Document and Entity Information
Document and Entity Information Document - shares | 9 Months Ended | |
Sep. 30, 2017 | Nov. 03, 2017 | |
Entity Information [Line Items] | ||
Entity Registrant Name | ICAHN ENTERPRISES L.P. | |
Trading Symbol | IEP | |
Entity Central Index Key | 813,762 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 169,083,315 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Current Reporting Status | Yes | |
Icahn Enterprises Holdings | ||
Entity Information [Line Items] | ||
Entity Registrant Name | ICAHN ENTERPRISES HOLDINGS L.P. | |
Entity Central Index Key | 1,034,563 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 0 | |
Entity Well-known Seasoned Issuer | No | |
Entity Current Reporting Status | Yes |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
ASSETS | ||
Cash and cash equivalents | $ 2,038 | $ 1,833 |
Cash held at consolidated affiliated partnerships and restricted cash | 999 | 804 |
Investments | 9,748 | 9,881 |
Due from brokers | 1,006 | 1,482 |
Accounts receivable, net | 1,853 | 1,609 |
Inventories, net | 3,256 | 2,983 |
Property, plant and equipment, net | 9,631 | 10,122 |
Goodwill | 1,199 | 1,136 |
Intangible assets, net | 1,072 | 1,116 |
Assets held for sale | 410 | 1,366 |
Other assets | 1,605 | 1,039 |
Total Assets | 32,817 | 33,371 |
LIABILITIES AND EQUITY | ||
Accounts payable | 2,093 | 1,765 |
Accrued expenses and other liabilities | 3,566 | 3,034 |
Deferred tax liability | 1,678 | 1,613 |
Securities sold, not yet purchased, at fair value | 1,258 | 1,139 |
Due to brokers | 603 | 3,725 |
Post-retirement benefit liability | 1,210 | 1,180 |
Liabilities held for sale | 13 | 1,779 |
Debt | 11,198 | 11,119 |
Total liabilities | 21,619 | 25,354 |
Commitments and contingencies (Note 16) | ||
Equity: | ||
Limited partners: Depositary units: 169,083,315 units issued and outstanding at September 30, 2017 and 144,741,149 units issued and outstanding at December 31, 2016 | 5,026 | 2,448 |
General partner | (242) | (294) |
Equity attributable to Icahn Enterprises | 4,784 | 2,154 |
Equity attributable to non-controlling interests | 6,414 | 5,863 |
Total equity | 11,198 | 8,017 |
Total Liabilities and Equity | 32,817 | 33,371 |
Icahn Enterprises Holdings | ||
ASSETS | ||
Cash and cash equivalents | 2,038 | 1,833 |
Cash held at consolidated affiliated partnerships and restricted cash | 999 | 804 |
Investments | 9,748 | 9,881 |
Due from brokers | 1,006 | 1,482 |
Accounts receivable, net | 1,853 | 1,609 |
Inventories, net | 3,256 | 2,983 |
Property, plant and equipment, net | 9,631 | 10,122 |
Goodwill | 1,199 | 1,136 |
Intangible assets, net | 1,072 | 1,116 |
Assets held for sale | 410 | 1,366 |
Other assets | 1,635 | 1,067 |
Total Assets | 32,847 | 33,399 |
LIABILITIES AND EQUITY | ||
Accounts payable | 2,093 | 1,765 |
Accrued expenses and other liabilities | 3,566 | 3,034 |
Deferred tax liability | 1,678 | 1,613 |
Securities sold, not yet purchased, at fair value | 1,258 | 1,139 |
Due to brokers | 603 | 3,725 |
Post-retirement benefit liability | 1,210 | 1,180 |
Liabilities held for sale | 13 | 1,779 |
Debt | 11,202 | 11,122 |
Total liabilities | 21,623 | 25,357 |
Commitments and contingencies (Note 16) | ||
Equity: | ||
Limited partners: Depositary units: 169,083,315 units issued and outstanding at September 30, 2017 and 144,741,149 units issued and outstanding at December 31, 2016 | 5,101 | 2,496 |
General partner | (291) | (317) |
Equity attributable to Icahn Enterprises | 4,810 | 2,179 |
Equity attributable to non-controlling interests | 6,414 | 5,863 |
Total equity | 11,224 | 8,042 |
Total Liabilities and Equity | $ 32,847 | $ 33,399 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parentheticals) - shares | Sep. 30, 2017 | Dec. 31, 2016 |
Equity: | ||
Limited partners: Depositary units issued | 169,083,315 | 144,741,149 |
Limited partners: Depositary units outstanding | 169,083,315 | 144,741,149 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Revenues: | ||||
Net sales | $ 4,292 | $ 3,904 | $ 12,893 | $ 11,546 |
Other revenues from operations | 427 | 537 | 1,389 | 1,506 |
Net income (loss) from investment activities | 420 | 418 | 604 | (826) |
Interest and dividend income | 37 | 27 | 99 | 97 |
Gain (loss) on disposition of assets, net | 446 | (1) | 1,966 | 10 |
Other income, net | 58 | 14 | 60 | 43 |
Total Revenues | 5,680 | 4,899 | 17,011 | 12,376 |
Expenses: | ||||
Cost of goods sold | 3,679 | 3,378 | 11,094 | 9,949 |
Other expenses from operations | 254 | 342 | 786 | 902 |
Selling, general and administrative | 633 | 603 | 1,883 | 1,736 |
Restructuring, net | 5 | 8 | 14 | 29 |
Impairment | 5 | 93 | 82 | 670 |
Interest expense | 207 | 222 | 648 | 665 |
Total Expenses | 4,783 | 4,646 | 14,507 | 13,951 |
Income (loss) before income tax expense | 897 | 253 | 2,504 | (1,575) |
Income tax expense | (68) | (15) | (110) | (81) |
Net income (loss) | 829 | 238 | 2,394 | (1,656) |
Less: net income (loss) attributable to non-controlling interests | 232 | 254 | 262 | (734) |
Net income (loss) attributable to Icahn Enterprises | 597 | (16) | 2,132 | (922) |
Net income (loss) attributable to Icahn Enterprises allocable to: | ||||
Limited partners | 586 | (16) | 2,090 | (904) |
General partner | 11 | 0 | 42 | (18) |
Net income (loss) attributable to Icahn Enterprises | $ 597 | $ (16) | $ 2,132 | $ (922) |
Basic income (loss) per LP unit | ||||
Basic income (loss) per LP unit | $ 3.53 | $ (0.12) | $ 13.23 | $ (6.70) |
Basic weighted average LP units outstanding | 166 | 139 | 158 | 135 |
Diluted income (loss) per LP unit | ||||
Diluted income (loss) per LP unit | $ 3.53 | $ (0.12) | $ 13.23 | $ (6.70) |
Diluted weighted average LP units outstanding | 166 | 139 | 158 | 135 |
Cash distributions declared per LP unit | $ 1.50 | $ 1.50 | $ 4.50 | $ 4.50 |
Icahn Enterprises Holdings | ||||
Revenues: | ||||
Net sales | $ 4,292 | $ 3,904 | $ 12,893 | $ 11,546 |
Other revenues from operations | 427 | 537 | 1,389 | 1,506 |
Net income (loss) from investment activities | 420 | 418 | 604 | (826) |
Interest and dividend income | 37 | 27 | 99 | 97 |
Gain (loss) on disposition of assets, net | 446 | (1) | 1,966 | 10 |
Other income, net | 58 | 14 | 60 | 43 |
Total Revenues | 5,680 | 4,899 | 17,011 | 12,376 |
Expenses: | ||||
Cost of goods sold | 3,679 | 3,378 | 11,094 | 9,949 |
Other expenses from operations | 254 | 342 | 786 | 902 |
Selling, general and administrative | 633 | 603 | 1,883 | 1,736 |
Restructuring, net | 5 | 8 | 14 | 29 |
Impairment | 5 | 93 | 82 | 670 |
Interest expense | 207 | 222 | 647 | 664 |
Total Expenses | 4,783 | 4,646 | 14,506 | 13,950 |
Income (loss) before income tax expense | 897 | 253 | 2,505 | (1,574) |
Income tax expense | (68) | (15) | (110) | (81) |
Net income (loss) | 829 | 238 | 2,395 | (1,655) |
Less: net income (loss) attributable to non-controlling interests | 232 | 254 | 262 | (734) |
Net income (loss) attributable to Icahn Enterprises | 597 | (16) | 2,133 | (921) |
Net income (loss) attributable to Icahn Enterprises allocable to: | ||||
Limited partners | 591 | (16) | 2,112 | (912) |
General partner | 6 | 0 | 21 | (9) |
Net income (loss) attributable to Icahn Enterprises | $ 597 | $ (16) | $ 2,133 | $ (921) |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Net income (loss) | $ 829 | $ 238 | $ 2,394 | $ (1,656) |
Other comprehensive income (loss), net of tax: | ||||
Post-employment benefits | 7 | 7 | 17 | 17 |
Hedge instruments | (4) | 1 | (1) | 2 |
Translation adjustments and other | (1) | 3 | 107 | (10) |
Other comprehensive income, net of tax | 2 | 11 | 123 | 9 |
Comprehensive income (loss) | 831 | 249 | 2,517 | (1,647) |
Less: Comprehensive income (loss) attributable to non-controlling interests | 235 | 257 | 274 | (727) |
Comprehensive income (loss) attributable to Icahn Enterprises | 596 | (8) | 2,243 | (920) |
Limited partners | ||||
Net income (loss) | 2,090 | (904) | ||
Other comprehensive income (loss), net of tax: | ||||
Other comprehensive income, net of tax | 108 | 2 | ||
Comprehensive income (loss) attributable to Icahn Enterprises | 584 | (8) | 2,198 | (902) |
General partner | ||||
Net income (loss) | 42 | (18) | ||
Other comprehensive income (loss), net of tax: | ||||
Other comprehensive income, net of tax | 3 | 0 | ||
Comprehensive income (loss) attributable to Icahn Enterprises | 12 | 0 | 45 | (18) |
Icahn Enterprises Holdings | ||||
Net income (loss) | 829 | 238 | 2,395 | (1,655) |
Other comprehensive income (loss), net of tax: | ||||
Post-employment benefits | 7 | 7 | 17 | 17 |
Hedge instruments | (4) | 1 | (1) | 2 |
Translation adjustments and other | (1) | 3 | 107 | (10) |
Other comprehensive income, net of tax | 2 | 11 | 123 | 9 |
Comprehensive income (loss) | 831 | 249 | 2,518 | (1,646) |
Less: Comprehensive income (loss) attributable to non-controlling interests | 235 | 257 | 274 | (727) |
Comprehensive income (loss) attributable to Icahn Enterprises | 596 | (8) | 2,244 | (919) |
Icahn Enterprises Holdings | Limited partners | ||||
Net income (loss) | 2,112 | (912) | ||
Other comprehensive income (loss), net of tax: | ||||
Other comprehensive income, net of tax | 110 | 2 | ||
Comprehensive income (loss) attributable to Icahn Enterprises | 590 | (8) | 2,222 | (910) |
Icahn Enterprises Holdings | General partner | ||||
Net income (loss) | 21 | (9) | ||
Other comprehensive income (loss), net of tax: | ||||
Other comprehensive income, net of tax | 1 | 0 | ||
Comprehensive income (loss) attributable to Icahn Enterprises | $ 6 | $ 0 | $ 22 | $ (9) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Accumulated other comprehensive loss | $ 1,461 | $ 1,584 |
Icahn Enterprises Holdings | ||
Accumulated other comprehensive loss | $ 1,461 | $ 1,584 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Millions | Total | Icahn Enterprises Holdings | General partner | General partnerIcahn Enterprises Holdings | Limited partners | Limited partnersIcahn Enterprises Holdings | Total Partners' Equity | Total Partners' EquityIcahn Enterprises Holdings | Non-controlling Interests | Non-controlling InterestsIcahn Enterprises Holdings |
Equity at Dec. 31, 2015 | $ 10,033 | $ 10,057 | $ (257) | $ (299) | $ 4,244 | $ 4,310 | $ 3,987 | $ 4,011 | $ 6,046 | $ 6,046 |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||
Net income | (1,656) | (1,655) | (18) | (9) | (904) | (912) | (922) | (921) | (734) | (734) |
Other comprehensive income | 9 | 9 | 0 | 0 | 2 | 2 | 2 | 2 | 7 | 7 |
Partnership distributions | (81) | (81) | (2) | (1) | (79) | (80) | (81) | (81) | 0 | 0 |
Partnership contributions | 1 | 1 | 1 | 1 | 0 | 0 | 1 | 1 | 0 | 0 |
Investment segment contributions | 505 | 505 | 0 | 0 | 0 | 0 | 0 | 0 | 505 | 505 |
Investment segment distributions | (7) | (7) | 0 | 0 | 0 | 0 | 0 | 0 | (7) | (7) |
Dividends and distributions to non-controlling interests in subsidiaries | (74) | (74) | 0 | 0 | 0 | 0 | 0 | 0 | (74) | (74) |
LP Unit issuance | 35 | 35 | 0 | 0 | 35 | 35 | 35 | 35 | 0 | 0 |
Changes in subsidiary equity and other | 33 | 33 | (11) | (6) | (523) | (528) | (534) | (534) | 567 | 567 |
Equity at Sep. 30, 2016 | 8,798 | 8,823 | (287) | (314) | 2,775 | 2,827 | 2,488 | 2,513 | 6,310 | 6,310 |
Equity at Dec. 31, 2016 | 8,017 | 8,042 | (294) | (317) | 2,448 | 2,496 | 2,154 | 2,179 | 5,863 | 5,863 |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||
Net income | 2,394 | 2,395 | 42 | 21 | 2,090 | 2,112 | 2,132 | 2,133 | 262 | 262 |
Other comprehensive income | 123 | 123 | 3 | 1 | 108 | 110 | 111 | 111 | 12 | 12 |
Partnership distributions | (61) | (61) | (1) | (1) | (60) | (60) | (61) | (61) | 0 | 0 |
Partnership contributions | 612 | 612 | 12 | 6 | 600 | 606 | 612 | 612 | 0 | 0 |
Investment segment contributions | 600 | 600 | 0 | 0 | 0 | 0 | 0 | 0 | 600 | 600 |
Dividends and distributions to non-controlling interests in subsidiaries | (38) | (38) | 0 | 0 | 0 | 0 | 0 | 0 | (38) | (38) |
Cumulative effect adjustment from adoption of accounting principle | (47) | (47) | (1) | 0 | (46) | (47) | (47) | (47) | 0 | 0 |
Changes in subsidiary equity and other | (402) | (402) | (3) | (1) | (114) | (116) | (117) | (117) | (285) | (285) |
Equity at Sep. 30, 2017 | $ 11,198 | $ 11,224 | $ (242) | $ (291) | $ 5,026 | $ 5,101 | $ 4,784 | $ 4,810 | $ 6,414 | $ 6,414 |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 2,394 | $ (1,656) |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | ||
Net gain from securities transactions | (1,852) | (257) |
Purchases of securities | (704) | (1,440) |
Proceeds from sales of securities | 2,292 | 6,863 |
Purchases to cover securities sold, not yet purchased | (692) | (227) |
Proceeds from securities sold, not yet purchased | 1,222 | 589 |
Changes in receivables and payables relating to securities transactions | (2,702) | (5,087) |
Gain on disposition of assets, net | (1,966) | (10) |
Depreciation and amortization | 759 | 753 |
Impairment | 82 | 670 |
Equity earnings from non-consolidated affiliates | (53) | (48) |
Deferred taxes | 7 | 0 |
Other, net | 24 | 80 |
Changes in cash held at consolidated affiliated partnerships and restricted cash | (196) | 583 |
Changes in other operating assets and liabilities | 276 | 509 |
Net cash (used in) provided by operating activities | (1,109) | 1,322 |
Cash flows from investing activities: | ||
Capital expenditures | (692) | (615) |
Acquisition of businesses, net of cash acquired | (105) | (1,045) |
Purchase of additional interests in consolidated subsidiaries | (349) | (2) |
Proceeds from disposition of assets | 1,461 | 20 |
Purchases of investments | (5) | (97) |
Proceeds from sale of investments | 11 | 66 |
Other, net | 13 | 6 |
Net cash provided by (used in) investing activities | 334 | (1,667) |
Cash flows from financing activities: | ||
Investment segment contributions from non-controlling interests | 600 | 505 |
Investment segment distributions to non-controlling interests | 0 | (7) |
Partnership contributions | 612 | 1 |
Partnership distributions | (61) | (81) |
Dividends and distributions to non-controlling interests in subsidiaries | (38) | (74) |
Proceeds from Holding Company senior unsecured notes | 1,190 | 0 |
Repayments of Holding Company senior unsecured notes | (1,175) | 0 |
Proceeds from subsidiary borrowings | 2,369 | 1,905 |
Repayments of subsidiary borrowings | (2,606) | (1,959) |
Other, net | (33) | (11) |
Net cash provided by financing activities | 858 | 279 |
Effect of exchange rate changes on cash and cash equivalents | 5 | (22) |
Add back decrease in cash of assets held for sale | 117 | 12 |
Net increase (decrease) in cash and cash equivalents | 205 | (76) |
Cash and cash equivalents, beginning of period | 1,833 | 2,078 |
Cash and cash equivalents, end of period | 2,038 | 2,002 |
Icahn Enterprises Holdings | ||
Cash flows from operating activities: | ||
Net income (loss) | 2,395 | (1,655) |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | ||
Net gain from securities transactions | (1,852) | (257) |
Purchases of securities | (704) | (1,440) |
Proceeds from sales of securities | 2,292 | 6,863 |
Purchases to cover securities sold, not yet purchased | (692) | (227) |
Proceeds from securities sold, not yet purchased | 1,222 | 589 |
Changes in receivables and payables relating to securities transactions | (2,702) | (5,087) |
Gain on disposition of assets, net | (1,966) | (10) |
Depreciation and amortization | 758 | 752 |
Impairment | 82 | 670 |
Equity earnings from non-consolidated affiliates | (53) | (48) |
Deferred taxes | 7 | 0 |
Other, net | 24 | 80 |
Changes in cash held at consolidated affiliated partnerships and restricted cash | (196) | 583 |
Changes in other operating assets and liabilities | 276 | 509 |
Net cash (used in) provided by operating activities | (1,109) | 1,322 |
Cash flows from investing activities: | ||
Capital expenditures | (692) | (615) |
Acquisition of businesses, net of cash acquired | (105) | (1,045) |
Purchase of additional interests in consolidated subsidiaries | (349) | (2) |
Proceeds from disposition of assets | 1,461 | 20 |
Purchases of investments | (5) | (97) |
Proceeds from sale of investments | 11 | 66 |
Other, net | 13 | 6 |
Net cash provided by (used in) investing activities | 334 | (1,667) |
Cash flows from financing activities: | ||
Investment segment contributions from non-controlling interests | 600 | 505 |
Investment segment distributions to non-controlling interests | 0 | (7) |
Partnership contributions | 612 | 1 |
Partnership distributions | (61) | (81) |
Dividends and distributions to non-controlling interests in subsidiaries | (38) | (74) |
Proceeds from Holding Company senior unsecured notes | 1,190 | 0 |
Repayments of Holding Company senior unsecured notes | (1,175) | 0 |
Proceeds from subsidiary borrowings | 2,369 | 1,905 |
Repayments of subsidiary borrowings | (2,606) | (1,959) |
Other, net | (33) | (11) |
Net cash provided by financing activities | 858 | 279 |
Effect of exchange rate changes on cash and cash equivalents | 5 | (22) |
Add back decrease in cash of assets held for sale | 117 | 12 |
Net increase (decrease) in cash and cash equivalents | 205 | (76) |
Cash and cash equivalents, beginning of period | 1,833 | 2,078 |
Cash and cash equivalents, end of period | $ 2,038 | $ 2,002 |
Description of Business
Description of Business | 9 Months Ended |
Sep. 30, 2017 | |
Description of Business [Abstract] | |
Description of Business | Description of Business . Overview Icahn Enterprises L.P. ("Icahn Enterprises") owns a 99% limited partner interest in Icahn Enterprises Holdings L.P. ("Icahn Enterprises Holdings"). Icahn Enterprises G.P. Inc. ("Icahn Enterprises GP"), which is owned and controlled by Mr. Carl C. Icahn, owns a 1% general partner interest in each of Icahn Enterprises and Icahn Enterprises Holdings as of September 30, 2017 . Icahn Enterprises Holdings and its subsidiaries own substantially all of the assets and liabilities of Icahn Enterprises and conduct substantially all of its operations. Therefore, the financial results of Icahn Enterprises and Icahn Enterprises Holdings are substantially the same, with differences relating primarily to allocations of the general partner interest, which is reflected as an aggregate 1.99% general partner interest in the financial statements of Icahn Enterprises, as well as due to the carrying amount of deferred financing costs related to our senior unsecured notes. In addition to the above, Mr. Icahn and his affiliates owned approximately 90.8% of Icahn Enterprises' outstanding depositary units as of September 30, 2017 . References to "we," "our" or "us" herein include both Icahn Enterprises and Icahn Enterprises Holdings and their subsidiaries, unless the context otherwise requires. Description of Operating Businesses We are a diversified holding company owning subsidiaries currently engaged in the following continuing operating businesses: Investment, Automotive, Energy, Railcar, Gaming, Metals, Mining, Food Packaging, Real Estate and Home Fashion. We also report the results of our Holding Company, which includes the results of certain subsidiaries of Icahn Enterprises and Icahn Enterprises Holdings (unless otherwise noted), and investment activity and expenses associated with our Holding Company. See Note 12 , " Segment Reporting ," for a reconciliation of each of our reporting segment's results of operations to our consolidated results. Certain additional information with respect to our segments are discussed below. Investment Our Investment segment is comprised of various private investment funds ("Investment Funds") in which we have general partner interests and through which we invest our proprietary capital. We and certain of Mr. Icahn's wholly owned affiliates are the only investors in the Investment Funds. As general partner, we provide investment advisory and certain administrative and back office services to the Investment Funds but do not provide such services to any other entities, individuals or accounts. Interests in the Investment Funds are not offered to outside investors. We had interests in the Investment Funds with a fair value of approximately $2.9 billion and $1.7 billion as of September 30, 2017 and December 31, 2016 , respectively. Automotive We conduct our Automotive segment through our wholly owned subsidiaries Federal-Mogul LLC ("Federal-Mogul") and Icahn Automotive Group LLC ("Icahn Automotive"), which is the parent company of IEH Auto Parts Holding LLC and The Pep Boys - Manny, Moe & Jack ("Pep Boys"). During January 2017, we increased our ownership in Federal-Mogul from 82.0% to 100% through a tender offer for the remaining shares of Federal-Mogul common stock not already owned by us and a subsequent short form merger for an aggregate purchase price of $305 million . Federal-Mogul is engaged in the manufacture and distribution of automotive parts. Icahn Automotive is engaged in the distribution of automotive parts in the aftermarket as well as providing automotive services to its customers. Energy We conduct our Energy segment through our majority ownership in CVR Energy, Inc. ("CVR Energy"). CVR Energy is a diversified holding company primarily engaged in the petroleum refining and nitrogen fertilizer manufacturing industries through its holdings in CVR Refining L.P. ("CVR Refining") and CVR Partners L.P. ("CVR Partners"), respectively. CVR Refining is an independent petroleum refiner and marketer of high value transportation fuels. CVR Partners produces and markets nitrogen fertilizers in the form of urea ammonium nitrate and ammonia. As of September 30, 2017 , CVR Energy owned 100% of each of the general partners of CVR Refining and CVR Partners and approximately 66% and 34% of the common units of CVR Refining and CVR Partners, respectively. As of September 30, 2017 , we owned approximately 82.0% of the total outstanding common stock of CVR Energy. In addition, as of September 30, 2017 , we directly owned approximately 3.9% of the total outstanding common units of CVR Refining. Railcar We conduct our Railcar segment through our majority ownership in American Railcar Industries, Inc. ("ARI") and, prior to June 1, 2017, our wholly owned subsidiary American Railcar Leasing, LLC ("ARL"). As of September 30, 2017 , we owned approximately 62.2% of the total outstanding common stock of ARI. As discussed below, we sold ARL, along with a majority of its railcar lease fleet, on June 1, 2017. As of September 30, 2017 , through a wholly owned subsidiary of ours, we continued to own 4,551 remaining railcars previously owned by ARL. ARI is a North American designer and manufacturer of hopper and tank railcars. ARI provides its railcar customers with integrated solutions through a comprehensive set of high-quality products and related services through its manufacturing, leasing and railcar services operations. ARI's manufacturing consists of railcar manufacturing and railcar and industrial component manufacturing. ARI's railcar leasing business consists of railcars built by ARI leased to third parties under operating leases. ARI's railcar services consist of railcar repair, engineering and field services. On December 19, 2016, Icahn Enterprises entered into a definitive agreement to sell ARL to SMBC Rail Services, LLC ("SMBC Rail"), a wholly owned subsidiary of Sumitomo Mitsui Banking Corporation, for cash based on (i) a value of approximately $2.8 billion (subject to certain adjustments) and (ii) a fleet of approximately 29,000 railcars (the "ARL Initial Sale"). The ARL Initial Sale closed on June 1, 2017. After repaying, or assigning to SMBC Rail, applicable indebtedness of ARL, we received cash consideration of approximately $1.3 billion in connection with the ARL Initial Sale, resulting in a pretax gain on disposition of assets for our Railcar segment of approximately $1.5 billion . For a period of three years after the closing of the ARL Initial Sale, and upon satisfaction of certain conditions, we have an option to sell, and SMBC Rail has an option to buy, the 4,551 remaining railcars owned by a wholly owned subsidiary of ours. The majority of these remaining railcars were sold subsequent to September 30, 2017 . Gaming We conduct our Gaming segment through our majority ownership in Tropicana Entertainment Inc. ("Tropicana") and our wholly owned subsidiary Trump Entertainment Resorts Inc. ("TER"), which we acquired out of bankruptcy in 2016. During August 2017, we increased our ownership in Tropicana from 72.5% to 83.9% through a tender offer for additional shares of Tropicana common stock not already owned by us for an aggregate purchase price of $95 million . In addition, Tropicana repurchased and retired shares of its common stock in connection with this tender offer for an aggregate purchase price of $36 million . Tropicana is an owner and operator of regional casino and entertainment properties located in the United States and one hotel, timeshare and casino resort located on the island of Aruba. TER owned the Trump Taj Mahal Casino Resort, which closed and ceased its casino and hotel operations in October 2016, and was subsequently sold on March 31, 2017. TER also owns Trump Plaza Hotel and Casino, which ceased operations in September 2014, prior to our obtaining a controlling interest in TER. Metals We conduct our Metals segment through our indirect wholly owned subsidiary, PSC Metals, Inc. (“PSC Metals”). PSC Metals is principally engaged in the business of collecting, processing and selling ferrous and non-ferrous metals, as well as the processing and distribution of steel pipe and plate products. PSC Metals collects industrial and obsolete scrap metal, processes it into reusable forms and supplies the recycled metals to its customers . Mining We conduct our Mining segment through our majority ownership in Ferrous Resources Ltd. ("Ferrous Resources"). As of September 30, 2017 , we owned approximately 77.2% of the total outstanding common stock of Ferrous Resources. Ferrous Resources acquired certain rights to iron ore mineral resources in Brazil and develops mining operations and related infrastructure to produce and sell iron ore products to the global steel industry. Food Packaging We conduct our Food Packaging segment through our majority ownership in Viskase Companies, Inc. ("Viskase"). As of September 30, 2017 , we owned approximately 74.6% of the total outstanding common stock of Viskase. Viskase is a producer of cellulosic, fibrous and plastic casings used to prepare and package processed meat products. Real Estate Our Real Estate operations consist of rental real estate, property development and associated club activities. Our rental real estate operations consist primarily of office and industrial properties leased to single corporate tenants. Our property development operations are run primarily through a real estate investment, management and development subsidiary that focuses primarily on the construction and sale of single-family and multi-family homes, lots in subdivisions and planned communities and raw land for residential development. Our property development locations also operate golf and club operations as well. In August 2017, our Real Estate segment sold a development property in Las Vegas, Nevada for $600 million , resulting in a pretax gain on disposition of assets of $456 million . The transaction included cash proceeds from the sale of $225 million and two tranches of seller financing totaling $375 million (including a $345 million first-lien mortgage and a $30 million second-lien mortgage), which is included in other assets in our condensed consolidated balance sheet as of September 30, 2017 . Home Fashion We conduct our Home Fashion segment through our indirect wholly owned subsidiary, WestPoint Home LLC (“WPH”). WPH's business consists of manufacturing, sourcing, marketing, distributing and selling home fashion consumer products. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies (Notes) | 9 Months Ended |
Sep. 30, 2017 | |
Basis of Presentation and Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | Basis of Presentation and Summary of Significant Accounting Policies . We conduct and plan to continue to conduct our activities in such a manner as not to be deemed an investment company under the Investment Company Act of 1940, as amended (the “'40 Act”). Therefore, no more than 40% of our total assets can be invested in investment securities, as such term is defined in the '40 Act. In addition, we do not invest or intend to invest in securities as our primary business. We intend to structure our investments to continue to be taxed as a partnership rather than as a corporation under the applicable publicly traded partnership rules of the Internal Revenue Code, as amended. The accompanying condensed consolidated financial statements and related notes should be read in conjunction with our consolidated financial statements and related notes contained in our Annual Report on Form 10-K for the year ended December 31, 2016 . The condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) related to interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations. The financial information contained herein is unaudited; however, management believes all adjustments have been made that are necessary to present fairly the results for the interim periods. All such adjustments are of a normal and recurring nature. Principles of Consolidation As of September 30, 2017 , our condensed consolidated financial statements include the accounts of (i) Icahn Enterprises and Icahn Enterprises Holdings and (ii) the wholly and majority owned subsidiaries of Icahn Enterprises and Icahn Enterprises Holdings, in addition to variable interest entities ("VIEs") in which we are the primary beneficiary. In evaluating whether we have a controlling financial interest in entities that we consolidate, we consider the following: (1) for voting interest entities, including limited partnerships and similar entities that are not VIEs, we consolidate these entities in which we own a majority of the voting interests; and (2) for VIEs, we consolidate these entities in which we are the primary beneficiary. See below for a discussion of our VIEs. Kick-out rights, which are the rights underlying the limited partners' ability to dissolve the limited partnership or otherwise remove the general partners, held through voting interests of partnerships and similar entities that are not VIEs are considered the equivalent of the equity interests of corporations that are not VIEs. Except for our Investment segment, for those investments in which we own 50% or less but greater than 20%, we generally account for such investments using the equity method, while investments in affiliates of 20% or less are accounted for under the cost method. Variable Interest Entities Icahn Enterprises Holdings We determined that Icahn Enterprises Holdings is a VIE because it lacks both substantive kick-out and participating rights. Icahn Enterprises is the primary beneficiary of Icahn Enterprises Holdings principally based on its 99% limited partner interest in Icahn Enterprises Holdings and therefore continues to consolidate Icahn Enterprises Holdings. The condensed consolidated financial statements of Icahn Enterprises Holdings are included in this Report. The balances with respect to Icahn Enterprises Holdings' consolidated VIEs are discussed below, comprising the Investment Funds, CVR Refining and CVR Partners. Investment We determined that each of the Investment Funds are considered VIEs because these limited partnerships lack both substantive kick-out and participating rights. Because we have a general partner interest in each of the Investment Funds and have significant limited partner interests in each of the Investment Funds, coupled with our significant exposure to losses and benefits in each of the Investment Funds, we are the primary beneficiary of each of the Investment Funds and therefore continue to consolidate each of the Investment Funds. Energy CVR Refining and CVR Partners are each considered VIEs because each of these limited partnerships lack both substantive kick-out and participating rights. In addition, CVR Energy also concluded that, based upon its general partner's roles and rights in CVR Refining and CVR Partners as afforded by their respective partnership agreements, coupled with its exposure to losses and benefits in each of CVR Refining and CVR Partners through its significant limited partner interests, intercompany credit facilities and services agreements, it is the primary beneficiary of both CVR Refining and CVR Partners. Based upon this evaluation, CVR Energy continues to consolidate both CVR Refining and CVR Partners. The following table includes balances of assets and liabilities of VIE's included in Icahn Enterprises Holdings' condensed consolidated balance sheets. September 30, 2017 December 31, 2016 (in millions) Cash and cash equivalents $ 630 $ 370 Cash held at consolidated affiliated partnerships and restricted cash 951 752 Investments 9,022 9,219 Due from brokers 1,006 1,482 Property, plant and equipment, net 3,215 3,331 Inventories 340 349 Intangible assets, net 303 318 Other assets 69 110 Accounts payable, accrued expenses and other liabilities 2,302 1,769 Securities sold, not yet purchased, at fair value 1,258 1,139 Due to brokers 603 3,725 Debt 1,166 1,165 Fair Value of Financial Instruments The carrying values of cash and cash equivalents, cash held at consolidated affiliated partnerships and restricted cash, accounts receivable, due from brokers, a ccounts payable, accrued expenses and other liabilities and due to brokers are deemed to be reasonable estimates of their fair values because of their short-term nature. See Note 4 , “ Investments and Related Matters ,” and Note 5 , “ Fair Value Measurements ,” for a detailed discussion of our investments and other non-financial assets and/or liabilities . The fair value of our long-term debt is based on the quoted market prices for the same or similar issues or on the current rates offered to us for debt of the same remaining maturities. The carrying value and estimated fair value of our long-term debt as of September 30, 2017 was approximately $11.2 billion and $11.5 billion , respectively. The carrying value and estimated fair value of our long-term debt as of December 31, 2016 was approximately $11.1 billion and $11.2 billion , respectively. Restricted Cash Our restricted cash balance was $866 million and $686 million as of September 30, 2017 and December 31, 2016 , respectively. Accounts Receivable, net Transfers of receivables relate primarily to our Automotive segment. Federal-Mogul's subsidiaries in Brazil, France, Germany, Italy, Canada and the United States are party to accounts receivable factoring and securitization facilities. Gross accounts receivable transferred under these facilities were $607 million and $487 million as of September 30, 2017 and December 31, 2016 , respectively. Of those gross amounts, $600 million and $485 million , respectively, qualify as sales in accordance with U.S. GAAP. The remaining transferred receivables were pledged as collateral and accounted for as secured borrowings and recorded in the condensed consolidated balance sheets within accounts receivable, net and debt. Under the terms of these facilities, Federal-Mogul is not obligated to draw cash immediately upon the transfer of accounts receivable. As of September 30, 2017 and December 31, 2016 , Federal-Mogul did not have any undrawn cash related to such transferred receivables. Proceeds from the transfers of accounts receivable qualifying as sales were $424 million and $311 million for the three months ended September 30, 2017 and 2016 , respectively, and approximately $1.3 billion and $1.2 billion for the nine months ended September 30, 2017 and 2016 , respectively. Expenses associated with transfers of receivables were $2 million and $2 million for the three months ended September 30, 2017 and 2016 , respectively, and $10 million and $9 million for the nine months ended September 30, 2017 and 2016 , respectively. Such expenses were recorded in the condensed consolidated statements of operations within other income (loss), net. Where Federal-Mogul receives a fee to service and monitor these transferred receivables, such fees are sufficient to offset the costs and as such, a servicing asset or liability is not incurred as a result of such activities. Held For Sale As of December 31, 2016 , assets and liabilities held for sale primarily consisted of property plant and equipment and debt, respectively, and related primarily to our pending ARL Initial Sale as of December 31, 2016 . On June 1, 2017, we closed on the ARL Initial Sale and disposed of such assets and liabilities previously classified as held for sale. During 2017, we identified additional assets and liabilities that meet the criteria to be classified as held for sale. As of September 30, 2017 , assets held for sale primarily consisted of the remaining railcars previously owned by ARL that we continued to own subsequent to the ARL Initial Sale. Reclassifications Certain reclassifications from the prior year presentation have been made to conform to the current year presentation. Adoption of New Accounting Standards In July 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2015-11, Simplifying the Measurement of Inventory , which amends FASB Accounting Standards Codification ("ASC") Topic 330, Inventory . This ASU requires entities to measure inventory at the lower of cost or net realizable value and eliminates the option that currently exists for measuring inventory at market value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. This ASU is effective beginning with our interim period beginning January 1, 2017. The adoption of this guidance was applied prospectively and had minimal impact on our consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-07, Simplifying the Transition to the Equity Method of Accounting , which amends FASB ASC Topic 323, Investments - Equity Method and Joint Ventures . This ASU eliminates the retroactive adjustment of an investment that qualifies for the equity method as a result of an increase in the level of ownership or degree of influence as if the equity method had been in effect during all previous periods that the investment had been held. This ASU is effective beginning with our interim period beginning January 1, 2017. The adoption of this guidance had minimal impact on our consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting , which amends FASB ASC Topic 718, Compensation - Stock Compensation . This ASU simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This ASU is effective beginning with our interim period beginning January 1, 2017. During the first quarter of 2017, the board of directors of the general partner of Icahn Enterprises unanimously approved and adopted the Icahn Enterprises L.P. 2017 Long Term Incentive Plan (the "2017 Incentive Plan"), which became effective during the first quarter of 2017 subject to the approval by holders of a majority of Icahn Enterprises depositary units. The 2017 Incentive Plan permits us to issue depositary units and grant options, restricted units or other unit-based awards to all of our, and our affiliates', employees, consultants, members and partners, as well as the three non-employee directors of our general partner. One million of Icahn Enterprises' depositary units are initially available under the 2017 Incentive Plan. Prior to the adoption of the 2017 Incentive Plan, accounting for unit-based payments did not apply to us. Therefore, the adoption of this guidance in 2017 was the result of the adoption of the 2017 Incentive Plan and which had a minimal impact on our consolidated financial statements. In October 2016, the FASB issued ASU No. 2016-16, Intra-Entity Transfers of Assets Other Than Inventory , which amends FASB ASC Topic 740, Income Taxes . This ASU requires the recognition of income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. Current U.S. GAAP prohibits the recognition of current and deferred incomes taxes for an intra-entity asset transfer until the asset has been sold to an outside party. This ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. We have elected to early adopt this guidance in the first quarter of 2017. The impact of early adopting this guidance on our consolidated financial statements is a cumulative effect adjustment to decrease our equity attributable to Icahn Enterprises and Icahn Enterprises Holdings as of January 1, 2017 by $47 million to reverse previously deferred charges and recognize them in equity. In January 2017, the FASB issued ASU No. 2017-01, Clarifying the Definition of a Business , which amends FASB ASC Topic 805, Business Combinations . This ASU provides guidance on what constitutes a business for purposes of applying FASB ASC Topic 805. This ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. We have elected to early adopt this guidance in the first quarter of 2017. We did not have any material transactions affected by this guidance and therefore, the adoption of this guidance did not have a material impact on our consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment , which amends FASB ASC Topic 350, Intangibles - Goodwill and Other . This ASU simplifies the subsequent measurement of goodwill by eliminating "Step 2" from the goodwill impairment test which, prior to adoption of this ASU, requires comparing the implied fair value of goodwill with its carrying value. By eliminating "Step 2" from the goodwill impairment test, the quantitative analysis of goodwill will result in an impairment loss for the amount that the carrying value of a reporting unit, including goodwill, exceeds its fair value, limited to the total amount of goodwill allocated to the tested reporting unit. While this ASU reduces the complexity and cost of our goodwill impairment tests, it may result in significant differences in the recognition of goodwill impairment. For example, should our reporting units fail "Step 1" of the impairment tests but pass the current "Step 2" impairment tests, we may have more impairments of goodwill under the new guidance. This ASU is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted beginning for interim and annual goodwill impairment tests performed on testing dates after January 1, 2017. We have elected to early adopt this guidance for our interim and annual goodwill impairment tests to be performed on testing dates beginning in 2017. This ASU principally affects our Automotive segment as substantially all of our goodwill balance pertains to our Automotive segment as of September 30, 2017 . We did not perform any interim goodwill impairment analysis in 2017 and therefore, the adoption of this guidance had no impact on our consolidated financial statements. Recently Issued Accounting Standards In May 2014, the FASB issued ASU No. 2014-09, creating a new topic, FASB ASC Topic 606, Revenue from Contracts with Customers , superseding revenue recognition requirements in FASB ASC Topic 605, Revenue Recognition . This ASU requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. In addition, an entity is required to disclose sufficient information to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. This ASU was amended by ASU No. 2015-14, issued in August 2015, which deferred the original effective date by one year; the effective date of this ASU is for fiscal years, and interim reporting periods within those years, beginning after December 15, 2017, using one of two retrospective application methods. In addition, the FASB issued other amendments during 2016 and 2017 to FASB ASC Topic 606 that include implementation guidance to principal versus agent considerations, guidance to identifying performance obligations and licensing guidance and other narrow scope improvements. We have developed an implementation plan to adopt this new ASU. We will adopt these new standards on January 1, 2018 using the modified retrospective application method which will require a cumulative effect adjustment recognized in equity at such date. No adjustment to revenue for periods prior to adoption will be required. To date, we have not identified any material differences in our existing revenue recognition methods that would require modification under the new standards. Additionally, although we anticipate our internal controls to be modified as necessary, we do not anticipate our internal control framework to materially change as a result of the adoption of these new standards. The assessment of the impact of this new standard on our business processes, business and accounting systems, and consolidated financial statements and related disclosures will continue as we proceed with the design and implementation phases of the plan. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall , which amends FASB ASC Topic 825, Financial Instruments . This ASU requires that equity investments (except those accounted for under the equity method of accounting or those that result in the consolidation of the investee) to be measured at fair value with changes recognized in earnings. However, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment. In addition, there were other amendments to certain disclosure and presentation matters pertaining to financial instruments, including the requirement of an entity to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. This ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The amendments in this ASU should be applied by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The amendments related to equity securities without readily determinable fair values should be applied prospectively to equity investments that exist as of the date of adoption. Early application is permitted for certain matters only. We are currently evaluating the impact of this guidance on our consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , which supersedes FASB ASC Topic 840, Leases . This ASU requires the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous guidance. In addition, among other changes to the accounting for leases, this ASU retains the distinction between finance leases and operating leases. The classification criteria for distinguishing between finance leases and operating leases are substantially similar to the classification criteria for distinguishing between capital leases and operating leases in the previous guidance. This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The amendments in this ASU should be applied using a modified retrospective approach. Early application is permitted. We anticipate our assessment and implementation plan to be ongoing during the remainder of 2017 and into 2018 and are currently unable to reasonably estimate the impact of this guidance on our consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments , which amends FASB ASC Topic 326, Financial Instruments - Credit Losses. This ASU requires financial assets measured at amortized cost to be presented at the net amount to be collected and broadens the information, including forecasted information incorporating more timely information, that an entity must consider in developing its expected credit loss estimate for assets measured. This ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early application is permitted for fiscal years beginning after December 15, 2018. We are currently evaluating the impact of this guidance on our consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payment s, which amends FASB ASC Topic 230, Statement of Cash Flows. This ASU seeks to reduce the diversity currently in practice by providing guidance on the presentation of eight specific cash flow issues in the statement of cash flows. This ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. We are currently evaluating the impact of this guidance on our consolidated statements of cash flows. In November 2016, the FASB issued ASU No. 2016-18, Restricted Cash , which amends FASB ASC Topic 230, Statement of Cash Flows . This ASU requires that the statement of cash flows explain the change during the period total cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. This ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements. In March 2017, the FASB issued ASU No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , which amends FASB ASC Topic 715, Compensation - Retirement Benefits . This ASU requires entities to present the service cost component of net periodic benefit cost in the same line item or items in the financial statements as other compensation costs arising from services rendered by the pertinent employees during the period. This ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements. In May 2017, the FASB issued ASU No. 2017-09, Scope of Modification Accounting , which amends FASB ASC Topic 718, Compensation - Stock Compensation . This ASU provides updated guidance about which changes to the terms and conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. This ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements. In August 2017, the FASB issued ASU 2017-12, Targeting Improvements to Accounting for Hedging Activities , which amends FASB ASC Topic 815, Derivatives and Hedging . This ASU includes amendments to existing guidance to better align an entity’s risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. This ASU is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2017 | |
Related Party Transactions [Abstract] | |
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 During the nine months ended September 30, 2017 and 2016 , Mr. Icahn and his affiliates (excluding us) invested $600 million and $498 million , respectively, in the Investment Funds, net of redemptions. As of September 30, 2017 and December 31, 2016 , the total fair market value of investments in the Investment Funds made by Mr. Icahn and his affiliates (excluding us) was approximately $4.6 billion and $3.7 billion , respectively, representing approximately 61% and 69% of the Investment Funds' assets under management as of each respective date. We pay for expenses pertaining to the operation, administration and investment activities of our Investment segment for the benefit of the Investment Funds (including salaries, benefits and rent). Effective April 1, 2011, based on an expense-sharing arrangement, certain expenses borne by us are reimbursed by the Investment Funds. For the three months ended September 30, 2017 and 2016 , $2 million and $21 million , respectively, was allocated to the Investment Funds based on this expense-sharing arrangement and for the nine months ended September 30, 2017 and 2016 , such allocation was $7 million and $28 million , respectively. Automotive As discussed in Note 4 , " Investments and Related Matters ," the Investment Funds have an investment in the common stock of Hertz Global Holdings, Inc. ("Hertz") measured at fair value that would have otherwise been subject to the equity method of accounting beginning in the fourth quarter of 2016. Pep Boys provides services to Hertz in the ordinary course of business. For the three and nine months ended September 30, 2017 , revenue from Hertz was $5 million and $10 million , respectively. Additionally, Federal-Mogul had payments to Hertz in the ordinary course of business of $2 million for the nine months ended September 30, 2017 . Railcar ARL On February 29, 2016, Icahn Enterprises entered into a contribution agreement with an affiliate of Mr. Icahn to acquire the remaining 25% economic interest in ARL not already owned by us. Pursuant to this contribution agreement, we contributed 685,367 newly issued depositary units of Icahn Enterprises to such affiliate in exchange for the remaining 25% economic interest in ARL. As a result of the transaction, we owned a 100% economic interest in ARL. This transaction was authorized by the independent committee of the board of directors of the general partner of Icahn Enterprises. The independent committee was advised by independent counsel and retained an independent financial advisor which rendered a fairness opinion. Transactions with ACF Our Railcar segment has certain transactions with ACF Industries LLC ("ACF"), an affiliate of Mr. Icahn, under various agreements, as well as on a purchase order basis. ACF is a manufacturer and fabricator of specialty railcar parts and miscellaneous steel products. Agreements and transactions with ACF include the following: • Railcar component purchases from ACF • Railcar parts purchases from and sales to ACF • Railcar purchasing and engineering services agreement with ACF • Lease of certain intellectual property to ACF • Railcar repair services and support for ACF • Railcar purchases from ACF (prior to June 1, 2017) Purchases from ACF were $1 million and $4 million for the three and nine months ended September 30, 2017 , respectively, and $2 million and $4 million for the three and nine months ended September 30, 2016 , respectively. For each of the three and nine months ended September 30, 2017 and 2016 , revenues from ACF were not material. Insight Portfolio Group LLC Insight Portfolio Group LLC ("Insight Portfolio Group") is an entity formed and controlled by Mr. Icahn in order to maximize the potential buying power of a group of entities with which Mr. Icahn has a relationship in negotiating with a wide range of suppliers of goods, services and tangible and intangible property at negotiated rates. Icahn Enterprises Holdings has a minority equity interest in Insight Portfolio Group and agreed to pay a portion of Insight Portfolio Group's operating expenses. In addition to the minority equity interest held by Icahn Enterprises Holdings, certain subsidiaries of ours, including Federal-Mogul, CVR Energy, PSC Metals, ARI, ARL (prior to June 1, 2017), Tropicana, Viskase and WPH also acquired minority equity interests in Insight Portfolio Group and agreed to pay a portion of Insight Portfolio Group's operating expenses. A number of other entities with which Mr. Icahn has a relationship also have minority equity interests in Insight Portfolio Group and also agreed to pay certain of Insight Portfolio Group's operating expenses. For each of the three months ended September 30, 2017 and 2016 , we and certain of our subsidiaries paid certain of Insight Portfolio Group's operating expenses of less than $1 million . For each of the nine months ended September 30, 2017 and 2016 , we and certain of our subsidiaries paid $2 million in respect to certain of Insight Portfolio Group's operating expenses. |
Investments and Related Matters
Investments and Related Matters | 9 Months Ended |
Sep. 30, 2017 | |
Schedule of Investments [Abstract] | |
Investments and Related Matters | Investments and Related Matters . Investment Investments and securities sold, not yet purchased consist of equities, bonds, bank debt and other corporate obligations, all of which are reported at fair value in our condensed consolidated balance sheets. These investments are considered trading securities. In addition, our Investment segment has certain derivative transactions which are discussed in Note 6 , “ Financial Instruments ." The carrying value and detail by security type, including business sector for equity securities, with respect to investments and securities sold, not yet purchased held by our Investment segment consist of the following: September 30, 2017 December 31, 2016 Assets (in millions) Investments: Equity securities: Basic materials $ 867 $ 963 Consumer, non-cyclical 2,459 2,677 Energy 1,178 1,278 Financial 2,111 2,385 Technology 908 911 Other 1,020 809 8,543 9,023 Corporate debt securities 473 190 $ 9,016 $ 9,213 Liabilities Securities sold, not yet purchased, at fair value: Equity securities: Consumer, non-cyclical $ 219 $ — Consumer, cyclical 798 968 Energy 94 19 Industrial 102 100 1,213 1,087 Corporate debt securities 45 52 $ 1,258 $ 1,139 The portion of trading gains that relates to trading securities still held by our Investment segment was $635 million and $754 million for the three months ended September 30, 2017 and 2016 , respectively, and approximately $1.2 billion and $626 million for the nine months ended September 30, 2017 and 2016 , respectively. As of September 30, 2017 , the Investment Funds owned approximately 28.0% of the outstanding common stock of Hertz. Beginning in the fourth quarter of 2016, this investment would have become subject to the equity method of accounting however, our Investment segment elected to continue to apply the fair value option to this investment. Our Investment segment recorded net gains of $254 million and $19 million for the three and nine months ended September 30, 2017 , respectively, with respect to its investment in Hertz. As of September 30, 2017 and December 31, 2016 , the aggregate fair value of our Investment segment's investment in Hertz was $524 million and $505 million , respectively. The Investment Funds also owned approximately 21.0% of the outstanding common stock of Herbalife Ltd. ("Herbalife") as of September 30, 2017 . Beginning in the third quarter of 2016, this investment would have become subject to the equity method of accounting, after considering additional ownership in Herbalife by an affiliate of Mr. Icahn as well as the collective representation on the board of directors of Herbalife, however, our Investment segment elected to continue to apply the fair value option to this investment. Our Investment segment recorded net (losses) gains of $(64) million and $359 million for the three and nine months ended September 30, 2017 , respectively, with respect to its investment in Herbalife, and for the three and nine months ended September 30, 2016 , such gains were $52 million and $119 million , respectively. As of September 30, 2017 and December 31, 2016 , the aggregate fair value of our Investment segment's investment in Herbalife was approximately $1.2 billion and $867 million , respectively. Other Segments With the exception of certain equity method investments at our operating subsidiaries disclosed in the table below, our investments are measured at fair value in our condensed consolidated balance sheets. The carrying value of investments held by our other segments and our Holding Company consist of the following: September 30, 2017 December 31, 2016 (in millions) Equity method investments $ 332 $ 302 Other investments (measured at fair value) 400 366 $ 732 $ 668 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements . U.S. GAAP requires enhanced disclosures about investments and non-recurring non-financial assets and liabilities that are measured and reported at fair value and has established a hierarchal disclosure framework that prioritizes and ranks the level of market price observability used in measuring investments or non-financial assets and liabilities at fair value. Market price observability is impacted by a number of factors, including the type of investment and the characteristics specific to the investment. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Investments and non-financial assets and/or liabilities measured and reported at fair value are classified and disclosed in one of the following categories: Level 1 - Quoted prices are available in active markets for identical investments and non-financial assets and/or liabilities as of the reporting date. Level 2 - Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies where all significant inputs are observable. 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, investments', non-financial assets' and/or liabilities' level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to the investment. Significant transfers, if any, between the levels within the fair value hierarchy are recognized at the beginning of the reporting period when changes in circumstances require such transfers. Assets Measured at Fair Value on a Recurring Basis The following table summarizes the valuation of our assets and liabilities by the above fair value hierarchy levels measured on a recurring basis as of September 30, 2017 and December 31, 2016 : September 30, 2017 December 31, 2016 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets (in millions) Investments (Note 4) $ 8,544 $ 587 $ 265 $ 9,396 $ 9,033 $ 306 $ 212 $ 9,551 Derivative contracts, at fair value (Note 6) (1) 9 1 — 10 — 23 — 23 $ 8,553 $ 588 $ 265 $ 9,406 $ 9,033 $ 329 $ 212 $ 9,574 Liabilities Securities sold, not yet purchased (Note 4) $ 1,213 $ 45 $ — $ 1,258 $ 1,087 $ 52 $ — $ 1,139 Other liabilities — 127 — 127 — 187 — 187 Derivative contracts, at fair value (Note 6) (2) — 1,683 — 1,683 — 1,139 — 1,139 $ 1,213 $ 1,855 $ — $ 3,068 $ 1,087 $ 1,378 $ — $ 2,465 (1) Amounts are classified within other assets in our condensed consolidated balance sheets. (2) Amounts are classified within accrued expenses and other liabilities in our condensed consolidated balance sheets. Assets Measured at Fair Value on a Recurring Basis for Which We Use Level 3 Inputs to Determine Fair Value The changes in investments measured at fair value on a recurring basis for which we use Level 3 inputs to determine fair value are as follows: Nine Months Ended 2017 2016 (in millions) Balance at January 1 $ 212 $ 283 Net realized and unrealized gains (1) 51 10 Purchases 5 50 Transfers out (6 ) (127 ) Transfers in 3 6 Balance at September 30 $ 265 $ 222 (1) Includes net unrealized gains (losses) of $51 million and $(6) million for the nine months ended September 30, 2017 and 2016 , respectively, relating to investments still held at September 30 of each respective period and which are included in net gain (loss) from investment activities in the condensed consolidated statements of operations. Transfers out of Level 3 during the nine months ended September 30, 2016 primarily relates to our previously held corporate debt investment in TER of $126 million . The investment was transferred out of Level 3 following TER's emergence from bankruptcy on February 26, 2016 and subsequently becoming a wholly owned consolidated subsidiary of ours upon the extinguishment of their debt and its conversion to equity in TER. Purchases during the nine months ended September 30, 2016 relates to an increase in a certain investment classified as trading securities which is considered a Level 3 investment due to unobservable market data and is measured at fair value on a recurring basis. We determined the fair value of this investment using the Black-Scholes option pricing model and other valuation techniques. As of September 30, 2017 and December 31, 2016 , the fair value of this investment was $258 million and $207 million , respectively. Assets Measured at Fair Value on a Non-Recurring Basis for Which We Use Level 3 Inputs to Determine Fair Value Certain assets measured at fair value using Level 3 inputs on a nonrecurring basis have been impaired. During the three months ended September 30, 2016 , we recorded impairment charges of $79 million relating to property, plant and equipment. During the nine months ended September 30, 2017 and 2016 , we recorded impairment charges of $2 million and $82 million , respectively, relating to property, plant and equipment. 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. In addition, during the nine months ended September 30, 2017 , we recorded a loss of $6 million from marking inventory down to net realizable value at our Automotive segment. Additionally, in connection with our reclassification of certain assets from held and used to assets held for sale at our Railcar and Automotive segments, we recorded aggregate impairment charges of $6 million and $74 million for the three and nine months ended September 30, 2017 , which represents the difference between the carrying value and fair value less cost to sell of such assets. Refer to Note 8 , " Goodwill and Intangible Assets, Net ," for discussion of our goodwill and intangible asset impairments. Refer to Note 12 , " Segment Reporting ," for total impairment recorded by each of our segments. |
Financial Instruments
Financial Instruments | 9 Months Ended |
Sep. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Financial Instruments . Overview Investment In the normal course of business, the Investment Funds may trade various financial instruments and enter into certain investment activities, which may give rise to off-balance-sheet risks, with the objective of capital appreciation or as economic hedges against other securities or the market as a whole. The Investment Funds' investments may include futures, options, swaps and securities sold, not yet purchased. These financial instruments represent future commitments to purchase or sell other financial instruments or to exchange an amount of cash based on the change in an underlying instrument at specific terms at specified future dates. Risks arise with these financial instruments from potential counterparty non-performance and from changes in the market values of underlying instruments. Credit concentrations may arise from investment activities and may be impacted by changes in economic, industry or political factors. The Investment Funds routinely execute transactions with counterparties in the financial services industry, resulting in credit concentration with respect to the financial services industry. In the ordinary course of business, the Investment Funds may also be subject to a concentration of credit risk to a particular counterparty. The Investment Funds seek to mitigate these risks by actively monitoring exposures, collateral requirements and the creditworthiness of its counterparties. The Investment Funds have entered into various types of swap contracts with other counterparties. These agreements provide that they are entitled to receive or are obligated to pay in cash an amount equal to the increase or decrease, respectively, in the value of the underlying shares, debt and other instruments that are the subject of the contracts, during the period from inception of the applicable agreement to its expiration. In addition, pursuant to the terms of such agreements, they are entitled to receive or obligated to pay other amounts, including interest, dividends and other distributions made in respect of the underlying shares, debt and other instruments during the specified time frame. They are also required to pay to the counterparty a floating interest rate equal to the product of the notional amount multiplied by an agreed-upon rate, and they receive interest on any cash collateral that they post to the counterparty at the federal funds or LIBOR rate in effect for such period. The Investment Funds may trade futures contracts. A futures contract is a firm commitment to buy or sell a specified quantity of a standardized amount of a deliverable grade commodity, security, currency or cash at a specified price and specified future date unless the contract is closed before the delivery date. Payments (or variation margin) are made or received by the Investment Funds each day, depending on the daily fluctuations in the value of the contract, and the whole value change is recorded as an unrealized gain or loss by the Investment Funds. When the contract is closed, the Investment Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The Investment Funds may utilize forward contracts to seek to protect their assets denominated in foreign currencies and precious metals holdings from losses due to fluctuations in foreign exchange rates and spot rates. The Investment Funds' exposure to credit risk associated with non-performance of such forward contracts is limited to the unrealized gains or losses inherent in such contracts, which are recognized in other assets and accrued expenses and other liabilities in our condensed consolidated balance sheets. The Investment Funds may also enter into foreign currency contracts for purposes other than hedging denominated securities. When entering into a foreign currency forward contract, the Investment Funds agree to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date unless the contract is closed before such date. The Investment Funds record unrealized gains or losses on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into such contracts and the forward rates at the reporting date. The Investment Funds may also purchase and write option contracts. As a writer of option contracts, the Investment Funds receive a premium at the outset and then bear the market risk of unfavorable changes in the price of the underlying financial instrument. As a result of writing option contracts, the Investment Funds are obligated to purchase or sell, at the holder's option, the underlying financial instrument. Accordingly, these transactions result in off-balance-sheet risk, as the Investment Funds' satisfaction of the obligations may exceed the amount recognized in our condensed consolidated balance sheets. Certain terms of the Investment Funds' contracts with derivative counterparties, which are standard and customary to such contracts, contain certain triggering events that would give the counterparties the right to terminate the derivative instruments. In such events, the counterparties to the derivative instruments could request immediate payment on derivative instruments in net liability positions. The aggregate fair value of all of the Investment Funds' derivative instruments with credit-risk-related contingent features that are in a liability position at September 30, 2017 and December 31, 2016 was $7 million and $39 million , respectively. Automotive Federal-Mogul is exposed to market risk, such as fluctuations in foreign currency exchange rates, commodity prices and changes in interest rates, which may result in cash flow risks. To manage the volatility relating to these exposures, Federal-Mogul aggregates the exposures on a consolidated basis to take advantage of natural offsets. For exposures not offset within its operations, Federal-Mogul enters into various derivative transactions pursuant to its risk management policies, which prohibit holding or issuing derivative financial instruments for speculative purposes, and designation of derivative instruments is performed on a transaction basis to support hedge accounting. The changes in fair value of these hedging instruments are offset in part or in whole by corresponding changes in the fair value or cash flows of the underlying exposures being hedged. Federal-Mogul assesses the initial and ongoing effectiveness of its hedging relationships in accordance with its documented policy. Energy CVR Refining enters into commodity swap contracts in order to fix the margin on a portion of future production. Additionally, CVR Refining may enter into price and basis swaps in order to fix the price on a portion of its commodity purchases and product sales. The physical volumes are not exchanged and these contracts are net settled with cash. The contract fair value of the commodity swaps is reflected on the condensed consolidated balance sheets with changes in fair value currently recognized in the condensed consolidated 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. At September 30, 2017 and December 31, 2016 , CVR Refining had open commodity swap instruments consisting of 16.2 million and 4.0 million barrels of crack spreads, respectively, primarily to fix the margin on a portion of its future gasoline and distillate production. Consolidated Derivative Information Certain derivative contracts executed by the Investment Funds with a single counterparty, by our Automotive segment with a single counterparty or by our Energy segment with a single counterparty are reported on a net-by-counterparty basis where a legal right of offset exists under an enforceable netting agreement. Values for the derivative financial instruments, principally swaps, forwards, over-the-counter options and other conditional and exchange contracts, are reported on a net-by-counterparty basis. As a result, the net exposure to counterparties is reported in either other assets or accrued expenses and other liabilities in our condensed consolidated balance sheets. The following table presents the consolidated fair values of our derivatives that are not designated as hedging instruments in accordance with U.S GAAP: Derivatives Not Designated as Hedging Instruments Asset Derivatives (1) Liability Derivatives (2) September 30, 2017 December 31, 2016 September 30, 2017 December 31, 2016 (in millions) Equity contracts $ 21 $ 15 $ 1,676 $ 1,104 Credit contracts — 17 7 39 Commodity contracts 5 2 17 11 Sub-total 26 34 1,700 1,154 Netting across contract types (3) (17 ) (15 ) (17 ) (15 ) Total (3) $ 9 $ 19 $ 1,683 $ 1,139 (1) Net asset derivatives are located within other assets in our condensed consolidated balance sheets. (2) Net liability derivatives are located within accrued expenses and other liabilities in our condensed consolidated balance sheets. (3) Excludes netting of cash collateral received and posted. The total collateral posted at September 30, 2017 and December 31, 2016 was $818 million and $634 million , respectively, across all counterparties, which are included in cash held at consolidated affiliated partnerships and restricted cash on the condensed consolidated balance sheets. The following table presents the amount of gain (loss) recognized in the condensed consolidated statements of operations for our derivatives not designated as hedging instruments: Gain (Loss) Recognized in Income (1) Derivatives Not Designated as Hedging Instruments Three Months Ended Nine Months Ended 2017 2016 2017 2016 (in millions) Equity contracts $ (350 ) $ (448 ) $ (1,185 ) $ (1,106 ) Foreign exchange contracts — (7 ) — (21 ) Credit contracts (15 ) (44 ) (32 ) 87 Interest rate contracts — — — (12 ) Commodity contracts (20 ) 32 (36 ) (36 ) $ (385 ) $ (467 ) $ (1,253 ) $ (1,088 ) (1) Gains (losses) recognized on derivatives are classified in net gain (loss) from investment activities in our condensed consolidated statements of operations for our Investment segment and are included in other income (loss), net for all other segments. The volume of our derivative activities based on their notional exposure, categorized by primary underlying risk, is as follows: September 30, 2017 December 31, 2016 Long Notional Exposure Short Notional Exposure Long Notional Exposure Short Notional Exposure Primary underlying risk: (in millions) Equity contracts $ 183 $ 12,376 $ 112 $ 14,094 Credit contracts (1) — 326 202 472 Commodity contracts 20 1,247 16 754 (1) The short notional amount on our credit default swap positions was approximately $1.9 billion and $2.6 billion as of September 30, 2017 and December 31, 2016 , respectively. However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is $326 million and $472 million as of September 30, 2017 and December 31, 2016 , respectively. Non-Derivative Instruments Designated as Hedging Instruments As of September 30, 2017 , Federal-Mogul has foreign currency denominated debt, of which $890 million is designated as a net investment hedge in certain foreign subsidiaries and affiliates of Federal-Mogul. Changes to its carrying value are included in other comprehensive loss as translation adjustments and other. These debt instruments are discussed further in Note 9 , “ Debt .” The amount recognized in accumulated other comprehensive loss for the three and nine months ended September 30, 2017 was a loss of $25 million and $71 million , respectively. |
Inventories, Net (Notes)
Inventories, Net (Notes) | 9 Months Ended |
Sep. 30, 2017 | |
Inventory, Net [Abstract] | |
Inventories, Net | Inventories, Net . Inventories, net consists of the following: September 30, 2017 December 31, 2016 (in millions) Raw materials $ 523 $ 483 Work in process 343 299 Finished goods 2,390 2,201 $ 3,256 $ 2,983 |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, Net | 9 Months Ended |
Sep. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets, Net | Goodwill and Intangible Assets, Net . Goodwill consists of the following: September 30, 2017 December 31, 2016 Gross Carrying Amount Accumulated Impairment Net Carrying Value Gross Carrying Amount Accumulated Impairment Net Carrying Value (in millions) Automotive $ 1,723 $ (537 ) $ 1,186 $ 1,662 $ (537 ) $ 1,125 Railcar 7 — 7 7 — 7 Food Packaging 6 — 6 4 — 4 $ 1,736 $ (537 ) $ 1,199 $ 1,673 $ (537 ) $ 1,136 Intangible assets, net consists of the following: September 30, 2017 December 31, 2016 Gross Carrying Amount Accumulated Amortization Net Carrying Value Gross Carrying Amount Accumulated Amortization Net Carrying Value (in millions) Definite-lived intangible assets: Customer relationships $ 1,082 $ (521 ) $ 561 $ 1,059 $ (471 ) $ 588 Developed technology 143 (114 ) 29 142 (104 ) 38 In-place leases 121 (90 ) 31 121 (83 ) 38 Gasification technology license 60 (13 ) 47 60 (11 ) 49 Other 90 (30 ) 60 84 (23 ) 61 $ 1,496 $ (768 ) $ 728 $ 1,466 $ (692 ) $ 774 Indefinite-lived intangible assets: Trademarks and brand names $ 307 $ 305 Gaming licenses 37 37 344 342 Intangible assets, net $ 1,072 $ 1,116 Amortization expense associated with definite-lived intangible assets was $26 million and $23 million for the three months ended September 30, 2017 and 2016 , respectively, and $75 million and $72 million for the nine months ended September 30, 2017 and 2016 , respectively. We utilize the straight-line method of amortization, recognized over the estimated useful lives of the assets. Acquisitions Acquisitions during the three and nine months ended September 30, 2017 were not material individually or in the aggregate. As a result of certain acquisitions, our Automotive and Food Packaging segments allocated $47 million and $2 million , respectively, to goodwill during the nine months ended September 30, 2017 . In addition, our Food Packaging segment allocated $25 million to definite-lived intangible assets amortized over a weighted average of 12 to 20 years. The purchase price allocations for the above acquisitions are not all final and are subject to change. Impairment of Goodwill We perform the annual goodwill impairment test for our Energy segment as of April 30 of each year, or more frequently if impairment indicators exist. During the first quarter of 2016, due to worsening sales trends for our Energy segment's petroleum reporting unit, we performed an interim goodwill impairment analysis. Based on this analysis, our Energy segment recognized a goodwill impairment charge of $574 million , which represented the full amount of the remaining goodwill allocated to the petroleum reporting unit as well as the Energy segment. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Debt | Debt . Refer to Note 12 , " Segment Reporting ," for debt balances for each of our segments and our Holding Company. Except for those described below, there were no other significant changes to our consolidated debt during the nine months ended September 30, 2017 as compared to that reported in our Annual Report on Form 10-K for the year ended December 31, 2016 . Additionally, where applicable, we or our subsidiaries were in compliance with all covenants for their respective debt instruments as of September 30, 2017 and December 31, 2016 . Icahn Enterprises and Icahn Enterprises Holdings On January 18, 2017, we and a wholly owned subsidiary of ours, Icahn Enterprises Finance Corp. (collectively, the "Issuers"), issued $695 million in aggregate principal amount of 6.250% senior unsecured notes due 2022 and $500 million in aggregate principal amount of 6.750% senior unsecured notes due 2024 (collectively, the "New Notes"). The net proceeds from the sale of the New Notes were $1.190 billion , after deducting the initial purchaser’s discount and commission and estimated fees and expenses related to the offering. These proceeds were used to redeem all of the Issuer's outstanding senior unsecured notes due 2017, including accrued interest. Interest on the New Notes are payable on February 1 and August 1 of each year, commencing August 1, 2017. The Issuers issued the New Notes under an indenture dated January 18, 2017, among the Issuers, Icahn Enterprises Holdings (the "Guarantor"), and Wilmington Trust Company, as trustee. The indenture contains customary events of defaults and covenants relating to, among other things, the incurrence of debt, affiliate transactions, liens and restricted payments. Prior to maturity of the New Notes, the Issuers may redeem some or all of the notes at certain times by paying a premium as specified in the indenture, plus accrued and unpaid interest. The New 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. All of our senior unsecured notes and the related guarantees are effectively subordinated to the Issuers’ and the Guarantor’s existing and future secured indebtedness to the extent of the collateral securing such indebtedness. All of our senior unsecured notes and the related guarantees are also effectively subordinated to all indebtedness and other liabilities of the Issuers’ subsidiaries other than the Guarantor. On March 22, 2017, the Issuers and the Guarantor filed a registration statement on Form S-4 with the SEC which offered to exchange the unregistered New Notes for registered, publicly tradable notes that have substantially identical terms as the New Notes. The registration statement on Form S-4 was declared effective by the SEC on April 27, 2017 and the exchange offer expired on May 24, 2017. As of September 30, 2017 , based on covenants in the indentures governing our senior unsecured notes, we are not permitted to incur additional indebtedness. Automotive On March 30, 2017, Federal-Mogul issued €415 million in aggregate principal amount of 4.875% senior secured notes due 2022 and €300 million in aggregate principal amount of floating rate senior secured notes due 2024. Interest on the floating rate notes will accrue at the three-month EURIBOR rate, with 0% floor, plus 4.875% per annum. These notes were issued without a discount and will rank equally in right of payment to all existing and future senior secured indebtedness of Federal-Mogul. Proceeds from the issuance of these notes were $776 million which were used to repay Federal-Mogul's tranche B term loan, including accrued interest, a portion of the outstanding balance on its revolving facility and fees and expenses related to the issuance of the notes. On June 29, 2017, Federal-Mogul issued €350 million in aggregate principal amount of 5.000% senior secured notes due 2024. These notes were issued without a discount and will rank equally in right of payment to all existing and future senior secured indebtedness of Federal-Mogul. Proceeds from the issuance of these notes were $395 million which were used to repay a portion of Federal-Mogul's tranche C term loan, including accrued interest, and fees and expenses related to the issuance of the notes. Federal-Mogul recognized an aggregate $4 million loss on the extinguishment of debt for the nine months ended September 30, 2017 for the write-off of prior debt issuance costs and original issue discounts related to the tranche B and tranche C term loans discussed above. |
Pensions, Other Post-retirement
Pensions, Other Post-retirement Benefits and Employee Benefit Plans | 9 Months Ended |
Sep. 30, 2017 | |
Retirement Benefits [Abstract] | |
Pensions, Other Post-employment Benefits and Employee Benefit Plans | Pension, Other Post-Retirement Benefits and Employee Benefit Plans . Federal-Mogul, ARI and Viskase each sponsor several defined benefit pension plans (the ''Pension Benefits'') (and, in the case of Viskase, its pension plans include defined contribution plans). Additionally, Federal-Mogul and Viskase each sponsor health care and life insurance benefits (''Other Post-Retirement Benefits'') for certain employees and retirees around the world. Components of net periodic benefit cost for the three and nine months ended September 30, 2017 and 2016 are as follows: Pension Benefits Other Post-Retirement Benefits Three Months Ended Three Months Ended 2017 2016 2017 2016 (in millions) Service cost $ 4 $ 5 $ — $ — Interest cost 16 17 4 3 Expected return on plan assets (15 ) (14 ) — — Amortization of actuarial losses 9 6 — 1 Amortization of prior service credit — — (2 ) (1 ) $ 14 $ 14 $ 2 $ 3 Pension Benefits Other Post-Retirement Benefits Nine Months Ended Nine Months Ended 2017 2016 2017 2016 (in millions) Service cost $ 13 $ 13 $ — $ — Interest cost 47 51 9 9 Expected return on plan assets (43 ) (43 ) — — Amortization of actuarial losses 20 17 — 2 Amortization of prior service credit — — (3 ) (3 ) $ 37 $ 38 $ 6 $ 8 |
Net Income Per LP Unit
Net Income Per LP Unit | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Unit [Abstract] | |
Net Income Per LP Unit | Net Income Per LP Unit . The following table sets forth the allocation of net income attributable to Icahn Enterprises allocable to limited partners and the computation of basic and diluted income (loss) per LP unit of Icahn Enterprises: Three Months Ended Nine Months Ended 2017 2016 2017 2016 (in millions, except per unit data) Net income (loss) attributable to Icahn Enterprises $ 597 $ (16 ) $ 2,132 $ (922 ) Net income (loss) attributable to Icahn Enterprises allocable to limited partners (98.01% allocation) $ 586 $ (16 ) $ 2,090 $ (904 ) Basic and diluted income (loss) per LP unit $ 3.53 $ (0.12 ) $ 13.23 $ (6.70 ) Basic and diluted weighted average LP units outstanding 166 139 158 135 Icahn Enterprises Rights Offering In January 2017, Icahn Enterprises commenced a rights offering entitling holders of the rights to acquire newly issued depositary units of Icahn Enterprises. The rights offering, which expired on February 22, 2017, was fully subscribed with total basic subscription rights and over-subscription rights being exercised resulting in a total of 11,171,104 depositary units issued on March 1, 2017 and for aggregate proceeds of $600 million . Affiliates of Mr. Icahn fully exercised all of the basic subscription rights and over-subscription rights allocated to them in the rights offering aggregating 10,525,105 additional depositary units. LP Unit Distributions On February 27, 2017 , Icahn Enterprises declared a quarterly distribution in the amount of $1.50 per depositary unit in which each depositary unit holder had the option to make an election to receive either cash or additional depositary units. As a result, on April 18, 2017 , Icahn Enterprises distributed an aggregate 4,335,685 depositary units to unit holders electing to receive depositary units in connection with this distribution. On May 3, 2017 , Icahn Enterprises declared a quarterly distribution in the amount of $1.50 per depositary unit in which each depositary unit holder had the option to make an election to receive either cash or additional depositary units. As a result, on June 13, 2017 , Icahn Enterprises distributed an aggregate 4,556,977 depositary units to unit holders electing to receive depositary units in connection with this distribution. On August 2, 2017 , Icahn Enterprises declared a quarterly distribution in the amount of $1.50 per depositary unit in which each depositary unit holder had the option to make an election to receive either cash or additional depositary units. As a result, on September 15, 2017 , Icahn Enterprises distributed an aggregate 4,272,982 depositary units to unit holders electing to receive depositary units in connection with this distribution. 2017 Incentive Plan During the three and nine months ended September 30, 2017 , Icahn Enterprises distributed 2,388 and 5,418 depositary units, respectively, net of payroll withholdings, with respect to certain restricted depositary units that vested during the period in connection with the 2017 Incentive Plan. The aggregate impact of the 2017 Incentive Plan is not material with respect to our condensed consolidated financial statements, including the calculation of potentially dilutive units. |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting . We report segment information based on the various industries in which our businesses operate and how we manage those businesses in accordance with our investment strategies, which may include: identifying and acquiring undervalued assets and businesses, often through the purchase of distressed securities; increasing value through management, financial or other operational changes; and managing complex legal, regulatory or financial issues, which may include bankruptcy or insolvency, environmental, zoning, permitting and licensing issues. Therefore, although many of our businesses are operated under separate local management, certain of our businesses are grouped together when they operate within a similar industry, comprising similarities in products, customers, production processes and regulatory environments, and when such businesses, when considered together, may be managed in accordance with one or more investment strategies specific to those businesses. Among other measures, we assess and measure segment operating results based on net income from continuing operations attributable to Icahn Enterprises and Icahn Enterprises Holdings. Certain terms of financings for certain of our businesses impose restrictions on the business' ability to transfer funds to us, including restrictions on dividends, distributions, loans and other transactions. Icahn Enterprises' condensed statements of operations by reporting segment for the three and nine months ended September 30, 2017 and 2016 are presented below. Icahn Enterprises Holdings' condensed statements of operations are substantially the same, with immaterial differences relating to our Holding Company's interest expense. Three Months Ended September 30, 2017 Investment Automotive Energy Railcar Gaming Metals Mining Food Packaging Real Estate Home Fashion Holding Company Consolidated (in millions) Revenues: Net sales $ — $ 2,493 $ 1,453 $ 68 $ — $ 110 $ 21 $ 99 $ 2 $ 46 $ — $ 4,292 Other revenues from operations — 96 — 66 246 — — — 19 — — 427 Net income from investment activities 386 — — — — — — — — — 34 420 Interest and dividend income 27 3 1 1 — — — — 2 — 3 37 Gain (loss) on disposition of assets, net — 1 (1 ) (10 ) — — — — 456 — — 446 Other (loss) income, net (9 ) 15 (16 ) 1 60 (1 ) (2 ) 4 1 — 5 58 404 2,608 1,437 126 306 109 19 103 480 46 42 5,680 Expenses: Cost of goods sold — 2,022 1,356 65 — 105 15 75 2 39 — 3,679 Other expenses from operations — 107 — 25 109 — — — 13 — — 254 Selling, general and administrative 3 455 35 9 87 5 4 14 2 11 8 633 Restructuring, net — 4 — — — — — 1 — — — 5 Impairment — 4 — 1 — — — — — — — 5 Interest expense 42 42 28 5 3 — 2 3 — — 82 207 45 2,634 1,419 105 199 110 21 93 17 50 90 4,783 Income (loss) before income tax benefit (expense) 359 (26 ) 18 21 107 (1 ) (2 ) 10 463 (4 ) (48 ) 897 Income tax benefit (expense) — 19 (2 ) (6 ) (27 ) 2 — (4 ) — — (50 ) (68 ) Net income (loss) 359 (7 ) 16 15 80 1 (2 ) 6 463 (4 ) (98 ) 829 Less: net income (loss) attributable to non-controlling interests 221 2 (2 ) 3 7 — — 1 — — — 232 Net income (loss) attributable to Icahn Enterprises $ 138 $ (9 ) $ 18 $ 12 $ 73 $ 1 $ (2 ) $ 5 $ 463 $ (4 ) $ (98 ) $ 597 Supplemental information: Capital expenditures $ — $ 113 $ 23 $ 30 $ 30 $ 1 $ 10 $ 6 $ 7 $ 2 $ — $ 222 Depreciation and amortization (1) $ — $ 128 $ 70 $ 15 $ 19 $ 5 $ 2 $ 5 $ 5 $ 2 $ — $ 251 Three Months Ended September 30, 2016 Investment Automotive Energy Railcar Gaming Metals Mining Food Packaging Real Estate Home Fashion Holding Company Consolidated (in millions) Revenues: Net sales $ — $ 2,346 $ 1,240 $ 94 $ — $ 72 $ 18 $ 81 $ 5 $ 48 $ — $ 3,904 Other revenues from operations — 116 — 133 268 — — — 20 — — 537 Net gain (loss) from investment activities 412 — 5 — — — — — — — 1 418 Interest and dividend income 24 — 1 — — — — — — — 2 27 (Loss) gain on disposition of assets, net — (1 ) (1 ) 1 — — — — — — — (1 ) Other (loss) income, net (1 ) 15 (1 ) — 3 — (1 ) (1 ) — — — 14 435 2,476 1,244 228 271 72 17 80 25 48 3 4,899 Expenses: Cost of goods sold — 1,899 1,195 86 — 78 13 61 4 42 — 3,378 Other expenses from operations — 122 — 80 127 — — — 13 — — 342 Selling, general and administrative 21 382 35 10 118 4 4 12 4 10 3 603 Restructuring, net — 7 — — — 1 — — — — — 8 Impairment — 1 — — 92 — — — — — — 93 Interest expense 52 41 26 22 3 — 2 4 — — 72 222 73 2,452 1,256 198 340 83 19 77 21 52 75 4,646 Income (loss) before income tax benefit (expense) 362 24 (12 ) 30 (69 ) (11 ) (2 ) 3 4 (4 ) (72 ) 253 Income tax benefit (expense) — 9 4 (9 ) (14 ) 5 (1 ) (1 ) — — (8 ) (15 ) Net income (loss) 362 33 (8 ) 21 (83 ) (6 ) (3 ) 2 4 (4 ) (80 ) 238 Less: net income (loss) attributable to non-controlling interests 251 4 (10 ) 3 6 — (1 ) 1 — — — 254 Net income (loss) attributable to Icahn Enterprises $ 111 $ 29 $ 2 $ 18 $ (89 ) $ (6 ) $ (2 ) $ 1 $ 4 $ (4 ) $ (80 ) $ (16 ) Supplemental information: Capital expenditures $ — $ 98 $ 23 $ 42 $ 15 $ 1 $ 7 $ 5 $ — $ 3 $ — $ 194 Depreciation and amortization (1) $ — $ 120 $ 68 $ 35 $ 18 $ 6 $ 2 $ 4 $ 4 $ 1 $ — $ 258 Nine Months Ended September 30, 2017 Investment Automotive Energy Railcar Gaming Metals Mining Food Packaging Real Estate Home Fashion Holding Company Consolidated (in millions) Revenues: Net sales $ — $ 7,488 $ 4,395 $ 184 $ — $ 315 $ 76 $ 288 $ 9 $ 138 $ — $ 12,893 Other revenues from operations — 329 — 320 685 — — — 55 — — 1,389 Net income from investment activities 552 — — 2 — — — — — — 50 604 Interest and dividend income 80 4 1 2 1 — 1 — 2 — 8 99 Gain (loss) on disposition of assets, net — 4 (2 ) 1,511 (3 ) — — — 456 — — 1,966 Other (loss) income, net (50 ) 45 (3 ) 2 61 (1 ) (3 ) 3 1 — 5 60 582 7,870 4,391 2,021 744 314 74 291 523 138 63 17,011 Expenses: Cost of goods sold — 6,045 4,191 170 — 299 45 218 7 119 — 11,094 Other expenses from operations — 326 — 107 317 — — — 36 — — 786 Selling, general and administrative 8 1,320 105 38 280 14 12 47 8 30 21 1,883 Restructuring, net — 11 — — — — — 3 — — — 14 Impairment — 12 — 68 — — — — 2 — — 82 Interest expense 134 124 82 39 9 — 5 10 1 — 244 648 142 7,838 4,378 422 606 313 62 278 54 149 265 14,507 Income (loss) before income tax benefit (expense) 440 32 13 1,599 138 1 12 13 469 (11 ) (202 ) 2,504 Income tax benefit (expense) — 537 2 (525 ) (48 ) 3 (2 ) (5 ) — — (72 ) (110 ) Net income (loss) 440 569 15 1,074 90 4 10 8 469 (11 ) (274 ) 2,394 Less: net income (loss) attributable to non-controlling interests 228 8 (7 ) 11 18 — 2 2 — — — 262 Net income (loss) attributable to Icahn Enterprises $ 212 $ 561 $ 22 $ 1,063 $ 72 $ 4 $ 8 $ 6 $ 469 $ (11 ) $ (274 ) $ 2,132 Supplemental information: Capital expenditures $ — $ 333 $ 80 $ 139 $ 83 $ 4 $ 27 $ 15 $ 7 $ 4 $ — $ 692 Depreciation and amortization (1) $ — $ 375 $ 208 $ 51 $ 54 $ 15 $ 4 $ 18 $ 15 $ 6 $ — $ 746 Nine Months Ended September 30, 2016 Investment Automotive Energy Railcar Gaming Metals Mining Food Packaging Real Estate Home Fashion Holding Company Consolidated (in millions) Revenues: Net sales $ — $ 7,140 $ 3,429 $ 315 $ — $ 206 $ 49 $ 243 $ 13 $ 151 $ — $ 11,546 Other revenues from operations — 314 — 398 740 — — — 54 — — 1,506 Net (loss) gain from investment activities (841 ) — 5 — — — — — — — 10 (826 ) Interest and dividend income 84 2 1 2 — — 1 — — — 7 97 Gain on disposition of assets, net — 8 (1 ) 1 — 1 — — 1 — — 10 Other (loss) income, net (3 ) 52 (9 ) 3 3 — (9 ) 4 — 1 1 43 (760 ) 7,516 3,425 719 743 207 41 247 68 152 18 12,376 Expenses: Cost of goods sold — 5,797 3,297 270 — 217 43 185 10 130 — 9,949 Other expenses from operations — 323 — 186 358 — — — 35 — — 902 Selling, general and administrative 28 1,131 103 32 329 14 12 39 9 28 11 1,736 Restructuring, net — 28 — — — 1 — — — — — 29 Impairment — 4 574 — 92 — — — — — — 670 Interest expense 184 118 56 66 9 — 5 10 1 — 216 665 212 7,401 4,030 554 788 232 60 234 55 158 227 13,951 (Loss) income before income tax (expense) benefit (972 ) 115 (605 ) 165 (45 ) (25 ) (19 ) 13 13 (6 ) (209 ) (1,575 ) Income tax (expense) benefit — (12 ) 17 (42 ) (24 ) 12 (2 ) (5 ) — — (25 ) (81 ) Net (loss) income (972 ) 103 (588 ) 123 (69 ) (13 ) (21 ) 8 13 (6 ) (234 ) (1,656 ) Less: net (loss) income attributable to non-controlling interests (526 ) 18 (259 ) 25 11 — (5 ) 2 — — — (734 ) Net (loss) income attributable to Icahn Enterprises $ (446 ) $ 85 $ (329 ) $ 98 $ (80 ) $ (13 ) $ (16 ) $ 6 $ 13 $ (6 ) $ (234 ) $ (922 ) Supplemental information: Capital expenditures $ — $ 306 $ 106 $ 104 $ 63 $ 3 $ 12 $ 11 $ — $ 10 $ — $ 615 Depreciation and amortization (1) $ — $ 337 $ 191 $ 103 $ 53 $ 17 $ 3 $ 15 $ 15 $ 5 $ — $ 739 (1) Excludes amounts related to the amortization of deferred financing costs and debt discounts and premiums included in interest expense in the amounts of $4 million and $6 million for the three months ended September 30, 2017 and 2016 , respectively, and $13 million and $14 million for the nine months ended September 30, 2017 and 2016 , respectively. Icahn Enterprises' condensed balance sheets by reporting segment as of September 30, 2017 and December 31, 2016 are presented below. Icahn Enterprises Holdings' condensed balance sheets are substantially the same, with immaterial differences relating to our Holding Company's other assets, debt and equity attributable to Icahn Enterprises Holdings. September 30, 2017 Investment Automotive Energy Railcar Gaming Metals Mining Food Packaging Real Estate Home Fashion Holding Company Consolidated (in millions) ASSETS Cash and cash equivalents $ 17 $ 366 $ 849 $ 106 $ 125 $ 14 $ 17 $ 18 $ 41 $ 1 $ 484 $ 2,038 Cash held at consolidated affiliated partnerships and restricted cash 951 — — 19 15 4 — 2 2 4 2 999 Investments 9,016 302 6 24 27 — — — — — 373 9,748 Accounts receivable, net — 1,477 143 34 11 57 8 78 10 35 — 1,853 Inventories, net — 2,618 340 73 — 30 26 93 — 76 — 3,256 Property, plant and equipment, net — 3,453 3,239 1,180 800 89 177 166 454 73 — 9,631 Goodwill and intangible assets, net — 1,817 303 7 74 3 — 36 31 — — 2,271 Other assets 1,026 618 67 467 281 26 23 106 393 4 10 3,021 Total assets $ 11,010 $ 10,651 $ 4,947 $ 1,910 $ 1,333 $ 223 $ 251 $ 499 $ 931 $ 193 $ 869 $ 32,817 LIABILITIES AND EQUITY Accounts payable, accrued expenses and other liabilities $ 1,712 $ 3,066 $ 1,532 $ 351 $ 187 $ 52 $ 46 $ 96 $ 57 $ 35 $ 216 $ 7,350 Securities sold, not yet purchased, at fair value 1,258 — — — — — — — — — — 1,258 Due to brokers 603 — — — — — — — — — — 603 Post-employment benefit liability — 1,127 — 9 — 2 — 72 — — — 1,210 Debt — 3,451 1,166 552 162 — 58 273 23 5 5,508 11,198 Total liabilities 3,573 7,644 2,698 912 349 54 104 441 80 40 5,724 21,619 Equity attributable to Icahn Enterprises 2,882 2,852 941 787 841 169 123 40 851 153 (4,855 ) 4,784 Equity attributable to non-controlling interests 4,555 155 1,308 211 143 — 24 18 — — — 6,414 Total equity 7,437 3,007 2,249 998 984 169 147 58 851 153 (4,855 ) 11,198 Total liabilities and equity $ 11,010 $ 10,651 $ 4,947 $ 1,910 $ 1,333 $ 223 $ 251 $ 499 $ 931 $ 193 $ 869 $ 32,817 December 31, 2016 Investment Automotive Energy Railcar Gaming Metals Mining Food Packaging Real Estate Home Fashion Holding Company Consolidated (in millions) ASSETS Cash and cash equivalents $ 13 $ 353 $ 736 $ 179 $ 244 $ 4 $ 14 $ 39 $ 24 $ 2 $ 225 $ 1,833 Cash held at consolidated affiliated partnerships and restricted cash 752 2 — 19 15 5 — 2 2 4 3 804 Investments 9,213 270 6 35 33 — — — — — 324 9,881 Accounts receivable, net — 1,270 152 40 12 29 5 63 3 35 — 1,609 Inventories, net — 2,353 349 75 — 38 25 72 — 71 — 2,983 Property, plant and equipment, net — 3,302 3,358 1,567 814 100 152 152 602 75 — 10,122 Goodwill and intangible assets, net — 1,801 318 7 75 4 — 8 38 1 — 2,252 Other assets 1,518 504 94 1,410 209 13 23 92 18 5 1 3,887 Total assets $ 11,496 $ 9,855 $ 5,013 $ 3,332 $ 1,402 $ 193 $ 219 $ 428 $ 687 $ 193 $ 553 $ 33,371 LIABILITIES AND EQUITY Accounts payable, accrued expenses and other liabilities $ 1,236 $ 2,870 $ 1,474 $ 2,100 $ 153 $ 34 $ 38 $ 69 $ 20 $ 29 $ 168 $ 8,191 Securities sold, not yet purchased, at fair value 1,139 — — — — — — — — — — 1,139 Due to brokers 3,725 — — — — — — — — — — 3,725 Post-employment benefit liability — 1,113 — 9 — 2 — 56 — — — 1,180 Debt — 3,259 1,165 571 287 2 55 265 25 — 5,490 11,119 Total liabilities 6,100 7,242 2,639 2,680 440 38 93 390 45 29 5,658 25,354 Equity attributable to Icahn Enterprises 1,669 2,292 1,034 444 730 155 104 25 642 164 (5,105 ) 2,154 Equity attributable to non-controlling interests 3,727 321 1,340 208 232 — 22 13 — — — 5,863 Total equity 5,396 2,613 2,374 652 962 155 126 38 642 164 (5,105 ) 8,017 Total liabilities and equity $ 11,496 $ 9,855 $ 5,013 $ 3,332 $ 1,402 $ 193 $ 219 $ 428 $ 687 $ 193 $ 553 $ 33,371 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes . In accordance with FASB ASC Topic 740, Income Taxes , we analyze all positive and negative evidence and maintain a valuation allowance on deferred tax assets that are not considered more likely than not to be realized. Based on current analysis, including increased level of income and ability to use losses previously limited, we have determined that it is more likely than not that a significant portion of our U.S. tax loss carryforwards and credits will be realized and have released the valuation allowance on these deferred tax assets. For the three months ended September 30, 2017 , we recorded an income tax expense of $68 million on pre-tax income of $897 million compared to an income tax expense of $15 million on pre-tax income of $253 million for the three months ended September 30, 2016 . Our effective income tax rate was 7.6% and 5.9% for the three months ended September 30, 2017 and 2016 , respectively. For the three months ended September 30, 2017 , the effective tax rate was lower than the statutory federal rate of 35% , primarily due to partnership income for which there was no tax expense, as such income is allocated to the partners. For the three months ended September 30, 2016 , the effective tax rate was lower than the statutory federal rate of 35% , primarily due to partnership income not subject to taxation, as such income is allocated to the partners. For the nine months ended September 30, 2017 , we recorded an income tax expense of $110 million on pre-tax income of approximately $2.5 billion compared to an income tax expense of $81 million on pre-tax loss of approximately $1.6 billion for the nine months ended September 30, 2016 . Our effective income tax rate was 4.4% and (5.1)% for the nine months ended September 30, 2017 and 2016 , respectively. For the nine months ended September 30, 2017 , the effective tax rate was lower than the statutory federal rate of 35% , primarily due to a decrease in the valuation allowance and partnership income for which there was no tax expense, as such income is allocated to the partners. For the nine months ended September 30, 2016 , the effective tax rate was lower than the statutory federal rate of 35% , primarily due to partnership losses for which there was no tax benefit, as such losses are allocated to the partners, and goodwill impairment not deductible for tax purposes. |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Accumulated Other Comprehensive Loss | Changes in Accumulated Other Comprehensive Loss . Changes in accumulated other comprehensive loss consists of the following: Post-Retirement Benefits, Net of Tax Hedge Instruments, Net of Tax Translation Adjustments and Other, Net of Tax Total (in millions) Balance, December 31, 2016 $ (614 ) $ (22 ) $ (948 ) $ (1,584 ) Other comprehensive income before reclassifications, net of tax — 1 108 109 Reclassifications from accumulated other comprehensive loss to earnings 17 (2 ) (1 ) 14 Other comprehensive income (loss), net of tax 17 (1 ) 107 123 Balance, September 30, 2017 $ (597 ) $ (23 ) $ (841 ) $ (1,461 ) |
Other Income (Loss), Net
Other Income (Loss), Net | 9 Months Ended |
Sep. 30, 2017 | |
Other (Loss) Income, Net [Abstract] | |
Other Income (Loss), Net | Other Income, Net . Other income, net consists of the following: Three Months Ended Nine Months Ended 2017 2016 2017 2016 (in millions) Realized and unrealized loss on derivatives, net (Note 6) $ (17 ) $ (2 ) $ (5 ) $ (5 ) Other derivative loss — — (41 ) — Dividend expense (9 ) (1 ) (9 ) (4 ) Loss on extinguishment of debt (Note 9) — — (4 ) (5 ) Equity earnings from non-consolidated affiliates 17 12 53 48 Foreign currency transaction loss — (2 ) (8 ) (4 ) Tax settlement gain 61 — 61 — Other 6 7 13 13 $ 58 $ 14 $ 60 $ 43 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies . Environmental Matters Due to the nature of our business, certain of our subsidiaries' operations are subject to numerous existing and proposed laws and governmental regulations designed to protect the environment, particularly regarding plant wastes and emissions and solid waste disposal. Our consolidated environmental liabilities were $49 million and $50 million as of September 30, 2017 and December 31, 2016 , respectively, primarily within our Automotive, Energy and Metals segments and which are included in accrued expenses and other liabilities in our condensed consolidated balance sheets. We do not believe that environmental matters will have a material adverse impact on our consolidated results of operations and financial condition. Automotive 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 EPA, 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 the professional judgment of consultants. Our Automotive segment's total environmental liabilities, determined on an undiscounted basis, were $15 million and $16 million as of September 30, 2017 and December 31, 2016 , respectively. Federal-Mogul believes that recorded environmental liabilities will be adequate to cover its estimated liability for its exposure in respect to such matters. In the event that such liabilities were to significantly exceed the amounts recorded by Federal-Mogul, our Automotive segment's results of operations could be materially affected. At September 30, 2017 , Federal-Mogul estimates reasonably possible material additional losses, above and beyond its best estimate of required remediation costs as recorded, to approximate $40 million . Energy 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. Except as otherwise described below, there have been no new developments or material changes to the environmental accruals or expected capital expenditures related to compliance with the environmental matters from those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2016 . CVR Energy believes the petroleum and nitrogen fertilizer businesses are in material compliance with existing EHS rules and regulations. There can be no assurance that the EHS matters described or referenced herein or other EHS matters which may develop in the future will not have a material adverse effect on CVR Energy's business, financial condition or results of operations. As of September 30, 2017 and December 31, 2016 , our Energy segment had environmental accruals of $4 million and $5 million , respectively. CVR Energy's management periodically reviews and, as appropriate, revises its environmental accruals. Based on current information and regulatory requirements, CVR Energy's management believes that the accruals established for environmental expenditures are adequate. Environmental expenditures are capitalized when such expenditures are expected to result in future economic benefits. Capital expenditures incurred for environmental compliance and efficiency of the operations were $5 million and $7 million for the three months ended September 30, 2017 and 2016 , respectively, and $12 million and $13 million for the nine months ended September 30, 2017 and 2016 , respectively. Metals 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, one of PSC Metals' Knoxville locations 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 at this location. 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 other sites to be immaterial as of both September 30, 2017 and December 31, 2016 . 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 to its operations. 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 MDNR’s claims and required limited soil remediation at the 15 residences. PSC Metals has complied with the terms of the settlement agreement and expects its obligations under the settlement agreement to terminate in the near future. PSC Metals believes that it has adequately reserved for the cost of compliance with the settlement agreement. 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. 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 its management's judgment and prior experience. PSC Metals has estimated the liability to remediate these sites to be $28 million and $28 million at September 30, 2017 and December 31, 2016 , respectively. PSC Metals 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. Renewable Fuel Standards CVR Refining is subject to the Renewable Fuel Standard which requires refiners to either blend "renewable fuels" with their transportation fuels or purchase renewable fuel credits, known as renewable identification numbers (“RINs”), in lieu of blending, by March 31, 2018 or otherwise be subject to penalties. On December 12, 2016, the United States Environmental Protection Agency ("EPA") published in the Federal Register a final rule establishing the renewable fuel volume mandates for 2017, and the biomass-based diesel mandate for 2018. On July 21, 2017, the EPA published in the Federal Register its proposed rule establishing the renewable fuel volume mandates for 2018, and the biomass-based diesel mandate for 2019. The EPA is required by the Clean Air Act to publish the final rule for 2018 by November 30, 2017. RINs expense was $64 million and $58 million for three months ended September 30, 2017 and 2016 , respectively, and $164 million and $152 million for nine months ended September 30, 2017 and 2016 , respectively. RINs expense includes the impact of recognizing the petroleum business' uncommitted biofuel blending obligation at fair value based on market prices at each reporting date. As of September 30, 2017 and December 31, 2016 , the petroleum business' biofuel blending obligation was $185 million and $186 million , respectively, which is included in accrued expenses and other liabilities in our condensed consolidated balance sheets. The petroleum business' uncommitted biofuel blending obligation recognized at fair value as of September 30, 2017 and December 31, 2016 was $127 million and $186 million , respectively. Litigation From time to time, we and our subsidiaries are involved in various lawsuits arising in the normal course of business. We do not believe that such normal routine litigation will have a material effect on our financial condition or results of operations. Automotive On March 3, 2017, certain purported former stockholders of Federal-Mogul Holdings Corporation filed a petition in the Delaware Court of Chancery seeking an appraisal of the value of common stock they claim to have held at the time of the January 23, 2017 merger of IEH FM Holdings, LLC into Federal-Mogul Holdings Corporation. IEH FM Holdings, LLC was a wholly owned subsidiary of Icahn Enterprises. Federal-Mogul Holdings LLC filed an answer to the petition on March 28, 2017. A second petition for appraisal was filed by purported former stockholders of Federal-Mogul Holdings Corporation on May 1, 2017. The two cases were consolidated on May 10, 2017, captioned In re Appraisal of Federal-Mogul Holdings LLC, C.A. No. 2017-0158-AGB . Discovery is ongoing and a trial date has not yet been set. Federal-Mogul believes that it has a meritorious defense and intends to vigorously defend the matter. On April 25, 2014, a group of plaintiffs brought an action against Federal-Mogul Products, Inc. ("FM 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 FM Products acquired the facility, it has been cooperating with the applicable regulatory agencies on remediating the prior discharges pursuant to an order entered into by the facility’s former owner. Federal-Mogul does not currently believe the outcome of this litigation will have a material impact on its financial statements. On September 29, 2016, September 30, 2016, October 12, 2016 and October 19, 2016, respectively, four putative class actions, captioned Skybo v. Ninivaggi et al. , C.A. No. 12790, Lemanchek v. Ninivaggi et al. , C.A. No. 12791, Raul v. Ninivaggi et al. , C.A. No. 12821 and Mercado v. Ninivaggi et al. , C.A. No. 12837, were filed in the Court of Chancery of the State of Delaware against the Board of Directors of Federal-Mogul (the "FM Board") and Icahn Enterprises, Icahn Enterprises Holdings, certain of their affiliates and Icahn Enterprises' Board of Directors (the "Icahn Defendants"), and, in the case of Raul , Federal-Mogul. The complaints allege that, among other things, the FM Board breached its fiduciary duties by approving the proposed Merger Agreement, that the Icahn Defendants breached their fiduciary duties to the minority stockholders of Federal-Mogul and/or aided and abetted the FM Board’s breaches of its fiduciary duties, as well as alleging certain material misstatements and omissions in the Schedule 14D-9 filed by Federal-Mogul (the "Schedule 14D-9"). The complaints allege that, among other things, the then-Offer Price was inadequate and, together with that the Merger Agreement, was the result of a flawed and unfair sales process and conflicts of interest of the FM Board and the special committee of independent directors of Federal-Mogul (the "Special Committee"), alleging that the Special Committee and Federal-Mogul’s management lacked independence from the Icahn Defendants. In addition, the complaints allege that the Merger Agreement contains certain allegedly preclusive deal protection provisions, including a no-solicitation provision, an information rights provision and a matching rights provision. Among other things, the complaints sought to enjoin the transactions contemplated by the Merger Agreement, as well as award costs and disbursements, including reasonable attorneys’ and experts’ fees. The Raul and Mercado complaints further seek to rescind the transaction or award rescissory damages, or (in the case of Raul ) award a quasi-appraisal remedy in the event that the transaction was consummated, as well as award money damages. On October 28, 2016, all four actions were consolidated under the caption In re Federal-Mogul Holdings, Inc. Stockholder Litigation , C.A. No. 12790-CB (the "Delaware Action"). On March 6, 2017, plaintiffs filed a consolidated amended complaint that does not name Federal-Mogul as a defendant. Among other things, the consolidated amended complaint also adds allegations regarding the commencement and extension of the Offer, the increase in the Offer price, the closing of the transaction, Federal-Mogul's subsequent performance and public statements, Mr. Ninivaggi’s post-merger employment with Icahn Enterprises and the independence of the chairman of the Special Committee. The Icahn Defendants have moved to dismiss the amended complaint and discovery was stayed pending determination of that motion. In lieu of proceeding with the October 12, 2017 hearing on the Icahn Defendants' motion to dismiss, the plaintiffs in the Delaware Action dismissed the Delaware Action, with prejudice as to the named plaintiffs. On October 5, 2016, a putative class action captioned Sanders v. Federal-Mogul Holdings Corporation et al. , C.A. No. 16-155387 was filed in the Circuit Court for Oakland County of the State of Michigan against Federal-Mogul, the FM Board and the Icahn Defendants (the "Michigan Action"). The complaint alleges, among other things, that the FM Board breached its fiduciary duties and that Federal-Mogul and the Icahn Defendants aided and abetted the FM Board’s breaches of its fiduciary duties, as well as alleging certain material misstatements and omissions in the Schedule 14D-9. The complaint alleges that, among other things, the then-Offer Price was unfair and the result of an unfair sales process that included conflicts of interest. In addition, the complaint alleges that the Merger Agreement contains certain allegedly preclusive deal protection provisions, including a no-solicitation provision, an information rights provision and a matching rights provision. Among other things, the complaint sought to enjoin the transactions contemplated by the Merger Agreement, or, in the event that the transactions were consummated, rescind the transactions or award rescissory damages, as well as award money damages and costs, including reasonable attorneys’ and experts’ fees. On March 6, 2017, the plaintiffs filed an amended complaint which, among other things, dropped Federal-Mogul as a defendant. The amended complaint also: named certain additional Icahn-affiliated individuals and entities as defendants; deleted various allegations relating to process and purported disclosure deficiencies; added allegations regarding the commencement and extension of the Offer, the increase in the Offer price, the closing of the transaction, Federal-Mogul's subsequent performance and public statements, Mr. Ninivaggi’s post-merger employment with Icahn Enterprises, and the independence of certain directors; and eliminated the request for injunctive relief given the consummation of the transaction. On April 4, 2017, the Court entered a stipulated order staying the Michigan Action pending final determination of the Delaware Action. On October 16, 2017, the plaintiffs in the Michigan Action dismissed the Michigan Action, with prejudice as to the named plaintiffs. Other Matters FRA Directive On September 30, 2016, the Federal Railroad Administration ("FRA") issued Railworthiness Directive ("RWD") No. 2016-01 (the "Original Directive"). The Original Directive addressed, among other things, certain welding practices in one weld area in specified DOT 111 tank railcars manufactured between 2009 and 2015 by ARI and ACF. Our Railcar segment met and corresponded with the FRA following the issuance of the Original Directive to express its concerns with the Original Directive and its impact on our Railcar segment, as well as the industry as a whole. On November 18, 2016 (the "Issuance Date"), the FRA issued RWD No. 2016-01 [Revised] (the "Revised Directive"). The Revised Directive changes and supersedes the Original Directive in several ways. The Revised Directive requires owners to identify their subject tank railcars and then from that population identify the 15% of subject tank railcars currently in hazardous materials service with the highest mileage in each tank car owner’s fleet. Visual inspection of each of the subject tank railcars is required by the car operator prior to putting any railcar into service. Owners must ensure appropriate inspection, testing and repairs, if needed, within twelve months of the Issuance Date for the 15% of their subject tank railcars identified to be in hazardous materials service with the highest mileage. The FRA reserved the right to impose additional test and inspection requirements for the remaining tank railcars subject to the Revised Directive. Although the Revised Directive addressed some of our Railcar segment's concerns and clarifies certain requirements of the Original Directive, our Railcar segment identified significant issues with the Revised Directive. As a result, in December 2016, our Railcar segment sought judicial review of and relief from the Revised Directive by filing a petition for review against the FRA in the United States Court of Appeals for the District of Columbia Circuit. On August 17, 2017, our Railcar segment entered into a settlement agreement with the FRA, which covered the subject railcars owned by our Railcar segment. This agreement, among other things, extends the deadline for our Railcar segment to complete the inspection, testing and repairs, if needed, for the 15% identified railcars to December 31, 2017. Adding clarity regarding certain unknown requirements referenced in the Revised Directive, under the settlement agreement, our Railcar segment is required to inspect, test, and if necessary repair the remaining 85% subject tank railcars at the next tank railcar qualification, scheduled routine or regular maintenance, shopping or repair event, but no later than December 31, 2025. However, the settlement agreement permits our Railcar segment to: (i) if the FRA does not impose a similar requirement by July 31, 2018 on other owners’ railcars subject to the Revised Directive, suspend compliance with this requirement until such time as the FRA imposes requirements on all 85% railcars subject to the Revised Directive, and (ii) elect to be governed by any different requirements later imposed by the FRA on other owners’ railcars subject to the Revised Directive. In addition, the settlement agreement also provides that railcars owned by our Railcar segment are no longer required to have a surface inspection performed when the railcars are being inspected pursuant to the Revised Directive. The description above includes a summary of the terms of the settlement agreement. Finally, as part of the settlement agreement, our Railcar segment dismissed its lawsuit against the FRA. It also provides that all other tank railcars subject to the Revised Directive must be inspected, tested, and if necessary repaired at the earlier of the next qualification, scheduled maintenance, shopping or repair event, or December 31, 2025. Additionally, the settlement agreement provides flexibility if the FRA imposes, or fails to impose, requirements on the other owners of the tank railcars subject to the Revised Directive, and it modifies and clarifies the inspection protocol. Finally, pursuant to the settlement agreement, our Railcar segment has dismissed its petition for review of the Revised Directive. Our Railcar segment has evaluated its potential exposure related to the Revised Directive and has a loss contingency reserve remaining of $13 million , as of September 30, 2017 , to cover its probable and estimable liabilities with respect to our Railcar segment's response to the Revised Directive. The loss contingency amount takes into account information available as of September 30, 2017 and our Railcar segment's contractual obligations in its capacity as both a manufacturer and owner of railcars subject to the Revised Directive. This amount is included in accrued expenses and other liabilities on the condensed consolidated balance sheets. This amount will continue to be evaluated as our Railcar segment's and its customers' compliance with the Revised Directive and the settlement agreement progress. Actual results could differ from this estimate. It is reasonably possible that a loss exists in excess of the amount accrued by our Railcar segment. However, the amount of potential costs and expenses expected to be incurred for compliance with the Revised Directive in excess of the loss contingency reserve of $13 million cannot be reasonably estimated at this time. Pension Obligations Mr. Icahn, through certain affiliates, owns 100% of Icahn Enterprises GP and approximately 90.8% of Icahn Enterprises' outstanding depositary units as of September 30, 2017 . 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%. Therefore, as a result of our ownership of more than 80% in certain of our subsidiaries, we and our subsidiaries are subject to the pension liabilities of all entities in which Mr. Icahn has a direct or indirect ownership interest of at least 80%. ACF and Federal-Mogul, are the sponsors of several pension plans. All the minimum funding requirements of the Internal Revenue Code, as amended, and the Employee Retirement Income Security Act of 1974, as amended by the Pension Protection Act of 2006, for these plans have been met as of September 30, 2017 and December 31, 2016 . If the plans were voluntarily terminated, they would be underfunded by approximately $452 million and $613 million as of September 30, 2017 and December 31, 2016 , 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. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information (Notes) | 9 Months Ended |
Sep. 30, 2017 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information . Supplemental cash flow information consists of the following: Nine Months Ended 2017 2016 (in millions) Cash payments for interest, net of amounts capitalized $ 540 $ 538 Net cash payments for income taxes 120 66 Acquisition of subsidiary common stock included in accrued expenses and other liabilities 51 — Seller financing secured mortgages resulting from disposition of assets 375 — Investment in subsidiaries prior to acquiring a controlling interest — 286 LP unit issuance for remaining 25% interest in ARL — 35 Subsidiary common unit issuance for acquisition of CVR Nitrogen — 336 Capital expenditures included in accounts payable, accrued expenses and other liabilities 70 63 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events . Icahn Enterprises On November 1, 2017 , the Board of Directors of the general partner of Icahn Enterprises declared a quarterly distribution in the amount of $1.50 per depositary unit. The quarterly distribution is payable in either cash or additional depositary units, at the election of each depositary unit holder and will be paid on or about December 20, 2017 to depositary unit holders of record at the close of business on November 13, 2017 . Depositary unit holders have until December 8, 2017 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 distribution in cash. Depositary unit holders who elect to receive additional depositary units will receive units valued at the volume weighted average trading price of the units on NASDAQ during the 5 consecutive trading days ending December 15, 2017 . 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 Subsequent to September 30, 2017 , our Automotive segment acquired an automotive services business for a purchase price of $120 million , net of cash acquired. Railcar Subsequent to September 30, 2017 , we sold an additional 4,382 railcars to SMBC Rail for $522 million , resulting in a $154 million pretax gain on disposition of assets. |
Basis of Presentation and Sum27
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Basis of Presentation and Summary of Significant Accounting Policies [Abstract] | |
Consolidation, Policy | Principles of Consolidation As of September 30, 2017 , our condensed consolidated financial statements include the accounts of (i) Icahn Enterprises and Icahn Enterprises Holdings and (ii) the wholly and majority owned subsidiaries of Icahn Enterprises and Icahn Enterprises Holdings, in addition to variable interest entities ("VIEs") in which we are the primary beneficiary. In evaluating whether we have a controlling financial interest in entities that we consolidate, we consider the following: (1) for voting interest entities, including limited partnerships and similar entities that are not VIEs, we consolidate these entities in which we own a majority of the voting interests; and (2) for VIEs, we consolidate these entities in which we are the primary beneficiary. See below for a discussion of our VIEs. Kick-out rights, which are the rights underlying the limited partners' ability to dissolve the limited partnership or otherwise remove the general partners, held through voting interests of partnerships and similar entities that are not VIEs are considered the equivalent of the equity interests of corporations that are not VIEs. Except for our Investment segment, for those investments in which we own 50% or less but greater than 20%, we generally account for such investments using the equity method, while investments in affiliates of 20% or less are accounted for under the cost method. |
Fair Value of Financial Instruments, Policy | Fair Value of Financial Instruments The carrying values of cash and cash equivalents, cash held at consolidated affiliated partnerships and restricted cash, accounts receivable, due from brokers, a ccounts payable, accrued expenses and other liabilities and due to brokers are deemed to be reasonable estimates of their fair values because of their short-term nature. See Note 4 , “ Investments and Related Matters ,” and Note 5 , “ Fair Value Measurements ,” for a detailed discussion of our investments and other non-financial assets and/or liabilities . |
New Accounting Pronouncements | Adoption of New Accounting Standards In July 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2015-11, Simplifying the Measurement of Inventory , which amends FASB Accounting Standards Codification ("ASC") Topic 330, Inventory . This ASU requires entities to measure inventory at the lower of cost or net realizable value and eliminates the option that currently exists for measuring inventory at market value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. This ASU is effective beginning with our interim period beginning January 1, 2017. The adoption of this guidance was applied prospectively and had minimal impact on our consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-07, Simplifying the Transition to the Equity Method of Accounting , which amends FASB ASC Topic 323, Investments - Equity Method and Joint Ventures . This ASU eliminates the retroactive adjustment of an investment that qualifies for the equity method as a result of an increase in the level of ownership or degree of influence as if the equity method had been in effect during all previous periods that the investment had been held. This ASU is effective beginning with our interim period beginning January 1, 2017. The adoption of this guidance had minimal impact on our consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting , which amends FASB ASC Topic 718, Compensation - Stock Compensation . This ASU simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This ASU is effective beginning with our interim period beginning January 1, 2017. During the first quarter of 2017, the board of directors of the general partner of Icahn Enterprises unanimously approved and adopted the Icahn Enterprises L.P. 2017 Long Term Incentive Plan (the "2017 Incentive Plan"), which became effective during the first quarter of 2017 subject to the approval by holders of a majority of Icahn Enterprises depositary units. The 2017 Incentive Plan permits us to issue depositary units and grant options, restricted units or other unit-based awards to all of our, and our affiliates', employees, consultants, members and partners, as well as the three non-employee directors of our general partner. One million of Icahn Enterprises' depositary units are initially available under the 2017 Incentive Plan. Prior to the adoption of the 2017 Incentive Plan, accounting for unit-based payments did not apply to us. Therefore, the adoption of this guidance in 2017 was the result of the adoption of the 2017 Incentive Plan and which had a minimal impact on our consolidated financial statements. In October 2016, the FASB issued ASU No. 2016-16, Intra-Entity Transfers of Assets Other Than Inventory , which amends FASB ASC Topic 740, Income Taxes . This ASU requires the recognition of income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. Current U.S. GAAP prohibits the recognition of current and deferred incomes taxes for an intra-entity asset transfer until the asset has been sold to an outside party. This ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. We have elected to early adopt this guidance in the first quarter of 2017. The impact of early adopting this guidance on our consolidated financial statements is a cumulative effect adjustment to decrease our equity attributable to Icahn Enterprises and Icahn Enterprises Holdings as of January 1, 2017 by $47 million to reverse previously deferred charges and recognize them in equity. In January 2017, the FASB issued ASU No. 2017-01, Clarifying the Definition of a Business , which amends FASB ASC Topic 805, Business Combinations . This ASU provides guidance on what constitutes a business for purposes of applying FASB ASC Topic 805. This ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. We have elected to early adopt this guidance in the first quarter of 2017. We did not have any material transactions affected by this guidance and therefore, the adoption of this guidance did not have a material impact on our consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment , which amends FASB ASC Topic 350, Intangibles - Goodwill and Other . This ASU simplifies the subsequent measurement of goodwill by eliminating "Step 2" from the goodwill impairment test which, prior to adoption of this ASU, requires comparing the implied fair value of goodwill with its carrying value. By eliminating "Step 2" from the goodwill impairment test, the quantitative analysis of goodwill will result in an impairment loss for the amount that the carrying value of a reporting unit, including goodwill, exceeds its fair value, limited to the total amount of goodwill allocated to the tested reporting unit. While this ASU reduces the complexity and cost of our goodwill impairment tests, it may result in significant differences in the recognition of goodwill impairment. For example, should our reporting units fail "Step 1" of the impairment tests but pass the current "Step 2" impairment tests, we may have more impairments of goodwill under the new guidance. This ASU is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted beginning for interim and annual goodwill impairment tests performed on testing dates after January 1, 2017. We have elected to early adopt this guidance for our interim and annual goodwill impairment tests to be performed on testing dates beginning in 2017. This ASU principally affects our Automotive segment as substantially all of our goodwill balance pertains to our Automotive segment as of September 30, 2017 . We did not perform any interim goodwill impairment analysis in 2017 and therefore, the adoption of this guidance had no impact on our |
Description of New Accounting Pronouncements Not yet Adopted | Recently Issued Accounting Standards In May 2014, the FASB issued ASU No. 2014-09, creating a new topic, FASB ASC Topic 606, Revenue from Contracts with Customers , superseding revenue recognition requirements in FASB ASC Topic 605, Revenue Recognition . This ASU requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. In addition, an entity is required to disclose sufficient information to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. This ASU was amended by ASU No. 2015-14, issued in August 2015, which deferred the original effective date by one year; the effective date of this ASU is for fiscal years, and interim reporting periods within those years, beginning after December 15, 2017, using one of two retrospective application methods. In addition, the FASB issued other amendments during 2016 and 2017 to FASB ASC Topic 606 that include implementation guidance to principal versus agent considerations, guidance to identifying performance obligations and licensing guidance and other narrow scope improvements. We have developed an implementation plan to adopt this new ASU. We will adopt these new standards on January 1, 2018 using the modified retrospective application method which will require a cumulative effect adjustment recognized in equity at such date. No adjustment to revenue for periods prior to adoption will be required. To date, we have not identified any material differences in our existing revenue recognition methods that would require modification under the new standards. Additionally, although we anticipate our internal controls to be modified as necessary, we do not anticipate our internal control framework to materially change as a result of the adoption of these new standards. The assessment of the impact of this new standard on our business processes, business and accounting systems, and consolidated financial statements and related disclosures will continue as we proceed with the design and implementation phases of the plan. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall , which amends FASB ASC Topic 825, Financial Instruments . This ASU requires that equity investments (except those accounted for under the equity method of accounting or those that result in the consolidation of the investee) to be measured at fair value with changes recognized in earnings. However, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment. In addition, there were other amendments to certain disclosure and presentation matters pertaining to financial instruments, including the requirement of an entity to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. This ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The amendments in this ASU should be applied by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The amendments related to equity securities without readily determinable fair values should be applied prospectively to equity investments that exist as of the date of adoption. Early application is permitted for certain matters only. We are currently evaluating the impact of this guidance on our consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , which supersedes FASB ASC Topic 840, Leases . This ASU requires the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous guidance. In addition, among other changes to the accounting for leases, this ASU retains the distinction between finance leases and operating leases. The classification criteria for distinguishing between finance leases and operating leases are substantially similar to the classification criteria for distinguishing between capital leases and operating leases in the previous guidance. This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The amendments in this ASU should be applied using a modified retrospective approach. Early application is permitted. We anticipate our assessment and implementation plan to be ongoing during the remainder of 2017 and into 2018 and are currently unable to reasonably estimate the impact of this guidance on our consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments , which amends FASB ASC Topic 326, Financial Instruments - Credit Losses. This ASU requires financial assets measured at amortized cost to be presented at the net amount to be collected and broadens the information, including forecasted information incorporating more timely information, that an entity must consider in developing its expected credit loss estimate for assets measured. This ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early application is permitted for fiscal years beginning after December 15, 2018. We are currently evaluating the impact of this guidance on our consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payment s, which amends FASB ASC Topic 230, Statement of Cash Flows. This ASU seeks to reduce the diversity currently in practice by providing guidance on the presentation of eight specific cash flow issues in the statement of cash flows. This ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. We are currently evaluating the impact of this guidance on our consolidated statements of cash flows. In November 2016, the FASB issued ASU No. 2016-18, Restricted Cash , which amends FASB ASC Topic 230, Statement of Cash Flows . This ASU requires that the statement of cash flows explain the change during the period total cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. This ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements. In March 2017, the FASB issued ASU No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , which amends FASB ASC Topic 715, Compensation - Retirement Benefits . This ASU requires entities to present the service cost component of net periodic benefit cost in the same line item or items in the financial statements as other compensation costs arising from services rendered by the pertinent employees during the period. This ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements. In May 2017, the FASB issued ASU No. 2017-09, Scope of Modification Accounting , which amends FASB ASC Topic 718, Compensation - Stock Compensation . This ASU provides updated guidance about which changes to the terms and conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. This ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements. In August 2017, the FASB issued ASU 2017-12, Targeting Improvements to Accounting for Hedging Activities , which amends FASB ASC Topic 815, Derivatives and Hedging . This ASU includes amendments to existing guidance to better align an entity’s risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. This ASU is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements. |
Fair Value Measurements (Polici
Fair Value Measurements (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Determination of when transfers between fair value levels occurs | Significant transfers, if any, between the levels within the fair value hierarchy are recognized at the beginning of the reporting period when changes in circumstances require such transfers. |
Segment Reporting (Policies)
Segment Reporting (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Determination of what constitutes a segment | We report segment information based on the various industries in which our businesses operate and how we manage those businesses in accordance with our investment strategies, which may include: identifying and acquiring undervalued assets and businesses, often through the purchase of distressed securities; increasing value through management, financial or other operational changes; and managing complex legal, regulatory or financial issues, which may include bankruptcy or insolvency, environmental, zoning, permitting and licensing issues. Therefore, although many of our businesses are operated under separate local management, certain of our businesses are grouped together when they operate within a similar industry, comprising similarities in products, customers, production processes and regulatory environments, and when such businesses, when considered together, may be managed in accordance with one or more investment strategies specific to those businesses. Among other measures, we assess and measure segment operating results based on net income from continuing operations attributable to Icahn Enterprises and Icahn Enterprises Holdings. Certain terms of financings for certain of our businesses impose restrictions on the business' ability to transfer funds to us, including restrictions on dividends, distributions, loans and other transactions. |
Basis of Presentation and Sum30
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Icahn Enterprises Holdings | |
Variable Interest Entity [Line Items] | |
Variable interest entities | September 30, 2017 December 31, 2016 (in millions) Cash and cash equivalents $ 630 $ 370 Cash held at consolidated affiliated partnerships and restricted cash 951 752 Investments 9,022 9,219 Due from brokers 1,006 1,482 Property, plant and equipment, net 3,215 3,331 Inventories 340 349 Intangible assets, net 303 318 Other assets 69 110 Accounts payable, accrued expenses and other liabilities 2,302 1,769 Securities sold, not yet purchased, at fair value 1,258 1,139 Due to brokers 603 3,725 Debt 1,166 1,165 |
Investments and Related Matte31
Investments and Related Matters (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Investment Segment | |
Schedule of Investments [Line Items] | |
Investment [Table Text Block] | September 30, 2017 December 31, 2016 Assets (in millions) Investments: Equity securities: Basic materials $ 867 $ 963 Consumer, non-cyclical 2,459 2,677 Energy 1,178 1,278 Financial 2,111 2,385 Technology 908 911 Other 1,020 809 8,543 9,023 Corporate debt securities 473 190 $ 9,016 $ 9,213 Liabilities Securities sold, not yet purchased, at fair value: Equity securities: Consumer, non-cyclical $ 219 $ — Consumer, cyclical 798 968 Energy 94 19 Industrial 102 100 1,213 1,087 Corporate debt securities 45 52 $ 1,258 $ 1,139 |
Other Segments | |
Schedule of Investments [Line Items] | |
Investment [Table Text Block] | September 30, 2017 December 31, 2016 (in millions) Equity method investments $ 332 $ 302 Other investments (measured at fair value) 400 366 $ 732 $ 668 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Assets measured at fair value on a recurring basis | September 30, 2017 December 31, 2016 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets (in millions) Investments (Note 4) $ 8,544 $ 587 $ 265 $ 9,396 $ 9,033 $ 306 $ 212 $ 9,551 Derivative contracts, at fair value (Note 6) (1) 9 1 — 10 — 23 — 23 $ 8,553 $ 588 $ 265 $ 9,406 $ 9,033 $ 329 $ 212 $ 9,574 Liabilities Securities sold, not yet purchased (Note 4) $ 1,213 $ 45 $ — $ 1,258 $ 1,087 $ 52 $ — $ 1,139 Other liabilities — 127 — 127 — 187 — 187 Derivative contracts, at fair value (Note 6) (2) — 1,683 — 1,683 — 1,139 — 1,139 $ 1,213 $ 1,855 $ — $ 3,068 $ 1,087 $ 1,378 $ — $ 2,465 (1) Amounts are classified within other assets in our condensed consolidated balance sheets. (2) Amounts are classified within accrued expenses and other liabilities in our condensed consolidated balance sheets. |
Assets measured at fair value on a recurring basis for which we use Level 3 inputs to determine fair value | Nine Months Ended 2017 2016 (in millions) Balance at January 1 $ 212 $ 283 Net realized and unrealized gains (1) 51 10 Purchases 5 50 Transfers out (6 ) (127 ) Transfers in 3 6 Balance at September 30 $ 265 $ 222 (1) Includes net unrealized gains (losses) of $51 million and $(6) million for the nine months ended September 30, 2017 and 2016 , respectively, relating to investments still held at September 30 of each respective period and which are included in net gain (loss) from investment activities in the condensed consolidated statements of operations. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Derivative [Line Items] | |
Fair value and income recognized for derivatives not designated as hedging instruments | The following table presents the consolidated fair values of our derivatives that are not designated as hedging instruments in accordance with U.S GAAP: Derivatives Not Designated as Hedging Instruments Asset Derivatives (1) Liability Derivatives (2) September 30, 2017 December 31, 2016 September 30, 2017 December 31, 2016 (in millions) Equity contracts $ 21 $ 15 $ 1,676 $ 1,104 Credit contracts — 17 7 39 Commodity contracts 5 2 17 11 Sub-total 26 34 1,700 1,154 Netting across contract types (3) (17 ) (15 ) (17 ) (15 ) Total (3) $ 9 $ 19 $ 1,683 $ 1,139 (1) Net asset derivatives are located within other assets in our condensed consolidated balance sheets. (2) Net liability derivatives are located within accrued expenses and other liabilities in our condensed consolidated balance sheets. (3) Excludes netting of cash collateral received and posted. The total collateral posted at September 30, 2017 and December 31, 2016 was $818 million and $634 million , respectively, across all counterparties, which are included in cash held at consolidated affiliated partnerships and restricted cash on the condensed consolidated balance sheets. The following table presents the amount of gain (loss) recognized in the condensed consolidated statements of operations for our derivatives not designated as hedging instruments: Gain (Loss) Recognized in Income (1) Derivatives Not Designated as Hedging Instruments Three Months Ended Nine Months Ended 2017 2016 2017 2016 (in millions) Equity contracts $ (350 ) $ (448 ) $ (1,185 ) $ (1,106 ) Foreign exchange contracts — (7 ) — (21 ) Credit contracts (15 ) (44 ) (32 ) 87 Interest rate contracts — — — (12 ) Commodity contracts (20 ) 32 (36 ) (36 ) $ (385 ) $ (467 ) $ (1,253 ) $ (1,088 ) (1) Gains (losses) recognized on derivatives are classified in net gain (loss) from investment activities in our condensed consolidated statements of operations for our Investment segment and are included in other income (loss), net for all other segments. |
Notional exposure of derivative instruments | September 30, 2017 December 31, 2016 Long Notional Exposure Short Notional Exposure Long Notional Exposure Short Notional Exposure Primary underlying risk: (in millions) Equity contracts $ 183 $ 12,376 $ 112 $ 14,094 Credit contracts (1) — 326 202 472 Commodity contracts 20 1,247 16 754 (1) The short notional amount on our credit default swap positions was approximately $1.9 billion and $2.6 billion as of September 30, 2017 and December 31, 2016 , respectively. However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is $326 million and $472 million as of September 30, 2017 and December 31, 2016 , respectively. |
Inventories, Net (Tables)
Inventories, Net (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Inventory, Net [Abstract] | |
Inventories, net | September 30, 2017 December 31, 2016 (in millions) Raw materials $ 523 $ 483 Work in process 343 299 Finished goods 2,390 2,201 $ 3,256 $ 2,983 |
Goodwill and Intangible Asset35
Goodwill and Intangible Assets, Net (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | September 30, 2017 December 31, 2016 Gross Carrying Amount Accumulated Impairment Net Carrying Value Gross Carrying Amount Accumulated Impairment Net Carrying Value (in millions) Automotive $ 1,723 $ (537 ) $ 1,186 $ 1,662 $ (537 ) $ 1,125 Railcar 7 — 7 7 — 7 Food Packaging 6 — 6 4 — 4 $ 1,736 $ (537 ) $ 1,199 $ 1,673 $ (537 ) $ 1,136 |
Intangible assets, net | September 30, 2017 December 31, 2016 Gross Carrying Amount Accumulated Amortization Net Carrying Value Gross Carrying Amount Accumulated Amortization Net Carrying Value (in millions) Definite-lived intangible assets: Customer relationships $ 1,082 $ (521 ) $ 561 $ 1,059 $ (471 ) $ 588 Developed technology 143 (114 ) 29 142 (104 ) 38 In-place leases 121 (90 ) 31 121 (83 ) 38 Gasification technology license 60 (13 ) 47 60 (11 ) 49 Other 90 (30 ) 60 84 (23 ) 61 $ 1,496 $ (768 ) $ 728 $ 1,466 $ (692 ) $ 774 Indefinite-lived intangible assets: Trademarks and brand names $ 307 $ 305 Gaming licenses 37 37 344 342 Intangible assets, net $ 1,072 $ 1,116 |
Pensions, Other Post-retireme36
Pensions, Other Post-retirement Benefits and Employee Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Retirement Benefits [Abstract] | |
Net periodic benefit costs | Pension Benefits Other Post-Retirement Benefits Three Months Ended Three Months Ended 2017 2016 2017 2016 (in millions) Service cost $ 4 $ 5 $ — $ — Interest cost 16 17 4 3 Expected return on plan assets (15 ) (14 ) — — Amortization of actuarial losses 9 6 — 1 Amortization of prior service credit — — (2 ) (1 ) $ 14 $ 14 $ 2 $ 3 Pension Benefits Other Post-Retirement Benefits Nine Months Ended Nine Months Ended 2017 2016 2017 2016 (in millions) Service cost $ 13 $ 13 $ — $ — Interest cost 47 51 9 9 Expected return on plan assets (43 ) (43 ) — — Amortization of actuarial losses 20 17 — 2 Amortization of prior service credit — — (3 ) (3 ) $ 37 $ 38 $ 6 $ 8 |
Net Income Per LP Unit (Tables)
Net Income Per LP Unit (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Unit [Abstract] | |
Net income per LP unit | Three Months Ended Nine Months Ended 2017 2016 2017 2016 (in millions, except per unit data) Net income (loss) attributable to Icahn Enterprises $ 597 $ (16 ) $ 2,132 $ (922 ) Net income (loss) attributable to Icahn Enterprises allocable to limited partners (98.01% allocation) $ 586 $ (16 ) $ 2,090 $ (904 ) Basic and diluted income (loss) per LP unit $ 3.53 $ (0.12 ) $ 13.23 $ (6.70 ) Basic and diluted weighted average LP units outstanding 166 139 158 135 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Condensed statements of operations by reporting segment | Three Months Ended September 30, 2017 Investment Automotive Energy Railcar Gaming Metals Mining Food Packaging Real Estate Home Fashion Holding Company Consolidated (in millions) Revenues: Net sales $ — $ 2,493 $ 1,453 $ 68 $ — $ 110 $ 21 $ 99 $ 2 $ 46 $ — $ 4,292 Other revenues from operations — 96 — 66 246 — — — 19 — — 427 Net income from investment activities 386 — — — — — — — — — 34 420 Interest and dividend income 27 3 1 1 — — — — 2 — 3 37 Gain (loss) on disposition of assets, net — 1 (1 ) (10 ) — — — — 456 — — 446 Other (loss) income, net (9 ) 15 (16 ) 1 60 (1 ) (2 ) 4 1 — 5 58 404 2,608 1,437 126 306 109 19 103 480 46 42 5,680 Expenses: Cost of goods sold — 2,022 1,356 65 — 105 15 75 2 39 — 3,679 Other expenses from operations — 107 — 25 109 — — — 13 — — 254 Selling, general and administrative 3 455 35 9 87 5 4 14 2 11 8 633 Restructuring, net — 4 — — — — — 1 — — — 5 Impairment — 4 — 1 — — — — — — — 5 Interest expense 42 42 28 5 3 — 2 3 — — 82 207 45 2,634 1,419 105 199 110 21 93 17 50 90 4,783 Income (loss) before income tax benefit (expense) 359 (26 ) 18 21 107 (1 ) (2 ) 10 463 (4 ) (48 ) 897 Income tax benefit (expense) — 19 (2 ) (6 ) (27 ) 2 — (4 ) — — (50 ) (68 ) Net income (loss) 359 (7 ) 16 15 80 1 (2 ) 6 463 (4 ) (98 ) 829 Less: net income (loss) attributable to non-controlling interests 221 2 (2 ) 3 7 — — 1 — — — 232 Net income (loss) attributable to Icahn Enterprises $ 138 $ (9 ) $ 18 $ 12 $ 73 $ 1 $ (2 ) $ 5 $ 463 $ (4 ) $ (98 ) $ 597 Supplemental information: Capital expenditures $ — $ 113 $ 23 $ 30 $ 30 $ 1 $ 10 $ 6 $ 7 $ 2 $ — $ 222 Depreciation and amortization (1) $ — $ 128 $ 70 $ 15 $ 19 $ 5 $ 2 $ 5 $ 5 $ 2 $ — $ 251 Three Months Ended September 30, 2016 Investment Automotive Energy Railcar Gaming Metals Mining Food Packaging Real Estate Home Fashion Holding Company Consolidated (in millions) Revenues: Net sales $ — $ 2,346 $ 1,240 $ 94 $ — $ 72 $ 18 $ 81 $ 5 $ 48 $ — $ 3,904 Other revenues from operations — 116 — 133 268 — — — 20 — — 537 Net gain (loss) from investment activities 412 — 5 — — — — — — — 1 418 Interest and dividend income 24 — 1 — — — — — — — 2 27 (Loss) gain on disposition of assets, net — (1 ) (1 ) 1 — — — — — — — (1 ) Other (loss) income, net (1 ) 15 (1 ) — 3 — (1 ) (1 ) — — — 14 435 2,476 1,244 228 271 72 17 80 25 48 3 4,899 Expenses: Cost of goods sold — 1,899 1,195 86 — 78 13 61 4 42 — 3,378 Other expenses from operations — 122 — 80 127 — — — 13 — — 342 Selling, general and administrative 21 382 35 10 118 4 4 12 4 10 3 603 Restructuring, net — 7 — — — 1 — — — — — 8 Impairment — 1 — — 92 — — — — — — 93 Interest expense 52 41 26 22 3 — 2 4 — — 72 222 73 2,452 1,256 198 340 83 19 77 21 52 75 4,646 Income (loss) before income tax benefit (expense) 362 24 (12 ) 30 (69 ) (11 ) (2 ) 3 4 (4 ) (72 ) 253 Income tax benefit (expense) — 9 4 (9 ) (14 ) 5 (1 ) (1 ) — — (8 ) (15 ) Net income (loss) 362 33 (8 ) 21 (83 ) (6 ) (3 ) 2 4 (4 ) (80 ) 238 Less: net income (loss) attributable to non-controlling interests 251 4 (10 ) 3 6 — (1 ) 1 — — — 254 Net income (loss) attributable to Icahn Enterprises $ 111 $ 29 $ 2 $ 18 $ (89 ) $ (6 ) $ (2 ) $ 1 $ 4 $ (4 ) $ (80 ) $ (16 ) Supplemental information: Capital expenditures $ — $ 98 $ 23 $ 42 $ 15 $ 1 $ 7 $ 5 $ — $ 3 $ — $ 194 Depreciation and amortization (1) $ — $ 120 $ 68 $ 35 $ 18 $ 6 $ 2 $ 4 $ 4 $ 1 $ — $ 258 Nine Months Ended September 30, 2017 Investment Automotive Energy Railcar Gaming Metals Mining Food Packaging Real Estate Home Fashion Holding Company Consolidated (in millions) Revenues: Net sales $ — $ 7,488 $ 4,395 $ 184 $ — $ 315 $ 76 $ 288 $ 9 $ 138 $ — $ 12,893 Other revenues from operations — 329 — 320 685 — — — 55 — — 1,389 Net income from investment activities 552 — — 2 — — — — — — 50 604 Interest and dividend income 80 4 1 2 1 — 1 — 2 — 8 99 Gain (loss) on disposition of assets, net — 4 (2 ) 1,511 (3 ) — — — 456 — — 1,966 Other (loss) income, net (50 ) 45 (3 ) 2 61 (1 ) (3 ) 3 1 — 5 60 582 7,870 4,391 2,021 744 314 74 291 523 138 63 17,011 Expenses: Cost of goods sold — 6,045 4,191 170 — 299 45 218 7 119 — 11,094 Other expenses from operations — 326 — 107 317 — — — 36 — — 786 Selling, general and administrative 8 1,320 105 38 280 14 12 47 8 30 21 1,883 Restructuring, net — 11 — — — — — 3 — — — 14 Impairment — 12 — 68 — — — — 2 — — 82 Interest expense 134 124 82 39 9 — 5 10 1 — 244 648 142 7,838 4,378 422 606 313 62 278 54 149 265 14,507 Income (loss) before income tax benefit (expense) 440 32 13 1,599 138 1 12 13 469 (11 ) (202 ) 2,504 Income tax benefit (expense) — 537 2 (525 ) (48 ) 3 (2 ) (5 ) — — (72 ) (110 ) Net income (loss) 440 569 15 1,074 90 4 10 8 469 (11 ) (274 ) 2,394 Less: net income (loss) attributable to non-controlling interests 228 8 (7 ) 11 18 — 2 2 — — — 262 Net income (loss) attributable to Icahn Enterprises $ 212 $ 561 $ 22 $ 1,063 $ 72 $ 4 $ 8 $ 6 $ 469 $ (11 ) $ (274 ) $ 2,132 Supplemental information: Capital expenditures $ — $ 333 $ 80 $ 139 $ 83 $ 4 $ 27 $ 15 $ 7 $ 4 $ — $ 692 Depreciation and amortization (1) $ — $ 375 $ 208 $ 51 $ 54 $ 15 $ 4 $ 18 $ 15 $ 6 $ — $ 746 Nine Months Ended September 30, 2016 Investment Automotive Energy Railcar Gaming Metals Mining Food Packaging Real Estate Home Fashion Holding Company Consolidated (in millions) Revenues: Net sales $ — $ 7,140 $ 3,429 $ 315 $ — $ 206 $ 49 $ 243 $ 13 $ 151 $ — $ 11,546 Other revenues from operations — 314 — 398 740 — — — 54 — — 1,506 Net (loss) gain from investment activities (841 ) — 5 — — — — — — — 10 (826 ) Interest and dividend income 84 2 1 2 — — 1 — — — 7 97 Gain on disposition of assets, net — 8 (1 ) 1 — 1 — — 1 — — 10 Other (loss) income, net (3 ) 52 (9 ) 3 3 — (9 ) 4 — 1 1 43 (760 ) 7,516 3,425 719 743 207 41 247 68 152 18 12,376 Expenses: Cost of goods sold — 5,797 3,297 270 — 217 43 185 10 130 — 9,949 Other expenses from operations — 323 — 186 358 — — — 35 — — 902 Selling, general and administrative 28 1,131 103 32 329 14 12 39 9 28 11 1,736 Restructuring, net — 28 — — — 1 — — — — — 29 Impairment — 4 574 — 92 — — — — — — 670 Interest expense 184 118 56 66 9 — 5 10 1 — 216 665 212 7,401 4,030 554 788 232 60 234 55 158 227 13,951 (Loss) income before income tax (expense) benefit (972 ) 115 (605 ) 165 (45 ) (25 ) (19 ) 13 13 (6 ) (209 ) (1,575 ) Income tax (expense) benefit — (12 ) 17 (42 ) (24 ) 12 (2 ) (5 ) — — (25 ) (81 ) Net (loss) income (972 ) 103 (588 ) 123 (69 ) (13 ) (21 ) 8 13 (6 ) (234 ) (1,656 ) Less: net (loss) income attributable to non-controlling interests (526 ) 18 (259 ) 25 11 — (5 ) 2 — — — (734 ) Net (loss) income attributable to Icahn Enterprises $ (446 ) $ 85 $ (329 ) $ 98 $ (80 ) $ (13 ) $ (16 ) $ 6 $ 13 $ (6 ) $ (234 ) $ (922 ) Supplemental information: Capital expenditures $ — $ 306 $ 106 $ 104 $ 63 $ 3 $ 12 $ 11 $ — $ 10 $ — $ 615 Depreciation and amortization (1) $ — $ 337 $ 191 $ 103 $ 53 $ 17 $ 3 $ 15 $ 15 $ 5 $ — $ 739 (1) Excludes amounts related to the amortization of deferred financing costs and debt discounts and premiums included in interest expense in the amounts of $4 million and $6 million for the three months ended September 30, 2017 and 2016 , respectively, and $13 million and $14 million for the nine months ended September 30, 2017 and 2016 , respectively. |
Condensed balance sheets by reporting segment | September 30, 2017 Investment Automotive Energy Railcar Gaming Metals Mining Food Packaging Real Estate Home Fashion Holding Company Consolidated (in millions) ASSETS Cash and cash equivalents $ 17 $ 366 $ 849 $ 106 $ 125 $ 14 $ 17 $ 18 $ 41 $ 1 $ 484 $ 2,038 Cash held at consolidated affiliated partnerships and restricted cash 951 — — 19 15 4 — 2 2 4 2 999 Investments 9,016 302 6 24 27 — — — — — 373 9,748 Accounts receivable, net — 1,477 143 34 11 57 8 78 10 35 — 1,853 Inventories, net — 2,618 340 73 — 30 26 93 — 76 — 3,256 Property, plant and equipment, net — 3,453 3,239 1,180 800 89 177 166 454 73 — 9,631 Goodwill and intangible assets, net — 1,817 303 7 74 3 — 36 31 — — 2,271 Other assets 1,026 618 67 467 281 26 23 106 393 4 10 3,021 Total assets $ 11,010 $ 10,651 $ 4,947 $ 1,910 $ 1,333 $ 223 $ 251 $ 499 $ 931 $ 193 $ 869 $ 32,817 LIABILITIES AND EQUITY Accounts payable, accrued expenses and other liabilities $ 1,712 $ 3,066 $ 1,532 $ 351 $ 187 $ 52 $ 46 $ 96 $ 57 $ 35 $ 216 $ 7,350 Securities sold, not yet purchased, at fair value 1,258 — — — — — — — — — — 1,258 Due to brokers 603 — — — — — — — — — — 603 Post-employment benefit liability — 1,127 — 9 — 2 — 72 — — — 1,210 Debt — 3,451 1,166 552 162 — 58 273 23 5 5,508 11,198 Total liabilities 3,573 7,644 2,698 912 349 54 104 441 80 40 5,724 21,619 Equity attributable to Icahn Enterprises 2,882 2,852 941 787 841 169 123 40 851 153 (4,855 ) 4,784 Equity attributable to non-controlling interests 4,555 155 1,308 211 143 — 24 18 — — — 6,414 Total equity 7,437 3,007 2,249 998 984 169 147 58 851 153 (4,855 ) 11,198 Total liabilities and equity $ 11,010 $ 10,651 $ 4,947 $ 1,910 $ 1,333 $ 223 $ 251 $ 499 $ 931 $ 193 $ 869 $ 32,817 December 31, 2016 Investment Automotive Energy Railcar Gaming Metals Mining Food Packaging Real Estate Home Fashion Holding Company Consolidated (in millions) ASSETS Cash and cash equivalents $ 13 $ 353 $ 736 $ 179 $ 244 $ 4 $ 14 $ 39 $ 24 $ 2 $ 225 $ 1,833 Cash held at consolidated affiliated partnerships and restricted cash 752 2 — 19 15 5 — 2 2 4 3 804 Investments 9,213 270 6 35 33 — — — — — 324 9,881 Accounts receivable, net — 1,270 152 40 12 29 5 63 3 35 — 1,609 Inventories, net — 2,353 349 75 — 38 25 72 — 71 — 2,983 Property, plant and equipment, net — 3,302 3,358 1,567 814 100 152 152 602 75 — 10,122 Goodwill and intangible assets, net — 1,801 318 7 75 4 — 8 38 1 — 2,252 Other assets 1,518 504 94 1,410 209 13 23 92 18 5 1 3,887 Total assets $ 11,496 $ 9,855 $ 5,013 $ 3,332 $ 1,402 $ 193 $ 219 $ 428 $ 687 $ 193 $ 553 $ 33,371 LIABILITIES AND EQUITY Accounts payable, accrued expenses and other liabilities $ 1,236 $ 2,870 $ 1,474 $ 2,100 $ 153 $ 34 $ 38 $ 69 $ 20 $ 29 $ 168 $ 8,191 Securities sold, not yet purchased, at fair value 1,139 — — — — — — — — — — 1,139 Due to brokers 3,725 — — — — — — — — — — 3,725 Post-employment benefit liability — 1,113 — 9 — 2 — 56 — — — 1,180 Debt — 3,259 1,165 571 287 2 55 265 25 — 5,490 11,119 Total liabilities 6,100 7,242 2,639 2,680 440 38 93 390 45 29 5,658 25,354 Equity attributable to Icahn Enterprises 1,669 2,292 1,034 444 730 155 104 25 642 164 (5,105 ) 2,154 Equity attributable to non-controlling interests 3,727 321 1,340 208 232 — 22 13 — — — 5,863 Total equity 5,396 2,613 2,374 652 962 155 126 38 642 164 (5,105 ) 8,017 Total liabilities and equity $ 11,496 $ 9,855 $ 5,013 $ 3,332 $ 1,402 $ 193 $ 219 $ 428 $ 687 $ 193 $ 553 $ 33,371 |
Changes in Accumulated Other 39
Changes in Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Accumulated other comprehensive income (loss) | Post-Retirement Benefits, Net of Tax Hedge Instruments, Net of Tax Translation Adjustments and Other, Net of Tax Total (in millions) Balance, December 31, 2016 $ (614 ) $ (22 ) $ (948 ) $ (1,584 ) Other comprehensive income before reclassifications, net of tax — 1 108 109 Reclassifications from accumulated other comprehensive loss to earnings 17 (2 ) (1 ) 14 Other comprehensive income (loss), net of tax 17 (1 ) 107 123 Balance, September 30, 2017 $ (597 ) $ (23 ) $ (841 ) $ (1,461 ) |
Other Income (Loss), Net (Table
Other Income (Loss), Net (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Other (Loss) Income, Net [Abstract] | |
Other income (loss), net | Three Months Ended Nine Months Ended 2017 2016 2017 2016 (in millions) Realized and unrealized loss on derivatives, net (Note 6) $ (17 ) $ (2 ) $ (5 ) $ (5 ) Other derivative loss — — (41 ) — Dividend expense (9 ) (1 ) (9 ) (4 ) Loss on extinguishment of debt (Note 9) — — (4 ) (5 ) Equity earnings from non-consolidated affiliates 17 12 53 48 Foreign currency transaction loss — (2 ) (8 ) (4 ) Tax settlement gain 61 — 61 — Other 6 7 13 13 $ 58 $ 14 $ 60 $ 43 |
Supplemental Cash Flow Inform41
Supplemental Cash Flow Information (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental cash flow information | Nine Months Ended 2017 2016 (in millions) Cash payments for interest, net of amounts capitalized $ 540 $ 538 Net cash payments for income taxes 120 66 Acquisition of subsidiary common stock included in accrued expenses and other liabilities 51 — Seller financing secured mortgages resulting from disposition of assets 375 — Investment in subsidiaries prior to acquiring a controlling interest — 286 LP unit issuance for remaining 25% interest in ARL — 35 Subsidiary common unit issuance for acquisition of CVR Nitrogen — 336 Capital expenditures included in accounts payable, accrued expenses and other liabilities 70 63 |
Description of Business (Detail
Description of Business (Details) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 19, 2016USD ($) | |
Description of Business [Line Items] | ||||||
Payments to acquire additional interest in subsidiaries | $ 349,000,000 | $ 2,000,000 | ||||
Proceeds from disposition of assets | 1,461,000,000 | 20,000,000 | ||||
Gain (loss) on disposition of assets, net | $ 446,000,000 | $ (1,000,000) | 1,966,000,000 | 10,000,000 | ||
Seller financing secured mortgages resulting from disposition of assets | $ 375,000,000 | 0 | ||||
Icahn Enterprises Holdings | ||||||
Description of Business [Line Items] | ||||||
Percentage of equity ownership in operating subsidiary | 99.00% | |||||
Payments to acquire additional interest in subsidiaries | $ 349,000,000 | 2,000,000 | ||||
Proceeds from disposition of assets | 1,461,000,000 | 20,000,000 | ||||
Gain (loss) on disposition of assets, net | 446,000,000 | (1,000,000) | 1,966,000,000 | 10,000,000 | ||
Investment Funds | ||||||
Description of Business [Line Items] | ||||||
Fair value of interest in subsidiary | 2,900,000,000 | $ 2,900,000,000 | $ 1,700,000,000 | |||
CVR Refining | ||||||
Description of Business [Line Items] | ||||||
Percentage of equity ownership in operating subsidiary | 3.90% | |||||
CVR Energy | ||||||
Description of Business [Line Items] | ||||||
Percentage of equity ownership in operating subsidiary | 82.00% | |||||
ARI | ||||||
Description of Business [Line Items] | ||||||
Percentage of equity ownership in operating subsidiary | 62.20% | |||||
Ferrous Resources | ||||||
Description of Business [Line Items] | ||||||
Percentage of equity ownership in operating subsidiary | 77.20% | |||||
Viskase | ||||||
Description of Business [Line Items] | ||||||
Percentage of equity ownership in operating subsidiary | 74.60% | |||||
Icahn Enterprises G.P. | ||||||
Description of Business [Line Items] | ||||||
General partner ownership percentage in Icahn Enterprises | 1.00% | |||||
General partner ownership interest in Icahn Enterprises Holdings | 1.00% | |||||
Aggregate general partner ownership interest of parent and operating subsidiary | 1.99% | |||||
Mr. Icahn and affiliates | ||||||
Description of Business [Line Items] | ||||||
Affiliate ownership interest in Icahn Enterprises | 90.80% | |||||
Gaming Segment | ||||||
Description of Business [Line Items] | ||||||
Gain (loss) on disposition of assets, net | 0 | 0 | $ (3,000,000) | 0 | ||
Gaming Segment | Tropicana | ||||||
Description of Business [Line Items] | ||||||
Percentage of equity ownership in operating subsidiary | 83.90% | |||||
Payments to acquire additional interest in subsidiaries | $ 95,000,000 | |||||
Subsidiary repurchase of treasury stock | 36,000,000 | |||||
Automotive Segment | ||||||
Description of Business [Line Items] | ||||||
Gain (loss) on disposition of assets, net | 1,000,000 | (1,000,000) | $ 4,000,000 | 8,000,000 | ||
Automotive Segment | Federal-Mogul | ||||||
Description of Business [Line Items] | ||||||
Percentage of equity ownership in operating subsidiary | 100.00% | |||||
Payments to acquire additional interest in subsidiaries | $ 305,000,000 | |||||
Energy Segment | ||||||
Description of Business [Line Items] | ||||||
Gain (loss) on disposition of assets, net | (1,000,000) | (1,000,000) | $ (2,000,000) | (1,000,000) | ||
Energy Segment | CVR Refining | ||||||
Description of Business [Line Items] | ||||||
Percentage of equity ownership in operating subsidiary | 66.00% | |||||
Energy Segment | CVR Partners | ||||||
Description of Business [Line Items] | ||||||
Percentage of equity ownership in operating subsidiary | 34.00% | |||||
Railcar Segment | ||||||
Description of Business [Line Items] | ||||||
Value of business to be disposed of | $ 2,800,000,000 | |||||
Estimated number of railcars to be disposed of (number of railcars) | 29,000 | |||||
Estimated number of additional railcars with option to sell (number of railcars) | 4,551 | |||||
Gain (loss) on disposition of assets, net | (10,000,000) | 1,000,000 | $ 1,511,000,000 | 1,000,000 | ||
Holding Company | ||||||
Description of Business [Line Items] | ||||||
Proceeds from disposition of assets | 1,300,000,000 | |||||
Gain (loss) on disposition of assets, net | 0 | 0 | 0 | 0 | ||
Real Estate Segment | ||||||
Description of Business [Line Items] | ||||||
Total consideration received from sale of asset | 600,000,000 | |||||
Proceeds from disposition of assets | 225,000,000 | |||||
Gain (loss) on disposition of assets, net | $ 456,000,000 | $ 0 | 456,000,000 | $ 1,000,000 | ||
Seller financing secured mortgages resulting from disposition of assets | 375,000,000 | |||||
First Mortgage | Real Estate Segment | ||||||
Description of Business [Line Items] | ||||||
Seller financing secured mortgages resulting from disposition of assets | 345,000,000 | |||||
Second Mortgage | Real Estate Segment | ||||||
Description of Business [Line Items] | ||||||
Seller financing secured mortgages resulting from disposition of assets | $ 30,000,000 |
Basis of Presentation and Sum43
Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Jan. 01, 2017 | Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||||
Debt | $ 11,198 | $ 11,198 | $ 11,119 | |||
Fair value of long-term debt | 11,500 | 11,500 | 11,200 | |||
Restricted cash | 999 | 999 | 804 | |||
Restricted cash | ||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||||
Restricted cash | 866 | 866 | 686 | |||
Automotive Segment | ||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||||
Debt | 3,451 | 3,451 | 3,259 | |||
Restricted cash | 0 | 0 | 2 | |||
Gross amount of transferred receivables under factoring arrangements | 607 | 607 | 487 | |||
Gross amount of transferred receivables under factoring arrangements qualifying as sales | 600 | 600 | 485 | |||
Proceeds from transferred receivables under factoring arrangements qualifying as sales | 424 | $ 311 | 1,300 | $ 1,200 | ||
Expenses associated with transferred receivables under factoring arrangements | 2 | $ 2 | $ 10 | $ 9 | ||
Icahn Enterprises Holdings | ||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||||
Percentage of equity ownership in operating subsidiary | 99.00% | |||||
Debt | 11,202 | $ 11,202 | 11,122 | |||
Restricted cash | 999 | 999 | 804 | |||
Cash and cash equivalents | Icahn Enterprises Holdings | ||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||||
Assets of VIE's | 630 | 630 | 370 | |||
Cash held at consolidated affiliated partnerships and restricted cash | Icahn Enterprises Holdings | ||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||||
Assets of VIE's | 951 | 951 | 752 | |||
Investments | Icahn Enterprises Holdings | ||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||||
Assets of VIE's | 9,022 | 9,022 | 9,219 | |||
Due from brokers | Icahn Enterprises Holdings | ||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||||
Assets of VIE's | 1,006 | 1,006 | 1,482 | |||
Property, plant and equipment, net | Icahn Enterprises Holdings | ||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||||
Assets of VIE's | 3,215 | 3,215 | 3,331 | |||
Inventories | Icahn Enterprises Holdings | ||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||||
Assets of VIE's | 340 | 340 | 349 | |||
Intangible assets, net | Icahn Enterprises Holdings | ||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||||
Assets of VIE's | 303 | 303 | 318 | |||
Other assets | Icahn Enterprises Holdings | ||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||||
Assets of VIE's | 69 | 69 | 110 | |||
Accounts payable, accrued expenses and other liabilities | Icahn Enterprises Holdings | ||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||||
Liabilities of VIE's | 2,302 | 2,302 | 1,769 | |||
Securities sold, not yet purchased, at fair value | Icahn Enterprises Holdings | ||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||||
Liabilities of VIE's | 1,258 | 1,258 | 1,139 | |||
Due to brokers | Icahn Enterprises Holdings | ||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||||
Liabilities of VIE's | 603 | 603 | 3,725 | |||
Debt | Icahn Enterprises Holdings | ||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||||
Liabilities of VIE's | $ 1,166 | $ 1,166 | $ 1,165 | |||
Equity | ||||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||||
Effect of adopting new accounting principle on consolidated financial statements | $ 47 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | Feb. 29, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 |
Mr. Icahn and affiliates | ||||||
Related Party Transaction [Line Items] | ||||||
Percentage fair value of investments in Funds that is attributable to Mr. Icahn | 61.00% | 61.00% | 69.00% | |||
Mr. Icahn and affiliates | Investment in funds | ||||||
Related Party Transaction [Line Items] | ||||||
Amount of transaction with related party | $ 600 | $ 498 | ||||
Mr. Icahn and affiliates | Investment balance in funds | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transaction, balance | $ 4,600 | 4,600 | $ 3,700 | |||
Consolidated VIE | Expense sharing arrangement | ||||||
Related Party Transaction [Line Items] | ||||||
Amount of transaction with related party | 2 | $ 21 | 7 | 28 | ||
Hertz | Receipts and revenue from related party | ||||||
Related Party Transaction [Line Items] | ||||||
Amount of transaction with related party | 5 | 10 | ||||
Hertz | Payments to and purchases from related party | ||||||
Related Party Transaction [Line Items] | ||||||
Amount of transaction with related party | 1 | 2 | 2 | |||
ACF | Payments to and purchases from related party | ||||||
Related Party Transaction [Line Items] | ||||||
Amount of transaction with related party | 4 | 4 | ||||
Insight Portfolio Group LLC | Buying group operating expenses | ||||||
Related Party Transaction [Line Items] | ||||||
Expenses for transactions with related party | $ 1 | $ 1 | $ 2 | $ 2 | ||
ARL | ||||||
Related Party Transaction [Line Items] | ||||||
Equity issued to acquire additional interest in consolidated subsidiary (number of units) | 685,367 | |||||
Percentage of equity ownership in operating subsidiary | 100.00% |
Investments and Related Matte45
Investments and Related Matters Investment Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Schedule of Investments [Line Items] | |||||
Investments | $ 9,748 | $ 9,748 | $ 9,881 | ||
Securities sold, not yet purchased, at fair value | 1,258 | 1,258 | 1,139 | ||
Investment Segment | |||||
Schedule of Investments [Line Items] | |||||
Investments | 9,016 | 9,016 | 9,213 | ||
Securities sold, not yet purchased, at fair value | 1,258 | 1,258 | 1,139 | ||
Portion of trading gains (loss) that relates to trading securities still held at balance sheet date | 635 | $ 754 | 1,200 | $ 626 | |
Investment Segment | Equity securities: | |||||
Schedule of Investments [Line Items] | |||||
Investments | 8,543 | 8,543 | 9,023 | ||
Securities sold, not yet purchased, at fair value | 1,213 | 1,213 | 1,087 | ||
Investment Segment | Corporate debt securities | |||||
Schedule of Investments [Line Items] | |||||
Investments | 473 | 473 | 190 | ||
Investment Segment | Basic materials | Equity securities: | |||||
Schedule of Investments [Line Items] | |||||
Investments | 867 | 867 | 963 | ||
Investment Segment | Consumer, non-cyclical | Equity securities: | |||||
Schedule of Investments [Line Items] | |||||
Investments | 2,459 | 2,459 | 2,677 | ||
Securities sold, not yet purchased, at fair value | 219 | 219 | 0 | ||
Investment Segment | Consumer, cyclical | Equity securities: | |||||
Schedule of Investments [Line Items] | |||||
Securities sold, not yet purchased, at fair value | 798 | 798 | 968 | ||
Investment Segment | Consumer, cyclical | Corporate debt securities | |||||
Schedule of Investments [Line Items] | |||||
Securities sold, not yet purchased, at fair value | 45 | 45 | 52 | ||
Investment Segment | Energy | Equity securities: | |||||
Schedule of Investments [Line Items] | |||||
Investments | 1,178 | 1,178 | 1,278 | ||
Securities sold, not yet purchased, at fair value | 94 | 94 | 19 | ||
Investment Segment | Financial | Equity securities: | |||||
Schedule of Investments [Line Items] | |||||
Investments | 2,111 | 2,111 | 2,385 | ||
Investment Segment | Industrial | Equity securities: | |||||
Schedule of Investments [Line Items] | |||||
Securities sold, not yet purchased, at fair value | 102 | 102 | 100 | ||
Investment Segment | Technology | Equity securities: | |||||
Schedule of Investments [Line Items] | |||||
Investments | 908 | 908 | 911 | ||
Investment Segment | Other | Equity securities: | |||||
Schedule of Investments [Line Items] | |||||
Investments | $ 1,020 | $ 1,020 | 809 | ||
Hertz | Investment Segment | |||||
Schedule of Investments [Line Items] | |||||
Ownership percentage in investment measured at fair value that would otherwise be accounted for under equity method | 28.00% | 28.00% | |||
Unrealized gain (loss) on equity method investments under fair value option | $ 254 | $ 19 | |||
Fair value of equity method investment under fair value option | $ 524 | $ 524 | 505 | ||
Herbalife | Investment Segment | |||||
Schedule of Investments [Line Items] | |||||
Ownership percentage in investment measured at fair value that would otherwise be accounted for under equity method | 21.00% | 21.00% | |||
Unrealized gain (loss) on equity method investments under fair value option | $ (64) | $ 52 | $ 359 | $ 119 | |
Fair value of equity method investment under fair value option | $ 1,200 | $ 1,200 | $ 867 |
Investments and Related Matte46
Investments and Related Matters Other Segments (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Schedule of Investments [Line Items] | ||
Investments | $ 9,748 | $ 9,881 |
Other Segments | ||
Schedule of Investments [Line Items] | ||
Investments | 732 | 668 |
Other Segments | Equity method investments | ||
Schedule of Investments [Line Items] | ||
Investments | 332 | 302 |
Other Segments | Other investments (measured at fair value) | ||
Schedule of Investments [Line Items] | ||
Investments | $ 400 | $ 366 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Measurement (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 | |
Liabilities [Abstract] | |||
Securities sold, not yet purchased, at fair value | $ 1,258 | $ 1,139 | |
Recurring measurement | |||
Assets [Abstract] | |||
Investments | 9,396 | 9,551 | |
Derivative contracts, at fair value (asset) | [1] | 10 | 23 |
Assets, Fair Value Disclosure | 9,406 | 9,574 | |
Liabilities [Abstract] | |||
Securities sold, not yet purchased, at fair value | 1,258 | 1,139 | |
Other liabilities | 127 | 187 | |
Derivative contracts at fair value (liability) | [2] | 1,683 | 1,139 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 3,068 | 2,465 | |
Recurring measurement | Level 1 | |||
Assets [Abstract] | |||
Investments | 8,544 | 9,033 | |
Derivative contracts, at fair value (asset) | [1] | 9 | 0 |
Assets, Fair Value Disclosure | 8,553 | 9,033 | |
Liabilities [Abstract] | |||
Securities sold, not yet purchased, at fair value | 1,213 | 1,087 | |
Other liabilities | 0 | 0 | |
Derivative contracts at fair value (liability) | [2] | 0 | 0 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 1,213 | 1,087 | |
Recurring measurement | Level 2 | |||
Assets [Abstract] | |||
Investments | 587 | 306 | |
Derivative contracts, at fair value (asset) | [1] | 1 | 23 |
Assets, Fair Value Disclosure | 588 | 329 | |
Liabilities [Abstract] | |||
Securities sold, not yet purchased, at fair value | 45 | 52 | |
Other liabilities | 127 | 187 | |
Derivative contracts at fair value (liability) | [2] | 1,683 | 1,139 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 1,855 | 1,378 | |
Recurring measurement | Level 3 | |||
Assets [Abstract] | |||
Investments | 265 | 212 | |
Derivative contracts, at fair value (asset) | [1] | 0 | 0 |
Assets, Fair Value Disclosure | 265 | 212 | |
Liabilities [Abstract] | |||
Securities sold, not yet purchased, at fair value | 0 | 0 | |
Other liabilities | 0 | 0 | |
Derivative contracts at fair value (liability) | [2] | 0 | 0 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 0 | $ 0 | |
[1] | Amounts are classified within other assets in our condensed consolidated balance sheets. | ||
[2] | Amounts are classified within accrued expenses and other liabilities in our condensed consolidated balance sheets. |
Fair Value Measurements Changes
Fair Value Measurements Changes in Fair Value Level 3 (Details) - Recurring measurement - Level 3 - USD ($) $ in Millions | 9 Months Ended | ||||
Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, [Roll Forward] | |||||
Fair value of assets measured at fair value on a recurring basis | $ 265 | $ 222 | $ 212 | $ 283 | |
Net realized and unrealized gains(1) | [1] | 51 | 10 | ||
Purchases | 5 | 50 | |||
Transfers out | (6) | (127) | |||
Transfers in | 3 | 6 | |||
Unrealized gain (loss) included in earnings related to Level 3 assets still held at period end | $ 51 | $ (6) | |||
[1] | Includes net unrealized gains (losses) of $51 million and $(6) million for the nine months ended September 30, 2017 and 2016, respectively, relating to investments still held at September 30 of each respective period and which are included in net gain (loss) from investment activities in the condensed consolidated statements of operations. |
Fair Value Measurements Narrati
Fair Value Measurements Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Recurring measurement | Level 3 | ||||||
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Transfers out | $ (6) | $ (127) | ||||
Fair value of assets measured at fair value on a recurring basis | $ 265 | $ 222 | 265 | 222 | $ 212 | $ 283 |
Recurring measurement | Gaming Segment | Corporate debt securities | ||||||
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Transfers out | (126) | |||||
Recurring measurement | Holding Company | Trading securities | ||||||
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair value of assets measured at fair value on a recurring basis | 258 | 258 | $ 207 | |||
Nonrecurring measurement | ||||||
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Impairment of PP&E | $ 79 | 2 | $ 82 | |||
Inventory Write-down | 6 | |||||
Impairment of assets held for sale | $ 6 | $ 74 |
Financial Instruments Narrative
Financial Instruments Narrative (Details) bbl in Millions, $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017USD ($)bbl | Dec. 31, 2016USD ($)bbl | |
Investment Segment | ||
Derivative [Line Items] | ||
Fair value derivative instruments with credit risk related contingent features in a liability position | $ | $ 7 | $ 39 |
Not designated as hedging instrument | Commodity contracts | Energy Segment | ||
Derivative [Line Items] | ||
Volume of derivatives (barrels) | bbl | 16.2 | 4 |
Financial Instruments Derivativ
Financial Instruments Derivatives Not Designated as Hedging, Fair Value Table (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 | |
Not designated as hedging instrument | Other assets | |||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | |||
Asset Derivatives, Gross | [1] | $ 26 | $ 34 |
Netting across contract types | [1],[2] | (17) | (15) |
Derivative contracts, at fair value (asset) | [1],[2] | 9 | 19 |
Not designated as hedging instrument | Other assets | Equity contracts | |||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | |||
Asset Derivatives, Gross | [1] | 21 | 15 |
Not designated as hedging instrument | Other assets | Credit contracts | |||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | |||
Asset Derivatives, Gross | [1] | 0 | 17 |
Not designated as hedging instrument | Other assets | Commodity contracts | |||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | |||
Asset Derivatives, Gross | [1] | 5 | 2 |
Not designated as hedging instrument | Accrued expenses and other liabilities | |||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | |||
Liability Derivatives, Gross | [3] | 1,700 | 1,154 |
Netting across contract types | [2],[3] | (17) | (15) |
Derivative contracts at fair value (liability) | [2],[3] | 1,683 | 1,139 |
Not designated as hedging instrument | Accrued expenses and other liabilities | Equity contracts | |||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | |||
Liability Derivatives, Gross | [3] | 1,676 | 1,104 |
Not designated as hedging instrument | Accrued expenses and other liabilities | Credit contracts | |||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | |||
Liability Derivatives, Gross | [3] | 7 | 39 |
Not designated as hedging instrument | Accrued expenses and other liabilities | Commodity contracts | |||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | |||
Liability Derivatives, Gross | [3] | 17 | 11 |
Investment Segment | |||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | |||
Collateral for derivative positions | $ 818 | $ 634 | |
[1] | Net asset derivatives are located within other assets in our condensed consolidated balance sheets. | ||
[2] | Excludes netting of cash collateral received and posted. The total collateral posted at September 30, 2017 and December 31, 2016 was $818 million and $634 million, respectively, across all counterparties, which are included in cash held at consolidated affiliated partnerships and restricted cash on the condensed consolidated balance sheets. | ||
[3] | Net liability derivatives are located within accrued expenses and other liabilities in our condensed consolidated balance sheets. |
Financial Instruments Gain (Los
Financial Instruments Gain (Loss) Recognized on Derivatives Not Designated as Hedging Table (Details) - Net gain from investment activities - Not designated as hedging instrument - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (loss) on derivatives not designated as hedging instruments recognized in income | [1] | $ (385) | $ (467) | $ (1,253) | $ (1,088) |
Equity contracts | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (loss) on derivatives not designated as hedging instruments recognized in income | [1] | (350) | (448) | (1,185) | (1,106) |
Foreign exchange contracts | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (loss) on derivatives not designated as hedging instruments recognized in income | [1] | 0 | (7) | 0 | (21) |
Credit contracts | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (loss) on derivatives not designated as hedging instruments recognized in income | [1] | (15) | (44) | (32) | 87 |
Interest rate contracts | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (loss) on derivatives not designated as hedging instruments recognized in income | [1] | 0 | 0 | 0 | (12) |
Commodity contracts | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (loss) on derivatives not designated as hedging instruments recognized in income | [1] | $ (20) | $ 32 | $ (36) | $ (36) |
[1] | Gains (losses) recognized on derivatives are classified in net gain (loss) from investment activities in our condensed consolidated statements of operations for our Investment segment and are included in other income (loss), net for all other segments. |
Financial Instruments Derivat53
Financial Instruments Derivative Activities Table (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 | |
Equity contracts | |||
Derivative [Line Items] | |||
Long Notional Exposure | $ 183 | $ 112 | |
Short Notional Exposure | 12,376 | 14,094 | |
Credit contracts | |||
Derivative [Line Items] | |||
Long Notional Exposure | [1] | 0 | 202 |
Short Notional Exposure | [1] | 326 | 472 |
Notional value of interest rate swap agreements | 1,900 | 2,600 | |
Commodity contracts | |||
Derivative [Line Items] | |||
Long Notional Exposure | 20 | 16 | |
Short Notional Exposure | $ 1,247 | $ 754 | |
[1] | The short notional amount on our credit default swap positions was approximately $1.9 billion and $2.6 billion as of September 30, 2017 and December 31, 2016, respectively. However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is $326 million and $472 million as of September 30, 2017 and December 31, 2016, respectively. |
Financial Instruments Non-Deriv
Financial Instruments Non-Derivative Financial Instruments Designated as Hedging (Details) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2017USD ($) | Sep. 30, 2017USD ($) | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Debt designated as net investment in foreign operations | $ 890 | $ 890 |
Gain (loss) recognized in AOCI | $ (25) | $ (71) |
Inventories, Net (Details)
Inventories, Net (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Inventory, Net [Abstract] | ||
Raw materials | $ 523 | $ 483 |
Work in process | 343 | 299 |
Finished goods | 2,390 | 2,201 |
Inventory, net | $ 3,256 | $ 2,983 |
Goodwill and Intangible Asset56
Goodwill and Intangible Assets, Net Goodwill Table (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Goodwill [Line Items] | ||
Gross carrying amount of goodwill | $ 1,736 | $ 1,673 |
Accumulated impairment of goodwill | (537) | (537) |
Net carrying amount of goodwill | 1,199 | 1,136 |
Automotive Segment | ||
Goodwill [Line Items] | ||
Gross carrying amount of goodwill | 1,723 | 1,662 |
Accumulated impairment of goodwill | (537) | (537) |
Net carrying amount of goodwill | 1,186 | 1,125 |
Railcar Segment | ||
Goodwill [Line Items] | ||
Gross carrying amount of goodwill | 7 | 7 |
Accumulated impairment of goodwill | 0 | 0 |
Net carrying amount of goodwill | 7 | 7 |
Food Packaging Segment | ||
Goodwill [Line Items] | ||
Gross carrying amount of goodwill | 6 | 4 |
Accumulated impairment of goodwill | 0 | 0 |
Net carrying amount of goodwill | $ 6 | $ 4 |
Goodwill and Intangible Asset57
Goodwill and Intangible Assets, Net Definite-lived and Indefinite-lived Intangible Assets Table (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Definite-lived intangible assets: [Abstract] | ||
Gross carrying amount of definite-lived intangible assets | $ 1,496 | $ 1,466 |
Accumulated amortization of definite-lived intangible assets | (768) | (692) |
Net carrying amount of definite-lived intangible assets | 728 | 774 |
Indefinite-lived intangible assets: [Abstract] | ||
Net carrying amount of indefinite-lived intangible assets | 344 | 342 |
Intangible assets, net | 1,072 | 1,116 |
Trademarks and brand names | ||
Indefinite-lived intangible assets: [Abstract] | ||
Net carrying amount of indefinite-lived intangible assets | 307 | 305 |
Gaming licenses | ||
Indefinite-lived intangible assets: [Abstract] | ||
Net carrying amount of indefinite-lived intangible assets | 37 | 37 |
Customer relationships | ||
Definite-lived intangible assets: [Abstract] | ||
Gross carrying amount of definite-lived intangible assets | 1,082 | 1,059 |
Accumulated amortization of definite-lived intangible assets | (521) | (471) |
Net carrying amount of definite-lived intangible assets | 561 | 588 |
Developed technology | ||
Definite-lived intangible assets: [Abstract] | ||
Gross carrying amount of definite-lived intangible assets | 143 | 142 |
Accumulated amortization of definite-lived intangible assets | (114) | (104) |
Net carrying amount of definite-lived intangible assets | 29 | 38 |
In-place leases | ||
Definite-lived intangible assets: [Abstract] | ||
Gross carrying amount of definite-lived intangible assets | 121 | 121 |
Accumulated amortization of definite-lived intangible assets | (90) | (83) |
Net carrying amount of definite-lived intangible assets | 31 | 38 |
Gasification technology license | ||
Definite-lived intangible assets: [Abstract] | ||
Gross carrying amount of definite-lived intangible assets | 60 | 60 |
Accumulated amortization of definite-lived intangible assets | (13) | (11) |
Net carrying amount of definite-lived intangible assets | 47 | 49 |
Other | ||
Definite-lived intangible assets: [Abstract] | ||
Gross carrying amount of definite-lived intangible assets | 90 | 84 |
Accumulated amortization of definite-lived intangible assets | (30) | (23) |
Net carrying amount of definite-lived intangible assets | $ 60 | $ 61 |
Goodwill and Intangible Asset58
Goodwill and Intangible Assets, Net Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Goodwill and Intangible Assets [Line Items] | ||||
Amortization expense associated with definite-lived intangible assets | $ 26 | $ 23 | $ 75 | $ 72 |
Automotive Segment | ||||
Goodwill and Intangible Assets [Line Items] | ||||
Allocations to goodwill from business combinations | 47 | |||
Food Packaging Segment | ||||
Goodwill and Intangible Assets [Line Items] | ||||
Allocations to goodwill from business combinations | 2 | |||
Definite-lived intangible assets from business combinations | $ 25 | |||
Nonrecurring measurement | Energy Segment | ||||
Goodwill and Intangible Assets [Line Items] | ||||
Impairment of goodwill | $ 574 | |||
Minimum [Member] | Food Packaging Segment | ||||
Goodwill and Intangible Assets [Line Items] | ||||
Weighted average useful life of definite-lived intangible assets from business combinations (in years) | 12 years | |||
Maximum [Member] | Food Packaging Segment | ||||
Goodwill and Intangible Assets [Line Items] | ||||
Weighted average useful life of definite-lived intangible assets from business combinations (in years) | 18 years |
Debt (Details)
Debt (Details) € in Millions, $ in Millions | Jun. 29, 2017USD ($) | Mar. 30, 2017USD ($) | Jan. 18, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 29, 2017EUR (€) | Mar. 30, 2017EUR (€) |
Automotive Segment | ||||||
Debt Instrument [Line Items] | ||||||
Loss on extinguishment of debt | $ (4) | |||||
6.25% senior unsecured notes due 2022 - Icahn Enterprises/Icahn Enterprises Holdings | Holding Company | ||||||
Debt Instrument [Line Items] | ||||||
Debt face amount | $ 695 | |||||
Interest rate on debt | 6.25% | |||||
6.75% senior unsecured notes due 2024 - Icahn Enterprises/Icahn Enterprises Holdings | Holding Company | ||||||
Debt Instrument [Line Items] | ||||||
Debt face amount | $ 500 | |||||
Interest rate on debt | 6.75% | |||||
New 2022 and 2024 Notes | Holding Company | ||||||
Debt Instrument [Line Items] | ||||||
Proceeds from issuance of debt | $ 1,190 | |||||
Federal-Mogul 2022 Notes | Automotive Segment | ||||||
Debt Instrument [Line Items] | ||||||
Debt face amount | € | € 415 | |||||
Interest rate on debt | 4.875% | |||||
Federal-Mogul 2024 Notes | Automotive Segment | ||||||
Debt Instrument [Line Items] | ||||||
Debt face amount | € | € 350 | € 300 | ||||
Interest rate on debt | 5.00% | |||||
Federal-Mogul 2022 and 2024 Notes | Automotive Segment | ||||||
Debt Instrument [Line Items] | ||||||
Proceeds from issuance of debt | $ 395 | $ 776 |
Pensions, Other Post-retireme60
Pensions, Other Post-retirement Benefits and Employee Benefit Plans (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Pension Benefits | ||||
Net Periodic Benefit Cost [Line Items] | ||||
Service cost | $ 4 | $ 5 | $ 13 | $ 13 |
Interest cost | 16 | 17 | 47 | 51 |
Expected return on plan assets | (15) | (14) | (43) | (43) |
Amortization of actuarial losses | 9 | 6 | 20 | 17 |
Amortization of prior service credit | 0 | 0 | 0 | 0 |
Net periodic benefit cost | 14 | 14 | 37 | 38 |
Other Post-Retirement Benefits | ||||
Net Periodic Benefit Cost [Line Items] | ||||
Service cost | 0 | 0 | 0 | 0 |
Interest cost | 4 | 3 | 9 | 9 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of actuarial losses | 0 | 1 | 0 | 2 |
Amortization of prior service credit | (2) | (1) | (3) | (3) |
Net periodic benefit cost | $ 2 | $ 3 | $ 6 | $ 8 |
Net Income Per LP Unit (Details
Net Income Per LP Unit (Details) - USD ($) $ / shares in Units, $ in Millions | Sep. 15, 2017 | Aug. 02, 2017 | Jun. 13, 2017 | May 03, 2017 | Apr. 18, 2017 | Feb. 27, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 |
Earnings Per LP Unit [Line Items] | ||||||||||
Net income (loss) attributable to Icahn Enterprises | $ 597 | $ (16) | $ 2,132 | $ (922) | ||||||
Net income (loss) attributable to Icahn Enterprises allocable to limited partners (98.01% allocation) | $ 586 | $ (16) | $ 2,090 | $ (904) | ||||||
Basic income (loss) per LP unit | $ 3.53 | $ (0.12) | $ 13.23 | $ (6.70) | ||||||
Basic weighted average LP units outstanding | 166,000,000 | 139,000,000 | 158,000,000 | 135,000,000 | ||||||
Diluted income (loss) per LP unit | $ 3.53 | $ (0.12) | $ 13.23 | $ (6.70) | ||||||
Diluted weighted average LP units outstanding | 166,000,000 | 139,000,000 | 158,000,000 | 135,000,000 | ||||||
Units issued in connection with rights offering (number of units) | 11,171,104 | |||||||||
Units issued in connection with rights offering (value) | $ 600 | |||||||||
Distribution declared per LP unit | $ 1.50 | $ 1.50 | $ 1.50 | |||||||
Units distributed to LP unitholders | 4,272,982 | 4,556,977 | 4,335,685 | |||||||
Restricted units vested during period (number of units) | 2,388 | 5,418 | ||||||||
Mr. Icahn and affiliates | ||||||||||
Earnings Per LP Unit [Line Items] | ||||||||||
Units issued in connection with rights offering (number of units) | 10,525,105 |
Condensed Statement of Operatio
Condensed Statement of Operations By Reporting Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | ||
Revenues: | |||||
Net sales | $ 4,292 | $ 3,904 | $ 12,893 | $ 11,546 | |
Other revenues from operations | 427 | 537 | 1,389 | 1,506 | |
Net gain from investment activities | 420 | 418 | 604 | (826) | |
Interest and dividend income | 37 | 27 | 99 | 97 | |
Gain (loss) on disposition of assets, net | 446 | (1) | 1,966 | 10 | |
Other income, net | 58 | 14 | 60 | 43 | |
Total Revenues | 5,680 | 4,899 | 17,011 | 12,376 | |
Expenses: | |||||
Cost of goods sold | 3,679 | 3,378 | 11,094 | 9,949 | |
Other expenses from operations | 254 | 342 | 786 | 902 | |
Selling, general and administrative | 633 | 603 | 1,883 | 1,736 | |
Restructuring, net | 5 | 8 | 14 | 29 | |
Impairment | 5 | 93 | 82 | 670 | |
Interest expense | 207 | 222 | 648 | 665 | |
Total Expenses | 4,783 | 4,646 | 14,507 | 13,951 | |
Income (loss) before income tax benefit (expense) | 897 | 253 | 2,504 | (1,575) | |
Income tax expense | (68) | (15) | (110) | (81) | |
Net income (loss) | 829 | 238 | 2,394 | (1,656) | |
Less: net income (loss) attributable to non-controlling interests | 232 | 254 | 262 | (734) | |
Net income (loss) attributable to Icahn Enterprises | 597 | (16) | 2,132 | (922) | |
Supplemental Income Statement Elements [Abstract] | |||||
Capital expenditures | 222 | 194 | 692 | 615 | |
Depreciation and amortization(1) | [1] | 251 | 258 | 746 | 739 |
Amortization included in interest expense | 4 | 6 | 13 | 14 | |
Investment Segment | |||||
Revenues: | |||||
Net sales | 0 | 0 | 0 | 0 | |
Other revenues from operations | 0 | 0 | 0 | 0 | |
Net gain from investment activities | 386 | 412 | 552 | (841) | |
Interest and dividend income | 27 | 24 | 80 | 84 | |
Gain (loss) on disposition of assets, net | 0 | 0 | 0 | 0 | |
Other income, net | (9) | (1) | (50) | (3) | |
Total Revenues | 404 | 435 | 582 | (760) | |
Expenses: | |||||
Cost of goods sold | 0 | 0 | 0 | 0 | |
Other expenses from operations | 0 | 0 | 0 | 0 | |
Selling, general and administrative | 3 | 21 | 8 | 28 | |
Restructuring, net | 0 | 0 | 0 | 0 | |
Impairment | 0 | 0 | 0 | 0 | |
Interest expense | 42 | 52 | 134 | 184 | |
Total Expenses | 45 | 73 | 142 | 212 | |
Income (loss) before income tax benefit (expense) | 359 | 362 | 440 | (972) | |
Income tax expense | 0 | 0 | 0 | 0 | |
Net income (loss) | 359 | 362 | 440 | (972) | |
Less: net income (loss) attributable to non-controlling interests | 221 | 251 | 228 | (526) | |
Net income (loss) attributable to Icahn Enterprises | 138 | 111 | 212 | (446) | |
Supplemental Income Statement Elements [Abstract] | |||||
Capital expenditures | 0 | 0 | 0 | 0 | |
Depreciation and amortization(1) | [1] | 0 | 0 | 0 | 0 |
Automotive Segment | |||||
Revenues: | |||||
Net sales | 2,493 | 2,346 | 7,488 | 7,140 | |
Other revenues from operations | 96 | 116 | 329 | 314 | |
Net gain from investment activities | 0 | 0 | 0 | 0 | |
Interest and dividend income | 3 | 0 | 4 | 2 | |
Gain (loss) on disposition of assets, net | 1 | (1) | 4 | 8 | |
Other income, net | 15 | 15 | 45 | 52 | |
Total Revenues | 2,608 | 2,476 | 7,870 | 7,516 | |
Expenses: | |||||
Cost of goods sold | 2,022 | 1,899 | 6,045 | 5,797 | |
Other expenses from operations | 107 | 122 | 326 | 323 | |
Selling, general and administrative | 455 | 382 | 1,320 | 1,131 | |
Restructuring, net | 4 | 7 | 11 | 28 | |
Impairment | 4 | 1 | 12 | 4 | |
Interest expense | 42 | 41 | 124 | 118 | |
Total Expenses | 2,634 | 2,452 | 7,838 | 7,401 | |
Income (loss) before income tax benefit (expense) | (26) | 24 | 32 | 115 | |
Income tax expense | (19) | (9) | (537) | 12 | |
Net income (loss) | (7) | 33 | 569 | 103 | |
Less: net income (loss) attributable to non-controlling interests | 2 | 4 | 8 | 18 | |
Net income (loss) attributable to Icahn Enterprises | (9) | 29 | 561 | 85 | |
Supplemental Income Statement Elements [Abstract] | |||||
Capital expenditures | 113 | 98 | 333 | 306 | |
Depreciation and amortization(1) | [1] | 128 | 120 | 375 | 337 |
Energy Segment | |||||
Revenues: | |||||
Net sales | 1,453 | 1,240 | 4,395 | 3,429 | |
Other revenues from operations | 0 | 0 | 0 | 0 | |
Net gain from investment activities | 0 | 5 | 0 | 5 | |
Interest and dividend income | 1 | 1 | 1 | 1 | |
Gain (loss) on disposition of assets, net | (1) | (1) | (2) | (1) | |
Other income, net | (16) | (1) | (3) | (9) | |
Total Revenues | 1,437 | 1,244 | 4,391 | 3,425 | |
Expenses: | |||||
Cost of goods sold | 1,356 | 1,195 | 4,191 | 3,297 | |
Other expenses from operations | 0 | 0 | 0 | 0 | |
Selling, general and administrative | 35 | 35 | 105 | 103 | |
Restructuring, net | 0 | 0 | 0 | 0 | |
Impairment | 0 | 0 | 0 | 574 | |
Interest expense | 28 | 26 | 82 | 56 | |
Total Expenses | 1,419 | 1,256 | 4,378 | 4,030 | |
Income (loss) before income tax benefit (expense) | 18 | (12) | 13 | (605) | |
Income tax expense | 2 | (4) | (2) | (17) | |
Net income (loss) | 16 | (8) | 15 | (588) | |
Less: net income (loss) attributable to non-controlling interests | (2) | (10) | (7) | (259) | |
Net income (loss) attributable to Icahn Enterprises | 18 | 2 | 22 | (329) | |
Supplemental Income Statement Elements [Abstract] | |||||
Capital expenditures | 23 | 23 | 80 | 106 | |
Depreciation and amortization(1) | [1] | 70 | 68 | 208 | 191 |
Railcar Segment | |||||
Revenues: | |||||
Net sales | 68 | 94 | 184 | 315 | |
Other revenues from operations | 66 | 133 | 320 | 398 | |
Net gain from investment activities | 0 | 0 | 2 | 0 | |
Interest and dividend income | 1 | 0 | 2 | 2 | |
Gain (loss) on disposition of assets, net | (10) | 1 | 1,511 | 1 | |
Other income, net | 1 | 0 | 2 | 3 | |
Total Revenues | 126 | 228 | 2,021 | 719 | |
Expenses: | |||||
Cost of goods sold | 65 | 86 | 170 | 270 | |
Other expenses from operations | 25 | 80 | 107 | 186 | |
Selling, general and administrative | 9 | 10 | 38 | 32 | |
Restructuring, net | 0 | 0 | 0 | 0 | |
Impairment | 1 | 0 | 68 | 0 | |
Interest expense | 5 | 22 | 39 | 66 | |
Total Expenses | 105 | 198 | 422 | 554 | |
Income (loss) before income tax benefit (expense) | 21 | 30 | 1,599 | 165 | |
Income tax expense | 6 | 9 | 525 | 42 | |
Net income (loss) | 15 | 21 | 1,074 | 123 | |
Less: net income (loss) attributable to non-controlling interests | 3 | 3 | 11 | 25 | |
Net income (loss) attributable to Icahn Enterprises | 12 | 18 | 1,063 | 98 | |
Supplemental Income Statement Elements [Abstract] | |||||
Capital expenditures | 30 | 42 | 139 | 104 | |
Depreciation and amortization(1) | [1] | 15 | 35 | 51 | 103 |
Gaming Segment | |||||
Revenues: | |||||
Net sales | 0 | 0 | 0 | 0 | |
Other revenues from operations | 246 | 268 | 685 | 740 | |
Net gain from investment activities | 0 | 0 | 0 | 0 | |
Interest and dividend income | 0 | 0 | 1 | 0 | |
Gain (loss) on disposition of assets, net | 0 | 0 | (3) | 0 | |
Other income, net | 60 | 3 | 61 | 3 | |
Total Revenues | 306 | 271 | 744 | 743 | |
Expenses: | |||||
Cost of goods sold | 0 | 0 | 0 | 0 | |
Other expenses from operations | 109 | 127 | 317 | 358 | |
Selling, general and administrative | 87 | 118 | 280 | 329 | |
Restructuring, net | 0 | 0 | 0 | 0 | |
Impairment | 0 | 92 | 0 | 92 | |
Interest expense | 3 | 3 | 9 | 9 | |
Total Expenses | 199 | 340 | 606 | 788 | |
Income (loss) before income tax benefit (expense) | 107 | (69) | 138 | (45) | |
Income tax expense | 27 | 14 | 48 | 24 | |
Net income (loss) | 80 | (83) | 90 | (69) | |
Less: net income (loss) attributable to non-controlling interests | 7 | 6 | 18 | 11 | |
Net income (loss) attributable to Icahn Enterprises | 73 | (89) | 72 | (80) | |
Supplemental Income Statement Elements [Abstract] | |||||
Capital expenditures | 30 | 15 | 83 | 63 | |
Depreciation and amortization(1) | [1] | 19 | 18 | 54 | 53 |
Metals Segment | |||||
Revenues: | |||||
Net sales | 110 | 72 | 315 | 206 | |
Other revenues from operations | 0 | 0 | 0 | 0 | |
Net gain from investment activities | 0 | 0 | 0 | 0 | |
Interest and dividend income | 0 | 0 | 0 | 0 | |
Gain (loss) on disposition of assets, net | 0 | 0 | 0 | 1 | |
Other income, net | (1) | 0 | (1) | 0 | |
Total Revenues | 109 | 72 | 314 | 207 | |
Expenses: | |||||
Cost of goods sold | 105 | 78 | 299 | 217 | |
Other expenses from operations | 0 | 0 | 0 | 0 | |
Selling, general and administrative | 5 | 4 | 14 | 14 | |
Restructuring, net | 0 | 1 | 0 | 1 | |
Impairment | 0 | 0 | 0 | 0 | |
Interest expense | 0 | 0 | 0 | 0 | |
Total Expenses | 110 | 83 | 313 | 232 | |
Income (loss) before income tax benefit (expense) | (1) | (11) | 1 | (25) | |
Income tax expense | (2) | (5) | (3) | (12) | |
Net income (loss) | 1 | (6) | 4 | (13) | |
Less: net income (loss) attributable to non-controlling interests | 0 | 0 | 0 | 0 | |
Net income (loss) attributable to Icahn Enterprises | 1 | (6) | 4 | (13) | |
Supplemental Income Statement Elements [Abstract] | |||||
Capital expenditures | 1 | 1 | 4 | 3 | |
Depreciation and amortization(1) | [1] | 5 | 6 | 15 | 17 |
Mining segment | |||||
Revenues: | |||||
Net sales | 21 | 18 | 76 | 49 | |
Other revenues from operations | 0 | 0 | 0 | 0 | |
Net gain from investment activities | 0 | 0 | 0 | 0 | |
Interest and dividend income | 0 | 0 | 1 | 1 | |
Gain (loss) on disposition of assets, net | 0 | 0 | 0 | 0 | |
Other income, net | (2) | (1) | (3) | (9) | |
Total Revenues | 19 | 17 | 74 | 41 | |
Expenses: | |||||
Cost of goods sold | 15 | 13 | 45 | 43 | |
Other expenses from operations | 0 | 0 | 0 | 0 | |
Selling, general and administrative | 4 | 4 | 12 | 12 | |
Restructuring, net | 0 | 0 | 0 | 0 | |
Impairment | 0 | 0 | 0 | 0 | |
Interest expense | 2 | 2 | 5 | 5 | |
Total Expenses | 21 | 19 | 62 | 60 | |
Income (loss) before income tax benefit (expense) | (2) | (2) | 12 | (19) | |
Income tax expense | 0 | 1 | 2 | 2 | |
Net income (loss) | (2) | (3) | 10 | (21) | |
Less: net income (loss) attributable to non-controlling interests | 0 | (1) | 2 | (5) | |
Net income (loss) attributable to Icahn Enterprises | (2) | (2) | 8 | (16) | |
Supplemental Income Statement Elements [Abstract] | |||||
Capital expenditures | 10 | 7 | 27 | 12 | |
Depreciation and amortization(1) | [1] | 2 | 2 | 4 | 3 |
Food Packaging Segment | |||||
Revenues: | |||||
Net sales | 99 | 81 | 288 | 243 | |
Other revenues from operations | 0 | 0 | 0 | 0 | |
Net gain from investment activities | 0 | 0 | 0 | 0 | |
Interest and dividend income | 0 | 0 | 0 | 0 | |
Gain (loss) on disposition of assets, net | 0 | 0 | 0 | 0 | |
Other income, net | 4 | (1) | 3 | 4 | |
Total Revenues | 103 | 80 | 291 | 247 | |
Expenses: | |||||
Cost of goods sold | 75 | 61 | 218 | 185 | |
Other expenses from operations | 0 | 0 | 0 | 0 | |
Selling, general and administrative | 14 | 12 | 47 | 39 | |
Restructuring, net | 1 | 0 | 3 | 0 | |
Impairment | 0 | 0 | 0 | 0 | |
Interest expense | 3 | 4 | 10 | 10 | |
Total Expenses | 93 | 77 | 278 | 234 | |
Income (loss) before income tax benefit (expense) | 10 | 3 | 13 | 13 | |
Income tax expense | 4 | 1 | 5 | 5 | |
Net income (loss) | 6 | 2 | 8 | 8 | |
Less: net income (loss) attributable to non-controlling interests | 1 | 1 | 2 | 2 | |
Net income (loss) attributable to Icahn Enterprises | 5 | 1 | 6 | 6 | |
Supplemental Income Statement Elements [Abstract] | |||||
Capital expenditures | 6 | 5 | 15 | 11 | |
Depreciation and amortization(1) | [1] | 5 | 4 | 18 | 15 |
Real Estate Segment | |||||
Revenues: | |||||
Net sales | 2 | 5 | 9 | 13 | |
Other revenues from operations | 19 | 20 | 55 | 54 | |
Net gain from investment activities | 0 | 0 | 0 | 0 | |
Interest and dividend income | 2 | 0 | 2 | 0 | |
Gain (loss) on disposition of assets, net | 456 | 0 | 456 | 1 | |
Other income, net | 1 | 0 | 1 | 0 | |
Total Revenues | 480 | 25 | 523 | 68 | |
Expenses: | |||||
Cost of goods sold | 2 | 4 | 7 | 10 | |
Other expenses from operations | 13 | 13 | 36 | 35 | |
Selling, general and administrative | 2 | 4 | 8 | 9 | |
Restructuring, net | 0 | 0 | 0 | 0 | |
Impairment | 0 | 0 | 2 | 0 | |
Interest expense | 0 | 0 | 1 | 1 | |
Total Expenses | 17 | 21 | 54 | 55 | |
Income (loss) before income tax benefit (expense) | 463 | 4 | 469 | 13 | |
Income tax expense | 0 | 0 | 0 | 0 | |
Net income (loss) | 463 | 4 | 469 | 13 | |
Less: net income (loss) attributable to non-controlling interests | 0 | 0 | 0 | 0 | |
Net income (loss) attributable to Icahn Enterprises | 463 | 4 | 469 | 13 | |
Supplemental Income Statement Elements [Abstract] | |||||
Capital expenditures | 7 | 0 | 7 | 0 | |
Depreciation and amortization(1) | [1] | 5 | 4 | 15 | 15 |
Home Fashion Segment | |||||
Revenues: | |||||
Net sales | 46 | 48 | 138 | 151 | |
Other revenues from operations | 0 | 0 | 0 | 0 | |
Net gain from investment activities | 0 | 0 | 0 | 0 | |
Interest and dividend income | 0 | 0 | 0 | 0 | |
Gain (loss) on disposition of assets, net | 0 | 0 | 0 | 0 | |
Other income, net | 0 | 0 | 0 | 1 | |
Total Revenues | 46 | 48 | 138 | 152 | |
Expenses: | |||||
Cost of goods sold | 39 | 42 | 119 | 130 | |
Other expenses from operations | 0 | 0 | 0 | 0 | |
Selling, general and administrative | 11 | 10 | 30 | 28 | |
Restructuring, net | 0 | 0 | 0 | 0 | |
Impairment | 0 | 0 | 0 | 0 | |
Interest expense | 0 | 0 | 0 | 0 | |
Total Expenses | 50 | 52 | 149 | 158 | |
Income (loss) before income tax benefit (expense) | (4) | (4) | (11) | (6) | |
Income tax expense | 0 | 0 | 0 | 0 | |
Net income (loss) | (4) | (4) | (11) | (6) | |
Less: net income (loss) attributable to non-controlling interests | 0 | 0 | 0 | 0 | |
Net income (loss) attributable to Icahn Enterprises | (4) | (4) | (11) | (6) | |
Supplemental Income Statement Elements [Abstract] | |||||
Capital expenditures | 2 | 3 | 4 | 10 | |
Depreciation and amortization(1) | [1] | 2 | 1 | 6 | 5 |
Holding Company | |||||
Revenues: | |||||
Net sales | 0 | 0 | 0 | 0 | |
Other revenues from operations | 0 | 0 | 0 | 0 | |
Net gain from investment activities | 34 | 1 | 50 | 10 | |
Interest and dividend income | 3 | 2 | 8 | 7 | |
Gain (loss) on disposition of assets, net | 0 | 0 | 0 | 0 | |
Other income, net | 5 | 0 | 5 | 1 | |
Total Revenues | 42 | 3 | 63 | 18 | |
Expenses: | |||||
Cost of goods sold | 0 | 0 | 0 | 0 | |
Other expenses from operations | 0 | 0 | 0 | 0 | |
Selling, general and administrative | 8 | 3 | 21 | 11 | |
Restructuring, net | 0 | 0 | 0 | 0 | |
Impairment | 0 | 0 | 0 | 0 | |
Interest expense | 82 | 72 | 244 | 216 | |
Total Expenses | 90 | 75 | 265 | 227 | |
Income (loss) before income tax benefit (expense) | (48) | (72) | (202) | (209) | |
Income tax expense | 50 | 8 | 72 | 25 | |
Net income (loss) | (98) | (80) | (274) | (234) | |
Less: net income (loss) attributable to non-controlling interests | 0 | 0 | 0 | 0 | |
Net income (loss) attributable to Icahn Enterprises | (98) | (80) | (274) | (234) | |
Supplemental Income Statement Elements [Abstract] | |||||
Capital expenditures | 0 | 0 | 0 | 0 | |
Depreciation and amortization(1) | [1] | $ 0 | $ 0 | $ 0 | $ 0 |
[1] | Excludes amounts related to the amortization of deferred financing costs and debt discounts and premiums included in interest expense in the amounts of $4 million and $6 million for the three months ended September 30, 2017 and 2016, respectively, and $13 million and $14 million for the nine months ended September 30, 2017 and 2016, respectively. |
Condensed Balance Sheets By Rep
Condensed Balance Sheets By Reporting Segment (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2015 |
ASSETS | ||||
Cash and cash equivalents | $ 2,038 | $ 1,833 | $ 2,002 | $ 2,078 |
Cash held at consolidated affiliated partnerships and restricted cash | 999 | 804 | ||
Investments | 9,748 | 9,881 | ||
Accounts receivable, net | 1,853 | 1,609 | ||
Inventories, net | 3,256 | 2,983 | ||
Property, plant and equipment, net | 9,631 | 10,122 | ||
Goodwill and intangible assets, net | 2,271 | 2,252 | ||
Other assets | 3,021 | 3,887 | ||
Total assets | 32,817 | 33,371 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 7,350 | 8,191 | ||
Securities sold, not yet purchased, at fair value | 1,258 | 1,139 | ||
Due to brokers | 603 | 3,725 | ||
Post-retirement benefit liability | 1,210 | 1,180 | ||
Debt | 11,198 | 11,119 | ||
Total liabilities | 21,619 | 25,354 | ||
Equity attributable to Icahn Enterprises | 4,784 | 2,154 | ||
Equity attributable to non-controlling interests | 6,414 | 5,863 | ||
Total equity | 11,198 | 8,017 | $ 8,798 | $ 10,033 |
Total liabilities and equity | 32,817 | 33,371 | ||
Investment Segment | ||||
ASSETS | ||||
Cash and cash equivalents | 17 | 13 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 951 | 752 | ||
Investments | 9,016 | 9,213 | ||
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 | 1,026 | 1,518 | ||
Total assets | 11,010 | 11,496 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 1,712 | 1,236 | ||
Securities sold, not yet purchased, at fair value | 1,258 | 1,139 | ||
Due to brokers | 603 | 3,725 | ||
Post-retirement benefit liability | 0 | 0 | ||
Debt | 0 | 0 | ||
Total liabilities | 3,573 | 6,100 | ||
Equity attributable to Icahn Enterprises | 2,882 | 1,669 | ||
Equity attributable to non-controlling interests | 4,555 | 3,727 | ||
Total equity | 7,437 | 5,396 | ||
Total liabilities and equity | 11,010 | 11,496 | ||
Automotive Segment | ||||
ASSETS | ||||
Cash and cash equivalents | 366 | 353 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 0 | 2 | ||
Investments | 302 | 270 | ||
Accounts receivable, net | 1,477 | 1,270 | ||
Inventories, net | 2,618 | 2,353 | ||
Property, plant and equipment, net | 3,453 | 3,302 | ||
Goodwill and intangible assets, net | 1,817 | 1,801 | ||
Other assets | 618 | 504 | ||
Total assets | 10,651 | 9,855 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 3,066 | 2,870 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Due to brokers | 0 | 0 | ||
Post-retirement benefit liability | 1,127 | 1,113 | ||
Debt | 3,451 | 3,259 | ||
Total liabilities | 7,644 | 7,242 | ||
Equity attributable to Icahn Enterprises | 2,852 | 2,292 | ||
Equity attributable to non-controlling interests | 155 | 321 | ||
Total equity | 3,007 | 2,613 | ||
Total liabilities and equity | 10,651 | 9,855 | ||
Energy Segment | ||||
ASSETS | ||||
Cash and cash equivalents | 849 | 736 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 0 | 0 | ||
Investments | 6 | 6 | ||
Accounts receivable, net | 143 | 152 | ||
Inventories, net | 340 | 349 | ||
Property, plant and equipment, net | 3,239 | 3,358 | ||
Goodwill and intangible assets, net | 303 | 318 | ||
Other assets | 67 | 94 | ||
Total assets | 4,947 | 5,013 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 1,532 | 1,474 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Due to brokers | 0 | 0 | ||
Post-retirement benefit liability | 0 | 0 | ||
Debt | 1,166 | 1,165 | ||
Total liabilities | 2,698 | 2,639 | ||
Equity attributable to Icahn Enterprises | 941 | 1,034 | ||
Equity attributable to non-controlling interests | 1,308 | 1,340 | ||
Total equity | 2,249 | 2,374 | ||
Total liabilities and equity | 4,947 | 5,013 | ||
Railcar Segment | ||||
ASSETS | ||||
Cash and cash equivalents | 106 | 179 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 19 | 19 | ||
Investments | 24 | 35 | ||
Accounts receivable, net | 34 | 40 | ||
Inventories, net | 73 | 75 | ||
Property, plant and equipment, net | 1,180 | 1,567 | ||
Goodwill and intangible assets, net | 7 | 7 | ||
Other assets | 467 | 1,410 | ||
Total assets | 1,910 | 3,332 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 351 | 2,100 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Due to brokers | 0 | 0 | ||
Post-retirement benefit liability | 9 | 9 | ||
Debt | 552 | 571 | ||
Total liabilities | 912 | 2,680 | ||
Equity attributable to Icahn Enterprises | 787 | 444 | ||
Equity attributable to non-controlling interests | 211 | 208 | ||
Total equity | 998 | 652 | ||
Total liabilities and equity | 1,910 | 3,332 | ||
Gaming Segment | ||||
ASSETS | ||||
Cash and cash equivalents | 125 | 244 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 15 | 15 | ||
Investments | 27 | 33 | ||
Accounts receivable, net | 11 | 12 | ||
Inventories, net | 0 | 0 | ||
Property, plant and equipment, net | 800 | 814 | ||
Goodwill and intangible assets, net | 74 | 75 | ||
Other assets | 281 | 209 | ||
Total assets | 1,333 | 1,402 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 187 | 153 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Due to brokers | 0 | 0 | ||
Post-retirement benefit liability | 0 | 0 | ||
Debt | 162 | 287 | ||
Total liabilities | 349 | 440 | ||
Equity attributable to Icahn Enterprises | 841 | 730 | ||
Equity attributable to non-controlling interests | 143 | 232 | ||
Total equity | 984 | 962 | ||
Total liabilities and equity | 1,333 | 1,402 | ||
Metals Segment | ||||
ASSETS | ||||
Cash and cash equivalents | 14 | 4 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 4 | 5 | ||
Investments | 0 | 0 | ||
Accounts receivable, net | 57 | 29 | ||
Inventories, net | 30 | 38 | ||
Property, plant and equipment, net | 89 | 100 | ||
Goodwill and intangible assets, net | 3 | 4 | ||
Other assets | 26 | 13 | ||
Total assets | 223 | 193 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 52 | 34 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Due to brokers | 0 | 0 | ||
Post-retirement benefit liability | 2 | 2 | ||
Debt | 0 | 2 | ||
Total liabilities | 54 | 38 | ||
Equity attributable to Icahn Enterprises | 169 | 155 | ||
Equity attributable to non-controlling interests | 0 | 0 | ||
Total equity | 169 | 155 | ||
Total liabilities and equity | 223 | 193 | ||
Mining segment | ||||
ASSETS | ||||
Cash and cash equivalents | 17 | 14 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 0 | 0 | ||
Investments | 0 | 0 | ||
Accounts receivable, net | 8 | 5 | ||
Inventories, net | 26 | 25 | ||
Property, plant and equipment, net | 177 | 152 | ||
Goodwill and intangible assets, net | 0 | 0 | ||
Other assets | 23 | 23 | ||
Total assets | 251 | 219 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 46 | 38 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Due to brokers | 0 | 0 | ||
Post-retirement benefit liability | 0 | 0 | ||
Debt | 58 | 55 | ||
Total liabilities | 104 | 93 | ||
Equity attributable to Icahn Enterprises | 123 | 104 | ||
Equity attributable to non-controlling interests | 24 | 22 | ||
Total equity | 147 | 126 | ||
Total liabilities and equity | 251 | 219 | ||
Food Packaging Segment | ||||
ASSETS | ||||
Cash and cash equivalents | 18 | 39 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 2 | 2 | ||
Investments | 0 | 0 | ||
Accounts receivable, net | 78 | 63 | ||
Inventories, net | 93 | 72 | ||
Property, plant and equipment, net | 166 | 152 | ||
Goodwill and intangible assets, net | 36 | 8 | ||
Other assets | 106 | 92 | ||
Total assets | 499 | 428 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 96 | 69 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Due to brokers | 0 | 0 | ||
Post-retirement benefit liability | 72 | 56 | ||
Debt | 273 | 265 | ||
Total liabilities | 441 | 390 | ||
Equity attributable to Icahn Enterprises | 40 | 25 | ||
Equity attributable to non-controlling interests | 18 | 13 | ||
Total equity | 58 | 38 | ||
Total liabilities and equity | 499 | 428 | ||
Real Estate Segment | ||||
ASSETS | ||||
Cash and cash equivalents | 41 | 24 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 2 | 2 | ||
Investments | 0 | 0 | ||
Accounts receivable, net | 10 | 3 | ||
Inventories, net | 0 | 0 | ||
Property, plant and equipment, net | 454 | 602 | ||
Goodwill and intangible assets, net | 31 | 38 | ||
Other assets | 393 | 18 | ||
Total assets | 931 | 687 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 57 | 20 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Due to brokers | 0 | 0 | ||
Post-retirement benefit liability | 0 | 0 | ||
Debt | 23 | 25 | ||
Total liabilities | 80 | 45 | ||
Equity attributable to Icahn Enterprises | 851 | 642 | ||
Equity attributable to non-controlling interests | 0 | 0 | ||
Total equity | 851 | 642 | ||
Total liabilities and equity | 931 | 687 | ||
Home Fashion Segment | ||||
ASSETS | ||||
Cash and cash equivalents | 1 | 2 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 4 | 4 | ||
Investments | 0 | 0 | ||
Accounts receivable, net | 35 | 35 | ||
Inventories, net | 76 | 71 | ||
Property, plant and equipment, net | 73 | 75 | ||
Goodwill and intangible assets, net | 0 | 1 | ||
Other assets | 4 | 5 | ||
Total assets | 193 | 193 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 35 | 29 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Due to brokers | 0 | 0 | ||
Post-retirement benefit liability | 0 | 0 | ||
Debt | 5 | 0 | ||
Total liabilities | 40 | 29 | ||
Equity attributable to Icahn Enterprises | 153 | 164 | ||
Equity attributable to non-controlling interests | 0 | 0 | ||
Total equity | 153 | 164 | ||
Total liabilities and equity | 193 | 193 | ||
Holding Company | ||||
ASSETS | ||||
Cash and cash equivalents | 484 | 225 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 2 | 3 | ||
Investments | 373 | 324 | ||
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 | 10 | 1 | ||
Total assets | 869 | 553 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 216 | 168 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Due to brokers | 0 | 0 | ||
Post-retirement benefit liability | 0 | 0 | ||
Debt | 5,508 | 5,490 | ||
Total liabilities | 5,724 | 5,658 | ||
Equity attributable to Icahn Enterprises | (4,855) | (5,105) | ||
Equity attributable to non-controlling interests | 0 | 0 | ||
Total equity | (4,855) | (5,105) | ||
Total liabilities and equity | $ 869 | $ 553 |
Income Taxes Income Taxes (Deta
Income Taxes Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense | $ 68 | $ 15 | $ 110 | $ 81 |
Income (loss) before income tax expense | $ 897 | $ 253 | $ 2,504 | $ (1,575) |
Effective income tax rate | 7.60% | 5.90% | 4.40% | (5.10%) |
Statutory federal income tax rate | 35.00% | 35.00% | 35.00% | 35.00% |
Changes in Accumulated Other 65
Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |||||
AOCI, Post-employment benefits, net of tax | $ (597) | $ (597) | $ (614) | ||
AOCI, Hedge instruments, net of tax | (23) | (23) | (22) | ||
AOCI, Translation adjustments and other, net of tax | (841) | (841) | (948) | ||
Accumulated other comprehensive loss, net of tax | (1,461) | (1,461) | $ (1,584) | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, after Tax | 0 | ||||
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 | 108 | ||||
Other comprehensive income, before reclassifications to income, net of tax | 109 | ||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, after Tax | 17 | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (2) | ||||
Reclassificaion of translation adjustments and other in AOCI into earnings, net of tax | (1) | ||||
Other comprehensive income, portion representing reclassificaitons to earnings, net of tax | 14 | ||||
Post-employment benefits | 7 | $ 7 | 17 | $ 17 | |
Hedge instruments | (4) | 1 | (1) | 2 | |
Translation adjustments and other | (1) | 3 | 107 | (10) | |
Other comprehensive income | $ 2 | $ 11 | $ 123 | $ 9 |
Other Income (Loss), Net (Detai
Other Income (Loss), Net (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Component of Other Income (Loss), Net [Line Items] | ||||
Other income, net | $ 58 | $ 14 | $ 60 | $ 43 |
Realized and unrealized loss on derivatives, net (Note 6) | ||||
Component of Other Income (Loss), Net [Line Items] | ||||
Other income, net | (17) | (2) | (5) | (5) |
Other derivative loss | ||||
Component of Other Income (Loss), Net [Line Items] | ||||
Other income, net | 0 | 0 | (41) | 0 |
Dividend expense | ||||
Component of Other Income (Loss), Net [Line Items] | ||||
Other income, net | (9) | (1) | (9) | (4) |
Loss on extinguishment of debt (Note 9) | ||||
Component of Other Income (Loss), Net [Line Items] | ||||
Other income, net | 0 | 0 | (4) | (5) |
Equity earnings from non-consolidated affiliates | ||||
Component of Other Income (Loss), Net [Line Items] | ||||
Other income, net | 17 | 12 | 53 | 48 |
Foreign currency transaction loss | ||||
Component of Other Income (Loss), Net [Line Items] | ||||
Other income, net | 0 | (2) | (8) | (4) |
Tax settlement gain | ||||
Component of Other Income (Loss), Net [Line Items] | ||||
Other income, net | 61 | 0 | 61 | 0 |
Other | ||||
Component of Other Income (Loss), Net [Line Items] | ||||
Other income, net | $ 6 | $ 7 | $ 13 | $ 13 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Loss Contingencies [Line Items] | |||||
Accrued environmental liabilities | $ 49 | $ 49 | $ 50 | ||
Defined benefit plan underfunded amount | $ 452 | $ 452 | 613 | ||
Mr. Icahn and affiliates | |||||
Loss Contingencies [Line Items] | |||||
Affiliate ownership interest | 90.80% | ||||
Starfire Holding Corporation | |||||
Loss Contingencies [Line Items] | |||||
Ownership percentage by Mr. Icahn | 99.40% | 99.40% | |||
Pension funding indemnity agreement with subsidiary | $ 250 | $ 250 | |||
Automotive Segment | |||||
Loss Contingencies [Line Items] | |||||
Accrued environmental liabilities | 15 | 15 | 16 | ||
Possible material additional losses, above and beyond best estimate of required remediation costs | 40 | ||||
Energy Segment | |||||
Loss Contingencies [Line Items] | |||||
Accrued environmental liabilities | 4 | 4 | 5 | ||
Environmental remediation expense | 5 | $ 7 | 12 | $ 13 | |
RINs costs | 64 | $ 58 | 164 | $ 152 | |
Biofuel blending obligation | 185 | 185 | 186 | ||
Uncommitted biofuel blending obligation recognized at fair value | 127 | 127 | 186 | ||
Railcar Segment | |||||
Loss Contingencies [Line Items] | |||||
Railcar loss contingency accrual | 13 | 13 | |||
Metals Segment | |||||
Loss Contingencies [Line Items] | |||||
Accrued environmental liabilities | $ 28 | $ 28 | $ 28 | ||
Icahn Enterprises G.P. | Mr. Icahn and affiliates | |||||
Loss Contingencies [Line Items] | |||||
Affiliate ownership in parent company general partner | 100.00% |
Supplemental Cash Flow Inform68
Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Supplemental Cash Flow Information [Abstract] | ||
Cash payments for interest, net of amounts capitalized | $ 540 | $ 538 |
Net cash payments for income taxes | 120 | 66 |
Acquisition of subsidiary common stock included in accrued expenses and other liabilities | 51 | 0 |
Seller financing secured mortgages resulting from disposition of assets | 375 | 0 |
Investment in subsidiaries prior to acquiring a controlling interest | 0 | 286 |
LP unit issuance for remaining 25% interest in ARL | 0 | 35 |
Capital expenditures included in accounts payable, accrued expenses and other liabilities | 70 | 63 |
Subsidiary common unit issuance for acquisition of CVR Nitrogen | $ 0 | $ 336 |
Subsequent Events (Details)
Subsequent Events (Details) | Nov. 01, 2017$ / shares | Aug. 02, 2017$ / shares | May 03, 2017$ / shares | Feb. 27, 2017$ / shares | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Oct. 31, 2017USD ($) | Dec. 19, 2016USD ($) |
Subsequent Event [Line Items] | |||||||||||
Distribution declared per LP unit | $ / shares | $ 1.50 | $ 1.50 | $ 1.50 | ||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 105,000,000 | $ 1,045,000,000 | |||||||||
Proceeds from disposition of assets | 1,461,000,000 | 20,000,000 | |||||||||
Gain (loss) on disposition of assets, net | $ 446,000,000 | $ (1,000,000) | 1,966,000,000 | 10,000,000 | |||||||
Subsequent event | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Distribution declared per LP unit | $ / shares | $ 1.50 | ||||||||||
Automotive Segment | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Gain (loss) on disposition of assets, net | 1,000,000 | (1,000,000) | 4,000,000 | 8,000,000 | |||||||
Automotive Segment | Subsequent event | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 120,000,000 | ||||||||||
Railcar Segment | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Estimated number of railcars to be disposed of (number of railcars) | 29,000 | ||||||||||
Gain (loss) on disposition of assets, net | $ (10,000,000) | $ 1,000,000 | $ 1,511,000,000 | $ 1,000,000 | |||||||
Railcar Segment | Subsequent event | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Estimated number of railcars to be disposed of (number of railcars) | 4,382 | ||||||||||
Proceeds from disposition of assets | 522,000,000 | ||||||||||
Gain (loss) on disposition of assets, net | $ 154,000,000 |