative counterparties. | ||||||||
Due To Brokers. Due to brokers represents margin debit balances collateralized by certain of the Investment Funds' investments in securities. | ||||||||
Other Segments and Holding Company | ||||||||
Investments in equity and debt securities are classified as either trading or available-for-sale based upon whether we intend to hold the investment for the foreseeable future. Trading securities are valued at quoted market value at each balance sheet date with the unrealized gains or losses reflected in the consolidated statements of operations. Available-for-sale securities are carried at fair value on our balance sheet. Unrealized holding gains and losses on available-for-sale securities are excluded from earnings and reported as a separate component of partners' equity and when sold are reclassified out of partners' equity to the consolidated statements of operations. For purposes of determining gains and losses, the cost of securities is based on specific identification. | ||||||||
A decline in the market value of any available-for-sale security below cost that is deemed to be other than temporary results in an impairment that is charged to earnings and the establishment of a new cost basis for the investment. Dividend income is recorded when declared and interest income is recognized when earned. | ||||||||
Fair Value of Financial Instruments | ||||||||
The carrying values of cash and cash equivalents, cash held at consolidated affiliated partnerships and restricted cash, accounts receivable, due from brokers, accounts payable, accrued expenses and other liabilities and due to brokers are deemed to be reasonable estimates of their fair values because of their short-term nature. | ||||||||
See Note 5, “Investments and Related Matters,” and Note 6, “Fair Value Measurements,” for a detailed discussion of our investments. | ||||||||
The fair value of our long-term debt is based on the quoted market prices for the same or similar issues or on the current rates offered to us for debt of the same remaining maturities. The carrying value and estimated fair value of our long-term debt as of December 31, 2014 was each approximately $11.6 billion. The carrying value and estimated fair value of our long-term debt as of December 31, 2013 was approximately $9.3 billion and $9.4 billion, respectively. | ||||||||
Fair Value Option for Financial Assets and Financial Liabilities | ||||||||
The fair value option gives entities the option to measure eligible financial assets, financial liabilities and firm commitments at fair value (i.e., the fair value option), on an instrument-by-instrument basis, that are otherwise not permitted to be accounted for at fair value pursuant to the provisions of the FASB ASC Topic 825, Financial Instruments. The election to use the fair value option is available when an entity first recognizes a financial asset or financial liability or upon entering into a firm commitment. Subsequent changes in fair value must be recorded in earnings. In estimating the fair value for financial instruments for which the fair value option has been elected, we use the valuation methodologies in accordance to where the financial instruments are classified within the fair value hierarchy as discussed in Note 6, “Fair Value Measurements.” For our Investment segment, we apply the fair value option to our investments that would otherwise be accounted under the equity method. | ||||||||
Derivatives | ||||||||
From time to time, our subsidiaries enter into derivative contracts, including purchased and written option contracts, swap contracts, futures contracts and forward contracts. U.S. GAAP requires recognition of all derivatives as either assets or liabilities in the balance sheet at their fair value. The accounting for changes in fair value depends on the intended use of the derivative and its resulting designation. For those derivative instruments that are designated and qualify as hedging instruments, a company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation. Gains and losses related to a hedge are either recognized in income immediately to offset the gain or loss on the hedged item or are deferred and reported as a component of accumulated other comprehensive loss and subsequently recognized in earnings when the hedged item affects earnings. The change in fair value of the ineffective portion of a financial instrument, determined using the hypothetical derivative method, is recognized in earnings immediately. The gain or loss related to financial instruments that are not designated as hedges are recognized immediately in earnings. Cash flows related to hedging activities are included in the operating section of the consolidated statements of cash flows. For further information regarding our derivative contracts, see Note 7, “Financial Instruments.” | ||||||||
Accounts Receivable, Net | ||||||||
An allowance for doubtful accounts is determined through analysis of the aging of accounts receivable at the date of the consolidated financial statements, assessments of collectability based on an evaluation of historic and anticipated trends, the financial condition of our customers, and an evaluation of the impact of economic conditions. Our allowance for doubtful accounts is an estimate based on specifically identified accounts as well as general reserves based on historical experience. | ||||||||
Inventories, Net | ||||||||
Inventories, net consists of the following: | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
(in millions) | ||||||||
Raw materials | $ | 450 | $ | 499 | ||||
Work in process | 244 | 252 | ||||||
Finished goods | 1,185 | 1,151 | ||||||
$ | 1,879 | $ | 1,902 | |||||
Automotive, Railcar, Food Packaging, and Home Fashion Segment Inventories. Our Automotive, Railcar, Food Packaging and Home Fashion segment inventories are stated at the lower of cost or market. Cost is determined by using the first-in, first-out basis method ("FIFO"). The cost of manufactured goods includes the cost of materials, direct labor and manufacturing overhead. Our Automotive, Railcar, Food Packaging and Home Fashion segments reserve for estimated excess, slow-moving and obsolete inventory as well as inventory whose carrying value is in excess of net realizable value. | ||||||||
Energy Inventories. Our Energy segment inventories consist primarily of domestic and foreign crude oil, blending stock and components, work in progress, fertilizer products, and refined fuels and by-products. Inventories are valued at the lower of FIFO cost, or market for fertilizer products, refined fuels and by-products for all periods presented. Refinery unfinished and finished products inventory values were determined using the ability-to-bear process, whereby raw materials and production costs are allocated to work-in-process and finished goods based on their relative fair values. Other inventories, including other raw materials, spare parts and supplies, are valued at the lower of moving-average cost, which approximates FIFO, or market. The cost of inventories includes inbound freight costs. | ||||||||
Due to the current crude environment and subsequent reduction in sales price for our Energy segment's petroleum business' refined products, our Energy segment recorded a lower of FIFO cost or market inventory adjustment of $37 million for the year ended December 31, 2014. | ||||||||
Metals Inventories. Inventories at our Metals segment are stated at the lower of cost or market. Cost is determined using the average cost method. The production and accounting process utilized by the Metals segment to record recycled metals inventory quantities relies on significant estimates. Our Metals segment relies upon perpetual inventory records that utilize estimated recoveries and yields that are based upon historical trends and periodic tests for certain unprocessed metal commodities. Over time, these estimates are reasonably good indicators of what is ultimately produced; however, actual recoveries and yields can vary depending on product quality, moisture content and source of the unprocessed metal. To assist in validating the reasonableness of the estimates, our Metals segment performs periodic physical inventories which involve the use of estimation techniques. Physical inventories may detect significant variations in volume, but because of variations in product density and production processes utilized to manufacture the product, physical inventories will not generally detect smaller variations. To help mitigate this risk, our Metals segment adjusts its physical inventories when the volume of a commodity is low and a physical inventory can more accurately estimate the remaining volume. | ||||||||
Property, Plant and Equipment, Net | ||||||||
Buildings and improvements, and machinery, equipment and furniture are stated at cost less accumulated depreciation unless declines in the values of the fixed assets are considered other than temporary, at which time the property is written down to net realizable value. Depreciation is principally computed using the straight-line method over the estimated useful lives of the particular property or equipment, as follows: buildings and improvements, four to 40 years; furniture, fixtures and equipment, one to 40 years. Leasehold improvements are amortized over the life of the lease or the life of the improvement, whichever is shorter. | ||||||||
Maintenance and repairs are charged to expense as incurred. The cost of additions and improvements is capitalized and depreciated over the remaining useful lives of the assets. Railcars leased to others are stated at cost less accumulated depreciation unless declines in the values of the leased railcars are considered other than temporary, at which time they are written down to net realizable value. Railcars leased to others that were transferred from entities under common control are stated at net book value. Railcars are depreciated on a straight-line basis over 25 to 30 years from the original date placed in service. | ||||||||
Real estate properties held for use or investment purposes, other than those accounted for under the financing method, are carried at cost less accumulated depreciation. Where declines in the values of the properties are determined to be other than temporary, the cost basis of the property is written down to net realizable value. A property is classified as held for sale at the time management determines that certain criteria have been met. Properties held for sale are carried at the lower of cost or net realizable value and are no longer depreciated. | ||||||||
Land and construction in progress are stated at the lower of cost or net realizable value. Interest is capitalized on expenditures for long-term projects until a salable or ready-for-use condition is reached. The interest capitalization rate is based on the interest rate on specific borrowings to fund the projects. | ||||||||
Planned Major Maintenance Costs - Energy | ||||||||
The direct-expense method of accounting is used for planned major maintenance activities. Maintenance costs are recognized as expense when maintenance services are performed. Planned major maintenance activities for CVR's nitrogen plant generally occur every two to three years. The required frequency of the maintenance varies by unit for the refineries, but generally is every four to five years. | ||||||||
During an outage at CVR's Coffeyville refinery in 2014, our Energy segment accelerated certain planned turnaround activities scheduled for 2015 and incurred $6 million in turnaround expenses for the year ended December 31, 2014. CVR's Coffeyville refinery completed the second phase of a two-phase turnaround project during the first quarter of 2012. The first phase was completed during the fourth quarter of 2011. During the fluid catalytic cracking unit ("FCCU") outage at the Wynnewood refinery, our Energy segment accelerated certain planned turnaround activities previously scheduled for 2016 and incurred $1 million in turnaround expenses for the year ended December 31, 2014. The Wynnewood refinery completed a turnaround maintenance in the fourth quarter of 2012, incurring $102 million of expenses for the period May 5, 2012 through December 31, 2012. During the fourth quarter of 2012, CVR's nitrogen fertilizer facilities completed a previously scheduled major turnaround, incurring $5 million of expenses for the period May 5, 2012 through December 31, 2012. | ||||||||
Goodwill and Intangible Assets, Net | ||||||||
Goodwill and indefinite lived intangible assets primarily include trademarks and trade names acquired in acquisitions. For a complete discussion of the impairment of goodwill and indefinite intangible-lived assets related to our various segments, see Note 3, “Operating Units,” and Note 8, “Goodwill and Intangible Assets, Net.” | ||||||||
Impairment of Goodwill | ||||||||
We evaluate the carrying value of goodwill annually and between annual evaluations if events occur or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying amount. Such circumstances could include, but are not limited to: (1) a significant adverse change in legal factors or in business climate, (2) unanticipated competition, or (3) an adverse action or assessment by a regulator. Goodwill impairment testing involves a two-step process. Step 1 compares the fair value of our reporting units to their carrying values. If the fair value of the reporting unit exceeds its carrying value, no further analysis is necessary. The reporting unit fair value is based upon consideration of various valuation methodologies, including guideline transaction multiples, multiples of current earnings, and projected future cash flows discounted at rates commensurate with the risk involved. If the carrying amount of the reporting unit exceeds its fair value, Step 2 must be completed to quantify the amount of impairment. Step 2 calculates the implied fair value of goodwill by deducting the fair value of all tangible and intangible assets, excluding goodwill, of the reporting unit, from the fair value of the reporting unit as determined in Step 1. The implied fair value of goodwill determined in this step is compared to the carrying value of goodwill. If the implied fair value of goodwill is less than the carrying value of goodwill, an impairment loss, equal to the difference, is recognized. | ||||||||
Impairment of Intangible Assets | ||||||||
We evaluate the recoverability of identifiable indefinite lived intangible assets annually or more frequently if impairment indicators exist. The impairment analysis compares the estimated fair value of these assets to the related carrying value, and impairment charge is recorded for any excess of carrying value over estimated fair value. The estimated fair value is based on consideration of various valuation methodologies, including guideline transaction multiples, multiples of earnings, and projected future cash flows discounted at rates commensurate with risk involved. | ||||||||
Impairment of Long-Lived Assets | ||||||||
We evaluate the realizability of our long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Inherent in the reviews of the carrying amounts of the above assets are various estimates, including the expected usage of the asset. Assets must be tested at the lowest level for which identifiable cash flows exist. Future cash flow estimates are, by their nature, subjective and actual results may differ materially from our estimates. If our ongoing estimates of future cash flows are not met, we may have to record impairment charges in future accounting periods to write the asset down to fair value. Our estimates of cash flows are based on the current regulatory, social and economic climates, recent operating information and budgets of the operating properties. | ||||||||
Asset Retirement Obligations | ||||||||
We record conditional asset retirement obligations (“ARO”) in accordance with applicable U.S. GAAP. As defined in applicable U.S. GAAP, ARO refers to a legal obligation to perform an asset retirement activity in which the timing and/or method of settlement are conditional on a future event. An entity is required to recognize a liability for the estimated fair value of an ARO when incurred if the fair value can be reasonably estimated. Our Automotive segment's primary asset retirement activities relate to the removal of hazardous building materials at its facilities. Our Automotive segment records the ARO liability when the amount can be reasonably estimated, typically upon the expectation that a facility may be closed or sold. | ||||||||
Pension and Other Post-Employment Benefit Obligations | ||||||||
Pension and other post-employment benefit costs are dependent upon assumptions used in calculating such costs. These assumptions include discount rates, health care cost trends, expected returns on plan assets and other factors. In accordance with U.S. GAAP, actual results that differ from the assumptions used are accumulated and amortized over future periods and, accordingly, generally affect recognized expense and the recorded obligation in future periods. | ||||||||
Allocation of Net Profits and Losses in Consolidated Affiliated Partnerships | ||||||||
Investment | ||||||||
Net investment income and net realized and unrealized gains and losses on investments of the Investment Funds are allocated to the respective partners of the Investment Funds based on their percentage ownership in such Investment Funds on a monthly basis. Except for our limited partner interest, such allocations made to the limited partners of the Investment Funds are represented as non-controlling interests in our consolidated statements of operations. | ||||||||
Income Per LP Unit | ||||||||
For Icahn Enterprises, basic income (loss) per LP unit is based on net income or loss attributable to Icahn Enterprises allocable to limited partners. Net income or loss allocable to limited partners is divided by the weighted-average number of LP units outstanding. Diluted income (loss) per LP unit is based on basic income (loss) adjusted for interest charges applicable to the variable rate notes as well as the weighted-average number of units and equivalent units outstanding. | ||||||||
For accounting purposes, earnings prior to dates of acquisitions or investments in joint ventures of entities under common control are excluded from the computation of basic and diluted income per LP unit as such earnings are allocated to our general partner or non-controlling interests. Accordingly, earnings from ARL prior to our investment on October 2, 2013 have been allocated to Mr. Icahn and his affiliates non-controlling interests, and therefore are excluded from the computation of basic and diluted income (loss) per LP unit. In addition, on August 24, 2012, Mr. Icahn and his affiliates contributed his interest of IEP Energy to us in exchange for our depositary units. Net income allocable to the general partner for the period May 5, 2012 through August 23, 2012, the period in which Mr. Icahn and his affiliates' ownership in IEP Energy, other than Icahn Enterprises' ownership, were considered under common control and thus, were excluded from computation of basic and diluted income per LP unit. See Note 4, "Related Party Transactions-Energy," for further discussion regarding this transaction. | ||||||||
Acquisition, Investments and Disposition of Entities under Common Control | ||||||||
Acquisitions or investments of entities under common control are reflected in a manner similar to pooling of interests. The general partner's capital account or non-controlling interests, as applicable, are charged or credited for the difference between the consideration we pay for the entity and the related entity's basis prior to our acquisition or investment. Net gains or losses of an acquired entity prior to its acquisition or investment date are allocated to the general partner's capital account or non-controlling interests, as applicable. In allocating gains and losses upon the sale of a previously acquired common control entity, we allocate a gain or loss for financial reporting purposes by first restoring the general partner's capital account or non-controlling interests, as applicable, for the cumulative charges or credits relating to prior periods recorded at the time of our acquisition or investment and then allocating the remaining gain or loss ("Common Control Gains or Losses") among our general partner, limited partners and non-controlling interests, as applicable, in accordance with their respective ownership percentages. In the case of acquisitions of entities under common control, such Common Control Gains or Losses are allocated in accordance with their respective partnership percentages under the Amended and Restated Agreement of Limited Partnership dated as of May 12, 1987, as amended from time to time (together with the partnership agreement of Icahn Enterprises Holdings, the “Partnership Agreement”) (i.e., 98.01% to the limited partners and 1.99% to the general partner). | ||||||||
General Partnership Interest of Icahn Enterprises and Icahn Enterprises Holdings | ||||||||
The general partner's capital account generally consists of its cumulative share of our net income less cash distributions plus capital contributions. Additionally, in acquisitions of common control companies accounted for at historical cost similar to a pooling of interests, the general partner's capital account would be charged (or credited) in a manner similar to a distribution (or contribution) for the excess (or deficit) of the fair value of consideration paid over historical basis in the business acquired. | ||||||||
Capital Accounts, as defined under the Partnership Agreement, are maintained for our general partner and our limited partners. The capital account provisions of our Partnership Agreement incorporate principles established for U.S. federal income tax purposes and are not comparable to the equity accounts reflected under U.S. GAAP in our consolidated financial statements. Under our Partnership Agreement, the general partner is required to make additional capital contributions to us upon the issuance of any additional depositary units in order to maintain a capital account balance equal to 1.99% of the total capital accounts of all partners. | ||||||||
Generally, net earnings for U.S. federal income tax purposes are allocated 1.99% and 98.01% between the general partner and the limited partners, respectively, in the same proportion as aggregate cash distributions made to the general partner and the limited partners during the period. This is generally consistent with the manner of allocating net income under our Partnership Agreement; however, it is not comparable to the allocation of net income reflected in our consolidated financial statements. | ||||||||
Pursuant to the Partnership Agreement, in the event of our dissolution, after satisfying our liabilities, our remaining assets would be divided among our limited partners and the general partner in accordance with their respective percentage interests under the Partnership Agreement (i.e., 98.01% to the limited partners and 1.99% to the general partner). If a deficit balance still remains in the general partner's capital account after all allocations are made between the partners, the general partner would not be required to make whole any such deficit. | ||||||||
Income Taxes | ||||||||
Except as described below, no provision has been made for federal, state, local or foreign income taxes on the results of operations generated by partnership activities, as such taxes are the responsibility of the partners. Provision has been made for federal, state, local or foreign income taxes on the results of operations generated by our corporate subsidiaries and these are reflected within continuing and discontinued operations. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | ||||||||
Deferred tax assets are limited to amounts considered to be realizable in future periods. A valuation allowance is recorded against deferred tax assets if management does not believe that we have met the “more likely than not” standard to allow recognition of such an asset. | ||||||||
U.S. GAAP provides that the tax effects from an uncertain tax position can be recognized in the financial statements only if the position is “more-likely-than-not” to be sustained if the position were to be challenged by a taxing authority. The assessment of the tax position is based solely on the technical merits of the position, without regard to the likelihood that the tax position may be challenged. If an uncertain tax position meets the “more-likely-than-not” threshold, the largest amount of tax benefit that is greater than 50 percent likely to be recognized upon ultimate settlement with the taxing authority is recorded. See Note 14, “Income Taxes,” for additional information. | ||||||||
Revenue and Expense Recognition | ||||||||
Automotive | ||||||||
Revenue Recognition: Federal-Mogul records sales when products are shipped and the risks and rewards of ownership have transferred to the customer, the sales price is fixed and determinable, and the collectability of revenue is reasonably assured. Accruals for sales returns and other allowances are provided at point of sale based upon past experience. Adjustments to such returns and allowances are made as new information becomes available. | ||||||||
Rebates: Federal-Mogul accrues for rebates pursuant to specific arrangements with certain of its customers, primarily in the aftermarket. Rebates generally provide for price reductions based upon the achievement of specified purchase volumes and are recorded as a reduction of sales as earned by such customers. | ||||||||
Sales and Sales Related Taxes: Federal-Mogul collects and remits taxes assessed by various governmental authorities that are both imposed on and concurrent with revenue-producing transactions with its customers. These taxes may include, but are not limited to, sales, use, value-added, and some excise taxes. The collection of these taxes is reported on a net basis (excluded from revenues). | ||||||||
Shipping and Handling Costs: Federal-Mogul recognizes shipping and handling costs as incurred as a component of cost of products sold in the consolidated statements of operations. | ||||||||
Engineering and Tooling Costs: Pre-production tooling and engineering costs that Federal-Mogul will not own and that will be used in producing products under long-term supply arrangements are expensed as incurred unless the supply arrangement provides it with the noncancelable right to use the tools, or the reimbursement of such costs is agreed to by the customer. Pre-production tooling costs that are owned by Federal-Mogul are capitalized as part of machinery and equipment, and are depreciated over the shorter of the tool’s expected life or the duration of the related program. | ||||||||
Research and Development: Federal-Mogul expenses research and development (“R&D”) costs as incurred. R&D expense, including product engineering and validation costs, was $192 million, $177 million and $179 million for 2014, 2013 and 2012, respectively. | ||||||||
Restructuring: Federal-Mogul's restructuring costs are comprised of two types: employee costs (contractual termination benefits) and facility closure costs. Termination benefits are accounted for in accordance with FASB ASC Topic 712, Compensation - Nonretirement Postemployment Benefits (“FASB ASC 712”), and are recorded when it is probable that employees will be entitled to benefits and the amounts can be reasonably estimated. Estimates of termination benefits are based on the frequency of past termination benefits, the similarity of benefits under the current plan and prior plans, and the existence of statutory required minimum benefits. Termination benefits are also accounted for in accordance with FASB ASC Topic 420, Exit or Disposal Cost Obligations (“FASB ASC 420”), for one-time termination benefits and are recorded dependent upon future service requirements. Facility closure and other costs are accounted for in accordance with FASB ASC 420 and are recorded when the liability is incurred. | ||||||||
Energy | ||||||||
Revenue recognition: For our Energy segment, revenues for products sold are recorded upon delivery of the products to customers, which is the point at which title is transferred, the customer has the assumed risk of loss, and when payment has been received or collection is reasonably assumed. Deferred revenue represents customer prepayments under contracts to guarantee a price and supply of nitrogen fertilizer in quantities expected to be delivered in the next 12 months in the normal course of business. Excise and other taxes collected from customers and remitted to governmental authorities are not included in reported revenues. | ||||||||
Non-monetary product exchanges and certain buy/sell crude oil transactions which are entered into in the normal course of business are included on a net cost basis in cost of goods sold in the consolidated statement of operations. | ||||||||
Our Energy segment also engages in trading activities, whereby it enters into agreements to purchase and sell refined products with third parties. Our Energy segment acts as a principal in these transactions, taking title to the products in purchases from counterparties, and accepting the risks and rewards of ownership. Our Energy segment records revenue for the gross amount of the sales transactions, and records cost of goods sold in our consolidated financial statements. | ||||||||
Shipping Costs: For our Energy segment, pass-through finished goods delivery costs reimbursed by customers are reported in net sales, while an offsetting expense is included in cost of goods sold. | ||||||||
Gaming | ||||||||
Revenue Recognition and Promotional Allowances: Casino revenue represents the difference between wins and losses from gaming activities. Room, food and beverage and other operating revenues are recognized at the time the goods or services are provided. Tropicana collects taxes from customers at the point of sale on transactions subject to sales and other taxes. Revenues are recorded net of any taxes collected. The majority of our casino revenue is counted in the form of cash and chips and, therefore, is not subject to any significant or complex estimation. The retail value of rooms, food and beverage and other services provided to customers on a complimentary basis is included in gross revenues and then deducted as promotional allowances. | ||||||||
Railcar | ||||||||
Revenue recognition: Revenues from manufactured railcar sales are recognized following completion of manufacturing, inspection, customer acceptance and title transfer, which is when the risk for any damage or loss with respect to the railcars passes to the customer. Amounts billed prior to meeting revenue recognition criteria are accounted for as deferred revenue which is included in accrued expenses and other liabilities in our consolidated balance sheets. Revenues from railcar leasing are recognized on a straight-line basis per terms of the lease. If railcars are sold under a lease that is less than one year old, the proceeds from the railcars sold that were on lease will be shown on a gross basis in revenues and cost of revenues at the time of sale. Sales of leased railcars that have been on lease for more than one year are recognized as a net gain or loss from the disposal of the long-term asset as a component of earnings from operations. Revenues from railcar and industrial components are recorded at the time of product shipment, in accordance with our Railcar segment's contractual terms. Revenues from railcar maintenance services are recognized upon completion. Our Railcar segment does not currently bundle railcar service contracts with new railcar sales. Revenues from engineering and field services are recognized as performed. | ||||||||
Our Railcar segment records amounts billed to customers for shipping and handling as part of net sales and other revenues from operations in our consolidated statements of operations and records related costs in cost of goods sold and other expenses from operations. | ||||||||
Our Railcar segment presents any sales tax assessed by a governmental authority that is directly imposed on a revenue-producing transaction between a seller and a customer on a net basis. | ||||||||
Food Packaging | ||||||||
Revenue Recognition: Revenues are recognized at the time products are shipped to the customer, under F.O.B. shipping point or F.O.B. port terms, which is the point at which title is transferred, the customer has the assumed risk of loss, and payment has been received or collection is reasonably assumed. Revenues are net of discounts, rebates and allowances. Viskase records all labor, raw materials, in-bound freight, plant receiving and purchasing, warehousing, handling and distribution costs as a component of costs of goods sold. | ||||||||
Metals | ||||||||
Revenue Recognition: PSC Metals' primary source of revenue is from the sale of processed ferrous scrap metal, non-ferrous scrap metals, steel pipe and steel plate. PSC Metals also generates revenues from sales of secondary plate and pipe, the brokering of scrap metals and from services performed. All sales are recognized when title passes to the customer. Revenues from services are recognized as the service is performed. Sales adjustments related to price and weight differences are reflected as a reduction of revenues when settled. | ||||||||
Home Fashion | ||||||||
Revenue Recognition: WPH records revenue when the following criteria are met: persuasive evidence of an arrangement exists, delivery has occurred, the price to the customer is fixed and determinable and collectability is reasonably assured. Unless otherwise agreed in writing, title and risk of loss pass from WPH to the customer when WPH delivers the merchandise to the designated point of delivery, to the designated point of destination or to the designated carrier, free on board. Provisions for certain rebates, sales incentives, product returns and discounts to customers are recorded in the same period the related revenue is recorded. | ||||||||
Sales Incentives: Customer incentives are provided to major WPH customers. These incentives begin to accrue when a commitment has been made to the customer and are recorded as a reduction to sales. | ||||||||
Real Estate | ||||||||
Revenue Recognition: Revenue from real estate sales and related costs are recognized at the time of closing primarily by specific identification. Substantially all of the property comprising our net lease portfolio is leased to others under long-term net leases and we account for these leases in accordance with applicable U.S. GAAP. We account for our leases as follows: (i) under the financing method, (x) minimum lease payments to be received plus the estimated value of the property at the end of the lease are considered the gross investment in the lease and (y) unearned income, representing the difference between gross investment and actual cost of the leased property, is amortized to income over the lease term so as to produce a constant periodic rate of return on the net investment in the lease; and (ii) under the operating method, revenue is recognized as rentals become due, and expenses (including depreciation) are charged to operations as incurred. | ||||||||
Environmental Liabilities | ||||||||
We recognize environmental liabilities when a loss is probable and reasonably estimable. Such accruals are estimated based on currently available information, existing technology and enacted laws and regulations. Such estimates are based primarily upon the estimated cost of investigation and remediation required and the likelihood that other potentially responsible parties will be able to fulfill their commitments at the sites where we may be jointly and severally liable with such parties. We regularly evaluate and revise estimates for environmental obligations based on expenditures against established reserves and the availability of additional information. | ||||||||
Foreign Currency Translation | ||||||||
Exchange adjustments related to international currency transactions and translation adjustments for international subsidiaries whose functional currency is the U.S. dollar (principally those located in highly inflationary economies) are reflected in the consolidated statements of operations. Translation adjustments of international subsidiaries for which the local currency is the functional currency are reflected in the consolidated balance sheets as a component of accumulated other comprehensive income. Deferred taxes are not provided on translation adjustments as the earnings of the subsidiaries are considered to be permanently reinvested. | ||||||||
Adoption of New Accounting Standards | ||||||||
In February 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2013-04, which amends FASB ASC Topic 405, Liabilities. This ASU requires the measurement of obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date as the sum of (1) the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and (2) any additional amount the reporting entity expects to pay on behalf of its co-obligors. This guidance also requires the disclosure of the nature and amount of the obligation as well as other information about those obligations. The guidance is effective for interim and annual periods beginning after December 15, 2013. The adoption of this guidance during the first quarter of 2014 did not have a material impact on our consolidated financial position, results of operations or cash flows. | ||||||||
In March 2013, the FASB issued ASU No. 2013-05, which amends FASB ASC Topic 830, Foreign Currency Matters. This ASU resolves the accounting for certain foreign currency matters with respect to the release of cumulative translation adjustment into net income within a foreign entity under certain circumstances. This ASU is effective prospectively for fiscal years (and interim reporting periods within those years) beginning after December 15, 2013. This ASU should be applied prospectively to derecognition events occurring after the effective date. The adoption of this guidance during the first quarter of 2014 did not have a material impact on our consolidated financial position, results of operations or cash flows. | ||||||||
In July 2013, the FASB issued ASU No. 2013-11, which amends FASB ASC Topic 740, Income Taxes. This ASU requires that unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operation loss carryforward, a similar tax loss, or a tax credit carryforward, except in certain cases. This ASU is effective for fiscal years (and interim reporting periods within those years) beginning after December 15, 2013. The adoption of this guidance during the first quarter of 2014 did not have a material impact on our consolidated financial position, results of operations or cash flows. | ||||||||
Recently Issued Accounting Standards | ||||||||
In April 2014, the FASB issued ASU No. 2014-08, which amends FASB ASC Topic 205, Presentation of Financial Statements and FASB ASC Topic 360, Property, Plant, and Equipment. This ASU is effective on a prospective basis applicable to activities that occur within annual periods beginning on or after December 15, 2014, and interim periods within those years, and changes the requirements for reporting discontinued operations. Early adoption is permitted, but only for disposals that have not been reported in financial statements previously issued or available for issuance. We believe that ASU No. 2014-08 will reduce the number of dispositions that would qualify for discontinued operations at our parent company level, thereby reducing the complexity associated with the reporting and disclosure requirements of discontinued operations that would have been otherwise required previously. | ||||||||
In May 2014, the FASB issued ASU No. 2014-09, creating a new topic, FASB ASC Topic 606, Revenue from Contracts with Customers, superseding revenue recognition requirements in FASB ASC Topic 605, Revenue Recognition. This ASU requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. In addition, an entity is required to disclose sufficient information to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. This ASU is effective for fiscal years, and interim reporting periods within those years, beginning after December 15, 2016, using one of two retrospective application methods. Early adoption is not permitted. We are currently evaluating the impact that the adoption of this guidance will have on our consolidated financial position, results of operations, comprehensive income, cash flows and disclosures. | ||||||||
In June 2014, the FASB issued ASU No. 2014-12, which amends FASB Topic 718, Compensation-Stock Compensation. This ASU requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. A reporting entity should apply existing guidance in FASB ASC Topic 718 as it relates to awards with performance conditions that affect vesting to account for such awards. As such, the performance target should not be reflected in estimating the grant-date fair value of the award. This ASU is effective for fiscal years, and interim reporting periods within those years, beginning after December 15, 2015. We are currently evaluating the impact that the adoption of this guidance will have on our financial position, results of operations, comprehensive income, cash flows and disclosures. | ||||||||
In November 2014, the FASB issued ASU No. 2014-17, which amends FASB Topic 805, Business Combinations. This ASU provides an acquired entity with an option to apply pushdown accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity. The ASU became effective on November 18, 2014. The adoption of this guidance did not have any effect on our financial position, results of operations, comprehensive income, cash flows and disclosures. | ||||||||
In January 2015, the FASB issued ASU No. 2015-01, which amends FASB ASU Topic 220-20, Income Statement - Extraordinary and Unusual Items. This ASU eliminates from GAAP the concept of extraordinary items. Although the ASU will eliminate the requirements in Subtopic 225-20 for reporting entities to consider whether an underlying event or transaction is extraordinary, the presentation and disclosure guidance for items that are unusual in nature or occur infrequently will be retained and will be expanded to include items that are both unusual in nature and infrequently occurring. This ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. A reporting entity may apply the amendments prospectively. A reporting entity also may apply the amendments retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. We currently anticipate that the adoption of this guidance will have no impact on our financial position, results of operations, comprehensive income, cash flows and disclosures. | ||||||||
In February 2015, the FASB issued ASU No. 2015-02, which amends FASB ASU Topic 810, Consolidations. This ASU amends the current consolidation guidance, including introducing a separate consolidation analysis specific to limited partnerships and other similar entities. This ASU requires that limited partnerships and similar legal entities provide partners with either substantive substantive kick-out rights or substantive participating rights over the general partner in order to be considered a voting interest entity. The specialized consolidation model and guidance for limited partnerships and similar legal entities have been eliminated. There is no longer a presumption that a general partner should consolidate a limited partnership. For limited partnerships and similar legal entities that qualify as voting interest entities, a limited partner with a controlling financial interest should consolidate a limited partnership. A controlling financial interest may be achieved through holding a limited partner interest that provides substantive kick-out rights. The standard is effective for annual periods beginning after December 15, 2015. We are currently evaluating the standard and the impact on our consolidated financial statements and footnote disclosures. | ||||||||
Filing Status of Subsidiaries | ||||||||
Federal-Mogul Corporation (“Federal-Mogul”), CVR Energy, Inc. ("CVR"), American Railcar Industries, Inc. (“ARI”) and Tropicana Entertainment Inc. (“Tropicana”) are each a public reporting entity under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and file annual, quarterly and current reports and proxy and information statements with the Securities and Exchange Commission ("SEC"). Each of these reports is publicly available at www.sec.gov. |
Operating_Units
Operating Units | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Operating Units [Abstract] | |||||
Operating Units | Operating Units. | ||||
Investment | |||||
Our Investment segment is comprised of various private investment funds, including Icahn Partners L.P. ("Icahn Partners"), Icahn Partners Master Fund LP, Icahn Partners Master Fund II LP and Icahn Partners Master Fund III LP (collectively, the "Master Funds," and together with Icahn Partners, the "Investment Funds"), through which we invest our proprietary capital. We and certain of Mr. Icahn's wholly owned affiliates are the sole investors in the Investment Funds. Icahn Onshore LP and Icahn Offshore LP (together, the "General Partners") act as the general partner of Icahn Partners and the Master Funds, respectively. The General Partners provide investment advisory and certain administrative and back office services to the Investment Funds but do not provide such services to any other entities, individuals or accounts. Interests in the Investment Funds are not offered to outside investors. | |||||
Effective January 1, 2014, Icahn Partners Master Fund II LP and Icahn Partners Master Fund III LP were merged with and into Icahn Partners. As a result, the Investment Funds now consist solely of Icahn Partners LP and Icahn Partners Master Fund LP. Other than this merger, no other organizational or policy changes were made within our Investment segment. | |||||
The fair value of our interest in the Investment Funds was approximately $4.3 billion and $3.7 billion as of December 31, 2014 and 2013, respectively. | |||||
Automotive | |||||
We conduct our Automotive segment through our majority ownership in Federal-Mogul. Federal-Mogul is a leading global supplier of a broad range of components, accessories and systems to the automotive, small engine, heavy-duty, marine, railroad, agricultural, off-road, aerospace and energy, industrial and transport markets, including customers in both the original equipment manufacturers and servicers (“OE”) market and the replacement market (“aftermarket”). Federal-Mogul’s customers include the world’s largest automotive OEs and major distributors and retailers in the independent aftermarket. | |||||
Federal-Mogul operates with two end-customer focused business segments. The Powertrain business unit focuses on original equipment products for automotive, heavy duty and industrial applications. The Motorparts business unit sells and distributes a broad portfolio of products in the global aftermarket, while also serving original equipment manufacturers with products including braking, chassis, wipers and other vehicle components. This organizational model allows for a strong product line focus benefitting both original equipment and aftermarket customers and enables the global Federal-Mogul teams to be responsive to customers’ needs for superior products and to promote greater identification with Federal-Mogul premium brands. Additionally, this organizational model enhances management focus to capitalize on opportunities for organic or acquisition growth, profit improvement, resource utilization and business model optimization in line with the unique requirements of the two different customer bases. | |||||
Reorganization | |||||
On April 15, 2014, Federal-Mogul Corporation completed a holding company reorganization (the “Federal-Mogul Reorganization”). As a result of the Federal-Mogul Reorganization, the outstanding shares of Federal-Mogul Corporation common stock were automatically converted on a one-for-one basis into shares of Federal-Mogul Holdings Corporation common stock, and all of the stockholders of Federal-Mogul Corporation immediately prior to the Federal-Mogul Reorganization automatically became stockholders of Federal-Mogul Holdings Corporation. The rights of stockholders of Federal-Mogul Holdings Corporation are generally governed by Delaware law and Federal-Mogul Holdings Corporation’s certificate of incorporation and bylaws, which are the same in all material respects as those of Federal-Mogul Corporation immediately prior to the Federal-Mogul Reorganization. References herein to Federal-Mogul refer to Federal-Mogul Corporation for the period prior to the effective time of the Federal-Mogul Reorganization on April 15, 2014 and to Federal-Mogul Holdings Corporation for the period after the effective time of the Federal-Mogul Reorganization. | |||||
On September 3, 2014, Federal-Mogul announced its plan to separate its Powertrain and Motorparts businesses into two independent, publicly-traded companies serving the global original equipment and aftermarket industries. The planned separation will be implemented through a tax-free distribution of Federal-Mogul’s Motorparts business to shareholders of Federal-Mogul Holdings Corporation. Completion of the transaction is subject to customary conditions, including among others, Federal-Mogul’s receipt of an IRS ruling or opinion of counsel to the effect that the distribution will qualify as a transaction that is generally tax-free for U.S. Federal Income tax purposes; as well as effectiveness of a Form 10 Registration Statement to be filed with the SEC. | |||||
On February 24, 2015, Federal-Mogul announced that it would defer the previously announced spin-off of its Motorparts business to allow for the integration of its recently completed brake component, chassis and valvetrain acquisitions and to recognize the benefits of the strategic initiatives in the Motorparts business. As a result of the deferral and the recent closing of the acquisition of TRW 's (as defined below) valvetrain business, Federal-Mogul will commence a common stock rights offering to strengthen its balance sheet. Federal-Mogul’s board of directors intends to revisit the timing of the spin-off prior to year-end. Meanwhile Federal-Mogul will continue to operate as two separate, independent businesses. No assurances can be given regarding the ultimate timing of the separation or that it will be consummated. See Note 18, "Subsequent Events - Automotive," for further discussion regarding the common stock rights offering. | |||||
Acquisitions | |||||
On May 1, 2014, Federal-Mogul completed the Affinia Group Inc. ("Affinia") chassis business acquisition (the "Affinia Acquisition"). This business serves leading U.S. aftermarket customers with private label chassis product lines and will allow Federal-Mogul to broaden its product offering, provide operational synergies and better service customers globally. The purchase price was $149 million, net of acquired cash. | |||||
With respect to the Affinia Acquisition, in accordance with FASB ASC Topic 805, Business Combinations, Federal-Mogul allocated $71 million to tangible net assets, $26 million to goodwill and $51 million to other intangible assets based on the fair values of the net assets acquired as of the acquisition date. The valuation of net assets was performed utilizing cost, income and market approaches. | |||||
On July 11, 2014, Federal-Mogul completed the purchase of certain business assets of Honeywell International Inc.'s ("Honeywell") automotive and industrial brake friction business (the "Honeywell Acquisition"), including two recently established manufacturing facilities in China and Romania, substantially strengthening the manufacturing and engineering capabilities of Federal-Mogul's current global braking portfolio. The business was acquired through a combination of asset and stock purchases for a base purchase price of $169 million and a provisional estimate of $15 million, primarily for working capital adjustments and earn-out targets, subject to certain customary post-closing adjustments, contingent consideration and other liabilities. A valuation of the assets from the Honeywell Acquisition resulted in $184 million allocated to tangible net assets. The valuation of net assets was performed utilizing cost, income and market approaches. | |||||
During the year ended December 31, 2014, Federal-Mogul recorded an aggregate $7 million in transaction related expenses associated with the Affinia and Honeywell Acquisitions which are reflected in selling, general and administrative expenses within the consolidated statements of operations. | |||||
On February 6, 2015, certain subsidiaries of Federal-Mogul finalized an agreement with TRW Automotive Inc. (“TRW”), a Michigan Corporation, to purchase certain business assets of the TRW engine components business. See Note 18, "Subsequent Events - Automotive," for further discussion. | |||||
Rights Offering | |||||
On July 11, 2013, Federal-Mogul received $500 million in connection with its previously announced common stock registered rights offering (the “Federal-Mogul Rights Offering”). In connection with the Federal-Mogul Rights Offering, we fully exercised our subscription rights under our basic and over subscription privileges to purchase additional shares of Federal-Mogul common stock, thereby increasing our ownership of Federal-Mogul, for an aggregate additional investment of $434 million. | |||||
Subsequent to December 31, 2014, Federal-Mogul announced its intention to launch a registered rights offering to raise $250 million in order to strengthen its balance sheet. See Note 18, "Subsequent Events - Automotive," for further discussion. | |||||
As of December 31, 2014, we owned approximately 80.7% of the total outstanding common stock of Federal-Mogul. | |||||
Accounts Receivable, net | |||||
Federal-Mogul's subsidiaries in Brazil, France, Germany, Italy and the United States are party to accounts receivable factoring and securitization facilities. Gross accounts receivable transferred under these facilities were $306 million and $271 million as of December 31, 2014 and 2013, respectively. Of those gross amounts, $293 million and $258 million, respectively, qualify as sales as defined in FASB ASC Topic 860, Transfers and Servicing. The remaining transferred receivables were pledged as collateral and accounted for as secured borrowings and recorded in the consolidated balance sheets within accounts receivable, net and debt. Under the terms of these facilities, Federal-Mogul is not obligated to draw cash immediately upon the transfer of accounts receivable; however, as of both December 31, 2014 and 2013, Federal-Mogul had withdrawn all such cash. Proceeds from the transfers of accounts receivable qualifying as sales were approximately $1.7 billion, $1.5 billion and $1.5 billion for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||
For the years ended December 31, 2014, 2013 and 2012, expenses associated with transfers of receivables were $6 million, $7 million and $7 million, respectively, and were recorded in the consolidated statements of operations within other income (loss), net. Where Federal-Mogul receives a fee to service and monitor these transferred receivables, such fees are sufficient to offset the costs and as such, a servicing asset or liability is not recorded as a result of such activities. | |||||
Certain of the facilities contain terms that require Federal-Mogul to share in the credit risk of the sold receivables. The maximum exposures to Federal-Mogul associated with certain of these facilities' terms were $17 million and $21 million at December 31, 2014 and 2013, respectively. Based on Federal-Mogul's analysis of the creditworthiness of its customers on which such receivables were sold and outstanding as of December 31, 2014 and 2013, Federal-Mogul estimated the loss to be immaterial. | |||||
Restructuring | |||||
During the years ended December 31, 2014, 2013 and 2012, Federal-Mogul recorded an aggregate of $86 million, $40 million and $26 million in restructuring charges, respectively. These restructuring charges, primarily consisting of employee costs and headcount reductions, pertain to all restructuring programs that Federal-Mogul has initiated in order to improve its operating performance. | |||||
Federal-Mogul has approved and initiated restructuring activities as a part of a broader initiative to improve operating performance and reduce costs. As such, Federal-Mogul will continue to evaluate its activities and opportunities to align its business with its executive management's strategy. The total expected cost for the certain restructuring programs that commenced in the first quarter of 2013 is $134 million, of which $127 million pertains to employee costs and $7 million pertains to facility closure and other exit costs. In connection with these restructuring programs, Federal-Mogul recorded $82 million and $39 million in charges for the years ended December 31, 2014 and 2013, respectively, substantially all of which pertain to employee costs, with an estimated future additional restructuring cost of $13 million, all of which pertain to employee costs. | |||||
Energy | |||||
We conduct our Energy segment through our majority ownership in CVR. CVR is a diversified holding company primarily engaged in the petroleum refining and nitrogen fertilizer manufacturing industries through its holdings in CVR Refining, 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 ("UAN") and ammonia. As of December 31, 2014, following various equity offerings as discussed below, CVR owned 100% of the general partners of CVR Refining and CVR Partners and approximately 66% of the common units of CVR Refining and 53% of the common units of CVR Partners. | |||||
As of December 31, 2014, we owned 82.0% of the total outstanding common stock of CVR. In addition, as of December 31, 2014, as a result of purchasing common units of CVR Refining as discussed below, we directly owned approximately 4.0% of the total outstanding common units of CVR Refining. | |||||
Equity Offerings | |||||
On January 23, 2013, CVR Refining completed its initial public offering ("CVR Refining IPO") of its common units representing limited partner interests, resulting in gross proceeds of $600 million, before giving effect to underwriting discounts and other offering expenses. Included in these proceeds is $100 million paid by us for the purchase of common units of CVR Refining in connection with the CVR Refining IPO. Additionally, on January 30, 2013, additional common units of CVR Refining were issued pursuant to the underwriters' exercise of their overallotment option, resulting in gross proceeds of $90 million, before giving effect to underwriting discounts and other offering costs. | |||||
On May 20, 2013, CVR Refining completed an underwritten public offering of its common units representing limited partner interests, and on June 10, 2013 issued additional common units pursuant to the underwriters' exercise of their overallotment option, resulting in gross proceeds of $406 million before giving effect to underwriting discounts and offering expenses. In addition, we purchased $62 million of common units of CVR Refining in a privately negotiated transaction with CVR. CVR Refining did not receive any of the proceeds from the sale of common units of CVR Refining to us. | |||||
On May 28, 2013, Coffeyville Resources, LLC (“CRLLC”), a wholly owned subsidiary of CVR, completed a secondary public offering of common units of CVR Partners. Additionally, the underwriters were granted an option to purchase additional units at the public offering price, which expired unexercised at the end of the option period. The gross proceeds to CRLLC from this secondary offering were $302 million, before giving effect to underwriting discounts and other offering expenses. CVR Partners did not receive any of the proceeds from the sale of common units by CRLLC. | |||||
As a result of these equity offerings during 2013, our consolidated equity increased by an aggregate of $990 million, of which $902 million was attributable to non-controlling interests and $88 million was attributable to both Icahn Enterprises and Icahn Enterprises Holdings. These offerings are reflected in the caption entitled "Proceeds from subsidiary equity offerings," within the consolidated statement of equity changes. | |||||
On June 30, 2014, CVR Refining completed an underwritten offering (the “Follow-on Offering”), resulting in gross proceeds of $170 million before giving effect to underwriting discounts and other offering expenses. On July 24, 2014, the underwriters exercised their option to purchase additional common units of CVR Refining, resulting in gross proceeds of $15 million. CVR Refining used this $15 million in gross proceeds to redeem an equal amount of common units from CVR Refining Holdings. Additionally, on July 24, 2014, CVR Refining Holdings sold common units to the public in connection with the underwriters' exercise of their remaining option to purchase additional common units, resulting in gross proceeds of $10 million. | |||||
As a result of the Follow-on Offering during 2014, our consolidated equity increased by an aggregate of $160 million, of which $150 million was attributable to non-affiliated non-controlling interests and $10 million was attributable to both Icahn Enterprises and Icahn Enterprises Holdings. These offerings are reflected in the caption entitled "Subsidiary equity offering," within the consolidated statement of equity changes. | |||||
Petroleum Business | |||||
Petroleum business. CVR Refining's petroleum business includes a 115,000 barrels per calendar day ("bpcd") rated capacity complex full coking medium-sour crude oil refinery in Coffeyville, Kansas and a 70,000 bpcd rated capacity complex crude oil refinery in Wynnewood, Oklahoma. The Coffeyville refinery is situated on approximately 440 acres in southeast Kansas, approximately 100 miles from Cushing, Oklahoma, a major crude oil trading and storage hub. The Wynnewood refinery is situated on approximately 400 acres located approximately 65 miles south of Oklahoma City, Oklahoma and approximately 130 miles from Cushing, Oklahoma. | |||||
In addition to the refineries, CVR's petroleum business owns and operates the following: (1) a crude oil gathering system with a gathering capacity of approximately 60,000 bpd serving Kansas, Oklahoma, Missouri, Nebraska and Texas; (2) a 170,000 bpd pipeline system (supported by approximately 336 of CVR's owned and leased pipeline) that transports crude oil to its Coffeyville refinery from its Broome Station facility near Caney, Kansas; (3) over 6.0 million barrels of company owned and leased crude oil storage capacity; (4) a rack marketing division supplying product through tanker trucks directly to customers located in close geographic proximity to Coffeyville, Kansas and Wynnewood, Oklahoma and at throughput terminals on Magellan and NuStar Energy, LP's ("NuStar") refined products distribution systems; and (5) approximately 4.5 million barrels of combined refinery related storage capacity. | |||||
Nitrogen fertilizer business. CVR Partners' nitrogen fertilizer business consists of a nitrogen fertilizer manufacturing facility that utilizes a petroleum coke, or pet coke, gasification process to produce nitrogen fertilizer. The facility includes a 1,225 ton-per-day ammonia unit, a 3,000 ton-per-day UAN unit and a gasifier complex having a capacity of 84 million standard cubic feet per day of hydrogen. The gasifier is a dual-train facility, with each gasifier able to function independently of the other, thereby providing redundancy and improving reliability. | |||||
Metals | |||||
We conduct our Metals segment through our indirect wholly owned subsidiary, PSC Metals, Inc. (“PSC Metals”). PSC Metals collects industrial and obsolete scrap metal, processes it into reusable forms and supplies the recycled metals to its customers, including electric-arc furnace mills, integrated steel mills, foundries, secondary smelters and metals brokers. PSC Metals' ferrous products include busheling, plate and structural, shredded, sheared and bundled scrap metal and other purchased scrap metal such as turnings (steel machining fragments), cast furnace iron and broken furnace iron. PSC Metals processes the scrap into a size, density and purity required by customers to meet their production needs. PSC Metals also processes non-ferrous metals, including aluminum, copper, brass, stainless steel and nickel-bearing metals. Non-ferrous products are a significant raw material in the production of aluminum and copper alloys used in manufacturing. PSC Metals also operates a steel products business that includes the supply of secondary plate and structural grade pipe that is sold into niche markets for counterweights, piling and foundations, construction materials and infrastructure end-markets. | |||||
Railcar | |||||
We conduct our Railcar segment through our majority ownership interests in ARI and American Railcar Leasing, LLC ("ARL"). Pursuant to a contribution agreement dated September 20, 2013 (the "ARL Contribution Agreement"), we acquired a 75% economic interest in ARL in October 2013. Pursuant to the ARL Contribution Agreement, on January 1, 2014, we contributed AEP Leasing, LLC, a wholly owned indirect subsidiary of ours, to ARL. | |||||
ARI manufactures railcars that are offered for sale or lease, custom and standard designed railcar components and other industrial products, primarily aluminum and special alloy steel castings. These products are sold to various types of companies including leasing companies, industrial companies, shippers and Class I railroads. ARI leases railcars that it manufactures to certain markets. ARI provides railcar services consisting of railcar repair services, ranging from full to light repair, engineering and on-site repairs and maintenance through its various repair facilities, including mini-shops and mobile units. | |||||
ARL is engaged in the business of leasing railcars to customers with specific requirements whose products require specialized railcars dedicated to transporting, storing, and preserving the integrity of their products. These products are primarily in the energy, food and agriculture, chemical, minerals and petrochemical industries. | |||||
Transactions between ARI and ARL have been eliminated in consolidation. | |||||
As of December 31, 2014, we owned approximately 55.6% of the total outstanding common stock of ARI. | |||||
Gaming | |||||
We conduct our Gaming segment through our majority ownership in Tropicana. Tropicana currently owns and operates a diversified, multi-jurisdictional collection of casino gaming properties. The eight casino facilities it operates feature approximately 390,900 square feet of gaming space with 8,035 slot machines, 304 table games and 5,525 hotel rooms with two casino facilities located in Nevada and one in each of Mississippi, Missouri, Indiana, Louisiana, New Jersey and Aruba. | |||||
As of December 31, 2014, we owned approximately 67.9% of the total outstanding common stock of Tropicana. | |||||
Acquisition and Disposition | |||||
On April 1, 2014, a wholly owned subsidiary of Tropicana acquired the Lumière Place Casino, HoteLumière, the Four Seasons Hotel St. Louis and related excess land parcels in St. Louis, Missouri (collectively, "Lumière") for a cash purchase price of $261 million, which includes a working capital adjustment as of the acquisition date. | |||||
A valuation of the assets of Lumière resulted in $252 million allocated to tangible net assets and $9 million allocated to other intangible assets based on fair values as of the acquisition date. The valuation of net assets was performed utilizing cost, income and market approaches. | |||||
On July 1, 2014, Tropicana sold its River Palms Hotel and Casino ("River Palms") to Nevada Restaurant Services, Inc. and its affiliate, Laughlin Hotel, LLC. Pursuant to the terms of the asset purchase agreement, substantially all of the assets associated with the operation of River Palms were sold for $7 million in cash. Concurrently with the sale, Tropicana leased back River Palms until September 2014 when Tropicana terminated the lease and discontinued its operation of River Palms. | |||||
Food Packaging | |||||
We conduct our Food Packaging segment through our majority ownership in Viskase Companies, Inc. ("Viskase"). Viskase is a worldwide leader in the production and sale of cellulosic, fibrous and plastic casings for the processed meat and poultry industry. Viskase currently operates nine manufacturing facilities and nine distribution centers throughout North America, Europe, South America and Asia and derives approximately 72% of its total net sales from customers located outside the United States. | |||||
During 2013, we acquired additional shares of Viskase common stock. As of December 31, 2014, we owned approximately 73.5% of the total outstanding common stock of Viskase. | |||||
Real Estate | |||||
Our Real Estate segment consists of rental real estate, property development and resort activities. | |||||
As of December 31, 2014, we owned 29 commercial rental real estate properties. Our property development operations are run primarily through Bayswater Development LLC, a real estate investment, management and development subsidiary that focuses primarily on the construction and sale of single-family and multi-family homes, lots in subdivisions and planned communities and raw land for residential development. Our New Seabury development property in Cape Cod, Massachusetts and our Grand Harbor and Oak Harbor development property in Vero Beach, Florida include land for future residential development of approximately 267 and 1,328 units of residential housing, respectively. Both developments operate golf and resort operations as well. In addition, our Real Estate segment owns an unfinished development property and a partially developed casino, located on approximately 23 acres in Las Vegas, Nevada. | |||||
As of December 31, 2014 and 2013, $31 million and $56 million, respectively, of the net investment in financing leases and net real estate leased to others which is included in property, plant and equipment, net, were pledged to collateralize the payment of nonrecourse mortgages payable. | |||||
Home Fashion | |||||
We conduct our Home Fashion segment through our indirect wholly owned subsidiary, WestPoint Home LLC (“WPH”), a manufacturer and distributor of home fashion consumer products. WPH is engaged in the business of designing, marketing, manufacturing, sourcing, distributing and selling home fashion consumer products. WPH markets a broad range of manufactured and sourced bed, bath, basic bedding, and other textile products, including sheets, pillowcases, bedspreads, quilts, comforters and duvet covers, bath and beach towels, bath accessories, bed skirts, bed pillows, flocked blankets, woven blankets, throws and mattress pads. WPH recognizes revenue primarily through the sale of home fashion products to a variety of retail and institutional customers. In addition, WPH receives a small portion of its revenues through the licensing of its trademarks. | |||||
Consolidated Anticipated Future Receipts | |||||
The following is a summary of the consolidated anticipated future receipts of the minimum lease payments receivable under the financing and operating method on a consolidated basis at December 31, 2014: | |||||
Year | Amount | ||||
(in millions) | |||||
2015 | $ | 434 | |||
2016 | 400 | ||||
2017 | 344 | ||||
2018 | 275 | ||||
2019 | 166 | ||||
Thereafter | 166 | ||||
$ | 1,785 | ||||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transaction [Line Items] | |
Related Party Transactions | Related Party Transactions. |
Our amended and restated agreement of limited partnership expressly permits us to enter into transactions with our general partner or any of its affiliates, including, without limitation, buying or selling properties from or to our general partner and any of its affiliates and borrowing and lending money from or to our general partner and any of its affiliates, subject to limitations contained in our partnership agreement and the Delaware Revised Uniform Limited Partnership Act. The indentures governing our indebtedness contain certain covenants applicable to transactions with affiliates. | |
Investment | |
Mr. Icahn, along with his affiliates (excluding Icahn Enterprises and Icahn Enterprises Holdings), makes investments in the Investment Funds. During 2014 and 2013, affiliates of Mr. Icahn invested $500 million and $45 million, respectively, in the Investment Funds. As further discussed in Note 7, "Financial Instruments - Investment Segment and Holding Company," the Investment Funds are parties to swap agreements with respect to shares of the S&P 500 ETF Trust (“SPDR”). On August 19, 2013, certain of the Investment Funds assigned an aggregate 7.7 million SPDR shares to Koala Holdings LP and its subsidiary (collectively, "Koala"), an affiliate of Mr. Icahn's. In addition, certain of the Investment Funds distributed $185 million to Koala. As of December 31, 2014 and 2013, the total fair market value of investments in the Investment Funds made by Mr. Icahn and his affiliates (excluding Icahn Enterprises and Icahn Enterprises Holdings) was approximately $4.8 billion and $4.7 billion, respectively, representing approximately 53% and 56%, respectively, of the Investment Funds' asset under management. | |
Icahn Capital LP ("Icahn Capital") pays for expenses pertaining to the operation, administration and investment activities of our Investment segment for the benefit of the Investment Funds (including salaries, benefits and rent); such expenses shall be allocated to Icahn Capital in accordance with each investor's capital accounts in the Investment Funds. Effective April 1, 2011, based on an expense-sharing arrangement, certain expenses borne by Icahn Capital are reimbursed by the Investment Funds, generally when such expenses are paid. For the years ended December 31, 2014, 2013, and 2012, $155 million, $113 million and $23 million, respectively, was allocated to the Investment Funds based on this expense-sharing arrangement. | |
Automotive | |
As described in Note 10, "Debt - Automotive," on December 6, 2013, Federal-Mogul entered into a backstop commitment letter ("Backstop Commitment") with High River Limited Partnership ("High River"), an affiliate of Mr. Icahn, in favor of Federal-Mogul with respect to its existing Tranche B term loan. The Backstop Commitment provides that if Federal-Mogul is unable to refinance its Tranche B term loan on or prior to September 27, 2014, High River or an affiliate thereof with at least the same net worth will provide loan financing of up to $1.6 billion to Federal-Mogul and its subsidiaries on arms-length terms to provide the funding necessary to repay the Tranche B term loan. The High River loan will be subject to negotiation and execution of definitive documentation to be approved by the independent directors of Federal-Mogul. Due to the refinancing of Federal-Mogul's term loans, the backstop commitment letter provided to Federal-Mogul on December 6, 2013 from High River Limited Partnership, an affiliate of Mr. Carl C. Icahn, was terminated. | |
Energy | |
On May 7, 2012, affiliates of Mr. Icahn contributed 4,566,546 shares of CVR common stock to IEP Energy with an aggregate value of $137 million, resulting in a 6.4% non-controlling interest in IEP Energy. Pursuant to a contribution and exchange agreement dated August 24, 2012, affiliates of Mr. Icahn contributed their interest in IEP Energy to us for an aggregate consideration of 3,288,371 of our depositary units based on a 20 trading-day volume weighted average price of our depositary units. This transaction was approved by the Audit Committee of the board of directors of Icahn Enterprises GP. The Audit Committee was advised by independent counsel and an independent financial advisor which rendered a fairness opinion. | |
Railcar | |
ARL | |
Prior to October 2, 2013, ARL was a railcar leasing company which was wholly owned and controlled by Mr. Icahn. Earlier in 2013, ARL became a wholly owned subsidiary of IRL Holding LLC ("IRL") which was also wholly owned and controlled by Mr. Icahn. ARL had, for some time, been purchasing railcars from ARI on a non-exclusive basis. In addition, ARL had entered into an agreement to manage a fleet of ARI-produced railcars owned by our subsidiary, AEP Leasing LLC ("AEP Leasing"), a subsidiary of American Enterprise Properties Corporation. | |
On September 20, 2013, AEP purchased the remainder of the management agreement between AEP Leasing and ARL for $21 million; ARL then distributed $71 million in cash and $171 million in notes receivable (including interest accrued) to IRL. | |
On October 2, 2013, our subsidiaries, AEP and IEP Energy Holding LLC, entered into a contribution agreement with ARL and IRL pursuant to which AEP contributed $279 million in cash to ARL; on January 1, 2014, AEP contributed the fair market value of its 100% interest in AEP Leasing to ARL; and in exchange, AEP received a 75% membership interest in ARL. ARL then incurred additional debt of $381 million (the "ARL Financing") in February 2014. Pursuant to the ARL Contribution Agreement, ARL distributed $381 million to IRL on February 24, 2014. In connection with this debt financing transaction, ACF Industries Holding LLC, an affiliate, has provided an unconditional guaranty in respect of the debt incurred for the ARL Financing. | |
ARL had a secured promissory note (the "Icahn Note") dated October 28, 2004 from Mr. Icahn for $165 million, bearing interest of prime plus 1.75%. Pursuant to the ARL Contribution Agreement, the Icahn Note (with a balance of $171 million, including accrued interest) was distributed to IRL in October 2013. For the years ended December 31, 2013 and 2012, ARL received interest income of $6 million and $8 million, respectively. | |
These transactions were approved by a special committee of independent members of our board of directors. The special committee was advised by its own legal counsel and independent financial adviser with respect to the transactions. The special committee received an opinion from its financial adviser as to the fairness to us, from a financial point of view, of the consideration paid by us. | |
Agreements with ACF Industries LLC | |
In January 2013, ARI entered into a purchasing and engineering services agreement and license with ACF Industries LLC ("ACF"), an affiliate of Mr. Icahn. The agreement was unanimously approved by the independent directors of ARI’s and Icahn Enterprises' audit committee on the basis that the terms of the agreement were not materially less favorable to ARI than those that could have been obtained in a comparable transaction with an unrelated person. Under this agreement, ARI provides purchasing support and engineering services to ACF in connection with ACF’s manufacture and sale of tank railcars at its facility in Milton, Pennsylvania. Additionally, ARI has granted ACF a nonexclusive, non-assignable license to certain of ARI’s intellectual property, including certain designs, specifications, processes and manufacturing know-how required to manufacture and sell tank railcars during the term of the agreement. In August 2014, ARI and ACF amended this agreement to, among other things, extend the termination date from December 31, 2014 to December 31, 2015, subject to certain early termination events. | |
In consideration for the services and license provided by ARI to ACF in conjunction with the agreement, ACF pays ARI a royalty and, if any, a share of the net profits ("ACF Profits") earned on each railcar manufactured and sold by ACF under the agreement, in an aggregate amount equal to 30 percent of such ACF Profits, as calculated under the agreement. ACF Profits are net of certain of ACF’s start-up and shutdown expenses and certain maintenance capital. If no ACF Profits are realized on a railcar manufactured and sold by ACF pursuant to the agreement, ARI will still be entitled to the royalty for such railcar and will not share in any losses incurred by ACF in connection therewith. In addition, any railcar components supplied by ARI to ACF for the manufacture of these railcars shall be provided at fair market value. | |
Under the agreement, ACF had the exclusive right to manufacture and sell subject tank railcars for any new orders scheduled for delivery to customers on or before January 31, 2014. ARI has the exclusive right to any sales opportunities for such tank railcars for any new orders scheduled for delivery after that date and through December 31, 2015. ARI also has the right to assign any sales opportunity to ACF, and ACF has the right, but not the obligation, to accept such sales opportunity. Any sales opportunity accepted by ACF will not be reflected in ARI’s orders or backlog. | |
Revenues of $19 million and $12 million for the years ended December 31, 2014 and 2013, respectively, were recorded for sales of railcar components to ACF and for royalties and profits on railcars sold by ACF. | |
In April 2013, AEP Leasing entered into an agreement ("ACF Agreement") with ACF whereby AEP Leasing agreed to purchase 1,050 railcars from ACF in 2013 and 2014 for an aggregate purchase price of approximately $150 million. Additionally, AEP Leasing had an option that was exercisable any time prior to September 1, 2014 to purchase an additional 500 railcars for an aggregate purchase price of approximately $70 million. During the second quarter of 2014, AEP Leasing exercised its option to purchase an additional 296 railcars for an aggregate purchase price of $43 million. | |
The ACF Agreement was assumed by ARL in connection with our purchase of a 75% economic interest in ARL. The ACF Agreement was unanimously approved by Icahn Enterprises' audit committee consisting of independent directors, who were advised by independent counsel and an independent financial advisor on the basis that the terms were not less favorable than those terms that could have been obtained in a comparable transaction with an unaffiliated third party. Under this agreement, purchases of railcars by our Railcar segment from ACF were $127 million and $57 million for the years ended December 31, 2014 and 2013, respectively. | |
Insight Portfolio Group LLC (formerly known as Icahn Sourcing, LLC) | |
Icahn Sourcing, LLC ("Icahn Sourcing") 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 was a member of the buying group in 2012. Prior to December 31, 2012 Icahn Enterprises did not pay Icahn Sourcing any fees or other amounts with respect to the buying group arrangement. | |
In December 2012, Icahn Sourcing advised Icahn Enterprises that effective January 1, 2013 it would restructure its ownership and change its name to Insight Portfolio Group LLC (“Insight Portfolio Group”). In connection with the restructuring, Icahn Enterprises Holdings acquired a minority equity interest in Insight Portfolio Group and agreed to pay a portion of Insight Portfolio Group's operating expenses. In addition to the minority equity interest held by Icahn Enterprises Holdings, certain subsidiaries of Icahn Enterprises Holdings, including Federal-Mogul, CVR, Tropicana, ARI, ARL, Viskase, PSC Metals and WPH also acquired minority equity interests in Insight Portfolio Group and agreed to pay a portion of Insight Portfolio Group's operating expenses. A number of other entities with which Mr. Icahn has a relationship also acquired equity interests in Insight Portfolio Group and also agreed to pay certain of Insight Portfolio Group's operating expenses. For each of the years ended December 31, 2014 and 2013, we and certain of our subsidiaries paid certain of the Insight Portfolio Group's operating expenses of approximately $2 million. |
Investments_and_Related_Matter
Investments and Related Matters | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Investments and Related Matters [Abstract] | ||||||||
Investments and Related Matters | Investments and Related Matters. | |||||||
Investment | ||||||||
Investments, and securities sold, not yet purchased consist of equities, bonds, bank debt and other corporate obligations, and derivatives, all of which are reported at fair value in our consolidated balance sheets. See Note 6, "Fair Value Measurements-Investment," for details of the investments for our Investment segment. | ||||||||
Our Investment segment assesses the applicability of equity method accounting with respect to their investments based on a combination of qualitative and quantitative factors, including overall stock ownership of the Investment Funds combined with those of our affiliates along with board of directors representation. | ||||||||
Our Investment segment applied the fair value option to certain of its investments that would have otherwise been subject to the equity method of accounting. As of both December 31, 2014 and 2013, the fair value of these investments was less than $1 million. During the years ended December 31, 2014, 2013 and 2012, our Investment segment recorded gains of less than $1 million, $140 million and $310 million, respectively, associated with these investments. Such amounts are included in net gain from investment activities in our consolidated statements of operations. Included in these investment gains and losses is the Investment Funds' gains and losses in The Hain Celestial Group, Inc. (“Hain”) and Metro-Golden-Mayer Inc. ("MGM"). As of December 31, 2014, the Investment Funds no longer held any shares of Hain or MGM. The General Partners have applied the fair value option to their previously held investments in Hain and MGM. | ||||||||
The portion of trading (losses) gains that relates to trading securities still held by our Investment segment for the years ended December 31, 2014, 2013 and 2012 was $(570) million, $2.9 billion and $697 million, respectively. | ||||||||
We believe that these investments to which we applied the fair value option are not material, individually or in the aggregate, to our consolidated financial statements. | ||||||||
Other Segments | ||||||||
The carrying value of investments held by our Automotive, Energy, Railcar and Gaming segments and the Holding Company consist of the following: | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
(in millions) | ||||||||
Equity method investments | $ | 298 | $ | 284 | ||||
Other investments | 241 | 151 | ||||||
$ | 539 | $ | 435 | |||||
The Holding Company applies the fair value option to its investments that would otherwise be subject to the equity method of accounting. We record unrealized gains and losses for the change in fair value of such investments as a component of net gain from investment activities in the consolidated statements of operations. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
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 non-financial liabilities that are measured and reported at fair value and has established a hierarchal disclosure framework that prioritizes and ranks the level of market price observability used in measuring investments or non-financial assets and liabilities at fair value. Market price observability is impacted by a number of factors, including the type of investment and the characteristics specific to the investment. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. | ||||||||||||||||||||||||||||||||
Investments and non-financial assets and/or liabilities measured and reported at fair value are classified and disclosed in one of the following categories: | ||||||||||||||||||||||||||||||||
Level 1 - Quoted prices are available in active markets for identical investments as of the reporting date. The types of investments included in Level 1 include listed equities and listed derivatives. We do not adjust the quoted price for these investments, even in situations where we hold a large position. | ||||||||||||||||||||||||||||||||
Level 2 - Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. Investments that are generally included in this category include corporate bonds and loans, less liquid and restricted equity securities and certain over-the-counter derivatives. The inputs and assumptions of our Level 2 investments are derived from market observable sources including reported trades, broker/dealer quotes and other pertinent data. | ||||||||||||||||||||||||||||||||
Level 3 - Pricing inputs are unobservable for the investment and non-financial asset and/or liability and include situations where there is little, if any, market activity for the investment or non-financial asset and/or liability. The inputs into the determination of fair value require significant management judgment or estimation. Fair value is determined using comparable market transactions and other valuation methodologies, adjusted as appropriate for liquidity, credit, market and/or other risk factors. | ||||||||||||||||||||||||||||||||
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers 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. | ||||||||||||||||||||||||||||||||
Investment | ||||||||||||||||||||||||||||||||
The following table summarizes the valuation of the Investment Funds' investments and derivative contracts by the above fair value hierarchy levels as of December 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||
December 31, 2014 | 31-Dec-13 | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
Assets | (in millions) | |||||||||||||||||||||||||||||||
Investments: | ||||||||||||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||||||||
Communications | $ | 2,846 | $ | — | $ | — | $ | 2,846 | $ | 820 | $ | — | $ | — | $ | 820 | ||||||||||||||||
Consumer, non-cyclical | 2,308 | — | — | 2,308 | 3,344 | 178 | — | 3,522 | ||||||||||||||||||||||||
Consumer, cyclical | 436 | — | — | 436 | 414 | — | — | 414 | ||||||||||||||||||||||||
Diversified | 23 | — | — | 23 | 29 | — | — | 29 | ||||||||||||||||||||||||
Energy | 1,895 | — | — | 1,895 | 3,050 | — | — | 3,050 | ||||||||||||||||||||||||
Financial | 417 | — | — | 417 | 300 | — | — | 300 | ||||||||||||||||||||||||
Funds | — | — | — | — | — | 6 | — | 6 | ||||||||||||||||||||||||
Industrial | 79 | 20 | — | 99 | — | — | — | — | ||||||||||||||||||||||||
Technology | 5,635 | — | — | 5,635 | 3,173 | — | — | 3,173 | ||||||||||||||||||||||||
13,639 | 20 | — | 13,659 | 11,130 | 184 | — | 11,314 | |||||||||||||||||||||||||
Corporate debt: | ||||||||||||||||||||||||||||||||
Consumer, cyclical | — | — | 75 | 75 | — | — | 287 | 287 | ||||||||||||||||||||||||
Energy | — | 19 | — | 19 | — | — | — | — | ||||||||||||||||||||||||
Financial | — | 7 | — | 7 | — | 11 | — | 11 | ||||||||||||||||||||||||
Sovereign debt | — | — | — | — | — | 5 | — | 5 | ||||||||||||||||||||||||
Utilities | — | 28 | — | 28 | — | 29 | — | 29 | ||||||||||||||||||||||||
— | 54 | 75 | 129 | — | 45 | 287 | 332 | |||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||||||
Financial | — | 173 | — | 173 | — | 180 | — | 180 | ||||||||||||||||||||||||
13,639 | 247 | 75 | 13,961 | 11,130 | 409 | 287 | 11,826 | |||||||||||||||||||||||||
Derivative contracts, at fair value(1) | — | 3 | — | 3 | — | — | — | — | ||||||||||||||||||||||||
$ | 13,639 | $ | 250 | $ | 75 | $ | 13,964 | $ | 11,130 | $ | 409 | $ | 287 | $ | 11,826 | |||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Securities sold, not yet purchased, at fair value: | ||||||||||||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||||||||
Consumer, non-cyclical | $ | — | $ | — | $ | — | $ | — | $ | 44 | $ | — | $ | — | $ | 44 | ||||||||||||||||
Consumer, cyclical | 334 | — | — | 334 | 787 | — | — | 787 | ||||||||||||||||||||||||
Financial | — | — | — | — | 45 | — | — | 45 | ||||||||||||||||||||||||
Funds | — | — | — | — | — | 8 | — | 8 | ||||||||||||||||||||||||
334 | — | — | 334 | 876 | 8 | — | 884 | |||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||||||||||
Energy | — | 3 | — | 3 | — | — | — | — | ||||||||||||||||||||||||
334 | 3 | — | 337 | 876 | 8 | — | 884 | |||||||||||||||||||||||||
Derivative contracts, at fair value(2) | — | 614 | — | 614 | — | 639 | — | 639 | ||||||||||||||||||||||||
$ | 334 | $ | 617 | $ | — | $ | 951 | $ | 876 | $ | 647 | $ | — | $ | 1,523 | |||||||||||||||||
(1) | Included in other assets in our consolidated balance sheets. | |||||||||||||||||||||||||||||||
(2) | Included in accrued expenses and other liabilities in our consolidated balance sheets. | |||||||||||||||||||||||||||||||
The changes in investments measured at fair value for which our Investment segment has used Level 3 input to determine fair value are as follows: | ||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Balance at January 1 | $ | 287 | $ | 288 | ||||||||||||||||||||||||||||
Gross realized and unrealized (losses) gains | (100 | ) | 4 | |||||||||||||||||||||||||||||
Gross proceeds | (2 | ) | (5 | ) | ||||||||||||||||||||||||||||
Distribution-in-kind | (110 | ) | — | |||||||||||||||||||||||||||||
Balance at December 31 | $ | 75 | $ | 287 | ||||||||||||||||||||||||||||
Unrealized losses of $68 million are included in earnings related to Level 3 investments still held at December 31, 2014 by our Investment segment. Total realized and unrealized gains and losses recorded for Level 3 investments are reported in net gain from investment activities in our consolidated statements of operations. | ||||||||||||||||||||||||||||||||
The Investment Funds owned one Level 3 corporate debt investment at December 31, 2014. In prior periods, in determining the fair value of this investment, we performed a yield analysis of comparable loans to which we applied a risk premium. As a result of the underlying company’s performance and bankruptcy filing in the third quarter of 2014, however, we determined that it was more appropriate to measure the fair value of our debt investment through an enterprise value analysis. This resulted in a lower valuation as of December 31, 2014. In addition, on June 30, 2014, the Investment Funds made a distribution-in-kind of this corporate debt investment in the amount of $110 million to the Holding Company. | ||||||||||||||||||||||||||||||||
Other Segments and Holding Company | ||||||||||||||||||||||||||||||||
The following table summarizes the valuation of our Automotive and Energy segments and our Holding Company investments and derivative contracts by the above fair value hierarchy levels as of December 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
Assets | (in millions) | |||||||||||||||||||||||||||||||
Marketable equity and debt securities | $ | 75 | $ | 3 | $ | 75 | $ | 153 | $ | 1 | $ | — | $ | — | $ | 1 | ||||||||||||||||
Trading securities | — | — | 55 | 55 | — | — | 116 | 116 | ||||||||||||||||||||||||
Derivative contracts, at fair value(1) | — | 47 | — | 47 | — | 1 | — | 1 | ||||||||||||||||||||||||
$ | 75 | $ | 50 | $ | 130 | $ | 255 | $ | 1 | $ | 1 | $ | 116 | $ | 118 | |||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Other liabilities | $ | — | $ | 50 | $ | — | $ | 50 | $ | — | $ | 16 | $ | — | $ | 16 | ||||||||||||||||
Derivative contracts, at fair value(2) | — | 2 | — | 2 | — | 35 | — | 35 | ||||||||||||||||||||||||
$ | — | $ | 52 | $ | — | $ | 52 | $ | — | $ | 51 | $ | — | $ | 51 | |||||||||||||||||
(1) | Amounts are classified within other assets in our consolidated balance sheets. | |||||||||||||||||||||||||||||||
(2) | Amounts are classified within accrued expenses and other liabilities in our consolidated balance sheets. | |||||||||||||||||||||||||||||||
The changes in trading securities measured at fair value for which our Holding Company have used Level 3 input to determine fair value are as follows: | ||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Balance at January 1 | $ | 116 | $ | 81 | ||||||||||||||||||||||||||||
Purchases | — | 67 | ||||||||||||||||||||||||||||||
Distribution-in-kind | 110 | — | ||||||||||||||||||||||||||||||
Gross realized and unrealized losses | (96 | ) | (32 | ) | ||||||||||||||||||||||||||||
Balance at December 31 | $ | 130 | $ | 116 | ||||||||||||||||||||||||||||
Unrealized losses of $96 million are included in earnings related to Level 3 investments still held at December 31, 2013 by our Holding Company. Total realized and unrealized gains and losses recorded for Level 3 investments are reported in net gain (loss) from investment activities in our consolidated statements of operations. | ||||||||||||||||||||||||||||||||
As discussed above, on June 30, 2014, the Investment Funds made a distribution-in-kind of a certain Level 3 corporate debt investment in the amount of $110 million to the Holding Company. The fair value of this investment was determined through an enterprise value analysis as of December 31, 2014. In addition, as of December 31, 2014, the Holding Company held a certain security which lacked observable market data due to limited market activity for that security, and accordingly, was valued based on trading EBITDA multiples and enterprise value to resource ratios of market comparables. | ||||||||||||||||||||||||||||||||
Assets measured at fair value on a nonrecurring basis during the years ended December 31, 2014 and 2013 are set forth in the table below: | ||||||||||||||||||||||||||||||||
December 31, 2014 | 31-Dec-13 | |||||||||||||||||||||||||||||||
Level 3 | Recognized | Level 3 | Recognized | |||||||||||||||||||||||||||||
Category | Asset | Loss | Asset | Loss | ||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Property, plant and equipment | $ | 53 | $ | 27 | $ | 74 | $ | 16 | ||||||||||||||||||||||||
Equity method investments | 10 | 5 | — | — | ||||||||||||||||||||||||||||
Goodwill | 827 | 103 | — | — | ||||||||||||||||||||||||||||
We determined the fair value of property, plant and equipment by applying probability weighted, expected present value techniques to the estimated future cash flows using assumptions a market participant would utilize and through the use of valuation specialists. The fair value of goodwill is based on our preliminary goodwill impairment analysis for our Energy segment as of December 1, 2014. The fair values were determined based upon consideration of various valuation methodologies, including projected cash flows discounted at rates commensurate with the risks involved, guideline transaction multiples, and multiples of current and future earnings. Refer to Note 8, "Goodwill and Intangible Assets, Net," for further discussion relating to our goodwill impairment analysis. | ||||||||||||||||||||||||||||||||
The following table presents our Automotive segment's defined benefit plan assets measured at fair value on a recurring basis as of December 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
U.S. Plans: | ||||||||||||||||||||||||||||||||
Cash | $ | 44 | $ | — | $ | — | $ | 44 | $ | 33 | $ | — | $ | — | $ | 33 | ||||||||||||||||
Investments with registered investment companies: | ||||||||||||||||||||||||||||||||
Equity securities | 314 | — | — | 314 | 347 | — | — | 347 | ||||||||||||||||||||||||
Fixed income securities | 166 | — | — | 166 | 135 | — | — | 135 | ||||||||||||||||||||||||
Real estate and other | 25 | — | — | 25 | 23 | — | — | 23 | ||||||||||||||||||||||||
Equity securities | 231 | — | — | 231 | 242 | — | — | 242 | ||||||||||||||||||||||||
Fixed income collective trust | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||||||||||
Corporate and other | — | 21 | — | 21 | — | 22 | — | 22 | ||||||||||||||||||||||||
Government | 16 | 4 | — | 20 | 14 | 8 | — | 22 | ||||||||||||||||||||||||
Hedge funds | — | — | 91 | 91 | — | — | 85 | 85 | ||||||||||||||||||||||||
$ | 796 | $ | 25 | $ | 91 | $ | 912 | $ | 794 | $ | 30 | $ | 85 | $ | 909 | |||||||||||||||||
Non-U.S. Plans: | ||||||||||||||||||||||||||||||||
Insurance contracts | $ | — | $ | — | $ | 41 | $ | 41 | $ | — | $ | — | $ | 44 | $ | 44 | ||||||||||||||||
Investments with registered investment companies: | ||||||||||||||||||||||||||||||||
Fixed income securities | 10 | — | — | 10 | 7 | — | — | 7 | ||||||||||||||||||||||||
Equity securities | 1 | — | — | 1 | 2 | — | — | 2 | ||||||||||||||||||||||||
Corporate bonds | — | 2 | — | 2 | — | 2 | — | 2 | ||||||||||||||||||||||||
$ | 11 | $ | 2 | $ | 41 | $ | 54 | $ | 9 | $ | 2 | $ | 44 | $ | 55 | |||||||||||||||||
The changes in U.S. and Non-U.S. plan assets measured at fair value for which our Automotive segment has used Level 3 input to determine fair value are as follows: | ||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
U.S. Plans: | ||||||||||||||||||||||||||||||||
Hedge funds: | ||||||||||||||||||||||||||||||||
Balance at January 1 | $ | 85 | $ | 14 | ||||||||||||||||||||||||||||
Realized/unrealized gains (losses), net | 6 | 11 | ||||||||||||||||||||||||||||||
Purchases and settlements, net | 47 | 83 | ||||||||||||||||||||||||||||||
Sales, net | (47 | ) | (23 | ) | ||||||||||||||||||||||||||||
Balance at December 31 | $ | 91 | $ | 85 | ||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Non-U.S. Plans: | ||||||||||||||||||||||||||||||||
Insurance contracts: | ||||||||||||||||||||||||||||||||
Balance at January 1 | $ | 44 | $ | 42 | ||||||||||||||||||||||||||||
Realized and unrealized gains, net | 2 | 1 | ||||||||||||||||||||||||||||||
Purchases and settlements, net | 6 | 6 | ||||||||||||||||||||||||||||||
Proceeds | (5 | ) | (6 | ) | ||||||||||||||||||||||||||||
Foreign currency exchange rate movements | (6 | ) | 1 | |||||||||||||||||||||||||||||
Balance at December 31 | $ | 41 | $ | 44 | ||||||||||||||||||||||||||||
U.S. Plans | ||||||||||||||||||||||||||||||||
As of December 31, 2014, plan assets were comprised of 60% equity investments, 23% fixed income investments, and 17% in other investments which include hedge funds. Approximately 76% of the U.S. plan assets were invested in actively managed investment funds. Federal-Mogul's investment strategy includes a target asset allocation of 50% equity investments, 25% fixed income investments and 25% in other investment types including hedge funds. | ||||||||||||||||||||||||||||||||
Investments with registered investment companies, common and preferred stocks, and government debt securities are valued at the closing price reported on the active market on which the funds are traded. Corporate debt securities are valued by third-party pricing sources. Hedge funds and collective trusts are valued at net asset value per share. | ||||||||||||||||||||||||||||||||
Non-U.S. Plans | ||||||||||||||||||||||||||||||||
The insurance contracts guarantee a minimum rate of return. Federal-Mogul has no input into the investment strategy of the assets underlying the contracts, but they are typically heavily invested in active bond markets and are highly regulated by local law. | ||||||||||||||||||||||||||||||||
The following table presents our Food Packaging and Railcar segment's defined benefit plan assets measured at fair value on a recurring basis as of December 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
U.S. and Non-U.S. Plans: | ||||||||||||||||||||||||||||||||
Asset category: | ||||||||||||||||||||||||||||||||
Cash equivalents | $ | 5 | $ | 1 | $ | — | $ | 6 | $ | 4 | $ | 1 | $ | — | $ | 5 | ||||||||||||||||
Equity securities | 55 | 28 | — | 83 | 66 | 15 | — | 81 | ||||||||||||||||||||||||
Fixed income securities | 22 | 1 | — | 23 | 21 | 1 | — | 22 | ||||||||||||||||||||||||
Other | 6 | — | 21 | 27 | 6 | — | 21 | 27 | ||||||||||||||||||||||||
$ | 88 | $ | 30 | $ | 21 | $ | 139 | $ | 97 | $ | 17 | $ | 21 | $ | 135 | |||||||||||||||||
The changes in U.S. and Non-U.S. plan assets measured at fair value for which our Food Packaging and Railcar segments have used Level 3 input to determine fair value are as follows: | ||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
U.S. and Non-U.S. Plans: | ||||||||||||||||||||||||||||||||
Balance at January 1 | $ | 21 | $ | 30 | ||||||||||||||||||||||||||||
Realized and unrealized gains, net | 1 | 3 | ||||||||||||||||||||||||||||||
Purchases and settlements, net | (1 | ) | (12 | ) | ||||||||||||||||||||||||||||
Balance at December 31 | $ | 21 | $ | 21 | ||||||||||||||||||||||||||||
Financial_Instruments
Financial Instruments | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Financial Instruments [Abstract] | |||||||||||||||||
Financial Instruments | Financial Instruments. | ||||||||||||||||
Certain derivative contracts executed by the Investment Funds with a single counterparty, by our Automotive segment with a single counterparty, by our Energy segment with a single counterparty, or by our Holding Company with a single counterparty are reported on a net-by-counterparty basis where a legal right of offset exists under an enforceable netting agreement. Values for the derivative financial instruments, principally swaps, forwards, over-the-counter options and other conditional and exchange contracts, are reported on a net-by-counterparty basis. As a result, the net exposure to counterparties is reported in either other assets or accrued expenses and other liabilities in our consolidated balance sheets. | |||||||||||||||||
Investment Segment and Holding Company | |||||||||||||||||
The Investment Funds currently maintain cash deposits and cash equivalents with financial institutions. Certain account balances may not be covered by the Federal Deposit Insurance Corporation, while other accounts may exceed federally insured limits. The Investment Funds have prime broker arrangements in place with multiple prime brokers as well as a custodian bank. The Investment Funds also have relationships with several financial institutions with which they trade derivative and other financial instruments. | |||||||||||||||||
In the normal course of business, the Investment Funds and the Holding Company may trade various financial instruments and enter into certain investment activities, which may give rise to off-balance-sheet risks, with the objective of capital appreciation or as economic hedges against other securities or the market as a whole. The Investment Funds' and the Holding Company's investments may include futures, options, swaps and securities sold, not yet purchased. These financial instruments represent future commitments to purchase or sell other financial instruments or to exchange an amount of cash based on the change in an underlying instrument at specific terms at specified future dates. Risks arise with these financial instruments from potential counterparty non-performance and from changes in the market values of underlying instruments. | |||||||||||||||||
Securities sold, not yet purchased, at fair value represent obligations to deliver the specified security, thereby creating a liability to repurchase the security in the market at prevailing prices. Accordingly, these transactions result in off-balance-sheet risk, as the satisfaction of the obligations may exceed the amount recognized in our consolidated balance sheets. Our investments in securities and amounts due from brokers are partially restricted until we satisfy the obligation to deliver the securities sold, not yet purchased. | |||||||||||||||||
The Investment Funds and the Holding Company may enter into derivative contracts, including swap contracts, futures contracts and option contracts. The Investment Funds may also enter into foreign currency derivative contracts with the objective of capital appreciation or to economically hedge against foreign currency exchange rate risks on all or a portion of their non-U.S. dollar denominated investments. | |||||||||||||||||
The Investment Funds and the Holding Company have entered into various types of swap contracts with other counterparties. These agreements provide that they are entitled to receive or are obligated to pay in cash an amount equal to the increase or decrease, respectively, in the value of the underlying shares, debt and other instruments that are the subject of the contracts, during the period from inception of the applicable agreement to its expiration. In addition, pursuant to the terms of such agreements, they are entitled to receive or obligated to pay other amounts, including interest, dividends and other distributions made in respect of the underlying shares, debt and other instruments during the specified time frame. They are also required to pay to the counterparty a floating interest rate equal to the product of the notional amount multiplied by an agreed-upon rate, and they receive interest on any cash collateral that they post to the counterparty at the federal funds or LIBOR rate in effect for such period. | |||||||||||||||||
The Investment Funds and the Holding Company may trade futures contracts. A futures contract is a firm commitment to buy or sell a specified quantity of a standardized amount of a deliverable grade commodity, security, currency or cash at a specified price and specified future date unless the contract is closed before the delivery date. Payments (or variation margin) are made or received by the Investment Funds and the Holding Company each day, depending on the daily fluctuations in the value of the contract, and the whole value change is recorded as an unrealized gain or loss by the Investment Funds and the Holding Company. When the contract is closed, the Investment Funds and the Holding Company record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. | |||||||||||||||||
The Investment Funds and the Holding Company may utilize forward contracts to seek to protect their assets denominated in foreign currencies and precious metals holdings from losses due to fluctuations in foreign exchange rates and spot rates. The Investment Funds' and the Holding Company's exposure to credit risk associated with non-performance of such forward contracts is limited to the unrealized gains or losses inherent in such contracts, which are recognized in other assets and accrued expenses and other liabilities in our 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 were parties to swap agreements (“Swaps”) with respect to shares of SPDR S&P 500 ETF Trust ("SPDR"). In August 2013, certain of the Investment Funds assigned their rights and obligations under certain of the Swaps to IEH Investments I LLC (“IEH Investments”), a wholly owned subsidiary of ours, and Koala Holding LP ("Koala"), an affiliate of Mr. Icahn's. Certain of the Investment Funds assigned swaps referencing an aggregate of 9.7 million SPDR shares to IEH Investments and an aggregate 7.7 million SPDR shares to Koala. In addition, the Investment Funds distributed an aggregate $234 million to IEH Investments and an aggregate $185 million to Koala, amounts equal to the underlying obligations under the assigned Swaps. During the third quarter of 2014, the Swaps were terminated; IEH Investments held no Swaps as of December 31, 2014. As of December 31, 2013, there were unrealized losses of $14 million with respect to these Swaps. | |||||||||||||||||
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 consolidated balance sheets. At December 31, 2014, the maximum payout amounts relating to certain put options written by the Investment Funds were approximately $2.5 billion, of which approximately $2.4 billion related to covered put options on existing short positions on certain stock and credit indices. At December 31, 2013, the maximum payout amounts relating to certain put options written by the Investment Funds were approximately $8.0 billion, all of which related to covered put options on existing short positions on a certain stock index. As of December 31, 2014 and 2013, there were unrealized (losses) gains of less than $(1) million and $131 million, respectively, with respect to these put options. | |||||||||||||||||
Certain terms of the Investment Funds' contracts with derivative counterparties, which are standard and customary to such contracts, contain certain triggering events that would give the counterparties the right to terminate the derivative instruments. In such events, the counterparties to the derivative instruments could request immediate payment on derivative instruments in net liability positions. The aggregate fair value of all of the Investment Funds' derivative instruments with credit-risk-related contingent features that are in a liability position on December 31, 2014 and 2013 was $614 million and $639 million, respectively. | |||||||||||||||||
At December 31, 2014 and 2013, the Investment Funds had approximately $1.2 billion and $255 million, respectively, posted as collateral for derivative positions, including those derivative instruments with credit-risk-related contingent features; these amounts are included in cash held at consolidated affiliated partnerships and restricted cash in our consolidated balance sheets. | |||||||||||||||||
U.S. GAAP requires the disclosure of information about obligations under certain guarantee arrangements. Such guarantee arrangements requiring disclosure include contracts that contingently require the guarantor to make payments to the guaranteed party based on another entity's failure to perform under an agreement as well as indirect guarantees of the indebtedness of others. | |||||||||||||||||
Each Investment Fund's assets may be held in one or more accounts maintained for the Investment Fund by its prime broker or at other brokers or custodian banks, which may be located in various jurisdictions. The prime broker and custodian banks are subject to various laws and regulations in the relevant jurisdictions in the event of their insolvency. Accordingly, the practical effect of these laws and their application to the Investment Funds' assets may be subject to substantial variations, limitations and uncertainties. The insolvency of any of the prime brokers, custodian banks or clearing corporations may result in the loss of all or a substantial portion of the Investment Funds' assets or in a significant delay in the Investment Funds' having access to those assets. | |||||||||||||||||
Credit concentrations may arise from investment activities and may be impacted by changes in economic, industry or political factors. The Investment Funds and the Holding Company routinely execute transactions with counterparties in the financial services industry, resulting in credit concentration with respect to this industry. In the ordinary course of business, the Investment Funds and the Holding Company may also be subject to a concentration of credit risk to a particular counterparty. | |||||||||||||||||
The Investment Funds and the Holding Company seek to mitigate these risks by actively monitoring exposures, collateral requirements and the creditworthiness of our counterparties. | |||||||||||||||||
Automotive | |||||||||||||||||
Commodity Price Risk | |||||||||||||||||
Federal-Mogul's production processes are dependent upon the supply of certain raw materials that are exposed to price fluctuations on the open market. The primary purpose of Federal-Mogul's commodity price forward contract activity is to manage the volatility associated with forecasted purchases. Federal-Mogul monitors its commodity price risk exposures regularly to maximize the overall effectiveness of its commodity forward contracts. Principal raw materials hedged include natural gas, copper, nickel, tin, zinc, high-grade aluminum and aluminum alloy. Forward contracts are used to mitigate commodity price risk associated with raw materials, generally related to purchases forecast for up to 15 months in the future. | |||||||||||||||||
Federal-Mogul had commodity price hedge contracts outstanding with combined notional values of $36 million and $51 million at December 31, 2014 and 2013, respectively, substantially all of which mature within one year in each of the respective periods and all of which were designated as hedging instruments for accounting purposes. Unrealized net losses of $1 million and $1 million were recorded in accumulated other comprehensive loss as of December 31, 2014 and 2013, respectively. | |||||||||||||||||
Foreign Currency Risk | |||||||||||||||||
Federal-Mogul manufactures and sells its products in North America, South America, Asia, Europe and Africa. As a result, Federal-Mogul's financial results can be significantly affected by factors such as changes in foreign currency exchange rates or weak economic conditions in foreign markets in which Federal-Mogul manufactures and sells its products. Federal-Mogul's operating results are primarily exposed to changes in exchange rates between the U.S. dollar and European currencies. | |||||||||||||||||
Federal-Mogul generally tries to use natural hedges within its foreign currency activities, including the matching of revenues and costs, to minimize foreign currency risk. Where natural hedges are not in place, Federal-Mogul considers managing certain aspects of its foreign currency activities and larger transactions through the use of foreign currency options or forward contracts. Principal currencies hedged have historically included the euro, British pound and Polish zloty. Foreign currency forwards are also used in conjunction with Federal-Mogul's commodity hedging program. As part of its hedging program, Federal-Mogul attempts to limit hedge ineffectiveness by matching terms of the commodity purchases with the hedging instrument. Federal-Mogul had notional values of $12 million of foreign currency hedge contracts outstanding at December 31, 2013, all of which were designated as cash flow hedging instruments for accounting purposes. Federal-Mogul did not hold any foreign currency price hedge contracts as of December 31, 2014. Unrealized net losses of $1 million were recorded in accumulated other comprehensive loss as of December 31, 2013 for the contracts designated as hedging instruments. | |||||||||||||||||
During 2013, foreign currency contracts not designated as hedging instruments were entered into by Federal-Mogul in order to offset fluctuations in consolidated earnings caused by changes in currency rates used to translate earnings at foreign subsidiaries into U.S. dollars over 2013. These contracts were not designated as hedging instruments for accounting purposes and were marked to market through the income statement. | |||||||||||||||||
Concentrations of Credit Risk | |||||||||||||||||
Financial instruments, which potentially subject Federal-Mogul to concentrations of credit risk, consist primarily of accounts receivable and cash investments. Federal-Mogul's customer base includes virtually every significant global light and commercial vehicle manufacturer and a large number of distributors, installers and retailers of automotive aftermarket parts. Federal-Mogul's credit evaluation process and the geographical dispersion of sales transactions help to mitigate credit risk concentration. No individual customer accounted for more than 6% of Federal-Mogul's direct sales during the years ended December 31, 2014. Federal-Mogul had two Motorparts customer that accounted for 18% of its net accounts receivable balance as of December 31, 2014. Federal-Mogul requires placement of cash in financial institutions evaluated as highly creditworthy. | |||||||||||||||||
Energy | |||||||||||||||||
CVR is subject to price fluctuations caused by supply conditions, weather, economic conditions, interest rate fluctuations and other factors. To manage price risk on crude oil and other inventories and to fix margins on certain future production, CVR from time to time enters into various commodity derivative transactions. | |||||||||||||||||
CVR has adopted accounting standards that impose extensive record-keeping requirements in order to designate a derivative financial instrument as a hedge. CVR holds derivative instruments, such as exchange-traded crude oil futures and certain over-the-counter forward swap agreements, which it believes provide an economic hedge on future transactions, but such instruments are not designated as hedges for GAAP purposes. Gains or losses related to the change in fair value and periodic settlements of these derivative instruments are included in other income (loss), net in the consolidated statements of operations. There are no premiums paid or received at inception of the derivative contracts and upon settlement, there is no cost recovery associated with these contracts. | |||||||||||||||||
CVR maintains a margin account to facilitate other commodity derivative activities. A portion of this account may include funds available for withdrawal. These funds are included in cash and cash equivalents within the consolidated balance sheets. The maintenance margin balance is included within other assets within consolidated balance sheets. Depending upon the position of the open commodity derivatives as of the reporting date, the amounts are classified either as an asset or liability within the consolidated balance sheets. From time to time, CVR may be required to deposit additional funds into this margin account. CVR had no open commodity positions as of December 31, 2014. The fair value of the open commodity positions as of December 31, 2013 was a net gain of less than $1 million which is included in other assets. For the year ended December 31, 2014, 2013 and for the period May 5, 2012 through December 31, 2012, CVR recognized a net gain (loss) of less than $1 million, $(3) million and $(4) million, respectively, which are included in other income (loss), net in the consolidated statements of operations. | |||||||||||||||||
Commodity Swaps | |||||||||||||||||
CVR Refining enters into commodity swap contracts in order to fix the margin on a portion of future production. The physical volumes are not exchanged and these contracts are net settled with cash. The contract fair value of the commodity swaps is reflected on the consolidated balance sheets with changes in fair value currently recognized in the consolidated statements of operations. Quoted prices for similar assets or liabilities in active markets (Level 2) are considered to determine the fair values for the purpose of marking to market the hedging instruments at each period end. As of December 31, 2014 and 2013, CVR had open commodity hedging instruments consisting of 9.1 million and 23.3 million barrels of crack spreads primarily to fix the margin on a portion of its future gasoline and distillate production. The fair value of the outstanding contracts at December 31, 2014 and 2013 was a net asset of $47 million and a net liability of $16 million, respectively. For the years ended December 31, 2014 and 2013, CVR recognized net gains of $187 million and $60 million, respectively, which are recorded in other income (loss), net in the consolidated statements of operations with respects of these commodity swaps. For the period May 5, 2012 through December 31, 2012, CVR recognized a net loss of $176 million with respect of these commodity swaps. | |||||||||||||||||
Interest Rate Swap | |||||||||||||||||
Coffeyville Resources Nitrogen Fertilizers, LLC ("CRNF") has two floating-to-fixed interest rate swap agreements for the purpose of hedging the interest rate risk associated with a portion of its $125 million floating rate term debt which matures in April 2016. The aggregate notional amount covered under these agreements totals $63 million (split evenly between the two agreement dates) and commenced on August 12, 2011 and expires on February 12, 2016. Under the terms of the interest rate swap agreement entered into on June 30, 2011, CRNF will receive a floating rate based on three month LIBOR and pay a fixed rate of 1.94%. Under the terms of the interest rate swap agreement entered into on July 1, 2011, CRNF will receive a floating rate based on three month LIBOR and pay a fixed rate of 1.975%. Both swap agreements are settled every 90 days. The effect of these swap agreements is to lock in a fixed rate of interest of approximately 1.96% plus the applicable margin paid to lenders over three-month LIBOR as governed by the CRNF credit agreement. At December 31, 2014, the effective rate was approximately 4.56%. The agreements were designated as cash flow hedges at inception and accordingly, the effective portion of the gain or loss on the swap is reported as a component of accumulated other comprehensive income (loss) and will be reclassified into interest expense when the interest rate swap transaction affects earnings. The ineffective portion of the gain or loss will be recognized immediately in current interest expense in the consolidated statement of operations. The realized loss on the interest rate swap reclassified from accumulated other comprehensive income ("AOCI") into interest expense was $1 million, $1 million and $1 million for the years ended December 31, 2014 and 2013 and the period May 5, 2012 through December 31, 2012, respectively. | |||||||||||||||||
Consolidated Derivative Information | |||||||||||||||||
The following table presents the consolidated fair values of our derivatives that are not designated as hedging instruments: | |||||||||||||||||
Asset Derivatives(1) | Liability Derivatives(2) | ||||||||||||||||
Derivatives Not Designated as Hedging Instruments | December 31, | December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in millions) | |||||||||||||||||
Equity contracts | $ | — | $ | — | $ | 539 | $ | 654 | |||||||||
Foreign exchange contracts | 11 | 1 | — | — | |||||||||||||
Credit contracts | 1 | — | 85 | — | |||||||||||||
Interest rate contracts | 1 | — | — | — | |||||||||||||
Commodity contracts | 47 | 17 | — | 33 | |||||||||||||
Sub-total | 60 | 18 | 624 | 687 | |||||||||||||
Netting across contract types(3) | (10 | ) | (17 | ) | (10 | ) | (17 | ) | |||||||||
Total(3) | $ | 50 | $ | 1 | $ | 614 | $ | 670 | |||||||||
(1) | Net asset derivatives are located within other assets in our consolidated balance sheets. | ||||||||||||||||
(2) | Net liability derivatives are located within accrued expenses and other liabilities in our consolidated balance sheets. | ||||||||||||||||
(3) | Excludes netting of cash collateral received and posted. The total collateral posted at December 31, 2014 and 2013 was $1,248 million and $255 million, respectively, across all counterparties. | ||||||||||||||||
The following table presents the effects of our derivative instruments not designated as hedging instruments on the statements of operations for the years ended December 31, 2014, 2013 and 2012: | |||||||||||||||||
Gain (Loss) Recognized in Income(1) | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
Derivatives Not Designated as Hedging Instruments | 2014 | 2013 | 2012 | ||||||||||||||
(in millions) | |||||||||||||||||
Equity contracts | $ | (1,447 | ) | $ | (2,167 | ) | $ | (1,082 | ) | ||||||||
Foreign exchange contracts | 213 | (80 | ) | (78 | ) | ||||||||||||
Credit contracts | 61 | — | 1 | ||||||||||||||
Commodity contracts | 186 | 64 | (180 | ) | |||||||||||||
$ | (987 | ) | $ | (2,183 | ) | $ | (1,339 | ) | |||||||||
(1) | Gains (losses) recognized on derivatives are classified in net gain from investment activities in our consolidated statements of operations for our Investment segment and are included in other income (loss), net for all other segments. | ||||||||||||||||
At December 31, 2014 and 2013, the volume of our derivative activities based on their notional exposure, categorized by primary underlying risk, are as follows: | |||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||
Long Notional Exposure | Short Notional Exposure | Long Notional Exposure | Short Notional Exposure | ||||||||||||||
Primary underlying risk: | (in millions) | ||||||||||||||||
Credit default swaps(1) | $ | 389 | $ | 1,493 | $ | — | $ | — | |||||||||
Equity swaps | 1 | 11,312 | 1 | 10,508 | |||||||||||||
Foreign currency forwards | — | 1,578 | 12 | 1,676 | |||||||||||||
Interest rate contracts(2) | — | 137 | — | 63 | |||||||||||||
Commodity contracts | 36 | 234 | 60 | 669 | |||||||||||||
(1) | The short notional amount on our credit default swap positions is approximately $9.3 billion as of December 31, 2014. However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is approximately $1.5 billion. | ||||||||||||||||
(2) | The short notional amount on certain of our interest rate contracts with a three month duration is $16.0 billion as of December 31, 2014. We assume that interest rates will not fall below zero and therefore our downside short notional exposure to loss on these contracts is $74 million (of the total $137 million disclosed in the above table). | ||||||||||||||||
The following table presents the fair values of our derivative instruments that are designated as cash flow hedging instruments: | |||||||||||||||||
Asset Derivatives(1) | Liability Derivatives(2) | ||||||||||||||||
Derivatives Designated as Cash Flow Hedging Instruments | December 31, 2014 | December 31, 2013 | December 31, 2014 | December 31, 2013 | |||||||||||||
(in millions) | |||||||||||||||||
Interest rate swap contracts | $ | — | $ | — | $ | 1 | $ | 2 | |||||||||
Commodity contracts | 1 | 1 | 2 | 2 | |||||||||||||
Foreign currency contracts | — | — | — | 1 | |||||||||||||
Sub-total | 1 | 1 | 3 | 5 | |||||||||||||
Netting across contract types | (1 | ) | (1 | ) | (1 | ) | (1 | ) | |||||||||
Total | $ | — | $ | — | $ | 2 | $ | 4 | |||||||||
(1) | Located within other assets in our consolidated balance sheets. | ||||||||||||||||
(2) | Located within accrued expenses and other liabilities in our consolidated balance sheets. | ||||||||||||||||
The following tables present the effect of our derivative instruments that are designated as cash flow hedging instruments on our consolidated financial statements for the years ended December 31, 2014, 2013 and 2012: | |||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||
Derivatives Designated as Hedging Instruments | Amount of Gain Recognized in OCI on Derivatives (Effective Portion) | Amount of Loss Reclassified from AOCI into Income (Effective Portion) | Location of Loss Reclassified from AOCI into Income (Effective Portion) | Amount of Gain Recognized in Income on Derivatives (Ineffective Portion) | Location of Gain Recognized in Income on Derivatives (Ineffective Portion) | ||||||||||||
(in millions) | (in millions) | ||||||||||||||||
Interest rate swap contracts | $ | — | $ | (1 | ) | Interest expense | $ | — | |||||||||
Commodity contracts | — | — | Cost of goods sold | 1 | Other income, net | ||||||||||||
Foreign currency contracts | — | (1 | ) | Cost of goods sold | — | ||||||||||||
$ | — | $ | (2 | ) | $ | 1 | |||||||||||
Year Ended December 31, 2013 | |||||||||||||||||
Derivatives Designated as Hedging Instruments | Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) | Amount of (Loss) Gain Reclassified from AOCI into Income (Effective Portion) | Location of (Loss) Gain Reclassified from AOCI into Income (Effective Portion) | Amount of Gain Recognized in Income on Derivatives (Ineffective Portion) | Location of Gain Recognized in Income on Derivatives (Ineffective Portion) | ||||||||||||
(in millions) | (in millions) | ||||||||||||||||
Interest rate swap contracts | $ | 1 | $ | (9 | ) | Interest expense | $ | — | |||||||||
Commodity contracts | (7 | ) | (5 | ) | Cost of goods sold | — | |||||||||||
Foreign currency contracts | (1 | ) | — | — | |||||||||||||
$ | (7 | ) | $ | (14 | ) | $ | — | ||||||||||
Year Ended December 31, 2012 | |||||||||||||||||
Derivatives Designated as Hedging Instruments | Amount of (Loss) Gain Recognized in OCI on Derivatives (Effective Portion) | Amount of (Loss) Gain Reclassified from AOCI into Income (Effective Portion) | Location of (Loss) Gain Reclassified from AOCI into Income (Effective Portion) | Amount of Loss Recognized in Income on Derivatives (Ineffective Portion) | Location of Loss Recognized in Income on Derivatives (Ineffective Portion) | ||||||||||||
(in millions) | (in millions) | ||||||||||||||||
Interest rate swap contracts | $ | (4 | ) | $ | (38 | ) | Interest expense | $ | — | ||||||||
Commodity contracts | 7 | (10 | ) | Cost of goods sold | — | ||||||||||||
Foreign currency contracts | (2 | ) | 1 | Cost of goods sold | — | ||||||||||||
$ | 1 | $ | (47 | ) | $ | — | |||||||||||
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets, Net | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||
Goodwill and Intangible Assets, Net | Goodwill and Intangible Assets, Net. | |||||||||||||||||||||||
Goodwill consists of the following: | ||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
Automotive | Energy | Railcar | Food Packaging | Consolidated | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Gross carrying amount, January 1 | $ | 1,360 | $ | 930 | $ | 7 | $ | 3 | $ | 2,300 | ||||||||||||||
Acquisitions | 32 | — | — | — | 32 | |||||||||||||||||||
Foreign exchange | (3 | ) | — | — | — | (3 | ) | |||||||||||||||||
Gross carrying amount, December 31 | 1,389 | 930 | 7 | 3 | 2,329 | |||||||||||||||||||
Accumulated impairment, January 1 | (226 | ) | — | — | — | (226 | ) | |||||||||||||||||
Impairment | — | (103 | ) | — | — | (103 | ) | |||||||||||||||||
Accumulated impairment, December 31 | (226 | ) | (103 | ) | — | — | (329 | ) | ||||||||||||||||
Net carrying value, December 31 | $ | 1,163 | $ | 827 | $ | 7 | $ | 3 | $ | 2,000 | ||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||
Automotive | Energy | Railcar | Food Packaging | Consolidated | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Gross carrying amount, January 1 | $ | 1,368 | $ | 930 | $ | 7 | $ | 3 | $ | 2,308 | ||||||||||||||
Adjustment to step-up value | 8 | — | — | — | 8 | |||||||||||||||||||
Foreign exchange | (16 | ) | — | — | — | (16 | ) | |||||||||||||||||
Gross carrying amount, December 31 | 1,360 | 930 | 7 | 3 | 2,300 | |||||||||||||||||||
Accumulated impairment, January 1 | (226 | ) | — | — | — | (226 | ) | |||||||||||||||||
Impairment | — | — | — | — | — | |||||||||||||||||||
Accumulated impairment, December 31 | (226 | ) | — | — | — | (226 | ) | |||||||||||||||||
Net carrying value, December 31 | $ | 1,134 | $ | 930 | $ | 7 | $ | 3 | $ | 2,074 | ||||||||||||||
Intangible assets, net consists of the following: | ||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
Gross Carrying Amount | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Amortization | Carrying | Carrying | Amortization | Carrying | ||||||||||||||||||||
Value | Amount | Value | ||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Definite-lived intangible assets: | ||||||||||||||||||||||||
Customer relationships | $ | 957 | $ | (345 | ) | $ | 612 | $ | 914 | $ | (291 | ) | $ | 623 | ||||||||||
Developed technology | 120 | (77 | ) | 43 | 120 | (67 | ) | 53 | ||||||||||||||||
In-place leases | 121 | (63 | ) | 58 | 121 | (53 | ) | 68 | ||||||||||||||||
Gasification technology license | 60 | (7 | ) | 53 | 60 | (4 | ) | 56 | ||||||||||||||||
Other | 47 | (20 | ) | 27 | 47 | (18 | ) | 29 | ||||||||||||||||
$ | 1,305 | $ | (512 | ) | 793 | $ | 1,262 | $ | (433 | ) | 829 | |||||||||||||
Indefinite-lived intangible assets: | ||||||||||||||||||||||||
Trademarks and brand names | 257 | 255 | ||||||||||||||||||||||
Gaming licenses | 38 | 29 | ||||||||||||||||||||||
295 | 284 | |||||||||||||||||||||||
Intangible assets, net | $ | 1,088 | $ | 1,113 | ||||||||||||||||||||
We recorded amortization expense associated with definite-lived intangible assets for the years ended December 31, 2014, 2013 and 2012 of $83 million, $81 million and $77 million, respectively. We utilize the straight-line method of amortization, recognized over the estimated useful lives of the assets. | ||||||||||||||||||||||||
The estimated future amortization expense for our definite-lived intangible assets is as follows: | ||||||||||||||||||||||||
Year | Amount | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
2015 | $ | 83 | ||||||||||||||||||||||
2016 | 81 | |||||||||||||||||||||||
2017 | 81 | |||||||||||||||||||||||
2018 | 72 | |||||||||||||||||||||||
2019 | 71 | |||||||||||||||||||||||
Thereafter | 405 | |||||||||||||||||||||||
$ | 793 | |||||||||||||||||||||||
Automotive | ||||||||||||||||||||||||
During the first quarter of 2014, our Automotive segment acquired Dimitrovgradskiy Zavod Vkladishey ("DZV"), a Russian bearings manufacturer, for $15 million net of cash acquired and allocated $6 million to goodwill, $2 million to customer relationships and $1 million to trademarks and brand names. | ||||||||||||||||||||||||
As further discussed in Note 3, "Operating Units - Automotive," during the second quarter of 2014, our Automotive segment consummated its Affinia Acquisition, recording $26 million in goodwill, $1 million of brand names and $51 million of customer relationships based on fair values as of the acquisition date. Fair values were determined using a combination of cost, income and market approaches. The preliminary allocation of the fair value of the assets acquired is subject to additional adjustment to provide Federal-Mogul with adequate time to complete the valuation of its Affinia Acquisition. The Affinia and Lumière (as discussed below) acquisitions are not material to our consolidated financial statements, either individually or in the aggregate. | ||||||||||||||||||||||||
During the year ended December 31, 2013, we increased our Automotive segment's goodwill by $8 million and decreased definite-lived intangible assets by $3 million to adjust for the purchase price allocation relating to its spark plug business acquisition from BorgWarner, Inc. in June 2012. Additionally, in connection with the various dispositions of our Automotive segment's businesses during the year ended December 31, 2013, we decreased goodwill by $16 million. In addition, in connection with these dispositions, we also decreased definite-lived intangible assets by $2 million and trademarks and brand names by $6 million. | ||||||||||||||||||||||||
Our Automotive segment's reporting unit fair values are based upon consideration of various valuation methodologies, one of which is projecting future cash flows discounted at rates commensurate with the risks involved (“Discounted Cash Flow” or “DCF”). Assumptions used in a DCF require the exercise of significant judgment, including judgment about appropriate discount rates and terminal values, growth rates, and the amount and timing of expected future cash flows. The forecasted cash flows are based on current plans and for years beyond that plan, the estimates are based on assumed growth rates. We believe that our assumptions are consistent with the plans and estimates used to manage the underlying businesses. The discount rates, which are intended to reflect the risks inherent in future cash flow projections, used in a DCF are based on estimates of the weighted-average cost of capital (“WACC”) of a market participant. Such estimates are derived from our analysis of peer companies and consider the industry weighted average return on debt and equity from a market participant perspective. | ||||||||||||||||||||||||
Both of our Automotive reporting units with goodwill passed "Step 1" of our October 1, 2014 goodwill impairment analysis. Powertrain and Motorparts, representing our Automotive segment reporting units, had fair values that were substantially in excess of their carrying values. Based on the results of our "Step 1" goodwill impairment analysis for our Automotive segment, we concluded that no impairment existed and therefore "Step 2" of the goodwill impairment analysis was not necessary. | ||||||||||||||||||||||||
Intangible Assets | ||||||||||||||||||||||||
Based upon certain impairment indicators related to our Automotive segment's friction business during the second quarter of 2012, including lower than expected profits and cash flows due to continued lower aftermarket volumes, further product mix shifts and pressure on margins, our Automotive segment performed a trademarks and brand names impairment analysis in accordance with the subsequent measurement provisions of FASB ASC Topic 350. In addition, in conjunction with our goodwill impairment test that was precipitated by the reorganization as of September 1, 2012, we also performed a trademarks and brand names impairment analysis in accordance with FASB ASC 350, Intangibles-Goodwill and other, as of September 1, 2012. Our impairment analyses compare the fair values of these assets to the related carrying values, and impairment charges are recorded for any excess of carrying values over fair values. These fair values are based upon the prospective stream of hypothetical after-tax royalty cost savings discounted at rates that reflect the rates of return appropriate for these intangible assets. Based upon these analyses, our Automotive segment recognized an aggregate impairment charge of $46 million impairment for the year ended December 31, 2012. | ||||||||||||||||||||||||
Energy | ||||||||||||||||||||||||
Goodwill impairment analysis | ||||||||||||||||||||||||
We perform our annual goodwill impairment analysis as of April 30 of each year for our Energy segment, or more frequently if impairment indicators exist. The first step of the impairment analysis involves comparing the fair values of these assets to the respective carrying values to determine the potential for goodwill impairment. The second step of the impairment test, if necessary, involves quantifying the level of goodwill impairment. | ||||||||||||||||||||||||
The fair values of our Energy segment's reporting units are based upon consideration of various valuation methodologies, including a DCF analysis and pricing multiples of current and future earnings observed for comparable public companies. Assumptions used in a DCF require the exercise of significant judgment, including judgment about appropriate discount rates and terminal values, growth rates, and the amount and timing of expected future cash flows. The forecasted cash flows are based on current plans and for years beyond that plan, the estimates are based on assumed growth rates. We believe that our assumptions are consistent with the plans and estimates used to manage the underlying businesses. The discount rates, which are intended to reflect the risks inherent in future cash flow projections, used in a DCF are based on estimates of the weighted-average cost of capital (“WACC”) of a market participant. Such estimates are derived from our analysis of peer companies and consider the industry weighted average return on debt and equity from a market participant perspective. | ||||||||||||||||||||||||
During the fourth quarter of 2014, based on certain negative trends occurring in the energy markets, particularly with respect to the significant volatility in the oil markets as a result of a drop in forecasted worldwide demand for crude oil supply and inventories, we determined that goodwill impairment indicators existed in both of our Energy segment's Petroleum and Fertilizer reporting units. Accordingly, we performed a "Step 1" goodwill impairment analysis for our Energy segment's reporting units as of December 1, 2014. Our Energy segment’s petroleum reporting unit passed “Step 1” of the goodwill impairment analysis, and therefore, we did not perform “Step 2” of the goodwill impairment analysis for this reporting unit. Because our Energy segment's Fertilizer reporting unit failed "Step 1" of the goodwill impairment analysis, we therefore, performed "Step 2" of the goodwill impairment analysis. Based on "Step 2" results of the goodwill impairment analysis we recognized a preliminary impairment charge of $103 million for our Energy segment's Fertilizer reporting unit for the year ended December 31, 2014. Due to the complexity inherent in the "Step 2" goodwill impairment test, we expect to finalize the assessment of Energy segment's goodwill impairment during the first quarter of 2015 and any resulting difference in the amount of the impairment will be adjusted at that time. | ||||||||||||||||||||||||
Metals | ||||||||||||||||||||||||
Our Metals segment performed its annual impairment review of indefinite-lived intangible assets in the fourth quarter of 2012. Because of the downturn in the scrap metals industry in 2012, along with continued challenging market conditions in the metals industry, our Metals segment determined that all of its goodwill and trade name intangible assets were impaired. As a result, our Metals segment recorded an impairment charge of $18 million during the year ended December 31, 2012. | ||||||||||||||||||||||||
Railcar | ||||||||||||||||||||||||
We perform the annual goodwill impairment test as of March 1 of each year for our Railcar segment. For purposes of goodwill impairment testing, our Railcar segment's manufacturing reporting unit is the only reporting unit with allocated goodwill. We assess qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is greater than its carrying amount. If, however, we had determined that it was more likely than not that the fair value of the reporting unit was less than its carrying amount, then we would perform the first step of the two-step goodwill impairment test. In evaluating whether it is more likely than not that the fair value of the reporting unit is greater than its carrying amount, we considered various qualitative and quantitative factors, including macroeconomic conditions, railcar industry trends and the fact that our railcar manufacturing reporting unit has historical positive operating cash flows that we anticipate will continue. After assessing these factors, we determined that it was more likely than not the fair value of our railcar manufacturing reporting unit was greater than its carrying amount, and therefore no further testing was necessary. | ||||||||||||||||||||||||
Gaming | ||||||||||||||||||||||||
As discussed in Note 3, "Operating Units - Gaming," on April 1, 2014, Tropicana consummated its previously announced acquisition of Lumière. A preliminary valuation of the assets of Lumière resulted in $252 million allocated to tangible net assets and $9 million allocated to other intangible assets based on the fair values of net assets acquired as of the acquisition date. The preliminary allocation of the fair value of the net assets acquired is subject to additional adjustment to provide Tropicana with adequate time to complete the valuation of its Lumière acquisition. The Affinia (as discussed above) and Lumière acquisitions are not material to our consolidated financial statements, either individually or in the aggregate. | ||||||||||||||||||||||||
The gaming license is valued based on the Greenfield method, which takes into account the cost to build a new casino operation, build-out period, projected cash flows attributed to the business once operational and a discount rate. The projected cash flows assumed a revenue growth rate of 2.0% and an effective tax rate of 38.1%. The discount rate assumed was 12.0%, based on the weighted average cost of capital plus a premium to reflect the risk of construction costs and timing. |
Property_Plant_and_Equipment_N
Property, Plant and Equipment, Net | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||
Property, Plant and Equipment, Net | Property, Plant and Equipment, Net. | |||||||||
Property, plant and equipment, net consists of the following: | ||||||||||
December 31, | ||||||||||
Useful Life | 2014 | 2013 | ||||||||
(in years) | (in millions) | |||||||||
Land | $ | 489 | $ | 465 | ||||||
Buildings and improvements | Apr-40 | 2,353 | 2,107 | |||||||
Machinery, equipment and furniture | Jan-40 | 5,594 | 5,068 | |||||||
Assets leased to others | 15 - 39 | 3,546 | 3,017 | |||||||
Construction in progress | 584 | 632 | ||||||||
12,566 | 11,289 | |||||||||
Less: Accumulated depreciation and amortization | (3,611 | ) | (3,212 | ) | ||||||
Property, plant and equipment, net | $ | 8,955 | $ | 8,077 | ||||||
Assets leased to others are related to our Railcar and Real Estate segments. Included in assets leased to others in the table above are our Railcar segment's railcars for lease in the amount of approximately $3.1 billion and $2.6 billion as of December 31, 2014 and 2013, respectively. Additionally, included in assets leased to others in the table above are our Real Estate segment's properties on lease in the amount of $450 million and $462 million as of December 31, 2014 and 2013, respectively. Aggregate accumulated depreciation pertaining to assets leased to others is $957 million and $896 million as of December 31, 2014 and 2013, respectively. | ||||||||||
Depreciation and amortization expense related to property, plant and equipment for the years ended December 31, 2014, 2013 and 2012 was $700 million, $622 million and $529 million, respectively. |
Debt
Debt | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||
Debt | Debt. | |||||||||||||||
Debt consists of the following: | ||||||||||||||||
Icahn Enterprises | Icahn Enterprises Holdings | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(in millions) | (in millions) | |||||||||||||||
5.875% senior unsecured notes due 2022 - Icahn Enterprises/Icahn Enterprises Holdings | $ | 1,337 | $ | — | $ | 1,337 | $ | — | ||||||||
6% senior unsecured notes due 2020 - Icahn Enterprises/Icahn Enterprises Holdings | 1,708 | 493 | 1,708 | 493 | ||||||||||||
4.875% senior unsecured notes due 2019 - Icahn Enterprises/Icahn Enterprises Holdings | 1,270 | — | 1,270 | — | ||||||||||||
8% senior unsecured notes due 2018 - Icahn Enterprises/Icahn Enterprises Holdings | — | 2,473 | — | 2,470 | ||||||||||||
3.50% senior unsecured notes due 2017 - Icahn Enterprises/Icahn Enterprises Holdings | 1,171 | — | 1,171 | — | ||||||||||||
7.75% senior unsecured notes due 2016 - Icahn Enterprises/Icahn Enterprises Holdings | — | 1,050 | — | 1,047 | ||||||||||||
Debt facilities - Automotive | 2,584 | 2,494 | 2,584 | 2,494 | ||||||||||||
Debt and credit facilities - Energy | 625 | 625 | 625 | 625 | ||||||||||||
Debt and credit facilities - Railcar | 2,133 | 1,448 | 2,133 | 1,448 | ||||||||||||
Credit facilities - Gaming | 295 | 298 | 295 | 298 | ||||||||||||
Senior secured notes and revolving credit facility - Food Packaging | 272 | 215 | 272 | 215 | ||||||||||||
Mortgages payable - Real Estate | 31 | 49 | 31 | 49 | ||||||||||||
Other | 162 | 150 | 162 | 150 | ||||||||||||
$ | 11,588 | $ | 9,295 | $ | 11,588 | $ | 9,289 | |||||||||
Senior Unsecured Notes - Icahn Enterprises and Icahn Enterprises Holdings | ||||||||||||||||
5.875% Senior Unsecured Notes Due 2022 | ||||||||||||||||
On January 29, 2014, we and a wholly owned subsidiary of ours, Icahn Enterprises Finance Corp. (“Icahn Enterprises Finance”), (collectively, the “Issuers”), issued $1.350 billion in aggregate principal amount of 5.875% Senior Notes due 2022 (the “2022 Notes”) pursuant to the purchase agreement, dated January 22, 2014 (the “2022 Notes Purchase Agreement”), by and among the Issuers, Icahn Enterprises Holdings, as guarantor, and Jefferies LLC, as initial purchaser (the “2022 Notes Purchaser”). The 2022 Notes were priced at 100.000% of their face amount. The net proceeds from the sale of the 2022 Notes were approximately $1.340 billion after deducting the initial purchaser’s discount and commission and estimated fees and expenses related to the offering. Interest on the 2022 Notes will be payable on February 1 and August 1 of each year, commencing August 1, 2014. The 2022 Notes Purchase Agreement contains customary representations, warranties and covenants of the parties and indemnification and contribution provisions whereby the Issuers and the Guarantor, on the one hand, and the 2022 Notes Purchaser, on the other, have agreed to indemnify each other against certain liabilities. | ||||||||||||||||
The Issuers issued the 2022 Notes under the indenture dated as of January 29, 2014 (the “2022 Indenture”), among the Issuers, Icahn Enterprises Holdings, as guarantor (the “Guarantor”), and Wilmington Trust Company, as trustee. The 2022 Indenture contains customary events of defaults and covenants relating to, among other things, the incurrence of debt, affiliate transactions, liens and restricted payments. On or after August 1, 2017 and prior to February 1, 2018, the Issuers may redeem all of the 2022 Notes at a price equal to 104.406% of the principal amount of the 2022 Notes, plus accrued and unpaid interest, with such optional redemption prices decreasing to 102.938% on and after February 1, 2018, 101.469% on or after February 1, 2019 and 100.000% on and after February 1, 2020. Before August 1, 2017, the Issuers may redeem the 2022 Notes upon repayment of a make-whole premium. Before February 1, 2017, the Issuers may redeem up to 35% of the aggregate principal amount of 2022 Notes with the net proceeds of certain equity offerings at a price equal to 105.875% of the aggregate principal amount thereof, plus accrued and unpaid interest to the date of redemption, provided that at least 65% of the aggregate principal amount of the 2022 Notes originally issued remains outstanding immediately after such redemption. If the Issuers experience a change of control, the Issuers must offer to purchase for cash all or any part of each holder’s 2022 Notes at a purchase price equal to 101% of the principal amount of the 2022 Notes, plus accrued and unpaid interest. | ||||||||||||||||
The 2022 Notes and the related guarantee are the senior unsecured obligations of the Issuers and rank equally with all of the Issuers’ and the Guarantor’s existing and future senior unsecured indebtedness and senior to all of the Issuers’ and the Guarantor’s existing and future subordinated indebtedness. The 2022 Notes and the related guarantee are effectively subordinated to the Issuers’ and the Guarantor’s existing and future secured indebtedness to the extent of the collateral securing such indebtedness. The 2022 Notes and the related guarantee are also effectively subordinated to all indebtedness and other liabilities of the Issuers’ subsidiaries other than the Guarantor. | ||||||||||||||||
In connection with the sale of the 2022 Notes, the Issuers and the Guarantor entered into a certain registration rights agreement dated January 29, 2014. See below for further discussion of this registration rights agreement. | ||||||||||||||||
6% Senior Unsecured Notes Due 2020 | ||||||||||||||||
On August 1, 2013, the Issuers issued $500 million aggregate principal amount of 6% Senior Notes due 2020 (the “Initial 2020 Notes”) pursuant to the purchase agreement, dated July 29, 2013, by and among the Issuers, Icahn Enterprises Holdings, as guarantor, and Jefferies & Company, Inc., as initial purchaser. In addition, as described below, on January 21, 2014, the Issuers issued $1.200 billion in aggregate principal amount of 6% Senior Notes due 2020 (the "Additional 2020 Notes" and together with the Initial 2020 Notes, the "2020 Notes") pursuant to the purchase agreement, dated January 8, 2014, by and among the Issuers, the Guarantor, and Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC, Jefferies LLC and UBS Securities LLC, as initial purchasers. The net proceeds from the sale of the Initial 2020 Notes and the Additional 2020 Notes were $493 million and approximately $1.217 billion, respectively, after deducting the initial purchasers' discount and commission and estimated fees and expenses related to the offerings. The Additional 2020 Notes constitute the same series of securities of the 2020 Notes for purposes of the indenture governing the notes and vote together on all matters with such series. The Additional 2020 Notes have substantially identical terms as the Initial 2020 Notes. Interest on the 2020 Notes is payable on February 1 and August 1 of each year, commencing February 1, 2014. | ||||||||||||||||
The 2020 Notes were issued under and are governed by an indenture, dated August 1, 2013 (the “2020 Indenture”), among the Issuers, the Guarantor and Wilmington Trust Company, as trustee. The 2020 Indenture contains customary events of defaults and covenants relating to, among other things, the incurrence of debt, affiliate transactions, liens and restricted payments. On or after February 1, 2017, the Issuers may redeem all of the 2020 Notes at a price equal to 104.5% of the principal amount of the 2020 Notes, plus accrued and unpaid interest, with such option redemption prices decreasing to 103.0% on and after August 1, 2017, 101.5% on or after August 1, 2018 and 100% on and after August 1, 2019. Before August 1, 2016, the Issuers may redeem up to 35% of the aggregate principal amount of 2020 Notes with the net proceeds of certain equity offerings at a price equal to 106.0% of the aggregate principal amount thereof, plus accrued and unpaid interest to the date of redemption, provided that at least 65% of the aggregate principal amount of the 2020 Notes, as the case may be, originally issued remains outstanding immediately after such redemption. In addition, the 2020 Notes are redeemable prior to February 1, 2017 by paying a “make whole” premium. If the Issuers experience a change of control, the Issuers must offer to purchase for cash all or any part of each holder's notes at a purchase price equal to 101% of the principal amount of the notes, plus accrued and unpaid interest. | ||||||||||||||||
The 2020 Notes and the related guarantee are the senior unsecured obligations of the Issuers and the Guarantor and rank equally with all of the Issuers' and the Guarantor's existing and future senior unsecured indebtedness and rank senior to all of the Issuers' and the Guarantor's existing and future subordinated indebtedness. The series of notes constituting the 2020 Notes and the related guarantee are effectively subordinated to the Issuers' and the Guarantor's existing and future secured indebtedness to the extent of the collateral securing such indebtedness. The series of notes constituting the 2020 Notes and the related guarantee are also effectively subordinated to all indebtedness and other liabilities of the Issuers' subsidiaries other than the Guarantor. | ||||||||||||||||
In connection with the issuance of the Initial 2020 Notes on August 1, 2013, the Issuers and the Guarantor entered into a registration rights agreement dated August 1, 2013. On September 26, 2013, we filed an initial registration statement on Form S-4 with respect to the Initial 2020 Notes for the sole purpose of exchanging the unregistered Initial 2020 Notes for notes that are registered with the SEC ("Exchange Notes"). The exchange offer registration statement on Form S-4 with respect to the Initial 2020 Notes was declared effective on December 9, 2013. Pursuant to the registration rights agreement dated August 1, 2013, we subsequently commenced the exchange offer to exchange the Initial 2020 Notes for Exchange Notes which exchange offer expired on January 15, 2014. All of the Initial 2020 Notes were properly tendered in the exchange offer and accepted by us in exchange for the Exchange Notes. | ||||||||||||||||
In connection with the sale of the Additional 2020 Notes, the Issuers and the Guarantor entered into a certain registration rights agreement dated January 29, 2014. See below for further discussion of this registration rights agreement. | ||||||||||||||||
4.875% Senior Unsecured Notes Due 2019 and 3.50% Senior Notes due 2017 | ||||||||||||||||
On January 21, 2014, the Issuers issued $1.275 billion in aggregate principal amount of our 4.875% Senior Notes due 2019 (the “2019 Notes”) and $1.175 billion in aggregate principal amount of our 3.500% Senior Notes due 2017 (the “2017 Notes”) pursuant to the purchase agreement, dated January 8, 2014, by and among the Issuers, Icahn Enterprises Holdings, as guarantor, and Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC, Jefferies LLC and UBS Securities LLC, as initial purchasers (the “New Notes Purchasers”). The net proceeds from the sale of the 2019 Notes and the 2017 Notes were $1.269 billion and $1.169 billion, respectively, after deducting the initial purchasers' discount and commission and estimated fees and expenses related to the offering. Interest on the 2019 Notes and the 2017 Notes is payable on March 15 and September 15 of each year and commenced September 15, 2014. | ||||||||||||||||
We used the proceeds from the issuance of the Additional 2020 Notes, the 2019 Notes, and the 2017 Notes to refinance our 2010-2012 Notes (as defined below). As a result of this refinancing, we purchased $3.500 billion aggregate principal of the 2010-2012 Notes and recognized a loss of $108 million on extinguishment of debt during the first quarter of 2014, and is reflected in other income, net in the consolidated statements of operations. The 2016 Notes (as defined below) and the 2018 Notes (as defined below) comprising the 2010-2012 Notes were discharged in full on February 6, 2014. | ||||||||||||||||
The Issuers issued the 2019 Notes and the 2017 Notes under an indenture dated as of January 21, 2014 (the “2017 and 2019 Indenture”), among the Issuers, Icahn Enterprises Holdings, as guarantor, and Wilmington Trust Company, as trustee. The 2017 and 2019 Indenture contains customary events of defaults and covenants relating to, among other things, the incurrence of debt, affiliate transactions, liens and restricted payments. On or after July 15, 2016 and prior to January 15, 2017, the Issuers may redeem all or part of the 2019 Notes at a price equal to 103.6563% of the principal amount of the 2019 Notes, plus accrued and unpaid interest, with such optional redemption prices decreasing to 102.4375% on and after January 15, 2017 and 100.000% on and after January 15, 2018. Before July 15, 2016, the Issuers may redeem the 2019 Notes upon repayment of a make-whole premium. Before July 15, 2016, the Issuers may redeem up to 35% of the aggregate principal amount of the 2019 Notes with the net proceeds of certain equity offerings at a price equal to 104.8750% of the aggregate principal amount thereof, plus accrued and unpaid interest to the date of redemption, provided that at least 65% of the aggregate principal amount of the 2019 Notes originally issued remains outstanding immediately after such redemption. On or after February 15, 2017, the Issuers may redeem some or all of the 2017 Notes at a price equal to 100.000% of the principal amount of the 2017 Notes, plus accrued and unpaid interest. If the Issuers experience a change of control, the Issuers must offer to purchase for cash all or any part of each holder’s 2019 Notes and 2017 Notes at a purchase price equal to 101% of the principal amount of 2019 Notes and 2017 Notes, plus accrued and unpaid interest. | ||||||||||||||||
In connection with the sale of the Additional 2020 Notes, the 2019 Notes and the 2017 Notes (collectively, the "New Notes") and the 2022 Notes, the Issuers and the Guarantor entered into two registration rights agreements, one dated January 21, 2014 and the other January 29, 2014 (the “Registration Rights Agreements”), with the New Notes Purchasers and the 2022 Notes Purchaser, respectively. Pursuant to the Registration Rights Agreements, on March 28, 2014, we filed an initial Form S-4 with respect to the New Notes and 2022 Notes for the sole purpose of exchanging the unregistered New Notes and the 2022 Notes for Exchange Notes. The exchange offer registration statement on Form S-4 with respect to the New Notes and the 2022 Notes was declared effective on April 24, 2014. Pursuant to the Registration Rights Agreements, we subsequently commenced the exchange offer to exchange the New Notes and the 2022 Notes for Exchange Notes which exchange offer expired on May 23, 2014. Substantially all of the New Notes and 2022 Notes were properly tendered in the exchange offer and accepted by us in exchange for registered Exchange Notes. | ||||||||||||||||
8% Senior Unsecured Notes Due 2018 and 7.75% Senior Unsecured Notes Due 2016 | ||||||||||||||||
On January 15, 2010, the Issuers issued $850 million aggregate principal amount of 7.75% Senior Unsecured Notes due 2016 (the “2016 Notes”) and $1,150 million aggregate principal amount of 8% Senior Unsecured Notes due 2018 (the “2018 Notes” and, together with the 2016 Notes, the “Initial Notes”) pursuant to the purchase agreement, dated January 12, 2010, by and among the Issuers, Icahn Enterprises Holdings, as guarantor, and Jefferies & Company, Inc., as initial purchaser. The gross proceeds from the sale of the Initial Notes were $1,987 million, a portion of which was used to retire certain notes during 2010. Interest on the Initial Notes was payable on January 15 and July 15 of each year, commencing July 15, 2010. | ||||||||||||||||
On November 12, 2010, the Issuers issued an additional $200 million aggregate principal amount of the 2016 Notes and $300 million aggregate principal amount of the 2018 Notes (such notes are collectively referred to as the “2010 Additional Notes”), pursuant to the purchase agreement, dated November 8, 2010, by and among the Issuers, Icahn Enterprises Holdings, as guarantor and Jefferies & Company, Inc., as initial purchaser. The gross proceeds from the sale of the 2010 Additional Notes were $512 million. On January 17, 2012, February 6, 2012 and July 12, 2012, the Issuers issued an additional $1,000 million aggregate principal amount of the 2018 Notes (such notes are collectively referred to as the “2012 Additional Notes”), pursuant to their respective purchase agreements, by and among the Issuers, Icahn Enterprises Holdings, as guarantor and Jefferies & Company, Inc., as initial purchaser. The 2010 Additional Notes and the 2012 Additional Notes constituted the same series of securities as the Initial Notes for purposes of the indenture governing the notes and voted together on all matters with such series. The 2010 Additional Notes and the 2012 Additional Notes had substantially identical terms as the Initial Notes. | ||||||||||||||||
The Initial Notes, the 2010 Additional Notes and the 2012 Additional Notes (referred to collectively as the "2010-2012 Notes") were issued under and are governed by an indenture, dated January 15, 2010 (the “2016 and 2018 Indenture”), among the Issuers, the Guarantor and Wilmington Trust Company, as trustee. The 2016 and 2018 Indenture contains customary events of defaults and covenants relating to, among other things, the incurrence of debt, affiliate transactions, liens and restricted payments. On or after January 15, 2013, the Issuers were able to redeem all of the 2016 Notes at a price equal to 103.875% of the principal amount of the 2016 Notes, plus accrued and unpaid interest, with such optional redemption prices decreasing to 101.938% on and after January 15, 2014 and 100% on and after January 15, 2015. On or after January 15, 2014, the Issuers were able to redeem all of the 2018 Notes at a price equal to 104.000% of the principal amount of the 2018 Notes, plus accrued and unpaid interest, with such optional redemption prices decreasing to 102.000% on and after January 15, 2015 and 100% on and after January 15, 2016. Before January 15, 2013, the Issuers were able to redeem up to 35% of the aggregate principal amount of each of the 2016 Notes and 2018 Notes with the net proceeds of certain equity offerings at a price equal to 107.750% and 108.000%, respectively, of the aggregate principal amount thereof, plus accrued and unpaid interest to the date of redemption, provided that at least 65% of the aggregate principal amount of the 2016 Notes or 2018 Notes, as the case may be, originally issued remained outstanding immediately after such redemption. If the Issuers experienced a change of control, the Issuers were required to purchase for cash all or any part of each holder's notes at a purchase price equal to 101% of the principal amount of the notes, plus accrued and unpaid interest. | ||||||||||||||||
As discussed above, we used the proceeds from the issuance of the New Notes and the 2022 Notes on January 21, 2014 and January 29, 2014, respectively, to refinance our 2010-2012 Notes. | ||||||||||||||||
Senior Unsecured Notes Restrictions and Covenants | ||||||||||||||||
The indentures governing both the 2012 Notes and the New Notes restrict the payment of cash distributions, the purchase of equity interests or the purchase, redemption, defeasance or acquisition of debt subordinated to the senior unsecured notes. The indentures also restrict the incurrence of debt or the issuance of disqualified stock, as defined in the indentures, with certain exceptions. In addition, the indentures require that on each quarterly determination date we and the guarantor of the notes (currently only Icahn Enterprises Holdings) maintain certain minimum financial ratios, as defined therein. The indentures also restrict the creation of liens, mergers, consolidations and sales of substantially all of our assets, and transactions with affiliates. | ||||||||||||||||
As of December 31, 2014 and 2013, we were in compliance with all covenants, including maintaining certain minimum financial ratios, as defined in the indentures. Additionally, as of December 31, 2014, based on covenants in the indentures governing our senior unsecured notes, we are permitted to incur approximately $930 million in additional indebtedness. | ||||||||||||||||
Debt Facilities - Automotive | ||||||||||||||||
On December 6, 2013, Federal-Mogul entered into an amendment (the “Federal-Mogul Revolver Amendment”) of its Term Loan and Revolving Credit Agreement dated as of December 27, 2007 (as amended, the “Federal-Mogul Credit Agreement”), among Federal-Mogul, the lenders party thereto, Citicorp USA, Inc., as Administrative Agent, JPMorgan Chase Bank, N.A., as Syndication Agent, and Wachovia Capital Finance Corporation and Wells Fargo Foothill, LLC, as Co-Documentation Agents, to amend its existing revolving credit facility to provide for a replacement revolving credit facility (the “Federal-Mogul Replacement Revolving Facility”). The Federal-Mogul Revolver Amendment, among other things, (i) increased the aggregate commitments available under the Federal-Mogul Replacement Revolving Facility from $540 million to $550 million, (ii) extended the maturity date of the Federal-Mogul Replacement Revolving Facility to December 6, 2018, subject to certain limited exceptions described below, and (iii) amended Federal-Mogul’s borrowing base to provide it with additional liquidity. | ||||||||||||||||
Advances under the Federal-Mogul Replacement Revolving Facility generally bear interest at a variable rate per annum equal to (i) the Alternate Base Rate (as defined in the Federal-Mogul Credit Agreement) plus an adjustable margin of 0.50% to 1.00% based on the average monthly availability under the Federal-Mogul Replacement Revolving Facility or (ii) Adjusted LIBOR Rate (as defined in the Federal-Mogul Credit Agreement) plus a margin of 1.50% to 2.00%based on the average monthly availability under the Federal-Mogul Replacement Revolving Facility. An unused commitment fee of 0.375% also is payable under the terms of the Federal-Mogul Replacement Revolving Facility. | ||||||||||||||||
Amendment to Credit Agreement | ||||||||||||||||
On April 15, 2014, Federal-Mogul Holdings Corporation entered into a new tranche B term loan facility (the “New Tranche B Facility”) and a new tranche C term loan facility (the “New Tranche C Facility,” and together with the New Tranche B Facility, the “New Federal-Mogul Term Facilities”), which were arranged by Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC (the "Term Arrangers"), and assumed all of the obligations of Federal-Mogul Corporation with respect to the Federal-Mogul Replacement Revolving Facility. The New Federal-Mogul Term Facilities were entered into, and the Federal-Mogul Replacement Revolving Facility was assumed, by Federal-Mogul Holdings Corporation, pursuant to an amendment dated as of April 15, 2014 to the previously existing Term Loan and Federal-Mogul Credit Agreement dated December 27, 2007 among Federal-Mogul Corporation, the lenders party thereto (listed below), Citibank, N.A., as Revolving Administrative Agent, Citibank, N.A., as Tranche B Term Administrative Agent, Credit Suisse AG, as Tranche C Term Administrative Agent, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and Wells Fargo Bank, N.A., as Joint Lead Arrangers and Joint Bookrunners with respect to the Federal-Mogul Credit Agreement and Wells Fargo Bank, N.A., as sole Documentation Agent with respect to the Federal-Mogul Credit Agreement. Immediately following the closing of the New Federal-Mogul Term Facilities, Federal-Mogul Holdings Corporation contributed all of the net proceeds from the New Facilities to Federal-Mogul Corporation, and Federal-Mogul Corporation repaid its existing outstanding indebtedness as a borrower under the tranche B and tranche C term loan facilities. In connection with this debt refinancing, our Automotive segment recognized a non-cash loss on debt extinguishment of $36 million during the second quarter of 2014, which was primarily attributable to the write-off of debt discounts, and is reflected in other income, net in the consolidated statements of operations. | ||||||||||||||||
The New Federal-Mogul Term Facilities, among other things, (i) provide for aggregate commitments under the New Tranche B Facility of $700 million with a maturity date of April 15, 2018, (ii) provide for aggregate commitments under the New Tranche C Facility of approximately $1.9 billion with a maturity date of April 15, 2021, (iii) increase the interest rates applicable to the New Federal-Mogul Facilities as described below, (iv) provide that for all outstanding letters of credit there is a corresponding decrease in borrowings available under the Federal-Mogul Replacement Revolving Facility, (v) provide that in the event that as of a particular determination date more than $700 million aggregate principal amount of existing term loans and certain related refinancing indebtedness will become due within 91 days of such determination date, the Federal-Mogul Replacement Revolving Facility will mature on such determination date, (vi) provide for additional incremental indebtedness, secured on a pari passu basis, of an unlimited amount of additional indebtedness if Federal-Mogul meets a financial covenant incurrence test, and (vii) amend certain other restrictive covenants. Pursuant to the New Federal-Mogul Term Facilities, Federal-Mogul Holdings Corporation assumed all of the obligations of Federal-Mogul Corporation with respect to the Federal-Mogul Replacement Revolving Facility. | ||||||||||||||||
Advances under the New Tranche B Facility generally bear interest at a variable rate per annum equal to (i) the Alternate Base Rate plus a margin of 2.00% or (ii) the Adjusted LIBOR Rate plus a margin of 3.00%, subject, in each case, to a minimum rate of 1.00% plus the applicable margin. Advances under the New Tranche C Facility generally bear interest at a variable rate per annum equal to (i) the Alternate Base Rate plus a margin of 2.75% or (ii) the Adjusted LIBOR Rate plus a margin of 3.75%, subject, in each case, to a minimum rate of 1.00% plus the applicable margin. | ||||||||||||||||
Due to the refinancing of Federal-Mogul's term loans, the backstop commitment letter provided to Federal-Mogul on December 6, 2013 from High River Limited Partnership, an affiliate of Mr. Carl C. Icahn, was terminated. | ||||||||||||||||
The obligations of Federal-Mogul under the Federal-Mogul Credit Agreement are guaranteed by substantially all of its domestic subsidiaries and certain foreign subsidiaries, and are secured by substantially all personal property and certain real property of Federal-Mogul and such guarantors, subject to certain limitations. The liens granted to secure these obligations and certain cash management and hedging obligations have first priority. | ||||||||||||||||
The Federal-Mogul Credit Agreement contains certain affirmative and negative covenants and events of default, including, subject to certain exceptions, restrictions on incurring additional indebtedness, mandatory prepayment provisions associated with specified asset sales and dispositions, and limitations on: i) investments; ii) certain acquisitions, mergers or consolidations; iii) sale and leaseback transactions; iv) certain transactions with affiliates; and v) dividends and other payments in respect of capital stock. Pursuant to the terms of the credit facility, $50 million of the tranche C term loan proceeds were deposited in a term letter of credit account. At December 31, 2014 and 2013, Federal-Mogul was in compliance with all debt covenants. | ||||||||||||||||
As of December 31, 2014 and 2013, the borrowing availability under the Federal-Mogul Replacement Revolving Facility was $516 million and $550 million, respectively. Federal-Mogul had $34 million and $39 million of letters of credit outstanding as of December 31, 2014 and 2013, respectively, pertaining to the term loan credit facility. To the extent letters of credit associated with the Federal-Mogul Replacement Revolving Facility are issued, there is a corresponding decrease in borrowings available under this facility. | ||||||||||||||||
The weighted average cash interest rates for debt were approximately 4.7% and 2.3% as of December 31, 2014 and 2013, respectively. | ||||||||||||||||
Debt and Credit Facilities - Energy | ||||||||||||||||
Senior Secured Notes | ||||||||||||||||
On January 23, 2013, a portion of the proceeds from CVR Refining's IPO were utilized to satisfy and discharge the indenture governing the CVR Second Lien Secured Notes due 2017 ("CVR Second Lien Notes"). As a result, all of the outstanding CVR Second Lien Notes were redeemed on January 23, 2013 resulting in a gain on extinguishment of debt of $5 million for our Energy segment in the first quarter of 2013. | ||||||||||||||||
On October 23, 2012, CVR Refining LLC (“Refining LLC”) and its wholly owned subsidiary, Coffeyville Finance Inc., completed a private offering of $500 million in aggregate principal amount of 6.50% Senior Notes due 2022 (the "CVR 2022 Notes"). The CVR 2022 Notes were issued at par. Refining LLC received $493 million of cash proceeds, net of underwriting fees. The CVR 2022 Notes are fully and unconditionally guaranteed by CVR Refining and each of CVR Refining's existing domestic subsidiaries on a joint and several basis. The CVR 2022 Notes mature on November 1, 2022, unless earlier redeemed or repurchased by the issuers. Interest is payable on the CVR 2022 Notes semi-annually on May 1 and November 1 of each year, commencing on May 1, 2013. | ||||||||||||||||
The CVR 2022 Notes contain customary covenants for a financing of this type that limit, subject to certain exceptions, the incurrence of additional indebtedness or guarantees, the creation of liens on assets, the ability to dispose of assets, the ability to make certain payments on contractually subordinated debt, the ability to merge, consolidate with or into another entity and the ability to enter into certain affiliate transactions. The CVR 2022 Notes provide that CVR Refining can make distributions to holders of its common units provided, among other things, it has a minimum fixed charge coverage ratio and there is no default or event of default under the CVR 2022 Notes. As of December 31, 2014, CVR Refining was in compliance with the covenants contained in the CVR 2022 Notes. | ||||||||||||||||
Amended and Restated Asset Based (ABL) Credit Facility | ||||||||||||||||
CVR Refining has a senior secured asset based revolving credit facility (the "Amended and Restated ABL Credit Facility") with a group of lenders and Wells Fargo Bank, National Association (“Wells Fargo”), as administrative agent and collateral agent. The Amended and Restated ABL Credit Facility has an aggregate principal amount of up to $400 million with an incremental facility, which permits an increase in borrowings of up to $200 million subject to receipt of additional lender commitments and certain other conditions. The proceeds of the loans may be used for capital expenditures and working capital and general corporate purposes of CVR Refining and its subsidiaries. The Amended and Restated ABL Credit Facility provides for loans and letters of credit in an amount up to the aggregate availability under the facility, subject to meeting certain borrowing base conditions, with sub-limits of 10% of the total facility commitment for swingline loans and 90% of the total facility commitment for letters of credit. The Amended and Restated ABL Credit Facility is scheduled to mature on December 20, 2017. | ||||||||||||||||
Borrowings under the Amended and Restated ABL Credit Facility bear interest at either a base rate or LIBOR plus an applicable margin. The applicable margin is (i) (a) 1.75% for LIBOR borrowings and (b) 0.75% for prime rate borrowings, in each case if quarterly average excess availability exceeds 50% of the lesser of the borrowing base and the total commitments and (ii) (a) 2.00% for LIBOR borrowings and (b) 1.00% for prime rate borrowings, in each case if quarterly average excess availability is less than or equal to 50% of the lesser of the borrowing base and the total commitments. The Amended and Restated ABL Credit Facility also requires the payment of customary fees, including an unused line fee of (i) 0.40% if the daily average amount of loans and letters of credit outstanding is less than 50% of the lesser of the borrowing base and the total commitments and (ii) 0.30% if the daily average amount of loans and letters of credit outstanding is equal to or greater than 50% of the lesser of the borrowing base and the total commitments. CVR Refining will also be required to pay customary letter of credit fees equal to, for standby letters of credit, the applicable margin on LIBOR loans on the maximum amount available to be drawn under and, for commercial letters of credit, the applicable margin on LIBOR loans less 0.50% on the maximum amount available to be drawn under, and customary facing fees equal to 0.125% of the face amount of, each letter of credit. | ||||||||||||||||
The Amended and Restated ABL Credit Facility also contains customary covenants for a financing of this type that limit the ability of CVR Refining and its respective subsidiaries to, among other things, incur liens, engage in a consolidation, merger, purchase or sale of assets, pay dividends, incur indebtedness, make advances, investments and loans, enter into affiliate transactions, issue equity interests, or create subsidiaries and unrestricted subsidiaries. The amended and restated facility also contains a fixed charge coverage ratio financial covenant, as defined therein. CVR Refining was in compliance with the covenants of the Amended and Restated ABL Credit Facility as of December 31, 2014. | ||||||||||||||||
As of December 31, 2014, CVR Refining and its subsidiaries had availability under the Amended and Restated ABL Credit Facility of $373 million and had letters of credit outstanding of $27 million. There were no borrowings outstanding under the Amended and Restated ABL Credit Facility as of December 31, 2014. | ||||||||||||||||
CVR Partners Credit Facility | ||||||||||||||||
CVR Partner's credit facility includes a term loan facility of $125 million and a revolving credit facility of $25 million, which was undrawn as of December 31, 2014, with an uncommitted incremental facility of up to $50 million. No amounts were outstanding under the revolving credit facility at December 31, 2014. There is no scheduled amortization of the credit facility, which matures in April 2016. | ||||||||||||||||
Borrowings under the credit facility bear interest based on a pricing grid determined by the trailing four quarter leverage ratio. The initial pricing for Eurodollar rate loans under the credit facility is the Eurodollar rate plus a margin of 3.50% or, for base rate loans, the prime rate plus 2.50%. Under its terms, the lenders under the credit facility were granted a first priority security interest (subject to certain customary exceptions) in substantially all of the assets of CRNF and CVR Partners. | ||||||||||||||||
The credit facility requires CVR Partners to maintain a minimum interest coverage ratio and a maximum leverage ratio and contains customary covenants for a financing of this type that limit, subject to certain exceptions, the incurrence of additional indebtedness or guarantees, the creation of liens on assets, the ability of CVR Partners to dispose of assets, the ability to make restricted payments, investments and acquisitions, sale-leaseback transactions and affiliate transactions. The credit facility provides that CVR Partners can make distributions to holders of its common units provided, among other things, it is in compliance with the leverage ratio and interest coverage ratio on a pro forma basis after giving effect to any distribution and there is no default or event of default under the credit facility. As of December 31, 2014, CRNF was in compliance with the covenants of the credit facility and there were no borrowings outstanding under the credit facility. | ||||||||||||||||
Debt and Credit Facilities - Railcar | ||||||||||||||||
ARI | ||||||||||||||||
2007 Senior Unsecured Notes | ||||||||||||||||
In February 2007, ARI issued $275 million senior unsecured fixed rate notes that were subsequently exchanged for registered notes in March 2007 (the “ARI 2007 Notes”). In September 2012, ARI voluntarily redeemed $100 million of its ARI 2007 Notes utilizing cash on hand. On March 1, 2013, ARI voluntarily redeemed the remaining $175 million of its ARI 2007 Notes outstanding. In connection with these redemptions, ARI recorded a loss on extinguishment of debt of less than $1 million and $2 million for the years ended December 31, 2013 and 2012, respectively, which are reflected in other income (loss), net in our consolidated statements of operations. | ||||||||||||||||
2012 Lease Fleet Financing | ||||||||||||||||
In December 2012, ARI, through its wholly owned subsidiary Longtrain Leasing I LLC ("Longtrain Leasing I"), entered into a senior secured delayed draw term loan facility ("Original ARI Term Loan") that is secured by a portfolio of railcars, railcar leases, the receivables associated with those railcars and leases and certain other related assets of Longtrain Leasing I. The Original ARI Term Loan provided for an initial draw at closing and allowed for up to two additional draws. Upon closing, the initial draw was $98 million, net of fees and expenses. During the first half of 2013, ARI made two additional draws that resulted in aggregate net proceeds of $100 million, fully utilizing the capacity of the ARI Term Loan. As December 31, 2013, the outstanding principal balance on the Original ARI Term Loan was $195 million. The Original ARI Term Loan, which had a maturity date of February 27, 2018, bore interest at one-month LIBOR plus 2.5%, for a rate of 2.7% as of December 31, 2013. The Original ARI Term Loan was paid in full during the first quarter of 2014 in connection with the refinancing transaction discussed below. | ||||||||||||||||
January 2014 Lease Fleet Financing | ||||||||||||||||
In January 2014, Longtrain Leasing I refinanced its Original ARI Term Loan under an amended and restated credit agreement (the "ARI Amended and Restated Credit Agreement") to, among other things, increase the aggregate borrowings available thereunder. In connection with the refinancing, Longtrain Leasing I received borrowings of $316 million, net of fees and expenses (the "ARI Refinanced Term Loan"). Of this amount, $194 million was used to refinance the Original ARI Term Loan, resulting in net proceeds of $122 million. In conjunction with the refinancing, ARI incurred a $2 million loss on extinguishment of debt, which is reflected in other income, net in our consolidated statements of operations. | ||||||||||||||||
The ARI Refinanced Term Loan accrues interest at a rate per annum equal to the 1-month LIBOR rate plus 2.0%, for a rate of 2.2% as of December 31, 2014, subject to an alternative rate as set forth in the ARI Amended and Restated Credit Agreement. The interest rate increases by 2.0% following certain events of default. Pursuant to the terms of the Original ARI Term Loan and the ARI Amended and Restated Credit Agreement, ARI is required to maintain deposits in an interest reserve bank account equal to nine and seven months, respectively, of interest payments. As of both December 31, 2014 and 2013, the interest reserve amount was $4 million and is included in cash held at consolidated affiliated partnerships and restricted cash in our consolidated balance sheets. The ARI Refinanced Term Loan may be prepaid at ARI's option at any time without premium or penalty (other than customary LIBOR breakage fees) prior to the final scheduled maturity of the ARI Refinanced Term Loan, which is January 15, 2020. | ||||||||||||||||
Longtrain Leasing I is required to maintain a loan to value ratio of at least 80% of the Net Aggregate Equipment Value, as defined in the Amended and Restated Credit Agreement. The Amended and Restated Credit Agreement contains certain representations, warranties, and affirmative and negative covenants applicable to ARI and/or Longtrain Leasing I, which are customarily applicable to senior secured facilities. Key covenants include limitations on Longtrain Leasing I's indebtedness, liens, investments, acquisitions, asset sales, redemption payments, and affiliate and extraordinary transactions; full cash sweep; covenants relating to the maintenance of Longtrain Leasing I as a separate legal entity; financial and other reporting and periodic appraisals; maintenance of railcars, leases, and other assets; and Longtrain Leasing I's compliance with a Debt Service Coverage Ratio (as defined in the ARI Amended and Restated Credit Agreement) of 1.05 to 1.00, measured quarterly on a nine-month trailing basis, and subject to up to a 75 to 135 day cure period. ARI was in compliance with all of its covenants under the ARI Refinanced Term Loan as of December 31, 2014. | ||||||||||||||||
The terms of the Amended and Restated Credit Agreement also provided a certain subsidiary of ARI with the right, but not the obligation, within the 90 day period ended on October 15, 2014, to increase the amount of the ARI Refinanced Term Loan in an aggregate additional amount not to exceed $100 million subject to the conditions set forth in the Amended and Restated Credit Agreement. ARI did not exercise this right. | ||||||||||||||||
October 2014 bridge financing | ||||||||||||||||
In October 2014, ARI, through Longtrain Leasing II LLC ("Longtrain Leasing II"), a wholly owned subsidiary of ARI, entered into a lease fleet financing facility for $100 million under a term loan agreement ("Longtrain Leasing II Term Loan") in order to support the growth of its leasing business. The Longtrain Leasing II Term Loan is scheduled to mature in April 2015. As of December 31, 2014, the outstanding principal balance on the Longtrain Leasing II Term Loan was $100 million. | ||||||||||||||||
Subject to the provisions of the Longtrain Leasing II Term Loan, the principal borrowed thereunder (the "ARI Loan") accrues interest at a rate determined by reference to an index or, subject to certain circumstances, at a base rate. For the portion of the ARI Loan accruing interest at a rate determined by reference to an index, (i) except during a period when the lender for such portion of the ARI Loan is funding and maintaining such portion of the ARI Loan through the issuance of or other financing arrangement in respect of commercial paper, the sum of LIBOR (as determined under the Longtrain Leasing II Term Loan) for such period plus the Applicable Margin (described below), and (ii) during a period when the lender for such portion of the ARI Loan is funding and maintaining such portion of the ARI Loan through the issuance of or other financing arrangement in respect of commercial paper, the sum of the applicable commercial paper rate (the CP Rate as determined under the Longtrain Leasing II Term Loan) plus the Applicable Margin (described below). From and including October 16, 2014 and through and including April 16, 2015, the Applicable Margin is equal to a rate per annum of 1.45%, for a rate of 1.7% as of December 31, 2014. Thereafter, the Applicable Margin increases to a rate per annum equal to 2.95%. The interest rate increases by 2.0% following certain defaults. For the portion of the ARI Loan accruing interest at the base rate, the interest rate is the higher of the federal funds rate designated by the Longtrain Leasing II Term Loan, plus 0.5%, or the prime rate designated by the Longtrain Leasing II Term Loan. Principal and interest payments are due monthly, with any remaining balance payable on the scheduled maturity date, which is April 16, 2015. | ||||||||||||||||
The Longtrain Leasing II Term Loan contains certain representations, warranties, and affirmative and negative covenants applicable to ARI and a certain subsidiary of ARI, which are customarily applicable to senior secured facilities. Key covenants include limitations on a certain subsidiary of ARI's indebtedness, liens, investments, acquisitions, asset sales, and affiliate and extraordinary transactions; full cash sweep; covenants relating to the maintenance of Longtrain Leasing II as a separate legal entity; financial and other reporting and periodic appraisals; maintenance of railcars, leases, and other assets; and Longtrain Leasing II's compliance with an 80% utilization covenant (as defined in the Longtrain Leasing II Term Loan). ARI was in compliance with all of its covenants under the Longtrain Leasing II Term Loan as of December 31, 2014. | ||||||||||||||||
Both the Longtrain Leasing I and Longtrain Leasing II lease fleet financings are obligations of the respective wholly-owned subsidiary, are generally non-recourse to ARI, and are secured by a first lien on substantially all assets of Longtrain Leasing I and Longtrain Leasing II, respectively, consisting of railcars, railcar leases, receivables and related assets, subject to limited exceptions. ARI has, however, entered into agreements containing certain representations, undertakings, and indemnities customary for asset sellers and parent companies in transactions of this type, and ARI is obligated to make any selections of transfers of railcars, railcar leases, receivables and related assets to be transferred to Longtrain Leasing I and Longtrain Leasing II without any adverse selection, to cause ARL, as the manager, to maintain, lease, and re-lease Longtrain Leasing I and Longtrain Leasing II's equipment no less favorably than similar portfolios serviced by ARL, and to repurchase or replace certain railcars under certain conditions set forth in the respective loan documents. | ||||||||||||||||
In January 2015, Longtrain Leasing III LLC ("Longtrain Leasing III"), a wholly owned subsidiary of ARI, completed a private placement of $626 million in aggregate principal amount of notes. See Note 18, "Subsequent Events - Railcar," for further discussion. | ||||||||||||||||
As of December 31, 2014 and 2013, the net book value of the railcars that were pledged as part of the Lease Fleet Financings was $277 million and $217 million, respectively. | ||||||||||||||||
ARL | ||||||||||||||||
Revolving Credit Facilities | ||||||||||||||||
On January 14, 2011 ARL closed on the refinancing of a revolving credit agreement (the "ARL Sovereign Revolver") with Sovereign Bank as the administrative agent, along with several other participating banks. The available capacity of the original ARL Sovereign Revolver was $40 million. The refinanced facility increased the ARL Sovereign Revolver's availability to $110 million. On June 8, 2011 ARL entered into an Amendment No. 1 to the revolving credit agreement whereby an additional bank participated, increasing the available capacity of the ARL Sovereign Revolver to $130 million. On July 12, 2013 ARL entered into an Amendment No. 2 which reduced the availability capacity to $120 million and extended the maturity date to July 14, 2014. On July 9, 2014, ARL entered into an Amendment No. 3 which extended the maturity date to January 14, 2015. | ||||||||||||||||
The obligations under the ARL Sovereign Revolver bear interest at a variable rate based on LIBOR plus an applicable margin and are secured by railcars and related leases and lease receivables and are subject to certain covenants, including maintenance of certain financial ratios related to net worth, utilization and loan to value. December 31, 2014, ARL was in compliance with all debt covenants with respect to the Sovereign Revolver. | ||||||||||||||||
During the third quarter of 2014, ARL paid off the ARL Sovereign Revolver in full. As discussed below, on December 19, 2014, the ARL Sovereign Revolver was replaced by the Citizen Bank Revolver (as defined below). As of December 31, 2013, ARL had availability under the ARL Sovereign Revolver of $73 million and had outstanding borrowings of $47 million. | ||||||||||||||||
On December 19, 2014, ARL closed on the Citizen's Bank revolving credit facility (the "Citizen Bank Revolver"), with Citizen Bank's as the administrative agent, along with several other participating banks, replacing the ARL Sovereign Revolver. The available capacity of the Citizen Bank Revolver is $250 million as of December 31, 2014. In addition, under certain circumstances, ARL has the ability to increase the Citizen Bank Revolver credit availability by $100 million to a total availability of $350 million. The Citizen Bank Revolver bears interest of LIBOR plus 1.45% with a maturity date of December 19, 2017. The Citizen Bank Revolver is secured by railcars and related leases and lease receivables and is subject to certain covenants, including maintenance of certain financial ratios related to net worth, utilization and loan to value. As of December 31, 2014, there were no borrowings under the Citizen Bank Revolver. In addition, as of December 31, 2014, ARL was in compliance with all covenants of the Citizen Bank Revolver. | ||||||||||||||||
Term Notes | ||||||||||||||||
ARL and its wholly owned subsidiaries have various term loans, all of which are non-recourse to us, some of which bear interest at variable rates based on LIBOR and have maturities between July 14, 2014 and July 16, 2019, and the rest bear interest at rates between 3.35% and 6.95% and have maturities between July 28, 2014 and February 25, 2020. Substantially all of the term loans are secured by railcars and related leases and lease receivables and are subject to certain covenants, including maintenance of certain financial ratios related to net worth, utilization and loan to value. | ||||||||||||||||
On February 21, 2014, NCF I, LLC, a subsidiary of ARL entered into a new $250 million term loan (the “NCF I Term Loan”) with Key Equipment Finance, a division of KeyBank National Association. The NCF I Term Loan matures on February 21, 2019. Interest shall accrue on the principal balance at the rate of 30-day LIBOR plus 2.0%, with the rate to reset monthly that is payable monthly, commencing on March 20, 2014. | ||||||||||||||||
On February 25, 2014, NCF II, LLC, a subsidiary of ARL entered into a new $135 million term loan (the “NCF II Term Loan”) with AIG Commercial Asset Finance. The NCF II Term Loan matures on February 25, 2020. Interest shall accrue on the principal balance at the rate of 3.7% that is payable monthly, commencing on March 25, 2014. | ||||||||||||||||
The NCF I Term Loan and NCF II Term Loan are each subject to a maximum 80% loan to value ratio, to be measured monthly and verified annually by collateral appraisal. Both of the NCF I Term Loan and the NCF II Term Loan are secured by railcar assets and guaranteed by an affiliated company and includes a tangible net worth covenant for the guarantor, among other covenants. | ||||||||||||||||
As required by the ARL Contribution Agreement, the NCF I Term Loan and the NCF II Term Loans were incurred to finance ARL’s distribution of $381 million of cash to IRL Holding LLC, an affiliate of Mr. Icahn, which occurred on February 26, 2014. | ||||||||||||||||
On March 27, 2014, RCF 2014, LLC, a subsidiary of ARL entered into a $300 million term loan (the “RCF Term Loan”) with the Royal Bank of Scotland PLC. Proceeds of the RCF Term Loan, along with $256 million in cash, were used to pay off a certain term note that matured in March 2014 with a certain subsidiary of ARL. The RCF Term Loan matures on September 27, 2014. Interest shall accrue on the principal balance at the rate of 30-day LIBOR plus 1.45%, with the rate to reset monthly and is payable monthly, commencing on April 15, 2014. The RCF Term Loan is secured by railcars and related leases and lease receivables and is subject to certain covenants, including maintenance of certain financial ratios related to net worth, utilization and loan to value. During September 2014, as discussed below, proceeds from the Credit Agricole Term Loan (as defined below) were used to pay off in full the RCF Term Loan. | ||||||||||||||||
On June 23, 2014, ARL entered into a $12 million term loan with Heartland Bank (the “Heartland Bank Term Loan”). The Heartland Bank Term Loan matures on July 1, 2015. On December 23, 2014, ARL entered into an amendment to the Heartland Bank Term Loan, which extended the maturity to July 1, 2019. Interest accrues on the principal balance at the rate of 30-day LIBOR plus 2.0%, with the rate to reset monthly, and is payable monthly, commencing on August 1, 2014. The Heartland Bank Term Loan is subject to a maximum 85% loan to value ratio and is secured by railcar assets. | ||||||||||||||||
On September 3, 2014, RCF 2014, LLC, a subsidiary of ARL entered into a new $375 million term loan with Credit Agricole Corporate and Investment Bank ("Credit Agricole Term Loan") with a maturity date of September 3, 2021. Interest shall accrue on the principal balance of the loan at the rate of 30-day LIBOR plus 1.75%, with the rate to reset monthly. The loan is payable monthly, commencing on October 3, 2014. Proceeds from the Credit Agricole Term Loan were used to pay off the RCF Term Loan and the ARL Sovereign Revolver. | ||||||||||||||||
On September 26, 2014, a subsidiary of ARL entered into a new $47 million term loan with Banc of America Leasing & Capital, LLC with a maturity date of September 26, 2021. Interest shall accrue on the principal balance of the loan at the rate of 30-day LIBOR plus 1.75%, with the rate to reset monthly. The loan is payable monthly, commencing on October 26, 2014. | ||||||||||||||||
On September 26, 2014, a subsidiary of ARL entered into a new $15 million term loan with Talmer Bank with a maturity date of October 1, 2019. Interest shall accrue on the principal balance at the rate of 30-day LIBOR plus 1.50%, with the rate to reset monthly that is payable monthly, commencing on October 26, 2014. | ||||||||||||||||
As of both December 31, 2014 and 2013, ARL and its wholly owned subsidiaries were in compliance with all debt covenants with respect to all of their term loans. | ||||||||||||||||
Bond Securitizations | ||||||||||||||||
On December 12, 2012, a subsidiary of ARL entered into a bond securitization transaction with RBS Securities, Inc. ("RBS") as the initial purchaser of the $110 million principal amount of the Floating Secured Railcar Equipment Notes, Class A-1 ("ARL 2012 Class A-1 Notes"), and the $106 million principal amount of the Fixed Rate Secured Railcar Equipment Notes, Class A-2 ("ARL 2012 Class A-2 Notes") and, together with the ARL Class A-1 Notes, collectively referred to herein as the "ARL 2012 Bond Securitization Notes"). The ARL 2012 Class A-1 Notes bear interest of LIBOR plus 1.75%; the ARL 2012 Class A-2 Notes bear a fixed interest rate of 3.81%. Interest on each of the ARL 2012 Bond Securitization Notes are payable on the 15th calendar day of each month starting on January 15, 2013. The expected principal repayment date for the ARL 2012 Bond Securitization Notes is December 15, 2022 and the legal final maturity date for the ARL 2012 Bond Securitization Notes is December 15, 2042. | ||||||||||||||||
On June 25, 2014, a certain subsidiary of ARL entered into a bond securitization transaction with RBS as the initial purchaser of the $175 million principal amount of the Fixed Secured Railcar Equipment Notes, Class A-1 ("ARL 2014 Class A-1 Notes"), and the $150 million principal amount of the Fixed Rate Secured Railcar Equipment Notes, Class A-2 ("ARL 2014 Class A-2 Notes" and, together with the ARL 2014 Class A-1 Notes, collectively referred to herein as the "ARL 2014 Bond Securitization Notes"). $156 million of the proceeds from the ARL 2014 Bond Securitization Notes were used to pay down the RCF Term Loan. The ARL 2014 Class A-1 Notes bear a fixed interest rate of 2.92%; the ARL 2014 Class A-2 Notes bear a fixed interest rate of 3.97%. Interest on each of the ARL 2014 Bond Securitization Notes are payable on the 15th calendar day of each month starting on July 15, 2014. The expected principal repayment date for the ARL 2014 Bond Securitization Notes is June 15, 2024 and the legal final maturity date for the ARL 2014 Bond Securitization Notes is June 15, 2044. | ||||||||||||||||
Each of the ARL 2012 Bond Securitization Notes and ARL 2014 Bond Securitization Notes is subject to certain covenants, including the maintenance of certain financial ratios related to net worth, utilization and debt service coverage. As of both December 31, 2014 and 2013, ARL was in compliance with all debt covenants with respect to the ARL 2012 Bond Securitization Notes and ARL 2014 Bond Securitization Notes. | ||||||||||||||||
The 30-day LIBOR rate was 0.17% at both December 31, 2014 and 2013. ARL's weighted average interest rate on all borrowings was 3.16% and 3.26% for the year ended December 31, 2014 and 2013, respectively. | ||||||||||||||||
Credit Facilities - Gaming | ||||||||||||||||
Credit Facilities | ||||||||||||||||
On November 27, 2013, Tropicana entered into (i) a senior secured first lien term loan facility in an aggregate principal amount of $300 million, issued at a discount of 0.5% (the “Tropicana Term Loan Facility”) and (ii) a senior secured first lien revolving credit facility in an aggregate principal amount of $15 million (the “Tropicana Revolving Facility” and, together with the Tropicana Term Loan Facility, the “Tropicana Credit Facilities”). Commencing on December 31, 2013, the Tropicana Term Loan Facility will amortize in equal quarterly installments in an amount of $750,000, with any remaining balance payable on the final maturity date of the Tropicana Term Loan Facility, which is November 27, 2020. Amounts under the Tropicana Revolving Facility are available to be borrowed and re-borrowed until its termination on November 27, 2018. | ||||||||||||||||
Net proceeds of $172 million from the Tropicana Credit Facilities were used to repay in full the principal amounts outstanding under the Tropicana's prior credit facilities. Tropicana's prior credit facilities were terminated effective as of November 27, 2013. Our Gaming segment recognized a loss on extinguishment of debt of $5 million which related to the write-off of unamortized debt issuance costs and discounts during the fourth quarter of 2013. A portion of the proceeds from the Tropicana Credit Facilities was used to finance Tropicana's acquisition of the Lumière as further described in Note 3, "Operating Units - Gaming." | ||||||||||||||||
The Tropicana Term Loan Facility accrues interest, at Tropicana's option, at a per annum rate equal to either (i) the LIBO Rate (as defined in the Credit Agreement) (subject to a 1.00% floor) plus an applicable margin equal to 3.00%, or (ii) the alternate base rate (as defined in the Credit Agreement) (subject to a 2.00% floor) plus an applicable margin equal to 2.00%; such that in either case, the applicable interest rate shall not be less than 4.0%. The Tropicana Revolving Facility accrues interest, at Tropicana's option, at a per annum rate equal to either (i) the LIBO Rate plus an applicable margin ranging from 2.00% (if the total net leverage ratio is less than 2.50:1.00) to 2.50% (if the total net leverage ratio is greater than or equal to 3.00:1.00); or (ii) the alternate base rate plus an applicable margin ranging from 1.00% (if the total net leverage ratio is less than 2.50:1.00) to 1.50% (if the total net leverage ratio is greater than or equal to 3.00:1.00). The interest rate increases by 2.00% following certain defaults. As of December 31, 2014, the interest rate on the Tropicana Term Loan Facility was 4.0% and $15 million was available under the Revolving Facility. | ||||||||||||||||
The Tropicana Credit Facilities are guaranteed by all of Tropicana's domestic subsidiaries, subject to limited exceptions where gaming approval is being sought, and additional subsidiaries may be required to provide guarantees, subject to limited exceptions. The Tropicana Credit Facilities are secured by a first lien on substantially all assets of Tropicana and the domestic subsidiaries that are guarantors, with certain limited exceptions. Subsidiaries that become guarantors will be required, with certain limited exceptions, to provide first liens and security interests in substantially all their assets to secure the Tropicana Credit Facilities. | ||||||||||||||||
At the election of Tropicana and subject to certain conditions, including a maximum senior secured net leverage ratio of 3.25:1.00, the amount available under the Tropicana Credit Facilities may be increased, which increased amount may be comprised of additional term loans and revolving loans. | ||||||||||||||||
The Tropicana Term Loan Facility may be prepaid at the option of the Tropicana at any time without penalty (other than customary LIBO Rate breakage fees), except that a 1% re-pricing premium will apply in certain circumstances if any term loans under the Tropicana Term Loan Facility are prepaid prior to May 27, 2014. Tropicana is required to make mandatory payments of the Tropicana Credit Facilities with (i) net cash proceeds of certain asset sales (subject to reinvestment rights), (ii) net cash proceeds from certain issuances of debt and equity (with certain exceptions), (iii) up to 50% of annual excess cash flow (as low as 0% if the Tropicana's total leverage ratio is below 2.75:1.00), and (iv) certain casualty proceeds and condemnation awards (subject to reinvestment rights). | ||||||||||||||||
Key covenants binding Tropicana and its subsidiaries include (i) limitations on indebtedness, liens, investments, acquisitions, asset sales, dividends and other restricted payments, and affiliate and extraordinary transactions, and (ii) if, as of the last day of any fiscal quarter, the amount of outstanding revolving loans exceed 35% of the permitted borrowing under the Tropicana Revolving Facility, compliance with a maximum senior secured net leverage ratio test of 3.25:1.00. Key default provisions include (i) failure to repay principal, interest, fees and other amounts owing under the facility, (ii) cross default to certain other indebtedness, (iii) the rendering of certain judgments against Tropicana or its subsidiaries, (iv) failure of security documents to create valid liens on property securing the Tropicana Credit Facilities and to perfect such liens, (v) revocation of casino, gambling, or gaming licenses, (vi) Tropicana's or its material subsidiaries' bankruptcy or insolvency; and (vii) the occurrence of a Change of Control (as defined in the Credit Agreement). Many defaults are also subject to cure periods prior to such default giving rise to the right of the lenders to accelerate the loans and to exercise remedies. Tropicana was in compliance with the covenants of the Tropicana Term Loan Facility at December 31, 2014. | ||||||||||||||||
Senior secured Notes and Revolving Credit Facility - Food Packaging | ||||||||||||||||
New Credit Facility | ||||||||||||||||
In connection with certain financing transactions, on January 30, 2014, Viskase entered into a credit agreement with UBS AG, Stamford Branch, as Administrative Agent and Collateral Agent, and the Lenders parties thereto, providing for a $275 million senior secured covenant lite term loan facility (“Viskase Term Loan”). A portion of the proceeds from the Viskase Term Loan was used to satisfy and discharge all of the existing Viskase 9.875% Notes and Viskase recorded a loss of $16 million on debt extinguishment during the first quarter of 2014, which is reflected in other income, net in the consolidated statements of operations. | ||||||||||||||||
The Viskase Term Loan bears interest at a LIBO Rate plus 3.25% (with the LIBO Rate carrying a 1.00% floor), or at a Base Rate equal to the sum of (1) the greatest of (a) the Prime Rate, (b) the Federal Funds Effective Rate plus 0.50%, (c) one-month LIBOR plus 1.0%, or (d) 2.0%, plus (2) 2.25%. The Viskase Term Loan has a 1% per annum amortization with a maturity date of January 30, 2021. The Viskase Term Loan is subject to certain additional mandatory prepayments upon asset sales, incurrence of indebtedness not otherwise permitted, and based upon a percentage of excess cash flow. Prepayments on the Viskase Term Loan may be made at any time, subject to a prepayment premium of 1% for certain prepayments during the first six months of the term. | ||||||||||||||||
Indebtedness under the Viskase Term Loan is secured by liens on substantially all of Viskase’s domestic and Mexican assets, with liens on (i) the Fixed Asset Priority Collateral, to be contractually senior to the liens securing the Revolving Credit Facility pursuant to the intercreditor agreement, (ii) the ABL Priority Collateral, to be contractually subordinate to the liens securing the Revolving Credit Facility pursuant to the intercreditor agreement, and (iii) all other assets, to be contractually pari passu with the liens securing the Revolving Credit Facility pursuant to the intercreditor agreement. Viskase's future direct or indirect material domestic subsidiaries are required to guarantee the obligations under the Viskase Term Loan, and to provide security by liens on their assets as described above. | ||||||||||||||||
Prior Credit Facility | ||||||||||||||||
In December 2009, Viskase issued $175 million of 9.875% Senior Secured Notes due 2018 (the “Viskase 9.875% Notes”). The Viskase 9.875% Notes bore interest at a rate of 9.875% per annum, payable semi-annually in cash on January 15 and July 15, commencing on July 15, 2010. In May 2010, Viskase issued an additional $40 million aggregate principal amount of Viskase 9.875% Notes under the indenture governing the Viskase 9.875% Notes. As discussed above, in connection with certain financing transactions, the Viskase 2018 Notes were paid off in full on January 30, 2014 and our Food Packaging segment recorded a loss on debt extinguishment of $16 million during the first quarter of 2014. | ||||||||||||||||
Other | ||||||||||||||||
In its foreign operations, Viskase has unsecured lines of credit with various banks providing $8 million of availability. There were $1 million borrowings under the lines of credit at December 31, 2014. | ||||||||||||||||
Letters of credit in the amount of $1 million were outstanding under facilities with a commercial bank, and were cash collateralized at each of December 31, 2014 and 2013. | ||||||||||||||||
Mortgages Payable - Real Estate | ||||||||||||||||
Mortgages payable, all of which are non-recourse to us, bear interest at rates between 4.97% and 7.00% and have maturities between June 30, 2016 and October 31, 2028. | ||||||||||||||||
Secured Revolving Credit Agreement - Home Fashion | ||||||||||||||||
On October 15, 2012, upon the expiration of a certain senior secured revolving credit facility of WPH, WPH entered into a letter of credit facility (the "LC Facility"), with a nationally recognized bank (the "LC Issuer"). This one-year LC Facility, which was renewed on October 15, 2013 and October 15, 2014, has a $10 million credit line. Issuance of letters of credit under the LC Facility is subject to 0.50% annual fee on the outstanding face amount of the letters of credit issued under the LC Facility, which face amount as of December 31, 2014 was approximately $6 million. Obligations under the LC Facility are secured by a cash collateral account pledged by WPH to LC Issuer. The LC Facility does not contain any financial covenants. | ||||||||||||||||
Consolidated Maturities | ||||||||||||||||
The following is a summary of the maturities of our debt and capital lease obligations as of December 31, 2014: | ||||||||||||||||
Year | Debt | Capital Leases | ||||||||||||||
(in millions) | ||||||||||||||||
2015 | $ | 400 | $ | 2 | ||||||||||||
2016 | 493 | 3 | ||||||||||||||
2017 | 1,293 | 2 | ||||||||||||||
2018 | 823 | 2 | ||||||||||||||
2019 | 1,593 | 2 | ||||||||||||||
Thereafter | 6,959 | 41 | ||||||||||||||
$ | 11,561 | $ | 52 | |||||||||||||
Pensions_Other_Postemployment_
Pensions, Other Post-employment Benefits and Employee Benefit Plans | 12 Months Ended | ||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||
Pensions,Other Post-employment Benefits and Employee Benefit Plans | Pension, Other Post-employment Benefits and Employee Benefit Plans. | ||||||||||||||||||||||||||||||
Federal-Mogul, ARI and Viskase each sponsor several defined benefit pension plans (the ''Pension Benefits''). Additionally, Federal-Mogul and Viskase each sponsors health care and life insurance benefits (''Other Post-Employment Benefits'') for certain employees and retirees around the world. ARI also previously sponsored a post-employment medical benefit plan that provided access to healthcare for certain retired employees; this plan was terminated effective December 31, 2013. The Pension Benefits are funded based on the funding requirements of federal and international laws and regulations, as applicable, in advance of benefit payments and the Other Benefits as benefits are provided to participating employees. As prescribed by applicable U.S. GAAP, Federal-Mogul, ARI and Viskase each uses, as applicable, appropriate actuarial methods and assumptions in accounting for its defined benefit pension plans, non-pension post-employment benefits, and disability, early retirement and other post-employment benefits. The measurement date for all defined benefit plans is December 31 of each year. | |||||||||||||||||||||||||||||||
Components of net periodic benefit cost (credit) for the years ended December 31, 2014, 2013 and 2012 are as follows: | |||||||||||||||||||||||||||||||
Pension Benefits | Other Post-Employment Benefits | ||||||||||||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||
Service cost | $ | 16 | $ | 16 | $ | 30 | $ | — | $ | — | $ | 1 | |||||||||||||||||||
Interest cost | 76 | 69 | 77 | 15 | 11 | 14 | |||||||||||||||||||||||||
Expected return on plan assets | (74 | ) | (70 | ) | (62 | ) | — | — | — | ||||||||||||||||||||||
Amortization of actuarial losses | 10 | 27 | 39 | 3 | 6 | 2 | |||||||||||||||||||||||||
Amortization of prior service credit | — | — | 1 | (5 | ) | (9 | ) | (14 | ) | ||||||||||||||||||||||
Settlement loss (gain) | (2 | ) | 1 | (1 | ) | — | — | — | |||||||||||||||||||||||
Curtailment gain | — | — | (1 | ) | — | (40 | ) | (51 | ) | ||||||||||||||||||||||
$ | 26 | $ | 43 | $ | 83 | $ | 13 | $ | (32 | ) | $ | (48 | ) | ||||||||||||||||||
Automotive | |||||||||||||||||||||||||||||||
The following provides disclosures for our Automotive segment's benefit obligations, plan assets, funded status, recognition in the consolidated balance sheets and inputs and valuation assumptions: | |||||||||||||||||||||||||||||||
Pension Benefits | Other | ||||||||||||||||||||||||||||||
United States Plans | Non-U.S. Plans | Post-Employment Benefits | |||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||||||||
Benefit obligation, beginning of year | $ | 1,184 | $ | 1,298 | $ | 450 | $ | 474 | $ | 335 | $ | 395 | |||||||||||||||||||
Service cost | 3 | 4 | 12 | 12 | — | — | |||||||||||||||||||||||||
Interest cost | 52 | 47 | 16 | 14 | 15 | 11 | |||||||||||||||||||||||||
Employee contributions | — | — | — | — | — | 1 | |||||||||||||||||||||||||
Benefits paid | (96 | ) | (64 | ) | (28 | ) | (28 | ) | (26 | ) | (28 | ) | |||||||||||||||||||
Medicare subsidies received | — | — | — | — | 1 | 3 | |||||||||||||||||||||||||
Plan amendments | — | — | — | — | 8 | — | |||||||||||||||||||||||||
Curtailments | — | — | (1 | ) | (1 | ) | — | (1 | ) | ||||||||||||||||||||||
Settlements | (3 | ) | — | — | — | — | — | ||||||||||||||||||||||||
Actuarial losses (gains) and changes in actuarial assumptions | 151 | (101 | ) | 112 | (25 | ) | 36 | (43 | ) | ||||||||||||||||||||||
Net transfers in (out) | — | — | 73 | (11 | ) | — | (1 | ) | |||||||||||||||||||||||
Currency translation | — | — | (59 | ) | 15 | (1 | ) | (2 | ) | ||||||||||||||||||||||
Benefit obligation, end of year | 1,291 | 1,184 | 575 | 450 | 368 | 335 | |||||||||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||||||||
Fair value of plan assets, beginning of year | 909 | 778 | 55 | 55 | — | — | |||||||||||||||||||||||||
Actual return on plan assets | 43 | 138 | 3 | 2 | — | — | |||||||||||||||||||||||||
Employee contributions | — | — | — | — | — | 1 | |||||||||||||||||||||||||
Company contributions | 56 | 60 | 30 | 24 | 25 | 24 | |||||||||||||||||||||||||
Benefits paid | (96 | ) | (64 | ) | (28 | ) | (28 | ) | (26 | ) | (28 | ) | |||||||||||||||||||
Expenses | — | (3 | ) | — | — | — | — | ||||||||||||||||||||||||
Medicare subsidies received | — | — | — | — | 1 | 3 | |||||||||||||||||||||||||
Currency translation | — | — | (6 | ) | 2 | — | — | ||||||||||||||||||||||||
Fair value of plan assets, end of year | 912 | 909 | 54 | 55 | — | — | |||||||||||||||||||||||||
Funded status of the plan | $ | (379 | ) | $ | (275 | ) | $ | (521 | ) | $ | (395 | ) | $ | (368 | ) | $ | (335 | ) | |||||||||||||
Amounts recognized in the consolidated balance sheets: | |||||||||||||||||||||||||||||||
Net liability recognized | $ | (379 | ) | $ | (275 | ) | $ | (521 | ) | $ | (395 | ) | $ | (368 | ) | $ | (335 | ) | |||||||||||||
Amounts recognized in accumulated other comprehensive loss, inclusive of tax impacts: | |||||||||||||||||||||||||||||||
Net actuarial loss | $ | 409 | $ | 242 | $ | 151 | $ | 81 | $ | 95 | $ | 63 | |||||||||||||||||||
Prior service cost (credit) | — | — | 2 | 3 | (14 | ) | (28 | ) | |||||||||||||||||||||||
Total | $ | 409 | $ | 242 | $ | 153 | $ | 84 | $ | 81 | $ | 35 | |||||||||||||||||||
Weighted-average assumptions used to determine the benefit obligation as of December 31, 2014 and 2013: | |||||||||||||||||||||||||||||||
Pension Benefits | Other | ||||||||||||||||||||||||||||||
United States Plans | Non-U.S. Plans | Post-Employment Benefits | |||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||
Discount rate | 3.85 | % | 4.55 | % | 1.77 | % | 3.49 | % | 3.84 | % | 4.45 | % | |||||||||||||||||||
Rate of compensation increase | — | % | — | % | 3.16 | % | 3.17 | % | — | % | — | % | |||||||||||||||||||
Weighted-average assumptions used to determine net periodic benefit cost (credit) for the years ended December 31, 2014 and 2013: | |||||||||||||||||||||||||||||||
Pension Benefits | Other | ||||||||||||||||||||||||||||||
United States Plans | Non-U.S. Plans | Post-Employment Benefits | |||||||||||||||||||||||||||||
Year Ended December 31, | Year Ended | ||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||
Discount rate | 4.55 | % | 3.7 | % | 3.49 | % | 2.99 | % | 4.45 | % | 3.6 | % | |||||||||||||||||||
Expected return on plan assets | 6.95 | % | 7.45 | % | 4.18 | % | 4.62 | % | — | % | N/A | ||||||||||||||||||||
Rate of compensation increase | — | % | — | % | 3.17 | % | 3.13 | % | — | % | N/A | ||||||||||||||||||||
Federal-Mogul evaluates its discount rate assumption annually as of December 31 for each of its retirement-related benefit plans based upon the yield of high quality, fixed-income debt instruments, the maturities of which correspond to expected benefit payment dates. | |||||||||||||||||||||||||||||||
Federal-Mogul's expected return on assets is established annually through analysis of anticipated future long-term investment performance for the plan based upon the asset allocation strategy. While the study gives appropriate consideration to recent fund performance and historical returns, the assumption is primarily a long-term prospective rate. | |||||||||||||||||||||||||||||||
The U.S. investment strategy mitigates risk by incorporating diversification across appropriate asset classes to meet the plan's objectives. It is intended to reduce risk, provide long-term financial stability for the plan and maintain funded levels that meet long-term plan obligations while preserving sufficient liquidity for near-term benefit payments. Risk assumed is considered appropriate for the return anticipated and consistent with the total diversification of plan assets. | |||||||||||||||||||||||||||||||
Federal-Mogul's investment strategy, which includes a target asset allocation of 50% equity investments, 25% fixed income investments and 25% in other investment types including hedge funds. Approximately 76% of the U.S. plan assets were invested in actively managed investment funds. | |||||||||||||||||||||||||||||||
The majority of the assets of the non-U.S. plans are invested through insurance contracts. The insurance contracts guarantee a minimum rate of return. Federal-Mogul has no input into the investment strategy of the assets underlying the contracts, but they are typically heavily invested in active bond markets and are highly regulated by local law. The target asset allocation for the non-U.S. pension plans is 80% insurance contracts, 15% debt investments and 5% equity investments. | |||||||||||||||||||||||||||||||
Refer to Note 6, “Fair Value Measurements,” for discussion of the fair value of each major category of plan assets, including the inputs and valuation techniques used to develop the fair value measurements of the plans' assets, at December 31, 2014 and 2013. | |||||||||||||||||||||||||||||||
Information for defined benefit plans with projected benefit obligations in excess of plan assets: | |||||||||||||||||||||||||||||||
Pension Benefits | Other | ||||||||||||||||||||||||||||||
United States Plans | Non-U.S. Plans | Post-Employment Benefits | |||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 1,291 | $ | 1,184 | $ | 574 | $ | 448 | $ | 368 | $ | 335 | |||||||||||||||||||
Fair value of plan assets | 912 | 909 | 53 | 52 | — | — | |||||||||||||||||||||||||
Information for pension plans with accumulated benefit obligations in excess of plan assets: | |||||||||||||||||||||||||||||||
Pension Benefits | |||||||||||||||||||||||||||||||
United States Plans | Non-U.S. Plans | ||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 1,291 | $ | 1,184 | $ | 555 | $ | 444 | |||||||||||||||||||||||
Accumulated benefit obligation | 1,291 | 1,184 | 514 | 409 | |||||||||||||||||||||||||||
Fair value of plan assets | 912 | 909 | 42 | 49 | |||||||||||||||||||||||||||
The accumulated benefit obligation for all pension plans was $1,809 million and $1,598 million as of December 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||||||||
U.S. Welfare Benefit Plan | |||||||||||||||||||||||||||||||
In May 2013, Federal-Mogul ceased operations at one of its U.S. manufacturing locations. The resulting reduction in the average remaining future service period to the full eligibility date of the remaining active plan participants in Federal-Mogul's U.S. Welfare Benefit Plan triggered the recognition of an OPEB curtailment gain of $19 million, which is included as a reduction to selling, general and administrative in the consolidated statements of operations, for the year ended December 31, 2013. Additionally, in the third quarter of 2013, Federal-Mogul completed the sale of its fuel manufacturing facility and research and development center located in the U.S., resulting in the termination of certain employees that participated in Federal-Mogul's U.S. Welfare Benefit Plan. The resulting reduction in the average remaining future service period to the full eligibility date of the remaining active plan participants in Federal-Mogul's U.S. Welfare Benefit Plan triggered the recognition of an additional OPEB curtailment gain of $19 million, which is included in the determination of net loss on disposition of assets within other income, net in the consolidated statements of operations for the year ended December 31, 2013. Our Automotive segment recorded aggregate OPEB curtailment gains of $38 million for the year ended December 31, 2013. | |||||||||||||||||||||||||||||||
Amounts in accumulated other comprehensive loss expected to be recognized as components of net periodic benefit cost in 2015: | |||||||||||||||||||||||||||||||
Pension Benefits | Other Post-Employment Benefits | ||||||||||||||||||||||||||||||
United States | Non-U.S. | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||
Amortization of actuarial losses | $ | 10 | $ | 12 | $ | 5 | |||||||||||||||||||||||||
Amortization of prior service credit | — | — | (4 | ) | |||||||||||||||||||||||||||
$ | 10 | $ | 12 | $ | 1 | ||||||||||||||||||||||||||
The assumed health care and drug cost trend rates used to measure next year's post-employment healthcare benefits are as follows: | |||||||||||||||||||||||||||||||
Other Post-Employment Benefits | |||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||
Health care cost trend rate | 7.25% | 6.88% | |||||||||||||||||||||||||||||
Ultimate health care cost trend rate | 5.00% | 5.00% | |||||||||||||||||||||||||||||
Year ultimate health care cost trend rate reached | 2022 | 2018 | |||||||||||||||||||||||||||||
Drug cost trend rate | 7.25% | 7.81% | |||||||||||||||||||||||||||||
Ultimate drug cost trend rate | 5.00% | 5.00% | |||||||||||||||||||||||||||||
Year ultimate drug cost trend rate reached | 2022 | 2018 | |||||||||||||||||||||||||||||
The assumed health care cost trend rate has a significant impact on the amounts reported for OPEB plans. The following table illustrates the sensitivity to a change in the assumed health care cost trend rate: | |||||||||||||||||||||||||||||||
Total Service and | APBO | ||||||||||||||||||||||||||||||
Interest Cost | |||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||
100 basis point (“bp”) increase in health care cost trend rate | $ | 1 | $ | 32 | |||||||||||||||||||||||||||
100 bp decrease in health care cost trend rate | (1 | ) | (28 | ) | |||||||||||||||||||||||||||
The following table illustrates the sensitivity to a change in certain assumptions for projected benefit obligations (“PBO”), associated expense and other comprehensive loss (“OCL”). The changes in these assumptions have no impact on Federal-Mogul's 2015 funding requirements. | |||||||||||||||||||||||||||||||
Pension Benefits | Other Post-Employment Benefits | ||||||||||||||||||||||||||||||
United States Plans | Non-U.S. Plans | ||||||||||||||||||||||||||||||
Change in 2015 expense | Change | Change | Change in 2015 expense | Change | Change | Change in 2015 expense | Change | ||||||||||||||||||||||||
in | in | in | in accumulated | in | |||||||||||||||||||||||||||
PBO | accumulated | PBO | OCL | PBO | |||||||||||||||||||||||||||
OCL | |||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||
25 bp decrease in discount rate | $ | (1 | ) | $ | 36 | $ | (36 | ) | $ | 1 | $ | 20 | $ | (20 | ) | — | $ | 9 | |||||||||||||
25 bp increase in discount rate | — | (34 | ) | 34 | (1 | ) | (20 | ) | 20 | — | (9 | ) | |||||||||||||||||||
25 bp decrease in return on assets rate | 2 | — | — | — | — | — | — | — | |||||||||||||||||||||||
25 bp increase in return on assets rate | (2 | ) | — | — | — | — | — | — | — | ||||||||||||||||||||||
Federal-Mogul's projected benefit payments from the plans are estimated as follows: | |||||||||||||||||||||||||||||||
Pension Benefits | Other Post-Employment Benefits | ||||||||||||||||||||||||||||||
Years | United States Plans | Non-U.S. Plans | |||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||
2015 | $ | 94 | $ | 26 | $ | 27 | |||||||||||||||||||||||||
2016 | 84 | 25 | 26 | ||||||||||||||||||||||||||||
2017 | 83 | 25 | 27 | ||||||||||||||||||||||||||||
2018 | 81 | 26 | 26 | ||||||||||||||||||||||||||||
2019 | 82 | 27 | 26 | ||||||||||||||||||||||||||||
2020-2023 | 392 | 139 | 121 | ||||||||||||||||||||||||||||
Federal-Mogul expects to contribute approximately $108 million to its pension plans in fiscal 2015. | |||||||||||||||||||||||||||||||
Federal-Mogul also maintains certain defined contribution pension plans for eligible employees. Effective January 1, 2013, Federal-Mogul amended its U.S. defined contribution plan to allow for an enhanced company match and company provided age-based contributions for eligible U.S. salaried and non-union hourly employees. The total expenses attributable to Federal-Mogul's defined contribution savings plan were $45 million, $42 million and $23 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||||
Other Benefits | |||||||||||||||||||||||||||||||
Federal-Mogul accounts for benefits to former or inactive employees paid after employment but before retirement pursuant to FASB ASC Topic 712, Compensation - Nonretirement Post-employment Benefits. The liabilities for such U.S. and European post-employment benefits were $25 million and $29 million at December 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||||||||
Railcar and Food Packaging | |||||||||||||||||||||||||||||||
ARI is the sponsor of three defined benefit pension plans, two of which cover certain employees at designated repair facilities. All three of ARI's defined benefit pension plans are frozen and no additional benefits are accruing thereunder. Viskase and its subsidiaries have defined contribution and defined benefit plans varying by country and subsidiary. Viskase's operations in the United States, France, Germany and Canada have historically offered defined benefit retirement plans and post-retirement health care and life insurance benefits to their employees. Most of these benefits have been terminated, resulting in reductions in various liabilities. | |||||||||||||||||||||||||||||||
The following provides disclosures for ARI's and Viskase's benefit obligations, plan assets, funded status, and recognition in the consolidated balance sheets. As pension costs for ARI and Viskase are not material to our consolidated financial position and results of operations, we do not provide information regarding their inputs and valuation assumptions. | |||||||||||||||||||||||||||||||
Pension Benefits | Other | ||||||||||||||||||||||||||||||
Post-Employment Benefits | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||||||||
Benefit obligation, beginning of year | $ | 176 | $ | 198 | $ | — | $ | — | |||||||||||||||||||||||
Service cost | 1 | 1 | — | — | |||||||||||||||||||||||||||
Interest cost | 8 | 8 | — | — | |||||||||||||||||||||||||||
Benefits paid | (10 | ) | (10 | ) | — | — | |||||||||||||||||||||||||
Actuarial gain (loss) | 29 | (21 | ) | — | — | ||||||||||||||||||||||||||
Currency translation | (1 | ) | — | — | — | ||||||||||||||||||||||||||
Benefit obligation, end of year | 203 | 176 | — | — | |||||||||||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||||||||
Fair value of plan assets, beginning of year | 140 | 125 | — | — | |||||||||||||||||||||||||||
Actual return on plan assets | 9 | 20 | — | — | |||||||||||||||||||||||||||
Company contributions | 6 | 5 | — | — | |||||||||||||||||||||||||||
Currency translation | (1 | ) | — | — | — | ||||||||||||||||||||||||||
Benefits paid | (10 | ) | (10 | ) | — | — | |||||||||||||||||||||||||
Fair value of plan assets, end of year | 144 | 140 | — | — | |||||||||||||||||||||||||||
Funded status of the plan | $ | (59 | ) | $ | (36 | ) | $ | — | $ | — | |||||||||||||||||||||
Amounts recognized in the consolidated balance sheets: | |||||||||||||||||||||||||||||||
Net liability recognized | $ | (59 | ) | $ | (36 | ) | $ | — | $ | — | |||||||||||||||||||||
Amounts recognized in accumulated other comprehensive loss, inclusive of tax impacts: | |||||||||||||||||||||||||||||||
Net actuarial (loss) gain | $ | (59 | ) | $ | (28 | ) | $ | 1 | $ | 1 | |||||||||||||||||||||
Total | $ | (59 | ) | $ | (28 | ) | $ | 1 | $ | 1 | |||||||||||||||||||||
Net_Income_Per_LP_Unit
Net Income Per LP Unit | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Net Income Per LP Unit [Abstract] | ||||||||||||
Net Income Per LP Unit | Net Income Per LP Unit. | |||||||||||
The following table sets forth the allocation of net (loss) income attributable to Icahn Enterprises allocable to limited partners and the computation of basic and diluted (loss) income per LP unit of Icahn Enterprises for the periods indicated: | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions, except per unit data) | ||||||||||||
Net (loss) income attributable to Icahn Enterprises | $ | (373 | ) | $ | 1,025 | $ | 396 | |||||
Less: Net income attributable to Icahn Enterprises allocable to general partner(1) | — | — | (9 | ) | ||||||||
Net (loss) income attributable to Icahn Enterprises net of portion allocable 100% to general partner | (373 | ) | 1,025 | 387 | ||||||||
Net (loss) income attributable to Icahn Enterprises allocable to limited partners (98.01% allocation) | $ | (366 | ) | $ | 1,005 | $ | 379 | |||||
Basic (loss) income per LP unit | $ | (3.08 | ) | $ | 9.14 | $ | 3.72 | |||||
Basic weighted average LP units outstanding | 119 | 110 | 102 | |||||||||
Dilutive effect of variable rate convertible notes: | ||||||||||||
Income | $ | 2 | $ | — | ||||||||
Units | 1 | — | ||||||||||
Diluted (loss) income per LP unit | $ | (3.08 | ) | $ | 9.07 | $ | 3.72 | |||||
Diluted weighted average LP units outstanding | 119 | 111 | 102 | |||||||||
(1) Amount represents net income allocable to the general partner for the period May 5, 2012 through August 23, 2012, the period in which Mr. Icahn and his affiliates' ownership in IEP Energy, other than Icahn Enterprises' ownership, were considered under common control. On August 24, 2012, Mr. Icahn and his affiliates contributed this interest to us in exchange for our depositary units. | ||||||||||||
Because their effect would have been anti-dilutive, 5 million equivalent units relating to our variable rate notes have been excluded from diluted weighted average LP units outstanding for the year ended December 31, 2012. | ||||||||||||
Unit Distributions | ||||||||||||
During 2014, we declared four quarterly distributions aggregating $6.00 per depositary unit. Depositary unitholders were given the option to make an election to receive the distributions in either cash or additional depositary units; if a holder did not make an election, it was automatically deemed to have elected to receive the distributions in cash. | ||||||||||||
In November 2013, Icahn Enterprises declared a quarterly distribution in the amount of $1.50 per depositary unit in which each depositary unitholder had the option to make an election to receive either cash or additional depositary units. The distribution was not made as of December 31, 2013. Therefore, because depositary unitholders had the election to receive the distribution either in cash or additional depositary units, we recorded a unit distribution liability of $142 million on our consolidated balance sheets as the unit distribution had not been made as of December 31, 2013. In addition, the unit distribution liability was considered a potentially dilutive security and is considered in the calculation of diluted income per LP unit as disclosed above. The difference between the liability recorded and the amount representing the aggregate value of the number of depositary units distributed and cash paid was charged to equity in 2014. There was no unit distribution liability as of December 31, 2014 as the distribution was declared and paid during the fourth quarter of 2014. | ||||||||||||
As a result of the above declared distributions, during 2014 we distributed an aggregate 7,203,105 of Icahn Enterprises' depositary units to those Depositary unitholders who elected to receive such distributions in additional depositary units. | ||||||||||||
Mr. Icahn and his affiliates elected to receive a majority of their proportionate share of these distributions in depositary units. As of December 31, 2014, Mr. Icahn and his affiliates owned approximately 88.4% of Icahn Enterprises outstanding depositary units. | ||||||||||||
Equity Offerings | ||||||||||||
On February 28, 2013, Icahn Enterprises entered into an underwriting agreement (the “February 2013 Underwriting Agreement”) with Jefferies & Company, Inc., providing for the issuance and purchase of an aggregate of 3,174,604 depositary units representing limited partner interests in Icahn Enterprises at a price to the public of $63.00 per depositary unit. The depositary units were delivered to the unitholders on March 6, 2013. Pursuant to the February 2013 Underwriting Agreement, Icahn Enterprises also granted Jefferies & Company, Inc. a 30-day option to purchase up to 476,191 additional depositary units at the same public offering price, which expired unexercised. | ||||||||||||
On June 12, 2013, Icahn Enterprises entered into an underwriting agreement (the “June 2013 Underwriting Agreement”) with Credit Suisse Securities (USA) LLC, UBS Securities LLC, Jefferies LLC, Citigroup Global Markets Inc., Oppenheimer & Co. Inc., Keefe, Bruyette & Woods, Inc., Wunderlich Securities, Inc. and KeyBanc Capital Markets Inc. (the “Underwriters”), providing for the issuance and purchase of an aggregate of 1,600,000 depositary units representing limited partner interests in Icahn Enterprises at a price to the public of $75.54 per depositary unit. The depositary units were delivered to the unitholders on June 17, 2013. Pursuant to the June 2013 Underwriting Agreement, Icahn Enterprises also granted the Underwriters a 30-day option to purchase up to an additional aggregate 240,000 additional depositary units at the same public offering price, which expired unexercised. | ||||||||||||
On December 9, 2013, Icahn Enterprises entered into an underwriting agreement (the “December 2013 Underwriting Agreement”) with Morgan Stanley & Co. LLC ("Morgan Stanley"), providing for the issuance and purchase of an aggregate of 2,000,000 depositary units representing limited partner interests in Icahn Enterprises at a price to the public of $135.00 per depositary unit. The depositary units were delivered to the unitholders on December 13, 2013. Pursuant to the December 2013 Underwriting Agreement, Icahn Enterprises also granted Morgan Stanley a 30-day option to purchase up to an additional aggregate 300,000 additional depositary units at the same public offering price, which expired unexercised. | ||||||||||||
Aggregate net proceeds from these equity offerings was $581 million during the year ended December 31, 2013 after deducting underwriting discounts, commissions and other offering related fees and expenses. Additionally, in connection with these equity offerings, our general partner made aggregate contributions of $12 million to Icahn Enterprises and Icahn Enterprises Holdings during the year ended December 31, 2013 in order to maintain its 1% general partner interest in each of Icahn Enterprises and Icahn Enterprises Holdings. | ||||||||||||
The issuance and sale of the depositary units in connection with the equity offerings in February 2013 and June 2013 are registered under the Securities Act of 1933, as amended, pursuant to a shelf registration statement on Form S-3 (File No. 333-158705) filed with the SEC by Icahn Enterprises on April 22, 2009 and declared effective by the SEC on May 17, 2010. The issuance and sale of the depositary units in connection with the equity offering in December 2013 are registered under the Securities Act of 1933, as amended, pursuant to a shelf registration statement on Form S-3 (File No. 333-188360) filed with the SEC by Icahn Enterprises on May 3, 2013 and declared effective by the SEC on October 9, 2013. | ||||||||||||
Rights Offering | ||||||||||||
Pursuant to a rights offering, we distributed transferable subscription rights pro rata to the holders of record of its depositary units as of the close of business on December 27, 2011, the record date. Our depositary unitholders received 0.15881 rights for each depositary unit held as of the record date. Each whole right entitled the holder to acquire one of our newly issued depositary units at a subscription price of $36.7933. The subscription price for the depositary units offered in the rights offering was equal to the volume-weighted average price per depositary unit for the ten consecutive trading days commencing 11 trading days prior to December 27, 2011, the record date. In addition, holders of rights were entitled to subscribe for additional depositary units that remained unsubscribed as a result of any unexercised subscription rights. Icahn Enterprises distributed the rights to the record date unitholders on January 3, 2012. The rights traded on the NASDAQ Global Select Market ("NASDAQ") under the ticker symbol "IEPRR" from January 3, 2012 until the close of NASDAQ on January 20, 2012, the expiration date of the rights offering. No fractional depositary units were issued in the rights offering. The number of depositary units issued upon exercise by all unitholders of its rights were rounded to the nearest whole depositary unit to eliminate fractional depositary units. In connection with this rights offering, we distributed and aggregate 13,590,238 additional depositary units to unitholders that subscribed to the basic subscription rights and the over-subscription rights and we received proceeds of $500 million. Of these additional depositary units distributed pursuant to the rights offering, Mr. Icahn and his affiliates received 12,995,584 additional depositary units. | ||||||||||||
The issuance and sale of the depositary units in connection with the rights offering in December 2011 are registered under the Securities Act of 1933, as amended, pursuant to a shelf registration statement on Form S-3 (File No. 333-178249) filed with the SEC by Icahn Enterprises on December 1, 2011 and declared effective by the SEC on December 27, 2011. |
Segment_and_Geographic_Reporti
Segment and Geographic Reporting | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting | Segment and Geographic Reporting. | |||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2014, our nine operating segments, which also constitute our reporting segments, are: (1) Investment; (2) Automotive; (3) Energy; (4) Metals; (5) Railcar; (6) Gaming; (7) Food Packaging; (8) Real Estate and (9) Home Fashion. Our determination of what constitutes an operating segment is based on the various industries in which our businesses operate and how we manage those businesses in accordance with our investment strategy. We assess and measure segment operating results based on net income from continuing operations attributable to Icahn Enterprises and Icahn Enterprises Holdings, as disclosed below. Certain terms of financings for certain of our segments impose restrictions on the segments' ability to transfer funds to us, including restrictions on dividends, distributions, loans and other transactions. See Note 3, “Operating Units,” for a detailed description of each of our reporting segments. | ||||||||||||||||||||||||||||||||||||||||||||
In addition to our nine reporting segments, we present the results of the Holding Company which includes the unconsolidated results of Icahn Enterprises and Icahn Enterprises Holdings, and investment activity and expenses associated with the activities of the Holding Company. | ||||||||||||||||||||||||||||||||||||||||||||
Icahn Enterprises' condensed statements of operations by reporting segment for the years ended December 31, 2014, 2013 and 2012 are presented below: | ||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
Investment | Automotive | Energy | Metals | Railcar | Gaming | Food Packaging | Real Estate | Home Fashion | Holding Company | Consolidated | ||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | 7,317 | $ | 9,109 | $ | 711 | $ | 379 | $ | — | $ | 365 | $ | 15 | $ | 176 | $ | — | $ | 18,072 | ||||||||||||||||||||||
Other revenues from operations | — | — | — | — | 411 | 759 | — | 80 | — | — | 1,250 | |||||||||||||||||||||||||||||||||
Net (loss) gain from investment activities | (421 | ) | — | (6 | ) | — | — | — | — | — | — | (137 | ) | (564 | ) | |||||||||||||||||||||||||||||
Interest and dividend income | 202 | 5 | 3 | — | 3 | 2 | — | — | — | 2 | 217 | |||||||||||||||||||||||||||||||||
Other income (loss), net | 1 | 2 | 186 | — | 16 | 88 | (19 | ) | 6 | 5 | (103 | ) | 182 | |||||||||||||||||||||||||||||||
(218 | ) | 7,324 | 9,292 | 711 | 809 | 849 | 346 | 101 | 181 | (238 | ) | 19,157 | ||||||||||||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||||||||||||||||
Cost of goods sold | — | 6,260 | 8,774 | 728 | 288 | — | 275 | 8 | 152 | — | 16,485 | |||||||||||||||||||||||||||||||||
Other expenses from operations | — | — | — | — | 175 | 387 | — | 51 | — | — | 613 | |||||||||||||||||||||||||||||||||
Selling, general and administrative | 167 | 825 | 136 | 23 | 42 | 327 | 45 | 12 | 29 | 19 | 1,625 | |||||||||||||||||||||||||||||||||
Restructuring | — | 86 | — | — | — | — | — | — | (2 | ) | — | 84 | ||||||||||||||||||||||||||||||||
Impairment | — | 24 | 103 | 3 | — | — | — | 5 | — | — | 135 | |||||||||||||||||||||||||||||||||
Interest expense | 299 | 128 | 38 | — | 60 | 13 | 14 | 3 | — | 292 | 847 | |||||||||||||||||||||||||||||||||
466 | 7,323 | 9,051 | 754 | 565 | 727 | 334 | 79 | 179 | 311 | 19,789 | ||||||||||||||||||||||||||||||||||
Income (loss) before income tax benefit (expense) benefit | (684 | ) | 1 | 241 | (43 | ) | 244 | 122 | 12 | 22 | 2 | (549 | ) | (632 | ) | |||||||||||||||||||||||||||||
Income tax (expense) benefit | — | (91 | ) | (73 | ) | 18 | (56 | ) | 147 | (3 | ) | — | — | 161 | 103 | |||||||||||||||||||||||||||||
Net (loss) income | (684 | ) | (90 | ) | 168 | (25 | ) | 188 | 269 | 9 | 22 | 2 | (388 | ) | (529 | ) | ||||||||||||||||||||||||||||
Less: net loss (income) attributable to non-controlling interests | 379 | 3 | (73 | ) | — | (66 | ) | (84 | ) | (3 | ) | — | — | — | 156 | |||||||||||||||||||||||||||||
Net income (loss) attributable to Icahn Enterprises | $ | (305 | ) | $ | (87 | ) | $ | 95 | $ | (25 | ) | $ | 122 | $ | 185 | $ | 6 | $ | 22 | $ | 2 | $ | (388 | ) | $ | (373 | ) | |||||||||||||||||
Supplemental information: | ||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | $ | — | $ | 418 | $ | 218 | $ | 41 | $ | 626 | $ | 81 | $ | 23 | $ | 1 | $ | 3 | $ | — | $ | 1,411 | ||||||||||||||||||||||
Depreciation and amortization(1) | $ | — | $ | 335 | $ | 219 | $ | 26 | $ | 106 | $ | 50 | $ | 22 | $ | 22 | $ | 7 | $ | — | $ | 787 | ||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||
Investment | Automotive | Energy | Metals | Railcar | Gaming | Food Packaging | Real Estate | Home Fashion | Holding Company | Consolidated | ||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | 6,905 | $ | 8,986 | $ | 929 | $ | 408 | $ | — | $ | 371 | $ | 2 | $ | 184 | $ | — | $ | 17,785 | ||||||||||||||||||||||
Other revenues from operations | — | — | — | — | 331 | 575 | — | 82 | — | — | 988 | |||||||||||||||||||||||||||||||||
Net gain (loss) from investment activities | 1,850 | — | — | — | 2 | — | — | — | — | (158 | ) | 1,694 | ||||||||||||||||||||||||||||||||
Interest and dividend income | 178 | 3 | 1 | — | 9 | 1 | — | — | — | 2 | 194 | |||||||||||||||||||||||||||||||||
Other income (loss), net | 3 | (32 | ) | 76 | — | (6 | ) | (5 | ) | (25 | ) | 1 | 3 | 6 | 21 | |||||||||||||||||||||||||||||
2,031 | 6,876 | 9,063 | 929 | 744 | 571 | 346 | 85 | 187 | (150 | ) | 20,682 | |||||||||||||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||||||||||||||||
Cost of goods sold | — | 5,885 | 8,204 | 948 | 326 | — | 285 | — | 161 | — | 15,809 | |||||||||||||||||||||||||||||||||
Other expenses from operations | — | — | — | — | 160 | 294 | — | 50 | — | — | 504 | |||||||||||||||||||||||||||||||||
Selling, general and administrative | 119 | 749 | 137 | 27 | 39 | 238 | 47 | 12 | 31 | 18 | 1,417 | |||||||||||||||||||||||||||||||||
Restructuring | — | 40 | — | — | — | — | — | — | 10 | — | 50 | |||||||||||||||||||||||||||||||||
Impairment | — | 8 | — | 2 | — | 3 | — | 2 | 1 | — | 16 | |||||||||||||||||||||||||||||||||
Interest expense | 10 | 111 | 48 | — | 49 | 14 | 22 | 4 | — | 302 | 560 | |||||||||||||||||||||||||||||||||
129 | 6,793 | 8,389 | 977 | 574 | 549 | 354 | 68 | 203 | 320 | 18,356 | ||||||||||||||||||||||||||||||||||
Income (loss) before income tax benefit (expense) | 1,902 | 83 | 674 | (48 | ) | 170 | 22 | (8 | ) | 17 | (16 | ) | (470 | ) | 2,326 | |||||||||||||||||||||||||||||
Income tax benefit (expense) | — | 180 | (195 | ) | 20 | (31 | ) | (3 | ) | 51 | — | — | 96 | 118 | ||||||||||||||||||||||||||||||
Net income (loss) | 1,902 | 263 | 479 | (28 | ) | 139 | 19 | 43 | 17 | (16 | ) | (374 | ) | 2,444 | ||||||||||||||||||||||||||||||
Less: net income attributable to non-controlling interests | (1,090 | ) | (13 | ) | (190 | ) | — | (109 | ) | (6 | ) | (11 | ) | — | — | — | (1,419 | ) | ||||||||||||||||||||||||||
Net income (loss) attributable to Icahn Enterprises | $ | 812 | $ | 250 | $ | 289 | $ | (28 | ) | $ | 30 | $ | 13 | $ | 32 | $ | 17 | $ | (16 | ) | $ | (374 | ) | $ | 1,025 | |||||||||||||||||||
Supplemental information: | ||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | $ | — | $ | 380 | $ | 256 | $ | 15 | $ | 424 | $ | 57 | $ | 20 | $ | 2 | $ | 7 | $ | — | $ | 1,161 | ||||||||||||||||||||||
Depreciation and amortization(1) | $ | — | $ | 296 | $ | 208 | $ | 26 | $ | 92 | $ | 34 | $ | 21 | $ | 23 | $ | 8 | $ | — | $ | 708 | ||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||
Investment | Automotive | Energy(2) | Metals | Railcar | Gaming | Food Packaging | Real Estate | Home Fashion | Holding Company | Consolidated | ||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | 6,664 | $ | 5,703 | $ | 1,102 | $ | 530 | $ | — | $ | 343 | $ | 4 | $ | 228 | $ | — | $ | 14,574 | ||||||||||||||||||||||
Other revenues from operations | — | — | — | — | 256 | 613 | — | 82 | — | — | 951 | |||||||||||||||||||||||||||||||||
Net gain from investment activities | 314 | — | — | — | 2 | — | — | — | — | 27 | 343 | |||||||||||||||||||||||||||||||||
Interest and dividend income | 85 | 5 | 1 | — | 11 | 1 | — | — | — | — | 103 | |||||||||||||||||||||||||||||||||
Other (loss) income, net | (1 | ) | 8 | (185 | ) | 1 | — | (3 | ) | (2 | ) | 2 | 3 | 2 | (175 | ) | ||||||||||||||||||||||||||||
398 | 6,677 | 5,519 | 1,103 | 799 | 611 | 341 | 88 | 231 | 29 | 15,796 | ||||||||||||||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||||||||||||||||
Cost of goods sold | — | 5,753 | 4,848 | 1,116 | 419 | — | 263 | 1 | 206 | — | 12,606 | |||||||||||||||||||||||||||||||||
Other expenses from operations | — | — | — | — | 141 | 312 | — | 49 | — | — | 502 | |||||||||||||||||||||||||||||||||
Selling, general and administrative | 24 | 710 | 112 | 28 | 37 | 250 | 45 | 14 | 37 | 18 | 1,275 | |||||||||||||||||||||||||||||||||
Restructuring | — | 26 | — | — | — | — | 1 | — | 4 | — | 31 | |||||||||||||||||||||||||||||||||
Impairment | — | 98 | — | 18 | — | 2 | — | — | 11 | — | 129 | |||||||||||||||||||||||||||||||||
Interest expense | 2 | 141 | 39 | — | 68 | 13 | 21 | 5 | — | 283 | 572 | |||||||||||||||||||||||||||||||||
26 | 6,728 | 4,999 | 1,162 | 665 | 577 | 330 | 69 | 258 | 301 | 15,115 | ||||||||||||||||||||||||||||||||||
Income (loss) before income tax benefit (expense) | 372 | (51 | ) | 520 | (59 | ) | 134 | 34 | 11 | 19 | (27 | ) | (272 | ) | 681 | |||||||||||||||||||||||||||||
Income tax benefit (expense) | — | 29 | (182 | ) | 1 | (42 | ) | (4 | ) | (5 | ) | — | — | 284 | 81 | |||||||||||||||||||||||||||||
Net income (loss) | 372 | (22 | ) | 338 | (58 | ) | 92 | 30 | 6 | 19 | (27 | ) | 12 | 762 | ||||||||||||||||||||||||||||||
Less: net (income) loss attributable to non-controlling interests | (215 | ) | (2 | ) | (75 | ) | — | (63 | ) | (9 | ) | (2 | ) | — | — | — | (366 | ) | ||||||||||||||||||||||||||
Net income (loss) attributable to Icahn Enterprises | $ | 157 | $ | (24 | ) | $ | 263 | $ | (58 | ) | $ | 29 | $ | 21 | $ | 4 | $ | 19 | $ | (27 | ) | $ | 12 | $ | 396 | |||||||||||||||||||
Supplemental information: | ||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | $ | — | $ | 387 | $ | 138 | $ | 24 | $ | 302 | $ | 44 | $ | 39 | $ | 2 | $ | — | $ | — | $ | 936 | ||||||||||||||||||||||
Depreciation and amortization(1) | $ | — | $ | 289 | $ | 128 | $ | 26 | $ | 83 | $ | 32 | $ | 18 | $ | 23 | $ | 8 | $ | — | $ | 607 | ||||||||||||||||||||||
(1) | Excludes amounts related to the amortization of debt discounts and premiums included in interest expense in the amounts of $22 million, $34 million and $28 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||||||||||||||||
(2) | We consolidated CVR effective May 4, 2012. | |||||||||||||||||||||||||||||||||||||||||||
Icahn Enterprises' condensed balance sheets by reporting segment as of December 31, 2014 and 2013 are presented below: | ||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
Investment | Automotive | Energy | Metals | Railcar | Gaming | Food Packaging | Real Estate | Home Fashion | Holding Company | Consolidated | ||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 2 | $ | 332 | $ | 754 | $ | 19 | $ | 412 | $ | 196 | $ | 39 | $ | 24 | $ | 11 | $ | 1,123 | $ | 2,912 | ||||||||||||||||||||||
Cash held at consolidated affiliated partnerships and restricted cash | 1,366 | — | — | 4 | 35 | 16 | 1 | 2 | 8 | 3 | 1,435 | |||||||||||||||||||||||||||||||||
Investments | 13,961 | 269 | 77 | — | 29 | 33 | — | — | — | 131 | 14,500 | |||||||||||||||||||||||||||||||||
Accounts receivable, net | — | 1,356 | 137 | 51 | 41 | 9 | 63 | 4 | 30 | — | 1,691 | |||||||||||||||||||||||||||||||||
Inventories, net | — | 1,215 | 330 | 67 | 117 | — | 77 | — | 73 | — | 1,879 | |||||||||||||||||||||||||||||||||
Property, plant and equipment, net | — | 2,160 | 2,692 | 144 | 2,376 | 719 | 154 | 633 | 74 | 3 | 8,955 | |||||||||||||||||||||||||||||||||
Goodwill and intangible assets, net | — | 1,744 | 1,184 | 8 | 7 | 75 | 9 | 58 | 3 | — | 3,088 | |||||||||||||||||||||||||||||||||
Other assets | 131 | 453 | 160 | 22 | 103 | 212 | 93 | 24 | 9 | 113 | 1,320 | |||||||||||||||||||||||||||||||||
Total assets | $ | 15,460 | $ | 7,529 | $ | 5,334 | $ | 315 | $ | 3,120 | $ | 1,260 | $ | 436 | $ | 745 | $ | 208 | $ | 1,373 | $ | 35,780 | ||||||||||||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||||||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | $ | 864 | $ | 1,933 | $ | 1,471 | $ | 60 | $ | 294 | $ | 130 | $ | 64 | $ | 20 | $ | 28 | $ | 13 | $ | 4,877 | ||||||||||||||||||||||
Securities sold, not yet purchased, at fair value | 337 | — | — | — | — | — | — | — | — | — | 337 | |||||||||||||||||||||||||||||||||
Due to brokers | 5,197 | — | — | — | — | — | — | — | — | — | 5,197 | |||||||||||||||||||||||||||||||||
Post-employment benefit liability | — | 1,328 | — | 2 | 9 | — | 52 | — | — | — | 1,391 | |||||||||||||||||||||||||||||||||
Debt | — | 2,690 | 675 | 3 | 2,133 | 295 | 274 | 32 | — | 5,486 | 11,588 | |||||||||||||||||||||||||||||||||
Total liabilities | 6,398 | 5,951 | 2,146 | 65 | 2,436 | 425 | 390 | 52 | 28 | 5,499 | 23,390 | |||||||||||||||||||||||||||||||||
Equity attributable to Icahn Enterprises | 4,284 | 1,231 | 1,612 | 250 | 711 | 578 | 30 | 693 | 180 | (4,126 | ) | 5,443 | ||||||||||||||||||||||||||||||||
Equity attributable to non-controlling interests | 4,778 | 347 | 1,576 | — | (27 | ) | 257 | 16 | — | — | — | 6,947 | ||||||||||||||||||||||||||||||||
Total equity | 9,062 | 1,578 | 3,188 | 250 | 684 | 835 | 46 | 693 | 180 | (4,126 | ) | 12,390 | ||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 15,460 | $ | 7,529 | $ | 5,334 | $ | 315 | $ | 3,120 | $ | 1,260 | $ | 436 | $ | 745 | $ | 208 | $ | 1,373 | $ | 35,780 | ||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||
Investment | Automotive | Energy | Metals | Railcar | Gaming | Food Packaging | Real Estate | Home Fashion | Holding Company | Consolidated | ||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 3 | $ | 761 | $ | 842 | $ | 31 | $ | 417 | $ | 359 | $ | 19 | $ | 32 | $ | 16 | $ | 782 | $ | 3,262 | ||||||||||||||||||||||
Cash held at consolidated affiliated partnerships and restricted cash | 321 | — | — | 4 | 27 | 31 | 1 | 3 | 6 | 3 | 396 | |||||||||||||||||||||||||||||||||
Investments | 11,826 | 253 | — | — | 31 | 34 | — | — | — | 117 | 12,261 | |||||||||||||||||||||||||||||||||
Accounts receivable, net | — | 1,297 | 242 | 62 | 34 | 10 | 67 | 3 | 35 | — | 1,750 | |||||||||||||||||||||||||||||||||
Inventories, net | — | 1,068 | 527 | 85 | 90 | — | 72 | — | 60 | — | 1,902 | |||||||||||||||||||||||||||||||||
Property, plant and equipment, net | — | 2,038 | 2,684 | 129 | 1,889 | 444 | 156 | 656 | 78 | 3 | 8,077 | |||||||||||||||||||||||||||||||||
Goodwill and intangible assets, net | — | 1,715 | 1,307 | 9 | 7 | 67 | 11 | 68 | 3 | — | 3,187 | |||||||||||||||||||||||||||||||||
Other assets | 47 | 413 | 146 | 14 | 52 | 51 | 79 | 18 | 24 | 66 | 910 | |||||||||||||||||||||||||||||||||
Total assets | $ | 12,197 | $ | 7,545 | $ | 5,748 | $ | 334 | $ | 2,547 | $ | 996 | $ | 405 | $ | 780 | $ | 222 | $ | 971 | $ | 31,745 | ||||||||||||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||||||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | $ | 757 | $ | 1,763 | $ | 1,550 | $ | 57 | $ | 204 | $ | 132 | $ | 80 | $ | 18 | $ | 31 | $ | 351 | $ | 4,943 | ||||||||||||||||||||||
Securities sold, not yet purchased, at fair value | 884 | — | — | — | — | — | — | — | — | — | 884 | |||||||||||||||||||||||||||||||||
Due to brokers | 2,203 | — | — | — | — | — | — | — | — | — | 2,203 | |||||||||||||||||||||||||||||||||
Post-employment benefit liability | — | 1,072 | — | 1 | 5 | — | 33 | — | — | — | 1,111 | |||||||||||||||||||||||||||||||||
Debt | — | 2,586 | 676 | 3 | 1,448 | 298 | 217 | 51 | — | 4,016 | 9,295 | |||||||||||||||||||||||||||||||||
Total liabilities | 3,844 | 5,421 | 2,226 | 61 | 1,657 | 430 | 330 | 69 | 31 | 4,367 | 18,436 | |||||||||||||||||||||||||||||||||
Equity attributable to Icahn Enterprises | 3,696 | 1,660 | 1,926 | 273 | 591 | 392 | 55 | 711 | 191 | (3,403 | ) | 6,092 | ||||||||||||||||||||||||||||||||
Equity attributable to non-controlling interests | 4,657 | 464 | 1,596 | — | 299 | 174 | 20 | — | — | 7 | 7,217 | |||||||||||||||||||||||||||||||||
Total equity | 8,353 | 2,124 | 3,522 | 273 | 890 | 566 | 75 | 711 | 191 | (3,396 | ) | 13,309 | ||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 12,197 | $ | 7,545 | $ | 5,748 | $ | 334 | $ | 2,547 | $ | 996 | $ | 405 | $ | 780 | $ | 222 | $ | 971 | $ | 31,745 | ||||||||||||||||||||||
The following table presents our segments' geographic net sales from external customers, other revenues from operations and property, plant and equipment, net for the periods indicated: | ||||||||||||||||||||||||||||||||||||||||||||
Net Sales | Other Revenues From Operations | Property, Plant and Equipment, Net | ||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | December 31, | ||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
United States | $ | 13,086 | $ | 13,171 | $ | 10,202 | $ | 1,169 | $ | 937 | $ | 914 | $ | 6,903 | $ | 6,207 | ||||||||||||||||||||||||||||
Germany | 1,507 | 1,339 | 1,175 | — | — | — | 423 | 425 | ||||||||||||||||||||||||||||||||||||
Other | 3,479 | 3,275 | 3,197 | 81 | 51 | 37 | 1,629 | 1,445 | ||||||||||||||||||||||||||||||||||||
$ | 18,072 | $ | 17,785 | $ | 14,574 | $ | 1,250 | $ | 988 | $ | 951 | $ | 8,955 | $ | 8,077 | |||||||||||||||||||||||||||||
Geographic location is based on location of the customer and location of the asset. | ||||||||||||||||||||||||||||||||||||||||||||
Icahn Enterprises Holdings | ||||||||||||||||||||||||||||||||||||||||||||
Due to the structure of our business, the consolidated results of operations for Icahn Enterprises and Icahn Enterprises Holdings are substantially the same. Differences primarily relate to non-cash portions of interest expense, and are only reflected in the results of operations for our Holding Company. See Note 10, "Debt," for additional information. Segment information for Icahn Enterprises Holdings is presented below for significant financial statement line items affected by these differences. | ||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | December 31, | |||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||
Interest Expense | Net (Loss) Income | Net (Loss) Income Attributable to Icahn Enterprises Holdings | Interest Expense | Net Income (Loss) | Net Income (Loss) Attributable to Icahn Enterprises Holdings | Interest Expense | Net Income (Loss) | Net Income (Loss) Attributable to Icahn Enterprises Holdings | Total Assets | Total Assets | ||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||||||||||||||||||||||
Investment | $ | 299 | $ | (684 | ) | $ | (305 | ) | $ | 10 | $ | 1,902 | $ | 812 | $ | 2 | $ | 372 | $ | 157 | $ | 15,460 | $ | 12,197 | ||||||||||||||||||||
Automotive | 128 | (90 | ) | (87 | ) | 111 | 263 | 250 | 141 | (22 | ) | (24 | ) | 7,529 | 7,545 | |||||||||||||||||||||||||||||
Energy | 38 | 168 | 95 | 48 | 479 | 289 | 39 | 338 | 263 | 5,334 | 5,748 | |||||||||||||||||||||||||||||||||
Metals | — | (25 | ) | (25 | ) | — | (28 | ) | (28 | ) | — | (58 | ) | (58 | ) | 315 | 334 | |||||||||||||||||||||||||||
Railcar | 60 | 188 | 122 | 49 | 139 | 30 | 68 | 92 | 29 | 3,120 | 2,547 | |||||||||||||||||||||||||||||||||
Gaming | 13 | 269 | 185 | 14 | 19 | 13 | 13 | 30 | 21 | 1,260 | 996 | |||||||||||||||||||||||||||||||||
Food Packaging | 14 | 9 | 6 | 22 | 43 | 32 | 21 | 6 | 4 | 436 | 405 | |||||||||||||||||||||||||||||||||
Real Estate | 3 | 22 | 22 | 4 | 17 | 17 | 5 | 19 | 19 | 745 | 780 | |||||||||||||||||||||||||||||||||
Home Fashion | — | 2 | 2 | — | (16 | ) | (16 | ) | — | (27 | ) | (27 | ) | 208 | 222 | |||||||||||||||||||||||||||||
Holding Company | 291 | (387 | ) | (387 | ) | 302 | (374 | ) | (374 | ) | 282 | 13 | 13 | 1,396 | 987 | |||||||||||||||||||||||||||||
Consolidated | $ | 846 | $ | (528 | ) | $ | (372 | ) | $ | 560 | $ | 2,444 | $ | 1,025 | $ | 571 | $ | 763 | $ | 397 | $ | 35,803 | $ | 31,761 | ||||||||||||||||||||
Amounts related to the amortization of debt discounts and premiums included in interest expense for the consolidated results of Icahn Enterprises Holdings were $21 million, $34 million and $27 million for the years ended December 31, 2014, 2013 and 2012, respectively. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||
Income Taxes | Income Taxes. | |||||||||||||||
The difference between the book basis and the tax basis of our net assets, not directly subject to income taxes, is as follows: | ||||||||||||||||
Icahn Enterprises | Icahn Enterprises Holdings | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(in millions) | (in millions) | |||||||||||||||
Book basis of net assets | $ | 5,443 | $ | 6,092 | $ | 5,446 | $ | 6,114 | ||||||||
Book/tax basis difference | (1,566 | ) | (2,248 | ) | (1,545 | ) | (2,248 | ) | ||||||||
Tax basis of net assets | $ | 3,877 | $ | 3,844 | $ | 3,901 | $ | 3,866 | ||||||||
Our corporate subsidiaries recorded the following income tax benefit (expense) attributable to continuing operations for our taxable subsidiaries: | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
(in millions) | ||||||||||||||||
Current: | ||||||||||||||||
Domestic | $ | (45 | ) | $ | 22 | $ | (104 | ) | ||||||||
International | (35 | ) | (61 | ) | (53 | ) | ||||||||||
Total current | (80 | ) | (39 | ) | (157 | ) | ||||||||||
Deferred: | ||||||||||||||||
Domestic | 201 | 146 | 191 | |||||||||||||
International | (18 | ) | 11 | 47 | ||||||||||||
Total deferred | 183 | 157 | 238 | |||||||||||||
$ | 103 | $ | 118 | $ | 81 | |||||||||||
The tax effect of significant differences representing deferred tax assets (liabilities) (the difference between financial statement carrying value and the tax basis of assets and liabilities) is as follows: | ||||||||||||||||
December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(in millions) | ||||||||||||||||
Deferred tax assets: | ||||||||||||||||
Property, plant and equipment | $ | 144 | $ | 141 | ||||||||||||
Net operating loss | 1,348 | 1,137 | ||||||||||||||
Tax credits | 149 | 166 | ||||||||||||||
Post-employment benefits, including pensions | 388 | 303 | ||||||||||||||
Reorganization costs | 11 | 27 | ||||||||||||||
Other | 231 | 242 | ||||||||||||||
Total deferred tax assets | 2,271 | 2,016 | ||||||||||||||
Less: Valuation allowance | (1,059 | ) | (1,216 | ) | ||||||||||||
Net deferred tax assets | $ | 1,212 | $ | 800 | ||||||||||||
Deferred tax liabilities: | ||||||||||||||||
Property, plant and equipment | $ | (239 | ) | $ | (216 | ) | ||||||||||
Intangible assets | (177 | ) | (187 | ) | ||||||||||||
Investment in partnerships | (1,349 | ) | (1,242 | ) | ||||||||||||
Investment in U.S. subsidiaries | (307 | ) | (307 | ) | ||||||||||||
Other | (6 | ) | (13 | ) | ||||||||||||
Total deferred tax liabilities | (2,078 | ) | (1,965 | ) | ||||||||||||
$ | (866 | ) | $ | (1,165 | ) | |||||||||||
We recorded deferred tax assets and deferred tax liabilities of $389 million and $1,255 million, respectively, as of December 31, 2014 and $229 million and $1,394 million, respectively, as of December 31, 2013. Deferred tax assets are included in other assets in our consolidated balance sheets. | ||||||||||||||||
We analyze all positive and negative evidence to consider whether it is more likely than not that all of the deferred tax assets will be realized. Projected future income, tax planning strategies and the expected reversal of deferred tax liabilities are considered in making this assessment. As of December 31, 2014 we had a valuation allowance of approximately $1.1 billion primarily related to tax loss and credit carryforwards, post-retirement benefits and other deferred tax assets. The current and future provisions for income taxes may be significantly impacted by changes to valuation allowances. These allowances will be maintained until it is more likely than not that the deferred tax assets will be realized. For the year ended December 31, 2014, the valuation allowance on deferred tax assets decreased by $157 million. The decrease was attributable to $193 million decrease recorded by our Gaming segment offset by an increase of $33 million and $3 million recorded by our Automotive segment and American Entertainment Properties Corp (“AEPC”), an indirect wholly owned subsidiary of ours, respectively. For the year ended December 31, 2013, the valuation allowance on deferred tax assets decreased by $334 million. The decrease is primarily attributable to $279 million recorded by our Automotive segment and $55 million recorded by Food Packaging segment. | ||||||||||||||||
A reconciliation of the effective tax rate on continuing operations as shown in the consolidated statements of operations to the federal statutory rate is as follows: | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Federal statutory rate | 35 | % | 35 | % | 35 | % | ||||||||||
Foreign operations | 6.7 | 1.3 | 0.7 | |||||||||||||
Valuation allowance | 21.5 | (15.4 | ) | 14.8 | ||||||||||||
Non-controlling interest | 7.5 | (2.3 | ) | (1.1 | ) | |||||||||||
Goodwill | (5.7 | ) | 0.2 | 0.5 | ||||||||||||
Gain on settlement of liabilities subject to compromise | 4.9 | — | (51.7 | ) | ||||||||||||
Income not subject to taxation | (47.2 | ) | (25.4 | ) | (12.6 | ) | ||||||||||
Other | (6.4 | ) | 1.5 | 2.5 | ||||||||||||
16.3 | % | (5.1 | )% | (11.9 | )% | |||||||||||
Automotive | ||||||||||||||||
Federal-Mogul did not record taxes on its undistributed earnings from foreign subsidiaries of $902 million at December 31, 2014 since these earnings are considered to be permanently reinvested. If at some future date, these earnings cease to be permanently reinvested, Federal-Mogul may be subject to U.S. income taxes and foreign withholding taxes on such amounts. Determining the unrecognized deferred tax liability on the potential distribution of these earnings is not practicable as such liability, if any, is dependent on circumstances existing when remittance occurs. | ||||||||||||||||
As of December 31, 2014, Federal-Mogul had $332 million of cash and cash equivalents, of which $138 million was held by foreign subsidiaries. In accordance with FASB ASC 740-30-25-17 through 19, Federal-Mogul asserts that these funds are indefinitely reinvested due to operational and investing needs of the foreign locations. Furthermore, Federal-Mogul will accrue any applicable taxes in the period when it no longer intends to indefinitely reinvest these funds. Federal-Mogul expects that the impact on cash taxes would be immaterial due to: the availability of net operation loss carryforwards and related valuation allowances; earnings considered previously taxed; and applicable tax treaties. | ||||||||||||||||
Federal-Mogul continues to maintain a valuation allowance related to its net deferred tax assets in multiple jurisdictions. As of December 31, 2014, our Automotive segment had valuation allowances of $868 million related to tax loss and credit carryforwards. The current and future provisions for income taxes may be significantly impacted by changes to valuation allowances in certain countries. These allowances will be maintained until it is more likely than not that the deferred tax assets will be realized. The future provision for income taxes will include no tax benefit with respect to losses incurred and no tax expense with respect to income generated in these countries until the respective valuation allowance is eliminated. | ||||||||||||||||
At December 31, 2014, our Automotive segment had a deferred tax asset before valuation allowance of $893 million for tax loss carryforwards and tax credits, including approximately $498 million in the United States with expiration dates from fiscal 2015 through fiscal 2034; $181 million in the United Kingdom with no expiration date; and $214 million in other jurisdictions with various expiration dates. | ||||||||||||||||
During 2013, IEH FM Holdings LLC, the parent company of Federal-Mogul, was contributed to American Entertainment Properties Corp. ("AEPC") in a tax-free transaction. Pursuant to the contribution and additional shares purchased, AEPC owns more than 80% of Federal-Mogul and Federal-Mogul is now included in the federal income tax consolidated group of AEPC. Positive and negative evidence was evaluated and AEPC was able to conclude that it was more likely than not to realize a portion of the Federal-Mogul deferred tax assets as part of the consolidated U.S. tax filing and released $18 million and $287 million of valuation allowance during the years ended December 31, 2014 and 2013, respectively. | ||||||||||||||||
Our Automotive segment has also concluded that there is a more than remote possibility that existing valuation allowances of up to $148 million as of December 31, 2014 could be released within the next 12 months. If releases of such valuation allowances occur, they may have a significant impact on our consolidated statements of operations in the quarter in which it is deemed appropriate to release the reserve. | ||||||||||||||||
Energy | ||||||||||||||||
On May 19, 2012, CVR became a member of the consolidated federal tax group of AEPC. At December 31, 2014, CVR has Kansas state income tax credits of approximately $2 million, which are available to reduce future Kansas state regular income taxes. These credits, if not used, will expire in 2030. Additionally, CVR has Oklahoma state income tax credits of approximately $18 million which are available to reduce future Oklahoma state regular income taxes. These credits have an indefinite life. | ||||||||||||||||
Gaming, Home Fashion, Food Packaging and Other | ||||||||||||||||
At December 31, 2014, AEPC, which includes CVR, Metals, Home Fashion and Real Estate segments, among others, had $1.3 billion of net operating loss carryforwards with expiration dates from years 2026 through 2034. During 2012, WPH merged into a newly formed single member limited liability company owned by AEPC. The merger constituted a tax free reorganization. In addition, AEPC acquired a controlling interest in CVR during 2012. CVR has a history of significant earnings and projections of future earnings. Pursuant to these transactions, AEPC evaluated all positive and negative evidence associated with its deferred tax assets and, primarily as a result of the merger of WPH and the change in estimated future earnings from the acquisition of CVR, AEPC concluded it was more likely than not that all of the federal net operating loss carryforward related to our Home Fashion segment would be realized. Accordingly, during 2012, AEPC reversed $221 million of valuation allowance related to our Home Fashion segment's deferred tax assets. Due to separate company net operating loss limitations, AEPC could not determine that it was more likely than not to realize some of the state net operating loss carryforwards and the federal net operating loss carryforward from other segments. The valuation allowance on these deferred tax assets is approximately $55 million as of December 31, 2014. | ||||||||||||||||
AEPC did not record taxes on its undistributed earnings from Metals and Home Fashion foreign subsidiaries of approximately $18 million as of December 31, 2014 since these earnings are considered to be permanently reinvested. AEPC may be subject to U.S. income taxes and foreign withholding taxes on such amounts. Determining the unrecognized deferred tax liability on the potential distribution of these earnings is not practicable as such liability, if any, is dependent on circumstances existing when remittance occurs. | ||||||||||||||||
At December 31, 2014, Viskase had U.S. federal and state net operating loss carryforwards of $100 million which will begin expiring in the year 2024 and forward, and foreign net operating loss carryforwards of $15 million with an unlimited carryforward period. During the fourth quarter of 2013, Viskase's management determined that it was more likely than not that all of the deferred tax assets would be fully realized based on the expectation of positive evidence and projected income in future years. Accordingly, Viskase released all $55 million of its valuation allowance on deferred tax assets. | ||||||||||||||||
Viskase did not record taxes on its undistributed earnings from foreign subsidiaries of $68 million at December 31, 2014 since these earnings are considered to be permanently reinvested. Viskase may be subject to U.S. income taxes and foreign withholding taxes on such amounts. Determining the unrecognized deferred tax liability on the potential distribution of these earnings is not practicable as such liability, if any, is dependent on circumstances existing when remittance occurs. | ||||||||||||||||
At December 31, 2014, ARI had federal net operating losses of $32 million, all of which will be carried back to offset prior years' taxable income. ARI considers its Canadian earnings to be permanently reinvested, and therefore has not recorded a provision for U.S. income tax or foreign withholding taxes on the cumulative earnings of its Canadian subsidiary. Such undistributed earnings of $3 million from ARI's Canadian subsidiary have been included in consolidated equity as of both December 31, 2014 and 2013. If ARI were to change its intentions and such earnings were remitted to the U.S., these earnings would be subject to U.S. income taxes. However, as of December 31, 2014 and 2013 foreign tax credits would be available to offset these taxes such that the U.S. tax impact would be insignificant. | ||||||||||||||||
Our Gaming segment has federal NOL carryforwards pursuant to the purchase of Adamar of New Jersey, Inc. (“Adamar”). Internal Revenue Code Section 382 (“Code 382”) places certain limitations on the annual amount of NOL carryforwards that can be utilized when a change of ownership occurs. Our Gaming segment believes its purchase of Adamar was a change in ownership pursuant to Code 382. As a result of the annual limitation, the NOL carryforward amount available to be used in future periods is $161 million and will begin to expire in the year 2028 and forward. As of March 8, 2010, Tropicana had various net deferred tax assets made up primarily of the expected future tax benefit of net operating loss carryforwards and excess tax basis not yet deductible for tax purposes. A valuation allowance was provided in full against these net deferred tax assets upon emergence from bankruptcy. During the year ended December 31, 2014, our Gaming segment reversed the valuation allowance related to the net deferred tax assets by $196 million. The reduction in the valuation allowance is a result of our Gaming segment analyzing all positive and negative evidence and concluding that it is more likely than not to realize the benefit of this portion of its net deferred tax assets. The reduction in the valuation allowance was recorded as an income tax benefit during the year ended December 31, 2014. | ||||||||||||||||
Accounting for Uncertainty in Income Taxes | ||||||||||||||||
A summary of the changes in the gross amounts of unrecognized tax benefits for the fiscal years ended December 31, 2014, 2013 and 2012 are as follows: | ||||||||||||||||
Years Ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
(in millions) | ||||||||||||||||
Balance at January 1 | $ | 132 | $ | 113 | $ | 388 | ||||||||||
Addition based on tax positions related to the current year | 18 | 23 | 23 | |||||||||||||
Acquisition of CVR | — | — | 18 | |||||||||||||
Increase for tax positions of prior years | 10 | 6 | 15 | |||||||||||||
Decrease for tax positions of prior years | (14 | ) | (9 | ) | (15 | ) | ||||||||||
Decrease for statute of limitation expiration | (3 | ) | (1 | ) | (14 | ) | ||||||||||
Settlements | (25 | ) | 1 | (301 | ) | |||||||||||
Impact of currency translation and other | (5 | ) | (1 | ) | (1 | ) | ||||||||||
Balance at December 31 | $ | 113 | $ | 132 | $ | 113 | ||||||||||
At December 31, 2014, 2013 and 2012, we had unrecognized tax benefits of $113 million, $132 million and $113 million, respectively. Of these totals, $76 million, $54 million and $71 million represents the amount of unrecognized tax benefits that if recognized, would affect the annual effective tax rate in the respective periods. The total unrecognized tax benefits differ from the amount which would affect the effective tax rate primarily due to the impact of valuation allowances. | ||||||||||||||||
During the next 12 months, Federal-Mogul believes that it is reasonably possible that unrecognized tax benefits of Federal-Mogul may decrease by approximately $3 million due to audit settlements or statute expirations, of which approximately $2 million, if recognized, could impact the effective tax rate. We do not anticipate any significant changes to the amount of our unrecognized tax benefits in our other business segments during the next 12 months. | ||||||||||||||||
We recognize interest and penalties accrued related to unrecognized tax benefits as a component of income tax expense. We recorded $19 million, $27 million and $17 million as of December 31, 2014, 2013 and 2012, respectively, in liabilities for tax related net interest and penalties in our consolidated balance sheets. Income tax (benefit) expense related to interest and penalties were $(11) million, $8 million and $3 million for the years December 31, 2014, 2013 and 2012, respectively. We or certain of our subsidiaries file income tax returns in the U.S. federal jurisdiction, various state jurisdictions and various non-U.S. jurisdictions. We and our subsidiaries are no longer subject to U.S. federal tax examinations for years before 2010 or state and local examinations for years before 2008, with limited exceptions. We, or our subsidiaries, are currently under various income tax examinations in several states and foreign jurisdictions, but are no longer subject to income tax examinations in major foreign jurisdictions for years prior to 2005. |
Changes_in_Accumulated_Other_C
Changes in Accumulated Other Comprehensive Loss | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Changes in Accumulated Other Comprehensive Loss [Abstract] | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Text Block] | Changes in Accumulated Other Comprehensive Loss. | |||||||||||||||
Changes in accumulated other comprehensive loss consists of the following: | ||||||||||||||||
Post-Employment Benefits, Net of Tax | Hedge Instruments, Net of Tax | Translation Adjustments and Other, Net of Tax | Total | |||||||||||||
(in millions) | ||||||||||||||||
Balance at December 31, 2013 | $ | (464 | ) | $ | (26 | ) | $ | (315 | ) | $ | (805 | ) | ||||
Other comprehensive loss before reclassifications, net of tax | (239 | ) | (1 | ) | (260 | ) | (500 | ) | ||||||||
Reclassifications from accumulated other comprehensive loss to earnings(1) | 11 | 1 | — | 12 | ||||||||||||
Other comprehensive loss, net of tax | (228 | ) | — | (260 | ) | (488 | ) | |||||||||
Balance at December 31, 2014 | $ | (692 | ) | $ | (26 | ) | $ | (575 | ) | $ | (1,293 | ) | ||||
(1) Refer to Note 11, "Pension, Other Post-employment Benefits and Employee Benefit Plans," and Note 7, "Financial Instruments," for additional information with respect to reclassifications from accumulated other comprehensive loss to earnings relating to post-employment benefits, net of tax and hedge instruments, net of tax, respectively. Such items do not represent reclassifications in their entirety. |
Other_Income_Loss_Net
Other Income (Loss), Net | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Other (Loss) Income, Net [Abstract] | ||||||||||||
Other (Loss) Income, Net | Other Income (Loss), Net. | |||||||||||
Other income (loss), net consists of the following: | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions) | ||||||||||||
Loss on extinguishment of debt (Note 10) | $ | (162 | ) | $ | — | $ | (10 | ) | ||||
Realized and unrealized gain (loss) on derivatives, net (Note 7) | 186 | 57 | (190 | ) | ||||||||
Tax settlement gain (loss) | 32 | (23 | ) | — | ||||||||
Net gain (loss) on disposition of assets | 25 | (56 | ) | 5 | ||||||||
Predecessor claim settlement | 53 | — | — | |||||||||
Equity earnings from non-consolidated affiliates | 50 | 26 | 35 | |||||||||
Foreign currency translation loss | (10 | ) | (12 | ) | (9 | ) | ||||||
Other | 8 | 29 | (6 | ) | ||||||||
$ | 182 | $ | 21 | $ | (175 | ) | ||||||
In December 2014, our Gaming segment settled certain predecessor claims which resulted in a one-time gain of $53 million during 2014. | ||||||||||||
The net gain on disposition of assets for 2014 primarily relates to net gains on the sale of fixed assets within various segments. The net loss on disposition of assets for 2013 primarily relates to various divestitures by our Automotive segment. During the first quarter of 2013, our Automotive segment recorded a loss on divestiture of $48 million related to the disposal of its sintered components operations located in France. During the second quarter of 2013, our Automotive segment recorded a loss on divestiture of $6 million related to its connecting rod manufacturing facility located in Canada and its camshaft foundry located in the United Kingdom. During the third quarter of 2013, our Automotive segment recorded a loss on divestiture relating to its fuel pump business of $6 million, which is net of a $19 million OPEB curtailment gain, as discussed further in Note 11, "Pension, Other Post-employment Benefits and Employee Benefit Plans." Because the financial results from the disposition of these businesses were not material, individually or in the aggregate, to our consolidated financial statements, we did not reflect the dispositions of these businesses as discontinued operations in either the current period or on a retrospective basis. | ||||||||||||
During 2014, our Gaming segment recorded a gain of $32 million related to the settlement of a certain property tax matter in Atlantic City, New Jersey. During 2013, our Food Packaging segment recorded a loss of $23 million related to the settlement of a certain tax matter. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Commitments and Contingencies | Commitments and Contingencies. | ||||
Investment | |||||
Dynegy Inc. | |||||
On March 28, 2012 an action was filed in the U.S. District Court, Southern District of New York (the "Court"), entitled Silsby v. Icahn et. al. Defendants include Carl C. Icahn and two officers of Dynegy Inc. ("Dynegy") and certain of its directors. As initially filed, the action purports to be brought as a class action on behalf of Dynegy shareholders who acquired their shares between September 2011 and March 2012. The complaint alleges violations of the federal securities laws by defendants' allegedly making false and misleading statements in securities filings which statements artificially inflated the price of Dynegy stock. The individual defendants are alleged to have been controlling persons of Dynegy. Plaintiff is seeking damages in an unspecified amount. Subsequent to the filing of this action, Dynegy filed for bankruptcy, and a U.S. bankruptcy court has approved a Plan of Reorganization. Plaintiff is proceeding with the action and has filed an amended complaint that purports to be a class action on behalf of Dynegy shareholders who acquired their securities between July 10, 2011 and March 9, 2012. We believe that we have meritorious defenses to the claims and filed a motion to dismiss on July 19, 2013. On April 30, 2014, the Court granted defendants' motion to dismiss and the case was dismissed with prejudice. On May 30, 2014, the Plaintiff filed an appeal, which is currently pending. | |||||
Automotive | |||||
Environmental Matters | |||||
Federal-Mogul is a defendant in lawsuits filed, or the recipient of administrative orders issued or demand letters received, in various jurisdictions pursuant to the Federal Comprehensive Environmental Response Compensation and Liability Act of 1980 (“CERCLA”) or other similar national, provincial or state environmental remedial laws. These laws provide that responsible parties may be liable to pay for remediating contamination resulting from hazardous substances that were discharged into the environment by them, by prior owners or occupants of property they currently own or operate, or by others to whom they sent such substances for treatment or other disposition at third party locations. Federal-Mogul has been notified by the United States Environmental Protection Agency, other national environmental agencies, and various provincial and state agencies that it may be a potentially responsible party (“PRP”) under such laws for the cost of remediating hazardous substances pursuant to CERCLA and other national and state or provincial environmental laws. PRP designation often results in the funding of site investigations and subsequent remedial activities. | |||||
Many of the sites that are likely to be the costliest to remediate are often current or former commercial waste disposal facilities to which numerous companies sent wastes. Despite the potential joint and several liability which might be imposed on Federal-Mogul under CERCLA and some of the other laws pertaining to these sites, its share of the total waste sent to these sites has generally been small. Federal-Mogul believes its exposure for liability at these sites is limited. | |||||
Federal-Mogul has also identified certain other present and former properties at which it may be responsible for cleaning up or addressing environmental contamination, in some cases as a result of contractual commitments and/or federal or state environmental laws. Federal-Mogul is actively seeking to resolve these actual and potential statutory, regulatory and contractual obligations. Although difficult to quantify based on the complexity of the issues, Federal-Mogul has accrued amounts corresponding to its best estimate of the costs associated with such regulatory and contractual obligations on the basis of available information from site investigations and best professional judgment of consultants. | |||||
Total environmental liabilities, determined on an undiscounted basis, were $15 million and $14 million at December 31, 2014 and 2013, respectively, and are included in accrued expenses and other liabilities in our consolidated balance sheets. | |||||
Federal-Mogul believes that recorded environmental liabilities will be adequate to cover its estimated liability for its exposure in respect to such matters. In the event that such liabilities were to significantly exceed the amounts recorded by Federal-Mogul, our Automotive segment's results of operations could be materially affected. At December 31, 2014, Federal-Mogul estimates reasonably possible material additional losses, above and beyond its best estimate of required remediation costs as recorded, to approximate $40 million. | |||||
Asset Retirement Obligations | |||||
Federal-Mogul has identified sites with contractual obligations and several sites that are closed or expected to be closed and sold. In connection with these sites, Federal-Mogul has accrued $24 million and $26 million at December 31, 2014 and 2013, respectively, for ARO's, primarily related to anticipated costs of removing hazardous building materials at its facilities, and has considered impairment issues that may result from capitalization of these ARO amounts. | |||||
Federal-Mogul has conditional asset retirement obligations ("CARO"), primarily related to removal costs of hazardous materials in buildings, for which it believes reasonable cost estimates cannot be made at this time because it does not believe it has a reasonable basis to assign probabilities to a range of potential settlement dates for these retirement obligations. Accordingly, Federal-Mogul is currently unable to determine amounts to accrue for CARO at such sites. | |||||
Other Matter | |||||
On April 25, 2014, a group of plaintiffs brought an action against Federal-Mogul Products, Inc. (“F-M Products”), a wholly-owned subsidiary of Federal-Mogul, alleging injuries and damages associated with the discharge of chlorinated hydrocarbons by the former owner of a facility located in Kentucky. Since 1998, when F-M Products acquired the facility, it has been cooperating with the applicable regulatory agencies on remediating the prior discharges pursuant to an order entered into by the facility’s former owner. Federal-Mogul is unable to estimate any reasonably possible range of loss for reasons including that the plaintiffs did not claim any amount of damages in their complaint. F-M Products intends to vigorously defend this litigation. | |||||
Energy | |||||
Unconditional Purchase Obligations | |||||
The minimum required payments for CVR's unconditional purchase obligations are as follows: | |||||
Unconditional Purchase Obligations(1) | |||||
(in millions) | |||||
2015 | $ | 126 | |||
2016 | 109 | ||||
2017 | 107 | ||||
2018 | 106 | ||||
2019 | 105 | ||||
Thereafter | 718 | ||||
$ | 1,271 | ||||
(1)This amount includes $800 million payable ratably over sixteen years pursuant to petroleum transportation service agreements between CRRM and each of TransCanada Keystone Limited Partnership and TransCanada Keystone Pipeline, LP (together, "TransCanada"). The purchase obligation reflects the exchange rate between the Canadian dollar and the U.S. dollar as of December 31, 2014, where applicable. Under the agreements, CRRM receives transportation of at least 25,000 barrels per day of crude oil with a delivery point at Cushing, Oklahoma for a term of 20 years on TransCanada's Keystone pipeline system. CRRM began receiving crude oil under the agreements in the first quarter of 2011. | |||||
Unconditional Purchase Obligations | |||||
CVR leases various equipment, including rail cars and real properties under long-term operating leases expiring at various dates. For the years ended December 31, 2014 and 2013 and the period May 5, 2012 through December 31, 2012, total lease expense was $9 million, $9 million and $6 million, respectively. The lease agreements have various remaining terms. Some agreements are renewable, at CVR's option, for additional periods. It is expected, in the ordinary course of business, that leases will be renewed or replaced as they expire. Additionally, in the normal course of business, CVR has long-term commitments to purchase oxygen, nitrogen, electricity, storage capacity and pipeline transportation services. | |||||
Crude Oil Supply Agreement | |||||
On August 31, 2012, CRRM and Vitol Inc. ("Vitol"), entered into an Amended and Restated Crude Oil Supply Agreement (the "Vitol Agreement"). Under the Vitol Agreement, Vitol supplies the petroleum business with crude oil and intermediation logistics, which helps to reduce CVR Refining's inventory position and mitigate crude oil pricing risk. The Vitol Agreement had an initial term commencing on August 31, 2012 and extending through December 31, 2014 (the "Initial Term"). Following the Initial Term, the Vitol Agreement will automatically renew for successive one-year terms (each such term, a "Renewal Term") unless either party provides the other with notice of nonrenewal at least 180 days prior to expiration of the Initial Term or any Renewal Term. The Vitol Agreement was extended for a one-year Renewal Term through December 31, 2015. | |||||
Litigation | |||||
From time to time, CVR is involved in various lawsuits arising in the normal course of business, including matters such as those described below under, "Environmental, Health and Safety Matters." Liabilities related to such litigation are recognized when the related costs are probable and can be reasonably estimated. These provisions are reviewed at least quarterly and adjusted to reflect the impacts of negotiations, settlements, rulings, advice of legal counsel and other information and events pertaining to a particular case. It is possible that CVR's management estimates of the outcomes will change within the next year due to uncertainties inherent in litigation and settlement negotiations. In the opinion of CVR management, the ultimate resolution of any other litigation matters is not expected to have a material adverse effect on the accompanying consolidated financial statements. There can be no assurance that CVR management's beliefs or opinions with respect to liability for potential litigation matters will prove to be accurate. | |||||
On June 21, 2012, Goldman, Sachs & Co. ("GS") filed suit against CVR in state court in New York, alleging that CVR failed to pay GS fees allegedly due to GS by CVR pursuant to an engagement letter dated March 21, 2012, which according to the allegations set forth in the complaint, provided that GS was engaged by CVR to assist CVR and the CVR board of directors in connection with a tender offer for CVR's stock, made by Carl C. Icahn and certain of his affiliates. On September 8, 2014, the court (in its decision granting GS's motion for summary judgment against CVR) directed the court clerk to enter judgment against CVR in the amount of approximately $22.6 million. CVR filed its notice of appeal on October 3, 2014 and intends to vigorously pursue the appeal. On November 24, 2014, CVR paid the judgment to GS, subject to a right of refund if it is successful on appeal. | |||||
On August 10, 2012, Deutsche Bank ("DB") filed suit against CVR in state court in New York, alleging that CVR failed to pay DB fees allegedly due to DB by CVR pursuant to an engagement letter dated March 23, 2012, which according to the allegations set forth in the complaint, provided that DB was engaged by CVR to assist CVR and the CVR board of directors in connection with a tender offer for CVR's stock made by Carl C. Icahn and certain of his affiliates. On September 8, 2014, the court (in its decision granting DB's motion for summary judgment against CVR) directed the court clerk to enter judgment against CVR in the amount of approximately $22.7 million. CVR filed its notice of appeal on October 3, 2014 and intends to vigorously pursue the appeal. On October 27, 2014, CVR paid the judgment to DB, subject to a right of refund if it is successful on appeal. | |||||
CRNF received a ten year property tax abatement from Montgomery County, Kansas in connection with the construction of the nitrogen fertilizer plant that expired on December 31, 2007. In connection with the expiration of the abatement, the county reclassified and reassessed CRNF's nitrogen fertilizer plant for property tax purposes. The reclassification and reassessment resulted in an increase in CRNF's annual property tax expense by an average of $11 million per year for each of the years ended December 31, 2008 and 2009, $12 million for the year ended December 31, 2010 and $11 million for each of the years ended December 31, 2011 and 2012. CRNF protested the classification and resulting valuation for each of those years to the Kansas Court of Tax Appeals ("COTA"), followed by an appeal to the Kansas Court of Appeals. However, CRNF fully accrued and paid the property taxes the county claims are owed for the years ended December 31, 2008 through 2012. The Kansas Court of Appeals, in a memorandum opinion dated August 9, 2013, reversed the COTA decision in part and remanded the case to COTA, instructing COTA to classify each asset on an asset by asset basis instead of making a broad determination that the entire plant was real property as COTA did originally. The County filed a motion for rehearing with the Kansas Court of Appeals and a petition for review with the Kansas Supreme Court, both of which have been denied. CRNF believes that when that asset by asset determination is done, the majority of the plant will be classified as personal property which would result in significantly lower property taxes for CRNF for 2008 and for those years after the conclusion of the property tax settlement noted below as compared to the taxes paid by CRNF prior to the settlement. | |||||
On February 25, 2013, Montgomery County and CRNF agreed to a settlement for tax years 2009 through 2012, which has lowered and will lower CRNF's property taxes by about $11 million per year (as compared to the 2012 tax year) for tax years 2013 to 2016 based on current mill levy rates. In addition, the settlement provides that Montgomery County will support CRNF's application before COTA for a ten-year tax exemption for the UAN expansion. Finally, the settlement provides that CRNF will continue its appeal of the 2008 reclassification and reassessment discussed above. | |||||
The SEC is currently conducting an investigation in connection with CVR's disclosures following the announcement of a tender offer for CVR's stock initiated in February 2012. CVR is cooperating with the SEC and has produced, at the SEC's request, documents pertaining to the tender offer and its disclosures. | |||||
Flood, Crude Oil Discharge and Insurance | |||||
Crude oil was discharged from the Coffeyville refinery on July 1, 2007, due to the short amount of time available to shutdown and secure the refinery in preparation for the flood that occurred on June 30, 2007. In connection with the discharge, CVR received in May 2008, notices of claims from 16 private claimants under the Oil Pollution Act ("OPA") in an aggregate amount of approximately $4 million (plus punitive damages). In August 2008, those claimants filed suit against CVR in the United States District Court for the District of Kansas in Wichita (the "Angleton Case"). In October 2009 and June 2010, companion cases to the Angleton Case were filed in the United States District Court for the District of Kansas in Wichita, seeking a total of approximately $3 million (plus punitive damages) for three additional plaintiffs as a result of the July 1, 2007 crude oil discharge. CVR has settled all of the claims with the plaintiffs from the Angleton Case and has settled all of the claims from the companion cases with the last remaining claim against it being settled during the first quarter of 2014. The settlements did not have a material adverse effect on our consolidated financial statements. | |||||
On October 25, 2010, CVR received a letter from the United States Coast Guard on behalf of the EPA seeking approximately $2 million in oversight cost reimbursement. CVR responded by asserting defenses to the Coast Guard's claim for oversight costs. On September 23, 2011, the United States Department of Justice ("DOJ"), acting on behalf of the EPA and the United States Coast Guard, filed suit against CRRM in the United States District Court for the District of Kansas seeking recovery from CRRM related to alleged non-compliance with the Clean Air Act's Risk Management Program ("RMP"), the Clean Water Act ("CWA") and the OPA. CRRM reached an agreement with the DOJ resolving its claims under CWA and OPA. The agreement was memorialized in a Consent Decree that was filed with and approved by the Court on February 12, 2013 and March 25, 2013, respectively (the "2013 Consent Decree"). On April 19, 2013, CRRM paid a civil penalty (including accrued interest) in the amount of $0.6 million related to the CWA claims and reimbursed the Coast Guard for oversight costs under OPA in the amount of $1.7 million. The 2013 Consent Decree also requires CRRM to make small capital upgrades to the Coffeyville refinery crude oil tank farm, develop flood procedures and provide employee training, the majority of which have already been completed. | |||||
The parties also reached an agreement to settle DOJ’s claims related to alleged non-compliance with RMP. The agreement is memorialized in a separate consent decree that was filed with and approved by the Court on May 21, 2013 and July 2, 2013, respectively, and provided for a civil penalty of $0.3 million. On July 29, 2013, CRRM paid the civil penalty related to the RMP claims. In 2014, CRRM completed several audits required by the RMP consent decree, which were related to compliance with RMP requirements. | |||||
CRRM sought insurance coverage for the crude oil release and for the ultimate costs for remediation and third-party property damage claims. On July 10, 2008, CVR filed a lawsuit in the United States District Court for the District of Kansas (the "Court") against certain of CVR's environmental insurance carriers requesting insurance coverage indemnification for the June/July 2007 flood and crude oil discharge losses. Each insurer reserved its rights under various policy exclusions and limitations and cited potential coverage defenses. The Court issued summary judgment opinions that eliminated the majority of the insurance defendants' reservations and defenses. CRRM has received $25 million of insurance proceeds under its primary environmental liability insurance policy, which constitutes full payment of the primary pollution liability policy limit. In November 2014, CRRM concluded a jury trial against the remaining insurance carriers and received a verdict and judgment of $27 million, exclusive of potential prejudgment interest and attorneys' fees, which have been requested in post-trial motions. CVR Refining has a $4 million receivable related to this matter as of both December 31, 2014 and 2013. In accordance with accounting guidance related to gain contingencies, no additional amounts have been recognized related to the verdict and judgment in the consolidated financial statements. | |||||
Environmental, Health and Safety Matters | |||||
The petroleum and nitrogen fertilizer businesses are subject to various stringent federal, state, and local Environmental, Health and Safety ("EHS") rules and regulations. Liabilities related to EHS matters are recognized when the related costs are probable and can be reasonably estimated. Estimates of these costs are based upon currently available facts, existing technology, site-specific costs and currently enacted laws and regulations. In reporting EHS liabilities, no offset is made for potential recoveries. | |||||
CRRM, CRNF, Coffeyville Resources Crude Transportation, LLC ("CRCT"), Wynnewood Refining Company, LLC ("WRC") and Coffeyville Resources Terminal, LLC ("CRT") own and/or operate manufacturing and ancillary operations at various locations directly related to petroleum refining and distribution and nitrogen fertilizer manufacturing. Therefore, CRRM, CRNF, CRCT, WRC and CRT have exposure to potential EHS liabilities related to past and present EHS conditions at these locations. Under the Comprehensive Environmental Response, Compensation, and Liability Act ("CERCLA"), the Resource Conservation and Recovery Act (“RCRA”), and related state laws, certain persons may be liable for the release or threatened release of hazardous substances. These persons include the current owner or operator of property where a release or threatened release occurred, any persons who owned or operated the property when the release occurred, and any persons who disposed of, or arranged for the transportation or disposal of, hazardous substances at a contaminated property. Liability under CERCLA is strict, and under certain circumstances, joint and several, so that any responsible party may be held liable for the entire cost of investigating and remediating the release of hazardous substances. Similarly, the OPA generally subjects owners and operators of facilities to strict, joint and several liability for all containment and clean-up costs, natural resource damages, and potential governmental oversight costs arising from oil spills into the waters of the United States, which has been broadly interpreted to include most water bodies including intermittent streams. | |||||
CRRM, CRNF, CRCT, WRC and CRT are subject to extensive and frequently changing federal, state and local, environmental and health and safety laws and regulations governing the emission and release of hazardous substances into the environment, the treatment and discharge of waste water, the storage, handling, use and transportation of petroleum and nitrogen products, and the characteristics and composition of gasoline and diesel fuels. The ultimate impact of complying with evolving laws and regulations is not always clearly known or determinable due in part to the fact that our operations may change over time and certain implementing regulations for laws, such as the federal Clean Air Act, have not yet been finalized, are under governmental or judicial review or are being revised. These laws and regulations could result in increased capital, operating and compliance costs for our Energy segment. | |||||
CRRM and CRT have agreed to perform corrective actions at the Coffeyville, Kansas refinery and the now-closed Phillipsburg, Kansas terminal facility, pursuant to Administrative Orders on Consent issued under RCRA to address historical contamination by the prior owners (RCRA Docket No. VII-94-H-20 and Docket No. VII-95-H-11, respectively). As December 31, 2014 and 2013, environmental accruals of $1 million and $2 million, respectively, were reflected in the consolidated balance sheets for probable and estimated costs for remediation of environmental contamination under the RCRA Administrative Orders. Accruals were determined based on an estimate of payment costs through 2031, for which the scope of remediation was arranged with the EPA, and were discounted at the appropriate risk free rates at December 31, 2014 and 2013. The accruals include estimated closure and post-closure costs of $1 million for the two landfills at both December 31, 2014 and 2013. | |||||
CVR's management periodically reviews and, as appropriate, revises its environmental accruals. Based on current information and regulatory requirements, CVR's management believes that the accruals established for environmental expenditures are adequate. | |||||
In 2007, the EPA promulgated the Mobile Source Air Toxic II ("MSAT II") rule that requires the reduction of benzene in gasoline by 2011. The MSAT II projects for CRRM and WRC were completed within the compliance deadline of November 1, 2014. The projects were completed at a total cost, excluding capitalized interest, of approximately $48 million for CRRM and $88 million for WRC. | |||||
The petroleum business is subject to the Renewable Fuel Standard ("RFS") which requires refiners to either blend "renewable fuels" in with their transportation fuels or purchase renewable fuel credits, known as RINs in lieu of blending. Due to mandates in the RFS requiring increasing volumes of renewable fuels to replace petroleum products in the U.S. motor fuel market, there may be a decrease in demand for petroleum products. The EPA is required to determine and publish the applicable annual renewable fuel percentage standards for each compliance year by November 30 for the forthcoming year. The percentage standards represent the ratio of renewable fuel volume to gasoline and diesel volume. Beginning in 2011, the Coffeyville refinery was required to blend renewable fuels into its gasoline and diesel fuel or purchase RINs in lieu of blending. In 2013, the Wynnewood refinery was subject to the RFS for the first time. However, because the cost of purchasing RINs had been extremely volatile and had significantly increased, the Wynnewood refinery petitioned the EPA as a "small refinery" for hardship relief from the RFS requirements in 2013 based on the "disproportionate economic hardship" of the rule on the Wynnewood refinery. The EPA denied the petition in a letter dated September 5, 2014. | |||||
During 2013, the cost of purchasing RINs was extremely volatile as the EPA's proposed renewable fuel volume mandates approached the "blend wall." The blend wall refers to the point at which refiners are required to blend more ethanol into the transportation supply than can be supported by the demand for E10 gasoline (gasoline containing 10 percent ethanol by volume). In November 2013, the EPA published the annual renewable fuel percentage standards for 2014, which acknowledged the blend wall and were generally lower than the volumes for 2013 and lower than statutory mandates. The price of RINs decreased significantly after the 2014 proposed percentage standards were published; however, RIN prices remained volatile and have increased subsequently in 2014. In May 2014, the EPA lowered the 2013 cellulosic biofuel standard to 0.0005%, and, in June 2014, the EPA extended the compliance demonstration deadline for the 2013 RFS to September 30, 2014. In August 2014, the EPA further extended the compliance demonstration deadline for the 2013 RFS to 30 days following the publication of the final 2014 annual renewable fuel percentage standards. In November 2014, the EPA announced that it would not finalize the 2014 annual renewable fuel percentage standards before the end of 2014 thereby extending the compliance deadline for the 2013 RFS as well. | |||||
The cost of RINs for the years ended December 31, 2014 and 2013 and the period May 5, 2012 through December 31, 2012 was $127 million, $181 million and $14 million, respectively. As of December 31, 2014 and 2013, the petroleum business' biofuel blending obligation was $52 million and $17 million, respectively, which is included in accrued expenses and other liabilities on the consolidated balance sheets. The future cost of RINs for the petroleum business going forward is difficult to estimate, particularly until such time that the 2014 renewable fuel percentage standards are finalized and the 2015 renewable fuel percentage standards are announced. Additionally, the cost of RINs is dependent upon a variety of factors, which include EPA regulations, the availability of RINs for purchase, the price at which RINs can be purchased, transportation fuel production levels, the mix of the petroleum business' petroleum products, as well as the fuel blending performed at the its refineries, all of which can vary significantly from quarter to quarter. | |||||
In April 2014, the EPA promulgated the Tier 3 Motor Vehicle Emission and Fuel Standards, which will require that gasoline contain no more than ten parts per million of sulfur on an annual average basis. Refineries must be in compliance with the more stringent emission standards by January 1, 2017; however, compliance with the rule is extended until January 1, 2020 for approved small volume refineries and small refiners. The Wynnewood refinery has submitted an application to EPA requesting "small volume refinery" status. It is not anticipated that the refineries will require additional controls or capital expenditures to meet the anticipated new standard. | |||||
In March 2004, CRRM and CRT entered into a Consent Decree (the "2004 Consent Decree") with the EPA and the Kansas Department of Health and Environment (the "KDHE") to resolve air compliance concerns raised by the EPA and KDHE related to Farmland Industries Inc.'s prior ownership and operation of the Coffeyville crude oil refinery and the now-closed Phillipsburg terminal facilities. Under the 2004 Consent Decree, CRRM agreed to install controls to reduce emissions of sulfur dioxide, nitrogen oxides and particulate matter from its FCCU by January 1, 2011. In addition, pursuant to the 2004 Consent Decree, CRRM and CRT assumed clean-up obligations at the Coffeyville refinery and the now-closed Phillipsburg terminal facilities. | |||||
In March 2012, CRRM entered into a "Second Consent Decree" with the EPA, which replaces the 2004 Consent Decree, as amended (other than certain financial assurance provisions associated with corrective action at the refinery and terminal under RCRA). The Second Consent Decree was entered by the U.S. District Court for the District of Kansas on April 19, 2012. The Second Consent Decree gives CRRM more time to install the FCCU controls from the 2004 Consent Decree and expands the scope of the settlement so that it is now considered a "global settlement" under the EPA's "National Petroleum Refining Initiative." Under the National Petroleum Refining Initiative, the EPA alleged industry-wide non-compliance with four "marquee" issues under the Clean Air Act: New Source Review, Flaring, Leak Detection and Repair, and Benzene Waste Operations NESHAP. The National Petroleum Refining Initiative has resulted in most U.S. refineries (representing more than 90% of the U.S. refining capacity) entering into consent decrees requiring the payment of civil penalties and the installation of air pollution control equipment and enhanced operating procedures. Under the Second Consent Decree, CVR was required to pay a civil penalty of less than $1 million and complete the installation of FCCU controls required under the 2004 Consent Decree, add controls to certain heaters and boilers and enhance certain work practices relating to wastewater and fugitive emissions. The remaining costs of complying with the Second Consent Decree are expected to be approximately $44 million. Additional incremental capital expenditures associated with the Second Consent Decree will not be material and will be limited primarily to the retrofit and replacement of heaters and boilers over several year time-frame. | |||||
WRC entered into a Consent Order with the Oklahoma Department of Environmental Quality (the "ODEQ") in August 2011 (the "Wynnewood Consent Order"). The Wynnewood Consent Order addresses certain historic Clean Air Act compliance issues related to the operations of the prior owner. Under the Wynnewood Consent Order, WRC paid a civil penalty of $950,000 and agreed to install certain controls, enhance certain compliance programs, and undertake additional testing and auditing. A substantial portion of the costs of complying with the Wynnewood Consent Order were expended during the last turnaround. The remaining costs are expected to be approximately $3 million. In consideration for entering into the Wynnewood Consent Order, WRC received a release from liability from ODEQ for matters described in the ODEQ order. | |||||
From time to time, ODEQ conducts inspections of the Wynnewood refinery and pursues enforcement related to any alleged non-compliance with the Clean Air Act seeking civil penalties and injunctive relief, which may necessitate the installation of controls. In January 2014, ODEQ issued a full compliance evaluation ("FCE") report covering the period from December 2010 through June 2013, which covered periods of the previous owner's ownership and operation and, in some cases, continued into CVR Refining's ownership of the Wynnewood refinery. In addition, on April 11, 2014, WRC received a partial compliance evaluation ("PCE") report from ODEQ alleging additional violations of the Clean Air Act. ODE conducted a follow-up inspection on June 30, 2014. WRC has responded to both the FCE and PCE. The costs of any enforcement that may arise as a result of the FCE or the PCE cannot be predicted at this time. However, based on its experience related to Clean Air Act enforcement and control requirements, CVR does not anticipate that the costs of any civil penalties, required additional controls or operational changes would be material. | |||||
WRC has entered into a series of Clean Water Act consent orders with ODEQ. The latest consent order (the "CWA Consent Order"), which superseded other consent orders, became effective in September 2011. The CWA Consent Order addressed alleged non-compliance by WRC with its Oklahoma Pollutant Discharge Elimination System ("OPDES") permit limits. The CWA Consent Order required WRC to take corrective action steps, including undertaking studies to determine whether the Wynnewood refinery's wastewater treatment plant capacity is sufficient. WRC completed its obligations under the CWA Consent Order, and ODEQ notified WRC that the CWA Consent Order is closed. | |||||
In January 2014, the EPA also issued an inspection report to the Wynnewood refinery related to a RCRA compliance evaluation inspection conducted in March 2013. In February 2014, ODEQ notified WRC that it concurred with the EPA's inspection findings and would be pursuing enforcement. WRC and ODEQ currently are engaged in settlement discussions related to a civil penalty and injunctive relief. The costs of any related enforcement settlement cannot be predicted at this time. However, based on its experience related to RCRA enforcement, CVR does not anticipate that the costs of any civil penalties, required additional controls or operational changes would be material. | |||||
Environmental expenditures are capitalized when such expenditures are expected to result in future economic benefits. For the years ended December 31, 2014 and 2013 and the period May 5, 2012 through December 31, 2012, capital expenditures were approximately $101 million, $111 million and $21 million, respectively, and were incurred to improve the environmental compliance and efficiency of the operations. | |||||
CRRM, CRNF, CRCT, WRC and CRT each believe it is in substantial compliance with existing EHS rules and regulations. There can be no assurance that the EHS matters described above or other EHS matters which may develop in the future will not have a material adverse effect on CVR's business, financial condition, or results of operations. | |||||
On September 28, 2012, the Wynnewood refinery experienced an explosion in a boiler unit during startup after a short outage as part of the turnaround process. Two employees were fatally injured. Damage at the refinery was limited to the boiler. Additionally, there has been no evidence of environmental impact. The refinery was in the final stages of shutdown for turnaround maintenance at the time of the incident. The petroleum business completed an internal investigation of the incident and cooperated with OSHA in its investigation. OSHA also conducted a general inspection of the facility during the boiler incident investigation. In March 2013, OSHA completed its investigation and communicated its citations to WRC. OSHA also placed WRC in its Severe Violators Enforcement Program ("SVEP"). WRC is vigorously contesting the citations and OSHA's placement of WRC in the SVEP. Any penalties associated with OSHA's citations are not expected to have a material adverse effect on the consolidated financial statements. On September 25, 2013, WRC agreed to pay a small civil penalty to settle rather than defend claims alleged by the EPA under the Clean Air Act's general duty clause related to the boiler incident. In addition to the above, the spouses of the two employees fatally injured have filed a civil lawsuit against WRC, CVR Refining and CVR Energy in Fort Bend County, Texas. The civil suit is in discovery and the companies will vigorously defend the suit. It is currently too early to assess a potential outcome in the matter. | |||||
Metals | |||||
Environmental Matters | |||||
Certain of PSC Metals' facilities are environmentally impaired in part as a result of operating practices at the sites prior to their acquisition by PSC Metals and as a result of PSC Metals' operations. PSC Metals has established procedures to periodically evaluate these sites, giving consideration to the nature and extent of the contamination. PSC Metals has provided for the remediation of these sites based upon management's judgment and prior experience. PSC Metals has estimated the liability to remediate these sites to be $28 million and $29 million as of December 31, 2014 and 2013, respectively. Management believes, based on past experience, that the vast majority of these environmental liabilities and costs will be assessed and paid over an extended period of time. PSC Metals believes that it will be able to fund such costs in the ordinary course of business. | |||||
Estimates of PSC Metals' liability for remediation of a particular site and the method and ultimate cost of remediation require a number of assumptions that are inherently difficult to make, and the ultimate outcome may be materially different from current estimates. Moreover, because PSC Metals has disposed of waste materials at numerous third-party disposal facilities, it is possible that PSC Metals will be identified as a PRP at additional sites. The impact of such future events cannot be estimated at the current time. | |||||
PSC Metals has been designated as a PRP under U.S. federal and state superfund laws with respect to certain sites with which PSC Metals may have had a direct or indirect involvement. It is alleged that PSC Metals and its subsidiaries or their predecessors transported waste to the sites, disposed of waste at the sites or operated the sites in question. In addition, PSC Metals recently learned that its Knoxville location was the subject of investigations by the State of Tennessee under the federal Superfund law. These investigations were performed by the State of Tennessee pursuant to a contract with the EPA. PSC Metals is exploring a potential settlement of the matter. Currently, PSC Metals cannot assess the impact of any cost or liability associated with these investigations. With respect to all other matters in which PSC Metals has been designated as a PRP under U.S. federal and state superfund laws, PSC Metals has reviewed the nature and extent of the allegations, the number, connection and financial ability of other named and unnamed PRPs and the nature and estimated cost of the likely remedy. Based on reviewing the nature and extent of the allegations, PSC Metals has estimated its liability to remediate these sites to be immaterial at each of December 31, 2014 and 2013. If it is determined that PSC Metals has liability to remediate those sites and that more expensive remediation approaches are required in the future, PSC Metals could incur additional obligations, which could be material. | |||||
In November and December of 2011, PSC Metals received three notices of violation ("NOV") from the Missouri Department of Natural Resources (“MDNR”) for hazardous waste and water violations related to its Festus, Missouri location. PSC Metals has entered into a settlement with MDNR that resolves these NOVs. Currently, PSC Metals believes that it has established adequate reserves for the cost of this settlement. In addition, PSC Metals believes that it has a claim for indemnification against the prior owner of the facility associated with the above-referenced notices of violation. MDNR and PSC Metals, as part of the resolution of MDNR's NOVs, have undertaken sampling for lead at residences near PSC Metals' Festus yard. Approximately 67 residences were sampled and tested, and of those, approximately 15 tested above residential standards for lead contamination. PSC Metals has entered into a settlement agreement with MDNR which resolves MNDR’s claims and requires limited soil remediation at the 15 residences. PSC Metals is in the process of completing the remediation required by the settlement agreement. Currently, PSC Metals believes that it has adequately reserved for the cost of remediation associated with its Festus yard and the residential areas near the yard. However, PSC Metals cannot assess its liability with certainty at this time. Additionally, PSC Metals believes that liability for off-site contamination was retained by the prior owner of the Festus yard and accordingly, it would have a claim for indemnification against the prior owner. | |||||
In 2011, PSC Metals entered into a consent decree with the EPA regarding PSC Metals' scrap processing facility located in Cleveland, Ohio. The EPA alleged that PSC Metals violated the requirements of Section 608 of the Clean Air Act, 42 USC Section 761, which requires scrap processors to either recover refrigerants from appliances in accordance with the procedures described in the applicable federal regulations or verify through certifications that refrigerants have previously been evacuated. The consent decree includes injunctive relief that, among other things, will require PSC Metals to offer refrigerant extraction services at 11 of its scrap processing facilities through October 2015. PSC Metals estimates that the cost associated with the required injunctive relief will range from $0.8 million to $1.7 million, exclusive of a civil penalty of $199,000 assessed in connection with the consent decree which PSC Metals paid in 2011. | |||||
On April 3, 2013, two citizen groups filed a citizen suit under the Clean Water Act (the “CWA”) for alleged storm water and process water discharges at PSC Metals' Nashville, TN facility that the citizen groups allege violate the CWA and PSC Metals' storm water discharge permit. The CWA requires that to maintain a citizen suit, the citizen plaintiffs must be able to show that the violations are on-going or are reasonably likely to reoccur. PSC Metals has entered into a settlement agreement with the citizen plaintiffs that resolves the citizen plaintiffs' claims. The settlement agreement requires, among other things, improvements to PSC Metals' Nashville facility in order to improve the quality of storm water discharges and more frequent storm water testing than what is currently required. | |||||
Railcar | |||||
On October 24, 2014, ARI filed a complaint in United States District Court for the Southern District of New York against Gyansys, Inc. ("Gyansys"). The complaint asserts a claim against Gyansys for breaching its contract with ARI to implement an enterprise resource planning system. ARI seeks to recover monetary damages in an amount still to be determined, but which ARI alleged exceeds $25 million. Gyansys filed a response to the suit denying its responsibility. It also counterclaimed against ARI for a breach of contract and wrongful termination, seeking damages in excess of $10 million and equitable relief. At this time, ARI does not have sufficient information to reasonably form an estimate of the potential outcome (gain or loss) of this litigation. However, ARI believes that Gyansys' counterclaims lack merit, and ARI has filed a motion to dismiss Gyansys' counterclaims in part. | |||||
Gaming | |||||
Tropicana AC Tax Appeal Settlement | |||||
In January 2013, Tropicana settled outstanding real estate tax appeals involving our Tropicana AC property with the City of Atlantic City. The settlement involves the tax years 2008 through 2012 and also covers negotiated real estate assessments for 2013 and 2014. Under the terms of the settlement, Tropicana AC was to receive approximately $50 million refund in the form of credits against annual real estate tax bills beginning in 2013 and ending in 2017. The credits were to be front-loaded in 2013 and 2014 so that after the credits were applied, Tropicana AC paid approximately $2 million in taxes in 2013. Tropicana utilized $16 million of credits as a reduction to operating expenses in the year ended December 31, 2013. In addition, we expensed $4 million in professional fees related to this settlement in the year ended December 31, 2013. In January 2014, Tropicana received approximately $32 million in cash as payment to satisfy future credits. | |||||
Indiana Gross Income Tax Appeals | |||||
In September 2014, Tropicana settled gross income tax litigation pending with the state of Indiana related to its Predecessors, Aztar Missouri Gaming Corporation ("AMO") and Aztar Indiana Gaming Corporation and its successor, Aztar Indiana Gaming, LLC (collectively, "AIN") pursuant to which it paid the state of Indiana a settlement in the amount of $0.6 million and withdrew gross income tax refund claims related to AIN and AMO for the tax years 2004 through 2008 in exchange for a dismissal of tax assessments against AIN for the tax year 2008, and an exchange of mutual releases between the parties related to Indiana gross income tax assessments and refund claims for the tax years 2004 through 2008. As a result, Tropicana recorded adjustments to both its administrative tax claim receivable and accrual in the amount of $8 million. | |||||
Home Fashion | |||||
Environmental Matters | |||||
WPH is subject to various federal, state and local environmental laws and regulations governing, among other things, the discharge, storage, handling and disposal of a variety of hazardous and nonhazardous substances and wastes used in or resulting from its operations and potential remediation obligations. WPH's operations are also governed by U.S. federal, state, local and foreign laws, rules and regulations relating to employee safety and health which, among other things, establish exposure limitation for cotton dust, formaldehyde, asbestos and noise, and which regulate chemical, physical and ergonomic hazards in the workplace. WPH estimated its environmental accruals to be $1 million at both December 31, 2014 and 2013. | |||||
Other Matters | |||||
Mr. Icahn, through certain affiliates, owns 100% of Icahn Enterprises GP and approximately 88.4% of Icahn Enterprises' outstanding depositary units as of December 31, 2014. Applicable pension and tax laws make each member of a “controlled group” of entities, generally defined as entities in which there is at least an 80% common ownership interest, jointly and severally liable for certain pension plan obligations of any member of the controlled group. These pension obligations include ongoing contributions to fund the plan, as well as liability for any unfunded liabilities that may exist at the time the plan is terminated. In addition, the failure to pay these pension obligations when due may result in the creation of liens in favor of the pension plan or the Pension Benefit Guaranty Corporation ("PBGC") against the assets of each member of the controlled group. | |||||
As a result of the more than 80% ownership interest in us by Mr. Icahn’s affiliates, we and our subsidiaries are subject to the pension liabilities of entities in which Mr. Icahn has a direct or indirect ownership interest of at least 80%. As a result of our ownership of more than 80% in our subsidiaries, we and our subsidiaries are subject to the pension liabilities of all entities in which Mr. Icahn has a direct or indirect ownership interest of at least 80%. ACF and Federal-Mogul, are the sponsors of several pension plans. All the minimum funding requirements of the Code and the Employee Retirement Income Security Act of 1974, as amended by the Pension Protection Act of 2006, for these plans have been met as of December 31, 2014 and 2013. If the plans were voluntarily terminated, they would be underfunded by approximately $474 million and $592 million as of December 31, 2014 and 2013, respectively. These results are based on the most recent information provided by the plans’ actuaries. These liabilities could increase or decrease, depending on a number of factors, including future changes in benefits, investment returns, and the assumptions used to calculate the liability. As members of the controlled group, we would be liable for any failure of ACF and Federal-Mogul to make ongoing pension contributions or to pay the unfunded liabilities upon a termination of the pension plans of ACF and Federal-Mogul. In addition, other entities now or in the future within the controlled group in which we are included may have pension plan obligations that are, or may become, underfunded and we would be liable for any failure of such entities to make ongoing pension contributions or to pay the unfunded liabilities upon termination of such plans. | |||||
The current underfunded status of the pension plans of ACF and Federal-Mogul requires them to notify the PBGC of certain “reportable events,” such as if we cease to be a member of the ACF and Federal-Mogul controlled group, or if we make certain extraordinary dividends or stock redemptions. The obligation to report could cause us to seek to delay or reconsider the occurrence of such reportable events. | |||||
Starfire Holding Corporation ("Starfire"), which is 99.4% owned by Mr. Icahn, has undertaken to indemnify us and our subsidiaries from losses resulting from any imposition of certain pension funding or termination liabilities that may be imposed on us and our subsidiaries or our assets as a result of being a member of the Icahn controlled group. The Starfire indemnity (which does not extend to pension liabilities of our subsidiaries that would be imposed on us as a result of our interest in these subsidiaries and not as a result of Mr. Icahn and his affiliates holding more than an 80% ownership interest in us, and as such would not extend to the unfunded pension termination liability for Federal-Mogul) provides, among other things, that so long as such contingent liabilities exist and could be imposed on us, Starfire will not make any distributions to its stockholders that would reduce its net worth to below $250 million. Nonetheless, Starfire may not be able to fund its indemnification obligations to us. | |||||
Consolidated Leases | |||||
Consolidated future minimum lease payments under operating leases with initial terms of one or more years consist of the following at December 31, 2014: | |||||
Year | Amount | ||||
(in millions) | |||||
2015 | $ | 75 | |||
2016 | 69 | ||||
2017 | 55 | ||||
2018 | 41 | ||||
2019 | 34 | ||||
Thereafter | 129 | ||||
$ | 403 | ||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events. |
Icahn Enterprises | |
Distribution | |
On February 20, 2015, the board of directors of the general partner of Icahn Enterprises declared a quarterly distribution in the amount of $1.50 per depositary unit, which will be paid on or about April 22, 2015 to depositary unitholders of record at the close of business on March 9, 2015. Depositary unitholders will have until April 2, 2015 to make an election to receive either cash or additional depositary units; if a holder does not make an election, it will automatically be deemed to have elected to receive the dividend in cash. Depositary 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 10 consecutive trading days ending April 17, 2015. 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 holders electing to receive depositary units. Any holders that would only be eligible to receive a fraction of a depositary unit based on the above calculation will receive a cash payment. | |
Automotive | |
Acquisition of Uni-Select, Inc. | |
As previously disclosed, on February 9, 2015, Icahn Enterprises entered into a definitive agreement to acquire substantially all of the auto parts assets in the United States of Uni-Select, Inc. ("Uni-Select USA"), a leading automotive parts distributor for domestic and imported vehicles, for a purchase price of approximately $340 million, subject to customary closing conditions. | |
Uni-Select USA has 39 distribution centers and satellite locations and 240 corporate-owned jobber stores in the United States and supports a network of more than 2,000 independent wholesalers. Through its banner and technical support programs as well as its offering of premium auto parts, Uni-Select USA has built its reputation on being the partner of choice for independent entrepreneurs eager to tap into the strength of large network. | |
UniSelect USA will be operated independently of Federal-Mogul and will be reported as part of our Automotive segment. | |
Acquisition of TRW Automotive Holdings Corp. | |
On February 6, 2015, certain subsidiaries of Federal-Mogul finalized an agreement with TRW Automotive Holdings Corp. ("TRW") to purchase certain business assets of the TRW engine components business. The business was acquired through a combination of asset and stock purchases for a base purchase price of approximately $313 million, which was funded primarily from the Federal-Mogul Replacement Revolver Facility and was subject to certain customary closing and post-closing adjustments. The purchase of TRW’s engine valve business adds a new product line to Federal-Mogul's portfolio, strengthens its position as a leading developer and supplier of core components for engines, and enhances its ability to support its customers to improve fuel economy and reduce emissions. | |
Other | |
On February 24, 2015, Federal-Mogul announced that it intends to launch a registered rights offering on or about March 6, 2015. In the rights offering, each holder of Federal-Mogul’s common stock as of the close of business on the record date of March 6, 2015 will be issued, at no charge, one transferable subscription right for each whole share of common stock owned by that stockholder on the record date (the “basic subscription privilege”). The rights offering will also include an over-subscription privilege, which will entitle stockholders who exercise all of their subscription rights in the basic subscription privilege the right to purchase additional shares of common stock in the rights offering, subject to availability and pro rata allocation of shares among rights holders exercising such over-subscription privilege. | |
Federal-Mogul will offer a number of shares of its common stock in the rights offering, inclusive of the over-subscription privilege, representing approximately $250 million of gross proceeds. Federal-Mogul plans to use the proceeds from the rights offering to strengthen its balance sheet. | |
Railcar | |
In January 2015, Longtrain Leasing III, a wholly owned subsidiary of ARI, completed a private placement of $626 million in aggregate principal amount of notes consisting of $250 million in aggregate principal amount of its 2.98% Fixed Rate Secured Railcar Equipment Notes, Class A-1 (the "ARI Class A-1 Notes") and $376 million in aggregate principal amount of its 4.06% Fixed Rate Secured Railcar Equipment Notes, Class A-2 (the "ARI Class A-2 Notes", and collectively with the ARI Class A-1 Notes, the "ARI 2015 Notes"). The ARI 2015 Notes have a legal final maturity date of January 17, 2045 and an expected principal repayment date of January 15, 2025. The ARI 2015 Notes are obligations of Longtrain Leasing III only and are secured by, among other things, a portfolio of railcars and leases thereon acquired by Longtrain Leasing III pursuant to a contribution and sale agreement between Longtrain Leasing III and ARI. Additionally, in connection with the ARI 2015 Notes offering, Longtrain Leasing III entered into a railcar management agreement with ARL, as manager, under which ARL will manage, operate, market, store, lease, re-lease, sublease and service the subject railcars on behalf of Longtrain Leasing III. This agreement extends at least through the Notes' final maturity date of January 17, 2045. | |
The ARI 2015 Notes are not registered under the Securities Act of 1933, as amended (Securities Act), or any state securities laws, and were offered only to qualified institutional buyers in reliance on Rule 144A under the Securities Act and outside the United States in accordance with Regulation S under the Securities Act. | |
The ARI 2015 Notes were issued pursuant to an indenture, dated January 29, 2015 between Longtrain Leasing III and U.S. Bank National Association ("ARI Indenture"), as indenture trustee (Indenture Trustee). The ARI Class A-1 Notes bear interest at a fixed rate of 2.98%, and the ARI Class A-2 Notes bear interest at a fixed rate of 4.06%. Interest on the ARI 2015 Notes shall be payable monthly on the 15th calendar day of each month in accordance with the flow of funds provisions described in the Indenture. While the legal final maturity date of the ARI 2015 Notes is January 17, 2045, cash flows from Longtrain Leasing III's assets will be applied, pursuant to the flow of funds provisions of the Indenture, so as to achieve monthly targeted principal balances. If the cash flow assumptions used in determining the targeted balances are met, it is anticipated that the Notes will be repaid well in advance of their stated legal final maturity date. There can be no assurance, however, that such cash flow assumptions will be realized. Also, under the flow of funds provisions of the Indenture, early amortization of the ARI 2015 Notes may be required in certain circumstances. If the ARI 2015 Notes are not repaid by the expected principal repayment date on January 15, 2025, additional interest shall accrue at a rate of 5.0% per annum and be payable monthly according to the flow of funds. | |
Longtrain Leasing III can prepay or redeem the ARI Class A-1 Notes, in whole or in part, on any payment date and the ARI Class A-2 Notes, in whole or in part, on any payment date occurring on or after January 16, 2018. | |
The ARI Indenture contains covenants which limit, among other things, Longtrain Leasing III's ability to incur additional indebtedness or encumbrances on its assets, pay dividends or make distributions, make certain investments, perform its business other than specified activities, enter into certain types of transactions with its affiliates, and sell assets or consolidate or merge with or into other companies. These covenants are subject to a number of exceptions and qualifications. | |
The ARI Indenture also contains certain customary events of default, including among others, failure to pay amounts when due after applicable grace periods, failure to comply with certain covenants and agreements, and certain events of bankruptcy or insolvency. Certain events of default under the Indenture will make the outstanding principal balance and accrued interest on the ARI 2015 Notes, together with all amounts then due and owing to the noteholders, immediately due and payable without further action. For other events of default, the Indenture Trustee, acting at the direction of a majority of the noteholders, may declare the principal of and accrued interest on all Notes then outstanding to be due and payable immediately. | |
Longtrain Leasing III has used the net proceeds from the sale of the ARI 2015 Notes to purchase railcars from ARI pursuant to a contribution and sale agreement between ARI and Longtrain Leasing III. ARI used and intends to use the proceeds from the sale of railcars to Longtrain Leasing III for general corporate purposes and to repay certain indebtedness, including two prior lease fleet financings. |
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Quarterly Financial Data (Unaudited) [Abstract] | ||||||||||||||||||||||||||||||||
Quarterly Financial Information [Text Block] | Quarterly Financial Data (Unaudited). | |||||||||||||||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
(in millions, except per unit data) | ||||||||||||||||||||||||||||||||
Net sales | $ | 4,666 | $ | 4,574 | $ | 4,867 | $ | 4,497 | $ | 4,557 | $ | 4,181 | $ | 3,982 | $ | 4,533 | ||||||||||||||||
Gross margin on net sales | 524 | 681 | 540 | 610 | 339 | 356 | 184 | 329 | ||||||||||||||||||||||||
Total revenues | 4,990 | 5,369 | 6,379 | 4,670 | 4,422 | 5,771 | 3,366 | 4,872 | ||||||||||||||||||||||||
Net income (loss) | 77 | 710 | 1,123 | 93 | (627 | ) | 1,236 | (1,102 | ) | 405 | ||||||||||||||||||||||
Net (income) loss attributable to non-controlling interests | (106 | ) | (433 | ) | (634 | ) | (39 | ) | 272 | (764 | ) | 624 | (183 | ) | ||||||||||||||||||
Net (loss) income attributable to Icahn Enterprises | (29 | ) | 277 | 489 | 54 | (355 | ) | 472 | (478 | ) | 222 | |||||||||||||||||||||
Basic (loss) income per LP unit(1) | $ | (0.24 | ) | $ | 2.56 | $ | 4.06 | $ | 0.48 | $ | (2.90 | ) | $ | 4.13 | $ | (3.84 | ) | $ | 1.91 | |||||||||||||
Diluted (loss) income per LP unit(1) | $ | (0.24 | ) | $ | 2.5 | $ | 4.06 | $ | 0.48 | $ | (2.90 | ) | $ | 4.1 | $ | (3.84 | ) | $ | 1.9 | |||||||||||||
-1 | Basic and diluted (loss) income per LP unit is computed separately for each quarter and therefore, the sum of such quarterly per LP unit amounts may differ from the total for the year. |
Schedule_I
Schedule I (Parent Company [Member]) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | SCHEDULE I | |||||||||||
ICAHN ENTERPRISES, L.P. | ||||||||||||
(Parent Company) | ||||||||||||
CONDENSED BALANCE SHEETS | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(In millions, except unit amounts) | ||||||||||||
ASSETS | ||||||||||||
Investments in subsidiaries, net | $ | 11,028 | $ | 10,384 | ||||||||
Deferred financing costs | 8 | 7 | ||||||||||
Total Assets | $ | 11,036 | $ | 10,391 | ||||||||
LIABILITIES AND EQUITY | ||||||||||||
Accrued expenses and other liabilities | $ | 107 | $ | 283 | ||||||||
Debt | 5,486 | 4,016 | ||||||||||
5,593 | 4,299 | |||||||||||
Commitments and contingencies (Note 3) | ||||||||||||
Equity: | ||||||||||||
Limited partners: Depositary units: 123,103,414 and 115,900,309 units issued and outstanding at December 31, 2014 and 2013, respectively | 5,672 | 6,308 | ||||||||||
General partner | (229 | ) | (216 | ) | ||||||||
Total equity | 5,443 | 6,092 | ||||||||||
Total Liabilities and Equity | $ | 11,036 | $ | 10,391 | ||||||||
See notes to condensed financial statements. | ||||||||||||
SCHEDULE I | ||||||||||||
ICAHN ENTERPRISES, L.P. | ||||||||||||
(Parent Company) | ||||||||||||
CONDENSED STATEMENTS OF OPERATIONS | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In millions) | ||||||||||||
Interest expense | $ | (291 | ) | $ | (303 | ) | $ | (284 | ) | |||
Loss on extinguishment of debt | (108 | ) | — | — | ||||||||
Equity in earnings of subsidiaries | 26 | 1,328 | 680 | |||||||||
Net (loss) income | $ | (373 | ) | $ | 1,025 | $ | 396 | |||||
Net (loss) income allocable to: | ||||||||||||
Limited partners | $ | (366 | ) | $ | 1,005 | $ | 379 | |||||
General partner | (7 | ) | 20 | 17 | ||||||||
$ | (373 | ) | $ | 1,025 | $ | 396 | ||||||
See notes to condensed financial statements. | ||||||||||||
SCHEDULE I | ||||||||||||
ICAHN ENTERPRISES, L.P. | ||||||||||||
(Parent Company) | ||||||||||||
CONDENSED STATEMENTS OF CASH FLOWS | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In millions) | ||||||||||||
Cash flows from operating activities: | ||||||||||||
Net (loss) income | $ | (373 | ) | $ | 1,025 | $ | 396 | |||||
Adjustments to reconcile net (loss) income to net cash used in operating activities: | ||||||||||||
Amortization of deferred financing costs | 1 | 2 | 2 | |||||||||
Loss on extinguishment of debt | 108 | — | — | |||||||||
Equity in earnings of subsidiary | (26 | ) | (1,328 | ) | (680 | ) | ||||||
Net cash used in operating activities | (290 | ) | (301 | ) | (282 | ) | ||||||
Cash flows from investing activities: | ||||||||||||
Net investment in and advances from subsidiary | (952 | ) | (172 | ) | (1,212 | ) | ||||||
Net cash used in investing activities | (952 | ) | (172 | ) | (1,212 | ) | ||||||
Cash flows from financing activities: | ||||||||||||
Partnership distributions | (125 | ) | (51 | ) | (41 | ) | ||||||
Partnership contributions | — | 587 | 505 | |||||||||
Proceeds from borrowings | 4,991 | 493 | 1,030 | |||||||||
Repayments of borrowings | (3,624 | ) | (556 | ) | — | |||||||
Net cash provided by financing activities | 1,242 | 473 | 1,494 | |||||||||
Net change in cash and cash equivalents | — | — | — | |||||||||
Cash and cash equivalents, beginning of period | — | — | — | |||||||||
Cash and cash equivalents, end of period | $ | — | $ | — | $ | — | ||||||
See notes to condensed financial statements. | ||||||||||||
ICAHN ENTERPRISES L.P. (Parent Company) | ||||||||||||
NOTES TO CONDENSED FINANCIAL STATEMENTS | ||||||||||||
1. Description of Business and Basis of Presentation | ||||||||||||
Icahn Enterprises, L.P. (“Icahn Enterprises”) is a master limited partnership formed in Delaware on February 17, 1987. We own a 99% limited partner interest in Icahn Enterprises Holdings L.P. (''Icahn Enterprises Holdings''). Icahn Enterprises Holdings and its subsidiaries own substantially all of our assets and liabilities and conduct substantially all of our operations. Icahn Enterprises G.P. Inc. (''Icahn Enterprises GP''), our sole general partner, which is owned and controlled by Carl C. Icahn, owns a 1% general partner interest in both us and Icahn Enterprises Holdings, representing an aggregate 1.99% general partner interest in us and Icahn Enterprises Holdings. As of December 31, 2014, Icahn Enterprises Holdings is engaged in the following continuing operating businesses: Investment, Automotive, Energy, Metals, Railcar, Gaming, Food Packaging, Real Estate and Home Fashion. | ||||||||||||
The condensed financial statements of Icahn Enterprises should be read in conjunction with the consolidated financial statements and notes thereto included in Part II, Item 8 of this Report. | ||||||||||||
2. Debt | ||||||||||||
See Note 10, “Debt,” to the consolidated financial statements located in Part II, Item 8 of this Report. Icahn Enterprises' Parent company debt consists of the following: | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(in millions) | ||||||||||||
Senior unsecured 5.875% notes due 2022 | $ | 1,337 | $ | — | ||||||||
Senior unsecured 6.00% notes due 2020 | 1,708 | 493 | ||||||||||
Senior unsecured 4.875% notes due 2019 | 1,270 | — | ||||||||||
Senior unsecured 8% notes due 2018 | — | 2,473 | ||||||||||
Senior unsecured 3.5% notes due 2017 | 1,171 | — | ||||||||||
Senior unsecured 7.75% notes due 2016 | — | 1,050 | ||||||||||
Total debt | $ | 5,486 | $ | 4,016 | ||||||||
3. Commitments and Contingencies | ||||||||||||
See Note 17, “Commitments and Contingencies,” to the consolidated financial statements located in Part II, Item 8 of this Report. | ||||||||||||
Icahn Enterprises Holdings [Member] | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | SCHEDULE I | |||||||||||
ICAHN ENTERPRISES HOLDINGS L.P. | ||||||||||||
(Parent Company) | ||||||||||||
CONDENSED BALANCE SHEETS | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(in millions) | ||||||||||||
ASSETS | ||||||||||||
Cash and cash equivalents | $ | 388 | $ | 142 | ||||||||
Other assets | 114 | 112 | ||||||||||
Investments in subsidiaries, net | 10,592 | 10,054 | ||||||||||
Total Assets | $ | 11,094 | $ | 10,308 | ||||||||
LIABILITIES AND EQUITY | ||||||||||||
Accrued expenses and other liabilities | $ | 111 | $ | 144 | ||||||||
Debt | 5,517 | 4,050 | ||||||||||
5,628 | 4,194 | |||||||||||
Commitments and contingencies (Note 3) | ||||||||||||
Equity: | ||||||||||||
Limited partner | 5,751 | 6,393 | ||||||||||
General partner | (285 | ) | (279 | ) | ||||||||
Total equity | 5,466 | 6,114 | ||||||||||
Total Liabilities and Equity | $ | 11,094 | $ | 10,308 | ||||||||
See notes to condensed financial statements. | ||||||||||||
SCHEDULE I | ||||||||||||
ICAHN ENTERPRISES HOLDINGS L.P. | ||||||||||||
(Parent Company) | ||||||||||||
CONDENSED STATEMENTS OF OPERATIONS | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions) | ||||||||||||
Net gain from investment activities | $ | — | $ | — | $ | 8 | ||||||
Interest and dividend income | 1 | — | — | |||||||||
Loss on extinguishment of debt | (108 | ) | — | — | ||||||||
Equity in earnings of subsidiaries | 28 | 1,342 | 682 | |||||||||
Other income, net | 20 | 15 | 16 | |||||||||
(59 | ) | 1,357 | 706 | |||||||||
Interest expense | 290 | 305 | 286 | |||||||||
Selling, general and administrative | 23 | 27 | 23 | |||||||||
313 | 332 | 309 | ||||||||||
Net (loss) income | $ | (372 | ) | $ | 1,025 | $ | 397 | |||||
Net (loss) income allocable to: | ||||||||||||
Limited partner | $ | (368 | ) | $ | 1,015 | $ | 384 | |||||
General partner | (4 | ) | 10 | 13 | ||||||||
$ | (372 | ) | $ | 1,025 | $ | 397 | ||||||
See notes to condensed financial statements. | ||||||||||||
SCHEDULE I | ||||||||||||
ICAHN ENTERPRISES HOLDINGS L.P. | ||||||||||||
(Parent Company) | ||||||||||||
CONDENSED STATEMENTS OF CASH FLOWS | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions) | ||||||||||||
Cash flows from operating activities: | ||||||||||||
Net (loss) income | $ | (372 | ) | $ | 1,025 | $ | 397 | |||||
Adjustments to reconcile net (loss) income to net cash used in operating activities: | ||||||||||||
Equity in income of subsidiary | (28 | ) | (1,342 | ) | (682 | ) | ||||||
Loss on extinguishment of debt | 108 | — | — | |||||||||
Investment gains | — | — | (8 | ) | ||||||||
Depreciation and amortization | 5 | (1 | ) | 1 | ||||||||
Other, net | — | — | 14 | |||||||||
Change in operating assets and liabilities | (47 | ) | 18 | 26 | ||||||||
Net cash used in operating activities | (334 | ) | (300 | ) | (252 | ) | ||||||
Cash flows from investing activities: | ||||||||||||
Net investment in subsidiaries | (661 | ) | (128 | ) | (681 | ) | ||||||
Proceeds from sale of investments | — | — | 30 | |||||||||
Other, net | 9 | 4 | 2 | |||||||||
Net cash used in investing activities | (652 | ) | (124 | ) | (649 | ) | ||||||
Cash flows from financing activities: | ||||||||||||
Partnership distributions | (125 | ) | (51 | ) | (42 | ) | ||||||
Partner contribution | — | 593 | — | |||||||||
Proceeds from borrowings | 4,991 | 493 | 1,030 | |||||||||
Repayments of borrowings | (3,634 | ) | (576 | ) | (4 | ) | ||||||
Net cash provided by financing activities | 1,232 | 459 | 984 | |||||||||
Net change in cash and cash equivalents | 246 | 35 | 83 | |||||||||
Cash and cash equivalents, beginning of period | 142 | 107 | 24 | |||||||||
Cash and cash equivalents, end of period | $ | 388 | $ | 142 | $ | 107 | ||||||
See notes to condensed financial statements. | ||||||||||||
ICAHN ENTERPRISES HOLDINGS L.P. (Parent Company) | ||||||||||||
NOTES TO CONDENSED FINANCIAL STATEMENTS | ||||||||||||
1. Description of Business and Basis of Presentation | ||||||||||||
Icahn Enterprises Holdings L.P. (“Icahn Enterprises Holdings”) is a limited partnership formed in Delaware on February 17, 1987. Our sole limited partner is Icahn Enterprises L.P. (“Icahn Enterprises”), a master limited partnership which owns a 99% interest in us. Icahn Enterprises G.P. Inc. (“Icahn Enterprises GP''), our sole 1% general partner, is a Delaware corporation which is owned and controlled by Carl C. Icahn. As of December 31, 2014, Icahn Enterprises Holdings is engaged in the following continuing operating businesses: Investment, Automotive, Energy, Metals, Railcar, Gaming, Food Packaging, Real Estate and Home Fashion. | ||||||||||||
The condensed financial statements of Icahn Enterprises Holdings should be read in conjunction with the consolidated financial statements and notes thereto included in Part II, Item 8 of this Report. | ||||||||||||
2. Debt | ||||||||||||
See Note 10, “Debt,” to the consolidated financial statements located in Part II, Item 8 of this Report. Icahn Enterprises Holdings' Parent company debt consists of the following: | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(in millions) | ||||||||||||
Senior unsecured 5.875% notes due 2022 | $ | 1,337 | — | |||||||||
Senior unsecured 6.00% notes due 2020 | 1,708 | 493 | ||||||||||
Senior unsecured 4.875% notes due 2019 | 1,270 | — | ||||||||||
Senior unsecured 8% notes due 2018 | — | 2,468 | ||||||||||
Senior unsecured 3.5% notes due 2017 | 1,171 | — | ||||||||||
Senior unsecured 7.75% notes due 2016 | — | 1,048 | ||||||||||
Mortgages payable | 31 | 41 | ||||||||||
Total debt | $ | 5,517 | $ | 4,050 | ||||||||
3. Commitments and Contingencies | ||||||||||||
See Note 17, “Commitments and Contingencies,” to the consolidated financial statements located in Part II, Item 8 of this Report. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Schedule of Significant Accounting Policies [Line Items] | |
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | Principles of Consolidation |
Our 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 those entities in which we have a controlling interest as a general partner interest. In evaluating whether we have a controlling financial interest in entities that we consolidate, we consider the following: (1) for voting interest entities, we consolidate these entities in which we own a majority of the voting interests; and (2) for limited partnership entities, we consolidate these entities if we are the general partner of such entities and for which no substantive kick-out rights (the rights underlying the limited partners' ability to dissolve the limited partnership or otherwise remove the general partners are collectively referred to as “kick-out” rights) or participating rights exist. All material intercompany accounts and transactions have been eliminated in consolidation. | |
Except for our Investment segment, for those investments in which we own 50% or less but greater than 20%, we account for such investments using the equity method, while investments in affiliates of 20% or less are accounted for under the cost method. | |
Reclassification, Policy [Policy Text Block] | Reclassifications |
Certain reclassifications from the prior year presentation have been made to conform to the current year presentation. | |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates in Preparation of Financial Statements |
The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the period. The more significant estimates include: (1) the valuation allowances of accounts receivable and inventory; (2) the valuation of goodwill, indefinite-lived intangible assets and long-lived assets; (3) deferred tax assets; (4) environmental liabilities; (5) fair value of investments and derivatives; and (6) post-employment benefit liabilities. Actual results may differ from the estimates and assumptions used in preparing the consolidated financial statements. | |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents |
We consider short-term investments, which are highly liquid with original maturities of three months or less at date of purchase, to be cash equivalents. | |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Held at Consolidated Affiliated Partnerships and Restricted Cash |
Cash held at consolidated affiliated partnerships primarily consists of cash and cash equivalents held by our Investment Funds (as defined herein) that, although not legally restricted, is not available to fund the general liquidity needs of the Investment segment or Icahn Enterprises. Restricted cash primarily relates to cash pledged and held for margin requirements on derivative transactions. | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments |
The carrying values of cash and cash equivalents, cash held at consolidated affiliated partnerships and restricted cash, accounts receivable, due from brokers, accounts payable, accrued expenses and other liabilities and due to brokers are deemed to be reasonable estimates of their fair values because of their short-term nature. | |
See Note 5, “Investments and Related Matters,” and Note 6, “Fair Value Measurements,” for a detailed discussion of our investments. | |
The fair value of our long-term debt is based on the quoted market prices for the same or similar issues or on the current rates offered to us for debt of the same remaining maturities. The carrying value and estimated fair value of our long-term debt as of December 31, 2014 was each approximately $11.6 billion. The carrying value and estimated fair value of our long-term debt as of December 31, 2013 was approximately $9.3 billion and $9.4 billion, respectively. | |
Fair Value Option for Financial Assets and Financial Liabilities | |
The fair value option gives entities the option to measure eligible financial assets, financial liabilities and firm commitments at fair value (i.e., the fair value option), on an instrument-by-instrument basis, that are otherwise not permitted to be accounted for at fair value pursuant to the provisions of the FASB ASC Topic 825, Financial Instruments. The election to use the fair value option is available when an entity first recognizes a financial asset or financial liability or upon entering into a firm commitment. Subsequent changes in fair value must be recorded in earnings. In estimating the fair value for financial instruments for which the fair value option has been elected, we use the valuation methodologies in accordance to where the financial instruments are classified within the fair value hierarchy as discussed in Note 6, “Fair Value Measurements.” For our Investment segment, we apply the fair value option to our investments that would otherwise be accounted under the equity method. | |
Derivatives, Policy [Policy Text Block] | Derivatives |
From time to time, our subsidiaries enter into derivative contracts, including purchased and written option contracts, swap contracts, futures contracts and forward contracts. U.S. GAAP requires recognition of all derivatives as either assets or liabilities in the balance sheet at their fair value. The accounting for changes in fair value depends on the intended use of the derivative and its resulting designation. For those derivative instruments that are designated and qualify as hedging instruments, a company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation. Gains and losses related to a hedge are either recognized in income immediately to offset the gain or loss on the hedged item or are deferred and reported as a component of accumulated other comprehensive loss and subsequently recognized in earnings when the hedged item affects earnings. The change in fair value of the ineffective portion of a financial instrument, determined using the hypothetical derivative method, is recognized in earnings immediately. The gain or loss related to financial instruments that are not designated as hedges are recognized immediately in earnings. Cash flows related to hedging activities are included in the operating section of the consolidated statements of cash flows. For further information regarding our derivative contracts, see Note 7, “Financial Instruments.” | |
Trade and Other Accounts Receivable, Policy [Policy Text Block] | Accounts Receivable, Net |
An allowance for doubtful accounts is determined through analysis of the aging of accounts receivable at the date of the consolidated financial statements, assessments of collectability based on an evaluation of historic and anticipated trends, the financial condition of our customers, and an evaluation of the impact of economic conditions. Our allowance for doubtful accounts is an estimate based on specifically identified accounts as well as general reserves based on historical experience. | |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment, Net |
Buildings and improvements, and machinery, equipment and furniture are stated at cost less accumulated depreciation unless declines in the values of the fixed assets are considered other than temporary, at which time the property is written down to net realizable value. Depreciation is principally computed using the straight-line method over the estimated useful lives of the particular property or equipment, as follows: buildings and improvements, four to 40 years; furniture, fixtures and equipment, one to 40 years. Leasehold improvements are amortized over the life of the lease or the life of the improvement, whichever is shorter. | |
Maintenance and repairs are charged to expense as incurred. The cost of additions and improvements is capitalized and depreciated over the remaining useful lives of the assets. Railcars leased to others are stated at cost less accumulated depreciation unless declines in the values of the leased railcars are considered other than temporary, at which time they are written down to net realizable value. Railcars leased to others that were transferred from entities under common control are stated at net book value. Railcars are depreciated on a straight-line basis over 25 to 30 years from the original date placed in service. | |
Real estate properties held for use or investment purposes, other than those accounted for under the financing method, are carried at cost less accumulated depreciation. Where declines in the values of the properties are determined to be other than temporary, the cost basis of the property is written down to net realizable value. A property is classified as held for sale at the time management determines that certain criteria have been met. Properties held for sale are carried at the lower of cost or net realizable value and are no longer depreciated. | |
Land and construction in progress are stated at the lower of cost or net realizable value. Interest is capitalized on expenditures for long-term projects until a salable or ready-for-use condition is reached. The interest capitalization rate is based on the interest rate on specific borrowings to fund the projects. | |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Intangible Assets, Net |
Goodwill and indefinite lived intangible assets primarily include trademarks and trade names acquired in acquisitions. For a complete discussion of the impairment of goodwill and indefinite intangible-lived assets related to our various segments, see Note 3, “Operating Units,” and Note 8, “Goodwill and Intangible Assets, Net.” | |
Impairment of Goodwill | |
We evaluate the carrying value of goodwill annually and between annual evaluations if events occur or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying amount. Such circumstances could include, but are not limited to: (1) a significant adverse change in legal factors or in business climate, (2) unanticipated competition, or (3) an adverse action or assessment by a regulator. Goodwill impairment testing involves a two-step process. Step 1 compares the fair value of our reporting units to their carrying values. If the fair value of the reporting unit exceeds its carrying value, no further analysis is necessary. The reporting unit fair value is based upon consideration of various valuation methodologies, including guideline transaction multiples, multiples of current earnings, and projected future cash flows discounted at rates commensurate with the risk involved. If the carrying amount of the reporting unit exceeds its fair value, Step 2 must be completed to quantify the amount of impairment. Step 2 calculates the implied fair value of goodwill by deducting the fair value of all tangible and intangible assets, excluding goodwill, of the reporting unit, from the fair value of the reporting unit as determined in Step 1. The implied fair value of goodwill determined in this step is compared to the carrying value of goodwill. If the implied fair value of goodwill is less than the carrying value of goodwill, an impairment loss, equal to the difference, is recognized. | |
Impairment of Intangible Assets | |
We evaluate the recoverability of identifiable indefinite lived intangible assets annually or more frequently if impairment indicators exist. The impairment analysis compares the estimated fair value of these assets to the related carrying value, and impairment charge is recorded for any excess of carrying value over estimated fair value. The estimated fair value is based on consideration of various valuation methodologies, including guideline transaction multiples, multiples of earnings, and projected future cash flows discounted at rates commensurate with risk involved. | |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets |
We evaluate the realizability of our long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Inherent in the reviews of the carrying amounts of the above assets are various estimates, including the expected usage of the asset. Assets must be tested at the lowest level for which identifiable cash flows exist. Future cash flow estimates are, by their nature, subjective and actual results may differ materially from our estimates. If our ongoing estimates of future cash flows are not met, we may have to record impairment charges in future accounting periods to write the asset down to fair value. Our estimates of cash flows are based on the current regulatory, social and economic climates, recent operating information and budgets of the operating properties. | |
Asset Retirement Obligations, Policy [Policy Text Block] | Asset Retirement Obligations |
We record conditional asset retirement obligations (“ARO”) in accordance with applicable U.S. GAAP. As defined in applicable U.S. GAAP, ARO refers to a legal obligation to perform an asset retirement activity in which the timing and/or method of settlement are conditional on a future event. An entity is required to recognize a liability for the estimated fair value of an ARO when incurred if the fair value can be reasonably estimated. Our Automotive segment's primary asset retirement activities relate to the removal of hazardous building materials at its facilities. Our Automotive segment records the ARO liability when the amount can be reasonably estimated, typically upon the expectation that a facility may be closed or sold. | |
Pension and Other Postretirement Plans, Policy [Policy Text Block] | Pension and Other Post-Employment Benefit Obligations |
Pension and other post-employment benefit costs are dependent upon assumptions used in calculating such costs. These assumptions include discount rates, health care cost trends, expected returns on plan assets and other factors. In accordance with U.S. GAAP, actual results that differ from the assumptions used are accumulated and amortized over future periods and, accordingly, generally affect recognized expense and the recorded obligation in future periods. | |
Earnings Per Share, Policy [Policy Text Block] | Income Per LP Unit |
For Icahn Enterprises, basic income (loss) per LP unit is based on net income or loss attributable to Icahn Enterprises allocable to limited partners. Net income or loss allocable to limited partners is divided by the weighted-average number of LP units outstanding. Diluted income (loss) per LP unit is based on basic income (loss) adjusted for interest charges applicable to the variable rate notes as well as the weighted-average number of units and equivalent units outstanding. | |
For accounting purposes, earnings prior to dates of acquisitions or investments in joint ventures of entities under common control are excluded from the computation of basic and diluted income per LP unit as such earnings are allocated to our general partner or non-controlling interests. Accordingly, earnings from ARL prior to our investment on October 2, 2013 have been allocated to Mr. Icahn and his affiliates non-controlling interests, and therefore are excluded from the computation of basic and diluted income (loss) per LP unit. In addition, on August 24, 2012, Mr. Icahn and his affiliates contributed his interest of IEP Energy to us in exchange for our depositary units. Net income allocable to the general partner for the period May 5, 2012 through August 23, 2012, the period in which Mr. Icahn and his affiliates' ownership in IEP Energy, other than Icahn Enterprises' ownership, were considered under common control and thus, were excluded from computation of basic and diluted income per LP unit. See Note 4, "Related Party Transactions-Energy," for further discussion regarding this transaction. | |
Common control acquisitions and dispositions [Policy Text Block] | Acquisition, Investments and Disposition of Entities under Common Control |
Acquisitions or investments of entities under common control are reflected in a manner similar to pooling of interests. The general partner's capital account or non-controlling interests, as applicable, are charged or credited for the difference between the consideration we pay for the entity and the related entity's basis prior to our acquisition or investment. Net gains or losses of an acquired entity prior to its acquisition or investment date are allocated to the general partner's capital account or non-controlling interests, as applicable. In allocating gains and losses upon the sale of a previously acquired common control entity, we allocate a gain or loss for financial reporting purposes by first restoring the general partner's capital account or non-controlling interests, as applicable, for the cumulative charges or credits relating to prior periods recorded at the time of our acquisition or investment and then allocating the remaining gain or loss ("Common Control Gains or Losses") among our general partner, limited partners and non-controlling interests, as applicable, in accordance with their respective ownership percentages. In the case of acquisitions of entities under common control, such Common Control Gains or Losses are allocated in accordance with their respective partnership percentages under the Amended and Restated Agreement of Limited Partnership dated as of May 12, 1987, as amended from time to time (together with the partnership agreement of Icahn Enterprises Holdings, the “Partnership Agreement”) (i.e., 98.01% to the limited partners and 1.99% to the general partner). | |
General partnership policy [Policy Text Block] | General Partnership Interest of Icahn Enterprises and Icahn Enterprises Holdings |
The general partner's capital account generally consists of its cumulative share of our net income less cash distributions plus capital contributions. Additionally, in acquisitions of common control companies accounted for at historical cost similar to a pooling of interests, the general partner's capital account would be charged (or credited) in a manner similar to a distribution (or contribution) for the excess (or deficit) of the fair value of consideration paid over historical basis in the business acquired. | |
Capital Accounts, as defined under the Partnership Agreement, are maintained for our general partner and our limited partners. The capital account provisions of our Partnership Agreement incorporate principles established for U.S. federal income tax purposes and are not comparable to the equity accounts reflected under U.S. GAAP in our consolidated financial statements. Under our Partnership Agreement, the general partner is required to make additional capital contributions to us upon the issuance of any additional depositary units in order to maintain a capital account balance equal to 1.99% of the total capital accounts of all partners. | |
Generally, net earnings for U.S. federal income tax purposes are allocated 1.99% and 98.01% between the general partner and the limited partners, respectively, in the same proportion as aggregate cash distributions made to the general partner and the limited partners during the period. This is generally consistent with the manner of allocating net income under our Partnership Agreement; however, it is not comparable to the allocation of net income reflected in our consolidated financial statements. | |
Pursuant to the Partnership Agreement, in the event of our dissolution, after satisfying our liabilities, our remaining assets would be divided among our limited partners and the general partner in accordance with their respective percentage interests under the Partnership Agreement (i.e., 98.01% to the limited partners and 1.99% to the general partner). If a deficit balance still remains in the general partner's capital account after all allocations are made between the partners, the general partner would not be required to make whole any such deficit. | |
Income Tax, Policy [Policy Text Block] | Income Taxes |
Except as described below, no provision has been made for federal, state, local or foreign income taxes on the results of operations generated by partnership activities, as such taxes are the responsibility of the partners. Provision has been made for federal, state, local or foreign income taxes on the results of operations generated by our corporate subsidiaries and these are reflected within continuing and discontinued operations. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | |
Deferred tax assets are limited to amounts considered to be realizable in future periods. A valuation allowance is recorded against deferred tax assets if management does not believe that we have met the “more likely than not” standard to allow recognition of such an asset. | |
U.S. GAAP provides that the tax effects from an uncertain tax position can be recognized in the financial statements only if the position is “more-likely-than-not” to be sustained if the position were to be challenged by a taxing authority. The assessment of the tax position is based solely on the technical merits of the position, without regard to the likelihood that the tax position may be challenged. If an uncertain tax position meets the “more-likely-than-not” threshold, the largest amount of tax benefit that is greater than 50 percent likely to be recognized upon ultimate settlement with the taxing authority is recorded. See Note 14, “Income Taxes,” for additional information. | |
Environmental Costs, Policy [Policy Text Block] | Environmental Liabilities |
We recognize environmental liabilities when a loss is probable and reasonably estimable. Such accruals are estimated based on currently available information, existing technology and enacted laws and regulations. Such estimates are based primarily upon the estimated cost of investigation and remediation required and the likelihood that other potentially responsible parties will be able to fulfill their commitments at the sites where we may be jointly and severally liable with such parties. We regularly evaluate and revise estimates for environmental obligations based on expenditures against established reserves and the availability of additional information. | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Adoption of New Accounting Standards |
In February 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2013-04, which amends FASB ASC Topic 405, Liabilities. This ASU requires the measurement of obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date as the sum of (1) the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and (2) any additional amount the reporting entity expects to pay on behalf of its co-obligors. This guidance also requires the disclosure of the nature and amount of the obligation as well as other information about those obligations. The guidance is effective for interim and annual periods beginning after December 15, 2013. The adoption of this guidance during the first quarter of 2014 did not have a material impact on our consolidated financial position, results of operations or cash flows. | |
In March 2013, the FASB issued ASU No. 2013-05, which amends FASB ASC Topic 830, Foreign Currency Matters. This ASU resolves the accounting for certain foreign currency matters with respect to the release of cumulative translation adjustment into net income within a foreign entity under certain circumstances. This ASU is effective prospectively for fiscal years (and interim reporting periods within those years) beginning after December 15, 2013. This ASU should be applied prospectively to derecognition events occurring after the effective date. The adoption of this guidance during the first quarter of 2014 did not have a material impact on our consolidated financial position, results of operations or cash flows. | |
In July 2013, the FASB issued ASU No. 2013-11, which amends FASB ASC Topic 740, Income Taxes. This ASU requires that unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operation loss carryforward, a similar tax loss, or a tax credit carryforward, except in certain cases. This ASU is effective for fiscal years (and interim reporting periods within those years) beginning after December 15, 2013. The adoption of this guidance during the first quarter of 2014 did not have a material impact on our consolidated financial position, results of operations or cash flows. | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | Recently Issued Accounting Standards |
In April 2014, the FASB issued ASU No. 2014-08, which amends FASB ASC Topic 205, Presentation of Financial Statements and FASB ASC Topic 360, Property, Plant, and Equipment. This ASU is effective on a prospective basis applicable to activities that occur within annual periods beginning on or after December 15, 2014, and interim periods within those years, and changes the requirements for reporting discontinued operations. Early adoption is permitted, but only for disposals that have not been reported in financial statements previously issued or available for issuance. We believe that ASU No. 2014-08 will reduce the number of dispositions that would qualify for discontinued operations at our parent company level, thereby reducing the complexity associated with the reporting and disclosure requirements of discontinued operations that would have been otherwise required previously. | |
In May 2014, the FASB issued ASU No. 2014-09, creating a new topic, FASB ASC Topic 606, Revenue from Contracts with Customers, superseding revenue recognition requirements in FASB ASC Topic 605, Revenue Recognition. This ASU requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. In addition, an entity is required to disclose sufficient information to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. This ASU is effective for fiscal years, and interim reporting periods within those years, beginning after December 15, 2016, using one of two retrospective application methods. Early adoption is not permitted. We are currently evaluating the impact that the adoption of this guidance will have on our consolidated financial position, results of operations, comprehensive income, cash flows and disclosures. | |
In June 2014, the FASB issued ASU No. 2014-12, which amends FASB Topic 718, Compensation-Stock Compensation. This ASU requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. A reporting entity should apply existing guidance in FASB ASC Topic 718 as it relates to awards with performance conditions that affect vesting to account for such awards. As such, the performance target should not be reflected in estimating the grant-date fair value of the award. This ASU is effective for fiscal years, and interim reporting periods within those years, beginning after December 15, 2015. We are currently evaluating the impact that the adoption of this guidance will have on our financial position, results of operations, comprehensive income, cash flows and disclosures. | |
In November 2014, the FASB issued ASU No. 2014-17, which amends FASB Topic 805, Business Combinations. This ASU provides an acquired entity with an option to apply pushdown accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity. The ASU became effective on November 18, 2014. The adoption of this guidance did not have any effect on our financial position, results of operations, comprehensive income, cash flows and disclosures. | |
In January 2015, the FASB issued ASU No. 2015-01, which amends FASB ASU Topic 220-20, Income Statement - Extraordinary and Unusual Items. This ASU eliminates from GAAP the concept of extraordinary items. Although the ASU will eliminate the requirements in Subtopic 225-20 for reporting entities to consider whether an underlying event or transaction is extraordinary, the presentation and disclosure guidance for items that are unusual in nature or occur infrequently will be retained and will be expanded to include items that are both unusual in nature and infrequently occurring. This ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. A reporting entity may apply the amendments prospectively. A reporting entity also may apply the amendments retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. We currently anticipate that the adoption of this guidance will have no impact on our financial position, results of operations, comprehensive income, cash flows and disclosures. | |
Metals Segment [Member] | |
Schedule of Significant Accounting Policies [Line Items] | |
Inventory, Policy [Policy Text Block] | Metals Inventories. Inventories at our Metals segment are stated at the lower of cost or market. Cost is determined using the average cost method. The production and accounting process utilized by the Metals segment to record recycled metals inventory quantities relies on significant estimates. Our Metals segment relies upon perpetual inventory records that utilize estimated recoveries and yields that are based upon historical trends and periodic tests for certain unprocessed metal commodities. Over time, these estimates are reasonably good indicators of what is ultimately produced; however, actual recoveries and yields can vary depending on product quality, moisture content and source of the unprocessed metal. To assist in validating the reasonableness of the estimates, our Metals segment performs periodic physical inventories which involve the use of estimation techniques. Physical inventories may detect significant variations in volume, but because of variations in product density and production processes utilized to manufacture the product, physical inventories will not generally detect smaller variations. To help mitigate this risk, our Metals segment adjusts its physical inventories when the volume of a commodity is low and a physical inventory can more accurately estimate the remaining volume. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition: PSC Metals' primary source of revenue is from the sale of processed ferrous scrap metal, non-ferrous scrap metals, steel pipe and steel plate. PSC Metals also generates revenues from sales of secondary plate and pipe, the brokering of scrap metals and from services performed. All sales are recognized when title passes to the customer. Revenues from services are recognized as the service is performed. Sales adjustments related to price and weight differences are reflected as a reduction of revenues when settled. |
Railcar Segment [Member] | |
Schedule of Significant Accounting Policies [Line Items] | |
Revenue Recognition, Policy [Policy Text Block] | Revenue recognition: Revenues from manufactured railcar sales are recognized following completion of manufacturing, inspection, customer acceptance and title transfer, which is when the risk for any damage or loss with respect to the railcars passes to the customer. Amounts billed prior to meeting revenue recognition criteria are accounted for as deferred revenue which is included in accrued expenses and other liabilities in our consolidated balance sheets. Revenues from railcar leasing are recognized on a straight-line basis per terms of the lease. If railcars are sold under a lease that is less than one year old, the proceeds from the railcars sold that were on lease will be shown on a gross basis in revenues and cost of revenues at the time of sale. Sales of leased railcars that have been on lease for more than one year are recognized as a net gain or loss from the disposal of the long-term asset as a component of earnings from operations. Revenues from railcar and industrial components are recorded at the time of product shipment, in accordance with our Railcar segment's contractual terms. Revenues from railcar maintenance services are recognized upon completion. Our Railcar segment does not currently bundle railcar service contracts with new railcar sales. Revenues from engineering and field services are recognized as performed. |
Our Railcar segment records amounts billed to customers for shipping and handling as part of net sales and other revenues from operations in our consolidated statements of operations and records related costs in cost of goods sold and other expenses from operations. | |
Our Railcar segment presents any sales tax assessed by a governmental authority that is directly imposed on a revenue-producing transaction between a seller and a customer on a net basis. | |
Food Packaging Segment [Member] | |
Schedule of Significant Accounting Policies [Line Items] | |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition: Revenues are recognized at the time products are shipped to the customer, under F.O.B. shipping point or F.O.B. port terms, which is the point at which title is transferred, the customer has the assumed risk of loss, and payment has been received or collection is reasonably assumed. Revenues are net of discounts, rebates and allowances. Viskase records all labor, raw materials, in-bound freight, plant receiving and purchasing, warehousing, handling and distribution costs as a component of costs of goods sold. |
Energy Segment [Member] | |
Schedule of Significant Accounting Policies [Line Items] | |
Inventory, Policy [Policy Text Block] | Energy Inventories. Our Energy segment inventories consist primarily of domestic and foreign crude oil, blending stock and components, work in progress, fertilizer products, and refined fuels and by-products. Inventories are valued at the lower of FIFO cost, or market for fertilizer products, refined fuels and by-products for all periods presented. Refinery unfinished and finished products inventory values were determined using the ability-to-bear process, whereby raw materials and production costs are allocated to work-in-process and finished goods based on their relative fair values. Other inventories, including other raw materials, spare parts and supplies, are valued at the lower of moving-average cost, which approximates FIFO, or market. The cost of inventories includes inbound freight costs. |
Planned Major Maintenance Activities, Policy [Policy Text Block] | Planned Major Maintenance Costs - Energy |
The direct-expense method of accounting is used for planned major maintenance activities. Maintenance costs are recognized as expense when maintenance services are performed. Planned major maintenance activities for CVR's nitrogen plant generally occur every two to three years. The required frequency of the maintenance varies by unit for the refineries, but generally is every four to five years. | |
During an outage at CVR's Coffeyville refinery in 2014, our Energy segment accelerated certain planned turnaround activities scheduled for 2015 and incurred $6 million in turnaround expenses for the year ended December 31, 2014. CVR's Coffeyville refinery completed the second phase of a two-phase turnaround project during the first quarter of 2012. The first phase was completed during the fourth quarter of 2011. During the fluid catalytic cracking unit ("FCCU") outage at the Wynnewood refinery, our Energy segment accelerated certain planned turnaround activities previously scheduled for 2016 and incurred $1 million in turnaround expenses for the year ended December 31, 2014. The Wynnewood refinery completed a turnaround maintenance in the fourth quarter of 2012, incurring $102 million of expenses for the period May 5, 2012 through December 31, 2012. During the fourth quarter of 2012, CVR's nitrogen fertilizer facilities completed a previously scheduled major turnaround, incurring $5 million of expenses for the period May 5, 2012 through December 31, 2012. | |
Revenue Recognition, Policy [Policy Text Block] | Revenue recognition: For our Energy segment, revenues for products sold are recorded upon delivery of the products to customers, which is the point at which title is transferred, the customer has the assumed risk of loss, and when payment has been received or collection is reasonably assumed. Deferred revenue represents customer prepayments under contracts to guarantee a price and supply of nitrogen fertilizer in quantities expected to be delivered in the next 12 months in the normal course of business. Excise and other taxes collected from customers and remitted to governmental authorities are not included in reported revenues. |
Non-monetary product exchanges and certain buy/sell crude oil transactions which are entered into in the normal course of business are included on a net cost basis in cost of goods sold in the consolidated statement of operations. | |
Our Energy segment also engages in trading activities, whereby it enters into agreements to purchase and sell refined products with third parties. Our Energy segment acts as a principal in these transactions, taking title to the products in purchases from counterparties, and accepting the risks and rewards of ownership. Our Energy segment records revenue for the gross amount of the sales transactions, and records cost of goods sold in our consolidated financial statements. | |
Environmental Costs, Policy [Policy Text Block] | Environmental expenditures are capitalized when such expenditures are expected to result in future economic benefits. For the years ended December 31, 2014 and 2013 and the period May 5, 2012 through December 31, 2012, capital expenditures were approximately $101 million, $111 million and $21 million, respectively, and were incurred to improve the environmental compliance and efficiency of the operations. |
Shipping and Handling Cost, Policy [Policy Text Block] | Shipping Costs: For our Energy segment, pass-through finished goods delivery costs reimbursed by customers are reported in net sales, while an offsetting expense is included in cost of goods sold. |
Gaming Segment [Member] | |
Schedule of Significant Accounting Policies [Line Items] | |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition and Promotional Allowances: Casino revenue represents the difference between wins and losses from gaming activities. Room, food and beverage and other operating revenues are recognized at the time the goods or services are provided. Tropicana collects taxes from customers at the point of sale on transactions subject to sales and other taxes. Revenues are recorded net of any taxes collected. The majority of our casino revenue is counted in the form of cash and chips and, therefore, is not subject to any significant or complex estimation. The retail value of rooms, food and beverage and other services provided to customers on a complimentary basis is included in gross revenues and then deducted as promotional allowances. |
Automotive Segment [Member] | |
Schedule of Significant Accounting Policies [Line Items] | |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition: Federal-Mogul records sales when products are shipped and the risks and rewards of ownership have transferred to the customer, the sales price is fixed and determinable, and the collectability of revenue is reasonably assured. Accruals for sales returns and other allowances are provided at point of sale based upon past experience. Adjustments to such returns and allowances are made as new information becomes available. |
Revenue Recognition, Incentives [Policy Text Block] | Rebates: Federal-Mogul accrues for rebates pursuant to specific arrangements with certain of its customers, primarily in the aftermarket. Rebates generally provide for price reductions based upon the achievement of specified purchase volumes and are recorded as a reduction of sales as earned by such customers. |
Sales and sales related tax [Policy Text Block] | Sales and Sales Related Taxes: Federal-Mogul collects and remits taxes assessed by various governmental authorities that are both imposed on and concurrent with revenue-producing transactions with its customers. These taxes may include, but are not limited to, sales, use, value-added, and some excise taxes. The collection of these taxes is reported on a net basis (excluded from revenues). |
Engineering and tooling [Policy Text Block] | Engineering and Tooling Costs: Pre-production tooling and engineering costs that Federal-Mogul will not own and that will be used in producing products under long-term supply arrangements are expensed as incurred unless the supply arrangement provides it with the noncancelable right to use the tools, or the reimbursement of such costs is agreed to by the customer. Pre-production tooling costs that are owned by Federal-Mogul are capitalized as part of machinery and equipment, and are depreciated over the shorter of the tool’s expected life or the duration of the related program. |
Shipping and Handling Cost, Policy [Policy Text Block] | Shipping and Handling Costs: Federal-Mogul recognizes shipping and handling costs as incurred as a component of cost of products sold in the consolidated statements of operations. |
Research and Development Expense, Policy [Policy Text Block] | Research and Development: Federal-Mogul expenses research and development (“R&D”) costs as incurred. R&D expense, including product engineering and validation costs, was $192 million, $177 million and $179 million for 2014, 2013 and 2012, respectively. |
Restructuring [Policy Text Block] | Restructuring: Federal-Mogul's restructuring costs are comprised of two types: employee costs (contractual termination benefits) and facility closure costs. Termination benefits are accounted for in accordance with FASB ASC Topic 712, Compensation - Nonretirement Postemployment Benefits (“FASB ASC 712”), and are recorded when it is probable that employees will be entitled to benefits and the amounts can be reasonably estimated. Estimates of termination benefits are based on the frequency of past termination benefits, the similarity of benefits under the current plan and prior plans, and the existence of statutory required minimum benefits. Termination benefits are also accounted for in accordance with FASB ASC Topic 420, Exit or Disposal Cost Obligations (“FASB ASC 420”), for one-time termination benefits and are recorded dependent upon future service requirements. Facility closure and other costs are accounted for in accordance with FASB ASC 420 and are recorded when the liability is incurred. |
Other Segments and Holding Company [Member] | |
Schedule of Significant Accounting Policies [Line Items] | |
Equity Method Investments, Policy [Policy Text Block] | Except for our Investment segment, for those investments in which we own 50% or less but greater than 20%, we account for such investments using the equity method |
Cost Method Investments, Policy [Policy Text Block] | investments in affiliates of 20% or less are accounted for under the cost method |
Investment, Policy [Policy Text Block] | Other Segments and Holding Company |
Investments in equity and debt securities are classified as either trading or available-for-sale based upon whether we intend to hold the investment for the foreseeable future. Trading securities are valued at quoted market value at each balance sheet date with the unrealized gains or losses reflected in the consolidated statements of operations. Available-for-sale securities are carried at fair value on our balance sheet. Unrealized holding gains and losses on available-for-sale securities are excluded from earnings and reported as a separate component of partners' equity and when sold are reclassified out of partners' equity to the consolidated statements of operations. For purposes of determining gains and losses, the cost of securities is based on specific identification. | |
A decline in the market value of any available-for-sale security below cost that is deemed to be other than temporary results in an impairment that is charged to earnings and the establishment of a new cost basis for the investment. Dividend income is recorded when declared and interest income is recognized when earned. | |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation |
Exchange adjustments related to international currency transactions and translation adjustments for international subsidiaries whose functional currency is the U.S. dollar (principally those located in highly inflationary economies) are reflected in the consolidated statements of operations. Translation adjustments of international subsidiaries for which the local currency is the functional currency are reflected in the consolidated balance sheets as a component of accumulated other comprehensive income. Deferred taxes are not provided on translation adjustments as the earnings of the subsidiaries are considered to be permanently reinvested. | |
Automotive, Railcar, Food Packaging and Home Fashion Segments [Member] | |
Schedule of Significant Accounting Policies [Line Items] | |
Inventory, Policy [Policy Text Block] | Automotive, Railcar, Food Packaging, and Home Fashion Segment Inventories. Our Automotive, Railcar, Food Packaging and Home Fashion segment inventories are stated at the lower of cost or market. Cost is determined by using the first-in, first-out basis method ("FIFO"). The cost of manufactured goods includes the cost of materials, direct labor and manufacturing overhead. Our Automotive, Railcar, Food Packaging and Home Fashion segments reserve for estimated excess, slow-moving and obsolete inventory as well as inventory whose carrying value is in excess of net realizable value. |
Investment Segment [Member] | |
Schedule of Significant Accounting Policies [Line Items] | |
Investment, Policy [Policy Text Block] | Investment Transactions and Related Investment Income (Loss). Investment transactions of the Investment Funds are recorded on a trade date basis. Realized gains or losses on sales of investments are based on the first-in, first-out or the specific identification method. Realized and unrealized gains or losses on investments are recorded in the consolidated statements of operations. Interest income and expenses are recorded on an accrual basis and dividends are recorded on the ex-dividend date. Premiums and discounts on fixed income securities are amortized using the effective yield method. |
Investments held by the Investment segment are accounted for as trading securities. Our Investment segment applies the fair value option to those investments that are otherwise subject to the equity method. | |
Valuation of Investments. Securities of the Investment Funds that are listed on a securities exchange are valued at their last sales price on the primary securities exchange on which such securities are traded on such date. Securities that are not listed on any exchange but are traded over-the-counter are valued at the mean between the last “bid” and “ask” price for such security on such date. Securities and other instruments for which market quotes are not readily available are valued at fair value as determined in good faith by the applicable General Partner. | |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Transactions. The books and records of the Investment Funds are maintained in U.S. dollars. Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the rate of exchange in effect at the balance sheet date. Transactions during the period denominated in currencies other than U.S. dollars are translated at the rate of exchange applicable on the date of the transaction. Foreign currency translation gains and losses are recorded in the consolidated statements of operations. The Investment Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities. Such fluctuations are reflected in “Net gain (loss) from investment activities” in the consolidated statement of operations. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Values of Financial Instruments. The fair values of the Investment Funds' assets and liabilities that qualify as financial instruments under applicable U.S. GAAP approximate the carrying amounts presented in the consolidated balance sheets. |
Securities sold, not yet purchased [Policy Text Block] | Securities Sold, Not Yet Purchased. The Investment Funds may sell an investment they do not own in anticipation of a decline in the fair value of that investment. When the Investment Funds sell an investment short, they must borrow the investment sold short and deliver it to the broker-dealer through which they made the short sale. A gain, limited to the price at which the Investment Funds sold the investment short, or a loss, unlimited in amount, will be recognized upon the cover of the short sale. |
Due to and from Broker [Policy Text Block] | Due From Brokers. Due from brokers represents cash balances with the Investment Funds' clearing brokers and is included in other assets in the consolidated balance sheets. These funds as well as fully-paid for and marginable securities are essentially restricted to the extent that they serve as collateral against securities sold, not yet purchased. Due from brokers may also include unrestricted balances with derivative counterparties. |
Due To Brokers. Due to brokers represents margin debit balances collateralized by certain of the Investment Funds' investments in securities. | |
Allocation of profits and losses in consolidated affiliated partnerships [Policy Text Block] | Allocation of Net Profits and Losses in Consolidated Affiliated Partnerships |
Investment | |
Net investment income and net realized and unrealized gains and losses on investments of the Investment Funds are allocated to the respective partners of the Investment Funds based on their percentage ownership in such Investment Funds on a monthly basis. Except for our limited partner interest, such allocations made to the limited partners of the Investment Funds are represented as non-controlling interests in our consolidated statements of operations. | |
Home Fashion Segment [Member] | |
Schedule of Significant Accounting Policies [Line Items] | |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition: WPH records revenue when the following criteria are met: persuasive evidence of an arrangement exists, delivery has occurred, the price to the customer is fixed and determinable and collectability is reasonably assured. Unless otherwise agreed in writing, title and risk of loss pass from WPH to the customer when WPH delivers the merchandise to the designated point of delivery, to the designated point of destination or to the designated carrier, free on board. Provisions for certain rebates, sales incentives, product returns and discounts to customers are recorded in the same period the related revenue is recorded. |
Revenue Recognition, Incentives [Policy Text Block] | Sales Incentives: Customer incentives are provided to major WPH customers. These incentives begin to accrue when a commitment has been made to the customer and are recorded as a reduction to sales. |
Real Estate Segment [Member] | |
Schedule of Significant Accounting Policies [Line Items] | |
Revenue Recognition, Incentives [Policy Text Block] | Revenue Recognition: Revenue from real estate sales and related costs are recognized at the time of closing primarily by specific identification. Substantially all of the property comprising our net lease portfolio is leased to others under long-term net leases and we account for these leases in accordance with applicable U.S. GAAP. We account for our leases as follows: (i) under the financing method, (x) minimum lease payments to be received plus the estimated value of the property at the end of the lease are considered the gross investment in the lease and (y) unearned income, representing the difference between gross investment and actual cost of the leased property, is amortized to income over the lease term so as to produce a constant periodic rate of return on the net investment in the lease; and (ii) under the operating method, revenue is recognized as rentals become due, and expenses (including depreciation) are charged to operations as incurred. |
Segment_and_Geographic_Reporti1
Segment and Geographic Reporting (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Segment Reporting [Abstract] | |
Segment Reporting, Policy [Policy Text Block] | Our determination of what constitutes an operating segment is based on the various industries in which our businesses operate and how we manage those businesses in accordance with our investment strategy. We assess and measure segment operating results based on net income from continuing operations attributable to Icahn Enterprises and Icahn Enterprises Holdings, as disclosed below. Certain terms of financings for certain of our segments impose restrictions on the segments' ability to transfer funds to us, including restrictions on dividends, distributions, loans and other transactions. |
Commitments_and_Contingencies_
Commitments and Contingencies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Schedule of Significant Accounting Policies [Line Items] | |
Environmental Costs, Policy [Policy Text Block] | Environmental Liabilities |
We recognize environmental liabilities when a loss is probable and reasonably estimable. Such accruals are estimated based on currently available information, existing technology and enacted laws and regulations. Such estimates are based primarily upon the estimated cost of investigation and remediation required and the likelihood that other potentially responsible parties will be able to fulfill their commitments at the sites where we may be jointly and severally liable with such parties. We regularly evaluate and revise estimates for environmental obligations based on expenditures against established reserves and the availability of additional information. | |
Energy Segment [Member] | |
Schedule of Significant Accounting Policies [Line Items] | |
Environmental Costs, Policy [Policy Text Block] | Environmental expenditures are capitalized when such expenditures are expected to result in future economic benefits. For the years ended December 31, 2014 and 2013 and the period May 5, 2012 through December 31, 2012, capital expenditures were approximately $101 million, $111 million and $21 million, respectively, and were incurred to improve the environmental compliance and efficiency of the operations. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Summary of Significant Accounting Policies [Abstract] | ||||||||
Schedule of Inventory, Current [Table Text Block] | Inventories, Net | |||||||
Inventories, net consists of the following: | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
(in millions) | ||||||||
Raw materials | $ | 450 | $ | 499 | ||||
Work in process | 244 | 252 | ||||||
Finished goods | 1,185 | 1,151 | ||||||
$ | 1,879 | $ | 1,902 | |||||
Operating_Units_Tables
Operating Units (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Operating Units [Abstract] | |||||
Schedule of Future Minimum Rental Receipts [Table Text Block] | Consolidated Anticipated Future Receipts | ||||
The following is a summary of the consolidated anticipated future receipts of the minimum lease payments receivable under the financing and operating method on a consolidated basis at December 31, 2014: | |||||
Year | Amount | ||||
(in millions) | |||||
2015 | $ | 434 | |||
2016 | 400 | ||||
2017 | 344 | ||||
2018 | 275 | ||||
2019 | 166 | ||||
Thereafter | 166 | ||||
$ | 1,785 | ||||
Investments_and_Related_Matter1
Investments and Related Matters (Tables) (Other Segments [Member]) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Other Segments [Member] | ||||||||
Investment and Related Matters [Line Items] | ||||||||
Investment | The carrying value of investments held by our Automotive, Energy, Railcar and Gaming segments and the Holding Company consist of the following: | |||||||
December 31, | ||||||||
2014 | 2013 | |||||||
(in millions) | ||||||||
Equity method investments | $ | 298 | $ | 284 | ||||
Other investments | 241 | 151 | ||||||
$ | 539 | $ | 435 | |||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||||||||||||||||||||||
Schedule of Fair Value Measurements, Nonrecurring | Assets measured at fair value on a nonrecurring basis during the years ended December 31, 2014 and 2013 are set forth in the table below: | |||||||||||||||||||||||||||||||
December 31, 2014 | 31-Dec-13 | |||||||||||||||||||||||||||||||
Level 3 | Recognized | Level 3 | Recognized | |||||||||||||||||||||||||||||
Category | Asset | Loss | Asset | Loss | ||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Property, plant and equipment | $ | 53 | $ | 27 | $ | 74 | $ | 16 | ||||||||||||||||||||||||
Equity method investments | 10 | 5 | — | — | ||||||||||||||||||||||||||||
Goodwill | 827 | 103 | — | — | ||||||||||||||||||||||||||||
Investment Segment [Member] | ||||||||||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | Investment | |||||||||||||||||||||||||||||||
The following table summarizes the valuation of the Investment Funds' investments and derivative contracts by the above fair value hierarchy levels as of December 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||
December 31, 2014 | 31-Dec-13 | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
Assets | (in millions) | |||||||||||||||||||||||||||||||
Investments: | ||||||||||||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||||||||
Communications | $ | 2,846 | $ | — | $ | — | $ | 2,846 | $ | 820 | $ | — | $ | — | $ | 820 | ||||||||||||||||
Consumer, non-cyclical | 2,308 | — | — | 2,308 | 3,344 | 178 | — | 3,522 | ||||||||||||||||||||||||
Consumer, cyclical | 436 | — | — | 436 | 414 | — | — | 414 | ||||||||||||||||||||||||
Diversified | 23 | — | — | 23 | 29 | — | — | 29 | ||||||||||||||||||||||||
Energy | 1,895 | — | — | 1,895 | 3,050 | — | — | 3,050 | ||||||||||||||||||||||||
Financial | 417 | — | — | 417 | 300 | — | — | 300 | ||||||||||||||||||||||||
Funds | — | — | — | — | — | 6 | — | 6 | ||||||||||||||||||||||||
Industrial | 79 | 20 | — | 99 | — | — | — | — | ||||||||||||||||||||||||
Technology | 5,635 | — | — | 5,635 | 3,173 | — | — | 3,173 | ||||||||||||||||||||||||
13,639 | 20 | — | 13,659 | 11,130 | 184 | — | 11,314 | |||||||||||||||||||||||||
Corporate debt: | ||||||||||||||||||||||||||||||||
Consumer, cyclical | — | — | 75 | 75 | — | — | 287 | 287 | ||||||||||||||||||||||||
Energy | — | 19 | — | 19 | — | — | — | — | ||||||||||||||||||||||||
Financial | — | 7 | — | 7 | — | 11 | — | 11 | ||||||||||||||||||||||||
Sovereign debt | — | — | — | — | — | 5 | — | 5 | ||||||||||||||||||||||||
Utilities | — | 28 | — | 28 | — | 29 | — | 29 | ||||||||||||||||||||||||
— | 54 | 75 | 129 | — | 45 | 287 | 332 | |||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||||||
Financial | — | 173 | — | 173 | — | 180 | — | 180 | ||||||||||||||||||||||||
13,639 | 247 | 75 | 13,961 | 11,130 | 409 | 287 | 11,826 | |||||||||||||||||||||||||
Derivative contracts, at fair value(1) | — | 3 | — | 3 | — | — | — | — | ||||||||||||||||||||||||
$ | 13,639 | $ | 250 | $ | 75 | $ | 13,964 | $ | 11,130 | $ | 409 | $ | 287 | $ | 11,826 | |||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Securities sold, not yet purchased, at fair value: | ||||||||||||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||||||||
Consumer, non-cyclical | $ | — | $ | — | $ | — | $ | — | $ | 44 | $ | — | $ | — | $ | 44 | ||||||||||||||||
Consumer, cyclical | 334 | — | — | 334 | 787 | — | — | 787 | ||||||||||||||||||||||||
Financial | — | — | — | — | 45 | — | — | 45 | ||||||||||||||||||||||||
Funds | — | — | — | — | — | 8 | — | 8 | ||||||||||||||||||||||||
334 | — | — | 334 | 876 | 8 | — | 884 | |||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||||||||||
Energy | — | 3 | — | 3 | — | — | — | — | ||||||||||||||||||||||||
334 | 3 | — | 337 | 876 | 8 | — | 884 | |||||||||||||||||||||||||
Derivative contracts, at fair value(2) | — | 614 | — | 614 | — | 639 | — | 639 | ||||||||||||||||||||||||
$ | 334 | $ | 617 | $ | — | $ | 951 | $ | 876 | $ | 647 | $ | — | $ | 1,523 | |||||||||||||||||
(1) | Included in other assets in our consolidated balance sheets. | |||||||||||||||||||||||||||||||
(2) | Included in accrued expenses and other liabilities in our consolidated balance sheets. | |||||||||||||||||||||||||||||||
Schedule of investments measured at fair value with Level 3 Input | The changes in investments measured at fair value for which our Investment segment has used Level 3 input to determine fair value are as follows: | |||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Balance at January 1 | $ | 287 | $ | 288 | ||||||||||||||||||||||||||||
Gross realized and unrealized (losses) gains | (100 | ) | 4 | |||||||||||||||||||||||||||||
Gross proceeds | (2 | ) | (5 | ) | ||||||||||||||||||||||||||||
Distribution-in-kind | (110 | ) | — | |||||||||||||||||||||||||||||
Balance at December 31 | $ | 75 | $ | 287 | ||||||||||||||||||||||||||||
Other Segments and Holding Company [Member] | ||||||||||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | Other Segments and Holding Company | |||||||||||||||||||||||||||||||
The following table summarizes the valuation of our Automotive and Energy segments and our Holding Company investments and derivative contracts by the above fair value hierarchy levels as of December 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
Assets | (in millions) | |||||||||||||||||||||||||||||||
Marketable equity and debt securities | $ | 75 | $ | 3 | $ | 75 | $ | 153 | $ | 1 | $ | — | $ | — | $ | 1 | ||||||||||||||||
Trading securities | — | — | 55 | 55 | — | — | 116 | 116 | ||||||||||||||||||||||||
Derivative contracts, at fair value(1) | — | 47 | — | 47 | — | 1 | — | 1 | ||||||||||||||||||||||||
$ | 75 | $ | 50 | $ | 130 | $ | 255 | $ | 1 | $ | 1 | $ | 116 | $ | 118 | |||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Other liabilities | $ | — | $ | 50 | $ | — | $ | 50 | $ | — | $ | 16 | $ | — | $ | 16 | ||||||||||||||||
Derivative contracts, at fair value(2) | — | 2 | — | 2 | — | 35 | — | 35 | ||||||||||||||||||||||||
$ | — | $ | 52 | $ | — | $ | 52 | $ | — | $ | 51 | $ | — | $ | 51 | |||||||||||||||||
(1) | Amounts are classified within other assets in our consolidated balance sheets. | |||||||||||||||||||||||||||||||
(2) | Amounts are classified within accrued expenses and other liabilities in our consolidated balance sheets. | |||||||||||||||||||||||||||||||
Holding Company [Member] | ||||||||||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||||||||||||||||||||||
Schedule of investments measured at fair value with Level 3 Input | The changes in trading securities measured at fair value for which our Holding Company have used Level 3 input to determine fair value are as follows: | |||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Balance at January 1 | $ | 116 | $ | 81 | ||||||||||||||||||||||||||||
Purchases | — | 67 | ||||||||||||||||||||||||||||||
Distribution-in-kind | 110 | — | ||||||||||||||||||||||||||||||
Gross realized and unrealized losses | (96 | ) | (32 | ) | ||||||||||||||||||||||||||||
Balance at December 31 | $ | 130 | $ | 116 | ||||||||||||||||||||||||||||
Automotive Segment [Member] | ||||||||||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||||||||||||||||||||||
Schedule of fair value of defined benefit plan asset [Table Text Block] | The following table presents our Automotive segment's defined benefit plan assets measured at fair value on a recurring basis as of December 31, 2014 and 2013: | |||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
U.S. Plans: | ||||||||||||||||||||||||||||||||
Cash | $ | 44 | $ | — | $ | — | $ | 44 | $ | 33 | $ | — | $ | — | $ | 33 | ||||||||||||||||
Investments with registered investment companies: | ||||||||||||||||||||||||||||||||
Equity securities | 314 | — | — | 314 | 347 | — | — | 347 | ||||||||||||||||||||||||
Fixed income securities | 166 | — | — | 166 | 135 | — | — | 135 | ||||||||||||||||||||||||
Real estate and other | 25 | — | — | 25 | 23 | — | — | 23 | ||||||||||||||||||||||||
Equity securities | 231 | — | — | 231 | 242 | — | — | 242 | ||||||||||||||||||||||||
Fixed income collective trust | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||||||||||
Corporate and other | — | 21 | — | 21 | — | 22 | — | 22 | ||||||||||||||||||||||||
Government | 16 | 4 | — | 20 | 14 | 8 | — | 22 | ||||||||||||||||||||||||
Hedge funds | — | — | 91 | 91 | — | — | 85 | 85 | ||||||||||||||||||||||||
$ | 796 | $ | 25 | $ | 91 | $ | 912 | $ | 794 | $ | 30 | $ | 85 | $ | 909 | |||||||||||||||||
Non-U.S. Plans: | ||||||||||||||||||||||||||||||||
Insurance contracts | $ | — | $ | — | $ | 41 | $ | 41 | $ | — | $ | — | $ | 44 | $ | 44 | ||||||||||||||||
Investments with registered investment companies: | ||||||||||||||||||||||||||||||||
Fixed income securities | 10 | — | — | 10 | 7 | — | — | 7 | ||||||||||||||||||||||||
Equity securities | 1 | — | — | 1 | 2 | — | — | 2 | ||||||||||||||||||||||||
Corporate bonds | — | 2 | — | 2 | — | 2 | — | 2 | ||||||||||||||||||||||||
$ | 11 | $ | 2 | $ | 41 | $ | 54 | $ | 9 | $ | 2 | $ | 44 | $ | 55 | |||||||||||||||||
Schedule of Level Three Defined Benefit Plan Assets Roll Forward [Table Text Block] | The changes in U.S. and Non-U.S. plan assets measured at fair value for which our Automotive segment has used Level 3 input to determine fair value are as follows: | |||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
U.S. Plans: | ||||||||||||||||||||||||||||||||
Hedge funds: | ||||||||||||||||||||||||||||||||
Balance at January 1 | $ | 85 | $ | 14 | ||||||||||||||||||||||||||||
Realized/unrealized gains (losses), net | 6 | 11 | ||||||||||||||||||||||||||||||
Purchases and settlements, net | 47 | 83 | ||||||||||||||||||||||||||||||
Sales, net | (47 | ) | (23 | ) | ||||||||||||||||||||||||||||
Balance at December 31 | $ | 91 | $ | 85 | ||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
Non-U.S. Plans: | ||||||||||||||||||||||||||||||||
Insurance contracts: | ||||||||||||||||||||||||||||||||
Balance at January 1 | $ | 44 | $ | 42 | ||||||||||||||||||||||||||||
Realized and unrealized gains, net | 2 | 1 | ||||||||||||||||||||||||||||||
Purchases and settlements, net | 6 | 6 | ||||||||||||||||||||||||||||||
Proceeds | (5 | ) | (6 | ) | ||||||||||||||||||||||||||||
Foreign currency exchange rate movements | (6 | ) | 1 | |||||||||||||||||||||||||||||
Balance at December 31 | $ | 41 | $ | 44 | ||||||||||||||||||||||||||||
Railcar and Food Packaging [Member] | ||||||||||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||||||||||||||||||||||
Schedule of fair value of defined benefit plan asset [Table Text Block] | The following table presents our Food Packaging and Railcar segment's defined benefit plan assets measured at fair value on a recurring basis as of December 31, 2014 and 2013: | |||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
U.S. and Non-U.S. Plans: | ||||||||||||||||||||||||||||||||
Asset category: | ||||||||||||||||||||||||||||||||
Cash equivalents | $ | 5 | $ | 1 | $ | — | $ | 6 | $ | 4 | $ | 1 | $ | — | $ | 5 | ||||||||||||||||
Equity securities | 55 | 28 | — | 83 | 66 | 15 | — | 81 | ||||||||||||||||||||||||
Fixed income securities | 22 | 1 | — | 23 | 21 | 1 | — | 22 | ||||||||||||||||||||||||
Other | 6 | — | 21 | 27 | 6 | — | 21 | 27 | ||||||||||||||||||||||||
$ | 88 | $ | 30 | $ | 21 | $ | 139 | $ | 97 | $ | 17 | $ | 21 | $ | 135 | |||||||||||||||||
Schedule of Level Three Defined Benefit Plan Assets Roll Forward [Table Text Block] | The changes in U.S. and Non-U.S. plan assets measured at fair value for which our Food Packaging and Railcar segments have used Level 3 input to determine fair value are as follows: | |||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||
U.S. and Non-U.S. Plans: | ||||||||||||||||||||||||||||||||
Balance at January 1 | $ | 21 | $ | 30 | ||||||||||||||||||||||||||||
Realized and unrealized gains, net | 1 | 3 | ||||||||||||||||||||||||||||||
Purchases and settlements, net | (1 | ) | (12 | ) | ||||||||||||||||||||||||||||
Balance at December 31 | $ | 21 | $ | 21 | ||||||||||||||||||||||||||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Financial Instruments [Abstract] | |||||||||||||||||
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following table presents the consolidated fair values of our derivatives that are not designated as hedging instruments: | ||||||||||||||||
Asset Derivatives(1) | Liability Derivatives(2) | ||||||||||||||||
Derivatives Not Designated as Hedging Instruments | December 31, | December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in millions) | |||||||||||||||||
Equity contracts | $ | — | $ | — | $ | 539 | $ | 654 | |||||||||
Foreign exchange contracts | 11 | 1 | — | — | |||||||||||||
Credit contracts | 1 | — | 85 | — | |||||||||||||
Interest rate contracts | 1 | — | — | — | |||||||||||||
Commodity contracts | 47 | 17 | — | 33 | |||||||||||||
Sub-total | 60 | 18 | 624 | 687 | |||||||||||||
Netting across contract types(3) | (10 | ) | (17 | ) | (10 | ) | (17 | ) | |||||||||
Total(3) | $ | 50 | $ | 1 | $ | 614 | $ | 670 | |||||||||
(1) | Net asset derivatives are located within other assets in our consolidated balance sheets. | ||||||||||||||||
(2) | Net liability derivatives are located within accrued expenses and other liabilities in our consolidated balance sheets. | ||||||||||||||||
(3) | Excludes netting of cash collateral received and posted. The total collateral posted at December 31, 2014 and 2013 was $1,248 million and $255 million, respectively, across all counterparties. | ||||||||||||||||
The following table presents the effects of our derivative instruments not designated as hedging instruments on the statements of operations for the years ended December 31, 2014, 2013 and 2012: | |||||||||||||||||
Gain (Loss) Recognized in Income(1) | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
Derivatives Not Designated as Hedging Instruments | 2014 | 2013 | 2012 | ||||||||||||||
(in millions) | |||||||||||||||||
Equity contracts | $ | (1,447 | ) | $ | (2,167 | ) | $ | (1,082 | ) | ||||||||
Foreign exchange contracts | 213 | (80 | ) | (78 | ) | ||||||||||||
Credit contracts | 61 | — | 1 | ||||||||||||||
Commodity contracts | 186 | 64 | (180 | ) | |||||||||||||
$ | (987 | ) | $ | (2,183 | ) | $ | (1,339 | ) | |||||||||
(1) | Gains (losses) recognized on derivatives are classified in net gain from investment activities in our consolidated statements of operations for our Investment segment and are included in other income (loss), net for all other segments. | ||||||||||||||||
Schedule of Notional Amounts of Outstanding Derivative Positions | At December 31, 2014 and 2013, the volume of our derivative activities based on their notional exposure, categorized by primary underlying risk, are as follows: | ||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||
Long Notional Exposure | Short Notional Exposure | Long Notional Exposure | Short Notional Exposure | ||||||||||||||
Primary underlying risk: | (in millions) | ||||||||||||||||
Credit default swaps(1) | $ | 389 | $ | 1,493 | $ | — | $ | — | |||||||||
Equity swaps | 1 | 11,312 | 1 | 10,508 | |||||||||||||
Foreign currency forwards | — | 1,578 | 12 | 1,676 | |||||||||||||
Interest rate contracts(2) | — | 137 | — | 63 | |||||||||||||
Commodity contracts | 36 | 234 | 60 | 669 | |||||||||||||
(1) | The short notional amount on our credit default swap positions is approximately $9.3 billion as of December 31, 2014. However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is approximately $1.5 billion. | ||||||||||||||||
(2) | The short notional amount on certain of our interest rate contracts with a three month duration is $16.0 billion as of December 31, 2014. We assume that interest rates will not fall below zero and therefore our downside short notional exposure to loss on these contracts is $74 million (of the total $137 million disclosed in the above table). | ||||||||||||||||
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following table presents the fair values of our derivative instruments that are designated as cash flow hedging instruments: | ||||||||||||||||
Asset Derivatives(1) | Liability Derivatives(2) | ||||||||||||||||
Derivatives Designated as Cash Flow Hedging Instruments | December 31, 2014 | December 31, 2013 | December 31, 2014 | December 31, 2013 | |||||||||||||
(in millions) | |||||||||||||||||
Interest rate swap contracts | $ | — | $ | — | $ | 1 | $ | 2 | |||||||||
Commodity contracts | 1 | 1 | 2 | 2 | |||||||||||||
Foreign currency contracts | — | — | — | 1 | |||||||||||||
Sub-total | 1 | 1 | 3 | 5 | |||||||||||||
Netting across contract types | (1 | ) | (1 | ) | (1 | ) | (1 | ) | |||||||||
Total | $ | — | $ | — | $ | 2 | $ | 4 | |||||||||
(1) | Located within other assets in our consolidated balance sheets. | ||||||||||||||||
(2) | Located within accrued expenses and other liabilities in our consolidated balance sheets. | ||||||||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The following tables present the effect of our derivative instruments that are designated as cash flow hedging instruments on our consolidated financial statements for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||
Derivatives Designated as Hedging Instruments | Amount of Gain Recognized in OCI on Derivatives (Effective Portion) | Amount of Loss Reclassified from AOCI into Income (Effective Portion) | Location of Loss Reclassified from AOCI into Income (Effective Portion) | Amount of Gain Recognized in Income on Derivatives (Ineffective Portion) | Location of Gain Recognized in Income on Derivatives (Ineffective Portion) | ||||||||||||
(in millions) | (in millions) | ||||||||||||||||
Interest rate swap contracts | $ | — | $ | (1 | ) | Interest expense | $ | — | |||||||||
Commodity contracts | — | — | Cost of goods sold | 1 | Other income, net | ||||||||||||
Foreign currency contracts | — | (1 | ) | Cost of goods sold | — | ||||||||||||
$ | — | $ | (2 | ) | $ | 1 | |||||||||||
Year Ended December 31, 2013 | |||||||||||||||||
Derivatives Designated as Hedging Instruments | Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) | Amount of (Loss) Gain Reclassified from AOCI into Income (Effective Portion) | Location of (Loss) Gain Reclassified from AOCI into Income (Effective Portion) | Amount of Gain Recognized in Income on Derivatives (Ineffective Portion) | Location of Gain Recognized in Income on Derivatives (Ineffective Portion) | ||||||||||||
(in millions) | (in millions) | ||||||||||||||||
Interest rate swap contracts | $ | 1 | $ | (9 | ) | Interest expense | $ | — | |||||||||
Commodity contracts | (7 | ) | (5 | ) | Cost of goods sold | — | |||||||||||
Foreign currency contracts | (1 | ) | — | — | |||||||||||||
$ | (7 | ) | $ | (14 | ) | $ | — | ||||||||||
Year Ended December 31, 2012 | |||||||||||||||||
Derivatives Designated as Hedging Instruments | Amount of (Loss) Gain Recognized in OCI on Derivatives (Effective Portion) | Amount of (Loss) Gain Reclassified from AOCI into Income (Effective Portion) | Location of (Loss) Gain Reclassified from AOCI into Income (Effective Portion) | Amount of Loss Recognized in Income on Derivatives (Ineffective Portion) | Location of Loss Recognized in Income on Derivatives (Ineffective Portion) | ||||||||||||
(in millions) | (in millions) | ||||||||||||||||
Interest rate swap contracts | $ | (4 | ) | $ | (38 | ) | Interest expense | $ | — | ||||||||
Commodity contracts | 7 | (10 | ) | Cost of goods sold | — | ||||||||||||
Foreign currency contracts | (2 | ) | 1 | Cost of goods sold | — | ||||||||||||
$ | 1 | $ | (47 | ) | $ | — | |||||||||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets, Net (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||
Schedule of Goodwill | Goodwill consists of the following: | |||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
Automotive | Energy | Railcar | Food Packaging | Consolidated | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Gross carrying amount, January 1 | $ | 1,360 | $ | 930 | $ | 7 | $ | 3 | $ | 2,300 | ||||||||||||||
Acquisitions | 32 | — | — | — | 32 | |||||||||||||||||||
Foreign exchange | (3 | ) | — | — | — | (3 | ) | |||||||||||||||||
Gross carrying amount, December 31 | 1,389 | 930 | 7 | 3 | 2,329 | |||||||||||||||||||
Accumulated impairment, January 1 | (226 | ) | — | — | — | (226 | ) | |||||||||||||||||
Impairment | — | (103 | ) | — | — | (103 | ) | |||||||||||||||||
Accumulated impairment, December 31 | (226 | ) | (103 | ) | — | — | (329 | ) | ||||||||||||||||
Net carrying value, December 31 | $ | 1,163 | $ | 827 | $ | 7 | $ | 3 | $ | 2,000 | ||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||
Automotive | Energy | Railcar | Food Packaging | Consolidated | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Gross carrying amount, January 1 | $ | 1,368 | $ | 930 | $ | 7 | $ | 3 | $ | 2,308 | ||||||||||||||
Adjustment to step-up value | 8 | — | — | — | 8 | |||||||||||||||||||
Foreign exchange | (16 | ) | — | — | — | (16 | ) | |||||||||||||||||
Gross carrying amount, December 31 | 1,360 | 930 | 7 | 3 | 2,300 | |||||||||||||||||||
Accumulated impairment, January 1 | (226 | ) | — | — | — | (226 | ) | |||||||||||||||||
Impairment | — | — | — | — | — | |||||||||||||||||||
Accumulated impairment, December 31 | (226 | ) | — | — | — | (226 | ) | |||||||||||||||||
Net carrying value, December 31 | $ | 1,134 | $ | 930 | $ | 7 | $ | 3 | $ | 2,074 | ||||||||||||||
Schedule of Definite-Lived and Infinite-Lived Intangible Assets | Intangible assets, net consists of the following: | |||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
Gross Carrying Amount | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
Amortization | Carrying | Carrying | Amortization | Carrying | ||||||||||||||||||||
Value | Amount | Value | ||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Definite-lived intangible assets: | ||||||||||||||||||||||||
Customer relationships | $ | 957 | $ | (345 | ) | $ | 612 | $ | 914 | $ | (291 | ) | $ | 623 | ||||||||||
Developed technology | 120 | (77 | ) | 43 | 120 | (67 | ) | 53 | ||||||||||||||||
In-place leases | 121 | (63 | ) | 58 | 121 | (53 | ) | 68 | ||||||||||||||||
Gasification technology license | 60 | (7 | ) | 53 | 60 | (4 | ) | 56 | ||||||||||||||||
Other | 47 | (20 | ) | 27 | 47 | (18 | ) | 29 | ||||||||||||||||
$ | 1,305 | $ | (512 | ) | 793 | $ | 1,262 | $ | (433 | ) | 829 | |||||||||||||
Indefinite-lived intangible assets: | ||||||||||||||||||||||||
Trademarks and brand names | 257 | 255 | ||||||||||||||||||||||
Gaming licenses | 38 | 29 | ||||||||||||||||||||||
295 | 284 | |||||||||||||||||||||||
Intangible assets, net | $ | 1,088 | $ | 1,113 | ||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The estimated future amortization expense for our definite-lived intangible assets is as follows: | |||||||||||||||||||||||
Year | Amount | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
2015 | $ | 83 | ||||||||||||||||||||||
2016 | 81 | |||||||||||||||||||||||
2017 | 81 | |||||||||||||||||||||||
2018 | 72 | |||||||||||||||||||||||
2019 | 71 | |||||||||||||||||||||||
Thereafter | 405 | |||||||||||||||||||||||
$ | 793 | |||||||||||||||||||||||
Property_Plant_and_Equipment_N1
Property, Plant and Equipment, Net (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||
Schedule of Property, Plant and Equipment, Net | Property, plant and equipment, net consists of the following: | |||||||||
December 31, | ||||||||||
Useful Life | 2014 | 2013 | ||||||||
(in years) | (in millions) | |||||||||
Land | $ | 489 | $ | 465 | ||||||
Buildings and improvements | Apr-40 | 2,353 | 2,107 | |||||||
Machinery, equipment and furniture | Jan-40 | 5,594 | 5,068 | |||||||
Assets leased to others | 15 - 39 | 3,546 | 3,017 | |||||||
Construction in progress | 584 | 632 | ||||||||
12,566 | 11,289 | |||||||||
Less: Accumulated depreciation and amortization | (3,611 | ) | (3,212 | ) | ||||||
Property, plant and equipment, net | $ | 8,955 | $ | 8,077 | ||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Schedule of Long-term Debt Instruments | Debt consists of the following: | |||||||||||||||
Icahn Enterprises | Icahn Enterprises Holdings | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(in millions) | (in millions) | |||||||||||||||
5.875% senior unsecured notes due 2022 - Icahn Enterprises/Icahn Enterprises Holdings | $ | 1,337 | $ | — | $ | 1,337 | $ | — | ||||||||
6% senior unsecured notes due 2020 - Icahn Enterprises/Icahn Enterprises Holdings | 1,708 | 493 | 1,708 | 493 | ||||||||||||
4.875% senior unsecured notes due 2019 - Icahn Enterprises/Icahn Enterprises Holdings | 1,270 | — | 1,270 | — | ||||||||||||
8% senior unsecured notes due 2018 - Icahn Enterprises/Icahn Enterprises Holdings | — | 2,473 | — | 2,470 | ||||||||||||
3.50% senior unsecured notes due 2017 - Icahn Enterprises/Icahn Enterprises Holdings | 1,171 | — | 1,171 | — | ||||||||||||
7.75% senior unsecured notes due 2016 - Icahn Enterprises/Icahn Enterprises Holdings | — | 1,050 | — | 1,047 | ||||||||||||
Debt facilities - Automotive | 2,584 | 2,494 | 2,584 | 2,494 | ||||||||||||
Debt and credit facilities - Energy | 625 | 625 | 625 | 625 | ||||||||||||
Debt and credit facilities - Railcar | 2,133 | 1,448 | 2,133 | 1,448 | ||||||||||||
Credit facilities - Gaming | 295 | 298 | 295 | 298 | ||||||||||||
Senior secured notes and revolving credit facility - Food Packaging | 272 | 215 | 272 | 215 | ||||||||||||
Mortgages payable - Real Estate | 31 | 49 | 31 | 49 | ||||||||||||
Other | 162 | 150 | 162 | 150 | ||||||||||||
$ | 11,588 | $ | 9,295 | $ | 11,588 | $ | 9,289 | |||||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | Consolidated Maturities | |||||||||||||||
The following is a summary of the maturities of our debt and capital lease obligations as of December 31, 2014: | ||||||||||||||||
Year | Debt | Capital Leases | ||||||||||||||
(in millions) | ||||||||||||||||
2015 | $ | 400 | $ | 2 | ||||||||||||
2016 | 493 | 3 | ||||||||||||||
2017 | 1,293 | 2 | ||||||||||||||
2018 | 823 | 2 | ||||||||||||||
2019 | 1,593 | 2 | ||||||||||||||
Thereafter | 6,959 | 41 | ||||||||||||||
$ | 11,561 | $ | 52 | |||||||||||||
Pensions_Other_Postemployment_1
Pensions, Other Post-employment Benefits and Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||
Schedule of Net Periodic Benefit Costs | Components of net periodic benefit cost (credit) for the years ended December 31, 2014, 2013 and 2012 are as follows: | ||||||||||||||||||||||||||||||
Pension Benefits | Other Post-Employment Benefits | ||||||||||||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||
Service cost | $ | 16 | $ | 16 | $ | 30 | $ | — | $ | — | $ | 1 | |||||||||||||||||||
Interest cost | 76 | 69 | 77 | 15 | 11 | 14 | |||||||||||||||||||||||||
Expected return on plan assets | (74 | ) | (70 | ) | (62 | ) | — | — | — | ||||||||||||||||||||||
Amortization of actuarial losses | 10 | 27 | 39 | 3 | 6 | 2 | |||||||||||||||||||||||||
Amortization of prior service credit | — | — | 1 | (5 | ) | (9 | ) | (14 | ) | ||||||||||||||||||||||
Settlement loss (gain) | (2 | ) | 1 | (1 | ) | — | — | — | |||||||||||||||||||||||
Curtailment gain | — | — | (1 | ) | — | (40 | ) | (51 | ) | ||||||||||||||||||||||
$ | 26 | $ | 43 | $ | 83 | $ | 13 | $ | (32 | ) | $ | (48 | ) | ||||||||||||||||||
Automotive Segment [Member] | |||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | The following provides disclosures for our Automotive segment's benefit obligations, plan assets, funded status, recognition in the consolidated balance sheets and inputs and valuation assumptions: | ||||||||||||||||||||||||||||||
Pension Benefits | Other | ||||||||||||||||||||||||||||||
United States Plans | Non-U.S. Plans | Post-Employment Benefits | |||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||||||||
Benefit obligation, beginning of year | $ | 1,184 | $ | 1,298 | $ | 450 | $ | 474 | $ | 335 | $ | 395 | |||||||||||||||||||
Service cost | 3 | 4 | 12 | 12 | — | — | |||||||||||||||||||||||||
Interest cost | 52 | 47 | 16 | 14 | 15 | 11 | |||||||||||||||||||||||||
Employee contributions | — | — | — | — | — | 1 | |||||||||||||||||||||||||
Benefits paid | (96 | ) | (64 | ) | (28 | ) | (28 | ) | (26 | ) | (28 | ) | |||||||||||||||||||
Medicare subsidies received | — | — | — | — | 1 | 3 | |||||||||||||||||||||||||
Plan amendments | — | — | — | — | 8 | — | |||||||||||||||||||||||||
Curtailments | — | — | (1 | ) | (1 | ) | — | (1 | ) | ||||||||||||||||||||||
Settlements | (3 | ) | — | — | — | — | — | ||||||||||||||||||||||||
Actuarial losses (gains) and changes in actuarial assumptions | 151 | (101 | ) | 112 | (25 | ) | 36 | (43 | ) | ||||||||||||||||||||||
Net transfers in (out) | — | — | 73 | (11 | ) | — | (1 | ) | |||||||||||||||||||||||
Currency translation | — | — | (59 | ) | 15 | (1 | ) | (2 | ) | ||||||||||||||||||||||
Benefit obligation, end of year | 1,291 | 1,184 | 575 | 450 | 368 | 335 | |||||||||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||||||||
Fair value of plan assets, beginning of year | 909 | 778 | 55 | 55 | — | — | |||||||||||||||||||||||||
Actual return on plan assets | 43 | 138 | 3 | 2 | — | — | |||||||||||||||||||||||||
Employee contributions | — | — | — | — | — | 1 | |||||||||||||||||||||||||
Company contributions | 56 | 60 | 30 | 24 | 25 | 24 | |||||||||||||||||||||||||
Benefits paid | (96 | ) | (64 | ) | (28 | ) | (28 | ) | (26 | ) | (28 | ) | |||||||||||||||||||
Expenses | — | (3 | ) | — | — | — | — | ||||||||||||||||||||||||
Medicare subsidies received | — | — | — | — | 1 | 3 | |||||||||||||||||||||||||
Currency translation | — | — | (6 | ) | 2 | — | — | ||||||||||||||||||||||||
Fair value of plan assets, end of year | 912 | 909 | 54 | 55 | — | — | |||||||||||||||||||||||||
Funded status of the plan | $ | (379 | ) | $ | (275 | ) | $ | (521 | ) | $ | (395 | ) | $ | (368 | ) | $ | (335 | ) | |||||||||||||
Amounts recognized in the consolidated balance sheets: | |||||||||||||||||||||||||||||||
Net liability recognized | $ | (379 | ) | $ | (275 | ) | $ | (521 | ) | $ | (395 | ) | $ | (368 | ) | $ | (335 | ) | |||||||||||||
Amounts recognized in accumulated other comprehensive loss, inclusive of tax impacts: | |||||||||||||||||||||||||||||||
Net actuarial loss | $ | 409 | $ | 242 | $ | 151 | $ | 81 | $ | 95 | $ | 63 | |||||||||||||||||||
Prior service cost (credit) | — | — | 2 | 3 | (14 | ) | (28 | ) | |||||||||||||||||||||||
Total | $ | 409 | $ | 242 | $ | 153 | $ | 84 | $ | 81 | $ | 35 | |||||||||||||||||||
Schedule of Assumptions Used [Table Text Block] | Weighted-average assumptions used to determine the benefit obligation as of December 31, 2014 and 2013: | ||||||||||||||||||||||||||||||
Pension Benefits | Other | ||||||||||||||||||||||||||||||
United States Plans | Non-U.S. Plans | Post-Employment Benefits | |||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||
Discount rate | 3.85 | % | 4.55 | % | 1.77 | % | 3.49 | % | 3.84 | % | 4.45 | % | |||||||||||||||||||
Rate of compensation increase | — | % | — | % | 3.16 | % | 3.17 | % | — | % | — | % | |||||||||||||||||||
Weighted-average assumptions used to determine net periodic benefit cost (credit) for the years ended December 31, 2014 and 2013: | |||||||||||||||||||||||||||||||
Pension Benefits | Other | ||||||||||||||||||||||||||||||
United States Plans | Non-U.S. Plans | Post-Employment Benefits | |||||||||||||||||||||||||||||
Year Ended December 31, | Year Ended | ||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||
Discount rate | 4.55 | % | 3.7 | % | 3.49 | % | 2.99 | % | 4.45 | % | 3.6 | % | |||||||||||||||||||
Expected return on plan assets | 6.95 | % | 7.45 | % | 4.18 | % | 4.62 | % | — | % | N/A | ||||||||||||||||||||
Rate of compensation increase | — | % | — | % | 3.17 | % | 3.13 | % | — | % | N/A | ||||||||||||||||||||
Schedule of projected benefit obligation in excess of plan assets [Table Text Block] | Information for defined benefit plans with projected benefit obligations in excess of plan assets: | ||||||||||||||||||||||||||||||
Pension Benefits | Other | ||||||||||||||||||||||||||||||
United States Plans | Non-U.S. Plans | Post-Employment Benefits | |||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 1,291 | $ | 1,184 | $ | 574 | $ | 448 | $ | 368 | $ | 335 | |||||||||||||||||||
Fair value of plan assets | 912 | 909 | 53 | 52 | — | — | |||||||||||||||||||||||||
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | Information for pension plans with accumulated benefit obligations in excess of plan assets: | ||||||||||||||||||||||||||||||
Pension Benefits | |||||||||||||||||||||||||||||||
United States Plans | Non-U.S. Plans | ||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 1,291 | $ | 1,184 | $ | 555 | $ | 444 | |||||||||||||||||||||||
Accumulated benefit obligation | 1,291 | 1,184 | 514 | 409 | |||||||||||||||||||||||||||
Fair value of plan assets | 912 | 909 | 42 | 49 | |||||||||||||||||||||||||||
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block] | Amounts in accumulated other comprehensive loss expected to be recognized as components of net periodic benefit cost in 2015: | ||||||||||||||||||||||||||||||
Pension Benefits | Other Post-Employment Benefits | ||||||||||||||||||||||||||||||
United States | Non-U.S. | ||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||
Amortization of actuarial losses | $ | 10 | $ | 12 | $ | 5 | |||||||||||||||||||||||||
Amortization of prior service credit | — | — | (4 | ) | |||||||||||||||||||||||||||
$ | 10 | $ | 12 | $ | 1 | ||||||||||||||||||||||||||
Schedule of Health Care Cost Trend Rates [Table Text Block] | The assumed health care and drug cost trend rates used to measure next year's post-employment healthcare benefits are as follows: | ||||||||||||||||||||||||||||||
Other Post-Employment Benefits | |||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||
Health care cost trend rate | 7.25% | 6.88% | |||||||||||||||||||||||||||||
Ultimate health care cost trend rate | 5.00% | 5.00% | |||||||||||||||||||||||||||||
Year ultimate health care cost trend rate reached | 2022 | 2018 | |||||||||||||||||||||||||||||
Drug cost trend rate | 7.25% | 7.81% | |||||||||||||||||||||||||||||
Ultimate drug cost trend rate | 5.00% | 5.00% | |||||||||||||||||||||||||||||
Year ultimate drug cost trend rate reached | 2022 | 2018 | |||||||||||||||||||||||||||||
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block] | The assumed health care cost trend rate has a significant impact on the amounts reported for OPEB plans. The following table illustrates the sensitivity to a change in the assumed health care cost trend rate: | ||||||||||||||||||||||||||||||
Total Service and | APBO | ||||||||||||||||||||||||||||||
Interest Cost | |||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||
100 basis point (“bp”) increase in health care cost trend rate | $ | 1 | $ | 32 | |||||||||||||||||||||||||||
100 bp decrease in health care cost trend rate | (1 | ) | (28 | ) | |||||||||||||||||||||||||||
Schedule of change in assumptions for benefit obligation [Table Text Block] | The following table illustrates the sensitivity to a change in certain assumptions for projected benefit obligations (“PBO”), associated expense and other comprehensive loss (“OCL”). The changes in these assumptions have no impact on Federal-Mogul's 2015 funding requirements. | ||||||||||||||||||||||||||||||
Pension Benefits | Other Post-Employment Benefits | ||||||||||||||||||||||||||||||
United States Plans | Non-U.S. Plans | ||||||||||||||||||||||||||||||
Change in 2015 expense | Change | Change | Change in 2015 expense | Change | Change | Change in 2015 expense | Change | ||||||||||||||||||||||||
in | in | in | in accumulated | in | |||||||||||||||||||||||||||
PBO | accumulated | PBO | OCL | PBO | |||||||||||||||||||||||||||
OCL | |||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||
25 bp decrease in discount rate | $ | (1 | ) | $ | 36 | $ | (36 | ) | $ | 1 | $ | 20 | $ | (20 | ) | — | $ | 9 | |||||||||||||
25 bp increase in discount rate | — | (34 | ) | 34 | (1 | ) | (20 | ) | 20 | — | (9 | ) | |||||||||||||||||||
25 bp decrease in return on assets rate | 2 | — | — | — | — | — | — | — | |||||||||||||||||||||||
25 bp increase in return on assets rate | (2 | ) | — | — | — | — | — | — | — | ||||||||||||||||||||||
Schedule of Expected Benefit Payments [Table Text Block] | Federal-Mogul's projected benefit payments from the plans are estimated as follows: | ||||||||||||||||||||||||||||||
Pension Benefits | Other Post-Employment Benefits | ||||||||||||||||||||||||||||||
Years | United States Plans | Non-U.S. Plans | |||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||
2015 | $ | 94 | $ | 26 | $ | 27 | |||||||||||||||||||||||||
2016 | 84 | 25 | 26 | ||||||||||||||||||||||||||||
2017 | 83 | 25 | 27 | ||||||||||||||||||||||||||||
2018 | 81 | 26 | 26 | ||||||||||||||||||||||||||||
2019 | 82 | 27 | 26 | ||||||||||||||||||||||||||||
2020-2023 | 392 | 139 | 121 | ||||||||||||||||||||||||||||
Railcar and Food Packaging [Member] | |||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | The following provides disclosures for ARI's and Viskase's benefit obligations, plan assets, funded status, and recognition in the consolidated balance sheets. As pension costs for ARI and Viskase are not material to our consolidated financial position and results of operations, we do not provide information regarding their inputs and valuation assumptions. | ||||||||||||||||||||||||||||||
Pension Benefits | Other | ||||||||||||||||||||||||||||||
Post-Employment Benefits | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||||||||
Benefit obligation, beginning of year | $ | 176 | $ | 198 | $ | — | $ | — | |||||||||||||||||||||||
Service cost | 1 | 1 | — | — | |||||||||||||||||||||||||||
Interest cost | 8 | 8 | — | — | |||||||||||||||||||||||||||
Benefits paid | (10 | ) | (10 | ) | — | — | |||||||||||||||||||||||||
Actuarial gain (loss) | 29 | (21 | ) | — | — | ||||||||||||||||||||||||||
Currency translation | (1 | ) | — | — | — | ||||||||||||||||||||||||||
Benefit obligation, end of year | 203 | 176 | — | — | |||||||||||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||||||||
Fair value of plan assets, beginning of year | 140 | 125 | — | — | |||||||||||||||||||||||||||
Actual return on plan assets | 9 | 20 | — | — | |||||||||||||||||||||||||||
Company contributions | 6 | 5 | — | — | |||||||||||||||||||||||||||
Currency translation | (1 | ) | — | — | — | ||||||||||||||||||||||||||
Benefits paid | (10 | ) | (10 | ) | — | — | |||||||||||||||||||||||||
Fair value of plan assets, end of year | 144 | 140 | — | — | |||||||||||||||||||||||||||
Funded status of the plan | $ | (59 | ) | $ | (36 | ) | $ | — | $ | — | |||||||||||||||||||||
Amounts recognized in the consolidated balance sheets: | |||||||||||||||||||||||||||||||
Net liability recognized | $ | (59 | ) | $ | (36 | ) | $ | — | $ | — | |||||||||||||||||||||
Amounts recognized in accumulated other comprehensive loss, inclusive of tax impacts: | |||||||||||||||||||||||||||||||
Net actuarial (loss) gain | $ | (59 | ) | $ | (28 | ) | $ | 1 | $ | 1 | |||||||||||||||||||||
Total | $ | (59 | ) | $ | (28 | ) | $ | 1 | $ | 1 | |||||||||||||||||||||
Net_Income_Per_LP_Unit_Tables
Net Income Per LP Unit (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Net Income Per LP Unit [Abstract] | ||||||||||||
Schedule Of Earnings Per LP Unit | The following table sets forth the allocation of net (loss) income attributable to Icahn Enterprises allocable to limited partners and the computation of basic and diluted (loss) income per LP unit of Icahn Enterprises for the periods indicated: | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions, except per unit data) | ||||||||||||
Net (loss) income attributable to Icahn Enterprises | $ | (373 | ) | $ | 1,025 | $ | 396 | |||||
Less: Net income attributable to Icahn Enterprises allocable to general partner(1) | — | — | (9 | ) | ||||||||
Net (loss) income attributable to Icahn Enterprises net of portion allocable 100% to general partner | (373 | ) | 1,025 | 387 | ||||||||
Net (loss) income attributable to Icahn Enterprises allocable to limited partners (98.01% allocation) | $ | (366 | ) | $ | 1,005 | $ | 379 | |||||
Basic (loss) income per LP unit | $ | (3.08 | ) | $ | 9.14 | $ | 3.72 | |||||
Basic weighted average LP units outstanding | 119 | 110 | 102 | |||||||||
Dilutive effect of variable rate convertible notes: | ||||||||||||
Income | $ | 2 | $ | — | ||||||||
Units | 1 | — | ||||||||||
Diluted (loss) income per LP unit | $ | (3.08 | ) | $ | 9.07 | $ | 3.72 | |||||
Diluted weighted average LP units outstanding | 119 | 111 | 102 | |||||||||
(1) Amount represents net income allocable to the general partner for the period May 5, 2012 through August 23, 2012, the period in which Mr. Icahn and his affiliates' ownership in IEP Energy, other than Icahn Enterprises' ownership, were considered under common control. On August 24, 2012, Mr. Icahn and his affiliates contributed this interest to us in exchange for our depositary units. |
Segment_and_Geographic_Reporti2
Segment and Geographic Reporting (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Schedule of Condensed Income Statement by Segment | Icahn Enterprises' condensed statements of operations by reporting segment for the years ended December 31, 2014, 2013 and 2012 are presented below: | |||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
Investment | Automotive | Energy | Metals | Railcar | Gaming | Food Packaging | Real Estate | Home Fashion | Holding Company | Consolidated | ||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | 7,317 | $ | 9,109 | $ | 711 | $ | 379 | $ | — | $ | 365 | $ | 15 | $ | 176 | $ | — | $ | 18,072 | ||||||||||||||||||||||
Other revenues from operations | — | — | — | — | 411 | 759 | — | 80 | — | — | 1,250 | |||||||||||||||||||||||||||||||||
Net (loss) gain from investment activities | (421 | ) | — | (6 | ) | — | — | — | — | — | — | (137 | ) | (564 | ) | |||||||||||||||||||||||||||||
Interest and dividend income | 202 | 5 | 3 | — | 3 | 2 | — | — | — | 2 | 217 | |||||||||||||||||||||||||||||||||
Other income (loss), net | 1 | 2 | 186 | — | 16 | 88 | (19 | ) | 6 | 5 | (103 | ) | 182 | |||||||||||||||||||||||||||||||
(218 | ) | 7,324 | 9,292 | 711 | 809 | 849 | 346 | 101 | 181 | (238 | ) | 19,157 | ||||||||||||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||||||||||||||||
Cost of goods sold | — | 6,260 | 8,774 | 728 | 288 | — | 275 | 8 | 152 | — | 16,485 | |||||||||||||||||||||||||||||||||
Other expenses from operations | — | — | — | — | 175 | 387 | — | 51 | — | — | 613 | |||||||||||||||||||||||||||||||||
Selling, general and administrative | 167 | 825 | 136 | 23 | 42 | 327 | 45 | 12 | 29 | 19 | 1,625 | |||||||||||||||||||||||||||||||||
Restructuring | — | 86 | — | — | — | — | — | — | (2 | ) | — | 84 | ||||||||||||||||||||||||||||||||
Impairment | — | 24 | 103 | 3 | — | — | — | 5 | — | — | 135 | |||||||||||||||||||||||||||||||||
Interest expense | 299 | 128 | 38 | — | 60 | 13 | 14 | 3 | — | 292 | 847 | |||||||||||||||||||||||||||||||||
466 | 7,323 | 9,051 | 754 | 565 | 727 | 334 | 79 | 179 | 311 | 19,789 | ||||||||||||||||||||||||||||||||||
Income (loss) before income tax benefit (expense) benefit | (684 | ) | 1 | 241 | (43 | ) | 244 | 122 | 12 | 22 | 2 | (549 | ) | (632 | ) | |||||||||||||||||||||||||||||
Income tax (expense) benefit | — | (91 | ) | (73 | ) | 18 | (56 | ) | 147 | (3 | ) | — | — | 161 | 103 | |||||||||||||||||||||||||||||
Net (loss) income | (684 | ) | (90 | ) | 168 | (25 | ) | 188 | 269 | 9 | 22 | 2 | (388 | ) | (529 | ) | ||||||||||||||||||||||||||||
Less: net loss (income) attributable to non-controlling interests | 379 | 3 | (73 | ) | — | (66 | ) | (84 | ) | (3 | ) | — | — | — | 156 | |||||||||||||||||||||||||||||
Net income (loss) attributable to Icahn Enterprises | $ | (305 | ) | $ | (87 | ) | $ | 95 | $ | (25 | ) | $ | 122 | $ | 185 | $ | 6 | $ | 22 | $ | 2 | $ | (388 | ) | $ | (373 | ) | |||||||||||||||||
Supplemental information: | ||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | $ | — | $ | 418 | $ | 218 | $ | 41 | $ | 626 | $ | 81 | $ | 23 | $ | 1 | $ | 3 | $ | — | $ | 1,411 | ||||||||||||||||||||||
Depreciation and amortization(1) | $ | — | $ | 335 | $ | 219 | $ | 26 | $ | 106 | $ | 50 | $ | 22 | $ | 22 | $ | 7 | $ | — | $ | 787 | ||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||
Investment | Automotive | Energy | Metals | Railcar | Gaming | Food Packaging | Real Estate | Home Fashion | Holding Company | Consolidated | ||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | 6,905 | $ | 8,986 | $ | 929 | $ | 408 | $ | — | $ | 371 | $ | 2 | $ | 184 | $ | — | $ | 17,785 | ||||||||||||||||||||||
Other revenues from operations | — | — | — | — | 331 | 575 | — | 82 | — | — | 988 | |||||||||||||||||||||||||||||||||
Net gain (loss) from investment activities | 1,850 | — | — | — | 2 | — | — | — | — | (158 | ) | 1,694 | ||||||||||||||||||||||||||||||||
Interest and dividend income | 178 | 3 | 1 | — | 9 | 1 | — | — | — | 2 | 194 | |||||||||||||||||||||||||||||||||
Other income (loss), net | 3 | (32 | ) | 76 | — | (6 | ) | (5 | ) | (25 | ) | 1 | 3 | 6 | 21 | |||||||||||||||||||||||||||||
2,031 | 6,876 | 9,063 | 929 | 744 | 571 | 346 | 85 | 187 | (150 | ) | 20,682 | |||||||||||||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||||||||||||||||
Cost of goods sold | — | 5,885 | 8,204 | 948 | 326 | — | 285 | — | 161 | — | 15,809 | |||||||||||||||||||||||||||||||||
Other expenses from operations | — | — | — | — | 160 | 294 | — | 50 | — | — | 504 | |||||||||||||||||||||||||||||||||
Selling, general and administrative | 119 | 749 | 137 | 27 | 39 | 238 | 47 | 12 | 31 | 18 | 1,417 | |||||||||||||||||||||||||||||||||
Restructuring | — | 40 | — | — | — | — | — | — | 10 | — | 50 | |||||||||||||||||||||||||||||||||
Impairment | — | 8 | — | 2 | — | 3 | — | 2 | 1 | — | 16 | |||||||||||||||||||||||||||||||||
Interest expense | 10 | 111 | 48 | — | 49 | 14 | 22 | 4 | — | 302 | 560 | |||||||||||||||||||||||||||||||||
129 | 6,793 | 8,389 | 977 | 574 | 549 | 354 | 68 | 203 | 320 | 18,356 | ||||||||||||||||||||||||||||||||||
Income (loss) before income tax benefit (expense) | 1,902 | 83 | 674 | (48 | ) | 170 | 22 | (8 | ) | 17 | (16 | ) | (470 | ) | 2,326 | |||||||||||||||||||||||||||||
Income tax benefit (expense) | — | 180 | (195 | ) | 20 | (31 | ) | (3 | ) | 51 | — | — | 96 | 118 | ||||||||||||||||||||||||||||||
Net income (loss) | 1,902 | 263 | 479 | (28 | ) | 139 | 19 | 43 | 17 | (16 | ) | (374 | ) | 2,444 | ||||||||||||||||||||||||||||||
Less: net income attributable to non-controlling interests | (1,090 | ) | (13 | ) | (190 | ) | — | (109 | ) | (6 | ) | (11 | ) | — | — | — | (1,419 | ) | ||||||||||||||||||||||||||
Net income (loss) attributable to Icahn Enterprises | $ | 812 | $ | 250 | $ | 289 | $ | (28 | ) | $ | 30 | $ | 13 | $ | 32 | $ | 17 | $ | (16 | ) | $ | (374 | ) | $ | 1,025 | |||||||||||||||||||
Supplemental information: | ||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | $ | — | $ | 380 | $ | 256 | $ | 15 | $ | 424 | $ | 57 | $ | 20 | $ | 2 | $ | 7 | $ | — | $ | 1,161 | ||||||||||||||||||||||
Depreciation and amortization(1) | $ | — | $ | 296 | $ | 208 | $ | 26 | $ | 92 | $ | 34 | $ | 21 | $ | 23 | $ | 8 | $ | — | $ | 708 | ||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||
Investment | Automotive | Energy(2) | Metals | Railcar | Gaming | Food Packaging | Real Estate | Home Fashion | Holding Company | Consolidated | ||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | 6,664 | $ | 5,703 | $ | 1,102 | $ | 530 | $ | — | $ | 343 | $ | 4 | $ | 228 | $ | — | $ | 14,574 | ||||||||||||||||||||||
Other revenues from operations | — | — | — | — | 256 | 613 | — | 82 | — | — | 951 | |||||||||||||||||||||||||||||||||
Net gain from investment activities | 314 | — | — | — | 2 | — | — | — | — | 27 | 343 | |||||||||||||||||||||||||||||||||
Interest and dividend income | 85 | 5 | 1 | — | 11 | 1 | — | — | — | — | 103 | |||||||||||||||||||||||||||||||||
Other (loss) income, net | (1 | ) | 8 | (185 | ) | 1 | — | (3 | ) | (2 | ) | 2 | 3 | 2 | (175 | ) | ||||||||||||||||||||||||||||
398 | 6,677 | 5,519 | 1,103 | 799 | 611 | 341 | 88 | 231 | 29 | 15,796 | ||||||||||||||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||||||||||||||||
Cost of goods sold | — | 5,753 | 4,848 | 1,116 | 419 | — | 263 | 1 | 206 | — | 12,606 | |||||||||||||||||||||||||||||||||
Other expenses from operations | — | — | — | — | 141 | 312 | — | 49 | — | — | 502 | |||||||||||||||||||||||||||||||||
Selling, general and administrative | 24 | 710 | 112 | 28 | 37 | 250 | 45 | 14 | 37 | 18 | 1,275 | |||||||||||||||||||||||||||||||||
Restructuring | — | 26 | — | — | — | — | 1 | — | 4 | — | 31 | |||||||||||||||||||||||||||||||||
Impairment | — | 98 | — | 18 | — | 2 | — | — | 11 | — | 129 | |||||||||||||||||||||||||||||||||
Interest expense | 2 | 141 | 39 | — | 68 | 13 | 21 | 5 | — | 283 | 572 | |||||||||||||||||||||||||||||||||
26 | 6,728 | 4,999 | 1,162 | 665 | 577 | 330 | 69 | 258 | 301 | 15,115 | ||||||||||||||||||||||||||||||||||
Income (loss) before income tax benefit (expense) | 372 | (51 | ) | 520 | (59 | ) | 134 | 34 | 11 | 19 | (27 | ) | (272 | ) | 681 | |||||||||||||||||||||||||||||
Income tax benefit (expense) | — | 29 | (182 | ) | 1 | (42 | ) | (4 | ) | (5 | ) | — | — | 284 | 81 | |||||||||||||||||||||||||||||
Net income (loss) | 372 | (22 | ) | 338 | (58 | ) | 92 | 30 | 6 | 19 | (27 | ) | 12 | 762 | ||||||||||||||||||||||||||||||
Less: net (income) loss attributable to non-controlling interests | (215 | ) | (2 | ) | (75 | ) | — | (63 | ) | (9 | ) | (2 | ) | — | — | — | (366 | ) | ||||||||||||||||||||||||||
Net income (loss) attributable to Icahn Enterprises | $ | 157 | $ | (24 | ) | $ | 263 | $ | (58 | ) | $ | 29 | $ | 21 | $ | 4 | $ | 19 | $ | (27 | ) | $ | 12 | $ | 396 | |||||||||||||||||||
Supplemental information: | ||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | $ | — | $ | 387 | $ | 138 | $ | 24 | $ | 302 | $ | 44 | $ | 39 | $ | 2 | $ | — | $ | — | $ | 936 | ||||||||||||||||||||||
Depreciation and amortization(1) | $ | — | $ | 289 | $ | 128 | $ | 26 | $ | 83 | $ | 32 | $ | 18 | $ | 23 | $ | 8 | $ | — | $ | 607 | ||||||||||||||||||||||
(1) | Excludes amounts related to the amortization of debt discounts and premiums included in interest expense in the amounts of $22 million, $34 million and $28 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||||||||||||||||
Schedule of Condensed Financial Statements by Segment | Icahn Enterprises' condensed balance sheets by reporting segment as of December 31, 2014 and 2013 are presented below: | |||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||
Investment | Automotive | Energy | Metals | Railcar | Gaming | Food Packaging | Real Estate | Home Fashion | Holding Company | Consolidated | ||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 2 | $ | 332 | $ | 754 | $ | 19 | $ | 412 | $ | 196 | $ | 39 | $ | 24 | $ | 11 | $ | 1,123 | $ | 2,912 | ||||||||||||||||||||||
Cash held at consolidated affiliated partnerships and restricted cash | 1,366 | — | — | 4 | 35 | 16 | 1 | 2 | 8 | 3 | 1,435 | |||||||||||||||||||||||||||||||||
Investments | 13,961 | 269 | 77 | — | 29 | 33 | — | — | — | 131 | 14,500 | |||||||||||||||||||||||||||||||||
Accounts receivable, net | — | 1,356 | 137 | 51 | 41 | 9 | 63 | 4 | 30 | — | 1,691 | |||||||||||||||||||||||||||||||||
Inventories, net | — | 1,215 | 330 | 67 | 117 | — | 77 | — | 73 | — | 1,879 | |||||||||||||||||||||||||||||||||
Property, plant and equipment, net | — | 2,160 | 2,692 | 144 | 2,376 | 719 | 154 | 633 | 74 | 3 | 8,955 | |||||||||||||||||||||||||||||||||
Goodwill and intangible assets, net | — | 1,744 | 1,184 | 8 | 7 | 75 | 9 | 58 | 3 | — | 3,088 | |||||||||||||||||||||||||||||||||
Other assets | 131 | 453 | 160 | 22 | 103 | 212 | 93 | 24 | 9 | 113 | 1,320 | |||||||||||||||||||||||||||||||||
Total assets | $ | 15,460 | $ | 7,529 | $ | 5,334 | $ | 315 | $ | 3,120 | $ | 1,260 | $ | 436 | $ | 745 | $ | 208 | $ | 1,373 | $ | 35,780 | ||||||||||||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||||||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | $ | 864 | $ | 1,933 | $ | 1,471 | $ | 60 | $ | 294 | $ | 130 | $ | 64 | $ | 20 | $ | 28 | $ | 13 | $ | 4,877 | ||||||||||||||||||||||
Securities sold, not yet purchased, at fair value | 337 | — | — | — | — | — | — | — | — | — | 337 | |||||||||||||||||||||||||||||||||
Due to brokers | 5,197 | — | — | — | — | — | — | — | — | — | 5,197 | |||||||||||||||||||||||||||||||||
Post-employment benefit liability | — | 1,328 | — | 2 | 9 | — | 52 | — | — | — | 1,391 | |||||||||||||||||||||||||||||||||
Debt | — | 2,690 | 675 | 3 | 2,133 | 295 | 274 | 32 | — | 5,486 | 11,588 | |||||||||||||||||||||||||||||||||
Total liabilities | 6,398 | 5,951 | 2,146 | 65 | 2,436 | 425 | 390 | 52 | 28 | 5,499 | 23,390 | |||||||||||||||||||||||||||||||||
Equity attributable to Icahn Enterprises | 4,284 | 1,231 | 1,612 | 250 | 711 | 578 | 30 | 693 | 180 | (4,126 | ) | 5,443 | ||||||||||||||||||||||||||||||||
Equity attributable to non-controlling interests | 4,778 | 347 | 1,576 | — | (27 | ) | 257 | 16 | — | — | — | 6,947 | ||||||||||||||||||||||||||||||||
Total equity | 9,062 | 1,578 | 3,188 | 250 | 684 | 835 | 46 | 693 | 180 | (4,126 | ) | 12,390 | ||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 15,460 | $ | 7,529 | $ | 5,334 | $ | 315 | $ | 3,120 | $ | 1,260 | $ | 436 | $ | 745 | $ | 208 | $ | 1,373 | $ | 35,780 | ||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||
Investment | Automotive | Energy | Metals | Railcar | Gaming | Food Packaging | Real Estate | Home Fashion | Holding Company | Consolidated | ||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 3 | $ | 761 | $ | 842 | $ | 31 | $ | 417 | $ | 359 | $ | 19 | $ | 32 | $ | 16 | $ | 782 | $ | 3,262 | ||||||||||||||||||||||
Cash held at consolidated affiliated partnerships and restricted cash | 321 | — | — | 4 | 27 | 31 | 1 | 3 | 6 | 3 | 396 | |||||||||||||||||||||||||||||||||
Investments | 11,826 | 253 | — | — | 31 | 34 | — | — | — | 117 | 12,261 | |||||||||||||||||||||||||||||||||
Accounts receivable, net | — | 1,297 | 242 | 62 | 34 | 10 | 67 | 3 | 35 | — | 1,750 | |||||||||||||||||||||||||||||||||
Inventories, net | — | 1,068 | 527 | 85 | 90 | — | 72 | — | 60 | — | 1,902 | |||||||||||||||||||||||||||||||||
Property, plant and equipment, net | — | 2,038 | 2,684 | 129 | 1,889 | 444 | 156 | 656 | 78 | 3 | 8,077 | |||||||||||||||||||||||||||||||||
Goodwill and intangible assets, net | — | 1,715 | 1,307 | 9 | 7 | 67 | 11 | 68 | 3 | — | 3,187 | |||||||||||||||||||||||||||||||||
Other assets | 47 | 413 | 146 | 14 | 52 | 51 | 79 | 18 | 24 | 66 | 910 | |||||||||||||||||||||||||||||||||
Total assets | $ | 12,197 | $ | 7,545 | $ | 5,748 | $ | 334 | $ | 2,547 | $ | 996 | $ | 405 | $ | 780 | $ | 222 | $ | 971 | $ | 31,745 | ||||||||||||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||||||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | $ | 757 | $ | 1,763 | $ | 1,550 | $ | 57 | $ | 204 | $ | 132 | $ | 80 | $ | 18 | $ | 31 | $ | 351 | $ | 4,943 | ||||||||||||||||||||||
Securities sold, not yet purchased, at fair value | 884 | — | — | — | — | — | — | — | — | — | 884 | |||||||||||||||||||||||||||||||||
Due to brokers | 2,203 | — | — | — | — | — | — | — | — | — | 2,203 | |||||||||||||||||||||||||||||||||
Post-employment benefit liability | — | 1,072 | — | 1 | 5 | — | 33 | — | — | — | 1,111 | |||||||||||||||||||||||||||||||||
Debt | — | 2,586 | 676 | 3 | 1,448 | 298 | 217 | 51 | — | 4,016 | 9,295 | |||||||||||||||||||||||||||||||||
Total liabilities | 3,844 | 5,421 | 2,226 | 61 | 1,657 | 430 | 330 | 69 | 31 | 4,367 | 18,436 | |||||||||||||||||||||||||||||||||
Equity attributable to Icahn Enterprises | 3,696 | 1,660 | 1,926 | 273 | 591 | 392 | 55 | 711 | 191 | (3,403 | ) | 6,092 | ||||||||||||||||||||||||||||||||
Equity attributable to non-controlling interests | 4,657 | 464 | 1,596 | — | 299 | 174 | 20 | — | — | 7 | 7,217 | |||||||||||||||||||||||||||||||||
Total equity | 8,353 | 2,124 | 3,522 | 273 | 890 | 566 | 75 | 711 | 191 | (3,396 | ) | 13,309 | ||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 12,197 | $ | 7,545 | $ | 5,748 | $ | 334 | $ | 2,547 | $ | 996 | $ | 405 | $ | 780 | $ | 222 | $ | 971 | $ | 31,745 | ||||||||||||||||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | The following table presents our segments' geographic net sales from external customers, other revenues from operations and property, plant and equipment, net for the periods indicated: | |||||||||||||||||||||||||||||||||||||||||||
Net Sales | Other Revenues From Operations | Property, Plant and Equipment, Net | ||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | December 31, | ||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||||||||||||||||||
United States | $ | 13,086 | $ | 13,171 | $ | 10,202 | $ | 1,169 | $ | 937 | $ | 914 | $ | 6,903 | $ | 6,207 | ||||||||||||||||||||||||||||
Germany | 1,507 | 1,339 | 1,175 | — | — | — | 423 | 425 | ||||||||||||||||||||||||||||||||||||
Other | 3,479 | 3,275 | 3,197 | 81 | 51 | 37 | 1,629 | 1,445 | ||||||||||||||||||||||||||||||||||||
$ | 18,072 | $ | 17,785 | $ | 14,574 | $ | 1,250 | $ | 988 | $ | 951 | $ | 8,955 | $ | 8,077 | |||||||||||||||||||||||||||||
Icahn Enterprises Holdings [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Icahn Enterprises Holdings | |||||||||||||||||||||||||||||||||||||||||||
Due to the structure of our business, the consolidated results of operations for Icahn Enterprises and Icahn Enterprises Holdings are substantially the same. Differences primarily relate to non-cash portions of interest expense, and are only reflected in the results of operations for our Holding Company. See Note 10, "Debt," for additional information. Segment information for Icahn Enterprises Holdings is presented below for significant financial statement line items affected by these differences. | ||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | December 31, | |||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | ||||||||||||||||||||||||||||||||||||||||
Interest Expense | Net (Loss) Income | Net (Loss) Income Attributable to Icahn Enterprises Holdings | Interest Expense | Net Income (Loss) | Net Income (Loss) Attributable to Icahn Enterprises Holdings | Interest Expense | Net Income (Loss) | Net Income (Loss) Attributable to Icahn Enterprises Holdings | Total Assets | Total Assets | ||||||||||||||||||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||||||||||||||||||||||
Investment | $ | 299 | $ | (684 | ) | $ | (305 | ) | $ | 10 | $ | 1,902 | $ | 812 | $ | 2 | $ | 372 | $ | 157 | $ | 15,460 | $ | 12,197 | ||||||||||||||||||||
Automotive | 128 | (90 | ) | (87 | ) | 111 | 263 | 250 | 141 | (22 | ) | (24 | ) | 7,529 | 7,545 | |||||||||||||||||||||||||||||
Energy | 38 | 168 | 95 | 48 | 479 | 289 | 39 | 338 | 263 | 5,334 | 5,748 | |||||||||||||||||||||||||||||||||
Metals | — | (25 | ) | (25 | ) | — | (28 | ) | (28 | ) | — | (58 | ) | (58 | ) | 315 | 334 | |||||||||||||||||||||||||||
Railcar | 60 | 188 | 122 | 49 | 139 | 30 | 68 | 92 | 29 | 3,120 | 2,547 | |||||||||||||||||||||||||||||||||
Gaming | 13 | 269 | 185 | 14 | 19 | 13 | 13 | 30 | 21 | 1,260 | 996 | |||||||||||||||||||||||||||||||||
Food Packaging | 14 | 9 | 6 | 22 | 43 | 32 | 21 | 6 | 4 | 436 | 405 | |||||||||||||||||||||||||||||||||
Real Estate | 3 | 22 | 22 | 4 | 17 | 17 | 5 | 19 | 19 | 745 | 780 | |||||||||||||||||||||||||||||||||
Home Fashion | — | 2 | 2 | — | (16 | ) | (16 | ) | — | (27 | ) | (27 | ) | 208 | 222 | |||||||||||||||||||||||||||||
Holding Company | 291 | (387 | ) | (387 | ) | 302 | (374 | ) | (374 | ) | 282 | 13 | 13 | 1,396 | 987 | |||||||||||||||||||||||||||||
Consolidated | $ | 846 | $ | (528 | ) | $ | (372 | ) | $ | 560 | $ | 2,444 | $ | 1,025 | $ | 571 | $ | 763 | $ | 397 | $ | 35,803 | $ | 31,761 | ||||||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Income Tax Contingency [Line Items] | ||||||||||||||||
difference in book basis and tax basis of net assets not subject to income taxes [Table Text Block] | The difference between the book basis and the tax basis of our net assets, not directly subject to income taxes, is as follows: | |||||||||||||||
Icahn Enterprises | Icahn Enterprises Holdings | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(in millions) | (in millions) | |||||||||||||||
Book basis of net assets | $ | 5,443 | $ | 6,092 | $ | 5,446 | $ | 6,114 | ||||||||
Book/tax basis difference | (1,566 | ) | (2,248 | ) | (1,545 | ) | (2,248 | ) | ||||||||
Tax basis of net assets | $ | 3,877 | $ | 3,844 | $ | 3,901 | $ | 3,866 | ||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Our corporate subsidiaries recorded the following income tax benefit (expense) attributable to continuing operations for our taxable subsidiaries: | |||||||||||||||
Year Ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
(in millions) | ||||||||||||||||
Current: | ||||||||||||||||
Domestic | $ | (45 | ) | $ | 22 | $ | (104 | ) | ||||||||
International | (35 | ) | (61 | ) | (53 | ) | ||||||||||
Total current | (80 | ) | (39 | ) | (157 | ) | ||||||||||
Deferred: | ||||||||||||||||
Domestic | 201 | 146 | 191 | |||||||||||||
International | (18 | ) | 11 | 47 | ||||||||||||
Total deferred | 183 | 157 | 238 | |||||||||||||
$ | 103 | $ | 118 | $ | 81 | |||||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The tax effect of significant differences representing deferred tax assets (liabilities) (the difference between financial statement carrying value and the tax basis of assets and liabilities) is as follows: | |||||||||||||||
December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(in millions) | ||||||||||||||||
Deferred tax assets: | ||||||||||||||||
Property, plant and equipment | $ | 144 | $ | 141 | ||||||||||||
Net operating loss | 1,348 | 1,137 | ||||||||||||||
Tax credits | 149 | 166 | ||||||||||||||
Post-employment benefits, including pensions | 388 | 303 | ||||||||||||||
Reorganization costs | 11 | 27 | ||||||||||||||
Other | 231 | 242 | ||||||||||||||
Total deferred tax assets | 2,271 | 2,016 | ||||||||||||||
Less: Valuation allowance | (1,059 | ) | (1,216 | ) | ||||||||||||
Net deferred tax assets | $ | 1,212 | $ | 800 | ||||||||||||
Deferred tax liabilities: | ||||||||||||||||
Property, plant and equipment | $ | (239 | ) | $ | (216 | ) | ||||||||||
Intangible assets | (177 | ) | (187 | ) | ||||||||||||
Investment in partnerships | (1,349 | ) | (1,242 | ) | ||||||||||||
Investment in U.S. subsidiaries | (307 | ) | (307 | ) | ||||||||||||
Other | (6 | ) | (13 | ) | ||||||||||||
Total deferred tax liabilities | (2,078 | ) | (1,965 | ) | ||||||||||||
$ | (866 | ) | $ | (1,165 | ) | |||||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | A reconciliation of the effective tax rate on continuing operations as shown in the consolidated statements of operations to the federal statutory rate is as follows: | |||||||||||||||
Year Ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Federal statutory rate | 35 | % | 35 | % | 35 | % | ||||||||||
Foreign operations | 6.7 | 1.3 | 0.7 | |||||||||||||
Valuation allowance | 21.5 | (15.4 | ) | 14.8 | ||||||||||||
Non-controlling interest | 7.5 | (2.3 | ) | (1.1 | ) | |||||||||||
Goodwill | (5.7 | ) | 0.2 | 0.5 | ||||||||||||
Gain on settlement of liabilities subject to compromise | 4.9 | — | (51.7 | ) | ||||||||||||
Income not subject to taxation | (47.2 | ) | (25.4 | ) | (12.6 | ) | ||||||||||
Other | (6.4 | ) | 1.5 | 2.5 | ||||||||||||
16.3 | % | (5.1 | )% | (11.9 | )% | |||||||||||
Schedule of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns Roll Forward [Table Text Block] | A summary of the changes in the gross amounts of unrecognized tax benefits for the fiscal years ended December 31, 2014, 2013 and 2012 are as follows: | |||||||||||||||
Years Ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
(in millions) | ||||||||||||||||
Balance at January 1 | $ | 132 | $ | 113 | $ | 388 | ||||||||||
Addition based on tax positions related to the current year | 18 | 23 | 23 | |||||||||||||
Acquisition of CVR | — | — | 18 | |||||||||||||
Increase for tax positions of prior years | 10 | 6 | 15 | |||||||||||||
Decrease for tax positions of prior years | (14 | ) | (9 | ) | (15 | ) | ||||||||||
Decrease for statute of limitation expiration | (3 | ) | (1 | ) | (14 | ) | ||||||||||
Settlements | (25 | ) | 1 | (301 | ) | |||||||||||
Impact of currency translation and other | (5 | ) | (1 | ) | (1 | ) | ||||||||||
Balance at December 31 | $ | 113 | $ | 132 | $ | 113 | ||||||||||
Changes_in_Accumulated_Other_C1
Changes in Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Changes in Accumulated Other Comprehensive Loss [Abstract] | ||||||||||||||||
Schedule of changes in accumulated other comprehensive income [Table Text Block] | Changes in accumulated other comprehensive loss consists of the following: | |||||||||||||||
Post-Employment Benefits, Net of Tax | Hedge Instruments, Net of Tax | Translation Adjustments and Other, Net of Tax | Total | |||||||||||||
(in millions) | ||||||||||||||||
Balance at December 31, 2013 | $ | (464 | ) | $ | (26 | ) | $ | (315 | ) | $ | (805 | ) | ||||
Other comprehensive loss before reclassifications, net of tax | (239 | ) | (1 | ) | (260 | ) | (500 | ) | ||||||||
Reclassifications from accumulated other comprehensive loss to earnings(1) | 11 | 1 | — | 12 | ||||||||||||
Other comprehensive loss, net of tax | (228 | ) | — | (260 | ) | (488 | ) | |||||||||
Balance at December 31, 2014 | $ | (692 | ) | $ | (26 | ) | $ | (575 | ) | $ | (1,293 | ) | ||||
(1) Refer to Note 11, "Pension, Other Post-employment Benefits and Employee Benefit Plans," and Note 7, "Financial Instruments," for additional information with respect to reclassifications from accumulated other comprehensive loss to earnings relating to post-employment benefits, net of tax and hedge instruments, net of tax, respectively. Such items do not represent reclassifications in their entirety. |
Other_Income_Loss_Net_Tables
Other Income (Loss), Net (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Other (Loss) Income, Net [Abstract] | ||||||||||||
Schedule of Other Nonoperating Income (Expense) | Other income (loss), net consists of the following: | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions) | ||||||||||||
Loss on extinguishment of debt (Note 10) | $ | (162 | ) | $ | — | $ | (10 | ) | ||||
Realized and unrealized gain (loss) on derivatives, net (Note 7) | 186 | 57 | (190 | ) | ||||||||
Tax settlement gain (loss) | 32 | (23 | ) | — | ||||||||
Net gain (loss) on disposition of assets | 25 | (56 | ) | 5 | ||||||||
Predecessor claim settlement | 53 | — | — | |||||||||
Equity earnings from non-consolidated affiliates | 50 | 26 | 35 | |||||||||
Foreign currency translation loss | (10 | ) | (12 | ) | (9 | ) | ||||||
Other | 8 | 29 | (6 | ) | ||||||||
$ | 182 | $ | 21 | $ | (175 | ) | ||||||
Commitments_and_Contingencies_1
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Schedule of Future Minimum Rental Payments for Operating Leases and Unrecorded Unconditional Purchase Obligations Disclosure | The minimum required payments for CVR's unconditional purchase obligations are as follows: | ||||
Unconditional Purchase Obligations(1) | |||||
(in millions) | |||||
2015 | $ | 126 | |||
2016 | 109 | ||||
2017 | 107 | ||||
2018 | 106 | ||||
2019 | 105 | ||||
Thereafter | 718 | ||||
$ | 1,271 | ||||
(1)This amount includes $800 million payable ratably over sixteen years pursuant to petroleum transportation service agreements between CRRM and each of TransCanada Keystone Limited Partnership and TransCanada Keystone Pipeline, LP (together, "TransCanada"). The purchase obligation reflects the exchange rate between the Canadian dollar and the U.S. dollar as of December 31, 2014, where applicable. Under the agreements, CRRM receives transportation of at least 25,000 barrels per day of crude oil with a delivery point at Cushing, Oklahoma for a term of 20 years on TransCanada's Keystone pipeline system. CRRM began receiving crude oil under the agreements in the first quarter of 2011. | |||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Consolidated future minimum lease payments under operating leases with initial terms of one or more years consist of the following at December 31, 2014: | ||||
Year | Amount | ||||
(in millions) | |||||
2015 | $ | 75 | |||
2016 | 69 | ||||
2017 | 55 | ||||
2018 | 41 | ||||
2019 | 34 | ||||
Thereafter | 129 | ||||
$ | 403 | ||||
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Quarterly Financial Data (Unaudited) [Abstract] | ||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ||||||||||||||||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
(in millions, except per unit data) | ||||||||||||||||||||||||||||||||
Net sales | $ | 4,666 | $ | 4,574 | $ | 4,867 | $ | 4,497 | $ | 4,557 | $ | 4,181 | $ | 3,982 | $ | 4,533 | ||||||||||||||||
Gross margin on net sales | 524 | 681 | 540 | 610 | 339 | 356 | 184 | 329 | ||||||||||||||||||||||||
Total revenues | 4,990 | 5,369 | 6,379 | 4,670 | 4,422 | 5,771 | 3,366 | 4,872 | ||||||||||||||||||||||||
Net income (loss) | 77 | 710 | 1,123 | 93 | (627 | ) | 1,236 | (1,102 | ) | 405 | ||||||||||||||||||||||
Net (income) loss attributable to non-controlling interests | (106 | ) | (433 | ) | (634 | ) | (39 | ) | 272 | (764 | ) | 624 | (183 | ) | ||||||||||||||||||
Net (loss) income attributable to Icahn Enterprises | (29 | ) | 277 | 489 | 54 | (355 | ) | 472 | (478 | ) | 222 | |||||||||||||||||||||
Basic (loss) income per LP unit(1) | $ | (0.24 | ) | $ | 2.56 | $ | 4.06 | $ | 0.48 | $ | (2.90 | ) | $ | 4.13 | $ | (3.84 | ) | $ | 1.91 | |||||||||||||
Diluted (loss) income per LP unit(1) | $ | (0.24 | ) | $ | 2.5 | $ | 4.06 | $ | 0.48 | $ | (2.90 | ) | $ | 4.1 | $ | (3.84 | ) | $ | 1.9 | |||||||||||||
-1 | Basic and diluted (loss) income per LP unit is computed separately for each quarter and therefore, the sum of such quarterly per LP unit amounts may differ from the total for the year. |
Schedule_I_Tables
Schedule I (Tables) (Parent Company [Member]) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Financial Statement Schedule, Parent Company Balance Sheet [Table Text Block] | SCHEDULE I | |||||||||||
ICAHN ENTERPRISES, L.P. | ||||||||||||
(Parent Company) | ||||||||||||
CONDENSED BALANCE SHEETS | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(In millions, except unit amounts) | ||||||||||||
ASSETS | ||||||||||||
Investments in subsidiaries, net | $ | 11,028 | $ | 10,384 | ||||||||
Deferred financing costs | 8 | 7 | ||||||||||
Total Assets | $ | 11,036 | $ | 10,391 | ||||||||
LIABILITIES AND EQUITY | ||||||||||||
Accrued expenses and other liabilities | $ | 107 | $ | 283 | ||||||||
Debt | 5,486 | 4,016 | ||||||||||
5,593 | 4,299 | |||||||||||
Commitments and contingencies (Note 3) | ||||||||||||
Equity: | ||||||||||||
Limited partners: Depositary units: 123,103,414 and 115,900,309 units issued and outstanding at December 31, 2014 and 2013, respectively | 5,672 | 6,308 | ||||||||||
General partner | (229 | ) | (216 | ) | ||||||||
Total equity | 5,443 | 6,092 | ||||||||||
Total Liabilities and Equity | $ | 11,036 | $ | 10,391 | ||||||||
Financial Statement Schedule, Parent Company Statement of Operations [Table Text Block] | SCHEDULE I | |||||||||||
ICAHN ENTERPRISES, L.P. | ||||||||||||
(Parent Company) | ||||||||||||
CONDENSED STATEMENTS OF OPERATIONS | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In millions) | ||||||||||||
Interest expense | $ | (291 | ) | $ | (303 | ) | $ | (284 | ) | |||
Loss on extinguishment of debt | (108 | ) | — | — | ||||||||
Equity in earnings of subsidiaries | 26 | 1,328 | 680 | |||||||||
Net (loss) income | $ | (373 | ) | $ | 1,025 | $ | 396 | |||||
Net (loss) income allocable to: | ||||||||||||
Limited partners | $ | (366 | ) | $ | 1,005 | $ | 379 | |||||
General partner | (7 | ) | 20 | 17 | ||||||||
$ | (373 | ) | $ | 1,025 | $ | 396 | ||||||
Financial Statement Schedule, Parent Company Statement of Cash Flows [Table Text Block] | SCHEDULE I | |||||||||||
ICAHN ENTERPRISES, L.P. | ||||||||||||
(Parent Company) | ||||||||||||
CONDENSED STATEMENTS OF CASH FLOWS | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In millions) | ||||||||||||
Cash flows from operating activities: | ||||||||||||
Net (loss) income | $ | (373 | ) | $ | 1,025 | $ | 396 | |||||
Adjustments to reconcile net (loss) income to net cash used in operating activities: | ||||||||||||
Amortization of deferred financing costs | 1 | 2 | 2 | |||||||||
Loss on extinguishment of debt | 108 | — | — | |||||||||
Equity in earnings of subsidiary | (26 | ) | (1,328 | ) | (680 | ) | ||||||
Net cash used in operating activities | (290 | ) | (301 | ) | (282 | ) | ||||||
Cash flows from investing activities: | ||||||||||||
Net investment in and advances from subsidiary | (952 | ) | (172 | ) | (1,212 | ) | ||||||
Net cash used in investing activities | (952 | ) | (172 | ) | (1,212 | ) | ||||||
Cash flows from financing activities: | ||||||||||||
Partnership distributions | (125 | ) | (51 | ) | (41 | ) | ||||||
Partnership contributions | — | 587 | 505 | |||||||||
Proceeds from borrowings | 4,991 | 493 | 1,030 | |||||||||
Repayments of borrowings | (3,624 | ) | (556 | ) | — | |||||||
Net cash provided by financing activities | 1,242 | 473 | 1,494 | |||||||||
Net change in cash and cash equivalents | — | — | — | |||||||||
Cash and cash equivalents, beginning of period | — | — | — | |||||||||
Cash and cash equivalents, end of period | $ | — | $ | — | $ | — | ||||||
Financial Statement Schedule, Parent Company Debt Note [Table Text Block] | See Note 10, “Debt,” to the consolidated financial statements located in Part II, Item 8 of this Report. Icahn Enterprises' Parent company debt consists of the following: | |||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(in millions) | ||||||||||||
Senior unsecured 5.875% notes due 2022 | $ | 1,337 | $ | — | ||||||||
Senior unsecured 6.00% notes due 2020 | 1,708 | 493 | ||||||||||
Senior unsecured 4.875% notes due 2019 | 1,270 | — | ||||||||||
Senior unsecured 8% notes due 2018 | — | 2,473 | ||||||||||
Senior unsecured 3.5% notes due 2017 | 1,171 | — | ||||||||||
Senior unsecured 7.75% notes due 2016 | — | 1,050 | ||||||||||
Total debt | $ | 5,486 | $ | 4,016 | ||||||||
Icahn Enterprises Holdings [Member] | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Financial Statement Schedule, Parent Company Balance Sheet [Table Text Block] | SCHEDULE I | |||||||||||
ICAHN ENTERPRISES HOLDINGS L.P. | ||||||||||||
(Parent Company) | ||||||||||||
CONDENSED BALANCE SHEETS | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(in millions) | ||||||||||||
ASSETS | ||||||||||||
Cash and cash equivalents | $ | 388 | $ | 142 | ||||||||
Other assets | 114 | 112 | ||||||||||
Investments in subsidiaries, net | 10,592 | 10,054 | ||||||||||
Total Assets | $ | 11,094 | $ | 10,308 | ||||||||
LIABILITIES AND EQUITY | ||||||||||||
Accrued expenses and other liabilities | $ | 111 | $ | 144 | ||||||||
Debt | 5,517 | 4,050 | ||||||||||
5,628 | 4,194 | |||||||||||
Commitments and contingencies (Note 3) | ||||||||||||
Equity: | ||||||||||||
Limited partner | 5,751 | 6,393 | ||||||||||
General partner | (285 | ) | (279 | ) | ||||||||
Total equity | 5,466 | 6,114 | ||||||||||
Total Liabilities and Equity | $ | 11,094 | $ | 10,308 | ||||||||
Financial Statement Schedule, Parent Company Statement of Operations [Table Text Block] | SCHEDULE I | |||||||||||
ICAHN ENTERPRISES HOLDINGS L.P. | ||||||||||||
(Parent Company) | ||||||||||||
CONDENSED STATEMENTS OF OPERATIONS | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions) | ||||||||||||
Net gain from investment activities | $ | — | $ | — | $ | 8 | ||||||
Interest and dividend income | 1 | — | — | |||||||||
Loss on extinguishment of debt | (108 | ) | — | — | ||||||||
Equity in earnings of subsidiaries | 28 | 1,342 | 682 | |||||||||
Other income, net | 20 | 15 | 16 | |||||||||
(59 | ) | 1,357 | 706 | |||||||||
Interest expense | 290 | 305 | 286 | |||||||||
Selling, general and administrative | 23 | 27 | 23 | |||||||||
313 | 332 | 309 | ||||||||||
Net (loss) income | $ | (372 | ) | $ | 1,025 | $ | 397 | |||||
Net (loss) income allocable to: | ||||||||||||
Limited partner | $ | (368 | ) | $ | 1,015 | $ | 384 | |||||
General partner | (4 | ) | 10 | 13 | ||||||||
$ | (372 | ) | $ | 1,025 | $ | 397 | ||||||
Financial Statement Schedule, Parent Company Statement of Cash Flows [Table Text Block] | SCHEDULE I | |||||||||||
ICAHN ENTERPRISES HOLDINGS L.P. | ||||||||||||
(Parent Company) | ||||||||||||
CONDENSED STATEMENTS OF CASH FLOWS | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(in millions) | ||||||||||||
Cash flows from operating activities: | ||||||||||||
Net (loss) income | $ | (372 | ) | $ | 1,025 | $ | 397 | |||||
Adjustments to reconcile net (loss) income to net cash used in operating activities: | ||||||||||||
Equity in income of subsidiary | (28 | ) | (1,342 | ) | (682 | ) | ||||||
Loss on extinguishment of debt | 108 | — | — | |||||||||
Investment gains | — | — | (8 | ) | ||||||||
Depreciation and amortization | 5 | (1 | ) | 1 | ||||||||
Other, net | — | — | 14 | |||||||||
Change in operating assets and liabilities | (47 | ) | 18 | 26 | ||||||||
Net cash used in operating activities | (334 | ) | (300 | ) | (252 | ) | ||||||
Cash flows from investing activities: | ||||||||||||
Net investment in subsidiaries | (661 | ) | (128 | ) | (681 | ) | ||||||
Proceeds from sale of investments | — | — | 30 | |||||||||
Other, net | 9 | 4 | 2 | |||||||||
Net cash used in investing activities | (652 | ) | (124 | ) | (649 | ) | ||||||
Cash flows from financing activities: | ||||||||||||
Partnership distributions | (125 | ) | (51 | ) | (42 | ) | ||||||
Partner contribution | — | 593 | — | |||||||||
Proceeds from borrowings | 4,991 | 493 | 1,030 | |||||||||
Repayments of borrowings | (3,634 | ) | (576 | ) | (4 | ) | ||||||
Net cash provided by financing activities | 1,232 | 459 | 984 | |||||||||
Net change in cash and cash equivalents | 246 | 35 | 83 | |||||||||
Cash and cash equivalents, beginning of period | 142 | 107 | 24 | |||||||||
Cash and cash equivalents, end of period | $ | 388 | $ | 142 | $ | 107 | ||||||
Financial Statement Schedule, Parent Company Debt Note [Table Text Block] | See Note 10, “Debt,” to the consolidated financial statements located in Part II, Item 8 of this Report. Icahn Enterprises Holdings' Parent company debt consists of the following: | |||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(in millions) | ||||||||||||
Senior unsecured 5.875% notes due 2022 | $ | 1,337 | — | |||||||||
Senior unsecured 6.00% notes due 2020 | 1,708 | 493 | ||||||||||
Senior unsecured 4.875% notes due 2019 | 1,270 | — | ||||||||||
Senior unsecured 8% notes due 2018 | — | 2,468 | ||||||||||
Senior unsecured 3.5% notes due 2017 | 1,171 | — | ||||||||||
Senior unsecured 7.75% notes due 2016 | — | 1,048 | ||||||||||
Mortgages payable | 31 | 41 | ||||||||||
Total debt | $ | 5,517 | $ | 4,050 | ||||||||
Details
(Details) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Principal Owners and Affiliates [Member] | ||
Entity Information [Line Items] | ||
Affiliate ownership interest in Icahn Enterprises (in units) | 108,810,845 | |
Affiliate ownership interest in Icahn Enterprises | 88.40% | |
Icahn Enterprises G.P. [Member] | ||
Entity Information [Line Items] | ||
General partner ownership percentage in Icahn Enterprises | 1.00% | 1.00% |
General partner ownership interest in Icahn Enterprises Holdings | 1.00% | |
Aggregate general partner ownership interest of parent and operating subsidiary | 1.99% | |
Icahn Enterprises Holdings [Member] | ||
Entity Information [Line Items] | ||
Percentage of equity ownership in operating subsidiary | 99.00% |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies Inventories, Net (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Inventories, Net [Abstract] | ||
Raw materials | $450 | $499 |
Work in process | 244 | 252 |
Finished goods | 1,185 | 1,151 |
Inventories, net | $1,879 | $1,902 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies Narrative (Details) (USD $) | 12 Months Ended | 8 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | |
Schedule of Significant Accounting Policies [Line Items] | ||||
Cash held at consolidated affiliated partnerships and restricted cash | $1,435,000,000 | $396,000,000 | ||
Debt | 11,588,000,000 | 9,295,000,000 | ||
Fair value of long-term debt | 11,600,000,000 | 9,400,000,000 | ||
Restricted cash [Member] | ||||
Schedule of Significant Accounting Policies [Line Items] | ||||
Cash held at consolidated affiliated partnerships and restricted cash | 1,300,000,000 | 330,000,000 | ||
Automotive Segment [Member] | ||||
Schedule of Significant Accounting Policies [Line Items] | ||||
Cash held at consolidated affiliated partnerships and restricted cash | 0 | 0 | ||
Debt | 2,690,000,000 | 2,586,000,000 | ||
Research and development expense | 192,000,000 | 177,000,000 | 179,000,000 | |
Energy Segment [Member] | ||||
Schedule of Significant Accounting Policies [Line Items] | ||||
Inventory Adjustments | 37,000,000 | |||
Cash held at consolidated affiliated partnerships and restricted cash | 0 | 0 | ||
Debt | 675,000,000 | 676,000,000 | ||
Maximum [Member] | Refineries [Member] | Energy Segment [Member] | ||||
Schedule of Significant Accounting Policies [Line Items] | ||||
Planned major maintenance, frequency (in years) | 5 years | |||
Maximum [Member] | Nitrogen Fertilizer [Member] | Energy Segment [Member] | ||||
Schedule of Significant Accounting Policies [Line Items] | ||||
Planned major maintenance, frequency (in years) | 3 years | |||
Minimum [Member] | Refineries [Member] | Energy Segment [Member] | ||||
Schedule of Significant Accounting Policies [Line Items] | ||||
Planned major maintenance, frequency (in years) | 4 years | |||
Minimum [Member] | Nitrogen Fertilizer [Member] | Energy Segment [Member] | ||||
Schedule of Significant Accounting Policies [Line Items] | ||||
Planned major maintenance, frequency (in years) | 2 years | |||
Machinery, Equipment, and Furniture [Member] | Maximum [Member] | ||||
Schedule of Significant Accounting Policies [Line Items] | ||||
Property, plant and equipment, useful life (in years) | 40 years | |||
Machinery, Equipment, and Furniture [Member] | Minimum [Member] | ||||
Schedule of Significant Accounting Policies [Line Items] | ||||
Property, plant and equipment, useful life (in years) | 1 year | |||
Assets Leased to Others [Member] | Maximum [Member] | ||||
Schedule of Significant Accounting Policies [Line Items] | ||||
Property, plant and equipment, useful life (in years) | 30 years | |||
Assets Leased to Others [Member] | Minimum [Member] | ||||
Schedule of Significant Accounting Policies [Line Items] | ||||
Property, plant and equipment, useful life (in years) | 25 years | |||
Building and Improvements [Member] | Maximum [Member] | ||||
Schedule of Significant Accounting Policies [Line Items] | ||||
Property, plant and equipment, useful life (in years) | 40 years | |||
Building and Improvements [Member] | Minimum [Member] | ||||
Schedule of Significant Accounting Policies [Line Items] | ||||
Property, plant and equipment, useful life (in years) | 4 years | |||
Refineries [Member] | Coffeyville refinery [Member] | Energy Segment [Member] | ||||
Schedule of Significant Accounting Policies [Line Items] | ||||
Planned major maintenance | 6,000,000 | |||
Refineries [Member] | Wynnewood refinery [Member] | Energy Segment [Member] | ||||
Schedule of Significant Accounting Policies [Line Items] | ||||
Planned major maintenance | 1,000,000 | 102,000,000 | ||
Nitrogen Fertilizer [Member] | Energy Segment [Member] | ||||
Schedule of Significant Accounting Policies [Line Items] | ||||
Planned major maintenance | $5,000,000 |
Operating_Units_Investment_Seg
Operating Units Investment Segment (Details) (Investment Funds [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Billions, unless otherwise specified | ||
Investment Funds [Member] | ||
Segment Reporting Information [Line Items] | ||
Fair value of our intrest in Funds of subsidiary | $4.30 | $3.70 |
Operating_Units_Automotive_Seg
Operating Units Automotive Segment (Details) (USD $) | 12 Months Ended | 3 Months Ended | 1 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Jan. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||
Restructuring | $84,000,000 | $50,000,000 | $31,000,000 | ||
Goodwill, Period Increase (Decrease) | 32,000,000 | ||||
Automotive Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Restructuring | 86,000,000 | 40,000,000 | 26,000,000 | ||
Goodwill, Period Increase (Decrease) | 32,000,000 | ||||
Federal-Mogul [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Percentage of equity ownership in subsidiary | 80.70% | ||||
Gross amount of transferred receivables under factoring arrangement | 306,000,000 | 271,000,000 | |||
Gross amount of transferred receivables under factoring arrangements qualifying as sales | 293,000,000 | 258,000,000 | |||
Proceeds from transferred receivables under factoring arrangements qualifying as sales | 1,700,000,000 | 1,500,000,000 | 1,500,000,000 | ||
Expenses associated with transferred receivables under factoring arrangements | 6,000,000 | 7,000,000 | 7,000,000 | ||
Maximum exposure associated with transferred receivables under factoring arrangements | 17,000,000 | 21,000,000 | |||
Restructuring | 86,000,000 | 40,000,000 | 26,000,000 | ||
Restructuring and Related Cost, Expected Cost Remaining | 13,000,000 | ||||
Proceeds from rights offering | 500,000,000 | ||||
Restructuring 2013 [Member] [Member] | Federal-Mogul [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Restructuring | 82,000,000 | 39,000,000 | |||
Restructuring, expected cost | 134,000,000 | ||||
Honeywell [Member] | Automotive Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Payments to Acquire Businesses, Gross | 169,000,000 | ||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred | 15,000,000 | ||||
Business Combination, Assets and Liabilities Arising from Contingencies, Amount Recognized, Net | 184,000,000 | ||||
Business Combination, Acquisition Related Costs | 7,000,000 | ||||
Affinia [Member] | Automotive Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Payments to Acquire Businesses, Gross | 149,000,000 | ||||
business combinations, recognized identifiable assets, net tangible assets | 71,000,000 | ||||
Goodwill, Period Increase (Decrease) | 26,000,000 | ||||
business combinations, recognized identifiable assets, net intangible assets | 51,000,000 | ||||
Employee Severance [Member] | Restructuring 2013 [Member] [Member] | Federal-Mogul [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Restructuring, expected cost | 127,000,000 | ||||
Facility Closing [Member] | Restructuring 2013 [Member] [Member] | Federal-Mogul [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Restructuring, expected cost | $7,000,000 |
Operating_Units_Energy_Segment
Operating Units Energy Segment (Details) (USD $) | 12 Months Ended | 0 Months Ended | |||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 24, 2014 | Jun. 30, 2014 | 21-May-13 | Jan. 30, 2013 | Jan. 23, 2013 | 29-May-13 |
Segment Reporting Information [Line Items] | |||||||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | ($188) | ($1,308) | $0 | ||||||
Proceeds from subsidiary equity offerings | 160 | 1,056 | |||||||
Energy Segment [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 160 | ||||||||
CVR Refining, LP [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Percentage of equity ownership in subsidiary | 4.00% | ||||||||
CVR Refining, LP [Member] | Energy Segment [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Percentage of equity ownership in subsidiary | 66.00% | ||||||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 15 | 170 | 406 | 90 | 600 | ||||
Proceeds from subsidiary equity offerings | 990 | ||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Purchase of Interest by Parent | 62 | 100 | |||||||
CVR Partners, LP [Member] | Energy Segment [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Percentage of equity ownership in subsidiary | 53.00% | ||||||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 302 | ||||||||
CVR Energy, Inc. [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Percentage of equity ownership in subsidiary | 82.00% | ||||||||
Crude Oil Gathering [Member] | Energy Segment [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Production, Barrels of Oil Per Day | 60,000 | ||||||||
Nitrogen Fertilizer [Member] | Energy Segment [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Production, Tons of Ammonia Per Day | 1,225 | ||||||||
Production, Tons of Urea and Ammonium Nitrate Per Day | 3,000 | ||||||||
Production, Cubic Feet of Hydrogen Per Day | 84,000,000 | ||||||||
Cushing, Oklahoma [Member] | Petroleum [Member] | Energy Segment [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Production, Barrels of Oil, Storage Capacity | 6,000,000 | ||||||||
Production, Barrels of Oil, Combined Refinery Related Storage Capacity | 4,500,000 | ||||||||
Coffeyville, Kansas [Member] | Energy Segment [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Acres of land | 440 | ||||||||
Coffeyville, Kansas [Member] | Petroleum [Member] | Energy Segment [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Production, Barrels of Oil Per Day | 115,000 | ||||||||
Coffeyville, Kansas [Member] | 486110 Pipeline Transportation of Crude Oil [Member] | Energy Segment [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Production, Barrels of Oil Per Day | 170,000 | ||||||||
Crude Oil Pipeline, Length, Miles | 336 | ||||||||
Wynnewood, Oklahoma [Member] | Energy Segment [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Acres of land | 400 | ||||||||
Wynnewood, Oklahoma [Member] | Petroleum [Member] | Energy Segment [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Production, Barrels of Oil Per Day | 70,000 | ||||||||
Non-controlling Interests | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Proceeds from subsidiary equity offerings | 150 | 966 | |||||||
Non-controlling Interests | Energy Segment [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 150 | ||||||||
Non-controlling Interests | CVR Refining, LP [Member] | Energy Segment [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Proceeds from subsidiary equity offerings | 902 | ||||||||
Total Partners' Equity | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Proceeds from subsidiary equity offerings | 10 | 90 | |||||||
Total Partners' Equity | Energy Segment [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 10 | ||||||||
Total Partners' Equity | CVR Refining, LP [Member] | Energy Segment [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Proceeds from subsidiary equity offerings | 88 | ||||||||
Secondary offering [Member] | CVR Refining, LP [Member] | Energy Segment [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | $10 |
Operating_Units_Gaming_Segment
Operating Units Gaming Segment (Details) (USD $) | 12 Months Ended | 0 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Apr. 02, 2014 | Jul. 02, 2014 |
table_games | |||
slot_machines | |||
sqft | |||
casinos | |||
hotel_rooms | |||
Tropicana [Member] | |||
Segment Reporting Information [Line Items] | |||
Number of casinos | 8 | ||
Square footage of casino space | 390,900 | ||
Number of slot machines | 8,035 | ||
Number of table games | 304 | ||
Number of hotel rooms | 5,525 | ||
Percentage of equity ownership in subsidiary | 67.90% | ||
Tropicana [Member] | LOUISIANA | |||
Segment Reporting Information [Line Items] | |||
Number of casinos | 1 | ||
Tropicana [Member] | NEVADA | |||
Segment Reporting Information [Line Items] | |||
Number of casinos | 2 | ||
Tropicana [Member] | INDIANA | |||
Segment Reporting Information [Line Items] | |||
Number of casinos | 1 | ||
Tropicana [Member] | NEW JERSEY | |||
Segment Reporting Information [Line Items] | |||
Number of casinos | 1 | ||
Tropicana [Member] | ARUBA | |||
Segment Reporting Information [Line Items] | |||
Number of casinos | 1 | ||
Tropicana [Member] | MISSISSIPPI | |||
Segment Reporting Information [Line Items] | |||
Number of casinos | 1 | ||
Tropicana [Member] | MISSOURI | |||
Segment Reporting Information [Line Items] | |||
Number of casinos | 1 | ||
Gaming Segment [Member] | Lumiere [Member] | |||
Segment Reporting Information [Line Items] | |||
Payments to Acquire Businesses, Gross | $261 | ||
business combinations, recognized identifiable assets, net tangible assets | 252 | ||
business combinations, recognized identifiable assets, net intangible assets | 9 | ||
River Palms [Member] | Gaming Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Proceeds from Divestiture of Businesses | $7 |
Operating_Units_Other_Segments
Operating Units Other Segments and Other Information (Details) (USD $) | 0 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Oct. 02, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
manufacturing_facilities | |||
distribution_centers | |||
Segment Reporting Information [Line Items] | |||
2015 | 434 | ||
2016 | 400 | ||
2017 | 344 | ||
2018 | 275 | ||
2019 | 166 | ||
Thereafter | 166 | ||
Operating Leases, Future Minimum Payments Receivable | 1,785 | ||
Real Estate Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Number of Real Estate Properties | 29 | ||
Real estate assets pledged to collateralize mortgages | 31 | $56 | |
New ARL [Member] [Member] | Railcar Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Percentage of equity ownership in subsidiary | 75.00% | ||
Viskase [Member] | |||
Segment Reporting Information [Line Items] | |||
Percentage of equity ownership in subsidiary | 73.50% | ||
Number of manufacturing facilities | 9 | ||
Number of distribution centers | 9 | ||
Percentage of revenues from foreign countries | 72.00% | ||
ARI [Member] | |||
Segment Reporting Information [Line Items] | |||
Percentage of equity ownership in subsidiary | 55.60% | ||
MASSACHUSETTS | Real Estate Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Number of residential units for future development | 267 | ||
FLORIDA | Real Estate Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Number of residential units for future development | 1,328 | ||
Las Vegas, Nevada [Member] [Member] | Real Estate Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Acres of land | 23 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | |||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 29, 2004 | Jun. 30, 2014 | 7-May-12 | Oct. 02, 2013 | Jan. 31, 2014 | Oct. 02, 2013 | Dec. 06, 2013 | Aug. 24, 2012 | Oct. 31, 2013 | Oct. 24, 2004 | |
Related Party Transaction [Line Items] | |||||||||||||
Non-cash investment segment contribution | $0 | $185,000,000 | $0 | ||||||||||
Payments to Acquire Interest in Joint Venture | 0 | 279,000,000 | 0 | ||||||||||
Insight Portfolio Group LLC [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Related Party Transaction, Expenses from Transactions with Related Party | 2,000,000 | 2,000,000 | |||||||||||
Icahn Capital [Member] | Investment Funds [Member] | Expense Sharing Agreement [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Expenses charged by related party | 155,000,000 | 113,000,000 | 23,000,000 | ||||||||||
Federal-Mogul [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Percentage of equity ownership in subsidiary | 80.70% | ||||||||||||
Federal-Mogul [Member] | Principal Owners and Affiliates [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Funding Commitment, Total Amount | 1,600,000,000 | ||||||||||||
IEP Energy [Member] | Principal Owners and Affiliates [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Capital contributions by non-controlling interests in subsidiary (Shares) | 4,566,546 | 3,288,371 | |||||||||||
Capital contributions by non-controlling interests in subsidiary | 137,000,000 | ||||||||||||
ARL [Member] | Principal Owners and Affiliates [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Loans and Leases Receivable, Related Parties | 171,000,000 | 165,000,000 | |||||||||||
Interest Income, Related Party | 6,000,000 | 8,000,000 | |||||||||||
Related Party Transaction, Rate | 1.75% | ||||||||||||
Investment Funds [Member] | Principal Owners and Affiliates [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Investment in funds | 500,000,000 | 45,000,000 | |||||||||||
Investments, fair value | 4,800,000,000 | 4,700,000,000 | |||||||||||
Percentage fair value of investments in Funds that is attributable to Mr. Icahn | 53.00% | 56.00% | |||||||||||
ARI [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Percentage of equity ownership in subsidiary | 55.60% | ||||||||||||
AEP Leasing [Member] | ACF [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Option to purchase additinal railcars, number of cars | 500 | ||||||||||||
Option to purchase additional railcars | 70,000,000 | ||||||||||||
Railcars purchased | 296 | ||||||||||||
Purchase price of railcars | 43,000,000 | ||||||||||||
Principal Owners and Affiliates [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Affiliate ownership interest in Icahn Enterprises | 88.40% | ||||||||||||
Principal Owners and Affiliates [Member] | IEP Energy [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Affiliate ownership interest in Icahn Enterprises | 6.40% | ||||||||||||
Railcar Sales [Member] | ARI [Member] | ACF [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Related Party Transaction, Other Revenues from Transactions with Related Party | 19,000,000 | 12,000,000 | |||||||||||
Railcar Sales [Member] | AEP Leasing [Member] | ACF [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Related Party Transaction, Expenses from Transactions with Related Party | 127,000,000 | 57,000,000 | |||||||||||
Purchase of railcars [Member] | AEP Leasing [Member] | ACF [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required | 1,050 | ||||||||||||
Unrecorded Unconditional Purchase Obligation | 150,000,000 | ||||||||||||
Investment Segment [Member] | Koala [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Non-cash Investment segment contribution (derivative liability shares transferred) | 7,700,000 | ||||||||||||
Non-cash investment segment contribution | 185,000,000 | ||||||||||||
Railcar Segment [Member] | American Entertainment Properties Corp. [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Amount paid for management contract between related parties | 21,000,000 | ||||||||||||
Payments to Acquire Interest in Joint Venture | 279,000,000 | ||||||||||||
Railcar Segment [Member] | ARL [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Cash contribution to newly capitalized entity | 71,000,000 | ||||||||||||
Note receivable contribution to newly capitalized entity | 171,000,000 | ||||||||||||
Additional debt incurred by newly capitalized entity | 381,000,000 | ||||||||||||
Cash distributed by newly capitalized entity | $381,000,000 | ||||||||||||
Railcar Segment [Member] | New ARL [Member] [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Percentage of equity ownership in subsidiary | 75.00% |
Investments_and_Related_Matter2
Investments and Related Matters Investment Segment (Details) (Investment Segment [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of equity method investment under fair value option | $1 | $1 | |
Portion of trading (losses) gains that relates to trading securities still held at balance sheet date | -570 | 2,900 | 697 |
Equity Method Investments [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value option, recorded gains (losses) | $1 | $140 | $310 |
Investments_and_Related_Matter3
Investments and Related Matters Other Segments (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Schedule of Investments [Line Items] | ||
Investments | $14,500 | $12,261 |
Other Segments [Member] | ||
Schedule of Investments [Line Items] | ||
Equity method investments | 298 | 284 |
Other investments | 241 | 151 |
Investments | $539 | $435 |
Fair_Value_Measurements_Invest
Fair Value Measurements Investment Fair Value (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Investments [Abstract] | ||||
Investments | $14,500 | $12,261 | ||
Securities sold, not yet purchased, at fair value: [Abstract] | ||||
Securities sold, not yet purchased, at fair value | 337 | 884 | ||
Investment Segment [Member] | ||||
Investments [Abstract] | ||||
Investments | 13,961 | 11,826 | ||
Securities sold, not yet purchased, at fair value: [Abstract] | ||||
Securities sold, not yet purchased, at fair value | 337 | 884 | ||
Investment Segment [Member] | Recurring measurement [Member] | ||||
Investments [Abstract] | ||||
Investments | 13,961 | 11,826 | ||
Derivative contracts, Assets at fair value | 3 | [1] | 0 | [1] |
Fair value of investment and derivative assets | 13,964 | 11,826 | ||
Securities sold, not yet purchased, at fair value: [Abstract] | ||||
Derivative contracts, Liabilities at fair value | 614 | [2] | 639 | [2] |
Fair value of investment and derivative liabilities | 951 | 1,523 | ||
Investment Segment [Member] | Recurring measurement [Member] | Equity securities | ||||
Investments [Abstract] | ||||
Trading securities | 13,659 | 11,314 | ||
Securities sold, not yet purchased, at fair value: [Abstract] | ||||
Securities sold, not yet purchased, at fair value | 334 | 884 | ||
Investment Segment [Member] | Recurring measurement [Member] | Equity securities | Communications [Member] | ||||
Investments [Abstract] | ||||
Trading securities | 2,846 | 820 | ||
Investment Segment [Member] | Recurring measurement [Member] | Equity securities | Consumer, non-cyclical [Member] | ||||
Investments [Abstract] | ||||
Trading securities | 2,308 | 3,522 | ||
Securities sold, not yet purchased, at fair value: [Abstract] | ||||
Securities sold, not yet purchased, at fair value | 0 | 44 | ||
Investment Segment [Member] | Recurring measurement [Member] | Equity securities | Consumer, cyclical [Member] | ||||
Investments [Abstract] | ||||
Trading securities | 436 | 414 | ||
Securities sold, not yet purchased, at fair value: [Abstract] | ||||
Securities sold, not yet purchased, at fair value | 334 | 787 | ||
Investment Segment [Member] | Recurring measurement [Member] | Equity securities | Diversified [Member] | ||||
Investments [Abstract] | ||||
Trading securities | 23 | 29 | ||
Investment Segment [Member] | Recurring measurement [Member] | Equity securities | Energy Segment [Member] | ||||
Investments [Abstract] | ||||
Trading securities | 1,895 | 3,050 | ||
Investment Segment [Member] | Recurring measurement [Member] | Equity securities | Financial [Member] | ||||
Investments [Abstract] | ||||
Trading securities | 417 | 300 | ||
Securities sold, not yet purchased, at fair value: [Abstract] | ||||
Securities sold, not yet purchased, at fair value | 0 | 45 | ||
Investment Segment [Member] | Recurring measurement [Member] | Equity securities | Funds [Member] | ||||
Investments [Abstract] | ||||
Trading securities | 0 | 6 | ||
Securities sold, not yet purchased, at fair value: [Abstract] | ||||
Securities sold, not yet purchased, at fair value | 0 | 8 | ||
Investment Segment [Member] | Recurring measurement [Member] | Equity securities | Industrial [Member] | ||||
Investments [Abstract] | ||||
Trading securities | 99 | 0 | ||
Investment Segment [Member] | Recurring measurement [Member] | Equity securities | Technology [Member] | ||||
Investments [Abstract] | ||||
Trading securities | 5,635 | 3,173 | ||
Investment Segment [Member] | Recurring measurement [Member] | Corporate debt [Member] | ||||
Investments [Abstract] | ||||
Trading securities | 129 | 332 | ||
Investment Segment [Member] | Recurring measurement [Member] | Corporate debt [Member] | Consumer, cyclical [Member] | ||||
Investments [Abstract] | ||||
Trading securities | 75 | 287 | ||
Investment Segment [Member] | Recurring measurement [Member] | Corporate debt [Member] | Energy Segment [Member] | ||||
Investments [Abstract] | ||||
Trading securities | 19 | 0 | ||
Investment Segment [Member] | Recurring measurement [Member] | Corporate debt [Member] | Financial [Member] | ||||
Investments [Abstract] | ||||
Trading securities | 7 | 11 | ||
Investment Segment [Member] | Recurring measurement [Member] | Corporate debt [Member] | Sovereign debt [Member] | ||||
Investments [Abstract] | ||||
Trading securities | 0 | 5 | ||
Investment Segment [Member] | Recurring measurement [Member] | Corporate debt [Member] | Utilities [Member] | ||||
Investments [Abstract] | ||||
Trading securities | 28 | 29 | ||
Investment Segment [Member] | Recurring measurement [Member] | Mortgage-backed securities [Member] | Financial [Member] | ||||
Investments [Abstract] | ||||
Trading securities | 173 | 180 | ||
Investment Segment [Member] | Recurring measurement [Member] | Debt Securities [Member] | Consumer, non-cyclical [Member] | ||||
Securities sold, not yet purchased, at fair value: [Abstract] | ||||
Securities sold, not yet purchased, at fair value | 337 | 884 | ||
Investment Segment [Member] | Recurring measurement [Member] | Debt Securities [Member] | Energy Segment [Member] | ||||
Securities sold, not yet purchased, at fair value: [Abstract] | ||||
Securities sold, not yet purchased, at fair value | 3 | 0 | ||
Investment Segment [Member] | Level 1 [Member] | Recurring measurement [Member] | ||||
Investments [Abstract] | ||||
Investments | 13,639 | 11,130 | ||
Derivative contracts, Assets at fair value | 0 | [1] | 0 | [1] |
Fair value of investment and derivative assets | 13,639 | 11,130 | ||
Securities sold, not yet purchased, at fair value: [Abstract] | ||||
Derivative contracts, Liabilities at fair value | 0 | [2] | 0 | [2] |
Fair value of investment and derivative liabilities | 334 | 876 | ||
Investment Segment [Member] | Level 1 [Member] | Recurring measurement [Member] | Equity securities | ||||
Investments [Abstract] | ||||
Trading securities | 13,639 | 11,130 | ||
Securities sold, not yet purchased, at fair value: [Abstract] | ||||
Securities sold, not yet purchased, at fair value | 334 | 876 | ||
Investment Segment [Member] | Level 1 [Member] | Recurring measurement [Member] | Equity securities | Communications [Member] | ||||
Investments [Abstract] | ||||
Trading securities | 2,846 | 820 | ||
Investment Segment [Member] | Level 1 [Member] | Recurring measurement [Member] | Equity securities | Consumer, non-cyclical [Member] | ||||
Investments [Abstract] | ||||
Trading securities | 2,308 | 3,344 | ||
Securities sold, not yet purchased, at fair value: [Abstract] | ||||
Securities sold, not yet purchased, at fair value | 0 | 44 | ||
Investment Segment [Member] | Level 1 [Member] | Recurring measurement [Member] | Equity securities | Consumer, cyclical [Member] | ||||
Investments [Abstract] | ||||
Trading securities | 436 | 414 | ||
Securities sold, not yet purchased, at fair value: [Abstract] | ||||
Securities sold, not yet purchased, at fair value | 334 | 787 | ||
Investment Segment [Member] | Level 1 [Member] | Recurring measurement [Member] | Equity securities | Diversified [Member] | ||||
Investments [Abstract] | ||||
Trading securities | 23 | 29 | ||
Investment Segment [Member] | Level 1 [Member] | Recurring measurement [Member] | Equity securities | Energy Segment [Member] | ||||
Investments [Abstract] | ||||
Trading securities | 1,895 | 3,050 | ||
Investment Segment [Member] | Level 1 [Member] | Recurring measurement [Member] | Equity securities | Financial [Member] | ||||
Investments [Abstract] | ||||
Trading securities | 417 | 300 | ||
Securities sold, not yet purchased, at fair value: [Abstract] | ||||
Securities sold, not yet purchased, at fair value | 0 | 45 | ||
Investment Segment [Member] | Level 1 [Member] | Recurring measurement [Member] | Equity securities | Funds [Member] | ||||
Investments [Abstract] | ||||
Trading securities | 0 | 0 | ||
Securities sold, not yet purchased, at fair value: [Abstract] | ||||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Investment Segment [Member] | Level 1 [Member] | Recurring measurement [Member] | Equity securities | Industrial [Member] | ||||
Investments [Abstract] | ||||
Trading securities | 79 | 0 | ||
Investment Segment [Member] | Level 1 [Member] | Recurring measurement [Member] | Equity securities | Technology [Member] | ||||
Investments [Abstract] | ||||
Trading securities | 5,635 | 3,173 | ||
Investment Segment [Member] | Level 1 [Member] | Recurring measurement [Member] | Corporate debt [Member] | ||||
Investments [Abstract] | ||||
Trading securities | 0 | 0 | ||
Investment Segment [Member] | Level 1 [Member] | Recurring measurement [Member] | Corporate debt [Member] | Consumer, cyclical [Member] | ||||
Investments [Abstract] | ||||
Trading securities | 0 | 0 | ||
Investment Segment [Member] | Level 1 [Member] | Recurring measurement [Member] | Corporate debt [Member] | Energy Segment [Member] | ||||
Investments [Abstract] | ||||
Trading securities | 0 | 0 | ||
Investment Segment [Member] | Level 1 [Member] | Recurring measurement [Member] | Corporate debt [Member] | Financial [Member] | ||||
Investments [Abstract] | ||||
Trading securities | 0 | 0 | ||
Investment Segment [Member] | Level 1 [Member] | Recurring measurement [Member] | Corporate debt [Member] | Sovereign debt [Member] | ||||
Investments [Abstract] | ||||
Trading securities | 0 | 0 | ||
Investment Segment [Member] | Level 1 [Member] | Recurring measurement [Member] | Corporate debt [Member] | Utilities [Member] | ||||
Investments [Abstract] | ||||
Trading securities | 0 | 0 | ||
Investment Segment [Member] | Level 1 [Member] | Recurring measurement [Member] | Mortgage-backed securities [Member] | Financial [Member] | ||||
Investments [Abstract] | ||||
Trading securities | 0 | 0 | ||
Investment Segment [Member] | Level 1 [Member] | Recurring measurement [Member] | Debt Securities [Member] | Consumer, non-cyclical [Member] | ||||
Securities sold, not yet purchased, at fair value: [Abstract] | ||||
Securities sold, not yet purchased, at fair value | 334 | 876 | ||
Investment Segment [Member] | Level 1 [Member] | Recurring measurement [Member] | Debt Securities [Member] | Energy Segment [Member] | ||||
Securities sold, not yet purchased, at fair value: [Abstract] | ||||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Investment Segment [Member] | Level 2 [Member] | Recurring measurement [Member] | ||||
Investments [Abstract] | ||||
Investments | 247 | 409 | ||
Derivative contracts, Assets at fair value | 3 | [1] | 0 | [1] |
Fair value of investment and derivative assets | 250 | 409 | ||
Securities sold, not yet purchased, at fair value: [Abstract] | ||||
Derivative contracts, Liabilities at fair value | 614 | [2] | 639 | [2] |
Fair value of investment and derivative liabilities | 617 | 647 | ||
Investment Segment [Member] | Level 2 [Member] | Recurring measurement [Member] | Equity securities | ||||
Investments [Abstract] | ||||
Trading securities | 20 | 184 | ||
Securities sold, not yet purchased, at fair value: [Abstract] | ||||
Securities sold, not yet purchased, at fair value | 0 | 8 | ||
Investment Segment [Member] | Level 2 [Member] | Recurring measurement [Member] | Equity securities | Communications [Member] | ||||
Investments [Abstract] | ||||
Trading securities | 0 | 0 | ||
Investment Segment [Member] | Level 2 [Member] | Recurring measurement [Member] | Equity securities | Consumer, non-cyclical [Member] | ||||
Investments [Abstract] | ||||
Trading securities | 0 | 178 | ||
Securities sold, not yet purchased, at fair value: [Abstract] | ||||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Investment Segment [Member] | Level 2 [Member] | Recurring measurement [Member] | Equity securities | Consumer, cyclical [Member] | ||||
Investments [Abstract] | ||||
Trading securities | 0 | 0 | ||
Securities sold, not yet purchased, at fair value: [Abstract] | ||||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Investment Segment [Member] | Level 2 [Member] | Recurring measurement [Member] | Equity securities | Diversified [Member] | ||||
Investments [Abstract] | ||||
Trading securities | 0 | 0 | ||
Investment Segment [Member] | Level 2 [Member] | Recurring measurement [Member] | Equity securities | Energy Segment [Member] | ||||
Investments [Abstract] | ||||
Trading securities | 0 | 0 | ||
Investment Segment [Member] | Level 2 [Member] | Recurring measurement [Member] | Equity securities | Financial [Member] | ||||
Investments [Abstract] | ||||
Trading securities | 0 | 0 | ||
Securities sold, not yet purchased, at fair value: [Abstract] | ||||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Investment Segment [Member] | Level 2 [Member] | Recurring measurement [Member] | Equity securities | Funds [Member] | ||||
Investments [Abstract] | ||||
Trading securities | 0 | 6 | ||
Securities sold, not yet purchased, at fair value: [Abstract] | ||||
Securities sold, not yet purchased, at fair value | 0 | 8 | ||
Investment Segment [Member] | Level 2 [Member] | Recurring measurement [Member] | Equity securities | Industrial [Member] | ||||
Investments [Abstract] | ||||
Trading securities | 20 | 0 | ||
Investment Segment [Member] | Level 2 [Member] | Recurring measurement [Member] | Equity securities | Technology [Member] | ||||
Investments [Abstract] | ||||
Trading securities | 0 | 0 | ||
Investment Segment [Member] | Level 2 [Member] | Recurring measurement [Member] | Corporate debt [Member] | ||||
Investments [Abstract] | ||||
Trading securities | 54 | 45 | ||
Investment Segment [Member] | Level 2 [Member] | Recurring measurement [Member] | Corporate debt [Member] | Consumer, cyclical [Member] | ||||
Investments [Abstract] | ||||
Trading securities | 0 | 0 | ||
Investment Segment [Member] | Level 2 [Member] | Recurring measurement [Member] | Corporate debt [Member] | Energy Segment [Member] | ||||
Investments [Abstract] | ||||
Trading securities | 19 | 0 | ||
Investment Segment [Member] | Level 2 [Member] | Recurring measurement [Member] | Corporate debt [Member] | Financial [Member] | ||||
Investments [Abstract] | ||||
Trading securities | 7 | 11 | ||
Investment Segment [Member] | Level 2 [Member] | Recurring measurement [Member] | Corporate debt [Member] | Sovereign debt [Member] | ||||
Investments [Abstract] | ||||
Trading securities | 0 | 5 | ||
Investment Segment [Member] | Level 2 [Member] | Recurring measurement [Member] | Corporate debt [Member] | Utilities [Member] | ||||
Investments [Abstract] | ||||
Trading securities | 28 | 29 | ||
Investment Segment [Member] | Level 2 [Member] | Recurring measurement [Member] | Mortgage-backed securities [Member] | Financial [Member] | ||||
Investments [Abstract] | ||||
Trading securities | 173 | 180 | ||
Investment Segment [Member] | Level 2 [Member] | Recurring measurement [Member] | Debt Securities [Member] | Consumer, non-cyclical [Member] | ||||
Securities sold, not yet purchased, at fair value: [Abstract] | ||||
Securities sold, not yet purchased, at fair value | 3 | 8 | ||
Investment Segment [Member] | Level 2 [Member] | Recurring measurement [Member] | Debt Securities [Member] | Energy Segment [Member] | ||||
Securities sold, not yet purchased, at fair value: [Abstract] | ||||
Securities sold, not yet purchased, at fair value | 3 | 0 | ||
Investment Segment [Member] | Level 3 [Member] | Recurring measurement [Member] | ||||
Investments [Abstract] | ||||
Investments | 75 | 287 | ||
Derivative contracts, Assets at fair value | 0 | [1] | 0 | [1] |
Fair value of investment and derivative assets | 75 | 287 | ||
Securities sold, not yet purchased, at fair value: [Abstract] | ||||
Derivative contracts, Liabilities at fair value | 0 | [2] | 0 | [2] |
Fair value of investment and derivative liabilities | 0 | 0 | ||
Investment Segment [Member] | Level 3 [Member] | Recurring measurement [Member] | Equity securities | ||||
Investments [Abstract] | ||||
Trading securities | 0 | 0 | ||
Securities sold, not yet purchased, at fair value: [Abstract] | ||||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Investment Segment [Member] | Level 3 [Member] | Recurring measurement [Member] | Equity securities | Communications [Member] | ||||
Investments [Abstract] | ||||
Trading securities | 0 | 0 | ||
Investment Segment [Member] | Level 3 [Member] | Recurring measurement [Member] | Equity securities | Consumer, non-cyclical [Member] | ||||
Investments [Abstract] | ||||
Trading securities | 0 | 0 | ||
Securities sold, not yet purchased, at fair value: [Abstract] | ||||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Investment Segment [Member] | Level 3 [Member] | Recurring measurement [Member] | Equity securities | Consumer, cyclical [Member] | ||||
Investments [Abstract] | ||||
Trading securities | 0 | 0 | ||
Securities sold, not yet purchased, at fair value: [Abstract] | ||||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Investment Segment [Member] | Level 3 [Member] | Recurring measurement [Member] | Equity securities | Diversified [Member] | ||||
Investments [Abstract] | ||||
Trading securities | 0 | 0 | ||
Investment Segment [Member] | Level 3 [Member] | Recurring measurement [Member] | Equity securities | Energy Segment [Member] | ||||
Investments [Abstract] | ||||
Trading securities | 0 | 0 | ||
Investment Segment [Member] | Level 3 [Member] | Recurring measurement [Member] | Equity securities | Financial [Member] | ||||
Investments [Abstract] | ||||
Trading securities | 0 | 0 | ||
Securities sold, not yet purchased, at fair value: [Abstract] | ||||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Investment Segment [Member] | Level 3 [Member] | Recurring measurement [Member] | Equity securities | Funds [Member] | ||||
Investments [Abstract] | ||||
Trading securities | 0 | 0 | ||
Securities sold, not yet purchased, at fair value: [Abstract] | ||||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Investment Segment [Member] | Level 3 [Member] | Recurring measurement [Member] | Equity securities | Industrial [Member] | ||||
Investments [Abstract] | ||||
Trading securities | 0 | 0 | ||
Investment Segment [Member] | Level 3 [Member] | Recurring measurement [Member] | Equity securities | Technology [Member] | ||||
Investments [Abstract] | ||||
Trading securities | 0 | 0 | ||
Investment Segment [Member] | Level 3 [Member] | Recurring measurement [Member] | Corporate debt [Member] | ||||
Investments [Abstract] | ||||
Trading securities | 75 | 287 | ||
Investment Segment [Member] | Level 3 [Member] | Recurring measurement [Member] | Corporate debt [Member] | Consumer, cyclical [Member] | ||||
Investments [Abstract] | ||||
Trading securities | 75 | 287 | ||
Investment Segment [Member] | Level 3 [Member] | Recurring measurement [Member] | Corporate debt [Member] | Energy Segment [Member] | ||||
Investments [Abstract] | ||||
Trading securities | 0 | 0 | ||
Investment Segment [Member] | Level 3 [Member] | Recurring measurement [Member] | Corporate debt [Member] | Financial [Member] | ||||
Investments [Abstract] | ||||
Trading securities | 0 | 0 | ||
Investment Segment [Member] | Level 3 [Member] | Recurring measurement [Member] | Corporate debt [Member] | Sovereign debt [Member] | ||||
Investments [Abstract] | ||||
Trading securities | 0 | 0 | ||
Investment Segment [Member] | Level 3 [Member] | Recurring measurement [Member] | Corporate debt [Member] | Utilities [Member] | ||||
Investments [Abstract] | ||||
Trading securities | 0 | 0 | ||
Investment Segment [Member] | Level 3 [Member] | Recurring measurement [Member] | Mortgage-backed securities [Member] | Financial [Member] | ||||
Investments [Abstract] | ||||
Trading securities | 0 | 0 | ||
Investment Segment [Member] | Level 3 [Member] | Recurring measurement [Member] | Debt Securities [Member] | Consumer, non-cyclical [Member] | ||||
Securities sold, not yet purchased, at fair value: [Abstract] | ||||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Investment Segment [Member] | Level 3 [Member] | Recurring measurement [Member] | Debt Securities [Member] | Energy Segment [Member] | ||||
Securities sold, not yet purchased, at fair value: [Abstract] | ||||
Securities sold, not yet purchased, at fair value | $0 | $0 | ||
[1] | Included in other assets in our consolidated balance sheets. | |||
[2] | Included in accrued expenses and other liabilities in our consolidated balance sheets. |
Fair_Value_Measurements_Change
Fair Value Measurements Changes in Fair Value Level 3 (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Holding Company [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, [Roll Forward] | ||
Balance at January 1 | $116 | $81 |
Purchases | 0 | 67 |
Distribution-in-kind | 110 | 0 |
Gross realized and unrealized (losses) gains | -96 | -32 |
Balance at December 31 | 130 | 116 |
Investment Segment [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, [Roll Forward] | ||
Balance at January 1 | 287 | 288 |
Distribution-in-kind | -110 | 0 |
Gross realized and unrealized (losses) gains | -100 | 4 |
Gross proceeds | -2 | -5 |
Balance at December 31 | 75 | 287 |
Level 3 [Member] | Recurring measurement [Member] | Railcar and Food Packaging [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, [Roll Forward] | ||
Balance at January 1 | 21 | 30 |
Realized/unrealized gains (losses), net | 1 | 3 |
Purchases and settlements, net | -1 | -12 |
Balance at December 31 | 21 | 21 |
Level 3 [Member] | United States Plans | Recurring measurement [Member] | Automotive Segment [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, [Roll Forward] | ||
Balance at January 1 | 85 | 14 |
Realized/unrealized gains (losses), net | 6 | 11 |
Purchases and settlements, net | 47 | 83 |
Gross proceeds | -47 | -23 |
Balance at December 31 | 91 | 85 |
Level 3 [Member] | Non-U.S. Plans | Recurring measurement [Member] | Automotive Segment [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, [Roll Forward] | ||
Balance at January 1 | 44 | 42 |
Realized/unrealized gains (losses), net | 2 | 1 |
Purchases and settlements, net | 6 | 6 |
Gross proceeds | -5 | -6 |
Foreign currency exchange rate movements | -6 | 1 |
Balance at December 31 | $41 | $44 |
Fair_Value_Measurements_Other_
Fair Value Measurements Other Segments Fair Value (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Other Segments and Holding Company [Member] | Recurring measurement [Member] | |||||
Assets [Abstract] | |||||
Marketable equity and debt securities | $153,000,000 | $1,000,000 | |||
Trading securities | 55,000,000 | 116,000,000 | |||
Derivative contracts, Assets at fair value | 47,000,000 | [1] | 1,000,000 | [1] | |
Fair value of investment and derivative assets | 255,000,000 | 118,000,000 | |||
Liabilities [Abstract] | |||||
Other liabilities | 50,000,000 | [2] | 16,000,000 | [2] | |
Derivative contracts, Liabilities at fair value | 2,000,000 | [2] | 35,000,000 | [2] | |
Fair value of investment and derivative liabilities | 52,000,000 | 51,000,000 | |||
Other Segments and Holding Company [Member] | Recurring measurement [Member] | Level 1 [Member] | |||||
Assets [Abstract] | |||||
Marketable equity and debt securities | 75,000,000 | 1,000,000 | |||
Trading securities | 0 | 0 | |||
Derivative contracts, Assets at fair value | 0 | [1] | 0 | [1] | |
Fair value of investment and derivative assets | 75,000,000 | 1,000,000 | |||
Liabilities [Abstract] | |||||
Other liabilities | 0 | [2] | 0 | [2] | |
Derivative contracts, Liabilities at fair value | 0 | [2] | 0 | [2] | |
Fair value of investment and derivative liabilities | 0 | 0 | |||
Other Segments and Holding Company [Member] | Recurring measurement [Member] | Level 2 [Member] | |||||
Assets [Abstract] | |||||
Marketable equity and debt securities | 3,000,000 | 0 | |||
Trading securities | 0 | 0 | |||
Derivative contracts, Assets at fair value | 47,000,000 | [1] | 1,000,000 | [1] | |
Fair value of investment and derivative assets | 50,000,000 | 1,000,000 | |||
Liabilities [Abstract] | |||||
Other liabilities | 50,000,000 | [2] | 16,000,000 | [2] | |
Derivative contracts, Liabilities at fair value | 2,000,000 | [2] | 35,000,000 | [2] | |
Fair value of investment and derivative liabilities | 52,000,000 | 51,000,000 | |||
Other Segments and Holding Company [Member] | Recurring measurement [Member] | Level 3 [Member] | |||||
Assets [Abstract] | |||||
Marketable equity and debt securities | 75,000,000 | 0 | |||
Trading securities | 55,000,000 | 116,000,000 | |||
Derivative contracts, Assets at fair value | 0 | [1] | 0 | [1] | |
Fair value of investment and derivative assets | 130,000,000 | 116,000,000 | |||
Liabilities [Abstract] | |||||
Other liabilities | 0 | [2] | 0 | [2] | |
Derivative contracts, Liabilities at fair value | 0 | [2] | 0 | [2] | |
Fair value of investment and derivative liabilities | 0 | 0 | |||
Railcar and Food Packaging [Member] | Recurring measurement [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 139,000,000 | 135,000,000 | |||
Railcar and Food Packaging [Member] | Recurring measurement [Member] | Level 1 [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 88,000,000 | 97,000,000 | |||
Railcar and Food Packaging [Member] | Recurring measurement [Member] | Level 2 [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 30,000,000 | 17,000,000 | |||
Railcar and Food Packaging [Member] | Recurring measurement [Member] | Level 3 [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 21,000,000 | 21,000,000 | |||
United States Plans | Automotive Segment [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 912,000,000 | 909,000,000 | 778,000,000 | ||
United States Plans | Automotive Segment [Member] | Recurring measurement [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 912,000,000 | 909,000,000 | |||
United States Plans | Automotive Segment [Member] | Recurring measurement [Member] | Level 1 [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 796,000,000 | 794,000,000 | |||
United States Plans | Automotive Segment [Member] | Recurring measurement [Member] | Level 2 [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 25,000,000 | 30,000,000 | |||
United States Plans | Automotive Segment [Member] | Recurring measurement [Member] | Level 3 [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 91,000,000 | 85,000,000 | |||
Non-U.S. Plans | Automotive Segment [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 54,000,000 | 55,000,000 | 55,000,000 | ||
Non-U.S. Plans | Automotive Segment [Member] | Recurring measurement [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 54,000,000 | 55,000,000 | |||
Non-U.S. Plans | Automotive Segment [Member] | Recurring measurement [Member] | Level 1 [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 11,000,000 | 9,000,000 | |||
Non-U.S. Plans | Automotive Segment [Member] | Recurring measurement [Member] | Level 2 [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 2,000,000 | 2,000,000 | |||
Non-U.S. Plans | Automotive Segment [Member] | Recurring measurement [Member] | Level 3 [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 41,000,000 | 44,000,000 | |||
Cash | Railcar and Food Packaging [Member] | Recurring measurement [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 6,000,000 | 5,000,000 | |||
Cash | Railcar and Food Packaging [Member] | Recurring measurement [Member] | Level 1 [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 5,000,000 | 4,000,000 | |||
Cash | Railcar and Food Packaging [Member] | Recurring measurement [Member] | Level 2 [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 1,000,000 | 1,000,000 | |||
Cash | Railcar and Food Packaging [Member] | Recurring measurement [Member] | Level 3 [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |||
Cash | United States Plans | Automotive Segment [Member] | Recurring measurement [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 44,000,000 | 33,000,000 | |||
Cash | United States Plans | Automotive Segment [Member] | Recurring measurement [Member] | Level 1 [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 44,000,000 | 33,000,000 | |||
Cash | United States Plans | Automotive Segment [Member] | Recurring measurement [Member] | Level 2 [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |||
Cash | United States Plans | Automotive Segment [Member] | Recurring measurement [Member] | Level 3 [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |||
Equity securities | United States Plans | Automotive Segment [Member] | Recurring measurement [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 314,000,000 | 347,000,000 | |||
Equity securities | United States Plans | Automotive Segment [Member] | Recurring measurement [Member] | Level 1 [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 314,000,000 | 347,000,000 | |||
Equity securities | United States Plans | Automotive Segment [Member] | Recurring measurement [Member] | Level 2 [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |||
Equity securities | United States Plans | Automotive Segment [Member] | Recurring measurement [Member] | Level 3 [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |||
Fixed income securities | Railcar and Food Packaging [Member] | Recurring measurement [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 23,000,000 | 22,000,000 | |||
Fixed income securities | Railcar and Food Packaging [Member] | Recurring measurement [Member] | Level 1 [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 22,000,000 | 21,000,000 | |||
Fixed income securities | Railcar and Food Packaging [Member] | Recurring measurement [Member] | Level 2 [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 1,000,000 | 1,000,000 | |||
Fixed income securities | Railcar and Food Packaging [Member] | Recurring measurement [Member] | Level 3 [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |||
Fixed income securities | United States Plans | Automotive Segment [Member] | Recurring measurement [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 166,000,000 | 135,000,000 | |||
Fixed income securities | United States Plans | Automotive Segment [Member] | Recurring measurement [Member] | Level 1 [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 166,000,000 | 135,000,000 | |||
Fixed income securities | United States Plans | Automotive Segment [Member] | Recurring measurement [Member] | Level 2 [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |||
Fixed income securities | United States Plans | Automotive Segment [Member] | Recurring measurement [Member] | Level 3 [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |||
Fixed income securities | Non-U.S. Plans | Automotive Segment [Member] | Recurring measurement [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 10,000,000 | 7,000,000 | |||
Fixed income securities | Non-U.S. Plans | Automotive Segment [Member] | Recurring measurement [Member] | Level 1 [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 10,000,000 | 7,000,000 | |||
Fixed income securities | Non-U.S. Plans | Automotive Segment [Member] | Recurring measurement [Member] | Level 2 [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |||
Fixed income securities | Non-U.S. Plans | Automotive Segment [Member] | Recurring measurement [Member] | Level 3 [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |||
Real estate and other | United States Plans | Automotive Segment [Member] | Recurring measurement [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 25,000,000 | 23,000,000 | |||
Real estate and other | United States Plans | Automotive Segment [Member] | Recurring measurement [Member] | Level 1 [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 25,000,000 | 23,000,000 | |||
Real estate and other | United States Plans | Automotive Segment [Member] | Recurring measurement [Member] | Level 2 [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |||
Real estate and other | United States Plans | Automotive Segment [Member] | Recurring measurement [Member] | Level 3 [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |||
Equity securities | Railcar and Food Packaging [Member] | Recurring measurement [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 83,000,000 | 81,000,000 | |||
Equity securities | Railcar and Food Packaging [Member] | Recurring measurement [Member] | Level 1 [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 55,000,000 | 66,000,000 | |||
Equity securities | Railcar and Food Packaging [Member] | Recurring measurement [Member] | Level 2 [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 28,000,000 | 15,000,000 | |||
Equity securities | Railcar and Food Packaging [Member] | Recurring measurement [Member] | Level 3 [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |||
Equity securities | United States Plans | Automotive Segment [Member] | Recurring measurement [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 231,000,000 | 242,000,000 | |||
Equity securities | United States Plans | Automotive Segment [Member] | Recurring measurement [Member] | Level 1 [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 231,000,000 | 242,000,000 | |||
Equity securities | United States Plans | Automotive Segment [Member] | Recurring measurement [Member] | Level 2 [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |||
Equity securities | United States Plans | Automotive Segment [Member] | Recurring measurement [Member] | Level 3 [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |||
Equity securities | Non-U.S. Plans | Automotive Segment [Member] | Recurring measurement [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 1,000,000 | 2,000,000 | |||
Equity securities | Non-U.S. Plans | Automotive Segment [Member] | Recurring measurement [Member] | Level 1 [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 1,000,000 | 2,000,000 | |||
Equity securities | Non-U.S. Plans | Automotive Segment [Member] | Recurring measurement [Member] | Level 2 [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |||
Equity securities | Non-U.S. Plans | Automotive Segment [Member] | Recurring measurement [Member] | Level 3 [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |||
Fixed income collective trust | United States Plans | Automotive Segment [Member] | Recurring measurement [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |||
Fixed income collective trust | United States Plans | Automotive Segment [Member] | Recurring measurement [Member] | Level 1 [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |||
Fixed income collective trust | United States Plans | Automotive Segment [Member] | Recurring measurement [Member] | Level 2 [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |||
Fixed income collective trust | United States Plans | Automotive Segment [Member] | Recurring measurement [Member] | Level 3 [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |||
Corporate and other | United States Plans | Automotive Segment [Member] | Recurring measurement [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 21,000,000 | 22,000,000 | |||
Corporate and other | United States Plans | Automotive Segment [Member] | Recurring measurement [Member] | Level 1 [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |||
Corporate and other | United States Plans | Automotive Segment [Member] | Recurring measurement [Member] | Level 2 [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 21,000,000 | 22,000,000 | |||
Corporate and other | United States Plans | Automotive Segment [Member] | Recurring measurement [Member] | Level 3 [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |||
Government | United States Plans | Automotive Segment [Member] | Recurring measurement [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 20,000,000 | 22,000,000 | |||
Government | United States Plans | Automotive Segment [Member] | Recurring measurement [Member] | Level 1 [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 16,000,000 | 14,000,000 | |||
Government | United States Plans | Automotive Segment [Member] | Recurring measurement [Member] | Level 2 [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 4,000,000 | 8,000,000 | |||
Government | United States Plans | Automotive Segment [Member] | Recurring measurement [Member] | Level 3 [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |||
Hedge funds | United States Plans | Automotive Segment [Member] | Recurring measurement [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 91,000,000 | 85,000,000 | |||
Hedge funds | United States Plans | Automotive Segment [Member] | Recurring measurement [Member] | Level 1 [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |||
Hedge funds | United States Plans | Automotive Segment [Member] | Recurring measurement [Member] | Level 2 [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |||
Hedge funds | United States Plans | Automotive Segment [Member] | Recurring measurement [Member] | Level 3 [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 91,000,000 | 85,000,000 | |||
Insurance contracts | Non-U.S. Plans | Automotive Segment [Member] | Recurring measurement [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 41,000,000 | 44,000,000 | |||
Insurance contracts | Non-U.S. Plans | Automotive Segment [Member] | Recurring measurement [Member] | Level 1 [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |||
Insurance contracts | Non-U.S. Plans | Automotive Segment [Member] | Recurring measurement [Member] | Level 2 [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |||
Insurance contracts | Non-U.S. Plans | Automotive Segment [Member] | Recurring measurement [Member] | Level 3 [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 41,000,000 | 44,000,000 | |||
Corporate bonds | Non-U.S. Plans | Automotive Segment [Member] | Recurring measurement [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 2,000,000 | 2,000,000 | |||
Corporate bonds | Non-U.S. Plans | Automotive Segment [Member] | Recurring measurement [Member] | Level 1 [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |||
Corporate bonds | Non-U.S. Plans | Automotive Segment [Member] | Recurring measurement [Member] | Level 2 [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 2,000,000 | 2,000,000 | |||
Corporate bonds | Non-U.S. Plans | Automotive Segment [Member] | Recurring measurement [Member] | Level 3 [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |||
Other | Railcar and Food Packaging [Member] | Recurring measurement [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 27,000,000 | 27,000,000 | |||
Other | Railcar and Food Packaging [Member] | Recurring measurement [Member] | Level 1 [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 6,000,000 | 6,000,000 | |||
Other | Railcar and Food Packaging [Member] | Recurring measurement [Member] | Level 2 [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |||
Other | Railcar and Food Packaging [Member] | Recurring measurement [Member] | Level 3 [Member] | |||||
Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | $21,000,000 | $21,000,000 | |||
[1] | Amounts are classified within other assets in our consolidated balance sheets. | ||||
[2] | Amounts are classified within accrued expenses and other liabilities in our consolidated balanceB sheets. |
Fair_Value_Measurements_Assets
Fair Value Measurements Assets Fair Value Nonrecurring Basis (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impairment of property, plant, and equipment | $27 | $16 |
Impairment of equity method investments | 5 | 0 |
Impairment of goodwill | 103 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of property, plant, and equipment impaired during the period | 53 | 74 |
Fair value of equity method investments measured on a non-recurring basis that was written down during the period | 10 | 0 |
Fair Value of Property, Goodwill Impaired During the Period | $827 | $0 |
Fair_Value_Measurements_Narrat
Fair Value Measurements Narrative (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Holding Company [Member] | ||
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Gross realized and unrealized losses | $96 | $32 |
Distribution-in-kind | -110 | 0 |
Investment Segment [Member] | ||
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Gross realized and unrealized losses | 100 | -4 |
Distribution-in-kind | 110 | 0 |
Investment Segment [Member] | Level 3 [Member] | ||
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Unrealized losses included in earnings related to Level 3 investments | $68 | |
Equity investment [Member] | Automotive Segment [Member] | ||
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 60.00% | |
Defined Benefit Plan, Target Plan Asset Allocations | 50.00% | |
Fixed Income Investments [Member] | Automotive Segment [Member] | ||
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 23.00% | |
Defined Benefit Plan, Target Plan Asset Allocations | 25.00% | |
Other Investments [Member] | Automotive Segment [Member] | ||
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 17.00% | |
Defined Benefit Plan, Target Plan Asset Allocations | 25.00% | |
Managed investment funds [Member] | Automotive Segment [Member] | ||
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Defined Benefit Plan, Target Plan Asset Allocations | 76.00% |
Financial_Instruments_Investme
Financial Instruments Investment Segment and Holding Company Narrative (Details) (USD $) | 12 Months Ended | |||
Share data in Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Derivative [Line Items] | ||||
Non-cash investment segment contribution | $0 | $185,000,000 | $0 | |
Cash collateral posted for derivative positions | 1,248,000,000 | 255,000,000 | ||
Credit default swaps(1) | ||||
Derivative [Line Items] | ||||
Short Notional Exposure | 1,493,000,000 | [1] | 0 | |
Investment Segment [Member] | Investment Funds [Member] | ||||
Derivative [Line Items] | ||||
Open Option Contracts Written, Covered Put Options on Existing Short Positions | 2,400,000,000 | 8,000,000,000 | ||
Fair value of derivative instruments with credit-risk related contingent features in a liability position | 614,000,000 | 639,000,000 | ||
Open Option Contract Written, Potential Payment Amount | 2,500,000,000 | 8,000,000,000 | ||
Investment Segment [Member] | Investment Funds [Member] | Total Return Swap [Member] | ||||
Derivative [Line Items] | ||||
Unrealized Gain (Loss) on Derivatives | 14,000,000 | |||
Investment Segment [Member] | Investment Funds [Member] | Put Option [Member] | ||||
Derivative [Line Items] | ||||
Unrealized Gain (Loss) on Derivatives | -1,000,000 | 131,000,000 | ||
Holding Company [Member] | Investment Segment [Member] | ||||
Derivative [Line Items] | ||||
Non-cash Investment segment contribution (derivative liability shares transferred) | 9.7 | |||
Non-cash investment segment contribution | 234,000,000 | |||
Koala [Member] | Investment Segment [Member] | ||||
Derivative [Line Items] | ||||
Non-cash Investment segment contribution (derivative liability shares transferred) | 7.7 | |||
Non-cash investment segment contribution | $185,000,000 | |||
[1] | The short notional amount on our credit default swap positions is approximately $9.3 billion as of DecemberB 31, 2014. However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is approximately $1.5 billion. |
Financial_Instruments_Automoti
Financial Instruments Automotive Narrative (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Interest rate contracts(2) | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $16,000,000,000 | |
Investment Segment [Member] | Investment Funds [Member] | ||
Derivative [Line Items] | ||
Open Option Contracts Written, Covered Put Options on Existing Short Positions | 2,400,000,000 | 8,000,000,000 |
Automotive Segment [Member] | Federal-Mogul [Member] | Cash Flow Hedging [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 12,000,000 | |
Price Risk Cash Flow Hedge Derivatives, Contractual Term | 15 months | |
Automotive Segment [Member] | Federal-Mogul [Member] | Cash Flow Hedging [Member] | Commodity contracts | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 36,000,000 | 51,000,000 |
Automotive Segment [Member] | Sales Revenue, Goods, Net [Member] | Customer Concentration Risk [Member] | Federal-Mogul [Member] | ||
Derivative [Line Items] | ||
Number of customers accounting for more than 6% of direct sales | 0 | |
Concentration of risk threshold, percentage of direct sales | 6.00% | |
Automotive Segment [Member] | VCS [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | Federal-Mogul [Member] | ||
Derivative [Line Items] | ||
Number of customers accounting for more than 6% of direct sales | 2 | |
Concentration threshhold, balance sheet | 18.00% | |
Designated as Hedging Instrument [Member] | Automotive Segment [Member] | Federal-Mogul [Member] | Cash Flow Hedging [Member] | ||
Derivative [Line Items] | ||
Unrealized net gains (losses) on price hedge contracts | 1,000,000 | 1,000,000 |
Unrealized net gains (losses) on foreign currency hedge contracts | ($1,000,000) |
Financial_Instruments_Energy_D
Financial Instruments Energy (Details) (USD $) | 8 Months Ended | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Jul. 01, 2011 | Jun. 30, 2011 | ||
Not Designated as Hedging Instrument [Member] | Other Assets [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Asset Derivatives, Gross | $60 | [1] | $18 | [1] | |||
Not Designated as Hedging Instrument [Member] | Accrued Expenses and Other Liabilities [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Liability Derivatives, Gross | 624 | [2] | 687 | [2] | |||
Equity contracts | Not Designated as Hedging Instrument [Member] | Other Assets [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Asset Derivatives, Gross | 0 | [1] | 0 | [1] | |||
Equity contracts | Not Designated as Hedging Instrument [Member] | Accrued Expenses and Other Liabilities [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Liability Derivatives, Gross | 539 | [2] | 654 | [2] | |||
Foreign exchange contracts | Not Designated as Hedging Instrument [Member] | Other Assets [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Asset Derivatives, Gross | 11 | [1] | 1 | [1] | |||
Foreign exchange contracts | Not Designated as Hedging Instrument [Member] | Accrued Expenses and Other Liabilities [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Liability Derivatives, Gross | 0 | [2] | 0 | [2] | |||
Credit contracts | Not Designated as Hedging Instrument [Member] | Other Assets [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Asset Derivatives, Gross | 1 | [1] | 0 | [1] | |||
Credit contracts | Not Designated as Hedging Instrument [Member] | Accrued Expenses and Other Liabilities [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Liability Derivatives, Gross | 85 | [2] | 0 | [2] | |||
Interest rate contracts | Not Designated as Hedging Instrument [Member] | Other Assets [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Asset Derivatives, Gross | 1 | [1] | 0 | [1] | |||
Interest rate contracts | Not Designated as Hedging Instrument [Member] | Accrued Expenses and Other Liabilities [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Liability Derivatives, Gross | 0 | [2] | 0 | [2] | |||
Commodity contracts | Not Designated as Hedging Instrument [Member] | Accrued Expenses and Other Liabilities [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Fair value of open commodity positions, net liability | 0 | [2] | 33 | [2] | |||
Interest rate contracts(2) | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative, Notional Amount | 16,000 | ||||||
Energy Segment [Member] | Commodity contracts | Not Designated as Hedging Instrument [Member] | Other Assets [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Fair value of open commodity positions, net liability | 0 | 1 | |||||
Swap [Member] | Energy Segment [Member] | Commodity contracts | Not Designated as Hedging Instrument [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Barrels of crack spreads hedging margin on future gasoline and distillate production | 9,100,000 | 23,300,000 | |||||
Other Income (Loss) [Member] | Energy Segment [Member] | Commodity contracts | Not Designated as Hedging Instrument [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Realized loss on commodity derivatives | -4 | 1 | -3 | ||||
Other Income (Loss) [Member] | Swap [Member] | Energy Segment [Member] | Commodity contracts | Not Designated as Hedging Instrument [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Fair value of open commodity positions, net liability | 47 | 16 | |||||
Realized loss on commodity derivatives | 176 | 187 | 60 | ||||
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Other Assets [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Asset Derivatives, Gross | 1 | [3] | 1 | [3] | |||
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Accrued Expenses and Other Liabilities [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Liability Derivatives, Gross | 3 | [4] | 5 | [4] | |||
Cash Flow Hedging [Member] | Foreign exchange contracts | Designated as Hedging Instrument [Member] | Other Assets [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Asset Derivatives, Gross | 0 | [3] | 0 | [3] | |||
Cash Flow Hedging [Member] | Foreign exchange contracts | Designated as Hedging Instrument [Member] | Accrued Expenses and Other Liabilities [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Liability Derivatives, Gross | 0 | [4] | 1 | [4] | |||
Cash Flow Hedging [Member] | Commodity contracts | Designated as Hedging Instrument [Member] | Other Assets [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Asset Derivatives, Gross | 1 | [3] | 1 | [3] | |||
Cash Flow Hedging [Member] | Commodity contracts | Designated as Hedging Instrument [Member] | Accrued Expenses and Other Liabilities [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Liability Derivatives, Gross | 2 | [4] | 2 | [4] | |||
Cash Flow Hedging [Member] | Interest rate contracts(2) | Designated as Hedging Instrument [Member] | Other Assets [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Asset Derivatives, Gross | 0 | [3] | 0 | [3] | |||
Cash Flow Hedging [Member] | Interest rate contracts(2) | Designated as Hedging Instrument [Member] | Accrued Expenses and Other Liabilities [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Liability Derivatives, Gross | 1 | [4] | 2 | [4] | |||
Cash Flow Hedging [Member] | Energy Segment [Member] | Interest rate contracts(2) | Designated as Hedging Instrument [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative, Notional Amount | 63 | ||||||
Lower fixed interest rate paid on interest rate swaps | 1.98% | 1.94% | |||||
Frequency of interest rate swap settlements | 90 days | ||||||
Average fixed interest rate paid on interest rate swaps | 1.96% | ||||||
Realized loss on interest rate swaps reclassified from AOCI into interest expense | 1 | 1 | 1 | ||||
Debt Facility [Member] | Term Loan [Member] | Energy Segment [Member] | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Balance of debt partially hedged | $125 | ||||||
Effective interest rate on debt hedged | 4.56% | ||||||
[1] | Net asset derivatives are located within other assets in our consolidated balance sheets. | ||||||
[2] | Net liability derivatives are located within accrued expenses and other liabilities in our consolidated balance sheets. | ||||||
[3] | Located within other assets in our consolidated balance sheets. | ||||||
[4] | Located within accrued expenses and other liabilities in our consolidated balance sheets. |
Financial_Instruments_Derivati
Financial Instruments Derivatives Not Designated as Hedging, Fair Value Table (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | ||||
Cash collateral posted for derivative positions | $1,248 | $255 | ||
Not Designated as Hedging Instrument [Member] | Other Assets [Member] | ||||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | ||||
Asset Derivatives, Gross | 60 | [1] | 18 | [1] |
Netting across contract types | -10 | [1],[2] | -17 | [1],[2] |
Asset Derivatives, Total | 50 | [1],[2] | 1 | [1],[2] |
Not Designated as Hedging Instrument [Member] | Accrued Expenses and Other Liabilities [Member] | ||||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | ||||
Liability Derivatives, Gross | 624 | [3] | 687 | [3] |
Liability Derivatives, Netting across contract types | -10 | [2],[3] | -17 | [2],[3] |
Liability Derivatives, Total | 614 | [2],[3] | 670 | [2],[3] |
Not Designated as Hedging Instrument [Member] | Equity contracts | Other Assets [Member] | ||||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | ||||
Asset Derivatives, Gross | 0 | [1] | 0 | [1] |
Not Designated as Hedging Instrument [Member] | Equity contracts | Accrued Expenses and Other Liabilities [Member] | ||||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | ||||
Liability Derivatives, Gross | 539 | [3] | 654 | [3] |
Not Designated as Hedging Instrument [Member] | Foreign exchange contracts | Other Assets [Member] | ||||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | ||||
Asset Derivatives, Gross | 11 | [1] | 1 | [1] |
Not Designated as Hedging Instrument [Member] | Foreign exchange contracts | Accrued Expenses and Other Liabilities [Member] | ||||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | ||||
Liability Derivatives, Gross | 0 | [3] | 0 | [3] |
Not Designated as Hedging Instrument [Member] | Credit contracts | Other Assets [Member] | ||||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | ||||
Asset Derivatives, Gross | 1 | [1] | 0 | [1] |
Not Designated as Hedging Instrument [Member] | Credit contracts | Accrued Expenses and Other Liabilities [Member] | ||||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | ||||
Liability Derivatives, Gross | 85 | [3] | 0 | [3] |
Not Designated as Hedging Instrument [Member] | Interest rate contracts | Other Assets [Member] | ||||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | ||||
Asset Derivatives, Gross | 1 | [1] | 0 | [1] |
Not Designated as Hedging Instrument [Member] | Interest rate contracts | Accrued Expenses and Other Liabilities [Member] | ||||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | ||||
Liability Derivatives, Gross | 0 | [3] | 0 | [3] |
Not Designated as Hedging Instrument [Member] | Commodity contracts | Other Assets [Member] | ||||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | ||||
Derivative Asset, Fair Value, Net | 47 | [1] | 17 | [1] |
Not Designated as Hedging Instrument [Member] | Commodity contracts | Accrued Expenses and Other Liabilities [Member] | ||||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | ||||
Derivative Liability, Fair Value, Net | $0 | [3] | $33 | [3] |
[1] | Net asset derivatives are located within other assets in our consolidated balance sheets. | |||
[2] | Excludes netting of cash collateral received and posted. The total collateral posted at DecemberB 31, 2014 and 2013 was $1,248 million and $255 million, respectively, across all counterparties. | |||
[3] | Net liability derivatives are located within accrued expenses and other liabilities in our consolidated balance sheets. |
Financial_Instruments_Gain_Los
Financial Instruments Gain (Loss) Recognized on Derivatives Not Designated as Hedging Table (Details) (Not Designated as Hedging Instrument [Member], Net Gain from Investment Activities [Member], USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Derivative [Line Items] | ||||||
Gain (Loss) Recognized in Income | ($987) | [1] | ($2,183) | [1] | ($1,339) | [1] |
Equity contracts | ||||||
Derivative [Line Items] | ||||||
Gain (Loss) Recognized in Income | -1,447 | [1] | -2,167 | [1] | -1,082 | [1] |
Foreign exchange contracts | ||||||
Derivative [Line Items] | ||||||
Gain (Loss) Recognized in Income | 213 | [1] | -80 | [1] | -78 | [1] |
Credit contracts | ||||||
Derivative [Line Items] | ||||||
Gain (Loss) Recognized in Income | 61 | [1] | 0 | [1] | 1 | [1] |
Commodity contracts | ||||||
Derivative [Line Items] | ||||||
Gain (Loss) Recognized in Income | $186 | [1] | $64 | [1] | ($180) | [1] |
[1] | Gains (losses) recognized on derivatives are classified in net gain from investment activities in our consolidated statements of operations for our Investment segment and are included in other income (loss), net for all other segments. |
Financial_Instruments_Derivati1
Financial Instruments Derivative Activities Table (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | |
In Millions, unless otherwise specified | |||
Credit default swaps(1) | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | $9,300 | ||
Primary underlying risk: | |||
Long Notional Exposure | 389 | 0 | |
Short Notional Exposure | 1,493 | [1] | 0 |
Equity swaps | |||
Primary underlying risk: | |||
Long Notional Exposure | 1 | 1 | |
Short Notional Exposure | 11,312 | 10,508 | |
Foreign currency forwards | |||
Primary underlying risk: | |||
Long Notional Exposure | 0 | 12 | |
Short Notional Exposure | 1,578 | 1,676 | |
Interest rate contracts(2) | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 16,000 | ||
Notional Exposure of Derivatives, Short Position, less than three months | 74 | [1] | |
Primary underlying risk: | |||
Long Notional Exposure | 0 | 0 | |
Short Notional Exposure | 137 | [2] | 63 |
Commodity contracts | |||
Primary underlying risk: | |||
Long Notional Exposure | 36 | 60 | |
Short Notional Exposure | $234 | $669 | |
[1] | The short notional amount on our credit default swap positions is approximately $9.3 billion as of DecemberB 31, 2014. However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is approximately $1.5 billion. | ||
[2] | The short notional amount on certain of our interest rate contracts with a three month duration is $16.0 billion as of DecemberB 31, 2014. We assume that interest rates will not fall below zero and therefore our downside short notional exposure to loss on these contracts is $74 million (of the total $137 million disclosed in the above table). |
Financial_Instruments_Derivati2
Financial Instruments Derivatives Designated as Cash Flow Hedging Instruments Table (Details) (Designated as Hedging Instrument [Member], Cash Flow Hedging [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Other Assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Asset Derivatives, Gross | $1 | [1] | $1 | [1] |
Netting across contract types | -1 | [1] | -1 | [1] |
Asset Derivatives, Total | 0 | [1] | 0 | [1] |
Accrued Expenses and Other Liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Liability Derivatives, Gross | 3 | [2] | 5 | [2] |
Liability Derivatives, Netting across contract types | -1 | [2] | -1 | [2] |
Derivative contracts, Liabilities at fair value | 2 | [2] | 4 | [2] |
Interest rate contracts(2) | Other Assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Asset Derivatives, Gross | 0 | [1] | 0 | [1] |
Interest rate contracts(2) | Accrued Expenses and Other Liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Liability Derivatives, Gross | 1 | [2] | 2 | [2] |
Commodity contracts | Other Assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Asset Derivatives, Gross | 1 | [1] | 1 | [1] |
Commodity contracts | Accrued Expenses and Other Liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Liability Derivatives, Gross | 2 | [2] | 2 | [2] |
Foreign exchange contracts | Other Assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Asset Derivatives, Gross | 0 | [1] | 0 | [1] |
Foreign exchange contracts | Accrued Expenses and Other Liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Liability Derivatives, Gross | $0 | [2] | $1 | [2] |
[1] | Located within other assets in our consolidated balance sheets. | |||
[2] | Located within accrued expenses and other liabilities in our consolidated balance sheets. |
Financial_Instruments_Derivati3
Financial Instruments Derivatives Designated as Hedging, Gain (Loss) Tables (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Loss Reclassified from AOCI into Income (Effective Portion) | $1 | [1] | ||
Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain Recognized in OCI on Derivatives (Effective Portion) | 0 | -7 | 1 | |
Amount of Loss Reclassified from AOCI into Income (Effective Portion) | -2 | -14 | -47 | |
Amount of Gain Recognized in Income on Derivatives (Ineffective Portion) | 1 | 0 | 0 | |
Designated as Hedging Instrument [Member] | Interest rate contracts(2) | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain Recognized in OCI on Derivatives (Effective Portion) | 0 | 1 | -4 | |
Amount of Gain Recognized in Income on Derivatives (Ineffective Portion) | 0 | 0 | 0 | |
Designated as Hedging Instrument [Member] | Interest rate contracts(2) | Interest expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Loss Reclassified from AOCI into Income (Effective Portion) | -1 | -9 | -38 | |
Designated as Hedging Instrument [Member] | Commodity contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain Recognized in OCI on Derivatives (Effective Portion) | 0 | -7 | 7 | |
Amount of Gain Recognized in Income on Derivatives (Ineffective Portion) | 0 | 0 | ||
Designated as Hedging Instrument [Member] | Commodity contracts | Cost of goods sold | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Loss Reclassified from AOCI into Income (Effective Portion) | 0 | -5 | -10 | |
Designated as Hedging Instrument [Member] | Commodity contracts | Other income, net | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain Recognized in Income on Derivatives (Ineffective Portion) | 1 | |||
Designated as Hedging Instrument [Member] | Foreign currency contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain Recognized in OCI on Derivatives (Effective Portion) | 0 | -1 | -2 | |
Amount of Gain Recognized in Income on Derivatives (Ineffective Portion) | 0 | 0 | 0 | |
Designated as Hedging Instrument [Member] | Foreign currency contracts | Cost of goods sold | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Loss Reclassified from AOCI into Income (Effective Portion) | ($1) | $0 | $1 | |
[1] | Refer to Note 11, "Pension, Other Post-employment Benefits and Employee Benefit Plans," and Note 7, "Financial Instruments," for additional information with respect to reclassifications from accumulated other comprehensive loss to earnings relating to post-employment benefits, net of tax and hedge instruments, net of tax, respectively. Such items do not represent reclassifications in their entirety. |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets, Net Goodwill Table (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Line Items] | |||
Gross carrying amount | $2,329 | $2,300 | $2,308 |
Acquisitions | 32 | ||
Accumulated impairment | -329 | -226 | -226 |
Impairment of goodwill | -103 | 0 | |
Net carrying value | 2,000 | 2,074 | |
Adjustment to step-up value | 8 | ||
Goodwill, Translation Adjustments | -3 | -16 | |
Automotive Segment [Member] | |||
Goodwill [Line Items] | |||
Gross carrying amount | 1,389 | 1,360 | 1,368 |
Acquisitions | 32 | ||
Accumulated impairment | -226 | -226 | -226 |
Impairment of goodwill | 0 | 0 | |
Net carrying value | 1,163 | 1,134 | |
Adjustment to step-up value | 8 | ||
Goodwill, Translation Adjustments | -3 | -16 | |
Energy Segment [Member] | |||
Goodwill [Line Items] | |||
Gross carrying amount | 930 | 930 | 930 |
Acquisitions | 0 | ||
Accumulated impairment | -103 | 0 | 0 |
Impairment of goodwill | -103 | 0 | |
Net carrying value | 827 | 930 | |
Adjustment to step-up value | 0 | ||
Goodwill, Translation Adjustments | 0 | 0 | |
Railcar Segment [Member] | |||
Goodwill [Line Items] | |||
Gross carrying amount | 7 | 7 | 7 |
Acquisitions | 0 | ||
Accumulated impairment | 0 | 0 | 0 |
Impairment of goodwill | 0 | 0 | |
Net carrying value | 7 | 7 | |
Adjustment to step-up value | 0 | ||
Goodwill, Translation Adjustments | 0 | 0 | |
Food Packaging Segment [Member] | |||
Goodwill [Line Items] | |||
Gross carrying amount | 3 | 3 | 3 |
Acquisitions | 0 | ||
Accumulated impairment | 0 | 0 | 0 |
Impairment of goodwill | 0 | 0 | |
Net carrying value | 3 | 3 | |
Adjustment to step-up value | 0 | ||
Goodwill, Translation Adjustments | $0 | $0 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets, Net Definite-lived and Indefinite-lived Intangible Assets Table (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Definite-lived intangible assets: [Abstract] | ||
Gross Carrying Amount | $1,305 | $1,262 |
Accumulated Amortization | -512 | -433 |
Net Carrying Value | 793 | 829 |
Indefinite-lived intangible assets: [Abstract] | ||
Net Carrying Value | 295 | 284 |
Intangible assets, net | 1,088 | 1,113 |
Customer relationships | ||
Definite-lived intangible assets: [Abstract] | ||
Gross Carrying Amount | 957 | 914 |
Accumulated Amortization | -345 | -291 |
Net Carrying Value | 612 | 623 |
Developed technology | ||
Definite-lived intangible assets: [Abstract] | ||
Gross Carrying Amount | 120 | 120 |
Accumulated Amortization | -77 | -67 |
Net Carrying Value | 43 | 53 |
In-place leases | ||
Definite-lived intangible assets: [Abstract] | ||
Gross Carrying Amount | 121 | 121 |
Accumulated Amortization | -63 | -53 |
Net Carrying Value | 58 | 68 |
Gasification technology license | ||
Definite-lived intangible assets: [Abstract] | ||
Gross Carrying Amount | 60 | 60 |
Accumulated Amortization | -7 | -4 |
Net Carrying Value | 53 | 56 |
Other | ||
Definite-lived intangible assets: [Abstract] | ||
Gross Carrying Amount | 47 | 47 |
Accumulated Amortization | -20 | -18 |
Net Carrying Value | 27 | 29 |
Trademarks and brand names | ||
Indefinite-lived intangible assets: [Abstract] | ||
Net Carrying Value | 257 | 255 |
Gaming licenses | ||
Indefinite-lived intangible assets: [Abstract] | ||
Net Carrying Value | $38 | $29 |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets, Net Narrative (Details) (USD $) | 12 Months Ended | 3 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | |
Goodwill and Intangible Assets [Line Items] | |||||||
Payments to Acquire Businesses, Gross | $558 | $6 | $1,361 | ||||
Amortization expense associated with definite-lived intangible assets | 83 | 81 | 77 | ||||
2015 | 83 | ||||||
2016 | 81 | ||||||
2017 | 81 | ||||||
2018 | 72 | ||||||
2019 | 71 | ||||||
Thereafter | 405 | ||||||
Total estimated future amortization expense for definite-lived intangible assets | 793 | ||||||
Goodwill | 2,000 | 2,074 | |||||
Impairment of goodwill | 103 | 0 | |||||
Goodwill, Gross | 2,329 | 2,300 | 2,308 | ||||
Impairment | 135 | 16 | 129 | ||||
Goodwill, Period Increase (Decrease) | 8 | ||||||
Automotive Segment [Member] | |||||||
Goodwill and Intangible Assets [Line Items] | |||||||
Goodwill | 1,163 | 1,134 | |||||
Impairment of intangible assets, Indefinite-lived (Excluding goodwill) | 46 | ||||||
Impairment of goodwill | 0 | 0 | |||||
Goodwill, Gross | 1,389 | 1,360 | 1,368 | ||||
Impairment | 24 | 8 | 98 | ||||
Goodwill, Period Increase (Decrease) | 8 | ||||||
Energy Segment [Member] | |||||||
Goodwill and Intangible Assets [Line Items] | |||||||
Goodwill | 827 | 930 | |||||
Impairment of goodwill | 103 | 0 | |||||
Goodwill, Gross | 930 | 930 | 930 | ||||
Impairment | 103 | 0 | 0 | [1] | |||
Goodwill, Period Increase (Decrease) | 0 | ||||||
Gaming Segment [Member] | |||||||
Goodwill and Intangible Assets [Line Items] | |||||||
Impairment | 0 | 3 | 2 | ||||
Food Packaging Segment [Member] | |||||||
Goodwill and Intangible Assets [Line Items] | |||||||
Goodwill | 3 | 3 | |||||
Impairment of goodwill | 0 | 0 | |||||
Goodwill, Gross | 3 | 3 | 3 | ||||
Impairment | 0 | 0 | 0 | ||||
Goodwill, Period Increase (Decrease) | 0 | ||||||
Metals Segment [Member] | |||||||
Goodwill and Intangible Assets [Line Items] | |||||||
Impairment | 3 | 2 | 18 | ||||
Affinia [Member] | Automotive Segment [Member] | |||||||
Goodwill and Intangible Assets [Line Items] | |||||||
business combinations, recognized identifiable assets, net tangible assets | 71 | ||||||
business combinations, recognized identifiable assets, net intangible assets | 51 | ||||||
BERU [Member] | Automotive Segment [Member] | |||||||
Goodwill and Intangible Assets [Line Items] | |||||||
Goodwill, purchase accounting adjustment | -8 | ||||||
Definite-lived intangibles, purchase accounting adjustment | -3 | ||||||
Lumiere [Member] | Gaming Segment [Member] | |||||||
Goodwill and Intangible Assets [Line Items] | |||||||
business combinations, recognized identifiable assets, net tangible assets | 252 | ||||||
business combinations, recognized identifiable assets, net intangible assets | 9 | ||||||
Powertrain [Member] | Dimitrovgradskiy Zavod Vkladishey [Member] | Automotive Segment [Member] | |||||||
Goodwill and Intangible Assets [Line Items] | |||||||
Payments to Acquire Businesses, Gross | 15 | ||||||
Goodwill, Period Increase (Decrease) | 6 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 2 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 1 | ||||||
Powertrain [Member] | Affinia [Member] | Automotive Segment [Member] | |||||||
Goodwill and Intangible Assets [Line Items] | |||||||
Goodwill, Period Increase (Decrease) | 26 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 51 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 1 | ||||||
Fertilizer reporting unit [Member] | Energy Segment [Member] | |||||||
Goodwill and Intangible Assets [Line Items] | |||||||
Impairment of goodwill | 103 | ||||||
Fuel Pump [Member] [Member] | Automotive Segment [Member] | |||||||
Goodwill and Intangible Assets [Line Items] | |||||||
Foreign exchange | 16 | ||||||
Finite-Lived Intangible Assets, Period Increase (Decrease) | -2 | ||||||
Trademarks and brand names | Fuel Pump [Member] [Member] | Automotive Segment [Member] | |||||||
Goodwill and Intangible Assets [Line Items] | |||||||
Indefinite-lived Intangible Assets, Written off Related to Sale of Business Unit | 6 | ||||||
Gaming licenses | Lumiere [Member] | Gaming Segment [Member] | |||||||
Goodwill and Intangible Assets [Line Items] | |||||||
Fair Value Inputs, Long-term Revenue Growth Rate | 2.00% | ||||||
Fair Value Inputs, Assumed Effective Tax Rate | 38.10% | ||||||
Fair Value Inputs, Discount Rate | 12.00% | ||||||
business combinations, recognized identifiable assets, net intangible assets | $9 | ||||||
[1] | We consolidated CVR effective May 4, 2012. |
Property_Plant_and_Equipment_N2
Property, Plant and Equipment, Net (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $12,566 | $11,289 | |
Less: Accumulated depreciation and amortization | -3,611 | -3,212 | |
Property, plant and equipment, net | 8,955 | 8,077 | |
Depreciation and amortization expense related to property, plant and equipment | 700 | 622 | 529 |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 489 | 465 | |
Building and Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 2,353 | 2,107 | |
Building and Improvements [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life (in years) | 4 years | ||
Building and Improvements [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life (in years) | 40 years | ||
Machinery, Equipment, and Furniture [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 5,594 | 5,068 | |
Machinery, Equipment, and Furniture [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life (in years) | 1 year | ||
Machinery, Equipment, and Furniture [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life (in years) | 40 years | ||
Assets Leased to Others [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 3,546 | 3,017 | |
Less: Accumulated depreciation and amortization | -957 | -896 | |
Assets Leased to Others [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life (in years) | 15 years | ||
Assets Leased to Others [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life (in years) | 39 years | ||
Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 584 | 632 | |
Railcars [Member] | Assets Leased to Others [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 3,100 | 2,600 | |
Real estate properties [Member] | Assets Leased to Others [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $450 | $462 |
Debt_Table_Details
Debt Table (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Debt | $11,588 | $9,295 |
Automotive Segment [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 2,690 | 2,586 |
Energy Segment [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 675 | 676 |
Gaming Segment [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 295 | 298 |
Railcar Segment [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 2,133 | 1,448 |
Food Packaging Segment [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 274 | 217 |
Real Estate Segment [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 32 | 51 |
Home Fashion Segment [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 0 | 0 |
Senior unsecured notes [Member] | 5.875% senior unsecured notes due 2022 - Icahn Enterprises/Icahn Enterprises Holdings | ||
Debt Instrument [Line Items] | ||
Debt | 1,337 | 0 |
Senior unsecured notes [Member] | 6% senior unsecured notes due 2020 - Icahn Enterprises/Icahn Enterprises Holdings | ||
Debt Instrument [Line Items] | ||
Debt | 1,708 | 493 |
Senior unsecured notes [Member] | 4.875% senior unsecured notes due 2019 - Icahn Enterprises/Icahn Enterprises Holdings | ||
Debt Instrument [Line Items] | ||
Debt | 1,270 | 0 |
Senior unsecured notes [Member] | 8% senior unsecured notes due 2018 - Icahn Enterprises/Icahn Enterprises Holdings | ||
Debt Instrument [Line Items] | ||
Debt | 0 | 2,473 |
Senior unsecured notes [Member] | 3.50% senior unsecured notes due 2017 - Icahn Enterprises/Icahn Enterprises Holdings | ||
Debt Instrument [Line Items] | ||
Debt | 1,171 | 0 |
Senior unsecured notes [Member] | 7.75% senior unsecured notes due 2016 - Icahn Enterprises/Icahn Enterprises Holdings | ||
Debt Instrument [Line Items] | ||
Debt | 0 | 1,050 |
Debt facilities [Member] | Automotive Segment [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 2,584 | 2,494 |
Debt facilities [Member] | Energy Segment [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 625 | 625 |
Debt facilities [Member] | Railcar Segment [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 2,133 | 1,448 |
Secured credit facilities [Member] | Gaming Segment [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 295 | 298 |
Secured credit facilities [Member] | Food Packaging Segment [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 272 | 215 |
Mortgages payable [Member] | Real Estate Segment [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 31 | 49 |
Other Debt Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 162 | 150 |
Icahn Enterprises Holdings [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 11,588 | 9,289 |
Icahn Enterprises Holdings [Member] | Senior unsecured notes [Member] | 5.875% senior unsecured notes due 2022 - Icahn Enterprises/Icahn Enterprises Holdings | ||
Debt Instrument [Line Items] | ||
Debt | 1,337 | 0 |
Icahn Enterprises Holdings [Member] | Senior unsecured notes [Member] | 6% senior unsecured notes due 2020 - Icahn Enterprises/Icahn Enterprises Holdings | ||
Debt Instrument [Line Items] | ||
Debt | 1,708 | 493 |
Icahn Enterprises Holdings [Member] | Senior unsecured notes [Member] | 4.875% senior unsecured notes due 2019 - Icahn Enterprises/Icahn Enterprises Holdings | ||
Debt Instrument [Line Items] | ||
Debt | 1,270 | 0 |
Icahn Enterprises Holdings [Member] | Senior unsecured notes [Member] | 8% senior unsecured notes due 2018 - Icahn Enterprises/Icahn Enterprises Holdings | ||
Debt Instrument [Line Items] | ||
Debt | 0 | 2,470 |
Icahn Enterprises Holdings [Member] | Senior unsecured notes [Member] | 3.50% senior unsecured notes due 2017 - Icahn Enterprises/Icahn Enterprises Holdings | ||
Debt Instrument [Line Items] | ||
Debt | 1,171 | 0 |
Icahn Enterprises Holdings [Member] | Senior unsecured notes [Member] | 7.75% senior unsecured notes due 2016 - Icahn Enterprises/Icahn Enterprises Holdings | ||
Debt Instrument [Line Items] | ||
Debt | 0 | 1,047 |
Icahn Enterprises Holdings [Member] | Debt facilities [Member] | Automotive Segment [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 2,584 | 2,494 |
Icahn Enterprises Holdings [Member] | Debt facilities [Member] | Energy Segment [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 625 | 625 |
Icahn Enterprises Holdings [Member] | Debt facilities [Member] | Railcar Segment [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 2,133 | 1,448 |
Icahn Enterprises Holdings [Member] | Secured credit facilities [Member] | Gaming Segment [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 295 | 298 |
Icahn Enterprises Holdings [Member] | Secured credit facilities [Member] | Food Packaging Segment [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 272 | 215 |
Icahn Enterprises Holdings [Member] | Mortgages payable [Member] | Real Estate Segment [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 31 | 49 |
Icahn Enterprises Holdings [Member] | Other Debt Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Debt | $162 | $150 |
Debt_Narrative_Senior_Unsecure
Debt Narrative - Senior Unsecured Notes - Icahn Enterprises and Icahn Enterprises Holdings (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 29, 2014 | Jan. 15, 2010 | Jan. 24, 2014 | Nov. 12, 2010 | Jan. 21, 2014 | Aug. 01, 2013 | Jul. 02, 2012 |
Debt Instrument [Line Items] | ||||||||||
Loss on extinguishment of debt | ($162) | $0 | ($10) | |||||||
Icahn Enterprises Holdings [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Loss on extinguishment of debt | -162 | 0 | -10 | |||||||
Holding Company [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Additional indebtedness allowed per debt covenants | 930 | |||||||||
Holding Company [Member] | 5.875% senior unsecured notes due 2022 - Icahn Enterprises/Icahn Enterprises Holdings | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Term Loan Facility | 1,350 | |||||||||
Proceeds from Issuance of Debt | 1,340 | |||||||||
Holding Company [Member] | Additional 2020 Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Term Loan Facility | 1,200 | |||||||||
Interest rate, long-term debt | 5.88% | |||||||||
Proceeds from Issuance of Debt | 1,217 | |||||||||
Holding Company [Member] | 6% senior unsecured notes due 2020 - Icahn Enterprises/Icahn Enterprises Holdings | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Term Loan Facility | 500 | |||||||||
Interest rate, long-term debt | 6.00% | |||||||||
Proceeds from Issuance of Debt | 493 | |||||||||
Holding Company [Member] | Initial Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Gross proceeds from sale of senior unsecured notes | 1,987 | |||||||||
Holding Company [Member] | 2016 Additional Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Term Loan Facility | 200 | |||||||||
Holding Company [Member] | 7.75% senior unsecured notes due 2016 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Term Loan Facility | 850 | |||||||||
Interest rate, long-term debt | 7.75% | |||||||||
Holding Company [Member] | 8% senior unsecured notes due 2018 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Term Loan Facility | 1,150 | |||||||||
Interest rate, long-term debt | 8.00% | |||||||||
Holding Company [Member] | 2012 Additional Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Term Loan Facility | 1,000 | |||||||||
Holding Company [Member] | 4.875% senior unsecured notes due 2019 - Icahn Enterprises/Icahn Enterprises Holdings | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Term Loan Facility | 1,275 | |||||||||
Interest rate, long-term debt | 4.88% | |||||||||
Proceeds from Issuance of Debt | 1,269 | |||||||||
Holding Company [Member] | 3.50% senior unsecured notes due 2017 - Icahn Enterprises/Icahn Enterprises Holdings | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Term Loan Facility | 1,175 | |||||||||
Interest rate, long-term debt | 3.50% | |||||||||
Proceeds from Issuance of Debt | 1,169 | |||||||||
Holding Company [Member] | 2010-2012 Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Use of portion of debt proceeds | 3,500 | |||||||||
Loss on extinguishment of debt | 108 | |||||||||
Senior unsecured notes [Member] | 2018 Additional Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Term Loan Facility | 300 | |||||||||
Senior unsecured notes [Member] | 2010 Additional Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Gross proceeds from sale of senior unsecured notes | $512 |
Debt_Narrative_Debt_Facilities
Debt Narrative - Debt Facilities - Automotive (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 15, 2014 | Dec. 06, 2013 |
Debt Instrument [Line Items] | |||||
Loss on extinguishment of debt | ($162) | $0 | ($10) | ||
Automotive Segment [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt, Weighted Average Interest Rate | 4.70% | 2.30% | |||
Loss on extinguishment of debt | 36 | ||||
Tranche B Loan [Member] | Automotive Segment [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | 700 | ||||
Tranche C Loan [Member] | Automotive Segment [Member] | |||||
Debt Instrument [Line Items] | |||||
Amount deposited in term letter of credit account under credit facility | 50 | ||||
Long-term Debt, Gross | 1,900 | ||||
Revolving Credit Facility [Member] | Automotive Segment [Member] | |||||
Debt Instrument [Line Items] | |||||
Revolving credit facility, unused borrowing availability | 550 | 540 | |||
Line of Credit Facility Aggregate Principal Amount Upon Acceleration | 700 | ||||
Letter of Credit [Member] | Automotive Segment [Member] | |||||
Debt Instrument [Line Items] | |||||
Letters of credit outstanding | 34 | 39 | |||
Revolving Credit Facility [Member] | Automotive Segment [Member] | |||||
Debt Instrument [Line Items] | |||||
Revolving credit facility, unused borrowing availability | $516 | $550 | |||
Revolving Credit Facility [Member] | Debt Facility [Member] | Automotive Segment [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit, refinancing indebtedness due, period | 91 days |
Debt_Narrative_Debt_and_Credit
Debt Narrative - Debt and Credit Facilities - Energy (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 23, 2012 | Dec. 01, 2012 | Apr. 13, 2011 |
Debt Instrument [Line Items] | ||||||
Loss on extinguishment of debt | ($162) | $0 | ($10) | |||
CVR Second Lien Notes [Member] | Energy Segment [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Loss on extinguishment of debt | 5 | |||||
CVR 2022 Notes [Member] | Energy Segment [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Term Loan Facility | 500 | |||||
Interest rate, long-term debt | 6.50% | |||||
Gross proceeds from sale of senior unsecured notes | 493 | |||||
ABL Credit Facility [Member] | Energy Segment [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Current Borrowing Capacity | 400 | |||||
Line of credit facility, incremental borrowing increase | 200 | |||||
Letters of credit sublimit as a percentage of total facility commitment | 10.00% | |||||
Availability under ABL credit facility | 373 | |||||
Letters of Credit Outstanding, Amount | 27 | |||||
Line of credit facility, outstanding borowings | 0 | |||||
CVR Partners Credit Facility [Member] | Energy Segment [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Term Loan Facility | 125 | |||||
Line of credit facility | 25 | |||||
Line of credit facility, potential increase in maximum borrowing capacity if covenant requirements met | $50 | |||||
Base Rate [Member] | CVR Partners Credit Facility [Member] | Energy Segment [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Percentage spread on debt | 2.50% | |||||
EuroDollar [Member] | CVR Partners Credit Facility [Member] | Energy Segment [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Percentage spread on debt | 3.50% |
Debt_Narrative_Senior_Unsecure1
Debt Narrative - Senior Unsecured Notes and Secured Term Loan Facility - Railcar (Details) (USD $) | 12 Months Ended | 9 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | |||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Jan. 31, 2013 | Sep. 30, 2012 | Dec. 12, 2013 | Mar. 31, 2014 | Jan. 31, 2014 | Dec. 19, 2014 | Jan. 31, 2015 | Feb. 28, 2007 | Dec. 01, 2012 | Jul. 12, 2013 | Jun. 08, 2011 | Jan. 04, 2011 | Feb. 02, 2006 | Jun. 25, 2014 | Mar. 27, 2014 | Jun. 23, 2014 | Sep. 03, 2014 | Sep. 26, 2014 |
Debt Instrument [Line Items] | ||||||||||||||||||||||
Other income (loss), net | $182 | $21 | ($175) | |||||||||||||||||||
Loss on extinguishment of debt | -162 | 0 | -10 | |||||||||||||||||||
Railcar Segment [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Other income (loss), net | 16 | -6 | 0 | |||||||||||||||||||
Loss on extinguishment of debt (Note 10) | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Other income (loss), net | -162 | 0 | -10 | |||||||||||||||||||
Loss on extinguishment of debt (Note 10) | Railcar Segment [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Loss on extinguishment of debt | 2 | |||||||||||||||||||||
ARI 2007 Notes [Member] | Railcar Segment [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Aggregate principal amount issued, long-term debt | 275 | |||||||||||||||||||||
Repayments of debt | 175 | 100 | ||||||||||||||||||||
ARI 2007 Notes [Member] | Loss on extinguishment of debt (Note 10) | Railcar Segment [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Other income (loss), net | -1 | -2 | ||||||||||||||||||||
Class A-2 Notes [Member] | Railcar Segment [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Proceeds from Issuance of Long-term Debt | 106 | |||||||||||||||||||||
Class A-1 Notes [Member] | Railcar Segment [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Proceeds from Issuance of Long-term Debt | 110 | |||||||||||||||||||||
Use of portion of debt proceeds to repay other debt | 256 | |||||||||||||||||||||
Original ARI Term Loan [Member] | Railcar Segment [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Draw on term loan, initial draw | 98 | |||||||||||||||||||||
Gross proceeds from sale of senior unsecured notes | 100 | |||||||||||||||||||||
Long-term Debt | 195 | |||||||||||||||||||||
ARI Refinanced Term Loan [Member] | Railcar Segment [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Proceeds from Issuance of Long-term Debt | 316 | |||||||||||||||||||||
Use of portion of debt proceeds to repay other debt | 194 | |||||||||||||||||||||
Proceeds from issuance of Long-term debt after proceeds used to refinance prior debt | 122 | |||||||||||||||||||||
Interest reserve amount | 4 | 4 | ||||||||||||||||||||
Additional borrowing availability | 100 | |||||||||||||||||||||
Lease Fleet Financings [Member] | Railcar Segment [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Real estate assets pledged to collateralize mortgages | 277 | 217 | ||||||||||||||||||||
ARL Sovereign Revolver [Member] | Railcar Segment [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Line of Credit Facility, Current Borrowing Capacity | 40 | |||||||||||||||||||||
Line of credit facility | 120 | 130 | 110 | |||||||||||||||||||
Citizen Bank Revolver [Member] | Railcar Segment [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Aggregate principal amount issued, long-term debt | 47 | |||||||||||||||||||||
Line of Credit Facility, Current Borrowing Capacity | 250 | |||||||||||||||||||||
Line of credit facility | 73 | 350 | ||||||||||||||||||||
Additional borrowing availability | 100 | |||||||||||||||||||||
Class 2014 A-1 Notes [Member] | Railcar Segment [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Aggregate principal amount issued, long-term debt | 175 | |||||||||||||||||||||
NCF I Term Loan [Member] | Railcar Segment [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Aggregate principal amount issued, long-term debt | 250 | |||||||||||||||||||||
NCF II Term Loan [Member] | Railcar Segment [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Aggregate principal amount issued, long-term debt | 135 | |||||||||||||||||||||
RCF Term Loan [Member] | Railcar Segment [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Aggregate principal amount issued, long-term debt | 300 | |||||||||||||||||||||
Heartland Bank Term Loan [Member] [Member] | Railcar Segment [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Aggregate principal amount issued, long-term debt | 12 | |||||||||||||||||||||
Credit Agricole Term Loan [Member] | Railcar Segment [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Aggregate principal amount issued, long-term debt | 375 | |||||||||||||||||||||
Class 2014 A-2 Notes [Member] | Railcar Segment [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Aggregate principal amount issued, long-term debt | 150 | |||||||||||||||||||||
Banc of America Leasing & Capital, LLC [Member] | Railcar Segment [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Aggregate principal amount issued, long-term debt | 47 | |||||||||||||||||||||
Talmer Bank [Member] | Railcar Segment [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Aggregate principal amount issued, long-term debt | 15 | |||||||||||||||||||||
Proceeds from debt [Member] | Railcar Segment [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Proceeds from Issuance of Private Placement | 626 | |||||||||||||||||||||
Proceeds from debt [Member] | Class A-2 Notes [Member] | Railcar Segment [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Interest rate, long-term debt | 4.06% | |||||||||||||||||||||
Proceeds from Issuance of Private Placement | 376 | |||||||||||||||||||||
Proceeds from debt [Member] | Class A-1 Notes [Member] | Railcar Segment [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||
Interest rate, long-term debt | 2.98% | |||||||||||||||||||||
Proceeds from Issuance of Private Placement | $250 |
Debt_Narrative_Credit_Faciliti
Debt Narrative - Credit Facilities - Gaming (Details) (USD $) | 12 Months Ended | 9 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Nov. 27, 2013 | |
Debt Instrument [Line Items] | |||||
Other income (loss), net | $182,000,000 | $21,000,000 | ($175,000,000) | ||
Amortization of Financing Costs and Discounts | 22,000,000 | 34,000,000 | 28,000,000 | ||
Loss on extinguishment of debt | 162,000,000 | 0 | 10,000,000 | ||
Railcar Segment [Member] | |||||
Debt Instrument [Line Items] | |||||
Other income (loss), net | 16,000,000 | -6,000,000 | 0 | ||
Railcar Segment [Member] | ARI Refinanced Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest reserve amount | 4,000,000 | 4,000,000 | |||
Gaming Segment [Member] | |||||
Debt Instrument [Line Items] | |||||
Other income (loss), net | 88,000,000 | -5,000,000 | -3,000,000 | ||
Gaming Segment [Member] | Tropicana Term Loan Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Term Loan Facility | 300,000,000 | ||||
Debt discount rate at time of issuance | 0.50% | ||||
Use of portion of debt proceeds | 172,000,000 | ||||
Amortization of Financing Costs and Discounts | 750,000 | ||||
Gaming Segment [Member] | Tropicana Revolving Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Letter of credit facility, maximum aggregate amount | 15,000,000 | ||||
Term Loan [Member] | Gaming Segment [Member] | |||||
Debt Instrument [Line Items] | |||||
Trailing Months Used to Calculate Leverage Ratios | 12 years | ||||
Tropicana Term Loan Facility [Member] | Gaming Segment [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate, long-term debt | 4.00% | ||||
Tropicana Revolving Facility [Member] | Gaming Segment [Member] | |||||
Debt Instrument [Line Items] | |||||
Term Loan Facility | 15,000,000 | ||||
Loss on extinguishment of debt (Note 10) | |||||
Debt Instrument [Line Items] | |||||
Other income (loss), net | -162,000,000 | 0 | -10,000,000 | ||
Loss on extinguishment of debt (Note 10) | Railcar Segment [Member] | |||||
Debt Instrument [Line Items] | |||||
Loss on extinguishment of debt | -2,000,000 | ||||
Loss on extinguishment of debt (Note 10) | Gaming Segment [Member] | Tropicana Term Loan Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Loss on extinguishment of debt | ($5,000,000) |
Debt_Narrative_Senior_Secured_
Debt Narrative - Senior Secured Notes and Revolving Credit Facility - Food Packaging (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 30, 2014 | 31-May-10 | Dec. 31, 2009 |
Debt Instrument [Line Items] | ||||||
Loss on extinguishment of debt | ($162) | $0 | ($10) | |||
Automotive Segment [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Loss on extinguishment of debt | 36 | |||||
Food Packaging Segment [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Aggregate principal amount issued, long-term debt | 1 | |||||
Loss on extinguishment of debt | 16 | |||||
Line of credit facility | 8 | |||||
Food Packaging Segment [Member] | Letter of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Letters of Credit Outstanding, Amount | 1 | 1 | ||||
Food Packaging Segment [Member] | Term Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Aggregate principal amount issued, long-term debt | 275 | |||||
Food Packaging Segment [Member] | Viskase Notes Indenture [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Aggregate principal amount issued, long-term debt | 40 | |||||
Interest rate, long-term debt | 9.88% | |||||
Food Packaging Segment [Member] | Viskase Senior Secured Notes due 2018 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Aggregate principal amount issued, long-term debt | $175 | |||||
Interest rate, long-term debt | 9.88% |
Debt_Narrative_Mortgages_Payab
Debt Narrative - Mortgages Payable - Real Estate (Details) (Real Estate Segment [Member], Mortgages [Member]) | Dec. 31, 2014 |
Minimum [Member] | |
Debt Instrument [Line Items] | |
Interest rate, long-term debt | 4.97% |
Maximum [Member] | |
Debt Instrument [Line Items] | |
Interest rate, long-term debt | 7.00% |
Debt_Narrative_Other_Details
Debt Narrative - Other (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Oct. 15, 2012 |
Debt Instrument [Line Items] | ||
2015 | 400 | |
2016 | 493 | |
2017 | 1,293 | |
2018 | 823 | |
2019 | 1,593 | |
Thereafter | 6,959 | |
Future maturiites due on debt | 11,561 | |
2015 | 2 | |
2016 | 3 | |
2017 | 2 | |
2018 | 2 | |
2019 | 2 | |
Thereafter | 41 | |
Capital Leases, Future Minimum Payments Due | 52 | |
Revolving Credit Facility [Member] | Home Fashion Segment [Member] | ||
Debt Instrument [Line Items] | ||
Senior credit facility | 10 | |
Line of credit annual fee on borrowed amount | 0.50% | |
Line of credit facility, outstanding borowings | $6 |
Pensions_Other_Postemployment_2
Pensions, Other Post-employment Benefits and Employee Benefit Plans Net Periodic Benefit Cost (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Pension Benefits | |||
Net Periodic Benefit Cost [Line Items] | |||
Service cost | $16 | $16 | $30 |
Interest cost | 76 | 69 | 77 |
Expected return on plan assets | -74 | -70 | -62 |
Amortization of actuarial losses | 10 | 27 | 39 |
Amortization of prior service credit | 0 | 0 | 1 |
Settlement loss (gain) | -2 | 1 | -1 |
Curtailment gain | 0 | 0 | -1 |
Net periodic benefit cost | 26 | 43 | 83 |
Other Post-Employment Benefits | |||
Net Periodic Benefit Cost [Line Items] | |||
Service cost | 0 | 0 | 1 |
Interest cost | 15 | 11 | 14 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of actuarial losses | 3 | 6 | 2 |
Amortization of prior service credit | -5 | -9 | -14 |
Settlement loss (gain) | 0 | 0 | 0 |
Curtailment gain | 0 | -40 | -51 |
Net periodic benefit cost | $13 | ($32) | ($48) |
Pensions_Other_Postemployment_3
Pensions, Other Post-employment Benefits and Employee Benefit Plans Benefit Obligations and Plan Assets (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Automotive Segment [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Effect of One Percentage Point Increase on Service and Interest Cost Components | $1,000,000 | ||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year | 7.25% | 6.88% | |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 5.00% | 5.00% | |
Defined Benefit Plan, Year that Rate Reaches Ultimate Trend Rate | 2022 | 2018 | |
Defined benefit plan, drug cost trend rate | 7.25% | 7.81% | |
Defined benefit plan, ultimate drug cost trend rate | 5.00% | 5.00% | |
Defined Benefit Plan Year That Drug Cost Rate Reaches Ultimate Trend Rate | 2022 | 2018 | |
Defined Benefit Plan, Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation | 32,000,000 | ||
Defined Benefit Plan, Effect of One Percentage Point Decrease on Service and Interest Cost Components | -1,000,000 | ||
Defined Benefit Plan, Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation | -28,000,000 | ||
United States Plans | Automotive Segment [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | 94,000,000 | ||
Defined benefit plans, amount in AOCI expected to be reclassed into net periodic benefit cost in the next year, amortization of actuarial losses | 0 | ||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Projected Benefit Obligation | 0 | 0 | |
Defined benefit plan, plans with projected benefit obligations in excess of plan assets, aggregate projected benefit obligation | 0 | 0 | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.55% | 3.70% | |
Defined benefit plan, assumption used calculated projected benefit obligation, discount rate | 3.85% | 4.55% | |
Defined Benefit Plan, Benefit Obligation | 1,291,000,000 | 1,184,000,000 | 1,298,000,000 |
Service cost | 3,000,000 | 4,000,000 | |
Interest cost | 52,000,000 | 47,000,000 | |
Employee contributions | 0 | 0 | |
Benefits paid | -96,000,000 | -64,000,000 | |
Medicare subsidies received | 0 | 0 | |
Plan amendments | 0 | 0 | |
Curtailments | 0 | 0 | |
Settlements | -3,000,000 | 0 | |
Actuarial losses (gains) and changes in actuarial assumptions | 151,000,000 | -101,000,000 | |
Net transfers in (out) | 0 | 0 | |
Currency translation | 0 | 0 | |
Defined Benefit Plan, Fair Value of Plan Assets | 912,000,000 | 909,000,000 | 778,000,000 |
Actual return on plan assets | 43,000,000 | 138,000,000 | |
Company contributions | 56,000,000 | 60,000,000 | |
Expenses | 0 | -3,000,000 | |
Currency translation | 0 | 0 | |
Funded status of the plan | -379,000,000 | -275,000,000 | |
Net liability recognized | -379,000,000 | -275,000,000 | |
Actuarial losses included in Accumulated other comprehensive income | 409,000,000 | 242,000,000 | |
Prior service cost (credit) | 0 | 0 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | 409,000,000 | 242,000,000 | |
Defined benefit plan, assumption used calculated projected benefit obligation, rate of compensation increase | 0.00% | 0.00% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 6.95% | 7.45% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 0.00% | 0.00% | |
Defined benefit plan, plans with projected benefit obligations in excess of plan assets, fair value of plan assets | 0 | 0 | |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Accumulated Benefit Obligation | 0 | 0 | |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Fair Value of Plan Assets | 0 | 0 | |
Defined benefit plans, amount in AOCI expected to be reclassed into net periodic benefit cost in the next year, amortization of prior service credit | 0 | ||
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year | 0 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 84,000,000 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 83,000,000 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 81,000,000 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 82,000,000 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | 392,000,000 | ||
Pension Benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | 16,000,000 | 16,000,000 | 30,000,000 |
Interest cost | 76,000,000 | 69,000,000 | 77,000,000 |
Pension Benefits | Railcar and Food Packaging [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Benefit Obligation | 203,000,000 | 176,000,000 | 198,000,000 |
Service cost | 1,000,000 | 1,000,000 | |
Interest cost | 8,000,000 | 8,000,000 | |
Benefits paid | -10,000,000 | -10,000,000 | |
Actuarial losses (gains) and changes in actuarial assumptions | 29,000,000 | -21,000,000 | |
Currency translation | -1,000,000 | 0 | |
Defined Benefit Plan, Fair Value of Plan Assets | 144,000,000 | 140,000,000 | 125,000,000 |
Actual return on plan assets | 9,000,000 | 20,000,000 | |
Company contributions | 6,000,000 | 5,000,000 | |
Currency translation | -1,000,000 | 0 | |
Funded status of the plan | -59,000,000 | -36,000,000 | |
Net liability recognized | -59,000,000 | -36,000,000 | |
Actuarial losses included in Accumulated other comprehensive income | -59,000,000 | -28,000,000 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | -59,000,000 | -28,000,000 | |
Non-U.S. Plans | Automotive Segment [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | 26,000,000 | ||
Defined benefit plans, amount in AOCI expected to be reclassed into net periodic benefit cost in the next year, amortization of actuarial losses | 0 | ||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Projected Benefit Obligation | 0 | 0 | |
Defined benefit plan, plans with projected benefit obligations in excess of plan assets, aggregate projected benefit obligation | 0 | 0 | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.49% | 2.99% | |
Defined benefit plan, assumption used calculated projected benefit obligation, discount rate | 1.77% | 3.49% | |
Defined Benefit Plan, Benefit Obligation | 575,000,000 | 450,000,000 | 474,000,000 |
Service cost | 12,000,000 | 12,000,000 | |
Interest cost | 16,000,000 | 14,000,000 | |
Employee contributions | 0 | 0 | |
Benefits paid | -28,000,000 | -28,000,000 | |
Medicare subsidies received | 0 | 0 | |
Plan amendments | 0 | 0 | |
Curtailments | -1,000,000 | -1,000,000 | |
Settlements | 0 | 0 | |
Actuarial losses (gains) and changes in actuarial assumptions | 112,000,000 | -25,000,000 | |
Net transfers in (out) | 73,000,000 | -11,000,000 | |
Currency translation | -59,000,000 | 15,000,000 | |
Defined Benefit Plan, Fair Value of Plan Assets | 54,000,000 | 55,000,000 | 55,000,000 |
Actual return on plan assets | 3,000,000 | 2,000,000 | |
Company contributions | 30,000,000 | 24,000,000 | |
Expenses | 0 | 0 | |
Currency translation | -6,000,000 | 2,000,000 | |
Funded status of the plan | -521,000,000 | -395,000,000 | |
Net liability recognized | -521,000,000 | -395,000,000 | |
Actuarial losses included in Accumulated other comprehensive income | 151,000,000 | 81,000,000 | |
Prior service cost (credit) | -2,000,000 | -3,000,000 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | 153,000,000 | 84,000,000 | |
Defined benefit plan, assumption used calculated projected benefit obligation, rate of compensation increase | 3.16% | 3.17% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 4.18% | 4.62% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 3.17% | 3.13% | |
Defined benefit plan, plans with projected benefit obligations in excess of plan assets, fair value of plan assets | 0 | 0 | |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Accumulated Benefit Obligation | 0 | 0 | |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Fair Value of Plan Assets | 0 | 0 | |
Defined benefit plans, amount in AOCI expected to be reclassed into net periodic benefit cost in the next year, amortization of prior service credit | 0 | ||
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year | 0 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 25,000,000 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 25,000,000 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 26,000,000 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 27,000,000 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | 139,000,000 | ||
Other Post-Employment Benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | 0 | 0 | 1,000,000 |
Interest cost | 15,000,000 | 11,000,000 | 14,000,000 |
Other Post-Employment Benefits | Automotive Segment [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | 27,000,000 | ||
Defined benefit plans, amount in AOCI expected to be reclassed into net periodic benefit cost in the next year, amortization of actuarial losses | 0 | ||
Defined benefit plan, plans with projected benefit obligations in excess of plan assets, aggregate projected benefit obligation | 0 | 0 | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.45% | 3.60% | |
Defined benefit plan, assumption used calculated projected benefit obligation, discount rate | 3.84% | 4.45% | |
Defined Benefit Plan, Benefit Obligation | 368,000,000 | 335,000,000 | 395,000,000 |
Service cost | 0 | 0 | |
Interest cost | 15,000,000 | 11,000,000 | |
Employee contributions | 0 | 1,000,000 | |
Benefits paid | -26,000,000 | -28,000,000 | |
Medicare subsidies received | 1,000,000 | 3,000,000 | |
Plan amendments | 8,000,000 | 0 | |
Curtailments | 0 | -1,000,000 | |
Settlements | 0 | 0 | |
Actuarial losses (gains) and changes in actuarial assumptions | 36,000,000 | -43,000,000 | |
Net transfers in (out) | 0 | -1,000,000 | |
Currency translation | -1,000,000 | -2,000,000 | |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | 0 |
Actual return on plan assets | 0 | 0 | |
Company contributions | 25,000,000 | 24,000,000 | |
Expenses | 0 | 0 | |
Currency translation | 0 | 0 | |
Funded status of the plan | -368,000,000 | -335,000,000 | |
Net liability recognized | -368,000,000 | -335,000,000 | |
Actuarial losses included in Accumulated other comprehensive income | 95,000,000 | 63,000,000 | |
Prior service cost (credit) | 14,000,000 | 28,000,000 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | 81,000,000 | 35,000,000 | |
Defined benefit plan, assumption used calculated projected benefit obligation, rate of compensation increase | 0.00% | 0.00% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 0.00% | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 0.00% | ||
Defined benefit plan, plans with projected benefit obligations in excess of plan assets, fair value of plan assets | 0 | 0 | |
Defined benefit plans, amount in AOCI expected to be reclassed into net periodic benefit cost in the next year, amortization of prior service credit | 0 | ||
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year | 0 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 26,000,000 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 27,000,000 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 26,000,000 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 26,000,000 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | 121,000,000 | ||
Other Post-Employment Benefits | Railcar and Food Packaging [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Benefit Obligation | 0 | 0 | 0 |
Service cost | 0 | 0 | |
Interest cost | 0 | 0 | |
Benefits paid | 0 | 0 | |
Actuarial losses (gains) and changes in actuarial assumptions | 0 | 0 | |
Currency translation | 0 | 0 | |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | 0 |
Actual return on plan assets | 0 | 0 | |
Company contributions | 0 | 0 | |
Currency translation | 0 | 0 | |
Funded status of the plan | 0 | 0 | |
Net liability recognized | 0 | 0 | |
Actuarial losses included in Accumulated other comprehensive income | 1,000,000 | 1,000,000 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | 1,000,000 | 1,000,000 | |
25 basis point decrease in discount rate [Member] | United States Plans | Automotive Segment [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Change in pension expense due to sensitivity of assumptions used to determine projected benefit obligation, next twelve months | -1,000,000 | ||
Change in projected benefit obligation due to sensitivity of assumptions used to determine projected benefit obligation, next twelve months | 36,000,000 | ||
Change in accumulated other comprehensive loss due to sensitivity of assumptions used to determine projected benefit obligation, next twelve months | -36,000,000 | ||
25 basis point decrease in discount rate [Member] | Non-U.S. Plans | Automotive Segment [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Change in pension expense due to sensitivity of assumptions used to determine projected benefit obligation, next twelve months | 1,000,000 | ||
Change in projected benefit obligation due to sensitivity of assumptions used to determine projected benefit obligation, next twelve months | 20,000,000 | ||
Change in accumulated other comprehensive loss due to sensitivity of assumptions used to determine projected benefit obligation, next twelve months | -20,000,000 | ||
25 basis point decrease in discount rate [Member] | Other Post-Employment Benefits | Automotive Segment [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Change in pension expense due to sensitivity of assumptions used to determine projected benefit obligation, next twelve months | 0 | ||
Change in projected benefit obligation due to sensitivity of assumptions used to determine projected benefit obligation, next twelve months | 9,000,000 | ||
25 basis point increase in discount rate [Member] | United States Plans | Automotive Segment [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Change in pension expense due to sensitivity of assumptions used to determine projected benefit obligation, next twelve months | 0 | ||
Change in projected benefit obligation due to sensitivity of assumptions used to determine projected benefit obligation, next twelve months | -34,000,000 | ||
Change in accumulated other comprehensive loss due to sensitivity of assumptions used to determine projected benefit obligation, next twelve months | 34,000,000 | ||
25 basis point increase in discount rate [Member] | Non-U.S. Plans | Automotive Segment [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Change in pension expense due to sensitivity of assumptions used to determine projected benefit obligation, next twelve months | -1,000,000 | ||
Change in projected benefit obligation due to sensitivity of assumptions used to determine projected benefit obligation, next twelve months | -20,000,000 | ||
Change in accumulated other comprehensive loss due to sensitivity of assumptions used to determine projected benefit obligation, next twelve months | 20,000,000 | ||
25 basis point increase in discount rate [Member] | Other Post-Employment Benefits | Automotive Segment [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Change in pension expense due to sensitivity of assumptions used to determine projected benefit obligation, next twelve months | 0 | ||
Change in projected benefit obligation due to sensitivity of assumptions used to determine projected benefit obligation, next twelve months | -9,000,000 | ||
25 basis point decrease in return on asset rate [Member] | United States Plans | Automotive Segment [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Change in pension expense due to sensitivity of assumptions used to determine projected benefit obligation, next twelve months | 2,000,000 | ||
Change in projected benefit obligation due to sensitivity of assumptions used to determine projected benefit obligation, next twelve months | 0 | ||
Change in accumulated other comprehensive loss due to sensitivity of assumptions used to determine projected benefit obligation, next twelve months | 0 | ||
25 basis point decrease in return on asset rate [Member] | Non-U.S. Plans | Automotive Segment [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Change in pension expense due to sensitivity of assumptions used to determine projected benefit obligation, next twelve months | 0 | ||
Change in projected benefit obligation due to sensitivity of assumptions used to determine projected benefit obligation, next twelve months | 0 | ||
Change in accumulated other comprehensive loss due to sensitivity of assumptions used to determine projected benefit obligation, next twelve months | 0 | ||
25 basis point decrease in return on asset rate [Member] | Other Post-Employment Benefits | Automotive Segment [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Change in pension expense due to sensitivity of assumptions used to determine projected benefit obligation, next twelve months | 0 | ||
Change in projected benefit obligation due to sensitivity of assumptions used to determine projected benefit obligation, next twelve months | 0 | ||
25 basis point increase in return on asset rate [Member] | United States Plans | Automotive Segment [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Change in pension expense due to sensitivity of assumptions used to determine projected benefit obligation, next twelve months | -2,000,000 | ||
Change in projected benefit obligation due to sensitivity of assumptions used to determine projected benefit obligation, next twelve months | 0 | ||
Change in accumulated other comprehensive loss due to sensitivity of assumptions used to determine projected benefit obligation, next twelve months | 0 | ||
25 basis point increase in return on asset rate [Member] | Non-U.S. Plans | Automotive Segment [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Change in pension expense due to sensitivity of assumptions used to determine projected benefit obligation, next twelve months | 0 | ||
Change in projected benefit obligation due to sensitivity of assumptions used to determine projected benefit obligation, next twelve months | 0 | ||
Change in accumulated other comprehensive loss due to sensitivity of assumptions used to determine projected benefit obligation, next twelve months | 0 | ||
25 basis point increase in return on asset rate [Member] | Other Post-Employment Benefits | Automotive Segment [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Change in pension expense due to sensitivity of assumptions used to determine projected benefit obligation, next twelve months | 0 | ||
Change in projected benefit obligation due to sensitivity of assumptions used to determine projected benefit obligation, next twelve months | $0 |
Pensions_Other_Postemployment_4
Pensions, Other Post-employment Benefits and Employee Benefit Plans Narrative (Details) (Automotive Segment [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | $108 | ||
Defined Benefit Plan, Accumulated Benefit Obligation | 1,809 | 1,598 | |
Defined Contribution Plan, Cost Recognized | 45 | 42 | 23 |
Supplemental Unemployment Benefits, Other Postemployment | 25 | 29 | |
United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percent of plan assets invested in actively managed investment funds | 76.00% | ||
Curtailment gain | 38 | ||
United States Plans | Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Actual Plan Asset Allocations | 50.00% | ||
United States Plans | Fixed Income Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Actual Plan Asset Allocations | 25.00% | ||
United States Plans | Other Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Actual Plan Asset Allocations | 25.00% | ||
Non-U.S. Plans | Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Actual Plan Asset Allocations | 5.00% | ||
Non-U.S. Plans | Insurance contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Actual Plan Asset Allocations | 80.00% | ||
Non-U.S. Plans | Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Actual Plan Asset Allocations | 15.00% | ||
Selling, general and administrative | United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Curtailment gain | 19 | ||
Other income, net | United States Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Curtailment gain | $19 |
Net_Income_Per_LP_Unit_Details
Net Income Per LP Unit (Details) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | ||||||||||||||||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2013 | Jan. 20, 2012 | Dec. 09, 2013 | Jun. 12, 2013 | Feb. 28, 2013 | Dec. 27, 2011 | |||||||||
Earnings Per LP Unit [Line Items] | ||||||||||||||||||||||||||
Net (loss) income attributable to Icahn Enterprises | ($373) | $1,025 | $396 | |||||||||||||||||||||||
Less: Net income attributable to Icahn Enterprises allocable to general partner(1) | 0 | 0 | [1] | -9 | ||||||||||||||||||||||
Net (loss) income attributable to Icahn Enterprises net of portion allocable 100% to general partner | -373 | 1,025 | 387 | |||||||||||||||||||||||
Limited partners | -366 | 1,005 | 379 | |||||||||||||||||||||||
Basic (loss) income per LP unit | ($3.84) | [2] | ($2.90) | [2] | $4.06 | [2] | ($0.24) | [2] | $1.91 | [2] | $4.13 | [2] | $0.48 | [2] | $2.56 | [2] | ($3.08) | $9.14 | $3.72 | |||||||
Basic weighted average LP units outstanding | 119,000,000 | 110,000,000 | 102,000,000 | |||||||||||||||||||||||
Dilutive securities, effect on earnings per unit from converison of debt securities | 2 | 0 | ||||||||||||||||||||||||
Dilutive effect of variable rate convertible notes, Units | 1,000,000 | 0 | ||||||||||||||||||||||||
Diluted (loss) income per LP unit | ($3.84) | [2] | ($2.90) | [2] | $4.06 | [2] | ($0.24) | [2] | $1.90 | [2] | $4.10 | [2] | $0.48 | [2] | $2.50 | [2] | ($3.08) | $9.07 | $3.72 | |||||||
Diluted weighted average LP units outstanding | 119,000,000 | 111,000,000 | 102,000,000 | |||||||||||||||||||||||
Antidilutive securities excluded from computation of earnings per unit | 5,000,000 | |||||||||||||||||||||||||
Unit distribution liability | 0 | 142 | 0 | 142 | ||||||||||||||||||||||
Partnership contributions | 0 | 593 | 513 | |||||||||||||||||||||||
Common Stock [Member] | ||||||||||||||||||||||||||
Earnings Per LP Unit [Line Items] | ||||||||||||||||||||||||||
Unit distribution declared per share | $6 | $1.50 | ||||||||||||||||||||||||
Units distributed to LP unitholders | 7,203,105 | |||||||||||||||||||||||||
Depositary Units [Member] | ||||||||||||||||||||||||||
Earnings Per LP Unit [Line Items] | ||||||||||||||||||||||||||
Rights received per depositary unit held | 0.15881 | |||||||||||||||||||||||||
Rights' subscription price per depositary unit | $36.79 | |||||||||||||||||||||||||
Aggregate depositary units distributed in connection with rights offering | 13,590,238 | |||||||||||||||||||||||||
Proceeds from rights offering | 500 | |||||||||||||||||||||||||
Icahn Enterprises G.P. [Member] | ||||||||||||||||||||||||||
Earnings Per LP Unit [Line Items] | ||||||||||||||||||||||||||
General partner ownership percentage in Icahn Enterprises | 1.00% | 1.00% | ||||||||||||||||||||||||
Principal Owners and Affiliates [Member] | ||||||||||||||||||||||||||
Earnings Per LP Unit [Line Items] | ||||||||||||||||||||||||||
Affiliate ownership interest in Icahn Enterprises | 88.40% | |||||||||||||||||||||||||
Principal Owners and Affiliates [Member] | Depositary Units [Member] | ||||||||||||||||||||||||||
Earnings Per LP Unit [Line Items] | ||||||||||||||||||||||||||
Aggregate depositary units distributed in connection with rights offering | 12,995,584 | |||||||||||||||||||||||||
Limited partners | Common Stock [Member] | ||||||||||||||||||||||||||
Earnings Per LP Unit [Line Items] | ||||||||||||||||||||||||||
Newly issued depositary units | 2,000,000 | 1,600,000 | 3,174,604 | |||||||||||||||||||||||
Equity issuance, per unit amount | $135 | $75.54 | $63 | |||||||||||||||||||||||
Underwriter option to purchase additional depositary units | 300,000 | 240,000 | 476,191 | |||||||||||||||||||||||
Proceeds from Issuance or Sale of Equity | 581 | |||||||||||||||||||||||||
General partner | ||||||||||||||||||||||||||
Earnings Per LP Unit [Line Items] | ||||||||||||||||||||||||||
Partnership contributions | $12 | |||||||||||||||||||||||||
[1] | Amount represents net income allocable to the general partner for the period May 5, 2012 through August 23, 2012, the period in which Mr. Icahn and his affiliates' ownership in IEP Energy, other than Icahn Enterprises' ownership, were considered under common control. On August 24, 2012, Mr. Icahn and his affiliates contributed this interest to us in exchange for our depositary units. | |||||||||||||||||||||||||
[2] | Basic and diluted (loss) income per LP unit is computed separately for each quarter and therefore, the sum of such quarterly per LP unit amounts may differ from the total for the year. |
Segment_Reporting_Income_State
Segment Reporting, Income Statements (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
reporting_segments | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Number of reportable segments | 9 | |||||||||||||
Revenues: | ||||||||||||||
Net sales | $3,982,000,000 | $4,557,000,000 | $4,867,000,000 | $4,666,000,000 | $4,533,000,000 | $4,181,000,000 | $4,497,000,000 | $4,574,000,000 | $18,072,000,000 | $17,785,000,000 | $14,574,000,000 | |||
Other revenues from operations | 1,250,000,000 | 988,000,000 | 951,000,000 | |||||||||||
Net (loss) gain from investment activities | -564,000,000 | 1,694,000,000 | 343,000,000 | |||||||||||
Interest and dividend income | 217,000,000 | 194,000,000 | 103,000,000 | |||||||||||
Other (loss) income, net | 182,000,000 | 21,000,000 | -175,000,000 | |||||||||||
Total Revenues | 3,366,000,000 | 4,422,000,000 | 6,379,000,000 | 4,990,000,000 | 4,872,000,000 | 5,771,000,000 | 4,670,000,000 | 5,369,000,000 | 19,157,000,000 | 20,682,000,000 | 15,796,000,000 | |||
Expenses: | ||||||||||||||
Cost of goods sold | 16,485,000,000 | 15,809,000,000 | 12,606,000,000 | |||||||||||
Other expenses from operations | 613,000,000 | 504,000,000 | 502,000,000 | |||||||||||
Selling, general and administrative | 1,625,000,000 | 1,417,000,000 | 1,275,000,000 | |||||||||||
Restructuring | 84,000,000 | 50,000,000 | 31,000,000 | |||||||||||
Impairment | 135,000,000 | 16,000,000 | 129,000,000 | |||||||||||
Interest expense | 847,000,000 | 560,000,000 | 572,000,000 | |||||||||||
Total Expenses | 19,789,000,000 | 18,356,000,000 | 15,115,000,000 | |||||||||||
Income before income tax benefit (expense) | -632,000,000 | 2,326,000,000 | 681,000,000 | |||||||||||
Income tax benefit | 103,000,000 | 118,000,000 | 81,000,000 | |||||||||||
Net (loss) income | -1,102,000,000 | -627,000,000 | 1,123,000,000 | 77,000,000 | 405,000,000 | 1,236,000,000 | 93,000,000 | 710,000,000 | -529,000,000 | 2,444,000,000 | 762,000,000 | |||
Less: net loss (income) attributable to non-controlling interests | 156,000,000 | -1,419,000,000 | -366,000,000 | |||||||||||
Net (loss) income attributable to Icahn Enterprises | -478,000,000 | -355,000,000 | 489,000,000 | -29,000,000 | 222,000,000 | 472,000,000 | 54,000,000 | 277,000,000 | -373,000,000 | 1,025,000,000 | 396,000,000 | |||
Supplemental information: | ||||||||||||||
Capital expenditures | 1,411,000,000 | 1,161,000,000 | 936,000,000 | |||||||||||
Depreciation and amortization | 787,000,000 | [1] | 708,000,000 | [1] | 607,000,000 | [1] | ||||||||
Amortization included in interest expense | 22,000,000 | 34,000,000 | 28,000,000 | |||||||||||
Investment Segment [Member] | ||||||||||||||
Revenues: | ||||||||||||||
Net sales | 0 | 0 | 0 | |||||||||||
Other revenues from operations | 0 | 0 | 0 | |||||||||||
Net (loss) gain from investment activities | -421,000,000 | 1,850,000,000 | 314,000,000 | |||||||||||
Interest and dividend income | 202,000,000 | 178,000,000 | 85,000,000 | |||||||||||
Other (loss) income, net | 1,000,000 | 3,000,000 | -1,000,000 | |||||||||||
Total Revenues | -218,000,000 | 2,031,000,000 | 398,000,000 | |||||||||||
Expenses: | ||||||||||||||
Cost of goods sold | 0 | 0 | 0 | |||||||||||
Other expenses from operations | 0 | 0 | 0 | |||||||||||
Selling, general and administrative | 167,000,000 | 119,000,000 | 24,000,000 | |||||||||||
Restructuring | 0 | 0 | 0 | |||||||||||
Impairment | 0 | 0 | 0 | |||||||||||
Interest expense | 299,000,000 | 10,000,000 | 2,000,000 | |||||||||||
Total Expenses | 466,000,000 | 129,000,000 | 26,000,000 | |||||||||||
Income before income tax benefit (expense) | -684,000,000 | 1,902,000,000 | 372,000,000 | |||||||||||
Income tax benefit | 0 | 0 | 0 | |||||||||||
Net (loss) income | -684,000,000 | 1,902,000,000 | 372,000,000 | |||||||||||
Less: net loss (income) attributable to non-controlling interests | 379,000,000 | -1,090,000,000 | -215,000,000 | |||||||||||
Net (loss) income attributable to Icahn Enterprises | -305,000,000 | 812,000,000 | 157,000,000 | |||||||||||
Supplemental information: | ||||||||||||||
Capital expenditures | 0 | 0 | 0 | |||||||||||
Depreciation and amortization | 0 | [1] | 0 | [1] | 0 | [1] | ||||||||
Automotive Segment [Member] | ||||||||||||||
Revenues: | ||||||||||||||
Net sales | 7,317,000,000 | 6,905,000,000 | 6,664,000,000 | |||||||||||
Other revenues from operations | 0 | 0 | 0 | |||||||||||
Net (loss) gain from investment activities | 0 | 0 | 0 | |||||||||||
Interest and dividend income | 5,000,000 | 3,000,000 | 5,000,000 | |||||||||||
Other (loss) income, net | 2,000,000 | -32,000,000 | 8,000,000 | |||||||||||
Total Revenues | 7,324,000,000 | 6,876,000,000 | 6,677,000,000 | |||||||||||
Expenses: | ||||||||||||||
Cost of goods sold | 6,260,000,000 | 5,885,000,000 | 5,753,000,000 | |||||||||||
Other expenses from operations | 0 | 0 | 0 | |||||||||||
Selling, general and administrative | 825,000,000 | 749,000,000 | 710,000,000 | |||||||||||
Restructuring | 86,000,000 | 40,000,000 | 26,000,000 | |||||||||||
Impairment | 24,000,000 | 8,000,000 | 98,000,000 | |||||||||||
Interest expense | 128,000,000 | 111,000,000 | 141,000,000 | |||||||||||
Total Expenses | 7,323,000,000 | 6,793,000,000 | 6,728,000,000 | |||||||||||
Income before income tax benefit (expense) | 1,000,000 | 83,000,000 | -51,000,000 | |||||||||||
Income tax benefit | 91,000,000 | 180,000,000 | 29,000,000 | |||||||||||
Net (loss) income | -90,000,000 | 263,000,000 | -22,000,000 | |||||||||||
Less: net loss (income) attributable to non-controlling interests | 3,000,000 | -13,000,000 | -2,000,000 | |||||||||||
Net (loss) income attributable to Icahn Enterprises | -87,000,000 | 250,000,000 | -24,000,000 | |||||||||||
Supplemental information: | ||||||||||||||
Capital expenditures | 418,000,000 | 380,000,000 | 387,000,000 | |||||||||||
Depreciation and amortization | 335,000,000 | [1] | 296,000,000 | [1] | 289,000,000 | [1] | ||||||||
Energy Segment [Member] | ||||||||||||||
Revenues: | ||||||||||||||
Net sales | 9,109,000,000 | 8,986,000,000 | 5,703,000,000 | [2] | ||||||||||
Other revenues from operations | 0 | 0 | 0 | [2] | ||||||||||
Net (loss) gain from investment activities | -6,000,000 | 0 | 0 | [2] | ||||||||||
Interest and dividend income | 3,000,000 | 1,000,000 | 1,000,000 | [2] | ||||||||||
Other (loss) income, net | 186,000,000 | 76,000,000 | -185,000,000 | [2] | ||||||||||
Total Revenues | 9,292,000,000 | 9,063,000,000 | 5,519,000,000 | [2] | ||||||||||
Expenses: | ||||||||||||||
Cost of goods sold | 8,774,000,000 | 8,204,000,000 | 4,848,000,000 | [2] | ||||||||||
Other expenses from operations | 0 | 0 | 0 | [2] | ||||||||||
Selling, general and administrative | 136,000,000 | 137,000,000 | 112,000,000 | [2] | ||||||||||
Restructuring | 0 | 0 | 0 | [2] | ||||||||||
Impairment | 103,000,000 | 0 | 0 | [2] | ||||||||||
Interest expense | 38,000,000 | 48,000,000 | 39,000,000 | [2] | ||||||||||
Total Expenses | 9,051,000,000 | 8,389,000,000 | 4,999,000,000 | [2] | ||||||||||
Income before income tax benefit (expense) | 241,000,000 | 674,000,000 | 520,000,000 | [2] | ||||||||||
Income tax benefit | 73,000,000 | 195,000,000 | 182,000,000 | [2] | ||||||||||
Net (loss) income | 168,000,000 | 479,000,000 | 338,000,000 | [2] | ||||||||||
Less: net loss (income) attributable to non-controlling interests | -73,000,000 | -190,000,000 | -75,000,000 | [2] | ||||||||||
Net (loss) income attributable to Icahn Enterprises | 95,000,000 | 289,000,000 | 263,000,000 | [2] | ||||||||||
Supplemental information: | ||||||||||||||
Capital expenditures | 218,000,000 | 256,000,000 | 138,000,000 | [2] | ||||||||||
Depreciation and amortization | 219,000,000 | [1] | 208,000,000 | [1] | 128,000,000 | [1],[2] | ||||||||
Gaming Segment [Member] | ||||||||||||||
Revenues: | ||||||||||||||
Net sales | 0 | 0 | 0 | |||||||||||
Other revenues from operations | 759,000,000 | 575,000,000 | 613,000,000 | |||||||||||
Net (loss) gain from investment activities | 0 | 0 | 0 | |||||||||||
Interest and dividend income | 2,000,000 | 1,000,000 | 1,000,000 | |||||||||||
Other (loss) income, net | 88,000,000 | -5,000,000 | -3,000,000 | |||||||||||
Total Revenues | 849,000,000 | 571,000,000 | 611,000,000 | |||||||||||
Expenses: | ||||||||||||||
Cost of goods sold | 0 | 0 | 0 | |||||||||||
Other expenses from operations | 387,000,000 | 294,000,000 | 312,000,000 | |||||||||||
Selling, general and administrative | 327,000,000 | 238,000,000 | 250,000,000 | |||||||||||
Restructuring | 0 | 0 | 0 | |||||||||||
Impairment | 0 | 3,000,000 | 2,000,000 | |||||||||||
Interest expense | 13,000,000 | 14,000,000 | 13,000,000 | |||||||||||
Total Expenses | 727,000,000 | 549,000,000 | 577,000,000 | |||||||||||
Income before income tax benefit (expense) | 122,000,000 | 22,000,000 | 34,000,000 | |||||||||||
Income tax benefit | -147,000,000 | -3,000,000 | -4,000,000 | |||||||||||
Net (loss) income | 269,000,000 | 19,000,000 | 30,000,000 | |||||||||||
Less: net loss (income) attributable to non-controlling interests | -84,000,000 | -6,000,000 | -9,000,000 | |||||||||||
Net (loss) income attributable to Icahn Enterprises | 185,000,000 | 13,000,000 | 21,000,000 | |||||||||||
Supplemental information: | ||||||||||||||
Capital expenditures | 81,000,000 | 57,000,000 | 44,000,000 | |||||||||||
Depreciation and amortization | 50,000,000 | [1] | 34,000,000 | [1] | 32,000,000 | [1] | ||||||||
Railcar Segment [Member] | ||||||||||||||
Revenues: | ||||||||||||||
Net sales | 379,000,000 | 408,000,000 | 530,000,000 | |||||||||||
Other revenues from operations | 411,000,000 | 331,000,000 | 256,000,000 | |||||||||||
Net (loss) gain from investment activities | 0 | 2,000,000 | 2,000,000 | |||||||||||
Interest and dividend income | 3,000,000 | 9,000,000 | 11,000,000 | |||||||||||
Other (loss) income, net | 16,000,000 | -6,000,000 | 0 | |||||||||||
Total Revenues | 809,000,000 | 744,000,000 | 799,000,000 | |||||||||||
Expenses: | ||||||||||||||
Cost of goods sold | 288,000,000 | 326,000,000 | 419,000,000 | |||||||||||
Other expenses from operations | 175,000,000 | 160,000,000 | 141,000,000 | |||||||||||
Selling, general and administrative | 42,000,000 | 39,000,000 | 37,000,000 | |||||||||||
Restructuring | 0 | 0 | 0 | |||||||||||
Impairment | 0 | 0 | 0 | |||||||||||
Interest expense | 60,000,000 | 49,000,000 | 68,000,000 | |||||||||||
Total Expenses | 565,000,000 | 574,000,000 | 665,000,000 | |||||||||||
Income before income tax benefit (expense) | 244,000,000 | 170,000,000 | 134,000,000 | |||||||||||
Income tax benefit | 56,000,000 | -31,000,000 | -42,000,000 | |||||||||||
Net (loss) income | 188,000,000 | 139,000,000 | 92,000,000 | |||||||||||
Less: net loss (income) attributable to non-controlling interests | -66,000,000 | -109,000,000 | -63,000,000 | |||||||||||
Net (loss) income attributable to Icahn Enterprises | 122,000,000 | 30,000,000 | 29,000,000 | |||||||||||
Supplemental information: | ||||||||||||||
Capital expenditures | 626,000,000 | 424,000,000 | 302,000,000 | |||||||||||
Depreciation and amortization | 106,000,000 | [1] | 92,000,000 | [1] | 83,000,000 | [1] | ||||||||
Food Packaging Segment [Member] | ||||||||||||||
Revenues: | ||||||||||||||
Net sales | 365,000,000 | 371,000,000 | 343,000,000 | |||||||||||
Other revenues from operations | 0 | 0 | 0 | |||||||||||
Net (loss) gain from investment activities | 0 | 0 | 0 | |||||||||||
Interest and dividend income | 0 | 0 | 0 | |||||||||||
Other (loss) income, net | -19,000,000 | -25,000,000 | -2,000,000 | |||||||||||
Total Revenues | 346,000,000 | 346,000,000 | 341,000,000 | |||||||||||
Expenses: | ||||||||||||||
Cost of goods sold | 275,000,000 | 285,000,000 | 263,000,000 | |||||||||||
Other expenses from operations | 0 | 0 | 0 | |||||||||||
Selling, general and administrative | 45,000,000 | 47,000,000 | 45,000,000 | |||||||||||
Restructuring | 0 | 0 | 1,000,000 | |||||||||||
Impairment | 0 | 0 | 0 | |||||||||||
Interest expense | 14,000,000 | 22,000,000 | 21,000,000 | |||||||||||
Total Expenses | 334,000,000 | 354,000,000 | 330,000,000 | |||||||||||
Income before income tax benefit (expense) | 12,000,000 | -8,000,000 | 11,000,000 | |||||||||||
Income tax benefit | 3,000,000 | 51,000,000 | -5,000,000 | |||||||||||
Net (loss) income | 9,000,000 | 43,000,000 | 6,000,000 | |||||||||||
Less: net loss (income) attributable to non-controlling interests | -3,000,000 | -11,000,000 | -2,000,000 | |||||||||||
Net (loss) income attributable to Icahn Enterprises | 6,000,000 | 32,000,000 | 4,000,000 | |||||||||||
Supplemental information: | ||||||||||||||
Capital expenditures | 23,000,000 | 20,000,000 | 39,000,000 | |||||||||||
Depreciation and amortization | 22,000,000 | [1] | 21,000,000 | [1] | 18,000,000 | [1] | ||||||||
Metals Segment [Member] | ||||||||||||||
Revenues: | ||||||||||||||
Net sales | 711,000,000 | 929,000,000 | 1,102,000,000 | |||||||||||
Other revenues from operations | 0 | 0 | 0 | |||||||||||
Net (loss) gain from investment activities | 0 | 0 | 0 | |||||||||||
Interest and dividend income | 0 | 0 | 0 | |||||||||||
Other (loss) income, net | 0 | 0 | 1,000,000 | |||||||||||
Total Revenues | 711,000,000 | 929,000,000 | 1,103,000,000 | |||||||||||
Expenses: | ||||||||||||||
Cost of goods sold | 728,000,000 | 948,000,000 | 1,116,000,000 | |||||||||||
Other expenses from operations | 0 | 0 | 0 | |||||||||||
Selling, general and administrative | 23,000,000 | 27,000,000 | 28,000,000 | |||||||||||
Restructuring | 0 | 0 | 0 | |||||||||||
Impairment | 3,000,000 | 2,000,000 | 18,000,000 | |||||||||||
Interest expense | 0 | 0 | 0 | |||||||||||
Total Expenses | 754,000,000 | 977,000,000 | 1,162,000,000 | |||||||||||
Income before income tax benefit (expense) | -43,000,000 | -48,000,000 | -59,000,000 | |||||||||||
Income tax benefit | -18,000,000 | 20,000,000 | 1,000,000 | |||||||||||
Net (loss) income | -25,000,000 | -28,000,000 | -58,000,000 | |||||||||||
Less: net loss (income) attributable to non-controlling interests | 0 | 0 | 0 | |||||||||||
Net (loss) income attributable to Icahn Enterprises | -25,000,000 | -28,000,000 | -58,000,000 | |||||||||||
Supplemental information: | ||||||||||||||
Capital expenditures | 41,000,000 | 15,000,000 | 24,000,000 | |||||||||||
Depreciation and amortization | 26,000,000 | [1] | 26,000,000 | [1] | 26,000,000 | [1] | ||||||||
Real Estate Segment [Member] | ||||||||||||||
Revenues: | ||||||||||||||
Net sales | 15,000,000 | 2,000,000 | 4,000,000 | |||||||||||
Other revenues from operations | 80,000,000 | 82,000,000 | 82,000,000 | |||||||||||
Net (loss) gain from investment activities | 0 | 0 | 0 | |||||||||||
Interest and dividend income | 0 | 0 | 0 | |||||||||||
Other (loss) income, net | 6,000,000 | 1,000,000 | 2,000,000 | |||||||||||
Total Revenues | 101,000,000 | 85,000,000 | 88,000,000 | |||||||||||
Expenses: | ||||||||||||||
Cost of goods sold | 8,000,000 | 0 | 1,000,000 | |||||||||||
Other expenses from operations | 51,000,000 | 50,000,000 | 49,000,000 | |||||||||||
Selling, general and administrative | 12,000,000 | 12,000,000 | 14,000,000 | |||||||||||
Restructuring | 0 | 0 | 0 | |||||||||||
Impairment | 5,000,000 | 2,000,000 | 0 | |||||||||||
Interest expense | 3,000,000 | 4,000,000 | 5,000,000 | |||||||||||
Total Expenses | 79,000,000 | 68,000,000 | 69,000,000 | |||||||||||
Income before income tax benefit (expense) | 22,000,000 | 17,000,000 | 19,000,000 | |||||||||||
Income tax benefit | 0 | 0 | 0 | |||||||||||
Net (loss) income | 22,000,000 | 17,000,000 | 19,000,000 | |||||||||||
Less: net loss (income) attributable to non-controlling interests | 0 | 0 | 0 | |||||||||||
Net (loss) income attributable to Icahn Enterprises | 22,000,000 | 17,000,000 | 19,000,000 | |||||||||||
Supplemental information: | ||||||||||||||
Capital expenditures | 1,000,000 | 2,000,000 | 2,000,000 | |||||||||||
Depreciation and amortization | 22,000,000 | [1] | 23,000,000 | [1] | 23,000,000 | [1] | ||||||||
Home Fashion Segment [Member] | ||||||||||||||
Revenues: | ||||||||||||||
Net sales | 176,000,000 | 184,000,000 | 228,000,000 | |||||||||||
Other revenues from operations | 0 | 0 | 0 | |||||||||||
Net (loss) gain from investment activities | 0 | 0 | 0 | |||||||||||
Interest and dividend income | 0 | 0 | 0 | |||||||||||
Other (loss) income, net | 5,000,000 | 3,000,000 | 3,000,000 | |||||||||||
Total Revenues | 181,000,000 | 187,000,000 | 231,000,000 | |||||||||||
Expenses: | ||||||||||||||
Cost of goods sold | 152,000,000 | 161,000,000 | 206,000,000 | |||||||||||
Other expenses from operations | 0 | 0 | 0 | |||||||||||
Selling, general and administrative | 29,000,000 | 31,000,000 | 37,000,000 | |||||||||||
Restructuring | -2,000,000 | 10,000,000 | 4,000,000 | |||||||||||
Impairment | 0 | 1,000,000 | 11,000,000 | |||||||||||
Interest expense | 0 | 0 | 0 | |||||||||||
Total Expenses | 179,000,000 | 203,000,000 | 258,000,000 | |||||||||||
Income before income tax benefit (expense) | 2,000,000 | -16,000,000 | -27,000,000 | |||||||||||
Income tax benefit | 0 | 0 | 0 | |||||||||||
Net (loss) income | 2,000,000 | -16,000,000 | -27,000,000 | |||||||||||
Less: net loss (income) attributable to non-controlling interests | 0 | 0 | 0 | |||||||||||
Net (loss) income attributable to Icahn Enterprises | 2,000,000 | -16,000,000 | -27,000,000 | |||||||||||
Supplemental information: | ||||||||||||||
Capital expenditures | 3,000,000 | 7,000,000 | 0 | |||||||||||
Depreciation and amortization | 7,000,000 | [1] | 8,000,000 | [1] | 8,000,000 | [1] | ||||||||
Holding Company [Member] | ||||||||||||||
Revenues: | ||||||||||||||
Net sales | 0 | 0 | 0 | |||||||||||
Other revenues from operations | 0 | 0 | 0 | |||||||||||
Net (loss) gain from investment activities | -137,000,000 | -158,000,000 | 27,000,000 | |||||||||||
Interest and dividend income | 2,000,000 | 2,000,000 | 0 | |||||||||||
Other (loss) income, net | -103,000,000 | 6,000,000 | 2,000,000 | |||||||||||
Total Revenues | -238,000,000 | -150,000,000 | 29,000,000 | |||||||||||
Expenses: | ||||||||||||||
Cost of goods sold | 0 | 0 | 0 | |||||||||||
Other expenses from operations | 0 | 0 | 0 | |||||||||||
Selling, general and administrative | 19,000,000 | 18,000,000 | 18,000,000 | |||||||||||
Restructuring | 0 | 0 | 0 | |||||||||||
Impairment | 0 | 0 | 0 | |||||||||||
Interest expense | 292,000,000 | 302,000,000 | 283,000,000 | |||||||||||
Total Expenses | 311,000,000 | 320,000,000 | 301,000,000 | |||||||||||
Income before income tax benefit (expense) | -549,000,000 | -470,000,000 | -272,000,000 | |||||||||||
Income tax benefit | -161,000,000 | 96,000,000 | 284,000,000 | |||||||||||
Net (loss) income | -388,000,000 | -374,000,000 | 12,000,000 | |||||||||||
Less: net loss (income) attributable to non-controlling interests | 0 | 0 | 0 | |||||||||||
Net (loss) income attributable to Icahn Enterprises | -388,000,000 | -374,000,000 | 12,000,000 | |||||||||||
Supplemental information: | ||||||||||||||
Capital expenditures | 0 | 0 | 0 | |||||||||||
Depreciation and amortization | 0 | [1] | 0 | [1] | 0 | [1] | ||||||||
Icahn Enterprises Holdings [Member] | ||||||||||||||
Revenues: | ||||||||||||||
Net sales | 18,072,000,000 | 17,785,000,000 | 14,574,000,000 | |||||||||||
Other revenues from operations | 1,250,000,000 | 988,000,000 | 951,000,000 | |||||||||||
Net (loss) gain from investment activities | -564,000,000 | 1,694,000,000 | 343,000,000 | |||||||||||
Interest and dividend income | 217,000,000 | 194,000,000 | 103,000,000 | |||||||||||
Other (loss) income, net | 182,000,000 | 21,000,000 | -175,000,000 | |||||||||||
Total Revenues | 19,157,000,000 | 20,682,000,000 | 15,796,000,000 | |||||||||||
Expenses: | ||||||||||||||
Cost of goods sold | 16,485,000,000 | 15,809,000,000 | 12,606,000,000 | |||||||||||
Other expenses from operations | 613,000,000 | 504,000,000 | 502,000,000 | |||||||||||
Selling, general and administrative | 1,625,000,000 | 1,417,000,000 | 1,275,000,000 | |||||||||||
Restructuring | 84,000,000 | 50,000,000 | 31,000,000 | |||||||||||
Impairment | 135,000,000 | 16,000,000 | 129,000,000 | |||||||||||
Interest expense | 846,000,000 | 560,000,000 | 571,000,000 | |||||||||||
Total Expenses | 19,788,000,000 | 18,356,000,000 | 15,114,000,000 | |||||||||||
Income before income tax benefit (expense) | -631,000,000 | 2,326,000,000 | 682,000,000 | |||||||||||
Income tax benefit | 103,000,000 | 118,000,000 | 81,000,000 | |||||||||||
Net (loss) income | -528,000,000 | 2,444,000,000 | 763,000,000 | |||||||||||
Net (loss) income attributable to Icahn Enterprises | -372,000,000 | 1,025,000,000 | 397,000,000 | |||||||||||
Supplemental information: | ||||||||||||||
Amortization included in interest expense | 21,000,000 | 34,000,000 | 27,000,000 | |||||||||||
Icahn Enterprises Holdings [Member] | Investment Segment [Member] | ||||||||||||||
Expenses: | ||||||||||||||
Net (loss) income | -684,000,000 | 1,902,000,000 | 372,000,000 | |||||||||||
Net (loss) income attributable to Icahn Enterprises | -305,000,000 | 812,000,000 | 157,000,000 | |||||||||||
Icahn Enterprises Holdings [Member] | Automotive Segment [Member] | ||||||||||||||
Expenses: | ||||||||||||||
Net (loss) income | -90,000,000 | 263,000,000 | -22,000,000 | |||||||||||
Net (loss) income attributable to Icahn Enterprises | -87,000,000 | 250,000,000 | -24,000,000 | |||||||||||
Icahn Enterprises Holdings [Member] | Energy Segment [Member] | ||||||||||||||
Expenses: | ||||||||||||||
Net (loss) income | 168,000,000 | 479,000,000 | 338,000,000 | |||||||||||
Net (loss) income attributable to Icahn Enterprises | 95,000,000 | 289,000,000 | 263,000,000 | |||||||||||
Icahn Enterprises Holdings [Member] | Gaming Segment [Member] | ||||||||||||||
Expenses: | ||||||||||||||
Net (loss) income | 269,000,000 | 19,000,000 | 30,000,000 | |||||||||||
Net (loss) income attributable to Icahn Enterprises | 185,000,000 | 13,000,000 | 21,000,000 | |||||||||||
Icahn Enterprises Holdings [Member] | Railcar Segment [Member] | ||||||||||||||
Expenses: | ||||||||||||||
Net (loss) income | 188,000,000 | 139,000,000 | 92,000,000 | |||||||||||
Net (loss) income attributable to Icahn Enterprises | 122,000,000 | 30,000,000 | 29,000,000 | |||||||||||
Icahn Enterprises Holdings [Member] | Food Packaging Segment [Member] | ||||||||||||||
Expenses: | ||||||||||||||
Net (loss) income | 9,000,000 | 43,000,000 | 6,000,000 | |||||||||||
Net (loss) income attributable to Icahn Enterprises | 6,000,000 | 32,000,000 | 4,000,000 | |||||||||||
Icahn Enterprises Holdings [Member] | Metals Segment [Member] | ||||||||||||||
Expenses: | ||||||||||||||
Net (loss) income | -25,000,000 | -28,000,000 | -58,000,000 | |||||||||||
Net (loss) income attributable to Icahn Enterprises | -25,000,000 | -28,000,000 | -58,000,000 | |||||||||||
Icahn Enterprises Holdings [Member] | Real Estate Segment [Member] | ||||||||||||||
Expenses: | ||||||||||||||
Net (loss) income | 22,000,000 | 17,000,000 | 19,000,000 | |||||||||||
Net (loss) income attributable to Icahn Enterprises | 22,000,000 | 17,000,000 | 19,000,000 | |||||||||||
Icahn Enterprises Holdings [Member] | Home Fashion Segment [Member] | ||||||||||||||
Expenses: | ||||||||||||||
Net (loss) income | 2,000,000 | -16,000,000 | -27,000,000 | |||||||||||
Net (loss) income attributable to Icahn Enterprises | 2,000,000 | -16,000,000 | -27,000,000 | |||||||||||
Icahn Enterprises Holdings [Member] | Holding Company [Member] | ||||||||||||||
Expenses: | ||||||||||||||
Interest expense | 291,000,000 | 302,000,000 | 282,000,000 | |||||||||||
Net (loss) income | -387,000,000 | -374,000,000 | 13,000,000 | |||||||||||
Net (loss) income attributable to Icahn Enterprises | ($387,000,000) | ($374,000,000) | $13,000,000 | |||||||||||
[1] | Excludes amounts related to the amortization of debt discounts and premiums included in interest expense in the amounts of $22 million, $34 million and $28 million for the years ended DecemberB 31, 2014, 2013 and 2012, respectively. | |||||||||||||
[2] | We consolidated CVR effective May 4, 2012. |
Segment_Reporting_Balance_Shee
Segment Reporting, Balance Sheets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | ||||
ASSETS | ||||
Cash and cash equivalents | $2,912 | $3,262 | $3,108 | $2,328 |
Cash held at consolidated affiliated partnerships and restricted cash | 1,435 | 396 | ||
Investments | 14,500 | 12,261 | ||
Accounts receivable, net | 1,691 | 1,750 | ||
Inventories, net | 1,879 | 1,902 | ||
Property, plant and equipment, net | 8,955 | 8,077 | ||
Goodwill and intangible assets, net | 3,088 | 3,187 | ||
Other assets | 1,320 | 910 | ||
Total Assets | 35,780 | 31,745 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 4,877 | 4,943 | ||
Securities sold, not yet purchased, at fair value | 337 | 884 | ||
Due to brokers | 5,197 | 2,203 | ||
Post-employment benefit liability | 1,391 | 1,111 | ||
Debt | 11,588 | 9,295 | ||
Total liabilities | 23,390 | 18,436 | ||
Equity attributable to Icahn Enterprises | 5,443 | 6,092 | ||
Equity attributable to non-controlling interests | 6,947 | 7,217 | ||
Total equity | 12,390 | 13,309 | 9,816 | 7,871 |
Total Liabilities and Equity | 35,780 | 31,745 | ||
Investment Segment [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 2 | 3 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 1,366 | 321 | ||
Investments | 13,961 | 11,826 | ||
Accounts receivable, net | 0 | 0 | ||
Inventories, net | 0 | 0 | ||
Property, plant and equipment, net | 0 | 0 | ||
Goodwill and intangible assets, net | 0 | 0 | ||
Other assets | 131 | 47 | ||
Total Assets | 15,460 | 12,197 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 864 | 757 | ||
Securities sold, not yet purchased, at fair value | 337 | 884 | ||
Due to brokers | 5,197 | 2,203 | ||
Post-employment benefit liability | 0 | 0 | ||
Debt | 0 | 0 | ||
Total liabilities | 6,398 | 3,844 | ||
Equity attributable to Icahn Enterprises | 4,284 | 3,696 | ||
Equity attributable to non-controlling interests | 4,778 | 4,657 | ||
Total equity | 9,062 | 8,353 | ||
Total Liabilities and Equity | 15,460 | 12,197 | ||
Automotive Segment [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 332 | 761 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 0 | 0 | ||
Investments | 269 | 253 | ||
Accounts receivable, net | 1,356 | 1,297 | ||
Inventories, net | 1,215 | 1,068 | ||
Property, plant and equipment, net | 2,160 | 2,038 | ||
Goodwill and intangible assets, net | 1,744 | 1,715 | ||
Other assets | 453 | 413 | ||
Total Assets | 7,529 | 7,545 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 1,933 | 1,763 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Due to brokers | 0 | 0 | ||
Post-employment benefit liability | 1,328 | 1,072 | ||
Debt | 2,690 | 2,586 | ||
Total liabilities | 5,951 | 5,421 | ||
Equity attributable to Icahn Enterprises | 1,231 | 1,660 | ||
Equity attributable to non-controlling interests | 347 | 464 | ||
Total equity | 1,578 | 2,124 | ||
Total Liabilities and Equity | 7,529 | 7,545 | ||
Energy Segment [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 754 | 842 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 0 | 0 | ||
Investments | 77 | 0 | ||
Accounts receivable, net | 137 | 242 | ||
Inventories, net | 330 | 527 | ||
Property, plant and equipment, net | 2,692 | 2,684 | ||
Goodwill and intangible assets, net | 1,184 | 1,307 | ||
Other assets | 160 | 146 | ||
Total Assets | 5,334 | 5,748 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 1,471 | 1,550 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Due to brokers | 0 | 0 | ||
Post-employment benefit liability | 0 | 0 | ||
Debt | 675 | 676 | ||
Total liabilities | 2,146 | 2,226 | ||
Equity attributable to Icahn Enterprises | 1,612 | 1,926 | ||
Equity attributable to non-controlling interests | 1,576 | 1,596 | ||
Total equity | 3,188 | 3,522 | ||
Total Liabilities and Equity | 5,334 | 5,748 | ||
Gaming Segment [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 196 | 359 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 16 | 31 | ||
Investments | 33 | 34 | ||
Accounts receivable, net | 9 | 10 | ||
Inventories, net | 0 | 0 | ||
Property, plant and equipment, net | 719 | 444 | ||
Goodwill and intangible assets, net | 75 | 67 | ||
Other assets | 212 | 51 | ||
Total Assets | 1,260 | 996 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 130 | 132 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Due to brokers | 0 | 0 | ||
Post-employment benefit liability | 0 | 0 | ||
Debt | 295 | 298 | ||
Total liabilities | 425 | 430 | ||
Equity attributable to Icahn Enterprises | 578 | 392 | ||
Equity attributable to non-controlling interests | 257 | 174 | ||
Total equity | 835 | 566 | ||
Total Liabilities and Equity | 1,260 | 996 | ||
Railcar Segment [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 412 | 417 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 35 | 27 | ||
Investments | 29 | 31 | ||
Accounts receivable, net | 41 | 34 | ||
Inventories, net | 117 | 90 | ||
Property, plant and equipment, net | 2,376 | 1,889 | ||
Goodwill and intangible assets, net | 7 | 7 | ||
Other assets | 103 | 52 | ||
Total Assets | 3,120 | 2,547 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 294 | 204 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Due to brokers | 0 | 0 | ||
Post-employment benefit liability | 9 | 5 | ||
Debt | 2,133 | 1,448 | ||
Total liabilities | 2,436 | 1,657 | ||
Equity attributable to Icahn Enterprises | 711 | 591 | ||
Equity attributable to non-controlling interests | -27 | 299 | ||
Total equity | 684 | 890 | ||
Total Liabilities and Equity | 3,120 | 2,547 | ||
Food Packaging Segment [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 39 | 19 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 1 | 1 | ||
Investments | 0 | 0 | ||
Accounts receivable, net | 63 | 67 | ||
Inventories, net | 77 | 72 | ||
Property, plant and equipment, net | 154 | 156 | ||
Goodwill and intangible assets, net | 9 | 11 | ||
Other assets | 93 | 79 | ||
Total Assets | 436 | 405 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 64 | 80 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Due to brokers | 0 | 0 | ||
Post-employment benefit liability | 52 | 33 | ||
Debt | 274 | 217 | ||
Total liabilities | 390 | 330 | ||
Equity attributable to Icahn Enterprises | 30 | 55 | ||
Equity attributable to non-controlling interests | 16 | 20 | ||
Total equity | 46 | 75 | ||
Total Liabilities and Equity | 436 | 405 | ||
Metals Segment [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 19 | 31 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 4 | 4 | ||
Investments | 0 | 0 | ||
Accounts receivable, net | 51 | 62 | ||
Inventories, net | 67 | 85 | ||
Property, plant and equipment, net | 144 | 129 | ||
Goodwill and intangible assets, net | 8 | 9 | ||
Other assets | 22 | 14 | ||
Total Assets | 315 | 334 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 60 | 57 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Due to brokers | 0 | 0 | ||
Post-employment benefit liability | 2 | 1 | ||
Debt | 3 | 3 | ||
Total liabilities | 65 | 61 | ||
Equity attributable to Icahn Enterprises | 250 | 273 | ||
Equity attributable to non-controlling interests | 0 | 0 | ||
Total equity | 250 | 273 | ||
Total Liabilities and Equity | 315 | 334 | ||
Real Estate Segment [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 24 | 32 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 2 | 3 | ||
Investments | 0 | 0 | ||
Accounts receivable, net | 4 | 3 | ||
Inventories, net | 0 | 0 | ||
Property, plant and equipment, net | 633 | 656 | ||
Goodwill and intangible assets, net | 58 | 68 | ||
Other assets | 24 | 18 | ||
Total Assets | 745 | 780 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 20 | 18 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Due to brokers | 0 | 0 | ||
Post-employment benefit liability | 0 | 0 | ||
Debt | 32 | 51 | ||
Total liabilities | 52 | 69 | ||
Equity attributable to Icahn Enterprises | 693 | 711 | ||
Equity attributable to non-controlling interests | 0 | 0 | ||
Total equity | 693 | 711 | ||
Total Liabilities and Equity | 745 | 780 | ||
Home Fashion Segment [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 11 | 16 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 8 | 6 | ||
Investments | 0 | 0 | ||
Accounts receivable, net | 30 | 35 | ||
Inventories, net | 73 | 60 | ||
Property, plant and equipment, net | 74 | 78 | ||
Goodwill and intangible assets, net | 3 | 3 | ||
Other assets | 9 | 24 | ||
Total Assets | 208 | 222 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 28 | 31 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Due to brokers | 0 | 0 | ||
Post-employment benefit liability | 0 | 0 | ||
Debt | 0 | 0 | ||
Total liabilities | 28 | 31 | ||
Equity attributable to Icahn Enterprises | 180 | 191 | ||
Equity attributable to non-controlling interests | 0 | 0 | ||
Total equity | 180 | 191 | ||
Total Liabilities and Equity | 208 | 222 | ||
Holding Company [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 1,123 | 782 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 3 | 3 | ||
Investments | 131 | 117 | ||
Accounts receivable, net | 0 | 0 | ||
Inventories, net | 0 | 0 | ||
Property, plant and equipment, net | 3 | 3 | ||
Goodwill and intangible assets, net | 0 | 0 | ||
Other assets | 113 | 66 | ||
Total Assets | 1,373 | 971 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 13 | 351 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Due to brokers | 0 | 0 | ||
Post-employment benefit liability | 0 | 0 | ||
Debt | 5,486 | 4,016 | ||
Total liabilities | 5,499 | 4,367 | ||
Equity attributable to Icahn Enterprises | -4,126 | -3,403 | ||
Equity attributable to non-controlling interests | 0 | 7 | ||
Total equity | -4,126 | -3,396 | ||
Total Liabilities and Equity | 1,373 | 971 | ||
Holding Company [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 2,912 | 3,262 | 3,108 | 2,328 |
Cash held at consolidated affiliated partnerships and restricted cash | 1,435 | 396 | ||
Investments | 14,500 | 12,261 | ||
Accounts receivable, net | 1,691 | 1,750 | ||
Inventories, net | 1,879 | 1,902 | ||
Property, plant and equipment, net | 8,955 | 8,077 | ||
Total Assets | 35,803 | 31,761 | ||
LIABILITIES AND EQUITY | ||||
Securities sold, not yet purchased, at fair value | 337 | 884 | ||
Due to brokers | 5,197 | 2,203 | ||
Post-employment benefit liability | 1,391 | 1,111 | ||
Debt | 11,588 | 9,289 | ||
Total liabilities | 23,390 | 18,430 | ||
Equity attributable to Icahn Enterprises | 5,466 | 6,114 | ||
Equity attributable to non-controlling interests | 6,947 | 7,217 | ||
Total equity | 12,413 | 13,331 | 9,838 | 7,892 |
Total Liabilities and Equity | 35,803 | 31,761 | ||
Holding Company [Member] | Investment Segment [Member] | ||||
ASSETS | ||||
Total Assets | 15,460 | 12,197 | ||
Holding Company [Member] | Automotive Segment [Member] | ||||
ASSETS | ||||
Total Assets | 7,529 | 7,545 | ||
Holding Company [Member] | Energy Segment [Member] | ||||
ASSETS | ||||
Total Assets | 5,334 | 5,748 | ||
Holding Company [Member] | Gaming Segment [Member] | ||||
ASSETS | ||||
Total Assets | 1,260 | 996 | ||
Holding Company [Member] | Railcar Segment [Member] | ||||
ASSETS | ||||
Total Assets | 3,120 | 2,547 | ||
Holding Company [Member] | Food Packaging Segment [Member] | ||||
ASSETS | ||||
Total Assets | 436 | 405 | ||
Holding Company [Member] | Metals Segment [Member] | ||||
ASSETS | ||||
Total Assets | 315 | 334 | ||
Holding Company [Member] | Real Estate Segment [Member] | ||||
ASSETS | ||||
Total Assets | 745 | 780 | ||
Holding Company [Member] | Home Fashion Segment [Member] | ||||
ASSETS | ||||
Total Assets | 208 | 222 | ||
Holding Company [Member] | Holding Company [Member] | ||||
ASSETS | ||||
Total Assets | $1,396 | $987 |
Segment_and_Geographic_Reporti3
Segment and Geographic Reporting Geographic Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | $3,982 | $4,557 | $4,867 | $4,666 | $4,533 | $4,181 | $4,497 | $4,574 | $18,072 | $17,785 | $14,574 |
Other revenues from operations | 1,250 | 988 | 951 | ||||||||
Property, plant and equipment, net | 8,955 | 8,077 | 8,955 | 8,077 | |||||||
United States | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 13,086 | 13,171 | 10,202 | ||||||||
Other revenues from operations | 1,169 | 937 | 914 | ||||||||
Property, plant and equipment, net | 6,903 | 6,207 | 6,903 | 6,207 | |||||||
Geographic information, Germany [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 1,507 | 1,339 | 1,175 | ||||||||
Other revenues from operations | 0 | 0 | 0 | ||||||||
Property, plant and equipment, net | 423 | 425 | 423 | 425 | |||||||
Geographic information, Other [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 3,479 | 3,275 | 3,197 | ||||||||
Other revenues from operations | 81 | 51 | 37 | ||||||||
Property, plant and equipment, net | $1,629 | $1,445 | $1,629 | $1,445 |
Income_Taxes_Effective_Income_
Income Taxes Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Contingency [Line Items] | |||
Federal statutory rate | 35.00% | 35.00% | 35.00% |
Foreign operations | 6.70% | 1.30% | 0.70% |
Valuation allowance | 21.50% | -15.40% | 14.80% |
Effective Income Tax Rate Reconciliation, Noncontrolling Interest Income (Loss), Percent | 7.50% | -2.30% | -1.10% |
Effective in tax rate reconciliation, change in goodwill, percent | -5.70% | 0.20% | 0.50% |
Gain on settlement of liabilities subject to compromise | 4.90% | 0.00% | -51.70% |
Income not subject to taxation | -47.20% | -25.40% | -12.60% |
Other | -6.40% | 1.50% | 2.50% |
Effective Income Tax Rate, Continuing Operations | 16.30% | -5.10% | -11.90% |
Income_Taxes_Accounting_for_Un
Income Taxes Accounting for Uncertainty in Income Taxes (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Contingency [Line Items] | ||||
Unrecognized tax benefits balance | $113 | $132 | $113 | $388 |
Addition based on tax positions related to the current year | 18 | 23 | 23 | |
Acquisition of CVR | 0 | 0 | 18 | |
Increase for tax positions of prior years | 10 | 6 | 15 | |
Decrease for tax positions of prior years | -14 | -9 | -15 | |
Decrease for statute of limitation expiration | -3 | -1 | -14 | |
Settlements | -25 | 1 | -301 | |
Impact of currency translation and other | -5 | -1 | -1 | |
Unrecognized tax benefits that if recognized, would affect the effective tax rate | 76 | 54 | 71 | |
Liabilities recognized for tax related net interest and penalties | 19 | 27 | 17 | |
Income tax expense related to interest and penalties related to unrecognized tax benefits | -11 | 8 | 3 | |
Federal-Mogul [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Unrecognized tax benefits that if recognized, would affect the effective tax rate | 2 | |||
Possibility that unrecognized tax benefits may drecrease in the next year | $3 |
Income_Taxes_Narrative_Details
Income Taxes Narrative (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Contingency [Line Items] | |||||
Book basis of net assets | $5,443 | $6,092 | |||
Book/tax basis difference | -1,566 | -2,248 | |||
Tax basis of net assets | 3,877 | 3,844 | |||
Current Income Tax Expense (Benefit) | -80 | -39 | -157 | ||
Deferred Income Tax Expense (Benefit) | 183 | 157 | 238 | ||
Income tax benefit (expense) | 103 | 118 | 81 | ||
Deferred tax assets, Property, pland and equipment | 144 | 141 | |||
Deferred tax asset, net operating loss | 1,348 | 1,137 | |||
deferred tax asset, Tax credits | 149 | 166 | |||
Deferred tax asset, Post-employment benefits, including pensions | 388 | 303 | |||
Deferred tax asset, Reoganization costs | 11 | 27 | |||
Deferred tax asset, Other | 231 | 242 | |||
Deferred Tax Assets, Gross | 2,271 | 2,016 | |||
Deferred Tax Assets, Valuation Allowance | -1,059 | -1,216 | |||
Deferred Tax Assets, Net of Valuation Allowance | 1,212 | 800 | |||
Deferred Tax Liabilities, Property, Plant and Equipment | -239 | -216 | |||
Deferred Tax Liabilities, Intangible Assets | -177 | -187 | |||
Deferred tax liability, Investment in partnerships | -1,349 | -1,242 | |||
Deferred tax liabilities, Investment in subsidiaries | -307 | -307 | |||
Deferred Tax Liabilities, Other | -6 | -13 | |||
Deferred Tax Liabilities, Gross | -2,078 | -1,965 | |||
deferred tax liabilities, net of deferred tax assets | -866 | -1,165 | |||
Deferred tax asset | 389 | 229 | |||
Deferred tax liability | 1,255 | 1,394 | |||
Changes in valuation allowance on deferred tax assets | 157 | 334 | |||
Cash and cash equivalents | 2,912 | 3,262 | 3,108 | 2,328 | |
Income tax expense related to interest and penalties related to unrecognized tax benefits | -11 | 8 | 3 | ||
ARI [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Undistributed Earnings of Foreign Subsidiaries | 3 | 3 | |||
Deferred tax asst for tax loss carryforwrds and credits, subject to expiration | 32 | ||||
American Entertainment Properties Corp. [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Deferred Tax Assets, Valuation Allowance | -55 | ||||
Changes in valuation allowance on deferred tax assets | -3 | 221 | |||
Deferred tax asst for tax loss carryforwrds and credits, subject to expiration | 1,300 | ||||
Icahn Enterprises Holdings [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Book basis of net assets | 5,446 | 6,114 | |||
Book/tax basis difference | -1,545 | -2,248 | |||
Tax basis of net assets | 3,901 | 3,866 | |||
Income tax benefit (expense) | 103 | 118 | 81 | ||
Deferred tax liability | 1,255 | 1,394 | |||
Cash and cash equivalents | 2,912 | 3,262 | 3,108 | 2,328 | |
Federal-Mogul [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Deferred Tax Assets, Valuation Allowance | 868 | ||||
Undistributed Earnings of Foreign Subsidiaries | 902 | ||||
Deferred tax asst for tax loss carryforwrds and credits, subject to expiration | 893 | ||||
Domestic deferred tax asst for tax loss carryforwards and credits, subject to expiration | 498 | ||||
Tropicana [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Deferred tax asst for tax loss carryforwrds and credits, subject to expiration | 161 | ||||
Viskase [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Changes in valuation allowance on deferred tax assets | 55 | ||||
Undistributed Earnings of Foreign Subsidiaries | 68 | ||||
Domestic deferred tax asst for tax loss carryforwards and credits, subject to expiration | 100 | ||||
United Kingdom | Federal-Mogul [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Foreign deferred tax asst for tax loss carryforwards and credits, subject to expiration | 181 | ||||
Other foreign jurisdictions [Member] | Federal-Mogul [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Foreign deferred tax asst for tax loss carryforwards and credits, subject to expiration | 214 | ||||
Foreign Tax Authority [Member] | Viskase [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Foreign deferred tax asst for tax loss carryforwards and credits, subject to expiration | 15 | ||||
Foreign Tax Authority [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Current Income Tax Expense (Benefit) | -35 | -61 | -53 | ||
Deferred Income Tax Expense (Benefit) | -18 | 11 | 47 | ||
Domestic Tax Authority [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Current Income Tax Expense (Benefit) | -45 | 22 | -104 | ||
Deferred Income Tax Expense (Benefit) | 201 | 146 | 191 | ||
Gaming Segment [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Income tax benefit (expense) | -147 | -3 | -4 | ||
Changes in valuation allowance on deferred tax assets | 193 | ||||
Cash and cash equivalents | 196 | 359 | |||
Valuation allowance, deferred tax asset, change in balance | 196 | ||||
Energy Segment [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Income tax benefit (expense) | 73 | 195 | 182 | [1] | |
Cash and cash equivalents | 754 | 842 | |||
Energy Segment [Member] | Kansas | American Entertainment Properties Corp. [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Domestic tax credits | 2 | ||||
Energy Segment [Member] | Oklahoma | American Entertainment Properties Corp. [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Domestic tax credits | 18 | ||||
Food Packaging Segment [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Income tax benefit (expense) | 3 | 51 | -5 | ||
Changes in valuation allowance on deferred tax assets | 55 | ||||
Cash and cash equivalents | 39 | 19 | |||
Automotive Segment [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Income tax benefit (expense) | 91 | 180 | 29 | ||
Changes in valuation allowance on deferred tax assets | -33 | 279 | |||
Cash and cash equivalents | 332 | 761 | |||
Cash and cash equivalents held by foreign subsidiaries | 138 | ||||
Release of deferred tax allowance | $18 | $287 | |||
Minimum [Member] | American Entertainment Properties Corp. [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Operating Loss Carryforwards, Expiration Dates | 2026 | ||||
Minimum [Member] | Tropicana [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Operating Loss Carryforwards, Expiration Dates | 2028 | ||||
Minimum [Member] | United States | Federal-Mogul [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Operating Loss Carryforwards, Expiration Dates | 2015 | ||||
Minimum [Member] | United States | Viskase [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Operating Loss Carryforwards, Expiration Dates | 2024 | ||||
Maximum [Member] | American Entertainment Properties Corp. [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Operating Loss Carryforwards, Expiration Dates | 2034 | ||||
Maximum [Member] | United States | Federal-Mogul [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Operating Loss Carryforwards, Expiration Dates | 2034 | ||||
[1] | We consolidated CVR effective May 4, 2012. |
Changes_in_Accumulated_Other_C2
Changes in Accumulated Other Comprehensive Loss (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Changes in Accumulated Other Comprehensive Loss [Abstract] | ||||
AOCI, Post-employment Benefits, net of tax | ($692) | ($464) | ||
AOCI, Hedge instruments, net of tax | -26 | -26 | ||
AOCI, Translation adjustments and other, net of tax | -575 | -315 | ||
Accumulated other comprehensive loss | -1,293 | -805 | ||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Reclassification Adjustments, Net of Tax | -239 | |||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | -1 | |||
Other comprehensive income, translation adjustments and other, before reclassificaitons, net of tax | -260 | |||
Other comprehensive income, before reclassifications to income | -500 | |||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net (Gain) Loss, Net of Tax | 11 | [1] | ||
Amount of Loss Reclassified from AOCI into Income (Effective Portion) | 1 | [1] | ||
Reclassificaion of translation adjustments and other in AOCI into earnings, net of tax | 0 | [1] | ||
Other comprehensive income, portion representing reclassificaitons to earnings | 12 | [1] | ||
Post-employment benefits | -228 | 175 | -224 | |
Hedge instruments | 0 | 8 | 46 | |
Translation adjustments and other | -260 | -6 | 51 | |
Other comprehensive income | ($488) | $177 | ($127) | |
[1] | Refer to Note 11, "Pension, Other Post-employment Benefits and Employee Benefit Plans," and Note 7, "Financial Instruments," for additional information with respect to reclassifications from accumulated other comprehensive loss to earnings relating to post-employment benefits, net of tax and hedge instruments, net of tax, respectively. Such items do not represent reclassifications in their entirety. |
Other_Income_Loss_Net_Details
Other Income (Loss), Net (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Component of Other Income (Loss), Net [Line Items] | |||
Other (loss) income, net | $182 | $21 | ($175) |
Loss on extinguishment of debt (Note 10) | |||
Component of Other Income (Loss), Net [Line Items] | |||
Other (loss) income, net | -162 | 0 | -10 |
Realized and unrealized gain (loss) on derivatives, net (Note 7) | |||
Component of Other Income (Loss), Net [Line Items] | |||
Other (loss) income, net | 186 | 57 | -190 |
Tax settlement gain (loss) | |||
Component of Other Income (Loss), Net [Line Items] | |||
Other (loss) income, net | 32 | -23 | 0 |
Net gain (loss) on disposition of assets | |||
Component of Other Income (Loss), Net [Line Items] | |||
Other (loss) income, net | 25 | -56 | 5 |
Predecessor claim settlement | |||
Component of Other Income (Loss), Net [Line Items] | |||
Other (loss) income, net | 53 | 0 | 0 |
Equity earnings from non-consolidated affiliates | |||
Component of Other Income (Loss), Net [Line Items] | |||
Other (loss) income, net | 50 | 26 | 35 |
Foreign currency translation loss | |||
Component of Other Income (Loss), Net [Line Items] | |||
Other (loss) income, net | -10 | -12 | -9 |
Other | |||
Component of Other Income (Loss), Net [Line Items] | |||
Other (loss) income, net | 8 | 29 | -6 |
France [Member] | Net gain (loss) on disposition of assets | |||
Component of Other Income (Loss), Net [Line Items] | |||
Other (loss) income, net | -48 | ||
Canada and UK [Member] | Net gain (loss) on disposition of assets | |||
Component of Other Income (Loss), Net [Line Items] | |||
Other (loss) income, net | -6 | ||
United States | Net gain (loss) on disposition of assets | |||
Component of Other Income (Loss), Net [Line Items] | |||
Other (loss) income, net | -6 | ||
Gaming Segment [Member] | |||
Component of Other Income (Loss), Net [Line Items] | |||
Other (loss) income, net | 88 | -5 | -3 |
Automotive Segment [Member] | |||
Component of Other Income (Loss), Net [Line Items] | |||
Other (loss) income, net | 2 | -32 | 8 |
United States Plans | Automotive Segment [Member] | |||
Component of Other Income (Loss), Net [Line Items] | |||
Curtailment gain | 38 | ||
United States Plans | Automotive Segment [Member] | Other income, net | |||
Component of Other Income (Loss), Net [Line Items] | |||
Curtailment gain | $19 |
Commitments_and_Contingencies_2
Commitments and Contingencies Commitments and Contingencies (Details) (USD $) | 1 Months Ended | 12 Months Ended | |||
Jan. 31, 2014 | Jan. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2011 | Dec. 31, 2013 | |
Loss Contingencies [Line Items] | |||||
2015 | $75,000,000 | ||||
2016 | 69,000,000 | ||||
2017 | 55,000,000 | ||||
2018 | 41,000,000 | ||||
2019 | 34,000,000 | ||||
Thereafter | 129,000,000 | ||||
Total future minimum lease payments under operating leases | 403,000,000 | ||||
Automotive Segment [Member] | |||||
Loss Contingencies [Line Items] | |||||
Accrual for Environmental Loss Contingencies | 15,000,000 | 14,000,000 | |||
Gaming Segment [Member] | |||||
Loss Contingencies [Line Items] | |||||
Tax refund as result of Trop AC tax appeal settlement | 32,000,000 | 50,000,000 | |||
Tax to be paid as result of Trop AC tax appeal settlement | 2,000,000 | ||||
Real estate tax credits used | 16,000,000 | ||||
Professional Fees | 4,000,000 | ||||
PSC Metals [Member] | Metals Segment [Member] | |||||
Loss Contingencies [Line Items] | |||||
Accrual for Environmental Loss Contingencies | 28,000,000 | 29,000,000 | |||
WPH [Member] | Home Fashion Segment [Member] | |||||
Loss Contingencies [Line Items] | |||||
Accrual for Environmental Loss Contingencies | 1,000,000 | 1,000,000 | |||
Federal-Mogul [Member] | Automotive Segment [Member] | |||||
Loss Contingencies [Line Items] | |||||
Site Contingency, Loss Exposure in Excess of Accrual, Best Estimate | 40,000,000 | ||||
Asset Retirement Obligation | 24,000,000 | 26,000,000 | |||
ARI [Member] | Railcar Segment [Member] | |||||
Loss Contingencies [Line Items] | |||||
Litigation claim gain amount | 25,000,000 | ||||
Litigation counterclaim amount | 10,000,000 | ||||
Tropicana [Member] | Gaming Segment [Member] | |||||
Loss Contingencies [Line Items] | |||||
Litigation Settlement, Amount | 600,000 | ||||
Adjustment to tax claim receivable and accrual | 8,000,000 | ||||
Cleveland OH Scrap Processing Facility [Member] | PSC Metals [Member] | Metals Segment [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of Scrap Processing Facilities Requiring Refrigerant Extraction Services | 11 | ||||
Environmental Compliance Costs, Anticipated Cost, Low Estimate | 800,000 | ||||
Environmental Compliance Costs, Anticipated Cost, High Estimate | 1,700,000 | ||||
Loss Contingency, Damages Paid, Value | 199,000 | ||||
Principal Owners and Affiliates [Member] | |||||
Loss Contingencies [Line Items] | |||||
Affiliate ownership interest | 88.40% | ||||
Principal Owners and Affiliates [Member] | Icahn Enterprises G.P. [Member] | |||||
Loss Contingencies [Line Items] | |||||
Affiliate ownership in parent company general partner | 100.00% | ||||
ACF [Member] | |||||
Loss Contingencies [Line Items] | |||||
Funded status of the plan | -474,000,000 | -592,000,000 | |||
Starfire Holding Corporation [Member] | |||||
Loss Contingencies [Line Items] | |||||
Ownership Percentage by Principal Owner | 99.40% | ||||
Subsidiary Indemnity Agreement, Pension Funding Contingencies As A Result of Being In The Controlled Group, Distribution Limitation, Net Worth Floor | $250,000,000 |
Commitments_and_Contingencies_3
Commitments and Contingencies Energy Minimum Required Payments Table (Details) (Energy Segment [Member], USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | |
bbl | ||
CVR Energy, Inc. [Member] | ||
Loss Contingencies [Line Items] | ||
2015 | $126 | |
2016 | 109 | |
2017 | 107 | |
2018 | 106 | |
2019 | 105 | |
Thereafter | 718 | |
Total future minimum payments for unconditional purhcase obligations | 1,271 | [1] |
Petroleum Transportation [Member] | CRRM [Member] | ||
Loss Contingencies [Line Items] | ||
Unconditional purchase obligation for petroleum transportation, payable ratably over nine years | $800 | |
Term of unconditional purchase obligation for petroleum transportation | 20 years | |
Number of barrels of petroleum to be transported pursuant to unconditional purchase obligation | 25,000 | |
[1] | This amount includes $800 million payable ratably over sixteen years pursuant to petroleum transportation service agreements between CRRM and each of TransCanada Keystone Limited Partnership and TransCanada Keystone Pipeline,B LP (together, "TransCanada"). The purchase obligation reflects the exchange rate between the Canadian dollar and the U.S. dollar as of December 31, 2014, where applicable. Under the agreements, CRRM receives transportation of at least 25,000 barrels per day of crude oil with a delivery point at Cushing, Oklahoma for a term of 20 years on TransCanada's Keystone pipeline system. CRRM began receiving crude oil under the agreements in the first quarter of 2011. |
Commitments_and_Contingencies_4
Commitments and Contingencies Energy Narrative (Details) (Energy Segment [Member], USD $) | 8 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | 9 Months Ended | 0 Months Ended | ||||||
Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Feb. 13, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2008 | Aug. 31, 2011 | 31-May-08 | Jun. 30, 2010 | Oct. 25, 2010 | |
plaintiffs | plaintiffs | ||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Environmental Costs Recognized, Capitalized in Period | $21,000,000 | $101,000,000 | $111,000,000 | ||||||||||
Cost of RINs | 14,000,000 | 127,000,000 | 181,000,000 | ||||||||||
Civil penalty [Member] | CWA violations [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Accrual for Environmental Loss Contingencies, Payments | 600,000 | ||||||||||||
Civil penalty [Member] | Oversight cost reimbursement [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Accrual for Environmental Loss Contingencies, Payments | 1,700,000 | ||||||||||||
Wynnewood Consent Order [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Loss Contingency, Estimate of Possible Loss | 3,000,000 | ||||||||||||
CVR Energy, Inc. [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Operating Leases, Rent Expense | 6,000,000 | 9,000,000 | 9,000,000 | ||||||||||
CRNF [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Gain (Loss) Related to Litigation Settlement | 11,000,000 | ||||||||||||
Average Increase in Annual Property Tax Expense | 11,000,000 | 11,000,000 | 12,000,000 | 11,000,000 | 11,000,000 | ||||||||
CRRM [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Domestic Refineries Entered into Environmental Regulatory Concent Decree, Minimum Percentage of Domestic Refining Capacity | 90.00% | ||||||||||||
Environmental Compliance Costs, Anticipated Cost | 48,000,000 | ||||||||||||
CRRM [Member] | EPA, Second Consent Decree, Clean Air Act [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Loss Contingency, Range of Possible Loss, Maximum | 1,000,000 | ||||||||||||
Environmental Compliance Costs, Anticipated Cost | 44,000,000 | ||||||||||||
CRRM [Member] | Pending Litigation [Member] | Crude Oil Discharge [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Litigation receivable | 4,000,000 | ||||||||||||
Proceeds from Insurance Settlement, Operating Activities | 25,000,000 | ||||||||||||
Litigation Settlement, Amount | 27,000,000 | ||||||||||||
WRC [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Environmental Compliance Costs, Anticipated Cost | 88,000,000 | ||||||||||||
WRC [Member] | ODEQ [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Loss Contingency, Damages Paid, Value | 950,000 | ||||||||||||
Goldman [Member] | CVR Energy, Inc. [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Litigation Settlement, Amount | 22,600,000 | ||||||||||||
Deutsche Bank [Member] | CVR Energy, Inc. [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Litigation Settlement, Amount | 22,700,000 | ||||||||||||
Kansas | CVR Energy, Inc. [Member] | Settled [Member] | Crude Oil Discharge [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Loss Contingency, Number of Plaintiffs | 16 | ||||||||||||
Loss Contingency, Damages Sought, Value | 4,000,000 | ||||||||||||
Kansas | CVR Energy, Inc. [Member] | Pending Litigation and Settled, Aggregate [Member] | Crude Oil Discharge [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Loss Contingency, Number of Plaintiffs | 3 | ||||||||||||
Loss Contingency, Damages Sought, Value | 3,000,000 | ||||||||||||
Kansas | U.S. Coast Guard / EPA [Member] | CVR Energy, Inc. [Member] | Pending Litigation [Member] | Crude Oil Discharge [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Loss Contingency, Damages Sought, Value | 2,000,000 | ||||||||||||
Coffeyville, Kansas [Member] | CRRM [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Loss Contingency, Damages Paid, Value | 300,000 | ||||||||||||
Coffeyville, Kansas Refinery and Phillipsburg, Kansas Terminal Facility [Member] | Kansas | CRRM and CRT [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Environmental Exit Costs, Costs Accrued to Date | 1,000,000 | 1,000,000 | |||||||||||
Accrual for Environmental Loss Contingencies | 1,000,000 | 2,000,000 | |||||||||||
Accrued Expenses and Other Liabilities [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Biofuel blending obligation | $52,000,000 | $17,000,000 | |||||||||||
Vitol agreement [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Number of days for prior notice of nonrenewal | 180 days | ||||||||||||
Renewal term of agreement | 1 year | ||||||||||||
Petroleum Transportation [Member] | CRRM [Member] | |||||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Term of unconditional purchase obligation for petroleum transportation | 20 years |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 1 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Nov. 30, 2013 | Dec. 31, 2014 | Feb. 20, 2015 | Jan. 31, 2015 | Feb. 06, 2015 | Feb. 09, 2015 |
Common Stock [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Unit distribution declared per share | $1.50 | $6 | ||||
Common Stock [Member] | Dividend Declared [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Unit distribution declared per share | $1.50 | |||||
Railcar Segment [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Debt Instrument, Interest Rate, Increase (Decrease) | 5.00% | |||||
Railcar Segment [Member] | Proceeds from debt [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Proceeds from Issuance of Private Placement | 626 | |||||
TRW [Member] | Automotive Segment [Member] | Agreement to purchase business assets [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Payments to Acquire Businesses, Gross | 313 | |||||
Uni-Select [Member] | Automotive Segment [Member] | Agreement to purchase business assets [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Business combination, commitment to purchase | 340 | |||||
Class A-1 Notes [Member] | Railcar Segment [Member] | Proceeds from debt [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Proceeds from Issuance of Private Placement | 250 | |||||
Interest rate, long-term debt | 2.98% | |||||
Class A-2 Notes [Member] | Railcar Segment [Member] | Proceeds from debt [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Proceeds from Issuance of Private Placement | 376 | |||||
Interest rate, long-term debt | 4.06% |
Quarterly_Financial_Data_Unaud2
Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||
Quarterly Financial Data (Unaudited) [Abstract] | |||||||||||||||||||
Net sales | $3,982 | $4,557 | $4,867 | $4,666 | $4,533 | $4,181 | $4,497 | $4,574 | $18,072 | $17,785 | $14,574 | ||||||||
Gross Profit | 184 | 339 | 540 | 524 | 329 | 356 | 610 | 681 | |||||||||||
Revenues | 3,366 | 4,422 | 6,379 | 4,990 | 4,872 | 5,771 | 4,670 | 5,369 | 19,157 | 20,682 | 15,796 | ||||||||
Net (loss) income | -1,102 | -627 | 1,123 | 77 | 405 | 1,236 | 93 | 710 | -529 | 2,444 | 762 | ||||||||
Less: net loss (income) attributable to non-controlling interests | 624 | 272 | -634 | -106 | -183 | -764 | -39 | -433 | 156 | -1,419 | -366 | ||||||||
Net (loss) income attributable to Icahn Enterprises | ($478) | ($355) | $489 | ($29) | $222 | $472 | $54 | $277 | ($373) | $1,025 | $396 | ||||||||
Basic (loss) income per LP unit | ($3.84) | [1] | ($2.90) | [1] | $4.06 | [1] | ($0.24) | [1] | $1.91 | [1] | $4.13 | [1] | $0.48 | [1] | $2.56 | [1] | ($3.08) | $9.14 | $3.72 |
Diluted (loss) income per LP unit | ($3.84) | [1] | ($2.90) | [1] | $4.06 | [1] | ($0.24) | [1] | $1.90 | [1] | $4.10 | [1] | $0.48 | [1] | $2.50 | [1] | ($3.08) | $9.07 | $3.72 |
[1] | Basic and diluted (loss) income per LP unit is computed separately for each quarter and therefore, the sum of such quarterly per LP unit amounts may differ from the total for the year. |
Schedule_I_Condensed_Financial
Schedule I Condensed Financial Information of Parent - Balance Sheet (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Millions, unless otherwise specified | |||||
Cash and cash equivalents | $2,912 | $3,262 | $3,108 | $2,328 | |
Other assets | 1,320 | 910 | |||
Total Assets | 35,780 | 31,745 | |||
Accrued expenses and other liabilities | 2,235 | 2,196 | |||
Debt | 11,588 | 9,295 | |||
Total liabilities | 23,390 | 18,436 | |||
Limited partners: Depositary units: 123,103,414 and 115,900,309 units issued and outstanding at December 31, 2014 and 2013, respectively | 5,672 | 6,308 | |||
General partner | -229 | -216 | |||
Total equity | 12,390 | 13,309 | 9,816 | 7,871 | |
Total Liabilities and Equity | 35,780 | 31,745 | |||
Icahn Enterprises Holdings [Member] | |||||
Cash and cash equivalents | 2,912 | 3,262 | 3,108 | 2,328 | |
Other assets | 1,343 | 926 | |||
Total Assets | 35,803 | 31,761 | |||
Accrued expenses and other liabilities | 2,235 | 2,196 | |||
Debt | 11,588 | 9,289 | |||
Total liabilities | 23,390 | 18,430 | |||
Limited partners: Depositary units: 123,103,414 and 115,900,309 units issued and outstanding at December 31, 2014 and 2013, respectively | 5,751 | 6,393 | |||
General partner | -285 | -279 | |||
Total equity | 12,413 | 13,331 | 9,838 | 7,892 | |
Total Liabilities and Equity | 35,803 | 31,761 | |||
Parent Company [Member] | |||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | |
Investments in subsidiaries, net | 11,028 | 10,384 | |||
Deferred financing costs | 8 | 7 | |||
Total Assets | 11,036 | 10,391 | |||
Accrued expenses and other liabilities | 107 | 283 | |||
Debt | 5,486 | 4,016 | |||
Total liabilities | 5,593 | 4,299 | |||
Limited partners: Depositary units: 123,103,414 and 115,900,309 units issued and outstanding at December 31, 2014 and 2013, respectively | 5,672 | 6,308 | |||
General partner | -229 | -216 | |||
Total equity | 5,443 | 6,092 | |||
Total Liabilities and Equity | 11,036 | 10,391 | |||
Parent Company [Member] | Icahn Enterprises Holdings [Member] | |||||
Cash and cash equivalents | 388 | 142 | 107 | 24 | |
Other assets | 114 | 112 | |||
Investments in subsidiaries, net | 10,592 | 10,054 | |||
Total Assets | 11,094 | 10,308 | |||
Accrued expenses and other liabilities | 111 | 144 | |||
Debt | 5,517 | 4,050 | |||
Total liabilities | 5,628 | 4,194 | |||
Limited partners: Depositary units: 123,103,414 and 115,900,309 units issued and outstanding at December 31, 2014 and 2013, respectively | 5,751 | 6,393 | |||
General partner | -285 | -279 | |||
Total equity | 5,466 | 6,114 | |||
Total Liabilities and Equity | $11,094 | $10,308 |
Schedule_I_Parentheticals_Deta
Schedule I (Parentheticals) (Details) | Dec. 31, 2014 | Dec. 31, 2013 |
Limited partners: Depositary units issued | 123,103,414 | 115,900,309 |
Limited partners: Depositary units outstanding | 123,103,414 | 115,900,309 |
Parent Company [Member] | ||
Limited partners: Depositary units issued | 123,103,414 | 115,900,309 |
Limited partners: Depositary units outstanding | 123,103,414 | 115,900,309 |
Schedule_I_Condensed_Financial1
Schedule I Condensed Financial Information of Parent - Statements of Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net (loss) gain from investment activities | ($564) | $1,694 | $343 | ||||||||
Interest and dividend income | 217 | 194 | 103 | ||||||||
Loss on extinguishment of debt | -162 | 0 | -10 | ||||||||
Other income (loss), net | 182 | 21 | -175 | ||||||||
Total Revenues | 3,366 | 4,422 | 6,379 | 4,990 | 4,872 | 5,771 | 4,670 | 5,369 | 19,157 | 20,682 | 15,796 |
Interest expense | 847 | 560 | 572 | ||||||||
Selling, general and administrative | 1,625 | 1,417 | 1,275 | ||||||||
Total Expenses | 19,789 | 18,356 | 15,115 | ||||||||
Net (loss) income | -1,102 | -627 | 1,123 | 77 | 405 | 1,236 | 93 | 710 | -529 | 2,444 | 762 |
Limited partners | -366 | 1,005 | 379 | ||||||||
General partner | -7 | 20 | 17 | ||||||||
Icahn Enterprises Holdings [Member] | |||||||||||
Net (loss) gain from investment activities | -564 | 1,694 | 343 | ||||||||
Interest and dividend income | 217 | 194 | 103 | ||||||||
Loss on extinguishment of debt | -162 | 0 | -10 | ||||||||
Other income (loss), net | 182 | 21 | -175 | ||||||||
Total Revenues | 19,157 | 20,682 | 15,796 | ||||||||
Interest expense | 846 | 560 | 571 | ||||||||
Selling, general and administrative | 1,625 | 1,417 | 1,275 | ||||||||
Total Expenses | 19,788 | 18,356 | 15,114 | ||||||||
Net (loss) income | -528 | 2,444 | 763 | ||||||||
Limited partners | -368 | 1,015 | 384 | ||||||||
General partner | -4 | 10 | 13 | ||||||||
Parent Company [Member] | |||||||||||
Loss on extinguishment of debt | -108 | 0 | 0 | ||||||||
Equity in earnings of subsidiaries | 26 | 1,328 | 680 | ||||||||
Interest expense | -291 | -303 | -284 | ||||||||
Net (loss) income | -373 | 1,025 | 396 | ||||||||
Limited partners | -366 | 1,005 | 379 | ||||||||
General partner | -7 | 20 | 17 | ||||||||
Parent Company [Member] | Icahn Enterprises Holdings [Member] | |||||||||||
Net (loss) gain from investment activities | 0 | 0 | 8 | ||||||||
Interest and dividend income | 1 | 0 | 0 | ||||||||
Loss on extinguishment of debt | -108 | 0 | 0 | ||||||||
Equity in earnings of subsidiaries | 28 | 1,342 | 682 | ||||||||
Other income (loss), net | 20 | 15 | 16 | ||||||||
Total Revenues | -59 | 1,357 | 706 | ||||||||
Interest expense | 290 | 305 | 286 | ||||||||
Selling, general and administrative | 23 | 27 | 23 | ||||||||
Total Expenses | 313 | 332 | 309 | ||||||||
Net (loss) income | -372 | 1,025 | 397 | ||||||||
Limited partners | -368 | 1,015 | 384 | ||||||||
General partner | ($4) | $10 | $13 |
Schedule_I_Condensed_Financial2
Schedule I Condensed Financial Information of Parent - Statements of Cash Flows (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net (loss) income | ($529) | $2,444 | $762 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
Loss on extinguishment of debt | -162 | 0 | -10 |
Net gain from securities transactions | -614 | -3,754 | -1,488 |
Depreciation and amortization | 809 | 742 | 635 |
Other, net | -2 | 73 | 6 |
Net cash used in operating activities | -390 | 717 | 1,607 |
Proceeds from sale of investments | 0 | 38 | 202 |
Other, net | 90 | 38 | 23 |
Net cash used in investing activities | -1,957 | -1,456 | -2,322 |
Partnership distributions | -125 | -51 | -41 |
Partnership contributions | 0 | 593 | 513 |
Proceeds from other borrowings | 4,794 | 591 | 1,076 |
Repayments of borrowings | -4,031 | -1,526 | -996 |
Net cash provided by financing activities | 2,007 | 907 | 1,480 |
Net change in cash and cash equivalents | -350 | 154 | 780 |
Cash and cash equivalents | 2,912 | 3,262 | 3,108 |
Icahn Enterprises Holdings [Member] | |||
Net (loss) income | -528 | 2,444 | 763 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
Loss on extinguishment of debt | -162 | 0 | -10 |
Net gain from securities transactions | -614 | -3,754 | -1,488 |
Depreciation and amortization | 808 | 742 | 634 |
Other, net | -2 | 73 | 6 |
Net cash used in operating activities | -390 | 717 | 1,607 |
Proceeds from sale of investments | 0 | 38 | 202 |
Other, net | 90 | 38 | 23 |
Net cash used in investing activities | -1,957 | -1,456 | -2,322 |
Partnership distributions | -125 | -51 | -41 |
Partnership contributions | 0 | 593 | 513 |
Proceeds from other borrowings | 4,794 | 591 | 1,076 |
Repayments of borrowings | -4,031 | -1,526 | -996 |
Net cash provided by financing activities | 2,007 | 907 | 1,480 |
Net change in cash and cash equivalents | -350 | 154 | 780 |
Cash and cash equivalents | 2,912 | 3,262 | 3,108 |
Parent Company [Member] | |||
Net (loss) income | -373 | 1,025 | 396 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
Amortization of deferred financing costs | 1 | 2 | 2 |
Loss on extinguishment of debt | -108 | 0 | 0 |
Equity in earnings of subsidiary | -26 | -1,328 | -680 |
Net cash used in operating activities | -290 | -301 | -282 |
Net investment in subsidiaries | -952 | -172 | -1,212 |
Net cash used in investing activities | -952 | -172 | -1,212 |
Partnership distributions | -125 | -51 | -41 |
Partnership contributions | 0 | 587 | 505 |
Proceeds from other borrowings | 4,991 | 493 | 1,030 |
Repayments of borrowings | -3,624 | -556 | 0 |
Net cash provided by financing activities | 1,242 | 473 | 1,494 |
Net change in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents | 0 | 0 | 0 |
Parent Company [Member] | Icahn Enterprises Holdings [Member] | |||
Net (loss) income | -372 | 1,025 | 397 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
Loss on extinguishment of debt | -108 | 0 | 0 |
Equity in earnings of subsidiary | -28 | -1,342 | -682 |
Net gain from securities transactions | 0 | 0 | -8 |
Depreciation and amortization | 5 | -1 | 1 |
Other, net | 0 | 0 | 14 |
Change in operating assets and liabilities | -47 | 18 | 26 |
Net cash used in operating activities | -334 | -300 | -252 |
Net investment in subsidiaries | -661 | -128 | -681 |
Proceeds from sale of investments | 0 | 0 | 30 |
Other, net | 9 | 4 | 2 |
Net cash used in investing activities | -652 | -124 | -649 |
Partnership distributions | -125 | -51 | -42 |
Partnership contributions | 0 | 593 | 0 |
Proceeds from other borrowings | 4,991 | 493 | 1,030 |
Repayments of borrowings | -3,634 | -576 | -4 |
Net cash provided by financing activities | 1,232 | 459 | 984 |
Net change in cash and cash equivalents | 246 | 35 | 83 |
Cash and cash equivalents | $388 | $142 | $107 |
Schedule_I_Condensed_Financial3
Schedule I Condensed Financial Information of Parent - Debt Note (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Debt | 11,588 | 9,295 |
Icahn Enterprises Holdings [Member] | ||
Debt | 11,588 | 9,289 |
Parent Company [Member] | ||
Debt | 5,486 | 4,016 |
Parent Company [Member] | Icahn Enterprises Holdings [Member] | ||
Affiliate ownership interest | 99.00% | |
Debt | 5,517 | 4,050 |
5.875% senior unsecured notes due 2022 - Icahn Enterprises/Icahn Enterprises Holdings | Senior unsecured notes [Member] | ||
Debt | 1,337 | 0 |
5.875% senior unsecured notes due 2022 - Icahn Enterprises/Icahn Enterprises Holdings | Senior unsecured notes [Member] | Icahn Enterprises Holdings [Member] | ||
Debt | 1,337 | 0 |
5.875% senior unsecured notes due 2022 - Icahn Enterprises/Icahn Enterprises Holdings | Senior unsecured notes [Member] | Parent Company [Member] | ||
Debt | 1,337 | 0 |
5.875% senior unsecured notes due 2022 - Icahn Enterprises/Icahn Enterprises Holdings | Senior unsecured notes [Member] | Parent Company [Member] | Icahn Enterprises Holdings [Member] | ||
Debt | 1,337 | 0 |
8% senior unsecured notes due 2018 - Icahn Enterprises/Icahn Enterprises Holdings | Senior unsecured notes [Member] | ||
Debt | 0 | 2,473 |
8% senior unsecured notes due 2018 - Icahn Enterprises/Icahn Enterprises Holdings | Senior unsecured notes [Member] | Icahn Enterprises Holdings [Member] | ||
Debt | 0 | 2,470 |
8% senior unsecured notes due 2018 - Icahn Enterprises/Icahn Enterprises Holdings | Senior unsecured notes [Member] | Parent Company [Member] | ||
Debt | 0 | 2,473 |
8% senior unsecured notes due 2018 - Icahn Enterprises/Icahn Enterprises Holdings | Senior unsecured notes [Member] | Parent Company [Member] | Icahn Enterprises Holdings [Member] | ||
Debt | 0 | 2,468 |
3.50% senior unsecured notes due 2017 - Icahn Enterprises/Icahn Enterprises Holdings | Senior unsecured notes [Member] | ||
Debt | 1,171 | 0 |
3.50% senior unsecured notes due 2017 - Icahn Enterprises/Icahn Enterprises Holdings | Senior unsecured notes [Member] | Icahn Enterprises Holdings [Member] | ||
Debt | 1,171 | 0 |
3.50% senior unsecured notes due 2017 - Icahn Enterprises/Icahn Enterprises Holdings | Senior unsecured notes [Member] | Parent Company [Member] | ||
Debt | 1,171 | 0 |
3.50% senior unsecured notes due 2017 - Icahn Enterprises/Icahn Enterprises Holdings | Senior unsecured notes [Member] | Parent Company [Member] | Icahn Enterprises Holdings [Member] | ||
Debt | 1,171 | 0 |
7.75% senior unsecured notes due 2016 - Icahn Enterprises/Icahn Enterprises Holdings | Senior unsecured notes [Member] | ||
Debt | 0 | 1,050 |
7.75% senior unsecured notes due 2016 - Icahn Enterprises/Icahn Enterprises Holdings | Senior unsecured notes [Member] | Icahn Enterprises Holdings [Member] | ||
Debt | 0 | 1,047 |
7.75% senior unsecured notes due 2016 - Icahn Enterprises/Icahn Enterprises Holdings | Senior unsecured notes [Member] | Parent Company [Member] | ||
Debt | 0 | 1,050 |
7.75% senior unsecured notes due 2016 - Icahn Enterprises/Icahn Enterprises Holdings | Senior unsecured notes [Member] | Parent Company [Member] | Icahn Enterprises Holdings [Member] | ||
Debt | 0 | 1,048 |
6% senior unsecured notes due 2020 - Icahn Enterprises/Icahn Enterprises Holdings | Senior unsecured notes [Member] | ||
Debt | 1,708 | 493 |
6% senior unsecured notes due 2020 - Icahn Enterprises/Icahn Enterprises Holdings | Senior unsecured notes [Member] | Icahn Enterprises Holdings [Member] | ||
Debt | 1,708 | 493 |
6% senior unsecured notes due 2020 - Icahn Enterprises/Icahn Enterprises Holdings | Senior unsecured notes [Member] | Parent Company [Member] | ||
Debt | 1,708 | 493 |
6% senior unsecured notes due 2020 - Icahn Enterprises/Icahn Enterprises Holdings | Senior unsecured notes [Member] | Parent Company [Member] | Icahn Enterprises Holdings [Member] | ||
Debt | 1,708 | 493 |
4.875% senior unsecured notes due 2019 - Icahn Enterprises/Icahn Enterprises Holdings | Senior unsecured notes [Member] | ||
Debt | 1,270 | 0 |
4.875% senior unsecured notes due 2019 - Icahn Enterprises/Icahn Enterprises Holdings | Senior unsecured notes [Member] | Icahn Enterprises Holdings [Member] | ||
Debt | 1,270 | 0 |
4.875% senior unsecured notes due 2019 - Icahn Enterprises/Icahn Enterprises Holdings | Senior unsecured notes [Member] | Parent Company [Member] | ||
Debt | 1,270 | 0 |
4.875% senior unsecured notes due 2019 - Icahn Enterprises/Icahn Enterprises Holdings | Senior unsecured notes [Member] | Parent Company [Member] | Icahn Enterprises Holdings [Member] | ||
Debt | 1,270 | 0 |
Mortgages payable [Member] | Mortgages [Member] | Parent Company [Member] | Icahn Enterprises Holdings [Member] | ||
Debt | 31 | 41 |
Icahn Enterprises G.P. [Member] | ||
General partner ownership percentage in Icahn Enterprises | 1.00% | 1.00% |
Aggregate general partner ownership interest of parent and operating subsidiary | 1.99% | |
Icahn Enterprises G.P. [Member] | Parent Company [Member] | ||
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. [Member] | Parent Company [Member] | Icahn Enterprises Holdings [Member] | ||
General partner ownership percentage in Icahn Enterprises | 1.00% |