Cover
Cover - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 28, 2020 | Jun. 28, 2019 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2019 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Central Index Key | 0000813762 | ||
Entity File Number | 001-09516 | ||
Entity Registrant Name | ICAHN ENTERPRISES L.P. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 13-3398766 | ||
Entity Address, Address Line One | 767 Fifth Avenue | ||
Entity Address, Address Line Two | Suite 4700 | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10153 | ||
City Area Code | (212) | ||
Local Phone Number | 702-4300 | ||
Title of 12(b) Security | Depositary Units of Icahn Enterprises L.P. Representing Limited Partner Interests | ||
Trading Symbol | IEP | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Public Float | $ 1,174 | ||
Entity Common Stock, Shares Outstanding | 214,078,558 | ||
Icahn Enterprises Holdings | |||
Document Information [Line Items] | |||
Entity Central Index Key | 0001034563 | ||
Entity File Number | 333-118021-01 | ||
Entity Registrant Name | ICAHN ENTERPRISES HOLDINGS L.P. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 13-3398767 | ||
Entity Address, Address Line One | 767 Fifth Avenue | ||
Entity Address, Address Line Two | Suite 4700 | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10153 | ||
City Area Code | (212) | ||
Local Phone Number | 702-4300 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash and cash equivalents | $ 3,794 | $ 2,656 |
Cash held at consolidated affiliated partnerships and restricted cash | 1,151 | 2,682 |
Investments | 9,945 | 8,337 |
Due from brokers | 858 | 664 |
Accounts receivable, net | 475 | 474 |
Inventories, net | 1,812 | 1,779 |
Property, plant and equipment, net | 4,541 | 4,688 |
Goodwill | 282 | 247 |
Intangible assets, net | 431 | 501 |
Other assets | 1,350 | 1,461 |
Total Assets | 24,639 | 23,489 |
LIABILITIES AND EQUITY | ||
Accounts payable | 945 | 832 |
Accrued expenses and other liabilities | 1,453 | 1,012 |
Deferred tax liability | 639 | 694 |
Unrealized loss on derivative contracts | 1,224 | 36 |
Securities sold, not yet purchased, at fair value | 1,190 | 468 |
Due to brokers | 54 | 141 |
Debt | 8,192 | 7,326 |
Total liabilities | 13,697 | 10,509 |
Commitments and contingencies (Note 18) | ||
Equity: | ||
Limited partners: Depositary units: 214,078,558 and 191,366,097 units issued and outstanding at December 31, 2019 and 2018, respectively | 6,268 | 7,350 |
General partner | (812) | (790) |
Partners' Capital, Total | 5,456 | 6,560 |
Equity attributable to non-controlling interests | 5,486 | 6,420 |
Partners' Capital, Including Portion Attributable to Noncontrolling Interest, Total | 10,942 | 12,980 |
Total Liabilities and Equity | 24,639 | 23,489 |
Icahn Enterprises Holdings | ||
ASSETS | ||
Cash and cash equivalents | 3,794 | 2,656 |
Cash held at consolidated affiliated partnerships and restricted cash | 1,151 | 2,682 |
Investments | 9,945 | 8,337 |
Due from brokers | 858 | 664 |
Accounts receivable, net | 475 | 474 |
Inventories, net | 1,812 | 1,779 |
Property, plant and equipment, net | 4,541 | 4,688 |
Goodwill | 282 | 247 |
Intangible assets, net | 431 | 501 |
Other assets | 1,350 | 1,493 |
Total Assets | 24,639 | 23,521 |
LIABILITIES AND EQUITY | ||
Accounts payable | 945 | 832 |
Accrued expenses and other liabilities | 1,453 | 1,012 |
Deferred tax liability | 639 | 694 |
Unrealized loss on derivative contracts | 1,224 | 36 |
Securities sold, not yet purchased, at fair value | 1,190 | 468 |
Due to brokers | 54 | 141 |
Debt | 8,195 | 7,330 |
Total liabilities | 13,700 | 10,513 |
Commitments and contingencies (Note 18) | ||
Equity: | ||
Limited partners: Depositary units: 214,078,558 and 191,366,097 units issued and outstanding at December 31, 2019 and 2018, respectively | 6,328 | 7,452 |
General partner | (875) | (864) |
Partners' Capital, Total | 5,453 | 6,588 |
Equity attributable to non-controlling interests | 5,486 | 6,420 |
Partners' Capital, Including Portion Attributable to Noncontrolling Interest, Total | 10,939 | 13,008 |
Total Liabilities and Equity | $ 24,639 | $ 23,521 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - shares | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Equity: | ||||
Limited partners: Depositary units issued | 214,078,558 | 191,366,097 | 173,564,307 | 144,741,149 |
Limited partners: Depositary units outstanding | 214,078,558 | 191,366,097 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues: | |||
Net sales | $ 9,720 | $ 10,576 | $ 9,306 |
Other revenues from operations | 666 | 647 | 743 |
Net (loss) gain from investment activities | (1,931) | 322 | 302 |
Interest and dividend income | 265 | 148 | 127 |
Gain on disposition of assets, net | 253 | 84 | 2,163 |
Other income (loss), net | 19 | 0 | (22) |
Total revenues | 8,992 | 11,777 | 12,619 |
Expenses: | |||
Cost of goods sold | 8,212 | 9,002 | 8,220 |
Other expenses from operations | 518 | 529 | 518 |
Selling, general and administrative | 1,376 | 1,386 | 1,269 |
Restructuring | 18 | 21 | 4 |
Impairment | 2 | 92 | 87 |
Interest expense | 605 | 524 | 655 |
Total Expenses | 10,731 | 11,554 | 10,753 |
(Loss) income from continuing operations before income tax (expense) benefit | (1,739) | 223 | 1,866 |
Income tax (expense) benefit | (20) | 14 | 532 |
(Loss) income from continuing operations | (1,759) | 237 | 2,398 |
(Loss) income from discontinued operations | (32) | 1,764 | 234 |
Net (loss) income | (1,791) | 2,001 | 2,632 |
Less: net (loss) income attributable to non-controlling interests | (693) | 519 | 178 |
Net income (loss) attributable to Icahn Enterprises | (1,098) | 1,482 | 2,454 |
Net (loss) income attributable to Icahn Enterprises allocated to: | |||
Continuing operations | (1,066) | (238) | 2,297 |
Discontinued operations | (32) | 1,720 | 157 |
Limited partners | (1,076) | 2,039 | 2,405 |
General partner | (22) | (557) | 49 |
Net income (loss) attributable to Icahn Enterprises | $ (1,098) | $ 1,482 | $ 2,454 |
Basic income (loss) per LP unit: | |||
Continuing operations | $ (5.23) | $ (1.29) | $ 13.98 |
Discontinued operations | (0.15) | 12.62 | 0.96 |
Basic income (loss) per LP unit | $ (5.38) | $ 11.33 | $ 14.94 |
Basic weighted average LP units outstanding | 200 | 180 | 161 |
Diluted income (loss) per LP unit | |||
Continuing operations | $ (5.23) | $ (1.29) | $ 13.98 |
Discontinued operations | (0.15) | 12.62 | 0.96 |
Diluted income (loss) per LP unit | $ (5.38) | $ 11.33 | $ 14.94 |
Diluted weighted average LP units outstanding | 200 | 180 | 161 |
Cash distributions declared per LP unit | $ 8 | $ 7 | $ 6 |
Icahn Enterprises Holdings | |||
Revenues: | |||
Net sales | $ 9,720 | $ 10,576 | $ 9,306 |
Other revenues from operations | 666 | 647 | 743 |
Net (loss) gain from investment activities | (1,931) | 322 | 302 |
Interest and dividend income | 265 | 148 | 127 |
Gain on disposition of assets, net | 253 | 84 | 2,163 |
Other income (loss), net | 19 | 0 | (22) |
Total revenues | 8,992 | 11,777 | 12,619 |
Expenses: | |||
Cost of goods sold | 8,212 | 9,002 | 8,220 |
Other expenses from operations | 518 | 529 | 518 |
Selling, general and administrative | 1,376 | 1,386 | 1,269 |
Restructuring | 18 | 21 | 4 |
Impairment | 2 | 92 | 87 |
Interest expense | 604 | 523 | 653 |
Total Expenses | 10,730 | 11,553 | 10,751 |
(Loss) income from continuing operations before income tax (expense) benefit | (1,738) | 224 | 1,868 |
Income tax (expense) benefit | (20) | 14 | 532 |
(Loss) income from continuing operations | (1,758) | 238 | 2,400 |
(Loss) income from discontinued operations | (32) | 1,764 | 234 |
Net (loss) income | (1,790) | 2,002 | 2,634 |
Less: net (loss) income attributable to non-controlling interests | (693) | 519 | 178 |
Net income (loss) attributable to Icahn Enterprises | (1,097) | 1,483 | 2,456 |
Net (loss) income attributable to Icahn Enterprises allocated to: | |||
Continuing operations | (1,065) | (237) | 2,299 |
Discontinued operations | (32) | 1,720 | 157 |
Limited partners | (1,086) | 2,060 | 2,431 |
General partner | (11) | (577) | 25 |
Net income (loss) attributable to Icahn Enterprises | $ (1,097) | $ 1,483 | $ 2,456 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net (loss) income | $ (1,791) | $ 2,001 | $ 2,632 |
Other comprehensive (loss) income, net of tax: | |||
Translation adjustments | (2) | (86) | 124 |
Post-retirement benefits and other | 3 | 18 | 49 |
Other comprehensive income (loss), net of tax | 1 | (68) | 173 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total | (1,790) | 1,933 | 2,805 |
Less: Comprehensive (loss) income attributable to non-controlling interests | (693) | 512 | 194 |
Comprehensive (loss) income attributable to Icahn Enterprises | (1,097) | 1,421 | 2,611 |
Limited partners | |||
Net (loss) income | (1,076) | 2,039 | 2,405 |
Other comprehensive (loss) income, net of tax: | |||
Other comprehensive income (loss), net of tax | 1 | (60) | 154 |
Comprehensive (loss) income attributable to Icahn Enterprises | (1,075) | 1,979 | 2,559 |
General partner | |||
Net (loss) income | (22) | (557) | 49 |
Other comprehensive (loss) income, net of tax: | |||
Other comprehensive income (loss), net of tax | 0 | (1) | 3 |
Comprehensive (loss) income attributable to Icahn Enterprises | (22) | (558) | 52 |
Icahn Enterprises Holdings | |||
Net (loss) income | (1,790) | 2,002 | 2,634 |
Other comprehensive (loss) income, net of tax: | |||
Translation adjustments | (2) | (86) | 124 |
Post-retirement benefits and other | 3 | 18 | 49 |
Other comprehensive income (loss), net of tax | 1 | (68) | 173 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total | (1,789) | 1,934 | 2,807 |
Less: Comprehensive (loss) income attributable to non-controlling interests | (693) | 512 | 194 |
Comprehensive (loss) income attributable to Icahn Enterprises | (1,096) | 1,422 | 2,613 |
Icahn Enterprises Holdings | Limited partners | |||
Net (loss) income | (1,086) | 2,060 | 2,431 |
Other comprehensive (loss) income, net of tax: | |||
Other comprehensive income (loss), net of tax | 1 | (60) | 155 |
Comprehensive (loss) income attributable to Icahn Enterprises | (1,085) | 2,000 | 2,587 |
Icahn Enterprises Holdings | General partner | |||
Net (loss) income | (11) | (577) | 25 |
Other comprehensive (loss) income, net of tax: | |||
Other comprehensive income (loss), net of tax | 0 | (1) | 2 |
Comprehensive (loss) income attributable to Icahn Enterprises | $ (11) | $ (578) | $ 26 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - USD ($) $ in Millions | Total | Icahn Enterprises Holdings | Limited partners | Limited partnersIcahn Enterprises Holdings | General partner | General partnerIcahn Enterprises Holdings | Total Partners’ Equity | Total Partners’ EquityIcahn Enterprises Holdings | Non-controlling Interests | Non-controlling InterestsIcahn Enterprises Holdings |
Total equity at Dec. 31, 2016 | $ 8,094 | $ 8,119 | $ 2,485 | $ 2,533 | $ (293) | $ (316) | $ 2,192 | $ 2,217 | $ 5,902 | $ 5,902 |
Increase (Decrease) in Equity | ||||||||||
Net (loss) income | 2,632 | 2,634 | 2,405 | 2,431 | 49 | 25 | 2,454 | 2,456 | 178 | 178 |
Other comprehensive loss | 173 | 173 | 154 | 155 | 3 | 2 | 157 | 157 | 16 | 16 |
Partnership distributions | (81) | (81) | (79) | (80) | (2) | (1) | (81) | (81) | 0 | 0 |
Partnership contributions | 612 | 612 | 600 | 606 | 12 | 6 | 612 | 612 | 0 | 0 |
Investment segment contributions | 600 | 600 | 0 | 0 | 0 | 0 | 0 | 0 | 600 | 600 |
Dividends and distributions to non-controlling interests in subsidiaries | 92 | 92 | 0 | 0 | 0 | 0 | 0 | 0 | 92 | 92 |
Cumulative effect adjustment from adoption of accounting principle | (47) | (47) | (46) | (47) | (1) | 0 | (47) | (47) | 0 | 0 |
Changes in subsidiary equity and other | (405) | (405) | (117) | (117) | (2) | (2) | (119) | (119) | (286) | (286) |
Total equity at Dec. 31, 2017 | 11,486 | 11,513 | 5,402 | 5,481 | (234) | (286) | 5,168 | 5,195 | 6,318 | 6,318 |
Increase (Decrease) in Equity | ||||||||||
Net (loss) income | 2,001 | 2,002 | 2,039 | 2,060 | (557) | (577) | 1,482 | 1,483 | 519 | 519 |
Other comprehensive loss | (68) | (68) | (60) | (60) | (1) | (1) | (61) | (61) | (7) | (7) |
Partnership distributions | (97) | (97) | (95) | (96) | (2) | (1) | (97) | (97) | 0 | 0 |
Investment segment contributions | 310 | 310 | 0 | 0 | 0 | 0 | 0 | 0 | 310 | 310 |
Dividends and distributions to non-controlling interests in subsidiaries | 153 | 153 | 0 | 0 | 0 | 0 | 0 | 0 | 153 | 153 |
Cumulative effect adjustment from adoption of accounting principle | (29) | (29) | (28) | (29) | (1) | 0 | (29) | (29) | 0 | 0 |
Changes in subsidiary equity and other | (470) | (470) | 92 | 96 | 5 | 1 | 97 | 97 | (567) | (567) |
Total equity at Dec. 31, 2018 | 12,980 | 13,008 | 7,350 | 7,452 | (790) | (864) | 6,560 | 6,588 | 6,420 | 6,420 |
Increase (Decrease) in Equity | ||||||||||
Net (loss) income | (1,791) | (1,790) | (1,076) | (1,086) | (22) | (11) | (1,098) | (1,097) | (693) | (693) |
Other comprehensive loss | 1 | 1 | 1 | 1 | 0 | 0 | 1 | 1 | 0 | 0 |
Partnership distributions | (112) | (144) | (110) | (142) | (2) | (2) | (112) | (144) | 0 | 0 |
Partnership contributions | 55 | 55 | 54 | 54 | 1 | 1 | 55 | 55 | 0 | 0 |
Investment segment contributions | 220 | 220 | 0 | 0 | 0 | 0 | 0 | 0 | 220 | 220 |
Dividends and distributions to non-controlling interests in subsidiaries | 119 | 119 | 0 | 0 | 0 | 0 | 0 | 0 | 119 | 119 |
Changes in subsidiary equity and other | (292) | (292) | 49 | 49 | 1 | 1 | 50 | 50 | (342) | (342) |
Total equity at Dec. 31, 2019 | $ 10,942 | $ 10,939 | $ 6,268 | $ 6,328 | $ (812) | $ (875) | $ 5,456 | $ 5,453 | $ 5,486 | $ 5,486 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | |||
Net (loss) income | $ (1,791) | $ 2,001 | $ 2,632 |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | |||
Loss (income) from discontinued operations | 32 | (1,764) | (234) |
Net (gain) loss from securities transactions | (570) | 476 | (2,273) |
Purchases of securities | (4,948) | (4,810) | (781) |
Proceeds from sales of securities | 3,648 | 6,763 | 2,413 |
Purchases to cover securities sold, not yet purchased | (938) | (1,083) | (1,078) |
Proceeds from securities sold, not yet purchased | 1,523 | 1,077 | 1,222 |
Changes in receivables and payables relating to securities transactions | (220) | (1,195) | (1,704) |
Gain on disposition of assets, net | (253) | (84) | (2,163) |
Depreciation and amortization | 519 | 508 | 518 |
Impairment | 2 | 92 | 87 |
Deferred taxes | (89) | (29) | (560) |
Other, net | 16 | 123 | (27) |
Changes in operating assets and liabilities: | |||
Accounts receivable, net | (33) | 45 | (72) |
Inventories, net | (20) | (86) | (185) |
Other assets | 356 | 316 | 2 |
Accounts payable | 145 | (59) | 130 |
Unrealized gain/loss on derivative contracts | 1,181 | (1,763) | 155 |
Accrued expenses and other liabilities | (20) | (84) | (124) |
Net cash (used in) provided by operating activities from continuing operations | (1,460) | 444 | (2,042) |
Net cash provided by operating activities from discontinued operations | 0 | 479 | 694 |
Net cash (used in) provided by operating activities | (1,460) | 923 | (1,348) |
Cash flows from investing activities: | |||
Capital expenditures | (250) | (272) | (316) |
Acquisition of businesses, net of cash acquired | (39) | (15) | (249) |
Purchases of investments | 50 | 60 | 77 |
Proceeds from sale of investments | 458 | 1 | 1 |
Proceeds from disposition of assets | 505 | 3,370 | 1,983 |
Other, net | (38) | 0 | (80) |
Net cash provided by investing activities from continuing operations | 586 | 3,024 | 1,262 |
Net cash used in investing activities from discontinued operations | 0 | (437) | (580) |
Net cash provided by investing activities | 586 | 2,587 | 682 |
Cash flows from financing activities: | |||
Investment segment contributions from non-controlling interests | 220 | 310 | 600 |
Partnership contributions | 55 | 0 | 612 |
Partnership distributions | (112) | (97) | (81) |
Purchase of additional interests in consolidated subsidiaries | (241) | (5) | (349) |
Dividends and distributions to non-controlling interests in subsidiaries | 119 | 139 | 75 |
Proceeds from Holding Company senior unsecured notes | 2,507 | 0 | 2,470 |
Repayments of Holding Company senior unsecured notes | (1,700) | 0 | (2,450) |
Proceeds from subsidiary borrowings | 810 | 1,268 | 1,334 |
Repayments of subsidiary borrowings | 847 | 1,346 | 1,430 |
Other, net | (7) | 15 | (1) |
Net cash provided by financing activities from continuing operations | 566 | 6 | 630 |
Net cash used in financing activities from discontinued operations | 0 | (163) | (261) |
Net cash provided by (used in) financing activities | 566 | (157) | 369 |
Effect of exchange rate changes on cash and cash equivalents and restricted cash and restricted cash equivalents | (2) | (7) | 3 |
Add back change in cash and restricted cash of assets held for sale | (83) | 81 | 321 |
Net (decrease) increase in cash and cash equivalents and restricted cash and restricted cash equivalents | (393) | 3,427 | 27 |
Cash and cash equivalents and restricted cash and restricted cash equivalents, beginning of period | 5,338 | 1,911 | 1,884 |
Cash and cash equivalents and restricted cash and restricted cash equivalents, end of period | 4,945 | 5,338 | 1,911 |
Icahn Enterprises Holdings | |||
Cash flows from operating activities: | |||
Net (loss) income | (1,790) | 2,002 | 2,634 |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | |||
Loss (income) from discontinued operations | 32 | (1,764) | (234) |
Net (gain) loss from securities transactions | (570) | 476 | (2,273) |
Purchases of securities | (4,948) | (4,810) | (781) |
Proceeds from sales of securities | 3,648 | 6,763 | 2,413 |
Purchases to cover securities sold, not yet purchased | (938) | (1,083) | (1,078) |
Proceeds from securities sold, not yet purchased | 1,523 | 1,077 | 1,222 |
Changes in receivables and payables relating to securities transactions | (220) | (1,195) | (1,704) |
Gain on disposition of assets, net | (253) | (84) | (2,163) |
Depreciation and amortization | 519 | 508 | 518 |
Impairment | 2 | 92 | 87 |
Deferred taxes | (89) | (29) | (560) |
Other, net | 15 | 122 | (29) |
Changes in operating assets and liabilities: | |||
Accounts receivable, net | (33) | 45 | (72) |
Inventories, net | (20) | (86) | (185) |
Other assets | 356 | 316 | 2 |
Accounts payable | 145 | (59) | 130 |
Unrealized gain/loss on derivative contracts | 1,181 | (1,763) | 155 |
Accrued expenses and other liabilities | (20) | (84) | (124) |
Net cash (used in) provided by operating activities from continuing operations | (1,460) | 444 | (2,042) |
Net cash provided by operating activities from discontinued operations | 0 | 479 | 694 |
Net cash (used in) provided by operating activities | (1,460) | 923 | (1,348) |
Cash flows from investing activities: | |||
Capital expenditures | (250) | (272) | (316) |
Acquisition of businesses, net of cash acquired | (39) | (15) | (249) |
Purchases of investments | 50 | 60 | 77 |
Proceeds from disposition of assets | 505 | 3,370 | 1,983 |
Other, net | (38) | 0 | (80) |
Net cash provided by investing activities from continuing operations | 586 | 3,024 | 1,262 |
Net cash used in investing activities from discontinued operations | 0 | (437) | (580) |
Net cash provided by investing activities | 586 | 2,587 | 682 |
Cash flows from financing activities: | |||
Investment segment contributions from non-controlling interests | 220 | 310 | 600 |
Partnership contributions | 55 | 0 | 612 |
Partnership distributions | (112) | (97) | (81) |
Dividends and distributions to non-controlling interests in subsidiaries | 119 | 139 | 75 |
Proceeds from Holding Company senior unsecured notes | 2,507 | 0 | 2,470 |
Repayments of Holding Company senior unsecured notes | (1,700) | 0 | (2,450) |
Proceeds from subsidiary borrowings | 810 | 1,268 | 1,334 |
Repayments of subsidiary borrowings | 847 | 1,346 | 1,430 |
Other, net | (7) | 15 | (1) |
Net cash provided by financing activities from continuing operations | 566 | 6 | 630 |
Net cash used in financing activities from discontinued operations | 0 | (163) | (261) |
Net cash provided by (used in) financing activities | 566 | (157) | 369 |
Effect of exchange rate changes on cash and cash equivalents and restricted cash and restricted cash equivalents | (2) | (7) | 3 |
Add back change in cash and restricted cash of assets held for sale | (83) | 81 | 321 |
Net (decrease) increase in cash and cash equivalents and restricted cash and restricted cash equivalents | (393) | 3,427 | 27 |
Cash and cash equivalents and restricted cash and restricted cash equivalents, beginning of period | 5,338 | 1,911 | 1,884 |
Cash and cash equivalents and restricted cash and restricted cash equivalents, end of period | $ 4,945 | $ 5,338 | $ 1,911 |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | Description of Business. Overview Icahn Enterprises L.P. (“Icahn Enterprises”) is a master limited partnership formed in Delaware on February 17, 1987. Icahn Enterprises Holdings L.P. (“Icahn Enterprises Holdings”) is a limited partnership formed in Delaware on February 17, 1987. References to “we,” “our” or “us” herein include both Icahn Enterprises and Icahn Enterprises Holdings and their subsidiaries, unless the context otherwise requires. Icahn Enterprises owns a 99% limited partner interest in Icahn Enterprises Holdings. Icahn Enterprises G.P. Inc. (“Icahn Enterprises GP”), which is owned and controlled by Mr. Carl C. Icahn, owns a 1% general partner interest in each of Icahn Enterprises and Icahn Enterprises Holdings as of December 31, 2019. Icahn Enterprises Holdings and its subsidiaries own substantially all of our assets and liabilities and conduct substantially all of our operations. Therefore, the financial results of Icahn Enterprises and Icahn Enterprises Holdings are substantially the same, with differences relating primarily to the allocation of the general partner interest, which is reflected as an aggregate 1.99% general partner interest in the financial statements of Icahn Enterprises. In addition to the above, Mr. Icahn and his affiliates owned approximately 92.0% of Icahn Enterprises’ outstanding depositary units as of December 31, 2019. Description of Operating Businesses We are a diversified holding company owning subsidiaries currently engaged in the following continuing operating businesses: Investment, Energy, Automotive, Food Packaging, Metals, Real Estate 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. Our historical results also report the results of our Mining segment, until sold on August 1, 2019, and our Railcar segment through the date we sold our last remaining railcars on lease, which occurred in the third quarter of 2018. See Note 13, “Segment and Geographic Reporting,” for a reconciliation of each of our reporting segment’s results of operations to our consolidated results. Certain additional information with respect to our segments are discussed below. Investment Our Investment segment is comprised of various private investment funds (“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 market value of approximately $4.3 billion and $5.1 billion as of December 31, 2019 and 2018, respectively. Energy We conduct our Energy segment through our majority owned subsidiary, CVR Energy, Inc. (“CVR Energy”). CVR Energy is a diversified holding company primarily engaged in the petroleum refining and nitrogen fertilizer manufacturing businesses through its holdings in CVR Refining, LP (“CVR Refining”) and CVR Partners, LP (“CVR Partners”), respectively. CVR Refining is an independent petroleum refiner and marketer of high value transportation fuels. CVR Partners produces and markets nitrogen fertilizers in the form of urea ammonium nitrate and ammonia. CVR Energy has a general partner interest in each of CVR Refining and CVR Partners. In addition, CVR Energy is the sole limited partner of CVR Refining and owns 34.4% of the outstanding common units of CVR Partners as of December 31, 2019. As of December 31, 2019, we owned approximately 70.8% of the total outstanding common stock of CVR Energy. On January 29, 2019, CVR Energy, pursuant to the exercise of its right to purchase all of the issued and outstanding common units in CVR Refining, purchased the remaining common units of CVR Refining not already owned by CVR Energy, including the purchase of CVR Refining common units owned directly by us. Prior to this, CVR Energy owned approximately 80.6% of the common units of CVR Refining and we directly owned approximately 3.9% of the common units of CVR Refining. As a result of exercising its purchase right, as of January 29, 2019, CVR Energy owns all of the common units of CVR Refining and we no longer have any direct ownership in CVR Refining. In addition, the common units of CVR Refining have subsequently ceased to be publicly traded or listed on the New York Stock Exchange or any other national securities exchange. The remaining common units of CVR Refining acquired in this transaction were purchased for $241 million, excluding the amount paid by CVR Energy to us for the common units of CVR Refining directly owned by us. Prior to this, 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. In connection with this transaction, our equity attributable to Icahn Enterprises and Icahn Enterprises Holdings increased by $99 million. 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 (“aftermarket parts”) as well as providing automotive repair and maintenance services (“automotive services”) to its customers. Icahn Automotive’s aftermarket parts and automotive services businesses serve different customer channels and have distinct strategies, opportunities and requirements. As a result, the board of directors of Icahn Automotive has approved the separation of its aftermarket parts and automotive services businesses into two independent operating companies, each with its own Chief Executive Officer and management teams, and both of which are supported by a central shared service group. Icahn Automotive is the parent company of various automotive businesses acquired in recent years, including the franchise businesses of Precision Tune Auto Care (“Precision Tune”) and American Driveline Systems, the franchisor of AAMCO and Cottman Transmission service centers (“American Driveline”). Precision Tune and American Driveline were acquired in 2017 for an aggregate purchase price of $162 million. Our Automotive segment also includes our separate equity method investment in 767 Auto Leasing LLC (“767 Leasing”), a joint venture created by us to purchase vehicles for lease, as described further in Note 3, “Related Party Transactions.” Although 767 Leasing is separate from Icahn Automotive, we include it as a component of our Automotive segment due to the nature of the joint venture activities. Food Packaging We conduct our Food Packaging segment through our majority owned subsidiary, Viskase Companies, Inc. (“Viskase”). Viskase is a producer of cellulosic, fibrous and plastic casings used to prepare and package processed meat products. 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. Metals We conduct our Metals segment through our indirect wholly-owned subsidiary, PSC Metals, LLC (“PSC Metals”). PSC Metals is principally engaged in the business of collecting, processing and selling ferrous and non-ferrous metals, as well as the processing and distribution of steel pipe and plate products. PSC Metals collects industrial and obsolete scrap metal, processes it into reusable forms and supplies the recycled metals to its customers . Real Estate Our Real Estate operations consist primarily of rental real estate, property development and associated club activities. Our rental real estate operations consist primarily of office and industrial properties leased to single corporate tenants. Our property development operations are run primarily through a real estate investment, management and development subsidiary that focuses primarily on the construction and sale of single-family and multi-family homes, lots in subdivisions and planned communities, and raw land for residential development. Our property development locations also operate golf and club operations. In addition, our Real Estate operations also includes a hotel, timeshare and casino resort property in Aruba as well as a casino property in Atlantic City, New Jersey, which ceased operations in 2014 prior to our obtaining control of the property. During 2018, our Real Estate segment sold two commercial rental properties for aggregate proceeds of $179 million, resulting in aggregate pretax gain on disposition of assets of $89 million. 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 were received in full during 2018. Home Fashion We conduct our Home Fashion segment through our wholly-owned subsidiary, WestPoint Home LLC (“WPH”). WPH’s business consists of manufacturing, sourcing, marketing, distributing and selling home fashion consumer products. Mining We conducted our Mining segment through our majority owned subsidiary, Ferrous Resources Ltd. (“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. Prior to the sale of Ferrous Resources, as discussed below, we owned approximately 77.2% of its total outstanding common stock. On December 5, 2018, we announced a definitive agreement to sell Ferrous Resources for total consideration of $550 million (including repaid indebtedness). This transaction met all the criteria to be classified as held for sale on December 5, 2018 upon execution of the definitive agreement. On August 1, 2019, we closed on the sale of Ferrous Resources. Our proportionate share of the cash proceeds from the sale, net of adjustments, was $463 million. As a result of the sale of Ferrous Resources, our Mining segment recorded a pretax gain on disposition of assets of $252 million in 2019. Subsequent to the sale, we no longer operate an active Mining segment. Railcar We conducted our Railcar segment through our wholly-owned subsidiary, American Railcar Leasing, LLC (“ARL”). ARL operated a leasing business consisting of purchased railcars leased to third parties under operating leases. During 2017, we sold ARL and a majority of its railcar lease fleet for aggregate cash consideration of approximately $1.8 billion and reassigned the debt of ARL to the purchaser. During 2018, we sold all remaining railcars of ARL not previously sold for additional cash consideration of $17 million. In connection with these transactions, we recorded a pretax gain on disposition of assets of approximately $1.7 billion in 2017 and an additional pretax gain of $5 million in 2018. As a result of the sale of all remaining railcars during 2018, our business no longer includes an active Railcar segment. Description of Discontinued Operating Businesses We also report discontinued operations previously reported in our Automotive and Railcar segments and former Gaming segment. In addition below, see Note 14, “Discontinued Operations,” for additional information with respect to our discontinued operating businesses. Automotive Our discontinued Automotive operations consists of our previously 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 were restrictions on how many shares of Tenneco common stock that could 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 market 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. As a result of the sale of Federal-Mogul, we recorded a pretax gain on sale of discontinued operations attributable to Icahn Enterprises of $251 million in the fourth quarter of 2018. Gaming Our discontinued Gaming operations consists of our previous majority ownership in Tropicana Entertainment Inc. (“Tropicana”) and the Trump Taj Mahal Casino Resort (“Taj Mahal”). 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. As a result of the sale of Tropicana, we recorded a pretax gain on sale of discontinued operations attributable to Icahn Enterprises of $779 million in the fourth quarter of 2018. Railcar Our discontinued Railcar operations consists of our previous majority ownership in American Railcar Industries, Inc. (“ARI”). On December 5, 2018, we closed on the previously announced sale of ARI for aggregate cash consideration of $831 million . As a result of the sale of ARI, we recorded a pretax gain on sale of discontinued operations attributable to Icahn Enterprises of $400 million in the fourth quarter of 2018. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | Basis of Presentation and Summary of Significant Accounting Policies. The audited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). We conduct and plan to continue to conduct our activities in such a manner as not to be deemed an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”). Therefore, no more than 40% of our total assets can be invested in investment securities, as such term is defined in the Investment Company Act. In addition, we do not invest or intend to invest in securities as our primary business. We intend to structure our investments to continue to be taxed as a partnership rather than as a corporation under the applicable publicly traded partnership rules of the Internal Revenue Code, as amended. Events beyond our control, including significant appreciation or depreciation in the market value of certain of our publicly traded holdings or adverse developments with respect to our ownership of certain of our subsidiaries, could result in our inadvertently becoming an investment company that is required to register under the Investment Company Act. Our recent sales of Federal-Mogul, Tropicana and ARI did not result in our being considered an investment company. However, additional transactions involving the sale of certain assets could result in our being considered an investment company. Following such events or transactions, an exemption under the Investment Company Act would provide us up to one year to take steps to avoid becoming classified as an investment company. We expect to take steps to avoid becoming classified as an investment company, but no assurance can be made that we will successfully be able to take the steps necessary to avoid becoming classified as an investment company. Principles of Consolidation As of December 31, 2019 , our consolidated financial statements include the accounts of (i) Icahn Enterprises and Icahn Enterprises Holdings and (ii) the wholly and majority owned subsidiaries of Icahn Enterprises and Icahn Enterprises Holdings, in addition to variable interest entities (“VIEs”) in which we are the primary beneficiary. In evaluating whether we have a controlling financial interest in entities that we consolidate, we consider the following: (1) for voting interest entities, including limited partnerships and similar entities that are not VIEs, we consolidate these entities in which we own a majority of the voting interests; and (2) for VIEs, we consolidate these entities in which we are the primary beneficiary. See below for a discussion of our VIEs. Kick-out rights, which are the rights underlying the limited partners’ ability to dissolve the limited partnership or otherwise remove the general partners, held through voting interests of partnerships and similar entities that are not VIEs are considered the equivalent of the equity interests of corporations that are not VIEs. Except for our Investment segment, for 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 We classify assets and liabilities as held for sale when management, having the authority to approve the action, commits to a plan to sell the disposal group, the sale is probable within one year, and the disposal group is available for immediate sale in its present condition. We also consider whether an active program to locate a buyer has been initiated, whether the disposal group is marketed actively for sale at a price that is reasonable in relation to its current fair value, and whether actions required to complete the plan indicate it is unlikely significant changes to the plan will be made or the plan will be withdrawn. In accordance with U.S. GAAP, we classify operations as discontinued when they meet all the criteria to be classified as held for sale and when the sale represents a strategic shift that will have a major impact on our financial condition and results of operations. Change in Accounting Principle Effective January 1, 2019, CVR Energy revised its accounting policy method for the costs of planned major maintenance activities (“turnarounds”) specific to its petroleum business from being expensed as incurred (the direct expensing method) to the deferral method. Turnarounds are planned shutdowns of refinery processing units for significant overhaul and refurbishment. Under the deferral method, the costs of turnarounds are deferred and amortized on a straight-line basis over a four-year period, which represents the estimated time until the next turnaround occurs. The new method of accounting for turnarounds is considered preferable as it is more consistent with the accounting policy of CVR Energy’s peer companies and better reflects the economic substance of the benefits earned from turnaround expenditures. The comparative consolidated balance sheet as of December 31, 2018 and the consolidated statements of operations and cash flows for the years ended December 31, 2018 and 2017 have been retrospectively adjusted to apply the new accounting method. These turnaround costs, and related accumulated amortization, are included within other assets in the consolidated balance sheets. The amortization expense related to turnaround costs is included in cost of goods sold in the consolidated statement of operations. CVR Partners will continue to follow the direct expensing method, therefore this change had no impact on its current or comparative consolidated financial statements. As a result of this accounting change, our Energy segment increased other assets by $108 million and decreased property, plant and equipment, net by $15 million as of December 31, 2018. In addition, our Energy segment increased deferred tax liability by $18 million and total equity by $75 million, including $31 million attributable to Icahn Enterprises and Icahn Enterprises Holdings as of December 31, 2018. The impact of the accounting change on our statements of operations is summarized as follows: Year Ended December 31, 2018 Year Ended December 31, 2017 As Historically Stated Effect of Accounting Change As Currently Stated As Historically Stated Effect of Accounting Change As Currently Stated Total revenues $ 11,777 $ — $ 11,777 $ 12,619 $ — $ 12,619 Expenses: Cost of goods sold 8,947 55 9,002 8,258 (38) 8,220 All other expenses 2,552 — 2,552 2,533 — 2,533 Total expenses 11,499 55 11,554 10,791 (38) 10,753 Income from continuing operations before income tax expense 278 (55) 223 1,828 38 1,866 Income tax expense 4 10 14 529 3 532 Income from continuing operations 282 (45) 237 2,357 41 2,398 Less: Income from continuing operations attributable to non-controlling interests 495 (20) 475 84 17 101 Income from continuing operations attributable to Icahn Enterprises $ (213) $ (25) $ (238) $ 2,273 $ 24 $ 2,297 Net income attributable to Icahn Enterprises $ 1,507 $ (25) $ 1,482 $ 2,430 $ 24 $ 2,454 Use of Estimates in Preparation of Financial Statements The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the period. Due to the inherent uncertainty involved in making estimates, actual results may differ from the estimates and assumptions used in preparing the consolidated financial statements. Reclassifications Certain reclassifications have been made from prior year presentations to conform to the current year presentation. Consolidated Variable Interest Entities The following is a discussion of variable interest entities in which we are deemed to be the primary beneficiary and in which we therefore consolidate. In addition, as discussed in Note 3, “Related Party Transactions,” we have a variable interest in an entity in which we are not the primary beneficiary and therefore we do not consolidate. Icahn Enterprises Holdings We determined that Icahn Enterprises Holdings is a VIE because it is a limited partnership that lacks both substantive kick-out and participating rights. Although Icahn Enterprises is not the general partner of Icahn Enterprises Holdings, Icahn Enterprises is deemed to be the primary beneficiary of Icahn Enterprises Holdings principally based on its 99% limited partner interest in Icahn Enterprises Holdings, as well as our related party relationship with the general partner, and therefore continues to consolidate Icahn Enterprises Holdings. The consolidated financial statements of Icahn Enterprises Holdings are included in this Report. The balances with respect to Icahn Enterprises Holdings’ consolidated VIEs are discussed below, comprising the Investment Funds, CVR Refining (prior to January 2019), CVR Partners and Viskase’s joint venture. Investment We determined that each of the Investment Funds are considered VIEs because these limited partnerships lack both substantive kick-out and participating rights. Because we have a general partner interest in each of the Investment Funds and have significant limited partner interests in each of the Investment Funds, coupled with our significant exposure to losses and benefits in each of the Investment Funds, we are the primary beneficiary of each of the Investment Funds and therefore continue to consolidate each of the Investment Funds. Energy CVR Refining (prior to January 2019) and CVR Partners are each considered VIEs because each of these limited partnerships lack both substantive kick-out and participating rights. In addition, CVR Energy also concluded that, based upon its general partner’s roles and rights in CVR Refining and CVR Partners as afforded by their respective partnership agreements, coupled with its exposure to losses and benefits in each of CVR Refining and CVR Partners through its significant limited partner interests, intercompany credit facilities and services agreements, it is the primary beneficiary of both CVR Refining (prior to January 2019) and CVR Partners. Beginning in January 2019, CVR Refining is no longer considered a VIE as it is a wholly-owned subsidiary of CVR Energy. 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’ consolidated balance sheets. December 31, 2019 2018 (in millions) Cash and cash equivalents $ 42 $ 420 Cash held at consolidated affiliated partnerships and restricted cash 989 2,648 Investments 9,207 6,951 Due from brokers 858 664 Inventories, net 54 380 Property, plant and equipment, net 1,123 3,023 Intangible assets, net 258 278 Other assets 260 932 Accounts payable, accrued expenses and other liabilities 1,338 523 Securities sold, not yet purchased, at fair value 1,190 468 Due to brokers 54 141 Debt 633 1,171 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 Note 5, “ Fair Value Measurements ,” for a detailed discussion of our investments and other non-financial assets and/or liabilities . The fair value of our long-term debt is based on the quoted market prices for the same or similar issues or on the current rates offered to us for debt of the same remaining maturities. The carrying value and estimated fair value of our debt as of December 31, 2019 was approximately $8.2 billion and $7.7 billion, respectively. The carrying value and estimated fair value of our debt as of December 31, 2018 was approximately $7.3 billion and $7.3 billion, respectively. Acquisitions of Businesses We account for business combinations under the acquisition method of accounting (other than acquisitions of businesses under common control), which requires us to recognize separately from goodwill the assets acquired and the liabilities assumed at their acquisition date fair values. While we use our best estimates and assumptions to accurately value assets acquired and liabilities assumed at the acquisition date as well as contingent consideration, where applicable, our estimates are inherently uncertain and subject to refinement. Accounting for business combinations requires us to make significant estimates and assumptions, especially at the acquisition date including our estimates for intangible assets, contractual obligations assumed, pre-acquisition contingencies, and contingent consideration, where applicable. In valuing our acquisitions, we estimate fair values based on industry data and trends and by reference to relevant market rates and transactions, and discounted cash flow valuation methods, among other factors. The discount rates used were commensurate with the inherent risks associated with each type of asset and the level and timing of cash flows appropriately reflect market participant assumptions. The primary items that generate goodwill include the value of the synergies between the acquired company and our existing businesses and the value of the acquired assembled workforce, neither of which qualifies for recognition as an intangible asset. Acquisition, Investments and Disposition of Entities under Common Control Acquisitions or investments of entities under common control are reflected in a manner similar to pooling of interests. The general partner’s capital account or non-controlling interests, as applicable, are charged or credited for the difference between the consideration we pay for the entity and the related entity’s basis prior to our acquisition or investment. Net gains or losses of an acquired entity prior to its acquisition or investment date are allocated to the general partner’s capital account or non-controlling interests, as applicable. In allocating gains and losses upon the sale of a previously acquired common control entity, we allocate a gain or loss for financial reporting purposes by first restoring the general partner’s capital account or non-controlling interests, as applicable, for the cumulative charges or credits relating to prior periods recorded at the time of our acquisition or investment and then allocating the remaining gain or loss (“Common Control Gains or Losses”) among our general partner, limited partners and non-controlling interests, as applicable, in accordance with their respective ownership percentages. In the case of acquisitions of entities under common control, such Common Control Gains or Losses are allocated in accordance with their respective partnership percentages under the Amended and Restated Agreement of Limited Partnership dated as of May 12, 1987, as amended from time to time (together with the partnership agreement of Icahn Enterprises Holdings, the “Partnership Agreement”) (i.e., 98.01% to the limited partners and 1.99% to the general partner). Cash Flow Cash and cash equivalents and restricted cash and restricted cash equivalents in our consolidated statements of cash flows is comprised of (i) cash and cash equivalents and (ii) cash held at consolidated affiliated partnerships and restricted cash. Cash and Cash Equivalents We consider short-term investments, which are highly liquid with original maturities of three months or less at date of purchase, to be cash equivalents. Cash Held at Consolidated Affiliated Partnerships and Restricted Cash Our cash held at consolidated affiliated partnerships balance was $86 million and $2,648 million as of December 31, 2019 and 2018, respectively. Cash 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 $1,065 million and $34 million as of December 31, 2019 and 2018, respectively. Restricted cash includes, but is not limited to, our Investment segment’s cash pledged and held for margin requirements on derivative transactions. Investments and Related Transactions Investment Investment Transactions and Related Investment Income (Loss). Investment transactions of the Investment Funds are recorded on a trade date basis. Realized gains or losses on sales of investments are based on the first-in, first-out or the specific identification method. Realized and unrealized gains or losses on investments are recorded in the consolidated statements of operations. Interest income and expenses are recorded on an accrual basis and dividends are recorded on the ex-dividend date. Premiums and discounts on fixed income securities are amortized using the effective yield method. Investments held by our Investment segment are carried at fair value. Our Investment segment applies the fair value option to those investments that are otherwise subject to the equity method of accounting. Valuation of Investments. Securities of the Investment Funds that are listed on a securities exchange are valued at their last sales price on the primary securities exchange on which such securities are traded on such date. Securities that are not listed on any exchange but are traded over-the-counter are valued at the mean between the last “bid” and “ask” price for such security on such date. Securities and other instruments for which market quotes are not readily available are valued at fair value as determined in good faith by the Investment Funds. Foreign Currency Transactions. The books and records of the Investment Funds are maintained in U.S. dollars. Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the rate of exchange in effect at the balance sheet date. Transactions during the period denominated in currencies other than U.S. dollars are translated at the rate of exchange applicable on the date of the transaction. Foreign currency translation gains and losses are recorded in the consolidated statements of operations. The Investment Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities. Such fluctuations are reflected in net gain (loss) from investment activities in the consolidated statements of operations. Fair Values of Financial Instruments. The fair values of the Investment Funds’ assets and liabilities that qualify as financial instruments under applicable U.S. GAAP approximate the carrying amounts presented in the consolidated balance sheets. Securities Sold, Not Yet Purchased. The Investment Funds may sell an investment they do not own in anticipation of a decline in the fair value of that investment. When the Investment Funds sell an investment short, they must borrow the investment sold short and deliver it to the broker-dealer through which they made the short sale. A gain, limited to the price at which the Investment Funds sold the investment short, or a loss, unlimited in amount, will be recognized upon the cover of the short sale. Due From Brokers. Due from brokers represents cash balances with the Investment Funds’ clearing brokers. These funds as well as fully-paid for and marginable securities are essentially restricted to the extent that they serve as collateral against securities sold, not yet purchased. Due from brokers may also include unrestricted balances with derivative counterparties. Due To Brokers. Due to brokers represents margin debit balances collateralized by certain of the Investment Funds’ investments in securities. Other Segments and Holding Company Investments in equity and debt securities are carried at fair value with the unrealized gains or losses reflected in the consolidated statements of operations. For purposes of determining gains and losses, the cost of securities is based on specific identification. Dividend income is recorded when declared and interest income is recognized when earned. Fair Value Option for Financial Assets and Financial Liabilities The fair value option gives entities the option to measure eligible financial assets, financial liabilities and firm commitments at fair value (i.e., the fair value option), on an instrument-by-instrument basis, that are otherwise not permitted to be accounted for at fair value pursuant to the provisions of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 825, Financial Instrument s. The election to use the fair value option is available when an entity first recognizes a financial asset or financial liability or upon entering into a firm commitment. Subsequent changes in fair value must be recorded in earnings. In estimating the fair value for financial instruments for which the fair value option has been elected, we use the valuation methodologies in accordance to where the financial instruments are classified within the fair value hierarchy as discussed in Note 5, “Fair Value Measurements.” For our Investment segment, we apply the fair value option to our investments that would otherwise be accounted under the equity method. Derivatives From time to time, our subsidiaries enter into derivative contracts, including purchased and written option contracts, swap contracts, futures contracts and forward contracts. U.S. GAAP requires recognition of all derivatives as either assets or liabilities in the balance sheet at their fair value. The accounting for changes in fair value depends on the intended use of the derivative and its resulting designation. For those derivative instruments that are designated and qualify as hedging instruments, a company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation. Gains and losses related to a hedge are either recognized in income immediately to offset the gain or loss on the hedged item or are deferred and reported as a component of accumulated other comprehensive loss and subsequently recognized in earnings when the hedged item affects earnings. The change in fair value of the ineffective portion of a financial instrument, determined using the hypothetical derivative method, is recognized in earnings immediately. The gain or loss related to financial instruments that are not designated as hedges are recognized immediately in earnings. Cash flows related to hedging activities are included in the operating section of the consolidated statements of cash flows. For further information regarding our derivative contracts, see Note 6, “Financial Instruments.” Accounts Receivable, Net Accounts receivable, net consists of trade receivables from customers, including contract assets when we have an unconditional right to receive consideration. An allowance for doubtful accounts is determined through analysis of the aging of accounts receivable at the date of the consolidated financial statements, assessments of collectability based on an evaluation of historic and anticipated trends, the financial condition of our customers, and an evaluation of the impact of economic conditions. Our allowance for doubtful accounts is an estimate based on specifically identified accounts as well as general reserves based on historical experience. Inventories, Net Energy Our Energy segment inventories consist primarily of domestic and foreign crude oil, blending stock and components, work in progress, fertilizer products, and refined fuels and by-products. Inventories are valued at the lower of FIFO cost, or net realizable value for fertilizer products, refined fuels and by-products for all periods presented. Refinery unfinished and finished products inventory values were determined using the ability-to-bear process, whereby raw materials and production costs are allocated to work-in-process and finished goods based on their relative fair values. Other inventories, including other raw materials, spare parts and supplies, are valued at the lower of moving-average cost, which approximates FIFO, or net realizable value. The cost of inventories includes inbound freight costs. Automotive, Food Packaging, and Home Fashion Our Automotive, Food Packaging and Home Fashion segment inventories are stated at the lower of cost or market. Cost is determined by using the first-in, first-out basis method (“FIFO”), except for our Automotive segment, which also utilizes weighted-average cost and the last-in, first-out method for certain of its subsidiaries. Inventory recorded using the last-in, first-out method was $869 million and $846 million as of December 31, 2019 and 2018, respectively, all of which relates to finished goods. The cost of manufactured goods includes the cost of direct materials, labor and manufacturing overhead. Our Automotive, Food Packaging and Home Fashion segments reserve for estimated excess, slow-moving and obsolete inventory as well as inventory whose carrying value is in excess of net realizable value. Metals Our Metals segment inventories are stated at the lower of cost or market. Cost is determined using the average cost method. The production and accounting process utilized by our Metals segment to record recycled metals inventory quantities relies on significant estimates. Our Metals segment relies upon perpetual inventory records that utilize estimated recoveries and yields that are based upon historical trends and periodic tests for certain unprocessed metal commodities. Over time, these estimates are reasonably good indicators of what is ultimately produced; however, actual recoveries and yields can vary depending on product quality, moisture content and source of the unprocessed metal. To assist in validating the reasonableness of the estimates, our Metals segment performs periodic physical inventories which involve the use of estimation techniques. Physical inventories may detect significant variations in volume, but because of variations in product density and production processes utilized to manufacture the product, physical inventories will not generally detect smaller variations. To help mitigate this risk, our Metals segment adjusts its physical inventories when the volume of a commodity is low and a physical inventory can more accurately estimate the remaining volume. Long-Lived Assets Long-lived assets such as property, plant, and equipment, and definite-lived intangible assets are recorded at cost or fair value established at acquisition, less accumulated depreciation or amortization, unless the expected future use of the assets indicate a lower value is appropriate. Long-lived asset groups are evaluated for impairment when impairment indicators exist. If the carrying value of a long-lived asset group is impaired, an impairment charge is recorded for the amount by which the carrying value of the long-lived asset group exceeds its fair value. Depreciation and amortization are computed principally by the straight-line method for financial reporting purposes. Land and construction in progress are stated at the lower of cost or net realizable value. Interest is capitalized on expenditures for long-term projects until a salable or ready-for-use condition is reached. The interest capitalization rate is based on the interest rate on specific borrowings to fund the projects. Goodwill and Indefinite-Lived Intangible Assets Goodwill and indefinite-lived intangible assets primarily include trademarks and brand names acquired in acquisitions. For a complete discussion of the impairment of goodwill and indefinite-lived intangible assets related to our various segments, see Note 9, “Goodwill and Intangible Assets, Net.” Goodwill Goodwill is determined as the excess of fair value over amounts attributable to specific tangible and intangible net assets. Goodwill is reviewed for impairment annually, or more frequently if impairment indicators exist. An impairment exists when a reporting unit’s carrying value exceeds its fair value. When performing the goodwill impairment testing, we first consider qualitative factors to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying amount. Qualitative factors include considering macroeconomic conditions, industry and market conditions, overall financial performance and other factors. If necessary, a quantitative impairment test is performed. When a quantitative impairment test is performed, a reporting units’ fair value is based on valuation techniques using the best available information, primarily discounted cash flows projections, guideline transaction multiples, and multiples of current and future earnings. The impairment charge, if any, is the excess of the tested reporting unit’s carrying value over its fair value, limited to the total amount of goodwill allocated to the tested reporting unit. Indefinite-Lived Intangible Assets Indefinite-lived intangible assets are stated at fair value established at acquisition or cost. These indefinite-lived intangible assets are reviewed for impairment annually, or more frequently if impairment indicators exist. An impairment exists when a trademark or brand names’ carrying value exceeds its fair value. The fair values of these assets are based upon the prospective stream of hypothetical after-tax royalty cost savings discounted at rates that reflect the rates of return appropriate for these intangible assets. The impairment charge, if any, is the excess of the assets carrying value over its fair value. Pension and Other Post-Retirement Benefit Plan Obligations Post-retirement benefit liabilities were $73 million and $77 million as of December 31, 2019 and 2018, respectively, and are included in accrued expenses and other liabilities in our consolidated balance sheets. Appropriate actuarial methods and assumptions are used in accounting for defined benefit pension plans and other post-retirement benefit plans. These assumptions include long-term rate of return on plan assets, discount rates and other factors. Actual results that differ from the assumptions used are accumulated and amortized over future periods. Therefore, assumptions used to calculate benefit obligations as of the end of the year directly impact the expense to be recognized in future periods. The measurement date for all defined benefit plans is December 31 of each year. Accumulated Other Comprehensive Loss Accumulated other comprehensive loss is included in the limited partners and general partner components of equity in the consolidated balance sheets in the amounts of $89 million and $85 million as of December 31, 2019 and 2018, respectively. Refer to Note 16, “Changes in Accumulated Other Comprehensive Loss,” for further information. Allocation of Net Profits and Losses in Consolidated Affiliated Partnerships Net investment income and net realized and unrealized gains and losses on investments of the Investment Funds are allocated to the respective partners of the Investment Funds based on their percentage ownership in such Investment Funds on a monthly basis. Except for our limited partner interest, such allocations made to the limited partners of the Investment Funds are represented as non-controlling interests in our consolidated statements of operations. General Partnership Interest of Icahn Enterprises and Icahn Enterprises Holdings The general partner’s capital account generally consists of its cumulative share of our net income less cash distributions plus capital contributions. Additionally, in acquisitions of common control companies accounted for at historical cost similar to a pooling of interests, the general partner’s capital account would be charged (or credited) in a manner similar to a distribution (or contribution) for the excess (or deficit) of the fair value of consideration paid over historical basis in the business acquired. Capital Accounts, as defined under the Partnership Agreement, are maintained |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions. Our second amended and restated agreement of limited partnership expressly permits us to enter into transactions with our general partner or any of its affiliates, including, without limitation, buying or selling properties from or to our general partner and any of its affiliates and borrowing and lending money from or to our general partner and any of its affiliates, subject to limitations contained in our partnership agreement and the Delaware Revised Uniform Limited Partnership Act. The indentures governing our indebtedness contain certain covenants applicable to transactions with affiliates. Investment Funds During the years ended December 31, 2019, 2018 and 2017, Mr. Icahn and his affiliates (excluding us) invested $220 million, $310 million and $600 million, respectively, in the Investment Funds, net of redemptions. As of December 31, 2019 and 2018, the total fair market value of investments in the Investment Funds made by Mr. Icahn and his affiliates (excluding us) was approximately $4.5 billion and $5.0 billion, respectively, representing approximately 51% and 50% of the Investment Funds’ assets under management as of each respective date. We pay for expenses pertaining to the operation, administration and investment activities of our Investment segment for the benefit of the Investment Funds (including salaries, benefits and rent). Effective April 1, 2011, based on an expense-sharing arrangement, certain expenses borne by us are reimbursed by the Investment Funds. For the years ended December 31, 2019, 2018 and 2017, $23 million, $12 million and $13 million, respectively, was allocated to the Investment Funds based on this expense-sharing arrangement. Hertz Global Holdings, Inc. As discussed in Note 4, “Investments,” 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 years ended December 31, 2019, 2018 and 2017, revenue from Hertz was $54 million, $40 million and $17 million, respectively. Additionally, Federal-Mogul had payments to Hertz in the ordinary course of business of $1 million and $2 million for the years ended December 31, 2018 and 2017, respectively. During the year ended December 31, 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 Leasing the option to acquire certain vehicles from Hertz at rates aligned with the rates at which Hertz sells vehicles to third parties. Under this agreement, as amended, 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 had 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 Icahn Enterprises and Icahn Enterprises Holdings guaranteeing the payment obligations of 767 Leasing and sharing in the profits of 767 Leasing with Hertz, we determined that 767 Leasing is a variable interest entity. Furthermore, we determined that we are not the primary beneficiary as we do not have the power to direct the activities of 767 Leasing that most significantly impact its economic performance. Therefore, we do not consolidate the results of 767 Leasing. Our exposure to loss with respect to 767 Leasing is primarily limited to our direct investment in 767 Leasing as well as any payment obligations of 767 Leasing that we guarantee, which are not material as of December 31, 2019 and 2018. As of December 31, 2019 and 2018, 767 Leasing had assets of $121 million and $59 million, respectively, (primarily vehicles for lease) and total liabilities of $1 million and $1 million, respectively, which represents a payable to Icahn Automotive in connection with a shared services agreement. For the year ended December 31, 2019 and 2018, we invested $50 million and $60 million, respectively, in 767 Leasing. During the years ended December 31, 2019 and 2018, we had equity earnings (losses) from 767 Leasing of $11 million and $(1) million, respectively. As of December 31, 2019 and December 31, 2018, we had an equity method investment in 767 Leasing of $120 million and $59 million, respectively, which we report in our Automotive segment. ACF Industries LLC Our Railcar operations, prior to December 5, 2018 (the date we closed on the sale of ARI), had certain transactions with ACF Industries LLC (“ACF”), an affiliate of Mr. Icahn, under various agreements, as well as on a purchase order basis. ACF is a manufacturer and fabricator of specialty railcar parts and miscellaneous steel products. Agreements and transactions with ACF include (i) railcar component purchases from ACF, (ii) railcar parts purchases from and sales to ACF, (iii) railcar purchasing and engineering services agreements with ACF, (iv) lease of certain intellectual property to ACF and (v) railcar repair services and support for ACF. Purchases from ACF were $3 million and $6 million for the years ended December 31, 2018 and 2017, respectively. For the years ended December 31, 2018 and 2017, revenues from ACF were $6 million and $1 million, respectively. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2019 | |
Investments [Abstract] | |
Investments and Related Matters | Investments. Investment Investments and securities sold, not yet purchased consist of equities, bonds, bank debt and other corporate obligations, all of which are reported at fair value in our consolidated balance sheets. These investments are considered trading securities. In addition, our Investment segment has certain derivative transactions which are discussed in Note 6 , “ Financial Instruments.” The carrying value and detail by security type, including business sector for equity securities, with respect to investments and securities sold, not yet purchased held by our Investment segment consist of the following: December 31, 2019 2018 Assets (in millions) Investments: Equity securities: Basic materials $ 281 $ 414 Consumer, non-cyclical 2,085 2,161 Consumer, cyclical 2,427 1,161 Energy 1,717 1,598 Financial — 167 Technology 2,425 1,040 Other 127 145 9,062 6,686 Corporate debt securities 145 181 $ 9,207 $ 6,867 Liabilities Securities sold, not yet purchased, at fair value: Equity securities: Basic materials $ 209 $ — Consumer, non-cyclical 29 57 Consumer, cyclical 379 106 Energy 124 305 Financial 152 — Technology 217 — Other 80 — $ 1,190 $ 468 The portion of unrealized gains (losses) that relates to securities still held by our Investment segment, primarily equity securities, was $706 million, $(800) million and $1,413 million for the years ended December 31, 2019, 2018 and 2017, respectively. As discussed in Note 2, “Basis of Presentation and Summary of Significant Accounting Policies,” when certain investments become subject to the equity method of accounting, our Investment segment elects the fair value option to such investment. Investments become subject to the equity method of accounting when we possess the ability to exercise significant influence, but not control, over the operating and financial policies of the investee. The ability to exercise significant influence is presumed when we possess more than 20% of the voting interests of the investee. This presumption may be overcome based on specific facts and circumstances that demonstrate that the ability to exercise significant influence is restricted. Conversely, there is a presumption that for investments in which we have less than 20% of the voting interests of the investee that we do not have the ability to exercise significant influence. However, such presumption may be overcome based on specific facts and circumstances that demonstrate that the ability to exercise significant influence is present, such as when we have representation on the board of directors of such investee. After considering specific facts and circumstances, including the collective ownership in entities by the Investment Funds and affiliates of Mr. Icahn, as well as their collective representation on each of the boards of directors, we have determined that we have the ability to exercise significant influence over the operating and financial policies of certain investees below. The following table summarizes our direct ownership in such investees as well as certain financial information with respect to such investees in our consolidated financial statements during the respective periods in which we possessed the ability to exercise significant influence over the operating and financial policies of the investee. Voting Interests (1) Fair Value of Investment Gains (Losses) December 31, 2019 December 31, Year Ended December 31, 2019 2018 2019 2018 2017 (in millions) Herbalife Nutrition Ltd. 19.1% $ 1,343 $ 1,661 $ (318) $ 864 $ 357 Hertz Global Holdings, Inc. 24.6% 551 320 105 (197) 13 Caesars Entertainment Corporation 13.4% 1,243 — 478 — — $ 3,137 $ 1,981 $ 265 $ 667 $ 370 (1) Voting interest represents our share of the voting common stock currently held as of December 31, 2019; however, voting common stock held by Mr. Icahn and his affiliates (excluding us) are not included. The following tables contain summarized financial information with respect to these investees as if such investees were consolidated in our financial statements during the respective periods (or partial periods) in which we possessed the ability to exercise significant influence over the operating and financial policies of the investee. In addition, each of these investees file annual, quarterly and current reports, and proxy and information statements with the SEC. Herbalife Nutrition Ltd. December 31, 2019 2018 (in millions) Total assets $ 2,679 $ 2,790 Total liabilities 3,069 3,513 Equity (deficit) (390) (723) Year Ended December 31, 2019 2018 2017 (in millions) Revenue $ 4,877 $ 4,892 $ 4,428 Net income attributable to shareholders 311 297 214 Hertz Global Holdings, Inc. December 31, 2019 2018 (in millions) Total assets $ 24,627 $ 21,382 Total liabilities 22,739 20,262 Equity 1,888 1,120 Year Ended December 31, 2019 2018 2017 (in millions) Revenue $ 9,779 $ 9,504 $ 8,803 Net income attributable to shareholders (58) (225) 327 Caesars Entertainment Corporation We obtained significant influence over Caesars Entertainment Corporation (“Caesars”), and elected the fair value option with respect to our investment in Caesars, beginning in the first quarter of 2019. As of December 31, 2019, Caesars had total assets of approximately $25.3 billion, total liabilities of $23.1 billion and equity of $2.2 billion. For 2019, during the period in which we had significant influence over Caesars, revenues were $8.7 billion and net income attributable to Caesars’ shareholders was $(1.2) billion. During the second quarter of 2019, we agreed to vote our Caesars’ shares in favor of the proposed merger between Caesars and Eldorado Resorts, Inc. (“Eldorado”). Pursuant to the merger, Caesars will merge into a subsidiary of Eldorado and Caesars stockholders will have the right, subject to certain allocation limitations, to elect to receive cash, stock in Eldorado, or a combination of cash and stock. Upon consummation of the merger, depending on what consideration we and other stockholders elect, we expect to receive a combination of cash and Eldorado shares. The transaction has not yet been consummated as of December 31, 2019. 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 consolidated balance sheets. The carrying value of investments held by our other segments and our Holding Company consist of the following: December 31, 2019 2018 (in millions) Equity method investments $ 201 $ 143 Other investments (measured at fair value) 537 1,327 $ 738 $ 1,470 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements. U.S. GAAP requires enhanced disclosures about investments and non-recurring non-financial assets and liabilities that are measured and reported at fair value and has established a hierarchal disclosure framework that prioritizes and ranks the level of market price observability used in measuring investments or non-financial assets and liabilities at fair value. Market price observability is impacted by a number of factors, including the type of investment and the characteristics specific to the investment. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Investments and non-financial assets and/or liabilities measured and reported at fair value are classified and disclosed in one of the following categories: Level 1 - Quoted prices are available in active markets for identical investments and non-financial assets and/or liabilities as of the reporting date. Level 2 - Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies where all significant inputs are observable. The inputs and assumptions of our Level 2 investments are derived from market observable sources including reported trades, broker/dealer quotes and other pertinent data. Level 3 - Pricing inputs are unobservable for the investment and non-financial asset and/or liability and include situations where there is little, if any, market activity for the investment or non-financial asset and/or liability. The inputs into the determination of fair value require significant management judgment or estimation. Fair value is determined using comparable market transactions and other valuation methodologies, adjusted as appropriate for liquidity, credit, market and/or other risk factors. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the investments’, non-financial assets’ and/or liabilities’ level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to the investment. Significant transfers, if any, between the levels within the fair value hierarchy are recognized at the beginning of the reporting period when changes in circumstances require such transfers. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table summarizes the valuation of our assets and liabilities by the above fair value hierarchy levels measured on a recurring basis: December 31, 2019 December 31, 2018 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets (in millions) Investments (Note 4) $ 9,448 $ 281 $ 3 $ 9,732 $ 7,493 $ 317 $ 372 $ 8,182 Derivative contracts, at fair value (Note 6) (1) — 182 — 182 7 517 — 524 $ 9,448 $ 463 $ 3 $ 9,914 $ 7,500 $ 834 $ 372 $ 8,706 Liabilities Securities sold, not yet purchased (Note 4) $ 1,190 $ — $ — $ 1,190 $ 468 $ — $ — $ 468 Other liabilities — 7 6 13 — 2 — 2 Derivative contracts, at fair value (Note 6) — 1,224 — 1,224 — 36 — 36 $ 1,190 $ 1,231 $ 6 $ 2,427 $ 468 $ 38 $ — $ 506 (1) Amounts are classified within other assets in our consolidated balance sheets. Refer to Note 19, “Pension and Other Post-Retirement Benefit Plans,” for our Food Packaging segment’s defined benefit plan assets measured at fair value on a recurring basis as of December 31, 2019 and 2018. Assets Measured at Fair Value on a Recurring Basis for Which We Use Level 3 Inputs to Determine Fair Value The changes in investments measured at fair value on a recurring basis for which we use Level 3 inputs to determine fair value are as follows: Year Ended December 31, 2019 2018 (in millions) Balance at January 1 $ 372 $ 278 Net gains recognized in income 89 95 Sales (458) — Other — (1) Balance at December 31 $ 3 $ 372 As of December 31, 2018, we had a certain equity investment which was considered a Level 3 investment due to unobservable market data and was measured at fair value on a recurring basis. We determined the fair value of this investment based on recent market transactions. During 2019, we sold this investment in its entirety. Assets Measured at Fair Value on a Non-Recurring Basis for Which We Use Level 3 Inputs to Determine Fair Value Certain assets measured at fair value using Level 3 inputs on a nonrecurring basis have been impaired. During the years ended December 31, 2019, 2018 and 2017, we recorded impairment charges of $2 million, $5 million and $10 million, respectively, relating to property, plant and equipment. We determined the fair value of property, plant and equipment by applying probability weighted, expected present value techniques to the estimated future cash flows using assumptions a market participant would utilize. In addition, during the year ended December 31, 2017, we recorded a loss of $8 million from marking inventory down to net realizable value at our Automotive segment. Additionally, in connection with our reclassification of certain Railcar segment assets from held and used to assets held for sale, we recorded aggregate impairment charges of $68 million for the year ended December 31, 2017, which represents the difference between the carrying value and fair value less cost to sell of such assets. Refer to Note 9, “Goodwill and Intangible Assets, Net,” for discussion of our goodwill and intangible asset impairments. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments | Financial Instruments. Overview Investment In the normal course of business, the Investment Funds may trade various financial instruments and enter into certain investment activities, which may give rise to off-balance-sheet risks, with the objective of capital appreciation or as economic hedges against other securities or the market as a whole. The Investment Funds’ investments may include futures, options, swaps and securities sold, not yet purchased. These financial instruments represent future commitments to purchase or sell other financial instruments or to exchange an amount of cash based on the change in an underlying instrument at specific terms at specified future dates. Risks arise with these financial instruments from potential counterparty non-performance and from changes in the market values of underlying instruments. Credit concentrations may arise from investment activities and may be impacted by changes in economic, industry or political factors. The Investment Funds routinely execute transactions with counterparties in the financial services industry, resulting in credit concentration with respect to the financial services industry. In the ordinary course of business, the Investment Funds may also be subject to a concentration of credit risk to a particular counterparty. The Investment Funds seek to mitigate these risks by actively monitoring exposures, collateral requirements and the creditworthiness of its counterparties. The Investment Funds have entered into various types of swap contracts with other counterparties. These agreements provide that they are entitled to receive or are obligated to pay in cash an amount equal to the increase or decrease, respectively, in the value of the underlying shares, debt and other instruments that are the subject of the contracts, during the period from inception of the applicable agreement to its expiration. In addition, pursuant to the terms of such agreements, they are entitled to receive or obligated to pay other amounts, including interest, dividends and other distributions made in respect of the underlying shares, debt and other instruments during the specified time frame. They are also required to pay to the counterparty a floating interest rate equal to the product of the notional amount multiplied by an agreed-upon rate, and they receive interest on any cash collateral that they post to the counterparty at the federal funds or LIBOR 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 consolidated balance sheets. The Investment Funds may also enter into foreign currency contracts for purposes other than hedging denominated securities. When entering into a foreign currency forward contract, the Investment Funds agree to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date unless the contract is closed before such date. The Investment Funds record unrealized gains or losses on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into such contracts and the forward rates at the reporting date. The Investment Funds may also purchase and write option contracts. As a writer of option contracts, the Investment Funds receive a premium at the outset and then bear the market risk of unfavorable changes in the price of the underlying financial instrument. As a result of writing option contracts, the Investment Funds are obligated to purchase or sell, at the holder’s option, the underlying financial instrument. Accordingly, these transactions result in off-balance-sheet risk, as the Investment Funds’ satisfaction of the obligations may exceed the amount recognized in our consolidated balance sheets. Certain terms of the Investment Funds’ contracts with derivative counterparties, which are standard and customary to such contracts, contain certain triggering events that would give the counterparties the right to terminate the derivative instruments. In such events, the counterparties to the derivative instruments could request immediate payment on derivative instruments in net liability positions. The aggregate fair value of all of the Investment Funds’ derivative instruments with credit-risk-related contingent features that are in a liability position at December 31, 2019 and 2018 was $266 million and zero, respectively. The following table summarizes the volume of our Investment segment’s derivative activities based on their notional exposure, categorized by primary underlying risk: December 31, 2019 December 31, 2018 Long Notional Exposure Short Notional Exposure Long Notional Exposure Short Notional Exposure Primary underlying risk: (in millions) Equity contracts $ 806 $ 13,113 $ 118 $ 8,368 Credit contracts (1) — 622 — 479 Commodity contracts — — — 114 (1) The short notional amount on our credit default swap positions was approximately $4.7 billion at December 31, 2019. However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is $622 million as of December 31, 2019. The short notional amount on our credit default swap positions was approximately $1.8 billion as of December 31, 2018. However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is $479 million as of December 31, 2018. Certain derivative contracts executed by each of the Investment Funds 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. The following table presents the fair values of our Investment segment’s derivatives that are not designated as hedging instruments in accordance with U.S. GAAP: Asset Derivatives (1) Liability Derivatives December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018 (in millions) Equity contracts $ 291 $ 568 $ 1,058 $ 170 Credit contracts — 76 266 — Commodity contracts — 7 — — Sub-total 291 651 1,324 170 Netting across contract types (2) (109) (134) (109) (134) Total (2) $ 182 $ 517 $ 1,215 $ 36 (1) Net asset derivatives are classified within other assets in our consolidated balance sheets. (2) Excludes netting of cash collateral received and posted. The total collateral posted at December 31, 2019 and December 31, 2018 was $903 million and $0 million, respectively, across all counterparties, which are included in cash held at consolidated affiliated partnerships and restricted cash in the consolidated balance sheets. The following table presents the amount of gain (loss) recognized in the consolidated statements of operations for our Investment segment’s derivatives not designated as hedging instruments: Gain (Loss) Recognized in Income (1) Year Ended December 31, 2019 2018 2017 (in millions) Equity contracts $ (2,152) $ 603 $ (1,815) Credit contracts (342) 129 (42) Commodity contracts (8) 66 (112) $ (2,502) $ 798 $ (1,969) (1) Gains (losses) recognized on derivatives are classified in net gain (loss) from investment activities in our consolidated statements of operations for our Investment segment. Energy CVR Energy’s businesses are subject to price fluctuations caused by supply conditions, weather, economic conditions, interest rate fluctuations and other factors. To manage price risk on crude oil and other inventories and to fix margins on certain future production, CVR Refining from time to time enters into various commodity derivative transactions. CVR Refining holds derivative instruments, such as exchange-traded crude oil futures and certain over-the-counter forward swap agreements, which it believes provide an economic hedge on future transactions, but such instruments are not designated as hedges under U.S. GAAP. There are no premiums paid or received at inception of the derivative contracts and upon settlement. As of December 31, 2019 and 2018, CVR Refining had open forward purchase and sale commitments for 5 million barrels and 2 million barrels, respectively, of Canadian crude oil priced at fixed differentials that are not considered probable of physical settlement and are accounted for as derivatives. CVR Refining may enter into forward purchase or sale contracts associated with renewable identification numbers (“RINs”). As of December 31, 2019, CVR Refining had open fixed-price commitments to purchase 20 million RINs. Certain derivative contracts executed 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. As of December 31, 2019 and 2018, our Energy segment had gross asset derivatives of $3 million and $8 million, respectively; however, when netted with gross liability derivatives, such net asset derivatives were $0 million and $7 million, respectively. Net asset derivatives are included in other assets on the consolidated balance sheets. Gains (losses) recognized on derivatives for our Energy segment were $19 million, $146 million and $(70) million for the years ended December 31, 2019, 2018 and 2017, respectively. Gains |
Inventories, Net (Notes)
Inventories, Net (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | Inventories, Net . Inventories, net consists of the following: December 31, 2019 2018 (in millions) Raw materials $ 223 $ 217 Work in process 94 70 Finished goods 1,495 1,492 $ 1,812 $ 1,779 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net | Property, Plant and Equipment, Net. Property, plant and equipment, net consists of the following: December 31, Useful Life 2019 2018 (in years) (in millions) Land $ 412 $ 416 Buildings and improvements 3 - 40 915 865 Machinery, equipment and furniture 2 - 30 5,348 5,208 Assets leased to others 5 - 39 289 279 Other finance leases 1 - 25 27 — Construction in progress 218 221 7,209 6,989 Less: Accumulated depreciation and amortization (2,668) (2,301) Property, plant and equipment, net $ 4,541 $ 4,688 Depreciation and amortization expense related to property, plant and equipment for the years ended December 31, 2019, 2018 and 2017 was $410 million, $398 million and $430 million, respectively. |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets, Net | Goodwill and Intangible Assets, Net. Goodwill consists of the following: December 31, 2019 Automotive Food Packaging Metals Home Fashion Consolidated (in millions) Gross carrying amount, Jan 1 $ 328 $ 6 $ — $ — $ 334 Acquisitions 8 — 4 22 34 Foreign exchange — — — 1 1 Gross carrying amount, Dec 31 336 6 4 23 369 Accumulated impairment, Jan 1 (87) — — — (87) Impairment — — — — — Accumulated impairment, Dec 31 (87) — — — (87) Net carrying value, Dec 31 $ 249 $ 6 $ 4 $ 23 $ 282 December 31, 2018 Automotive Food Packaging Consolidated Gross carrying amount, Jan 1 $ 320 $ 7 $ 327 Acquisitions 8 — 8 Foreign exchange — (1) (1) Gross carrying amount, Dec 31 328 6 334 Accumulated impairment, Jan 1 — — — Impairment (87) — (87) Accumulated impairment, Dec 31 (87) — (87) Net carrying value, Dec 31 $ 241 $ 6 $ 247 Intangible assets, net consists of the following: December 31, 2019 December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Value Gross Carrying Amount Accumulated Amortization Net Carrying Value (in millions) Definite-lived intangible assets: Customer relationships $ 397 $ (155) $ 242 $ 397 $ (135) $ 262 Other 274 (147) 127 316 (139) 177 $ 671 $ (302) $ 369 $ 713 $ (274) $ 439 Indefinite-lived intangible assets $ 62 $ 62 Intangible assets, net $ 431 $ 501 We recorded amortization expense associated with definite-lived intangible assets for the years ended December 31, 2019, 2018 and 2017 of $40 million, $47 million and $41 million, respectively. We utilize the straight-line method of amortization, recognized over the estimated useful lives of the assets. Additionally, during the year ended December 31, 2017, we impaired intangible assets by $1 million. The estimated future amortization expense for our definite-lived intangible assets is as follows: Year Amount (in millions) 2020 $ 43 2021 34 2022 33 2023 31 2024 30 Thereafter 198 $ 369 Acquisitions Acquisitions during the year ended December 31, 2019 were not material individually or in the aggregate. As a result of certain acquisitions, our Automotive segment allocated $8 million to goodwill and $1 million to definite-lived intangible assets during 2019. In addition, as a result of certain acquisitions, our Home Fashion segment allocated $22 million to goodwill and $1 million to definite-lived intangible assets during 2019 and our Metals segment allocated $4 million and $6 million to goodwill and definite-lived intangible assets, respectively, also during 2019. Impairment of Goodwill When performing the quantitative analysis for goodwill impairment testing, we base the fair value of our reporting units on consideration of various valuation methodologies, including projecting future cash flows discounted at rates commensurate with the risks involved (“DCF”). Assumptions used in a DCF require the exercise of significant judgment, including judgment about appropriate discount rates and terminal values, growth rates, and the amount and timing of expected future cash flows. The forecasted cash flows are based on current plans and for years beyond that plan, the estimates are based on assumed growth rates. We believe that our assumptions are consistent with the plans and estimates used to manage the underlying businesses. The discount rates, which are intended to reflect the risks inherent in future cash flow projections, used in a DCF are based on estimates of the weighted-average cost of capital of a market participant. Such estimates are derived from our analysis of peer companies and consider the industry weighted average return on debt and equity from a market participant perspective. Automotive We perform the annual goodwill impairment test for our Automotive segment as of October 1 of each year, or more frequently if impairment indicators exist. In the fourth quarter of 2018, coinciding with our annual goodwill impairment analysis, we reorganized our Automotive segment's reporting units. Prior to the reorganization, our Automotive segment had two reporting units, Pep-Boys and AutoPlus, with all of its goodwill allocated to the Pep-Boys reporting unit. A goodwill impairment analysis just prior to the reorganization did not have an impact on the Pep-Boys reporting unit goodwill. Upon reorganization of the reporting units, a portion of the Pep-Boys reporting unit was reallocated to the AutoPlus reporting unit, which resulted in our Automotive segment continuing to have two redefined reporting units, Service and Parts. As a result, a portion of the goodwill was reallocated using a relative fair value allocation approach, which resulted in approximately 27% of the goodwill being reallocated to the Parts reporting unit. Based on our annual goodwill impairment analysis for our Automotive segment, which reflected our reorganized reporting units, we determined that the carrying value of its Parts reporting unit exceeded its fair value and as a result, we recognized a goodwill impairment charge of $87 million in the fourth quarter of 2018, which represented the full amount of the goodwill allocated to the Parts reporting unit. This impairment was the result of our reporting unit reorganization, which resulted in a significant amount of carrying value of net assets being reallocated to the Parts reporting unit, primarily for inventory, with a significantly lesser fair value due to the future projected cash flows of the Parts reporting unit, which resulted in the Parts reporting unit having a carrying value in excess of its fair value. Therefore, the goodwill reallocated to the Parts reporting unit was immediately impaired. We also determined that the fair value of our Automotive |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | Leases. All Segments and Holding Company We have operating and finance leases primarily within our Automotive, Energy and Food Packaging segments. Our Automotive segment leases assets, primarily real estate (operating) and vehicles (financing) and which primarily consist of leases that expire within 14 years. Our Energy segment leases certain pipelines, storage tanks, railcars, office space, land and equipment (operating and financing). Our Food Packaging segment leases assets, primarily real estate, equipment and vehicles (primarily operating). Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Right-of-use assets and related liabilities are recorded on the balance sheet for leases with an initial lease term in excess of twelve months and therefore, do not include any lease arrangements with initial lease terms of twelve months or less. Right-of-use assets and lease liabilities are as follows: December 31, 2019 December 31, 2018 (in millions) Operating Leases: Right-of-use assets (other assets) $ 622 $ — Lease liabilities (accrued expenses and other liabilities) 647 — Financing Leases: Right-of-use assets (property, plant and equipment, net) 77 41 Lease liabilities (debt) 93 52 Additional information with respect to our operating leases as of December 31, 2019 is presented below. The lease terms and discount rates for our Energy, Automotive and Food Packaging segments represent weighted averages based on their respective lease liability balances. Operating Leases Right-Of-Use Assets Lease Liabilities Lease Term Discount Rate (in millions) Energy $ 48 $ 48 3.7 years 5.6% Automotive 501 527 5.2 years 5.7% Food Packaging 34 38 11.7 years 7.4% Other segments and Holding Company 39 34 $ 622 $ 647 Maturities of lease liabilities as of December 31, 2019 are as follows: Year Operating Leases Financing (in millions) 2020 $ 181 $ 20 2021 159 17 2022 135 15 2023 85 13 2024 57 12 Thereafter 142 53 Total lease payments 759 130 Less: imputed interest (112) (37) $ 647 $ 93 For the year ended December 31, 2019, lease cost was comprised of operating lease cost of $202 million, amortization of financing lease right-of use assets of $13 million and interest expense on financing lease liabilities of $7 million. Rent expense under operating leases for the years ended December 31, 2018 and 2017, prior to the adoption of ASC 842, was $168 million and $155 million, respectively. Real Estate Our Real Estate segment leases real estate, primarily commercial properties under long-term operating leases. As of December 31, 2019 and 2018, our Real Estate segment has assets leased to others included in property, plant and equipment of $220 million and $217 million, respectively, net of accumulated depreciation. Our Real Estate segment’s revenue from operating leases were $33 million, $39 million and $44 million for the years ended December 31, 2019, 2018 and 2017, respectively, and are included in other revenue from operations in the consolidated statements of operations. Our Real Estate segment’s anticipated future receipts of minimum operating lease payments receivable are $33 million for 2020, $6 million in 2021 and $3 million in 2022 and thereafter. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Debt. Debt consists of the following: December 31, 2019 2018 (in millions) Holding Company: 6.000% senior unsecured notes due 2020 $ — $ 1,702 5.875% senior unsecured notes due 2022 1,345 1,344 6.250% senior unsecured notes due 2022 1,211 1,213 6.750% senior unsecured notes due 2024 498 498 4.750% senior unsecured notes due 2024 498 — 6.375% senior unsecured notes due 2025 748 748 6.250% senior unsecured notes due 2026 1,250 — 5.250% senior unsecured notes due 2027 747 — 6,297 5,505 Reporting Segments: Energy 1,195 1,170 Automotive 405 372 Food Packaging 268 273 Metals 7 — Real Estate 2 2 Home Fashion 18 4 1,895 1,821 Total Debt $ 8,192 $ 7,326 Holding Company Our Holding Company debt consists of various issues of fixed-rate senior unsecured notes issued by Icahn Enterprises and Icahn Enterprises Finance Corp. (the “Issuers”) and guaranteed by Icahn Enterprises Holdings (the “Guarantor”). Interest on each of the senior unsecured notes are payable semi-annually. In May and June 2019, the Issuers issued $1.250 billion in aggregate principal amount of 6.250% senior unsecured notes due 2026. The proceeds from these notes, together with cash on hand, were used to redeem all of the prior outstanding 6.000% senior unsecured notes due 2020 and to pay accrued interest, related fees and expenses. In September 2019, the Issuers issued $500 million in aggregate principal amount of 4.750% senior unsecured notes due 2024. The proceeds from these notes were used for general limited partnership purposes. In December 2019, the Issuers issued $750 million in aggregate principal amount of 5.250% senior unsecured notes due 2027. The proceeds from these notes were used for general limited partnership purposes. In January 2017, the Issuers issued $500 million in aggregate principal amount of 6.750% senior unsecured notes due 2024 and $695 million in aggregate principal amount of 6.250% senior unsecured notes due 2022. The proceeds from these notes were used to redeem all of the prior outstanding senior unsecured notes due 2017 and to pay accrued interest, related fees and expenses. In December 2017, the Issuers issued $750 million in aggregate principal amount of 6.375% senior unsecured notes due 2025 and an additional $510 million in aggregate principal amount of its existing 6.250% senior unsecured notes due 2022. The proceeds from these notes, together with cash on hand, were used to redeem all of the prior outstanding senior unsecured notes due 2019 and to pay accrued interest, related fees and expenses. Icahn Enterprises recorded a gain on extinguishment of debt of $2 million in 2019 and a loss on extinguishment of debt of $12 million in the fourth quarter of 2017 in connection with the debt transactions discussed above. Each of our senior unsecured notes and the related guarantees are the senior unsecured obligations of the Issuers and rank equally with all of the Issuers’ and the Guarantor’s existing and future senior unsecured indebtedness and senior to all of the Issuers’ and the Guarantor’s existing and future subordinated indebtedness. All of our senior unsecured notes and the related guarantees are effectively subordinated to the Issuers’ and the Guarantor’s existing and future secured indebtedness to the extent of the collateral securing such indebtedness. All of our senior unsecured notes and the related guarantees are also effectively subordinated to all indebtedness and other liabilities of the Issuers’ subsidiaries other than the Guarantor. The indentures governing each of our senior unsecured notes restrict the payment of cash distributions, the purchase of equity interests or the purchase, redemption, defeasance or acquisition of debt subordinated to the senior unsecured notes. The indentures also restrict the incurrence of debt or the issuance of disqualified stock, as defined in the indentures, with certain exceptions. In addition, the indentures require that on each quarterly determination date, we and the guarantor of the notes (currently only Icahn Enterprises Holdings) maintain certain minimum financial ratios, as defined therein. The indentures also restrict the creation of liens, mergers, consolidations and sales of substantially all of our assets, and transactions with affiliates. Additionally, each of the senior unsecured notes outstanding as of December 31, 2019, except for the New 2024 Notes and the New 2027 Notes, are subject to optional redemption premiums in the event we redeem any of the notes prior to certain dates as described in the indentures. As of December 31, 2019 and 2018, we were in compliance with all covenants, including maintaining certain minimum financial ratios, as defined in the indentures. Additionally, as of December 31, 2019, based on covenants in the indentures governing our senior unsecured notes, we are not permitted to incur additional indebtedness. However, as a result of our subsequent debt activity in January 2020, as described below, we are permitted to borrow an additional $469 million as of the date of this Report. Subsequent Event In January 2020, the Issuers issued an additional $600 million in aggregate principal amount of 4.750% senior unsecured notes due 2024 and an additional $250 million of 5.250% senior unsecured notes due 2027. The additional proceeds from these notes issued in January 2020, together with cash on hand, were used to repay in full our 5.875% senior unsecured notes due 2022, and to pay accrued interest, related fees and expenses. Reporting Segments Energy CVR Energy’s debt primarily consists of a $500 million second lien senior unsecured note (issued by CVR Refining) and a $645 million senior secured note (issued by CVR Partners) maturing in 2022 and 2023, respectively, and with interest rates of 6.50% and 9.25%, respectively. Interest for each of these notes are accrued and paid based on contractual terms. The second lien senior unsecured notes were fully and unconditionally guaranteed by CVR Refining and each of its’ finance subsidiaries’ existing domestic subsidiaries on a joint and several basis as of December 31, 2019. On January 29, 2019, the second lien senior unsecured notes were amended such that CVR Refining was replaced by CVR Energy as the primary guarantor, on a senior unsecured basis. The senior secured notes are guaranteed on a senior secured basis by all of CVR Partner’s existing subsidiaries. CVR Energy is not a guarantor of these notes. The indentures governing these notes contain certain covenants that restrict the ability of the issuers and subsidiary guarantors to issue debt, incur or otherwise cause liens to exist on any of their property or assets, declare or pay dividends, repurchase equity, make payments on subordinated or unsecured debt, make certain investments, sell certain assets, merge, consolidate with or into another entity, or sell all or substantially all of their assets or enter into certain transactions with affiliates. As of December 31, 2019 and 2018, total availability under CVR Refining and CVR Partners variable rate asset based revolving credit facilities aggregated $443 million and $444 million, respectively. CVR Refining also had $7 million and $6 million of letters of credit outstanding as of December 31, 2019 and 2018. Subsequent Event On January 27, 2020, CVR Energy issued $600 million in aggregate principal amount of 5.25% senior unsecured notes due 2025 and $400 million in aggregate principal amount of 5.75% senior unsecured notes due 2028. A portion of the net proceeds from the issuance of these notes were used to fund the redemption of the CVR Energy’s existing senior unsecured notes due 2022. The remaining net proceeds will be used for CVR Energy’s general corporate purposes, which may include funding (i) acquisitions, (ii) capital projects, and/or (iii) share repurchases or other distributions to CVR Energy’s stockholders. Automotive Icahn Automotive’s debt primarily consists of an asset-based revolving credit facility and a first in-last out revolving credit facility, each with variable interest rates. Icahn Automotive debt outstanding under these credit facilities was $382 million and $370 million as of December 31, 2019 and 2018, respectively, with maturity dates ranging from 2019 and 2021. Interest for each of these notes are accrued and paid based on contractual terms. The weighted average interest rate on these notes was 4.15% and 4.37% as of December 31, 2019 and 2018, respectively. Substantially all of Icahn Automotive’s assets are pledged as collateral under the above credit facilities. As of December 31, 2019 and 2018, there was availability under revolving credit facilities of $107 million and $90 million, respectively. Icahn Automotive also had $41 million and $40 million of letters of credit outstanding as of December 31, 2019 and 2018, respectively. Food Packaging Viskase’s debt primarily consists of a credit agreement providing for a senior secured term loan facility issued in 2014 and maturing in 2021. Interest for this note is accrued and paid based on contractual terms. The interest rate on this note was 5.19% and 6.05% as of December 31, 2019 and 2018, respectively. Covenants All of our subsidiaries are currently in compliance with all covenants and restrictions as described in the various executed agreements and contracts with respect to each debt instrument. These covenants include limitations on indebtedness, liens, investments, acquisitions, asset sales, dividends and other restricted payments and affiliate and extraordinary transactions. Non-Cash Charges to Interest Expense The amortization of deferred financing costs and debt discounts and premiums included in interest expense in the consolidated statements of operations were $7 million, $5 million and $10 million for the years ended December 31, 2019, 2018 and 2017, respectively. Consolidated Maturities The following is a summary of the maturities of our debt: Year Amount (in millions) 2020 $ 35 2021 640 2022 3,055 2023 645 2024 1,000 Thereafter 2,751 Total debt payments (excluding financing lease payments) 8,126 Less: unamortized discounts, premiums and deferred financing fees (27) Financing leases (Note 10) 93 $ 8,192 |
Net Income Per LP Unit
Net Income Per LP Unit | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Unit [Abstract] | |
Earnings Per Share [Text Block] | 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: Year Ended December 31, 2019 2018 2017 (in millions, except per unit data) Net (loss) income attributable to Icahn Enterprises from continuing operations $ (1,066) $ (238) $ 2,297 Net (loss) income attributable to Icahn Enterprises from continuing operations allocated to limited partners (98.01% allocation) $ (1,045) $ (233) $ 2,251 Net (loss) income attributable to Icahn Enterprises from discontinued operations $ (32) $ 1,720 $ 157 Less: net loss attributable to Icahn Enterprises from discontinued operations allocated 100% to general partner — 598 — Net (loss) income attributable to Icahn Enterprises from discontinued operations allocable to limited partners $ (32) $ 2,318 $ 157 Net (loss) income attributable to Icahn Enterprises from discontinued operations allocated to limited partners (98.01% allocation) $ (31) $ 2,272 $ 154 Basic and diluted (loss) income per LP unit: Continuing operations $ (5.23) $ (1.29) $ 13.98 Discontinued operations (0.15) 12.62 0.96 $ (5.38) $ 11.33 $ 14.94 Basic and diluted weighted average LP units outstanding 200 180 161 GP Allocation As disclosed in Note 2, “Basis of Presentation and Summary of Significant Accounting Policies - Acquisition, Investments and Disposition of Entities under Common Control,” upon the sale of common control entities, such as Federal-Mogul and ARI, a portion of the gain or loss on the sale is first allocated to the general partner in order to restore the general partners’ capital account for cumulative charges or credits relating to periods prior to our obtaining a controlling interest in such entities from Mr. Icahn and his affiliates. After such general partner allocation, the remaining gain is allocated among our general partner and limited partners, in accordance with their respective ownership percentages. LP Unit Transactions The following table summarizes the changes in Icahn Enterprises outstanding depositary units during each of the years ended December 31, 2019, 2018 and 2017. Mr. Icahn and Affiliates Public Unitholders Total December 31, 2016 129,999,050 14,742,099 144,741,149 Unit distributions 17,374,427 269,725 17,644,152 2017 Incentive Plan — 7,902 7,902 Rights offering 10,525,105 645,999 11,171,104 December 31, 2017 157,898,582 15,665,725 173,564,307 Unit distributions 17,543,006 235,944 17,778,950 2017 Incentive Plan — 22,840 22,840 December 31, 2018 175,441,588 15,924,509 191,366,097 Unit distributions 21,608,064 290,789 21,898,853 2017 Incentive Plan — 19,259 19,259 2019 at-the-market offering — 794,349 794,349 December 31, 2019 197,049,652 17,028,906 214,078,558 Unit Distributions During each of the years ended December 31, 2019, 2018 and 2017, we declared four quarterly distributions. Depositary unitholders were given the option to make an election to receive the distributions in either cash or additional depositary units. If a holder did not make an election, it was automatically deemed to have elected to receive the distributions in cash. 2019 At-The-Market Offering On May 2, 2019, Icahn Enterprises announced the commencement of its “at-the-market” offering pursuant to its Open Market Sale Agreement, pursuant to which Icahn Enterprises may sell its depositary units, from time to time, for up to $400 million in aggregate sale proceeds. During the year ended December 31, 2019, we received gross proceeds of $54 million in connection with this offering. 2017 Incentive Plan During the years ended December 31, 2019, 2018 and 2017, Icahn Enterprises distributed depositary units, net of payroll withholdings, with respect to certain restricted depositary units and deferred unit awards that vested during the respective periods 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 consolidated financial statements, including the calculation of potentially dilutive units and diluted income per LP unit. Rights Offering |
Segment and Geographic Reportin
Segment and Geographic Reporting | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment and Geographic Reporting | Segment and Geographic Reporting.We report segment information based on the various industries in which our businesses operate and how we manage those businesses in accordance with our investment strategies, which may include: identifying and acquiring undervalued assets and businesses, often through the purchase of distressed securities; increasing value through management, financial or other operational changes; and managing complex legal, regulatory or financial issues, which may include bankruptcy or insolvency, environmental, zoning, permitting and licensing issues. Therefore, although many of our businesses are operated under separate local management, certain of our businesses are grouped together when they operate within a similar industry, comprising similarities in products, customers, production processes and regulatory environments, and when such businesses, when considered together, may be managed in accordance with one or more investment strategies specific to those businesses. Among other measures, we assess and measure segment operating results based on net income from continuing operations attributable to Icahn Enterprises and Icahn Enterprises Holdings. Certain terms of financings for certain of our businesses impose restrictions on the business’ ability to transfer funds to us, including restrictions on dividends, distributions, loans and other transactions. 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. Year Ended December 31, 2019 Investment Energy Automotive Food Packaging Metals Real Estate Home Fashion Mining Railcar Holding Company Consolidated (in millions) Revenues: Net sales $ — $ 6,364 $ 2,293 $ 383 $ 340 $ 23 $ 187 $ 130 $ — $ — $ 9,720 Other revenues from operations — — 591 — — 75 — — — — 666 Net (loss) gain from investment activities (1,599) — — — — — — — — (332) (1,931) Interest and dividend income 190 4 — — — 1 — 1 — 69 265 Gain (loss) on disposition of assets, net — 4 (4) — 1 — — 252 — — 253 Other (loss) income, net (5) 13 15 (8) — 4 (1) (1) — 2 19 (1,414) 6,385 2,895 375 341 103 186 382 — (261) 8,992 Expenses: Cost of goods sold — 5,707 1,625 309 343 18 159 51 — — 8,212 Other expenses from operations — — 464 — — 54 — — — — 518 Selling, general and administrative 23 146 1,032 56 15 21 42 15 — 26 1,376 Restructuring, net — — 6 8 3 — 1 — — — 18 Impairment — — — 1 1 — — — — — 2 Interest expense 106 106 20 17 1 — 1 4 — 350 605 129 5,959 3,147 391 363 93 203 70 — 376 10,731 (Loss) income from continuing operations before income tax (expense) benefit (1,543) 426 (252) (16) (22) 10 (17) 312 — (637) (1,739) Income tax (expense) benefit — (112) 55 (6) — 6 — (1) — 38 (20) Net (loss) income from continuing operations (1,543) 314 (197) (22) (22) 16 (17) 311 — (599) (1,759) Less: net (loss) income from continuing operations attributable to non-controlling interests (768) 68 — (5) — — — 12 — — (693) Net (loss) income from continuing operations attributable to Icahn Enterprises $ (775) $ 246 $ (197) $ (17) $ (22) $ 16 $ (17) $ 299 $ — $ (599) $ (1,066) Supplemental information: Capital expenditures $ — $ 121 $ 47 $ 17 $ 24 $ 22 $ 5 $ 14 $ — $ — $ 250 Depreciation and amortization $ — $ 352 $ 98 $ 26 $ 19 $ 17 $ 7 $ — $ — $ — $ 519 Year Ended December 31, 2018 Investment Energy Automotive Food Packaging Metals Real Estate Home Fashion Mining Railcar Holding Company Consolidated (in millions) Revenues: Net sales $ — $ 7,124 $ 2,295 $ 395 $ 466 $ 22 $ 171 $ 103 $ — $ — $ 10,576 Other revenues from operations — — 563 — — 84 — — — — 647 Net gain (loss) from investment activities 635 — — — — — — — — (313) 322 Interest and dividend income 104 2 — 1 — 16 — 1 — 24 148 (Loss) gain on disposition of assets, net — (6) (1) — — 89 — (3) 5 — 84 Other (loss) income, net (2) 15 (1) (17) 1 1 — 5 — (2) — 737 7,135 2,856 379 467 212 171 106 5 (291) 11,777 Expenses: Cost of goods sold — 6,508 1,502 316 441 18 144 73 — — 9,002 Other expenses from operations — — 474 — — 54 — — 1 — 529 Selling, general and administrative 12 138 1,051 57 19 22 34 27 1 25 1,386 Restructuring, net — 5 5 9 — — 2 — — — 21 Impairment — — 90 — 1 — 1 — — — 92 Interest expense 46 104 16 16 — 1 1 3 — 337 524 58 6,755 3,138 398 461 95 182 103 2 362 11,554 Income (loss) from continuing operations before income tax (expense) benefit 679 380 (282) (19) 6 117 (11) 3 3 (653) 223 Income tax (expense) benefit — (46) 52 4 (1) (5) — (2) (2) 14 14 Net income (loss) from continuing operations 679 334 (230) (15) 5 112 (11) 1 1 (639) 237 Less: net income (loss) from continuing operations attributable to non-controlling interests 360 121 — (3) — — — (2) — (1) 475 Net income (loss) from continuing operations attributable to Icahn Enterprises $ 319 $ 213 $ (230) $ (12) $ 5 $ 112 $ (11) $ 3 $ 1 $ (638) $ (238) Supplemental information: Capital expenditures $ — $ 102 $ 66 $ 25 $ 21 $ 13 $ 5 $ 40 $ — $ — $ 272 Depreciation and amortization $ — $ 339 $ 92 $ 26 $ 18 $ 19 $ 8 $ 6 $ — $ — $ 508 Year Ended December 31, 2017 Investment Energy Automotive Food Packaging Metals Real Estate Home Fashion Mining Railcar Holding Company Consolidated (in millions) Revenues: Net sales $ — $ 5,988 $ 2,225 $ 392 $ 409 $ 15 $ 183 $ 94 $ — $ — $ 9,306 Other revenues from operations — — 498 — — 72 — — 173 — 743 Net gain from investment activities 241 — — — — — — — — 61 302 Interest and dividend income 106 1 — — — 7 — 1 — 12 127 (Loss) gain on disposition of assets, net — (3) 5 — — 496 — — 1,664 1 2,163 Other (loss) income, net (50) 2 — (3) (1) 38 — (2) — (6) (22) 297 5,988 2,728 389 408 628 183 93 1,837 68 12,619 Expenses: Cost of goods sold — 5,761 1,540 297 389 11 162 60 — — 8,220 Other expenses from operations — — 438 — — 46 — — 34 — 518 Selling, general and administrative 13 143 919 61 19 18 39 14 10 33 1,269 Restructuring — — — 2 1 — 1 — — — 4 Impairment — — 15 1 — 2 1 — 68 — 87 Interest expense 166 109 13 13 — 2 — 6 23 323 655 179 6,013 2,925 374 409 79 203 80 135 356 10,753 Income (loss) from continuing operations before income tax benefit (expense) 118 (25) (197) 15 (1) 549 (20) 13 1,702 (288) 1,866 Income tax benefit (expense) — 341 146 (21) (43) — — (3) (531) 643 532 Net income (loss) from continuing operations 118 316 (51) (6) (44) 549 (20) 10 1,171 355 2,398 Less: net income (loss) from continuing operations attributable to non-controlling interests 38 63 — (1) — — — 1 — — 101 Net income (loss) from continuing operations attributable to Icahn Enterprises $ 80 $ 253 $ (51) $ (5) $ (44) $ 549 $ (20) $ 9 $ 1,171 $ 355 $ 2,297 Supplemental information: Capital expenditures $ — $ 120 $ 86 $ 26 $ 30 $ 9 $ 5 $ 38 $ 2 $ — $ 316 Depreciation and amortization $ — $ 322 $ 111 $ 25 $ 20 $ 20 $ 8 $ 5 $ 7 $ — $ 518 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. Energy Disaggregated revenue for our Energy segment net sales is presented below: Year Ended December 31, 2019 2018 2017 (in millions) Petroleum products $ 5,960 $ 6,773 $ 5,657 Nitrogen fertilizer products 404 351 331 $ 6,364 $ 7,124 $ 5,988 Automotive Disaggregated revenue for our Automotive segment net sales and other revenues from operations is presented below: Year Ended December 31, 2019 2018 2017 (in millions) Automotive services $ 1,373 $ 1,321 $ 1,186 Aftermarket parts sales 1,511 1,537 1,537 $ 2,884 $ 2,858 $ 2,723 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. December 31, 2019 Investment Energy Automotive Food Packaging Metals Real Estate Home Fashion Mining Holding Company Consolidated (in millions) ASSETS Cash and cash equivalents $ 11 $ 652 $ 46 $ 22 $ 3 $ 53 $ 1 $ — $ 3,006 $ 3,794 Cash held at consolidated affiliated partnerships and restricted cash 989 — — 1 6 2 7 — 146 1,151 Investments 9,207 81 120 — — 15 — — 522 9,945 Accounts receivable, net — 182 143 78 32 4 36 — — 475 Inventories, net — 390 1,215 100 32 — 75 — — 1,812 Property, plant and equipment, net — 2,888 916 161 122 386 68 — — 4,541 Goodwill and intangible assets, net — 258 382 30 11 8 24 — — 713 Other assets 1,076 222 673 125 27 46 20 — 19 2,208 Total assets $ 11,283 $ 4,673 $ 3,495 $ 517 $ 233 $ 514 $ 231 $ — $ 3,693 $ 24,639 LIABILITIES AND EQUITY Accounts payable, accrued expenses and other liabilities $ 1,310 $ 1,180 $ 1,340 $ 196 $ 70 $ 38 $ 66 $ — $ 115 $ 4,315 Securities sold, not yet purchased, at fair value 1,190 — — — — — — — — 1,190 Debt — 1,195 405 268 7 2 18 — 6,297 8,192 Total liabilities 2,500 2,375 1,745 464 77 40 84 — 6,412 13,697 Equity attributable to Icahn Enterprises 4,296 1,312 1,750 40 156 474 147 — (2,719) 5,456 Equity attributable to non-controlling interests 4,487 986 — 13 — — — — — 5,486 Total equity 8,783 2,298 1,750 53 156 474 147 — (2,719) 10,942 Total liabilities and equity $ 11,283 $ 4,673 $ 3,495 $ 517 $ 233 $ 514 $ 231 $ — $ 3,693 $ 24,639 December 31, 2018 Investment Energy Automotive Food Packaging Metals Real Estate Home Fashion Mining Holding Company Consolidated (in millions) ASSETS Cash and cash equivalents $ 5 $ 668 $ 43 $ 46 $ 20 $ 39 $ 1 $ — $ 1,834 $ 2,656 Cash held at consolidated affiliated partnerships and restricted cash 2,648 — — 1 1 26 2 — 4 2,682 Investments 6,867 84 59 — — 15 — — 1,312 8,337 Accounts receivable, net — 169 149 74 48 3 31 — — 474 Inventories, net — 380 1,203 93 39 — 64 — — 1,779 Property, plant and equipment, net — 3,027 941 169 115 367 69 — — 4,688 Goodwill and intangible assets, net — 278 412 32 2 24 — — — 748 Other assets 1,230 225 217 96 8 34 5 299 11 2,125 Total assets $ 10,750 $ 4,831 $ 3,024 $ 511 $ 233 $ 508 $ 172 $ 299 $ 3,161 $ 23,489 LIABILITIES AND EQUITY Accounts payable, accrued expenses and other liabilities $ 181 $ 1,043 $ 905 $ 164 $ 56 $ 41 $ 35 $ 112 $ 178 $ 2,715 Securities sold, not yet purchased, at fair value 468 — — — — — — — — 468 Debt — 1,170 372 273 — 2 4 — 5,505 7,326 Total liabilities 649 2,213 1,277 437 56 43 39 112 5,683 10,509 Equity attributable to Icahn Enterprises 5,066 1,274 1,747 55 177 465 133 165 (2,522) 6,560 Equity attributable to non-controlling interests 5,035 1,344 — 19 — — — 22 — 6,420 Total equity 10,101 2,618 1,747 74 177 465 133 187 (2,522) 12,980 Total liabilities and equity $ 10,750 $ 4,831 $ 3,024 $ 511 $ 233 $ 508 $ 172 $ 299 $ 3,161 $ 23,489 Geographic Information The following table presents our consolidated geographic net sales from external customers, other revenues from operations and property, plant and equipment, net for the periods indicated: Net Sales Other Revenues From Operations Property, Plant and Equipment, Net Year Ended December 31, Year Ended December 31, December 31, 2019 2018 2017 2019 2018 2017 2019 2018 (in millions) United States $ 9,271 $ 10,170 $ 8,897 $ 652 $ 629 $ 716 $ 4,386 $ 4,458 International 449 406 409 14 18 27 155 230 $ 9,720 $ 10,576 $ 9,306 $ 666 $ 647 $ 743 $ 4,541 $ 4,688 Geographic locations for net sales and other revenues from operations are based on locations of the customers and geographic locations for property, plant, and equipment are based on the locations of the assets. |
Discontinued Operations (Notes)
Discontinued Operations (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations. [Abstract] | |
Discontinued Operations | Discontinued Operations. Income from discontinued operations is summarized as follows: Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Automotive Gaming Railcar Total Automotive Gaming Railcar Total Automotive Gaming Railcar Total Revenues: (in millions) Net sales $ — $ — $ — $ — $ 5,993 $ — $ 228 $ 6,221 $ 7,720 $ — $ 265 $ 7,985 Other revenues from operations — — — — — 679 213 892 — 898 197 1,095 Net gain on investment activities — — — — — — — — — — 2 2 Interest and dividend income — — — — 2 1 2 5 6 1 2 9 Gain (loss) on disposition of assets, net — — — — 65 — — 65 7 (1) — 6 Other income, net — — — — 5 1 13 19 31 27 3 61 — — — — 6,065 681 456 7,202 7,764 925 469 9,158 Expenses: Cost of goods sold — — — — 4,999 — 215 5,214 6,553 — 249 6,802 Other expenses from operations — — — — — 311 114 425 — 425 100 525 Selling, general and administrative — — — — 601 238 40 879 862 371 37 1,270 Restructuring, net — — — — 13 — — 13 21 — — 21 Impairment — — — — 2 — 4 6 25 — — 25 Interest expense — — — — 137 4 19 160 154 11 22 187 — — — — 5,752 553 392 6,697 7,615 807 408 8,830 Income (loss) from discontinued operations before gain (loss) on sale and income tax (expense) benefit — — — — 313 128 64 505 149 118 61 328 Gain (loss) on sale of discontinued operations — — — — 251 779 400 1,430 — (3) — (3) Income (loss) from discontinued operations before income tax (expense) benefit — — — — 564 907 464 1,935 149 115 61 325 Income tax (expense) benefit (32) — — (32) (69) (89) (13) (171) (33) (93) 35 (91) (Loss) income from discontinued operations (32) — — (32) 495 818 451 1,764 116 22 96 234 Less: income from discontinued operations attributable to non-controlling interests — — — — 7 17 20 44 11 13 53 77 (Loss) income from discontinued operations attributable to Icahn Enterprises $ (32) $ — $ — $ (32) $ 488 $ 801 $ 431 $ 1,720 $ 105 $ 9 $ 43 $ 157 Supplemental information: Capital expenditures $ — $ — $ — $ — $ 303 $ 58 $ 125 $ 486 $ 393 $ 112 $ 171 $ 676 Depreciation and amortization $ — $ — $ — $ — $ 100 $ 19 $ 47 $ 166 $ 397 $ 73 $ 58 $ 528 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes. The difference between the book basis and the tax basis of our net assets, not directly subject to income taxes, is as follows: Icahn Enterprises Icahn Enterprises Holdings December 31, December 31, 2019 2018 2019 2018 (in millions) (in millions) Book basis of net assets $ 5,456 $ 6,560 $ 5,453 $ 6,588 Book/tax basis difference (1,397) (1,940) (1,397) (1,940) Tax basis of net assets $ 4,059 $ 4,620 $ 4,056 $ 4,648 Income (loss) from continuing operations before income tax expense (benefit) is as follows: Year Ended December 31, 2019 2018 2017 (in millions) Domestic $ (1,765) $ 235 $ 1,836 International 26 (12) 30 $ (1,739) $ 223 $ 1,866 Income tax benefit (expense) attributable to continuing operations is as follows: Year Ended December 31, 2019 2018 2017 (in millions) Current: Domestic $ (106) $ (11) $ (15) International (3) (4) (13) Total current (109) (15) (28) Deferred: Domestic 87 30 547 International 2 (1) 13 Total deferred 89 29 560 $ (20) $ 14 $ 532 A reconciliation of the income tax benefit (expense) calculated at the federal statutory rate to income tax benefit (expense) on continuing operations as shown in the consolidated statements of operations is as follows: Year Ended December 31, 2019 2018 2017 (in millions) Income tax benefit (expense) at U.S. statutory rate $ 365 $ (47) $ (653) Tax effect from: Valuation allowance (63) (4) 529 Non-controlling interest (4) 26 (6) Goodwill impairment — (18) — Stock dispositions — 69 — Income not subject to taxation (314) 14 220 Enactment of U.S. tax legislation, net of valuation allowance — — 392 Other (4) (26) 50 Income tax benefit (expense) $ (20) $ 14 $ 532 The tax effect of significant differences representing deferred tax assets (liabilities) (the difference between financial statement carrying value and the tax basis of assets and liabilities) is as follows: December 31, 2019 2018 (in millions) Deferred tax assets: Property, plant and equipment $ 17 $ 17 Net operating loss 791 791 Tax credits 29 46 Capital loss 155 50 Leases 133 — Other 71 82 Total deferred tax assets 1,196 986 Less: Valuation allowance (619) (518) Net deferred tax assets $ 577 $ 468 Deferred tax liabilities: Property, plant and equipment $ (125) $ (129) Intangible assets (37) (33) Investment in partnerships (652) (699) Investment in U.S. subsidiaries (184) (184) Leases (125) — Other (61) (79) Total deferred tax liabilities (1,184) (1,124) $ (607) $ (656) We recorded deferred tax assets and deferred tax liabilities of $32 million and $639 million, respectively, as of December 31, 2019 and $38 million and $694 million, respectively, as of December 31, 2018. Deferred tax assets are included in other assets in our consolidated balance sheets. We analyze all positive and negative evidence to consider whether it is more likely than not that all of the deferred tax assets will be realized. Projected future income, tax planning strategies and the expected reversal of deferred tax liabilities are considered in making this assessment. As of December 31, 2019 we had a valuation allowance of approximately $619 million primarily related to tax loss and credit carryforwards and other deferred tax assets. The current and future provisions for income taxes may be significantly impacted by changes to valuation allowances. These allowances will be maintained until it is more likely than not that the deferred tax assets will be realized. For the year ended December 31, 2019, the valuation allowance on deferred tax assets increased by $101 million. The increase was primarily attributable to capital loss and state net operating loss carryforwards. At December 31, 2019, American Entertainment Properties Corp. (“AEPC”), a wholly-owned corporate subsidiary of Icahn Enterprises and Icahn Enterprises Holdings, which includes all or parts of our Automotive, Metals, Home Fashion and Real Estate segments had U.S federal net operating loss carryforwards of approximately $2.0 billion with expiration dates from 2029 through 2037. At December 31, 2019, CVR Energy had state income tax credits of $16 million, which are available to reduce future state income taxes. These credits can be carried forward indefinitely. At December 31, 2019, Viskase had U.S. federal net operating loss carryforwards of $58 million which will begin expiring in the year 2024 and forward, and foreign net operating loss carryforwards of $40 million with unlimited carryforward period and $5 million with a five-year carryforward period. 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 a result of the exchange offer, AEPC owned less than 80% of the common stock of CVR Energy and CVR Energy deconsolidated from the AEPC consolidated federal income tax group. Beginning with the tax period after the exchange, CVR Energy became the parent of a new consolidated group for U.S. federal income tax purposes and will file and pay its federal income tax obligations directly to the Internal Revenue Service. As of December 31, 2019, we have not provided taxes on approximately $61 million of undistributed earnings in foreign subsidiaries which are deemed to be indefinitely reinvested. If at some future date these earnings cease to be permanently reinvested, we may be subject to foreign income and withholding taxes upon repatriation of such amounts. An estimate of the tax liability that would be incurred upon repatriation of foreign earnings is not practicable to determine. Enactment of U.S. Tax Legislation In January 2018, the FASB released guidance on the accounting for tax on the global intangible low-taxed income (“GILTI”) provisions of The Tax Legislation. The GILTI provisions impose a tax on foreign income in excess of a deemed return on tangible assets of foreign corporations. We report additional tax from the GILTI inclusion as incurred and currently estimate no additional tax due in 2019. Under the Tax Legislation, an entity must pay a Base Erosion Anti-Abuse Tax (“BEAT”) if the BEAT is greater than its regular tax liability. We currently estimate no additional tax due in 2018 pursuant to the BEAT provisions. Accounting for Uncertainty in Income Taxes A summary of the changes in the gross amounts of unrecognized tax benefits for the years ended December 31, 2019, 2018 and 2017 are as follows: Year Ended December 31, 2019 2018 2017 (in millions) Balance at January 1 $ 34 $ 34 $ 52 Addition based on tax positions related to the current year 2 — — Increase for tax positions of prior years — 6 — Decrease for tax positions of prior years — — (3) Decrease for statute of limitation expiration (3) (6) (15) Balance at December 31 $ 33 $ 34 $ 34 At December 31, 2019, 2018 and 2017, we had unrecognized tax benefits of $33 million, $34 million and $34 million, respectively. Of these totals, $27 million, $30 million and $28 million represent the amount of unrecognized tax benefits that if recognized, would affect the annual effective tax rate in the respective periods. The total unrecognized tax benefits differ from the amount which would affect the effective tax rate primarily due to the impact of valuation allowances. During the next 12 months, CVR Energy believes that it is reasonably possible that unrecognized tax benefits of CVR Energy may decrease by approximately $3 million due to statute expirations. We do not anticipate any significant changes to the amount of our unrecognized tax benefits in our other business segments during the next 12 months. |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2019 | |
Changes in Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Income (Loss) [Text Block] | Changes in Accumulated Other Comprehensive Loss. Changes in accumulated other comprehensive loss consists of the following: Translation Adjustments, Net of Tax Post-Retirement Benefits and Other, Net of Tax Total (in millions) Balance, December 31, 2018 $ (38) $ (47) $ (85) Other comprehensive loss before reclassifications, net of tax (2) — (2) Reclassifications from accumulated other comprehensive loss to earnings, net of tax — 3 3 Other comprehensive (loss) income, net of tax (2) 3 1 Elimination of stranded tax effects resulting from tax legislation — (5) (5) Balance, December 31, 2019 $ (40) $ (49) $ (89) |
Other Income (Loss), Net
Other Income (Loss), Net | 12 Months Ended |
Dec. 31, 2019 | |
Other Income and Expenses [Abstract] | |
Other (Loss) Income, Net | Other Income, Net. Other income, net consists of the following: Year Ended December 31, 2019 2018 2017 (in millions) Other derivative loss $ — $ (1) $ (41) Dividend expense (5) (2) (10) Equity earnings from non-consolidated affiliates 21 7 1 Foreign currency transaction (loss) income (5) (1) 1 Tax settlement gain — — 38 Non-service pension and other post-retirement benefits expense (3) (8) (4) Gain (loss) on extinguishment of debt 2 — (12) Other 9 5 5 $ 19 $ — $ (22) |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies. Environmental Matters Due to the nature of our business, certain of our subsidiaries’ operations are subject to numerous existing and proposed laws and governmental regulations designed to protect the environment, particularly regarding plant wastes and emissions and solid waste disposal. Our consolidated environmental liabilities on an undiscounted basis were $34 million and $37 million as of December 31, 2019 and December 31, 2018, respectively, primarily within our Energy and Metals segments and which are included in accrued expenses and other liabilities in our consolidated balance sheets. We do not believe that environmental matters will have a material adverse impact on our consolidated results of operations and financial condition. Energy On August 21, 2018, CVR Refining received a letter from the United States Department of Justice (the “DOJ”) on behalf of the Environmental Protection Agency (the “EPA”) and Kansas Department of Health and Environment (“KDHE”) alleging violations of the Clean Air Act and a 2012 Consent Decree between CVR Refining, the United States (on behalf of the EPA) and KDHE at CVR Energy’s Coffeyville refinery. In September 2018, CVR Refining executed a tolling agreement with the DOJ and KDHE extending time for negotiation regarding the agencies’ allegations through March 2019, and this tolling agreement was extended through April 30, 2020. 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. As of December 31, 2019 and 2018, our Energy segment had environmental accruals of $6 million and $8 million, respectively, representing estimated costs for future remediation efforts at certain sites. Metals PSC Metals has been designated as a potentially responsible party (“PRP”) under U.S. federal and state superfund laws with respect to certain sites with which PSC Metals may have had a direct or indirect involvement. It is alleged that PSC Metals and its subsidiaries or their predecessors transported waste to the sites, disposed of waste at the sites or operated the sites in question. In addition, one of PSC Metals’ Knoxville, Tennessee locations was the subject of investigations by the State of Tennessee under the federal Superfund law. These investigations were performed by the State of Tennessee pursuant to a contract with the EPA. PSC Metals has entered into Tennessee’s Voluntary Clean-Up Oversight and Assistance Program (“VOAP”) and expects to enter into a settlement with the Tennessee Department of Environment and Conservation (“TDEC”) in the future. Currently, PSC Metals believes that it has adequately reserved for the cost of any potential future remediation associated with its Knoxville location, but cannot fully assess the impact of all costs or liabilities associated with TDEC’s investigations. With respect to all other matters in which PSC Metals has been designated as a PRP under U.S. federal and state superfund laws, PSC Metals has reviewed the nature and extent of the allegations, the number, connection and financial ability of other named and unnamed PRPs and the nature and estimated cost of the likely remedy. Based on reviewing the nature and extent of the allegations, PSC Metals has estimated its liability to remediate these other sites to be immaterial as of both December 31, 2019 and 2018. If it is determined that PSC Metals has liability to remediate those sites and that more expensive remediation approaches are required in the future, PSC Metals could incur additional obligations, which could be material to its operations. Certain of PSC Metals’ facilities are environmentally impaired in part as a result of operating practices at the sites prior to their acquisition by PSC Metals and as a result of PSC Metals’ operations. PSC Metals has established procedures to periodically evaluate these sites, giving consideration to the nature and extent of the contamination. PSC Metals has provided for the remediation of these sites based upon its management’s judgment and prior experience. PSC Metals has estimated the liability to remediate these sites to be $27 million and $27 million at December 31, 2019 and 2018, respectively. PSC Metals believes, based on past experience, that the vast majority of these environmental liabilities and costs will be assessed and paid over an extended period of time. PSC Metals believes that it will be able to fund such costs in the ordinary course of business. Estimates of PSC Metals’ liability for remediation of a particular site and the method and ultimate cost of remediation require a number of assumptions that are inherently difficult to make, and the ultimate outcome may be materially different from current estimates. Moreover, because PSC Metals has disposed of waste materials at numerous third-party disposal facilities, it is possible that PSC Metals will be identified as a PRP at additional sites. The impact of such future events cannot be estimated at the current time. Renewable Fuel Standards CVR Refining is subject to the Renewable Fuel Standard (“RFS”) of the EPA which requires refiners to either blend renewable fuels in with their transportation fuels or purchase renewable fuel credits, known as RINs, in lieu of blending. CVR Refining is not able to blend the substantial majority of its transportation fuels and has to purchase RINs on the open market and may have to obtain waiver credits for cellulosic biofuels from the EPA, in order to comply with the RFS. CVR Refining’s expenses for its compliance with RFS were $43 million, $60 million and $249 million for years ended December 31, 2019, 2018 and 2017, respectively, which are included in cost of goods sold in our consolidated financial statements. CVR Refining’s costs to comply with RFS include 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 the valuation change of RINs purchases in excess of CVR Refining’s RFS obligation as of the reporting date. As of December 31, 2019 and 2018, CVR Refining’s biofuel blending obligation was $7 million and $4 million, respectively, which is included in accrued expenses and other liabilities in our consolidated balance sheets. Litigation From time to time, we and our subsidiaries are involved in various lawsuits arising in the normal course of business. We do not believe that such normal routine litigation will have a material effect on our financial condition or results of operations. Energy CVR Energy, CVR Refining and its general partner, Icahn Enterprises and certain other affiliates and individuals have each been named in nine lawsuits filed in the Court of Chancery of the State of Delaware by purported former unitholders of CVR Refining, on behalf of themselves and an alleged class of similarly situated unitholders (the “Call Option Lawsuits”). The Call Option Lawsuits primarily allege breach of contract, tortious interference and breach of the implied covenant of good faith and fair dealing and seek monetary damages and attorneys’ fees, among other remedies, relating to CVR Energy’s exercise of the call option under the CVR Refining Amended and Restated Agreement of Limited Partnership assigned to it by CVR Refining’s general partner. In January 2020, the court dismissed CVR Holdings and certain former directors of CVR Refining’s general partner from the Call Option Lawsuits, though permitted some or all of the claims to proceed against each remaining defendant. CVR Energy believes the Call Option Lawsuits are without merit and intends to vigorously defend against them. The Call Option Lawsuits remain in the early stages of litigation. Accordingly CVR Energy cannot determine at this time the outcome of the Call Option Lawsuits, including whether the outcome of this matter would have a material impact on the its financial position, results of operations, or cash flows. Other Matters Pension Obligations Mr. Icahn, through certain affiliates, owns 100% of Icahn Enterprises GP and approximately 92.0% of Icahn Enterprises’ outstanding depositary units as of December 31, 2019. Applicable pension and tax laws make each member of a “controlled group” of entities, generally defined as entities in which there is at least an 80% common ownership interest, jointly and severally liable for certain pension plan obligations of any member of the controlled group. These pension obligations include ongoing contributions to fund the plan, as well as liability for any unfunded liabilities that may exist at the time the plan is terminated. In addition, the failure to pay these pension obligations when due may result in the creation of liens in favor of the pension plan or the Pension Benefit Guaranty Corporation (the “PBGC”) against the assets of each member of the controlled group. As a result of the more than 80% ownership interest in us by Mr. Icahn’s affiliates, we and our subsidiaries are subject to the pension liabilities of entities in which Mr. Icahn has a direct or indirect ownership interest of at least 80%, which includes the liabilities of pension plans sponsored by ACF. All the minimum funding requirements of the Internal Revenue Code, as amended, and the Employee Retirement Income Security Act of 1974, as amended, for the ACF plans have been met as of December 31, 2019. If the plans were voluntarily terminated, they would be underfunded by approximately $71 million as of December 31, 2019. These results are based on the most recent information provided by the plans’ actuary. These liabilities could increase or decrease, depending on a number of factors, including future changes in benefits, investment returns, and the assumptions used to calculate the liability. As members of the controlled group, we would be liable for any failure of ACF to make ongoing pension contributions or to pay the unfunded liabilities upon a termination of the ACF pension plans. In addition, other entities now or in the future within the controlled group in which we are included may have pension plan obligations that are, or may become, underfunded and we would be liable for any failure of such entities to make ongoing pension contributions or to pay the unfunded liabilities upon termination of such plans. The current underfunded status of the ACF pension plans requires them to notify the PBGC of certain “reportable events,” such as if we cease to be a member of the ACF controlled group, or if we make certain extraordinary dividends or stock redemptions. The obligation to report could cause us to seek to delay or reconsider the occurrence of such reportable events. Starfire Holding Corporation (“Starfire”), which is 99.6% owned by Mr. Icahn, has undertaken to indemnify us and our subsidiaries from losses resulting from any imposition of certain pension funding or termination liabilities that may be imposed on us and our subsidiaries or our assets as a result of being a member of the Icahn controlled group, including ACF. The Starfire indemnity provides, among other things, that so long as such contingent liabilities exist and could be imposed on us, Starfire will not make any distributions to its stockholders that would reduce its net worth to below $250 million. Nonetheless, Starfire may not be able to fund its indemnification obligations to us. Other 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 cooperated with the request and provided information in response to the subpoena. The U.S. Attorney’s office for the Southern District of New York contacted Icahn Enterprises L.P. in June 2018 seeking production of information pertaining to trading in Manitowoc Company, Inc. securities. We cooperated with the request and provided documents in response to the subpoena. The U.S. Attorney’s office has not made any claims or allegations against us or Mr. Icahn with respect to either of the foregoing inquiries. We maintain a strong compliance program and, while no assurances can be made, we do not believe these inquiries will have a material impact on our business, financial condition, results of operations or cash flows. Unconditional Purchase Obligations Unconditional purchase obligations are primarily within our Energy segment relating to commitments for petroleum products storage and transportation, electricity supply agreements, product supply agreements, commitments related to CVR Energy’s biofuel blending obligation and various agreements for gas and gas transportation. The minimum required payments for our Energy segment’s unconditional purchase obligations are as follows: Year Amount (in millions) 2020 $ 95 2021 80 2022 77 2023 75 2024 71 Thereafter 375 $ 773 CVR Energy is a party to various supply agreements which commit it to purchase minimum volumes of crude oil, hydrogen, oxygen, nitrogen, petroleum coke and natural gas to run its facilities’ operations. For the years ended December 31, 2019, 2018 and 2017, amounts purchased under these supply agreements totaled approximately $167 million, $214 million and $209 million, respectively. |
Pensions and Other Post-Retirem
Pensions and Other Post-Retirement Benefit Plans (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Pension, Other Post-Retirement Benefits and Employee Benefit Plans. [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | Pension and Other Post-Retirement Benefit Plans. Pension and other post-retirement benefit plan costs and obligations are primarily within our Food Packaging segment. Pension plans and other post-retirement benefit plans for other segments are not material and are not included in our disclosures below. Viskase sponsors several defined benefit pension plans, including defined contribution plans, varying by country and subsidiary. Additionally, Viskase sponsors health care and life insurance benefits for certain employees and retirees around the world. The pension benefits are funded based on the funding requirements of federal and international laws and regulations, as applicable, in advance of benefit payments and the other benefits are funded as benefits are provided to participating employees. Components of net periodic benefit cost (credit) are as follows: U.S. and Non-U.S. Pension Benefits Year Ended December 31, 2019 2018 2017 (in millions) Service cost $ — $ 1 $ 1 Interest cost 6 6 7 Expected return on plan assets (4) (5) (8) Amortization of actuarial losses 1 1 5 Settlement loss recognized — 7 — $ 3 $ 10 $ 5 The following table provides disclosures for Viskase’s benefit obligations, plan assets, funded status, and recognition in the consolidated balance sheets. As pension costs for Viskase are not material to our consolidated financial position and results of operations, we do not provide information regarding their inputs and valuation assumptions. U.S and Non-U.S. Pension Benefits 2019 2018 (in millions) Change in benefit obligation: Benefit obligation, beginning of year $ 148 $ 188 Service cost — 1 Interest cost 6 6 Benefits paid (7) (8) Actuarial (gain) loss 11 (10) Plan settlements — (28) Currency translation (4) (1) Benefit obligation, end of year 154 148 Change in plan assets: Fair value of plan assets, beginning of year 77 115 Actual return on plan assets 15 (6) Employer contributions 4 3 Plan settlements — (28) Benefits paid (7) (7) Fair value of plan assets, end of year 89 77 Funded status of the plan and amounts recognized in the consolidated balance sheets $ (65) $ (71) Amounts recognized in accumulated other comprehensive loss, inclusive of tax impacts $ (39) $ (44) Defined Benefit Plans Measured at Fair Value on a Recurring Basis The following table presents Viskase’s defined benefit plan assets measured at fair value on a recurring basis: December 31, 2019 December 31, 2018 Level 1 Level 2 Total Level 1 Level 2 Total (in millions) U.S. and Non-U.S. Plans: Cash and cash equivalents $ 3 $ — $ 3 $ 3 $ — $ 3 Government debt securities 1 2 3 1 2 3 Exchange traded funds 18 — 18 16 — 16 Mutual funds 26 2 28 22 2 24 Common stock 27 — 27 21 — 21 $ 75 $ 4 $ 79 $ 63 $ 4 $ 67 Investments measured at net asset value 11 10 Plan assets measured at fair value $ 90 $ 77 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow | Supplemental Cash Flow Information. Supplemental cash flow information consists of the following: Year Ended December 31, 2019 2018 2017 (in millions) Cash payments for interest, net of amounts capitalized $ 524 $ 484 $ 499 Net cash (receipts) payments for income taxes, net of refunds 64 20 39 Equity investment consideration received from sale of business — 1,241 — Acquisition of subsidiary common stock included in accrued expenses and other liabilities — — 51 Seller financing secured mortgages resulting from disposition of assets — — 375 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events. Icahn Enterprises Distribution On February 26, 2020, the Board of Directors of the general partner of Icahn Enterprises declared a quarterly distribution in the amount of $2.00 per depositary unit, which will be paid on or about April 28, 2020 to depositary unitholders of record at the close of business on March 20, 2020. Depositary unitholders will have until March 17, 2020 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 unitholders who elect to receive additional depositary units will receive units valued at the volume weighted average trading price of the units on NASDAQ during the 5 consecutive trading days ending April 24, 2020. 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. Debt Transactions |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Data (Unaudited) [Abstract] | |
Quarterly Financial Information | Quarterly Financial Data (Unaudited). Unaudited quarterly financial data for Icahn Enterprises is presented below: For the Three Months Ended March 31, June 30, September 30, December 31, 2019 2018 2019 2018 2019 2018 2019 2018 (in millions, except per unit data) Net sales $ 2,300 $ 2,364 $ 2,588 $ 2,819 $ 2,484 $ 2,815 $ 2,349 $ 2,578 Gross margin on net sales 400 377 459 392 415 443 235 362 Total revenues 1,855 2,983 2,196 3,423 2,320 2,569 2,621 2,802 Income (loss) from continuing operations (664) 367 (573) 410 (373) (334) (149) (206) Income (loss) from discontinued operations — 45 (24) 167 — 176 (8) 1,376 Net income (loss) (664) 412 (597) 577 (373) (158) (157) 1,170 Net loss (income) attributable to non-controlling interests (270) 280 (99) 275 (324) (276) — 240 Net income (loss) attributable to Icahn Enterprises $ (394) $ 132 $ (498) $ 302 $ (49) $ 118 $ (157) $ 930 Basic income (loss) per LP unit: Continuing operations $ (2.02) $ 0.55 $ (2.37) $ 0.81 $ (0.24) $ (0.24) $ (0.70) $ (2.30) Discontinued operations 0.00 0.19 (0.12) 0.85 0.00 0.88 (0.04) 10.31 $ (2.02) $ 0.74 $ (2.49) $ 1.66 $ (0.24) $ 0.64 $ (0.74) $ 8.01 Diluted income (loss) per LP unit: Continuing operations $ (2.02) $ 0.55 $ (2.37) $ 0.81 $ (0.24) $ (0.24) $ (0.70) $ (2.30) Discontinued operations 0.00 0.19 (0.12) 0.85 0.00 0.88 (0.04) 10.31 $ (2.02) $ 0.74 $ (2.49) $ 1.66 $ (0.24) $ 0.64 $ (0.74) $ 8.01 |
Schedule I
Schedule I | 12 Months Ended |
Dec. 31, 2019 | |
Icahn Enterprises (Parent) | |
Condensed Financial Statements, Captions [Line Items] | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | SCHEDULE I ICAHN ENTERPRISES, L.P. (Parent Company) CONDENSED BALANCE SHEETS December 31, 2019 2018 (In millions, except unit amounts) ASSETS Investments in subsidiaries, net $ 11,853 $ 12,189 Total Assets $ 11,853 $ 12,189 LIABILITIES AND EQUITY Accrued expenses and other liabilities $ 100 $ 124 Debt 6,297 5,505 6,397 5,629 Commitments and contingencies (Note 3) Equity: Limited partners: Depositary units: 214,078,558 and 191,366,097 units issued and outstanding at December 31, 2019 and 2018, respectively 6,268 7,350 General partner (812) (790) Total equity 5,456 6,560 Total Liabilities and Equity $ 11,853 $ 12,189 See notes to condensed financial statements. SCHEDULE I ICAHN ENTERPRISES, L.P. (Parent Company) CONDENSED STATEMENTS OF OPERATIONS Year Ended December 31, 2019 2018 2017 (In millions) Interest expense $ (350) $ (337) $ (323) Gain (loss) on extinguishment of debt 2 — (12) Equity in (loss) income of subsidiaries (750) 1,819 2,789 Net (loss) income $ (1,098) $ 1,482 $ 2,454 Net (loss) income allocated to: Limited partners $ (1,076) $ 2,039 $ 2,405 General partner (22) (557) 49 $ (1,098) $ 1,482 $ 2,454 See notes to condensed financial statements. SCHEDULE I ICAHN ENTERPRISES, L.P. (Parent Company) CONDENSED STATEMENTS OF CASH FLOWS Year Ended December 31, 2019 2018 2017 (In millions) Cash flows from operating activities: Net (loss) income $ (1,098) $ 1,482 $ 2,454 Adjustments to reconcile net (loss) income to net cash used in operating activities: Equity in loss (income) of subsidiary 750 (1,819) (2,789) (Gain) loss on extinguishment of debt (2) — 2 Other, net (25) 1 1 Net cash used in operating activities (375) (336) (332) Cash flows from investing activities: Net investment in and advances from subsidiary (363) 433 (210) Net cash (used in) provided by investing activities (363) 433 (210) Cash flows from financing activities: Partnership distributions (112) (97) (81) Partnership contributions 55 — 612 Proceeds from borrowings 2,507 — 2,470 Repayments of borrowings (1,700) — (2,450) Debt issuance costs and other (12) — (9) Net cash provided by (used in) financing activities 738 (97) 542 Net change in cash and cash equivalents and restricted cash and restricted cash equivalents — — — Cash and cash equivalents and restricted cash and restricted cash equivalents, beginning of period — — — Cash and cash equivalents and restricted cash and restricted cash equivalents, end of period $ — $ — $ — See notes to condensed financial statements. ICAHN ENTERPRISES L.P. (Parent Company) NOTES TO CONDENSED FINANCIAL STATEMENTS 1. Description of Business and Basis of Presentation. Icahn Enterprises, L.P. (“Icahn Enterprises”) is a master limited partnership formed in Delaware on February 17, 1987. We own a 99% limited partner interest in Icahn Enterprises Holdings L.P. (“'Icahn Enterprises Holdings”). Icahn Enterprises Holdings and its subsidiaries own substantially all of our assets and liabilities and conduct substantially all of our operations. Icahn Enterprises G.P. Inc., our sole general partner, which is owned and controlled by Carl C. Icahn, owns a 1% general partner interest in both us and Icahn Enterprises Holdings, representing an aggregate 1.99% general partner interest in us and Icahn Enterprises Holdings. As of December 31, 2019, Icahn Enterprises is engaged in the following continuing operating businesses: Investment, Energy, Automotive, Food Packaging, Metals, Real Estate and Home Fashion . For the years ended December 31, 2019, 2018 and 2017, Icahn Enterprises received (paid) $(363) million, $433 million and $(210) million, respectively, for (investments in) dividends and distributions from consolidated subsidiaries. The condensed financial statements of Icahn Enterprises should be read in conjunction with the consolidated financial statements and notes thereto included in Item 8 of this Report. 2. Debt. See Note 11, “Debt,” to the consolidated financial statements located in Item 8 of this Report. Icahn Enterprises' Parent company debt consists of the following: December 31, 2019 2018 (in millions) 6.000% senior unsecured notes due 2020 $ — $ 1,702 5.875% senior unsecured notes due 2022 1,345 1,344 6.250% senior unsecured notes due 2022 1,211 1,213 6.750% senior unsecured notes due 2024 498 498 4.750% senior unsecured notes due 2024 498 — 6.375% senior unsecured notes due 2025 748 748 6.250% senior unsecured notes due 2026 1,250 — 5.250% senior unsecured notes due 2027 747 — Total debt $ 6,297 $ 5,505 3. Commitments and Contingencies. See Note 18, “Commitments and Contingencies,” to the consolidated financial statements. |
Icahn Enterprises Holdings (Parent) | |
Condensed Financial Statements, Captions [Line Items] | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | SCHEDULE I ICAHN ENTERPRISES HOLDINGS L.P. (Parent Company) CONDENSED BALANCE SHEETS December 31, 2019 2018 (in millions) ASSETS Cash and cash equivalents $ 1,042 $ 30 Restricted cash 7 29 Investments 346 723 Other assets — 60 Investments in subsidiaries, net 10,474 11,355 Total Assets $ 11,869 $ 12,197 LIABILITIES AND EQUITY Accounts payable, accrued expenses and other liabilities $ 116 $ 131 Debt 6,300 5,509 6,416 5,640 Commitments and contingencies (Note 3) Equity: Limited partner 6,328 7,421 General partner (875) (864) Total equity 5,453 6,557 Total Liabilities and Equity $ 11,869 $ 12,197 See notes to condensed financial statements. SCHEDULE I ICAHN ENTERPRISES HOLDINGS L.P. (Parent Company) CONDENSED STATEMENTS OF OPERATIONS Year Ended December 31, 2019 2018 2017 (in millions) Interest and dividend income $ 14 $ 7 $ 2 Net (loss) gain from investment activities (377) (389) — Gain (loss) on disposition of assets 2 23 (1) Equity in (loss) income of subsidiaries (363) 2,200 2,763 Other income, net — 4 41 (724) 1,845 2,805 Interest expense 350 337 324 Selling, general and administrative 23 25 25 373 362 349 Net (loss) income $ (1,097) $ 1,483 $ 2,456 Net (loss) income allocated to: Limited partner $ (1,086) $ 2,060 $ 2,431 General partner (11) (577) 25 $ (1,097) $ 1,483 $ 2,456 See notes to condensed financial statements. SCHEDULE I ICAHN ENTERPRISES HOLDINGS L.P. (Parent Company) CONDENSED STATEMENTS OF CASH FLOWS Year Ended December 31, 2019 2018 2017 (in millions) Cash flows from operating activities: Net (loss) income $ (1,097) $ 1,483 $ 2,456 Adjustments to reconcile net (loss) income to net cash used in operating activities: Equity in loss (income) of subsidiary 363 (2,200) (2,763) (Gain) loss on disposition of assets (2) (23) 1 Investment gains 377 389 — Other, net (1) — (36) Change in operating assets and liabilities 45 8 18 Net cash used in operating activities (315) (343) (324) Cash flows from investing activities: Net investment in subsidiaries 567 238 (97) Other, net — 41 53 Net cash provided by investing activities 567 279 (44) Cash flows from financing activities: Partnership distributions (112) (97) (81) Partner contributions 55 — 612 Proceeds from borrowings 2,507 — 2,470 Repayments of borrowings (1,700) (21) (2,450) Debt issuance costs (12) — (7) Net cash provided by (used in) financing activities 738 (118) 544 Net change in cash and cash equivalents and restricted cash and restricted cash equivalents 990 (182) 176 Cash and cash equivalents and restricted cash and restricted cash equivalents, beginning of period 59 241 65 Cash and cash equivalents and restricted cash and restricted cash equivalents, end of period $ 1,049 $ 59 $ 241 See notes to condensed financial statements. ICAHN ENTERPRISES HOLDINGS L.P. (Parent Company) NOTES TO CONDENSED FINANCIAL STATEMENTS 1. Description of Business and Basis of Presentation. Icahn Enterprises Holdings L.P. (“Icahn Enterprises Holdings”) is a limited partnership formed in Delaware on February 17, 1987. Our sole limited partner is Icahn Enterprises L.P., a master limited partnership which owns a 99% interest in us. Icahn Enterprises G.P. Inc., our sole 1% general partner, is a Delaware corporation which is owned and controlled by Carl C. Icahn. As of December 31, 2019, Icahn Enterprises Holdings is engaged in the following continuing operating businesses: Investment, Energy, Automotive, Food Packaging, Metals, Real Estate and Home Fashion . For the years ended December 31, 2019, 2018 and 2017, Icahn Enterprises Holdings received (paid) $567 million, $238 million and $(97) million, respectively, in dividends and distributions from consolidated subsidiaries. The condensed financial statements of Icahn Enterprises Holdings should be read in conjunction with the consolidated financial statements and notes thereto included in Item 8 of this Report. 2. Debt. See Note 11, “Debt,” to the consolidated financial statements located in Item 8 of this Report. Icahn Enterprises Holdings’ Parent company debt consists of the following: December 31, 2019 2018 (in millions) 6.000% senior unsecured notes due 2020 $ — $ 1,703 5.875% senior unsecured notes due 2022 1,345 1,344 6.250% senior unsecured notes due 2022 1,211 1,214 6.750% senior unsecured notes due 2024 499 499 4.750% senior unsecured notes due 2024 499 — 6.375% senior unsecured notes due 2025 749 749 6.250% senior unsecured notes due 2026 1,250 — 5.250% senior unsecured notes due 2027 747 — Total debt $ 6,300 $ 5,509 3. Commitments and Contingencies. See Note 18, “Commitments and Contingencies,” to the consolidated financial statements. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Line Items] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation As of December 31, 2019 , our consolidated financial statements include the accounts of (i) Icahn Enterprises and Icahn Enterprises Holdings and (ii) the wholly and majority owned subsidiaries of Icahn Enterprises and Icahn Enterprises Holdings, in addition to variable interest entities (“VIEs”) in which we are the primary beneficiary. In evaluating whether we have a controlling financial interest in entities that we consolidate, we consider the following: (1) for voting interest entities, including limited partnerships and similar entities that are not VIEs, we consolidate these entities in which we own a majority of the voting interests; and (2) for VIEs, we consolidate these entities in which we are the primary beneficiary. See below for a discussion of our VIEs. Kick-out rights, which are the rights underlying the limited partners’ ability to dissolve the limited partnership or otherwise remove the general partners, held through voting interests of partnerships and similar entities that are not VIEs are considered the equivalent of the equity interests of corporations that are not VIEs. |
Equity Method Investments [Policy Text Block] | 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. |
Held for sale policy [Policy Text Block] | Discontinued Operations and Held For Sale We classify assets and liabilities as held for sale when management, having the authority to approve the action, commits to a plan to sell the disposal group, the sale is probable within one year, and the disposal group is available for immediate sale |
Accounting change | Change in Accounting PrincipleEffective January 1, 2019, CVR Energy revised its accounting policy method for the costs of planned major maintenance activities (“turnarounds”) specific to its petroleum business from being expensed as incurred (the direct expensing method) to the deferral method. Turnarounds are planned shutdowns of refinery processing units for significant overhaul and refurbishment. Under the deferral method, the costs of turnarounds are deferred and amortized on a straight-line basis over a four-year period, which represents the estimated time until the next turnaround occurs. The new method of accounting for turnarounds is considered preferable as it is more consistent with the accounting policy of CVR Energy’s peer companies and better reflects the economic substance of the benefits earned from turnaround expenditures. The comparative consolidated balance sheet as of December 31, 2018 and the consolidated statements of operations and cash flows for the years ended December 31, 2018 and 2017 have been retrospectively adjusted to apply the new accounting method. These turnaround costs, and related accumulated amortization, are included within other assets in the consolidated balance sheets. The amortization expense related to turnaround costs is included in cost of goods sold in the consolidated statement of operations. CVR Partners will continue to follow the direct expensing method, therefore this change had no impact on its current or comparative consolidated financial statements |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates in Preparation of Financial Statements The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the period. Due to the inherent uncertainty involved in making estimates, actual results may differ from the estimates and assumptions used in preparing the consolidated financial statements. |
Reclassification, Policy [Policy Text Block] | Reclassifications Certain reclassifications have been made from prior year presentations to conform to the current year presentation. |
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | Consolidated Variable Interest Entities The following is a discussion of variable interest entities in which we are deemed to be the primary beneficiary and in which we therefore consolidate. In addition, as discussed in Note 3, “Related Party Transactions,” we have a variable interest in an entity in which we are not the primary beneficiary and therefore we do not consolidate. Icahn Enterprises Holdings We determined that Icahn Enterprises Holdings is a VIE because it is a limited partnership that lacks both substantive kick-out and participating rights. Although Icahn Enterprises is not the general partner of Icahn Enterprises Holdings, Icahn Enterprises is deemed to be the primary beneficiary of Icahn Enterprises Holdings principally based on its 99% limited partner interest in Icahn Enterprises Holdings, as well as our related party relationship with the general partner, and therefore continues to consolidate Icahn Enterprises Holdings. The consolidated financial statements of Icahn Enterprises Holdings are included in this Report. The balances with respect to Icahn Enterprises Holdings’ consolidated VIEs are discussed below, comprising the Investment Funds, CVR Refining (prior to January 2019), CVR Partners and Viskase’s joint venture. Investment We determined that each of the Investment Funds are considered VIEs because these limited partnerships lack both substantive kick-out and participating rights. Because we have a general partner interest in each of the Investment Funds and have significant limited partner interests in each of the Investment Funds, coupled with our significant exposure to losses and benefits in each of the Investment Funds, we are the primary beneficiary of each of the Investment Funds and therefore continue to consolidate each of the Investment Funds. Energy CVR Refining (prior to January 2019) and CVR Partners are each considered VIEs because each of these limited partnerships lack both substantive kick-out and participating rights. In addition, CVR Energy also concluded that, based upon its general partner’s roles and rights in CVR Refining and CVR Partners as afforded by their respective partnership agreements, coupled with its exposure to losses and benefits in each of CVR Refining and CVR Partners through its significant limited partner interests, intercompany credit facilities and services agreements, it is the primary beneficiary of both CVR Refining (prior to January 2019) and CVR Partners. Beginning in January 2019, CVR Refining is no longer considered a VIE as it is a wholly-owned subsidiary of CVR Energy. Food Packaging |
Business Combinations Policy [Policy Text Block] | Acquisitions of Businesses We account for business combinations under the acquisition method of accounting (other than acquisitions of businesses under common control), which requires us to recognize separately from goodwill the assets acquired and the liabilities assumed at their acquisition date fair values. While we use our best estimates and assumptions to accurately value assets acquired and liabilities assumed at the acquisition date as well as contingent consideration, where applicable, our estimates are inherently uncertain and subject to refinement. |
Common control acquisitions and dispositions [Policy Text Block] | Acquisition, Investments and Disposition of Entities under Common Control Acquisitions or investments of entities under common control are reflected in a manner similar to pooling of interests. The general partner’s capital account or non-controlling interests, as applicable, are charged or credited for the difference between the consideration we pay for the entity and the related entity’s basis prior to our acquisition or investment. Net gains or losses of an acquired entity prior to its acquisition or investment date are allocated to the general partner’s capital account or non-controlling interests, as applicable. In allocating gains and losses upon the sale of a previously acquired common control entity, |
Statement of cash flow, policy [Policy Text Block] | Cash FlowCash and cash equivalents and restricted cash and restricted cash equivalents in our consolidated statements of cash flows is comprised of (i) cash and cash equivalents and (ii) cash held at consolidated affiliated partnerships and restricted cash. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents We consider short-term investments, which are highly liquid with original maturities of three months or less at date of purchase, to be cash equivalents. |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Held at Consolidated Affiliated Partnerships and Restricted Cash Our cash held at consolidated affiliated partnerships balance was $86 million and $2,648 million as of December 31, 2019 and 2018, respectively. Cash 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. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments The carrying values of cash and cash equivalents, cash held at consolidated affiliated partnerships and restricted cash, accounts receivable, due from brokers, 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 Note 5, “ Fair Value Measurements ,” for a detailed discussion of our investments and other non-financial assets and/or liabilities . The fair value of our long-term debt is based on the quoted market prices for the same or similar issues or on the current rates offered to us for debt of the same remaining maturities. The carrying value and estimated fair value of our debt as of December 31, 2019 was approximately $8.2 billion and $7.7 billion, respectively. The carrying value and estimated fair value of our debt as of December 31, 2018 was approximately $7.3 billion and $7.3 billion, respectively. |
Derivatives, Policy [Policy Text Block] | DerivativesFrom time to time, our subsidiaries enter into derivative contracts, including purchased and written option contracts, swap contracts, futures contracts and forward contracts. U.S. GAAP requires recognition of all derivatives as either assets or liabilities in the balance sheet at their fair value. The accounting for changes in fair value depends on the intended use of the derivative and its resulting designation. For those derivative instruments that are designated and qualify as hedging instruments, a company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation. Gains and losses related to a hedge are either recognized in income immediately to offset the gain or loss on the hedged item or are deferred and reported as a component of accumulated other comprehensive loss and subsequently recognized in earnings when the hedged item affects earnings. The change in fair value of the ineffective portion of a financial instrument, determined using the hypothetical derivative method, is recognized in earnings immediately. The gain or loss related to financial instruments that are not designated as hedges are recognized immediately in earnings. Cash flows related to hedging activities are included in the operating section of the consolidated statements of cash flows. For further information regarding our derivative contracts, see Note 6, “Financial Instruments |
Fair Value Measurement, Policy | Fair Value Option for Financial Assets and Financial Liabilities The fair value option gives entities the option to measure eligible financial assets, financial liabilities and firm commitments at fair value (i.e., the fair value option), on an instrument-by-instrument basis, that are otherwise not permitted to be accounted for at fair value pursuant to the provisions of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 825, Financial Instrument s. The election to use the fair value option is available when an entity first recognizes a financial asset or financial liability or upon entering into a firm commitment. Subsequent changes in fair value must be recorded in earnings. In estimating the fair value for financial instruments for which the fair value option has been elected, we use the valuation methodologies in accordance to where the financial instruments are classified within the fair value hierarchy as discussed in Note 5, “Fair Value Measurements.” For our Investment segment, we apply the fair value option to our investments that would otherwise be accounted under the equity method. |
Accounts Receivable [Policy Text Block] | Accounts Receivable, Net Accounts receivable, net consists of trade receivables from customers, including contract assets when we have an unconditional right to receive consideration. An allowance for doubtful accounts is determined through analysis of the aging of accounts receivable at the date of the consolidated financial statements, assessments of collectability based on an evaluation of historic and anticipated trends, the financial condition of our customers, and an evaluation of the impact of economic conditions. Our allowance for doubtful accounts is an estimate based on specifically identified accounts as well as general reserves based on historical experience. |
Property, Plant and Equipment, Policy [Policy Text Block] | Long-Lived Assets Long-lived assets such as property, plant, and equipment, and definite-lived intangible assets are recorded at cost or fair value established at acquisition, less accumulated depreciation or amortization, unless the expected future use of the assets indicate a lower value is appropriate. Long-lived asset groups are evaluated for impairment when impairment indicators exist. If the carrying value of a long-lived asset group is impaired, an impairment charge is recorded for the amount by which the carrying value of the long-lived asset group exceeds its fair value. Depreciation and amortization are computed principally by the straight-line method for financial reporting purposes. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Indefinite-Lived Intangible Assets Goodwill and indefinite-lived intangible assets primarily include trademarks and brand names acquired in acquisitions. For a complete discussion of the impairment of goodwill and indefinite-lived intangible assets related to our various segments, see Note 9, “Goodwill and Intangible Assets, Net.” |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Goodwill Goodwill is determined as the excess of fair value over amounts attributable to specific tangible and intangible net assets. Goodwill is reviewed for impairment annually, or more frequently if impairment indicators exist. An impairment exists when a reporting unit’s carrying value exceeds its fair value. When performing the goodwill impairment testing, we first consider qualitative factors to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying amount. Qualitative factors include considering macroeconomic conditions, industry and market conditions, overall financial performance and other factors. If necessary, a quantitative impairment test is performed. When a quantitative impairment test is performed, a reporting units’ fair value is based on valuation techniques using the best available information, primarily discounted cash flows projections, guideline transaction multiples, and multiples of current and future earnings. The impairment charge, if any, is the excess of the tested reporting unit’s carrying value over its fair value, limited to the total amount of goodwill allocated to the tested reporting unit. Indefinite-Lived Intangible Assets Indefinite-lived intangible assets are stated at fair value established at acquisition or cost. These indefinite-lived intangible assets are reviewed for impairment annually, or more frequently if impairment indicators exist. An impairment exists when a trademark or brand names’ carrying value exceeds its fair value. The fair values of these assets are based upon the prospective stream of hypothetical after-tax royalty cost savings discounted at rates that reflect the rates of return appropriate for these intangible assets. The impairment charge, if any, is the excess of the assets carrying value over its fair value. |
Pension and Other Postretirement Plans, Policy [Policy Text Block] | Pension and Other Post-Retirement Benefit Plan Obligations Post-retirement benefit liabilities were $73 million and $77 million as of December 31, 2019 and 2018, respectively, and are included in accrued expenses and other liabilities in our consolidated balance sheets. |
General partnership policy [Policy Text Block] | General Partnership Interest of Icahn Enterprises and Icahn Enterprises Holdings The general partner’s capital account generally consists of its cumulative share of our net income less cash distributions plus capital contributions. Additionally, in acquisitions of common control companies accounted for at historical cost similar to a pooling of interests, the general partner’s capital account would be charged (or credited) in a manner similar to a distribution (or contribution) for the excess (or deficit) of the fair value of consideration paid over historical basis in the business acquired. Capital Accounts, as defined under the Partnership Agreement, are maintained for our general partner and our limited partners. The capital account provisions of our Partnership Agreement incorporate principles established for U.S. federal income tax purposes and are not comparable to the equity accounts reflected under U.S. GAAP in our consolidated financial statements. Under our Partnership Agreement, the general partner is required to make additional capital contributions to us upon the issuance of any additional depositary units in order to maintain a capital account balance equal to 1.99% (1% in the case of Icahn Enterprises Holdings) of the total capital accounts of all partners. Generally, net earnings for U.S. federal income tax purposes are allocated 1.99% (1% in the case of Icahn Enterprises Holdings) and 98.01% (99% in the case of Icahn Enterprises Holdings) between the general partner and the limited partners, respectively, in the same proportion as aggregate cash distributions made to the general partner and the limited partners during the period. This is generally consistent with the manner of allocating net income under our Partnership Agreement; however, it is not comparable to the allocation of net income reflected in our consolidated financial statements. Pursuant to the Partnership Agreement, in the event of our dissolution, after satisfying our liabilities, our remaining assets would be divided among our limited partners and the general partner in accordance with their respective percentage interests under the Partnership Agreement. If a deficit balance still remains in the general partner’s capital account after all allocations are made between the partners, the general partner would not be required to make whole any such deficit. |
Earnings Per Share, Policy [Policy Text Block] | Basic and Diluted Income Per LP Unit For Icahn Enterprises, basic income (loss) per LP unit is based on net income or loss attributable to Icahn Enterprises allocated to limited partners. Net income or loss allocated to limited partners is divided by the weighted-average number of LP units outstanding. Diluted income (loss) per LP unit, when applicable, is based on basic income (loss) adjusted for the potential effect of dilutive securities as well as the related weighted-average number of units and equivalent units outstanding. |
Income Tax, Policy [Policy Text Block] | Income Taxes Except as described below, no provision has been made for federal, state, local or foreign income taxes on the results of operations generated by partnership activities, as such taxes are the responsibility of the partners. Provision has been made for federal, state, local or foreign income taxes on the results of operations generated by our corporate subsidiaries and these are reflected within continuing and discontinued operations. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred tax assets are limited to amounts considered to be realizable in future periods. A valuation allowance is recorded against deferred tax assets if management does not believe that we have met the “more-likely-than-not” standard to allow recognition of such an asset. U.S. GAAP provides that the tax effects from an uncertain tax position can be recognized in the financial statements only if the position is “more-likely-than-not” to be sustained if the position were to be challenged by a taxing authority. The assessment of the tax position is based solely on the technical merits of the position, without regard to the likelihood that the tax position may be challenged. If an uncertain tax position meets the “more-likely-than-not” threshold, the largest amount of tax benefit that is greater than 50 percent likely to be recognized upon ultimate settlement with the taxing authority is recorded. See Note 15, “Income Taxes,” for additional information. |
Lessee, Leases | Leases As discussed below, on January 1, 2019, we adopted FASB ASC Topic 842, Leases , using the modified retrospective approach, which does not require the application of this Topic to periods prior to January 1, 2019. The application of this Topic requires the recognition of right-of-use assets and related lease liabilities on the balance sheet for operating leases in which we are the lessee beginning in 2019. Financing leases under current U.S. GAAP are classified and accounted for in substantially the same manner as capital leases under prior U.S. GAAP and therefore, we do not distinguish between financing leases and capital leases unless the context requires. The determination of whether an arrangement is or contains a lease occurs at inception. We account for arrangements that contain lease and non-lease components as a single lease component for all classes of underlying assets. Leases in which we are the lessor are primarily within our Real Estate segment. Refer to Real Estate below for further discussion. In addition, all of our businesses, including our Real Estate segment, enter into lease arrangements as the lessee. The following is our accounting policy for leases in which we are the lessee. All Segments and Holding Company Leases are classified as either operating or financing by the lessee depending on whether or not the lease terms provide for control of the underlying asset to be transferred to the lessee. When control transfers to the lessee, we classify the lease as a financing lease. All other leases are recorded as operating leases. Effective January 1, 2019, for all leases with an initial lease term in excess of twelve months, we record a right-of-use asset with a corresponding liability in the consolidated balance sheet. Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at commencement of the lease based on the present value of the lease payments over the lease term. Right-of-use assets are adjusted for any lease payments made on or before commencement of the lease, less any lease incentives received. As most of our leases do not provide an implicit rate, we use the incremental borrowing rate with respect to each of our businesses based on the information available at commencement of the lease in determining the present value of lease payments. We use the implicit rate when readily determinable. The lease terms used in the determination of our right-of-use assets and lease liabilities reflect any options to extend or terminate the lease when it is reasonably certain that we will exercise such option. We and our subsidiaries, independently of each other, apply a portfolio approach to account for the right-of-use assets and lease liabilities when we or our subsidiaries do not believe that applying the portfolio approach would be materially different from accounting for right-of-use assets and lease liabilities individually. |
Lessor, Leases | Real Estate Leases are classified as either operating, sales-type or direct financing by the lessor. Our Real Estate segment’s net lease portfolio consists of commercial real estate leased to others under long-term operating leases and we account for these leases in accordance with FASB ASC Topic 842. These assets leased to others are recorded at cost, net of accumulated depreciation, and are included in property, plant and equipment, net on our consolidated balance sheets. Assets leased to others are depreciated on a straight-line basis over the useful lives of the assets, ranging from 5 years to 39 years. Lease revenue is recognized on a straight-line basis over the lease term. Cash receipts for all lease payments received are included in net cash flows from operating activities in the consolidated statements of cash flows. Our Real Estate segment’s accounting policy for assets leased to others is not significantly different from prior periods. |
Environmental Costs, Policy [Policy Text Block] | Environmental Liabilities We recognize environmental liabilities when a loss is probable and reasonably estimable. Estimates of these costs are based upon currently available facts, internal and third-party assessments of contamination, available remediation technology, site-specific costs, and currently enacted laws and regulations. In reporting environmental liabilities, no offset is made for potential recoveries. Loss contingency accruals, including those for environmental remediation, are subject to revision as further information develops or circumstances change, and such accruals can take into account the legal liability of other parties. Environmental expenditures are capitalized at the time of the expenditure when such costs provide future economic benefits. |
Commitments and Contingencies, Policy [Policy Text Block] | Litigation On an ongoing basis, we assess the potential liabilities related to any lawsuits or claims brought against us. While it is typically very difficult to determine the timing and ultimate outcome of such actions, we use our best judgment to determine if it is probable that we will incur an expense related to the settlement or final adjudication of such matters and whether a reasonable estimation of such probable loss, if any, can be made. In assessing probable losses, we make estimates of the amount of insurance recoveries, if any. We accrue a liability when we believe a loss is probable and the amount of loss can be reasonably estimated. Due to the inherent uncertainties related to the eventual outcome of litigation and potential insurance recovery, it is possible that certain matters may be resolved for amounts materially different from any provisions or disclosures that we have previously made. |
Concentration Risk, Credit Risk, Policy | Concentrations of credit risk Concentrations of credit risk relate primarily to derivative instruments from our Investment segment. See Note 6, “Financial Instruments,” for further discussion. In addition, at our Holding Company, financial instruments that potentially subject us to concentrations of credit risk are primarily cash and cash equivalent deposits. These cash and cash equivalent deposits are maintained with several financial institutions. The deposits held at the various financial institutions may exceed federally insured limits. Exposure to this credit risk is reduced by placing such deposits with major financial institutions and monitoring their credit ratings and, therefore, these deposits bear minimal credit risk. |
New Accounting Pronouncements, Policy [Policy Text Block] | Adoption of New Accounting Standards Lease Accounting Standards Updates In February 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) , which supersedes FASB ASC Topic 840, Leases . This ASU requires the recognition of right-of-use assets and lease liabilities by lessees for those leases classified as operating leases under previous guidance. In addition, among other changes to the accounting for leases, this ASU retains the distinction between finance leases and operating leases. The classification criteria for distinguishing between financing leases and operating leases are substantially similar to the classification criteria for distinguishing between capital leases and operating leases under previous guidance. Furthermore, quantitative and qualitative disclosures, including disclosures regarding significant judgments made by management, will be required. This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The amendments in this ASU should be applied using a modified retrospective approach. In addition, in July 2018, the FASB issued ASU 2018-11, Leases (Topic 842), which provides an additional (and optional) transition method to adopt the new leases standard. We adopted the new leases standards using the new transition method option effective January 1, 2019, which required a cumulative-effect adjustment recognized in equity at such date. No adjustment to prior period presentation and disclosure were required. The most significant impact related to the recognition of right-of-use assets and lease liabilities in the consolidated balance sheets for long-term operating leases with the significant majority of the impact within our Automotive segment, and to a lesser extent, our Energy and Food Packaging segments. Our Automotive segment has identified approximately 2,300 leases, primarily for real estate (operating leases) and vehicles (financing leases) and recognized operating lease right-of-use assets of $589 million (which includes the impact of above market leases, net of below market leases) and related liabilities of $621 million as of January 1, 2019 as well as additional financing lease right-of-use assets and obligations of $20 million and $22 million, respectively. Our Energy segment recognized operating lease right-of-use assets and liabilities of $56 million and additional financing lease right-of-use assets and obligations of $26 million and $23 million, respectively, as of January 1, 2019. Our Food Packaging segment recognized operating lease right-of-use assets and liabilities of $35 million and $39 million, respectively, as of January 1, 2019. The aggregate impact for all other segments and our Holding Company was the recognition of operating lease right-of-use assets and liabilities of $34 million and $28 million, respectively, as of January 1, 2019. Other Accounting Standards Updates In March 2017, the FASB issued ASU 2017-08, Premium Amortization on Purchased Callable Debt Securities , which amends FASB ASC Sub-Topic 310-20, Receivables-Nonrefundable Fees and Other Costs . This ASU amends the amortization period for certain purchased callable debt securities held at a premium by shortening the amortization period for the premium to the earliest call date. This ASU is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. We have adopted this standard on January 1, 2019 using the modified retrospective application method. The adoption of this standard did not have a significant impact on our consolidated financial statements. In August 2017, the FASB issued ASU 2017-12, Targeted Improvements to Accounting for Hedging Activities , which amends FASB ASC Topic 815, Derivatives and Hedging . This ASU includes amendments to existing guidance to better align 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 |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | Recently Issued Accounting Standards In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments , which amends FASB ASC Topic 326, Financial Instruments - Credit Losses. In addition, in May 2019, the FASB issued ASU 2019-05, Targeted Transition Relief , which updates FASB ASU 2016-13. These ASU’s require 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. These ASU’s are 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. Most of our financial assets are excluded from the requirements of this standard as they are measured at fair value or are subject to other accounting standards. In addition, certain of our other financial assets are short-term in nature and therefore are not likely to be subject to significant credit losses beyond what is already recorded under current accounting standards. As a result, we currently do not anticipate this standard to have a significant impact on our consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurements , which amends FASB ASC Topic 820, Fair Value Measurements . This ASU eliminates, modifies and adds various disclosure requirements for 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. The various disclosure requirements being eliminated, modified or added are not significant to us. As a result, we currently do not anticipate this standard to have a significant impact on our consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract , which amends FASB ASC Subtopic 350-40, Intangibles-Goodwill and Other-Internal-Use Software . 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 currently do not anticipate this standard to have a significant impact on our consolidated financial statements. |
Investment Segment | |
Accounting Policies [Line Items] | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Values of Financial Instruments. The fair values of the Investment Funds’ assets and liabilities that qualify as financial instruments under applicable U.S. GAAP approximate the carrying amounts presented in the consolidated balance sheets. |
Investment, Policy [Policy Text Block] | Investment Investment Transactions and Related Investment Income (Loss). Investment transactions of the Investment Funds are recorded on a trade date basis. Realized gains or losses on sales of investments are based on the first-in, first-out or the specific identification method. Realized and unrealized gains or losses on investments are recorded in the consolidated statements of operations. Interest income and expenses are recorded on an accrual basis and dividends are recorded on the ex-dividend date. Premiums and discounts on fixed income securities are amortized using the effective yield method. Investments held by our Investment segment are carried at fair value. Our Investment segment applies the fair value option to those investments that are otherwise subject to the equity method of accounting. Valuation of Investments. Securities of the Investment Funds that are listed on a securities exchange are valued at their last sales price on the primary securities exchange on which such securities are traded on such date. Securities that are not listed on any exchange but are traded over-the-counter are valued at the mean between the last “bid” and “ask” price for such security on such date. Securities and other instruments for which market quotes are not readily available are valued at fair value as determined in good faith by the Investment Funds. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Transactions. The books and records of the Investment Funds are maintained in U.S. dollars. Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the rate of exchange in effect at the balance sheet date. Transactions during the period denominated in currencies other than U.S. dollars are translated at the rate of exchange applicable on the date of the transaction. Foreign currency translation gains and losses are recorded in the consolidated statements of operations. The Investment Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities. Such fluctuations are reflected in net gain (loss) from investment activities in the consolidated statements of operations. |
Securities sold, not yet purchased [Policy Text Block] | Securities Sold, Not Yet Purchased. The Investment Funds may sell an investment they do not own in anticipation of a decline in the fair value of that investment. When the Investment Funds sell an investment short, they must borrow the investment sold short and deliver it to the broker-dealer through which they made the short sale. A gain, limited to the price at which the Investment Funds sold the investment short, or a loss, unlimited in amount, will be recognized upon the cover of the short sale. |
Due to and from Broker [Policy Text Block] | Due From Brokers. Due from brokers represents cash balances with the Investment Funds’ clearing brokers. These funds as well as fully-paid for and marginable securities are essentially restricted to the extent that they serve as collateral against securities sold, not yet purchased. Due from brokers may also include unrestricted balances with derivative counterparties. Due To Brokers. Due to brokers represents margin debit balances collateralized by certain of the Investment Funds’ investments in securities. |
Allocation of profits and losses in consolidated affiliated partnerships [Policy Text Block] | Allocation of Net Profits and Losses in Consolidated Affiliated PartnershipsNet investment income and net realized and unrealized gains and losses on investments of the Investment Funds are allocated to the respective partners of the Investment Funds based on their percentage ownership in such Investment Funds on a monthly basis. Except for our limited partner interest, such allocations made to the limited partners of the Investment Funds are represented as non-controlling interests in our consolidated statements of operations. |
Energy Segment | |
Accounting Policies [Line Items] | |
Inventory, Policy [Policy Text Block] | Energy Our Energy segment inventories consist primarily of domestic and foreign crude oil, blending stock and components, work in progress, fertilizer products, and refined fuels and by-products. Inventories are valued at the lower of FIFO cost, or net realizable value for fertilizer products, refined fuels and by-products for all periods presented. Refinery unfinished and finished |
Revenue [Policy Text Block] | 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. The petroleum business’ contracts with its customers state the terms of the sale, including the description, quantity, and price of each product sold. Depending on the product sold, and the type of contract, payments from customers are generally due in full within 30 days of product delivery or invoice date. 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. |
Shipping and Handling Cost, Policy [Policy Text Block] | Energy Shipping Costs: Our Energy segment’s pass-through finished goods delivery costs reimbursed by customers are reported in net sales, while an offsetting expense is included in cost of goods sold. |
Automotive Segment | |
Accounting Policies [Line Items] | |
Revenue [Policy Text Block] | AutomotiveRevenue: 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 parts 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 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. |
Shipping and Handling Cost, Policy [Policy Text Block] | Automotive Shipping Costs: Our Automotive segment recognizes shipping and handling costs as incurred and is included in selling, general and administrative in the consolidated statements of operations for its commercial and retail parts businesses. |
Food Packaging Segment | |
Accounting Policies [Line Items] | |
Revenue [Policy Text Block] | Food Packaging Our Food Packaging segment revenues are recognized at the time products are shipped to the customer, under F.O.B. shipping point or F.O.B. port terms, which is the point at which title is transferred, the customer has the assumed risk of loss, and payment has been received or collection is reasonably assumed. Revenues are net of discounts, rebates and allowances. Viskase records all labor, raw materials, in-bound freight, plant receiving and purchasing, warehousing, handling and distribution costs as a component of costs of goods sold. |
Metals Segment | |
Accounting Policies [Line Items] | |
Inventory, Policy [Policy Text Block] | Metals Our Metals segment inventories are stated at the lower of cost or market. Cost is determined using the average cost method. The production and accounting process utilized by our Metals segment to record recycled metals inventory quantities relies on significant estimates. Our Metals segment relies upon perpetual inventory records that utilize estimated recoveries and yields that are based upon historical trends and periodic tests for certain unprocessed metal commodities. Over time, these estimates are reasonably good indicators of what is ultimately produced; however, actual recoveries and yields can vary depending on product quality, moisture content and source of the unprocessed metal. To assist in validating the reasonableness of the estimates, our Metals segment performs periodic physical inventories which involve the use of estimation techniques. Physical inventories may detect significant variations in volume, but because of variations in product density and production processes utilized to manufacture the product, physical inventories will not generally detect smaller variations. To help mitigate this risk, our Metals segment adjusts its physical inventories when the volume of a commodity is low and a physical inventory can more accurately estimate the remaining volume. |
Revenue [Policy Text Block] | Metals Our Metals segment’s primary source of revenue is from the sale of processed ferrous scrap metal, non-ferrous scrap metals, steel pipe and steel plate. PSC Metals also generates revenues from sales of secondary plate and pipe, the brokering of scrap metals and from services performed. All sales are recognized when title passes to the customer. Revenues from services are recognized as the service is performed. Sales adjustments related to price and weight differences are reflected as a reduction of revenues when settled. |
Real Estate Segment | |
Accounting Policies [Line Items] | |
Revenue [Policy Text Block] | Revenue Recognition: Revenue from real estate sales and related costs are recognized at the time of closing primarily by specific identification. Substantially all of the property comprising our net lease portfolio is leased to others under long-term net leases and we account for these leases in accordance with applicable U.S. GAAP. We account for our leases as follows: (i) for operating leases, revenue is recognized on a straight line basis over the lease term and (ii) for financing leases (x) minimum lease payments to be received plus the estimated value of the property at the end of the lease are considered the gross investment in the lease and (y) unearned income, representing the difference between gross investment and actual cost of the leased property, is amortized to income over the lease term so as to produce a constant periodic rate of return on the net investment in the lease. |
Home Fashion Segment | |
Accounting Policies [Line Items] | |
Revenue [Policy Text Block] | Home Fashion Our Home Fashion segment records revenue upon delivery and when title is transferred and the customer has assumed the risk of loss. Unless otherwise agreed in writing, title and risk of loss pass from WPH to the customer when WPH delivers the |
Revenue Recognition, Incentives [Policy Text Block] | Home Fashion Our Home Fashion segment records revenue upon delivery and when title is transferred and the customer has assumed the risk of loss. Unless otherwise agreed in writing, title and risk of loss pass from WPH to the customer when WPH delivers the |
Mining Segment | |
Accounting Policies [Line Items] | |
Revenue [Policy Text Block] | Mining Our Mining segment recognized revenue when title, ownership, and risk of loss pass to the customer, all of which occur upon shipment or delivery of the product and is based on the applicable shipping terms. Revenue was measured at the fair value of the consideration received or receivable, with any adjustments as a result of provisional pricing recorded against revenue. |
Other Segments and Holding Company | |
Accounting Policies [Line Items] | |
Investment, Policy [Policy Text Block] | Other Segments and Holding Company Investments in equity and debt securities are carried at fair value with the unrealized gains or losses reflected in the consolidated statements of operations. For purposes of determining gains and losses, the cost of securities is based on specific identification. Dividend income is recorded when declared and interest income is recognized when earned. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation Exchange adjustments related to international currency transactions and translation adjustments for international subsidiaries whose functional currency is the U.S. dollar (principally those located in highly inflationary economies) are reflected in the consolidated statements of operations. Translation adjustments of international subsidiaries for which the local currency is the functional currency are reflected in the consolidated balance sheets as a component of accumulated other comprehensive income. Deferred taxes are not provided on translation adjustments, other than for intercompany loans not designated as permanently reinvested, as the earnings of the subsidiaries are considered to be permanently reinvested. |
Automotive, Food Packaging and Home Fashion Segments | |
Accounting Policies [Line Items] | |
Inventory, Policy [Policy Text Block] | Automotive, Food Packaging, and Home Fashion Our Automotive, Food Packaging and Home Fashion segment inventories are stated at the lower of cost or market. Cost is determined by using the first-in, first-out basis method (“FIFO”), except for our Automotive segment, which also utilizes weighted-average cost and the last-in, first-out method for certain of its subsidiaries. Inventory recorded using the last-in, first-out method was $869 million and $846 million as of December 31, 2019 and 2018, respectively, all of which relates to finished goods. The cost of manufactured goods includes the cost of direct materials, labor and manufacturing overhead. Our Automotive, Food Packaging and Home Fashion segments reserve for estimated excess, slow-moving and obsolete inventory as well as inventory whose carrying value is in excess of net realizable value. |
Railcar Segment | |
Accounting Policies [Line Items] | |
Revenue [Policy Text Block] | Revenue recognition: Revenues from railcar leasing were generated from operating leases that were priced as an integrated service that includes amounts related to executory costs, such as certain maintenance, insurance, and ad valorem taxes and are recognized on a straight-line basis per terms of the underlying lease. If railcars were sold under a lease that is less than one year old, the proceeds from the railcars sold that were on lease will be shown on a gross basis in revenues and cost of revenues at the time of sale. Sales of leased railcars that have been on lease for more than one year were recognized as a net gain or loss from the disposal of the long-term asset as a component of earnings from operations. During the year ended December 31, 2017, our Railcar segment recognized $165 million of revenue from operating leases, prior to our sale of ARL. |
Fair Value Measurements (Polici
Fair Value Measurements (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Determination of when transfers between fair value levels occurs | In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the investments’, non-financial assets’ and/or liabilities’ level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to the investment. Significant transfers, if any, between the levels within the fair value hierarchy are recognized at the beginning of the reporting period when changes in circumstances require such transfers. |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets, Net (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | We utilize the straight-line method of amortization, recognized over the estimated useful lives of the assets. |
Segment and Geographic Report_2
Segment and Geographic Reporting (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting, Policy [Policy Text Block] | We report segment information based on the various industries in which our businesses operate and how we manage those businesses in accordance with our investment strategies, which may include: identifying and acquiring undervalued assets and businesses, often through the purchase of distressed securities; increasing value through management, financial or other operational changes; and managing complex legal, regulatory or financial issues, which may include bankruptcy or insolvency, environmental, zoning, permitting and licensing issues. Therefore, although many of our businesses are operated under separate local management, certain of our businesses are grouped together when they operate within a similar industry, comprising similarities in products, customers, production processes and regulatory environments, and when such businesses, when considered together, may be managed in accordance with one or more investment strategies specific to those businesses. Among other measures, we assess and measure segment operating results based on net income from continuing operations attributable to Icahn Enterprises and Icahn Enterprises Holdings. Certain terms of financings for certain of our businesses impose restrictions on the business’ ability to transfer funds to us, including restrictions on dividends, distributions, loans and other transactions. |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Variable Interest Entity [Line Items] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | Year Ended December 31, 2018 Year Ended December 31, 2017 As Historically Stated Effect of Accounting Change As Currently Stated As Historically Stated Effect of Accounting Change As Currently Stated Total revenues $ 11,777 $ — $ 11,777 $ 12,619 $ — $ 12,619 Expenses: Cost of goods sold 8,947 55 9,002 8,258 (38) 8,220 All other expenses 2,552 — 2,552 2,533 — 2,533 Total expenses 11,499 55 11,554 10,791 (38) 10,753 Income from continuing operations before income tax expense 278 (55) 223 1,828 38 1,866 Income tax expense 4 10 14 529 3 532 Income from continuing operations 282 (45) 237 2,357 41 2,398 Less: Income from continuing operations attributable to non-controlling interests 495 (20) 475 84 17 101 Income from continuing operations attributable to Icahn Enterprises $ (213) $ (25) $ (238) $ 2,273 $ 24 $ 2,297 Net income attributable to Icahn Enterprises $ 1,507 $ (25) $ 1,482 $ 2,430 $ 24 $ 2,454 |
Icahn Enterprises Holdings | |
Variable Interest Entity [Line Items] | |
Schedule of Variable Interest Entities | December 31, 2019 2018 (in millions) Cash and cash equivalents $ 42 $ 420 Cash held at consolidated affiliated partnerships and restricted cash 989 2,648 Investments 9,207 6,951 Due from brokers 858 664 Inventories, net 54 380 Property, plant and equipment, net 1,123 3,023 Intangible assets, net 258 278 Other assets 260 932 Accounts payable, accrued expenses and other liabilities 1,338 523 Securities sold, not yet purchased, at fair value 1,190 468 Due to brokers 54 141 Debt 633 1,171 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investment Segment | |
Investment [Line Items] | |
Investment | December 31, 2019 2018 Assets (in millions) Investments: Equity securities: Basic materials $ 281 $ 414 Consumer, non-cyclical 2,085 2,161 Consumer, cyclical 2,427 1,161 Energy 1,717 1,598 Financial — 167 Technology 2,425 1,040 Other 127 145 9,062 6,686 Corporate debt securities 145 181 $ 9,207 $ 6,867 Liabilities Securities sold, not yet purchased, at fair value: Equity securities: Basic materials $ 209 $ — Consumer, non-cyclical 29 57 Consumer, cyclical 379 106 Energy 124 305 Financial 152 — Technology 217 — Other 80 — $ 1,190 $ 468 |
Equity Method Investments | Voting Interests (1) Fair Value of Investment Gains (Losses) December 31, 2019 December 31, Year Ended December 31, 2019 2018 2019 2018 2017 (in millions) Herbalife Nutrition Ltd. 19.1% $ 1,343 $ 1,661 $ (318) $ 864 $ 357 Hertz Global Holdings, Inc. 24.6% 551 320 105 (197) 13 Caesars Entertainment Corporation 13.4% 1,243 — 478 — — $ 3,137 $ 1,981 $ 265 $ 667 $ 370 |
Summarized Financial Information of Equity Method Investments | Herbalife Nutrition Ltd. December 31, 2019 2018 (in millions) Total assets $ 2,679 $ 2,790 Total liabilities 3,069 3,513 Equity (deficit) (390) (723) Year Ended December 31, 2019 2018 2017 (in millions) Revenue $ 4,877 $ 4,892 $ 4,428 Net income attributable to shareholders 311 297 214 Hertz Global Holdings, Inc. December 31, 2019 2018 (in millions) Total assets $ 24,627 $ 21,382 Total liabilities 22,739 20,262 Equity 1,888 1,120 Year Ended December 31, 2019 2018 2017 (in millions) Revenue $ 9,779 $ 9,504 $ 8,803 Net income attributable to shareholders (58) (225) 327 |
Other Segments and Holding Company | |
Investment [Line Items] | |
Investment | December 31, 2019 2018 (in millions) Equity method investments $ 201 $ 143 Other investments (measured at fair value) 537 1,327 $ 738 $ 1,470 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Assets measured at fair value on a recurring basis | December 31, 2019 December 31, 2018 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets (in millions) Investments (Note 4) $ 9,448 $ 281 $ 3 $ 9,732 $ 7,493 $ 317 $ 372 $ 8,182 Derivative contracts, at fair value (Note 6) (1) — 182 — 182 7 517 — 524 $ 9,448 $ 463 $ 3 $ 9,914 $ 7,500 $ 834 $ 372 $ 8,706 Liabilities Securities sold, not yet purchased (Note 4) $ 1,190 $ — $ — $ 1,190 $ 468 $ — $ — $ 468 Other liabilities — 7 6 13 — 2 — 2 Derivative contracts, at fair value (Note 6) — 1,224 — 1,224 — 36 — 36 $ 1,190 $ 1,231 $ 6 $ 2,427 $ 468 $ 38 $ — $ 506 (1) Amounts are classified within other assets in our consolidated balance sheets. |
Assets measured at fair value on a recurring basis for which we use Level 3 inputs to determine fair value | Year Ended December 31, 2019 2018 (in millions) Balance at January 1 $ 372 $ 278 Net gains recognized in income 89 95 Sales (458) — Other — (1) Balance at December 31 $ 3 $ 372 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative [Line Items] | |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location | Asset Derivatives (1) Liability Derivatives December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018 (in millions) Equity contracts $ 291 $ 568 $ 1,058 $ 170 Credit contracts — 76 266 — Commodity contracts — 7 — — Sub-total 291 651 1,324 170 Netting across contract types (2) (109) (134) (109) (134) Total (2) $ 182 $ 517 $ 1,215 $ 36 (1) Net asset derivatives are classified within other assets in our consolidated balance sheets. (2) Excludes netting of cash collateral received and posted. The total collateral posted at December 31, 2019 and December 31, 2018 was $903 million and $0 million, respectively, across all counterparties, which are included in cash held at consolidated affiliated partnerships and restricted cash in the consolidated balance sheets. The following table presents the amount of gain (loss) recognized in the consolidated statements of operations for our Investment segment’s derivatives not designated as hedging instruments: Gain (Loss) Recognized in Income (1) Year Ended December 31, 2019 2018 2017 (in millions) Equity contracts $ (2,152) $ 603 $ (1,815) Credit contracts (342) 129 (42) Commodity contracts (8) 66 (112) $ (2,502) $ 798 $ (1,969) (1) Gains (losses) recognized on derivatives are classified in net gain (loss) from investment activities in our consolidated statements of operations for our Investment segment. |
Investment Segment | |
Derivative [Line Items] | |
Schedule of Notional Amounts of Outstanding Derivative Positions | December 31, 2019 December 31, 2018 Long Notional Exposure Short Notional Exposure Long Notional Exposure Short Notional Exposure Primary underlying risk: (in millions) Equity contracts $ 806 $ 13,113 $ 118 $ 8,368 Credit contracts (1) — 622 — 479 Commodity contracts — — — 114 |
Inventories, Net (Tables)
Inventories, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | December 31, 2019 2018 (in millions) Raw materials $ 223 $ 217 Work in process 94 70 Finished goods 1,495 1,492 $ 1,812 $ 1,779 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment, Net | December 31, Useful Life 2019 2018 (in years) (in millions) Land $ 412 $ 416 Buildings and improvements 3 - 40 915 865 Machinery, equipment and furniture 2 - 30 5,348 5,208 Assets leased to others 5 - 39 289 279 Other finance leases 1 - 25 27 — Construction in progress 218 221 7,209 6,989 Less: Accumulated depreciation and amortization (2,668) (2,301) Property, plant and equipment, net $ 4,541 $ 4,688 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | December 31, 2019 Automotive Food Packaging Metals Home Fashion Consolidated (in millions) Gross carrying amount, Jan 1 $ 328 $ 6 $ — $ — $ 334 Acquisitions 8 — 4 22 34 Foreign exchange — — — 1 1 Gross carrying amount, Dec 31 336 6 4 23 369 Accumulated impairment, Jan 1 (87) — — — (87) Impairment — — — — — Accumulated impairment, Dec 31 (87) — — — (87) Net carrying value, Dec 31 $ 249 $ 6 $ 4 $ 23 $ 282 |
Schedule of Definite-Lived and Infinite-Lived Intangible Assets | December 31, 2019 December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Value Gross Carrying Amount Accumulated Amortization Net Carrying Value (in millions) Definite-lived intangible assets: Customer relationships $ 397 $ (155) $ 242 $ 397 $ (135) $ 262 Other 274 (147) 127 316 (139) 177 $ 671 $ (302) $ 369 $ 713 $ (274) $ 439 Indefinite-lived intangible assets $ 62 $ 62 Intangible assets, net $ 431 $ 501 |
Schedule of Definite-Lived Intangible Assets, Future Amortization Expense | Year Amount (in millions) 2020 $ 43 2021 34 2022 33 2023 31 2024 30 Thereafter 198 $ 369 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Right of use asset table text block | December 31, 2019 December 31, 2018 (in millions) Operating Leases: Right-of-use assets (other assets) $ 622 $ — Lease liabilities (accrued expenses and other liabilities) 647 — Financing Leases: Right-of-use assets (property, plant and equipment, net) 77 41 Lease liabilities (debt) 93 52 |
Operating lease term and discount rate | Operating Leases Right-Of-Use Assets Lease Liabilities Lease Term Discount Rate (in millions) Energy $ 48 $ 48 3.7 years 5.6% Automotive 501 527 5.2 years 5.7% Food Packaging 34 38 11.7 years 7.4% Other segments and Holding Company 39 34 $ 622 $ 647 |
Operating and Finance Lease liability maturities | Year Operating Leases Financing (in millions) 2020 $ 181 $ 20 2021 159 17 2022 135 15 2023 85 13 2024 57 12 Thereafter 142 53 Total lease payments 759 130 Less: imputed interest (112) (37) $ 647 $ 93 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | December 31, 2019 2018 (in millions) Holding Company: 6.000% senior unsecured notes due 2020 $ — $ 1,702 5.875% senior unsecured notes due 2022 1,345 1,344 6.250% senior unsecured notes due 2022 1,211 1,213 6.750% senior unsecured notes due 2024 498 498 4.750% senior unsecured notes due 2024 498 — 6.375% senior unsecured notes due 2025 748 748 6.250% senior unsecured notes due 2026 1,250 — 5.250% senior unsecured notes due 2027 747 — 6,297 5,505 Reporting Segments: Energy 1,195 1,170 Automotive 405 372 Food Packaging 268 273 Metals 7 — Real Estate 2 2 Home Fashion 18 4 1,895 1,821 Total Debt $ 8,192 $ 7,326 |
Schedule of Maturities of Long-term Debt | Year Amount (in millions) 2020 $ 35 2021 640 2022 3,055 2023 645 2024 1,000 Thereafter 2,751 Total debt payments (excluding financing lease payments) 8,126 Less: unamortized discounts, premiums and deferred financing fees (27) Financing leases (Note 10) 93 $ 8,192 |
Net Income Per LP Unit (Tables)
Net Income Per LP Unit (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Unit [Abstract] | |
Schedule Of Earnings Per LP Unit | Year Ended December 31, 2019 2018 2017 (in millions, except per unit data) Net (loss) income attributable to Icahn Enterprises from continuing operations $ (1,066) $ (238) $ 2,297 Net (loss) income attributable to Icahn Enterprises from continuing operations allocated to limited partners (98.01% allocation) $ (1,045) $ (233) $ 2,251 Net (loss) income attributable to Icahn Enterprises from discontinued operations $ (32) $ 1,720 $ 157 Less: net loss attributable to Icahn Enterprises from discontinued operations allocated 100% to general partner — 598 — Net (loss) income attributable to Icahn Enterprises from discontinued operations allocable to limited partners $ (32) $ 2,318 $ 157 Net (loss) income attributable to Icahn Enterprises from discontinued operations allocated to limited partners (98.01% allocation) $ (31) $ 2,272 $ 154 Basic and diluted (loss) income per LP unit: Continuing operations $ (5.23) $ (1.29) $ 13.98 Discontinued operations (0.15) 12.62 0.96 $ (5.38) $ 11.33 $ 14.94 Basic and diluted weighted average LP units outstanding 200 180 161 |
Schedule of Capital Units | Mr. Icahn and Affiliates Public Unitholders Total December 31, 2016 129,999,050 14,742,099 144,741,149 Unit distributions 17,374,427 269,725 17,644,152 2017 Incentive Plan — 7,902 7,902 Rights offering 10,525,105 645,999 11,171,104 December 31, 2017 157,898,582 15,665,725 173,564,307 Unit distributions 17,543,006 235,944 17,778,950 2017 Incentive Plan — 22,840 22,840 December 31, 2018 175,441,588 15,924,509 191,366,097 Unit distributions 21,608,064 290,789 21,898,853 2017 Incentive Plan — 19,259 19,259 2019 at-the-market offering — 794,349 794,349 December 31, 2019 197,049,652 17,028,906 214,078,558 |
Segment and Geographic Report_3
Segment and Geographic Reporting (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |
Schedule of Condensed Income Statement by Segment | Year Ended December 31, 2019 Investment Energy Automotive Food Packaging Metals Real Estate Home Fashion Mining Railcar Holding Company Consolidated (in millions) Revenues: Net sales $ — $ 6,364 $ 2,293 $ 383 $ 340 $ 23 $ 187 $ 130 $ — $ — $ 9,720 Other revenues from operations — — 591 — — 75 — — — — 666 Net (loss) gain from investment activities (1,599) — — — — — — — — (332) (1,931) Interest and dividend income 190 4 — — — 1 — 1 — 69 265 Gain (loss) on disposition of assets, net — 4 (4) — 1 — — 252 — — 253 Other (loss) income, net (5) 13 15 (8) — 4 (1) (1) — 2 19 (1,414) 6,385 2,895 375 341 103 186 382 — (261) 8,992 Expenses: Cost of goods sold — 5,707 1,625 309 343 18 159 51 — — 8,212 Other expenses from operations — — 464 — — 54 — — — — 518 Selling, general and administrative 23 146 1,032 56 15 21 42 15 — 26 1,376 Restructuring, net — — 6 8 3 — 1 — — — 18 Impairment — — — 1 1 — — — — — 2 Interest expense 106 106 20 17 1 — 1 4 — 350 605 129 5,959 3,147 391 363 93 203 70 — 376 10,731 (Loss) income from continuing operations before income tax (expense) benefit (1,543) 426 (252) (16) (22) 10 (17) 312 — (637) (1,739) Income tax (expense) benefit — (112) 55 (6) — 6 — (1) — 38 (20) Net (loss) income from continuing operations (1,543) 314 (197) (22) (22) 16 (17) 311 — (599) (1,759) Less: net (loss) income from continuing operations attributable to non-controlling interests (768) 68 — (5) — — — 12 — — (693) Net (loss) income from continuing operations attributable to Icahn Enterprises $ (775) $ 246 $ (197) $ (17) $ (22) $ 16 $ (17) $ 299 $ — $ (599) $ (1,066) Supplemental information: Capital expenditures $ — $ 121 $ 47 $ 17 $ 24 $ 22 $ 5 $ 14 $ — $ — $ 250 Depreciation and amortization $ — $ 352 $ 98 $ 26 $ 19 $ 17 $ 7 $ — $ — $ — $ 519 Year Ended December 31, 2018 Investment Energy Automotive Food Packaging Metals Real Estate Home Fashion Mining Railcar Holding Company Consolidated (in millions) Revenues: Net sales $ — $ 7,124 $ 2,295 $ 395 $ 466 $ 22 $ 171 $ 103 $ — $ — $ 10,576 Other revenues from operations — — 563 — — 84 — — — — 647 Net gain (loss) from investment activities 635 — — — — — — — — (313) 322 Interest and dividend income 104 2 — 1 — 16 — 1 — 24 148 (Loss) gain on disposition of assets, net — (6) (1) — — 89 — (3) 5 — 84 Other (loss) income, net (2) 15 (1) (17) 1 1 — 5 — (2) — 737 7,135 2,856 379 467 212 171 106 5 (291) 11,777 Expenses: Cost of goods sold — 6,508 1,502 316 441 18 144 73 — — 9,002 Other expenses from operations — — 474 — — 54 — — 1 — 529 Selling, general and administrative 12 138 1,051 57 19 22 34 27 1 25 1,386 Restructuring, net — 5 5 9 — — 2 — — — 21 Impairment — — 90 — 1 — 1 — — — 92 Interest expense 46 104 16 16 — 1 1 3 — 337 524 58 6,755 3,138 398 461 95 182 103 2 362 11,554 Income (loss) from continuing operations before income tax (expense) benefit 679 380 (282) (19) 6 117 (11) 3 3 (653) 223 Income tax (expense) benefit — (46) 52 4 (1) (5) — (2) (2) 14 14 Net income (loss) from continuing operations 679 334 (230) (15) 5 112 (11) 1 1 (639) 237 Less: net income (loss) from continuing operations attributable to non-controlling interests 360 121 — (3) — — — (2) — (1) 475 Net income (loss) from continuing operations attributable to Icahn Enterprises $ 319 $ 213 $ (230) $ (12) $ 5 $ 112 $ (11) $ 3 $ 1 $ (638) $ (238) Supplemental information: Capital expenditures $ — $ 102 $ 66 $ 25 $ 21 $ 13 $ 5 $ 40 $ — $ — $ 272 Depreciation and amortization $ — $ 339 $ 92 $ 26 $ 18 $ 19 $ 8 $ 6 $ — $ — $ 508 Year Ended December 31, 2017 Investment Energy Automotive Food Packaging Metals Real Estate Home Fashion Mining Railcar Holding Company Consolidated (in millions) Revenues: Net sales $ — $ 5,988 $ 2,225 $ 392 $ 409 $ 15 $ 183 $ 94 $ — $ — $ 9,306 Other revenues from operations — — 498 — — 72 — — 173 — 743 Net gain from investment activities 241 — — — — — — — — 61 302 Interest and dividend income 106 1 — — — 7 — 1 — 12 127 (Loss) gain on disposition of assets, net — (3) 5 — — 496 — — 1,664 1 2,163 Other (loss) income, net (50) 2 — (3) (1) 38 — (2) — (6) (22) 297 5,988 2,728 389 408 628 183 93 1,837 68 12,619 Expenses: Cost of goods sold — 5,761 1,540 297 389 11 162 60 — — 8,220 Other expenses from operations — — 438 — — 46 — — 34 — 518 Selling, general and administrative 13 143 919 61 19 18 39 14 10 33 1,269 Restructuring — — — 2 1 — 1 — — — 4 Impairment — — 15 1 — 2 1 — 68 — 87 Interest expense 166 109 13 13 — 2 — 6 23 323 655 179 6,013 2,925 374 409 79 203 80 135 356 10,753 Income (loss) from continuing operations before income tax benefit (expense) 118 (25) (197) 15 (1) 549 (20) 13 1,702 (288) 1,866 Income tax benefit (expense) — 341 146 (21) (43) — — (3) (531) 643 532 Net income (loss) from continuing operations 118 316 (51) (6) (44) 549 (20) 10 1,171 355 2,398 Less: net income (loss) from continuing operations attributable to non-controlling interests 38 63 — (1) — — — 1 — — 101 Net income (loss) from continuing operations attributable to Icahn Enterprises $ 80 $ 253 $ (51) $ (5) $ (44) $ 549 $ (20) $ 9 $ 1,171 $ 355 $ 2,297 Supplemental information: Capital expenditures $ — $ 120 $ 86 $ 26 $ 30 $ 9 $ 5 $ 38 $ 2 $ — $ 316 Depreciation and amortization $ — $ 322 $ 111 $ 25 $ 20 $ 20 $ 8 $ 5 $ 7 $ — $ 518 |
Schedule of Condensed Financial Statements by Segment | December 31, 2019 Investment Energy Automotive Food Packaging Metals Real Estate Home Fashion Mining Holding Company Consolidated (in millions) ASSETS Cash and cash equivalents $ 11 $ 652 $ 46 $ 22 $ 3 $ 53 $ 1 $ — $ 3,006 $ 3,794 Cash held at consolidated affiliated partnerships and restricted cash 989 — — 1 6 2 7 — 146 1,151 Investments 9,207 81 120 — — 15 — — 522 9,945 Accounts receivable, net — 182 143 78 32 4 36 — — 475 Inventories, net — 390 1,215 100 32 — 75 — — 1,812 Property, plant and equipment, net — 2,888 916 161 122 386 68 — — 4,541 Goodwill and intangible assets, net — 258 382 30 11 8 24 — — 713 Other assets 1,076 222 673 125 27 46 20 — 19 2,208 Total assets $ 11,283 $ 4,673 $ 3,495 $ 517 $ 233 $ 514 $ 231 $ — $ 3,693 $ 24,639 LIABILITIES AND EQUITY Accounts payable, accrued expenses and other liabilities $ 1,310 $ 1,180 $ 1,340 $ 196 $ 70 $ 38 $ 66 $ — $ 115 $ 4,315 Securities sold, not yet purchased, at fair value 1,190 — — — — — — — — 1,190 Debt — 1,195 405 268 7 2 18 — 6,297 8,192 Total liabilities 2,500 2,375 1,745 464 77 40 84 — 6,412 13,697 Equity attributable to Icahn Enterprises 4,296 1,312 1,750 40 156 474 147 — (2,719) 5,456 Equity attributable to non-controlling interests 4,487 986 — 13 — — — — — 5,486 Total equity 8,783 2,298 1,750 53 156 474 147 — (2,719) 10,942 Total liabilities and equity $ 11,283 $ 4,673 $ 3,495 $ 517 $ 233 $ 514 $ 231 $ — $ 3,693 $ 24,639 December 31, 2018 Investment Energy Automotive Food Packaging Metals Real Estate Home Fashion Mining Holding Company Consolidated (in millions) ASSETS Cash and cash equivalents $ 5 $ 668 $ 43 $ 46 $ 20 $ 39 $ 1 $ — $ 1,834 $ 2,656 Cash held at consolidated affiliated partnerships and restricted cash 2,648 — — 1 1 26 2 — 4 2,682 Investments 6,867 84 59 — — 15 — — 1,312 8,337 Accounts receivable, net — 169 149 74 48 3 31 — — 474 Inventories, net — 380 1,203 93 39 — 64 — — 1,779 Property, plant and equipment, net — 3,027 941 169 115 367 69 — — 4,688 Goodwill and intangible assets, net — 278 412 32 2 24 — — — 748 Other assets 1,230 225 217 96 8 34 5 299 11 2,125 Total assets $ 10,750 $ 4,831 $ 3,024 $ 511 $ 233 $ 508 $ 172 $ 299 $ 3,161 $ 23,489 LIABILITIES AND EQUITY Accounts payable, accrued expenses and other liabilities $ 181 $ 1,043 $ 905 $ 164 $ 56 $ 41 $ 35 $ 112 $ 178 $ 2,715 Securities sold, not yet purchased, at fair value 468 — — — — — — — — 468 Debt — 1,170 372 273 — 2 4 — 5,505 7,326 Total liabilities 649 2,213 1,277 437 56 43 39 112 5,683 10,509 Equity attributable to Icahn Enterprises 5,066 1,274 1,747 55 177 465 133 165 (2,522) 6,560 Equity attributable to non-controlling interests 5,035 1,344 — 19 — — — 22 — 6,420 Total equity 10,101 2,618 1,747 74 177 465 133 187 (2,522) 12,980 Total liabilities and equity $ 10,750 $ 4,831 $ 3,024 $ 511 $ 233 $ 508 $ 172 $ 299 $ 3,161 $ 23,489 |
Geographic Information | Net Sales Other Revenues From Operations Property, Plant and Equipment, Net Year Ended December 31, Year Ended December 31, December 31, 2019 2018 2017 2019 2018 2017 2019 2018 (in millions) United States $ 9,271 $ 10,170 $ 8,897 $ 652 $ 629 $ 716 $ 4,386 $ 4,458 International 449 406 409 14 18 27 155 230 $ 9,720 $ 10,576 $ 9,306 $ 666 $ 647 $ 743 $ 4,541 $ 4,688 |
Energy Segment | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue [Table Text Block] | Year Ended December 31, 2019 2018 2017 (in millions) Petroleum products $ 5,960 $ 6,773 $ 5,657 Nitrogen fertilizer products 404 351 331 $ 6,364 $ 7,124 $ 5,988 |
Automotive Segment | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue [Table Text Block] | Year Ended December 31, 2019 2018 2017 (in millions) Automotive services $ 1,373 $ 1,321 $ 1,186 Aftermarket parts sales 1,511 1,537 1,537 $ 2,884 $ 2,858 $ 2,723 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations. [Abstract] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Year Ended December 31, 2019 Year Ended December 31, 2018 Year Ended December 31, 2017 Automotive Gaming Railcar Total Automotive Gaming Railcar Total Automotive Gaming Railcar Total Revenues: (in millions) Net sales $ — $ — $ — $ — $ 5,993 $ — $ 228 $ 6,221 $ 7,720 $ — $ 265 $ 7,985 Other revenues from operations — — — — — 679 213 892 — 898 197 1,095 Net gain on investment activities — — — — — — — — — — 2 2 Interest and dividend income — — — — 2 1 2 5 6 1 2 9 Gain (loss) on disposition of assets, net — — — — 65 — — 65 7 (1) — 6 Other income, net — — — — 5 1 13 19 31 27 3 61 — — — — 6,065 681 456 7,202 7,764 925 469 9,158 Expenses: Cost of goods sold — — — — 4,999 — 215 5,214 6,553 — 249 6,802 Other expenses from operations — — — — — 311 114 425 — 425 100 525 Selling, general and administrative — — — — 601 238 40 879 862 371 37 1,270 Restructuring, net — — — — 13 — — 13 21 — — 21 Impairment — — — — 2 — 4 6 25 — — 25 Interest expense — — — — 137 4 19 160 154 11 22 187 — — — — 5,752 553 392 6,697 7,615 807 408 8,830 Income (loss) from discontinued operations before gain (loss) on sale and income tax (expense) benefit — — — — 313 128 64 505 149 118 61 328 Gain (loss) on sale of discontinued operations — — — — 251 779 400 1,430 — (3) — (3) Income (loss) from discontinued operations before income tax (expense) benefit — — — — 564 907 464 1,935 149 115 61 325 Income tax (expense) benefit (32) — — (32) (69) (89) (13) (171) (33) (93) 35 (91) (Loss) income from discontinued operations (32) — — (32) 495 818 451 1,764 116 22 96 234 Less: income from discontinued operations attributable to non-controlling interests — — — — 7 17 20 44 11 13 53 77 (Loss) income from discontinued operations attributable to Icahn Enterprises $ (32) $ — $ — $ (32) $ 488 $ 801 $ 431 $ 1,720 $ 105 $ 9 $ 43 $ 157 Supplemental information: Capital expenditures $ — $ — $ — $ — $ 303 $ 58 $ 125 $ 486 $ 393 $ 112 $ 171 $ 676 Depreciation and amortization $ — $ — $ — $ — $ 100 $ 19 $ 47 $ 166 $ 397 $ 73 $ 58 $ 528 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
difference in book basis and tax basis of net assets not subject to income taxes [Table Text Block] | Icahn Enterprises Icahn Enterprises Holdings December 31, December 31, 2019 2018 2019 2018 (in millions) (in millions) Book basis of net assets $ 5,456 $ 6,560 $ 5,453 $ 6,588 Book/tax basis difference (1,397) (1,940) (1,397) (1,940) Tax basis of net assets $ 4,059 $ 4,620 $ 4,056 $ 4,648 |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Year Ended December 31, 2019 2018 2017 (in millions) Domestic $ (1,765) $ 235 $ 1,836 International 26 (12) 30 $ (1,739) $ 223 $ 1,866 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, 2019 2018 2017 (in millions) Current: Domestic $ (106) $ (11) $ (15) International (3) (4) (13) Total current (109) (15) (28) Deferred: Domestic 87 30 547 International 2 (1) 13 Total deferred 89 29 560 $ (20) $ 14 $ 532 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2019 2018 2017 (in millions) Income tax benefit (expense) at U.S. statutory rate $ 365 $ (47) $ (653) Tax effect from: Valuation allowance (63) (4) 529 Non-controlling interest (4) 26 (6) Goodwill impairment — (18) — Stock dispositions — 69 — Income not subject to taxation (314) 14 220 Enactment of U.S. tax legislation, net of valuation allowance — — 392 Other (4) (26) 50 Income tax benefit (expense) $ (20) $ 14 $ 532 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2019 2018 (in millions) Deferred tax assets: Property, plant and equipment $ 17 $ 17 Net operating loss 791 791 Tax credits 29 46 Capital loss 155 50 Leases 133 — Other 71 82 Total deferred tax assets 1,196 986 Less: Valuation allowance (619) (518) Net deferred tax assets $ 577 $ 468 Deferred tax liabilities: Property, plant and equipment $ (125) $ (129) Intangible assets (37) (33) Investment in partnerships (652) (699) Investment in U.S. subsidiaries (184) (184) Leases (125) — Other (61) (79) Total deferred tax liabilities (1,184) (1,124) $ (607) $ (656) |
Schedule of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns Roll Forward [Table Text Block] | Year Ended December 31, 2019 2018 2017 (in millions) Balance at January 1 $ 34 $ 34 $ 52 Addition based on tax positions related to the current year 2 — — Increase for tax positions of prior years — 6 — Decrease for tax positions of prior years — — (3) Decrease for statute of limitation expiration (3) (6) (15) Balance at December 31 $ 33 $ 34 $ 34 |
Changes in Accumulated Other _2
Changes in Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Changes in Accumulated Other Comprehensive Loss [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | Translation Adjustments, Net of Tax Post-Retirement Benefits and Other, Net of Tax Total (in millions) Balance, December 31, 2018 $ (38) $ (47) $ (85) Other comprehensive loss before reclassifications, net of tax (2) — (2) Reclassifications from accumulated other comprehensive loss to earnings, net of tax — 3 3 Other comprehensive (loss) income, net of tax (2) 3 1 Elimination of stranded tax effects resulting from tax legislation — (5) (5) Balance, December 31, 2019 $ (40) $ (49) $ (89) |
Other Income (Loss), Net (Table
Other Income (Loss), Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | Year Ended December 31, 2019 2018 2017 (in millions) Other derivative loss $ — $ (1) $ (41) Dividend expense (5) (2) (10) Equity earnings from non-consolidated affiliates 21 7 1 Foreign currency transaction (loss) income (5) (1) 1 Tax settlement gain — — 38 Non-service pension and other post-retirement benefits expense (3) (8) (4) Gain (loss) on extinguishment of debt 2 — (12) Other 9 5 5 $ 19 $ — $ (22) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Long-term Purchase Commitment [Line Items] | |
Contractual Obligation, Fiscal Year Maturity Schedule | Year Amount (in millions) 2020 $ 95 2021 80 2022 77 2023 75 2024 71 Thereafter 375 $ 773 |
Pensions and Other Post-Retir_2
Pensions and Other Post-Retirement Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Pension, Other Post-Retirement Benefits and Employee Benefit Plans. [Abstract] | |
Components net periodic benefit cost (credit) | U.S. and Non-U.S. Pension Benefits Year Ended December 31, 2019 2018 2017 (in millions) Service cost $ — $ 1 $ 1 Interest cost 6 6 7 Expected return on plan assets (4) (5) (8) Amortization of actuarial losses 1 1 5 Settlement loss recognized — 7 — $ 3 $ 10 $ 5 |
Changes in benefit obligations and plan assets, and funded status of plans | U.S and Non-U.S. Pension Benefits 2019 2018 (in millions) Change in benefit obligation: Benefit obligation, beginning of year $ 148 $ 188 Service cost — 1 Interest cost 6 6 Benefits paid (7) (8) Actuarial (gain) loss 11 (10) Plan settlements — (28) Currency translation (4) (1) Benefit obligation, end of year 154 148 Change in plan assets: Fair value of plan assets, beginning of year 77 115 Actual return on plan assets 15 (6) Employer contributions 4 3 Plan settlements — (28) Benefits paid (7) (7) Fair value of plan assets, end of year 89 77 Funded status of the plan and amounts recognized in the consolidated balance sheets $ (65) $ (71) Amounts recognized in accumulated other comprehensive loss, inclusive of tax impacts $ (39) $ (44) |
Defined benefit plan assets measured at fair value on a recurring basis | December 31, 2019 December 31, 2018 Level 1 Level 2 Total Level 1 Level 2 Total (in millions) U.S. and Non-U.S. Plans: Cash and cash equivalents $ 3 $ — $ 3 $ 3 $ — $ 3 Government debt securities 1 2 3 1 2 3 Exchange traded funds 18 — 18 16 — 16 Mutual funds 26 2 28 22 2 24 Common stock 27 — 27 21 — 21 $ 75 $ 4 $ 79 $ 63 $ 4 $ 67 Investments measured at net asset value 11 10 Plan assets measured at fair value $ 90 $ 77 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | Year Ended December 31, 2019 2018 2017 (in millions) Cash payments for interest, net of amounts capitalized $ 524 $ 484 $ 499 Net cash (receipts) payments for income taxes, net of refunds 64 20 39 Equity investment consideration received from sale of business — 1,241 — Acquisition of subsidiary common stock included in accrued expenses and other liabilities — — 51 Seller financing secured mortgages resulting from disposition of assets — — 375 |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Data (Unaudited) [Abstract] | |
Schedule of Quarterly Financial Information | For the Three Months Ended March 31, June 30, September 30, December 31, 2019 2018 2019 2018 2019 2018 2019 2018 (in millions, except per unit data) Net sales $ 2,300 $ 2,364 $ 2,588 $ 2,819 $ 2,484 $ 2,815 $ 2,349 $ 2,578 Gross margin on net sales 400 377 459 392 415 443 235 362 Total revenues 1,855 2,983 2,196 3,423 2,320 2,569 2,621 2,802 Income (loss) from continuing operations (664) 367 (573) 410 (373) (334) (149) (206) Income (loss) from discontinued operations — 45 (24) 167 — 176 (8) 1,376 Net income (loss) (664) 412 (597) 577 (373) (158) (157) 1,170 Net loss (income) attributable to non-controlling interests (270) 280 (99) 275 (324) (276) — 240 Net income (loss) attributable to Icahn Enterprises $ (394) $ 132 $ (498) $ 302 $ (49) $ 118 $ (157) $ 930 Basic income (loss) per LP unit: Continuing operations $ (2.02) $ 0.55 $ (2.37) $ 0.81 $ (0.24) $ (0.24) $ (0.70) $ (2.30) Discontinued operations 0.00 0.19 (0.12) 0.85 0.00 0.88 (0.04) 10.31 $ (2.02) $ 0.74 $ (2.49) $ 1.66 $ (0.24) $ 0.64 $ (0.74) $ 8.01 Diluted income (loss) per LP unit: Continuing operations $ (2.02) $ 0.55 $ (2.37) $ 0.81 $ (0.24) $ (0.24) $ (0.70) $ (2.30) Discontinued operations 0.00 0.19 (0.12) 0.85 0.00 0.88 (0.04) 10.31 $ (2.02) $ 0.74 $ (2.49) $ 1.66 $ (0.24) $ 0.64 $ (0.74) $ 8.01 |
Schedule I (Tables)
Schedule I (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Icahn Enterprises (Parent) | |
Condensed Financial Statements, Captions [Line Items] | |
Financial Statement Schedule, Parent Company Balance Sheet [Table Text Block] | SCHEDULE I ICAHN ENTERPRISES, L.P. (Parent Company) CONDENSED BALANCE SHEETS December 31, 2019 2018 (In millions, except unit amounts) ASSETS Investments in subsidiaries, net $ 11,853 $ 12,189 Total Assets $ 11,853 $ 12,189 LIABILITIES AND EQUITY Accrued expenses and other liabilities $ 100 $ 124 Debt 6,297 5,505 6,397 5,629 Commitments and contingencies (Note 3) Equity: Limited partners: Depositary units: 214,078,558 and 191,366,097 units issued and outstanding at December 31, 2019 and 2018, respectively 6,268 7,350 General partner (812) (790) Total equity 5,456 6,560 Total Liabilities and Equity $ 11,853 $ 12,189 |
Financial Statement Schedule, Parent Company Statement of Operations [Table Text Block] | SCHEDULE I ICAHN ENTERPRISES, L.P. (Parent Company) CONDENSED STATEMENTS OF OPERATIONS Year Ended December 31, 2019 2018 2017 (In millions) Interest expense $ (350) $ (337) $ (323) Gain (loss) on extinguishment of debt 2 — (12) Equity in (loss) income of subsidiaries (750) 1,819 2,789 Net (loss) income $ (1,098) $ 1,482 $ 2,454 Net (loss) income allocated to: Limited partners $ (1,076) $ 2,039 $ 2,405 General partner (22) (557) 49 $ (1,098) $ 1,482 $ 2,454 |
Financial Statement Schedule, Parent Company Statement of Cash Flows [Table Text Block] | SCHEDULE I ICAHN ENTERPRISES, L.P. (Parent Company) CONDENSED STATEMENTS OF CASH FLOWS Year Ended December 31, 2019 2018 2017 (In millions) Cash flows from operating activities: Net (loss) income $ (1,098) $ 1,482 $ 2,454 Adjustments to reconcile net (loss) income to net cash used in operating activities: Equity in loss (income) of subsidiary 750 (1,819) (2,789) (Gain) loss on extinguishment of debt (2) — 2 Other, net (25) 1 1 Net cash used in operating activities (375) (336) (332) Cash flows from investing activities: Net investment in and advances from subsidiary (363) 433 (210) Net cash (used in) provided by investing activities (363) 433 (210) Cash flows from financing activities: Partnership distributions (112) (97) (81) Partnership contributions 55 — 612 Proceeds from borrowings 2,507 — 2,470 Repayments of borrowings (1,700) — (2,450) Debt issuance costs and other (12) — (9) Net cash provided by (used in) financing activities 738 (97) 542 Net change in cash and cash equivalents and restricted cash and restricted cash equivalents — — — Cash and cash equivalents and restricted cash and restricted cash equivalents, beginning of period — — — Cash and cash equivalents and restricted cash and restricted cash equivalents, end of period $ — $ — $ — |
Financial Statement Schedule, Parent Company Debt Note [Table Text Block] | December 31, 2019 2018 (in millions) 6.000% senior unsecured notes due 2020 $ — $ 1,702 5.875% senior unsecured notes due 2022 1,345 1,344 6.250% senior unsecured notes due 2022 1,211 1,213 6.750% senior unsecured notes due 2024 498 498 4.750% senior unsecured notes due 2024 498 — 6.375% senior unsecured notes due 2025 748 748 6.250% senior unsecured notes due 2026 1,250 — 5.250% senior unsecured notes due 2027 747 — Total debt $ 6,297 $ 5,505 |
Icahn Enterprises Holdings (Parent) | |
Condensed Financial Statements, Captions [Line Items] | |
Financial Statement Schedule, Parent Company Balance Sheet [Table Text Block] | SCHEDULE I ICAHN ENTERPRISES HOLDINGS L.P. (Parent Company) CONDENSED BALANCE SHEETS December 31, 2019 2018 (in millions) ASSETS Cash and cash equivalents $ 1,042 $ 30 Restricted cash 7 29 Investments 346 723 Other assets — 60 Investments in subsidiaries, net 10,474 11,355 Total Assets $ 11,869 $ 12,197 LIABILITIES AND EQUITY Accounts payable, accrued expenses and other liabilities $ 116 $ 131 Debt 6,300 5,509 6,416 5,640 Commitments and contingencies (Note 3) Equity: Limited partner 6,328 7,421 General partner (875) (864) Total equity 5,453 6,557 Total Liabilities and Equity $ 11,869 $ 12,197 |
Financial Statement Schedule, Parent Company Statement of Operations [Table Text Block] | SCHEDULE I ICAHN ENTERPRISES HOLDINGS L.P. (Parent Company) CONDENSED STATEMENTS OF OPERATIONS Year Ended December 31, 2019 2018 2017 (in millions) Interest and dividend income $ 14 $ 7 $ 2 Net (loss) gain from investment activities (377) (389) — Gain (loss) on disposition of assets 2 23 (1) Equity in (loss) income of subsidiaries (363) 2,200 2,763 Other income, net — 4 41 (724) 1,845 2,805 Interest expense 350 337 324 Selling, general and administrative 23 25 25 373 362 349 Net (loss) income $ (1,097) $ 1,483 $ 2,456 Net (loss) income allocated to: Limited partner $ (1,086) $ 2,060 $ 2,431 General partner (11) (577) 25 $ (1,097) $ 1,483 $ 2,456 |
Financial Statement Schedule, Parent Company Statement of Cash Flows [Table Text Block] | SCHEDULE I ICAHN ENTERPRISES HOLDINGS L.P. (Parent Company) CONDENSED STATEMENTS OF CASH FLOWS Year Ended December 31, 2019 2018 2017 (in millions) Cash flows from operating activities: Net (loss) income $ (1,097) $ 1,483 $ 2,456 Adjustments to reconcile net (loss) income to net cash used in operating activities: Equity in loss (income) of subsidiary 363 (2,200) (2,763) (Gain) loss on disposition of assets (2) (23) 1 Investment gains 377 389 — Other, net (1) — (36) Change in operating assets and liabilities 45 8 18 Net cash used in operating activities (315) (343) (324) Cash flows from investing activities: Net investment in subsidiaries 567 238 (97) Other, net — 41 53 Net cash provided by investing activities 567 279 (44) Cash flows from financing activities: Partnership distributions (112) (97) (81) Partner contributions 55 — 612 Proceeds from borrowings 2,507 — 2,470 Repayments of borrowings (1,700) (21) (2,450) Debt issuance costs (12) — (7) Net cash provided by (used in) financing activities 738 (118) 544 Net change in cash and cash equivalents and restricted cash and restricted cash equivalents 990 (182) 176 Cash and cash equivalents and restricted cash and restricted cash equivalents, beginning of period 59 241 65 Cash and cash equivalents and restricted cash and restricted cash equivalents, end of period $ 1,049 $ 59 $ 241 |
Financial Statement Schedule, Parent Company Debt Note [Table Text Block] | December 31, 2019 2018 (in millions) 6.000% senior unsecured notes due 2020 $ — $ 1,703 5.875% senior unsecured notes due 2022 1,345 1,344 6.250% senior unsecured notes due 2022 1,211 1,214 6.750% senior unsecured notes due 2024 499 499 4.750% senior unsecured notes due 2024 499 — 6.375% senior unsecured notes due 2025 749 749 6.250% senior unsecured notes due 2026 1,250 — 5.250% senior unsecured notes due 2027 747 — Total debt $ 6,300 $ 5,509 |
(Details)
(Details) - USD ($) $ in Millions | Jul. 31, 2019 | Jan. 29, 2019 | Dec. 05, 2018 | Oct. 01, 2018 | Aug. 01, 2018 | Aug. 31, 2018 | Jan. 31, 2018 | Aug. 31, 2017 | Jan. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Description of Business [Line Items] | ||||||||||||||
Affiliate ownership interest | 98.01% | |||||||||||||
Purchase of additional interests in consolidated subsidiaries | $ 241 | $ 5 | $ 349 | |||||||||||
Gain on disposition of assets, net | 253 | 84 | 2,163 | |||||||||||
Proceeds from disposition of assets | 505 | 3,370 | 1,983 | |||||||||||
Seller financing secured mortgages resulting from disposition of assets | 0 | 0 | 375 | |||||||||||
Energy Segment | ||||||||||||||
Description of Business [Line Items] | ||||||||||||||
Gain on disposition of assets, net | 4 | (6) | (3) | |||||||||||
Automotive Segment | ||||||||||||||
Description of Business [Line Items] | ||||||||||||||
Gain on disposition of assets, net | (4) | (1) | 5 | |||||||||||
Food Packaging Segment | ||||||||||||||
Description of Business [Line Items] | ||||||||||||||
Gain on disposition of assets, net | 0 | 0 | 0 | |||||||||||
Real Estate Segment | ||||||||||||||
Description of Business [Line Items] | ||||||||||||||
Gain on disposition of assets, net | $ 89 | $ 456 | 0 | 89 | 496 | |||||||||
Proceeds from disposition of assets | $ 179 | 225 | ||||||||||||
Seller financing secured mortgages resulting from disposition of assets | 375 | |||||||||||||
Total consideration received from sale of asset | 600 | |||||||||||||
Real Estate Segment | First Mortgage | ||||||||||||||
Description of Business [Line Items] | ||||||||||||||
Seller financing secured mortgages resulting from disposition of assets | 345 | |||||||||||||
Real Estate Segment | Second Mortgage | ||||||||||||||
Description of Business [Line Items] | ||||||||||||||
Seller financing secured mortgages resulting from disposition of assets | $ 30 | |||||||||||||
Railcar Segment | ||||||||||||||
Description of Business [Line Items] | ||||||||||||||
Gain on disposition of assets, net | 0 | 5 | 1,664 | |||||||||||
Mining Segment | ||||||||||||||
Description of Business [Line Items] | ||||||||||||||
Gain on disposition of assets, net | $ 252 | (3) | 0 | |||||||||||
Icahn Enterprises Holdings | ||||||||||||||
Description of Business [Line Items] | ||||||||||||||
Percentage of equity ownership in operating subsidiary | 99.00% | |||||||||||||
Gain on disposition of assets, net | $ 253 | 84 | 2,163 | |||||||||||
Proceeds from disposition of assets | 505 | 3,370 | 1,983 | |||||||||||
Investment Funds | ||||||||||||||
Description of Business [Line Items] | ||||||||||||||
Fair value of investment in subsidiary | $ 4,300 | $ 5,100 | $ 4,300 | $ 5,100 | ||||||||||
CVR Refining | Energy Segment | ||||||||||||||
Description of Business [Line Items] | ||||||||||||||
Percentage of equity ownership in operating subsidiary | 3.90% | |||||||||||||
Common units validly tendered and not properly withdrawn | 21,625,106 | |||||||||||||
Purchase of additional interests in consolidated subsidiaries | $ 241 | |||||||||||||
CVR Partners | Energy Segment | ||||||||||||||
Description of Business [Line Items] | ||||||||||||||
Percentage of equity ownership in operating subsidiary | 34.40% | |||||||||||||
CVR Energy | Energy Segment | ||||||||||||||
Description of Business [Line Items] | ||||||||||||||
Percentage of equity ownership in operating subsidiary | 80.60% | 70.80% | ||||||||||||
Equity issued to acquire additional interest in consolidated subsidiary (number of units) | 13,699,549 | |||||||||||||
Change in equity as a result of acquisition of additional interest in consolidated subsidiary | $ 99 | |||||||||||||
Viskase | Food Packaging Segment | ||||||||||||||
Description of Business [Line Items] | ||||||||||||||
Percentage of equity ownership in operating subsidiary | 78.60% | 74.60% | ||||||||||||
Proceeds from rights offering | $ 50 | |||||||||||||
Contribution to subsidiary | $ 44 | |||||||||||||
ARL | Railcar Segment | ||||||||||||||
Description of Business [Line Items] | ||||||||||||||
Gain on disposition of assets, net | $ 5 | 1,700 | ||||||||||||
Proceeds from disposition of assets | $ 17 | |||||||||||||
aggregate consideration for business disposed of | $ 1,800 | |||||||||||||
Ferrous Resources | Mining Segment | ||||||||||||||
Description of Business [Line Items] | ||||||||||||||
Percentage of equity ownership in operating subsidiary | 77.20% | |||||||||||||
Gain on disposition of assets, net | $ 252 | |||||||||||||
Proceeds from disposition of assets | $ 463 | |||||||||||||
Aggregate consideration for business to be disposed of | $ 550 | |||||||||||||
Federal-Mogul | ||||||||||||||
Description of Business [Line Items] | ||||||||||||||
Percentage of equity ownership in operating subsidiary | 100.00% | 82.00% | ||||||||||||
Purchase of additional interests in consolidated subsidiaries | $ 305 | |||||||||||||
Gain on disposition of assets, net | $ 251 | |||||||||||||
Proceeds from disposition of assets | $ 800 | |||||||||||||
consideration in shares for business disposed of | 29,500,000 | |||||||||||||
consideration in non-voting shares for business disposed of | 23,800,000 | |||||||||||||
consideration in voting shares for business disposed of | 5,700,000 | |||||||||||||
investment, ownership percentage | 9.90% | |||||||||||||
fair market value of shares obtained as consideration for business disposed of | $ 1,200 | |||||||||||||
Tropicana | ||||||||||||||
Description of Business [Line Items] | ||||||||||||||
Percentage of equity ownership in operating subsidiary | 83.90% | 72.50% | ||||||||||||
Purchase of additional interests in consolidated subsidiaries | $ 95 | |||||||||||||
Gain on disposition of assets, net | 779 | |||||||||||||
Proceeds from disposition of assets | 1,500 | |||||||||||||
aggregate consideration for business disposed of | $ 1,800 | |||||||||||||
Subsidiary repurchase of treasury stock | 36 | |||||||||||||
ARI | ||||||||||||||
Description of Business [Line Items] | ||||||||||||||
Gain on disposition of assets, net | $ 400 | |||||||||||||
Proceeds from disposition of assets | $ 831 | |||||||||||||
ADS and Precision Tune | Automotive Segment | ||||||||||||||
Description of Business [Line Items] | ||||||||||||||
Payments to acquire businesses | $ 162 | |||||||||||||
Mr. Icahn and affiliates | ||||||||||||||
Description of Business [Line Items] | ||||||||||||||
Affiliate ownership interest | 92.00% | |||||||||||||
Icahn Enterprises G.P. | ||||||||||||||
Description of Business [Line Items] | ||||||||||||||
General partner ownership percentage in Icahn Enterprises | 1.00% | |||||||||||||
Aggregate general partner ownership interest of parent and operating subsidiary | 1.99% | |||||||||||||
Icahn Enterprises G.P. | Icahn Enterprises Holdings | ||||||||||||||
Description of Business [Line Items] | ||||||||||||||
General partner ownership percentage in Icahn Enterprises | 1.00% |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies Variable Interest Entities (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019USD ($)numberOfLeases | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($)numberOfLeases | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jan. 01, 2019USD ($) | |
Accounting Policies [Line Items] | ||||||||||||
Post-retirement benefit liability | $ 73 | $ 77 | $ 73 | $ 77 | ||||||||
Operating lease liability | 647 | 647 | ||||||||||
Finance Lease, Liability | 93 | 93 | ||||||||||
Cash and cash equivalents | 3,794 | 2,656 | 3,794 | 2,656 | ||||||||
Cash held at consolidated affiliated partnerships and restricted cash | 1,151 | 2,682 | 1,151 | 2,682 | ||||||||
Investments | 9,945 | 8,337 | 9,945 | 8,337 | ||||||||
Due from brokers | 858 | 664 | 858 | 664 | ||||||||
Inventories, net | 1,812 | 1,779 | 1,812 | 1,779 | ||||||||
Property, plant and equipment, net | 4,541 | 4,688 | 4,541 | 4,688 | ||||||||
Intangible assets, net | 431 | 501 | 431 | 501 | ||||||||
Other assets | 1,350 | 1,461 | 1,350 | 1,461 | ||||||||
Accounts payable, accrued expenses and other liabilities | 4,315 | 2,715 | 4,315 | 2,715 | ||||||||
Securities sold, not yet purchased, at fair value | 1,190 | 468 | 1,190 | 468 | ||||||||
Due to brokers | 54 | 141 | 54 | 141 | ||||||||
Debt | 8,192 | 7,326 | 8,192 | 7,326 | ||||||||
Fair value of long-term debt | 7,700 | 7,300 | 7,700 | 7,300 | ||||||||
Portion of inventory under LIFO method | 869 | 846 | 869 | 846 | ||||||||
Accumulated other comprehensive loss | (89) | (85) | $ (89) | (85) | ||||||||
Affiliate ownership interest | 98.01% | |||||||||||
Total revenues | 2,621 | $ 2,320 | $ 2,196 | $ 1,855 | 2,802 | $ 2,569 | $ 3,423 | $ 2,983 | $ 8,992 | 11,777 | $ 12,619 | |
Cost of goods sold | 8,212 | 9,002 | 8,220 | |||||||||
Total Expenses | 10,731 | 11,554 | 10,753 | |||||||||
Income (loss) before income tax benefit | (1,739) | 223 | 1,866 | |||||||||
Income tax (expense) benefit | 20 | (14) | (532) | |||||||||
Income (loss) from continuing operations | (149) | (373) | (573) | (664) | (206) | (334) | 410 | 367 | (1,759) | 237 | 2,398 | |
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Noncontrolling Interest | (693) | 475 | 101 | |||||||||
Continuing operations | (1,066) | (238) | 2,297 | |||||||||
Net income (loss) attributable to Icahn Enterprises | (157) | $ (49) | $ (498) | $ (394) | 930 | $ 118 | $ 302 | $ 132 | (1,098) | 1,482 | 2,454 | |
Other expenses from operations | 2,552 | 2,533 | ||||||||||
Other assets | ||||||||||||
Accounting Policies [Line Items] | ||||||||||||
Operating lease right-of-use asset | 622 | 0 | 622 | 0 | ||||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 108 | 108 | ||||||||||
Property, plant and equipment | ||||||||||||
Accounting Policies [Line Items] | ||||||||||||
Finance lease right-of-use asset | 77 | 41 | $ 77 | 41 | ||||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | (15) | (15) | ||||||||||
Deferred tax liability [Member] | ||||||||||||
Accounting Policies [Line Items] | ||||||||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 18 | 18 | ||||||||||
Stockholders' Equity, Total [Member] | ||||||||||||
Accounting Policies [Line Items] | ||||||||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 75 | 75 | ||||||||||
Equity attributable to Icahn Enterprises [Member] | ||||||||||||
Accounting Policies [Line Items] | ||||||||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 31 | 31 | ||||||||||
Restatement Adjustment | ||||||||||||
Accounting Policies [Line Items] | ||||||||||||
Total revenues | 0 | 0 | ||||||||||
Cost of goods sold | 55 | (38) | ||||||||||
Total Expenses | 55 | (38) | ||||||||||
Income (loss) before income tax benefit | (55) | 38 | ||||||||||
Income tax (expense) benefit | (10) | (3) | ||||||||||
Income (loss) from continuing operations | (45) | 41 | ||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Noncontrolling Interest | (20) | 17 | ||||||||||
Continuing operations | (25) | 24 | ||||||||||
Net income (loss) attributable to Icahn Enterprises | (25) | 24 | ||||||||||
Other expenses from operations | 0 | 0 | ||||||||||
Previously Reported [Member] | ||||||||||||
Accounting Policies [Line Items] | ||||||||||||
Total revenues | 11,777 | 12,619 | ||||||||||
Cost of goods sold | 8,947 | 8,258 | ||||||||||
Total Expenses | 11,499 | 10,791 | ||||||||||
Income (loss) before income tax benefit | 278 | 1,828 | ||||||||||
Income tax (expense) benefit | (4) | (529) | ||||||||||
Income (loss) from continuing operations | 282 | 2,357 | ||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Noncontrolling Interest | 495 | 84 | ||||||||||
Continuing operations | (213) | 2,273 | ||||||||||
Net income (loss) attributable to Icahn Enterprises | 1,507 | 2,430 | ||||||||||
Other expenses from operations | 2,552 | 2,533 | ||||||||||
Icahn Enterprises G.P. | ||||||||||||
Accounting Policies [Line Items] | ||||||||||||
Aggregate general partner ownership interest of parent and operating subsidiary | 1.99% | |||||||||||
Cash held at consolidated affiliated partnerships [Member] | ||||||||||||
Accounting Policies [Line Items] | ||||||||||||
Cash held at consolidated affiliated partnerships and restricted cash | 86 | 2,648 | $ 86 | 2,648 | ||||||||
Restricted cash | ||||||||||||
Accounting Policies [Line Items] | ||||||||||||
Cash held at consolidated affiliated partnerships and restricted cash | 1,065 | 34 | 1,065 | 34 | ||||||||
Real Estate Segment | ||||||||||||
Accounting Policies [Line Items] | ||||||||||||
Cash and cash equivalents | 53 | 39 | 53 | 39 | ||||||||
Cash held at consolidated affiliated partnerships and restricted cash | 2 | 26 | 2 | 26 | ||||||||
Investments | 15 | 15 | 15 | 15 | ||||||||
Inventories, net | 0 | 0 | 0 | 0 | ||||||||
Property, plant and equipment, net | 386 | 367 | 386 | 367 | ||||||||
Accounts payable, accrued expenses and other liabilities | 38 | 41 | 38 | 41 | ||||||||
Securities sold, not yet purchased, at fair value | 0 | 0 | 0 | 0 | ||||||||
Debt | 2 | 2 | 2 | 2 | ||||||||
Total revenues | 103 | 212 | 628 | |||||||||
Cost of goods sold | 18 | 18 | 11 | |||||||||
Total Expenses | 93 | 95 | 79 | |||||||||
Income (loss) before income tax benefit | 10 | 117 | 549 | |||||||||
Income tax (expense) benefit | (6) | 5 | 0 | |||||||||
Income (loss) from continuing operations | 16 | 112 | 549 | |||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 | 0 | |||||||||
Continuing operations | $ 16 | 112 | 549 | |||||||||
Real Estate Segment | Minimum | ||||||||||||
Accounting Policies [Line Items] | ||||||||||||
Description of Lessor Leasing Arrangements, Operating Leases | 5 years | |||||||||||
Real Estate Segment | Maximum | ||||||||||||
Accounting Policies [Line Items] | ||||||||||||
Description of Lessor Leasing Arrangements, Operating Leases | 39 years | |||||||||||
Food Packaging Segment | ||||||||||||
Accounting Policies [Line Items] | ||||||||||||
Operating lease right-of-use asset | $ 35 | |||||||||||
Operating lease liability | 39 | |||||||||||
Cash and cash equivalents | 22 | 46 | $ 22 | 46 | ||||||||
Cash held at consolidated affiliated partnerships and restricted cash | 1 | 1 | 1 | 1 | ||||||||
Investments | 0 | 0 | 0 | 0 | ||||||||
Inventories, net | 100 | 93 | 100 | 93 | ||||||||
Property, plant and equipment, net | 161 | 169 | 161 | 169 | ||||||||
Accounts payable, accrued expenses and other liabilities | 196 | 164 | 196 | 164 | ||||||||
Securities sold, not yet purchased, at fair value | 0 | 0 | 0 | 0 | ||||||||
Debt | 268 | 273 | 268 | 273 | ||||||||
Total revenues | 375 | 379 | 389 | |||||||||
Cost of goods sold | 309 | 316 | 297 | |||||||||
Total Expenses | 391 | 398 | 374 | |||||||||
Income (loss) before income tax benefit | (16) | (19) | 15 | |||||||||
Income tax (expense) benefit | 6 | (4) | 21 | |||||||||
Income (loss) from continuing operations | (22) | (15) | (6) | |||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Noncontrolling Interest | (5) | (3) | (1) | |||||||||
Continuing operations | (17) | (12) | (5) | |||||||||
Food Packaging Segment | Other assets | ||||||||||||
Accounting Policies [Line Items] | ||||||||||||
Operating lease right-of-use asset | 34 | 34 | ||||||||||
Other Segments and Holding Company | ||||||||||||
Accounting Policies [Line Items] | ||||||||||||
Operating lease right-of-use asset | 34 | |||||||||||
Operating lease liability | 28 | |||||||||||
Investments | 738 | 1,470 | 738 | 1,470 | ||||||||
Other Segments and Holding Company | Other assets | ||||||||||||
Accounting Policies [Line Items] | ||||||||||||
Operating lease right-of-use asset | 39 | 39 | ||||||||||
Energy Segment | ||||||||||||
Accounting Policies [Line Items] | ||||||||||||
Deferred revenue | 28 | 69 | 28 | 69 | ||||||||
Revenue recognition during period of previously deferred revenue | 68 | 34 | ||||||||||
Finance lease right-of-use asset | 26 | |||||||||||
Operating lease right-of-use asset | 56 | |||||||||||
Operating lease liability | 56 | |||||||||||
Finance Lease, Liability | 23 | |||||||||||
Cash and cash equivalents | 652 | 668 | 652 | 668 | ||||||||
Cash held at consolidated affiliated partnerships and restricted cash | 0 | 0 | 0 | 0 | ||||||||
Investments | 81 | 84 | 81 | 84 | ||||||||
Inventories, net | 390 | 380 | 390 | 380 | ||||||||
Property, plant and equipment, net | 2,888 | 3,027 | 2,888 | 3,027 | ||||||||
Accounts payable, accrued expenses and other liabilities | 1,180 | 1,043 | 1,180 | 1,043 | ||||||||
Securities sold, not yet purchased, at fair value | 0 | 0 | 0 | 0 | ||||||||
Debt | 1,195 | 1,170 | 1,195 | 1,170 | ||||||||
Remaining performance obligation expected to be recognized as revenue within one year | 4 | 4 | ||||||||||
Remaining performance obligation for contracts with an original expected duration of more than one year | 9 | 9 | ||||||||||
Total revenues | 6,385 | 7,135 | 5,988 | |||||||||
Cost of goods sold | 5,707 | 6,508 | 5,761 | |||||||||
Total Expenses | 5,959 | 6,755 | 6,013 | |||||||||
Income (loss) before income tax benefit | 426 | 380 | (25) | |||||||||
Income tax (expense) benefit | 112 | 46 | (341) | |||||||||
Income (loss) from continuing operations | 314 | 334 | 316 | |||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Noncontrolling Interest | 68 | 121 | 63 | |||||||||
Continuing operations | 246 | 213 | 253 | |||||||||
Energy Segment | Other assets | ||||||||||||
Accounting Policies [Line Items] | ||||||||||||
Operating lease right-of-use asset | 48 | 48 | ||||||||||
Automotive Segment | ||||||||||||
Accounting Policies [Line Items] | ||||||||||||
Deferred revenue | $ 42 | 42 | 42 | 42 | ||||||||
Revenue recognition during period of previously deferred revenue | $ 21 | 18 | ||||||||||
Number of leases | numberOfLeases | 2,300 | 2,300 | ||||||||||
Finance lease right-of-use asset | 20 | |||||||||||
Operating lease right-of-use asset | 589 | |||||||||||
Operating lease liability | 621 | |||||||||||
Finance Lease, Liability | $ 22 | |||||||||||
Cash and cash equivalents | $ 46 | 43 | $ 46 | 43 | ||||||||
Cash held at consolidated affiliated partnerships and restricted cash | 0 | 0 | 0 | 0 | ||||||||
Investments | 120 | 59 | 120 | 59 | ||||||||
Inventories, net | 1,215 | 1,203 | 1,215 | 1,203 | ||||||||
Property, plant and equipment, net | 916 | 941 | 916 | 941 | ||||||||
Accounts payable, accrued expenses and other liabilities | 1,340 | 905 | 1,340 | 905 | ||||||||
Securities sold, not yet purchased, at fair value | 0 | 0 | 0 | 0 | ||||||||
Debt | 405 | 372 | 405 | 372 | ||||||||
Deferred revenue expected to be earned within one year | 21 | 21 | ||||||||||
Total revenues | 2,895 | 2,856 | 2,728 | |||||||||
Cost of goods sold | 1,625 | 1,502 | 1,540 | |||||||||
Total Expenses | 3,147 | 3,138 | 2,925 | |||||||||
Income (loss) before income tax benefit | (252) | (282) | (197) | |||||||||
Income tax (expense) benefit | (55) | (52) | (146) | |||||||||
Income (loss) from continuing operations | (197) | (230) | (51) | |||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 | 0 | |||||||||
Continuing operations | (197) | (230) | (51) | |||||||||
Automotive Segment | Other assets | ||||||||||||
Accounting Policies [Line Items] | ||||||||||||
Operating lease right-of-use asset | 501 | $ 501 | ||||||||||
Icahn Enterprises Holdings | ||||||||||||
Accounting Policies [Line Items] | ||||||||||||
Percentage of equity ownership in operating subsidiary | 99.00% | |||||||||||
Percentage of equity ownership in subsidiary | 99.00% | |||||||||||
Cash and cash equivalents | 3,794 | 2,656 | $ 3,794 | 2,656 | ||||||||
Cash held at consolidated affiliated partnerships and restricted cash | 1,151 | 2,682 | 1,151 | 2,682 | ||||||||
Investments | 9,945 | 8,337 | 9,945 | 8,337 | ||||||||
Due from brokers | 858 | 664 | 858 | 664 | ||||||||
Inventories, net | 1,812 | 1,779 | 1,812 | 1,779 | ||||||||
Property, plant and equipment, net | 4,541 | 4,688 | 4,541 | 4,688 | ||||||||
Intangible assets, net | 431 | 501 | 431 | 501 | ||||||||
Other assets | 1,350 | 1,493 | 1,350 | 1,493 | ||||||||
Securities sold, not yet purchased, at fair value | 1,190 | 468 | 1,190 | 468 | ||||||||
Due to brokers | 54 | 141 | 54 | 141 | ||||||||
Debt | 8,195 | 7,330 | 8,195 | 7,330 | ||||||||
Total revenues | 8,992 | 11,777 | 12,619 | |||||||||
Cost of goods sold | 8,212 | 9,002 | 8,220 | |||||||||
Total Expenses | 10,730 | 11,553 | 10,751 | |||||||||
Income (loss) before income tax benefit | (1,738) | 224 | 1,868 | |||||||||
Income tax (expense) benefit | 20 | (14) | (532) | |||||||||
Income (loss) from continuing operations | (1,758) | 238 | 2,400 | |||||||||
Continuing operations | (1,065) | (237) | 2,299 | |||||||||
Net income (loss) attributable to Icahn Enterprises | (1,097) | 1,483 | $ 2,456 | |||||||||
Icahn Enterprises Holdings | Variable Interest Entity, Primary Beneficiary | ||||||||||||
Accounting Policies [Line Items] | ||||||||||||
Cash and cash equivalents | 42 | 420 | 42 | 420 | ||||||||
Cash held at consolidated affiliated partnerships and restricted cash | 989 | 2,648 | 989 | 2,648 | ||||||||
Investments | 9,207 | 6,951 | 9,207 | 6,951 | ||||||||
Due from brokers | 858 | 664 | 858 | 664 | ||||||||
Inventories, net | 54 | 380 | 54 | 380 | ||||||||
Property, plant and equipment, net | 1,123 | 3,023 | 1,123 | 3,023 | ||||||||
Intangible assets, net | 258 | 278 | 258 | 278 | ||||||||
Other assets | 260 | 932 | 260 | 932 | ||||||||
Accounts payable, accrued expenses and other liabilities | 1,338 | 523 | 1,338 | 523 | ||||||||
Securities sold, not yet purchased, at fair value | 1,190 | 468 | 1,190 | 468 | ||||||||
Due to brokers | 54 | 141 | 54 | 141 | ||||||||
Debt | $ 633 | $ 1,171 | $ 633 | $ 1,171 | ||||||||
Viskase | ||||||||||||
Accounting Policies [Line Items] | ||||||||||||
Subsidiary ownership interest in variable interest entity | 50.00% | |||||||||||
Viskase | Food Packaging Segment | ||||||||||||
Accounting Policies [Line Items] | ||||||||||||
Percentage of equity ownership in operating subsidiary | 78.60% | 74.60% | ||||||||||
Percentage of equity ownership in subsidiary | 78.60% | 74.60% |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |||
Other income (loss), net | $ 19 | $ 0 | $ (22) |
Equity earnings from non-consolidated affiliates | |||
Related Party Transaction [Line Items] | |||
Other income (loss), net | 21 | 7 | 1 |
Investment in funds | Mr. Icahn and affiliates | |||
Related Party Transaction [Line Items] | |||
Amount of transaction with related party | $ 220 | $ 310 | 600 |
Percentage fair value of investments in Funds that is attributable to Mr. Icahn | 51.00% | 50.00% | |
Noncontrolling Interest in Variable Interest Entity | $ 4,500 | $ 5,000 | |
Expense sharing arrangement | Consolidated VIE | |||
Related Party Transaction [Line Items] | |||
Amount of transaction with related party | 23 | 12 | 13 |
Repair services revenue from related party | Hertz | |||
Related Party Transaction [Line Items] | |||
Amount of transaction with related party | 54 | 40 | 17 |
Purchases from related party | Hertz | |||
Related Party Transaction [Line Items] | |||
Amount of transaction with related party | 1 | 2 | |
Purchases from related party | ACF | |||
Related Party Transaction [Line Items] | |||
Amount of transaction with related party | 3 | 6 | |
Sales to related party | ACF | |||
Related Party Transaction [Line Items] | |||
Amount of transaction with related party | 6 | 1 | |
Buying group operating expenses | Insight Portfolio Group LLC | |||
Related Party Transaction [Line Items] | |||
Amount of transaction with related party | 3 | 4 | 2 |
Automotive Segment | |||
Related Party Transaction [Line Items] | |||
Other income (loss), net | 15 | (1) | 0 |
Automotive Segment | 767 Leasing | |||
Related Party Transaction [Line Items] | |||
Variable Interest Entity, Nonconsolidated, assets at VIE | 121 | 59 | |
Variable Interest Entity, Nonconsolidated, liabilities at VIE | 1 | 1 | |
Contribution to non-consolidated VIE | 50 | 60 | |
Equity investment in non-consolidated VIE | 120 | 59 | |
Automotive Segment | 767 Leasing | Equity earnings from non-consolidated affiliates | |||
Related Party Transaction [Line Items] | |||
Other income (loss), net | 11 | (1) | |
Investment Segment | |||
Related Party Transaction [Line Items] | |||
Other income (loss), net | $ (5) | (2) | $ (50) |
Investment Segment | Purchases from related party | Hertz | |||
Related Party Transaction [Line Items] | |||
Amount of transaction with related party | $ 36 |
Investments Investment Segment
Investments Investment Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Schedule of Investments [Line Items] | ||||||||||||
Investments | $ 9,945 | $ 8,337 | $ 9,945 | $ 8,337 | ||||||||
Securities sold, not yet purchased, at fair value | 1,190 | 468 | 1,190 | 468 | ||||||||
Total Assets | 24,639 | 23,489 | 24,639 | 23,489 | ||||||||
Total liabilities | 13,697 | 10,509 | 13,697 | 10,509 | ||||||||
Total revenues | 2,621 | $ 2,320 | $ 2,196 | $ 1,855 | 2,802 | $ 2,569 | $ 3,423 | $ 2,983 | 8,992 | 11,777 | $ 12,619 | |
Net income (loss) attributable to Icahn Enterprises | (157) | $ (49) | $ (498) | $ (394) | 930 | $ 118 | $ 302 | $ 132 | (1,098) | 1,482 | 2,454 | |
Investment Segment | ||||||||||||
Schedule of Investments [Line Items] | ||||||||||||
Investments | 9,207 | 6,867 | 9,207 | 6,867 | ||||||||
Securities sold, not yet purchased, at fair value | 1,190 | 468 | 1,190 | 468 | ||||||||
Portion of unrealized (losses) gains that relates to equity and debt securities still held | 706 | (800) | 1,413 | |||||||||
Fair value of equity method investment under fair value option | 3,137 | 1,981 | 3,137 | 1,981 | ||||||||
Unrealized gain on equity method investments under fair value option | 265 | 667 | 370 | |||||||||
Total Assets | 11,283 | 10,750 | 11,283 | 10,750 | ||||||||
Total liabilities | 2,500 | 649 | 2,500 | 649 | ||||||||
Total revenues | (1,414) | 737 | 297 | |||||||||
Investment Segment | Equity securities | ||||||||||||
Schedule of Investments [Line Items] | ||||||||||||
Investments | 9,062 | 6,686 | 9,062 | 6,686 | ||||||||
Investment Segment | Debt securities | ||||||||||||
Schedule of Investments [Line Items] | ||||||||||||
Investments | 145 | 181 | 145 | 181 | ||||||||
Basic materials | Investment Segment | Equity securities | ||||||||||||
Schedule of Investments [Line Items] | ||||||||||||
Investments | 281 | 414 | 281 | 414 | ||||||||
Securities sold, not yet purchased, at fair value | 209 | 0 | 209 | 0 | ||||||||
Consumer, non-cyclical | Investment Segment | Equity securities | ||||||||||||
Schedule of Investments [Line Items] | ||||||||||||
Investments | 2,085 | 2,161 | 2,085 | 2,161 | ||||||||
Securities sold, not yet purchased, at fair value | 29 | 57 | 29 | 57 | ||||||||
Consumer, cyclical | Investment Segment | Equity securities | ||||||||||||
Schedule of Investments [Line Items] | ||||||||||||
Investments | 2,427 | 1,161 | 2,427 | 1,161 | ||||||||
Securities sold, not yet purchased, at fair value | 379 | 106 | 379 | 106 | ||||||||
Energy | Investment Segment | Equity securities | ||||||||||||
Schedule of Investments [Line Items] | ||||||||||||
Investments | 1,717 | 1,598 | 1,717 | 1,598 | ||||||||
Securities sold, not yet purchased, at fair value | 124 | 305 | 124 | 305 | ||||||||
Financial | Investment Segment | Equity securities | ||||||||||||
Schedule of Investments [Line Items] | ||||||||||||
Investments | 0 | 167 | 0 | 167 | ||||||||
Securities sold, not yet purchased, at fair value | 152 | 0 | 152 | 0 | ||||||||
Industrial | Investment Segment | Equity securities | ||||||||||||
Schedule of Investments [Line Items] | ||||||||||||
Securities sold, not yet purchased, at fair value | 217 | 0 | 217 | 0 | ||||||||
Technology | Investment Segment | Equity securities | ||||||||||||
Schedule of Investments [Line Items] | ||||||||||||
Investments | 2,425 | 1,040 | 2,425 | 1,040 | ||||||||
Other sectors | Investment Segment | Equity securities | ||||||||||||
Schedule of Investments [Line Items] | ||||||||||||
Investments | 127 | 145 | 127 | 145 | ||||||||
Securities sold, not yet purchased, at fair value | $ 80 | 0 | $ 80 | 0 | ||||||||
Hertz | Investment Segment | ||||||||||||
Schedule of Investments [Line Items] | ||||||||||||
Ownership percentage in equity method investment | [1] | 24.60% | 24.60% | |||||||||
Fair value of equity method investment under fair value option | $ 551 | 320 | $ 551 | 320 | ||||||||
Unrealized gain on equity method investments under fair value option | 105 | (197) | 13 | |||||||||
Total Assets | 24,627 | 21,382 | 24,627 | 21,382 | ||||||||
Total liabilities | 22,739 | 20,262 | 22,739 | 20,262 | ||||||||
Equity attributable to Icahn Enterprises | $ 1,888 | 1,120 | 1,888 | 1,120 | ||||||||
Total revenues | 9,779 | 9,504 | 8,803 | |||||||||
Net income (loss) attributable to Icahn Enterprises | $ (58) | (225) | 327 | |||||||||
Caesars | Investment Segment | ||||||||||||
Schedule of Investments [Line Items] | ||||||||||||
Ownership percentage in equity method investment | [1] | 13.40% | 13.40% | |||||||||
Fair value of equity method investment under fair value option | $ 1,243 | 0 | $ 1,243 | 0 | ||||||||
Unrealized gain on equity method investments under fair value option | 478 | 0 | 0 | |||||||||
Total Assets | 25,300 | 25,300 | ||||||||||
Total liabilities | 23,100 | 23,100 | ||||||||||
Equity attributable to Icahn Enterprises | $ 2,200 | 2,200 | ||||||||||
Total revenues | 8,700 | |||||||||||
Net income (loss) attributable to Icahn Enterprises | $ (1,200) | |||||||||||
Herbalife | Investment Segment | ||||||||||||
Schedule of Investments [Line Items] | ||||||||||||
Ownership percentage in equity method investment | [1] | 19.10% | 19.10% | |||||||||
Fair value of equity method investment under fair value option | $ 1,343 | 1,661 | $ 1,343 | 1,661 | ||||||||
Unrealized gain on equity method investments under fair value option | (318) | 864 | 357 | |||||||||
Total Assets | 2,679 | 2,790 | 2,679 | 2,790 | ||||||||
Total liabilities | 3,069 | 3,513 | 3,069 | 3,513 | ||||||||
Equity attributable to Icahn Enterprises | $ (390) | $ (723) | (390) | (723) | ||||||||
Total revenues | 4,877 | 4,892 | 4,428 | |||||||||
Net income (loss) attributable to Icahn Enterprises | $ 311 | $ 297 | $ 214 | |||||||||
[1] | Voting interest represents our share of the voting common stock currently held as of December 31, 2019; however, voting common stock held by Mr. Icahn and his affiliates (excluding us) are not included. |
Investments Other Segments and
Investments Other Segments and Holding Company (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Investments [Line Items] | |||
Investments | $ 9,945 | $ 8,337 | |
Other Segments and Holding Company | |||
Schedule of Investments [Line Items] | |||
Investments | 738 | 1,470 | |
Portion of unrealized (losses) gains that relates to equity securities still held | (421) | (339) | $ 67 |
Equity method investments | Other Segments and Holding Company | |||
Schedule of Investments [Line Items] | |||
Investments | 201 | 143 | |
Other investments | Other Segments and Holding Company | |||
Schedule of Investments [Line Items] | |||
Investments | $ 537 | $ 1,327 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Measurement (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Liabilities [Abstract] | ||
Securities sold, not yet purchased, at fair value | $ 1,190 | $ 468 |
Derivative contracts, at fair value (Note 6) | 1,224 | 36 |
Recurring measurement | ||
Assets [Abstract] | ||
Investments | 9,732 | 8,182 |
Derivative contracts, at fair value(1) | 182 | 524 |
Assets, Fair Value Disclosure | 9,914 | 8,706 |
Liabilities [Abstract] | ||
Securities sold, not yet purchased, at fair value | 1,190 | 468 |
Other liabilities | 13 | 2 |
Derivative contracts, at fair value (Note 6) | 1,224 | 36 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 2,427 | 506 |
Recurring measurement | Level 3 | ||
Assets [Abstract] | ||
Investments | 3 | 372 |
Derivative contracts, at fair value(1) | 0 | 0 |
Assets, Fair Value Disclosure | 3 | 372 |
Liabilities [Abstract] | ||
Securities sold, not yet purchased, at fair value | 0 | 0 |
Other liabilities | 6 | 0 |
Derivative contracts, at fair value (Note 6) | 0 | 0 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 6 | 0 |
Recurring measurement | Level 1 | ||
Assets [Abstract] | ||
Investments | 9,448 | 7,493 |
Derivative contracts, at fair value(1) | 0 | 7 |
Assets, Fair Value Disclosure | 9,448 | 7,500 |
Liabilities [Abstract] | ||
Securities sold, not yet purchased, at fair value | 1,190 | 468 |
Other liabilities | 0 | 0 |
Derivative contracts, at fair value (Note 6) | 0 | 0 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 1,190 | 468 |
Recurring measurement | Level 2 | ||
Assets [Abstract] | ||
Investments | 281 | 317 |
Derivative contracts, at fair value(1) | 182 | 517 |
Assets, Fair Value Disclosure | 463 | 834 |
Liabilities [Abstract] | ||
Securities sold, not yet purchased, at fair value | 0 | 0 |
Other liabilities | 7 | 2 |
Derivative contracts, at fair value (Note 6) | 1,224 | 36 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 1,231 | $ 38 |
Fair Value Measurements Changes
Fair Value Measurements Changes in Fair Value Level 3 (Details) - Recurring measurement - Level 3 - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair value of asset measured on a recurring basis | $ 3 | $ 372 | $ 278 |
Net gains recognized in income | 89 | 95 | |
Sales | (458) | 0 | |
Other | $ 0 | $ 1 |
Fair Value Measurements Narrati
Fair Value Measurements Narrative (Details) - Fair Value, Nonrecurring [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment of Long-Lived Assets Held-for-use | $ 2 | $ 5 | $ 10 |
Inventory Write-down | 8 | ||
Impairment of Long-Lived Assets to be Disposed of | $ 68 |
Financial Instruments Derivativ
Financial Instruments Derivative Activities Table (Details) - Investment Segment - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Equity Contract [Member] | ||
Primary underlying risk: | ||
Notional Exposure of Derivatives, Long Position | $ 806 | $ 118 |
Short Notional Exposure | 13,113 | 8,368 |
Credit Risk Contract [Member] | ||
Primary underlying risk: | ||
Notional Exposure of Derivatives, Long Position | 0 | 0 |
Short Notional Exposure | 622 | 479 |
Commodity Contract [Member] | ||
Primary underlying risk: | ||
Notional Exposure of Derivatives, Long Position | 0 | 0 |
Short Notional Exposure | 0 | 114 |
Credit Default Swap [Member] | ||
Primary underlying risk: | ||
Derivative, Notional Amount | $ 4,700 | $ 1,800 |
Financial Instruments Derivat_2
Financial Instruments Derivatives Not Designated as Hedging, Fair Value Table (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | ||
Derivative contracts, at fair value (Note 6) | $ 1,224 | $ 36 |
Investment Segment | ||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | ||
Collateral posted on certain derivative positions | 903 | 0 |
Investment Segment | Not designated as hedging instrument | ||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | ||
Asset derivatives, Gross | 291 | 651 |
Liability derivatives, Gross | 1,324 | 170 |
Derivative, Fair Value, Amount Offset Against Collateral, Net | (109) | (134) |
Investment Segment | Not designated as hedging instrument | Other assets | ||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | ||
Derivative contracts, at fair value(1) | 182 | 517 |
Investment Segment | Not designated as hedging instrument | Accrued expenses and other liabilities | ||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | ||
Derivative contracts, at fair value (Note 6) | 1,215 | 36 |
Investment Segment | Not designated as hedging instrument | Equity Contract [Member] | ||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | ||
Asset derivatives, Gross | 291 | 568 |
Liability derivatives, Gross | 1,058 | 170 |
Investment Segment | Not designated as hedging instrument | Credit Risk Contract [Member] | ||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | ||
Asset derivatives, Gross | 0 | 76 |
Liability derivatives, Gross | 266 | 0 |
Investment Segment | Not designated as hedging instrument | Commodity Contract [Member] | ||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | ||
Asset derivatives, Gross | 0 | 7 |
Liability derivatives, Gross | $ 0 | $ 0 |
Financial Instruments Gain (Los
Financial Instruments Gain (Loss) Recognized on Derivatives Not Designated as Hedging Table (Details) - Investment Segment - Net gain (loss) from investment activities - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative [Line Items] | |||
Derivative gain (loss) recognized in income | $ (2,502) | $ 798 | $ (1,969) |
Equity Contract [Member] | |||
Derivative [Line Items] | |||
Derivative gain (loss) recognized in income | (2,152) | 603 | (1,815) |
Credit Risk Contract [Member] | |||
Derivative [Line Items] | |||
Derivative gain (loss) recognized in income | (342) | 129 | (42) |
Commodity Contract [Member] | |||
Derivative [Line Items] | |||
Derivative gain (loss) recognized in income | $ (8) | $ 66 | $ (112) |
Financial Instruments Narrative
Financial Instruments Narrative (Details) numberOfRINs in Millions, bbl in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)numberOfRINsbbl | Dec. 31, 2018USD ($)bbl | Dec. 31, 2017USD ($) | |
Investment Segment | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of derivative instruments with credit risk related contingent features in a liability position | $ 266 | $ 0 | |
Investment Segment | Not designated as hedging instrument | |||
Derivatives, Fair Value [Line Items] | |||
Asset derivatives, Gross | 291 | 651 | |
Investment Segment | Not designated as hedging instrument | Other assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative contracts, at fair value(1) | 182 | 517 | |
Energy Segment | Not designated as hedging instrument | |||
Derivatives, Fair Value [Line Items] | |||
Asset derivatives, Gross | 3 | 8 | |
Energy Segment | Not designated as hedging instrument | Other assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative contracts, at fair value(1) | 0 | 7 | |
Energy Segment | Not designated as hedging instrument | Cost of Goods and Service Benchmark [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative gain (loss) recognized in income | $ 19 | $ 146 | $ (70) |
Commodity contracts not considered probable of settlement | Energy Segment | Not designated as hedging instrument | |||
Derivatives, Fair Value [Line Items] | |||
Derivative volume (barrels) | bbl | 5 | 2 | |
RINs contracts [Member] | Energy Segment | Not designated as hedging instrument | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Number of Instruments Held | numberOfRINs | 20 |
Inventories, Net (Details)
Inventories, Net (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 223 | $ 217 |
Work in process | 94 | 70 |
Finished goods | 1,495 | 1,492 |
Inventories, net | 1,812 | 1,779 |
Inventories reserves | $ 27 | $ 39 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 7,209 | $ 6,989 | |
Less: Accumulated depreciation and amortization | (2,668) | (2,301) | |
Property, plant and equipment, net | 4,541 | 4,688 | |
Depreciation and amortization expense related to property, plant and equipment | 410 | 398 | $ 430 |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 412 | 416 | |
Buildings and improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 915 | 865 | |
Buildings and improvements | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life (in years) | 3 years | ||
Buildings and improvements | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life (in years) | 40 years | ||
Machinery, equipment and furniture | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 5,348 | 5,208 | |
Machinery, equipment and furniture | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life (in years) | 2 years | ||
Machinery, equipment and furniture | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life (in years) | 30 years | ||
Assets leased to others | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 289 | 279 | |
Assets leased to others | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life (in years) | 5 years | ||
Assets leased to others | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life (in years) | 39 years | ||
Other finance leases | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 27 | 0 | |
Other finance leases | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life (in years) | 1 year | ||
Other finance leases | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life (in years) | 25 years | ||
Construction in progress | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 218 | $ 221 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets, Net Goodwill Table (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2019 | Jan. 01, 2018 | |
Goodwill [Line Items] | ||||
Gross carrying amount of goodwill | $ 369 | $ 334 | $ 334 | $ 327 |
Goodwill arising from acquisitions | 34 | 8 | ||
Foreign exchange adjustments to goodwill | 1 | (1) | ||
Accumulated impairment of goodwill | (87) | (87) | (87) | 0 |
Impairment of goodwill | 0 | (87) | ||
Goodwill | 282 | 247 | ||
Automotive Segment | ||||
Goodwill [Line Items] | ||||
Gross carrying amount of goodwill | 336 | 328 | 328 | 320 |
Goodwill arising from acquisitions | 8 | 8 | ||
Foreign exchange adjustments to goodwill | 0 | 0 | ||
Accumulated impairment of goodwill | (87) | (87) | (87) | 0 |
Impairment of goodwill | 0 | (87) | ||
Goodwill | 249 | 241 | ||
Food Packaging Segment | ||||
Goodwill [Line Items] | ||||
Gross carrying amount of goodwill | 6 | 6 | 6 | 7 |
Goodwill arising from acquisitions | 0 | 0 | ||
Foreign exchange adjustments to goodwill | 0 | (1) | ||
Accumulated impairment of goodwill | 0 | 0 | 0 | $ 0 |
Impairment of goodwill | 0 | 0 | ||
Goodwill | 6 | $ 6 | ||
Metals Segment | ||||
Goodwill [Line Items] | ||||
Gross carrying amount of goodwill | 4 | 0 | ||
Goodwill arising from acquisitions | 4 | |||
Foreign exchange adjustments to goodwill | 0 | |||
Accumulated impairment of goodwill | 0 | 0 | ||
Impairment of goodwill | 0 | |||
Goodwill | 4 | |||
Home Fashion Segment | ||||
Goodwill [Line Items] | ||||
Gross carrying amount of goodwill | 23 | 0 | ||
Goodwill arising from acquisitions | 22 | |||
Foreign exchange adjustments to goodwill | 1 | |||
Accumulated impairment of goodwill | 0 | $ 0 | ||
Impairment of goodwill | 0 | |||
Goodwill | $ 23 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets, Net Definite-lived and Indefinite-lived Intangible Assets Table (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Definite-lived intangible assets: | ||
Finite-Lived Intangible Assets, Gross | $ 671 | $ 713 |
Finite-Lived Intangible Assets, Accumulated Amortization | (302) | (274) |
Definite-lived intangible assets, net | 369 | 439 |
Indefinite-lived intangible assets | 62 | 62 |
Intangible assets, net | 431 | 501 |
Customer Relationships [Member] | ||
Definite-lived intangible assets: | ||
Finite-Lived Intangible Assets, Gross | 397 | 397 |
Finite-Lived Intangible Assets, Accumulated Amortization | (155) | (135) |
Definite-lived intangible assets, net | 242 | 262 |
Unclassified Indefinite-lived Intangible Assets [Member] | ||
Definite-lived intangible assets: | ||
Finite-Lived Intangible Assets, Gross | 274 | 316 |
Finite-Lived Intangible Assets, Accumulated Amortization | (147) | (139) |
Definite-lived intangible assets, net | $ 127 | $ 177 |
Goodwill and Intangible Asset_6
Goodwill and Intangible Assets, Net Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill and Intangible Assets [Line Items] | ||||
Amortization expense associated with definite-lived intangible assets | $ 40 | $ 47 | $ 41 | |
Goodwill arising from acquisitions | 34 | 8 | ||
Impairment of goodwill | 0 | 87 | ||
2020 | 43 | |||
2021 | 34 | |||
2022 | 33 | |||
2023 | 31 | |||
2024 | 30 | |||
Thereafter | 198 | |||
Definite-lived intangible assets, net | 369 | 439 | ||
Automotive Segment | ||||
Goodwill and Intangible Assets [Line Items] | ||||
Goodwill arising from acquisitions | 8 | 8 | ||
Business combination, definite-lived intangible assets acquired | 1 | |||
Impairment of goodwill | 0 | $ 87 | ||
Home Fashion Segment | ||||
Goodwill and Intangible Assets [Line Items] | ||||
Goodwill arising from acquisitions | 22 | |||
Business combination, definite-lived intangible assets acquired | 1 | |||
Impairment of goodwill | 0 | |||
Metals Segment | ||||
Goodwill and Intangible Assets [Line Items] | ||||
Goodwill arising from acquisitions | 4 | |||
Business combination, definite-lived intangible assets acquired | 6 | |||
Impairment of goodwill | $ 0 | |||
Fair Value, Nonrecurring [Member] | ||||
Goodwill and Intangible Assets [Line Items] | ||||
Impairment of Intangible Assets (Excluding Goodwill) | $ 1 | |||
Automotive parts [Member] | ||||
Goodwill and Intangible Assets [Line Items] | ||||
Goodwill, Change in Goodwill Allocation, Description | 27.00% |
Leases (Details)
Leases (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | |
Leases [Line Items] | ||||
Operating lease liability | $ 647 | |||
Finance Lease, Liability | 93 | |||
Operating Lease, Expense | 202 | |||
Finance Lease, Right-of-Use Asset, Amortization | 13 | |||
Finance Lease, Interest Expense | 7 | |||
Operating Leases, Rent Expense | $ 168 | $ 155 | ||
Property, plant and equipment, net | 4,541 | 4,688 | ||
Other assets | ||||
Leases [Line Items] | ||||
Operating lease right-of-use asset | 622 | 0 | ||
Accrued expenses and other liabilities | ||||
Leases [Line Items] | ||||
Operating lease liability | 647 | 0 | ||
Property, plant and equipment | ||||
Leases [Line Items] | ||||
Finance lease right-of-use asset | 77 | 41 | ||
Debt | ||||
Leases [Line Items] | ||||
Finance Lease, Liability | 93 | 52 | ||
Real Estate Segment | ||||
Leases [Line Items] | ||||
Lessor, Operating Lease, Payments to be Received, Remainder of Fiscal Year | 33 | |||
Lessor, Operating Lease, Payments to be Received, Two Years | 6 | |||
Lessor, operating leases, payments to be received, after year two | 3 | |||
Operating Leases, Income Statement, Lease Revenue | 33 | 39 | $ 44 | |
Property, plant and equipment, net | 386 | 367 | ||
Real Estate Segment | Assets leased to others | ||||
Leases [Line Items] | ||||
Property, plant and equipment, net | $ 220 | 217 | ||
Energy Segment | ||||
Leases [Line Items] | ||||
Operating lease right-of-use asset | $ 56 | |||
Operating lease liability | 56 | |||
Finance Lease, Liability | 23 | |||
Finance lease right-of-use asset | 26 | |||
Lessee, Operating Lease, Term of Contract | 3 years 8 months 12 days | |||
Operating Lease, Weighted Average Discount Rate, Percent | 5.60% | |||
Property, plant and equipment, net | $ 2,888 | 3,027 | ||
Energy Segment | Other assets | ||||
Leases [Line Items] | ||||
Operating lease right-of-use asset | 48 | |||
Energy Segment | Accrued expenses and other liabilities | ||||
Leases [Line Items] | ||||
Operating lease liability | $ 48 | |||
Automotive Segment | ||||
Leases [Line Items] | ||||
Operating lease right-of-use asset | 589 | |||
Operating lease liability | 621 | |||
Finance Lease, Liability | 22 | |||
Finance lease right-of-use asset | 20 | |||
Lessee, Operating Lease, Term of Contract | 5 years 2 months 12 days | |||
Operating Lease, Weighted Average Discount Rate, Percent | 5.70% | |||
Property, plant and equipment, net | $ 916 | 941 | ||
Automotive Segment | Other assets | ||||
Leases [Line Items] | ||||
Operating lease right-of-use asset | 501 | |||
Automotive Segment | Accrued expenses and other liabilities | ||||
Leases [Line Items] | ||||
Operating lease liability | $ 527 | |||
Food Packaging Segment | ||||
Leases [Line Items] | ||||
Operating lease right-of-use asset | 35 | |||
Operating lease liability | 39 | |||
Lessee, Operating Lease, Term of Contract | 11 years 8 months 12 days | |||
Operating Lease, Weighted Average Discount Rate, Percent | 7.40% | |||
Property, plant and equipment, net | $ 161 | $ 169 | ||
Food Packaging Segment | Other assets | ||||
Leases [Line Items] | ||||
Operating lease right-of-use asset | 34 | |||
Food Packaging Segment | Accrued expenses and other liabilities | ||||
Leases [Line Items] | ||||
Operating lease liability | 38 | |||
Other Segments and Holding Company | ||||
Leases [Line Items] | ||||
Operating lease right-of-use asset | 34 | |||
Operating lease liability | $ 28 | |||
Other Segments and Holding Company | Other assets | ||||
Leases [Line Items] | ||||
Operating lease right-of-use asset | 39 | |||
Other Segments and Holding Company | Accrued expenses and other liabilities | ||||
Leases [Line Items] | ||||
Operating lease liability | $ 34 |
Lease Liability Maturities (Det
Lease Liability Maturities (Details) $ in Millions | Dec. 31, 2019USD ($) |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |
2020 | $ 181 |
2021 | 159 |
2022 | 135 |
2023 | 85 |
2024 | 57 |
Thereafter | 142 |
Total lease payments | 759 |
Less: imputed interest | (112) |
Operating lease liability | 647 |
Finance Lease, Liability, Payment, Due [Abstract] | |
2020 | 20 |
2021 | 17 |
2022 | 15 |
2023 | 13 |
2024 | 12 |
Thereafter | 53 |
Total lease payments | 130 |
Less: imputed interest | (37) |
Finance Lease, Liability | $ 93 |
Debt Debt Table (Details)
Debt Debt Table (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Debt | $ 8,192 | $ 7,326 |
Holding Company | ||
Debt Instrument [Line Items] | ||
Debt | 6,297 | 5,505 |
Holding Company | 6.000% senior unsecured notes due 2020 | ||
Debt Instrument [Line Items] | ||
Debt | 0 | 1,702 |
Holding Company | 5.875% senior unsecured notes due 2022 | ||
Debt Instrument [Line Items] | ||
Debt | 1,345 | 1,344 |
Holding Company | 6.250% senior unsecured notes due 2022 | ||
Debt Instrument [Line Items] | ||
Debt | 1,211 | 1,213 |
Holding Company | 6.750% senior unsecured notes due 2024 | ||
Debt Instrument [Line Items] | ||
Debt | 498 | 498 |
Holding Company | 4.750% senior unsecured notes due 2024 | ||
Debt Instrument [Line Items] | ||
Debt | 498 | 0 |
Holding Company | 6.375% senior unsecured notes due 2025 | ||
Debt Instrument [Line Items] | ||
Debt | 748 | 748 |
Holding Company | 6.250% senior unsecured notes due 2026 | ||
Debt Instrument [Line Items] | ||
Debt | 1,250 | 0 |
Holding Company | 5.250% senior unsecured notes due 2027 | ||
Debt Instrument [Line Items] | ||
Debt | 747 | 0 |
Energy Segment | ||
Debt Instrument [Line Items] | ||
Debt | 1,195 | 1,170 |
Automotive Segment | ||
Debt Instrument [Line Items] | ||
Debt | 405 | 372 |
Food Packaging Segment | ||
Debt Instrument [Line Items] | ||
Debt | 268 | 273 |
Metals Segment | ||
Debt Instrument [Line Items] | ||
Debt | 7 | 0 |
Real Estate Segment | ||
Debt Instrument [Line Items] | ||
Debt | 2 | 2 |
Home Fashion Segment | ||
Debt Instrument [Line Items] | ||
Debt | 18 | 4 |
Reporting Segments | ||
Debt Instrument [Line Items] | ||
Debt | $ 1,895 | $ 1,821 |
Debt Narrative - Holding Compan
Debt Narrative - Holding Company Debt (Details) - Holding Company - USD ($) $ in Millions | 12 Months Ended | |||||||
Dec. 31, 2019 | Dec. 31, 2017 | Jan. 23, 2020 | Dec. 12, 2019 | Sep. 06, 2019 | Jun. 27, 2019 | Dec. 06, 2017 | Jan. 18, 2017 | |
Debt Instrument [Line Items] | ||||||||
(Gain) loss on extinguishment of debt | $ (2) | $ 12 | ||||||
Additional borrowing availability | $ 469 | |||||||
6.250% senior unsecured notes due 2026 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt face amount | $ 1,250 | |||||||
Interest rate on debt instrument | 6.25% | |||||||
4.750% senior unsecured notes due 2024 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt face amount | $ 500 | |||||||
Interest rate on debt instrument | 4.75% | |||||||
4.750% senior unsecured notes due 2024 | Subsequent event | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt face amount | $ 600 | |||||||
Interest rate on debt instrument | 4.75% | |||||||
5.250% senior unsecured notes due 2027 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt face amount | $ 750 | |||||||
Interest rate on debt instrument | 5.25% | |||||||
5.250% senior unsecured notes due 2027 | Subsequent event | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt face amount | $ 250 | |||||||
Interest rate on debt instrument | 5.25% | |||||||
6.750% senior unsecured notes due 2024 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt face amount | $ 500 | |||||||
Interest rate on debt instrument | 6.75% | |||||||
6.250% senior unsecured notes due 2022 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt face amount | $ 510 | $ 695 | ||||||
Interest rate on debt instrument | 6.25% | 6.25% | ||||||
6.375% senior unsecured notes due 2025 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt face amount | $ 750 | |||||||
Interest rate on debt instrument | 6.375% |
Debt Narrative - Reporting Segm
Debt Narrative - Reporting Segment Debt (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Feb. 27, 2020 | |
Debt Instrument [Line Items] | ||||
Amortization of deferred financing costs and debt discounts and premiums | $ 7 | $ 5 | $ 10 | |
Energy Segment | CVR 2022 Notes | ||||
Debt Instrument [Line Items] | ||||
Debt face amount | $ 500 | |||
Interest rate on debt instrument | 6.50% | |||
Energy Segment | CVR Partners 2023 Notes | ||||
Debt Instrument [Line Items] | ||||
Debt face amount | $ 645 | |||
Interest rate on debt instrument | 9.25% | |||
Energy Segment | Revolving credit facility | ||||
Debt Instrument [Line Items] | ||||
Borrowing availability on credit facilities | $ 443 | 444 | ||
Energy Segment | CVR Refining credit facility | ||||
Debt Instrument [Line Items] | ||||
Letters of credit outstanding | 7 | 6 | ||
Energy Segment | CVR 2025 Notes [Member] | Subsequent event | ||||
Debt Instrument [Line Items] | ||||
Debt face amount | $ 600 | |||
Interest rate on debt instrument | 5.25% | |||
Energy Segment | CVR 2028 Notes [Member] | Subsequent event | ||||
Debt Instrument [Line Items] | ||||
Debt face amount | $ 400 | |||
Interest rate on debt instrument | 5.75% | |||
Automotive Segment | IEP Auto Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Debt face amount | 382 | 370 | ||
Borrowing availability on credit facilities | 107 | 90 | ||
Letters of credit outstanding | $ 41 | $ 40 | ||
Weighted average interest rate on debt | 4.15% | 4.37% | ||
Food Packaging Segment | Viskase credit facility | ||||
Debt Instrument [Line Items] | ||||
Interest rate on debt instrument | 5.19% | 6.05% |
Debt Debt Maturities (Details)
Debt Debt Maturities (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Disclosure [Abstract] | ||
2020 | $ 35 | |
2021 | 640 | |
2022 | 3,055 | |
2023 | 645 | |
2024 | 1,000 | |
Thereafter | 2,751 | |
Future maturiites due on debt | 8,126 | |
Less: unamortized discounts, premiums and deferred financing fees | (27) | |
Finance Lease, Liability | 93 | |
Debt | $ 8,192 | $ 7,326 |
Net Income Per LP Unit (Details
Net Income Per LP Unit (Details) - USD ($) $ / shares in Units, $ in Millions | May 02, 2019 | Jan. 31, 2017 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Earnings Per LP Unit [Line Items] | ||||||||||||||
Net (loss) income attributable to Icahn Enterprises from continuing operations | $ (1,066) | $ (238) | $ 2,297 | |||||||||||
Net (loss) income attributable to Icahn Enterprises from discontinued operations | (32) | 1,720 | 157 | |||||||||||
Less: net loss attributable to Icahn Enterprises from discontinued operations allocated 100% to general partner | 0 | 598 | 0 | |||||||||||
Net (loss) income attributable to Icahn Enterprises from discontinued operations allocable to limited partners | $ (32) | $ 2,318 | $ 157 | |||||||||||
Basic income (loss) per LP unit: | ||||||||||||||
Continuing operations | $ (0.70) | $ (0.24) | $ (2.37) | $ (2.02) | $ (2.30) | $ (0.24) | $ 0.81 | $ 0.55 | $ (5.23) | $ (1.29) | $ 13.98 | |||
Discontinued operations | (0.04) | 0 | (0.12) | 0 | 10.31 | 0.88 | 0.85 | 0.19 | (0.15) | 12.62 | 0.96 | |||
Basic income (loss) per LP unit | (0.74) | (0.24) | (2.49) | (2.02) | 8.01 | 0.64 | 1.66 | 0.74 | $ (5.38) | $ 11.33 | $ 14.94 | |||
Basic weighted average LP units outstanding | 200,000,000 | 180,000,000 | 161,000,000 | |||||||||||
Diluted income (loss) per LP unit | ||||||||||||||
Continuing operations | (0.70) | (0.24) | (2.37) | (2.02) | (2.30) | (0.24) | 0.81 | 0.55 | $ (5.23) | $ (1.29) | $ 13.98 | |||
Discontinued operations | (0.04) | 0 | (0.12) | 0 | 10.31 | 0.88 | 0.85 | 0.19 | (0.15) | 12.62 | 0.96 | |||
Diluted income (loss) per LP unit | $ (0.74) | $ (0.24) | $ (2.49) | $ (2.02) | $ 8.01 | $ 0.64 | $ 1.66 | $ 0.74 | $ (5.38) | $ 11.33 | $ 14.94 | |||
Diluted weighted average LP units outstanding | 200,000,000 | 180,000,000 | 161,000,000 | |||||||||||
Limited partners: Depositary units issued | 214,078,558 | 191,366,097 | 214,078,558 | 191,366,097 | 173,564,307 | 144,741,149 | ||||||||
Units distributed to LP unitholders | 21,898,853 | 17,778,950 | 17,644,152 | |||||||||||
2017 LTIP units vested | 19,259 | 22,840 | 7,902 | |||||||||||
Partners' Capital Account, Units, Sale of Units | 794,349 | 11,171,104 | ||||||||||||
Potential aggregate sales proceeds from equity offering | $ 400 | |||||||||||||
Proceeds from Sale of Interest in Partnership Unit | $ 54 | |||||||||||||
Mr. Icahn and affiliates | ||||||||||||||
Diluted income (loss) per LP unit | ||||||||||||||
Limited partners: Depositary units issued | 197,049,652 | 175,441,588 | 197,049,652 | 175,441,588 | 157,898,582 | 129,999,050 | ||||||||
Units distributed to LP unitholders | 21,608,064 | 17,543,006 | 17,374,427 | |||||||||||
2017 LTIP units vested | 0 | 0 | 0 | |||||||||||
Partners' Capital Account, Units, Sale of Units | 0 | 10,525,105 | ||||||||||||
Public unitholders | ||||||||||||||
Diluted income (loss) per LP unit | ||||||||||||||
Limited partners: Depositary units issued | 17,028,906 | 15,924,509 | 17,028,906 | 15,924,509 | 15,665,725 | 14,742,099 | ||||||||
Units distributed to LP unitholders | 290,789 | 235,944 | 269,725 | |||||||||||
2017 LTIP units vested | 19,259 | 22,840 | 7,902 | |||||||||||
Partners' Capital Account, Units, Sale of Units | 794,349 | 645,999 | ||||||||||||
General partner | ||||||||||||||
Diluted income (loss) per LP unit | ||||||||||||||
Depositary units issued (value) | $ 12 | |||||||||||||
Limited partners | ||||||||||||||
Diluted income (loss) per LP unit | ||||||||||||||
Depositary units issued (value) | $ 600 | |||||||||||||
Limited partners | ||||||||||||||
Earnings Per LP Unit [Line Items] | ||||||||||||||
Net (loss) income attributable to Icahn Enterprises from continuing operations | $ (1,045) | $ (233) | $ 2,251 | |||||||||||
Net (loss) income attributable to Icahn Enterprises from discontinued operations | $ (31) | $ 2,272 | $ 154 |
Segment Reporting, Income State
Segment Reporting, Income Statements (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||
Aug. 31, 2018 | Aug. 31, 2017 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||
Net sales | $ 2,349 | $ 2,484 | $ 2,588 | $ 2,300 | $ 2,578 | $ 2,815 | $ 2,819 | $ 2,364 | $ 9,720 | $ 10,576 | $ 9,306 | ||
Other revenues from operations | 666 | 647 | 743 | ||||||||||
Net (loss) gain from investment activities | (1,931) | 322 | 302 | ||||||||||
Interest and dividend income | 265 | 148 | 127 | ||||||||||
Gain on disposition of assets, net | 253 | 84 | 2,163 | ||||||||||
Other income (loss), net | 19 | 0 | (22) | ||||||||||
Total revenues | 2,621 | 2,320 | 2,196 | 1,855 | 2,802 | 2,569 | 3,423 | 2,983 | 8,992 | 11,777 | 12,619 | ||
Cost of goods sold | 8,212 | 9,002 | 8,220 | ||||||||||
Other expenses from operations | 518 | 529 | 518 | ||||||||||
Selling, general and administrative | 1,376 | 1,386 | 1,269 | ||||||||||
Restructuring | 18 | 21 | 4 | ||||||||||
Impairment | 2 | 92 | 87 | ||||||||||
Interest expense | 605 | 524 | 655 | ||||||||||
Total Expenses | 10,731 | 11,554 | 10,753 | ||||||||||
Income (loss) before income tax benefit | (1,739) | 223 | 1,866 | ||||||||||
Income tax (expense) benefit | (20) | 14 | 532 | ||||||||||
Income (loss) from continuing operations | $ (149) | $ (373) | $ (573) | $ (664) | $ (206) | $ (334) | $ 410 | $ 367 | (1,759) | 237 | 2,398 | ||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Noncontrolling Interest | (693) | 475 | 101 | ||||||||||
Continuing operations | (1,066) | (238) | 2,297 | ||||||||||
Capital expenditures | 250 | 272 | 316 | ||||||||||
Depreciation and amortization | 519 | 508 | 518 | ||||||||||
Investment Segment | |||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||
Net sales | 0 | 0 | 0 | ||||||||||
Other revenues from operations | 0 | 0 | 0 | ||||||||||
Net (loss) gain from investment activities | (1,599) | 635 | 241 | ||||||||||
Interest and dividend income | 190 | 104 | 106 | ||||||||||
Gain on disposition of assets, net | 0 | 0 | 0 | ||||||||||
Other income (loss), net | (5) | (2) | (50) | ||||||||||
Total revenues | (1,414) | 737 | 297 | ||||||||||
Cost of goods sold | 0 | 0 | 0 | ||||||||||
Other expenses from operations | 0 | 0 | 0 | ||||||||||
Selling, general and administrative | 23 | 12 | 13 | ||||||||||
Restructuring | 0 | 0 | 0 | ||||||||||
Impairment | 0 | 0 | 0 | ||||||||||
Interest expense | 106 | 46 | 166 | ||||||||||
Total Expenses | 129 | 58 | 179 | ||||||||||
Income (loss) before income tax benefit | (1,543) | 679 | 118 | ||||||||||
Income tax (expense) benefit | 0 | 0 | 0 | ||||||||||
Income (loss) from continuing operations | (1,543) | 679 | 118 | ||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Noncontrolling Interest | (768) | 360 | 38 | ||||||||||
Continuing operations | (775) | 319 | 80 | ||||||||||
Capital expenditures | 0 | 0 | 0 | ||||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||||
Energy Segment | |||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||
Net sales | 6,364 | 7,124 | 5,988 | ||||||||||
Other revenues from operations | 0 | 0 | 0 | ||||||||||
Net (loss) gain from investment activities | 0 | 0 | 0 | ||||||||||
Interest and dividend income | 4 | 2 | 1 | ||||||||||
Gain on disposition of assets, net | 4 | (6) | (3) | ||||||||||
Other income (loss), net | 13 | 15 | 2 | ||||||||||
Total revenues | 6,385 | 7,135 | 5,988 | ||||||||||
Cost of goods sold | 5,707 | 6,508 | 5,761 | ||||||||||
Other expenses from operations | 0 | 0 | 0 | ||||||||||
Selling, general and administrative | 146 | 138 | 143 | ||||||||||
Restructuring | 0 | 5 | 0 | ||||||||||
Impairment | 0 | 0 | 0 | ||||||||||
Interest expense | 106 | 104 | 109 | ||||||||||
Total Expenses | 5,959 | 6,755 | 6,013 | ||||||||||
Income (loss) before income tax benefit | 426 | 380 | (25) | ||||||||||
Income tax (expense) benefit | (112) | (46) | 341 | ||||||||||
Income (loss) from continuing operations | 314 | 334 | 316 | ||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Noncontrolling Interest | 68 | 121 | 63 | ||||||||||
Continuing operations | 246 | 213 | 253 | ||||||||||
Capital expenditures | 121 | 102 | 120 | ||||||||||
Depreciation and amortization | 352 | 339 | 322 | ||||||||||
Automotive Segment | |||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||
Net sales | 2,293 | 2,295 | 2,225 | ||||||||||
Other revenues from operations | 591 | 563 | 498 | ||||||||||
Net (loss) gain from investment activities | 0 | 0 | 0 | ||||||||||
Interest and dividend income | 0 | 0 | 0 | ||||||||||
Gain on disposition of assets, net | (4) | (1) | 5 | ||||||||||
Other income (loss), net | 15 | (1) | 0 | ||||||||||
Total revenues | 2,895 | 2,856 | 2,728 | ||||||||||
Cost of goods sold | 1,625 | 1,502 | 1,540 | ||||||||||
Other expenses from operations | 464 | 474 | 438 | ||||||||||
Selling, general and administrative | 1,032 | 1,051 | 919 | ||||||||||
Restructuring | 6 | 5 | 0 | ||||||||||
Impairment | 0 | 90 | 15 | ||||||||||
Interest expense | 20 | 16 | 13 | ||||||||||
Total Expenses | 3,147 | 3,138 | 2,925 | ||||||||||
Income (loss) before income tax benefit | (252) | (282) | (197) | ||||||||||
Income tax (expense) benefit | 55 | 52 | 146 | ||||||||||
Income (loss) from continuing operations | (197) | (230) | (51) | ||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 | 0 | ||||||||||
Continuing operations | (197) | (230) | (51) | ||||||||||
Capital expenditures | 47 | 66 | 86 | ||||||||||
Depreciation and amortization | 98 | 92 | 111 | ||||||||||
Food Packaging Segment | |||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||
Net sales | 383 | 395 | 392 | ||||||||||
Other revenues from operations | 0 | 0 | 0 | ||||||||||
Net (loss) gain from investment activities | 0 | 0 | 0 | ||||||||||
Interest and dividend income | 0 | 1 | 0 | ||||||||||
Gain on disposition of assets, net | 0 | 0 | 0 | ||||||||||
Other income (loss), net | (8) | (17) | (3) | ||||||||||
Total revenues | 375 | 379 | 389 | ||||||||||
Cost of goods sold | 309 | 316 | 297 | ||||||||||
Other expenses from operations | 0 | 0 | 0 | ||||||||||
Selling, general and administrative | 56 | 57 | 61 | ||||||||||
Restructuring | 8 | 9 | 2 | ||||||||||
Impairment | 1 | 0 | 1 | ||||||||||
Interest expense | 17 | 16 | 13 | ||||||||||
Total Expenses | 391 | 398 | 374 | ||||||||||
Income (loss) before income tax benefit | (16) | (19) | 15 | ||||||||||
Income tax (expense) benefit | (6) | 4 | (21) | ||||||||||
Income (loss) from continuing operations | (22) | (15) | (6) | ||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Noncontrolling Interest | (5) | (3) | (1) | ||||||||||
Continuing operations | (17) | (12) | (5) | ||||||||||
Capital expenditures | 17 | 25 | 26 | ||||||||||
Depreciation and amortization | 26 | 26 | 25 | ||||||||||
Metals Segment | |||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||
Net sales | 340 | 466 | 409 | ||||||||||
Other revenues from operations | 0 | 0 | 0 | ||||||||||
Net (loss) gain from investment activities | 0 | 0 | 0 | ||||||||||
Interest and dividend income | 0 | 0 | 0 | ||||||||||
Gain on disposition of assets, net | 1 | 0 | 0 | ||||||||||
Other income (loss), net | 0 | 1 | (1) | ||||||||||
Total revenues | 341 | 467 | 408 | ||||||||||
Cost of goods sold | 343 | 441 | 389 | ||||||||||
Other expenses from operations | 0 | 0 | 0 | ||||||||||
Selling, general and administrative | 15 | 19 | 19 | ||||||||||
Restructuring | 3 | 0 | 1 | ||||||||||
Impairment | 1 | 1 | 0 | ||||||||||
Interest expense | 1 | 0 | 0 | ||||||||||
Total Expenses | 363 | 461 | 409 | ||||||||||
Income (loss) before income tax benefit | (22) | 6 | (1) | ||||||||||
Income tax (expense) benefit | 0 | (1) | (43) | ||||||||||
Income (loss) from continuing operations | (22) | 5 | (44) | ||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 | 0 | ||||||||||
Continuing operations | (22) | 5 | (44) | ||||||||||
Capital expenditures | 24 | 21 | 30 | ||||||||||
Depreciation and amortization | 19 | 18 | 20 | ||||||||||
Real Estate Segment | |||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||
Net sales | 23 | 22 | 15 | ||||||||||
Other revenues from operations | 75 | 84 | 72 | ||||||||||
Net (loss) gain from investment activities | 0 | 0 | 0 | ||||||||||
Interest and dividend income | 1 | 16 | 7 | ||||||||||
Gain on disposition of assets, net | $ 89 | $ 456 | 0 | 89 | 496 | ||||||||
Other income (loss), net | 4 | 1 | 38 | ||||||||||
Total revenues | 103 | 212 | 628 | ||||||||||
Cost of goods sold | 18 | 18 | 11 | ||||||||||
Other expenses from operations | 54 | 54 | 46 | ||||||||||
Selling, general and administrative | 21 | 22 | 18 | ||||||||||
Restructuring | 0 | 0 | 0 | ||||||||||
Impairment | 0 | 0 | 2 | ||||||||||
Interest expense | 0 | 1 | 2 | ||||||||||
Total Expenses | 93 | 95 | 79 | ||||||||||
Income (loss) before income tax benefit | 10 | 117 | 549 | ||||||||||
Income tax (expense) benefit | 6 | (5) | 0 | ||||||||||
Income (loss) from continuing operations | 16 | 112 | 549 | ||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 | 0 | ||||||||||
Continuing operations | 16 | 112 | 549 | ||||||||||
Capital expenditures | 22 | 13 | 9 | ||||||||||
Depreciation and amortization | 17 | 19 | 20 | ||||||||||
Home Fashion Segment | |||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||
Net sales | 187 | 171 | 183 | ||||||||||
Other revenues from operations | 0 | 0 | 0 | ||||||||||
Net (loss) gain from investment activities | 0 | 0 | 0 | ||||||||||
Interest and dividend income | 0 | 0 | 0 | ||||||||||
Gain on disposition of assets, net | 0 | 0 | 0 | ||||||||||
Other income (loss), net | (1) | 0 | 0 | ||||||||||
Total revenues | 186 | 171 | 183 | ||||||||||
Cost of goods sold | 159 | 144 | 162 | ||||||||||
Other expenses from operations | 0 | 0 | 0 | ||||||||||
Selling, general and administrative | 42 | 34 | 39 | ||||||||||
Restructuring | 1 | 2 | 1 | ||||||||||
Impairment | 0 | 1 | 1 | ||||||||||
Interest expense | 1 | 1 | 0 | ||||||||||
Total Expenses | 203 | 182 | 203 | ||||||||||
Income (loss) before income tax benefit | (17) | (11) | (20) | ||||||||||
Income tax (expense) benefit | 0 | 0 | 0 | ||||||||||
Income (loss) from continuing operations | (17) | (11) | (20) | ||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 | 0 | ||||||||||
Continuing operations | (17) | (11) | (20) | ||||||||||
Capital expenditures | 5 | 5 | 5 | ||||||||||
Depreciation and amortization | 7 | 8 | 8 | ||||||||||
Mining Segment | |||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||
Net sales | 130 | 103 | 94 | ||||||||||
Other revenues from operations | 0 | 0 | 0 | ||||||||||
Net (loss) gain from investment activities | 0 | 0 | 0 | ||||||||||
Interest and dividend income | 1 | 1 | 1 | ||||||||||
Gain on disposition of assets, net | 252 | (3) | 0 | ||||||||||
Other income (loss), net | (1) | 5 | (2) | ||||||||||
Total revenues | 382 | 106 | 93 | ||||||||||
Cost of goods sold | 51 | 73 | 60 | ||||||||||
Other expenses from operations | 0 | 0 | 0 | ||||||||||
Selling, general and administrative | 15 | 27 | 14 | ||||||||||
Restructuring | 0 | 0 | 0 | ||||||||||
Impairment | 0 | 0 | 0 | ||||||||||
Interest expense | 4 | 3 | 6 | ||||||||||
Total Expenses | 70 | 103 | 80 | ||||||||||
Income (loss) before income tax benefit | 312 | 3 | 13 | ||||||||||
Income tax (expense) benefit | (1) | (2) | (3) | ||||||||||
Income (loss) from continuing operations | 311 | 1 | 10 | ||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Noncontrolling Interest | 12 | (2) | 1 | ||||||||||
Continuing operations | 299 | 3 | 9 | ||||||||||
Capital expenditures | 14 | 40 | 38 | ||||||||||
Depreciation and amortization | 0 | 6 | 5 | ||||||||||
Railcar Segment | |||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||
Net sales | 0 | 0 | 0 | ||||||||||
Other revenues from operations | 0 | 0 | 173 | ||||||||||
Net (loss) gain from investment activities | 0 | 0 | 0 | ||||||||||
Interest and dividend income | 0 | 0 | 0 | ||||||||||
Gain on disposition of assets, net | 0 | 5 | 1,664 | ||||||||||
Other income (loss), net | 0 | 0 | 0 | ||||||||||
Total revenues | 0 | 5 | 1,837 | ||||||||||
Cost of goods sold | 0 | 0 | 0 | ||||||||||
Other expenses from operations | 0 | 1 | 34 | ||||||||||
Selling, general and administrative | 0 | 1 | 10 | ||||||||||
Restructuring | 0 | 0 | 0 | ||||||||||
Impairment | 0 | 0 | 68 | ||||||||||
Interest expense | 0 | 0 | 23 | ||||||||||
Total Expenses | 0 | 2 | 135 | ||||||||||
Income (loss) before income tax benefit | 0 | 3 | 1,702 | ||||||||||
Income tax (expense) benefit | 0 | (2) | (531) | ||||||||||
Income (loss) from continuing operations | 0 | 1 | 1,171 | ||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 | 0 | ||||||||||
Continuing operations | 0 | 1 | 1,171 | ||||||||||
Capital expenditures | 0 | 0 | 2 | ||||||||||
Depreciation and amortization | 0 | 0 | 7 | ||||||||||
Holding Company | |||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||
Net sales | 0 | 0 | 0 | ||||||||||
Other revenues from operations | 0 | 0 | 0 | ||||||||||
Net (loss) gain from investment activities | (332) | (313) | 61 | ||||||||||
Interest and dividend income | 69 | 24 | 12 | ||||||||||
Gain on disposition of assets, net | 0 | 0 | 1 | ||||||||||
Other income (loss), net | 2 | (2) | (6) | ||||||||||
Total revenues | (261) | (291) | 68 | ||||||||||
Cost of goods sold | 0 | 0 | 0 | ||||||||||
Other expenses from operations | 0 | 0 | 0 | ||||||||||
Selling, general and administrative | 26 | 25 | 33 | ||||||||||
Restructuring | 0 | 0 | 0 | ||||||||||
Impairment | 0 | 0 | 0 | ||||||||||
Interest expense | 350 | 337 | 323 | ||||||||||
Total Expenses | 376 | 362 | 356 | ||||||||||
Income (loss) before income tax benefit | (637) | (653) | (288) | ||||||||||
Income tax (expense) benefit | 38 | 14 | 643 | ||||||||||
Income (loss) from continuing operations | (599) | (639) | 355 | ||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Noncontrolling Interest | 0 | (1) | 0 | ||||||||||
Continuing operations | (599) | (638) | 355 | ||||||||||
Capital expenditures | 0 | 0 | 0 | ||||||||||
Depreciation and amortization | $ 0 | $ 0 | $ 0 |
Segment Reporting Disaggregatio
Segment Reporting Disaggregation of Revenue (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Energy Segment | |||
Disaggregation of Revenue [Line Items] | |||
Disaggregated revenue | $ 6,364 | $ 7,124 | $ 5,988 |
Automotive Segment | |||
Disaggregation of Revenue [Line Items] | |||
Disaggregated revenue | 2,884 | 2,858 | 2,723 |
Petroleum products | Energy Segment | |||
Disaggregation of Revenue [Line Items] | |||
Disaggregated revenue | 5,960 | 6,773 | 5,657 |
Nitrogen fertilizer products | Energy Segment | |||
Disaggregation of Revenue [Line Items] | |||
Disaggregated revenue | 404 | 351 | 331 |
Automotive services | Automotive Segment | |||
Disaggregation of Revenue [Line Items] | |||
Disaggregated revenue | 1,373 | 1,321 | 1,186 |
Automotive parts [Member] | Automotive Segment | |||
Disaggregation of Revenue [Line Items] | |||
Disaggregated revenue | $ 1,511 | $ 1,537 | $ 1,537 |
Segment Reporting, Balance Shee
Segment Reporting, Balance Sheets (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Cash and cash equivalents | $ 3,794 | $ 2,656 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 1,151 | 2,682 | ||
Investments | 9,945 | 8,337 | ||
Accounts receivable, net | 475 | 474 | ||
Inventories, net | 1,812 | 1,779 | ||
Property, plant and equipment, net | 4,541 | 4,688 | ||
Goodwill and intangible assets, net | 713 | 748 | ||
Other assets | 2,208 | 2,125 | ||
Total Assets | 24,639 | 23,489 | ||
Accounts payable, accrued expenses and other liabilities | 4,315 | 2,715 | ||
Securities sold, not yet purchased, at fair value | 1,190 | 468 | ||
Debt | 8,192 | 7,326 | ||
Total liabilities | 13,697 | 10,509 | ||
Equity attributable to Icahn Enterprises | 5,456 | 6,560 | ||
Equity attributable to non-controlling interests | 5,486 | 6,420 | ||
Total equity | 10,942 | 12,980 | $ 11,486 | $ 8,094 |
Total Liabilities and Equity | 24,639 | 23,489 | ||
Investment Segment | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Cash and cash equivalents | 11 | 5 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 989 | 2,648 | ||
Investments | 9,207 | 6,867 | ||
Accounts receivable, net | 0 | 0 | ||
Inventories, net | 0 | 0 | ||
Property, plant and equipment, net | 0 | 0 | ||
Goodwill and intangible assets, net | 0 | 0 | ||
Other assets | 1,076 | 1,230 | ||
Total Assets | 11,283 | 10,750 | ||
Accounts payable, accrued expenses and other liabilities | 1,310 | 181 | ||
Securities sold, not yet purchased, at fair value | 1,190 | 468 | ||
Debt | 0 | 0 | ||
Total liabilities | 2,500 | 649 | ||
Equity attributable to Icahn Enterprises | 4,296 | 5,066 | ||
Equity attributable to non-controlling interests | 4,487 | 5,035 | ||
Total equity | 8,783 | 10,101 | ||
Total Liabilities and Equity | 11,283 | 10,750 | ||
Energy Segment | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Cash and cash equivalents | 652 | 668 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 0 | 0 | ||
Investments | 81 | 84 | ||
Accounts receivable, net | 182 | 169 | ||
Inventories, net | 390 | 380 | ||
Property, plant and equipment, net | 2,888 | 3,027 | ||
Goodwill and intangible assets, net | 258 | 278 | ||
Other assets | 222 | 225 | ||
Total Assets | 4,673 | 4,831 | ||
Accounts payable, accrued expenses and other liabilities | 1,180 | 1,043 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Debt | 1,195 | 1,170 | ||
Total liabilities | 2,375 | 2,213 | ||
Equity attributable to Icahn Enterprises | 1,312 | 1,274 | ||
Equity attributable to non-controlling interests | 986 | 1,344 | ||
Total equity | 2,298 | 2,618 | ||
Total Liabilities and Equity | 4,673 | 4,831 | ||
Automotive Segment | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Cash and cash equivalents | 46 | 43 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 0 | 0 | ||
Investments | 120 | 59 | ||
Accounts receivable, net | 143 | 149 | ||
Inventories, net | 1,215 | 1,203 | ||
Property, plant and equipment, net | 916 | 941 | ||
Goodwill and intangible assets, net | 382 | 412 | ||
Other assets | 673 | 217 | ||
Total Assets | 3,495 | 3,024 | ||
Accounts payable, accrued expenses and other liabilities | 1,340 | 905 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Debt | 405 | 372 | ||
Total liabilities | 1,745 | 1,277 | ||
Equity attributable to Icahn Enterprises | 1,750 | 1,747 | ||
Equity attributable to non-controlling interests | 0 | 0 | ||
Total equity | 1,750 | 1,747 | ||
Total Liabilities and Equity | 3,495 | 3,024 | ||
Food Packaging Segment | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Cash and cash equivalents | 22 | 46 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 1 | 1 | ||
Investments | 0 | 0 | ||
Accounts receivable, net | 78 | 74 | ||
Inventories, net | 100 | 93 | ||
Property, plant and equipment, net | 161 | 169 | ||
Goodwill and intangible assets, net | 30 | 32 | ||
Other assets | 125 | 96 | ||
Total Assets | 517 | 511 | ||
Accounts payable, accrued expenses and other liabilities | 196 | 164 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Debt | 268 | 273 | ||
Total liabilities | 464 | 437 | ||
Equity attributable to Icahn Enterprises | 40 | 55 | ||
Equity attributable to non-controlling interests | 13 | 19 | ||
Total equity | 53 | 74 | ||
Total Liabilities and Equity | 517 | 511 | ||
Metals Segment | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Cash and cash equivalents | 3 | 20 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 6 | 1 | ||
Investments | 0 | 0 | ||
Accounts receivable, net | 32 | 48 | ||
Inventories, net | 32 | 39 | ||
Property, plant and equipment, net | 122 | 115 | ||
Goodwill and intangible assets, net | 11 | 2 | ||
Other assets | 27 | 8 | ||
Total Assets | 233 | 233 | ||
Accounts payable, accrued expenses and other liabilities | 70 | 56 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Debt | 7 | 0 | ||
Total liabilities | 77 | 56 | ||
Equity attributable to Icahn Enterprises | 156 | 177 | ||
Equity attributable to non-controlling interests | 0 | 0 | ||
Total equity | 156 | 177 | ||
Total Liabilities and Equity | 233 | 233 | ||
Real Estate Segment | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Cash and cash equivalents | 53 | 39 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 2 | 26 | ||
Investments | 15 | 15 | ||
Accounts receivable, net | 4 | 3 | ||
Inventories, net | 0 | 0 | ||
Property, plant and equipment, net | 386 | 367 | ||
Goodwill and intangible assets, net | 8 | 24 | ||
Other assets | 46 | 34 | ||
Total Assets | 514 | 508 | ||
Accounts payable, accrued expenses and other liabilities | 38 | 41 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Debt | 2 | 2 | ||
Total liabilities | 40 | 43 | ||
Equity attributable to Icahn Enterprises | 474 | 465 | ||
Equity attributable to non-controlling interests | 0 | 0 | ||
Total equity | 474 | 465 | ||
Total Liabilities and Equity | 514 | 508 | ||
Home Fashion Segment | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Cash and cash equivalents | 1 | 1 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 7 | 2 | ||
Investments | 0 | 0 | ||
Accounts receivable, net | 36 | 31 | ||
Inventories, net | 75 | 64 | ||
Property, plant and equipment, net | 68 | 69 | ||
Goodwill and intangible assets, net | 24 | 0 | ||
Other assets | 20 | 5 | ||
Total Assets | 231 | 172 | ||
Accounts payable, accrued expenses and other liabilities | 66 | 35 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Debt | 18 | 4 | ||
Total liabilities | 84 | 39 | ||
Equity attributable to Icahn Enterprises | 147 | 133 | ||
Equity attributable to non-controlling interests | 0 | 0 | ||
Total equity | 147 | 133 | ||
Total Liabilities and Equity | 231 | 172 | ||
Mining Segment | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
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 | ||
Other assets | 0 | 299 | ||
Total Assets | 0 | 299 | ||
Accounts payable, accrued expenses and other liabilities | 0 | 112 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Debt | 0 | 0 | ||
Total liabilities | 0 | 112 | ||
Equity attributable to Icahn Enterprises | 0 | 165 | ||
Equity attributable to non-controlling interests | 0 | 22 | ||
Total equity | 0 | 187 | ||
Total Liabilities and Equity | 0 | 299 | ||
Holding Company | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Cash and cash equivalents | 3,006 | 1,834 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 146 | 4 | ||
Investments | 522 | 1,312 | ||
Accounts receivable, net | 0 | 0 | ||
Inventories, net | 0 | 0 | ||
Property, plant and equipment, net | 0 | 0 | ||
Goodwill and intangible assets, net | 0 | 0 | ||
Other assets | 19 | 11 | ||
Total Assets | 3,693 | 3,161 | ||
Accounts payable, accrued expenses and other liabilities | 115 | 178 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Debt | 6,297 | 5,505 | ||
Total liabilities | 6,412 | 5,683 | ||
Equity attributable to Icahn Enterprises | (2,719) | (2,522) | ||
Equity attributable to non-controlling interests | 0 | 0 | ||
Total equity | (2,719) | (2,522) | ||
Total Liabilities and Equity | $ 3,693 | $ 3,161 |
Segment and Geographic Report_4
Segment and Geographic Reporting Geographic Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | $ 2,349 | $ 2,484 | $ 2,588 | $ 2,300 | $ 2,578 | $ 2,815 | $ 2,819 | $ 2,364 | $ 9,720 | $ 10,576 | $ 9,306 |
Other revenues from operations | 666 | 647 | 743 | ||||||||
Property, plant and equipment, net | 4,541 | 4,688 | 4,541 | 4,688 | |||||||
United States | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 9,271 | 10,170 | 8,897 | ||||||||
Other revenues from operations | 652 | 629 | 716 | ||||||||
Property, plant and equipment, net | 4,386 | 4,458 | 4,386 | 4,458 | |||||||
Other geographical locations | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 449 | 406 | 409 | ||||||||
Other revenues from operations | 14 | 18 | $ 27 | ||||||||
Property, plant and equipment, net | $ 155 | $ 230 | $ 155 | $ 230 |
Discontinued Operations Income
Discontinued Operations Income From Discontinued Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
(Loss) income from discontinued operations | $ (8) | $ 0 | $ (24) | $ 0 | $ 1,376 | $ 176 | $ 167 | $ 45 | $ (32) | $ 1,764 | $ 234 |
(Loss) income from discontinued operations attributable to Icahn Enterprises | (32) | 1,720 | 157 | ||||||||
Discontinued operations and held for sale | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Net sales | 0 | 6,221 | 7,985 | ||||||||
Other revenues from operations | 0 | 892 | 1,095 | ||||||||
Interest and dividend income | 0 | 5 | 9 | ||||||||
Gain (loss) on disposition of assets, net | 0 | 65 | 6 | ||||||||
Other income, net | 0 | 19 | 61 | ||||||||
Revenue | 0 | 7,202 | 9,158 | ||||||||
Cost of goods sold | 0 | 5,214 | 6,802 | ||||||||
Other expenses from operations | 0 | 425 | 525 | ||||||||
Selling, general and administrative | 0 | 879 | 1,270 | ||||||||
Restructuring, net | 0 | 13 | 21 | ||||||||
Impairment | 0 | 6 | 25 | ||||||||
Interest expense | 0 | 160 | 187 | ||||||||
Costs and expenses | 0 | 6,697 | 8,830 | ||||||||
Income (loss) from discontinued operations before gain (loss) on sale and income tax (expense) benefit | 0 | 505 | 328 | ||||||||
Gain (loss) on sale of discontinued operations | 0 | 1,430 | (3) | ||||||||
Income (loss) from discontinued operations before income tax (expense) benefit | 0 | 1,935 | 325 | ||||||||
Income tax (expense) benefit | (32) | (171) | (91) | ||||||||
(Loss) income from discontinued operations | (32) | 1,764 | 234 | ||||||||
Less: income from discontinued operations attributable to non-controlling interests | 0 | 44 | 77 | ||||||||
(Loss) income from discontinued operations attributable to Icahn Enterprises | (32) | 1,720 | 157 | ||||||||
Capital expenditures | 0 | 486 | 676 | ||||||||
Depreciation and amortization | 0 | 166 | 528 | ||||||||
Disposal group, including discontinued operation, net gains (losses) on investment activities | 0 | 0 | 2 | ||||||||
Federal-Mogul | Discontinued operations and held for sale | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Net sales | 0 | 5,993 | 7,720 | ||||||||
Other revenues from operations | 0 | 0 | 0 | ||||||||
Interest and dividend income | 0 | 2 | 6 | ||||||||
Gain (loss) on disposition of assets, net | 0 | 65 | 7 | ||||||||
Other income, net | 0 | 5 | 31 | ||||||||
Revenue | 0 | 6,065 | 7,764 | ||||||||
Cost of goods sold | 0 | 4,999 | 6,553 | ||||||||
Other expenses from operations | 0 | 0 | 0 | ||||||||
Selling, general and administrative | 0 | 601 | 862 | ||||||||
Restructuring, net | 0 | 13 | 21 | ||||||||
Impairment | 0 | 2 | 25 | ||||||||
Interest expense | 0 | 137 | 154 | ||||||||
Costs and expenses | 0 | 5,752 | 7,615 | ||||||||
Income (loss) from discontinued operations before gain (loss) on sale and income tax (expense) benefit | 0 | 313 | 149 | ||||||||
Gain (loss) on sale of discontinued operations | 0 | 251 | 0 | ||||||||
Income (loss) from discontinued operations before income tax (expense) benefit | 0 | 564 | 149 | ||||||||
Income tax (expense) benefit | (32) | (69) | (33) | ||||||||
(Loss) income from discontinued operations | (32) | 495 | 116 | ||||||||
Less: income from discontinued operations attributable to non-controlling interests | 0 | 7 | 11 | ||||||||
(Loss) income from discontinued operations attributable to Icahn Enterprises | (32) | 488 | 105 | ||||||||
Capital expenditures | 0 | 303 | 393 | ||||||||
Depreciation and amortization | 0 | 100 | 397 | ||||||||
Disposal group, including discontinued operation, net gains (losses) on investment activities | 0 | 0 | 0 | ||||||||
Tropicana | Discontinued operations and held for sale | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Net sales | 0 | 0 | 0 | ||||||||
Other revenues from operations | 0 | 679 | 898 | ||||||||
Interest and dividend income | 0 | 1 | 1 | ||||||||
Gain (loss) on disposition of assets, net | 0 | 0 | (1) | ||||||||
Other income, net | 0 | 1 | 27 | ||||||||
Revenue | 0 | 681 | 925 | ||||||||
Cost of goods sold | 0 | 0 | 0 | ||||||||
Other expenses from operations | 0 | 311 | 425 | ||||||||
Selling, general and administrative | 0 | 238 | 371 | ||||||||
Restructuring, net | 0 | 0 | 0 | ||||||||
Impairment | 0 | 0 | 0 | ||||||||
Interest expense | 0 | 4 | 11 | ||||||||
Costs and expenses | 0 | 553 | 807 | ||||||||
Income (loss) from discontinued operations before gain (loss) on sale and income tax (expense) benefit | 0 | 128 | 118 | ||||||||
Gain (loss) on sale of discontinued operations | 0 | 779 | (3) | ||||||||
Income (loss) from discontinued operations before income tax (expense) benefit | 0 | 907 | 115 | ||||||||
Income tax (expense) benefit | 0 | (89) | (93) | ||||||||
(Loss) income from discontinued operations | 0 | 818 | 22 | ||||||||
Less: income from discontinued operations attributable to non-controlling interests | 0 | 17 | 13 | ||||||||
(Loss) income from discontinued operations attributable to Icahn Enterprises | 0 | 801 | 9 | ||||||||
Capital expenditures | 0 | 58 | 112 | ||||||||
Depreciation and amortization | 0 | 19 | 73 | ||||||||
Disposal group, including discontinued operation, net gains (losses) on investment activities | 0 | 0 | 0 | ||||||||
American Railcar Industries | Discontinued operations and held for sale | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Net sales | 0 | 228 | 265 | ||||||||
Other revenues from operations | 0 | 213 | 197 | ||||||||
Interest and dividend income | 0 | 2 | 2 | ||||||||
Gain (loss) on disposition of assets, net | 0 | 0 | 0 | ||||||||
Other income, net | 0 | 13 | 3 | ||||||||
Revenue | 0 | 456 | 469 | ||||||||
Cost of goods sold | 0 | 215 | 249 | ||||||||
Other expenses from operations | 0 | 114 | 100 | ||||||||
Selling, general and administrative | 0 | 40 | 37 | ||||||||
Restructuring, net | 0 | 0 | 0 | ||||||||
Impairment | 0 | 4 | 0 | ||||||||
Interest expense | 0 | 19 | 22 | ||||||||
Costs and expenses | 0 | 392 | 408 | ||||||||
Income (loss) from discontinued operations before gain (loss) on sale and income tax (expense) benefit | 0 | 64 | 61 | ||||||||
Gain (loss) on sale of discontinued operations | 0 | 400 | 0 | ||||||||
Income (loss) from discontinued operations before income tax (expense) benefit | 0 | 464 | 61 | ||||||||
Income tax (expense) benefit | 0 | (13) | 35 | ||||||||
(Loss) income from discontinued operations | 0 | 451 | 96 | ||||||||
Less: income from discontinued operations attributable to non-controlling interests | 0 | 20 | 53 | ||||||||
(Loss) income from discontinued operations attributable to Icahn Enterprises | 0 | 431 | 43 | ||||||||
Capital expenditures | 0 | 125 | 171 | ||||||||
Depreciation and amortization | 0 | 47 | 58 | ||||||||
Disposal group, including discontinued operation, net gains (losses) on investment activities | $ 0 | $ 0 | $ 2 |
Income Taxes Effective Income T
Income Taxes Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Income tax benefit (expense) at U.S. statutory rate | $ 365 | $ (47) | $ (653) |
Valuation allowance | (63) | (4) | 529 |
Non-controlling interest | (4) | 26 | (6) |
Goodwill impairment | 0 | (18) | 0 |
Stock dispositions | 0 | 69 | 0 |
Income not subject to taxation | (314) | 14 | 220 |
Enactment of U.S. tax legislation, net of valuation allowance | 0 | 0 | 392 |
Other | (4) | (26) | 50 |
Income tax (expense) benefit | $ (20) | $ 14 | $ 532 |
Income Taxes Accounting for Unc
Income Taxes Accounting for Uncertainty in Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||||
Unrecognized tax benefits balance | $ 33 | $ 34 | $ 34 | $ 52 |
Addition based on tax positions related to the current year | 2 | 0 | 0 | |
Increase for tax positions of prior years | 0 | 6 | 0 | |
Decrease for tax positions of prior years | 0 | 0 | (3) | |
Decrease for statute of limitation expiration | $ (3) | $ (6) | $ (15) |
Income Taxes Narrative (Details
Income Taxes Narrative (Details) - USD ($) $ in Millions | Aug. 01, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Income Tax Contingency [Line Items] | |||||
Book basis of net assets | $ 5,456 | $ 6,560 | |||
Book/tax basis difference | (1,397) | (1,940) | |||
Tax basis of net assets | 4,059 | 4,620 | |||
Domestic income (loss) from continuing operations before taxes | (1,765) | 235 | $ 1,836 | ||
Foreign income (loss) from continuing operations before taxes | 26 | (12) | 30 | ||
Income before income tax benefit (expense) | (1,739) | 223 | 1,866 | ||
Current income tax (expense) benefit | (109) | (15) | (28) | ||
Deferred income tax (expense) benefit | 89 | 29 | 560 | ||
Income tax (expense) benefit | (20) | 14 | 532 | ||
Deferred tax assets, Property, pland and equipment | 17 | 17 | |||
Deferred tax asset, net operating loss | 791 | 791 | |||
deferred tax asset, Tax credits | 29 | 46 | |||
Deferred Tax Assets, Capital Loss Carryforwards | 155 | 50 | |||
Deferred tax asset, Other | 71 | 82 | |||
Deferred tax assets, gross | 1,196 | 986 | |||
Deferred Tax Assets, Valuation Allowance | (619) | (518) | |||
Deferred Tax Assets, Net of Valuation Allowance | 577 | 468 | |||
Deferred tax liabilities, Property, plant and equipment | (125) | (129) | |||
Deferred tax liabilities, Intangible assets | (37) | (33) | |||
Deferred tax liability, Investment in partnerships | (652) | (699) | |||
Deferred tax liabilities, Investment in U.S. subsidiaries | (184) | (184) | |||
Deferred tax liabilities, Other | (61) | (79) | |||
Deferred Tax Liabilities, Gross | (1,184) | (1,124) | |||
defered tax liabilities, net of deferred tax assets | (607) | (656) | |||
Deferred Tax Assets, Net | 32 | 38 | |||
Deferred tax liability | 639 | 694 | |||
Increase (decrease) in deferred tax asset valuation amount | 101 | ||||
Undistributed earnings of foreign subsidiaries | 61 | ||||
Unrecognized tax benefits balance | 33 | 34 | 34 | $ 52 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 27 | 30 | 28 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 1 | 1 | 2 | ||
Income tax expense related to interest and penalties related to unrecognized tax benefits | 0 | (1) | (7) | ||
Deferred tax assets, lease arrangements | 133 | 0 | |||
Deferred Tax Liabilities, Leasing Arrangements | 125 | 0 | |||
Energy Segment | |||||
Income Tax Contingency [Line Items] | |||||
Income before income tax benefit (expense) | 426 | 380 | (25) | ||
Income tax (expense) benefit | (112) | (46) | 341 | ||
Icahn Enterprises Holdings | |||||
Income Tax Contingency [Line Items] | |||||
Book basis of net assets | 5,453 | 6,588 | |||
Book/tax basis difference | (1,397) | (1,940) | |||
Tax basis of net assets | 4,056 | 4,648 | |||
Income before income tax benefit (expense) | (1,738) | 224 | 1,868 | ||
Income tax (expense) benefit | (20) | 14 | 532 | ||
Deferred tax liability | 639 | 694 | |||
American Entertainment Properties Corp. | |||||
Income Tax Contingency [Line Items] | |||||
Deferred tax assets, Operating loss carryforwards, Subject to expiration | 2,000 | ||||
CVR Energy | |||||
Income Tax Contingency [Line Items] | |||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 3 | ||||
CVR Energy | Energy Segment | |||||
Income Tax Contingency [Line Items] | |||||
Equity issued to acquire additional interest in consolidated subsidiary (number of units) | 13,699,549 | ||||
CVR Refining | Energy Segment | |||||
Income Tax Contingency [Line Items] | |||||
Common units validly tendered and not properly withdrawn | 21,625,106 | ||||
Domestic tax authority | |||||
Income Tax Contingency [Line Items] | |||||
Current income tax (expense) benefit | (106) | (11) | (15) | ||
Deferred income tax (expense) benefit | 87 | 30 | 547 | ||
Foreign tax authority | |||||
Income Tax Contingency [Line Items] | |||||
Current income tax (expense) benefit | (3) | (4) | (13) | ||
Deferred income tax (expense) benefit | 2 | $ (1) | $ 13 | ||
Kansas | CVR Energy | |||||
Income Tax Contingency [Line Items] | |||||
Tax credits | 16 | ||||
United States | Viskase | |||||
Income Tax Contingency [Line Items] | |||||
Operating loss carryforwards | 58 | ||||
Maximum | Other Foreign countries | Viskase | |||||
Income Tax Contingency [Line Items] | |||||
Operating loss carryforwards | 40 | ||||
Minimum | Other Foreign countries | Viskase | |||||
Income Tax Contingency [Line Items] | |||||
Operating loss carryforwards | $ 5 |
Changes in Accumulated Other _3
Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Changes in Accumulated Other Comprehensive Loss [Abstract] | |||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | $ (40) | $ (38) | |
Accumulated other comprehensive income (loss), defined benefit plans, net of tax | (49) | (47) | |
Accumulated other comprehensive loss | (89) | (85) | |
Other comprehensive income (loss), foreign currency translation adjustments, before reclassification adjustment, after of tax | (2) | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, after Tax | 0 | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (2) | ||
Other Comprehensive Income (Loss), Gain (loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Net of Tax | 0 | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, after Tax | 3 | ||
Other comprehensive income, gain (loss), reclassification adjustment from AOCI, after tax | 3 | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Total | (2) | (86) | $ 124 |
Post-employment benefits | 3 | 18 | 49 |
Other comprehensive income (loss), net of tax | 1 | $ (68) | $ 173 |
Elimination of stranded tax effects resulting from tax legislation, translation adjustments | 0 | ||
Elimination of stranded tax effects resulting from tax legislation, Defined benefit plan | (5) | ||
Elimination of stranded tax effects resulting from tax legislation | $ (5) |
Other Income (Loss), Net (Detai
Other Income (Loss), Net (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Component of Other Income (Loss), Net [Line Items] | |||
Other (loss) income, net | $ 19 | $ 0 | $ (22) |
Other derivative loss | |||
Component of Other Income (Loss), Net [Line Items] | |||
Other (loss) income, net | 0 | (1) | (41) |
Dividend expense | |||
Component of Other Income (Loss), Net [Line Items] | |||
Other (loss) income, net | (5) | (2) | (10) |
Equity earnings from non-consolidated affiliates | |||
Component of Other Income (Loss), Net [Line Items] | |||
Other (loss) income, net | 21 | 7 | 1 |
Foreign currency transaction (loss) income | |||
Component of Other Income (Loss), Net [Line Items] | |||
Other (loss) income, net | (5) | (1) | 1 |
Tax settlement gain | |||
Component of Other Income (Loss), Net [Line Items] | |||
Other (loss) income, net | 0 | 0 | 38 |
Non-service pension and other post-retirement benefits expense | |||
Component of Other Income (Loss), Net [Line Items] | |||
Other (loss) income, net | (3) | (8) | (4) |
Gain (loss) on extinguishment of debt | |||
Component of Other Income (Loss), Net [Line Items] | |||
Other (loss) income, net | 2 | 0 | (12) |
Other | |||
Component of Other Income (Loss), Net [Line Items] | |||
Other (loss) income, net | $ 9 | $ 5 | $ 5 |
Commitments and Contingencies N
Commitments and Contingencies Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Loss Contingencies [Line Items] | |||
Affiliate ownership interest | 98.01% | ||
Energy Segment | |||
Loss Contingencies [Line Items] | |||
Environmental loss contingency accrual | $ 6 | $ 8 | |
Price of RINs | 43 | 60 | $ 249 |
Biofuel blending obligation | 7 | 4 | |
Metals Segment | |||
Loss Contingencies [Line Items] | |||
Environmental loss contingency accrual | $ 27 | 27 | |
Mr. Icahn and affiliates | |||
Loss Contingencies [Line Items] | |||
Affiliate ownership interest | 92.00% | ||
Mr. Icahn and affiliates | Icahn Enterprises G.P. | |||
Loss Contingencies [Line Items] | |||
Affiliate ownership in parent company general partner | 100.00% | ||
Starfire Holding Corporation | |||
Loss Contingencies [Line Items] | |||
Ownership percentage by principal owner | 99.60% | ||
Pension funding indemnity agreement with subsidiary | $ 250 | ||
ACF | |||
Loss Contingencies [Line Items] | |||
Funded status of related party pension plan | (71) | ||
Accrued expenses and other liabilities | |||
Loss Contingencies [Line Items] | |||
Environmental loss contingency accrual | $ 34 | $ 37 |
Commitments and Contingencies P
Commitments and Contingencies Purchase Obligations and Operating Lease Commitment Tables (Details) - Energy Segment - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Unconditional purchase obligations | |||
2019 | $ 95 | ||
2020 | 80 | ||
2021 | 77 | ||
2022 | 75 | ||
2023 | 71 | ||
Thereafter | 375 | ||
Minimum required payments for unconditional purchase obligations | 773 | ||
Amounts purchased under supply agreements | $ 167 | $ 214 | $ 209 |
Pensions and Other Post-Retir_3
Pensions and Other Post-Retirement Benefit Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | $ 0 | $ 1 | $ 1 |
Interest cost | 6 | 6 | 7 |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | (4) | (5) | (8) |
Defined Benefit Plan, Amortization of Gain (Loss) | 1 | 1 | 5 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | 0 | 7 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 3 | 10 | 5 |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | (7) | (8) | |
Actuarial (gain) loss | 11 | (10) | |
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement | 0 | (28) | |
Currency translation | (4) | (1) | |
Actual return on plan assets | 15 | (6) | |
Employer contributions | 4 | 3 | |
Defined Benefit Plan, Plan Assets, Payment for Settlement | 0 | (28) | |
Defined Benefit Plan, Plan Assets, Benefits Paid | (7) | (7) | |
Amounts recognized in accumulated other comprehensive loss, inclusive of tax impacts | (39) | (44) | |
U.S. and Non-U.S. Pension Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit obligation | 154 | 148 | 188 |
Plan Assets | 89 | 77 | $ 115 |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (65) | (71) | |
Recurring measurement | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan Assets | 79 | 67 | |
Plan assets measured at fair value | 90 | 77 | |
Recurring measurement | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan Assets | 75 | 63 | |
Recurring measurement | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan Assets | 4 | 4 | |
Recurring measurement | Fair Value Measured at Net Asset Value Per Share | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Investments measured at net asset value | 11 | 10 | |
Cash and cash equivalents | Recurring measurement | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan Assets | 3 | 3 | |
Cash and cash equivalents | Recurring measurement | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan Assets | 3 | 3 | |
Cash and cash equivalents | Recurring measurement | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan Assets | 0 | 0 | |
Government debt securities | Recurring measurement | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan Assets | 3 | 3 | |
Government debt securities | Recurring measurement | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan Assets | 1 | 1 | |
Government debt securities | Recurring measurement | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan Assets | 2 | 2 | |
Exchange traded funds | Recurring measurement | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan Assets | 18 | 16 | |
Exchange traded funds | Recurring measurement | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan Assets | 18 | 16 | |
Exchange traded funds | Recurring measurement | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan Assets | 0 | 0 | |
Mutual funds | Recurring measurement | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan Assets | 28 | 24 | |
Mutual funds | Recurring measurement | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan Assets | 26 | 22 | |
Mutual funds | Recurring measurement | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan Assets | 2 | 2 | |
Common stock | Recurring measurement | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan Assets | 27 | 21 | |
Common stock | Recurring measurement | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan Assets | 27 | 21 | |
Common stock | Recurring measurement | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan Assets | $ 0 | $ 0 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Supplemental cash flow information [Line Items] | |||
Cash payments for interest, net of amounts capitalized | $ 524 | $ 484 | $ 499 |
Net cash (receipts) payments for income taxes, net of refunds | 64 | 20 | 39 |
Equity investment consideration received from sale of business | 0 | 1,241 | 0 |
Acquisition of subsidiary common stock included in accrued expenses and other liabilities | 0 | 0 | 51 |
Seller financing secured mortgages resulting from disposition of assets | 0 | $ 0 | $ 375 |
Icahn Enterprises Holdings | |||
Supplemental cash flow information [Line Items] | |||
Non-cash distribution to limited partner | $ 32 |
Subsequent Events (Details)
Subsequent Events (Details) | Feb. 26, 2020$ / shares |
Subsequent event | |
Subsequent Event [Line Items] | |
Distribution declared per LP unit | $ 2 |
Quarterly Financial Data (Una_3
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Data [Line Items] | |||||||||||
Net sales | $ 2,349 | $ 2,484 | $ 2,588 | $ 2,300 | $ 2,578 | $ 2,815 | $ 2,819 | $ 2,364 | $ 9,720 | $ 10,576 | $ 9,306 |
Gross margin on net sales | 235 | 415 | 459 | 400 | 362 | 443 | 392 | 377 | |||
Total revenues | 2,621 | 2,320 | 2,196 | 1,855 | 2,802 | 2,569 | 3,423 | 2,983 | 8,992 | 11,777 | 12,619 |
Income (loss) from continuing operations | (149) | (373) | (573) | (664) | (206) | (334) | 410 | 367 | (1,759) | 237 | 2,398 |
(Loss) income from discontinued operations | (8) | 0 | (24) | 0 | 1,376 | 176 | 167 | 45 | (32) | 1,764 | 234 |
Net (loss) income | (157) | (373) | (597) | (664) | 1,170 | (158) | 577 | 412 | (1,791) | 2,001 | 2,632 |
Less: net (loss) income attributable to non-controlling interests | 0 | (324) | (99) | (270) | 240 | (276) | 275 | 280 | (693) | 519 | 178 |
Net income (loss) attributable to Icahn Enterprises | $ (157) | $ (49) | $ (498) | $ (394) | $ 930 | $ 118 | $ 302 | $ 132 | $ (1,098) | $ 1,482 | $ 2,454 |
Basic income (loss) per LP unit: | |||||||||||
Continuing operations | $ (0.70) | $ (0.24) | $ (2.37) | $ (2.02) | $ (2.30) | $ (0.24) | $ 0.81 | $ 0.55 | $ (5.23) | $ (1.29) | $ 13.98 |
Discontinued operations | (0.04) | 0 | (0.12) | 0 | 10.31 | 0.88 | 0.85 | 0.19 | (0.15) | 12.62 | 0.96 |
Basic income (loss) per LP unit | (0.74) | (0.24) | (2.49) | (2.02) | 8.01 | 0.64 | 1.66 | 0.74 | (5.38) | 11.33 | 14.94 |
Diluted income (loss) per LP unit | |||||||||||
Continuing operations | (0.70) | (0.24) | (2.37) | (2.02) | (2.30) | (0.24) | 0.81 | 0.55 | (5.23) | (1.29) | 13.98 |
Discontinued operations | (0.04) | 0 | (0.12) | 0 | 10.31 | 0.88 | 0.85 | 0.19 | (0.15) | 12.62 | 0.96 |
Diluted income (loss) per LP unit | $ (0.74) | $ (0.24) | $ (2.49) | $ (2.02) | $ 8.01 | $ 0.64 | $ 1.66 | $ 0.74 | $ (5.38) | $ 11.33 | $ 14.94 |
Gain on disposition of assets, net | $ 253 | $ 84 | $ 2,163 | ||||||||
Federal-Mogul, Tropicana and ARI [Member] | |||||||||||
Diluted income (loss) per LP unit | |||||||||||
Gain on disposition of assets, net | $ 1,400 |
Schedule I Condensed Financial
Schedule I Condensed Financial Information of Parent - Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Condensed Financial Statements, Captions [Line Items] | ||
Cash and cash equivalents | $ 3,794 | $ 2,656 |
Restricted cash | 1,151 | 2,682 |
Investments | 9,945 | 8,337 |
Other assets | 1,350 | 1,461 |
Total Assets | 24,639 | 23,489 |
Accrued expenses and other liabilities | 1,453 | 1,012 |
Debt | 8,192 | 7,326 |
Total liabilities | 13,697 | 10,509 |
Commitments and contingencies (Note 3) | ||
Limited partners: Depositary units: 214,078,558 and 191,366,097 units issued and outstanding at December 31, 2019 and 2018, respectively | 6,268 | 7,350 |
General partner | (812) | (790) |
Total Liabilities and Equity | 24,639 | 23,489 |
Icahn Enterprises (Parent) | ||
Condensed Financial Statements, Captions [Line Items] | ||
Investments in subsidiaries, net | 11,853 | 12,189 |
Total Assets | 11,853 | 12,189 |
Accrued expenses and other liabilities | 100 | 124 |
Debt | 6,297 | 5,505 |
Total liabilities | 6,397 | 5,629 |
Commitments and contingencies (Note 3) | ||
Limited partners: Depositary units: 214,078,558 and 191,366,097 units issued and outstanding at December 31, 2019 and 2018, respectively | 6,268 | 7,350 |
General partner | (812) | (790) |
Total equity | 5,456 | 6,560 |
Total Liabilities and Equity | 11,853 | 12,189 |
Icahn Enterprises Holdings (Parent) | ||
Condensed Financial Statements, Captions [Line Items] | ||
Cash and cash equivalents | 1,042 | 30 |
Restricted cash | 7 | 29 |
Investments | 346 | 723 |
Other assets | 0 | 60 |
Investments in subsidiaries, net | 10,474 | 11,355 |
Total Assets | 11,869 | 12,197 |
Accrued expenses and other liabilities | 116 | 131 |
Debt | 6,300 | 5,509 |
Total liabilities | 6,416 | 5,640 |
Commitments and contingencies (Note 3) | ||
Limited partners: Depositary units: 214,078,558 and 191,366,097 units issued and outstanding at December 31, 2019 and 2018, respectively | 6,328 | 7,421 |
General partner | (875) | (864) |
Total equity | 5,453 | 6,557 |
Total Liabilities and Equity | $ 11,869 | $ 12,197 |
Schedule I (Parentheticals) (De
Schedule I (Parentheticals) (Details) - shares | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Condensed Financial Statements, Captions [Line Items] | ||||
Limited partners: Depositary units issued | 214,078,558 | 191,366,097 | 173,564,307 | 144,741,149 |
Limited partners: Depositary units outstanding | 214,078,558 | 191,366,097 | ||
Icahn Enterprises (Parent) | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Limited partners: Depositary units issued | 214,078,558 | 191,366,097 |
Schedule I Condensed Financia_2
Schedule I Condensed Financial Information of Parent - Statements of Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Interest and dividend income | $ 265 | $ 148 | $ 127 | ||||||||
Net (loss) gain from investment activities | (1,931) | 322 | 302 | ||||||||
Gain on disposition of assets, net | (253) | (84) | (2,163) | ||||||||
Other income (loss), net | 19 | 0 | (22) | ||||||||
Total revenues | $ 2,621 | $ 2,320 | $ 2,196 | $ 1,855 | $ 2,802 | $ 2,569 | $ 3,423 | $ 2,983 | 8,992 | 11,777 | 12,619 |
Interest expense | 605 | 524 | 655 | ||||||||
Selling, general and administrative | 1,376 | 1,386 | 1,269 | ||||||||
Total Expenses | 10,731 | 11,554 | 10,753 | ||||||||
Net (loss) income | $ (157) | $ (373) | $ (597) | $ (664) | $ 1,170 | $ (158) | $ 577 | $ 412 | (1,791) | 2,001 | 2,632 |
Limited partners | (1,076) | 2,039 | 2,405 | ||||||||
General partner | (22) | (557) | 49 | ||||||||
Icahn Enterprises (Parent) | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Equity in (loss) income of subsidiaries | (750) | 1,819 | 2,789 | ||||||||
Gain (loss) on extinguishment of debt | 2 | 0 | (12) | ||||||||
Interest expense | (350) | (337) | (323) | ||||||||
Net (loss) income | (1,098) | 1,482 | 2,454 | ||||||||
Limited partners | (1,076) | 2,039 | 2,405 | ||||||||
General partner | (22) | (557) | 49 | ||||||||
Icahn Enterprises Holdings (Parent) | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Interest and dividend income | 14 | 7 | 2 | ||||||||
Net (loss) gain from investment activities | (377) | (389) | 0 | ||||||||
Gain on disposition of assets, net | 2 | 23 | (1) | ||||||||
Equity in (loss) income of subsidiaries | (363) | 2,200 | 2,763 | ||||||||
Other income (loss), net | 0 | 4 | 41 | ||||||||
Total revenues | (724) | 1,845 | 2,805 | ||||||||
Interest expense | 350 | 337 | 324 | ||||||||
Selling, general and administrative | 23 | 25 | 25 | ||||||||
Total Expenses | 373 | 362 | 349 | ||||||||
Net (loss) income | (1,097) | 1,483 | 2,456 | ||||||||
Limited partners | (1,086) | 2,060 | 2,431 | ||||||||
General partner | $ (11) | $ (577) | $ 25 |
Schedule I Condensed Financia_3
Schedule I Condensed Financial Information of Parent - Statements of Cash Flows (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Net (loss) income | $ (157) | $ (373) | $ (597) | $ (664) | $ 1,170 | $ (158) | $ 577 | $ 412 | $ (1,791) | $ 2,001 | $ 2,632 | |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ||||||||||||
Gain on disposition of assets, net | 253 | 84 | 2,163 | |||||||||
Net (gain) loss from securities transactions | (570) | 476 | (2,273) | |||||||||
Other, net | 16 | 123 | (27) | |||||||||
Net cash used in operating activities | (1,460) | 923 | (1,348) | |||||||||
Other, net | (38) | 0 | (80) | |||||||||
Net cash provided by investing activities | 586 | 2,587 | 682 | |||||||||
Partnership contributions | 55 | 0 | 612 | |||||||||
Proceeds from subsidiary borrowings | 810 | 1,268 | 1,334 | |||||||||
Net cash provided by (used in) financing activities | 566 | (157) | 369 | |||||||||
Net change in cash and cash equivalents and restricted cash and restricted cash equivalents | (393) | 3,427 | 27 | |||||||||
Cash and cash equivalents and restricted cash and restricted cash equivalents | 4,945 | 5,338 | 4,945 | 5,338 | 1,911 | $ 1,884 | ||||||
Icahn Enterprises (Parent) | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Net (loss) income | (1,098) | 1,482 | 2,454 | |||||||||
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ||||||||||||
Equity in (loss) income of subsidiaries | (750) | 1,819 | 2,789 | |||||||||
(Gain) loss on extinguishment of debt | (2) | 0 | 2 | |||||||||
Other, net | (25) | 1 | 1 | |||||||||
Net cash used in operating activities | (375) | (336) | (332) | |||||||||
Net investment in subsidiaries | (363) | 433 | (210) | |||||||||
Net cash provided by investing activities | (363) | 433 | (210) | |||||||||
Partnership distributions | (112) | (97) | (81) | |||||||||
Partnership contributions | 55 | 0 | 612 | |||||||||
Proceeds from subsidiary borrowings | 2,507 | 0 | 2,470 | |||||||||
Repayments of subsidiary borrowings | (1,700) | 0 | (2,450) | |||||||||
Debt issuance costs and other | (12) | 0 | (9) | |||||||||
Net cash provided by (used in) financing activities | 738 | (97) | 542 | |||||||||
Net change in cash and cash equivalents and restricted cash and restricted cash equivalents | 0 | 0 | 0 | |||||||||
Cash and cash equivalents and restricted cash and restricted cash equivalents | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Icahn Enterprises Holdings (Parent) | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Net (loss) income | (1,097) | 1,483 | 2,456 | |||||||||
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ||||||||||||
Equity in (loss) income of subsidiaries | (363) | 2,200 | 2,763 | |||||||||
Gain on disposition of assets, net | (2) | (23) | 1 | |||||||||
Net (gain) loss from securities transactions | 377 | 389 | 0 | |||||||||
Other, net | (1) | 0 | (36) | |||||||||
Change in operating assets and liabilities | 45 | 8 | 18 | |||||||||
Net cash used in operating activities | (315) | (343) | (324) | |||||||||
Net investment in subsidiaries | 567 | 238 | (97) | |||||||||
Other, net | 0 | 41 | 53 | |||||||||
Net cash provided by investing activities | 567 | 279 | (44) | |||||||||
Partnership distributions | (112) | (97) | (81) | |||||||||
Partnership contributions | 55 | 0 | 612 | |||||||||
Proceeds from subsidiary borrowings | 2,507 | 0 | 2,470 | |||||||||
Repayments of subsidiary borrowings | (1,700) | (21) | (2,450) | |||||||||
Debt issuance costs and other | (12) | 0 | (7) | |||||||||
Net cash provided by (used in) financing activities | 738 | (118) | 544 | |||||||||
Net change in cash and cash equivalents and restricted cash and restricted cash equivalents | 990 | (182) | 176 | |||||||||
Cash and cash equivalents and restricted cash and restricted cash equivalents | $ 1,049 | $ 59 | $ 1,049 | $ 59 | $ 241 | $ 65 |
Schedule I Condensed Financia_4
Schedule I Condensed Financial Information of Parent - Footnote (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Financial Statements, Captions [Line Items] | |||
Affiliate ownership interest | 98.01% | ||
Debt | $ 8,192 | $ 7,326 | |
Icahn Enterprises Holdings (Parent) | |||
Condensed Financial Statements, Captions [Line Items] | |||
Affiliate ownership interest | 99.00% | ||
Aggregate cash dividends (received from) paid to Parent by consolidated subsidiaries | $ 567 | 238 | $ (97) |
Debt | 6,300 | 5,509 | |
Icahn Enterprises (Parent) | |||
Condensed Financial Statements, Captions [Line Items] | |||
Aggregate cash dividends (received from) paid to Parent by consolidated subsidiaries | (363) | 433 | $ (210) |
Debt | 6,297 | 5,505 | |
6.000% senior unsecured notes due 2020 | Icahn Enterprises Holdings (Parent) | |||
Condensed Financial Statements, Captions [Line Items] | |||
Debt | 0 | 1,703 | |
6.000% senior unsecured notes due 2020 | Icahn Enterprises (Parent) | |||
Condensed Financial Statements, Captions [Line Items] | |||
Debt | 0 | 1,702 | |
5.875% senior unsecured notes due 2022 | Icahn Enterprises Holdings (Parent) | |||
Condensed Financial Statements, Captions [Line Items] | |||
Debt | 1,345 | 1,344 | |
5.875% senior unsecured notes due 2022 | Icahn Enterprises (Parent) | |||
Condensed Financial Statements, Captions [Line Items] | |||
Debt | 1,345 | 1,344 | |
6.250% senior unsecured notes due 2022 | Icahn Enterprises Holdings (Parent) | |||
Condensed Financial Statements, Captions [Line Items] | |||
Debt | 1,211 | 1,214 | |
6.250% senior unsecured notes due 2022 | Icahn Enterprises (Parent) | |||
Condensed Financial Statements, Captions [Line Items] | |||
Debt | 1,211 | 1,213 | |
6.750% senior unsecured notes due 2024 | Icahn Enterprises Holdings (Parent) | |||
Condensed Financial Statements, Captions [Line Items] | |||
Debt | 499 | 499 | |
6.750% senior unsecured notes due 2024 | Icahn Enterprises (Parent) | |||
Condensed Financial Statements, Captions [Line Items] | |||
Debt | 498 | 498 | |
6.375% senior unsecured notes due 2025 | Icahn Enterprises Holdings (Parent) | |||
Condensed Financial Statements, Captions [Line Items] | |||
Debt | 749 | 749 | |
6.375% senior unsecured notes due 2025 | Icahn Enterprises (Parent) | |||
Condensed Financial Statements, Captions [Line Items] | |||
Debt | 748 | 748 | |
5.250% senior unsecured notes due 2027 | Icahn Enterprises Holdings (Parent) | |||
Condensed Financial Statements, Captions [Line Items] | |||
Debt | 747 | 0 | |
5.250% senior unsecured notes due 2027 | Icahn Enterprises (Parent) | |||
Condensed Financial Statements, Captions [Line Items] | |||
Debt | 747 | 0 | |
6.250% senior unsecured notes due 2026 | Icahn Enterprises Holdings (Parent) | |||
Condensed Financial Statements, Captions [Line Items] | |||
Debt | 1,250 | 0 | |
6.250% senior unsecured notes due 2026 | Icahn Enterprises (Parent) | |||
Condensed Financial Statements, Captions [Line Items] | |||
Debt | 1,250 | 0 | |
4.750% senior unsecured notes due 2024 | Icahn Enterprises Holdings (Parent) | |||
Condensed Financial Statements, Captions [Line Items] | |||
Debt | 499 | 0 | |
4.750% senior unsecured notes due 2024 | Icahn Enterprises (Parent) | |||
Condensed Financial Statements, Captions [Line Items] | |||
Debt | $ 498 | $ 0 | |
Icahn Enterprises G.P. | |||
Condensed Financial Statements, Captions [Line Items] | |||
General partner ownership percentage in Icahn Enterprises | 1.00% | ||
Aggregate general partner ownership interest of parent and operating subsidiary | 1.99% | ||
Icahn Enterprises G.P. | Icahn Enterprises Holdings (Parent) | |||
Condensed Financial Statements, Captions [Line Items] | |||
General partner ownership percentage in Icahn Enterprises | 1.00% | ||
Icahn Enterprises G.P. | Icahn Enterprises (Parent) | |||
Condensed Financial Statements, Captions [Line Items] | |||
General partner ownership percentage in Icahn Enterprises | 1.00% | ||
Aggregate general partner ownership interest of parent and operating subsidiary | 1.99% |