Document and Entity Information
Document and Entity Information Document - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 01, 2018 | Jun. 30, 2017 | |
Entity Information [Line Items] | |||
Entity Registrant Name | ICAHN ENTERPRISES L.P. | ||
Entity Central Index Key | 813,762 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 173,576,769 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float (in millions) | $ 839 | ||
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-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 0 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
ASSETS | ||
Cash and cash equivalents | $ 1,682 | $ 1,833 |
Cash held at consolidated affiliated partnerships and restricted cash | 786 | 804 |
Investments | 10,369 | 9,881 |
Due from brokers | 506 | 1,482 |
Accounts receivable, net | 1,805 | 1,609 |
Inventories, net | 3,261 | 2,983 |
Property, plant and equipment, net | 9,701 | 10,122 |
Goodwill | 1,275 | 1,136 |
Intangible assets, net | 1,135 | 1,116 |
Assets held for sale | 17 | 1,366 |
Other assets | 1,264 | 1,039 |
Total Assets | 31,801 | 33,371 |
LIABILITIES AND EQUITY | ||
Accounts payable | 2,064 | 1,765 |
Accrued expenses and other liabilities | 1,743 | 1,895 |
Deferred tax liability | 924 | 1,613 |
Unrealized loss on derivative contracts | 1,275 | 1,139 |
Securities sold, not yet purchased, at fair value | 1,023 | 1,139 |
Due to brokers | 1,057 | 3,725 |
Post-employment benefit liability | 1,159 | 1,180 |
Liabilities held for sale | 3 | 1,779 |
Debt | 11,185 | 11,119 |
Total liabilities | 20,433 | 25,354 |
Commitments and contingencies (Note 17) | ||
Equity: | ||
Limited partners: Depositary units: 173,564,307 and 144,741,149 units issued and outstanding at December 31, 2017 and 2016, respectively | 5,341 | 2,448 |
General partner | (235) | (294) |
Equity attributable to Icahn Enterprises | 5,106 | 2,154 |
Equity attributable to non-controlling interests | 6,262 | 5,863 |
Total equity | 11,368 | 8,017 |
Total Liabilities and Equity | 31,801 | 33,371 |
Icahn Enterprises Holdings | ||
ASSETS | ||
Cash and cash equivalents | 1,682 | 1,833 |
Cash held at consolidated affiliated partnerships and restricted cash | 786 | 804 |
Investments | 10,369 | 9,881 |
Due from brokers | 506 | 1,482 |
Accounts receivable, net | 1,805 | 1,609 |
Inventories, net | 3,261 | 2,983 |
Property, plant and equipment, net | 9,701 | 10,122 |
Goodwill | 1,275 | 1,136 |
Intangible assets, net | 1,135 | 1,116 |
Assets held for sale | 17 | 1,366 |
Other assets | 1,296 | 1,067 |
Total Assets | 31,833 | 33,399 |
LIABILITIES AND EQUITY | ||
Accounts payable | 2,064 | 1,765 |
Accrued expenses and other liabilities | 1,743 | 1,895 |
Deferred tax liability | 924 | 1,613 |
Unrealized loss on derivative contracts | 1,275 | 1,139 |
Securities sold, not yet purchased, at fair value | 1,023 | 1,139 |
Due to brokers | 1,057 | 3,725 |
Post-employment benefit liability | 1,159 | 1,180 |
Liabilities held for sale | 3 | 1,779 |
Debt | 11,190 | 11,122 |
Total liabilities | 20,438 | 25,357 |
Commitments and contingencies (Note 17) | ||
Equity: | ||
Limited partners: Depositary units: 173,564,307 and 144,741,149 units issued and outstanding at December 31, 2017 and 2016, respectively | 5,420 | 2,496 |
General partner | (287) | (317) |
Equity attributable to Icahn Enterprises | 5,133 | 2,179 |
Equity attributable to non-controlling interests | 6,262 | 5,863 |
Total equity | 11,395 | 8,042 |
Total Liabilities and Equity | $ 31,833 | $ 33,399 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - shares | Dec. 31, 2017 | Dec. 31, 2016 |
Equity: | ||
Limited partners: Depositary units issued | 173,564,307 | 144,741,149 |
Limited partners: Depositary units outstanding | 173,564,307 | 144,741,149 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues: | |||
Net sales | $ 17,303 | $ 15,511 | $ 14,604 |
Other revenues from operations | 1,827 | 1,958 | 1,386 |
Net gain (loss) from investment activities | 304 | (1,373) | (987) |
Interest and dividend income | 136 | 131 | 194 |
Gain on disposition of assets, net | 2,166 | 14 | 40 |
Other income, net | 8 | 107 | 35 |
Total revenues | 21,744 | 16,348 | 15,272 |
Expenses: | |||
Cost of goods sold | 15,005 | 13,412 | 12,741 |
Other expenses from operations | 1,041 | 1,159 | 643 |
Selling, general and administrative | 2,565 | 2,342 | 1,908 |
Restructuring | 25 | 32 | 97 |
Impairment | 112 | 709 | 788 |
Interest expense | 843 | 878 | 1,154 |
Total Expenses | 19,591 | 18,532 | 17,331 |
Income (loss) before income tax benefit (expense) | 2,153 | (2,184) | (2,059) |
Income tax benefit (expense) | 438 | (36) | (68) |
Net income (loss) | 2,591 | (2,220) | (2,127) |
Less: net income (loss) attributable to non-controlling interests | 161 | (1,092) | (933) |
Net income (loss) attributable to Icahn Enterprises | 2,430 | (1,128) | (1,194) |
Net income (loss) attributable to Icahn Enterprises allocable to: | |||
Limited partners | 2,382 | (1,106) | (1,170) |
General partner | 48 | (22) | (24) |
Net income (loss) attributable to Icahn Enterprises | $ 2,430 | $ (1,128) | $ (1,194) |
Basic income (loss) per LP unit | $ 14.80 | $ (8.07) | $ (9.29) |
Basic weighted average LP units outstanding | 161 | 137 | 126 |
Diluted income (loss) per LP unit | $ 14.80 | $ (8.07) | $ (9.29) |
Diluted weighted average LP units outstanding | 161 | 137 | 126 |
Cash distributions declared per LP unit | $ 6 | $ 6 | $ 6 |
Icahn Enterprises Holdings | |||
Revenues: | |||
Net sales | $ 17,303 | $ 15,511 | $ 14,604 |
Other revenues from operations | 1,827 | 1,958 | 1,386 |
Net gain (loss) from investment activities | 304 | (1,373) | (987) |
Interest and dividend income | 136 | 131 | 194 |
Gain on disposition of assets, net | 2,166 | 14 | 40 |
Other income, net | 9 | 107 | 35 |
Total revenues | 21,745 | 16,348 | 15,272 |
Expenses: | |||
Cost of goods sold | 15,005 | 13,412 | 12,741 |
Other expenses from operations | 1,041 | 1,159 | 643 |
Selling, general and administrative | 2,565 | 2,342 | 1,908 |
Restructuring | 25 | 32 | 97 |
Impairment | 112 | 709 | 788 |
Interest expense | 842 | 877 | 1,153 |
Total Expenses | 19,590 | 18,531 | 17,330 |
Income (loss) before income tax benefit (expense) | 2,155 | (2,183) | (2,058) |
Income tax benefit (expense) | 438 | (36) | (68) |
Net income (loss) | 2,593 | (2,219) | (2,126) |
Less: net income (loss) attributable to non-controlling interests | 161 | (1,092) | (933) |
Net income (loss) attributable to Icahn Enterprises | 2,432 | (1,127) | (1,193) |
Net income (loss) attributable to Icahn Enterprises allocable to: | |||
Limited partners | 2,408 | (1,116) | (1,181) |
General partner | 24 | (11) | (12) |
Net income (loss) attributable to Icahn Enterprises | $ 2,432 | $ (1,127) | $ (1,193) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net income (loss) | $ 2,591 | $ (2,220) | $ (2,127) |
Other comprehensive income (loss), net of tax: | |||
Post-employment benefits | 50 | 18 | 60 |
Hedge instruments | (1) | 3 | 1 |
Translation adjustments and other | 124 | (148) | (225) |
Other comprehensive income (loss), net of tax | 173 | (127) | (164) |
Comprehensive income (loss) | 2,764 | (2,347) | (2,291) |
Less: Comprehensive income (loss) attributable to non-controlling interests | 177 | (1,112) | (973) |
Comprehensive income (loss) attributable to Icahn Enterprises | 2,587 | (1,235) | (1,318) |
Limited partners | |||
Net income (loss) | 2,382 | (1,106) | (1,170) |
Other comprehensive income (loss), net of tax: | |||
Other comprehensive income (loss), net of tax | 154 | (104) | (122) |
Comprehensive income (loss) attributable to Icahn Enterprises | 2,536 | (1,210) | (1,292) |
General partner | |||
Net income (loss) | 48 | (22) | (24) |
Other comprehensive income (loss), net of tax: | |||
Other comprehensive income (loss), net of tax | 3 | (3) | (2) |
Comprehensive income (loss) attributable to Icahn Enterprises | 51 | (25) | (26) |
Icahn Enterprises Holdings | |||
Net income (loss) | 2,593 | (2,219) | (2,126) |
Other comprehensive income (loss), net of tax: | |||
Post-employment benefits | 50 | 18 | 60 |
Hedge instruments | (1) | 3 | 1 |
Translation adjustments and other | 124 | (148) | (225) |
Other comprehensive income (loss), net of tax | 173 | (127) | (164) |
Comprehensive income (loss) | 2,766 | (2,346) | (2,290) |
Less: Comprehensive income (loss) attributable to non-controlling interests | 177 | (1,112) | (973) |
Comprehensive income (loss) attributable to Icahn Enterprises | 2,589 | (1,234) | (1,317) |
Icahn Enterprises Holdings | Limited partners | |||
Net income (loss) | 2,408 | (1,116) | (1,181) |
Other comprehensive income (loss), net of tax: | |||
Other comprehensive income (loss), net of tax | 155 | (106) | (123) |
Comprehensive income (loss) attributable to Icahn Enterprises | 2,563 | (1,222) | (1,304) |
Icahn Enterprises Holdings | General partner | |||
Net income (loss) | 24 | (11) | (12) |
Other comprehensive income (loss), net of tax: | |||
Other comprehensive income (loss), net of tax | 2 | (1) | (1) |
Comprehensive income (loss) attributable to Icahn Enterprises | $ 26 | $ (12) | $ (13) |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Accumulated other comprehensive loss | $ 1,411 | $ 1,584 |
Icahn Enterprises Holdings | ||
Accumulated other comprehensive loss | $ 1,411 | $ 1,584 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - USD ($) $ in Millions | Total | Icahn Enterprises Holdings | Limited partners | Limited partnersIcahn Enterprises Holdings | General partner | General partnerIcahn Enterprises Holdings | Total Partners' Equity | Total Partners' EquityIcahn Enterprises Holdings | Non-controlling Interests | Non-controlling InterestsIcahn Enterprises Holdings |
Equity at Dec. 31, 2014 | $ 12,390 | $ 12,413 | $ 5,672 | $ 5,751 | $ (229) | $ (285) | $ 5,443 | $ 5,466 | $ 6,947 | $ 6,947 |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||
Net income (loss) | (2,127) | (2,126) | (1,170) | (1,181) | (24) | (12) | (1,194) | (1,193) | (933) | (933) |
Other comprehensive loss | (164) | (164) | (122) | (123) | (2) | (1) | (124) | (124) | (40) | (40) |
Partnership distributions | (116) | (116) | (114) | (115) | (2) | (1) | (116) | (116) | 0 | 0 |
Investment segment contributions | 276 | 276 | 0 | 0 | 0 | 0 | 0 | 0 | 276 | 276 |
Investment segment distributions | (36) | (36) | 0 | 0 | 0 | 0 | 0 | 0 | (36) | (36) |
Dividends and distributions to non-controlling interests in subsidiaries | (252) | (252) | 0 | 0 | 0 | 0 | 0 | 0 | (252) | (252) |
Proceeds from subsidiary equity offerings | 31 | 31 | 0 | 0 | 0 | 0 | 0 | 0 | 31 | 31 |
Changes in subsidiary equity and other | 31 | 31 | (22) | (22) | 0 | 0 | (22) | (22) | 53 | 53 |
Equity at Dec. 31, 2015 | 10,033 | 10,057 | 4,244 | 4,310 | (257) | (299) | 3,987 | 4,011 | 6,046 | 6,046 |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||
Net income (loss) | (2,220) | (2,219) | (1,106) | (1,116) | (22) | (11) | (1,128) | (1,127) | (1,092) | (1,092) |
Other comprehensive loss | (127) | (127) | (104) | (106) | (3) | (1) | (107) | (107) | (20) | (20) |
Partnership distributions | (103) | (103) | (101) | (102) | (2) | (1) | (103) | (103) | 0 | 0 |
Partnership contributions | 1 | 1 | 0 | 0 | 1 | 1 | 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 | (86) | (86) | 0 | 0 | 0 | 0 | 0 | 0 | (86) | (86) |
LP unit issuance | 35 | 35 | 35 | 35 | 0 | 0 | 35 | 35 | 0 | 0 |
Changes in subsidiary equity and other | (14) | (14) | (520) | (525) | (11) | (6) | (531) | (531) | 517 | 517 |
Equity at Dec. 31, 2016 | 8,017 | 8,042 | 2,448 | 2,496 | (294) | (317) | 2,154 | 2,179 | 5,863 | 5,863 |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||
Net income (loss) | 2,591 | 2,593 | 2,382 | 2,408 | 48 | 24 | 2,430 | 2,432 | 161 | 161 |
Other comprehensive loss | 173 | 173 | 154 | 155 | 3 | 2 | 157 | 157 | 16 | 16 |
Partnership distributions | (81) | (81) | (79) | (80) | (2) | (1) | (81) | (81) | 0 | 0 |
Partnership contributions | 612 | 612 | 600 | 606 | 12 | 6 | 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 | (92) | (92) | 0 | 0 | 0 | 0 | 0 | 0 | (92) | (92) |
Cumulative effect adjustment from adoption of accounting principal | (47) | (47) | (46) | (47) | (1) | 0 | (47) | (47) | 0 | 0 |
Changes in subsidiary equity and other | (405) | (405) | (118) | (118) | (1) | (1) | (119) | (119) | (286) | (286) |
Equity at Dec. 31, 2017 | $ 11,368 | $ 11,395 | $ 5,341 | $ 5,420 | $ (235) | $ (287) | $ 5,106 | $ 5,133 | $ 6,262 | $ 6,262 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 2,591 | $ (2,220) | $ (2,127) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Net (gain) loss from securities transactions | (2,275) | (266) | 1,737 |
Purchases of securities | (781) | (2,059) | (6,552) |
Proceeds from sales of securities | 2,413 | 7,630 | 4,281 |
Purchases to cover securities sold, not yet purchased | (1,078) | (361) | (577) |
Proceeds from securities sold, not yet purchased | 1,222 | 616 | 952 |
Changes in receivables and payables relating to securities transactions | (1,704) | (4,828) | 2,085 |
Gain on disposition of assets, net | (2,166) | (14) | (40) |
Depreciation and amortization | 1,017 | 1,034 | 863 |
Impairment | 112 | 709 | 788 |
Equity earnings from non-consolidated affiliates | (71) | (64) | (62) |
Deferred taxes | (592) | (99) | (30) |
Other, net | 48 | 86 | 49 |
Changes in cash held at consolidated affiliated partnerships and restricted cash | 23 | 447 | 168 |
Accounts receivable, net | (67) | 72 | 43 |
Inventories, net | (198) | (38) | (74) |
Other assets | (113) | 261 | (200) |
Accounts payable | 181 | 18 | (32) |
Unrealized loss on derivative contracts | 136 | 1,103 | (593) |
Accrued expenses and other liabilities | (134) | (372) | 69 |
Net cash (used in) provided by operating activities | (1,436) | 1,655 | 748 |
Cash flows from investing activities: | |||
Capital expenditures | (991) | (826) | (1,359) |
Acquisitions of businesses, net of cash acquired | (257) | (1,050) | (855) |
Purchase of additional interests in consolidated subsidiaries | (349) | (2) | 0 |
Proceeds from disposition of assets | 2,064 | 43 | 90 |
Purchases of investments | (82) | (100) | (345) |
Other, net | 29 | 81 | 84 |
Net cash provided by (used in) investing activities | 414 | (1,854) | (2,385) |
Cash flows from financing activities: | |||
Investment segment contributions from non-controlling interests | 600 | 505 | 276 |
Investment segment distributions from non-controlling interests | 0 | (7) | (36) |
Partnership contributions | 612 | 1 | 0 |
Partnership distributions | (81) | (103) | (116) |
Proceeds from subsidiary equity offerings | 0 | 0 | 31 |
Dividends and distributions to non-controlling interests in subsidiaries | (92) | (86) | (252) |
Proceeds from issuance of senior unsecured notes | 2,470 | 0 | 0 |
Repayments of senior unsecured notes | (2,450) | 0 | 0 |
Proceeds from other borrowings | 2,752 | 2,199 | 1,972 |
Repayments of borrowings | (3,035) | (2,352) | (972) |
Subsidiary repurchase of common stock | (36) | (72) | (57) |
Other, net | 3 | 2 | (20) |
Net cash provided by financing activities | 743 | 87 | 826 |
Effect of exchange rate changes on cash and cash equivalents | 10 | (31) | (7) |
Net change in cash of assets held for sale | 118 | (102) | (12) |
Net decrease in cash and cash equivalents | (151) | (245) | (830) |
Cash and cash equivalents, beginning of period | 1,833 | 2,078 | 2,908 |
Cash and cash equivalents, end of period | 1,682 | 1,833 | 2,078 |
Icahn Enterprises Holdings | |||
Cash flows from operating activities: | |||
Net income (loss) | 2,593 | (2,219) | (2,126) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Net (gain) loss from securities transactions | (2,275) | (266) | 1,737 |
Purchases of securities | (781) | (2,059) | (6,552) |
Proceeds from sales of securities | 2,413 | 7,630 | 4,281 |
Purchases to cover securities sold, not yet purchased | (1,078) | (361) | (577) |
Proceeds from securities sold, not yet purchased | 1,222 | 616 | 952 |
Changes in receivables and payables relating to securities transactions | (1,704) | (4,828) | 2,085 |
Gain on disposition of assets, net | (2,166) | (14) | (40) |
Depreciation and amortization | 1,016 | 1,033 | 862 |
Impairment | 112 | 709 | 788 |
Equity earnings from non-consolidated affiliates | (71) | (64) | (62) |
Deferred taxes | (592) | (99) | (30) |
Other, net | 47 | 86 | 49 |
Changes in cash held at consolidated affiliated partnerships and restricted cash | 23 | 447 | 168 |
Accounts receivable, net | (67) | 72 | 43 |
Inventories, net | (198) | (38) | (74) |
Other assets | (113) | 261 | (200) |
Accounts payable | 181 | 18 | (32) |
Unrealized loss on derivative contracts | 136 | 1,103 | (593) |
Accrued expenses and other liabilities | (134) | (372) | 69 |
Net cash (used in) provided by operating activities | (1,436) | 1,655 | 748 |
Cash flows from investing activities: | |||
Capital expenditures | (991) | (826) | (1,359) |
Acquisitions of businesses, net of cash acquired | (257) | (1,050) | (855) |
Purchase of additional interests in consolidated subsidiaries | (349) | (2) | 0 |
Proceeds from disposition of assets | 2,064 | 43 | 90 |
Purchases of investments | (82) | (100) | (345) |
Other, net | 29 | 81 | 84 |
Net cash provided by (used in) investing activities | 414 | (1,854) | (2,385) |
Cash flows from financing activities: | |||
Investment segment contributions from non-controlling interests | 600 | 505 | 276 |
Investment segment distributions from non-controlling interests | 0 | (7) | (36) |
Partnership contributions | 612 | 1 | 0 |
Partnership distributions | (81) | (103) | (116) |
Proceeds from subsidiary equity offerings | 0 | 0 | 31 |
Dividends and distributions to non-controlling interests in subsidiaries | (92) | (86) | (252) |
Proceeds from issuance of senior unsecured notes | 2,470 | 0 | 0 |
Repayments of senior unsecured notes | (2,450) | 0 | 0 |
Proceeds from other borrowings | 2,752 | 2,199 | 1,972 |
Repayments of borrowings | (3,035) | (2,352) | (972) |
Subsidiary repurchase of common stock | (36) | (72) | (57) |
Other, net | 3 | 2 | (20) |
Net cash provided by financing activities | 743 | 87 | 826 |
Effect of exchange rate changes on cash and cash equivalents | 10 | (31) | (7) |
Net change in cash of assets held for sale | 118 | (102) | (12) |
Net decrease in cash and cash equivalents | (151) | (245) | (830) |
Cash and cash equivalents, beginning of period | 1,833 | 2,078 | 2,908 |
Cash and cash equivalents, end of period | $ 1,682 | $ 1,833 | $ 2,078 |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2017 | |
Description of Business [Abstract] | |
Description of Business and Basis of Presentation | Description of Business . Overview Icahn Enterprises L.P. (“Icahn Enterprises”) is a master limited partnership formed in Delaware on February 17, 1987. Icahn Enterprises Holdings L.P. (“Icahn Enterprises Holdings”) is a limited partnership formed in Delaware on February 17, 1987. References to "we," "our" or "us" herein include both Icahn Enterprises and Icahn Enterprises Holdings and their subsidiaries, unless the context otherwise requires. Icahn Enterprises owns a 99% limited partner interest in Icahn Enterprises Holdings. Icahn Enterprises G.P. Inc. ("Icahn Enterprises GP"), which is owned and controlled by Mr. Carl C. Icahn, owns a 1% general partner interest in each of Icahn Enterprises and Icahn Enterprises Holdings as of December 31, 2017 . Icahn Enterprises Holdings and its subsidiaries own substantially all of our assets and liabilities and conduct substantially all of our operations. Therefore, the financial results of Icahn Enterprises and Icahn Enterprises Holdings are substantially the same, with differences relating primarily to debt, as discussed further in Note 10 , " Debt ," the allocation of the general partner interest, which is reflected as an aggregate 1.99% general partner interest in the financial statements of Icahn Enterprises. In addition to the above, Mr. Icahn and his affiliates owned approximately 91.0% of Icahn Enterprises' outstanding depositary units as of December 31, 2017 . 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 13 , " Segment and Geographic 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 (the "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 $3.0 billion and $1.7 billion as of December 31, 2017 and 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"). Icahn Automotive is the parent company of IEH Auto Parts Holding LLC ("IEH Auto"), The Pep Boys - Manny, Moe & Jack ("Pep Boys") and the franchise businesses of Precision Tune Auto Care ("Precision Tune") and American Driveline Systems, the franchisor of AAMCO and Cottman Transmission service centers ("American Driveline"), among various other businesses. Precision Tune and American Driveline were acquired in 2017 for an aggregate purchase price of $162 million . Pep Boys was acquired in 2016 for aggregate consideration of approximately $1.2 billion . The allocation of the purchase price of Pep Boys was finalized in 2017 and did not change significantly from the amounts reported in our balance sheet as of December 31, 2016. IEH Auto and TRW's valvetrain business were acquired in 2015 for a purchase price of $325 million and $374 million , respectively. 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. On March 26, 2015, Federal-Mogul received $250 million in connection with its previously announced common stock registered rights offering (the “Federal-Mogul Rights Offering”). In connection with the Federal-Mogul Rights Offering, we fully exercised our subscription rights under our basic and over subscription privileges to purchase additional shares of Federal-Mogul common stock, thereby increasing our ownership of Federal-Mogul, for an aggregate additional investment of $230 million . During January 2017, we increased our ownership in Federal-Mogul from 82% 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 . 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 December 31, 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 December 31, 2017 , we owned approximately 82.0% of the total outstanding common stock of CVR Energy. In addition, as of December 31, 2017 , we directly owned approximately 3.9% of the total outstanding common units of CVR Refining. During 2016, CVR Partners acquired a nitrogen fertilizer business for total purchase price consideration which included the issuance of common units of CVR Partners with a fair value of $336 million , cash paid of $99 million and debt assumed with a fair value of $368 million . 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 December 31, 2017 , we owned approximately 62.2% of the total outstanding common stock of ARI. As discussed below, we sold ARL during 2017. 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. During 2017, we sold ARL and its fleet of more than 34,000 railcars to SMBC Rail Services, LLC ("SMBC Rail") for cash based on a value of approximately $3.3 billion (subject to certain adjustments). After repaying, or assigning to SMBC Rail, applicable indebtedness of ARL, we received cash consideration of approximately $1.8 billion in connection with the sale of ARL and recorded an aggregate pretax gain on disposition of assets for our Railcar segment of approximately $1.7 billion during the year ended December 31, 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 December 31, 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. Ferrous Resources was acquired in 2015 for $180 million . Food Packaging We conduct our Food Packaging segment through our majority ownership in Viskase Companies, Inc. ("Viskase"). As of December 31, 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. Subsequent to December 31, 2017 , Viskase received $50 million in connection with common stock rights offering. In connection with this rights offering, we fully exercised our subscription rights under our basic and over subscription privileges to purchase additional shares of Viskase common stock, thereby increasing our ownership of Viskase to 78.6% , for an aggregate additional investment of $44 million . 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 are included in other assets in our consolidated balance sheet as of December 31, 2017 . In addition, our Real Estate segment also sold additional properties during 2017 , primarily within its rental operations, resulting in an additional pretax gain on disposition of assets aggregating $40 million . As of December 31, 2017 and 2016 , $21 million and $24 million , respectively, of the net investment in financing leases and net real estate leased to others which is included in property, plant and equipment, net, were pledged to collateralize the payment of nonrecourse mortgages payable. Home Fashion We conduct our Home Fashion segment through our indirect wholly owned subsidiary, WestPoint Home LLC (“WPH”). WPH's business consists of manufacturing, sourcing, marketing, distributing and selling home fashion consumer products. Filing Status of Subsidiaries CVR Energy, ARI and Tropicana each file annual, quarterly and current reports and proxy and information statements with the Securities and Exchange Commission ("SEC"). Each of these reports is publicly available at www.sec.gov . |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Basis of Presentation and Summary of Significant Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Basis of Presentation and Summary of Significant Accounting Policies . The audited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). 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. Principles of Consolidation As of December 31, 2017 , our consolidated financial statements include the accounts of (i) Icahn Enterprises and Icahn Enterprises Holdings and (ii) the wholly and majority owned subsidiaries of Icahn Enterprises and Icahn Enterprises Holdings, in addition to 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. Reclassifications Certain reclassifications from the prior year presentation have been made to conform to the current year presentation. Use of Estimates in Preparation of Financial Statements The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the period. Due to the inherent uncertainty involved in making estimates, actual results may differ from the estimates and assumptions used in preparing the consolidated financial statements. 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 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, CVR Partners and Viskase. Investment We determined that each of the Investment Funds are considered VIEs because these limited partnerships lack both substantive kick-out and participating rights. Because we have a general partner interest in each of the Investment Funds and have significant limited partner interests in each of the Investment Funds, coupled with our significant exposure to losses and benefits in each of the Investment Funds, we are the primary beneficiary of each of the Investment Funds and therefore continue to consolidate each of the Investment Funds. Energy CVR Refining 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. Food Packaging Beginning in 2017, Viskase holds a variable interest in a joint venture for which Viskase is the primary beneficiary. Viskase's interest in the joint venture includes a 50% equity interest and also relates to the sales, operations, administrative and financial support to the joint venture through providing many of the assets used in its business. The following table includes balances of assets and liabilities of VIE's included in Icahn Enterprises Holdings' consolidated balance sheets. December 31, 2017 2016 (in millions) Cash and cash equivalents $ 223 $ 370 Cash held at consolidated affiliated partnerships and restricted cash 734 752 Investments 9,615 9,219 Due from brokers 506 1,482 Property, plant and equipment, net 3,191 3,331 Inventories 385 349 Intangible assets, net 298 318 Other assets 48 110 Accounts payable, accrued expenses and other liabilities 1,816 1,769 Securities sold, not yet purchased, at fair value 1,023 1,139 Due to brokers 1,057 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 debt as of December 31, 2017 was approximately $11.2 billion and $11.5 billion , respectively. The carrying value and estimated fair value of our debt as of December 31, 2016 was approximately $11.1 billion and $11.2 billion , respectively. Acquisitions of Businesses We account for business combinations under the acquisition method of accounting (other than acquisitions of businesses under common control), which requires us to recognize separately from goodwill the assets acquired and the liabilities assumed at their acquisition date fair values. While we use our best estimates and assumptions to accurately value assets acquired and liabilities assumed at the acquisition date as well as contingent consideration, where applicable, our estimates are inherently uncertain and subject to refinement. Accounting for business combinations requires us to make significant estimates and assumptions, especially at the acquisition date including our estimates for intangible assets, contractual obligations assumed, pre-acquisition contingencies, and contingent consideration, where applicable. In valuing our acquisitions, we estimate fair values based on industry data and trends and by reference to relevant market rates and transactions, and discounted cash flow valuation methods, among other factors. The discount rates used were commensurate with the inherent risks associated with each type of asset and the level and timing of cash flows appropriately reflect market participant assumptions. The primary items that generate goodwill include the value of the synergies between the acquired company and our existing businesses and the value of the acquired assembled workforce, neither of which qualifies for recognition as an intangible asset. Acquisition, Investments and Disposition of Entities under Common Control Acquisitions or investments of entities under common control are reflected in a manner similar to pooling of interests. The general partner's capital account or non-controlling interests, as applicable, are charged or credited for the difference between the consideration we pay for the entity and the related entity's basis prior to our acquisition or investment. Net gains or losses of an acquired entity prior to its acquisition or investment date are allocated to the general partner's capital account or non-controlling interests, as applicable. In allocating gains and losses upon the sale of a previously acquired common control entity, we allocate a gain or loss for financial reporting purposes by first restoring the general partner's capital account or non-controlling interests, as applicable, for the cumulative charges or credits relating to prior periods recorded at the time of our acquisition or investment and then allocating the remaining gain or loss ("Common Control Gains or Losses") among our general partner, limited partners and non-controlling interests, as applicable, in accordance with their respective ownership percentages. In the case of acquisitions of entities under common control, such Common Control Gains or Losses are allocated in accordance with their respective partnership percentages under the Amended and Restated Agreement of Limited Partnership dated as of May 12, 1987, as amended from time to time (together with the partnership agreement of Icahn Enterprises Holdings, the “Partnership Agreement”) (i.e., 98.01% to the limited partners and 1.99% to the general partner). Cash and Cash Equivalents We consider short-term investments, which are highly liquid with original maturities of three months or less at date of purchase, to be cash equivalents. Cash Held at Consolidated Affiliated Partnerships and Restricted Cash Cash held at consolidated affiliated partnerships primarily consists of cash and cash equivalents held by our Investment Funds (as defined herein) that, although not legally restricted, is not available to fund the general liquidity needs of the Investment segment or Icahn Enterprises. Restricted cash primarily relates to cash pledged and held for margin requirements on derivative transactions. Our restricted cash balance was $594 million and $686 million as of December 31, 2017 and 2016 , respectively. Investments and Related Transactions Investment Investment Transactions and Related Investment Income (Loss). Investment transactions of the Investment Funds are recorded on a trade date basis. Realized gains or losses on sales of investments are based on the first-in, first-out or the specific identification method. Realized and unrealized gains or losses on investments are recorded in the consolidated statements of operations. Interest income and expenses are recorded on an accrual basis and dividends are recorded on the ex-dividend date. Premiums and discounts on fixed income securities are amortized using the effective yield method. Investments held by the Investment segment are accounted for as trading securities. Our Investment segment applies the fair value option to those investments that are otherwise subject to the equity method. Valuation of Investments. Securities of the Investment Funds that are listed on a securities exchange are valued at their last sales price on the primary securities exchange on which such securities are traded on such date. Securities that are not listed on any exchange but are traded over-the-counter are valued at the mean between the last “bid” and “ask” price for such security on such date. Securities and other instruments for which market quotes are not readily available are valued at fair value as determined in good faith by the applicable General Partner. Foreign Currency Transactions. The books and records of the Investment Funds are maintained in U.S. dollars. Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the rate of exchange in effect at the balance sheet date. Transactions during the period denominated in currencies other than U.S. dollars are translated at the rate of exchange applicable on the date of the transaction. Foreign currency translation gains and losses are recorded in the consolidated statements of operations. The Investment Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities. Such fluctuations are reflected in net gain (loss) from investment activities in the consolidated statement of operations. Fair Values of Financial Instruments. The fair values of the Investment Funds' assets and liabilities that qualify as financial instruments under applicable U.S. GAAP approximate the carrying amounts presented in the consolidated balance sheets. Securities Sold, Not Yet Purchased. The Investment Funds may sell an investment they do not own in anticipation of a decline in the fair value of that investment. When the Investment Funds sell an investment short, they must borrow the investment sold short and deliver it to the broker-dealer through which they made the short sale. A gain, limited to the price at which the Investment Funds sold the investment short, or a loss, unlimited in amount, will be recognized upon the cover of the short sale. Due From Brokers. Due from brokers represents cash balances with the Investment Funds' clearing brokers. These funds as well as fully-paid for and marginable securities are essentially restricted to the extent that they serve as collateral against securities sold, not yet purchased. Due from brokers may also include unrestricted balances with derivative counterparties. Due To Brokers. Due to brokers represents margin debit balances collateralized by certain of the Investment Funds' investments in securities. Other Segments and Holding Company Investments in equity and debt securities are classified as either trading or available-for-sale based upon whether we intend to hold the investment for the foreseeable future. Trading securities are valued at quoted market value at each balance sheet date with the unrealized gains or losses reflected in the consolidated statements of operations. Available-for-sale securities are carried at fair value on our balance sheet. Unrealized holding gains and losses on available-for-sale securities are excluded from earnings and reported as a separate component of partners' equity and when sold are reclassified out of partners' equity to the consolidated statements of operations. For purposes of determining gains and losses, the cost of securities is based on specific identification. A decline in the market value of any available-for-sale security below cost that is deemed to be other than temporary results in an impairment that is charged to earnings and the establishment of a new cost basis for the investment. Dividend income is recorded when declared and interest income is recognized when earned. Fair Value Option for Financial Assets and Financial Liabilities The fair value option gives entities the option to measure eligible financial assets, financial liabilities and firm commitments at fair value (i.e., the fair value option), on an instrument-by-instrument basis, that are otherwise not permitted to be accounted for at fair value pursuant to the provisions of FASB Accounting Standards Codification ("ASC") Topic 825, Financial Instrument s. The election to use the fair value option is available when an entity first recognizes a financial asset or financial liability or upon entering into a firm commitment. Subsequent changes in fair value must be recorded in earnings. In estimating the fair value for financial instruments for which the fair value option has been elected, we use the valuation methodologies in accordance to where the financial instruments are classified within the fair value hierarchy as discussed in Note 5 , “ Fair Value Measurements .” For our Investment segment, we apply the fair value option to our investments that would otherwise be accounted under the equity method. Derivatives From time to time, our subsidiaries enter into derivative contracts, including purchased and written option contracts, swap contracts, futures contracts and forward contracts. U.S. GAAP requires recognition of all derivatives as either assets or liabilities in the balance sheet at their fair value. The accounting for changes in fair value depends on the intended use of the derivative and its resulting designation. For those derivative instruments that are designated and qualify as hedging instruments, a company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation. Gains and losses related to a hedge are either recognized in income immediately to offset the gain or loss on the hedged item or are deferred and reported as a component of accumulated other comprehensive loss and subsequently recognized in earnings when the hedged item affects earnings. The change in fair value of the ineffective portion of a financial instrument, determined using the hypothetical derivative method, is recognized in earnings immediately. The gain or loss related to financial instruments that are not designated as hedges are recognized immediately in earnings. Cash flows related to hedging activities are included in the operating section of the consolidated statements of cash flows. For further information regarding our derivative contracts, see Note 6 , “ Financial Instruments ,” to the consolidated financial statements. Accounts Receivable, Net An allowance for doubtful accounts is determined through analysis of the aging of accounts receivable at the date of the consolidated financial statements, assessments of collectability based on an evaluation of historic and anticipated trends, the financial condition of our customers, and an evaluation of the impact of economic conditions. Our allowance for doubtful accounts is an estimate based on specifically identified accounts as well as general reserves based on historical experience. Accounts Receivable Factoring Accounts receivable factoring relates primarily to our Automotive segment. Federal-Mogul's subsidiaries in Brazil, Canada, France, Germany, Italy and the United States are party to accounts receivable factoring and securitization facilities. Gross accounts receivable transferred under these facilities were $641 million and $487 million as of December 31, 2017 and 2016 , respectively. Of those gross amounts, $635 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 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 December 31, 2017 and 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 approximately $1.8 billion , $1.6 billion and $1.6 billion for the years ended December 31, 2017 , 2016 and 2015 , respectively. For the years ended December 31, 2017 , 2016 and 2015 , expenses associated with transfers of receivables were $15 million , $12 million and $9 million , respectively. Such expenses were recorded in the consolidated statements of operations within other income, 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. Inventories, Net Automotive, Railcar, Food Packaging, and Home Fashion Segment Inventories. Our Automotive, Railcar, Food Packaging and Home Fashion segment inventories are stated at the lower of cost or market. Cost is determined by using the first-in, first-out basis method ("FIFO"), except for IEH Auto which utilizes weighted-average cost and Pep Boys which utilizes the last-in, first-out method. Inventory recorded using the last-in, first-out method was $900 million and $735 million as of December 31, 2017 and 2016 , respectively, all of which relates to finished goods. The cost of manufactured goods includes the cost of direct materials, labor and manufacturing overhead. Our Automotive, Railcar, Food Packaging and Home Fashion segments reserve for estimated excess, slow-moving and obsolete inventory as well as inventory whose carrying value is in excess of net realizable value. Energy Segment Inventories. Our Energy segment inventories consist primarily of domestic and foreign crude oil, blending stock and components, work in progress, fertilizer products, and refined fuels and by-products. Inventories are valued at the lower of FIFO cost, or net realizable value for fertilizer products, refined fuels and by-products for all periods presented. Refinery unfinished and finished products inventory values were determined using the ability-to-bear process, whereby raw materials and production costs are allocated to work-in-process and finished goods based on their relative fair values. Other inventories, including other raw materials, spare parts and supplies, are valued at the lower of moving-average cost, which approximates FIFO, or net realizable value. The cost of inventories includes inbound freight costs. Metals Segment Inventories. Inventories at our Metals segment are stated at the lower of cost or market. Cost is determined using the average cost method. The production and accounting process utilized by our Metals segment to record recycled metals inventory quantities relies on significant estimates. Our Metals segment relies upon perpetual inventory records that utilize estimated recoveries and yields that are based upon historical trends and periodic tests for certain unprocessed metal commodities. Over time, these estimates are reasonably good indicators of what is ultimately produced; however, actual recoveries and yields can vary depending on product quality, moisture content and source of the unprocessed metal. To assist in validating the reasonableness of the estimates, our Metals segment performs periodic physical inventories which involve the use of estimation techniques. Physical inventories may detect significant variations in volume, but because of variations in product density and production processes utilized to manufacture the product, physical inventories will not generally detect smaller variations. To help mitigate this risk, our Metals segment adjusts its physical inventories when the volume of a commodity is low and a physical inventory can more accurately estimate the remaining volume. Mining Segment Inventories. Our Mining segment's inventories are valued at the lower of cost or market. Cost includes all costs incurred in the normal course of business in bringing each product to its present location and condition, including direct materials and direct labor costs, and an allocation of production overheads based on normal production capacity. Cost is calculated using weighted average unit cost. Long-Lived Assets Long-lived assets such as property, plant, and equipment, and definite-lived intangible assets are recorded at cost or fair value established at acquisition, less accumulated depreciation or amortization, unless the expected future use of the assets indicate a lower value is appropriate. Long-lived asset groups are evaluated for impairment when impairment indicators exist. If the carrying value of a long-lived asset group is impaired, an impairment charge is recorded for the amount by which the carrying value of the long-lived asset group exceeds its fair value. Depreciation and amortization are computed principally by the straight-line method for financial reporting purposes. Land and construction in progress are stated at the lower of cost or net realizable value. Interest is capitalized on expenditures for long-term projects until a salable or ready-for-use condition is reached. The interest capitalization rate is based on the interest rate on specific borrowings to fund the projects. Energy The direct-expense method of accounting is used for planned major maintenance activities. Maintenance costs are recognized as expense when maintenance services are performed. Planned major maintenance activities for CVR Energy's nitrogen plant generally occur every two to three years. The required frequency of planned major maintenance activities varies by unit for the refineries, but generally is every four to five years. For the years ended December 31, 2017 , 2016 , and 2015 , our Energy segment recorded an aggregate of $83 million , $38 million and $109 million , respectively, in turnaround expenses related to its refineries and nitrogen fertilizer plants. Mining The costs of acquiring mineral reserves and resources for our Mining segment are capitalized on the consolidated balance sheets as incurred. Capitalized mineral reserves and mine development expenditures are, upon commencement of commercial production, depreciated using a unit of production method based on the estimated economically recoverable reserves to which they relate, or are written off if abandoned. Exploration and evaluation expenditures relate to costs incurred in the exploration and evaluation of potential mineral reserves and include costs such as exploratory drilling, sample testing and the costs of feasibility studies. For our Mining segment, exploration and evaluation expenditures other than that acquired through the purchase of another mining company, are expensed as incurred. Purchased exploration and evaluation assets are recognized as assets at their cost of acquisition or at fair value if purchased as part of a business combination. Expenditures are transferred to mine development assets once the work completed supports the future development of the property, provided that technical feasibility and commercial viability studies have been successfully completed. Goodwill and Indefinite-Lived Intangible Assets Goodwill and indefinite lived intangible assets primarily include trademarks and brand names acquired in acquisitions. For a complete discussion of the impairment of goodwill and indefinite-lived intangible assets related to our various segments see Note 8 , “ Goodwill and Intangible Assets, Net .” Goodwill Goodwill is determined as the excess of fair value over amounts attributable to specific tangible and intangible assets. Goodwill is reviewed for impairment annually, or more frequently if impairment indicators exist. An impairment exists when a reporting unit’s carrying value exceeds its fair value. When performing the goodwill impairment testing, a reporting units’ fair value is based on valuation techniques using the best available information, primarily discounted cash flows projections, guideline transaction multiples, and multiples of current and future earnings. The impairment charge, if any, is the excess of the tested reporting unit's carrying value over its fair value, limited to the total amount of goodwill allocated to the tested reporting unit. Indefinite-Lived Intangible Assets Indefinite-lived intangible assets are stated at fair value established at acquisition or cost. These indefinite-lived intangible assets are reviewed for impairment annually, or more frequently if impairment indicators exist. An impairment exists when a trademark or brand names' carrying value exceeds its fair value. The fair values of these assets are based upon the prospective stream of hypothetical after-tax royalty cost savings discounted at rates that reflect the rates of return appropriate for these intangible assets. The impairment charge, if any, is the excess of the assets carrying value over its fair value. Held For Sale We classify assets and liabilities as held for sale when management, having the authority to approve the action, commits to a plan to sell the disposal group, the sale is probable within one year, and the disposal group is available for immediate sale in its present condition. We also consider whether an active program to locate a buyer has been initiated, whether the disposal group is marketed actively for sale at a price that is reasonable in relation to its current fair value, and whether actions required to complete the plan indicate it is unlikely significant changes to the plan will be made or the plan will be withdrawn. As of December 31, 2017 , assets held for sale were not material. As of December 31, 2016 , assets held for sale primarily consisted of property plant and equipment of approximately $1.2 billion and liabilities held for sale primarily consisted of debt of approximately $1.7 billion . Such assets and liabilities held for sale related primarily to our pending sale of ARL. During 2017, we closed on the sale of ARL and disposed of such assets and liabilities previously classified as held for sale. Pension and Other Post-Retirement Benefit Plan Obligations Pension and other post-employment benefit costs are dependent upon assumptions used in calculating such costs. These assumptions include discount rates, health care cost trends, expected returns on plan assets and other factors. In accordance with U.S. GAAP, actual results that differ from the assumptions used are accumulated and amortized over future periods and, accordingly, generally affect recognized expense and the recorded obligation in future periods. Allocation of Net Profits and Losses in Consolidated Affiliated Partnerships Net investment income and net realized and unrealized gains and losses on investments of the Investment Funds are allocated to the respective partners of the Investment Funds based on their percentage ownership in such Investment Funds on a monthly basis. Except for our limited partner interest, such allocations made to the limited partners of the Investment Funds are represented as non-controlling interests in our consolidated statements of operations. General Partnership Interest of Icahn Enterprises and Icahn Enterprises Holdings The general partner's capital account generally consists of its cumulative share of our net income less cash distributions plus capital contributions. Additionally, in acquisitions of common control companies accounted for at historical cost similar to a pooling of interests, the general partner's capital account would be charged (or credited) in a manner similar to a distribution (or contribution) for the excess (or deficit) of the fair value of consideration paid over historical basis in the business acquired. Capital Accounts, as defined under the Partnership Agreement, are maintained for our general partner and our limited partners. The capital account provisions of our Partnership Agreement incorporate principles established for U.S. federal income tax purposes and are not comparable to the equity accounts reflected under U.S. GAAP in our consolidated financial statements. Under our Partnership Agreement, the general partner is required to make additional capital contributions to us upon the issuance of any additional depositary units in order to maintain a capital account balance equal to 1.99% (1.00% in the case of Icahn Enterprises Holdings) of the total capital accounts of all partners. Generally, net earnings for U.S. federal income tax purposes are allocated 1.99% (1.00% in the case of Icahn Enterprises Holdings) and 98.01% (99.00% in the case of Icahn Enterprises Holdings) between the general partner and the limited partners, respectively, in the same proportion as aggregate cash distributions made to the general partner and the limited partners during the period. This is generally consistent with the manner of allocating net income under our Partnership Agreement; however, it is not comparable to the allocation of net income reflected in our consolidated financial statements. Pursuant to the Partnership Agreement, in |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |
Related Party Transactions | Related Party Transactions . Our second amended and restated agreement of limited partnership expressly permits us to enter into transactions with our general partner or any of its affiliates, including, without limitation, buying or selling properties from or to our general partner and any of its affiliates and borrowing and lending money from or to our general partner and any of its affiliates, subject to limitations contained in our partnership agreement and the Delaware Revised Uniform Limited Partnership Act. The indentures governing our indebtedness contain certain covenants applicable to transactions with affiliates. Investment Funds During the years ended December 31, 2017 , 2016 and 2015 , Mr. Icahn and his affiliates (excluding us) invested $600 million , $498 million and $240 million , respectively, in the Investment Funds, net of redemptions. As of December 31, 2017 and 2016 , the total fair market value of investments in the Investment Funds made by Mr. Icahn and his affiliates (excluding us) was approximately $4.4 billion and $3.7 billion , respectively, representing approximately 59% 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 years ended December 31, 2017 , 2016 and 2015 , $13 million , $34 million and $235 million , respectively, was allocated to the Investment Funds based on this expense-sharing arrangement. Hertz Global Holdings, Inc. As discussed in Note 4 , " Investments and Related Matters ," the Investment Funds have an investment in the common stock of Hertz Global Holdings, Inc. ("Hertz") measured at fair value that would have otherwise been subject to the equity method of accounting beginning in the fourth quarter of 2016. Pep Boys provides services to Hertz in the ordinary course of business. For the years ended December 31, 2017 and 2016 , revenue from Hertz was $17 million and $3 million , respectively. Additionally, Federal-Mogul had payments to Hertz in the ordinary course of business of $2 million and $2 million for the years ended December 31, 2017 and 2016 , respectively. IRL Holding, LLC During the year ended December 31, 2015, ARL distributed an aggregate of $25 million to IRL Holding, LLC ("IRL"), an affiliate of Mr. Icahn, and also made a non-resident withholding of $2 million on IRL's behalf. American Railcar Leasing, LLC 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. ACF Industries, Inc. 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 $6 million , $21 million and $86 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. For the years ended December 31, 2017 , 2016 and 2015 , revenues from ACF were $1 million , $1 million and $10 million , respectively. Insight Portfolio Group LLC Insight Portfolio Group LLC ("Insight Portfolio Group") is an entity formed and controlled by Mr. Icahn in order to maximize the potential buying power of a group of entities with which Mr. Icahn has a relationship in negotiating with a wide range of suppliers of goods, services and tangible and intangible property at negotiated rates. 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 the years ended December 31, 2017 , 2016 and 2015 , we and certain of our subsidiaries paid certain of the Insight Portfolio Group's operating expenses of $2 million , $2 million and $2 million , respectively. |
Investments and Related Matters
Investments and Related Matters | 12 Months Ended |
Dec. 31, 2017 | |
Investments and Related Matters [Abstract] | |
Investments and Related Matters | Investments and Related Matters . Investment Investments and securities sold, not yet purchased consist of equities, bonds, bank debt and other corporate obligations, all of which are reported at fair value in our 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: December 31, 2017 2016 Assets (in millions) Investments: Equity securities: Basic materials $ 1,170 $ 963 Consumer, non-cyclical 2,551 2,677 Energy 1,489 1,278 Financial 2,185 2,385 Technology 833 911 Other 1,149 809 9,377 9,023 Corporate debt securities 155 190 $ 9,532 $ 9,213 Liabilities Securities sold, not yet purchased, at fair value: Equity securities: Consumer, non-cyclical $ 101 $ — Consumer, cyclical 667 968 Energy 110 19 Industrial 110 100 988 1,087 Corporate debt securities 35 52 $ 1,023 $ 1,139 The portion of trading gains (losses) that relates to trading securities still held by our Investment segment was $1,413 million , $340 million and $(2,222) million for the years ended December 31, 2017 , 2016 and 2015 , respectively. As of December 31, 2017 , the Investment Funds owned approximately 28% 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 (losses) of $13 million and $(389) million for the years ended December 31, 2017 and 2016 , respectively, with respect to its investment in Hertz. As of December 31, 2017 and 2016 , the aggregate fair value of our Investment segment's investment in Hertz was $517 million and $505 million , respectively. The Investment Funds also owned approximately 21% of the outstanding common stock of Herbalife Ltd. ("Herbalife") as of December 31, 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 gains (losses) of $357 million and $(113) million for the years ended December 31, 2017 and 2016 , respectively, with respect to its investment in Herbalife. As of December 31, 2017 and 2016 , the aggregate fair value of our Investment segment's investment in Herbalife was approximately $1.2 billion and $867 million , respectively. Herbalife and Hertz each file annual, quarterly and current reports and proxy and information statements with the SEC, which are publicly available. 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 consolidated balance sheets. The carrying value of investments held by our other segments and our Holding Company consist of the following: December 31, 2017 2016 (in millions) Equity method investments $ 430 $ 302 Other investments (measured at fair value) 407 366 $ 837 $ 668 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 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. The inputs and assumptions of our Level 2 investments are derived from market observable sources including reported trades, broker/dealer quotes and other pertinent data. Level 3 - Pricing inputs are unobservable for the investment and non-financial asset and/or liability and include situations where there is little, if any, market activity for the investment or non-financial asset and/or liability. The inputs into the determination of fair value require significant management judgment or estimation. Fair value is determined using comparable market transactions and other valuation methodologies, adjusted as appropriate for liquidity, credit, market and/or other risk factors. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, investments', non-financial assets' and/or liabilities' level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to the investment. Significant transfers, if any, between the levels within the fair value hierarchy are recognized at the beginning of the reporting period when changes in circumstances require such transfers. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table summarizes the valuation of our assets and liabilities by the above fair value hierarchy levels measured on a recurring basis as of December 31, 2017 and 2016 : December 31, 2017 December 31, 2016 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets (in millions) Investments (Note 4) $ 9,378 $ 264 $ 279 $ 9,921 $ 9,033 $ 306 $ 212 $ 9,551 Derivative contracts, at fair value (Note 6) (1) — 1 — 1 — 23 — 23 $ 9,378 $ 265 $ 279 $ 9,922 $ 9,033 $ 329 $ 212 $ 9,574 Liabilities Securities sold, not yet purchased (Note 4) $ 988 $ 35 $ — $ 1,023 $ 1,087 $ 52 $ — $ 1,139 Other liabilities — 1 — 1 — 187 — 187 Derivative contracts, at fair value (Note 6) 36 1,239 — 1,275 — 1,139 — 1,139 $ 1,024 $ 1,275 $ — $ 2,299 $ 1,087 $ 1,378 $ — $ 2,465 (1) Amounts are classified within other assets in our 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: Year Ended December 31, 2017 2016 (in millions) Balance at January 1 $ 212 $ 283 Net realized gains — 16 Net unrealized gains 67 (6 ) Purchases 5 50 Transfers out (6 ) (135 ) Transfers in 1 4 Balance at December 31 $ 279 $ 212 Transfers out of Level 3 during the year ended December 31, 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 year ended December 31, 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 based on recent market transactions. As of December 31, 2017 and 2016 , the fair value of this investment was $274 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 years ended December 31, 2017 , 2016 and 2015 , we recorded impairment charges of $31 million , $99 million and $201 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 year ended December 31, 2017 , we recorded a loss of $8 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, Automotive and Metals segments, we recorded aggregate impairment charges of $72 million , $17 million and $14 million for the years ended December 31, 2017 , 2016 and 2015 , respectively, 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 13 , " Segment and Geographic Reporting ," for total impairment recorded by each of our segments. Defined Benefit Plans Measured at Fair Value on a Recurring Basis The following table presents our Automotive segment's defined benefit plan assets measured at fair value on a recurring basis as of December 31, 2017 and 2016 : December 31, 2017 December 31, 2016 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (in millions) U.S. Plans: Cash $ 35 $ — $ — $ 35 $ 30 $ — $ — $ 30 Investments with registered investment companies: Equity securities 393 — — 393 346 — — 346 Fixed income securities 163 — — 163 154 — — 154 Real estate and other 46 — — 46 41 — — 41 Equity securities 223 — — 223 204 — — 204 Debt securities: Corporate and other — 22 — 22 — 21 — 21 Government 11 21 — 32 11 17 — 28 Hedge funds — — 29 29 — — 32 32 $ 871 $ 43 $ 29 $ 943 $ 786 $ 38 $ 32 $ 856 Non-U.S. Plans: Insurance contracts $ — $ — $ 54 $ 54 $ — $ — $ 42 $ 42 Investments with registered investment companies: Fixed income securities 25 — — 25 19 — — 19 Equity securities 2 — — 2 2 — — 2 Corporate bonds — — — — — — — — $ 27 $ — $ 54 $ 81 $ 21 $ — $ 42 $ 63 The changes in U.S. and Non-U.S. plan assets measured at fair value for which our Automotive segment has used Level 3 input to determine fair value are as follows: Year Ended December 31, 2017 2016 (in millions) U.S. Plans: Hedge funds: Balance at January 1 $ 32 $ 86 Net realized and unrealized gains 3 — Purchases and settlements, net 12 48 Sales, net (18 ) (102 ) Balance at December 31 $ 29 $ 32 Year Ended December 31, 2017 2016 (in millions) Non-U.S. Plans: Insurance contracts: Balance at January 1 $ 42 $ 40 Net realized and unrealized gains 2 2 Purchases and settlements, net 6 3 Proceeds (2 ) (2 ) Foreign currency exchange rate movements 6 (1 ) Balance at December 31 $ 54 $ 42 The following table presents our Food Packaging and Railcar segment's defined benefit plan assets measured at fair value on a recurring basis as of December 31, 2017 and 2016 : December 31, 2017 December 31, 2016 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (in millions) U.S. and Non-U.S. Plans: Asset category: Cash equivalents $ 4 $ 1 $ — $ 5 $ 4 $ 1 $ — $ 5 Equity securities 79 3 — 82 77 3 — 80 Fixed income securities 26 3 — 29 25 2 — 27 Other (1) 6 — — 6 5 — — 5 $ 115 $ 7 $ — $ 122 $ 111 $ 6 $ — $ 117 (1) Excludes hedge fund plan assets measured at fair value using net asset value per share in the amount of $9 million and $9 million as of December 31, 2017 and 2016 , respectively. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Financial Instruments [Abstract] | |
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 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 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 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 December 31, 2017 and 2016 was $17 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. Financial instruments including cash equivalents, derivative contracts, and accounts receivable, expose Federal-Mogul to counter-party credit risk for non-performance. Federal-Mogul’s counterparties for cash equivalents and derivative contracts are banks and financial institutions that meet its requirement of high credit standing. Federal-Mogul's counterparties for derivative contracts are substantial investment and commercial banks with significant experience using such derivatives. Federal-Mogul manages its credit risk through policies requiring minimum credit standing and limiting credit exposure to any one counterparty and through monitoring counter-party credit risks. Federal-Mogul's concentration of credit risk related to derivative contracts at December 31, 2017 and 2016 was not material. 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 consolidated balance sheets with changes in fair value currently recognized in the consolidated statements of operations. Quoted prices for similar assets or liabilities in active markets (Level 2) are considered to determine the fair values for the purpose of marking to market the hedging instruments at each period end. At December 31, 2017 and 2016 , CVR Refining had open commodity swap instruments consisting of 14.3 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. Additionally, as of December 31, 2017 , CVR Refining had open forward purchase and sale commitments for 5.8 million barrels of Canadian crude oil priced at fixed differentials that are not considered probable of physical settlement and are accounted for as derivatives. Consolidated Derivative Information Certain derivative contracts executed by the Investment Funds with a single counterparty, 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 consolidated balance sheets. The following table presents the consolidated fair values of our derivatives that are not designated as hedging instruments in accordance with U.S GAAP: Asset Derivatives (1) Liability Derivatives December 31, December 31, 2017 2016 2017 2016 (in millions) Equity contracts $ — $ 15 $ 1,159 $ 1,104 Credit contracts — 17 17 39 Commodity contracts 7 2 106 11 Sub-total 7 34 1,282 1,154 Netting across contract types (2) (7 ) (15 ) (7 ) (15 ) $ — $ 19 $ 1,275 $ 1,139 (1) Net asset derivatives are located within other assets in our consolidated balance sheets. (2) Excludes netting of cash collateral received and posted. The total collateral posted at December 31, 2017 and 2016 was $542 million and $634 million , respectively, across all counterparties. The following table presents the amount of gain (loss) recognized in the consolidated statements of operations for our derivatives not designated as hedging instruments: Gain (Loss) Recognized in Income (1) Year Ended December 31, 2017 2016 2015 (in millions) Equity contracts $ (1,815 ) $ (1,609 ) $ (1 ) Foreign exchange contracts — 35 160 Credit contracts (42 ) 44 489 Interest rate contracts — (28 ) — Commodity contracts (182 ) (101 ) 57 $ (2,039 ) $ (1,659 ) $ 705 (1) Gains (losses) recognized on derivatives are classified in net gain from investment activities in our consolidated statements of operations for our Investment segment and are included in other income, net for all other segments. The volume of our derivative activities based on their notional exposure, categorized by primary underlying risk, is as follows: December 31, 2017 December 31, 2016 Long Notional Exposure Short Notional Exposure Long Notional Exposure Short Notional Exposure Primary underlying risk: (in millions) Equity contracts $ 243 $ 6,660 $ 112 $ 14,094 Credit contracts (1) — 391 202 472 Commodity contracts 20 911 16 754 (1) The short notional amount on our credit default swap positions is approximately $2.5 billion and $2.6 billion as of December 31, 2017 and 2016 , respectively. However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is approximately $391 million and $472 million as of December 31, 2017 and 2016 , respectively. Non-Derivative Instruments Designated as Hedging Instruments As of December 31, 2017 , Federal-Mogul has foreign currency denominated debt, of which $884 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 10 , “ Debt .” The amount recognized in accumulated other comprehensive loss for the year ended December 31, 2017 was a loss of $85 million . |
Inventories, Net (Notes)
Inventories, Net (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | Inventories, Net . Inventories, net consists of the following: December 31, 2017 2016 (in millions) Raw materials $ 531 $ 483 Work in process 338 299 Finished goods 2,392 2,201 $ 3,261 $ 2,983 Inventories in the table above is presented net of reserves of $200 million and $136 million as of December 31, 2017 and 2016 , respectively. |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets, Net | Goodwill and Intangible Assets, Net . Goodwill consists of the following: December 31, 2017 Automotive Energy Railcar Gaming Food Packaging Consolidated (in millions) Gross carrying amount, January 1 $ 1,662 $ 930 $ 7 $ 3 $ 4 $ 2,606 Acquisitions 121 — — — 3 124 Foreign exchange 15 — — — — 15 Gross carrying amount, December 31 1,798 930 7 3 7 2,745 Accumulated impairment, January 1 (537 ) (930 ) — (3 ) — (1,470 ) Impairment — — — — — — Accumulated impairment, December 31 (537 ) (930 ) — (3 ) — (1,470 ) Net carrying value, December 31 $ 1,261 $ — $ 7 $ — $ 7 $ 1,275 December 31, 2016 Automotive Energy Railcar Gaming Food Packaging Consolidated (in millions) Gross carrying amount, January 1 $ 1,457 $ 930 $ 7 $ — $ 3 $ 2,397 Acquisitions 205 — — 3 1 209 Gross carrying amount, December 31 1,662 930 7 3 4 2,606 Accumulated impairment, January 1 (537 ) (356 ) — — — (893 ) Impairment — (574 ) — (3 ) — (577 ) Accumulated impairment, December 31 (537 ) (930 ) — (3 ) — (1,470 ) Net carrying value, December 31 $ 1,125 $ — $ 7 $ — $ 4 $ 1,136 Intangible assets, net consists of the following: December 31, 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 $ 1,084 $ (538 ) $ 546 $ 1,059 $ (471 ) $ 588 Developed technology 143 (117 ) 26 142 (104 ) 38 In-place leases 121 (92 ) 29 121 (83 ) 38 Gasification technology license 60 (14 ) 46 60 (11 ) 49 Other 162 (27 ) 135 78 (17 ) 61 $ 1,570 $ (788 ) $ 782 $ 1,460 $ (686 ) $ 774 Indefinite-lived intangible assets: Trademarks and brand names $ 316 $ 305 Gaming licenses 37 37 353 342 Intangible assets, net $ 1,135 $ 1,116 We recorded amortization expense associated with definite-lived intangible assets for the years ended December 31, 2017 , 2016 and 2015 of $101 million , $91 million and $92 million , respectively. We utilize the straight-line method of amortization, recognized over the estimated useful lives of the assets. Additionally, we impaired intangible assets of $1 million , $16 million and $2 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. The impairment of intangible assets in 2016 was primarily in connection with the closing of the Trump Taj Mahal Casino Resort in October 2016. The estimated future amortization expense for our definite-lived intangible assets is as follows: Year Amount (in millions) 2018 $ 97 2019 96 2020 94 2021 85 2022 63 Thereafter 347 $ 782 Acquisitions Acquisitions during the year ended December 31, 2017 were not material individually or in the aggregate. As a result of certain acquisitions, our Automotive and Food Packaging segments allocated $121 million and $3 million , respectively, to goodwill during the year ended December 31, 2017 . In addition, our Automotive segment allocated $77 million to definite-lived intangible assets amortized over a weighted average of 3 to 16 years and $12 million to trademarks and brand names. Our Food Packaging segment allocated $28 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 Prior to 2017, with respect to our reporting units that are allocated goodwill, the first step of the goodwill impairment analysis ("Step 1") involved comparing the fair value of each of our reporting units' assets to their respective carrying values to determine the potential for goodwill impairment. The second step of the goodwill impairment test ("Step 2"), if necessary, involved quantifying the level of goodwill impairment after performing a recoverability analysis of other long-lived assets for impairment first. Beginning with our goodwill impairment analysis in 2017, Step 2 of the goodwill impairment test was eliminated and the determination and quantification of goodwill impairment, if any, was the result of applying Step 1 of the goodwill impairment analysis. We base the fair value of our reporting units on consideration of various valuation methodologies, including projecting future cash flows discounted at rates commensurate with the risks involved ("DCF"). Assumptions used in a DCF require the exercise of significant judgment, including judgment about appropriate discount rates and terminal values, growth rates, and the amount and timing of expected future cash flows. The forecasted cash flows are based on current plans and for years beyond that plan, the estimates are based on assumed growth rates. We believe that our assumptions are consistent with the plans and estimates used to manage the underlying businesses. The discount rates, which are intended to reflect the risks inherent in future cash flow projections, used in a DCF are based on estimates of the weighted-average cost of capital of a market participant. Such estimates are derived from our analysis of peer companies and consider the industry weighted average return on debt and equity from a market participant perspective. Automotive We perform the annual goodwill impairment test for our Automotive segment as of October 1 of each year, or more frequently if impairment indicators exist. During 2017, based on our Automotive segment's annual goodwill impairment analysis, the fair values of all of our reporting units within our Automotive segment were in excess of their carrying values. Our Automotive segment's Motorparts reporting unit's fair value exceeded its carrying value by 6% . As of December 31, 2017 , our Motorparts reporting unit had $349 million of goodwill allocated to it. During 2016, based on Step 1 of our Automotive segment's annual goodwill impairment analysis, the fair values of all of our reporting units within our Automotive segment were in excess of their carrying values. Our Motorparts reporting unit's fair value exceeded its carrying value by approximately 7% . As of December 31, 2016 , our Motorparts reporting unit had $349 million of goodwill allocated to it. During 2015, our Automotive segment's Motorparts reporting unit failed Step 1 of the annual goodwill impairment analysis. Based on this analysis, our Automotive segment recorded a goodwill impairment charge of $312 million for the year ended December 31, 2015 . Energy 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. During the fourth quarter of 2015, due to worsening sales trends for our Energy segment's fertilizer reporting unit, we performed an interim goodwill impairment analysis. Based on this analysis, our Energy segment recognized a goodwill impairment charge of $253 million , which represented the full amount of the remaining goodwill allocated to the fertilizer reporting unit. Gaming In connection with the closing of the Trump Taj Mahal, we recorded a goodwill impairment charge of $3 million in 2016, which represented the full amount of goodwill allocated to TER. |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net | Property, Plant and Equipment, Net . Property, plant and equipment, net consists of the following: December 31, Useful Life 2017 2016 (in years) (in millions) Land $ 876 $ 944 Buildings and improvements 3 - 40 3,249 3,050 Machinery, equipment and furniture 1 - 30 8,324 7,538 Assets leased to others 15 - 39 1,529 1,939 Construction in progress 503 541 14,481 14,012 Less: Accumulated depreciation and amortization (4,780 ) (3,890 ) Property, plant and equipment, net $ 9,701 $ 10,122 Assets leased to others are related to our Railcar and Real Estate segments. Included in assets leased to others in the table above are our Railcar segment's railcars for lease in the amount of approximately $1.1 billion and $1.5 billion as of December 31, 2017 and 2016 , respectively. Additionally, included in assets leased to others in the table above are our Real Estate segment's properties on lease in the amount of $387 million and $415 million as of December 31, 2017 and 2016 , respectively. Aggregate accumulated depreciation pertaining to assets leased to others is approximately $201 million and $224 million as of December 31, 2017 and 2016 , respectively. Depreciation and amortization expense related to property, plant and equipment for the years ended December 31, 2017 , 2016 and 2015 was $898 million , $917 million and $752 million , respectively. See Note 5 , " Fair Value Measurements ," for discussion regarding certain impairments to our property, plant and equipment. Consolidated Anticipated Future Receipts The following is a summary of the consolidated anticipated future receipts of the minimum lease payments receivable under the financing and operating method on a consolidated basis at December 31, 2017 : Year Amount (in millions) 2018 $ 184 2019 160 2020 118 2021 66 2022 42 Thereafter 92 $ 662 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt | Debt . Debt consists of the following: December 31, 2017 2016 (in millions) Holding Company: 3.500% senior unsecured notes due 2017 $ — $ 1,174 4.875% senior unsecured notes due 2019 — 1,271 6.000% senior unsecured notes due 2020 1,703 1,705 5.875% senior unsecured notes due 2022 1,342 1,340 6.250% senior unsecured notes due 2022 1,216 — 6.750% senior unsecured notes due 2024 498 — 6.375% senior unsecured notes due 2025 748 — 5,507 5,490 Reporting Segments: Automotive 3,470 3,259 Energy 1,166 1,165 Railcar 546 571 Gaming 137 287 Metals 1 2 Mining 58 55 Food Packaging 273 265 Real Estate 22 25 Home Fashion 5 — 5,678 5,629 Total Debt $ 11,185 $ 11,119 Holding Company Our Holding Company debt consists of various issues of fixed-rate senior unsecured notes issued by Icahn Enterprises and Icahn Enterprises Finance Corp. (the "Issuers") and guaranteed by Icahn Enterprises Holdings (the "Guarantor"). Interest on each of the senior unsecured notes are payable semi-annually. On January 18, 2017, the Issuers issued $500 million in aggregate principal amount of 6.750% senior unsecured notes due 2024 and $695 million in aggregate principal amount of 6.250% senior unsecured notes due 2022. The proceeds from these notes were used to redeem all of the outstanding senior unsecured notes due 2017 and to pay accrued interest, related fees and expenses. On December 6, 2017, the Issuers issued $750 million in aggregate principal amount of 6.375% senior unsecured notes due 2025 and an additional $510 million in aggregate principal amount of its existing 6.250% senior unsecured notes due 2022. The proceeds from these notes, together with cash on hand, were used to redeem all of the outstanding senior unsecured notes due 2019 and to pay accrued interest, related fees and expenses. Icahn Enterprises recorded a loss on extinguishment of debt of $12 million in connection with the debt transactions discussed above. Each of our senior unsecured notes and the related guarantees 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. The indentures governing our senior unsecured notes described above restrict the payment of cash distributions, the purchase of equity interests or the purchase, redemption, defeasance or acquisition of debt subordinated to the senior unsecured notes. The indentures also restrict the incurrence of debt or the issuance of disqualified stock, as defined in the indentures, with certain exceptions. In addition, the indentures require that on each quarterly determination date we and the guarantor of the notes (currently only Icahn Enterprises Holdings) maintain certain minimum financial ratios, as defined therein. The indentures also restrict the creation of liens, mergers, consolidations and sales of substantially all of our assets, and transactions with affiliates. As of December 31, 2017 and 2016 , we were in compliance with all covenants, including maintaining certain minimum financial ratios, as defined in the indentures. Additionally, as of December 31, 2017 , based on covenants in the indentures governing our senior unsecured notes, we are permitted to incur approximately $346 million of additional indebtedness. Reporting Segments Automotive Federal-Mogul Federal-Mogul's debt primarily consists of two term loans (one of which was repaid in full in 2017) and a revolving line of credit issued in 2014 with outstanding balances aggregating approximately $1.7 billion and $2.9 billion as of December 31, 2017 and 2016 , respectively. Additionally, as of December 31, 2017 , Federal-Mogul had approximately $1.3 billion of additional debt outstanding issued during 2017, which is discussed further below. A portion of the proceeds from the notes issued in 2017 were used to repay an existing term loan in full and partially repay the remaining term loan. The remaining revolving line of credit and term loan have maturity dates of 2018 and 2021, respectively. The revolving line of credit and term loan are guaranteed by substantially all of the domestic subsidiaries and certain foreign subsidiaries of Federal-Mogul, and are secured by substantially all personal property and certain real property of Federal-Mogul and such guarantors, subject to certain limitations. The liens granted to secure these obligations and certain cash management and hedging obligations have first priority. As such, Federal-Mogul's availability is limited by borrowing base conditions. The term loan facilities contain certain affirmative and negative covenants and events of default, including, subject to certain exceptions, restrictions on incurring additional indebtedness, mandatory prepayment provisions associated with specified asset sales and dispositions, and limitations on: i) investments; ii) certain acquisitions, mergers or consolidations; iii) sale and leaseback transactions; iv) certain transactions with affiliates; and v) dividends and other payments in respect of capital stock. 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 variable rate senior secured notes due 2024. Interest on the variable rate notes will accrue at the three-month EURIBOR, with 0% floor, plus 4.875% per annum. Proceeds on the issuance of these notes was $776 million . On June 29, 2017 , Federal-Mogul issued €350 million in aggregate principal amount of 5.000% senior secured notes due 2024. Proceeds on the issuance of these notes was $395 million . These notes issued during 2017 are collectively referred to as the "Federal-Mogul Euro Notes." The Federal-Mogul Euro 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. The proceeds from the issuances of the Federal-Mogul Euro Notes were used to completely repay an existing term loan and partially repay the remaining term loan, as discussed above. A portion of the Federal-Mogul Euro Notes were designated as a net investment hedge of Federal-Mogul's European operations. See Note 6 , “ Financial Instruments ,” to the consolidated financial statements, for additional information. The Federal-Mogul Euro Notes were issued under indentures, which contain customary events of defaults and covenants relating to, among other things, the incurrence of debt, affiliate transactions, liens and restricted payments. Interest on Federal-Mogul's debt is accrued and paid based on contractual terms, with weighted average interest rates of 4.96% and 4.34% as of December 31, 2017 and 2016 , respectively. As of December 31, 2017 and 2016 , total availability under Federal-Mogul credit facilities was $386 million and $273 million , respectively. Federal-Mogul also had $38 million and $45 million of letters of credit outstanding as of December 31, 2017 and 2016 . Icahn Automotive Icahn Automotive's debt primarily consists of an asset-based revolving credit facility and a first in-last out revolving credit facility each with variable interest rates. Icahn Automotive debt outstanding under these credit facilities was $337 million and $232 million as of December 31, 2017 and 2016, respectively, with maturity dates ranging from 2018 and 2022. Interest for each of these notes are accrued and paid based on contractual terms. The weighted average interest rate on these notes was 3.58% and 2.93% as of December 31, 2017 and 2016 , respectively. In addition, as of December 31, 2017 and 2016 , there was availability under revolving credit facilities of $75 million and $132 million , respectively. Icahn Automotive also had $33 million and $48 million of letters of credit outstanding as of December 31, 2017 and 2016 . Energy CVR Energy's debt primarily consists of a $500 million second lien senior unsecured note (issued by CVR Refining) and a $645 million senior secured note (issued by CVR Partners) maturing in 2022 and 2023, respectively, and with interest rates of 6.50% and 9.25% , respectively. Interest for each of these notes are accrued and paid based on contractual terms. The second lien senior unsecured notes are fully and unconditionally guaranteed by CVR Refining and each of its' finance subsidiaries' existing domestic subsidiaries on a joint and several basis. The senior secured notes are guaranteed on a senior secured basis by all of CVR Partner's existing subsidiaries. CVR Energy is not a guarantor of these notes. The indentures governing these notes contain certain covenants that restrict the ability of the issuers and subsidiary guarantors to issue debt, incur or otherwise cause liens to exist on any of their property or assets, declare or pay dividends, repurchase equity, make payments on subordinated or unsecured debt, make certain investments, sell certain assets, merge, consolidate with or into another entity, or sell all or substantially all of their assets or enter into certain transactions with affiliates. As of December 31, 2017 and 2016 , total availability under CVR Refining and CVR Partners variable rate asset based revolving credit facilities aggregated $382 million and $361 million , respectively. CVR Refining also had $28 million and $28 million of letters of credit outstanding as of December 31, 2017 and 2016 . Railcar ARI's debt primarily consists of notes issued in 2015 to refinance its lease fleet financing facilities and to increase borrowings. Such notes have a legal maturity date in 2045 and an expected principal repayment date in 2025. Interest for each of these notes are accrued and paid based on contractual terms. The weighted average interest rate on these notes was 3.72% and 3.68% as of December 31, 2017 and 2016 , respectively. In addition, as of December 31, 2017 and 2016 , ARI had borrowing availability to draw an additional $200 million and $200 million , respectively, under a credit agreement entered into in 2015. As of December 31, 2017 and 2016 , the net book value of the railcars that were pledged as collateral as part of ARI's lease fleet financing was $524 million and $544 million , respectively. Gaming Tropicana's debt primarily consists of a senior secured first lien term loan facility issued in 2013 and maturing in 2020. Interest for this note is accrued and paid based on contractual terms. The interest rate on this note was 4.57% and 4.00% as of December 31, 2017 and 2016 , respectively. Food Packaging Viskase's debt primarily consists of a credit agreement providing for a senior secured term loan facility issued in 2014 and maturing in 2021. Interest for this note is accrued and paid based on contractual terms. The interest rate on this note was 4.88% and 4.38% as of December 31, 2017 and 2016 , respectively. Covenants All of our subsidiaries are currently in compliance with all covenants and restrictions as described in the various executed agreements and contracts with respect to each debt instrument. These covenants include limitations on indebtedness, liens, investments, acquisitions, asset sales, dividends and other restricted payments and affiliate and extraordinary transactions. Consolidated Maturities The following is a summary of the maturities of our debt: Year (in millions) 2018 $ 199 2019 59 2020 1,901 2021 2,075 2022 3,608 Thereafter 3,391 11,233 Unamortized discounts, premiums and deferred financing fees (48 ) Total Debt $ 11,185 |
Pensions, Other Post-retirement
Pensions, Other Post-retirement Benefits and Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
Pensions,Other Post-retirement 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 Federal-Mogul and Viskase, its pension plans include defined contribution plans). Additionally, Federal-Mogul and Viskase each sponsors health care and life insurance benefits (''Other Post-Retirement Benefits'') for certain employees and retirees around the world. The Pension Benefits are funded based on the funding requirements of federal and international laws and regulations, as applicable, in advance of benefit payments and the other benefits as benefits are provided to participating employees. As prescribed by U.S. GAAP, Federal-Mogul, ARI and Viskase each uses, as applicable, appropriate actuarial methods and assumptions in accounting for its defined benefit pension plans, non-pension post-retirement benefits, and disability, early retirement and other post-retirement benefits. The measurement date for all defined benefit plans is December 31 of each year. Components of net periodic benefit cost (credit) for the years ended December 31, 2017 , 2016 and 2015 are as follows: Pension Benefits Other Post-Retirement Benefits Year Ended December 31, Year Ended December 31, 2017 2016 2015 2017 2016 2015 (in millions) Service cost $ 18 $ 18 $ 19 $ — $ — $ — Interest cost 63 70 66 12 14 13 Expected return on plan assets (58 ) (59 ) (71 ) — — — Amortization of actuarial losses 26 22 26 — 2 5 Amortization of prior service credit — — — (4 ) (4 ) (4 ) Curtailment gain — — (2 ) — — — $ 49 $ 51 $ 38 $ 8 $ 12 $ 14 Automotive Defined Benefit Plans The following provides disclosures for our Automotive segment's benefit obligations, plan assets, funded status, recognition in the consolidated balance sheets and inputs and valuation assumptions: Pension Benefits Other Post-Retirement Benefits United States Plans Non-U.S. Plans 2017 2016 2017 2016 2017 2016 (in millions) Change in benefit obligation: Benefit obligation, beginning of year $ 1,167 $ 1,221 $ 510 $ 487 $ 295 $ 323 Service cost 2 3 15 14 — — Interest cost 44 49 11 13 12 14 Benefits paid (73 ) (98 ) (22 ) (21 ) (23 ) (24 ) Medicare subsidies received — — — — 2 2 Curtailments — — — (1 ) — — Settlements — — (1 ) (4 ) — — Actuarial losses (gains) 41 (8 ) (17 ) 39 (1 ) (21 ) Business combinations — — 1 — — — Currency translation — — 68 (17 ) 1 1 Benefit obligation, end of year 1,181 1,167 565 510 286 295 Change in plan assets: Fair value of plan assets, beginning of year 856 870 63 57 — — Actual return on plan assets 116 45 3 3 — — Settlements — — (1 ) (4 ) — — Company contributions 44 39 30 30 21 22 Benefits paid (73 ) (98 ) (22 ) (21 ) (23 ) (24 ) Business combinations — — — 1 — — Medicare subsidies received — — — — 2 2 Currency translation — — 8 (3 ) — — Fair value of plan assets, end of year 943 856 81 63 — — Funded status of the plan and amounts recognized in the consolidated balance sheets $ (238 ) $ (311 ) $ (484 ) $ (447 ) $ (286 ) $ (295 ) Amounts recognized in accumulated other comprehensive loss, inclusive of tax impacts: Net actuarial loss $ 393 $ 435 $ 87 $ 93 $ 32 $ 34 Prior service cost (credit) — — 1 1 (2 ) (6 ) $ 393 $ 435 $ 88 $ 94 $ 30 $ 28 Weighted-average assumptions used to determine the benefit obligation as of December 31, 2017 , 2016 and 2015 . Pension Benefits Other United States Plans Non-U.S. Plans December 31, December 31, 2017 2016 2015 2017 2016 2015 2017 2016 2015 (in millions) Discount rate 3.50 % 3.90 % 4.15 % 2.26 % 2.03 % 2.72 % 3.68 % 3.98 % 4.18 % Rate of compensation increase n/a n/a n/a 2.97 % 2.96 % 3.19 % n/a n/a n/a Weighted-average assumptions used to determine net periodic benefit cost (credit) for the years ended December 31, 2017 , 2016 and 2015 : Pension Benefits Other United States Plans Non-U.S. Plans Year Ended December 31, Year Ended December 31, 2017 2016 2015 2017 2016 2015 2017 2016 2015 (in millions) Discount rate 3.90 % 4.15 % 3.85 % 2.03 % 2.72 % 1.77 % 3.98 % 4.18 % 3.84 % Expected return on plan assets 5.55 % 5.65 % 6.55 % 3.05 % 3.22 % 3.52 % n/a n/a n/a Rate of compensation increase n/a n/a n/a 2.96 % 3.19 % 3.16 % n/a n/a n/a Long-term Rate of Return Federal-Mogul’s expected return on assets is established annually through analysis of anticipated future long-term investment performance for the plan based upon the asset allocation strategy and is primarily a long-term prospective rate. An analysis was performed in December 2017 resulting in changes to the expected long-term rate of return on assets. The weighted-average long-term rate of return on assets for the United States pension plans decreased from 5.55% at December 31, 2016 to 5.50% at December 31, 2017 . The expected long-term rate of return on plan assets used in determining pension expense for non-U.S. plans is determined in a similar manner to the U.S. plans and decreased from 3.05% at December 31, 2016 to 3.26% at December 31, 2017 . Information for defined benefit plans with projected benefit obligations in excess of plan assets: Pension Benefits Other United States Plans Non-U.S. Plans December 31, December 31, 2017 2016 2017 2016 2017 2016 (in millions) Projected benefit obligation $ 1,181 $ 1,167 $ 565 $ 509 $ 286 $ 295 Fair value of plan assets 943 856 81 62 — — Information for pension plans with accumulated benefit obligations in excess of plan assets: Pension Benefits United States Plans Non-U.S. Plans December 31, 2017 2016 2017 2016 (in millions) Projected benefit obligation $ 1,181 $ 1,167 $ 548 $ 494 Accumulated benefit obligation 1,181 1,167 510 459 Fair value of plan assets 943 856 66 50 The accumulated benefit obligation for all pension plans was approximately $1.7 billion and $1.6 billion as of December 31, 2017 and 2016 , respectively. Health Care Trend The assumed health care and drug cost trend rates used to measure next year's post-employment healthcare benefits are as follows: Other Post-Retirement Benefits 2017 2016 Initial health care cost trend rate 6.41% 6.69% Ultimate health care cost trend rate 5.00% 5.00% Year ultimate health care cost trend rate reached 2022 2022 The assumed health care cost trend rate has a significant impact on the amounts reported for OPEB plans. The following table illustrates the sensitivity to a change in the assumed health care cost trend rate: Total Service and Interest Cost APBO (in millions) 100 basis point (“bp”) increase in health care cost trend rate $ 1 $ 23 100 bp decrease in health care cost trend rate (1 ) (20 ) Estimated amounts to be amortized from accumulated other comprehensive loss into net period benefit cost for 2018 based on 2017 plan measurements are $14 million , consisting primarily of amortization of net actuarial loss in the U.S. pension plans. Federal-Mogul's projected benefit payments from the plans are estimated as follows: Pension Benefits Other Post-Retirement Benefits United States Plans Non-U.S. Plans (in millions) 2018 $ 85 $ 25 $ 23 2019 85 27 22 2020 86 27 22 2021 87 27 22 2022 87 29 21 2023-2027 379 151 96 Federal-Mogul expects to contribute approximately $75 million to its pension plans in 2018. Plan Assets Certain pension plans sponsored by Federal-Mogul invest in a diversified portfolio consisting of an array of asset classes that attempts to maximize returns while minimizing volatility. These asset classes include developed market equities, emerging market equities, private equity, global high quality and high yield fixed income, real estate, and absolute return strategies. As of December 31, 2017 , plan assets were comprised of 65% equity investments, 23% fixed income investments, and 12% in other investments which include hedge funds. Approximately 57% of the U.S. plan assets were invested in actively managed investment funds. Federal-Mogul’s investment strategy includes a target asset allocation of 50% equity investments, 25% fixed income investments and 25% in other investment types including hedge funds. The U.S. investment strategy mitigates risk by incorporating diversification across appropriate asset classes to meet the plan’s objectives. It is intended to reduce risk, provide long-term financial stability for the plan, and maintain funded levels that meet long-term plan obligations while preserving sufficient liquidity for near-term benefit payments. Risk assumed is considered appropriate for the return anticipated and consistent with the diversification of plan assets. For Non-U.S. plans, the insurance contracts guarantee a minimum rate of return. Federal-Mogul has no input into the investment strategy of the assets underlying the contracts, but they are typically heavily invested in active bond markets and are highly regulated by local law. The majority of the assets of the non-U.S. plans are invested through insurance contracts. The target asset allocation for the non-U.S. pension plans is 67% insurance contracts, 31% debt investments and 2% equity investments. Refer to Note 5 , “ Fair Value Measurements ,” for discussion of the fair value of each major category of plan assets, including the inputs and valuation techniques used to develop the fair value measurements of the plans' assets, at December 31, 2017 and 2016 . Defined Contribution Pension Plans Federal-Mogul also maintains certain defined contribution pension plans for eligible employees. Effective January 1, 2013, Federal-Mogul amended its U.S. defined contribution plan to allow for an enhanced company match and company provided age-based contributions for eligible U.S. salaried and non-union hourly employees. The total expenses attributable to Federal-Mogul's defined contribution savings plan were $46 million , $43 million and $45 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. Other Benefits Federal-Mogul accounts for benefits to former or inactive employees paid after employment but before retirement. The liabilities for such U.S. and European post-employment benefits were $67 million and $60 million at December 31, 2017 and 2016 , respectively. Railcar and Food Packaging ARI is the sponsor of three defined benefit pension plans, two of which cover certain employees at designated repair facilities. All three of ARI's defined benefit pension plans are frozen and no additional benefits are accruing thereunder. Viskase and its subsidiaries have defined contribution and defined benefit plans varying by country and subsidiary. Viskase's operations in the United States, France, Germany and Canada have historically offered defined benefit retirement plans and post-retirement health care and life insurance benefits to their employees. Most of these benefits have been terminated, resulting in reductions in various liabilities. The following table provides disclosures for ARI's and Viskase's benefit obligations, plan assets, funded status, and recognition in the consolidated balance sheets. As pension costs for ARI and Viskase are not material to our consolidated financial position and results of operations, we do not provide information regarding their inputs and valuation assumptions. Pension Benefits 2017 2016 (in millions) Change in benefit obligation: Benefit obligation, beginning of year $ 189 $ 191 Service cost 1 1 Interest cost 8 8 Benefits paid (10 ) (15 ) Actuarial gain 9 4 Adjustment to benefits 15 — Currency translation 1 — Benefit obligation, end of year 213 189 Change in plan assets: Fair value of plan assets, beginning of year 126 133 Actual return on plan assets 16 8 Benefits paid (10 ) (15 ) Fair value of plan assets, end of year 132 126 Funded status of the plan $ (81 ) $ (63 ) Amounts recognized in the consolidated balance sheets: Net liability recognized $ (81 ) $ (63 ) Amounts recognized in accumulated other comprehensive loss, inclusive of tax impacts: Net actuarial loss $ (81 ) $ (63 ) Total $ (81 ) $ (63 ) |
Net Income Per LP Unit
Net Income Per LP Unit | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Unit [Abstract] | |
Net Income Per LP Unit | Net Income Per LP Unit . The following table sets forth the allocation of net (loss) income attributable to Icahn Enterprises allocable to limited partners and the computation of basic and diluted (loss) income per LP unit of Icahn Enterprises for the periods indicated: Year Ended December 31, 2017 2016 2015 (in millions, except per unit data) Net loss attributable to Icahn Enterprises $ 2,430 $ (1,128 ) $ (1,194 ) Net loss attributable to Icahn Enterprises allocable to limited partners (98.01% allocation) $ 2,382 $ (1,106 ) $ (1,170 ) Basic and diluted loss per LP unit $ 14.80 $ (8.07 ) $ (9.29 ) Basic and diluted weighted average LP units outstanding 161 137 126 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. Unit Distributions During the year ended December 31, 2017 , we declared four quarterly distributions aggregating $6.00 per depositary unit. Depositary unitholders were given the option to make an election to receive the distributions in either cash or additional depositary units; if a holder did not make an election, it was automatically deemed to have elected to receive the distributions in cash. Icahn Enterprises depositary units outstanding during 2017 increased as a result of the four quarterly distributions in which we distributed an aggregate 17,644,152 of Icahn Enterprises' depositary units to those depositary unitholders who elected to receive such distributions in additional depositary units, of which an aggregate of 17,374,427 depositary units were distributed to Mr. Icahn and his affiliates. 2017 Incentive Plan During the year ended December 31, 2017 , Icahn Enterprises distributed 7,902 depositary units, 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 consolidated financial statements, including the calculation of potentially dilutive units. |
Segment and Geographic Reportin
Segment and Geographic Reporting | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment and Geographic 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 years ended December 31, 2017 , 2016 and 2015 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. Year Ended December 31, 2017 Investment Automotive Energy Railcar Gaming Metals Mining Food Packaging Real Estate Home Fashion Holding Company Consolidated (in millions) Revenues: Net sales $ — $ 9,957 $ 5,988 $ 265 $ — $ 409 $ 94 $ 392 $ 15 $ 183 $ — $ 17,303 Other revenues from operations — 487 — 370 898 — — — 72 — — 1,827 Net income from investment activities 241 — — 2 — — — — — — 61 304 Interest and dividend income 106 6 1 2 1 — 1 — 7 — 12 136 Gain (loss) on disposition of assets, net — 12 (3 ) 1,664 (4 ) — — — 496 — 1 2,166 Other (loss) income, net (50 ) 66 (68 ) 3 65 (1 ) (2 ) 1 — — (6 ) 8 297 10,528 5,918 2,306 960 408 93 393 590 183 68 21,744 Expenses: Cost of goods sold — 8,110 5,727 249 — 389 60 297 11 162 — 15,005 Other expenses from operations — 436 — 134 425 — — — 46 — — 1,041 Selling, general and administrative 13 1,802 144 47 379 19 14 65 10 39 33 2,565 Restructuring, net — 21 — — — 1 — 2 — 1 — 25 Impairment — 40 — 68 — — — 1 2 1 — 112 Interest expense 166 167 110 45 11 — 6 13 2 — 323 843 179 10,576 5,981 543 815 409 80 378 71 203 356 19,591 Income (loss) before income tax benefit (expense) 118 (48 ) (63 ) 1,763 145 (1 ) 13 15 519 (20 ) (288 ) 2,153 Income tax benefit (expense) — 674 338 (496 ) (93 ) (43 ) (3 ) (21 ) — — 82 438 Net income (loss) 118 626 275 1,267 52 (44 ) 10 (6 ) 519 (20 ) (206 ) 2,591 Less: net income (loss) attributable to non-controlling interests 38 11 46 53 13 — 1 (1 ) — — — 161 Net income (loss) attributable to Icahn Enterprises $ 80 $ 615 $ 229 $ 1,214 $ 39 $ (44 ) $ 9 $ (5 ) $ 519 $ (20 ) $ (206 ) $ 2,430 Supplemental information: Capital expenditures $ — $ 479 $ 119 $ 173 $ 112 $ 30 $ 38 $ 26 $ 9 $ 5 $ — $ 991 Depreciation and amortization (1) $ — $ 508 $ 278 $ 65 $ 73 $ 20 $ 5 $ 25 $ 20 $ 8 $ — $ 1,002 Year Ended December 31, 2016 Investment Automotive Energy Railcar Gaming Metals Mining Food Packaging Real Estate Home Fashion Holding Company Consolidated (in millions) Revenues: Net sales $ — $ 9,420 $ 4,782 $ 430 $ — $ 267 $ 71 $ 329 $ 17 $ 195 $ — $ 15,511 Other revenues from operations — 422 — 522 944 — — — 70 — — 1,958 Net (loss) gain from investment activities (1,388 ) — 5 — — — — — — — 10 (1,373 ) Interest and dividend income 112 4 1 2 1 — 2 — — — 9 131 Gain on disposition of assets, net — 9 — 3 — 1 — — 1 — — 14 Other (loss) income, net 53 73 (24 ) 5 3 1 (10 ) 3 — 1 2 107 (1,223 ) 9,928 4,764 962 948 269 63 332 88 196 21 16,348 Expenses: Cost of goods sold — 7,658 4,618 366 — 284 56 249 13 168 — 13,412 Other expenses from operations — 430 — 223 460 — — — 46 — — 1,159 Selling, general and administrative 34 1,521 138 48 440 18 22 52 10 38 21 2,342 Restructuring, net — 27 — — — 2 — 3 — — — 32 Impairment — 18 574 — 106 1 — — 5 2 3 709 Interest expense 230 157 83 85 13 — 7 12 2 — 289 878 264 9,811 5,413 722 1,019 305 85 316 76 208 313 18,532 (Loss) income before income tax (expense) benefit (1,487 ) 117 (649 ) 240 (71 ) (36 ) (22 ) 16 12 (12 ) (292 ) (2,184 ) Income tax (expense) benefit — (40 ) 45 (57 ) (24 ) 16 (2 ) (8 ) — — 34 (36 ) Net (loss) income (1,487 ) 77 (604 ) 183 (95 ) (20 ) (24 ) 8 12 (12 ) (258 ) (2,220 ) Less: net (loss) income attributable to non-controlling interests (883 ) 24 (277 ) 33 14 — (5 ) 2 — — — (1,092 ) Net (loss) income attributable to Icahn Enterprises $ (604 ) $ 53 $ (327 ) $ 150 $ (109 ) $ (20 ) $ (19 ) $ 6 $ 12 $ (12 ) $ (258 ) $ (1,128 ) Supplemental information: Capital expenditures $ — $ 418 $ 133 $ 133 $ 85 $ 5 $ 22 $ 18 $ 1 $ 11 $ — $ 826 Depreciation and amortization (1) $ — $ 473 $ 258 $ 134 $ 71 $ 22 $ 6 $ 20 $ 22 $ 8 $ — $ 1,014 Year Ended December 31, 2015 Investment Automotive Energy Railcar Gaming Metals Mining Food Packaging Real Estate Home Fashion Holding Company Consolidated (in millions) Revenues: Net sales $ — $ 7,789 $ 5,433 $ 440 $ — $ 361 $ 30 $ 344 $ 14 $ 193 $ — $ 14,604 Other revenues from operations — — — 499 811 — — — 76 — — 1,386 Net (loss) gain from investment activities (1,041 ) — 36 — — — — — — — 18 (987 ) Interest and dividend income 178 6 2 2 1 — 1 — — — 4 194 Gain on disposition of assets, net — — (2 ) 4 (1 ) — — (1 ) 40 — — 40 Other (loss) income, net (2 ) 58 (27 ) 3 — 4 (3 ) (6 ) 1 1 6 35 (865 ) 7,853 5,442 948 811 365 28 337 131 194 28 15,272 Expenses: Cost of goods sold — 6,577 4,949 338 — 406 38 263 7 163 — 12,741 Other expenses from operations — — — 201 396 — — — 46 — — 643 Selling, general and administrative 237 1,001 127 45 338 20 12 50 13 34 31 1,908 Restructuring — 89 — — — 2 — 5 — 1 — 97 Impairment — 344 253 — — 20 169 — 2 — — 788 Interest expense 563 144 47 82 12 — 3 12 2 — 289 1,154 800 8,155 5,376 666 746 448 222 330 70 198 320 17,331 (Loss) income before income tax (expense) benefit (1,665 ) (302 ) 66 282 65 (83 ) (194 ) 7 61 (4 ) (292 ) (2,059 ) Income tax (expense) benefit — (50 ) (59 ) (69 ) (27 ) 32 (1 ) (10 ) — — 116 (68 ) Net (loss) income (1,665 ) (352 ) 7 213 38 (51 ) (195 ) (3 ) 61 (4 ) (176 ) (2,127 ) Less: net (loss) income attributable to non-controlling interests (905 ) (53 ) (18 ) 76 12 — (45 ) — — — — (933 ) Net income (loss) attributable to Icahn Enterprises $ (760 ) $ (299 ) $ 25 $ 137 $ 26 $ (51 ) $ (150 ) $ (3 ) $ 61 $ (4 ) $ (176 ) $ (1,194 ) Supplemental information: Capital expenditures $ — $ 449 $ 219 $ 522 $ 94 $ 24 $ 20 $ 22 $ 3 $ 6 $ — $ 1,359 Depreciation and amortization (2) $ — $ 346 $ 229 $ 127 $ 63 $ 29 $ 8 $ 19 $ 21 $ 7 $ — $ 849 (1) Excludes amounts related to the amortization of deferred financing costs and debt discounts and premiums included in interest expense in the consolidated amounts of $15 million , $20 million and $14 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. Icahn Enterprises' condensed balance sheets by reporting segment as of December 31, 2017 and 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. December 31, 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 $ 367 $ 482 $ 100 $ 105 $ 24 $ 15 $ 16 $ 30 $ — $ 526 $ 1,682 Cash held at consolidated affiliated partnerships and restricted cash 734 4 — 19 16 5 — 2 2 4 — 786 Investments 9,532 324 83 23 23 — — — — — 384 10,369 Accounts receivable, net — 1,406 178 44 11 40 10 78 3 35 — 1,805 Inventories, net — 2,601 385 54 — 33 30 92 — 66 — 3,261 Property, plant and equipment, net — 3,503 3,213 1,199 808 110 188 170 438 72 — 9,701 Goodwill and intangible assets, net — 1,963 298 7 74 3 — 36 29 — — 2,410 Other assets 516 541 61 41 102 11 22 93 390 6 4 1,787 Total assets $ 10,799 $ 10,709 $ 4,700 $ 1,487 $ 1,139 $ 226 $ 265 $ 487 $ 892 $ 183 $ 914 $ 31,801 LIABILITIES AND EQUITY Accounts payable, accrued expenses and other liabilities $ 1,302 $ 2,770 $ 1,125 $ 254 $ 104 $ 41 $ 45 $ 98 $ 46 $ 34 $ 190 $ 6,009 Securities sold, not yet purchased, at fair value 1,023 — — — — — — — — — — 1,023 Due to brokers 1,057 — — — — — — — — — — 1,057 Post-employment benefit liability — 1,075 — 8 — 2 — 74 — — — 1,159 Debt — 3,470 1,166 546 137 1 58 273 22 5 5,507 11,185 Total liabilities 3,382 7,315 2,291 808 241 44 103 445 68 39 5,697 20,433 Equity attributable to Icahn Enterprises 3,052 3,234 1,098 428 761 182 138 28 824 144 (4,783 ) 5,106 Equity attributable to non-controlling interests 4,365 160 1,311 251 137 — 24 14 — — — 6,262 Total equity 7,417 3,394 2,409 679 898 182 162 42 824 144 (4,783 ) 11,368 Total liabilities and equity $ 10,799 $ 10,709 $ 4,700 $ 1,487 $ 1,139 $ 226 $ 265 $ 487 $ 892 $ 183 $ 914 $ 31,801 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 The following table presents our segments' geographic net sales from external customers, other revenues from operations and property, plant and equipment, net for the periods indicated: Net Sales Other Revenues From Operations Property, Plant and Equipment, Net Year Ended December 31, Year Ended December 31, December 31, 2017 2016 2015 2017 2016 2015 2017 2016 (in millions) United States $ 11,878 $ 10,489 $ 9,672 $ 1,759 $ 1,886 $ 1,304 $ 7,399 $ 8,063 Germany 1,531 1,455 1,480 — — — 529 458 Other 3,894 3,567 3,452 68 72 82 1,773 1,601 $ 17,303 $ 15,511 $ 14,604 $ 1,827 $ 1,958 $ 1,386 $ 9,701 $ 10,122 Geographic locations for net sales and other revenues from operations are based on locations of the customers and geographic locations for property, plant, and equipment are based on the locations of the assets. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes . The difference between the book basis and the tax basis of our net assets, not directly subject to income taxes, is as follows: Icahn Enterprises Icahn Enterprises Holdings December 31, December 31, 2017 2016 2017 2016 (in millions) (in millions) Book basis of net assets $ 5,106 $ 2,154 $ 5,133 $ 2,179 Book/tax basis difference (450 ) 1,888 (450 ) 1,888 Tax basis of net assets $ 4,656 $ 4,042 $ 4,683 $ 4,067 Income (loss) from continuing operations before income tax expense (benefit) is as follows: Year Ended December 31, 2017 2016 2015 (in millions) Domestic $ 1,933 $ (2,370 ) $ (1,870 ) International 220 186 (189 ) $ 2,153 $ (2,184 ) $ (2,059 ) Income tax benefit (expense) attributable to continuing operations is as follows: Year Ended December 31, 2017 2016 2015 (in millions) Current: Domestic $ (21 ) $ (40 ) $ (17 ) International (52 ) (101 ) (55 ) Total current (73 ) (141 ) (72 ) Deferred: Domestic 525 73 (15 ) International (14 ) 32 19 Total deferred 511 105 4 $ 438 $ (36 ) $ (68 ) A reconciliation of the income tax benefit (expense) calculated at the federal statutory rate to income tax benefit (expense) on continuing operations as shown in the consolidated statements of operations is as follows: Year Ended December 31, 2017 2016 2015 (in millions) Income tax benefit (expense) at U.S. statutory rate $ (754 ) $ 764 $ 721 Tax effect from: Foreign operations 42 39 29 Valuation allowance 490 (46 ) (113 ) Non-controlling interest (7 ) (7 ) 41 Goodwill — (225 ) (196 ) Uncertain tax positions and assessments 23 (9 ) 4 Income not subject to taxation 172 (511 ) (523 ) Enactment of U.S. tax legislation, net of valuation allowance 498 — — Other (26 ) (41 ) (31 ) Income tax benefit (expense) $ 438 $ (36 ) $ (68 ) The tax effect of significant differences representing deferred tax assets (liabilities) (the difference between financial statement carrying value and the tax basis of assets and liabilities) is as follows: December 31, 2017 2016 (in millions) Deferred tax assets: Property, plant and equipment $ 261 $ 312 Net operating loss 1,158 1,981 Tax credits 141 139 Post-employment benefits, including pensions 263 334 Reorganization costs 3 7 Other 398 430 Total deferred tax assets 2,224 3,203 Less: Valuation allowance (1,293 ) (1,821 ) Net deferred tax assets $ 931 $ 1,382 Deferred tax liabilities: Property, plant and equipment $ (467 ) $ (592 ) Intangible assets (157 ) (195 ) Investment in partnerships (775 ) (1,495 ) Investment in U.S. subsidiaries (184 ) (307 ) Other (138 ) (101 ) Total deferred tax liabilities (1,721 ) (2,690 ) $ (790 ) $ (1,308 ) We recorded deferred tax assets and deferred tax liabilities of $134 million and $924 million , respectively, as of December 31, 2017 and $305 million and $1,613 million , respectively, as of December 31, 2016 . Deferred tax assets are included in other assets in our consolidated balance sheets. We analyze all positive and negative evidence to consider whether it is more likely than not that all of the deferred tax assets will be realized. Projected future income, tax planning strategies and the expected reversal of deferred tax liabilities are considered in making this assessment. As of December 31, 2017 we had a valuation allowance of approximately $1.3 billion primarily related to tax loss and credit carryforwards, post-retirement benefits and other deferred tax assets. The current and future provisions for income taxes may be significantly impacted by changes to valuation allowances. These allowances will be maintained until it is more likely than not that the deferred tax assets will be realized. For the year ended December 31, 2017, the valuation allowance on deferred tax assets decreased by $528 million . The decrease was primarily attributable to a $491 million release of valuation allowance on all of the Federal-Mogul federal net operating loss carryforward and a portion of state loss carryforwards and other deferred tax assets. The remaining decrease was attributable to a $77 million decrease in the valuation allowance of our Gaming segment and a $13 million decrease in our Mining segment, offset in part by increases of $53 million recorded by the Automotive segment and Holding Company. At December 31, 2017, American Entertainment Properties Corp., a wholly owned corporate subsidiary of Icahn Enterprises and Icahn Enterprises Holdings, which includes all or parts of our Automotive, Energy, Railcar, Metals, Gaming, Home Fashion and Real Estate segments had a deferred tax asset before valuation allowance of approximately $1.0 billion related to tax loss carryforwards including: $684 million in the U.S. with expiration dates from 2027 through 2037 ; $47 million in the United Kingdom with no expiration dates; and $287 million in other jurisdictions with various expiration dates. At December 31, 2017, CVR Energy had Kansas state income tax credits of $9 million , which are available to reduce future Kansas state income taxes. These credits, if not used, will expire beginning in 2032 . Additionally, CVR Energy has Oklahoma state income tax credits of $30 million which are available to reduce future Oklahoma state regular income taxes. These credits have an indefinite life. At December 31, 2017, Viskase had U.S. federal net operating loss carryforwards of $86 million which will begin expiring in the year 2024 and forward, and foreign net operating loss carryforwards of $13 million with unlimited carryforward period and $9 million with a five-year carryforward period. At December 31, 2017, ARI had a federal net operating loss of $54 million that will be carried back to tax years 2015 and 2016 and will be fully absorbed. In addition, ARI had state net operating carryforwards of $31 million , which have varying expiration dates that extend into 2037 . Enactment of U.S. Tax Legislation On December 22, 2017, The Tax Cuts and Jobs Act (the "Tax Legislation") was enacted in the United States, significantly revising certain U.S. corporate income tax provisions; including, among other items, a reduction of the U.S. corporate rate from 35% to 21% , effective for tax year beginning after December 31, 2017; the transition of U.S. international taxation from a worldwide tax system to a territorial system; and a one-time transition tax on the mandatory deemed repatriation of cumulative foreign earnings as of December 31, 2017, (or, if greater, November 2, 2017) of a “specified foreign corporation” which includes controlled foreign corporations and other foreign corporations which have at least one U.S. corporate shareholder that owns 10% or more of the value or voting power of such foreign corporation. We estimated the impact of the Tax Legislation on our income tax provision for the year ended December 31, 2017 in accordance with our understanding of the Tax Legislation and guidance available at the date of this filing and as a result have recorded adjustments to the various tax balances, current, long-term and deferred tax assets and liabilities, all during the fourth quarter of 2017, the period in which the Tax Legislation was enacted. The provisional amount related to the remeasurement of certain deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future was $496 million , representing an income tax benefit recorded during the current period. The provisional amount related to the one-time transition tax on the mandatory deemed repatriation of foreign earnings was $2 million . On December 22, 2017, Staff Accounting Bulletin No. 118 ("SAB 118") was issued to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Tax Legislation. In accordance with SAB 118, we have determined that the $496 million of income tax benefit recorded in connection with the remeasurement of certain deferred tax assets and liabilities and the $2 million of current tax expense recorded in connection with the transition tax on mandatory deemed repatriation of foreign earnings were each a provisional amount and a reasonable estimate as of the date of this filing. The accounting for these provisional amounts may be adjusted as we gain a better understanding of the new tax laws due to additional guidance and analysis of these estimates, including but not limited to, guidance on application of the one-time transition tax to 10% U.S. shareholders of a specified foreign corporation, state tax treatments and finalizing our foreign affiliate analysis. Any subsequent adjustment to these amounts will be recorded to tax expense in the quarter of 2018 when the analysis is complete and additional guidance and Internal Revenue Service interpretations are issued. The Tax Legislation requires a U.S. shareholder of a foreign corporation to include in income its global intangible low-taxed income ("GILTI"). The computation for the GILTI is still subject to interpretation and additional clarifying guidance is expected in 2018. We are continuing to evaluate this requirement and its application under FASB ASC Topic 740, Income Taxes . Accordingly, we have not made any adjustments in our current year financial statements and have not made a policy decision regarding whether to record deferred taxes on GILTI or to record it as a period cost adjustment. Under the Tax Legislation, an entity must pay a Base Erosion Anti-Abuse Tax ("BEAT") if the BEAT is greater than its regular tax liability. Based upon the FASB’s guidance in this area, any incremental effect of BEAT tax should be recognized in the year the BEAT is incurred. This tax applies to future years and therefore there are no impacts or estimates in the current year financial statements. As of December 31, 2017, Federal Mogul, Viskase and ARI have not provided taxes on $784 million , $46 million and $6 million , respectively, of undistributed earnings in foreign subsidiaries which are deemed to be indefinitely reinvested. If at some future date these earnings cease to be permanently reinvested, we may be subject to foreign income and withholding taxes upon repatriation of such amounts. Accounting for Uncertainty in Income Taxes A summary of the changes in the gross amounts of unrecognized tax benefits for the years ended December 31, 2017 , 2016 and 2015 are as follows: Years Ended December 31, 2017 2016 2015 (in millions) Balance at January 1 $ 101 $ 94 $ 113 Addition based on tax positions related to the current year 7 7 19 Increase for tax positions of prior years 59 8 6 Decrease for tax positions of prior years (15 ) (1 ) (10 ) Decrease for statute of limitation expiration (16 ) (6 ) (21 ) Settlements (11 ) — (8 ) Impact of currency translation and other 4 (1 ) (5 ) Balance at December 31 $ 129 $ 101 $ 94 At December 31, 2017 , 2016 and 2015 , we had unrecognized tax benefits of $129 million , $101 million and $94 million , respectively. Of these totals, $29 million , $68 million and $76 million represents the amount of unrecognized tax benefits that if recognized, would affect the annual effective tax rate in the respective periods. The total unrecognized tax benefits differ from the amount which would affect the effective tax rate primarily due to the impact of valuation allowances. During the next 12 months, Federal-Mogul believes that it is reasonably possible that unrecognized tax benefits of Federal-Mogul may decrease by approximately $5 million due to audit settlements or statute expirations, of which approximately $2 million , if recognized, could impact the effective tax rate. We do not anticipate any significant changes to the amount of our unrecognized tax benefits in our other business segments during the next 12 months. We recognize interest and penalties accrued related to unrecognized tax benefits as a component of income tax expense. We recorded $6 million , $15 million and $19 million as of December 31, 2017 , 2016 and 2015 , respectively, in liabilities for tax related net interest and penalties in our consolidated balance sheets. Income tax (benefit) related to interest and penalties were $(9) million , $(4) million and $(11) million for the years December 31, 2017 , 2016 and 2015 , respectively. We or certain of our subsidiaries file income tax returns in the U.S. federal jurisdiction, various state jurisdictions and various non-U.S. jurisdictions. We and our subsidiaries are no longer subject to U.S. federal tax examinations for years before 2013 or state and local examinations for years before 2009, with limited exceptions. We, or our subsidiaries, are currently under various income tax examinations in several states and foreign jurisdictions, but are no longer subject to income tax examinations in major foreign jurisdictions for years prior to 2005. |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2017 | |
Changes in Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Income (Loss) [Text Block] | Changes in Accumulated Other Comprehensive Loss . Changes in accumulated other comprehensive loss consists of the following: Post-Employment Benefits, Net of Tax Hedge Instruments, Net of Tax Translation Adjustments and Other, Net of Tax Total (in millions) Balance, December 31, 2016 $ (614 ) $ (22 ) $ (948 ) $ (1,584 ) Other comprehensive income before reclassifications, net of tax 30 2 124 156 Reclassifications from accumulated other comprehensive income (loss) to earnings 20 (3 ) — 17 Other comprehensive income (loss), net of tax 50 (1 ) 124 173 Balance, December 31, 2017 $ (564 ) $ (23 ) $ (824 ) $ (1,411 ) |
Other Income (Loss), Net
Other Income (Loss), Net | 12 Months Ended |
Dec. 31, 2017 | |
Other (Loss) Income, Net [Abstract] | |
Other (Loss) Income, Net | Other Income, Net . Other income, net consists of the following: Year Ended December 31, 2017 2016 2015 (in millions) Gain on acquisition $ — $ — $ 5 Realized and unrealized loss on derivatives, net (Note 6) (70 ) (19 ) (29 ) Other derivative (loss) income (41 ) 66 — Dividend expense (10 ) (14 ) — Loss on extinguishment of debt (16 ) (5 ) (2 ) Equity earnings from non-consolidated affiliates 71 64 62 Foreign currency transaction loss (11 ) (1 ) (10 ) Tax settlement gain 61 — — Predecessor claim settlement — 3 — Other 24 13 9 $ 8 $ 107 $ 35 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 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 $50 million and $50 million as of December 31, 2017 and 2016 , respectively, primarily within our Automotive, Energy and Metals segments and which are included in accrued expenses and other liabilities in our 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 $16 million and $16 million as of December 31, 2017 and 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 December 31, 2017 , Federal-Mogul estimates additional losses above and beyond its best estimate of required remediation costs could range up to $24 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. On August 1, 2016, a subsidiary of CVR Energy ("CRCT") received a Notice of Probably Violation, Proposed Civil Penalty and Proposed Compliance Order (the "NOPV") from the U.S. Department of Transportation's Pipeline and Hazardous Materials Safety Administration (the "PHMSA"). The NOPV alleges violations of the Pipeline Safety Regulations, Title 49, Code of Federal Regulations. The alleged violations include alleged failures (during various time periods) to (i) conduct quarterly notification drills, (ii) maintain certain required records, (iii) utilize certain required safety equipment (including line markers), (iv) take certain pipeline integrity management activities, (v) conduct certain cathodic protection testing, and (vi) make certain atmospheric corrosion inspections. The preliminary assessed civil penalty is less than $1 million and the NOPV contained a compliance order outlining remedial compliance steps to be undertaken by CRCT. CRCT paid a portion of the penalty and contested and requested mitigation of the remainder, and also requested reconsideration of the proposed compliance order. In November 2017, CRCT received a final order from PHMSA assessing a revised civil penalty of less than $1 million . CRCT paid the remainder of the penalty and has completed all items required by the compliance order. Certain subsidiaries of CVR Energy ("CRRM" and "CRT") have agreed to perform corrective actions at the Coffeyville, Kansas refinery and the now-closed Phillipsburg, Kansas terminal facility, pursuant to Administrative Orders on Consent issued under the Resources Conservation and Recovery Act ("RCRA") to address historical contamination by the prior owners (RCRA Docket No. VII-94-H-20 and Docket No. VII-95 H-11, respectively). Wynnewood Refining Company, LLC ("WRC") and the Oklahoma Department of Environmental Quality ("ODEQ") have entered into a Consent Order (Case No. 15-056) to resolve certain legacy environmental issues related to historical groundwater contamination and the operation of a wastewater conveyance. As of December 31, 2017 and 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. In January 2014, the EPA issued an inspection report to the Wynnewood refinery related to a RCRA compliance evaluation inspection conducted in March 2013. In February 2014, ODEQ notified WRC that it concurred with the EPA's inspection findings and would be pursuing enforcement. WRC and ODEQ entered into a Consent Order in June 2015 resolving all alleged non-compliance associated with the RCRA compliance evaluation inspection, as well as issues related to possible soil and groundwater contamination associated with the prior owner's operation of the refinery. The Consent Order requires WRC to take certain corrective actions, including specified groundwater remediation and monitoring measures pursuant to a work plan and replacement of a wastewater conveyance to be approved by ODEQ. ODEQ approved the work plan submitted by WRC on February 1, 2016 and the replacement of a wastewater conveyance on August 15, 2016. WRC is in the process of implementing the specified groundwater remediation and monitoring measures. The costs of complying with the Consent Order are estimated to be approximately $4 million . 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 $16 million , $17 million and $36 million for the years ended December 31, 2017 , 2016 and 2015 , 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, Tennessee 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 has entered into Tennessee's Voluntary Clean-Up Oversight and Assistance Program ("VOAP") and expects to enter into a settlement with the Tennessee Department of Environment and Conservation ("TDEC") in the future. Currently, PSC Metals believes that it has adequately reserved for the cost of any potential future remediation associated with its Knoxville location, but cannot fully assess the impact of all costs or liabilities associated with TDEC's investigations. With respect to all other matters in which PSC Metals has been designated as a PRP under U.S. federal and state superfund laws, PSC Metals has reviewed the nature and extent of the allegations, the number, connection and financial ability of other named and unnamed PRPs and the nature and estimated cost of the likely remedy. Based on reviewing the nature and extent of the allegations, PSC Metals has estimated its liability to remediate these other sites to be immaterial as of both December 31, 2017 and 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 December 31, 2017 and 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. Asset Retirement Obligations Our Automotive segment has identified sites with contractual obligations and several sites that are closed or expected to be closed and sold. In connection with these sites, our Automotive segment has accrued $15 million and $15 million as of December 31, 2017 and 2016 , respectively, for asset retirement obligations ("ARO"), primarily related to anticipated costs of removing hazardous building materials at its facilities, and has considered impairment issues that may result from capitalization of these ARO amounts. 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. In December 2015, 2016, and 2017, the EPA published in the Federal Register final rules establishing the renewable fuel volume mandates for 2016, 2017, and 2018, and the biomass-based diesel volume mandates for 2017, 2018, and 2019, respectively. The volumes included in the EPA's final rules increased each year, but were lower, with the exception of the volumes for biomass-based diesel, than the volumes required by the Clean Air Act. The EPA used its waiver authorities to lower the volumes, but its decision to do so for the 2014-2016 compliance years was challenged in the U.S. Court of Appeals for the District of Columbia Circuit. In July 2017, the court vacated the EPA’s decision to reduce the renewable volume obligation for 2016 under one of its waiver authorities, and remanded the rule to the EPA for further reconsideration. The EPA has not yet reproposed the 2016 renewable volume obligations. The EPA also has articulated a policy that high RINs prices incentivize additional investments in renewable fuel blending and distribution infrastructure. RINs expense was $249 million , $206 million and $124 million for years ended December 31, 2017 , 2016 and 2015 , 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 December 31, 2017 and 2016 , the petroleum business' biofuel blending obligation was $28 million and $186 million , respectively, which is included in accrued expenses and other liabilities in our consolidated balance sheets. 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 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, without 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, without prejudice as to the named plaintiffs. 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. Unconditional Purchase Obligations The minimum required payments for CVR Energy's unconditional purchase obligations are as follows: Unconditional Purchase Obligations (1) (in millions) 2018 $ 165 2019 124 2020 101 2021 90 2022 85 Thereafter 542 $ 1,107 (1) This amount includes $699 million payable ratably over thirteen years pursuant to petroleum transportation service agreements between Coffeyville Resources Refining Marketing, LLC ("CRRM") and each of TransCanada Keystone Limited Partnership and TransCanada Keystone Pipeline, LP (together, "TransCanada"). The purchase obligation reflects the exchange rate between the Canadian dollar and the U.S. dollar as of December 31, 2017 , where applicable. Under the agreements, CRRM receives transportation of at least 25,000 barrels per day of crude oil with a delivery point at Cushing, Oklahoma for a term of twenty years on TransCanada's Keystone pipeline system. Additionally, in the normal course of business, CVR Energy has long-term commitments to purchase oxygen, nitrogen, electricity, storage capacity, water and pipeline transportation services. For the years ended December 31, 2017, 2016 and 2015, total expense of $209 million , $151 million and $136 million , respectively, was incurred related to long-term commitments. 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 changed and superseded the Original Directive in several ways. The Revised Directive required owners to identify their subject tank railcars and then from that population identify the 15% of subject tank railcars then 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. The FRA also reserved the right to seek civil penalties or to take any other appropriate enforcement action for violation of the Federal Hazardous Materials Regulations that have occurred. Although the Revised Directive addressed some of our Railcar segment's concerns and clarified 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, extended 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. Our Railcar segment has evaluated its potential exposure related to the Revised Directive and has a remaining loss contingency reserve of $9 million , as of December 31, 2017 , to cover its probable and estimable liabilities with respect to our Railcar segment's response to the Revised Directive. The loss contingency reserve takes into account information available as of December 31, 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 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 $9 million cannot be reasonably estimated at this time. Pension Obligations Mr. Icahn, through certain affiliates, owns 100% of Icahn Enterprises GP and approximately 91.0% of Icahn Enterprises' outstanding depositary units as of December 31, 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 and our ownership of more than 80% in certain of our subsidiaries, we and certain of 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%. 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 December 31, 2017 and 2016 . If the plans were voluntarily terminated, they would be underfunded by approximately $424 million and $613 million as of December 31, 2017 and 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 sto |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Supplemental Cash Flow Information [Abstract] | |
Cash Flow, Supplemental Disclosures [Text Block] | Supplemental Cash Flow Information . Supplemental cash flow information consists of the following: Year Ended December 31, 2017 2016 2015 (in millions) Cash payments for interest, net of amounts capitalized $ 658 $ 662 $ 602 Net cash payments (refunds) for income taxes 150 87 (1 ) 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 36 LP unit issuance for remaining 25% interest in ARL — 35 — Fair value of subsidiary common units issued in an acquisition of business — 336 — Fair value of debt assumed in an acquisition of business — 368 — Capital expenditures included in accounts payable, accrued expenses and other liabilities 80 89 88 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events . Icahn Enterprises Distribution On February 27, 2018 , the Board of Directors of the general partner of Icahn Enterprises declared a quarterly distribution in the amount of $1.75 per depositary unit, which will be paid on or about April 16, 2018 to depositary unitholders of record at the close of business on March 12, 2018 . Depositary unitholders will have until April 5, 2018 to make an election to receive either cash or additional depositary units; if a holder does not make an election, it will automatically be deemed to have elected to receive the dividend in cash. Depositary unitholders who elect to receive additional depositary units will receive units valued at the volume weighted average trading price of the units on NASDAQ during the 5 consecutive trading days ending April 12, 2018 . 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. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Data (Unaudited) [Abstract] | |
Quarterly Financial Information [Text Block] | Quarterly Financial Data (Unaudited) . Quarterly financial data for Icahn Enterprises is presented below: For the Three Months Ended (1) March 31, June 30, September 30, December 31, 2017 2016 2017 2016 2017 2016 2017 2016 (in millions, except per unit data) Net sales $ 4,319 $ 3,548 $ 4,282 $ 4,094 $ 4,292 $ 3,904 $ 4,410 $ 3,965 Gross margin on net sales 627 425 559 646 613 526 499 502 Total revenues 4,677 3,127 6,654 4,350 5,680 4,899 4,733 3,972 Net (loss) income (160 ) (1,609 ) 1,725 (285 ) 829 238 197 (564 ) Net loss (income) attributable to non-controlling interests (142 ) (772 ) 172 (216 ) 232 254 (101 ) (358 ) Net (loss) income attributable to Icahn Enterprises (18 ) (837 ) 1,553 (69 ) 597 (16 ) 298 (206 ) Basic (loss) income per LP unit $ (0.12 ) $ (6.21 ) $ 9.51 $ (0.50 ) $ 3.53 $ (0.12 ) $ 1.72 $ (1.42 ) Diluted (loss) income per LP unit $ (0.12 ) $ (6.21 ) $ 9.51 $ (0.50 ) $ 3.53 $ (0.12 ) $ 1.72 $ (1.42 ) (1) The comparability of our quarterly financial data is affected by, among other things, (i) the performance of the Investment Funds, (ii) various acquisitions, primarily the acquisition of Pep Boys during the first quarter of 2016, (iii) certain dispositions of assets, primarily during the second and fourth quarters of 2017, (iv) impairment charges and (v) the enactment of U.S. tax law changes in the fourth quarter of 2017. |
Schedule I
Schedule I | 12 Months Ended |
Dec. 31, 2017 | |
Icahn Enterprises (Parent) | |
Condensed Financial Statements, Captions [Line Items] | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | SCHEDULE I ICAHN ENTERPRISES, L.P. (Parent Company) CONDENSED BALANCE SHEETS December 31, 2017 2016 (In millions, except unit amounts) ASSETS Investments in subsidiaries, net $ 10,737 $ 7,750 Total Assets $ 10,737 $ 7,750 LIABILITIES AND EQUITY Accrued expenses and other liabilities $ 124 $ 106 Debt 5,507 5,490 5,631 5,596 Commitments and contingencies (Note 3) Equity: Limited partners: Depositary units: 173,564,307 and 144,741,149 units issued and outstanding at December 31, 2017 and 2016, respectively 5,341 2,448 General partner (235 ) (294 ) Total equity 5,106 2,154 Total Liabilities and Equity $ 10,737 $ 7,750 See notes to condensed financial statements. SCHEDULE I ICAHN ENTERPRISES, L.P. (Parent Company) CONDENSED STATEMENTS OF OPERATIONS Year Ended December 31, 2017 2016 2015 (In millions) Interest expense $ (323 ) $ (289 ) $ (289 ) Loss on extinguishment of debt (12 ) — — Equity in earnings (loss) of subsidiaries 2,765 (839 ) (905 ) Net income (loss) $ 2,430 $ (1,128 ) $ (1,194 ) Net income (loss) allocable to: Limited partners $ 2,382 $ (1,106 ) $ (1,170 ) General partner 48 (22 ) (24 ) $ 2,430 $ (1,128 ) $ (1,194 ) See notes to condensed financial statements. SCHEDULE I ICAHN ENTERPRISES, L.P. (Parent Company) CONDENSED STATEMENTS OF CASH FLOWS Year Ended December 31, 2017 2016 2015 (In millions) Cash flows from operating activities: Net income (loss) $ 2,430 $ (1,128 ) $ (1,194 ) Adjustments to reconcile net income (loss) to net cash used in operating activities: Amortization of deferred financing costs 1 1 1 Loss on extinguishment of debt 2 — — Equity in (income) loss of subsidiary (2,765 ) 839 905 Net cash used in operating activities (332 ) (288 ) (288 ) Cash flows from investing activities: Net investment in and advances from subsidiary (204 ) 390 404 Net cash (used in) provided by investing activities (204 ) 390 404 Cash flows from financing activities: Partnership distributions (81 ) (103 ) (116 ) Partnership contributions 606 1 — Proceeds from borrowings 2,470 — — Repayments of borrowings (2,450 ) — — Debt issuance costs (9 ) — — Net cash provided by (used in) financing activities 536 (102 ) (116 ) Net change in cash and cash equivalents — — — Cash and cash equivalents, beginning of period — — — Cash and cash equivalents, end of period $ — $ — $ — See notes to condensed financial statements. ICAHN ENTERPRISES L.P. (Parent Company) NOTES TO CONDENSED FINANCIAL STATEMENTS 1. Description of Business and Basis of Presentation. Icahn Enterprises, L.P. (“Icahn Enterprises”) is a master limited partnership formed in Delaware on February 17, 1987. We own a 99% limited partner interest in Icahn Enterprises Holdings L.P. (''Icahn Enterprises Holdings''). Icahn Enterprises Holdings and its subsidiaries own substantially all of our assets and liabilities and conduct substantially all of our operations. Icahn Enterprises G.P. Inc. (''Icahn Enterprises GP''), our sole general partner, which is owned and controlled by Carl C. Icahn, owns a 1% general partner interest in both us and Icahn Enterprises Holdings, representing an aggregate 1.99% general partner interest in us and Icahn Enterprises Holdings. As of December 31, 2017 , Icahn Enterprises Holdings is engaged in the following continuing operating businesses: Investment, Automotive, Energy, Railcar, Gaming, Metals, Mining, Food Packaging, Real Estate and Home Fashion . For the years ended December 31, 2017 , 2016 and 2015 , Icahn Enterprises (paid) received $(204) million , $390 million and $404 million , respectively, for (investments in) dividends and distributions from consolidated subsidiaries. The condensed financial statements of Icahn Enterprises should be read in conjunction with the consolidated financial statements and notes thereto included in Item 8 of this Report. 2. Debt. See Note 10 , “ Debt ,” to the consolidated financial statements located in Item 8 of this Report. Icahn Enterprises' Parent company debt consists of the following: December 31, 2017 2016 (in millions) 3.500% senior unsecured notes due 2017 $ — $ 1,174 4.875% senior unsecured notes due 2019 — 1,271 6.000% senior unsecured notes due 2020 1,703 1,705 5.875% senior unsecured notes due 2022 1,342 1,340 6.250% senior unsecured notes due 2022 1,216 — 6.750% senior unsecured notes due 2024 498 — 6.375% senior unsecured notes due 2025 748 — Total debt $ 5,507 $ 5,490 3. Commitments and Contingencies. See Note 17 , “ Commitments and Contingencies ,” to the consolidated financial statements. |
Icahn Enterprises Holdings (Parent) | |
Condensed Financial Statements, Captions [Line Items] | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | SCHEDULE I ICAHN ENTERPRISES HOLDINGS L.P. (Parent Company) CONDENSED BALANCE SHEETS December 31, 2017 2016 (in millions) ASSETS Cash and cash equivalents $ 241 $ 65 Other assets 85 94 Investments in subsidiaries, net 10,467 7,642 Total Assets $ 10,793 $ 7,801 LIABILITIES AND EQUITY Accounts payable, accrued expenses and other liabilities $ 128 $ 105 Debt 5,532 5,517 5,660 5,622 Commitments and contingencies (Note 3) Equity: Limited partner 5,420 2,496 General partner (287 ) (317 ) Total equity 5,133 2,179 Total Liabilities and Equity $ 10,793 $ 7,801 See notes to condensed financial statements. SCHEDULE I ICAHN ENTERPRISES HOLDINGS L.P. (Parent Company) CONDENSED STATEMENTS OF OPERATIONS Year Ended December 31, 2017 2016 2015 (in millions) Interest and dividend income $ 2 $ 1 $ — Loss on extinguishment of debt (1 ) — — Equity in earnings (loss) of subsidiaries 2,739 (818 ) (903 ) Other income, net 41 8 28 2,781 (809 ) (875 ) Interest expense 324 290 291 Selling, general and administrative 25 28 27 349 318 318 Net income (loss) $ 2,432 $ (1,127 ) $ (1,193 ) Net income (loss) allocable to: Limited partner $ 2,408 $ (1,116 ) $ (1,181 ) General partner 24 (11 ) (12 ) $ 2,432 $ (1,127 ) $ (1,193 ) See notes to condensed financial statements. SCHEDULE I ICAHN ENTERPRISES HOLDINGS L.P. (Parent Company) CONDENSED STATEMENTS OF CASH FLOWS Year Ended December 31, 2017 2016 2015 (in millions) Cash flows from operating activities: Net income (loss) $ 2,432 $ (1,127 ) $ (1,193 ) Adjustments to reconcile net income (loss) to net cash used in operating activities: Equity in (income) loss of subsidiary (2,739 ) 818 903 Loss on extinguishment of debt 1 — — Depreciation and amortization 3 3 2 Other, net (39 ) 7 (16 ) Change in operating assets and liabilities 18 (6 ) (4 ) Net cash used in operating activities (324 ) (305 ) (308 ) Cash flows from investing activities: Net investment in subsidiaries 509 421 155 Purchase of investments — — (96 ) Other, net 53 — 28 Net cash provided by investing activities 562 421 87 Cash flows from financing activities: Partnership distributions (81 ) (103 ) (116 ) Partner contributions 6 1 — Proceeds from borrowings 2,470 — — Repayments of borrowings (2,450 ) — — Debt issuance costs (7 ) — — Net cash used in financing activities (62 ) (102 ) (116 ) Net change in cash and cash equivalents 176 14 (337 ) Cash and cash equivalents, beginning of period 65 51 388 Cash and cash equivalents, end of period $ 241 $ 65 $ 51 See notes to condensed financial statements. ICAHN ENTERPRISES HOLDINGS L.P. (Parent Company) NOTES TO CONDENSED FINANCIAL STATEMENTS 1. Description of Business and Basis of Presentation. Icahn Enterprises Holdings L.P. (“Icahn Enterprises Holdings”) is a limited partnership formed in Delaware on February 17, 1987. Our sole limited partner is Icahn Enterprises L.P. (“Icahn Enterprises”), a master limited partnership which owns a 99% interest in us. Icahn Enterprises G.P. Inc. (“Icahn Enterprises GP''), our sole 1% general partner, is a Delaware corporation which is owned and controlled by Carl C. Icahn. As of December 31, 2017 , Icahn Enterprises Holdings is engaged in the following continuing operating businesses: Investment, Automotive, Energy, Railcar, Gaming, Metals, Mining, Food Packaging, Real Estate and Home Fashion . For the years ended December 31, 2017 , 2016 and 2015 , Icahn Enterprises Holdings received $509 million , $421 million and $155 million , respectively, in dividends and distributions from consolidated subsidiaries. The condensed financial statements of Icahn Enterprises Holdings should be read in conjunction with the consolidated financial statements and notes thereto included in Item 8 of this Report. 2. Debt. See Note 10 , “ Debt ,” to the consolidated financial statements located in Item 8 of this Report. Icahn Enterprises Holdings' Parent company debt consists of the following: December 31, 2017 2016 (in millions) 3.500% senior unsecured notes due 2017 $ — $ 1,174 4.875% senior unsecured notes due 2019 — 1,272 6.000% senior unsecured notes due 2020 1,704 1,706 5.875% senior unsecured notes due 2022 1,343 1,341 6.250% senior unsecured notes due 2022 1,217 — 6.750% senior unsecured notes due 2024 499 — 6.375% senior unsecured notes due 2025 749 — Mortgages payable 20 24 Total debt $ 5,532 $ 5,517 3. Commitments and Contingencies. See Note 17 , “ Commitments and Contingencies ,” to the consolidated financial statements. |
Basis of Presentation and Sum30
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |
Consolidation, Policy | Principles of Consolidation As of December 31, 2017 , our consolidated financial statements include the accounts of (i) Icahn Enterprises and Icahn Enterprises Holdings and (ii) the wholly and majority owned subsidiaries of Icahn Enterprises and Icahn Enterprises Holdings, in addition to 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. |
Reclassification, Policy | Reclassifications Certain reclassifications from the prior year presentation have been made to conform to the current year presentation. |
Use of Estimates, Policy | Use of Estimates in Preparation of Financial Statements The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the period. Due to the inherent uncertainty involved in making estimates, actual results may differ from the estimates and assumptions used in preparing the consolidated financial statements. |
Cash and Cash Equivalents, Policy | Cash and Cash Equivalents We consider short-term investments, which are highly liquid with original maturities of three months or less at date of purchase, to be cash equivalents. |
Cash Held at Consolidated Affiliated Partnerships and Restricted Cash, Policy | Cash Held at Consolidated Affiliated Partnerships and Restricted Cash Cash held at consolidated affiliated partnerships primarily consists of cash and cash equivalents held by our Investment Funds (as defined herein) that, although not legally restricted, is not available to fund the general liquidity needs of the Investment segment or Icahn Enterprises. Restricted cash primarily relates to cash pledged and held for margin requirements on derivative transactions. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value Option for Financial Assets and Financial Liabilities The fair value option gives entities the option to measure eligible financial assets, financial liabilities and firm commitments at fair value (i.e., the fair value option), on an instrument-by-instrument basis, that are otherwise not permitted to be accounted for at fair value pursuant to the provisions of FASB Accounting Standards Codification ("ASC") Topic 825, Financial Instrument s. The election to use the fair value option is available when an entity first recognizes a financial asset or financial liability or upon entering into a firm commitment. Subsequent changes in fair value must be recorded in earnings. In estimating the fair value for financial instruments for which the fair value option has been elected, we use the valuation methodologies in accordance to where the financial instruments are classified within the fair value hierarchy as discussed in Note 5 , “ Fair Value Measurements .” For our Investment segment, we apply the fair value option to our investments that would otherwise be accounted under the equity method. |
Derivatives, Policy [Policy Text Block] | Derivatives From time to time, our subsidiaries enter into derivative contracts, including purchased and written option contracts, swap contracts, futures contracts and forward contracts. U.S. GAAP requires recognition of all derivatives as either assets or liabilities in the balance sheet at their fair value. The accounting for changes in fair value depends on the intended use of the derivative and its resulting designation. For those derivative instruments that are designated and qualify as hedging instruments, a company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation. Gains and losses related to a hedge are either recognized in income immediately to offset the gain or loss on the hedged item or are deferred and reported as a component of accumulated other comprehensive loss and subsequently recognized in earnings when the hedged item affects earnings. The change in fair value of the ineffective portion of a financial instrument, determined using the hypothetical derivative method, is recognized in earnings immediately. The gain or loss related to financial instruments that are not designated as hedges are recognized immediately in earnings. Cash flows related to hedging activities are included in the operating section of the consolidated statements of cash flows. For further information regarding our derivative contracts, see Note 6 , “ Financial Instruments ,” |
Trade and Other Accounts Receivable, Policy [Policy Text Block] | Accounts Receivable, Net An allowance for doubtful accounts is determined through analysis of the aging of accounts receivable at the date of the consolidated financial statements, assessments of collectability based on an evaluation of historic and anticipated trends, the financial condition of our customers, and an evaluation of the impact of economic conditions. Our allowance for doubtful accounts is an estimate based on specifically identified accounts as well as general reserves based on historical experience. |
Property, Plant and Equipment, Policy [Policy Text Block] | Long-Lived Assets Long-lived assets such as property, plant, and equipment, and definite-lived intangible assets are recorded at cost or fair value established at acquisition, less accumulated depreciation or amortization, unless the expected future use of the assets indicate a lower value is appropriate. Long-lived asset groups are evaluated for impairment when impairment indicators exist. If the carrying value of a long-lived asset group is impaired, an impairment charge is recorded for the amount by which the carrying value of the long-lived asset group exceeds its fair value. Depreciation and amortization are computed principally by the straight-line method for financial reporting purposes. Land and construction in progress are stated at the lower of cost or net realizable value. Interest is capitalized on expenditures for long-term projects until a salable or ready-for-use condition is reached. The interest capitalization rate is based on the interest rate on specific borrowings to fund the projects. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Indefinite-Lived Intangible Assets Goodwill and indefinite lived intangible assets primarily include trademarks and brand names acquired in acquisitions. For a complete discussion of the impairment of goodwill and indefinite-lived intangible assets related to our various segments see Note 8 , “ Goodwill and Intangible Assets, Net .” Goodwill Goodwill is determined as the excess of fair value over amounts attributable to specific tangible and intangible assets. Goodwill is reviewed for impairment annually, or more frequently if impairment indicators exist. An impairment exists when a reporting unit’s carrying value exceeds its fair value. When performing the goodwill impairment testing, a reporting units’ fair value is based on valuation techniques using the best available information, primarily discounted cash flows projections, guideline transaction multiples, and multiples of current and future earnings. The impairment charge, if any, is the excess of the tested reporting unit's carrying value over its fair value, limited to the total amount of goodwill allocated to the tested reporting unit. Indefinite-Lived Intangible Assets |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Goodwill and Indefinite-Lived Intangible Assets Goodwill and indefinite lived intangible assets primarily include trademarks and brand names acquired in acquisitions. For a complete discussion of the impairment of goodwill and indefinite-lived intangible assets related to our various segments see Note 8 , “ Goodwill and Intangible Assets, Net .” Goodwill Goodwill is determined as the excess of fair value over amounts attributable to specific tangible and intangible assets. Goodwill is reviewed for impairment annually, or more frequently if impairment indicators exist. An impairment exists when a reporting unit’s carrying value exceeds its fair value. When performing the goodwill impairment testing, a reporting units’ fair value is based on valuation techniques using the best available information, primarily discounted cash flows projections, guideline transaction multiples, and multiples of current and future earnings. The impairment charge, if any, is the excess of the tested reporting unit's carrying value over its fair value, limited to the total amount of goodwill allocated to the tested reporting unit. Indefinite-Lived Intangible Assets Indefinite-lived intangible assets are stated at fair value established at acquisition or cost. These indefinite-lived intangible assets are reviewed for impairment annually, or more frequently if impairment indicators exist. An impairment exists when a trademark or brand names' carrying value exceeds its fair value. The fair values of these assets are based upon the prospective stream of hypothetical after-tax royalty cost savings discounted at rates that reflect the rates of return appropriate for these intangible assets. The impairment charge, if any, is the excess of the assets carrying value over its fair value. |
Held for sale policy [Policy Text Block] | Held For Sale We classify assets and liabilities as held for sale when management, having the authority to approve the action, commits to a plan to sell the disposal group, the sale is probable within one year, and the disposal group is available for immediate sale in its present condition. We also consider whether an active program to locate a buyer has been initiated, whether the disposal group is marketed actively for sale at a price that is reasonable in relation to its current fair value, and whether actions required to complete the plan indicate it is unlikely significant changes to the plan will be made or the plan will be withdrawn. |
Asset Retirement Obligation [Policy Text Block] | Asset Retirement Obligations We record asset retirement obligations (“ARO”) in accordance with applicable U.S. GAAP. As defined in applicable U.S. GAAP, ARO refers to a legal obligation to perform an asset retirement activity in which the timing and/or method of settlement are conditional on a future event. An entity is required to recognize a liability for the estimated fair value of an ARO when incurred if the fair value can be reasonably estimated. Our Automotive segment's primary asset retirement activities relate to the removal of hazardous building materials at its facilities. Our Automotive segment records the ARO when liabilities are probably and the amount can be reasonably estimated. |
Pension and Other Postretirement Plans, Policy [Policy Text Block] | Pension and Other Post-Retirement Benefit Plan Obligations Pension and other post-employment benefit costs are dependent upon assumptions used in calculating such costs. These assumptions include discount rates, health care cost trends, expected returns on plan assets and other factors. In accordance with U.S. GAAP, actual results that differ from the assumptions used are accumulated and amortized over future periods and, accordingly, generally affect recognized expense and the recorded obligation in future periods. |
Earnings Per Share, Policy [Policy Text Block] | Income Per LP Unit For Icahn Enterprises, basic income (loss) per LP unit is based on net income or loss attributable to Icahn Enterprises allocable to limited partners. Net income or loss allocable to limited partners is divided by the weighted-average number of LP units outstanding. Diluted income (loss) per LP unit, when applicable, is based on basic income (loss) adjusted for the potential effect of dilutive securities as well as the related weighted-average number of units and equivalent units outstanding. For accounting purposes, when applicable, earnings prior to dates of acquisitions or investments in joint ventures of entities under common control are excluded from the computation of basic and diluted income per LP unit as such earnings are allocated to our general partner or non-controlling interests. |
Business Combinations Policy [Policy Text Block] | Acquisitions of Businesses We account for business combinations under the acquisition method of accounting (other than acquisitions of businesses under common control), which requires us to recognize separately from goodwill the assets acquired and the liabilities assumed at their acquisition date fair values. While we use our best estimates and assumptions to accurately value assets acquired and liabilities assumed at the acquisition date as well as contingent consideration, where applicable, our estimates are inherently uncertain and subject to refinement. Accounting for business combinations requires us to make significant estimates and assumptions, especially at the acquisition date including our estimates for intangible assets, contractual obligations assumed, pre-acquisition contingencies, and contingent consideration, where applicable. In valuing our acquisitions, we estimate fair values based on industry data and trends and by reference to relevant market rates and transactions, and discounted cash flow valuation methods, among other factors. The discount rates used were commensurate with the inherent risks associated with each type of asset and the level and timing of cash flows appropriately reflect market participant assumptions. The primary items that generate goodwill include the value of the synergies between the acquired company and our existing businesses and the value of the acquired assembled workforce, neither of which qualifies for recognition as an intangible asset. |
Common control acquisitions and dispositions [Policy Text Block] | Acquisition, Investments and Disposition of Entities under Common Control Acquisitions or investments of entities under common control are reflected in a manner similar to pooling of interests. The general partner's capital account or non-controlling interests, as applicable, are charged or credited for the difference between the consideration we pay for the entity and the related entity's basis prior to our acquisition or investment. Net gains or losses of an acquired entity prior to its acquisition or investment date are allocated to the general partner's capital account or non-controlling interests, as applicable. In allocating gains and losses upon the sale of a previously acquired common control entity, we allocate a gain or loss for financial reporting purposes by first restoring the general partner's capital account or non-controlling interests, as applicable, for the cumulative charges or credits relating to prior periods recorded at the time of our acquisition or investment and then allocating the remaining gain or loss ("Common Control Gains or Losses") among our general partner, limited partners and non-controlling interests, as applicable, in accordance with their respective ownership percentages. In the case of acquisitions of entities under common control, such Common Control Gains or Losses are allocated in accordance with their respective partnership percentages under the Amended and Restated Agreement of Limited Partnership dated as of May 12, 1987, as amended from time to time (together with the partnership agreement of Icahn Enterprises Holdings, the “Partnership Agreement”) (i.e., 98.01% to the limited partners and 1.99% to the general partner). |
General partnership policy [Policy Text Block] | General Partnership Interest of Icahn Enterprises and Icahn Enterprises Holdings The general partner's capital account generally consists of its cumulative share of our net income less cash distributions plus capital contributions. Additionally, in acquisitions of common control companies accounted for at historical cost similar to a pooling of interests, the general partner's capital account would be charged (or credited) in a manner similar to a distribution (or contribution) for the excess (or deficit) of the fair value of consideration paid over historical basis in the business acquired. Capital Accounts, as defined under the Partnership Agreement, are maintained for our general partner and our limited partners. The capital account provisions of our Partnership Agreement incorporate principles established for U.S. federal income tax purposes and are not comparable to the equity accounts reflected under U.S. GAAP in our consolidated financial statements. Under our Partnership Agreement, the general partner is required to make additional capital contributions to us upon the issuance of any additional depositary units in order to maintain a capital account balance equal to 1.99% (1.00% in the case of Icahn Enterprises Holdings) of the total capital accounts of all partners. Generally, net earnings for U.S. federal income tax purposes are allocated 1.99% (1.00% in the case of Icahn Enterprises Holdings) and 98.01% (99.00% in the case of Icahn Enterprises Holdings) between the general partner and the limited partners, respectively, in the same proportion as aggregate cash distributions made to the general partner and the limited partners during the period. This is generally consistent with the manner of allocating net income under our Partnership Agreement; however, it is not comparable to the allocation of net income reflected in our consolidated financial statements. Pursuant to the Partnership Agreement, in the event of our dissolution, after satisfying our liabilities, our remaining assets would be divided among our limited partners and the general partner in accordance with their respective percentage interests under the Partnership Agreement. If a deficit balance still remains in the general partner's capital account after all allocations are made between the partners, the general partner would not be required to make whole any such deficit. |
Income Tax, Policy [Policy Text Block] | Income Taxes Except as described below, no provision has been made for federal, state, local or foreign income taxes on the results of operations generated by partnership activities, as such taxes are the responsibility of the partners. Provision has been made for federal, state, local or foreign income taxes on the results of operations generated by our corporate subsidiaries and these are reflected within continuing and discontinued operations. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred tax assets are limited to amounts considered to be realizable in future periods. A valuation allowance is recorded against deferred tax assets if management does not believe that we have met the “more-likely-than-not” standard to allow recognition of such an asset. U.S. GAAP provides that the tax effects from an uncertain tax position can be recognized in the financial statements only if the position is “more-likely-than-not” to be sustained if the position were to be challenged by a taxing authority. The assessment of the tax position is based solely on the technical merits of the position, without regard to the likelihood that the tax position may be challenged. If an uncertain tax position meets the “more-likely-than-not” threshold, the largest amount of tax benefit that is greater than 50 percent likely to be recognized upon ultimate settlement with the taxing authority is recorded. See Note 14 , “ Income Taxes ,” for additional information. |
Environmental Costs, Policy [Policy Text Block] | Environmental Liabilities We recognize environmental liabilities when a loss is probable and reasonably estimable. Such accruals are estimated based on currently available information, existing technology and enacted laws and regulations. Such estimates are based primarily upon the estimated cost of investigation and remediation required and the likelihood that other potentially responsible parties will be able to fulfill their commitments at the sites where we may be jointly and severally liable with such parties. We regularly evaluate and revise estimates for environmental obligations based on expenditures against established reserves and the availability of additional information. |
Commitments and Contingencies, Policy [Policy Text Block] | Litigation On an ongoing basis, we assess the potential liabilities related to any lawsuits or claims brought against us. While it is typically very difficult to determine the timing and ultimate outcome of such actions, we use our best judgment to determine if it is probable that we will incur an expense related to the settlement or final adjudication of such matters and whether a reasonable estimation of such probable loss, if any, can be made. In assessing probable losses, we make estimates of the amount of insurance recoveries, if any. We accrue a liability when we believe a loss is probable and the amount of loss can be reasonably estimated. Due to the inherent uncertainties related to the eventual outcome of litigation and potential insurance recovery, it is possible that certain matters may be resolved for amounts materially different from any provisions or disclosures that we have previously made. |
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 did not have a material 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 did not have a material 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 were 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 did not have a material 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. Early adoption is permitted. 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 December 31, 2017 . The adoption of this guidance did not have a material impact on our consolidated financial statements. |
Recently Issuance Accounting Standards | 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 effective January 1, 2018 using the modified retrospective application method which will require a cumulative effect adjustment recognized in equity at such date. We determined this cumulative effect adjustment to be immaterial. No adjustment to revenue for periods prior to adoption will be required. To date, we have not identified any differences in our existing revenue recognition methods that would require material 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. 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 2018 and are currently unable to reasonably estimate the impact of this guidance on our consolidated financial statements and related disclosures. In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments , which amends FASB ASC Topic 326, Financial Instruments - Credit Losses. This ASU requires financial assets measured at amortized cost to be presented at the net amount to be collected and broadens the information, including forecasted information incorporating more timely information, that an entity must consider in developing its expected credit loss estimate for assets measured. 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, Targeted Improvements to Accounting for Hedging Activities , which amends FASB ASC Topic 815, Derivatives and Hedging . This ASU includes amendments to existing guidance to better align an entity’s risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. This ASU is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements. In February 2018, the FASB issued ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income , which amends FASB ASC Topic 220, Income Statement - Reporting Comprehensive Income . This ASU allows a reclassification out of accumulated other comprehensive loss within equity for standard tax effects resulting from the Tax Cuts and Jobs Act and consequently, eliminates the stranded tax effects resulting from the Tax Cuts and Jobs Act. This ASU is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements. |
Variable Interest Entity Disclosure [Text Block] | 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 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, CVR Partners and Viskase. Investment We determined that each of the Investment Funds are considered VIEs because these limited partnerships lack both substantive kick-out and participating rights. Because we have a general partner interest in each of the Investment Funds and have significant limited partner interests in each of the Investment Funds, coupled with our significant exposure to losses and benefits in each of the Investment Funds, we are the primary beneficiary of each of the Investment Funds and therefore continue to consolidate each of the Investment Funds. Energy CVR Refining 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. Food Packaging Beginning in 2017, Viskase holds a variable interest in a joint venture for which Viskase is the primary beneficiary. Viskase's interest in the joint venture includes a 50% equity interest and also relates to the sales, operations, administrative and financial support to the joint venture through providing many of the assets used in its business. The following table includes balances of assets and liabilities of VIE's included in Icahn Enterprises Holdings' consolidated balance sheets. December 31, 2017 2016 (in millions) Cash and cash equivalents $ 223 $ 370 Cash held at consolidated affiliated partnerships and restricted cash 734 752 Investments 9,615 9,219 Due from brokers 506 1,482 Property, plant and equipment, net 3,191 3,331 Inventories 385 349 Intangible assets, net 298 318 Other assets 48 110 Accounts payable, accrued expenses and other liabilities 1,816 1,769 Securities sold, not yet purchased, at fair value 1,023 1,139 Due to brokers 1,057 3,725 Debt 1,166 1,165 |
Metals Segment | |
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |
Inventory, Policy [Policy Text Block] | Metals Segment Inventories. Inventories at our Metals segment are stated at the lower of cost or market. Cost is determined using the average cost method. The production and accounting process utilized by our Metals segment to record recycled metals inventory quantities relies on significant estimates. Our Metals segment relies upon perpetual inventory records that utilize estimated recoveries and yields that are based upon historical trends and periodic tests for certain unprocessed metal commodities. Over time, these estimates are reasonably good indicators of what is ultimately produced; however, actual recoveries and yields can vary depending on product quality, moisture content and source of the unprocessed metal. To assist in validating the reasonableness of the estimates, our Metals segment performs periodic physical inventories which involve the use of estimation techniques. Physical inventories may detect significant variations in volume, but because of variations in product density and production processes utilized to manufacture the product, physical inventories will not generally detect smaller variations. To help mitigate this risk, our Metals segment adjusts its physical inventories when the volume of a commodity is low and a physical inventory can more accurately estimate the remaining volume. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition: PSC Metals' primary source of revenue is from the sale of processed ferrous scrap metal, non-ferrous scrap metals, steel pipe and steel plate. PSC Metals also generates revenues from sales of secondary plate and pipe, the brokering of scrap metals and from services performed. All sales are recognized when title passes to the customer. Revenues from services are recognized as the service is performed. Sales adjustments related to price and weight differences are reflected as a reduction of revenues when settled. |
Mining Segment | |
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |
Inventory, Policy [Policy Text Block] | Mining Segment Inventories. Our Mining segment's inventories are valued at the lower of cost or market. Cost includes all costs incurred in the normal course of business in bringing each product to its present location and condition, including direct materials and direct labor costs, and an allocation of production overheads based on normal production capacity. Cost is calculated using weighted average unit cost. |
Mining exploration and evaluation expenditures, Policy [Policy Text Block] | Mining The costs of acquiring mineral reserves and resources for our Mining segment are capitalized on the consolidated balance sheets as incurred. Capitalized mineral reserves and mine development expenditures are, upon commencement of commercial production, depreciated using a unit of production method based on the estimated economically recoverable reserves to which they relate, or are written off if abandoned. Exploration and evaluation expenditures relate to costs incurred in the exploration and evaluation of potential mineral reserves and include costs such as exploratory drilling, sample testing and the costs of feasibility studies. For our Mining segment, exploration and evaluation expenditures other than that acquired through the purchase of another mining company, are expensed as incurred. Purchased exploration and evaluation assets are recognized as assets at their cost of acquisition or at fair value if purchased as part of a business combination. Expenditures are transferred to mine development assets once the work completed supports the future development of the property, provided that technical feasibility and commercial viability studies have been successfully completed. |
Revenue Recognition, Policy [Policy Text Block] | Revenue recognition: Our Mining segment recognizes revenue when title, ownership, and risk of loss pass to the customer, all of which occurs upon shipment or delivery of the product and is based on the applicable shipping terms. Revenue is measured at the fair value of the consideration received or receivable, with any adjustments as a result of provisional pricing recorded against revenue. |
Railcar Segment | |
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |
Revenue Recognition, Policy [Policy Text Block] | Revenue recognition: Revenues from manufactured railcar sales are recognized following completion of manufacturing, inspection, customer acceptance and title transfer, which is when the risk for any damage or loss with respect to the railcars passes to the customer, in accordance with our Railcar segment's contractual terms. Revenues from railcar and industrial components are recorded at the time of product shipment, in accordance with our Railcar segment's contractual terms. Revenues from railcar leasing are generated from operating leases that are priced as an integrated service that includes amounts related to executory costs, such as certain maintenance, insurance, and ad valorem taxes and are recognized on a straight-line basis per terms of the underlying lease. If railcars are sold under a lease that is less than one year old, the proceeds from the railcars sold that were on lease will be shown on a gross basis in revenues and cost of revenues at the time of sale. Sales of leased railcars that have been on lease for more than one year are recognized as a net gain or loss from the disposal of the long-term asset as a component of earnings from operations. Revenues from railcar maintenance services are recognized upon completion and shipment of railcars from our Railcar segment's plants. Our Railcar segment does not currently bundle railcar service contracts with new railcar sales. Revenues from engineering and field services are recognized as performed. Amounts billed prior to meeting revenue recognition criteria are accounted for as deferred revenue and included in accrued expenses and other liabilities on our consolidated balance sheets. Our Railcar segment records amounts billed to customers for shipping and handling as part of net sales and other revenues from operations in our consolidated statements of operations and records related costs in cost of goods sold and other expenses from operations. Our Railcar segment presents any sales tax assessed by a governmental authority that is directly imposed on a revenue-producing transaction between a seller and a customer on a net basis. |
Food Packaging Segment | |
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition: Revenues are recognized at the time products are shipped to the customer, under F.O.B. shipping point or F.O.B. port terms, which is the point at which title is transferred, the customer has the assumed risk of loss, and payment has been received or collection is reasonably assumed. Revenues are net of discounts, rebates and allowances. Viskase records all labor, raw materials, in-bound freight, plant receiving and purchasing, warehousing, handling and distribution costs as a component of costs of goods sold. |
Energy Segment | |
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |
Inventory, Policy [Policy Text Block] | Energy Segment Inventories. Our Energy segment inventories consist primarily of domestic and foreign crude oil, blending stock and components, work in progress, fertilizer products, and refined fuels and by-products. Inventories are valued at the lower of FIFO cost, or net realizable value for fertilizer products, refined fuels and by-products for all periods presented. Refinery unfinished and finished products inventory values were determined using the ability-to-bear process, whereby raw materials and production costs are allocated to work-in-process and finished goods based on their relative fair values. Other inventories, including other raw materials, spare parts and supplies, are valued at the lower of moving-average cost, which approximates FIFO, or net realizable value. The cost of inventories includes inbound freight costs. |
Planned Major Maintenance Activities, Policy [Policy Text Block] | Energy The direct-expense method of accounting is used for planned major maintenance activities. Maintenance costs are recognized as expense when maintenance services are performed. Planned major maintenance activities for CVR Energy's nitrogen plant generally occur every two to three years. The required frequency of planned major maintenance activities varies by unit for the refineries, but generally is every four to five years. For the years ended December 31, 2017 , 2016 , and 2015 , our Energy segment recorded an aggregate of $83 million , $38 million and $109 million , respectively, in turnaround expenses related to its refineries and nitrogen fertilizer plants. |
Revenue Recognition, Policy [Policy Text Block] | Revenue recognition: For our Energy segment, revenues for products sold are recorded upon delivery of the products to customers, which is the point at which title is transferred, the customer has assumed the risk of loss, and when payment has been received or collection is reasonably assured. Deferred revenue represents customer prepayments under contracts to guarantee a price and supply of nitrogen fertilizer in quantities expected to be delivered in the next 12 months in the normal course of business. Excise and other taxes collected from customers and remitted to governmental authorities are not included in reported revenues. Non-monetary product exchanges and certain buy/sell crude oil transactions which are entered into in the normal course of business are included on a net cost basis in cost of goods sold in the consolidated statement of operations. |
Shipping and Handling Cost, Policy [Policy Text Block] | Shipping Costs: For our Energy segment, pass-through finished goods delivery costs reimbursed by customers are reported in net sales, while an offsetting expense is included in cost of goods sold. |
Gaming Segment | |
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition and Promotional Allowances: Casino revenue represents the difference between wins and losses from gaming activities, and is reported net of cash and free play incentives redeemed by customers. Room, food and beverage and other operating revenues are recognized at the time the goods or services are provided. Tropicana collects taxes from customers at the point of sale on transactions subject to sales and other taxes. Revenues are recorded net of any taxes collected. The majority of our casino revenue is counted in the form of cash and chips and, therefore, is not subject to any significant or complex estimation. The retail value of rooms, food and beverage and other services provided to customers on a complimentary basis is included in gross revenues and then deducted as promotional allowances. |
Automotive Segment | |
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition: Our Automotive segment records sales when products are shipped and the risks and rewards of ownership have transferred to the customer, the sales price is fixed and determinable, and the collectability of revenue is reasonably assured. Accruals for sales returns and other allowances are provided at point of sale based upon past experience. Adjustments to such returns and allowances are made as new information becomes available. |
Revenue Recognition, Incentives [Policy Text Block] | Rebates: Our Automotive segment accrues for rebates pursuant to specific arrangements with certain of its customers, primarily in the aftermarket. Rebates generally provide for price reductions based upon the achievement of specified purchase volumes and are recorded as a reduction of sales as earned by such customers. |
Sales and sales related tax [Policy Text Block] | Sales and Sales Related Taxes: Our Automotive segment collects and remits taxes assessed by various governmental authorities that are both imposed on and concurrent with revenue-producing transactions with its customers. These taxes may include, but are not limited to, sales, use, value-added, and some excise taxes. The collection of these taxes is reported on a net basis (excluded from revenues). |
Engineering and tooling [Policy Text Block] | Engineering and Tooling Costs: Pre-production tooling and engineering costs that Federal-Mogul will not own and that will be used in producing products under long-term supply arrangements are expensed as incurred unless the supply arrangement provides it with the noncancelable right to use the tools, or the reimbursement of such costs is agreed to by the customer. Pre-production tooling costs owned by Federal-Mogul are capitalized as part of machinery and equipment, and are depreciated over the shorter of the tool’s expected life or the duration of the related program. |
Shipping and Handling Cost, Policy [Policy Text Block] | Shipping and Handling Costs: Our Automotive segment recognizes shipping and handling costs as incurred as a component of cost of products sold in the consolidated statements of operations. |
Research and Development Expense, Policy [Policy Text Block] | Research and Development: Federal-Mogul expenses research and development (“R&D”) costs as incurred. R&D expense, including product engineering and validation costs, was $195 million , $192 million and $189 million for the year ended December 31, 2017 , 2016 and 2015 , respectively. |
Restructuring, Policy | Restructuring: Federal-Mogul has restructuring costs comprised of two types: employee costs (contractual termination benefits) and facility closure costs. Termination benefits are accounted for in accordance with FASB ASC Topic 712, Compensation - Nonretirement Postemployment Benefits , and are recorded when it is probable that employees will be entitled to benefits and the amounts can be reasonably estimated. Estimates of termination benefits are based on the frequency of past termination benefits, the similarity of benefits under the current plan and prior plans, and the existence of statutory required minimum benefits. Termination benefits are also accounted for in accordance with FASB ASC Topic 420, Exit or Disposal Cost Obligations , for one-time termination benefits and are recorded dependent upon future service requirements. Facility closure and other costs are accounted for in accordance with FASB ASC Topic 420 and are recorded when the liability is incurred. |
Other Segments and Holding Company | |
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |
Equity Method Investments, Policy | 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 |
Cost Method Investments, Policy | investments in affiliates of 20% or less are accounted for under the cost method. |
Investment, Policy | Other Segments and Holding Company Investments in equity and debt securities are classified as either trading or available-for-sale based upon whether we intend to hold the investment for the foreseeable future. Trading securities are valued at quoted market value at each balance sheet date with the unrealized gains or losses reflected in the consolidated statements of operations. Available-for-sale securities are carried at fair value on our balance sheet. Unrealized holding gains and losses on available-for-sale securities are excluded from earnings and reported as a separate component of partners' equity and when sold are reclassified out of partners' equity to the consolidated statements of operations. For purposes of determining gains and losses, the cost of securities is based on specific identification. A decline in the market value of any available-for-sale security below cost that is deemed to be other than temporary results in an impairment that is charged to earnings and the establishment of a new cost basis for the investment. Dividend income is recorded when declared and interest income is recognized when earned. |
Foreign Currency Transactions and Translations,Policy | Foreign Currency Translation Exchange adjustments related to international currency transactions and translation adjustments for international subsidiaries whose functional currency is the U.S. dollar (principally those located in highly inflationary economies) are reflected in the consolidated statements of operations. Translation adjustments of international subsidiaries for which the local currency is the functional currency are reflected in the consolidated balance sheets as a component of accumulated other comprehensive income. Deferred taxes are not provided on translation adjustments, other than for intercompany loans not designated as permanently reinvested, as the earnings of the subsidiaries are considered to be permanently reinvested. |
Automotive, Railcar, Food Packaging and Home Fashion Segments | |
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |
Inventory, Policy [Policy Text Block] | Automotive, Railcar, Food Packaging, and Home Fashion Segment Inventories. Our Automotive, Railcar, Food Packaging and Home Fashion segment inventories are stated at the lower of cost or market. Cost is determined by using the first-in, first-out basis method ("FIFO"), except for IEH Auto which utilizes weighted-average cost and Pep Boys which utilizes the last-in, first-out method. Inventory recorded using the last-in, first-out method was $900 million and $735 million as of December 31, 2017 and 2016 , respectively, all of which relates to finished goods. The cost of manufactured goods includes the cost of direct materials, labor and manufacturing overhead. Our Automotive, Railcar, Food Packaging and Home Fashion segments reserve for estimated excess, slow-moving and obsolete inventory as well as inventory whose carrying value is in excess of net realizable value. |
Investment Segment | |
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |
Investment, Policy | Investment Transactions and Related Investment Income (Loss). Investment transactions of the Investment Funds are recorded on a trade date basis. Realized gains or losses on sales of investments are based on the first-in, first-out or the specific identification method. Realized and unrealized gains or losses on investments are recorded in the consolidated statements of operations. Interest income and expenses are recorded on an accrual basis and dividends are recorded on the ex-dividend date. Premiums and discounts on fixed income securities are amortized using the effective yield method. Investments held by the Investment segment are accounted for as trading securities. Our Investment segment applies the fair value option to those investments that are otherwise subject to the equity method. Valuation of Investments. Securities of the Investment Funds that are listed on a securities exchange are valued at their last sales price on the primary securities exchange on which such securities are traded on such date. Securities that are not listed on any exchange but are traded over-the-counter are valued at the mean between the last “bid” and “ask” price for such security on such date. Securities and other instruments for which market quotes are not readily available are valued at fair value as determined in good faith by the applicable General Partner. |
Foreign Currency Transactions and Translations,Policy | Foreign Currency Transactions. The books and records of the Investment Funds are maintained in U.S. dollars. Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the rate of exchange in effect at the balance sheet date. Transactions during the period denominated in currencies other than U.S. dollars are translated at the rate of exchange applicable on the date of the transaction. Foreign currency translation gains and losses are recorded in the consolidated statements of operations. The Investment Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities. Such fluctuations are reflected in net gain (loss) from investment activities in the consolidated statement of operations. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Values of Financial Instruments. The fair values of the Investment Funds' assets and liabilities that qualify as financial instruments under applicable U.S. GAAP approximate the carrying amounts presented in the consolidated balance sheets. |
Securities sold, not yet purchased [Policy Text Block] | Securities Sold, Not Yet Purchased. The Investment Funds may sell an investment they do not own in anticipation of a decline in the fair value of that investment. When the Investment Funds sell an investment short, they must borrow the investment sold short and deliver it to the broker-dealer through which they made the short sale. A gain, limited to the price at which the Investment Funds sold the investment short, or a loss, unlimited in amount, will be recognized upon the cover of the short sale. |
Due to and from Broker [Policy Text Block] | Due From Brokers. Due from brokers represents cash balances with the Investment Funds' clearing brokers. These funds as well as fully-paid for and marginable securities are essentially restricted to the extent that they serve as collateral against securities sold, not yet purchased. Due from brokers may also include unrestricted balances with derivative counterparties. Due To Brokers. Due to brokers represents margin debit balances collateralized by certain of the Investment Funds' investments in securities. |
Allocation of profits and losses in consolidated affiliated partnerships [Policy Text Block] | Allocation of Net Profits and Losses in Consolidated Affiliated Partnerships Net investment income and net realized and unrealized gains and losses on investments of the Investment Funds are allocated to the respective partners of the Investment Funds based on their percentage ownership in such Investment Funds on a monthly basis. Except for our limited partner interest, such allocations made to the limited partners of the Investment Funds are represented as non-controlling interests in our consolidated statements of operations. |
Home Fashion Segment | |
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition: WPH records revenue when the following criteria are met: persuasive evidence of an arrangement exists, delivery has occurred, the price to the customer is fixed and determinable and collectability is reasonably assured. Unless otherwise agreed in writing, title and risk of loss pass from WPH to the customer when WPH delivers the merchandise to the designated point of delivery, to the designated point of destination or to the designated carrier, free on board. Provisions for certain rebates, sales incentives, product returns and discounts to customers are recorded in the same period the related revenue is recorded. |
Revenue Recognition, Incentives [Policy Text Block] | Sales Incentives: Customer incentives are provided to major WPH customers. These incentives begin to accrue when a commitment has been made to the customer and are recorded as a reduction to sales. |
Real Estate Segment | |
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition: Revenue from real estate sales and related costs are recognized at the time of closing primarily by specific identification. Substantially all of the property comprising our net lease portfolio is leased to others under long-term net leases and we account for these leases in accordance with applicable U.S. GAAP. We account for our leases as follows: (i) under the financing method, (x) minimum lease payments to be received plus the estimated value of the property at the end of the lease are considered the gross investment in the lease and (y) unearned income, representing the difference between gross investment and actual cost of the leased property, is amortized to income over the lease term so as to produce a constant periodic rate of return on the net investment in the lease; and (ii) under the operating method, revenue is recognized as rentals become due, and expenses (including depreciation) are charged to operations as incurred. |
Fair Value Measurements (Polici
Fair Value Measurements (Policies) | 12 Months Ended |
Dec. 31, 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. |
Financial Instruments (Policies
Financial Instruments (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Financial Instruments [Abstract] | |
Derivatives, Offsetting Fair Value Amounts, Policy [Policy Text Block] | Excludes netting of cash collateral received and posted. |
Goodwill and Intangible Asset33
Goodwill and Intangible Assets, Net (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | We utilize the straight-line method of amortization, recognized over the estimated useful lives of the assets. |
Segment and Geographic Report34
Segment and Geographic Reporting (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting, Policy [Policy Text Block] | 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 Sum35
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |
Variable Interest Entities | December 31, 2017 2016 (in millions) Cash and cash equivalents $ 223 $ 370 Cash held at consolidated affiliated partnerships and restricted cash 734 752 Investments 9,615 9,219 Due from brokers 506 1,482 Property, plant and equipment, net 3,191 3,331 Inventories 385 349 Intangible assets, net 298 318 Other assets 48 110 Accounts payable, accrued expenses and other liabilities 1,816 1,769 Securities sold, not yet purchased, at fair value 1,023 1,139 Due to brokers 1,057 3,725 Debt 1,166 1,165 |
Investments and Related Matte36
Investments and Related Matters (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Investment Segment | |
Investment and Related Matters [Line Items] | |
Investment | December 31, 2017 2016 Assets (in millions) Investments: Equity securities: Basic materials $ 1,170 $ 963 Consumer, non-cyclical 2,551 2,677 Energy 1,489 1,278 Financial 2,185 2,385 Technology 833 911 Other 1,149 809 9,377 9,023 Corporate debt securities 155 190 $ 9,532 $ 9,213 Liabilities Securities sold, not yet purchased, at fair value: Equity securities: Consumer, non-cyclical $ 101 $ — Consumer, cyclical 667 968 Energy 110 19 Industrial 110 100 988 1,087 Corporate debt securities 35 52 $ 1,023 $ 1,139 |
Other segments | |
Investment and Related Matters [Line Items] | |
Investment | December 31, 2017 2016 (in millions) Equity method investments $ 430 $ 302 Other investments (measured at fair value) 407 366 $ 837 $ 668 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Assets measured at fair value on a recurring basis | December 31, 2017 December 31, 2016 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets (in millions) Investments (Note 4) $ 9,378 $ 264 $ 279 $ 9,921 $ 9,033 $ 306 $ 212 $ 9,551 Derivative contracts, at fair value (Note 6) (1) — 1 — 1 — 23 — 23 $ 9,378 $ 265 $ 279 $ 9,922 $ 9,033 $ 329 $ 212 $ 9,574 Liabilities Securities sold, not yet purchased (Note 4) $ 988 $ 35 $ — $ 1,023 $ 1,087 $ 52 $ — $ 1,139 Other liabilities — 1 — 1 — 187 — 187 Derivative contracts, at fair value (Note 6) 36 1,239 — 1,275 — 1,139 — 1,139 $ 1,024 $ 1,275 $ — $ 2,299 $ 1,087 $ 1,378 $ — $ 2,465 (1) Amounts are classified within other assets in our consolidated balance sheets. |
Assets measured at fair value on a recurring basis for which we use Level 3 inputs to determine fair value | Year Ended December 31, 2017 2016 (in millions) Balance at January 1 $ 212 $ 283 Net realized gains — 16 Net unrealized gains 67 (6 ) Purchases 5 50 Transfers out (6 ) (135 ) Transfers in 1 4 Balance at December 31 $ 279 $ 212 |
Automotive Segment | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Defined benefit plan assets measured at fair value | December 31, 2017 December 31, 2016 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (in millions) U.S. Plans: Cash $ 35 $ — $ — $ 35 $ 30 $ — $ — $ 30 Investments with registered investment companies: Equity securities 393 — — 393 346 — — 346 Fixed income securities 163 — — 163 154 — — 154 Real estate and other 46 — — 46 41 — — 41 Equity securities 223 — — 223 204 — — 204 Debt securities: Corporate and other — 22 — 22 — 21 — 21 Government 11 21 — 32 11 17 — 28 Hedge funds — — 29 29 — — 32 32 $ 871 $ 43 $ 29 $ 943 $ 786 $ 38 $ 32 $ 856 Non-U.S. Plans: Insurance contracts $ — $ — $ 54 $ 54 $ — $ — $ 42 $ 42 Investments with registered investment companies: Fixed income securities 25 — — 25 19 — — 19 Equity securities 2 — — 2 2 — — 2 Corporate bonds — — — — — — — — $ 27 $ — $ 54 $ 81 $ 21 $ — $ 42 $ 63 |
Plan assets measured at fair value for which we use level 3 inputs to determine fair value | Year Ended December 31, 2017 2016 (in millions) U.S. Plans: Hedge funds: Balance at January 1 $ 32 $ 86 Net realized and unrealized gains 3 — Purchases and settlements, net 12 48 Sales, net (18 ) (102 ) Balance at December 31 $ 29 $ 32 Year Ended December 31, 2017 2016 (in millions) Non-U.S. Plans: Insurance contracts: Balance at January 1 $ 42 $ 40 Net realized and unrealized gains 2 2 Purchases and settlements, net 6 3 Proceeds (2 ) (2 ) Foreign currency exchange rate movements 6 (1 ) Balance at December 31 $ 54 $ 42 |
Railcar and Food Packaging | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Defined benefit plan assets measured at fair value | December 31, 2017 December 31, 2016 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (in millions) U.S. and Non-U.S. Plans: Asset category: Cash equivalents $ 4 $ 1 $ — $ 5 $ 4 $ 1 $ — $ 5 Equity securities 79 3 — 82 77 3 — 80 Fixed income securities 26 3 — 29 25 2 — 27 Other (1) 6 — — 6 5 — — 5 $ 115 $ 7 $ — $ 122 $ 111 $ 6 $ — $ 117 (1) Excludes hedge fund plan assets measured at fair value using net asset value per share in the amount of $9 million and $9 million as of December 31, 2017 and 2016 , respectively. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Financial Instruments [Abstract] | |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following table presents the consolidated fair values of our derivatives that are not designated as hedging instruments in accordance with U.S GAAP: Asset Derivatives (1) Liability Derivatives December 31, December 31, 2017 2016 2017 2016 (in millions) Equity contracts $ — $ 15 $ 1,159 $ 1,104 Credit contracts — 17 17 39 Commodity contracts 7 2 106 11 Sub-total 7 34 1,282 1,154 Netting across contract types (2) (7 ) (15 ) (7 ) (15 ) $ — $ 19 $ 1,275 $ 1,139 (1) Net asset derivatives are located within other assets in our consolidated balance sheets. (2) Excludes netting of cash collateral received and posted. The total collateral posted at December 31, 2017 and 2016 was $542 million and $634 million , respectively, across all counterparties. The following table presents the amount of gain (loss) recognized in the consolidated statements of operations for our derivatives not designated as hedging instruments: Gain (Loss) Recognized in Income (1) Year Ended December 31, 2017 2016 2015 (in millions) Equity contracts $ (1,815 ) $ (1,609 ) $ (1 ) Foreign exchange contracts — 35 160 Credit contracts (42 ) 44 489 Interest rate contracts — (28 ) — Commodity contracts (182 ) (101 ) 57 $ (2,039 ) $ (1,659 ) $ 705 (1) Gains (losses) recognized on derivatives are classified in net gain from investment activities in our consolidated statements of operations for our Investment segment and are included in other income, net for all other segments. |
Schedule of Notional Amounts of Outstanding Derivative Positions | December 31, 2017 December 31, 2016 Long Notional Exposure Short Notional Exposure Long Notional Exposure Short Notional Exposure Primary underlying risk: (in millions) Equity contracts $ 243 $ 6,660 $ 112 $ 14,094 Credit contracts (1) — 391 202 472 Commodity contracts 20 911 16 754 (1) The short notional amount on our credit default swap positions is approximately $2.5 billion and $2.6 billion as of December 31, 2017 and 2016 , respectively. However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is approximately $391 million and $472 million as of December 31, 2017 and 2016 , respectively. |
Inventories, Net (Tables)
Inventories, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | December 31, 2017 2016 (in millions) Raw materials $ 531 $ 483 Work in process 338 299 Finished goods 2,392 2,201 $ 3,261 $ 2,983 |
Goodwill and Intangible Asset40
Goodwill and Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | December 31, 2017 Automotive Energy Railcar Gaming Food Packaging Consolidated (in millions) Gross carrying amount, January 1 $ 1,662 $ 930 $ 7 $ 3 $ 4 $ 2,606 Acquisitions 121 — — — 3 124 Foreign exchange 15 — — — — 15 Gross carrying amount, December 31 1,798 930 7 3 7 2,745 Accumulated impairment, January 1 (537 ) (930 ) — (3 ) — (1,470 ) Impairment — — — — — — Accumulated impairment, December 31 (537 ) (930 ) — (3 ) — (1,470 ) Net carrying value, December 31 $ 1,261 $ — $ 7 $ — $ 7 $ 1,275 December 31, 2016 Automotive Energy Railcar Gaming Food Packaging Consolidated (in millions) Gross carrying amount, January 1 $ 1,457 $ 930 $ 7 $ — $ 3 $ 2,397 Acquisitions 205 — — 3 1 209 Gross carrying amount, December 31 1,662 930 7 3 4 2,606 Accumulated impairment, January 1 (537 ) (356 ) — — — (893 ) Impairment — (574 ) — (3 ) — (577 ) Accumulated impairment, December 31 (537 ) (930 ) — (3 ) — (1,470 ) Net carrying value, December 31 $ 1,125 $ — $ 7 $ — $ 4 $ 1,136 |
Schedule of Definite-Lived and Infinite-Lived Intangible Assets | December 31, 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 $ 1,084 $ (538 ) $ 546 $ 1,059 $ (471 ) $ 588 Developed technology 143 (117 ) 26 142 (104 ) 38 In-place leases 121 (92 ) 29 121 (83 ) 38 Gasification technology license 60 (14 ) 46 60 (11 ) 49 Other 162 (27 ) 135 78 (17 ) 61 $ 1,570 $ (788 ) $ 782 $ 1,460 $ (686 ) $ 774 Indefinite-lived intangible assets: Trademarks and brand names $ 316 $ 305 Gaming licenses 37 37 353 342 Intangible assets, net $ 1,135 $ 1,116 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Year Amount (in millions) 2018 $ 97 2019 96 2020 94 2021 85 2022 63 Thereafter 347 $ 782 |
Property, Plant and Equipment41
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment, Net | December 31, Useful Life 2017 2016 (in years) (in millions) Land $ 876 $ 944 Buildings and improvements 3 - 40 3,249 3,050 Machinery, equipment and furniture 1 - 30 8,324 7,538 Assets leased to others 15 - 39 1,529 1,939 Construction in progress 503 541 14,481 14,012 Less: Accumulated depreciation and amortization (4,780 ) (3,890 ) Property, plant and equipment, net $ 9,701 $ 10,122 |
Schedule of Future Minimum Rental Receipts | Year Amount (in millions) 2018 $ 184 2019 160 2020 118 2021 66 2022 42 Thereafter 92 $ 662 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Instrument [Line Items] | |
Schedule of Long-term Debt Instruments | December 31, 2017 2016 (in millions) Holding Company: 3.500% senior unsecured notes due 2017 $ — $ 1,174 4.875% senior unsecured notes due 2019 — 1,271 6.000% senior unsecured notes due 2020 1,703 1,705 5.875% senior unsecured notes due 2022 1,342 1,340 6.250% senior unsecured notes due 2022 1,216 — 6.750% senior unsecured notes due 2024 498 — 6.375% senior unsecured notes due 2025 748 — 5,507 5,490 Reporting Segments: Automotive 3,470 3,259 Energy 1,166 1,165 Railcar 546 571 Gaming 137 287 Metals 1 2 Mining 58 55 Food Packaging 273 265 Real Estate 22 25 Home Fashion 5 — 5,678 5,629 Total Debt $ 11,185 $ 11,119 |
Schedule of Maturities of Long-term Debt | Year (in millions) 2018 $ 199 2019 59 2020 1,901 2021 2,075 2022 3,608 Thereafter 3,391 11,233 Unamortized discounts, premiums and deferred financing fees (48 ) Total Debt $ 11,185 |
Pensions, Other Post-retireme43
Pensions, Other Post-retirement Benefits and Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Net Periodic Benefit Costs | Pension Benefits Other Post-Retirement Benefits Year Ended December 31, Year Ended December 31, 2017 2016 2015 2017 2016 2015 (in millions) Service cost $ 18 $ 18 $ 19 $ — $ — $ — Interest cost 63 70 66 12 14 13 Expected return on plan assets (58 ) (59 ) (71 ) — — — Amortization of actuarial losses 26 22 26 — 2 5 Amortization of prior service credit — — — (4 ) (4 ) (4 ) Curtailment gain — — (2 ) — — — $ 49 $ 51 $ 38 $ 8 $ 12 $ 14 |
Automotive Segment | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | Pension Benefits Other Post-Retirement Benefits United States Plans Non-U.S. Plans 2017 2016 2017 2016 2017 2016 (in millions) Change in benefit obligation: Benefit obligation, beginning of year $ 1,167 $ 1,221 $ 510 $ 487 $ 295 $ 323 Service cost 2 3 15 14 — — Interest cost 44 49 11 13 12 14 Benefits paid (73 ) (98 ) (22 ) (21 ) (23 ) (24 ) Medicare subsidies received — — — — 2 2 Curtailments — — — (1 ) — — Settlements — — (1 ) (4 ) — — Actuarial losses (gains) 41 (8 ) (17 ) 39 (1 ) (21 ) Business combinations — — 1 — — — Currency translation — — 68 (17 ) 1 1 Benefit obligation, end of year 1,181 1,167 565 510 286 295 Change in plan assets: Fair value of plan assets, beginning of year 856 870 63 57 — — Actual return on plan assets 116 45 3 3 — — Settlements — — (1 ) (4 ) — — Company contributions 44 39 30 30 21 22 Benefits paid (73 ) (98 ) (22 ) (21 ) (23 ) (24 ) Business combinations — — — 1 — — Medicare subsidies received — — — — 2 2 Currency translation — — 8 (3 ) — — Fair value of plan assets, end of year 943 856 81 63 — — Funded status of the plan and amounts recognized in the consolidated balance sheets $ (238 ) $ (311 ) $ (484 ) $ (447 ) $ (286 ) $ (295 ) Amounts recognized in accumulated other comprehensive loss, inclusive of tax impacts: Net actuarial loss $ 393 $ 435 $ 87 $ 93 $ 32 $ 34 Prior service cost (credit) — — 1 1 (2 ) (6 ) $ 393 $ 435 $ 88 $ 94 $ 30 $ 28 |
Schedule of Assumptions Used [Table Text Block] | Weighted-average assumptions used to determine the benefit obligation as of December 31, 2017 , 2016 and 2015 . Pension Benefits Other United States Plans Non-U.S. Plans December 31, December 31, 2017 2016 2015 2017 2016 2015 2017 2016 2015 (in millions) Discount rate 3.50 % 3.90 % 4.15 % 2.26 % 2.03 % 2.72 % 3.68 % 3.98 % 4.18 % Rate of compensation increase n/a n/a n/a 2.97 % 2.96 % 3.19 % n/a n/a n/a Weighted-average assumptions used to determine net periodic benefit cost (credit) for the years ended December 31, 2017 , 2016 and 2015 : Pension Benefits Other United States Plans Non-U.S. Plans Year Ended December 31, Year Ended December 31, 2017 2016 2015 2017 2016 2015 2017 2016 2015 (in millions) Discount rate 3.90 % 4.15 % 3.85 % 2.03 % 2.72 % 1.77 % 3.98 % 4.18 % 3.84 % Expected return on plan assets 5.55 % 5.65 % 6.55 % 3.05 % 3.22 % 3.52 % n/a n/a n/a Rate of compensation increase n/a n/a n/a 2.96 % 3.19 % 3.16 % n/a n/a n/a |
Schedule of projected benefit obligation in excess of plan assets [Table Text Block] | Pension Benefits Other United States Plans Non-U.S. Plans December 31, December 31, 2017 2016 2017 2016 2017 2016 (in millions) Projected benefit obligation $ 1,181 $ 1,167 $ 565 $ 509 $ 286 $ 295 Fair value of plan assets 943 856 81 62 — — |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | Pension Benefits United States Plans Non-U.S. Plans December 31, 2017 2016 2017 2016 (in millions) Projected benefit obligation $ 1,181 $ 1,167 $ 548 $ 494 Accumulated benefit obligation 1,181 1,167 510 459 Fair value of plan assets 943 856 66 50 |
Schedule of Health Care Cost Trend Rates [Table Text Block] | Other Post-Retirement Benefits 2017 2016 Initial health care cost trend rate 6.41% 6.69% Ultimate health care cost trend rate 5.00% 5.00% Year ultimate health care cost trend rate reached 2022 2022 |
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block] | Total Service and Interest Cost APBO (in millions) 100 basis point (“bp”) increase in health care cost trend rate $ 1 $ 23 100 bp decrease in health care cost trend rate (1 ) (20 ) |
Schedule of Expected Benefit Payments [Table Text Block] | Pension Benefits Other Post-Retirement Benefits United States Plans Non-U.S. Plans (in millions) 2018 $ 85 $ 25 $ 23 2019 85 27 22 2020 86 27 22 2021 87 27 22 2022 87 29 21 2023-2027 379 151 96 |
Railcar and Food Packaging | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | Pension Benefits 2017 2016 (in millions) Change in benefit obligation: Benefit obligation, beginning of year $ 189 $ 191 Service cost 1 1 Interest cost 8 8 Benefits paid (10 ) (15 ) Actuarial gain 9 4 Adjustment to benefits 15 — Currency translation 1 — Benefit obligation, end of year 213 189 Change in plan assets: Fair value of plan assets, beginning of year 126 133 Actual return on plan assets 16 8 Benefits paid (10 ) (15 ) Fair value of plan assets, end of year 132 126 Funded status of the plan $ (81 ) $ (63 ) Amounts recognized in the consolidated balance sheets: Net liability recognized $ (81 ) $ (63 ) Amounts recognized in accumulated other comprehensive loss, inclusive of tax impacts: Net actuarial loss $ (81 ) $ (63 ) Total $ (81 ) $ (63 ) |
Net Income Per LP Unit (Tables)
Net Income Per LP Unit (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Unit [Abstract] | |
Schedule Of Earnings Per LP Unit | Year Ended December 31, 2017 2016 2015 (in millions, except per unit data) Net loss attributable to Icahn Enterprises $ 2,430 $ (1,128 ) $ (1,194 ) Net loss attributable to Icahn Enterprises allocable to limited partners (98.01% allocation) $ 2,382 $ (1,106 ) $ (1,170 ) Basic and diluted loss per LP unit $ 14.80 $ (8.07 ) $ (9.29 ) Basic and diluted weighted average LP units outstanding 161 137 126 |
Segment and Geographic Report45
Segment and Geographic Reporting (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Condensed Income Statement by Segment | Year Ended December 31, 2017 Investment Automotive Energy Railcar Gaming Metals Mining Food Packaging Real Estate Home Fashion Holding Company Consolidated (in millions) Revenues: Net sales $ — $ 9,957 $ 5,988 $ 265 $ — $ 409 $ 94 $ 392 $ 15 $ 183 $ — $ 17,303 Other revenues from operations — 487 — 370 898 — — — 72 — — 1,827 Net income from investment activities 241 — — 2 — — — — — — 61 304 Interest and dividend income 106 6 1 2 1 — 1 — 7 — 12 136 Gain (loss) on disposition of assets, net — 12 (3 ) 1,664 (4 ) — — — 496 — 1 2,166 Other (loss) income, net (50 ) 66 (68 ) 3 65 (1 ) (2 ) 1 — — (6 ) 8 297 10,528 5,918 2,306 960 408 93 393 590 183 68 21,744 Expenses: Cost of goods sold — 8,110 5,727 249 — 389 60 297 11 162 — 15,005 Other expenses from operations — 436 — 134 425 — — — 46 — — 1,041 Selling, general and administrative 13 1,802 144 47 379 19 14 65 10 39 33 2,565 Restructuring, net — 21 — — — 1 — 2 — 1 — 25 Impairment — 40 — 68 — — — 1 2 1 — 112 Interest expense 166 167 110 45 11 — 6 13 2 — 323 843 179 10,576 5,981 543 815 409 80 378 71 203 356 19,591 Income (loss) before income tax benefit (expense) 118 (48 ) (63 ) 1,763 145 (1 ) 13 15 519 (20 ) (288 ) 2,153 Income tax benefit (expense) — 674 338 (496 ) (93 ) (43 ) (3 ) (21 ) — — 82 438 Net income (loss) 118 626 275 1,267 52 (44 ) 10 (6 ) 519 (20 ) (206 ) 2,591 Less: net income (loss) attributable to non-controlling interests 38 11 46 53 13 — 1 (1 ) — — — 161 Net income (loss) attributable to Icahn Enterprises $ 80 $ 615 $ 229 $ 1,214 $ 39 $ (44 ) $ 9 $ (5 ) $ 519 $ (20 ) $ (206 ) $ 2,430 Supplemental information: Capital expenditures $ — $ 479 $ 119 $ 173 $ 112 $ 30 $ 38 $ 26 $ 9 $ 5 $ — $ 991 Depreciation and amortization (1) $ — $ 508 $ 278 $ 65 $ 73 $ 20 $ 5 $ 25 $ 20 $ 8 $ — $ 1,002 Year Ended December 31, 2016 Investment Automotive Energy Railcar Gaming Metals Mining Food Packaging Real Estate Home Fashion Holding Company Consolidated (in millions) Revenues: Net sales $ — $ 9,420 $ 4,782 $ 430 $ — $ 267 $ 71 $ 329 $ 17 $ 195 $ — $ 15,511 Other revenues from operations — 422 — 522 944 — — — 70 — — 1,958 Net (loss) gain from investment activities (1,388 ) — 5 — — — — — — — 10 (1,373 ) Interest and dividend income 112 4 1 2 1 — 2 — — — 9 131 Gain on disposition of assets, net — 9 — 3 — 1 — — 1 — — 14 Other (loss) income, net 53 73 (24 ) 5 3 1 (10 ) 3 — 1 2 107 (1,223 ) 9,928 4,764 962 948 269 63 332 88 196 21 16,348 Expenses: Cost of goods sold — 7,658 4,618 366 — 284 56 249 13 168 — 13,412 Other expenses from operations — 430 — 223 460 — — — 46 — — 1,159 Selling, general and administrative 34 1,521 138 48 440 18 22 52 10 38 21 2,342 Restructuring, net — 27 — — — 2 — 3 — — — 32 Impairment — 18 574 — 106 1 — — 5 2 3 709 Interest expense 230 157 83 85 13 — 7 12 2 — 289 878 264 9,811 5,413 722 1,019 305 85 316 76 208 313 18,532 (Loss) income before income tax (expense) benefit (1,487 ) 117 (649 ) 240 (71 ) (36 ) (22 ) 16 12 (12 ) (292 ) (2,184 ) Income tax (expense) benefit — (40 ) 45 (57 ) (24 ) 16 (2 ) (8 ) — — 34 (36 ) Net (loss) income (1,487 ) 77 (604 ) 183 (95 ) (20 ) (24 ) 8 12 (12 ) (258 ) (2,220 ) Less: net (loss) income attributable to non-controlling interests (883 ) 24 (277 ) 33 14 — (5 ) 2 — — — (1,092 ) Net (loss) income attributable to Icahn Enterprises $ (604 ) $ 53 $ (327 ) $ 150 $ (109 ) $ (20 ) $ (19 ) $ 6 $ 12 $ (12 ) $ (258 ) $ (1,128 ) Supplemental information: Capital expenditures $ — $ 418 $ 133 $ 133 $ 85 $ 5 $ 22 $ 18 $ 1 $ 11 $ — $ 826 Depreciation and amortization (1) $ — $ 473 $ 258 $ 134 $ 71 $ 22 $ 6 $ 20 $ 22 $ 8 $ — $ 1,014 Year Ended December 31, 2015 Investment Automotive Energy Railcar Gaming Metals Mining Food Packaging Real Estate Home Fashion Holding Company Consolidated (in millions) Revenues: Net sales $ — $ 7,789 $ 5,433 $ 440 $ — $ 361 $ 30 $ 344 $ 14 $ 193 $ — $ 14,604 Other revenues from operations — — — 499 811 — — — 76 — — 1,386 Net (loss) gain from investment activities (1,041 ) — 36 — — — — — — — 18 (987 ) Interest and dividend income 178 6 2 2 1 — 1 — — — 4 194 Gain on disposition of assets, net — — (2 ) 4 (1 ) — — (1 ) 40 — — 40 Other (loss) income, net (2 ) 58 (27 ) 3 — 4 (3 ) (6 ) 1 1 6 35 (865 ) 7,853 5,442 948 811 365 28 337 131 194 28 15,272 Expenses: Cost of goods sold — 6,577 4,949 338 — 406 38 263 7 163 — 12,741 Other expenses from operations — — — 201 396 — — — 46 — — 643 Selling, general and administrative 237 1,001 127 45 338 20 12 50 13 34 31 1,908 Restructuring — 89 — — — 2 — 5 — 1 — 97 Impairment — 344 253 — — 20 169 — 2 — — 788 Interest expense 563 144 47 82 12 — 3 12 2 — 289 1,154 800 8,155 5,376 666 746 448 222 330 70 198 320 17,331 (Loss) income before income tax (expense) benefit (1,665 ) (302 ) 66 282 65 (83 ) (194 ) 7 61 (4 ) (292 ) (2,059 ) Income tax (expense) benefit — (50 ) (59 ) (69 ) (27 ) 32 (1 ) (10 ) — — 116 (68 ) Net (loss) income (1,665 ) (352 ) 7 213 38 (51 ) (195 ) (3 ) 61 (4 ) (176 ) (2,127 ) Less: net (loss) income attributable to non-controlling interests (905 ) (53 ) (18 ) 76 12 — (45 ) — — — — (933 ) Net income (loss) attributable to Icahn Enterprises $ (760 ) $ (299 ) $ 25 $ 137 $ 26 $ (51 ) $ (150 ) $ (3 ) $ 61 $ (4 ) $ (176 ) $ (1,194 ) Supplemental information: Capital expenditures $ — $ 449 $ 219 $ 522 $ 94 $ 24 $ 20 $ 22 $ 3 $ 6 $ — $ 1,359 Depreciation and amortization (2) $ — $ 346 $ 229 $ 127 $ 63 $ 29 $ 8 $ 19 $ 21 $ 7 $ — $ 849 (1) Excludes amounts related to the amortization of deferred financing costs and debt discounts and premiums included in interest expense in the consolidated amounts of $15 million , $20 million and $14 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. |
Schedule of Condensed Financial Statements by Segment | December 31, 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 $ 367 $ 482 $ 100 $ 105 $ 24 $ 15 $ 16 $ 30 $ — $ 526 $ 1,682 Cash held at consolidated affiliated partnerships and restricted cash 734 4 — 19 16 5 — 2 2 4 — 786 Investments 9,532 324 83 23 23 — — — — — 384 10,369 Accounts receivable, net — 1,406 178 44 11 40 10 78 3 35 — 1,805 Inventories, net — 2,601 385 54 — 33 30 92 — 66 — 3,261 Property, plant and equipment, net — 3,503 3,213 1,199 808 110 188 170 438 72 — 9,701 Goodwill and intangible assets, net — 1,963 298 7 74 3 — 36 29 — — 2,410 Other assets 516 541 61 41 102 11 22 93 390 6 4 1,787 Total assets $ 10,799 $ 10,709 $ 4,700 $ 1,487 $ 1,139 $ 226 $ 265 $ 487 $ 892 $ 183 $ 914 $ 31,801 LIABILITIES AND EQUITY Accounts payable, accrued expenses and other liabilities $ 1,302 $ 2,770 $ 1,125 $ 254 $ 104 $ 41 $ 45 $ 98 $ 46 $ 34 $ 190 $ 6,009 Securities sold, not yet purchased, at fair value 1,023 — — — — — — — — — — 1,023 Due to brokers 1,057 — — — — — — — — — — 1,057 Post-employment benefit liability — 1,075 — 8 — 2 — 74 — — — 1,159 Debt — 3,470 1,166 546 137 1 58 273 22 5 5,507 11,185 Total liabilities 3,382 7,315 2,291 808 241 44 103 445 68 39 5,697 20,433 Equity attributable to Icahn Enterprises 3,052 3,234 1,098 428 761 182 138 28 824 144 (4,783 ) 5,106 Equity attributable to non-controlling interests 4,365 160 1,311 251 137 — 24 14 — — — 6,262 Total equity 7,417 3,394 2,409 679 898 182 162 42 824 144 (4,783 ) 11,368 Total liabilities and equity $ 10,799 $ 10,709 $ 4,700 $ 1,487 $ 1,139 $ 226 $ 265 $ 487 $ 892 $ 183 $ 914 $ 31,801 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 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Net Sales Other Revenues From Operations Property, Plant and Equipment, Net Year Ended December 31, Year Ended December 31, December 31, 2017 2016 2015 2017 2016 2015 2017 2016 (in millions) United States $ 11,878 $ 10,489 $ 9,672 $ 1,759 $ 1,886 $ 1,304 $ 7,399 $ 8,063 Germany 1,531 1,455 1,480 — — — 529 458 Other 3,894 3,567 3,452 68 72 82 1,773 1,601 $ 17,303 $ 15,511 $ 14,604 $ 1,827 $ 1,958 $ 1,386 $ 9,701 $ 10,122 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Contingency [Line Items] | |
difference in book basis and tax basis of net assets not subject to income taxes [Table Text Block] | Icahn Enterprises Icahn Enterprises Holdings December 31, December 31, 2017 2016 2017 2016 (in millions) (in millions) Book basis of net assets $ 5,106 $ 2,154 $ 5,133 $ 2,179 Book/tax basis difference (450 ) 1,888 (450 ) 1,888 Tax basis of net assets $ 4,656 $ 4,042 $ 4,683 $ 4,067 |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Year Ended December 31, 2017 2016 2015 (in millions) Domestic $ 1,933 $ (2,370 ) $ (1,870 ) International 220 186 (189 ) $ 2,153 $ (2,184 ) $ (2,059 ) |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, 2017 2016 2015 (in millions) Current: Domestic $ (21 ) $ (40 ) $ (17 ) International (52 ) (101 ) (55 ) Total current (73 ) (141 ) (72 ) Deferred: Domestic 525 73 (15 ) International (14 ) 32 19 Total deferred 511 105 4 $ 438 $ (36 ) $ (68 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2017 2016 (in millions) Deferred tax assets: Property, plant and equipment $ 261 $ 312 Net operating loss 1,158 1,981 Tax credits 141 139 Post-employment benefits, including pensions 263 334 Reorganization costs 3 7 Other 398 430 Total deferred tax assets 2,224 3,203 Less: Valuation allowance (1,293 ) (1,821 ) Net deferred tax assets $ 931 $ 1,382 Deferred tax liabilities: Property, plant and equipment $ (467 ) $ (592 ) Intangible assets (157 ) (195 ) Investment in partnerships (775 ) (1,495 ) Investment in U.S. subsidiaries (184 ) (307 ) Other (138 ) (101 ) Total deferred tax liabilities (1,721 ) (2,690 ) $ (790 ) $ (1,308 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2017 2016 2015 (in millions) Income tax benefit (expense) at U.S. statutory rate $ (754 ) $ 764 $ 721 Tax effect from: Foreign operations 42 39 29 Valuation allowance 490 (46 ) (113 ) Non-controlling interest (7 ) (7 ) 41 Goodwill — (225 ) (196 ) Uncertain tax positions and assessments 23 (9 ) 4 Income not subject to taxation 172 (511 ) (523 ) Enactment of U.S. tax legislation, net of valuation allowance 498 — — Other (26 ) (41 ) (31 ) Income tax benefit (expense) $ 438 $ (36 ) $ (68 ) |
Schedule of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns Roll Forward [Table Text Block] | Years Ended December 31, 2017 2016 2015 (in millions) Balance at January 1 $ 101 $ 94 $ 113 Addition based on tax positions related to the current year 7 7 19 Increase for tax positions of prior years 59 8 6 Decrease for tax positions of prior years (15 ) (1 ) (10 ) Decrease for statute of limitation expiration (16 ) (6 ) (21 ) Settlements (11 ) — (8 ) Impact of currency translation and other 4 (1 ) (5 ) Balance at December 31 $ 129 $ 101 $ 94 |
Changes in Accumulated Other 47
Changes in Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Changes in Accumulated Other Comprehensive Loss [Abstract] | |
Schedule of changes in accumulated other comprehensive income [Table Text Block] | Post-Employment 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 30 2 124 156 Reclassifications from accumulated other comprehensive income (loss) to earnings 20 (3 ) — 17 Other comprehensive income (loss), net of tax 50 (1 ) 124 173 Balance, December 31, 2017 $ (564 ) $ (23 ) $ (824 ) $ (1,411 ) |
Other Income (Loss), Net (Table
Other Income (Loss), Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other (Loss) Income, Net [Abstract] | |
Schedule of Other Nonoperating Income (Expense) | Year Ended December 31, 2017 2016 2015 (in millions) Gain on acquisition $ — $ — $ 5 Realized and unrealized loss on derivatives, net (Note 6) (70 ) (19 ) (29 ) Other derivative (loss) income (41 ) 66 — Dividend expense (10 ) (14 ) — Loss on extinguishment of debt (16 ) (5 ) (2 ) Equity earnings from non-consolidated affiliates 71 64 62 Foreign currency transaction loss (11 ) (1 ) (10 ) Tax settlement gain 61 — — Predecessor claim settlement — 3 — Other 24 13 9 $ 8 $ 107 $ 35 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Long-term Purchase Commitment [Line Items] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Year Amount (in millions) 2018 $ 237 2019 222 2020 198 2021 170 2022 142 Thereafter 388 $ 1,357 |
Energy Segment | |
Long-term Purchase Commitment [Line Items] | |
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block] | Unconditional Purchase Obligations (1) (in millions) 2018 $ 165 2019 124 2020 101 2021 90 2022 85 Thereafter 542 $ 1,107 (1) This amount includes $699 million payable ratably over thirteen years pursuant to petroleum transportation service agreements between Coffeyville Resources Refining Marketing, LLC ("CRRM") and each of TransCanada Keystone Limited Partnership and TransCanada Keystone Pipeline, LP (together, "TransCanada"). The purchase obligation reflects the exchange rate between the Canadian dollar and the U.S. dollar as of December 31, 2017 , where applicable. Under the agreements, CRRM receives transportation of at least 25,000 barrels per day of crude oil with a delivery point at Cushing, Oklahoma for a term of twenty years on TransCanada's Keystone pipeline system. |
Supplemental Cash Flow Inform50
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Year Ended December 31, 2017 2016 2015 (in millions) Cash payments for interest, net of amounts capitalized $ 658 $ 662 $ 602 Net cash payments (refunds) for income taxes 150 87 (1 ) 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 36 LP unit issuance for remaining 25% interest in ARL — 35 — Fair value of subsidiary common units issued in an acquisition of business — 336 — Fair value of debt assumed in an acquisition of business — 368 — Capital expenditures included in accounts payable, accrued expenses and other liabilities 80 89 88 |
Quarterly Financial Data (Una51
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Data (Unaudited) [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | For the Three Months Ended (1) March 31, June 30, September 30, December 31, 2017 2016 2017 2016 2017 2016 2017 2016 (in millions, except per unit data) Net sales $ 4,319 $ 3,548 $ 4,282 $ 4,094 $ 4,292 $ 3,904 $ 4,410 $ 3,965 Gross margin on net sales 627 425 559 646 613 526 499 502 Total revenues 4,677 3,127 6,654 4,350 5,680 4,899 4,733 3,972 Net (loss) income (160 ) (1,609 ) 1,725 (285 ) 829 238 197 (564 ) Net loss (income) attributable to non-controlling interests (142 ) (772 ) 172 (216 ) 232 254 (101 ) (358 ) Net (loss) income attributable to Icahn Enterprises (18 ) (837 ) 1,553 (69 ) 597 (16 ) 298 (206 ) Basic (loss) income per LP unit $ (0.12 ) $ (6.21 ) $ 9.51 $ (0.50 ) $ 3.53 $ (0.12 ) $ 1.72 $ (1.42 ) Diluted (loss) income per LP unit $ (0.12 ) $ (6.21 ) $ 9.51 $ (0.50 ) $ 3.53 $ (0.12 ) $ 1.72 $ (1.42 ) (1) The comparability of our quarterly financial data is affected by, among other things, (i) the performance of the Investment Funds, (ii) various acquisitions, primarily the acquisition of Pep Boys during the first quarter of 2016, (iii) certain dispositions of assets, primarily during the second and fourth quarters of 2017, (iv) impairment charges and (v) the enactment of U.S. tax law changes in the fourth quarter of 2017. |
Schedule I (Tables)
Schedule I (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Icahn Enterprises (Parent) | |
Condensed Financial Statements, Captions [Line Items] | |
Financial Statement Schedule, Parent Company Balance Sheet [Table Text Block] | SCHEDULE I ICAHN ENTERPRISES, L.P. (Parent Company) CONDENSED BALANCE SHEETS December 31, 2017 2016 (In millions, except unit amounts) ASSETS Investments in subsidiaries, net $ 10,737 $ 7,750 Total Assets $ 10,737 $ 7,750 LIABILITIES AND EQUITY Accrued expenses and other liabilities $ 124 $ 106 Debt 5,507 5,490 5,631 5,596 Commitments and contingencies (Note 3) Equity: Limited partners: Depositary units: 173,564,307 and 144,741,149 units issued and outstanding at December 31, 2017 and 2016, respectively 5,341 2,448 General partner (235 ) (294 ) Total equity 5,106 2,154 Total Liabilities and Equity $ 10,737 $ 7,750 |
Financial Statement Schedule, Parent Company Statement of Operations [Table Text Block] | SCHEDULE I ICAHN ENTERPRISES, L.P. (Parent Company) CONDENSED STATEMENTS OF OPERATIONS Year Ended December 31, 2017 2016 2015 (In millions) Interest expense $ (323 ) $ (289 ) $ (289 ) Loss on extinguishment of debt (12 ) — — Equity in earnings (loss) of subsidiaries 2,765 (839 ) (905 ) Net income (loss) $ 2,430 $ (1,128 ) $ (1,194 ) Net income (loss) allocable to: Limited partners $ 2,382 $ (1,106 ) $ (1,170 ) General partner 48 (22 ) (24 ) $ 2,430 $ (1,128 ) $ (1,194 ) |
Financial Statement Schedule, Parent Company Statement of Cash Flows [Table Text Block] | SCHEDULE I ICAHN ENTERPRISES, L.P. (Parent Company) CONDENSED STATEMENTS OF CASH FLOWS Year Ended December 31, 2017 2016 2015 (In millions) Cash flows from operating activities: Net income (loss) $ 2,430 $ (1,128 ) $ (1,194 ) Adjustments to reconcile net income (loss) to net cash used in operating activities: Amortization of deferred financing costs 1 1 1 Loss on extinguishment of debt 2 — — Equity in (income) loss of subsidiary (2,765 ) 839 905 Net cash used in operating activities (332 ) (288 ) (288 ) Cash flows from investing activities: Net investment in and advances from subsidiary (204 ) 390 404 Net cash (used in) provided by investing activities (204 ) 390 404 Cash flows from financing activities: Partnership distributions (81 ) (103 ) (116 ) Partnership contributions 606 1 — Proceeds from borrowings 2,470 — — Repayments of borrowings (2,450 ) — — Debt issuance costs (9 ) — — Net cash provided by (used in) financing activities 536 (102 ) (116 ) Net change in cash and cash equivalents — — — Cash and cash equivalents, beginning of period — — — Cash and cash equivalents, end of period $ — $ — $ — |
Financial Statement Schedule, Parent Company Debt Note [Table Text Block] | December 31, 2017 2016 (in millions) 3.500% senior unsecured notes due 2017 $ — $ 1,174 4.875% senior unsecured notes due 2019 — 1,271 6.000% senior unsecured notes due 2020 1,703 1,705 5.875% senior unsecured notes due 2022 1,342 1,340 6.250% senior unsecured notes due 2022 1,216 — 6.750% senior unsecured notes due 2024 498 — 6.375% senior unsecured notes due 2025 748 — Total debt $ 5,507 $ 5,490 |
Icahn Enterprises Holdings (Parent) | |
Condensed Financial Statements, Captions [Line Items] | |
Financial Statement Schedule, Parent Company Balance Sheet [Table Text Block] | SCHEDULE I ICAHN ENTERPRISES HOLDINGS L.P. (Parent Company) CONDENSED BALANCE SHEETS December 31, 2017 2016 (in millions) ASSETS Cash and cash equivalents $ 241 $ 65 Other assets 85 94 Investments in subsidiaries, net 10,467 7,642 Total Assets $ 10,793 $ 7,801 LIABILITIES AND EQUITY Accounts payable, accrued expenses and other liabilities $ 128 $ 105 Debt 5,532 5,517 5,660 5,622 Commitments and contingencies (Note 3) Equity: Limited partner 5,420 2,496 General partner (287 ) (317 ) Total equity 5,133 2,179 Total Liabilities and Equity $ 10,793 $ 7,801 |
Financial Statement Schedule, Parent Company Statement of Operations [Table Text Block] | SCHEDULE I ICAHN ENTERPRISES HOLDINGS L.P. (Parent Company) CONDENSED STATEMENTS OF OPERATIONS Year Ended December 31, 2017 2016 2015 (in millions) Interest and dividend income $ 2 $ 1 $ — Loss on extinguishment of debt (1 ) — — Equity in earnings (loss) of subsidiaries 2,739 (818 ) (903 ) Other income, net 41 8 28 2,781 (809 ) (875 ) Interest expense 324 290 291 Selling, general and administrative 25 28 27 349 318 318 Net income (loss) $ 2,432 $ (1,127 ) $ (1,193 ) Net income (loss) allocable to: Limited partner $ 2,408 $ (1,116 ) $ (1,181 ) General partner 24 (11 ) (12 ) $ 2,432 $ (1,127 ) $ (1,193 ) |
Financial Statement Schedule, Parent Company Statement of Cash Flows [Table Text Block] | SCHEDULE I ICAHN ENTERPRISES HOLDINGS L.P. (Parent Company) CONDENSED STATEMENTS OF CASH FLOWS Year Ended December 31, 2017 2016 2015 (in millions) Cash flows from operating activities: Net income (loss) $ 2,432 $ (1,127 ) $ (1,193 ) Adjustments to reconcile net income (loss) to net cash used in operating activities: Equity in (income) loss of subsidiary (2,739 ) 818 903 Loss on extinguishment of debt 1 — — Depreciation and amortization 3 3 2 Other, net (39 ) 7 (16 ) Change in operating assets and liabilities 18 (6 ) (4 ) Net cash used in operating activities (324 ) (305 ) (308 ) Cash flows from investing activities: Net investment in subsidiaries 509 421 155 Purchase of investments — — (96 ) Other, net 53 — 28 Net cash provided by investing activities 562 421 87 Cash flows from financing activities: Partnership distributions (81 ) (103 ) (116 ) Partner contributions 6 1 — Proceeds from borrowings 2,470 — — Repayments of borrowings (2,450 ) — — Debt issuance costs (7 ) — — Net cash used in financing activities (62 ) (102 ) (116 ) Net change in cash and cash equivalents 176 14 (337 ) Cash and cash equivalents, beginning of period 65 51 388 Cash and cash equivalents, end of period $ 241 $ 65 $ 51 |
Financial Statement Schedule, Parent Company Debt Note [Table Text Block] | December 31, 2017 2016 (in millions) 3.500% senior unsecured notes due 2017 $ — $ 1,174 4.875% senior unsecured notes due 2019 — 1,272 6.000% senior unsecured notes due 2020 1,704 1,706 5.875% senior unsecured notes due 2022 1,343 1,341 6.250% senior unsecured notes due 2022 1,217 — 6.750% senior unsecured notes due 2024 499 — 6.375% senior unsecured notes due 2025 749 — Mortgages payable 20 24 Total debt $ 5,532 $ 5,517 |
(Details)
(Details) $ in Millions | Apr. 01, 2016USD ($) | Feb. 04, 2016USD ($) | Mar. 26, 2015USD ($) | Jan. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Description of Business [Line Items] | |||||||
Subsidiary repurchase of treasury stock | $ 36 | $ 72 | $ 57 | ||||
Gain on disposition of assets, net | 2,166 | 14 | 40 | ||||
Proceeds from disposition of assets | 2,064 | 43 | 90 | ||||
Payments to Acquire Additional Interest in Subsidiaries | 349 | 2 | 0 | ||||
Seller financing secured mortgages resulting from disposition of assets | 375 | 0 | 0 | ||||
Automotive Segment | |||||||
Description of Business [Line Items] | |||||||
Gain on disposition of assets, net | 12 | 9 | 0 | ||||
Energy Segment | |||||||
Description of Business [Line Items] | |||||||
Gain on disposition of assets, net | $ (3) | 0 | (2) | ||||
Railcar Segment | |||||||
Description of Business [Line Items] | |||||||
Estimated number of railcars to be disposed of (number of railcars) | 0 | ||||||
Gain on disposition of assets, net | $ 1,664 | 3 | 4 | ||||
Value of business to be disposed of | 3,300 | ||||||
Gaming Segment | |||||||
Description of Business [Line Items] | |||||||
Gain on disposition of assets, net | (4) | 0 | (1) | ||||
Food Packaging Segment | |||||||
Description of Business [Line Items] | |||||||
Gain on disposition of assets, net | 0 | 0 | (1) | ||||
Real Estate Segment | |||||||
Description of Business [Line Items] | |||||||
Total consideration received from sale of asset | 600 | ||||||
Gain on disposition of assets, net | 496 | 1 | 40 | ||||
Proceeds from disposition of assets | 225 | ||||||
Assets pledged as collateral | 21 | 24 | |||||
Seller financing secured mortgages resulting from disposition of assets | 375 | ||||||
Real Estate Segment | Fountainebleu | |||||||
Description of Business [Line Items] | |||||||
Gain on disposition of assets, net | 456 | ||||||
Real Estate Segment | Other properties | |||||||
Description of Business [Line Items] | |||||||
Gain on disposition of assets, net | 40 | ||||||
Real Estate Segment | First Mortgage | |||||||
Description of Business [Line Items] | |||||||
Seller financing secured mortgages resulting from disposition of assets | 345 | ||||||
Real Estate Segment | Second Mortgage | |||||||
Description of Business [Line Items] | |||||||
Seller financing secured mortgages resulting from disposition of assets | 30 | ||||||
Holding Company | |||||||
Description of Business [Line Items] | |||||||
Gain on disposition of assets, net | 1 | 0 | 0 | ||||
Proceeds from disposition of assets | $ 1,800 | ||||||
Icahn Enterprises Holdings | |||||||
Description of Business [Line Items] | |||||||
Percentage of equity ownership in subsidiary | 99.00% | ||||||
Subsidiary repurchase of treasury stock | $ 36 | 72 | 57 | ||||
Gain on disposition of assets, net | 2,166 | 14 | 40 | ||||
Proceeds from disposition of assets | 2,064 | 43 | 90 | ||||
Payments to Acquire Additional Interest in Subsidiaries | 349 | 2 | 0 | ||||
Investment Funds | |||||||
Description of Business [Line Items] | |||||||
Fair value of investment in subsidiary | 3,000 | $ 1,700 | |||||
ADS and Precision Tune | Automotive Segment | |||||||
Description of Business [Line Items] | |||||||
Payments to Acquire Interest in Subsidiaries and Affiliates | $ 162 | ||||||
Pep Boys | Automotive Segment | |||||||
Description of Business [Line Items] | |||||||
Business Combination, Consideration Transferred | $ 1,200 | ||||||
IEH Auto | Automotive Segment | |||||||
Description of Business [Line Items] | |||||||
Payments to Acquire Interest in Subsidiaries and Affiliates | 325 | ||||||
TRW | Automotive Segment | |||||||
Description of Business [Line Items] | |||||||
Payments to Acquire Interest in Subsidiaries and Affiliates | $ 374 | ||||||
Federal-Mogul | Automotive Segment | |||||||
Description of Business [Line Items] | |||||||
Percentage of equity ownership in subsidiary | 100.00% | 82.00% | |||||
Payments to Acquire Additional Interest in Subsidiaries | $ 305 | ||||||
Payments to Acquire Interest in Subsidiaries and Affiliates | $ 230 | ||||||
Proceeds from rights offering | $ 250 | ||||||
CVR Refining | |||||||
Description of Business [Line Items] | |||||||
Percentage of equity ownership in subsidiary | 3.90% | ||||||
CVR Refining | Energy Segment | |||||||
Description of Business [Line Items] | |||||||
Percentage of equity ownership in subsidiary | 66.00% | ||||||
CVR Nitrogen | Energy Segment | |||||||
Description of Business [Line Items] | |||||||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | $ 336 | ||||||
Payments to Acquire Businesses, Gross | 99 | ||||||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 368 | ||||||
CVR Partners | Energy Segment | |||||||
Description of Business [Line Items] | |||||||
Percentage of equity ownership in subsidiary | 34.00% | ||||||
CVR Energy | |||||||
Description of Business [Line Items] | |||||||
Percentage of equity ownership in subsidiary | 82.00% | ||||||
ARI | |||||||
Description of Business [Line Items] | |||||||
Percentage of equity ownership in subsidiary | 62.20% | ||||||
Tropicana | Gaming Segment | |||||||
Description of Business [Line Items] | |||||||
Percentage of equity ownership in subsidiary | 83.90% | 72.50% | |||||
Subsidiary repurchase of treasury stock | $ 36 | ||||||
Payments to Acquire Additional Interest in Subsidiaries | $ 95 | ||||||
Ferrous Resources | |||||||
Description of Business [Line Items] | |||||||
Percentage of equity ownership in subsidiary | 77.20% | ||||||
Viskase | |||||||
Description of Business [Line Items] | |||||||
Percentage of equity ownership in subsidiary | 74.60% | ||||||
Mr. Icahn and affiliates | |||||||
Description of Business [Line Items] | |||||||
Affiliate ownership interest | 91.00% | ||||||
Icahn Enterprises G.P. | |||||||
Description of Business [Line Items] | |||||||
General partner ownership percentage in Icahn Enterprises | 1.00% | ||||||
General partner ownership interest in IEH | 1.00% | ||||||
Aggregate general partner ownership interest of parent and operating subsidiary | 1.99% | ||||||
Subsequent event | Viskase | |||||||
Description of Business [Line Items] | |||||||
Percentage of equity ownership in subsidiary | 78.60% | ||||||
Subsequent event | Viskase | Food Packaging Segment | |||||||
Description of Business [Line Items] | |||||||
Payments to Acquire Interest in Subsidiaries and Affiliates | $ 44 | ||||||
Proceeds from rights offering | $ 50 |
Basis of Presentation and Sum54
Basis of Presentation and Summary of Significant Accounting Policies Variable Interest Entities (Details) - Icahn Enterprises Holdings - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||
Percentage of equity ownership in operating subsidiary | 99.00% | |
Cash and cash equivalents | ||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||
Assets of VIE's | $ 223 | $ 370 |
Property, plant and equipment | ||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||
Assets of VIE's | 3,191 | 3,331 |
Inventories | ||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||
Assets of VIE's | 385 | 349 |
Intangible assets, net | ||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||
Assets of VIE's | 298 | 318 |
Other assets | ||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||
Assets of VIE's | 48 | 110 |
Accounts payable, accrued expenses and other liabilities | ||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||
Liabilities of VIE's | 1,816 | 1,769 |
Debt | ||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||
Liabilities of VIE's | 1,166 | 1,165 |
Cash held at consolidated affiliated partnerships and restricted cash | ||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||
Assets of VIE's | 734 | 752 |
Investments | ||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||
Assets of VIE's | 9,615 | 9,219 |
Due from broker | ||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||
Assets of VIE's | 506 | 1,482 |
Securities Sold, Not yet Purchased | ||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||
Liabilities of VIE's | 1,023 | 1,139 |
Due to brokers | ||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||
Liabilities of VIE's | $ 1,057 | $ 3,725 |
Basis of Presentation and Sum55
Basis of Presentation and Summary of Significant Accounting Policies Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jan. 01, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Property, plant and equipment held for sale | $ 1,200 | |||
Debt held for sale | 1,700 | |||
Portion of inventory under LIFO method | $ 900 | 735 | ||
Restricted cash | 786 | 804 | ||
Debt | 11,185 | 11,119 | ||
Fair value of long-term debt | 11,500 | 11,200 | ||
Restricted cash | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Restricted cash | 594 | 686 | ||
Automotive Segment | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Restricted cash | 4 | 2 | ||
Debt | 3,470 | 3,259 | ||
Research and development expense | 195 | 192 | $ 189 | |
Gross amount of transferred receivables under factoring arrangements | 641 | 487 | ||
Gross amount of transferred receivables under factoring arrangements qualifying as sales | 635 | 485 | ||
Proceeds from transferred receivables under factoring arrangements qualifying as sales | 1,800 | 1,600 | 1,600 | |
Expenses associated with transferred receivables under factoring arrangements | 15 | 12 | 9 | |
Energy Segment | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Restricted cash | 0 | 0 | ||
Debt | 1,166 | 1,165 | ||
Planned major maintenance | $ 83 | $ 38 | $ 109 | |
Equity | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Effect of adopting new accounting principle on consolidated financial statements | $ 47 | |||
Nitrogenous fertilizer manufacturing | Maximum | Energy Segment | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Planned major maintenance, frequency (in years) | 3 years | |||
Nitrogenous fertilizer manufacturing | Minimum | Energy Segment | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Planned major maintenance, frequency (in years) | 2 years | |||
Petroleum refineries | Maximum | Energy Segment | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Planned major maintenance, frequency (in years) | 5 years | |||
Petroleum refineries | Minimum | Energy Segment | ||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||
Planned major maintenance, frequency (in years) | 4 years |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | Feb. 29, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Mr. Icahn and affiliates | ||||
Related Party Transaction [Line Items] | ||||
Percentage fair value of investments in Funds that is attributable to Mr. Icahn | 59.00% | 69.00% | ||
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 subsidiary | 100.00% | |||
Investment in funds | Mr. Icahn and affiliates | ||||
Related Party Transaction [Line Items] | ||||
Amount of transaction with related party | $ 600 | $ 498 | $ 240 | |
Investment balance in funds | Mr. Icahn and affiliates | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, balance | 4,400 | 3,700 | ||
Expense sharing arrangement | Consolidated VIE | ||||
Related Party Transaction [Line Items] | ||||
Amount of transaction with related party | 13 | 34 | 235 | |
Repair services revenue from related party | Hertz | ||||
Related Party Transaction [Line Items] | ||||
Amount of transaction with related party | 17 | 3 | ||
Purchases from related party | Hertz | ||||
Related Party Transaction [Line Items] | ||||
Amount of transaction with related party | 2 | 2 | ||
Purchases from related party | ACF | ||||
Related Party Transaction [Line Items] | ||||
Amount of transaction with related party | 6 | 21 | 86 | |
Distribution of cash | IRL Holding | ||||
Related Party Transaction [Line Items] | ||||
Amount of transaction with related party | 25 | |||
Withholdings | IRL Holding | ||||
Related Party Transaction [Line Items] | ||||
Amount of transaction with related party | 2 | |||
Sales to related party | ACF | ||||
Related Party Transaction [Line Items] | ||||
Amount of transaction with related party | 1 | 1 | 10 | |
Buying group operating expenses | Insight Portfolio Group LLC | ||||
Related Party Transaction [Line Items] | ||||
Amount of transaction with related party | $ 2 | $ 2 | $ 2 |
Investments and Related Matte57
Investments and Related Matters Investment Segment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Investments [Line Items] | |||
Investments | $ 10,369 | $ 9,881 | |
Securities sold, not yet purchased, at fair value | 1,023 | 1,139 | |
Investment Segment | |||
Schedule of Investments [Line Items] | |||
Investments | 9,532 | 9,213 | |
Securities sold, not yet purchased, at fair value | 1,023 | 1,139 | |
Portion of trading (losses) gains that relates to trading securities still held at balance sheet date | 1,413 | 340 | $ (2,222) |
Investment Segment | Equity securities | |||
Schedule of Investments [Line Items] | |||
Investments | 9,377 | 9,023 | |
Securities sold, not yet purchased, at fair value | 988 | 1,087 | |
Investment Segment | Debt securities | |||
Schedule of Investments [Line Items] | |||
Investments | 155 | 190 | |
Basic materials | Investment Segment | Equity securities | |||
Schedule of Investments [Line Items] | |||
Investments | 1,170 | 963 | |
Consumer, non-cyclical | Investment Segment | Equity securities | |||
Schedule of Investments [Line Items] | |||
Investments | 2,551 | 2,677 | |
Securities sold, not yet purchased, at fair value | 101 | 0 | |
Consumer, cyclical | Investment Segment | Equity securities | |||
Schedule of Investments [Line Items] | |||
Securities sold, not yet purchased, at fair value | 667 | 968 | |
Consumer, cyclical | Investment Segment | Debt securities | |||
Schedule of Investments [Line Items] | |||
Securities sold, not yet purchased, at fair value | 35 | 52 | |
Energy | Investment Segment | Equity securities | |||
Schedule of Investments [Line Items] | |||
Investments | 1,489 | 1,278 | |
Securities sold, not yet purchased, at fair value | 110 | 19 | |
Financial | Investment Segment | Equity securities | |||
Schedule of Investments [Line Items] | |||
Investments | 2,185 | 2,385 | |
Industrial | Investment Segment | Equity securities | |||
Schedule of Investments [Line Items] | |||
Securities sold, not yet purchased, at fair value | 110 | 100 | |
Technology | Investment Segment | Equity securities | |||
Schedule of Investments [Line Items] | |||
Investments | 833 | 911 | |
Other sectors | Investment Segment | Equity securities | |||
Schedule of Investments [Line Items] | |||
Investments | $ 1,149 | 809 | |
Herbalife | Investment Segment | |||
Schedule of Investments [Line Items] | |||
Ownership percentage in equity method investment | 21.00% | ||
Unrealized gain on equity method investments under fair value option | $ 357 | (113) | |
Fair Value of Equity Method Investment Under Fair Value Option | $ 1,200 | 867 | |
Hertz | Investment Segment | |||
Schedule of Investments [Line Items] | |||
Ownership percentage in equity method investment | 28.00% | ||
Unrealized gain on equity method investments under fair value option | $ 13 | (389) | |
Fair Value of Equity Method Investment Under Fair Value Option | $ 517 | $ 505 |
Investments and Related Matte58
Investments and Related Matters Other Segments (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Investments [Line Items] | ||
Investments | $ 10,369 | $ 9,881 |
Other segments | ||
Schedule of Investments [Line Items] | ||
Investments | 837 | 668 |
Equity method investments | Other segments | ||
Schedule of Investments [Line Items] | ||
Investments | 430 | 302 |
Other investments | Other segments | ||
Schedule of Investments [Line Items] | ||
Investments | $ 407 | $ 366 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Measurement (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | |
Liabilities | |||
Securities sold, not yet purchased, at fair value | $ 1,023,000,000 | $ 1,139,000,000 | |
Derivative contracts, at fair value (Note 6) | 1,275,000,000 | 1,139,000,000 | |
Recurring measurement | |||
Assets | |||
Investments | 9,921,000,000 | 9,551,000,000 | |
Derivative contracts, at fair value(1) | [1] | 1,000,000 | 23,000,000 |
Assets, Fair Value Disclosure | 9,922,000,000 | 9,574,000,000 | |
Liabilities | |||
Securities sold, not yet purchased, at fair value | 1,023,000,000 | 1,139,000,000 | |
Other liabilities | 1,000,000 | 187,000,000 | |
Derivative contracts, at fair value (Note 6) | 1,275,000,000 | 1,139,000,000 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 2,299,000,000 | 2,465,000,000 | |
Recurring measurement | Level 1 | |||
Assets | |||
Investments | 9,378,000,000 | 9,033,000,000 | |
Derivative contracts, at fair value(1) | [1] | 0 | 0 |
Assets, Fair Value Disclosure | 9,378,000,000 | 9,033,000,000 | |
Liabilities | |||
Securities sold, not yet purchased, at fair value | 988,000,000 | 1,087,000,000 | |
Other liabilities | 0 | 0 | |
Derivative contracts, at fair value (Note 6) | 36,000,000 | 0 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 1,024,000,000 | 1,087,000,000 | |
Recurring measurement | Level 2 | |||
Assets | |||
Investments | 264,000,000 | 306,000,000 | |
Derivative contracts, at fair value(1) | [1] | 1,000,000 | 23,000,000 |
Assets, Fair Value Disclosure | 265,000,000 | 329,000,000 | |
Liabilities | |||
Securities sold, not yet purchased, at fair value | 35,000,000 | 52,000,000 | |
Other liabilities | 1,000,000 | 187,000,000 | |
Derivative contracts, at fair value (Note 6) | 1,239,000,000 | 1,139,000,000 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 1,275,000,000 | 1,378,000,000 | |
Recurring measurement | Level 3 | |||
Assets | |||
Investments | 279,000,000 | 212,000,000 | |
Derivative contracts, at fair value(1) | [1] | 0 | 0 |
Assets, Fair Value Disclosure | 279,000,000 | 212,000,000 | |
Liabilities | |||
Securities sold, not yet purchased, at fair value | 0 | 0 | |
Other liabilities | 0 | 0 | |
Derivative contracts, at fair value (Note 6) | 0 | 0 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 | |
Automotive Segment | |||
Liabilities | |||
Securities sold, not yet purchased, at fair value | 0 | 0 | |
Railcar and Food Packaging | Recurring measurement | |||
Assets | |||
Fair value of plan assets | 122,000,000 | 117,000,000 | |
Railcar and Food Packaging | Recurring measurement | Level 1 | |||
Assets | |||
Fair value of plan assets | 115,000,000 | 111,000,000 | |
Railcar and Food Packaging | Recurring measurement | Level 2 | |||
Assets | |||
Fair value of plan assets | 7,000,000 | 6,000,000 | |
Railcar and Food Packaging | Recurring measurement | Level 3 | |||
Assets | |||
Fair value of plan assets | 0 | 0 | |
Cash and cash equivalents | Railcar and Food Packaging | Recurring measurement | |||
Assets | |||
Fair value of plan assets | 5,000,000 | 5,000,000 | |
Cash and cash equivalents | Railcar and Food Packaging | Recurring measurement | Level 1 | |||
Assets | |||
Fair value of plan assets | 4,000,000 | 4,000,000 | |
Cash and cash equivalents | Railcar and Food Packaging | Recurring measurement | Level 2 | |||
Assets | |||
Fair value of plan assets | 1,000,000 | 1,000,000 | |
Cash and cash equivalents | Railcar and Food Packaging | Recurring measurement | Level 3 | |||
Assets | |||
Fair value of plan assets | 0 | 0 | |
Fixed income securities | Railcar and Food Packaging | Recurring measurement | |||
Assets | |||
Fair value of plan assets | 29,000,000 | 27,000,000 | |
Fixed income securities | Railcar and Food Packaging | Recurring measurement | Level 1 | |||
Assets | |||
Fair value of plan assets | 26,000,000 | 25,000,000 | |
Fixed income securities | Railcar and Food Packaging | Recurring measurement | Level 2 | |||
Assets | |||
Fair value of plan assets | 3,000,000 | 2,000,000 | |
Fixed income securities | Railcar and Food Packaging | Recurring measurement | Level 3 | |||
Assets | |||
Fair value of plan assets | 0 | 0 | |
Equity securities | Railcar and Food Packaging | Recurring measurement | |||
Assets | |||
Fair value of plan assets | 82,000,000 | 80,000,000 | |
Equity securities | Railcar and Food Packaging | Recurring measurement | Level 1 | |||
Assets | |||
Fair value of plan assets | 79,000,000 | 77,000,000 | |
Equity securities | Railcar and Food Packaging | Recurring measurement | Level 2 | |||
Assets | |||
Fair value of plan assets | 3,000,000 | 3,000,000 | |
Equity securities | Railcar and Food Packaging | Recurring measurement | Level 3 | |||
Assets | |||
Fair value of plan assets | 0 | 0 | |
Other securities | Railcar and Food Packaging | Recurring measurement | |||
Assets | |||
Fair value of plan assets | [2] | 6,000,000 | 5,000,000 |
Other securities | Railcar and Food Packaging | Recurring measurement | Level 1 | |||
Assets | |||
Fair value of plan assets | [2] | 6,000,000 | 5,000,000 |
Other securities | Railcar and Food Packaging | Recurring measurement | Level 2 | |||
Assets | |||
Fair value of plan assets | [2] | 0 | 0 |
Other securities | Railcar and Food Packaging | Recurring measurement | Level 3 | |||
Assets | |||
Fair value of plan assets | [2] | 0 | 0 |
United States Plans | Automotive Segment | Recurring measurement | |||
Assets | |||
Fair value of plan assets | 943,000,000 | 856,000,000 | |
United States Plans | Automotive Segment | Recurring measurement | Level 1 | |||
Assets | |||
Fair value of plan assets | 871,000,000 | 786,000,000 | |
United States Plans | Automotive Segment | Recurring measurement | Level 2 | |||
Assets | |||
Fair value of plan assets | 43,000,000 | 38,000,000 | |
United States Plans | Automotive Segment | Recurring measurement | Level 3 | |||
Assets | |||
Fair value of plan assets | 29,000,000 | 32,000,000 | |
United States Plans | Cash and cash equivalents | Automotive Segment | Recurring measurement | |||
Assets | |||
Fair value of plan assets | 35,000,000 | 30,000,000 | |
United States Plans | Cash and cash equivalents | Automotive Segment | Recurring measurement | Level 1 | |||
Assets | |||
Fair value of plan assets | 35,000,000 | 30,000,000 | |
United States Plans | Cash and cash equivalents | Automotive Segment | Recurring measurement | Level 2 | |||
Assets | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | Cash and cash equivalents | Automotive Segment | Recurring measurement | Level 3 | |||
Assets | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | Equity securities | Automotive Segment | Recurring measurement | |||
Assets | |||
Fair value of plan assets | 393,000,000 | 346,000,000 | |
United States Plans | Equity securities | Automotive Segment | Recurring measurement | Level 1 | |||
Assets | |||
Fair value of plan assets | 393,000,000 | 346,000,000 | |
United States Plans | Equity securities | Automotive Segment | Recurring measurement | Level 2 | |||
Assets | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | Equity securities | Automotive Segment | Recurring measurement | Level 3 | |||
Assets | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | Fixed income securities | Automotive Segment | Recurring measurement | |||
Assets | |||
Fair value of plan assets | 163,000,000 | 154,000,000 | |
United States Plans | Fixed income securities | Automotive Segment | Recurring measurement | Level 1 | |||
Assets | |||
Fair value of plan assets | 163,000,000 | 154,000,000 | |
United States Plans | Fixed income securities | Automotive Segment | Recurring measurement | Level 2 | |||
Assets | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | Fixed income securities | Automotive Segment | Recurring measurement | Level 3 | |||
Assets | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | Real estate and other | Automotive Segment | Recurring measurement | |||
Assets | |||
Fair value of plan assets | 46,000,000 | 41,000,000 | |
United States Plans | Real estate and other | Automotive Segment | Recurring measurement | Level 1 | |||
Assets | |||
Fair value of plan assets | 46,000,000 | 41,000,000 | |
United States Plans | Real estate and other | Automotive Segment | Recurring measurement | Level 2 | |||
Assets | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | Real estate and other | Automotive Segment | Recurring measurement | Level 3 | |||
Assets | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | Equity securities | Automotive Segment | Recurring measurement | |||
Assets | |||
Fair value of plan assets | 223,000,000 | 204,000,000 | |
United States Plans | Equity securities | Automotive Segment | Recurring measurement | Level 1 | |||
Assets | |||
Fair value of plan assets | 223,000,000 | 204,000,000 | |
United States Plans | Equity securities | Automotive Segment | Recurring measurement | Level 2 | |||
Assets | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | Equity securities | Automotive Segment | Recurring measurement | Level 3 | |||
Assets | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | Corporate and other | Automotive Segment | Recurring measurement | |||
Assets | |||
Fair value of plan assets | 22,000,000 | 21,000,000 | |
United States Plans | Corporate and other | Automotive Segment | Recurring measurement | Level 1 | |||
Assets | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | Corporate and other | Automotive Segment | Recurring measurement | Level 2 | |||
Assets | |||
Fair value of plan assets | 22,000,000 | 21,000,000 | |
United States Plans | Corporate and other | Automotive Segment | Recurring measurement | Level 3 | |||
Assets | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | Government | Automotive Segment | Recurring measurement | |||
Assets | |||
Fair value of plan assets | 32,000,000 | 28,000,000 | |
United States Plans | Government | Automotive Segment | Recurring measurement | Level 1 | |||
Assets | |||
Fair value of plan assets | 11,000,000 | 11,000,000 | |
United States Plans | Government | Automotive Segment | Recurring measurement | Level 2 | |||
Assets | |||
Fair value of plan assets | 21,000,000 | 17,000,000 | |
United States Plans | Government | Automotive Segment | Recurring measurement | Level 3 | |||
Assets | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | Hedge funds | Automotive Segment | Recurring measurement | |||
Assets | |||
Fair value of plan assets | 29,000,000 | 32,000,000 | |
United States Plans | Hedge funds | Automotive Segment | Recurring measurement | Level 1 | |||
Assets | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | Hedge funds | Automotive Segment | Recurring measurement | Level 2 | |||
Assets | |||
Fair value of plan assets | 0 | 0 | |
United States Plans | Hedge funds | Automotive Segment | Recurring measurement | Level 3 | |||
Assets | |||
Fair value of plan assets | 29,000,000 | 32,000,000 | |
Non-U.S. Plans | Automotive Segment | Recurring measurement | |||
Assets | |||
Fair value of plan assets | 81,000,000 | 63,000,000 | |
Non-U.S. Plans | Automotive Segment | Recurring measurement | Level 1 | |||
Assets | |||
Fair value of plan assets | 27,000,000 | 21,000,000 | |
Non-U.S. Plans | Automotive Segment | Recurring measurement | Level 2 | |||
Assets | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Plans | Automotive Segment | Recurring measurement | Level 3 | |||
Assets | |||
Fair value of plan assets | 54,000,000 | 42,000,000 | |
Non-U.S. Plans | Fixed income securities | Automotive Segment | Recurring measurement | |||
Assets | |||
Fair value of plan assets | 25,000,000 | 19,000,000 | |
Non-U.S. Plans | Fixed income securities | Automotive Segment | Recurring measurement | Level 1 | |||
Assets | |||
Fair value of plan assets | 25,000,000 | 19,000,000 | |
Non-U.S. Plans | Fixed income securities | Automotive Segment | Recurring measurement | Level 2 | |||
Assets | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Plans | Fixed income securities | Automotive Segment | Recurring measurement | Level 3 | |||
Assets | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Plans | Equity securities | Automotive Segment | Recurring measurement | |||
Assets | |||
Fair value of plan assets | 2,000,000 | 2,000,000 | |
Non-U.S. Plans | Equity securities | Automotive Segment | Recurring measurement | Level 1 | |||
Assets | |||
Fair value of plan assets | 2,000,000 | 2,000,000 | |
Non-U.S. Plans | Equity securities | Automotive Segment | Recurring measurement | Level 2 | |||
Assets | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Plans | Equity securities | Automotive Segment | Recurring measurement | Level 3 | |||
Assets | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Plans | Insurance contracts | Automotive Segment | Recurring measurement | |||
Assets | |||
Fair value of plan assets | 54,000,000 | 42,000,000 | |
Non-U.S. Plans | Insurance contracts | Automotive Segment | Recurring measurement | Level 1 | |||
Assets | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Plans | Insurance contracts | Automotive Segment | Recurring measurement | Level 2 | |||
Assets | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Plans | Insurance contracts | Automotive Segment | Recurring measurement | Level 3 | |||
Assets | |||
Fair value of plan assets | 54,000,000 | 42,000,000 | |
Non-U.S. Plans | Corporate bonds | Automotive Segment | Recurring measurement | |||
Assets | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Plans | Corporate bonds | Automotive Segment | Recurring measurement | Level 1 | |||
Assets | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Plans | Corporate bonds | Automotive Segment | Recurring measurement | Level 2 | |||
Assets | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Plans | Corporate bonds | Automotive Segment | Recurring measurement | Level 3 | |||
Assets | |||
Fair value of plan assets | $ 0 | $ 0 | |
[1] | Amounts are classified within other assets in our consolidated balance sheets. | ||
[2] | Excludes hedge fund plan assets measured at fair value using net asset value per share in the amount of $9 million and $9 million as of December 31, 2017 and 2016, respectively. |
Fair Value Measurements Changes
Fair Value Measurements Changes in Fair Value Level 3 (Details) - Level 3 - Recurring measurement - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of asset measured on a recurring basis | $ 279 | $ 212 | $ 283 |
Realized and unrealized gains (losses), net | 0 | 16 | |
Fair value, measurement with unobservable inputs reconciliation, recurring basis, assets, unrealized gain (loss) | 67 | (6) | |
Purchases (settlements), net | 5 | 50 | |
Transfers out of Level 3 | (6) | (135) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 1 | 4 | |
Non-U.S. Plans | Automotive Segment | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of asset measured on a recurring basis | 54 | 42 | 40 |
Realized and unrealized gains (losses), net | 2 | 2 | |
Purchases (settlements), net | 6 | 3 | |
Proceeds from sales | (2) | (2) | |
Foreign currency exchange rate movements | (6) | 1 | |
United States Plans | Automotive Segment | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of asset measured on a recurring basis | 29 | 32 | $ 86 |
Realized and unrealized gains (losses), net | 3 | 0 | |
Purchases (settlements), net | 12 | 48 | |
Proceeds from sales | $ (18) | $ (102) |
Fair Value Measurements Narrati
Fair Value Measurements Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Nonrecurring measurement | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment of property, plant and equipment | $ 31 | $ 99 | $ 201 |
Inventory Write-down | 8 | ||
Impairment of assets held for sale | 72 | 17 | $ 14 |
Corporate debt securities | Gaming Segment | Recurring measurement | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Transfers out of Level 3 | (126) | ||
Trading securities | Holding Company | Recurring measurement | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of asset measured on a recurring basis | $ 274 | $ 207 |
Financial Instruments Narrative
Financial Instruments Narrative (Details) bbl in Millions, $ in Millions | 12 Months Ended | |
Dec. 31, 2017USD ($)bbl | Dec. 31, 2016USD ($)bbl | |
Derivatives, Fair Value [Line Items] | ||
Debt designated as net investment in foreign operations | $ 884 | |
Loss recognized in AOCI | 85 | |
Investment Segment | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative instruments with credit risk related contingent features in a liability position | $ 17 | $ 39 |
Commodity contracts | Energy Segment | Not designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative volume (barrels) | bbl | 14.3 | 4 |
Commodity contracts not considered probable of settlement | Energy Segment | Not designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative volume (barrels) | bbl | 5.8 |
Financial Instruments Derivativ
Financial Instruments Derivatives Not Designated as Hedging, Fair Value Table (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | |
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | |||
Derivative contracts, at fair value (Note 6) | $ 1,275 | $ 1,139 | |
Not designated as hedging instrument | Other assets | |||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | |||
Asset derivatives, Gross | [1] | 7 | 34 |
Derivative, Fair Value, Amount Offset Against Collateral, Net | [1],[2] | (7) | (15) |
Derivative contracts, at fair value(1) | [1] | 0 | 19 |
Not designated as hedging instrument | Accrued expenses and other liabilities | |||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | |||
Liability derivatives, Gross | 1,282 | 1,154 | |
Derivative, Fair Value, Amount Offset Against Collateral, Net | [2] | (7) | (15) |
Derivative contracts, at fair value (Note 6) | 1,275 | 1,139 | |
Not designated as hedging instrument | Equity contracts | Other assets | |||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | |||
Asset derivatives, Gross | [1] | 0 | 15 |
Not designated as hedging instrument | Equity contracts | Accrued expenses and other liabilities | |||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | |||
Liability derivatives, Gross | 1,159 | 1,104 | |
Not designated as hedging instrument | Credit contracts | Other assets | |||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | |||
Asset derivatives, Gross | [1] | 0 | 17 |
Not designated as hedging instrument | Credit contracts | Accrued expenses and other liabilities | |||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | |||
Liability derivatives, Gross | 17 | 39 | |
Not designated as hedging instrument | Commodity contracts | Other assets | |||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | |||
Asset derivatives, Gross | [1] | 7 | 2 |
Not designated as hedging instrument | Commodity contracts | Accrued expenses and other liabilities | |||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | |||
Liability derivatives, Gross | 106 | 11 | |
Investment Segment | |||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | |||
Collateral posted on certain derivative positions | $ 542 | $ 634 | |
[1] | Net asset derivatives are located within other assets in our consolidated balance sheets. | ||
[2] | Excludes netting of cash collateral received and posted. The total collateral posted at December 31, 2017 and 2016 was $542 million and $634 million, respectively, across all counterparties. |
Financial Instruments Gain (Los
Financial Instruments Gain (Loss) Recognized on Derivatives Not Designated as Hedging Table (Details) - Not designated as hedging instrument - Net gain (loss) from investment activities - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Derivative [Line Items] | ||||
Gain (Loss) Recognized in Income | [1] | $ (2,039) | $ (1,659) | $ 705 |
Equity contracts | ||||
Derivative [Line Items] | ||||
Gain (Loss) Recognized in Income | [1] | (1,815) | (1,609) | (1) |
Foreign exchange contracts | ||||
Derivative [Line Items] | ||||
Gain (Loss) Recognized in Income | [1] | 0 | 35 | 160 |
Credit contracts | ||||
Derivative [Line Items] | ||||
Gain (Loss) Recognized in Income | [1] | (42) | 44 | 489 |
Interest Rate Contract [Member] | ||||
Derivative [Line Items] | ||||
Gain (Loss) Recognized in Income | [1] | 0 | (28) | 0 |
Commodity contracts | ||||
Derivative [Line Items] | ||||
Gain (Loss) Recognized in Income | [1] | $ (182) | $ (101) | $ 57 |
[1] | Gains (losses) recognized on derivatives are classified in net gain from investment activities in our consolidated statements of operations for our Investment segment and are included in other income, net for all other segments. |
Financial Instruments Derivat65
Financial Instruments Derivative Activities Table (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | |
Equity contracts | |||
Primary underlying risk: | |||
Long Notional Exposure | $ 243 | $ 112 | |
Short Notional Exposure | 6,660 | 14,094 | |
Credit contracts | |||
Primary underlying risk: | |||
Long Notional Exposure | [1] | 0 | 202 |
Short Notional Exposure | [1] | 391 | 472 |
Commodity contracts | |||
Primary underlying risk: | |||
Long Notional Exposure | 20 | 16 | |
Short Notional Exposure | 911 | 754 | |
Credit Default Swap [Member] | |||
Primary underlying risk: | |||
Derivative, Notional Amount | $ 2,500 | $ 2,600 | |
[1] | The short notional amount on our credit default swap positions is approximately $2.5 billion and $2.6 billion as of December 31, 2017 and 2016, respectively. However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is approximately $391 million and $472 million as of December 31, 2017 and 2016, respectively. |
Inventories, Net (Details)
Inventories, Net (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 531 | $ 483 |
Work in process | 338 | 299 |
Finished goods | 2,392 | 2,201 |
Inventories, net | 3,261 | 2,983 |
Inventories reserves | $ 200 | $ 136 |
Goodwill and Intangible Asset67
Goodwill and Intangible Assets, Net Goodwill Table (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill [Line Items] | |||
Gross carrying amount of goodwill | $ 2,745 | $ 2,606 | $ 2,397 |
Goodwill arising from acquisitions | 124 | 209 | |
Foreign exchange adjustments to goodwill | 15 | ||
Accumulated impairment of goodwill | (1,470) | (1,470) | (893) |
Impairment of goodwill | 0 | (577) | |
Net carrying value of goodwill | 1,275 | 1,136 | |
Automotive Segment | |||
Goodwill [Line Items] | |||
Gross carrying amount of goodwill | 1,798 | 1,662 | 1,457 |
Goodwill arising from acquisitions | 121 | 205 | |
Foreign exchange adjustments to goodwill | 15 | ||
Accumulated impairment of goodwill | (537) | (537) | (537) |
Impairment of goodwill | 0 | 0 | |
Net carrying value of goodwill | 1,261 | 1,125 | |
Energy Segment | |||
Goodwill [Line Items] | |||
Gross carrying amount of goodwill | 930 | 930 | 930 |
Goodwill arising from acquisitions | 0 | 0 | |
Foreign exchange adjustments to goodwill | 0 | ||
Accumulated impairment of goodwill | (930) | (930) | (356) |
Impairment of goodwill | 0 | (574) | |
Net carrying value of goodwill | 0 | 0 | |
Railcar Segment | |||
Goodwill [Line Items] | |||
Gross carrying amount of goodwill | 7 | 7 | 7 |
Goodwill arising from acquisitions | 0 | 0 | |
Foreign exchange adjustments to goodwill | 0 | ||
Accumulated impairment of goodwill | 0 | 0 | 0 |
Impairment of goodwill | 0 | 0 | |
Net carrying value of goodwill | 7 | 7 | |
Gaming Segment | |||
Goodwill [Line Items] | |||
Gross carrying amount of goodwill | 3 | 3 | 0 |
Goodwill arising from acquisitions | 0 | 3 | |
Foreign exchange adjustments to goodwill | 0 | ||
Accumulated impairment of goodwill | (3) | (3) | 0 |
Impairment of goodwill | 0 | (3) | |
Net carrying value of goodwill | 0 | 0 | |
Food Packaging Segment | |||
Goodwill [Line Items] | |||
Gross carrying amount of goodwill | 7 | 4 | 3 |
Goodwill arising from acquisitions | 3 | 1 | |
Foreign exchange adjustments to goodwill | 0 | ||
Accumulated impairment of goodwill | 0 | 0 | $ 0 |
Impairment of goodwill | 0 | 0 | |
Net carrying value of goodwill | $ 7 | $ 4 |
Goodwill and Intangible Asset68
Goodwill and Intangible Assets, Net Definite-lived and Indefinite-lived Intangible Assets Table (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Definite-lived intangible assets: [Abstract] | ||
Gross Carrying Amount | $ 1,570 | $ 1,460 |
Accumulated Amortization | (788) | (686) |
Net Carrying Value | 782 | 774 |
Indefinite-lived intangible assets: [Abstract] | ||
Net Carrying Value | 353 | 342 |
Intangible assets, net | 1,135 | 1,116 |
Trademarks and brand names | ||
Indefinite-lived intangible assets: [Abstract] | ||
Net Carrying Value | 316 | 305 |
Gaming licenses | ||
Indefinite-lived intangible assets: [Abstract] | ||
Net Carrying Value | 37 | 37 |
Customer relationships | ||
Definite-lived intangible assets: [Abstract] | ||
Gross Carrying Amount | 1,084 | 1,059 |
Accumulated Amortization | (538) | (471) |
Net Carrying Value | 546 | 588 |
Developed technology | ||
Definite-lived intangible assets: [Abstract] | ||
Gross Carrying Amount | 143 | 142 |
Accumulated Amortization | (117) | (104) |
Net Carrying Value | 26 | 38 |
In-place leases | ||
Definite-lived intangible assets: [Abstract] | ||
Gross Carrying Amount | 121 | 121 |
Accumulated Amortization | (92) | (83) |
Net Carrying Value | 29 | 38 |
Gasification technology license | ||
Definite-lived intangible assets: [Abstract] | ||
Gross Carrying Amount | 60 | 60 |
Accumulated Amortization | (14) | (11) |
Net Carrying Value | 46 | 49 |
Other | ||
Definite-lived intangible assets: [Abstract] | ||
Gross Carrying Amount | 162 | 78 |
Accumulated Amortization | (27) | (17) |
Net Carrying Value | $ 135 | $ 61 |
Goodwill and Intangible Asset69
Goodwill and Intangible Assets, Net Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Oct. 01, 2017 | Oct. 01, 2016 | |
Goodwill and Intangible Assets [Line Items] | |||||
Amortization expense associated with definite-lived intangible assets | $ 101 | $ 91 | $ 92 | ||
2,018 | 97 | ||||
2,019 | 96 | ||||
2,020 | 94 | ||||
2,021 | 85 | ||||
2,022 | 63 | ||||
Thereafter | 347 | ||||
Total estimated future amortization expense for definite-lived intangible assets | 782 | ||||
Business combination, allocation to goodwill | 124 | 209 | |||
Goodwill | 1,275 | 1,136 | |||
Impairment of goodwill | 0 | 577 | |||
Food Packaging Segment | |||||
Goodwill and Intangible Assets [Line Items] | |||||
Business combination, allocation to goodwill | 3 | 1 | |||
Business combination, definite-lived intangible assets acquired | 28 | ||||
Goodwill | 7 | 4 | |||
Impairment of goodwill | 0 | 0 | |||
Automotive Segment | |||||
Goodwill and Intangible Assets [Line Items] | |||||
Business combination, allocation to goodwill | 121 | 205 | |||
Business combination, definite-lived intangible assets acquired | 77 | ||||
Business combination, indefinite-lived intangible assets acquired | 12 | ||||
Goodwill | 1,261 | 1,125 | |||
Impairment of goodwill | 0 | 0 | |||
Energy Segment | |||||
Goodwill and Intangible Assets [Line Items] | |||||
Business combination, allocation to goodwill | 0 | 0 | |||
Goodwill | 0 | 0 | |||
Impairment of goodwill | 0 | 574 | |||
Gaming Segment | |||||
Goodwill and Intangible Assets [Line Items] | |||||
Business combination, allocation to goodwill | 0 | 3 | |||
Goodwill | 0 | 0 | |||
Impairment of goodwill | 0 | 3 | |||
Nonrecurring measurement | |||||
Goodwill and Intangible Assets [Line Items] | |||||
Impairment of Intangible Assets (Excluding Goodwill) | $ 1 | 16 | 2 | ||
Nonrecurring measurement | Energy Segment | |||||
Goodwill and Intangible Assets [Line Items] | |||||
Impairment of goodwill | 574 | 253 | |||
Nonrecurring measurement | Gaming Segment | |||||
Goodwill and Intangible Assets [Line Items] | |||||
Impairment of goodwill | 3 | ||||
Minimum | Food Packaging Segment | |||||
Goodwill and Intangible Assets [Line Items] | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 12 years | ||||
Minimum | Automotive Segment | |||||
Goodwill and Intangible Assets [Line Items] | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 years | ||||
Maximum | Food Packaging Segment | |||||
Goodwill and Intangible Assets [Line Items] | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 20 years | ||||
Maximum | Automotive Segment | |||||
Goodwill and Intangible Assets [Line Items] | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 16 years | ||||
Motorparts | Automotive Segment | |||||
Goodwill and Intangible Assets [Line Items] | |||||
Goodwill | $ 349 | $ 349 | |||
Reporting unit goodwill fair value in excess of carrying value (percent) | 6.00% | 7.00% | |||
Motorparts | Nonrecurring measurement | Automotive Segment | |||||
Goodwill and Intangible Assets [Line Items] | |||||
Impairment of goodwill | $ 312 |
Property, Plant and Equipment70
Property, Plant and Equipment, Net (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 14,481 | $ 14,012 | |
Less: Accumulated depreciation and amortization | (4,780) | (3,890) | |
Property, plant and equipment, net | 9,701 | 10,122 | |
Depreciation and amortization expense related to property, plant and equipment | 898 | 917 | $ 752 |
2,018 | 184 | ||
2,019 | 160 | ||
2,020 | 118 | ||
2,021 | 66 | ||
2,022 | 42 | ||
Thereafter | 92 | ||
Future minimum lease payments on operating leases | 662 | ||
Land | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 876 | 944 | |
Buildings and improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 3,249 | 3,050 | |
Buildings and improvements | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life (in years) | 3 years | ||
Buildings and improvements | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life (in years) | 40 years | ||
Machinery, equipment and furniture | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 8,324 | 7,538 | |
Machinery, equipment and furniture | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life (in years) | 1 year | ||
Machinery, equipment and furniture | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life (in years) | 30 years | ||
Assets leased to others | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 1,529 | 1,939 | |
Less: Accumulated depreciation and amortization | (201) | (224) | |
Assets leased to others | Railcars | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 1,100 | 1,500 | |
Assets leased to others | Real estate properties | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 387 | 415 | |
Assets leased to others | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life (in years) | 15 years | ||
Assets leased to others | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life (in years) | 39 years | ||
Construction in progress | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 503 | $ 541 |
Debt Debt Table (Details)
Debt Debt Table (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Debt | $ 11,185 | $ 11,119 |
Holding Company | ||
Debt Instrument [Line Items] | ||
Debt | 5,507 | 5,490 |
Holding Company | 3.500% senior unsecured notes due 2017 | ||
Debt Instrument [Line Items] | ||
Debt | 0 | 1,174 |
Holding Company | 4.875% senior unsecured notes due 2019 | ||
Debt Instrument [Line Items] | ||
Debt | 0 | 1,271 |
Holding Company | 6.000% senior unsecured notes due 2020 | ||
Debt Instrument [Line Items] | ||
Debt | 1,703 | 1,705 |
Holding Company | 5.875% senior unsecured notes due 2022 | ||
Debt Instrument [Line Items] | ||
Debt | 1,342 | 1,340 |
Holding Company | 6.250% senior unsecured notes due 2022 | ||
Debt Instrument [Line Items] | ||
Debt | 1,216 | 0 |
Holding Company | 6.750% senior unsecured notes due 2024 | ||
Debt Instrument [Line Items] | ||
Debt | 498 | 0 |
Holding Company | 6.375% senior unsecured notes due 2025 | ||
Debt Instrument [Line Items] | ||
Debt | 748 | 0 |
Automotive Segment | ||
Debt Instrument [Line Items] | ||
Debt | 3,470 | 3,259 |
Energy Segment | ||
Debt Instrument [Line Items] | ||
Debt | 1,166 | 1,165 |
Railcar Segment | ||
Debt Instrument [Line Items] | ||
Debt | 546 | 571 |
Gaming Segment | ||
Debt Instrument [Line Items] | ||
Debt | 137 | 287 |
Metals Segment | ||
Debt Instrument [Line Items] | ||
Debt | 1 | 2 |
Mining Segment | ||
Debt Instrument [Line Items] | ||
Debt | 58 | 55 |
Food Packaging Segment | ||
Debt Instrument [Line Items] | ||
Debt | 273 | 265 |
Real Estate Segment | ||
Debt Instrument [Line Items] | ||
Debt | 22 | 25 |
Home Fashion Segment | ||
Debt Instrument [Line Items] | ||
Debt | 5 | 0 |
Reporting Segments [Member] | ||
Debt Instrument [Line Items] | ||
Debt | $ 5,678 | $ 5,629 |
Debt Narrative - Holding Compan
Debt Narrative - Holding Company Debt (Details) - Holding Company - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 06, 2017 | Jan. 18, 2017 | |
Debt Instrument [Line Items] | |||
Gain (Loss) on Extinguishment of Debt | $ (12) | ||
Additional borrowing availability | $ 346 | ||
6.750% senior unsecured notes due 2024 | |||
Debt Instrument [Line Items] | |||
Debt face amount | $ 500 | ||
Interest rate on debt instrument | 6.75% | ||
6.250% senior unsecured notes due 2022 | |||
Debt Instrument [Line Items] | |||
Debt face amount | $ 510 | $ 695 | |
Interest rate on debt instrument | 6.25% | 6.25% | |
6.375% senior unsecured notes due 2025 | |||
Debt Instrument [Line Items] | |||
Debt face amount | $ 750 | ||
Interest rate on debt instrument | 6.375% |
Debt Narrative - Reporting Segm
Debt Narrative - Reporting Segment Debt (Details) € in Millions, $ in Millions | Jun. 29, 2017USD ($) | Mar. 30, 2017USD ($) | Dec. 31, 2017USD ($) | Jun. 29, 2017EUR (€) | Mar. 30, 2017EUR (€) | Dec. 31, 2016USD ($) |
Automotive Segment | Federal-Mogul Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Debt face amount | $ 1,700 | $ 2,900 | ||||
Weighted average interest rate on debt | 4.96% | 4.34% | ||||
Borrowing availability on credit facilities | $ 386 | $ 273 | ||||
Letters of credit outstanding | 38 | 45 | ||||
Automotive Segment | Federal-Mogul 2022 and 2024 Notes | ||||||
Debt Instrument [Line Items] | ||||||
Debt face amount | 1,300 | |||||
Proceeds from issuance of debt | $ 395 | $ 776 | ||||
Automotive Segment | Federal-Mogul 2022 Notes | ||||||
Debt Instrument [Line Items] | ||||||
Debt face amount | € | € 415 | |||||
Interest rate on debt instrument | 4.875% | |||||
Automotive Segment | Federal-Mogul 2024 Notes | ||||||
Debt Instrument [Line Items] | ||||||
Debt face amount | € | € 350 | € 300 | ||||
Interest rate on debt instrument | 5.00% | |||||
Automotive Segment | IEP Auto Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Debt face amount | $ 337 | $ 232 | ||||
Weighted average interest rate on debt | 3.58% | 2.93% | ||||
Borrowing availability on credit facilities | $ 75 | $ 132 | ||||
Letters of credit outstanding | 33 | 48 | ||||
Energy Segment | CVR 2022 Notes | ||||||
Debt Instrument [Line Items] | ||||||
Debt face amount | $ 500 | |||||
Interest rate on debt instrument | 6.50% | |||||
Energy Segment | CVR Partners 2023 Notes | ||||||
Debt Instrument [Line Items] | ||||||
Debt face amount | $ 645 | |||||
Interest rate on debt instrument | 9.25% | |||||
Energy Segment | CVR Refining credit facility | ||||||
Debt Instrument [Line Items] | ||||||
Letters of credit outstanding | $ 28 | 28 | ||||
Energy Segment | Revolving credit facility | ||||||
Debt Instrument [Line Items] | ||||||
Borrowing availability on credit facilities | $ 382 | $ 361 | ||||
Railcar Segment | ARI 2015 Notes | ||||||
Debt Instrument [Line Items] | ||||||
Weighted average interest rate on debt | 3.72% | 3.68% | ||||
Borrowing availability on credit facilities | $ 200 | $ 200 | ||||
Assets pledged as collateral | $ 524 | $ 544 | ||||
Gaming Segment | Tropicana term loan | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate on debt instrument | 4.57% | 4.00% | ||||
Food Packaging Segment | Viskase credit facility | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate on debt instrument | 4.88% | 4.38% |
Debt Debt Maturities (Details)
Debt Debt Maturities (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Disclosure [Abstract] | ||
2,018 | $ 199 | |
2,019 | 59 | |
2,020 | 1,901 | |
2,021 | 2,075 | |
2,022 | 3,608 | |
Thereafter | 3,391 | |
Future maturiites due on debt | 11,233 | |
Unamortized discounts, premiums and deferred financing fees | (48) | |
Debt and Capital Lease Obligations | $ 11,185 | $ 11,119 |
Pensions, Other Post-retireme75
Pensions, Other Post-retirement Benefits and Employee Benefit Plans Net Periodic Benefit Cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Pension Benefits | |||
Net Periodic Benefit Cost [Line Items] | |||
Service cost | $ 18 | $ 18 | $ 19 |
Interest cost | 63 | 70 | 66 |
Expected return on plan assets | (58) | (59) | (71) |
Amortization of actuarial losses | 26 | 22 | 26 |
Amortization of prior service credit | 0 | 0 | 0 |
Curtailment gain | 0 | 0 | (2) |
Net periodic benefit cost | 49 | 51 | 38 |
Other Post-Retirement Benefits | |||
Net Periodic Benefit Cost [Line Items] | |||
Service cost | 0 | 0 | 0 |
Interest cost | 12 | 14 | 13 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of actuarial losses | 0 | 2 | 5 |
Amortization of prior service credit | (4) | (4) | (4) |
Curtailment gain | 0 | 0 | 0 |
Net periodic benefit cost | $ 8 | $ 12 | $ 14 |
Pensions, Other Post-retireme76
Pensions, Other Post-retirement Benefits and Employee Benefit Plans Benefit Obligations and Plan Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Funded status of the plan and amounts recognized in the consolidated balance sheets | $ (424) | $ (613) | |
Pension Benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | 18 | 18 | $ 19 |
Interest cost | 63 | 70 | 66 |
Pension Benefits | Railcar and Food Packaging | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit obligation | 213 | 189 | 191 |
Service cost | 1 | 1 | |
Interest cost | 8 | 8 | |
Benefits paid | 10 | 15 | |
Actuarial losses (gains) | 9 | 4 | |
Adjustment to benefits | 15 | 0 | |
Currency translation | 1 | 0 | |
Fair value of plan assets | 132 | 126 | 133 |
Actual return on plan assets | 16 | 8 | |
Benefits paid | (10) | (15) | |
Funded status of the plan and amounts recognized in the consolidated balance sheets | (81) | (63) | |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | (81) | (63) | |
Actuarial losses included in Accumulated other comprehensive income | (81) | (63) | |
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | (81) | (63) | |
Other Post-Retirement Benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | 0 | 0 | 0 |
Interest cost | 12 | 14 | 13 |
Other Post-Retirement Benefits | Automotive Segment | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit obligation | 286 | 295 | 323 |
Service cost | 0 | 0 | |
Interest cost | 12 | 14 | |
Benefits paid | (23) | (24) | |
Medicare subsidies received | 2 | 2 | |
Curtailments | 0 | 0 | |
Settlements | 0 | 0 | |
Actuarial losses (gains) | (1) | (21) | |
Business combinations | 0 | 0 | |
Currency translation | 1 | 1 | |
Fair value of plan assets | 0 | 0 | $ 0 |
Actual return on plan assets | 0 | 0 | |
Settlements | 0 | 0 | |
Company contributions | 21 | 22 | |
Benefits paid | (23) | (24) | |
Business combinations | 0 | 0 | |
Medicare subsidies received | 2 | 2 | |
Currency translation | 0 | 0 | |
Funded status of the plan and amounts recognized in the consolidated balance sheets | (286) | (295) | |
Actuarial losses included in Accumulated other comprehensive income | 32 | 34 | |
Prior service cost (credit) | (2) | (6) | |
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | $ 30 | $ 28 | |
Defined benefit plan, assumption used calculated projected benefit obligation, discount rate | 3.68% | 3.98% | 4.18% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.98% | 4.18% | 3.84% |
Defined benefit plan, plans with projected benefit obligations in excess of plan assets, aggregate projected benefit obligation | $ 286 | $ 295 | |
Defined benefit plan, plans with projected benefit obligations in excess of plan assets, fair value of plan assets | $ 0 | $ 0 | |
Defined Benefit Plan, Health Care Cost Trend Rate Assumed, Next Fiscal Year | 6.41% | 6.69% | |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 5.00% | 5.00% | |
Defined Benefit Plan, Year Health Care Cost Trend Rate Reaches Ultimate Trend Rate | 2,022 | 2,022 | |
Defined Benefit Plan, Effect of One Percentage Point Increase on Service and Interest Cost Components | $ 1 | ||
Defined Benefit Plan, Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation | 23 | ||
Defined Benefit Plan, Effect of One Percentage Point Decrease on Service and Interest Cost Components | (1) | ||
Defined Benefit Plan, Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation | (20) | ||
2,018 | 23 | ||
2,019 | 22 | ||
2,020 | 22 | ||
2,021 | 22 | ||
2,022 | 21 | ||
2023-2027 | 96 | ||
Non-U.S. Plans | Pension Benefits | Automotive Segment | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit obligation | 565 | $ 510 | $ 487 |
Service cost | 15 | 14 | |
Interest cost | 11 | 13 | |
Benefits paid | (22) | (21) | |
Medicare subsidies received | 0 | 0 | |
Curtailments | 0 | (1) | |
Settlements | (1) | (4) | |
Actuarial losses (gains) | (17) | 39 | |
Business combinations | 1 | 0 | |
Currency translation | 68 | (17) | |
Fair value of plan assets | 81 | 63 | $ 57 |
Actual return on plan assets | 3 | 3 | |
Settlements | 1 | 4 | |
Company contributions | 30 | 30 | |
Benefits paid | (22) | (21) | |
Business combinations | 0 | 1 | |
Medicare subsidies received | 0 | 0 | |
Currency translation | 8 | (3) | |
Funded status of the plan and amounts recognized in the consolidated balance sheets | (484) | (447) | |
Actuarial losses included in Accumulated other comprehensive income | 87 | 93 | |
Prior service cost (credit) | 1 | 1 | |
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | $ 88 | $ 94 | |
Defined benefit plan, assumption used calculated projected benefit obligation, discount rate | 2.26% | 2.03% | 2.72% |
Defined benefit plan, assumption used calculated projected benefit obligation, rate of compensation increase | 2.97% | 2.96% | 3.19% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 2.03% | 2.72% | 1.77% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 3.05% | 3.22% | 3.52% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 2.96% | 3.19% | 3.16% |
Defined benefit plan, plans with projected benefit obligations in excess of plan assets, aggregate projected benefit obligation | $ 565 | $ 509 | |
Defined benefit plan, plans with projected benefit obligations in excess of plan assets, fair value of plan assets | 81 | 62 | |
Defined Benefit Plan, Pension Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation | 548 | 494 | |
Defined Benefit Plan, Pension Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation | 510 | 459 | |
Defined Benefit Plan, Pension Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Fair Value of Plan Assets | 66 | 50 | |
2,018 | 25 | ||
2,019 | 27 | ||
2,020 | 27 | ||
2,021 | 27 | ||
2,022 | 29 | ||
2023-2027 | 151 | ||
United States Plans | Pension Benefits | Automotive Segment | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit obligation | 1,181 | 1,167 | $ 1,221 |
Service cost | 2 | 3 | |
Interest cost | 44 | 49 | |
Benefits paid | (73) | (98) | |
Medicare subsidies received | 0 | 0 | |
Curtailments | 0 | 0 | |
Settlements | 0 | 0 | |
Actuarial losses (gains) | 41 | (8) | |
Business combinations | 0 | 0 | |
Currency translation | 0 | 0 | |
Fair value of plan assets | 943 | 856 | $ 870 |
Actual return on plan assets | 116 | 45 | |
Settlements | 0 | 0 | |
Company contributions | 44 | 39 | |
Benefits paid | (73) | (98) | |
Business combinations | 0 | 0 | |
Medicare subsidies received | 0 | 0 | |
Currency translation | 0 | 0 | |
Funded status of the plan and amounts recognized in the consolidated balance sheets | (238) | (311) | |
Actuarial losses included in Accumulated other comprehensive income | 393 | 435 | |
Prior service cost (credit) | 0 | 0 | |
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | $ 393 | $ 435 | |
Defined benefit plan, assumption used calculated projected benefit obligation, discount rate | 3.50% | 3.90% | 4.15% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.90% | 4.15% | 3.85% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 5.55% | 5.65% | 6.55% |
Defined benefit plan, plans with projected benefit obligations in excess of plan assets, aggregate projected benefit obligation | $ 1,181 | $ 1,167 | |
Defined benefit plan, plans with projected benefit obligations in excess of plan assets, fair value of plan assets | 943 | 856 | |
Defined Benefit Plan, Pension Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation | 1,181 | 1,167 | |
Defined Benefit Plan, Pension Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation | 1,181 | 1,167 | |
Defined Benefit Plan, Pension Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Fair Value of Plan Assets | 943 | $ 856 | |
2,018 | 85 | ||
2,019 | 85 | ||
2,020 | 86 | ||
2,021 | 87 | ||
2,022 | 87 | ||
2023-2027 | $ 379 |
Pensions, Other Post-retireme77
Pensions, Other Post-retirement Benefits and Employee Benefit Plans Narrative (Details) - Automotive Segment - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 1,700 | $ 1,600 | |
Defined Benefit Plan, Expected Amortization, Next Fiscal Year | 14 | ||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | 75 | ||
Defined Contribution Plan, Cost | 46 | 43 | $ 45 |
Supplemental Unemployment Benefits, Other Postemployment | $ 67 | $ 60 |
Net Income Per LP Unit (Details
Net Income Per LP Unit (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2017 | [1] | Sep. 30, 2017 | [1] | Jun. 30, 2017 | [1] | Mar. 31, 2017 | [1] | Dec. 31, 2016 | [1] | Sep. 30, 2016 | [1] | Jun. 30, 2016 | [1] | Mar. 31, 2016 | [1] | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings Per LP Unit [Line Items] | |||||||||||||||||||
Net income (loss) attributable to Icahn Enterprises | $ 298 | $ 597 | $ 1,553 | $ (18) | $ (206) | $ (16) | $ (69) | $ (837) | $ 2,430 | $ (1,128) | $ (1,194) | ||||||||
Net loss attributable to Icahn Enterprises allocable to limited partners (98.01% allocation) | $ 2,382 | $ (1,106) | $ (1,170) | ||||||||||||||||
Basic income (loss) per LP unit | $ 1.72 | $ 3.53 | $ 9.51 | $ (0.12) | $ (1.42) | $ (0.12) | $ (0.50) | $ (6.21) | $ 14.80 | $ (8.07) | $ (9.29) | ||||||||
Basic weighted average LP units outstanding | 161,000,000 | 137,000,000 | 126,000,000 | ||||||||||||||||
Diluted income (loss) per LP unit | $ 1.72 | $ 3.53 | $ 9.51 | $ (0.12) | $ (1.42) | $ (0.12) | $ (0.50) | $ (6.21) | $ 14.80 | $ (8.07) | $ (9.29) | ||||||||
Diluted weighted average LP units outstanding | 161,000,000 | 137,000,000 | 126,000,000 | ||||||||||||||||
Depositary units issued (number of units) | 11,171,104 | ||||||||||||||||||
Depositary units issued (value) | $ 600 | ||||||||||||||||||
Distribution declared per unit | $ 6 | ||||||||||||||||||
Units distributed to LP unitholders | 17,644,152 | ||||||||||||||||||
2017 LTIP units vested | 7,902 | ||||||||||||||||||
Mr. Icahn and affiliates | |||||||||||||||||||
Earnings Per LP Unit [Line Items] | |||||||||||||||||||
Depositary units issued (number of units) | 10,525,105 | ||||||||||||||||||
Units distributed to LP unitholders | 17,374,427 | ||||||||||||||||||
[1] | The comparability of our quarterly financial data is affected by, among other things, (i) the performance of the Investment Funds, (ii) various acquisitions, primarily the acquisition of Pep Boys during the first quarter of 2016, (iii) certain dispositions of assets, primarily during the second and fourth quarters of 2017, (iv) impairment charges and (v) the enactment of U.S. tax law changes in the fourth quarter of 2017. |
Segment Reporting, Income State
Segment Reporting, Income Statements (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2017 | [1] | Sep. 30, 2017 | [1] | Jun. 30, 2017 | [1] | Mar. 31, 2017 | [1] | Dec. 31, 2016 | [1] | Sep. 30, 2016 | [1] | Jun. 30, 2016 | [1] | Mar. 31, 2016 | [1] | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues: | |||||||||||||||||||
Net sales | $ 4,410 | $ 4,292 | $ 4,282 | $ 4,319 | $ 3,965 | $ 3,904 | $ 4,094 | $ 3,548 | $ 17,303 | $ 15,511 | $ 14,604 | ||||||||
Other revenues from operations | 1,827 | 1,958 | 1,386 | ||||||||||||||||
Net gain (loss) from investment activities | 304 | (1,373) | (987) | ||||||||||||||||
Interest and dividend income | 136 | 131 | 194 | ||||||||||||||||
Gain on disposition of assets, net | 2,166 | 14 | 40 | ||||||||||||||||
Other (loss) income, net | 8 | 107 | 35 | ||||||||||||||||
Total revenues | 4,733 | 5,680 | 6,654 | 4,677 | 3,972 | 4,899 | 4,350 | 3,127 | 21,744 | 16,348 | 15,272 | ||||||||
Expenses: | |||||||||||||||||||
Cost of goods sold | 15,005 | 13,412 | 12,741 | ||||||||||||||||
Other expenses from operations | 1,041 | 1,159 | 643 | ||||||||||||||||
Selling, general and administrative | 2,565 | 2,342 | 1,908 | ||||||||||||||||
Restructuring | 25 | 32 | 97 | ||||||||||||||||
Impairment | 112 | 709 | 788 | ||||||||||||||||
Interest expense | 843 | 878 | 1,154 | ||||||||||||||||
Total Expenses | 19,591 | 18,532 | 17,331 | ||||||||||||||||
Income before income tax benefit (expense) | 2,153 | (2,184) | (2,059) | ||||||||||||||||
Income tax (expense) benefit | (438) | 36 | 68 | ||||||||||||||||
Net income (loss) | 197 | 829 | 1,725 | (160) | (564) | 238 | (285) | (1,609) | 2,591 | (2,220) | (2,127) | ||||||||
Less: net income (loss) attributable to non-controlling interests | 101 | (232) | (172) | 142 | 358 | (254) | 216 | 772 | 161 | (1,092) | (933) | ||||||||
Net income (loss) attributable to Icahn Enterprises | $ 298 | $ 597 | $ 1,553 | $ (18) | $ (206) | $ (16) | $ (69) | $ (837) | 2,430 | (1,128) | (1,194) | ||||||||
Supplemental information: | |||||||||||||||||||
Capital expenditures | 991 | 826 | 1,359 | ||||||||||||||||
Depreciation and amortization | 1,002 | 1,014 | 849 | ||||||||||||||||
Amortization included in interest expense | 15 | 20 | 14 | ||||||||||||||||
Investment Segment | |||||||||||||||||||
Revenues: | |||||||||||||||||||
Net sales | 0 | 0 | 0 | ||||||||||||||||
Other revenues from operations | 0 | 0 | 0 | ||||||||||||||||
Net gain (loss) from investment activities | 241 | (1,388) | (1,041) | ||||||||||||||||
Interest and dividend income | 106 | 112 | 178 | ||||||||||||||||
Gain on disposition of assets, net | 0 | 0 | 0 | ||||||||||||||||
Other (loss) income, net | (50) | 53 | (2) | ||||||||||||||||
Total revenues | 297 | (1,223) | (865) | ||||||||||||||||
Expenses: | |||||||||||||||||||
Cost of goods sold | 0 | 0 | 0 | ||||||||||||||||
Other expenses from operations | 0 | 0 | 0 | ||||||||||||||||
Selling, general and administrative | 13 | 34 | 237 | ||||||||||||||||
Restructuring | 0 | 0 | 0 | ||||||||||||||||
Impairment | 0 | 0 | 0 | ||||||||||||||||
Interest expense | 166 | 230 | 563 | ||||||||||||||||
Total Expenses | 179 | 264 | 800 | ||||||||||||||||
Income before income tax benefit (expense) | 118 | (1,487) | (1,665) | ||||||||||||||||
Income tax (expense) benefit | 0 | 0 | 0 | ||||||||||||||||
Net income (loss) | 118 | (1,487) | (1,665) | ||||||||||||||||
Less: net income (loss) attributable to non-controlling interests | 38 | (883) | (905) | ||||||||||||||||
Net income (loss) attributable to Icahn Enterprises | 80 | (604) | (760) | ||||||||||||||||
Supplemental information: | |||||||||||||||||||
Capital expenditures | 0 | 0 | 0 | ||||||||||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||||||||||
Automotive Segment | |||||||||||||||||||
Revenues: | |||||||||||||||||||
Net sales | 9,957 | 9,420 | 7,789 | ||||||||||||||||
Other revenues from operations | 487 | 422 | 0 | ||||||||||||||||
Net gain (loss) from investment activities | 0 | 0 | 0 | ||||||||||||||||
Interest and dividend income | 6 | 4 | 6 | ||||||||||||||||
Gain on disposition of assets, net | 12 | 9 | 0 | ||||||||||||||||
Other (loss) income, net | 66 | 73 | 58 | ||||||||||||||||
Total revenues | 10,528 | 9,928 | 7,853 | ||||||||||||||||
Expenses: | |||||||||||||||||||
Cost of goods sold | 8,110 | 7,658 | 6,577 | ||||||||||||||||
Other expenses from operations | 436 | 430 | 0 | ||||||||||||||||
Selling, general and administrative | 1,802 | 1,521 | 1,001 | ||||||||||||||||
Restructuring | 21 | 27 | 89 | ||||||||||||||||
Impairment | 40 | 18 | 344 | ||||||||||||||||
Interest expense | 167 | 157 | 144 | ||||||||||||||||
Total Expenses | 10,576 | 9,811 | 8,155 | ||||||||||||||||
Income before income tax benefit (expense) | (48) | 117 | (302) | ||||||||||||||||
Income tax (expense) benefit | 674 | (40) | (50) | ||||||||||||||||
Net income (loss) | 626 | 77 | (352) | ||||||||||||||||
Less: net income (loss) attributable to non-controlling interests | 11 | 24 | (53) | ||||||||||||||||
Net income (loss) attributable to Icahn Enterprises | 615 | 53 | (299) | ||||||||||||||||
Supplemental information: | |||||||||||||||||||
Capital expenditures | 479 | 418 | 449 | ||||||||||||||||
Depreciation and amortization | 508 | 473 | 346 | ||||||||||||||||
Energy Segment | |||||||||||||||||||
Revenues: | |||||||||||||||||||
Net sales | 5,988 | 4,782 | 5,433 | ||||||||||||||||
Other revenues from operations | 0 | 0 | 0 | ||||||||||||||||
Net gain (loss) from investment activities | 0 | 5 | 36 | ||||||||||||||||
Interest and dividend income | 1 | 1 | 2 | ||||||||||||||||
Gain on disposition of assets, net | (3) | 0 | (2) | ||||||||||||||||
Other (loss) income, net | (68) | (24) | (27) | ||||||||||||||||
Total revenues | 5,918 | 4,764 | 5,442 | ||||||||||||||||
Expenses: | |||||||||||||||||||
Cost of goods sold | 5,727 | 4,618 | 4,949 | ||||||||||||||||
Other expenses from operations | 0 | 0 | 0 | ||||||||||||||||
Selling, general and administrative | 144 | 138 | 127 | ||||||||||||||||
Restructuring | 0 | 0 | 0 | ||||||||||||||||
Impairment | 0 | 574 | 253 | ||||||||||||||||
Interest expense | 110 | 83 | 47 | ||||||||||||||||
Total Expenses | 5,981 | 5,413 | 5,376 | ||||||||||||||||
Income before income tax benefit (expense) | (63) | (649) | 66 | ||||||||||||||||
Income tax (expense) benefit | 338 | 45 | (59) | ||||||||||||||||
Net income (loss) | 275 | (604) | 7 | ||||||||||||||||
Less: net income (loss) attributable to non-controlling interests | 46 | (277) | (18) | ||||||||||||||||
Net income (loss) attributable to Icahn Enterprises | 229 | (327) | 25 | ||||||||||||||||
Supplemental information: | |||||||||||||||||||
Capital expenditures | 119 | 133 | 219 | ||||||||||||||||
Depreciation and amortization | 278 | 258 | 229 | ||||||||||||||||
Railcar Segment | |||||||||||||||||||
Revenues: | |||||||||||||||||||
Net sales | 265 | 430 | 440 | ||||||||||||||||
Other revenues from operations | 370 | 522 | 499 | ||||||||||||||||
Net gain (loss) from investment activities | 2 | 0 | 0 | ||||||||||||||||
Interest and dividend income | 2 | 2 | 2 | ||||||||||||||||
Gain on disposition of assets, net | 1,664 | 3 | 4 | ||||||||||||||||
Other (loss) income, net | 3 | 5 | 3 | ||||||||||||||||
Total revenues | 2,306 | 962 | 948 | ||||||||||||||||
Expenses: | |||||||||||||||||||
Cost of goods sold | 249 | 366 | 338 | ||||||||||||||||
Other expenses from operations | 134 | 223 | 201 | ||||||||||||||||
Selling, general and administrative | 47 | 48 | 45 | ||||||||||||||||
Restructuring | 0 | 0 | 0 | ||||||||||||||||
Impairment | 68 | 0 | 0 | ||||||||||||||||
Interest expense | 45 | 85 | 82 | ||||||||||||||||
Total Expenses | 543 | 722 | 666 | ||||||||||||||||
Income before income tax benefit (expense) | 1,763 | 240 | 282 | ||||||||||||||||
Income tax (expense) benefit | (496) | (57) | (69) | ||||||||||||||||
Net income (loss) | 1,267 | 183 | 213 | ||||||||||||||||
Less: net income (loss) attributable to non-controlling interests | 53 | 33 | 76 | ||||||||||||||||
Net income (loss) attributable to Icahn Enterprises | 1,214 | 150 | 137 | ||||||||||||||||
Supplemental information: | |||||||||||||||||||
Capital expenditures | 173 | 133 | 522 | ||||||||||||||||
Depreciation and amortization | 65 | 134 | 127 | ||||||||||||||||
Gaming Segment | |||||||||||||||||||
Revenues: | |||||||||||||||||||
Net sales | 0 | 0 | 0 | ||||||||||||||||
Other revenues from operations | 898 | 944 | 811 | ||||||||||||||||
Net gain (loss) from investment activities | 0 | 0 | 0 | ||||||||||||||||
Interest and dividend income | 1 | 1 | 1 | ||||||||||||||||
Gain on disposition of assets, net | (4) | 0 | (1) | ||||||||||||||||
Other (loss) income, net | 65 | 3 | 0 | ||||||||||||||||
Total revenues | 960 | 948 | 811 | ||||||||||||||||
Expenses: | |||||||||||||||||||
Cost of goods sold | 0 | 0 | 0 | ||||||||||||||||
Other expenses from operations | 425 | 460 | 396 | ||||||||||||||||
Selling, general and administrative | 379 | 440 | 338 | ||||||||||||||||
Restructuring | 0 | 0 | 0 | ||||||||||||||||
Impairment | 0 | 106 | 0 | ||||||||||||||||
Interest expense | 11 | 13 | 12 | ||||||||||||||||
Total Expenses | 815 | 1,019 | 746 | ||||||||||||||||
Income before income tax benefit (expense) | 145 | (71) | 65 | ||||||||||||||||
Income tax (expense) benefit | (93) | (24) | (27) | ||||||||||||||||
Net income (loss) | 52 | (95) | 38 | ||||||||||||||||
Less: net income (loss) attributable to non-controlling interests | 13 | 14 | 12 | ||||||||||||||||
Net income (loss) attributable to Icahn Enterprises | 39 | (109) | 26 | ||||||||||||||||
Supplemental information: | |||||||||||||||||||
Capital expenditures | 112 | 85 | 94 | ||||||||||||||||
Depreciation and amortization | 73 | 71 | 63 | ||||||||||||||||
Metals Segment | |||||||||||||||||||
Revenues: | |||||||||||||||||||
Net sales | 409 | 267 | 361 | ||||||||||||||||
Other revenues from operations | 0 | 0 | 0 | ||||||||||||||||
Net gain (loss) from investment activities | 0 | 0 | 0 | ||||||||||||||||
Interest and dividend income | 0 | 0 | 0 | ||||||||||||||||
Gain on disposition of assets, net | 0 | 1 | 0 | ||||||||||||||||
Other (loss) income, net | (1) | 1 | 4 | ||||||||||||||||
Total revenues | 408 | 269 | 365 | ||||||||||||||||
Expenses: | |||||||||||||||||||
Cost of goods sold | 389 | 284 | 406 | ||||||||||||||||
Other expenses from operations | 0 | 0 | 0 | ||||||||||||||||
Selling, general and administrative | 19 | 18 | 20 | ||||||||||||||||
Restructuring | 1 | 2 | 2 | ||||||||||||||||
Impairment | 0 | 1 | 20 | ||||||||||||||||
Interest expense | 0 | 0 | 0 | ||||||||||||||||
Total Expenses | 409 | 305 | 448 | ||||||||||||||||
Income before income tax benefit (expense) | (1) | (36) | (83) | ||||||||||||||||
Income tax (expense) benefit | (43) | 16 | 32 | ||||||||||||||||
Net income (loss) | (44) | (20) | (51) | ||||||||||||||||
Less: net income (loss) attributable to non-controlling interests | 0 | 0 | 0 | ||||||||||||||||
Net income (loss) attributable to Icahn Enterprises | (44) | (20) | (51) | ||||||||||||||||
Supplemental information: | |||||||||||||||||||
Capital expenditures | 30 | 5 | 24 | ||||||||||||||||
Depreciation and amortization | 20 | 22 | 29 | ||||||||||||||||
Mining Segment | |||||||||||||||||||
Revenues: | |||||||||||||||||||
Net sales | 94 | 71 | 30 | ||||||||||||||||
Other revenues from operations | 0 | 0 | 0 | ||||||||||||||||
Net gain (loss) from investment activities | 0 | 0 | 0 | ||||||||||||||||
Interest and dividend income | 1 | 2 | 1 | ||||||||||||||||
Gain on disposition of assets, net | 0 | 0 | 0 | ||||||||||||||||
Other (loss) income, net | (2) | (10) | (3) | ||||||||||||||||
Total revenues | 93 | 63 | 28 | ||||||||||||||||
Expenses: | |||||||||||||||||||
Cost of goods sold | 60 | 56 | 38 | ||||||||||||||||
Other expenses from operations | 0 | 0 | 0 | ||||||||||||||||
Selling, general and administrative | 14 | 22 | 12 | ||||||||||||||||
Restructuring | 0 | 0 | 0 | ||||||||||||||||
Impairment | 0 | 0 | 169 | ||||||||||||||||
Interest expense | 6 | 7 | 3 | ||||||||||||||||
Total Expenses | 80 | 85 | 222 | ||||||||||||||||
Income before income tax benefit (expense) | 13 | (22) | (194) | ||||||||||||||||
Income tax (expense) benefit | (3) | (2) | (1) | ||||||||||||||||
Net income (loss) | 10 | (24) | (195) | ||||||||||||||||
Less: net income (loss) attributable to non-controlling interests | 1 | (5) | 45 | ||||||||||||||||
Net income (loss) attributable to Icahn Enterprises | 9 | (19) | (150) | ||||||||||||||||
Supplemental information: | |||||||||||||||||||
Capital expenditures | 38 | 22 | 20 | ||||||||||||||||
Depreciation and amortization | 5 | 6 | 8 | ||||||||||||||||
Food Packaging Segment | |||||||||||||||||||
Revenues: | |||||||||||||||||||
Net sales | 392 | 329 | 344 | ||||||||||||||||
Other revenues from operations | 0 | 0 | 0 | ||||||||||||||||
Net gain (loss) from investment activities | 0 | 0 | 0 | ||||||||||||||||
Interest and dividend income | 0 | 0 | 0 | ||||||||||||||||
Gain on disposition of assets, net | 0 | 0 | (1) | ||||||||||||||||
Other (loss) income, net | 1 | 3 | (6) | ||||||||||||||||
Total revenues | 393 | 332 | 337 | ||||||||||||||||
Expenses: | |||||||||||||||||||
Cost of goods sold | 297 | 249 | 263 | ||||||||||||||||
Other expenses from operations | 0 | 0 | 0 | ||||||||||||||||
Selling, general and administrative | 65 | 52 | 50 | ||||||||||||||||
Restructuring | 2 | 3 | 5 | ||||||||||||||||
Impairment | 1 | 0 | 0 | ||||||||||||||||
Interest expense | 13 | 12 | 12 | ||||||||||||||||
Total Expenses | 378 | 316 | 330 | ||||||||||||||||
Income before income tax benefit (expense) | 15 | 16 | 7 | ||||||||||||||||
Income tax (expense) benefit | (21) | (8) | (10) | ||||||||||||||||
Net income (loss) | (6) | 8 | (3) | ||||||||||||||||
Less: net income (loss) attributable to non-controlling interests | (1) | 2 | 0 | ||||||||||||||||
Net income (loss) attributable to Icahn Enterprises | (5) | 6 | (3) | ||||||||||||||||
Supplemental information: | |||||||||||||||||||
Capital expenditures | 26 | 18 | 22 | ||||||||||||||||
Depreciation and amortization | 25 | 20 | 19 | ||||||||||||||||
Real Estate Segment | |||||||||||||||||||
Revenues: | |||||||||||||||||||
Net sales | 15 | 17 | 14 | ||||||||||||||||
Other revenues from operations | 72 | 70 | 76 | ||||||||||||||||
Net gain (loss) from investment activities | 0 | 0 | 0 | ||||||||||||||||
Interest and dividend income | 7 | 0 | 0 | ||||||||||||||||
Gain on disposition of assets, net | 496 | 1 | 40 | ||||||||||||||||
Other (loss) income, net | 0 | 0 | 1 | ||||||||||||||||
Total revenues | 590 | 88 | 131 | ||||||||||||||||
Expenses: | |||||||||||||||||||
Cost of goods sold | 11 | 13 | 7 | ||||||||||||||||
Other expenses from operations | 46 | 46 | 46 | ||||||||||||||||
Selling, general and administrative | 10 | 10 | 13 | ||||||||||||||||
Restructuring | 0 | 0 | 0 | ||||||||||||||||
Impairment | 2 | 5 | 2 | ||||||||||||||||
Interest expense | 2 | 2 | 2 | ||||||||||||||||
Total Expenses | 71 | 76 | 70 | ||||||||||||||||
Income before income tax benefit (expense) | 519 | 12 | 61 | ||||||||||||||||
Income tax (expense) benefit | 0 | 0 | 0 | ||||||||||||||||
Net income (loss) | 519 | 12 | 61 | ||||||||||||||||
Less: net income (loss) attributable to non-controlling interests | 0 | 0 | 0 | ||||||||||||||||
Net income (loss) attributable to Icahn Enterprises | 519 | 12 | 61 | ||||||||||||||||
Supplemental information: | |||||||||||||||||||
Capital expenditures | 9 | 1 | 3 | ||||||||||||||||
Depreciation and amortization | 20 | 22 | 21 | ||||||||||||||||
Home Fashion Segment | |||||||||||||||||||
Revenues: | |||||||||||||||||||
Net sales | 183 | 195 | 193 | ||||||||||||||||
Other revenues from operations | 0 | 0 | 0 | ||||||||||||||||
Net gain (loss) from investment activities | 0 | 0 | 0 | ||||||||||||||||
Interest and dividend income | 0 | 0 | 0 | ||||||||||||||||
Gain on disposition of assets, net | 0 | 0 | 0 | ||||||||||||||||
Other (loss) income, net | 0 | 1 | 1 | ||||||||||||||||
Total revenues | 183 | 196 | 194 | ||||||||||||||||
Expenses: | |||||||||||||||||||
Cost of goods sold | 162 | 168 | 163 | ||||||||||||||||
Other expenses from operations | 0 | 0 | 0 | ||||||||||||||||
Selling, general and administrative | 39 | 38 | 34 | ||||||||||||||||
Restructuring | 1 | 0 | 1 | ||||||||||||||||
Impairment | 1 | 2 | 0 | ||||||||||||||||
Interest expense | 0 | 0 | 0 | ||||||||||||||||
Total Expenses | 203 | 208 | 198 | ||||||||||||||||
Income before income tax benefit (expense) | (20) | (12) | (4) | ||||||||||||||||
Income tax (expense) benefit | 0 | 0 | 0 | ||||||||||||||||
Net income (loss) | (20) | (12) | (4) | ||||||||||||||||
Less: net income (loss) attributable to non-controlling interests | 0 | 0 | 0 | ||||||||||||||||
Net income (loss) attributable to Icahn Enterprises | (20) | (12) | (4) | ||||||||||||||||
Supplemental information: | |||||||||||||||||||
Capital expenditures | 5 | 11 | 6 | ||||||||||||||||
Depreciation and amortization | 8 | 8 | 7 | ||||||||||||||||
Holding Company | |||||||||||||||||||
Revenues: | |||||||||||||||||||
Net sales | 0 | 0 | 0 | ||||||||||||||||
Other revenues from operations | 0 | 0 | 0 | ||||||||||||||||
Net gain (loss) from investment activities | 61 | 10 | 18 | ||||||||||||||||
Interest and dividend income | 12 | 9 | 4 | ||||||||||||||||
Gain on disposition of assets, net | 1 | 0 | 0 | ||||||||||||||||
Other (loss) income, net | (6) | 2 | 6 | ||||||||||||||||
Total revenues | 68 | 21 | 28 | ||||||||||||||||
Expenses: | |||||||||||||||||||
Cost of goods sold | 0 | 0 | 0 | ||||||||||||||||
Other expenses from operations | 0 | 0 | 0 | ||||||||||||||||
Selling, general and administrative | 33 | 21 | 31 | ||||||||||||||||
Restructuring | 0 | 0 | 0 | ||||||||||||||||
Impairment | 0 | 3 | 0 | ||||||||||||||||
Interest expense | 323 | 289 | 289 | ||||||||||||||||
Total Expenses | 356 | 313 | 320 | ||||||||||||||||
Income before income tax benefit (expense) | (288) | (292) | (292) | ||||||||||||||||
Income tax (expense) benefit | 82 | 34 | 116 | ||||||||||||||||
Net income (loss) | (206) | (258) | (176) | ||||||||||||||||
Less: net income (loss) attributable to non-controlling interests | 0 | 0 | 0 | ||||||||||||||||
Net income (loss) attributable to Icahn Enterprises | (206) | (258) | (176) | ||||||||||||||||
Supplemental information: | |||||||||||||||||||
Capital expenditures | 0 | 0 | 0 | ||||||||||||||||
Depreciation and amortization | $ 0 | $ 0 | $ 0 | ||||||||||||||||
[1] | The comparability of our quarterly financial data is affected by, among other things, (i) the performance of the Investment Funds, (ii) various acquisitions, primarily the acquisition of Pep Boys during the first quarter of 2016, (iii) certain dispositions of assets, primarily during the second and fourth quarters of 2017, (iv) impairment charges and (v) the enactment of U.S. tax law changes in the fourth quarter of 2017. |
Segment Reporting, Balance Shee
Segment Reporting, Balance Sheets (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
ASSETS | ||||
Cash and cash equivalents | $ 1,682 | $ 1,833 | $ 2,078 | $ 2,908 |
Cash held at consolidated affiliated partnerships and restricted cash | 786 | 804 | ||
Investments | 10,369 | 9,881 | ||
Accounts receivable, net | 1,805 | 1,609 | ||
Inventories, net | 3,261 | 2,983 | ||
Property, plant and equipment, net | 9,701 | 10,122 | ||
Goodwill and intangible assets, net | 2,410 | 2,252 | ||
Other assets | 1,787 | 3,887 | ||
Total Assets | 31,801 | 33,371 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 6,009 | 8,191 | ||
Securities sold, not yet purchased, at fair value | 1,023 | 1,139 | ||
Due to brokers | 1,057 | 3,725 | ||
Post-employment benefit liability | 1,159 | 1,180 | ||
Debt | 11,185 | 11,119 | ||
Total liabilities | 20,433 | 25,354 | ||
Equity attributable to Icahn Enterprises | 5,106 | 2,154 | ||
Equity attributable to non-controlling interests | 6,262 | 5,863 | ||
Total equity | 11,368 | 8,017 | $ 10,033 | $ 12,390 |
Total Liabilities and Equity | 31,801 | 33,371 | ||
Investment Segment | ||||
ASSETS | ||||
Cash and cash equivalents | 17 | 13 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 734 | 752 | ||
Investments | 9,532 | 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 | 516 | 1,518 | ||
Total Assets | 10,799 | 11,496 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 1,302 | 1,236 | ||
Securities sold, not yet purchased, at fair value | 1,023 | 1,139 | ||
Due to brokers | 1,057 | 3,725 | ||
Post-employment benefit liability | 0 | 0 | ||
Debt | 0 | 0 | ||
Total liabilities | 3,382 | 6,100 | ||
Equity attributable to Icahn Enterprises | 3,052 | 1,669 | ||
Equity attributable to non-controlling interests | 4,365 | 3,727 | ||
Total equity | 7,417 | 5,396 | ||
Total Liabilities and Equity | 10,799 | 11,496 | ||
Automotive Segment | ||||
ASSETS | ||||
Cash and cash equivalents | 367 | 353 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 4 | 2 | ||
Investments | 324 | 270 | ||
Accounts receivable, net | 1,406 | 1,270 | ||
Inventories, net | 2,601 | 2,353 | ||
Property, plant and equipment, net | 3,503 | 3,302 | ||
Goodwill and intangible assets, net | 1,963 | 1,801 | ||
Other assets | 541 | 504 | ||
Total Assets | 10,709 | 9,855 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 2,770 | 2,870 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Due to brokers | 0 | 0 | ||
Post-employment benefit liability | 1,075 | 1,113 | ||
Debt | 3,470 | 3,259 | ||
Total liabilities | 7,315 | 7,242 | ||
Equity attributable to Icahn Enterprises | 3,234 | 2,292 | ||
Equity attributable to non-controlling interests | 160 | 321 | ||
Total equity | 3,394 | 2,613 | ||
Total Liabilities and Equity | 10,709 | 9,855 | ||
Energy Segment | ||||
ASSETS | ||||
Cash and cash equivalents | 482 | 736 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 0 | 0 | ||
Investments | 83 | 6 | ||
Accounts receivable, net | 178 | 152 | ||
Inventories, net | 385 | 349 | ||
Property, plant and equipment, net | 3,213 | 3,358 | ||
Goodwill and intangible assets, net | 298 | 318 | ||
Other assets | 61 | 94 | ||
Total Assets | 4,700 | 5,013 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 1,125 | 1,474 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Due to brokers | 0 | 0 | ||
Post-employment benefit liability | 0 | 0 | ||
Debt | 1,166 | 1,165 | ||
Total liabilities | 2,291 | 2,639 | ||
Equity attributable to Icahn Enterprises | 1,098 | 1,034 | ||
Equity attributable to non-controlling interests | 1,311 | 1,340 | ||
Total equity | 2,409 | 2,374 | ||
Total Liabilities and Equity | 4,700 | 5,013 | ||
Railcar Segment | ||||
ASSETS | ||||
Cash and cash equivalents | 100 | 179 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 19 | 19 | ||
Investments | 23 | 35 | ||
Accounts receivable, net | 44 | 40 | ||
Inventories, net | 54 | 75 | ||
Property, plant and equipment, net | 1,199 | 1,567 | ||
Goodwill and intangible assets, net | 7 | 7 | ||
Other assets | 41 | 1,410 | ||
Total Assets | 1,487 | 3,332 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 254 | 2,100 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Due to brokers | 0 | 0 | ||
Post-employment benefit liability | 8 | 9 | ||
Debt | 546 | 571 | ||
Total liabilities | 808 | 2,680 | ||
Equity attributable to Icahn Enterprises | 428 | 444 | ||
Equity attributable to non-controlling interests | 251 | 208 | ||
Total equity | 679 | 652 | ||
Total Liabilities and Equity | 1,487 | 3,332 | ||
Gaming Segment | ||||
ASSETS | ||||
Cash and cash equivalents | 105 | 244 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 16 | 15 | ||
Investments | 23 | 33 | ||
Accounts receivable, net | 11 | 12 | ||
Inventories, net | 0 | 0 | ||
Property, plant and equipment, net | 808 | 814 | ||
Goodwill and intangible assets, net | 74 | 75 | ||
Other assets | 102 | 209 | ||
Total Assets | 1,139 | 1,402 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 104 | 153 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Due to brokers | 0 | 0 | ||
Post-employment benefit liability | 0 | 0 | ||
Debt | 137 | 287 | ||
Total liabilities | 241 | 440 | ||
Equity attributable to Icahn Enterprises | 761 | 730 | ||
Equity attributable to non-controlling interests | 137 | 232 | ||
Total equity | 898 | 962 | ||
Total Liabilities and Equity | 1,139 | 1,402 | ||
Metals Segment | ||||
ASSETS | ||||
Cash and cash equivalents | 24 | 4 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 5 | 5 | ||
Investments | 0 | 0 | ||
Accounts receivable, net | 40 | 29 | ||
Inventories, net | 33 | 38 | ||
Property, plant and equipment, net | 110 | 100 | ||
Goodwill and intangible assets, net | 3 | 4 | ||
Other assets | 11 | 13 | ||
Total Assets | 226 | 193 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 41 | 34 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Due to brokers | 0 | 0 | ||
Post-employment benefit liability | 2 | 2 | ||
Debt | 1 | 2 | ||
Total liabilities | 44 | 38 | ||
Equity attributable to Icahn Enterprises | 182 | 155 | ||
Equity attributable to non-controlling interests | 0 | 0 | ||
Total equity | 182 | 155 | ||
Total Liabilities and Equity | 226 | 193 | ||
Mining Segment | ||||
ASSETS | ||||
Cash and cash equivalents | 15 | 14 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 0 | 0 | ||
Investments | 0 | 0 | ||
Accounts receivable, net | 10 | 5 | ||
Inventories, net | 30 | 25 | ||
Property, plant and equipment, net | 188 | 152 | ||
Goodwill and intangible assets, net | 0 | 0 | ||
Other assets | 22 | 23 | ||
Total Assets | 265 | 219 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 45 | 38 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Due to brokers | 0 | 0 | ||
Post-employment benefit liability | 0 | 0 | ||
Debt | 58 | 55 | ||
Total liabilities | 103 | 93 | ||
Equity attributable to Icahn Enterprises | 138 | 104 | ||
Equity attributable to non-controlling interests | 24 | 22 | ||
Total equity | 162 | 126 | ||
Total Liabilities and Equity | 265 | 219 | ||
Food Packaging Segment | ||||
ASSETS | ||||
Cash and cash equivalents | 16 | 39 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 2 | 2 | ||
Investments | 0 | 0 | ||
Accounts receivable, net | 78 | 63 | ||
Inventories, net | 92 | 72 | ||
Property, plant and equipment, net | 170 | 152 | ||
Goodwill and intangible assets, net | 36 | 8 | ||
Other assets | 93 | 92 | ||
Total Assets | 487 | 428 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 98 | 69 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Due to brokers | 0 | 0 | ||
Post-employment benefit liability | 74 | 56 | ||
Debt | 273 | 265 | ||
Total liabilities | 445 | 390 | ||
Equity attributable to Icahn Enterprises | 28 | 25 | ||
Equity attributable to non-controlling interests | 14 | 13 | ||
Total equity | 42 | 38 | ||
Total Liabilities and Equity | 487 | 428 | ||
Real Estate Segment | ||||
ASSETS | ||||
Cash and cash equivalents | 30 | 24 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 2 | 2 | ||
Investments | 0 | 0 | ||
Accounts receivable, net | 3 | 3 | ||
Inventories, net | 0 | 0 | ||
Property, plant and equipment, net | 438 | 602 | ||
Goodwill and intangible assets, net | 29 | 38 | ||
Other assets | 390 | 18 | ||
Total Assets | 892 | 687 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 46 | 20 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Due to brokers | 0 | 0 | ||
Post-employment benefit liability | 0 | 0 | ||
Debt | 22 | 25 | ||
Total liabilities | 68 | 45 | ||
Equity attributable to Icahn Enterprises | 824 | 642 | ||
Equity attributable to non-controlling interests | 0 | 0 | ||
Total equity | 824 | 642 | ||
Total Liabilities and Equity | 892 | 687 | ||
Home Fashion Segment | ||||
ASSETS | ||||
Cash and cash equivalents | 0 | 2 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 4 | 4 | ||
Investments | 0 | 0 | ||
Accounts receivable, net | 35 | 35 | ||
Inventories, net | 66 | 71 | ||
Property, plant and equipment, net | 72 | 75 | ||
Goodwill and intangible assets, net | 0 | 1 | ||
Other assets | 6 | 5 | ||
Total Assets | 183 | 193 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 34 | 29 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Due to brokers | 0 | 0 | ||
Post-employment benefit liability | 0 | 0 | ||
Debt | 5 | 0 | ||
Total liabilities | 39 | 29 | ||
Equity attributable to Icahn Enterprises | 144 | 164 | ||
Equity attributable to non-controlling interests | 0 | 0 | ||
Total equity | 144 | 164 | ||
Total Liabilities and Equity | 183 | 193 | ||
Holding Company | ||||
ASSETS | ||||
Cash and cash equivalents | 526 | 225 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 0 | 3 | ||
Investments | 384 | 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 | 4 | 1 | ||
Total Assets | 914 | 553 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 190 | 168 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Due to brokers | 0 | 0 | ||
Post-employment benefit liability | 0 | 0 | ||
Debt | 5,507 | 5,490 | ||
Total liabilities | 5,697 | 5,658 | ||
Equity attributable to Icahn Enterprises | (4,783) | (5,105) | ||
Equity attributable to non-controlling interests | 0 | 0 | ||
Total equity | (4,783) | (5,105) | ||
Total Liabilities and Equity | $ 914 | $ 553 |
Segment and Geographic Report81
Segment and Geographic Reporting Geographic Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | [1] | Jun. 30, 2017 | [1] | Mar. 31, 2017 | [1] | Dec. 31, 2016 | Sep. 30, 2016 | [1] | Jun. 30, 2016 | [1] | Mar. 31, 2016 | [1] | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||||
Net sales | $ 4,410 | [1] | $ 4,292 | $ 4,282 | $ 4,319 | $ 3,965 | [1] | $ 3,904 | $ 4,094 | $ 3,548 | $ 17,303 | $ 15,511 | $ 14,604 | ||||||
Other revenues from operations | 1,827 | 1,958 | 1,386 | ||||||||||||||||
Property, plant and equipment, net | 9,701 | 10,122 | 9,701 | 10,122 | |||||||||||||||
United States | |||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||||
Net sales | 11,878 | 10,489 | 9,672 | ||||||||||||||||
Other revenues from operations | 1,759 | 1,886 | 1,304 | ||||||||||||||||
Property, plant and equipment, net | 7,399 | 8,063 | 7,399 | 8,063 | |||||||||||||||
Germany | |||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||||
Net sales | 1,531 | 1,455 | 1,480 | ||||||||||||||||
Other revenues from operations | 0 | 0 | 0 | ||||||||||||||||
Property, plant and equipment, net | 529 | 458 | 529 | 458 | |||||||||||||||
Other geographical locations | |||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||||
Net sales | 3,894 | 3,567 | 3,452 | ||||||||||||||||
Other revenues from operations | 68 | 72 | $ 82 | ||||||||||||||||
Property, plant and equipment, net | $ 1,773 | $ 1,601 | $ 1,773 | $ 1,601 | |||||||||||||||
[1] | The comparability of our quarterly financial data is affected by, among other things, (i) the performance of the Investment Funds, (ii) various acquisitions, primarily the acquisition of Pep Boys during the first quarter of 2016, (iii) certain dispositions of assets, primarily during the second and fourth quarters of 2017, (iv) impairment charges and (v) the enactment of U.S. tax law changes in the fourth quarter of 2017. |
Income Taxes Effective Income T
Income Taxes Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Income tax benefit (expense) at U.S. statutory rate | $ (754) | $ 764 | $ 721 |
Foreign operations | 42 | 39 | 29 |
Valuation allowance | 490 | (46) | (113) |
Non-controlling interest | (7) | (7) | 41 |
Goodwill | 0 | (225) | (196) |
Uncertain tax positions and assessments | 23 | (9) | 4 |
Income not subject to taxation | 172 | (511) | (523) |
Enactment of U.S. tax legislation, net of valuation allowance | 498 | 0 | 0 |
Other | (26) | (41) | (31) |
Income tax benefit (expense) | $ 438 | $ (36) | $ (68) |
Income Taxes Accounting for Unc
Income Taxes Accounting for Uncertainty in Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||||
Unrecognized tax benefits balance | $ 129 | $ 101 | $ 94 | $ 113 |
Addition based on tax positions related to the current year | 7 | 7 | 19 | |
Increase for tax positions of prior years | 59 | 8 | 6 | |
Decrease for tax positions of prior years | (15) | (1) | (10) | |
Decrease for statute of limitation expiration | (16) | (6) | (21) | |
Settlements | (11) | 0 | (8) | |
Impact of currency translation and other | $ 4 | $ (1) | $ (5) |
Income Taxes Narrative (Details
Income Taxes Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Contingency [Line Items] | ||||
Book basis of net assets | $ 5,106 | $ 2,154 | ||
Book/tax basis difference | (450) | 1,888 | ||
Tax basis of net assets | 4,656 | 4,042 | ||
Domestic income (loss) from continuing operations before taxes | 1,933 | (2,370) | $ (1,870) | |
Foreign income (loss) from continuing operations before taxes | 220 | 186 | (189) | |
Income before income tax benefit (expense) | 2,153 | (2,184) | (2,059) | |
Current income tax (expense) benefit | (73) | (141) | (72) | |
Deferred income tax (expense) benefit | 511 | 105 | 4 | |
Income tax benefit (expense) | 438 | (36) | (68) | |
Deferred tax assets, Property, pland and equipment | 261 | 312 | ||
Deferred tax asset, net operating loss | 1,158 | 1,981 | ||
deferred tax asset, Tax credits | 141 | 139 | ||
Deferred tax asset, Post-employment benefits, including pensions | 263 | 334 | ||
Deferred tax asset, Reoganization costs | 3 | 7 | ||
Deferred tax asset, Other | 398 | 430 | ||
Deferred tax assets, gross | 2,224 | 3,203 | ||
Deferred Tax Assets, Valuation Allowance | 1,293 | 1,821 | ||
Deferred Tax Assets, Net of Valuation Allowance | 931 | 1,382 | ||
Deferred tax liabilities, Property, plant and equipment | (467) | (592) | ||
Deferred tax liabilities, Intangible assets | (157) | (195) | ||
Deferred tax liability, Investment in partnerships | (775) | (1,495) | ||
Deferred tax liabilities, Investment in U.S. subsidiaries | (184) | (307) | ||
Deferred tax liabilities, Other | (138) | (101) | ||
Deferred Tax Liabilities, Gross | (1,721) | (2,690) | ||
Deferred tax liabilities, net of deferred tax assets | 790 | 1,308 | ||
Deferred tax asset | 134 | 305 | ||
Deferred tax liability | 924 | 1,613 | ||
Increase (decrease) in deferred tax asset valuation amount | $ (528) | |||
U.S. Federal statutory corporate income tax rate | 35.00% | |||
Provisional remeasurement of deferred tax assets and liabilities based on rates at which they are expected to reverse | $ 496 | |||
Provisional amount related to one-time transition tax on the mandatory deemed repatriation of foreign earnings | 2 | |||
Unrecognized tax benefits balance | 129 | 101 | 94 | $ 113 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 29 | 68 | 76 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 6 | 15 | 19 | |
Income tax expense related to interest and penalties related to unrecognized tax benefits | (9) | (4) | (11) | |
ARI | ||||
Income Tax Contingency [Line Items] | ||||
Undistributed earnings of foreign subsidiaries | 6 | 3 | ||
Icahn Enterprises Holdings | ||||
Income Tax Contingency [Line Items] | ||||
Book basis of net assets | 5,133 | 2,179 | ||
Book/tax basis difference | (450) | 1,888 | ||
Tax basis of net assets | 4,683 | 4,067 | ||
Income before income tax benefit (expense) | 2,155 | (2,183) | (2,058) | |
Income tax benefit (expense) | 438 | (36) | (68) | |
Deferred tax liability | 924 | 1,613 | ||
Federal-Mogul | ||||
Income Tax Contingency [Line Items] | ||||
Undistributed earnings of foreign subsidiaries | 784 | |||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 2 | |||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 5 | |||
American Entertainment Properties Corp. | ||||
Income Tax Contingency [Line Items] | ||||
Deferred tax assets, Operating loss carryforwards, Subject to expiration | 1,000 | |||
Viskase | ||||
Income Tax Contingency [Line Items] | ||||
Undistributed earnings of foreign subsidiaries | 46 | |||
United Kingdom | American Entertainment Properties Corp. | ||||
Income Tax Contingency [Line Items] | ||||
Operating loss carryforwards | 47 | |||
Other Foreign countries | American Entertainment Properties Corp. | ||||
Income Tax Contingency [Line Items] | ||||
Operating loss carryforwards | 287 | |||
State and Local Jurisdiction | ARI | ||||
Income Tax Contingency [Line Items] | ||||
Operating loss carryforwards | 31 | |||
Kansas | CVR Energy | ||||
Income Tax Contingency [Line Items] | ||||
Tax credits | 9 | |||
United States | ARI | ||||
Income Tax Contingency [Line Items] | ||||
Operating loss carryforwards | 54 | |||
United States | American Entertainment Properties Corp. | ||||
Income Tax Contingency [Line Items] | ||||
Operating loss carryforwards | 684 | |||
United States | Viskase | ||||
Income Tax Contingency [Line Items] | ||||
Operating loss carryforwards | 86 | |||
Domestic tax authority | ||||
Income Tax Contingency [Line Items] | ||||
Current income tax (expense) benefit | (21) | (40) | (17) | |
Deferred income tax (expense) benefit | 525 | 73 | (15) | |
Foreign tax authority | ||||
Income Tax Contingency [Line Items] | ||||
Current income tax (expense) benefit | (52) | (101) | (55) | |
Deferred income tax (expense) benefit | (14) | 32 | 19 | |
Oklahoma | CVR Energy | ||||
Income Tax Contingency [Line Items] | ||||
Tax credits | 30 | |||
Automotive Segment | ||||
Income Tax Contingency [Line Items] | ||||
Income before income tax benefit (expense) | (48) | 117 | (302) | |
Income tax benefit (expense) | (674) | 40 | 50 | |
Automotive Segment | Federal-Mogul | ||||
Income Tax Contingency [Line Items] | ||||
Increase (decrease) in deferred tax asset valuation amount | (491) | |||
Gaming Segment | ||||
Income Tax Contingency [Line Items] | ||||
Income before income tax benefit (expense) | 145 | (71) | 65 | |
Income tax benefit (expense) | 93 | 24 | 27 | |
Increase (decrease) in deferred tax asset valuation amount | (77) | |||
Mining Segment | ||||
Income Tax Contingency [Line Items] | ||||
Income before income tax benefit (expense) | 13 | (22) | (194) | |
Income tax benefit (expense) | 3 | $ 2 | $ 1 | |
Increase (decrease) in deferred tax asset valuation amount | (13) | |||
Automotive segment and Holding Company | ||||
Income Tax Contingency [Line Items] | ||||
Increase (decrease) in deferred tax asset valuation amount | 53 | |||
Minimum | Other Foreign countries | Viskase | ||||
Income Tax Contingency [Line Items] | ||||
Operating loss carryforwards | $ 9 | |||
Minimum | State and Local Jurisdiction | ARI | ||||
Income Tax Contingency [Line Items] | ||||
Operating Loss carryforward, year of expiration | 2,037 | |||
Minimum | Kansas | CVR Energy | ||||
Income Tax Contingency [Line Items] | ||||
Operating Loss carryforward, year of expiration | 2,032 | |||
Minimum | United States | American Entertainment Properties Corp. | ||||
Income Tax Contingency [Line Items] | ||||
Operating Loss carryforward, year of expiration | 2,027 | |||
Minimum | United States | Viskase | ||||
Income Tax Contingency [Line Items] | ||||
Operating Loss carryforward, year of expiration | 2,024 | |||
Maximum | Other Foreign countries | Viskase | ||||
Income Tax Contingency [Line Items] | ||||
Operating loss carryforwards | $ 13 | |||
Maximum | United States | American Entertainment Properties Corp. | ||||
Income Tax Contingency [Line Items] | ||||
Operating Loss carryforward, year of expiration | 2,037 |
Changes in Accumulated Other 85
Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Changes in Accumulated Other Comprehensive Loss [Abstract] | |||
AOCI, Post-employment Benefits, net of tax | $ (564) | $ (614) | |
AOCI, Hedge instruments, net of tax | (23) | (22) | |
AOCI, Translation adjustments and other, net of tax | (824) | (948) | |
Accumulated other comprehensive loss | (1,411) | (1,584) | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, after Tax | 30 | ||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 2 | ||
Other comprehensive income, translation adjustments and other, before reclassificaitons, net of tax | 124 | ||
Other comprehensive income, before reclassifications to income | 156 | ||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net (Gain) Loss, Net of Tax | 20 | ||
Amount of Loss Reclassified from AOCI into Income (Effective Portion) | (3) | ||
Reclassificaion of translation adjustments and other in AOCI into earnings, net of tax | 0 | ||
Other comprehensive income, portion representing reclassificaitons to earnings | 17 | ||
Post-employment benefits | 50 | 18 | $ 60 |
Hedge instruments | (1) | 3 | 1 |
Translation adjustments and other | 124 | (148) | (225) |
Other comprehensive income (loss), net of tax | $ 173 | $ (127) | $ (164) |
Other Income (Loss), Net (Detai
Other Income (Loss), Net (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Component of Other Income (Loss), Net [Line Items] | |||
Other (loss) income, net | $ 8 | $ 107 | $ 35 |
Gain on acquisition | |||
Component of Other Income (Loss), Net [Line Items] | |||
Other (loss) income, net | 0 | 0 | 5 |
Realized and unrealized loss on derivatives, net (Note 6) | |||
Component of Other Income (Loss), Net [Line Items] | |||
Other (loss) income, net | (70) | (19) | (29) |
Other derivative (loss) income | |||
Component of Other Income (Loss), Net [Line Items] | |||
Other (loss) income, net | (41) | 66 | 0 |
Dividend expense | |||
Component of Other Income (Loss), Net [Line Items] | |||
Other (loss) income, net | (10) | (14) | 0 |
Loss on extinguishment of debt | |||
Component of Other Income (Loss), Net [Line Items] | |||
Other (loss) income, net | (16) | (5) | (2) |
Equity earnings from non-consolidated affiliates | |||
Component of Other Income (Loss), Net [Line Items] | |||
Other (loss) income, net | 71 | 64 | 62 |
Foreign currency transaction loss | |||
Component of Other Income (Loss), Net [Line Items] | |||
Other (loss) income, net | (11) | (1) | (10) |
Tax settlement gain | |||
Component of Other Income (Loss), Net [Line Items] | |||
Other (loss) income, net | 61 | 0 | 0 |
Predecessor claim settlement | |||
Component of Other Income (Loss), Net [Line Items] | |||
Other (loss) income, net | 0 | 3 | 0 |
Other | |||
Component of Other Income (Loss), Net [Line Items] | |||
Other (loss) income, net | $ 24 | $ 13 | $ 9 |
Commitments and Contingencies N
Commitments and Contingencies Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Loss Contingencies [Line Items] | |||
Environmental loss contingency accrual | $ 50 | $ 50 | |
Funded status of the plan and amounts recognized in the consolidated balance sheets | (424) | (613) | |
2,018 | 237 | ||
2,019 | 222 | ||
2,020 | 198 | ||
2,021 | 170 | ||
2,022 | 142 | ||
Thereafter | 388 | ||
Future minimum payments due on operating leases | 1,357 | ||
Rent expense | 264 | 237 | $ 145 |
Automotive Segment | |||
Loss Contingencies [Line Items] | |||
Environmental loss contingency accrual | 16 | 16 | |
Estimate of additional remediation costs | 24 | ||
Asset retirement obligations | 15 | 15 | |
Energy Segment | |||
Loss Contingencies [Line Items] | |||
Purchase commitments | 209 | 151 | 136 |
Environmental loss contingency accrual | 4 | 5 | |
Environmental remediation costs | 16 | 17 | 36 |
Price of RINs | 249 | 206 | $ 124 |
Biofuel blending obligation | 28 | 186 | |
Railcar Segment | |||
Loss Contingencies [Line Items] | |||
Railcar loss contingency accrual | 9 | ||
Metals Segment | |||
Loss Contingencies [Line Items] | |||
Environmental loss contingency accrual | $ 28 | $ 28 | |
Mr. Icahn and affiliates | |||
Loss Contingencies [Line Items] | |||
Affiliate ownership interest | 91.00% | ||
Mr. Icahn and affiliates | Icahn Enterprises G.P. | |||
Loss Contingencies [Line Items] | |||
Affiliate ownership in parent company general partner | 100.00% | ||
Starfire Holding Corporation [Member] | |||
Loss Contingencies [Line Items] | |||
Ownership percentage by principal owner | 99.40% | ||
Pension funding indemnity agreement with subsidiary | $ 250 |
Commitments and Contingencies E
Commitments and Contingencies Energy Minimum Required Payments Table (Details) - Energy Segment $ in Millions | Dec. 31, 2017USD ($) | |
Loss Contingencies [Line Items] | ||
2,018 | $ 165 | |
2,019 | 124 | |
2,020 | 101 | |
2,021 | 90 | |
2,022 | 85 | |
Thereafter | 542 | |
Minimum required payments for unconditional purchase obligations | $ 1,107 | [1] |
[1] | This amount includes $699 million payable ratably over thirteen years pursuant to petroleum transportation service agreements between Coffeyville Resources Refining Marketing, LLC ("CRRM") and each of TransCanada Keystone Limited Partnership and TransCanada Keystone Pipeline, LP (together, "TransCanada"). The purchase obligation reflects the exchange rate between the Canadian dollar and the U.S. dollar as of December 31, 2017, where applicable. Under the agreements, CRRM receives transportation of at least 25,000 barrels per day of crude oil with a delivery point at Cushing, Oklahoma for a term of twenty years on TransCanada's Keystone pipeline system. |
Supplemental Cash Flow Inform89
Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Supplemental Cash Flow Information [Abstract] | |||
Cash payments for interest, net of amounts capitalized | $ 658 | $ 662 | $ 602 |
Net cash payments (refunds) for income taxes | 150 | 87 | (1) |
Acquisition of subsidiary common stock included in accrued expenses and other liabilities | 51 | 0 | 0 |
Seller financing secured mortgages resulting from disposition of assets | 375 | 0 | 0 |
Investment in subsidiaries prior to acquiring a controlling interest | 0 | 286 | 36 |
LP unit issuance for remaining 25% interest in ARL | 0 | 35 | 0 |
Fair value of subsidiary common units issued in an acquisition of business | 0 | 336 | 0 |
Fair value of debt assumed in an acquisition of business | 0 | 368 | 0 |
Capital expenditures included in accounts payable, accrued expenses and other liabilities | $ 80 | $ 89 | $ 88 |
Subsequent Events (Details)
Subsequent Events (Details) | Feb. 27, 2018$ / shares |
Subsequent event | |
Subsequent Event [Line Items] | |
Distribution declared per LP unit | $ 1.75 |
Quarterly Financial Data (Una91
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||||||||
Quarterly Financial Data (Unaudited) [Abstract] | ||||||||||||||||||||
Net sales | $ 4,410 | [1] | $ 4,292 | [1] | $ 4,282 | [1] | $ 4,319 | [1] | $ 3,965 | [1] | $ 3,904 | [1] | $ 4,094 | [1] | $ 3,548 | [1] | $ 17,303 | $ 15,511 | $ 14,604 | |
Gross margin on net sales | [1] | 499 | 613 | 559 | 627 | 502 | 526 | 646 | 425 | |||||||||||
Total revenues | 4,733 | [1] | 5,680 | [1] | 6,654 | [1] | 4,677 | [1] | 3,972 | [1] | 4,899 | [1] | 4,350 | [1] | 3,127 | [1] | 21,744 | 16,348 | 15,272 | |
Net income (loss) | 197 | [1] | 829 | [1] | 1,725 | [1] | (160) | [1] | (564) | [1] | 238 | [1] | (285) | [1] | (1,609) | [1] | 2,591 | (2,220) | (2,127) | |
Less: net loss attributable to non-controlling interests | (101) | [1] | 232 | [1] | 172 | [1] | (142) | [1] | (358) | [1] | 254 | [1] | (216) | [1] | (772) | [1] | (161) | 1,092 | 933 | |
Net income (loss) attributable to Icahn Enterprises | $ 298 | [1] | $ 597 | [1] | $ 1,553 | [1] | $ (18) | [1] | $ (206) | [1] | $ (16) | [1] | $ (69) | [1] | $ (837) | [1] | $ 2,430 | $ (1,128) | $ (1,194) | |
Basic income (loss) per LP unit | $ 1.72 | [1] | $ 3.53 | [1] | $ 9.51 | [1] | $ (0.12) | [1] | $ (1.42) | [1] | $ (0.12) | [1] | $ (0.50) | [1] | $ (6.21) | [1] | $ 14.80 | $ (8.07) | $ (9.29) | |
Diluted income (loss) per LP unit | $ 1.72 | [1] | $ 3.53 | [1] | $ 9.51 | [1] | $ (0.12) | [1] | $ (1.42) | [1] | $ (0.12) | [1] | $ (0.50) | [1] | $ (6.21) | [1] | $ 14.80 | $ (8.07) | $ (9.29) | |
[1] | The comparability of our quarterly financial data is affected by, among other things, (i) the performance of the Investment Funds, (ii) various acquisitions, primarily the acquisition of Pep Boys during the first quarter of 2016, (iii) certain dispositions of assets, primarily during the second and fourth quarters of 2017, (iv) impairment charges and (v) the enactment of U.S. tax law changes in the fourth quarter of 2017. |
Schedule I Condensed Financial
Schedule I Condensed Financial Information of Parent - Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Cash and cash equivalents | $ 1,682 | $ 1,833 | $ 2,078 | $ 2,908 |
Other assets | 1,264 | 1,039 | ||
Total Assets | 31,801 | 33,371 | ||
Accrued expenses and other liabilities | 1,743 | 1,895 | ||
Debt | 11,185 | 11,119 | ||
Total liabilities | 20,433 | 25,354 | ||
Commitments and contingencies (Note 17) | ||||
Limited partners: Depositary units: 173,564,307 and 144,741,149 units issued and outstanding at December 31, 2017 and 2016, respectively | 5,341 | 2,448 | ||
General partner | (235) | (294) | ||
Total equity | 11,368 | 8,017 | 10,033 | 12,390 |
Total Liabilities and Equity | 31,801 | 33,371 | ||
Icahn Enterprises (Parent) | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Investments in subsidiaries, net | 10,737 | 7,750 | ||
Total Assets | 10,737 | 7,750 | ||
Accrued expenses and other liabilities | 124 | 106 | ||
Debt | 5,507 | 5,490 | ||
Total liabilities | 5,631 | 5,596 | ||
Commitments and contingencies (Note 17) | ||||
Limited partners: Depositary units: 173,564,307 and 144,741,149 units issued and outstanding at December 31, 2017 and 2016, respectively | 5,341 | 2,448 | ||
General partner | (235) | (294) | ||
Total equity | 5,106 | 2,154 | ||
Total Liabilities and Equity | 10,737 | 7,750 | ||
Icahn Enterprises Holdings (Parent) | ||||
Cash and cash equivalents | 241 | 65 | $ 51 | $ 388 |
Other assets | 85 | 94 | ||
Investments in subsidiaries, net | 10,467 | 7,642 | ||
Total Assets | 10,793 | 7,801 | ||
Accrued expenses and other liabilities | 128 | 105 | ||
Debt | 5,532 | 5,517 | ||
Total liabilities | 5,660 | 5,622 | ||
Commitments and contingencies (Note 17) | ||||
Limited partners: Depositary units: 173,564,307 and 144,741,149 units issued and outstanding at December 31, 2017 and 2016, respectively | 5,420 | 2,496 | ||
General partner | (287) | (317) | ||
Total equity | 5,133 | 2,179 | ||
Total Liabilities and Equity | $ 10,793 | $ 7,801 |
Schedule I (Parentheticals) (De
Schedule I (Parentheticals) (Details) - shares | Dec. 31, 2017 | Dec. 31, 2016 |
Limited partners: Depositary units issued | 173,564,307 | 144,741,149 |
Limited partners: Depositary units outstanding | 173,564,307 | 144,741,149 |
Icahn Enterprises (Parent) | ||
Limited partners: Depositary units issued | 173,564,307 | 144,741,149 |
Limited partners: Depositary units outstanding | 173,564,307 | 144,741,149 |
Schedule I Condensed Financia94
Schedule I Condensed Financial Information of Parent - Statements of Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2017 | [1] | Sep. 30, 2017 | [1] | Jun. 30, 2017 | [1] | Mar. 31, 2017 | [1] | Dec. 31, 2016 | [1] | Sep. 30, 2016 | [1] | Jun. 30, 2016 | [1] | Mar. 31, 2016 | [1] | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Interest and dividend income | $ 136 | $ 131 | $ 194 | ||||||||||||||||
Other income, net | 8 | 107 | 35 | ||||||||||||||||
Total revenues | $ 4,733 | $ 5,680 | $ 6,654 | $ 4,677 | $ 3,972 | $ 4,899 | $ 4,350 | $ 3,127 | 21,744 | 16,348 | 15,272 | ||||||||
Interest expense | 843 | 878 | 1,154 | ||||||||||||||||
Selling, general and administrative | 2,565 | 2,342 | 1,908 | ||||||||||||||||
Total Expenses | 19,591 | 18,532 | 17,331 | ||||||||||||||||
Net income (loss) | $ 197 | $ 829 | $ 1,725 | $ (160) | $ (564) | $ 238 | $ (285) | $ (1,609) | 2,591 | (2,220) | (2,127) | ||||||||
Limited partners | 2,382 | (1,106) | (1,170) | ||||||||||||||||
General partner | 48 | (22) | (24) | ||||||||||||||||
Icahn Enterprises (Parent) | |||||||||||||||||||
Loss on extinguishment of debt | (12) | 0 | 0 | ||||||||||||||||
Equity in earnings (loss) of subsidiaries | 2,765 | (839) | (905) | ||||||||||||||||
Interest expense | (323) | (289) | (289) | ||||||||||||||||
Net income (loss) | 2,430 | (1,128) | (1,194) | ||||||||||||||||
Limited partners | 2,382 | (1,106) | (1,170) | ||||||||||||||||
General partner | 48 | (22) | (24) | ||||||||||||||||
Icahn Enterprises Holdings (Parent) | |||||||||||||||||||
Interest and dividend income | 2 | 1 | 0 | ||||||||||||||||
Loss on extinguishment of debt | (1) | 0 | 0 | ||||||||||||||||
Equity in earnings (loss) of subsidiaries | 2,739 | (818) | (903) | ||||||||||||||||
Other income, net | 41 | 8 | 28 | ||||||||||||||||
Total revenues | 2,781 | (809) | (875) | ||||||||||||||||
Interest expense | 324 | 290 | 291 | ||||||||||||||||
Selling, general and administrative | 25 | 28 | 27 | ||||||||||||||||
Total Expenses | 349 | 318 | 318 | ||||||||||||||||
Net income (loss) | 2,432 | (1,127) | (1,193) | ||||||||||||||||
Limited partners | 2,408 | (1,116) | (1,181) | ||||||||||||||||
General partner | $ 24 | $ (11) | $ (12) | ||||||||||||||||
[1] | The comparability of our quarterly financial data is affected by, among other things, (i) the performance of the Investment Funds, (ii) various acquisitions, primarily the acquisition of Pep Boys during the first quarter of 2016, (iii) certain dispositions of assets, primarily during the second and fourth quarters of 2017, (iv) impairment charges and (v) the enactment of U.S. tax law changes in the fourth quarter of 2017. |
Schedule I Condensed Financia95
Schedule I Condensed Financial Information of Parent - Statements of Cash Flows (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | [1] | Jun. 30, 2017 | [1] | Mar. 31, 2017 | [1] | Dec. 31, 2016 | Sep. 30, 2016 | [1] | Jun. 30, 2016 | [1] | Mar. 31, 2016 | [1] | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Net income (loss) | $ 197 | [1] | $ 829 | $ 1,725 | $ (160) | $ (564) | [1] | $ 238 | $ (285) | $ (1,609) | $ 2,591 | $ (2,220) | $ (2,127) | |||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||||||||||
Depreciation and amortization | 1,017 | 1,034 | 863 | |||||||||||||||||
Other, net | 48 | 86 | 49 | |||||||||||||||||
Net cash used in operating activities | (1,436) | 1,655 | 748 | |||||||||||||||||
Purchase of investments | 82 | 100 | 345 | |||||||||||||||||
Other, net | 29 | 81 | 84 | |||||||||||||||||
Net cash provided by investing activities | 414 | (1,854) | (2,385) | |||||||||||||||||
Partnership distributions | (81) | (103) | (116) | |||||||||||||||||
Partnership contributions | 612 | 1 | 0 | |||||||||||||||||
Proceeds from other borrowings | 2,752 | 2,199 | 1,972 | |||||||||||||||||
Repayments of borrowings | (3,035) | (2,352) | (972) | |||||||||||||||||
Net cash provided by (used in) financing activities | 743 | 87 | 826 | |||||||||||||||||
Net change in cash and cash equivalents | (151) | (245) | (830) | |||||||||||||||||
Cash and cash equivalents | 1,682 | 1,833 | 1,682 | 1,833 | 2,078 | $ 2,908 | ||||||||||||||
Icahn Enterprises (Parent) | ||||||||||||||||||||
Net income (loss) | 2,430 | (1,128) | (1,194) | |||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||||||||||
Amortization of deferred financing costs | 1 | 1 | 1 | |||||||||||||||||
Loss on extinguishment of debt | 2 | 0 | 0 | |||||||||||||||||
Equity in (income) loss of subsidiary | (2,765) | 839 | 905 | |||||||||||||||||
Net cash used in operating activities | (332) | (288) | (288) | |||||||||||||||||
Net investment in subsidiaries | (204) | 390 | 404 | |||||||||||||||||
Net cash provided by investing activities | (204) | 390 | 404 | |||||||||||||||||
Partnership distributions | (81) | (103) | (116) | |||||||||||||||||
Partnership contributions | 606 | 1 | 0 | |||||||||||||||||
Proceeds from other borrowings | 2,470 | 0 | 0 | |||||||||||||||||
Repayments of borrowings | (2,450) | 0 | 0 | |||||||||||||||||
Debt issuance costs | (9) | 0 | 0 | |||||||||||||||||
Net cash provided by (used in) financing activities | 536 | (102) | (116) | |||||||||||||||||
Net change in cash and cash equivalents | 0 | 0 | 0 | |||||||||||||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Icahn Enterprises Holdings (Parent) | ||||||||||||||||||||
Net income (loss) | 2,432 | (1,127) | (1,193) | |||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||||||||||
Loss on extinguishment of debt | 1 | 0 | 0 | |||||||||||||||||
Equity in (income) loss of subsidiary | (2,739) | 818 | 903 | |||||||||||||||||
Depreciation and amortization | 3 | 3 | 2 | |||||||||||||||||
Other, net | (39) | 7 | (16) | |||||||||||||||||
Change in operating assets and liabilities | 18 | (6) | (4) | |||||||||||||||||
Net cash used in operating activities | (324) | (305) | (308) | |||||||||||||||||
Net investment in subsidiaries | 509 | 421 | 155 | |||||||||||||||||
Purchase of investments | 0 | 0 | (96) | |||||||||||||||||
Other, net | 53 | 0 | 28 | |||||||||||||||||
Net cash provided by investing activities | 562 | 421 | 87 | |||||||||||||||||
Partnership distributions | (81) | (103) | (116) | |||||||||||||||||
Partnership contributions | 6 | 1 | 0 | |||||||||||||||||
Proceeds from other borrowings | 2,470 | 0 | 0 | |||||||||||||||||
Repayments of borrowings | (2,450) | 0 | 0 | |||||||||||||||||
Debt issuance costs | (7) | 0 | 0 | |||||||||||||||||
Net cash provided by (used in) financing activities | (62) | (102) | (116) | |||||||||||||||||
Net change in cash and cash equivalents | 176 | 14 | (337) | |||||||||||||||||
Cash and cash equivalents | $ 241 | $ 65 | $ 241 | $ 65 | $ 51 | $ 388 | ||||||||||||||
[1] | The comparability of our quarterly financial data is affected by, among other things, (i) the performance of the Investment Funds, (ii) various acquisitions, primarily the acquisition of Pep Boys during the first quarter of 2016, (iii) certain dispositions of assets, primarily during the second and fourth quarters of 2017, (iv) impairment charges and (v) the enactment of U.S. tax law changes in the fourth quarter of 2017. |
Schedule I Condensed Financia96
Schedule I Condensed Financial Information of Parent - Footnote (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Debt | $ 11,185 | $ 11,119 | |
Icahn Enterprises Holdings (Parent) | |||
Affiliate ownership interest | 99.00% | ||
Debt | $ 5,532 | 5,517 | |
Aggregate cash dividends (received from) paid to Parent by consolidated subsidiaries | 509 | 421 | $ 155 |
Icahn Enterprises (Parent) | |||
Debt | 5,507 | 5,490 | |
Aggregate cash dividends (received from) paid to Parent by consolidated subsidiaries | (204) | 390 | $ 404 |
3.500% senior unsecured notes due 2017 | Icahn Enterprises Holdings (Parent) | |||
Debt | 0 | 1,174 | |
3.500% senior unsecured notes due 2017 | Icahn Enterprises (Parent) | |||
Debt | 0 | 1,174 | |
4.875% senior unsecured notes due 2019 | Icahn Enterprises Holdings (Parent) | |||
Debt | 0 | 1,272 | |
4.875% senior unsecured notes due 2019 | Icahn Enterprises (Parent) | |||
Debt | 0 | 1,271 | |
6.000% senior unsecured notes due 2020 | Icahn Enterprises Holdings (Parent) | |||
Debt | 1,704 | 1,706 | |
6.000% senior unsecured notes due 2020 | Icahn Enterprises (Parent) | |||
Debt | 1,703 | 1,705 | |
5.875% senior unsecured notes due 2022 | Icahn Enterprises Holdings (Parent) | |||
Debt | 1,343 | 1,341 | |
5.875% senior unsecured notes due 2022 | Icahn Enterprises (Parent) | |||
Debt | 1,342 | 1,340 | |
6.250% senior unsecured notes due 2022 | Icahn Enterprises Holdings (Parent) | |||
Debt | 1,217 | 0 | |
6.250% senior unsecured notes due 2022 | Icahn Enterprises (Parent) | |||
Debt | 1,216 | 0 | |
6.750% senior unsecured notes due 2024 | Icahn Enterprises Holdings (Parent) | |||
Debt | 499 | 0 | |
6.750% senior unsecured notes due 2024 | Icahn Enterprises (Parent) | |||
Debt | 498 | 0 | |
6.375% senior unsecured notes due 2025 | Icahn Enterprises Holdings (Parent) | |||
Debt | 749 | 0 | |
6.375% senior unsecured notes due 2025 | Icahn Enterprises (Parent) | |||
Debt | 748 | 0 | |
Mortgages payable | Icahn Enterprises Holdings (Parent) | |||
Debt | $ 20 | $ 24 | |
Icahn Enterprises G.P. | |||
General partner ownership percentage in Icahn Enterprises | 1.00% | ||
Aggregate general partner ownership interest of parent and operating subsidiary | 1.99% | ||
Icahn Enterprises G.P. | Icahn Enterprises Holdings (Parent) | |||
General partner ownership percentage in Icahn Enterprises | 1.00% | ||
Icahn Enterprises G.P. | Icahn Enterprises (Parent) | |||
General partner ownership percentage in Icahn Enterprises | 1.00% | ||
Aggregate general partner ownership interest of parent and operating subsidiary | 1.99% |