Document and Entity Information
Document and Entity Information Document - shares | 9 Months Ended | |
Sep. 30, 2018 | Nov. 08, 2018 | |
Entity Information [Line Items] | ||
Entity Registrant Name | ICAHN ENTERPRISES L.P. | |
Trading Symbol | IEP | |
Entity Central Index Key | 813,762 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 186,650,073 | |
Entity Current Reporting Status | Yes | |
Icahn Enterprises Holdings | ||
Entity Information [Line Items] | ||
Entity Registrant Name | ICAHN ENTERPRISES HOLDINGS L.P. | |
Entity Central Index Key | 1,034,563 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 0 | |
Entity Current Reporting Status | Yes |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
ASSETS | ||
Cash and cash equivalents | $ 1,053 | $ 1,264 |
Cash held at consolidated affiliated partnerships and restricted cash | 801 | 766 |
Investments | 9,332 | 10,038 |
Due from brokers | 338 | 506 |
Accounts receivable, net | 700 | 612 |
Inventories, net | 1,961 | 1,805 |
Property, plant and equipment, net | 6,179 | 6,364 |
Goodwill | 336 | 334 |
Intangible assets, net | 513 | 544 |
Assets held for sale | 8,891 | 8,790 |
Other assets | 871 | 778 |
Total Assets | 30,975 | 31,801 |
LIABILITIES AND EQUITY | ||
Accounts payable | 1,025 | 1,001 |
Accrued expenses and other liabilities | 1,069 | 1,033 |
Deferred tax liability | 787 | 924 |
Unrealized loss on derivative contracts | 985 | 1,275 |
Securities sold, not yet purchased, at fair value | 625 | 1,023 |
Due to brokers | 243 | 1,057 |
Liabilities held for sale | 5,998 | 6,202 |
Debt | 7,907 | 7,918 |
Total liabilities | 18,639 | 20,433 |
Commitments and contingencies (Note 16) | ||
Equity: | ||
Limited partners: Depositary units: 186,650,073 units issued and outstanding at September 30, 2018 and 173,564,307 units issued and outstanding at December 31, 2017 | 5,837 | 5,341 |
General partner | (225) | (235) |
Equity attributable to Icahn Enterprises | 5,612 | 5,106 |
Equity attributable to non-controlling interests | 6,724 | 6,262 |
Total equity | 12,336 | 11,368 |
Total Liabilities and Equity | 30,975 | 31,801 |
Icahn Enterprises Holdings | ||
ASSETS | ||
Cash and cash equivalents | 1,053 | 1,264 |
Cash held at consolidated affiliated partnerships and restricted cash | 801 | 766 |
Investments | 9,332 | 10,038 |
Due from brokers | 338 | 506 |
Accounts receivable, net | 700 | 612 |
Inventories, net | 1,961 | 1,805 |
Property, plant and equipment, net | 6,179 | 6,364 |
Goodwill | 336 | 334 |
Intangible assets, net | 513 | 544 |
Assets held for sale | 8,891 | 8,790 |
Other assets | 903 | 810 |
Total Assets | 31,007 | 31,833 |
LIABILITIES AND EQUITY | ||
Accounts payable | 1,025 | 1,001 |
Accrued expenses and other liabilities | 1,069 | 1,033 |
Deferred tax liability | 787 | 924 |
Unrealized loss on derivative contracts | 985 | 1,275 |
Securities sold, not yet purchased, at fair value | 625 | 1,023 |
Due to brokers | 243 | 1,057 |
Liabilities held for sale | 5,998 | 6,202 |
Debt | 7,911 | 7,923 |
Total liabilities | 18,643 | 20,438 |
Commitments and contingencies (Note 16) | ||
Equity: | ||
Limited partners: Depositary units: 186,650,073 units issued and outstanding at September 30, 2018 and 173,564,307 units issued and outstanding at December 31, 2017 | 5,922 | 5,420 |
General partner | (282) | (287) |
Equity attributable to Icahn Enterprises | 5,640 | 5,133 |
Equity attributable to non-controlling interests | 6,724 | 6,262 |
Total equity | 12,364 | 11,395 |
Total Liabilities and Equity | $ 31,007 | $ 31,833 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parentheticals) - shares | Sep. 30, 2018 | Dec. 31, 2017 |
Equity: | ||
Limited partners: Depositary units issued | 186,650,073 | 173,564,307 |
Limited partners: Depositary units outstanding | 186,650,073 | 173,564,307 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenues: | ||||
Net sales | $ 2,864 | $ 2,404 | $ 8,220 | $ 7,107 |
Other revenues from operations | 217 | 181 | 632 | 705 |
Net (loss) gain from investment activities | (514) | 420 | 328 | 604 |
Interest and dividend income | 36 | 34 | 99 | 94 |
Gain on disposition of assets, net | 65 | 446 | 65 | 1,969 |
Other income (loss), net | 17 | 19 | 83 | (11) |
Total Revenues | 2,685 | 3,504 | 9,427 | 10,468 |
Expenses: | ||||
Cost of goods sold | 2,406 | 2,054 | 7,007 | 6,174 |
Other expenses from operations | 173 | 144 | 490 | 469 |
Selling, general and administrative | 340 | 323 | 1,042 | 945 |
Restructuring, net | 17 | 1 | 20 | 3 |
Impairment | 0 | 0 | 7 | 76 |
Interest expense | 130 | 164 | 407 | 525 |
Total Expenses | 3,066 | 2,686 | 8,973 | 8,192 |
(Loss) income from continuing operations before income tax benefit (expense) | (381) | 818 | 454 | 2,276 |
Income tax benefit (expense) | 71 | (18) | 57 | (13) |
(Loss) income from continuing operations | (310) | 800 | 511 | 2,263 |
Income from discontinued operations | 163 | 29 | 353 | 131 |
Net (loss) income | (147) | 829 | 864 | 2,394 |
Less: net (loss) income attributable to non-controlling interests | (273) | 232 | 292 | 262 |
Net income attributable to Icahn Enterprises | 126 | 597 | 572 | 2,132 |
Net income attributable to Icahn Enterprises allocable to: | ||||
Net (loss) income attributable to Icahn Enterprises from continuing operations | (29) | 577 | 243 | 2,027 |
Income from discontinued operations attributable to Icahn Enterprises | 155 | 20 | 329 | 105 |
Limited partners | 124 | 586 | 561 | 2,090 |
General partner | 2 | 11 | 11 | 42 |
Net income attributable to Icahn Enterprises | $ 126 | $ 597 | $ 572 | $ 2,132 |
Basic income (loss) per LP unit | ||||
Basic income from continuing operations per LP unit | $ (0.16) | $ 3.41 | $ 1.34 | $ 12.58 |
Basic income from discontinued operations per LP unit | 0.84 | 0.12 | 1.81 | 0.65 |
Basic income (loss) per LP unit | $ 0.68 | $ 3.53 | $ 3.15 | $ 13.23 |
Basic weighted average LP units outstanding | 183 | 166 | 178 | 158 |
Diluted income (loss) per LP unit | ||||
Diluted income from continuing operations per LP unit | $ (0.16) | $ 3.41 | $ 1.34 | $ 12.58 |
Diluted income from discontinued operations per LP unit | 0.84 | 0.12 | 1.81 | 0.65 |
Diluted income (loss) per LP unit | $ 0.68 | $ 3.53 | $ 3.15 | $ 13.23 |
Diluted weighted average LP units outstanding | 183 | 160 | 178 | 154 |
Cash distributions declared per LP unit | $ 1.75 | $ 1.50 | $ 5.25 | $ 4.50 |
Icahn Enterprises Holdings | ||||
Revenues: | ||||
Net sales | $ 2,864 | $ 2,404 | $ 8,220 | $ 7,107 |
Other revenues from operations | 217 | 181 | 632 | 705 |
Net (loss) gain from investment activities | (514) | 420 | 328 | 604 |
Interest and dividend income | 36 | 34 | 99 | 94 |
Gain on disposition of assets, net | 65 | 446 | 65 | 1,969 |
Other income (loss), net | 17 | 19 | 83 | (11) |
Total Revenues | 2,685 | 3,504 | 9,427 | 10,468 |
Expenses: | ||||
Cost of goods sold | 2,406 | 2,054 | 7,007 | 6,174 |
Other expenses from operations | 173 | 144 | 490 | 469 |
Selling, general and administrative | 340 | 323 | 1,042 | 945 |
Restructuring, net | 17 | 1 | 20 | 3 |
Impairment | 0 | 0 | 7 | 76 |
Interest expense | 130 | 164 | 406 | 524 |
Total Expenses | 3,066 | 2,686 | 8,972 | 8,191 |
(Loss) income from continuing operations before income tax benefit (expense) | (381) | 818 | 455 | 2,277 |
Income tax benefit (expense) | 71 | (18) | 57 | (13) |
(Loss) income from continuing operations | (310) | 800 | 512 | 2,264 |
Income from discontinued operations | 163 | 29 | 353 | 131 |
Net (loss) income | (147) | 829 | 865 | 2,395 |
Less: net (loss) income attributable to non-controlling interests | (273) | 232 | 292 | 262 |
Net income attributable to Icahn Enterprises | 126 | 597 | 573 | 2,133 |
Net income attributable to Icahn Enterprises allocable to: | ||||
Net (loss) income attributable to Icahn Enterprises from continuing operations | (29) | 577 | 244 | 2,028 |
Income from discontinued operations attributable to Icahn Enterprises | 155 | 20 | 329 | 105 |
Limited partners | 124 | 591 | 567 | 2,112 |
General partner | 2 | 6 | 6 | 21 |
Net income attributable to Icahn Enterprises | $ 126 | $ 597 | $ 573 | $ 2,133 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Net (loss) income | $ (147) | $ 829 | $ 864 | $ 2,394 |
Other comprehensive (loss) income, net of tax: | ||||
Post-retirement benefits | 4 | 7 | 21 | 17 |
Hedge instruments | (1) | (4) | (3) | (1) |
Translation adjustments and other | (11) | (1) | (86) | 107 |
Other comprehensive (loss) income, net of tax | (8) | 2 | (68) | 123 |
Comprehensive (loss) income | (155) | 831 | 796 | 2,517 |
Less: Comprehensive (loss) income attributable to non-controlling interests | (275) | 235 | 284 | 274 |
Comprehensive income attributable to Icahn Enterprises | 120 | 596 | 512 | 2,243 |
Limited partners | ||||
Net (loss) income | 561 | 2,090 | ||
Other comprehensive (loss) income, net of tax: | ||||
Other comprehensive (loss) income, net of tax | (59) | 108 | ||
Comprehensive income attributable to Icahn Enterprises | 118 | 584 | 502 | 2,198 |
General partner | ||||
Net (loss) income | 11 | 42 | ||
Other comprehensive (loss) income, net of tax: | ||||
Other comprehensive (loss) income, net of tax | (1) | 3 | ||
Comprehensive income attributable to Icahn Enterprises | 2 | 12 | 10 | 45 |
Icahn Enterprises Holdings | ||||
Net (loss) income | (147) | 829 | 865 | 2,395 |
Other comprehensive (loss) income, net of tax: | ||||
Post-retirement benefits | 4 | 7 | 21 | 17 |
Hedge instruments | (1) | (4) | (3) | (1) |
Translation adjustments and other | (11) | (1) | (86) | 107 |
Other comprehensive (loss) income, net of tax | (8) | 2 | (68) | 123 |
Comprehensive (loss) income | (155) | 831 | 797 | 2,518 |
Less: Comprehensive (loss) income attributable to non-controlling interests | (275) | 235 | 284 | 274 |
Comprehensive income attributable to Icahn Enterprises | 120 | 596 | 513 | 2,244 |
Icahn Enterprises Holdings | Limited partners | ||||
Net (loss) income | 567 | 2,112 | ||
Other comprehensive (loss) income, net of tax: | ||||
Other comprehensive (loss) income, net of tax | (59) | 110 | ||
Comprehensive income attributable to Icahn Enterprises | 119 | 590 | 508 | 2,222 |
Icahn Enterprises Holdings | General partner | ||||
Net (loss) income | 6 | 21 | ||
Other comprehensive (loss) income, net of tax: | ||||
Other comprehensive (loss) income, net of tax | (1) | 1 | ||
Comprehensive income attributable to Icahn Enterprises | $ 1 | $ 6 | $ 5 | $ 22 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Accumulated other comprehensive loss | $ 1,479 | $ 1,411 |
Icahn Enterprises Holdings | ||
Accumulated other comprehensive loss | $ 1,479 | $ 1,411 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Millions | Total | Icahn Enterprises Holdings | General partner | General partnerIcahn Enterprises Holdings | Limited partners | Limited partnersIcahn Enterprises Holdings | Total Partners' Equity | Total Partners' EquityIcahn Enterprises Holdings | Non-controlling Interests | Non-controlling InterestsIcahn Enterprises Holdings |
Equity at Dec. 31, 2016 | $ 8,017 | $ 8,042 | $ (294) | $ (317) | $ 2,448 | $ 2,496 | $ 2,154 | $ 2,179 | $ 5,863 | $ 5,863 |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||
Net income | 2,394 | 2,395 | 42 | 21 | 2,090 | 2,112 | 2,132 | 2,133 | 262 | 262 |
Other comprehensive loss | 123 | 123 | 3 | 1 | 108 | 110 | 111 | 111 | 12 | 12 |
Partnership distributions | (61) | (61) | (1) | (1) | (60) | (60) | (61) | (61) | 0 | 0 |
Partnership contributions | 612 | 612 | 12 | 6 | 600 | 606 | 612 | 612 | 0 | 0 |
Investment segment contributions | 600 | 600 | 0 | 0 | 0 | 0 | 0 | 0 | 600 | 600 |
Dividends and distributions to non-controlling interests in subsidiaries | (38) | (38) | 0 | 0 | 0 | 0 | 0 | 0 | (38) | (38) |
Cumulative effect adjustment from adoption of accounting principle | (47) | (47) | (1) | 0 | (46) | (47) | (47) | (47) | 0 | 0 |
Changes in subsidiary equity and other | (402) | (402) | (3) | (1) | (114) | (116) | (117) | (117) | (285) | (285) |
Equity at Sep. 30, 2017 | 11,198 | 11,224 | (242) | (291) | 5,026 | 5,101 | 4,784 | 4,810 | 6,414 | 6,414 |
Equity at Dec. 31, 2017 | 11,368 | 11,395 | (235) | (287) | 5,341 | 5,420 | 5,106 | 5,133 | 6,262 | 6,262 |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||
Net income | 864 | 865 | 11 | 6 | 561 | 567 | 572 | 573 | 292 | 292 |
Other comprehensive loss | (68) | (68) | (1) | (1) | (59) | (59) | (60) | (60) | (8) | (8) |
Partnership distributions | (73) | (73) | (2) | (1) | (71) | (72) | (73) | (73) | 0 | 0 |
Investment segment contributions | 280 | 280 | 0 | 0 | 0 | 0 | 0 | 0 | 280 | 280 |
Dividends and distributions to non-controlling interests in subsidiaries | (109) | (109) | 0 | 0 | 0 | 0 | 0 | 0 | (109) | (109) |
Cumulative effect adjustment from adoption of accounting principle | (29) | (29) | (1) | 0 | (28) | (29) | (29) | (29) | 0 | 0 |
Changes in subsidiary equity and other | 103 | 103 | 3 | 1 | 93 | 95 | 96 | 96 | 7 | 7 |
Equity at Sep. 30, 2018 | $ 12,336 | $ 12,364 | $ (225) | $ (282) | $ 5,837 | $ 5,922 | $ 5,612 | $ 5,640 | $ 6,724 | $ 6,724 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Cash flows from operating activities: | ||
Net (loss) income | $ 864 | $ 2,394 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Income from discontinued operations | (353) | (131) |
Net gain from securities transactions | (858) | (1,852) |
Purchases of securities | (3,911) | (704) |
Proceeds from sales of securities | 5,538 | 2,292 |
Purchases to cover securities sold, not yet purchased | (1,390) | (692) |
Proceeds from securities sold, not yet purchased | 949 | 1,222 |
Changes in receivables and payables relating to securities transactions | (609) | (2,702) |
Gain on disposition of assets, net | (65) | (1,969) |
Depreciation and amortization | 389 | 406 |
Impairment | 7 | 76 |
Deferred taxes | (65) | (9) |
Other, net | 39 | 5 |
Changes in operating assets and liabilities | (554) | 340 |
Net cash used in operating activities from continuing operations | (19) | (1,324) |
Net cash provided by operating activities from discontinued operations | 345 | 410 |
Net cash provided by (used in) operating activities | 326 | (914) |
Cash flows from investing activities: | ||
Capital expenditures | (276) | (333) |
Acquisition of businesses, net of cash acquired | (13) | (105) |
Purchase of additional interests in consolidated subsidiaries | 0 | (349) |
Proceeds from disposition of assets | 160 | 1,405 |
Other, net | (20) | 14 |
Net cash (used in) provided by investing activities from continuing operations | (149) | 632 |
Net cash used in investing activities from discontinued operations | (318) | (298) |
Net cash (used in) provided by investing activities | (467) | 334 |
Cash flows from financing activities: | ||
Investment segment contributions from non-controlling interests | 280 | 600 |
Partnership contributions | 0 | 612 |
Partnership distributions | (73) | (61) |
Proceeds from offering of subsidiary equity | 6 | 0 |
Dividends and distributions to non-controlling interests in subsidiaries | (104) | (34) |
Proceeds from Holding Company senior unsecured notes | 0 | 1,195 |
Repayments of Holding Company senior unsecured notes | 0 | (1,175) |
Proceeds from subsidiary borrowings | 1,003 | 843 |
Repayments of subsidiary borrowings | (1,065) | (933) |
Other, net | 6 | 2 |
Net cash provided by financing activities from continuing operations | 53 | 1,049 |
Net cash used in financing activities from discontinued operations | (131) | (191) |
Net cash (used in) provided by financing activities | (78) | 858 |
Effect of exchange rate changes on cash and cash equivalents and restricted cash and restricted cash equivalents | (1) | 2 |
Add back decrease in cash of assets held for sale | 44 | 232 |
Net (decrease) increase in cash and cash equivalents and restricted cash and restricted cash equivalents | (176) | 512 |
Cash and cash equivalents and restricted cash and restricted cash equivalents, beginning of period | 2,030 | 2,097 |
Cash and cash equivalents and restricted cash and restricted cash equivalents, end of period | 1,854 | 2,609 |
Icahn Enterprises Holdings | ||
Cash flows from operating activities: | ||
Net (loss) income | 865 | 2,395 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Income from discontinued operations | (353) | (131) |
Net gain from securities transactions | (858) | (1,852) |
Purchases of securities | (3,911) | (704) |
Proceeds from sales of securities | 5,538 | 2,292 |
Purchases to cover securities sold, not yet purchased | (1,390) | (692) |
Proceeds from securities sold, not yet purchased | 949 | 1,222 |
Changes in receivables and payables relating to securities transactions | (609) | (2,702) |
Gain on disposition of assets, net | (65) | (1,969) |
Depreciation and amortization | 388 | 405 |
Impairment | 7 | 76 |
Deferred taxes | (65) | (9) |
Other, net | 39 | 5 |
Changes in operating assets and liabilities | (554) | 340 |
Net cash used in operating activities from continuing operations | (19) | (1,324) |
Net cash provided by operating activities from discontinued operations | 345 | 410 |
Net cash provided by (used in) operating activities | 326 | (914) |
Cash flows from investing activities: | ||
Capital expenditures | (276) | (333) |
Acquisition of businesses, net of cash acquired | (13) | (105) |
Purchase of additional interests in consolidated subsidiaries | 0 | (349) |
Proceeds from disposition of assets | 160 | 1,405 |
Other, net | (20) | 14 |
Net cash (used in) provided by investing activities from continuing operations | (149) | 632 |
Net cash used in investing activities from discontinued operations | (318) | (298) |
Net cash (used in) provided by investing activities | (467) | 334 |
Cash flows from financing activities: | ||
Investment segment contributions from non-controlling interests | 280 | 600 |
Partnership contributions | 0 | 612 |
Partnership distributions | (73) | (61) |
Proceeds from offering of subsidiary equity | 6 | 0 |
Dividends and distributions to non-controlling interests in subsidiaries | (104) | (34) |
Proceeds from Holding Company senior unsecured notes | 0 | 1,195 |
Repayments of Holding Company senior unsecured notes | 0 | (1,175) |
Proceeds from subsidiary borrowings | 1,003 | 843 |
Repayments of subsidiary borrowings | (1,065) | (933) |
Other, net | 6 | 2 |
Net cash provided by financing activities from continuing operations | 53 | 1,049 |
Net cash used in financing activities from discontinued operations | (131) | (191) |
Net cash (used in) provided by financing activities | (78) | 858 |
Effect of exchange rate changes on cash and cash equivalents and restricted cash and restricted cash equivalents | (1) | 2 |
Add back decrease in cash of assets held for sale | 44 | 232 |
Net (decrease) increase in cash and cash equivalents and restricted cash and restricted cash equivalents | (176) | 512 |
Cash and cash equivalents and restricted cash and restricted cash equivalents, beginning of period | 2,030 | 2,097 |
Cash and cash equivalents and restricted cash and restricted cash equivalents, end of period | $ 1,854 | $ 2,609 |
Description of Business
Description of Business | 9 Months Ended |
Sep. 30, 2018 | |
Description of Business [Abstract] | |
Description of Business | Description of Business . Overview Icahn Enterprises L.P. ("Icahn Enterprises") owns a 99% limited partner interest in Icahn Enterprises Holdings L.P. ("Icahn Enterprises Holdings"). Icahn Enterprises G.P. Inc. ("Icahn Enterprises GP"), which is owned and controlled by Mr. Carl C. Icahn, owns a 1% general partner interest in each of Icahn Enterprises and Icahn Enterprises Holdings as of September 30, 2018 . Icahn Enterprises Holdings and its subsidiaries own substantially all of the assets and liabilities of Icahn Enterprises and conduct substantially all of its operations. Therefore, the financial results of Icahn Enterprises and Icahn Enterprises Holdings are substantially the same, with differences relating primarily to allocations of the general partner interest, which is reflected as an aggregate 1.99% general partner interest in the financial statements of Icahn Enterprises, as well as due to the carrying amount of deferred financing costs related to our senior unsecured notes. In addition to the above, Mr. Icahn and his affiliates owned approximately 91.5% of Icahn Enterprises' outstanding depositary units as of September 30, 2018 . References to "we," "our" or "us" herein include both Icahn Enterprises and Icahn Enterprises Holdings and their subsidiaries, unless the context otherwise requires. Description of Continuing Operating Businesses We are a diversified holding company owning subsidiaries currently engaged in the following continuing operating businesses: Investment, Automotive, Energy, Railcar, 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 11 , " Segment Reporting ," for a reconciliation of each of our reporting segment's results of operations to our consolidated results. Certain additional information with respect to our segments is discussed below. Investment Our Investment segment is comprised of various private investment funds ("Investment Funds") in which we have general partner interests and through which we invest our proprietary capital. 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 $3.0 billion as of September 30, 2018 and December 31, 2017 , respectively. Automotive We conduct our Automotive segment through our wholly owned subsidiary Icahn Automotive Group LLC ("Icahn Automotive"). Icahn Automotive is engaged in the retail and wholesale distribution of automotive parts in the aftermarket as well as providing automotive repair and maintenance services to its customers. 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 a petroleum refiner and marketer of high value transportation fuels. CVR Partners produces and markets nitrogen fertilizers in the form of ammonia and urea ammonium nitrate. As of September 30, 2018 , CVR Energy owned 100% of each of the general partners of CVR Refining and CVR Partners and approximately 81% and 34% of the common units of CVR Refining and CVR Partners, respectively. On August 1, 2018, CVR Energy completed an exchange offer whereby CVR Refining's public unitholders tendered a total of 21,625,106 common units of CVR Refining in exchange for 13,699,549 shares of CVR Energy common stock. As of September 30, 2018 , we owned approximately 70.8% of the total outstanding common stock of CVR Energy. In addition, as of September 30, 2018 , we directly owned approximately 3.9% of the total outstanding common units of CVR Refining. Railcar We conduct our Railcar segment through our majority ownership in American Railcar Industries, Inc. ("ARI") and, prior to its sale on June 1, 2017, our wholly owned subsidiary American Railcar Leasing, LLC ("ARL"). As of September 30, 2018 , we owned approximately 62.2% of the total outstanding common stock of ARI. 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, railcar leasing and railcar services operations. ARI's manufacturing consists of railcar manufacturing and railcar and industrial component manufacturing. ARI's railcar leasing business consists of railcars built by ARI leased to third parties under operating leases. ARI's railcar services consist of railcar repair, engineering and field services. On October 22, 2018, we announced a definitive agreement to sell ARI to ITE Rail Fund L.P. ("ITE Rail") for $70.00 per share of ARI common stock. If this transaction is consummated, our share of the cash proceeds will be approximately $831 million . We expect the sale of ARI to close in the fourth quarter of 2018, subject to customary closing conditions. Under certain circumstances, ARI may be subject to a termination fee of $65 million or ITE Rail may be subject to a termination fee of $130 million . This transaction met all the criteria to be classified as held for sale on October 22, 2018 upon execution of the definitive agreement. On June 1, 2017, we closed on the initial sale of ARL. In connection with this sale, we received cash consideration of approximately $1.3 billion and reassigned the debt of ARL to the purchaser, resulting in a pretax gain on disposition of assets of approximately $1.5 billion during the nine months ended September 30, 2017 . Metals We conduct our Metals segment through our indirect wholly owned subsidiary PSC Metals LLC, f/k/a, PSC Metals, Inc. (“PSC Metals”). PSC Metals is principally engaged in the business of collecting, processing and selling ferrous and non-ferrous metals, as well as the processing and distribution of steel pipe and plate products. PSC Metals collects industrial and obsolete scrap metal, processes it into reusable forms and supplies the recycled metals to its customers . Mining We conduct our Mining segment through our majority ownership in Ferrous Resources Ltd. ("Ferrous Resources"). As of September 30, 2018 , we owned approximately 77.2% of the total outstanding common stock of Ferrous Resources. Ferrous Resources acquired certain rights to iron ore mineral resources in Brazil and develops mining operations and related infrastructure to produce and sell iron ore products to the global steel industry. Food Packaging We conduct our Food Packaging segment through our majority ownership in Viskase Companies, Inc. ("Viskase"). During January 2018, Viskase received $50 million in connection with its common stock rights offering. In connection with this rights offering, we fully exercised our subscription rights under our basic and over subscription privileges to purchase additional shares of Viskase common stock, thereby increasing our ownership of Viskase from 74.6% to 78.6% , for an aggregate additional investment of $44 million . Viskase is a producer of cellulosic, fibrous and plastic casings used to prepare and package processed meat products. Real Estate Our Real Estate operations consist primarily of rental real estate, property development and associated club activities. Our rental real estate operations consist primarily of office and industrial properties leased to single corporate tenants. Our property development operations are run primarily through a real estate investment, management and development subsidiary that focuses primarily on the construction and sale of single-family and multi-family homes, lots in subdivisions and planned communities, and raw land for residential development. Our property development locations also operate golf and club operations. In addition, our Real Estate operations also includes a hotel, timeshare and casino resort property in Aruba as well as the Trump Plaza Hotel and Casino in Atlantic City, which ceased operations in September 2014 prior to our obtaining control of the property. In August 2018, our Real Estate segment sold a commercial rental property for $139 million , resulting in a pretax gain on disposition of assets of $67 million . The proceeds from the sale were initially classified as restricted cash on our condensed consolidated balance sheet as of September 30, 2018 in connection with section 1031 of the Internal Revenue Code, as amended, however, such restriction was released in October 2018. 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). The seller financing receivables, plus accrued and unpaid interest receivable, are included in other assets on our condensed consolidated balance sheets. Such receivables were received in full in October 2018. 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. Description of Discontinued Operating Businesses As of September 30, 2018 , we also operated discontinued operations previously reported in our Automotive and former Gaming segments as discussed below. In addition, see Note 12 , " Discontinued Operations ," for additional information with respect to our discontinued operating businesses. Automotive Our discontinued Automotive operations consists of our wholly owned subsidiary, Federal-Mogul LLC ("Federal-Mogul"). During January 2017, we increased our ownership in Federal-Mogul from 82.0% to 100% for an aggregate purchase price of $305 million . On October 1, 2018, we closed on the previously announced sale of Federal-Mogul to Tenneco Inc. ("Tenneco"). In connection with the sale, we received $800 million in cash and approximately 29.5 million shares of Tenneco common stock, of which approximately 23.8 million shares are non-voting shares that will convert to voting shares if and when sold. The remaining approximately 5.7 million voting shares received by us represents approximately 9.9% of the aggregate voting interest in Tenneco. There are restrictions on how many shares of Tenneco common stock that can be sold by us within the first 150 days after the closing of the sale. The voting and non-voting shares of Tenneco common stock have the same economic value. As of October 1, 2018, the approximately 29.5 million voting and non-voting shares of Tenneco common stock had a fair value of approximately $1.2 billion , which our Holding Company will hold and record as a Level 1 investment measured at fair value on a recurring basis. In addition, Federal-Mogul's outstanding debt was assumed by Tenneco. Gaming Our discontinued Gaming operations consists of our majority ownership in Tropicana Entertainment Inc. ("Tropicana") and the Trump Taj Mahal Casino Resort ("Taj Mahal"). As of September 30, 2018 , we owned approximately 83.9% of the total outstanding common stock of Tropicana. In 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 . Taj Mahal closed in October 2016 and was subsequently sold on March 31, 2017. On October 1, 2018, Tropicana closed on the previously announced real estate sales and merger transaction for aggregate cash consideration, net of adjustments, of approximately $1.8 billion . The transaction did not include Tropicana Aruba Resort and Casino, which was retained by us and is now reported within our Real Estate segment. Our proportionate share of the cash proceeds, net of adjustments, was approximately $1.5 billion . Gain on Sales of Discontinued Operations As a result of the sales of Federal-Mogul and Tropicana described above, we will recognize aggregate pre-tax gains on the sales of discontinued operations of approximately $1.0 billion in the fourth quarter of 2018. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies (Notes) | 9 Months Ended |
Sep. 30, 2018 | |
Basis of Presentation and Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | Basis of Presentation and Summary of Significant Accounting Policies . We conduct and plan to continue to conduct our activities in such a manner as not to be deemed an investment company under the Investment Company Act of 1940, as amended (the “'40 Act”). Therefore, no more than 40% of our total assets can be invested in investment securities, as such term is defined in the '40 Act. In addition, we do not invest or intend to invest in securities as our primary business. We intend to structure our investments to continue to be taxed as a partnership rather than as a corporation under the applicable publicly traded partnership rules of the Internal Revenue Code, as amended. Events beyond our control, including significant appreciation or depreciation in the market value of certain of our publicly traded holdings or adverse developments with respect to our ownership of certain of our subsidiaries, could result in our inadvertently becoming an investment company that is required to register under the ’40 Act. Our recent sales of Federal-Mogul and Tropicana did not result in our being considered an investment company. However, additional transactions involving the sale of certain assets could result in our being considered an investment company. Following such events or transactions, an exemption under the '40 Act would provide us up to one year to take steps to avoid becoming classified as an investment company. We expect to take steps to avoid becoming classified as an investment company, but no assurance can be made that we will successfully be able to take the steps necessary to avoid becoming classified as an investment company. The accompanying condensed consolidated financial statements and related notes should be read in conjunction with our consolidated financial statements and related notes contained in our Annual Report on Form 10-K for the year ended December 31, 2017 . The condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) related to interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations. The financial information contained herein is unaudited; however, management believes all adjustments have been made that are necessary to present fairly the results for the interim periods. All such adjustments are of a normal and recurring nature. Principles of Consolidation As of September 30, 2018 , our condensed consolidated financial statements include the accounts of (i) Icahn Enterprises and Icahn Enterprises Holdings and (ii) the wholly and majority owned subsidiaries of Icahn Enterprises and Icahn Enterprises Holdings, in addition to variable interest entities ("VIEs") in which we are the primary beneficiary. In evaluating whether we have a controlling financial interest in entities that we consolidate, we consider the following: (1) for voting interest entities, including limited partnerships and similar entities that are not VIEs, we consolidate these entities in which we own a majority of the voting interests; and (2) for VIEs, we consolidate these entities in which we are the primary beneficiary. See below for a discussion of our VIEs. Kick-out rights, which are the rights underlying the limited partners' ability to dissolve the limited partnership or otherwise remove the general partners, held through voting interests of partnerships and similar entities that are not VIEs are considered the equivalent of the equity interests of corporations that are not VIEs. Except for our Investment segment, for equity investments in which we own 50% or less but greater than 20%, we generally account for such investments using the equity method. All other equity investments are accounted for at fair value. Discontinued Operations and Held For Sale In April 2018, we announced separate definitive agreements to sell Federal-Mogul and Tropicana, each of which are considered separate disposal groups. Each transaction met the criteria to be classified as discontinued operations in the second quarter of 2018. As a result, in accordance with U.S. GAAP, the assets and liabilities of each disposal group have been reclassified to held for sale and their respective results of operations have been reclassified to discontinued operations for all periods presented. Each disposal group is reported at the lesser of carrying value or fair value less cost to sell. Reclassifications In connection with our adoption of Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") No. 2016-18, Restricted Cash , as discussed below, our net cash used in operating activities for the nine months ended September 30, 2017 was increased by $195 million . In connection with our adoption of FASB ASU No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , as discussed below, we decreased our selling, general and administrative costs by $1 million and decreased other income, net by $1 million for the three months ended September 30, 2017 . For the nine months ended September 30, 2017 , we decreased our selling, general and administrative costs by $3 million and decreased other income, net by $3 million . In addition, certain other reclassifications from the prior year presentation have been made to conform to the current year presentation, which did not have an impact on previously reported net income and equity and are not deemed material. Consolidated Variable Interest Entities Icahn Enterprises Holdings We determined that Icahn Enterprises Holdings is a VIE because it lacks both substantive kick-out and participating rights. Icahn Enterprises is the primary beneficiary of Icahn Enterprises Holdings principally based on its 99% limited partner interest in Icahn Enterprises Holdings and therefore continues to consolidate Icahn Enterprises Holdings. The condensed consolidated financial statements of Icahn Enterprises Holdings are included in this Report. The balances with respect to Icahn Enterprises Holdings' consolidated VIEs are discussed below, comprising the Investment Funds, CVR Refining, 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 Viskase holds a variable interest in a joint venture for which Viskase is the primary beneficiary. Viskase's interest in the joint venture includes a 50% equity interest and also relates to the sales, operations, administrative and financial support to the joint venture through providing many of the assets used in its business. The following table includes balances of assets and liabilities of VIE's included in Icahn Enterprises Holdings' condensed consolidated balance sheets. September 30, 2018 December 31, 2017 (in millions) Cash and cash equivalents $ 460 $ 223 Cash held at consolidated affiliated partnerships and restricted cash 637 734 Investments 8,794 9,615 Due from brokers 338 506 Property, plant and equipment, net 3,034 3,191 Inventories, net 427 385 Intangible assets, net 283 298 Other assets 381 226 Accounts payable, accrued expenses and other liabilities 1,656 1,816 Securities sold, not yet purchased, at fair value 625 1,023 Due to brokers 243 1,057 Debt 1,168 1,166 Fair Value of Financial Instruments The carrying values of cash and cash equivalents, cash held at consolidated affiliated partnerships and restricted cash, accounts receivable, due from brokers, a ccounts payable, accrued expenses and other liabilities and due to brokers are deemed to be reasonable estimates of their fair values because of their short-term nature. See Note 4 , “ Investments and Related Matters ,” and Note 5 , “ Fair Value Measurements ,” for a detailed discussion of our investments and other non-financial assets and/or liabilities . The fair value of our long-term debt is based on the quoted market prices for the same or similar issues or on the current rates offered to us for debt of the same remaining maturities. The carrying value and estimated fair value of our long-term debt as of September 30, 2018 was approximately $7.9 billion and $8.1 billion , respectively. The carrying value and estimated fair value of our long-term debt as of December 31, 2017 was approximately $7.9 billion and $8.2 billion , respectively. Cash Flow Cash and cash equivalents and restricted cash and restricted cash equivalents on our condensed consolidated statements of cash flows is comprised of (i) cash and cash equivalents and (ii) cash held at consolidated affiliated partnerships and restricted cash. Cash Held at Consolidated Affiliated Partnerships and Restricted Cash Our cash held at consolidated affiliated partnerships balance was $64 million and $192 million as of September 30, 2018 and December 31, 2017 , respectively. C ash held at consolidated affiliated partnerships relates to our Investment segment and consists of cash and cash equivalents held by the Investment Funds that, although not legally restricted, is not available to fund the general liquidity needs of the Investment segment or Icahn Enterprises. Our restricted cash balance was $737 million and $574 million as of September 30, 2018 and December 31, 2017 , respectively. Restricted cash primarily relates to our Investment segment's cash pledged and held for margin requirements on derivative transactions. Revenue From Contracts With Customers and Contract Balances As discussed below, on January 1, 2018, we adopted FASB ASC Topic 606, Revenue from Contracts with Customers . Due to the nature of our business, we derive revenue from various sources in various industries. Investment segment and Holding Company revenues are not in scope of FASB ASC Topic 606. Railcar leasing and Real Estate leasing revenues are also not in scope of FASB ASC Topic 606. The following is a summary of our revenue recognition that is in scope of FASB ASC Topic 606 for certain of our reporting segments. In addition, we present disaggregated revenue information in Note 11 , " Segment Reporting ." Automotive Revenue: Our Automotive segment recognizes revenue when it satisfies a performance obligation by transferring control over a product or service to a customer. Our Automotive segment revenue from retail and commercial sales is measured based on consideration specified in a contract with a customer and excludes any sales incentives and amounts collected on behalf of third parties. Automotive service revenues are recognized on completion of the service and consist of products and the labor charged for installing products or maintaining or repairing vehicles. Automotive services labor revenues are included in other revenues from operations in our condensed consolidated statements of operations, however, the sale of any installed parts or materials related to automotive services are included in net sales. Our Automotive segment recognizes revenues from extended warranties offered to its customers on tires its sells, including lifetime warranties for road hazard assistance (recognized over 3 years) and 1-year, 3-year and lifetime plans for alignments (recognized over 1 year, 3 years and 5 years, respectively), for which it receives payment upfront. Revenues from extended warranties are recognized over the term of the warranty contract with the satisfaction of its performance obligations measured using the output method. Our Automotive segment recognizes revenues from franchise fees, which it receives payment upfront, and franchise royalties, for which it receives payment over time. Revenues from upfront franchise fees are recognized at the time the store opens, as that is when our Automotive segment's performance obligations are deemed complete, and revenues from franchise royalties are recognized in the period in which royalties are earned, generally based on a percentage of franchise sales. Contract balances: Our Automotive segment has deferred revenue with respect to extended warranty plans of $42 million and $42 million as of September 30, 2018 and January 1, 2018, respectively, which are included in accrued expenses and other liabilities on our condensed consolidated balance sheets. For the three and nine months ended September 30, 2018 , our Automotive segment recorded revenue of $5 million and $18 million , respectively, with respect to deferred revenue outstanding as of January 1, 2018. For deferred revenue outstanding as of September 30, 2018 , our Automotive segment expects to recognize approximately $36 million in 2019 and thereafter. Energy Revenue: Our Energy segment revenues from the sale of petroleum products are recorded upon delivery of the products to customers, which is the point at which title is transferred and the customer has assumed the risk of loss. This generally takes place as product passes into the pipeline, as a product transfer order occurs within a pipeline system, or as product enters equipment or locations supplied or designated by the customer. For our Energy segment's nitrogen fertilizer products sold, revenues are recorded at the point in time at which the customer obtains control of the product, which is generally upon delivery and acceptance by the customer. Nitrogen fertilizer products are sold on a wholesale basis under a contract or by purchase order. Excise and other taxes collected from customers and remitted to governmental authorities by our Energy segment are not included in reported revenues. Many of the petroleum business' contracts have index-based pricing which is considered variable consideration that should be estimated in determining the transaction price. Our Energy segment determined that it does not need to estimate the variable consideration because the uncertainty related to the consideration is resolved on the pricing date or the date when the product is delivered. The nitrogen fertilizer business has an immaterial amount of variable consideration for contracts with an original duration of less than a year. A small portion of the nitrogen fertilizer partnership's revenue includes contracts extending beyond one year and contain variable pricing in which the majority of the variability is attributed to the market-based pricing. The nitrogen fertilizer business' contracts do not contain a significant financing component. As of September 30, 2018 , our Energy segment had $12 million of remaining performance obligations for contracts within an original expected duration of more than one year. Our Energy segment expects to recognize approximately $6 million of these performance obligations as revenue by the end of 2019, approximately $3 million in 2020 and the remaining balance thereafter. Contract balances: Our Energy segment's deferred revenue is a contract liability that primarily relates to fertilizer sales contracts requiring customer prepayment prior to product delivery to guarantee a price and supply of nitrogen fertilizer. Deferred revenue is recorded at the point in time in which a prepaid contract is legally enforceable and the associated right to consideration is unconditional prior to transferring product to the customer. An associated receivable is recorded for uncollected prepaid contract amounts. Contracts requiring prepayment are generally short-term in nature and, as discussed above, revenue is recognized at the point in time in which the customer obtains control of the product. Our Energy segment had deferred revenue of $32 million and $34 million as of September 30, 2018 and January 1, 2018, respectively, which is included in accrued expense and other liabilities on the condensed consolidated balance sheets. For the three and nine months ended September 30, 2018 , our Energy segment recorded revenue of $2 million and $34 million , respectively, with respect to deferred revenue outstanding as of January 1, 2018. Railcar Revenue: 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 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. As of September 30, 2018 , our Railcar segment had $963 million of remaining performance obligations for contractual commitments from customers for which work is partially completed. Our Railcar segment expects to recognize approximately $184 million of these performance obligations as revenue during the next twelve months and an additional $779 million thereafter. Contract balances: ARI bills its customers once services have been rendered or products have been delivered and ARI has an unconditional right to consideration as only the passage of time is required before payment of that consideration is due. The contract assets that ARI maintains are related to unbilled revenues recognized on repair services that have been performed but the entire project has not yet been completed, and the railcar has not yet been shipped to the customer. Contract liabilities represent deferred revenue related to railcar manufacturing and repair services. Our Railcar segment had unbilled revenue of $7 million and $4 million as of September 30, 2018 and January 1, 2018, respectively, which is included in accounts receivable, net on our condensed consolidated balance sheets. Our Railcar segment had deferred revenue of $2 million and $2 million as of September 30, 2018 and January 1, 2018, respectively, which is included in accrued expense and other liabilities on the condensed consolidated balance sheets. Adoption of New Accounting Standards Revenue Accounting Standards Updates 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 adopted these new standards on January 1, 2018 using the modified retrospective application method which required a cumulative effect adjustment recognized in equity at such date. The standard has been applied to all contracts at the date of initial application. No adjustment to revenue for periods prior to adoption were required. We have not identified any material differences in our revenue recognition methods that required modification under the new standards. Additionally, our internal control framework did not materially change as a result of the adoption of these new standards. The impact of adopting these new standards on our condensed consolidated financial statements is a cumulative effect adjustment to decrease our equity attributable to Icahn Enterprises and Icahn Enterprises Holdings as of January 1, 2018 by $29 million , primarily relating to our Automotive segment. As of January 1, 2018, our Automotive segment increased accrued expenses and other liabilities by $42 million and decreased deferred tax liabilities by $10 million for certain extended warranties to reflect the revenues from these plans as deferred revenue. Previously, revenues from these plans were recognized upfront. Our Automotive segment also recognizes revenue from the sale of goods on a drop ship basis. Previously, revenues from these transactions were recognized gross. For the three months ended September 30, 2018 , net sales and costs of goods sold would have been higher by $15 million and $15 million , respectively, under prior accounting principles and for the nine months ended September 30, 2018 , net sales and cost of goods sold would have been higher by $47 million and $47 million , respectively. As of January 1, 2018, our Energy segment increased each of accounts receivable, net and accrued expenses and other liabilities by $21 million for customer prepayments prior to delivery and to gross up certain fees collected from customers to reflect a receivable and deferred revenue recorded at the point in time in which a prepaid contract is legally enforceable and the associated right to consideration is unconditional. Previously, deferred revenue was recorded by our Energy segment upon customer prepayment. In addition to the above, we increased assets by an aggregate of $32 million and increased liabilities by $29 million as of January 1, 2018, primarily with respect to Federal-Mogul's asset and liabilities classified as held for sale. For the three and nine months ended September 30, 2018 , the impact on revenues would have been immaterial under prior accounting principles. Other Accounting Standards Updates 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. We adopted this new standard on January 1, 2018 using the modified retrospective application method which required a cumulative effect adjustment recognized in equity at such date. The amendments related to equity securities without readily determinable fair values were applied prospectively to equity investments that existed as of the date of adoption. The adoption of this standard did not have a material impact on our condensed 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 adopted this standard on January 1, 2018 using the retrospective application method. The adoption of this standard did not have a material impact on our condensed 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. We have adopted this standard on January 1, 2018 using the retrospective application method. The impact of adopting this new standard is discussed above under "Reclassifications." 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. We adopted this standard on January 1, 2018 using the retrospective application method. The impact of adopting this new standard is discussed above under "Reclassifications." 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. We adopted this standard on January 1, 2018 which has been applied prospectively and which did not have a material impact on our condensed consolidated financial statements. Recently Issued Accounting Standards In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , which supersedes FASB ASC Topic 840, Leases . This ASU requires the recognition of right-of-use assets and lease liabilities by lessees for those leases classified as operating leases under previous guidance. In addition, among other changes to the accounting for leases, this ASU retains the distinction between finance leases and operating leases. The classification criteria for distinguishing between finance leases and operating leases are substantially similar to the classification criteria for distinguishing between capital leases and operating leases in the previous guidance. Furthermore, quantification and qualitative disclosures, including disclosures regarding significant judgments made by management, will be required. This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The amendments in this ASU should be applied using a modified retrospective approach. Early application is permitted. In addition, in July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842), which provides an additional (and optional) transition method to adopt the new leases standard. We anticipate adopting the new leases standard using the new transition method option effective January 1, 2019, which will require adopting the new leases standard at the adoption date and recognizing a cumulative-effect adjustment to the opening balance of equity in the period of adoption instead of the earliest period presented. In addition, prior period presentation and disclosure will not be adjusted. We believe the most significant impact will relate to the recognition of right-of-use assets and lease liabilities on our condensed consolidated balance sheets for long-term operating leases with the significant majority of the impact within our Automotive segment. We anticipate our assessment and implementation plan to be ongoing during the remainder of 2018 and continue to evaluate the impact of this standard on our condensed consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments , which amends FASB ASC Topic 326, Financial Instruments - Credit Losses. This ASU requires financial assets measured at amortized cost to be presented at the net amount to be collected and broadens the information, including forecasted information incorporating more timely information, that an entity must consider in developing its expected credit loss estimate for assets measured. This ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early application is permitted for fiscal years beginning after December 15, 2018. We are currently evaluating the impact of this standard on our condensed consolidated financial statements. In August 2017, the FASB issued ASU 2017-12, Targeting Improvements to Accounting for Hedging Activities , which amends FASB ASC Topic 815, Derivatives and Hedging . This ASU includes amendments to existing guidance to better align an entity’s risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. This ASU is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact of this standard on our condensed consolidated financial statements. In February 2018, the FASB issued ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income , which amends FASB ASC Topic 220, Income Statement - Reporting Comprehensive Income . This ASU allows a reclassification out of accumulated other comprehensive loss within equity for standard tax effects resulting from the Tax Cuts and Jobs Act and consequently, eliminates the stranded tax effects resulting from the Tax Cuts and Jobs Act. This ASU is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact of this standard on our condensed consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurements , which amends FASB ASC Topic 820, Fair Value Measurements . This ASU eliminates, modifies and adds various disclosure requirements on fair value measurements. This ASU is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Certain disclosures are required to be applied using a retrospective approach and others using a prospective approach. Early adoption is permitted. We are currently evaluating the impact of this standard on our condensed consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract , whi |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions . Our second amended and restated agreement of limited partnership expressly permits us to enter into transactions with our general partner or any of its affiliates, including, without limitation, buying or selling properties from or to our general partner and any of its affiliates and borrowing and lending money from or to our general partner and any of its affiliates, subject to limitations contained in our partnership agreement and the Delaware Revised Uniform Limited Partnership Act. The indentures governing our indebtedness contain certain covenants applicable to transactions with affiliates. Investment Funds During the nine months ended September 30, 2018 and 2017 , Mr. Icahn and his affiliates (excluding us) invested $280 million and $600 million , respectively, in the Investment Funds, net of redemptions. As of September 30, 2018 and December 31, 2017 , the total fair market value of investments in the Investment Funds made by Mr. Icahn and his affiliates (excluding us) was approximately $4.8 billion and $4.4 billion , respectively, representing approximately 62% and 59% of the Investment Funds' assets under management as of each respective date. We pay for expenses pertaining to the operation, administration and investment activities of our Investment segment for the benefit of the Investment Funds (including salaries, benefits and rent). Effective April 1, 2011, based on an expense-sharing arrangement, certain expenses borne by us are reimbursed by the Investment Funds. For the three months ended September 30, 2018 and 2017 , $4 million and $2 million , respectively, was allocated to the Investment Funds based on this expense-sharing arrangement and for the nine months ended September 30, 2018 and 2017 , such allocation was $6 million and $7 million , respectively. Hertz Global Holdings, Inc. As discussed in Note 4 , " Investments and Related Matters ," the Investment Funds have an investment in the common stock of Hertz Global Holdings, Inc. ("Hertz") measured at fair value that would have otherwise been subject to the equity method of accounting. Icahn Automotive provides services to Hertz in the ordinary course of business. For the three months ended September 30, 2018 and 2017, revenue from Hertz was $11 million and $5 million , respectively, and $29 million and $10 million for the nine months ended September 30, 2018 and 2017, respectively. Additionally, Federal-Mogul had payments to Hertz in the ordinary course of business of zero and $1 million for the three and nine months ended September 30, 2018 , respectively and $2 million for each of the three and nine months ended September 30, 2017 . For the nine months ended September 30, 2018 , the Investment Funds purchased shares of a certain investment from Hertz in the amount of $36 million . In addition to our transactions with Hertz disclosed above, in January 2018, we entered into a Master Motor Vehicle Lease and Management Agreement with Hertz, pursuant to which Hertz granted 767 Auto Leasing LLC ("767 Leasing"), a joint venture created to purchase vehicles for lease, the option to acquire certain vehicles from Hertz at rates aligned with the rates at which Hertz sells vehicles to third parties. Under this agreement, Hertz will lease the vehicles that 767 Leasing purchases from Hertz, or from third parties, under a mutually developed fleet plan and Hertz will manage, service, repair, sell and maintain those leased vehicles on behalf of 767 Leasing. Additionally, Hertz will rent the leased vehicles to transportation network company drivers from rental counters within locations leased or owned by us. This agreement has an initial term of 18 months and is subject to automatic six-month renewals thereafter, unless terminated by either party (with or without cause) prior to the start of any such six-month renewal. Our agreement with Hertz was unanimously approved by the independent directors of Icahn Enterprises' audit committee. Due to the nature of our involvement with 767 Leasing, which includes guaranteeing the payment obligations of 767 Leasing and sharing in the profits of 767 Leasing with Hertz, we determined that 767 Leasing is a variable interest entity. Furthermore, we determined that we are not the primary beneficiary as we do not have the power to direct the activities of 767 Leasing that most significantly impact its economic performance. Therefore, we do not consolidate the results of 767 Leasing. As of September 30, 2018 , 767 Leasing had assets of $25 million , primarily vehicles for lease, and liabilities of $1 million . For the three and nine months ended September 30, 2018 , our Automotive segment invested $15 million and $25 million , respectively, in 767 Leasing. As of September 30, 2018 , our Automotive segment had an equity method investment in 767 Leasing of $24 million . 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 sales to ACF; • Railcar purchasing and engineering services agreements with ACF; • Lease of certain intellectual property to ACF; • Railcar repair services and support for ACF; and • Railcar purchases from ACF. Purchases from ACF were $1 million and $1 million for the three months ended September 30, 2018 and 2017 , respectively, and $2 million and $4 million for the nine months ended September 30, 2018 and 2017 , respectively. For each of the three and nine months ended September 30, 2018 , revenues from ACF were $3 million . For each of the three and nine months ended September 30, 2017 , revenues from ACF were not material. Insight Portfolio Group LLC Insight Portfolio Group LLC ("Insight Portfolio Group") is an entity formed and controlled by Mr. Icahn in order to maximize the potential buying power of a group of entities with which Mr. Icahn has a relationship in negotiating with a wide range of suppliers of goods, services and tangible and intangible property at negotiated rates. Icahn Enterprises Holdings has a minority equity interest in Insight Portfolio Group and agreed to pay a portion of Insight Portfolio Group's operating expenses. In addition to the minority equity interest held by Icahn Enterprises Holdings, certain subsidiaries of ours, including Federal-Mogul (prior to October 1, 2018), CVR Energy, PSC Metals, ARI, ARL (prior to June 1, 2017), Tropicana (prior to October 1, 2018), 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 nine months ended September 30, 2018 and 2017 , we and certain of our subsidiaries paid certain of Insight Portfolio Group's operating expenses of $2 million and $2 million , respectively. |
Investments and Related Matters
Investments and Related Matters | 9 Months Ended |
Sep. 30, 2018 | |
Schedule of Investments [Abstract] | |
Investments and Related Matters | Investments and Related Matters . Investment Investments and securities sold, not yet purchased consist of equities, bonds, bank debt and other corporate obligations, all of which are reported at fair value in our condensed consolidated balance sheets. These investments are considered trading securities. In addition, our Investment segment has certain derivative transactions which are discussed in Note 6 , “ Financial Instruments ." The carrying value and detail by security type, including business sector for equity securities, with respect to investments and securities sold, not yet purchased held by our Investment segment consist of the following: September 30, 2018 December 31, 2017 Assets (in millions) Investments: Equity securities: Basic materials $ 559 $ 1,170 Consumer, non-cyclical 2,402 2,551 Consumer, cyclical 1,378 777 Energy 1,870 1,489 Financial 477 2,185 Technology 1,603 833 Other 212 372 8,501 9,377 Corporate debt securities 210 155 $ 8,711 $ 9,532 Liabilities Securities sold, not yet purchased, at fair value: Equity securities: Consumer, non-cyclical $ 74 $ 101 Consumer, cyclical 122 667 Energy 362 110 Industrial 67 110 625 988 Corporate debt securities — 35 $ 625 $ 1,023 The portion of unrealized (losses) gains that relates to securities still held by our Investment segment, primarily equity securities, was $(4) million and $635 million for the three months ended September 30, 2018 and 2017 , respectively, and $356 million and $1,242 million for the nine months ended September 30, 2018 and 2017 , respectively. As of September 30, 2018 , the Investment Funds owned approximately 27.8% of the outstanding common stock of Hertz. Our Investment segment recorded net gains of $23 million and $254 million for the three months ended September 30, 2018 and 2017 , respectively, and net (losses) gains of $(135) million and $19 million for the nine months ended September 30, 2018 and 2017 , respectively, with respect to its investment in Hertz. As of September 30, 2018 and December 31, 2017 , the aggregate fair value of our Investment segment's investment in Hertz was $382 million and $517 million , respectively. The Investment Funds also owned approximately 17.9% of the outstanding common stock of Herbalife Ltd. ("Herbalife") as of September 30, 2018 . We are deemed to have significant influence with respect to our investment in Herbalife after considering the collective ownership in Herbalife by us and affiliates of Mr. Icahn, as well as our collective representation on the board of directors of Herbalife. Our Investment segment recorded net gains (losses) of $23 million and $(64) million for the three months ended September 30, 2018 and 2017 , respectively, and net gains of $740 million and $359 million for the nine months ended September 30, 2018 and 2017 , respectively, with respect to its investment in Herbalife. As of September 30, 2018 and December 31, 2017 , the aggregate fair value of our Investment segment's investment in Herbalife was approximately $1.5 billion and $1.2 billion , 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 and Holding Company With the exception of certain equity method investments at our operating subsidiaries and our Holding Company disclosed in the table below, our investments are measured at fair value in our condensed consolidated balance sheets. The carrying value of investments held by our other segments and our Holding Company consist of the following: September 30, 2018 December 31, 2017 (in millions) Equity method investments $ 127 $ 106 Other investments (measured at fair value) 494 400 $ 621 $ 506 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements . U.S. GAAP requires enhanced disclosures about investments and non-recurring non-financial assets and liabilities that are measured and reported at fair value and has established a hierarchal disclosure framework that prioritizes and ranks the level of market price observability used in measuring investments or non-financial assets and liabilities at fair value. Market price observability is impacted by a number of factors, including the type of investment and the characteristics specific to the investment. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Investments and non-financial assets and/or liabilities measured and reported at fair value are classified and disclosed in one of the following categories: Level 1 - Quoted prices are available in active markets for identical investments and non-financial assets and/or liabilities as of the reporting date. Level 2 - Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies where all significant inputs are observable. The inputs and assumptions of our Level 2 investments are derived from market observable sources including reported trades, broker/dealer quotes and other pertinent data. Level 3 - Pricing inputs are unobservable for the investment and non-financial asset and/or liability and include situations where there is little, if any, market activity for the investment or non-financial asset and/or liability. The inputs into the determination of fair value require significant management judgment or estimation. Fair value is determined using comparable market transactions and other valuation methodologies, adjusted as appropriate for liquidity, credit, market and/or other risk factors. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the investments', non-financial assets' and/or liabilities' level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to the investment. Significant transfers, if any, between the levels within the fair value hierarchy are recognized at the beginning of the reporting period when changes in circumstances require such transfers. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table summarizes the valuation of our assets and liabilities by the above fair value hierarchy levels measured on a recurring basis: September 30, 2018 December 31, 2017 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets (in millions) Investments (Note 4) $ 8,502 $ 323 $ 368 $ 9,193 $ 9,378 $ 264 $ 278 $ 9,920 Derivative contracts, at fair value (Note 6) (1) — 42 — 42 — — — — $ 8,502 $ 365 $ 368 $ 9,235 $ 9,378 $ 264 $ 278 $ 9,920 Liabilities Securities sold, not yet purchased (Note 4) $ 625 $ — $ — $ 625 $ 988 $ 35 $ — $ 1,023 Other liabilities — 2 — 2 — 1 — 1 Derivative contracts, at fair value (Note 6) 3 982 — 985 36 1,239 — 1,275 $ 628 $ 984 $ — $ 1,612 $ 1,024 $ 1,275 $ — $ 2,299 (1) Amounts are classified within other assets in our condensed consolidated balance sheets. Assets Measured at Fair Value on a Recurring Basis for Which We Use Level 3 Inputs to Determine Fair Value The changes in investments measured at fair value on a recurring basis for which we use Level 3 inputs to determine fair value are as follows: Nine Months Ended 2018 2017 (in millions) Balance at January 1 $ 278 $ 211 Net unrealized gains 91 51 Purchases — 5 Transfers out — (5 ) Transfers in — 2 Other (1 ) — Balance at September 30 $ 368 $ 264 Net unrealized gains during the nine months ended September 30, 2018 and 2017 relate to a certain equity investment 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 September 30, 2018 and December 31, 2017 , the fair value of this investment was $365 million and $274 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 non-recurring basis have been impaired. During the nine months ended September 30, 2018 and 2017 , we recorded impairment charges of $7 million and $2 million , respectively, relating to property, plant and equipment. We determined the fair value of property, plant and equipment by applying probability weighted, expected present value techniques to the estimated future cash flows using assumptions a market participant would utilize. In addition, during the nine months ended September 30, 2017 , we recorded a loss of $6 million from marking inventory down to net realizable value at our Automotive segment. Additionally, in connection with our reclassification of certain railcars leased to others from held and used to assets held for sale, we recorded an impairment charge at our Railcar segment of $1 million and $68 million for the three and nine months ended September 30, 2017 , respectively. Refer to Note 11 , " Segment Reporting ," for total impairment recorded by each of our segments. |
Financial Instruments
Financial Instruments | 9 Months Ended |
Sep. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Financial Instruments . Overview Investment In the normal course of business, the Investment Funds may trade various financial instruments and enter into certain investment activities, which may give rise to off-balance-sheet risks, with the objective of capital appreciation or as economic hedges against other securities or the market as a whole. The Investment Funds' investments may include futures, options, swaps and securities sold, not yet purchased. These financial instruments represent future commitments to purchase or sell other financial instruments or to exchange an amount of cash based on the change in an underlying instrument at specific terms at specified future dates. Risks arise with these financial instruments from potential counterparty non-performance and from changes in the market values of underlying instruments. Credit concentrations may arise from investment activities and may be impacted by changes in economic, industry or political factors. The Investment Funds routinely execute transactions with counterparties in the financial services industry, resulting in credit concentration with respect to the financial services industry. In the ordinary course of business, the Investment Funds may also be subject to a concentration of credit risk to a particular counterparty. The Investment Funds seek to mitigate these risks by actively monitoring exposures, collateral requirements and the creditworthiness of its counterparties. The Investment Funds have entered into various types of swap contracts with other counterparties. These agreements provide that they are entitled to receive or are obligated to pay in cash an amount equal to the increase or decrease, respectively, in the value of the underlying shares, debt and other instruments that are the subject of the contracts, during the period from inception of the applicable agreement to its expiration. In addition, pursuant to the terms of such agreements, they are entitled to receive or obligated to pay other amounts, including interest, dividends and other distributions made in respect of the underlying shares, debt and other instruments during the specified time frame. They are also required to pay to the counterparty a floating interest rate equal to the product of the notional amount multiplied by an agreed-upon rate, and they receive interest on any cash collateral that they post to the counterparty at the federal funds or LIBOR rate in effect for such period. The Investment Funds may trade futures contracts. A futures contract is a firm commitment to buy or sell a specified quantity of a standardized amount of a deliverable grade commodity, security, currency or cash at a specified price and specified future date unless the contract is closed before the delivery date. Payments (or variation margin) are made or received by the Investment Funds each day, depending on the daily fluctuations in the value of the contract, and the whole value change is recorded as an unrealized gain or loss by the Investment Funds. When the contract is closed, the Investment Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The Investment Funds may utilize forward contracts to seek to protect their assets denominated in foreign currencies and precious metals holdings from losses due to fluctuations in foreign exchange rates and spot rates. The Investment Funds' exposure to credit risk associated with non-performance of such forward contracts is limited to the unrealized gains or losses inherent in such contracts, which are recognized in other assets and accrued expenses and other liabilities in our condensed consolidated balance sheets. The Investment Funds may also enter into foreign currency contracts for purposes other than hedging denominated securities. When entering into a foreign currency forward contract, the Investment Funds agree to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date unless the contract is closed before such date. The Investment Funds record unrealized gains or losses on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into such contracts and the forward rates at the reporting date. The Investment Funds may also purchase and write option contracts. As a writer of option contracts, the Investment Funds receive a premium at the outset and then bear the market risk of unfavorable changes in the price of the underlying financial instrument. As a result of writing option contracts, the Investment Funds are obligated to purchase or sell, at the holder's option, the underlying financial instrument. Accordingly, these transactions result in off-balance-sheet risk, as the Investment Funds' satisfaction of the obligations may exceed the amount recognized in our condensed consolidated balance sheets. Certain terms of the Investment Funds' contracts with derivative counterparties, which are standard and customary to such contracts, contain certain triggering events that would give the counterparties the right to terminate the derivative instruments. In such events, the counterparties to the derivative instruments could request immediate payment on derivative instruments in net liability positions. The aggregate fair value of all of the Investment Funds' derivative instruments with credit-risk-related contingent features that are in a liability position at September 30, 2018 and December 31, 2017 was zero and $17 million , respectively. The following table summarizes the volume of our Investment segment's derivative activities based on their notional exposure, categorized by primary underlying risk: September 30, 2018 December 31, 2017 Long Notional Exposure Short Notional Exposure Long Notional Exposure Short Notional Exposure Primary underlying risk: (in millions) Equity contracts $ 256 $ 10,050 $ 243 $ 6,660 Credit contracts (1) — 183 — 391 Commodity contracts — 122 — 634 (1) The short notional amount on our credit default swap positions was approximately $800 million at September 30, 2018 . However, because credit spreads cannot compress below zero, our downside short notional exposure is $183 million as of September 30, 2018 . The short notional amount on our credit default swap positions was approximately $2.5 billion as of December 31, 2017 . However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is $391 million as of December 31, 2017 . Energy CVR Refining enters into commodity swap contracts in order to fix the margin on a portion of future production. Additionally, CVR Refining may enter into price and basis swaps in order to fix the price on a portion of its commodity purchases and product sales. The physical volumes are not exchanged, and these contracts are net settled with cash. The contract fair value of the commodity swaps is reflected on the condensed consolidated balance sheets with changes in fair value currently recognized in the condensed consolidated statements of operations. Quoted prices for similar assets or liabilities in active markets (Level 2) are considered to determine the fair values for the purpose of marking to market the hedging instruments at each period end. CVR Refining did not have open commodity swap instruments at September 30, 2018 . At December 31, 2017 , CVR Refining had open commodity swap instruments consisting of 15 million barrels of crack spreads, primarily to fix the margin on a portion of its future gasoline and distillate production. Additionally, as of September 30, 2018 and December 31, 2017 , CVR Refining had open forward purchase and sale commitments for 2 million barrels and 6 million barrels, respectively, of Canadian crude oil priced at fixed differentials that are not considered probable of physical settlement and are accounted for as derivatives. Consolidated Derivative Information Certain derivative contracts executed by the Investment Funds with a single counterparty or by our Energy segment with a single counterparty are reported on a net-by-counterparty basis where a legal right of offset exists under an enforceable netting agreement. Values for the derivative financial instruments, principally swaps, forwards, over-the-counter options and other conditional and exchange contracts, are reported on a net-by-counterparty basis. As a result, the net exposure to counterparties is reported in either other assets or accrued expenses and other liabilities in our condensed consolidated balance sheets. The following table presents the consolidated fair values of our derivatives that are not designated as hedging instruments in accordance with U.S GAAP: Derivatives Not Designated as Hedging Instruments Asset Derivatives (1) Liability Derivatives September 30, 2018 December 31, 2017 September 30, 2018 December 31, 2017 (in millions) Equity contracts $ 32 $ — $ 953 $ 1,159 Credit contracts 11 — — 17 Commodity contracts 5 7 38 106 Sub-total 48 7 991 1,282 Netting across contract types (2) (6 ) (7 ) (6 ) (7 ) Total (2) $ 42 $ — $ 985 $ 1,275 (1) Net asset derivatives are classified within other assets in our condensed consolidated balance sheets. (2) Excludes netting of cash collateral received and posted. The total collateral posted at September 30, 2018 and December 31, 2017 was $573 million and $542 million , respectively, across all counterparties, which are included in cash held at consolidated affiliated partnerships and restricted cash on the condensed consolidated balance sheets. The following table presents the amount of gain (loss) recognized in the condensed consolidated statements of operations for our derivatives not designated as hedging instruments: Gain (Loss) Recognized in Income (1) Derivatives Not Designated as Hedging Instruments Three Months Ended Nine Months Ended 2018 2017 2018 2017 (in millions) Equity contracts $ (564 ) $ (350 ) $ (653 ) $ (1,185 ) Credit contracts 12 (15 ) 65 (32 ) Commodity contracts 18 (20 ) 132 (36 ) $ (534 ) $ (385 ) $ (456 ) $ (1,253 ) (1) Gains (losses) recognized on derivatives are classified in net gain (loss) from investment activities in our condensed consolidated statements of operations for our Investment segment and are included in other income (loss), net for all other segments. Gains (losses) recognized on derivatives for our Investment segment were $(539) million and $(368) million for the three months ended September 30, 2018 and 2017, respectively, and $(531) million and $(1,248) million for the nine months ended September 30, 2018 and 2017, respectively. Gains (losses) recognized on derivatives for our other segments were $5 million and $(17) million for the three months ended September 30, 2018 and 2017, respectively, and $75 million and $(5) million for the nine months ended September 30, 2018 and 2017, respectively. Non-Derivative Instruments Designated as Hedging Instruments As of September 30, 2018 and December 31, 2017 , Federal-Mogul had foreign currency denominated debt (included in liabilities held for sale on our condensed consolidated balance sheets), of which $847 million and $884 million , respectively, was 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. The amount recognized in accumulated other comprehensive loss were losses of $6 million and $25 million for the three months ended September 30, 2018 and 2017, respectively, and $29 million and $71 million for the nine months ended September 30, 2018 and 2017, respectively. |
Inventories, Net (Notes)
Inventories, Net (Notes) | 9 Months Ended |
Sep. 30, 2018 | |
Inventory, Net [Abstract] | |
Inventories, Net | Inventories, Net . Inventories, net consists of the following: September 30, 2018 December 31, 2017 (in millions) Raw materials $ 307 $ 252 Work in process 123 127 Finished goods 1,531 1,426 $ 1,961 $ 1,805 |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, Net | 9 Months Ended |
Sep. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets, Net | Goodwill and Intangible Assets, Net . Goodwill consists of the following: September 30, 2018 December 31, 2017 Gross Carrying Amount Accumulated Impairment Net Carrying Value Gross Carrying Amount Accumulated Impairment Net Carrying Value (in millions) Automotive $ 322 $ — $ 322 $ 320 $ — $ 320 Railcar 7 — 7 7 — 7 Food Packaging 7 — 7 7 — 7 $ 336 $ — $ 336 $ 334 $ — $ 334 Intangible assets, net consists of the following: September 30, 2018 December 31, 2017 Gross Carrying Amount Accumulated Amortization Net Carrying Value Gross Carrying Amount Accumulated Amortization Net Carrying Value (in millions) Definite-lived intangible assets: Customer relationships $ 396 $ (129 ) $ 267 $ 397 $ (115 ) $ 282 Developed technology 4 (4 ) — 4 (4 ) — In-place leases 90 (73 ) 17 121 (92 ) 29 Gasification technology license 60 (15 ) 45 60 (14 ) 46 Other 161 (39 ) 122 149 (24 ) 125 $ 711 $ (260 ) $ 451 $ 731 $ (249 ) $ 482 Indefinite-lived intangible assets: Trademarks and brand names $ 62 $ 62 Intangible assets, net $ 513 $ 544 Amortization expense associated with definite-lived intangible assets was $12 million and $12 million for the three months ended September 30, 2018 and 2017 , respectively, and $36 million and $30 million for the nine months ended September 30, 2018 and 2017 , respectively. We utilize the straight-line method of amortization, recognized over the estimated useful lives of the assets. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Debt | Debt . Debt consists of the following: September 30, 2018 December 31, 2017 (in millions) Holding Company: 6.000% senior unsecured notes due 2020 $ 1,703 $ 1,703 5.875% senior unsecured notes due 2022 1,343 1,342 6.250% senior unsecured notes due 2022 1,214 1,216 6.750% senior unsecured notes due 2024 498 498 6.375% senior unsecured notes due 2025 747 748 5,505 5,507 Reporting Segments: Automotive 359 340 Energy 1,168 1,166 Railcar 527 546 Metals 1 1 Mining 53 58 Food Packaging 271 273 Real Estate 19 22 Home Fashion 4 5 2,402 2,411 Total Debt $ 7,907 $ 7,918 |
Net Income Per LP Unit
Net Income Per LP Unit | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Unit [Abstract] | |
Net Income Per LP Unit | Net Income Per LP Unit . The components of the computation of basic and diluted income (loss) per LP unit from continuing and discontinued operations of Icahn Enterprises are as follows: Three Months Ended Nine Months Ended 2018 2017 2018 2017 (in millions, except per unit data) Net (loss) income attributable to Icahn Enterprises from continuing operations $ (29 ) $ 577 $ 243 $ 2,027 Net (loss) income attributable to Icahn Enterprises from continuing operations allocable to limited partners (98.01% allocation) $ (29 ) $ 566 $ 238 $ 1,987 Net income attributable to Icahn Enterprises from discontinued operations allocable to limited partners $ 153 $ 20 $ 323 $ 103 Basic and diluted (loss) income per LP unit: Continuing operations $ (0.16 ) $ 3.41 $ 1.34 $ 12.58 Discontinued operations 0.84 0.12 1.81 0.65 $ 0.68 $ 3.53 $ 3.15 $ 13.23 Basic and diluted weighted average LP units outstanding 183 166 178 158 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. In connection with this rights offering, we received proceeds of $600 million during the nine months ended September 30, 2017 . LP Unit Distribution On each of February 27, 2018 , May 2, 2018 , and July 31, 2018 , Icahn Enterprises declared a quarterly distribution in the amount of $1.75 per depositary unit (aggregating $5.25 per depositary unit) in which each depositary unit holder had the option to make an election to receive either cash or additional depositary units. As a result of the above distributions declared, during the nine months ended September 30, 2018 , Icahn Enterprises distributed an aggregate of 13,066,279 depositary units to unit holders electing to receive depositary units, of which an aggregate of 12,895,218 depositary units were distributed to Mr. Icahn and his affiliates. In connection with these distributions, aggregate cash distributions to all depositary unitholders was $71 million during the three and nine months ended September 30, 2018 . 2017 Incentive Plan During the three months ended September 30, 2018 and 2017 , Icahn Enterprises distributed 1,329 and 2,388 depositary units, respectively, and 19,487 and 5,418 depositary units during the nine months ended September 30, 2018 and 2017 , respectively, net of payroll withholdings, with respect to certain restricted depositary units and deferred unit awards that vested during the period in connection with the Icahn Enterprises L.P. 2017 Long Term Incentive Plan (the "2017 Incentive Plan"). The aggregate impact of the 2017 Incentive Plan is not material with respect to our condensed consolidated financial statements, including the calculation of potentially dilutive units and diluted income per LP unit. |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting . We report segment information based on the various industries in which our businesses operate and how we manage those businesses in accordance with our investment strategies, which may include: identifying and acquiring undervalued assets and businesses, often through the purchase of distressed securities; increasing value through management, financial or other operational changes; and managing complex legal, regulatory or financial issues, which may include bankruptcy or insolvency, environmental, zoning, permitting and licensing issues. Therefore, although many of our businesses are operated under separate local management, certain of our businesses are grouped together when they operate within a similar industry, comprising similarities in products, customers, production processes and regulatory environments, and when such businesses, when considered together, may be managed in accordance with one or more investment strategies specific to those businesses. Among other measures, we assess and measure segment operating results based on net income from continuing operations attributable to Icahn Enterprises and Icahn Enterprises Holdings. Certain terms of financings for certain of our businesses impose restrictions on the business' ability to transfer funds to us, including restrictions on dividends, distributions, loans and other transactions. Condensed Statements of Operations Icahn Enterprises' condensed statements of operations by reporting segment are presented below. Icahn Enterprises Holdings' condensed statements of operations are substantially the same, with immaterial differences relating to our Holding Company's interest expense. Three Months Ended September 30, 2018 Investment Automotive Energy Railcar Metals Mining Food Packaging Real Estate Home Fashion Holding Company Consolidated (in millions) Revenues: Net sales $ — $ 600 $ 1,935 $ 40 $ 120 $ 26 $ 98 $ 7 $ 38 $ — $ 2,864 Other revenues from operations — 135 — 60 — — — 22 — — 217 Net (loss) gain from investment activities (549 ) — — — — — — — — 35 (514 ) Interest and dividend income 27 — — — — 1 1 5 — 2 36 (Loss) gain on disposition of assets, net — — — — — (2 ) — 67 — — 65 Other (loss) income, net — (2 ) 8 11 1 2 (2 ) — — (1 ) 17 (522 ) 733 1,943 111 121 27 97 101 38 36 2,685 Expenses: Cost of goods sold — 373 1,742 42 115 18 77 6 33 — 2,406 Other expenses from operations — 123 — 36 — — — 14 — — 173 Selling, general and administrative 4 253 31 11 5 6 14 2 8 6 340 Restructuring, net — 4 4 — — — 10 — (1 ) — 17 Impairment — — — — — — — — — — — Interest expense 6 4 26 5 — — 5 — — 84 130 10 757 1,803 94 120 24 106 22 40 90 3,066 (Loss) income from continuing operations before income tax benefit (expense) (532 ) (24 ) 140 17 1 3 (9 ) 79 (2 ) (54 ) (381 ) Income tax benefit (expense) — 11 (31 ) (4 ) — — (2 ) (6 ) — 103 71 Net (loss) income from continuing operations (532 ) (13 ) 109 13 1 3 (11 ) 73 (2 ) 49 (310 ) Less: net (loss) income from continuing operations attributable to non-controlling interests (326 ) — 43 5 — — (2 ) — — (1 ) (281 ) Net (loss) income from continuing operations attributable to Icahn Enterprises $ (206 ) $ (13 ) $ 66 $ 8 $ 1 $ 3 $ (9 ) $ 73 $ (2 ) $ 50 $ (29 ) Supplemental information: Capital expenditures $ — $ 16 $ 26 $ 57 $ 8 $ 9 $ 8 $ 2 $ 1 $ — $ 127 Depreciation and amortization (1) $ — $ 23 $ 67 $ 15 $ 4 $ 2 $ 6 $ 5 $ 2 $ — $ 124 Three Months Ended September 30, 2017 Investment Automotive Energy Railcar Metals Mining Food Packaging Real Estate Home Fashion Holding Company Consolidated (in millions) Revenues: Net sales $ — $ 604 $ 1,454 $ 68 $ 110 $ 21 $ 99 $ 2 $ 46 $ — $ 2,404 Other revenues from operations — 96 — 66 — — — 19 — — 181 Net gain from investment activities 386 — — — — — — — — 34 420 Interest and dividend income 27 — 1 1 — — — 2 — 3 34 Gain (loss) on disposition of assets, net — 1 (1 ) (10 ) — — — 456 — — 446 Other (loss) income, net (9 ) (1 ) (16 ) 1 (1 ) (2 ) 3 39 — 5 19 404 700 1,438 126 109 19 102 518 46 42 3,504 Expenses: Cost of goods sold — 396 1,357 65 105 15 75 2 39 — 2,054 Other expenses from operations — 107 — 25 — — — 12 — — 144 Selling, general and administrative 3 229 35 9 5 4 13 6 11 8 323 Restructuring, net — — — — — — 1 — — — 1 Impairment — (1 ) — 1 — — — — — — — Interest expense 42 2 28 5 — 2 3 — — 82 164 45 733 1,420 105 110 21 92 20 50 90 2,686 Income (loss) from continuing operations before income tax benefit (expense) 359 (33 ) 18 21 (1 ) (2 ) 10 498 (4 ) (48 ) 818 Income tax benefit (expense) — 17 (2 ) (6 ) 2 — (4 ) — — (25 ) (18 ) Net income (loss) from continuing operations 359 (16 ) 16 15 1 (2 ) 6 498 (4 ) (73 ) 800 Less: net income (loss) from continuing operations attributable to non-controlling interests 221 — (2 ) 3 — — 1 — — — 223 Net income (loss) from continuing operations attributable to Icahn Enterprises $ 138 $ (16 ) $ 18 $ 12 $ 1 $ (2 ) $ 5 $ 498 $ (4 ) $ (73 ) $ 577 Supplemental information: Capital expenditures $ — $ 22 $ 23 $ 30 $ 2 $ 10 $ 6 $ 7 $ 2 $ — $ 102 Depreciation and amortization (1) $ — $ 26 $ 70 $ 15 $ 5 $ 2 $ 5 $ 5 $ 2 $ — $ 130 Nine Months Ended September 30, 2018 Investment Automotive Energy Railcar Metals Mining Food Packaging Real Estate Home Fashion Holding Company Consolidated (in millions) Revenues: Net sales $ — $ 1,760 $ 5,386 $ 194 $ 370 $ 72 $ 299 $ 14 $ 125 $ — $ 8,220 Other revenues from operations — 398 — 169 — — — 65 — — 632 Net gain from investment activities 233 — — — — — — — — 95 328 Interest and dividend income 73 — 1 1 — 1 1 15 — 7 99 (Loss) gain on disposition of assets, net — — (5 ) 5 — (2 ) — 67 — — 65 Other (loss) income, net (1 ) (2 ) 81 13 1 7 (15 ) — 1 (2 ) 83 305 2,156 5,463 382 371 78 285 161 126 100 9,427 Expenses: Cost of goods sold — 1,119 4,948 184 349 54 234 11 108 — 7,007 Other expenses from operations — 352 — 97 — — — 41 — — 490 Selling, general and administrative 6 769 102 31 14 18 44 15 26 17 1,042 Restructuring, net — 4 4 — — — 10 — 2 — 20 Impairment — 3 — 4 — — — — — — 7 Interest expense 33 12 80 16 — 2 12 1 — 251 407 39 2,259 5,134 332 363 74 300 68 136 268 8,973 Income (loss) from continuing operations before income tax benefit (expense) 266 (103 ) 329 50 8 4 (15 ) 93 (10 ) (168 ) 454 Income tax benefit (expense) — 38 (60 ) (14 ) — (2 ) — (6 ) — 101 57 Net income (loss) from continuing operations 266 (65 ) 269 36 8 2 (15 ) 87 (10 ) (67 ) 511 Less: net income (loss) from continuing operations attributable to non-controlling interests 154 — 106 13 — (1 ) (3 ) — — (1 ) 268 Net income (loss) from continuing operations attributable to Icahn Enterprises $ 112 $ (65 ) $ 163 $ 23 $ 8 $ 3 $ (12 ) $ 87 $ (10 ) $ (66 ) $ 243 Supplemental information: Capital expenditures $ — $ 53 $ 68 $ 81 $ 10 $ 32 $ 19 $ 9 $ 4 $ — $ 276 Depreciation and amortization (1) $ — $ 72 $ 207 $ 46 $ 13 $ 6 $ 19 $ 15 $ 6 $ — $ 384 Nine Months Ended September 30, 2017 Investment Automotive Energy Railcar Metals Mining Food Packaging Real Estate Home Fashion Holding Company Consolidated (in millions) Revenues: Net sales $ — $ 1,702 $ 4,395 $ 184 $ 315 $ 76 $ 288 $ 9 $ 138 $ — $ 7,107 Other revenues from operations — 329 — 320 — — — 56 — — 705 Net gain from investment activities 552 — — 2 — — — — — 50 604 Interest and dividend income 80 — 1 2 — 1 — 2 — 8 94 Gain (loss) on disposition of assets, net — 4 (2 ) 1,511 — — — 456 — — 1,969 Other (loss) income, net (50 ) — (3 ) 2 (1 ) (3 ) — 39 — 5 (11 ) 582 2,035 4,391 2,021 314 74 288 562 138 63 10,468 Expenses: Cost of goods sold — 1,125 4,191 170 299 45 218 7 119 — 6,174 Other expenses from operations — 326 — 107 — — — 36 — — 469 Selling, general and administrative 8 657 105 38 14 12 44 16 30 21 945 Restructuring, net — — — — — — 3 — — — 3 Impairment — 6 — 68 — — — 2 — — 76 Interest expense 134 10 82 39 — 5 10 1 — 244 525 142 2,124 4,378 422 313 62 275 62 149 265 8,192 Income (loss) from continuing operations before income tax benefit (expense) 440 (89 ) 13 1,599 1 12 13 500 (11 ) (202 ) 2,276 Income tax benefit (expense) — 53 2 (525 ) 3 (2 ) (5 ) — — 461 (13 ) Net income (loss) from continuing operations 440 (36 ) 15 1,074 4 10 8 500 (11 ) 259 2,263 Less: net income (loss) from continuing operations attributable to non-controlling interests 228 — (7 ) 11 — 2 2 — — — 236 Net income (loss) from continuing operations attributable to Icahn Enterprises $ 212 $ (36 ) $ 22 $ 1,063 $ 4 $ 8 $ 6 $ 500 $ (11 ) $ 259 $ 2,027 Supplemental information: Capital expenditures $ — $ 57 $ 80 $ 139 $ 4 $ 27 $ 15 $ 7 $ 4 $ — $ 333 Depreciation and amortization (1) $ — $ 81 $ 208 $ 51 $ 15 $ 4 $ 18 $ 15 $ 6 $ — $ 398 (1) Excludes amounts related to the amortization of deferred financing costs and debt discounts and premiums included in interest expense in the amounts of $3 million and $2 million for the three months ended September 30, 2018 and 2017 , respectively, and $5 million and $8 million for the nine months ended September 30, 2018 and 2017 , respectively. Disaggregation of Revenue In addition to the condensed statements of operations by reporting segment above, we provide additional disaggregated revenue information for certain reportable segments below. Refer to Note 2 , " Basis of Presentation and Summary of Significant Accounting Policies ," for certain revenue recognition policies with respect to the following reporting segments. Automotive Disaggregated revenue for our Automotive segment net sales and other revenues from operations is presented below: Three Months Ended Nine Months Ended 2018 2017 2018 2017 (in millions) Automotive services $ 341 $ 311 $ 992 $ 873 Commercial sales 258 246 758 740 Retail sales 136 143 408 418 $ 735 $ 700 $ 2,158 $ 2,031 As discussed in Note 1 , " Description of Business ," we adopted FASB ASC Topic 606 effective January 1, 2018 which affected the revenue recognized on the of sale of goods on a drop ship basis. Beginning in 2018, revenue from drop ship sales is recorded on a net basis and for prior periods was recorded on a gross basis. Prior periods were not adjusted for the adoption of FASB ASC Topic 606 in our condensed consolidated financial statements. Therefore, for the three months ended September 30, 2017 , our Automotive segment's commercial sales and costs of goods sold would each have been lower by $14 million under current accounting principles. For the nine months ended September 30, 2017 , commercial sales and cost of goods sold would each have been lower by $50 million . Energy Disaggregated revenue for our Energy segment net sales is presented below: Three Months Ended Nine Months Ended 2018 2017 2018 2017 (in millions) Petroleum products $ 1,855 $ 1,384 $ 5,133 $ 4,142 Nitrogen fertilizer products 80 70 253 253 $ 1,935 $ 1,454 $ 5,386 $ 4,395 Condensed Balance Sheets Icahn Enterprises' condensed balance sheets by reporting segment are presented below. Icahn Enterprises Holdings' condensed balance sheets are substantially the same, with immaterial differences relating to our Holding Company's other assets, debt and equity attributable to Icahn Enterprises Holdings. September 30, 2018 Investment Automotive Energy Railcar Metals Mining Food Packaging Real Estate Home Fashion Holding Company Discontinued Operations Consolidated (in millions) ASSETS Cash and cash equivalents $ 5 $ 46 $ 702 $ 74 $ 20 $ 19 $ 49 $ 40 $ 1 $ 97 $ — $ 1,053 Cash held at consolidated affiliated partnerships and restricted cash 637 — — 19 1 — 1 141 2 — — 801 Investments 8,711 24 83 20 — — — 15 — 479 — 9,332 Accounts receivable, net — 259 214 40 62 8 78 8 31 — — 700 Inventories, net — 1,234 427 80 30 26 98 — 66 — — 1,961 Property, plant and equipment, net — 947 3,049 1,231 108 215 167 392 70 — — 6,179 Goodwill and intangible assets, net — 497 283 7 3 — 34 25 — — — 849 Assets held for sale — — 33 — 1 — — — — 8,857 8,891 Other assets 395 157 61 27 8 22 88 405 5 41 — 1,209 Total assets $ 9,748 $ 3,164 $ 4,852 $ 1,498 $ 233 $ 290 $ 515 $ 1,026 $ 175 $ 617 $ 8,857 $ 30,975 LIABILITIES AND EQUITY Accounts payable, accrued expenses and other liabilities $ 1,078 $ 914 $ 1,147 $ 295 $ 53 $ 48 $ 168 $ 61 $ 37 $ 65 $ — $ 3,866 Securities sold, not yet purchased, at fair value 625 — — — — — — — — — — 625 Due to brokers 243 — — — — — — — — — — 243 Liabilities held for sale — — — — — — — — — — 5,998 5,998 Debt — 359 1,168 527 1 53 271 19 4 5,505 — 7,907 Total liabilities 1,946 1,273 2,315 822 54 101 439 80 41 5,570 5,998 18,639 Equity attributable to Icahn Enterprises 3,003 1,891 1,231 421 179 166 56 941 134 (4,960 ) 2,550 5,612 Equity attributable to non-controlling interests 4,799 — 1,306 255 — 23 20 5 — 7 309 6,724 Total equity 7,802 1,891 2,537 676 179 189 76 946 134 (4,953 ) 2,859 12,336 Total liabilities and equity $ 9,748 $ 3,164 $ 4,852 $ 1,498 $ 233 $ 290 $ 515 $ 1,026 $ 175 $ 617 $ 8,857 $ 30,975 December 31, 2017 Investment Automotive Energy Railcar Metals Mining Food Packaging Real Estate Home Fashion Holding Company Discontinued Operations Consolidated (in millions) ASSETS Cash and cash equivalents $ 17 $ 52 $ 482 $ 100 $ 24 $ 15 $ 16 $ 32 $ — $ 526 $ — $ 1,264 Cash held at consolidated affiliated partnerships and restricted cash 734 — — 19 5 — 2 2 4 — — 766 Investments 9,532 — 83 23 — — — 16 — 384 — 10,038 Accounts receivable, net — 224 178 44 40 10 78 3 35 — — 612 Inventories, net — 1,145 385 54 33 30 92 — 66 — — 1,805 Property, plant and equipment, net — 958 3,213 1,199 110 188 170 454 72 — — 6,364 Goodwill and intangible assets, net — 505 298 7 3 — 36 29 — — — 878 Assets held for sale — — — 14 2 — — — — — 8,774 8,790 Other assets 516 127 61 27 9 22 93 395 6 28 — 1,284 Total assets $ 10,799 $ 3,011 $ 4,700 $ 1,487 $ 226 $ 265 $ 487 $ 931 $ 183 $ 938 $ 8,774 $ 31,801 LIABILITIES AND EQUITY Accounts payable, accrued expenses and other liabilities $ 1,302 $ 944 $ 1,125 $ 262 $ 43 $ 45 $ 172 $ 63 $ 34 $ 243 $ — $ 4,233 Securities sold, not yet purchased, at fair value 1,023 — — — — — — — — — — 1,023 Due to brokers 1,057 — — — — — — — — — — 1,057 Liabilities held for sale — — — — — — — — — — 6,202 6,202 Debt — 340 1,166 546 1 58 273 22 5 5,507 — 7,918 Total liabilities 3,382 1,284 2,291 808 44 103 445 85 39 5,750 6,202 20,433 Equity attributable to Icahn Enterprises 3,052 1,727 1,098 428 182 138 28 846 144 (4,821 ) 2,284 5,106 Equity attributable to non-controlling interests 4,365 — 1,311 251 — 24 14 — — 9 288 6,262 Total equity 7,417 1,727 2,409 679 182 162 42 846 144 (4,812 ) 2,572 11,368 Total liabilities and equity $ 10,799 $ 3,011 $ 4,700 $ 1,487 $ 226 $ 265 $ 487 $ 931 $ 183 $ 938 $ 8,774 $ 31,801 |
Discontinued Operations (Notes)
Discontinued Operations (Notes) | 9 Months Ended |
Sep. 30, 2018 | |
Discontinued Operations [Abstract] | |
Discontinued Operations | Discontinued Operations . As discussed in Note 1 , " Description of Business ," we operated discontinued operations previously included in our Automotive segment and our former Gaming segment effective in the second quarter of 2018. Income from discontinued operations is summarized as follows: Three Months Ended September 30, 2018 Three Months Ended September 30, 2017 Automotive Gaming Total Automotive Gaming Total Revenues: (in millions) Net sales $ 1,890 $ — $ 1,890 $ 1,889 $ — $ 1,889 Other revenues from operations — 233 233 — 246 246 Interest and dividend income 1 — 1 3 — 3 Gain on disposition of assets, net 65 — 65 — — — Other (loss) income, net (4 ) 2 (2 ) 5 22 27 1,952 235 2,187 1,897 268 2,165 Expenses: Cost of goods sold 1,562 — 1,562 1,623 — 1,623 Other expenses from operations — 105 105 — 110 110 Selling, general and administrative 185 78 263 218 83 301 Restructuring, net 15 — 15 4 — 4 Impairment — — — 5 — 5 Interest expense 45 1 46 40 3 43 1,807 184 1,991 1,890 196 2,086 Income from discontinued operations before income tax expense 145 51 196 7 72 79 Income tax expense (28 ) (5 ) (33 ) (23 ) (27 ) (50 ) Income (loss) from discontinued operations 117 46 163 (16 ) 45 29 Less: income from discontinued operations attributable to non-controlling interests 1 7 8 2 7 9 Income (loss) from discontinued operations attributable to Icahn Enterprises $ 116 $ 39 $ 155 $ (18 ) $ 38 $ 20 Supplemental information: Capital expenditures (1) $ 88 $ 17 $ 105 $ 91 $ 30 $ 121 Depreciation and amortization (2) $ — $ — $ — $ 102 $ 19 $ 121 Nine Months Ended September 30, 2018 Nine Months Ended September 30, 2017 Automotive Gaming Total Automotive Gaming Total Revenues: (in millions) Net sales $ 5,993 $ — $ 5,993 $ 5,786 $ — $ 5,786 Other revenues from operations — 679 679 — 684 684 Interest and dividend income 2 1 3 4 1 5 Gain (loss) on disposition of assets, net 65 — 65 — (3 ) (3 ) Other income, net 5 1 6 18 23 41 6,065 681 6,746 5,808 705 6,513 Expenses: Cost of goods sold 4,999 — 4,999 4,910 — 4,910 Other expenses from operations — 311 311 — 317 317 Selling, general and administrative 601 238 839 646 272 918 Restructuring, net 13 — 13 11 — 11 Impairment 2 — 2 6 — 6 Interest expense 137 4 141 114 9 123 5,752 553 6,305 5,687 598 6,285 Income from discontinued operations before income tax expense 313 128 441 121 107 228 Income tax expense (69 ) (19 ) (88 ) (49 ) (48 ) (97 ) Income from discontinued operations 244 109 353 72 59 131 Less: income from discontinued operations attributable to non-controlling interests 7 17 24 8 18 26 Income from discontinued operations attributable to Icahn Enterprises $ 237 $ 92 $ 329 $ 64 $ 41 $ 105 Supplemental information: Capital expenditures (1) $ 303 $ 58 $ 361 $ 276 $ 83 $ 359 Depreciation and amortization (2) $ 100 $ 19 $ 119 $ 294 $ 54 $ 348 (1) Capital expenditures in the tables above represents cash used in investing activities. In addition, non-cash capital expenditures included in accounts payable, accrued expenses and other liabilities for the nine months ended September 30, 2018 and 2017 aggregated $48 million and $63 million , respectively. (2) Excludes amounts related to the amortization of deferred financing costs and debt discounts and premiums included in interest expense aggregating $1 million and $2 million for the three months ended September 30, 2018 and 2017 , respectively, and $3 million and $5 million for the nine months ended September 30, 2018 and 2017 , respectively. Assets and liabilities held for sale consist of the following: September 30, 2018 December 31, 2017 Automotive Gaming Total Automotive Gaming Total Assets Held For Sale (in millions) Cash and cash equivalents $ 272 $ 98 $ 370 $ 315 $ 103 $ 418 Restricted cash 5 15 20 4 16 20 Investments 322 7 329 324 7 331 Accounts receivable, net 1,195 11 1,206 1,182 11 1,193 Inventories, net 1,461 — 1,461 1,456 — 1,456 Property, plant and equipment, net 2,642 814 3,456 2,545 792 3,337 Goodwill 934 — 934 941 — 941 Intangible assets, net 504 66 570 517 74 591 Other assets 429 82 511 394 93 487 Assets held for sale (discontinued operations) $ 7,764 $ 1,093 $ 8,857 $ 7,678 $ 1,096 $ 8,774 Other assets held for sale 34 16 Total assets held for sale $ 8,891 $ 8,790 Liabilities Held For Sale Accounts payable, accrued expenses and other liabilities $ 1,756 $ 129 $ 1,885 $ 1,718 $ 142 $ 1,860 Post-retirement benefit liability 1,015 — 1,015 1,075 — 1,075 Debt 3,035 63 3,098 3,130 137 3,267 Liabilities held for sale (discontinued operations) $ 5,806 $ 192 $ 5,998 $ 5,923 $ 279 $ 6,202 Other assets held for sale in the table above primarily consists of property, plant and equipment, net for other operations not classified as discontinued operations. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes . 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% ; the imposition of a deemed repatriation tax on unremitted foreign earnings to facilitate a shift from a worldwide tax system to a territorial system; and the creation of new limitations on certain deductions. We do not currently anticipate significant revisions to the amounts recorded. However, under the guidance of Staff Accounting Bulletin No. 118 issued on December 22, 2017, we will account for the income tax effects of any additional guidance associated with the Tax Legislation under the measurement period approach. For the three months ended September 30, 2018 , we recorded an income tax benefit of $71 million on pre-tax loss from continuing operations of $381 million compared to an income tax expense of $18 million on pre-tax income from continuing operations of $818 million for the three months ended September 30, 2017 . Our effective income tax rate was 18.6% and 2.2% for the three months ended September 30, 2018 and 2017 , respectively. For the three months ended September 30, 2018 , the effective tax rate was lower than the statutory federal rate of 21% , primarily due to partnership income for which there was no tax expense, as such income is allocated to the partners, and favorable permanent tax adjustments, including estimated deductions related to internal reorganization of certain corporate entities within the American Entertainment Properties Corp. consolidated group. For the three months ended September 30, 2017 , the effective tax rate was lower than the statutory federal rate of 35% , primarily due to partnership income for which there was no tax expense, as such income is allocated to the partners. For the nine months ended September 30, 2018 , we recorded an income tax benefit of $57 million on pre-tax income from continuing operations of $454 million compared to an income tax expense of $13 million on pre-tax income from continuing operations of approximately $2.3 billion for the nine months ended September 30, 2017 . Our effective income tax rate was (12.6)% and 0.6% for the nine months ended September 30, 2018 and 2017 , respectively. For the nine months ended September 30, 2018 , the effective tax rate was lower than the statutory federal rate of 21% , primarily due to partnership income for which there was no tax expense, as such income is allocated to the partners, and favorable permanent tax adjustments, including estimated deductions related to internal reorganization of certain corporate entities within the American Entertainment Properties Corp. consolidated group. For the nine months ended September 30, 2017 , the effective tax rate was lower than the statutory federal rate of 35% , primarily due to a decrease in the valuation allowance and partnership income for which there was no tax expense, as such income is allocated to the partners. |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Changes In Accumulated Other Comprehensive Loss | Changes in Accumulated Other Comprehensive Loss . Changes in accumulated other comprehensive loss consists of the following: Post-Retirement Benefits, Net of Tax Hedge Instruments, Net of Tax Translation Adjustments and Other, Net of Tax Total (in millions) Balance, December 31, 2017 $ (564 ) $ (23 ) $ (824 ) $ (1,411 ) Other comprehensive income (loss) before reclassifications, net of tax 2 (3 ) (86 ) (87 ) Reclassifications from accumulated other comprehensive loss to earnings 19 — — 19 Other comprehensive income (loss), net of tax 21 (3 ) (86 ) (68 ) Balance, September 30, 2018 $ (543 ) $ (26 ) $ (910 ) $ (1,479 ) |
Other Income (Loss), Net
Other Income (Loss), Net | 9 Months Ended |
Sep. 30, 2018 | |
Other (Loss) Income, Net [Abstract] | |
Other Income, Net | Other Income, Net . Other income, net consists of the following: Three Months Ended Nine Months Ended 2018 2017 2018 2017 (in millions) Realized and unrealized gain (loss) on derivatives, net (Note 6) $ 5 $ (17 ) $ 75 $ (5 ) Other derivative loss — — — (41 ) Dividend expense (1 ) (9 ) (1 ) (9 ) Equity earnings from non-consolidated affiliates 3 1 8 2 Foreign currency transaction (loss) gain (5 ) 2 — 1 Tax settlement gain — 38 — 38 Non-service pension and other post-retirement benefits expense — (1 ) (8 ) (3 ) Gain on early railcar lease termination 10 — 10 — Other 5 5 (1 ) 6 $ 17 $ 19 $ 83 $ (11 ) |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies . Environmental Matters Due to the nature of our business, certain of our subsidiaries' operations are subject to numerous existing and proposed laws and governmental regulations designed to protect the environment, particularly regarding plant wastes and emissions and solid waste disposal. Our consolidated environmental liabilities were $38 million and $34 million as of September 30, 2018 and December 31, 2017 , respectively, primarily within our Energy and Metals segments and which are included in accrued expenses and other liabilities in our condensed consolidated balance sheets. In addition to the above, Federal-Mogul has environmental liabilities of $16 million and $16 million as of September 30, 2018 and December 31, 2017 , respectively, which are included in liabilities held for sale in our condensed consolidated balance sheets. We do not believe that environmental matters will have a material adverse impact on our consolidated results of operations and financial condition. On August 21, 2018, CVR Refining received a letter from the United States Department of Justice (the “DOJ”) on behalf of the Environmental Protection Agency (the "EPA") and Kansas Department of Health and Environment (“KDHE”) alleging violations of the Clean Air Act and a 2012 Consent Decree between CVR Refining, the United States (on behalf of the EPA) and KDHE at CVR Energy's Coffeyville refinery. In September 2018, CVR Refining executed a tolling agreement with the DOJ and KDHE extending time for negotiation regarding the agencies’ allegations through March 31, 2019. At this time CVR Energy cannot reasonably estimate the potential penalties, costs, fines or other expenditures that may result from this matter or any subsequent enforcement or litigation relating thereto and, therefore, CVR Energy cannot determine if the ultimate outcome of this matter will have a material impact on its financial position, results of operations or cash flows. There have been no other new developments or material changes to the environmental accruals or expected capital expenditures related to compliance with the environmental matters from those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2017 . Renewable Fuel Standards CVR Refining is subject to the Renewable Fuel Standard ("RFS") of the EPA which requires refiners to either blend "renewable fuels" in with their transportation fuels or purchase renewable fuel credits, known as renewable identification numbers (“RINs”), in lieu of blending. Due to mandates in the RFS requiring increasing volumes of renewable fuels to replace petroleum products in the U.S. transportation fuel market, there may be a decrease in demand for petroleum products. CVR Refining is not able to blend the substantial majority of its transportation fuels and has to purchase RINs on the open market, as well as waiver credits for cellulosic biofuels from the EPA, in order to comply with the RFS. The net cost of RINs for the three months ended September 30, 2018 and 2017 was $20 million and $64 million , respectively, and $47 million and $164 million for the nine months ended September 30, 2018 and 2017, respectively, which is included in cost of goods sold in the condensed consolidated statements of operations. RINs expense includes the purchased cost of RINs, the impact of recognizing CVR Refining's uncommitted biofuel blending obligation at fair value based on market prices at each reporting date and is reduced by the valuation change of RINs purchases in excess of CVR Refining's RFS obligation as of the reporting date. As of September 30, 2018 and December 31, 2017 , CVR Refining's biofuel blending obligation was $7 million and $28 million , respectively, which is included in accrued expenses and other liabilities in our condensed consolidated balance sheets and is reduced by the valuation change of RINs purchases in excess of CVR Refining’s RFS obligation as of the reporting date. As of September 30, 2018 , our Energy segment recorded a RINs asset within other assets in the condensed consolidated balance sheet of $4 million , representing excess RINs primarily due to a reduction in its RFS obligation during the first quarter of 2018. 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. Federal-Mogul 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 . A trial date has not yet been set. As of September 30, 2018 , the litigation reserve was $56 million , including accrued interest of $6 million . In connection with this matter, we contributed $56 million to Federal-Mogul prior to our sale of Federal-Mogul. 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. FM Products negotiated a settlement agreement with plaintiff's counsel which was approved by the required number of plaintiffs and, following a fairness hearing, given final approval by the court on July 13, 2018. FM Products paid $3 million pursuant to the settlement agreement during the three months ended September 30, 2018 . Other Matters FRA Directive On September 30, 2016, the Federal Railroad Administration (the "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 loss contingency reserve remaining of $9 million , as of September 30, 2018 , 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 September 30, 2018 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. Pension Obligations Mr. Icahn, through certain affiliates, owns 100% of Icahn Enterprises GP and approximately 91.5% of Icahn Enterprises' outstanding depositary units as of September 30, 2018 . Applicable pension and tax laws make each member of a “controlled group” of entities, generally defined as entities in which there is at least an 80% common ownership interest, jointly and severally liable for certain pension plan obligations of any member of the controlled group. These pension obligations include ongoing contributions to fund the plan, as well as liability for any unfunded liabilities that may exist at the time the plan is terminated. In addition, the failure to pay these pension obligations when due may result in the creation of liens in favor of the pension plan or the Pension Benefit Guaranty Corporation (the "PBGC") against the assets of each member of the controlled group. As a result of the more than 80% ownership interest in us by Mr. Icahn’s affiliates 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 September 30, 2018 and December 31, 2017 . If the plans were voluntarily terminated, they would be underfunded by approximately $371 million ( $77 million for ACF and $294 million for Federal-Mogul) and $424 million as of September 30, 2018 and December 31, 2017 , 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 they cease to be a member of the ACF and Federal-Mogul controlled group, or if they make certain extraordinary dividends or stock redemptions. As of October 1, 2018, Federal-Mogul is no longer a member of the controlled group. Starfire Holding Corporation ("Starfire") which is 99.4% owned by Mr. Icahn, has undertaken to indemnify us and our subsidiaries from losses resulting from any imposition of certain pension funding or termination liabilities that may be imposed on us and our subsidiaries or our assets as a result of being a member of the Icahn controlled group. The Starfire indemnity (which does not extend to pension liabilities of our subsidiaries that would be imposed on us as a result of our interest in these subsidiaries and not as a result of Mr. Icahn and his affiliates holding more than an 80% ownership interest in us, and as such would not extend to the unfunded pension termination liability for Federal-Mogul) provides, among other things, that so long as such contingent liabilities exist and could be imposed on us, Starfire will not make any distributions to its stockholders that would reduce its net worth to below $250 million . Nonetheless, Starfire may not be able to fund its indemnification obligations to us. Other The U.S. Attorney’s office for the Southern District of New York contacted Icahn Enterprises L.P. in September 2017 seeking production of information pertaining to our and Mr. Icahn’s activities relating to the Renewable Fuels Standard and Mr. Icahn’s former role as an advisor to the President. We are cooperating with the request and provided information in response to the subpoena. The U.S. Attorney’s office has not made any claims or allegations against us or Mr. Icahn. We maintain a strong compliance program and, while no assurances can be made, we do not believe this inquiry will have a material impact on our business, financial condition, results of operations or cash flows. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information (Notes) | 9 Months Ended |
Sep. 30, 2018 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information . Supplemental cash flow information from continuing operations consists of the following: Nine Months Ended 2018 2017 (in millions) Cash payments for interest, net of amounts capitalized $ 416 $ 444 Net cash (receipts) payments for income taxes, net of refunds (4 ) 39 Acquisition of subsidiary common stock included in accrued expenses and other liabilities — 51 Seller financing secured mortgages resulting from disposition of assets — 375 Capital expenditures included in accounts payable, accrued expenses and other liabilities 11 8 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events . Icahn Enterprises On October 31, 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. The quarterly distribution is payable in either cash or additional depositary units, at the election of each depositary unit holder and will be paid on or about December 18, 2018 to depositary unit holders of record at the close of business on November 12, 2018 . Depositary unit holders have until December 7, 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 distribution in cash. Depositary unit holders who elect to receive additional depositary units will receive units valued at the volume weighted average trading price of the units on NASDAQ during the 5 consecutive trading days ending December 14, 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. Railcar On October 22, 2018, we announced a definitive agreement to sell ARI. See Note 1 , " Description of Business ," for further discussion. Discontinued Operating Businesses On October 1, 2018, we closed on the sales of Federal-Mogul and Tropicana. See Note 1 , " Description of Business ," for further discussion. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |
Consolidation, Policy | Principles of Consolidation As of September 30, 2018 , our condensed consolidated financial statements include the accounts of (i) Icahn Enterprises and Icahn Enterprises Holdings and (ii) the wholly and majority owned subsidiaries of Icahn Enterprises and Icahn Enterprises Holdings, in addition to variable interest entities ("VIEs") in which we are the primary beneficiary. In evaluating whether we have a controlling financial interest in entities that we consolidate, we consider the following: (1) for voting interest entities, including limited partnerships and similar entities that are not VIEs, we consolidate these entities in which we own a majority of the voting interests; and (2) for VIEs, we consolidate these entities in which we are the primary beneficiary. See below for a discussion of our VIEs. Kick-out rights, which are the rights underlying the limited partners' ability to dissolve the limited partnership or otherwise remove the general partners, held through voting interests of partnerships and similar entities that are not VIEs are considered the equivalent of the equity interests of corporations that are not VIEs. Except for our Investment segment, for equity investments in which we own 50% or less but greater than 20%, we generally account for such investments using the equity method. All other equity investments are accounted for at fair value. |
Fair Value of Financial Instruments, Policy | Fair Value of Financial Instruments The carrying values of cash and cash equivalents, cash held at consolidated affiliated partnerships and restricted cash, accounts receivable, due from brokers, a ccounts payable, accrued expenses and other liabilities and due to brokers are deemed to be reasonable estimates of their fair values because of their short-term nature. See Note 4 , “ Investments and Related Matters ,” and Note 5 , “ Fair Value Measurements ,” for a detailed discussion of our investments and other non-financial assets and/or liabilities . |
New Accounting Pronouncements | Adoption of New Accounting Standards Revenue Accounting Standards Updates 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 adopted these new standards on January 1, 2018 using the modified retrospective application method which required a cumulative effect adjustment recognized in equity at such date. The standard has been applied to all contracts at the date of initial application. No adjustment to revenue for periods prior to adoption were required. We have not identified any material differences in our revenue recognition methods that required modification under the new standards. Additionally, our internal control framework did not materially change as a result of the adoption of these new standards. The impact of adopting these new standards on our condensed consolidated financial statements is a cumulative effect adjustment to decrease our equity attributable to Icahn Enterprises and Icahn Enterprises Holdings as of January 1, 2018 by $29 million , primarily relating to our Automotive segment. As of January 1, 2018, our Automotive segment increased accrued expenses and other liabilities by $42 million and decreased deferred tax liabilities by $10 million for certain extended warranties to reflect the revenues from these plans as deferred revenue. Previously, revenues from these plans were recognized upfront. Our Automotive segment also recognizes revenue from the sale of goods on a drop ship basis. Previously, revenues from these transactions were recognized gross. For the three months ended September 30, 2018 , net sales and costs of goods sold would have been higher by $15 million and $15 million , respectively, under prior accounting principles and for the nine months ended September 30, 2018 , net sales and cost of goods sold would have been higher by $47 million and $47 million , respectively. As of January 1, 2018, our Energy segment increased each of accounts receivable, net and accrued expenses and other liabilities by $21 million for customer prepayments prior to delivery and to gross up certain fees collected from customers to reflect a receivable and deferred revenue recorded at the point in time in which a prepaid contract is legally enforceable and the associated right to consideration is unconditional. Previously, deferred revenue was recorded by our Energy segment upon customer prepayment. In addition to the above, we increased assets by an aggregate of $32 million and increased liabilities by $29 million as of January 1, 2018, primarily with respect to Federal-Mogul's asset and liabilities classified as held for sale. For the three and nine months ended September 30, 2018 , the impact on revenues would have been immaterial under prior accounting principles. Other Accounting Standards Updates 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. We adopted this new standard on January 1, 2018 using the modified retrospective application method which required a cumulative effect adjustment recognized in equity at such date. The amendments related to equity securities without readily determinable fair values were applied prospectively to equity investments that existed as of the date of adoption. The adoption of this standard did not have a material impact on our condensed 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 adopted this standard on January 1, 2018 using the retrospective application method. The adoption of this standard did not have a material impact on our condensed 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. We have adopted this standard on January 1, 2018 using the retrospective application method. The impact of adopting this new standard is discussed above under "Reclassifications." 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. We adopted this standard on January 1, 2018 using the retrospective application method. The impact of adopting this new standard is discussed above under "Reclassifications." 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. We adopted this standard on January 1, 2018 which has been applied prospectively and which did not have a material impact on our condensed consolidated financial statements. |
Description of New Accounting Pronouncements Not yet Adopted | Recently Issued Accounting Standards In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , which supersedes FASB ASC Topic 840, Leases . This ASU requires the recognition of right-of-use assets and lease liabilities by lessees for those leases classified as operating leases under previous guidance. In addition, among other changes to the accounting for leases, this ASU retains the distinction between finance leases and operating leases. The classification criteria for distinguishing between finance leases and operating leases are substantially similar to the classification criteria for distinguishing between capital leases and operating leases in the previous guidance. Furthermore, quantification and qualitative disclosures, including disclosures regarding significant judgments made by management, will be required. This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The amendments in this ASU should be applied using a modified retrospective approach. Early application is permitted. In addition, in July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842), which provides an additional (and optional) transition method to adopt the new leases standard. We anticipate adopting the new leases standard using the new transition method option effective January 1, 2019, which will require adopting the new leases standard at the adoption date and recognizing a cumulative-effect adjustment to the opening balance of equity in the period of adoption instead of the earliest period presented. In addition, prior period presentation and disclosure will not be adjusted. We believe the most significant impact will relate to the recognition of right-of-use assets and lease liabilities on our condensed consolidated balance sheets for long-term operating leases with the significant majority of the impact within our Automotive segment. We anticipate our assessment and implementation plan to be ongoing during the remainder of 2018 and continue to evaluate the impact of this standard on our condensed consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments , which amends FASB ASC Topic 326, Financial Instruments - Credit Losses. This ASU requires financial assets measured at amortized cost to be presented at the net amount to be collected and broadens the information, including forecasted information incorporating more timely information, that an entity must consider in developing its expected credit loss estimate for assets measured. This ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early application is permitted for fiscal years beginning after December 15, 2018. We are currently evaluating the impact of this standard on our condensed consolidated financial statements. In August 2017, the FASB issued ASU 2017-12, Targeting Improvements to Accounting for Hedging Activities , which amends FASB ASC Topic 815, Derivatives and Hedging . This ASU includes amendments to existing guidance to better align an entity’s risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. This ASU is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact of this standard on our condensed consolidated financial statements. In February 2018, the FASB issued ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income , which amends FASB ASC Topic 220, Income Statement - Reporting Comprehensive Income . This ASU allows a reclassification out of accumulated other comprehensive loss within equity for standard tax effects resulting from the Tax Cuts and Jobs Act and consequently, eliminates the stranded tax effects resulting from the Tax Cuts and Jobs Act. This ASU is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact of this standard on our condensed consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurements , which amends FASB ASC Topic 820, Fair Value Measurements . This ASU eliminates, modifies and adds various disclosure requirements on fair value measurements. This ASU is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Certain disclosures are required to be applied using a retrospective approach and others using a prospective approach. Early adoption is permitted. We are currently evaluating the impact of this standard on our condensed consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract , which amends FASB ASC Subtopic 350-40, Intangibles-Goodwill and Other-Internal-Use Software . This ASU adds certain disclosure requirements related to implementation costs incurred for internal-use software and cloud computing arrangements. The amendment aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). This ASU is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The amendments in this ASU should be applied either using a retrospective or prospective approach. Early adoption is permitted. We are currently evaluating the impact of this standard on our condensed consolidated financial statements. |
Automotive Segment | |
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |
Revenue Recognition, Policy | Revenue: Our Automotive segment recognizes revenue when it satisfies a performance obligation by transferring control over a product or service to a customer. Our Automotive segment revenue from retail and commercial sales is measured based on consideration specified in a contract with a customer and excludes any sales incentives and amounts collected on behalf of third parties. Automotive service revenues are recognized on completion of the service and consist of products and the labor charged for installing products or maintaining or repairing vehicles. Automotive services labor revenues are included in other revenues from operations in our condensed consolidated statements of operations, however, the sale of any installed parts or materials related to automotive services are included in net sales. Our Automotive segment recognizes revenues from extended warranties offered to its customers on tires its sells, including lifetime warranties for road hazard assistance (recognized over 3 years) and 1-year, 3-year and lifetime plans for alignments (recognized over 1 year, 3 years and 5 years, respectively), for which it receives payment upfront. Revenues from extended warranties are recognized over the term of the warranty contract with the satisfaction of its performance obligations measured using the output method. Our Automotive segment recognizes revenues from franchise fees, which it receives payment upfront, and franchise royalties, for which it receives payment over time. Revenues from upfront franchise fees are recognized at the time the store opens, as that is when our Automotive segment's performance obligations are deemed complete, and revenues from franchise royalties are recognized in the period in which royalties are earned, generally based on a percentage of franchise sales. |
Energy Segment | |
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |
Revenue Recognition, Policy | Revenue: Our Energy segment revenues from the sale of petroleum products are recorded upon delivery of the products to customers, which is the point at which title is transferred and the customer has assumed the risk of loss. This generally takes place as product passes into the pipeline, as a product transfer order occurs within a pipeline system, or as product enters equipment or locations supplied or designated by the customer. For our Energy segment's nitrogen fertilizer products sold, revenues are recorded at the point in time at which the customer obtains control of the product, which is generally upon delivery and acceptance by the customer. Nitrogen fertilizer products are sold on a wholesale basis under a contract or by purchase order. Excise and other taxes collected from customers and remitted to governmental authorities by our Energy segment are not included in reported revenues. Many of the petroleum business' contracts have index-based pricing which is considered variable consideration that should be estimated in determining the transaction price. Our Energy segment determined that it does not need to estimate the variable consideration because the uncertainty related to the consideration is resolved on the pricing date or the date when the product is delivered. The nitrogen fertilizer business has an immaterial amount of variable consideration for contracts with an original duration of less than a year. A small portion of the nitrogen fertilizer partnership's revenue includes contracts extending beyond one year and contain variable pricing in which the majority of the variability is attributed to the market-based pricing. The nitrogen fertilizer business' contracts do not contain a significant financing component. |
Railcar Segment | |
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |
Revenue Recognition, Policy | Revenue: 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 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. As of September 30, 2018 , our Railcar segment had $963 million of remaining performance obligations for contractual commitments from customers for which work is partially completed. Our Railcar segment expects to recognize approximately $184 million of these performance obligations as revenue during the next twelve months and an additional $779 million thereafter. |
Fair Value Measurements (Polici
Fair Value Measurements (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Determination of when transfers between fair value levels occurs | In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the investments', non-financial assets' and/or liabilities' level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to the investment. Significant transfers, if any, between the levels within the fair value hierarchy are recognized at the beginning of the reporting period when changes in circumstances require such transfers. |
Segment Reporting (Policies)
Segment Reporting (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Determination of what constitutes a segment | We report segment information based on the various industries in which our businesses operate and how we manage those businesses in accordance with our investment strategies, which may include: identifying and acquiring undervalued assets and businesses, often through the purchase of distressed securities; increasing value through management, financial or other operational changes; and managing complex legal, regulatory or financial issues, which may include bankruptcy or insolvency, environmental, zoning, permitting and licensing issues. Therefore, although many of our businesses are operated under separate local management, certain of our businesses are grouped together when they operate within a similar industry, comprising similarities in products, customers, production processes and regulatory environments, and when such businesses, when considered together, may be managed in accordance with one or more investment strategies specific to those businesses. Among other measures, we assess and measure segment operating results based on net income from continuing operations attributable to Icahn Enterprises and Icahn Enterprises Holdings. Certain terms of financings for certain of our businesses impose restrictions on the business' ability to transfer funds to us, including restrictions on dividends, distributions, loans and other transactions. |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Icahn Enterprises Holdings | |
Variable Interest Entity [Line Items] | |
Variable interest entities | September 30, 2018 December 31, 2017 (in millions) Cash and cash equivalents $ 460 $ 223 Cash held at consolidated affiliated partnerships and restricted cash 637 734 Investments 8,794 9,615 Due from brokers 338 506 Property, plant and equipment, net 3,034 3,191 Inventories, net 427 385 Intangible assets, net 283 298 Other assets 381 226 Accounts payable, accrued expenses and other liabilities 1,656 1,816 Securities sold, not yet purchased, at fair value 625 1,023 Due to brokers 243 1,057 Debt 1,168 1,166 |
Investments and Related Matte_2
Investments and Related Matters (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Investment Segment | |
Schedule of Investments [Line Items] | |
Investments | September 30, 2018 December 31, 2017 Assets (in millions) Investments: Equity securities: Basic materials $ 559 $ 1,170 Consumer, non-cyclical 2,402 2,551 Consumer, cyclical 1,378 777 Energy 1,870 1,489 Financial 477 2,185 Technology 1,603 833 Other 212 372 8,501 9,377 Corporate debt securities 210 155 $ 8,711 $ 9,532 Liabilities Securities sold, not yet purchased, at fair value: Equity securities: Consumer, non-cyclical $ 74 $ 101 Consumer, cyclical 122 667 Energy 362 110 Industrial 67 110 625 988 Corporate debt securities — 35 $ 625 $ 1,023 |
Other Segments | |
Schedule of Investments [Line Items] | |
Investments | September 30, 2018 December 31, 2017 (in millions) Equity method investments $ 127 $ 106 Other investments (measured at fair value) 494 400 $ 621 $ 506 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Assets measured at fair value on a recurring basis | September 30, 2018 December 31, 2017 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets (in millions) Investments (Note 4) $ 8,502 $ 323 $ 368 $ 9,193 $ 9,378 $ 264 $ 278 $ 9,920 Derivative contracts, at fair value (Note 6) (1) — 42 — 42 — — — — $ 8,502 $ 365 $ 368 $ 9,235 $ 9,378 $ 264 $ 278 $ 9,920 Liabilities Securities sold, not yet purchased (Note 4) $ 625 $ — $ — $ 625 $ 988 $ 35 $ — $ 1,023 Other liabilities — 2 — 2 — 1 — 1 Derivative contracts, at fair value (Note 6) 3 982 — 985 36 1,239 — 1,275 $ 628 $ 984 $ — $ 1,612 $ 1,024 $ 1,275 $ — $ 2,299 (1) Amounts are classified within other assets in our condensed consolidated balance sheets. |
Assets measured at fair value on a recurring basis for which we use Level 3 inputs to determine fair value | Nine Months Ended 2018 2017 (in millions) Balance at January 1 $ 278 $ 211 Net unrealized gains 91 51 Purchases — 5 Transfers out — (5 ) Transfers in — 2 Other (1 ) — Balance at September 30 $ 368 $ 264 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Derivative [Line Items] | |
Fair value and income recognized for derivatives not designated as hedging instruments | The following table presents the consolidated fair values of our derivatives that are not designated as hedging instruments in accordance with U.S GAAP: Derivatives Not Designated as Hedging Instruments Asset Derivatives (1) Liability Derivatives September 30, 2018 December 31, 2017 September 30, 2018 December 31, 2017 (in millions) Equity contracts $ 32 $ — $ 953 $ 1,159 Credit contracts 11 — — 17 Commodity contracts 5 7 38 106 Sub-total 48 7 991 1,282 Netting across contract types (2) (6 ) (7 ) (6 ) (7 ) Total (2) $ 42 $ — $ 985 $ 1,275 (1) Net asset derivatives are classified within other assets in our condensed consolidated balance sheets. (2) Excludes netting of cash collateral received and posted. The total collateral posted at September 30, 2018 and December 31, 2017 was $573 million and $542 million , respectively, across all counterparties, which are included in cash held at consolidated affiliated partnerships and restricted cash on the condensed consolidated balance sheets. The following table presents the amount of gain (loss) recognized in the condensed consolidated statements of operations for our derivatives not designated as hedging instruments: Gain (Loss) Recognized in Income (1) Derivatives Not Designated as Hedging Instruments Three Months Ended Nine Months Ended 2018 2017 2018 2017 (in millions) Equity contracts $ (564 ) $ (350 ) $ (653 ) $ (1,185 ) Credit contracts 12 (15 ) 65 (32 ) Commodity contracts 18 (20 ) 132 (36 ) $ (534 ) $ (385 ) $ (456 ) $ (1,253 ) (1) Gains (losses) recognized on derivatives are classified in net gain (loss) from investment activities in our condensed consolidated statements of operations for our Investment segment and are included in other income (loss), net for all other segments. Gains (losses) recognized on derivatives for our Investment segment were $(539) million and $(368) million for the three months ended September 30, 2018 and 2017, respectively, and $(531) million and $(1,248) million for the nine months ended September 30, 2018 and 2017, respectively. Gains (losses) recognized on derivatives for our other segments were $5 million and $(17) million for the three months ended September 30, 2018 and 2017, respectively, and $75 million and $(5) million for the nine months ended September 30, 2018 and 2017, respectively. |
Investment Segment | |
Derivative [Line Items] | |
Notional exposure of derivative instruments | September 30, 2018 December 31, 2017 Long Notional Exposure Short Notional Exposure Long Notional Exposure Short Notional Exposure Primary underlying risk: (in millions) Equity contracts $ 256 $ 10,050 $ 243 $ 6,660 Credit contracts (1) — 183 — 391 Commodity contracts — 122 — 634 (1) The short notional amount on our credit default swap positions was approximately $800 million at September 30, 2018 . However, because credit spreads cannot compress below zero, our downside short notional exposure is $183 million as of September 30, 2018 . The short notional amount on our credit default swap positions was approximately $2.5 billion as of December 31, 2017 . However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is $391 million as of December 31, 2017 . |
Inventories, Net (Tables)
Inventories, Net (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Inventory, Net [Abstract] | |
Inventories, net | September 30, 2018 December 31, 2017 (in millions) Raw materials $ 307 $ 252 Work in process 123 127 Finished goods 1,531 1,426 $ 1,961 $ 1,805 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets, Net (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | September 30, 2018 December 31, 2017 Gross Carrying Amount Accumulated Impairment Net Carrying Value Gross Carrying Amount Accumulated Impairment Net Carrying Value (in millions) Automotive $ 322 $ — $ 322 $ 320 $ — $ 320 Railcar 7 — 7 7 — 7 Food Packaging 7 — 7 7 — 7 $ 336 $ — $ 336 $ 334 $ — $ 334 |
Intangible assets, net | September 30, 2018 December 31, 2017 Gross Carrying Amount Accumulated Amortization Net Carrying Value Gross Carrying Amount Accumulated Amortization Net Carrying Value (in millions) Definite-lived intangible assets: Customer relationships $ 396 $ (129 ) $ 267 $ 397 $ (115 ) $ 282 Developed technology 4 (4 ) — 4 (4 ) — In-place leases 90 (73 ) 17 121 (92 ) 29 Gasification technology license 60 (15 ) 45 60 (14 ) 46 Other 161 (39 ) 122 149 (24 ) 125 $ 711 $ (260 ) $ 451 $ 731 $ (249 ) $ 482 Indefinite-lived intangible assets: Trademarks and brand names $ 62 $ 62 Intangible assets, net $ 513 $ 544 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | September 30, 2018 December 31, 2017 (in millions) Holding Company: 6.000% senior unsecured notes due 2020 $ 1,703 $ 1,703 5.875% senior unsecured notes due 2022 1,343 1,342 6.250% senior unsecured notes due 2022 1,214 1,216 6.750% senior unsecured notes due 2024 498 498 6.375% senior unsecured notes due 2025 747 748 5,505 5,507 Reporting Segments: Automotive 359 340 Energy 1,168 1,166 Railcar 527 546 Metals 1 1 Mining 53 58 Food Packaging 271 273 Real Estate 19 22 Home Fashion 4 5 2,402 2,411 Total Debt $ 7,907 $ 7,918 |
Net Income Per LP Unit (Tables)
Net Income Per LP Unit (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Unit [Abstract] | |
Net income per LP unit | Three Months Ended Nine Months Ended 2018 2017 2018 2017 (in millions, except per unit data) Net (loss) income attributable to Icahn Enterprises from continuing operations $ (29 ) $ 577 $ 243 $ 2,027 Net (loss) income attributable to Icahn Enterprises from continuing operations allocable to limited partners (98.01% allocation) $ (29 ) $ 566 $ 238 $ 1,987 Net income attributable to Icahn Enterprises from discontinued operations allocable to limited partners $ 153 $ 20 $ 323 $ 103 Basic and diluted (loss) income per LP unit: Continuing operations $ (0.16 ) $ 3.41 $ 1.34 $ 12.58 Discontinued operations 0.84 0.12 1.81 0.65 $ 0.68 $ 3.53 $ 3.15 $ 13.23 Basic and diluted weighted average LP units outstanding 183 166 178 158 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Disaggregation of Revenue [Line Items] | |
Condensed statements of operations by reporting segment | Three Months Ended September 30, 2018 Investment Automotive Energy Railcar Metals Mining Food Packaging Real Estate Home Fashion Holding Company Consolidated (in millions) Revenues: Net sales $ — $ 600 $ 1,935 $ 40 $ 120 $ 26 $ 98 $ 7 $ 38 $ — $ 2,864 Other revenues from operations — 135 — 60 — — — 22 — — 217 Net (loss) gain from investment activities (549 ) — — — — — — — — 35 (514 ) Interest and dividend income 27 — — — — 1 1 5 — 2 36 (Loss) gain on disposition of assets, net — — — — — (2 ) — 67 — — 65 Other (loss) income, net — (2 ) 8 11 1 2 (2 ) — — (1 ) 17 (522 ) 733 1,943 111 121 27 97 101 38 36 2,685 Expenses: Cost of goods sold — 373 1,742 42 115 18 77 6 33 — 2,406 Other expenses from operations — 123 — 36 — — — 14 — — 173 Selling, general and administrative 4 253 31 11 5 6 14 2 8 6 340 Restructuring, net — 4 4 — — — 10 — (1 ) — 17 Impairment — — — — — — — — — — — Interest expense 6 4 26 5 — — 5 — — 84 130 10 757 1,803 94 120 24 106 22 40 90 3,066 (Loss) income from continuing operations before income tax benefit (expense) (532 ) (24 ) 140 17 1 3 (9 ) 79 (2 ) (54 ) (381 ) Income tax benefit (expense) — 11 (31 ) (4 ) — — (2 ) (6 ) — 103 71 Net (loss) income from continuing operations (532 ) (13 ) 109 13 1 3 (11 ) 73 (2 ) 49 (310 ) Less: net (loss) income from continuing operations attributable to non-controlling interests (326 ) — 43 5 — — (2 ) — — (1 ) (281 ) Net (loss) income from continuing operations attributable to Icahn Enterprises $ (206 ) $ (13 ) $ 66 $ 8 $ 1 $ 3 $ (9 ) $ 73 $ (2 ) $ 50 $ (29 ) Supplemental information: Capital expenditures $ — $ 16 $ 26 $ 57 $ 8 $ 9 $ 8 $ 2 $ 1 $ — $ 127 Depreciation and amortization (1) $ — $ 23 $ 67 $ 15 $ 4 $ 2 $ 6 $ 5 $ 2 $ — $ 124 Three Months Ended September 30, 2017 Investment Automotive Energy Railcar Metals Mining Food Packaging Real Estate Home Fashion Holding Company Consolidated (in millions) Revenues: Net sales $ — $ 604 $ 1,454 $ 68 $ 110 $ 21 $ 99 $ 2 $ 46 $ — $ 2,404 Other revenues from operations — 96 — 66 — — — 19 — — 181 Net gain from investment activities 386 — — — — — — — — 34 420 Interest and dividend income 27 — 1 1 — — — 2 — 3 34 Gain (loss) on disposition of assets, net — 1 (1 ) (10 ) — — — 456 — — 446 Other (loss) income, net (9 ) (1 ) (16 ) 1 (1 ) (2 ) 3 39 — 5 19 404 700 1,438 126 109 19 102 518 46 42 3,504 Expenses: Cost of goods sold — 396 1,357 65 105 15 75 2 39 — 2,054 Other expenses from operations — 107 — 25 — — — 12 — — 144 Selling, general and administrative 3 229 35 9 5 4 13 6 11 8 323 Restructuring, net — — — — — — 1 — — — 1 Impairment — (1 ) — 1 — — — — — — — Interest expense 42 2 28 5 — 2 3 — — 82 164 45 733 1,420 105 110 21 92 20 50 90 2,686 Income (loss) from continuing operations before income tax benefit (expense) 359 (33 ) 18 21 (1 ) (2 ) 10 498 (4 ) (48 ) 818 Income tax benefit (expense) — 17 (2 ) (6 ) 2 — (4 ) — — (25 ) (18 ) Net income (loss) from continuing operations 359 (16 ) 16 15 1 (2 ) 6 498 (4 ) (73 ) 800 Less: net income (loss) from continuing operations attributable to non-controlling interests 221 — (2 ) 3 — — 1 — — — 223 Net income (loss) from continuing operations attributable to Icahn Enterprises $ 138 $ (16 ) $ 18 $ 12 $ 1 $ (2 ) $ 5 $ 498 $ (4 ) $ (73 ) $ 577 Supplemental information: Capital expenditures $ — $ 22 $ 23 $ 30 $ 2 $ 10 $ 6 $ 7 $ 2 $ — $ 102 Depreciation and amortization (1) $ — $ 26 $ 70 $ 15 $ 5 $ 2 $ 5 $ 5 $ 2 $ — $ 130 Nine Months Ended September 30, 2018 Investment Automotive Energy Railcar Metals Mining Food Packaging Real Estate Home Fashion Holding Company Consolidated (in millions) Revenues: Net sales $ — $ 1,760 $ 5,386 $ 194 $ 370 $ 72 $ 299 $ 14 $ 125 $ — $ 8,220 Other revenues from operations — 398 — 169 — — — 65 — — 632 Net gain from investment activities 233 — — — — — — — — 95 328 Interest and dividend income 73 — 1 1 — 1 1 15 — 7 99 (Loss) gain on disposition of assets, net — — (5 ) 5 — (2 ) — 67 — — 65 Other (loss) income, net (1 ) (2 ) 81 13 1 7 (15 ) — 1 (2 ) 83 305 2,156 5,463 382 371 78 285 161 126 100 9,427 Expenses: Cost of goods sold — 1,119 4,948 184 349 54 234 11 108 — 7,007 Other expenses from operations — 352 — 97 — — — 41 — — 490 Selling, general and administrative 6 769 102 31 14 18 44 15 26 17 1,042 Restructuring, net — 4 4 — — — 10 — 2 — 20 Impairment — 3 — 4 — — — — — — 7 Interest expense 33 12 80 16 — 2 12 1 — 251 407 39 2,259 5,134 332 363 74 300 68 136 268 8,973 Income (loss) from continuing operations before income tax benefit (expense) 266 (103 ) 329 50 8 4 (15 ) 93 (10 ) (168 ) 454 Income tax benefit (expense) — 38 (60 ) (14 ) — (2 ) — (6 ) — 101 57 Net income (loss) from continuing operations 266 (65 ) 269 36 8 2 (15 ) 87 (10 ) (67 ) 511 Less: net income (loss) from continuing operations attributable to non-controlling interests 154 — 106 13 — (1 ) (3 ) — — (1 ) 268 Net income (loss) from continuing operations attributable to Icahn Enterprises $ 112 $ (65 ) $ 163 $ 23 $ 8 $ 3 $ (12 ) $ 87 $ (10 ) $ (66 ) $ 243 Supplemental information: Capital expenditures $ — $ 53 $ 68 $ 81 $ 10 $ 32 $ 19 $ 9 $ 4 $ — $ 276 Depreciation and amortization (1) $ — $ 72 $ 207 $ 46 $ 13 $ 6 $ 19 $ 15 $ 6 $ — $ 384 Nine Months Ended September 30, 2017 Investment Automotive Energy Railcar Metals Mining Food Packaging Real Estate Home Fashion Holding Company Consolidated (in millions) Revenues: Net sales $ — $ 1,702 $ 4,395 $ 184 $ 315 $ 76 $ 288 $ 9 $ 138 $ — $ 7,107 Other revenues from operations — 329 — 320 — — — 56 — — 705 Net gain from investment activities 552 — — 2 — — — — — 50 604 Interest and dividend income 80 — 1 2 — 1 — 2 — 8 94 Gain (loss) on disposition of assets, net — 4 (2 ) 1,511 — — — 456 — — 1,969 Other (loss) income, net (50 ) — (3 ) 2 (1 ) (3 ) — 39 — 5 (11 ) 582 2,035 4,391 2,021 314 74 288 562 138 63 10,468 Expenses: Cost of goods sold — 1,125 4,191 170 299 45 218 7 119 — 6,174 Other expenses from operations — 326 — 107 — — — 36 — — 469 Selling, general and administrative 8 657 105 38 14 12 44 16 30 21 945 Restructuring, net — — — — — — 3 — — — 3 Impairment — 6 — 68 — — — 2 — — 76 Interest expense 134 10 82 39 — 5 10 1 — 244 525 142 2,124 4,378 422 313 62 275 62 149 265 8,192 Income (loss) from continuing operations before income tax benefit (expense) 440 (89 ) 13 1,599 1 12 13 500 (11 ) (202 ) 2,276 Income tax benefit (expense) — 53 2 (525 ) 3 (2 ) (5 ) — — 461 (13 ) Net income (loss) from continuing operations 440 (36 ) 15 1,074 4 10 8 500 (11 ) 259 2,263 Less: net income (loss) from continuing operations attributable to non-controlling interests 228 — (7 ) 11 — 2 2 — — — 236 Net income (loss) from continuing operations attributable to Icahn Enterprises $ 212 $ (36 ) $ 22 $ 1,063 $ 4 $ 8 $ 6 $ 500 $ (11 ) $ 259 $ 2,027 Supplemental information: Capital expenditures $ — $ 57 $ 80 $ 139 $ 4 $ 27 $ 15 $ 7 $ 4 $ — $ 333 Depreciation and amortization (1) $ — $ 81 $ 208 $ 51 $ 15 $ 4 $ 18 $ 15 $ 6 $ — $ 398 (1) Excludes amounts related to the amortization of deferred financing costs and debt discounts and premiums included in interest expense in the amounts of $3 million and $2 million for the three months ended September 30, 2018 and 2017 , respectively, and $5 million and $8 million for the nine months ended September 30, 2018 and 2017 , respectively. |
Condensed balance sheets by reporting segment | September 30, 2018 Investment Automotive Energy Railcar Metals Mining Food Packaging Real Estate Home Fashion Holding Company Discontinued Operations Consolidated (in millions) ASSETS Cash and cash equivalents $ 5 $ 46 $ 702 $ 74 $ 20 $ 19 $ 49 $ 40 $ 1 $ 97 $ — $ 1,053 Cash held at consolidated affiliated partnerships and restricted cash 637 — — 19 1 — 1 141 2 — — 801 Investments 8,711 24 83 20 — — — 15 — 479 — 9,332 Accounts receivable, net — 259 214 40 62 8 78 8 31 — — 700 Inventories, net — 1,234 427 80 30 26 98 — 66 — — 1,961 Property, plant and equipment, net — 947 3,049 1,231 108 215 167 392 70 — — 6,179 Goodwill and intangible assets, net — 497 283 7 3 — 34 25 — — — 849 Assets held for sale — — 33 — 1 — — — — 8,857 8,891 Other assets 395 157 61 27 8 22 88 405 5 41 — 1,209 Total assets $ 9,748 $ 3,164 $ 4,852 $ 1,498 $ 233 $ 290 $ 515 $ 1,026 $ 175 $ 617 $ 8,857 $ 30,975 LIABILITIES AND EQUITY Accounts payable, accrued expenses and other liabilities $ 1,078 $ 914 $ 1,147 $ 295 $ 53 $ 48 $ 168 $ 61 $ 37 $ 65 $ — $ 3,866 Securities sold, not yet purchased, at fair value 625 — — — — — — — — — — 625 Due to brokers 243 — — — — — — — — — — 243 Liabilities held for sale — — — — — — — — — — 5,998 5,998 Debt — 359 1,168 527 1 53 271 19 4 5,505 — 7,907 Total liabilities 1,946 1,273 2,315 822 54 101 439 80 41 5,570 5,998 18,639 Equity attributable to Icahn Enterprises 3,003 1,891 1,231 421 179 166 56 941 134 (4,960 ) 2,550 5,612 Equity attributable to non-controlling interests 4,799 — 1,306 255 — 23 20 5 — 7 309 6,724 Total equity 7,802 1,891 2,537 676 179 189 76 946 134 (4,953 ) 2,859 12,336 Total liabilities and equity $ 9,748 $ 3,164 $ 4,852 $ 1,498 $ 233 $ 290 $ 515 $ 1,026 $ 175 $ 617 $ 8,857 $ 30,975 December 31, 2017 Investment Automotive Energy Railcar Metals Mining Food Packaging Real Estate Home Fashion Holding Company Discontinued Operations Consolidated (in millions) ASSETS Cash and cash equivalents $ 17 $ 52 $ 482 $ 100 $ 24 $ 15 $ 16 $ 32 $ — $ 526 $ — $ 1,264 Cash held at consolidated affiliated partnerships and restricted cash 734 — — 19 5 — 2 2 4 — — 766 Investments 9,532 — 83 23 — — — 16 — 384 — 10,038 Accounts receivable, net — 224 178 44 40 10 78 3 35 — — 612 Inventories, net — 1,145 385 54 33 30 92 — 66 — — 1,805 Property, plant and equipment, net — 958 3,213 1,199 110 188 170 454 72 — — 6,364 Goodwill and intangible assets, net — 505 298 7 3 — 36 29 — — — 878 Assets held for sale — — — 14 2 — — — — — 8,774 8,790 Other assets 516 127 61 27 9 22 93 395 6 28 — 1,284 Total assets $ 10,799 $ 3,011 $ 4,700 $ 1,487 $ 226 $ 265 $ 487 $ 931 $ 183 $ 938 $ 8,774 $ 31,801 LIABILITIES AND EQUITY Accounts payable, accrued expenses and other liabilities $ 1,302 $ 944 $ 1,125 $ 262 $ 43 $ 45 $ 172 $ 63 $ 34 $ 243 $ — $ 4,233 Securities sold, not yet purchased, at fair value 1,023 — — — — — — — — — — 1,023 Due to brokers 1,057 — — — — — — — — — — 1,057 Liabilities held for sale — — — — — — — — — — 6,202 6,202 Debt — 340 1,166 546 1 58 273 22 5 5,507 — 7,918 Total liabilities 3,382 1,284 2,291 808 44 103 445 85 39 5,750 6,202 20,433 Equity attributable to Icahn Enterprises 3,052 1,727 1,098 428 182 138 28 846 144 (4,821 ) 2,284 5,106 Equity attributable to non-controlling interests 4,365 — 1,311 251 — 24 14 — — 9 288 6,262 Total equity 7,417 1,727 2,409 679 182 162 42 846 144 (4,812 ) 2,572 11,368 Total liabilities and equity $ 10,799 $ 3,011 $ 4,700 $ 1,487 $ 226 $ 265 $ 487 $ 931 $ 183 $ 938 $ 8,774 $ 31,801 |
Automotive Segment | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of revenue | Three Months Ended Nine Months Ended 2018 2017 2018 2017 (in millions) Automotive services $ 341 $ 311 $ 992 $ 873 Commercial sales 258 246 758 740 Retail sales 136 143 408 418 $ 735 $ 700 $ 2,158 $ 2,031 |
Energy Segment | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of revenue | Three Months Ended Nine Months Ended 2018 2017 2018 2017 (in millions) Petroleum products $ 1,855 $ 1,384 $ 5,133 $ 4,142 Nitrogen fertilizer products 80 70 253 253 $ 1,935 $ 1,454 $ 5,386 $ 4,395 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Discontinued Operations [Abstract] | |
Discontinued Operations | Three Months Ended September 30, 2018 Three Months Ended September 30, 2017 Automotive Gaming Total Automotive Gaming Total Revenues: (in millions) Net sales $ 1,890 $ — $ 1,890 $ 1,889 $ — $ 1,889 Other revenues from operations — 233 233 — 246 246 Interest and dividend income 1 — 1 3 — 3 Gain on disposition of assets, net 65 — 65 — — — Other (loss) income, net (4 ) 2 (2 ) 5 22 27 1,952 235 2,187 1,897 268 2,165 Expenses: Cost of goods sold 1,562 — 1,562 1,623 — 1,623 Other expenses from operations — 105 105 — 110 110 Selling, general and administrative 185 78 263 218 83 301 Restructuring, net 15 — 15 4 — 4 Impairment — — — 5 — 5 Interest expense 45 1 46 40 3 43 1,807 184 1,991 1,890 196 2,086 Income from discontinued operations before income tax expense 145 51 196 7 72 79 Income tax expense (28 ) (5 ) (33 ) (23 ) (27 ) (50 ) Income (loss) from discontinued operations 117 46 163 (16 ) 45 29 Less: income from discontinued operations attributable to non-controlling interests 1 7 8 2 7 9 Income (loss) from discontinued operations attributable to Icahn Enterprises $ 116 $ 39 $ 155 $ (18 ) $ 38 $ 20 Supplemental information: Capital expenditures (1) $ 88 $ 17 $ 105 $ 91 $ 30 $ 121 Depreciation and amortization (2) $ — $ — $ — $ 102 $ 19 $ 121 Nine Months Ended September 30, 2018 Nine Months Ended September 30, 2017 Automotive Gaming Total Automotive Gaming Total Revenues: (in millions) Net sales $ 5,993 $ — $ 5,993 $ 5,786 $ — $ 5,786 Other revenues from operations — 679 679 — 684 684 Interest and dividend income 2 1 3 4 1 5 Gain (loss) on disposition of assets, net 65 — 65 — (3 ) (3 ) Other income, net 5 1 6 18 23 41 6,065 681 6,746 5,808 705 6,513 Expenses: Cost of goods sold 4,999 — 4,999 4,910 — 4,910 Other expenses from operations — 311 311 — 317 317 Selling, general and administrative 601 238 839 646 272 918 Restructuring, net 13 — 13 11 — 11 Impairment 2 — 2 6 — 6 Interest expense 137 4 141 114 9 123 5,752 553 6,305 5,687 598 6,285 Income from discontinued operations before income tax expense 313 128 441 121 107 228 Income tax expense (69 ) (19 ) (88 ) (49 ) (48 ) (97 ) Income from discontinued operations 244 109 353 72 59 131 Less: income from discontinued operations attributable to non-controlling interests 7 17 24 8 18 26 Income from discontinued operations attributable to Icahn Enterprises $ 237 $ 92 $ 329 $ 64 $ 41 $ 105 Supplemental information: Capital expenditures (1) $ 303 $ 58 $ 361 $ 276 $ 83 $ 359 Depreciation and amortization (2) $ 100 $ 19 $ 119 $ 294 $ 54 $ 348 (1) Capital expenditures in the tables above represents cash used in investing activities. In addition, non-cash capital expenditures included in accounts payable, accrued expenses and other liabilities for the nine months ended September 30, 2018 and 2017 aggregated $48 million and $63 million , respectively. (2) Excludes amounts related to the amortization of deferred financing costs and debt discounts and premiums included in interest expense aggregating $1 million and $2 million for the three months ended September 30, 2018 and 2017 , respectively, and $3 million and $5 million for the nine months ended September 30, 2018 and 2017 , respectively. Assets and liabilities held for sale consist of the following: September 30, 2018 December 31, 2017 Automotive Gaming Total Automotive Gaming Total Assets Held For Sale (in millions) Cash and cash equivalents $ 272 $ 98 $ 370 $ 315 $ 103 $ 418 Restricted cash 5 15 20 4 16 20 Investments 322 7 329 324 7 331 Accounts receivable, net 1,195 11 1,206 1,182 11 1,193 Inventories, net 1,461 — 1,461 1,456 — 1,456 Property, plant and equipment, net 2,642 814 3,456 2,545 792 3,337 Goodwill 934 — 934 941 — 941 Intangible assets, net 504 66 570 517 74 591 Other assets 429 82 511 394 93 487 Assets held for sale (discontinued operations) $ 7,764 $ 1,093 $ 8,857 $ 7,678 $ 1,096 $ 8,774 Other assets held for sale 34 16 Total assets held for sale $ 8,891 $ 8,790 Liabilities Held For Sale Accounts payable, accrued expenses and other liabilities $ 1,756 $ 129 $ 1,885 $ 1,718 $ 142 $ 1,860 Post-retirement benefit liability 1,015 — 1,015 1,075 — 1,075 Debt 3,035 63 3,098 3,130 137 3,267 Liabilities held for sale (discontinued operations) $ 5,806 $ 192 $ 5,998 $ 5,923 $ 279 $ 6,202 |
Changes in Accumulated Other _2
Changes in Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Accumulated other comprehensive income (loss) | Post-Retirement Benefits, Net of Tax Hedge Instruments, Net of Tax Translation Adjustments and Other, Net of Tax Total (in millions) Balance, December 31, 2017 $ (564 ) $ (23 ) $ (824 ) $ (1,411 ) Other comprehensive income (loss) before reclassifications, net of tax 2 (3 ) (86 ) (87 ) Reclassifications from accumulated other comprehensive loss to earnings 19 — — 19 Other comprehensive income (loss), net of tax 21 (3 ) (86 ) (68 ) Balance, September 30, 2018 $ (543 ) $ (26 ) $ (910 ) $ (1,479 ) |
Other Income (Loss), Net (Table
Other Income (Loss), Net (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Other (Loss) Income, Net [Abstract] | |
Other income (loss), net | Three Months Ended Nine Months Ended 2018 2017 2018 2017 (in millions) Realized and unrealized gain (loss) on derivatives, net (Note 6) $ 5 $ (17 ) $ 75 $ (5 ) Other derivative loss — — — (41 ) Dividend expense (1 ) (9 ) (1 ) (9 ) Equity earnings from non-consolidated affiliates 3 1 8 2 Foreign currency transaction (loss) gain (5 ) 2 — 1 Tax settlement gain — 38 — 38 Non-service pension and other post-retirement benefits expense — (1 ) (8 ) (3 ) Gain on early railcar lease termination 10 — 10 — Other 5 5 (1 ) 6 $ 17 $ 19 $ 83 $ (11 ) |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental cash flow information | Nine Months Ended 2018 2017 (in millions) Cash payments for interest, net of amounts capitalized $ 416 $ 444 Net cash (receipts) payments for income taxes, net of refunds (4 ) 39 Acquisition of subsidiary common stock included in accrued expenses and other liabilities — 51 Seller financing secured mortgages resulting from disposition of assets — 375 Capital expenditures included in accounts payable, accrued expenses and other liabilities 11 8 |
(Details)
(Details) - USD ($) $ in Millions | Jul. 27, 2018 | Aug. 31, 2018 | Jan. 31, 2018 | Aug. 31, 2017 | Jan. 31, 2017 | Dec. 31, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Oct. 22, 2018 | Oct. 01, 2018 |
Description of Business [Line Items] | ||||||||||||||
Gain on disposition of assets, net | $ 65 | $ 446 | $ 65 | $ 1,969 | ||||||||||
Proceeds from disposition of assets | 160 | 1,405 | ||||||||||||
Seller financing secured mortgages resulting from disposition of assets | 0 | 375 | ||||||||||||
Payments to acquire additional interest in subsidiaries | $ 0 | 349 | ||||||||||||
Icahn Enterprises Holdings | ||||||||||||||
Description of Business [Line Items] | ||||||||||||||
Percentage of equity ownership in operating subsidiary | 99.00% | |||||||||||||
Gain on disposition of assets, net | 65 | 446 | $ 65 | 1,969 | ||||||||||
Proceeds from disposition of assets | 160 | 1,405 | ||||||||||||
Payments to acquire additional interest in subsidiaries | 0 | $ 349 | ||||||||||||
Investment Funds | ||||||||||||||
Description of Business [Line Items] | ||||||||||||||
Fair value of interest in subsidiary | 3,000 | $ 3,000 | $ 3,000 | |||||||||||
Federal-Mogul | ||||||||||||||
Description of Business [Line Items] | ||||||||||||||
Percentage of equity ownership in operating subsidiary | 100.00% | 82.00% | ||||||||||||
Payments to acquire additional interest in subsidiaries | $ 305 | |||||||||||||
CVR Refining | ||||||||||||||
Description of Business [Line Items] | ||||||||||||||
Percentage of equity ownership in operating subsidiary | 3.90% | |||||||||||||
Common units validly tendered and not properly withdrawn (common units) | 21,625,106 | |||||||||||||
CVR Energy | ||||||||||||||
Description of Business [Line Items] | ||||||||||||||
Percentage of equity ownership in operating subsidiary | 70.80% | |||||||||||||
Subsidiary common stock issued in exchange for additional interest in CVRR (shares) | 13,699,549 | |||||||||||||
ARI | ||||||||||||||
Description of Business [Line Items] | ||||||||||||||
Percentage of equity ownership in operating subsidiary | 62.20% | |||||||||||||
Tropicana | ||||||||||||||
Description of Business [Line Items] | ||||||||||||||
Percentage of equity ownership in operating 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 operating subsidiary | 77.20% | |||||||||||||
Viskase | ||||||||||||||
Description of Business [Line Items] | ||||||||||||||
Percentage of equity ownership in operating subsidiary | 78.60% | 74.60% | ||||||||||||
Icahn Enterprises G.P. | ||||||||||||||
Description of Business [Line Items] | ||||||||||||||
General partner ownership percentage in Icahn Enterprises | 1.00% | |||||||||||||
General partner ownership interest in Icahn Enterprises Holdings | 1.00% | |||||||||||||
Aggregate general partner ownership interest of parent and operating subsidiary | 1.99% | |||||||||||||
Mr. Icahn and affiliates | ||||||||||||||
Description of Business [Line Items] | ||||||||||||||
Affiliate ownership interest in Icahn Enterprises | 91.50% | |||||||||||||
Energy Segment | ||||||||||||||
Description of Business [Line Items] | ||||||||||||||
Gain on disposition of assets, net | 0 | (1) | $ (5) | $ (2) | ||||||||||
Energy Segment | CVR Refining | ||||||||||||||
Description of Business [Line Items] | ||||||||||||||
Percentage of equity ownership in operating subsidiary | 81.00% | |||||||||||||
Energy Segment | CVR Partners | ||||||||||||||
Description of Business [Line Items] | ||||||||||||||
Percentage of equity ownership in operating subsidiary | 34.00% | |||||||||||||
Railcar Segment | ||||||||||||||
Description of Business [Line Items] | ||||||||||||||
Gain on disposition of assets, net | 0 | (10) | $ 5 | 1,511 | ||||||||||
Holding Company | ||||||||||||||
Description of Business [Line Items] | ||||||||||||||
Gain on disposition of assets, net | 0 | 0 | 0 | 0 | ||||||||||
Proceeds from disposition of assets | 1,300 | |||||||||||||
Food Packaging Segment | ||||||||||||||
Description of Business [Line Items] | ||||||||||||||
Gain on disposition of assets, net | 0 | 0 | 0 | 0 | ||||||||||
Food Packaging Segment | Viskase | ||||||||||||||
Description of Business [Line Items] | ||||||||||||||
Proceeds from subsidiary rights offering | $ 50 | |||||||||||||
Payments for additional investment in subsidiary | $ 44 | |||||||||||||
Real Estate Segment | ||||||||||||||
Description of Business [Line Items] | ||||||||||||||
Total consideration received from sale of asset | $ 139 | $ 600 | ||||||||||||
Gain on disposition of assets, net | $ 67 | $ 456 | $ 67 | $ 456 | ||||||||||
Proceeds from disposition of assets | 225 | |||||||||||||
Seller financing secured mortgages resulting from disposition of assets | 375 | |||||||||||||
Subsequent event | Federal-Mogul | ||||||||||||||
Description of Business [Line Items] | ||||||||||||||
Cash consideration to be received for business to be disposed of | $ 800 | |||||||||||||
Total equity consideration to be received for business to be disposed of (in shares) | 29,500,000 | |||||||||||||
fair market value of shares obtained as consideration for business to be disposed of | $ 1,200 | |||||||||||||
Non-voting equity consideration to be received for business to be disposed of (in shares) | 23,800,000 | |||||||||||||
consideration in voting shares for business to be disposed of | 5,700,000 | |||||||||||||
investment, ownership percentage | 0.00% | |||||||||||||
Subsequent event | Tropicana | ||||||||||||||
Description of Business [Line Items] | ||||||||||||||
Aggregate consideration for business to be disposed of | $ 1,800 | |||||||||||||
Cash consideration to be received for business to be disposed of | $ 1,500 | |||||||||||||
Subsequent event | Federal-Mogul and Tropicana | ||||||||||||||
Description of Business [Line Items] | ||||||||||||||
Gain on disposition of assets, net | $ 1,000 | |||||||||||||
Subsequent event | Railcar Segment | ARI | ||||||||||||||
Description of Business [Line Items] | ||||||||||||||
Cash consideration to be received for business to be disposed of | $ 831 | |||||||||||||
termination clause | 65 | |||||||||||||
Subsequent event | Railcar Segment | ITE Rail Fund L.P. | ||||||||||||||
Description of Business [Line Items] | ||||||||||||||
termination clause | $ 130 | |||||||||||||
Dallas Property | Real Estate Segment | ||||||||||||||
Description of Business [Line Items] | ||||||||||||||
Gain on disposition of assets, net | $ 67 | |||||||||||||
Fountainebleu | Real Estate Segment | ||||||||||||||
Description of Business [Line Items] | ||||||||||||||
Gain on disposition of assets, net | 456 | |||||||||||||
First Mortgage | Real Estate Segment | ||||||||||||||
Description of Business [Line Items] | ||||||||||||||
Seller financing secured mortgages resulting from disposition of assets | 345 | |||||||||||||
Second Mortgage | Real Estate Segment | ||||||||||||||
Description of Business [Line Items] | ||||||||||||||
Seller financing secured mortgages resulting from disposition of assets | $ 30 |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
Cumulative effect adjustment from adoption of accounting principle | $ (29) | $ (47) | |||
Debt | $ 7,907 | 7,907 | $ 7,918 | ||
Fair value of long-term debt | 8,100 | 8,100 | 8,200 | ||
Restricted cash | 801 | 801 | 766 | ||
Accrued expenses and other liabilities | 1,069 | 1,069 | 1,033 | ||
Deferred tax liability | 787 | 787 | 924 | ||
Net sales | 2,864 | $ 2,404 | 8,220 | 7,107 | |
Cost of goods sold | 2,406 | 2,054 | 7,007 | 6,174 | |
Accounts receivable, net | 700 | 700 | 612 | ||
Total assets | 30,975 | 30,975 | 31,801 | ||
Total liabilities | 18,639 | 18,639 | 20,433 | ||
Cash held at consolidated affiliated partnerships | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
Restricted cash | 64 | 64 | 192 | ||
Restricted cash | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
Restricted cash | 737 | 737 | 574 | ||
Automotive Segment | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
Debt | 359 | 359 | 340 | ||
Restricted cash | 0 | 0 | 0 | ||
Deferred revenue | 42 | 42 | 42 | ||
Deferred revenue, recognized | 5 | 18 | |||
Deferred revenue, noncurrent | 36 | 36 | |||
Net sales | 600 | 604 | 1,760 | 1,702 | |
Cost of goods sold | 373 | 396 | 1,119 | 1,125 | |
Accounts receivable, net | 259 | 259 | 224 | ||
Total assets | 3,164 | 3,164 | 3,011 | ||
Total liabilities | 1,273 | 1,273 | 1,284 | ||
Energy Segment | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
Debt | 1,168 | 1,168 | 1,166 | ||
Restricted cash | 0 | 0 | 0 | ||
Deferred revenue | 32 | 32 | 34 | ||
Deferred revenue, recognized | 2 | 34 | |||
Revenue, remaining performance obligation | 12 | 12 | |||
Revenue, current portion of remaining performance obligation | 6 | 6 | |||
Revenue, non-current portion of remaining performance obligation | 3 | 3 | |||
Net sales | 1,935 | 1,454 | 5,386 | 4,395 | |
Cost of goods sold | 1,742 | 1,357 | 4,948 | 4,191 | |
Accounts receivable, net | 214 | 214 | 178 | ||
Total assets | 4,852 | 4,852 | 4,700 | ||
Total liabilities | 2,315 | 2,315 | 2,291 | ||
Railcar Segment | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
Debt | 527 | 527 | 546 | ||
Restricted cash | 19 | 19 | 19 | ||
Deferred revenue | 2 | 2 | 2 | ||
Revenue, remaining performance obligation | 963 | 963 | |||
Revenue, current portion of remaining performance obligation | 184 | 184 | |||
Revenue, non-current portion of remaining performance obligation | 779 | 779 | |||
Unbilled revenue | 7 | 7 | 4 | ||
Net sales | 40 | 68 | 194 | 184 | |
Cost of goods sold | 42 | 65 | 184 | 170 | |
Accounts receivable, net | 40 | 40 | 44 | ||
Total assets | 1,498 | 1,498 | 1,487 | ||
Total liabilities | 822 | 822 | 808 | ||
Icahn Enterprises Holdings | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
Cumulative effect adjustment from adoption of accounting principle | $ (29) | (47) | |||
Percentage of equity ownership in operating subsidiary | 99.00% | ||||
Debt | 7,911 | $ 7,911 | 7,923 | ||
Restricted cash | 801 | 801 | 766 | ||
Accrued expenses and other liabilities | 1,069 | 1,069 | 1,033 | ||
Deferred tax liability | 787 | 787 | 924 | ||
Net sales | 2,864 | 2,404 | 8,220 | 7,107 | |
Cost of goods sold | 2,406 | 2,054 | 7,007 | 6,174 | |
Accounts receivable, net | 700 | 700 | 612 | ||
Total assets | 31,007 | 31,007 | 31,833 | ||
Total liabilities | 18,643 | 18,643 | 20,438 | ||
Cash and cash equivalents | Icahn Enterprises Holdings | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
Assets of VIE's | 460 | 460 | 223 | ||
Cash held at consolidated affiliated partnerships and restricted cash | Icahn Enterprises Holdings | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
Assets of VIE's | 637 | 637 | 734 | ||
Investments | Icahn Enterprises Holdings | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
Assets of VIE's | 8,794 | 8,794 | 9,615 | ||
Due from brokers | Icahn Enterprises Holdings | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
Assets of VIE's | 338 | 338 | 506 | ||
Property, plant and equipment, net | Icahn Enterprises Holdings | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
Assets of VIE's | 3,034 | 3,034 | 3,191 | ||
Inventories, net | Icahn Enterprises Holdings | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
Assets of VIE's | 427 | 427 | 385 | ||
Intangible assets, net | Icahn Enterprises Holdings | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
Assets of VIE's | 283 | 283 | 298 | ||
Other assets | Icahn Enterprises Holdings | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
Assets of VIE's | 381 | 381 | 226 | ||
Accounts payable, accrued expenses and other liabilities | Icahn Enterprises Holdings | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
Liabilities of VIE's | 1,656 | 1,656 | 1,816 | ||
Securities sold, not yet purchased, at fair value | Icahn Enterprises Holdings | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
Liabilities of VIE's | 625 | 625 | 1,023 | ||
Due to brokers | Icahn Enterprises Holdings | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
Liabilities of VIE's | 243 | 243 | 1,057 | ||
Debt | Icahn Enterprises Holdings | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
Liabilities of VIE's | 1,168 | 1,168 | $ 1,166 | ||
Selling, general and administrative | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
Prior period reclassification adjustment | (1) | (3) | |||
Other income (loss), net | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
Prior period reclassification adjustment | (1) | (3) | |||
Net cash provided by operating activities | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
Prior period reclassification adjustment | 195 | ||||
Difference between Revenue Guidance in Effect before and after adoption | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
Total assets | 32 | 32 | |||
Difference between Revenue Guidance in Effect before and after adoption | Automotive Segment | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
Net sales | 15 | 14 | 47 | 50 | |
Cost of goods sold | 15 | $ 14 | 47 | $ 50 | |
Accounts receivable, net | 21 | 21 | |||
Total liabilities | (29) | (29) | |||
Difference between Revenue Guidance in Effect before and after adoption | Energy Segment | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
Accrued expenses and other liabilities | (21) | (21) | |||
Extended warranties | Difference between Revenue Guidance in Effect before and after adoption | Automotive Segment | |||||
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |||||
Accrued expenses and other liabilities | (42) | (42) | |||
Deferred tax liability | $ 10 | $ 10 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Mr. Icahn and affiliates | Investment in funds | |||||
Related Party Transaction [Line Items] | |||||
Amount of transaction with related party | $ 280 | $ 600 | |||
Related party transaction, balance | $ 4,800 | $ 4,800 | $ 4,400 | ||
Percentage fair value of investments in Funds that is attributable to Mr. Icahn | 62.00% | 62.00% | 59.00% | ||
Consolidated VIE | Expense sharing arrangement | |||||
Related Party Transaction [Line Items] | |||||
Amount of transaction with related party | $ 4 | $ 2 | $ 6 | 7 | |
Hertz (equity method investee) | Receipts and revenue from related party | |||||
Related Party Transaction [Line Items] | |||||
Amount of transaction with related party | 11 | 5 | 29 | 10 | |
ACF | Payments to and purchases from related party | |||||
Related Party Transaction [Line Items] | |||||
Amount of transaction with related party | 1 | 1 | 2 | 4 | |
ACF | Railcar component sales | |||||
Related Party Transaction [Line Items] | |||||
Amount of transaction with related party | 3 | 3 | |||
Insight Portfolio Group LLC | Buying group operating expenses | |||||
Related Party Transaction [Line Items] | |||||
Amount of transaction with related party | 2 | 2 | |||
Vehicles leased | Hertz (equity method investee) | Payments to and purchases from related party | |||||
Related Party Transaction [Line Items] | |||||
Amount of transaction with related party | 0 | $ 2 | 1 | $ 2 | |
Investments | Hertz (equity method investee) | Payments to and purchases from related party | |||||
Related Party Transaction [Line Items] | |||||
Amount of transaction with related party | 36 | ||||
767 Leasing | Automotive Segment | |||||
Related Party Transaction [Line Items] | |||||
Assets at non-consolidated VIE | 25 | 25 | |||
Liabilities at non-consolidated VIE | 1 | 1 | |||
investment in nonconsolidated VIE | 15 | 25 | |||
investment in related parties | $ 24 | $ 24 |
Investments and Related Matte_3
Investments and Related Matters Investment Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Schedule of Investments [Line Items] | |||||
Investments | $ 9,332 | $ 9,332 | $ 10,038 | ||
Securities sold, not yet purchased, at fair value | 625 | 625 | 1,023 | ||
Investment Segment | |||||
Schedule of Investments [Line Items] | |||||
Investments | 8,711 | 8,711 | 9,532 | ||
Securities sold, not yet purchased, at fair value | 625 | 625 | 1,023 | ||
Portion of unrealized gains (loss) that relates to securities still held at balance sheet date | (4) | $ 635 | 356 | $ 1,242 | |
Investment Segment | Equity securities: | |||||
Schedule of Investments [Line Items] | |||||
Investments | 8,501 | 8,501 | 9,377 | ||
Securities sold, not yet purchased, at fair value | 625 | 625 | 988 | ||
Investment Segment | Corporate debt securities | |||||
Schedule of Investments [Line Items] | |||||
Investments | 210 | 210 | 155 | ||
Investment Segment | Basic materials | Equity securities: | |||||
Schedule of Investments [Line Items] | |||||
Investments | 559 | 559 | 1,170 | ||
Investment Segment | Consumer, non-cyclical | Equity securities: | |||||
Schedule of Investments [Line Items] | |||||
Investments | 2,402 | 2,402 | 2,551 | ||
Securities sold, not yet purchased, at fair value | 74 | 74 | 101 | ||
Investment Segment | Consumer, cyclical | Equity securities: | |||||
Schedule of Investments [Line Items] | |||||
Investments | 1,378 | 1,378 | 777 | ||
Securities sold, not yet purchased, at fair value | 122 | 122 | 667 | ||
Investment Segment | Consumer, cyclical | Corporate debt securities | |||||
Schedule of Investments [Line Items] | |||||
Securities sold, not yet purchased, at fair value | 0 | 0 | 35 | ||
Investment Segment | Energy | Equity securities: | |||||
Schedule of Investments [Line Items] | |||||
Investments | 1,870 | 1,870 | 1,489 | ||
Securities sold, not yet purchased, at fair value | 362 | 362 | 110 | ||
Investment Segment | Financial | Equity securities: | |||||
Schedule of Investments [Line Items] | |||||
Investments | 477 | 477 | 2,185 | ||
Investment Segment | Industrial | Equity securities: | |||||
Schedule of Investments [Line Items] | |||||
Securities sold, not yet purchased, at fair value | 67 | 67 | 110 | ||
Investment Segment | Technology | Equity securities: | |||||
Schedule of Investments [Line Items] | |||||
Investments | 1,603 | 1,603 | 833 | ||
Investment Segment | Other | Equity securities: | |||||
Schedule of Investments [Line Items] | |||||
Investments | $ 212 | $ 212 | 372 | ||
Hertz | Investment Segment | |||||
Schedule of Investments [Line Items] | |||||
Ownership percentage in investment measured at fair value that would otherwise be accounted for under equity method | 27.80% | 27.80% | |||
Unrealized gain (loss) on equity method investments under fair value option | $ 23 | 254 | $ (135) | 19 | |
Fair value of equity method investment under fair value option | $ 382 | $ 382 | 517 | ||
Herbalife | Investment Segment | |||||
Schedule of Investments [Line Items] | |||||
Ownership percentage in investment measured at fair value that would otherwise be accounted for under equity method | 17.90% | 17.90% | |||
Unrealized gain (loss) on equity method investments under fair value option | $ 23 | $ (64) | $ 740 | $ 359 | |
Fair value of equity method investment under fair value option | $ 1,500 | $ 1,500 | $ 1,200 |
Investments and Related Matte_4
Investments and Related Matters Other Segments (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Schedule of Investments [Line Items] | ||
Investments | $ 9,332 | $ 10,038 |
Other Segments | ||
Schedule of Investments [Line Items] | ||
Investments | 621 | 506 |
Other Segments | Equity method investments | ||
Schedule of Investments [Line Items] | ||
Investments | 127 | 106 |
Other Segments | Other investments (measured at fair value) | ||
Schedule of Investments [Line Items] | ||
Investments | $ 494 | $ 400 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Measurement (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 | |
Liabilities [Abstract] | |||
Securities sold, not yet purchased, at fair value | $ 625 | $ 1,023 | |
Derivative contracts at fair value (liability) | 985 | 1,275 | |
Recurring measurement | |||
Assets [Abstract] | |||
Investments | 9,193 | 9,920 | |
Derivative contracts, at fair value (asset) | [1] | 42 | 0 |
Assets, Fair Value Disclosure | 9,235 | 9,920 | |
Liabilities [Abstract] | |||
Securities sold, not yet purchased, at fair value | 625 | 1,023 | |
Other liabilities | 2 | 1 | |
Derivative contracts at fair value (liability) | 985 | 1,275 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 1,612 | 2,299 | |
Recurring measurement | Level 1 | |||
Assets [Abstract] | |||
Investments | 8,502 | 9,378 | |
Derivative contracts, at fair value (asset) | [1] | 0 | 0 |
Assets, Fair Value Disclosure | 8,502 | 9,378 | |
Liabilities [Abstract] | |||
Securities sold, not yet purchased, at fair value | 625 | 988 | |
Other liabilities | 0 | 0 | |
Derivative contracts at fair value (liability) | 3 | 36 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 628 | 1,024 | |
Recurring measurement | Level 2 | |||
Assets [Abstract] | |||
Investments | 323 | 264 | |
Derivative contracts, at fair value (asset) | [1] | 42 | 0 |
Assets, Fair Value Disclosure | 365 | 264 | |
Liabilities [Abstract] | |||
Securities sold, not yet purchased, at fair value | 0 | 35 | |
Other liabilities | 2 | 1 | |
Derivative contracts at fair value (liability) | 982 | 1,239 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 984 | 1,275 | |
Recurring measurement | Level 3 | |||
Assets [Abstract] | |||
Investments | 368 | 278 | |
Derivative contracts, at fair value (asset) | [1] | 0 | 0 |
Assets, Fair Value Disclosure | 368 | 278 | |
Liabilities [Abstract] | |||
Securities sold, not yet purchased, at fair value | 0 | 0 | |
Other liabilities | 0 | 0 | |
Derivative contracts at fair value (liability) | 0 | 0 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 0 | $ 0 | |
[1] | Amounts are classified within other assets in our condensed consolidated balance sheets. |
Fair Value Measurements Changes
Fair Value Measurements Changes in Fair Value Level 3 (Details) - Recurring measurement - Level 3 - USD ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, [Roll Forward] | ||||
Fair value of assets measured at fair value on a recurring basis | $ 368 | $ 264 | $ 278 | $ 211 |
Fair value, measurement with unobservable inputs reconciliation, recurring basis, assets, unrealized gain (loss) | 91 | 51 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | 5 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | (5) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 2 | ||
Fair value, measurement with unobservable inputs reconciliation, recurring basis, assets, other | $ (1) | $ 0 |
Fair Value Measurements Narrati
Fair Value Measurements Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Recurring measurement | Level 3 | |||||
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair value of assets measured at fair value on a recurring basis | $ 264 | $ 368 | $ 264 | $ 278 | $ 211 |
Recurring measurement | Holding Company | Trading securities | |||||
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair value of assets measured at fair value on a recurring basis | 365 | $ 274 | |||
Nonrecurring measurement | |||||
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Impairment of PP&E | $ 7 | 2 | |||
Inventory Write-down | 6 | ||||
Impairment of assets held for sale | $ 1 | $ 68 |
Financial Instruments Narrative
Financial Instruments Narrative (Details) bbl in Millions, $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018USD ($)bbl | Dec. 31, 2017USD ($)bbl | |
Derivative [Line Items] | ||
Debt designated as net investment in foreign operations | $ | $ 847 | $ 884 |
Investment Segment | ||
Derivative [Line Items] | ||
Fair value derivative instruments with credit risk related contingent features in a liability position | $ | $ 0 | $ 17 |
Not designated as hedging instrument | Commodity contracts | Energy Segment | ||
Derivative [Line Items] | ||
Volume of derivatives (barrels) | bbl | 15 | |
Not designated as hedging instrument | Commodity contracts not considered probable of settlement [Member] | Energy Segment | ||
Derivative [Line Items] | ||
Volume of derivatives (barrels) | bbl | 2 | 6 |
Financial Instruments Derivativ
Financial Instruments Derivative Activities Table (Details) - Investment Segment - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 | |
Equity contracts | |||
Derivative [Line Items] | |||
Long Notional Exposure | $ 256 | $ 243 | |
Short Notional Exposure | 10,050 | 6,660 | |
Credit contracts | |||
Derivative [Line Items] | |||
Long Notional Exposure | [1] | 0 | 0 |
Short Notional Exposure | [1] | 183 | 391 |
Commodity contracts | |||
Derivative [Line Items] | |||
Long Notional Exposure | 0 | 0 | |
Short Notional Exposure | 122 | 634 | |
Credit Default Swap [Member] | |||
Derivative [Line Items] | |||
Short notional amount of credit default swap positions | $ 800 | $ 2,500 | |
[1] | The short notional amount on our credit default swap positions was approximately $800 million at September 30, 2018. However, because credit spreads cannot compress below zero, our downside short notional exposure is $183 million as of September 30, 2018. The short notional amount on our credit default swap positions was approximately $2.5 billion as of December 31, 2017. However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is $391 million as of December 31, 2017. |
Financial Instruments Derivat_2
Financial Instruments Derivatives Not Designated as Hedging, Fair Value Table (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 | |
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | |||
Derivative contracts at fair value (liability) | $ 985 | $ 1,275 | |
Not designated as hedging instrument | Other assets | |||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | |||
Asset Derivatives, Gross | [1] | 48 | 7 |
Netting across contract types | [1],[2] | (6) | (7) |
Derivative contracts, at fair value (asset) | [1],[2] | 42 | 0 |
Not designated as hedging instrument | Other assets | Equity contracts | |||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | |||
Asset Derivatives, Gross | [1] | 32 | 0 |
Not designated as hedging instrument | Other assets | Credit contracts | |||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | |||
Asset Derivatives, Gross | [1] | 11 | 0 |
Not designated as hedging instrument | Other assets | Commodity contracts | |||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | |||
Asset Derivatives, Gross | [1] | 5 | 7 |
Not designated as hedging instrument | Accrued expenses and other liabilities | |||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | |||
Liability Derivatives, Gross | 991 | 1,282 | |
Netting across contract types | [2] | (6) | (7) |
Derivative contracts at fair value (liability) | [2] | 985 | 1,275 |
Not designated as hedging instrument | Accrued expenses and other liabilities | Equity contracts | |||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | |||
Liability Derivatives, Gross | 953 | 1,159 | |
Not designated as hedging instrument | Accrued expenses and other liabilities | Credit contracts | |||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | |||
Liability Derivatives, Gross | 0 | 17 | |
Not designated as hedging instrument | Accrued expenses and other liabilities | Commodity contracts | |||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | |||
Liability Derivatives, Gross | 38 | 106 | |
Investment Segment | |||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | |||
Collateral for derivative positions | $ 573 | $ 542 | |
[1] | Net asset derivatives are classified within other assets in our condensed consolidated balance sheets. | ||
[2] | Excludes netting of cash collateral received and posted. The total collateral posted at September 30, 2018 and December 31, 2017 was $573 million and $542 million, respectively, across all counterparties, which are included in cash held at consolidated affiliated partnerships and restricted cash on the condensed consolidated balance sheets. |
Financial Instruments Gain (Los
Financial Instruments Gain (Loss) Recognized on Derivatives Not Designated as Hedging Table (Details) - Not designated as hedging instrument - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Net gain from investment activities | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (loss) on derivatives not designated as hedging instruments recognized in income | [1] | $ (534) | $ (385) | $ (456) | $ (1,253) |
Net gain from investment activities | Equity contracts | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (loss) on derivatives not designated as hedging instruments recognized in income | [1] | (564) | (350) | (653) | (1,185) |
Net gain from investment activities | Credit contracts | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (loss) on derivatives not designated as hedging instruments recognized in income | [1] | 12 | (15) | 65 | (32) |
Net gain from investment activities | Commodity contracts | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (loss) on derivatives not designated as hedging instruments recognized in income | [1] | 18 | (20) | 132 | (36) |
Investment Segment | Net gain from investment activities | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (loss) on derivatives not designated as hedging instruments recognized in income | [1] | (539) | (368) | (531) | (1,248) |
Other Segments | Other income (loss), net | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain (loss) on derivatives not designated as hedging instruments recognized in income | [1] | $ 5 | $ (17) | $ 75 | $ (5) |
[1] | Gains (losses) recognized on derivatives are classified in net gain (loss) from investment activities in our condensed consolidated statements of operations for our Investment segment and are included in other income (loss), net for all other segments. Gains (losses) recognized on derivatives for our Investment segment were $(539) million and $(368) million for the three months ended September 30, 2018 and 2017, respectively, and $(531) million and $(1,248) million for the nine months ended September 30, 2018 and 2017, respectively. Gains (losses) recognized on derivatives for our other segments were $5 million and $(17) million for the three months ended September 30, 2018 and 2017, respectively, and $75 million and $(5) million for the nine months ended September 30, 2018 and 2017, respectively. |
Financial Instruments Non-Deriv
Financial Instruments Non-Derivative Financial Instruments Designated as Hedging (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||
Debt designated as net investment in foreign operations | $ 847 | $ 847 | $ 884 | ||
Gain (loss) recognized in AOCI | $ (6) | $ (25) | $ (29) | $ (71) |
Inventories, Net (Details)
Inventories, Net (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Inventory, Net [Abstract] | ||
Raw materials | $ 307 | $ 252 |
Work in process | 123 | 127 |
Finished goods | 1,531 | 1,426 |
Inventory, net | $ 1,961 | $ 1,805 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets, Net Goodwill Table (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Goodwill [Line Items] | ||
Gross carrying amount of goodwill | $ 336 | $ 334 |
Accumulated impairment of goodwill | 0 | 0 |
Net carrying amount of goodwill | 336 | 334 |
Automotive Segment | ||
Goodwill [Line Items] | ||
Gross carrying amount of goodwill | 322 | 320 |
Accumulated impairment of goodwill | 0 | 0 |
Net carrying amount of goodwill | 322 | 320 |
Railcar Segment | ||
Goodwill [Line Items] | ||
Gross carrying amount of goodwill | 7 | 7 |
Accumulated impairment of goodwill | 0 | 0 |
Net carrying amount of goodwill | 7 | 7 |
Food Packaging Segment | ||
Goodwill [Line Items] | ||
Gross carrying amount of goodwill | 7 | 7 |
Accumulated impairment of goodwill | 0 | 0 |
Net carrying amount of goodwill | $ 7 | $ 7 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets, Net Definite-lived and Indefinite-lived Intangible Assets Table (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Definite-lived intangible assets: [Abstract] | |||||
Amortization of Intangible Assets | $ 12 | $ 12 | $ 36 | $ 30 | |
Gross carrying amount of definite-lived intangible assets | 711 | 711 | $ 731 | ||
Accumulated amortization of definite-lived intangible assets | (260) | (260) | (249) | ||
Net carrying amount of definite-lived intangible assets | 451 | 451 | 482 | ||
Indefinite-lived intangible assets: [Abstract] | |||||
Intangible assets, net | 513 | 513 | 544 | ||
Trademarks and brand names | |||||
Indefinite-lived intangible assets: [Abstract] | |||||
Net carrying amount of indefinite-lived intangible assets | 62 | 62 | 62 | ||
Customer relationships | |||||
Definite-lived intangible assets: [Abstract] | |||||
Gross carrying amount of definite-lived intangible assets | 396 | 396 | 397 | ||
Accumulated amortization of definite-lived intangible assets | (129) | (129) | (115) | ||
Net carrying amount of definite-lived intangible assets | 267 | 267 | 282 | ||
Developed technology | |||||
Definite-lived intangible assets: [Abstract] | |||||
Gross carrying amount of definite-lived intangible assets | 4 | 4 | 4 | ||
Accumulated amortization of definite-lived intangible assets | (4) | (4) | (4) | ||
Net carrying amount of definite-lived intangible assets | 0 | 0 | 0 | ||
In-place leases | |||||
Definite-lived intangible assets: [Abstract] | |||||
Gross carrying amount of definite-lived intangible assets | 90 | 90 | 121 | ||
Accumulated amortization of definite-lived intangible assets | (73) | (73) | (92) | ||
Net carrying amount of definite-lived intangible assets | 17 | 17 | 29 | ||
Gasification technology license | |||||
Definite-lived intangible assets: [Abstract] | |||||
Gross carrying amount of definite-lived intangible assets | 60 | 60 | 60 | ||
Accumulated amortization of definite-lived intangible assets | (15) | (15) | (14) | ||
Net carrying amount of definite-lived intangible assets | 45 | 45 | 46 | ||
Other | |||||
Definite-lived intangible assets: [Abstract] | |||||
Gross carrying amount of definite-lived intangible assets | 161 | 161 | 149 | ||
Accumulated amortization of definite-lived intangible assets | (39) | (39) | (24) | ||
Net carrying amount of definite-lived intangible assets | $ 122 | $ 122 | $ 125 |
Debt (Details)
Debt (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Debt | $ 7,907 | $ 7,918 |
Reporting Segments | ||
Debt Instrument [Line Items] | ||
Debt | 2,402 | 2,411 |
Holding Company | ||
Debt Instrument [Line Items] | ||
Debt | 5,505 | 5,507 |
Automotive Segment | ||
Debt Instrument [Line Items] | ||
Debt | 359 | 340 |
Energy Segment | ||
Debt Instrument [Line Items] | ||
Debt | 1,168 | 1,166 |
Railcar Segment | ||
Debt Instrument [Line Items] | ||
Debt | 527 | 546 |
Metals Segment | ||
Debt Instrument [Line Items] | ||
Debt | 1 | 1 |
Mining Segment | ||
Debt Instrument [Line Items] | ||
Debt | 53 | 58 |
Food Packaging Segment | ||
Debt Instrument [Line Items] | ||
Debt | 271 | 273 |
Real Estate Segment | ||
Debt Instrument [Line Items] | ||
Debt | 19 | 22 |
Home Fashion Segment | ||
Debt Instrument [Line Items] | ||
Debt | 4 | 5 |
6.000% senior unsecured notes due 2020 | Holding Company | ||
Debt Instrument [Line Items] | ||
Debt | 1,703 | 1,703 |
5.875% senior unsecured notes due 2022 | Holding Company | ||
Debt Instrument [Line Items] | ||
Debt | 1,343 | 1,342 |
6.250% senior unsecured notes due 2022 | Holding Company | ||
Debt Instrument [Line Items] | ||
Debt | 1,214 | 1,216 |
6.750% senior unsecured notes due 2024 | Holding Company | ||
Debt Instrument [Line Items] | ||
Debt | 498 | 498 |
6.375% senior unsecured notes due 2025 | Holding Company | ||
Debt Instrument [Line Items] | ||
Debt | $ 747 | $ 748 |
Net Income Per LP Unit (Details
Net Income Per LP Unit (Details) - USD ($) $ / shares in Units, $ in Millions | Jul. 31, 2018 | May 02, 2018 | Feb. 27, 2018 | Jan. 31, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 |
Earnings Per LP Unit [Line Items] | ||||||||
Net (loss) income attributable to Icahn Enterprises from continuing operations | $ (29) | $ 577 | $ 243 | $ 2,027 | ||||
Income from discontinued operations attributable to Icahn Enterprises | $ 155 | $ 20 | $ 329 | $ 105 | ||||
Basic income from continuing operations per LP unit | $ (0.16) | $ 3.41 | $ 1.34 | $ 12.58 | ||||
Basic income from discontinued operations per LP unit | 0.84 | 0.12 | 1.81 | 0.65 | ||||
Basic income (loss) per LP unit | $ 0.68 | $ 3.53 | $ 3.15 | $ 13.23 | ||||
Basic weighted average LP units outstanding | 183,000,000 | 166,000,000 | 178,000,000 | 158,000,000 | ||||
Diluted income from continuing operations per LP unit | $ (0.16) | $ 3.41 | $ 1.34 | $ 12.58 | ||||
Diluted income from discontinued operations per LP unit | 0.84 | 0.12 | 1.81 | 0.65 | ||||
Diluted income (loss) per LP unit | $ 0.68 | $ 3.53 | $ 3.15 | $ 13.23 | ||||
Diluted weighted average LP units outstanding | 183,000,000 | 160,000,000 | 178,000,000 | 154,000,000 | ||||
Units issued in connection with rights offering (value) | $ 600 | |||||||
Distribution declared per LP unit | $ 1.75 | $ 1.75 | $ 1.75 | |||||
Units distributed to LP unitholders | 13,066,279 | |||||||
Cash distributions to all depositary unitholders | $ 71 | |||||||
Restricted units vested during period (number of units) | 1,329 | 2,388 | 19,487 | 5,418 | ||||
Mr. Icahn and affiliates | ||||||||
Earnings Per LP Unit [Line Items] | ||||||||
Units distributed to LP unitholders | 12,895,218 | |||||||
Limited partners | ||||||||
Earnings Per LP Unit [Line Items] | ||||||||
Net (loss) income attributable to Icahn Enterprises from continuing operations | $ (29) | $ 566 | $ 238 | $ 1,987 | ||||
Income from discontinued operations attributable to Icahn Enterprises | $ 153 | $ 20 | $ 323 | $ 103 |
Condensed Statement of Operatio
Condensed Statement of Operations By Reporting Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Revenues: | |||||
Net sales | $ 2,864 | $ 2,404 | $ 8,220 | $ 7,107 | |
Other revenues from operations | 217 | 181 | 632 | 705 | |
Net gain from investment activities | (514) | 420 | 328 | 604 | |
Interest and dividend income | 36 | 34 | 99 | 94 | |
Gain on disposition of assets, net | 65 | 446 | 65 | 1,969 | |
Other income (loss), net | 17 | 19 | 83 | (11) | |
Total Revenues | 2,685 | 3,504 | 9,427 | 10,468 | |
Expenses: | |||||
Cost of goods sold | 2,406 | 2,054 | 7,007 | 6,174 | |
Other expenses from operations | 173 | 144 | 490 | 469 | |
Selling, general and administrative | 340 | 323 | 1,042 | 945 | |
Restructuring, net | 17 | 1 | 20 | 3 | |
Impairment | 0 | 0 | 7 | 76 | |
Interest expense | 130 | 164 | 407 | 525 | |
Total Expenses | 3,066 | 2,686 | 8,973 | 8,192 | |
Income (loss) from continuing operations before income tax benefit (expense) | (381) | 818 | 454 | 2,276 | |
Income tax benefit (expense) | 71 | (18) | 57 | (13) | |
Income (loss) from continuing operations | (310) | 800 | 511 | 2,263 | |
Less: net income (loss) attributable to non-controlling interests | (281) | 223 | 268 | 236 | |
Supplemental information: | |||||
Capital expenditures | 127 | 102 | 276 | 333 | |
Depreciation and amortization(1) | [1] | 124 | 130 | 384 | 398 |
Amortization included in interest expense | 3 | 2 | 5 | 8 | |
Net (loss) income attributable to Icahn Enterprises from continuing operations | (29) | 577 | 243 | 2,027 | |
Investment Segment | |||||
Revenues: | |||||
Net sales | 0 | 0 | 0 | 0 | |
Other revenues from operations | 0 | 0 | 0 | 0 | |
Net gain from investment activities | (549) | 386 | 233 | 552 | |
Interest and dividend income | 27 | 27 | 73 | 80 | |
Gain on disposition of assets, net | 0 | 0 | 0 | 0 | |
Other income (loss), net | 0 | (9) | (1) | (50) | |
Total Revenues | (522) | 404 | 305 | 582 | |
Expenses: | |||||
Cost of goods sold | 0 | 0 | 0 | 0 | |
Other expenses from operations | 0 | 0 | 0 | 0 | |
Selling, general and administrative | 4 | 3 | 6 | 8 | |
Restructuring, net | 0 | 0 | 0 | 0 | |
Impairment | 0 | 0 | 0 | 0 | |
Interest expense | 6 | 42 | 33 | 134 | |
Total Expenses | 10 | 45 | 39 | 142 | |
Income (loss) from continuing operations before income tax benefit (expense) | (532) | 359 | 266 | 440 | |
Income tax benefit (expense) | 0 | 0 | 0 | 0 | |
Income (loss) from continuing operations | (532) | 359 | 266 | 440 | |
Less: net income (loss) attributable to non-controlling interests | (326) | 221 | 154 | 228 | |
Supplemental information: | |||||
Capital expenditures | 0 | 0 | 0 | 0 | |
Depreciation and amortization(1) | [1] | 0 | 0 | 0 | 0 |
Net (loss) income attributable to Icahn Enterprises from continuing operations | (206) | 138 | 112 | 212 | |
Automotive Segment | |||||
Revenues: | |||||
Net sales | 600 | 604 | 1,760 | 1,702 | |
Other revenues from operations | 135 | 96 | 398 | 329 | |
Net gain from investment activities | 0 | 0 | 0 | 0 | |
Interest and dividend income | 0 | 0 | 0 | 0 | |
Gain on disposition of assets, net | 0 | 1 | 0 | 4 | |
Other income (loss), net | (2) | (1) | (2) | 0 | |
Total Revenues | 733 | 700 | 2,156 | 2,035 | |
Expenses: | |||||
Cost of goods sold | 373 | 396 | 1,119 | 1,125 | |
Other expenses from operations | 123 | 107 | 352 | 326 | |
Selling, general and administrative | 253 | 229 | 769 | 657 | |
Restructuring, net | 4 | 0 | 4 | 0 | |
Impairment | 0 | (1) | 3 | 6 | |
Interest expense | 4 | 2 | 12 | 10 | |
Total Expenses | 757 | 733 | 2,259 | 2,124 | |
Income (loss) from continuing operations before income tax benefit (expense) | (24) | (33) | (103) | (89) | |
Income tax benefit (expense) | (11) | (17) | (38) | (53) | |
Income (loss) from continuing operations | (13) | (16) | (65) | (36) | |
Less: net income (loss) attributable to non-controlling interests | 0 | 0 | 0 | 0 | |
Supplemental information: | |||||
Capital expenditures | 16 | 22 | 53 | 57 | |
Depreciation and amortization(1) | [1] | 23 | 26 | 72 | 81 |
Net (loss) income attributable to Icahn Enterprises from continuing operations | (13) | (16) | (65) | (36) | |
Energy Segment | |||||
Revenues: | |||||
Net sales | 1,935 | 1,454 | 5,386 | 4,395 | |
Other revenues from operations | 0 | 0 | 0 | 0 | |
Net gain from investment activities | 0 | 0 | 0 | 0 | |
Interest and dividend income | 0 | 1 | 1 | 1 | |
Gain on disposition of assets, net | 0 | (1) | (5) | (2) | |
Other income (loss), net | 8 | (16) | 81 | (3) | |
Total Revenues | 1,943 | 1,438 | 5,463 | 4,391 | |
Expenses: | |||||
Cost of goods sold | 1,742 | 1,357 | 4,948 | 4,191 | |
Other expenses from operations | 0 | 0 | 0 | 0 | |
Selling, general and administrative | 31 | 35 | 102 | 105 | |
Restructuring, net | 4 | 0 | 4 | 0 | |
Impairment | 0 | 0 | 0 | 0 | |
Interest expense | 26 | 28 | 80 | 82 | |
Total Expenses | 1,803 | 1,420 | 5,134 | 4,378 | |
Income (loss) from continuing operations before income tax benefit (expense) | 140 | 18 | 329 | 13 | |
Income tax benefit (expense) | 31 | 2 | 60 | (2) | |
Income (loss) from continuing operations | 109 | 16 | 269 | 15 | |
Less: net income (loss) attributable to non-controlling interests | 43 | (2) | 106 | (7) | |
Supplemental information: | |||||
Capital expenditures | 26 | 23 | 68 | 80 | |
Depreciation and amortization(1) | [1] | 67 | 70 | 207 | 208 |
Net (loss) income attributable to Icahn Enterprises from continuing operations | 66 | 18 | 163 | 22 | |
Railcar Segment | |||||
Revenues: | |||||
Net sales | 40 | 68 | 194 | 184 | |
Other revenues from operations | 60 | 66 | 169 | 320 | |
Net gain from investment activities | 0 | 0 | 0 | 2 | |
Interest and dividend income | 0 | 1 | 1 | 2 | |
Gain on disposition of assets, net | 0 | (10) | 5 | 1,511 | |
Other income (loss), net | 11 | 1 | 13 | 2 | |
Total Revenues | 111 | 126 | 382 | 2,021 | |
Expenses: | |||||
Cost of goods sold | 42 | 65 | 184 | 170 | |
Other expenses from operations | 36 | 25 | 97 | 107 | |
Selling, general and administrative | 11 | 9 | 31 | 38 | |
Restructuring, net | 0 | 0 | 0 | 0 | |
Impairment | 0 | 1 | 4 | 68 | |
Interest expense | 5 | 5 | 16 | 39 | |
Total Expenses | 94 | 105 | 332 | 422 | |
Income (loss) from continuing operations before income tax benefit (expense) | 17 | 21 | 50 | 1,599 | |
Income tax benefit (expense) | 4 | 6 | 14 | 525 | |
Income (loss) from continuing operations | 13 | 15 | 36 | 1,074 | |
Less: net income (loss) attributable to non-controlling interests | 5 | 3 | 13 | 11 | |
Supplemental information: | |||||
Capital expenditures | 57 | 30 | 81 | 139 | |
Depreciation and amortization(1) | [1] | 15 | 15 | 46 | 51 |
Net (loss) income attributable to Icahn Enterprises from continuing operations | 8 | 12 | 23 | 1,063 | |
Metals Segment | |||||
Revenues: | |||||
Net sales | 120 | 110 | 370 | 315 | |
Other revenues from operations | 0 | 0 | 0 | 0 | |
Net gain from investment activities | 0 | 0 | 0 | 0 | |
Interest and dividend income | 0 | 0 | 0 | 0 | |
Gain on disposition of assets, net | 0 | 0 | 0 | 0 | |
Other income (loss), net | 1 | (1) | 1 | (1) | |
Total Revenues | 121 | 109 | 371 | 314 | |
Expenses: | |||||
Cost of goods sold | 115 | 105 | 349 | 299 | |
Other expenses from operations | 0 | 0 | 0 | 0 | |
Selling, general and administrative | 5 | 5 | 14 | 14 | |
Restructuring, net | 0 | 0 | 0 | 0 | |
Impairment | 0 | 0 | 0 | 0 | |
Interest expense | 0 | 0 | 0 | 0 | |
Total Expenses | 120 | 110 | 363 | 313 | |
Income (loss) from continuing operations before income tax benefit (expense) | 1 | (1) | 8 | 1 | |
Income tax benefit (expense) | 0 | (2) | 0 | (3) | |
Income (loss) from continuing operations | 1 | 1 | 8 | 4 | |
Less: net income (loss) attributable to non-controlling interests | 0 | 0 | 0 | 0 | |
Supplemental information: | |||||
Capital expenditures | 8 | 2 | 10 | 4 | |
Depreciation and amortization(1) | [1] | 4 | 5 | 13 | 15 |
Net (loss) income attributable to Icahn Enterprises from continuing operations | 1 | 1 | 8 | 4 | |
Mining Segment | |||||
Revenues: | |||||
Net sales | 26 | 21 | 72 | 76 | |
Other revenues from operations | 0 | 0 | 0 | 0 | |
Net gain from investment activities | 0 | 0 | 0 | 0 | |
Interest and dividend income | 1 | 0 | 1 | 1 | |
Gain on disposition of assets, net | (2) | 0 | (2) | 0 | |
Other income (loss), net | 2 | (2) | 7 | (3) | |
Total Revenues | 27 | 19 | 78 | 74 | |
Expenses: | |||||
Cost of goods sold | 18 | 15 | 54 | 45 | |
Other expenses from operations | 0 | 0 | 0 | 0 | |
Selling, general and administrative | 6 | 4 | 18 | 12 | |
Restructuring, net | 0 | 0 | 0 | 0 | |
Impairment | 0 | 0 | 0 | 0 | |
Interest expense | 0 | 2 | 2 | 5 | |
Total Expenses | 24 | 21 | 74 | 62 | |
Income (loss) from continuing operations before income tax benefit (expense) | 3 | (2) | 4 | 12 | |
Income tax benefit (expense) | 0 | 0 | 2 | 2 | |
Income (loss) from continuing operations | 3 | (2) | 2 | 10 | |
Less: net income (loss) attributable to non-controlling interests | 0 | 0 | (1) | 2 | |
Supplemental information: | |||||
Capital expenditures | 9 | 10 | 32 | 27 | |
Depreciation and amortization(1) | [1] | 2 | 2 | 6 | 4 |
Net (loss) income attributable to Icahn Enterprises from continuing operations | 3 | (2) | 3 | 8 | |
Food Packaging Segment | |||||
Revenues: | |||||
Net sales | 98 | 99 | 299 | 288 | |
Other revenues from operations | 0 | 0 | 0 | 0 | |
Net gain from investment activities | 0 | 0 | 0 | 0 | |
Interest and dividend income | 1 | 0 | 1 | 0 | |
Gain on disposition of assets, net | 0 | 0 | 0 | 0 | |
Other income (loss), net | (2) | 3 | (15) | 0 | |
Total Revenues | 97 | 102 | 285 | 288 | |
Expenses: | |||||
Cost of goods sold | 77 | 75 | 234 | 218 | |
Other expenses from operations | 0 | 0 | 0 | 0 | |
Selling, general and administrative | 14 | 13 | 44 | 44 | |
Restructuring, net | 10 | 1 | 10 | 3 | |
Impairment | 0 | 0 | 0 | 0 | |
Interest expense | 5 | 3 | 12 | 10 | |
Total Expenses | 106 | 92 | 300 | 275 | |
Income (loss) from continuing operations before income tax benefit (expense) | (9) | 10 | (15) | 13 | |
Income tax benefit (expense) | 2 | 4 | 0 | 5 | |
Income (loss) from continuing operations | (11) | 6 | (15) | 8 | |
Less: net income (loss) attributable to non-controlling interests | (2) | 1 | (3) | 2 | |
Supplemental information: | |||||
Capital expenditures | 8 | 6 | 19 | 15 | |
Depreciation and amortization(1) | [1] | 6 | 5 | 19 | 18 |
Net (loss) income attributable to Icahn Enterprises from continuing operations | (9) | 5 | (12) | 6 | |
Real Estate Segment | |||||
Revenues: | |||||
Net sales | 7 | 2 | 14 | 9 | |
Other revenues from operations | 22 | 19 | 65 | 56 | |
Net gain from investment activities | 0 | 0 | 0 | 0 | |
Interest and dividend income | 5 | 2 | 15 | 2 | |
Gain on disposition of assets, net | 67 | 456 | 67 | 456 | |
Other income (loss), net | 0 | 39 | 0 | 39 | |
Total Revenues | 101 | 518 | 161 | 562 | |
Expenses: | |||||
Cost of goods sold | 6 | 2 | 11 | 7 | |
Other expenses from operations | 14 | 12 | 41 | 36 | |
Selling, general and administrative | 2 | 6 | 15 | 16 | |
Restructuring, net | 0 | 0 | 0 | 0 | |
Impairment | 0 | 0 | 0 | 2 | |
Interest expense | 0 | 0 | 1 | 1 | |
Total Expenses | 22 | 20 | 68 | 62 | |
Income (loss) from continuing operations before income tax benefit (expense) | 79 | 498 | 93 | 500 | |
Income tax benefit (expense) | 6 | 0 | 6 | 0 | |
Income (loss) from continuing operations | 73 | 498 | 87 | 500 | |
Less: net income (loss) attributable to non-controlling interests | 0 | 0 | 0 | 0 | |
Supplemental information: | |||||
Capital expenditures | 2 | 7 | 9 | 7 | |
Depreciation and amortization(1) | [1] | 5 | 5 | 15 | 15 |
Net (loss) income attributable to Icahn Enterprises from continuing operations | 73 | 498 | 87 | 500 | |
Home Fashion Segment | |||||
Revenues: | |||||
Net sales | 38 | 46 | 125 | 138 | |
Other revenues from operations | 0 | 0 | 0 | 0 | |
Net gain from investment activities | 0 | 0 | 0 | 0 | |
Interest and dividend income | 0 | 0 | 0 | 0 | |
Gain on disposition of assets, net | 0 | 0 | 0 | 0 | |
Other income (loss), net | 0 | 0 | 1 | 0 | |
Total Revenues | 38 | 46 | 126 | 138 | |
Expenses: | |||||
Cost of goods sold | 33 | 39 | 108 | 119 | |
Other expenses from operations | 0 | 0 | 0 | 0 | |
Selling, general and administrative | 8 | 11 | 26 | 30 | |
Restructuring, net | (1) | 0 | 2 | 0 | |
Impairment | 0 | 0 | 0 | 0 | |
Interest expense | 0 | 0 | 0 | 0 | |
Total Expenses | 40 | 50 | 136 | 149 | |
Income (loss) from continuing operations before income tax benefit (expense) | (2) | (4) | (10) | (11) | |
Income tax benefit (expense) | 0 | 0 | 0 | 0 | |
Income (loss) from continuing operations | (2) | (4) | (10) | (11) | |
Less: net income (loss) attributable to non-controlling interests | 0 | 0 | 0 | 0 | |
Supplemental information: | |||||
Capital expenditures | 1 | 2 | 4 | 4 | |
Depreciation and amortization(1) | [1] | 2 | 2 | 6 | 6 |
Net (loss) income attributable to Icahn Enterprises from continuing operations | (2) | (4) | (10) | (11) | |
Holding Company | |||||
Revenues: | |||||
Net sales | 0 | 0 | 0 | 0 | |
Other revenues from operations | 0 | 0 | 0 | 0 | |
Net gain from investment activities | 35 | 34 | 95 | 50 | |
Interest and dividend income | 2 | 3 | 7 | 8 | |
Gain on disposition of assets, net | 0 | 0 | 0 | 0 | |
Other income (loss), net | (1) | 5 | (2) | 5 | |
Total Revenues | 36 | 42 | 100 | 63 | |
Expenses: | |||||
Cost of goods sold | 0 | 0 | 0 | 0 | |
Other expenses from operations | 0 | 0 | 0 | 0 | |
Selling, general and administrative | 6 | 8 | 17 | 21 | |
Restructuring, net | 0 | 0 | 0 | 0 | |
Impairment | 0 | 0 | 0 | 0 | |
Interest expense | 84 | 82 | 251 | 244 | |
Total Expenses | 90 | 90 | 268 | 265 | |
Income (loss) from continuing operations before income tax benefit (expense) | (54) | (48) | (168) | (202) | |
Income tax benefit (expense) | (103) | 25 | (101) | (461) | |
Income (loss) from continuing operations | 49 | (73) | (67) | 259 | |
Less: net income (loss) attributable to non-controlling interests | (1) | 0 | (1) | 0 | |
Supplemental information: | |||||
Capital expenditures | 0 | 0 | 0 | 0 | |
Depreciation and amortization(1) | [1] | 0 | 0 | 0 | 0 |
Net (loss) income attributable to Icahn Enterprises from continuing operations | $ 50 | $ (73) | $ (66) | $ 259 | |
[1] | Excludes amounts related to the amortization of deferred financing costs and debt discounts and premiums included in interest expense in the amounts of $3 million and $2 million for the three months ended September 30, 2018 and 2017, respectively, and $5 million and $8 million for the nine months ended September 30, 2018 and 2017, respectively. |
Condensed Balance Sheets By Rep
Condensed Balance Sheets By Reporting Segment (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 |
ASSETS | ||||
Cash and cash equivalents | $ 1,053 | $ 1,264 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 801 | 766 | ||
Investments | 9,332 | 10,038 | ||
Accounts receivable, net | 700 | 612 | ||
Inventories, net | 1,961 | 1,805 | ||
Property, plant and equipment, net | 6,179 | 6,364 | ||
Goodwill and intangible assets, net | 849 | 878 | ||
Assets held for sale | 8,891 | 8,790 | ||
Other assets | 1,209 | 1,284 | ||
Total assets | 30,975 | 31,801 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 3,866 | 4,233 | ||
Securities sold, not yet purchased, at fair value | 625 | 1,023 | ||
Due to brokers | 243 | 1,057 | ||
Liabilities held for sale | 5,998 | 6,202 | ||
Debt | 7,907 | 7,918 | ||
Total liabilities | 18,639 | 20,433 | ||
Equity attributable to Icahn Enterprises | 5,612 | 5,106 | ||
Equity attributable to non-controlling interests | 6,724 | 6,262 | ||
Total equity | 12,336 | 11,368 | $ 11,198 | $ 8,017 |
Total liabilities and equity | 30,975 | 31,801 | ||
Investment Segment | ||||
ASSETS | ||||
Cash and cash equivalents | 5 | 17 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 637 | 734 | ||
Investments | 8,711 | 9,532 | ||
Accounts receivable, net | 0 | 0 | ||
Inventories, net | 0 | 0 | ||
Property, plant and equipment, net | 0 | 0 | ||
Goodwill and intangible assets, net | 0 | 0 | ||
Assets held for sale | 0 | 0 | ||
Other assets | 395 | 516 | ||
Total assets | 9,748 | 10,799 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 1,078 | 1,302 | ||
Securities sold, not yet purchased, at fair value | 625 | 1,023 | ||
Due to brokers | 243 | 1,057 | ||
Liabilities held for sale | 0 | 0 | ||
Debt | 0 | 0 | ||
Total liabilities | 1,946 | 3,382 | ||
Equity attributable to Icahn Enterprises | 3,003 | 3,052 | ||
Equity attributable to non-controlling interests | 4,799 | 4,365 | ||
Total equity | 7,802 | 7,417 | ||
Total liabilities and equity | 9,748 | 10,799 | ||
Automotive Segment | ||||
ASSETS | ||||
Cash and cash equivalents | 46 | 52 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 0 | 0 | ||
Investments | 24 | 0 | ||
Accounts receivable, net | 259 | 224 | ||
Inventories, net | 1,234 | 1,145 | ||
Property, plant and equipment, net | 947 | 958 | ||
Goodwill and intangible assets, net | 497 | 505 | ||
Assets held for sale | 0 | 0 | ||
Other assets | 157 | 127 | ||
Total assets | 3,164 | 3,011 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 914 | 944 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Due to brokers | 0 | 0 | ||
Liabilities held for sale | 0 | 0 | ||
Debt | 359 | 340 | ||
Total liabilities | 1,273 | 1,284 | ||
Equity attributable to Icahn Enterprises | 1,891 | 1,727 | ||
Equity attributable to non-controlling interests | 0 | 0 | ||
Total equity | 1,891 | 1,727 | ||
Total liabilities and equity | 3,164 | 3,011 | ||
Energy Segment | ||||
ASSETS | ||||
Cash and cash equivalents | 702 | 482 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 0 | 0 | ||
Investments | 83 | 83 | ||
Accounts receivable, net | 214 | 178 | ||
Inventories, net | 427 | 385 | ||
Property, plant and equipment, net | 3,049 | 3,213 | ||
Goodwill and intangible assets, net | 283 | 298 | ||
Assets held for sale | 33 | 0 | ||
Other assets | 61 | 61 | ||
Total assets | 4,852 | 4,700 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 1,147 | 1,125 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Due to brokers | 0 | 0 | ||
Liabilities held for sale | 0 | 0 | ||
Debt | 1,168 | 1,166 | ||
Total liabilities | 2,315 | 2,291 | ||
Equity attributable to Icahn Enterprises | 1,231 | 1,098 | ||
Equity attributable to non-controlling interests | 1,306 | 1,311 | ||
Total equity | 2,537 | 2,409 | ||
Total liabilities and equity | 4,852 | 4,700 | ||
Railcar Segment | ||||
ASSETS | ||||
Cash and cash equivalents | 74 | 100 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 19 | 19 | ||
Investments | 20 | 23 | ||
Accounts receivable, net | 40 | 44 | ||
Inventories, net | 80 | 54 | ||
Property, plant and equipment, net | 1,231 | 1,199 | ||
Goodwill and intangible assets, net | 7 | 7 | ||
Assets held for sale | 0 | 14 | ||
Other assets | 27 | 27 | ||
Total assets | 1,498 | 1,487 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 295 | 262 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Due to brokers | 0 | 0 | ||
Liabilities held for sale | 0 | 0 | ||
Debt | 527 | 546 | ||
Total liabilities | 822 | 808 | ||
Equity attributable to Icahn Enterprises | 421 | 428 | ||
Equity attributable to non-controlling interests | 255 | 251 | ||
Total equity | 676 | 679 | ||
Total liabilities and equity | 1,498 | 1,487 | ||
Metals Segment | ||||
ASSETS | ||||
Cash and cash equivalents | 20 | 24 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 1 | 5 | ||
Investments | 0 | 0 | ||
Accounts receivable, net | 62 | 40 | ||
Inventories, net | 30 | 33 | ||
Property, plant and equipment, net | 108 | 110 | ||
Goodwill and intangible assets, net | 3 | 3 | ||
Assets held for sale | 1 | 2 | ||
Other assets | 8 | 9 | ||
Total assets | 233 | 226 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 53 | 43 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Due to brokers | 0 | 0 | ||
Liabilities held for sale | 0 | 0 | ||
Debt | 1 | 1 | ||
Total liabilities | 54 | 44 | ||
Equity attributable to Icahn Enterprises | 179 | 182 | ||
Equity attributable to non-controlling interests | 0 | 0 | ||
Total equity | 179 | 182 | ||
Total liabilities and equity | 233 | 226 | ||
Mining Segment | ||||
ASSETS | ||||
Cash and cash equivalents | 19 | 15 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 0 | 0 | ||
Investments | 0 | 0 | ||
Accounts receivable, net | 8 | 10 | ||
Inventories, net | 26 | 30 | ||
Property, plant and equipment, net | 215 | 188 | ||
Goodwill and intangible assets, net | 0 | 0 | ||
Assets held for sale | 0 | 0 | ||
Other assets | 22 | 22 | ||
Total assets | 290 | 265 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 48 | 45 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Due to brokers | 0 | 0 | ||
Liabilities held for sale | 0 | 0 | ||
Debt | 53 | 58 | ||
Total liabilities | 101 | 103 | ||
Equity attributable to Icahn Enterprises | 166 | 138 | ||
Equity attributable to non-controlling interests | 23 | 24 | ||
Total equity | 189 | 162 | ||
Total liabilities and equity | 290 | 265 | ||
Food Packaging Segment | ||||
ASSETS | ||||
Cash and cash equivalents | 49 | 16 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 1 | 2 | ||
Investments | 0 | 0 | ||
Accounts receivable, net | 78 | 78 | ||
Inventories, net | 98 | 92 | ||
Property, plant and equipment, net | 167 | 170 | ||
Goodwill and intangible assets, net | 34 | 36 | ||
Assets held for sale | 0 | 0 | ||
Other assets | 88 | 93 | ||
Total assets | 515 | 487 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 168 | 172 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Due to brokers | 0 | 0 | ||
Liabilities held for sale | 0 | 0 | ||
Debt | 271 | 273 | ||
Total liabilities | 439 | 445 | ||
Equity attributable to Icahn Enterprises | 56 | 28 | ||
Equity attributable to non-controlling interests | 20 | 14 | ||
Total equity | 76 | 42 | ||
Total liabilities and equity | 515 | 487 | ||
Real Estate Segment | ||||
ASSETS | ||||
Cash and cash equivalents | 40 | 32 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 141 | 2 | ||
Investments | 15 | 16 | ||
Accounts receivable, net | 8 | 3 | ||
Inventories, net | 0 | 0 | ||
Property, plant and equipment, net | 392 | 454 | ||
Goodwill and intangible assets, net | 25 | 29 | ||
Assets held for sale | 0 | |||
Other assets | 405 | 395 | ||
Total assets | 1,026 | 931 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 61 | 63 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Due to brokers | 0 | 0 | ||
Liabilities held for sale | 0 | 0 | ||
Debt | 19 | 22 | ||
Total liabilities | 80 | 85 | ||
Equity attributable to Icahn Enterprises | 941 | 846 | ||
Equity attributable to non-controlling interests | 5 | 0 | ||
Total equity | 946 | 846 | ||
Total liabilities and equity | 1,026 | 931 | ||
Home Fashion Segment | ||||
ASSETS | ||||
Cash and cash equivalents | 1 | 0 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 2 | 4 | ||
Investments | 0 | 0 | ||
Accounts receivable, net | 31 | 35 | ||
Inventories, net | 66 | 66 | ||
Property, plant and equipment, net | 70 | 72 | ||
Goodwill and intangible assets, net | 0 | 0 | ||
Assets held for sale | 0 | 0 | ||
Other assets | 5 | 6 | ||
Total assets | 175 | 183 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 37 | 34 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Due to brokers | 0 | 0 | ||
Liabilities held for sale | 0 | 0 | ||
Debt | 4 | 5 | ||
Total liabilities | 41 | 39 | ||
Equity attributable to Icahn Enterprises | 134 | 144 | ||
Equity attributable to non-controlling interests | 0 | 0 | ||
Total equity | 134 | 144 | ||
Total liabilities and equity | 175 | 183 | ||
Holding Company | ||||
ASSETS | ||||
Cash and cash equivalents | 97 | 526 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 0 | 0 | ||
Investments | 479 | 384 | ||
Accounts receivable, net | 0 | 0 | ||
Inventories, net | 0 | 0 | ||
Property, plant and equipment, net | 0 | 0 | ||
Goodwill and intangible assets, net | 0 | 0 | ||
Assets held for sale | 0 | 0 | ||
Other assets | 41 | 28 | ||
Total assets | 617 | 938 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 65 | 243 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Due to brokers | 0 | 0 | ||
Liabilities held for sale | 0 | 0 | ||
Debt | 5,505 | 5,507 | ||
Total liabilities | 5,570 | 5,750 | ||
Equity attributable to Icahn Enterprises | (4,960) | (4,821) | ||
Equity attributable to non-controlling interests | 7 | 9 | ||
Total equity | (4,953) | (4,812) | ||
Total liabilities and equity | 617 | 938 | ||
Discontinued Operations | ||||
ASSETS | ||||
Cash and cash equivalents | 0 | 0 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 0 | 0 | ||
Investments | 0 | 0 | ||
Accounts receivable, net | 0 | 0 | ||
Inventories, net | 0 | 0 | ||
Property, plant and equipment, net | 0 | 0 | ||
Goodwill and intangible assets, net | 0 | 0 | ||
Assets held for sale | 8,857 | 8,774 | ||
Other assets | 0 | 0 | ||
Total assets | 8,857 | 8,774 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 0 | 0 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Due to brokers | 0 | 0 | ||
Liabilities held for sale | 5,998 | 6,202 | ||
Debt | 0 | 0 | ||
Total liabilities | 5,998 | 6,202 | ||
Equity attributable to Icahn Enterprises | 2,550 | 2,284 | ||
Equity attributable to non-controlling interests | 309 | 288 | ||
Total equity | 2,859 | 2,572 | ||
Total liabilities and equity | $ 8,857 | $ 8,774 |
Segment Reporting Disaggregatio
Segment Reporting Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Disaggregation of Revenue [Line Items] | ||||
Cost of goods sold | $ 2,406 | $ 2,054 | $ 7,007 | $ 6,174 |
Net sales | 2,864 | 2,404 | 8,220 | 7,107 |
Automotive Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Cost of goods sold | 373 | 396 | 1,119 | 1,125 |
Net sales | 600 | 604 | 1,760 | 1,702 |
Revenue from contracts with customers | 735 | 700 | 2,158 | 2,031 |
Energy Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Cost of goods sold | 1,742 | 1,357 | 4,948 | 4,191 |
Net sales | 1,935 | 1,454 | 5,386 | 4,395 |
Revenue from contracts with customers | 1,935 | 1,454 | 5,386 | 4,395 |
Automotive services | Automotive Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 341 | 311 | 992 | 873 |
Commercial sales | Automotive Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 258 | 246 | 758 | 740 |
Retail sales | Automotive Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 136 | 143 | 408 | 418 |
Petroleum products | Energy Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 1,855 | 1,384 | 5,133 | 4,142 |
Nitrogen fertilizer products | Energy Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 80 | 70 | 253 | 253 |
Difference between Revenue Guidance in Effect before and after adoption | Automotive Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Cost of goods sold | 15 | 14 | 47 | 50 |
Net sales | $ 15 | $ 14 | $ 47 | $ 50 |
Discontinued Operations Income
Discontinued Operations Income From Discontinued Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Income from discontinued operations | $ 163 | $ 29 | $ 353 | $ 131 | |
Income from discontinued operations attributable to Icahn Enterprises | 155 | 20 | 329 | 105 | |
Capital expenditures included in accounts payable, accrued expenses and other liabilities | 11 | 8 | |||
Amortization included in interest expense | 3 | 2 | 5 | 8 | |
Discontinued operations, held for sale or disposed of by sale | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net sales | 1,890 | 1,889 | 5,993 | 5,786 | |
Other revenues from operations | 233 | 246 | 679 | 684 | |
Interest and dividend income | 1 | 3 | 3 | 5 | |
Gain on disposition of assets, net | 65 | 0 | 65 | (3) | |
Other (loss) income, net | (2) | 27 | 6 | 41 | |
Revenue | 2,187 | 2,165 | 6,746 | 6,513 | |
Cost of goods sold | 1,562 | 1,623 | 4,999 | 4,910 | |
Other expenses from operations | 105 | 110 | 311 | 317 | |
Selling, general and administrative | 263 | 301 | 839 | 918 | |
Restructuring, net | 15 | 4 | 13 | 11 | |
Impairment | 0 | 5 | 2 | 6 | |
Interest expense | 46 | 43 | 141 | 123 | |
Costs and expenses | 1,991 | 2,086 | 6,305 | 6,285 | |
Income from discontinued operations before income tax expense | 196 | 79 | 441 | 228 | |
Income tax expense | (33) | (50) | (88) | (97) | |
Income from discontinued operations | 163 | 29 | 353 | 131 | |
Less: income from discontinued operations attributable to non-controlling interests | 8 | 9 | 24 | 26 | |
Income from discontinued operations attributable to Icahn Enterprises | 155 | 20 | 329 | 105 | |
Capital expenditures(1) | [1] | 105 | 121 | 361 | 359 |
Depreciation and amortization(2) | [2] | 0 | 121 | 119 | 348 |
Capital expenditures included in accounts payable, accrued expenses and other liabilities | 48 | 63 | |||
Amortization included in interest expense | 1 | 2 | 3 | 5 | |
Federal-Mogul | Discontinued operations, held for sale or disposed of by sale | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net sales | 1,890 | 1,889 | 5,993 | 5,786 | |
Other revenues from operations | 0 | 0 | 0 | 0 | |
Interest and dividend income | 1 | 3 | 2 | 4 | |
Gain on disposition of assets, net | 65 | 0 | 65 | 0 | |
Other (loss) income, net | (4) | 5 | 5 | 18 | |
Revenue | 1,952 | 1,897 | 6,065 | 5,808 | |
Cost of goods sold | 1,562 | 1,623 | 4,999 | 4,910 | |
Other expenses from operations | 0 | 0 | 0 | 0 | |
Selling, general and administrative | 185 | 218 | 601 | 646 | |
Restructuring, net | 15 | 4 | 13 | 11 | |
Impairment | 0 | 5 | 2 | 6 | |
Interest expense | 45 | 40 | 137 | 114 | |
Costs and expenses | 1,807 | 1,890 | 5,752 | 5,687 | |
Income from discontinued operations before income tax expense | 145 | 7 | 313 | 121 | |
Income tax expense | (28) | (23) | (69) | (49) | |
Income from discontinued operations | 117 | (16) | 244 | 72 | |
Less: income from discontinued operations attributable to non-controlling interests | 1 | 2 | 7 | 8 | |
Income from discontinued operations attributable to Icahn Enterprises | 116 | (18) | 237 | 64 | |
Capital expenditures(1) | [1] | 88 | 91 | 303 | 276 |
Depreciation and amortization(2) | [2] | 0 | 102 | 100 | 294 |
Tropicana | Discontinued operations, held for sale or disposed of by sale | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net sales | 0 | 0 | 0 | 0 | |
Other revenues from operations | 233 | 246 | 679 | 684 | |
Interest and dividend income | 0 | 0 | 1 | 1 | |
Gain on disposition of assets, net | 0 | 0 | 0 | (3) | |
Other (loss) income, net | 2 | 22 | 1 | 23 | |
Revenue | 235 | 268 | 681 | 705 | |
Cost of goods sold | 0 | 0 | 0 | 0 | |
Other expenses from operations | 105 | 110 | 311 | 317 | |
Selling, general and administrative | 78 | 83 | 238 | 272 | |
Restructuring, net | 0 | 0 | 0 | 0 | |
Impairment | 0 | 0 | 0 | 0 | |
Interest expense | 1 | 3 | 4 | 9 | |
Costs and expenses | 184 | 196 | 553 | 598 | |
Income from discontinued operations before income tax expense | 51 | 72 | 128 | 107 | |
Income tax expense | (5) | (27) | (19) | (48) | |
Income from discontinued operations | 46 | 45 | 109 | 59 | |
Less: income from discontinued operations attributable to non-controlling interests | 7 | 7 | 17 | 18 | |
Income from discontinued operations attributable to Icahn Enterprises | 39 | 38 | 92 | 41 | |
Capital expenditures(1) | [1] | 17 | 30 | 58 | 83 |
Depreciation and amortization(2) | [2] | $ 0 | $ 19 | $ 19 | $ 54 |
[1] | Capital expenditures in the tables above represents cash used in investing activities. In addition, non-cash capital expenditures included in accounts payable, accrued expenses and other liabilities for the nine months ended September 30, 2018 and 2017 aggregated $48 million and $63 million, respectively. | ||||
[2] | Excludes amounts related to the amortization of deferred financing costs and debt discounts and premiums included in interest expense aggregating $1 million and $2 million for the three months ended September 30, 2018 and 2017, respectively, and $3 million and $5 million for the nine months ended September 30, 2018 and 2017, respectively. |
Discontinued Operations Assets
Discontinued Operations Assets and Liabilities Held For Sale (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets held for sale | $ 8,891 | $ 8,790 |
Accounts payable, accrued expenses and other liabilities | 1,885 | 1,860 |
Post-retirement benefit liability | 1,015 | 1,075 |
Debt | 3,098 | 3,267 |
Liabilities held for sale | 5,998 | 6,202 |
Discontinued operations, held for sale or disposed of by sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Cash and cash equivalents | 370 | 418 |
Restricted cash | 20 | 20 |
Investments | 329 | 331 |
Accounts receivable, net | 1,206 | 1,193 |
Inventories, net | 1,461 | 1,456 |
Property, plant and equipment, net | 3,456 | 3,337 |
Goodwill | 934 | 941 |
Intangible assets, net | 570 | 591 |
Other assets | 511 | 487 |
Assets held for sale | 8,857 | 8,774 |
Held for sale or disposed of by sale, not classified as discontinued operations | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Other assets | 34 | 16 |
Federal-Mogul | Discontinued operations, held for sale or disposed of by sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Cash and cash equivalents | 272 | 315 |
Restricted cash | 5 | 4 |
Investments | 322 | 324 |
Accounts receivable, net | 1,195 | 1,182 |
Inventories, net | 1,461 | 1,456 |
Property, plant and equipment, net | 2,642 | 2,545 |
Goodwill | 934 | 941 |
Intangible assets, net | 504 | 517 |
Other assets | 429 | 394 |
Assets held for sale | 7,764 | 7,678 |
Accounts payable, accrued expenses and other liabilities | 1,756 | 1,718 |
Post-retirement benefit liability | 1,015 | 1,075 |
Debt | 3,035 | 3,130 |
Liabilities held for sale | 5,806 | 5,923 |
Tropicana | Discontinued operations, held for sale or disposed of by sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Cash and cash equivalents | 98 | 103 |
Restricted cash | 15 | 16 |
Investments | 7 | 7 |
Accounts receivable, net | 11 | 11 |
Inventories, net | 0 | 0 |
Property, plant and equipment, net | 814 | 792 |
Goodwill | 0 | 0 |
Intangible assets, net | 66 | 74 |
Other assets | 82 | 93 |
Assets held for sale | 1,093 | 1,096 |
Accounts payable, accrued expenses and other liabilities | 129 | 142 |
Post-retirement benefit liability | 0 | 0 |
Debt | 63 | 137 |
Liabilities held for sale | $ 192 | $ 279 |
Income Taxes Income Taxes (Deta
Income Taxes Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | ||||
Income tax (benefit) expense | $ (71) | $ 18 | $ (57) | $ 13 |
Income (loss) from continuing operations before income tax benefit (expense) | $ (381) | $ 818 | $ 454 | $ 2,276 |
Effective income tax rate | 18.60% | 2.20% | (12.60%) | 0.60% |
Statutory federal income tax rate | 21.00% | 35.00% | 21.00% | 35.00% |
Changes in Accumulated Other _3
Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |||||
AOCI, Post-employment benefits, net of tax | $ (543) | $ (543) | $ (564) | ||
AOCI, Hedge instruments, net of tax | (26) | (26) | (23) | ||
AOCI, Translation adjustments and other, net of tax | (910) | (910) | (824) | ||
Accumulated other comprehensive loss, net of tax | (1,479) | (1,479) | $ (1,411) | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, after Tax | 2 | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | (3) | ||||
Other comprehensive income, translation adjustments and other, before reclassificaitons, net of tax | (86) | ||||
Other comprehensive income, before reclassifications to income, net of tax | (87) | ||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, after Tax | 19 | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | ||||
Reclassificaion of translation adjustments and other in AOCI into earnings, net of tax | 0 | ||||
Other comprehensive income, portion representing reclassificaitons to earnings, net of tax | 19 | ||||
Post-retirement benefits | 4 | $ 7 | 21 | $ 17 | |
Hedge instruments | (1) | (4) | (3) | (1) | |
Translation adjustments and other | (11) | (1) | (86) | 107 | |
Other comprehensive loss | $ (8) | $ 2 | $ (68) | $ 123 |
Other Income (Loss), Net (Detai
Other Income (Loss), Net (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Component of Other Income (Loss), Net [Line Items] | ||||
Other income (loss), net | $ 17 | $ 19 | $ 83 | $ (11) |
Realized and unrealized gain (loss) on derivatives, net (Note 6) | ||||
Component of Other Income (Loss), Net [Line Items] | ||||
Other income (loss), net | 5 | (17) | 75 | (5) |
Other derivative loss | ||||
Component of Other Income (Loss), Net [Line Items] | ||||
Other income (loss), net | 0 | 0 | 0 | (41) |
Dividend expense | ||||
Component of Other Income (Loss), Net [Line Items] | ||||
Other income (loss), net | (1) | (9) | (1) | (9) |
Equity earnings from non-consolidated affiliates | ||||
Component of Other Income (Loss), Net [Line Items] | ||||
Other income (loss), net | 3 | 1 | 8 | 2 |
Foreign currency transaction (loss) gain | ||||
Component of Other Income (Loss), Net [Line Items] | ||||
Other income (loss), net | (5) | 2 | 0 | 1 |
Tax settlement gain | ||||
Component of Other Income (Loss), Net [Line Items] | ||||
Other income (loss), net | 0 | 38 | 0 | 38 |
Non-service pension and other post-retirement benefits expense | ||||
Component of Other Income (Loss), Net [Line Items] | ||||
Other income (loss), net | 0 | (1) | (8) | (3) |
Gain on early railcar lease termination | ||||
Component of Other Income (Loss), Net [Line Items] | ||||
Other income (loss), net | 10 | 0 | 10 | 0 |
Other | ||||
Component of Other Income (Loss), Net [Line Items] | ||||
Other income (loss), net | $ 5 | $ 5 | $ (1) | $ 6 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Loss Contingencies [Line Items] | |||||
Defined benefit plan underfunded amount | $ 371 | $ 371 | $ 424 | ||
Mr. Icahn and affiliates | |||||
Loss Contingencies [Line Items] | |||||
Affiliate ownership interest | 91.50% | ||||
Starfire Holding Corporation | |||||
Loss Contingencies [Line Items] | |||||
Ownership percentage by Mr. Icahn | 99.40% | 99.40% | |||
Pension funding indemnity agreement with subsidiary | $ 250 | $ 250 | |||
Energy Segment | |||||
Loss Contingencies [Line Items] | |||||
RINs costs | 20 | $ 64 | 47 | $ 164 | |
Biofuel blending obligation | 7 | 7 | 28 | ||
RINs asset | 4 | 4 | |||
Automotive Segment | |||||
Loss Contingencies [Line Items] | |||||
Accrued environmental liabilities | 16 | ||||
Railcar Segment | |||||
Loss Contingencies [Line Items] | |||||
Railcar loss contingency accrual | 9 | 9 | |||
Federal-Mogul | |||||
Loss Contingencies [Line Items] | |||||
Defined benefit plan underfunded amount | 294 | 294 | |||
Federal-Mogul | Automotive Segment | |||||
Loss Contingencies [Line Items] | |||||
Estimated litigation liability | 56 | 56 | |||
Estimated litigation liability, interest accrued | 6 | 6 | |||
Capital contribution to subsidiary | 56 | $ 56 | |||
Federal-Mogul Products, Inc. | Automotive Segment | |||||
Loss Contingencies [Line Items] | |||||
Payments made in connection with litigation | 3 | ||||
Icahn Enterprises G.P. | Mr. Icahn and affiliates | |||||
Loss Contingencies [Line Items] | |||||
Affiliate ownership in parent company general partner | 100.00% | ||||
ACF | |||||
Loss Contingencies [Line Items] | |||||
Defined benefit plan underfunded amount | 77 | $ 77 | |||
Accrued expenses and other liabilities | |||||
Loss Contingencies [Line Items] | |||||
Accrued environmental liabilities | 38 | 38 | $ 34 | ||
Liabilities held for sale | |||||
Loss Contingencies [Line Items] | |||||
Accrued environmental liabilities | $ 16 | $ 16 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Supplemental Cash Flow Information [Abstract] | ||
Cash payments for interest, net of amounts capitalized | $ 416 | $ 444 |
Net cash (receipts) payments for income taxes, net of refunds | (4) | 39 |
Acquisition of subsidiary common stock included in accrued expenses and other liabilities | 0 | 51 |
Seller financing secured mortgages resulting from disposition of assets | 0 | 375 |
Capital expenditures included in accounts payable, accrued expenses and other liabilities | $ 11 | $ 8 |
Subsequent Events (Details)
Subsequent Events (Details) - $ / shares | Oct. 31, 2018 | Jul. 31, 2018 | May 02, 2018 | Feb. 27, 2018 |
Subsequent Event [Line Items] | ||||
Distribution declared per LP unit | $ 1.75 | $ 1.75 | $ 1.75 | |
Subsequent event | ||||
Subsequent Event [Line Items] | ||||
Distribution declared per LP unit | $ 1.75 |